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Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 122.
SATURDAY, FEBRUARY 6 1926
W,Ixe Thronuit
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
Preddent and Editor, Jacob Seibert; Business Manager. William D. Eine
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The Financial Situation.
There have been many extensive further advances
in prices of individual stocks during the week.
Whether this indicates that the stock market is continuing to capitalize developing earning power, or
the buying has been purely speculative, time alone
can tell. One thing is certain, however, and that is
that mere advances in rediscount rates by the Federal Reserve banks are insufficient to check the
speculative mania which is fraught with the possibility of such serious consequences. That can only
be brought about by actual denial of Reserve credit,
which up to the present time has been granted in
such a free way. What does it matter what the
charge for call loans is, so long as stock prices can
be boosted up 5, 10, 15 and even 25 to 30 points a
day? During the week bond prices have continued
strong and risen to a somewhat higher level. Money
at times has been dearer, at least to Stock Exchange
borrowers.
On Tuesday the directors of the United Fruit Co.
announced in connection with the declaration of the
regular dividend and an extra cash dividend of $2
per share, that stockholders would be requested to
authorize the splitting of the shares 2y for 1.
2
Each of the shares on the new basis will represent
net assets of approximately $71 and earning power,
as measured by the income of 1925, of approximately
$9 per share. The dividend is to be at the annual
rate of $4 plus extras as they may be declared from
time to time. This company, representing about
$175,000,000 of invested capital, has very largely
developed the banana industry which it dominates,
and balances this with extensive investments in raw
sugar and a highly profitable fleet of steamers necessary in carrying its products, and popular with the
Bank and Quotation Section
Bankers' Convention Section
NO. 3163.
public as a means of travel. This move on the part
of the United Fruit Company is another endorsement by substantial interests of the splitting up of
common shares so that the trading units will be
smaller. The reason for this is to make the stock
more attractive to small buyers and widen the market. The Southern California Edison Co. announces
practically similar steps. Other recent notable examples of this extensive movement have been the
American Can Co., Aluminum Company of America,
Chrysler Motors and Nash Motors.
On Monday, the Pacific Mills, with principal
works at Lawrence, Mass., being the largest textile
industry in the United States, announced the passing of its dividend. Previous to this omission dividends had been paid continuously since 1883. This
event is significant of the intense textile depression
that has prevailed during the past few years. On
the other hand, there are reasons to hope that this
comes toward the end of this period of depression
and that already constructive forces are at work.
The textile depression has, no doubt, been caused by
many different factors. Chief among these has been
the series of short cotton crops, due to the ravages of
the boll weevil. The large crop of 1925, however,
has changed the situation and supplies are now ample and the price of cotton is correspondingly lower.
The cotton cloth industry has probably been less
progressive in keeping step with modern demands
than some of its competitors, because now competition is not so much between individual concerns as
between industries. Here, too, however, there has
been a change for the better and Pacific Mills affords an excellent example of the improvement in its
business affairs through the modernization of its
lines, its kinds of products, fabrics, dyes, and
through use of silk and rayon mixtures, etc. Another factor in the depression has probably been
the situation in Great Britain. There, due largely
to unreasonable demands of very thoroughly organized labor, combined with the high prices for the raw
material, there has been protracted depression in
practically all lines of industry for five or six years.
Great Britain is still a dominant factor in the textile industry; therefore, the cotton industry throughout the world has been pulled down by the British
depression. In other words, textile mills elsewhere
have been faced with a desperate competition from
Great Britain. There is hope that this factor also
has been largely relieved, as wholesale prices in
Great Britain have declined substantially during the
past year, improving the labor situation, whereas
they have remained more or less constant in the
United States. Competition hereafter from this
source may not be as desperate as in the past. Tak-
650
THE CHRONICLE
ing the situation as a whole, there is reason for believing that the passing of the Pacific and other
dividends reflects a state of things which is approaching its end.
[Von. 122.
in the end it costs the loss of the League to Switzerland. A group of Geneva citizens has sent a manifesto to the Government declaring the country is
humiliating itself by treating with the Russians and
that it would be better for the League to leave Swiss
The Preliminary Disarmament Conference that soil than for Berne to apologize to 'cruel and deshad been set for Feb. 15 in Geneva has been post- picable' Moscow."
poned "to a date not later than May 15." In an Associated Press dispatch from that centre on Feb. 1
It was made plain at the White House on Tuesday,
it was stated that "postponement of the initial meet- according to Washington dispatches, that President
ing was recommended by France, Italy, JapanA Coolidge does not favor the postponement of the
Czechoslovakia and Uruguay. The new date will be Preliminary Disarmament Conference. According
fixed by the League of Nations Council at its March to "The Sun" correspondent, "the President is dissession." It was added that "the American Consul, appointed at the postponement of the preliminary
S. Pinkney Tuck, was immediately informed of the conference which was to have been held at Geneva
situation so that Washington might be advised as Feb. 15 to frame an agenda for another conference
soon as possible. The League also informed all the for the limitation of armaments. The President does
members of the Council and the other countries in- not agree that entry into the World Court is entry
vited to sit on their commission, including Germany into the League of Nations and strongly differenand Russia." In a special Paris dispatch to "The tiates between them." It was added by way of amSun" on the same date it was claimed that "Premier plification of the President's position that "the AdBriand and Austen Chamberlain supported the de- ministration had looked hopefully and expectantly
mand for an adjournment to a date not later than to the proposed conference and, while in many
reMay 152' The further explanation was offered that spects it was not approved, the United States
pro"the reasons for the delay, which is believed accept- posed to enter whole-heartedly into an effort
in this
able to America, are that a number of invited coun- direction. The reasons for postponement are
not
tries have not yet appointed delegates and have still clearly understood by the Washington Government.
imperfectly studied the questions on the program It was considered here that the countries which
were
and, second, that the presence of Russia is necessary parties to the proposal were prepared. The United
to the success of the conference and that opportunity States is prepared and does not relish the delay."
must be given the Soviets to enable them to complete
That the United States Government had taken the
negotiations for recognition by Switzerland, with- necessary steps for being represented at the
prelimout which the Russians will not go to Geneva. A inary gathering is shown in the following
excerpt
third reason is the feeling that the conference had from a special Washington dispatch to the
New
best wait until Germany is officially admitted to York "Times" on Jan. 29: "Following the action of
the League, which is part of the Locarno bargains. the Senate to-day in adopting unanimously
the
Despite the weakness of the Luther Government, the House joint resolution appropriating $50,000 for
Reich certainly will ask admission by the first week participation of the United States Government in
in March, and the postponed disarmament confer- the Preparatory Commission to be assembled by
the
ence may be held at the end of April." The corre- League of Nations at Geneva to arrange for the
spondent also asserted that, "while such are the League's proposed general disarmament conference,
official reasons for the adjournment, the interval formal acceptance of the League's invitation will be
will be utilized to smooth out profound disagree- cabled to-morrow by the State Department and the
ments in the French and British conceptions of the personnel of the American delegation will be anproblems to be taken up, and particularly in con- nounced. Those members of the delegation who
are
sideration of the effect of the entrance of Germany in this country will sail for Europe next week.
The
upon the League balance of power. Hitherto the American representatives on the Preparatory ComLeague has been very largely an instrument in the mission will be Hugh Gibson, Minister to Switzerhands of the war allies, and while France has been land, now in Geneva, and Allen W. Dulles,
Chief of
occasionally predominant, control on the whole has the Division of Far Eastern Affairs in the
State De• rested in British hands. As Germany will be given partment." Word came from Geneva
on Jan. 30
a permanent seat on the Council, which is the gov- that "acceptance by the United States of
the invitaerning body of the League, the old balance of power tion to participate in the League of
Nations Preparwill be upset."
atory Committee on Disarmament was telephoned
to the Secretariat-General this morning by Minister
It appeared from other Geneva cable messages' Hugh Gibson from Berne. A letter
which is being
that the feeling on the part of the Swiss toward So- sent to the Secretary-General, Sir Eric
Drummond,
viet Russia was decidedly strong, On Jan. 30 the by Secretary of State Kellogg says:
'The President
Geneva representative of the New York "Evening of the United States authorized me
to state that the
Post" sent a wireless message in which he said: Government of the United States
accepts the invita"There is no sign of a break in the deadlock between ton extended by the Council of the
League of NaSwitzerland and Russia in the negotiations for a tions to send representatives to
sit on the prepararesumption of diplomatic relations, which were tory committee which is to meet
in Geneva on Feb..
broken off by Moscow after the assassination of the 15 1926, to consider questions relating
to the limitaRussian Envoy Vorovsky in 1922. The Soviet has tion of armaments." On the other
hand, announcerefused to participate in the League of Nations' pre- ment was made in a special Washington dispatch
liminary disarmament meeting until Switzerland to the New York "Times" on Feb. 1 that "Secretary
apologizes. At Geneva and Lausanne the feeling is Kellogg to-day instructed Hugh S. Gibson, Minister
growing among Conservatives and Liberals alike at Berne, to inform Sir Eric Drummond, Secretaryagainst making any concessions to Moscow even if General of the League of Nations, that the United
Fan. 61926.]
THE CHRONICLE
651
States Government would raise no objection to the trigue." Continuing, he said: "Although no reaproposed postponement of the armament confer- sons were given by the five States for the desired
ence."
postponement of the conference, the request was dictated by the Russian and German situation. The
There has been considerable discussion about the condition of Germany's entrance into the League deUnited States going into the World Court. In a pendsentirely upon the fulfillment of her disarmaspecial Paris dispatch to the New York "Times". on ment obligations, and although Britain lacked the
Jan. 29 it was stated that "the idea is expressed here courage openly to take her place in the ranks there
that League of Nations members may be able to deal is a unanimous sentiment among the Allied nations
with the American reservations to World Court ad- against discussing disarmament with Germany on
herence before the annual meeting of the Assembly an equal footing until her slate is clean and the connext September. It is entirely likely that a special ditions of the Treaty of Versailles have been exesession of the Assembly will be held in March or cuted. Contrary action might not only have endanApril to admit Germany, and the opinion is ad- gered the conference but have delayed the promised
vanced to-day that this Assembly could also take up entry of Germany into the League."
the reservations voted by the Senate." The correCommenting upon France's reasons for joining in
spondent further said that "it is not presumed here the movement for postponement, the same correthat America would object to the nations involved spondent said: "These are technically the difficulty
handling the matter through the Assembly rather of arranging for the,presence of the Soviet delegates
than the same nations handling it through diplo- at Geneva and the inadvisability in the French mind
matic channels, which would be much more cumber- of admitting Germany to the full right of discussion
some, since the League members would wish to con- and decision so long as she has not applied for adsult one another. It is held that the most feasible mission into the League of Nations and has not
system would be action by the Assembly."
acquitted all her disarmament obligations under the
Because of the decision of the United States to Treaty of Versailles. But they are, in reality,
enter the World Court, the opinion appears to be neither more nor less than caused by the unprepargrowing in some European capitals that this step edness of everybody for even a preliminary discuswill lead to the United States joining the League of sion on such an important and vast subject, which
Nations. In a special cable message from Geneva to might lead to failure to arrive at the adoption of any
the New York "Times" on Jan. 31 attention was clear policy." The correspondent likewise suggested
called to the fact that "Arthur W. Sweetser of Bos- that "whether the postponement will bring any
ton, who, since he was chosen by Colonel House greater measure of accord and so reduce the risks of
seven years ago, has served as Assistant Director of failure is a matter for no very great optimism; for
the Information Section of the League of Nations, it is unquestionable that the conception of (lisarniapredicted to-day before leaving Geneva on a long ment, which has grown up as a result of the study of
leave of absence that the United States would be the question, is beyond the scope of an easy settlefully associated with the League before 1934." Mr. ment."
Sweetser was quoted as saying: "This is my first
It was claimed in dispatches from the British capprediction on the subject, but both officials and citi- ital that London was "surprised" over the postponezens of the United States are testing out the League ment. In a special wireless message to the New
step by step, activity by activity. Our co-operation York "Times" on Feb. 1 it was stated that "postponeand support are ever developing. We no longer ment by the League of Nations of the Preliminary
fight the League and talk of substitutes or even in- Disarmament Conference was received here with
directly discredit it in official pronouncements. The surprise and regret. With France, Italy, CzechoUnited States, instead, is co-operating freely, gen- slovakia and Uruguay in favor of the postponement
erously and imaginatively in its ever-widening cir- the movement against the February meeting was
cles of social, humanitarian and technical interests. evidently greater than the British Government had
We are commencing to realize that the League of supposed. It knew there was opposition to the meetNations is nothing more nor less than the first at- ing, but it was hoped it proceeded rather from inditempt ever made to unite all the nations of the world viduals or circles than from Governments and that
in a co-operative association for peace and mutual it could be overcome."
advancement. The world has reached a stage where
In a cablegram to his paper on Feb. 1 the Paris
a co-operative international association is inescap- representative of the New York "Herald Tribune"
able. The ebb and flow of news, travel, commerce declared that "France officially assumed responsiand diplomacy make a world clearing house imper- bility to-day for the proposed delay in holding the
ative."
preliminary disarmament conference, scheduled for
Feb. 15. As a member of the League of Nations
In discussing the decision to postpone the prelim- Council, Premier Briand headed a
list of five couninary gathering, the Geneva correspondent of the tries in a petition to the Secretariat of
the League
New York "Times" said in a wireless message on asking postponement until not later than May 15
Feb. 1 that "the postponement is made necessary by and suggesting that the date of the conference be
the collective application of the French, Italian, fixed in March by the League Council." He added
Japanese, Czechoslovakian and Uruguayan Govern- that "if Great Britain, Spain, Belgium, Sweden and
ments. Through their representatives on the League Brazil, who are members of the Council, do not obCouncil, these Governments on Saturday addressed ject, the meeting of the Preparatory Commission on
to the Secretary-General, Sir Eric Drummond, a for- Disarmament will be postponed automatically, since
mal proposal to. delay the Commission's meeting, the view of a majority determines the procedure."
which was desired by all the interested States but
which, it was said, no single State had courage to
According to Berlin cable dispatches, the German
propose for fear of being accused of political in- Government is planning to take the necessary steps
652
THE CHRONICLE
to enter the League of Nations at the earliest possible date. On Feb. 1 the representative in the German capital of the New York "Herald Tribune"
cabled that it "learns that the necessary steps preparatory to Germany's entry into the League of
Nations will be taken soon, probably this week. Dr.
Gustave Stresemann, Foreign Minister, after carefully considering the possibilities suggested as Germany's representative in the League, has settled the
question by deciding to undertake the task himself.
Others will be called in as needed for special duties."
Two days later (Feb. 3) word came from Berlin
through an Associated Press dispatch that "the Foreign Relations Committee of the Reichstag to-day
approved Germany's unconditional entry into the
League of Nations by a vote of 18 to 8. Formal application for admission is being forwarded to Geneva
to-night." In a later message the same evening, the
New York "Times" representative said that "Foreign Minister Stresemann, whose eloquent logic
easily prevailed over his Nationalist adversaries'
attempts at obstruction, later intimated to the press
that no decision had yet been taken as to when and
in what form the German request for membership
would be dispatched to Geneva. It is understood,
however, that the application will be formulated
next week following a conference of the Premiers of
the Federated States with the Luther Cabinet on
Saturday and a Cabinet meeting under President
von Hindenburg's chairmanship on Sunday or Monday. The Ministerial discussion will fix the date
and pass upon the text of the Reich's communication
to the Secretary-General of the League. Dr. Stresemann, it is believed, wants renewed reference made
to the Allies' Locarno pledge to free Germany from
the obligations of Article 16 of the Covenant, which
governs military and economic co-operation by the
League's member States. He also may be empowered to mention the Reich's claims for colonial mandates. The forthcoming Cabinet meeting will decide whether and when the Foreign Minister is to
hold his much-advertised 'private conversation' with
Premier Briand. That this parley, in which Sir
Austen Chamberlain also may participate, now will
follow Berlin's move for entry into the League seems
probable here."
Further proposed steps on the part of Germany
with respect to entering the League of Nations were
outlined as follows in an Associated Press dispatch
from Berlin on Feb. 4: "The Cabinet's decision to
postpone Germany's application for membership in
the League of Nations until after a meeting with the
Premiers of the Federated States on Saturday will
have no dilatory effect upon the date of entry.
Spokesmen explained to-day that it was prompted
merely by the Cabinet's desire to go through all the
customary formalities and thereby avoid the possibility of future criticism for irregularity. Indorsement of the position of the Cabinet and the Reichstag Foreign Affairs Committee by the representatives of the Federated States is regarded as a foregone conclusion, so that all the technicalities will
have been observed when the Cabinet meets formally
next Monday for final approval of the application.
Thu's the application will still reach Geneva in time
for the March meeting of the League as originally
planned. With Germany's entry into the League
one of the principal stipulations of the Locarno security pact will have been fulfilled."
[VoL. 122.
The decision to postpone the preliminary conference has resulted in reports that President Coolidge
was considering the calling of another disarmament
conference at Washington. With respect to this
idea the Paris correspondent of the New York
"Times" cabled on Feb. 4 that "publication in today's newspapers of dispatches from Washington
saying that in view of the postponement of the preliminary League disarmament meeting, scheduled
to be held at Geneva on Feb. 15, President Coolidge
was considering calling a disarmament conference
at Washington causes European diplomats to ask if
Washington gives full weight to the circumstance
that the nations convoked to the disarmament conference at Geneva are the same nations who would
be convoked at Washington. It is suggested that
these nations would carry to the American capital
the same preoccupations, the same fears, the same
hesitancy which cause them to approach so slowly
the meeting place of the League disarmament conference."
While as the week progressed additional reasons
were suggested in cable advices from various European capitals as to why France wanted the Preliminary Disarmament Conference postponed, more
than likely the Paris correspondent of the New York
"Times" came nearest to the truth when he asserted
in a dispatch on Feb. 3 that "postponement of the
preparatory arms conference goes to show that politically Europe is not ready for disarmament.
Whether it ever will be is a fair enough subject for
future effort, but it may be set down in black and
white that the reason the meeting will not take place
at Geneva on Feb. 15 is that, as matters stand now,
Continental nations do not wish greatly to reduce
their armies, or at least do not wish to reduce them
beyond what individually they may decide wise.
There are incidental reasons, of course—uncertainty
of Russian participation, the advisability of dealing
first with the alleged German defaults under the
military clauses of the Treaty of Versailles, and so
on, but those little reasons are only part of the big
reason that important European countries do not
hanker after being voted into military reductions
they do not wish to make. That does not mean that
Europe is building up armies every day. That is not
true. Take the case of France—her army, which
with three-year service numbered just prior to the
World War some 800,000 men, now, with one and a
half year's service, is around 430,000, and the Government has introduced a new military bill admittedly intended to give France one-year service, which
will mean an army of 300,000 men. But when
France sees other nations, and important nations,
calculating that that is too many France gets shy."
On the other hand, the same evening the Paris
representative of the New York "Herald Tribune"
cabled that "the Foreign Office to-night dispatched
long instructions to Ambassador Berenger at Washington to explain in the greatest detail to President
Coolidge the reasons for which France sanctioned
a postponement of the Preparatory Conference on
Disarmament at Geneva. France, it is pointed out
here, keenly desires to avoid any impression at
Washington that this country does not desire the
conference, and it is explained that if the Geneva
meeting had been allowed to proceed on Feb. 15, as
scheduled, failure would have been certain. M.
Berenger is instructed to tell the President that the
FEB.6 1926.]
THE CHRONICLE
delay of Germany in asking admission to the League
of Nations is one of the main reasons, though the
absence of a Japanese Cabinet is also a deciding fac.
tor, as well as the attitude of Russia against negotiating on Swiss territory. The present German
Government, in the opinion of Premier Briand, with
only one-third of the Reichstag behind it, must first
decide regarding its entry into the League, and until
then an arms conference, which would be based
wholly upon the Locarno agreement, cannot exist
officially. He points out that it is doubtful whether
the present Berlin Ministry can carry out its League
policy."
Prominent international lawyers have closed a
seemingly important conference at Geneva with respect to the codification of international law. In
a special cablegram from that centre to the New
York "Times" on Jan. 29 it was said that "the
League committee of experts for the progressive
codification of international law, on which George
W. Wickersham represents the American international legal talent, to-day concluded its second and
successful session which has brought its work into
the domain of practicality." It was further announced that "during the session, which lasted eighteen days, thirteen representatives from all the Continents and representing all the juridical systems,
reached an agreement on seven of the ten subjects on
the agenda, which consider codification by means of
international conferences possible and desirable.
Extensive reports on these seven subjects will be
sent to all Governments in the world with a request
that their opinions thereon be returned before Oct.
15, in order that the committee at its next meeting
may advise the League Council on the advisability
of convoking the necessary conferences."
In addressing the committee at a public session,
Mr. Wickersham was quoted in part as follows: "If
the discussions which have taken place have shown
the deep differences which separate the great judicial systems represented here, and the great difficulty of reconciling our divergent ideas, they none
the less demonstrated the possibility of approaching
the study of the different questions, even from different viewpoints, in narrow collaboration, thanks
to the good-will of all. I wish to take this opportunity of saying the League has created admirable machinery, destined to facilitate tremendously all international relations and to make possible and rapid
a solution of various questions being studied. Never
before was it possible to hold an international conference under such favorable auspices. From the
very beginning I had great respect for this
organization, a respect which increased more
and more as I became better acquainted with
its working. The world must get to know about this
institution, which is so admirably organized to render efficient help to international meetings."
King George opened the British Parliament at
noon on Tuesday, Feb. 2. Summarizing the King's
speech from the throne, the London representative
of the Associated Press said in part: "Opening Parliament with the speech fram the throne to-day King
George expressed belief that the Locarno security
agreement had paved the way for a further step
in the direction of arms limitation. He announced
that the British Government was attempting to arrive at a settlement with Turkey on the vexing Mo-
653
sul question and rejoiced that his Government had
been able to arrive at a debt funding agreement with
Italy. Touching on domestic affairs, he appealed
for co-operation from all parties to reduce the wideEpread unemployment and bring about a return of
good trade and prosperity. The King pointed out
that the improvement in trade and industry at the
end of 1924, which it was hoped would decrease unemployment, was unfortunately checked early last
year by widespread depression in the coal mining
industry. Since autumn of last year signs of a revival of industry had begun to appear, but the
growth of confidence upon which a revival depended
was being arrested by fear of industrial strife. An-flouncing that the results of the Commission of Inquiry into the coal industry would shortly be pub-am well aware of the diflished, he continued:
ficulties inherent in the whole situation, but the
interests of the nation are paramount, and I appeal'
to all parties to face the future in a spirit of conciliation and fellowship and avoid action which
would again postpone the return of good trade and
prosperity for which we have so long hoped.' He
announced that the Government had devised a
scheme for reorganization of the electrical system,
and that a bill would shortly be introduced to give
effect to these proposals. Agriculture was being
carefully considered, proposals for improvements
were being formulated, and a bill would be presented to enable the extension of small holdings as
well as a measure to provide for the marking of imported agricultural produce and manufactured
goods, 'so they may be distinguished from the products of this country, and Empire goods distinguished
from those of foreign origin.'"
Announcement was also made that "Lloyd George
was re-elected leader of the Liberal Parliamentary
Party last night by a vote of 17 to 7. Six did not
vote at all and twelve did not bother to attend the
party pow-wow. The little Welshman returns to
the Parliamentary fray with a more divided corporals' guard behind him than at the outset of the
last session, but with finance and economy claiming
so much attention in Parliament there will be plenty
of scope for the Liberal leader's ability in the near
future, regardless of the divided counsels of his
party."
Discussion of leading questions begun at once at
the opening session of the House of Commons on
Feb. 2. The New York "Times" correspondent said
that "the House of Commons reassembled in a
happy mood, but a serious note of criticism was soon
struck by the Opposition. Clynes, who deputized
for MacDonald as leader of the Opposition, complained that the Government prospectus promised
nothing and that the Government had not fulfilled
promises previously made. He welcomed the disarmament conference, but asked what practical example of disarmament Britain would give. He also
protested that members of the Government had so
covered the Russian Government with malignant
abuse that it was false to describe Anglo-Russian relations as 'friendly.' Lloyd George, speaking for the
Liberals, began with such kindly remarks about the
Government that a Socialist member called out in
alarm,'Are you going over, too?'—a reference to Sir
Alfred Mond's secession to the Conservative Party..
Lloyd George welcomed the announcement that a
loan was to be made to East Africa, which he pre-
654
THE CHRONICLE
Burned was for the benefit of the cotton-growing interests. 'It is a very risky position,' he said, 'that
we should be entirely dependent on the United States
for cotton.' But his comment on the subject of interAllied debts in general and the Italian debt settlement in particular was severe. Lloyd George took
a gloomy view of the industrial prospects at home
and pointed out that the State was now paying 27%
of the miners' wages and would be paying 40% next
May. Such a subsidy to coal and coal-using trades
could not be swept away and he wanted to know
what would happen."
It was added that "the Prime Minister, Stanley
Baldwin, replying, contended that the Italian debt
settlement was equitable and he differed from the
view that the United States would have agreed to a
cancellation of debts. I agree with Lloyd George on
the subject of universal cancellation of debts, but
when he talks about the debt settlement which I
was instrumental in making in having put an end to
those hopes, he is committing an anachronism. It
became impossible two years before that to do anything of the kind on the matter. I have no doubt
he knows America well. I think I do and we must
agree to differ on that. I am certain as I can be of
anything that no arrangement of that kind could
have been made and that they would never have entertained any proposals of the kind.' For the rest,
Baldwin made a rapid, explanatory survey of the
whole of his policy. The disarmament conference,
at the request of five other Powers, had been postponed to between March and May, which gives Rus- sia time to accept the tendered invitation. The international conference on hours of labor, to be held
in London, was intended to arrive at an agreed interpretation of the Washington Convention and, if
successful, it would be followed by ratification."
According to a special London dispatch to the
"Times" the next day, "the second day's debate on
the address in the House of Commons produced further condemnation of the Government's policy in all
things, the chief subject of the attack again being
the Italian debt settlement." Attention also was
called to the, fact that "the Government met with
defeat in the House of Lords to-day,following a spirited discussion of the new conditions of land purchase in Ireland under the regime created by the
Irish treaty. 'The defeat was a record, inasmuch as
it was brought about by a member who had only
just been introduced into the Lords as an English
representative peer." The correspondent added that
"the Government will have to take notice of the defeat, but it is not likely to regard it as more than
an embarrassing incident."
The coal labor situation is one of the many big
industrial problems with which the British Government is confronted constantly. King George dealt
with it in his address at the opening of Parliament.
The New York "Herald Tribune" representative declared that "a personal appeal by King George for
a display of a spirit of conciliation which would
act as a lightning conductor for the industrial storm
clouds hovering over the new session of Parliament,
was the feature of the King's speech at the re-assembly of the Houses of Lords and Commons at Westminster to-day. This appeal accompanied the disclosure in the speech that a conference of the principal coal-producing States of Europe for the purpose of drawing up an effective international agree-
[VoL. 122.
ment for the regulation of the hours of labor has
been invited to assemble here at an early date. The
'disparity in the working hours in England and her
European competitors is one of the main causes of
the depression in Great Britain's coal mining, her
basic industry."
Announcement was made in an Associated Press
dispatch from London on Feb. 1 that "the 'Westminster Gazette' prints a forecast of the Coal Commission's report, according to which, the recommendations will include the grouping of mines somewhat
after the manner already done with the railways,
and the closing down of unprofitable pits. Such
grouping'is said to be essential for the satisfactory
reorganization of the industry. Another recommendation relates to internal migration—the moving of unemployed miners to other districts where
they could be employed in more active mines. It is
further advised that wages and 'conditions shall be
the immediate concern of the local organizations
and that district wages boards shall be retained.
While longer hours and lower wages are not advocated, the Commission considers that lower wages
may be possible, which in the long run would give
the men equal pay with their present earnings. The
Commission recommends that the Mining Association, representing the owners, and the Miners' Federation should concentrate on national matters,
such as safety of the mines, Parliamentary business
and for liaison between the Mines Department and
these two organizations."
An excellent sidelight on the way the Bolshevists
have conducted affairs in Russia and on what they
would do in other countries if they were to get an
equally strong foothold, may be had from an excerpt
from a special wireless message to the New York
"Times" from its London correspondent on Feb. 2:
"A revolution against the present British 'bourgeois' regime ushered in by strikes on an enormous
scale is the panacea for Britain's troubles, according
to Leon Trotzky, the Russian Bolshevist leader, who
has just written a book entitled 'Whither England?'
to be published in London soon. A general idea of
its contents may be gathered from excerpts printed
here in the 'Socialist Review.' Trotzky urges the
British Labor Party to drop half-way measures and
proceed directly toward a revolution destined, according to him, to overthrow the bourgeoisie. He
writes: 'Only great boldness in the revolutionary
struggle can strike the weapons from the hands of
the reactionary, shorten the period of civil war and
diminish the number of its victims. He whd is not
prepared to go so far should not take up arms and
should not inaugurate a general strike and he who
renounces a general strike should not think of serious resistance at all. The only thing that would
remain would be to educate the workers in a spirit
of complete submission, which would be a work of
supererogation, as it is already being performed by
official schools, the governing party, priests of all
churches and Socialist preachers on the impropriety
of force. If this prophecy should turn out to be
wrong, if the English bourgeoisie should succeed in
strengthening the Empire, in giving it back its former position in the world market, in reviving industry, giving work to the unemployed and raising
wages, political evolution would, of course, have a
different character. The aristocratic conservatism
of the trade unions would again be strengthened,
FEB.6 1926.]
THE CHRONICLE
the Labor Party would go down hill, its right wing
would be fortified and the latter move closer to Liberalism, which in turn would experience a certain
accession of living forces. But there is not the
slightest foundation for such a conception of the
future. On the contrary, whatever may be the partial. fluctuations of the economic and political situation, everything speaks in favor of a progressive
sharpening and deepening of the difficulties which
England is now passing through and therefore simultaneously of further acceleration in the speed of its
revolutionary development."
The French Cabinet, under the aggressive direction of Premier Briand, has made further efforts to
work out a finance plan that would be accepted by
Parliament. On Jan. 29, largely by reason of concessions made by Finance Minister Doumer, the outlook for a plan going through the legislative body appeared brighter than it had in the days immediately
preceding. On that date the Paris correspondent
of the New York "Herald Tribune" cabled that
"adoption of the Doumer sales tax with an amendment for substitution of a production tax beginning
in 1927, seems to-night to be the formula which will
merge the conflicting views of the cartel and the
Government, and bring a settlement of France's
problem of fiscal reform." He further outlined the
situation as follows: "Although the debate in the
Chamber of Deputies is continuing without incident,
the success of such a compromise, when the question comes to a vote, is generally accepted in political circles. The danger of a crisis, which Premier
Aristide Briand has been working to avoid, seems
to have passed. Paul Doumer, Finance Minister,
made a conciliatory speech to-day in which he said
the Government recognized only the need of immediate funds as a national necessity and was ready
and willing to adopt measures suggested by the
Chamber Finance Commission that would receive
the Chamber's approval so long as they produced
revenue which would avoid necessity of inflation.
As a result of the Government's investigations on
how the system worked in Belgium, he said the sales
tax would not be extended to the retail trade, but
would bring in 3,800,000,000 francs needed immediately. His further acceptance of the cartel program,that the sales tax should be eliminated as soon
as possible, met a favorable reception, which is believed to leave the way clear for substantial majority support of the Government. It is expected a vote
will be taken to-morrow, while the balloting on 101
articles will commence next week."
Through a special Paris cable dispatch to the New
York "Times" on Jan. 30 it became known that "the
Minister of Commerce has prepared a bill soon to be
introduced in the Chamber as a Government measure raising the French import duties 30%. This
bill is of peculiar interest to the United States because France buys more from America than from
any other country. For the year 1925 she imported
from the United States goods to the value of 6,382,900,000 francs, 500,000,000 francs more than England sold to France. The opinion is expressed here
that because of their protective tariff policy Americans will have no valid objection to the change in
France's import duties." The correspondent added
that "this plan is particularly interesting because
of France's foreign
in the last four months the tide
turned so that in December there were
trade has
655
800;000,000 francs more imports than exports. The
effect of the tax of course will be to restrict imports
and thus it may tend to restore the balance which
up to six months ago was heavily in France's favor,
there being for last year 1,500,000,000 francs more
exports than imports."
On Feb. 1 it was reported in an Associated Press
dispatch from Paris that "Finance Minister Doumer
spent all day Sunday elaborating the details of the
new tax on production which is to be substituted
for the proposed stamp tax on sales." In cabling at
.
greater length the same evening, the Paris representative of the New York "Herald Tribune" suggested
that "the chief difficulty facing M. Doumer seems
a name for his project, which will differ only slightly
from his former idea, and is in reality a production
tax. It would be levied on large producers, as is
done in Belgium, and would relieve the burden of
taxation from the small tradespeople." He was of
the opinion that "this would win the support of the
Radical Socialists and, it is hoped, the Socialists.
With the franc steady, a feeling of a successful solution of the financial problem is felt strongly in
political circles."
The proceedings in the Chamber of Deputies took
a more practical turn on Feb. 2, because of the intervention of Premier Briand. The Paris representative of the New York "Herald Tribune" cabled
that "Premier Briand intervened to-day for the
first time in the debate on finances in the Chamber
of Deputies when he appealed vigorously to the
members to meet the fiscal problem with common
sense and to forget petty politics. He declared that
he did not intend to resign unless a clear majority
did not want him at the head of the Government and
told him why. His speech brought a new atmosphere into the lower House and put the question of
finances on the plane of national necessity in which,
he said, party preference should be sacrificed for the
public interest. The occasion of the Premier's intervention was the Radical Socialist proposal that
the discussion of the general fiscal problem should
be postponed until measures had been drawn up for
the stabilization of the franc. The Premier declared
himself opposed to such a move at this time on the
ground that the stabilization of the franc must be
preceded by efforts to increase the value of the
franc through confidence instilled by a strict budg.
etary balance and new resources."
A still further definite step was taken by the
French Chamber of Deputies at its session on Feb. 3
to collect taxes under existing legislation. It was
stated in a special Paris dispatch to the New York
"Herald Tribune" on that date that, "taking up tax
reforms, the Chamber of Deputies voted this afternoon to require a declaration under oath by every
French citizen of all incomes liable to taxation." It
was explained that "this represents a concession to
the Liberals, for heretofore income taxes have been
based on seven times the rental value of property and
no statement of actual income was necessary. The
Government now may know for the first time the actual income of its taxable citizens. An amendment
providing for the sale of the Government monopolies
in tobacco, matches and telephones was defeated,
the Government opposing it."
Announcement was made in a special cable dispatch on Feb. 4 to the New York "Herald Tribune"
, 656
THE CHRONICLE
that, "following the example of the United States,
the Chamber of Deputies to-day decided, after a close
vote, to require full publicity of the tax returns of
all citizens paying general income and super-taxes
as a further measure to prevent fraud. Rolls of taxpayers will be open to anyone at the headquarters of
each prefectural district on the same conditions as
the list of voters." It was added that "the measure
was opposed by Finance Minister Doumer, who said
it was contrary to all the fiscal legislation of France,
which held that personal incomes were strictly private affairs. The measure, however, was passed
under Socialist pressure by a vote of 295 to 252. No
more startling reform could be imagined in France,
and the bill, if made a law by the Senate's approval,
is bound to arouse violent opposition."
In some respects the situation in Hungary evidently is better. In a special wireless message from
Budapest to the New York "Times" on Feb. 1 it was
stated that "general improvement in the budgetary,
financial and economic situation in Hungary was
revealed by Jeremiah Smith, Commissioner-General
of the League of Nations, in his report for December, released for publication to-morrow." According to the dispatch, also, "the report sums up the
developments of the first semester of the present
fiscal year, begun in June, affording in all respects
a favorable comparison with the same period of the
previous year. The monthly average of receipts
from revenues pledged to the League loan show an
increase of 17% over the previous period, most of
this, however, occurring in the first quarter, receipts for the second quarter being practically the
same. Mr. Smith concludes that these monthly receipts may be considered now stabilized at approximately 350,000,000 gold crowns ($70,000,000) and
does not expect them in the future to show a steady
increase."
[VoL. 122.
reach a critical point in Budapest, the reason apparently being that this gives him time to see which
way the wind is blowing and act accordingly."
Official bank rates at leading European centres
continue to be quoted at 8% in Berlin; 7% in Italy
and Belgium; 6% in Paris and Norway; 5 %• in
/
1
2
Denmark; 5% in London and Madrid; 412% in
/
Sweden, and 3 % in Holland and Switzerland.
/
1
2
Open market discounts in London were again lowered fractionally and finished at 412@4 9-16% for
/
both short bills and three months' bills, as compared with 4rY(g4 11-16% a week ago. Money on
8
call at the British centre was firm, but closed at
/
41 8%, against 414% a week ago. In Paris and
/
Switzerland open market discount rates remain at
4 % and 2%%, respectively, unchanged.
/
1
4
A further addition to gold holdings, amounting
to £308,226, was shown by this week's Bank of England statement, bringing the Bank's stock of gold
up to £144,513,107, as compared with £128,573,186 a
year ago (before the transfer to the Bank of England of the £27,000,000 gold formerly held by the
Redemption Account of the Currency Note issue),
and £128,081,178 in 1924, while the proportion of
reserve to liabilities moved up to 18.51%, against
18.12% last week and 17.42% the week before. At
this time a year ago it was 15%70 and in 1924
18.25%. However, reserve in gold and notes in the
banking department fell £143,000, in consequence of
another increase in note circulation of £451,000.
Public deposits Were reduced £8,770,000, while
"other" deposits increased £5,404,000. There was a
reduction of £2,575,000 in the Bank's temporary
loans to the Government, and also a contraction of
£620,000 in loans on other securities. Reserve now
stands at £22,328,000, against £22,858,406 in 1925
and £21,950,308 a year earlier. Note circulation
amounts to £141,954,000. A year ago it stood at
£125,464,780 and in 1924 at £125,880,870. Loans are
£83,336,000, in comparison with £73,688,034 the preceding year and £69,328,478 in 1924. The official
discount rate of 5% remains without change. Clearings through the London banks for the week were
£842,684,000, as compared with £779,214,000 last
week and £883,669,000 a year ago. We append comparisons of the different items of the Bank of England return for a series of years:
The latest reports relative to the extensive counterfeiting plot, uncovered a few weeks ago, were not
so encouraging as the statements made in Mr.
Smith's report. The political situation was outlined in part as follows in a special wireless message from Budapest to the New York "Times" on
Feb. 1: "The publication to-day of the voluminous
official bill of indictment against 26 men, 21 of
who'll have been arrested for complicity in the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
counterfeiting plot, has aroused public excitement •
1926.
1925.
1924.
1923.
1922.
to fever heat, as it brings out new facts which are
Feb. 3.
Feb. 4.
Feb. 6.
Feb. 7
Feb. 8.
immediately preceding political developments. The
b141,954.000 125.464,780 125,880,870 121,481.100 122,668,755
Circulation
Opposition, which is meeting to-night to consider Public deposits
13,767,000 11 048.724 15,801,191 17,895,285 14,721,329
106.737,000 134,913,063 104.197.950 130,344,618 154.413,877
action, is especially indignant because Gabrial Ba- Other deposits
Governm't securities 43.003,000 67.503,461 46,797.032 49,067.299 82,223.688
ross, Director of the Savings Banks, is not arrested Other securities__ 83,336,000 73,688,034 69,328,478 65.812.176 80,425,481
Reserve notes & coin 22,328.000 22,858.406 21,950,308 24,459,719 24,531,605
though directly accused of complicity in the official Coin and builion8144,513.107 128,573,186 128,081,178 127,490,819 128,784,360
indictment. The indictment also confirms the ex- Proportion of reserve 18.51%
to liabilities
158%
1832%
2034%
1435%
5%
4%
istence of the famous letter from Premier Bethlen Bank rate
4%
5%
3%
showing that he knew of the existence of the coun- a Includes, beginning with April 29 1925, £27,000.000 gold coin and bullion
reviously held as security for currency note issues and which was
terfeiting nearly a month before any arrests were Bank of England on the British Government's decision to return totransferred to the
gold standard.
made. While it shows he took some steps to inves- b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
tigate and prevent the carrying out of the plot, these up to that time in redemption account of currency note issue.
steps do not appear to have been nearly as energetic
as the gravity of the crime demanded—a fact which
According to the weekly statement of the Bank
is likely to weaken Count Bethlen's position now of France, the gold item continues to show small
enormously. The Premier left Budapest yesterday gains, the increase the present week being 28,625
on a hunting trip in the country and is still absent. francs. Total gold holdings now stand at 5,548,177,It is significant of the seriousness and uncertainty 425 francs, which compares with 5,545,597,513 francs
of the situation, for Count Bethlen invariably man- for the corresponding date last year and with 5,540,ages to absent himself or be away whenever events 976,009 the year previous. Of these amounts 1,864,.
FEB. 61926.1
THE CHRONICLE
320,907 francs were held abroad in each of the years
1926, 1925 and 1924. Following the contraction in
note circulation the previous three weeks there was
an expansion the present week of no less than 852,944,000 francs. Total notes in circulation are thus
brought up to 51,470,931,720 francs as against
40,858,675,550 francs for the same time last year
and 39,174,101,660 francs the year before. The
French Government repaid 900,000,000 francs more
of its borrowings from the Bank, reducing the total
of advances to the State to 33,300,000,000 francs.
During the week silver holdings increased 39,000
francs and bills discounted rose 961,401,000 francs,
while on the other hand, trade advances decreased
8,993,000 francs, Treasury deposits declined 9,367,000 francs and general deposits fell off 48,185,000
francs. Comparison of the different items in this
week's return with the figures of last week and with
corresponding dates in both 1925 and 1924 are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Feb. 4 1926.
Feb.6 1924.
Feb. 5 1925.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
28,625 3,683.856,518 3,681.276,605 3,676,655,102
Abroad
Unchanged
1.864,320.907
1,864.320,907 1,864,320.907
Total
Inc.
28.625 5,548,177,425
Silver
Inc.
39.000
324,726,940
Bills discounted _ Inc. 961,401,000 4,354,556.006
Trade advancw....Dec. 8,993,000 2,487,238,294
Note circulation_ _Inc. 852,994,000 51,470,931,720
Treasury deposIts_Dec. 9,367,000
30,791,369
General deposIts Dec. 48,185,000 3,100,098,040
5,545,597,513
304,787,127
6,301,187,299
2,937,905,346
40,858,675,550
9,284,315
2,006,475,554
5,540.976,009
297,152,091
3,603,552,019
2,474,981.140
39,174.101,660
14,880.507
2,446,086.027
The Imperial Bank of Germany's statement,
issued as of Jan. 30, reflected the strain of meeting
month-end obligations, in that a number of striking
changes were recorded in the principal items. Note
circulation moved up 307,770,000 marks, although
as against this other maturing obligations declined
343,476,000 marks and other liabilities were reduced 13,777,000 marks.. On the assets' side, the
Bank reported an increase in holdings of bills of
exchange and checks of 113,759,000 marks and in
advances of 6,222,000 marks. Deposits held abroad
increased 5,136,000 marks, reserve in foreign currencies 39,338,000 marks, and investments 820,000
marks. Silver and other coins declined 1,721,000
marks, while notes on other banks decreased 33,468,000 marks and other assets fell 179,662,000 marks.
There was a further gain in gold and bullion holdings of 5,189,000 marks, which brought the total
gold up to 1,254,995,000 marks, as against 834,231,000 marks last year and 467,031,000 marks in 1924.
Note circulation outstanding aggregates 2,648,809,000 marks.
The weekly statements of the Federal Reserve
banks issued Thursday afternoon, were featured by
further losses in gold reserves, aggregating over $51,000,000 at New York, but only $10,000,000 for the
System. In both rediscounting and open market
operations, however, the banks reported substantial
expansion, as contrasted with contraction shown
during recent weeks. The report for the banks as a
group showed that rediscounting of Government secured paper increased $39,800,000. "Other" bills
remained virtually stationary, losing only $600,000;
hence total bills discounted for the week increased
$39,200,000, to $487,796,000, against $322,367,000 a
year ago. Holdings of bills bought in the open market were enlarged by $6,800,000. Total bills and
securities (earning assets) gained $30,700,000 and
deposits $10,200,000. The New York institution
657
showed very similar conditions. Rediscounting of
bills secured by Government paper increased $51,200,000, and there was a nominal increase in other
bills ($500,000), with the net result an increase in
total bills discounted of $51,700,000. Open market
purchases expanded $10,300,000. Increases were
likewise shown in total bills and securities, $65,600,000, and deposits, $6,800,000. Federal Reserve notes
in actual circulation declined $4,700,000 for the
System, but increased $5,800,000 locally. Member
bank reserve accounts showed only minor changes
this week, in both statements the combined decline
totaled $1,600,000. The heavy contraction in gold
holdings, coupled with larger deposits, was responsible for lowering in the reserve ratios. At New
York the ratio fell to 81.6%, off 5.1%, while that of
the combined System declined .5%, to 74.5%.
Further expansion in loans and curtailment of
nearly $23,000,000 in member bank reserves, the latter entailing a sharp falling off in surplus, constituting the most noteworthy features of last Saturday's report of the New York Clearing House banks
and trust companies. In detail the loan item increased $39,441,000. Net demand deposits fell off
$18,965,000, to $4,436,308,000. This total is exclusive of Government deposits to the amount of $43,786,000. Time deposits, on the other hand,expanded
$6,186,000, to $579,206,000. Cash in own vaults of
members of the Federal Reserve Bank fell $644,000,
to $48,129,000, although this is not counted as reserve. State bank and trust company reserves in
own vaults declined $201,000, but reserves kept by
these institutions in other depositories increased
$95,000. As already indicated, member banks drew
down their reserves at the Federal institution $22,956,000 ,thus bringing about a shrinkage of $20,841,750 in surplus reserves, notwithstanding smaller deposits, which left total excess reserves at only
$5,280,180, as against $26,121,930 a week ago. It
should be noted that the above figures for surplus
are on the basis of 13% legal reserves against demand deposits for member banks of the Federal Reserve, but do not include $48,129,000 held by these
member banks on Saturday last.
Rates for call money in the local market have
moved in both directions. Following a decrease of
over $20,000,000 in the excess reserve of the Clearing
House banks, as shown in last Saturday's statement,
it was logical to expect loans to be called early this
week. This was done and the rates advanced
sharply. A few days later they had receded from
51 2 to 4%. Then on Thursday unexpectedly loans
,/
were called again to an estimated extent of from
$25,000,000 to $30,000,000 and the quotation was
advanced rapidly from 4%, the renewal figures, to
512%. It was reported that yesterday pay/
ment of $15,000,000 loans was demanded. Apparently the member banks wished to strengthen
their position at the Federal Reserve Bank.
Throughout the week there was further discussion of the probable aggregate of brokers' loans,
which it was thought might be made public to-day.
Estimates in excess of $2,000,000,000 were published,
but Stock Exchange authorities said that no one
connected with the Exchange was in a position to
give definite figures. Corporate financing has gone
forward on a large scale and various other plans
involving large sums of money appear to be well
658
THE CHRONICLE
[vol.. 122.
under way. They include foreign Governments and the word, it was described as good, especially in Lonforeign enterprises as well as domestic corporations. don, which sent firm cable rates practically throughThe new buying of manufactured steel is said to out. Light offerings of commercial bills also figured
have slowed down somewhat, but the automotive in the advance and dealers begin again to discuss the
industry seems to be decidedly active and prosper- probability of sterling going over the top and actually
ous. The statistical position of the petroleum trade crossing par. A factor that for a time greatly aided
continues strong. So far as can be observed the the buying movement was announcement of the purcommercial demand for money has not changed chase by the Bank of England of £427,000 in bullion,
greatly. The requirements for the financial mar- which was reported as the largest single acquisition
kets are still large.
of new metal in a long period. However,the forward
•
movement was not maintained and after a while
Dealing with specific rates for money, call loans rates dropped back to 4 86 1-16, on a falling off in
this week covered a range of 4@532%, which com- the volume of transactions. According to dealers,
pares with 4@5% a week ago. On Monday the high there has been a pronounced diminution in the transthe low 43'% with 432% for renewals. fer of funds to London for investment purposes or for
was
Tuesday no loans were negotiatedrabove 5%, but deposit. As bill rates in London have declined, such
the renewal basis was advanced to 5%, while the transfers are less attractive just at present. Morelow was 4%. A tendency to relax developed on over, the rise in sterling rates here has made dealers
Wednesday and all loans on call were put through at reluctant to export funds without covering their
4%, which was the only figure named. Thursday future requirements, and operations of this kind at
4% was still the basis for renewals, and the low, but the present level of sterling futures, practically elimia temporary flurry before the close carried the quota- nate all profits that might be derived from the higher
tion up to 532%. On Friday firmness again set in interest rates prevailing in London. An encouraging
and call funds opened and renewed at 5%, which development, when viewed in the light of the future
was the only rate named. For fixed date maturities of sterling values, is the extremely heavy increase in
the market displayed an upward trend and toward the the volume of British imports of raw materials during
latter part of the week quotations ranged between the latter half of 1925. This is interpreted as mean432@4%% for all periods from sixty days to six ing that very shortly there will be a corresponding exmonths, against 432@4%% the previous week. pansion in exports of manufactured goods.
Offerings were lighter, but the market was at no
Referring to the day-to-day rates, sterling exchange
time active and trading reached only moderate on Saturday last was easier and demand declined to
proportions.
4 86 @ 4 863/g, cable transfers to 4 86% @ 4 863, and
Commercial paper was in fair demand but the sixty days to 4 829 and 4 82%; trading was very
market continues to be restricted by lack of offerings. quiet. On Monday quoted rates moved up on good
Both city and country banks were among the buyers. buying to 4 86 3-16 for demand (another new high
Quotations remain at 4@43.% for four to six months' record); the low as 4 86 1-16, while cable transfers
names of choice character, with names not so well ranged between 4 863/ and 4 86 9-16 and sixty days
known still requiring 4
3@43/2%. New England at 4 82% @ 4 82 15-16. No further improvement
mill paper and the shorter choice names are now occurred on Tuesday although the undertone was
passing at 4%,the same as last week.
firm and demand ruled all day at 4 86 346, cable
Banks' and bankers' acceptances remain at the transfers at 486 9-16 and sixty days at 4 82 15-16; a
levels previously current. Interior institutions furn- falling off in activity was reported. Wednesday's
ished most of the business passing, but offerings were market was dull and a trifle easier; the day's range
limited, so that the aggregate turnover was light and was 4 86 1-16 @ 4 86 3-16 for demand, 4 86 7-16 @
the market a dull affair. For call loans against 4 86 9-16 for cable transfers and 4 82 13-16 @
bankers' acceptances the posted rate of the American 4 82 15-16 for sixty days. Dulness was the chief
Acceptance Council continues to be quoted at 332%. characteristic of Thursday's trading, but rates were
The Acceptance Council makes the discount rate on steady and demand bills were quoted at 4 86N@
prime bankers' acceptances eligible for purchase by 4 86 7-32, cable transfers at 4 863'@4 86 19-32 and
the Federal Reserve banks 3%% bid and 332% asked sixty days at 4 82%@4 82 31-32. On Friday irregufor bills.running 30 days, 33 % bid and 3/% asked lar weakness developed and quotations declined frac4
for 60 and 90 days, 3 8 bid and 33 % asked for tionally to 4 86 1-16@4 863' for demand,4 86 7-16@
%
4
120 days, 4%% bid and 4% asked for 150 days and 4 86 for cable transfers and 4 82 13-16@4 82% for
41
4% bid and 41
/% asked for 180 days. Open sixty days; freer offerings were a contributory cause
market quotations are as follows:
to the recession. Closing quotations were 4 82 13-16
for sixty days, 4 86 1-16 for demand and 4 86 7-16 for
SPOT DELIVERY.
90 Days.
60 Dog,.
30 Days. cable transfers.
Commercial sight bills finished at
Prime eligible bills
34@3N
8(03%
3546133f
4 85 15-16, sixty days at 4 82 5-16, ninety days at
FOR DELIVERY WITHIN THIRTY DAYS.
4 81 9-16, documents for payment (sixty days) at
Eligible member banks
33 bid
Eligible non-member banks
3% bid 4 82 9-16 and seven-day grain
bills at 4 84 13-16.
Cotton and grain for payment closed at 4 85 15-16.
There have been no changes this week in Federal No gold Was reported either for export or import this
Reserve Bank rates.
week.
The Bank of England this week as already stated
Sterlineexchange gave a good account of itself this reported the largest single purchase of gold (£427,week and under the stimulus of renewed buying, the 000)in quite some time, besides sundry small amounts
quotation for demand rose another 5-32c. and touched bought and sold, the latter for export to Singapore,
4 86 7-32, which is the highest level since the latter Argentine and India. The Russian Soviet Governpart of 1914 and a mere fraction under actual parity. ment is said to have shipped more than £2,000,000
While trading was not active, in the broad sense of gold to London in payment for machinery lately
FEB:6 1926.]
THE CHRONICLE
659
purchased from Great Britain. Other large ship- and 1.49 for cable transfers, in comparison with
ments of gold and platinum are planned incidental to 1.39%©1.403 last week.
forthcoming credit arrangements. Japan has shipped
As to the neutral exchanges, formerly so-called,
$2,000,000 gold to the United States, the eighth shipprice levels moved somewhat aimlessly, with alternate
ment, and making a grand total of $15,000,000.
advances and declines reported of 1 to 4 or 5 points,
were and no real activity in any direction. Dutch guilders
Only minor changes, comparatively speaking,
light
noted in the Continental exchanges and the most in- were firmer and advanced to 40.12, though on
of an otherwise dull week, were the dealings, then sagged off at the close. Swiss francs
teresting events
their
rise, accompanied by brisk buying, in Greek drach- were off a fraction. The Scandinavians held
own and ruled at close to last week's levels, while
mae, and a further decline in the quotations for
Italian lire, to 3.97 8. The latter constitutes a net Spanish pesetas again closed weak and lower.
Bankers' sight on Amsterdam finished at 40.08,
loss from the previous pegged level of about 63/
against 40.07; cable transfers at 40.10, against 40.09;
points and indicates that the Government is still
withholding support at intervals for the purpose of commercial sight bills at 40.00, against 39.99, and
trying out the market. Toward the later part of the commercial sixty days at 39.64, against 39.63 last •
week buying orders were again put forth and there week. Closing rates on Swiss francs were 19.27 for
was a rally to 4.01234. Offerings of lire, however, bankers' sight bills and 19.28 for cable transfers,
2
continue large and it was claimed that except for the which compares with 19.273/2 and 19.283/ the week
before. Copenhagen checks finished at 24.65 and
occasional intervention of the Foreign Exchange Institute at Rome, far greater recessions would have cable transfers at 24.69, against 24.68 and 24.72.
occurred. Considerable nervousness was displayed, Checks on Sweden closed at 26.74 and cable transfers
which was said to be due to the prevalence of disturb- at 26.78, against 26.733/ and 26.773/2, while checks
ing rumors regarding the state of Premier Mussolini's on Norway finished at 20.31% and cable transfers at
0.353/2, against 20.30 and 20.34 a week ago. Spanish
health. In some quarters the recent selling is ascribed 2
thought to have been pesetas closed at 14.10 for checks and at 14.12 for
to governmental sources and is
•engineered for the purpose of making Italy's initial cable transfers. A week ago the close was 14.123/2
payment on the British debt. According to bankers and 14.143/2.
CERTIFIED BY FEDERAL
usually well informed, the Treasury authorities have FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF RESERVE
BANKS TO TREASURY
1922,
no intention of allowing lire quotations to decline any
JAN. 30 1926 TO FEB. 5 1926. INCLUSIVE.
further than 4.00. Greek exchange after ruling at
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
around 1.41, suddenly shot up to 1.533/2, an advance Country and Monaary
Unit.
Feb. 2. I Feb. 3.
Jan. 30. Feb. 1.
Feb. 4.
Feb. 5.
of about 14 points in the space of a few hours, though
$
$
$
$
EUROPE
$
i
later receding to 1.483/2. An active demand was Austria, schilling• _ .14062 .14054 .14061 .14058 .14053 .14048
.0454
.0454
.0455
.0454
.0455
.0454
Belgium, franc
reported, but no specific reason was assigned for the Bulgaria, ley
006725 .006758 .006725 .006793 .006763 .006972
Czechoslovakia,
outburst of activity. In the opinion of some, recent Denmark, kronekron .029621 .029617 .029618 .029617 .029617 .029613
.2469
.2468
.2469
.2470
.2468
.2472
sales of Greek tobacco for export may have helped in England, pound ster 4.8642 4.8647 4.8651 4.8643 4.8649 4.8842
ling
025203 .025206 .025208 .025202 .025202
markka
025206
the rise. Francs were still neglected, but fairly Finland,franc
.0375
.0375
.0376
.0375
.0376
.0378
France,
.2381
.2381
.2381
.2380
.2380
Germany, reichsmark. .2381
steady, and the range was 3.773/ and 3.74 on a small Greece. drachma
.014048 .014116 .014154 .014255 .014910 .014954
.4012
.4014
.4012
.4011
.4010
.4010
guilder
.1754
.1759
volume of trading. Political affairs in France appear Holland. pengo
.1756
.1756
.1756
.1754
Hungary.
.0403
.0403
.0402
.0401
.0401
0403
Italy. lira
.2035
.2034
.2035
.2035
.2035
2035
to be quieting down, although the situation is still Norway, krone
.1339
.1331
.1347
.1351
.1331
1346
Poland, zloty
.0512
.0512
.0513
.0512
.0514
.0513
unsettled and fraught with disagreeable possibilities. Portugal. escudo
.004431 .004431 .004409 .004362 .004370 .004378
Rumania,leu
.1412
.1412
.1413
.1414
.1413
.1413
Rumors from Paris late yesterday afternoon that Spain, peseta
.2677
.2677
.2677
.2677
2677
.2677
Sweden, krona
.1928
franc_
Governor Norman of the Bank of England has formu- Switzerland,dinar_ _ _ .1928 .1929 .1928 .017638 .1928 .1927
.017663 .017648 .017627
.017643 .017635
Yugoslavia,
ASIAlated a plan for stabilizing the franc were not taken China.7733
.7750
.7713
.7746
.7754
.7713
Chefoo, tael
seriously. German and Austrian exchanges remain Hankow.tact
.7689
.7659
.7675
.7847
.7647
7656
.7429
.7416
.7430
.7404
.7407 ' .7398
Shanghai, tact
at former nominal levels, while Belgian francs were Tientsin. tact
.7850
.7842
.7854
.7796
.7829
.7792
firmly held at around 4.53%@4.54. In the minor Hong Kong. dollar. .5796 .5793 .5808 .5802 .5815 .5807
.5394
.5394
.5392
.5388
.5390
Mexican dollar_ _ _ .5378
Central European group, quotations were fairly Tientsin or Pe!yang .5413 .5421 .5421 .5417 .5429 .5433
dollar
.5546
.5550
.5563
.5558
.5550
.5542
Yuan. dollar
steady, except zloties, which were weaker and re- India, rupee
.3674
.3676
.3679
.3579
.3675
.3873
.4493
.4502
.4485
.4494
.4485
.4491
Japan. yen
ceded to 13.50, then rallied to 13.90.
.5663
.5658
.5667
.5658
.5667
Singapore(13.8.), dollar .5658
NORTH AMER.The London check rate on Paris finished at 129.75, Canada, dollar
.997921 .997879 .997788 .997844 .997813 .997478
1.000000 .999961 .999969 1.000094 1.000094 .999158
against 128.99 last week. In New York sight bills Cuba. Peso
483667 .484000 .484167 .483667 .484500 .48.4500
Mexico. peso
Newfoundland. dollar .995430 .995438 .995375 .995375 .995375 .994969
on the French centre closed at 3.74, against 3.783/2; SOUTH AMER..9392
.9374
.9401
.9391
.9410
Argentina. peso (gold) .9409
.1486
.1478
.1470
cable transfers at 3.75, against 3 79/ commercial Brazil. milreis
.1481
.1473
1478
. 3 2;
.1214
.1213
.1214
.1214
.1214
. .1213
Chile. peso (PaPer)
1.0305
1.0315
1.0321
1.0292
1.0318
1 0291
sight bills at 3.73, against 3.7732, and commercial Uruguay. peso
2
sixty days at 3.683/, against 3.73 a week ago. Final •One schilling is equivalent to 10,000 paper crowns.
quotations on Antwerp francs were 4.533 for checks
4
With regard to South American exchange, further
4
and 4.543 for cable transfers, unchanged from the weakness carried Argentine checks down to 41.18 and
previous week. Reichsmarks remain at 23.81 (one cable transfers to 41.23, against 41.39 and 41.44 last
rate) for both checks and cable transfers. Austrian week, while Brazilian milreis dropped to 14.56 for
kronen were likewise at the levels previously pre- checks and 14.58 for cable transfers, then recovered
.
s
vailing, namely, 0.00143/ Lire closed at 4.023/ for and closed at 14.64 and 14.69, compared with
bankers' sight bills and at 4.03N for cable transfers. 14.60 and 14.65 the previous week. Firmness in the
This compares with 4.023@4.033 a week earlier. Chilian rate, which closed at 12.14, against 12.13 was
Exchange on Czechoslovakia finished at 2.963, ascribed in part to the smooth working of the new
2
against 2.963; on Bucharest at 0.44, against 0.443/; Central Bank of Chile, whose chief function is said
Finland at 2.523,, against 2.52, and on Poland to be the regulating of currency and prevention of
on
at 13.90, against 14.00 the week preceding. Greek fluctuations. Peruvian exchange, on the other hand
2
exchange closed the week firm, at 1.483/ for checks was easier and finished at 3.87, against 3.88.
660
THE CHRONICLE
The Far Eastern exchanges attracted less attention
this week and although Japanese yen remain strong,
trading was on a smaller scale. Changes are looked
for in the values of the Indian currencies when the
decision of the Indian Currency Commission which
has been investigating monetary and exchange conditions in India, is made known. It is expected that
the Commission will recommend a return to the
gold standard for India and stabilization of rupees.
Hong Kong closed at 583/@58%, against 58/(4),
2
588; Shanghai at 753i@ 7532, against 75(V52;
Yokohama at 45%@45/s, against 453'g@45%;
3
Manila at 49%@49%, against 49%@49%; Singapore at 57@573i,(unchanged, Bombay at 37@,373 t;
(unchanged), and Calcutta at 36%@37, against
36%©37.
[VoL. 122.
elaborate statement which the trusted "spokesman"
appears to have made on Tuesday to the representatives of the press, with the understanding that each
correspondent would summarize it in his own way,
took the form of a defense of the Administration
against its critics in Congress and elsewhere, and a
warning that speeches from the opposition side
should not be taken too seriously. The Government,
so the correspondents were told, was doing the best
it could. It was investigating "in an orderly fashion" all allegations of law infringement. Adherence
to the World Court did not imply any change of
national policy, and was not to be interpreted as a
step in the direction of adherence to the League of
Nations. The country wanted the Court without the
League, Mr. Coolidge was represented as believing,
and a desire for the one did not mean a leaning toThe New York Clearing House banks, in their ward the other. The defense of the nation, in his
operations with interior banking institutions, have view,is not in peril, notwithstanding the demand for
gained $3,671,495 net in cash as a result of the cur- increased appropriations for the army and navy; on
rency movements for the week ended Feb. 4. the contrary, the expenditure of some $4,000,000,000
Their receipts from the interior have aggregated during the past six years under the direction of
$4,433,495, while the shipments have reached $762,- "competent men" of the army and navy has resulted
in "a very good national defense system." There
000, as per the following table:
are some "bad spots" in business, but they are not
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
INSTITUTIONS.
serious enough to justify the charge that the country is not prosperous. As for the hostile speeches in
1
Into
Out of
Gain or Loss
Week Ended February 4.
Banks.
Banks.
to Banks.
Congress, they are the "seasonal" outgivings always
Banks'interior movement
$44334951
8782.000 Gain $3,671.495
to be looked for on the eve of Congressional elecAs the Sub-Treasury was taken over by the Fed- tions,
and no great attention need be paid to them
eral Reserve Bank on Dec. 6 1920, it is no longer beyond their obvious
political object.
possible to show the effect of Government operaNo one will begrudge the President the privilege
ti-Jns on the Clearing House institutions. The Fed- of defending himself and
his Administration against
eral Reserve Bank of New York was creditor at the what he regards as
unjustifiable assaults, and his
Clearing House each day as follows:
contentions and explanations, whatever the channel
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANE through which they are offered, are
entitled to the
AT CLEARING HOUSE.
consideration which ought always to attach to his
Saturday. Monday. Tuesday. Wednesd'y, Thursday. Friday.
A ogrevais
high office. Partisan criticism of the AdministraJan. 30.
Feb. 1.
Feb. 2.
Feb. 3.
Feb. 4.
Feb. 5.
for Week.
tion, on the other hand, always concerned to mag8
90,000.000 91.000.000 102.000000 95.000.000 79.000.000 85 000.000 Cr 542.000,000
nify sins both of omission and commission, is a
Note.—The foregoing heavy credits reflect the huge mass of
to the New York Reserve Bank from all parts of the country checks which come familiar incident of politics, especially when electhe Federal Reserve System's par collection scheme. These in the operation of
large credit balances, tions loom
however, reflect only a part of the Reserve Bank's operations
in sight, and Mr. Coolidge is entirely
with the Clearing
House Institutions, as only the items payable in New York
City are represented in within
the daily balances. The large volume of checks on
his right in suggesting that such criticism
institutions located outside of
New York are not accounted for In arriving at these
balances, as such checks do
not pass through the Clearing House but are deposited
with the Federal Reserve should be taken only for what it may be worth.
Bank for collection for the account of the local
Clearing House banks.
.—uss
Whether what was said on Tuesday on Mr. Coolidge's
The following table indicates the amount of bul- behalf, however, will be accepted by the country as
an altogether satisfactory answer to the criticisms
lion in the principal European banks:
which has been multiplying of late, or will strengthen
February 4 1926.
Mr. Coolidge with his party or with Congress, is less
February 5 1925.
Banks of
Gold.
Silver
Total.
Gold.
certain than one could wish.
Total.
The criticisms to which Mr. Coolidge and his AdEngland __ 144,513,107
144,513.107 128,573,186
128,573.186
France a__ 147 354 261 12.960.000160,314,261 147.251.071
12,160
159.411.071 ministration have been subjected,
Germany
49.711,850 d994,600 50.706,450 31,779,
especially since
994,
32.774.100
Aus.-Hun_ 62,000,000
b
62,000,000 b2,000,000
b
62,000,000
Spain
101.475.000 26,293,000127,768.000 101,435.000 26,293,I I I 127.728,000 the present session of Congress began, are not wholly
Italy_ _
35.668,0003,394,000 9,062.000 35.583.000
Netherl'ds. 36.488.000, 2,140,000 38.828.000 42.043.000 3,374. 'I 38.957.000 partisan in character, however apparent
the desire
Nat. Belg_ 10.954,000, 3,646.000 14,800.000 10.890.000 1,175.00 43.218.000
2,966,
13,856,000
Switzerrd_
.
20,227,000 3,579 I I I 23,806.000 to make political capital for their sponsors may in
Sweden 12,778,000,
12.778.000 13,057,000
13,057.000
Denmark
11,626,000
752,000 12.378.000 11,640,000 1,154,000 12,794,000 some cases have been. They have to do principa
lly
Norway___ 8,180,000
I 8,180,000 8.180,000
8,180,000
with two matters, to neither of which may the PresiTotal wee 578.638.218 53.855.600632,493.818552,658.757
prey. week 578.401.597 53,690 600632,092.197 551.596.007 51.695.600604,354,357 dent or the Republican Party
51,557,600603,153,607
safely turn a deaf ear.
a Gold holdings of the Bank of France this year are exclusive
of £74,574,836 There are evidences of a growing feeling that
held abroad. b No recent figures. c Gold holdings of the Bank of Germany
Mr.
this
year are exclusive of £13,037,900 held abroad. d As of Oct. 7 1924,
Coolidge, in spite of his forceful demand for economy and his opposition to Federal encroachment
President Coolidge's Defense.
upon the proper sphere of the States, is inclined to
•
Mr. Coolidge is not the first President to make rely too much upon his
Cabinet associates and peruse of a "White House spokesman" as a medium for sonal advisers, and to accord to
them an undue share
getting his opinions before the public, but he has in determining what the
policy of the Administraresorted to this indirect method somewhat more tion toward large national
interests shall be. We
frequently than did his immediate predecessors, and hear a good deal about what
the head of one Departhas apparently been reluctant to issue public state- ment thinks or what the head of
another proposes,
ments his own name save in messages to Congress but a good deal less than the
country has been acand occasional public addresses. The soniewhat customed to hear about what -the Presiden himself
t
FEB.6 1926.]
THE CHRONICLE
believes ought to be done. The handling of the question of tax reduction in Congress, some of the reprehensible features of which the "Chronicle" has repeatedly exposed, affords a striking illustration in
point. On the occasions, moreover, on which Mr.
Coolidge has spoken he has not always spoken with
precision. On Jan. 19, for example, he was reported
as favoring the repeal of the Federal estate taxes, in
principle, on the ground that such taxes belong
properly to the States, but at the same time as opposing such repeal on revenue grounds because it
might endanger the sinking fund. This is certainly
unstable advice, for if estate taxes belong constitutionally to the States, the Federal Government has
no business to levy such taxes, whether it needs thb
revenue or not.
No one ought to expect that the President, burdened as he is with a mass of multifarious duties,
should be personally familiar with the details of
every important question either of legislation or of
administration. A very large proportion of the
things for which he is constitutionally responsible
must, from the nature of the case, be left to the
knowledge or judgment of subordinates. It is not
too much to ask, however, that on a subject of such
crucial importance as national revenue and taxation the President, surrounded as he is with expert
advisers, and with the best wisdom of the country
available for the asking, should have a policy which
is clearly his own, that he should make the policy
plain to Congress and the country, and that he
should avoid uncertain pronouncements regarding
any of its details. Mr. Coolidge, on the contrary, appears to have been reluctant to take such aggressive
leadership, and much of the criticism that has been
voiced is doubtless an expression of disappointment
at his too great willingness to accept, with mild protest or none at all, whatever legislation a leaderless
Congress sees fit to offer.
In regard to certain other criticisms of the Administration that have multiplied of late, the defense of
the "White House spokesman" is likely to confirm,
rather than dispeL the popular impression that
smoke means fire somewhere. The tariff is looming
again as a possible campaign issue, and the efforts
of Mr. Coolidge and the Secretary of Agriculture, to
deal with the farm situation in the West have not
satisfied the farmers. The difficult question of railway consolidation still drags its slow length along,
with no apparent effort by the President to bring
about a workable solution. Doubtless there are two
sides to each of these questions, and opposing interests are certainly not to be reconciled in a few days
or weeks, but the lack of pronounced leadership to
which public criticism testifies is not to be atoned
for by informal assurances that the business of the
country is getting on fairly well, or by reminders
that Senators and Representatives who launch their
partisan attacks are primarily concerned with their
chances of re-election next fall.
We have already stated at length our reasons for
opposing the entry of the United States into the
World Court, and those reasons need not now be
rehearsed. It may be pointed out, however, that if
Mr. Coolidge really thinks that adherence to the
Court is not popularly regarded as preliminary to
entering the League later,on, his view finds little
support either in what was said in the debate on the
Senate resolution, or in what has appeared in the
press since the resolution was voted. Nothing can
661
be clearer, in the press comment on the subject in
this country and abroad, than that the action of the
Senate has been widely interpreted as a long step in
the direction of ultimate League membership. The
press is not infallible either as a mouthpiece of public opinion or as a compendium of news, but between
the attitude of the American and European public
as represented by the press, and the contention that
League membership is not in contemplation and that
American policy is not to be changed, there is a gap
which the statement made on Tuesday fails to
bridge.
Mr. Coolidge is entitled to the sympathetic support of the whole country, and to the benefit of the
doubt wherever doubt exists. His plain speaking on
the subject of Federal extravagance and usurpation
of Federal authority has done high credit to his courage and wisdom, and he has shown himself on more
than one occasion both firm and diplomatic. What
the country would welcome is a little more independence and a little stouter leadership. It is not
enough to respect the opinions of advisers on the
theory that the advisers are experts, or bow to the
will of Congress as a co-ordinate branch of the Government, or warn the country that electioneering
and statesmanship are not the same thing. What
the country wants is strong and authoritative administration of the presidential office• at all times,
whatever the party in power, and whatever the issue
to be decided. It would be glad to see the "White
House spokesman" fade out of the picture, and to
hear directly from Mr. Coolidge whatever Mr. Coolidge may have to say. There can be no doubt that
the country would welcome such a change of attitude on the part of the President, and that the Administration would be greatly strengthened thereby.
Business and Benevolence—The Ward Proposal.
We have the Carnegie and Rockefeller Foundations and the Smithsonian Institution. A "Pure
Science" Research Foundation, to possess an annual
income of two and a half million dollars, is in process of forming. These great and useful benevolences
have no direct connection with Government or business. They are administered by trustees and rely
for their incomes upon endowments invested in high
grade securities. It is at once apparent that they
rest upon a firm basis. In the ultimate, it is true,
they depend upon the earnings of active industry,
but upon such preferred earnings as render them
practically immune to the vicissitudes of business.
They may, therefore, plan for extended work in the
fields to which their energies are devoted. Business
pays the bill but exacts no share in the management.
Nor do these Foundations undertake to return value
received to business as such, rather to benefit mankind through services to health and social welfare,
in which business receives only that benefit which
accrues generally through more efficient' men and
women. This is the highest form of benevolence
civilization has been able to evolve. It is the flower
that springs out of corporate enterprise, as the
bloom from the weed, to shed its benefit on a world
of effort wherein primal toil is the sustenance of
life. It is a proof of the growing belief in the responsibility of wealth to the world in which it exists and
which makes it possible. It says, in substance, that
beyond the needs of business for reinvestment, beyond the demands for growth and safety required
062
THE CHRONICLE
[VOL. 122.
in common competition the returns of industry may of common stock of no par value." A preferred stock
well be given back to the people, but after the fact dividend and a distribution to philanthropies are to
of accumulation and without interference in the or- come before the common dividend. This is to be at
dinary processes by which profits are earned.
the will and direction of a board of directors. As
At one time objection arose to acceptance of these to the amount of the donation to philanthropies or
"gifts" to education and charity because of the "charities," the word "tithe" is used, though at this
alleged onerous way in which the funds were ac- preliminary stage in no very definite sense. Wilquired. But so-called "tainted money," in the public liam B. Ward, who it is said is engineering the
esteem, has gone the way of the "trust." Alarm no merger, in an interview is quoted as saying: "We
longer exists, in any violent degree, to either. The are putting a soul into business. . . . Our plan
trend now is toward the consolidated corporation, is a fundamental plan. For all we know, it may be
or trust, as an agency for the saving of waste and a pattern for the corporations of the future." Our
the cheapening of product. All business yields to opinion is that it is not likely to be. And our judg"the greatest good to the greatest number." If the ment is that it ought not to be. As to what will
middleman, once so greatly the concern of theorists eventuate from the plan, if it is allowed to proceed
and politicians, cannot sustain himself through ser- as projected, time alone will tell. Of course there
vice (and in many ways he can) then he must go. will be criticism. There is already. Two-billionBut when all is said—business continues to evolve dollar corporations are not organized every day.
on business needs and principles. Its greatest trou- Opposing criticism will say the "charity" feature is
ble conies now not from social espionage but from only a sop thrown to the public to allay suspicion of
Governmental interference. At root this interfer- a huge monopoly destined to grind the poor. "Bread
ence (attempt to regulate, control and own) comes is the staff of life." Why allow this gigantic "comfrom a source akin to opposition to so-called "tainted bine" to be consummated? For ourselves we immoney." And it lies in the belief and pronounce- pugn no motives.
ment that profit on capital investment, independent
Our criticism, on the contrary, is an economic one.
of employee and consumer, is essentially wrong. As we look upon it, this attempt to unite philanThis idea becomes active when coercive combinations thropy and production in active industry is not good
of labor demand a "share in management." From for either. There is a clash of purpose at the outset.
the forthright principle that ownership includes the If the intention of the consolidation is to save waste
right of free operation and is entitled, under our and lower price, the saving in waste that does lower
system of government, to the full protection of the price will be a benefit that will accrue to the public
law, these claims, semi-Socialistic in nature, are in and therefore cannot,in so far, accrue to the charity.
a large degree responsible for modifications of cor- On the other hand, since the common stock is to
porate business procedure. Yielding to what we have no dividend until after the charity is provided
may term organized sentiment, and against the in- for, the gifts to charity or benevolence must come
herent rights of ownership, schemes for profit shar- out of the profits which include the saving that lowing in various forms have sprung up and "labor" has ers price and therefore comes out of the public, or
been emboldened to increase its demands upon cap- at least is paid for by the public. Now, business is
ital and industry as the alleged "creator of wealth." not an agency for forcing the public to contribute to
Outside organizations and influences bring pressure charity. It makes no difference that these funds do
to bear on the orderly and essential conduct of busi- come out of the public in a last analysis. The point
ness and deflect it into channels of eva. ion and is that heretofore funds for Foundations have come
,
yielding. And yet, a comparison of these gains with after the fact of conduct in the ordinary way of comthe advantages voluntarily offered, in the develop- petitive profit; while here we witness an attempt to
ment of industry, to better working conditions, and establish a Foundation before the fact—and apparby reason of collective bargaining inside the plant, ently at the expense of the share of the holders of the
indicates that the latter outstrip the former. At common stock. Further, a corporation is "an artileast they come without the wage-loss that accrues ficial person" with perpetual life and limited liaby reason of the coercive "strike." It is not possible bility. A board of directors of to-morrow may not
to determine in the present flux of things how many be as liberal-minded as that of to-day. No financier
of these devices will stand the erosion of natural can now prophesy what portion of profits will be
free initiative and enterprise, but it is reasonably given to charity and what to common stock. That
certain that Government cannot become or be half a share of preferred 7% stock carries with it a share
individualistic and half Socialistic, and that busi- of common stock makes no difference. Ultimately
ness cannot forego its right to own and operate, the common stock will have value, or why make it
without decadence and destruction.
the tail of a philanthropic kite? And with the presGeneral discussion as to the relation of business ent claims of labor to a share in profits and in manto social welfare has been stimulated recently by agement, with the charities to be designated by the
the chartering in Maryland of an estimated $2,000,- board of directors and scattered hither and yon over
000,000 corporation to be named as the "Ward Food the country, can anyone predict clear sailing, or
Products Corporation." As outlined, there is first soaring, by the "combine"?
to be a merger of three large concerns known as the
The difficulty goes deeper than this. As these
Ward Bakery Corporation, the General Bakery Cor- huge philanthropies multiply and increase in size
poration and the Continental Baking Corporation. the need for saving of waste in their administration
It is sufficient for our purpose here to say that this increases. A board of directors managing the busi"corporation" follows the cartel form in that it ness on business principles will have enough to
do
proposes to combine the basic industries contribut- without trying to designate and manage the benefiing to the finished product which is bread. It is an- cences or charities. It cannot follow the dollar gifts
nounced that "there are 10,000,000 shares of 7% pre- to their destination and see that they are well apferred stock of no par value, and 10,000,000 shares plied. If it allows itself to be swerved in business
Fsa. 61926.]
THE CHRONICLE
conduct by sentimental consideration of the benefactions intended it will measurably fail in business
administration. Neither charity nor profit can be
a fixed quantity under such a plan. Dividends and
donations do not mix any better than oil and water.
On the reverse side, in so much and in so far, as business fights its way in competition to earn profits it
can give no thought to charity. Corporations, primarily, do not engage in business for the purpose of
giving away profits. They need them for surpluses
to guard against depression. They owe them to
stockholders, common as well as preferred, according to the plan of organization. They need them for
depreciation, for reinvestment, for stability against
the inroads of new inventions and the advent of unforeseen competitors. The Foundations we have
mentioned are the gifts of individuals, not of corporations. Corporations paid the profits to individual stockholders who gave away their own funds
to establish beneficences of their own choosing, and
according to their own safeguarded plans, far away
from the good work done by the industry in its own
field. Imagine, if you can, steel conducted for the
purpose of scattering libraries in country towns or
oil for the purpose of ferreting out the bacillus responsible for the hookworm disease!
But we pass this phase to say that this plan, as it
stands, is chargeable with a concession to the cry of
"give, give," that is not for the good of business in
general. Let the benevolent intent be what it will.
A man may do what he will with his own. It is to
the credit of the possessors of great wealth that they
incline to fellowship and the humane in that they
give freely and carefully to great institutions for the
social welfare. Corporations have no such right or
purpose. They are purely business agencies. Attacked from many sides by political and sociological
theorists, they are compelled to meet world-wide
competition, political interference and organized coercion. That they do succeed is a tribute to good
industrial and financial management and a testimonial to the fact that they do conserve the economic
laws of cheaper production and a greater good to
greater numbers. And by so much as business yields
to this clamor of division of profits either in wage
or benefits, wage and benefits that are mere arbitrary demands that have no basis in justice, by so
much business yields itself to powers that will ultimately destroy it. Suppose the principle in this
plan, if it is a principle, were applied to all corporations, what would be the result? We would soon
have all business working for charity. This would
be Socialism under another name. More and more
the gifts to benevolences, under popular clamor and
sentiment, would grow at the expense of legitimate
profits and the whole nature of enterprise and industry would change. Efficiency would shrink and
die. Capital would become weak and watery. And
a people used to freedom, independence and protection in business would become the indigent beneficiaries of a huge system of gifts and grants. And
wealth no longer capable of sustaining itself by ordinary production and profit would soon succumb
to the ownership and direction of the State. The
danger is not that corporations by combine will
own the people, but that the people will collectively
own the corporations. All these efforts at "division" in the interest of equality tend to sap the
energy and weaken the backbone of business for the
sake of business.
663
Pioneers of Prosperity to Be Found Apart
from Statistics.
The new year always brings out a commanding
array of forecasts. These are backed by intriguing
charts of curves and tables of figures reinforced by
elaborate comparisons both with other lands and
previous years.
These are widely distributed in the business world
and go far to create both public and individual opinion. They are as near to being a financial and commercial gospel as is available, and are consequently
accepted .as a final appeal. It is true that as generally regarded, they mark the introduction of the
scientific method to enlighten the secular mind. At
best it is "science made easy," for popular consumption, and as such is always open to qualification,
though the qualifications do not reach the man in
the street.
As we are still in the turmoil of a much disturbed
and still unsettled world, it is worth while to.call
attention to certain facts which lie outside the range
of the charts, and are not tabulated in the figures,
and which furnish ground for maintaining the opinion of those who to-day take a favorable view of the
immediate outlook of business, especially in the
United States.
The first of these is that the field of statistics is
necessarily narrow and strictly confined. Its value
lies in the exact tabulation of closely identical facts.
Everyone knows that facts do not stand alone; the
range of any that are not closely intertwined with
many attendant conditions is very small. Doctors
may specialize at will, but no physical organ is so
simple of construction or so small that it may be
normally dealt with apart from its connections with
the human body of which it is a part. The source
of evil in the eye, for instance, may lie in a tooth or
far away in the stomach, and statistics of treatment
of the eye are of value only when read in connection
with their outlying relations. Eyes cannot be held
in the hand and severally tabulated in figures; and
many important elements of business are no less
complex. Cost, for instance, is a perfectly intelligible term; and so are production, sales, profits and
the like, but how varied are the estimates that are
introduced concerning one and all of them. As made
up in any particular case they may be valuable and
yet be very incomplete and therefore inaccurate.
When comparison is attempted between them and
those made elsewhere oy by other hands, unless there
is agreement as to method and correlative items that
are introduced they are misleading and may be
worthless. This, of course, is so well known as to
need only a reference on the present occasion.
There is to-day a new science of economics. Its
fundamental principles are as old as human intercourse, but they now apply in modern conditions
which, as everyone knows, are largely new. The
ebb and flow of intercourse in all parts of the world
was never so extensive or so free. The number of
human beings gathered in particular areas, both
large and small, was never so great, or their need
of food and all the material of civilized life never
so varied or so exacting. .The contribution which
each nation is called upon to make to others, in raw
material, in machinery and products of every kind,
in credits, and that in their own interest no less than
in meeting the wants of others, were never in any
degree comparable. The demand must be met, what-
664
ever may have been the method or the supplies of the
past or the relative amount to-day available in particular regions. The world is to-day tributary to
each section, and the business of any region or group
as recorded in its statistics of the preceding year or
years is at best only a point of departure if an estimate is to be made of the possible course or extent
of a particular line of business for the opening year.
Lines of pressure for or against particular goods
in certain markets may shift as easily as the wind.
In efforts at extended trade goods unsuitable to the
market, unfamiliar forms or size of packages, prices
given in what are foreign currencies, or in arbitrary
and unaccustomed terms of payment business attempted by agents or representatives unfamiliar
with the language or the customs of the country—
these are some of the many experiences which at
any time may affect or defeat an enterprise and render mere statistical reports valueless as evidence of
possibilities. Instances might be given in abundant
detail. Valuable markets in all parts of the world
established in recent years bear witness to the permanent success of merchants and men of business
coming to them from some countries or with careful study of existing conditions when others less
well equipped or painstaking have totally failed.
. Furthermore, the intelligence or the lack of it in a
people whose trade is sought, and also their present
or their traditional feelings of good or ill-will, may
be a determining factor in extending or repressing
business intercourse with them in the future. This
was the difficulty which after the Treaty of Peace
had first to be taken up for adjustment among the
nations along the Rhine, the Elbe, the Oder, and just
now the Danube. Not trade only, but largely mutual intercourse of every kind was prevented or impeded until entirely different social and political
relations were established. Russia, Turkey, even
Italy, Greece and Germany have to contend with
such conditions to-day. Happily, they are in the
way of settlement; but they are real and the New
Economics takes cognizance of them. They materially affect the interpretation of the statistics of the
immediate past as their adjustment counts materially in improving the economic outlook.
Another important factor in the same direction is
the abundance of funds for investment, and the wide
extension of the field of available credit opening opportunity for their use. Our own money market is
evidence of it. Every day applications for loans
from all parts of the earth pour into New York, and
are matched by similar innumerable offers of new
securities put :orth by all sorts of domestic corporations. Foreign financial centres even as depressed
as Vienna, are beginning to make such loans and to
invest in foreign securities.
All this points to substantial support for both
industry and trade which, taking advantage of present facilities of transportation and of intercourse,
will have an influence to be felt everywhere. The
effect of the Locarno Conference is widely acknowledged and the acceptance of the World Court by the
United States will, so far as it operates to bring
the nations closer together, be an influence in the
same direction. All combine to iidicate that despite
the difficulties and controversies of the past year
great progress has been made toward an established
peace. The fact that this has been the most manifest
desire in the hearts of the people in all lands, despite the differences and wrangling of the Govern-
[vol.. 122.
THE CHRONICLE
ments, goes far to establish confidence in the maintenance of peaceful conditions for the business of
the world in the year before us.
Still another strong influence, however, remains
to be noted as a ground of confidence, namely the
new and more extensive application of scientific
method to business management. It is noticeable
that legislators in their zeal to amend prevailing
conditions of all kinds, are ready to wait in pressing
their demands until the facts have been gathered,
and the committees appointed for this purpose almost invariably suspend judgment until they have
obtained the testimony of scientific authorities. Not
infrequently action is arrested and opinions entirely
reversed. In some States standing boards of investigation have been created for submitting the
statements. of corporations of all kinds to investigation when their securities are to be offered to the
public, a responsibility which the Stock Exchange of
New York is proceeding to accept for itself.
It certainly is not strange that the great advances
which Pure Science is making in all departments
of knowledge, and which are startlingly evident to
the public in their application.to daily life, should
have wide economic effect. Industry is the first to
avail of them; and there are few of its thousand
products, from the most substantial crops of the
farmer to the remedies in the hands of the physician
and the surgeon, from the simplest to the most
amazing form of mechanical product, like the latest
variety of steel or the radio and the multiple telegraph. It was certainly to be expected that Science,
even the best, should be sought for application to the
organization and management of the systems by
which all this growing business should be directed.
Even education is concerned with it. From bottom
to top schools of all grades from the kindergarten
to the university are being examined or are questioned as to their methods and aims from the standpoint of even so new and as yet unappreciated a
scientist as the psychologist. No branch of human
activity is to escape the newly acclaimed dependence.
How far scientific management will go in regulating or reconstructing modern business may not be
clear, but that it will have positive effect and that
in various productive results is reasonably certain.
The business man, therefore, who because either of
the burden upon him or of his American energetic
temperament finds himself compelled to justify his
optimism against the testimony of charts or figures
in any Particular line of business will find much to
sustain his opinions and his courage in the consideration of the outlying and little regarded lines of
influence above indicated.
Correction—Trade Commission Has Made No
Charges Against General Electric—Is Making
Inquiry in Response to Senate Resolution.
We gladly make room for the following letter correcting a mistake into which we inadvertently fell
in our comments three weeks ago.
FEDERAL TRADE COMMISSION.
Washington, Jan. 30 1926.
To the Editor, Commercial and Financial Chronicle,
New York City.
Dear Sir:
In the issue of the "Commercial and Financial Chronicle"
dated Saturday, Jan. 16 1926, the first two paragraphs in
the discussion of "The Financial Situation" contain an adverse criticism of the Federal Trade Commission for "fail-
FEB.6 1926.]
THE CHRONICLE
Ing to understand many of the most fundamental conditions
that are making for the progress of the country and the
good of the average citizen." The first sentence of the second paragraph reads: "During the week the General Electric Co. has issued a statement to its stockholders answering a long list of charges brought against it by the Federal
. Trade Commission." The idea embraced in this statement
seems to be the occasion for your adverse criticism.
If, however, you will carefully read the statement referred to, it will become apparent that the charges answered
by the General Electric Co. were not made by the Federal
Trade Commission. For instance, the first charge dealt
with was phrased in the statement as follows: "In the debate in the Senate on Muscle Shoals, it was stated that the
General Electric Co. controls the Alabama Power Co." This
charge was made in the Senate, not by the Federal Trade
Commission.
The second charge dealt with was phrased as follows:
"It was stated in the Senate that the General Electric Co.
controls the water power of the country." Again this refers
to a charge made in the Senate, not by the Federal Trade
Commission.
The third charge dealt with was phrased as follows: "It
was stated that the General Electric Co. controls the light
and power business." This and the subsequent charges
dealt with do not show in the statement who made them.
None of them was made by the Federal Trade Commission,
however. Indeed, the Commission has made no charges
against the General Electric Co. in connection with this inquiry, but is now in the process of making an inquiry in
response to a Senate Resolution to ascertain the facts.
This Commission is required by law to make inquiries in
response to the request of the President or either House of
Congress. Section 6, d, of the Federal Trade Commission
Act states that the Commission shall also have power:
"Upon the direction of the President or either House of
Congress to investigate and report the facts relating to any
alleged violations of the anti-trust Acts by any corporation."
That part of Senate Resolution 329, of the 68th Congress,
2d Session, relating to the electrical industry makes certain
allegations against the General Electric Co., as shown by
the following excerpt from that resolution:
If
.
whereas it has been alleged on the floor of the
Senate during the course of a debate upon a bill relating
to the disposition, operation, management, and control of
the water-power and steam-power plant with their incidental lands, equipment, fixures, and properties, that a corporation known as the General Electric Co. has acquired a monopoly or exercises a control in restraint of trade or 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, be it
"Resolved further, 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. has acquired and maintained such monopoly or exercises such control in restraint
of trade or commerce and in violation of law."
It is believed that the criticism expressed in your
editorial
was due to a misunderstanding of the statement issued
by
the General Electric Co., and that you will welcome an
opportunity to counteract any adverse impression that
you
may have caused by your editorial.
Very truly yours,
OTIS B. JOHNSON, Secretary.
FEDERAL TRADE COMMISSION.
The Harvests of 1925.
Agricultural returns for the season of 1925 were in
the main quite satisfactory. It is true that two very
important food crops, winter wheat and white potatoes were short. The reduction in the yield of these two
crops added materially to the costs to consumers of
food supplies. On the other hand production of
some other crops was heavy, notably cotton, and the
return to farmers from all crops, while less than in
1924, according to the estimates of the Department
of Agriculture, was sufficiently large to assure sub-
665
stantial purchases of needed equipment and supplies, for the further development of agriculture and
for the benefit of business generally throughout the
United States.
The yield of winter wheat in the United States
last year has been finally placed at 398,486,000 bushels by the Department of Agriculture. This contrasts with a final estimate of yield in 1924 of 589,632,000 bushels. There was a marked falling off in
1925 in area harvested of winter wheat, 31,269,000
acres, contrasting with 35,489,000 acres in 1924,
while the yield per acre was 12.7 bushels, against
16.6 bushels in the preceding year. On the other
hand, the crop of spring wheat last year was practically the same as in 1924, production for 1925 being 270,879,000 bushels, as against 272,995,000 bushels in the preceding year. The area harvested was
increased last year, 20,931,000 acres, contrasting
with 16,875,000 acres for 1924. The yield per acre
suffered nearly as great a reduction in 1925 in contrast with 1924, as that of winter wheat, the spring
wheat yield per acre being, respectively, 12.9 bushelp in 1925, against 16.2 bushels in the preceding
year.
The loss of production in winter wheat in 1925 by
winter killing or drought, or by both combined, was
mainly in the important winter wheat States, Kansas, Nebraska, Oklahoma, Ohio, Michigan, Texas
and Washington. This wag due in part to the reduction in area harvested in these seven States due
to the causes mentioned. In Texas, the area harvested in 1925 was only 819,000 acres, against 1,365,000 acres in 1924, while the yield per acre in that
State for the two years under review was 8.0 bushels per acre for 1925 and 18.5 bushels in the preceding year. The loss in yield per acre in Oklahoma on
winter wheat last year was nearly as great as that
shown for Texas. In Kansas, where 159,870,000
bushels of winter wheat were harvested in 1924 and
the yield per acre was 16.3 bushels, it was reduced
to 8.7 bushels in 1925. Practically every one of the
winter wheat States suffered a loss in yield per acre
last year as compared with the preceding year and
the area harvested in Washington was cut down to
372,000 acres in 1925, against 1,200,000 acres in
1924.
Spring wheat suffered in very much the same way
as winter wheat, except as noted above. A considerable gain, however, in the area harvested of spring
wheat was shown in 1925 over 1924. All of the important spring wheat States contributed to the increase in area, while in yield some reduction is
shown for most of the important spring wheat
States. The Dakotas, Minnesota and Montana,
where 75% of the spring wheat crop is raised, each
suffered a loss in production last year in contrast
with 1924. The other spring wheat States, however,
report gains, particularly Idaho, Washington and
Oregon.
The total production of wheat in the United
States in 1925, was 669,365,000 bushels and was less
than in any year back to 1917. The yield per acre,
12.8 bushels, was below that of nearly every year
back to 1900. There were a few years during this
period, covering a quarter of a century, when the
yield per acre was about the same as in 1925, but
only three years v.hen it was lower, the minimum
being 12.2 bushels in 1916 and the maximum 17.0
bushels in 1915. The yield per acre in 1924, 165
bushels, was third from the highest on record.
WHEAT CROP FOR FIVE YEARS.
,
Wheat.
:
' [Vol 122.
THE CHRONICLE
666
•
Production, Production, Production, Production, Production,
1921.
1923.
1922.
1924.
1925.
Bushels.
Bushels.
Bushels.
42,770,000 35,374,000 30.185.000
34.248,000 28,928,000 24,192,000
23,385.000 27,276,000 22,938,000
83,804,000 122,861,000 128,695,000
16,157,000 15,308,000 8,355,000
62.506,000 55,432,000 46,822,000
71,410.000 126,618,000 80,750,000
27,515,000 40,012,000 25,980.000
36.790,000 38,818,000 34,952,000
16.576,000 14.326,000 14,840,000
24,338,000 24,722,000 23,850,000
26,807,000 18,900,000 25,364,000
1,970,000 3,006,000 2,812,000
31,388,000 59,838,000 59,875,000
61,215,000 32,104,000 58,245,000
13,658,000 16,452,000 9,944,000
Ohio
Indiana
Minnesota
Kansas
California
Illinois
North Dakota
South Dakota
Missouri
Michigan
Pennsylvania
Oregon
Wisconsin
Nebraska
Washington
Iowa
Bushels.
Bushels.
24,002,000 33.446,000
25,700,000 28,972,000
29,110,000 37,863,000
74,810,000 159,964,000
11,457,000 5,655,000
35,800,000 37,052,000
118,378,000 133,450,000
32,378,000 36,120,000
22,077,000 21,308,000
13,996.000 20,132,000
22,720,000 18,744,000
18,900,000 14,693,000
2,414,000 2,786,000
34,150,000 58,519,000
36,840,000 26,380,000
6,952,000 9.199,000
Total
All others
509,684,000 644,283,000 574,537,000 659,975,000 597,799,000
159,681,000 218,344,000 222,844,000 207,623,000 217,106.000
Total United States* 669,365.000 862.627.000 797,381,000 867,598.000 814,905,000
•Of which 398.486,000 bushels winter wheat and 270,879,C00 bushels spring
wheat in 1925, against 589.632,000 bushels winter wheat and 272,995,000 bushels
spring wheat in 1924.
Corn production in 1925 was well up with previous yields. Early in the growing season another
3,000,000,000-bushel crop was expected. Some deterioration, however, occurred before cutting and a
reduction in the 'estimate of yield was announced.
Production last year was 2,900,581,000 bushels, and
the area harvested 101,631,000 acres. These figures
contrast with 101,076,000 acres harvested in 1t24.
With the exception of 1924 and 1919, this was the
lowest acreage for any year back to 1909. The average yield per acre in 1925 was 28.5 bushels, which
compares favorably with other good years. In 1924,
when conditions were particularly bad, the average
yield was only 22.9 bushels, the lowest in over
twenty years; for 1923 it was 29.3; for 1922 28.3
bushels. The yield of 1920 was the highest on record, when there were produced 31.5 bushels of corn
to the acre.
The leading corn States last year produced more
corn than in 1923, which was one of the big corn
years; these States include Iowa, Illinois, Missouri,
Indiana, Ohio and Minnesota in which six States
nearly 60% of the entire corn crop of the United
States is raised. Nebraska and Kansas, two important corn States, report decreases in yield in comparison with 1923, although for both States there
were gains over 1922 and 1921. In other Western
States there was a larger yield last year than in
1923, among them Wisconsin and Michigan. The
.heavy losses were in the South and the Southwest.
In Texas and Oklahoma the corn crop of 1925 was
not more than one-quarter or one-third of what it
had been in recent preceding years, while in Arkansas it was perhaps 60% of a full crop. Kentucky
and Tennessee show declines of fully 20% in yield
last year and the same is true of other Southern
Staes.
tion was only 48,696,000 bushels, as against 64,038,000 bushels in 1924, the latter being not far from
the average yield from 1914 to 1923. The largest
yield of rye on record was in 1922, when production
was 103,362,000 bushels. For barley the yield last
year was 218,002,000 bushels in contrast with 178,322,000 bushels in the preceding year and of buckwheat 14,647,000 bushels, against 13,277,000 bushels
in 1924. Rye, barley, buckwheat and rice all show
an increase in area harvested last year in comparison with the preceding year and for barley and buckwheat the yield per acre was higher in 1925 than in
1924. The yield per acre for rye, however, in 1925
was only 11.9 bushels, against 15.9 bushels in 1924
and rice likewise showed a decline in the yield per
acre. The total production of rice last year was
higher than in 1924 in consequence of the larger
area harvested.
Production of other cereal crops in 1925 was generally satisfactory. For oats the area harvested
was 45,160,000 acres, in contrast with 42,756,000
acres in 1924, but the yield last year was only 33.3
bushels per acre, against 35.6 bushels in 1924, the
latter being higher than in any year back to 1917,
in which year the crop was a record one. The total
yield of oats in 1925 was 1,501,909,000 bushels, as
against 1,522,665,000 bushels in 1924, these two
crops being the fourth and fifth highest in production on record.
OATS CROPS FOR FIVE YEARS.
Production,
1925.
Oats.
Illinois_ ___
Iowa
Minnesota_
Wisconsin _
Kansas_ -- _
Ohio
Missouri_ .
Pennsylvia
New York_
Michigan
Nebraska
Indiana _.
No.Dakota
So. Dakota
Texas
Bushels.
151,168,000
246,604,000
202,188,000
126,246,000
39,376,000
86,362,000
49,166,000
42,945,000
37.800,000
53,248.000 .
73,953,000
59,052,000
65,205,000
106,198,000
13,419,000
Production,
1924.
Production,
1923.
Bushels.
Bushels.
170,586,000 135,100,000
245,910,000 209.019,000
199,047,000 155,400,000
92,166,000
103,600,000
34,225,000 34,922,000
52,302,000
68,265,000
40,750,000
34,509,000
38,736,000
33.930,000
34,920.000
32,747,000
62,080,000
48,896,000
68,768,000
81,048,000
68.450,000
48,692,000
93.753,000
54,924,000
106,893,000
78,336,000
49,470,000
48,840,000
Production,
1922.
1
Production:I
1921. sil
Bushels.
Bushels.
110,010,000 121,741,000
217,925,000 164,840,000
142,746,000 99,480,000
101,558,000
63,958,000
27.639,000
38,827,000
39,744,000
35,650,000
19,200,000
42,960,000
39,780,000
35,283,000
31,770,000 24,912,000
28,101,000
50,932,000
70,054,000
.56,106,000
45,888,000
31,626,000
48,792,000
78,804,000
74,400,000
58,300,000
33,465,000
33,570,000
Total
All others
1,346,930,000 1,385,453,000 1,140,831,000 1,056,705,000
155,039,000 137,212,000 165,052,000 159,098,000
'Onto! Tr 0
1 001 000 (Inn 1 coo ARS Ann 1 TAO 521 nnn 1 915205n/1n 1 072 .4.11 nnn
912,356,000
165,985,000
After the cereal crops, perhaps cotton and potatoes are the two crops concerning which the greatest interest is felt. Much has already been published regarding cotton and only the final ginning
returns are awaited to indicate the size of the crop.
The latest Government estimate is 15,603,000 bales,
the average yield per acre being given as 162.3
pounds, against 157.4 pounds in 1924, while the farm
price Dec. 1 1925 is placed at 18.2 cents per pound,
in contrast with 22.6 cents in 1924.
CORN CROP FOR FIVE YEARS.
Potatoes suffered a real disaster last year, production being reduced to 323,243,000 bushels, from
Production, Production, Production, Production, Production,
Corn.
1921.
1923.
1922.
1924.
1925.
425,283,000 bushels in the preceding year, a loss of
Bushels.
Bushehr.
Bushels.
Bushels.
Bushels.
478.590,000 305.536,000 436,428,000 466,380,000 430,500,000 nearly 25%. In the past fifteen years the crop has
Iowa
388,080,000 295,218,000 337,312,000 313,074,000 305,966,000
Illinois__
98,391,000
96,748,000 been as low as it was in 1925 only three times. The
104.643,000 130,656,000 122,194,000
Kansas..-Missouri... 201,338.000 156,000,000 196,860,000 178.125.000 182,880,000
236.600,000 191,752,000 272,052,000 182,400,000 207,732,000 area harvested in 1925 was also considerably reNebraska
201,318,000 113,920.000 192,616,000 176,305,000 169,848,000
Indiana
89.232,000 159,859,000 149,007,000 155,185,000 duced compared with every year for the past fif177,936,000
Ohio
92,500,000 114,580,000 156,920,000
63,088,000
26,809,000
Texas
73.941.000
90,713,000 teen or twenty years, being 3,113,000 acres; in 1924
66,650,000
75,440,000
Tennessee. 63,240,000
94,050,000
88,060,000
82,150,000
76,200.000
84,800,000
Kentucky _
61,640,000
69,212,000
48.034,000
76,272,000 it was
72,471,000
Pennsylv's
3,348,000 acres. The yield per acre last year
31,000,000
43,875,000
33,440,000
58,080,000
28,084,000
Arkansas
83,381,000
98,300,000
56,810,000
97,482,000 was
. 99,556,000
Wisconsin
103.8 bushels, contrasting with 127.0 bushels
58,167,000
45,885,000
60,716,000
66,417,000
65,680,000
Michigan
Minnesota_ 156,852,000 123,822,000 154,692,000 131,307,000 156,620,000 for 1924, the latter the highest on record.
37.536,000
54,378,000
57,600,000
76,925,000
19,185,000
Oklahoma_
The average farm price of potatoes Dec. 1 1925 is
2,405,182,000 1,850,621,000 2,404.228,000 2,302,862,000 2,410,438,000
Total
. 495,399,000 462,124,000 649,329,000 603,158,000 658,131,000
All others_
given by the Department of Agriculture as $1.872
-....... -.0. c, 0 non cal non 2.312.745.000 3.053.557.000 2.906.020.000 3.068.569.000
per bushel. In no year covering the last half cenThe loss in production of rye last year was very tury does the Government record show a farm price
serious. The yield per acre of 11.9 bushels was the approaching this figure. The highest price was durlowest in nearly forty years and the total produc- ing the recent,war period, when the farm price was
FEB. 6 1926.]
THE CHRONICLE
given as $1.595 per bushel in 1919. Prior to 1916
the farm price had never been above 80 cents per
bushel in any year back to 1870, excepting in 1881,
when it was 91 cents. For 1924 the average farm
price was only 62.6 cents per bushel, the 1925 price
showing an advance of nearly 200% over 1924.
The tobacco crop in 1925 was heavier than in the
preceding year, being estimated at 1,349,660,000 lbs.,
against 1,242,456,000 lbs. in 1924, the area and yield
per acre also showing a gain. There was quite a
marked decline in the production of hay last year,
both tame and wild, the total yield being placed at
99,515,000 tons, against 112,796,000 tons in 1924. Of
the other crops listed in the annual summary of the
Department of Agriculture to the number of about
thirty, there were eighteen in which production for
1925 exceeded that of the preceding year, twelve
showing a decline. Included with the former are
sweet potatoes, sugar cane in Louisiana, and hops,
and with the latter sugar beets and apples. Other
fruits show a heavier production in 1925 than in
1924.
A tabulation printed below gives the production
of leading grain crops compared for a number of
years; also, the record for each of the crops included in the list. There are in all eight crops mentioned, rice and flax-seed being added. The total
yield last year for these eight crops was 5,409,166,000 bushels, which contrasts with a total production
for these,same crops in 1924 of 5,018,634,000 bushels;
1923, 5,482,331,000 bushels; 1922, 5,341,395,000 bushels, and for the total record yields of 6,272,292,000
bushels. All of the yields last mentioned were attained in comparatively recent years. The variation
in the yield of corn covering the last three years and
in wheat for 1925 and 1924, will account for most of
the difference in the totals for those two years. The
total for 1925, however, compares very well with the
years prior to 1924. In contrast with the previous
record for the different crops, the production for
1925 is reduced 13.8%.
CEREAL CROPS.
'
Department,
Total
1925.
[Production.
Department,
1924.
Department,
1923.
Department,
1922.
Previous
Record.
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
Corn...... 2,900,581.000 2,312,745,000 3,053,557,000 2,906,020,000 3,230,833,000
Wheat __-_ 669,365,000 862,627,000 797,381.000 867,598,000 1,025,801,000
1,501,909,000 1,522,665,000 1,305.883,000 1,215,803,000 1,592.740,000
Oats
218,002.000 178.322.000 197,691,000 182.068,000 228.811,000
Barley
48,696,000
64,038,000
63,077,000 103,362,000
Rye..-...
91,041,000
14,647,000
Buckwheat.
13,277,000
13,965,000
14,564,000
19.249.000
33,959,000
33.249,000
33,717.000
41,405,000
Rice
52,066,000
Fhaseed
22.007,000
31,711.000
17,060,000
10,375,000
31,711,000
try,tal
5.409.108.000 1.018.634.000 5.482_331 00n 5.341 nos nnn a 979 909 nnn
667
1924. Barley was somewhat lower in value last year
than in the previous year; rye shows a heavy loss between these two years, both in crop value and in the
farm price.
FARM VALUES ON DECEMBER 1.
Crops.
1925.
1924,
1922.
1923.
1921.
Corn
1,956,326.000 2,270,564,0002,217,229,000 1,910.775,000 1,297,213,000
Wheat_ __ _ 947,993,000 1.120,787,000 735.993,000 873,412,000 754 834,000
Oats
571,758.000 727.171,000 541,137,000 478,948,000 325,954,000
Barley
95,560,000
64,934,000
127,653,000 131,704,000 107,038,000
Rye
43,014,000
70,841,000
38,026,000
68,260,000
37:150,000
Total .-.. 3,641,756.000 4,318,486.000 3.638,547,000 3,429,536,000 2,485.949,000
Of these five important grain crops corn, wheat,
oats, barley and rye, wheat alone shows a higher
price in 1925, than in 1924. This may be due entirely, as to wheat, to the decreased production of
that cereal last year. The other four grain crops
all show lower prices in 1925, in contrast with 1924,
of more than 20%; for rye the decline is 26% and
for corn it is over 30%. Corn and barley both have
an increase in production in 1925 over 1924, while
for oats and rye there is a decrease, the loss in the
case of the latter being nearly 25%.
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
1925.
Cents.
Wheat
per bushel 141.6
Rye
78.1
Oats
"
38.1
Barley
"
58.6
Corn
"
67.4
Buckwheat_ _ _
89.2
Potatoes
"
187.2
Flaxseed
"
226.5
Rice
152.5
Sweet potatoes
"
136.9
Cotton
per pound
18.2
Tobacco
16.3
1924.
1923.
1922.
1921.
1920.
1919.
Cents. Cents
129.9
92.3
106.6
65.0
47.8
41.4
73.9
54.1
98.2
72.6
103.0
93.3
62.6
78.1
227.3 210.7
138.2
65.0
129.2
97.9
22.6
31.0
20.7
10.0
Cents.
100.9
68.5
39.4
52.5
65.8
88.5
58.1
211.5
93.1
58.1
23.8
22.')
Cents.
92.6
69.7
30.2
41.9
42.3
81.2
110.1
145.1
95.2
88.1
16.2
In n
Cents.
143.7
126.8
46.0
71.3
67.1
128.3
114.5
176.7
119.1
113.4
13.9
91 9
Cents.
214.9
133.1
70.4
120.6
134.4
146.4
159.5
438.3
266.6
134.4
35.6
an 0
Reference has been made to the lower price of cotton in 1925, in contrast with 1924, and to the exceptional advance in the price of potatoes as compared
with all previous years. Notwithstanding the larger
production of cotton in 1925 than in 1924, the farm
value of cotton for last year is placed by the Department at $1,419,888,000, against $1,540,884,000 for
1924. Potatoes, on .the other hand, show a farm
value for 1925 of $605,327,000 in contrast with $266,047,000 for the preceding year, in face of the great
falling off in production.
The yield of some of the principal crops of the
country for a long series of years is subjoined:
CROPS OF WHEAT,CORN, OATS, POTATOES AND COTTON SINCE 1898
Year.
Wheat.
Corn.
Oats.
Cotton.•
Potatoes.
Bushels
Bushels.
Bushels.
Bales.
Bushels.
1899 (CenAis)_ 658,534,252 2,666,324,370 943,389,375 9.459,935 273,318.167
1900
522,229,505 2,105,102,516 809.125.989 10,266,527 210,926,897
1902 a
748,460.218 1,522,519,891 736,808,724 9,675,771 187.598.087
1902
670,063,008 2,523,648,312 987,842,712 10,827,16'' 284.632.787
1903
637,821,835 2,244,176,925 784,094,199 10,045,615 247,127,880
1904
552,399,517 2,467,480,934 894,595,552 13,679,954 332,830,300
1905
692,979,489 2,707,993.540 953,216,197 10,804,556 260,741,294
1906
735,260,970 2,927,416,091 964,904,522 13,595.498 308.038,382
1907
634,087,000 2,592,320.000 754,443,000 11.375,461 297.942.000
1908
664,602.000 2,668,651.000 807,156,000 13.587,306 278.985.000
1909
f 737,189,000 2,772,376,000 1,007,353,000 110,315,382 376,537,000
1909 (Census)) 683,349,697 2,552,189,630 1.007,129,447
389,194.965
1910 b
635,121.000 2,886,260,000 1,186,341,000 12,1)05.688 349,032,000
1911
621.338,000 2,531,488,000 922.298.000 16.250,276 292,737,001.
1912
730,267.000 3,124,746.000 1,418,887.000 14,313.015 420.647.001.
1913
763.380,0002.446.088,000 1,121.788 000 14.795.367331,525,001.
1914
891,017,000 2,672,804,000 1.141,060,000 16 991.830 409,921.00t
1915
1,025,801,000 2,994,793,000 1,549,030,000 12.122.961 359,721,001.
1916
636,318.000 2.566,927,000 1,251,837.000 12,780,6t4 286,953,001.
1917
636,655,000 3,065,233,000 1,592,740,000 12.428.094 438.618.001.
1918
921,438,000 2,502,665,000 1,538,124,000 12,970 048 411.860,00t
1919
968,279,000 2.816,318,000 1.184,030,000 12,028,732 322,867,00,
1920
833,027,000 3,230,532,000 1.496,281,000 13.879,918 403,296,00t
1921
814,905,000 3,068,569,000 1.078.341,000 8,351,393 361,659.001.
1922
867,598,000 2,906,020,000 1,215,803,000 10,372,230 453.396.0e1.
1923
797,381,000 3,053,557,000 1.305.883,000 10.810,160 416,105,00(
1924
862,627,000 2,312,745.000 1.522,665,000 14.4495.491 425.282.001
1925
66r, 21111. noon non g1:11 non 1 5ni non non in A MR MO 292 242 net(
The Agricultural Department gives an estimate
of the farm value of the various crops, based on tLe
1
Dec. 1 farm price, which is compiled by the same
bureau. The total value of all farm crops in the
United States last year, according to these figures,
was $9,615,000,000, whereas for 1924 it was $10,062,000,000, a decline of $447,000,000, or 4.4%. The five
leading grain crops all show lower values in 1925
than in 1924, each contributing materially to the
decline. The loss for 1925 on these five grain crops
a
was $676,730,000. Corn, by reason of the reduced the These are the revised grain figures of the Agricultural Department issued after
production iu 1924, was of considerably higher value the Census reportedb its results for 1899, showing much larger totals than those of
Department.
These are the revised grain figures issued after the Census
reported its results for 1909, showing smaller totals for wheat and corn than those
of
million bales
d Exclusive
for that year than in 1925; the average farm price to the Department. figures, with of linters, which will add close to aStates Census
the total. • All
the exception of 1925, are United
1925 was only 67.4 cents, against 98.2 in 1924. figures and are given in equivalent of 500-pound bales and include linters.
in
The lower production of wheat reduced the value of
"Bryanism" and Banking-Federal Reserve
that crop in 1925, although the farm price for 1925
Notes.
was estimated 8% higher than in 1924. Oats show
[From the New York "Journal of Commerce," Feb. 2 1926.]
loss in value last year as compared
a considerable
What seems almost like a forgotten bit of history is rewith the previous year, due mainly to the loss of called to public attention by Mr. Charles M. Fowler, for
20% in the farm price in 1925, as compared with many years Chairman of the House Committee on Banking
668
THE CHRONICLE
[VoL. 122.
and Currency. In a letter to the editor of the "American
The Defaulted District Improvement Bonds
Bankers Magazine" he recalls that the making of Federal
of the State of Washington.
Reserve notes obligations of the Government was the result
[From the "Wall Street Journal," Jan. 14 1926.1
of "Bryan influence," and he asks whether in renewing the
Washington's State Legislature has adjourned, after a
Federal Reserve Act or extending the charters of Reserve
two months' session, without any action to compel "muncibanks It is well to perpetuate this condition.
Mr. Fowler's suggestion or query is well timed—as well panties" with local improvement district bonds in default
timed as ever. What he says about the effect of the Bryan as to interest and principal to take steps to cure those deinfluence is true. The question still remains whether in faults. It did pass bills intended to prevent the same situarenewing the charters of Reserve banks we ought to per- tion arising on future issues of such bonds; but who, knowpetuate an error which, although safeguarded thus far ing the status of the bonds of to-day, would buy any of the
against serious practical results, always contains the pos- new issues?
Millions of these "securities," commonly known as Washsibilities of disaster. To this in the abstract the answer
would be No, and that answer would come from practically ington L. I. D. bonds, are in the hands of individuals who
all bankers and students of currency and banking who have thought they were buying municipal bonds, and in the
given any attention to the subject whatever. They will con- strong boxes of banks, at least some of whose officials believed the integrity of Washington citizens and municipalitend, as they have always contended, that bank notes should
be bank notes, based on business and business transactions, ties was as sound as their own. The handling of L. I. D.
free of Government endorsement or Government obligation, bonds in the State was described by Governor Hartley, in a
message to the Legislature, as "little short of criminal" and
and that the actual money of the country, and that only,
the majority of members of the Legislature are evidently
should be issued by the public authorities or should be subwilling that it should continue so.
ject to their responsibility in any way.
Signed by the Mayor and Clerk and adorned with the seal
But the trouble in the situation is found in the fact that,
of the "municipality," Washington local improvement disas Mr. Fowler unconsciously notes in his very language, the
trict bonds have the appearance of being general obligaevil referred to was simply an outgrowth of a general contions of the municipality but without having any enforcedition of mind which he termed "Bryanism." He does not
able legal claim upon it. Not being legally obligated, the
speak of it as the consquence of Mr. Bryan's intellectual
citizens are not interested in the moral phase.
influence, on the contrary, he distinctly refers to it as the
Taxing authorities were not required by law to see to the
product of his political power or, in other words, as the
collection of the district assessments which should protect
outgrowth of that state of mind that is generally referred
the bonds. The property owner, whose moral fibre was evito under the collective title of "Bryanism." And this Brydently on a par with that of the city authorities, not only
anism is, after all, merely ambition—the desire to have
overlooked the district assessments but cunningly failed to
centralized Government control and to exert that control
pay his general taxes so that his property would be seized
through bureaucratic authority nominally representing the
by the county, to be sold for the brief amount necessary to
"people," whoever they were. In Mr. Bryan's mind most
meet the latter obligation, and to be recovered by him,
of the people were west of the Mississippi River, but other
through the assistance of convenient friends, freed from the
"Bryanites" place the bulk of the population elsewhere. lien of the
improvement district assessments. That's the
Viewed in this way, Bryanism has made large inroads into way the law
reads or is read in the State of Washington:
the Federal Reserve System itself. There is to-day in that
Thus the proud citizen of many Washington cities and
System a great cloud of witnesses who are ready to testify towns obtained
fine paved streets, sewers and other modern
to the satisfactoriness of the present method of issuing conveniences. Even
Olympia, capital of the State, can boast
notes, practically as gold certificates, but in other cases of facilities paid for by
L. I. D. bonds now in default as to
upon collateral of various kinds, usually (in the past) Gov- interest and principal.
That city has plenty of company.
ernment obligation of one sort or another. ,It does not make
The State of Washington has enjoyed good credit; the
much difference if a note is issued on the responsibility or general obligations of its
municipalities have been looked on
with the guarantee of the Treasury or whether it is based as sound. But how long can this
remain true with these
on Government bonds which have the responsibility and the examples of financial turpitude among
scores of units of its
guarantee of the Treasury behind them. The difference is municipalities? "The evil that men do lives after them";
largely the difference between tweedledum and tweedledee. the evil that citizens of Washington have done in permitting
And so, too, when it is proposed to issue notes representing groups of its people to wrong, cheat
and defraud investors
gold, for the purpose of getting that metal "out into circula- through sale of "securities" which are essentially fraudution." This is not a banking function—the province of a lent is bound, unless corrected, to be reflected in the finanbank is to issue notes when the requirements of business cial standing of the entire State.
demand and when that business has furnished the evidence
of liquid transactions for use as a basis behind the note Building Activity in New York City Maintained at
issue. The bank then holds gold as a reserve but never as
High Level in December.
a "backing" for the notes. Their issue and their redempFrom the Feb. 1 number of the "Monthly Review" of the
tion is dependent upon the ebb and flow of business.
Federal Reserve Agent at New York we take the following
To get Bryanism out of the Federal Reserve Act will take regarding building operations:
Building activity was maintained at an unusually high level in the final
much more than a change in the technical provision governmonth of 1925. The F. W. Dodge Corporation reported
ing note issues. Merely to eliminate the responsibility of awarded in 36 States 56% larger than those of a yearDecember contracts
previous, and for
the Treasury for them does not accomplish the object. It the year 30% larger than in 1924. December permits issued in 391 cities
will be essential to get back to the sound principles of a were 15% larger than in 1924, and the total for 1925 was 19% larger,
according to S. W. Straus It Co.
banking currency, so long violated, so usually ignored both
In the New York and northern New Jersey district, despite the winter
here and in many other countries. It will be necessary to season, contracts awarded in December were the largest ever reported and
of
eliminate Bryanism from various other phases of the legis- were snore than double thoseNew December 1924. Part of the increase was
York City, but residential contracts were
due to subway contracts in
lation and particularly to take it out of the Federal Reserve larger than in any previous month, and commercial building continued
substantially larger than a year previous.
Board; for it was the political composition of that Board
The rapid increase in New York City building in
that represented the chiefest outcome of Mr. Bryan's influ- been paralleled by an equally rapid expansion in the last four years has
suburban building, as
ence at the time and that has been most injurious in its shown by the accompanying diagram [this we omit.—Ed.] comparing
permits in New York City with those reported for 20 suburban localities
effect ever since.
by S. W. Straus & Co. For 1925 the total for the 20 suburban cities VMS
Can we eliminate Bryanism from our banking system? 57% greater than in 1922, compared with an increase of 60% in New
Well, that depends a good deal upon whether our bankers York City. Moreover, at $184,000,000 the 1925 total for these suburban
only
cities was
and business men want to eliminate it. Incidentally it de- New York larger than for any city of the United States excepting New
and Chicago, and added to the billion dollars recorded for
pends a good deal upon whether they are willing to elim- York City alone brought the total reported permits for the city and subinate their own Bryanistic tendencies as well as those of the urbs to an amount equaling approximately one-quarter of all reported permite for the United States.
Western Bryanites and to make our banking system square
The following table from the Straus reports compares permits for the
with the principles of sound issue and sound banking as they city and suburbs and for the entire country during 1924 and 1925:
are known the world over. Certainly to do that we must
1925.
1924.
discard the advice that has been given by some simply to
New York CRY
$837,662,000 81,030.655.000
charters of Reserve banks without crossing a 20 suburban cities near New York City
extend the
183,760.000
157.923,000
t or dotting an 1, leaving the discussion of "details" until Total
8995,590.000 81.214,415.000
391 cities
*3.740.791.000 $4.451,960.000
"afterward"—or in other words to all eternity.
THE CHRONICLE
FEB. 6 1926.]
669
RECORD OF PRICES ON ST. LOUIS STOCK EXCHANGE.
On this and the following page we furnish a complete record of the high and low prices for both stocks
bonds made on the St. Louis Stock Exchange for each month of the last two years. The compilation
and
is of course based on actual sales, and covers these and nothing else.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1925.
November December
Oaober
June
July
May
August September
April
March
January February
Low High Low High Low High Low High Low High Low MO Low High Low High Low High Low High Low High Low High
-STOCKS
1925
Boatmen's Bank
First National Bank
Manchester Bank
&torch Laclede Nat Bank
Nat Bank of Commerce
State National Bank
United States Bank
American Trust
Mercantile Trust
Mississippi Valley Trust
St Louis Union Trust
Title Guaranty Trust
American Credit Ind
American Inv "B"
Par
100
100
100
100
100
100
100
tee
100
100
100
100
25
$ per share 9 per share $ per share $ per share $ Per share $ Per share 9 per share $ per share $ per share $ per share $ per share $ per share
143 147 143 145 145 146 143 145 144 145 142 143 142 14212 --------14012 14012 152 16212 140 150 148 150
205 208 205 210 208 210 20912 210 208 21314 216 221 212 216 215 222 220 222 220 227 225 230 229 230
HO ig6 ----------------267
147
1(12 14712 15
4
14312 150
---------------- 175 179 177
----------------127
.lino
...
9
-6
66- ana- 4 6- He- 3 -- 396
6
Hi- 4
242 242 242 242 275 275 275
256 275 290 200 --------295
------------------------ 45
47
50
2 6
___ ----
048
6
261 2i1.) i7
.
4
- 14812 145 14712 145 1411 146 147 144 141
177 --------173 173 --------173 173
igii
----------------165398
398 398 398 396
280 275 275 270 270
295 295 300 320 320
_
,
45 ---- --- - 4g
47 -- .
47
47 48
---- ---- _- -_- ____
-474 196 117 145 1464 146 159
146 1-173 173 --------160 166
igi --------160 160
396 400 --------396 397
----------------2621,265
_
318 320 -- _ _ . _ _ 315 315
__ 50 50
---- -- ---47 47
8 48 48
4
474 - ---- -___ _--- ---- ---- ____
--------165 16i
400 400 40212 407
264 265 265 265
300 300 31712 320
52 52
50 61
50 53
52 53
__-- ____ 14 1414
166
407
265
315
50
50
14
fa
410
270
325
50
54
14
2d preferred
28 3314 29 30'z
32'2 36
_ __-- -___ --__ ___. - --__
Common
____
98 Ili
-Beck and Corbitt, pref.__ -100 -_-_-_- -------_ 10152 111 1120- 1f11:1 ----------------99 99
if
33
32 34
33 ii 30 - - 31 2712 2512 2712 26 2814 32 12
21
23 23
23 23
Berry Motor, corn
_ 234 24
•
44 46
4312 45
49 55
59 62
56 70
684 73 62 69
• -99- -6
4
Best-Clymer
4212 4412 43 4514 4312 4414 44 45
102 102
_
100
-Richardson, pref
Boyd
56 io 1414 42 4814 40 14
4212 1
.
- .1312 40 1212 40 4112 33 16 4 3814 42 4112 45
1
Boyd-Welsh Shoe
• 4;1 142 92 2 -4 , 4112 1 /
10612 10812 107 108 108 109 108 10834 108 10812'
100 9812 100
Brown Shoe, pref
99 9914 99 10012 9812 99 100 10412 104 105 10412 106
8
--------75 4100
118 12712 134 13813 14812 130I153 128 15612 129 13312
92 10012 98
100 71
___ 69 69
Common
71
-------- 1 IS 100 100 100 10034 10012 100 100 100 100 100 100 100 100 100 10012 10014 102
100
_
__-- Bruce (E L) Co, pref
5714 63 58 65
58
56 68
5.5
5512 56
4612 50
4912 59
_ 38 3812 3914 48
Common
Carleton 1)-G, corn
-- -------- ------------------------71 /1 _--- ---- ---- --- ---- ---- ---- ---- ---- ---Central C & C, pref
-------- ------------------------59 60
100
Common
___ ____ ____ 110 110 ____ -_ __ _
___ ____
_ _ _
103 103 ____ ___
_ _
_ _
100 _ _
Century Electric, corn
9612
104 105 103
9714 96 97
95 9
i'f12 i)334 --i78 93 15 ----------------91 104 --------95 103 10212 109 05 115
66 9
911,
-612 - - 9312 Certain-Teed Prod, 1st pref.100 217 97 --------9418 9412
91
,
-------100 77 811, 82 8218 8112 8112 82 8214
2d preferred
2614 2612 2612 2618 2614 2612 2612 26 2612
26
14 27
4
1
/
26 26
2614 2612 26 26
25 26 2e34 2612 263 2612 27
4
Chicago Ry Equip, pref
97 47 ____ ____ 4312 4314 424 43 4
47 47
8
4
48 98 ----------------48 48
Common
50 --------498 50
25 N
100
____ ____ ---- -Consolidated Coal
6
4 12
4
- ---_-_ ::::
---------------------------------------------- -42 --- 92 1/ 92 - 6 46 56
Consolidated Lead & Zinc_ _20
100
Elder Mfg, 1st pref
SW
3
- - 91 161 ion 16114 ;Oa 10i1
4
961 66 9712 9912 95 9912 98 12 97 17 96 97
100 ne- 1-9
i2
Emerson Electric, pref
---------------------------------------------1002oo12
--------105 106 108 108 108 110 109 110 ill 111
Ely-Walker D G, 1st pref_100 102 103 L0212 10212 --------103 104 10212 104 1041 106
8612 8712 8913 90
92 92
/
89 90
844 8414 8112 8112 84 84
8424 85
_ 84 84
100 _
2d preferred
2712 32
24 30
334 3714 30 3 362 32 35
2314 24
7
23 24
4
13
25 25T -- -3 . 22- - - -223i 1414 2314 2412 23 24
4
22 . i . ig
Common
,
•
.
.
-------- --------10212 10212 --------104 103 --------103 103 10212 10212 - - , - - - - . ..-100
Fred Medart Mfg prof
33 33
33 3312 33 3612 39 3212 33
3112 3
37
34
33 34
4
. 3
:
_
4
0 3012 31
i'
. • ---: -iii i 1I
Common
9812 101 10012 101 10012 101 100 100
98 9912 100 10012 10012 101
100
100 100 101
Fulton Iron, pref
39 45
39 42
4012 41
3712 40
30 37
3
3514 3812 35 35 4 3612 4234 4112 43
40 41
40 42
93
Common
•
100 _ 371----- ----------------104 106 10612110 110 110 10912110 110 112 110 111 112 112
Globe-Democrat, prof
4711 55
64 66
70
51
4612 50
5914 65
58 6212
25 iii2 /C9- -7 E4 /4 ii44 414 --------4512 47
1
2 1
Hamilton-Brown Shoe
4412 46
4412 48
4612 51
46 47
39 4014 41
44
4
413 4212 42 47
4
373 4214 38 42
95
•
41
H L Hussmann Refs', com .
101 102 10134 102 10112 10212 ---- __100
____ 10012 102 100 10112 100 101 --------10012 10112 101 101 102 102
Huttig S & I), pref
3612
3312 35
3212 3434 3412 4
3214 3214 363 33 3514 3212 351 3312 36
12 33
3112 34
33 40
• _ Common
9412 101
9112 9514 9412 95
9912 102
98 9912 9712 9912
95
1
897 96 91
87 4
Hydraulic Press Brick, pref.100 -82- -- -3- 86 95
85 9118 1 512 90
1
83 7
812 7
1
612 8 4 7
s 614 7
614 612
77
7
714 5
1
. 7
7
100
14 714 6
6
6
813
Common
81
7
-------- ------------------------10212 10712 104 10612 106 107 105 107 105 107
100
Indep Packing, pref
29
27 30
12
27 272 26 27
4
------------------------------------------------------ -28 3312 11412 32
Common
_
4
_
_
_
1.2 11612 1614 1163
11712 --.- ____
12
2 11
shoe, pref(8%)_100
1
Internet
_
100_
12
. 1201
---------------- ---------------------------- ---- 106 logi ioi 1104
-----Preferred (6%)
171 191 165 180
1
19712
4
2
• I 13- fig" ii - ifil- lin- fig iin4 CH
Common
4618 4714 9512 5412 46 4912 39 46
41
44
9212 4912 4412 4812 45 48
42 43
• 4234 5212 92 4812 40 43
Johansen Bros Shoe, corn
70 75
99 101
70 82
•
Johnson-Stephens-Shinkle__, 118 130 130 135 130 130 135 140 145 155 155 160 175 190 180 225 100 105
.
: =- ---- --. - ---- ____
--,- _-_-- --, _-_-- -,z7 - ---- -22
-- -2
- -,,- -_-- -,-Sons Carpet, p6.100 103 103 ____
--- --- -,-Kennard &
8614 4.0 8614 6 44 85 85
5 8614 ---- _--85 85 15
.
85 -23&12 88 18
81
(1i
83 - - -84 16
Laclede Gas Light, pref.....100 81
100 143 146 141 141 135 135 13212 13212 13212 135 134 136 130 130 130 131 --------147 150 150 160 148 11212
Laclede Steel
pref.100 gg 99
Mark & 1-lass Cloth,
31
37 38
37
37 37
Common
___.
_
Dfermod-J accord, pref
____
Missouri-Illinois Stores, pfAOO
•
1312 1512 15 1514 1312 1312 15 15
lg. 1514 -16
- 1 g7p i
1812 -- 1g1 161 16 Ili
Common
60 70
6112 67
-48- -92 - 2 433 5 2 '19 5812 57 6212 6212 7212 65 6812 68 75 68 70
- 4iI2
4 2
Missouri Portland Cernent-25 ii- 181- -iiis - 1712 19
1912 --------17
18
• _
1514 16 --------16
1312 16
_ 1412 18
McCjulay-Norris Mfg
6i34 - 108Hyi4
pref. 100 --: -- -- -- -- - - -: joi- 167 108 --------108 108 110 110 109 110 108 109 108 110
National Candy. tat
,
100 105 116- 105- 166 104 104 103 103 --------10612 10612 --------106121061 109 104 109 109 105 105 106 107
241 preferred
9434 96
9412 9912 9412' 99
88 96
100 9914 107
89 93
9712 100
98 98
Common
95 9912 94 9512 9712 100
98 105
44 4912 35 45
43 4614 43 55
33 4212.
• 9212 130
4112 4412 40 4512 4112 44
4312 4814 414 4612 4312 46
Pedigo-Weber Shoe, corn
100
Planters Realty, pref
in 1114 5712 164
Polar Wave I & F "A"
_
100 107 10012 --------1091,110 10812 10812, 108 110 110 110 109 109 ----------------110 111 106 108 108 108
14
Rice-Stis I) O. tat pref
4
1
/
100 10112 10212 103 103 10112 10312 10012 10112 10184,102 100 10212 101 101 102 I03 104 104. 10312 105 10212 104 102 104
241 preferred
100
-- 200 210 210 225 225 310 267 280 265 265
Common (old)
Common (new)
55 6212 5412 56
50 63
St Louis Car, pref
10
------1612
Common
-------------------------_
St Louis Cotton Compress_100
6
3
gi ----------------87 ii 87 if -------- 90 - 6 90 901r
Scruggs-'' I) G. 1st prof. _100 85 16 ____ ____ iti if 8312 If!, H 100
__ 94 94
__ ____
95 95 95 96
__
93 94
_ 95
preferred
92 92 ____ ____ ___
241
-1612 115 118 113 11412 111 11412 114 11412 11312 1294
100
104 116 110 no ,,,- - --- io9 166 10612 114 114 1 Common
12
.103 105 --------10712 107 10712 10712 107 108 ____ ____ 105 106
_.__
4
1
/
.
102
. .10214. .1021 .
. 10014 102 .
102
101 10113.
Scullin Steel, pref
!
______ _ __ Ito 110
____
o
Securities Investment, pref.100
14 4312 42 4414 43 5114 49 10
42 - 9
4
4314 - 4112 91 133 92 • 924 41 91 - li 41 li 4184 12 4134.43
4
Common
Sheffield Steel, com
Sieloff Packing. corn
54 6712 52 57
3612 3914 38 4 40 4 3912 4378 42 4712 4612 6212 59 68
3
• ------------------------ 36 37
3
Skouras Bros "A"
290 305 305 305 _ _
Southern Acid & Sulplsur..L00
,
ii
691;
_ 6012 es
•
&i - - ST Southern Acid, corn
---- 115- 111 - 1115- 11112 II() 11112 11212 114 112114 1151r
-- -14
4 - -163
-12
2 Southwestern Bell el, pref.100 inii2 169 - 1E131- 10i - iO'ij2 1 - 1- i&1. 1 16 - .1153i4 111- 115314 11i- 1H1- 111 1.
33
35
Stix-Baer & Fuller,
corn34
100
418 538 512 7l2 4
6
414 114 --------4
- - 714 /14 8 8 712 9'
4
i12 - 47 1
1
12 484 United Railways. prof
100
414 512 512 7
2 412 414 41 -------484 512 b1. - -12 5
5
4 414 412
61
Certificates of deposit
4
6
8
814 6
8143
2 6
100
8c 25c 15c 15C 20c 20c 25c 25c 25c 25C - - 15c 152 20e 20c ..,__ __ _ 20c 20c 15c 30c
„
Common
1.00 iio - - 834 91
80 87
80 82
87
82 84
85
81
8612 92
91
81
807 82
85 - - 83 87
70 - -- 79 88
8
Wagner Electric, pref
32 39
3212 3812 35 4312 35 3812 3012 35
• 2612 4712 34 50
34 40
33 35
37 4712 36 44
33 39
Common
105 107
WmWaltke&CO3 prof
Common
- - 101 10212.01 i-01- .0
____ ____
BONDS
6312 6312 65
50944
61
6412 6712 64 65
6514 70 --__ ---- - - .... ____ 6812 6812 7312 7312 ____ ____ ____ ____.
Alton Granite &St Louis 1927 6512 66
100
s100
American Bakery 6
8512 86
8412 8512 8414 8412 84 - -14 ii1 - 84
i4
-1
i 3/ - . 84 8
12
84
Iii 83 2 8312 33 - - 32f2 II 3218 11
& Sub Ry 5s_1932 8512 86
East St Louis
.1942
ndent Brewing 6s.
_ io5 1014 ____ ____ 1054 11134 i115is 1621S io5 103 - - -- -_ 651'21 -12 _-- ---- ---- ---- ---- ---- ---- ---- _
- 1928
- -12
Telephone 6s
63
Kinloch
too 10018 10018 10018 10014 10014 10014 1001
3
% 007,
Kinloch Long Dist Tel 5s_ _1929 ion 166 00 ____ 100 10014 ____ ____ 1011210112 ---------------- 100 10012
98 9884
__ ____ ____
1953 ____ ____ ____
_ 991, 9912 -___ ____ _______ _ _
Gas
Laclede G Light 5(is
aft 99 ____ ____
1939
S & W 4s
Little Rock H
--------10014 100'e 100410014 ----------------1001410011 --------100 100 ---- ---- 9912 9912 ---- -_
MIssourl-F,dison Elec 5s...1927 ii50- 166
10434 1043
4
- ---MIssour
__-- 90 90
936
55
Pierc Building 1st
--------------78 7
78 78
2 --------79 80
77 77
78 79
77 78
82 82 82
Louis & Subur lien 55 1923 82 84
St
82 85
84 84
77 77
77 77
78
78
7712 78
77 78
Certificates of deposit.-1923 82 8312 82 82 82 83 --------77 78
___ 10212 1021;3
-_
10212 10213 10212 ---- _
Serial --------------------------------------------------------1021,.
Is
Scru gite-V-B II G 4s
73
6834 - -- -7273 73 74
- ,
4
0 7012 6970 6912 72 6914 703 68 69 4 6812 70
'4
300 71 4 7
7213 7
1934 7374
Railways
United
.
7114 7212 72 7312
6812 7114 68 6813 68 6914 6911 7114 68 69
72
6814 6812 6712 6812 0712 72
Certificates of deposit-1934 72 7314 71
4
4
,
Serial 101 1011 10114 10114 1001 102 1001 101 101 101 10012 10012 100 10013 10012 10012 ----------------10114 10114 ____ ____
Wagner Electric 72
• NI par value.
670
THE CHROYICIAI
[VOL. 122.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK
EXCHANGE FOR YEAR 1924.
1924—STOCKS
Jankary
February
March
April
May
June
July
August
September
Low High Low High Low High Low High Low Mph Low
October
November December
High Low Hilt :ow High Low High Low
WO :me High Low IBA
Par $ per shay', ; per share 5 per share $ per share $ per share $ per
share $ per shar . per share $ per share i per
Boatmen's Bank
100 145 146 .48 148 144 1454 --------145
shar. :per share $ per share
___ _ _ 14312 145 1444 145
First National Bank
100 199 199 '00 201 199 200 199 19912 199 145 144 145 14412 145
40 190 140 140
97 1961, 19e 198 200 2011. 102 210 207 209
Merchants Laclede Nat Bk_100 ---------60 260 --------262 265 262 200 :00 20012 198 199
265 --------260 260
National Bk of Commerce-100 41 147
61 281
___
_
_
45 147 141 14512 139 143 140 142 t36 13812
135 138
38 1384 l36 140 ia5 fif iii 116 iii ail,
State National Bank
100 16812 1661 8614 16614
---------------------165 166 160 180
United States Bank
-------1601,1601, --------------- 172 175
100__ ----------------160 150 -------------------------------------------------___
Mercantile Trust
100 39612 398
_
21 121 125 125
:
398 396 396 396 396 396 398 19112 395 388 3911
i
Mississippi Valley Trost__ _100 26312 265
390 390 390 188 395
9212 395 393 400
6014 263 --------256 260 257 280 :58 258 257
--- ----257 257 150 253
100 230 230
St Louis Union,Trust
28 230 --------225 22514 ----------------835 257
45 248 242 242
228
[00 57 58
---------------14014 2401 43 243 240 240
Title Guaranty Trust
100
United Railways
37 37
45 50
- 76c fie --------504 -. 1lr- a& - - -------100 50c aie
660
Preferred1
00 10
1 11
-5
6e ____ ___ 712c 10c
jo If
912 11
ic 300
11
114 1114 111 10
1114 -------10 10
100 41. 41
American Bakery
-------44 44 --------32 32
412 8
_
41
, 614 2
54
3
3214 3214 --------------45 46 ._-100
Preferred
50 14 ____ ____ ____ __..American Credit Ind
2 --------------------------------------3
5
5 Ii ----------------------37_
100 21
Best-Clymer
7
21
37
19 20 _ _
38" Ii- -58- 111___ ____ - __ 1812 201 2012 2914 712 30
28
100 50 50
29 30
Brown Shoe
18 5012 ii 3012 39
3612 37
47
37 45
42 45 40 49
40 4012 42 48
16 50 96 481. 4912 57
313
Preferred
100 9012 921
31 924 91
1512 7412 69 75
9212 90 924 8912 90
12
1 85 8814 87 i 90' 10 91
90 901e 9134 95
Boyd-Welsh Shoe
944 98
9712 9912
Carleton OG
100
Preferred
100 io8 111 _
_ I' 1
-1—
Certain-Teed Products
-• 37 3714 - 4
:
- _ - -----------------25 /5 --------2914 _-- ---- ---- ---- ---- ---- ---100 77 so
10 3534 3534
1st preferred
86
7
78
ii 7
75i2 if iii. ii 70 743
4
i
7
100 70 7212 70 16 69 Vi ii 764 80 7812 so
2d preferred
io70
70
6'712 6712 ----------------65 65 6712 6712
100
75 '75 ----------------77 77
Central C &C
100
Preferred
— -- _--55
Chicago Railway Erich,
25 35 39
Preferred
25 2512 254 . 6 - 12 20 26
2
21
ii
26
- 26 26 --------251 26 ___
4
_ 2612 26 4 263 - - - iii2 Emerson Elm preferred
3
- 0 94 96
10
4 263
4
92 95
21 26 26
9334 9512 9434 95
90 9412 90 94
94 94
931-2 91 92 97
25 2214 24
Ely-Walker Dry Goods
9612 98
22 2214 22 22 4 21
96 9612 96 9814
3
21
21
21
21
21
20 4 2112 2112 2214 21
3
22
lit preferred
.
100 10212 10212 10212 103 101 101 10212 10212 101
214 22
211, 2212 2214 223
4
104 104 104 103 101 103 103 - - - __ -- 1024
2d preferred
100 8212 83
10212 ---- ---- 103 105
_
___ 82 821
Fred Medart preferred
100 ---- ----100 100 102 1024 ---------------101 101 ---------------- ------------ ------------ 82 82
Fulton Iron Works
100 34
35
34 34
____ 104 104
34 3512 34 35
2
30 321
;
12
3
100 100 100
---------_
Preferred
7 19 _
98 9912 974 9712 --------95
- 3 4 3
63
5
92 95 --------92 95
91 95
25 46 47 ---------47 47 -------- ---- 96
Hamilton-Brown Shoe
Wilt 97 100
----45 45 424 49, 43 431, 413 424 95 9612 974 4
5
Hydraulic Pressed Brick___100
512
41
4134 41
412 (A
4612 44 4812
,
, 412 311, 418 4
44 312 33
4 332 3 4 33
7
4 38
100 6112 63 6312 67
Preferred
4 37
2 612 4
6414 6914 87 68
61
4
12 854 683 6412 667 6434 654 8452 651/ 654 6612 64
4
;
100 774 7912 77 78
International Shoe
3 6512 8434 75
4
74 80
7512 78 4 73 76
3
73
73 76
12
76 8612 85 96
941:109 10312
Preferred
100 11511 11712 117 118 118 117 116 117 115 75
s
/1612 116 117 1164118 1183 11712 1161,1171, 117 1111 110 119 10612 118
4
Johnson-StePh-Shickle Shoe • 35 42
11814 118 119 1154120
3912 453 473 5712 53 54
4
4
53 54
52 56
57 77
12 '79 81
9212 9534 90 '25
Johansen Shoe
9512 964 9912 110
Laclede Gas Light pref_- —100 -ii /1
- ii 14
40 4519
7614 - - 7212 723 76 7612 --------751 7612 _ ------------7212
4
4
78 78
100 125 125 100 125 100 10212 101 101 100
Laclede Steel
100 100 10012 100 lool2 Oi
Mo-Ills Stores preferred
100 103410
412 10312 10311 --------102 102 --------10-3 103 103 103 03 1112 105 118 118 125 lie 115 135 150
103 102 103 102 102
Missouri Portland Cement_100 99 101
99 10312 1034 1112 94 98
984 100
96 99
9712 104 106 109 1091±136 128 141 135 11212 148
100 881g 92 83 89
National Candy
fif
80 83
80 8212 80 81
80 85 8412 8612 8312 86
12
8312 91
864 9012
100 107 107 105 10812 10614
1st preferred
10614 -------------------------------- ----------------2071110817 89 9212 90 10712
100 100 100
2d preferred
108 108 109 109
9912 9912 102 102 1024 1021t --------102 102 _ _ _ _ . _ _ 102
_
102 102 10212 105 105 105 105 106 106
4
Pedigo-Weber Shoe
--------------------------------------------------- -85 9212 88 95
Rice-Stiz DC Istpref
100
86 14
2 Iiii 1
166 --------106
12 r 166, iiii2167,
7 111
rir
1
7
16 i22 09 10912 1091,1091±
100 ------------------------102 166
2d preferred
102 ----------------101 102 103 103 10312 10312 10214 103 103 103 10912 1094
100 ,o214 1021,
Scruggs F & B D G
10012 100
12
1st preferred
100 ____ ____ ___ ___ ii 16 ii 16
ii 2d preferred
ii 88 Ia
100 93 93 92 93 ---------------- ----------------84 IS ----------------85 V
.
----------------8512
Southern Acid & Sulphur too
-177l 17712 185 185
_
v
. .
Securities Invest conunon
_
_
_ 45 50
Southwestern Bell Tel pre-160 lo3i4 164 4 lai 16/ 65 id&
43 45
14
-3ioi 1661 oi Ili iaii2iiii. 168 166 11684/66 ii 16i H0
'
6216/ to812 lor 0814 10834
Wagner Electric_
,
1
• 324 3434 304 34
28 31
25 28
20 25
24 2512 2314 25
2314 25
'3 2512 20 2414 21
12
Preferred
28* 26 2814
100 81
83
81
841 81
84
79 81
77 77
79 82
8012 82 81
82
7912 8112 77 80
794 82
76 80
1924—BONDS
Altcn Granite & St L 59._ _1944
Citizens Ind Tel 604
1950
Compton Hts U D Ky 611_1923
East St L & Sub Ry 5s
1932
Independent Brewing 6s._1942
K C Long Distance Tel 551926
Kinloch Tel Co 66
Kinloch L D Tel Si
1929
Kinloch-ltloom Tel 6*
1948
Laclede Gas Light 5s
1934
5
1953
81
GI
814 62
6214 63 ____ ___. 6212 6212 62 834 60 64 ---------------------- 65
12
85
85 65
9834 9814
____ ____ 66. --34 981
0
.
9'
78 7814 7712 771 78 8112 64 -i- 16 8112 If- -Sol, Ill
79 7914 ---- ----78 7812 7
;
1
4132 1412 8812 If- -iiis 1 1 8 12 A
.
6
8
42 42
4212 45
40 42 --------38 38
3814 40
38 38 -------35 35 ---------------2534 I29
-------- - - --------------------- ----100
__ __ -.. _
s 101 ---- ------------102 102 10 12 1024 --------103 103
- -1
02 4 1023 103 103 103 103
3
4
03 103
0
614 i6 4 96's 9 3, 963 9 3 973 073 98 98
5
98 98 2 ____ ____ ______
3
4
6.
4
4 64
994 9914 9914 9914 993 993 99 4 100
4
3
99I 991.
------------ ---- 93 iii _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ __ __ ____ ____ .
7
6i via ai_ ii. 4 4 via; .5ii.2 iii. _68_ ii.
1
_
--------9213 921 9212 9212 --------92 92 s 9314 9314 934
:
04
Missouri Edison El Si
1927
Ho Portland Cam 6Sis_ _serial
StLouls & Suburban Ry 881923
General 59
1923
Southwestern Be41Tel 56._1954
United Railways 4s
1934
do
do
C D
1934
Wagner El Mfg Is
*orbit
•No par value.
___
__ 66 4
/il: 58 4 - - -3 iliiii - -14 9914 9912 --------993
1 9 4
8
9
9
-iO312 10312 --------103 103 ------------------------104 109 103 103
0314 10414 1041,1041; ------------------------9613 9612 ____ ____ 99 99 196 100 ------------------------102 102
64 64 ._ _ ___ ____ ---_ 64 64 _ ..— ---- ----- ---- ---- ..... 7012 74 --------84
E51. 82 831,
---- --------------------93 93 _--- ---9414 941.
9884 968,,
1332
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i 68g65'4 66 67
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. 68 .,
5
; ,
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,
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__
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7
__
6134 6412 82 63 4 61 6412 653 6614 66 67
3
68 69 68 67
4
8634 68
64 67 2 69 694 71
711/
n0l.. no
, nn,. Inn
no
nn I on. nnt. ,n1 Inn,- Inn, in, 2 101 1 6934 73h
07
9834 993i 0034 993. on!, 09, _
ril 10114
i --
The Growth of Business on the St. Louis
Stock Exchange.
By Wm. H. BIXBY, President St. Louis Stock Exchange.
The St. Louis Stock Exchange in 1-925 rounded
out a year of record-breaking business in the marketing of new securities and the buying and selling
of seasoned bonds and stocks. We enter the year
1926 with confidence and enthusiasm, believing that
there is ample reason to expect that the first six
months of the year will be a period of general prosperity in the United States and will probably set a
new high mark among the post-war years in general
business activity.
There were three outstanding and most satisfying developments in connection with the business of
the St. Louis Stock Exchange during the year
1925.
First: There were thirty new listings, consisting
of twenty-nine steck issues for a total of approximately $200,000,000, and a corporation note issue of
$3,000,000. With two exceptions, all . the new
of
listings were St. Louis manufacturing and industrial
firms whose business had expanded enormously and
who required additional capital. In addition, many
of the listings were "split-ups" of old established
corporations whose stocks had been closely held in
a few hands for years, and who wished to meet the
demands of their employees for an interest in
the
business and to make a market for their stock.
The
new stocks show a wide diversification and
represent eighteen distinct industries, which illustrates
to the fullest extent the rapid growth of St. Louis
as an important commercial and financial centre.
Second: The total volume of business transacted
on the Stock Exchange was by far the largest of any
year since its organization in 1899. A comparison of
the annual report of transactions on the floor for
the year 1925 with that of 1924 shows an increase of
$22,839,000 in the value of securities handled. The
largest volume was during the last quarter of 1925
and the transactions were not confined to any par-
FEB.6 1926.]
THE CHRONICLE
ticular class of stocks, but were distributed through
the entire list.
Third: The governing body and members of the
St. Louis Stock Exchange, realizing that the strength
of their institution depends on the class of securities listed and the confidence of the public in these
securities, have enacted and enforced most rigid requirements. Exhaustive and certified audits are
required before listing, and periodical reports after.
All during the period of easy money and great stock
gctivity in 1925, the Exchange took a determined
stand against the sale of fraudulent securities and
co-operated to the fullest extent with the Blue Sky
Department of Missouri. Every effort was made to
drive out the stock swindler and to lessen the hazards which daily confront the American investor.
To this end the Exchange lent its aid to all organizations and Governmental bodies seeking to stamp
out fraud, and the individual members of the Exchange lent their hearty financial support to the
Better Business Bureau in its crusade against fraudulent securities. The results are one of the outstanding accomplishments of the year 1925.
The St. Louis Stock Exchange renders a distinct
service to the public through the keeping of daily
sales records and the compiling of all data in connection with the closing of transfer books, dividend payments, increase of capitalization, etc. These records
are open for inspection at all times and have proven
invaluable to individuals, banks, trustees, administrators, executors, heirs and the Federal Government.
671
Course of Security Prices in Kansas City.
There is no Stock Exchange in Kansas City, but
the Prescott, Wright, Snider Co. keep a record of
the dealings in the securities having a market in that
city and they have courteously placed that record
at our disposal. The following shows the high and
low prices of these securities for the calendar year
1925, together with the bid and asked prices on Dec.
31, the close of the year. The -figures, we are informed, have been obtained from reliable sources
and the list includes, it is stated, virtually all of the
most active local securities.
RANGE OF PRICES IN SECURITIES LOCAL TO KANSAS CITY.
Range in 1925. Price Dec.31 '25.
Name of Security.
Low.
Nigh.
Bid.
9934
6934
5834
9934
2234
100
99
763.4
93
100
9634
5054
834
10434
5434
9934
26
102
7334
70
102
32
10134
10934
8034
10334
10334
102
6534
954
106
77
9934
3134
100
7134
58
100
27
100
107
80
101
100
100
53
034
105
62
99
2634
1944 98
1926-42 9634
1944 54
1919 64
1921
7234
1944
5
1944
5
1926-39 100
1942-43 9434
1934 98
103
10134
6734
75
80
8
7
10234
98
100
102
100
63
70
82
43.4
434
100
9434
99
STOCKS—
Butler Manufacturing Co, pref
Central Coal & Coke, pref
Common
Cook Paint & Varnish Co, pref
lluttitt Lead & Zinc
Irving Pitt Mfg. Co
K. C. Power & Light, 1st prof
K. C. Stock Yards, prof
K Common
K. C. Structural Steel
Kansas Gas & Electric, pre(
Lee (H. D.) Mercantile Co
Lucky Tiger Mining Co
Peet Bros. Co., pref
•
Common •
Sheffield Steel Corporation, pref
Common
BONDS—
Central Coal & Coke 634s
65
K. C. Railways, 1st 5s
2
-year 6s
3
-year 7s
2d 5s
2d6.
K. C. Bolt & Nut 630
Long Bell Lumber Co 6s
Wichita U. S. Yards as
Asked.
102
74
60
28
109
81
103
103
102
55
034
64
100
27
10334
102
do
73
85
8
8
102
9534
101
•20% stock dividend paid on common Dec. 1.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 5 1926.
There is a noticeable slackness in the retail trade for .the
time being, but on the other hand quite a good jobbing trade
is in progress in many branches. Even in the retail business
the cold weather recently has stimulated the sale of clothing. Sales by the big mail order houses show an increase.
In general, business continues to be somewhat disappointing. It is also true, however, that the jobbing sales of furs,
silk and rayons, as well as sport goods, make a very fair
showing. The same may be said of the sales of shoes,
leather and even of jewelry. Yet there is no disguising
the fact that textile trades are in a condition that leaves
much to be desired. The sale of cotton cloths is small,
though sheetings sell better than print cloths. In finished
cotton goods there is a fair business, but buyers are limiting their purchases to small lots. In not a few branches of
business, in a word, there is seemingly a reversion to the
familiar hand-to-mouth buying. It was hoped that the
country had emerged from that condition. Here in New
York a violent storm interrupted business and transportation to some extent in the middle of the week. The Automobile Show at Chicago is said to have been very successful.
Reports from the winter wheat belt in regard to growing
conditions are favorable. The rather prolonged drought
on the Pacific Coast has been broken by a heavy rainfall
and trade at once responded. Building is being pushed
wherever it is possible or the conditions call for it. There
is indeed unusual activity in some parts of the country,
while in others there is a noticeable decrease in construction. Steel trade has been in the main quiet and disappointing. The output is beginning to overlap orders to an extent
that excites comment. Pig iron has been dull, with prices
rather depressed, partly under foreign competition. Higher
prices have prevailed in copper and tin. A slight decline
has taken place in rubber. Tire mills have cut quotations
/
1%. Coal has been in better demand at firm
3% to 122
prices, both because of the severity of the weather and the
failure of the anthracite conference to reach a settlement.
The output of bituminous coal is increasing. Coke is rising.
Crude petroleum has advanced 25 to 89 cents a barrel, something which had long been expected. Purchasers in the
Mid-Continent field have been paying premiums for some
time past. The consumption of oil is high, and the daily
production is stated as nearly 20,000 barrels less than a
year ago and close to 400,000 barrels less than at the high
point of 1925. Last week was the ninth week in succession
in which the oil output had shown a decrease. The reduction in the output has indeed been very general since last
June.
Cotton has advanced somewhat in spite of slackening
exports and dull goods and spot markets, as well as favorable weather for field work at the South. There was a
spurt of activity and strength on Thursday when prominent
Palm Beach operators were understood to have covered
some 40,000 bales of May, but it proved to be more or less of
a flash in the pan, for to-day the market relapsed into its
old dulness so far as speculation was concerned. The tense
situation in March cotton here is the present sheet anchor
of the market. Wheat advanced early in the week, but corn
has dropped about 2 cents in a generally dull state of trade.
It is believed, however, that the depression in the corn industry of Iowa has been more or less exaggerated, partly,
it would appear, for political purposes. The chief trouble in
Iowa, after all, is declared to be ascribable to the after
effects of reckless speculations in land in the post-war
period. It is suggested that the Iowa farmers would have
done better to have fed corn to hogs and dispose of the crop
very largely in this way rather than sending 150
-pound animals to the market and getting very little for them. One
Iowa publicist takes the ground that the corn should be kept
in Iowa and turned into beef, pork, mutton, lamb, eggs and
milk, adding that politicians have created and heralded to
the world an imaginary surplus of earn in that State. A
Nebraska banker insists that the idea of controlling the
price of corn "is just plain bunk," adding that if the Government puts a price on corn, it will have to put a price on
hogs and cattle. The cattle and hog business in Iowa is evi-
672
THE CHRONICLE
dently improving. It all goes to show paternalism is so
much lost motion, or conceivably very much worse, by
creating a habit on the part of people of expecting help
from the Government, which has enough to do to carry on
the affairs of the nation wtihout going into the business of
buying and selling commodities. Coffee has latterly declined somewhat, but in the main the tone during the week
has been steady, with consumers none too well supplied and
Brazilian markets firm. Sugar, after its recent big activity, has naturally been quieter, but prices have been steady,
:
as world's supplies are not at all burdensome and the ten
dency of world's consumption is upward. All the world
.seems disposed to buy sugar in Cuba or any other country
that has a surplus. Of late the Far East has been buying
-freely in Europe.
Failures in January were the smallest in five years.
Car loadings are smaller than a year ago, but bank clearings at New York, as also for the United States, are at a
high record for January. The month's automobile production was the largest ever known. The general drift of commodity prices in January was downward. Of late the business world has noted with interest the activity in stocks at
rising prices, and also the excellent business in bonds,
notably the high grade railroad issues. It interested merchants that on Feb. 1 sterling exchange advanced to $4 86%,
the highest point since 1914, with gold position of the Bank
of England better and importers on this side buying to supply future needs.
Railway workers demand an increase in wages, which
would mean an addition to the operating expenses of the
railroads of some $500,000,000. They want a return to the
highest wages of 1920. Textile production in many of the
smaller mills in western Massachusetts was held up on
Thursday because of the heavy snowstorm which practically
halted traffic. At New Bedford, Mass., the Manomet No. 4
plant will start on a full capacity basis, but it will probably
require 90 days to bring the mill to a full capacity producing
basis in all departments. Running full, the Manomet No. 4
plant will employ 1,500 hands. At East Dorchester, N. H..
on Jan. 30 the Cocheco woolen mills announced a 10% reduction in wages to take effect on Feb. 1. Dover, N. H.,
wired that the Cocheco department of the Pacific mills is
at the present time not only running at capacity, but it is
now running overtime on 12% of its total number of looms.
.The plant is one of the largest cotton mills in the State and
Is now employing 35% more operatives than a year ago. At
• Biddeford, Me., the strike in the Pepperell mills will be
• continued. The bleachery works only two days a week.
Southern textile mills have made marked progress, according to reports received by the Building Construction Research Bureau of G. L. Miller & Co. In 1925 new mills, it
appears, were constructed or announced for immediate
erection, and old mills expanded at a total cost of approximately $50,000,000. These new plants will increase the
spindles of the Southern district by 367,352, with a corm
sponding number of looms. At Newark, N. J., demanding
a restoration of former wage scales, which they claimed
their employers had reduced 2,500 members of the Amalgamated Clothing Workers of America went on strike.
More than 40 companies are affected by the strike, with
coat manufacturers the most. At Passaic, N. J., the Passaic worsted spinning mills' workers joined the 6,000 Botany
Worsted mills and Garfield worsted mills strikers on Jan.
29. Demand is mad for return of the 10% wage cut, time
and one-half for overtime and no discrimination against
employees active in the union.
The American Woolen Co. opened new fall lines on Feb. 1
at levels estimated to be only 1-10 of 1% under those of the
spring, but 11.7% under the fall opening of last spring and
from 10 to 15% lower as to overcoatings. A straight 10%
• reduction on all Firestone tires and tubes became effective
on Feb. 1. Reductions in tire prices were announced in
• New York on Feb. 3 by the United States Rubber Co.
Royal cords were marked down 10% and cuts of from 3 %
/
1
2
h% were made on second line tires. The lower scales
to 71
were immediately effective, it was said. Montgomery
Ward & Co.'s sales for January totaled $15,266,946, an increase of 20.56% over January 1925. The January saleg of
Sears, Roebuck & Co. increased 2.3% over January 1925
• They amounted to $22,590,905.
And the masons are at it again. Stone masons here want
$16 a day or $96 a week instead of $12 a day, or $72 a week,
more than many a professonial man receives. But it is said
[Vor.. 122.
that builders are not at all alarmed, because little masonry
work is being done on buildings here. Concrete has almost
entirely supplanted it. Where stone is used the requirements call for walls of three or four inches greater thickness than with concrete, a big factor in making the latter
more desirable. Philadelphia reports that thus far in 1926
business there has fallen off as compared with the closing
weeks of 1925, though general conditions are well up to or
slightly above normal for this time of year in that district.
A snowstorm and a 70-mile gale struck New York on the
3d inst. and continued all night and most of the 4th inst.
Very high seas struck the New Jersey coast. Heavy stomp
prevailed on the Pacific coast, through the Southern States,
throughout New England and along most of the Atlantic
coast, from Georgia northward. Railroad transportation
was much delayed. A force of 19,000 men grappled with
work of clearing the streets of New York after the heaviest
snowfall of the season. The temperatures here on the 3d
Inst. were 27 to 30, at Chicago 34, at Boston 16 to 30, at
Portland, Me., 10 to 20, at Cincinnati 34 to 44 and at Minneapolis 24. To-day it was clear and the thermometer at
3 p. m. was 34 and promising to be warmer on Saturday.
Domestic Business Conditions According to the
Government.
Manufacturing production in December equalled November production in total, but the average per working day,
at 123% of the 1919 average showed a decline of 4%,
according to the index number of the Department of Commerce. Industrial output was, however, 10% higher than
In December, 1924. Production for 1925 as a whole stood
at 126% of the 1919 average, the largest recorded and 11%
above the 1924 level, says the statement of the Department
released for publication today (Feb. 6).
All industrial groups showed increased output in 1925
over 1924, except foodstuffs, the largest relative gains
occurring in iron and steel, lumber, stone and clay products, chemicals and oils and automobiles. Comparing
December with November, the leather and foodstuffs
groups made the largest gains while the lumber, stone, and
clay products, tobacco and miscellaneous groups (the latter
including automobiles) declined. All groups showed
higher output than in December, 1924, except stone and
clay products.
The output of raw material was 3% less in December
than in November and declined 2% for the year as a
whole. The production of minerals and of forest products
Increased in 1925 over 1924, while crop and animal marketings declined, while December results were higher than a
year ago for crops and forest products, but lower for
minerals and animal products.
The index of unfilled orders on December 31 showed a
slight increase over the end of November and was 8%
higher than a year ago. The index for the year averaged
8% higher than in 1924, both the iron and steel and building materials groups being higher.
Stocks of commodities held at the end of December
showed an increase of 8% over November, when allowance
is made for seasonal variations and incrased 3% over a
year ago. All groups except manufactured commodities
Increased over November, while compared with a year
ago, foodstuffs both raw and manufactured, increased
while the other groups declined. For the year as a whole,
average stocks were higher than in 1924 for all groups
except manufactured foodstuffs.
Production and Trpde in 1925.
The following is from the Feb. 1 monthly review of the
Federal Reserve Bank of New York:
Total production and business activity was greater in 1925 than in any
previous year. Even after allowance for normal growth, the volume of
business appears to have been greater than in any year since the war.
The diagram below [this we omit] compares 1926 production in various
lines with that of 1924. Crop yields averaged only slightly larger than
in 1924, and the total value estimated on the basis of Dec. 1 prices by the
Department of Agriculture was $9,615,000,000, compared with $10,162,000,000 in 1924. Price declines more than offset the effect of larger yields
of corn and cotton, and the partial failure of the wheat crop was not fully
compensated for by a rise in prices. Higher live stock values, however,
appear to have offset the smaller return from crops.
Production of metals and minerals, excepting anthracite coal, was gen'
erally larger than in 1924. Steel Ingot production totaled over 45,000,000
tons, or 80% of theoretical capacity, and was larger than in any previous
year, while pig iron output totaled nearly 87,000,000 tons, or 75% of
capacity. Increased production of coke, fuel oil and bituminous coal
undoubtedly was due partly to the anthracite strike.. The larger output
of gasoline reflects the further expansion of motor car use. Cement production exceeded even the very high level of 1924.
FEB.6 1926.]
THE CHRONICLE
Silk and rayon manufactures and automobile and tire production showed
the largest gains among the manufacturing industries. Passenger vehicle
production was substantially larger than in 1924, but was only slightly
larger than in 1923, while motor truck production was much higher than
in any previous year, and more than one-fourth greater than in 1923.
The relatively small demand for railroad equipment is reflected in a decrease in locomotive shipments, and the small wheat crop and curtailed
live stock production resulted in reductions in wheat flour milling and
animal slaughtering.
Indexes of distribution and general business activity were higher than
in either 1924 or 1923 as the following table shows. A large increase in
imports reflected the increased raw material requirements of manufacturing industries, and exports were larger than in 1924, despite the decline
in grain exports. Chain store and mall order business was greatly expanded, and department store sales increased, especially in the latter half
of the year.
Active trade conditions, larger corporation earnings, and relatively low
money rates were reflected in the high level of speculative activity and in
a large increase in new incorporations and new security offerings. Building activity was greater than ever before, and a high level of general
business activity is shown by the volume of bank debits.
1923.
1
4 1925.
Distribution—
Chain grocery store sales (dollars)
121
88
100
Imports, United States (dollars)
117
100
105
Life insurance (dollars)
114
93
100
Mail order house sales (dollars)
113
93
100
Chain store sales (excluding groceries)
112
90
100
Freight ton mileage
107
107
100
Exports, United States (dollars)
107
100
91
Department store sales, Second District (dollars)
105
100
96
Magazine advertising
104
100
97
Newspaper advertising
104
100
100
101
Wholesale trade, Second District
100
105
General Business Activity—
161
Shares sold on New York Stock Exchange
100
84
145
Grain future sales in Chicago
100
78
126
Stock corporation fortned in New York State
100
100
123
New corporate financing (dollars)
100
84
119
Bank debits, New York City (dollars)
100
90
118
100
96
Building permits (dollars)
112
Bank debits outside New York City (dollars)
100
99
109
Postal receipts (dollars)
100
95
96
100
97
Business failures
85
100
114
Cotton future sales
ume of
The table which follows gives this bank's index of the total vo
trade during the past seven years after allowance for trend of growth and,
where necessary, for price changes. Included in this index are the items
referred to in the preceding paragraphs, as well as other series representing production and distribution in various forms. Of the component
groups of the index, that representing financial activity, which includes
speculation, new security issues, etc., showed a particularly large increase,
but production and general business activity were also substantially above
normal.
(Computed trend of past years equals 100%.)
673
railroad representatives—the buyers and sellers of transportation in the Eastern territory—were in attendance. James
J. Walker, Mayor of New York City, and General Charles
P. Summerall, Commander of the Second Corps Area, were
the principal speakers of the day. W. J. L. Benham, General Traffic Manager, Otis Elevator Co., and General Chairman of the Atlantic States Board, presided. The conference was marked by a genuine friendly spirit on the part of
both railroad officials and shippers. That the money value
of co-operation is an established fact was demonstrated
frequently during the day's conference. Mr. Benham struck
the keynote of this general feeling when he said:
For the longest period in our history, railroad transportation has been
provided with the highest state of efficiency known, and I can truthfully
claim that this Board has been a factor in bringing about such an ideal
condition. The combination of co-operation and common sense exemplified
in these forums of public opinion, Where producers, shippers and carriers
periodically analyze the trend of business development, and where the
responsibilities of carriers are indicated in advance of actual demand, has
created a condition which we earnestly hope will be permanent.
Mayor Walker stated in his address that he was particularly interested in the Board's work because it had accomplished for its members precisely what his administration
hoped to accomplish for the transportation situation of New
York City. This was the elimination of congestion and
delay. He said:
It will not be long before your Mayor will be calling upon you officially,
not to welcome you, but to plead with you to come in with us and try to
do for the people of this city what you have done for your own business.
I hope for an opportunity to ask you to give us the benefit of your experience and teach us public servants and hired men how to talk to the people
we work for pleasantly, agreeably, and with the thought of getting some
place.
General Summerall told the shippers that in time of war
transportation demands would be 20% greater than normal
peace-time demands. "But the peak of war-time demands
would be very much greater," said General Summerall. "It
cannot be met on the spur of the moment by any organization that has not planned for that purpose. The War Department has wisely tried to profit by experience, and has
undertaken under the law, in a great way, to organize industry. The country has been divided into 14 procurement
districts, and in those districts we have what would corre1919 1920 1921 1922 1923 1924 1925
spond to your commodity committees. These procurement
Productive activity
97
98
83 101 115 107 113
planning officers have tried to take the information furDistribution
103 101
96
99 103 102 104
Financial activity
119 105
93 113 112 126 171
nished them, and allocate down to the last detail the supGeneral business activity
105 100
94 103 104
104 112
OM
plies of clothing, food, munitions, etc., that would be reTotal volume of trade
92 101 108 105 111
104 101
quired in time of war; the raw materials that would be rerequired, and the
Business Barometers of Bank of America Show Continued quired, where and when they would be
places from which and to which they must be shipped."
Improvement in Industrial Conditions.
That business and industrial conditions are showing con- With such an organization, General Summerall explained,
of
tinued strength is recorded in the Chart of Business Barom- the army would be able to co-operate with the shippers
the country so that there would be adequate transportation
eters in the January issue of The Bank of America Review,
just made public. Building contracts continued to increase to handle any emergency.
Interest was manifested in the commodity reports prein volume in December as compared with November and
and the statements of
further increases were recorded in pig iron production and dicting business for the next quarter,
the railroads as to condition of their motive power. Ample
unfilled orders of the United States Steel Corporation. Bituminous coal production showed a decline, as did also pro- transportation to handle all business was promised by the
be in
duction of crude oil. Freight car loadings continued the railroads, who reported equipment and facilities to
downward trend which began in November. Merchandise excellent condition. Not a single major complaint as to car
exports and imports increased while excess gold exports service has been received during the last quarter, E. J.
declined. Increases in the following indices in December Cleave, New York District Manager of the American Railconference. The coal dealers in
as compared with November are reported in The Bank of way Association, told the
the territroy of the Atlantic States Shippers Advisory
America's barometers: The total circulation of the Federal
Reserve System, the total loans to member banks and the Board—which includes New York, eastern Pennsylvania,
Virginia peninsula
interest rates on call loans. The ratio of reserves to deposits New Jersey, Delaware, Maryland and the
was
of the Federal Reserve System maintained its downward —reported through the Coal Commttiee that their trade
being handled successfully by the use of substitutes; that
trend. Sterling exchange continued to rise while the franc
the substitutes necesregistered further declines. The number of commercial they had no difficulty in getting all
as the liabilities involved, were higher in sary for the comfort of their trade, and that they proposed
failures, as well
of the anthracite strike,
December than in November. Railroad and industrial stock to keep on hand, during the balance
of all cusIn addition to other important industrial and a sufficient supply of substitutes to take care
prices rose.
tomers' requirements. The Coal Committee stated that
financial indices, the new issue of The Bank of America ReEastern territory Would use in the first quarview contains important articles on "American Policy Re- normally the
ter this year 7,469,800 tons of prepared-size anthracite and
garding Foreign Raw Material Market" and "American In2,935,900 tons of steam-size anthracite. Dealers will take
terest in China."
care of the bulk of this tonnage through the use of substiIndustries in Eastern Atlantic States Look for Increased tutes. At the present time half of the dealers are carrying
less than 50% of their usual stocks. The other half of the
Business this Year over Last—Conference of
dealers are carrying the same amount of substitutes as when
Atlantic States Shippers' Advisory
they were handling anthracite. Practically all dealers reBoard.
Forty industries of the Eastern Atlantic States expect an ported that they were getting unusually prompt delivery of
average increase of 10% in business for the first quarter coal and coal sugstitutes by the carriers.
A summary of the reports of some of the most important
this year over the corresponding period last year, according
at the second annual confer- industries in the Atlantic States Advisory Board territory
to the trade survey submitted
the coming
ence of the Atlantic States Shippers Advisory Board, held in follows. These reports forecast business for
Jan. 14. Approximately 400 shippers and quarter as compared with the first quarter of 1925.
New York City
674
THE CHRONICLE
Iron and Steed-Shipments are expected to show an increase of 25%
over the first quarter of 1925. The movement of carload traffic continues
to be satisfactory.
Cement.
-It is estimated that car requirements will be more than 29,000
cars. So far as cement is concerned, the movement during the entire
year of 1926 will be considerably greater than in 1925. The Cement Committee computed that contracts for 22,604,494 square yards of concrete
pavement were let during the first eleven months last year. This was an
increase of 2,711,174 square yards over the previous year. The committee does not expect any let-up in present building operations in Eastern
territory for the next quarter.
Automotive Parts.
-Car requirements for the first quarter will be 10%
greater than a year ago. The committee reports that their manufacturers
business throughout the entire year to be at the same level as 1925.
expect
Confectionery.
-For the next three months shipments of confectionery
will be approximately the same as a year ago. Due to the Christmas movement, the next quarter's business will, however, be a decrease of about
20% over the previous quarter.
-There will be a slight increase in the coffee industry for the
Coffee.
next three months. Coffee substitutes are not holding the attraction which
they formerly did, with the result that the entire year of 1926 will be
better than 1925.
Brich.-The committee reports that there has been substantial increases
in brick stocks as compared with a year ago. The opinion in the industry
is that with the unfilled orders and prospective work in sight there will
be no great decrease in construction work in the Eastern Atlantic States
during the next six months.
Clay and Clay Products.
-Clay shipments are expected to show a decrease of 10%; terra cotta shipments an increase of 50% and hollow
building tile shipments an increase of 25%.
Fertilizer.-Outbound shipments for the coming quarter will require
13,463 cars, a slight increase over the same period last year.
Less-Than-Carload Traffic.
-In the Philadelphia district less-than-carload business, that is, merchandise and miscellaneous freight, is expected
an increase averaging 8%. In the New York district this traffic
to show
will show an average increase of 10%.
Machinery.
-An average increase of approximately 25% is looked for
during the coming quarter over last year.
Paint
.-The paint, oil and varnish industry anticipates that 1926 will
be one of the largest years in history.
Paper.
-Seventy per cent of the reporting mills expect outbound shipments to be the same, while the remainder look for a slight increase.
Petroleum-Shipments of petroleum and petroleum products in this
territory for the coming quarter will be 10 to 15% in excess of the same
period last year. The coming quarter's business, however, will represent
a decrease of the same proportions as against the preceding quarter.
Rubber.
-An average increase to 10% in the westbound movement of
raw materials is expected by about half of the industry. The other half
looks for no change.
Textiles.
-No change is expected in the shipments of cotton yarns,
woolens, suitings and overcoatings, oil cloths and linoleums, carpets and
rayon silk; a 10% increase is looked for in cotton piece goods, felts and
pile fabrics; a 12% decrease is looked for in bleached goods, and a 2%
increase is looked for in the shipment of natural silk.
-Car requirements in the New York district will be about 200
Sugar.
cars a day, or 10% less than a year ago; in the Philadelphia district 75
cars per day, or 15%.: less than a year ago; in the Baltimore district between 45 and 50 cars per day, or a 10% increase over the first period
last year.
No marked change is expected in the shipment of canned goods, chemicals, leather goods, roofing materials and tobacco for the next quarter.
Building Operations in New York City Still Expanding.
New York City's first official monthly building report
for the new year, which was made public yesterday, indicated increased activities in all types of construction in the
five boroughs. The figures, as announced by S. W. Straus
Si Co., shoved ?Adding permits issued in January amounting' to $80,545,457, compared with $69,482,268 last year, a
gain of $11,063,189; or 16%. The number of permits increased from 3,762 to 4;688. Brooklyn gained more than
$4;000,000; Queeds; $3,000,000; Bronx, $2,000,000; Manhattan, $1,300,000 and Richmond $500,000.
The various boroughs issued January permits as follows:
Manhattan, $31,850,365; Brooklyn, $18,527,460; Bronx, $17,738,150; Queens, $11,443,685, and Richmond, $985,797.
Employment in Selected Industries in United States
during December-Substantial Increase in Payrolls.
Employment in manufacturing industries of the United
States was practically unchanged in December as compared
with November, while payroll totals showed a substantial
increase, according to the United States Department of
Labor. In making public the figures for the month on
Jan. 16, the Department says:
The Bureau of Labor Statistics' weighted index of employment for Decetnber is 92.6, an increase of 0.1% as compared with the November index
of 92.5; the Weighted' inclek of payroll totals for December is 97.3, an
increase of 1.1% as compared with the November index of 96.2.
These figures are based on reports received by the Bureau of Labor Statistics from 9,294 establishments in 53 industries, covering in December
2,888,774 employees, whose earnings in one week were $78,513,079.
Comparison of Employment in November and December 1925.
The unweighted volume of employment increase in December in the South
Atlantic, Middle Atlantic, Mountain, and West South Central divisions, and
decreased in the remaining five geographical divisions of the United States.
Payroll totals, however, increased in six of the nine divisions, both the New
England and East South Central States reporting considerable gain in payroll totals with small losses in employment.
Five of the 12 groups of industries gained in employment in December,
according to the weighted indexes, while 6 groups show increased payroll
totals. The metal industry groups and the miscellaneous group, which
Includes agricultural implements, electrical machinery and steel shipbuilding, show the most pronounced gains, while building material groups
and the leather and vehicle groups show the most pronounced losses.
[Vor.. 122.
Thirty of the 53 separate industries show an increase in employees, the
increases in the rubber boot and shoe, steel shipbuilding and automobile
tire industries being especially noticeable, with machine tools, agricultural
implements, iron and steel, steam car building and repairing, and other
metal industries following. Industries showing the greatest losses in employment were the seasonal automobile, stove, confectionery, boot and
shoe, cement, brick, women's clothing, sawmill and ice cream industries.
Thirty-four industries show gains in payroll totals. Cotton goods and
fertilizers coupled large increases in payroll totals with small gains in
employment, but in other industries payroll totals closely followed fluctuations in employment.
For convenient reference the latest figures available relating to all employees,
excluding executives and officials, on Class I railroads, drawn from Inter.
State Commerce Commission reports, are given at the foot of the first and
second tables.
.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISIIMENTS
DURING ONE WEEK EACH IN NOVEMBER AND DECEMBER 1925.
[The per cent's of change given in this table for each of the 12 groups and for the
total of all groups are unweighted.1
No. on Payroll.
Industry.
.'
Es
'tabUghments.
Nov.
1925.
Dec.
1925.
Per '
Amount of Payroll.
Per
Cent
Cent
of
November December
of
change
1925.
1925.
change
Food and kindred
5
$
products
L353 202,632 200,260 -1.2 5,112.984 5,091,960 -0.9
Slaughtering and
meat packing_
78
73,589
73,994 +0.6 1.889,018 1,884,032 -0.3
Confectionery
255
35,797
34,316 -4.1
658,951
658,660 ()
5
Ice cream
172
7.878
7.694 -2.3
264,970
256,247 -3.3
Flour
15,977
355
15.690 -1.8
423.566
416,473 -1.7
Baking
478
58,858
57,895 -1.6 1,551,075 1,550,195 -0.1
Sugar rerg, cane
15
10,533
10.671 +1.3
325.404
326,353 +0.3
Textiles and their
products
1,667 558,256 558,561 +0.1 11.001.737 11,166,345 +1.5
Cotton goods
319 191,437 192.473 +0.5 3,079,463 3,209,230 +4.2
Hosiery and knit
goods
83,111
245
82,696 -0.6 1.560,399 1,561,747 +0.1
Silk goods
196
60,994
60,741 +0.4 1,304.600 1,325,474 +1.6
Wool.& worsted
goods
68,805
191
68.338 -0.7 1,520.860 1,515.047 -0.4
Carpets & rugs_
28
21,799 +0.7
21,657
570,947
568,291 -0.5
Dyeing & finishtextiles
29,612
29.488 -0.9
83
727.512
733.267 +0.8
Clothing, men's_
52,568
259
52.648 +0.2 1,198,450 1,241,003 +3.6
Shirts & collars22,345 +0.6
22,201
79
353,882
363,276 +2.7
Cloth'n,women'E
16,946
187
16,503 -2.6
437.352
399,378 -8.7
Mill'y - lace g'd•
80
11,580 +1.4
11,425
248,272
249,632 +0.5
Iron dr steel ,Sc their
products
1.571 621.756 632.570 +1.7 18,385.413 19.202,912 +4.4
Iron and steel_
211 277.980 285.968 +2.9 8,350.951 8.889,534 +6.5
Struel ironwork
149
20,889 -0.4
20,969
599,862
618,272 +3.1
Fdy.& machineshop products
788 202,025 204,790 +1.4 5.984.574 6,180,782 +3.3
Hardware
33,704
63
33.927 +0.7
862,688
892,542 +3.5
Machine tools
160
28,804
29,760 +3.3
894,614
944,040 +5.5
Steam fittings &
steam & hot'
water heating
apparatus..._
116
41,762
41,523 -0.6 1,211,751 1,223.932 +1.0
Stoves
16,482
84
15,713 -4.7
481.473
453.810 5.7
Lumber & Its prod.
972 201,768 198,562 -1.6 4.603,214 4.562.825 -0.9
Lum., sawmills.
382 111,951 109.231 -2.4 2,396,255 2,363,860 -1.4
Lum ., millwork_
244
33,330
33.450 +0.4
817,187
823.037 +0.7
Furniture
346
56,487
55.881 -1.1 1,389.772 1.375,919 -1.0
Leather & its prod_
363 123,554 119.777 -3.1 2,712.775 2.673,905 -1.4
Leather
141
29,385
29,324 -0.2
749.019
752,499 +0.5
Boots and shoes.
222
94,169
90,453 -3.9 1,963,756 1,921.406 -2.2
?aper and printing
819 161,478 162,462 +0.6 5,209,355 5.311,209 t2.0
Paper and pulp_
207
55.439
55,681 '+0.4 '1,508,021 1,515,022
0.6
Paper boxes_ __ _
149
17,173
376,690 -1.7
16.843 -1.9
383,177
Printing
Book and lob_
255
42,571
43.010 +1.1 1,466.687 1.509,114 +2.9
Newspapers_ 46,205
208
46,919 +1.3 1,8.53,450 1.910,383 +3.1
jhemicals & allied
products
253
83.315
83.669 +0.4 2,449,694 2,418,142 - 3
1.
Chemicals
24,222
98
24,300 +0.3
619.480
627.655 +1.3
Fertilizers
7,875
98
7,912 +0.5
150,594 +5.8
142.337
Petroleum ref'g_
51.218' 51.457'
57
+0.5 1.687,897 1.639.893 -2.8
hone, clay dr glass
products
3
629 105,089 103.30 -1.6 2.850,568 2,766,613 -2.9
Cement
82
' 24,718 r 23.993 -2.9' 754,010
704,270 -6 8
.
Brick, tile and
terra cotta
32,654
378
32.017 -2.0
830.598 -1.7
' 845.145
Pottery
12,251
57
12,150 1-0.8
325,836
328.167 +0.7
Glass
35,46(
112
35,228 -0.7
903,578 -2.4
925,574
,fetal prod, other
than iron & st'l
148 . 41,12!
41,611 +1.2 1,095,837 1.133,289 +3.4
Stamp'd &enamware
12,92(
13,013 +0.7
39
307,140 +1.8
301,659
Brass, bronze &
copper prod'ts
25,199
28,598 +1.4
109
826.149 +4.0
749,178
'obacco products_
42.238
42,392 +0.4
175
777,143 +0.8
771.044
Chew'g & amok.
32
8,353 -03
8.417
tob. & snuff
127.794
132.152 +3.5
Cigars & cig'tes.
34,039 +0.6' 643,300
33.821
143
644,991 +0.3
'ehicles for land
.
tran5porta'n_
959 I 506,292 492,514 -2.7 17.037.666 15,984,489 -6.2
Automobiles.._ _
209 348.829 331,603 -4.9 2.349,826 11.285,886 -8.6
Caeges & wag's_
2,862 -1.1
73' 2,895
66,814
67,573 +1.1
Car building and
repairing
Electric railroad
192 j 17.446
17,500 +0.3
531.092
531,699 -0.3
Steam railroad
490 137,122 140,549 +2.5 4,087.939 4,099,328 +0.3
Medi. industries
385 246.121 r 253,003 *4-2.8 7,068,782 7,424,252 +5.0
Agricul. imp!'ts_
26,513
98
27.350 +3.2
760,250
805,339 +5.9
Elec. mach.. apparatus & sup.
132 113.373 115,050 I +1.5 3.303,498 3,398.607 +2.9
Pianos & organs
8,550
30
8,646 '+1.1
278,856
284.327 +2.0
17,664
Rub.b'ts & shoes
11
18.720 +6.0
438,916
471.722 +7.5
Automobile tires
65
55.908
57,372 +3.5 1,600,851 1,719,414 +7.4
Shipbidg., steel.
24.613
37
25.865 +5.1
744,843 +8.5
686.402
Total
9,294 2.803.624 2.888.779 -0.2 78.299,046 78.513.079 +0.3
Reardiviation Si, Geographic
Mignon.,
New England__ 1,280
Middle Atlantic_ 2,304
East North Cent'l. 2.441
West North Cent'l
907
South Atlantic__
915
East South Central
397
West South Centl.
348
Mountain
159
Pacific
543
Total
425.578 422,410
830.255 840,388
945,057 932,453
151,951 • 151.315
239.444 242,963
97,107
96.823
70.218
70,823
26.402
27,493
107,612 104,126
-0.7 10.208.360 10.380,761
+1.2 23,117,172 23,806,881
-1.3 29.353,496 28.579,562
-0.4 3,803.145 3,780,500
+1.5 4.629,272 4,789,687
-.0.3 1,934,127 1.962,713
+0.9 1,530.792 1.577.532
+4.1
733.820
715,684
-32 3,006.998 2.901,563
+1.7
+3.0
-2.6
-0.6
35
1.5
3.1
2.5
-4.5
9.294 2.893.624 2.888.774 -0.2 75 200 nsa 75 AIR 070 4-0.3
Employment on Class I Railroads.
Sept. 15 1925
1.787.024
1
15236.973.787
J
Oct. 15 1925
fI
1.800.453
1+0.81
a250.n08,828
•Less than one-tenth of 1%.
I Amount of payroll for one month.
I +5.7
Comparison of Employment in December 1924 and December 1925.
The volume of employment in December 1925 was 6% greater than in
December 1924 and payroll totals had increased 9.3%, as shown by unweighted figures for the two periods from 8,010 establishments in 63
industries.
FEB. 6 1926.]
THE CHRONICLE
In this comparison over an interval of 12 months substantial gains are
shown in 8 of the 9 geographical divisions as to employment and in every
division as to payroll totals, the solitary decrease being a drop of 0.8%
in employment in the West South Central States. The East North Central
States show a gain of 12.3% in employment and a gain of 18.6% in employees' earnings.
Nine of the 12 groups of industries show considerable gains both in
employment and payroll totals, the vehicle group leading with gains of
16.4% and 24.3%, respectively, in the two items. The metal products
groups and the chemical group also made notable gains.
The food, leather and tobacco groups show a loss of 3.5%, 0.7% and
1.3%, respectively, of their employees and also show decreased payroll totals.
Increased employment in December 1925 over December 1924 is shown
in 41 of the 63 industries, and increased payroll totals also are shown, in
41 industries, although the industries are not identical in every case.
Automobiles and machine tools show gains of over 30% each In number
of employees and gains of over 40% each in payroll totals, in December
1925. Other very large gains were made in agricultural implements, rubber boots and shoes, steam fittings, carriages, sugar refining, silk goods,
hosiery, electrical machinery and glass.
The woolen and worsted goods industry shows a falling off of 11.7% in
employment and of nearly 20% in employees' earnings, and slaughtering
and meat packing shows a drop of 10 and 12%, respectively, in the two
items. Steam railroad car building and repairing and chewing and smoking tobacco also show considerable decline in both items.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN DECEMBER 1924 AND DECEMBER 1925
The per cents o change given in this table for each of the 12 groups and for Ins
total of all groups are unweighted.
675
Employment on Class I Railroads.
Oct. 15 1924
Oct. 15 1925
I
1,806,342
1,800,453
1
1_031
4248,374.250
x250.508.828
I
I +0.9
Amount of payroll for one month.
Wage Changes.
Forty-four establishments in 22 industries reported wage rate increases
in the month ending Dec. 15. These increases, averaging 10.2%, affected
1,514 employees, or 12% of the total employees in the establishments concerned.
Wage rate decreases were reported by 8 establishments in 5 industries.
These decreases, averaging 10.8%, affected 1,853 employees, or 40% of
the total employees in the establishments concerned.
WAGE ADJUSTMENTS OCCURRING BETWEEN NOV.15 AND
DEC. 15 1925.
Establishments.
Employees Affected.
Per cent of ZScrease or decrease in
Wage rain.
Per cent of
employees.
Industry.
-
Total
nunsber
reportenc.
NunsDer report's,
Total
therm Range. AVM nuns,
or deage, bee.
crease
Mirage
rates
In este/lithmls
reportins In all asincrease tablishor dements
crease in report
wage
rotes.
Increases.
Slaughtering & meat pack'g
78
1
8
6.0
50
3
(9
Flour
No. on Payroll.
Pet
Amount of Payroll.
355
1
Per
31.3 31.3
3
33
(
5
)
Baking
Industry.
Estab478
cent
1
3
cent
3.0
5
20
(9
Millinery and lace goods _ _ _
listsDec.
Dec.
of
December IDecember
80
2 10-25 22.9
of
7
7
(9
meats. 1924.
1925. change
1924.
1925.
change Foundry and machine-shop
Products
788
6 5.8-15
9.4
33
26
(9
Machine tools
Food and kindred
180
2 3-20
S
8.0
S
12
11
(9
products
918 184,538 178,051
382
1
3.5 4.665,455 4.514,487 -3.2 Lumber, sawmills
9
9.0 100
12
(9
Lumber, millwork
Slaughtering and
244
2 5-20 12.3
47
8
(9
Furniture
meat packing_
346
78
82,360
73,994 --I0.2 2,145,832 1,884,032 -12.2
4 6-12
8.0 218
41
(9
Confectionery.
222
235
954,892
31,624
1
8
32,169 +1.7
8.0
613,607 +3.1 Boots and shoes
20
12
Ice cream
255
91
5,908
6,276 +6.2 1195,183
6 4-13
5.1 109
218.345 +11.3 Printing, book and Job_ _ _
5
(9
Flour
98
248
1
10
13,191
10.0 125
356.198 +1.7 Chemicals
13,251 +0.5 '1350,095
7
1
Baking
378
252
1
10
43,128
42,724 -41.9 1.123.288 L151.559 +2.5 Brick, tile and terra cotta
10.0
35
100
(9
112
Sugar ref'g, cane
4 8-25
255,165
14
20.6 288
8.325
9,647 +15.9
290.748 +13.9 Glass
20
I
Stamped & enameled ware_
39
elll
1
Textiles and their
6.7
8.7
9
5
(9
I
1,544 518,575 530,771 +2.4 10.492.244 10.570,143 +0.7 Chewing and smoking toproducts
bacco and snuff
32
1
8
8.0
308 184.010 185.052 +0.6 3.116,275 3,074,744 -1.3
Cotton goods
75
1
100
204
2 5-10
H05. & knit g'ds
5.5
234
70.030
92
78,317 +11.8 1,284,756 1,477.379 +15.0 Automobiles
14
(9
..1
Silk goods
190
52,263
59,437 +13.7 1,103,024 1.296,144 +17.5 Car building and repairing,
electric railroad
2 5-12.5 11.7
192
83
Wool.& worsted
100
(9
98
1
8
8.0
165
6
goods
70,478
62,208 -11.7 1,702,923 1,364,047 -19.9 ' Agricultural implements
100
(9
Carpets & rugs_
21,911
572,567
26
567.065 -1.0 Electrical machinery, appa21.780 -0.7
ratus and supplies
135
2 1-8
2.2 161
Dyeing 3c finish9
w
(9
39
1
15
15.0
15
ing textiles_ _ _
711,246
80
27,954
15
(9
713,416 +0.3 Pianos and organs
28,751 +2.9
2
37
7.3
7.3
21
233
Clothing, men's_
45.495
6
47,857 +5.2 1.078,152 1.141.022 +5.8 Shipbuilding,steel
(9
72
Shirts & collars.
19.285
304.610
21.434 +11.1
348.234 +14.3
Decreases
Cloth'g.women's
161
15,645
374,293
15,058 -3.8
352,250 --15.9
Miry St lace trds
77
11,504
10.877 -5.5
244,398
235,842 -3.5 Iron and steel
211
1
10
10.01,500
Iron & steel & their
48
1
2 5-50
382
13.9 212
products
1,365 560.265 598,033 +8.7 16,610,980 18.232,95e +9.8 Lumber, sawmills
29
(9
244
2 5-20
12.3
Iron and steel
47
206 267.808 281,740 +5.2 8,248,447 8.789,057 +6.6 Lumber, millwork
8
(9
Leather
141
1
5
5.0
Struel ironwork
43
140
19,036
90
(9
19,968 +4.9
539.592
592,630 +9.8 Brick,tile and terra cotta
378
2 19-30
26.5
51
Fdy.& machine91
(9
ell
shop products
629 172,885 182,705 +5.7 5,0110.374 5,547,70? +9.6
• Less than one-half/of %.
Hardware
53
31.842
32,570 +2.3
785.207
859,131 +9.4
Machine tools_
152
20,767
27,182 +30.9
610,013
Per Capita Earnings.
855.533 +40.2
Steam fittings &
Per capita earnings in December 1925 were 0.4% greater than in Novemsteam and hot
water heating
ber 1925, as shown by reports from 9,294 identical establishments in the
apparatus_ __ _
108
32,861
38,701 +17.8
923,232 1,150,25f +24.6 two months, and they were 3.1% greater in December 1925 than in DecemStoves
77
15.066
15.077 +0.1
444,115
438.64 -1.2 ber 1924, as shown by reports from 8,010 identical establishments
,
Lumber & its prod.
in the
904 186.231 188,008 +1.0 4.136,578 4,327,92f +4.6
turn., sawmills.
350 105.253 103,566 -1.6 2.190,029 2,246,341 +2.6 two periods.
•
turn., millwork_
235
30,841
32,587 +5.7
Thirty-nine of the 53 industries show increased per capita earnings in
740,804
804.92f +8.9
Furniture
319
50.139
51.855 +3.4 1.205,748 1.276,655 +5.7
Leather & Its prod_
310 113,016 112.251' -0.7 2,580,707 2,511,151 -1.9 December as compared with November. The most pronounced increase
was 5.3% in the fertilizer industry, and the outstanding decrease was
Leather
114
25,36?
26,208 +3.3
641,594
680.001 +6.0
Boots and shoes
196
6.2% in the women's clothing industry.
87.653
85,048 -1.8 1.919,113 1,831,150
Paper and printing
734 148,135 150,655 +3.1 4.602.433 4,898.570 -4.6
Forty industries show increased per capita earnings in December '1925,
+6.4
Paper and pulp201
53.197
58,698 +2.8 1,423.652 1.489,724 +4.6 as compared with December
1924, the greatest increase, 9.5% being in
paper boxes- .
133
15,199
15.322 +0.8
330,912
343.669 +3.9 the automobile
Printing
industry, and the greatest decrease, 9.2%, being in the
Book and lob215
36.676
37,311 +1.7 1,227,468 1.301,738 +6.1 woolen and worsted industry.
NewsPaners.185
41,063
43.324 +5.5 1.620.401 1.763.439 +8.8
Chemicals & allied
COMPARISON OF PER CAPITA EARNINGS, DECEMBER 1925 WITH
products
246
75.739
NOVEMBER 1925 AND DECEMBER 1924.
82.143 +8.5 2,187,835 2,383.436 +8.9
Chemicals
92
21,995
22.874 +4.0
559.705
594.094 +8.1
Fertilizers
97
6.972
7,812 +12.0
128,188
149.44 +16.6
% of change,
petroleum reg.
% of change,
57
46.772
51,457 +10.0 1,499,942 1.639,89 +9.3
Dec. 1925,
Stone, clay & glass
Dec. 1925,
Industry.
coca pared
products
Industry.
compared
525
91,716
95,025 +3.6 2,455.452 2.569,02 +4.6
with
Cement
with
88
22,221
21,646 -2.6
853,372
644,32 -1.4
and
Brick, tile
Nov. Dec
terra cotta
301
Nov. Dec.
27,491
28,143 +2.4
716,759
749,126 +4.5
1925. 1924.
Pottery
48
1925. 1924.
11,198
10,954 -2.2
301,150
207,477 -1.2
Glass
108
30,806
34,282 +11.3
784,171
878,101 +12.0 Fertilisers
+5.3 +4.0 Silk goods
Metal prod., other
+1.2 +3.3
Chewing and smoking toiron & srl
Lumber, sawmills
than
79
+1.1 +4.2
30,752
33.778 +9.8
788,855
901,771 +14.3
bacco and snuff
+4.2 -1.6 Stamped & enameled ware +1.1 +4.7
St'mp'd & enamConfectionery
+4.2 +1.4 Chemicals
ware
.
39
+1.0 +2.0
11,598
13,013 +12.2
261,265
307,140 +17.8 Automobile tires
+3.7 -1.2 Pianos and organs
Brass. bronze &
+0.9 +3.0
Cotton goods
copper prod
+3.6 -1.9 Hosiery and knit goods__ _ +0.7 +2.8
40
19.154
20,765 +8.4
527,590
594,631 +12.7 Iron and steel
Tobacco products.
+35 +1.3 Leather
168
+0.7 +2.6
39,198
38,69 -1.3
721,326
716,132 -0.7 Structural ironwork
Chew'g & stook.
+3.5 +4.7 Lumber, millwork
+0.3 +2.8
Clothing. men's
lob. & snuff._
-1-3.4 +0.6 Woolen & worsted goods_ _ +0.3 -9.2
32
8.898
8.35 -6.1
142,953
132.152 -7.6 Shipbuilding, steel
Cigars & cig'tes.
+3.3 +0.5 Brick, tile dc terra cotta. _ +0.2 +2.1
136
30,300
30,34
+0.1
578,373
583,980 +1.0 Hardware
Vehicles for land
+2.8 +7.0 Paper boxes
+0.2 +3.0
Agricultural Implements_ _ +2.7 +7.7 Flour
transPorta'n..
869 410,933 478.48 +16.4 12,532,164 15,577,412
+0.1 +1.3
+24.3 Brass, bronze and copper
Automobiles _
189 247.332 325.32. +31.5 7,894,118
Furniture
+0.1 +2.4
11.085.979 +44.1
products
Carriages & waif.
+2.6 +4.0 Paper and
34
+0.1 +1.8
1,896
2,23 +17.8
45,051
53,593 +19.0 Carriages and wagons__- +2.3 +1.0 Cigars and pull/
and
Car building
cigarettes
+0.8
Machine tools
repairing
+2. +7.2 Car building and repairing
Shirts and collars
175
Electric railroad
+2. +2.8
electric railroad
14,515
-0.6 +4.3
14.65 +1.0
435,338
458.420 +5.3 Boots and shoes
Steam railroad+1.
Millinery and lace goods- - -0.8 +2.1
471 147.190 136.280 -7.4 4.357.657 3,979.420
Miscell. Industries
348 210,534 236.085 +12.1 6,018,376 6,895,170 -8.7 Foundry and machine-shop
Slaughtering and meat
+14.6
products
Agricul. Imprts,
Packing
87
-0.8 --2.3
21,146
25.976 +22.8
583,339
771.894 +32.3 Printing, book and lob_ -- +1. +3.7 Ice cream
Elec. mach., ap+1. +4.2
-1.0 +4.8
paratus & sup.
118
+1. +3.1 Sugar refining, cane
88.464 101,198 +14.4 2,498.018 2,961.412 +18.6 Printing, newspapers
Steam fittings and steam
33
Carpets and rugs
-1.1 -0.3
Pianos& organs.
7.888
7,966 +1.0
253.255
263,410 +4.0
and hot-water heating
11
Rub.b'ts & shoes
-1.3
Stoves
16,698
18,720 +12.1
417,150
471.722 +13.1
apparatus
64
Automobile tires
+1. +5.8 Glass
+0.6
52.032
56.904 +9.4 1,575.323 1.703.20 +8.1
Baking
+1. +3.5 Car building and retaking
35
Shipbldg., steel,
24.308
25,319 +4.2
691,291
723,51
+4.7 Pottery
-1.4
steam railroad
+1. +1.0
Electrical machinery, ap-0.6
Petroleum refining
-3.3
8,010 2.567.632 2.721.991 +6.0 57,772,405 74.098.175
Total
+9.3
paratus and supplies
-3.8 +1.3
+1. +3.6 Cement
Recapitulation by Geographic Divisions.
Rubber boots and shoes_ _ _ +1. +0.9 Automobiles
+9.5
Dyeing & finishing textiles +1
-2.2
-2.5 Clothing, women's
New England__ 1,065 380.166 383,524 +0.9 9.184.265 9.363,885 +2.0
Middle Atlantic_ _ 2.112 783,867 811,873 +3.6 21.845.094 23,013,340 +5.3
Comparing per capita earnings for November and December in the nine
East North Central 2,123 785,148 881.404 +12.3 22,839.400 27,084,659 +18.6
'l
706 133,368 135,796 +1.8 3,327.711 3,367.007 +1.2 geographic divisions, increases are shown in five divisions and decreases
West North Cent
Atlantic__ -793 213.972 228,835 +6.9 4,149.136 4.535,682 +9.3 in four divisions, the New England States showing the greatest increase
South
333
88,585
92,090 +6.4 1.726,119 1,870,022 +8.3 2.5%-and the Mountain States the greatest decrease
East South Central
-1.5%.
289
'l
68,307
67,766 -0.8 1,491,900 1,514,096 +1.5
West South Cent
When December 1924 and December 1925 are compared, increased per
120
23,110
Mountain
25,850 +11.9
621,825
697,455 +12.2
469
93,129
94.853 +1.9 2,586.955 2,652,029 +2.5 capita earnings are shown in each division except the West North Central,
Pacific
in which a decrease of 0.6% appears. The greatest increase
-5.6%
-was
8,010 2.567,632 2,721,991 +6.0 87.772.405 74.098.175 +9.3 In
Total
the East North Central division.
(9
1
[VOL. 122.
THE CHRONICLE
COMPARISON OF PER CAPITA EARNINGS. DECEMBER 1925 WITH
NOVEMBER 1925 AND DECEMBER 1924, BY GEOGRAPHIC DIVISIONS.
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN MANUFACTURING INDUSTRIES,NOV.AND DEC.1925 AND DEC. 1924.
[Monthly average, 1923=100.1
Per Cent of Change,
December 1925 Compared with:
November 1925 December 1924
Empty- Payroll Empl'y- Payroll Ern:VI,- Payroll
Totals
ment. Totals . ment. Totals meat
1
27
62
23
26
18
23
39
12
55
17
21
23
21
20
29
17
15
31
12
36
48
20
21
26
20
24
95
85
97
96
97
97
87
98
81
96
96
95
92
100
97
96
97
99
91
98
89
89
95
96
98
96
96
56
38
50
45
65
48
39
48
33
69
59
60
63
05
47
59
34
51
48
78
44
35
49
39
35
40
47
44
62
48
52
34
54
60
51
66
31
41
90
37
5
52
41
62
49
49
22
52
65
51
61
85
60
53
90
80
89
86
94
89
81
86
78
95
96
93
92
99
80
86
69
91
85
94
84
84
86
81
83
80
89
52
82
78
68
68
48
18
21
32
31
90
97
96
93
93
20
54
58
47
37
80
46
42
52
61
78
92
87
82
77
84
81
74
79
16
19
25
21
98
96
95
96
73
59
42
36
27
41
58
64
94
87
83
78
75
87
63
47
100
25
13
38
53
94
98
95
87
100
41
74
50
34
28
57
26
50
86
72
87
92
94
82
70
73
26
94
48
52
85
*Less than one-half of 1%•
Indexes of Employment and Payroll Totais in Manufacturing Industries.
Index numbers for December and November 1525 and for December 1924,
showing relatively the variation in number of persons employed and in
payroll totals in each of the 53 industries surveyed by the Bureau of Labor
Statistics, together with general indexes for the combined 12 groups of
industries, appear in the following table.
The general index of employment for December 1925 is 92.6 and the
general index of payroll totals is 97.3.
The monthly average index of employment in 1925 is 91.2, an increase
of 1% as compared with the monthly average of 1924; the monthly average
index of payroll totals in 1925 is 93.6, an increase of 3.3% as compared
with the monthly average of 1924.
In computing the general index and the group indexes, the index numbers of the separate industries are weighted according to the importance of
the industries.
.10.4M0WWMMX=CT=O0MM.3Q000W000
WOW.JM.P.WWN,4M0.4W.WWWQM.WWW
O®
i=0:t.: :'&4 8 2M8EE Eng eisegmrEEEsEgnE5ns2- TE--gragvalamsnEgnEE§
La 6..43C0 W, 4,bboboWi.a;c4abis2i.:Miub:
i.:M0W.LzM00W06WL4.i0M00.
.4
73
38
76
71
81
77
60
87
44
83
79
77
79
100
78
71
79
85
87
88
60
52
80
79
74
80
76
"8"";"
87
87
91
71
81
92
78
86
92
84
89
89
81
78
78
91
81
73
79
91
77
78
83
69
96.7
90.3
103.6
92.2
93.9
104.3
96.5
90.0
85.7
114.3
116.2
85.4
92.0
106.4
79.7
95.7
79.0
80.0
96.8
105.1
102.4
87.1
103.7
114.4
102.4
. 92.7
93.2
88.2
103.2
104.4
91.9
91.4
92.1
103.0
94.5
107.5
102.3
109.8
97.6
95.8
101.1
98.6
99.7
96.8
99.1
105.4
99.3
104.0
100.1
100.9
95.7
109.7
113.0
85.4
93.8
82.1
110.4
102.7
116.1
110.9
115.4
100.5
102.6
99.6
98.4
108.8
106.1
104.3
116.8
111.0
100.2
103.0
99.0
94.6
102.3
103.4
101.9
100.6
101.8 105.1
94.4
88.4
99.8
91.6
94.3
86.1
103.8 110.5
103.3 111.9
84.3
89.2
94.3
91.2
80.3
88.5
103.6 112.5
94.8 103.3
105.5 114.1
103.4 114.1
111.2 119.0
98.0 100.6
103.9
96.1
101.8 105.4
95.8
99.1
98.3 106.3
94.0 *99.1
102.8
97.1
104.6 117.6
98.6 108.3
a
101.5 105.7
103 8 105.2
100.4 105.9
95.0 101.2
90.3
95.2
93.7
118 1
99.7
92.1
101.6
101.0
131.4
98.3
89.6 V95.3
95.7 101.9
92.7 1196.9
112.4 120.1
99.4
98.6
89.8
95.4
90.0
95.2
78.2
91.0
99.1
81.9
93.0
112.4
80.1
94.2
102.2
82.1
98.9
119.0
98.0
99.2
85.2
107.0
79.8
104.0
119.9
95.9
104.7
80.7
99.4
100.3
90.3
110.7
83.9
107.0
122 2
103.0
121.5
87.5
1
50
58
48
97
59
30
71
52
39
54
49
53
61
70
60
43
57
69
67
43
67
75
71
76
00WWW0WMOMM
W8=MOMMc00.00 ,
MW4.W.I.WM.OWWNW.0000MWNW.4
50
42
54
2
40
69
29
47
59
46
50
47
39
29
38
57
37
29
33
56
33
25
29
24
WWWC
WW.AM
91
94
97
97
76
96
95
93
98
95
96
97
98
90
86
99
89
86
95
97
96
94
98
98
97.3
92.5
86.6
94.0
86.5
90.5
99.9
93.1
89.6
85.4
101.6
108.1
87.4
95.1
100.8
86.1
90.8
78.3
78.3
89.9
98.1
92.5
82.7
92.7
100.7
The following tables show the general index of employment in manufac
turing industries from June 1914 to December 1925 and the general index
of payroll totals from November 1915 to December 1925:
GENERAL INDEX OF EMPLOYMENT AND OF PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
Employment (June 1914 to December 1925)
[Monthly average, 1923 = 100.1
Month,
January....
February.
March__ _ _
April
May
June
July
August.....
September
October
November
December.
Average
1914. 1915. 1916. 1917 1918 1919. 1920. 1921. 1922. 1923.
91.9 104.8 117.0 115.5 110.1 116.1 76.8 87.8 98.0
92.9 107.9 117.5 114.7 103.2 115.8 82.? 87.7 99.8
93.9 109.6 117.4 116.5 104.0 116.8 83.8 83.8 101.1
93.9 109.0 115.0 115.0 103.f 117.1 84.0 82.4 101.8
,
94.1 109.5 115.1 114.1' 106.2 117.4 84.5 84.2 101.8
95.9 110.0 114.8 113.4 108.7 117.0 84.9 87.1 101.8
94.9 110.3 114.2 114.8 110.7 110.0 84.5 861 100.4
95.9 110.0 112.7 114.5 109.8 109.7 85.8 88.8 99.7
98.9 111.4 110.7 114.2 112.1 107.0 87.0 90.( 99.8
100.8 112.9 113.2 111.1 106.8 102.5 88.4 92.6 99.3
103.8 114.5 115.1 113.4 110.0 97.? 89.4 94.5 98.7
105.9 115.1 117.2 113.5 113.2 91.1 89.9 96.6 96.9
1925.
90.0
91.8
92.3
92.1
90.9
90.1
89.3
89.9
90.9
92.3
92.5
92.6
97.0 110.4 115.0 114.2 108.2 109.9 85.1 88.4 100.0 90.3 91.2
* Average for 7 months.
Payton Totals (November 1915 to December 1925),
Month.
January
.......
February
March
April
May
June
July
August
September .....
October
November
December
1915. 1916. 1917. 1918. 1919 1920. 1921. 1922. 1923. 1924 1925.
52.1
____ 57.8
60.0
59.7
62.1
62.5
58.7
60.9
...... 62.9
85.5
53.8 69.2
56.0 71.0
69.8 79.8
70.5 79.8
73.6 88.2
69.4 888
75.8 94.5
76.1 94.3
73.1 97.5
75.0 105.3
74.4 108.6
82.2 110.3
87.4 104.1
87.8 111.2
ba.mm....mwow.t.o
UaCoizi.i...binioim
7,163
30
31
18
11
83
17
29
29
27
29
25
18
17
58
30
9
36
50
25
16
17
29
17
10
92.6
97.1
90.6
103.6
95.4
95.5
104.4
96.2
89.6
82.2
114.2
114.4
85.7
92.4
105.5
77.0
93.2
86.6
79.6
92.7
98.7
99.3
84.3
100.2
108.4
,
9
.
47
?..V1
N
,
.00C.=1-..1 06:t.t.0•
W. 000WWWWWWWWW1
Total
69
69
84
88
38
82
71
70
71
71
74
81
83
41
68
91
58
48
75
83
83
71
83
90
98.2
93.7
86.1
98.0
88.5
92.2
101.5
91.9
89.8
85.0
102.2
107.7
88.0
94.5
101.2
86.0
90.3
80.4
77.2
88.5
95.3
92.9
81.6
92.1
97.5
1
1
F ood and kindred products--- 1,044
45
Slaughtering & meat parking_
1
200
Confectionery
1
100
Ice cream
301
1
Flour
1
391
Baking
7
Sugar refining. cane
1,219
1
Textiles and their products
291
2
Cotton goods
157
Hosiery and knit goods
1
149
Silk goods
171
1
Woolen and worsted goods__
18
Carpets and rugs
1
79
Dyeing & finishing textiles _
2
168
Clothing, men's
47
Shirts and collars
6
88
Clothing. women's
48
2
Millinery and lace goods
Iron and steel and their products 1,275 (*)
1
162
Iron and steel
115
Structural-iron work
Foundry & machine-shop prod 657
48
Flardware
136
Machine tools
Steam fittings and steam hot.
91
water heating apparatus__
66
Stoves
1
773
Lumber and its products
3
307
Lumber,sawmills
1
188
Lumber. millwork
280
Furniture
1
277
Leather and Its products
1
106
Leather
1
171
Boots and shoes
591
Paper and printing
157
Paper and pulp
108
Paper boxes
196
Printing, book and Job
130
Printing. newspapers
2
199
Chemicals and allied products__
70
Chemicals
4
82
Fertilizers
47
Petroleum refining
2
487
Stone, clay and glass products__
60
Cement
285 . 4
Brick, tile and terra cotta____
48
Pottery
94
G,ass
127
Metal pro.other than Iron 4. steel
31
Stamped and enameled ware
96
Brass. bron,e & copper prod__
119
Pobacco products
Chewing and smoking tobacco
25
and snuff
94
Cigars and cigarettes
771 (*)
Vehicles for land transportation
1
133
Automobiles
2
59
Carriages and wagons
Car building and repairing
156
Electric railroad
423
Steam railroad
286 (*)
Miscellaneous Industries
73
Agricultural implements
Electrical machinery, appar1
102
ratus and supplies
31
Pianos and organs
8
Rubber hoots and shoes
Automobile tires
47
Shipbuilding, steel
25
bob:
Industry.
Establish- % of Estab- Avge. % of Estab- Avge
ligaments % of lishments % of
meats
Reporting- Operating- Full Operating- Full
Time
Capa
0Per
thy
ated
Oyer
Total Per
in Es- Full Part in Es
Num Cent Full Fart ab'ls Capa- Caps- tabli
Der. Idle. Time. Time °per- city. city. Oper
ming
Ming
WM00W,0
MOW 00
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN DECEMBER 1925.
W
MMM
,4
C4.4.1
+3.1
Time and Capacity Operation.
Reports in percentage terms from 7,163 establishments show that in
December the establishments in operation were working an average of
94% of full time and employing an average of 85% of a normal full
force of employees. These percentages are unchanged from the October
and November reports and are in accord with the slight variations in employment and in payroll totals shown for the large number of establishments covered in the first table of this report.
One per cent of the reporting establishments were idle, 73% were operating on a full-time schedule, and 26% on a part-time schedule; while
48% had a full normal force of employees and 52% were operating with
reduced forces.
Food and kindred products
Slaughtering and meat packing
confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Textiles and their products
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods_
Carpets and Rugs
Dyeing and finishing textiles
Clothing, men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their products_
Iron and steel
Structural ironwork
Foundry & machine-shop prod_
Hardware
Machine tools
Steam fittings & steam & hot
water heating apparatus
Stoves
Lumber and its products
Lumber,sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and pulp
Paper boxes
Printing, book and Job
Printing, newspaper
Chemicals and allied products_..
Chemicals
Fertilizers
Petroleum refining
Stone, clay, and glass products...
Cement
.
Brick, tile and terra cotta__ _.
Pottery
Glass
Metal products, other than iron
- and steel
Stamped and enameled ware__ _
Brass, bronze & copper prod_ -.
tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles for land transportation..
Automobiles
Carriages and wagons
Car building and repairing, electric railroad
Car building and repairing,
steam railroad
Miscellaneous industries
Agricultural implements
Electrical machinery,apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires
Shipbuilding Orel
..
92.5
91.7
89.4
General index
WOMOW
ON..W
+1.1
+2.3
+2.2
+1.9
+1.7
-0.6
+0.6
+5.6
+0.3
+0.4
Total
December.
November.
0=00tl00
NMA.A.NNW
COCT.ODO
+2.5
+2.2
+2.0
+1.8
+1.8
-0.2
-0.3
-1.3
-1.5
New England
WestSouth Central
South Atlantic
East South Central
Middle Atlantic
West North Central
Pacific
East North Central
Mountain
1925.
1924.
December.
. Industry.
Z1
Geographic Division.
w.0.000000001
....wt....m.0.00,4i
1 0...wt.,mmmmban,
EAW6Wiaink:.46:o.bki
676
80.8
82.4
83.3
82.8
81.8
81.0
76.0
79.0
77.8
78.8
77.2
81.5
71.5 91.8
76.7 95.2
74.2 100.3
72.6 101.3
76.9 104.8
82.0 104.7
74.1 99.9
79.3 99.3
82.7 100.0
86.0 102.3
89.8 101.0
92.9 98.9
94.5
99.4
99.0
96.9
92.4
87.0
80.8
83.5
86.0
88.5
87.6
91.7
90.0
95.1
96.8
94.2
94.4
91.7
89.8
91.4
90.4
96.2
98.2
97.3
Avae. for wolr Irt4 0 61.0 78.3 08.7 103.6 125.0 80.0 70O Inn n On A fri a
x Average for 2 mon its.
December Factory Earnings in New York State Reach
New Maximum.
Commissioner James A. Hamilton of the New York State
Department of Labor stated on Feb. 1 that factory workers
averaged more in December than in any month on the De.
FEB. 61926.]
THE CHRONICLE
677
1,252 reporting plants showed an employment increase of 1.3% and a
gain of 4.1% in total wage payments. Preliminary reports received from
a fraction of these firms, however, indicate that employment, after a steady
Increase since August, fell off slightly in January.
Conditions among the industries of the district seem to be most satisfactory in the metal trades. Demand for steel products is good, with higher
prices in a few lines and iron and steel production has continued to expand.
Unfilled orders of the Steel Corporation were 451,684 tons greater on Dec.
31 than a month previous. Soft coal and coke are meeting with increased
demand at rising prices both from domestic and industrial consumers.
The silk industry continues the most active among the textiles, although
cotton goods are also selling well The call for wool goods is seasonally
slack. The market for full-fashioned silk hosiery remains excellent, but
other grades are in only moderate demand. Conditions in the underwear
trade are fairly satisfactory, but clothing and floor coverings are experiencing mid-season dulness. Demand for shoes and most grades of leather
has improved recently and is better than a year ago.
City Conditions.
The widespread improvement in business throughout the district is
Earnings of all factory workers averaged $29, in December, a little
shown in the accompanying table, which compares December conditions in
more than in November. A comparison with December 1924 shows a good
important cities with those of the previous month and of December 1924.
advance, shared by men and women alike, during the year. Where men averFactory wage payments, debits and retail sales, in all instances, showed
aged $31 45 a year ago, they received $32 70 in December 1925. Women's
seasonal improvement in December, and in nearly all of the cities increases
wages rose from $17 45 to $18 30. The major gains for men were in the
also occurred as compared with the same month of 1924. Improvement
metal, woodworking and building trades and in the clothing shops also.
is especially noticeable in the Philadelphia, Wilmington and Trenton areas.
Textiles, paper goods and food products showed smaller increases and chemIn the Scranton and Wilkes-Barre areas debits and retail sales were smaller
icals were about the same as a year ago. With the women it was the
than they were last year, reflecting the effects of the anthracite strike,
general improvement in the sewing trades which sent up the average,
although in the latter city factory employment and wage payments were
though wood and paper goods operatives and some metal workers were also
larger than in December 1924.
earning substantially more.
Rochester, Albany-Schenectady-Troy and Binghamton Districts Show
Substantial Increases.
New England Department Store!Salesiwin December
The slight gain in earnings during December was not general throughout
January Largest on RecordiforrhatiPeriod.
the State. Three of the up-State districts, Rochester, Albany-SchenectadySales of New England department stores during DecemTroy and Binghamton, reported substantial increases In the average of
their workers, but in the other cities small gains were offset by losses. ber and the first three weeks of January, according to reAlthough almost all of Rochester's workers shared in the improvement, it
was the increase of over $5 in the earnings of clothing operatives which ports received by the Federal Reserve Bank of Boston, were
sent the average for the city up to $29 90. This is the highest in recent the largest on record for that time of the year. Inasmuch
years. In the Tr -City District earnings rose to $29 70, as men in the as December sales in 1924 were the largest month's sales up
repair shops received more and women in the shirt factories were busier.
The other increase, that of Binghamton, followed an extension of opera- to that time, the excellent volume of trading during Decemtions in the shoe factories, though other industries, excepting tobacco, ber 1925 may be well appreciated by its increase of 4% over
moved upward also. Workers averaged $25 10, over a dollar more than in December 1924, says the Bank's Industrial Statistics DiviNovember.
There was little change in the metals in Syracuse and factory operatives sion, which in a statement made public Feb. 1 adds:
Preliminary reports of department store sales by representative New
averaged $29 95, about the same as in the preceding month. Metal workera in Utica were receiving more, but earnings of textile operatives were England concerns showed an average increase of 20% during the first 19
affected by a wage dispute and reductions in working time in the knitting working days of January 1926, compared with the corresponding period
mills. These conflicting movements kept the average for the district close in January 1925. According to the weekly reports of Boston concerns,
to $23 85, the November figure. Christmas overtime in some household sales have fallen below the corresponding week of the previous year only
chemical goods and more active business in the printing shops served to twice since last September.
offset a slight decrease in metal workers' earnings in the Buffalo district.
The following summary of wholesale and retail sales is based on the
Factory employees here averaged $31 05 during December.
final figures for December and the entire year 1925:
SALES CONDITIONS.
New York City Earnings High in Spite of Seasonal Influences.
Jan. through
New York City workers received $30 70 in December, a slight gain over
December 1925
December 1925 Compared with
the preceding month. Seasonal influences dominated the situation. The
Compared utth Jab. through
ending of Christmas overtime caused reductions in jewelry and leather
December 1924 December 1924
11
goods, and clothing manufacturers were still cutting forces before the
+4.0%
+5.0%
Connecticut department stores
opening of the new season. In the men's shops this meant a rise in the Maine department stores
+1.5%
+3.3%
+2.6%
+5.0%
average of the workers, as the lower paid workers were released, but in Massachusetts department stores
+2.7%
+3.7%
Rhode Island department stores
the factories making women's clothing and Undergarments, working time
-1.5%
+1.0%
Vermont department stores
as well as forces were reduced. Overtime ended in the fur shops, but the Boston department stores
+4.5%
5%
+1.
settlement of a wage dispute In the shoe factories caused earnings to go up Boston women's apparel shops
+11.0%
+15.0%
+4.0%
+3.5%
sharply. Metals were irregular and the most important gain was a sea- New Haven department stores
+4.0%
+2.3%
sonal increase of about a dollar in the hardware and stamped ware plants. Providence department stores
-1-4.2%
+1.7%
England department stores
Earnings were higher in furniture factories, printing shops and in food New England wholesale grocers
-2.0%
-3.3%
New
+0.4%
+9.6%
products plants, excepting cigars and cigarettes.
England wholesale shoe concerns
New
In each State in New England, and, as a result, in New England as a
The Commissioner concluded his statement with the rethe average department store have shown a
mark that the steady rise in earnings only emphasizes the whole, sales conditions in last spring. At the end of the first six months
marked improvement since
improvement in business conditions shown by employment of 1925, Rhode Island and Connecticut were the only States to show a
reports. Particularly important was the general gain in the larger volume of sales than in the first six months of 1924. By the close
reported
for which data
earnings of the metal workers in December. They are now of the year, however, all the Statesthe exception of are available
Vermont. Even VerIncreases in sales over 1924, with
averaging almost a dollar more than a year ago. That the mont showed as great improvement during the last half of the year as the
improvement is general is also shown in the analysis of other States, the small volume of sales early in the year keeping the total
the year
conditions by districts. Everywhere, except in Bingham- forVariations below that of the previous year.
in New England credit conditions are outlined in the followare receiving more than a year ago and condi- ing table•
ton, workers
CREDIT CONDITIONS.
tions in Binghamton were then so good that the reduction
Percentage of total accounts outstanding at Dec. 1:eollected!during December.
in 1925 is not discouraging.
1925.
be SW l924.
44 0%
42.8%
Boston department stores
46.1%
48.5%
Boston women's apparel shops
56.0%
58.6%
New Haven department stores
52 0%
60.1%
Business Conditions in Philadelphia Federal Reserve Providence department stores
48 6%
50.0%
New England department stores
70.0%
70.2%
District
New England wholesale grocery concerns
-Record Volume of Christmas Trade.
39.4%
38.9%
New England wholesale shoe concerns
partment's records. He added that this was a gain in real
wages as well as in money wages, for though earnings were
almost as high during the period of post-war expansion, the
high cost of living at that time made their purchasing
power less. The index of the cost of living in New York
State which was at 217 in 1920, averaged 186 for 1925. This
comparison, it is pointed out, applies only to average earnings. Total wages are well below 1920 because of reduced
employment. The Commissioner based his statement on
reports received from over 1,600 firms, employing more than
half a million workers, with a payroll of 15 million dollars.
These firms were chosen to represent the industries and
geographical districts of the State. His statement continues:
"Although business in many lines has experienced the
usual end-of-the-year-recessions," says the Business Review,
dated Feb. 1, of the Federal Reserve Bank of Philadelphia,
"the general rate of activity continues to be well ahead of
that of the same period a year ago." The Review continues:
Christmas trade at the retail stores of the district was in record volume
and was 3.5% larger than in December 1924. December wholesale business
In electrical supplies and jewelry showed substantial gains over last year,
but sales of shoes, dry goods and paper were smaller and the total volume
of wholesale trade was slightly less than in 1924. Railroad freight shipments continued their decline from the seasonal peak in October, but
were 3.8% ahead of last year. Debits to individual accounts also reached
record totals in December, being 7.9% higher than in the same month of
1924. Trade naturally has quieted down during January, but the present
business outlook continues favorable.
The construction industry has continued to show up most favorably as
compared with the year before. Building contracts awarded in the Philadelphia Federal Reserve District in December showed a 82.9% gain over
the previous year, and for the year 1925, contract awards in the district
amounted to $406,470,037, as compared with $339,421,743 in 1924. •
Changes in manufacturing activity in the district are reflected in the
reports on employment and wages collected by this bank. In December
The rate of collections of the Boston department stores during December
was better than at the corresponding time in any of the previous three
years. For the entire year, collections have been much better than during
1924. Even with the growth in installment business, installment collections have been maintained at a more favorable rate than during the previous year. In New England stores outside of Boston collections during
last December were not made as rapidly as in December 1924, which was
an exceptional month, but were slightly better than in December 1923
or 1922.
It is interesting to note that for the entire year 1925 the average New
England department store reported a larger increase in dollar sales than
in the number of sales transactions, indicating that the average sale during
1925 was larger in its unit value than in 1924. As there has been an increase in retail prices during the last half of 1925 in New England, the
larger unit value of each purchase made in the department stores may be
chiefly attributable to increasing prices, rather than to an increase in the
sale of merchandise which naturally has a larger unit value.
Sales of the New England wholesale grocers during December were 3%
less than in December 1924, as compared with a decrease of 2% in the
total sales in 1925 from those In 1924. Stocks of the grocers were considerably higher, both in December and throughout 1925, than in the
corresponding periods of 1924. Credit conditions of the wholesale grocers
during 1925, as far as their ability to obtain prompt payment of their
THE CHRONICLE
678
receivables was concerned, were more satisfactory than in 1924. Their
total outstanding accounts on which payments were due at the end of the
year were 8% less than at the close of 1924.
Wholesale shoe sales during December were larger than in December
1924, continuing the improvement in trade that has been constant throughout 1925. Sales of the wholesale shoe concerns in December were at about
the average December level of the six years ending in 1924. In December,
as in previous months of 1925, the increase in sales of rubber footwear
was considerably greater than in the sales of other footwear. For the year
1925 rubber footwear sales were nearly 20% greater than in 1924, and
leather footwear, although not showing such a large increase, was of very
favorable volume, with an advance of 6% over the sales volume of 1924.
During December some of the gift merchandise, such as toys, leather
goods, gloves, hosiery and luggage, not only sold in the largest volume of
any month in the year, as is usual, but also sold in larger volume than in
December 1924. Apparel lines as a whole, both men's and women's, sold
well during December. Sales of yard goods were only fair in comparison
with December 1924, while there was an excellent demand for furniture,
draperies, floor coverings and general house furnishings.
An analysis of retail conditions during the past three years of the leading
types of merchandise sold in the department stores is given below. From
this, 1925 conditions may be compared with those of each of the two preceding years. Among the larger departments, misses', juniors', girls' and
boys' apparel conditions during 1925 were very favorable, sales in each case
being greater than during either of the preceding years, and stocks were
moderate, giving a rapid rate of stock turnover for the year 1925. The
largest individual group shown on this table, women's ready-to-wear, had
smaller sales last year than during either of the two previous years, and
since stocks were not reduced proportionately, the rate of turnover was
the lowest of the three years.
DEPARTMENTAL ANALYSIS.
Net Sales.
192100.
Item or Department.
Arerage New Enoland Store.
"type. lfontlatt Storks.
192100.
1923,
Women'W ready-to-wear
Misses' ready-towear
Juniors' & girls' ready-to-wearWomen's & children's shoes_ _
.
Women's & children's hosiery
Women's& eleldrens' gloves
Furs
Millinery
Corsets dr brassieres
Infants' department
Men's clothing
Men's furnishings
Boys' wear
Silk and velvet dress goods_ Woolen dress goods
Cotton dress goods
Furniture
'
Draperies, lamps.shades
Floor coverings
Silverware & jewelry
1924.
1925.
1923,
1924.
1925.
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
93
100
97
100
108
98
96
101
110
103
100
102
107
92
100
93
99
100
97
98
87
105
112
105
112
93
100
100
109
103
98
105
113
104
83
84
104
102
99
95
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
97
96
93
85
96
103
92
98
95
101
116
103
102
94
98
100
101
107
102
104
94
94
97
75
98
96
92
95
91
100
113
98
104
94
99
92
102
105
105
103
[VOL. 122.
gains at each store and compares with 40%, the average November-December expansion of previous years.
Collections totaled about the same volume as during November, with
accounts outstanding reaching their seasonal high Dec. 31; for most of the
firms receivables were heavier than at the beginning of the year. Collections for 44 were 17.8% larger than in December 1924, and represented
43.8% of accounts outstanding at the end of November, or one point
below the 1924 ratio.
With one exception, reporting stores indicated the customary year-end
reduction in stocks, so that Dec. 31 inventories aggregated 16.1% lower
than on Nov. 30. Half the stores closed the year with heavier stocks than
at the end of 1924, with a group gain of 6.7%. In proportion to sales,
however, inventories during 1925 were lower, total sales amounting to
391.5% of average stocks as compared with 362.7% in 1924.
Twelve firms showed reductions during December in the amount of unfilled orders, and eight reported increases.
Retail Shoe Trade.
With five exceptions, reporting retail dealers sold a larger volume of
shoes during December than in the preceding month. The aggregate gain
for 49 firms amounted on a dollar basis to 35.3%. Thirty-two out of 40
firms reduced their stocks during the month, so that the group averaged a
drop of 11.4%. For 19 stores collections totaled 6.7% less than during
November. Accounts outstanding at the end of the year were 1.0% lower
than on Nov. 30, and represented 82.8% of the month's sales as compared
with 96.6% the previous month.
Business in Federal Reserve District of Minneapolis
Slightly Larger Than Year Ago.
John R. Mitchell, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of Minneapolis, reports under date of Jan. 29 that the volume of business in this Federal Reserve district during December was
slightly larger than a year ago, both in money value and in
physical volume as shown by check payments through representative banks and by car loadings, omitting less
-thancarload-lot shipments. The downward trend as compared
with a year ago, which began on Oct. 1, appears to have been
arrested, temporarily at least, says the review for the
month, which adds:
In more detail, gains over a year ago were shown in flour shipments, live
stock receipts other than hogs, feeder shipments, forest products shipments and wholesale trade; while losses were recorded in all grain receipts, except wheat and barley, and in linseed products shipments. The
prices of agricultural products exhibited mixed trends. Prices of all kinds
of live stock quoted by this office and of potatoes, butter and hens on
the local market, advanced, while all the grains, except wheat, declined
Entire Mere
as compared with a year ago.
Inn
no
1111
Inn
in'
IAA
The movement of animals from South St. Paul for feeding purposes in
Average Stze December was about double that of last year. Meanwhile, the receipts at
Item or Department.
Annual Rate of Stock Turnover.
of Dept.
terminals of the feed grains, corn and oats, were 40 and 20% less, respecAverage New England Store.
Total
tively, than a year ago. It is obvious that heavier feeding operations are
1923,
1924,
1925,
Sale100. under
way than a year ago and that there is a disposition to hold back feed
Women's ready-to-wear
8.3
7.9
grains in the country for this purpose.
7.7
9.5
Misses' ready-to-wear
7.7
Si
8.6
4.6
As compared with November, December debits, or check payments
Juniors' dr girls ready-to-wear
6.4
7.0
7.7
1.6
through representative banks, increased, and the increase was more than
Women's.4 children's shoes_
2.8
3.3
3.9
3.7
Women's ifs children's hoslerY
is customary at this time of the year, indicating a very satisfactory Christ4.0
4.5
4.6
3.3
_
Women's & children's
2.8
2.6
2.7
mas trade. The cold weather of October forced winter, buying at that
1.6
Furs
3.2
3.3
3.4
2.2
time, and provided a respite for the recovery of personal buying power
Millinery
7.4
7.6
7.8
3.0
before the holidays. Also, much of the grain held by farmers on storage
Corsets Jr brassieres
4.5
5.2
54
1.9
Infant's department
4.4
4.4
tickets was sold during the price rise that occurred in December.
4.5
2.4
Men's clothing
3.3
2.8
2.8
4.7
Interest rates which rose slightly during the month ending Jan. 15, reMen's furnishings
3.6
3.6
3.9
48
flected national more than local financial conditions. Reports from seBoys' wear
4.4
4.2
4.6
2.4
lected banks in the larger cities of this district indicated a decrease durBilk & velvet dress goods
3.1
3.1
3.5
3.0
Woolen dress goods
3.1
3.1
ing December in deposits and loans, coupled with increases in their hold2.6
1.3
Cotton dress goods
4.5
4.2
4.1
2.5
ings of United States securities and of loans secured by stocks and bonds,
Furniturr
2.5
2.4
2.6
2.7
and a reduction of borrowings at this Federal Reserve Bank. During the
Draperies, lamps. shades
3.1
2.9
3.0
3.8
first two weeks in January, these banks had rising deposits and loans.
Floor coverings
2.3
2.2
2.2
2.3
Silverware & Jewelry
1.9
1.8
1.8
1.6
Prospective businesti activity, as shown by building permits and contracts awarded in December, was better than a year ago, but less than in
Entire store
3.8
3.7
3.8
the preceding month. Indeed, a substantial decline took place in the valuation of permits in December as compared with November, although an
Wholesale and Retail Trade in Federal Reserve District increase is customary at this season. Practically all cities in the district
shared in this decline.
of Chicago.
With regard to merchandising conditions, the Federal
Opening of Fall Lines of Suitings by American Woolen
Reserve Bank of Chicago in its monthly business conditions
Company with Lower Price Scales.
report dated Feb. 1, says:
Regarding the opening by the American Woolen Co. on
Wholesale Trade.
Feb. 1 of its fall lines of men's worsted and serge suitings,
Nearly half the reporting wholesalers in this district maintained during
December as large a volume of sales as in the preceding month. For the as well as staple and fancy woolens and overcoatings, the
grocery and hardware groups, in both of which gains and declines were New York "Journal of Commerce" on Feb. 2 said:
about evenly divided, the net changes from November were similar to
those in 1924. Dry goods firms averaged a much more pronounced curtailment than a year ago, while the decrease of 24% for shoes compares with
a slight increase last year. Drug dealers, on the other hand, with one exception, showed increases raising the sales index to the fourth highest for
the year, whereas previously December has been a low month. The lastnamed group registered the only increase over December 1924.
Stocks were generally reduced during December in customary preparation for inventory-taking. Individually, three-fourths of the firms showed
net declines, group decreases amounting to less than 1% for shoes, 4% for
hardware and dry goods, 6% for groceries and 8% for drugs. Comparisons with inventories at the close of 1924 vary, with the majority of dry
goods and grocery firms registering increases, and declines predominating
In the other commoditiee.
With seven exceptions, firms reported smaller amounts on their books on
Dec. 31 than at the beginning of the month; as compared with a year ago,
outstandings for hardware firms were about the same, for drug firms above,
and for the three other groups below.
Department Store Trade.
December trade for reporting stores in this district was the largest on
record. As compared with the closing month of 1924, the increase for 84
firms amounted to 14.8% and raised the 12-month cumulative gain for 78
to 8.0%.
The increase of 57.2% over the preceding month reflects individual
Steady prices compared with the current spring season are being maintained on staple men's fabrics for the coming fall-winter season by the
American Woolen Co., who opened for fall yesterday their now lines of
woolen and worsted overcoatings, wool sultings, worsted staples and
semi-staples and specialty cloths at levels estimated to be only one-tenth
of 1% under the past spring (1928), 11.7% under last fall, and from 10 to
15% (and possibly up to 20%) lower as to overcoatings compared with
the last fall opening of a year ago.
All-wool and wool-filled goods were drastically reduced, in line with lower
raw material and labor costs, while worsteds showed rather a firm trend
because of their apparent preference over high-colored novelty woolens.
The big company's new price list, generally used as a yard-stick for men's
goods values, made a good impression on the secondary markets, but were
considered too low by competitors who thought it was a move in the direction of volume business without, however, an assurance of such results,
judging by the unsatisfactory trend of the industry the last few seasons.
Many thought the company was sacrificing profit for volume, clearly
Indicating their policy of keeping the looms running at almost any cost.
On the other hand, jobbers were pleased with the maintenance of prices
on staples, as compared with recent levels (spring), emphasizing the stabilizing influence of such action as against the sharp reductions made at
the spring opening in July, which also forced the wholesalers to readjust
theft prices downward. As for the comparison with last fall, jobbers were
not interested: they said the comparison was against "water already over
the dam."
FRB. 61926.]
THE CHRONICLE
Clothiers' Ideas Mixed.
Manufacturing clothiers received the new price list with mixed feelings.
Some stated that they had expected lower prices as compared with spring,
though they admitted the new levels were attractive. Other thought it
was good policy to hold the market steady and give "new merchandising"
some encouragement to go ahead with seasonal operations.
679
The first large company to announce a price change was
the Sinclair Crude Oil Purchasing Co., which on Feb. 1
advanced crude oil in the Mid-Continent district 25 cents
a barrel. The new prices range from $1 40 for 28 degrees
gravity to $2 68 for 44 degrees gravity and above. The
Prairie Oil & Gas Co. followed the advance, and in addition
established an eight-cent differential for each grade from
44 gravity to 52 gravity, making their top price $3 32 for
52 gravity. The unusually high gravity crude in the Davenport field and other scattered areas prompted the posting
of a new top grade by Prairie Oil & Gas Co. and the Sinclair
Crude Oil Purchasing Co. met this new grading. The new
top grade, 52 gravity, priced at $3 32, is equivalent to an
89-cent advance over the old top grade of 44 gravity and
above at $2 43 a barrel.
The new and old prices of Mid-Continent crude compare
as follows:
Weekly Lumber Movement Shows Gain.
The National Lumber Manufacturers' Association received
telegraphic reports of the status of the lumber industry for
the week ended Jan. 30, from 370-of the larger softwood,
and 117 of the chief hardwood mills of the country. The
355 comparably reporting softwood mils showed no change
in production, while shipments and new business were well
in advance of those reported for the week before, despite
the fact that sixteen more mills reported then. In comparison with reports for the same period, a year ago, when
twenty-four more mills reported, increases in all three items
Gravitywere noted. The hardwood operations showed small changes
New Price. Old Price. Advance.
28 to 28.9 degrees
25c.
Si 15
SI 40
in production and shipments, and new business considerably 29 to 29.9
1 48
25c.
I 23
30 to 30.9
25c.
1 31
1 58
more than that reported a week ago. •
31 to 31.9
164
25c.
139
32 to 32.9
25e.
172
147
The unfilled orders of 228 Southern Pine and West Coast 33 to 33.9
25c.
155
180
mills at the end of last week amounted to 686,771,328 feet, 34 to 34.9
188
25c.
183
35 to 35.9
196
25c.
1 71
as against 681,629,953 feet for 227 mills the previous week. 36 to 36.9
204
25c.
179
to
212
25c.
187
The 126 identical Southern Pine mills in the group showed 37 to 37.9
38
38.9
220
25c
195
39 to 39.9
228
unfilled orders of 283,401,960 feet last week, as against 40 to 40.9
25c
203
236
25c.
2 11
271,570,860 feet for the week before. For the 102 West 41 to 41.9
244
25c
2 19
42 to 42.9
252
227
25c
Coast mills the unfilled orders were 403,369,368 feet, as 43 to 43.9
260
235
25c.
44 to 44.9
- 268
243
25c.
against 410,059,093 feet for 101 mills a week earlier.
45 to 45.9
276
•243
33c.
46
Altogether, the 355 comparably reporting mills had ship- 47 to 46.9
284
•243
41c.
to 47.9
292
243
49c.
ments 117% and orders 120% of actual production. For the 48 to 48.9
*243
57c.
49 to 49.9
308
p243
65c.
Southern Pine mills these percentages were, respectively, 50 to 50.9
3 16
*2 43
73c.
51 to 51.9
*243
324
81c.
98 and 115; and for the West Coast mills 107 and 106.
52 degrees and above
332
*2 43
89c.
Of the reporting mills, the 327 with an established normal
* In the old schedule of crude oil prices, highest grading was 44 degrees
gravity and above,
The
production for the week of 204,757,820 feet, gave actual 52 degrees gravity priced at 52 43 a barrel. grade,new scheduls establishes
and above as the top
and continued the old
production 98%,shipments 107% and orders 113% thereof. 8-cent differential for each degree of gravity between 44 degrees and 52
degrees.
The following table compares the national lumber moveOn Feb. 1 the Texas Co. followed the advance in the price
ment as reflected by the reporting mills of eight regional
of Mid-Continent crude, and also adopted the Prairie Oil's
associations for the three weeks indicated:
Corresponding Preceding Week enlarged schedule of prices which embraces 25 grades. The
Past Week.
Week 1925
1926 (Revised). Gulf Oil and Humble Pipe Line Co. also followed MidMills
355
379
371
Continent crude oil price schedule on the 28 to 44 gravity
Production
213.358.455
221,751,435
213,629.303
Shipments
grades.
249.355,108
236,206,081
234,250.642
Orders (new business)
255,448.541
224.642,154
244,898,376
Reports from Findlay, 0., on Feb. 2 announced that the
The following revised figures compare the lumber move- Ohio Oil Co. advanced the price of Lima, Illinois, Princeton,
ment of the eight associations for the first four weeks of 1926 Plymouth and Wooster crude oils 250., Indiana 220. and
with the same period of 1925:
Waterloo 10c. a barrel. In addition, the company also
Production.
Shipments.
Orders.
advanced the price of Elk Basin, Grass Creek light,
1926
808,309.166
901.022.644
965,492,185
Big Muddy, Lance Creek, Rock Creek, Mule Creek,
1925
797.760,924 . 866,434,960
828.593,988
The Southern Cypress Manufacturers' Association of New Wyoming and Artesia, New Mexico, crude oils 25c. a barrel.
Orleans (omitted from above tables because only recently On the same day (Feb.2)an announcementfrom Shreveport,
reporting) for the week ended Jan. 27, reported from 15 La.,stated that the Gulf Production Co.advanced the posted
mills a production of 4,808,610 feet, shipments 6,640,000, price of North Louisiana and Arkansas crude oil from 10
and orders 5,260,000. In comparison with reports for the to 25c. a barrel. Bull Bayou, De Soto, Caddo and Crichton
previous week when two fewer mills reported, this Associa- Creek crude, all grades, were advanced 25c., Homer and Eltion showed decreases in production and shipments, and a dorado 20c. and Smackover 100. a barrel. The Standard
Oil Co. of Louisiana, the Louisiana Oil Refining Corp. and
slight gain in new business.
the Shreveport-El Dorado Pipe Line Co. each met the advance of 10 to 250. on North Louisiana and Arkansas crude
West Coast Lumbermen's Weekly Review.
oils posted by the Gulf Production Co. Cotton Valley and
One hundred and one mills reporting to West Coast Lum- Bellevue crude remained
unchanged in price. The Atlantic
bermen's Association for the week ending Jan. 23 manufacOil Producing Co., a subsidiary of Atlantic Refining Co.,
tured 92,471,916 feet of lumber; sold 93,627,366 feet and also met the
Gulf advances and added 10c. to Stephens, Ark.,
shipped 88,470,997 feet. New business was 1% above pro- crude, making
the top price $1 50.
duction. Shipments were 4% below production.
Press dispatches from Dallas, Tex., on Feb. 2 reported
Forty-two per cent of all new business taken during the week was
for that the Magnolia Petroleum Co.
advanced its posted price
future water delivery. This amounted to 39,276,634 feet, of which
24,133,489 feet was for domestic cargo delivery and 15,143,145 feet export. New of all grades of Mid-Continent crude from 28 to 44 gravity
business by rail amounted to 1,676 cars.
and above 250. a barrel. For oil below 28 gravity Magnolia
Forty-three per cent of the lumber shipments moved by water.
This will pay $1 20, compared with $1
07 heretofore. The comamounted to 37,840,265 feet, of which 29,287,620 feet moved
coastwise
and intercoastal, and 8,552,645 feet export. Rail shipments totaled 1,552 pany has also added eight new grades to the schedule of highcars.
gravity oils which it will purchase in "Oklahoma, Kansas
Local auto and team deliveries totaled 4,070,732 feet.
Unfilled domestic cargo orders totaled 117,131,281 feet. Unfilled export and Texas, and has made 52 and above the top gravity at
orders, 137,827,812 feet. Unfilled rail trade orders, 5,170 cars.
$3 32 a barrel, thus conforming to Prairie Oil & Gas Co.
In the first four weeks of the year, production reported to West Coast The new prices, effective
Feb. 1, are: 44 gravity, $2 68;
Lumbermen's Association has been 282,024,343 feet; new business,
368,- 45,$2 76; 46,$2
84;47,$2 92;48,$3 00;49,$3 08;50,$3 16;
340,939 feet, and shipments, 325,657,272 feet.
51, $3 24; and the 52 and above, $3 32. In addition, the
Magnolia Petroleum Co.on Feb.3advanced Corsican, Texas,
Crude Oil and Gasoline Prices Rise.
heavy crude oil 10c. a barrel to $1 15, effective as of Feb.1.
price advances which have been expected in the trade
At Pittsburgh Feb. 3 the Joseph Seep Crude Oil Purcircles for some weeks past, actually occurred on Feb. 1 chasing Agency advanced the price of Corning crude oil
and succeeding days. The chief reason for the rising prices 30c. a barrel to $2 25. Reports from Denver, Colo., also on
in the crude oil markets is primarily the sharp decline in Feb. 3, stated that the Midwest Refining Co. advanced
the output during the last few months. Gasoline prices, Salt Creek crude oil 25c. a barrel, effective Feb. 1. The
naturally, follow the trend of the crude oil schedules, so that company also advanced all other grades of Wyoming,
while few widespread advances were announced up to the Colorado, Montana,and New Mexcio crude oils 25c. a barrel,
time of going to press, they are to be expected.
effective Feb. 3, thus bringing their price schedules up to
680
THE CHRONICLE
the level announced by other companies in corresponding
grades.
. In Toronto, Canada, on Feb. 3 the Imperial Oil Co., Ltd.,
advanced the price of Canadian crude 25c. a barrel, making
New Petrolia $2 63 and Oil Springs $2 70, effective as of
Feb. 2.
On Feb. 3, a report from Casper, Wyo., stated that all
grades of Rocky Mountain crude oil, except Sunburst,
were advanced 25o. a barrel. The Standard Oil Co. of
Louisiana increased the price of Smackover heavy crude oil
50. a barrel, making price $1, effective Feb. 3.
Gasoline prices, both wholesale and retail, also advanced
throughout the week, following the increases in the cost of
crude oils. Early in the week, on Feb. 2, the Sinclair
Refining Co. announced an advance .of Mc. a gallon in
gasoline prices in tank car lots at New York, Philadelphia
and other Atlantic Coast ports, making the new price 120.
a gallon in tank car lots. The Standard Oil of New Jersey
on Feb. 3 advanced the export price of navy gasoline lc. a
gallon. Refined kerosene for export was advanced Mc. a
gallon.
On Feb. 3 the Standard Oil of Ohio increased the price of
tank wagon gasoline and kerosene 10. a gallon, bringing the
price to 190. tank wagon and 23c. service station. In
addition, the company declared an advance in price of lc.
per gallon on refined oil and naphtha.
Effective Feb. 4 the Standard Oil Co. of Indiana advanced
the price of gasoline lc. per gallon, making the retail price
21.8c. including the 2c. State tax. Refined oil, naphtha
and furnace also were advanced lc. throughout the territory.
The Texas Co. followed the advance in gasoline made by
Standard Oil of Indiana.
3
North Texas tank car gasoline has been advanced 4c. a
gallon to 10 and 103o. on actual sales. according to reports
from Houston, Texas, on Feb. 3.
On Feb. 4 the Continental Oil Co. of Denver, Colo.,
Advanced the retail price of gasoline lc. a gallon to 220.
Tank wagon price is 18c. per gallon in Denver. Other
companies, such as Sinclair and Texas, met this change in
price.
Reports from Chicago, late on Friday afternoon, state that
the Standard Oil Co. of Nebraska met the price advance of
lo. a gallon on gasoline, kerosene, naphtha and furnace
oil made by Standard Oil Co. of Indiana.
' Sharp Decline Recorded in Crude Oil Output.
The daily rate of the output of crude oil fell off by about
35,450 barrels during the week just ended, according to the
American Petroleum Institute, which estimates that the
daily average gross crude oil production in the United States
for the week ended Jan. 30 was 1,892,900 barrels, as compared with 1,928,350 barrels for the preceding week. The
daily average production east of California was 1,280,900
barrels, as compared with 1,315,350 barrels, a decrease of
34,450 barrels. The following are estimates of daily average gross production by districts for the weeks given:
[VOL. 122.
against 19,750 barrels, and Papoose, 13,100 barrels, against
11,550 barrels.
The Mexia pool, east central Texas, is reported at 14,100
barrels, against 13,850 barrels; Corsicana-Powell, 32,200
barrels, against 33,700 barrels; Wortham, 11,900 barrels,
against 12,100 barrels; Reagan County, west central Texas,
31,300 barrels, against 33,750 barrels; Haynesville, north
Louisiana, 11,400 barrels, no change; Cotton Valley, 8,100
barrels, against 8,450 barrels, and Smackover, Ark., light,
18,750 barrels, against 19,350 barrels; heavy, 130,000 barrels, against 151,950 barrels. In the Gulf Coast field Hull
Is reported at 14,200 barrels, against 14,850 barrels; West
Columbia, 9,350 barrels, against 9,200 barrels; South Liberty, 7,350 barrels, against 7,700 barrels; Boling, 4,550 barrels, against 4,650 barrels, and in the southwest Texas field,
Luling is reported at 20,000 barrels, against 20,300 barrels;
Lytton Springs, 7,450 barrels, against 7,850 barrels; Piedras
Pintas, no production.
In Wyoming, Salt Creek is reported at 54,750 barrels,
against 57,450 barrels.
In California, Santa Fe Springs is reported at 49,000 barrels, against 50,000 barrels; Long Beach, 112,000 barrels,
no change; Huntington Beach, 45,500 barrels, against 46,000
barrels; Torrance, 30,000 barrels, against 31,000 barrels;
Dominguez, 23,000 barrels, no change; Rosecrans, 23,000
barrels, no change; Inglewood, 55,000 barrels, no change;
and Midway.Sunset, 92,000 barrels, no change.
Automobile Price Change.
Press reports late on Friday state that the Hudson Motor
Car Co. has added new equipment and revised the price
lists of its Hudson and Essex models. A change in the merchandising policy will also take place, as the retail price will
be f. o. b. at the city where the car has been sold instead of
at the factory. Apropos this announcement the "Wall
Street Journal" of the 5th inst. says:
While factory officials deny Hudson prices have been increased, it is
learned on good authority a radical change in merchandising policy will soon
take place. Extra equipment will be included in retail price, and the
retail price will be f. o. b. at the city where the car is actually sold. The
net effect of the change will probably be a slight decrease compared with
the former basis of prices.
Hudson Motor Car Co. advanced list prices $25 to $60 on Hudson and
Essex models, adding extra equipment under the new prices, including
bumpers, stop light, automatic windshield cleaner, &c. Factory price
on the Essex coach is $815, against $765; on the Hudson coach $1,225.
against $1,165; on the brougham $1,475, against $1,450. Sedan remains
unchanged at $1,650.
From the above dispatches, the situation is not yet entirely clear as
respects Hudson prices.
Gain in Pig Iron Output in January.
With only one or two companies estimating the output
for the last day of January, data collected largely by wire
by the "Iron Age" reveal that the pig iron production of
the country for January showed a substantial increase over
December. The daily rate last-month was 2,121 gross tons
higher than in December, an increase of practically 2%. In
December the gain over November was 4%. Corresponding
gains in November and October were 3% and 7.3%, respectively, continues the "Age," adding:
DAILY AVERAGE PRODUCTION.
Jan.30'26. Jan. 23'26. Jan. 16 '26. Jan. 31 '25.
(In Barrels.)
479.700
447.750
442,450
443,400
Oklahoma
82,000
100,400
98,400
99.050
Kansas
92.400
79,950
78,700
The production of coke pig iron for the thirty-one days in January was
77.950
North Texas
181.950 3,316,201 tons, or 106,974 tons per day, as compared with 3,250,448 tons,
63,700
63,250
61.850
East Central Texas
54,700
76,500
76,950
72,050
West Central Texas_ _
49,550 or 104,853 tons, per day for the thirty-one days in December. The January
38,500
37,450
36.700
Southwest Texas
49,750 daily average was 1,746 tons less than for January 1925.
43,500
43,900
43.400
North Louisiana
106,200
184,250
182,000
159,500
Despite the gain recorded in output last month there was a decided loss in
Arkansas
73.500
88.750
93,050
91,300
furnaces were blown our or banked and five were blown
Gulf Coast
99,000 furnaces. Fifteen
100,500
100,500
99,500
Eastern
in, a net loss often. This compares with a net gain of fourteen in Decem77,800
81,950
77.700
74.000
Wyoming
7,800 ber. The January loss is the first since June 1925.
12.050
12.150
12,200
Montana
1.750
6,000
5,850
5.800
Colorado
The number of furnaces active on Feb. 1 was 224 with an estimated
400
4,300
4,000
4,200
New Mexico
596,800 daily capacity of 104,065 tons. This compares with an estimated capacity
619,500
613,000
612,000
California
of 107.560 tons per day for the 234 furnaces active on Jan. 1. Of the
1,953,300 fifteen furnaces shut down, five were Steel Corporation stacks, six belong
1,947.600
1,928,350
1,892.900
Total
companies and four were
five
The estimated daily average gross production of the Mid- to independent steel two were Steel Corporationmerchant. Of the were
blown in last month,
furnaces and two
Continent field, including Oklahoma, Kansas, north, east merchant with one an independent steel company stack.
The ferromanganese production in January was 29,129 tons or in excess
central, west central and southwest Texas, north Louisiana
of any month in 1925 or 1924.
and Arkansas, for the week ended Jan. 30 was 993,900 barAmong the furnaces blown in during January were the following: The
rels, as compared with 1,022,100 barrels for the preceding Colonial and Punxy furnaces in western Pennsylvania; No. 1 Bellaire of
Wheeling
week, a decrease of 28,200 barrels. The Mid-Continent pro- the Carnegie Steel Co. in theCo. in the district; one Hubbard furnace of the
Youngstown Sheet & Tube
Mahoning Valley, and No. 7 Gary
duction, excluding Smackover, Ark., heavy oil, was 863,900 In the Chicago district.
compared with 870,150 barrels, a decrease of
the furnaces blown out or banked during January were the followAmong
barrels, as
ing: The Vesta furnace in the Lower Susquehanna Valley; No. 7 Carrie
6,250 barrels.
furnace of the Carnegie Steel Co.,one Ellza furnace of the Jones & Laughlin
In Oklahoma production of South Braman is reported at Steel Corporation, one Midland furnace of the Pittsburgh Crucible Steel
in the Pittsburgh district; one Newcastle fur9,050 barrels, no change; Thomas, 14,900 barrels, against Co. and the Clinton furnaceCo. and
the Shenango
the Claire
nace of the Carnegie Steel
barrels; Tonkawa, 44,350 barrels, agaianst 45,100 Valley; one Low Moor furnace in Virginia; onefurnace in the National
13,750
furnace of
against 23,050 barrels; Bur- Tube Co., two River furnaces of the McKinney Steel Co. and the Upson
barrels; Garber, 22,250 barrels,
20,- furnace in central and northern Ohio; one Iroquois furnace of the Youngsbank, 42,200 barrels, against 44,050 barrels; Davenport,
town Sheet & Tube Co. and No. 8 Gary furnace in the Chicago district.
barrels; Bristow-Slick, 31,150 and No. 3 Ensley furnace of the Tennessee Coal, Iron & Railroad Co.
200 barrels, against 21,250
barrels, in Alabama.
barrels, against 31,350 barrels; Cromwell, 19,450
THE CHRONICLE
FEB. 61926.]
-GROSS TONS.
MONTHS
DAILY RATE OF PIG IRON PRODUCTION BY
Total.
Merchant.*
Steel Works.
108,720
21,864
86,856
1925-Januan
114.791
24,084
90,707
February
114.975
24,234
90,741
March
108.632
24,805
83,827
April
94.542
20,127
74,415
May
89,115
18.663
70,452
June
85,936
20.221
65.715
July
87.241
18,711
68,530
August
90.873
20,573
70,300
September
97.528
21,064
76.464
October
100.767
23,505
77.262
November
104.853
23,301
81,552
December
106,974
23,107
83,867
-January
1926
•Includes Pig iron made for the market by steel companies.
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Spiegeleisen and Ferromanganese.*
Total Iron.
-1925- -1926Spiegel and Ferro.
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
1926.
1925.
7.746
5,418 29,129
2,692,537 2,599,876 23,578
January
4.910
18,184
2.539,785
February
5,449
20.062
2.812 995
March
5,341
21,448
2,514,828
April
5,294
22,679
2,306,887
May
4,972
19,836
2.113,566
June
Half year
July
August
September
October
November
December
14.980,598
125,787
31,384
2.037,160
2,124,439
2.109.205
2.370,382
2,317,888
2,528,120
16,614
18,867
18,381
21,421
25,490
26,072
5,074
4,939
5,162
5.071
6,375
7.756
252,632 65,761
28,467.792
Year
•Includes output of merchant furnaces.
-GROSS TONS.
TOTAL PIG IRON PRODUCTION BY MONTHS
1926.
1925.
1924.
3,316,201
..
January
. .
3.214,143
3,074,757
February
3,564,247
3.466,086
March
3,258,958
3,233,428
April
2,930,807
2,615,110
May
2,673,457
2,026.221
June
8
6, 1
Finished Steel, Feb. 2 1928, 2.439 Cents per Pound.
2.439c.
Based pn prices of steel bars, beams, tank One week ago
2.453c.
plates, plain wire, open-hearth rails, One month ago
2.546c.
black pipe and black sheets, constituting One year ago average_1.889c.
-year pre-war
10
88% of the United States output
per Gross Ton.
Pip Iron, Feb. 2 1926, $21 54
$21 54
Based on average of basic and foundry(One week ago
21 54
irons, the basic being Valley quotation, One month ago
22 50
the foundry an average of Chicago,I One year ago
-year pre-war average_ 15 72
110
Philadelphia and Birmingham
-1925- -1924- -1923 24
Apr.
Finished steel___High 2.560c. Jan. 6 2.789c. Jan. 15 2.824c. Jan. 2
Low 2.396c. Aug. 18 2.460c. Oct. 14 2.446c. Mar. 20
13 $22 88 Feb. 28 $30 86
High $22 50 Jan.
Pig iron
19 21 Nov. 3 20 77 Nov.20
Low 18 96 July 7
Market activity in iron and steel continues below expectations although apparently, underlying demand suffered no
appreciable contraction and will continue exceedingly large,
says the Cleveland "Iron Trade Review," on Feb. 4th.
Heavy shipments are generally the rule. Complacency of
buyers in covering their wants ahead is marked, since they
manifest a feeling of security in large current production and
in easy delivery conditions. Furthermore, they see no immediate prospect of higher prices. There is a seasonable
quietness in some main lines of consumption, such as automobile manufacture which is a contributing factor to the
market's present lack of vigor, continues the "Review"
from which we take the following extracts:
January bookings,as scarcely to be expected, were not as good as December,
when first quarter buying was in full swing. The situation offers various
month
favorable exhibits. Strip steel makers report January as their best
better
in two years. The Pittsburgh district sees some signs this week of
finds both
business and sheet tonnage is stated to be 10% higher. Chicago
to shipments. Leading
specifications and new business, while lighter, equal
will be
farming implement manufacturers estimate that first half business
15% ahead of the same period in 1925.
own and
Mill activities register no important change. Pittsburgh holding its
19.011.948
17.434,492
Half year
operating
Chicago a trifle higher at 89%. The Mahoning Valley this week
2,664.024
1,784.899
July
at 6.5%, shows a 5% loss. The United States Steel Corp. is running at 90%.
2,704,476
month
1,887.145
August
January pig iron production rose to the second largest total for that
2,726,198
2,053,264
fell
September
in history, but the number of active furnaces at the close of that period
3,023,370
2.477.127
October
of the country's full list of rurnace
3,023,006
by eight to 226. This represents 58%
2,509,673
November
off
3,250,448
2,961.702
December
as compared with 60.7% in December. The number of stacks taken
this
production or banked is due to the excessively high coke market and
36,403.470
31,108,302
tons.
Year•
3.322.672
production of this Iron inactivity may be only temporary. January's output was
overstimu•These totals do not include charcoal pig iron. The 1924
against 3,249.357 tons in December, a gain of 22 tenths%. The
was 212,710 tons.
shows sales of spot furnace fuel this week at $10 to $10 50
lated coke market
prices reflect
ovens and crushed coke at $13 to $13 50, ovens. High iron
Iron and Steel Prices Remain Unchanged
an easier tone at Buffalo, Eastern Pennsylvania and in the South.
Gain.
n into growing sales of foreign
Shipments
Launching of the antidumping investigatio
country gains a point from the disclosure that a moderate tonnage
With mills able to promise good deliveries and railroads steel in this structural material is to go into the Book Stack building for the
of German
price advances, buy- library of Congress at Washington. The steel is to be furnished through an
to make them and with now no fear of
the domestic
a
reported purchased
ers have little incentive to make heavy commitments, ob- American contractor and ishouse placed 75,000at $16ofton underfor Argentine
boxes tin plate
San Francisco
Age" in its weekly review of market con- market. Amills.
serves the "Iron
with Welsh
and are
ditions. January was a good production and shipping
Railroads appear disposed to spread out orders for equipment
a very receptive attitude. Plate mills are
month, but shipments ran slightly ahead of fresh orders, keeping the mills and builders in Car orders for January are given as 8.455
need of car tonnage.
and so at the end of the month unfilled orders for the in- plainly in 10,000 pending. Sales track fastenings to Western roads this
scale with about18,000 to 20.000 tons. The New York Central formally exercised
dustry as a whole were somewhat reduced. Large
week total
has not been regarded as a seasonal necessity, its option for 51,745 tons additional of rails.
re-stocking
adds the "Age," giving additional data as follows:
The "Iron Trade Review" composite this week on fourteen
This compares with
Some buying of sheets by the automobile trade; specifications for rails leading iron and steel products is $39.
and track accessories requiring 100% operation of supplying mills, suggest- $39 01 last week, and $39 14 the week previous.
ing early as well as sustained activity of track maintenance work; increased
jobber buying with evidence of low stocks, and a heavier demand for bolts
-these are developand nuts, indicative of a wide consuming movement
Heavier Demand for Bituminous
silents which occur as steel ingot production suffers some curtailment from Cold Weather Causes
Coal and Coke-Prices Advance.
last week.
Several automobile makers succeeded in depressing body sheets $2 a ton,
The dropping of temperatures last week to a new low
and the price situation in black and galvanized sheets has been shaken,
a loss of the advance made two months ago. It is not yet clear that point for the winter caused the demand for prepared bituminwith
the late November prices will have application widely in the sheet conous coals and coke of all grades to experience increased
suming trade.
on an
of the past two months in pig iron is giving that market a weak demand and to jump in price. Coke registered
Dullness
tone in most centres. The only real question of prices, however, refers to average of a dollar rise and some of the low volatile coals of
basic iron in the Valley, where $19 was done on iron approximating the
better quality were in the same class, observes the "Coal
standard.
Earnings statements so far available for 1925 show four companies had Trade Journal" this week. Of course, the failure of the
applicable to common dividends 14% more than at the end of 1924, but
joint anthracite committee to come to any agreement last
production last year averaged 21% over 1924. Compared with 1923. a
s a little courage to go ahead
year of substantially the same output as 1925. so greatly did lower prices week gave dealers and consumer
prices in 1925 affect earnings that there was available one-fifth less for in the purchase of fuels and this undoubtedly gave some
common dividends in 1925 than In 1923.
petus to the market, continues the "Journal," adding:
Besides track work,Illustrated by orders in Chicago for upward of 20,000 m
in the New
Prices on all substitutes for anthracite went up last week
tons of angle bars, tie plates and the like, railroad business looks promising
fuels were held up on account of
cars in York market and shipments on all these
with fresh inquiries for 5,700 cars, following orders for 11,000
railroads. Coke
shortages of empties and weather conditions along the
January against 9.129 placed in January 1925.
heights in price that dealers were turning more and more
Steel building and bridge inquiries cover a number of large projects. In had reached such
-bituminous coals showed
Quotations on prepared semi
-ton Cleveland Union Station, railroad bridge work to bituminous coals.
addition to the 20,000
being
after a slump early in the week and coke was
in that connection will call also for 20.000 tons. Three other structures a further advance
was about evenly divided as
The trade
tons and one in San Fran- quoted at prohibitive figures.
there will take 6,000 tons, one in Chicago 6,500
Some
outcome of the Philadelphia anthracite conference.
cisco 5,000 tons. Contracts were closed in the past week for 30.000 tons. to the probable
splints found their way into this market and quite
Including 6.000 tons for New York subway work and 3,000 tons for New shipments of Kanawha
a bit of cannel coal was being sold.
York Central bridges,
from its slump of
The New England market has not entirely recovered
The Pacific Coast gives reports of good business activity. Plain material
steam
There was some revival in domestic grades but
has suffered there from imports, though negligible at the moment, at Prices two weeks ago.
smaller sizes
slow. Prepared Pocahontas and New River in the
$7 to 210 and $12.a ton below domestic prices, depending on lengths and coals were
most consuming
demand. Coke prices, unlike the situation in
sections. In the East several hundred tons of structural steel were sold for were in best
two weeks ago and the
centres, were about a dollar under the levels of
Florida at 2c.. Philadelphia.
fuel was not great. Even foreign coke due to arrive around
$12 a ton obtainable for coke, for domestic use, there is little dis- demand for this
With
on tidewater
of this month was not greatly sought after. Prices
position to seek orders for metallurgical use. The result is that furnace the middle
Providence than at Boston.
bituminous seem to have held up better at
and foundry grades have again advanced $1 a ton.
was more active and their prices were up on
with the retailers
Scrap is generally weaker, heavy melting grade being off 25c. a ton at Business
the average about a dollar.
Cleveland, 50c. at Chicago and Buffalo, and $1 at Cincinnati.
the strike settlement
With the cold weather and uncertainty regarding
The composite prices of the "Iron Age" for both pig iron and finished Philadelphia retailers are placing many orders for substitutes, but these
ten
steel remain unchanged. Pig iron has stood at 221 54 per ton for
nd order. Mine-run smokeless coals continue
are small and on a hand-to-ha
successive weeks. One year ago it was $22 50. Finished steel at 2.439c.
coke and sized bituminous were in heavy
than early in January, to increase in popularity and
on affected this city's
per pound, while the same as last week, is lower
demand. The temporary hold up of transportati
in prices of all
it stood at 2.453c. One year ago it was 2.546c., as shown by the
when
supplies. Coke was difficult to get. Further advances
table which follows:
682
TITE CHRONICLE
grades of fuel were expected. All pools showed firmness and somp went
up in price.
Baltimore reported ample supplies to take care of existing demand and
no changes in prices. Contract business, while not up to the mark,showed
improvement. Export was flat. Retailers were offering only substitutes.
anthracite being completely out of the market.
Dumpings over the Virginia piers increased last week and quotations on
the different pools showed great firmness. The pier interests were not
forcing sales to any extent being seemingly satisfied with conditions as
they were.
Reports from the central Pennsylvania bituminous regions were to the
effect that demand and quotations were better, with production very good.
Demand, especially industrial, in the Pittsburgh market was off last
week. Production was still up resulting in the softening of some prices.
The opening up of more and more non-union mines also tended to lower
prices. With the large production of prepared sizes, slack was too plentiful
and dropped in price. Mine-run, however, held firm. The active demand
for coke kept offerings of by-product coal at a minimum.
The Connellsville coke market advanced again to such high levels that
some of the blast furnaces in the Pittsburgh district were forced to shut
down.
Prepared grades were the only items to show activity in northern West
Virginia last week. Mine-run showed no change in demand or price and
slack was in very limited call. Industrial consumers and the railroads
took little coal. This inactivity was slightly balanced by the fact that,
due to the cold weather, production fell off to some extent.
Smokeless prices in southern West Virginia registered gains last week but
quotations on the high volatiles were slightly off. Due to heavy shipments
of prepared, principally the nut, stove and egg, to the East. there was a
shortage of smokeless grades. Smokeless run-of
-mine was firmer but the
slack was weak. High volatile run-of
-mine was off. Reports from the
Pocahontas and Tug River fields showed that their production had increased
since the first of the year.
The better known coals from the Upper Potomac and western Maryland
fields were in good, steady demand, particularly for the prepared sizes, but
large production held prices down. Movement from the fields, so far this
year, was ahead of 1925. The export business was practically at a standstill.
The Virginia field reported no changes in prices or demand except for the
smaller sizes of prepared coals which were in better market position.
The upsets created by the anthracite strike alone differentiate the bituminous coal market at the present time
from the usual run of season-end trading, declares the "Coal
Age" on Feb. 4. Dutch boulets in Philadelphia, German
coal in Brooklyn and Alabama coke in Chicago give some
indications of the way in which coal consumers and distributors have accommodated themselves to the situation
arising from the prolonged suspension of hard-coal production. Aside from these changes, the domestic market is a
weather proposition pure and simple and no different in its
reactions to the mercury than in years gone by, observes the
"Age" in its weekly resume of conditions in the markets,
from which we quote further as follows:
The effect of the anthracite strike, now in its sixth month,is not however.
limited to the extraordinary movements mentioned above. Its impress
is to be found as well in the clamor for certain sizes of West Virginia lowvolatile and, to a lesser degree, in the good market now enjoyed by some
of the high-volatiles prepared for domestic consumption. And these
developments have been reflected, in turn, in the movement of mine-run
and slack from the same mines and in the expansion of tonnage from operations in the Middle Western fields.
Cautious trade observers are beginning to fear that the producers have
overshot the mark in their recent tonnage records. The figures for the
week ended Jan. 23, as reported by the Bureau of Mines,show a sharp drop
in the rate of output and no pronounced recovery was promised for last
week or for early February. The weather demands and the calls for coal
to make up the anthracite deficit intensify the situation as they threaten
to force the production of the smaller sizes of coal at a faster rate than the
• industrial consumer can or will absorb. Many steam buyers are now playing a waiting game, ready to pick up distress tonnage if the price is low
enough.
In most sections of the country screenings have given way to the pressure
of an increasing accumulation of unsold coal. Gas slack at Pittsburgh is
noticeably weaker, high-volatile fine coal prices have declined in ,the
Columbus and Cincinnati markets, some coal selling down to 50c.; Hocking
screenings have wobbled; Indiana screenings are off 10 to 25c. and some
southern Illinois coal is offered under circular. Quotations on low-volatile.
on the other hand, have been somewhat steadier, but not be cause of
increased demand. Mine-run prices, too, show a tendency toward greater
firmness and lump was up in some markets, counter-balancing the loss in
screenings.
The "Coal Age" index of spot prices of bituminous coal on Feb. 1 stood
at 178, the corresponding price being $2 16, the same as on Jan. 25.
Dumpings at Hampton Roads shot up to 440,552 net tons the week ended
Jan. 28. The total the preceding week was 407.625 tons. The month-end
clean-up to avoid demurrage, more than increased demand, explains the
heavier movement over the piers.
For the time being, at least, the high-dollar coke shippers seem impervious to criticism. The tonnage moving at top quotations, however,
probably represents only a small percentage of the total coke now going
into the domestic trade. Nevertheless, it is enough to give an unfavorable
tinge to the whole business.
[VoL. 122,
Estimated Untied States Production of Bituminous Coal(Net
Tons)a Including
Coal Coked.
1925 --26
1924 25-Coal Year
Coal Year
Week.
to Date.
Week.
to Date.b
Jan. 9
13,031,000 409,953,000 12,590,000 359,814,000
Daily average
2,172,000
1,720,000
2,098.000
1,514,000
Jan. 16-c
13.069,000 423,022,000 12.044,000 371,858,000
Daily average
2,178,000
1,731,000
2,007.000
1,526,000
Jan. 23_ d
12,367,000 435,389.000 11.588,000 383,446,000
Daily average
2,061,000
1.739,000
1.931,000
1,536,000
a Original estimates corrected for usual
which in past has averaged
2%. b Minus one day's production first error,in April to
week
equalize number
of days in the two years. c Revised. d Subject to
revision.
During the present coal year 1925-26 total output is now
435,389,000
net tons, approximately 14% greater than during the
same period in the
year before. Production for similar periods in other
recent years is given
below:
1918-19
1919-20
1920-21
477,225,000 net tonsI1921-22
394,023,000 net tons 1923-24
462,661,000 net tons 1924-25
343,393,000 net tons
460,833,000 net tons
383,446,000 net tons
ANTHRACITE.
From the number of cars loaded for shipment, it is
estimated that 47,000
tons of anthracite were mined during the week of Jan.
23-a gain of 10,000
tons over the output of the preceding week.
Total output of anthracite during the coal year
1925-26 to date is now
40,620,000 net tons. This shows a decrease of
29,606,000 tons, or 42%,
from the 70,226,000 tons mined during the
corresponding period in the
year before.
Estimated United States Production of Anthracite
(Net Tons).
1925-26-----1924 25
CoalYear
Coal Year
Week EndedWeek.
to Date.
Week.
to Date.a
Jan. 9
47,000 40.536,000
1,785,000 66,683,000
Jan, 16_b
37,000 40,573,000
1,803,000 68,486,000
Jan. 23_c
47,000 40.620.000
1.740,000 70.226,000
a Minus one day's production in April to equalize
the number of dor;
in the two years. b Revised since last report. c
Subject to revision.
BEEHIVE COKE.
Production of beehive coke continues to increase.
Total output during the
week ended Jan. 23 is estimated at 344,000 net tons,
a gain of 33,000 tons,
or about 10% over that of the preceding week.
The Connellsville "Courier" states that production
in the Connellsville
region during the week of Jan. 23 was 234,000 tons,
with 244 additional
ovens active.
Estimated Production of Beehive Coke (Net
Tons).
Week Ended1926
1925
Jan. 23 Jan. 16 Jan. 24
to
to
1926b. 1926 c.
1925.
Date.
Date a.
Pennsylvania & Ohio_ _ _ _286,000 259.000 214.000
861.000 700.000
West Virginia
16.000
14,000
15,000
49,000
45,000
Ala., Ky., Tenn. & Ga
22,000
19,000
17,000
69,000 68,000
Virginia
10,000
10,000
10,000
32,000 34,000
Colorado & New Mexico_ _ 6,000
5,000
4,000
18,000
15,000
Washington & Utah
4,000
4,000
5,000
13,000
15,000
United States total_ _ _ _344,000 311,000 265,000
1,042,000 877,000
Daily average
57.000
52.000 44,000
52,000
44.000
a Adjusted to make comparable the number
two years. b Subject to revision. c Revised. of days covered in the
Coke Production During Month of December.
Production of by-product coke during the month of
December, as reported by the operators, amounted to
3,760,000 net tons, an increase of 203,000 tons, or 5.7%, compared
with the preceding month, according to statistics furnished
by the U. S. Bureau of Mines. During the month
of
December the daily output increased to 121,305 tons,
a
gain of 2,729 tons, or 2.3%, compared with the November
rate. The coke plants operated at about 91% of capacity.
With the inclusion of the new plant at Troy, N. Y., and
the
rebuilt plant at Chester, Pa., the total number of
byproduct plants now in existence is 80, of which 74 were
active
during the month. The current output is the highest
on
record for any month.
According to the "Iron Age," the production of
coke
pig iron for the 31 days in December was 3,250,448
gross
tons, or 104,853 tons per day, as compared with
3,023,006
tons, or 100,767 tons per day for the 30 days in
November.
This is the second consecutive month that the
daily rate
has exceeded 100,000 tons per day since last
April. In
October, such a daily figure was almost reached,
averaging
97,528. A year ago the December production was
2,961,702
tons.
Beehive coke production continued to increase
during
December, the total being estimated at 1,307,000
net tons,
an increase of 94,000 tons, or 7.7% compared with
the
month of November.
Bituminous Production Sharply Declines
-Coke and
Production of all coke amounted to 5,067,000
tons, the
Anthracite Gain.
by-product plants contributing 75%, the beehive
plants
While the output of bituminous coal declined about 5% the remainder.
when compared with the preceding week, the net tonnage
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE
COKE IN THE
during the week ended Jan. 23 reached 12,367,000. On the
UNITED STATES (NET TONS).,,
other hand, the output of anthracite was 47,000 tons, or a
By-Produa
Beek,
gain of 10,000 tons over the week before. Coke production
Coke.
Coke,
Total.
was also higher, reaching 344,000 net tons, according to the 1923 monthly average
3,133,000
1,615,000
4,748,000
weekly report issued by the United States Bureau of Mines, 1924 monthly average
2,833,000
806.000
3,639,000
1925 monthly average
3,332,000
893,000
4,225,000
portions of which we quote herewith:
Production of bituminous coal during the week ended Jan. 23 declined
sharply. Total output, including lignite and coal coked at the mines, is
estimated at 12,367,000 net tons, a decrease of 702,000 tons, or 6.4%,
from the revised figure for the preceding week.
Sept. 1925
Oct. 1925
Nov. 1925
Dec. 1925
a Excludes screenings and breeze.
3,185,000
3,402,000
3,857,000
3,760,000
746,000
1,006.000
1,213,000
1.307.000
3,931,000
4,408,000
4,770,000
A na7 non
683
THE CHRONICLE
FEB.6 19261
The total'amount of coal consumed in both beehive and
by-product coke plants amounted to 7,465,000 tons, 5,40,000 tons being consumed at by-product plants and 2,062,000
tons at beehive plants. This December total is 435,000 tons
greater than the monthly average for 1923.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Consumed in
By-Product
Ovens.
Total
Coal
Consumed
4,523,000
4,060.000
4.787.000
1923 monthly average
1924 monthly average
1925 monthly average
Consumed in
Beehive
Ovens.
2.507.000
1.272.000
1,371,000
7.030.000
5.332,000
8,158.000
ESTIMATED MONTHLY AND AVERAGE DAILY PRODUCTION
OF COAL IN 1925 (NET TONS).'
Anthracite
BituminousProduction. Daily Avge. Production.. Daily Arm
January
285.000
7.419,000 '
51.930,000
1,975.000
299,009
7.176.000
February
1.631.000
38,987,000
271,000
7.040.000
March
37,626,000
1.447.000
'290,000
April
7.253.000
1.316.000
33.702.000
316.000
7,898,000
May
1,397.000
35.474.000
291,000
7,576.000
June
1,430,000
37.167.000
319.000
8.293.000
July
1,522,000
39,582,000
345,000
8,966.000
1,726,000
August
44.883,000
2.000
September
52,000
1,843.000
46.817.000
3,000
October
68.000
1,970.000
53.203,000
7.000
November
2,143.000
151,000
50,780,000
9.000
2,031,000
224.000
December
52.816.000
522.967,000
a Revised since last report.
1,702,000 a62,116,000
204,000
Analysis of Imports and Exports of the United States
for December.
The Department of Commerce at Washington on Jan. 26
Of the total output of by-product coke during December, issued its analysis of the foreign trade of the United States
3,118,000 tons, or 82.9%, was made in plants associated for the month of December and the 12 months ending
with December. This statement enables one to see how
with iron furnaces, and 642,000 tons, or 17.1%, was made at much of the merchandise imports and exports for 1925 and
merchant or other plants.
1924 consisted of crude materials, and how much of manuPER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE THAT factures, and in what state, and how much of foodstuffs
WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON FURNACES
and whether crude or partly or wholly manufactured. The
AND BY OTHER PLANTS 1920-1925.
following is the report in full:
1921.
FurFur-1
mice. Other nace
,
79.8 20.2 83.1
January
80.7 19.3 82.3
February
March
81.1 18.9 81.3
81.1 18.9 80.3
Apr11
May
82.0 18.0 81.1
June
82.3 17.7 82.6
July
82.5 17.5 81.2
August
82.0 18.0 83.0
September
81.1 18.9 83.8
October
81.3 18.7 84.0
November _....81.l 18.9 84.2
December
82.5 ,17.5 84.9
1922.
1923.
1924,
1925.
FurFurFurFurOther sacs Other nate Other nace Other nace Other
16.9
17.7
18.7
19.7
18.9
17.4
18.8
17.0
16.2
16.0
15.8
15.1
82.4 117.8
83.3 .16.7
83.3 18.7
83.7 16.3
85.5 14.5
95.7 14.3
86.0 14.0
80.3 19.7
82.7 17.3
83.3 16.7
83.1 ,16.9
43.9 117.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.8
17.4
82.8
83.6
84.0
83.6
80.0
310.8
80.8
70.5
82.0
82.9
83.4
84.6
loo00000500-4
encb ,
1920.
HOWL
5,753,000
8.475.000
7.024.000
7.465.000
1.177,000
1.587,000
1,913.000
2.062.000
4,578,000
4.888,000
5,111.000
5.403.000
Sept. 1925
Oct. 1925
Nov. 1925
Dec. 1925
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
82.2
82.3
83.0
82.9
15.2
16.3
18.3
16.3
16.8
16.9
17.4
17.9
17.8
17.7
17.0
17.1
81.4 118.8 82.7 17.3 83.6 16.4 82.6 17.4 82.3 17.7 83.1 16.9
ANALYSIS OF IMPORTS AND EXPORTS FROM THE UNITED STATES
FOR THE MONTH OF DECEMBER 1925.
(Values In 31.000.)
Month of December.
Groups.
1924.
Value
P. C
Twelve Months Ending December.
1924.
1925.
Value. P. C
Imports
Crude materials-- $130.685 39.2 $175,727
Foodstuffs, crude
40.053! 12 1 48,161
food animals
27,895: 8.4 28.937
Manuf'd foodstuffs
Semi-manufactures _ 83,260, 18.9 67.595
89,133' 20.7 74,089
Finished manufacr
2.186! 0.7
3,438
Miscellaneous
Value.
1925.
P C
Value.
P. C.
44.141,236,092 34.281,721,21
40.7
12.1
7.3
17.0
18.8
0.9
11.7
10.3
17.9
18.8
0.8
424,87
52l.6si
855,88
749.346
22.164
11.8
14.
18.2
20.7
0.
494,711
433.801
755.40
796.33
26.6 I
$333192100.0 $397.945 100.0 $3.609,982 100.0 84,227,995 181.0
Total
Domestic Exports
5168,335 38.4 $152,490 33 2$1 326 341 29.581,413,94'29.4
Crude materials
. . .
Foodstuffs, crude
392,691 8.
317,89
6.6.
food animals39,619 9.0 21.187 4.6
573,79 11.9
54.2871 12.3 52,675 11.5 573,492 12.
Manurd foodstuffs_
861,72 13.7
Semi-manufactures _ 53,801 12.3 55.705 12.1 810,88 13.
1.588,052 35.3 1.842.83 38.2
Finished manufact' 122,017 27.8 178.619 38
6.40
8.11
0.1
0.2
830 0.2
528, 0.2
Miscellaneous
1
Estimated Production of Coal During 1925.
According to statistics compiled by the United States
Bureau of Mines, the total estimated production of bituminous coal during the calendar year 1925 was 522,967,000
tons, and of anthracite, 62,116,000 tons. The output by
months for these two fuels appears in the following table:
T
Total
$438.587 100.0 $459,508 100.0 $4,497,84 100.044.818.271 100.0
93,33
91.12
9,139
7,1821
$445,7491
$468,845
84,590,98
84.909.3
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 3, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
of $39,200,000 in holdings of discounted bills and of $6,800,000 in acceptances purchased in open market, partly offset
by a decline of $15,300,000 in Government securities. Total
bills and securities went up $30,700,000, while cash reserves
declined $13,900,000, non-reserve cash $10,200,000, and
Federal Reserve note circulation $4,700,000.
Discount holdings of the Federal Reserve Bank of New
York increased $51,700,000 during the week, and those of
the Richmond bank $4,400,000. The Chicago and Cleveland Reserve banks show decreases in discounts of $10,000,000 and $5,700,000, respectively, and San Francisco a decrease of $3,200,000. Smaller changes in discount holdings
are reported by the other Reserve banks. After noting
these facts, the Federal Reserve Board proceeds as follows:
The New York bank also shows an Increase of $10,400.000 In openmarket acceptance holdings, and Chicago and Cleveland increases of
$3,400,000 and $2,600,000. respectively. At the Boston bank open-market
acceptance holdings declined 87,100,000, and at Atlanta $4.000,000.
Holdings of Treasury certificates declined $16,900,000 and holdings of
Treasury notes increased $1,600,000.
The Cleveland bank reports a decrease of $5,900,000 in Federal Reserve
note circulation, and New York an increase of $5,700,000. while the Philadelphia and San Francisco banks show a total increase of $3,200,000, and
the eight remaining banks a total reduction of $7,800,000.
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 718 and 719.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year/ending
Feb. 3 1926 follows:
Tot, dom. expo
Foreign exports
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bilLs discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increase (+) or Decrease (-)
During
Year.
Week.
-813,900.000 -$125.300,000
-129.000.000
-9.200.000
+117,100.000
+30.700.000
+165.400.000
+39.200.000
+90.700,000
+39.800.000
+74.700.000
-600,000
-5,700.000
+6.800.000
-39,100.000
-15,300,000
-15.500.000
-88.800.000
+1.600,000
+65.200.000
-16,900.000
-27,900.000
-4.700.000
+14.900.000
+10.300,000
+21.600.000
-1.700,000
+14,300,000
+14,400,000
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's statement of condition of
717 reporting member banks in leading cities as of Jan. 27
shows a decline of $74,000,000 in loans and discounts and an
increase of $32,000,000 in investments. These changes were
accompanied by a decline of $140,000,000 in net demand
deposits and an increase of $10,000,000 in time deposits.
Member banks in New York City reported a reduction of
$46,000,000 in loans and discounts and an increase of $26,000,000 in investments, together with declines of $38,000,000
in net demand deposits and $14,000,000 in borrowings from
the Federal Reserve banks. It should be noted that the
figures for these member banks are always a week behind
those for the Reserve banks themselves.
Loans on corporate stocks and bonds fell off $47,000,000,
of which $30,000,000 was reported by banks in the New
York district and $7,000,000 and $6,000,000 in the Philadelphia and Kansas City districts, respectively. All other
loans and discounts were $27,000,000 lower than the previous
week, reductions being shown for all districts except Phila-
684
THE CHRONICLE
delphia and Dallas. The principal reductions were $13,000,000 in the New York district and $6,000,000 each in
the Chicago and San Francisco districts. Further comment
regarding the changes shown by these member banks is as
follows:
[vol.. 122.
currency, were practically static. The municipality of
Oslo contracted
a $4,000,000 loan for conversion purposes.
There was a slight increase
in idle tonnage figures, with a total of 65,600
dead weight tons.
DENMARK.
An aggravation occurred in the industrial
situation of Denmark
during January. Unemployment has constantly
mounted, thus accentuInvestments of reporting banks in U. S. seetirities changed comparatively ating the
already depressed condition of industries. Legislative relief
little in any of the Federal Reserve districts. Holdings of other bonds, in the form
of cash subsidies is being considered, but its passage is
stocks and securities went up $23,000,000 at all reporting banks and at regarded
as doubtful. The present critical industrial situation surpasses
banks in the New York district. The only other important changes in this in
its extent the post-war industrial crisis of
1922. The industrial
item were an increase of $12,000,000 in the Chicago district and a reduction
stagnation is clearly reflected in extreme trade dullness.
of $11,000,000 in the Cleveland district.
Wholesale
price levels again sagged during December. It'oreign
Net demand deposits fell off $140,000,000, reductions being reported for
trade for December
all districts except Cleveland and St. Louis, where increases of $11,000,000 showed considerably reduced imports and exports, while the unfavorable
trade balance was increased. The domestic money
and $2,000,000, respectively, were shown. The largest reductions by dismarket remains
tight and the stock exchange is very dull.
tricts were as follows: Chicago, $50,000,000; New York, $42,000,000
San Francisco, $15,000,000; Boston, $10,000,000, and Philadelphia and
CZECHOSLOVAKIA.
•
Atlanta, $9.000,000 each.
Industrial production in Czechoslovakia is diminished,
according to
Time deposits increased $10.000,000, increases of $7,000.000 in the New a cable from Commercial Attache
James F. Hodgson, Prague, dated
York district and $9,000,000 in the Chicago district being offset in part January 27. The domestic
demand is well maintained but exports are
by slight reductions in some other districts.
hindered by bad conditions in neighboring countries.
The reduction
The principal changes in borrowings from the Federal Reserve banks of activity is especially
noticeable in textile mills, machinery factories,
include an increase of $23,000,000 in the Chicago district and reductions of iron and steel works, and plate
glass factories. Bank clearings for the
$13,000.000 and $11,000,000 in the Cleveland and New York districts, month ending January 23 were 9
per cent, less than in the preceding
respectively.
month and 15 per cent, less than in the corresponding month last year.
On a subsequent page—that is, on page 719—we give the Carloadings in December experienced a seasonal decrease. Coal profigures in full contained in this latest weekly return of the duction for the last half of 1925 was about equal to that of the corresponding period of the preceding year, but for the
member banks of the Reserve,System. In the following is the production was 11 per cent, less than for the year 1925 as a whole
year 1924. The coke
furnished a summary of the changes in the principal items production of 1925 was 20 per cent, less than 1924. On the other hand
money is easy and the sound money reserves of the Government
as compared with a week ago and with last year:
Banking Office covered 42 per cent, of the circulation and deposits,
Increase (+) or Decrease (—) being the maximum cover for the past year. Glass and porcelain works
are well occupied with foreign orders. The total Czechoslovak exports
During
Week.
Year.
for the year 1925 exceeded those of 1924 by 10 per cent. The crops
Loans and discounts, total
—$74.000,000 +$898,000.000 are in good condition.
Secured by U. S. Government obligations
—20,000,000
SOUTH AFRICA.
Secured by stocks and bonds
—47.000,000 +803,000,000
January South African trade quiet. Restricted buying evidenced
All other
—27.000.000 +115,000,000 throughout agricultural districts because
of
Investments, total
+32.000.000 —11,000,000 cember imports decreased slightly. Transvaal widespread drought. Degold output for December
U. S. bonds
+12.000,000
+42.000,000 amounted to 791,455 ounces as against 787,633 ounces
U. S. Treasury notes
for November
+2,000.000 —191,000,000 and 825,273 ounces
for December, 1924. Diamond and coal production
U. S. Treasury certificates
—5.000.000
+31,000,000 increased during 1925. Bank deposits and clearing house returns
Other bonds,stocks and securities
+23,000.000 +108,000,000 showed increase. Industrial activity and building
Reserve balances with Fed. Reserve banks
continue high. Rail—22,000,000
±9,000,000 way earnings also high. Port Elizabeth wool market irregular
Cash in vault
with
—7.000.000
+2,000,000 small stocks on hand. Stocks of mohair are very
Net demand deposits
small and market
—140,000,000
+20,000,000 is quiet.
Time deposits
+10.000,000 +510.000,000
PHILIPPINE ISLANDS.
Government deposits
—1.000.000
+65,000,000
Total accommodation at Fed. Res. banks
Foreign trade for December marked by gain in exports and decline
—3.000.000 +140,000.000
in imports. Credit balance of trade in December amounted to 9,639,000
pesos (1 peso equals $0.50). Renewal of sugar shipments responsible
Weekly Digest of Cables Received from Foreign
Offices for December increase. Abaca shipments increased by 11,000,000 pesos;
sugar exports by 7,000,000 pesos. All classes of imports increased in
of the Bureau of Foreign and Domestic
Commerce.
1925 over 1924.
The summary of foreign cablegrams
received by the
Department of Commerce at Washington,
released for pub- Federal Reserve Bank of New York on Gold Movement.
lication today, follows:
With regard to the gold movement,
the Federal Reserve
GREAT BRITAIN.
Agent at New York, in the monthly review dated Feb. 1,
January reveals strongly favorable financial
factors in current con- says:
ditions, London clearing stocks show increase in
ratio of advances to
Following small gold movements in December approximately $11,000,000
deposits to 50 per cent, reflecting a good
trade
favorable reports of Empire conditions promising movement. Highly of gold was imported at New York from Canada during the first 27 days
better buying power of January. This movement, which accompanied the decline in Canadian
for British goodS. Favorable budget balance
is unlikely. National exchange, marks the return of a part of the 36 millions net shipped to
electrical schemes sponsored by Prime Minister
Baldwin, and drastic Canada from New York during October and November. Other gold imeconomy in national expenditure included
in
February Parliament Session. Settlement government's program for ports at New York during January were about half a million dollars, and
of Italian debt favorably exports amounted to only $2,600,000, consisting chiefly of small shipregarded. Conference of union delegates
has voted to accept the award ments to South America and the Far East.
of the national Wages Board in the railway
wages dispute. Recent
For the year 1925 gold imports into the United States totaled $128,000,coal improvements -seem to be advanced.
Reduced subsidy for exported 000, of which $49,000,000 was from England, $33,000,000 from Canada,
coal may be suggested. Steady expansion in
the volume of iron and $11,000,000 from Japan and $10,000,000 from Holland. Exports totaled
steel business continues with more forward
contracting despite dubious $263,000,000, including $68,000,000 to Germany, $59,000,000 to British
situation in coal industry. Export demand for
iron quiet with a steady India, $46,000,000 to Canada and $27,000,000 to Australia. At $134,000,run in hematite iron. Copper is quiet. Lead
demand is disappointing. 000 the export balance was the first shown since 1919 and followed a
Curtailment proposal of the American Section of
the Spinners Federa- net gold import since that year of $1,553,000,000, and since 1914 of
tion resulted in improvement in cotton yarn sales.
yarns also improving. 1925 exports of cotton yarn Sales of Egyptian $2,400,000,000.
largest since 1922.
Opening rates in wool markets maintained. Top
market quiet. London
stocks of raw rubber rising again. Hide and leather
Sir Montagu Norman's Plan to Stabilize Franc.
trade improved.
A plan for the stabilization of the franc, carrying with it
ITALY.
The conclusion of negotiations for funding the
Italian war debt to a program for the funding of the French Government's war
Great Britain under exceptionally favorable conditions
emphasizes the debts, was made known in copyright advices to the
already favorable financial position of the Italian
New
Government, accord- York "Evening Post" from Paris
last night (Feb. 5). Indiing to a cable from Commercial Attache H. C. MacLean
at Rome.
Private borrowings for industrial purposes have
cating that four nations figure in the details—France, Gernot been so great as
rumored; only one loan has received official approval
to date, and the many, Great Britain and the United States—the
total will probably not reach $100,000,000. Government
information
revenues con- carried in the message
to the "Post" said in part:
tinue their favorable trend with a surplus of 26 million lire
in December
Montagu C. Norman, Governor of the Bank of England,
as compared with one of 12 million lire the previous December, and
working through
various American connections, including S. Parker Gilbert Jr.,
a surplus of 223 ntnlion lire for the first half of the fiscal year,
Agent-Genas
against a deficit of 184 million lire in the foregoing year. The internal eral for Reparation Payments, who has just returned to Europe from
debt showed a further slight increase on December 31, but a reduction America, has had placed with representatives of the French Government an
may be expected in the near future in view of the large amount now outline of a comprehensive plan for the stabilizing of the franc.
Although the terms of the Norman proposal have been
at the disposal of the government. Debt settlements have reduced the
Europe's most
total of the foreign debt through entailing increased service payments carefully guarded secret for sixty days, they were obtained from a high
on future budgets. Business is notably active, with the exception of French authority. They are as follows:
France is to be supplied with a sum well into the
the iron and steel industries, which are maintaining normal production
hundreds of millions
after a considerable period of unusual activity. The seasonal increase of dollars for supporting the franc, predicated upon the French Governunemployment was unusually slight between November 30 and ment's balancing the budget. The support will be of such stupendous
in
December 31 and remains considerably under last winter's figures. Port character that 1. will eliminate definitely future fluctuations in the franc.
The point at which the franc is to be pegged definitely
traffic in Genoa reached record figures in 1925, while Trieste shipping
is yet to be deterwas reduced slightly by a partial diversion of transit traffic to North mined, as it is dependent upon the date of the adoption by tho French
Parliament of a sound budgetary program. The French would
European ports.
like to have
the franc nailed fast at twenty to the dollar, although conservative opinNORWAY.
ion as expressed here was that it was more likely to be twenty-five.
Developments in Norway during January were, on the whole, inThis money for France Mr. Norman proposes to have come almost enfluenced by the uncertainty prevailing as a result of increasing industrial tzely from the United States. It is to be
raised from three sources in Amerstagnation, lower prices, and tight money market. In its report the ica.
Eicchange Commission recommends a trial stabilization of the crown
Three Sources of Funds.
at its present level. Foreign trade during December showed a decline
First, through the sale of German reparation railway bonds; second, by
both in imports and exports. Note circulation contracted still further wider latitude to be given loans already made in
France by J. P Morgan &
during December, while prices, as a result of the stability of the Co.which is the Bank of England's American
agent, and third. with fur_
685 '
THE CHRONICLE
FEB. 61926.]
Lbw support, perhaps indirectly, from the Federal Reserve Bank of New
York. .
. .
Your correspondent has been informed that the furtherance of this project
Is the explanation of Mr. Norman's prolonged recent stay in the United
States and was the subject of conversations at Washington and elsewhere
among Mr. Norman, Mr. Gilbert, Benjamin Strong, head of the Federal
Reserve Bank; United States Treasury officials, members of the Morgan
firm and the French Ambassador.
The "Sun" of last night had the following to say regarding
the proposal in United Press advices from Washington:
in the value of gold with relation to commodities. This distribution
was the purpose of Holland when the gold standard was resumed here
on April 28. The Netherlands Bank then exported, up to December 5,
gold to the extent of 66,000,000 guilders. The sole purpose of this
shipment was adjustment of the gold stock over the foreign countries
as advocated by Vissering.
High and Low Prices During Last Few Years of Securities
on Amsterdam Stock Exchange.
Arnold Gilissen's Bank of Amsterdam, Rotterdam, has
compiled a booklet showing the highest and lowest prices
during the last tell years of all securities listed on the
Amsterdam Stock Exchange. A copy of this booklet will
be sent free on request.
High Treasury officials to-day said the plan of Sir Montagu Norman of
the Bank of England to stabilize the French franc to clear up the European
financial situation is not taken seriously by this Government.
France must stabilize her own domestic situation and balance her budget
before the United States will be a party to any new loans or other assistance.
It was pointed out. This attitude also includes settlement of the French
war debt.
The United States could not advance money to France to stabilize her
exchange as suggested by Norman, it was said. Any money loaned to
Proposed $10,000,000 Offering of Associated German
France now probably would be used to pay domestic debts.
Mortgage Banks.
France has a favorable trade balance, and the United States frowns
at lending money to a naaion that is spending more than it obtains in revIt was announced on Feb. 4 that a banking group comenue, it was stated.
Officials said that distribution of German railway bonds should not be posed of Brown Brothers & Co., the New York Trust
marketed in the United States, as suggested by Norman. These bonds are Company, the Bankers' Trust Company, Alexander Brown
now held by the Dawes plan transfer commission as security for payments & Sons of Baltimore, and E. B.
Smith & Co., has purchased
of German reparation.
American bankers will never receive the Government's approval to make and will offer next week 10,000,000 American certificates,
loans to France until that nation balances its budget and funds its debt, representing the Associated German Mortgage Bank's
and officials do not believe that bankers would attempt to sell foreign se7%% sinking fund gold loan, due Feb. 1, 1951. The bonds
curities without Governmental approval. A settlement with France for
liquidating her 84,000,000,000 debt was predicted. France can pay off represented by the certificates will be deposited with the
her obligations without the aid of the Norman plan, it is believed.
New York Trust Company and will be payable in gold
Proposal by Former Senator J. Hamilton Lewis for
Extension of Trade Through Loans to Europe.
A plan for the purchase of American farm and industrial products with the proceeds of United States loans
to foreign countries to protect the trade, the loan and the
friendly relationships between the United States and the
borrowing countries was proposed by J. Hamilton Lewis,
formerly U. S. Senator from Illinois, speaking at the annual
dinner of the Lumbermen's Association of the Northeast,
at the Hotel Pennsylvania on Jan. 27, according to the
New York "Times" which reports his proposal as follows:
Mr. Lewis began by asserting that "not one dollar of the principal
of the eleven million dollars of debts which are now being extended
by America with foreign countries with the sixty-year delay, will ever
be paid."
The history of our actions during the last ten years and the history
of their results during the last four years, he continued, have established that the lending of our money to foreign nations is to lose the
money, has created enemies, has awakened hostilities, has sowed hatred
and is leaving us where the countries to whom we lent the money are
united to defeat us in international trade, and as a punishment to us
are banded in alliances to trade only with themselves, and wherever
possible to avoid any commerce with the United States.
The course of America for the protection of the nation and the
welfare of any of the needy of foreign nations should be:
First, that America through proper agencies should ascertain from
any country of Europe seeking loans—private or public—what are the
uses to which the money is to be put, the needs of the countries, if it
be for utensils and machinery or for the products of the farm or for
mechanical appliance for the factories, material for the building of
homes, commercial construction, raw material for the development of
whatever may be the desires of the nations. Then let these be reported
by the agency of the country selected by its Government for this
purpose, then let the United States—through the proper machinery devised—promptly secure from the foreign country the bonds of that
foreign country necessary to cover these purchases, the foreign country
to make such arrangement with those of its own nation seeking the
supplies as shall protect the foreign country for the value of its bonds.
Such bonds of any reliable country to be taken by the United States
through such agency as it will adopt to equal this amount of money
advanced by the United States necessary to purchase these supplies
and products needed by the land who would seek the loan. Then our
Government—through the proper agency devised—should purchase from
our own people the supplies and products as are needed by those foreign
lands who sought the loan with which to purchase.
These purchases from America of farm products give the farmer the
patronage by which his wheat, meat, corn, cotton, tobacco and what
other he produces have at once a market, and at once supply the needs
for food and clothes of those lands seeking such for their p-ople.
The manufacturer has the American money for his supplies, which
he then conveys to the countries abroad needing such, why:h would
have been bought elsewhere with American money. All products of
America which serve the needs of these foreign people can then be
purchased from the merchant of America and supplied to the fireign
needs with the result that every need of the foreign land is met, while
the American money goes to the American, and the American produce
goes to the foreigner. This increases the market and the price of the
American producer.
marks. The certificates will be in dollars, and the Associated German Mortgage Banks will provide annually a
limited fund to equalize such discrepancies from the precise dollar amount as may be caused by the actual transfer of the mark funds into dollars.
The Asociated German Mortgage Banks in this transaction are eight in number. Their combined capital is
about 42,000,000 marks, and the total resources are more
than $56,000m0.
•
Berlin Plans New $75,000,000 Credit For Soviet Trade.
.Berlin Plans New $75,000,000 Credit For Soviet Trade..
Under the above head the New York "Journal of Commerce" reports the following (Associated Press) from
Berlin, Feb. 1.
To relieve the unemployment distress in Germany, which has been
increasing alarmingly, the Government has initiated negotiations with
the federal railways looking to the conclusion of contracts in the near
future for construction, repairs and extensions aggregating 60,000,000
marks.
The railways in their budget for 1926 included up to 60,000,000
marks for these purposes, but intended to distribute the orders over
the year. The Government is pressing for their immediate placement,
as it believes this would not only relieve unemployment but would
stimulate home industries.
This proposal is part of a larger scheme for increasing business
activities, of which the export credit insurance plan, recently announced,
is another part. It is also proposed to give Soviet Russia a new
credit, reported to aggregate 300,000,000 marks, for the purchase of
German goods.
Export Credit Fund Planned by Berlin to Win New Trade
—Government to Supply 10,000,000 Marks.
Associated Press advices as follows from Berlin, Jan. 29,
were published in the New York "Journal of Commerce"
a Jan. 30.
An export credit insurance fund is one of the plans being fostered
by the Government with a view to s. egulating exports and thus make
it easier for Germany to live uo t
er payments under the Dawes
reparations plan.
The Ministry of Economics, des, 'us %. getting the opinion of exporting interests has invited represem, 'ives of these interests to a conference next week to discuss the pla, which is to be patterned on the
British system, an which, it is hopet, will open up territories, where
German exports are not yet finding their wa" in European, Central and
South American, Australian and African markets. The initial fund with
which to start the plan is reported to be 10,000,000 marks.
The Ministry of Economics, which, in consultation with the Ministry
of Labor, is making the arrangements, plans to derive the ten million
marks from the so-called productive unemployment fund in the hands
of the Labor Ministry, on the theory that stimulation of the export
industry would mean new opportunities for employment.
The proposed fund is to be at the disposal of exporters of toys,
machinery and other articles, to enable them to discount promissory
notes from foreign buyers. It is not the intention of the Government
to shoulder the entire risk, at least 50% of it is to be assumed by
insurance companies whose co-operation in the scheme is assured.
British Gold Standard Called Not Effective—President of
The fund is not intended as a subvention, but on the contrary, it is
" expected that it will gradually increase as the premium charges are
Netherlands Bank Thinks "Currency Notes"
collected. Before receiving assistance from the credit insurance fund,
Must First Be Safeguarded.
exporters must furnish reasonable evidence that the foreign buyer is
date of Jan. 31 the New York "Times" reported able to pay. In determining this Germany's consular staffs abroad
Under
will be called upon for assistance.
following cablegram
the
from Amsterdam:
Dr. G. Vissering, President of the Bank of the Netherlands, points
out that the gold standard has not actually been realized as yet in
England, for the reason that £300,000,000 in currency notes are still
outstanding, which are not covered with a complete gold reserve, as
are the Bank of England notes. In consequence, the British geld
standard must be considered more or less speculative.
Vissering advances a better distribution of gold stocks over the
foreign countries; this with a view to attaining the utmost stabilization
Russian Soviet Building up Credits to Broaden Its Purchases in U. S.—Crown Jewels To Be Sold For
American Plows.
From Moscow, Jan. 31, the Asociabed Press reported the
following advices:
686
THE cnuoNICLE
Soviet Russia is ready to turn her crown jewels into American
plows, tractors and machinery. ''Negotiationl'are:•in progress for the
sale of the vast collection of 'gents ••tcr-Ameriein and other foreign
jewelers, but it is reiliied:that private•h4ers can take only a negligible
,
portion of the treasureetiecause of' their'en•ornious value.
' The Government, therefbre; is prepared to exchange the remainder
for American agricultural machinery, locomotives and 'other products
Russia urgently needs.
"We want to turn the glitter of our 25,000 diamonds into the glitter
of American steel," said one high official to the correspondent of the
Associated Press today: "These magnificent jewels were bought by
Russia's former tyrants with the sweat, toil and, trial of our peasants;
we desire now to give them : back to the peasants in the form of
implements with which to till• the ground or machinery for industries.
We have already turned millions of military bayonets into plough shares."
Russia makes no secret of. the fact that she lacks money for equipment to reconstruct her shattered industries. Having failed to obtain
loans abroad in the last eight years, she is obliged to utilize her own
resources for the rehabilitation of her economic fabric. The Government intended to spend the receipts from grain exports for American
machinery, but despite the crop, the plan for collecting grain from the
peasants was not fully realized, and orders for foreign machinery had
to be curtailed.
Officials point out that the crown jewels are only one of many resources
that Russia, if pressed, might convert into cash; others include mining
and oil concessions and museum treasures. Among them several hundred
paintings by such masters as Rubens, Rembrandt, Van Dyke and
Raphael, valued at $1,000,000,000. The Soviet officials are determined,
however, not to part with the museum treasures.
The Associated Press today obtained the ;first complete and accurate
description of the regal .emblems from official sources. The jewels
date from Peter the great .to Nicholas II. They comprise 406 separate
pieces of jewelry; the tritaii Weight of the diamonds alone is 25,300 carats;
.pearls, 6,300; sapphires, 4,000; emeralds, 3,200, and uncut rubies, —,
'and also a great variety of ,miscellaneous stones.
Appraised at $264,000,000. • . •
The jewels offered for sale are variously appraised by Russian, French
and Czecho-Slovak gem experts, but the average of their estimates is
$264,000,000, about $50,000,000 greater than Russia's debt to the
United States.
In its issue of Feb. 1 the New York •"Journal of Commerce" referring to. the Moscow reports stated:
The movement to sell the Russian crown jewels, valued at $264,000,000,
and to use the proceeds for the purchase of farm implements, is viewed
in manufacturing and banking circles here as a most important development in the Soviet's campaign to make Russia once again a trade
factor in the world.
Russia has been purchasing textiles, tractors and implements through
.the Soviet's purchasing, agents, the All-Russian Textile Union and the
Arntorg Trading Corporation, but such purchases, it is said, will be
considered - as small, in comparison, if the plans to use funds derived
from the sale of the late Czar and Czarina's jewels are carried out.
It was revealed here yesterday that some of the jewels of the
Romanoff family had already been sold but information as to the amount
secured for them or the. place of sale Was not made public. It was
added, however, that the jewels already sold were part of a, separate
collection and were in no way connected with the articles which are
now to be disposed of. Proceeds of the sale of the jewels already sold
were used in the purchase of farm implements, tractors, textiles and
other necessities, which the Soviet deems advisable for the reconstruction
of Russia.
• Some recognized authorities were of the opinion that the amount may
have been in excess of. $50,000,000. It is known that $10,000,000 has
been used in the past eighteen months for the purchase of farm implements, $6,000,000 for farm tractors and a large amount for the buying
of textiles. In addition. other products have been bought for home and
office. The Chase National Bank is.said to have been interested in
. •
the financing of some textile purchases in the past.
The purchases proposed, to result from the new offering for sale of
the royal jewels will of course be even larger. It is planned to sell
the precious. stories in Holland and then deposit the funds in banks not
only in that, country but also in others. Just what institutions will be
'used here it is difficult'to determine but, becanie • of the relations which
the Chase National has' had in the past'-with kusiian 'textile purchases,
it is said that bank might be the one named here. No confirmation of
this, however, was available, as Vice-President Schley declined to be
interviewed.
The purchases here will be extended over a wide period, it is said,
and while farm implements will form the major part of the buying
program, a number of other products so necessary in reconstruction will
be included. American firms which May figure in the trade are the
International Harvester Company, J. I. Case Company, Deering Company and the Underwood, Typewriter Company, The Grostorgs of
Russia will probably ptoihase through the Amtorg Trading Corporation
and the All-Russian Textile Union.
-
[VoL. 122.
Bavarian Palatinate. This section of Germany has been
politically and industrially important for many centuries
and includes within its territory such important enterprises as the Badische Analine Works at Ludwigshafen.
It is expected offering of these securities will be made
during the coming week.
Redemption of Portion of City of Dresden Bonds of 1925.
The City of Dresden has redeemed $132,000 of its
twenty-year 7% sinking fund gold bonds of 1925, this being
the first sinking fund installment. The bonds were bought
for account of the City by Speyer & Co., fiscal agents of
the loan.
Reported Loans of $10,000,000 In U. S. For Latvia.
The following Riga advices, Feb. 1, appeared in the
New York "Commercial."
The Latvian Government has signed a preliminary agreement with
representatives of American financiers for a loan of $10,000,000, and
prospects are for two further amounts of $10,000,000 each in 1927 and
1928.
The loan will be issued through a group of New York bankers headed
by the Guaranty Trust Co. The bonds will bear 7%%. The conditions
are similar to those of the American loan to Czecho-Slovakia last October.
The New York "Journal of Comemrce" of the 2nd inst.
commenting on the reported loan said:
No confirmation of the report could be secured at the Guaranty
Company. In banking circles, however, it has been known for several
months that Latvia was seeking a large loan or a series of loans.
Negotiations, however, are still believed to be in the preliminary stage.
Negotiations
For Polish Loan of $400,000,000 Tobacco
Monopoly Not Involved.
Warsaw (Poland) Associated Press cablegrams under
date of Jan. 29 state:
Explaining the situation of the Polish treasury before the Budget
Committee of the Diet today, Finance Minister Zdziechowski declared
the negotiations for a $400,000,000 loan in the United States did not,
as reported, involve cession of the tobacco monopoly. The only agreement that had been made with the American bankers, he said, was not
crpen to negotiations with any one else before March 8.
The Minister added that the zieoty, the Polish unit of currency, had
been stabilized since January 10 at 7.30 to the dollar, due to various
measures, including limitation of accounts with the Polish banks for
speculative purposes, supervision of the banks, balancing of the budget
and restrictions in exchange dealings.
The gold reserve had reached 39.9% of the circulation, which now
totaled 44,000,000 zlotys.
Bulgaria Reported Seeking $10,000,000 Loan.
The following is from the New York "Journal of Commerce" of Feb. 3:
Reports that Bulgaria was seeking a $10,000,000 loan here was not
confirmed in banking circles. At the offices of J. Henry Schroder it
was stated that the American branch knew nothing of such a contemplated loan and that the main office in London probably would be
the logical ones to handle such a transaction.
Reports were also revived here yesterday that the German cities of
Augsburg, Wursburg and Nuremburg were again seeking loans. The
German Government, it is said, refused to authorize these cities in the
past to contract for loans and bankers questioned knew nothing of
rumors that the Government officials had given the municipalities
permission to negotiate for new financing.
Proposed Pegging of Norway Exchange in New York—
Reported Loan.
Under date of Jan. 29 the New York "Evening Post"
printed the following advices from London:
The Norwegian Government Exchange Commission has made the surprising recommendation of pegging exchange on its present quotation
basis in New York instead of in London.
If necessary, the commission would empower the Bank of Norway
to negotiate an exchange loan to maintain the rate.
Stating that the Government of Norway is expected soon
Russia's Purchases of Cotton From Private Growers—
to arringe a new loan in New York to be used in conNegotiations With Turkey.
nection with the pegging of its exchange, the New York
Moscow Associated Press cablegrams on Jan. 28 stated: "Times" of Jan. 30 added:
Bankers yesterday confirmed the negotiations, but said that
The chief cotton committee of the Supreme Economic Council says it
details
has purchased 500,000 tons of raw cotton from private, cotton growers as to the amount and interest rate had not yet been settled. Estimates
within Russia. This is equivalent to approximately 150,000 tons of as to the amount desired by Norway run as high as $30,000,000.
It is understood that a private banking credit for the
fibre, and, it is pointed out, will enable Russia to be less dependent on
account of
Norway was established in New York some weeks ago,
the United States for 'cotton' requirements.
although never
The Government is negotiating with Turkey also for considerable officially announced, and that this credit may be absorbed by the propurchases of Turkish cotton, which will, further diminish Russia's de-, posed loan. Discussion of the loan here follows the
action of the
pendency on the United States, with Egypt, the United States heretofore Norwegian Government Exchange Commission in recommending
that
has furnished Russia with about 80,000 tons of cotton fibre annually. , the exchange be pegged on the present exchange quotation basis in New
York, rather than in London, and that the Bank
of Norway be
empowered to arrange a loan if necessary to maintain
the rate.
Purchase By Banking Group of $3,800,000 Securities of
Norwegian exchange recently has been very steady at
a fraction above
20 cents, an advance of more than 5 cents over the
Consolidated Cities of Bavarian Palatinate.
at this time last year. The rise accompanied a level that prevailed
similar movement in
It was announced on Feb. 1 that a banking group con- Danish exchange, which has now reached a level above 24 cents, as
against about 17 cents at the start of last year. It
had been supposed
sisting of Ames, Emerich & Co., Strupp & Co. and Federal that
Norwegian exchange would be
Securities Corporation have purchased a $3,800,000 7% toward par, but recent word from supported in a continued movement
abroad
Consolidated Cities of the •viould be effected at about the present level. indicated that stabilization
Gold Dollar Loan'.frOm the
FEB. 6 1926.]
THE CHRONICLE
would want
Under the present circumstances, it was said, Norway on the one
protection in the form of a loan or credit to make sure
attacks and on the
hand that its exchange was not vulnerable to bear
remarkable advance of
other that it did not advance too rapidly. The
complaints to the
last year in the Scandinavian exchanges caused
asserted
Government from industrial and agricultural interests, which
affected by the high
that the country's exports had been unfavorable
rates.
687
Mexico's Debt Agreement Effective.
Associated Press advices were reported as follows from
Mexico City Feb. 3:
President Calles'has promulgatie ate' agreement'recently entered into
by Secretary of the Treasury Pant and the group of international bankers
for the payment of Mexico's external debt. The promulgation makes the
Co:
agreement legally effective. Thomas W. Lamont of J. P. Morgan J.;
of Now York headed the group of bankers.
Efforts in New York of Italian Government to Establish
Lire at Natural Level.
Economic and Industrial Conditions in Denmark During
The following is from the "Wall Street News" of Feb. 3:
December
The Italian government is trying an interesting experiment in New
The National Bank in Copenhagen and the Statistical
to establish the lire at its
York, at the present time. In an attempt
with- Department of the Danish Government in its statement of
natural economic level, support during the past week or so was
drawn, and the lire allowed to take its own course. No official economic and industrial conditions - in Denmark during
announcement of this action was made although the fact was generally December, 1925, says in part:
banking
circles.
conceded in Italian
Italy, normally, has an import surplus and this makes more difficult
any attempt to retrieve lost ground, but the financial condition of the
country is good and the government stable. The response of the market
to a condition where official support was absent was for the lire to
drop to .039974, the lowest level of the year, and according to dealers
it was found necessary for Italian exchange agencies to re-enter the
market. Rome bills of exchange moved back to .0402 or about 2 points
under the peg level that has obtained during the past several months.
During December the value of the Danish crown remained on the
level which it had reached during the previous months, the average of
daily quotations in .December was Kr. 19.50 for one pound Sterling
(November Kr. 19.48) and Kr. 4.03 for one Dollar (equal to 24.81c
for one crown) (November Kr. 4.03) (equal to 24.81c for one crown)
which ,corresponds to an average gold value of the crown of 92.6 gold
Ore in December.
After a temporary pause in November, the liquidation of the deposit
and loan accounts of the three private main banks seems to have
continued during December.
The loans of the three banks decreased 23 Mill. Kr. and the deposits
The Brazilian Coffee Loan.
16 Mill. Kr.
From the New York "Herald-Tribune" of Feb. 2 we take
On the contrary the loans of the National Bank have increased somewhat during the month while its valuta account decreased about 22
the following:
Mill. Kr. This decrease is mainly due to the fact that the foreign
Detailed advices have been received in this city of the Sao Paulo
markets again have withdrawn crowns which formerly were bought
Coffee Institute Loan recently floated in London and on the Continent in this market to take advantage of the rise in the crown. When this
after we, at Secretary Hoover's behest, declined the honor. Of the rise ceased, the money was again taken home. It is also probable that
£5,000,000 bonds, £4,000,000 was quickly snatched up in London; some importation which was postponed while the rise of the crown
the balance was evenly divided between investors in Switzerland and took place, now took place, and that earlier imports now were paid for.
/
Holland. Bearing 71 2% and offered at 94, the bonds are repayable Also for these reasons foreign exchange has been in special demand.
at 102 at the end of thirty years or earlier. At the end of ten years The notes in circulation was at the end of the month 438 Mill. Kr.
operthey are redeemable at 103. A cumulative sinking fund becomes
1924, the
issue against 434 Mill. Kr. in November; at the end of December,
ative on July 1 next, and it is sufficient to redeem the entire
amount of notes in circulation was considerably greater, namely 478
at 102 before maturity. The bonds yield almost 8% interest flat and Mill. Kr.
more than 8% to maturity.
There, was a slight increase in the transactions on the Copenhagen
A curious fact about the issue is that it is payable either in pounds exchange during this month as the average weekly transactions in
secured by the equivalent
or in dollars at $4.86 exchange. The loan is
bonds were 4.4 Mill. Kr., in stock 3.2 Mill. Kr. against respectively
of an unqualified guaranty of the State of Sao Paulo, by a first specific 4.1 and 2.3 Mill. Kr. in November.
and regular income from the coffee transportation tax,
lien on the rich
There is no essential change in the exchange index since November;
and by a first lien on all the assets of the Sao Paulo Coffee Defense the bond index for December was thus 86.8 (November 87.1), the stock
Institute. The borrowers make it a point to stress the word "Defense" index 98.9 (November 98.8) when the exchanges July 1st, 1914, are
in the name of their institution, disliking the older term, "valorization." fixed at 100. But there was quite some changes in the different classes
Though much may be said in defense of Secretary Hoover's stand on of stocks, there was especially an increase in the industrial stocks
foreign monopolies, the loss of good pieces of business, such as the while there was some decrease in various other classes of stocks.
in
Sao Paulo loan, is one of the drawbacks it entails, and when the
The wholesale price index of the Statistical Department was 176
borrower succeeds, as in this case, in obtaining the money anyway, December, which is the same as ill November, there is reason to
one's face. believe from the slight decrease in the last month that the wholesale
Washington's action amounts to pinching one's nose to spite
crown.
level nearly has reached the foreign exchange value of the
The commercial balance with the foreign countries for November
Defends Brazilian Policy on Coffee—Pacific Coast Trade shows that the imports amounted to 153 Mill. Kr. and the exports
import of 27 Mill. Kr.
to 126 Mill. Kr., so that there was an excess of
Believes No Monopoly Is Possible and Present Method
against 21 Mill. Kr. in November, 1924.
Makes for Stability.
months have been
When the excess of imports thus during the later
mainly due to the fact
The following is from the "Wall Street Journal" of somewhat greater, it is, as mentioned above, some formerly postponed
that after the pause in the rise of the crown
Jan. 30:
importations have been made.
as far as the
E. A. Kahl, vice-president of the Green Coffee Association of the
In December exportation of agricultural products
San Francisco Chamber of Commerce, who has been in conference with amount of exported products is concerned, was somewhat greater than
the New York coffee trade bodies, says the attitude of the Pacific in November, with the exception of meat and cattle. The weekly
Coast coffee trade toward the Brazilian coffee policy, now the subject exportation averaged to: 22821 hkg. of butter (November 21981 hkg),
of investigation by a congressional committee, is that no coffee monopoly 591700 score eggs (November 294400 score), 35185 hkg. pork (31891
hkg.).
exists.
hkg.) and 6405 hkg. for meat and cattle (6699
for all
"There is no danger such a monopoly can be established, as proOn the other band the prices were lower than November butter
ducing countries outside of Brazil are in no position to join Brazil in exported products except pork, this especially applying to the
c335 for
were: Kr.
any form of control that might be attempted," he went on.
price. The average of official weekly quotations
"The present method of restricting coffee receipts at Brazilian shipping butter (November 395) per 100 kilo, 202 Ore for pork (November 190
in order that seasonal crops may be spread over the entire year Ore) per kilo, 322 Ore for eggs (342 Ore) per kilo and 62 Ore for
ports
is vastly preferable to the emergency valorizations of coffee resorted to meat (63 Ore) per kilo live weight.
in the labor
in Brazil prior to the adoption of the present method. It is impossible
As in the previous months the employment conditions
essento prevent a succession of relatively short coffee crops with interspersed market—both in the building trade and in the industries—were
bumper crops. Such irregular crop performance for a number of years tially worse in December than in the same month last year. At the
makes for violent fluctuations in price and periodical dearth of supplies. end of December, 1925, the per cent, of employment was 31.1, Dr
"The American consumer has not suffered in respect to coffee. Con• almost twice the per cent. in December, 1924, which was 17.1 per cent.
sidering the depressed buying power of the dollar, he is paying for In the industries the per cent, was respectively 26.1 and 14.8.
articles of conroasted coffee, as compared with pre-war prices, substantially less than
The Government receipts in December of taxes on
were custom
for most other articles, foreign, native grown or manufactured."
sumption were 13.4 Mill. Kr., of which 4.0 Mill. Kr.
were 13.5 and
receipts, in December, 1924, the corresponding figures
5.2 Mill. Kr.
Shipment of $10,000,000 Gold to United States from
Chile.
shipment of $10,000,000 in gold bars from the Banco
A
Central do Chile, the now central bank of issue, which
began business on Jan. 11, was received by the bank's
correspondent here, the National Bank of Commerce in
Now York, on Feb. 3. Noting that it is one of the largest
private gold shipments on record, the New York "Journal
of Commerce" stated:
The gold was stowed away in a concrete safe and a heavy armed guard
was put on the ship as it left Chile for the United States.
There were 275 boxes, iron clamped, with rope handles. Each box was
numbered and checked off as it was transferred from the ship to trucks.
Each box weighed more than 140 pounds, containing about four bars or
some 1,650 ounces of the yellow metal, worth about $35,000. One ounce
of the gold is worth $20 67.
The gold was shipped here in connection with the formation recently
gold will be added to the reserves.
of a new central bank in Chile. The
and four armed guards received
give armored cars manned by a driver
of Harold F. Anderson. Assistant
the gold on the dock under the direction then carried In the trucks to th
manager of the Foreign Department, and
the vaults.
bank, where it ,was placed In
Greek Debt Negotiations With United States Delayed—
Shortage of Currency in Greece.
According to George Cofinas, head of the Greek Debt
negotiaRefunding Commission, the postponement of the
War
tions between the Greek delegation and the World
n was due to the inability to secure
Foreign Debt Commissio
This
further sums from the United States Government.
made by him in an interview given just bestatement was
the
fore leaving the United States for his native land, says
from its
New York "Journal of Commerce," in an account
following
Washington Bureau, Jan. 29, which also has the
to say:
financial differ-
of
He stated that the negotiations for the adjustment
been positively broken
ences between the United States and Greece had not might lay the situaoff, but had simply been postponed in order that he
the opinion that an
tion personally before his Government. He expressed
would "safeguard the
eventual solution would be reached on a basis which
interests of both countries."
rift: CHRONICLE
Mr. Coffinas deplored the fact that the press
had interpreted his mission
as an attempt on the part of Greece to raise
a new loan in the United
States, whereas he had only been desirou
s of regulating definitely all unsettled questions in connection with the
1918 financial contract. He refused to comment further on the situati
on and referred to the official
statement issued by Secretary Mellon, which,
he said, had been drawn up
after a consultation between members of
the two commissions.
Commenting upon the news from Greece
of the new forced loan, Mr.
Gaines, who has twice held the post of
Minister of Finance, expressed
himself as being in full accord with the
measures taken by General Pangales. Mr. Cofinas said:
"Since I have been absent from Athens
, the shortage of currency has
made the financial position of both the Treasu
ry and the National Bank of
Greece exceedingly difficult. Taxes are
already too heavy to permit any
increase. Foreign credits are not availab
le nor even desirable. And the
further issue of any kind of paper money
without adequate cover would
be disastrous.
"General Pangalos, who has himself been
Minister of Finance since
November last, has handled the matter
with his usual determination, taking
the only available and sure means to
remedy it, an international forced
loan. He has avoided the further inflati
on of our currency, and has
not
only reduced it 25%, but has at
the same time further ameliorated
the
financial situation by insisting that
the holders of Treasury notes falling
due before March 1927 shall convert 50%
of their value into new interes
bearing notes maturing in ten years."
t
Reference to the postponement of the
Greek debt negotiations was made in our issue of a week
ago, page 550.
[VOL. 122.
written off against surplus at
the rate of 20% annually,
says the Des Moines "Regi
ster" of Jan. 29. The same
paper states that 0. F. Schee
, President of the Des Moines
Joint Stock Land Bank, and
Vice-President of the similar
institution in Chicago, explained,
after various extravagant
interpretations of the order had got
abroad, that the order
in no way affected the funct
ioning of the Land Bank except
in this regard:
Buyers of Joint Stock Land
Bank bonds having misinterpreted the Board'
ruling as a reflection on the
s
value
market from the point of view of land as security, had set up an adverse
of the bank as a borrower, with
the result
that the bank would stay out
of the market and thus would not have
usual amount of funds to
the
lend to Iowa farmers this spring.
The "Register" further state
d:
Doesn't Affect Other Banks.
Mr. Schee deplored an impres
sion which had been published
effect that the situation would
to the
in
of the State. There was no way, any way affect the commercial banks
he said, in which a temporarily
sive program on the part of the
less extenJoint
holders of secondary mortgages agains Stock Land Bank would affect the
t farm lands because of the
on which the loans of the
long term
Joint Stock Bank are made.
That considerable criticism of
the Farm Loan Board's new policy
come out of the Middle West was
would
evident from discussion at the
corn belt
marketing conference at the
capitol. Governor Hammill
characterized
the order as a —serious mistak
e." The general impression was
that while
the order could be interpreted as
only indirectly curtailing credit
to the
farmer, nevertheless this was no
time, considering the present
rural economic position, to imply any rein
on agricultural credit faciliti
es.
Have Rejected $4,000,000.
The ruling of the Farm Loan Board
was made in November and
been current in bond buying circles
has
since that time, but it becam
e public
in Iowa only yesterday, through a
statement made by L. A. Andre
State Superintendent of Banking.
w,
Mr. Andrew estimated that it would
mean a rejection by the
Joint Stock
Land Bank of some $8,000,000 of loans
in Iowa alone. Mr. Schee
would
not estimate the probable total. From
him it was gathered, howeve
the Des Moines and Chicago Joint
r,
Stock banks already have rejecte that
d some
$3,000,000 in Iowa loans; as a result of the
Lincoln Joint Stock Bank probably has adverse bond market, while the
rejected
Albert C. Williams, of Washington, a membe another million.
r of the Federal Farm Loan
Board, was in the city attending the corn
belt conference, but decline
d to
go into the reasons for the Board'
s ruling. He pointed out, howeve
r,
that it in no way affects the status of the
farmer who has borrowed money
from the Joint Stock Land Bank.
Offering of $1,500,000 5% Bonds of
Kansas City Joint
Stock Land Bank.
Jackson St Curtis, Eastman, Dillon
St Co., Graham,
Parsons St Co., J. G. White Sz Co., Inc.,
and Barr Brothers
(Sz Co., Inc. offered on Feb. 2 a new issue
of $1,500,000 5%
farm loan bonds;of the Kansas
City Joint Stock Land
Bank of Kansas City, Mo. at
1023( and interest., to yield
4.64% to 1935 and 5% thereafter. The
bonds issued under
the Federal Farm Loan Act, will be
dated Oct- 1 1925 and
will run until Oct. 1 1965. They will
be redeemable at the
option of the bank at par and accru
ed interest on Oct. 1
1935, or on any interest date thereafter
. They will be in
form of coupon bonds of $1,000, $5,000
and $10,000 denoms.,
fully registerable and interchangeable.
Principal and semiannual interest April 1 and Oct. 1,
payable at the Kansas
City Joint Stock Land Bank, Kansas
Andrew Explains Ruling.
City, Missouri, or
Mr. Andre
coupons may be collected at the office
of Chase National statement: w, in explaining the ruling to the Associated Press, made this
Bank, New York City, or First Natio
nal Bank, Chicago,
""Phe Federal Board recently established
a rule that all real estate
Illinois. The bonds are exempt from
quired by the
in foreclosures
all Federal, State, 20% annually. banks order is impair must be charged off at the rateacof
The
ing
Municipal and local taxation, except
banks, because they have so much real the capital and surplus of these
inheritance taxes.
out of surplus that they are prevented estate on hand to be charged off
The Kansas City Joint Stock Land Bank
from issuing further bonds. The
law permit
was organized in capital s the issuance of these bonds on the basis of the amount of their
1918 under Charter No. 5. The bank
and surplus. As a result, the
which had
operates in Missouri the 18,000,000 of loans, March 1, have bankscompelled planned to grant
been
to cancel them."
and Kansas. The bank's balance sheet
Mr. Schee characterized the action of
as of Dec. 31 1925
the Board as "a radical ruling."
(before giving effect to the present bond
National and State banks, he said, are
permitted to carry foreclosed land
issue), follows:
Assets.
Mortgage loans (total first mortgage loans
on amortized
farms appraised for loan purposes at
over
U. S. Government bonds (Liberty bonds S136.000.000)-346,668,100 00
or treasury certificates are acceptable as collateral for
Farm Loan bonds and
used for that purpose; also secondary
cash reserve)
352,281.25
Farm loan bonds
1,367.800.00
Accounts receivable
233.315.69
Banking house (fourteen-story
office building)
880,856.14
Furniture and fixtures
36.857.81
Accrued interest on loans and securit
ies (mortgage loans.
Government bonds and other
securities owned)
1.003.789.70
Other assets
• 141,965.24
Cash and due from banks
728,104.06
Total
$51,413,069.89
Liabilities.
Bonds (total bonds issued by this bank
and outstanding at
this time)
$43.346.700.00
Capital stock (par value paid in capital
stock held by stockholders)
3.800.000.00
Reserves, surplus and undivided profits
(amount carried to
reserve and amounts accumulated
for distribution of
earnings)
886.505.09
Reserve for interest
466,663.33
Reserve for called bonds
781,200.00
Notes payable
200,000.00
Payments on principal of loans (total
of installment payments made to date on amortized loans)
1,690,953.89
Deferred loans (balance due borrowers
on loans in process of
closing)
125.056.49
Other liabilities
115,991.09
Total
$51,413,069.89
It is expected that the bonds will be ready for
delivery
about February 15.
L. A. Andrew, Iowa Banking Superintendent,on Effec
t
of Ruling Governing Dividend Payments of Joint
Stock Land Banks and Charging Off of
Real Estate Loans.
Federal Joint Stock Land banks are confronted with
the
likelihood of rejecting from $4,000,000 to $8,000,000
in
applications for loans on Iowa farms between now
and
March 1 as the result of the ruling by the Federal Farm
Loan Board that farms taken over on mortgages must be
for five years before it must be charge
d off. Out of $17,000,000 in loans
made on land by the Joint Stock Bank
here, he explained, the bank now
has only one farm. There was nothin
g in the Iowa situation, he added, to
warrant any outbreak of alarm as
to the fate of present or future loans
made under the terms laid down by
the institution.
Calls It "Ultra-Conservative."
Mr. Schee emphasized Gut the ruling
in no way affected the earnings
of the Joint Stock Land banks. Earlier
in the day he made a statement
to the Associated Press pointing out that
the effect of the order was solely
in the reaction of the bond buyer to the
Board's interpretation of the
stability of Iowa land as an invest
ment.
"The Farm Loan Board's ruling indicat
es that such farms have no
value at all," he was quoted as saying.
"Or at tny rate it is preparing
the position of the bank to withstand a total loss
in the real estate. That
policy is ultra-conservative."
Despite its temporary withdrawal from the
borrowing market, Mr. Schee
pointed out, the Joint Stock banks will contin
ue to lend on Iowa farms, if
not in the large volume which the program
of the Des Moines, Chicago and
Lincoln institutions had contemplated.
So far as could be learned, the Federal Land
banks will not curtail their
loans as a result of the ruling, because they
had completed their borrowing
for the heavy rush of spring loans before the ruling
had affected the bond
market. A dispatch from Omaha to the
"Register" quoted John Carmody,
Secretary of the Omaha Joint Stock Land Bank,
as saying that the institution had $10,000,000 to lend to Iowa farmer
s. The Omaha bank only
recently sold a large issue of bonds.
The ruling of the Farm Loan Board was
given in these
columns Dec. 30, page 3072.
Conference of Delegates from Corn Belt
States, Called by
Gov. Hammill of Iowa, Indorses
Principles of
Dickinson Farm Relief Measure.
At a conferenco held at Des Moines on
Jan. 28, attended
by delegations appointed by eleven Gover
nors of States in
the corn belt section, the fundamental
principles of the
Dickinson bill, providing for the
establishment of a
Federal Board to arrange for the
marke
farm products, were endorsed. Early ting of surplus
in the month invitations to the conference were
extended by Governor
John Hammill of Iowa to the
Gover
Indiana, Kansas, Michigan, Minnesota, nors of Illinois,
Missouri, Nebraska,
Ohio, South Dakota and Wisconsin.
According to the Des
Moines "Register" of Jan. 29 three
cardinal principles to
be adhered to in restoring agricultur
e to an earning basis
FEB. 6 1926.)
THE CHRONICLE
rewere enumerated by the conference. The "Register"
the conference as declaring that:
ports
secure for
"Agriculture has too long been unorganized as a business to
day forth we, with all the
it the things to which it is entitled. From this
upon a movepower, energy, and influence that we can command, embark
ment that shall seek to bring about the following:
knit unit
"1. The organization of the agricultural area as a closely
and keeping it so organized indefinitely.
farm
"2. Institution of a practical but energetic study of the cost of
commodity production and distribution.
and
"3. insurance that farm commodity production hereafter shall
organized
must be sold only on the producer's fair price like all other well
enterprises and not on what the buyer is willing to pay.
"The farmer must not have his inalienable right to say bow, when and
to whom he will sell, at a price that will insure him some fair profit for
his labor and investment, denied," the resolution read.
To secure these things for the farmer, the conference agreed, requires
the creation of an export corporation by congress as speedily as possible.
The fundamental principles of the Dickinson bill were
indorsed says the "Register's" account of the conference,
from which we also quote the following by the conference:
Reaching this common ground on agricultural relief policy, the conference created a joint committee of two members from each state to
press the program upon congress at the present session.
Virtually every farm relief proposal that has ever been made was
advocated throughout a day of discussion which at times reached acrid
stages before the resolutions committee presented a draft analyzing farm
ills and remedies. Former Governor Lowden of Illinois and Representative Dickinson of Iowa, advocating the plan of control of agricultural
crop surpluses which received the indorsement of the committee, met
most determined opposition from E. T. Meredith, former secretary of
agriculture, who pronounced the Dickinson export plan unsound and
advocated fixing the price of the principal farm products in the spring.
Mr. Meredith and others opposed the plan of taxing commodity producers in the Dickinson bill.
ment that farming in New York state was probably on the worst basis
ever recorded in history. Deflation amounting to 10%, he declared, has
taken place in New York's farming facilities within a short time.
He admitted a surplus did exist, and declared the need for a farm
board, whether it be federal or otherwise, was pre-eminent. He urged
the conference to take some definite stand on some definite program and
forget any personal feeling.
"Just because the Dickinson bill was originated by an Iowan is not
sufficient grounds for the conference to thoroughly adopt the measure,"
he declared.
Scores Hoover's Stand.
Hoover and Barnes, secretary of commerce and former United States
George
Chamber of Commerce secretary, respectively, were flayed by
he do-Peek, president of the American Council of Agriculture, when
legislation
dared they were responsible for the majority of anti-farm
experienced in recent legislative sessions.
dis"High influence with which they were both possessed were used to
declared,
credit any action which any congress discussed," Mr. Peek
remonstrated against
"and I do not mind stating that they should be
any action
using any further tactics which might tend to influence
toward eliminating the American surplus.
and the
"American agriculture is competing with European markets
almost impossible
Argentine," he continued, "to such an extent that it is
can have a
to set a standard price for farm products. But industry
repealed or
definite price each year and the protective legislation must be
Provides Farm Board.
"We indorse the fundamental principles as set out in the Dickinson
bill now before congress," the agricultural relief policy plank of the
resolutions declared.
"The measure provides for a federal farm board to administer an
equalization responsibility for the surplus farm commodities, any deficit
by the
that may be incurred in the distribution of the surplus to be bornebuying,
producers themselves in the most practical manner and the actualwith the
storing and selling involved in handling the surplus to be done
with
support of the board by the organizations of producers themselves proprovisions for immediate operation through other agencies wherever
organized for immediate needs."
ducer organizations are not or cannot be
orGovernor Hammill immediately appointed the members of the
ganization committee, which will go to Washington to work for enactment of legislation to carry out the program of the corn belt states, and
called a meeting in his office to organize the committee. George N. Peek
of Moline, Ill., president of the American Council of Agriculture, organized two years ago to fight for the adoption of the McNary-Haugen
bill, was chosen chairman of the committee. • • •
The all agricultural area marketing committee named at yesterday's
meeting is to remain a permanent organization for at least five years
and is to raise a fund to finance itself in establishing headquarters in
Washington from which to carry on legislative work with congress and
for all other activities in agricultural marketing the committee may deem
necessary.
Causes Uproar.
The serenity of the conference was slightly disrupted late in the afternoon when W. L. Drummond, Kansas City, Mo., chairman of the board
of governors of the American Farm congress, arose and charged that the
meeting was not a representative session of the twelve states.
"This meeting is devoted solely to one bill and one purpose," hel
declared.
The meeting was thrown into a temporary uproar and Governor ham -I
mill was forced to use the gavel many times. • •• Mr. Drummond
declared he and Senator Capper were working on a plan which had not
sufficiently developed to be discussed. Ile did, however, outline practically the same proposition as the finance corporation with the exception
of the excise tax phase. Later he withdrew amid commotion.
extended.
"Agriculture must stop exporting and production must be limited to
home consumption before any suitable legislation can be accomplished
must
which will care for the surplus," Mr. Peek declared. "America
same as
have an American price for American farm products just the
suitable for export."
industry has for steel, wool or any other commodity
Vrooman Wins Ovation.
operating
Formation of the United States Finance corporation with an
Assistant
fund of $1,000,000,000 was advocated by Carl Vrooman, former
United
Secretary of agriculture. He cited the millions of dollars the
certain
States is loaning to foreign countries annually and declared that
foreign nations with
portions of the operating fund should be loaned to
be
which to purchase America's surplus. Good securities could easily
forwarded by any of these nations.
Vrooman received a great ovation when he declared that through the
co-operation of the west and south, proper farm legislation can be arrived
at.
He advocated the Robinson bill, which carries the finance corporation
feature, declaring that it could have been legislated in sixty days and put
into effect in the next sixty days.
"I will get the south to pass the Robinson bill and you westerners
force congress to pass the Dickinson bill and then we will talk business,"
he concluded.
John Atte, chairman of the all-Iowa advisory committee, called the
conference together with a statement of the reasons for it and of the
need for a unified program supported by the eleven states taking part in
the meeting.
Governor Hammill struck a popular chord, as was evidenced by the
spontaneous applause when he declared that exact justice is all that is
asked of the government by agriculture.
"We must not for one moment," Governor Hammill said, "ask this
do for
great government of ours to do something for us that we cannot
ourselves. Neither must this great government of ours place us at a
disadvantage by doing something for the other business activities that is
not done for agriculture.
farm board
"Out of this conference must come a plan for a federal
creation of the
that will aid in the stabilization of agriculture and the
taking
necessary and essential plans and machinery for the purpose of
expect the men who
care of the surplus, if industry and finance are to
One year
the world.
are engaged in agriculture to feed the people of
board properly
with another there is no surplus and with the federal
sense in the matter of handling our surfunctioning, exercising common
plus, means can be provided to solve our agricultural problem.
Urges Harmony Prevail.
"Let us as a people at this conference forget any personal difference
before us
we may have and solve this great economic probleni that is
in a manner that will reflect credit and honor upon our American
people.
"Congress is now in session. Agriculture has waited with patience
for relief. It has not been forthcoming. We are not unreasonable at
Urges Interstate Board.
the present time, but we do feel that faith must be kept with the men
Creation of a board charged with the duty of maintaining farm product who are engaged in agriculture. More we have not asked. Short of it
and
prices and farm land prices to be composed of prominent farmers
we cannot stop. Our demands are just. We are not going to be conbusiness men from the twelve states represented at the conference was tent with any measure which does not afford relief. A mere friendly
advocated by L. J. Dickinson, member of congress from the tenth Iowa gesture will not satisfy our people. It is results that they desire and
district.
expect. Now is the time and here is the place for united action.
He also urged the appointment of two delegates from each state rep"All our people should be interested in this great movement. There
telling must be no wavering and no backward step, but there must come out of
resented who would go to Washington with the determination of
what they want them to do.
congress
this conference a definite purpose of action. That action must have in
"These twenty-two delegates must be groomed for the fray," Mr. mind the one single purpose and that is to organize the corn belt for
Dickinson declared, "because they will meet with the rankest kind of caring for the surplus and to provide for a federal farm board in conopposition in Washington—the kind where men must fight to the last nection therewith which will enable such board like the federal reserve
•
ditch to maintain that which they seek.
board to act in emergency cases and control the surplus through the farm
"I can see this conference as only the starting point for the more organizations and either sell it abroad without breaking the home price
concerted action toward the elimination of farm problems. When these or hold it at home until the markets call for it, thus placing the farm
twenty-two delegates arrive in Washington, congressmen there will realize products of this great country upon the market in an orderly and
that middlewestern farmers are fighters of the first water. This con- systematic manner.
ference can mean only one thing, and that is that from now on the
"This cause is greater than any individual and greater than any orAmerican farmer will be in a position to tell congress how to operate on ganization. It is the problem of America. Our institutions are chalthe agricultural problems.
lenged, are we equal to the occasion. We are on trial."
"And when that delegation comes to Washington and if I am still
Two Governors Attend.
there, I will do my best to see that congress is whipped into shape to
Governor Carl Gunderson of South Dakota, and Governor Ben S.
receive them as they should be received."
Paulen of Kansas, headed their delegations to the meeting and the govDiscusses His Bill.
ernors of the other states sent personal representatives at the heads of
Dickinson, father of the bill which the conference has favored their delegations. Each one of the states was called upon for a stateMr.
throughout the session, spoke only briefly of his proposed legislation for ment.
the benefit of the middlewestern farmer. He declared himself open to
Representative Strong's Farm Measures.
criticism and constructive suggestions.
Representative James G. Strong of Kansas, author of two farm relief
Quick Action Needed.
bills in congress, one to provide for the stabilization of the price level
other
"We must act and act quickly," the congressman asserted, "or agri- for commodities in general by the Federal Reserve system and the and
domestic
culture in America will die. The backbone of the nation will be broken to establish a federal market finding board to assist in
products,
agricultural
and the United States will be reduced to mere peasantry. Farmers can foreign marketing and disposition of surplus of
asserted that congressmen from the eleven corn belt states and many
work out their own salvation if the proper legislation is provided."
others were willing to do their utmost to pass any bill the Iowa conThe congressman cited a recent meeting which he attended in New
York at which the secretary of agriculture of the state made the state- ference may approve.
THE CHRONICLE
• "We may not get it throtigh," Mr. Strong said, "but
we'll do our
level best ae we have always. There are more people who
consume than
produce farm products, you know, and they also have
representatives
in congress.
"Iowa is particularly fitted to lead in this movement
. Your great
senator from Iowa was instrumental in the passage of
a bill which put
the railroads on their feet and that same influence is
offered behind a
bill to put agriculture on its feet. You also have Represent
Chairman of the Committee on Agriculture in the House; ative Haugen,
Representative
Cole, working valiantly to have restrictions in the pure
food laws against
the use of corn sugar removed, and the beloved Dickinson
,
there is no man in congress more untiring in his efforts than whom
to solve the
farm problem.
•
"I have offered my bills to aid in getting agricultu
re back on a parity
with other industries. I do not insist upon their
adoption, and if you
evolve a program better or upon which all interests
will agree, I'll work
just as hard for it as for my own."
The following telegram was received last night
by Milo Reno, a
member •of the corn belt committee, representing
the Farmers Union,
from C. V. Somers of Minot, N. D.
"Northwest grain growers' committee in mass
meeting at Minot today
unanimously indorse the corn belt committee
program by resolution and
demand support of North Dakota senators and
representatives to same."
• A telegram from President Coolidge, who
had been invited to attend the Des Moines Conference,
was read as
follows at the gathering:
[Vol,. 122.
The following account regarding the first day's trading
is
from the "Evening Post" of the 2d inst.:
A new institution in the financial district came
into being to-day with
the opening of trading in rubber in the New York
Cocoa and Rubber Exchange. This was accomplished without
any attending ceremonies and resembled more than anything a real estate auction
room. Robert Cross,
Secretary of the exchange, and three assistants
mounted a small platform
immediately on the stroke of 10 and began calling
for bids and offers on rubber for future delivery.
The first bids asked were for rubber to be delivered
next March. From
among the men scattered around the ten-foot ring in the
centre of the trading floor there came one bid of 63 cents. He
then asked for offerings and
obtained one at 69 cents.
The procedure was then to bring the bids and offers
close enough toestablish a trading basis. The bids were raised to
65.S.i and the offerings
lowered to 67 cents. No actual sales were made for that
month,so he proceeded to the next.
The initial sale was called for one lot of rubber to be
delivered next May
at 63 cents. The contracting parties were I. Witkin of I.
President of the Exchange, and Victor R. Hess, of Hess Witkin & Co.,
& Hamilton, the
The new E
ange is at 124 Water Street. The trading room is in
thefront of th
uilding on the ground floor and is in the heart of
the co
modity
rket place.
Ab
200 men were in attendance at the opening.
Hoping that I might respond favorably to your
. W. Morris, Governor of Federal Reserv
invitation to atten
e Bank of
your gathering on the twenty-eighth, I have delayed
a little my rep
Philadelphia, Sees Elements of Danger
Within recent months I have been in the central
in
west three times. I
have been compelled to decline many invitations
Installment Selling.
because it is impossible
for me to be away at the time you are suggesting
Discussing "In a fair and impartial way"
on account of the
pressure of business in Washington. The illness
the subject of
of my father is such installment buying
that if I could go away I should visit him. I am
and selling, George W. Norris, Governor
therefore compelled
to request that you extend my greetings to the
gathering, the im- of the Federal Reserve Bank of Philadelphia, referred to it
portance of which I fully realize and express my hope
that out of your as "a thing to be analyzed, watched and
conference there may develop additional informati
studied." He stated
on which will assist
that "Its final test may not come for some years,"
in providing better marketing conditions for
agricultural products.
and, he
Various conferences are being held here and various
studies are being said, "my feeling is that in the meantime it had better
made in congress for the purpose of meeting this
be
problem. I extend regarded as a novelty, having
undeniable elements of danger
to you my best wishes to your success.
CALVIN COOLIDGE..
On the eve of the conference legislative committ
ees of
the Corn Belt committee and the American Council
of
Agriculture announced the adoption at a session
in Des
Moines of a resolution indorsing the
Dickinson bill for
disposal of crop surpluses. The resolution
the committees
adopted read:
"Having in mind the various plans of farm relief
which have been
discussed by the various farm organizations since
the close of the world
war, and after having examined the different relief
measures which have
been introduced in the sixty-ninth congress, the
corn belt committee and the American Council of representatives of the
Agriculture desire to
indorse the Dickinson bill, provided that this bill be
amended in certain
details, which amendments we have reduced to specific
terms, and which
do not affect the fundamental principles of the bill."
A previous conference in Iowa (held at the instanc
e of
the Iowa Bankers' Asociation) to consider
•
measures for
the relief of farmers in the Corn Belt, was referre
d to in
our issue of Jan. 2, page 40. Arrangements for
providing
for a corn credit of $5,000,000 in behalf of Iowa
reformers,
proposed at a conference in Chicago, Dec.
1, were noted
by us Dec. 5, page 2702, and a further referen
ce to this
appeared in our issue of Jan. 2, page
40. The Iowa
Farm Bureau Federation, in session at
Des Moines on
Jan. 14, adopted resolutions calling for the creatio
n by the
present Congress of an export board or
corporation "to
extend the benefits of the tariff to produce
rs of the great
farm crops." The Des Moines "Register" from
which this
is learned, said:
The bureau delegates expressed willingness to join
other states and other farm organizations in securingwith farmers of
legislation and
other means of benefit to farmers; they commended
all the recent meetings held in this city and wished the conference of
twelve states, called
here for Jan. 28, by Governor Hammill, best of success.
But all
movements, the resolutions insisted, must adhere
to the program of
dealing with the farm surplus, if they are to aid agricultu
re.
Trading on Rubber Futures on Cocoa and
Rubber
Exchange of America, Inc.
Trading in rubber futures on the Cocoa & Rubber Exchan
ge
of America, Inc., located at 124 Water St., this city, began
on Feb. 2. It claims to be the first rubber exchange to
open in the United States. The recent change in the name
of the New York Cocoa Exchange incident to the dealings
in rubber was indicated in these columns a week ago, p. 557.
The New York "Commercial" of the 1st inst. referring to
the arrangements of the Exchange for rubber trading, said:
feature
unique in commodity exchange trading is the creation of
A
trading in "spreads" of months to permit of the hedging of parcels of rubber
for serial monthly shipments over the four quarters of the year, or over
semi-annual periods, beginning in January,April, July or October, to
parallel
the shipment periods current in the rubber trade.
The unit of trading is five long tons,in conformity with the rubber world's
standard. Each "spread" represents five long tons for each month of the
"spread." Suggestions to reduce the unit to less than five tons have been
rejected to discourage unwarranted speculation by those who can neither
afford to speculate nor have any legitimate place in a rubber market. Trading will be permitted for 15 months in the future.
and therefore to be indulged in sparingly and
cautiously."
Governor Norris in the course of which address,
which was
delivered before the annual convention of the
National
Wholesale Dry Goods Association, in New York on
Jan. 21,
referred to figures of installment selling collecte
d by the
Farmers' Loan & Trust Co. of New York, from
which it appeared that out of total sales of eight particular
classes of
goods, aggregating nearly 5,000 million dollars
in 1924,
about 3,300 million dollars, or over 65%, was
sold on the
installment plan. There is no doubt, said Mr.
Norris, that
this total of installment sales was much
larger in 1925, and
it is estimated that it reached or possibly
exceeded 5,000
millions. He pointed out that "Its only
security is a mortgage upon future earnings" and he added,
"it is not borrowed at 4%, 5% or 6%, but it is
estimated that when it
Is handled through so-called 'credit corpora
tions' . . .
the interest charge approximates 20%."
Governor Norris
thought the practice might be easily
defensible when applied to houses and house furnishings,
farm implements,
automobiles, sewing machines, pianos and
other things
which add to the earning power of the purchas
er, but that
It cannot be successfully defended as to
luxuries. Governor
Norris's address follows in full:
While I should like to be understood as making
the customary remarks
about the diffidence with which I approach the
considerat
ject, and the customary doubt as to my ability to discuss ion of my subit, and as doing
so with great sincerity, I have no apology to make
for
Secretary Hoover has recently referred to "the over-exten the subject itself.
sion of installment
buying" as "a phase of the situation which requires
caution." The Administrative Committee of the American Bankers Associatio
n has instructed
the Economic Policy Committee of the association
to "investigate the
question of installment buying, and its economic effect."
Perhaps the
most conclusive proof of public interest in the question
is the fact that
the newspaper paragraphers and joke writers have taken it
up actively.
Installment selling is no new thing. Indeed, it is probably older
than
Christianity itself, for it is said that Crassus, who was a
contemporary of
Julius Caesar as a Roman Triumvir, made a large part of his
enormous
fortune by building houses outside the walls of Rome, and selling
them on
the installment plan. The buying of dwelling houses, with subsequen
t payments on building association shares or installment
is an old
practice, which, as far as I know, has been universally
mortgages,
accepted as economically sound. Pianos and other musical instruments
have been very
largely sold on the installment plan for many years. So has
farm machinery, furniture and many other things. It has long been the
practice of
jewelers to sell expensive pieces of jewelry to wealthy
customers, and
accept payment in three or four quarterly or semi-annual payments.
I take
it, therefore, that what you want me to discuss to-day
is not so much
Installment selling as the recent great extension of that
kind
If I were addressing an adidence at a political mass meeting,of selling.
or a Fourth
of July celebration, or a county fair, I would feel quite
sure that I was
going to disappoint you, because audiences of that type
do not care to
have a speaker deal in any half-tones. With them
there is no gray—
everythnig is either black or white. If a man is
discussed, he must be
either lauded or "roasted." If a thing is discussed,
commended or condemned. You are, however, a group it must be either
of intelligent business men, and I am therefore encouraged to hope
that you will bear with
me if I present both sides of the question, and
discuss the subject in a fair
and impartial way.
Even this recent great extension of installme
nt
fended. It is said that it enables people of small Belling ie strongly deor moderate means to
acquire things that they very much need, and
that It is desirable that they
should have, and that it makes little economic
difference whether they
save first, and then use the savings to pay for
buy the article first, and then save to pay for the article, or whether they
it; that, indeed, the latter is
61926.]
F.
THE CHRONICLE
691
Mr.
of credit always looks good in good times.
the necessity for paying to be seen. The extension
statement: "Capithe better plan. It is also urged that just as
Walter Bagehot summarized the thing years ago in the
devour it, and
or life insurance premiums induces savings that
it seeks for someone to
building associaion dues
the installment tal is particularly large and craving;
there is 'speculation'; it is dewould not otherwise be made, so the necessity for meeting
into useful there is 'plethora'; it finds someone, and
payments on articles bought on the installment plan diverts drinks or voured, and there is 'panic.'"
spent for candy, soft
equally unable
channels money that would otherwise be
There is one argument used on the other side that I am
production
t buying has reduced
entertainment. It is also urged that it makes possible a larger
loss on to subscribe to. That is the argument that installmen
a quicker distribution, and that the percentage of
Bank Division of the Ameriof goods and
credit ac- savings. The figures compiled by the Savings
sales of this kind does not exceed the percentage on ordinary
the most complete and authoritative
reality a mere variation of can Bankers Association, which are
total of savings and other
counts—that, in fact, this kind of selling is in
payments for that I know of, show a very regular curve in the
with a slight
the ordinary credit account, substituting a series of partial
time deposits in all banks for the last twenty-five years,
payment, and not materially extending the total credit
diverted to the
a single lump sum
flattening of the curve at the time when savings were being
of 1921. The increase was
period.
it is at purchase of Liberty bonds, and in the bad year
The advocates of the plan can hardly avoid the admission that fellow- 1,947 millions in 1920, 412 in 1921, 2,237 in 1922, 1,279 in 1923 and
variance with old-fashioned ideas of thrift. Our distinguished ent of 2,260 ,(estimated) in 1924. It should be noted, however, that these are
establishm
citizen, Benjamin Franklin, contemplated at one time the
is for a period that ended
it to be for years ending June 30, so that the last figure
t buying has an effect
what he called "The Society of the Free and Easy." He meant
vice, seven months ago. It is evident that If installmen
composed entirely of young people. By "free" he meant free from since on savings, that effect would be shown, not in the period of buying, but in
other wise men
year that the great
and by "easy" he meant out of debt. He and many
going into the subsequent period a saving. It is within the last seems to me to be
his day have preached the advantages of saving first, as against
Increase in such selling has taken place, and it therefore
acquire luxuries, the money for which has not yet been earned.
debt to
yet had a bad reaction on the
let us first fair to say that installment selling has not
To enable us to reach an intelligent conclusion in the matter, information accumulation of savings, •but that it remains to be seen whether it will
consider the size and scope of the problem. It appears from
prepar- have such an effect.
should keep
collected by The Farmers Loan & Trust Co. of this city, which is
There is another point which both bankers and wholesalers ions of the
of all
representat
ing a survey of the subject, that 85% to 90% of all furniture, 80%
all in mind. I understand that the literature and
s, 75% of all automobiles and washing machines, 65% of
to leave the impression
phonograph
of all "finance corporations" are generally of a character
corporation the notes of his
vacuum cleaners, 40% of all pianos, 25% of all jewelry and 13%
classes of upon the retailer that he has "sold" to the
than name,
radio apparatus, is sold on the installment plan. In these eight
a matter of fact, it is a "sale" in little more
of nearly 5,000 million dollars in customers. As
" or some
goods, it appears that out of total sales
there is always a "guarantee" or "re-purchase agreement
3,300 million dollars, or over 65%, was sold in this way. The because
is extremely likely
It
1924, about
more other form of contingent liability left upon him.
to
practice is being adopted by more and more dealers, and applied
making up credit statements,
t sales that small retailers, careless or inexpert in
and more lines, so that there is no doubt that this total of installmen
and apparently remote liability, and that
it reached or possibly will overlook this contingent fail to reflect their condition with absolute
was much larger in 1925, and it is estimated that
their statements may therefore
exceeded 5,000 millions.
eco- accuracy.
this discussion? In
Before getting down to detailed or specific questions, let us see the
Now, what specific principles can we evolve from
to the
nomic significance of an addition of this amount and kind of credit
said that the practice is easily defensible
the indebtedness the first place, I think it may be furnishings, farm implements, automototal amount of credit outstanding. It is estimated that
and when applied to houses and house
represented by Federal, municipal and corporate bonds, and farm loans biles, sewing machines, pianos, and other things which (a) add to the
to 100 billion dollars; that ordinary bank
urban mortgages, amounts
permanent or semi-permanent
of money earning power of the purchaser, or to his
In this country approximate 20 billions, and that the gross total
useful, and (c) involve a
like 120 assets; (b) are or may be necessary or very
loaned from one class of people to another is therefore something
the average person of small means is able to
figures, an addition of larger amount of money than
to 130 billion dollars. In comparison with these
can be successfully defended as to
the indebted- lay out at one time. I do not think it "things which please the senses
five billions looks small, but it should be remembered that
estate luxuries—using that word in the sense of
municipal and corporate bonds, and real
things which either cost little
ness represented by Federal,
funds, and and are costly, or difficult to obtain"—or
mortgages, is supplied from what are known as "investment" to between when new, or have little or no resale value, and are practically consumed
place, the installthat it is therefore only bank and individual loans, amuonting
credit. at or before the date of final Dayment. In the second
20 and 30 billion dollars, that represent ordinary floating or current to the ment seller should satisfy himself that the buyer is buying something that
an addition of about 4%
him—using the word "useWhile the added five billion is therefore
to the he really needs, which is going to be useful to
gross total of all these items, it is an addition of 20% or 25% addi- ful" in the widest sense—and which it is within his means to pay for, and
this
of the same charburdens of current credit. This is not negligible. Moreover,
of that he is not already overloaded with other contracts
tional five billion is primarily indebtedness incurred by individuals
the period of credit should be reduced to the
as would be demanded acter. In the third place, is reasonably possible for the buyer to pay.
limited means, from whom such credit statements
indebtedness smallest period in which it
it is difficult
from business houses cannot be expected. Neither is it
Under the pressure of the American passion for "volume,"
only
which as a general rule can be liquidated from the sale of assets. Its
He generally feels that he
at 4%, for a merchant to observe these principles.
recently twelve
security is a mortgage upon future earnings. It is not borrowed
meet his competitor's terms. I understand that until
stretched
5%, or 6%, but it is estimated that when it is handled through so-called must
the limit in automobile selling. Then some concerns
ns"—of which something like 1,400 have grown up in months was
"credit corporatio
lose all the business in
to eighteen months, and others had to follow or
this country in recent years—the interest charge approximates 20%. This it
trying to re-establish the
districts. Now they are reported to be
appears to be a
additional charge must be borne by someone. Either it comes out of deal- certain
months' limit. In general merchandising there
ia
ers 'profits—which we know it does not—or else is borne by the consumer, twelve
difference of opinion. One department store in Philadelph
the interest burden must be added to the cost of distribution, good deal of
in which case
We do not approve
says: "We are conservative on installment selling.
therefore to the consumer's price.
menace in it, but
and
of it to new lines." Another "sees little
There can be little question that the easy terms upon which goods so sold the extension
not anticipate extennot adding new lines at present." Another "does
may be purchased encourage the purchase of unnecessary goods or of is
lose value quickly should not be sold." Still
about 350 girls or sion of lines. Goods that
unnecessarily expensive goods. In our office we employ
A poor
"thinks that the policy is unsatisfactory and hazardous.
it.
women. I recently asked one of them how many of the girls bought their another
customer to spend his money before he earns and saves
coats on the installment plan. After a moment's thought, she replied, policy for the
can afford not
fur
that no large trader
a Still, the present competition is so keen
"at least nine out of ten." I repeated this remark a few days later to
reasonable amount of sales on this plan," while another says:
department manager of a large international banking house, and he said to grant a
may be purchased on this plan up to the limit of
the same thing is true in our office. I see the girls "Anything in the store
to me, "I expect
store such sales are connected with a household
opened." In
and out in fur coats that I could not afford to buy for my wife." the creditIt is held that one more than 10% of the customer's salary should
going in
not
recently heard a large manufacturer of clothing quoted as saying that he budget
I
installment payments, credit is carefully watched, and purdeprecated the practice, but that it did have the advantage of causing be pledged for
their spending.
the man with $25 chasers are encouraged to budget
people to buy more expensive clothes—that formerly
that I approached
In conclusion, while I may, perhaps, claim with pride
$25 suit, but that now he bought a $40 or $50 suit, paying $10
leave
bought a
with an open mind, I must confess with shame that I
down, and walking out with a better suit of clothes on his back, and $15 this subject
the specific prinwith no very definite or final conclusion, except as to
in his pocket.
extensive developrecently stated. In its present
Another aspect of it is this: If five billion dollars' worth of goods were ciples that I have just
a new thing. It is born of the seller's passion for
bought in 1925, to be paid for in 1926, that means that the production and ment it is practically
passion for indulgence. It ought not to be acdistribution of goods in this country in that year was sufficient to provide volume and the buyer's
as an
a valuable discovery in merchandising, or denounced
for the normal purchases of the year, and also to provide for five billion claimed as
thing to be analyzed, watched and studied. It shoidd
dollars' worth of goods that under former conditions would probably not unmixed evil. It is a
years. My feelits final test may not come for some
have been produced and marketed until 1926. In other words, 1925 has be remembered that
meantime it had better be regarded as a novelty, having
borrowed five billion dollars worth of business from 1926 and—assuming ing is that in the
of danger, and therefore to be indulged in sparingly
2
/
that it is already 30% paid for—is going to absorb probably 31 billions, undeniable elements
or 5% of the national income of 1926 to pay for it. If this performance and cautiously.
can be repeated in 1926, all will be well, but it manifestly makes the whole
situation less sound. In the stock market, the existence of a so-called
New York Stock Exchange Discontinues Bank
"short interest" is regarded as a protection to the market, because the
Statement Figures.
short sellers will buy stocks to complete their trade, at a time when there
may be few other buyers. This installment selling is the opposite of that
The New York Stock Exchange announced on Jan. 30
so
practice. The manufacturers and merchants of the country, instead of
that it has discontinued printing the bank statement,
knowing that there is either a shortage of goods, or nothing more than a
omitted from the ticker.
current consumption of goods, know that people have bought in 1925 all that the item will be hereafter
that they could afford to pay for, and nearly five billions more.
The suggestion that installment selling has taken the place to a large Trustees Under the Dean, Onativia & Co. Noteholders'
extent of the ordinary charge account would be important if true, but the
Agreement Pay Initial Liquidating Dividend of 5%.
limited statistics thus far available do not seem to bear out the claim.
The only ones that I have been able to find on this subject are those comBenjamin V. Becker, attorney for the three trustees:
piled by the Federal Reserve Bank of Boston, covering the business of Abel Davis, William F. McGuire and Hiram E. Decker,
Boston department stores. These figures show that installment accounts
er'sagreement,announced
outstanding in November last were 110% above those of the preceding under the Dean, Onativia notehold
the
year, but that there was little change in the amount of the regular charge on Jan. 30 that notices were being mailed on that day to
accounts. These figures, which I admit are too small to base a conclusion
ing that a 5% payment on principal of
noteholders announc
upon, indicate that installment sales have not taken the place of either
3rd. Customers having
cash sales or charge accounts, but are in addition to both, thus bearing the notes would be made Feb.
of goods that would
purchase
notes 1 to 270 inclusive should present or mail them for
out the claim that they represent an advance
following year.
not ordinarily have been bought until the
Title & Trust Company, Deed that losses on sales of endorsement to the Chicago
It is also urged that experience has demonstrat
Chicago. New York
not appreciably, if at all, in excess of losses on ordinary positary, 69 W. Washington Street,
this kind are
accounts. This is probably true, but it is not of great significance, customers holding notes 271 to 790 inclusive should present
charge
ha soccurred during
because this great increase in installment selling
for endorsement at the office of the National City
high wages. What will happen if we them
years of general employment and
liquidating dividend
of general unemployment or wage reduction Is still Bank, New York. This is the first
should run into a period
692
THE CHRONICLE
on the notes which were given by the partners of the brokerage house on July 20, last, to enable them to reestablish
their business. Further payments will be made from time
to time until the debt is discharged. As a result of the
subscription of the money ($2,700,000) the firm establis
hed
a record in getting out of receivership. The failure
of
Dean, Onativia & Co. on July 3 1925, with liabilities
of
$36,000,000 and assets of $35,000,000, was one of the most
sensational in the history of the New York and Chicago
Stock Exchanges. Our last reference to the company
's
affairs appeared in the "Chronicle" of Sept. 12 last, page
1303.
Temporary Injunction Issued by State Supreme Court
Against Consolidated Stock Exchange of
New York.
Supreme Court Justice John A. Ford on Thursday of
this week (Feb. 4) upon the complaint of State AttorneyGeneral Albert Ottinger, granted a preliminary injunction
against the Consolidated Stock Exchange of New York
and set Feb. 11 as the date for a hearing. This date was
set at the instance of Deputy Attorney-General Keyes
Winter, who also made application for a permanent Injunction against the Exchange and the appointment of a
receiver. The defendants named are Thomas B. Maloney,
President of the Consolidated Stock Exchange; the Consolidated Clearing House of New York, Ltd., and the
Consolidated Exchange Building Co. In this regard the
New York "Times" in its issue of yesterday (Feb. 5) said
in part:
The temporary order signed by Justice Ford
directs the Exchange and
Its members to make physical delivery of
shares bought and sold within
24 hours, to make payment for stock in amount
at least equal to the amount
of the customer's margin, to end the practice
of loaning customers' stock to
the full face value and to use such stock for
collateral only to the extent
of the amount due from the customer to the
broker, to keep In their Possession at all times money or things of value
equal to the total of their
customers' interest, depending upon current
market values, to make all
sales and purchases in a free and open market
regulated by competitive
bidding, and to eliminate "wash sales," alleged
to be put through now by
"cross entries" in books without the passage of
either securities or moneys.
The Attorney-General's complaint charges
several
tices, cessation of which, if they exist, is required alleged illegal pracby the temporary injunction, as follows.
That the facilities of the Exchange are being used
for extensive bucketing operations.
That a shortage in assets sufficient to pay claims
of customers of not
less than $3,000,000 is indicated in the Consolidated
Exchange Clearing
House sheets.
That a large number of the members of the Exchange
are not solvent
and are unable to satisfy their liabilities to the public,
either in securities
or money.
[Vor.. 122.
This application does not prohibit
the Exchange from continuing to
operate, and business will be transacted
daily. We welcome the fact that
the Attorney-General has brought this
proceeding, which has dragged along
for several weeks, to a close and final
adjudication.
In the hearings held before Judge Ford,
because of the character of the
proceedings under the Martin Act, the
Exchange was not permitted to present its case or to cross-examine witnesses,
an opportunity which it will
have on Feb. 11, when the application is
argued in Court.
The Attorney-General complained about the clearing
of stocks through
the Consolidated Stock Exchange Clearing
House, which was established
In 1886, and which system the leading
exchanges have since adopted.
The clearing house system has been held legal
by the United States Supreme
Court in the case of Clews against Jamelson and
other decisions, one as
late as Jan. 4 1926, in an opinion rendered by
Justice Stone in the United
States Supreme Court, in the case of Provost
against the United States.
The other objection of the Attorney-General
is the hypothecation of
stock bought on margin, which is done generally
by all brokers and has been
upheld, time and again, by the courts of this State.
In the opinion of our attorneys, Sullivan &
Cromwell and former Governor Chalres S. Whitman,there is no doubt as
to the legality of our methods
of doing business and that these methods will
unquestionably be sustained
in court. They are not illegal and do not
differ from methods in vogue on
other leading exchanges, and for that matter,
the clearing house system
used by the State and national banks to facilitate
their business."
Justice Ford yesterday after an hours' conferen
ce with
Deputy Attorney-General Winter and former
Governor
Charles S. Whitman, counsel for the Exchange,
modifie
injunction. The modifications agreed upon fixed the d the
time
for delivery of stock within the city at forty-eight
hours instead of twenty-four, as previously provided. Stock
outride the city but within the State must be delivered
to a
purchaser within seventy-two hours, and the time
for delivery of stock outside of the State is extended from
thirtysix to ninety-six hours. The modified injunction also
permits brokers to pledge their customers' stock for loans
in
excess of the amount owed by the customers if the customers
consent.
Sentence of William S. Silkworth, Former President of
Consolidated Stock Exchange of New York, Upheld
by U. S. Circuit Court of Appeals—Ruling
Covers Appeals of Five Others.
The United States Circuit Court of Appeals on Feb. 1
affirmed the conviction of William S. Silkworth, former
President of the Consolidated Stock Exchange of New York,
for using the mails in a scheme to defraud customers in connection with the bankrupt brokerage firm of Raynor,
Nicholas & Truesdale. The decision, handed down by Judges
Rogers, Manton and Learned Hand approved the conduct of
the trial at which Judge A. N. Hand presided, and failed to
sustain any of the errors charged by the appellant. Judge Hand,
on Dec. 3 1924 had sentenced the defendant to ninety days'
imprisonment in the Essex County (N. J.), penitentiary and
to pay a fine of $1,000. The five others affected by the
ruling were: Blaine J. Nicholas and Earl H. Truesdale,
members of the defunct brokerage firm of Raynor, Nicholas
& Truesdale, each sentenced by Judge Hand to serve two
years in the Federal Penitentiary at Atlanta; Louis Gilbough
who was floor manager of the before-mentioned firm, sentenced to ninety days in the Essex County penitentiary and
to pay a fine of $1,000; and Francis X. Quillan and Edward
A. McQuade, who were members of the bankrupt brokerage
concern of McQuade Brothers, sentenced to ninety days in
the Essex County penitentiary and fined $500 each. Imposition of sentence on Mr. Silkworth and the other defendants was reported in the "Chronicle" of Dec. 13 1924, pages
2715 and 2716.
That the clearing house maintained by the Consolidated
Stock Exchange
Is used as a cloak under which the public is being defrauded
of its securities
and money.
That the machinery of the Exchange is used for the purpose
of making
"wash" sales.
Attorney-General Ottinger's complaint further charges that
the Exchange,
through its President, Mr. Maloney, had entered into an
agreement with
the Continental Bank, by which the Exchange is guaranteeing
repayment
of loans to the amount of 10%, thereby inducing the bank to
lend up to
90% of the market value of securities in the possession of
members of the
Exchange named by its President, but really owned by their customers
.
It is declared that of $9.000,000 worth of securities apparentl
y in the
possission of Exchange members, considerable quantities have been pledged
in bank loans for BUMS far in excess of the customers' debits. It is
alleged
that the Clearing House machinery set up by the Exchange, including socalled "common funds" of pledged securities, has sometimes been used
merely to get around the restritcions against bucketing.
According to a statement issued by the Attorney-General's office, his
inquiry disclosed that the Board of Governors of the Consolidated had
permitted brokers to trade as members of the Exchange after they had
been reported as trading against customers
The complaint also charges that the facilities of the Clearing House have
been diverted from their normal function through promises and agreements
among the members, by which securities are lent or borrowed back after
McFadden Banking Bill Passed by House.
a transaction apparently has been made, so that no securities or moneys
The McFadden banking bill was passed by the House of
are actually passed, except the differences represented by market fluctuations.
Representatives on Feb. 4 by a vote of 292 to 90.
Prior
"That is to say," it was said at the Attorney-General's office,"if Broker A
purchases sixty shares of a stock for a customer and the customer did not to taking this action the House voted down 289 to 91 a
demand physical possession of the shares, he would 'lend back' sixty shares motion presented by Representative Wingo of
Arkansas to
of the same stock to Trader B. Actually no shares of the stock would be recommit the bill to the Committee
on Banking and Curdelivered to or from Broker A, and the entire transaction would be a
rency for reconsideration, to be brought back to the
'paper' transaction.
House
"In the meantime, notwithstanding failure to make any real purchase of with Section 8 eliminated, says the advices to the
New York
shares, the customer has been required to put up margin, has been charged "Journal of Commer
ce" from which we quote the following:
brokerage fees and 6% interest on the paper value between his margin and
As the bill passed the House to-day it differed
in but one particular from
the market value of the stock. Not having made any real purchase of the the form in which
it was received from the House Committee on
Banking
stock in the transaction, the broker has invested no money, so that the and Currency.
It was considered that the language in the
bill permitting
interest charge of 6% represents part of the velt.'"
banks to conduct a safe deposit business was too loose
and so a committee
The Attorney-General also charges that the practice, alleged to be prev- amendment was adopted limiting
this privilege. The bill was made
to
alent on the Consolidated Stock Exchange, of requiring the payment of read that the business
shall be located on the premises, the words
"or adclaims of the members before the public is considered, when a broker jacent to," which
would have permitted the banks zo secure outside
quarters,
becomes bankrupt, is a violation of the law and a fraud upon the public.
being eliminated. The prohibition that the business
in question shall not
The action of the Attorney-General was said to be based on disclosures exceed 15% of the capital stock
and unimpaired surplus was retained.
made and evidence obtained in a general inquiry into stock brokerage conThe vote on the motion to recommit plainly
showed it to be the desire
ditions, which was begun by him on Nov. 27 before ilIBLiC0 Ford. The of the House that the
bill be passed, but to give it further prestige Chairman
firm firm examined was William F. Wright & Co., 25 Broad Street, a McFadden, of the committee, called for
a record vote on final passage. It
member of the Consolidated Stock Exchange. The proceedings were in the was the comment of some of the House members
that this latter vote
nature of an examination before trial under the provisions of Section 354 of 292 to 90—would be a strong indication
to the Senate that it is desirable
the Martin Anti-Stock Fraud law.
to enact this legislation at the present session.
commenting upon the Attorney-General's action, Mr. Maloney,
In
Hearings will be held by a sub-committee of
the Senate Banking and
President of the Consolidated Stock Exchange, said:
Currency Committee, beginning Feb. 16.
FEB. 61926.]
THE CHRONICLE
On the 3rd inst.it was stated in the "Journal of Commerce"
that all efforts that day to amend the measure were defeated,
there being but one suggestion, that of Congressman Ogden
L. Mills, of New York, upon which a division of the House
found him to have 23 supporters and 115 opponents. Continuing its advices of that day, stated:
Mr. Mills declared there was no justification for the proposal to permit
some national banks under Federal law to do branch banking business and
at the same time prohibiting other national banks from so engaging.
Representative Houston of Delaware sought to liberalize the bill by making possible the admission into the Federal Reserve system of national
banks with branches, even though the latter were acquired following the
passage of the bill. This proposal was attacked by various members,
Representative Steagall of Alabama being particularly antagonistic io this
proposal.
The section dealing with the consolidation of national banks with State
banks having branches, as written in the bill, he said, will not disturb any
national bank in the operation of any branches now in existence, while prohibiting the admission of consolidations in the future effected.
Mr. Steagall pointed out that the limitations contained in the pending
bill would not be binding upon future Congresses and that they could be
swept away to meet future extingencies. He proposed the repeal of Section 5155 of the revised statutes which permits the consolidation of State
and national banks with authority to the latter to continue the operation
of any branches that had been formed by the former.
This, it was shown, was the law which led to the establishment of branch
banking in New York. He would separate the banks and restore the
branches as independent institutions, it was indicated. Proponents of
the bill in its present form declared that this would not provide a settlement of the controversy over branch banking and accordingly the amendment, was voted down vivevoce.
Suggestion by Harriman National Bank That Commercial Paper Be Registered by Federal Reserve Bank.
In suggesting an inspection of methods for rediscounting
of commercial paper, the Harriman National Bank of this
city, says:
The Federal Reserve Board having determined upon supervising collateral
loans, so far as member banks' investment is concerned, and the reform
spirit being in the air, is not the suggestion of inspection of methods for
rediscounting of commercial paper in order? In the competition for
business between banks, as between merchants, a serious condition is relvealed, and in these days of easy rates a great temptation is often open for
mercantile houses to unduly extend themselves. Banks seek business by
offering lines of discount, bidding against each other in many instances,
and the objects of their favor are keenly alive to this situation and play one
bank against the other. Money is thus obtained so easily that it is often
diverted from the particular line of business for which it is borrowed.
Commercial paper of most important concerns is readily salable in the
open market, and as it is really the basis for banks' credit with the Federal
Reserve banks it would seem that the way might be open for an abuse of
that privilege, many concerns having more paper in banks' hands than
they conservatively should have. Collateral loans, handsomely secured.
are not rediscountable at the Federal banks: commercial paper is therefore
sought as a reserve to borrow upon in time of stress or business expansion.
It would be Interesting for member banks to know how this rediscount
is regulated: whether formal statements are on file of the financial condition
of the makers of all paper, the limits the Federal Reserve banks assign to
any one name, and whether members may have access to the Federal bank's
Information before investing. In these times of affluence, would it not be
desirable to have all paper that is sold in the open market registered at the
Federal bank as railroads register their securities with institutions' We
could then know how much of certain names Is in circulation at any one
time. We do not have to hark back very far to recall names we all of us
recognize that gave us large financial funerals.
be detrimental to the maintenance of a free gold market, the
Federal Reserve Bank of New York and the Bank of England are both absolutely free and uncommitted as to any
action whatever relative to discount rates." It is further
stated that "thus far no use of the credit has ben made by
the Bank of England. The subject is thus discussed in the
report:
Gold Credit to the Bank of England.
In April 1925 this bank, in association with all other Federal Reserve
banks, entered into an agreement to place 8200,000,000 of gold at the
disposal of the Bank of England for a period of two years, in connection
with England's return to gold payments. The exact provisions of the
arrangement were described as follows in the Federal Reserve Bulletin for
June 1925:
"Under its arrangement with the Bank of England the Federal Reserve
Bank of New York undertakes to sell gold on credit to the Bank of England
from time to time during the next two years, but not to exceed 8200,000,000
outstanding at any one time. The credit is to bear interest to the extent
that it is actually used at a rate 1% above the New York Reserve Bank's
discount rate, with a minimum of 4% and a maximum of 6%, or, if the
Federal Reserve discount rate exceeds 6%, then at the rediscount rate of
the bank. . . . Upon the purchase of gold the Bank of England
will place on its books to the credit of the Federal Reserve Bank of New
York an equivalent deposit in pounds sterling. This deposit may be used
from time to time by arrangement with the Bank of England in the purchase of eligible sterling commercial bills which shall be guaranteed by the
Bank of England, and in that case discount earned on the bills will be
applied to the payment of interest.
"If occasion arises for the use of this credit, support can be given to
sterling exchange either through the purchase of sterling bills in New York
or abroad, or gold can be shipped to other countries on British account.
Thus the Bank of England could meet a foreign demand for gold without
reducing its own reserves, or it could replenish its reserves by withdrawing
gold from this country or by earmarking it in New York. The form in
which the credit would be used would depend upon the circumstances at
the time."
The repayment, within a period of two years, of such portion of the
credit as may be used by the Bank of England is guaranteed by the British
Treasury under the terms of the Gold Standard Act passed by Parliament
early in May 1925. This guarantee protects the Federal Reserve banks
against any Governmental act which might operate to restrain the Bank
of England from meeting its obligation, by the shipment of gold or otherwise. The transaction, however, is not with the British Government, but
is solely with the Bank of England. In this respect it differs from the
contemporaneous 100-million dollar credit which Messrs. J. P. Morgan k
Co. arranged for the British Government with commercial banks in the
United States, which is solely a Government credit
The arrangements between the Bank of England and the Federal Reserve
Bank of New York involve no commitment as to the policies to be pursued by this bank in dealing with domestic credit conditions. While it
is the intention of this Bank to exchange information fully with the Bank
of England and to avoid any unnecessary action which would be detrimental
to the maintenance of a free gold market, the Federal Reserve Bank of New
York and the Bank of England are both absolutely free and uncommitted
as to any action whatever relative to discount rates.
Thus far no use of the credit has been made by the Bank of England.
J. S. Alexander Appointed to Federal Advisory Council
to Represent Federal Reserve District of New
York, Succeeding Paul M. Warburg.
Announcement of the appointment of James S. Alexander
as a member of the Federal Advisory Council, was made as
follows on Feb. 1 by the Federal Reserve Bank of New
York:
At the last meeting of the board of directors of the Federal Reserve Bank
of New York, Mr. James S. Alexander, Chairman of the National Bank
of Commerce, was appointed a member of the Federal Advisory Council to
represent this district for the year 1926. Mr. Alexander had previously
served as one of the directors of the Federal Reserve Bank of New York
for the three-year term from Jan. 1 1920 to Dec. 31 1922.
Mr. Alexander succeeds Mr. Paul B. Warburg as member of the Advisory Council from this district.. Mr. Warburg served as member of the
Council for five years, during the last two of which he was President of
the Council. Preceding members of the Council from this district were
Mr. J. P. Morgan, who served for four years, and Mr. A. Barton Hepburn,
who served for two years.
Annual Report of Federal Reserve Bank of New York—
Gold Credit to Bank of England Involves No
Commitments Relative to Discount Rate.
Reference to the agreement of last year whereby $200,000,000 in gold was placed at the disposal of the Bank of
England by the Federal Reserve Bank of New York in association with the other Reserve banks, is made in the
eleventh annual report of the Federal Reserve Bank of New
York, made public on Feb. 3. The New York Reserve Bank
states that the arrangements involve no commitments as to
the policies to be pursued by it in dealing with domestic
credit conditions, and adds that "while it is the intention of
this Bank to exchange information fully with the Bank of
England and to avoid any unnecessary action which would
693
The report also refers as follows to the arrangqments
with Poland and Belgium:
Arrangements have been made during the past year in which all other
Federal Reserve banks have participated, to make loans secured by gold
to the Bank of Poland and to buy prime commercial Belgian bills from
the National Bank of Belgium, if desired. These arrangements were for
the purpose of facilitating efforts which were being made to stabilize the
currency or improve the monetary position of the countries involved.
Annual Report of Federal Reserve Bank of New York 18 European Countries Return to Gold Standard
—Foreign Financing.
It is pointed out in the annual report of the Federal Reserve
Bank of New York that eighteen European countries have
taken definite action to return to the gold standard or a
gold exchange standard. Reference to this is made in the
report under the head "Improvement in European Monetary
Conditions," the comments of the Bank being as follows:
The year 1925 was a year of notable progress in the recovery of the nations
of Europe to monetary stability. The inauguration of the Dawes Plan lathe
autumn of 1924 paved the way for the restoration of Germany to a gold
basis, and the program laid down at that time for 1925 was successfully
carried through. In January 1925, South Africa announced the intention
to resume gold payments: in March Austria adopted a new currency: and
on April 28 Great Britain reestablished a free gold market and its action
was accompanied by similar action on the part of Holland, Australia, New
Zealand, and the Dutch East Indies. Eighteen countries, constituting a
considerable proportion of Europe, have now taken definite action to return
to the gold standard or a gold exchange standard, or have reached substantial stability. Important steps taken in these directions by European
countries are shown in the following calendar.
1922.
September Bank of Lithuania established and new currency unit adopted,
based upon gold.
Russian Soviet State Bank authorized to issue the chervonetz,
October
based upon gold.
November Bank of Latvia established and new currency created, to become
convertible into gold one year after the resumption of gold
payments by the Bank of England.
1923.
Austrian National Bank established.
January
German Rentenbank established, and currency stabilized.
October
1924.
Bank of Danzig established and currency stabilized with referJanuary
ence to sterling.
Sweden removes restrictions upon gold exports and resumes
April
specie payments.
Bank of Poland established, and new currency introduced,
based on gold.
Hungarian National Bank established and currency stabilized
June
with reference to sterling.
German Reichsbank reorganized under the Dawes Plan and new
October
reichsmark introduced.
December Germany removes restrictions on the export and import of gold
and silver.
1925.
South Africa announces intention to resume gold payments
January
July 11925.
March
Austria announces adoption of new currency.
694
THE CHRONICLE
[VoL. 122.
Great Britain reestablishes free gold market. Holland, AusResources (Concluded)—
$
tralia. New Zealand. and Dutch East Indies withdraw embargo
Gold in the gold settlementfund lodged
cra gold exports.
with the Treasurer of the United
Czecho-Slovakia passes act providing for a new currency unit
States for the purpose ofsettling curbased on gold and the establishment of the National Bank of
rent transactions between Federal
Czechoslovakia to open in January 1926 to replace the Banking
Reserve districts
Office of the Ministry of Finante under whose operations subLegal tender notes, silver, and silver 286.475,438 52 254,226.803 87
stantial monetary stability had been secured.
certificates in the vaults of the bank
Albania passes laws providing for a national currency based upon
July
(available as reserve only against dethe gold franc and a central bank to open in January 1926.
posits)
21,867,394 00
27.256,28200
November Hungary adopts new currency unit.
December Finland passes law providing for revaiorization of the currency
Total cash reserves
981,469.458 39 956,220,926 60
on gold basis, effective January 1 1926.
These formal steps which have been taken by different countries to Non-reserve cash, consisting largely of
national bank notes and minor coin
restore their monetary positions do not mark a complete return to monetary
18,517.186 90
16,966,978 42
stability. Certain of the countries have had difficulty in maintaining the Loans
and investments:
programs which they had laid down. Many orthe coudtries are short of
Loans to member banks:
On the security of obligations of the
liquid capital and will require additional extension of credit by other
United States
countries.
By the discount of commercial or 68,744.642 50 197,709,000 00
agricultural paper or acceptances_ 12,577.441 02
Regarding foreign financing the report says:
35,234,620 12
Acceptances bought in the open market 101.823.154 40
42.019.937 59
• A _continued large volume of foreign financing in the United States has
United States Government bonds,
undoubtedly been an important factor in the improvement in financial
notes, and certificates of indebtedconditions abroad and has facilitated the marketing abroad of American
169.898.350 00
57.199,050 00
n
Foreign loans on gold
1,746.000 00
exports. During the year 1925 a total of $1,326,900.000 of new foreign
2.106.000 00
sicurities was sold in this country, as compared with about $1,250.000,000
Total loans and investments
354,789,587 92 334,268,607 71
in 1924, which had up to that time been the largest amount of new foreign
Miscellaneous resources:
financing ever placed in this country, if we except the war issues of
Bank premises
1916.
16,617,060 69
A classification of the 1925 issues by countries is shown in the following
Checks and other items in process of 16,242,897 76
table.
collection
156.377,299 73 170.992.612 34
All other miscellaneous resources
Foreign Loans Issued in the United,States 1925.
8.656.803 63
4,162,451 27
Total miscellaneous resources
Government &
181.277,001 12 191,772,124 30
.' Alunicipal and
County.
Total resources
Guaranteed by
Corporate
1.536,053,23433 1.499,228.63703
Total.
he Government.
.
' Liabilities—
$
$
Europe
Currency in circulation:
Austria
Federal Reserve notes in actual circu• 110.500.000
$7,400,000
117,900,000
Bkigium
lation, payable on demand. These
.50.000,000
50,000,000
Czechoslovakia
notes are secured in full by gold and
21.500,000
4,000,006
25.500,000
Denmark
discounted and purchased paper.-- 387.352,88800
38,500,000
4.000.000
42.500.000
393,036.812 50
Crarmany
162,700,000
70.500,000
233,200,000
Italy
Total currency in circulation
100.000.000
19,600,000
387,352,885 00 393,036.812 50
119.600,000
Norway
40.100.000
5,800,000
45.900,000 Deposits:
Poland
35.000.000
15.800,000 •,
50.800,000
Reserve deposits maintained by mem. Other
46,000.000
19,100,000 .
65,100,000
.
ber banks as legal reserves against
Total
the deposits of their customers
• $504,400,000 $146,200,000
883,861,349 67 847,248,505 07
1650,600.000
Canada and Newfoundland 1184.500,000
United States Government deposits
182.000.000
5266.500.000
Latin America
carried at the Reserve bank for curArgentina
rent requirements of the Treasury
$121,400,000
16,904,418 11
3.183,106 57
1121.400.000
Chile
Other deposits. including foreign de20.000,000
$16,500,000
36,500.000
Other_
posits, deposits of non-member
33,100,000
50.000.000
83.100.000
.
banks,&c
28.194.141 08
.
11.282,63044
Total
$174,500,000 . $66,500,000
$241,000,000
Asia.and Australia
Total deposits
928,959,90886 861,714.242 08
Japan
166.500.000
$66.500.000 Miscellaneous liabilities:
Alistralia
75,000,000 •
75,000.000
Other
Deferred items, composed mostly of
6.400,000
200,1)00
6.600,000
uncollected checks on banks in all
Total
parts of the country. Such items
181.400,000
166.700.000
1148,100,000
International
are credited as deposits after the
$20,700,000
$20.700,000
average time needed to collect them
Mind Total
elapses, ranging from 1 to 8 days
5944.800.000 5382.100.000 RI.12R.01111 non
129.054.958 09 150,262,580 52
All other miscellaneous liabilities
1,769,392 67
1.856,109 53
Iii. addition to purchaeing long term securities
the United States has
. provided a certain amount of short term credit through
Total miscellaneous liabilities
130,824.350 76 152,118,690 05
the medium of
bankers acceptances and other temporary credits,. and by,
maintaining Capital and surplus:
balances abroad. The amount of such extensions • of
Capital paid in, equal to 3% of the
credit cannot be
estimated with any degree of. accuracy.
capital and surplus of member banks
32,394,50000
Surplus—that portion of accumulated 30.166.800 00
net earnings which the bank is legally
permitted to retain
58.749,289 71
Annual Report of Federal ROerve.Bank of New York—
59,964,392 40
Total capital and surplus
88,916.089 71
Reports of Operation.
92,358,892 40
Total liabilities
In. presenting its reports of operation for the year, in its
1,536,053.234 33 1,499.228,63703
April
annual report just made public, the Federal Reserve Bank of
The profit and loss account of the bank for the calendar
New York states that the principal changes between Dec. 31 years 1924 and
1925 was given in these columns Jan. 16,
1924 and Dec. 31 1925 were as follows:
page 307, together with details of the expenses of operation
A. decrease of 25 millions in cash reserves.
during 1925.
An increase of 152 millions in loans to member banks.
A_decrease of 60 millions in holdings of acceptances bought in the open
market.
A decrease of 113 Millions in holdings of Government securities
A_decrease of 37 millions in the reserve deposits maintained by member
banks.
Annual Report of Federal Reserve Bank of New York—
Business and Banking Conditions—Growth of
Bank Credit in Different Cities.
The bank says there was practically no change in the volDiscussing business and banking conditions in 1925, the
ume of notes in circulation. It adds:
The decrease in gold holdings reflects gold exports and the payment of eleventh annual report of the Federal Reserve Bank of New
gold certificates Into circulation, partly offset by a considerable transfer York, made public Feb. 3, refers to the year as one of good
argold from other districts to New York.
business profits, saying:
The changes in loans to member banks and in holdings of bills and securities reflect in part the sale by the Federal Reserve banks of about 200
millions of Government securities between Jan. land March 31. The
participation of the Federal Reserve Bank of New York In this sale is represented by the decrease In its holdings of U. S. Government securities. The
stile of securities had the result of increasing the direct borrowing by member
banks at the Reserve bank,a tendency which wasfurther advanced by active
business conditions and gold exports.
The decrease shown by the Statement in the amount of holdings of acceptances bought in the open market is not significant of any marked
change in the acceptance market, since acceptance holdings by all the
fccserve banks were only slightly less than a year ago. It rather reproedits a more widespread distribution of acceptance holdings among the
Ehserve banks.
The decrease in reserve deposits reflects a decrease in the deposits of member banks, as commented upon earlier in this report.
The bank presents as follows its statement
at the beginning and end of the year:
Dec. 311924.
CashSOUrCeS—
Re
reserves held by this bank against
its deposits and note circulation:
Gold held by the Federal Reserve
Agent as part of the collateral demsited by the bank when it obtains
Federal Reserve notes. This gold is
lodged partly in the vaults of the
bank and partly with the Treasurer
384,306.965 61
Of the United StateS
Gold redemption fund in the hands of
the Treasurer of the United States to
be used to redeem such Federal Reserve not as are presented to the
11,557,070 44
Treasury for redemption
,Gold and gold certificates in vault....- 277,262.589 82
The tendencies in business and credit in the Second District during the
past year have generally reflected conditions in the country as a whole.
Nineteen twenty-five was a year of exceptional business activity. An
Index of the total volume of trade throughout the country, shown in diagram I. indicates a larger volume of business than in any other recent year.
It was a year of good business profits, as a result partly of the large volume
of business and partly of the rapid introduction into business in the past
few years of various economies in operation. Industrial employment increased during the year and earnings of factory workers were at a high
level. Commodity prices remained with some fluctuations at a level
between 55 and 60% above the 1913 average.
While business was largely free from speculative tendencies, the volume
of trading in the stock market reached new high levels and the prices of
stocks rose to new high points, under the impetus of wide participation in
the market and a large flow of funds from out-of-town to New York for
employment in the Stock Exchange money market. During the summer
of condition there was heavy trading in grain, but with that exception speculation was
not unusually active in the commodity markets. There was, however.
evidence of large speculative undertakings in real estate in various
parts
Dec. 31 1925.
of the country.
Banking Conditions.
The large volume of business in 1925 was carried forward with a somewhat
smaller additional extension of bank credit than in 1924. when business
was
less active. The figures now available indicate an increase during
the Year
of about 1 billion dollars, or 6%,in the loans and investments of all member banks throughout the country, as compared with an increase in 1924 of
329,996.016 59 about 2 1-3 billion dollars, or 9%•
The increase in bank credit in 1925 may be largely ascribed to a growth
of
about one billion dollars in time deposits, which reflects the normal accumulation of funds from year to year, rather than the extension of additional
13.516.129 74 credit for business use. The funds received by banks as time deposits were
331.225,694 40 largely employed by banks in loans on stocks and bonds. There were much
THE CHRONICLE
FEB. 6 1926.]
smaller increases in demand deposits and in loans directly for commercial
purposes.
In the Second Federal Reserve District, in contrast with the rest of the
country, bank loans and deposits showed no increase until the last few weeks
of the year. Early in the year, accompanying gold exports, banks lost
about 400 million dollars of deposits and liquidated a substantall amount of
their investments. An additional factor in this reduction of bank deposits
was a reduction of about 200 million dollars in balances of out-of-town
banks in New York City.
There was an interesting contrast during 1925 in the growth of bank credit
In cities of different sizes. In general, smaller towns and cities showed a
more rapid increase in deposits than did the larger centres. Changes during the year through November in total time and demand deposits of all
member banks were as follows:
DEPOSITS IN ALL MEMBER BANKS.
(/n millions of dollars.)
Other 11 Districts.
Second District.
notes that the tabulations indicate that the bank's transactions have continued to increase in volume. Aside from Its
credit operations, the transactions of the bank tend to show
a steady increase from year to year, says the Bank, which
presents as follows the table showing the volume of operations:
Total United States.
Cities and Cities and Cities and Cities and Cities and Cities and
Towns
Towns
Towns
Towns
Towns
Towns
Over
Over
Under
Under
Over
Under
100,000
100.000
100.000
100.000
100.000
100,000
Population. Population. Population Population. Population Population.
Date.
Dec. 24 1924
Nov.25 1925
1,391
1,537
7.155
7,054
8,160
8,805
10,977
11,658
9,551
10,342
18,132
'18,712
Chancre
4-146
—101
4-545
4-551
4-711
695
4-550
The comparative stability of demand deposits during the year in the face
of active business may be partly accounted for by the fact that the increase
In deposits in 1924 had been larger than usual. During the year 1925.
moreover, there was a steadily more active utilization of the available deposits, as is indicated by the following diagram [this we omit.—Ed.)showing
the velocity, or rate of turnover, of bank deposits. Velocity is computed
by finding the ratio between the amount of checks drawn each month and
average demand deposits. The figures are shown in the diagram as percentages of an estimated normal velocity determined from past experience.
In New York City there was a greater increase in velocity of deposits
than in the rest of the country, probaly reflecting activity in the security
markets.
Annual Report of Federal Reserve Bank of New York—
Influence on Credit Situation of Reversal of Gold
Movement.
According to the annual report of the Federal Reserve
Bank of New York, made public this week, "an important
influence in the credit situation in 1925 was the reversal of
the gold mOvement from an import movement in 1924 to an
export movement in 1925." The report continues:
DAILY AVERAGES.
1925.
1924.
1923.
Number of Pieces Handled.
Bills discounted:
41
58
Applications
130
239
_ Notes discounted
203
251
Bills purchased for own account
1,828
1.684,529
1.580,320
Currency received and counted
3.239.
3,017.043
2,702,412
Coin received and counted
9
942
939
Telegraphic transfers of funds
470 9
447,914
425,151
Checks -handled
Collection items handled:
46.235
58.555
U. S. Government coupons paid_
7.990
7,208
All other
U. 8. securities—issues, redemptions
and exchanges by Fiscal Agency
7,586
9.826
27.307
department
Amounts Handled—
$59.443,190 $23,127,772 $56.329
Bills discounted
3,553,236 3.848.
3.899.494
Bills purchased for own account
9.954,580 10,450,748 11.682
Currency received and counted
884,
375,926
415,583
Coin received and counted
92.819.536 115.269.461 128.128
Telegraphic transfers of funds
216,947.121 224.992.547 290.473 30
Checks handled
Collection items handled:
1.028.536
1,093.319
1,117,032
U.S. Government coupons paid_
6,881..294
6,163.628
6,359,997
All other
U. 8. securities—issues, redemptions
and exchanges by Fiscal Agency
10,426,723 11,587.125 13,231.618
department_
1:0
Annual Report of Federal Reserve Bank of New York
Conferences With Officers of Member and NonMember Banks.
From the annual report of the Federal Reserve Bank of
New York it is learned that in the spring of 1925 a series
of conferences with"the officers of member and non-member
banks in the Second District outside of New York City was
held, for the purpose of discussing with them their relations with the Federal Reserve Bank and some of their own
problems, and of giving them an opportunity to see the
bank in operation in its new building. The report goes on
to say:
In all, 26 conferences were held, from March 31 to June 12. The average
attendance at each conference was 28, and the number of banks represented
The total figures for the year show a net export movement of about at the conferences was 703, out of a total of about 1,100 banks in the
135 million dollars, the major part of which was exported from New York. district outside of New York City. Representatives of 71% of the member
The largest amount of the exported gold went to Germany.representing part banks and 40% of the non-member banks attended the conferences, which
of the proceeds of the $110,000.000 German loan provided for in the Dawes lasted the major part of the day.
plan, together with gold which had been held under earmark in this bank.
In addition, conferences to serve a similar purpose were arranged for
This gold was transferred to the vaults of the Reichsbank to serve as the senior officers of nearby banks in New York City. These were atreserve for the re-established currency of Germany. Considerable amounts tended by 270 officers, representing 42 member and 9 non-member banks.
were also exported to India and Australia. reflecting a position of the
These gatherings not only gave visiting bankers an opportunity to become
exchanges of those countries which made gold imports profitable. Most better acquainted with the work of the Federal Reserve Bank, but afforded
of this gold export movement took place in the early months of the year.
the officers of the Reserve Bank a means for renewing their personal acAfter the return of Great Britain to the gold standard, gold movements quaintance with many of the bankers in the district and for becoming
to and from this country began to reflect much more nearly than for some more familiar with their problems.
years past the readjustments of exchange positions which were usua prior
to the European war. In October sterling exchange dropped below the
Tax Revision Bill In Senate.
British gold export point and more than 40 million dollars of gold was
shipped to this country, a movement somewhat similar in time and amount
The Senate this week in its deliberations on the tax
to the seasonal movement in many years prior to the war. This import
bill accepted the surtax schedules proposed by the
movement, however, was offset by a movement of gold from this country to revision
Canada, which resulted from a rise in Canadian exchange above their import Senate Finance Committee, and the committee's action on
point at the time when considerable shipments of wheat were being received Jan. 19 in increasing from 12 % to 13 % the corpora2
1
/
2
1
/
In this country from Canada.
GOLD MOVEMENT 1925.
Excess of
Country.
France
Germany
Netherlands
England
Canada
Mexico
Argentina
Australia
Straits Settlements
Japan
China and Hong Kong
British India
All other
Total
Imports.
$6,606,000
2,000
10,085,000
49,294,000
32,833,000
5,387,000
2.000
2,000
14,000
11,008,000
120,000
12.920,000
Exports.
$1,339.000
68.270.000
4,318.000
6,160,000
45,658,000
8.810,000
7.573,000
26,925,000
7,377,000
13.478,000
58.775,000
13.957,000
$128.273.000 3262.640.000
Imports.
$5,267.000
Exports.
868,268,000
5,767.000
43,134,000
12,825.000
3,423.000
7,571,000
26,923,000
7,363,000
11.008.000
13,358,000
58,775.000
1,037.000
3134.367.000
tion tax was also agreed to by the Senate this week. The
increase in the corporation tax was agreed to by the
Senate on Feb. 2 by a vote of 42 to 35, and its action, the
Associated Press pointed out, constituted the first vote to
test the stkength of. the proponents of the bill as reported
by the committee and the opposition, which wanted the
2
1
/
h% tax to remain. The 42 votes in favor of the 13 %
121
rate were registered as follows:
Republicans—Bingham, Borah, Butler, Cameron, Capper, Conzens,
Cummins, Deneen, Edge, Ernst, Fernald, Gillett, Goff, Hale, Howell,
Jones of Washington, Keyes, La Follette, Lenroot, McKinley, Means,
Metcalf, Norris, Nye, Oddie, Pepper, Phipps, Reed of Pennsylvania,
Robinson of Indiana, Sackett, Scholl, Shortridge, Smoot, Wadsworth,
Warren, Watson, Williams, Wil1is--38.
Democrats—Bruce, Kendrick, Sheppard-3.
Farm-labor—Shipstead—l.
-42.
Total
Annual Report of Federal Reserve Bank of New York—
The 35 votes in opposition were cast as follows:
Reduction in Staff of Bank.
Republicans—Fess, Frazier, McMaster, McNary, Moses, Stanfield,
In its annual report the Federal Reserve Bank of New Weller-7.
York states that the total staff of the bank was reduced
Democrats—Ashurst, Bayard, Blease, Bratten, Broussard, Caraway,
from 2,653 on Dec. 31 1924 to 2,447 on Dec. 31 1925 and the Dill, Edwards, Ferris, George, Gerry, Harris, Harrison, Heflin, King,
McKellar, Mayfield, verman, Pittman, Ransdell, Robinson of Arkansas,
annual salary liability from $4,380,711 to $4,045,919. These Smith, Stephens, Trammell, Tyson, Underwood, Walsh, Wheeler-23.
figures include the staff ef the Buffalo branch and the offiTotal
-35.
cers. This reduction of more than 200 workers, says the
The proposal to eliminate the capital stock tax which
bank, is largely a consequence of the greater ease and safety came before the Senate following the disposal of the
of operations in the new building.
corporation tax provision, was agreed to by it on Feb.' 2
by a vote of 75 to 4, the four dissenting votes being those
Annual Report of Federal Reserve Bank of New York— of Senators Fess, McMaster, Shipstead. and Wheeler. Stating that "all Democrats except Senators Bruce, Kendrick
Average Daily Transactions.
and Sheppard voted with Senator Simmons, the New .York
In furnishing in its annual report a table giving the
Feb. 2, added:
daily transactions during the past year in its prin- "Times" account from Washington,
average
Radicals and liberals, including Senators Borah, Couzens, La Follette,
cipal departments the Federal Reserve Board of New York Shipstead, Howell, Norris, Sclaall and Nye, voted with the Republicans
IMINMegt
THE CHRONICLE
[VOL. 122.
for the increase. Senators Frazier and McMaster of this group acted real test
on the bill, for this was the last ditch of those who
wished
with the Democrats. Only Senators Fess and McMaster, Republicans; to raise the
Shipstead, Farmer-Labor, and Wheeler, Democrat, voted against repeal of much more surtax. Opposition to repeal of the estate tax will be
determined than that against the 20% surtax,
but the
the capital stock tax.
Lenroot amendment vote gave a strong indicatio
n that the estate tax
Senator Simmons opposed the increased corporation tax because it repeal will
be sustained in the Senate.
was made retroactive to Jan. 1, 1925, while the repeal of the capital
Democratic ranks split badly on the surtax
votes, in spite of desperate
stock tax would not become effective until July 1, 1926. Thus, he efforts by Senators
Simmons and Harrison, Finance Committee memcontended, corporations would bear the increased corporation tax during bers, to hold
their party in line. Only four Democrat
s voted for the
the eighteen months, and would not be relieved from the capital stock maximum, but
when the Norris 30% proposal was made Senator 40%
tax until the end of that period. The duplication, he declared, was of Montana broke
Walsh
away from Mr. Simmons and took nine more
manifestly unfair.
Democrats
with him to vote for the Norris plan.
Says Rebate Should Be Granted.
The Montana Senator declared that graduated
income taxes up to
The Finance Committee estimated the revenue loss through repeal $1,000,000
always
Of the capital stock tax at $93,000,000 and expected to offset this by stand for them. had been a Democratic principle and he proposed to
Pleas by Senators Simmons and Harrison
collecting $86,000,000 by the increased corporation tax. Mr. Simmons aside by
were thrust
Senators Dill and Wheeler, who said they
insisted, however, that if the increase in the corporation tax was in- be driven
did not intend to
into voting for the 20% rate in the bill.
tended solely to replace money lost from the other tax, no retroactive
application was necessary. He made the point that the capital stock
Test Vote on Surtax Rate.
tax already had been paid up in advance to June 30, 1926, and said
The vote on the Lenroot amendment
to make the surtax maximum
there should be some sort of a rebate to the corporations.
25% on incomes of more than $500,000
was as follows:
Senator Smoot replied that this could not be done because the
FOR THE AMENDMENT
Government "needed the money."
-25.
Republicans-12.
According to the Republican members of the Finance Committee, the
Brookhart,
Jones (Wash.).
increase in the corporation tax from 125/a to 13%% was necessary to
McNary,
Capper,
La Follette,
offset a loss of $93,000,000 in revenue due to the repeal of the capital
Norbeck,
Couzens,
Lenroot,
Norris,
stock tax.
Frazier,
McMaster,
Nye.
When the tax bill was under consideration in the committee, the
Democrats
-12.
Meese,
Democratic members urged the repeal of the capital stock tax. The
King,
Smith,
Bretton,
Republican committeemen agreed to this, but contended that there should
McKellar,
Tyson,
Dill,
Mayfield,
be an increase in the corporation tax to offset loss of revenue. They
Walsh,
Harris,
Sheppard,
estimated that the 1% increase would provide $88,000,000, against the
Wheeler.
$93,000,000 loss on the capital stock tax.
Farmer-Labor
-1.
Shipstead.
The New York "Journal of Commerce" in its advices
AGAINST THE AMENDMENT
-55.
from Washington. Feb. 2, stated:
Republicans
-36,
Bingham,
It is considered that the Senate made good headway today, although
Harreld,
Robinson (Ind.),
Butler,
Keyes,
there remain but eight days before the date, February 10, upon which
Sackett,
Cameron,
McKinley,
the Administration hopes that the Senate will vote on the measure.
Schell,
Dale,
McLean,
Shortridge,
From today's votes and discussions it was plainly indicated that there
Deneen,
Means,
Smoot,
will be no coalition of Democrats and Progressives to put through any
Edge,
Metcalf,
Stanfield,
program opposed to the Finance Committee bill, for in the absence
Ernst,
Moses,
of
Wadsworth,
Fernald,
Oddie,
support thrown by the latter to the former for the defeat of the proWarren,
Fess,
Pepper,
1% in the corporate income tax rate, there is little likelihood of
posed
Watson.
Goff,
Phipps,
Weller,
their joining on such matters as the proposed repeal of the publicity
Gooding,
Pine,
Williams,
provisions, the further curtailment of surtaxes, or similar
Hale,
Reed (Pa.).
matters
Willis.
relieving men of large incomes of taxes or embarrassment.
Democrats
-19.
Double Taxation Question.
Bayard,
Gerry,
Robinson (Ark.),
Broussard,
Because of the opposition to the retroactive application of the corGlass.
Simmons,
Bruce,
Harrison,
porate income tax rate, coupled as it is with double taxation by reason
Stephens,
Caraway,
Heflin,
of the advance payment by corporations of the capital stock tax,
Swanson,
Copeland,
Kendrick,
Trammell.
Senator Couzens of Michigan suggested that the entire bill be made
Ferris,
Overman,
to
take eect as of January 1, 1926. This would mean that the individua
George,
Ransdell,
taxpayers, in company with the corporations, could not take advantag l
The fifteen Senators voting for the Howell 40% plan
e
were: Repubof the proposed changes in the law until reporting their incomes of this licans—Messrs. Borah, Brookhart, Couzens,
Frazier, Howell, La Follette,
year. If his proposal be accepted, he said, there would be no
need McMaster, Norbeck, Norris and Nye. Democrats—Messrs. Ashurst,
for the great haste which lie charged the Senate in making with the Blease, Dill and Wheeler. Farmer-L
abor—Shipstead.
tax bill.
In the vote on the Norris 30% amendment these
fifteen were joined
The recommendation that the rich, who, he said, had benefited most by the following fourteen: Republic
ans—Messrs. Capper, Jones of Washby the war, be required to pay higher surtaxes than those contained ington, Lenroot and McNary.
Democrats—Messrs. Bratton, Copeland,
in this bill in order that greater progress may be made in paying off Ferris, Harris, King, Mayfield,
Sheppard, Smith, Tyson and Walsh.
the war debts, was made by Senator Norris, of Nebraska. He
When the roll-call came on the Lenroot
told
25% proposal Senator
the Senate that those with incomes in the high brackets should
McKellar, Democrat, cast his vote in the
affirmative. Senators Ashurst,
more than those in the lower brackets and he indicated a desire pay Democrat, and Borah and Howell,
that
Republicans, were recorded as not
the surtax provisions continue to a maximum rate applicable against voting, while Senators Copeland
and Ferris, Democrats, who had voted
net incomes of $1,000,000 or more.
for the 30%, suddenly switched to vote against
the 25%.
The matter came before the Senate when Senator King, who had
Lenroot Attacks Democrats
previously filed minority views in opposition to certain provision
s of the
Vigorous attacks were
bill, urged greater tax relief for those whose incomes were
subject other Finance Committe made by Senator Lenroot on Mr. Simmons and
to the tax rates set forth in the intermediate brackets. His plan,
e Democrats, for deserting what he
declared
he was their time-honored
said, was that which had been proposed to the Finance Committe
principle of high surtaxes and insisting on
e by 20% maximum.
a
its Democratic members and which was adopted only in part, the reduc"Two years ago, when Secretary Mellon asked
tion over the House bill provisions by that action being only $20,000,0
for a 25% maximum,
00 you boasted that you defeated
of the $40,000,080 cut he sponsors.
the Mellon plan," Mr. Lenroot
as he faced the Democratic side of the chamber. "But exclaimed,
The surtax rates proposed by the Senate Committee out-Mello
now you're
ning Mellon."
were accepted by the Senate on Feb. 3 without a roll call,
The demand that wealth must be taxed heavily
was made so
after several amendments to reject the committee pro- insistently by Senator Lenroot that Senator Reed of Pennsylvania
demanded, "Do you want to get the utmost farthing
from this class?"
posals had been rejected on that day. The surtax sche"Yes," replied Mr. Lenroot. "The man with millions
is more able
dules of the committee, which the Senate approved this to pay than the small taxpayer."
It could not be disputed that the Lenroot attack and
week, are lower than those of the House bill on net inthe defiance of
Senator
comes from $26,000 to $64,000, as was shown in a com- DemocratSimmons by Senator Walsh had a strong effect on several
s who had criticized Finance Committee Democrat
s for enterparison of the House and Senate Committee surtax rates ing into an agreement with the Republic
ans to frame the bill. The
on incomes ranging from $24,000 to $100,000, given in these Democratic members of the committee also felt the sting, for Senator
Harrison lost no time in stating that Senator Lenroot,
columns last week, page 562. Reporting the action of
once called a
the radical, now classed as a strong Administration
supporter, was catering
Senate on Feb. 3, the New York "Times" said:
to the voters in advance of the Senatorial elections
next November.
After defeating attempts to make the surtax maximum in the tax
As we indicated in our issue of a week
ago (page 56)
reduction bill 40, 30 and 25%, the Senate adopted tonight the
rates the Senate on Jan. 29 approved without
recommended by the Finance Committee, starting with 1% on $10,000,0
debate the pro00 posed reductions in
the normal tax rates. On
to $14,000 incomes and running up to 20% incomes of more than
the same
$100,000.
day the repeal of the miscellaneous
levies eliminated by
In approving this maximum, which is a 50% reduction from present the House was
agreed on on the first reading
law, the Senate included approval of the bipartisan compromise applying
by the Senate
$23,000,000 above the House reductions to incomes between $24,000 and these including the tax on jewelry, automobile
tires and
$100,000.
parts, brokers and tobacco manufac
turers. Repeal of the
An effort by Senator Howell, insurgent Republican, of Nebraska, to stamp taxes on
Custom House entries and
make the maximum 40% on $500,000 was beaten, 70 to 15. An amendwithdrawals,
ment by Senator Norris of Nebraska, another insurgent Republican, to and on steamship pasage tickets, was approve
d at the
fix the maximum at 30% on $1,000,000 was voted down, 54 to 29, and same time by the Senate in addition
to the repeal of other
a proposal by Senator Lenroot, Republican, of Wisconsin, to make the stamp levies provide
d by the House.
figure 25% on $500,000 was rejected by 55 to 25.
An attack on the Treasury
Senator King, Democrat, of Utah, tried to insert the original DemoDepartment which figured
cratic program to reduce taxes $44,000,000 more than the House bill In the debate on the bill on Jan. 29
was detailed as follows
on incomes between $20,000 and $100,000, but lost on an overwhelming in the
New York "Times" account from
viva voce vote. The 20% maximum of the Finance Committee was
Washington.
McKellar Brings Out Criticisms.
accepted without a roll-call at 6:30 P. M.
Objections by Senator McKellar of Tennesse
e to a provision allowing
Regarded as Real Test Vote.
the Bureau of Internal Revenue four years
in
Although Senator Norris mustered four more votes for his 30% than ments
brought out the criticism aimed at which to complete assessdid Senator Lenroot for 25%, the Lenroot vote was regarded
the Treasury. Senator
as the McKellar thought two years long enough,
but Senator Reed of Penn-
FEB. 6 19261
697
THE CHRONICLE
consideration of the measure on
sylvania said the bureau was too choked with cases to permit this progress was made in
Feb. 1, says the New York "Times" which also stated in
without a great revenue loss.
Senator Couzens of Michigan, head of the special committee which part:
has been investigating the bureau, charged that failure to publish
It had been hoped that the important question of surtaxes would be
Treasury rulings on tax cases had led to many injustices, as no taxtaken up, but when the section was reached Senator King proceeded
payer knew the precedent for his treatment. He attacked particularly
with his speech, which was a reiteration of the views he expressed in
the practice of Treasury employes becoming familiar with these "secret"
bill.
rulings and then resigning to become tax lawyers, ready to "stir up his independent report on the Finance Committee
Senator King was interrupted frequently, once by a dispute between
trouble."
refunds made
Senators Glass and Swanson of Virginia told of cases in which they Senators Smoot and McKellar, concerning the amount of
by the Treasury to taxpayers.
said the Government had acted with cruel injustice. In one case,
Smoot quoted the total receipts of the Government for nine
Senator
Senator Glass said, a concern in Virginia was assessed $2,800, and
years as $30,000,000,000, the additional assessments as $2,886,773,000
later it was found the Government owed it $300.
delayed for three weeks sending and the refunds as $554,000,000, but Senator McKellar insisted that
"But the man who handled this case
the check," said Senator Glass angrily, "and thus manoeuvred the to the latter sum should be added an item now before the Appropriations
Government into the position of pleading the statute of limitations. The Committee of $150,000,000 for refunds since Sept. 30, 1925.
miserable little bureaucrat ought to have been kicked into the street."
Quotes from Courevi Report.
An experienced tax lawyer in Virginia who had incurred the enmity
Reading from the Couzens report, Senator Norris repeated an
from obtaining allegation that stockholders of Mellon banks in Pittsburgh saved $91,000
of the Treasury was being "framed" and prevented
cases, Senator Glass also charged.
in taxes through being permitted to file a consolidated return instead
"One of my complaints with the Government," the Senator said, of separate statements.
"is that it acts as if every taxpayer had been arrested and that if it
Senator Norris suggested the introduction of a resolution extending
gets $1 of a taxpayer's money it takes $2 to get that back. Maybe the life of the Couzens Committee. Senator Couzens, who objects to
I'll be subjected to the same treatment as Senator Couzens, by having consolidated returns, offered amendments affecting them.
my taxes raised."
On Feb. 4, the Senate, by a vote of 54 to 13, decided to
Senator Swanson told of an arbitrary assessment of $1,500,000 being
"clapped on a great concern in my State."
begin its session at 11 o'clock on the 5th to expedite
Senator McKellar and Senator Robinson, the Democratic leader, de- action. Full publicity of
income tax returns under connounced the Internal Revenue Bureau for delay and harsh rulings.
Senator Norris declared complete publicity of everything in the ditions giving the inspection of all public records was
Treasury was the only cure for the alleged abuses.
demanded on Feb. 4 by Senator Norris. The New York
Further discussion of the matter on Jan. 30 was re- "Journal of Commerce" in stating this said:
ported in the same paper as follows:
Presenting an amendment to the pending tax bill, he informed the
Bureau Methods Assailed.
Senator McKellar, Democrat, of Tennessee, brought up discussion
of Internal Revenue Bureau methods, and a debate ensued in which
Senators Blease and Smith, both of South Carolina; Couzens, Glass
of Viriginia and King assailed the Bureau, while Senators Smoot, Reed
of Pennsylvania and McLean of Connecticut defended it.
"Nine-tenths of the unpopularity of the income tax law arises from
the right to reassess taxpayers and to keep the matter hanging so long
in the balance," Senator McKellar declared.
The Tennessee Senator introduced an amendment limiting the time
for assessments to two years, preventing arbitrary assessments without
examination, refusing the Bureau the right to demand waiving of the
statute of limitations, and assuring the taxpayer knowledge of the
ground on which reassessments were made against him.
Senate he was seeking the same legislation that was accepted in connection with the adoption of the existing law, which provisions, however,
were rewritten by the conferees.
The Nebraska Senator was supported by Senator Couzens of Michigan,
who declared that the provisions of the present law are ineffective. He
declared that it was not the intention to furnish tax information of this
character for publication in the newspapers of the country but to have
it available for use in detecting evasions and for other purposes, rather
than to appease the curiosity of the general public.
The "Times" also had the following to say regarding the
progress of the bill on Jan. 30:
The Senate read the bill to the end today and started to consider
the controverted items passed over yesterday, but no disposal was made
of any of these, and they went over until Monday. Debate was
desultory, with few Senators present.
To Get Treasury Secrets.
Outstanding in the few definite actions taken was approval of the
suggested joint Congressional committee, which would have power of
continual access into Treasury secrets and to present these to Congress
as the need arose. Through insertion of one word in the proposed law
Senator Couzens changed the effect of the joint committee's work
drastically.
The bill's provision read that when the joint committee reports tax
secrets to the Finance or Ways and Means Committee, these committees
"may" submit the information to Congress but Senator Couzens had the
word "may" changed to "shall." Should the Conference Committee sanction this change, the law would maek it mandatory for the two committees
to give Congress any confidential information obtained from the Treasury.
The present wording leaves this discretionary.
Senator Couzens made another move to open Treasury proceedings
to public gaze by introducing an amendment requiring the department
to publish all its rulings in tax cases, on the ground, he contended, that
at present taxpayers cannot learn precedents for settlements.
An amendment aimed by Senator King of Utah against the Internal
Revenue Bureau would prevent any of its officers or employes from
practising before it, "directly or indirectly," as tax experts for two
years after leaving the bureau.
Another amendment offered by Senator King would retain salaries of
members of the Board of Tax Appeals at $7,500, instead of increasing
them to $10,000. The Senator would also limit the terms of members
to five years instead of ten.
Amendments offered by Senator Copeland of New York were designed
to relieve from penalty certain municipal employes who had been
wrongly taxed and were then assessed, and to free athletic club dues
from taxation.
The Senate gave tentative approval yesterday to the clause repealing
the capital stock tax, but on motion of Senator Reed of Pennsylvania,
this action was reconsidered and the matter left pending. The Senate
passed over without discussion parts of the bill increasing the salary
of the Solicitor of Internal Revenue and authorizing new deputy
commissioners.
It was tentatively agreed that the salary of Joseph S. McCoy, the
Treasury actuary, be raised from $7,500 to $10,000, and that in cases
of judgments where the Government was found in error, the taxpayer
should receive 6% interest on his money.
On Sunday, Jan. 31, Senator Smoot, Chairman of the
Senate Committee, expressing confidence that the Senate
would approve the compromise between Republican and
Democratic regulars, as embodied in the Finance Committee's report on the bill predicted a final vote would be
reached by tonight (Feb. 6), with the resumption of the
bill's consideration on Monday, Feb. 1, Senator Norris of
Nebraska, in renewing his objection to haste on the bill,
opposed the proposal of Senators Smoot and Simmons that
the Senate sessions start at 11 a. m. on the succeeding
day instead of at noon. Except for a speech by Senator
King of Utah explaining his opposition to the bill no
Other Matters Discussed.
Passage of the tax bill was materially delayed today when Democratic
and Progressive Senators engaged in political speeches and discussed
the coal strike and the formation of the so-called Food Trust. Perhaps
more than four hours were utilized in this manner and in explanations
made as to the agreement entered into by the leading Republican and
Democratic members of the Finance Committee with respect to the surtax
schedule of the tax bill.
A considerable number of committee amendments were adopted today,
and members of the Finance Committee were contemplating the consideration of adidtional changes to be oered to the Senate tomorrow
designed to clarify provisions of the bill and to meet various objections
that have been advanced to certain sections.
The same paper stated that the Senate on Feb. 4
adopted an amendment dealing with annuities designed to
clarify the language in the bill as reported to it by the
Finance Committee and an amendment dealing with deductions for interest payments on securities bought on the
instalment plan. As to these it states:
The first named amendment is to make clear that the exemption from
gross income of amounts received under endowment and annuities contracts is only up to the point where the aggregate amounts received
in the taxable year and before equal the aggregate amount of premiums
for the contract. For example, if the total premium for an annuity
contract is $50,000 and the annual instalments to the beneficiary are
$8,000, then for the first six years the instalments would be exempt,
and thereafter the whole $8,000 would be taxable each year.
The second amendment provides that in computing the initial payment
for the purpose of determining whether a deferred payment contract
is within or without the instalment class there shall be included all
evidences of indebtedness, except those of the purchaser himself. For
instance, Liberty bonds or notes of a third person are to be regarded
as the equivalent of cash in determining the amount of the initial
payment.
It is likewise learned from the "Journal of Commerce"
that new provisions dealing with the application of the
revenue law to co-operative marketing associations in line
with the desires of the representatives of the organizations
were adopted by the Senate on Feb. 4.
Yesterday (Feb. 5), Senator Couzens, continuing his
speech on the tax bill used the disclosures of the Internal
Revenue Investigating Committee as an argument in favor
of income tax publicity.
Semi
-Annual Meeting of Business Organization of
Government—President Coolidge on Budget—Sees
No Diminution of Our Sovereignty in Adherence to World Court.
At the semi-annual meeting of the business organization
of the Government on Jan. 30, President Coolidge referred
to the results effected through the budget system since the
first meeting in June 1921, and expressed it as his belief
that "we should supplement these achievements, round out
these accomplishments and re-enforce this same general
policy of constructive economy, enlarged prosperity and
peace, by adhering to the Permanent Court of International
Justice," The President went on to say that "when accom-
698
THE CHRONICLE
panied with proper reservations I can see in such action no
diminution of our sovereignty, no increase in our national
peril, but rather an instrument which will add more securities to human rights and more guaranties to international
tranquillity." The President asserted that "It is of the utmost importance to remember that constructive economy
means preparation for the future." "If we are moderate in
our expenditures," he said, "the natural increase in profits
ought within the next few years to furnish us again with
a surplus revenue which will permit a further tax reduction." He also said:
[VOL. 122.
largely because of its efficient continuance under General Lord it WU
possible again to reduce taxes. Such a bill was enacted by the Congress
which convened in December 1923. Due to the same moving factors, we
have been enabled to propose another reduction in taxes, which is now
pending before the Congress and promises to be speedily enacted. This
is your record. It is due to your individual action. Measured in its entirety, it is not small nor inconsequential, but tremendous in its results
and of overwhelming significance in its implications. It has been a large
contributing factor to prosperity at home and to peace, reparations and
restoration abroad.
Adherence to World Court.
It is my belief that we should supplement these achievements, round out
these accomplishments and reinforce this same general policy of constructive economy, enlarged prosperity and peace by adhering to the Permanent
Court of International Justice. When accompanied with proper reservaAmerica has demonstrated that self-government can be so administered tions I can see in such action no diminution of
our sovereignty, no inas fairly to protect each individual in all his rights, whether they affect crease in our national peril, but rather an instrument which
will add more
his person or his property. Under constitutional authority we tax every- securities to human rights and more guarantees
to international tranquilthing, but we confiscate nothing. It is not through selfishness or waste- lity. We have not reached these domestic
results without struggle and
fulness or arrogance, but through self-denial, conservation and service that sacrifice and the encountering of opposition.
We shall not be able to do
we shall build up the American spirit This is the true constructive econ- much good to ourselves or make much contribution
to the welfare of the
omy, the true faith on which our institutions rest.
world unless we continue the same struggle and make increasing sacrifices.
To me, all these proposals for conservation and economy do not seem
The following is the address in full:
Members of the Government's Business Organization: As would be the either selfish or provincial, but rather they reveal a spirit dedicated to the'
practice in any well-managed concern, the executive heads of the various service of humanity. If these things are not important, then there are no
departments and bureaus of the United States Government meet twice a earthly considerations that are important.
Although these accomplishments are past history and ought to be known
year for receiving a report of the results of their efforts to make the business of the Government more successful. This is primarily a meeting to of all men, yet it is well that they be recalled and reiterated in order that
we may better understand the general plan which not only all the people
consider the Federal financial operations. But it approaches that problem
not from the side of the finding and the raising of revenue, but from the in the Government, but all the people in the country are engaged in putopposite side of the conservation and the expenditure of revenue. It is an ting into effect The penalty for achievement is always a demand for
eternal challenge to which we respond, of how to secure a more efficient even greater achievement In this effort for retrenchment you have not
Government with a smaller expenditure of money. It is a great test of disappointed the people or the President, and it is my firm conviction that
engineering skill in the constant eliminaiton of waste, in the making of you never will. If you at times grow weary of the constant stress put on
every dollar count, and in the conserving of national energy. On the suc- economy you will see that something more is involved than can be meascess with which we meet these requirements depend the welfare of the ured in dollars and cents. The spirit of real constructive economy is something higher and nobler. It does not imply so much a limitation as an
Government and the prosperity and happiness of the American people.
It is for these reasons that the greatest emphasis should be placed on attempt to be free from limitation. It does not contemplate curtailing
constructive economy. Merely to reduce the expenses of the Government ample supplies for worthy purposes and real needs, but it is the enemy of
might not in itself be beneficial. Such action might be only the discon- waste and the ally of orderly procedure. It is an attempt to increase and
tinuance of a wholly necessary activity. No civilized community would enlarge the scope of the individual and the life of the nation.
How great a need exists to emphasize the homely fundamental virtue of
close its schools, abolish its courts, disband its police force or discontinue
Its fire department. Such action could not be counted as gain, but as Government economy is seen when we contemplate the mounting tide of
Irreparable loss. The underlying spirit of economy is to secure better expenditure and indebtedness of municipal and State Governments. This
education, wide administration of justice, more public order and greater tendency is one of great concern. The very fact that the Federal Governsecurity from conflagration, all through a superior organization which ment has been able to cut down its expenditures, decrease its indebtedness
will decrease the unit of cost. It is all reducible to a question of national and reduce its taxes indicates how great is the accomplishment which you
have made in behalf of the people of the nation. These results are all
efficiency.
Each one of you may sometimes feel that you are performing a small monuments to you and to the Congress. It has been your work and your
and ineffective part and that the expenditures in your department will co-operation that have brought forth these fortunate conclusions.
Heretofore I have expressed the opinion that we cannot look for further
make so little difference that it is not worth while to put forth much
effort. Pausing long enough to remind you that in the first place the reductions in the cost of the actual transacting of the business of the Govcharacter of the manhood and womanhood which you develop will depend ernment. It is only natural that the normal growth of the nation would
entirely on the amount of effort that you put forth, I pass over that con- produce some expansion. But constant scrutiny is necessary to prevent
sideration to the fact that though each of you may contribute a com- fossilization and decay. Careful oversight of personnel is always required.
paratively small share to the general result, yet in a concern so vast as The payroll represents the largest single item in the business of the Government During the past calendar year this has been reduced locally by more
the Government of the United States the aggregate is very large.
I want to see the public service of my country make a large contribution than 5,000 names—an annual saving of $8,000,000—although when perto the character of those who are employed in it and become the most sons are dropped from one department they are 'sways taken care of in
efficient instrument of organized government in the world. Before you another wherever possible.
Past experience has shown that a reduction of taxes has been followed
admit that your own part is small and' ineffective you should remember
that the whole is equal to the sum of all the parts and take a survey of the by increased prosperity. As the volume of business increases the Federal
broad plan which is gradually being framed in accordance with the system revenue increases. If we are moderate in our expenditures, the natural
increase in profits ought within the next few years to furnish us again
of constructive economy for the conduct of the Federal business.
with a surplus revenue, which will permit a further tax reduction.
Tenth Budget Meeting.
We were the first nation in recent years to adopt a plan to reduce our
It happens that this is the tenth budget meeting. If you will look back debt and put the plan into operation. We are maintaining our sinking
at the situation which existed in June 1921, only four and one-half years fund and applying the payments made on our foreign loans to the retireago, when your first meeting was held, you will be able better to under- ment of our debt. As a result this nation has to-day the best credit in the
stand the tremendous results of a policy of constructive economy. At that world. We have lowered our interest costs not only by reducing our debt
time 5,000,000 of our people were without employment, trade and com- but by so improving our credit that we can borrow at lower rates. Since
merce were despondent, transportation was unable to finance itself, the interest is 22%% of our total Federal expenditures, a reduction in interloss of buying power on the part of the wage earner depressed the price of est is a most fruitful field for permanent saving. If we continued this plan
all agricultural products, our foreign relations were in an uncertain state, during the post-war depression, there is certainly little reason for changing
we were threatened with an inundation of alien goods and alien peoples, It in these days of prosperity.
about $7,000,000,000 of unfunded public debt was shortly to mature. It
Very soon you will have your appropriations for the next fiscal year.
was almost impossible to secure private credit The burden of taxation It would be wise early to lay out a carefully prepared program in making
was overwhelming.
the apportionment over the several periods of the year, as is required by
The action of the Government was prompt and effective. It is for us the law. If all our expenditures are wisely planned and wisely made,
to see that it remains sustained. The flood of immigration and importa- retrenchment will take care of itself. You should not forget to lay
aside
tions was checked by legislation. Our own people began to find work. an emergency fund. Something unexpected usually happens, but
if it does
Our own goods began to find a market Taxes were enormously reduced. not, a real saving is made. The reserve set up in this way for the
last
Federal expenditures, which then amounted to $5,538,000,000 for that fiscal year has an unexpended balance of $24,000,000.
fiscal year, it is now estimated, will be cut down to $3,619,000,000 for
It is of the utmost importance to remember that constructive
economy
this fiscal year. That is a saving of $1,919,000,000. Our short-term obli- means preparation for the future. Our country is in need
of internal
gations were so skillfully funded that instead of embarrassing business improvements and developments. A new building bill is
under way, and
the operation actually stimulated it. The public debt then was $23,997,- our great interior should be provided with river and waterway
facilities.
000,000. At the end of this fiscal year it is estimated it will be less than These two projects represent a capital investment on
which the returns
$20,000,000,000. This is a payment of about $4,000,000,000 and repre- will undoubtedly justify the costs. But we should
beware of increased
sents a yearly saving in interest of $179,000,000. Credit was extended to permanent commitments.
agriculture and transportation through the War Finance Corporation.
When the Government rents privately owned buildings
it pays a high
With the return of employment and high wages the consumption of rate of interest, all the taxes, and some profit When
it occupies its own
agricultural products increased 18%. Our foreign relations were adjusted buildings the interest represented is very low, and
taxes and profits are
in a manner which added to the peace and stability of the world. The eliminated. The opening up of waterways means the
development of
enormous debts due to us from abroad have been steadily adjusted until commerce, less cost for freight on raw materials, and a
large saving to our
but one of large importance remains. The system of foreign loans has in- agricultural regions. The extent to which these projects
can be undertaken
creased foreign purchasing powers. Economies in production have de- in the immediate future awaits the outcome of the
pending tax bill.
creased our domestic costs. Our exports and imports for the last year
What all these efforts mean would be greatly
were about $9,000,000,000, the highest mark ever reached in time of thought that they begin and end with the savingunderestimated if it be
of
peace. With our assistance the economic condition of the whole world has in their entirety, they play an important part in the money. Considered
been very greatly improved.
experiment for the advancement of human welfare. wonderful American
It is not only the
To eliminate competition in armaments and prevent the friction and method by which we have built railroads, developed
agriculture, created
suspicion which inevitably arise from that practice, the Washington Con- commerce and established industry, not only the
method by which we
ference provided treaties which not only afford great financial relief, but have made nearly 18,000,000 automobiles and put a
telephone and a radio
are very effective in the promotion of international good-will and confi- into so large a proportion of our homes, but it is also
the method by
dence. Before us is the prospect of another conference which holds the which we have founded schools, endowed hospitals and
places of
promise of further advance in this most attractive field. These accom- religious worship. It is the material groundwork on erected
which the whole
plishments mean international peace, economic prosperity, and financial fabric of society rests. It has given to the average
American a breadth
stability.
of outlook, a variety of experience, and a richness of
life that in former
In your own peculiar field the most impressive action was the adoption generations was entirely beyond the reach of even the most powerful
of the budget system. With the co-operation of the Congress, with your Princes.
All of this effort represents not merely the keeping
loyal support, and under the forceful leadership of General Dawes, it was
of our money, but
put into operation. In a little over two years it became apparent that the keeping of our faith. One of the chief dangers to the success of popu-
FEB.6 1926.]
THE CHRONICLE
699
lar government is that it will throw away self-restraint and self-control Alvan Markle, Chairman of the Joint Conference of
and adopt laws which, being without sound economic foundation, bring on Operators
and Miners, at the request of John L. Lewis,
such a financial distress as to result in want, misery, disorder and the
President of the United Mine Workers of America, who
dissolution of society.
America has demonstrated that self-government can be so administered as proposed the reconvening of the miners and
operators to
fairly to protect each individual in all his rights, whether they affect
his person or his property. Under constitutional authority we tax every- consider the plan for a settlement proposed by E. J.
thing, but we confiscate nothing. It is not through selfishness or waste- Lynett, editor of the Scranton, Pa., "Times." The fact
fulness or arrogance, but through self-denial, conservation and service that Mr. Lewis had indicated his
willingness on Jan. 22
that we shall build up the American spirit. This is the true constructive
to go into conference again on the basis of this proposal
economy, the true faith on which our institutions rest.
Our chief of staff in the direction of all this work is General Lord. It with certain suggestions, was noted in our issue of Jan. 23,
is because of his continuing efforts and your constant co-operation that
our Government service to-day is a greatly improved service. It is more page 435. The Lynett plan was offered after the failure
efficient and better able to function. The day of administration without of the efforts at the New York Conference which had been
co-ordination has passed. Our country has adopted a system of ordered held from Dec. 29 to Jan. 12 in an endeavor to bring
about
finance. While much of the inspiration for this great achievement is furnished by the words of General Lord, the action has been furnished by agreement. The Philadelphia Conference, which opened
yourselves. I present him to you not as you opponent or your critic, but on Jan. 26, terminated on Feb. 2, at which time Mr. Lewis
is your most loyal friend and your most sympathetic defender.
issued a statement saying that "the plan provided for the
Brigadier-General Lord, Director of Budget, Looks for
Reduction of $38,000,000 in Estimated Expenditure
for Year.
Speaking at the semi-annual meeting on Jan. 30 of the
Business Organization of the Government, Brigadier-General H. M. Lord, Director of the Budget, stated that a reduction of $60,000,000 in Government expenditures in 1925
was effected through the Administration's economy program, and that "we have in mind a reduction of $38,000,000
in our estimated expenditures for the year." His remarks
as reported in Washington advices to the New York "Times"
follow:
The Federal Government in 1924 spent $3,048,677.965 34, exclusive of
debt reduction. In 1925 we expended $3,063,105,332 26, again excluding
debt reduction. The casual observer immediately concludes that inasmuch
as we spent in 1925 some $14,000,000 more than we spent in 1924 we
effected no saving in the latter year, when in fact it was a year of notable
triumph along lines of constructive economy. In 1925 we had a reduction
in interest of $59,000,000 to aid us in reducing our total. This advantage,
however, was more than offset by unexpected increases in tax refunds, increases in postal deficits, and World War adjusted compensation demands
amounting to $134,000,000 approximately.
Giving full weight to all the factors involved we find that in 1925 we
effected a real reduction of $60,000,000, which inadequately expresses the
result of the loyal effort of the people in the service to carry out the
President's economy program. And that $60,000,000, which is so easy to
say and so hard to save, means a saving of $5,000,000 for every month,
$166,686 67 for every day, $6,944 44 for every hour, $115 74 for every
minute and $1 931 for every second of the year.
/
2
Estimates for this year show expected receipts, under existing tax rates,
of $3,880,716,942. The estimated expenditure is $3,618,675,186, which
includes debt reduction. This gives a surplus of $262,041,756, which is
the amount carried in the 1927 budget. This surplus is based on existing
rates of taxation. It has been estimated that the tax measure now before
Congress, as it passed the House of Representatives, would reduce receipts
for the current year by from $235,000,000 to $240,000,000. Accepting
the larger figure, our surplus for the year falls to $22,000,000.
Our aim is to add $38,000,000 to that estimated surplus of $262,041,756,
increasing it to $300,000,000 to take care of tax reduction and insure a
balanced budget. We have in mind a reduction of $88,000,000 in our estimated expenditure for the year. To accomplish this the organization of a
One Per Cent Club is herewith announced. Every department, establishment, bureau and agency of the Government and every person in the service is urged to make the attempt, at least, to qualify for membership.
The requirements for entry into this new thrift club is a reduction in your
estimated expenditure by at least 1%.
The Federal payroll Dec. 31 1925 carried 114,696 less employees than it
carried Dec. 31 1920. This reduction excludes the Postal Service, which
is a constantly growing activity requiring annual increases in personnel.
During the calendar year of 1925 the force in the District of Columbia WES
reduced by 5,362 people. Throughout the service effort has been made to
comply with the President's demand for such demobilization of the Federal army of employees as the condition of Federal business warranted. In
this effort the Secretary of the Interior and the Director of the Veterans'
Bureau have easily set the pace. The former, during the calendar year
1925 let out 1,963 employees. The Director of the Veterans' bureau
in
11 months of 1925 reduced his force by 2,094 people. These
two reductions represent an annual saving in excess of $6,000,000.
The Navy Department reduced the cost of lubricating oil
in 1921 to about half in 1925, General Lord related. from $1,300,000
This saving was
sufficient to pay the salaries of the President's Cabinet for
four years. He
also told how Chief Justice Taft came to him and
asked for a salary
readjustment, although under the law he need not submit
his estimates
to the Bureau.
Incidentally, General Lord announced, says the
Associated Press, the "chartering" of a One Per Cent Club
within
Government, saying the one qualification of memberthe
ship was ability to reduce expenditures by 1% of the total
authorized. Last year's Two Per Cent Club had fallen
short
of its objective by only $3,000,000, he explained, in setting
the figure of $38,000,000 as the amount to be saved.
maximum of moral persuasion in the industry and only
stopped short of actual physical compulsion upon the mine
workers. Further we cannot go. We cannot now, and
will not later accept compulsory arbitration. . .. The
public must not forget that the anthracite controversy is
no longer a strike. It has become a lockout on the part of
the anthracite operating interests." Major W. W. Inglis,
Chairman of the Operators Negotiating Committee in a
statement on Feb. 2 declared that "Mr. Lewis not only
rejects arbitration—he rejects everything. He rejects a
proposal that the men shall go back to work at the old
wages until next year. He rejects a proposal that our
differences be referred to the Board of Conciliation with
an appeal if necessary to Hon. Charles Evans Hughes."
Both Messrs. Inglis and Lewis issued statements on Feb.
3,—the latter reiterating that "we refused arbitration and
we shall continue to refuse arbitration," and asserting that
"the mine workers propose to protect their right to a
decent living, whether it takes another month or another
year of industrial struggle." Mr. Inglis in his statement
Feb. 3 said:
"We shall go home and we shall tell our employes that we have
offered them a five-year contract, work to start at once, at the wages
paid when they stopped work last August. These wages, we shall tell
them, will be paid until March 31, 1927, and thereafter unless changed
by the Board of Conciliation. That disposes of all immediate issues
between us. Then the Board of Conciliation, with an umpire if necessary, is to decide on the terms of a contract running from 1927 to 1930
in the same way that the Board now handles grievances.
"We shall tell the men that to this offer of the old wages for fourteen
months Mr Lewis said no, and proposed that we leave out the umpire—
thereby making another deadlock certain—and put in the checkoff.
"This would destroy any probability of industrial peace and promised
nothing for the future but more strikes."
Regarding the existing situation a dispatch from Philadelphia to the New York "Times" on Feb. 3 stated:
As the situation now stands, the operators insist on the miners
acceding to the proposal of arbitration, binding themselves in advance
to accept the decision of the arbitrator or arbitrators. The miners
refuse to bind themselves in advance, but propose, in effect, voluntary
arbitration. They are willing to have an arbitration commission of three
eminent men make a full report on the industry to the conciliation
board of three miners and three operators and to have the conciliation
board dispose of the report as quickly as possible. It was declared that
it would be difficult for the miners to reject such a report. However,
the operators are skeptical concerning the union's acceptance of the
report.
The same paper in its issue of Feb. 1 published a letter
from Major Inglis relative to the attitude of the operators
and miners toward arbitration, which we quote herewith.
Scranton, Pa., Jan. 31, 1926.
Editor THE NEW YQRK TIMES, New York City:
Your article in today's issue of THE TIMES contains the statement
that "the anthracite operators rejected the concession of what was, in
effect, voluntary, arbitration, offered yesterday by the miners." The
heading of the article says "Miners Vote Down Compulsion and Operators Reject the Voluntary Basis."
These statements do not correctly present our attitude. No mere
quibble upon words is involved, nor do I wish to argue the merits of
the operators' position. I merely wish to state, in view of the article
quoted, what is our position.
The miners' proposal, rejected by the operators, was that a commission
should make an investigation and reports its recommendations to the
Board of Conciliation There was no provision that these recommendations should be binding upon or put into effect by either side. This,
I submit, is not arbitration in any sense, voluntary or otherwise.
It is
mere fact-finding which could not, in the light
of past experience, be
expected to end deadlocks or prevent strikes.
Compulsory arbitration has never been discussed, much less
demanded,
by the operators. Voluntary arbitration arrived at by agreement
between
the parties is what we have sought from the beginning of this
dispute.
To now say that the miners have agreed to this procedure and
that we
have rejected it, is so far from the actual situation that I have thought
it advisable to restate our position.
WILLIAM W. INGLIS.
Chairman Anthracite Operators Negotiating Committee
Anthracite Coal Strike—Conference of Operators and
Miners at Philadelphia Adjourns Without Results—
John L. Lewis Describes Controversy as
"Lockout."
The present week has witnessed the breaking up of the
Philadelphia Conference of Miners and Operators, which
Herewith we give Mr. Lewis' statement issued at Philahad been brought under way on Jan. 25 in a renewal of
delphia on Feb. 2 with the termination of the conference.
efforts to end the anthracite coal strike. The call for
the
"The conference adjourned without day on motion of the Operators.
the Philadelphia conference was issued on Jan. 24 by Under the circumstances,
the mine workers could not but
accept theii
700
THE CHRONICL7
decision to remain no longer in conference. The mine workers' representatives called this conference in the hope that some basis of agreement could be reached.
"The plan of Mr. E. J. Lynett, publisher of the Scranton Times,
suggested in effect an extension for five years of the wages and con
ditions of employment which existed prior to September 1. The mine
workers accepted the spirit and purpose of the Lynett plan and the
operators refused to do so unless the mine workers accepted also
periodic and continuous arbitration in the industry. In a further
effort to reach an agreement we suggested a two-year agreement with
the principle of the Lynett plan. This also the operators refused.
"Each of the several proposals of the operators made to this conference, including those of today, required the acceptance of the
principle of arbitration as a condition precedent to the making of
wage agreement for any length of time. The mine workers offered
last week a most comprehensive and constructive plan of settlement
which provided for a five-year agreement; a greater degree of co-operation in the industry and creation of a fact-finding commission with
eminent personnel to assist the Anthracite Board of Conciliation at
any time that a revision of the agreement was asked by either side.
"This arrangement would have made possible for the first time in the
history of the industry the production of the records and facts of
the industry. The plan provided for the maximum of moral persuasion
in the industry and only stopped short of actual physical compulsion
upon the mine workers.
"Further we cannot go. We cannot now, and will not later, accept
compulsory arbitration. We do not propose to barter away for a
mess of pottage the inherent and individual rights of the anthracite
mine workers. Our people are anxious to work, but not at the
price of their freedom and their manhood.
"The public must not forget that the anthracite controversy is no
longer a strike. It has become a lockout on the part of the anthracite
operating interests. More than 158,000 men in the industry, through
their representatives, have signified their willingness to return to
work under conditions substantially as before, but the anthracite
operators demand that before the niine workers can do so they shall
first agree that the wages may be lowered through the instrumentality
of arbitration. This is a price we cannot and will not pay, and for
this reason the operators purpose to keep their mines closed until a
population' is starved. It is as truly a lockout as ever existed in the
history of American industry.
"We regret the breaking up of this conference. We are not responsible for its disintegration. We deplore the failure to agree, but in
the light of reason we disclaim responsibility. Our people will resist
the coercive policies of the anthracite operators until the time comes
when, in the light of reason, an honorable agreement can be reached."
Major Inglis' statement of Feb. 2 follows:
The record of today's meeting sneaks for itself, and leaves very little
for us to say. From this record it appears that Mr. Lewis not only rejects arbitration. He rejects everything. He rejects a proposal that
the men shall go back to work at the old wages until next year. He
reiects a proposal that our differences be referred to the Board of Conciliation with an appeal, if necessary to Hon. Charles Evans Hughes.
Following this, with wages fixed until the end of March, 1927, he rejects our proposal that the Board of Conciliation, functioning as it has for
twenty-three years, shall undertake to decide the terms of a contract.
Mr. Lewis asserts that there will be no necessity for a wage adjustment in the next five years, but he will not permit even a man like
Justice Hughes to make a finding on this subject, if there is a disagreement in negotiations.
Not only our own ingenuity but the thought of scores of earnest men
have been devoted in recent weeks to devising some formula that would
meet Mr. Lewis' demands. We thought we had done this in the proposals submitted today. Many others, outside of the industry, have
made the same attempt, only to encounter the same objection on Mr.
Lewis' part to anything that limits his power to bring about deadlocks, call strikes and then take the position that they shall be ended
only on his own terms, without regard to reason or justice.
No immediate question of wages or employment remains at issue.
We are faced only by the blind determination of Mr. Lewis to impose
his will upon us, our employes and the people of this country. We
are quite willing to be judged by the record of what we have stood
for, the propaganda we have made. This decord is open to the public.
We are willing that any fair-minded man should judge for himself,
and then say whether our course is just and reasonable. We shall
submit these proposals to our employes and to the people of the anthracite region and ask them also to judge of the fairness of our course.
We do not ask any one to accept our view of the merits of the case.
We do ask that the proposals offered to end the strike and prevent
others be read and considered on their merits.
Regarding the session of Feb. 2 which brought to an end
the Philadelphia Conference, the "Ledger" gave the following details:
The Last Session.
The last day's session opened at 2.45 P.M. The operators offered
the following plan:
First. A five-year agreement.
Second. Wages and working conditions of the last agreement to
continue to a date to be mutually agreed upon.
Third. Either party shall have the right, once each year, to make
request of the Board of Conciliation for revision of wages. If such
request is made, the board shall ask Hon. Charles Evans Hughes to
appoint a commission of three persons to investigate the facts and
make recommendations to the board affecting the matters in controversy.
Fourth. The commission shall have the power to employ certified
public accountants to aid in assembling the facts; the expenses of the
commission and of the accountants to be paid in the same manner as
the expenses of the Board of Conciliation are now paid.
Fifth. Upon receipt of the report of the commission. the Board of
Conciliation shall write a contract incorporating the findings of the
commission with such modifications as may be mutually agreed to.
Sixth. In case of disagreement as to any of the recommendations of
the commission, either party may have the right of appeal to Hon.
Charles Evans Hunhes, stating clearly the exceptions taken and the
reason therefore. Thereupon, Mr. Hughes shall make a finding which
shall be accented by both parties and shall be written into the contract.
Seventh. The Board of Conciliation to investigate and recommend
practical methods for increasing efficiency and avoiding suspensions
of mining.
Eighth. The Board of Conciliation to equalize wages as per agreement of 1923.
[VOL. 122.
Rejected by a Tie Vote.
The miners voted against the plan and it was rejected because of a
tie vote.
Major Inglis offered the following:
We move that the operation of the anthracite mines be resumed immediately at the wages and working conditions of the agreement which
expired Aug. 31, 1925, these wages and working conditions to continue untll March 31, 1927.
Meanwhile, it is agreed that the Board of Conciliation, functioning
as it does ordinarily, shall take under consideration and decide the
terms of a contract extending to Aug. 31, 1930, to include the wages
to be paid thereunder, methods of revising these wages from time to
time, if necessary, practical methods for obtaining increased co-operation and efficiency and such other matters as may properly be included
in an agreement between us.
The decision of said board shall be made prior to April 1, 1927.
The Board of Conciliation, "as it ordinarily functions," would include three representatives of the miners, three of the operators and
an umpire. The miners offered an amendment to make the end of the
first wage period 1928 instead of 1927, to permit the Board of Conciliation exclusive of the umpire to attempt the framing of a wage scale
for the last three years of the contract and to provide for a modified
check-off of wages for union dues.
George Hardesty, of the operator's committee, said "the amendment
destroys the spirit and intent of our motion. You refuse to provide
against suspensions during the term of the agreement. You again
make a demand for the check-off, which we have told you repeatedly
we cannot grant. We offered to extend the present wage scales until
March 31, 1927. You attempt to extend this period until March 31,
1928. We cannot guarantee this wage scale beyond March 31, 1927.
We will vote against the amendment."
The amendment was voted down by the operators.
The mine workers understand the operators' proposal reads a oneyear contract with a proviso for fixing the wage scale by arbitration
thereafter," Mr. Lewis said. "To the question of arbitration by this
agency, the mine workers continue their opposition. We feel the proposal of the operators doesn't offer any constructive solution to this
situation.
Miners Reject Last Proposal.
The last proposal of the operators was put to a vote, and was rejected by the miners.
Mr. Lewis made a motion that the joint Scale Committee be called
into session to consider the problem of a settlement of the strike and
to go over the work done by the sub-committee.
The resolution adopted at Atlantic City July 9 referred all matters
to a joint sub-committee "to endeavor to work out a wage scale to
succeed the one expiring Sept. 1." Major Inglis said: "There was no
provision, as in 1916, for a 'report back to the main conference.' The
proceedings of 1916 do not, therefore, constitute a precedent or even
a comparable situation.
"Furthermore, a report back to the main conference would serve no
useful purpose."
Mr. Lewis replied that in 1916 the recalling of the joint conference
resulted in an agreement being reached and that the motion of the
miners was made in good faith in the hope that some good result
might be accomplished. The motion was voted down by the operators.
A. M. Fine, in suggesting an adjournment of the conference, said:
In view of the conditions as they are and the apparent impossibility
of coming to an agreement at this time, I move we adjourn sine die to
meet at the call of the chair of his own initiative or at the request of
either side.
Major Inglis seconded the motion and it was unanimously adopted.
The statement issued by Mr. Lewis on Feb. 3 relative
to the breaking up of the conference follows:
The anthracite conference broke up because S. D. Warriner demanded his pound of flesh from the other operators. We happen to
know that a majority of the anthracite operators wish to settle the
controversy and resume the production of coal. Included in that
majority are some of the members of their negotiating committee. But
they are powerless to act because Warriner dominates the situation
so completely that his word is law among them. When he says "there
will be no settlement," they must obey their master's voice.
A general meeting of operators was held a few days before the
opening of the first joint conference at Atlantic City last July, for
the purpose of outlining the policy which they would follow. Wandner secured an agreement at that meeting that the operators would
all stand together and refuse to settle with the miners until they
could get a contract that would be beneficial to the most inefficient,
most uneconomic and poorest managed operations in the industry.
Warriner's mines are included in that class.
Warriner demanded that the new contract must provide a scale
of wages low enough to permit his mines to operate at a profit, and
through his powerful banking and financial connections, he was able
to force that arrangement upon the other operators and now, when
many of the operators are anxious to effect a settlement with the
mine workers upon a fair basis, Warriner insists that they stick to
their agreement with him, and he is strong enough to force them to
do so.
Warriner insists upon arbitration as a means of forcing a wage reduction upon the mine workers. The men have offered to return to
work under practically the old wage scale and working conditions, but
Warriner, cold-bloodedly, refuses to permit the mines to reopen without
a form of arbitration that might be used to reduce wages. His Punch
and Judy members of the Operators' Negotiating Committee have no
power to make an agreement without his consent and sanction. It is
not strange, therefore, that the conference failed. 158,000 mine workers are now locked out and refused employment. These men are ready
and anxious to work to make a living for their families, but Warriner
bluntly refuses to permit them to earn the bread that would Prevent
hunger and starvation.
The mine workers have gone to the extreme limit in their proposals
for a settlement, without accepting the arbitration offered by Wandner's committee. We refused arbitration and we shall continue to
refuse arbitration, regardless of Warriner's demand. The mine workers propose to protect their right to a decent living, whether it takes
another month or another year of industrial struggle.
Major Inglis statement of the 3rd read as follows:
After a five months' strike called and maintained by Mr. Lewis
against the constant protest of the operators, he has discovered that it
is a "lock-out." I am not apprehensive that any one will take this
statement seriously. Why? Because on the very day that it is made
the operators proposed that the men go back to work with the assurance of the old wages until next April—fourteen months.
FEB. 6 1926.]
THE CHRONICLE
701
There is another statement in his out-giving following the latest going on in the meeting room without the
intervention of publicity
break about which I have something to say. He asserts with great men or communiques devoid of news.
fervor that he will never accept compulsory arbitration. We never
The operators countered with the declaration that while the
idea
even suggested that he should. We have proposed arbitration by mu- was interesting enough it was obvious that
no real business could be
tual agreement and within the terms of a contract. Nothing more. transacted by such a method.
He not only rejected this; he would not even agree that Justice
Secretary James A. Gorman interjected the assertion that a comHughes should sit with the board of conciliation—composed of three plete stenographic record of the
proceedings could not be available
miners and three operators—and cast the deciding vote in case of a before the morning following the day
of the conference.
deadlock.
The amendment was put first and voted down by the miners. The
What next? Well, we shall go home and we shall tell our em- operators voted against the suggestion
that the press representatives
ployes that we have offered them a five-year contract, work to start be admitted. It was agreed
that
at once at the wages paid when they stopped work last August. These joint statement at the end of each Secretary Gorman should issue a
session. The publicity representawages, we shall tell them, will be paid until March 31, 1927, and tives were excluded from the
conference.
thereafter unless changed by the Board of Conciliation. That disposes
The Associated Press accounts of Jan. 26 in its account
of all immediate issues between us. Then the Board of Conciliation,
with an umpire if necessary, is to decide on the terms of a contract of that day's deliberations said:
running from 1927 to 1930, in the same way that the Board now handles
The Lynett plan was the last thing to come before the meeting.
grievances.
We shall tell the men that to this offer of the old wages for four- There was an animated discussion of the proposition, but all that was
officially given out regarding the debate was as follows:
teen months Mr. Lewis said no, and proposed that we leave out the
Upon motion to adopt the Lynett plan as a basis for
negotiation the
umpire—thereby making further deadlock certain—and put in the
miners voted "aye" and the operators voted "nay."
checkoff.
The Lynett plan was offered for adoption by Mr. Lewis. The corThis would destroy any probability of industrial peace and promised
respondence in connection with the Lynett plan, heretofore published,
nothing for the future but more strikes.
was read into the record.
According to Mr. Lewis the men don't want to go back to work,
and will stay out all Summer and all next Winter. We thought they
On Jan. 27 it was announced that the miners had prodid want to work, and tried in every way to find a fair basis on posed a modificat
ion of the Lynett peace plan as a basis
which to resume operations.
The near future should develop whether or not an indefinite con- for negotiations for a two-year agreement at the old wage
tinuation of the strike represents the desires of the men as expressed scale. This was voted down by the
operators. The Assoby Mr. Lewis.
ciated Press advices from Philadelphia that day
stated:
The miners then proposed that the membership of
At the time the anthracite operators accepted on Jan.
the conference
be increased by two men on each side, those representing the
23 the call for a joint conferenc
operae of the miners and tors to be Samuel D. Warriner and W.
J. Richards and those repre.
operators requested by Mr. Lewis, Major Inglis, in his senting the mine workers to
be acceptable to the operators. This also
met defeat at the hands of the operators.
letter of aceptance addressed to Chairman Markle said:
The modification of the Lynett plan, offered by the union, containing
In reply to your call for a reconvening of the joint conference
at a provision for a two-year contract at the old wage scale as a basis for
the request of John L. Lewis, and in accordance with his letter
to you continued negotiations to end the strike, was voted down today by
under date of Jan. 23, we accept your invitation, but
the
in order that anthracite operators. It was rejected by the operators on the
ground
there may be no misunderstanding we desire
to call your attention that "it contains no protection for the industry, no means for
to the fact that we have not accepted the Lynett
preplan in principle as venting deadlocks, no assurance against strikes."
stated by Mr. Lewis, nor does it afford a satisfactory basis for
a contract.
The following statement regarding the session on Jan.
Among other defects it fails to meet the fundamental requirements 28 was given out by Secretary
Gorman:
of any sound plan in that it does not contain
any method of preThe anthracite committee met today at 1.30 and continued its disventing in the future such deadlocks as the one from which we are
cussion of a possibility of reaching an agreement.
now suffering.
There was a general discussion of numerous plans submitted to
We do not want to be accused of re-entering negotiations under
the
conference. These plans were still under discussion at the time
false colors, and we, therefore, ask you to advise Mr. Lewis
the
in ad- committee adjourned at 6 o'clock.
vance of any meeting of our position with reference to
the Lynett
The conference will meet tomorrow at 1.30.
plan.
On Jan. 28 Congressman Benjamin M. Golder, of PhilaThe Associated Press advices from Philadelp
hia on Jan. delphia, handed a plan
for settling the strike to the secre23 stated that Mr. Markle immediat
ely got in touch with
President Lewis and apprised him of the letter's contents. tary of the conference, and it was filed away with the
hundreds of others. The Associated Press in reporting
It was added that Mr. Lewis, it was
understood, did not
this added:
change his position for a conference and requested
Mr.
Neither miners nor operators appeared to attach any importance to
Markle to go ahead with the arrangements.
In a letter to it, and so far as it could be learned was not given more than a casual
Mr. Markle, on Jan. 23, Mr. Lewis indicated
the desire of examination by some members of the conference.
the miners that the new conferenc
Regarding plans presented on Jan. 29 in behalf of both
e be open to the representatives to the press, his advices being as follows:
the operators and miners for a settlement of the strike,
Mr. Lewis's request follows:
the Associated Press said:
Mr. Alvan Markle, Chairman Joint Negotiating
Committee of the
Analysis of both plans, which were given out after the conference
Anthracite Operators and Mine 'Workers, Hazleton, Pa.:
adjourned, showed they contained proposals that previously have been
Dear Sir: Upon the adjournment of the joint conference
of anthra- voted down by one side or the other. This did not give any hope
cite operators and mine works in New York on Tuesday,
Jan. 12, Mr. to those well informed on the situation that either plan would be acGeorge B. Hadesty, General Manager of the Reading
Coal & Iron Co., cepted as presented.
moved the adoption of the following motion:
The operator's plan is identical to that which the mine workers reThat the conference adjourn to
his own request or at the requestmeet at the call of the chairman at jected in the last days of the New York conference with the excepof either party to the conference. tion that one paragraph was added to it. The paragraph
The foregoing motion was seconded by Mr. Thomas
reads:
Thomas, Gen"No change in the wage rates shall be made except in case of ecoeral Manager of the Lehigh Valley Coal
Co., and adopted by the nomic necessity."
conference.
The mine workers' proposition contained features of the plans subIt occurs that on Jan. 18 Mr. E. J. Lynett,
"The Scranton Times," made public a plan for editor and publisher of mitted by Governor Pinchot of Pennsylvania and Alvan Markle, chairsettlement of the anthra- man of the joint conference.
cite strike, which was accepted in principle
by
Both plans bring in the name of
chairman of the anthracite operators' negotiating Mr. W. W. Inglis,
committee. The rep- retary of State and former general Charles E. Hughes, former Secresentatives of the mine workers have
counsel of the United Mine Worklikewise accepted the plan in ers of America.
principle and as a basis for renewed
In the operator's plan he would be requested to
negotiations.
select three persons to act as arbitrators in case the anthracite conciliWithout question the suggestions of Mr.
Lynett are of a construc- ation board could not
tive nature, and should receive the
agree on readjusting wages, if economic conditions
mature consideration of both sides
in conference.
require.
Pursuant, therefore, to the resolution
In the miners' plan, Mr. Hughes, Secretary of Labor James J.
of adjournment, I am authorized to request you to reconvene the
Davis and Governor Pinchot are named as a fact finding commission
The mine workers would agree to joint conference.
investigate all facts relating to the industry in the event either
the meeting being held in some to
side
city in the anthracite region, or in New
should make a request of the conciliation board for a revision of the
York, as the operators pre- agreement
fer. In view of the many misleading
after June 1, 1928. This commission would then report
statements as to what actually
transpired in the recent conference
to the conciliation board the facts and "proceed to dispose of the
in
caused confusion and misunderstanding New York and which have matter as promptly as possible."
in the public mind, the mine
workers advise that when the joint
Each proposition provides for a five year agreement at the old wage
conference
will move that the representatives of the public again convenes they rates. In the operator's plan these rates would remain in effect until
press be admitted to
all sessions.
August 31, 1926; in the miners' until August 31, 1928.
Very truly yours,
Each provides that the machinery for readjusting wages shall start
JOHN L. LEWIS.
on June 1, the operators in 1926, the miners in 1928. Thus the miners'
With the start of the conference on Jan.
plan would give the workers a two and a half year agreement without
26 the miners
change in wage rates.
voted acceptance of the proposal to open the hearing
to the
press, the operators voicing objection to it.
The two proposals were voted down on Jan. 30, when a
The NeW
York "Times" in its account of the vote
recess was taken until Feb. 2, at which time, as we indistated:
The miners offered the following motion:
cate above, the conference was broken up.
Resolved, That the representatives of the press be admitted
to attend the session of the Negotiations Committee.
The operators immediately proposed the following amendment
Trade in Coal Area Wrecked by Strike—Merchants Forced
:
Resolved, That a complete stenographic copy be made of
ceedings, turned over to our respective publicity men with the proto Cut Working Forces.
instructions to prepare a summary for submission
The following advices from Scranton, Feb. 3, appeared
understanding that no business of importance to the press, with the
transacted at this conference shall be withheld from the public.
In the New York "Times."
The miners made a vigorous fight for the opening of the doors
With their hopes for peace in the industry this month rudely jarred
to
the press on the ground that the public had a right to know what
was by the abrupt adjournment of the anthracite conference in Philadelphia
702
THE CHRONICLE
Tuesday morning, the people of the hard coal fields were still stunned
tonight.
Grief and suffering are riding hand in hand throughout the region
and the hungry and poorly-clothed wives and children of the men who
have been on strike since Sept. 1 are utterly discouraged, but are
standing courageously behind their breadwinners in the fight for the
principles laid down by John L. Lewis, International President of the
miners' union.
Business men, under a terrific financial strain for the past three
months because of the depression due to the strike, are wondering
how long they will be able to hold out against the bitter industrial
conflict, the longest in the history of the anthracite district. Merchants
have reduced their working forces to a minimum, and some stores are
contemplating opening only three days a week. Others are said to be
staring bankruptcy in the face.
"Business is terrible," is the by-word with all merchants. Workers
hit
in other lines are idle because other industries are now being
indirectly by the coal tieup. Striking miners are able to keep from
daughters the
starving by bootlegging coal. With their wives and
strikers are combing the culm dumps, the river beds and entering
abandoned workings at the risk of their lives to get the precious fuel.
Coal companies, unopposed at first to the practice of strikers taking
coal from company property to keep warm, have ordered guards to
prevent the hauling of anthracite from mine openings to be sold at
prices ranging from $12 to $18 a ton. Hundreds of strikers have
managed to earn enough to feed their families and have a little spending
money by bootlegging coal.
[vol.. 122.
The Senate's action was the first by Congress in the coal controversy.
The vote was forced by opponents of President Coolidge's non-intervention
policy after many previous attempts for a showdown had been defeated.
The resolution would have requested the President to call representatives
of the miners and operators into conference.
Before moving to take up the measure. Senator Copeland appealed to
the Senators from New England to stand with him, because their States
were snowbound and in need of fuel, but all the New England Senators
present voted against the motion.
A long debate followed the vote and another effort was made to bring
the resolution up by unanimous consent, but it was frustrated by Senators
Reed of Pennsylvania and Shortridge of California. Senator Smoot,
Chairman of the Finance Committee, had objected previously to a unanimous consent agreement on the ground that it would delay the tax bill.
On Feb.4 Senator Copeland read a telegram from Mayor
A. B. Macardell of Middletown, N. Y., which the New
York "Times' reports as follows:
As chief executive of a city of over 20,000 people with more than 500
railroad men out of work because of the coal strike, no hard coal and every
one paying $21 for coke and $9 50 for soft coal, I urge adoption by Senate
and House of your bill that President can operators and miners to White
House for conference.
Presidential prestige sadly impaired by failure to grasp fact that right of
people to warmth and comfort transcends any question of wages, especially
when cost of substitutes already exceeds any possible adjustment of anthracite to new cost basis.
Men out of work are moneyless to buy coal at any price and local road
men have been workless since September. New York without mines in
boundary has no other recourse than the Federal Government.
Two feet of snow fell over night and possible appalling plight of many
people if supply of wood is thereby also cut off should make even a Coolidge
stop, look and listen.
Cost of Coal Strike—Loss In Wages Reported as $142,450,000—Duration Established Record.
In estimating that a loss in wages of $142,450,000 has
occurred as a result of the anthracite coal strike, the Governor Pinchot Demands Action by Pennsylvania
Associated Press advices from Philadelphia on Jan. 31
Legislature on Coal Bills.
said:
The House Committee on Mines and Mining of the PennTo-morrow marks the opening of the sixth month of the hard coal
suspension, which, it is now assured, will break all records for length sylvania Legislature, after a public hearing on Feb. 2, voted
of anthracite general strikes. It will surpass in length the general to report with a negative recommendation the Administrastrikes of 1902 and 1922, each of which lasted nearly five and a half tion bills for control of anthracite mining. One bill proposed
months.
Even if an agreement were to be reached when the joint conference to make hard coal a public utility and the other provided
resumes its sessions here on Tuesday, the machinery necessary to ratify for State compacts to regular production and sale. The
the compact, first by the miners' scale committee and then by a delegate bills had been revived by the Committee on Jan. 25, after
convention, would consume all the time up to the middle of next week,
having virtually been killed in committee on Jan. 20, as was
when the present suspension would pass the former record for length.
The five months of idleness just closed have cost the mine workers noted in these columns Jan. 23, page 438. Associated Press
$142,450,000 in wages, based on available average figures of total wages advices from Philadelphia last night stated that Governor
paid. In this period coal production has been curtailed by 31,980,000
tons. What the operators have lost in profits can be shwon only by Pinchot, who had conferred in that city with John L. Lewis,
the books of the coal companies.
President of the United Mine Workers on the 4th inst., made
Also there must be added to the operators' loss the wages of main- a demand yesterday (the 5th inst.) "upon members of the
tenance men and other expenses in connection with the upkeep of the
mines. To these losses must be added those in gross revenue of the Pennsylvania Legislature to give anthracite mining measures
and other bills full and fair consideration." This, he derailroads, estimated at about $90,000,000.
There are 158,000 men and boys affected by the strike, if no account clared, had been promised by W. Harry Baker, Chairman
be taken of thousands of railroad men and the large number of other
men and women laid off in trade and business because of the paralysis of the Republican State Committee, at the outset of the
in the coal fields. Storekeepers are making an heroic effort to weather extra session of the General Assembly. The dispatches also
the struggle.
stated:
there is distress and suffering reported, the mine workers are
While
getting along about the same as workers do in other great industrial
centers when dull times come. Thousands of the younger men have
being
left the coal regions to work in other places. Other men are
maintained by sons or daughters employed in silk mills, shirt factories
and in other industries.
The union pays no strike benefits, but takes care of needy eases
reported through the local unions.
United States Senate Declines to Consider Senator
Copeland's Resolution for Intervention by
President Coolidge in Coal Strike.
The United States Senate yesterday (Feb. 5) by a vote
of 48 to 28 refused to consider a resolution introduced by
Senator Copeland of New York requesting President Coolidge
to invite the representatives of the miners and operators
to the White House and urge upon the necessity of the settlement of their differences. Senator Copeland sought immediHarrison
ate action on his resolution on Feb. 4, and Senators
Mississippi, and Norris (Republican), Nebras(Democrat),
ka, joined in the suggestion for Presidential action, according to the Associated Press acounts of that date, which
further said:
the
Senator Norris said he believed the suspension could be ended if
them
President would call in the spokesmen for the two sides and inform
recommend to
he would
that unless operation was resumed immediately,
furnish an adequate
Congress that some of the mines be seized as as to
country at reasonable prices.
supply of coal to the
his influence" with Senators
Saying that the Chief Executive had "used
resolution of adhesion and for a favorable
for adoption of the World Court
on Muscle Shoals, Senator
report by the Senate Agriculture Committee
President had not made a similar
Harrison said, it was "a pity" that the
ago. . .
effort with the coal men long
Pennsylvania.
Interrupting the debate, Senator Reed, Republican,
forward some legislation pointing a
again suggested that Senators bring
assured them of his support of
He
way out of the present situation.
reiterated his belief that the proposals thus
that sort of legislation, but
were ineffective.
far advanced
the President did not have
Senator Norris said he was satisfied that
from Congress, but he insisted that a
authority to act without legislation
of some of the mines in such an' emergency
suggestion of "nationalization"
bring about resumption of anthracite mining."
as now exists would
Regarding yesterday's vote on the resolution, last night's
Associated Press advices from Washington stated:
and the one Farmer-Labor
Republicans
Twenty Democrats. seven resolution, while nine Democrats and 39
Senator voted to take up the
negative.
Republicans voted in the
Both the Governor and Mr.Lewis continued to maintain silence regarding
their meeting. They were in conference for an hour and fifteen minutes,
but neither would reveal what was discussed.
Characterizing unfavorable action of the House Mines Committee on
Adminisantion coal bills as "unworthy tactics," Mr. Pinchot declared it is
"commonly reported" that the same method will be used by the committee
in dealing with other measures and that the bills "whose passage is so urgently needed will be pickled or otherwise put out of the way.
"I protest against such unworthy tactics in dealing with great public
necessities. The coal crisis constitutes a great and pressing emergency.
To many thousands of Pennsylvanians it is nothing less than a calamity."
President Coolidge Upholds General Pershing's Ruling
in Tacna-Arica Plebiscite Controversy—General
Pershing Retires as Head of Commission
—Succeeded by General Lassiter.
In a decision, growing out of the appeal of the Republic
of Chile from the action of the Plebiscitary Commission in
determining the dates and preparations for the holding of a
plebiscite incident to the determination of the disposition
of the disputed Provinces of Tacna and Arica, President
Coolidge, as arbitrator, upholds General Pershing's stand
that the award gave the Commission "full authority necessary for the determination of prerequisites of a fair plebiscite." The appeal was made by the Chilean Government
from tt. resolution of the Commission adopted Dec. 9 in
which "the registration and election boards were directed
to begin their functions on Feb. 15 1926, or as soon thereafter as practicable," the date of the plebiscitary vote being
fixed as April 15. In referring to the dispute which had
arisen at Arica over the framing of an election law, and setting a date for the plebiscite in the Tacna-Arica arbitral
award, the Associated Press advices from Washington on
Nov. 25 stated:
As arbitrator in the long dispute between Chile and Peru Over Possession of the provinces he can be expected to act promptly, officials as
.
serted, on any question submitted to him in connection with the plebiscite
arrangements being worked out under the chairmanship of General Pershing.
Ambassador Mathieu of Chile, however, expressed the opinion, on the
basis of information available to him, that his Government would make
no appeal to the arbitrator at least until the Plebiedtary Commission
had voted on the resolution presented by its delegate, Augustin Edwards.
Only in the event that this resolution, which provides that the Commission set definite dates for framing and promulgating the election law and
FEB. 61926.1
THE CHRONICLE
for holding the plebiscite Feb. 1 should be rejected, he thought, would
Chile appeal to President Coolidge. Action on the resolution depends on
General Pershing's vote, and the Ambassador expressed hope that he would
not cause its rejection, but that discussions at Arica would solve the question within a day or two.
On Dec. 9 the following Associated Press advices were
reported from Arica:
The Tacna-Arica Plebiscitary Commission to-day approved General
Pershing's motion for fixing the dates for a plebiscite. The Commission
rejected the Chilean motion, and the Chileans will appeal to the arbitrator,
President Coolidge.
General Pershing's motion named Jan. 15 as the date for the presentation of the election law, Feb. 15 for the beginning of registration, March
15 for the ending of registration, three weeks more for all appeals, and
the vote to be taken April 16.
The motion includes a paragraph in which Chile is required to answer
definitely whether in the future she will carry out faithfully all the demands of the Commission and whether she will fulfill those already issued,
which as yet have not been fulfilled, and finally, whether Chile, in general, will faithfully co-operate in holding the plebiscite.
General Pershing's motion begins with a long preamble, in which it is
charged that Chile has not fulfilled the requirements of a free plebiscite,
has unlawfully administered the territory, violated the award by refusing
to carry out the rulings of the Commission and otherwise rendered the
holding of a free referendum impossible.
Prior to the action of the Plebiscitary Commission on
Dec. 9 it was reported that the Chilean Minister, in behalf
of his Government had presented a memorandum to the
League of Nations complaining against the course of General Pershing, the Associated Press in its account of this
from Geneva, Dec. 1, stating:
703
The appeals of the Chilean member of the Commission were certified
and transmitted to the arbitrator (President Cooldge).
The decision of President Coolidge, made public at Washington on Jan. 16, reiterated that Chilean sovereignty was
not involved in the interpretation of the award; the decision stated that Chile and Peru were bound by their pledge
to give assistance in every way to the Commission and upheld its application of the award to conditions which it
justly had a right to evaluate. The decision was handed to
the Chilean and Peruvian, diplomatic representatives at
Washington and was cabled to General Pershing at Arica,
where the Commission is sitting. The Commission, it was
announced in Arica press advices, directed on Jan. 13 that
all dates thus far fixed for plebiscitary events be postponed
15 days, thus bringing the plebiscite date to April 30. The
election law committee was ordered to give preference to
the discussion and adoption of penalties in addition to those
sanctioned in the existing law for offenses relating to registration and voting.
General Pershing, who some six months ago was designated as President of the Plebiscitary Commission, made
known at the end of December his intention to retire from
that post on account of impaired health. On Jan. 12 President Coolidge appointed as General Pershing's successor as
President of the Commission, General William Lassiter,
Commander of the American forces in the Panama Canal
Zone. The decision of President Coolidge, made public at
Washington on Jan. 15, was given as follows in the New
York "Times":
The Tacna-Arica affair between Chile and Peru, regarded here as the
Alsace-Lorraine problem of South America, suddenly entered the portal of
the League of Nations to-day, when Senor Valdes Mendeville, Chilean Minister at Berne, presented a memorandum to Sir Eric Drummond, SecretaryGeneral, which is considered a protest against General Pershing for retarding the holding of a plebiscite in the two South American provinces.
Department of State, Jan. 16 1926.
The memorandum declares that General Pershing has perhaps been placed Tacna-Arica, in the matter of the arbitration between the Republic of Chile
In an erroneous position by reports furnished by his experts or American
and the Republic of Peru, with respect to the unfulfilled provisions of
observers, who, "speaking little Spanish are being insufficiently acquainted
the Treaty of Peace of Oct. 20 1883. Under the protocol and supplewith the internal conditions of South American life or the diplomatic promentary act signed at Washington, July 20 1922.
ceedings of Peru, are incapable of judging the situation."
Opinion and decision of the arbitrator upon the appeal from the decision
The object of Senor Valdes Mendeville in presenting the memorandum is of the Plebiscitary Commission made on the ninth day of December 1925.
not clear, as Chile has apparently made no formal appeal to the League of 1. On Dec. 9 1925 the Plebiscitary Commission adopted a resolution to
Nations on this controversy. It came up in the League several years ago the following effect:
at the instance of Peru and Bolivia, but the League never acted, as it was
(a) The Commission declined to accept a schedule of dates proposed by
believed the South American countries preferred to handle the problem by the Chilean member for the adoption of registration and election regulathemselves.
tions, for the commencement of the functioning of registration boards, for
Complain Voting Date Not Fixed.
the early disposition of appeals from rulings of the registration boards
' After explaining that the Plebiscite Commission was constituted
under and for the taking of the plebiscitary vote.
the presidency of General Pershing, conformably with the arbitral
(b) The committee appointed by the Commission to prepare drafts of
decision of President Coolidge, the memorandum says:
registration and election regulations was directed to report as soon as prac"The Commission has been sitting at Arica for four months and
ticable, with a view to the adoption and enactment of such regulations on
Chile
has fulfilled all the conditions laid down by General Pershing,
including a or before Jan. 15 1926.
guarantee for impartiality of voting and the withdrawal of troops. Never(c) The registration and election boards were directed to begin their
theless, General Pershing has convoked new meetings of the
Commission functions on Feb. 15 1926, or as soon thereafter as practicable, and to
without putting on the agenda the questions of fixing a plebiscite date
or continue to function for a period of one month.
voting conditions."
(d) Proceedings to review rulings by the registration boards were reChile, believing that the adjournment of the plebiscite would
increase quired to be expedited so that appeals from such ruling should be decided
the animosity between Chile and Peru, the memorandum goes on, instructed within three weeks following the close of registration.
ite representatives not to participate in the sittings until
(e) The date of the plebiscitary vote was fixed at April 15 1926, or as
General Pershing
was willing to discuss the date of the plebiscite, and remarks that
"Chile's soon thereafter as the Commission should deem practicable.
apprehension of political difficulties found bloody confirmation by recent
Sought to Avoid Delays.
attacks by Peruvians on Chilean frontier posts.
The memorandum further declares that Chile desires loyal execution of
(f) It was provided:
the arbitral ruling, in proof of which she has already accepted all condiSection 6. "That the foregoing schedule of dates is based upon the
assumption that both parties to the plebiscite will proceed expeditiously
tions touching the impartiality of the plebiscite, even going to the
extent
at her own expense of having returned to Tacna-Arica all
to the resolutions and regulations
Peruvians who and in good faith to give full effect
had previously departed. It charges that Peru is obstructing the
which may hereafter be adopted by the Commission,
plebiscite heretofore adopted, or
and is fomenting trouble so cleverly that General Pershing is
end that a fair and orderly plebiscite may be held, it being underconvinced to the
that the early fixing of a plebiscite date is inadvisable,
stood that the schedule is subject to change from time to time if, in the
adding:
"In some League circles the impression prevails that to-day's
judgment of the Commission, any such change shall appear to be
initiative
was to prepare the way for official submission of the Tacna-Arica
necessary or advisable."
dispute
to the League of Nations."
(g) It was further provided:
hereby respectfully calls upon his
Section
The New York "Times" announced the following copy- Excellency 7. "That the Commission
the Chilean member formally to advise the Commission clearly
right advices in the matter from Paris, Dec. 11:
and specifically whether,or not the Chilean Government is prepared henceforth to co-operate effectively with the Commission, and especially to inAmbassador Emilio Bello, President of the Chilean
delegation to the struct its officials and representatives in Tacna-Arica, effective as of the
League of Nations, told the New York "Times" to-day
that his Government date of the Chilean member's reply thereto, thereafter to co-operate adeurgently hopes the Tacna-Arica Plebiscite
Commission orders that the quately in carrying out the regulations and resolutions heretofore adopted
plebiscite be held before April 15 1926, the
date set by General Pershing, or which may hereafter be adopted by the Commission, always having the
head of the Commission, he said:
resort of appeal to the arbitrator in accordance with the provisions of his
"General Pershing is just, and
unquestionably he is a fair-minded man, opinion and award and the rules of procedure of the Commission."
who is taking the responsibility according to
his best judgment of the
(h) The President of the Commission was instructed to transmit an
situation. But, nevertheless, we believe that
he is over-cautious In post- authenticated copy of the resolution to the Chilean member, who was in
poning the plebiscite so many months, and it is difficult
for us to main- turn instructed to bring the resolution to the attention of the proper
tain order and prevent any trouble from occurring between
the Chileans Chilean authorities.
and the Peruvians during so long a suspense.
The Chilean AppeaL
"We have, however, done willingly everything General
Pershing has
recommended, and at our own expense have
2. On Dec. 16 1925 the Plebiscitary Commission by resolution certified
furnished transportation to
to the arbitrator under the appropriate provisions of the opinion and award
Peruvians living in Chile who originally lived in the
disputed territory, and. of March 4 1925 that portion of "the dissenting
opinion and request for
who Peru wrongly claimed were deported.
"We also reduced the military effectives zone in order to clear ourselves certification on appeal" of the Chilean member "which sets forth a dissent and appeal from the action of the Commission on Dec. 9 1925 in subpossible suspicion of influencing the future participators in
of any
the stituting for a resolution to fix the date of the plebiscite introduced by
plebiscite.
"On the other hand, I wish to repeat that Chile has at no time in the the Chilean member a resolution on the same subject introduced by the
past appealed, and never in the future will appeal to the League regarding President of the Commission, and in adopting the latter" as presenting "a
.question of general importance in relation to the holding of result of the
the Tacna-Arica dispute.
"We stand firmly by our agreement to arbitrate and to uphold Presi- plebiscite." Under the earns resolution of Dec. 16 1925 the Plebiscitary
dent Coolidge's decision. The recent report that we had taken the matter Commission transmitted to the arbitrator all other portions of the said
1113 with Geneva is entirely unfounded in fact, and nothing referring to dissenting opinion for such consideration as the arbitrator might deem
this matter has been sent to the League. Our Government, upon learning proper on his own motion.
3. On Dec. 22 1925 the arbitrator made an order allowing the appeal so
of the rumors, Issued circulars to its Diplomatic Corps throughout the
world, asking that prompt steps be taken to deny the charge. My country certified and reserving for further consideration the question of entertainnever thought of taking such a step and the question remains definitely ing an appeal with respect to other matters than those embraced in the
resolution of Dec. 9 1925 and as to these matters the arbitrator directed
to be settled by President Coolidge."
the party seeking appeal to present in writing on or before Jan. 15 1926
It was announced from Arica, Dec. 16, that an official a statement showing with suitable precision, the action, or resolution of
communique issued that day, after the meeting of the Tacna- the Plebiscitary Commission of which complaint is made. The order further provided that the Commission's authority should not be regarded as
Arica Plebiscitary Commission this afternoon, said:
suspended pending the appeal, and that the Commission should proceed
704
THE CHRONICLE
with the performance of its duties under the opinion and award of March 4
1925. Pursuant to the said order of the arbitrator, the parties on Jan. 9
1926 filed briefs accompanied by the pertinent documents required for
consideration of the appeal and of the other matters referred to in the dissenting opinion and in the resolution of Dec. 18 1925.
Portion of Appeal Withdrawn.
4. The agent for the Republic of Chile on Jan. 9 1926 filed on behalf of
his Government a communication addressed to the arbitrator which, among
other things, declares that the appeal of Chile from the resolution of Dec. 9
1925 is respectfully withdrawn in so far as such resolution fixes the time
for the submission and adoption of rules and regulations governing the
plebiscite, and also the times for registration of voters' appeals and casting of the ballots.
This communication proceeds to state: "As to other portions of the
resolution, however, which make the fixing of such times dependent or
conditional upon Chile's giving full effect to certain resolutions and regulations heretofore adopted, or which may hereafter be adopted by the
Plebiscitary Commission, Chile continues her appeal and submits herewith,
in addition to the documents set forth in your Excellency's order of Dec. 22
1925, a memorandum pointing out the provisions in the said resolution of
Dec. 9 1925 to which Chile particularly objects as especially affecting the
operation of the last-mentioned resolution.
The agent for Chile further declares that her appeal upon the resolution
of Dec. 9 1925 is prosecuted in this sense "in order that the resolution
may be amended or modified, thus eliminating therefrom the objectionable
assumptions and conditions."
From the memorandum referred to by the agent for Chile, and accompanying his communication, it appears that the "objectionable assumptions and conditions" thus drawn in question are found in the provisions
of Sections 6 and 7 of said resolution herein above quoted.
Reasons for Decision.
5. The arbitrator, on due consideration, is of opinion that permission to
withdraw the appeal, in so far as the schedule of dates fixed by the resolution of Dec. 9 1925 is concerned, should be granted.
When the order allowing the appeal was made on Dec. 22 1925 the only
specific decision of the Plebiscitary Commission certified for review was
apparently the rejection of one schedule of dates and the adoption of another.
On examining the two provisions of the resolution to which Chile objects on this appeal, the arbitrator is of the opinion that Section 6 should
not be taken as setting forth conditions modifying or limiting the action
of the Plebiscitary Commission in fixing the schedule of dates, but rather
as intended to express the desire and request that both parties should give
their earnest co-operation to the end that a fair and orderly plebiscite may
be held in accordance with the terms of the opinion and award.
Section 7 would seem to be a similar appeal, addressed particularly to
the Chilean Government as the party charged with the responsibility of
administration in the plebiscitary area.
These requests do not appear to the arbitrator to furnish grounds for
objection or to constitute specific action of the Commission requiring review. The Commission, under the terms of the opinion and award, has
authority to change the dates fixed by the resolution in question, and the
reference to this authority in the resolution, and the manifest desire that
the exercise of this authority should not be required, does not, in the
opinion of the arbitrator, present ground of appeal.
6. The arbitrator is not disposed, however, to take a technical view of
the situation and desires, in a considerate and helpful spirit, to assist so
far as he can in eliminating the differences which have arisen between the
parties, acting, of course, within the limits of the powers which the parties
themselves have conferred upon him.
The holding of the plebiscite is but the execution of the agreement of the
parties as found in the Treaty of Ancon. In the submission to the arbitrator it was explicitly agreed that the arbitrator was empowered "to determine the conditions" of the plebiscite. The agreement for a plebiscite
manifestly would not be satisfied by the holding of a plebiscite as a mere
matter of form, and the purpose in empowering the arbitrator to determine
the conditions of the plebiscite was to the end that there should be proper
safeguards for the holding of a fair plebiscite; hence the arbitrator concluded, as the award states, that the conditions of the plebiscite should be
such as would "work substantial justice between the parties in the present
circumstances."
As it was plainly impossible that all the requisite conditions should be
fixed in detail by the award, it was necessary that a suitable agency should
be constituted. The arbitrator stated in the award that it was obvious
"that the holding of the plebiscite should be appropriately supervised by
competent and impartial authority." It was for this purpose, and as one
of the conditions determined by the arbitrator under the submission, that
the Plebiecitary Commission was established. The construction of its powers and duties should be determined in the light of the end to be achieved
—that is, the holding of a fair plebiscite in accordance with the agreement
of the parties.
It was provided in the award that the Plebiscitary Commission should
have "in general complete control over the plebiscite." The specification
of the particular powers of the Commission in relation to registration, and
the casting and counting of the vote, was not intended by the arbitrator
to detract from this "complete control," and this control, for which the
award provides, embraces all authority necessary for the determination of
the prerequisites of a fair plebiscite.
Cites Commission's Authority.
The action of the Commission in determining these prerequisites, and in
making its requirements accordingly, is at all times subject to review by
the arbitrator upon proper appeal. But the determination and requirements of the Commission, taken in the exercise of the full authority thus
conferred by the award constitute conditions of the plebiscite with the same
force and effect as if prescribed by the arbitrator directly under the submission, and these conditions are binding upon both parties.
From the very moment of its organization the conditions for the holding
of a fair plebiscite in Tacna and Arica became the primary concern of the
Plebiscitary Commission. It was and is the duty of the Plebiscitary Commission, in order that appropriate requirements for a fair plebiscite might
be made, to take note of the actual situation in the plebiseitary terrtory
and to form its judgment with respect to appropriate measures.
The authority of the Plebiscitary Commission does not derogate from the
administrative powers of Chile conferred by the Treaty of Ancon over the
plebiscitary territory. As the arbitrator pointed out in the award, it was
not deemed to be necessary to discuss any question of sovereignty over this
territory. It was sufficient to take the express words of the treaty under
which the territory was to be in Chile's possession, and subject to Chilean
laws and authority, pending the plebiscite.
But this retention of possession and administrative authority were subject to the provision for the taking of the plebiscite, and it was stated in
the award that the exercise by Chile of legislative, executive and judicial
[VOL. 122.
power should not go to the extent of frustrating the provision for a plebiscite. As both parties had agreed to a plebiscite both parties were bound
to take proper action that it should be fairly held.
Sees Neither Nation Prejudiced.
The agreement of Chile and Peru that the arbitrator should establish the
conditions of the plebiscite earned with it the undertaking to abide by
these conditions, and these conditions prescribed by the award include, as
has been said, the requirements made by the Plebiscitary Commissiox
under the authority conferred by the award.
The execution of these requirements is but the exercise by both parties
of their jurisdiction, respectively, in accordance with their agreement.
The carrying out of these requirements of the Commission in the plebiscitary area is not in derogation of the administrative authority of Chile, but
is the use of that authority in accordance with the terms of the treaty and
the award.
This does not involve the assumption, either by the arbitrator or by the
Commission, of any authority other than that of determining the conditions upon which a fair plebiscite may be held, and if these conditions are
not observed by either party the responsibility must rest upon the party or
parties to which the failure may be attributed.
Conclusion.
The arbitrator accordingly decides upon the present appeal:
1. That the appeal from that portion of the resolution of Dec. 9 1925
which fixes the time for the submission and adoption of rules and regulations governing the plebiscite, and also the times for registration of voters,
for the institution and conclusion of proceedings to review the rulings of
the registration boards and for the taking of the plebiscitary vote, having
been withdrawn, be and the same is hereby dismissed of record.
2. That Sections 2, 3, 4 and 5 of the resolution of Dec. 9 1925 be and
they are hereby construed as an order of the Commission fixing "the date
for the plebiscite and the time and places of registration and voting," subject to the power of the Commission to change the same as provided in
the Opinion and Award, but not conditioned by or dependent upon any of
the other provisions or recitals contained in said resolution.
(Signed) CALVIN COOLIDGE, Arbitrator.
By the Arbitrator,
(Signed) FRANK B. KELLOGG, Secretary of State.
Jan. 15 1926.
Last night (Jan. 29) the New York "Sun" reported the
following (Associated Press) from Washington:
'President Coolidge has dismissed the remaining points in Chile's recent
appeal in the Tacna-Arica question.
The Chileans made a supplementary statement on Jan. 15, a few hours
before the President, as arbitrator, handed down his decision regarding
the general Chilean appeal. This statement covered a portion of the
original appeal which had not been certified to the President and had to
do with the phraseology of the text of the motion from which appeal was
taken. The new decision held that this phase of the question was entirely
disposed of in the original decision.
Meeting to Promote Industrial Preparedness Toward
Peace—Remarks of Judge Gary, Secretary of War
Davis, Etc.
Addresses by Judge Elbert H. Gary, Secretary of War
Dwight F. Davis, Assistant Secretary of War MacNider,
etc., featured a meeting on Industrial Co-operation With the
War Department held on Dec. 4 at the Engineers' Societies
Building, this city, upon the occasion of the closing of the
annual convention of the American Society of Mechanical
Engineers. Judge Gary presided at the meeting to promote
industrial preparedness as an insurance against war, the
participants in which were engineers, bankers, and leaders
industry. A message from President Coolidge in the form
of a telegram, was read at the meeting by Judge Gary as
follows:
The White House, lVashington, D. C., Dee. 4 1925.
The Hon. Elbert H. Gary, 71 Broadway, New York, N. Y.:
Will you please extend my greetings and best wishes to the men of affairs and action meeting to-night at the Engineering Societies' Building in
New York to honor Secretary of War Davis and Assistant Secretary MacNider? Industrial preparedness as an insurance against war, upon which
topic they are to speak to you, is of the utmost importance. The more
real insurance we have against conditions which might lead to war the
better for the country. Such gatherings as yours, where patriotic men of
judgment and experience turn their attention toward practical methods of
preserving peace, deserve the commendation and encouragement of all rightthinking citizens.
CALVIN COOLIDGE.
Judge Gary, in addressing the meeting, said:
As peace-loving citizens we have come together here to-night to evince
our interest in national defense, so far as the dangers of possible unjustified
wars necessitate, particularly certain phases with which industry is most
concerned. We come together to renew our faith in the institutions which
have made this nation great, and to express our confidence in the Government officials who are charged by law with keeping the nation secure
against wanton attack.
The present time seems to be most opportune for expressing our oonfIdence, guying our encouragement and offering our co-operation. For several
months past, we civilians have looked with amazement and with some concern upon a new departure in War Department and Navy Department circles. Loose general charges, unsupported by specifications, mere assertions offered in the guise of facts, personalities placed before patriotism.
apparently have attained a certain vogue in portions of the public mind.
Perhaps it is well that this meeting happened to be called at this particular
juncture. Until now most thinking Americans have felt that exaggeration
would eventually defeat itself and that ultimately sensation would give way
to common sense.
We have felt that the able and distinguished board assembled by President Coolidge to examine into the entire question of aviation, as it affects
national defense, would arrive at conclusions and point out any necessary
remedies which should set at rest any misgivings any of us might have
entertained as to whether all was well in the great Departments charged
with national defense. The statesmanlike report of the Morrow Board
should put an end to controversy. All concerned have had their day in
court; and in a spirit of fairness should abide by the referee's ruling. But
we hear that this may not be the case. We view with apprehension the
FEB. 6 1926.1
THE CHRONICLE
possibility that national defense may become the football of politics in the
forthcoming session of Congress. There appears to be a desire on the part
of a certain element in Congress to investigate the investigators and so
prolong the controversy ad infinitum, whereas, what the army and navy
really most need at this time is a moratorium of agitation from within
and investigation from without.
This is not the place, if we were competent and had the time, to review
the entire controversial field, but as a fair sample of the looseness of
language which has become the habit of those who seek their own selfish
ends under the guise of patriotism, let us consider just one phase. We
often hear vague charges against the so-called "bureaucrats" of the War
Department. We have several of these with us here to-night and your
indulgence is asked a few moments while it is related how the chief one
of
them qualified for his position.
The gentleman referred to entered the service of his country at
the outbreak of the World War, serving successively as Captain and
Major in the
Missouri National Board, later being promoted to Lieutenant-C
olonel ano
serving as Assistant Chief of Staff of the 35th Division of
the Second
Army in the American Expeditionary Forces. He was twice cited
in
Divisional Orders for gallantry in action and was eventually
awarded a
Distinguished Service Cross. The citation, as published in
General Orders,
reads as follows:
"For extraordinary heroism in action between Baulny and
Chaudron
Farm, France, Sept. 29-30, 1918. After exposure to severe
shelling and
machine-gun fire for three days during which time he
displayed rare
courage and devotion to duty, Major Davis, then Adjutant 69th
Infantry
Brigade, voluntarily, and in the face of intense enemy
machine-gun and
artillery fire, proceeded to various points in his brigade sector,
assisted in
reorganizing positions, and in replacing units of
the brigade, this selfimposed duty necessitating continued exposure to concentrated
enemy fire.
On Sept. 30 1918, learning that a strong counter-attack had been
launched
by the enemy against Baulny Ridge, and was progressing
successfully, he
voluntarily organized such special duty men as could be
found, and with
them, rushed forward to reinforce the line under attack,
exposing himself
with such coolness and great courage that his
conduct inspired the troops
In this crisis and enabled them to hold
on in face of vastly superior
numbers."
After being mustered out of service soon after the
armistice, he held
several important positions by appointment of the President
of the United
States, among them that of Assistant Secretary
of War, in which capacity
he was charged with the tremendous responsibility
of mapping out the
general policies under which the War Department was to
proceed toward
organizing the industries of the country for prompt
production of munitions in emergency. That he performed this work
well American science,
engineering and industry will be quick to testify.
Among his outstanding accomplishments as Assistant Secretary
of War,
was the establishment of the Army Industrial
College-an institution that
bids fair to attain the high status in the field of
industrial strategy that
the War College occupies in military strategy.
Something over six months ago, due to the illness of
his superior, he
became Acting Secretary of War and so well guided
the War Department
through the most difficult situations that the President
of the United States
wisely appointed him Secretary of War, in which
capacity he is present
to-night.
Ladies and gentlemen, it is an honor to present
to you Hon. Dwight F.
Davis, our Secretary of War.
Secretary Davis in his speech stated that
"most people,
I think, rather consider the army, when they
think of it at
all, as a great monster, thirsting for the adversary'
s blood,
and they find it difficult to visualize the
great Oservices
which the army has performed and is performin
g to-day in
promoting the peace-time activities of the
country." "We
all, as Americans," he continued, "thrill with pride
when we
think of the glorious record which has always been
made by
our army on the field of battle, but without detracting
in
any way from that glory, I think I can say that
the greatest
work that the army does for the country is done
in peacetime. It is the defender of the nation in time
of war. In
times of peace it has always been a pioneer in
developing
the peace-time activities of the country." Referring
to the
question of "Industrial preparedness," the
work of which
he was turning over publicly to the Assistant
Secretary of
War, Secretary Davis said:
705
the Brotherhood of Railway Trainmen and the Order of
Railway Conductors. The same item said:
Demands are pending with most of the roads in behalf of the shopmen
and the railway clerks and are expected within a few weeks from the Brotherhood of Locomotive Engineers.
Total increases demanded are calculated to aggregate $500.000.000 for
all the roads. This amount, it was said yesterday by a spokesman for the
railroads, would cut off all of the surplus earned by the carriers since their
recovery from Federal control."
The railroads have until March 2 to reply, and in most cases, it was said,
the reply would be a refusal such as the New York Central recently returned
in answer to wage demands of its shopmen.
In its issue of Feb. 3 the "Times" announced that counter
demands would be made by the railroads upon their employes
as the result of the filing of the schedules of increased compensation. It went on to say:
What form they will take will not be determined until it has been seen if
the other classes of employes will seek the same rate of increase desired by
the conductors, baggagemen and brakemen.
The new schedule sought by the trainmen would increase the wage scale
from 15 to 20%,as will be seen from the following table of the present rates
and those desired, according to a tabulation made public by the carriers
yesterday:
Per Vile.
Present.
Desired.
Conductors
.0447
.05166
Assistant conductors
0367
0456
Baggagemen handling express and mail
.037
.04786
Baggagemen handling both express and dynamo_ _ _
.0347
.0456
Baggagemen h'dling either express, dynamo or mail
.0347
.0456
Per Day.
Present.
Desired.
Conductors
$610
$7.75
Assistant conductors
5.50
6.84
Baggagemen handling express and mail
5.54
7.18
Baggagemen handling both express and dynamo
5.20
6.84
Baggagemen h'dling either express, dynamo or mall
5.20
6.84
Per Month.
Present.
Desired.
Conductors
$201.00
$232.50
Assistant conductors
165.00
205.20
Baggagemen handling express and mail
166.20
215.40
Baggagemen handling both express and dynamo
156.00
205.20
Baggagemen h'dling either express, dynamo or mail 156.00
205.20
Annual Wage Bill $2,866,673,069.
The total wage bill of all the railroads for the fiscal year ended June 30
1925, was $2,866,673,069, against $3,681,801,193 in 1920. the pealc of the
period of high wages. In 1920 the .average compensation was $1.820.
compared with $1,613 in 1925. The reduction has not been only in the
compensation per man but in the number of employes. In 1920 there were
2,022,832 employes, while in 1924 there were 1,751.324.
A belief that all classes of employes may seek pay increases on the same
basis as the trainmen has prompted the carriers to organize their forces and
seek unified action, their spokesmen said yesterday.
Resignation of W.
Gilpin as Manager of New York
Clearing House.
.Announcement of the resignation of William J. Gilpin as
Manager of the New York Clearing House Association was
made as follows on Feb. 2 by Charles E. Mitchell, Chairman of the Clearing House Committee.
We beg to advise that at a meeting of the Clearing House Committee
held Feb. 1, 1926, resignation of Mr. William J. Gilpin as Manager,
because of ill health, was accepted, with deep regret, by the Committee.
Mr. Clarence E. Bacon, who has been Assistant Manager, was
appointed Manager, to take effect Feb. 1, 1926.
Mr. Gilpin's retirement culminates a period of service
with the Clearing House dating back to 1877 when he was
employed as a junior clerk. He advanced by application
and ability and was appointed assistant manager in 1892,
and manager, upon the retirement of the late William
Sherer, in 1917. Mr. Bacon, who succeeds Mr. Gilpin as
Manager, had been assistant manager since 1917. He has
been connected with the Clearing House since 1893.
Industrial preparedness means the
synchronization of the mobilization of
men and materials . . . that means that we
must develop the curve of
production as rapidly as possible in
time of war to meet the curve of man
power mobilization.
Industrial preparedness means that
every man,
country is ready to do his part in the national woman and child in the
defense; that the demands
for money, for labor, transportation, power, fuel,
raw materials and all the
other things that go to make up manufacturin
g have been analyzed, studied
and co-ordinated, and that if this nation is ever
attacked, we will be able
to call to its defense not only every man, but every
resource, every mine, Brotherhood Men Still in Empire Trust
-Will Particievery forest, every farm, every factory in the
country will be marshaled
pate in Control of Company Despite Withdrawal
against aggression behind our boys in khaki.
These plans are not preparation for war. They
of Stock Holdings.
are preparation against
So these plans for industrial
war
preparedness are not in any
The following is from the New York "Times" of Jan. 27:
sense plans for war. They are, rather, as I think it
was Mr. Saunders so
Despite the withdrawal by the Brotherhood of Locomotive Engineers of a
well said, insurance against war. .
I can only repeat, in conclusion,
large part of its stock holdings in the Empire Trust Co., William B.Prenter
that these plans for industrial mobilization are the contribution
of business and George T. Webb, who are closely associated with
to the peace of the country. They are a preparation for peace,
the Brotherhood,
insurance remain members of a voting trust that controls the company, and
against war, assurance of peace.
they will
continue to do so. it was learned yesterday. The other members of the
voting trust are Coleman du Pont and LeRoy W. Baldwin,
Colonel MacNider, Assistant Secretary of War, in
President of the
his trust company.
address before the gathering said "what we need is
not a
The voting trust was formed on May 1 1924 and is understood to hold in
great army, but an expert nucleus; not great gatherings
of excess of 50% of the outstanding capital of the company. It is to hold the
war material to fret us in time of peace, not great mobiliza- stock trust certificates, issued in lieu of stock certificates, for a period often
tions of men in arms, but an all-inclusive, expert, compre- years. It was declared that Mr. Prenter and Mr. Webb had proved valuable assistants in the direction of the company and had been persuaded
hensive structure of emergency insurance plans."
to remain in their present capacities. Control of the company continues
in the hands that have held it for many years. The Brotherhood purchased
a stock holding three years ago and had sold the bulk of it. as profitable
Demands of Rail Unions for Wage Increases.
prices. The Brotherhood never held a majority of the stock.
According to the New York "Times" of Feb. 2 general
Reference to the reported sale by the Brotherhood of Locomann-ers of all the principal railroads of the country were motive Engineers of stock
in the Empire Trust Co. was
served on Feb. 1 with wage demands by representatives of made in our issue of Jan.
23, page 438.
706
THE CHRONICLE
[Von. 122.
J. Hoey of Hoey & Ellison. Robert Adamson was reITEMS ABOUT BANKS, TRUST COMPANIES, &C. elected chairman of the board and Julian M. Gerard was
The New York Stock Exchange membership of George C. re-elected President.
Haven, Jr., was reported posted for transfer this week to
The new bank building of th- e Manhattanville office of the
Louis L'Aigle Munds, the consideration being stated as
Mechanics & Metals National Bank of this eity was opened
The last previous sale was for $142,000.
$145,000.
this week. The business of this office, which was formerly
Dillon, Read & Co. announce the admission to member- handled at Amsterdam Avenue and 125th Street, Is now
ship of Ferdinand Eberstadt, who is now retiring from transacted in a new bank structure erected for the bank's
partnership in the law firm of Cotton & Franklin in New sole use at 422 West 125th Street, hieing Roosevelt Square.
York City. Mr. Eberstadt graduated from Princeton in
The Seventh National Bank of New York opened on Feb. 1
1913 and subsequently attended Columbia Law School.
He saw service on the Mexican border with Squadron A, and its new Harlem office, located on the northwest corner of
in the World War was a captain of field artillery and com- 116th Street and Lexington Avenue. The membership of
manded a battery at the front. Mr. Eberstadt has for some the Harlem advisory board of the bank was given in these
time past acted for Dillon, Read & Co. in a legal capacity, columns a week ago, page 568. The latest statement of the
particularly in relation to their foreign business, and is bank, whose main office is at Seventh Avenue and 28th
planning to sail for Europe immediately to complete details Street, shows capital, surplus and undivided profits of over
in connection with the recent $25,000,000 Rheinelbe Union $1,300,000 and total resources of more than $8,000,000.
bond issue sold by them last week.
At a meeting of the direct-ors of the National American
Notice to the effect that more than a majority of the stock Co., Inc., recently organized by interests identified with
of the Bank of America has been exchanged for voting trust the National American Bank, held at the offices of the
certificates was issued as follows on Feb. 2:
company, 8 West 40th Street, this city, Harold G. Aron was
To the Holders of Stock and Voting Trust Certificates for Stock in The elected Chairman of the Board, Arthur Galston President
Bank of America:
and T. D. Richardson 3d, Secretary and Treasurer. Charles
The Trustees, under the ten year Voting Trust Agreement dated Dec.
31, 1924, wish to notify you that more than a majority of the total capital D. Hilles was elected a director of the company and Lamar
stock of The Bank of America has been exchanged for voting trust cer- Hardy will act as Chairman of the Executive Committee.
tificates.
Mr. Aron is counsel for Botany Consolidated Mills, Inc. He
EDWIN THORNE
was Chairman of the Waterman Campaign Committee in
FREDERICK E. HASLER
EDWARD C. DELAFIELD
the last Mayoralty election. Mr. Galston was formerly an
Voting Trustees.
officer and director of Blair & Co., Inc., and is the author
A year ago (Jan. 3, page 52) we published the announce- of "Security Syndicate Operations," written at the suggesment of President Delafield regarding the proposed forma- tion of the Investment Bankers Association. Mr. Hilles is
tion of a voting trust of the stock of the bank "to insure a director of the New York Life Insurance Co. and is Vicethe continuance of the conservative policies of the present Chairman of the Republican National Committee.
management." In referring to the notice of the voting
trustees this week, the New York "Times" says:
J. Edward Cook has been made Secretary and Manager
The notice grew out of the fact that a block of stock acquired by a syndi- of the Central National Safe Deposit Co. of New York. He
cate formed by Dominick & Dominick and converted Into voting trust
been Manager of the Hamilton Safe Deposit Co. of New
certificates had given the voting trustees an amount of certificates assuring had
them control of the majority of the capital stock for the remainder of the York for two and a half years. The officers of the Central
voting trust.
Safe Deposit Co. are: A. F. Maxwell, President; J. R.
meeting of the stockholders of the Coal & Iron Postal, Vice-President; G. A. Gehrken, Treasurer, and J. E.
A special
Bank, of this city, will be held on Feb. 25 to act on the Cook, Secretary and Manager.
plans for the merger of the bank with the Fidelity InternaThe entire 20,000 shares of the new capital stock of Lawtional Trust Co., mention of which has been made in these yers Tide & Guaranty Co. have been subscribed for and the
columns (Dec. 19, page 2966 and Jan. 30, page 568). The company now has a capital and surplus of $20,000,000 and
stockholders of the bank on Feb. 1 authorized an increase undivided profits of over $2,200,000.
In (he capital stock from $1,500,000 to $2,000,000. The new
stock, consisting of 5,000 shares of $100 par value each, is
Charles A. Boody, who since 1907 had been President of
offered to the stockholders of the bank of record Feb. 1 at the Peoples Trust Co. of Brooklyn, died on Feb. 1 in the
$100 a share in proportion to their present holdings, on the Brooklyn Hospital following an operation for appendicitis.
basis of one new share for each three shares. The right to Mr. Boody was a son of David A. Doody,formerly the Mayor
subscribe to the new stock will expire on Feb. 23.
of the old city of Brooklyn. He entered the service of the
Peoples Trust Co. in 1889 as a clerk, becoming Assistant
It is announced that the Illinois Secretary of State has Secretary In 1891, and Secretary in 1903. He was a direcgranted permission to Halsey, Stuart & Co., Inc., to increase tor of a number of companies.
its capital stock to $8,000,000 from $5,000,000.
The board of directors of the American Trust Co. of this
Harry M. Bucklin has been appointed Vice-President of city at the organization meeting on Feb. 4 elected E. C.
the Bank of the Manhattan Co. For the past six years Mr. Prior-Leahy, Raymond M. Frost and Arthur I. Lozier, of
Bucklin had been Assistant Cashier at the bank's Union the New York office, Assistant Secretaries. Mr. Leahy is
Square office. Mr. Bucklin will continue to make his office in charge of accounting, Mr. Frost of the credit department
at that branch.
and Mr. Lozier of safekeeping. All the other officers were
The Irving Bank-Columbia Trust Co. of New York an- re-elected.
nounced on Jan. 30 the following promotions: Claude V.
At the next regular meeting of the Bankers Forum, New
Allnutt, Assistant Vice-President to Vice-President; Alfred York Chapter, American institute of Banking Section,
D. Berry, Oliver C. Wagstaff, J. Whitney Richmond, Carl'A. A. B. A., to be held at Building Trades' Club ,(30 West
Miller, Stanley T. Wratten, Assistant Secretaries to Assist- 33d Street) Wednesday evening, Feb. 10, there will be a
ant Vice-Presidents, and the election of John C. Orcutt as discussion by G. A. O'Reilly, Vice-President Irving Banka Vice-President.
Columbia Trust Co., on "Banking and Purchasing Power."
The "Present Development in Federal Taxation" will be
At a meeting of the Executive Committee of the Guaranty discussed by Col. Robert H. Montgomery of Lybrand, Ross
Company of New York this week, R. E. Whittlesey, Alfred Brothers & Montgomery. A dinner to Oscar Wells, President
Shriver, B. Atterbury and J. F. Patterson, who have been of the American Bankers Association, at the Hotel Astor,
Assistant Vice-Presidents, were elected Vice-Presidents. will be given on Wednesday evening, March 10.
All of these officers have been employed by the Guaranty
At the meeting of the board of directors of the FrenchCompany of New York since its formation by the Guaranty
Trust Co. in 1920, and previous to that date were for many American Banking Corporation, this week, the following
appointments were made: William C. Thompson, Treasurer
years employees or officers of the Guaranty Trust Co.
Paul L. Masson, Sercetary, and Avery Claflin, Assistant
The directors of the National American Bank of New Treasurer.
York on Jan. 26, elected four new directors, namely, Arthur
According to the Brooklyn "- Eagle" of Feb. 2, the directors
Simon of Franklin Simon & Company, Colonel N. A. Flood,
Trust Co. of Brooklyn have called a special
Julian Goldman of Julian Goldman Stores, Inc., and James of the Midwood
FEB. 61926.]
THE CHRONICLE
meeting of the stockholders of the institution for Feb. 15
to vote upon increasing the capital stock of the company
from $700,000 to $1,000,000. It is planned to offer 3,000
shares of new stock to stockholders at $150 a share to provide
for the $300,000 increase in capital and to add $150,000
to surplus. Shareholders of record Feb. 15 will be given
the right to subscribe to the new issue of stock on the basis
of one share of new stock for each three-sevenths of a share
now held. Payments for the capital subscriptions will be
spread over a period of three months according to plans
of the directors. The first payment of 10% will be due
March 31, 20% will be due on April 30, 20% on June 10,
and 50% on June 30. Continuing the "Eagle," said:
Shares of the Midwood Trust Company were quoted yesterday at
$340
bid and $360 asked. The new stock offering at $150 a share, therefore,
carries with it valuable rights to the present stockholders.
The business of the Midwood Trust Company has increased rapidly
in the past year and the present Increase in capital will provide the funds
Incident to the conduct of the increased business.
The Manufacturers & Traders Trust Co. of Buffalo has
taken over the Riverside National Bank, of that city.
A special dispatch from Worcester, Mass., to the Boston
"Herald" on Jan. 21 stated that Paul B. Morgan, President
and Treasurer of the Morgan Construction Co., had been
elected a Vice-President of the People's Savings Bank of
Worcester, at the annual meeting of the trustees on that day,
to fill the vacancy caused by the death of William H.Inman.
It was further stated that four new trustees were elected,
namely, Aldus C. Higgins, Edward J. Cross, Carl R. Brownell and Alfred E. Rankin; and that the Treasurer's report
showed a gain in deposits during the year of $1,600,000.
Stockholders of the Old Colony Trust Co. of Boston on
Feb. 2 approved the proposed $2,000,000 increase in the
capital of the institution, raising the same from $10,000,000
to $12,000,000 through the sale of 20,000 additional shares
of stock of the par value of $100 a share at the price of
$150 a share. Rights accrue to stockholders of record Feb.9,
it is stated, and the new stock is payable Feb. 23. We
referred to the proposed increase in capital in these columns
in our issue of Jan. 23. The directors have declared a regular quarterly dividend of $3 a share, payable Feb. 15 to
stockholders of record Feb. 2.
The Atlantic National Bank of Boston has formally absorbed the Massachusetts National Bank (heretofore the
Massachusetts Trust Co.), and the enlarged institution now
has a deposit account of approximately $112,000,000. The
following directors of the Massachusetts National Bank
have been added to the Atlantic National Bank: William L.
Barrell, Edgar R. Champlin, Henry L. Kincaide, William
J.
McDonald and V. C. Bruce Wetmore. Elmer A.
Stevens
and Arnold Whittaker,formerly Vice-Presidents of theMassachusetts National Bank, have been elected Vice-Presidents
of the consolidated bank.
707
with other real estate holdings in Chicago, Philadelphia,
Boston, and Cincinnati. Besides his real estate interests,
Mr. Dillingham has several theatrical productions.
Arthur M. Collens was elected President of the Mechanics
Savings Bank of Hartford on Feb. 2, to succeed John M.
Holcombe, who died recently. Mr. Collens, who was graduated from Yale in 1903, is Vice-President of the Phoenix
Mutual Life Insurance Co. and a director of the Phoenix
(Fire) Insurance Co. He is President of the Hartford Community Chest and has served in various civic capacities.
At the close of business Jan. 31 the Mechanics Savings Bank
it is said, had assets of $19,250,000 and about 33,000 depositors.
The proposed consolidation of three of Camden's largest
banks was announced on Jan. 29. These are the Broadway
Trust Co., the Merchants' Trust Co. and the East End
Trust Co. Unanimous endorsement of the proposed merger
was given by the directors of each of the institutions, it is
said. The combined assets of the three banks will amount,
it is said, to $15,000,000 and their deposits will total $13,500,000. Combined capital, surplus and undivided profits
will be $2,000,000. Each institution, it was announced,
will retain it individual identity, continuing business in its
present quarters. Changes are expected, however, in the
personnel of each directorate. A meeting of the stockholders of each company will be held in the near future to ratify
the action of the directors. Former Judge J. B. Kates is
President of the Broadway Trust Co., G.A.Frey is President
of the Merchants' Trust Co., while Dr. Charles F. Hadley
heads the East End Trust Co.
The board of directors of the Tradesmens National Bank
has declared the regular quarterly dividend of $3 50 per
share, at the rate of 14% per annum, payable Feb. 1 to
stockholders of record at the close of business Jan. 30 1926.
The Baltimore "Sun" of Jan. 30 stated that the newly
formed American Trust Co. of Baltimore (referred to in our
issue of Jan. 2, page 54) would open for business shortly,
according to an announcement made Jan. 29 by George R.
Gorsuch, President-elect of the institution. The new bank,
it was stated, had received formal approval of its charter
from the State Bank Commissioner and was rapidly completing the various details of its organization. Three officers,
it was said, had been chosen, namely, Samuel E. Egerton
Jr. and Louis Katz, Vice-Presidents, and Frederick 0.
Scherf, Treasurer; and three directors had been added to the
board previously announced, these being Palmer C. Street,
Dr. Walter A. Cox and D. C. McAleer. The following committees also had been appointed:
Executive Committee—Samuel E. Egerton Jr., Charles W. Wens. Louis
Katz, Ernest E Wooden, James F. Thrift, Charles M. Trueheart. Charles
R. Whiteford, Walter Scott and John G. Nagengast.
Trust Company—Dr. Robert P. Bay, Dr. Walter A. Cox. Thomas Z.
Witters and William J. Cook.
Real Estate—J. M. Miller, Palmer C. Street, D. C. McAleer and Jacob
R. Pfeiffer.
Production—Alfred S. Day. Louis Blaustein and Vincent Flaccomio.
Announcement was made on Feb. 2 that the
proposed
consolidation of the Aquidneck National Bank of Newport,
R. I. and the National Exchange Bank of that place would
At a meeting of the board of directors of the Pennsylvania
be consummated at the end of the week, according to the
Providence "Journal" of Feb. 3. It was further stated that Trust Co. of Pittsburgh on Jan. 28, Clifford E. Geeting was
telegraph permission to merge the banks had been
received appointed Auditor.
from Washington. The proposed consolidation of these
A party of seventy Clevela- nders left New York Jan. 30
banks was reported in these columns in our issue of Nov.
28, on the S. S. Pastores bound for a
three weeks' cruise among
last.
the West Indies. The party is personally conducted by
On Jan. 27 Frank P. Furlong tendered his resignation as Joseph L. Folkman of the travel department of the
Union
First Vice-President and a director of the Hartford-Aetna Trust Co., Cleveland.
National Bank, Hartford, Conn., to take effect March
1,
The growth and developme-nt of the trust business of the
following his acceptance of an offer to become financial manager of the extensive Dillingham interests in theatrical Continental and Commercial Banks of Chicago have made
larger quarters necessary for the Trust Department. Its
productions and realty, according to the Hartford
"Courant"
of Jan. 28. Mr. Furlong, it is said, will enter upon his new offices are now situated on the nineteenth floor of the Bank
duties about May 1, and while his office will be in New York, Building.
he will still maintain his residence in Hartford. During the
Announcement was made on Jan. 27 of the proposed coninterval between leaving the bank and assuming his new posi- solidation
of the Union Davenport Trust & Savings Bank
Mr. Furlong will spend the time in travel. Mr. Fur- and the
tion
Scott County Savings Bank, Davenport, Iowa,
connection with the Hartford-Aetna National Bank
long's
according to a special dispatch from Davenport on that
dates back more than twenty years, prior to which he was date to the Des Moines "Register
." The resulting instituPostmaster of Hartford. He entered the then Hartford Na- tion, which
will be the largest in the State of Iowa, it is
tional Bank as Cashier and eventually was promoted to Vice- said, will be known as the Union
Savings Bank & Trust Co.
President and Cashier. Upon the consolidation of the Aetna and will be capitalize
d at $1,250,000, with surplus and unNational Bank with the Hartford National Bank in 1915, divided profits of like
amount. Its deposits will be in excess
Mr. Furlong was made First Vice-President, the position he of $19,000,000. The present building
of the Union Davenrelinquishes. Mr. Dillingham, who is a lifelong friend port Trust
now
& Savings Bank, a 10-story structure erected over
of Mr. Furlong's, is owner of the Globe Theatre in New a year ago, will be the home of the new institution. William
York and other playhouses in the leading cities together Heuer, President of the Union Davenport Trust Savings
&
708
THE • CHRONICLE
[VOL. 122.
Cashier to that of an Assistant Vice-President and will
continue as Manager of the Wilshire-Western office of the
institution; E. M. Marston, heretofore an Assistant Secretary, was promoted to an Assistant Cashier and L. J. Paul,
formerly Manager of the note department,was also advanced
At the annual meeting of the stockholders of the Security to an Assistant Cashier.
National Bank of Oklahoma City, Okla., held recently,
The California Bankers Association will hold its next
Judge C. B. Ames, Frank Buttram, W. R. Ramsey and
Charles W. Gunter were added to the directorate. The annual convention May 26-29 1926 at Hotel Del Monte.
'directors of the institution subsequently elected Mr. Gunter We learn from F. H. Colbtum, Secretary of the association,
a Vice-President of the bank. On Jan.7 Mr. Gunter resigned that the main building of that most popular resort is now
the Presidency of the Liberty National Bank, an office he nearly reconstructed and will be ready for guests in the early
had held for three years, to accept the new position. In Spring. Mr. Colburn in his advices also said:
the annual meetings of several bankers
If present
resigning from the Liberty National Bank the "Oklahoman" associations plans are consummated, for the first time, follow in quick
on the Pacific Slope will,
Gunter as saying:
of Jan. 8 reported Mr.
succession and in a sequence nuking it possible for Eastern bankers to
Bank, will head the enlarged bank with J. H. Haas, President
of the Scott County Savings Bank as a Vice-President.
Other Vice-Presidents of the new bank, it isunderstood, will
be Otto Hill, Gustav Stuben and Joseph J. Brus.
The Security offered me a proposition I could not turn down, with a
larger bank with an unbroken record of 19 years of service in Oklahoma City
I simply am making a move to a greater opportunity. The Liberty and the
Security banks will continue to be the best of friends.
Mr. Gunter, accord;ng to the "Oklahoman" of Jan. 8,
was one of the organizers of the Liberty National Bank and
a member of its original board of directors while General
Agent for the Penn-Mutual Life Insurance Co. in Oklahoma.
He has retained, it is said, his stock interest in the institution. Together with his associates, Mr. Ramsey and Mr.
Buttram, it is understood, he has purchased a large block
of stock in the Security National Bank.
attend them with minimum of travel and no loss of time.
I have recently had considerable correspondence on the subject and
take it that when the other associations have decided upon respective
dates, the schedule of conventions will be practically as follows: Utah,
Nevada and California. week beginning May 24; Oregon and Washington
in the following week; and Idaho and Montaik in the week after that.
If seven conventions can be held within three weeks, it will afford an
opportunity for Eastern bankers to make the round trip most conveniently.
The secretaries of the State associations listed are to co-operate in securing
some stars of the first magnitude for their programs. This should not be
difficult for desirable speakers of national prominence who could not be
induced to travel across the continent to appear at a single meeting, will
yield to the persuasion of the several associations to make the Pacific
Coast trip at a most delightful season of the year.
• The San Francisco "Chronicle" in its issue of Jan. 19
stated that, provided the Comptroller of the Currency issued
a charter, the local branch of the Bank of Canton, Ltd.
(head office, Hong Kong), China, would become an American
institution to be known as the National Bank of Canton in
San Francisco, with capital of $1,000,000 and a surplus reserve of $250,000. Continuing, the San Francisco paper
Frank J. Wikoff resigned as President of the Tradesmen's said: •
National Bank of Oklahoma City, Okla. at the recent
This interesting news developed yesterday [Jan. 181 upon receipt locally
for by San
directors' annual meeting and was succeeded by E. A. of word to the effect that a national charter had been applied of Canton,
Francisco business men and interests allied with the Bank
Walker, heretofore Chairman of the Board of Directors. Ltd., which has its headquarters in Hong Kong and operates branches
Mr. Wikoff, who now retires from active business, was the throughout the entire world.
At the present time this bank is operating as a branch of the huge Chinese
founder of the institution.
under a State charter. The State laws prescribe severe limitaP. A. Janeway, Chairman of the Board of Directors of
the Liberty National Bank of Oklahoma City, on Jan. 7
was appointed President of the institution also to succeed
Charles W. Gunter, who resigned to become Vice-President
of the Security National Bank of Oklahoma City.
Proposed consolidation of the Southwest National Bank
of Wichita, Kan. and the State Reserve Bank of that city,
was reported in the following special press dispatch from
Wichita on Jan. 21 to the Topeka "Capitol":
Agreement for consolidation of the Southwest National Bank and the
State Reserve Bank was reached at the end of a two-day conference of the
board of directors last night Jan. 20, it is said on good authority. The
Southwest National has deposits of $1,500,000 and the State Reserve of
$3,600,000.
Six promotions were made in the official staff of the
Atlantic National Bank of Jacksonville, Fla., at the annual
organization meeting of the directors held recently. W.0.
Boozer,heretofore Assistant Vice-President and Trust Officer,
was elected Vice-President and Trust Officer; C. 0. Little,
formerly Cashier, was promoted to Assistant Vice-President;
G. E. Therry, formerly an Assistant Cashier, was advanced
to the Cashiership, while T. L. Burnett, J. F. Girard and
T. C. MacEachin, Jr., were elected Assistant Cashiers—the
last named being, however, designated Assistant to the
President. The senior officers of the institution are now:
Edward W. Lane, President; Thomas P. Denham, Senior
Vice-President and Executive Manager, in charge of the
actual operation of the bank; Fred W. Hoyt, inactive VicePresident; Delmer D. Upchurch, Vice-President, in charge
of personnel and public relations, assisted by C. 0. Little,
Assistant Vice-President; D.K.Catherwood, Vice-President,
in charge of relations with other banks; assisted by C. W.
Wandell, Assistant Cashier; W. I. Coleman, Vice-President
and Credit Manager, who is assisted by J. E. Stephenson,
Assistant Cashier; F. B. Childress, Vice-President, in charge
of the bond department, and W.0. Boozer, Vice-President
and Trust Officer. At the stockholders' annual meeting
held previously, no changes were made in the bank's directorate. At this session President Lane read his annual report,
which showed that the year 1925 was the most prosperous
in the history of the bank, a fact which, he stated, reflected
the growth and prosperity of Jacksonville and Florida. He
called attention to the unusual growth of the institution and
to its specific accomplishments during the past year, notably
the erection of a 10-story annex to its bank building on West
Adams St. and the opening of three associate banks, the
Fairfield, Springfield and Riverside Atlantic banks.
institution
tions that prevent the institution from doing practiacIly any business outside of foreign exchange. It cannot, it is said, accept deposits,for example.
The applicants for the charter. Who, it is said, will be among the directors, include Li Sing Kul, head of the Bank of Canton and one of the world's
richest men; Li Chung, manager of the local branch; Li Dox, Jew Fook and
T.J. Gint,local merchants, and John L. McNab,San Francisco attorney.
The national bank will be entirely separate from the present institution,
although the majority of its stock will be controlled by the Bank of Canton
people.
It is said that the present branch has been a tremendous success and to
such an extent that the possiblllties were so great that the officials saw a
greater field for service in general banking than merely in the restricted
path that was originally determined upon, and the new procedure has.
therefore, been determined upon.
The 55th annual statement of the Dominion Bank (Canada) with head office in Toronto, covering the 12 months
ended Dec. 311925, was submitted to the shareholders of
the institution at their annual meeting in Toronto on Jan.27.
The report shows net profits for the period, after deducting
charges of management and making full provision for bad
and doubtful debts, of $1,156,840, which together with
$900,125—the balance to credit of profit and loss brought
forward from the preceding year—made $2,056,965 available for distribution. This amount was disposed of as
follows: $780,000 to cover four quarterly dividends at the
rate of 12% per annum ($720,000) together with a bonus of
1% ($60,000); $45,000 contributed to officers' pension fund;
$167,667 to take care of Dominion and Provincial Government taxes, and $100,000 written off bank premises, leaving
a balance of $964,298 to be carried forward to next year's
profit and loss account. Total deposits are given in the
statement as $96,227,162, an increase of $4,848,877 over
those of a year ago, and total assets at $127,933,136. The
bank's paid-capital is $6,000,000 and its reserve fund
$7,000,000. C. A. Bogert, General Manager of the institution, in his address to the shareholders, made the following
comment:
A generally improved condition is indicated during the year 1925, largely
as a result of the exceptional crops that we have harvested in all districts
and the benefit of this new purchasing power has provided a stimulus to
trade from coast to coast It would be going too far to say that general
prosperity has returned, but we know that merchants and manufacturers
through gradually increasing turnover and reductions in overhead, are
In many cases putting a stop to the losses so characteristic of annual balance
sheets during recent years Profits, though often small, are more generally
in evidence, and the new year has begun under more favorable auspices.
The Bank of Montreal announces that on or about March 1
The following changes were made by the directors in the it will open a new branch at Tampico, Mexico,thus compersonnel of the Bank of America, Los Angeles, on Jan. 12: pleting a chain of branches embracing all the important
the Republic of Mexico. The first branch
D.E.MacVicar was advanced from the office of an Assistant centres throughout
1
1
FEB. 6 1926.]
THE CHRONICLE
'of the bank in Mexico was opened at Mexico City in
1906.
'Branches have been established at Puebla, at Vera
Cruz,
at Guadalajara, and at Monterey in north Mexico. Tampic
o
'where the latest branch is to be opened, is a seaport
and has
become the chief commercial centre in northeastern
Mexico.
It has 100,000 population, with a predominance
of United
States citizens. At Mexico City, where the main branch
is
located, the superintendent of Mexico branches has
his headquarters.
709
a little confused on Thursday, though a strong upward
drift
predominated during the greater part of the session
. SlossSheffield led the steel shares with a jump of nearly 7
points,
and Gulf States and Youngstown Sheet & Tube both
moved
briskly forward. General Motors crossed 130 for
the first
time and Nash Motors had another sensational jump
of 26
points. Noteworthy advances were recorded by Americ
an
Can, Allied Chemical, General Electric, California Packin
g,
United Fruit and Gold Dust. Local transportation shares
continued to make progress and public utility stocks were
in
strong demand at improving prices. Railroad stocks again
moved into the foreground on Friday. Interest was focuse
d
largely on a few individual stocks, notably Chesapeake
s
&
Ohio, St. Louis Southwestern, Baltimore & Ohio, New York
Central and Atlantic Coast Line, all of which made substantial advances. Further buying came into the motor group,
Jordan, Hudson, Chrysler, White and Dodge Bros. "A"
moving upward to higher levels. New York traction stocks
and public utility issues continued inactive demand at advancing prices.
THE WEEK ON THE NEW YORK STOCK EXCHA
NGE.
Except for the downward swing on Monday the
drift of
prices on the Stook Exchange this week has general
ly been
toward higher levels. The outstanding features
of the week
have been the remarkable strength of local tractio
n stocks
and the public utility issues. Specialties have
been strong,
and oil stocks and copper shares have also display
ed a rising
tendency. The feature of the two-hour session on
Saturday
was the strength of the local traction stocks,
Third Avenue
leading with a two-point advance, closely follow
ed by the
Interborough Rapid Transit and New York
Railways. The
TRANSACTIONS AT THE NEW YORK STOCK
general list was active and strong, many special
EXCHANGE,
ties recording
DAILY, WEEKLY AND YEARLY.
substantial advances in the last hour. The
market opened
strong on Monday,but the movement of prices turned
Stocks.
Railroad.
downState.
United
Week Ended Feb. 5.
Number of
ward at midsession and a number of promin
ckc..
Municipal &
States
ent issues slipped
Shares.
Bonds.
Foreign Bonds.
Bonds.
backward. Motor shares improved, General
Motors going Saturday
853,312
$6,811,000
$1,605,000
$876,550
into new high ground above 128. Du Pont also
Monday
1,491,565
8,440,000
2,217,000
1,032,050
was active Tuesday
1,295,757
9,825,000
and registered a net gain of 23 points. Nash
2,035,500
717,700
Wednesday
4
1,812,918
10.630,000
Motors ad- Thursday
2.382,500
551,400
vanced more than 6 points to 541. Railroad issues
1,947,756
9,396,000
2,208,000
472,200
Friday
came into
2,021.800
10,491,000
2.210,000
1.108,000
the foreground on Tuesday, the standard divide
nd-paying
Total
9.423,108 $55.593,000 312,658.000
84,757.900
stocks leading, though some of the lower-grade
stocks also
participated in the general advance. The strong
Sales at
Week Ended Feb. 5.
Jan. I to Feb. 5.
stocks were
New York Stock
Canadian Pacific and Atlantic Coast Line. Many
Exchange.
1926.
1925.
of the
1926.
1925.
more prominent issues made further substantial gains.
The Stocks-No,of shares_ 9,423.108 9.983,005
48,003,181
50,484,776
Bonds.
notable advances included Woolworth, Remington
Type- Government bonds...
writer, Mack Truck, American Tobacco, American Brake State & foreign bonds_ 34.757.900 88.254,400 834,192.650 $56,952,250
12,658.000 14,700,00
66.199.250
72,404,500
Railroad & misc. bond* 55.593,000 77,025.5 0
00
Shoe and Texas Gulf Sulphur. Sugar stocks also
261,837.000
322,899.800
were
Total bonds
$73,008,900 899.979,900
strong, South Porto Rico reaching a new peak and Great
$372,228,900
$452,256,550
Western establishing a further substantial rise. Tracti
DAILY TRANSACTIONS AT THE BOSTON
on
. PHILADELPHIA AND
stooks were again in strong demand at improving prices and
BALTIMORE EXCHANGES.
public utilities were among the most prominent in the day's
Boston.
Philadelphia.
Bolimore.
transactions. The market again moved upward on Wednes
1Veek Ended
Feb. 5 1926.
Shares. Bond Sales. Shares. Bond Sales. Shares.
day and gains of 1 to 4 points were numerous in many indiBond Sales.
Saturday
22,845
vidual issues. Nash Motors made a spectacular jump
$26,600
41,972
334,000
.1,176
$13,200
of Monday
54,274
21,000
52,688
48,200
4,581
10,500
443 points to 585. Metal shares were particularly strong, Tuesday
4
39,025
41,300
31,658
37,600
*3,848
17,700
Wednesday
53,674
21,000
37,972
34.600
American Smelting, Anaconda and Kennecott scoring
.4,902
10,200
Thursday
78,941
28,800
sub41,414
119,100
.2,622
6,000
39,539
28,000
stantial gains. The noteworthy strong stocks were General Friday
35,729
21,000
.3,671
37 000
Total
Electric, American Can, Allied Chemical, Remington Type288,298 $166,700 241.433 $294,500
20,799
394.600
writer and Texas Gulf Sulphur. California Packing and Pos- Prey, week revised 150.044 3129.800 421.643 3303.100 11.2111)
8193.800
Cereal also made further gains. The market appear
* In addition, sales of rights were: Saturday
tum
,
ed 1.663: Wednesday, 833: Thursday, 223; Friday. 4,888; Monday. 9.206; Tuesday.
565.
Course of Bank Clearings
Bank clearings for the present week will again show an
increase as compared with a year ago, but the ratio of gain
is moderate. Preliminary figures compiled by us, based'
upon telegraph advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Feb.
6)
bank oachanges for all the cities of the United States from
which it is possible to obtain weekly returns will aggreg
ate
3.8% more than in the corresponding week last year. The
total stands at $10,681,334,468, against $10,287,761,112 for
the same week in 1925. At this centre there is an increase
for the five days of 0.5%. Our comparative summary for
the week is as follows:
Clearings-Returns by Telegraph.Week Ended February 6.
1926.
1925.
Per
Cent.
85.170,687.243
580,495,498
423,000.000
387,000,000
112,443,719
132,500.000
161 700,000
128,755,000
150,601,018
111,822,180
83,333,686
90,774,901
62,788,670
+0.5
+6.8
+12.8
+3.9
--2.0
+4.1
+26.6
+12.8
+2.3
+20.7
+11.0
+4.6
+4.4
New York
Chicago
Philadelphia
Boston - -.
Kansas curSt. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
85,197.000.000
619,972,956
477,000 000
402,000.000
110,233,681
137,900,000
204,676,000
145,190,000
154,041,868
134,946,198
92,541,059
94,965,181
65,537,034
Thirteen cities,5 days
Other cities, 5 days
37,836.003,977
1.065,108,080
$7,595,901,915
1,041.070,905
+3.1
+2.3
Total all cities, 5 days
All cities, 1 day
- __
38.901.112,057
1,780,222,411
$8,636,972,820
1,650,788,292
+3.0
+7.8
810581 82.4458 810 287 761 112
-4-1)8
Complete and exact details for the week covere
d by the
foregoing will appear in our issue of next week.
We cannot
urnish 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 Jan.
30. For
that week there is an increase of 12.8%, the 1926
aggregate of
the clearings being $9,782,355,255 and the 1925
aggregate
$8,673,903,832. Outside of New York City the
increase
is 11.1%, the bank exchanges at this
centre recording
gain of 14.0%. We group the cities now accord
ing to the
Federal Reserve districts in which they are located
, and
from this it appears that in the Boston Reserv
e District,
there is an improvement of 20.1%,in the New York
Reserve
District (including this city) of 14.0% and in the Philade
lphia
Reserve District of 13.4%. The Cleveland Reserve Distric
t
has a gain of 11.5%, the Richmond Reserve District of 9.9%
and the Atlanta Reserve District (chiefly by reason of the
increase at Miami) of 23.9%. The St. Louis Reserve District records a trifling falling off, namely, 0.6%, and the
Minneapolis Reserve District shows a decrease of 3.4%,
but the Chicago Reserve District has an increase of 9.7%.
In the Kansas City Reserve District the totals are larger by
0.3%, in the Dallas Reserve District by 11.3% and in the
San Francisco Reserve District by 11.6%.
In the following we furnish a summary by Federal Reserve
districts:
[VoL. 122.
THE• CHRONICLE
710
SUMMARY OF BANK CLEARINGS.
Week Ended Jan. 30 1926.
1926.
1925.
5
$
Federal Reserve Districts.
12 cities 516,791,822 430,294,897
let Boston
11 ' ,728,753,787 5,025,571,349
End New York
604,568,468 533,129,975
10 "
Erd Philadelphia
355,646,515
8
4th Cleveland
6190.627,339 173,417,625
5th Richmond
259,256,791 209,231,340
13 "
6th Atlanta
963,446,057 878,230,731
20 "
7th Chicago
217,016,605 218,259,748
8 "
8th St. Louis
7109,547,630 113,640465
9th Minneapolis
229,676,418 239,102,674
12 "
10th Kansas City
79,679,471 71,565.090
5 "
11th Dallas
486,556,926 435,913,423
12th San Francisco._ 17 "
'•396,433,951
Inc.or
Dec.
1923.
1924.
$
$
%
+20.1 476,354.701 437,109,482
+14.0 5,219,718,979 4,858,983,100
+13.4 490,619.695 496.096,220
+11.5 351.507,050 359,155,906
+99 189,261,460 177,793,585
+23.9 189,621,526 178,284,580
+9.7 936,780,302 786,640,349
-0.6 200,851,207 68,197,249
-3.4 98,740,470 109,276,059
+0.3 211,582,471 239.400,751
+11.3 56,436,234 61,054,303
+11.6 459,270,239 400,177,774
129 cities 9,782,355,255 8,673,903,832 +12.8 8,750,734,402 8,162,169,658
Grand total
4,165,983,058 3,749,407,987 +11.1 3,633,691,848 3,410,568,185
Outside New York City
90 witialg 911f1 tat 175 580.184.051 48.9 907 741 007 959 935877
Mcnttrin.
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of January. For
that month there is an increase for the whole country of 3.2%,
the 1926 aggregate of the clearings being $47,634,150,458,
and the 1925 aggregate 846,161,258,211. While this total
of $47,634,150,458 for January 1926 does not establish a
new high monthly record, it is the highest figure ever reached
in the month of January. Many cities have aided in makink
this record. Among the larger cities reporting the highest
January clearings are New York City, Chicago, Philadelphia,
Boston, Pittsburgh, San Francisco, Baltimore, Cincinnati,
Detroit, Milwaukee, Los Angeles and Buffalo, along with
many smaller cities. Nevertheless, quite a number of cities
either fall behind the totals of last year or fail to come up to
their best previous January total. Among some of the cities
in this class are Kansas City, Mo., Cleveland, Minneapolis,
New Orleans, Omaha, St. Paul, Denver, Richmond and
Salt Lake City. Grouping the cities into Federal Reserve
Districts, it is found that, with the exception of the Minneapolis Reserve District, every one shows increased totals as
compared with last year. Outside of New York City the
increase for the month is 5.6%, the bank exchanges at this
centre registering a gain of only 1.4%. The Boston Reserve
District shows an improvement of 8.0%, the New York
Reserve District (including this city) of 1.7% and the
Philadelphia Reserve District of 5.2%. In the Cleveland
Reserve District the totals are larger by 3.6%, in the Richmond Reserve District by 5.7% and in the Atlanta Reserve
District (by reason of the great expansion at Florida points)
by 19.7%. The Chicago Reserve District has an increase
of 3.3% and the St. Louis Reserve District of 1.1%, but the
Minneapolis Reserve District falls 3.2% behind. The Kansas City Reserve District has a merely nominal increase,
that is 0.1%, the Dallas Reserve District has an increase
of 2.1% and the San Francisco Reserve District of 9.7%.
Ine.or
Dec.
January
1925.
January
1928.
January
1924.
January
1923.
'
$
Federal Reserve Diets.
let Boston_ ___14 cities 2,512,500,575 2,326,742,794 +8.0 2,174,586,501 1,970,177,294
2nd New York_14 " 27,811,212,491 27,353,524,389 +1.7 21,302,654,371 20,401,701,354
2,871,134,704 2,728,876,103 +5.2 2,399,804,723 2,403,407,336
3rd Philadelphial4 "
1,849,443,573 1,785,687,653 +3.6 1,664,131,415 1,679,694,666
4th Cleveland _15 "
847,530,410
859,776,586
883,402,751 +5.7
933,084,936
5th Richmond _10
896,302,292
942,210,247
1,251,664,371 1,045,550,510 +19.7
6th Atlanta ___18
4,521,731,772 4,375,963,883 +3.3 3,866,472,382 3,923,242,591
7th Chicago_ _ _29
993.500,991 1,049,321,036
1,088,380,847 1,076,031,877 +1.1
8th St. Louis_ _10 1.
575,260,712
487,628,223
674,094,481 -3.2
9th Minneapolis13
556,029,058
1,220,131,730 1,219,646,857 +0.1 1,104,583,938 1,182,883,590
10th KansasCity16 1.
460,317,791
498,769,976
+2.1
593,648,235
605,938,474
11th Dallas
12
2,412,897,927 2,199,0E8,678 +9.7 2,174,770,521 1,941,034,838
12th San Fran28
193 cities 47,634,150,458 48,161,258,211 +3.2 38,466,889,874 39.330.673,859
Total
Outside New York City_ 20,533,052,192 19,440,564,2/5 +5.6 17,777,761,402 19,552,314,458
1,407,932,296
1,349,2E8,643
Canada
-4.2
1,387,398,719
1,341,165,818
The course of bank clearings at lead'ng &ties of the country
for the month of January in each of the last eight years is
shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JANUARY.
1926. 1925. 1924. 1923. 1922. 1921. 1920. 1919.
$
$
$
3
$
$
$
$
27,101 26.721 20.689 19,775 17,296 18,573 23.210 17,861
New York
2,123 2,414 2,857 2,345
,
3,133 3,070 2,676
Chicago
2,228 2,059 1,922 1,735 1,285 1,339 1,809 1,478
Boston
2,637 2,511 2,175 2,194 1,701 1,853 2,176 1,832
Philadelphia
717
778
593
655
697 •550
629
703
St. Louis
593
698
720
499
688
763
702
774
Pittsburgh
73
50
37
721
414
64
0
3
66
703
577
282
764
724
832
San Francisco
433
419
443
496
Baltimore
278
308
265
308
235
315
296
346
Cincinnati
846
731
324 1,123
628
4
574
35
586
534
588
Kansas City
440
582
483
496
471
528
Cleveland
184
208
296
276
50
211
359
338
342
Minneapolis
728
353
216
264
291
296
281
New Orleans
321
490
310890
594
537
661
720
Detroit
117
80
77
105
3
152
156
140
159
Louisville
249
305
173
140
195
182
153
175
Omaha
50
49
56
57
67
71
Providence
1
11
31
1.
127
118
156
156
172
185
Milwaukee
157
316
366
410
545
683
660
738
Los Angeles
109
190
173
196
159
199
227
256
Buffalo
74
87
150
154
119
141
135
138
St. Paul
123
160
91
82
136
92
143
132
Denver
67
82
66
71
93
93
86
99
Indianapolis
234
331
204
173
241
247
244
243
Richmond
93
162
74
75
116
105
116
120
Memphis
164
175
124
130
153
176
170
196
Seattle
66
85
71
53
68
69
80
80
Salt Lake City
35
46
44
41
64
66
66
76
Hartford
28,030 30.704 37.955 30,242
43.351 42.177 34,853 33,843
Total
4,283 3,984 3.610 3,262 2,450 2.551 4,063 2,628
Other cities
47,634 46,161 38,467 37,331 30.480 33.255 42,018 32,870
Total all
17,553 13,184 14,682 18,828 14,559
Outside New York C1ty_20.533 19,440 17.778
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for January in 1923 to 1926 are given below:
Month of January.
Description.
1925.
1926.
1924.
1923.
19,914,827
38.987.885 41.570,543 26.857.386
Stock, number of shares____
$158,277,000
Railroad & miscell bonds___ 5212,055.000 5225.712.300 5203,287.000 51.273,500
55,146,250 49.414.550 33,152,000
State, foreign, Ste.. bonds___
75.240,250
U.S. Government bonds_ _ -- 30.311,300 59.440,300 92,088,000
1336.500.435 1384.567.150 8328.527,000 $284,790.750
Total bonds
1
The volume of transactions in share properties on the
New York Stock Exchange for the month of January in
1923 to 1926, is indicated in the following:
1925.
1926.
1924.
1923.
No. Shares. No. Shares. No. Shares. No. Shares.
38.987.885
Month of January
41,570,543
26.857,386
19.914.827
We now add our detailed statement showing the figures
for each city separately for January and for the week ending
Jan. 30 for four years:
WEEK ENDING JAN. 30.
CLEARINGS FOR JANUARY FOR FOUR YEARS AND FOR
Month of January.
Clearings at1926.
1925.
Inc. or
Dec.
$
$
%
First Federal Reserve D lstrict-Bosto n
+2.0
3.222.472
3,288,453
Me.
-Bangor
+9.3
14,150,421
15.471.922
Portland
+8.2
2,228,000,000 2,059,462.354
Mass.
-Boston
10.449.403 -9.8
9.428,892
Fall River
4,543,864 +0.9
4,584,290
Holyoke
4,921,408 +0.3
4,938,835
Lowell
a
a
a
Lynn
6,115,789 -2.2
5,984,600
New Bedford
+3.4
26,987,899
27,803,157
Springfield
17.018,135 +1.1
17,211,868
Worcester
66,421,716 +14.7
78398,689
-Hartford
Conn.
+4.3
31.826,954
33.202,622
New Haven
11,272,900
11,303.100 -0.3
Waterbury
71.425,800
67,185.900 +6.3
-Providence
It. 2.
3,133,379 +17.8
3,890,547
N.H.-Manchester
+8.0
Total (14 cities)
2,512,500.575
2,326,742,794
-New York
Second Federal Reserve District
27.776,153
28.450,533
-Albany
N.Y.
5,574,500
5.767,600
Binghamton
227,005,882
255,975,421
Buffalo
4,694,052
4,237,159
Elmira
7,114,512
6,175,186
Jamestown
27,101,098,266 26.720.693.986
New York
4,322.317
4,557.633
Niagara Falls
59,547,514
63,483,693
Rochester
27.661.622
25.327,956
Syracuse
11,882,005
14,680.709
-Stamford
Conn.
2,861.5.33
2.392,697
-Montclair
N. 1.
91,294,221
115,554.584
Newark
161,143,549
173,418,452
Northern N.J
5,496,884
6.568,261
Oranges
97 611 219 401 27.2.62 624 280
.n.....1 lid Al.lesit
1924.
$
1923.
$
1926.
$
Week Ended January 30.
•
lacer
1924.
Dec.
1925.
$
%
.
1
1923. 1
$
3,739,548
14,083,536
1,922,000.000
10.561.769
4,241.102
5,228.242
a
6.637,944
23,998,616
16.037,000
65,908,993
32.043.905
9,410,800
57,286.500
3,408,546
3,758,419
14,407.198
1,735,000.000
11,440.960
4,334,364
5,572,273
a
6,888,696
25,274,702
17.458.000
54,011,075
27.638.207
7.977,100
56,418,300
894,383
2,757,296
466,000,000
1,763,100
a
909.586
a
1,012.409
5,326,337
2,973.188
15,323,052
6,873.997
594.550
2,610.652
382,000,000
2,134,782
a
901,457
a
1,467,823
5.141,893
2,872.415
13,633.313
6,086,425
+18.8
+5.6
+22.0
-17.4
a
+0.9
a
-31.0
+3.6
+3.5
+12.4
+12.9
705,428
3.071,038
428,000,000
2,141,453
a
997,221
a
1,573,713
4,972,785
3,680,000
13.406,384
6,680,961
680,737
3.806.386
389.000,000
2,682,650
a
1,206,613
a .444
1.540.253
4,783.036
3,207.000
11.447.939
6,415,047
12,491,400
667,074
12,212,800
638,787
+2.3
+4.4
10,333,700
792,017
11,548,100
811,721
2,174,586,501
1,970,177,294
516,791,822
430,294,897 +20.1
476,354,701
437,109.482
4,590,417
4,997.264
22.127,637
24,257,487
-2.4
1,113,000
1394,200
5,503,361
4.950,000
+3.5
42.636,660
196.018,962 d51,625.145
198,661.107
+128
971.513
945.448
3,018,562
3,683.198
+10.8
c1,377.095
1.223,881
5,033.219
5.110,706
+15.2
5,616.372,197 4.924,495,845
+1.4 20,689,128,472 19,778,359,599
5.125,355
4,106,440
+5.4
11,747.615
10.678,364
47,810.258
51,080,396
+6.6
5,009,442
4.828,464
20.507.904
22,870.255
+9.2
c2,890,874
2,431,748
16,285,832
14,293,064
+23.8
547.672
435,151
2,155,664
2,353,559
+19.6
75,831.215
82,600.547
+26.6
32,227,813
28,985,328
218.908.974
194.846.221
+7.6
5.014,812
4,708,919
+19.5
.4.1 7 91 202 ena 271 90401 701 254 6 726.752.787 5.025 671 240
5,193.092
+8.9
3.827.761
1.206,400
877,300
+7.3
38,224.913
40,047,081
+13.1
1.205.242
3.018.562
-2.7
1,040.921
978,875
+12.5
+14.0 5,117,042,554 4,751.601,473
+10.0
-3.6
+18.9
+25.8
11,104,278
5,185.865
2,292,167
453,434
10.94- .E5
4
4,519,012
2,338,821
485,202
+11.E
37,099,231
.f1s:iii
40 0
.......
4.14 n 6 910 716 007 4 /MR 052•inn
1
711
THE CHRONICLE
FEB. 6 1926.]
CLEARINGS-(Continued.)
Week Ended January 30.
Month of January.
Clearings al
1926.
1925.
Inc. or
Dee.
1924.
1923.
1926.
1925.
Inc. or
Dec.
1924.
%
5
$
$
$
%
$
$
$
Third Federal Reserve District-Phil adelphia6,057.740
6.445.467
-Altoona
Pa.
15.662.402
17.693,257
Bethlehem
5.955,158
5,868.968
Chester
20,175.294
21.956.686
Harrisburg
11,504.160
10,656.081
Lancaster
2.6(14,244
2,321,882
Lebanon
4,073.407
3,791.591
Norristown
2,637,000,000 2,510.855,000
Philadelphia
17,775.122
16.078,045
Reading
30.620,946
28,184.205
Scranton
16.854.566
16,200,165
Wilkes-Barre
7,806.104
8.065,208
York
68.837.778
52,939.712
New Jersey-Camden
27.751,194
26,276,485
p Trenton
a
a
-Wilmington
Del.
5.Ps
2,871,134,704 2,728,876,103
‘.. Total (14 cities)
5.662,055
20,852,528
6,351,718
18,400,178
13,073.758
2,440,891
4.616.834
2.125,000,000
16,353.203
26,214,547
17,535.254
6.863,543
64.859.669
21,580,545
1,478,620
5,838,104
19.592.329
4.731.437
1471 264
5,420,740
17.986,715
14.918.720
2.194,403
2,222,047 .
3,785,205
2,194,000,000 ' 576 000 000
14,659.125
3.293.800
5,478,581
26.765.574
14,861,978
d3.208,795
6.369.034
1,599.039
57.310,206
5,112,519
19,677,508
+5.2
2,399,804,723
3,403.407,335
604 568 458
-31.4
-14.0
+9.6
+6.5
+14.4
a
-22.5
a
-2.2
+14.8
a
34,082.000
22,251,091
295,507,710
471.233.938
60,668,500
a
3,584,379
a
1,681.869
8,181.350
27.005,000
23.519,108
308.320,370
482.843,138
70,792,800
a
3,947,768
a
1,556.188
8,243.483
d6,909.000
3,459,177
75.786.701
116 000 000
14 794 600
a
+6.4
+13.0
+1 5
-8.1
-7.4
+12.2
-6.9
+5.0
+10.5
-8.0
-3.9
+3 3
+30.0
+5.6
a
a
a
a
1923.
$
1,176,601 +25.7
3,693,058 +28 1
1 077 798 +36.5
1,179.172
4,048,060
772.757
1.142,233
4.201,389
1,161,850
2.045,961
+7.2
3,043,262
3,043,262
508 000 000
2,830.256
5,440.606
3,586.962
1,258,180
+13.4
+160
+0.5
-106
+27.3
464 000 000
3,005,959
5.022.304
3.310.025
1,411,079
468 000 000
3,236.385
5.755.374
3,685.508
1,521,553
4,004,553 +27.7
4,227,077
a
4.349.668
a
533 129 975 +13.4
496 619 695
496 096 220
-30.9
-11 8
+21.3
+173
+21.6
a
6,740.000
4.237,400
63.952,276
101.241,390
15,174,900
a
6.403.600
5,195.926
61,199.526
100.164.078
14,776,300
a
a
a
be
District-Cle velandr Fourth Federal Reserv
28,398.000
41.419,000
Ohio-Akron
18,253,962
21.221.758
Canton
345.796,010
315,474.274
Cincinnati
Cleveland
528.174,996
495,691.001
74,292,300
Columbus
64.958.900
a
a
Dayton
4,822,175
3,735.410
Hamilton
a
a
Lima
1,843.404
1,802,653
Lorain
8,090,304
Mansfield
9.287,809
a
a
Springfield
a
a
Toledo
23,960,534
23,573.736
Youngstown
3,290,258
•
3,221,200
-Beaver County
Pa.
a
a
Erie
1,485.905
1,661,495
•
Franklin
7,241,703
6,580.941
Greensburg
762,722.642
774.441.558
Pittsburgh
14.390.934
11,130,108
Ky.-Lexington
19,074,861
20,093.395
W.Va.-Wheeling
1,849,443,573
Total (16 cities)
1,785,687,653
Fifth Federal Reserve District-Rich mood8.541,838
6,520,487
W. Va.-Huntington___ a
a
Va.-Newport News
38.211.947
38.451,460
Norfolk
244,113,000
243.218,000
Richmond
aa
-Asheville
N. C.
11,242,476
11,277,014
•
Raleigh
aa
Wilmington
12,936,052
13.682,884
-Charleston
S. C.
7.002.998
•
8,686,751
Columbia
495.521.978
443,104.749
Md.-Baltimore
1,998,482
1.937.863
Frederick
3.570,075
3.043,676
Hagerstown
112,853.441
109.562,616
D.C.-Washington
Total (10 cities)
-
933,084,936
1,251,664,371
+3.6
1,664331,415
-23.6
a
-0.6
-0.4
9,096,313
a •
39,738.759
241,265,566
-0.3
10,477,036
a
a
a
a
a
a
+1.3
1,923.015
1,570,922
5,056,545
4,792,915
+5.5
3,838,656
a
4,706.057
a
a
a
a
a
a
a
a
a
a
a
a
•
a
172,58,6,609
161,577,300
+613
154.399,413
165.139,557
1.679,694,656
396.433,951
355,646,515 +11.5
351,507,050
359,155.968
.
9 339,191
a
36.630,129
247,321,706
1,262.366
1,509,131 -16.4
2,033.204
1,681,974
d8,817,597
57.156,000
7,542,072 +16.9
54,258,000 +5.3
8,177.219
56,994,000
7,649.754
49,754,000
a
12,307,383
a
2,645,341
+40.2
2.561.488
2,318,977
86,087,367 +13.6
98,105,503
96.578.175
12,201.548
11,911,064
418,647.954
1.831,124
3.023,518
94.226,703
d3,709.837
21,900,885
21.375,114
+2.4
21,390,046
19.811,005
+5.7
859,776,586
847,530,410
190,627,339
173,417,625
+9.9
189,261,460
177,793,885
+10.6
+11.1
+0.8
+20.2
+5.5
+6.0
+1.1
32,848,780
15.616.291
85.440.660
259.154,954
8,485,430
4.059,894
6,277,187
28.980,427
19,059,386
84.208,758
240,543,650
9,572,343
4,297,707
6,
798,054
d7,372.516
2.996,409
20,188,849
74.159.881
2,000,349
6,128,448
2,722,137
18,648,234
59,723,207
1,727,362
+20.3
+10.1
+8.3
+24.2
+15.8
6.531,571
2,846377
16,926.623
53,810,179
2,185.254
5.576.802
2.996.478
17,778,293
51.635.094
1,875,414
1,418,592
+6.1
1,589,702
1,316,786
+94.1
+155.1
+126.5
-2.4
+5.0
+17.9
+29.2
+44.4
+22.2
-19.6
-5.1
63,132.962
15.501,645
15,949,000
122.260.879
9,270.938
8,418,464
7,313,703
5,915,529
4,707.149
2,059.285
291,299,442
54,428.065
39,611,918
20,282,306 +95.3
13,468,647
12.511,224
12,878,000
139,393.813
9,590.452
7.877,503
*7.000,000
4,831.479
4,010.818
2.430,897
264,440,940
26,359,170
2,070,327
+5.2
25,045,371
1 790 923 +15.6
27,812.817
1 799 828
29,541,802
1.667,934
1,308,826 +27.4
1.610.939
1,155.023
400,200
60 757.652
20.166.244
441.075 -9.3
61,000.000 -0.4
8,994,860 +124.2
516,041
59.813.999
3,555.926
435.406
56,458,738
1,045,550,510 +19.7
942,210,247
896,302,292
259,256.791
209.231,340 +23.9
189,621,526
178,284,580
1,097.635
3,766,666
594,202,968
10,793.379
30.270,063
9,011.999
10,859,649
11.056,970
15.850.000
93,378,000
10,072,452
22.764,071
11.997,590
155.715,153
3,061,750
10.367.139
52,981,294
47,647,593
2.071.883
2.330.072
27.125.278
6.001.236
4,962,284
5.977,257
2,675,530,457
a
5,363,904
20.302,379
16,371.887
11,541,374
1,080.609
3.960,504
536.732.973
8,830.312
28,647,762
8,956.900
11,310.104
9.473,418
14,084,271
93,238,000
10.717.877
27.357,655
10,058,781
155,838,914
3.511,210
10.940.473
52.585,288
45.061.480
2,831.161
2.331.705
26.839,185
6.611,128
4,510.208
6,357,140
2.797.385,946
a
5,418,268
19,703,031
7,986,000
11,082.268
178,737
963,563
150,187.581
217.271 -18.7
752.579 +28.1
153,782,047 -2.3
227.127
510,334
134,535,272
205.865
847.732
112.501.746
7,418,366
6.644.664 +11.6
6.259,128
6.489.130
+3.7
-0.8
2,310.761
2.087,865
1.941,104
1,912,474
18,947,000
2.393,000
4.551,443
14,553.000 +30.2
1,999,000 +19.7
4,596,913 -1.0
17,458.000
1,988.000
4.436.899
18,271.000
2,107,444
4.457.688
39,620.622
34,883,144 +13.6
35,320,096
34,983,427
1,335,311
703,904,436
a
1.275.396
4,535,816
2,497,395
2,814,269
3.866,472,382
3,923,242,571
963,446,057
23,066,558
729,354
655.070.226
12,519,552
714,470
697,336,995
140,600.000
139,602,906
2,642,594
8.960.695
104,929,811
50,917,769
1,481,946
6,099,132
151,851,664
3,085,271
6.890,913
116,137,876
52,766,410
1,579,930
6.437.955
882,402,751
a
-17.1
+10.5
+8.9
+25.9
+6.7
+2.8
+4.5
+0.8
+26.2
+15 3
+12.3
-5.6
+8.3
+7.4
-9.8
+1.2
-7.4
-6.4
-13.1
-9.6
-29.1
+27.7
-3.9
+2.0
a
-14.0
-14.0
+9.2
+3.0
+3.3
4,521,731,772 4.375,963.883
Total (29 cities)
- St. Louis
Eighth Federal Reserv District
26,413,556 -3.9
25,383,799
Indiana-Evansville
828,700 -5.4
783,831
New Alban
.
692,374,659 +1.6
703,378,670
Aflasouri-St. Louis
a
a
a
Springfield
+1.8
155,823,727
158.657.841
Kentucky-LOWSVIlle. _.
3,032,535 -14.1
2,603.679
Owensboro
12,427.014 -9.9
10,843,254
Padueah
+2.8
116,266,514
119,579.130
Tennefisee-MeMphis _ .
65,319,736
60,156.025 +8.6
-Little Rock
Arkansas
1,870,371 -2.1
1,830.905
6,838,776 -1.3
6,752,360
QUineY
1,088,380.847 1,076,031,877 +1.1
Total (10 cities)
a
a
21,351.223
3,268,034
a
1,446,245
6.857,083
688,290,612
11,918,759
20,334,845
a
1,818,210
12,209,081
9,068.547
433,243.439
1,878,394
3,153,306
99.846,145
Seventh Federal Reser v e District-Ch icago1,040,237
1,254,532
Michigan-Adrian
5,154,311
4,664,548
Ann Arbor
719.714,637
660,849.393
Detroit
9.969,554
12.556.558
Flint
37.307.938
34,976,276
Grand Rapids
9,052,056
8,800,851
Jackson
11,252,341
10,769,025
Lansing
_
12,190,996
11,104,240
Indiana-Fort Wayne
.
24,604,570
19.501,712
Gary
98,810,000
85,667,000
Indianapolis
12.244.300
10,903.000
South Bend
28.678,496
30,381.260
Terre Ilaute
_
15,614,062
14,421.066
Wisconsin-Madison
185,108.880
172,396,451
Milwaukee
.
3,736,533
4,143,614
Oshkosh
.
12,180,162
12,029.542
Iowa-Cedar Rapids
.
48,166,833
52,024,094
Davenport
48,648,661
45,534,835
Des Moines
.
2,140,847
1,861,675
Iowa City
1
2,626,900
Mason City
34,287,544
30.994,339
Sioux City
6,555.124
4,648,000
Waterloo
_
6,808,589
5.337,526
Illinois Aurora
6,876,443
7,155,853
Bloomington
3,133,022,937 3,070,132,079
Chicago
•
aa
Danville
7,162,141
6.157,274
Decatur
23,906,536
22,807,255
Peoria
11.631,138
12,700.688
Rockford
.
12,906,837
12,529,378
Springfield
5
a
a
22,940,929
3,267,399
a
1,331,843
7.106.484
701,724.634
11.485,143
19.084,146
a
d1,841,319
-5.5
-19.4
+11.8
+3.1
+17.3
+3.0
-A ti a ntaSixth Federal Reserv District
33,804,401
30.556,578
Tenn.-Chattan0Oga
16,442.027
14.803,370
Knoxville
94,870.168
94.095.178
Nashville
333,215,989
277,294,106
Georgia-Atlanta
9.585,386
9,084,137
Augusta
_
4,938,872
4,660,577
Columbus
6,741,423
6,669,675
Macon
a
a
Savannah
169.660,016
-Jacksonville
87.423.087
Fla.
_
101.887.199
39,941.859
Miami
54,126,977
24,161,000
Tampa
120,316.990
123,224,046
-Birmingham
Ala.
_
10,028,388
9,553,159
Mobile
9,233,521
7,827.792
Montgomery
9,355.017
7,235,101
Miss.-liattlesbUrg
8,915,514
6,172,822
Jacktion
4,338.490
3,550.449
Meridian
2,284.935
2,841,772
Vicksburg
281,319,078
296.455,802
Louisiana-New Orleans_ Total (18 cities)
a
-1.6
-2.1
a
+11.8
-22.9
+1.5
-28.7
+5.3
a
9.999.000
3,919.012
62.453,360
98 1116.81:
12,169,900
a
a
a
993.500,991
a
a
1,049,321,036
97,780,654
1,505,342
a
*2,000.000
2,230,773
a
19,27,904
2,248,275
a
a
a
2.336.378
2,139,442
+9.2
2,381,318
2,367,655
8.860,874
9,211,651
-3.8
9.557,203
9,498,723
8,522,000
875,097
7 056 497 -7.6
1,096.428 -20.2
6 697 825
1,101,941
5076.000
1,353,645
1,347,071
624,768,903
a
1,423,106
4,733,958
2,340,282
2,508,596
-0.9
+12.7
a
-10.4
-4.2
+6.7
+12.2
1,266.377
570,712.552
a
1,106,218
4,254,802
2,143,330
2,425.254
1,422,694
572,131,063
a
1.152,167
4,127,228
2,347.562
2,446,000
878,230,731
+9.7
806,780.302
786,640.349
5,827,150 -21.2
4.199,606
3,820,719
1.9
134,300,000
31,522,672
489,000
32,476,785 -2.9
583,004 -16.1
28,577,126
458,781
26,814.508
633.270
24,361.655
13,814,830
343,448
1,292,683
+8.9
22,378,241
12,086.146 +14.3
335,338 +2.4
+1.5
1,273,084
21,544,936
10,253,402
273,566
1,233,790
24,190.507
11.183.842
288,896
1,265.507
-0.6
200,841,207
68,197,249
4,592,317
217.016,605
143,300,000
218,259,748
712
THE CHRONICLE
[VOL. 122.
CLEARINGS
-(Concluded.)
Month of January.
Clearings at
1926.
Week Ended January 30.
Inc. or
Dec.
1925.
6
6
Ninth Federal Reserve District-Min neapollsMinn.
-Duluth
30,102,085
32,873,443
Minneapolis
342,542,225
358,679,859
Rochester
2.230,095
1,823,257
St. Paul
137,651,171
135,351,135
N.D.
-Fargo
7,312,319
8,079,506
Grand Forks
5,370,000
6,521,000
Minot
1,012,505
1,003,201
-Aberdeen
S. D.
6,155,009
6,193,475
Sioux Falls
5,114,039
4,401,980
Mont.
-Billings
2,539.695
2,797,262
Great Falls
3,127,672
2,998,216
Helena
12,263,380
12,997,147
Lewistown
608,863
375.000
1924.
1923.
1926.
1925.
Inc. or
Dec.
1924.
%
$
$
6
$
%
$
1923.
$
-8.4
-4.5
+22.3
+1.7
-9.5
-17.7
+0.9
-0.6
+16.2
-9.2
+4.3
-5.6
+62.0
25,207,299
275,672,447
1,898,585
141,026,865
7,103,881
5,229,694
847,077
5,507,314
7,453,056
2,176,286
2,285,012
12.420,706
*800,000
24,973,417
337,730.038
1,838,105
153,728,021
8,668,980
4,390,100
1,226,213
5,541,900
14,172,995
2,386,962
3,808,406
15,913,190
882.385
6,286,473
68,744,158
7.226,783 -13.0
74,574,145 -7.8
5,056,198
58.076.995
4,929,509
64,700,402
28,978,447
1,517,728
25,993,696 +11.5
1,587,052 -4.4
29,993,385
1,427,137
33,346.342
1.743,379
1,165,350
1,311,686 -11.2
1,093,914
1,178,807
-3.2
487,628.223
Tenth Federal Reserve District- Kan sas City
Neb.-Fremont
1,501,541
1,718,637 -12.6
Hastings
2,669,147
2,458,029
+8.6
Lincoln
20,242,752
19,861,665
+1.9
Omaha
174,591,485
182,035,730 -4.1
Kan.
-Kansas City
20,493,683
19,095,586
+7.3
Lawrence
a
a
a
Pittsburg
a
a
a
Topeka
15,998,420
15,521,692
+3.1
Wichita
33,313,197
33,838,844 -1.6
Mo.-Joplin
8,208,216
7,590.612
+8.1
Kansas City
587,502,163
585,845,490
+2.0
St. Joseph
37,164,845
39,135,076 -5.0
Okla.
-Lawton
a
a
a
McAlester
1,265,610
1,315,754 -3.8
Muskogee
a
a
a
Oklahoma City
133.095,765
127,692,713
+4.2
Tulsa
41,523,794
30,806,624 +34.8
Colo.
-Colorado Springs4,808,369
5,261,828 -8.6
Denver
132,694,219
142,757,857 -7.1
Pueblo
5,058,523
4,710,720
+7.4
Total (13 cities)
Total (16 cities)
556,029,058
'1.220,131,730
574,094.481
438.492
484,782
--19:6
436.824
440,39S
2,416,982
2,462,321
-1.9
-
2,656,017
2,937,222
575,260.712
109,547,630
113,640,465
-3.4
98,740,470
109,276,059
1,748,534
2,063,542
16,762,178
153,106,572
25,349,441
a
a
15,392,333
34,031,743
6,507,000
533,922,886
34,001,032
a
1.507,615
a
106,745,733
28,405,187
4,526,588
136,404,266
4,019,188
1.840,850
2,326,247
18,638,956
194,556,973
25,766,575
a
a
16,021,226
46,551,577
6,285.000
628,266,253
d249,677
528,557
3,730.395
36,789,068
292,570 -14.7
517,793 +2.1
3,934,963 -5.2
37,362,806 -1.5
444,257
508.779
2,791,831
34,771,050
336.763
534,027
3,885,157
39,826,657
e3,274,665
d6,741,533
2,948,768 +11.0
7,009,265 -3.8
2,249,174
7,469,952
2,987,647
10,062,111
±2.2
+4.2
116,641,830
8,537,986
131,535,323
a
1,753,977
a
102,776,520
36,688.678
5,007.150
92,246,474
3,957,114
a
d26,623,592
a
878,361
17.000,792
1,099,719
a
a
26,107,487 +2.0
a
a
1,001,676 -12.3
19,103,152 -11.0
926,297 +18.7
a
21,137,059
a
377,077
17,834,964
818,512
'
a
19,637,842'
a
589,523
16,026.786
978.915.
1,182,683,570
229,676,418
1,219,646,857
+0.04
1,104,583,938
Eleventh Federal Rese se District-D alias
Texas
-Austin
7,975,178
8,201,538
Beaumont
7,018,993
6,816,554
Dallas
240,544.209
221,291,763
El Paso
22.645,817
22,371,653
Fort Worth
61,156,947
60,561,871
Galveston
52,060,000
61,632,313
Houston
155,806,991
155,658,854
Port Arthur
2,669,506
2,380,608
Texarkana
3,714,560
3,311,600
Waco
10,895,855
14,335.605
Wichita Falls
15,913,735
13,353,943
Louisiana-Shreveport -_
25,536,683
23,731,933
-2.8
+3.0
+8.7
+1.2
+1.0
-15.5
+0.1
+12.1
+12.2
-24.0
+19.2
+7.6
7,911,065
.7,500,000
175,728,270
21,797,049
54,108,061
51,552,373
125.884,060
2,283.414
2.800.917
14.230.207
9,431,809
23,541,851
7,974.698
6,992,150
150,681,911
22,120.297
51,298.721
40,125.845
123,873.312
2,448.814
2,480.732
12.749,135
9,611,522
29,960.649
+2.1
496,769.976
460,317,791
Total (12 cities)
605,938.474
593,648,235
Twelfth Federal Reser e Bank-San F ranciscoWashington-Bellingham_ _
3,411,000
2,930.000
Seattle
195.622,410
169.939,174
Spokane
50,366,000
47,938,000
Tacoma
a
a
Yakima
6,557,285
6,653,712
Idaho-Boise
5,339.372
4,841,752
Oregon-Eugene
2.283,815
1,876.180
Portland
157,840,151
150.202.123
Utah-Ogden
7,032,000
6,355,000
Salt Lake City
79,577.971
80,369,494
Nev.-Reno
2,889.906
2.803,847
Arizona-Phoenix
11,900,000
11,320,000
California-Bakersfield_ _
5,893,994
5,142,967
Berkeley
21,855,672
20,060,232
Fresno
17,257,396
13,959,131
Long Beach
33,209,370
31,750,353
Los Angeles
737,906,000
660,128.000
Modesto
3.858,078
3,711,969
Oakland
95,429,938
83,966,088
Pasadena
30,454,597
28,781,393
Riverside
4,685,102
4,417,581
Sacramento
37,083,767
34,982,231
San Diego
26,727,200
20,983,517
San Francisco
831.541,107
764,328,336
San Jose
12,956,675
11.942,132
Santa Barbara
6,760,311
5.960,443
Santa Monica
9,514,527
8,795.846
Santa Rosa
2.028,583
2,070.177
Stockton
12,909,700
12,879,000
Total (28 cities)
2,412,897.927
2.199,088,678
Grand total (193 cities)..... 47,634,150,458 46,161,258,211
Outside New York
20.533.052.192 19.440.564.225
+16.4
+15.1
+5.1
a
-1.5
+10.3
+21.7
+5.1
+10.6
-1.0
+3.1
+5.1
+14.6
+8.9
+23.6
+4.6
+11.8
+3.9
+13.6
+5.8
+6.0
+6.0
+27.8
+8.8
+8.4
+13.4
+8.2
-2.0
+0.2
+9.7
3,030.000
174,738,615
45.200,000
a
5,569,958
5,404,572
1,558,525
158,366,803
6,512.000
68,594,742
2,693,366
10,002.651
4,241,281
19,683,987
17.227,485
39,645,031
683,307,000
3,369,241
73,182,064
29,721,332
3,732,828
33,912,309
19,832,644
723,900,000
10,948,510
5,907,774
10,394,564
2,270.239
10,762,100
2,174,770,521
2,827,000
153,236.609
49,065,000
a
5,209.996
2,653.522
1,462.353
139,763.778
6,109,000
67,649,425
3,151,000
7,989,609
5,169,615
21,392,486
19,409,030
33,464,743
545,134,000
3,153,045
68,660,722
24,094,403
3,357,063
28.353,380
16,988,410
703.061.000
11,795,116
4,643,753
124,736,430
d8,023,629
1,793.558
122,096.654
7,701,234
229,002,674
+0.3
1 912 650
211,582,471
229,400,751
-6.2
1 505 020
1 832 762
49,928,577
41,970,517 +19.0
33,366,433
33,283,039'
13,502,070
9,683,000
a
12,723,884
10,643,900
a
8,079,907
9,223,439
a
10,800,35910,693,731
a
+6.1
-9.0
a
4.772,266
4,314,139 +10.6
4,261.435
4.444.412'
79.679,471
71,565,090 +11.3
56,436,234
61,054.303'
41,042,368
10,363,000
a
1,128,054
34,999,755 +17.3
8,491,000 +22.0
a
a
1,122,854
+0.5
37,475,832
9,474,000
a
1,147,303
31,896,253
8,301,000
a
1,710,436.
35,115,638
29,144,943 +20.6
35,381,540
27;163,459'
15,844,511
a
a
13,583,457 +15.2
a
a
a
a
13,026,814
a
a
13,333,580
a
a
3,269,166
6,670.651
149,996,000
2,741,190 +19.3
6.182.893
+7.9
133,854,000 +12.0
2,945,764
7,845,343
148,031,000
3,705.452*
7,050.852'
116,817.000
19,087,704
6,551,896
16,461,817 +15.9
6,572.519 -0.3
15.305.998
7,350,017
14,174,387
5,087.586.
6,477,878
3,777,616
163,500,000
2,210,599
1,066,687
2,333.095
5,061,109
,
03.500,000.
156.800,000
2,577,512
1,010,540
7,219.492
5,089,107
177,304,000
2,409,738
1,354.914
1.901,687
2,338.278
10,902,500
2,409,000
1,941,034.836
486,556,926
6,419.051
3,700,224
165,310,290
2,157,952
1,121,852
1,765,616
+12.5
+37.6
+7.2
+11.7
+20.8
+7.7
2,284,000
+5.5
1.920,900
1,988,600
435,913.423 +11.6
459,270,289
400.177,774
+3.2 38,466,889,814 37,330,673,857 9,782,355,2558,673,903,832 +12.8
8.750,734,4021 8,182,169,658
-4-5.6 17.777.761.402 17.552.314.458 4.165.983 058 3.749.407.987 +II 1 3 031 001 545 S41/1 000
155
CANADIAN CLEARINGS' FOR JANUARY FOR FOUR YEARS
AND FOR WEEK ENDING JANUARY 28.
Month of January.
Clearings at
1926.
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
$1
411,663,291
407,878,163
202,911.318
73,298,095
25,999,393
23,599,720
13,390,887
19,590,474
35,237,730
11,451,202
10,468,745
11,023,528
22,472,747
18,667,226
2,135,976
2,779,092
7,675.963
5,024,150
3,989,583
3.887,622
2,764,200
1,194,679
3,055,868
3,108,346
4,153,308
13.927,053
1,539,540
3,514,740
2,886,004
1925,
8
460,698,109
422,607,063
209,592.521
65,908,014
27,706,840
29,156,274
13,318,296
19,519,011
32,651,188
10,425,873
8,298,260
12,991,163
22.212,770
17,233.859
2,392,860
2,081,129
6,505,443
5,059,642
3.684,647
2,958,749
2,341,663
1,154,304
3,321,459
2,989,895
4,031,545
11,614.512
1,487.708
3,105,694
2,753,805
Inc. or
Dec.
$
-10.7
-3.5
-3.2
+11.2
-6.2
-19.1
+0.5
+0.6
+7.9
+9.8
+26.1
-15.2
+1.2
+83
-10.8
+33.5
+18.0
-0.7
+8.3
+31.4
+18.0
+3.5
-7.0
+4.0
+3.0
+19.9
+3..
+13.2
+4.8
Week Ended January 28.
1924.
$
444,600,306
449,560,139
180,894,646
66,363,858
26,991,813
24,020,727
12,209,818
21,521,116
31,472,446
11,719,521
8,011,612
13,187,300
21,113,612
14,928,660
2,175,756
2,485,624
7,497,355
5,055,479
4,216,896
3,632,403
2,344,224
1,528,670
3,347,346
3,528.400
4,155,314
13,064,743
1,480,266
3.536,619
2,753,988
1923.
$
399,761,098
474,161,450
175.091,823
59,704,017
26,074,014
22,469,216
12,529,292
22,796,381
21,684.459
10.579,005
9,271,921
12,841,309
19,298.743
15,274,886
2,390,134
2,454,255
6,601,191
4,947,239
4,261,063
3,357,679
1,873,956
1,322,896
2,937,141
3,218,692
4,180,026
13,736,458
1,455.503
4,186.159
2,707,810
1926.
$
81,644,843
85.709,519
40,936,867
20,392,319
4,621,963
4,146,960
2,510,235
4,341,994
7,730.826
2,370,961
3,924,188
2,115.762
4,387,986
3,523,947
398,631
633.693
1,366.787
926,550
779,110
779,207
568,712
194,403
663,492
622,855
868,727
2,650.721
315,420
689,398
568.207
1925.
$
73,369,831
82,135,123
44,385,030
13,795,568
4,150,188
4,834,018
2,456,126
4,004,490
6,451,724
2,012,483
1,478,859
1,827,473
4,262,892
3,030,930
429,584
441,299
1,232,581
1,010,147
697,327
567.886
474.074
235,201
586,193
514,906
850,612
2,564,167
301.394
610,442
463.743
Inc. or
Dec.
$
+11.3
+4.3
-7.8
+47.8
+11.4
-14.2
+2.2
+8.4
+19.8
+17.8
+165.3
+158
+2.9
+16.3
-7.2
+438
+10.9
-8.3
+11.7
+37.2
+20.0
-17.4
+13.2
+21.0
+2.1
+3.4
+4.6
+12.9
+22.5
n.....,1 Panatin(20 cities) 1.349.2841.643 1,407,802,296 -4.2 1,387,398,719 1.341.165.816
280.404.275 250 174•90t
a No longer report clearings. b No not respond to requests for figures. c Week ended Jan. 27. d Week ended
Jan. 28.
clearings, only one bank open. *Estimated.
1924.
1
87,481,196
88,460.262
33,149.169
14,512,140
4,474,433
4,490,216
2,157,330
3,955.512
6,193,119
2,442,326
1,575,865
2,021,649
3,388,562
2,792,628
374,312
704,290
1,256,391
811,609
720.096
547,026
447,037
206,238
615,762
551,857
812,057
2,174,747
266.533
725.287
486,368
1923.
$
83,848,383
83.497.969
29,373,521
12.491,767
4,777,306
4,427,945
2,209.623
4,830,341
3,801,436
1,981,301
1.727,529
2,364,571
3,711,238
3,005,590
383,330
464,090
1,380,242
852,360
736,361
523,944
415,481
241,094
595.930
568,034
778,193
2
,269,113
301,096
790,649
586,540
ass . .
ores
•
„
e Week ended Jan. 29. f No
FEB.
6 1926.]
THE CHRONICLE
713
Receipts atFlour.
Wheal.
Oafs.
Corn.
Rye.
Barley.
THE CURB MARKET.
Bushels.
Bushels.
Bushels.
Bushels.
Price movements in Curb Market trading this week were New York_ .. _ Barrels. Bushels.
226,000 1,288,000
143.111
320,111
493,000
234,000
55,111
49,111
962,000
91.000
39,000
without definite trend and for the most part changes were Philadelphia___
Baltimore_ __
16,000
52,111
164,000
26,000
174,000
20,000
Newport
1,000
small. Trading was fairly active with the heaviest business Norfolk New
1,111
26.000
New Orleans
188,111
30,111
36,000
in the oil shares. Humble Oil & Refining sold up from Galveston__ 5 51,000
.
32,000
Montreal_ .. _
%
15,000
18,111
185,000
110,111
943 to 973 and at 96% finally. Illinois Pipe Line dropped St. John, N.B 30,001 1,102,000
133.011
19,000
3,000
3,000
18,011
from 1373 to 135. Indiana Pipe Line gained 43 points Boston
Tot. wk.'26 414,000 3,752,000
65. Northern Pipe Line jumped from 72 to 803 and SinceJan.1'2 2,210,000 17,504,000 479,000 728,000 706,000 254.111
to
4,070,000 2,730,111 2,900,1 0 1
7400.0
closed to-day at 80. Prairie Oil & Gas lost about 2 points Week 1925._ 610,000
2,816,000
137,000
377.000 415,111
497,000
Since Jan. 1'25 2,613.000 15.040.000
775.000 1.566.111 2.187.000 3.700.000
to 58 and ends the week at 58%. South Penn Oil moved
•Receipts do
up from 174 to 183 and down finally to 181. Standard Oil on through bills not include grain passing through New Orleans for foreign ports,
of lading.
(California) new stock was conspicuously active and gained
The exports from the several seaboard ports :or the week
about 23' points to 583', with the final figure to-day 573. ending Saturday, Jan. 30 1926, are shown in the annexed
statement:
Standard Oil (Indiana) was also an active feature and after
Exports fromWheat.
Corn.
early loss from 68 to 65% advanced to 69 with a final reaction
Floor.
Oats.
Rye.
Rage,.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
to 674. Vacuum Oil was off from 107% to 104% and New York
1,764,586 113,214 110,353 175,136
88,432
76,000
finished to-day at 1053'. South American oils were again Boston
2,000
Philadelphia
1,000,000 171,000
1,000 138,000 272,000
37,000
399,000 112,000
prominent. Carib Syndicate improved from 18 to 22%, Baltimore
1,000
51,000
44.000 265,000
Norfolk
26,000
1.000
Newport News
but to-day broke to 143. Lego Oil & Transport rose from New Orleans
1,000
6,000 308,000
8,000
1,000
1,102,000
23% to 25% and sold finally at 25%. Industrials in good St. John, N. B
30,000 133,000
Total week 1926__ 4.347,586 730,214 154,353 498.136 316,000 348,432
demand though changes for the most part small. American Same
week 1925.._ 3.018.807
.
70.000 362.967 128.145 667.895 804.1113
Cyanamid, old stock, advanced from 196 to 233 and reacted
The destination of these exports tor the week and since
finally to 227. Bucyrus Co. com, was conspicuous for a
July 1 1925 is as below:
rise of 37 points to 235. Canada Dry Ginger Ale sold up
8
from 423/i to 47%, closing to-day at 47%. Glen Alden
'
Flour.
Wheal.
Corn.
for
Coal dropped from 159 to 1473(, Kelvinator Corp. improved ExportsSinesWeek Week
and
Since
Week
Sines
Week
Since
July 1 toJan. 30 July 1
Jan. 30
July 1
from 78% to 82% and Nizer Corp. from 78 to 83, the latter
Jan. 30
July 1
1926.
1925.
1926.
1925.
1926.
1925.
Most of the public utility issues
reacting finally to 81%.
Barrels. Barrels,
Bushels.
Bushels. Bushels. Bushels.
show very little change.
United Kingdom_ 66,198 2,219,426 1,644,720 66,720,669
69,000 1,500,204
Continent
63,440
A complete record of Curb Market transactions for the S.& Cent. Amer - _-_ 3,433,394 2,498,893 86,039.299 578,214 3,844,752
237,467
203,973 1,715,944
52.000 1,435.000
Indies
West
7.000
537,529
week will be found on page 735.
134,925
31,000 1,162,900
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended Feb. 5.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.chMis
352.890
273.340
257,995
157,285
238,420
269,300
00.
117.000
116,360
205,585
280,495
241,415
197.250
1,549,230 1,158,105
BONDS (Par Value)
Mining.
87,810
108,160
112.320
87,220
109,520
167,900
Domestic
$852,000
1,474,000
1,411,000
1,350,000
1,166,000
1,234,00f
For'n Govt.
$90,000
203,000
266.000
186,000
224,000
314,000
Other countries_
Total 1926
Total 1925
17,715
1,246,234
2,355
730.214 7,945,211
70000 1 519 Am
The world's shipments of wheat and corn, as furnished by
.
Broomhall to the New York Produce Exchange, for the week
ending Friday, Jan. 29, and since July 1 1925 and 1924,
are shown in the following:
Wheat.
1925-26.
672,930 $7,487.00( 81,283,000
Week
Jan. 29.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sal.
Mon. Tues.
Jan. 30. Feb. 1. Feb. 2.
Week Ended Feb. 5-d 30 15-16 30 15-16 3134
Silver, per oz
84.988 84.9% 84.934
Gold. per fine ounce
percents......
55H
56
Consols, 284
1013(
British, 5 per cents
10184
95St
9588
British, 434 per cents_______
49.50
49.45
French Rentes (In Paris), fr.
War Loan(tnParis),tr.
58.90
57.20
French
Wed. Thurs, Fri.
Feb. 3. Feb. 4. Feb. 5.
31
30 15-16 3013-16
84.1188 84.1134 84.1188
5534
555
5588
10134
10134
10134
9534
9588
9588
49.55
49.55
49.50
57.82
57.80
57.80
570,111
154,353 6,997,927 4,347,586 155,857.071
362,967 10,513.771 3.018.807 209.788.629
Since
July 1.
Corn.
1924-25.
Since
July 1.
1925-26
7
Week
Jan. 29.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 2,139,000238,973,000 293,767,000 607,000
Black Sea_ _ _
400,000 16,480,
3,088,000 1,165,000
Argentina. _ _ 4,328,000 38,001,000 64,861,000 2,640,000
Australia _
8.031,000 36,663.000 34,244.000
India
2,512,000 26,840,000
0th. counte
664,000
Total
Since
./Itty I.
1924-25.
Since
July 1.
Bushels,
BusheLs,
6,111
749.000
16,1.70,000 18,016,000
98,592,000 133,474,000
33,34,000
962.000
14,898,000332,629,000 422,800,000 5,076,000 154,864,000 153,201,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The .eiferchants National Bank of Medford, Mass..
Jan. 26
Correspondent, Richard B. Coolidge, 89 State St., $150,000.
87
6788'
6784
67
6634
Boston, Mass.
Jan 26
-The First National Bank of Newton Tex
Succeeds the Newton County State Bank, Newton. Tex. 30,000
Correspondent, C. S. Mitchell, care of NcIrth Texas
National Bank. Dallas, Tex.
Jan. 27
-The Citizens National Bank of Manilla, Iqws,
25.000
Correspondent. T. E. Dyson. Manilla, Iowa.
Jan. 30
-The Fair Haven National Bank, Fair Haven, N. Y_
25.000
Breadstuffs figures brought from page 774.
Correspondent. Lawrence M.Turner, Fair Haven,N.Y.
-The
statements below are prepared by us from figures collected by
APPLICATION TO ORGANIZE APPROVED.
N. J
the New York Produce Exchange. The receipts at Western Jan. 27-The Manville National Bank. Manville,0. Box 584, $50,000
Come p Indent, Edward F. Meyer, P.
Mauville, N. J.
lake and river ports for the week ending last Saturday and
APPLICATION TO CONVERT RECEIVED.
since Aug. 1 for each of the last three years have been:
Jan. 26
-The Roby National Bank, Roby. Tex
$40,000
Conversion of the First State Bank, Roby, Tex.
Wheat.
Flour.
Oats.
Corn. I
Barley.
Rye.
Receipts atVOLUNTARY LIQUIDATIONS.
bbls.1961b5. bush.60 lbs.bush. 513 lbs bush. 32 lbs.bush.4810s. bush.561bs. Jxn. 25-11828. The Farmers National Bank of Penalosa. Kan_
.
Effective Jan. 4 1926. Liq. Agent, H. W. Foster, $25,000
207,111 1,807,000
255,000
606.0001 154.000
38,000
Chicago
Penalosa. Kan.
1,830,111
284,000
MinneaPolis98.000
353.0001 320,000
Absorbed by Penalosa State Bank, Penalosa, Nan,
I
457,000
144,000
9,000
119,000 Jan.
Duluth
26-11151 The Chowchilla National Bank,Chowchilla, Cal
500''
34,000
164,000
326,000
50,000
171,000
Milwaukee...
50.000
Effective Jan. 12 1926. Liq. Agent, J. C.
98,000
119,000
113.
2,000
Toledo
Duncan:
Chowchilla, Cal.
5,000
4,0001
2,000
Detroit-- _ _ -Absorbed by the First National Bank of Chowchilla.
18,000
337,000
146,000
IndlanaPolls
Cal.. No, 10978,
497,0001
732.000j
479,000
19,011
. 103,000
St. 1.ouis_ __
44,000
15.000
181,000
471,000
22,000
1,000 Jan2 26- 9228 The AmericanWatIonal Bank of Pendleton. Ore. 300.000
Peoria - _
Effective 4 o'clock P. M. Jan, 16 1926. Liq. Agent,
643,000
114,000
550.000
Kansas City-J. B. McCook. Pendleton. Ore.
204,000
140,000
497,000
Omaha-- Absorbed by the First National Bank of Pendleton.
18,000
225,000
135,000
St. Joseph
Ore., No. 2630.
173,000
44.000
78,000
Wichita
Jan. 26-10070 The Redding National Bank, Redding, Cal _ _ _ _
52,000
74,000
89,000
100,000
Sioux City-Effective Jan 14 1526. Liq. Agent, Edw. C. Aldwell.
i
San Francisco (ml.
Tot. wk '26 436,000 4,398,000 5,267,000, 2,816,000 695,000 308,000
Absorbed by Liberty Bank. San
Same week '25 549,000 6,321,000 8,729,000 4.929,000 1,294,000 502.000 Jan. 26-12447 The First National Bank Francisco. Cal.
of North Little Rock
736,000
477,000 4,167,000 10,152,000 4,554,000
415,000
Sarno week '24
Ark,.... ___
ce A ug 1
Effective Jan_. 16 1926. Liq. Agent, Thos. It. Ash- 100.000
12,105,000 239,409,000 127,880,000 148,866.000185,454.000 17,327,000
Sin9 _- l 25
craft. Little Rock. Ark.
12,538.000 395,599.000 145,161,000 185.576.000!46,470.000 48,047.000
1924
Absorbed by Federal Bank & Trust Co. of Little
27.064.i i 1 19.200.000
11.351.000 138,111,000151,934,000 142,647,
Ilno,
Rock. Ark.
Jan. 29- 9729 The Georgia National Bai of Albany. Ga____
Effective Jan. 12 1926. Lig . ,gent. New Georgia 300.000,
Total receipts of flour and grain at the seaboard ports for
National Bank of Albany. Ga. Succeeded by New
Georgia National Bank of Alkiany. No. 11163.
the week ended Saturday, Jan. 30, follow:
The price of silver in New York on the same day has been:
Silver In N. Y., per oz. (eta.):
67
Foreign
Sputum
-mini andintscellancons4eurs
714
[voL, 3.22.
THE CHRONICLE
CHANGE OF TITLES.
Jan. 28-1.2172 The Paso Robles National Bank, Paso Robles,
Calif.to "First National Bank in Paso Robles".
Jan. 28- 8843 Planters and Merchants National Bank of South
Boston, Va., to "Planters and Merchants First
National Bank of South Boston".
CONSOLIDATION.
Jan. 30- 843 The Atlantic National Bank of Boston, Mass_ _$5,000.000
1,000,000
12882 Massachusetts National Bank of Boston, Mass
and
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of"The Atlantic National
Bank of Boston," No. 843, with capital stock of 55,000.000, and with five branches all located in the city
of Boston.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Cripple Creek Central, pref. (guar.)._ __
Maine Central, pref.(guar.)
N.Y. Chicago & St. Louis, tom.(qu.).Preferred (quar.)
Per
When
Cent. Payable
1
14
14
134
Feb. 15
Mar, 1
April 1
Apr. 1
Books Closed.
Days Inclusive.
Holders of rec. Mat. la
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Public Utilities.
Associated Gas& El.. $6 Pref.(gnat.)--- k$1.50 Mat. 1 Holders of rec. Feb 10
$8.50 preferred (guar.)
k$ 1.624 Mar, 1 Holders of rec. Feb. 10
Brooklyn City R.R.(quar.)
20c, Mar. 1 Holders of rec. Feb. I3a
Central Ark. Ry.& Light, pref.(quar.). 14 Mar. 1 Holders of rec. Feb. 154
Detroit Edison (guar.)
*2
Apr. 20 *Holders of rec. Mar.15
Eastern Shore Gas & Elec., pref. WO
2
Mar. 1 Feb. 16 to Mar. 2
Fairmount Park & Haddington Pass. Ry. *al.50 Feb. 5 •
Federal Light & Trac., common (quar.). 204. Apr, 1 Holders of rez. Mar.154
Common (payable in cam.stock)
/153. Apr. 1 Holders of rec. Mar. 154
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
Municipal Service (guar.)
25c. Mar. 1 Holders of rec. Feb. 15
West Penn Rya.,6% prof.(guar.)
134 Mar.15 Holders of rec. Mar. 1
$ per oh,
Shares. Stocks.
75 Stone's Express, Inc., 1st pref.,
$150 lot
Par $10
I 3-5 Bankers National Bank of
$105 lot
Minneapolis
Trust Companies.
400 Astoria Mahogany Co., Inc.,
$40
Feb. 25 Feb. 17 to Mar. 2
$20 lot Fidelity -International (special)
preferred
Percent.
Bonds.
Miscellaneous.
$125,000 Chic. R.I. & Pao. Ry.45,
.385 lot American Art Works,corn.& pref.(411.)- 114 Apr. 15 Holders of rec. Mar.31
2002. stpd. "payment made".
American Multlgraph (guar.)
'40c. Mar. 1 *Holders of rec. Feb. 15
$200 Green Meadow Country Club,
•500. Feb. 27 *Holders of rec. Feb. 15
$15 lot Amer. Rayon Products(guar.)
Inc., Inc. deb. 55
Amer. Window Glass Co., preferred..._ *334 Mar. 1 'Holders of rec. Feb. 18
$200 St. Andrews Golf Club 1st
•14 Mar. 1 'Holders of rec. Feb. 18
$115 lot Artioom Corp., Pref.(guar.)
mtge. 58, 1952
Associated Oil (guar.)
*50c. Apr. 26 *Holders of rec. Mar. 4
4,000 marks Bremen 4% bonds,
Mar. 1 *Holders of rec. Feb. 13
.38 lot Bates Manufacturing, corn. (No. 1).... .31
pre-war issue. 1923 coupons on.
Bull (J. G.) Co., common (guar.)
$1.25 Mar. 1 Feb. 24 to Mar. 1
1,000 francs French 5% bearer bds.,
$38 lot Brown Shoe, new corn.(guar.)(No. 1).. 50e. Mar. 1 Holders of rec. Feb. 20
Nov. 1924 coupons on
Cabot Manufacturing (guar.)
•134 Feb. 15 'Holders of rec. Feb. 4
100,000 marks Leipzig HyPotheken
Canadian Locomotive (quar.)
14 Apr. 1 Holders of rec. Mar.20
Bank 45, 1922. Jan. 1924 couApr. 1 Holders of rec. Mar. 16
$50 lot Certain-teed Products Corp., corn. (an.) $1
pons on
1% Apr. 1 Holders of rec. Mar. 16
First and second preferred (quar.)-•25c. Mar.15 *Holders of rec. Feb. 13
Continental 011 (guar.)
By It. L. Day & Co., Boston:
$ per Right. Cushman's Sons. Inc., corn. (quar.).... 758. Mar, 1 Holders of rec. Feb. 11
Rights.
$ per oh.
Shares. Stocks.
114 Mar. I Holders of rec. Feb. 11
Seven per cent preferred (guar.)
10 Turners Falls Pr. & Elec. Co_ __1711(
120
40 Citizens National Bank
$2
Eight dollar preferred (guar.)
Mar. 1 Holders of rec. Feb. 11
9 Brockton Gas Lt. Co., par $25._ 44
246
5 National Sbawmut Bank
*40c. Mar. 1 *Holders of rec. Feb. 15
Bank
10631 3 Narragansett El. Ltg., par $50._ 8314 Eagle-Picher Lead, corn.(guar.)
1 Federal National
•214 Feb. 15 'Holders of rec. Feb. 4
Farwell Bleachery (quar.)
100 Lawrence 0 & Elec., par 325._ 614
68
15 Massachusetts Cotton Mills
"1
Feb. 15 *Holders of rec. Feb. 4
Farwell Mills (quar.)
4 Massachusetts Real Estate Trust. 50
5 U. S. Worsted Corp., 1st pref._ 24
13a
111 Mar.
(quar.)
17831 3 Newsprint Investment Corp___ 1031 General Asphalt, preferredcorn. (guar.). 75c. Mar. 1 Holders of rec. Feb. 15
3 Ludlow Mfg. Associates
15 Holders of rec. Feb.
General Petroleum Corp.,
10 American Glue Co., corn
175
4334
4 Bates Mfg. Co
Goodyear Tire & Rubber, pref. (guar.). *1.34 Apr. 1 *Holders of rec. Mar 1
864 50 New Bedford Gas & Edison Light
Dartmouth Mfg. Co
20
Apr. I *Holders of rec. Mat. 15
*2
Prior preferred (guar.)
14814
Si
Co., par $25
10 West Point Mfg. Co
6c. Feb..15 Holders of rec. Feb: 1
8034-814 7 Greenfield El. Lt.& Pr. Co.214%-215% Hamilton Bank Note & Engraving
8 Arlington Mills
*624c Mar. 1 *Holders of rec. Feb. 17
5 Merrimac Chemical Co., par 550. 83% Hartman Corporation (guar.)
100
25 Ipswich Mills. pref
25c. Feb. 24 Holders of rec. Feb. 4
14 5 Plymouth Cordage Co
14834 Hazeltine Corporation (gust)
60 Hamilton Mfg. Co
25e. Feb. 24 Holders of rec. Feb. 4
Extra
30
1 State Theatre, corn., par 310._.. 7
3 Saco-Lowell Shops, Mt pref
.500. Mar. 1 *Holders of rec. Feb. 15
Hires (Chas. E.), Class A (guar.)
North Boston Lighting Proper28 Naumkeag Steam Cotton Co_ _ _178li 100
*15c. Mar. 1 *Holders of rec. Feb. 15
Class B (guar.)
ties, common
9934-9934
5534
10 Springfield Rys., pref
Sc. Feb. 25 Holders of rec. Feb. 9
Hollinger Gold Mines
10 Providence & Worcester RR._ _ _155% 10 North Boston Ltg. Proper50a. Feb. 25 Holders of rec Feb. 20
ties. pref
106A-1064 Homestake Mining (monttuy)
1034
3 Nashua St. Ry. Co., com
750. Mar. 1 Feb. 12 to Mar. 8
BondsPer cent. Household Products (quar.)
205
2 Essex Co.. par $50
Houston 011, preferred
Feb. 1 Holders of rec. Jan. 19
*3
88
$1,000 Montpelier & Barre L. & P.
9 Batchelder & Snyder. pref
International Petroleum, Ltd
•25c. Feb. If 'Holders of rec. Feb. 11
1st 55, Oct. 1954, cony.into pref.
17 units Queens Run Refractories 3731
214 Feb. 15 Holders of rec. Feb. 9
9114 Jefferson & Clearfield, preferred
stock March 1 1928
Caro. G.& El. Co., 2d pref. 8
20 So.
•134 Apr. 1 *Holders of rec. Mar. 20
Kaufmann Dept. Stores, pref. (quit.)
Rights.
10 Bausch Machine Tool Co.. pref. 2431
Preferred (guar.)
*114 July 1 *Holders of rec. June 21
S pe
75X 10 Old Colony Trust Co., Bostc:nRighl.
17 units First Peoples Trust
*1% Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
3214
(w a and if Issued)
Peoples Trust_ 531
8 special units First
5131 Jan2 27 *Holders of rec. Dec. 20
Preferred (guar.)
934-10
7 North Boston Ltg. Prop, pref..10634 94 Lynn Gas & Electric Co
Lake of the Woods Milling, corn.(guar.) 3
Mar, 1 Holders of rec. Feb. 13
Preferred (guar.)
11‘ Mar. 1 Holders of rec. Feb. 13
By Wise, Hobbs, & Arnold Boston:
75c. Mar. 1 Holders of rec. Feb. 15
$ per oh. Lehn 'SC Fink (quar.)
s per eh. Shares. Stocks.
Shares. Stocks.
*$2.50 Mar. 1 *Holders of rec. Feb. 3
9914 Ludlow Mfg. Associates (guar.)
35114 5 North Boston Ltg. Prop.,corn
1 First National Bank
Extra
Mar, I *Holders of rec. Feb. 3
12
4
7531
6 units First Peoples Trust
114
5 Clinton Trust Co
Manufactured Rubber, pref
Feb. 10 Holders of rec. Feb. 2.3
17834 75 Charlestown G. & El. Co., par
Naumkeag Steam Cotton Co
5
.$1.25 Mar. 1 *Holders of refl. Feb. 15
11814 May Department Stores, corn. (guar.).. 1
$25
80
50 Arlington Mills
Preferred (guar.)
•134 Apr. 1 'Holders of reC. Mar. 15
7714
20 6 Mass. Ltg. Cos.,common
5 American Linen Co
50 Lowell Elec. Light Co., par 325_ 64% McCall Corporation, no par corn.(No.1) *50e. Feb. 18 *Holders of rec. Feb. 10
20 Turners Falls Power di El. Co.__ 17
Merrimac Manufacturing, corn.(gust.). •114 Mar. 1 *liolders of rec. Feb. 4
104% 24 Merrimac Chemical Co., par 350 8335
92 flood Rubber Co., pref
•75c. Mar. 1 *Holders of rec. Feb. 16
Winnipeg Elec. Co., corn. 53-534 MunsIngwear, Inc. (quar.)
100 :
34
10 Eastern Mfg. Co., pref
•50c. Feb. 15 *Holders of rec. Jan. 28
7 Beverly Gas & El. Co., par $25.- 8814 Morse Twist & Drill
25 units Hudson Valley Coke &
Nat. Dept. Stores. pref.(qaar.)
"11‘ Mar. *Holders of rec. Feb. 15
7531
40 units First Peoples Trust
107
Products Corp
2d pref. (guar.)
•114 Mar. *Holders of rec. Feb. 15
525..
'5 North Boston Ltg. Prop., corn... 994 25 Lowell El. Light Co.. par $25.. 6434 Phillips-Jones Corp.,corn.(guar.)
Mar.
$1
Holders of rec. Feb. 20a
4314
par
50 Brockton G. Lt. Co.,
100 Fall River Elec. Light Co.,
Phoenix Hosiery, 1st & 2d pref. (guar.). *Ili Mar. *Holders of rec. Feb. 17
5014
par $25
$ per right Pro-phy-lac-tic Brush, corn, (extra),.,, •50a. Mar. *Holders of rec. Feb. 15
Rights.
Trust
7514
2 units First Peoples
Reid Ice Cream Corp., pref. (quar.)__
11( Mar.
Holders of rec. Feb. 20
115 Old Colony Trust Co. (when
.257
5 Mass. Bonding & Insurance Co.
*3
Feb. 9 *Hciders of rec. Feb. 3
324-324 Scovill Mfg. (extra)
issued)
13734
10 U.S. Envelope Co.. common
Simon (Franklin), Inc., pref. (gust.)... •131 Mar. 1 *Holders of rec. Feb. 18
Soule Mills, common (quar.)
Feb. 15 *Holders of rec. Feb. 5
"$2
By Barnes & Lofland, Philadelphia:
$1
Mar. 1 Holders of rec. Feb. 15
Southern Pipe Line (guar.)
$ Per oh. Spear & Co.. pref.(guar.)
$ per oh. Shares. Stocks.
Shares. Stocks.
•114 Mar. 1 *Holders of rec. Feb. 15
275
20 Aldine Trust Co
*8214c Mar. 15 *Holders of reo. Feb. 15
Phila. Bourse, corn., par $50.... 18
Standard Oil (Indiana) (guar.)
4
1004 57 Republic Trust Co., par $50....._226
.25o. Mar 15 'Holders of rec. Feb. 15
Extra
10 Scott Paper Co., pref
2 Pilgrim Title & Trust Co., par 350 414 Standard Oil of N.Y.
*Mc May 15 *Holders of rec. Feb. 19
14 Integrity Trust Co., par $50_ _517
(guar.)
20 Logan Bank & Tr. Co., par $50. 7535 Studebaker Corporation, corn. (quar.) •SI 25 Mar. 1 *Holders of rec. Feb. 10
517
Trust Co ,par $50
4 Integrity
125
40 Mutual Trust Co., par 350
9% Mar. 1 'Holders of rec Feb. 10
Preferred (guan)
20 Kensington Nat. Bank. par 350_196
197
15 Guarantee Trust & S. D. Co*$1.25 Feb. 15 *Holders of rec. Feb. 8
Rights to subscribe to Columbia
Tide-Water 011, preferred (anat.)
10 Jenkintown Bank & Trust Co.,
"75c. Mar. 5 *Holders of rec. Feb. 20
Avenue Trust Co. as follows: 20
Roller Bearing mum%)
32814 Timken .
par $50
.250. Mar. 5 *Holders of reo. Feb. 20
Extra
at 150, 41 at 146, % at 142, 31 at
6 Jenkintown Bank & Trust Co.,
*214 Apr. 1 *Holders of rec. Mar. 5
142, 11 at 130,14 at 142.
United Fruit guar.).
324
par $50
Apr. 1 Holders of reo. Mar. 5
2
Extra
2 Penn. Academy of the Fine Arts__ 3311
Market Co..
,
U.S Stores Cor• int, pref.(quer.)--- 114 Mar. 1 Holders of rec. Feb. 180
20 Phila. Bourse, corn., par $50... 1834 6 Girard Ave. Farmers
45
par $50
50c. Mar. 20 Holders of rec. Feb. 27
Vacuum Oil IQ
4 Phila. Bourse, corn., par $50.._. 1831
85
pref
Hotel
50c. Mar. 20 Holders of rec. Feb. 27
Extra
4 Phila. Bourse, corn., par $50.-- _ 1811 5 Sylvania Chase.Co., pref
Inc.,
9431 White Motor (guar.)
62 Hare &
Mar.31 *Holders of rec. Mar. 10
100 Chicago Aurora & Elgin Corp.,
50 Hare & Chase,Inc., corn., no par 274 Weber & Hellbroner. common (guar.).. $1
27
Mar.30 Holders of rec. Mar. 16
COM
no par 27
Hare Chase, Inc.,
11‘ Mar. I Holders of ree. Feb. 16
Preferred (guar.)
50 Aldine Mtge. Guar. Co., par $10 184 25 Hare & Chase,Inc..corn., no par 26%
coca.,
&
25
25c. Feb. 27 Holders of rec. Feb. 20
Welch Grape Juice, corn.(guar.)
200 Aldine Mtge. Guar. Co.,par $10 18
Inc.. corn., no par 2634
25 Hare & Chase,
134 Feb. 27 Holders of rec. Feb. 20
Preferred (guar.)
1 Membership Mercantile Library 75
378 Hare at Chase,Inc.,com.,no par 26
Feb. 15 Feb. 3 to Feb. 16
3
Sewing Machine
Co. (perpetual)
11014 Willcox & Gibbs
1314 10 Curtis Publishing, new pref......12134 Wurlitzer (Rud.) Co.,8% pref. (quar.)_ 2
Mar. 1 Holders of roe. Feb. 20
10 Phila. Life Insur. Co., par $10 26
1604
2 Tioga Trust
18 Riverside Traction Co., pref
9734 2 Metropolitan Trust
50 John B.Stetson Co ,com..no par 65
Per cent.
Bonds.
Below we give the dividends announced in previous weeks
64 Keystone Watch Case Co
$1.000 Reading Traction! Co. 1st 88,
3 Victory Insurance Co.. par 550-133
and not yet paid. This list does not include dividends an104
1933
15
100 Camden Fire Ins Assn., par $5741
$3,000 Reading Co.(Phila.& Read.
nounced this week, these being given in the preceding table.
16 Girard National Bank
Coal & Iron Co.) gen. 45, 1991... 9831
855
10 Franklin National Bank
31,000 Wilkes-Barre Gas &Elec.Co.
645
4 Central National Bank
Per
When
Books Closed
consol. 55. 1955
100
535
10 Philadelphia National Bank__ .533
Cent. Payable.
Doss Inelsetlee.
Name of Cotnyany.
$7,500 New Hope Brick Co. let 68,
Bank...
15 Philadelphia National Bank--531
5
due 1934
10 Philadelphia National
Railroads (Steam).
$1,000 gluntingdon & Broad Top
...220
5 National Bank of Commerce.
Alabama Great etouthern, preferred--- 314 Feb. 15 Holders of rec. Jan. 15
Mtn. RR. & Coal 3d cons. ext.
Co..361
10 Bank of North Amer.& Tr. $50. 75
3914 Atch. Topeka & Santa Fe. corn.(guar.). 114 Mar, 1 Holders of rec. Jan. 250
5s. 1940
Broad Street Trust Co., par
15
1
11( Mar. 1 Holders of rec. Jan. 18a
ma .
$2,000 City of Philadelphia 45, 1943 9714 Baltimore & Ohio, common (guar.)
Lives, &c.1395
20 Penna.Co.for Ins.on
Holders of rec. Jan. 16a
Preferred (guar.)
*50e. Feb. 15 *Holders of rec. Jan. 30
Bellefonte Central(annual)
J. Wright & Co., Buffalo:
By A.
Feb. 15 Holders of rec. Feb. 5a
Buffalo Rochester & Pittab., common... 2
$ per oh.
$ per oh. Shares. Stocks.
3
Feb. 15 Holders of rec. Feb. Sa
Shares. Stocks.
Preferred
359
500 Teck Hughes
56
2
Pratt & Lambert
Feb. 15 Holders of rec. Feb. 8a
Central RR. of N. J. (guar.)
10 Labor Temple Amen of Buffalo
7' Buff. Msg. ,k East. Pow., pref 25
8714c mar. 1
I
$4.50 lot Cleveland & Pittsburgh, guar. (guar.)._ 50c. Mar. I Holders of rec. Feb. 10a
and vicinity
230.
West Dome Lake
Holders of rec. Feb. 10a
1,000 Consol.
Special guaranteed (guar.)
$4 lot
3434 1234 Hefter Qualitol
Power-.
5
Feb. 8 Holders of rec. Feb. 5a
Green Bay & Western
7 Buff. Niagara &Eaat.
214 Apr. 10 Holders of rec. Apr. 1
Houston & Texas Central
2% Feb. 15 Holde of rec. Feb. la
1% mar. 1 Holders
Hudson & Manhattan, pref
DIVIDENDS.
Holders of rec. Feb. Sa
Illinois Central, common (guar.)
Mar. 1
Feb. 54
Preferred
Dividends are grouped in two separate tables. In the Internat.Rys.of Cent. Amer., pf.(qu.) 3 Feb. 15 Holders of reo. Jan. 304
ig
Holders of rec.
dividends announced the Louisville & Nashville
3
Feb. 10 Holders of rec. Jan. 15a
first we bring together all the
$ per oh.
Shares. Stocks.
300 Poland American Gold Min.&I
Milling Co. of Aria., par IL__
10 Tilma River Plantation Co. of
)81 lot
Nicaragua, par 350
$450 demand notes of Thomas J.1
Burton. dated July 26 and 31)
1918. and Nov. 20 1918
55 Goldfield Deep Mines. par 5c..31 lot
714 Round Top Farms. common_.}$.5 lot
2234 Round Top Farms pref
$5 lot
15 Samoset Oil, preferred
10 Wellesley Inn Corp., par $10-...V lot
9 Granton Chemical Co.,common.4,3105
12 Gmnton Chemical Co.. pref .1 lot
5 Hamilton Produc'n Co.. par $20$278lot
1584 Rio Grande Extension Co..
$1 lot
par $50
70 Lane Bryant. Inc., pref...33,600 lot
50 Porto Rico Gas & Coke Co., pref. 17
612 Universal Sulphur Prod. Co_ _$35 lot
in which
current week. Then we follow with a second table,
FEE.6 1926.]
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Maine Central, pref. (acct. accum. dim)
New Orleans Texas & Mexico (guar.)._
Norfolk & Western, common (guar.)
Adj. pref.(guar.)
Oswego & Syracuse
Pennsylvania (guar.)
Reading Company. common (guar.).
First preferred (guar.)
St. Louis-San Francisco. Pref. (quar.)..
Preferred (guar.)
Preferred (qua!'.)
Wabash, pref. A (guar.)
5744 Mar. 1
Mar. 1
Mar. 19
r eb. 19
$2.25 Fel 20
750. Feb. 27
$I
Feb. 11
500. Mar.11
144 May 1
144 Aug. 2
1% Nov. 1
81.25 Feb. 25
Holders of rec. Feb. 15
Holders of rec. Feb. 18s
Holders of rec. Feb. 27a
Holders of rec. Jan. 30a
Holders of rec. Feb. 80
Holders of rec. Feb. la
Holders of rec. Jan. 14a
Holders of rec. Feb. 19a
Holders of rec. Apr. 100
Holders of rec. July 15a
Holders of rec. Oct. 15a
Holders of rec. Jan 23
144
134
1
Public Utilities.
Amer. Electric Power, pref. (guar.)._
141 Feb. 1
American Superpower. partic. pref (qu)•50c. Feb. 1
American Telegraph at Cable (guar.)
•141 Mar.
Amer. Water Works & Elec., com.(qu.) . 144 Feb. 1
Common (payable In common stock). ./244 Feb. 1
First preferred (guar.)
141 Feb. 1
Brazilian Tree, L. & P.. ord. (guar.)._ _
134 Mar.
Brooklyn Edison Co. (guar.)
2
Mar.
Bklyn-Manhat. Transit pref.(guar.).
81.50 Apr. 1
Central Illinois Pub. Serv.. pref. (qu.). •134 Apr. 1
Central & Southwest. Utilities, pf.(qu.). *81.75 Feb. 1
Prior lien stock (guar.)
*81.75 Feb. 1
Chlc,Rap Tran prior pref (monthly)- - 65c. Mar.
Columbia Gas & Elec., common (quar.)- 65c. Feb. 1
Seven per cent preferred (guar.)
134 Feb. 1
Connecticut Ry.& Ltg.,com.& Pt.(go.) 1% Feb. 1
Consolidated Gas N. Y., corn. (quar.)
81.25 Mar.1
Consumers Power(Mich.),6% PI.(qu.)_ 134 Apr.
6.6% preferred (guar.)
1.85 Apr.
7% preferred (quar.)
141 Apr.
6% preferred (monthly)
80o. Mar.
6% preferred (monthly)
50c. Apr.
6.6% preferred (monthly)
55c. Mar.
6.6% preferred (monthly)
550. Apr.
Duquesne Light, 1st pref., Ser. A (qu.)_
lig Mar. 1
Eastern Mass. St. Ry. let pf. at 3.1.stk _ 3
Feb. 1
Foshay(W.B.)Co.,com.&spec.(nfthly) 1 1-3 Feb. 1
Founders stock (monthly)
1 1-3 Feb. 1
Preferred (monthly)
2-3 Feb. 1
Illuminating & Power Scour., corn. (qu.) 450. Feb. 1
Preferred (quar.)
1% Feb. 1
Internat. Public Service, corn. (m'thly).
5-6 Feb. 1
Preferred (monthly)
7-12 Feb. 1
Middle West Utilities, com.(guar.). - $1.25 Feb. 1
Minnesota Elec. DIstrIb., corn.(m'thly).
1 Feb. 1
Preferred A (monthly)
2-3 Feb. 1
Preferred B (monthly)
1
Feb. 1
Preferred C (monthly)
7-12 Feb. 1
Montreal L., H.& P., Cons. (guar.).
- 2
Feb. 1
Montreal Light, Heat & Power (guar.)._ *2
Feb. 1
National Power & Light, common
10c. Mar.
North American Edison, pref. (guar.).- $1.50 Mar.
North West Utilities. 7% pref. (qua!'.).. 1% Feb. 1
Ohio Edison Co.,6% pref. (guar.)
144 Mar.
6.6% preferred (guar.)
1.65 Mar.
7% preferred (guar.)
134 Mar.
6.6% preferred (monthly)
55c. Mar.
Pacific Gas& Elec.. pref.(guar.)
•144 Feb. 1
Pacific Lighting, common (guar.)
*4
Feb. 1
Preferred (guar.)
'134 Feb. 1
Pennsylvania-Ohio P.& L..8% Pr.(qu.) 2
May
Seven per cent preferred (quar.)
141 May
7.2% preferred (qua!'.)
60e. Mar.
7.2% preferred (guar.)
600. Apr.
7.2% preferred (guar.)
600. May
Peoples Light & Power, com.(tWthly)._ I 1-3 Feb. 1
Preferred (monthly)
7-12 Feb. 1
Philadelphia Company, preferred
$1.25 Mar.
Public Service Corp. common (quar.)_
21.25 Mar.3
Eight per cent preferred (guar.)
2
Mar.3
Seven per cent preferred (guar.)
141 Mar.3
Six per cent preferred (guar.)
135 Mar.3
Public Service Elec.& Gas,7% Pt.(on.). 134 Mar.3
134 Mar.3
Six per cent preferred (guar.)
Southern Colorado Pow,corn. A (guar.). 500. Feb. 2
"5
South Pittsburgh Water, preferred
Feb. 1
Tampa Electric Co. (guar.)
234 Feb. 1
Tennessee Elec. Pow.,6% 1st pref (qu.) 81.50 Apr.
81.75 Apr.
7% first preferred (guar.)
81.80 Apr.
7.2% first preferred (guar-)
50c. Mar.
6% first preferred (monthly)
50c. Apr.
6% first preferred (monthly)
600, Mar.
7.2% first preferred (monthly)
(monthly)
60c, Apr.
7.2% first preferred
Tri-State Utilities, common (monthly)._
44 Feb. 1
7-12 Feb. 1
Preferred (monthly)
United Rys.& Elec., Bait., cam.(qu.).. 50o. Feb. 1
UnitedUtilities. pref
83.50 Mar.
West Penn Company.7% pref. (quar.). 134 Feb. 1
West Penn Electric Co.,7% pref.(guar.) 141 Feb. 1
_
1
Feb. 1
Winnipeg Electric Co.. corn.(guar.)
Wisconsin Power at Light, Pref. (guar.). 411.75 Mar. 1
Banks.
Public National (Payable in stock)
Trust Companies.
Title Guarantee & Trust, extra
Holders of rec. Feb. 5a
*Holders of rec. Jan. 23
*Holders of rec. Feb. 27
Holders of rec. Feb. la
Holders of ree. Feb. is
Holders of rec. Feb. la
Holders of rec. Jan. 30
Holders of rec. Feb. ha
Holders of rec. Apr. la
*Holders of rec. Mar. 31
*Holders of rec. Jan. 30
*Holders of rec. Jan. 30
HcIders of rec. Feb. 16o
Holders of rec. Feb. 40
Holders of rec. Feb. 40
Feb. 1 to Feb. 15
Holders of rec. Feb. 8a
Holders of rec. Mar.15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Feb. 150
Hclders of rec. Jan. 30
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of reo. Jan. 30
Holders of rec. Jan. 30
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holder. of rec. Jan. 30
Holders of rec. Jan. 31'
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of coup. No.384
*Holders of rec. Jan. 31
Holders of rec. Feb. 18a
Holders of rec. Feb. 15a
Holders of rec. Jan. 30
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Jan. 15
'Holders of rec. Jan. 30
*Holders of rec. Jan. 30
'Holders of rec. Jan. 30
Holders of ree. Apr. 20
Holders of rec. Apr. 20
Holders of rec. Feb. 23
Holders of rec. Mar. 25
Holders of rec. Apr. 20
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Feb. 10a
Holders of rec. Mar. 5a
Holders of rec. Mar. 5a
Holders of rec. Mar. 5a
Holders of rec. Mar. 5a
Holders of rec. Mar. 5a
Holders of rec. Mar. 5a
Holders of rec. Jan. 31
*Holders of rec. Feb. 5
Holders of rec. Feb. la
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Star. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Jan. 23a
Holders of rec. Feb. 20
Holders of rec. Feb. la
Holders of rec. Feb. la
Holders of rec. Jan. 31
*Holders of rec. Feb. 28
*1234 Mar. 31 'Holders of rec. Mar. 15
4
Mar. 31 Holders of rec. Mar.20
Miscellaneous.
(guar.)
2
Alaska Packers Association (guar.)
Feb. 10 Holders of rec. Jan. 30
81.50 Feb. 15 Holders of rec. Jan. 26-s
Mils-Chalmers Mfg., corn.
American Can,common (guar.)
I% Feb. 15 Holders of rec. Jan. 30a
3
Common (extra)
Feb. 15 Holders of rec. Jan. 30a
Common (payable In common stock). .50
To bee stifled at meeting Feb.9
150c. Apr. 1 Mar. 21 to Mar. 31
American Chain, Class A (guar.)
-La France Fire Eng.. com.(qu.). 25c. Feb. 15 Holders of rec Feb. la
Amer.
1)4 Apr. 1 Holders of rec. Mar. I no
American Linseed, pref.(guar.)
81
American Metals, common (quar,)
Mar. 1 Holders of rec. Feb. 18a
1% Mar. I Holders of rec. Feb. lila
Preferred (quar.)
81
Mar.31 Holders of ref. Mar. 15a
American Radiator,com.(qua!'.)
1% Feb. 15 Holders of rec. Jan. 300
Preferred (Mier.)
Amer.Smelting & Refining, pref.(guar.) 131 Mar. 1 Holders of rec. Feja. 5a
134 Feb. Is Holders of rec. Feb I
American Soda Fountain (guar.)
American Stores Corporation (guar )___ 50c. Apr. 1 Mar. 17 to Apr. I
50c. July I June 16 to July 1
Quarterly
50o. Oct. 1 Sept. 16 to Oct. 1
QuarterlY
Mar. 1 Holders of ree. Feb. 100
American Tobacco, com.& com. B (go.) $2
Apr. 15 "Hoidens of rec. Apr. 5
Amer. vitrified Products,com.(quar.). •81
•141 May 1 *Holders of rec. Apr. 20
Preferred (qUar.)
2c, Feb. 10 Holders of rec. Jan 30
(guar.)
Amparo Mining
7.7.c. Feb 23 llolders of rec. Jan. 185
Anaconda Copper Mining (guar.)
Associated Dry Goods, let pref.(guar.). 144 Mar. 1 Holders of rec. Feb. 13a
134 Mar
Holders of rec. Feb. 131
Second Preferred (qua!'.)
144 Apr 1 If olders of rec. Mar.20
Babcock & Wilcox Co.(guar.)
250. Mar. 1 Holders of rec. Feb. 20a
Kate, com.(monthly)
Balaban &
25e. Apr. 1 Holders of rec. Mar.20a
Monthly---f
(guar.)._
134 Apr. 1 Holders of rec. Mar. 6a
Bethlehem Steel, 7% preferred
2
Apr. 1 Holders of rec. Mar. 60
Eight per cent preferred (guar.)
•1745 Feb. 18 *Holders of rec. Feb. 15
Big Lake Oil
4
Feb. 15 Holders of rec. Feb. 8
Morgage Guarantee (clunr.)
Bond &
(guar.)
31
Mar. I Holders of rec. Feb. 16a
Borden Company, corn.
25e. Mar. 1 Holders of rec. Feb. Ilia
Common (extra)
Feb. 15 Holders of rec. Feb. 5a
Mills. Class 1 (guar.)._ SI
Botany Consd.
$1
Mar. 15 Holders of rec. Feb. 19
Buckeye Pipe Line (guar.)
50c. Mar. 15 Holders of rec. Feb. 19
Extra
*6240 Feb. 15 *Holders of rec. Jan 30
Butler Bros. (qua!'.)
Name ef Company.
715
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Burns Brothers, Class A (guar.)
82.50 Feb. 15 Holders of rec. Feb. la
Class B (guar.)
50c. Feb. 15 Holders of rec. Feb. la
Butler Mill (guar.)
2
Feb. 15 Holders of rec. Feb. 5
California Packing (quar.)
$1.50 Mar. 15 Ho.dent of rec. Feb. 27
Canada Cement, pref. (guar.)
141 Feb. 16 Holders of rec. Jan. 31
Canadian Converters (guar.)
134 Feb. 15 Holders of rec. Jan. 30
Case (J.I.) Threshing Mach., pref.(qu.) 144 Apr. I Holders of rec. Mar. 15ts
Centrifugal Pipe Corp.(guar.)
25c. Feb. 15 Holders of rec. Feb. ea
Century.RIbben Mills, pref. (quar.).
134 Mar. 1 Holders of rec. Feb. 6
C. G. Spring & Bumper, corn. (guar.)._ 10c. Feb. 15 Feb. 9 to Feb. 15
Common (extra)
5o. Feb. 15 Feb. 9 to Feb. 15
ChIcago,M111 & Lumber, corn. (guar.)._ •1
Feb. 16 *Holders of rec. Feb. 6
Chicago Flexible Shaft. pref. (quar.,
•134 Mar. 1 *Holders of rec. Feb. 18
Chicago Yellow Cab (monthly)
33 I-3c Mar. 1 Holders of ree. Feb. 200
Childs Co., corn.. 2100 par value (guar.). 3
Mar. 10 Holders of rec. Feb. 260
Common, no par value (guar.)
60c. Mar. 10 Holders of net. Feb. 28a
Corn.(extra, pay. In no par corn. stk.) (5)
Apr. 1 Holders of rec. Feb. 260
Com.,(extra, Day. in no par corn. stk.) (j) July 1 Holders of rec. May 280
Corn. (extra, pay. in no par com. stk.) (j) Oct. 1 Holders of rec. Aug. 270
Com.,(extra, pay. In no par com. stk.) (j) Dec 30 Holders of net. Nov. 260
Preferred (guar.)
134 Mar. 10 Holders of rec. Feb. 260
Chill Copper (guar.)
6244c Mar. 29 Holders of rec. Mar. 30
Cities Service,common (monthly)
•44 Mar. 1 'Holders of rec. Feb. 15
Common (payable In common stock).. V% Mar. 1 *Holders of rec. Feb. 15
Preferred and preferred B (monthly).- •34 Mar. 1 *Holders of rec. Feb. 15
Cohn-Hall-Marx Co., corn.(guar.)
70c. Apr. 5 Holders of rec. Apr. 5
Common (guar.)
70e. July 5 Holders of rec. July 5
Colonial Steel, corn.& pt. (in com.stk.)./100 Feb. 10 Holders of rec. Jan. 30
Colorado Fuel & Iron, pref.(guar.)
*2
Feb. 25 *Holders of rec. Feb. 10
Commercial Credit, Baltimore, com____ '120 Feb. 27 Holders of rec. Jan. 18
Congoleum-Nairn, Inc.. pref.(quar.)--Mar. 1 Holders of rec. Feb. 15
Consolidated Cigar Corp., pref. (quar.)_
Mar. 1 Holders of rec. Feb. 15s
Consolidation Coal (guar.)
1% Feb. 20 Holders of rec. Feb. 100
Consumers Company, pref
4 3% Feb. 20 'Holders ef rec. Feb. 10
.
Pref. (In full of all accum. diva.)
.57
Feb. 20 'Holders of rec. Feb. 10
Continental Can,com.(guar.)
$1.25 Feb. 15 Holders of rec. Feb. 80
Common (extra)
Feb. 15 Holders of rec. Feb. 58
$l
Coty,Inc.(guar.)
$1
Mar. 31 Holders of rec. Mar. 190
Curtis Aeroplane & Motor. preferred
4% Mar. 1 Holders of rec. Feb. 15
Decker (Alfred) & Cohn.Inc.. pref.(qu.)
Mar. 1 Holders of rec. Feb. 200
Deere & Co., preferred (guar.)
154 Mar. 1 Holders of rec. Feb. 150
Preferred (acct. accum. dividends)..
44 Mar. I Holders of rec. Feb. 150
Diamond Match (guar.)
2
Mar. 1 Holders of rec. Feb. 27a
Dominion Bridge, Ltd.(guar.)
Feb. 15 Holders of rec. Jan. 30
1
Eetey-Welte Corporation-Class A (payable in Class A stock)... 2
Mar, 1 Holders of rec. Feb. 15
Class B (payable In Class A stock)._ _ 2
Mar. 1 Holders of rec. Feb. 15
Euclid Oil (monthly)
134 Feb. 25 Holders of rec. Feb. 10
Monthly
114 Mar.25 Holders of rec. Mar.10
Fair (The), corn.(monthly)
20o. Mar. 1 Holders of rec. Feb. 186
Common (monthly)
20o. Apr. 1 Holders of rec. Mar.200
Common (monthly)
200. May 1 Holders of rec. Apr 200
Fairbanks. Morse & Co., pref. (qua!'.).. 134 Mar, 1 Holders of rec. Feb. 150
Famous Players Can. Corp., 1st pf.(q.) $2
Mar. 1 Holders of rec. Jan. 30
Federal Mining & Smelting. com
10
Mar.16 Holders of rec. Feb. 250
Preferred (account accum. dividends). 56
Feb 16 Holders of rec. Feb. 60
Preferred (account accum. dividends)_ 5734 Mar. 9 Holders of rec. Feb. 250
Preferred (guar.)
Mar. 15 Holders of rec. Feb. 250
Firestone Tire & Rubber 7% pref. (qu.)
Feb. 15 Holders of rec. Feb. 1
First National Pictures, 1st pref.(guar.) $2
Apr. 1 Holders of rec. Mar. 150
Fisk Rubber. 1st pr.(acct. accum. dive.) 5134 May 1 Holders of rec. Apr. 150
Convertible preferred (No. 1)
*144 May 1 *Holders of reo. Apr. 15
General Development Co.(quar)
25e. Feb. 20 Holders of rec. Feb. 10a
General Fireproofing
Corn.(pay.in Truscon Steel coin.stk.) (1) Feb. 10 'Holders of reo. Feb. 1
General Outdoor Advertising, Cl. A (qu.) $I
Feb. 15 Holders of rec. Feb. 5a
Preferred (guar.)
•134 Feb. 15 *Holders of rec. Feb. 5
Gillette Safety Razor (guar.)
75e. Mar. 1 Holders of rec. Feb. 1
Extra
25c. Mar. 1 Holders of rec. Feb. 1
Glidden Co., common (guar.)
*50c. Apr. 1 *Holders of rec. Mar.20
Prior preferred (guar.)
•141 Apr. I 'Holders of rec. Mar. 20
Goodrich(B.F.) Co., common (quar.).. $1
Mar. 1 Holders of rec. Feb. 150
Preferred (quar.)
141 Apr. 1 Holders of rec. Mar. I50
Preferred (guar.)
Holders of not. June 150
Gossard (H. W.) Co., corn. (monthly).. 33 1-3e Mar. 1 Holders of rec. Feb. 18e
Gotham Silk Hosiery, 1st & 2d pr.(qu.).
May 1 Holders of rec. April I5a
Great Lakes Dredge & Dock (quar.)
2
Feb. 15 Holders of rec. Feb. 6
Extra
2
Feb. 15 Holders of rec. Feb. 6
Greenfield Tap & Die Corp.,6% pi.(qu.)
Apr. 1 "Holders of rec. Mar. 15
Eight per cent preferred (guar.)
*2
Apr. 1 "Holders of rec. Mar. 15
Guenther Publishing, pref. (guar.)
244 Feb. 16 Holders of rec. Jan. 16
Preferred (acct. accumulated
5234 Feb. 16 Holders of rec. Jan. 16
Preferred (guar.)
244 May 16 Holders of rec. Apr. 16
Preferred (acct. accumulated diva.)... PO/4 May 16 Molders Of rec. Apr. 16
Preferred (quar.)
244 Aug. 16 Holders of net. July 16
Preferred (acct, accumulated dive.)_
5244 Aug. 16 Holders of rec. July 16
Preferred (guar.)
234 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated diva.)
5234 Nov. 16 Holders of rec. Oct. 16
Harbison-Walker Refrao., corn. (quar.)- 134 Mar, 1 Holders of rec. Feb. 190
Preferred (guar.)
144 Apr. 20 Helders of rec. Apr. 10a
Hart, Schaffner & Marx (guar.)
144 Feb. 27 Holders of rec. Feb. 13
Extra
2
Feb. 27 Holders of rec. Feb. 13
Hayes Wheel, common (guar.)
750. Mard15 Holders of rec. Feb.d23a
Common (extra)
250. Mardi/ Holders of rec. Feb423a
744% preferred (guar.)
1% Mardi)) Holders of rec. Feb.d23a
Hercules Powder, pref. (guar.)
141 Feb. 15 Holders of rec. Feb. 5
Hibbard,Spencer,Bartlett& Co.
(m'thly) 35o. Feb. 26 Holders of rec. Feb. 19
Monthly
35e. Mar.26 Holders of rec. Mar. 19
Extra
20c. Mar.28 Holders of rec. Mar. 19
Hollander (A.) & Son, common
6244c Feb. 15 Holdas of rec. Feb. 1
Hoosac Cotton Mill (guar.)
144 Feb. 15 Holders of rec. Feb. 5
Household Products Corp.(guar.)
75c. Mar. 1 Feb. 12 to Mar. 8
Hudson Motor Car (guar.)
75c. April 1 Holders of rec. Mar. 15
Illinois Brick (guar.)
"2.4 Apr. 15 *Holders of rec. Apr. a
Quarterly
"2.4 July 15 'Holders of rec. July 5
Quarterly
02.4 Oct. 15 'Holders of rec. Oct. 5
Imperial Oil, Canada (guar.)
*25e. Mar. 1
Independent 011 & Gas (guar.)
250. Apr. 12 Holders of rec. Mar.310
Indiana Pipe Line (guar.)
81
Feb. 15 Holders of rec. Jan. 22
Indian Motocycle, cons.(guar.)
50c. Mar, 1 Holders of rec. Feb. 15
Ingersoll-Rand Co., new cons.(No. 1)_. 75e. Mar. 1 Holders of rec. Jan. 30
Inland Steel, common (guar.)
*6234 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
•141 Apr. 1 *Holders of rec. Mar. 15
Internat. Agricultural Corp., prior pref. 141 Mar. 1 Holders of rec. Feb. 150
Internat. Combustion Eng. (gnar).-- - 50c. Feb. 28 Holders of rec. Feb. 150
Internat. Harvester, pref. (guar.)
Mar. 1 Holden; of re° Feb. 100
International Shoe, coin.(quar)
$1.50 Apr. 1 Holders of rec. Mar.150
Common (guar.)
$1.50 July 1 Holders of rec. June 150
Common (quar)
$1.50 Oct. 1 Holders of rec. June 15a
Intel
-1311e Corporation, cons.(Quar.)---- 250. Feb. 15 Holders of rec. Feb. la
Common (extra)
250. Feb. 15 Holders of rec. Feb. la
Jones & Laughlin Steel, corn.(No. 1) _ •1
Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 15a
Keeley Silver Mines
*8
Mar. 15 *Holliers of rec. Mar. 1
Extra
*4
Mar. 15 *Holders of rec. Mar. 1
Kennecott Copper Corp. (guar.)
Apr. 1 Holders of rec. Mar. 50
81
Kinney (G. R.) Co., common
Apr. 1 Holders of rec. Mar.220
SI
Preferred (guar.)
Mar. 1 Holders of rec. Feb.dlga
2
Lanston Monotype Machine (guar.).
134 Feb. 27 Holders of rec. Feb. 170
Lehigh Coal & Navigation (guar.)
306
$1
Feb. 27 Holders of rec.
Liggett & Myers Tob.,com&com.B(qu.) 75e. Mar. 1 Holders of rec. Jan. 100
Feb.
Cons. & com. B (extra)
$1
Mar. 1 Holders of rec. Feb. 100
Corn & corn. B (in corn. B stock).
Mar. 1 Holders of rec. Feb. 10a
- 10
Lima Locomotive Works,common (qu.)- $I
Mar. 1 Holders of nic. Feb. 156
Lit Brothers Corp
She. Feb. 20 Jan. 26 to Feb. 9
Lord & Taylor, hat prof.(guar.)
154 Mar. 1 Holders of rec. Feb. 176
Martin Parry Corp. (guar.)
50e. Mar. 1 Holders of rec. Feb. I5a
McCrory Stores, pref. (guar.)
141 May 1 Holders of rec. Apr. 200
Preferred (guar.)
134 Aug. 1 Holders of rec. July 200
Preferred (guar.)
141 Nov. 1 Holders of rec. Oct. 200
McIntyre Porcupine Mines. Ltd
250 Mar. 1 Holders of rec. Feb. 10
133
153
154
133
153
144 July 1
134
•141
154
[VOL. 122.
THE CHRONICLE
716
Name of Camp mg
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Weekly
Returns of
New
York
Clearing
City
House
Banks and Trust Companies.
Miscellaneous (Concluded)
Feb. 15 Holders of rec. Jan. 31
Mercantile Stores Co.,Inc.,corn.(guar.) 1
134 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
25e. Feb. 15 Holders of rec. Feb. la
Miami Copper (qusr.)-Mid-Continent Petrol. Corp., pref. (tiu.) IX Mar. 1 Holders of rec. Feb. 15a
Mar. 1 Holders of rec. Jan. 30
$1
Mohawk Mining
Montgomery Ward & Co., Class A (q.) *21.75 APr. 1 "Holders of rec. Mar.20
1,4 APr. 1 Holders of rec. Mar. 20a
Preferred (quar.)
Nash Motors,corn.(pay.In corn,Mock) h 900 Feb d19 Holders of rec. Feb. Ila
750. Apr. 15 Holders of rec. Mar. 31a
National Biscuit, coin.(guar.)
134 Feb. 27 Holders of rec. Feb. 1 la
Preferred (quar.)
134 Feb. 15 Holders of me. Jan. 30
National Brick, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 24a
National Cloak & Suit. pref. (quar.)*2
Mar. 1 *Holders of rec. Feb. 9
National Grocer, common
*3
July 1 *Holders of rec. June 20
Preferred
.3
Janl'27 "Holders of rec. Dec. 20
Preferred
National Lead, preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 19a
75c. Feb. 15 Holders of rec. Feb. 50
National Supply, corn.(guar.)
2
Mar. 1 Holders of rec. Feb. 15a
National Surety (extra)
30c, Feb. 23 Holders of rec. Feb. 50
New Cornelia Copper Co.(guar.)
Apr. 1 Holders of rec. Mar.10a
El
New York Air Brake. Class A Oa uar.)
10c, Mar. 1 Holders of rec. Feb. 10
North Central Texas OH (guar.)
Feb. 15 Holders of rec. Jan. 30
1
Ontario Steel Products, corn.(quar.)_
Preferred (qur r.)
134 Feb. 15 Holders of rec. Jan. 30
Oppenhelm. Collins & Co., corn. (quar.) "75c. Feb. 15 *Holders of ref. Jan. 30a
162-3c Mar. 1 Holders of rec. Feb. 200
Orpheum Circuit,corn.(monthly)
162-30 APr. 1 Holders of rec. Mar.20a
Common (monthly)
APr. 1 Holders of rec. Mar. 15a
2
Preferred (guar.)
75c, Apr. 1 Holders of rec. Mar.160
Owens Bottle,corn.(extra)
13( Apr. 1 Holders of rec. Mar. 160
Preferred (quar.)
83
Mar. 6 Holders of rec. Jan. 28a
Pacific 011
Mar. 6 Holders of rec. Jan. 28a
Special(two-fifths share Ass'd 011 stk.)
Pan American Petroleum of California_ _
234 Apr. 1 Holders of rec. Dec. 2(34
Mar. 1 Holders of rec. Feb. 8
Pathe Exchange, Preferred (guar.)
2
0580. Mar. 1 *Holders of rec. Feb. 18
Peabody Coal, pref.(monthly)
Preferred (monthly)
•58c. Apr. 1 *Holders of rec. Mar. 20
Feb. 15 Holders of rec. Feb. 5
2
Penmans. Limited, corn.(quar.)
•500. Mar.25 *Holders of rec. Mar. 15
Pennok 011 (quar.)
Apr. 1 *Holders of rec. Mar. 15
Pittsburgh Plate Glass (guar.)
'2
es
Feb. 15 *Holders of rec. Jan. 30
Extra
Pittsburgh Steel, pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 150
Feb. 9 *Holders of rec. Feb. 1
Planet Ship Corporation
*31
"50c. Feb. 20 'Holders of rec. Feb. 15
Plymouth 011 & Gas
Pratt & Lambert Co., common (quar.). 4150. Apr. 1 'Holders of rec. Mar. 15
Pressed Steel Car, preferred (quar.)
134 Mar. 17 Holders of rec. Feb. 240
*$1.25 Feb. 15 'Holders of rec. Jan. 25
Procter & Gamble,corn.(guar.)
Feb. 15 Holders of rec. Jan. 30s
Pullman Company (guar.)
2
3734c Mar. 1 Holders of rec. Feb. 10
Pure 011,common (guar.)
Common (extra)
12340 Mar. 1 Holders of rec. Feb. 10
134 Feb. 27 Holders of rec. Feb. la
Quaker Oats. preferred (quar.)
2
Feb. 15 Holders of res. Feb. 5
QuIseet Mill (guar.)
15( Apr. 1 Holders of rec. Mar. la
Radio Corp.. pref. A (quar.)
Feb. 10 Holders of rec. Jan. 270
Railway Steel-Spring, corn.(In corn.stk.) 150
134 Apr. 1 Mar. 16 to Apr. 14
Republic Iron & Steel, pref.(quar.).
•134
April 1 *Holders of rec. Mar. 15
Reynolds Spring. pref. A & B (quar.)
•2
Sagamore Manufacturing (quar.)
Feb. 1 *Holders of rec. Jan. 27
50c. Mar.20 Mar. 10 to Mar.21
St.Joseph Lead Co.(guar.)
25e. Mar.20 Mar. 10 to Mar.21
Extra
Quarterly
50c. June 21 June 10 to June 21
254. June 21 June 10 to June 21
Extra
50c. Sept.20 Sept.10 to Sept 20
Quarterly
25e. Sept.20 Sept.10 to Sept.20
Extra
50c. Dec. 20 Dec. 10 to Dec. 20
Quarterly
25c. Dec. 20 Dec. 10 to •Dec. 20
Extra
$1
Mar. 1 Holders of rec. Feb. 150
Savage Arms Corp.. common
•1% Apr. 1 'Holders of rec. Mar. 15
First preferred (guar-)
Second preferred (quar.)
134 Feb. 15 Holders of rec. Feb. la
•1% May 15 *Holders of rec. May 1
Second preferred (quar.)
Mar. 1 Holders of rec. Feb. 15a
Schulte Retail Stores,corn.(in corn.stk.) 12
*3
Feb. 17 *Holders of rec. Feb. 8
Scotten-Dillon Co. (guar.)
57
Feb. 17 *Holders of rec. Feb. 8
Extra
114 Feb. 15 Holders of rec. Jan. 260
Shed Union 011, pref. (quar.)
Sherwin-Williams Co.. common (guar.). 50c. Feb. 15 'Holders of rec. Jan. 20
*25c. Feb. 15 'Holders of rec. Jan. 20
Common (extra)
lx Mar. 1 Holders of rec. Feb. 150
Preferred (guar.)
"2y9 Mar.31 'Holders of rec. Mar. 21
Shredded Wheat Co.(guar.)
2
Feb. 15 Holders of rec. Feb. la
Sinclair Consolidated 011, pref.(quar.)
50c. Mar.15 Holders of rec. Feb. 15
Skelly 011 (quar.)
25c. Feb. 15 Holders of rec. Feb. 1
Smith (A. 0.) Corp.. corn,(quar.)
1
25c. Feb. 15 Holders of rec. Feb
Common (extra)
l).4 Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
The. Mar.15 Holders of rec. Mar. 10
Southern Acid & Sulphur, corn
Spalding(A. G.) & Bros., 1st pref.(qu.) 134 Mar. 1 Holders of rec. Feb. 130
Mar. I Holders of rec. Feb. 13
2
Second preferred (quar.)
50c. Mar. 15 Holders of me. Feb. 200
Standard Oil (California)(guar.)
Standard 011 (Ohio). pref.(quar.)
134 Mar. 1 Holders of rec. Jan. 24
Feb. 20 Holders of rec. Feb. 4
Standard Sanitary Mfg., common (au.). 32
134 Feb. 20 Holders of rec. Feb. 4
Preferred (guar.)
Stewart
-Warner Speedometer (guar.).
- $1.50 Feb. 15 Holders of rec. Jan. 300
60c. Feb. 15 Holders of rec. Jan. 15
SwiftInternacional
Thompson (J. R.) Co.. corn.(monthly)_ 30c. Mar. 1 Holders of rec. Feb. 230
*4
APr. 1 *Holders of rec. Mar.20
Thompson Starrett, preferred
134 Feb. 15 Holders of rec. Feb. la
Tobacco Products Corp.. Cl. A (qtr.)-MOc. Feb. 10'Holders of rec. Jan 16a
Union Oil of California(quar)
lg Mar. 1 Holders of rec. Feb. 100
Union Tank Car, common (quar.)
Mar. 1 Holders of rec. Feb. 100
Preferred (guar.)
.81
Mar. 1 'Holders of rec. Feb. 10
United Biscuit. Class A (No. 1)
Mar. 1 Holders of rec. Feb. 15a
United Drug, corn.(quar.)
U.S. Cast Iron Pipe & Fdy., corn.(tin.). 21( Mar. 15 Holders of rec. Mar. la
234 June 15 Holders of rec. June la
Common (guar.)
Common (quar.)
215 Sept. 15 Holders of rec. Sept. la
Common (guar.)
215 Dec. 15 Holders of rec. Dec. la
184 Mar. 15 Holders of rec. Mar. la
Preferred (quar.)
134 June 15 Holders of rec. June la
Preferred (quar.)
134 Sept. 15 Holders of rec. Sept, 10
Preferred (quar.)
Preferred (quar.)
134 Dec. 15 Holders of rec. Dec. la
75c. Mar, 1 Holders cf rec. Feb. 18a
U. S. Hoffman Machinery, corn.(qu.)
Preferred (guar.)
13 Mar. 1 Holders of rec. Feb. 18a
,
4
Feb. 15 Holders of roe. Jan. 200
2
U.B. Rubber,first pref.(guar.)
134 Mar. 30 Feb. 27 to Mar. 2
U. S. Steel Corp.. common (guar.)
Common (extra)
34 Mar.30 Feb. 27 to Mar. 2
1,4 Feb. 27 Jan. 31 to Feb. 3
Preferred (quar.)
50c. Feb. 15 Holders of rec. Feb. la
Vanadium Corp. (quar.)
lyi Mar. 1 Holders of rec. Feb. 156
Van Raalte, Inc.. pref. „guar.)
*3
Feb. 23 'Holders of mo. Feb. 1
Western Groceries, common (quar.)
134 Mar. 1 Holders of tee. Feb. 15
White(J. G.)& Co., pref.(quar.)
White(J. G.)Engineering, pref.(guar.)
134 Mar, 1 Holders of rec. Feb. 15
White (J. G.1Manag't Corp., pref.(a.) 134 Mar. 1 Holders of me. Feb. 15
Will & Baumer Candle, coin.(quar.)-- _ _ 250, Feb. 15 Holders of rec. Feb. 1
3739c. Feb. 15 Holders of rec. Feb. 1
-0
Williams 011 -Meter Heat, common
Mar. 1 Holders of rec. Feb. 10a
$1
Woolworth (F. W.) Co.,corn.(quar.)
Mar. 1 Holders of rec. Feb. 10a
Common (extra)
$1
25c. Mar. 1 Holders of rec. Feb. 200
Wrigley(Wm.)Jr.& Co.(monthly)-25c. Apr. 1 Holders of rec. Mar.200
Monthly
Mar. 31 Holders of rec. Mar. 150
Youngstown Sheet 1111rube, corn.(qu.)_ _ $1
*1X Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds
Payable to holders of record Jan. 31.
/ Childs Co. stock dividends are one share of no par value common stock for
each 100 shares held.
It Dividend payable either In cash or In Class A stock at rate of 534 hundredths
of one share of Class A stock for each share of 36 pref. and si x one-hundredths of
Class A stock for each share of $6 50 preferred.
The following shows the condition of the New York City
Clearing House members for the week ending Jae. 30. 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
(Mated in thousands of dollars-that 48, three (000) ciphers omitted)
New
Capital Profits Loans,
Riser.
Week Ending-- Discount Cash
Time Bank
Net
with
Jan. 30 1926. Nat'l, Dec.31 Invest
in
De- CircaLegal Demand
State, Isloy.14 mints. • Vault Deposi Deposits. Poste, la(000 omitted.) Tr.Cos. Nov.14
tos.
dre.
tortes
Members of Fed. Res. Bank. Average Average Average Average drerog er'ge
s
$
Bank of N. Y.&
$
s
s
8
s
$
Trust Co_ -- 4,000 12.807
76,404
533 7,87
57,652 8,699 11--Bk of Manhal'n 10,000 14.732 156,373 3,051 17.827
128,939 25,01: _
Mech & Met Na 10,000 16.134 181,961 3,421 22,73
170.753 10,950
548
Bank of Ameri
6,500 5.223
76,127 1.864 11.86
89,073 4,523 --National City_ 50,000 65,032 578.983 5,344 63,63: *626,255 68,291
849
Chemical Nat. 4,500 18,050 131.112 1.410 15,922
347
120,023 4,372
Am Ex-Pao Nat 7,500 12.547 148,474 2,249 17.121
134,581 11,361 4,947
Nat Bk of Com. 25,000 40.935 340,071 1.127 38,649
293,377 15,551
Chat Ph NB&T 13,500 12,571 219,869 2,601 24,895
173,892 41,686 5:936
Hanover Nat._ 5,000 25,505 125,702
595 14,614
112,368
-- -- --Corn Exchange. 10,000 14.558 199,499 6,634 23,92.
173,791 31,653
National Park_ 10,000 .3.843 190,025 1,090 20,392
155,409 9,63: 3.486
Bowy&Eaautw 3,000 3,071
48,781 1,329 5,082
997
35,118 14,585
First National 10,000 73,804 314,931
724 25.87.
193,065 24,873 4,830
Irving Bk-ColTr 17.511 13,73* 298,111 2,729 37,61
282,832 26,835 -1,1,1 1,161
Continental_ _.
7,98
124 1,132
6,911
426
Chase National. 20,011 27.184 384.737 4,518 46,917 *370,742 15,282
990
_
Fifth
500 2.905 27.43:
803 3,47
27,123
Avenue.
Commonwealth
600 1.089
13,734
474 1,480
10,351 4,291
Nat'l_
1,0 i 1,731
.
Garfield
18,08:
463 2,5 I
18,054
346 --Seaboard Nat'l. 6,11. 9.764 118,82
1,226 15,452
43
116.497 3,325
Coal & Iron Na' 1.500 1.543
19,53
287 2,309
16,407 1,864
265
Bankers Trust. 20,000 30,391 345,954
850 38,181 "315,076 44,597 ---63,344
U 8 Mtge & Tr. 3.000 4.750
881 7,651
56,714 6,572 _ _ _
.
Guaranty Trust 25,000 21,538 423.851 1,492 45,520 •409.976 52.327 --Fidelity-InterTr 2,000 2,209
21.747
466 2,534
18,971 1,802
527 19,9••
New York Trust 10,000 20,018 174,527
147.571 19,240 __ _
494 14,26. *110,392 24,650 ___ _
Farmers L. & Tr 10,000 18,520 144,968
Equitable Trust 23.000 12,852 265,176 1,662 29,312 *287,012 33,961
Total of averages 310,100 508 2155,116,323 48,968578,702 c4,312,611 506.71823,235
Totals, actual co ndition Jan. 305.142,716 48,129581.194 c4,310,849 509,915 23,299
604,150c4.331,568 503,561 23,131
Totals, actual condition!Jan. 235.105,183,
Totals, actual co ndition [Jan 165.161.802 47,465607,20: c4,383.185508.599 23,154
State Banks Not Members of Fed'I Res've Bank,
24,441 1,981 2,18
23,853 1,817
Greenwich Ban). 1,000 2,594
40.643 64.06
State Bank._
3.501 5,867 108,046 4,711 2,651
Total of averages
4,500
8,462
132,487
6,692
4,83'
64,496 65,882
Totals, actual co ndition Jan. 30 133.003 6,559 4.75k
Totals, actual co ndition Jan. 23 132.052 6,857 4,84
Totals, actual co ndition Jan. 16 132,946 7,047 5.031
Trust Comoan les Not Members of Fed'1 Res',e Ban .
Title Guar & Tr 10,000 17,233 64,306 1.497 4,70
23,375
869 1,92.
Lawyers Trust
3,000 3,204
64.805 65,798
64,155 65,951
65,389 66,02:
41,024
18,773
2.372
1,13 _ _
Total of average. 13,000 20,437
,
87,681
2,366
6,631
59,797
3,504
Totals, actual co ndition Jan. 30
Totals, actual to ndition Jan. 23
Totals, actual co ndition Jan. 16
88,342
87,.405
86:513
2.371
2,274
2,264
6,871
6,68
6,76
60,654
59,550
59.096
3,493
3,50
3,20
fled aggr..aver. 327,600537,115 5,336,491 58.026590,171 4,436,904 576.104 23,238
Comparison with prey. week _
.-11,189 +804-0,058 -15,556 +3,37 i +99
ar'd assn, act'l cond'n Jan. 305,364,081
Comparison wit h prey. week.... +39,441
-Ded aggr., acri oond.n Jan. 235,326,540
Cr'd aggr.. ace'cond'n Jan. 165,381.261
Gr'd aggr., acV1eond's Jan. 95,437,614
1:led agrr., ea'?cond'n Jan. 25.014,463
Cr'd aggr., act',cond'n Dee 265,401,259
Dr'd aggr., ace:cond'n Dec. 195,410,956
57,059592.821 4,436,308 579,20: 23,299
-845-22,861 -18,965 +6,18. +168
57,904615.682
56,776619,006
61.503564,147
58,562605,129
65,849616,466
70,014633.271
4,455,273573,021 23,131
4,487,670577,83' 23,154
4,486,817578,584 23,195
4,662,665 587,06.23,458
4,469,497574,961 23,380
4,499,252567,02723,434
Note.
-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Jan. 30, $43.786.000. Actual totals Jan. 30,
$43,786,000; Jan. 23, $43,786,000; Jan. 16. 343.786,000: Jan. 9, $43,797.000: Jan. 2,
$50,160,000. Bills payable, rediscounts, acceptances and other liabilities, average
for week Jan. 30,$629,687.000; Jan. 23,6642,189,000; Jan. 16. 8666.940,000; Jan. 9.
$723,432,000; Jan. 2, 3737,243,000. Actual totals Jan. 30, 6638,007,000; Jan. 23,
$636.620,000; Jan. 16, 6650,978.000: Jan. 9, 6689,427,000; Jan. 2, 1738,014,000.
•Includes deposits In foreign branches not included In total footings as follows:
National City Bank, 6158,111,000: Chase National Bank, 612.201,000: Bankers
Trust Co., 832,628,000; Guaranty Trust Co., 367,821,000; Farmers' Loan & Trust
Co., 66,642,000; Equitable Trust Co., $68,911,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $24,279,000:
Chase National Bank, 81,909,000: Bankers Trust Co., $2,223.000: Guaranty Trust
Co., $3,616,000; Farmers' Loan dr Trust Co., $6,642,000: Equitable Trust Co.,
$5,811,000.
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
b
Reserve
In
Total
Reserve
In Vault. Depositaries Reserve.
Required.
Members Federal
Reserve Bank_
State banks"
Trust companies*._ _
6,692,000
2.366,000
$
$
$
578,702,000 578.702,000 575,840,970
4,838,000 11,530.000 11,609,280
6,631,000 8,997,000 8,969,550
Surplus
Reserve,
2,861,030
-79,280
27,450
9,058,000 590,171,000 599,229,000 596,419,800 2 8
, 09,200
9,271,000 596,229,000 605,500.000 598,352,580 7,147,420
9,456.000 601.846,000 611.302,000 603,030.650 8 271,330
,
9,850,000 613.443,000 623,293,000 614.851,980 8. 41,020
4
• Not members of Federal Reserve Bank.
b This is the reserve required on the net demand deposIts In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows*
Jan. 30, 615,201,540; Jan. 23,815,104,220; Jan. 16,$15.224,010; Jan.9.815,292,260;
.
Jan. 2, $15,265,230.
Total Jan. 30_ Total Jan. 23_ _ _ Total Jan. 16
Total Jan. 9......
•
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies•___
Total Jan. 30._ _
-Total Jan. 23
Total Jan. 16-Total Jan. 9____
6.559,000
2.371,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$
$
581.194.000 581,194,000 575.707.820
4,756,000 11,315.000 11,664,900
6,871.000 9,242,000 9,098.100
-In the folBoston Clearing House Weekly, Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
$
5,486,180
--349,900
143,900
8,930.000 592,821,000 601,751,000 598,470.820 5.280,180
9,131.000 615.682,000 624.813.000 598.691,070 26,121.930
9,311.000 619.008.000 628.317,000 603,106,440 25.210.560
9.633.000 564,147.000 573,780.000 602.993,340 -29213,340
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the ease of members of the Federal Reserve Bank in-eludes also amount of reserve required on net time deposits, which was as follows:
Jan.30.$15,297,450; Jan. 23,$15,106,830; Jan. 16, 215,257,970; Jan. 9,$15,272,490;
Jan. 2. $15,481,020.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished bp State Banking 'Department.)
Differences from
Previous Week.
Jan. 30.
$1,202,437,200 Dec.$6,890.100
Loam and investments
141 900
4,310,500 Dec.
43old
24,838.300 Dec. 52:I 200
Currency notes
with Federal Reserve Bank of New York- 101.341,100 Dec. 5,888,200
Deposits
1 264,339.200 Dec.20,493,500
Total depoalts
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchange & U.S.deposita-1.191,201,200 Dec. 14,168.800
171,987,400 Dec. 7,726,200
Reserve on deposits
Percentage of reserve. 19.7%.
RESERVE.
-Trust Companies
-State Banks
293,607,600 13.59%
$36,882.300 16.03%
Cash in vault •
30,162.600 4.42%
Depoeits In bank);and trust cos_ _ _ 11,314,900 4.92%
2123,770,200 18.01%
248397.200 20.95%
Total
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Jan. 30 was 2101,341,100.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
Reserve in
in Vaults. Depositaries.
Loans and
Investments.
Week EndedOct. 3
Oct. 10
•
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov.14
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan, 2
Jan. 9
Jan, 16
Jan. 23
inn 30
Demand
Deposits.
$
6,480,941,200
6,465,023,700
6,463,163,200
6,481,864,200
6.502,188,400
6,556.239,300
6,531.007,500
6,520,077.500
6.522.283.800
6,504,882,200
6.498.683,600
6.539,445.800
6.584,447,000
6.688,745,000
6,713,047,300
6,614,199,500
6.557,007.300
6,538,928.200
$
5,496,730,100
5,491,705,400
5,550,463,800
5,576,689,600
5,629,110,200
5,696,831,900
5,682,852,100
5,665,239.800
5.625,087.400
5.615.024,900
5.602,113,700
5,638,893,200
5.619,923,800
5,740,772.300
5,770,909,300
5.711,092,600
5,657.830,000
5.828.105.200
$
82.079,500
84,916,400
84,365,300
83.765,400
83,583,400
86,517,800
88,814,300
84,741,300
88.401,000
88.462,600
91.125.200
98,884,300
105.692.300
99,811,300
95,988.600
90,893,800
87.033,900
87 174 R00
$
717,035,400
716,263,500
727,858,400
733,612,200
735.006.800
745,155,200
743,772,000
746,115.600
734.901.500
738.833,300
732,709.200
748.673.400
734,118.200
764.938.500
764.899,000
762,604,500
746.110.701
759 ono am
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated In thousands of dollars-that is, three ciphers 10001 omitted.)
CLEARING
RON-MEMBERS
Members of
,
redg 1189'10 Bank
Grace Nat Bank__
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. Hts_
Colonial Bank
Total
Trust Company
Not Member of the
Federal Reserve Bank
Meals Tr. Bayonne-
Net
Capital. Profits
$
$
1,856
1,000
Loans,
Di.counts,
Investmenu,
dte.
RUM*
Cash
with
Net
Net
in
Legal Demand Time
Vault. Deport- Deposit.. Deposits.
tortes.
Average Average Average. Average Average
$
$
$
$
$
12,684
46
1,060
6,625
3,900
1,000
1,856
12,684
200
1,200
604
2,787
8,588
30,900
4
$
66.800.000 66.800.000
66.800,000 Unchanged
Capital
8t.040.000 Dec. 1,232.000 90.272.000 90,272.000
Surplus and profits
Loans, discle & investments_ 1009039000 Dec. 2,000.000 1011030000 1024443000
34,000 692,364.000 711.266.000
Individual deposits, Incl. U.S. 392,398.000 Inc.
Due to banks
141,798,000 inc. 3,512.000 138.288.000 145,844.000
Time deposits
210,063,000 Dec. 3,877,000 213.840.000 217,755.000
3.000 19.660,000 19.151.000
United States deposits
19,657.000 Dec.
Exchanges for Clearing House 39.783.000 Inc. 9.806.000 29.957.000 37.845.000
Due from other banks
79,932.000 Inc. 3,750.000 76.182.000 87.390.000
343,000 81.523.000 83.157.000
Reserved in Fed. Res. Bank, 81,180.000 Dec.
Cash In bank and F. R. Bank 10,398.000 Dec. 539,000 10,935.000 11.234.000
Reserve excess In bank and
666,000
376.000
733,000
1.109.000 Inc.
Federal Reserve Bank
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Jan. 30, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended January 301926
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans. Meets & investneta
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U. S. deposits (not inci.)_
Res've with legal dein:melee
Reserve with F.R.Bank
Cash In vault *
Total reserve dr cash held_ _
Reserve required
Excess res. & cash in vault
Trust
Membersof
1 -11.Bystem Companies
,
1242.025.0
120.436.0
849.164.0
38.423.0
108.674.0
144.644.0
600,338.0
122.448.0
867,430.0
$5,000.0
17.137.0
47,632.0
1,360.0
18.0
883,0
29,293,0
2.100,0
32.276.0
3,811.0
65.728.0
10,059.0
75,787.0
65,662.0
10.125,0
1.579.0
5,390.0
4.424,0
966.0
Jon 23
1926
1925
Total.
247,025.0
148,573.0
898,796.0
39.783.0
108.692.0
145.527.0
629,631.0
124,548.0
899,706.0
14,461.0
3.811.0
65.728.0
11,638.0
81,177,0
70,086.0
11,091.0
Jan 16
1926
$47.025,0
146,573.0
898.941.0
41,420.0
118,464.0
148,616,0
644.222,0
122.109,0
914,947.0
13.502.0
3,928.0
65,679.0
11.845.0
81,452.0
70.894.0
10,558.0
$47,025.0
146,573.0
897,872.0
39,676,0
125.576.0
151.604,0
646.535,0
119.940,0
918,089.0
14,518,0
3.994.0
66.358,0
12.239,0
82,591,0
70.858,0
11,733,0
•Cash In vault not counted as reserve for Federal Reserve members
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Fa. 3 1926 in
comparison with the previous week and the corresponding
date last year:
Feb. 3 1926. Jan. 27 1926. Feb. 41925.
RUOUTC48-Gold with Federal Reserve Agent
Gold redemp. fund with U. S. TreasuryGold held exclusively agst.F.R.notes_
Gold settlement fund with F. R. BoardGold and gold certificates held by bank.._
389,648,000
6,974,000
439,750.000
8,083,000
442,197,000
8,507,006
396,622.000
188.261,000
379,591.000
447.833.000
192,512.000
375,358.000
450,704,000
173,960,000
294,404,000
964.474,000 1,015,703.000
39.224,000
37,861.000
919,068,000
31,301,0011
-1,002,335.000 1,054,927.000
Total reserves
27,598,000
24,896,000
Non-reserve cash
Bills discounted
85.976.000
137,173.000
Secured by U. S. Govt. obligations
19.820,000
20.355,000
Other bills discounted
950,369,006
22,130,000
157,528.000
36,852,000
105,796.000
26,485,000
133,246,000
67,731,000
1.934,000
43,133,000
11.182,000
1.934.000
39.633.000
11,182,000
12.461,000
91,089,000
9.370,000
58,249,000
1,728.000
52,749,000
1.755.000
112,920,000
3,055,000
186.785,000
Due from foreign banks (See Note)__
Uncollected items
Bank premises
All other resources
642,000
145,319,000
16.666,000
4.384.000
316,952,000
_
642.000
124,005,009
16,303,000
7,174,000
Total gold swerves
Reserves other than gold
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securitlee_
Foreign loans on gold _
Total resources
680,000
146,284,000
16,666,000
4,253.000
111,733,000
21,513,000
1,447,451,000 1,436.321.000 1.437,575,000
Llab111SesFedl Reserve notes In actual circulation_ 366,127,000 360,393,000
- 838,748,000 839.680.000
-Member bank, reserve met
Deposits
4,540.000
13.404,000
Government
3.205.000
1,437,000
Foreign bank (See Note)
8.447.000
9,081,000
Other deposits
346.783.009
857,509.000
6,343,000
22,556,000
10,277,080
862,670,000 855.872,000
123,511.000 124.692,000
33.215,000
33,098.000
59.964,000
59,965,000
2,185,000
2,081.000
896,685,000
103,065.000
30,172,000
58,749,000
2,121.001
6,625
3,900
710
3,201
365
1,513
6,086
26,600
2,559
4.817
1,878
32,686
7,176
138
3,4
5,963
1 447,451,000 1.436.321.000 1.437,575.069
5,963
Ratio of total reserves to deposit and
76.4%
86.7%
Fedl Reeve note liabilities combined81.6%
Contingent liability on bills purchased
13.029,600
22,898.000
22,883,000
for foreign correspondents
NOTE.
-Beginning with the statement of Oct. 7 two new Items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," now
made up of Federal Intermediate credit bank debentures. has been changed to
se"Other securities," and the caption, "Total earning assets" to "Total bills and Gs.
curities." The latter term has been adopted as a more accurate description of
acquired under the provisions of
total of the discounts, acceptances and securities
Sections 13 and 14 of the Federal Reserve Act, which are the only Items Inaluele0
herein.
1.400
3,392
39,488
3,911
500
589
9,320
403
500
589
9,320
403
5,838
61,492
-277
4.360
-73
138
3,458
3,076 a42,761 17,039
-73 -741
+27
3,149, a43.508
4,43
5,838 81,789
2,900
Ged assn. Jan. 23
3,275 a44,039
4,56.
5,838 62,148
2,900
Gr'd agitr.. Jan. 18
3,412 a43,278
5,738 61,017. 4,671
2,900
Ged mgr., Jan. 9
3.124 n42.340
4_508
5.738 80 078
20043
Or'd aggr., Jan. 2
•United states deposits deducted, 347,000
Mlle payable, rediscounts. acceptances and other sabinnw. 62.390,000.
cxoessreeervs. $15,820 decrease.
Jan. 20
1926.
Jan. 27
1926.
Changes from
previous meek.
Feb. 3.
1926.
1,060
2,900
Grand aggregate
Comparison with or ev. week
Total-----
BOSTON CLEARING HOUSE MEMBERS.
Total bills and securities (See Note)._ 252,357,000
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
Week Ending
Jan. 30 1928.
717
THE CHRONICLE
FEB. 6 1626.)
17,012
17,003
17,020
111 000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
718
THE CHRONICLE
riror.. 122.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 4, and showing the
condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve year.
Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between
the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon Comptroller and
latest week appears on page 683, being the first item in our department of "Current Events and Discussions." the returns for the
COMBINED FULSOURCHS AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OF BUSINESS FEB. 3 1926
Feb. 3 1926. Jan. 27 1926. Jan. 20 1926. Jan. 13 1928. Jan. 6 1926.
Dec. 30 1925. Dec. 23 1925. Dec. 16 1925. Feb. 41925.
RESOURCES.
$
$
$
I
$
5
$
8
8
Gold with Federal Reserve agents
1.450,287,000 1.511.514,000 1,517,010,000 1,472,351,000 1,424.473.000 1,356,607,000
1,327,438.000 1,394,759,000 1,726,231.000
Gold redemption fund with U.S. Tress_
46,135,000
49.604,000
49.159,000
49,711,000
58,226,000
52,699,000
49,343.000
54,570,000
51,637,000
Gold held exclusively agst.F.R.notes. 1.496,422,000 1.561,118,000 1,566.169,000 1.522,062,000
Gold settlement fund with F. R.Board. 633,596,000 578,327,000 573,852,000 608,492,000 1.482,999.000 1,409,306.000 1.376,781.000 1.449,329,000 1,777,868,000
638,643,000 701,455,000
Gold and gold certificates held by banks
661,914,000 661.709,000 674,762,000 688,479,000 622,378.000 593,520,000 729,258.000 864,899,000 570,035,000
559.259.000 587,358,000 572,987,000
Total gold reserves
2,791,932,000 2,801,154,000 2.814,783.000 2.799,033,000 2,744.020.000 2,704,281.000
2,665.296.000 2,701,586.000 2,920,890,000
Reserves other than gold
147,328,000 152,053,000 152,069.000 150,846,000 138,046,000 117,852,000
91,983,000 108,358,000 143,704,000
Total reserves
2,939,260,000 2,953,207,000 2,966,852,000 2,949,879,000 2,882,086,000 2,822,133,000 2.757,279,000
2,809,944,000 3,064,594,000
cash
Non-reserve
71,056,000
81,250,000
83.920,000
86.990.000
74.481,000
62,053.000
42,783,000
62,930,000
45,663,000
Bills discounted:
Secured by U.S. Govt. obligations_
298,089,000 258,227,000 251,872.000 305,962,000 363,832.000 466,014,000
Other bills discounted
189,707,000 190,330,000 201,310,000 199,801,000 229,635,000 283,658,000 441,479,000 343,121.000 207,325,000
322,644,000 275,946,000 115,042,000
Total bills discounted
487,796,000 448,557,000 453,182,000 505,763.000 .593,467,000 749,672,000
Bills bought in open market
302,364.000 295,417,000 305,850,000 327,402,000 344,783,000 362.818,000 764,123,000 619,067.000 322,367,000
NJ, S. Government securities:
369,951.000 352,692,000 308,004,000
Bonds
59,738,000
59,733,000
60,801,000
59,410.000
58,391,000
58,854,000
65.839,000
75.216,000
73,451,000
Treasury notes _
184,435,000 182,873,000 183,595,000 184,022,000 185,906,000 192,077,000
Certificates of indebtedness
105,590,000 122,457,000 125,570,000 125,363,000 125,124,000 126,101,000 190,037,000 153,740,000 273,252,000
103,631,000 171,280,000
40,360,000
Total U.S. Government securities__ 349,783.000 365,063,000 369.966,000 368,795,000
369,421.000 377,032.000 359,507,000 398,471,000 388,828,000
Other securities (See note)
3,150,000
3,150,000
3,150.000
3,158,000
3,205,000
3,205,000
3,205,000
3395,000
Foreign loans on gold
2,559,000
6,399,000
6,500,000
8,500,000
7.000.000
7.502,000
8,100,000
8.300,000
10,500,000
8,798.000
Total bills and securities (See Note)... 1.149,372,000 1,118.687.000 1.138,648.000
1,212,118,000 1,318,378.000 1,500,827.000 1,505,086.000 1.382.223,000 1,032,258,000
Due from foreign banks(See Nom)
660,000
642,000
642.000
642.000
642,000
642.000
642,000
710.000
Uncollected items
642,000
628,838,000 635,749,000 719,719,000 750,502,000 787.184,000 717,599.000 766,088,000
952,147,000 567,815,000
Bank premises
59,322,000
59,323,000
59,308,000
59,308,000
50,239,000
61,632,000
61,629,000
61,607,000
58,004,000
All other resources
16,995,000
17,071,000
16,507,000
16,456,000
16,860.000
18,272.000
18,006,000
17,632,000
23,675,000
Total resources
4,865,503,000 4,865,929,000 4,985,596,000 5.075,895,000 5.138,850,000 5,183,158,000 5,151,513,000
5,269.926,000 4,809,918,000
LIA
'minks.
F. R. notes In actual circulation
1,662,520,000 1,667,266,000 1.692,021.000 1,733,284,000 1,777,628,000 1.835,01n,000 1,895,663.000
1,788,230,000 1,690,385,000
Deposits-Member banks—reserve amount
2,215393.000 2,216,882,000 2,242.730.000 2,279.741.000 2.278,123,000 2,308,614,000 2,219.373,000
2.264.797,000 2,193,624,000
Government
43,356,000
28.935,000
27.628,000
17,516.000
17.117.000
15,067,000
29,120,000
5,954,000
29,049,000
Foreign bank (See Note)
4,991,000
8,796,000
8.397,000
12,014.000
7,763.000
8,097,000
7,956.000
8,398,000
24,882,000
Other deposits
18,952,000
17,623,000
19,560.000
20.369.000
25,482.000
21,446.000
19.166,000
21.356.000
20,014,000
Total deposits
2,282,492,000 2,272,236,000 2,298,315,000 2,324.990.000 2.329,218,000 2,357.141.000 2,275.615,000
Deferred availability items
270,721.000 576.385,000 644,929,000 669,225,000 683,994.000 635.681,000 825.263.000 2,300,505,000 2,267,569.000
827,072,000 511,833,2100
Capital paid in
118,121,000 118,251,000 118,211,000 117,277,000 117.287.000 117.042.000
Surplus
220.310,000 220,310,000 220.310.000 220,310,000 220,310,000 217.837.000 116,978,000 116,964,000 112,316,000
217,837.000 217,837,000 217,837,000
All other liabilities
11.339.000
11,481,000
11,810,000
10,413,000
10,809,000
20,447,000
20,157.00
19,318,000
9,973,000
Total liabilities
4,865,503,000 4,865,929,000 4.985,596.000 5,075.895,000 5338.850.000
5.183,158,000 5.151.513,000 5,269,928.000 4,809.918,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
70.7%
71.1%
70.5%
689%
66.8%
64.4%
63.9%
66.3%
Ratio of total reserves to deposit and
73.8%
F. R. note liabilities combined
74.5%
75.0%
74.4%
70.2%
727%
67.3%
68.1%
68.7%
Contingent liability on bills purebased
77.4%
for foreign correspondents
83,543.000
83,647.000
83,756,000
81,042,000
79,063.000
65,049,000
58,739,000
45,157,000
50,067,000
Distribution by Ma1ur4ties—
5
$
s
$
$
s
i
$
5
1-15 day bills bought in open market_
96,785,000
86,940,000
87,201.000 105,423,000
93,789,000
1-15 days bills discounted
373,858,000 332,309,000 338,215.000 393,006.000 118,339.000 123,664.000 111,320.000 100,223,000
463,258,000 616,325.000 813,605.000 483,262.000 253,097,000
1-15 days U. S. certif. of indebtedness_
36,000
397,000
1,105.000
904,000
14,000
92,730,000
1-15 days municipal warrants
8.000
55,000
10.000
9,000
16-30 days bills bought in open market_
55.073.000
55.640,000
63.107.000
59,292,000
64,797.000
77,801,000
85,541,000
86,234,000
70,338,000
16-30 days Dille discounted
32,329,000
31,428,000
29.941.000
26.942.000
34,030,000
35,816,000
18,292,000
40,829,000
40,275,000
16-30 days U. B. certif. of Indebtedness
196,000
16-30 days municipal warrants
45,000
56,000
31-60 days bills bought in open market_
88,284.000
90,439.000
89,620,000
94,319,000
87,951,000
85,094,000
83,259,000
93,019.000
99.096,000
81-60 days bills discounted
46,564,000
48.595,000
49.668,000
50.286,000
52.215,000
53.152,000
26,847,000
61,162.000
49,267,000
31-60 days U. S. certif. of indebtedness
286,000
31-60 days municipal warrants
46,000
01-90 days bills bought In open market_
57,182,000
52,939,000
56,862.000
62.753,000
57,779.000
64,571,000
40,048,000
87,843,000
67,039,000
61-90 days bills discounted
26,306,000
26,772.000
25,779.000
25,194,000
33,536.000
33,428.000
14,393,000
37.755.000
35.871,000
61-90 days U. B. certif. of indebtedness
476,000
61-90 days municipal warrants
Over 90 days bills bought In open market
6,690,000
9,459,000
9,060,000
10,589,000
10,943,000
11,688,000
5,367,000
11,735,000
15.996,000
Over 90 days bills discounted
8,739.000
9.453.000
9.579.000
10,355,000
10,430,000
10,951,000
10,772.000
9,738,000
10.422,003
Over 90 days certif. of indebtedness
105.590,000 122,457,000 125,058,000 125,383,000 124.727,000 124,996,000
39,864,000
102.727,000
78,660.000
Over 90 days municipal warrants
F. R. notes received from Comptroller
IT. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
2,884,453,000 2,898,753,000 2,922,541,000 2,944,910,000 2,969,043,000 2,980,473,000 2,972,910,000
863,051,000 850,030,000 846,131,000 821,435,000 797,325,000 777,093,000 773,143.000 2,945,883,000 3,063,692,000
831,719,000 1,007,725,000
2,021,402,000 2,048.723,000 2,076,410.000 2,123,475.000 2,171,718,000 2,203,380,000 2,199.787,000 2,114,164,000 2,055,967,000
309,961,000 309,121.000 308,260,000 302,836,000 302,431.000 302,231.000 302,046.000
106,916,000
95,989,000 102,619,000
98,181,000 104,883,000 112.443.000 101.359,000
1,033,410,000 1,106,404.000 1,108,131,000 1 071,534,000 1,017,189.000 941,933,000 924.033.000
740,300,000 692,387.000 711,401,000 '
789,051,000 892,390.000 1,060,708,000 1,072.785.000
303,851,000 281,564,000
108.101,000 102,970,000
982.807.000 1,341,697,000
919,180,000 596,028,000
Total
2,190,587,000 2,203,901,000 2.228,411,000 2,261,402,000 2,316,863,000 2,417,315,000 2.400.223,000 2,313,939,000 2,323.359,000
NOTE.—Beginning with the statement of Oct. 7 wo new items were added in order to show separately the amount of
to foreign correspondents. In addition, the caption,"All other earning assets," new made up of Federal Intermediate Credit balances held abroad and amounts due
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term has been adopted Bank debentures, has been changed to
as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve act, which are
the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Two ciphers (00) omitted.
Federal Reserve Bank of
--
Boston.
RESOURCES.
5
20Id with Federal Reserve Agents 77,424,0
7,857.0
lold red'n fund with U.S.Trees_
Gold held excl. eget. R.F.notee 85,281,0
2oldsettle'tfund with F.R.Board 52,496,0
39,063.0
laid and gold certificates
New York.
Phila.
CLOSE OF BUSINESS FEB.3 1926
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
$
5
$
$
389,648,0 132,644,0 189,794,0 57,344,0 113,942.0 129,550,0
6,974.0 11,333,0 1,096,0 1,992.0 3.562,0 4,396,0
—
396,622,0 143,977.0 190.890,0 59.336,0 117,504,0 133,946,0
188,261.0 35,562,0 63,743,0 30,154.0 31,227,0 127,714,0
379.591,0 31,534.0 49,387,0 3,849,0 3,812.0 80,885,0
Total.
$
$
5
$
$
$
14,082,0 84,795,0 50,958.0 27.034,0 203,072,0 1,450.287,0
1,195,0 1,261,0 2,461,0 1,515,0 2,493,0
46,135.0
15,277,0 66,056,0 53,419,0 28,549,0205,565,1 1,496,422,0
18,152,0 16,111,0 30,622.0 15,353.0 24,201,0 633,596,0
16,314,0 6.904,0 5,319.0 8,875.0 36,381,0 661.914,0
—
Total gold reserves
178,840.0 964,474,0 211.073,0 304.020,0 93,339.0 152,543.0 342 545,0 49,743,0 89,071,0 89,360,0
teeerves other than gold
18,764,0
37,861.0 3,340,0 9,038,0 8,137,0 9,971,0 22,164,0 17,266.0 2,853,0 4,966,0 52,777.0 266,147,0 2,791,932,0
6.137,0 Axis, 147,328,0
195,604,0 1,002,332,0 214,413,0 313,058,0 101.478,0 162,514,0 384,709.0 67,009,0 91,924,0
Total reserves
94,326,0 58,914,0 272,978.0 2.939 260,0
7,025,0
Ion-reserve cash
24,896,0 2,159,0 4,355,0 5,581,0 3363,0 9,307,0 4,034.0
788,0 2,515,0 2,862,0 4,071,0
71.056,0
WM discounted:
Sec. by U.S. Govt. obligations 13.729,0 137,173,0 31,227,0 19.105.0 16,442.0 4,665,0 42,603,0 8,082,0
957,0
16,407,0
20,355,0 17,167,0 19,053,0 23,747,0 21,606,0 30,452,0 9,405,0 3,097,0 6,035,0 1,428,0 16,643,0 298,089.0
Other bills discounted
9,081,0 4,733,0 14,604,0 189,707,0
30,136.0 157.528,0 48,394.0 38,158,0 40,189,0 26,271,0 73,055,0 17.487,0 4,054,0
Total bills discounted
15,116,0 6,161,0 31,247.0 487,796,0
75,696,0
iills bought In open market
38,852,0 16,390,0 14,800,0 7,697.0 38.121,0 32.085.0 18,239,0 7.186,0
14,441,0 15,690,0 25,087,0 302,264,0
(.8. Government securities:
,
572.0
1,934,0
Bonds
604,0 8,103,0 1,240,0 1,077,0 20,190,0 2,035,0 7.665,0 8.387,0
7,460,0
471,0
59.738,0
1,580,0
43.133.0 3,781,0 19,408,0 3,346,0 9.662,0 18,172,0 14.575,0 8.976.0
Treasury notes
7,755,0
11,182.0 17,363.0 8,192,0 2.737,0 5,904,0 9,698,0 7,875,0 3.279.0 18.228,0 17,095.0 28,479.0 184,435,0
Certificates of Indebtedness_
8,993.0 6.396,0 18,213,0 105,590,0
',',...ITT ft Govt. aeatultlea
9.907.0
56.249,0 21.748.0 33.706.0 7.323.0 18.643.0 48.080.0 24.485.0 17.920.0 35.6080 200C1 (I 47 laa
n 250 252 n
1
FEB. 6 1926.j
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Boston.
New York.Phila.
S
S
474,0
Other securities
Foreignloans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources. _
719
THE CHRONICLE
1,728,0
Cleveland Richmond Atlanta. Chicago. Si. Louis Minneap Ras elte Dallas. 'an Fran.
$
$
S
s
$
$
$
$
339,0
262.0
883,0
294,0
211,0
100,0
256,0
224 0
Total
$
$
685,0
S
3,050,0
595,0
448 0
3,150,0
6 399 0
252,357,0 90,177,0 87,349,0 55,548.0 81,297,0 154,083,0 60,505,0 29,371,0 65,521,0 53.026.0 103.925,0 1,149,372 0
660.0
660 0
146,284,0 58.487,0 55,833.0 54,124,0 36,742.0 75,572,0 32,630.0 11,133,0 39,008.0 25.870,0 34,783,0 628,838,0
59,322.0
16.666,0 1,454,0 7,409,0 2,364,0 2,728,0 7,933,0 4,111,0 2.943.0 4,636,0 1.793.0 3.217,0
16,995,0
465,0 3.366,0
453,0
4,253,0
214,0 1,123,0
406,0 1,224,0 2,395,0
562,0 2,455,0
116 213 0
58.372,0
4,068,0
79,0
381,361,0 1,447,451,0 366.904,0 469,127,0 219,499,0 287,968,0 613,999,0 168,851,0 138,614.0 206,459,0 142,930,0 422,340,0 4,865.503,0
Total resource
LIABILITIES
F.R.notes In actual circulation_ 149,091,0 366,127,0 146,141,0 199,588,0 79,461,0 158,490,0 163,631,0 37,184,0 64,837.0 66,642,0 40,670,0 190,658,0 1,662,520,0
Deposits:
Member bank -reeerve acct._ 144,963,0 838,748,0 132.380.0 177,343.0 70,022,0 78,722.0 325,148,0 81.715,0 50.332,0 90,132.0 61,627,0 164,061,0 2.215,193,0
43.356,0
884,0 1.266,0
Government
4,218,0
13,404,0 1,880.0 2,422.0
467,0 6,188,0 9,352,0 1,232,0 1,034,0
1,009,0
4.991.0
338,0
196 0
259 0
671 0
210 0
171 0
Foreign bank
1 437 0
465 0
524 0
157 0
191 0
372 0
18,952.0
26,0 1.144,0
1,125,0
33.0 5,917,0
83.0
9,081 0
1070
848,0
91,0
129,0
278,0
Other depoelts
Total depositsDeferred availability Items
Capital paid in
Surplus
All other liabilities
862.670,0
123,511.0
33,098,0
59,964.0
2.081,0
149.636,0
56,424,0
8,627,0
17,020,0
563,0
134,922,0
53,426,0
11,623,0
20,464,0
328,0
181,137,0 70,839,0 85,132,0 336,315,0 84,282,0 51,652,0 91,610,0 62.715,0 171.582,0 2,282,492,0
51,328,0 50,511.0 30.416,0 85,622,0 32,026,0 10,528.0 34,424.0 27.209,0 35,298,0 570.721,0
4,274.0 8,119,0 118,121,0
13,173,0 6.020,0 4,788,0 15.860,0 5,119,0 3,174,0 4,246,0
22,894,0 11,919,0 8,700,0 30.613.0 9 570 0 7 501.0 8,997.0 7,615,0 15,071,0 220.310,0
11.339,0
442.0 1,958,0
749,0
670,0
558,0
447,0 1,614,0
1,007,0
922,0
Total liabilities
381,361,0 1.447,451.0 366,904,0 469,127,0 219,499,0 287,968,0 613,999,0 168,851,0 138.614,0 206,459,0 142,930,0 422,340.0 4.865,503,0
Memoranda
74.5
66.7
72.9
78.9
59.6
Reserve ratio (per cent)
55.2
57.0
75.4
65.5
76.3
82.2
67.5
81.6
Contingent liability on bills our83.543,0
Chased for foreign oorrespondls 6,350,0
22,883,0 7.938,0 8,940.0 4,428,0 3,341.0 11,448,0 3,593.0 2.674,0 3,259,0 2.924.0 5,765,0
W. R. notes on band (notes rec'd
from F. R. Agent lees notes In
alennlatinnl
10 S9(1 n 109 9001 n 99 Ann n 14 nzo n 12 201 A 12 ORR (1 17 0.10 11 A 052 n 9 721 (1 A 102 0 5 91n n 02 712 A 2012 RR2.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 3 1926.
Moral Asserts Agent al-
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis
Mites. Kan, City
Dallas
Sea Fr.
Total
(Two Cipher.(00) Omitted.)
S
II.R. notes reed from Comptrar 236,111,0
P.R. notes held by F.R. Agent- 67.500,0
$
$
$
$
$
S
S
$
S
8
$
$
746,252,0 210.071,0 283,017,0 124.732,0 224,732,0 422,667,0 67,822,0 86,218,0 123,035,0 61,892,0 297.876.0 2,884,453,0
226,360,0 26,240.0 64,820,0 26,910,0 47,254,0 241,437,0 24,080,0 18,648,0 50,290.0 16,012,0 53,500,0 863,051,0
F.R. notes issued to F.R. bank 168,611.0
0311ateral held as security for
P.R. notes issued to F.R. Bk.:
Gold and gold certificates___ 35,300,0
Gold redemption fund
18,124,0
Gold fund-F.R.Roard
24.000.0
105,832,0
Eligible Paper
519.892,0 183,831.0 218.227,0 97,822,0 177,478,0 181,230,0 43.742,0 67,588,0 72,745,0 45,880,0 244.376,0 2,021.402,0
Totalcollateral
11,045,0 13,052,0
309,961,0
18,066,0
186,698,0 1.600,0 8,780,0 24,510,0 10,910,0
837,0 1,743,0 3,598.0 2,963.0 19,755,0 106,916.0
26.950,0 9.655,0 11,014,0 3,334,0 5,032,0 3,906,0
176,000,0 121,389.0 170,000,0 29,500,0 98,000,0 125,644,0 2,200.0 50,000,0 47,360.0 6,000,0 183,317.0 1,033,410,0
162,416,0 53,606,0 51,548,0 43,922 0 64 184,0 105,018,0 35,585.0 10,925.0 29,455,0 21,698,0 58,111,0 740,300,0
552 0114 0 1211 280 0 241 342 n 101.288.0 178.126.0 234.568.0 49687.0 75.720,0 80,413.0 48.732.0 259.183.0 2.190.587.0
183256.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and Liabilities of the 717 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 683.
I- Data for all reporting member hanks In each Federal B emery. District at close of business Jan. 27, 1926. Three ciphers (SOS) omitted.
Federal Reserve DistriCS.
bort°.
Number of reporting banks-.
.....
Loans end discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts.„.
Total loans and discounts
Divestments:
U.S. pre-war bonds
U. El Liberty bonds
U. B. Treasury bonds
U.S. Treasury notes
U. B. Treasury certificates
Other bonds,stocks and securIti
41
.Ves Yort
99
3
3
51 404
10 467
344,880 2,460,963
649,191 2,557,445
1,004.538 5,069,872
Phila. Clevoiana Richmond Atlanta. Chicago. St. LOWS Minnow. Ens. Citi Dallas. SasFras. Taira
__ .__
66
49
717
69
24
33
36
100
54
71
75
$
$
$
$
3
$
$
3
3
$
$
7.460
3,078
4,031
2 415
161.629
11 895
24 402
7 472
5 563
11 350
22 032
72,280 110,964
81,451 257.610 5,509,329
96,079 816,967 213,408
409,287 502,332 143,108
363,964 743,603 372,854 413,985 1.219,110 305,662 174,541 324,321 236,104 912,481 8,278.261
784,601 1,267,967 521,525 522,536 2,060,479 530,965 249,236 439,316 320,633 1,177,551 13,949,219
25,563
31,480
7,940
1.699
2,799
62,415
9.684
39,567
848,47 618,420
18.571 198,508
4,328 149,931
19,102
41,678
214,653 1,119,032
9,486
50,628
18.001
7,178
8,730
247,030
32,841
158.798
35,410
25,242
24,416
344,386
351.185 2,167,136
339.053
621,093
131,896
Tot* loans and Investments__
1,355,723 7,237,008 1,123,654 1.889,060
Reserve balances with F. R. Bank.
94,771 746,946
82,667 126,237
81,332
16,130
Cash in vault
20,492
29,825
901,957 5,678,702 774,149 999,453
Net demand deposits
392.211 1,200,457 218,288 759,135
Time deposits
Government deposits
19,599
56,627
18,894
19.765
Bills Envie & redisc. with F R Bk.
1,785
66,768
Secured by U.B.Gov't obligation
8,230
14,433
7,575
10,058
All other
4,751
10,918
Bankers' balances of reporting mew
her banks in F.R.Bank cities:
122.791 1,103,941 176,385
Due to banks
46,923
32.524
94.724
DOS from banks
62.586
23.102
653,421
37,589
13,665
377,244
202,035
6,125
Total Investments
1
12,957
26.040
10,814
6,928
5,588
108.500
7,374
26,954
12,102
18.510
8,923
41,520
8,833
57,249
17.608
16,070
3,812
77,136
14,870
15,632
5,279
2,034
4,919
54,021
19,241
175,703
53,719
61,649
12,641
443,344
96,755
766,297
170,827
113.392
180.708
619.291 2,826,776
41,286 246,041
11,502
49,498
360,332 1,723,991
218,256 1,025,083
25,659
9,401
701.792
50,599
7,804
430,264
218,187
5,864
362,628
25,453
6.093
228,156
113,336
3,065
620,024
55.382
13.339
490.574
142,280
1.528
17,439
19,932
4.617
5,159
4,094
24.227
24,751
222.606
140,042 1,405.725
51,408
433,977
20,352
319,080
23,255
155,957
204,102 2.940.375
75,468
463,910 5,477.720
396.101 1.641,461 19,426,939
*29,934 111,674 1,648,570
21,572
281,652
10,400
230,121 789,243 13,034,186
98,390 797,541 5,385,199
7,588
26,265
200,360
6,332
11,081
3,985
14,474
42,557
16,065
2,544
5,725
1,290
4,934
3,173
959
5.071
36,169
18 174
21,630
1.5.93.5
332,812
146.668
91.523
29.014
55,355
18.432
101,204
41.208
32,470
25.448
14,914
12,078
168,731
100,969
95,976 2,247,179
48.876
555.581
htta Of rant-Wing tunneler hanks In 'Jew Yort City Cincotta and On, whole Country.
An d Dania., Memos aunt.
Reporting Member Banks in N. Y. My.
Reporting Alsether Banks is Chicago
Jan. 27 1926. Jan. 20 1926. Jan. 28 1925, Jan. 27 1925 Jan. 20 1926. Jan128 1925 Jan. 27 1926. Jan. 20 1926 Jan. 28 1925.
_
Number of reporting banks
717
718
740
61
61
67
$
S
Loans and discounts. gross:
$
it
$
$
161,629,000
Secured by U. S. Govt. obligation'
162,288,000
181,332.000
46,355,000
49,909,000
60,022.000
5,509,329,000 5.556,865,000 4,706,936,000 2,200,878,000 2,229,780.000 1,951.085,000
Secured by stocks and bonds__
All ether loans and discounts-. 8,278,261,000 8,305,382.000 8,163,152,000 2,235,938,000 2,249,368,000 2,276,797,000
46
$
17.634.000
616,498.000
679,446,000
46
$
16.733,000
616,776,000
688,003,000
46
$
26,066,000
528,012,000
701,480,000
13,949,219,000 14,023,535,000 13,051,420,000 4,483,171,000 4,529,057,000 4,287,904,000 1,313,578,000 1.321.512,000 1,255,558.000
Total loans and discounts
IllivestMents:
222,606,000
222,885,000
261.018,000
U.S. pre-war bonds
3.621,000
4.067,000
29,781,000
3,597,000
29,839,000
42,595,000
1,405,725,000 1,392,974,000 1.394,042,000 525,452,000 522.389,000 538023 000 101.132.000 100.778.000
U. S. Liberty bonds
81,276.000
433,977,000
434,453,000
365,913,000 182,404.000 181,694.000 138,248.000
16.370.000
28,525,000
U.S. Treasury bonds
16,466.000
319,080,000
317,490,000
510,421,000 142.681,000 142,562,000 211,726,000
73,600,000
U.S. Treasury notes
50,204.000
48,520,000
155,957,000
160,554,000
124,624,000
11,603,000
40,776,000
2,044,000
U.8. Treasury certificates
41,332,000
56,711,000
3,851,000
Other bonds,stocks and securities. 2,910,375,000 2,916,824,000 2,832,427.000 816,780,000 794,166,000 814,021,000 201,940,000 193.449,000 201,976,000
Total Investments
5,477,720,000 5.445,180.000 5,488,445,000 1.737,874,000 1,711,982,000 1,801,324.000
375.506.000
366,466.000
401,047,000
Total loans and Investments. 19,426,939,000 19,468,715,000 18,539,865,000 6,221,045.000 6,241,039,000 6,089.228,000 1.689,084,000 1.687.978,000 1,656.605.000
1,648,579.000 1,670,595.000 1,639,647,000 690,823,000 707,397.000 702,173,000 171,411.000 164.964.000 159.620,000
Reserve balances with F. R. banks
288,917,000
281,652,000
26.507.000
22,541,000
279,486,000
66,404,000
21,786.000
66,659.000
64.227,000
Cash In vault
13,034,186.000 13,173,725,000 13,013,949,000 5,119.986.000 5,157,748,000 5,185,734,000 1,144,123,000 1.173,263,000 1,171,409,000
Net demand deposits
5,385,199.000 5,374,934,000 4,875,615,000 808,915,000 802.214,000 793,810,000 508.656,000 499.623,000 454,812,000
deposits
Time
201.145,000
200,360,000
135,670.000
12,947.000
16.096,000
49,995,000
Government deposits.....
12,947,000
49,995,000
20,499,000
SOL payable and rediscount, wit
Reserve Banks:
Federal
97,083,000
5,864,000
2,965,000
161,575.000
168,731,000
30.922,000
16,560.000
35,562,000
39,150,000
Secured by U.8. Govt. obligation
4,238,000
110,839.000
100,989,000
32,228.000
6,240,000
3.558.000
15,615,000
6,228,000
All other
900 700 000
979 414 0012
120 211 0120
27 169 000
CI 199 non
nn 270 non
on 11 2 nnit
IA 102 non
2 052 on.,
.101111borrowings from F. R bk
720
THE CHRONICLE
[VOL. 122.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
a/titers' Gazette°
Maturity.
Int.
Rate.
Bid.
Asked.
51(1431114.
let.
Rate,
Rid.
Asked
Wall Street, Friday Night, Feb. 5 1926.
Mar. 15 1926_ 434% 100in 1001s June 15 1928_ 341% 992,
3s 100
Sept.15 1926- 434% 100% 1001932 Dec. 151927... 04% 101 1s 101lis
,
Railroad and Miscellaneous Stocks.
-The review of the June 15 1926- 3% 991,31 991,33 Mar. 15 1927_ 434% 100, 101•33
1*
Dec. 151926... 34f % 100
100113
Stock Market is given this week on page 709.
The following are sales made at the Stock Exchange this
United States Liberty Loan Bonds and Treasury
week of shares not represented in our detailed list on the Certificates on the New York Stock Exchange.
-Below
pages which follow:
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
STOCKS.
Range for Week.
Sales
Range Since Jan. 1.
Exchange. The transactions in registered bonds are given
Week Ended Feb. 5.
for
Week.
Lowest.
Highest.
Lowest.
Highest.
in a footnote at the end of the tabulation.
Par. Shares
per share.
Railroads
-
per share. $ per share.S per share.
Daily Record of U. S. Bond Prices. Jan. 30 Feb. 1. Feb. 2. Feb. 3. Feb. 4. Feb. 5.
15 95%
Buff Roch & Pitts pfdl
Chicago & Alton ctfs_100
100 7%
Chesap & Ohio ctia_ _1 I
100 120
Cleve & Pittsburgh_ _ _50
6 70%
lii
Erie ctfs
100 35
1st preferred ctfs_ -100
200 41%
Ill Cent Leased Line. 100
130 77
Morris & Essex
50
21 79%
Northern Central-- -50
100 79%
Pacific Coast 2d pref _100
100 50%
Reading rights
9,100 19%
Twin City Rap Tr pfd100
100101%
Virginia Ry & Power 100
100 150
Feb 5 95%
Feb 5 6
Jan 30 19%
Feb 4 70
Feb 4 35
Feb 5 41%
Feb 1 71%
Feb 5 79%
Feb 5 79%
Feb 3 5014
Feb 2 101
Feb 2 101
Feb 4 150
Feb 95%
Jan 7%
Jan 120%
Ja 70%
Feb 38%
Feb 42
Jan 78
Jan 79%
Jan 79%
Ja. 54%
Jan 101%
Jan 101%
Feb 150
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Amer Can Co
10025,500287
Jan 30295% Feb 4 275%
Amer Car & Fdry Rens- 44,300
% Feb
2% Jan 30
44
E
Am-La F F 7% pfd 1
100100% Feb 5100% Feb 5 97
Rights
% Jan 30
si Jan 30
I 9,050
34
Am Type Fdrs pr
1001 300107
Feb 1 107
Feb 1 107
American Snuff pref..i001 500100
Feb 4 100
Feb 4 100
Am Wholes Corp pfd -100
100 100
Feb 3 100
Feb 3 100
Arnold Constable
• 100 14% Feb 1 14% Feb 1 14%
Barrett Leather
• 500 5234 Jan 30 53% Feb 5 52%
Preferred
100
50 103
Jan 30 103
Jan 30, 103
Barnsdall Corp rights- 26,68c. 1-16 Feb 5
% Jan 30 1-16
Bayuk Bros 1st pfd_ _100 200 100
Jan 30 100
Jan 30 100
Chicago Yellow Cab___
200 48
Jan 30 48
Jan 30 48
Commercial Credit rights 17,200
% Jan 30
% Jan 30
34
1st preferred
25
300 99
Feb 4
Feb 4 99
Corn Inv Tr6%% Pi-100
300 98
Feb 1 98
Feb 1 98
Consol Cigar rights
'3 90P 1
Fbl 3
Feb 5 1
Gushman's Boni rights-200 1-32 Feb 1 1-32 Feb 1 1-32
Deere & Co pret
5001J8
160
Feb 2 108
Feb 2 108
Devoe & Rayn 1st pf.100
300117
Jan 30 109
Jan 30 107
Durham Hosiery
50 1.600 18
Feb 1 19
Feb 3 15%
Electric Auto-Lite
•tu,out., 79% Feb 5 8234 Feb 3 76%
Electric Boat
'
26,900 6% Feb 4 834 Feb 1 5%
Eisenlohr(Otto)&Bros 2116,200 18% Feb 5 20% Feb 1 18%
Elk Born Coal Corp-50 300 11
Feb 4 1234 Feb 4 11
First Nat Pict it pf.
-100
300 105
Feb 3 106
Feb 4 102
Helme(OW)pre!__.100
100116
Feb 2 116
Feb 2 116
Jones & L Steel prof _103,
10011534 Feb 411534 Feb 4 114
Kresge Co new
II 12,900 79
Feb 5 8134 Jan 30 79
1
Kuppenheimer
100 29% Feb 4 29% Feb 4 29%
Lee Rubber & Tire right 4,900 1-84 Feb 3 1-32 Feb 4 1-64
Life Savers
'18,700 20% Jan 30 21% Feb 4 20
Mack Truck rights
53,577 6% Feb 2 7% Feb 3 6
Manati Sugar
10f
100 47
Feb
47
Feb 5 41
Preferred
100
200 81
Jap 30 82
Feb 1 80
N N& II Ry G & E1.106
100 110
Feb 4 110
Feb 4 108
Norwalk T & Rub pf _106
200 8134 Feb 2 85
Feb 2 81%
011 Well Supply pref_10i.
100105% Feb 3105% Feb 3 105%
Omnibus Corp
,700 17
Feb 1 19% Feb 5 17
Preferred
100
Jan 30 97
800 95
Feb
94
Owens Bottle pref_100
100115% Feb 111534 Feb
115%
Pacific Tel it Tel_ _100
100 116
Feb 1 116
Feb 1 116
Panhandle P & R pi _100
700 54
Feb 1 56% Feb E 51
Penick & Ford bref IOC
200 100
Feb 3100
Feb 2 100
Phillips Johes Corp pf100
100 82
Feb 2 82
Feb 3 82
Pub Serv of N Jersey Rt. 7,450
% Jan 33
% Jan 30
44
Ry Steel Spring, new_50
700 55% Feb 0 56% Jan 30 55
Reid Ice Cream pref _100
100 90% Feb 4 9034 Feb 2 97
Rels(Rt)& Co let pf 100
100 81
Feb 4 81
Feb 4 80
Virg Coal & Coke 0(.100 2,565 95% Jan 30100% Feb 4 94%
Westinghouse El 1st pf.50
100 8734 Feb 5 8734 Feb 5 so
Wilson & Co et's
""S
100 434 Feb 2 4534 Feb 2 4%
Preferred
100
100 1734 Feb 3 1734 Feb 3 17
Jan 296%
Ja
3%
Jan 100%
Ja
Feb 107
Ja 100%
Ja 100
Jan 15%
Ja 53%
Jan 103
Feb 7-16
Ja 100
Ja 48
Jan
%
Feb 99
Feb100
Jan 3
Feb
Jan 109
Jan 109
Jan 19
Jan/ 824
Jan' 8%
Feb 20%
Feb 12%
Jan 108
Feb 116
Jan 115%
Feb 82
Jan 29%
Feb
%
Jan 21%
Jan 7%
Jan 50%
Jan 82
Jan 115
Feb 89
Feb 105%
Jan 19%
Jan 97
Feb 115%
Feb 117
Jan 56%
Jan 102
Feb 82%
Jan 1
Jan 57
Jan 100
Jan 81
Jan 100%
Jal 8734
Jan 4%
18%
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb 5 95%
Feb 5 7%
Jan 30 120
Feb 4 70%
Feb 4 35
Feb 5 41%
Feb 1 78
Feb 5 79%
Feb 5 79%
Feb 3 50%
Feb 4 21%
Feb 2101%
Feb 4 150
Industrial & Misc.
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y• Bid.
America•_ _ _ _
Amer Ex Pac 471
Amer Union• 210
BoweryEast R 363
Broadway Cen 3,0
Bronx Bore*. 1350
Bronx Nat_ _ 440
Bryant Park' 210
Butch & Drov 175
Capitol Nat.. 220
Gent Mercao 312
Chase... _ _
603
Chath Phenix
Nat Bk&T, 372
Chelsea Exch. 230
Chemical_ _
760
Coal & Iron.. 275
Colonial.
50
1
Commerce _ 377
Com'nwealth• 310
Continental.. 280
Corn Exch... 580
Cosmop tan• 225
Fifth Avenue.2300
First
800
Franklin
175
360
Garfield
270
Grace
Greenwich•_ _ 575
Ask.
375
480
225
370
36n
1437
460
239
185
230
320
615
377
240
_
382
320
300
590
- ___
850
190
380
575
Bank..
Bid.
Hamilton.... 200
lianorN
1100
Harriman...- 505
Manhattat - 235
•
Mech & met_ 460
Mutual*. -- 500
Nat American 200
National City 608
New Neths„ 260
Park
637
Penn Eat _ 124
Port Morris
215
Public
740
Seaboard-- - 650
ieventh
160
Standard580
State.
1845
Trade*
197
215
United
United States* 3.55
Wash'n /Rao- 725
Brooklyn
Coney Island* 210
950
First
Mechanics'*
330
M ontauk _ 1335
•
Vassau
330
525
People's
Queensboro• 175
•Banks marked (.) are State banks
E c riga ti
Ask.
210
239
470
210
618
270
543
134
755
170
163
230
345
iai
555
550
rust Co
AM
New York
American_ _ _
Bank of N Y
& Trust Co 640 650
Bankers Trust 842 650
Bronx Co Tr. 290 325
Central Union 885 890
Empire
390 396
Equitable Tr. 300 305
Farm L & Tr. 565 575
Fidelity Inter 320
Fulton
350
Guaranty Tr 383 388
Irving BankColumbia Tr 330 335
Lawyers Tr..
Manufacturer 522 530
Mutual(West
Chester)... 220 230
N Y Trust_
560 565
Title Gin & Tr 675 680
IJ 13 Mtg & Tr 915 425
United States 1870 900
Wenches Tr_
Brooklyn.
Brooklyn Tr 880 890
Kings County 2150 '300
M Idwood - - -- 340 360
People's
g780 790
(0 New stook,
(4) Ex-div dead.
New York City Realty and Surety Companies.
All prices dollars per share
jBld.
Alliance R'Ity 175
Amer Surety- 177
Bond & M G. 337
Lawyers Mtg 249
Lawyers Title
& Guarantee y328
Ask.
Bid.
j
200 Mtge Bond_ 143
183 Nat Surety__ 222
342 N Y Title &
Mortgage.. 474
254
S Casualty_ 400
El Title Gua 316
335
Ask.
Bid. Ask
147 Realty Assoc,
(Bklyn)corn 475 / 500
225
let pref _ _ _ 92 I 98
2d pref._ _ 90
479
92
425 Westchester
Title & Tr_ 440 /
325
First Liberty Loan
'n 100'n 100 3t 100 33 100 32
(High 100
,
,
,
334% bonds of 1932-47_(Low- 100 11 100 3s 100 31 100 31 100 31
,
,
,
,
,
(First 3)4s)
'Close 1001,3 100 n 100 3s 100 n 100 32
,
,
,
,
Total sales in $1,000 units__
28
80
20
7
7
Converted 4% bonds of (High
100 33
,
100231
100132
113
Total sales 0$l,000 units- __
_ _ __
____
____
____
____ _ _ _ _
Converted 434% bonds illigh 102'33 102 31 102'33 102,211 102 31 102•3I
,
,
of 1932-47 (First 434s)( Low. 102.00 102'31 102 33 102 31 102 33 102113
,
,
,
(Close 102333 102 33 102 ss 102 31 102',, 102 st
,
,
,
,
Total sales in $1,000 units__ _
7
27
37
1
15
8
Second Converted 4%%(High
bonds of 1932-47 (First( Low_
____
____
_ ___
___ _
____
__
Second 4345
Second Liberty Loan
(High
-- -4% bonds of 1927-42_ - (Low-- _
(Second 4s)
(Close
---Total sales in $1,000 units._ _____
Converted 434% bonds (High 1001,33
of 1927-42 (Second (Low. 1001,33
4348)
(Close 100,13
Total sales in $1,000 units...
442
Third Liberty Loan
(High 101',,
434% bonds of 1928_ _ _ i Low. 101.00
(Close 101.00
(Third 414s)
32
Total sales in 51,000 units-(High 1021,33
Fourth Liberty Loan
434% bonds of 1933-38_ Low_ 1021233
(
(Close 102,133
(Fourth 4%,)
214
Total sales in $1,000 nails..
(High 107un
Treasury
Mow. 1071733
434s, 1947-52
(Close 107un
Total sales in $1,000 units__
I
4s, 1944-1954
(High 104.00
(Low. 103u/33
(Close 104.00
Total sales is $1,020 units...
91
100'n
100.00
100.00
3
100"31
1001133
1002,33
129
101,
11
101.00
101 33
,
IV
102,031
102"33
102"33
469
1071,
33
107lin
107,033
33
104 13
,
104233
104 n
,
5
99"33
99un
99"ft
-------
----_- -
----
..-.
---------
100 n
,,
1002,33
106 n
,,
77
101 33
,
101.00
101131
60
1021,
33
1021133
1021,
33
217
107,031
107,033
1071.33
22
104 33
,
104 33
,
104 33
,
275
100,733
1002531
1001,
31
116
101 31
,
101.00
101.00
165
IO2un
102,733
102un
210
107,113
107,133
1071,
33
13
104 33
,
104 13
,
104 11
,
1
100
,13,
1001,
33
100 n
,,
72
101133
1001033
1003,33
35
1021,
31
1021,11
102,133
181
107 •31
,
1071,
33
107nn
3
104 3t
,
103,133
103"n
11
100
,43s
100 ss
,,
100,113
144
101.00
11/01,83
1001,83
157
1021,
ts
102"ts
102,13,
667
108.00
107 In
,
107"ss
5
104 31
,
104.00
104.00
4
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 let 340
4 lst 4345
2d 434,
3
99,03. to 100 1119 3d 4445
,
101,083 to 102 31 87 4th 454e
,
100,133 to 100"33
1001,33 to 101.00
102143 to
102",9
Foreign Exchange.
-Sterling exchange was well maintained and again touched a new high point on fairly active
trading. The Continental exchanges were dull, with weakness in lire and strength in drachmae the most interesting
features. Trading was inactive.
To-day's (Friday's) actual rates for sterling were 4 82 13-1604 8234
for sixty days. 4 86 1-1604 8634 for checks and 4 86 7-1604 8634 for
cables. Commercial on banks, sight, 4 85 15-1604 86: sixty days,
482 5-1604 8254: ninety days, 481 9-161814 8134. and documents for
payment (sixty days),482 9-1604 8294. Cotton for payment, 485 15-16
04 86. and grain for payment, 4 85 15-1604 86.
To-day's (Friday's) actual rates for Paris bankers' francs were 3 68340
3 69 for long and 3 7303 7334 for short. German bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.64039.673 for long and 40.00040.03% for short.
Exchange at Paris on London, 129.75 Cr.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cables.
Checks.
High for the week
4 82 31-32
4 86 7-32
486 19-32
Low for the week
48234
488
48654
Paris Bankers' Francs
High for the week
372
3 7734
37834
Low for the week
3 6794
3 73
3 74
Germany Bankers' Marks
High for the week
23.81
23.81
Low for the week
23.81
23.81
Amsterdam Bankers' Guilders
High for the week
39.6934
40.1594
40.1334
for the week
39.64
40.08
40.10
Low
Domestic Exchange.
-Chicago. par; St. Louis, 15025c. per $1,000
discount. Boat... par. San Francisco, par. Montreal, 52 50 per $1,000
discount. Cincinnati, par.
The Curb Market.
-The review of the Curb Market is
given this week on page 713.
A complete record of Curb Market transactions for the
week will be found on page 735.
CURRENT
NOTICES.
-The Bank of America, New York,has been appointed Registrar of694%
Cumulative Preferred stock of the Western United Gas & Electric Corp.
-Irving Bank-Columbia Trust Company has been appointed Registrar,
In New York, of the capital stock of the Electric Refrigeration Corp.
-Earl I. Custin announces the organization of Earl I. Custin & Co..
39 S. La Salle St.. Chicago, to conduct a general investment
business.
- S. Smithers & Co. announce that Edward F. Swenson has become
F.
associated with them as manager of the bond department.
-Herbert D.Smith has become associated with Post & Flagg's New York
bond department as a street broker.
James W. Carrot, formerly with Chase & Co., has joined the sales
organization of Hale, Waters & Co.
-Otis & Co. announce that Benjamin T. Burton has become
associated
with them.
-Lester T. Doyle is now associated with Greene. Cooke &
Hardy.
721
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, gee preceding page.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Jan. 30.
Monday,
Feb. 1.
Tuesday,
Feb. 2.
Wednesday. Thursday,
Feb. 4.
Feb. 3.
Friday,
Feb. 5.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share 8 per share Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
-share lots
On basis of 100
Lowest
Highest
$ Per share
$ per share
PER SHARE
Range /Or Preview
Year 1925.
Lowest
Highest
8 per share $ per share
Par
Railroads.
22 Feb 48 Dec
100 44 Jan 19 45 Jan 6
Ann Arbor
47
*44
47
45
47 ;44
*44
*44
*444 48
40 Mar 67 Dec
100 6413 Jan 21 6934 Jan 27
Do pref
*6911 72
*6912 72
*6912 72
*6912 ____ *6912 70
Atch Topeka & Santa Fe 100 12912 Jan 22 139 Jan 5 11614 Jan 14012 Dec
3
130 8 132
13114 13212 13158 13214 13112 1324 20.700
131 132
9212 Feb 98 Dec
100 94 8 Jan 2 96 Jan 27
3
8 2.800 Do prof
4
7
4
3
8 9518 954 953 95 8 953 957
3
95 4 95 4 954 955
4
113 Dec
3 Jan
74 Jan 20 10 Jan 2
8 74 13,600 Atlanta BIrm & Atlantic_ 100
73
4
714 73
8
814
818 812
8
74 83
236 Jan 20 26212 Jan 2 14714 Jan 268 Dee
240 24434 3,400 Atlantic Coast Line'M.-100
24212 244 *242 244
237 239 239 242
71 Mar 9413 Dec
4
100 8812 Jan 22 953 Jan 11
8
8 9012 923 18.700 Baltimore & Ohlo
4
9012 9138 903 913
8 904 91
8 913
907
8
627 Apr 674 Nov
100 6712 Jan 6 6912 Feb 5
*6918 6914 6914 6912 1,300 Do pref
6914 6918 6914 6878 69
*69
3514 Mar 5612 Nos
50 4214 Jan 22 46 Feb 1
434 4413 1,000 Bangor Jr Aroostook
*45
4612 4514 4514 45 45
45 12 46
Oct
89 June 100
100 9914 Jan 13 1004 Jan 20
200 Do pret
____
100 *100
4
*9912 10014 *993 10014 *100 ____ 994
3518 Jan 64 NON
8
6434 6478 6312 665 6914 74,900 Bkln Manh Tr v t c__ _No par 5512 Jan 21 6912 Feb 5
614 6258 6258 6311 63
8
727 Jan 834 Dec
No par 81 Jan 5 8314 Jan 29
2 2.100 Do pref v t c
854 857
4
3
8
857 854 853 8584 85 4 864 *8514 86
1712 No
3 Feb
8
Brunswick Term & Ry See_100 10 Jan 22 115 Jan 4
.813 10
.812 10
10
10
*9
*9
10
*9
10
*9
48 Apr 9258 May
150 Buffalo Rochester & PItts_100 80 Jan 4 84 Jan 4
3
8034 80 4
83 *81
83
*82
83 *81
83
*81
83
*81
Jan 59 May
56
100 58 Jan 15 584 Jan 21
Canada Southern
63
*57
63
*57
63 '57
63
63 '57
63 *57
1557
2
100 14612 Jan 9 162 Feb 3 13612 Mar 1523 Jar
45.000 Canadian Pacific
4
1563 15258 15713 158
14912 15138 15138 15278 15214 1593 15818 162
Jar
Central RR of New Jersey 100 285 Jan 21 305 Jan 11 265 Mar 321
*290 300 *290 300 *290 305 *200 305 *285 305 "290 305
8914 Mar 13012 De(
100 11412 Jan 22 12812 Jan 2
23,100 Chesapeake & Ohio
4
11814 12118 11914 120'g 11934 12053 11812 1203 11812 121
122 123
100 119 Jan 20 127 Jan 4 1054 Apr 130 Dec
Do pref
100
12
12312 123
4
3
4
•124 125 *1223 124 *122 4 125 *12234 125 *1223 125
8
8
35 Apr 105 Fe!
712 Jan 26
8
85 Feb 1
100
5
84 8 8 10.200 Chicago & Alton
8
818 83
3
814 8 8
3
8 0 83*
3
3
*712 7 4
7 4 84
1912 Fe!
518 Apr
100 114 Jan 19 1438 Jan 4
8 5,400 Do pref
4
133 137
7
1312 1414 1334 1334 1314 1312 1312 13 g
8
*125 13
100 195 Jan 25 200 Jan 12 140 May 200 De(
& St Louis
CC C
*185 200 *185 200 *185 200 '188 200 *188 200 "188 200
4
293 Mar 3814 AtIS
.100 34 Jan 9 3612 Jan 15
13
100 Chic & East Illinois ER.
37
*35
37
*35
37
3612 *35
354 3512 "35
37
*35
40 Mar 5714 Jaz
4
100 47 Jan 13 493 Jan 4
.
700 Do pref
47 47
4712 48
49
4
4
8
487 484 483 483 "48
*4712 50
15 Fri
Jan
9
Jan 22 1178 Jan 2
100 1012
Chicago Great Western
8
5
8
3
3
10 4 10 4 105 10 8 105 104 104 1078 104 1118 1078 1138 4,100 Do prof
8
1914 Mar 323 Fri
100 25 Jan 20 28 Jan 2
4 8,500
7
2512 25 2 25 8 263
2612 254 2614 2538 2558 2573 26
26
314 Apr 1638 Sal
8
Chicago Mllw & St Paul_.100 103 Jan 2 144 Jan 8
1312 13,700
5
8
7
13 8 1412 1312 134 1314 1312 133 13 8 1314 134 13
7 Sept11 No
100 10 Jan 2 14 Jan 8
4 1232 1212 1214 1258 1212 1212 10,400 Certificates
8 1212 134 121g 123
4
123 133
7 Apr 2812 Jai
100 1814 Jan 22 2214 Jan 9
4 6.800 Do pref
8
1912 1934 195 193
1978 20
8
4 197 2018 1934 20
2014 203
124 Oct22 Nol
8
100 1818 Jan 20 217 Jan 5
1938 1834 1918 4,400 Preferred certificates
8 19
4 1912 195
193
191 *19
1912 1912 19
8
47 Apr 807 Da
8
8 5,600 Chicago & North Western_100 7212 Jan 20 817 Jan 2
745
5
744 74
74
743
744 73 8 744 74
74
3
74 8 75
4
4
100 11812 Jan 4 1203 Jan 29 1013 Apr 120 Del
800 Do prat
3
8
8
4
12012 12012 12034 12034 *12012 1203 *1203 12034 1203 12038 12012 120 4
4,118 Mar 584 Do
4
Feb 2 603 Jan 15
:
541 18.600 Chicago Rock 1s1 & Pacific_100 5214
53
4 3
4
5214 535
8 534 55
8 523 5312 523 5
544 545
92 Jan 100 De,
100 99 Jan 5 100 Jan 2
800 Do 7% preferred
*9912 994
8
9912 997
8 997 WI 100 100
4
4
993 993 100 100
82 Mar 8912 Ma
90 Jan 29
100 86 Jan 11
8 1.300 Do 6% preferred
8 884 88 3 8812 8811 8812 887
7
8912 8912 8914 8912 8914 893
3318 Apr 5912 Jai
Chic St Paul Minn & OM--100 53 Jan 26 53 Jan 26
56
*50
55
*50
55
*52
*50
55
56
*52
56
.52
7314 Apr 12018 De
100 110 Jan 21 114 Jan 9
Do pref
•106 112 *106 112 *106 112 *106 112 5106 112 *105 112
4418 Jan 7012 Sep
100 6112 Jan 20 65 Jan 13
& Southern
500 Colorado
64
*63
63
*6212 6412 6378 637, 63
64
64
65
*64
4
60 Mar 663 De
100 65 Feb 1 67 Jan 11
200 Do 1st pref
86
66 .65
*65
66
.65
66 66
65
65
66
*65
Jan 6212 Ala
54
59 Jan 11
100 59 Jan 11
Do 2d pref
60
*56
60
62 .56
60 '56
62 "56
62 •57
'56
100 15312 Jan 20 16512 Jan 11 1334 Mar 155 Ap
6,700 Delaware & Hudson
15814 15912 15518 1561( 15618 1561 15512 157
161 16112 159 159
4
7,300 Delaware Lack & Western_ 50 143 Jan 20 15312 Jan 12 125 Mar 1473 Jun
147 1481 14614 149
4
1473 149
148 149
4
150 1503 147 150
8
345 Oct60 Jai
300 Deny Rio Gr & West pref100 42 Jan 20 47 Jan 2
40
44
44
*43
44
*43
44
44
44
44
*4212 45
MI De
238 Apr
54 Jan 23
5 Jan 12
100 Dwuth Sou Shore & All..--100
*5
51
51±
&IL *5
512 *5
54 *5
*5
5
5
818 De
334 Apr
84 Jan 18
100
8
77 Jan 30
400 Preferred
*74 814
*712 814 *712 81
8
8
*712 8
3
74 8
2634 May 39 8 De
100 8418 Jan 20 40 Jan 2
3518 354 12,200 Erie
8 3034 3614 3538 361
3658 3618 363
8
357 3614 36
8
35 June 467 Sal
5
100 4l15 Jan 20 45 8 Jan 4
4214 4318 5.700 Do 1st prof
424 421
8
4212 4234 4218 425
4278 4338 424 43
4
34 June 433 Sal
100 39 Jan 16 43 Jan 2
Do 2d pref
*3912 41
*3912 41
*3912 4112 *3912 41
41
*39
42
•40
60 Apr 8238 De
8
100 73 Jan 22 785 Jan 4
8,000 Great Northern pref
8 744 75
3
75 8 7434 753
7412 754 75
3
4 74 4 753*
7512 773
3
25 Dec 40 8 Jai
8
11,300 Iron Ore Propertles__No par 2512 Jan 18 267 Jan 4
26
2618 26
26
2534 26
8 2558 26
268
2614 2614 26
8
23 Mar 363 Sep
Northern..100 314 Feb 4 3514 Jan 7
4
324 313 3214 3214 3234 1,900 Gulf Mobile Jr
3212 32
3234 324 32
•3214 33
8912 Mar 10914 Sep
8
100 1007 Jan 22 1023* Jan 28
400 Do prof
10214 10214 .102 10214 *102 10214 10214 10214 *102 10214 10214 10214 15,500 Hudson Jr Manhattan.
2134 Mar 3838 AS
8
._100 345 Jan 22 39 Feb 5
8 39
367
3638 3638 37
364 364 364 3638 3614 3614 36
6412 Feb 72 Jul;
100 7014 Jan 4 75 Jan 19
200 Do pref
*7112 74
74
71 '72
71
72
71 '70
74 171
.71
100 11818 Jan 16 124 Jan $ 111 Mar 12513 De
4,000 Minas Central
8
1195 12012 120 120 111812 119
7
120 120 8 120 1204 120 120
100 119 Jan 14 12312 Jan 2 11212 Apr 12514 De
2,100 Do prat
122 123 *12114 123 211914 11914
122 122
121 121
122 122
6814 Aug 7414 De
8
*724 734
40 Railroad Sec Series A__1000 7114 Jan 8 727 Jan 16
•7212 7314 *7212 7312 7212 7212 *7212 7312 7212 7212
Jan 3318 Sep
18
4
.100 283 Jan 22 3018 Jan 8
600 Int Rys of Cent America.
8
*294 295
30
30
.2812 2912 •2812 294 •2812 294 2912 30
5912 Jan 6612 Jul
100 64 Jan 27 64 Jan 27
100 Do pref
156134 68
64
69
68
434
4
*613 68
4
4
"613 68 •613 68
1312 Mar 3412 Fe
e..100 2412 Jan 15 394 Feb 5
Interboro Rap Tran v t
8
8 3112 324 3014 3314 3313 3414 3514 3912 3714 395 91,100 Iowa Central
312 Ma
3114 323
112 Jan
312 Jan 15
3 Jan 16
100
4 *314 314
3
0
3
14 3 4 *314 3 4 *314 3 4 *314 33
8
3
285 Mar 51 De
3
• 14 3 8 *3
8
100 4338 Jan 20 493 Jan 13
4612 4612 4738 10,300 Kansas City Southern
4714 46
4718 4534 464 46
48
8
463 471
Jan 634 De
57
Jan 14
7
100 6158 Jan 22 62 8
100 Do pref
*6212 63
*624 63
63
432
63
63 *62
69 Mar 881z De
6212 621 *62
50 80 Jan 20 854 Jan 2
4
8 813 8312 2.800 Lehigh Valley
82
8012 8012 811s 815
82
3
Jan 148 De
834 83 8 83 83
4
100 1273 Jan 22 143 Jan 4 106
Loui8ville& Nashville
13112 1324 133 13512 135 13512 13412 1367e 5,100
133'± 132 132
•13211
64 May 11912 Be
800 Manhattan Elevated guar_100 85 Jan 15 8914 Feb 5
8914 891
89
87
87
*82
87
86 '82
.854 87 '78
3218 Mar 5114 Fe
100 3812 Jan 26 4912 Feb 4
modified guar
494 34,300 Do
4912 48
45
3
.444 45
45 4 4613 46
7
444 4514 44
6 Nov 12 Sell
84 Feb 1
7 Feb 1
100
818 84 2,100 Market Street Ry
712 8
7i, 714
71
7
7
7
8 738
73
Jan 4614 SeZ
20
100 2514 Jan 5 2714 Jan 30
100 Do pref
30
*27
30
*27
30
30 '27
"27
31
2714 2714 "26
4214 Nov 6514 Set
100 42 Jan 21 46 Feb 6
1,200 Do prior prat
4534 4538 46
43
4314 4514 4534 453 *45
43
43 43
15 Dec 3514 Sef
100 1312 Jan 18 1714 Feb 2
200 Do 2c1 pref
19
*17
19
1714 1714 171
1718 171 *1712
*1614 1714 *16
4 Ms
214 OcI
378 Jan 11
314 Jan 4
100
600 Minneap Jr St Louis
34 34
8
314 33
3
3
38 38
8 3'±
"33
8
305 Apr 57 No
3
14 314 "3 8 31
3
4714 Jan 20 5212 Feb 3
1,900 Minn St Paul Jr 55 Marie _10
*4934 52
5214 5212 4934 50
52
50
5012 51
51
•50
40 Mar 8614 No
100 70 Jan 23 79 Feb 3
300 Do pref
80
1576
80
79 '76
79
*7812 86
77 77
78
78
571±Jline 63 Fe
100 64 Jan 13 6612 Feb 9
200 Leased lines
66
66'z 6612 6612 66
*6512 67 .65
6912 *6512 67
*65
2814 Jan 4512 Set
4
3
4 43
3
45 4 84,000 Mo-Kan-Texas RR_ ___No par 397 Jan 20 453 Feb 5
44
44
8
4314 425 4338 4318 433
4134 4212 42
4
743 Jan 9212 Di
100 90 Jan 26 95 Jan 4
prof
3
9312 9314 9354 93 8 941g 9378 9414 934 944 10,600 Do
3
93 4 93
93
4
8
305 Jan 413 13(
Jan 14
100 3618 Jan 27 4014
10,900 Missouri Pacific
4
363 37
8
365 37
3634 377
364 371
3712 377
8 3712 38
71 Mar 914 Di
8914 Jan 4
4
100 843 Jan 21
7,300 Do. prof
4
8618 863
8512 86
86 867
5
85 8 861
87
86
8
865 87
185 Jan 12 188 Jan 14 143 Apr 192 DI
NashvChatt&StLOIIIS._.100
•170 185 *170 185 .170 185 '172 185 *175 185 •175 185
314 DI
112 June
44 Jan 7
234 Jan 5
3 1s *3
34 1,300 Nat Rys of Mex 26 prat ___100
3
34
*3
3
3
318 34
3% 318
13712 Di
200 New ON Tel & Mexico_ — -100 128 Feb 4 13212 Jan 9 11314 June
8
4
8
s
3
*1293 13138 12934 1293 •128 1313 •128 1313 128 128 '125 1313
5
4
100 1263 Jan 20 135 3 Jan 2 1134 June 1374 DI
12834 12912 12834 13014 39,600 New York Central
1304 1314 12912 1304 12814 12911 12914 130
183 Di
,
501. N Y Chic & St Louis Co _ 10( 170 Jan 2. 1814 Jan 11 118 June 987 NC
173 173
170 173
170 170 *170 173
•170 175 *170 173
3
8812 Jan
8
10C 967 Jan 9 99 Feb 3
prat
Do
70(
4
*983 993
4
99
99
8 984 99
98 '9713 9314 9814 983
98
28 Mar 47 Di
4 Jan 2
10C 404 Jan 22 453
3
5
8 424 425s 4214 424 42 8 43 4 36,900 N Y N H Jr Hartford
424 414 423
8 42
42 425
4
5
20 Apr 343 At
4
2712 2.901. NY Ontario Jr Western_ _ _10( 25 Jan 20 253 Jan 30 262 8 Aug 310 0
8 27
4
*263 275
27
27
8
4
4 273 2814 273 28
283
28
552 NY Railways part ett8_No par 298 Jan 4 32512 Feb 5
305 30514 309 310 315 31512 31512 3194 31712 32311 32512 32512
5 Dec 12 Jul
6 Jan 25 2014 Feb 5
1214 124 1214
2014 23.100 Preferred certificates_No par
1214 133
17
s
8 1138 1234 11
3
117 127
21 Dec 36 Ju
100 New York State Rallways_100 2412 Jan 17 2813 Jan 14
28
*24
28
*24
26
26
25
25
"24
26 '24
*22
8
217 Apr 45 Se]
100 3512 Feb 1 37 Jan 13
400 Norfolk Southern
5
5
*3512 37
35 8. 35 s
354 3512 3512 3512 *3512 36
3
"35 4 36
8
100 1473 Jan 4 1574 Jan 11 12312 Mar 151 o
3
15118 1524 151 15134 151 15214 150 4 15214 15112 1523 17,601 Norfolk Jr Western
15214 153
7512 Jan 86 1:5
100 84 Jan 7 85 Jan 7
pref
86
300 Do
8512 *84
*84
85
85
85
85 .85
8512 *81
•84
584 Apr 784 D
100 7114 Jan Z 7612 Jan 2
73I 753
8 9.400 Northern Pacific
4
8 7212 723
4 723 73
7238 7318 724 7318 724 725
20 Aug 4012 D,
100 3114 Jan 4 48 Jan 6
39
Pacific Coast
*36
39
42 •36
42 "36
40 '36
42 •36
*36
3
4212 Apr 55 8 D
2 554 Jan 2
8
50 515 Feb
8
535 37,000 Pennsylvania
5134 523* 5214 5334 53
8
531s 535* x517 5318 514 52
4
133 Apr 214 D
4
100 204 Jan 7 263 Jan 14
24
•23
24
70C Peoria S. Eastern
*23
24
25 •23
*24
21
2412 2412 24
4
613 June 8.54 D
100 8238 Jan 15 86 Jan 4
834 8312 8312 830g 1,000 Pere Marquette
8314
83
*8314 84 *8314 84
84
84
78 July 894 D
8584
100 85 Feb 5 87 Feb 1
916 Do prior prat
85
87
4
*853 8712 87
*8512 8712 8612 87
87 87
6813 Apr 7958 D
100 77 Jan 26 8012 Jan 13
7712 78
78
800 Do prat
78
7712 7712 7712 7712 78
7812 *77
*77
Jan 144 Ni
Jan 2 1434 Jan 11 139
100 P1101 Ft Wrath Jr Chic pf 100 1424
__ *13313 140 *13312 140 *14214 145
14212 -- -- •1424
•14212 -- -- "
63 Mar 123 D
8
100 112 Jan 21 1193 Jan 11
4
700 Pittsburgh & West Va.
4
3
4
8
4
1163 1161 1164 11638 •1144 11612 1163 1163 115 4 1153 *11312 1153
4
3
69 4 Mar 9114 Jui
8 9.300 Reading_ .,
87
50 81 Jan 20 9014 Jan 11
87 8714 86
861* 873
8714 88
874 88
881
98
8
357 Mar 41 Jul
*4014 41
50 40 Jan 5 404 Jan 18
500 Do 1sti prat
341
4014 4014 404 4012 40 8 40 .4014 41
3
*4014 41
8Jiz
364 Mar 443
40 4018 Jan 8 4112 Jan 11
500 Do 26 Prof
3
41
4
41
403 40 4 *4012 41
41
2 4112 404 4038 41
*401
42 Apr 624 Ji
Rutland RR pref
55
100 55 Jan 14 57 Jan 7
57 '50
*53
55
*52
55
57 '53
*5242 57 '52
5712 Jan 10214 At
Jan 21
-San Francisco,...100 96 Jan 20 10114
9718 9712 9714 981i 11,700 St Louis
8
978 08'± 9738 9812 9714 9734 974 98
Jan 924 Ju
76
87
100 85 Jan 27 8812 Jan 22
*85
87
300 Do pref A
4
8534 863 *85
87 '8512 87
*85
87
•85
3
43 4 June 6914 D
3
713 Jan 4
6914 6838 694 6812 7014 21,309 92 Louis Southwestena_.- _100 64 Jan 2(
68
684 6914 6812 69
6812 691
4
7018 June 783 D
8
100 747 Jan 22 7712 Feb 5
7
75 8 77't 2,100 Do pref
7
754 75 8 .7512 76
8
8
757 757 .7514 76
76
*75
3
20 8 Jan 5414 Ni
46
46% 10,900 Seaboard Air Line
100 43 Jan 20 51 Jan 2
4512 4E14 4614 47
454 458 4514 454 454 46
35 Mar 5112 Ai
4
4614 47
43 Jan 20 473 Jan 4
Do pre(
100
7,300
8
4412 45 4 45 8 454 457 4714
3
7
4538 454 444 451
3
Oct 1083 J/
96
10C 994 Jan 26 10414 Jan 2
102 1025* 102 10214 28.500 Southern Pacific Co
8
10112 1017 10112 1017 10158 10278 10178 103
7714 Jan 12012 D
4
7 16,700 Southern Railway
ioo 1117 Jan 20 1193 Jan 4
3
115 1161 11458 115
8
11538 1163 115 1164 11512 11578 11478 116
9.512 Se
83 Jan
924 Jan 2
1041 9014 Jan 18
3
90 4 9111 2,500 Do pref
9114 9113 911
91
9138 91
3
907 911
91
91
4314 Jan 59 D
7.700 Texas & Pacific
100 5534 Jan 4 614 Jan 13
5711 577
571
57
4
8 873 58
86
8
7
57 8 5814 874 5818 8 8 877
712 Apr 155 Be
100 1312 Jan 8 4112 Feb .5
2934 3458 344 39'1 384 4113 87,700 Third Avenue
274 2914 2712 29's 2618 293
Jan 7814 D
58
Jan 4
7834
12 1,000 TwM City Rapid Trans:IL-100 75 Feb 1
78
3
7812 781 *775* 78 2 *77
7814 78
78
*7413 754 75
100 144 Jan 22 150 Jan 2 1334 Apr 1534 Ji
7
1474 1493k 14873 149 8 14812 14914 14812 14914 10,800 Union Pacific
147 14454
7714 Ju
148 148
72 Jan
100 743 Jan 6 774 Feb 4
8
4
1,400 Do pref
767 77
8
7612 7684 76 8 771
761
614 *76
764 7618 7
18 Aug 334 MI
*76
8
200 United Railways Invest_ _100 20 Jan 28 2468 Jan 4
24 •____ ___ •233 27
2312 23'i 24
25
7
25 '23
'22
484 Mar 83 8 D
100 75 Jan 11 8112 Jan 4
7
804 8018 80 8 1.400 Do prof
80
79
78
80
*75
*7712 80
80
194 Mar 474 Al
•75
8
24 Jan 5 52 Jan 12
100 4
8
493 5014 493 504 47,600 Wabash
4
4914 5013 493 501
7
494 5012 4912 51
3
55 4 Jan 73 8 D
4
100 73 Jan 4 783 Jan 13
5
8 75 8 764 16,300 Do pref A
3
4
753 7638 75 4 763
76
8 7512
3
75 4 763
,1 3812 Jan 6012 AI
7512 76
100 60 Jan 4 72 Jan 21
65
800 Do prof B
65
70
70 •67
70 '66
7112 70
8
11 Mar 183 At
72 '70
72
Jan 4
8
100 1514 Feb 3 165
5
1514 1536 1514 15 8 5,100 Western Maryland
8
8
8
155 1558 155 1558 153 1558 154 1512 *2219 23
16 Mar 2614 Si
Inn 21 San 22 24 Jan 4
700 Do 2d mat
*2219 23
221. 998,
..... —._ a**. 92 .291/. 22
.
4
*443 45
8
*695 72
1314 13214
3
5s 95 4
95
4
812 83
*23812 241
9112 914
694 6918
45
95
*9712 10014
4
6214 633
8518 8614
•
1.1d and asked prima. x Ex-dividend.
b Ex rights
New York Stock Record-Continued-Page 2
722
For sales during the week of stocks usually inactive, see second
page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Jan. 30.
Monday,
Feb. t.
Tuesday,
Feb. 2.
Wednesday. Thursday,
Feb. 3.
Feb.4.
$ Per share $ per share S per share $ per share
3714 37% 3713 373
4 371 3712 37
37
*7812 79
783 783
4
4 7914 7914 79
7914
29
/ 30
1
4
29
2913 2813 2914 29
293
4
49
50
49
49
49 49
*483 494
4
Friday,
Feb. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range Since Jan. 1 1920.
On basis of 100-share lots
Lowest
Highest
$ Per share
per share Shams.
Railroads(Con.)
Par $ per share $ per share
•37
38
37
37
2,300 Western Pacific new
100 35 4 Jan 20 3914 Jan 2
3
*79
80
797 80
1,000 Do pre new
100 7713 Jan 15 8015
287 29
±
2813 2914 6,900 Wheeling & Lake Erie Ry _ 100 27 Jan 22 32 Jan 6
.
JIM) 2
.4813 4913 *4812 4912 1,000 Do pref
100 4713 Jan 8 5015 Jan 4
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Per share $ Per share
193 July 3913 Dec
4
72 July 81 Dec
4
103 Mar 32 Dec
22 Apr 537 Dec
Industdal & klIscellane..us
8112 8312 823 8412 82
4
8214 82
84
82 827
8 8113 82
6.300 Abitibi Power & Paper.No par 7114 Jan 12 84
/ Feb 1
1
4
*13312 136 *134 137
62
1354 13512 *138
Jan 7614 Dee
•138
*138 _100 All American Cables
100 131 Jan 6 1354 Feb 2 119
'10413 10412 *1047 105
108 108
3
Jan 1333 Oct
10734 10814 107 107
4
10714 10714 1,400 Adams Express
100 103 Jan 22 109 Jan 6
18
183
s 18
90 Apr 11714 Oct
18% 18
18
*17
1812 18
1812 *174 1812 3,100 Advance Rumely
100 16 Jan 27 183 Jan 29
4
62 4 63
3
6212 62 4 61
13 Apr 20
62
3
61
Oct
6114 61
61
*60
61
1.700 Do pref
100 5513 Jan 21 6313 Jan 28
8% 811
814 EN
47 Feb 6214 Oct
813
813
83
3 8%
814 812
8 8 813 5.200 Ahumada Lead
3
1
7 Jan 23
/
1
4
918 Jan
110 11012 11012 1103 1107s 1107 11078 11438 11312 11412 1134 114
718 Oct 123
4
3
8May
9,500 Air Reduction, Inc_ _No par 107 3 Jan 16 11412 Feb 4
7
10% 10 4 10 4 11
4
3
3
1038 1073 1034 1212 1214 12% 1234 1314 76,300 Ajax Rubber.
863 Jan 1173 Dec
4
3
Inc
No par
9 4 Jan 20 1314 Feb 5
3
1%
*112 170
112 *115 13
938 Dec 157 Jun
3
4 *111 134 •112 1% *112 1%
900 Alaska Juneau Gold Min._ 10
111 Feb 1
11612 11814 11714 119
2 Jan 4
11713 11873 119 12414 12312 130
1
Jan
211 Oct
12713 131 185,600 Allied Chemical dr Dye_No par 112 Jan 6
•120% 12013 •12013 12012 12013 12013 12013 120
131 Feb 5
80 Mar 1163 Dec
3
13 12018 12012 12013 12013
800 Do pref •
100 120 Jan 2 12012 Jan 4 117
914 9214 903 9112 9034 9114 91
4
9112 9112 92% 911 923
Jan 1211 Nov
/
4
/
4
4 8,000 Allis-Chalmers Mfg
100 90 Jan 26 94 Jan 14
/
1
4
*10912 110 •l0912 110 *1094 109
7112 Jan 974 Dec
/ 10912 10912 *109% 110 •10913 110
1
4
100 Do prat
100 109 Jan 2 110 Jan 4 10314 Jan 109
Dec
32
31
3118 31% •31
3112 3114 317
3 31% 3212 31
3173 9,700 Amer Agricultural Chem_100 263 Jan 2 3438
4
91
9133 89
Jan 14
9113 *89
1312 Mar 297 Oct
/ 90
1
4
90 4 92
3
913 9314 90 8 91% 4,300 Do pref
4
3
100 80 Jan 2 9613 Jan 14
.4114 4112 41
3613 Mar 8212 Dec
4114 4034 404 41
4114 *4114 42
41
4114 1,700 Amer Bank Note, new
10 3934 Jan 4 437 Jan 8
*54
58
*54
58
*54
3913 Dec 443 Dec
58
*55
58
3
553 55 4 *55
4
58
3
100 Preferred
50 55 Jan 15 57 Jan 9
344 3412 33
3414 334 3312 3313 35
53 Jan 5812 Sept
/
1
4
3534 38
3834 21,100 American Beet Sugar
34
100 313 Jan 15 383 Feb 5
4
79
4
*77
77
79
2938 Oct 43
76 76
76
Jan
80
79
7914 80
80
1,600 Do pref
101 76 Feb 2 80 Jan 8
3014 30
/ 30
1
30 3 2913 2913 29
4
78 Dec 87 3 June
3
7
293
8 2912 2912 29% 3134 9,400 Amer Bosch Magneto_No par
/
1
4
1723 17414 17412 17813 177 180
/
1
4
2613 Mar 541 Jan
177 17912 17412 17712 176 176% 13,600 Am Brake Shoe dr F___No par 28 Jan 20 344 Jan 4
/
4
150 Jan 5 180 Feb 2
•113 11434 *113 1143 *113 11434 •114 11434 •11414 11434 11434
9014 Mar 156 Dec
4
115
200 Do pref
100 1123 Jan
4
4414 44 4 444 4434 4414 4413 44
3
/
1
9414 44
4412 4914 4514 5,100 Amer Brown Boveri El_No par 43% Jan 12 115 Jan 5 10713 Jan 11438 Dec
21 48% Jan 9
0964 98
*963 98 .9634 98 •963 97
4
4734 Dec 53% Oct
4
*963 97
4
*9634 97
Preferred
100 963 Jan 20 9718 Jan 16
4
484 484 4814 48 3 4814 48% 4812 4914 4914 493
/
1
9018 Nov 98 Dec
7
4 49% 49% 97,800 American Can w 1
25 463 Jan 15 49 4 Feb 4
4
121% 122
3
12214 12213 12212 122% 12214 12214 123 123
4714 Dec 4934 Dec
123 123
1,600 Do prat
100 121 Jan 4 123 Jan 21 115 Jan
11014 11013 110 110
109 10912 10912 1103 110 110 4 110 11012 5,200 American
12173 Sept
4
3
Car & Fdy__No par 109 Jan 2 11478 Jan 12
1274 12712 *12512
•12612
9713 Apr 11534 Sept
_ •12612
*1264
_
-- *12613
200 Do prof
100 124 Jan 7 12712 Jan 30
24 8 24
3
/ 241 243 •2414 24% 2433 2438 2412 1
4
/
4
4
if% 2434 243
4 1,300 American Chain, ciass A.__ 25 2414 Jan 28 25 Jan 2 12034 Apr 128 July
*45 4 48
3
4714 4713 4734 49
2212 Oct 27 Feb
49
49
4814 4914 4814 483
4 1,500 American Chicle
No par 454 Jan 21 51 Jan 4
45
45
45
37
Jan 62
4514 45
4612 *453 4634 45
Apr
4'
45 4 46
3
46
2,100 Do certificates
No par 44 Jan 21 4714 Jan 7
5
5
5 1s
5
37 Jan 5812 Apr
513 5%
51s 518
54 514
1,900 Amer Druggists Syndicate. 10
514 54
414 Jan 5
54 Jan 15
•1313 133 •13134 133
4
414 Dec
133 137
634 Jan
13513 1363 135 13534 13514 13514 1,600 American Express
4
100 131 Jan 27 140 Jan 6 125 Apr
3913 40
39
40
/
1
4
39% 40% 39% 397
166
Jan
3 3
9
3912 3834 3913 8,600 Amer & Fort'Pow new_No par 37 Jan 20 423 Jan 2
3
93 8 9312 92
3
/ 9313 9212 93
1
4
2714 Apr 5133 Sept
9312 93% 9338 934 9318 93
/
1
/ 2.200 Do pref
1
4
No par 9114 Jan 2 94 Jan 27
13014 1304
87
Jan
Feb
130 130
127 135
200 Do 25% paid
12712 Jan 22 131 Jan 2 1144 Apr 99
/
1
142 Sept
•1312 14
13
/ 1312 •13
1
4
1312 13% 1312 *1313 19
14
14
300 American Hide & Leather-100 124 Jan 22 163 Jan 5
/
1
*6012 62
s
4
593 60
/ 60 60
1
4
811 Mar 7143: JanDee
67
60 60
60
60
60
61
2,000 Do pref
100 993 Feb 1 64 Jan 5
4
1264 12713 12713 12712 127 13314 133 135
5813 Sept
133 1333 132 133
4
6,400 American Ice
3
100 125 4 Jan 20 1353 Jan 7
4
12 83
*82
83 Mar 139 Dec
83
83
8312 8312 •834 84
84
84
84
85
1,100 Do pref
100 8212 Jan 13 85 Feb 5
44% 4411 434 443 *44
744 Mar 86 July
3
4412 4334 4414 44
3 4413 451s 17,500 Amer International Corp.-100 4218 Jan 19 4512 Jan 15
13% 133 x1313 1312 13% 13% 1338 13% 1334 453
321s Mar 467 Nov
4
8
14% 1411 1473 14.600 American La France FE.. 10 1313 Feb 1
157 Jan 4
4812 4812 4812 4812 *48
1114 Jan 20 Nov
4812 48% 48% 98
48
47
/ 48
1
4
1,300 American Linseed
8
100 417 Jan 23 527 Jan 4
*84
20 Mar 5914 Nov
843 .84
4
8434 *84
84% *84
85 .84
8434 *84
84%
Do prof
100 82 Jan 15 87 Jan 4
11314 11334 113 11312 113 11312 114 115
53 Jan 89
Oct
11414 11473 1144 115
3
•119 4 120
120 120
3
120 120 •11912 12018 •120 12018 •11934 12014 7,600 American Locom new, No par 11113 Jan 21 1197 Jan 4 10412 Jan 14478 Mar
300 Do pref
100 11812 Jan 7 120 Jan 16 115 Aug 124 Feb
64
54% 523 5312 52
4
5212 52% 53% 54
5
412 5413 543
4 3.400 American Metals
No pa
, 514 Jan 20 56 Jan 7
•115
•115
4534 Mar 57
•113
•115 125 •114 116 •11712
/ Oct
1
4
...... Preferred
100 115 Jan 29 117 Jan 8 111 Mar 119 Nov
110 110 *10912 1093 10914 1097g 10934 110
4
110 11414 11412 11512 2.100 American Radiator
25 10914 Jan 29 11513 Jan 4
3
*77 4 79
897 Jan
4
*773 7812 *7712 78
/ *77% 7813 *774 79
1
4
*7711 78%
Amer Railway Express._ _.100 7712 Jan 21 774 Jan 12 z76 Sept 12212 Nov
713 713 •69
4
72 .69
4
72
84
71
70
Jan
•69
72
*69
7173
300 American Repubiles....
.No par 69 Jan 8 74 Jan 5
48
57
57
56
57
Jan 793 Dee
56
56
4
56
57
564 57
/
1
/ 56% 58
1
4
6,100 American Safety Razor.
.100 5514 Jan 4 63 Jan 8
8% 6%
3673 Jan 763 Nov
614 PS
6 , 63
3
614 614
4
5% 612
614 614 2,000 Amer Ship & Comm__.No par
ah Jan 2
63 Jan 5
4
138 14014 137 13912 13612 13834 13873 1411/4 13934 1411 1381s
518 Dee
1412 Feb
/
4
14114 71,300 Amer Smelting & Refining.100 13014 Jan 20 1443 Jan 7
4
11712 11712 11714 11714 11714 11714 117 117
9038 Mar 14413 Dec
117 11714 211634
100 113 Jan 4 11712 Feb 30 10513 Jan 11514 Oct
142 142
14e 146 145% 145 3 14578 1493 14973 15114 149 11733 1.400 Do prof
7
4
1493
4 3,400 American Snuff
100 14013 Jan 22 15114 Feb 4
4478 464 46
/
1
467
3 4534 4633 48
4633 4513 46
4514 45% 23,600 Amer Steel Foundries_No par 44 Jan 20 467 Feb 1 13814 Apr 154 Nov
3
•113
•113
_ •113 11318 •113 11318 113 1131g 113 113
3738 June 4713 Dec
100 Do pref
78
7612 76
/ 764 7684 77
1
4
/
1
Jan 11313 Oct
/ 773
1
4
4 773 8212 80 4 823 31,600 American Sugar Refining. 100 113 Jan 7 1131g Jan 11 108
% 77
4
3
4
4
100 733 Jan 21 823 1 eb 5
4
473 Jan 77 Dec
8
/
1
4
•102 103
3
1027 102% *10212 10311 10234 103
10313 1037 1034 104
3
1,300 Do pref
100 102 Jan 6 104 Feb 5
1312 124 1213 •1213 13
13 3 14
7
13
9114 Jan 10414 Nov
•1234 1312 13
13
1,800 Amer Sumatra Tobacco-100 11 Jan 2 143 Jan 11
8
*8912 10514 .8912 120
*8912 120
6 May
*8912 11812 *8913 1181, *8911 1181
2412 Feb
Do pref
100
*40
41
.40
41
*40
-:
3
28
41
41
Apr 12013 Oct
41
.40
4113 •39% 411
200 Amer Telegraph & Cable...100 40 Jan 16 41 Feb
143% 144
144% 14412 144% 14538 145 14512 145 14514 14514 14614
10,300 Amer Telep & Toles
100 142% Jan 2 14614 Feb 5 13038 Jan 145 Feb
11613 1161s 11614 11814 116% 1187 118% 11973 11914 11914 11914
3"une 42 Deo
23
8
1207 13,300 American Tobacco
8
50 11414 Jan 4 1207 Feb 6
3
/
1
4
*107 108 •107 108 •107 108
85 Feb 12112 Oct
10734 107% 107% 108
10713 10734
1,100 Do pre
10618
.11514 115 6 11514 11512 11512 117
3
/ 117% 118% 117% 118% 11838 1197 16,700 Do common class B._ 100 11312 Jan 4 108 Feb 4 10412 Jan 110 Nov
1
4
50
Jan 4 1197 Feb 5
g
•117 119 *117 119
1187s 118% 119 121 •1214 1297g 125 125
8412 Feb 11912 Oct
700 American Type Founders. 100 114 Jan 22 125 Feb
7114 7213 21393 7112 6934 7134 7014 713 •70% 7012 6934
5
4
3
8
70 s 16,500 Am Water Works & Ewe_ 20 68 Jan 16 74 Jan 4 103 Apr 135 3 Nov
7
107 10714 *105 107% 105 105 *105 10612 •10912 10814 *104 1047
343 Jan 7614 Dec
8
300 Do 1st pref (7%)
s
100 10212 Jan 6 10814 Jan
3911 4012 3812 40
Aug
8
4 38% 39% 38% 39
393 393
Feb
39
3912 8,300 American Woolen
100 38 Jan 27 427 Jan 27° 3 May
8
13
867 8678 87 87
34 14
2
8614 87
98
9633 8412 3514 87
1°4334 Jan
8
1,400 Do prof
87
100 841: .130 4 8934
13 Feb 4
558
n 14
3
691 May 9618 Jan
)
S 3% 413 *34 3% *312 373 3% 378 *3
313 34 1,100 Amer Writing Paper pref.. 100
4
Jan
. *15
g 3
*2% 3
31
12 .212 3
112 Dec
712 Jan
12
*2% 313 *213 313
Preferred certificates.. _ _100
1 Jan 4
41 Jan 13
/
4
I •8%
9 3 10 4 10
3
12 Dec
1012 4218 421
3
* ; 17
12 8
4
04
: 11
Jan
12% 1034 111 28,500 Amer Zinc, Lead & Smelt
/
4
25
83 Jan 4 1218 Feb 4
3
40 4012 40 3 42% 42
3
7 May
/
1
4
42
1212 Jan
45% 48% 4533 47
29,500
Do pref
25 377 Jan 6 4813 Feb 4
24.8 May 444 Dec
/ 48
1
4
r 473 4812 48% 4813 47
4
47% 49
/
1
4913 4934 4914 50
42,200 Anaconda Copper Mining. 50 4618 Jan It
503 Jan
8
4212 424 4213 4214 43
*42
3514 Apr 5314 Nov
42% 4338 43
43% 4278 427
3,600 Archer, Dante Midi'd_No par 3913 Jan 22 4434 Jan 5
•102 105 •102 105 •102 105 *10212 105 *103 105 •103 105 3
2
26
Jan 4612 Dee
Do pref
100 102 Jan 27 105 Jan 4
*9712 973
9012 Jan 105
4 97
12 97
/ 9712 9712 9712 9734 97% 973
1
4
Oct
973 973
4
1,200 Armour & Co (Del) pref__ _100 97 Jan 6 977 Jan 13
4
4
904 Mar 100 Oct
24
2414 24
2412 24
2414 24
2414 24
2418 24
241g 15,500 Armour of Illinois class A._ 25 233 Jan 2 2514 Jan
4
7
20 Mar 2712 Oct
1619 1612 16 3 183
3
3
3
4 163 163
4 183 1812 16% 1612 1614 1612 13,800
;lass B
25
154 Jan 25 17 Jan 4
/
1
16 Dec 203 Oct
4
92
*9113 92'
92
*9112 91% •91
92
*9112 92
91% 017
8
200 Preferred
100 9013 Jan 11 92 Feb 1
90 Dec 9137% Nov
294 2912 *2912 30
2912 2912 29
14
29 .28 4 29
/
1
4
3
/ *2834 2914
1
4
800 Arnold.Conele&Co new No par 29 Feb 3 30 Jan 11
8
Jan
•1411 147 *144 14
/ 141± 1412
1
4
Oct
100 Certificates
No par
14 Jan 5 1534 Jan 6
27 Dec 30 Dec
•20
22
2133 22
21
21
2014 2014 -ill- 1114 2134 2184
900 Art Metal Construction_-10 1913 Jan 2 2311 Jan 21.
15
Jan 6034 Nov
62 s 62% 6213 6313 •6213 63
7
2038 D
6213 62 8 *62
7
6213 6214 6238 2,400 A rtloom
No par 5614 Jan 12 1312 Jan 21
39 June
•110 112
11113 1113 *110 112 *110 112
4
11014 11014 *110 112
400 Do pref
100 110 Jan 14 1113 Feb 1 10112 Aug 110
4
514 5112 51
/
1
513
3 50 3 514 50
Dec
/ 53
1
4
3
52 523
8 5113 513
6,500 Associated Dry Goods. _ _ 104 5018 Jan 21
.
547 Jan 9
46i2 Aug 6133 Nov
41100 102 *101 103 *101 102 *101 103 *101 102 *101 103 4
Do 1s1 pre
100 10114 Jan 14 10212 Jan 6
94
Jan 10082,4 FebOct
*108 109 *107 108 *108 109 •108 109 *108 109 *107 109
Do 2d pre(
100 10713 Jan 4 108 Jan 28 101
Jan
5212 5314 52
/ 5314 5315 5414 547 56
1
4
5714 3714 161,200 Postdated Oil
553* 88
25 4434 Jan 6 58 Feb 4
32 Mar 474 Dec
574 577
8 56
577
554 57
/
1
5612 5612 56% 5814 58
567
8 8,700 At Gulf & WI SI3 Line_
IGO 554 Feb 2 68 8 Jan 6
3
20
Jan 77 Sept
•53
55
5212 5212 52
52
.51
53
523 523 .52
4
800 Do prof
63
4
100 52 Feb 2 5614 Jan 13
31
Jan 60 Sept
10913 110
1093 1093 10914 10914 10812 1094 106 101
4
4
10612 10814 5,900 Atlantic Refining
100 105 Jan 12 110 Jan 30
9513 Jan
•11612 11713 *11613 11714 *11612 11714 .11613 117 *11612 117
11612 11613
100 Do pref
100 11612 Jan 18 117 JIM 21 113 Sept 11712 Feb
*5612 58
1174 June
57
57 •57
68
58
58
58
58
500 Atlas Powder
58
68
No par 57 Jan 26 59 Jan 6
45 June 65 Dec
/ 9513 *9213 9513 *93
1
4
*93
9618 •93
9618 .93
9618 *93
9613
Preferred
100 94 Jan
041 Jan 9
/
4
9011 Oct 94
1718 1712 163 174 1612 1612 16
4
Jan
1612 *16
17 .17
1,400 Atlas Tack
No pat
173
1515 Jan 20 1712 Jan 30
4
913 Feb
27
21 Dec
274 2612 27
2571 2634 28
26
2613 2734 2714 28
6,300 Austin,Nichois&Co vtc No par 24 Jan 27 28 Jan 21
22 July
*89
92
*89
92
3213 Jan
91
91
*90% 92
91
91
*91
92
200 Do pref
100 soh Jan 22 93 Jan 6
118 .1
87
/ Jan 95 Aug
1
4
•1
113 *1
118
118
114 *114
113
11 13
/
4
3 1,300 Auto Knitter Hosiery..No par
Feb 4
1
It Dec
12678 1273 1257 12734 12513 127
4
414 May
12612 129
127 1273 12712 128
4
10,600 Baldwin Locomotive Wks.100
Jan
107 Mar 141 Feb
•112 117 *112 115 *11212 11213 113 113 *11214 114 *11214 114
200 Do pref
31
J 11
100 12184 .1 1 2 1 13136112 Jan 4
%
/
1
4 3018 3012 3014 30
3018 303
/ 303 31
1
4
8
3014 30
/ 30 8 30 4 15,300 Barnsdall Corp class A. _ 25 29 Jan 21 3313 Jan 2 107 Aug 1114 Jan
1
4
3
/
1
4
3
183 Aug 331z Dec
4
s 2614 2638 2612 2613 2614 2634 2614 2612 2812 2613
264 267
/
1
Do class B
25' 25 3 Jan 2
3
29 Jan 2
/
1
4
4413 45
Aug
*4321 4512 *4312 45 .43% 45
Dec
431 441
.4312 45
4
900 Bayuk Cigars, Inc
No par 43 Jan 1
49% Jan 4
3
6912 713
1814 Sept 53 Felt
6
t 3 14
3 68
3 69
°
713
70 3 7018 7112 703g 717
3
6834 71
19,100,Beech Nut Packing
20 6114 Jan 2
717 Feb 4
60 Mar 773 Aug
377 38
g
3734 38
373 3833 47.8 ,77
4
377 38
38
38
6,700 Belding Bros
3 : 38
1 1
N... par 3713 Jan 1
393 Jan 4
4
37 Sept 4138 Dec
4712 467 47
17
4 47
4734 473
4784
14,400 Bethlehem Steel Corp
4734 48
100 461s Jan
504 Jan 7
37 June 1516311:
118 11913 119 11914 11913 11913 1187 11913 3,000 Do cum cony 8% pref 100 115 Jan 2'
119* 120 *11814 119
120 Jan 21
104 104
10334 105
Feb
•1O33 104
4
104 105
104 10413 104 104
2,500 Do pre( 7%
100 100% Jan
105 Feb 2 19314 June 102
°
° Ma r
8% 83g .7% 81
*734 81± *TIE $ 4
Jan
3
712 712
500 B.0th Fisheries
7% 814
No par
612 Jan
94 Jan 11
87 Oct
44 May
.46
50
*413
51
51
*46
•46
51
.46
51
*46
51
First preferred
100 4513 Jan
5112 Jan 7
25 June 542412
*4012 91
*4014 41
4014 4014 *4014 41
*4012 41
*3914 40
100 Botany Cons Mills class A 60 40 Jan 2
4118 Jan 4
40 Aug
/
1
4
34 4 34
3
343* 34
3414 34
3414 34
ul
34
3413 338 345± 5,900 Briggs Manufacturing, No par 3314 Jan
3713 Jan 4
27
Oct
May
•2 4 3
*24 3
*214 3
*214 3
3
*214 3
•212 3
British Empire Steel
100
214 Jan 1
3 Jan 18
11 May 155
/
4
*27
30
*2712 30
*2714 30
612
*2714 30
*2714 30 •____ 30
First preferred
100 27 Jan 2
27 Jan 28
22 July 36
813 812 41713 8
/
1
4
813 83
4 *74 84 *73
3 84 *714 812 1,100 2d preferred
Oct
100
811 Jan 2
11118 Jan 11
633 July 1069
4
1398 1414 143 1484 143 14634 144 145
14
4
144 14434 1433 14512 9,500 Brooklyn Edison, Inc
Oct
4
100 13318 Jan
14613 Feb 1 1203 Jan
3
7612 774 77
77
7712 78 3 7714 7712 75
3
764 77
Nov
/ 7613 8.000 Bklyn Union Gas
1
4
No par 7412 Jan 2
78 4 Jan 11
3
734 Dec 10014 Nov
*45
4514 4513 457
45 8 4434 4434 *4434 46
7
457 46
45
3,200 Brown Shoe Inc w 1
100 4434 Feb I,, 4814 Jan 9
46 Dec 4
106 110 •106 110 41106 110 .106 110
014 Dec
*106 110 *106 110
Do pref
100 109 Jan IS 10913 Jan
96 Mar
2713 27% 2812 *2713 28
271* 2718 28
274 274 27
j
Oct
28
3.000 Brunswick-Balke-Colt r No par 27 Feb I 30% Jan 7
4
24 June 493 Jan
1397 14018 z139 139
/ 137 139
1
4
3
e
7 136 137
137 4 1374 137 137
3
1,900 Burns Brothers
No par 12934 Jan 8 141 Jan 29
9213 Feb 136 Deo
/ 42
1
4
424 4178 417
414 42
4113 414 z4134 42
41
41
3,300 Do new class B oom No par 36 Jan 19 423 Feb
4
17 Mar 39 Dec
2
.9918 9914 *99 100
9914 994 *99 100
100 100
/
1
4
*9912 10014
300 Preferred
....100 98 Jan 7 10012 Jan 11
9113 July 99
*891 92
*8914 92
/
4
90
9113 *8912 92
92
90 90
•90
400 Burroughs Add Mach..No par 90 Jan 28 93
Oct
Jan 4
05 Jan 103 Sept
Ws day. a Ex-rights. x Ex-dividend.
•Bid and asked prices no sales on
New York Stock Record-Continued-Page 3
723
For sales during the week of stocks usually Ina'live. see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 30.
Monday,
Feb. 1.
Tuesday,
Feb. 2.
Wednesday, Thursday,
Feb. 4.
Feb. 3.
Friday,
Feb. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basts of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Week. Indus- & Miscall.(Con.) Par $ per share IS per share $ per share $ per share
141 June 26 Dec
1,400 Bush Terminal new_ __ _No par 20 Jan 15 2278 Jan 4
21
2134 2218 2212 2214 2214 .21
223
8 217 2214 2112 22
4
80 May 897 June
100 873 Jan 22 8912 Jan 18
*88
89
•88
89
500 Do debenture
8912 .8814 891z 8814 89
88 .84
88
9612 Jan 103 Dec
100 9912 Jan 20 10112 Jan 30
100 Bush Term Bldgs, pref
1011 10112 *100_ __ *100 102 *100 102 *100 102 *100 102
/
4
57
8 57
8
53
4 - 8
57
5
/ 53
1
4
4
534 57g
414 Mar
6 Feb 4
5 Jan 9
/
1
4
5
534 6
83 Jan
4
1,700 Butte Copper & Zinc
6
6
4
17 May 285k Jan
7
100 22 ..n 6 233 Jan 4
*2212 2258 2212 2212 *2212 2234 2212 2212 2212 2212 2214 2214
800 Butterick Co
613 May 2414 Jan
/
4
143 143
4
4 14 8 1584 151 1512 15
10 1312 Jan 22 1614 Jan 11
1512 3.800 Butte & Superior Mining
1434 15
1434 15
34 Jan 12 3818 Feb 2
No par
23
Oct 447 Oct
2,100 Byers & Co
33
38
38
38
37
3714 3712 38
3818 3818 3818 38
Oct
100 9912 Jan 12 9912 Jan 12
9512 Oct 100
Preferred
/
1
4
8
* ____ 995 ._ _ _ 99% •___- 995 *__ _ _ 99% •____ 99 *____ 9958
8
7 Jan 8
8
14 Jan 2
23 Jan
8
14 Dec
200 Caddo Cent Oil & Ref __No par
38
.12
*12
5
8
*12
5
8
5
8
5
8
12
12
512
%
3612 Nov
163 16712 164 16912 16412 1677 16712 17512 174 17912 17034 177 121,200 California Packing____No par 12918 Jan 5 17912 Feb 4 10012 Jan
8
8
25 303 Jan 20 36 Feb 5
8
237 Jan 343 Dec
3312 3314 338 3312 33 8 337 351* 3514 36 145,100 California Petroleum
32 * 333
8 33
s
7
7
434 Feb
25 Jan 15
8
2 Jan 4
10
114 Oct
218 218
*218 214
214 214
214
214
238
218 218
214 1,900 Callahan Zinc-Lead
45 Apr 6118 Dec
4
/
1
603 6234 623 634 6212 6378 3,900 Calumet Arizona Mining_ 10 5812 Jan 20 6414 Jan 8
613 617
8
62 6214 62 62
1214 May 185* Jan
1512 Jan 6
25 1414 Jan 21
1438 1434 1412 1514 15
*143 15
4
1518 1478 15
147 15
2,200 Calumet & Hecla
24 Mar 6812 Dec
100 6212 Jan 4 8478 Jan 29
8112 8134 2,900 Case Thresh Machine
82 8212 82
804 82
/
1
83 4 8212 83
3
8112 83
60 Mar 10712 Dec
100 96 Jan 5 105 Feb 9
10414 10414 *109 105
*1033 1647 *1034 105
4
104 105
10412 105
8
1,000 Do pref
4
143 Mar 2338 Oct
100 1712 Feb 2 2012 Jan 5
1818 1818 1738 1818 1712 1712 1712 177
8
4 173 187
8 175 173
4
8 6,000 Central Leather
Oct
4914 Mar 71
4
4
100 603 Feb 1 683 Jan 5
4
6312 64
/ 603 63is 6112 62
1
4
6112 6234 613 6214 63
643
8 8,400 Do pref
4
/
1
4
303 Sept 47 Mar
4
233 233
4
4 2238 2338 *2258 23
1.900 Century Ribbon Mills_No par 20 Jan 20 327 Jan 8
2212 227
2312 2414 2514
8 23
99 Dec 988 Jan
*87
*87
90
100 83 Jan 26 90 Jan 21
*87
90 .87
90
100 Do pref
88
*88
90
90
88
8
434 Mar 643 Nov
/
1
6414 6514 648 6512 6434 6538 6518 6534 24,900 Cerro de Pasco Copper _No par 5712 Jan 22 66 Jan 28
65
6414 647
8 63
4
403 Mar 5834 Sept
8
47
4778 475 48
47% 473
4 473 473
4
4 4712 477
4738 4,500 Certain-Teed Products_No par 457 Jan 20 4913 Jan 5
o 47
89
/ Jan 110 Sept
1
4
100 10212 Jan 2 10513 Jan 21
1st preferred
*100 10512 *10212 105 *10212 105
100
105 105 *100 10612 *100 10518
Oct
27 Aug 52
/
1
4
4534 4612 *4512 46
4573 46
46
4612 3,800 Chandler Motor Car___No par 4512 Jan 5 49 Jan 6
4512 4612 46
46
•
8
No par 4514 Feb 5 487 Jan 7
100 Certificates
4514 4514
8014 Mar 128 Dee
'lli - 1 - 2 17'2- III- iii- fii- •iii- ffi *iii- 11212 •1 1 1 113
-131200 Chicago Pneumatic Tool__100 11012 Jan 20 120 Jan 2
8
497 Mar 747 Oct
3
6312 *633 6484 1,600 Childs Co
6312 633
4 63
64
No par 6038 Jan 16 663 Jan 4
4
6412 6412 633 6434 64
4
3012 Mar 3738 Jan
/
4
34
3418 3334 3418 34
25 33 Jan 22 361 Jan 6
3418 3414 343
8
8 313 3512 17,900 Chile Copper
4 347 353
8
19 Apr 283 Feb
4
Copper
5 163 Jan 27 1953 Jan 4
*17
20
•1712 20
Chino
*17
*17
20
20
*1812 20
*17
20
623 Dec 6412 Dee
4
4
1,100 Christie-Brown certits_No par 58 Jan 20 633 Jan 4
60
*5912 6012 60
5814 59
59
60
60
5912 5912 59
493
4812 4912 4834 4914 4918 5014 51
485 493
8
49
523 87,800 Chrysler Corp new._ _ No par 4612 Jan 22 548 Jan9-8
-- Nov
3
10418 106
106 106
No par 10118 Feb 1 103 Jan 2 10018 July 1117 3,100 Do pref
10512 10512 1054 10512 105% 1057 106 106
/
1
8
4
5812 Mar 713 Jan
...100 65 Jan 27 6812 Jan 7
•653 66
*6512 66
300 Ctuett, Peabody & CO.
66
66
•6514 653
6612 6612
4 66 66
100 10314 Jan 13 107 Feb 2 10312 Jan 109 Sept
*106 107 .106 107
100 Preferred
107 .107 *106 10714 *106 1074 *106 10714
4
Jan 1773 Nov
80
15113 15112 15112 154
No par 14012 Jan 20 1t112 Feb 4
153 16312 15312 158
23,100 Coca Cola Co
157 16117 157 160
Jan 10112 Mar
99
Preferred
*100_ .100 _ _ •100
100 99 Jan 14 99 Jan 14
__ *100 103 *100 103
_ __ •100
3214 Apr 4814 Jan
*353 - 4 3
62 353 3 3
100 3412 Jan 23 38 Jan 4
- 4 3512 355
i
3534 3514 3512 3512 375* 4,400 Co.orado Fuel & Iron
- 8 3518 - 4
45 Mar 623 Dec
6312 64
6112 6314 613 6212 617 6212 6214 64
6212 6312 12,400 .7o1umblan Carbcn v t c No par 555* Jan 26 64 Jan 30
4
8
8412 8478 843 85
Oct
4534 Jan 86
No par 8318 Jan 2 90 Jan 9
4
8614 10,100 Col Gas & Elec
8
84 4 843
3
4 85
865* 2853 8618 85
100 113 Feb 4 115 Rua 12 10414 Jan 11412 Dec
11412 11412 .113 11412 114 114
800 Preferred
11412 1144 z113 1134 *113 11334
/
1
3812 Sept 5518 Dee
9,900 Commercial Credit_ __No par 333 Feb 2 4712 Jan 14
3414 3512 34
4
3412 333 3418 3334 3412 34
4
341 334 34
/
4
2514 Sept 2712 Oct
Preferred
.25
26 '
25 25 Jan 20 2614 Jan 13
026
.25
26
25
2612 *25
*25
26
*25
26
Preferred B
2712
2614 Sept 2734 Dec
25 2612 Jan 27 273 Jan 11
•2638 2712 *26
4
271 *26
27
*26
2712 *26
271 *26
/
4
Jan 8412 Nov
50
400 Comm In •est Trust_ _No par 6018 Jan 23 72 Jan 11
*69
70
70
7012 *69
7014 69
7014
*69
701 *69
69
100 9918 Jan 18 104 Jan 28 100 Nov 10712 Nov
•102 10312 *102 10312 *102 10312 *102 103
100 7% preferred
103
1027 1027o *102
Jan
8.) May 190
135 135
134 134 *13312 134 *133 135
14114 14314 3,90C Commercial Solvents A No par 12038 Jan 4 14314 Feb 5
135 141
Jan
B
No par 11814 Jan 4 139 Feb 5
76 May 189
Do
4,200
131 1313 .129 131
132 13612 136 139
4
13144 132
130 130
g
1618 Jan 6 211 Feb 4
No par
157 Nov 4312 Jan
/
4
29.800 Congoleum Co new _
2012 21
2014 2112 2012 2114 203 2138 21
4
4
213
4 203 21
12 May 17 Feb
34 Jan 13
7 Jan 30
8
300 Conley Tin Foil stpd_ No par
78
*84 1
%
7
8
*3
4
*7
4
38
*3
4
7
8
7
8
7
8
/
1
2612 Jan 634 Dec
/
1
4
5834 59
5812 59
5812 59
/
4
59
6318 641 22,300 Consolidated Cigar... No par 5814 Jan 22 64 Jan 7
6112 63
61
100 9412 Jan 11 102 Jan 14
793 Jan 96 Dec
4
/
1
4
100 100
700 Do pref
8
*99 100
997 100 .97 100
100 100
*9914 100
9 Feb
/
1
4
612 Jan 7
34 Jan
414 Jan 4
412 438
412 458
4 7.300 Consolidated Distrib'rs No par
47g 54
412 43
434 514
4
45* 43
7418 Mar 97 Dec
4
9714 983
8 9712 98
3
4
9714 983
4 98 3 1003
993* 10 4 993 1003 60,800 Consolidated Gas(NY) No par 9412 Jan 5 1003 Feb 3
03
7
3
314
8
514 Jan
23 June
4
33 Jan 18
4
27 Jan 2
3
/ 312
1
4
314 33
33* 3
314 33
8
12 5,500 Consolidated Textile_ _ No par
318 3
12
601 Mar 9312 Dec
/
4
85
8514 85
883
8 86
10.800 Continental Can, Inc.. No par 8318 Jan 20 9212 Jan 2
87
8634 871, 87
/
1
883 3844 86
8
25 1303 Jan 5 1443 Jan 9 103
Jan 140 Dec
4
4
140 140
1,600 Continental Insurance
141 141
139% 14078 13958 13934 13912 1393 .138 139
4
1512 Oct
814 Jan
1184 Jan 20 13 Jan 5
1214 1212 1214 1212 15,600 C4nt'l Motors tem etf8-No par
124 123
8 1218 1238 1214 1212 1214 121
/
1
4
3238 May 42 Dec
8
411 42
/
4
41
4138 4118 42
4112 4134 4114 4134 14,400 Corn Products Rain w 1___.25 3934 Jan 22 433 Jan 13
4114 42
4
100 12212 Jan 6 1233 Jan 16 11818 Jan 127 July
•12213 124 .12212 124
300 Do prat
12312 12312
123 123
1223 1223 .12212 124
4
4
48 Aug 6012 Dec
4
No par 5:112 Jan 27 603 Jan 4
55
55
55
600 Coty, Inc
55
554 54
/
1
55
55
55
*5412 55
*55
36 Mar 6418 Dec
100 60 Jan 11 63 Jan 2
.61
62
6134 613
4 6112 6112 6173 6178 6112 6112 6112 6112
500 Crex Carpet
6412 Mar 84% Nov
78
*78
79
787 *7814 783
4 7812 705
8 773 793* 783* 78% 4,400 Crucible Steel of America.. 100 7712 Jan 15 8112 Jan 9
4
92 May 102 Dec
100 99 Jan 2 100 Jan 7
*993 10012 100 100
4
Do pref
997 997
*997 101
4
997 *993 100
300
998
/
4
4414 Dec 541 Oct
4714 4712 473 477
No par 4512 Jan 20 53 Feb 4
8
/ 5258 5112 53
1
4
4712 4934 49
5038 5238 57,800 Cuba Co
*
73 Oct 145 Feb
4
/
4
94 Jan 4 I 111 Jan 29
/
1
1114 11
1118 1114
1114
11
113
8 11
No par
1078 1118
11
111 7,400 Cuba Cane Sugar
/
4
3718 Oct 628 Feb
8
100 4318 Jan 15 495 Feb 4
/
1
/
4
48
48% 48
4834 49% 48
49
/ 25,500 Do pref
1
4
488 484 491 4814 49
Oct 3312 Mar
3038 Jan 28 • 20
4
/
1
297
8 293 304 2912 30
29
/ 3014 29
1
4
2912 3014 2912
/ 293 16,00o Cuban-American Sugar.___10 2414 Jan 2
1
4
4
937 Nov 101 Mar
8
4
100 973 Jan 5 104 Feb 5
•101 1033 *101 10334 *10112 1033 *1027 1033 .1024 104
4
/
1
4
104 104
8
4
100 Do pref
3
/ 314
1
4
2% 3
63 Feb
8
/ Oct
1
4
/
1
4
3 Jan 5 • 2
/
1
4
27 Feb 1
27g
318
28 3
7
27
3 34
3
34 23,600 Cuban Dominican Sug_No par
16 Dec 4412 Jan
8
100 17 Jan 5 207 Jan 6
18
18
193 193
4
4 1812 1812 18
18
18
18
1734 197
8 1,300 Do pref
9112 917
Oct
9312 Dec 107
8 9112 9112 .9134 92
100 91 Jan 16 97 Jan 4
92
93
9314 94
94
944
1,700 Cudahy Packing
*96
97
Oct
*96
99
99
62 Mar 104
96
96 .96
*96
99
8
No par 907 Jan 19 98 Jan 12
96
95
500 Cushman's Sons
44 Nov 59 May
49
49
No par 46 Jan 5 51 Jan 14
49
4838 49
48% 497
5034 497 51
5,400 Cuyamel Fruit
50
50
4.I
*78
1
%
%
3 Dec
4
7s
1 Jan 4
78 Jan 4
78
1
78 Jan
800 Daniel Boone Woolen Mills_25
7
8
1
7e
j
4
277 Apr 493 Jan
s 4
8
4234 4134 427g 4134 427 13,500 Davison Chemical v t c_No par 3818 Jan 20 4312 Jan 4
4
014 4014 393 4014 40
407 407
8
2014 Mar 29 Dec
295 *26
291 .26
__ *26
293 *2614 287 .2638 29
De Beers Cons Mines_ _No par 28 Jan 9 29 Jan 8
/
4
138 1411 139 14012 140 1404 139 139
Jail 15912 Sept
100 133 Jan 7 14118 Feb 1 110
•2633- Detroit Edison
4 133
13934 140
1373
5,900
4
102 10212 1018 10234 102 103
53
Oct 9014 Dec
-No par 90 Jan 2 103 Feb 5
/
1
4
4
993 10012 100 10114 1003 102
4
6,000 Devoe & Raynolds A.
43
4318 437
437 454 82,000 Dodge Bros Class A---No Par 413 Jan 16 4714 Jan 2 , 213
4
43une 483 Nov
4358 425 433* 427 44
8
434 437
/
1
8578 8612 855 8612 8612 87
7312 May 9112 Oct
8
3
18,600 Preferred certifs____No par 8518 Jan 25 8818 Jan 8
85 4 86
8638 88
875* 88
1778 181 1712 18
/
4
•1712 18
4
171 174
/
4
181 Nov
/
4
16 Jan 6 1814 Feb 5 ,, 123 Apr
No par
171 1714 174 1814 12,300 Dome Mines, Ltd
/
4
2314 24
14 Feb 234 Aug
2318 235k *23
/
1
1912 Jan 5 2512 Jan 30
No par
233* 2378 25
6,300 Douglas Pectin
225* 2512 2318 24
Jan 1134 Dec
_ _ *113 115 *113 116
113 113
400 Duquesne Light 1st prat _ _100 11212 Jan 4 11312 Jan 30 105
11234 11312 11312 11312 .1121
2- 5
4
Jan
8
8
1.200 Eastman Kodak Co_ __ _No pa 10814 Jan 20 1123 Jan 5 '1043 July 118
1095 1095 11018 11012 11018 116 8 110 110
8
110 110
110 110
/ 2912 30
1
4
3012 Dec
1012 Feb
308 Jan 4
2912 297
295 30
2612 Jan 11
3018 2934 30
8 2912 297 37,400 Eaton Axle &Spring_ .No pa
29
230 232
/ 23012 2333 230 2343 23,300 E 1 du Pont de NemCo_100 21618 Jan 20 2387 Jan 4 '13414 Jan 27114 Nov
1
4
22812 23312 229 231
227 229
8
4
10134 1024 102 102
102 102
Jan 10412 Nov
94
102 10212 102 10212 2,200 Do pref 6%
4
100 1013 Jan 2 10412 Jan 18
8
1017 102
334 3212 334 3218 323
3118 3214 32
173 Apr 4018 July
3
4 3153 32% 113,100 Elea Pow dr Lt ctfs._ _No par 30 Jan 22 3314 Feb 2
3118 32
*
10512 Jan 12 11018 Feb 3 100 Marl 110 Jun<
109 109
107 107% 1074 10714 108 1097 109 11018 108 110
/
1
4
3,400 40% pr pd
4
1093 11018 .108 112
4
107 Jan 14 11018 Feb 4 lOOliMarl 1103 Jun<
*107 109 .107 109 *10912 111 .1098 113
200 Pref full paid
935
9533 941 9512 94
4
/
4
9314 944 94
897
sAugl 943 1302
914 Jan 8 9512 Feb 4
53 94% 5,500 Do pref ctfa
9212 027
8 93
753
/
1
8 75
3
60 4 Marl 80 Dec
8
75 4 7314 7512 75
3
.No par 73 Jan 4 763 Feb 5
754 7412 754 75
75
/ 763
1
4
3 6,400 Elec Storage Battery.
/
1
*312 33
4 *34 334
378 37
4
4
35g 334
/
4
4 Feb 1 , 11 May'i
53 July
8
27 Jan 21
5
900 Emerson-13rantingham Co.100
5312 3 4
3
2334 22
22
23
22
*21
/ 2212 *22
1
4
4
100 1812 Jan 22 2434 Jan 29 ' 8 Mayl 263 Aug
23
23% 23% 2338
700 Preferred
68
68
6818 68
6818 68
/ 687
1
4
8 6814 71
8 68
8
633 Apr 747 Sept
4
71 Feb 5
67% 677
50 6712 Jan 21
11,600 Endicott-Johnson Corp
118 118
117 118 *116 117
118 118
100 114 Jan 7 , 118 Feb 2 111 Mayl 1183* Oct
117 117 *117 118
600 Do pref
51% 52
8
521
51
524 527
7
481NovI 5712 Dec
5212 52
1
4734 Jan 20 . 53 Jan 8
7
4
503 51
52
52 s 4,800 Eureka Vacuum Clean_No pa
*16
173* •16
*16
17
*16
173
8
17
17
/ *16
1
4
175* •16
Exchange Buffet Corp_No par 16 Jan 29 1612 Jan 2
197 Jar
14
1312 July
31s .3
.3
312 *212 312 *212 312
31
4% Aug
3 Jan 8 , 214 Mar
*212 312 *3
3 Jan 8
Fairbanks Co
25
56
5512 5512, 5512 56
3214 Jan 5458 0c1
8
No par 51 Jan 4 677 Jan 26
5678 3.400 Fairbanks Morse
5614 5614 554 5614 553 551
•109 115 *110 115 *11114 115 *1114 115 *11114 115 *11114 115
/
4
Preferred
100 10812 Jan 6 11112 Jan 28 i06'iJunel 1101 Nov
11511 11734 11712 12012 11712 1193 116 118
/
1
4
8
/ 1167 11812 11718 11812 65,600 Famous players-Lasky_No par 10318 Jan 10 12012 Feb 1
1
4
3
s
9014 FebI 114 4 J1111
121 1231t 12012 12012 *119 122
12038 1203
8 1,800 Do pref (8%)
12112 12214 121 123
8
100 11612 Jan 7 12312 Feb 2 .1037 Feb 120 Jul2
3 3814 38
394 3814 3914 47,800 Federal Light & Trac
8 Feb 3
38
3818 37 4
3718 3814 37
393*
26
Oct 374 De(
15 3513 Jan 28 39
90 .87
90
*87
*87
91
*87
90
*87
90
91
Preferred
.87
No p.r 88 Jan 14 89 Jan 4 , 8212 Septl 89 Dec
103 105
98
97
105 105 *102 105
95
95
/
1
4
1,400 Federal Mining & Smelt'g_100 90 Jan 22 11134 Jan 5 '', 1514 Mar 9512 De(
9312 94
*9312 9414 94% 96% 963 9712 39012 914 5,000 Do pref
94
4
/
1
7
/
1
4
100 90 Feb 5 105 Jan 6 ; 494 Mar 94 8 Dec •
8
933 93% 93
19712 19712 .197 200
195 195 *190 195 *192 195
198 195
300 Fidel Phan Fire Ins of NY._25 176 Jan 2 20014 Jan 23 14712 Jan 179 Dec
.16
1712 18
17
/
4
175* 1718 171 17
177 *17
18
•17
s
Janl 173 J11113
8
700 Fifth Ave Bus tem ctfs_No par
147 Jan 2 1814 Jan 28 • 12
4
437 47
/
4
8
413 4112 417 4314 471 44
4712 401 44,700 First Nat'l Stores
/
4
8
39 Jan 15 493 Feb 5 ' 3812 Deel 40 Dec
No pa
4112 42
*18
99% 9614 102
984 100
1003 10112 18,000 Fisher Body Corp
984 98 100
98
6014 Febl 125 Noi
4
25 933 Jan 21 1053* Jan 4
24
237s 241
2628 2414 245s 24
24
2438 31,900 Fisk Rubber
4
No par 23 Jan 2 2614 Jan 13 ' 1012 Mar 283 Oe
2412 2514 11214 2414
11214 113 113
1133 1135 11312 1138 11314 1 i334 2,300 Do 1st pref
4
100 11114 Jan 20 115 Jan 2 ; 7512 Jan 11612 Noi
112 11258
5512 50
5512 56
5534 5612 5512 561
543 5578 54,400 Fleischman Co new..
8
652 558
2
..No par 5034 Jan 19 5612 Feb 1
16314 16514 1671 16558 1663 16514 166
1643* 1655* 15,300 Foundation Co
4
16514
90
Jan 18311- No
No par 15514 Jan 5 1793 Jan 29
- 4
4
167 168
793 7813 7938 79
8014 79
794 79
78
81
16,700 Fox Film Class A
No par 7712 Jan 20 85 Jan 2
,7938 SO
6812 Sept 85 Dec
/
4
263 2712 253 2678 91,900 Freeport Texas Co
4
2518 2534 2538 274 271 28
8
8 Mar 247 Oa
No par 1938 Jan 13 28 Feb 3
251/4 26
5 407
3918 40
394 40
3918 39% 14,300 Gabriel Snubber A
382., 393
39
8 3912 40
No par 37 Jan 20 4112 Jan 5 ' 287 Aug 397 Not
8
/
1
4
84 83
84 814
*8
814
3 1,200 Gardner Motor
8
4 81
.84 812 •Sls 812
8 Jan 19
No par
1614 Ma:
/
4
9% Jan 4 ' 41 Jan
52
/ 5234 5412 12,900 Gen Amer Tank Car
1
4
52
5238 52
5178 527
8 52
52
62
52%
100 5118 Jan 19 55% Jan 2
oei
4412 Aug 60
8
8
4
8 10312 •1027 1031 •1027g 10314 .1027 10314 *1027 10314
Do pref
100 102 Jan 9 104 Jan 15
935 Feb 104 Nov
•1027 10338 *1027 68is 673* 69
8
68
7034 6838 704 29.400 General Asphalt
6818 69
6212 684 6714
/
1
100 64 Jan 22 73 Jan 11
4212 Mar 70 De(
4
10712 *10612 108 *1061 109
1073 110
/
4
_
600 Do pref
100 10312 Jan 22 1133 Jan 11
4
8612 Mar 109 De(
•10612 108 .10612 10958 10912 1091 110 112
11012 11238 5,800 General Cigar. Inc
11012 11012 .10912- _100 10912 Jan 29 1167 Jan 9
84 May 11514 De<
/
1
4
10912 10912 10912
114 114
11512 .114 11512 .114 11512 *114 115
200 Preferred (7)
100 109 Jan 11 115 Jan 2t • 105
Jan 11114 Mai
•114 11512 .114 115 *111 115 *114 115 *111 115
1141g 1145
300 Debenture preferred (7)_100 114 Jan 27 116 Jan 4 104 July 116 De(
*112 115 *111 341
34634 35012 31.200 General Electric
34112 348
33814 344
3377 340
100 323 Jan 5 35012 Feb 5 22714 Feb 33714 Aug
340 34114 337
1118 1114
1118 114 10,900 Do special
114 1118 114 1118 114
10 11 Jan 5 114 Jan 2
111* 1
g
137 Oct 11% July
1118 1118
4 51 12 523
511 513
/
4
4 5112 52
5214 513* 517
4,600 General Gas de Elec A...No par 513 Feb 2 59 Jan 2
8
8
587 Dec 613 Dec
8
4
5212 523 *521 9812 98
*973 99
4
*973 99
4
4
9814 *973 99
200 Preferred A (7)
No par 98 Feb 2 9914 Jan 4
98 4
*9914 99
99 Dec 100 Dec
*10812 109 *10812 109 *10812 109 .10812 109
109
Preferred A (8)
No par 10812 Jan 29 1104 Jan 15 110 Dec 110 Dec
*10812 109 *10812 97
97
*9512
/ *9512 97
1
4
4 9512 95
953 953
4
200 Preferred B (7)
4.66,4
No par 9512 Feb 3 96 Jan 4
•95 98
/
1
4
545* 547
55
555 11.100 Gen Outdoor Adv A
547 557
/ 547
1
4
No par 5218 Jan 16 557 Feb 4
544 se-i
p
451i Aug 8
4 5478 54
5412 5412 54
3111, 317., 331. 30114 32
31
24.800 Trust certificates__ _ _No par 2913 Jan V
3
33 Jan 8
2813 Ana 34 8 De*
am, 3038 30 303* 3014 31
no aide'on this day. a Ex-d1vIdend. a Ex-rights.
•Bid and asked prices;
724
New York Stock Record-Continued-Page 4
For sates during the week of stocks usually inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 30.
Monday,
Feb. 1.
Tuesday,
Feb. 2.
Wednesday, Thursday,
Feb. 3.
Feb. 4.
Friday,
Feb. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $per,hare $ For 35are $ per share $ per share Shrum Indus.& Miscell.(Con.) Par
125112 12612 12534 1294 12634 1291 1274 12932 12914 13114 12934 131 311,600 General Motors Corp__No par
.11312 11412 *11312 1104 114 1141 11372 1144 *114 1141 114 114
100
2,030 Do 7% pref
*98 100
*97 100
.97 100
Deb 6% pref
*98 100
*98 102
*98 100
100
5834 584 5912 90,300 General Petroleum
59
4 574 5832 58
58
8
57 8 5812 571 583
7
25
7634 7712 77
767g 771
7634 78
78
7712 78
764 78 4 7,700 GenRy Signal new__ __No par
3
Do pref
•103 105 *103 105 *103 105 *103 104 *103 105 *103 105
100
471 *4612 4713 •47
*47
4912 *4712 4912 47
48
48
48
300 General Refractories__ No par
7
7012 7113 704 70 2 7012 7012 7112 7118 7012 701
70
70
No par
2 5,600 Gimbel Bros
.109 111 *10834 110 *1083 100 •1081 10913 *109 112 *10834 10912
Do pref
4
4
100
Ginter Co temp ctfs__.No par
214 2414 145; 2411 247g
No par
24
- - - .0645 Glidden Co
4 7
4812 4934 4912 5212 523 55
5314 5412 5434 564 54
2
5612 105,900 Gold Dust Corp v t a _ _No par
67 673
6834 703
4 6614 674 6512 69
2
2 6814 6912 60,500 Goodrich Co (B F)
4 683 703
No par
993
8 9932 9932 *9914 9912 9913 9911
*99
99 2 *99
3
98
98
300 Do pref
100
1034 10418 103 4 104
104 104
10418 1047 1067 1093 10734 10878 3,500 Goodyear T & Rub pf v t 0,100
3
2
8
4
106 106 *10534 106 *10512 106
.10514 106 •10512 106
400 Do prior pref
108 106
100
4012 4012 404 5,500 Gotham Silk Hosiery_ No par
40
4012 40
2
40 4 4012 397 40
3
394 41
10012 101 *1003 102 *101 102 *101 102
0114 21
2
101 101 1 012 102
4
1.500 Preferred
100
21
21
*2012 21
2014 2014
21
21
20 3 21
3
No pa
600 Gould Coupler A
2218 224 23
224 2212 2214 2314 2234 234 2314 2312 24,500 Granby Cons M Sm & Pr. 100
22
98 9812 9812 103
10412 10538 42.700 Great Western Sugar tern ct125
4
1027 10614 1041 10614 1043 106
8
4
115 115 *115 116 *115 11512 *115 115
100
500 Preferred
12 115 11518 11514 11514
*113 12
113 113
4
4 114 1112 114 1218 114 124 124 124 1,600 Greene Cananea Copper.
4
..10O
712 934
9
8 4 914
1072
912 1014 28,000 Guantanamo Sugar_ _ _.No par
912 1072
3
84 9 4
3
87
8712 8712 86
100
8534 8614 86
8612 88
13,800 Gulf States Steel
885
8 874 89
.52
55 55
100
200 Hanna 1st pref class A
5712
*52
57 .52
57
5712 •5212 5712 *52
3114 3212 32 32
3218 3278 3214 3313 321* 33'8 3218 3278 4,800 Hartman Corporation __No par
4418 4418 4312 44
434 4312 4214 434 43 8 4432 44
No pa
1
4412 5,700 Hayes Wheel
25
6912 693 *6812 70
4
69
300 Helme(G W)
*683 6934 *6912 6934
4
*6834 70
69
32
33
.32
33 *32
32
32
3112 3112 *3112 32
32
400 Hoe(R)& Co tern ctfa_No par
100
50
50
50
*50
5012 1.100 Homestake Mining
50
50
50
50
50
50
50
4534 45 4 46
1
4612 4612 4612 4714 1.600 Househ Prod,Inc.tem et(No pa
46
46
47
4612 *46
68
68
69
6814 *6812 683
6912 1,400 Houston 01101 Tex tern ctfs100
8
12 6912 694 693 *67
4 68
No pa
30 3014 29 4 30
294 294 2972 3034 30
3
a 3014 3072 9.900 Howe Sound
11112 1125 111 11
8
8
11012 11272 11114 1123 11212 1157 11513 11812 219,200 Hudson Motor Car_ _ _.No pa
4
26
2614 32534 261
26
26
2614 2638 2634 15.900 Hupp Motor Car Corp._ __ 10
2534 26
26
3012 3112 304 3114 3034 31
4
304 3113 303 3114 3014 314 14.100 Independent 011 & Gas_No pa
No pa
2314 23
22
2318 23
4
23
23
5,300 Indian Motocycle
23 4 233 2414 2312 24
3
1034 1114 107 11
10
8
1034 114 1118 114 1112 114 1112 1134 8,900 Indian Refining
10
1118 114 1112 1114 1112 *1118 1158 1114 1112 1,700 Certificates
10 8 10 8 11
7
7
100
*90 107
•90 107
Preferred
8
*90 1037 *90 1037 *95 ____
8
*90 107
•90
*91
95
95
*94
98
92 93 *94
*95
9812
97
200 Ingersoll Rand new__ _No par
No par
4013 403
4012 41
40
4012 4012 401
4 4034 4034 4,800 Inland Steel
4012 41
100
.112 115 *112 115 *112 115 *112 115 *112 115 *112 115
Do pref
20
243 2518 244 24
4
2412 2434 2432 254 25
2514 254 25 8 4,80( Inspiration Cons Copper
3
No par
2538 2512 25 251
8 25
2512 25
2518 20,200 Internal Agricul
253
4 2512 2612 25
100
*93 9334 94 94 94 94 9318 9334 9334 9384 1,300 Prior preferred
93
94
143 14512 *143 145 *144 145
145 145
1443 14612 14612 151
4
15,600 Ent Business Machines_No par
69 8 697 *69
7
69 4 *69
1
8
6814 69
681 69
8
70
6814 6812 1,700 International Cement__No par
100
106 106 *10512 106 *10514 106
10578 1057 *10514 106 *10514 10511
200 Preferred
8
591 1307
4
2 5814 60
5812 5912 5814 5912 574 084 46,504 Inter Combos Engine-.No Par
5712 59
13014 1318 129 13114 12914 13038 130 13114 1293 130 8 130 132
4
25,000 International Harvester_ _ _100
4
7
100
.12014 12012 12012 12012 *12012 121 *121 12112 12118 12112 *12132 12114
200 Do pref
1014 104 10
*10
1
10
104
103g 1012 1012 107
10
8 3.10( Int Mercantile Marine_ _ IOC
100
4118 42 4 411g 4218 414 42
3
4114 4212 4134 43 8 434 4414 19,901 Do pref
7
5613 5612 5614 5612 5613 561
5612 563
4 5814 567
8 5614 5612 3,004 International Match pref. 31
4212 42 8 427 443
7
2
4 444 4532 4488 4514 444 4518 43 8 444 62,304 International Nickel (The)_21
7
10(
Do pref
'102,, _ •102 ____ .102
_ •102
____ •10412 _____ *104
101
59
8012 5918 - 5814 60
584 59
59
59
6
0
5852 594 - 6.300 International Paper
101
Do stamped pref
*84
• .84
86
*83
87
87
*83
85 .83
*84
86
86
10(
Do pref (7)
901
•95
96
96
.95
9613 96
96
95 4 953 *9512 96
3
4
96
104) International Shoe_ .._.No pa
•173 178 *173 1744 173 173 *173 174 *172 178 *172 178
1284 131
12912 130
1271 128 2 9,80( Internal Telep dr Teleg_ _10
2
12812 1294 128 129
128 130
3
No par
200 Entertype Corp
21512 2512 *2434 26
*2514 26
253
4
2512 2512 *25
25 4 •25
3
100
2918 30 8 30
5
3114 2974 30 1 293* 303
7
3
4, 30 4 317
4
8 311 3283 12.200 Jewel Tea, Inc
100
400 Do pref
11812 1181. 119 119
11714 11714 *117 119
117 119
.116 117
1614 1712 1734 1912 7.000 Jones Bros Tea,Inc,8tpd_100
1614
1
4 1612 16 8 16% mu 16%
1612 163
No pr
6041 58 609 5814 60
8
583 6014 5914 6114 6114 627 61,900 Jordan Motor Car
4
12
1
59
IL
900 Kansas Gulf
22
•12
114
*58
44
38
5
8
1
8
8
8
*12
811
400 Kan City Lt & P 1st pf_No pal
10812 1084 109 109
4
.108 1081 10318 10812 108 108 *10814 109
8
4418 444 4412 4634 457 4612 3,700 Kayser (J) Co v t c___.No par
8
4514 4514 *434 46
4412 441
Do 1st pref
No par
.10312 10412 *1044 10412 *10312 1041 *10312 10412 .102 10412 •104 10412
1834 194 19
19
1978
1812 19
1818 19
20 8 28.300 Kelly-Springfield Tires
3
1812 19
100
900 Do 8% prod
69
7014 *6713 7012 69
7 4
48
*6712 69
6 4 6912 *6712 69
9
104
300 Do 6% pref
*6812 71
• *6814 71
7014 7314
69
69
.6814 71
*6814 70
100
12034 1253, 6.300 Kelsey Wheel,Inc
12012 126
11612 11611 116 118 *116 120
• 115 115
No par
5641 5732 563 573 48,800 Kennecott Copper
8
55
13 5632
1
8 55 2 557
2
1
8 5514 55
. 5513 557
500 Keystone Tire & Rubb-No par
*178 2
174 2
2
•178 2
178
172
•178 218
2
No par
300 Kinney Co
*7514 78
*75 4 80
*754 79
75
12 777
3
3
8
*75 4 78
*75 4 78
3
100
Kresge (FS 8) Co
.750 810 *750 800 *750 810 *750 810 *710 810 .710 810
100
Preferred
*10912 1143 •____ 1134 .10913 11314 •1094 1144 *110 11413 *110 116
4
300 Kresge Dept Stores... __No par
*2913 30
294 2912 30
•29
31
30
30
30
*293 3012
4
100
100 Preferred
94
9314 9314 *9112 94
*91
93
*91
*91
94
*914 94
300 Laclede Gas L (St Louis) .h00
163 163 *160 165
.161 163
16234 16238 *161 165 *160 163
4,300 Lee Rubber & Tire_ __-No Par
1234 13
•12I4 124 124 123 *1213 123
1234 124
9
1213 13
No par
384 3818 377 384 377 384 37
3713 38
13 377
8 3713 3712 3,700 Lehn & Fink
8
8
400 Liggett & Myers Tob new._25
2
2 92 92
*9212 943
4 947 947
*9212 9412 *9312 9412 *9318 9412
100
Do pref
•100
123 123 *123 124
*120 123
•120 124
25
4 5,100 Do "B" new
9214 94
93
9211 92 8 92 2 93
9214 923
924 93
7
7
93
No par
Lima Loa Wks
64
6412 6412 64 5 65
6532 653
7
. 64
4 65% 6614 653 66
8
Loew's Incorporated__.No par
3912 3978
383 39 8 39
404 3938 4014 3912 40
4012 40
4
5
No par
712 712 1,300 Loft Incorporated
712
712
712 71
:
*74 713
7
14 714 *74 714
4912 1,100 Long Bell Lumber A. No par
4912 4912 5014 504 5012 4912 4912 *49
.484 5012 49
100
500 Loose-Wiles Biscuit
134 134 *128 134 .128 131
.130 13214 •12712 13314 13332 135
•
100
2d preferred
•130 140 •130 190 .136 140 *136 140 *136 140 *136 140
25
86,100 Lorillard
381 404
8
40
4112 4118 4214 4014 42
40
387 3918 39
2
100
100 Do pref
115 115 *111 11612 *112 116
.112 116
-_.
8
-17" 18
1712 183
2 177 1814 1734 1772 1734 18
. -i714 II- 8.200 Louisiana 011 temp ctfe-No par
4
8 2,000 Louisville G & El A___ _No par
4
. 2414 244 2418 244 2414 2412 2412 243
4 2414 248 *2412 243
No par
574 20,400 Ludlum Steel
5414 554 55
5512 56
55 4 577
3
2 568 5814 56
56
100
300 Mackay Companies
135 •135 140 *135 140 *135 140
. 135
136 137 *135 13612
100
100 Preferred
*724 7312 *7212 74
72
72
*72
74
*7214 74
. *7214 74
No par
14312 1463 145 14734 146 14738 36,600 Mack Trucks,Inc
4
. 139 2 14014 13938 1414 140 144
7
100
Do 1st pref
400
11112 11112
11114 11114 111 111
.110 4 112 •1104 112• *11012 112
3
100
200 Do 2d pref
4
4
4
4
. 1064 10618 •10534 1063 •106 1063 *106 1063 *106 10634 *106 1063
8 99 1003 102 10212 102 10214 *100 1018
4
. 97
98 4 9812 987
3
.0
4 3 6 0 Macy(R H)& Co,Inc_No par
100
Preferred
0117 11712
.11512 11712 •11524 1174 *11012 11712.11614 11712 *11614 11712'
No par
44
444 10,600 Magma Copper
4332 4214 4272 4278 4338 4332 44
. 43
4312 43
Mani:mon(H R) di C9-No par
244 *2312 25
*24
2412 24
24
24
24
24
. 24
243
4 1,900
• 6012 6712 6614 674 66
67
4
6912 683 7012 15,200 Manh Eine Bunn tem ctfs No par
67
671
8 67
25
700 Manhattan Shirt
30 8 304 304 31
3
30 8 30
1
. 30 8 30 8 *30
8
3
*3012 31
31
200 Manila Electric Corp .,No par
4
..313 3312 *314 3312 *3112 331y Mk 3184 *3114 33(2 3114 314
par
*26
2714 5,900 Maracaibo Oil Expl_ No
8
267 2714 267 2712 27
2
3
264 25 4 28
264 27
No par
.:700 Marland 011
59
5934
12 5912 5918 60
5914 60% 5814 604 58
%
N7 8?
No par
400 Martin-Rockwell
2812 284 2812 29
2978 2599
28
2838 *28
•2812 29
700 Martin-Parry Corp__ _No par
2138 *2034 214 2112 214 2118 2118 *21
2112
214 2114 21
98
100 10134 10,100 MathlesonAlkaliWkstemetf50
*95 105
9788 99
9612 96
9512 9512 96
12812 129
12934 13012 13012 131
129 130
12812 12812 1,700 May Department Stores__ _50
..128 131
100
200 Preferred
1*122 12514 *1221.1 12514 12238 12238 *123 12514 •123 12514 1244 12414
14
No par
2218 22 22
217 22
8
2218 22
213 2218 2,700 Maytag Co
4
22
2212 22
11612 11712 117 117
3,100 McCrory Stores Clam B No par
11651i8
116 116
117 118
. 11734 118
244 2412 1,500 McIntyre Porcupine Mines. 5
2332 24
5224 2372 •2332 24
3
. 2414 24 8 32312 24
500 Metro-Goldwyn Pictures p1.27
2334 *2314 23
2
14 2314 2314 2312 2312
. *2314 2312 2312 233 *23
3,700 Mexican Seaboard Oil_ No par
972 1014
9 4 10
3
972 10
9 4 1012
3
1014
1014 1014 10
.
5
12
1212 1214 1218 1212 124 11,100 Miami Copper
21134 1134 1134 12
12
12
4
354 3612 3518 364 354 3612 353 364 354 36
48,500 Mid-Continent Petro__No par
82 36
35
100
Preferred
97
*943 10012 *9512 10014 *96
4
*948 97
4
3
. *933 943 *93 4 95
4
4
4 5,700 Middle States Oil Corp_ _10
18 13
184 14
"8
114
138 134
"8 134
11
8
13
4
10
500 Certificates
118 *1
1
1
112
14 *1
118 *1
.
118 14 *1
300 Midland Steel Prod Prof---100
12534 12514 126 126
126 126
.12512 128 *12512 12712 *12512 128
100
8114 8014 8114 14.500 Montana Power
823
2 81
8 8038 82 8 81
7
8 804 417
. 7914 817
761 31,800 Montg Ward & Co III corp..10
4 754 764 75
7
7414 747
8 7412 76 2 754 7612 754 753
No par
4
343
8 333 3438 15,100 Moon Motors
344 34
8 3313 3512 34
3
34 34 • 33 4 347
714 7 8 10,900 Mother Lode Coalition_No par
3
714 714
713 74
7
74
7
718
718
Vs
.•
asked prices; no sales on thts day x Ex-dividend. a Ex-new rights, n No par.
• Bid and
11:1S2
PER SHARE
Range Since Jars. 1 1926.
On basis of 100
-share lots
Lowest
Inghest
per share
1153 Jan 16
4
1137 Feb 3
8
9812 Jan 28
543 Jan 16
4
7412 Jan 22
104 Jab 18
46 Jan 18
6912 Jan 25
109 Jan 22
40 Jan 2
233 Jan 2
8
443 Jan 22
4
3
603 Jan 22
964 Jan 22
10318 Jan 27
10538 Jan 22
384 Jan 27
993 Jan 29
4
1912 Jan 8
1812 Jan 21
95 Jan 2
114 Jan 5
104 Jan 26
518 Jan 5
8534 Feb 2
55 Jan 12
3114 Jan 27
4214 Jan 25
68 8 Jan 23
7
304 Jan 2
4713 Jan 4
4438 Jan 20
64 Jan 20
27 Jan 8
10612 Jan 20
243
4Jan 25
2412 Jan 1(
18 Jan 6
912 Jan 20
94 Jan 20
104 Jan 7
90 Jan 26
40 Jan 27
112 Jan 20
2314 Jan 20
19 Jan 6
8312 Jan 12
140 Jan 15
65 Jan 13
10313 Jan 7
5312 Jan 16
124 Jan 2,
118 Jan 6
912 Jan 27
3734 Jan 21
554 Jan 2E
41 Jan 21
,
10118 Jan 2
,
56 Jan 21
85 Jan 14
953 Feb :
4
170 Jan
1174 Jan fl
244 Jan 2"
25 Jan 4
11513 Jan 29
VI* Jana
,
464 Jan 11
4 Jan 11
10712 Jan 8
4018 Jan 6
103 Jan 21
17 Jan 2
6814 Jan 21
683 Jan 23
4
108 Jan 2
54 Jan 16
17 Jan 13
8
75 Jan 27
775 Jan 21•
11312 Jan 13
2812 Jan 2
93 Jan 7
16013 Jan 19
1214 Jan 21
3712 Jan 30
88 8 Jan 5
7
1193 Jan 18
4
8712 Jan 4
63 Jan 2t,
3712 Jan 19
7 Jan 28
47 Jan 20
130 Jan 14
136 Jan 11
3514 Jan 2
1124 Jan 14
1612 Jan 20
227 Jan 2
8
483 Jan 20
8
135 Jan 26
72 Feb 1
1354 Jan 22
109 4 Jan 4
3
10412 Jan 2
95 Jan 27
117 •Jan 23
4034 Jan 22
24 Jan 28
58 Jan
29 Jan 20
$ per share
13114 Feb 4
11512 Jan 11
100 Jan 11
5912 Jan 2
843 Jan 7
8
104 Jan 18
49 Jan 4
784 Jan 4
1113 Jan 19
8
443 Jan 4
4
25 4 Jan 7
3
b67 Feb 4
8
703 Feb 3
4
9912 Feb 5
1093 Feb 4
4
108 Jan 5
417 Jan 11
8
10312 Jan 11
214 Jan 23
2312 Feb 5
10614 Feb 2
116 Jan 14
1313 Jan 4
107 Feb 1
8
9338 Jan 4
55 Jan 12
35 Jan 6
46 Jan 14
70 Jan 8
35 Jan 6
51 Jan IF
48 8 Jan 8
3
71 Jan 5
3113 Jan 19
12314 Jan 4
283 Jan 4
8
34 Jan 2
2414 Feb 4
123 Jan 4
4
123 Jan 4
8
104 Jan 7
104 Jan 5
4312 Jan 7
113 Jan 7
2534 Jan 7
2614 Jan 22
95 Jan 27
151 Feb 5
714 Jan 21
106 Jan 26
644 Jan 5
13234 Jan 29
12118 Feb 4
1114 Jan 5
444 Feb 4
587 Jan 4
2
464 Jan 5
10312 Jan 26
633 Jan 9
8
86 Jan 6
9812 Jan 2
175 Jan 11
133 Jan 25
29 Jan 7
324 Feb 5
119 Feb 5
1912 Feb 5
624 Feb
2 Jan F
4
109 Jan 25
4738 Jan 14
105 Jan 15
203 Feb 6
8
743 Feb 5
4
7314 Feb 1
126 Feb 4
577 Jan 6
8
218 Jan 2
824 Jan 7
881 Jan 13
11312 Jan 13
333 Jan 14
8
9314 Feb 1
168 Jan 14
14 Jan 4
4112 Jan 2
947 Jan 25
8
1233 Jan 22
4
04 Feb 1
6934 Jan 4
404 Jan 9
738 Jan 2
5013 Feb
14012 Jan 4
14314 Jan 6
424 Feb 3
115 Jan 28
193 Jan 4
8
253 Jan 15
8
584 Feb 4
137 Feb 4
73 Jan 13
159 Jan 4
11112 Jan 20
10318 Jan 30
104 Jan 6
1183 Jan 14
4
443 Feb 5
8
284 Jan 5
7014 Feb 5
327 Jan 4
s
324 Jan 20
28 Feb 2
6014 Jan 29
31 Jan 11
2112 Feb 3
10618 Jan 2
1374 Jan 2
12412 Jan 18
224 Jan 13
121 Jan 11
2412 Jan 27
233 Feb I
8
1218 Jan 4
127 Feb 5
8
37 Jan 2
95 Jan 11
212 Jan 8
14 Jan 8
128 Jan 2
8312 Jan 14
82 Jan 2
374 Jan 6
738 Feb 6
3114 Feb 5
241g Jan 22
55 Jan 18
28 Jan 4
194 Jan 4
903 Jan 16
3
1264 Jan 16
1223 Feb 2
8
2112 Jan 26
114 Jan 21
223 Jan 2
8
2214 Jan 8
912 Jan 21
1138 Jan 25
33 Jan 22
94 Jan 8
14 Jan 2
4 Jan 7
12138 Jan 19
7734 Jan 26
714 Jan 20
3113 Jan 19
678 Jan 26
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ per share $ Per share
3
8
643 Jan 149 4 Nov
1919513 NovDe
1880212
Apr
42 Jan 594 Dec
3
68 Nov 80 4 Oct
8
9012 July 1057 Nov
Oct 5812 Jan
42
47 Mar 83 Dec
10214 Mar 11412 Nov
223 Feb 53 Dec
4
1212 Mar 2612 Dec
Oct
37 Mar 51
4
363 Jan 743 Nov
4
Jan 102 Nov
92
861g Jan 1144 Oct
103 Apr 109 Dec
39 Dec 42 Deo
9912 Dec 10212 Dec
8
187 Deo 23 Sept
8
13 Mar 217 Dec
Jan 11318 Jane
91
107 Apr 11512 Dec
1914 Jan
113 Mar
4
64 Jan
3 8 Sept
7
6718 Mar 9534 Nov
4212 July 89 Feb
2534 Apr 3712 Jan
30 Mar 4912 Nov
4
46 May 773 Jan
8
27 Dec 487 Jan
Jan 53 Jan
43
3412 Jan 4718 Nov
5314 Aan 1389512
3
9 j pr
1612 June 314 Nov
Nov
144 Mar 31 Nov
4
1312 Jan 413 June
13 Mar 24 Aug
Jan
ec
2
4 D
8 Sept 14 De9
511
77 Mar 110 Dee
77 Nov 1074 Dec
3834 May 50 Feb
10412 Apr 112 Sept
4
2214 Apr 323 Jan
74 Jan 2418 Nov
40 Apr 85 Nov
110 Mar 17614 Nov
52 Jan 8112 Sept
10213 Nov 107 Aug
313 Jan 6912 Dec
4
9618 Mar 13814 Sept
114 Mar 121 Nov
74 dune 147 Feb
8
27 Aug 523 Feb
4
8
561 Dec 607 Dec
8
244 Mar 4812 Nov
94
Jan 102 Nov
484 Mar 76
Oct
71 Mar 88 Dec
8
86 July 993 Oct
4
108 Feb 1993 July
874 Apr 144 Aug
3
18 July 293 Oct
1412 July 264 Dee
10212 Jan 11513 Dec
113 Dec 2175 Feb
4
353 Aug 65 • Nov
8
112 June
14 May
8
Jan 1091 Sept
99
183 Mar 424 Dec
4
83 Mar 10312 Dec
1214 Mar 214 July
41 Mar 74 July
43 Mar 72 July
87 Aug 124 Dec
2
463 1pt 53911 JulyN0v
114 8 ar
75
355
11014
2812
88
11014
1168
3714
Mar
Apr
Mar
Dec
Jan
Jan
Feb
Dec
Mar
5
1;12
554 Mar
60 June
22 Feb
Jan
14 Mar
77 Feb
104 Feb
3014 Jan
1084 Feb
1338 Oug
23 Dec
3134 Feb
114 Mar
66 Mar
117 Jan
104
Jan
99 Jan
694 Jan
11434 Jan
34 Mar
214 Dec
32 Mar
2014 Mar
284 Mar
2038 Sept
3238 Mar
1038 Mar
19 Dec
51
Jan
101 Mar
11812 Mar
2178 Nov
79 Mar
16
Jan
18 D
9 Jan
8 May
2534 Aug
8314 Apr
113s FAepbr
2
100 Oct
885 Dec
115
Oct
453 Jan
4
973 June
4
178 Mar
19
Oct
4412 Oct
Dec
124 Dec
92
89 8 Dec
7
7438 Jan
4434 Nov
94 Apr
43 Sept
1434 Dec
148 Dec
3934 Sept
116 Aug
2334 Feb
2638 July
60 Dec
141 Sept
784 Feb
242 Nov
113 Aug
1064 Aug
112
Oct
118 Aug
46 Nov
3
713 Jan
59 Mar
347 Nov
3
4912 Apr
354 Jan
6012 Dec
327 Oct
8
3718 Jan
1074 Dec
13912 Dec
124 June
263 Oct
8
1394 Oct
223 Oct
4
2
24211 JanNov
244 Jan
38 Nov
" JOnt
3114 u ce
4
14 Feb
96
Jan 147 Aug
64
Apr 9914 Aug
41 Mar 8.0 Nov
2234 Mar 42 Dec
6 May
913 Jan
725
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page Preceding.
-PER SPARE, NOT PER CEA T.
HIGH AND LOW SALE PRICES
Saturday.
Jan. 30.-
Monday,
Feb.l.
Tuesday.
Feb. 2.
Wednesday, Thursday,
Feb. 4.
Feb. 3.
Friday,
Feb. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
-share lots
On basis of 100
Lowest
Highest
PER SHARI
Range for Previous
Year 1926.
Lowest
Sighed
per share $ per sbar
per share
$ Per share
8
195 Dec 2012 Dee
19 Jan 26 21 Jan 4
44% Jan 4
40 Nov 4478 Oct
3
40 3 Jan 20
18 Apr 35 June
3014 Jan 2 334 Jan 11
13 Aug 2112 Feb
1684 Jan 25 1934 Feb 1
304 Apr 39 Dee
1
/
344 Jan 25 38 Jan 2
54 Dec 4212 Mar
1012 Jan 2 15h Jan 27
Oct
460 Jan 6 640 Feb 4 19312 Jan 488
4
10618 Jan 4 1064 Jan 4 1033 Jan 107 July
4
1
/
12 Dec
414 Ma
8
1112 Feb 4 127 Jan 9
65 Apr 79 Dec
74 Jan 8 9314 Jan 29
126 Jan 27 12713 Jan 5 12312 Ma 128)3 May
4912 Jan 21 54 Jan 5
.
ffeC 847 Oct
51 Jan 8 57 Jan 2 WI;Jan
575. Dec 104
9213 Jan 8
90 Jan 21
8
Jan 817 Nov
42
74 Jan 21 80 Jan 2
3812 Jan 45 may
8
40 Feb 3 423 Jan 7
Jan
96 AP 102
96 Jan 26 97 Jan 19
5
29 8 Dec 4318 Oct
2714 Jan 27 34 Jan 4
Oct
5212 Jan 81
63 Feb 5 734 Jan 4
4
/
25 Apr 411 Dec
3414 Feb 1 4012 Jan 2
4
June 893 Jan
75
3
4
1
/
87 Jan 13 89 4 Jan 4
4
16314 Jan 22 1743 Jan 5 13812 Apr 1743 Nov
116 Jan 16 117 Feb 3 11412 Sept 119 Sent
8
3118 Jan 27 383 Jan 21
541 Dec 71 Jan
4
1
/
55 Jan 4 6114 Feb 5
8
106 Jan 13 110 Jan 26 1043 Jan 110 Apr
Oct
Jan 222
215 Jan 6 227 Jan 20 206
21014 Jan 29 238 Jan 4 201 Dec 250 Dee
11S Apr 163 Jan
8
4
1
/
13 Jan 5
8
123 Jan 16
4
/
311 Oct 5612 Jan
3612 Jan 2 423 Feb 5
Jan
50 Sept 67
5514 Jan 6 -0 Feb 3
3114 Mar 21112 Dec
84, Jan 29
73 Jan 11
18 Mar 4514 Nov
4
1
/
34 Jan 19 45 Feb 5
5218 Jan 78 Dee
7113 Jan 9 74 Feb 5
Jan 102 June
97
101 Jan 12 101 Jan 12
Jan
5
27 8 Oct 29
MI Jan 22
28 Jan 11
Oct
4112 Jan 75
6314 Jan 6 67 Jan 14
1
/
464 Jan 504 Sept
49 Jan 2 5013 Jan 11
9413 Dec 9612 Dec
9212 Jan 22 9514 Jan 2
1212 Sept 184 Aug
1518 Jan 14
8
123 Jan 4
1812 Nov
8 Jan
1618 Jan 2 1712 Jan 7
33312 Dec 38 Nov
31 Jan 16 36 Feb 5
Oct
11
4
1
/ Jan
5
Ontario Silver Mln new .Vo par 10 Jan 8 1012 Jan 14
3
183 Jan 39 Dec
No par 3114 Feb 2 36 Jan 12
;5i- 3534 -554 if'
;ii" "ii" ;32- 341. 33 34 ---555 Onyx Hosiery
784 Mar 97 Nov
100 96 Feb 5 99 Jan 12
loo Preferred
96
98 .96
*06
96
4
1
/
97 .96
4
1
/ •96
97
9734 •96
975
4112 Sept 53 Dee
5712 58
4
1
/ 571: 57
574 4,200 Oppenheim Collins & Cobbo par 47 Jan 12 59 Jan 19
57
4 57
5712 57
5714 57
4
1
/ 573
4
1
/
32 July
25k, Jon
2918 Jan 4 3012 Jan 14
40 Orpheurn Circuit, Inc
4
1
/ 30
.29
s
2912 2913 *2913 297
2973 29
4
1
/ *2912 30
.2912 30
Jan 107 snot
98
100 101 Jan 13 1014 Jan 19
------ Preferred
_ •102
102
.
.102
.102 ____ •192
•102
4
1
/
87 Feb 14013 Aug
50 123 Jan 22 12934 Feb 5
12934 7,400 Otis Elevator (5)
--- 4
1
/ 12712 128
128
12712 12712 12612 12812 128 128
12812 128
4
100 1023 Jan 13 106 Jan 6 101 Feb 112 July
Preferred
•107 109 •107 109 .107 109 .107 109 .107 109 •107 109
1514 Aug
8 Mor
1134 Jan 8 1412 Jan 19
No par
1334 144 11,500 Otis Steel
1312 1312 13
4
1
/ 1338 14
4
1
/ 12
13
1318 13
4
1
/ 13
5014 Mar 9713 Aug
100 90 Jan 7 10.315 Feb 5
Do ,' pre(
101 10318 5,200
95
4
1
/
97 103
95
4
/
941 908 95
96
97
95
4
1
/
4234 Mar 69 Nov
25 6212 Jan 15 6712 Feb 5
8
667 6713 6.300 Owens Bottle
67
643 643
4
4
/
4
/
4 641 641 •6438 6512 643* 6434 65
4914 Nov 57 Nov
4
1
/
No par 47 Jan 22 5134 Jan 29
200 Outlet Co
52
.50
.
50 50
51
52
52
4
513 513 .51
52 .51
4
8
98 Nov 1007 Dee
100 994 Jan 22 10114 Jan 16
Preferred
300
10018 10018 *10014 1003 1003 100
4
1
/ 10014 10014 *10014 101 •10014 101
8
4
Jan 29
Jan 1371s Nov
Jan
13012 13013 13114 13214 .13012 13112 •1303 1313 13012 1304 13012 13012 1.600 Pacific Gas & Electric_ _ _ _100 12612 Jan 21 13214 Feb 4 10212 Aug 7812 Dec
4
1
/
8
4
/
511
5 813
No par 7414
4
1
/ 81 212.100 Pacific 011
4
/
811 80
4
1
/ 8012 8014
4
1
/ 7814 7734 7812 78
77
773a 78
Jan 4812 Nov
4
1
/
15
10 38 Jan 20 43 Jan 4
1
/
404 17,300 Packard Motor Car
4
1
/ 4014 40
4
/
40
4
1
/ 401 39
4
1
/ 4018 39
4
/
401s 40 401 39
Oct
s
8
173 May 32
.No par 243 Jan 20 2812 Jan
253
25
3 8,200 Paige Det Motor Car.
4
25
25
2538 25
4
243 2518 243 25
254 25
4
5912 Sept 837 Mar
3
3,700 Pan-Amer Petr & Trans._ _50 65 4 Jan 20 7612 Jan 2
70
7014 694 70 4 70
6912 704 70
70
70
70
3
70
1
/
1
/
4
1
/
CO's Aug 8412 Mar
50 67 Jan 22 78 Jan 4
8 71
45.400 Do Ciass B
72
4
1
/ 7112 723
4
/
7114 711 7112 72
4
1
/ 72
4
/
711 7214 70
4
374 Oct 493 Dee
4
1
/
11,600 Pan-Am West Petrol B_No par 40 Jan 15 46 Jan 2
4318 4312 443* 4318 44
8 43
433
4
1
/ 43
42
43
44
43
614 Dec
6 Feb 5
214 Aug
412 Jan 21
5,900 Panhandle Prod & Ref _No par
512 6
512
514
4
1
/
5
*5
5
5
5
4% 5
5
25 Sept 3513 Jan
1,600 Park & Tilford tern ctfs_No par 25)3 Jan 20 2818 Jan 4
26
26
26
26
2512 26
26
26
26
26
26
26
812 Feb 5
8
73 Jan 26
1
814 812 12,800 Park Utah C M
818 838
814 8141
814 814
2
4
/
81 83
814 814
4
1
/ Oct
70 Nov 90
No par 7412 Jan 20 83 Jan 7
7814 791
7914 7812 7812 784 7812 5,400 Pathe Exchange A
7814 8012 788k 80
79
17 Dec 28 Apr
1
/
8
167 Jan 28 204 Jan 30
No pa
1838 1812 6,900 Penick 64 Ford
1814 1912 1812 19
4
/
8 191 1912 1834 19
UN 203
4
3
123 Apr 26 8 ,aa
50 15 Jan 7 1612 Jan 18
1
/
164 1,050 Penn Coal & Coke
1
/
164 •16
1
/
.1512 164 .16
16
8
163 •16
16
16
1614
3 Jan
1 Aug
11 Jan 23
214 Jan 4
4
/
11
11
lh
18
lh
4
/
11
4
/
134
178
4
/
11 15,400 Penn-Seaboard St'l vtc No pa
lh
3
154 17
Jan 123
Oct
8
15,900 People's G L & C (Chic)_ _100 117 Jan 4 1283 Feb 3 112
124. 125
1
/
4
/
12114 12114 12112 1241 124 12812 127 12834 1264 128
6714 Dee
5112 Ma
63 Jan 15 7014 Jan 2
8
4
1
/ 663 16.500 Philadelphia Co (PItts13)._ _5
65
6614 6512 65 8 6518 66
65
4
/
641 65
7
647
64
4512 Jan 49 July
50 4734 Jan 4 49 Feb 3
400 6% preferred
•4912 50 .4812 49
4813 49
49 49
49 .4812 49 .
*48
4
373 May 5218 Jan
4112 Jan 20 4614 Jan 11
.NO pa
12 441 21,800 Phila. & Read C & I.
3
4318 43 4 43
434 44
451 457
461
3 452 46
4
/
45
5013 Jan
38 Jul
444 Jan 9 464 Jan 11
Certificates of list...No pa
44
*43
44
46 •45
4612 *43
45 .43
461 .44
•45
51 No
9018 Jan
4
54 Jan 22 553 Jan 29
Phillips-Jones Carp._ _.No pa
59
*53
59
*52
•53
59
*52
59
57
*52
59
.52
4
123 Ma
254 Sept
4
1
/
18 Jan 0 204 Jan 29
300 Phillip Morris & Co., Ltd__ _1
20
1913 201 •198 201
20 .1913 20
1914 191
4
/
201 201
4718 June
3614 Ma
42, Jan 22 47 Jan 2
No pa
4
1
/ 464 57,700 Phillips Petroleum
4412 4538 4512 463
4
1
/ 4638 45
45
46
1
/
4
1
/ 45
4538 45
18 Apr 4214 July
4
1
/
3612 Jan 4 44 Jan 9
4
/
4012 401
3,100 Phoenix Hosiery
4112 4112 411 41)
42
4014 401
41
3
43
43
84 Apr 99 Dee
98 Jan 9 994 Jan 21
10
Preferred
*99 100
99 100
*99 100 .99 100
•99 100 .99 100 .
Jan 9
1078 Mar 4734 Oct
3818 393
2
8 38
4
1
/ 383 3918 3812 391 48,700 Pierce-Arrow Mot Car No par 3538 Jan 5 4312 Jan 11
39
3818 3914 3814 393
43 Mar 100 Nov
8
100 94 Jan 2 1087
104 10414 104 1011 10412 10412 10312 1048
* 2.600 Do pref
10412 10412 104 105
8
17 Jan 30
114 Nov
312 Feb
4
/
11 Jan 2
25
8
17 12.600 Pierce Oil Corporation
1214
17
17
8 13
13
13
4
4
/
11 17
8
8 17
13
2014 Dec 40 Feb
100 24 Jan 5 271s Jan 30
27
27 .25
400 Do prof
28 .27
25
27
27 •
28
2718 2718 27
7 Jan 30
814 Feb
1
/
44 Dec
5 Jan
30.600 Pierce Petrol'm tern ctfeNo Par
4
1
/ 67
6
612 63
8
04 638 els 81:
618 67
7
612 4114 40 40 41 4114 41 41i •40 41 .40 41
3714 May 5412 Jan
500 Pittsburgh Coal of Pa_ _ _..100 3912 Jan 21 4213 Jan 5
•41
6 .81
8
Jan
80 May 99
100 79 Jan 22 85 Jan 6
1
/
804 8014 *80
86
.81
86
100 Do pref
85
85 .80
*80
94 Ma 10212 Jan
98 Feb 1
100 96 Jan
Steel pref
400 Pittsburgh
98 •
98 .9614 981 .9614 9312
9614 9812 98
98
98
.96
3
30 Apr 63 4 Jan
8
631 Jan 9
100 551s Jan
1
4
/
591 597g 593 60 * 1.400 Pitts Term Coal
60
59
59
4
593 597 •59
60
•58
79 July 8814 Nov
9214 Feb 5
100 88 Jan
Preferred
91
92
491
400
*9013 91
9214
•9013 95
*9013 95
•90 100
1
/
174 June
4
1
/
12 Ma
161s Jan 7
1614 .16
1575 16
1614 1.700 Pittsburgh Utilities pref.._ _ _10 1512 Jan 1
16
161 •16
4
1
/ 16
.15
1513 151
4
1
/
12 Mar 16 June
1512 Jan 7
10 1512 Jan
1512 1512 *15
151 •14
1512 1015
100 Do pref certificates
151
1512
1512 •14
•14
1512 July
4
123 Nov
15 Jan 22 1512 Jan 15
10
151 •15
.15
15
1512 .15
15
151
100 Preferred Ws new
1513
1512 *14
.14
8
843 Nov 121 Dec
1
/
1244 Feb 3
120 12178 11912 1247 12218 124
118 12218 102.200 Pcst'm Ger Co Inc new _No pa 1064 Jan
119 12112 120 122
7014 Dec
45 Jun
4
793 Jan 7
4
100 683 Jan
72
7018 703
1
/
704 71
4 7014 7014 2,300 Pressed Steel Car
*7012 72
7212 71
72
953 Jan 7
7613 July 9212 Jan
100 91 Jan
9214 •92
4
1
/ 924 9218
Do prat
92
92
923
1
/
92
1,900
921
8 92
4
/
911 917
4
1
/
32 Feb
124 Au
15
1512 1,900 Producers & Refiners Corp_50 1414 Jan 20 1712 Jan 2
4
1
/ 157
151z 15
1612 1612 1614 1638 1618 1614 15
474 Feb
1
/
27 Sep
3412 Jan 8
50 3214 Jan 1
35
34
34
34
35 .34
*34
34
35
*34
300 Preferred
33
33
8774 Aug
4
1
/
7938 Jan 7 9218 Jan 19
62 Ma
4
1
/ 87
8
21863 87
8712 88
9,500 PubServCorp cf NJ newNo pa
874 88
4
1
/ 87
1
/
4 871
1
/
864 884 87
Jan 106 Nov
99
100 10318 Jan 12 10812 Feb 3
1074 10314 10813 1 13 •1084 1084 *108 10814
1
/
1
/
600 Da 7% pref
0
1
/
10612 1064 107 107
Oct
8
3
100 115 4 Jan 12 119 Jan 28 1083 AP 119
300 Do 8% pref
•118 11812.118 11858 •118 11812 •118 11812 118 11814 *117 1181
106 Nov
09 els
99
9918 99
99 99
400 Pub Serv Elea & Gas pfd_100 97 Jan 22 9912 Jan 11
•9814 9914 *9814 983
99
8
*9814 99
9213 May 10018 Dec
400 Pub Service Elea Pr prat _100 106 Jan 18 108 Jan 11
107 107 *10712 --__ *106 10814 •108
1074 1071
107
1
/
10 16434 Jan 20 174 Jan 14 129 Ma 1734 Sent
1671 1681
4
169 169
7.900 Pullman Company
167 16812 16712 16102 167 1683 168 169
474 Jan
33 Jul
458 461 13,800 Punta Alegre Sugar
50 39 Jan 2 47 Feb 4
1
/
4
/
4
1
/ 47
451 4612 453 464 4514 4618 45
4512 453
4
333 Feb
2518 Au
4
1
/
25 28 Jan 20 31 Jan 4
4
/
301 3012 3018 303
3018 29,500 Pure Oil (The)
30
4 301g 30
4
1
/
1
/
304 3014
3012 31
4
10 107 Jan 5 1083 Jan 28 10212 Jan 10812 Sept
108 108
200 Do 8% pref
••108 110 .108 110 *108 110 .108 111 .106 109
4
1
/ Jan
77
394 Nov
1
/
41 Jan 20 464 Jan 12
1
/
3
4332 4414 43 8 4414 40,700 Radio Corp of Amer__ No pa
4
1
/ 454 433 4414 433 448
3 454 43
1
/
44
Feb
45 Dec 54
4
1
/
50 4513 Jan 20 47 Feb 1
46
4
1
/ 46
1,100 Do pref
1
/
4678 464 4618 4618 *4612 471
4
1
/ 4712 47
s
473 47
100 162 Jan 26 17412 Jan 2 12212 Feb 182 Nov
100 Railway Steel Spring
168 168 *105 115 *105 115 •105 115 •105 115
•16313 165
100 11912 Jan 7 122 Jan 22 11414 Mar 122 Dec
Preferred
123 212018 123 *12018 123 •12018 123 .1201g 123
•1204 122 *12018
33h Nov 3913 Aug
4
/
3312 Jan 18 341 Feb 5
No pa
1
/
1
/
8
2 344 344
8
1
/
1
/
100 Rand hIlnes, Ltd
43418 373 *344 37311 *344 373 *344 373 •313 373
s
4
1
/
1138 Apr 17 Feb
8
113 Jim 13 124 Jan 5
4
/
111 121 15,300 Ray Consolidated Copper_ _1
4
/
4
/
4
/
4
/
4
/
4
8 113 111 111 111 111 111 1178 12
4
113 117
•
Oct 6014 Dec
43
52 Jan 25 58 Jan 4
No pa
5212 •52
5312 52
1,000 Reid lee Cream
4
1
/ 521
52 .52
•52
53
52
53
53
10 May 284 July
18 Jan 5
16 Jan 21
pa
No
Reis(Robt)& Co
171
•16
17 .15
17
17 .15
1712 •16
•____ 17 .16
4654 Jan 11734 Dec
._.100 114 Jan 20 127 Feb 3
11312 120
14,000 Remington Typewriter.
11814 123
12314 12512 12212 123
12213 127
12112 121'3
4
1
/ Oct
10 107 Jan 20 10814 Jan 2 100 Jan 109
1073 10814
300 Do 1st pref
107
4
10814 .107 10814 •107 109
•107 10812 107 109 •107 109 .107 109 *107 109 *10713 109
1
/
10 1064 Jan 20 111 Jan 5 103 Sept 1134 Apr
Do 2d prof
.107
109 •107
4
1
/
12 June 2314 Jan
'•107
7
4
1
/
13 Jan 28 15 s Jan 4
No pa
4
1
/ 133
8 13
4
1
/ 13
4
1
/ 133
13
3,600 Replogle Steel
4
1
/ 137
4
1
/ 13
8
4
1
/ 13
4
1
/ 13
13
13h 137s
4218 Apr 64
4
1
/ Jan
4
1
/
5614 Jan 20 63 Jan 7
10
1
/
8 5818 584 7,700 Republic Iron Jr Steel
8 5 / 5712 57
5812 5712 583
5712 533
4
71
Jan
8414 July 95
8
573 58
92h Jan 2 95 Feb 3
10
1
/
•934 941
9412 95
1
/
900 Do pref
95
4
/
941 9414 9412 944 95
18
8 July
Jan
1
/
4
.933 9414
4
83 Feb 3 104 Jan 5
No pa
Olg
2,000 Reynolds Spring
914
'83k
.9
9
83
4 9
83
4
1
/ 914
8
94 914
7214 Mar 951 Nov
9438 Jan 2 9812 Jan 5
Claw B 2
1
/
9518 9512 954 9512 9514 95
4
1
/ 9514 953 10,200 Reynolds (RJ) Tob
4
1
/ 954 953
95
go
85 June 9712 Feb
90 Jan 4 100 Jan 20
2
94
4
1
/
9512 95 .9518 go
9518 9518 94
500 Rossia Insurance Co
96
96
496
9712
484 Mar 573 Jan
8
8
1
/
524 Jan 29 573 Jan 9
538 54
54
54
6,900 Royal Dutch Co(NY shares)
4
1
/ 5338 533
4
1
/ 52
4
1
/ 52
4 52
4
353 July 5212 May
3
53 8 5378 523
1
4
1
/
42 Jan 26 46 Jan 4
4534 457
6,500 St Joseph Lead
4434 45
4
1
/ 46
4
1
/ 45
4
/
441 4412 4414 4414 4434 45
48 Dec 5012 Dee
4812 Jan 2 54 Jan 14
No pa
4
1
/ 6.500 Safety Cable
52
4
1
/ 52
52
52
5112 52
51.12 52
4
/
8
4
1
/
4
/
5112 .511 511 52
3
4
1
/
48 July 1083 Mar
88 Jan 18 99 8 Jan 25
96
4
1
/ 5,600 Savage Arms Corporatton_10
98
8
953 954 953 96
931 95
8
4
1
/ 953
93
11 Nov
9 Nov
95
4
1
/
7 Jan 26 1014 Jan 4
95
No pa
814 81
814 812 1,500 Seneca Copper
814
•8
8
818 83
8
8
5112 Dec 5512 Dec
5312 Jan 2 6012 Jan 28
814 814
•
581
1
/
5812 584 5,100 Shubert Theatre Corp_No pa
573 593
5812
•5712 5812
59
1
/
4
13812 Jan 23 1013 Sept 1344 Dec
4
1
/ 594 58
58
4
1
/ 4,900 Schulte Retail Stores__.No pa 1293, Jan 8
136 1371 136% 1371 13614 137
13534 136
4
1
/
135 13512 135 1361 •115 11814 117 117 •11614 117 •1163 117
10 112 Jan 6 118 Jan 12 113 Jan 118 Aug
4
300 Do pref
1314 Nov
4
163 June
13 Jan 22 14 Jan 7
No pa
4
, 11614 .11612 11814 13
Seagrave Corp
131
116
1
/
1338 134 3.200
1312
4
1
/ 1313 1314 1314
'
4
/
134 1314 *134 13
10 21312 Jan 20 2411 Jan 4 14712 Mar 23613 Dec
222 223
4,200 Sears, Roebuck & Co
222 223
4
1
/ 222 222
2198 219
4
404 Mar 92 Aug
4
1
/
61 Jan 22 69 Jan 4
21814 22012 2183 2221 *4312 65 .64
No pa
4 2.400 qh‘ttilek (F 01
657
64
66
65
65
4
657, 8574 6314 443sales on this day. x Ex-dividend. a Ex-rights. ,Ex-$0% stock dividend.
•Bld and asked prices; no
Per share Shares. Indus. & MIscell. (Con.) Par
per share $ per share $ per share 5 per share
$ per share
No par
1918 20
8,800 Motion Picture
1914 20
1
/
194 1934 2014 1914 20
19
1914 20
No par
4
1
/ 7.300 Motor Meter A
4112 4112 414 42
4212 4134 42
4178 4273 42
4158 417
No par
3214 32
32
4,600 Motor Wheel
32
4
/
311 32
32
4
313 3212 32
32
32
4,900 Mullins Body Corp... No par
18
8
183 19 .17
19
19
19
4 19
1912 1912 193
18
No par
400 Munsingwear Co
4
1
/ 3614
3612 *35
*3614 3612 *36
37
3612 •36
3612 3612 36
No par
1413 147
1
/
144 15
8 7,300 Murray Body
1514 1478 1518 1472 15
, 15
3
15
15
No par
3,200 Nash Motors Co
601 640 *610 630
534 54114 54014 54014 538 585
52912 535
100
Do pref
.272 4
.100
*1112 1218 .1112 12 - -12- 12 4
1
/ 116 '1112 llIz 1 153 llSs - -500 National Acme stamped...
25
4
1
/ 40,600 National Biscuit
8
903 883 9278 9012 9238 9012 913
4 8912 90
4
1
/
914 89
90
100
.127 130
200 Do pref
127
.
4127 12712 .127 12712 127 12712 .127
4
1
/ 467g 4912 49
49 - 4
1
/ 19,000 Nat Cash Register A WI No par
4
1
/ 5018 4912 497
8 4912 50
504 49
50
5114 517
52
52
8 5114 5112 1,100 National Cloak At Suit._ 100
52
52
63
5314 .52
.52
100
100 Do pref
4
1
/ 9212
8
4
1
/
3
*9012 9212 .9012 9212 90 8 90 .908 92
4
1
/ •903 92 .90
8
4
/
8 9,500 Nat Dairy Prod tern ctfsNo par
4
/
4 76
4
7618 773
7712 753 7612 761 7614 7512 761 747 753
4018 3,000 Nat Department Stores No pa
4
/
401 40
1
/
4012 40
4018 40
4012 4012 404 .40
4012
100
96
96
96
300 Do pref
9612 96
9612 *9514 9612 .96
9612 .96
.96
2812 28
2818 2,300 Nat Distill Prcducts_ _.No pa
291: .28
•28
8 28
2812 28
2812 2812 283
6412
64
600 Nat Distil Prod pf tern ctf No pa
63
6412 6412 6412 6412 64
65
4 .63
.65 663
1
/
3414 3413 3478 344 *3414 35
*34
3.5
1
/
4 348 344 1,000 Nat Enam & Stamping__ _100
343
36
100
88
200 Do pref
89
*87
4
1
/ •87
88 .87
4
1
/ 87
87
88 .87
89
*87
100
4
165 16512 165 172
169 1693 166 16812 5,300 National Lead
•167 169 *166 167
100
400 Do pref
4
116 116 .11614 117 .116 1163 117 117 .116 11712 117 117
.No pa
8 311 32
4
1
/ 33
4
1
/ 33
3212 3314 3112 333
4
/
4 33
1
/
334 333
4
1
/ 40,500 National Pr & Lt etts.
333
50
604 4,300 National Supply
260
5912 5934 5934 6012 6014 61
59 59
.583 59
100
•____ 112 ._ 112 *1013 112 •106 112
100 Preferred
110 110 *106 112
100
National Surety
•__ 225 •____ 225 *214 225
No pa
800 National Tea Co
.211 220 *211 220 *210 220
21934 232
215 215
230 234
1312 13'2 1312 1338
1318 1314 .1314 1312 131 133
4
/
4
1
/ 3,400 Nevada Consol Copper_ _ _ _ 5
8 134 13
2 40
423 10,800 NY Air Brake tern ctfa_No pa
42
3914 3914 3912 3938 3912 40'
4
1
/ 42
4
1
/ 41% 413
4
No pa
57
59
57
2,900 Do Class A
59
57
56h 563 .56
5812 69
60
57
8112 8334 8112 82 g 81
7
84
8
8212 811 8314 81
793 823 53,500 N Y Canners temp ctts_No pa
4
/
10
411, 4234 457 11,200 New York Dock
4014 4012 40
40
4112 40
40
4
1
/ 40
40
100
*7212 74 .7212 74
4
1
/ 74
300 Do pref
73
74
7214 7214 *72
*73
75
N Y Steam 1st pref._.No pa
*101 1021 .101 1011 .101 10118 .101 10118.
4
/
101 10118 *101 1011
4
1
/ 284 2814 .28
2838 28
1
/
3,100 Niagara Falls Fewer pf new _2
2814 2812 281
2814 2814 2814 28
10
6478 6538 643 654 641 644 64
8
1
/
4
/
4
/
2 641 6514 6412 647 25,900 North American Co
4
1
/ 647
1
/
50
1,600 Do pref
4
1
/ 60
49
50 50
4
1
/ 50
49
•4934 50
49
4
1
/ 50
50
50
.9312 94'8 94
500 No Amer Edison prat„No par
94
95
4
1
/ 91
93
*94
9412 9112 95 95
14
14
14
3,000 Norwalk Tire & Rubber_ --10
14
4
1
/ 141
13
14
14
14
1418 14
14
1
/
•164 168 163 163
200 Nunnally Co (The)_ _ _ _No par
4
1
/
•164 17
4 163 1634 *16
4
4
/
17 .161 17
25
4
1
/ 3233 324 33
•32
8,200 Oil Well Supply
1
/
3238 3312 3312 3412 34
3
3514 35 2 36
726
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive, see sixth page preceding.
HIOH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sctturdatt.
Jan. 30.
Monday,
Feb. 1.
Tuesday,
Feb. 2.
Wednesday
Feb. 3.
Thursday,
Feb. 4.
Friday.
Feb. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100
-share lots
PER SHARE
Range for Presiotat
Year 1923.
Lowest
Highest
Lowest
Highest
$ per share $ Per share $ per share $ per share $ per share
Per share Shares. Indus. & Miscall.(Con.) Par
per share $ per share $ per share $ per share
*4458 48
*4414 46
*4412 47
*454 463
453 4563 .4573 47
3
100 Shell Transport
3912 Sept 49 Dec
2714 27 2 2714 2712 274 2712 2738 2734 2712 2778 2712 273 49,200 Shell Union Oil & Trading.12 454" Feb 4 48% Jan 4
,
4
No par 25% Jan 16 2815 Jan 4
:
2163 Aug 281 Dec
10312 10312 1041410414 •10318 105 .10313 105 .10313 105 .104 1043
400 Do pref
4
100 10312 Jan 30 1061: Jan 25
994 Jan 10614 Nov
2518 26
2514 2512 2512 2614 2518 254 2514 2578 10,100 Simms Petroleum
2513 253
4
10 23% Jan 20 28% Jan 2
4
173 Sept 263 Jan
4
5318 5314 53
5278 53
5314
523 53
4
523 523
4
6
4 52 3 523
4 4,400 Simmons CO
No par 525 Feb 5 544 Jan 4
8
8
3114 Mar 545 Nov
*10714 110 •10714 10812 •10714 10814 .10714 10812 .10714 10812 .10714 10812
Preferred
100 10714 Jan 29 109 Jan 14 1004 Jan 10618 Dec
2312 24
2318 233
2312 241s 2334 24
4
23% 24
23 3 24 127,700 Sinclair Cons Oil Corp_No par 201 Jan 20 244 Feb
6
:
17
Jan 2478 Feb
2
29338 9338 934 9314 9334 94
*943 95
4
94
9438 *9414 943
Do pref
4 1,400
100 91 Jan 5 95 Jan 29
783 Jan 9418 Feb
4
323 323
8
4 32
323
4 324 32 2 32 8 327
8 3214 323
3
,
4 3134 323 28,700 Skelly 011 Co
8
25 2913 Jan 19 324 Jan 25
213 Mar 3212 Nov
4
12512 12512 123 124
123 123
12512 12612 12653 13538 132 1343
4 9,200 Sloss-Sheffield Steel & Iron 100 120 Jan 16 13612 Jan 4
8014 Mar 14312 Dec
132 1333 134 146
4
14214 14712 1424 145
143 146
142 142
15,000 South Porto Rico Sugar__ _100 1081 Jan 2 14712
:
Feb 2
62 Jan 10918 Dec
116 116 .116 117
114 114
117 117 .117 120 .117 120
400 Preferred
100 113 Jan 8 117 Feb 3
993 Jan 11314 Deo
4
18
*1513 18 .1513 18
*16
1512 1512 *16
18
16
16
200 Spear & Co
No par
15 Jan 5 17 Jan 29
1318 Dec 24 May
82
8178 817
.81
8 82
82
8178 8212 .8214 83 .8214 8212 1,200 Do pref
100 81 Jan 6 821 Jan 13
:
7814 Dec 92 May
30
30 4 2914 303
3
4 2918 30
2918 304 2914 303
8 2912 3138 19,600 Spicer Mfg Co
No par 25 Jan 19 313 Feb 5
8
1513 Feb 36% Sept
.102 1024 .102 1027 .101 10318 .101 10318 101 101 .10012 1053
8
Do pref
100
4
100 101 Jan 12 10112 Jan 18
92 Apr 108 July
583 5914 583 59 4 583 60 8 5963 6014 597 6014 60
4
4
4
3
,
8
6212 63,600 Standard Gas & El Co_No par 553 Jan 2
4
6212 Feb 5
4014 Jan 61
Oct
•553 5614 *5512 56 4 .56
4
,
5618 5614 5614 5614 56 4 5614 5614
600
,
Preferred
50 5412 Jan 5 5613 Jan 11
5013 Mar 564 Nov
841 841
: : 8413 8412 8433 85
8512 89
89
921_ 89
9112 21,200 Standard Milling
100 81 Jan 16 9212 Feb 4
62 May 88 Dec
*85
8712 .8513 g712 *88
88
8712 8712 88
88
89
90
Do pref
600
100 85 Jan 15 90
Jan 863 Deo
81
4
57% 57% 573 55318 5712 577
4
3
8 577 58 3 583 5978 59
7
4
5912 71,300 Standard Oil of California_ 25 5518 Jan 20 6214 Feb 5
5112 Aug 6714 Feb
4513 454 44% 4538 4412 45 s 4514 4534 45
3
453
4 4514 453 92,400 Standard 011 of New Jersey 25 4312 Jan 22 4638 Jan 2
4
Jan 2
383 Mar 4712 Feb
8
11713 11734 11734 11778 11712 11778 11712 1173 11712 11712 11712 11734 3,600 Do pref non-voting_
4
_ _ _100 1163 Jan 2 118 Jan 29 11614 July 119 Feb
4
67
8 67
s *678 7
773 9
7
812 83
814
4
8% 93 20,600 Stand Plate Glass Co. No par
4
6% Jan 2
9 4 Feb 5
3
563 Aug
Jan
16
*8212 8338 .83
8312 83 83
8312 8312 *834 84
500 Sterling Products
8312 8312
No par 8014 Jan 22 8812 Jan 7
6214 Mar 82 Dec
843 8538 84
4
8412 84 8414 84
8563 84
8514 8412 8514 8,700 Stewart-Warn Sp Corp_No par 821: Jan
22 92% Jan 2
55 Mar 9612 Dec
*75
75 4 •73
3
75
•73
76 .7312 76
*7412 76
76
*75
Stromberg Carburetor_No par 72% Jan 26 7714 Jan 4
61 Mar 89% Oct
5818 5812 583 596
8 5814 59
3
58% 5914 583 594 583 5914 38,500 Studeb'rCorp(The) newNo par 5514 Jan 16
4
4
59% Jan 4
4114 Jan 6863 Nov
•120 121
121 121 •120 123
120 123 •120 12214 *120 12254
Do pre
200
100 120 Jan 21 121 Feb 1 112 Mar 125 Sept
312 313
3 2 33
,
4
38 3 3
3
3 2 312
,
3
318 314 17,900 Submarine Boat
3
3,
4
No par
3 Jan 13
3
3 4 Feb 1
3
Oct 12 Mar
3912 3912 .39
3912 39
39
3812 3912 40
4012 404 4014 4,200 Sun 011
No par 361 Jan 21 4163 Jan 4
:
•333 313
8
3818 Nov 437 Nov
313 4
34 3 4
,
334 4
,
33
4 38
33
4 378 11,200 Superior 011
7
No par
3 Jan 28
414 Jan 8
.2411 26
2 Dec
618 Feb
*24
*2112 25
25
2412 2412 2412 25
*2413 26
300 Superior Steel
100 241: Feb 3 2534 Jan 12
•11
20 May 4138 Jan
12 •11
12
1134 1238 12
5512
12
1312 .12
1312
700 Sweets Co of America
50 1112 Jan 20 13 Jan 7
1513 Oct
13
57 Mar
8
13
13
1314 1314 1314
13 4 13 4 1314 1418
,
3
1312 1414 8,500 Symington temp etts_.No par 1215 Jan 20 14% Jan
1012 Jan 204 Sept
4
*20
2014 193 1674 *1978 20
4
1973 2018 197 207
8
8 2012 20% 4,400
Class A temp ctfs._ _ _No par 193 Jan 22 207 Feb 4
4
8
1934 Dec 264 Sept
8
•143 144 144 143 *1334 145 •1334 1468 .1334 1463 •1334 146
8
s
8
8
500 Telautograph Corp_ _ No par
.
133 Jan 6 1473 Jan 19
4
11 Aug
144 143
1614 Nov
4 14sa 153
4 15
151
: 1518 157
8 1512 153
4
1534 16
46,400 Tenn Copp & C
No par 13% Jan 16 16 Feb
74 Apr 16 Dec
5318 5363 5212 5353 52% 5318 5318 533
4 5318 533
8 527 5363 52,000 Texas Company (The)____ 25 503 Jan 20 54% Jan 5
8
4
4234 Jan
2
55 Dec
12618 127
12612 12712 12612 13112 13214 13518 133 134% 132 1333 69,600 Texas Gulf Sulphur
4
1194 Jan 12 13518 Feb 3
10
9712 Feb 12173 Dec
173 18 4 17
4
1778 173 18
,
3
17% 18
1738 173
4 1714 177 14.100 Texas Pacific Coal & 011_ _ _ 10 1618 Jan 15 194 Jan 7
8
107 Aug 233 Feb
8
•620 675 635 665 635 635 .630 660 .620 650 *620 650
8
25 Texas Pacific Land Trust,100 630 Jan 29 785 Jan 13 255 Apr 657 Dec
3112 3153 31
317
8 31
3114 31
3138 3112 3112 3114 327
8 3,200 The Fair
No par 31 Feb 1 34 Jan 14
3214 Sept 3914 Oct
383
38
8 3712 383
3 3734 3812 3778 3812 38
383
4 38
386 42,100 Tidewater 011
8
100 3414 Jan 12 3914 Jan 25
3014 Sept 36% Dec
102 10263 10014 10112 10112 10268 102 10212 102 10213 10218 10218 13,800 Preferred
100 99 Jan 15 103 Jan 25
99 Nov 101
54
Oct
5418 5412 5414 5463 5412 55
54% 5412 55
5412 55
6,600 Timken Roller Bearing_No par 5212 Jan 20 563 Jan 6
8
373 Mar 593 Oct
4
8
9718 9712 97
9734 97 9712 9714 9912 9714 98% 9768 9814 7,700 Tobacco Products
Corp_..100 9612 Jan 2 10414 Jan 13
Jan 1013 Nov
70
4
111 111 •10814 10912 .1084 10914 •10814 10914 10812 109
10878 10873
900 Do Class A
100 107 Jan 4 112 Jan 18
9318 Jan 1103 Nov
8
418 438
4
438
418 414
418 454
453 454
44 414 20,300 TranseTI011temctfnew No par
4 Jan 15
434 Jan 4
313 Sept
5% May
027
27
28
27
.2612 27
*2612 27
2612 2612 264 2652
300 Transue & Williams St'l No par 2612 Jan 19 27 Jan 28
2412 Sept 35
Jan
58 .5712 583
58
4 583 5884 5912 6012 60
4
61
5912 6078 3.800 Underwood Typewriter._ _ 25 56 Jan 2 6334 Jan 7
6314 6414 63
3818 Mar 6514 Nov
6463 6334 6563 6212 6438 61
63 4 5912 61
3
30,700 Union Bag dr Paper Corp_ _100 5612 Jan 26 7114 Jan 5
36
Apr 86
3938 397
Oct
8 393 40
4
393* 40
3973 4018 4053 42
43
91.200 Union Oil, California
46
25 374 Jan 20 46 Feb 5
33
Oct 433 Feb
8
91
91
.89
91
91
91
9212 9212 9012 9212 *9012 91
500 Union Tan_ Car
100 89 Jan 27 94 Jan 15
94 Dec 134 June
11512 11512 •11512 1153 1153 116
4
4
11614 11614 .1157 11612 •11578 11612
8
Do prof
500
8
100 1146 Jan 18 11614 Feb 3 11354 June 1174 May
28
2814 2818 2814 2763 284 27% 27% 2738 28 .27
273
4 2,600 United Alloy Steel
No par 2512 Jan 21
2914 Jan 12
24 May 36% Mar
85
86
85
861 847 8514 8513 8618 8313 853
8
4 83% 8418 11,600 United .Cigar Stores
25 S313 Feb 4 97% Jan 5
604 Jan 1151: Nov
•116
.117
•117
.117
.117
__ _- 119 119
100 Preferred
100 117 Jan 11 121 Jan 21 115
Dec 13314 Dec
15918 1597 158 159
8
158 16134 16134 16538 163 167
1624 1643 24,200 United Drug
4
100 1503 Jan 20 167 Feb 4 1104 Feb 1621 Oct
4
:
*56 4 5 4 564 5612 5612 5 2 563 5 4 57
,
63
6,
4 63
5714 5718 5714 1,300 Do 1st pref
50 66 Jan 6 5714 Jan 13
52
Jan 5818 Nov
•10
12
•10
12
*10
12 .10
12
•10
12
12
*10
100 United Dyewood
100 12 Jan 11
12 Jan 11
9 Dec 20 Mar
255 25512 2,52 252
254 259
258 270
27212 28912 28212 28512 16,000 United Fruit
100 236 Jan 7 2891: Feb 4 2044 Mar 246 Sept
*3214 33 4 .3214 3314 .3214 3314 .3214 3314 3314 3514 3514 3512 2,400 United
,
Paperboard
100 3112 Jan 6 3512 Feb 5
184 Apr 334 Dec
*93
94
93
93
*90
95
*9112 95 .90
92 .94
95
100 Universal Pictures lst pfd.100 93 Feb 1
944 Dec 10312 Oct
243 25
8
2412 247
3 244 243
4 2412 2412 2414 244 244 2468 4,300 Universal Pipe & Rad __No par 2012 Jan 27 95 Jan 6
283 Jan 5
4
26 Dec 507 Feb
8
7578 *72
•72
75 .72
757 *7212 75
8
*7212 7412 .7212 73
Do pref
100 70 Jan 26 7812 Jan 5
65 July 94 Feb
*194 197
196 200
196 19714 197 200
200 201
7,000 US Cast Iron Pipe & Fdy_100 188 Jan 20 21014 Jan 4
200 201
13154 Apr 250 Feb
8
3
1017 1017 102 1025* 103 104
102 4 1033 •103 104
3
1,200 Do pref
4
10314 10314
100 1003 Jan 6 104 Feb 2
8
91 July 113 Aug
54
56
5312 5412 5312 5434 534 54
543 56 8 55
2
3
55
9,400 US Distill, Corp tern et( No par 501: Jan 20 663 Jan 2
8
304 Feb 6314 Deo
•12014 - - *180 ____ .180
1504 _ _ _ •15012 -- *15012
Do prof
100
130 Mar 250 Dec
52 8 53 8 5363 56
7
7
58
5712 57
5914 58
593
8 58
583 - 2;i6O U S Hoff Mach Corp v t e No par 45% Jan 2 59% Feb 4 1
4
4918 Oct
23
Jan
66 663
3 643 654 645 6512 6514 67
4
,
6712 6838 11,000 1.1 S Industrial Alcohol. ___100 625 Jan 21
67
69
8
7511 Jan 13
7011 Dec 98
Oct
*102 1027 .102 104 .102 1027 102 1023 .102 10212 •102 10212
8
8
4
300 Do prat
100 1013 Jan 18 10434 Jan 13 102 Dec 115 June
8
•6714 68
6612 67
67 67
6718 6763 5754 6854 67
673
4 4,600 USRealty&Improv't newno par 6414 Jan 27 71% Jan 4
8 4 8614 8234 853
5
4 82
8434 8214 833 80,500 United States Rubber
843
4 8312 8538 82
4
100 781: Jan 12 8814 Jan 23
3313 Mar 972 Nov
•107 1073 10713 10712 107 10718 10713 10713 1073 10734 .107 10712
4
4
500 Do 1st prof
100 10612 Jan 26 109 Jan 19
4
923 Mar 1087 Nov
3
4613 4612 46
4614 46 46
46
47
486 4712 47
8
47353 4,100 US Smelting, Ref & Min
50 454 Jan 25 497 Jan 2
8
Feb 51 Dec
30
4812 4812 • *4812 49 .4863 49
4863 49
*4813 4912 *4813 4912
500 Do prat
50 4818 Jan 12 50 Jan 4
Apr 4954 Dec
44
13314 134
13218 1334 13214 133 s 1327 13312 133 134
8
3
4
1323 13312 101,800 United States Steel Corp.
.100 1315 Jan 22 1381 Jan 4 1123 Mar 13914 Nov
:
8
12512 12512 •126 129
126 12612 12612 130
1264 12678 126 1267
1,500 Do pre
8
100 12538 Jan 29 1274 Jan 28 12218 May 138 Nov
*563 60 .563 60
4
4
*563 59
4
*563 59
4
59
200 U S Tobacco
59
63
*61
No par 561: Jan 4 62 Jan 26
5112 Mar 5914 Nov
•
n314 ---- .11314 ____ *11314
11314 - - -- •113
Preferred
.112
100 113 Jan 12 114 Jan 12 105% Apr 114 Sept
.981? 100 .9812 100
9812 1
9912 9912 100 •100 102
1812 .99
300 Utah Copper
10 96 Jan 28 100 Feb 4
82 Mar 111 Nov
3312 3378 3312 331
8 3318 3314 3 3 331
33
163 333
14
3354 2,100 Utilities Pow & Lt A. No par 33 Jan 27 354 Jan 29
33
.
3.) Aug 38 Aug
3238 23113 315
3112
3112 3112 3168. 3163 3112 3134 3112 3112 4.300 Vanadium Corp
No par 3014 Jan 22 324 Jan 6
25 8 May 345 July
6
4
*21
25 .21
25
21
*21
21
*21
25
300 Van Raalte
22
*21
25
No par 20 Jan 4 21 Jan 5
1514 Aug 26% Nov
754 •70 • 75
*70
75, •70
8
*70
Do lst pref
•70
75
75 .70
75
100 70 Jan 13 70 Jan 13
Apr 80 Nov
60
112 14
•112 13
8
112 113
112 112 •112 1% 4514
300 Virginia-Caro Chem _ _.No par
10
113 Jan 2
8
1% Jan 15
113 Sept
8% July
2112 2112 2118 2112 21163 2312 • 23 3 2512 2
7
414 2418 237 2412 24.700 New
8
No par
19% Jan 2 253/2 Feb 3
17% Dec 21% Dec
.114
112 '
114
138
113 *Ili
112
112
112 •112
1,500 Certificates
11z
168
No par
114 Jan 4
112 Feb 3
% Dec
5 July
10
10 .10
12
*10
101: 11
11
11
11
500 Do pref
•1154 12 4
100 10 Jan 30 11 Feb 3
,
81: Jan
231: July
*9
11
•10
12
1014 1012 11
11
118 118, •1112 1214
8
1,000 Pref ctfs
No par
94 Jan 2 1112 Jan 7
4 Mar 20 Nov
•114
13
4 •114. 13 .
134 .1.114 , 134 •114
4
114 13
Do "B"
4 •114
No par
1% Jan 15
1% Jan 8
1%
7 Aug
8
4% July
6414 6414 645 653
4 6512 66
83 6614 66713 6614 667
8 66
6633 11,000 6% pref w I
100 6313 Jan 23 69 Jan 4
5614 Nov 63% Dec
911 96
9634 963.1 97
97
9718 9718 9718 .9634 97
97
1,500 7% Prat w i
100 956 Jan 22 9818 Jan 6 • 9214 Nov 954 Dee
8
44
*43
*43
45
*43
44
4312 *43
*43
4312 43
100 Virginia Iron Coal & Coke_100 41 Jan 12 43 Jan 21
43
30 June 46 Dee
2963 294 304 30
29
14 30 4 30 4 313
3
3
No par 2712 Jan 23 31% Feb 4
4 3052 3178 3012 3114 34,500 Vivaudou (V) new
714 Jan
283 Dec
4
1778 17 3 18
7
18
1773 1814 1814 11334
1812 183
No par
4 1838 1878 10,800 Waldorf System
17 Jan 12 18% Jan 19
141: Aug
19% Jan
2213 22
22
2214 •
22
2214 2113 22
4,100 Walworth & Co
2163 221
No par 21 Jan 26 23 Jan 4
2114 Dec 244 Dec
•185 189 *185 189 *185 1874 55185 188 .185 186
185 185
100 Ward Ba_ing Class A_ _No par 185 Feb 5 195 Jan 2 116 Apr 198
Dec
8112 8214 8214 8.558 8212 84
8113 8314 81
8178 80% 8114 50.700 Class B
No par 7614 Jan 19 8,534 Feb 1
3714 Mar 954 Oct
'no 110 8 *110 110 3 110 110 *10913 110 .10913 10934 10934 110
3
3
No par 1085 Jan 4 11013 Jan 15
400 Preferred (100)
8
9412 Feb 112 Dee
134 1378 1318 1323 1312 13 8 1368 1438 13 4 1414 134
3
3
143 14,700 Warner Bros Pictures A _ _ 10 123 Jan 21
.
8
8
1818 Jan 6
1714 Dec 22% Oct
*45
4612 *45
47
*45
*46
47
47
47
493 .47
1.100 Warren Bros
4
No par 4514 Jan 20 493 Feb 4
48
4
43 June 504 July
7112 72
7113 715* *7012 72
717 73% 72
3
7234 71
7118 4,700 Weber dr Heilbr, new.: No par 703 Jan 27 8518 Jan 13
4
51
142 142
Apr 1001 Dee
:
142 143
142 1433 14333 14563 1454 14738 14514 11763 10,000 Western Union Telegraph_100 13444 Jan 11
8
120 120 4 118 4 121
3
3
11913 12414 1217 12178 122 12312 12212 12312 5,800 Westinghouse Air Brake.. 50 116 Jan 21 147% Feb 4 11614 Jan 144% Sept
3
.
1263 Jan 7
4
97 Apr 144 Aug
7318 73 8 73
,
734 72 4 7314 73
3
73% 73
7618 753 773 55,400 Westinghouse Elea & Mfg_ 50 72 Jan 22 77% Feb
4
4
5
Jan
6614 Mar 84
4
173 173
4 1734 177
8 1768 1812 1734 18
18
18
1734 1734 4.100 West Elea Instrument
1511 Jan 21
181: Jan 23
29's 2913 2913 *29
•29
2912 29
94 Apr 2012 Aug
29 8 2912 294 2912 29 2
,
500 Class A
2714 Jan 4 293 Jan 25
,
4
193 Mar 28% Dec
8
•I26 130
130 130 .12512 140 •126
.125 150 •125
No par 123 Jan 11 130 Jan 27
200 West Penn Co
9714 Sept 145 May
Certificates
1224 Jan 13 12414 Jan
97T3 977 ;5E4 "lil
8
Oct 1255 Deo
a
;6/ "ii12
Do 7% pf tern ctt new.100 9618 Jan 8 977 Jan 5 107
;9/
100
8
30
94 Apr 100 July
4190
92
90
90 8 91
3
91
9112 92
9114 9112 •9012 9112
1,200 West Penn Electric ANo par 8818 Jan 6 92 Feb 3
*98
98 4 .98
,
9814 98 98
98
98
9712 9712 9712 9712
Preferred
500
100 064 Jan 8 9814 Jan
•10814 111 •10814 111 *1o514
55108 109
10954 10914 •108 109
100 West Penn Power pref. _ _ -100 109 Jan 7 112 Jan 28
16 104
Jan 111 July
28
2712 27% 2718 -- 28
2711 2712 2814 28 8 29
3
2813 29
12.300 White Eagle 011
No par 2614 Jan 22 29 Feb 4
2512 Aug 314 Feb
8013 8163 8078 8214 8014 82
8112 8212 8218 8412 8478 86t2 60,000 White Motor
50 783 Jan 20 86% Jan 4
4
5718 Mar 10412 Aug
36
363
3
4 36 4 38
3714 38
38
3838 3712 377
8 3712 38
7,500 White RR, M & S ctfs_No par 34% Jan 23 383 Feb
4
3312 Dec 4038 Aug
3
3
3
3
.24 3
3
3
3
3
3
1.700 Wickwire Spencer Steel ett_ __
3
3
21: Jan 28
538 May
3% Jan 6
2 Dec
307
8 30% 3134 3012 313
30
3 3118 3178 317 323
8
3 3134 3278 130,400 Willys-Overland (Tha)__
5 284 Jan 20 34 Jan 4
347 Nov
3
918 Jan
9512 954 957 9612 973 987
9512 96
3
8
8 9814 99
9814 9834 22,900 Do prat
100 91 18 Jan 19 99 Feb 4
7214 Jan 12378 Dec
4 514 .434 514 •434 52 *434 513 .434 512
.43
4 614 .43
Wilson & Co, Inc
45 Jan 4
No par
8
53 Jan IR
*
133 Mar
4
463 Dec
1912 .17
1912 1718 1718 *17
*17
1812 •17
19
•17
19
100 Do prof
100 17 Jan 7 174 Feb 2
17 Sept 60 Mar
20914 2104 205 4 2093 208 209
1
20812 20912 2093 2113 20854 21012 17,000 Woolworth Co (F W)
4
8
4
25 197 Jan 20 222 Jan 4 11214 Jan 220
Oct
3912 40
40
.394 40
40
4114 4358 4218 4354 7,500 Worthington P & M
4014 41
100 374 Jan 22 4442 Jan 8
3514 Aug
79% Jan
*77
80 .78
80
80
80
80 .77
•77
80
Do pref A
*77
80
100
100 77 Jan 7 80 Feb 2
Jan
76 Nov 88
*6114 64
64
*61
.61
63
64
63
*62
64
84
Do prof 13
*62
100
100 60 Jan 5 63 Jan
58 Aug 763 Feb
4
2663 2653 2613 26 2 .2613 27
2612 26
2614 2673 27
,
11,900 Wright Aeronautical_ No par 2614 Feb 4 30 Feb 22
30
16 Mar 32% July
5
5514 5514 5512 5513 55 4 553
55
55
.5414 5
6
3
4 55
55
700 Wrigley (Wm Jr)
No par 54 Jan 11
4512 Mar 5714 Oct
563 Jan 14
4
3
8
*627 64
3
*62 3 6363 *627 64 .627 64
7
*627 6378 *627 64
8
8
Yale & Towne
25 6213 Jan 11
6414 Jan
62 Sept 7014 July
3013 30 3 2934 30 3 3014 31
294 294 293 31
4
3
3
3012 31
15,700 Yellow Truck & coach.
.100 284 Jan 22 3214 Jan 4
4
227 Oct 403 Oct
8
95 95
95
953 *9512 957g
8
9314 934 934 9312 *9312 95
700 Preferred
100 934 Jan 2 9618 Jan 11
Oct 100
alsi 811, 541. RV. RV. 54
90
8312 84
Oct
6354 8414
457, 5 gill Y 55in,
, Ntnwn 551heet & T Na nay. 513 Jan 22 Writ Jan 4
63 Mar 924 Nov
* Bid and asked prim; DO sales on this day. z Ex-d1v dend. a Ex-rightll.
727
New York Stock Exchange-Bond Record Friday Weekly and Yearly
Jas.1 1909 the hrcnnnge method of quoting bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 5.
2
3
1S
i
I
Price
Friday
Feb. 5.
I
was
Week's
m
Range or
Last Sale
changed and prices are now "and traerest"-except for income and defoulteil &outs.
/74
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 5.
II
Ng-
Price
Friday
Feb. 5.
Week'a
Range or
Last Sale
1g I
RasIØ
Since
Jan. 1
'Bid
High o . Low
High No. Low
Ask Low
Ask Low
ROA
High
IBM
mint.
U. S. G
Netherlands 6s Mal prices)_1972 M 5 10814 Sale 10814
4 34 lOS 10tPs
1982
First Liberty Loan
-year external 68 (flat)__1954 A 0 10324 Sale 103% 104
30
122 103% 104 8
7
J D 100222 Sale 100122 100322 355 991222 00222
1932-1947
3)4% of
lulas
00%2 Panama (Rep) 5948 tr rcta_1953 J D
11 10013 102
102
J D 100 1011322 100122 Jan'26 ---- 100
Cony 4% of 1932-47
1021%2 95 100
s
00322 Peru (Rep of) external 843._1944 A 0 1027 Sale 102% 10314 21 10212 1034
J D 102222 Sale 102
Cony 499% of 1932-47
4
1011132 021322 Poland (Rep of) gold 65____1940 A 0 672 Sale 6713
1011332Jan'26
13
6712 68
12
68
.1 D 1011322102
2d cony 434% of 1932-47
Ext'l at g 88 interim recta_1950 3 J 893 Sale 8812
101322 011222
88
4
8958
893 314
4
1
Second Liberty Loan
Porto Alegre (City of) 8s__.1961 J D 9988 Sale 99% 100
4
993122100322
4
M N 993112100
9888 100
4s of 1927-1942
20 1114 114
114
IM N 10011s2 Sale 10033 110033n 980 1001142 0033n Queensland (State) ext s f 75_1941 A 0 114 Sale 113
Cony 434% of 1927-1942
25-year 60
1947 F A 10412 106 105
10511
8 10412 106
Third Liberty Loan
1946 A 0 100 Sale 994 100
18
98% 100
M S 1003122 Sale 1003%2101%2 647 100"ss 011ss Rio Grande do Sul 85
of 1928
434%
Rio de Janeiro 25-yr 5 1 88_1946 A 0 99 Sale 9814
9714 99
59
99
Fourth Liberty Loan-.
go 10218n Sale 102132210210A 1960 1013%2 0214s
25-yr esti 88
1947 A 0 9912 Sale 98
97 9912
9912 45
434% of 1933-1938
77 106222 08
4 104 104%
Rotterdam (City) extl 6s_ 1964 M N 1043 Sale 1043s
0 1072142 Sale 1071122108
1947-1952
19458
4
Treasury 4995
%
1948 J J 1053 10612 1053
4
Sale 103222210434i 327 1023 0442 El Salvador (Rep) 85
9 105 4 1063
4
3
1944-1954 J D 104
4 106
Treasury 45
Sao Paulo (City) a 1 85
1952 M N 10212 Sale 101% 10213 22 101 1024
State and City Securities. I
100 101
Jan'26
San Paulo (State) ext s f Ss.J936 J J 1045s Sale 104% 10518 13 10214 1054
101
stock_1960 m g ____
-4398 Corp
NY City
10012 101
100% Jan'26
External s 1 88 hit rects_1950 .1 J 1033 Sale 10214
4 67 10112 10358
1964 M 9 ---1033
4
49£s Corporate stock
10012 10012 Seine (France) extl 75
12 Jan'26
1942 J J 893 Bale 893
1966
904 69
4
13
85 904
4
454s Corporate stock
3
100 4 10114 Serbs, Croata & Slovenes 83_1962 M N 9212 Sale 92
10114 Jan'26
9212 153
91
14
93
1972 A 0 ---4998 Corporate stock
10512 10512 Soissons(City) 68
10512 Jan'26
1936 M N 8313 855 83 4 Jan'26 ____
1971 3 D
83 84
s
3
4938 Corporate stock
105 105% Sweden 20
-year 69
1051a Jan'26
19393 D 1043 10514 105
4
105
3 104% 105
12
4948 Corporate stock_July 1967 J J ---4 104% 10513
External loan 5945
10538 1053
1954 M N 10214 Sale 102
4
1985.1 D
10214 35 10112 1021
414s Corporate stock
10412 10411 Swiss Confed'n 20-yr f 8s_ _1940 J J 117 Sale 1163
10412 Jan'26
1963 iu 0
32 11658 11714
4 117
4548 Corporate stock
3
4
973 984 Switzerland Govt ext 5948_ _1946 A 0 1035g Sale 1024 10358 67 103 10458
97%
1959 M N -iiia 9.1;le 978
4% Corporate stock
Tokyo City 55 loan of-1912_.1952 M S 67
8
673 67
974 Dec'25
67% 15
67 6712
4% Corporate stock
1958151 N ---Trondhjem (City) extl 6945_1944 J 3 997 Sale 9913 10014
1957 m N ____
98 Dec'25
9914 101
8
4% Corporate stock
17 1094 111
9612 Dec'25
Uruguay (Republic) ext 88_1946 F A 110 Sale 109% 110
1956 51 N ---pora
4% Corte stock
1945 A 0 10814 Sale 108
Oct'25
96
Zurich (City of) s 1 88
1084 13 10712 11014
I955151 N
4% Corporate stock
4
Railroad
1043 1043
4
4
434% Corporate stock _ _19571M N --------1048 Jan'26
8
Oct'25
104% 1053 Ala Gt Sou 1st cons A 55_ 1943 J D 10013 10213 102
434% Corporate stock_ _1957•M N ---- --- 105% Jan'26
3 IOC 1611;
101
101
87% 88% Ala Mid let guar gold 58___ _1928 M N 1004
4
Corporate stk _May 1954IM N --------8884 Jan'26
394%
1948 A 0 8412 --__ 8413
8412
4
883 88 4 Alb & Snag cony 3948
4
3
as% &Ps
334% Corporate stk_Nov 1954IM N ---- --- 883 Jan'26
84
84
101% 101% AlIeg&West1stg4sgul995 A 0 82
Oct'25
New York State Canal Im.4a1961 J J ---_ ---- 101% Jan'26
1942 M S 9275 9312 93
93
Alleg Val gen guar g 45
1942 1 .1
8 9285 93
10118 Mar'2
4Canal
July 1995 Q J
7713 78
78
13
77
11014 1104 Ann Arbor 1st g 45
11014 Jan'26
1964 J J
75% 78
4;411 Canal impt
-Gong 43_1995 A 0 91 Sale 9012
9113 sa
Atch Top & S Fe
894 9113
48 Highway impt register'd1958 ____ ---- -___ 102% July'25
A 0
90
Jan'26
Registered
8834 90
Highway Improv't 4948_1963 M S --- ---- 10812 Oct'25
857 8513
Adjustment gold 45_ _July 1995 Nov
7
5
8512
7
1991 J 3 6414 ____ 7613 Feb'2
854 85 5
Virginia 2-35
8513
July 1995 1.8 N 851a 90
Stamped
8514
86
85
Foreign.G eeeee ment.
M N 82% ____ 8314 Jan'26
Registered
1013 Sale 10134 102
63 101% 1021a
4
8314 8314
Argentine (Nat Govt of) 76_1927 F
19553 13 843 8612 8514 Jan'26
4
96
Cony gold 45 1909
981 279
84% 8514
9812
S f()sof June 1925 temp_ _1959 J D 9814 Sale 97
1955 J D 86 Sale 857
5
86
95% 983
Cony 48 1905
9888 Sale 97
4
8
9888 193
412 86
8
Exti 5 f(ts of Oct'25 temp_1959
8313 85%
8
857 8588 Jan'26
Cony g 48 issue of 1910_ _ _1960 J D 84
993 102
_ _1957 M S 9913 Sale 9714
9614 993
4
Sinking fund 65 Ser
994 10' 9834 9913
333
East Okla Div isle 4s.__1928 M S 9914 9913 9914
3
95 4 99
99
8
External 135 Series B.. _Dec 1958 J D 98 Sale 967
144
8708
93
8
878 Sale 8714
Rocky Mtn Div 1st 48_ __ _1965 J J 93,77371484 Jan'26
9
873
8613 874
4
1945 M S
4
863 873
Argentine Treasury fts
9618 98
89% 34
262
88
9734 Sale 9713
Trans-Con Short L 1st 48_1958 J J 8914 Sale 88%
90
98
L.Australia 30-yr 5a- _.July 15 19553 J
95%
2
94% 957
Cal-Ariz 1st & ref 434s .4.1962 M S
37 10013 1023
a
1021
1943 J D 19214 Sale 1018
4
Austrian (Govt) s f 75
Div 4s_ _ _1955 M N 9114 Sale 91
9114
9914 9114
8
79 109% 11012 Atl Knoxv &
Belgium 25-yr ext a 1 7348 g..1945 J D 11088 Sale 10988 1101
Dec'25
51 107 10814 Atl Knoxv & Nor let g 5s._ 19483 D 102%
1941 F A 10818 Sale 10712 1081
20
-years f Ss
8
Jan'26
914 9758
1949 M S 9412 Sale 93
941 252
92% 9413 Atl & Chart A L 1st A 434s._1944 J J 963
-year ext 13348
25
1944 J .1 103 104 103
1034
2 103 19312
1st 30-year 55 Series B
1955 J J 8714 Sale 853
4
853 8714
871 266
4
Esti a f 135 inter relit
854 July'25
4
971 211
1955 J D 974 Sale 9614
9514 9714 Atlantic City 1st cons 48_ _ _ .A951 J J 843
Esti 5 1 75 inter cgs
-4
923 Sale 92%
9312 34: 9214 9312
1945 M N 11413 115 107% 115
6 11314 115
Atl Coast Line 1s1 cons 48_ ..61952 M
Bergen (Norway) a f 8s
4 106
141 105% 107
1930 M N 105% 106 1953
-year secured 713
10
4
993 99
7
99
9812 10013
25-year sinking fund 691_1949 A 0i 99
1964 J D 9512 96% 953
9614 341 94% 964
4
General unified 4945
48
2,1
1950 A 01 8718 Sale 87
86% 8712
(Germany) 6345
Berlin
9213 91%
92% 23
91% 94%
L & N coil gold 48._ __Oct 1952 MN 91
1945 M N 108 Bale 10712 1088788
10712 108
Berne (City of) e f Si
78 Sale 77%
78
12' 7712 7812
1948 J
1945 A 0 9813 Sale 973
4
47
981
4
963 9813 All & Danv 1st g 45
Bogota (City) ext'l a f 88
1948J J 6912 Sale 6812
6912 44
15
68% 69
964 100
100
2d 48
167
Bolivia (Republic of) 85_ _ -1947 M NI 100 Sale 99
7 Jan'26
1949 A 0 7712 7834 77
_
2
77% 777
851
51
8213 8513 Atl & Yad ist g guar 45
Bordeaux (City of) 15-yr 68-1934 M N 851 Sale 8413
99% Dec'25
19413 J 100 101
1941 J D 103 Sale 102% 103
A & N W 1st gu g 5s
132 1013s 103
Brazil U 13, external 88
s
A
a
91% 185
895., 925
July9, .1
1952 1 D 9088 Sale 894
8913 90% Bait & Ohio 1st g 48_ _ .Jul y 19448 Q 0 90% Sale 903
8
90 4 185
75 (Central Ry)
90894 Jan'26 _
88% 89%
1063 Sale 106
Registered
1065s
7948(coffee secur) £ (flat)_1952
1 10512 10714
951a Eisie" 95
94
7
4
95 5
957 163
1933 M
074 997
extl 65481955 J J 997 Sale 99
-year cony 4948
19
36
997
Buenos Aires (City)
a
9311 97
95% 114
10 100 10018
1031
Refund dr gen 68 Series A_1995 J 13 . 9555 Sale 955
Canada (Dominion of) g 58_ _1926 A 0 10018 Sale 1001a
103% 98 103 104
1948 A 0 10358 Sale 103
4
13 1013 10212
1st g 58 int etfs
1931 A 0 1013 Sale 10134 102
4
Se
4
103% 117 1023 10313
•1929 J J 103 Sale 103
59 10113 103%
1929 F A 102% Sale 10212 1023
10-year 68
10-year 5548
Ref & gen 6s Ser C temp_ _1995 J D 106 Sale 105% 10614 126 10112 10612
1952 M N 10388 Sale 10318 103% 92 10274 104
58
5
89% 914
91% 39
5
PLE&W Va Sys ref 45_1941 MN 91 Sale 91
(City) a f 88
19543 J 1023 103 10134
10113 102
'Carlsbad
9912
98
s
99% 301
1050 3 J 99 sale 987
4
10988 Sale 10812 109% 139 1071 109%
Southw Div 1st 55
Chile (Republic) extl a 1 85_ _1941 F
773
4
743 78
20
1024 102% 10213 102%
Tol & CM Div 1st ref 48 A.1959 J .1 7711 Bale 7712
4
7 10212 1023
-year a f 88_1926
External 5
2
4
% 94
60
71 10014 102
1942 M N 102 Sale 101
102
20-year extl 75
Battle Cr & Stur 1st gu 38_ _1989 J D 0,54 6 34 623 May'25
II' Ili;
93
Jan'26 _
Beech Creek 1st gu g 4s___ _1936 J J
61 108 109
109
1946 M N 10813 Sale 108%
25-years f 88
4
903 Nov'25 _ _ _
J D 92
Registered
Bk 694s June 3019573 D 974 Sale 9688
Chile Mtge
4
943 9714
454 47% Beech Cr Ext 1st g 394s_ __ _1951 A 0 784 --- 7714 Dec'25 _ _
Chinese (Hukuang Ry) 55_1951 J D 4712 Sale 47
162 90
789%
8
___
897
1944 J D 90
11014 11088 11015 1474 2324 11018 110% Big Sandy 1st 48
8 351
1945
103
Christiana (Oslo) a f 88
73% 7412
7412 15
12
101
99% 101
B & N Y Air Line 1st 48_ _ _1955 F A 7413 Sale- 7314
1954 M S 10012 101 100
30-year s 1 (38
9313 Jan'26
9314 93 2
,
Bruns & W 1st gu gold 48_ _1938 J J 93%
10012 55
1955 M N 100% Sale 100
98% 101
-year s f 138
30
10013 25; 100 10012 Buffalo R & P gen gold 58_1937 M S 8812 89 102 Dec'25
'Colombia (Republic )694s_ _.1927,A 0 10012 Sale 10088
8
90
90
mi
1957 M N 90 Sale 8812
758 90
Consol 494a
8
083 1004
Copenhagen 25-years f 5548_1944 J .1 9914 Sale 9914
9924 11
828s May'25
_
Registered
9534 98
30
98
96%
Cordoba (Proy) Argen 781942 J .1 97%
10014
2 10014
1934 A 0 inoi. Sale 100%
4 1003a 12
1944 M 13 9934 Sale 993
993 10012 Burl C R & Nor 1st 58
'Cuba 58 of 1004
4
8 20 103 104
1033
8
9814 10012 Canada Sou cons gu A 5s...1962 A 0 10314 103% 103
External 5e of 1914 Bar A.1949 F A, 96 1003 100
Jan'Jan'26---- I
9334
9314 94
4
1
12
90
4
8
88% 9012 Canadian Nat 434s_Sept 15 1954 M S 9314 9313 933
External loan 4945
1949,F A' 89 4 Sale 893
98% 994
9858
9918 44
5-year gold 494s_ _Feb 15 1930 F A 9878 99
4
4 53: 100% 1023
1023
5958
1953 J J 10212 Sale 102
7
8
8 114 5 115 4
4 39' 1003 101% Canadian North deb 5 f 78-1940 J D 115% Sale 11512 115%
4
1013
Czechoslovak (Repub of) 86.1951 A 0 10113 Sale 101
11711 1181 11714
4 20 117 118%
1183
-year s f deb 690
20
10113 44 10012 10112
Sink fund 88Ser B Int cHs..1952 A 0 1011 Sale 101
97
964 97
30
F .1
I0-yr gold 4%8_ __ _Feb 15 193165 j A 97 Sale 06%
257. 95% 99
99
4
Ext'l gi f 7948 Ser A
1945 A 01 983 Bale 978
82
80% 82 .
217
Canadian Pan Ry 4% deb stock_ J J 81% Sale 8114
11114 148 11013 112
Danish Con Municip 88 A 1946 F A 111 Sale 1107
934 Oct'25
Carb & Shaw let gold 48_ _ _1932 M S 95
26 110 112
Series 13 a f 85
1946 F A 11013 Hale 11012 1111
IC% 8212
8212 Jan'26
D 8114
Cent 1St cong 4s
1938Caro
_
Denmark external at 88
19451A 0 111 111 2 1097 Oct'25
,
-- 3
20
-year 65
19423 J 10314 Sale 10274 103% 67 10/4 103 8 Caro Clinch & 0 1st 3-yr 58.19383 D 103 - 10312 1031 • 3 102 10312
4
4
7 107% 1081
1952 3 D 1073 108 107% 108
1st & con g (ts Ser A
I 10112 103
8
1017
Dominican Rep Con Adm a 155'58 F A 103 --- 1017
851a 86
8518
851s
3
19813 D 8512 86
4
037 983 Cart & Ad 1st gu g 48
8
Custom Admintstr 5345_ _ _1942 M 9 99 Sale 971/
5 55
983
794 80
7912 Jan'26
1998 J D 80
Dutch East Indies extl 65_1947 J J 10412 Sale 104
4 38 104 10514 Cent Branch UP lat g 4s
1043
69 2
2Sale 68%
68
8
697
36
40-year 6s
104% 76 104 10514 Cent New Eng 1st gu 4s_ _ _1961 J J 697
1952M 5 10412 Sale 104
97% Oct'25
30
-year exti 594s
4
10278 116 1013 10313 Central Ohio Reorg 4346_1930 /31 S 9815
3
1053 M S 1023 Sale 10214
- -1/ - -1.
103%
3 163 103 5
5
1 4 F A
30-year exti lijia
34 102 10314 Central.of Ga 1st gold 55_ _4/194 54 N 1031s 4155;3 10318
1027
4
1953 kl N 1023 Sale 10214
4 103
13
103 Sale 1023
70 102 1031
4
French Repub 25-yr extl 85_1945 131 S 10318 Sale 10234 10314 166 100% 10312
Nsoi go 58
Cotiegl ne
10014 Oct'25
MN 10112
Registered
20-yr external loan 7948_1941 J D 98 Sale 9712
97% 9813
9812 209
10314 20
External 7s of 1924
10-year aecur 6a____June 1929 J D 103 10324 1027
90% 469
1949 J D 897 Sale 8934
8
884 91
1959 A 0 10314 10418 1034 104% 26
Finnish Mun Ln 6348 A_ _ _ _1954 A 0 9112 92
Ref & gen 5945 Ser B
90
9212
9214 16
4
913
4
8614 Jan'26; __ _
External 694s Series
Chatt Div pur Money g 48_1951 J D 863 89
4
9
1954 A 0 92 Sale 918
9212 20
7
0
9
8 54 9212
100 Dee'25I_ _
Finland (Rep) extl 65
Mac & Nor Div 1st g 5,..i946 J J 99%
1945 M S 883 Sale 88%
4
8914 27
99 Dec'25 _ _
Externals f 78
1946 .1 J 101
Mobile Division 58
9512 08
1950 M 8 973 Sale 9711
4
68
98
953g 98hs
German external loan 7s__ ._1949 A 0 10288 Sale 10213 Ion 467 101% 1027 Cent RR & B of Ga coil g 58_1937 M N 98% 9914 9813
9813
6
8
4
1095s
9 108,1s 1098
German Cent Agile Bk 78_ _ _1950 kl S 97 Sale 06%
Central of N J gen gold 58_ _1987 J J 10914 Sale 10914
97
94
247
97
108% Jan'26
108% 10812
Gt Brit & Irel(UK of) 594_81937 F A 106 Salo 106
k1987,Q J 10812
Registered
8
2
1063 124 10418 10618
937 ,77
2
90% 48
8
89 s 908s
10-year cony 534s
1929 F A 1187 Sale 11834' 118% 180 1173 1187 Cent
1st ref en g 45_ _ _1999 F A 90 Sale 90
2
s
4
Greater Prague 794s_ _ _ ......1952 M N 97 Sale 967
4
983
968 968
1
4
s
kl929 J D 9338 963 96%
Mtge guar gold 394s
9712 48
8
87 8 88
39
Greek Govt 75
88
4
1964 M N 86 Bale 854
Through St I. 1st gu U....1954 A 0 873 881 87%
8618 71
8513 86%
Haiti (Republic )65
9713 99
99
F J
469
_1193653 A 99 Sale 98%
1952 A 0 0713 Sale 97
Guaranteed g
142
98
4
953 98
(„ICIngd or) 81 7998_1944 F A 9788 Sale 0612
11213 Feb'25
Hungary
115%
Charleston de Savannah 78_
5836
98
162
5
101
Ind Bank of Japan 6% notes1927 F A 10012 Sale 10034
10034 90
94889934 1011% Ches & Ohio fund & impt 58.19293 J 101 Sale 101
0
3
Italy (Kingd of) ext'l 7s_ _1951 J D 9413 Sale 94
1
Sale 10314
1032
6
1939 M N
9413 424
1st consol gold 5s
94' 94%
03 2
Japanese Govt £ loan 4a_ _ _ _1931 1 J 863 Sale 8614
4
1939 M N 0114 102 10118 Nov'25 _
Registered
103
87
83% 87
1954 F A
-years f 8548
30
94
9414 Sale 9334
78
1992 M S 939 Sale 9312
9414 449
General gold 494s
92% 9414
Oriental Development 68.1953 M 13 88 Sale 874
0018 July'25
1992 M S
884
8814 38
Registered
85
97;
Lyons (City of) 15-year 65..1934 M N 8513 Sale 8414
987 135 - 7 99
1930 F A -58E8 Fifa;- 9812
-year cony 4948
854 37
20
Marseilles (City of) 15-Yr 65.1934 MN
85
250 12713 14214
135
85% 55
84
86
30
52 4 8 3
-year cony secured 5s__1946'A 0 132 Sale 13118
58
1 5 12
8
1943 MN 31% 3214 31
129 Dec'25
Mexican Irrigation 434 s
_
_
IA 0
31
Jan'26
Registered
1943
Assenting a f 490
- ---3129
8_ 9812 Dec'25
32
293 34
16
1%
1940,3 J 983
Craig Valley let g 58
- 3013
1
4213
Mexico(US)en!6s of'99 £..1945 Q J 40 if 4213
1g 83 Oct'25
4212 45%
J 81
Potts Creek Branch 1,t 45.19461J
1945 -__ 40% Sale 40
3
85 4 86
Assenting 58 of 1899
4014 108
86
2
86
19891.1 J 864 87
R & A Div 1st con g 45
82% 83%
404 Jan'26 _
Assenting 58 large
3 14 40%
4314 43
1
8312
0
8312
8312 84
2d comet gold 45
small
_
3712 May'25
Assenting 55
4
Warm Springs V lat g 58_ _1951 ,3
13 31 1111
964 -.- 98% Oct'25
1954 J D 251 - 5 4 2714 Jan'26
2 -3.
4
65
1F 2714 Chic & Alton RR ref g 38_ _1949-A 0 6634 Sate 6634 67
Gold deb 4s of 1904
7
87 s
5
25% Sale 25
26
17
3
5
24 a 2913
Assenting 45 of 1904
628 Nov'25
Certif dep stmpd Apr 1925 Intl ___ 2314 Aug'25
64 WAssenting 48 01 1904
67
19
67 Sale 67
Ctf dep stpd Oct 1925 int _____ _ _
.
% -- 4 2588 Oct'25 _ _ _
293
ags 6381
Assenting 48 01 1910 small............:I
5314 143
53 Sale 5214
Railway first lien 330....1950 J
___
2934 Sale 29%
2934 13 281- Ili
52
2
51
Assenting 48 01 1910 large
CtD dep Jan '23 & sub coup_1---- 5013 523 52
25
8
52
2614 Sale 253
8 24
267
4
4
833 85
2514 2912 Chic Burl & Q-III Div 3945_1949 J J 84
Assenting 45 01 1910 small__ _ _
85
8412
8411
1
44
44
44
5
/
9134 92%
47
Tress 68 of 31 assent (large)'33 i-"I 4488 46
9213 14
92
Wilco% Division 45
194913 J 0213
2
'
11n26
Ja00214
46
9912 100
99% 100
Small
6
Nebraska Extension 48
4
1927 M N 993 100
1952 J 122 98 Sale 961
671 96
98
4
98
Montevideo 78
4
Registered
984 Sept'25
'M N
908k 9258
1943 F A 10188 Sale 1012
75 1004 102
14
92
91 Sal
91
General 48
Norway 20-year extl 65
1958 M
1944 F A 102 Sale 10158 102
184: 10024 102
20
-year external 65
lst & ref 58
1971 F A 10314 Sale 10314 10414 1034 104
1952 A 0 102 Sale 10112
98' 101 10214 Chic City & Conn Rys 551927 A 0 49% 5012 50
49% 66
30
-year external 65
501a 28
97% 267
98
971a
40
-year s f 593a temp_ _1965 11 D 06% Sale 968
IA
A
A0
A__
100
A
A0
A0
A
A0
A0
1
$t=£. a Due Jan. 5 Due July. k Due Aug. p Due Nov. &Option sale.
New York Bond Record-Continued-Page 2
728
BONDS
N.Y.STOCK EXCHANGE
WeekEnded Feb. 6.
11
Price
Friday
Feb. 5.
Week's
Range or
Last Sale
cal
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 5.
I4
Y.x.
Price
Friday
Feb. 5,
Week's
Range or
Last Sale
4.
114
Banos
Mace
Jan. 1
Rid
Ask Low
High
High No. Low
Ask Low
H40)
Htoh N o. Low
Bid
____ 10612 Jan'26 - - 10612 10612 Erie& Pitts au g 3345B
Chicago & Ea& III Is 66_1934 A 0 106
1940 J .1 86
88 86
8812 86
Jan'26
777 217
4
eries C
S
4
7514 7712
C&E III RR (new co) gen1181951 MN 76% Sale 763
J J 86
8812 845 Aug'25 ---8
1982 M N 10214 ____ 10214
10214
2 10188 10212 Fla Cent & Penn lat ext g 58.19303 J 10014 -ChM & Erie 1st gold be
100% Nov'25
641s 66%
121
66
Consol gold 55
Chicago Great West 1st 48..1959 M S 66 Sale 6538
1003; 102 100% 10012
18; 3 - -1 I661;
1 11188 1117 Florida East Coast 1st 4%5_19 9 j j 961s 9614 96
2
11188
ChM Ind & Loulay-Ftel 69-1947 J .1 11188 Sale 1115
4
195
3
96'41 11
95% 96%
1947.1 .1 101
_ 101
lst & ref 5s Series A
Jan'26
101 101
Refunding gold bs
1974 M S 97% Sale 97%
14
97 99%
198
99
Fla West & Nor 7s Series A 1934 Si N
Jan'26 ---798880
Refunding 46 Series C__..1947 J .1 8312 ---- 80
78 Nov'25
8 .92
1986 M N 933 95
8
9388
941s
General 58 A
94% Fonda Johns & Giov 4355
1952 NI N 63's Sale 63
;
56 64
637 I 2
s
5 - 3 - -71;
May 1968 J J 10618 Sale 106
9 1034 10614 Fort St U D Co 1st g 434s...1941 .1 J
10612
General 6s 13
9014 Dec'25 -.1 7914 ---- 7912 Dec'25
FtW & Den C 1st g 5348
Ind & Louisville let go 46_1958
1961 J D 10588 ____ 0512 Jan'26 -- for- fosii
8788 ____ 9014 Jan'26
Chic Ind & Son 50-year 46_1956
1
;
56 66
- 7 - ; Ft Worth & Rio Or let g 45_1928 34 .1 9
9612 97%
Jan'26 -6% 974 97
944 Nov'25
Frem Elk & Mo Val 1st 68_ _ _1933 A 0 10814
Chic L S & East 1st 44s..1960 J D
_ - 0814
108141
5 107 10814
517
32
52
-3 523; GH&SAM&Pletbs
61; C M& Puget Scl 1st au 414.._1949,J .1 5188 52
1931 MN 10012 10112 0112 10012.
2 19012 100%
52
31
52
5188 52
2d extene 55 Hoar
5114 521!
Certificates of deposit
1931 J J 100% 101
01
Jan'26
- 10018 101
8
4 62
813
Gala Hous & Hend let 5s
8118 83
Ch M &St P gen g 4s Ser A_81989 J .7 811.8 Sale 813
1933 A 0 9314 94% 9312 Jan'26
9312 95
1
4
707
7014 7112 Genesee River 1st s f 58_ 1957 J J 105 Sale 105
General gold 330 Ser 13_ _e1989 J .7 7012 703 70%
106 1 21 10414 106
3 9214 Ga & Ala Ry Mtcons to__ _01945 J J 967 98
38
8
C_May 1989 J J 9214 Sale 907
90
9214
Gen 44s Series
96
9712
9712, 11
971
s
9
5218
52 533; Ga Caro & Nor 1st au g 56..1929 J J 1003 Sale 1003
Gen & ref Series A 4356-02014 A 0 5214 5288 5214
8
10032
2 10018 1001252
5212 5218
511 5312 Georgia Midland let 38
Certificates of deposit
4 49
1946 A 0 6718 _
523
67 67
67
Jan'26 -5288 14
5134 5314 Grli& Text 151 gug 4%3_1941 .7 J 9512 Gen ref cony Ser B 58-02014 F A 5214 Sale 5218
9512 Jan'26
3
3
95 4 95 4
5214 5288 5188
5214 19
Grand Trunk of Can deb 75_1940 A 0 11512 Sale 11538
6141 53
Certificates of deposit
4
11512 10. 1143 11512
1043
25 104 106
1935J J 104 Sale 104
15 3^ar a f fla
1936 NI S 10714 Sale 107%
lat sec 66
s
5
10718 24 1087 1075
1932 J D 5214 Sale 521s
5212 37
5134 5 18 Great.or gen 76 Series A
3
1936
Debenture 4345
4
4
11112 11234 126 1093 1123
52
8
523 5134
5288 36
51
Registered
3
Certificates of deposit
5314
-_ 110 Dec'25
5214 Sale 521s
31
1st & ref 4 sis Series A__ 1902• .11-1925 .1 D
5212
4
513 5312
61
J 933 94
Debenture 45
9314
6 - - 14
8
94 1
1
10,
52 Sale 52
1
5214 59
53
General 534s series B
J J 105 Sale 104
51
Certificates of deposit
105 I 27 102% 105
523
8 30
52
General 5s Series C
8
1973 J J 985 Sale 98
533
-year deben ure 45-----1934 J .1 5288 Sale 5214
25
8
98% 83, 9714 99
52
8
523 5114 Jan'26
53
51
Green Bay & West deb ctfs A__ ._ Feb 7914- 81
Cerificates of deposit
Dec'25 ----I
8
9812 9918
Debentures ctfs li
Feb! 1714 1Chic & Mo Ely Div 56.._1927 .7 .1 991 997 9988 Jan'26
1131
1988 97 -- -;
812 1712
4
1940 MN 88%
3
99 8 9988 Greenbrier Ry 1st gu 48
9912
Chic & N'west Ext4s-18813-1928 F A 9912 997 9912
88% 88%
8818 Jan'26 -4
1886-1926 F A 9912 993 9988 Jan'26
8
993 9912 Gulf Mob & Nor let 534s- _1951) A 0 10414 Sale 0414
Registered
5 1034 10414
10414
Gulf &SI let ref & t a 5sb1952 J J 1041 ____ 0488 10488
1987 M N 7612 77 1 7688 Jan'26
7488 77
General gold 33.45
104 105
7212 July'25
Q F
Harlem R & Pt Ches let 4s_ _1954 Si N
Registered
857
84% 9-18
8814 50
8
887e 48 - 5 - - Hocking Val let cons g 4348_ 19 0 J J 92T4 - 8 9212
8
9
0
19 9
1987 M N 885 Sale 863
85 8 67
General 45
9278
913 9278
9288 36
8612 8718 Jan'26
1987 M N
Registered
8588 8718
Stamped 45
J J
9012 May'25 --4
8 104 1054 II & T C 1st a int guar
13534
1037 J
1937 MN 1053 Sale 10518
ioit 4 i;le 10114
General be stamped
- -1- - -7
161 4 161;
1 104 10412 Houston Belt & Term 1st 65_1937 J J 9734 988 973
104
1879-1929 A 0 104 10412 104
Sinking fund 6s
9612 97%
8
8
9788
4
A 0 1033 10412 1033
4
4 14 1034 1033 Houston E & W Tex lat g 56_1933 Si N
4 1033
_
Registered
10318 Oct'25
8
1933 Si N 1001879-1929 A 0 1013 10212 10134 Jan'26
1st guar 58 red
100 1067 100 Sept'25
4
10012 1013
Sinking fund 68
1879-1929 A 0 10014 __-- 10012 Jan'26 --- 10012 10012 Housatonic Ry cons 6 5s--.1937 151 N 933 ____ 9512
951k 9512
Registered
4
9512
1
2 10014 10114 Hud & Manhat 51 Series A 10.57 F A 9412 Sale 9418
1933 Si N 10012 10174 10912 1001
Sinking fund deb 55
9212 9514
9514 171
F A
10014 Dec'25
M N 10012 _
Registered
Registered
9114 June'25 - -28 107 108
8
8
108
75l 8054
1930 1 D 1075 Sale 1075
Adjustment income 5s.___1957 A 0 8
8034 479
-year secured 78 g
10
0% Sale 7912
11212
5 111 14 11218 Illinois Central 1st gold 45_ __1951 1 3 9 88 --- 9312
1936 M S 11212 Sale 11214
3
9288 8312
-year secured 6455 g
15
9312
1
1051 .1 .1 8714 8
May 2037 J D 10018 Sale 10018 10114 27
995 10112
Registered
92
93 July'25 ---let & ref g 55
88
1951 J J 833 ___ 84
1st gold 334s
8812
8
8314 84
85
8812 10
84
2
Chic R I & P-Railtsay gen 451988 I .1 8512 Sale 1 8512
J 1 80 _
.1 J, 8314 85 I 83 Nov'25
Registered
8234 Jan'26
Registered
89% 306
4
8
Extended lit gold 3%e_ __1951 A 0 8278 ---_ 8312 Jan'26
1934 A 0 883 Sale , 885
88 8914
Refunding gold 45
83's 83l
I 8814 Jan'26
1951 Si61 S 68
A 0
8814 &414st gold 38 sterling
71
62 Feb'25
Registered
4
5 10412 10512 Collateral trust gold 4e_ _ _1952 A 0
_ _ 8888
8814 18
8888
I
Chic St. L & N 0 gold 5s_---1951 .1 D 10412 Sale 10412 10412
A 0 84
_ 10214 June'25
1 Dr
Registered
8712
8858- - 883 Nov'25
4
Registered
1955 M N 913 Sale 9112
4
let refunding 4e
I 7812 7812
19151 ./ D 7812 _
7812 7812
4 19 I07; 93
913
Gold 334a
1952 J J 8112 8314 833 Jan'26
8
87
87
Purchased lines 3345
Jan'26
87
81% 83 4
4
3
Memphis Div 1st a4s____1951 J D 855 88
'J .1 79
2 1013 102
A
8414 July'25 --,.,
4
Registered
c St L & P 1st con. g 58_ -.1932 J 0 102 Sale 10134 102
19418
D 10414 13418 1041
8 104 10415
NM
Collateral trust gold 4s___1953 M N 8588 Salo 85311
86
34 IT 86
St P NI & 0 cons es
ChM
IM N 8288
4
8334 Dec'25
Registered
Cons 6s reduced to 3%6-.1930 .1 13 937 9412 9334 Oct'25 _
9914
4
5 W:t 11:011955 M N 10512 10612 1053
_- 1930 M S 983 9914. 9914
4 1057
4 Refunding 55
4 foil; IOC
Debenture bs
1934 J .1 10388 10388 10314
984 9912 9812 Jan'26
9812 99
15-year secured 5348
10388 22 10214 104
Stamped
21
8912 881
1938 J J 1123 114 11234 113
2 11112113
90
4
89
15-year secured 034s g
so
87
ie T
chtnc I : East 1st 5s_..1980 .1 D 89
1010.3 D
8112 26
79
Dec 1 1960M S 8114 Sale 803
4
Cairo Bridge gold 4s
_, 9038 Jan'26
4
813
8
903 90%
16
74
95
Litchfield Div 1st gold 18.195113 J 74
9034- - - 74
74
9414 95
7514
Jan'26
ChM Un Sta'n lit gu 4341 A_1983 I .1 9418 Sale 943
10318 18 102% 10314
LOUIFIV Div & Term g 33481953 J J 807 813 81
1
8
4
1983 J J 103 Sale 1027
81
4
808 81
let 54 Series 13
9 100 102
102
Omaha 141y Is gold 3s___ _1951 F A
1944.3 D 10112 Sale 1013
73% 73%
g 58
4
733 ----, 7318 Jan'26
Guaranteed
2 11712 20 117 11712
y&
74% 74%
Lo ilsD4
S Goltd 3 , Term g 35.1951 J .3
__I 74% Jan'26
19143 3 J 11714 11712 1157
1st 634s Series C
1951 J .1 74-- , 8212
8214 8212
8212 84
4 23
823
Chic & West Ind gen g fis_ _D1932 Q M 10514 ____ 10514 Jan'26 - -- 105% 10514
84
84 I 57
81
Springfield Div Is g 3348_1951 J J 8134 833 80 Nov'25 -19523 J 84 Sale 83%
4
-year 45
Consul 50
813; -- 3s, 48 10012 102%
8 4
1023
6
1962 M S 102 Sale 1014
Western Lines lit g 45_ 1951 F A 8812 90
4
893 Jan'213
let ref 5As ser A
8
102% 10312
1951 F A
1952 Si N 1025 ____ 10218 Jan'26I_ Registered
Choc Okla & Gulf eons 55
1
96%1
96
8
963
98% III Central & Chic St L & N 0- I
Cin H & D 2d gold 4348----1937 .1 J 961 98
997 101
93% 93%
8
Joint 1st ref Si Series A _..J963 J D 101 Sale 10038
101 I 76
c 1 st L ,t c ist g 4sAug 1936 Q F 9314 9414 933 Jan'28'-Ind Bloom & West let ext 45_1940 A 1) 9088 95 , 8814 Aug'25 ---_
Aug 1936 Q F 9214 _ 9214 Dee'25!-Registered
2
9118
90
4
895 91';
1;6 2 90
- 1- - - Ind III & Iowa 1st g 45
9114
1950 .7 .1
Jan'26'1942 M N 8912
--Oln Leb & Nor gu 48 g
1928 J J 10014 101 10014 Jan'26!..... 10013 1004 Ind Union Ry gen 55 Set A..196.53 2 10114
101
10212 31 100% 10212
Cth S & Cl cons 1st g 58
1965 .1 J 10114
8512
8
1007 100%
85
Gen & ref 5s Series 11
10074 Jan'26
8512'
4
Cleve Cin Ch & St L gen 4s-1993 J D 8514 Sale 8514
4
97341
4
2
9714 99
Int & Grt Nor 1st (59 Ser A _ _1952 J .1 10412 Sale 104
105
05 10314 105
1931 .1 .1 973 9814 973
-year deb 4345
20
8
737 189
73%
72
A
4
Adjustment 66, Series A1052iA prl 7388 Sale . 73
19033 D 1023 10318 10234 Jan'26.-- -- 1023 102%
General 56 Series B
7434 Dec'25
Stamped
10312' 3
0 10318 10312
Ref & impt 65 Series A_ -1929 J .1 103% Sale 10318
.
7712 25 "ff
Sale 77
10612 Jan'20 - -- 106 106% Int Rys Cent Amer 1st 58„ _1972 M N
19413 .1
Series C
66
63 65
6412 65
65 1
101 I 56
9934 101 12 Iowa Central 1st gold 59_ __IOU 1 D 62
1961 J J 10018 Sale 10018
1
6s Series D
60% 85
61% Sale 6412
91
3
91 12
914,
Certs of Deposit
4
643
4
Cairo Div lit gold 4s_ -1939 J J 91 Sale 91
2014 2212
1951 M S 22
2212 27
1
2234 21
8214,
817 8314
Refunding gold 4s
8
Div lit g 48.-1991 J .1 8214 Sale 8214
On W & M
8912 14
88% 8912
85
85 1 15
8212 85
James Frank & Clear lot 45.1959.3 D 895; 9114 8912
St I. Div 1st coil tr g g 46-1990 MN 84
1939 J J 10088 ____ 100 Noy'24 ----;
80% July'25 88 N
Ka A & G R lig gu g 58
Registered
1990 A 0 8212
83
1
89 I
4
Jan'26 ----I
89 ;9
Kan & M 1st gu g 48
St/r & Col Div lstg48_i940M S 883 ____ 89
1027J J
_
10012 101
4
6 10088 10114
873 Jan'26
_
87% 873
2d 20-year 56
4
W W Val Div 1st g 4s--1940 J .1
10212 1027
4
4
1073 1073 K C Ft S & M cons g 8e ._ _ _1928 M N 10012- -;10212 10314 17 10212 103%
4
4
& gen cons it 813-__1034 J .7 1073 ____ 1073 Jan'26
CC C
1
913 116
8918 9112
49.....1936 A 0 911 9112 91
Cley Lor & W con Mt a 56.-1933 A 0 10118 ____ 10112 Jan'26 -- 10111 10112 K C Ft S & M Ry ref a
54
85% 85
4
8588 Jan'26
4
& mar lst gu g 4348
K C & M R & 11 let gu 5a_ _.1929 A 0
1935M N 9614 993 953 Dec'25 --74%
74
.4 993
1938
00
r
A3 1 9 A 1
8
9858 Dec'25
__
4
Kansas Cley Sou 1st gold pe.1950 J 0 7434 Sale 743
743
4
Mahon Val g 56
Cleve &
93% 96
96
93
9588 Sale 9588
Pei & Imp' 55
CI & gen au 4As Ser A_ -1942 J J 9988 ____ 99 May'25 - - 86
85
4 29
862
8512 Sept'25
_
1948 131 N 817 84
Kansas City Term 1st 4s.1960 .1 J 8512 Sale 8512
Series C 3345
86
86
88
3
8
4
Kentucky Central gold 4s__1987 J .1 857 8612 86
4
1950 F A 817 853 833 Nov'25
Series D 3348
973g 98
8
8312 8712 Nov'25 ----I
4
Kentucky & Ind Term 4346_1981 .1 J 79
Cleve Sher Line let gu 434a 1961 A 0 977 ____ 973 Jan'26 -_ 100 June'25
Knoxville &016o 1st g 65.._ _1925 2 2
e 5.
d
8 10512 108
Cleve Union Term 6%s---1972 A 0 10511 Sale 10512 10614
4
Iowa 15 lobli 101
10288 71 1003 10218 Lake Erie & West 1st g 56_ _1937 ./ J 10078 101-14 10078
1973 A 0 10288 Sale 10118
Ist s f 5m Bern
1
___ 9888 Jan'26 ----1 98% 9812
1941 J J 981
8834
14 873
87
4
4
873 863
4
1945 .1 13 86
Coal River Ry let go 4s
78% 80
1997 1 D 7888 79% 7988
7914
2984 99
1
Lake Shore gold 3345
8
9812
7
Colorado & South 1st g 46_1929 F A 9814 987 9814
7712
77
6
1997 .1 D 768 7814 77
77
9512 9612
9612 23
Registered
Refunding di eaten 4%6_1935 M N 9612 Sale 9512
98% 99
53
1928 M S 987 Sale 9812
987
8718 8716
871s Jan'26
Debenture gold 45
1948 A 0 884
Col & H V ist ext g 4s
9614 97%
1931 M N 97% Sale 97
9718 40
8414 Apr'25 25-year gold 45
F A 8614
1955
Col & Tol let ext 45
1931 M N
81
d
R I
8212 Jan'26 _ 8212
Conn & Passum Rig lit 4s...1943 A 0
Lob Vol Harbor Term 5s_ 1954 F A 103
4
883 92
9188 57
9012 Sale 904
4
,
-year 5 g._.1952 J
Cuba RR 1st 50
1
3 1- - 1- ;
: 2
1 115
95 2 9
4
4
1936J D 1063 Sale 10684
10634'
9 105 1063 ),eh Val N Y let au g 4346..1940 J .1
lit ref 7345
Registered
29
96
9214 96
9512 Sale 9514
---- ---- 9312 Dec'25 --__.
Cuba Northern Ry 1st Os__ _1966 J
1003 M 3
8312 27 EN; - .
Iii
__
981s 981s Lehigh Val (Pa) cons g 43_2949 3 N 8312 Sale 83
J 977 ____ 98% Jan'26
Day&Micblstconu434s_.l93lLi
4
Si N
4
803
803 1803
4
803
4
9212 19
Registered
4
9053 93
1943 M N 9212 Sale 92
Del & Hudson 1st & ref 4s
93 Sale 93
92
9312
General cons 434s
9388 13
11134 114 109% 11373
1935 A 0 11138 Sale 11012
cony 5a
30-year
10214 13 10034 10284
0
8
2 93 M
10318 10 103 104% Lehigh Val RR gen 58 Series_2903 M N 1017 Sale 10174
103 Sale 103
1937 M N91
I5
-year 53
1 1021 103
103
103 I
Leh V Term Ry lat gu g 56_1941 A 0
10834 14 108 110
D 108 1083; 108
1930
-year secured 714
10
k
9012
5
8888 9012
Leh & N Y 1st guar gold 4a_ _1945 M S 9012 ____ 9012
__
193&F A 937 9412 937 Dec'25
g
D RR & Bdge Ist gu
8
65; 618
- -3 - , Lex & East le. 50-yr 55 gu__1985 A 0 10812 108 1085 Jan'26 ...- 10512 10634
28
88
Den & R G-Ist cons g 4/4 1936 J J 8712 877 8712
843 ____ 8712 Jan'26 ---91% Little Miami 4s
8488 8712
89
4
8
9118 26
1936 .1 J 913 917 9112
Consul gold 4345
5
95 A N
11932 51 O 10912 ____ 10914 Nov'25 --3
98 4 Long Dock consul g 6s
98
4 24
983
4
D 983 987 9812
Improvement gold 55__1928
0
- -1a -- .
4
8
657 883 Long isld 1st con gold 59_51931 0 .1 1004 101 100% Jan'26 ---- 160 - 10 -14
6818 664
2
Den & It G West gen 58_Aug 19551M N 6712 Sale 867
9414 ____ 95
95
4712
h1931 0consul
gs
Jan'26 ---_
1st consul gold 45
3
4712
46
46
49
1935,/ J 44
Des M & Ft D lat. gu 4s
3
1938 J D 90 4 ____ 9078 Jan'26 ---47
gold 46
9088 907
1_
4214 44
44
46
5
46
Temporary etre of deposit
1932 1 D 9314 ____ 9312 Aug'25 ---Gold 4s
8
Des Plaines Val let 4346____1947 M N 933 ____ 9312 Feb'25 _ _
1949 M 8 8434 __ 843 Jan'26 ---- -3 Ws;
4
io
84;
Unified gold 43
i6- 70
__
76
Jan'26
Del & Mack-lst lien g 49._1995 J D 70
1934 J D 99% Sale 9918
99% 11
9718 9914
Debenture gold 50
4
7112 65
65
1995 J D 65
Gold 48
1937 M N 94
9512 95I
9514
4
943 9614
20-year p m deb 5/3
2
95
5
1961 M N 95
95
9588 95
4345
9612
Det Rly Tun
3
Guar refunding gold 45_1049 M S 85 4 Sale 853
8814 36
Oct'25
35
8614
Dul Missabe & Nor gen 53_1941 .1 J 10218 ____ 103
Nor Sh 13 1st con g au 58.01932 Q J 100 10014 997 Dec'25 ---- - - 1
5 162 - 162 4
102
Dul & Iron Range 1st 5a__1937 A 0 102 10218 102
8512 8512 Louisiana & Ark let g 56_ _1927 NI S 1001s 10018 10012 1003
.4 10 1061; 161
8512
1
1937 J J 8512 Sale 8512
Dui Sou Shore & All g 56
8918
6
Lou & Jeff Bdge Co au g 45-1945 NI S 89% Sale 89
865s 8914
9018 Dec'25
East Ry Minn Nor Div let 4s_'48 A 0 9018
997 168 Louisville & Nashville 56...._1937 Si N 104
____ 104
7
1938 Si s
i1
Jan'26 ---- 104 104
_
997 Jan'26
_
reorg lien g 56
East Tenn
8
94% Sale 943
9434 30
9314 9434
Unified gold 45
8
1930 J
10088 ____ 1003; Jan'26 _ _ 1003 1003
F-aat T Va & Ga Div g 5s
3
___ 104
19 1 \ 3
1949 31 N 100
5 101 104
104 1
4
_
10214 1023
4
Collateral trust gold 5s
1023 Jan'26
1956 M N 103
Cons 1st gold 55
1930 M N 10512 Bale 10512 106 I 34 10514 107
s
1011s 1017
-year secured 7s
4
10
1941 Si N 10118 10212 1017 Jan'26
Elgin Joliet & East 151 g bs
4
1st refund 5346 Series A 2003 A 0 10912 ____ 1083 Jan'26 ----I 107 108 4
5 10238 10313
8
10318
1965 A 0 1027 ____ 10318
3
El Pea° & W 1st 5s
2003 A 0 10512 106 10114
1065
6 loci ism
8
4
let & ref be Series B
7 1073 10812
108
4
Erie 1st consol gold Is ext...1930 M S 10788 10812 1073
9812 43
741 7612
let & ref 4345 Series C__ _2003 A 0 9812 Sale 9788
7612 158
96
9812
1996.3 J 7612 Sale 76
1st eons g 45 prior
__ 10534 Jan'26 --__ 1053 105%
10303 3 107
7112 Dec'25 _
N 0 & M let gold 69
4
1997 .1 J
Registered
1930 1 .1 10312 105 10312 Oct'25 ____I
67
2d gold 65
4
703
703 683
J 70% Sale 6812
1996
let consul gen lien g 4a
65
85
5
65
Paducah & Mem Dly 45_1946 F A 9112 ____ 9112 Dec'25 ___I
65
1998.3 J
Registered
66
68
St Louis Div 24 gold 38_1980 Si S 66
1
66
97 9714
6
-6
9712 ___ 9714 Jan'26 ---195I F A
Penn colt trust gold 4s
____ 99
8
Jan'26 _ ...I 987 98
69
L&N&M&MIsta4348.1945 MS 99
7118
4
7188 57
1953 A 0 7112 Sale 703
50 year cony 45 Ser A
3 883 87
4
Jan'26 ___
L & N South joint M 43..._1952 J 1 85
7112
7112 76 I 89
s
8818 87
1653 A 0 713 Sale 7014
B
do Series
3
4 58 1 8214 85
8
4
Louise Cin & I.ex gold 4345_1932 M N 99 10012 993 Jan'26 ----I 991 9934
A 0 8312 Sale 83%
83
4
Gen cony 4i Series D-1953
1934 J J 102
106
4
1013 Jan'26 -...._ 10134 101114
7 I 104 106
Mahon Coal RE 1st be
106 10612 106
1956 J
Erie & Jersey let s 138
Feb. g Due June. 4 Due May. 8 Due July. s Due Sept. a Due Oct. y Due D7a. *Option sale.
a Due Jan. 2 Due
97% -tail%
New York Bond Record-Continued-Page
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 6.
ill
k
Price
Friday
Feb. 5.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 5.
729
3
2:
14t
4.1
Price
Friday
Feb.
Week's 1
Range.,
Lam Sale 1
Range
Rime
Jas. 1
Bid
Ask Law
High No. Low
High
Ask Low
1
Bid
High
High No. Low
I
Norf & West gen gold 13s_
1931 m N 10612 ____ 10612 Dec'25
6012 64
Manila RR (South L nes) 48_1939 M N 6012 Sale 6012
6212 15
31
4
Improvement & ext 68-1934 F A 10812 ____ 108/ Apr'25
let 4/3
____ 94 Nov'25
1959 M N
7 1 7 Oft
8 107
12
- .New River let gold
68
1934 .1 D 993 ____ 993 Dec'25
4
Man toba Colon tat on 5s
1932,A O 107 10738 1073
40
91
NA W Ry let cons g 48
man GBANW let 330_1941.2 J 818 ____ 81 Nov'25
s
9014 914
1996 A O 90 Bale 9012
%
/
1
Registered
8712 Oct'25
Michigan Central 58
8
_ 1008 Dec'25
1931 M S 1005
19964 O 8612
3 162
DWI 1st lien & gen g 48_19441J .1 9114 Sale 9114
9112
7Registered
8-_ __ 10014 Dec'25
M S 995
15214 152 8 37 148 15814
3
10
-year cony fis
9318 95
413
1029 M s 151 154
194012 .1 935 96
4
935
4
933
4
Pocala C & C jolnt 4s
J L & S 1st gold 33Zs
79
1951 61 S 787
8 ___ 79
Jan'26
924
/
1
1
9112 92
1941
79
D 9218 9212 9218
/
1
4
Nor Cent gen & ref 58 A_ _1974 m s 10312 104 10212 Nov'25 -18t gold 31
/
4s
Jan'26
83 83
8512 83
1952 M N 8212 9012
2 Ili- 20
8
-year debenture 48
1929 A 0 98
WI;
97% 9818 North Ohio 181 guar g 5a____1945 AO 893 ____ 9012
9818 984
/
1
9818
9011 9012 Nor Pacific prior lien 4s____1997
Mid of N J 1st ext 55
8
8811 88
875 Sale 87 8
1940 A 0 903 9312 9012 Jan'26
5
88
64
86
Jan'..
Registered
Milw LS & West Imp g 5s 1929 F A 10018 101 10018 Jan'26
1997
8614 664
100, 100'8
8
67
General lien gold 3s ____a2047
63
8314 683614
Mil & Nor 1st ext 4 Ifs(blue)1934 J D 9314 9512 9412 Dec'25
615 63lt
4
935 98 4
Jan'26
Registered
Cons ext 430 (brown)
60
a2047
60 60
6038 63
3
1934 J D 9312 95
983 Jan'26
4
Ref dr impt 41a ser A____2047
/
4
885 ____ 893
8
8
8938
1
MU Spar & N W let gu 4s__ _1947 M 5 8914 Sale 8914
8918 90
8914
8
7 1395
s
Registered
853 Feb'25
4
MOW le State L let gu 3345_1941 2
8212
818s Dec'25
120 10814 iff
1093 Sale 10912 111
4
Ref & impt 6s ser B
Minn & St Louis 1st 75
2047
1927 J D 993
103 Nov'25
4
Registered
1067 May'25
8
1st consol gold 55
1934 M N 634 65
64
63 64
Jan'26
47
Ref & inapt 58 ser C
99 Sale
Temp etre of deposit
2047
984 - -5.
60 63%
2
M N 633 6412 633
4
4
633
4
45
Ref & Impt 5s ser D
99
9
8
999958 28
7
99 Sale 9 58
let gc refunding gold 4s. _1949 M 5 2238 Sale 22
2047
21% 22513
9814 100
225
35
St. Paul & Duluth let 65._1931
10112
Ref & ext 50-yr 55 Ser A_ _1962 Q F
9914 Mar'24
15
1614
16
163 15
4
Jan'26
let cense! gold 48
1st guar g 78
845 Dec'25
8
1968
1927 J D 100 102 102 Sept'25
Nor Pac Term Co 1st g 6e 1933
100 Dec'25 ioal2
87% 90
M St P&SSM con g 4s int gu'38 J J 893 Sale 88%
8
8938 44
10214 ____ 10112 Jan'26 -1011± 16
- 11;
1st cons 58
1938 A
1938 J .1 99 Sale 9814
97% 9914 No of Cal guar g 5s
9914 22
North Wisconsin 1st 6s_
10238 Jan'2Jan'26-- 1025s 102%
1930 j
10-year coil trust 61s
/
4
4 10314 104
1931 M S 10312 Sale 10312 104
102- - 745g
743 7512
4
16
7514
1st & ref Cs Series A
1948 2 2 10018 10114 101
101
2 101 103% Og & L Cham 1st gu 45 g_1948 2
75
/
1
4
73
Ohio River RR ler ge 58
10112 10212 102
1938 2
Jan'26
8912 91
25
-year 530
102 102
13
1949 M 5 9014 917 908
91
10012 1013 100 Dec'25
General gold 55
4
1937 A
let Chicago Terms I U.._ _1941 M N 9212 ____ 9212 Dec'25
1007 Sale 110038
8
14 100 10138
Ore & Cr I let guar g 58
101
5e
M SSM & A 1st g 45 int go.1926 .1 .1
1927.3
997 Dec'25
931 - 3- Ore RR & Nav con g 413
91
2
9134 9112
9112
19462
£4 4
90 8 9112
3
MI284381091 Central let 58_ _ _1949 J J
2
933
4
933
4
1003: 8810 10514
0518 1.06
84 4
2 1043 105%
84% 85% Ore Short Line-let cons g 58_'46
4
105
Mo Kan & Tex-ist gold 45.1990 J D 854 Sale 85
%
853
4 25
Guar eons 55
10512 106 1051
8 10512
1948
967 99
8
Mo-K-T RR-Pr 1 58 Ser A.19622 J 9814 Sale 98
1054 108
/
1
98% 112
7
804 8212
Guar refund 4s
9714 Sale 9714
1929
97
40-year 48 Series B
8212
92
1982
J 8314 Sale 8218
967 974
s
7
1961 2
84
4
84% 57
833 85
4
10-year fie Series C
1932 1 J 1035 Sale 10338 10418 15 1023 10414 Oregon-Wash 181 & ref 4s
8
9312 Sale 93
/
1
4
93
/
1
4
1946 J
92% 95% Pacific Coast Co let g 5s
Corn adjust 5e Ser A Jan.1967 A 0 9512 Sale 94%
3
9238 96
951 s 1345
'
Pac RR of Mo 1st ext g 4s
5
92 8
5
5
1938 F A 92% ____ 92 8
92 92%
/
1
4
Missouri Padfle (ream Co)
2d extended gold 55
____ 10018 Jan'26-1 1004 10012
1938.6
8914 94
1st & refunding as Ser A....1965 F Al 9214 Sale 92
/
1
931 142
95 8 Nov'25
3
8
.1 0618 97
let & refunding (3s Ser D_ _1949 F A 1033 Sale 1033
_8 103% 91 101% 1037 Paducah & Ills 1st 5 f 430_1955
4
1958
s
A 78 Sale 77
78 ----'- 103, 71)
181 & refund 613 Ser E int.1955 M N 1033 Sale 10312 103% 91 10134 1037 Paris-Lyons-Med RR (93
4
S f external 78
8512 Sale 8438
19.58 (Cl S
65 4 6814
3
8.5% 4
41 8238 85%
General 4s
6814 345
1975 M 5 6738 Sale 6712
Paris-Orleans RR a I 78
1954 El S 85 Sale 8412
8514 33
84
88
88
Mo Pac 3d 7s extat 4%
1. 88
88
1935 MN 88
883 88
4
Patillsta Ry 78
1942 MS 10112 Sale 10114
1011
/
4
4 10038 10112
99 Sept'25
Mob & 131r prior lien g 5a...1945 J J 9812
4
- 5 if% Pennsylvania RR-cons g 4s 1943 MN 923 Sale 9412 Jan'26
116181% Jan'26
82
9412
Mortgage gold 48
1945 J J 8138 94
Consol gold 4s
4
1948 MN 9212 923 925
8
8
93 I 11I12 93
1017 10312
9112
8 10214
Mobile & Ohio new gold 8s A927 J D 1017 1031 1017
8
/
4
May 1 1948 MN
11 914 915
9112 95
4s stamped
9168
10112 10212
9138
let extended gold 68
5
81927 Q J 1015 10214 10112 Jan'26
8
9918 Sale 993
Consol 41
/
4s
1960 F A
4 100
90
90
6
987 100%
8
Jan'26
90
General gold 4s
4
1938 81 S 903 92
General 434s
1965 J D 953 Sale 953
4
8
05% 851 1( 412 9614
7
9914 100
9
97
) 14
4 100
3
Montgomery Div let g 58.1947 F A
993
--- 993
D 1043 Sale 10418 105
4
General 55
79 102% 106
I968J
1 10012 10012
10012 10012 10012
/
1
4
St Louis Division 58
1927 J D 100 41930 A 0 10734 Sale 10712 108
10-year secured 78
87
87
108%
Mob & Mar let gu gold 4s_ _ _1991 M S 8612 583 87 Jan'26
8
15-year secured 61 _ 1936 F A 112 Sale 1117
/
413_
8
11212 93 1113 1127
8
s
Mont C 1st gu g 6s
1937 J J 109 11212 10912 Oct'25
Registered
4
1611- 16i- 2
F A 1093 ____ 10912 June'25
Jan'26
181 guar gold 58
1937 J J 10114 10314 102
40-year gold 58
1964 M N 100 Sale 9934
1001 411
/
4
79
80
8
80
15
M & E ist gu g 330
8
10015
2000 J D 795 Sale 785
8___ 8812 Oct'25
100% 101% Pa Co-Ou 3348 coil tr A reg 1937 M S 865
Nashy Chatt & St 1. 1st 5s_ _1928 A 0 10114 10112 101% Jan'26
Guar 310 coil trust Ser 13_1941 F A 827 8 8312 83
1
83
N Fla & S let gu g 513
1937 F A 10138 ____ 10138 Dec'25
Guar 332s trust ctfa C___ _1942 J D
82 Dec'25,_--30 Sept'24
Nat Ry of Mex pr den 43f8._1957 J J
Guar 31 trust etts D_ _1944 J D 8612 -/
4e
19 Apr'25
July 1914 coupon on _______
Guar 15-25-year gold 4s 1931 A
06'z Sale 9612
1714 -- -1961 111 964 967$
/
4
19 4
1914 - 27
/
4
Assents f red June coupon on- -491 Sale 18%
_
Guar 45 Ser E
1952 M N 8612
88
Jan'26 - _1 861 88
/
4
8712 July'24
--Guar 70
-year f 4s
1977 AO
2154 Peoria & East 1st cons 4s...194() A 0 8214 Sale 8214
4
7958 83
20
8285
21
21 Sale 20
Gen s f 4sessenting redeem_ _ _
Income 4s
385 3918 383
8
1990 Apr
4
391 101 3615 4112
/
4
3812 July'24 i5
Men prior lien 430_1926 J
Nat RR
12 10014 10112
Peo & Pekin Un 1st 534s_ _ _ _1974 A 0 1003 102
4
24 Sept'25
July 1914 coupon on
J J
102% 33 10115 10238
ii4• - -1x Pere Marquette let Ser A 5s_1958 J J 10212 103 10218
3- 33
4
313 323 323 Jan'26
8
4
Assent with July '24 coup on
7
863 Sale 853
8
4
86%
85% 883
28 Apr'24
-6
A1951
s
ist comet 48
1943,M N 933 _
4
_ 923 Dec'25 -8
15
16% Plana Bah & W tat g 48
/
4
1614 1612 161 Jan'26
. Assent with Apr 1924 coup on
Gen 5s Series 13
1974 F A 1073 1083 1075
4
- ;
8 10738
2 11561 10718
8
94 Dec'25
1945 J J
New England e0119 58
4212 43
28
4O'40% eges
4212
81
8212 Philippine Ry let 30-ys s f 4s 1937 .1 J
8212 Sale 8114
4238
194.5 J J 8212
Consol 4s
1932 J D 10612
Pine Creek regstd 68
10512 Mar'25 8414 Dec'25
N J June RR guar 1st 48_ __.1986 F A 84
1940A 0 97
923 941 PCCAStLgu4348A
4
/
4
9812 9818 Jan'25 -- 16-7- 91
9418
8
11
N OANE ler ref&fmp 444s A '52 J J 933 9414 93%
Series 11 4304 guar
1942 A 0
5412
84
8412
965s 98 5
965 Jan'26 -8
8534
5
2
New Orleans Term 1st 4s_ _ _1953 J .1 8418 844
Series C 434s guar
1542M N 923 ____ 9212 Dec'25
4
/
4
N 0Texas & Mex 1st 6s.Oct 1925 J D 9814 981 100 Sept'25
9614 Ig 4
Series D 4s guar
1945 M N 93113 ___ 9218 Dec'25 -39812 77
Non-cum income 5sOct 1935 A 0 9814 Sale 9818
96
Series E 330 guar gold _1949 F A
9218 ____ 9214
9214
99
-1
5 i21
9814 98
1954 A 0 977 Sale 97%
lst 55 Series 13
Series F 4s guar gold
/
4
19531J D 9278 ____ 9272
927 93
927
1
8
1954 A 0 1033 Sale 103
4
1033
4 98 1021 104
let 530 Series A
Series G Is guar
9412 943
195781 N
93
934
9318 ____ 93
9318
4
4
4
943
4
N & C Bdge gen guar 434s_194.5 J J 0412 0514 943
1
Series It 4e
1960 F A 9318 ____ 933 Sept'25
4
995 Oct'25
8
13 1st con g 5s 1935 A 0 10014 102
N YB&
9514 961
2
- 1- - Series I cons guar 434s
9618
1983 F A
9612 ____ 9618
8
1073 _13; 166 s 10 -7s
8
RR cony deb 6/3 1935 M N 1067 107 10818
8
NY Cent
96
2
Series J 430
101312 10812
96
96
1964 M N 9852 9914 96
M N 10514 116 10612 Jan'26
Registered
General M 58 Series A
85% 8814
1970 1 D 101 Sale 1003
8 10114 14 100 10114
87
871 8714
1998 F A
Consol 4s Series A
8814 33
9214 95
Gen mtge 55 Series 13
1975 A 0 10012 Sale 10014
8
2013 A 0 9414 Sale 937
10012 90
95
Ref & impt 434e "A"
99% 101
116
101 101
a19281.4 0
Dec'25 -2013 A 0 10212 Sale 10212 103
156 1015s 10312 Pitts & L Erie 2d g 58
Ref & Impt 58 Series C
Pitts McK & Y 1st gu 6s
4
1932 J J 1053 _-__ 106 Aug'25 1003 Aug'25
A 0
Registered
Pitts Sh & L E 1st g 58
____ 101
Jan'26 -- 16f- 101
1940 A 0 101
N Y Central & Hudson River
1st consol gold 5s
7612 78%
1943 J J 10014 ____ 10018 Oct'25
---1097 J J 75
783 78
4
7814 30
Mortgage 332s
765 7712 Pitts Vs de Char 1st 45
8
8
1943 M N 887 ____ 9114 May'25 - 1997 J J
---76% Jan'26
78
79
Registered
9,534 Sale 95%
9414 95% Pitts Y & Ash 1st cons 5si
4
1934 M N
1927 M N 1003 __- 10114 Dec'25 --95%
Debenture gold 48
941 944
/
4
1st gen 4s series A
1948.6 D 9114 9214 91
9418 Jan'26
M N 9418
Jan'26 -Registered
1st gen .58 series B
1942 .1 2 9112 93
4
1962 F A 1023 ____ 1027 Jan'26 _ -.9212 Dec'25
-year debenture 4s
30
Providence Secur deb 431_1957 M N
603 Dec'25
8
93 Feb'25
Registered
757 77 4 Providence Term 1st 4s__ _.195 M
1
837 ____ 8318 Dec'25
8
7612 7718 7612
7718
Lake Shore coil gold 330_1998 F A
1998 F A
Reading Co gen gold 45
7414 78
1997 ./
75 Dec'25
957 ____ 953
8
4
953
4
2
Registered
78 8 7912
,
Registered
7912 Jan'26
783 80
4
947 May'25 -- -8
Mich Cent roll gold 3348 1998 F A
1998 F A
Jersey Central coil g 4s___1951 A 0 91 Sale 907
79 Dec'25
Registered
7614 80
5 id- 91
8
91
1937 A 0 9312 9412 93%
Gen & ref 43fs Ser A
94i 95 1
953 Sale 9514
1997.6
93's 94
9534 96
933
4
7
N Y Chic dr St L let g 4s
1937 A 0 92
9218 Dec'25
Richm & Deny deb 58 stpd1927 A 0 993
4
100 100
100
Registered
100
_
9312 9614 Rich & Sleek let g 48
1931 M N 9614
1948 M N 76
80
75 Dec'25
3
25 year debenture 48
9312
9312,
1931 M N 10314 Sale 103
Richm Term Ry let gu 58
2 1614 16 8
1952 J ./ 101% Sale 10138 1017
103121 52 102% 105
2d 68 Series A B C
-79812 1013 Rio Grande June 1st gu 58_ _1939 J D 9614 9812 97
s
Refunding 530 Series A 1974 A 0 10012 Sale 100
101 I 128
98
3
961 98
:
92
9312 Rio Grande Sou 1st gold 45..1940 J
92
5
5
7
512 Dec'25
N Y Connect 1st gu 4348 A 19.53 F A 92 Sale 92
8912 8912
Erie 1st ext gold 48._1947 M N 887 903 8912
8
Guaranteed
1J J
4
_
8912
-6 May'26
1
NY A
51
/
4
1933 M S 9512
94 Nov'25
gs ext gold 4349
Rio Grande West 1st gold 48.1939 J J 883 Bale 885
4
89
13 - 7- 90
ER1•
4
1 - 8
1930 A 0 10018
1168 166110018 Jan'26
Mtge & coil trust 4s A____1949 A 0 78
7812 77%
7514 40
7415 Ws
4th ext gold 5e
1928 8 D 977
48
R I Ark & Louis 1st 4 3.0.__1934 M
__
91 Sale 903
- - - 9712 Sept'25
4
9114 33
5th ext gold
914
69
1946 M N 94 94
95
95
95
95 1
Rut-Canada let gu g 48
5
1949 1 J
753 77
4
753 Jan'26 -4
N Y Greenw L au g 5e
We 75 e
7
2000 M N
79 Nov'25._ _ _ _
Rutland let con g 43421
19411J
7812 80
87
87 87
NY & Harlem gold 334s
Jan'26 -N
80 July'24_,. _
St. Jos & Grand lel 1st g 48_ _1947 J J 8814
N Y Lack & W let & ref 58_1973 M
__ 7812
7814 7812
7812
5
1973 M N 995 101
993 Jan'26 _
- ; St Lawr & Adir letg 58
693
1908J J 9712 ____ 95 Sept'25
1st dr ref 433e
_
8
2d gold 68
1996 A 0 10118 10312 101 Sept'25
NY LE& W ist 7s ext......1930 M S 1063 108 107 Dec'25
1943 J J
10118 Jan'26
L & Cairo guar g 45
952 96'n
1931 .1 J
Dock & impt 58
957 963 9612 Jan'26
4
1932 F A 100% ___ 1003
4 1003 8
41
9 1003 10112 St L Jr M & S gen con g 55_1931 A 0 1005 Sale 10012 10038 17 10014 100
8
N Y & Jersey 1st 58
/
1
4
9112 June'25
8 92
_
Unified at ref gold 45
1929 J J
963 Sale 9638
4
95 4 97
3
97
90
N Y & Long 13ranch gen g 4s_1941 M S 907 - .2 7012
j017012 Jan'26
4
NYNH&H5tfl.0deb 48
.l9 lM S 7112
__
Registered
J J
93 Sept'25
60 June'25
M S 61
Itly & G Div 1st 4s
Registered
1933 M N
811
9034 Sale 9012
91
903 165
4
8212 6412 St L M Bridge Ter gu g 5s_ 1930 A 0 10014 Sale 10014
_
6612
Non-cony debenture 33,0_1947 M S 6412 sale 6412 Jan'26
/
1
4
10014
3 1004 100
613 64
4
6212
64
St L & San Fran (reorg co) 461950 J J
15
77% fe)
7914 Sale 7918
7958 314
Non-cony debenture 330.1954,A 0 64
68 4 7014
3
_1955 J J 697 Sale 69
5
Prior lien Ser B 6s
697
8 20
1950J J 95 Sale 9412
93
9518 103
Non-cony debenture 45._
95
/
1
4
70
Sale
6812 705
Prior lien Ser C 58
8
29
1928 J J 10258 Sale 10238
10258 61 102 103
/
1
4
Non-cony debenture 4s....1956 M N 6912 sale 69
J 6312
61% 63%
63%
1956
63% 24
Prior lien 51s Ber D
/
4
3
1042.6 J 1007 Sale 10058 101% 96
9914 1015
8
Cony debenture 3341
8
9734 99%
J
9912 Sale 99
1948
Cum adjust Ser A /
997
8 68
1
1
4____731955 A 0 95 Sale 9338
92% 96
9514 297
Cony debenture 68
97
Jan'26
97
97
Income Series A 68
111960 Oct
Registered
883 Sale 88219 87 89
4
1
Ii J
/
1
4
9612 9912 StLouls & San Fran lty gen 6s '31 J .1 10512 Sale 10512 10511
1940 A 0 994 sale 99
9912 43
1047 10512
5
Collateral trust 65
6112 625
6238 29
8
613
4
1957 M N
General gold .58
1931 J .1 10034 ____ 1007 Jan'26
Debenture 411
1005 1011
8
8
/
4
J 6712 Sale 6715 Jan'26
6512 70
St. T. Peo & N W 1st gu 5s
413.....1954
2
1948 J
10212 ____ 10212 Jan'26
_ _ 10212 1024
Cons RI' non-cony
6712
6712 _ _ _ _
6512 7014 St Louis Sou let gu g 4s_ _ 1931 M S 9312 9512 9412
9412
1
9412 9412
Non-cony debenture 45.1955 .1 J
88
St L W 1st g 49 bond ate...1989 M N
6512 69
69
10
8418 85
Non-conv debenture 4s_1956 .1 J
8412 Sale 841
/
4
843
4
9
2d g 4s income bond etts.p1989 J J 76
10014
4 10014 19014
-- 10014
10
75
76
76
8 511-1927 A
77 4 78
5
N Y & Northern 181 4s.June 1992 M 0 70 file 68
677 70
8
Consol gold 4s
70
22
13
66
1032 J D 9212 Sale 9212
93
913 93
8
& W ref 191 g
N Y0
835 6512
8
1st terminal dr unifying 5s_1952 J J
6512 30
3955.6 13
)
____ 64
643
13
0212 25
8912 9212
92 Sale 9112
General 48
_
St. Paul dr K C Sh L 181 434,1941 F A 87
65 Apr'25
43
86
88
/
1
4
88
4
istered
/ 873 875
1
4
_ 8612 Feb'25
_
St Paul E Gr Trunk 434s
&Boston 46.1942 A 0 8512
9015 91
Jan'26
1947 J
91
N Y Providence
_
St Pau. Minn & Man con 4.1933J D 97 Sale 97
45_1993 A 0 853 Id% 834 Nov'25
96
8
16
97
97
NY & Putnam let con gu
166- 166
Jan'26
Registered
1927 M S 993
J D
9214 July'25 _ _ _
4
- 100
N y &RB ist gold 513
78
1st consol g 45
8314 34
8314
jails
ref 5s 1937 J J 83 Sale 8138
8
1933 J D ii:1 5 101 s 1077 Jan'26 ____
8
5N Y 8118Q A West 1st
77
64
6412
64
64 18
2
_5
_
Registered
1937 F A 69
V24
5
19 34 0e993
0
6
9
J J
2d gold 4348
68 reduced to gold 431s___1933 J
73% 66
63
73%
1940 F A
737 Sale 69
gold 55
General
98
98
99
6
Registered
99
99
9712 Apr'25
1943 M N
1933 J J
Terminal 1st gold Es
144
Mont ext 1st gold 413
76
139% 76
9558 Jan'26
1937 .1 D -6512 94
/
48'461J J 7414 Sale 74
N Y W'ehes A 13 1st Ser I 41
78
/ 817
1
4
8
s 73
Registered
817
9014 Sept'25'____
J D
8
1950 A 0 817 Sale 8012
Nord Ry extls 16)45
Pacific ext guar 45
77% 82%
8112
8238 80
4
1940 J J 88u 8938 88% Dee'25
Norfolk South let& ref A 55_1981 F A 813 Sale
98
9812 St Paul Union Depot 5s
10252 21
10212 Sale 10214
1972 J
9812 Jan'26
Norfolk & South 1st gold 58.1941 M N 981
Option sale.
,
a Due Jan. 13 Due July. 1 Due Nov. •
Ws;
91935
161-18
730
BONDS
11. Y STOCK EXCHANGE
Week Ended Feb. 6.
New York Bond Record-Continued--Page 4
5
I .at I
No.,
Price
Friday
Feb. b.
Week's
Banat or
Last Sale
141
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 5
.
I
111
I ..,o,i
Price
Friday
Feb. 5.
1
Ranee
Since
Jan, 1
Week's ' ,,..
Range or 11a
Last Sale
ra,
6
Ask Low
Bid
;
High N o. Low
High
High
Bid
Li to
92
._, A & A Pass 1st gu g 4s__191.3 3 J 8512 Sale 85
8512 23
84
854 Armour & CO lst real est 45019391.1 D 92 Sale L ,
d
A gg r. 2 21gggi-N,,
92
. 6°6
: 9011
3
Santa Fe Pres & Pben 58_1942 m s 100 4 ___ 10012 Jan'28 ____ 10012 1004 Armour & Co of Del 550___1943 .3 .1 9514 Sale 9514
12
954 " 9418 96
3
Say Fla & West 1st g 88.___1934 A 0 109 ____ 110
Jan'26
110 110
Associated 0118% gold notes 1935 M $ 1023 103 10238
103 i 26 1024 10318
8
1st g bs
1934 A 0 10212
10134 Dec'25 _
Atlanta Gas L 1st 58
Scioto V & N E let gu g 4s 1989 M N 88% 90
877 88% Atlantic Fru.t 75 etts dep
8858
881
8
3
8
1947 ,J D 9953 --_-_- 9"Mag:25'--- - -934 2 o
28
Jan 28 -1950 A 0 81
Seaboard Air Line g 4e
82 82
82
1
79
82
Stamped ctfs of deposit__ _____ I
234 - 8 2018 Jan'26 --::
397
1950 A 0 81
Gold 48 stamped
8118 81
8114 56
79
82
Atlantic Refg deb M
1 100
1937 J J 100 10014 100
2431
1
10014 .!
4
Adjustment bs
Oct 1949 F A 854,Sale 8434
8712 180
8454 87% Baldw Loco Works let 55_1940 M N 1037 1054 1035
105
la
713 74
Refunding 48
3
1959 A 0 7314 73 4 7313
4
7334 55
Baraicua (Coup Az) 751s_
1937 J
10512
4
3 Sale 95
7 Barnsdall Corp s f cons'8% _1931 3 J 10512 1053 10512 Jan'26 ---,
Series A
1st & cons 85
1945 m S 95
9,512 274
9413 95
J
Sale 10513 106
1 0 136075
19805 111 90532
853
0: ::
's
153
11 :9:
8813 9058 Bell Telephone of Pa 5s
Atl & Birm 30-yr 1st g 1841933 M 8 893 93 4 90
4
3
903
8
2
1948 .1 ,I 102 Sale 10114 102
85
Seaboard & Roan 1st 5s..__. 1926 J J 1001
-__ 10014
1st & ref 58 Ser C
10014
3 100 1004
1960A 0 1013 Sale 100
4
10218 262
1936 g A 10312 10418 1044 July'25
4S&NAlaconsgug 58
Beth Steel 1st ext s 155
1926 3 J --------907 Dec'25 --,,
8
Gen cons guar 50-yr 58.-1963.A 0 1061z 10814 1064 Jan'26
10534 1084
let &ref 58 guar A
9 a 1- - i
9 ; 22-3
1 00
1942 IN N 97
9913 9934
10018 03 1- :i 3 1003
8
So Pee Col 4s(Cent Pae col)819494 13 864 876 861
8714 17
8814 874
30-yr p m & imp 5 f 5s
1936 J J 953 Sale 9514
4
96
46
Registered
J D --------85 Sept'25 ____
Cons 30-year 68 Series A 1948 F A 99 Sale 9818
993 524
4
20
June 1929 M S 973 /Sale 975
-year cony 45
4
973
4 49 - 7 - -3
663 67 4
Cons 30
-year 551s Series B 1953 F A 934 Sale
93 4 481
34
8
29
-year cony bs
1003
I.1 D 1013 102 100
4
4
5 100 1003 Bing &Bing deb 650
1950 M 8 93
9124
9413 95
951
2
1944 81 N 1917 Sale 101
20
-year g 58
1017
8 18 100 101% Booth Fisheries deb 8 f 65
1926 A 0 9013 92
14
92
90
933 9750 8
99 14 9993
0
3
5
San Fran Terml 1st 40_1950 A 0, 884 Sale 8734
884 15
87 8812 Botany Cons Mills 850
1934 A C 933 Sale 9312
4
94
36
Registered
f5 _i5_14 Brier Hill Steel 1st 550
ii14 8
85 Jan'26
4
IA 0'
1942 A 0 102 Sale 10112 102
3 724
0
38 171 10834
So Par of Cal-Gu g ba
1927.M N 10314 ,---- 104 Aug'25
. Ir way & 7th Av 1st c g 5s
1943 J D 7313 Sale 7312
74
34
So Pee Coast 1st gu g 4/3._ 1937 J J. 9418 ____ 9414 Jan'26 --- _
CDs of dep stmpd June '25 tat ____
71
75
71
Jan'26 ---7012 71
So Pac RR 1st ref 45
4
1955 J .1 903 Sale 903
a
91
95
90
924 Brooklyn City RR 55
1941 J J
9312 9334 9332
9342 10
1994 J J 1043 Sale 1044 1047 224 104 105
Southern-let cons g ba
8
Bklyn Edison Inc gen 65 A 1949 J 3 10512 Sale 10318 101
4
30 193 106 3
0 11 04:
2
Registered
_ 1024 Dec'25
J D
General 65 Series B
1930.8 J 105 10513 10518
67
10512
8 11371 1 :4
:2
4 01
1
8114 82 8 Bklyn-Man R Tr See 85
Develop dr gen 4s Ser A__1956 A 0' 8214 Sale 82
7
8212 187
1968 J 3 9514
96
516
10713 1084 Bklyn Qu Co & Sub eon gtd 55'41 MN 6113 Sale 9413
Develop & gen 68
1958 A 0 10712 Sale 1074 108
32
63
62
4
82
Develop & gen 650
1956 A 0 1127 Sale 11212 114
8
31 112 114
1st bs
1941 J J
7712 Sale
Mem Div 1st g 45131-55
1996 J J, 10212 ____ 10234 Jan'26
10134 1023 Brooklyn R Tr 1st cony g 45_2002 J .1
4
92June715 --7713
7 2
'2
2
88% 8838
Louis Div let g 45
3-yr 7% secured notes
St
1951 J J• 8818 884 8818 Jan'26
1921 J J ---- _____ 13613 Nov'25
Mob & Ohio eoll tr 4s_1938 M S 867 91
8
91
Jan'26
Ctfs of deposit stamped _______ ____ -iii2 .. 2 12314 May 25 i.
--1011: 1013 Bklyn Un El 1st g 4
So Car & Ga let ext 550
1929 M NI 10112 1013 10134 Jan'26
4
92 4
-be
1950 F A
914
9113 15
88's 9134
Spokane Internet 1st g 59._1955 J J 8012 8218 81
8172 8118
9
81
5
8 97
Stamped guar 4-5s
1950 F A 9113 92
mils 914
9112
9113 10
k
Term Assn 0151 L lat g 4518_1939 A 0 9718 977 974
974
2
Bklyn Un Gas 1st cons g 58_1945 M N 10234 10312 10234
8
0
103
2 1Oi16 1:
j 13
i: 212 11;11
1st cons gold 5a
1944 F A 10138 Sale ,10118 102
102
2 10118
10-yr cony deb Ts
1932 M N --------18513 Nov'25 --Gen refund s f g 45
1953 J J 85
88 1 86
843 87
4
86
2
let den & ref 65 Series A 1947 M N 111
11113 1114
5
Tex & NO con gold bs
1943 J J 98
99
98 Dec'25 _
- Buff & Susq Iron s f 55
1932.5 D 92_ 92 Dec'25
Texas & Pao 1st gold 5a_._2000 3 13 10312 10418 10358 104
32 1034 1- 4
6 - Bush Termina. 1st 45
1952 A 0 873 - 14 8812 Jan'26
4 66
La Div B L let g 533
1931 3 3 10013 10,384 1003
4 1003
4
b 100 101
Consol bs
19553 J 92
925 9214
9214 ---8
911 93
8
9914 10112
Tex Pac-Mo Par Ter 5515_1964 M S 1007 Sale 1001
s
8 1014 41
Building 58 guar tax ex__ A980 A 0 974 98
963 100
4
9712
98
19
Tel d3 Ohio Cent let gu 55._1935 J 3' 10012 -_-_ 10015 10018
1 10018 1004 Cal0& E Corp unif &ref 58_1937 M N 10018 16113 1003
1 1 42 1017s
90 11
8 101
14 : 61a
1004 10012 Cal Petroleum 5 f g 850
Western Div 1st g 55.-1935 A 0 10014 ---- 10012 Jan'26
1933 A 0 104 Sale 10312 10414 27 :312 190 4
0, 10:
9 : 14
:
00
1935 ,j DI 9718 97% 97% '97% ---1
General gold 58
9734 9814 Camaguey Sue ist s f g 7s_ 1942 A 0 9718 Sale 9314
9718 62
Toledo Peoria & Wart 4s1917 J 3, 35
37 37% Jan'26 --34
37% Canada SS Lines 1s1 coil 5 f 75 '42 M N 10234 10313 1023
4 10334 10 101: 100 4
3
07 8 031
4
To St L & W pr lien g 3513_1925 j JI 88 ____ 99% May'25
__-- ---- Cent Dist Tel 1st 30-yr 5.9_1943 J D 10218 10212 1023
8 10238
3 10134 10212
5
1950 A a 50
-year gold 45
88
87 g 38
88
10
Cent Foundry lst s f 65
1931 F A 97
98
9714
9712 17
9758 98
Tol WV & 0 gu 450 A
1931 J .II I 9712 9914 974 Jan'26
Cent Leather 1st liens f 68.-1945 J J 1007 Sale 1007
8
8 10118 98
Series B 4515
1933J J' 963 98
961 Dec'25 _- --- ---: Central Steel 1st g s f 8s_ -1941 MN 116 11814 1153
8
8 11534
1
Series C 45
1942 M S 91
____ 93 Nov'25 ____
Ch G L & Coke let gu g 5s_1937 3 J 1017 102 102
8
701 02
10214
7 1011 18114
Tor Ham & Buff 1st g 4s___..1946 .1 D 874 8712 8714
14
17 - /7
4
13 Chicago Rys 1st Ss
1927 F A 763 Sale 7618
4
87
3
7714 209
78
' Ulster & Del let cons g 5ri__A928 1 D 763 7714 787
8
774 Chile Copper 65 Ser A
k
1932 A 0 108 Sale 107%
1100221334 0:
0
81
7714
9
10814 203 107 10437
1952 A 0 4818 4812 4612
1st refunding g 433
4414 48
464
2
Cincin Gas & Else 1st & ref 55'56 A 0 103 Sale 103
103 - 2
Union Pacific 1st g 48
1947 J .1 93 Sale 93
924 944
93 4 88
3
1961 A 0 1043 ____ 10414
8
53-4s Ser B due Jan 1
10412 31!
Registered
J J 9012 9314 90 Dec'25 ____
,, Clearfield Bit Coal 1st 4s
1940 J J 7714 ___
. 82 Nov'25
'
-year cony 45
1927
993
20
4•Sale 9914
100
gen a f 63_1943 F A 93 Sale 93
29 664 1 9 - C• olo F & I
/
93
4
91 6/86 88 4 Col Indus 1stCocoil ba U. 1934 F A 837 Sale 833
e2008 M S 8734 Sale 873
1st & refunding 4s
3
&
8
4
4
84
9
883
4 71
let lien & ref bs
e2008 M El
1074 108
10 10612 108
Columbia 0& E 1st 58
19273 J 10034 1001 1003
8
8 1003
8 16 18
100 1014
00 85
7i 01
10
-year perm secured 813-1928
10234 Sale 1023
10234 1034
4
1033
4 48
Stamped
1927 J J 10012 Sale 10013 10012 27
1944 M 5 9213
V NJ RR & Can gen 4a
924 Dec'25
,
Col & 9th Av Ist gu g 5s.....1993 IN S ____ ____ 10
Oct'25 ---1928 J J 100 101 100
Utah & Nor gold 55
166- 1-1 0- C• olumbus Gas 1st gold 58_1932 J J 99 100
8
9914 164
Jan'26
9914 Jan'26 -45
1st extended
1933 J J
9338 Sept'25 ____
Commercial Cable 1st g 48..2397 Q 1 78 Sale 78
78
1
75
7
8
Vendetta cons a 45 Ser A
1955 F A 884'
111- 81- C• ommercial Credit s f Ils
---- 88
88
1 1934 MN 100 Sale 993
27
4 100
99% 10018
Consol 433 Series B
1957 M N 8841 ___- 8758 Dec'25 __Commonwealth Power 65_1947 M N 1031 Sale 10312 104
8
15 10234 104
-..T. _-;:i-- Computing-Tab-Bee f 61941 J .1 105 Sale 105
..,
2
Verz Cruz dr P 1st gU 4518
1934 J J
20 Sept'25
Computing-Tab-flees
33_
2 104% 10
10514
8
-ii- 15 4 2578 Jan'26 -1934
1
Assenting let 45-0
Conn Ry& L 1st & ref g 4515 1951 I J 914 9214 92
Jan'26 --1928 ii-li 9934 loo 100 Dec'25 -Verdi V I & W 1st g 5s
Stamped guar 4516
1
2
1951 J J 914 9214 92
7312
917
9 s
92
1926 M S 100 10014 10014 Jan'26
- ;
Virginia Mid Series E 55
10018 166 Cons Coal of Md 1st & ref 5s_1950 J D 853 Sale 84
1
8118 88
8
8512 63
1931 J J 100 2 ____ 100 Dec'25
55 Series F
10512
796214
10534
18 Congo'Gas(NY)deb 550..11145 F A 105 Sale 105 105 142 104:2 17
19365 N 1011 ____ 101% 101%
8
General 68
61 1 2199i 99141
8 1 : (1 6 Cons'd Pr & Ltg 1st 650_ 1943 IN S 105 Sale 105
070
13 1904 4 1000 14
' yn & seuthw'n 1st gu 58_2003 J J 100 _
994
9912
1
Cent Pap & Bag Mills 6Ha 1944 F A 75 Sale 75
75
11
1958 A 0 9212 Sale 9113
-year 58
1st cons 50
90 4 9
1
9213 14
Consumers Gas of Chic gu Ss 1936 J .1 101
___ 01
Jan'26
4
1981 M N 10114 Sale 1007
Virginian 1st 55 Series A
8 10114 59 1003 10111 Consumers Power let 5s___ _1952 M N 997 Sale 9913 10014 66
234
98 2
:
1939 M N 10234 Sale 10213 10234 24 101 4 11000
Wabash 1st gold 513
Corn Prod Refg St g 5s
1931 M N --------9058 July'24 _
1939 F A 993 Sale 993
997
a
4
2d gold 58
8
let 25-years f bs
7
1934 M N --------10058 10034
I -:
0 11 4
- 2 031975 m 8 1003 Sale 100 8 101
4
9811 101
Ref a f 5515 ser A
3
Crown Cork & Seal 181 5168_1943 P A 843 Sale 8312
105
4
82 4 061
9434 051
3
:
8513
7
Debenture B 6s registered_1939 M 8 --------938 Feb'25
Cuba Co cony s 1 65
19353 J 9512 Sale 947
9512 25
let lien 50-yr g term 48.-1951 J J 844 ---- 84
Cuba Cane Sugar cony 7s
Jan'26 __
1930
J 953 Sale 954
4
130
9314 96
96
101 10118
974 997
Det dc Chi ext 1st g 5s........19411011 Jan'26
8
8
Cony deben stamped 8%.1930i J 993 Sale 9934
4
997
s 73
8414 8414 Cuban Am Sugar 1st coil 843_1931 M S 10918 Bale 1083
Des Moines Div 1st g 4s.._1939 .1 J 845 ____ 8414 Jan'26
4 10918 13 108 1094
7718 773 Cuban Dom Sue 1st 7518_1944 M N 96% Sale 934
4
Om Div 1st g 3515
1941 A 0 78 -- - _ 773 Jan'26
4
9114 9117
8
96% 108
Tol & Ch Div a 45
1941 IN S 8612 -_-- 87
87 87
Cumb T & T 1st & gen 88_1937
Jan'26
J 10112 1024 1013s 10118 17 10914 10134
Warren let ref gu g 334s..._2000 F A 7513 -_-- 77
____ ---- Cuyamel Fruit 1st 85 int etfs '40 A 0 95 Sale 95
Oct'25
95
4
93% 95
Wash Cent let gold 45
1948 Q M 84
88
834 Dec'25
Deny City Tramw lat con Ss 1933 A 0 ____ ____ 924 Aug'25 --1945 F A 83 8 ___ 887 Jan'26
7
- 1 I ; Den Gas & E L 1st & ref a f g 5351 M N 943 Sale 943
66
; 87
Wash Term 1st gu 350
4
95
8
1st 40
-year guar 48
1945 F A 9118 _
84
M N 943 Sale 9438
8
Jan'26
943
8 16
W Min W & N W 1st gu 58A930 F A 974 9858 9858 Jan'26 ____
86
93
% 958438 Dery Corp CD G) lat a f 7s...1942 M S 89 Sale 867
gl
8
90
67
1952 A 0 893 Sale 88 4
674 097 Detroit Edison 1st coll tr 513_1933 .1 J 10118 102 10114
West Maryland It g 45
8
8
3
9 : - :4
1 9511
8934 40
1013
4
5 11015511937 3 J 10018 ____ 191's Jan'26
101 1014
West N Y dr Pa 133- g 55
let & ref 58 Series A_July 1940 M 8 101% 10212 100%
8
101
46 105'2 172 4
1943 A 0 854 8618 847
83% 85
Gen gold 4s
,
4.74
Gen & ref 55 Serla3 A
1949 A 0 101 Sale 1003
8
85 I
11100900135711848 109:1384
0
3
4 1023
4
8 :20 111100,.090723
Apr 1 1943 Nov
Income g be
036
i
1st &ref 65 Series B_ _July 1940 M S 108 Sale 10712 10814 18 1006990359201:
45 Feb'25
07184 10099,
04 0
91
Western Pat let Ser A 58-71946 al S 97 Bale 96l2
97
63 'Ili - Gen & ref 55 ser B
1955 3 D 10114 Sale 10058 10114 20
1946 M S 1035s 10378 10334 104
10314 105
1st gold (ta Series B
Del United let cons g 4515 1932 .1 J 901 9214 905
8
9214 50
1
West shore 1st 45 guar
2361 J J 8413 Sale 84
957 97%
8
8358 85
Dodge Bros deb 88
1941 M N 9812 Sale 96
85
b
967 523
8
83 85
Registered
2361 J J 83
fold (Jacob) Pack 1st 8s
84
1942 M N 83 Sale 78
83 4
3
83
85
10
23
72
83
Wheeling & L E 1st g 55___ _1926 A 0 100 10812 10018 Dec'25
Dominion Iron & Steel 5a
1939 3 J 8112 613 6158
4
613
8
5
-1Wheeling Div 1st gold 58_1928 J J 10134 -- -- 10114 Jan'26
10 ;1/1 4 Donner Steel 1st ref 75
-- 1
6
9554
19423 1 94
9534 9512
2
Ext'n & inlet gold 55
1939 F A
du Pont(El) Powder 450...1936 J D
9812 Dec'25 ___ _
9914 Jan'26 - i
Refunding 43 Series A-1966 M S 834 Sale 8314
0
,
7 _
1949 J .1 i156T4 106 8 106
- - -38612 39 16i -8/(2 Duquesne Lt 1st & coil 85
10838 HI
RR 1st con.sol 45
1949 M S 844 Sale 8438
81
0
44
I at coil trust 550 Series B_1949 J J 10512 Sale 10512 1064 13,
8413
2
644 731s East Cuba sue 15-yr 5 r g 7H5'37 M S 1984 Salo 1075, 10834 91 104% 1081s
1942 J D 7218 Sale 88
W1113 & East lst gu g 5s
7318 67
Will & SF let gold 55
1938.1 D 10214 ____ 10212 Jan'26 -- 10238 10 4 Ed El III Bkn 1st con g 4s.....1939 J J
2
__
. 997
9972
4
.Winston-Salem S13 1st 433_ _1980 J .1 8612 88
863 873 Ed Elm III let cons g .55___ _1995 J .1 104 105 1037
4
4
938714
873
4
6
10378
s
1
8018 84
Else Pow Corp (Germany)650'50 M S 87 Sale 863
Wis Cent 50-yr 1st gen 48_ _ _1949 J .1 82
823 82
4
823
4 55
4
8714 2
9
,
0 ;7
8
8399 4 299 :84
29, 8 13690
8612 89% Elkhorn Coal 6% notes
1925 J D 9914 Sale 99
Sup & Dui div & term 1st 45'36 M N 8612 Sale 8612
8812
1
....... ---- Empire Gas de Fuel 750._ 1937 M N 10214 Sale 10214 10234 100
Wor & Con East 1st 4 H.s
1943,3
82/8 Dec'25-- __
INDUSTRIALS
Equit Gas Light let con 58_ _1932 IN El 997 10012 997
1
997
8
1
85 854 Federal Light & Tr hat 531
Adams Express coil tr g 41_ _1948 M
1942 M S 9414 95
85 Sale 85
85
2
9412
95
7
1912 M S 102 10312 103
10418 Sale 1023
1st lien lis stamped
Ajax Rubber 1st 15-yr s f 83_1936 J
4 105
54 10214 105
10312 12
30-year deb 65 Ser B
418 458
1954 J D 9418 gale 94
Alaska Gold M deb 68A
1925 M
412 412 418 Jan'26 ---93
res-4
943
4 18
Conv deb as Series B__1026 M
44 734 4 Dec'25 __ -Federated Metals s 1 78
19 9 .1 D
1941 isi s
3
96
95
97
15
61;
1
Alpine-Montan Steel 7s.._.1955 M
9118 Sale 911
9114 64 - -1 -61-1- Fisk Rubber 1st s 1 88
1153 Sale 115°3
95 4 al
9 4 116
1 1 1.33.
123 844 0000768: 2
25 10127 2;612s
3
1928,A
10318 ___ 103
Am Agric Chem 1st 58
10314 17 10234 10 4 Ft Smith Lt & Tr 1st g 5s.__1936 M S 7514 77
753
4
753
4
5
19411F
105 Sale 10413, 105
Framerle Ind & Dev 20-yr 750'42 J J 913 92
let ref 33 f 7Hs g
103 10334 105
2
9112
917
8
6
9812 1014 Francisco Sugar 1st sf 750_1942 M N 1078 110 1073
10312 Sale 9934
Amer Beet Bug cony deb 65.1936 F
,
10112 125
:
2 2
8 1071
1008718 0 4
8
5 1047a 07:8
9814 10012 Gas & El of Berg Co eons g 581949 J D 110303384
American Chain deb 5 1 55_1933,A
9A o 0
10014 Sale 994
193
10012 68
10834 Jan'26.. 5
00
9814 97,4 Gen Asphalt cony 631
4
Am Cot Oil debenture 58_1931 M N 9614 963 9614
983
4
7
Sale 105i
19364 .1 10812 -__ 10612 10812
Am Dock & Impt gu 8s
1 10534 1061z General Baking 1st 25-yr 63_1938
D _ii .
.. 3
.__ 8418 Nov'25
07 72
1942 F A
Amer Ice deb 7s__Jthy 15 19391___ 13412 137 130
13413
9 124 13412 Gen Electric deb g 350
73
4
4
1939.A 0 10212 Sale 102
1
3
1023
4 49 10014 1023 Gen Refr 1st s f g 14 Ser A 1952 F A 10012 1003 10012 10012 ---.
Am Mach . Fdy 13 f ea
4
2
98
8
99
Republic Corp deb 833_19371A 0 987 9912 9812
German Gen Elm 7s_Jan 15 1945.8 J 9714 Sale 981
99
19
Am
95 974
978 127
8
,
99 101 4 Goodrich Co 634s
4 10114 117
1947
J 10513 Sale 10478 106
Am Sm & R lat 30-yr 5s ser A1947,A 0 101 Sale 993
72 194 106
3
19471A 0 10712 108 1O712 108
10612
1st M 65 Series B
8 108 108 4 Goodyear Tire & Rub 1st s f 1941 M N 12112 Sale 121
1
122 _ 10_7 180 26,911 3:14342413 122
26 . 1. 1190 0 0 15 11:0080000 11174444
10412
3
10
d1931 F A 11013 Sale 11012 '11078 71
Amer Sugar Ref I5-yr 88_19371.1 J 10414 Sale 03 4 10412 89 103
-year s f deb g 8a
0 7 0927Z
9 138
7
6
8
973 145
4
StampedGouldCoupler lets f 6s._..1940 F A 92 Sale
Am Telep 53 Teleg call tr 45_1929,3 J 975 Sale 974
3
1936 M S 92
924 92 4 Granby Cons MS dr P con 85 1028ai N 10
Convertible 45
9212 923 Jan'26 -__
4
A 2 m
'8
0 100 10212 10212 37
0
011 90
1 0
0
9
0
1933 M S 973
8
98
984
-year cony 4515
3
20
19463 D 102 Sale 10113 102
s
30
-year coil tr 58
80 1007 1024 Gray & Davis let cony s f 75_1932 F A 993 Sale 9912 1900178
8
9 1%
7
1960 1 J 9918 Sale 98
97% 994 Gt Co El Power(Japan)78.1944 F A
994 574
35-yr s f deb 55
Cons
9214
91
Oils Sale
14;
1943 MN 1043 Sale 1043
8
45
8 1045, 132 10313 10 8 Great Falls Power 1st s f 513..1940 M N 1013 Sale 10134
-year 5 1 5Hs
4
20
1
1013
4
953 9714 Hackensack Water let 15_1952,
4
4
9714 40
Am Wat Wks & Elee 55.-1934 A 0 9718 Sale 963
4812 58
5338
8
1930M 5 8712 -_-_-_-_ 8 12 Aug62 -_-. -_-_
Hartford St fly 1st 45
86 4
Am Writ Paper s f 7-.65_.J939.8 J 5114 Sale 5118
6% j
5
an: 5
1818 5412 Havana El fly L & P gen 55 A'54
8
53
---193 4
18
'M 5 9212 Sale 9214
Temp interchangeable etre dep_l__-- 507 Sale 5078
9314 13
4
10234 404 10114 1025 Havana Elm consol g 58
1952 F A 948_
Anaconda Cop Alin 1st 8s_ _1953 F A 10218 Sale 1023s
943 0614
4
9614
9614
1
8
1938 F A 106 Sale 10518
1064 331 1043 1061s Hershey Choc 181 s fg 6s__..1942 M N 1005, 1003 10418 Oct'25
15
-- 4
-year cony deb 75
967 100
8
340
101
1st M & coil 5515 lot ett_1940 J J 1007 Sale 10014
8
10073 94
Andes Cop Mtn deb 79 50% pd'43 J J 100 Sale 9912 100
9818 1004 Hoe(R)& Co let 6345 temp_1934 A 0 99 Sale 98
1945 M N 100 Sale 9958 100
76
i'
9
Anglo-Chilean Nitrate 7s
:4
99
25 - 71-82 99.
8612 92
23
4
92
8334 8534
Holland-Amer Line 813 (flat)_1947 MN 84 Bale 833
Antilla (Comp ..zue) 750_1939 .1 J 9112 Sale 873
8514 31
4
9513
961 95
.
944 954 Hudson Co Gas 1st g 5s
1940M N 1007 103 1004 Jan'26
8
1003410058
Ark & Mem Bridge & Ter 58_1984 M 13 98
- 913
;0
:
a Due May. eDue June. 6 Due July. k Due Aug. *Option sale
731
New York Bond Record-Continued-Page 5
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 5.
Price
Friday
Feb. 5.
Week's
Range or
Last Sale
I I I'
I 3
I ic
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 5.
t
Price
FridaydaS
Feb. 5.
eek
R,Tne;rr
Last Sale
Range
Since
Jan, 1
High
High No. Low
Ask Low
Bid
High
High , No. Low
Ask Low
Did
4
8 10318
9 1018 10212
1021 '63 101% 102% Pillsbury Fl Mills 20-yr 68.1943 A 0 103 Sale 1023
Humble Oil & Refining 5348_1932 .1 J 10218 Sale 102
12
9812 98
3
J D 10178 Sale 1014 10212 48 100 4 10212 Pleasant Val Coal let g e t5a.1928 J .1 9712 9812 9814 Jan'26
flilnois Bell Telephone fa-- _1956
9018 90%
9434 96% Pocah Con Collieries ist s f 581957 .1 2 904 914 9018 Jan'26
9612
3
1940 A 0 95 4 Sale 95 4
3
Illinois Steel deb 4345
102 102%
4
913 91% Port Arthur Can & Dk 68 A _ 1953 F A 10213 ---- 13212 Jan'26
9178 ...18
72
1
1936 M N 917 Sale 9134
8
011 54
Ind Nat Gas &
1953 F A
1014 Dee'25
let M 65 Series B
103 104
4
1952 M N 1033 Sale 10312 104
Indiana Steel let 58
-8
89 f60;
10034
3
:
°9
Portland Elec Pow lat 68 13_1947 M N 1021 Sale 99%
9934 Dee'25
1935 J J 100
Ingersoll-Rand 1st fts
3
99 8 10018
10018
Portland Gen Elec 1st 58_ _1935 J J 1001*' 4%8_1956 A 0
Interboro Metro') ooll
4
92% 943
94
94 1E 94
Portland Ry 1st & ref Ss__ _1930 M N
412 Aug'25
Guaranty Tr Co etre dep
46
Portland Ry Lt de P 1st ref 551942 F A
1012 Mar'25
Ctf dep stpd asstd 16% milli__ --89 03
98% 10014
99
91e 99
9314 24
1 100
0
1947 IN N 10 % Sa1% 993
Istl&ref8sSerfl
6212 734
6812
734 1469
Interboro Rap Tran let 58-1966
10714
8 10634 108
let & refund 7348 Ser A.-1946 M N 107 Sale 107
7214
62
7214 3473
4
703 Sale 6914
Stamped
4
1 1053 10614
614
10
s
84
767 Porto Rican Am Tob Sa___ _1931 M N 10594 10612 10614
7
76 8 997
1932 A 0 76 Sale 7112
-year 13s
944 9912
10
4
9818 105
1933 J J 973 Sale 97
Pressed Steel Car 58
94
3
85 4
94
764
-year cony 7% notes...1932 M S 93% Sale 9134
10
4
4 1123
____ 1123
2 1104 112%
.
8 67
8814 9511 Prod & Ref s f 8s(with waents) 31 J D 111
953
Agile Corp let 20-yr 58_ _1932 M N 954 Sale 95
lot
12
3
3
109 4 110
Without warrants attached__ J 13 110 8 ____ 1104 Jan'26
8211 89%
8 37
8
897
8
Stamped extended to 1942-- M N 883 Sale 877
104% 105
105
89
Pub Serv Corp of N J gen 58_1959 A 0 105 ___ 105
86
4
89
237
Inter Mercan Marbie f 58_1941 A 0 89 Sale 873
102
114 100 102
1944 F A 102 Sale 1014
Secured g 68
944 9514
954 74
1947 J J 9412 Sale 9418
Paper 58
International
.
7
8 19 103 8 105
4
Pub Serv Elec & Gas let 53481959 A 0 1043 Sale 10494 1047
97 100
143
195511 S 100 Sale 9938 100
Ref sf 6sSier A
4
8 10478 23 103% 105
1969 A 0 1043 Sale 1047
1st /a ref 5348
292 10812 11814
115
11438 Sale 114
Int Telep & Teleg cony 5345 1945 M
1084 176 100 10812 Pub Serv El Pow & Ltg as_ _1948 A 0 10714 Sale 10714 10712 31 108 107%
.8 10812 Sale 106
price)
.1947J
Jurgens Works Os(flat
82% 88
78 106 111
1937 J J 111 Sale 10912 111
4
8 22 10014 1013 Punta Alegre Sugar 75
4 1013
Kansas City Pow & Lt 58_ _1952 M S 10114 Sale 1003
13
88
1937 M N 87 Sale
8
40 1013 10312 Remington Arms 135
103
Kansas Gas & Electic 68_ -1952 111 S 10278 Sale 102
1
4
9714 94
92% 99 4
9812
87
812
98
9
1064 10712 Repub t&S 10-30-yr 5a f _1940 A 0 9894 100
4
106%
8
1942 F A 1067 107 10678
Kayser & Co 78
9311 15
9312 Sale 93
Ref & gen 534s Ser A_ _1953 J
184 1034 108
Kelly-Springfield Tire 88_1932 M N 106 Sale 1044 108
7
9018 90 8
9014 50
1955 FA 9018 Sale 9018
90 9012 Rlma Steel lat 78
8
10
90
let 56-1936 J J 9014 903 90
Keystone Telep Co
66
a 60 86
19522 D 66 Sale 641
102 10212 Robblos & Myers s f 7a
10212 Jan'26
Kinfie County El & P 58--1937 A 0 10234
11334 15 11212 114
8
8 1207 12214 Rochester Gas & El 75 See B.1946 M 5 11312 Sale 1134
123
1997 A 0 123 Sale 123
Purobase money 68
105% 106
1 ___ 10594 Jan'26
1948 M S
Gen Mtge 53.4a Series C
7714 7812
F A 784 8012 78
Jan'26 _Kings County El let g 48... _1949
7112
4
-Brown Iron Co 7s_ -1942 11 N 7112 Sale 71
Rogers
79
78
1949 F A 7814 793 784 Jan'26
8
Stamped guar 45
72
9314
981114 97
9512 934
2 6
1937 MN 93
984 100% St Jos Ry Lt Ilt & Pr 5s
9
100
County Lighting 56.-1954 J J 100 Sale • 9978
Kings
7
_ 96
95 4 98
97
Jan'26
3 107 10812 St Joseph Stk Yds 1st 4348_1930 J J 81l
1954J J 10812 Sale 107
10812
630
81
8
818
Mt & P 58 stmpd_1955 J J
821s
St L Rock
6 196 107
4
1063
1936 J D 106 Sale 106
Kinney Co 7318
7012
7012
8
75
7 58 95
9012 805
1
1
7
1924 A 0 7314-- 9614 98
St Louis'I remit 5s
38
98
9712 Sale 97
1950 M
Lackawanna Steel 58 A
8
953 Jan'26
1937 J J 954 100
4
6 1003 10114 St Paul City Cable 58
101
101
Lac Gas L of St L ref&ext 58.1934 A 0 10012
9294
190
Saxon Pub Wks(Germany) 78'45 F A 9412 Sale 94
8 69 102% 104
8 1037
4
ref 5348 Series C. _1953 F A 1033 Sale 1033
Coll &
11 :
173848 1100021058
10 1'2
2
00067 1 1091'1
8 10718 :
9
94 1
194211 8 10994 Sale 109%
98 98 Saks Co 75
__
Jan'26
9812 98
LehighC&Nav8f4348A._1954J J 98
10234
4
1952 J J 10238 Sale 102
Ban Antonio Pub Serv 6s
/ 10 1004 101
1007
8
8
Lehigh Valley Coal 1st g 5aJ9333 J 10014 1007 1007
10713 Sale 10712 10712
1
3e72 39% Sharon Steel Hoop let 88 Ser A'4I M
3
8
397
__ 394
55_1(193 M S 3912
Lex Ave & P F 1st gu g
12
1942 A 0 10712 Sale 107
4 17 118 12612 Sheffield Farms 634s
1223
8
Liggett & M yera Tobacco 75_1944 A 0 12118 Sale 1207
195
97% 148
Sierra & San Fran Power 58_1949 F A 95 Sale 9334
122 122
Jan'26
122
A 0
Registered
176
-year 7s_1937 M S
18 19052 10212 Sinclair Cons 01115
10294
1951 F A jai% Sale 102
as
13 4 3
10 4
7
9931
00 1999
0
18%
0
121 1097!
198:
1st In col tr C with warr 1927 J D 1913% 8a e 1941%
Oct'25
98
F A
Registered
9018
87
9012 178
19382 D 90 Sale 8914
lat lien 6548 Ser B
13 1 1511 1194
8 118
1944 A 0 118 Sale 1173
Lorillard Co(P)78
4
144 10014 101
101
Sinclair Crude 011 3-yr 65 A_1928 F A 1003 Sale 10034
11534 Oct'25
A 0
_
Registered
_ 1003
4 101
11
2
3-yr 6% notis B Feb 15_1926 F A
10012 18 "Eiji 100i18
1951 F A 1173 Sale 100
58
91
431
1942 A 0 91 Sale 90
Sinclair Pipe Line 5a
9614 Oct'25
F A
Registered
1303
1927 A 0 12882 Sale 128
1 4 81
2
977 99
Skelly OS 6q% notes
61
99
98E8 Sale I 9813
Louisville Gas & Electric 58-1952 M N
L
0
39A
32°8:
10212 16 10 114 10 .
Smith (A 0) Corp let 630_1933 M N 10218 10212 102
4
_
1930 .1 J 9412 943 8912 Dec'25
Louise Sty let con 58
10812 18
South Porto Rico Sugar 7s_ _1941 J D 1075s 108 10794
Lower Austrian Hydro-Elec CoBell Tel & Tel lat a f 581941 J J 10212 Sale 10218 1024 20 101% 10218
4
8712 873 South
9
4
873
1944 F A 874 sale I 8713
Ista18348
7
4
172 100 102
97 99
S'west Bell Tel 1st & ref 58-1954 F A 101% Sale 10112 102
35 109 102
102
1942 A 0 102 Sale ,10038
99
16
Menet'Sugar 7348
8914 644 Southern Colo Power 6a_ _ _.1947 J J 98% Sale 98
6414 412
1948 m N 98 -_-- 997 Dee'25 _
Manhat Ry(NY)conga 45_1990 A 0 64 sale I 6112
5a
57% Spring Val Water g
53
8 18
573
2013J D 57 Sale I 5412
8
2d48
9918 103 s 10312 Jan'26
_ '10014 101
1930 M N
Standard Milling 1st 58
20 102 103
1942 M N 10212 103 110212 103
10812 31 10774 109
Manila Electric Is
8
8912 913 Steel &'rube gen f 7s Ser C 19512 J 108 Sale 138
2
91
9038
98 Sale 9314
8918 98
98
23
Manila Elee Ry & Lt f 58_1953 M S 9038 92
Sugar Estates (Oriente) 7s 1942
98 99
18
4 Sale 9812
99
95 98
3
Market St Ry 75 Series A_._1940 Q J 983
1929 FA-I 96 Sale 95
Superior Oil 1st a f 7s
39 104 106
4
033
0133
10 4 Jan'26
Mete Ed 1st & ref g 68 Ser B-1952 F A 1054 Sale 110512 108
10014 10014
Lighting let g 58_ _1951 J D 103
Syracuse
4
961 98
10
98
1953 1 J 974 9812' 9712
7
18600554318282
2 10318 108 5
1st & ref 58 Series e
Tenn Coal Iron & RIt gen 5s_195I J J
8 10212 104
104
1953 J D 104 Sale 110378
1
8
129 1027 10411
Metropolitan Power (Is
D 10414 Sale 102384
7112 79 Tennessee Elec Power let 61_1947 J J 64: e 652744
Jan'26 _ _
3
73 41 73
1 sale
372
64 Sai
Met West Side El (Chic) 48_1938 F A 73
1960.8
8
10312 139 lova 10311 Third Ave let ref 45 N Y_a1960 A 0
1940 M S 1034 Sale 1017
57
65' 651
411: 6:
2860
Mid-Cont Pete 1st664s
Atli Inc 58 tax-ex
/2 2
1 3 9514
9514 234
954 Jan'26 _
7
93 8 9512
Midvale Steel &0cony 8158 1936 M S 9514 Sale 9412
944 96
1937
994 99% Third Ave Ry late Is
_
9978 Jan'26
_
/ 10912 62
Milw Elec Ity & Lt cense 58_1926 F A
109 Sale 1087
1941 M S
99
Toledo Edison let 75
98
20
9812 Sale 9812
99
Refunding & eaten 068_1931 J
984 983 9814
4
98% 33
912 Toledo Tr L & P 534% notes 1930 J .1 1004
98% 9
5
8
9912
1951 J D 9914 997 9914
120984 192017
% 00 8
00
General 58 A
_ 10018 Jan'26
1949 M
9012 9312 Trenton GA El let g 52
9312 91
19012 D 93 Sale 9238
58 13
_
97 Sept'25
let
1940 F A
4
Trumbull Steel deb 68
4
8 104
S 1033 Sale 1033
231 1003 104
If 62
1st & ref g 68 Scrim C_ _1953 M
7
;
8 Twenty-third St Ry ref 5s_.1962.9 J ---- 4 62 Jan'26
99 993
N
9918 9914 9914
8
4
993
s
Milwaukee Gas Lt let 48_ _1927
94 951
95
7
.1 3 9414 ____ 94
994 101
Underged of London 4348_ _1933
43
Montana Power let 55 A__ _1943 J J 101 Sale 10012 101
Oct'25
1948.9 J 924 ___ 92
4
963 97%
Income 68
9794 29
07
-4
Montreal Tram let de ref 58A941 J J 9738 9712 9718
.
.
103 22
jjaana5
1st 3388.1942 M N 105 10514 1051l)641662 32 1 .;
84% 88
Union Bag & Paper
88 I 24
1939 J J 88 Sale 8714
Morris & Co Ist s f 434s
1 lop% 10112
10134 __ _ 10112 10112
Union Elec IA & Pr let g 58_1932 M
___ 7718 Nov'25
7
Mortgage-Bond Co 44 Ser 2_1966 A 0 80
4 24 1004 100 s
4
1933 M N 1003 Sale 10012 1003
9014 91 2
.
Ref & ext 58
1932 J J 9712 Sale 9612
9712 16 - . - 110,25-year 94 Series 3_
10214 19 10012 10213
J 10194 Sale ,101$8
19542
8
84 . 1;17
1st g 534s Series A
44
927
1934 J D 9178 Sale 9114
774 78
Murray Body lat 63411
5
7712
7712 784, 7712
Union Elev Ry (Chic) 58_ _ _1945 A 0 100 4
4
MN
983 99
99
1
99
10012 10113
Mu Fuel Gas 1st gu g 53_1947
3
_ _ 10112 Jan'26
10184 10214 Union 011 let lien S t 5s_ _1931 .1 J
10218
10214 Jan'26 _ _
10418 10494
Mut Un gtd bonds ext 4c7;._1941 M
May 1942 F A 10412 ____•10412 Jan'26
5818 62%
30-yr 6s Ser A
62% 1
42
954 97
97
Nassau Elec guar gold 98_1951 i J 6114 Sale 5934
96% Sale I 96%
1935 F A
103
ilen s f 5s Ser C
1st
Jan'26
_ 103
101 Aug'25
Nat Enam & Starnpg let 58.10292 13 101 105 103
..1930 F A
9811 10014 Union Tank Car equip 73_
1931 2 13 99% Sale 998
10014 26
19512 35 1031, 105 *
3
National Acme 7345
994 10012 United Drug 20-yr 6s_Oct 15 1994 A 0 105 Sale 105
-year deb 58._1930 J J 10018 __ 1004 Jan'26 _ _
10314 45 10112 10314
Nat Starch 20
J 103 Sale .102
4
1952 IN N 10234
1023
4
2 i0i84 1023 United Fuel Gas 1st s f Os__ _1936 J
- 1028
National Tube 1st 58
3
2
99 4 100
2
1948 J D 10038 10113 10094 Jan'26 _ _ _ 1883 loos United Rye Inv 55 Pitts issue 1926 M N 99% 199 _ 1 109% Jan'26
Newark Consul Gas 58
8
0
9
997 100
Stamped
D 10214 103
10214 103
43 1004 1.9
7418 78
7714 12
New England Tel & Tel 55 1952 J
77 Sale 77
8
8
_ 1023 1023 United Rye St List g 4s_ _1934 J .1 94% 95
Air Brake 1st cony 613-1923 M N 10012 102% 10294 Jan'26
9418 904
94% 10
94%
N Y
1937 M N
4
903 93
United SS Co I5-yr 8s
923
1st 58 A _ _1952 A 0 9212 Sale 9294
4 27
30
New On Pub Semi
A 0 104 Sale 1034
1955 J D 9214 Sale 92
9214 35
904 9212 United Stores Realty 20-yr 68 '42 .1 J 94 Sale 93%
94t4 353 103 194 8
7
9154 °4
let & ref 58 aer B
8212 831 83
8112 834 I? 8 Rubber lat & ref 58 Ser A1947
8314 27
-Year 1st g 411. _1951 F
4
N Y Dock 50
10814 67 10834 1081
1930 F A 10814 Sale 10794
116%
764% see notes
A_ 1991 A 0 11512 Sale 11513 116
10-yr
39 11514
1106Is
NY Edison Ist & ref 6348
M cony 68_1926 F A
1949 A 0 103 See 1027
10314 126 102 10314 US Smelt Ref &
let lien & ref 5813
5
61
09 8
227
!: 9 7
106 .8iE1- 10 5
3 104 105
U S Steel Corp 1coupon...d19133 MN
I.t & Pow g 55_1943 J D 104% Sale 104% 105
14
N Y Gas El
5
9957
13 1 17*
90% Sae 9014
1949 F A
8918 90%
903
8 24
1 10-60-3T Salregistered 41963 MN
Purchase money g 48
4
3818 891
4
8914 17
1021 10012 Apr'25
53-68 1942 MN
Utah Lt & Trac 1st & ref 5s_ _1944 A 0 883 Sale 8812
95 97
N Y L E& West C &RR
37
1
- 4
101111Y 10 3- Utah Power & Lt 1st 5s.. _1944 F A 96 Sale 96
g 53_ __ _1930 Y A 10212 1031 10314
10314
3
NY Q El L & P 1st
1013 Jan'26
4
J J 10114 _
5338 Utica Elec LA P Ist 58_ _1950
9, 52
53%
& ref 45. _ _1992 J J 53% Sale 52
8
8
®184 1311184
N Y Rya 1st It Edeposit
1
_
55
55 Sale 5312
55 , 471 46
Utica Gas & Elec ref & ext 58 1957.9 .1 10114 101 1014 10112 31 100
Certificates of
5314
534
a 5314 5314
63
1953 J .1 54
9 Sale
6
251
Victor Fuel 18t at 58
9
4 9
5
-year ad) Inc 58_ _Jan 1992 A 0
30
4
2 10614 1077
10714 108 1064 10794
19472 D
9 Sale
312 9
661
Ve-Caro Chem let 78
9
4
53
Certificates of deposit
2
_ 104 Dee'25
33
Certificates of deposit
33 Sale 27
22
33 2134
NY Rye Corp the 6a_ _ _Jon 1965 __
1023 Oct'25
4
stmpd,___
Certificates of deposit
1951 M N 10214 1033 10214
1 101 10212
10214
Y & Rich Gas 1st 68
N
4
Sale
56% 593
Stpd as to payt 40% of prin
4 42
593
N Y State Rye 1st cons 4345_19621M N 5912 Sale 58
93 10558 108
• 10812 __ 1061
4 108
1947 _
8078
1962 M
4
784 83%
1st 78
80%
80%
let con 634s series 13
5
135 105 109 4
1067e Sale 1067
4 108
5 10214 10212
Ctf of deposit
10212
NY Steam 1st 25-yr 6s Ser A 1947 M N 10212 1023 10238
1087 1084
8
8
_ 1067 1071 10718 Jan'26
98
97
Ctf of deposit stpd......
98 • 33
1st & gen s f 430.1939 MN 98 Sale 973
N Y Telep
34 107 11012
1097
war_1937 J D 110 Sale 10712 1101
3
F A
11094 55 10978 110 4
734s with & without
30-year deben s f 6s_ ...Feb 1949 A 0 110% Sale 108
1137 233 103% 11378
108 Sale
10894 45 10711 108%
Certifs of dep without warn..... 1134 Sale 107
20-year refunding gold 65_1941
107 107
107
Jan'26
102
6 101 102
Certifs of dep with warrants_
Niagara Fall Power 1st (38-1932 J J 10012 102 10178
9114 9112
9114 Jan'26 21
10612
7 105 10612 Va Iron Coal & Coke let g 55 1949 M S 91'4 --Jan 1932A 0 105 10614 106
Ref & gen 6s
7
97 6 99
983 141
_ 9914
19433 1 9894 Sale 9894
99 1003 Va Ry Pow Ist & ref 58
10094 95
s
& 0 pr lat 5a A _ _1955 A 0 100
Nine Lock
9018 98
98
86
9812
ref 7e.1942 J D 98 Sale 9213
104011 S 99 Sale
9814 100
9914 49
Vertlentext Sugar let
No Amer Cement deb 6 Ylta A 1952 M 8 103% Sale 103
95 100
99
8 100
10394 43 10114 104
Warner Sugar Refin let 78_1941 J D 100 Sale 967
Amer Edison 65
Nor
811s 807
88% 89
871* Sale 8412
10594 24 10378 106
10512 Sale 105
Warner Sugar Corp let 78_ 1939
Secured f g 6 Ms See B.. _1948 131
12 10118 102
8
941 94
95 I 25
1939 J J 1011 1021 10194 102
9234 954 Wash Wat Power 5 f
S 94
1947
Nor Ohio Tree & Light 6s _1941 A 0 99 Salo 9818
1 10218 1034
1021
99 I 43
5a_4
973 99
Westches Ltg g 5s stmpd ittd 1950 J D 10218 __ 13218
Pow 25-yr 58 A_
Nor Stetes
7 100 101
101
9314 Jan'26
_
1944 M N 101 Sale 1005
'A 0
West Ky Coal 1st 73
Registered
7
99 8 101
15
101
3
100 4 Sale 10034
1
;
14 Ii05171 161 West Penn Power Ser A 56_1946 M
1057
A 0 ioais fi;ie" 1
15t & ref 25-yr 65 Ser B-1941 J J 96s4 971 0594 Jan'26
40 10518 10134
1061
1064 Sale 10514
9612 9612
1946 M
9812
let 78 Series D
g 43411 gtd.1934
North W T lat fd
7
99 4 101
37
1e
4
3 101 1005* 101
100
12 11218 113
1127
1963M
7345 A__1946 A 0 11218 213 11218
1st ta Series E
Ohio Public Service 13
4
-- 987 Sept'2
11112
1947 F A 110% Ill 1 1094
7 110% 11112
7emporary 58 Series E...19133 M
,
lat & ref 7 1 serieslet 611.. _1948 J J 10212 Sale 10212 104
fir
4
3
105 8
1064 &tie 10514
16 102 104
1953 A
F
let 5348 Series
8612
Ohio River Edison
81
34
861
8612 Sale 8212
9634 9714 West Va C & C 1st 68
*
965
4
9714
19503
1944 F A 96% 97
68
7
Old Ben Coal 1st F 1st 58_ _1943 F A 10012 Sale 10012 101 ie 5
4 35 100% 100 s
1944 A 0 10012 Sale 10018 1003
9994 101
Western Electric deb 5s
Ontario Power N
8 102 108
995 Western Union coll tr cur 55.1938.8
3
9938
10211 Sale 10212 103
993
991*
55.-1945 MI N 994 99%
1
1
96 4 97 8
Ontario Transmifialon
2
961
10818 37 10516 10818
1941 F A 10712 108 10794
Fund & real estate g 4345_1950 MN 984 Sale 9612
s
Otis Steel 81
112% 11 111 1127
4
1936 F A 11213 Sale 112
I5-year 634a g
7Y4it Ser B_ _1947,F A 103 Sale 10294 10314 18 1003 1034
10512 106
54 1054 10614
lat 25-yr f g
99
974 99
99
58_1942 .1 J 984 Sale 9814
Westinghouse E & M 78_1931 M N 10578 Sale
6812 7013
Pacific G & El gen & ref
3
681
6812
8 38
9918 10018 Wickwire Seen Steel 1st 75_1935 J J 6714 70
997
4
lat&ref 20-yr 58'30 F A 993 Sale 9994
Pac Pow & Lt
7516 Oct'25
10212 15 10114 1024
. 90
_
1937 2J 10214 Sale 10218
Certificates of deposit
Pacific Tel & Tel let 55
72% 7012 Jan'26
8 52
9878 101
1007
4
1952 M N 1003 Sale 10018
Certificates of deposit stamped M N
A
63% 684
32
Ref M fts series1st 10-yr 75 1930 F A 10612 Sale 106
66
10812 28 106 106k Wickwire Sp Steel Co 78 Jan 1935 MN 64 Sale 64
4 15 10214 102%
1023
Pan-Amer P & T
4
8
10212 1023 1025
1934 M N 10834 Sale 10712 1087 339 10694 1123 Willys-Overland Sf 6345_ .1933 M
98% 100%
8 72
1007
Cony f 68
8512 884 Wilson & Co let 25-yr 5 f 68_1941 A 0 10012 Sale 100
8612 10
3
leasehold 634s._1953 J .1 8512 81 % 8512
Park-Lex at
93 Feb'25
Registered
El cons 55 1949 M S 1001s-- 10094 Jan'26 ---- 100 10094
71 69
Jan'26
Patlaz Passaic G &eons g 611.. _1943 A 0 11018 115 111
7012 69
2 111 111
111
113282 D 68
10
-year cony e f 6s
72
9 fa
70
Poop Gas & C 1st
14
70 Sale 70
984 100
Certificates of deposit__________
1947 M S 9938 Sale 9994 100
894
2 6812 7212
Refunding gold 58 65 A.1944 F A 105 Sale 104
30 1034 105
6912 6812
105
68
10-yr cony f 734s
72
2
68
6911
Philadelphia Co coil tr
695* 6912
68
10014 51
8
Ws 10014
100 Sale 993
Certificates of deposit
deb 5 Na _ _1938 M
10214 14 101% 10214
-year cony
4
99% 10194 Winchester Arms 734s
1
' 15
1941 A 0 102 Sale 1913
& I ref 59_1973 J J 101 Sale 10012 10194 34
Phila & Reading C Car deb 861943 M 8 10718 Sale 1074
1073
4 26 10718 10814 Younion Sheet & T 20-Yr 58_1943
.1 10218 Sale 1014 102% •168 10114 10278
Pierce-Arrow Mot Tiec 15_1931 J D 18612 106 4 10614
8 13 1034 10778
1065
,
Pierre 011 9 f as
April. 2/ Due Dec. a Option sale.
130118 Jan. d Due
732
BOSTON STOCK EXCHANGE-Stock Record
HIGH A.PP) I OW SALE PRICES
-PER Sq IRE. NOT PER CENT.
Saturday.
Jan. 30.
.1‘onday.
Feb. 1.
Tuesday,
Feb. 2.
Wednesday, Thursday,
Feb. 3.
Feb.4.
Friday,
Feb. 5.
Sales
for
the
Week.
BONDS
See Next Page
STOCKS
BOSTON STOCK
EXCHANGE
Range Sines Jan. 1 1926.
Lowest
Highest
PER SHARE
Range for Pretdosu
Year 1925.
Lowest
Highest
Railroads
•I64
•164
1
166 166
16612 1664 •I86
35 Boston &Albany
100 1 159 Jan 9 186; Feb 3 156 Feb 164; Jan
7912 7912 7912 80
79
7912 79
7912 7912 7912 79
793
534 Boston Elevated
100 78 Jan 26 8214 Jan 11
75; Mar 86
____ 96
*96
Jan
96 '96
96
96
"96
98
18 Do pref
100 98 Jan 21 100 Jan 5
•1154
Jan 10414 Dec
92
*11513
'11512
116 116 *11512
5 Do 1st pref
100 11518 Jan 18 122 Jan 7 109 Mar 130 Dec
•10/12
_ 105 105
104 105
10412 10112 104 104
10413 164 2
261
Do 2d preferred
-1100 9812 Jan 9 112 Jan 2
94 Mar 116 Dec
4414 4
4412 4458 444 45
44 4412 45
45
45
45
883 Boston & Maine
45
100 42 Jan 29 4814 Jan 7
10 Apr 4912 Dee
*4313
*4413 45
*44; 4512 '4453 4512 545
4512
Do prof
100 40 Jan 28 4712 Jan 6
1112 Apr 46 Dos
7
62 8 63
6314 64
65
65
6512 6512 66
65
65 - 1.285 Do series A 1st pref..100 5912 Jan 2 86 Feb 4
6S- _ 17 Apr 65 Dec
8718 88
87
87
88
88
89
90
89
89
90
91
361 Do series B lot pref._ _100 85 Jan 29 91 Feb 5
29 Apr 8712 Dee
7518 754 75
75
7712 7712 7712 80 •77
82
390 Do series C 1st pref_ _100 75 Jan 4 80 Feb 3
25 Apr 791: Dec
110 110
110 112 '112 11412 •112 11412 112 112
167 Do series D 1st pref
100 105 Jan 29 11712 Jan 7
3513 Apr 116 Dec
97
97
97
97
98
96
9712 98
97
98
331
97
08
Prior preferred
. 95 Jan 20 9812 Jan 4
96 Dec 99 Nov
_
182
"180 182 +180 182 •180 182
15 Boston & Providence
100 179 Jan 8 182 Jan 29 167 Feb 180 May
*180-- - 5812 - - 5712 594 59
6212
61
g12
60
5912 5913
2,540 East Mass Street fly Co 100 55 Jan 21 61 Jan 6
26 Sept 82; Nov
•305
68 •x__
70
▪
67
65
6512 65 -di 85 Do 1st pref
60
100 x65 Jan 29 71 Jan 2
60 July 73 Deo
64
64
63 "x83
63
64 • 63
68 "z63
68
480 Do pref 11
100 63 Feb 1 69 Jan 13
51 Aug 70 Dee
48
4812 •____ 4812 *45
49 p 48
4712 46
48
575 Do adjustment
100 44 Jan 20 494 Jan 29
35 Sept 50 Dec
" 54
543
4 543 55
4
543 55
4
5612 60
60 60
1,395 Maine Central
60
100 51 Jan 13 60 Feb 3
23 May 56 Dec
*42
4212 4138 413 "4214 423
4212 *42
4
4 4218 424 4318 4318
985 N St N II & Hartford
100 407 Jan 20 4514 Jan 4
8
28 Mar 46; Dec
*8612 88
"8612 88
*86
88 '86
88
86
8612
48 Northern New Hampshire_100 851 Jan 12 88 Jan 6
:
70 Feb 90 Dec
•123
*12213
"12213
12212 12212 '123
10 Norwich St Worcester pref_100 121 Jan 7 123 Jan 28 100
Jan 125
*118
Oct
120 120
118 118
11612 118
117 117
110 Old Colony
100 111 Jan 6 120 Jan 29
96
Jan 113
*lova
*102
Oct
•103
103 103
103 10314
51 Vermont & alassachusetts_100 100 Jan 6 10314 Feb 4
87 Feb 101 Dec
Miscellaneous
45
8 45
8
45
8 45
4 43,
8
43
458 45
8 43
8 *45
4
220 Amer Pneumatic Service...25
414 Jan 15
5 Jan I
212 Mar
5 Dec
2312 2312 2312 2312 2312 2312 2332 2312 2312 2312
115 Do pref
50 224 Jan
1612 Mar 2412 Dec
14353 144
144 14412 14412 145
145 14514 145 1453 145 1465- 2,359 Amer Telephone & Teleg 100 14233 Jan 21 24 Jan 29
s
..8
4 1455 Feb 5 1303 Jan 145 Dec
8
8
6512 6512 65
6512 6512 6712 66
6634 66
6612
729 Amoskeag Mfg
No par 64 Jan 28 71 Jan 2
6113 May 87 Aug
•x7312
7458 744 743 743
*27412 ---- '744
4
64 Do pref
4
No par 7312 Jan 27 764 Jan 20
704 May 883 Aug
4
•
x223 -- - •x223 2314 21
4 2314
'2012 2112 *21
4
21
22
50 Art Metal Construe, Inc__ 10 20 Jan 16 2112 .44;123
14
16 Aug
Jan
6113 6112 *6113 6212 "6112 63 '
'6113 62
1
6112 62
50 Atlas Plywood t c
60 Jan 21 83 Jan 19
4613 Aug 6712 Dec
17
17
17
1718 '1634 17 4 •1614 1634 •161z 167
8
,
210 Atlas Tack Corp
No par 1612 Jan 8 174 Jan 2
913 Aug 21 Dec
. 4 194 183 183
183
4
4 1858 183
4 1838 1812 1814 1812
1,338 Beacon 011 Co corn T C
1814 Sin 19 2012 Jan
•z96
97 •x9e
9412 9458
96
96
9612 96
96
275 Bigelow-Hartf Carpet_No par 9412 Feb 4 9812 Jan 14
10512 10512 "210513
+210512 - - 107 107 '105
18 Boston Cons Gas pref 6)4%100 10512 Jan 25 108 Jan 2' 973 Nd;
---12
Jan 10814 Aug
*6712 68
673 6812 67
4
6714 66
66
67
-6i- ---825 Dominion Stores. Ltd__No par 65 Jan 8 6813 Feb 1 103
2814 Jan 74
Oct
•110
'110
'108
•112
_ "103
Do pref A
100 104 Jan 5 112 Jan 25
99 June 100 Dec
*3
4
4
*3
*3
•3
*3
4
4
4
East Boston Land
10.
3 Jan 15
312 Jan 21
113 Apr
*44 5
63 Sept
*434 5
8
*414 5
*414 5
*414 5
Eastern Manufacturing__ 5
'414 5
4 Jan 12
4,2 Jan 19
3 July
634 Jan
843 8514 843 85
4
3
4
85 4 8512 86
85
86
8612 8512 8612 2,727 Eastern SS Lines, Inc
25 82 Jan 8 8812 Jan 22
42 Mar 894 Des
4318 4312 *44
4412 44
*44
44
4112 "44
4412
45 Do pref
No par . 4318 Feb 20 45 Jan 6
35
Jan 4614 Oct
9912 98N 9812 99
•97
99 .97
99
99
9912
30 1st pref
1001 9812 Jan 12 9912 Jan 9
89
Jan 100 July
*21
213
8 2153 2158 2112 2112 2118 2118
4 21N 215
I 2018 Jan 2 22 Jan 5
111 Economy Grocery Stores
13 Aug 2312 Sept
20913 210
2094 210
2095 210
20912 210
8
20912 21012 21012 212
2,538 Edison Electric Mum100 x207 Jan 15 212 Feb 51
100
200
Jan 213 May
412 •212 412 "213 413 '212 412 •212 412
'213
Elder Mfg Co (v t c)
10
8
23 Jan 11
213 Jan 8'
2 Dee
534 Oct
2213 2212 "22
23
24 .22
23
*22
•22
23
50 Galveston-Houston Elec 100 22 Jan 7 2212 Jan ili
---17
Oct 38
Jan
1412 14 2 144 1414 1412 1412 14
1412 1418 1412 ---,
560 General Pub Ser Corp corn__
12 Jan 20 17 Jan 22,
Georgia fly & Elea 5% prof 100
_1
.._1
8114
-3§i4 W3
- 3834 383 •23812 383
4
4
4 384 383
4 3814 383
3914 1,095 Gilchrist Co
4 3013
No par 38 Jan 21 4053 Jan 12
323 Aug 43 July
4
10912 11034 x109 10912 10838 109
109 10912 10912 11014 110 2 113
4,540 Gitlette Safety Razor_No par 10713 Jan 13 113 Jan 4
5713 Jan 11512 Dec
12
12
12
12
12
12
12
12
12
12
12
140 Greenfield Tap & Die
12
25 1013 Jan 12 1214 Jan 14
11 May
1512 June
65 '6412 65
65
6412 66
6112 6413 6414 65
280 Hood Rubber
6414 65
No par 6114 Feb 4 683 Jan 4
4
52 May
72
Oct
•
71
*6912 70
72
*6912 7012 '6912 7013 •68
69
tnternat Cement Corp_No par 6612 Jan 7 67 Jan 4
5212 Jan
Oct
•.10 .50 •.10 .50 +.10 .50 •.10 .50 •.10 .50
International Products_No par .10 Jan 2 .10 Jan 2 .05 Dec 80
---2
Jan
3
..30
•.30 1
".30 .75 •.30
1
1
•
.30 .75 ---Do pref
100 .55 Jan 5 .55 Jan 5 .10 Dec
1013 Jan
Kidder, Peabody Acceptance 1
1
1
*9514 9514 9514 9514 9514 9514 9514 9514 .9514 9514
84 Corp Class A pref
100 9414 Jan 5 954 Jan 9
82,1:
6
9512 Nov
932
n
812 9
9
94
3
94 94
914 9
4 *934 93 -U4 -- 4
61612 Libby, McNeill & Libby
4
10
814 Jan 4
9 4 Feb 11
3
Apr
•
1212 "x12
z12
1218 12
1218 12
12
35 Loew's Theatres
113 113
4
25 11; Jan 12 1218 Jan 18
--1114 Aug 137 Jan
8
8412 843 8412 8412 8412 8312 8412 84
84
8
81 4-8312 ---571 Massachusetts Gas Cos..100 28312 Jan 5 8513 Jan 71 68
8312
Feb 85 Dec
6812 6812 6812 6812 6312 6312 6812 68N 68
*6813 69
6812
531
Do pref
100 85 Jan 6 6812 Jan 21
6313 Jan 70
Oct
218 218 •215 216 "215 218 "215 216
217 217
215 217
80 Mergenthaler Linotype
100 19312 Jan 6 218 Jan 26 167
Jan 197
Oct
*8
•8
9
10
'8
93
4 •8
93
4
360 Mexican Investment. Inc_ 10
912 9 8
7
812 Jan 29 104 Jan 7;
9
9
714 Sept
163 Jan
4
Mississippi River Power_100 85 Jan 8 85 Jan 6
36
Jan 124
Oct
;58-6512 911;
-ii" 91- ;68" .43 Do stamped pref
91f- ---- ---____
100 95 Jan 2 98 Jan 4
8713 Jan, 964 Nov
414 414 414 438 414 438 418 138 438 433 ------442 National Leather
10
34 Jan 4
41 Jan 5
:
Dec'
2214 22 2214 22
22
23
2314 233
4 2312 24
2334 24
3,802 Nelson (Herman) Corp____ 5 1512 Jan 9 24 Feb 41
3381153
17 Deo
6
'4 jan
•.25 .50 ..25 .50
.30 .30 •.20 .30 ".30 .50 --------1.000 New Eng 011 Ref Co tr ctfs__
20 Jan 2 .40 Jan 14 .10 Dec
2 June
*8
*8
12
*7
12
'7
10
'8
10
1012 ____ ____
_____
Do pref (tr ctfs)
100 1012 Jan 6 1012 Jan 6/
53 Apr 12 Sept
4
9812 100 '98
99
99
99
*98
9912 •98
9912 --------108 New England Pub Serv prior pf 98 Jan 4 100 Jan 6
_
5
+4
*4
8
*4
"4
5
8
"4
New Eng South Mills_No par
8
414 Jan 26
44 Jan 26
Dec 11
•2512 27
27 '25
"25
•25
27
25
27
25
10 Do pref
100 25 Jan 16 28 Jan 29, 20 Dec 55
Jan
116 1164 116 1163 116 11638 1 353 116l2 116 11614 ii&i.3 116
8
4
1,539 New Engl'd Tele/. dt Teleg_100 115 Jan 11 118 Jan 4
-- -99
Apr 1221/ Nov
•x29
31 "x29
31 "x29
3012 '29
"2913 31______ Orpheum Circtilt, Inc
30
1 293 Jan 9 30 Jan 14
4
2113 Oct 323 July
4
44
4512 43
4312 46
45
4612 46
46
47
3,014 Pacific Mills
-:1S3- 4 41
100 42 Jan 26 55 Jan 2
50 Dec 8112 Jan
•
254
64 •254
64 •x54
___
"54
64
54
52
100 Plant (Thos 0), 1st pref
100 53 Jan 29 6814 Jan 12
32 Aug 75
Oct
•1513 16
'1538 16
1513 16
64-1513 1512
1513 1512 16
16
325 Reece Button Hole
-10 1512 Jan 2 17 Jan 12
1514 Aug
18
Apr
•112 13
4 *112 15
13440Reece Folding Machine
•112 134
8
112 112 '153
112 Jan 19
10
112 Jan 19
14 Nov
23 Jan
4
11413 115
11412 115
11412 115
11413 115
1143 115
1,118 Swift & Co
4
iI:13.-- 4 110
100 11212 Jan 2 116 Jan 11 10914 Apr 120 Feb
68 .66
68
68 '67
•67
68
68 .67
6812 --------15 Torrington Co
25 6714 Jan 2 70 Jan 4
4513 Apr 7312 Dee
*9
912
918 94
210 Union Twist Drill
934 914 *9 ---5
4
7 Jan 5 1012 Jan 9
94 9,
2
3
Oct
712 Jan
487 49
8
4812 49
4812 4878 4878 49
4834 49
2,355 United Shoe Mach Corp- 25 48 Jan 5 4918 Jan 14
-.ail -is40; July 60 Nov
28
28
28
281 *28
,
456 Do pref
2818 2812 2812 2814 2814 28
25 28 Jan 2 2812 Jan 25
2814
2612 Jan 29
Oct
17 8 18
7
177 18
8
184 1838 187
18
8 183 19
4
1812 1918 7.701 WatdortSys,Inc, newshNo par 17 Jan 6 1918 Feb 5
141: Aug
19; Jan
32 3212 3213 3212 •32
3212 "32
1,060 Walth Watch ci B com.No par 29 Jan 18 40 Feb 5
3212 3212 3212 33
40
5 Jan 34 Dec
55
55
57 '5412 55 "5413 55
55
223 Do pref trust ctfs
55
55
55
100 52 Jan 23 57 Feb 1
56
1714 Jan 57 Dec
•103 106
103 103 "102 105 "102 105 .10412 107
23 Do prior pref
106 106
100 102 Jan 29 108 Jan 4
65
Jan 105 Dec
2214 223
22
3 22
22
22
444 Walworth Company
22
3 22
2112 22
22
223
20 21 Jan 21 23 Jan 27
1634 June 27; July
4614 4614 4614 46
*48
46
2.221 Warren Bros
463
494 48
4 48
46
49
50 45 Jan 21 49 Feb 5
37
Jan 5012 July
43
*41
*41
*40
43
42
42
*40
50 Do 1st pref
50 41 Jan 111 42 Feb 4
42
___. ..--42
375 Jan 4312 July
8
*45
47 '45
48 '45
Do 2d pref
48 '45
47
545
48
__
50 46 Jan 2 46 Jan 2
4013 Jan 48 Dec
•1614 17
*164 163 *1614 17 •21614 163 *21614 163 -16- - 4
4
16
150 Will & Baumer Candle com_
4
16 Feb 51 :27 FFeen 22
10013 Jabb 1
11 Mar, 2178 Dec
Mining
•.08 .25
.20 .20 •.08 .25 •.10 ____ *.08 .25 •.10 .25
50 Adventure Consolidated
25 :2100 Feb
2
5
Feb211
.05 Dec! .25
Jan
•.10 .25 •.10 .25
.10 .10 •.10 .2".10 .25 ".10 .25
50 Algomah Mining
.10
Jan
•.50 .70
.55 .65 ..55 .70 ..55 .7
".55 .57 •.55 .70
300 Arcadian Consolidated
5 11 t
2 .45 2ri 220 .9234 711 4 .50 Mar' .25
7 1
0. . 2
Dec
3 Jan
1112 1158 114 12
113 1134 1112 1218
1,755 Arizona Commercial
4
12
12
113 12
4
Jan
912 Mar, 15; Feb
53 53
51
52
5212 6314 53
52
*5212 5312
52
690 Bingham Mines
53
10 51 Jan 18 553 Jan 4
4
2814 July 6014 Oct
145 15
8
147 15
8
1412 143
3.602 Calumet do Hada
4 1438 15
143 1518 1434 15
4
25 137 Jan 4 1512 Jan 7
8
123 June 18; Jan
8
•.40 .50 •.40 .50 ..40 .50
100 Carson 16111 Gold
.45 .45 • 45
55 •.45 .50
1 .35 Jan 18 .50 Jan 2
.20 May .90 Aug
1813 1818 1812 18
18
1834 1818 19
1914 1,943 Copper Range Co
183 194 19
4
:Ln 24 26034 Jan 3
Ja 117
,
1
18 Dec 33
*312 4
Jan
312 3 4 "312 3 4
3
650 East Butte Copper Mining_ 210
3
312 4
,
,
*312 33
4
32 32
3 June
614 Jan
•a.80
114
.80 .80 '.80
•.80
1
90 Franklin
114 • 80
.75 .75
114
.50 Jan
' 2
T
0 .04
4
Jan'
02 Jan
112 •.80
•.80
112 •80
Hancock Consolidated_
112 ".80
114 • 80
114 •.80
25
5
113
.50 Juno
134 Feb
•
1914 20
1914 1914
335 Hardy Coal Co
19
19
1918
19
19
1914 19
19
1 19 tn 2011
118 2 22
2 22.11
Jan
1512 July 23
•1
133 *1
14 ".80
112 "1
Helvetia
Jan
1
112
112 •1
25
132
1'
1
Dec
312 Feb
*153 154
154 15612 156 156
156 156
156 156
158 16213
768 Island Creek Coal
1 150 Jan 15 6214 Feb -4
2112
r 121 Mar 165 Dec
•102 103 '10112 102 *10113 102 "10112 102
10112 10113 .10112 102
10 Do pref
1 9913 Jan 4 10212 Jan 26
9414 May 10012 Dec
*1112 1212 1158 1158 "1113 1214
12
121 1
12
1214
393 Isle Royale Copper
12 2 12
25 11 Jan 21 123 Jan
4
6
1
9 A ie
•.130 .75 *AO .75
.55 .55 ".60 .75 5.55 .75 *75 .77
65 Keweenaw Copper
25 .50 Jan 2 .60 Jan 11 .504 jmpr 201 Jan
.50
June
114 "1
•1
14 .1
+1
IN
14
114
13
8
1 18 •114
65 Lake Copper Co
25
I Jan 14
14 Jan 4
Jan
3
1
Apr
I
•1114 13
8
14 1 18 "14 113
114
14
112 *114
112
200 La Salle Copper
25
I Feb 1
112 Jan 2,
34 Jan
1 Dec
'17
2
212
.2
•2
8 21,2
2
•1114 2
2
2
180 Mason Valley Mine
2
5
13
4tJan 26
2 Jan 41 .95 Sept
234 Jan
'
Mass Consolidated
0.50 .75 ".50 .75 *.50 .75 ..45 .75 '.45 .50 *A5 .75
25 .50 Jan 2
112
113 *tips
112 113
112 .0114
138
112
180 Mayflower-Old Colony
8 112 *alas
*a13
25
:5 0 ivi ay
4
0 Nov
3 jn
114 Ja
3318 3312 3412 3412 35
3312 3378 33
34
344
596 Mohawk
3312 34
25 111 laa
1 an
7 rtn
Jan
2512 June 41
203
2014 '20
8 2014 2014 20
2014 204 20
20
2012 1,725 New Cornelia Copper
20
1i .361313 lan 111
20 4 rtan
aan
Jan
18 Mar 25
.10 .10 •.05 .10 • 05 .10 _-_1,350 New Dominion Copper
.05 .05 *.05 .30
.05 Jan 30 .10 Jan
Feb
.85
7,
25 •____ 25
25
25
25
25
15 New River Company
10555 25 Feb 4 25 Feb 41 .10 July
210
25 Apr 31 Aug
475118 55 "25118 53
60
55 •x513
53
56
190 Do pref
56
56
56
100 50 Jan 4
jog
6
432
40 June 6534 A uo
VII 6.34
4
8 68
64 63
4 7
63
4 64 '63
5
65
238 NipissIng Mines
63
4
4 63
July
314 .3
3
314
3
•3
600 North Butte Mining
'318 314
314
34
,
3
.50 2an 24 .6038 j ao 211
2 j
63874 J
4
7 6174 ion :
3
Nov
ann )
a
6
1
June
•.50 .75 • 50 .75
.60 .60
100 0,11bway Mining
.0.50 .75 ..50 .75 • 50 .7
3 4 Ja
117a Jan
.18159 Nov
1818 184 1814 1814 "1712 1812 •1712 1812 183 19 '18
4
1812
135 Old Dominion Co
25 1811 Jan 20
Jan
Feb ii
ae
6 1 Dec
1734 N v 27
"1312 14
14
.1313 14
•133 14
2
1334 1334 14
134 133
370 Pd Cr'k Pocahontas CoNo par 184 Jan22
4
5 133 Jan 25 2234 ..1
4
1 5 Jan
9
82 .
un r 1918 ja
1912 JA pe 3 7 Elept
0
1912 20 19 1932 1812 1812 19 20 20 21 20 2034 1.139 Quincy
35
3612 3612 37
35
35
37
37
35
35
835 St Mary's Mineral Land___ 25 33;8 .12n 22 3732
3412 35
02 2a 10
Jan
9 Fen 4
2a b
: r
281 Apr 4181
8 *8
812 '8
812 '8
*8
83
812 "8
812
Seneca 1)11ning
•818 853
Nov
.60 .70 +.60 .70
.60 .69 •
.65 .65 •.60 .75
615 Shannon
•.65 .75
10 .50 Jan 13 .80 Jan 5 .50 May
1
112 Jan
1
.80
go
.90 .95
.90 .99
850 Superior & Boston Copper..10
1
*.75
1
•.75
J
n
an 23
c
Jan 12 .70 may
Jan
2
Ws
95 1014 104 113 14.671 Utah-Apex Mining
8
8 3 918
At
4
3
9
812 9
Jan
8Tis Jan
3; Jan
138
1.2
8
112
14 14 42,408 Utah Metal & Tunnel
112
13
118
14
.94
1 .50 Jan 8
.92 .95
114 ao
0Julv
15 Feb 5 :2 N o .98Jan
3
4
2
'.40 .45
300 v
.50 .50 •.40 .45 ".40 .45 +.40
25 .45 Jan 12 50 Jan 11'
45 .45
Jan
.18 .25
796 Winona
.15 .20 •.18 .25 • 18 .25 •
.15 .18
25 .15 Jan 23 .20 Feb 2 .10 Dec .48
•.18 .25
Jan
50 "3,50
50
75
50 Wyanint
40 *rt _50 5^ _
.10
25 .40 Feb 1 .40 Feb I .05 Apr .21
50
*a
Feo
•Bid and asked prices: no salee on this day. z Ex-rights. b Ex-dividend and rights. z fix-dividend. b Ex-vtock divi lent a A/qessmen' mild. g Price on new basis
10912 Oct
87,
.6g
ii 4
.
FEB. 6 1926.]
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
733
All bond prices are and interest" except where marked "t."
.
Railroad hquipments Per CI Basis
Standard Oil Stocks Par Dia , Ask.
Boston Bond Record.
-Transactions in bonds at Boston
5 15 5 00
8
Anglo-Amer Oil vet st___£1 .1.83 1812 Atlantic Coast Line 13s
495 480 Stock Exchange Jan. 30 to Feb. 5, both inclusive:
• 5 18
17 s
F,quipment64s
stock
la Bonus
5 20 5 00
4
100 10712 1082 Baltimore & Ohio Os
Atlantic Refining
Friday
100 11612 117i Equipment 4345 dr 5s._ - 490 470
Preferred
Last Week's Range Sales
Range Sines Jan. 1.
100 230 235 !IBuff Roch & Pitts equip 6s- 525 500
Borne Scrymser Co
Sale
ofPrices.
for
571 Canadian Pacific 434s & 65- 500', 475 II BondsBuo_eye Pipe Line Co.__ 50 *57
Price, Low. High. Week.
Low.
High.
5 15' 5 00
25 *68 6912 Central RR of N J 65
Chesebrough Mfg new
520 500
100 *
Chesapeake dc Ohio 13s
Preferred
Jan
Jan 74
73
7334 85,000 73
5 10 485 Atl G & W I SS L 55._1959
2418
Equipment 6348
Continental Oil new____ 10' *24
3,000 984 Feb 984 Feb
984 9834
4 90 4 70 Bethlehem Steel 65
*850 850
Equipment 5s
Rights
88
88
Feb
Feb 88
8,000 88
5 20 500 Boston Terminal 3%5_1947
Crescent Pipe Line Co__ 50 *1512 16 Chicago Burl & Quincy 6s
Registered
873( 87:1
2.000 8754 Feb 874 Feb
Cumberland Pipe Line_100 133 135 Chicago Sc Eastern 111 5:45- 550 5 15 Chic
Jet Ry & US Y 4s'40
8734 4,000 86
87
Jan 8732 Feb
520 500
Eureka Pipe Line Co__ _100 *60 61 Chicago & North West 65
58
1940
100 1004 7,000 99
Jan 10034 Feb
500 480
Galena Signal 011 com _ _ _100 *30
31
Equipment6 As
1927
9934 9934 2,000 994 Feb 994 Jan
4 90 4 75 Current River 5s
100 91
Preferred old
96 • Chic RI & Pac 4348 dr 5s
5 40 5 10 East Mass St RR
100 88
Preferred new
89
Equipment6s
434s series A
1948
644 8434
Jan
Jan 65
1.000 63
5 30 505
Humble Oil & Ref new__ 25 *9611 97 Colorado & Southern 65
5s series B
1948
Jan
67
69
Jan 70
700 67
5 15 500
100 135 137 Delaware & Hudson 65
Illinois Pipe Line
6sseries D
1948
1.000 78
80
80
Jan
Jan 80
5 25 5 00 '
25 *13412 135 Erie 4348 & 5s
Imperial Oil
91
91
3,000 904 Jan 91
Feb
545 520 Good lione St It.I 75__1945
4
New when issued
Equipment Os
t 3612 361
1930
109 109
Feb
Feb 109
5.000 109
525 505 Granby Cons 7s
Indiana Pipe Line Co_ _ _ 50 *64
66 Great Northern 65
1937
10454 10454
2.000 10434 Jan 104% Jan
490 475 Hood Rubber 75
International Petroleum--t *34% 343
Equipment 55
98
Jan
98
Jan 98
6.000 98
4 90 4 75 K C M & B Inc 55___1934
__
Magnolia Petroleum__ _100
Hocking Valley 58
-1929 99
984 99
5.000 9834 Jan 994 Jan
525 505 Mass Gas 434s
12.50 *1814 18%
National Transit Co__Equipment6s
43413
1931
9834 9634 2,000 96
Jan 9634 Jan
480 465
42 Illinois Central 4345 & 55
New York Transit Co_ _ _100 40
534s
1946
10034 1014 30.000 9934 Jan 10134 Jan
5 15 5 00
Northern Pipe Line Co_ _100 77
86
Equipments
4
25 641 65
Ohio Oil new
Equipment 75 & 634s---- 4 95 475 Miss River Power'&3_1951 10034 100 100:1 6.000 9934 Jan 10034 Jan
1004 1014 12.000 1004 Feb 10134 Feb
25 *18
Penn Mex Fuel Co
1815 Kananha & Michigan 6s--- 5 35 5 10 New Eng Tel & Tel 59-1932 101
1935
109 10934 4.000 109
500 480 P C Poor% 35 deb
Feb 11034 Jan
Prairie Oil & Gas new6__ 25 *5815 5812
Equipment44s
8754 8734 5.000 87% Feb 87% Feb
Prairie Pipe Line new_ _ _100 12414 12512 Kansas City Southern 534s_ 5 35 500 Silesia El Corp,8345_1946
1944 10034 9934 1004 9.500 9934 Jan 1004 Jan
5 15 5 00 Swift & Co 5s
100 205 208 Louisville & Nashvilie 68-Solar Refining
Westem Tel & Tel 53_1932 10034 100 10034 12,000 100
4.95 4.75
Jan 10134 Jan
Southern Pipe Line Co_ _100 62
63
Equipment6:is
62
62
Ilan RR. Ilan
10.000 812
100 180 181 I Michigan Central 5s & 6s--- 515 475 Wickwire Spencer 75_ _1934 62
South Penn Oil
5 530 500
Southwest Pa Pipe Lines.100 *52
54 Minn St P & 55 M 4:is & 5
Standard Oil (California) 25 *59 591
: Equipment 6345 & 7s_ --- 5 35 5 05
Philadelphia Stock Exchange.
-Record of transactions
Standard Oil (Indiana)_ _ 25 *6715 6714 Missouri Kansas& Texas6s- 5 65 5 25
4
Standard Oil (Kansas)_ _ 25 *3312 331 Missouri Pacific 6s & 63413-- 500 525 at Philadelphia Stock Exchange, Jan. 39 to Feb. 5 both
Standard 011 (Kentucky) 25 *12612 12712 Mobile dt Ohio 434s& 5s.-- 505 4 80 inclusive, compiled from official
sales lists:
Standard 011(Nebraska)
.100 248 251 i New York Central 4345 & 58 I tn
Standard Oil of New Jet._ 25 *4514 4512
Equipment Os
Friday
Sales
490 475
03 Preferred
100 11712 1171
4
Equipment 7s
Last Week's Range for
Range Since Jan:1.
5 10 400
Standard Oil of New York 25 *36
3618 Norfolk & Western 4341.-- 4 8 4 60
Sale
of Prices.
Week.
Standard 011 (Ohio) ____10 350 354 Northern Pacific 78
StocksPar. Price. Low. High Shares.
Low.
High.
Preferred
100 116 118 Pacific Fruit Express 7s---- 4 95 4 80
Swan & Finch
100 20 ' 21 I Pennsylvania RR eq 58 & 68
Alliance Insurance
10
56
57
365 56
Jan 59
Jan
6 2 4 90 Amer Elec Pr Co pref _100
5 10 476
Union Tan_ Car Co
10
9012 91 Pitts & Lake Erie 6345
104 105
130 10134 Jan 105
Feb
5 4 5 15 American Milling
Equipment6s
Is Preferred
10 1157 11615
10
8
12
12
5 114 Jan 12
Feb
Vacuum 011 new
25 *105 10512 Reading Co 434* & 2-----1.
American Stores
' 94
1
92
94
11,198 8334 Jan 9434 Jan
t16
Washington 011
San Francisco 5 - :
10 ------- zLoli
a oa
Bell Tel of Penna pref_
11134 111 11134
354 111
Jan
Jan 112
s
los- 5 5 5 25 Brill (J G) Co
Other 011 Stocks
b Isrd&Air
ii:00
132 134
15 132
Jan 140
Jan
- :1 8 4 0880 Buff&Susq Corp pfd v tc 100
5
: 5 70
44 50
2 *2 I 21 Southern Pacific Co 434s.
Atlantic Lobos Oil
:
52
52
60 52
Jan 53
Jan
-------Equipment 7s-Preferred
50 *4% 414
Cambria Iron
50 3934 3934 3934
120 3834 Jan 3934 Jan
Gulf 011 new
:
25 *901 91 , Southern Ry 44s & 5s----- 5 0
Catawissa 1st pref
50
43
43
64 43
Feb 43
Feb
5
Mountain Producers_ -- _ 10 *245 2514
Equipment65
Congoleum Co Inc
*
204 31
150 17% Jan 21
Feb
Central 65-- 550
50 Consol Traction of N J-100
10
5 *414 512 Toledo & Ohio
Mexican Eagle Oil
30
30
145 30
Jan 30
Jan
National Fuel Gas
100 152 159 1 Union Pacific 75
Eb3enlohr (Otto)
100 18% 1834 2034 1.300 18
Jan 2034 Feb
Salt Creek Cons 011
10
10 59%
Preferred
100 95
94
95
30 94
Jan 96
Jan
g
Tobacco Stocks
Salt Creek Producers
10 322 32 S
7
Fire Association
50 330
330 334
95 300
Jan 340
Jan
s
American Cigar common 100 iu iis
kr
10
New stock
68
68
15 65
Jan 68
Jan
99
p..
Public Utilities
Preferred
Giant Portland Cement-50
43
50
437 37
Jan 50
Feb
Amer Gas & Elec new_ _ _ t *94
96 Amer Machine & Fdy- A00 200 215
Preferred
50 484 4831 4834
150 34% Jan 4834 Feb
L
t *93
2
2
6
95 British-Amer Tebac ord. il :5 28
28
I. 6% pref new
2
2
Hunt & Broad Top pref _50
2
20
134 Jan
2
Feb
It Deb 65 2014
M&N *9812 9912
Bearer
Insurance Co of N A_ __ _10 6134 5954 6331 3.404 59
Jan 6434 Jan
Amer Light & Trac com_100 252 255 Imperial Tob ot G B & Irel'd 24
25
334
334 334
Lake Superior Corp.__ _100
205
334 Jan
431 Jan
1:. Preferred
*115 11612 Int Cigar Machinery__ -100 95 100
100
50 117
11534 119
Lehigh Navigation
7.063 1104 Jan 11934 Jan
Amer Power & Lt common__ 7412 7512 Johnson Tin Foil dr Met 100 6025
10 304 304 31
1.716 30
Jan 3334 Jan
Lit Brothers
95 macAndrews & Forbes-Igg
6 Preferred
100 93
49
Manufactured Rubber 10
7
634 8
1,700
8
Jan
234 Jan
Deb Os 2016
tel&S 9
612 974
Preferred
Mined° St Schuyl Hay 50
5134 5134
20 5134 Jan 5134 Jan
100 45 149
Amer Public UM coin_ __100 8
04
0 83 Mengel CO
50
Norristown
124 124
22 123
Jan 124
Feb
75
a,. 7% prior preferred__ _100 87
90 Porto Rican-Amer Tob_ _100 71
15 . 8134 Jan 8234 Feb
8234 8234
North Pennsy MAL. _50
90 I Universal Leaf Tob com-100 70
73
4% partic pref
100 85
76 724 Jan 7334 Jan
7234 7334
Penn Cent Lt & Pr cum Pt* 7234
100 99
52 II Preferred
Associated Gas & El pf_t •50
50
514 5334 34.190 5134 Feb 5534 Jan
Pennsylvania RR
1.954.....j&J 10112 10212 Young (3 5) Co
Secured g 645
130
714 73
520 71
Jan 73
Feb
Pennsylvania Salt Mfg_ _50 73
MI
Blackstone Val G&E com 50 100 105 I Preferred
101
10
10 66% Feb 66% Feb
Philadelphia Co (Pitts)_-50
6634 66%
Cities Service common__ 20 *37% 381411
228 48
Jan 49
Feb
4834 49
Preferred (cumul6%)
-50
Preferred
100, 8312 84 Rubber Stocks (Cleveland)
63% 126,228 5434 Jan 6734 Jan
Phila Electric of Penna_ _25 624 60
Preferred B
10 *75
s 77 Firestone 'lire & Rub corn 10 *120 122
5
8 54% Jan 66:1 Jan
604 6034
Full paid receipts
100 101
*77
79 li 6% preferred
Preferred B
-B
100
51
51
428 50
Jan 51
* 51
Jan
100 9914 19 .
: Phila Insulated Wire
2
Cities Service Bankers Shares •181
%- - I 7% preferred
58
1.690 51
Jan 5734 Jan
54
Phila Rapid Transit_ _50 56
41
Com'w1th Pow Corp newt *4112 - 12 General Tire &Rub cora_ 50 *370 375
Philadelphia Traction- _50 6434 6134 6434 1,519 5634 Jan 6434 Feb
100 1051
100 86 , 861:
Preferred
Preferred
50 14
Jan 1454 Jan
1434 2,083 13
13
Elec Bond & Share pre:_100 105 107 1 Goodyear Tire & R com_100 38 2- - Phila & Western
40
230 3454 Jan 35
50
35
Jan
Preferred
35
Elec Bond dc Sh Secur
I *8011 82 Goody'r T & R of Can pf 100 r96
110 99
Jan 10034 Jan
t! *9
10 India Tire dr Rubber_-100 150 100 - Scott Palter Co. pref __ -100 10034 100 10034
55 63
Elm Ry Securities
15 173
Feb 173
Feb
Thirteenth & 15th Sts-50
173 173
Lehigh Power Securities_t *20% 2112
Preferred
Devel___ _1
434 Jan
34 4
15.980 2 9-16 Jan
Mississippi Riv Pow corn 100 80 1 70Mason Tire & Rub COM-(11 •
112 17
8 Tono-Belmont
1
594 6
5.230 4 15-16 Jan
634 Jan
Tonopah Mining
100 11
13
Preferred
Preferred
100 *95 I 97 I
50 42
424 3.051
38
Jan 43% Jan
42
new_100 1031 10334 Union Traction
100 4 1 42
0
_J&I 99% 10012 Miller Rubber corn
First mtge 58
14.878 119
Jan 14434 Jan
United Gas Impt
50 13534 1314 136
S F g deb 75 1935--M&N 102 ' --Preferred
1951_634 Feb
25
64 Jan
Victory Park Ld Imp Co.10
854 634
100 60
t *10112 10212 Mohawk Rubber
69
Nat Pow & Lt pref
100 45
Jan
46
Jan 47
46
West Jersey & Sea Shore_50
75
85
J&.1 10212 10312
PreferredIncome 75 1972
50
53
67 52
Feb 56
Jan
52
27 I Westmoreland Coal
North States Pow corn_ _100 127 128 Selberling Tire & Rubber (I) *26
40 3634 Jan 3834 Feb
38
3834
100 95
981: York Railways, Pref- _50
100 10112
Preferred
100
Preferred
BondsNor Texas Elec Co cora_100 40 I 45 Swinehart Tire & R com.100 --__ _10134 10134 $2.000 100 4 Jan 10134 Jan
Adv Bag & Paper 713-1943
100
85
Preferred
Preferred
100 60
92
2.000 92
Feb 92
Feb
Allegheny Vall gen 40_1942
92
Pacific Gas dr El 1st pref 100 97
4
2
10,900 90
Jan 94
Jan
94
90
Amer Gas dr Elec 5s..2007
14
Sugar Stocks
Power Securities corn
t
4.000 994 Feb 100
Feb
9934 100
Baker(A T)at g 645.1940 100
50 •1
*22
3
Second preferred
26 Caracas Sugar
9,000 58
Jan 60
Feb
60
60
Coll trust Os 1949_ __J&D *84
88 Cent Aguirre Sugar com_ 20 8612 8912 Cons Trac N J 18t 55_ _1932 60
6434 108.000 5834 Jan 6434 Feb
100 160 163
Elec & Poop tr ale 45_1945 0434 61
Incomes June 1949__F&A *77
80 Fajardo Sugar
58
5634 8.000 56
Jan 5634 Feb
Inter-State Rys coil 451943
Puget Sound Pow & Lt__100 57 59
Federal Sugar Ref com-100 50
Jan 9131 Jan
9131 9131 35.000 91
Keystone Telep 15155.1935
6% preferred
100
85
ioo 8
4 86
Preferred
9834 984 2.000 984 Feb 984 Feb
7% preferred
Lehigh Vail cons 4345_1923
*5
9
100 d107 109 Godschaux Sugar, Inc_ -ft
10054 10054 2.000 1004 Feb 1004 Feb
1st & ref 5345 1949_ -1&D 10
100 28
Lehigh Val Coal 181 55 1933
35
012 10112
Preferred
Feb 100
Feb
100 100
2,000 100
Republic Ry & Light_ __10
1933
42
Registered 55
Roli yferrgar Corp com_It *39
pre Sued
2.000 85
Feb 85
Feb
85
Preferred
85
100 81
85
10 103 107
Leh Val Transit 1st 45.1935
15,000 86
Feb 87
Feb
87
South Calif Edison eornlOO 13512 136 Juncos Central Sugar_ -10
86
Market St Elev 1st 45_1955
8% preferred
10 138
-- National Sugar Refining.100 1ifi- 1ifi- Penn. R.R.Feb
4.000 104
Feb 104
Standard G&EI 7% pr p1100 100 102 - New Niquere Sugar_ _ _ AO
104 104
Gen mtge g 5s ser B_1968
12 Peoples Pass tr Ws 45_1943
%
Tenn Elec Power 1st pf 7% 101 10212 Santa Cecilia Sug Corp Pf100
634 6334 4,000 6334 Feb 6834 Jan
Feb
Western Pow Corp pf_ .100 97
7.000 9634 Jan 99
9834 99
99 Savannah Sugar com---ft *150 155
Phila Co stpd s f & red 1951
Feb
91
93
1.000 103
Feb103
West Missouri Pr 7% pref.
103 103
100 120 125
Preferred
Phila Elec tr etts g 55_1948
Jan
Jan 103
4.700 102
10294 103
Sugar Estates Oriente pf _100 50
1960 103
55
Short Tern Seeurities
1966 10434 10354 10434 46.800 1024 Jan 1044 Feb
1st 53
1031: 10312 Indus. & Miscellaneous
Anaconda Cop MM 6529
500 10834 Jan 10834 Jan
10834 10834
Registered small_1966
Chic Ft I & Pao 55 1929.J&J 9912 99% American Hardware
98
2 :94
10734 10754 4.000 10634 Jan 1074 Jan
1947
534*
Federal Sug Ref 68'33-M&N 93 96 Babcock & Wilcox
10 144 146
1.000 108
Jan 10734 Jan
10754 1074
1953
5348
Missouri Pacific 55 '27_J&J 10012 100% BUSS(E vtr) Co new
27
(t .25
1941 1084 107% 10834 8.000 10754 Jan 10834 Feb
Os
Jan
Sloss-Sheff S&I 65 '29.Fdrn 102 102%
50 *55
Preferred
954 9534 1.000 9531 Jan 96
York Railways 1st 55_1937
10015 100% Borden Company com (t *111 113
Wis Cent 534* Apr 15 '27_
20
• No par value.
Celluloid Company ___ -100 15
58
Preferred
100 53
Jo▪ int Slit Land Bk Bond
-Record of transactions at
Baltimore Stock Exchange.
Chic Jt St_ Ld B_ 5s__195 10012 10112 Chlids Company pref_- -100 117 119
1001 1021: Hercules Powder
:
100 140 145
55 1952 opt 1932
Baltimore Stock Exchange Jan. 30 to Feb. 5, both in101 103
100 113 115
Preferred
55 1963 opt 1933
102 10412 international Silver pref-100 105 108
clusive, compiled from official sales lists:
5345 1951 opt 1931
10012 10112 Lehigh Valley Coal Sales 50 82 84
445 1952 opt 1932
Sales
Friday
991: 100% Phelps Dodge Corp
100 118 122
434s 1952 opt 1932
Range Since Jan. 1.
Last Week's Range for
100 100% Royal Baking Pow com_100 185 195
4345 1984 opt 1934
Week.
of Prices.
Sale
10012 102
100 101 103
Preferred
4:15 1963 opt 1933
Mob.
Low.
Par. Price. Low. High. Shares.
Stocks100 10024 Singer Manufacturing---100 373 379
▪ 4348 1965 opt 1935
Pao Coast of Portland. Ore
Jar 10034 Jan
35 100
Amer Whole/1918 prof.-100
10054 10034
Jan
lb 58 1955 opt 1935--M&N
Arundel Corp new stock_ _• 3431 334 3434 2,000 3334 Jan 36
55 1954 opt 1934--M&N
Jan 26234 Jan
150 245
245 247
Atlan Coast L(Conn)50 247
Jan
Jan 45
20 45
45
50 45
45
Bait Electric pref
Jan
Jan 148
225 147
Baltimore Trust Co
50 148
147 148
Jan
Feb 51
25 so
Baltimore Tube pref--100 50
50
50
Jan
10 30% Jan 40
394 394
• 394
Benesch (I) corn
Jan
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
20 2834 Jan 27
Preferred
25 28% 2654 26%
RI
-rights.
I New stock. !Flat price. k Last sale. n Nominal. z Ex-dividend.
250 263,1 Jan 274 Feb
10 2754 27% 274
Central Fire Ins
v Ex-stock dividend. s Bale price. r Canadian quotation.
t s8
122
,) 4
5
In
IN
734
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prim.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cent Tares Sug pref
_10
Century Trust
50
Chas dr Po Tel of Bal pf_100
Commerce Trust
100
Commercial Credit
Preferred
25
Preferred B
25
6K% preferred
Rights
Consol Gas EL & Pow_ •
5% preferred
i450
64% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _100
Continental Trust
100
Eastern Roll Mill new stk..•
50
Fidelity & Deposit
Finance Co of America A.*
Finance Service class A _ _ 10
Houston 011 pref tr ctts_100
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Manufacturers Fin Blocks_
Maryland Casualty Co.. 25
March & Miners, new
Mortgage & Accept, com_ _
Preferred
50
Mt V-W'db M.pfd v tr 100
National Mortgage Co__ _•
New Amsterd'm Cas Co_10
Northern Central
50
Penna Water & Power_100
Silica Gel Corp
United Ry & Electric__ _50
US Fidelity & Guar_ _50
Rights
Wash Balt & Annap_
50
Preferred
oo
West hid Dairy,Inc,corn •
Preferred
oo
BondsBernheimer Leader 78_1943
Chas & Pot Tel of Va 58'43
Consul Gas 58
1939
Consul()EL &P 4 Hs 1935
1949
6% notes ser A
Consol Coal ref 454s 1934
Davison Sul & Phos65 1927
Elkhorn Coal Corp 614s'32
Fair & Clarks Trac 58_1938
Md Elec Ry 1st 5s_ _1931
1957
645
NN &Ham & E lst5s'44
Standard Gas equip 65 1929
United Ry & El 48_ ...1949
Income 48
1949
Funding 58
1936
6% notes
1927
65 when issued
1949
Wash Bait & An 55_1941
Range Since Jan. 1.
Low.
.80 .80
200 .80
170 170
170
oo 155%
112% 1114 112%
45 1104
5734 574
60 57%
34% 34
34%
170 34
254 254 25%
497 254
26
26
26%
190 26
99
99
99
200 99
.03 .15
15,118 .03
52
5034 52
397 45
102% 10251
43 102
10934 10851 1094
60 1083(
111 111%
14 1104
12751 1274 127%
77 124
50
514
177 46
245
245 245
22 241
44
45
47
5,211 39
119 122
122
140 118
12
12
30 11
20% 204
105 204
85% 85
854
55 85
6431 65
65
190 63
21% 224
22
114 21%
86 224
2251 2251 23%
22% 22
16 20%
221i
1054 105% 106
23 105
389 98%
98H 984 99
464 534 4,179 444
53
19
19
115 19
2034
434 4351
60 424
82
82
10 80
20
20
20
20 20
54
140 52%
52% 54%
15 784
78K 78h 80
1504 183
30 1604
19
20
35 12
184 17% 1851 1.110 17
124 1974
1975( 1974 219
19% 184 20
2,116 18
154 15%
810 154
254 25%
90 254
109 11411
1,190 94
113
5334 5351 5334
53
98
106%
101
9934
93
100%
69
4814
70
97%
101% 102
99% 994
102 102
98
98
10634 107
93
93
101 101
994 994
91
91
96
95
93
93
90
90
10034 1004
69 •
69
48
48%
68h 70
97% 97%
9234 92%
72% 73
83,000
1,000
2,000
1.000
6,500
5,000
6,000
1,000
2,000
10,000
1,000
1,000
1,000
14,000
4.000
15.000
10,500
3.000
6,000
100%
994
101)4
9734
10551
91
101
99
91
94K
9111
8934
1004
664
48
674
974
91%
7134
High.
.80
170
112%
58
4734
2634
274
99
.75
5234
103
110
1114
127%
93
245
47
122
12
20%
89
65
23
24
23
109
102
5314
23h
44
83
20
5634
8131
171
22
18%
219%
21
154
254
11434
5444
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
102
99%
102
98
107
934
101
99%
914
95
93
90
100%
694
484
70
98
93
73
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Jan. 30 to Feb. 5, both inclusive,
compiled from official sales lists:
Stocks-
274 29
Adams Royalty Co. corn..
• 29
14% 15
All American Radio cl A..5 15
American Pub Serv pf 100 9634 9634 964
Amer Pub Util pref_100 87
86% 87
American ShIpbuildIng_100 72
72
72
Amer States Ser Corp "A"•
814
8
831
•
5
444 5
Class 13
Warrants
234 34
3
97
Armour & Co(Del)Pref 100
9734
Miaow dc Co met
.
101 914 914 91%
Common cl A v t 5._ 25 244 24
24%
Common el B v t c
_25 1645 164 17
Armour Leather
434 5
15
Auburn Auto Co. com__ _25 5951 57
5934
Balaban & Katz v t c___ _25 69
68% 7234
Beaver Board pref
100 384 364 37
10 29% 284 31
Bendlx Corp cl A
Booth Fisheries pref___100 2231 22
2234
* 3134 2911 32
Borg & Beck
154 1511
10
Smite Bros
Central III Pub Serv pref.
90
89
• 90
Central Ind Power pref_100
91
93
93
Cent SW 7% pre:
• 924 92
Prior lien pref
994 9934
•
Warrants
124 12
1234
Chicago City Ry
100
5234 5234
Chic City & Con Ry pt sh •
4
/4
Preferred
54 534
•
Chicago Fuse Mfg Co
•
33K 34
Chic N S & MIlw, com.100 59
5334 594
Prior lien preferred_ _100 100
9951 100
Preferred
100
79K 80
Chicago Rys part ctf ser 1_
734 7%
Part ctfa series 2
14 134
Commonwealth Edlson.100 1424 1424 143
5
64
Consumers Co, new
54 634
88
89
100
Preferred
Continental Motors
• 1231 124 124
25
Crane Co
5734 5734
Preferred
117 11734
100
92
92
Cudahy Packing Co_100
48
50
48K
Cuneo Press "A"
34
51
51
Daniel Boone Wool Mills 25
Decker (Alt) & Cohn,Inc.* 30% 2954 304
103 103%
100
Preferred
108 109
100 109
Deere & Co. prof
126 127
100
Diamond Match
22
21
Eddy Paper Corp (The)...* 22
Elec House'd CHI Corp_10 234 234 23%
25
28%
Electric Research Lab'y_ •
2945
Evans & Co, Inc, claw A.5 294 27
• 31h 31K 324
Fair Co(The)
106 106
100
Preferred
FltzSlmons & Connell Dock
29
28
20
& Dredge Co
14% 144
Foote Bros (43 & M)Co_ •
•
454 4%
44
Mfg Co
3111
7
5
Godschaux
Sugar* 38
38%
38
•
Gotward Co (H W)
161 16751
At D____100 161
Great Lakes D
Hammermill Paper Cp-10 32% 3234 324
100 INK 1084 108%
Preferred
10 26% 2551 264
Hupp Motor
100 39% 3851 3951
Illinois Brick
91
91
pref.--100
illinols Nor Util
61
60
•ndep Pneumatic Tool_ _.• 60
Range Since Jan. 1.
Low.
High.
3.775 2734 Jan 29
Feb
495 14
Jan 194 Jan
151 984 Jan 974 Jan
285 82
Jan 87
Jan
7
40 72
Jan 75% Jan
5,175
734 Jan
84 Jan
2,450
451 Jan
54 Jan
8,200
214 Jan
34 Jan
275 9611 Jan 974 Feb
1,257 90
Jan 914 Jan
1,067 24
Jan 25
Jan
6.535 15% Jan 17
Feb
615
4
Jan
5
Jan
12,550 484 Jan 5934 Feb
8.670 66% Jan 72% Jan
435 354 Jan 38
Jan
4,230 26% Jan 3134 Jan
500 22
Feb 2234 Feb
8,075 28
Jan 32
Feb
180 15% Jan 16% Jan
111 874 Jan 91
Jan
180 89
Jan 93
Jan
790 8931 Jan 94
Jan
20 9934 Feb 994 Feb
500 104 Jan 1814 Jan
40 524 Jan 52% Jan
50
51 Jan
h Jan
400
5
Jan
7
Jan
170 32
Jan 34
Jan
4,150 49
Jan 661i Feb
95 99% Jan 100
Jan
30 794 Feb 83
Jan
31
74 Feb
75.4 Feb
45
1
Jan
134 Jan
955 1391.4 Jan 144
Jan
6,100
534 Jan
631 Feb
2,150 837 Jan 90
%
Jan
250 114 Jan 1314 Jan
15 5634 Jan 60
Jan
244 1164 Jan 1174 Jan
20 92
Jan 954 Jan
885 47
Jan 484 Jan
,1
34 Jan
1
Jan
950 28
Jan 3034 Jan
120 102
Jan 103% Feb
177 107
Jan 109
Jan
181 125
Jan 129
Jan
720 21
Feb 25
Jan
1,680 234 Feb 25
Jan
7.050 23
Jan 324 Jan
1,240 26% Jan 29% Feb
2,850 31ii Feb 334 Jan
160 105
Jan 10634 Jan
220 26
1,000 14%
220
34
350
5
700 36
461 152
10 32
100 1084
595 25
2,679 37
30 904
105 58
Stocks (Concluded, Par
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
• No par value.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
[VOL. 122.
Jan 29
Jan 154
Jan
44
Feb
7
Jan 39
Jan 171
Jan
2%
Feb 1084
Jan 284
Jan 3951
Jan 91
Jan 61
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Friday
84488
Left Week's Range for
Sale
of NUM
Week.
Price. Low. High Shares.
Jaeger Machine Co corn...* 28
Kellogg Switchboard_ _25
Kentucky Hydro-El p1.100 94
Kraft Cheese Co
25 82
Kup'heimer&Co (B) Inc_5 31
LaSalle Eat Un1v (I11)...10 10%
Libby. MoN & Lib new_10
Lindsay Light
10
Preferred
10
McCord Radiator Mfg •
McQuay-Norris Mfg
• 1754
Maytag Company
• 22
Middle West Utilities_ _• 132
Preferred
ioo 1064
Prior lien preferred 100 11634
Midland Steel Products.. •
Midland Util prior lien _100
Morgan Lithograph Co_ ..• 61
Nat Carbon prof new.100 127
Nat Elec Pow A w I
• 2541
National Leather
10
431
No West UM pr In prof 100 98%
7% preferred
100 934
Omnibus prat A w i........100 96
Voting trust etre vr1 a.* 1934
Penn Gas & Elec w 1
• 2234
Pick, Barth & Co prof A..•
Pines Winterfront A
5 42
Pub Serv of Nor Ill
•
Pub Serv of Nor
.100
Preferred
100
7% preferred
100 11444
Quaker Oats Co
100
Preferred
100 107
Real Silk Hosiery Mills_10 57%
Reo Motor
10 24
So Colo Pow El A com..25
Stewart-Warner Speedom • 84%
Swift & Co
100 115
Swift International
15 224
Thompson (J It)
25 4531
Union Carbide & Carbon.. 82%
United Biscuit el A
• 52
United Light & Power
Common cl A WI a_
•
Preferred el A w I a....
90
Preferred cl B w 1 a._ • 504
United Paper Board.... _100 3451
U 8 Gypsum
20 152%
Preferred
100
TJniv Theatres Cone cl A.5
Vesta Battery Corp
Wahl Co
• 12%
Ward (Montg) & Co.
-10 76
Preferred
100 115
Class A
•
Williams 011-0-Matio corn• 22%
Wolff Mfg Corp
• 1034
Voting trust certifs. •
Wolverine Portl Cem-10
Wrigley Jr
55%
Yates Mach part pref.__.• 30%
Yellow Cab Mfg cl B__10 31
Preferred
100
Yellow Cab Co Inc (Chic) • 48
Bonds
Armour & Co of Del 20year g 545
1943
Chicago City Ry 5s_1927
ChIc City & Con Rys 54;'27
Chicago Railways 55._1927
4s series B
1927
Houston G G Co sfg 645'31
Lake St Elev 1st 55._ _1928
Northwestern Elev 58_1941
Swift & Co 1st 9 t g 58_1944
• No par value.
50
Ronda Since Jan. 1.
LOW.
High.
28
28%
550
36
435
36%
94
94
11
82
83
1,000
30.4 31
400
9
134 16.025
834 10
8,035
2
650
&
8
100
41
42
250
174 17)4
110
22
2244
380
12734 13334 4,885
103% 109
4,920
113 117
2,675
46
46
20
994 100
380
574 61
6,600
127 127
55
254 2514
645
44 454 2,100
98
98%
BOO
934 94
60
9454 96
200
17
194 115,300
22
24
10,850
224 22%
680
4234 43
350
134 135
184
135 135
90
10114 102
135
114% 115
103
130 13034
200
105 107
130
544 68
6,160
2354 24
540
25
25
70
84
85% 4,865
114 115
1,269
2014 2211 7,290
4431 454 2,660
804 854 34,875
52
5234 4,160
2511
25
92
81
294
10
834
2
734
41
1634
2111
1154
974
1064
45
99
564
127
2434
44
93
9311
93
15
22
7231
40
130
130
10035
112
128
105
54
2251
25
82%
113
1911
4451
774
50
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
29%
38
95
9031
31
144
10
331
8
42
1751
2234
1343
109
117
4834
100
61
12714
26
4%
99
9531
96
1934
24
224
5934
137
135
10214
115
132
107
58%
254
2544
93
11534
224
47
854
5951
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Ja
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
139 140
160
89% 90
475
4951 504
410
33
354 2,120
152 156
855
115 1154
65
651 851
200
20
20
10
12
1351
1,420
76
76
20
115 116
60
110 110
120
20
2334 21.425
10
1051 4,525
9% 1014 1,500
54 734
300
55
554 1,820
2951 30% 4,875
2951 3141 2,665
94
94%
77
475.4 48
1,920
125
89
4714
314
138
114%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
144
91%
50%
354
161%
11544
7
25
1351
8111
117
110%
234
10%
10%
934
554
314
324
95%
494
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
954 954 5,000
75
7534 18,000
5050
5
77LS• 30,000
7
37H
6:00
2 000
0
3734
98
98
10,000
95
95
3,000
1:000
000
1004 1008°344
8034
9434
75
4914
75
37
98
95
2890%
9534
794
5611
80
40
98
95
8031
Jan 10031
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
18
9
7234
115
109
1651
845
814
534
544
2934
2834
93
47
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange Jan. 30 to Feb. 5, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
,
Stocks-
Am Laundry Mach,com.25
Preferred
100
Amer Rolling Mill, com.25
Preferred
100
Am Seeding Mach,pref.100
Baldwin, corn
100
Preferred
100
Buckeye Inc
100
Carey (Philip), pref
100
Champ C Paper, pref....100
Churngold Corporation....5
Cin Postal Term, pref. _100
City Ice & Fuel
•
Cooper Corp, new pref_100
Dalton Add Mach,com.100
Preferred
100
Dow Drug,corn
100
Eagle-Picher Lead, com.20
Formica Insulation
•
French Bros-Bauer. com.•
Preferred
100
Giant Tire
•
a
Gibson Art, corn
Globe Wernicke, com _.100
Preferred
100
Omen Watch, corn
•
Preferred
100
Kodel Radio, prof
20
Kroger, corn
10
New preferred
100
McLaren, corn
•
Paragon Refining, corn_.25
Procter & Gamble, com.20
8% preferred
104)
6% preferred
100
Pure 011,6% preferred_100
8% preferred
100
Standard Drug
100
U 8 Can,corn
•
Preferred
100
U S Playing Card
20
U S Print dr Litho,com.100
Preferred
100
U 8 Shoe, pref
100
Whitaker Paper, cora- _•
100
Preferred
Western Paper
•
Banks
100
Citizens National
Fifth-TbIrd-Unlon units100
100
First National
Fourth & Central Trust 100
130
124
5834
1094
75
230
1054
33
113%
1094
70
934
254
108
70
10211
285
3334
24
16%
90
3644
36.g
Range Since Jan. 1.
Low.
High.
9734
9351
3951
105
2134
126%
111%
20
834
1574
163
110h
95
109
2331
60
102
14334
83
95
55
5434
100
3051
1284 130
2,406 115
Jan 145
124 124
33 124
Feb 1244
5551 59% 13,651 51
Jan 594
109 1094
137 10811 Jan 1093.4
75
75
5 75
Feb 76
225 230
56 225
Jan 230
10534 105%
24 104
Jan 10514
32
33
450 30
Jan 33
113% 113%
10 110
Jan 1134
1094 1094
50 10851 Jan 1094
68
70
80 66
Jan 70
9334 934
6 92
Jan 9334
25
2511
236 25
Jan 254
1074 108
13 106
Jan 108
70
71
• 113 70
Jan 71
1024 10211
100 1024 Feb 1023-4
280 285
17 275
Jan 285
334 3434 5.481 .33
Jan 3414
21
24
180 21
Feb 2634
1634 1644
3 164 Feb 164
90
90
7 90
Feb 90
36
364
150 2334 Jan 3614
398 384 Feb 374
3634 36K
261 96% Feb 101
9634 98
9334 9334
20 93
Jan 98
3831 394
167 38
Jan 3944
105 1044
113 1044 Jan 105
146 2031 Feb 2134
204 214
1264 1284
332 1264 Feb 13534
11134 112
46 110
Jan 112
20
9 20
20K
Jan 2034
84 84
420
8
Jan
914
1
150 159
1.970 139% Jan 160
163 163
2 162
Jan 163
11051 11131
167 11051 Jan 11234
337 8544 Jan 94
92
95
108% 109
15 1054 Jan 10834
262 2234 Jan 24
23K 234
60
125 60
60
Feb 62
102 102
11 un
Jan 1014
139ii 144
217 139
Jan 144
83
83
1 81
Jan 83
95
95
1 9154 Jan 95
56
55
75 • 54
Jan 56%
75 5444 Feb 55
54K 55
100 102
6 100
Jan 103
30% 3051
100 304 Feb 3051
220
325
3274
250
220 220
325 325
32734 32744
250 250
4
1
15
25
116
321
325
250
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
220
Jan
325
Jan
32734 Feb
250
Jan
THE CHRONICLE
FEB. 61926.]
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Public Utilities
84%
Cincinnati & Sub Tel___50 84% 84
100 92
90% 92
Cin Gas & Elec
112% 113
Gin Gas Transportation 100 113
8231 83
C N & C Lt & Tr,com_100 83
100 66
65% 66
Preferred
100 11033 110 110%
Ohio Bell Tel, pref
Traction50 33
33
3333
Cin Street By
10% 103(
Ohio Traction,com _ _100 1034
100 8233 8233 84
Preferred
Range Since Jan. 1.
High.
Low.
Jan 84%
105 83
Jan 92
736 89
6 11234 Feb 113
38 81% Jan 83
14 64% Jan 66%
38 109% Jan 11034
422
100
242
33
9
79
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
33% Feb
10% Feb
8434 Jan
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Jan. 30 to Feb. 5, both
inclusive, compiled from officials sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com-50 3234
100
Preferred
Am Wind Glass Mach_ _100
Am Wind Glass Co pf _ _100
Arkansas Nat Gas, com.10
634
Bank of Pittsburgh N A.50
Blaw-Knox Co, coin_ _25
(AM)Co pref. _100
Byers
10 17
Carnegie Metals
50
Citizens Traction
100
Colonial Trust Co
Devonian Oil
10
Duquesne Lights pref__100 114
Indep Brewing, com_ _ _ _50
4
Preferred
50
7
Jones & Laughlin pref__100
Lone Star Gas
25 5534
Nat Fireproofing, corn. _50
Preferred
50 3734
Ohio Fuel Corp
25 3534
Oklahoma National Gas_25 3233
Pittsburgh Brew. Com--50
434
Preferred
50 14
Pittsb & Mt Shasta Cop-1
Pittsburgh Oil & Gas.-- -5
5%
Pittsburgh Plate Glass_100 301
Pitts Steel Fdy, corn
* 3133
Salt Creek Con Oil
934
Stand Plate Glass Pr pf 100
Stand Sanit Mfg,corn...25 11234
U S Glass
25
West'house Air Brake_ _50
West Penn By,. nref _ _ _100
3134 3234
9233 92%
7
834 7934
108 10834
6% 634
141 141
54
5434
99
9934
1834 17
3734 3734
226 226
16
1634
11334 114
233 4
7
7
115 115
55
56
18
1834
3734 38
35% 36
3134 3234
4
433
12
1434
30
3c
534 5%
298 301
3134 3134
9% 934
80
80
112 117
1834 19
120 12334
91
01
1,740
50
35
45
975
20
600
75
788
37
18
160
64
705
.55
10
2,635
730
605
4,238
3,419
285
824
2.000
125
20
140
1,400
25
2,688
235
160
70
Range Mute Jan. 1.
High.
Low.
31
9234
78
10634
6
141
54
99
16
3714
226
16
11234
2%
534
114
5134
1634
3734
35
3134
3
11
20
534
298
3034
9
80
109
1834
11733
onu
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
TO II
33%
943.4
80
109
7
141
56
100
18
37%
230
17
114
4
7
115
5634
1834
39
3634
34
4%
1434
30
6
310
36
934
85
11834
1934
125
01
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jar
Jar
Jar
Jar
Tar
'No par value.
Note.
-Sold last week and not reported: 10 American Window Glass Machine,
Pref., at 91; 1,000 Plttsb. Sr Mt. Shasta Mining at 3c; 68 Pittsburgh Trust Co. at
225; 3,000 San Toy Mining at 30: 15 U. S. Glass at 19; 30 West Penn Rys., pref.,
at 91.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange Jan. 30 to Feb. 5, both
inclusive, compiled from official sales lists:
•
Stocks--
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Jan. 30 to
Feb. 5, both inclasive, 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. 5.
•No par value.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks
Merchants-Laclede Nat 100
273
Nat Bank of Commerce 100 15934 158
Street Railway Stks.17nited Railways,com _100
15
275
159%
15
Range Since Jan. 1.
Low.
2 270
58 155
150
15
Miscall. Stocks
American Investment B..* 14
14
14
210 14
Baer,Ster'b'g&Cohen,com*
160 2834
2834 2833
Boyd-Welsh Shoe
*
375 4134
4334 44
Certain-teed Prod lapt 100
105
___
25 10234
2nd preferred
100
92
93%
35 92
E. L.Bruce, corn
•
.52
52
15 52
Preferred
100
100 100
10 100
Emerson Electric pref _ A00
10334 10334
10 100
Ely & Walker Dry Goods
Common
25 3234 32
.538 32
3234
2nd Preferred
100
11 87
87
90
Fred Medart Mfg,com. •
33
180 3234
3334
35
Fulton Iron Works, corn...'
3634
465 35
Preferred
100
10 98
98
__
Hamilton-Brown Shoe-25 50
50
80 50
5034
Huttig S dr D,corn
•
4134 44
1,278 35%
Preferred
100
90 102
102 103
HydrPressBrick, mm..100
6
15
6% 633
Indep Packing. corn
•
2
60 26
634 2634
International Shoe, com- • 172
197 170
172 17334
Preferred
160
11034 11133
60 110
Johansen Shoe
• 40
40
40
95 40
Johnson-S & S Shoe
*
95
95
5 86
Ma/nay-Norris
• 17
163 1634
1634 17
Mo-Ills Stores, corn
•
55 16
1634 1633
Preferred
100
110 110
110 110
Mo Portland Cement...25 63
83
6434
222 62
Pedigo-Weber Shoe
•
3734 38
105 3734
Polar Wave I dr F "A"....• 3734 3734 3734
226 3734
Rice-Stix Dry Goods,com• 25% 2434 2534
1,237 2433
2nd preferred
100
100 10133
31 100
Scruggs
-V-B DO,com_100
135 11734
11734 118
100
92
92
let preferred
10 91
100
94
94
2nd preferred
30 94
• 2733 27
Sheffield Steel, cam
28
340 26
• 51 . 50
52
Skouras Bros, "A"
285 50
50
105 50
5234
Bo Acid & Sulphur, corn_ •
11334 114
Southw'n Bell Tel pref-100
152 1123.4
10 53
53
53
at. Louis Amusement "A"•
3 16
70
16
16
at. Louis Car, corn
100 95
100 94
94
Preferred
95
3431 35
570 3434
RIX-Baer & Fuller, cam_ •
corn.__•
150 30
30
31
Wagner Electric,
100
29 82
82
83
Preferred
* 4434 44
450 42
4434
Walks Co, corn
100
100 10433
105 105
Preferred
Mining Stocks
li)
500 25
25c 25
Granite Si-Metallic
685 50
53
5534
Consol Lead & Zinc Co_ _20 55
Street Ry Bonds
8334 83.33 1,000 8334
East St. L Sr Sub Co 56'32
St. L & sub By gen mort
1923
91% 9134 1,000 89
5s, C
-D
7734 7733 14,000 75
United Railways 4s_ -.1934
1934
1,000 74
7631 7634
C
-D
r Miscall. Bonds1,000 102
10234 10233
Kinloch Telephone 65_1928
10034 100% 5,000 100%
Missourt-Edis Elea 53_1927
a(111 10(111
11111 t4 inn LC
..71........10 Mir 7F. lacr
• No par value.
High.
Jan 275
Feb
Jan 15934 Feb
Feb
20
Jan
Feb 14
Feb 2934
Jan 44
Jan 105
Feb 93%
Feb 5334
Feb 10034
Jan 10434
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
San
Jan
Jan
Jan
33%
90
34
3634
98
57
44
103
6%
27
17534
11134
4234
9834
18
1734
110
67
39
3754
2534
10234
12034
92
95
2934
59
5234
114
5934
1634
97
3534
34%
85
4434
106
Feb
Jan
28
Jan
5531 Feb
Jan
8434
Jan
Jan
Jan
9134 Feb
7734 Jan
77
Jan
Jan
Jan 10234 Feb
Feb 10034 Feb
Jan 1001.4 Fall
735,
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
•
51
Abraham & Straus
Jan 54% Jan
400 51
5133
Preferred
100
107 108
Jan 108% Jan
300 106
Ala Gt Southern,corn._ _50 10734 108 10834
700 98% Jan 108% Feb
Preferred
50
106 108
360 9834 Jan 110
Jan
5
3% 3%
354
Allied Packers,com
334 Jan
400
344 Feb
128 131
Alpha Portland Cement 100
Jan 131
180 115
Feb
Aluminum Co corn new.-•
62
63
1,800 5434 Jan 65% Jan
99% 99%
00
200 98% Jan 99% Jan
Preferred new
15
Amalgam Leather com...• 15
1514 Feb
700 1413 Jan
15%
196 233
Jan 233
Amer Cyanamid, corn. _100 227
Feb
950 144
45
44
45;3 1,700 3634 Jan 145% Feb
1 4
Class A, w I
45
40% 45% 4,300 35% Jan 45% Feb
Class B, w I
American Gas & Elea corn • 9433 93% 94% 2,300 80
Jan 99% Jan
93% 94
Preferred
•
200 9234 Jan 9534 Jan
10
Jan 11% Jan
400 10
1033
American Hawaiian SS_ _10 1034
253 256
Jan 263
1,375 232
Amer Lt & Trac corn._ _100 253
Jan
100 11434 114 114%
Jan
725 114
Preferred
Jan
• 7434 74% 75% 13,800 6834 Jan 79% Jan
Amer Pow & Lt
9334 9434
coin--Too 94
170 92% Jan 96
Preferred
Jan
Jan 35,4 Jan
31% 9,200 30
Amer Rayon Products_..' 3034 30
1,280 513(1 Jan 59% Feb
5934
Amer Rolling Mill corn_ _25 5834 58
Jan 300
286 300
40 265
American Seating Co_100 300
Feb
3534 1,800 3331 Jan 3734 Jan
Am Superpow Corp CI A-• 35% 34
• 3631 34% 3634 9,600 34% Feb 39
Class B
Jan
25
25
25
Feb 25% Jan
100 25
4
Prior preferred
334
3% 334
3% Feb
100
American Thread, pref._ _5
Jan
75c
62c 75c
Jan 758
Amer Writ Paper corn_ _100
Jan
400 500
98
99
Arkansas Lt & Pow pf__100
20 98% Jan
4% j n
4
Jan 99
4% 4%
Armour Leather corn._ _15
Ja
100
31% 3233 1,500 3131 Jan
Assoc Gas & Elec Class A.• 32
Atlantic Fruit & Sugar...'
Jan
1% 2
40,600 89c
134
Atlas Portland Cement__ -• 50% 505452
400 5033 Feb
325 50% Jan
Auburn Automobile, com25 5933 5734 593.4
145 145
Babcock & Wilcox Co__100
Jan 1135514258992:: FjJjan
10 145
Janabn
ae
96% 9634
100 96% Feb 98%
Bigelow Hartf Carpet corn'
an
Blackstone V G&E,00111.50 10234 10234 102%
Jan
400 9714 Jan
26
200 25
2734
Bliss (E W) Sr Co coin_ •
Jan 31% Jan
Common certif of dep..' 2834 2834 29
Jan
300 25
Jan
534 Jan 29
300
6
Blyn Shoes. Inc, corn._ _10
6% Feb
634
fe 111
11034 115
Borden Co new
5,000 99% Jan 116
Jan
10
Borg dc Beck
200 3034 Feb 30% Feb
3034 30%
Boston & Maine RR75
76
lst pref class C stpd_ _100
ao 68 I Jan 85 Jan
110 110
Feb 110
10 110
1st prof class D stpd.100
Feb
95c
90e 958
Bradley Fireproof Prod..I
6,300 630 Jan 154
Jan
93
9433
Feb 94% Feb
300 93
Brazilian Tr L & P ord_100 93
_• 14
Bridgeport Mach coin
13% 14% 2,200 12% Jan 15% Jan
800 50% Feb 57% Jan
034 5031 5334
Brill Corp (new) Class A.• 5
• 31
1,500 26% Jan 33
31
33
Jan
Class B
-Amer Tob ord hear.£1 2654 26% 26%
400 26% Jan 2734 Jan
Brit
28% 2834
Jan 2833 Feb
200 25
Brockway blot Trk new_ •
10
7% 9% 27,900
Feb
7% Jan
Brooklyn City RR
934
198 235
100 235
1,250 179
Feb
Jan 335
Bucyrus Co. corn
3,400 31
31
Feb 38% Jan
37
Buff Niag & E Pow corn--• 3334
25 2434 24
Jan 24% Jan
24% 2,000 24
Preferred
200 2034 Jan 21% Jan
2034 2033
Burdines, Inc, common_ •
• 4754 4234 47% 9.20
40% Jan 47,4 Feb
Can Dry Ginger Ale
154
Jan
134 Jan
1% 1%
2
400
Gar Ltg & Power, cora_ _25
100
15
12
15
18
Jan
Feb 23
Celluloid Co corn
51
100 55
Jan
Feb 68
330 51
58
Preferred
4,07
82
Jan 95
8533 95
Feb
Central Aguirre Sugar---50 86
Jan 3434 Feb
3434
900 32
Central States Elec new wi • 3434 30
69% 70
Jan
600 6234 Jan 74
Central steel corn. _
100
2 11034 Feb 111% Feb
110% 111%
Preferred
• x2433 23% 24% 9,70
23
Jan 27
Jan
Cent rifacal Pipe Corp
1.•
400 2.5% Feb 2934 Jan
253( 2534
Chand Cleve M corn w
• 463.4 44% 47
10,700 4414 Feb 48% Jan
Preferred w 1
900 42% Jan 43% Jan
Chic Nipple Mfg CI A __SO 4254 4233 4234
600 26% Jan 27
- 50 2654 26% 26%
Cia8.9 B. _
Jan
100 51% Jan 5934 Feb
Chic No S & Milw,com.100 5933 5933 5934
3733 38% 6,300 37% Feb as% Jan
Clues Service COM-- . 20 38
100 8333 83% 8334 2,100 83% Feb 84
Preferred
Jan'
26
Cleveland Automobile corn'
Jan
300 25% Jan so
2633
•
3034 Jan 33% Jan
20
3134 32
Cohn-Hall Marx Co
3
3 61 95,00
Colombian Syndicate....3
334 Jan
Dis Jan
143 143
Commonw-Edison Co_ _100
10 138
Feb
Jan 143
Com'wealth Power Corp ,
• 42
39% -4234 20,100 39
Common
Jan 42% Jan
100 863-4
Jan
Jan ss
1,100 85
8634 87
Preferred
7533 64
1,950 64
Warrants .... _
Feb
Feb 76
76
4354 43
44
Feb
6,000 41% Jan 44
Congress Cigar Cow i.
Jan 50
Feb
50
50
500 42
Connor (John T) Co_ -- _10 50
•
4% Jan
Como! Dairy Products .
5% 5% 1,600
534 Jan
Jan
Con Gas, E 1.&P Ball oom• 5234 5033 52% 8,000 44% Jan 53
Feb
21,900 24% Jan 28
Coruiol Laundries, w I_ .• 273-4 25% 28
534 Jan
6% Feb
200
Consumers Co, cont. _20
6% 6%
Continental Baking.COMA• 12034 118 12133 2,500 11334 Jan 121% Feb
Common B
*
2634 2634 27% 41,200 24% Jan 30% Jan
8'3. preferred .
4,700 97% Jan 101
10 10033 9834 101
0
Feb
1434
14% 1434
Continental Tobacco_ _ _.*
1634 Jan
100 1433 Jan
Copeland Products, Inc
2734 27%
Class A with warrants_
900 27% Jan 27% Jan
Conrianith. Lid
£1
31% 32
400 31% Jan 34% Jan
50
43
43
Jan
Jan 43
Cuneo Press class A
100 43
Curtiss Aeropl dr M,corn _• 2234 2234 23
2334 Jan
1,800 20% Jan
100
Jan
87% 89
Preferred
200 803( Jan 89
934
De Forest Radio Corp. _ _•
934 Jan 10% Jan
934 10
2,300
Jan 4034 Feb
Denver Tram, new prt w l• 4034 3934 4033
700 34
91
Jan 101% Feb
Devoe Sr Ray cl B new.._•
20
100% 10133
Dinkier Hotels Co
24% 25
Class A with purch warr*
1.900 2434 Jan 2534 Jan
Jan
Jan 159
150 15134
140 150
Dixon (Jos) Crucible_ _100
.
Jan
Doehier Die Casting
16% 17%
1.300 13)4 Jan 18
67
Jan 6734 Jan
37
Dominion Stores. Ltd_ _ _ _• 6734 66
67%
Jan
734 Feb 11
Dubilier Condenser Sr Bad'
834
7% 834 17,300
Durant Motors, Inc._ _.• 1234 1134 12% 14,400 1014 Jan 13% Jan
Jan 15% Jan
700 14
15
Dun Co, Class A
15
• 15
•
Jan
Jan 16
300 14
15
Class A v t c.
15
Jan 46% Feb
44
Eastern Rolling Mill, com•
46% 4,900 40
19% 2034 7,200 1714 Jan 20% Jan
Eisenlohr(Otto)Sr Bros 100
600 36% Jan 37% Jan
Eitingon-Sebild Co
• 3614 .3634 3634
Elea Bond & Share, p1100' 1053.4 105341065-4 2.93 104% Jan 10834 Jan
Jan
Jan 88
Elec Bond Sr Share Sec...• 80
79% 8154 16,500 78
Jan 7434 Jan
Elea Investorswithout war. 6834 6814 69,4 11.600 66
10
414 Jan
Jan
Electric By Secure
7,700
834 10
•
834
Electric Refrigeration_...• 8134 80
82% 57,100 78% Jan 90% Jan
37% Jan 39% Jan
60
Emporium Corp w I
* 3734 37% 38
Jan 29% Jan
Engineers Public Fiery corn' 27
2634 2734 11,400 24
Jan 10214 Jan
20C 99
Preferred (full paid) _ .•
100% 101
400 99% Jan 101% Jan
Preferred (60% paid). •
10034 100%
Jan 28
Jan
500 24
Estey-Welte Corp. Cl A..* 27
26
27
Jan 10% Jan
FfiRCOI KAM'S CO. COM.10
8
8% 8% 3,100
831
Ja
1t9
Fajardo Sugar
Feb
63 139
155 169
100 161
Jan 35% Jan
Federal Finance Corp a A•
200 33
3434 3431
Class B
400 1534 Jan 17% Jan
16
1634
•
736
Stocks—
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Per. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Federal Motor Truck _
44
43
45%
1,400 36%
Federated Metals
•
20
2114
400 20
Film Inspection Mach....'
4
514
51
5
300
Firestone T & R 7% Df.100 99
99
9914
450 99
Fisk Rubber let pref. _ _100 86% 84% 8634 3,450 84%
New cony let pref._ _100 113
110% 113
200 112
Foot Bros Gear & Mach_ •
14% 14%
100 14%
Ford Motor Co of Can 100
620 628
110 620
Forhan Co. class A
• 17%
1734 18
1.700 17%
Foundation Co—
Foreign shares Class A • 42% 42
46% 13.000 37
Fox Theatres, Cl A. corn.• 31% 30% 32% 17.200 29%
Franklin (II H) Mfg,corn •
31% 32
1,300 31
100
Preferred
8434 84%
25 82
Freed-Eisemann Radlo_—•
6%
6% 6%
300
634
• 23% 22% 2434 53.000 1714
Freshman (Chas) Co
•
Gamewell Co.corn
5934 59%
50 59
•
Corporation
Garod
4
434
4
4
400
General Baking class A__ _• 72% 72% 75
8.900 71%
• 14% 14% 16
Class B
21,700 14
Fireproofing corn.•
General
5014
50
400 47
Gen Gas & El of Del CIS..
43% 433-4
100 43%
Gen'l lee Crean, Corp _ •
53
54%
900 50%
General Public Fiery w L _ _
1334 14%
110 13%
Georgia Ry & Pow. corn100
1381( 138%
100 138%
German General Electric__
2314 24
400 23
Gillette Safety Razor-- • 113% 108% 11314 9.200 10615
• 147% 147% 159% 12.700 138%
Glen Alden Coal
Goodyear Tire& R,com100 38% 35% 38% 14.000 33
Grand (F W)5-10-25c St.•
71
75
600 71
Grimes Ra & Cam Rec...•
5%
534 6% 7.200
3%
Habirshaw Cable & Wire •
14
14
200 14
Happiness Candy St cl A_•
734
7% 8
2.200
7%
Founders shares
6%
634 7
6
3,000
Havana Elec Utll v t
44
44
200 43%
Preferred
•
68% 60
400 687
%
Hazeltine Corporation...• 16
16
17% 1.400 16
Hellman (Rich). Inc. corn.' 18%
15
18% 1.700 14%
with warrants....• 35% 3414 36
Fret
900 3334
Hercules Powder, pref_100
114% 114%
10 110
Heyden Chemical
2% 2%
2
600
Hires(Chas E) Co—
Class A common
255( 24% 2534 1,800 24%
Hollander(A)&Son,corn.' 3234
32
32%
600 32
Horn & Hardart Co
60
58% 60
600 57%
Hunt Bros Pack Class
25% 25%
100 25%
Industrial Rayon Class A_• 17
16
17% 16,400 16
Insurance Cool No Am..10
62
60
300 60
Intercont Rubber(N J) 100 22% 22% 23% 13.100 lag
Intercont Rub of Del new _• 21
20% 21% 15,400 16%
lot Concrete Ind 0re sh.10
7% 7%
100
7
Internat Projector Corp •
12% 13%
200 12%
International Ry v t C._100 32
31
32
300 31
_ _ 106
International Silver
106 108
150 101
wt.Internat Utilities, Class A'
3714 3714
100 37
•
Class B
73.1.
7% 8
7%
1,800
• 147
Johns-Manville, Inc
14234 152
1.150 14215
Jones(Jos W)Radio Mfg.*
1
1
1
1
1.800
Kelvinator Corporation_ • 82% 78% 83% 1.400 7814
23
Kraft Cheese
8214 83
600 81%
Kroger Grocery &Bak'g_10
128 128
10 128
Land Co of Florida . • 445.1 40% 45% 3.50
40
• 34% 34
Landay Bros. Inc. Cl _.
34%
1.300 3334
Landover Hold'g CorPCIA
31% 29% 31% 1,900 28%
Univ._ _10 10
La Salle Exten
914 13
900
9%
50 117% 11534 119
Lehigh Coal & Nay
4,860 110
Lehigh Power Securities_ _•
New Cons Corp
2034
20
2114 64,300 20
Lehigh Valley Coal Sales.50 82
8134 8314
225 8014
Lehigh Vail Coal etre new.
4014 393.4 4414 25,300 37%
Libby McNeill & Libby 10
934
9
600
8%
Libby Owens SheetGlass 21 184
174 18434
583 171
Liberty Radio Ch Stores. • 800
500 89c
9,000 50c
Marconi Wirel Tel,Lond.E1
5% 5%
300
514
McCall Corn (new)
43
43
100 43
McCord Rod & Mfg v IC..
24%
24
500 23%
• 11834 118 1183-1
McCrory Stores
1.300 110
Mesabi Iron Co
2
2
100
Metro 5& 50c Stores p1100
49
41
5
375 41
Class A
534 55i
53-4
100
Class,B
234
234 234
200
2%
Metropol, Chain Stores • 43
43
44%
700 43
Middle West Uttlities,com • 132
12734 13374 4,200 114%
100 11514 113 11 574
Prior lien stock
770 98
100 10634 10234 108
Preferred.
1,630 97
Midland Steel Products....' 45
45
46
400 44
•
Midvale Co
23% 2314
300 23%
Miller Rubber rom. • 41% 39% 42
8,600 36
Mirror (The), 7% pref_100
10034 100%
200 100%
Mohawk & Bud Pow corn.* 25
23
2631
1.100 23
Mohawk Valley Co
34% 34%
100 34%
Moore Drop Forging clA.• 6534 8534 6534
100 65
Corp
•
Mu-Rad Radio
2
2
apo
134
Music Master Corp
•
2
1% 2% 15,200
134
Nat Casket Co new
55% 5611
600 5534
Nat Elec Power. Claw A.
2534 2514 26
2.800 2214
National Leather
10
434 4%
4
1,000
• 10134 10014 102
Nat Pow & Lt pref
970 100
Nat Pub Ben CIA corn.. •
,
22% 23
800 22
Clam B common.
•
15
1834
900 13%
Nat Sugar Refining_ _100 126
126 126
25 116
Neptune Meter Class A •
25% 25%
100 24%
Nev-Calif Elec. com .100
35% 3534
100 30%
New Mex & Ariz I.and___ I
133.4
1334 1334 6,000 13
N Y Merchandise Co......' 26
2334 26
400 2334
NY Telep ri% *4 pref. _101 11334 113 1133.4
275 11131
N Y Transportation_ ___10 52
50
52
200 50
Nickel Plate corn new w I.
108
108 10974
900 106%
Preferred new w
93% 93%
200 91%
Nlles-Bement-Pondcom100
24% 26% 2,400 19
Nizer Corp, Class B
78
83
9,200 76
N Y Trust interim recta. 8114 75
817.4 3,500 75
Detroit Trust Co Int rcts
81
75
800 75
Northeast Power, w 1
3234 323.4 3554 60.300 32%
Northern Ohio Power Co.• 23
22% 25% 90,300 1534
Nor Ont Lt dt Pr com._10(
6331 60
64
2,400 49
100
Preferred
79
79
20 79
Nor States P Corp corn.101. 127% 12534 128
4,800 125%
10'
Preferred
100% 101
150 100
•
Ohio Brass class B
79
79
100 79
Pacific Steel Boiler
16
1534 16% 6.300 15
render (D) Groo cl AWL'
50
50
300 ao
• 33
Class B w I
32
33
1,000 30
Penn Power & Light pref..'
105% 105%
50 104%
Penns Water & Power 10( 161
1603.4 161
140 160
Philadelphia Elec com..25 62
62
63%
400 54%
Pick (Albert), Barth &
Co pref A
22% 23
200 22%
Pierce, Butler & Pierce—
2434 2414
500 2434
Preferred
10034 10014 101
50 100
Pillsbury Flour Mills___ .50 46
43
48
1,100 37
Pitney Bowes Postage
•
8% 834
Meter Co
834
500
814
Pitts Bess& L E RR.com50
30% 30%
300 30%
5 156% 155 156%
,
Pitts & L E RR.corn
520 155
20 300
305 305
Pittsburgh Plate Glass.100 305
Power Corp of N Y com__• 80% 80% 87% 12,400 79
700 53
Pratt & Lambert. Inc.._ • 57
5514 57
500 142%
Procter & Gamble corn_ _20 157% 149 159
43%
300 42
42
Pro -phy-lac-tle Brush corn'
2.900 51%
57
60
Puget Sound P&L,c0m..100 58
554
tligh.
45%
22
734
100
•88%
113
15%
629
20
55
34%
33
85%
834
24%
59%
7
79%
17%
57
49
56%
14%
180
24
113%
166
38%
85
7
15
8%
7%
44%
69
17%
18%
36
114%
234
26
36%
62%
25%
19%
64
23%
21%
8)4
15%
32
108
39
9%
159
89%
88%
130
47%
36
3134
13
120
22
86%
45%
9%
219
3%
61•5
43
25%
11815
234
49
6
3
49%
135
118
108
48
24%
42
101%
26%
37%
67
214
3%
58%
26%
414
102%
24
17%
129%
25%
4414
17
26
113%
52
113%
9494
27
89%
89%
88%
3614
28%
67%
84%
13814
10114
79%
16%
50%
33
105%
174
67
23
24%
100
48
854
31
16234
310
90%
57
163
4334
8614
Stocks—
[Vor.. 122.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. high. Shares.
Range Since Jan. 1.
Low.
High.
Purity Bakeries Class A_25 41% 41% 41%
300 4134 Jan 42
Jan
Class B
• 37
37
38
900 37
Feb 3914 Jan
Preferred
100
9514 9534
100 95
Jan 9514 Jan
PYrene Manufacturing_ 10 10% 10% 10%
1.000 1034 Jan 10% Jan
Rand-Kardez Bu new w I.• 45
41
48
Jan
41
48
Jan
Rem Noiseless Typew, A • 46% 4534 46% 6.100 44
Jan 52% Jan
600
Preferred Class A_
100
11014 110%
50 1093.4 Jan 113% Jan
Reo Motor Car
lo 2334 23% 24
3.100 23% Jan 25% Jan
Republic Mot Truck v t c •
8% 9
1,500
8% Jan 18% Jan
Richmond Radiator
11314 1714
300 15
Jan
18% Jan
Preferred
10
.
0
38% 38
700 36% Feb 38
Jan
Rickenbacker Motor
•
7%
7% 734 6,200
7% Jan
934 Jan
Royal Bak Powd com__1041 192
192 192
30 190
Jan 213
Jan
Preferred
100 102% 102 10214
100 102
Jan 102% Feb
St Regis I•aper corn
• 78% 7814 84% 3,900 78% Feb 90
Jan
Schulte Retail Stores new w
55
53% 5614 4,100 53% Feb 56% Feb
Schwartz (Bernard) Cig A •
13
13
206 13
Feb
13
Feb
Sears, Roebuck, new corn.' 513% 55% 57% 4,000 55
Jan 57% Jan
Aervel Corporation A
• 28% 2814 28% 8,400 2614 Jan 30% Jan
Sharon Steel Hoop
50 28% 28
28%
200 25
Jan 28% Feb
-tierra Par Eler t:occon_100 2514 25% 25%
500 25
Jan 28% Jan
Silica Gel Corp corn v to- _*
18% 19
Jan 22% Jan
200 18
Singer Manufacturing_ _100
3763,4 378
60 375% Jan 385
Jan
Sleeper Radio v t c.
•
1% 1% 3,300
1% Feb
Jan
Snia Viscose, ord..(200 lire)
1514 15%
Jan
700 15
16
Jan
Sou Calif Edison corn.. _100 136
135 14115
5,450 128
Jan 142
Jan
6% pref. Series B. __100
9814 9834
550 98% Jan 98% Jan
South Dairies Class A—. • 53
5134 53
Jan
3.700 48
Jan
55
Class B
• 37% 35% 37% 28.700 28% Jan 37% Feb
,'eastern Pr & Lt. Com.• 41
41
42% 3.800 40% Jan 46% Jan
Common new w 1
41% 41%
7.100 40% Jan 41% Feb
Preferred
83% 61
6314 2.200 61
Feb 63% Jan
Warrants
1534
15% lag
400 15% Feb 15% Feb
Southern & P Class A..* 27
2514 27
4,500 25% Jan 27
Feb
Southern Ice Utilities A..... 2634
2434 28% 2.200 2434 Jan 2614 Feb
Southwest Bell Tel pref 100
112% 11334
100 11134 Jan 113% Jan
sparks- W Ithingt on Co...* 2614 25
2614
1.700 24% Jan 2814 Jan
Splitdorf Beth Elec Co....' 4214 39% 42% 2,300 38% Jan 43% Jan
Stand Mot Construct _100
2% 2%
234
100
234 Jan
23.4 Jan
Publishing Cl A. _25 1834 1814 18% 4,900
Stand
16% Jan 18% Feb
Stand Textile Prod coin 100
14
14
100 14
Feb
14
Feb
Preferred B
100
28% 2934
300 26% Jan 29% Feb
Strook (S.) & Co, Inc_ •
43% 44%
1.100 40% Jan
44% Feb
Stutz Motor Car
• 35
32% 3534 11.900 29
Jan 3734 Jan
Swift & Co
100 115
114% 115%
350 113
Jan
Swift International
15 22% 2034 22% 9.100 1914 Jan 1153.4 Jan
22% Jan
Tampa Electric Co_ _100
303 310
300 292
Jan 312
Jan
Terre Haute I & E pref _100
36
36
200 31)
Jan
36
Feb
rhernilodyne Radio.
•
1
134 4,600
1
Feb
234 Jan
Thompson (John R) Co.25 45% 4534 45%
400 45% Feb 46% Jan
Thompson(RE)Radio vtc •
334
3% 33
%
100
3% Jan
ag Jan
Timken-Detrolt Axle_..10 10% 1034 1034
9% Jan 11% Jan
1.400
rob Prod Exports Corp. •
434
4% 4%
1,100
4% Jan
434 Jan
Todd Shipyards Corn
•
30
31%
300 29
Jan 31% Feb
Tower Manufacturing...5
og og
400
Jan
7
934 Jan
Trans
-Lux Day Pict Screen
Class A com
• 1214
12
121 22.100 12
%
Jan
14
Jan
1134
10% 11%
3.200
8% Jan
11% Feb
10
Truscon Steel
25
25%
400 25
Feb 30% Jan
['tibiae Arttl Silk Cl B __• 229
225 233%
310 215
Jan 240
Jan
Tung Sol Lamp Works...•
Opt
9% 10
1,500
814 Jan
10% Jan
Class A,
• 20% 19% 20% 6.100 19% Feb
Union Carbide 6: Carbon.' 82% 80% 85% 30.500 77% Jan 20% Jan
85% Feb
United Elec Coal Co. V t c• 42
38
43
2,100 35
Jan 43
Feb
• 63% 63% 64%
United 0& E corn
7.700 56% Jan 68
Jan
•
Trust certificates
63% 64
900
Jan
United Gas Improvem't_50 135% 131% 13814 21.300 56% Jan 64% Jan
United Lt & Pow corn A • 136% 136 139% 11,700 118% Jan 144% Jan
12514
143% Jan
United Profit Sharing
I
13
14
900 11
Jan 14% Jan
United Shoe Mach'y corn 25
4914 49%
400 48% Jan 4934 Jan
U S Dairy Products cl A.•
3834 35%
200 35% Jan
41
Jan
•
Class B
20% 2014
200 20
Jan 22% Jan
U S Gypsum, corn
20
156 156
10 148
Jan 158
Jan
US Light & Heat corn.. _10
19
19%
200 18% Jan 22% Jan
Preferred
10
6% 6%
5% Jan
800
814 Jan
S Rubber Reclaiming_• 20
17% 21% 5,100 14% Jan
2134 Feb
Universal Pictures
•
37
37
100 37
Feb 37
Feb
Utah Power & Lt prof...100
100 100
50 100
Feb 101% Jan
Utilities Power & Lt B._ _• 1634
15% 1834
1,900 1534 Jan
17% Jan
Utility Share Corp w I.....' 13
12% 1414 3.600 1034 Jan
1414 Feb
Option warrants
4% 6
63-4
23,400
2% Jan
6
Feb
Vick Chemical Co
• 52% 50
52% 9,400 41% Jan 52% Feb
Victor Talking Machine100 90% 9014 9134
700 87% Jan 96% Jan
Ware Radio Corp .
• 52e
52c
1
5,600
520 Jan
1% Jan
Warner Bros Pictures.. •
1034 1054
100
14% Jan
934 Jan
Warner Outman Co w 1 • 29
2734 29
4.200 24% Jan 29
Feb
Wayne Coal
5
100 100
1.000 10c Feb
110
Jan
Western Auto BuDrdy
-• 27
26% 2711
1,100 28
Jan 28
Jan
Western Power pref.
98% 99
230 96
Jan 99
Jan
White Sewing Mach, pref.' 50
50
50% 3,300 50
Jan 5014 Jan
Wilson & Co (new) WI....
13% 12% 1414 2,700 12% Feb
14% Feb
• 29%
. Class A
2834 29%
1,000 28% Jan 30% Jan
Preferred
68% 70
1,200 68% Feb 7314 Jan
Woodward Iron corn__ _WO
82
82
10 77
Jan 82
Jan
Yellow Taxi Corp, N Y_ •
10% 1234
1,000 1034 Feb 13
Jan
Rights
Horn & Hardart
Mohawk & Hudson Power_
Red Bank Oil
Former Standard 011
Subsidiaries.
Anglo-Amer Oil (sot sh)
Non-voting shares . _El
Non-vot abs ctfs dep...£1
Borne Scrymser & Co__100
Buckeye Pipe Line
5t
20
Chesebrough Mfg
Continental Oil v t e _II
Cumberland Pipe Line..100
Eureka Pipe Line
100
Galena-Sign:414111, corn. II'
New preferred
100
Old preferred
100
Humble Oil & Refining _23
Illinois Pipe Line
104
•
Imperial 011 (Can)
Indiana Pipe Line
54
National Transit___ _12 5(
New York Transit
104
Northern Pipe Line_ __1(14
Ohio Oil
25
Penn Alex Fuel
25
Prairie Oil & Gas
25
Prairie Pipe Line
104
Solar Refining
100
South Penn 011
10(
Newwi
26
Southern Pipe Line_ _ _100
So West Pa Pipe Lines_100
Standard Oil Calif new co..
Standard Oil (Indiana)...23
Standard 011 (Kansas)_ .23
Standard 011(Ky)
25
Standard Oil(Neb) _ _10(
Standard 011 of N Y..._25
Standard 011 (0) corn. _101
Preferred
100
Swan &Finch
100
Vacuum Oil
25
16c
75c
Sc
18%
17%
5714
24
134
60
31
88
9534
9614
135
36%
65
19
41%
80
65
18
58%
205
181
45%
6734
6771
3334
127
24914
36%
353
11634
105%
820
75c
Sc
1
750
Sc
18
18%
17% 17%
17% 1734
230 230
56% 57%
69
70
2334 2434
133 1.35
60
61
30
32
88
90
9534 96
94
9814
135 139
36% 37%
61% 65
19
19%
39
43%
72
80%
6434 66%
18% 10%
58
60%
125 12514
205 210
174 183
45
46
63%
62
53
53%
5534 58%
65% 69
33% 34%
127 12934
248 254
35% 3834
348 355
116% 11834
20
20
10434 107%
15,300
400
1,000
50c
75c
5c
Jan
Feb
Feb
134
75o
Sc
Jan
Feb
Feb
1,700
400
100
20
450
300
29,400
70
300
300
110
80
19,300
300
11,200
550
1.700
250
800
2.300
1,700
31,500
800
70
660
900
500
100
85,000
71,300
2,200
1,100
170
18,000
270
70
151
7,400
18
17%
17%
228
5514
65
23%
132
60
28
88
92%
88%
135
35
58
18
39
70%
61%
16%
55
123%
202
174
44%
61%
53
54%
6514
32%
125%
23931
35
33914
118%
20
103%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
19%
18%
17%
232
59%
71
25%
137
6334
32%
00%
97%
99%
142
38%
65
20%
ao
80%
6734
23
60%
127
212
197
50
66%
5414
5834
7034
36%
134%
254
47%
362
118%
23
109%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
1
FEB.6 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Other Oil Stocks PCIT Price. Low. High. Shares
Amer Contr 011 Fields_ _ 5
6
5%
Amer Maracaibo Co
• 10% 10%
Atlantic Lobos 011 corn..
2
Preferred
454
4
Beacon 011 CO
• 1844
18%
Cardinal Petroleum Corp10
254
134
Carib Syndicate
1414
14%
Consol Royalties
1
9
9
Creole Syndicate
5 14% 14%
Crown Cent Petrol Corp.•
554
5%
Derby Oil& Refg corn. •
254
Euclid Oil
1
244
1%
7
Gibson Oil Corp
1
554
5%
Gilliland 011, corn, v t
•
1%
144
Glenrock 011
10
150
Gulf 011 Corp of Pa
25 90% 90%
Honolulu Cons 011
1
33.4
3%
International Petroleum_ • 3444 3334
Kirby Petroleum
•
3
Lago 011 & Tr Corp cl A..* 25% 23%
Lago Petroleum Corp_ _
13
11%
Leonard 011 Developm't_25 10% 10%
Lion Oil & Refining
• 2444 24
Livingston Petroleum_
•
1
25
Lone Star Gas
55%
Margay 011 Corporation_ _•
1%
Mexican Panuco 011
-10
514
444
Mexico 011 Corp
10
10c
Mountain Producers_ _ .10 24% 24%
100 155
National Fuel Gas
144
5
New Bradford Oil
634
631
New York Oil
25 14
1344
Noble Oil & Gas corn„--1
8c
70
North Central Tea 011_ •
• 10%
25
Ohio Fuel Corp
35
Peer 011 Corp
•
254
2%
Pennock Oil Corp
• 22% 21%
25
Red Bank Oil
19%
Reiter-Foster 011 Corp.... 23
17
Royal-Can Oil Syndicate-.
360
Ryan Como!Petroleum_ _•
6%
651
Salt Creek Consol Oil_ ...10 10
944
Salt Creek Producers.. .10 3211 3244
Savoy Oil
5
1%
1%
Tidal Osage Oil vot atk _
10
10
Venezuelan Petroleum.._5
614
6
Wilcox Oil& Gas new _ _ _ _• 2544 25%
Wocolley Petroleum Co_ •
5%
"Y" Oil & Gas
1
Sc
Range Since Jan, 1.
Lon.
6
7.390
5
1415 31,400
8
214
2
500
454
341
700
18% 7.500 1844
1
2% 18.600
227 256.400 10
%
914
1.000
854
1514 13.100 14
541 3.000
511
100
2%
2%
244 9.600
5% 10.500
5
1% 2.70
1%
1,000 lbc
15c
92
86%
4.90
3%
354 1,000
3454 25,400 32
3%
2%
1.100
2554 154,000 21
13
30,800 10%
11% 44.600
944
24%
400 24
144
400 800
100 52
55%
1%
600
1%
5% 42.900
334
12c
12,000 100
25
8,000 23%
155
220 135
634 12,800
6
14%
700 11%
8c 11,000
70
1114
4,400 1041
35%
400 34%
2% 38.000 23.4
22%
2,200 20%
21%
2.300 1744
24% 32.900 14%
50c 15.000 320
6%
6%
1.300
10
9
9.400
33% 12,000 31%
1%
1,200
154
10
300
7% 98.700
444
2554 1,800 25
5%
5%
200
8c
Sc
3.000
high.
Jan
6%
Jan 1444
Jan
214
Jan
454
Feb 19%
Jan
2%
Jan 22%
Jan
9%
Jan
1541
Jan
7%
Jan
3
Jan
2%
Jan
634
Jan
2
Feb
15c
Jan 93
Jan
3%
Jan 3744
Jan
3%
Jan 25%
Jan
13
Jan 1144
Jan 2534
Jan
144
Jan 56
Jan
144
Jan
5%
Jan 120
Jan 26
Jan 155
Jan
641
Jan 17
Jan
90
Jan
1234
Jan 36
Jan
244
Jan 22%
Jan 20%
Jan 24%
Jan 660
Jan
7%
Jan
10
Jan 36
Feb
1%
Jan
10
Jan
7%
Jan 27%
Jan
6
Jan
60
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Mining Stocks
Arizona Globe Copper_ _ _1
140 140
Jan 15c
3,000 11c
Jan
Calaveras Copper
1
334
354 Jan
4
34 334 1,700
Jan
Calumet,& Jerome COP--1 14c
Ile 15c
Jan
lbc Feb
9,000 10c
Chino Extension
1
bc
Jan
30
2,200
6c
6c Feb
Consol Copper Mines. _ _ 1
% 2,20
144 17
1% Jan
2% Jan
Cone M & Smelt of Can_25 22014 220 220%
18 181
Jan 220% Feb
Copper Range Co
18
18
10
Jan
17% Jan 20
Cortez Silver Mass Co_ -1
6c
6c
1.000
13c
Jan
Jan
13c
7c
Cresson Cons Gold M & M _1
214 2%
300
234 Jan
254 Jan
Crown King Cons Mines.1
600 88c
4,100 50c
Jan
154 Jan
Divide Extension
1
50
Sc
7,00
4c
Jan
Jan
50
Dolores Esperanza Corp 2
70c 75c
1,30
55o
Jan 84c
Jan
Engineer Gold Mines,Ltd.5 13% 12
13%
1.10
12
Jan 1644 Jan
Eureka Omelets
1
bc
be
6c 25,000
50
Jan
Jan
7c
First Nat Copper
25c . 25c 25c
1.000 25c Feb 25c Feb
First Thought Gold Min_ _1
9c
8c
10c 44,000
Co
Jan
Jan
10c
Forty-Nine Mining
1
60
(3c
60
1,000
Sc
Jan
80
Jan
Golden Centre Mines._ 5
2
144 2
3,100
141 Jan
2% Jan
Golden State Mining...10c
2c
2c
4,00
2c
Jan
So
Jan
Goldfield Consol Mines_ 1
40
Sc
8.000
Sc
Jan
So
Jan
Goldfield Florence
1
Ilc 11c 11.000
9c
Jan
12c
Jan
Hawthorne Mines, Inc__ _1
29c
19c 32c 198.200 17c
Jan 32o
Feb
25c 18
Hecla Mining
17% 18
1.300 1744 Jan 18
Jan
Hollinger Consol G M. 5
19
1,60
1954
1741 Jan 19% Jan
Jerome Verde Develop_50c
1%
111 1% 1.30
910
Jan
Jan
1
134
Kay Copper Co
1% 1% 76,400
154 Jan
154 Jan
5
Kerr Lake
1%
141 1% 11,30
1
Jan
154 Feb
Kirkland Lake Gold Min_l
1% 1%
30
95c
Jan
1% Feb
2%
Mason Valley Mines
5
2
2% 2,700
1% Jan
244 Feb
Corp _ _ _ _50c
6c
National Tin
6c
8c
1,000
(3c
Jan
3c
Jan
New Cornelia Copper_ _ _ _5 20% 20% 2054
300 1944 Jon 20% Jan
100 203
New Jersey Zinc
202% 204
130 202% Fe 210
Jan
Newmont Mining CorP_10
53
2,100 46% Jan 55
55
Feb
5
Nipissing Mines
654 7
4.200
644 Jan
744 Jan
* 18
Noranda Mines Ltd
16
1814 20.800 13% Jan
18% Feb
1 68c
Ohio Copper
65c 69c
4,900 61c
Jan 75c
Jan
Farman Porcupine Min _ _1
30o 35c 11,000 25c
Jan 35c Feb
2he
Premier Gold Min, Ltd._1
2311 231
7,300
244 Jan
234 Jan
1
Red Warrior Mining
21c 21c
4,000 20c
Jan 23c
Jan
4
South Amer Gold & Plat. _1
37
% 4
9,100
3% Feb
4% Jan
2c
Spearhead Gold Mining_.1
20
Sc 71.000
2c
Feb
bc
Jan
...1
Standard Silver-Lead.
12c
12c
1.000
70
Jan
12c
Jan
1
3111,
Teck Hughes
3% 3% 19,200
2171a Jan
354 Feb
351
Tonopah Belmont Devel_l
3% 4
5,300
2% Jan
454 Jan
1 60c
Tonopah Extension
60c
1.316 40.700 600 Feb
111 Jan
1
634
Tonopah Mining
5% 6%
1.800
5
Jan
634 Jan
50c
United Verde Extens
2834 2934
1.500 27% Jan 29% Feb
5 1134
Apex
Utah
8% 1144 70.700
641 Jan
11
Feb
Wenden Copper Mining _ _1
355
3% 3% 12.500
3% Jan
341 Jan
.5
West End Consolidated.
24c 24c
1.000 20c
Jan 25e
Jan
_1
Min
4c
West End Exten
40
4c
1,000
3c Nov 17c
Jan
5
Yukon Gold Co
b0c 50c
300 50c
Jan
740
Jan
Bonds
Allied Pack, deb 8a...1939
1939
Debenture 6s
Aluminum Co of Am 781933
Amer G & E deb 6s _ _2014
American Power & Light
13S old without warr_2018
Amer Rolling MI1168_1938
American Thread 68..1928
Amer W Wks & El 6s-1975
Anaconda Cop Mln 63_1920
Andian Nat Corp 65-1940
Without warrants
Assoc Gas & Elea (is-1955
Assoc'd Simmons Hardware
1933
64s
1949
Atlantic Fruit 85
AtlU&W 188 L55..195°
Bait & Ohio RR 55-.2000
Beaver Board Co 85.-1933
Bell Telep of Can 55.-1955
Beth Steel equIP 7s--1935
Boston & Maine RR 651933
Brunner Turb & Eq 7448'55
Buffalo Gen Elea 58--1956
Canadian Nat Rye 78_1935
.1026
Chic RI & Pao 5345.
1966
Cities Service 6s
New w 1
Cities Fiery 7s, Ser B__1966
Cities'Sent 7s, Ser C...1966
.1966
Cities Piero 7s, Ser D.
1966
88 Series E
Cities Seri, Pr & It 65_1944
Consol Textile 85
1941
86
8754 819.000 86
76
76
77
15.000 75
106% 106% 107
8.000 106%
99% 9834 9954 277.000 98
97
96% 97% 209,000 96
10134 102% 20.000 101
102% 10254 4,000 102%
94
9354 9414 86,000 93%
10311 103% 23,000 102%
143 143
1.000 143
100
9941 100
13,000 99%
94% 94
94% 67,000 94
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
98
102%
103%
941.4
103%
148%
100%
9514
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
95%
30
7244
95%
94
100%
104%
9515
9551
100%
11034
10034
9314
9314
178
12555
10141
109
94%
90%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
98
3344
7o
95%
95
100%
10434
96
9754
100%
110%
100%
93%
93%
180
127
102
109%
94%
9054
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
9534 9514 49,000
29
31 126.000
7254 75
49,000
9555 95% 42,000
94
9434 9.000
100 100% 72.000
104 10454 33.000
95
9514 33.000
9531 9554 5,000
10051 100% 197.000
110% 110% 31,000
10044 100% 5.000
93
93% 109,000
9331 93% 16.000
178 180
5,000
12554 127 105.000
101% 102
63.000
109 109%
7,000
94
94% 107,000
90% 29,000
88
95
20
72%
9514
94
9941
10341
9454
95%
9941
110
10044
9244
9341
178
125%
101%
109
93%
85
Feb 89
Jan
Jan 80
Jan
Jan 107
Feb
Jan 99% Jan
Bonds (Concluded)
Cons Cl, E L & P. Banns. Series A
1949
544s Series E
1952
1965
55. Series F
Cosg-Meeh Coal 640_1954
Crown-Willam Pap 68_1951
Cuban Telep 734s_ _ _1941
Cudahy Pack deb 5445.1937
ba
1046
Hetrolt City Gas 65..1947
Detroit Edison 7s.._1930
Eltingon-Schild Co 68.1935
Elec Refrigeration 69_1936
Est RR of France 75. _1954
Europ'n Mfg & Inv 7345'50
1933
Federal Sugar 65
Fisk Rubber 53.48...1931
Florida Pow & Lt 58_1954
Gail (Robert) Co 75..1937
.
Galena Signal Oil 78.. 1930
General Petroleum 68_1928
Aug 15 1940
1st 55
German Gen Elea 630.1940
Goodyear T & R 5$_..1928
Grand Trunk Ry 6445_1936
Great Cons Elec 6348_1950
1937
Gulf Oil of Pa 55
1928
Serial 5148
Hamburg Elec Co 78. _1935
1936
Hood Rubber 7s
Inland Steel deb 5543_1945
Kansas City Term 48_1960
Krupp (Fried), Ltd, 781929
Laclede Gas L 51413_ _ -1935
Lehigh Pow Secur Cs. _2026
Leonhard Tietz Inc 744E1'46
with stock purch warr'ts
Libby, McN At Lib 7s_1931
Long Island Ltg Co 65_1945
Manitoba Power 7s_ _ _1941
Maas Gas Cos 5348___1940
M SIP &55 M Ry ba_1938
Morris & Co 7 %Et__ .19 to
Nat Dist Prod 6%5...1945
Nor States Pow 6348..i1433
1933
834s gold notes
Ohio Power 5$ Ser B _ _1952
Pan Amer Petrollis w 11940
Penn-Ohio Edison 66..1950
Penn Pow & Light 5s. _ 1952
1953
55 Series D
1960
5s
Philadelphia Elan 5543.1947
1941
6s
Phila Rapid Transit 651062
1933
Pure 011 Co 614s
Rand-Kardex Bur 5145 '31
Rhine-Main-Danube Corp
1950
78 Series "A"
Rhine-Westphal El P 7s'50
Sauda Falls Co 5a__ _1955
Schulte RE Co 6s _ _1935
13s without comstock1935
Siemans & Halske 7s_ _1928
.1935
.....
78
Sloss-Shett Steel & I 631929
receipts
Purchase
1934
Solvay & Cie 65
Southeast P & L 6s_ -2025
With 10 warrants
With 20 warrants
Without warrants
Sou Calif Edison 55___1944
Stand 011 of N Y 6548.1933
Stutz Motor of Am 7148'37
1939
Sun 011 5445
Swift & Co 55_ _Oct 15 1932
Thyssen (Aug) I&S 78 1930
Tidal-Osage Oil 75_ _ _1931
Trans-Continental 0117830
Trumbull Steel 65 ..1940
United Elec Westph Power
Corp (GermanY) 6448'50
United Oil Producers 8s '31
United Rye of Hay 744838
U S Rub Ser 11%s _ _1926
Serial 834%notes _ _1927
Serial 644% notes _ _1928
Serial 654% notes _ _1929
Serial 634% notes _ _1930
Serial 644% notes _1931
Serial 634% notes-1932
Serial 644% notes
-1933
Serial 644% notes_ _1934
Serial 614% notes_ _1935
Serial 654% notes_1936
Serial 614% notes _ _1937
Serial 614% notes _ _1938
Serial 634% notes _ _1939
.
Serial 6547,, notes _1940
U El Smelt & Ref 550_1935
1936
Vacuum 01175
Walworth Co 654s _ ._1935
1945
65
Webster Mills 854s. 1933
White Sewing Mach 8s 1936
737
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. high. Week.
Range Since Jan. I.
Low.
high.
10534 10534 107
3.000
105 105
5.000
100% 101
8.000
95
95
9.000
99
994( 24.000
10954 109 10944
7.000
9441 9414 9551 31.000
95% 954( 2.000
106
10534 108
23.000
138% 13744 138% 15.000
98% 9834 9814 9.000
10514 105 106% 118.000
83% 8244 83% 89.000
94% 94
9444 18.000
96
95
96
10.000
98% 9811 21.000
9354 9314 93% 12.000
10334 10414 17.000
102% 103
4,000
10154 101% 101 % 13.000
7
9414 94
94% 109.000
97% 96
9745 365.000
98% 98
98% 298,000
108 109
4.000
86
85% 86
58.000
100 101
16.000
101% 10134
2.000
9551 9511 95% 66.000
1043( 10441
1.000
9834 9834 98% 41.000
85% 85% 4.000
9334 92
93% 53.000
9915 98% 9941 43.000
9514 95% 9541 38.000
105%
105
100
95
99
10844
92%
9414
10451
13414
98%
104%
8154
9254
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
98%
93%
10314
102
101%
9344
93%
98
107%
85%
99%
10044
94
10414
98%
84%
9014
98
95%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
107
105347 Jan
101
Feb
96% Jan
991( Feb
109
Feb
9541 Jan
9544 Feb
106
Feb
13854 Feb
9841 Jan
107
Jan
8334 Feb
94% Jan
96
Feb
9841 Jan
934( Jan
104% Feb
103
Jan
102% Jan
94% Feb
97% Feb
9914 Jan
10934 Jan
Jan
86
101
Feb
101% Jan
95% Feb
104% Jan
984( Jan
8541 Jan
9344 Feb
99% Feb
9541 Feb
9744 9714 9714 10.000
1043-4 104% 105
9.000
100% 10044 2.000
105
10434 105
10.000
101
100% 101
144.000
98% 9844 98% 40.000
104% 105
9,000
99
99
32.000
12454 123 125
62.000
10354 1(.354 10354 13.000
9434 9414 95
58,000
10334 101% 103% 228.000
10415 104% 10514 61.000
9835 98% 98% 34.000
98% 9814 11.000
102% 102%
1,000
107% 1074( 5.000
107 107%
3.000
98% 99% 37.000
10314 103 10345 33.000
11015 10744 110% 102,000
97
10444
100
10334
9944
98
10444
99
123
103
94
101%
98%
98
98
101%
106%
106
9714
102%
107
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9734
105
101%
105%
101
98%
105
99
131
104%
95
10414
106
99
99
102%
10744
107%
90%
103%
115
9774
94%
9714
85%
98%
9451
102%
104
94)4
9434
9441
97
85
98
94
102
10214
10314
98
9434
95
9714
85%
98%
9441
10254
102%
104
129.000 94
Jan 98
Feb
130.000 93% Jan 95
Jan
11.000 9444 Jan 95% Jan
40.000 97
Jan 9814 Jan
31.000 85
Jan 86% Jan
45,000 96% Jan 9934 Jan
14.600 94
Jan 95% Jan
11.000 102
Jan 102% Jan
1.000 102% Jan 102% Jan
14,000 10334 Jan 104
Feb
106% 106% 107% 115,000
122% 12274 12344 17.000
91% 915-4 9134 224.000
97% 98
8.000
10614 106% 10641 10.000
117% 116 117% 49.000
99% 99
9914 59.000
97% 98 155,000
98
9444 94
9414 58.000
104 104% 9.000
95
96
10.000
96% 96
96% 258,000
86
38
10034
10254
102
10234
102
102
102
101
10441
9934
8544 8634
3434 38
110 110
100 10014
10134 10154
10244 10214
10244 10254
10154 10244
10154 10214
1013-1 102)4
102 102
101 % 10244
3
3
1014 10234
10154 10256
101% 10214
102 10244
102 1023-4
102 10254
100% 101
10434 10444
95
9541
9441 9441
9934 101
97
9741
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
47,000
25,000
2.000
12.000
1,000
4.000
13.000
8,000
14,000
9.000
1.000
9.000
16.000
17.000
6.000
8.000
9.000
18.000
19,000
137,000
6.000
7,000
5.000
56,000
10314
115
91%
96%
10641
111
97%
96%
93
103%
94
9541
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108% Jan
124% Jan
9151 Jan
98
Feb
102% Jan
120
Jan
99% Jan
Jan
98
95
Jan
105
Jan
98
Jan
96% Feb
85
30%
109%
100
101%
102
102
101%
10114
10144
1013(
101%
10144
10144
101%
10134
10114
101%
100
10454
95
9444
9941
97
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8644
38
110
10014
102%
102%
10234
102%
102%
102%
102%
102%
102%
102%
1024(
102
10244
102%
101
10441
97
97
101
99
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Foreign Government
and Municipalities.
Baden (Germany) 75_ _1951
93% 93%
2,000 93% Jan 9341 Jan
Buenos Alres(Prov)714s'47 100% 100 10051 316.000 9944 Jan 100% Feb
Cologne (City) 8448_1950 8634 85
8844 133,000 85
Jan 88% Feb
Columbia (Rep of) Dept of
Antioquia 7s
1945
90
9014 39.000 oo
Jan 9041 Jan
Danish Cons Mimic 5145'55 98%
9814 98% 17.000 9811 Jan 99
Jan
Denmark(Kg)5545 _1955 9914 98% 99% 136.000 98% Jan 99% Jan
Urn 100% 100% 101
68
15.000 99% Jan 101% Jan
Dresden (City) 7s
1945 92% 92
94 212,000 92
Jan 94
Jan
French Nat Ma9887a 1944 8154 8014 8151 60.000 78% Jan 8141 Feb
Gratz (City) Austria 85 '54 97
97
Jan 98
97
2,000 96
Jan
Heidelberg (City) 73451950 9814 08% 9815
,
1,000 98% Jan 9844 Jan
Hungarian Cons Mun
Loan 7145_ _
_ _ 1945 8741 86% 8751 69.000 8641 Jan 8814 Jan
Indust Mtge Bk of Finland
9844 99
let M coil s f 7s. _ _ _1944 99
42,000 9644 Jan 99
Jan
Medellin (Colom) 88 1948 9834 9844 98% 7,000 98
Jan 9834 Jan
10844 10814 5,000 108
Jan 10841 Jan
Nether'ds (Kingd) 6s B '72
-Rhinelbe Union 7s._ _ _1946
94% 52,000 94
Jan 94% Jan
With stk numb warrants 94% 94
17
17% 30.000 15% Jan
Russian Govt.634s- --1911
1714 Feb
1634 17
1919 17
91,000 1434 Jan
17
Feb
6348 certlfs
17
17
1921
4,000 14% Jan
1714
1734 Jan
5445
17
1614 17
2.000 1454 Jan
17
534s certificates_ _ _1921
Feb
SantaFo(Argentina)7s 1912
93
93% 43.000 9241 Jan 9344 Jan
95
Sarre Basin con 7s....1935
Jan 9644 Feb
96% 20,000 94
Saxon State Mtge Inv 75'45 9344 93% 94
21.000 93% Jan 94
Feb
Switzerland Govt 514s 1929 102% 102% 102% 77.000 101% Jan 102% Jan
tipper Attiatria (Provi 7545
90% 90
90% 7,000 oo
Jan 91
Jan
Listed on the Stink Exchange this week, where
• No par value. k Correction.
transactions will be found. o New stock. s Option sale. o Ex cash and
additional
stock dividends w When issued. z Ex-dividend.
Ex-rights.
Ex-stock div.
738
putestuunt and
gailtaad itxtelliguct
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth week
of January. The table covers 4 roads and shows 0.47%
increase over the same week last year.
Fourth Week of January.
1926.
1925.
$
$
$
Buffalo Rochester & Pittsburgh_
525,504
437,075
4,091,000 3,941,000
Canadian Pacific
314,258
380,265
Minneapolis & St Louis
2,376,575 2,584,055
-San Francisco
5t Louis
Increase. Decrease.
$
-Grossfrom Railway- -Neifrom Railway- -Net after Taxes
1924.
1925.
1925.
1925.
1924.
1924.
$
$
Ches. & Ohio Lines
December._10.747,927 9,189,355 3,525,522 1,927,305 2,288,162 1.333,790
From Jan 1123184.103 109140.688 34,202,684 25,084,004 27,390,394 20,163,137
Chicago & East Illinois
319,728
December.. 2,638,344 2,427,271
410,459
546.772
456.700
From Jan 1_26.574,508 26,068,788 4,490.898 3,615,532 3,084,256 2,155,917
Chicago, Great Western
December.. 2,068,589 2,050,522
393,427
354,419
463.354
501,657
From Jan 1_24,502,760 24,726.678 4,690,042 4,488,267 3,685,931 3.538,480
66,007
207,480 Chicago, Ind & Louisville
December.. 1,545,876 1,405,538
318,510. 260,738
399,714
339,578
7,307,337 7,342,395 238,429 273,487
Total (4 roads)
From Jan 1_17,686,040 17,044,000 4,816,846 4,575,259 3,920,363 3,636,920
35.058 Chic, Peoria & St Louis
Net decrease (0.47%)
-1,850
December..
98,086
-1,622
108,597
764
3,040
In the table which follows we also complete our summary
10,771
From Jan 1_ 1,064 577 1,300,335
-2,503
31,825
58,738
of the earnings for the third week of January:
Chicago R I dr Pacific
December_ _10,665,892 10,401,442 2,948,454 2,816,168 2,224,134 2,327,954
From Jan 1_124398673 124187,093 28.156,976 27,622,601 21,331,684 21,149,379
Third Week of January.
1925.
Increase. Decrease.
1926.
Chicago R. I & Gulf
December.. 608,251
245,977
632,944
175,411
215,196
258,889
$
$
$
$
From Jan 1_ 6,284,573 6,692,418 1.756,782 2,051,364 1,448,261 1,896.777
Previously reported (12 roads)_ 16,216,047 15,039,481 1,252,679
76,113
California & Oregon__
Nevada,
5,330
4,013
1,317
Chicago St Paul Minn & 0
669,214
Texas & Pacific
632,287
36,927
342,856
December.. 2,200,962 2,251,503
279,227
399,293
461,393
424,151
Western Maryland
400,343
23,808
From Jan 1_26,850,133 27,915,736 5,369,425 5,725,912 3,798,093 4,096,901
Colorado & Southern
Total (15 roads)
17,314,742 16,076,124 1.314,731
76,113
December.. 1,119,535 1,134,845
207,657
280,710
204,290
282.359
Net Increase (7.71%)
1.255.618
From Janl _12,365,588 12,866,948 2,649,713 2,727,461 1,865,598 1,960,038
Ft Worth & Denver City
In the following we show the weekly earnings for a number
December.. 1,217,026 1,307,622
634,340
552.221
450,112
662,151
From Jan 1_11,504,381 11,170,306 4,349,350 4,470,950 3,645,238 3,838,129
of weeks past:
Trinity & Brazos Valley
December.. 296,581
561,161
245,521
61,251
53,534
257,149
Current
Previous
Increase or
From Jan 1_ 2,651,720 2,665,372
32,906
174,049
266,668 -61,714
Week.
Year.
Year.
Decrease.
%
Wichita Valley
December.. 230,744
225,797
$
$
140,523
108,048
129,194
122,663
From Jan 1_ 1,784,185 1,909,477
16 week Nov.(16 roads)-- 22,569.751 20,8.17.118 +1,732,633 8.32
856,220
904,463
978,152
790,948
4th week Nov.
(16 roads)---- 27,051,922 24,351,216 +2,700,706 11.12 Columbus & GreensvIllelet week Dec. {16 roads)--- 21,257,393 19.782.037 +1.475,356 7.46
December_ _
183,133
141,905
54,495
-2,906
-2.389
36,286
2d week Dec. 16 roadl---- 21.115.174 18.890.134 +2.225.040 11.78
From Jan 1_ 1,733,480 1,640,836
271,120
174,937
191,570
232,089
3d week Dec. 15 roads ____ 21,370,089 18.249,323 +3320.766 17.10
Grande
4th week Dec. (14 roads ____ 19,905.020 17,955,644 +1,949.376 10.91 Denver & Rio 2,920,655 2,731,894
December..
973,652 -197,390
635,347 -422,285
let week Jan. (15 roads)____ 16.483,387 15.221,149 +1,262,238 8.29
From Jan 1_33,629,464 33,011,558 8,835,215 4,420,101 6,511,738 2.423,929
2d week Jan. (15 roads)____ 16,801,718 15.778,084 +1,023,634 6.50
3d week Jan. (15 reads)___ 17,314,742 16,076,124 +1,238,618 7.71 Denver & Salt Lake
December __
310,995
479,600
157,959 -50,128
186,271 -55,301
4th week Jan. (4 reads)..-- 7.307,337 7,342.395
-35,058 0.47
From Jan 1_ 3,889,321 3,350,614
767,983
118,217
697,064
14,030
We also give the following comparisons of the monthly Detroit & Mackinac
December._
111,360
109.538
19,626
-3,262
8,487 -13,416
totals of railroad earnings, both gross and net (the net before
From Jan L. 1,697,184 1,925,509
189,312
323,914
66,890
196,567
the deduction of taxes), these being very comprehensive. Detroit Terminal
137,585
December._
181,401
7,888
1,370
1,468
-6,586
They include all the Class A roads in the country, with a total
774,288
587,507
From Jan 1_ 2,522,006 2,269,353
526,631
366,867
mileage each month as stated in the footnote to the table.
Detroit Toledo & Ironton
924,054
446,434
195,623
December. 1,233,627
386,235
136,264
From Jan L13,911,371 11,995,758 5,483.958 4,373,140 4,890,078 3,930,159
Gross Earn(ngs.
Net Earnings.
Monts
Det & Tel Shore Line
Increase or
Increase or
323,790
267.371
132,539
December.. 474,031
230,290
111,064
1924.
Decrease.
1925
1925.
1924.
Decrease.
From Jan 1_ 4,273,743 3,450,167 2,147,528 1,512,297 1,855,100 1,234,449
Duluth & Iron Range
8
$
$
i
$
5
December._
77,917
99,666 -270,976 -267,178 -312,927 -271,396
Ian_ 483.195.642 467,329,225 +15.866.417 101,022.458 83.080,754 +17,341.704
From Jan 1_ 6,812,654 5,960,969 2,102,711 1,063,365 1,674,815
254,380
Feb__ 454,009,669 478,451,607 -24,441,938 99.460.389 104,441,895 -4,981,506
Dul Missabe & Northern
War__ 485,498,143 504,362.976 -18,864.833 109.230.086 114.677.751 -5,447.665
December._ 123,620
101,584 -447,516 -455,834 -514,217 -478,832
Apr __ 472,591,665 474,287,768 -1,696.103 195.861.475 97,471,685 +5,389,790
From Jan 1.
May _ 487,684,385 476,549,801 +11,114,584 112.859,524 98.054,494 +16,805,030
tune. 506.002.036 464,774,329 +41.227.707 130,837,324 101,487.318 +29.35u.006 Dul So Shore & Atlantic
20,708
32,722
378,922
December_ _ 390,357
-1,953
521.538,604 480.943,003 +40.595,601 139,606,752 111,786,887 +27.819,865
July.12,367
From Jan 1. 5.808,935 5,902,129 1,197,900 1.115,704
861,105
Aug__ 554,559,318 507,537.554 +47.021.764 166.558,666 134.737.211 +31,821.455
748,246
BM _ 564,443,591 540,063.587 +24,381,004 177,242,595 159,216,004 +18,026,891 Dul Winnipeg & Pacific
+18,585,008 180,695,428 168,640.671 +12.054.757
11,314
36,214
Oct__ 590,161.046 571,576,038
December._ 206,292
190,647
26,082
3,313
362,999
252,072
Nov-- 531,742.071 504.781.775 +26.960,296 148,157,616 131.381.847 +16,775.769
From Jan 1_ 3,251,163 2,176,475
251,274
144.269
-Percentage of Increase or decrease in net for above months has been Evans Ind & Terre Haute
Note.
210,021
112,030
69,791
December.. 250,505
119,321
66.119
January,20.73% Inc.. February,4.77% dec., March.4.74% dec.. AprU. 5.53% inc.,
828,926
490,778
From Jan 1_ 2,471,268 1.915,772
766,116
437,01)9
May. 17.49% inc.: June. 18.91% Inc.. July. 24.88% inc.: Aug.. 23.26% Inc.: Sept..
11.32% Inc.; Oct., 7.14% inc.: Nov., 12.77% ion.
Florida East Coast
734,293
724,373
In Jan. the length of road covered was 236,149 tulles In 1925. against 235.498
December.. 3,044,224 2,258,784
611,503
516,455
wiles In 1924. In Feb., 236.642 miles. against 236.031 miles. In March, 236,559 miles.
From Jan 1_29,132,738 20,106,910 9,204,887 6,836,814 7,687,340 5,511,463
against 238,048 miles,in April, 236.684 miles, against 236.045 miles, In May, 236,663 Galveston Wharf
miles. against 236,098 miles. In June. 236.779 miles, against 236,357 miles, In July.
264,445
72,049
-1,614
December.. 140,146
37,049 -28,929
236.762 miles. weather 235.525 miles:In August. 236.750 miles. against 236.546 miles:
451,287
468,052
From Jan 1_ 1,580,754 1,805.767
204,709
239,452
In September. 236.752 miles. against 236.587 miles: in October 230.724 miles.
Georgia Railroad
against 236,564 miles; In November. 236.726 miles. against 235.917 miles.
480,174
569,215
144.305
December.
108,588
91,893
94,021
From Jan 1_ 6,112,663 5,984,812 1,179,430 1,056,930 1,042,313
964,810
-The table
Net Earnings Monthly to Latest Dates.
Georgia & Florida
following shows the gross and net earnings for STEAM
149,200
54.979
December.. 181,317
40,178
47,971
33.748
551,786
From Jan 1_ 1,893,914 1,780,889
455.196
railroads reported this week:
472,085
377.180
Island
-Gross from Railway- -Net from Railway- -Net after Taxes
- Gulf & Ship
304.657
December.. 338,140
7,186
24,917
1925.
1924.
1925
14,111 -12,934
1924.
1924.
1925.
From Jan 1- 3,768,812 3,582,994
885.416
969,454)
563,457
$
647,567
Alabama & Vicksburg
Hocking Valley
309,382
51,782
December._ 305,440
70,315
24.372
42,816
December.. 1,618,826 1.212,282
471,063
258,978
336,184
153,153
996,612
479,303
From Jan 1_ 3,593,595 3,601,427
789,825
640,053
From Jan 1.19,659,712 17.443,399 5,350,315 4,264,896 4,128,776 3.044.845
American Ry Express
Illinois Central System
106,593
October. __ _27,545.340 26.258,701
360,360
291,343
177,902
Illinois Central Co.858,891
From Jan 1 23f263,414 236246,219 2,856,629 2,646,371 1,060,767
December.
.13,671.409 13,056,131 3,213,861 3.282.453 2,292,008 2,017,187
From Jan 1 153503,185 151711,549 35,598,927 33.866,817 24,657,009 22,477,517
Ann Arbor
December.. 510,611
478,237
96,565
127,744
63.999
98,526
& Miss. Valley
Yazoo
From Jan 1_ 5,876,692 5,532,185 1,428.909 1,241,306 1,161,292
951,309
December.. 2,440,625 2,111,944
818,432
637,183
506,081
517,590
From Jan 1_24,666,440 22,126,583 7,188,171 5,946,394 5,361,794 4,556,299
Fe
Atch Top & Santa
December _ _16,473,163 16,474,539 5,224,432 5,098,999 3,914,142 3,539,781 International Great North.
From Jan 1196439.037 194174,237 61.641,590 53,032,366 45,677,958 38,833,520
December.. 1,586,424 1,633,179
354,611
590,755
238,659
431,993
From Jan 1-17,083,748 16,902,448 3,565,998 3.946,208 3,048,172 3,387,876
Gulf Colo & Santa Fe
December... 2,793,080 3,120.189 1,057,763 1,324,174
930,190 1,230,026 Kansas City Mex. & Orient
From Jan L29.252,164 30,125,126 7,756,286 8.302,500 6,642,755 7,245,381
December.
127,392
222,324 -113,217
--6.381 -117.370
51,230
From Jan 1_ 2,411.096 2.362,112
Panhandle & Santa Fe
132.100
235.608
267.035
55,011
December._ 1,117.158 1,101.290
504,803
644,508
428,944
483,263 K. C. Mex. & 0. of T.
From Jan 1_11,251,307 11,111.588 4.002,924 3,761,278 3,443,481 3,220,197
December_ _ 240.273
375,438 -26,381
42,586
49,586 -34,295
From Jan 1_ 3,189,212 2.666,527
Atlanta Birm & Atl562,928
381,933
450,888
477,507
December_ _ 534,007
434,376 -123,376
48,437 -148,530
32,618 Kansas City Southern
420,022
263,829
From Jan 1_ 5,448,188 4,810,482
421,371
251,206
Texarkana & Ft. Smith
December.
240,831
247,287
Atlanta &West Point.
120.350
59,868
72,235
98,862
From Jan 1_ 2,933,697 2,892,262 1,292,797 1,332,294 1,096,452 1,142,482
289;860
December._ 272.465
64 983
139,515
48,025
112,828
From Jan 1_ 3,184,981 2,939,380
791.916
697,596
600,662
530.697 Kansas, Okla. & Gulf
December.. 273,014
199,092
Baltimore & Ohlo73,284
15,380
32,970 . 58,912
From Jan 1_ 2,539,969 2.184,589
B & 0 Chic Terminal
280,378
130,681
173,277
260,303
280,474
263,354
103,682
December.
51,342 -19,399
11,070 Lake Superior & Ishpeming
676,142
121,124
From Jan 1_ 3,609.954 3,542,926
94,164 -348.875
December._
57.639
60,889 -41,274 -34,933 -63,109 -79,777
From Jan 1. 2,252,532 1,804,615
Bellefonte Central
876,932
646,509
275,119
461,104
December_ _
7,949
10,658
-497
2,688
2,518 Lehigh & Hudson River
-697
103,477
3,177
From Jan 1. 102,382
12,656
777
10,616
December _ _ 206,573
251.098
49,460
-2,049
8,822
60.536
From Jan 1_ 3,053,596 3,146,656
Belt It) of Chicago
,
660,977
816,499
740,542
906,560
558,475
164,904
151,422
December.. 598,635
106,141 Los Angeles & Salt Lake
120,152
From Jan 1- 7,054,575 6,841,827 2,357,560 2,269,505 1,822,994 1,738,078
December.. 2,149.452 1,928,745
220,164
347,821
356,908
215,857
Binglnun az Garfield
Louisiana & Arkansas
47,553
44,797
14,439
December..
3,133
4,477
-8,786
333.124
December.. 359,308
117,550
139,188
73,263
57,684
496,212
152,897
80,847
From Jay 1- 604,219
22,677 -37.339
From Jan 1_ 4.090,952 4,030,319 1.368,649 1,057,947 1,005,516
759,810
Canadian Pac Lines In Me
Louisiana Ry.& Nay. Co.
317,966
80,823
93.849
December.. 319.686
75,198
81,466
December__ 356,522
349,753
58,270 -23,438
22,548
89,643
159,148 -177.119
From Jan 1_ 2,320,034 2,608,937 -56,494
35,765
From Jan 1_ 3,859,607 4,144,231
418,586
435,810
673.894
187,074
Charles & West Carolinaof T
La Ry & Nay Co
101,311
371,780
128,401
December-- 360,850
71,452
91.652
December_ _
129,026
136,004
46,913
35.723
50.052
13,175
906,396
From Jan 1_ 4,118,309 3,908,781 1,159,093
900,793
676,164
From Jan 1. 1.347,257 1,345,481
209,279
211,892
25%320
256,487
88,429
150,000
FEB. 6 1926.]
THE CHRONICLE
-Gross from Railway- -Net from Railway- -Net after Tales
1924.
1925.
19:4.
1924.1925.
1925.
$
Louisville & Nashville
December _ A2,577,904 12,195,055 3,099,396 3,189,994 2,323,453 2,611.440
From Jan 1 142244,307 135505.677 33,842,051 28,378,780 26.760.119 22.154,034
-Louisv Henderson & St 1,
354,623
311,592
50,406
111,449
35,886
88.189
December_ _
811,424
906,674
635,399
From Jan 1_ 3,838,338 3,449,889 1.145,925
Mississippi Central
150,898
148,985
December _ _
64,343
41,830
61,135
21.345
537,187
521,508
From Jan 1_ 1,655,520 1,855,579
402,943
420.785
North Arkansas
Missouri &
December_ _
127,830
140,968 -28,151
13,567 -30,523
13,030
From Jan 1_ 1.548.341 1,587,104
113,091
195,510
86,743
169,097
Mo-Kansas-TexasMo-Kan-Tex of Tea
.
December _ 2,170,394 2,425,574
712,164
778,661
630,011
711.881
From Jan 1_22,167,911 22,820.981 5,411,432 6,445,414 4,667,143 5,822,736
Nevada Northern
73,129
December _ _
86,392
20,879
34,285
11.640
-3,313
From Jan 1_ 1,028,415 1,084,008
435,730
536,743
308,991
397,768
New Orleans Gt Northern
December _ _ 255,734
222,140
104,946
74,115
92,469
43,191
From Jan 1_ 2,905,044 2,925,031
914,281
895,976
700,323
648,692
New On Tex & Mexico
December . 262,085
280,881
-4,264
51,039 -42,840
13,375
From Jan 1_ 3,442,446 3,387,737
864.040 1,025,729
614,966
765,436
Beaumont So Lake & W
220,385
December_ _
246,501
74.228
66,996
65,709
61,683
From Jan 1_ 2,803,705 2,757.926
948,690 1,056,157
849,305
974,568
St L Browns & MexDecember_ _ 569,407
586,899
106,367
90,559
63,805
58,768
From Jan 1_ 8.169,078 7,841,144 2,989,437 3,284,456 2,588,944 2,911,344
New York Central
Michigan Central
December._ 7,749,384 7,141,251 2,465,067 1,877,578 1,927,384 1,367,470
From Jan 1_91,864,377 87.614,662 29,971,338 25,455,138 24.080,561 19,840,033
Cleveland Cincinnati Chicago & St Louis
December. 8,141,975 7,479,125 2,448,302 2,141,392 1.915,790 1,641,278
From Jan 1.92,061,070 87,712,382 25,059,588 20,971,654 19,488,481 16,049,966
Cincinnati Northern
446,510
December.
422,012
193,567
201.219
162,251
161,021
From Jan 1. 4,756,220 4,826,932 1,732,152 1,661,099 1.420,923 1,373,353
Northwestern Pacific
487,715
December._
484,371
61,501
101,733
20,220
55,369
From Jan 1_ 7,045,831 7,128,195 1,842,317 1.948,837 1.318.524 1,398,558
Pennsylvania System
Pennsylvania Co
.December_ _57,834,173 52,775,237 10,861,134 8.670,824 8.815.004 6,719,991
From Jan 1_672136962 645299.176 144997,615 127848,503 113016,963 97,177,586
Baltimore Chesapeake dr Atlantic
December. _
90,098
109,172 -36,001 -41,170 -36,001 -41,186
From Jan 1_ 1,486,831 1,519,848 -53,087
21,543 -85,340 -27,750
Toledo Peoria & Western
December _ _
131,029
141,508
-2,983 -17,037
-5,983 -42.038
From Jan 1. 1,617,067 1,908,795 -65,731
154,045 -155,789
51,735
West Jersey & Seashore
December._
828,138
808,387 -40,401 --33.510 --40,837 --33,542
From Jan 1_13,451,533 12,932,368 2,538,213 2,069,936 1.521,468 1,161,773
Pittsburgh & West Virginia
419,852
341,741
December_ _
127,224
72,856
69,399
33.626
From Jan 1_ 4,856,382 4,164,733 1,889,114 1,263,406 1,328,869
764,878
Quincy Omaha dr Kansas City
84,432
December._
87,825
-9,715
-2,389 -15,334 . -8,188
From Jan 1_ 1,010,855 1,051.805 -82,635 -72,727 -139,251 -128.005
St Louis-San Francisco
December.. 7.874,023 7,663,934 2,468,661 2,242,908 2,071.641 1,894,099
From Jan 1_90,058,611 85.989,817 27.731,487 25.417,984 22,791.585 20,864,443
St Louis-San Francisco of Texas
212,908
December._
223,614
76,537
60,578
73,575
53,454
From Jan 1_ 2,204.156 2,033,807
626,083
535,702
595,817
504,662
Fort Worth & Rio Grande
December. 132,637
141,127
11.045
18,916
6,228
13,267
From Jan 1_ 1,399,498 1,547.495
51,151
177.452
1,681
128,952
St Louis Southwestern-Southwestern of TexasSt Louis
768,156
792,562
December- _
134,568
117,024
103,569
76,108
From Jan 1_ 7,900,029 8,081,236
346,353
366,066
10,108
41,510
San Ant Uvalde & Gulf
114,880
109,064
December. _
29,710
17,836
27,691
13,682
From Jan 1. 1,447,849 1,521,348
323,932
325,550
281.669
282,276
Seaboard Air Line6,104,301 5.303.674 1,954.376 1,373,279 1,531,952 1.060,219
December- _
From Jan 1.62,862,740 53,384,173 16,133.288 11,996,539 13,087,304 9,536,196
Southern Pacific System
Southern Pacific Company_17,101.169 16,032,574 5,323,820 4,381,322 3,986,368
December3,055,936
Fr'm Jan 1210,374,317 205850,972 61,667,682 61,005,195 44,146,498 43,520,800
Gale Harris & San Antonio
December. 2,635,634 2,653,094 1.046,452
481,390
686,332
335,706
From Jan 1_29,540,520 33,779,043 6,181,600 7,898,501 4,808,190 6,807,217
Houston & Texas Central
1,341,052 1,822,686
445,310
December..
779,486
339,961
690,878
From Jan 1_14,775,807 15,627,314 3,533,343 4,004,870 2,702,570 2,242,166
Houston E & W Texas
268,346
December.. 268,648
95,420
9,468
73,770 . -2,158
944,721
From Jan 1_ 3,387,763 3,201,870
392,967
786,291
295,783
Louis Western
St
392,099
361.298
151,104
98,410
December. _
107,590
76,684
From Jan I_ 4,274,112 4,197,085 1,109,707 1,200,510
778,941
831,374
Morgans La & Texas
838,073
862,445
196,872
179.454
December._
141.330
114,269
934,424
856,981
319,209
From Jan 1_ 8,583,946 8,452,981
241,722
Orleans
Texas & New
846,176
955,587
398,875
179,205
December _ _
365,040
157,495
127,890
From Jan 1_11,095,852 9,282,765 2,562,318 1,183,227 2.174,374
Southern Railway System
Ala Great South
883,610
942,536
534,318
384,087
437.878
December _ _
324.399
From Jan 1.10,133,272 10,093,450 3.482,121 2,758,178 2,760,874 2,199,965
& Texas PacCm N 0
898,946
624,843
751,513
508.410
December. _ 2,093,798 1,835,731
21.951,667 8,858,977 6,673,855 7,514,170 5,676,947
From Jan L23,433,243
Georgia So & Florida
537,796
297,282
247,933
254,425
231.479
December._ 684.826
5.180,128 2,333,923 1,568,368 1,956,205 1,347,534
From Jan 1_ 6,749,302
Northeastern
New Orleans &
482,016
281,185
179,069
212,890
136.860
December.. 604,929
5,667,589 2,379,126 1,769,483 1,721,739 1,298,914
From Jan 1_ 6,122,253
North Alabama
72,309
68,991
129,193
75,153
69,778
138.335
December__
624,647
635,763
1,478,290
712,761
565,168
From Jan 1_ 1,580,416
Spokane International
35,571
-776
41,234
-4,241
71,946
103.354
December_ _
247,641
354,666
184,973
1,088,663
419,131
From Jan 1_ 1,254,965
& SeattleSpokane Port
127,341
300,821
267,717
241,842
699,482
December- - 655.345 8,562,669 2,924,172 3,277,106 1,983,577 2,445,777
From Jan L 8,184,940
Tennessee Central
67,918
51,200
45,073
69,688
246,934
271.063
December- _
697,062
710,740
631,414
780,291
3,197,233 2,912,794
From Jan
Texas & Pacific788,687
889,571
3,312.261 1,028,010 1.069,585
December_ - 3.611,762
33,784,580 8,819,097 8.542,256 6,866,691 6,665.560
From Jan 1_35,272,899
739
-Grossfrom Railway- -Net from Railway- -Na after Taxes
1924.
1925.
1925,
1924.
1926.
1924.
$
$
S
$
Union Pacific
December.. 8,944,913 8,171,467 2,934.028 2.737.855 2.368,635 2,147,704
Fr'm Jan 1110,131,391 110886,386 38,521,967 37,684,460 31,533,938 29.624.209
Oregon Short Line
December. 3,195,971 2,837,237 1,151,614
857,566
455,297
490,287
From Jan 1.35,491,692 34.989,745 10.298,779 9,157.246 7.452,195 6,335,187
Ore-Wash Ry & Nay Co
384,209
339,137
December_ _ 2,291,716 2,229,492
485,099
555,932
From Jan 1_27,872,713 28,775.558 5,416,254 6,143,852 3.371.355 4,115.014
St Jos & Grand Island77.798
25,173
48,513
December_ . 337,353
259,134
133,541
791.321
441,580
657,322
FromJanh 3,505,699 3,297,466
980.663
Utah
54,474
77,954
83,342
December _ _
161,737
191,105
64,415
513,671
399,221
473,441
From Jan 1_ 1,739,790 1,590,586
604,500
Vicks Shrev & Poe
55,543
81,180
83,860
December_ . 416,800
351,174
113,122
651,937
776,381
931,791
From Jan I_ 4,552,076 4.259,264 1,100,129
Western Maryland
300,304
369,833
431,407
373,077
December . 1,760,018 1,601,312
From Jan 1_19,861,774 19,135,562 5,896,217 4,970,154 5,118,444 4,053,580
Western Pacific
148,862
263,065
87,849
358,647
December. 1,212,787 1,037.027
From Jan 1_15,569,045 14.370,467 4.236,103 2,892,802 3,254,470 2.008,718
Western Ry of Ala
62,117
102,065
102,396
320,409
80,088
December.... 283.654
725,897
868,494
876.179
From Jan I_ 3,392,382 3,159,930 1,080,992
z Figures corrected.
Charges.
Balance.
Income.
116,354 -283,647
Dee'25 *-167,293
*93,400
116,118 -22.718
'24
41,067
From Jan 1 to Dec 31 '25 *1,445,226 1,404,159
627.500
'24 *2,022,561 1,395,061
.-Crossfront Railway- -Available for Int.- -Surplus after Chas
1924.
1924,
1925.
1924.
1925.
1925.
New York Ontario & Western
St Louis-San Fran (incl sub lines)
573.955
691,127
December_ _ 8,332,772 8,130,809 1,994,040 1,838,887
From Jan 1..94,678,214 89,509,139 22,259,787 21,015,641 7,155,763 6.030,202
Fixed
Total Net
Balance.
Charges.
Income.
St Louis Southwestern (incl St Louis Southwestern
441,283
236,155
Dec'25 *677,438
of Texas)
389,744
238,695
'24 *628.439
From Jan 1 to Dec 31 '25 *5,191,418 2,812,126 2,379,292
'24 *5,154,167 2,789.798 2,364,369
Gross
Net
Interest ct Balance,
Surplus.
Earnings. Earnings,
Taxes.
3
$
i
-697
7,949
-497
200
Bellefonte Central
Dec'25
2,517
170
10,658
2,687
'24
77
102,382
3,177
2,400
From Jan 1 to Dec 31 '25
10 61
103,477
12,656
2,040
'24
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year,
Companies.
Dec 1,125,080
Alabama Power Co
12 naos ended Dec 31 _ _ -11,724,117
Power & Et Co
Nov 4,627,091
cAmer
12 mos ended Nov 30_ _49,702,377
eBarcelona Traction, Light &
Dec 8,085,874
Power Co. Ltd
12 mos ended Dec 31___86,915.704
Electric Pow & Lt Corp_Nov 3,743,309
12 mos ended Nov 30__41,682.113
Illinois Bell Telephone Dec 5.192.000
12 mos ended Dec 3L_60,945,000
Phi% Co and affil corp Dec 6,072,375
12 mos ended Dec 31__ _62,000,591
*409,816
*516,561
816,889
8,995,820 *5,372.180 *5,325,182
3,880,909 *2.165.632 *1.788,899
43,373,102*22,512,326*18,634.226
7,642,389 5,336,454 5.404,951
79,706,839 56.939.991 51.432,786
3.355,148 *1,578.469 *1.413.891
38.768,143*17.160.929*15,406,722
5,058,000
999.000 1,001,000
55,799.000 11.112,000 9.610.000
5,827.271 b2,153,298 b1.653,026
59,386,719618,679,412616,457,810
b After depreciation and taxes.
* After taxes.
c Earnings of subsidiary companies only.
e Given in pesetas.
Balance,
Fixed
Gross
Net after
Sur fits.
Charges.
Earnings.
Taxes.
Companies.
160.930
c54,273
Binghamton Light, Dec '25
c56,675
'24
142,275
Heat & Power Co
299,394
310,262
/
1
4
12 mos ended Dec 31 '25 1,679.165 ' 609.656
270.600
227,865
'24 1,395,249 5c498.465
197.647 1,495,400
Dec '25 1,758,800 1.693,047
Cities Service Co
150,437 1.180,741
1,393,782 1,331,178
'24
12 mos ended Dec 31 '25 19,764,976 18,989,051 2,252,141 16,736.900
'24 17,463,217 16,77:1.744 1,927,971 14,845.773
28.212
Florida Public Ser- Dec '25
121,971
30,941
vice Co
'24
75.048
80,967
243.637
*324.604
12 mos ended Dec 31 '25 1.059.358
Metropol Edison
Dec '25
801,156 a333,931
a314,490
Co and sub cos
'24
730,810
12 mos ended Dec 31 '25 8,675,748*a3,824,641 1.755.256 2,069.385
'24 7,947,276*03,268,719 1,556,973 1.711.746
76,625
New Bedford Gas & Dec'25
*128.007
051.382
366.758
Edison Light Co
053,836
91.831
'24
344,722
*145.667
12 mos ended Dec 31 '25 3.985.399 *1,523,696
p609,275
914.421
675,227
6607.803
,
'24 3,542,557 *1,283,030
New Jersey Power Dec '25
a56.199
194,088
Light Co.
'24
107.571
a30.514
12 mos ended Dec 31 '25 1,390.789 a*408.210
187.672
220.568
151,574
156.285
'24 1,083,739 0307,859
North Caro Pub
Dec '25
60,068
167,771
Serv Co and sub cos '24
46,995 •
157.392
12 mos ended Dec 31 '25 1,860,028
318.266
293,037
*611.303
Reading Transit Co Dec '25
266,520
a28.524
Co and sub cos
'24
267,882
a25,306
174.221
12 mos ended Dec 31 '25 3,031,602 5r/265,919
91,698
190,368
84.845
'24 3.018,222 *a275,213
232,825
Republic Ry &
1294.129
Dec '25 1,087,269
526,954
124,311
Light Co
1213,450
'24
337,761
988,322
12 mos ended Dec 31 '25 11,314,524 4,181,681 13,097,902 1,083.779
702,543
'24 10,546.268 3,552,635 /2.850,092
Sayre Electric Co
Dec '25
011,219
27,313
a7,694
'24 24,756
55.061
30,900
12 mos ended Dec 31 '25
*a85,961
278,721
48.304
29,065
*a77,369
'24
223,813
Includes other income. a After depreciation and rentals. c After depreciation.
•
Includes depreciation.
1 Includes dividend on preferred stock of subsidiary companies in hands
of public.
New York City Street Railways.
Net Corp.
Fixed
Net
Gross
Income.
Charges.
Revenue.
Revenue.
Companies.
$
2
$
$
Brooklyn City
47,066
127,827
174.893
Nov '25
964,145
114.695
37.939
152,904
955,314
'24
11 mos end Nov 30 '25 10,639.035 1.927,390
551.094 1,376,296
441,215 1,658,383
'24 10,858,377 2,099.598
740
Gross
*Net
Fired
Net Corp.
Revenite...Revenue. Chores.
Income.
3
Companies.
i
g
i
$
Brooklyn Heights Nov'25
1.560
7,622
57,954 -50.332
(Receiver)
1,560
7,280
57,954 -50.674
'24
17.460
11 mos end Nov 30 '25
76.600
637.511 -560.911
'24
40,986
63.086
638,723 -576,237
Brooklyn Queens
216,683
Nov'25
5.223
57,349 -52,126
County dr Subs
216.963
'24
28,685
52,881 -24,196
11 mos end Nov 30 '25 2.373.156
174.943
590,694 -415,751
463,079
'24 2.337.055
578.670 -115,591
-Coney Isl & Bklyn Nov'25
217,995
26,175
32,930
-6,755
'24
217.830
47.664
27,474
20,190
11 mos end Nov 30 '25 2.651.478
460.481
353,019 -107,462
'24 2,689.091
.0 I & Gravesend
5,656
Nov'25
-840
13,526 -14,366
5,426
'24
6,837
13,524
20.361
11 mos end Nov 30 '25
125,521
21.146
149,325 -128,179
124,820
20.341
149,433 -129,092
'24
Nassau Electric
Nov '25
483.341
90.688
96,466
-5.778
483.464
91,994
93,023
-1.029
'24
11 mos end Nov 30 '25 5,485,003
876,978 1.030,885 -153,907
'24 5.397.704 1.004.775 1,016,750 -11.975
South Brooklyn
8.492
Nov'25
97,942
32,680
24.188
93.362
25.966
23.908
2,058
'24
11 mos end Nov 30 '25 1,335,875
423,642
289,361
134,281
322.680
265,757
56.923
'24 1,136,675
Manhattan Bridge Nov '25
21,074
2,630
334
2,296
Three-Cent Line
22,324
1,701
297
1,404
'24
11 mos end Nov 30 '25
229.958
11,708
8.218
3,490
.11,464
246,496
14.648.
3,184
'24
Interborough R T Nov '25 3,563,127 1.665.508 1,093,824
571.684
(Subway Div)
448.199
'24 3,320.569 1.523,763 1,075.564
11 mos end Nov 30 '25 37,106,182 16.160,221 11.941.991 4,218.230
'24 35.571.992 15.481.253 11.690.955 3.790,298
(Elevated div)
Nov'25 1.558.462
462,157
692.538 -230,381
451.540
689.794 -238,254
'24 1,548,909
11 mos end Nov 30 '25 17,447,552 4.800.493 7,598.063-2,797,570
'24 17.566,642 4.454.144 7.520,043-2,565.899
N Y Rapid Transit Nov '25 2,618.672
915.298
499,523
415,775
'24 2,422.729
779.767
492,077
307.690
11 mos end Nov 30 '25 28,702,413 9.520.682 5.482,586 4,038,096
'24 26.706.196 8.217.782 5.330.061 2.887.721
Third Ave Ry Sys Nov '25 1.206.965
229,521
223.033
6.488
'24 1.186,617
210.100
225.247 -15,147
11 mos end Nov 30 '25 13.319.478 2.429.691 2.444,353 -14.662
'24 13,460.138 2,452,715 2.469,494 -16.779
New York Rys
Nov'25
603,341
112.112
87,135
24.977
24
646.339
142,995
210.663 -67,668
11 mos end Nov 30 '25 7,667,380 1,418 920 1,432.950 -14.030
'24 8,012.246 1,019,981 2,734,549-1,814,568
Eighth Avenue
Nov '25
85.281
-6,769
2.065
-8.834
'24
91.727
-370
-2.308
1.938
11 mos ended Nov 30 '25
978.225 -74,119
23,378 -97.497
'24 1,069,817 -10,369
91,555 -101,924
Ninth Ave RR
Nov '25
43,671
-2.292
--6.304
4,012
'24
42.130
-881
-4.894
4,013
11 mos ended Nov 30'25
451.619 -123.556
43,521 -167,077
'24
438,374 -66,510
30.208 -96,718
N Y & Harlem
Nov '25
110.745
61.010
79,697 -18,687
'24
117.322
78.538
128.469
49.931
11 mos ended Nov 30 '25
604.170
698.782 1.187.830
583.660
'24 1,331,202 1,365,805
802.509
563,296
Second Ave (Rec) Nov '25
-7.812
88.501
9.621
17,433
'24
84.299
4,275
17,529 -13.254
11 mos ended Nov 30 '25
951.387
180.696 -128,646
52.050
'24 1,002,009
201,937 -121.015
80.922
N Y & Queens
Nov '25
62,711
8.674
24,065 -15.391
County (Receiver)
'24
57.219
25,809 -19.900
5,909
11 mos ended Nov 30 '25
735.256
275,091 -156,715
118,376
'24
556.909
96,070
293,105 -197,035
Steinway Railways Nov '25
994
61.903
5,372
4.378
(Receivers)
-382
'24
59,278
3,647
4.029
11 mos ended Nov 30 '25
13,451
679,544
62,387
44,936
5,929
'24
745.996
52.751
46.822
Long Island Elec- Nov '25
1,803
31.978
6.107
4.304
Uic (Receivers)
--4,943
'24
29.378
4.430
-513
11 mos ended Nov 30 '25
43.182
401.200
88,550
45.368
'24
45.393 -44.415
368.644
978
N Y & Long Isl'd Nov '25
1,124
42,682
6.715
7.839
(Receivers)
-7.859
'24
35,467
-1,177
6,682
11 mos ended Nov 30 '25
466.267
69,736
71,434
-/.698
'24
74,358 -28.396
416,308
45.962
Ocean Electric
--9,901
Nov '25
15.462
3.044
-6,857
-3,776
'24
15,371
3,054
-722
11 mos ended Nov 30 '25
12,612
61,746
309.141
74,358
47,026
'24
60.867
314.686
107.893
Manhat & Queens Nov '25
-304
9,814
36,439
9.510
(Receiver)
-4,745
'24
9.895
31,951
5.150
11 mos ended Nov 30 '25
108,883 -17.152
387,614
91,731
'24
102,124 -39,022
358.050
63,102
Richmond Light & Nov '25
-5.903
11.380
51,483
5,477
Railroad
-3.804
'24
62,707
10.800
6.996
limos ended Nov 30 '25
124,992 -108.939
697.838
16,053
'24
742.042
106,229 -29,793
76.436
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest inaex will be found in the issue of
Jan. 30. The next will appear in that of Feb. 27.
Goodyear Tire & Rubber Co., Akron, Ohio.
(Annual Report
-Year Ended Dec. 31 1925.)
Chairman Edw. G. Wilmer Feb. 4 wrote in substance: •
Net sales (exclusive of subsidiary companies) were $169,470,112 in 1925
as against $115,323.173 in 1924. These sales exclude business done by the
Goodyear Tire & Rubber Co. of Calif. in Western terrtiory and sales by
the Goodyear Tire & Rubber Co. of Can.. Ltd., and foreign branches.
The total combined Goodyear sales of the Akron, California and Canadian
companies and foreign branches were $205,999,829 in 1925. and $138.777.718 in 1924.
Earnings of the Akron company after Federal income tax but before
interest and other charges were 526.284.672 in 1925, as against $17.363.162
in 1924. After deduction of interest and all other charges, the net profit
for the year was 821.005.898 in 1925 and $12.161,540 in 1924. After
appropriating $7.500,000 as a special raw material reserve, the net earnings
available for dividends were $13,505,898. After payment of dividends
amounting to 55,655,156 the remaining surplus at Dec. 31 1925 was
$30,649,319. as against $22,798,576 in 1924.
Cash was $15.750,059 and the ratio of current assets to current liabilities
was 6.5 to 1.
-During 1925 bonds and debentures amounting to $3,Funded Debt.
681,500 were retired through the regular operations of the sinking funds.
On Dec. 31 the company had in its treasury $986.500 of debentures and
had deposited with the trustee 82,280.000 for the call of additional debentures in anticipation of the regular sinking fund retirement of debentures
on March 15 1926. To partially provide for the additional working
[VOL. 122.
THE CHRONICLE
capital required to meet the expanding volume of business and the substantially higher cost of crude rubber. $15.000.000 3
-year 5% gold notes
were issued and sold in December:
Special Raw Material Reserre.-The directors appropriated $3.000,000
out of the first six months' earnings as a special raw material reserve to
partially provide against a possible decline in crude rubber values. While
rubber inventories and commitments at cost were substantially under
market values on Dec. 311925. the market continues to fluctuate viloently
on levels that are abnormally high and economically unsound. In the
belief that considerable shrinkage in values is still possible and that should
this materialize abruptly the company should prepare itself to meet the
emergency if and when it occurs, directors have increased the special
raw material reserve to a total of $7.500,000. This entire amount has been
appropriated out of 1925 earnings.
Outlook.
-The physical volume of production and sales during the year
just closed far exceeded that of any previous Goodyear record, and current
business indicates another high-volume year ahead.
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1925.
1924.
1923.
Net sales (less returns,
disc'ts & freights), incl.
ship'ts to sub, cos, and
foreign branches_ _ _ _$169,470,112$115,323,173$106,026,109$102,904,177
Deduct mfg. cost & sell.
& general expense_ _ _y151,822,651 101.004.330 95.250,572 95.201.115
$17,647.461y$14,318,843 $10,775,537 $7,703,062
Add surp. net profits of
sub. cos. & foreign
branches & other inc__ 8.637,211 3,044,319
1.944.590 3,235.686
Total earnings
826,284.672 817.363,162 $12.720,127 $10,938,748
Profits of California co
x837,317
x641,396
Balance, surplus
826.284,672 $17.363.162 $12,078,731 $10,101,431
Interest charges
$3,970,199 84.095.118 $4,410,787 $4,795,817
Loss on property liquidated, &c
403,056
208.609
217,999
Foreign exchange prov_
359,018
Propor. of bond & deben.
'854,242
discount, &c
905,518
1.234,469
888,505
Special raw mat'l reserve 7.500,000
Balance of carrying chgs.
(int., insur.. &c.) on
def. deliv. of materials
900,190
purch. prior to reorg_
, f 1.149,100 2,729,652
Divs. on prior pref. stock1_,
'" ,
Divs.on preferred stock_ J".'"...1
57.850.743 511,012.440 $3.136,196 $3,551,183
Add profits of California
837,317
co. as above
641,396
22.798.576 11.786.136 8.008.542 3.620.043
Previous surplus
Profit & loss surplus_ _ _ _$30,649.319 $22.798.577 $11,786,136 $8,008.543
x Applied in reduction of California deficit and consequently an addition
to parent co. equity, but not available for interest. &c. y Includes Federal taxes in 1925 and 1924. z Representing dividends on prior pref.
stock (8%) and pref. stock (7%) less the dividends on the stocks held by
subsidiary companies.
BALANCE SHEET DEC. 31.
19824.
1924.
1925.
Liabilities$
$
9
Prior pref. stock 15;00 00 15.000000
10:000
10%
92
Prop. acct. (less
depreciation). 51,400,493 49,085,268 Preferred stock_ 65,079,600 85,079,600
Inv. In and adv.
Manage't stock_
10,000
to sub. cos___ 53,369,063 35,074,859 Com.stk.(no par) 1,000,000 1,000,000
Inv.in cos.'s secs 24,245,975 4,228,554 Funded debt___c59,568.500 48.250,000
Other assets,incl
Res. for canting.
g'd-w.,pat.,&c 12,500,000 12,500,000 & Fed. taxes_ 3.846,951 5,202,052
Disc.on bds.,&c 3,214,455 3,440,457 Accts. payable- 139,544,208 5,309,525
0th.def charges
169,512 Accr. discount
135,764
Cash
300,000
15,750,060 11,494,120 Prior pref__
Notes & accts.
Spec, raw mall
rec. (less res.) 14,482,789 9,966,710 reserve
7,500,000
Call loans
4,000.000 Accrued Int. and
3 055002
Inventories
38,058,423 31:131:510
prem.on bds. 1,038.442 1,176,242
rplus
30,649,319 22,798,577
Market. secure_
Surplus
Total
193,237,023 164.125.995 Total
193,237,023 164,125,995
a Includes debenture bonds purchased in anticipation of sinking fund requirements. b Including reserve for current Federal income taxes.
c Includes $23,250,000 1st mtge. 8s, $31.318,500 10
-year 8s, and $15.000,000 3
-year 5% notes issued in December last.
-(a) In respect of endorsement, $377,680: (b) in
Contingent Liabilities.
respect of drafts for rubber in transit, $4,720,746.-V. 122, 13• 618.
American Light & Traction Co.
(Annual Report-Year Ended Dec. 31 1925.)
Pres. Alanson B. Lathrop Feb. 1 wrote in brief:
For several years the St. Paul Gas Light Co., one of our subsidiary
companies, and the Northern States Power Co., were in active competition
in St. Paul. This brought about an uneconomic condition causing duplication of capital and increased operating expenses resulting in maintaining
higher rates than would otherwise have been necessary. To overcome
these troubles, efforts to consolidate the properties had been made at
various times, but without success. until January of this year when, after
negotiations extending over several months, our interest in the St. Paul
Gas Light Co., South St. Paul Gas & Electric Co. and St. Croix Power
Co. were very advantageously sold.
The sale having been made subsequent to the close of the year 1925,
the results other than the payment of $7,580.137, made in anticipation
of sale, are not reflected on the report.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Earns, on stocks of sub.
companies owned.... 86,284.001 $4,944,205 $3,624.924 $3 638,335
,
.
Miscellaneous cambia_ 1,480,232 1,148,913
1.276,201
885,746
Gross earnings
87.764.233 $6,093,118 84.510,670 $4,912,536
Expenses and taxes
400,299
529,986
418.558
301,016
Int. & disc. on 6% notes
40.204
330.000
180.611
300,611
Balance, surplus
87,323.730 85,493,949 83.909,043 $4.052,550
Previous surplus
13.103,143 10,977.786 10,338,927 9,462.317
Total surplus
$20,426,874 $16,471,735 $14,247,970 $13,514.867
Preferred dividends...854.172
854,172
854.172
854,172
Common cash diva
1,160.884
2,390,642 1,257.210
1,208.006
Stock divs, on corn. stk.
1.160.884
146
1.208.006
1,257,210
Surplus and reserve--$17.181,913 $13.103.143 $10,977,786 $10,338,927
BALANCE SHEET DECEMBER 31.
1924.
1924.
1925.
1925.
Assets8
$
Liabilities$
Investment acct..36,090,834 36.138.711 Preferred stock_ _14,236,200 14,236,200
Temporary invest- 1,337,247 2,215.247 WprearrCommma. n e()m 18 31:287:7688 31,893.700
8
stock8 . 4 79 00
:
Earns., sub. 209_18,445,505 12,586,708 Warrants,
Bills receivable,.--17,979.583 11,483,992
172,848
55,831
Accts.receivable.. 105,057
194.869 Miscellaneous.-., _
42,807
1:80
15831
Miscellaneous_ _ _ 400,544
35,031
62.587 Accrued taxes_
83,735
Note discount_
40.203 COUD0118 pay. sub.
Int. dr dive. rec...
667,992
666,612
16,934
20.036 go,
751,320
Sub.cos.'coup ids 687,992
780,236
666,612 Divs. accrued..
Deferred charges__ 293.182
Contingent res... 190,206 ' 846,844
Cash & canteens__ 7,163,638 a1,266,590 Paym't on acct. of
contract for sale
-spof81. rea secure 7,580,137
ee,1 Paul
1
3,292.509 3,379,665
Surplus & reserve-17,181,913 12.256,299
Total
80,135,004 64,675,558
a Cash only.
-V. 121, p. 3192.
Total
80,135,004 64,675.556
THE CHRONICLE
FEB.6 1926.]
741
(E. I.) du Pont de Nemours & Co.
Atlas Powder Co., Wilmington, Del.
-Year Ended Dec. 31 1925.)
(Annual Report
-Year Ended Dec. 31 1925.)
(Annual Report
President Irenee du Pont in his remarks to the stockholders
President W. J. Webster, Wilmington, Del., Jan. 23,
wrote in substance:
wrote in substance:
-It is gratifying to report that company and its subSuccessful Year.
sidiaries have enjoyed a very successful year.
Sales have increased with the general prosperity of the country, with the
offering of new products and with the broadening markets for nearly all
lines. Production and distribution have been conducted with increasing
efficiency. The enterprise and loyal support of the entire body of employees have contributed importantly to the very satisfactory earnings of
the year. The general financial position of company continues strong.
-Subsidiary Companies' Operations.
Sales of Manufactured Products. ea.
Sales of high explosives and blasting supplies, which represent the major
your commercial explosives industry,showed an increase over the
portion of
previous year, more than compensating for the decline in sales of black
blasting powder, which were less than the previous year because of the
depression in the bituminous coal industry during part of the year and the
strike in the anthracite region.
There was an appreciable increase in the sale of coated textiles, such as
Fabrikoid and rubber coated goods. While these materials were formerly
purchased in most part by automobile manufacturers, to-day they find an
Increasing outlet in a variety of uses develmed during recent years.
The very large increase this year in the sale of "Duco" is due to the
superior character of this finish as compared with paint and varnish and to
the saving in time, labor and capital investment in its application. Though
a development of recent date the general acceptaace of this material by the
automobile industry and its steadily growing substitution for paint by
other industries has brought to your company material reward as well
as prestige.
Dyestuffs sold during the year showed an increase over corresponding
figures for last year. This was particularly encouraging in view of the
reduced rate of operations in the textile industry.
The sales of rayon, formerly known as fiber-silk or artificial silk, have
expanded very rapidly and have required several increases in plant capacity.
The new plant in Tennessee commenced operations in February and was in
full operation by the middle of the year. A unit similar to the initial one is
now in course of construction as are other major additions which will
materially add to the capacity at that paint. The capacity of the plant
at Buffalo is being doubled and the increAse should be available about the
middle of 1926. Company's engineering organization, which handles all
its construction and engineering projects of magior importance, has been
carrying out the entire rayon construction program and has contributed
,
importantly in the development of this industry by the character of its work
and the speed of construction. The name of the Du Pont Fibersilk Co. has
been changed to Du Pant Rayon Co. (V. 120, p. 1465).
The increasing and widening demand for Cellophane, which is a transparent sheet material used extensively for wrapping and other purposes,
decision to
122,p.614. manufactured by the Du Pont Cellophane Co. has led to the Y., by the
A comparative income acct. was published in V.
'
increase the capacity of this company's plant at Buffalo, N.
BALANCE SHEET DEC. 31 (INCL. SUBSIDIARY COS.).
installation of additional equipment. It is expected that this new equip1924.
1925.
ment will be in operation in the early spring.
1925.
1924.
AssetsLiabilities
The Du Pont Pathe Film Manufacturing Corp. commenced active opera$
9,000,000 9.000.000 tions in February since which time it has been operating regularly. Its
Plant, property dr
Preferred stockequipment
12,309,755 11.925.120 Common stock_ _ _b8,714,625 8,714,625 product has been successfully used by motion picture companies in con350,000 siderable quantities and the plant is now being enlarged.
Per, money notes_ 300,000
Good-will, patents.
&e
The Du Pont Viscoloid Co. (V. 120, p. 2274) has been enjoying a very
3,178,868 3,178.846 Accts. pay., Incl.
successful business since May 1, at which time it was organized by the
div. on P1. stock
Secur. of MM.cos_ 3.254,669 3,157.213
Cash
& Federal taxes. 924,018 1,172,800 consolidation of the Pyralln department of your company and the Viscolold
1,821,890 1.207,779
distriNotes & accts. rec. 3.489,128 3,342,294 Res, for depree.,
Co. of Leominster. Mass., to continuo jointly the manufacture and
Finished product_ 1,319,210 1,300.727
uncoil. accts. &
bution of pyroxylin plastics, sheets, rods and tubes, and of articles manu_ 4.101,483 3.628.520 factured from that material. The advantages which it was hoped to gain
•sum,. 2,362,934 2,735,572
Materials
contingencies
Security investm't a412,013
402,850 Surplus
5,262,159 4,717,346 through consolidation and which in fact prompted the consolidation, are
now
153,817
Deferred items_
332,890
being rapidly realized and the new company iswhichdeveloping on a comappear promising.
mercial scale several interesting new projects
company is interested in an
Total
Total --------28.302.285 27.583,290
28.302.285 27,583,290
The plant of Lazole. Inc., in which your Charleston. W. Va. It will
important way, is nearing completion near
Security investments include acquired securities of Atlas Powder Co.
patents.
b Common stock represented by 261,438% shares of no no par value. manufacture synthetic ammonia under the Claude tile year for the con-V. 122, p. 614.
The Eastern Alcohol Corp. was organized during
modern plant at Deep Water Point. N. J., on the Delastruction of a large
molasses received by
ware River, for the manufacture of ethyl alcoh yl from Is owned jointly by
Hercules Powder Company.
cargo ship from the West Indies. This corporation
Alcohol Corp., a subsidiary of the National
your company and the Kentucky
(Annual Report
-Year Ended Dec. 31 1925.)
will be in operation
Distillers Products Corp. It is expected that the plant our requirements of
about the middle of 1926 and will thereafter supply allyour company.
President R. H. Dunham reports in substance:
importance for
alcohol, a raw material of increasing
in which your
While company's business shows a substantial increase in the year under
The Canadian Explosives, Ltd., and its allied companies,
review, the net earnings of 7.% on the total investment are still below what company owns somewhat less than a half interest, have had an unusually
we consider a fair return under normal conditions in a business of this good year.
character. The demand for explosives to-day is considerably below the
Fora long time it has been realized that Mexico, with its enormous
capacity of existing plants to produce, consequently the investment is high mineral resources, affords an opportunity for the development of an ex,
in relation to the return. Our efforts will be increasingly devoted to plosives industry in the future and, for this reason, it has for some time
Improve efficiency in all departments to secure a proper return on the been under the observation of your company as a possible location for a
capital investment.
new commercial explosives unit. During the course of the year an opporThe principal part of company's business, that of manufacturing and tunity arose to acquire the only plant located in Mexico and your company,
explosives and accessories, was affected by the anthracite coal strike in conjunction with another American explosives company, organized the
selling
during the last four months of the year. The resulting lack of demand in Cia Mexicana de Explosivos, to acquire and operate it. The plant has been
this important market has been reflected in lower earnings on compan ys operated for several months by the new company, during which time
explosives business. However, this decline has been more than offset bY progress has been made in the organization of the plant and business.
increased earnings from the naval stores and nitrocellulose business. These
Before the war your company had for many years important relations
newer lines, which company has developed in the past few years, are now with the German explosives Industry involving the interchange of patents,
an important factor in company's earnings.
processes and developments of various kinds in connection with the imWith the completion of the Bessemer high explosives plant (near Birming- provement of commercial explosives. These relations, which were, of
ham, Ala.) company is now in position to give better service in the Southern course, interrupted during the war, were renewed along the same lines
field, and has sufficient capacity to care for any increased demand from that In the latter part of 1925. At that time your company acquired, by stock
rapidly growing section. The same policy was responsible for company purchase, a small interest in the explosives industry in Germany. thereby
acquiring a half interest in the Compania Mexicans de Explosives. S. A.. obtaining an opportunity to participate in such profit as may result from
Mexico. which has a high explosives plant at Dinamita, State of Durango, the recovery of German industry.
near Torreon.
-The year 1925 witnessed three important changes in
Capital Structure.
The prospects for company's business in 1926 appear favorable. Condi- the capital structure of the company, resulting in the strengthening of its
tions affecting the sale of explosives and accessories should show improve- senior security.
ment. The indications are also for a favorable market in naval stores.
First: The redemption of the entire issue of 73 % bonds was completed,
Furthermore,the increasing use of lacquers for the finishing of automobiles, $8,000,000 being redeemed on May 1 and the balance of about 110,000,000
furniture, &c., means an increased demand for company's nitrocellulose.
on Sept. 1. The redemption of the last of the bonds on Sept. 1 was assisted
The new year finds company with adequate working capital for all im- through the sale of $8,000.000 Managers Securities Co. preferred stock.
provements or extensions that can be foreseen at this time.
Second: On June 22 1925 the directors declared a special dividend of
At the close of the year company had a total of 3,920 stockholders, of 40% on the common stock, which was paid on Aug. 10 in common stock
whom 27.19% are employees.
of the company, thereby increasing the outstanding common stock by
138,022.000 to anew total of $133,082.900. This special dividend followed
INCOME ACCOUNT FOR CALENDAR YEARS.
the adjustment of the value of company's 70% interest in 1.875,000 shares
1925.
1924.
1923.
1922.
of General Motors Corp. common stock on the books of the company from
Gross receipts
423.669.009 $20,862,603 $22,260.796 $18,728,881 Its cost of $42 35 per share, or a total of $55,589,107, to a new figure of
x Netfrom all sources__ $2,999.369 $2.156.902 12,508,670 12,264,895 $70 per share, or a total of 191,875.000.
Preferred dividend
734,538
723.233
711,050
667.620
Third: On Nov. 2 1925 it was decided to issue and offer to the debenture
Common dividends_ 0%1/.430,000(8)1.144.000 (8) 144.000(1034)858000 stockholders pro rata to their holdings. 110.000,000 6% non-voting deben1.
ture stock at $100 per share. Payment in full for the entire issue was made
Balance
1834.831
1289.669
$653.619
$739.276 on Dec. 10. The proceeds from the sale of this stock have been employed
8,604.991
8.894,659
7,951.372 14,362.096 to reimburse the treasury in part for recent capital outlays in connection
Previous surplus
with the retirement of the funded debt, the expansion in the rayon, cello19.729,490 $8,894.659 18.604.991 115,101.372 phane. film and other industries, and the entrance of the company into the
Total surplus
Stock dividend
---(100%)7150000 manufacture of synthetic ammonia and ethyl alcohol.
Since 1921 the company has reduced its total senior securities from
Profit & loss surplus__ 19.729.490 $8.894.659 18.604.991 17.951,372 1106,243.250 to 180,871,263 and has, through common stock dividends.
deducting all expenses incident to manufacture and sale, ordinary capitalized $69,704,600 of surplus. In 1921 the net assets of the company
X After
and extraordinary repairs, maintenance of plants, accidents, depreciation, were equal to 2.2 times the senior securities, whereas to-day the net assets
exceed 3.4 times the senior securities.
taxes, &c.; also interest on Aetna bonds.
-The income and profit and loss summary for
Consolidated Net Income.
BALANCE SHEET DEC. 31.
the year shows consolidated net income of $24.033.957 after providing for
1925.
1924.
1925.
on the funded debt and equals 5.85 times the debenture stock diviInterest
1924.
$
Liabilitiesdend for the year. It is of interest that this is the largest net income since
$
Assets
the debenture stock
Plants& property_25,818,539 24.373,020 Common stock_ _14,300.000 14.300,000 1918. After making provision for the dividend on to 14.97% upon the
cash ____________ 1,626,396 1,516.406 Preferred stock-10,572,200 10.395,000 the net income remaining of $19,928.627 is equivalent
3,261.675 3,464,275 enlarged common stock as of the end of the year.
Acct.'.receivable__ 3.231.912 3,173.636 Aetna bonds
-During 1925 the company received
Investment in General Motors Corp.
500.000 Accounts payable- 386,111
285.113
Collateral loans._ 775,000
its
.
92,507
90.956 19.296,706 in dividends paid by General Motors Corp. on net common
Invest% securities_ 2.044.809 2382,058 Bond Int.& pf div.
income.
8.276
14,349 stock. These dividends are included in the consolidatedthat the earnbonds..-. 3,933,158 3.933.008 Deferred credits.Liberty
Federal taxes(cat.) 430.462
Preliminary estimate of the General Motors Corp. indicates
278,302
.
Materials & suPPL 3.109 287 2.972.992
4.044,270 3,175.838 ings on its common stock, plus its accrued earnings in the Fisher Body Corp.,
Finished product- 2,172.990 2,156,281 Reserves
-9,729,490 8,894,659 General Motors Acceptance Corp. and Yellow Truck & Coach Manufac91.091 Profit and loss_
Deferred charges.- 112,899
turing Co., will be approximately $20 60 per share for the year 1925, so
Total
42,824.991 40.898.494 that there has accrued to the benefit of your company on its holdings, in
42,824.991 40.898,494
Total
addition to the amount includedlin the income account, approximately
121. p. 2758.
-A substantial increase in earnings over the preIncrease in Earnings.
vious year has been accomplished despite the fact that unfavorable conditions in certain lines of our products through 1924 continued to affect
earnings during the first half of 1926. Economies introduced in manufacturing and selling, and expenditures for development of improved products and of new uses for such products have been reflected in increased
earnings during the last six months of the year.
-For a number of years
Disposed of Processes for Manufacture of Rayon.
our chemical and research organization has been developing processes for
the manufacture of artificial silk (Rayon). These processes have now been
disposed of to the Napon Rayon Corp. (recently incorp. in Delaware) for a
substantial block of common stock. The Napon Rayon Corp. has acquired from Cupra, Inc., at Clifton, N.J., a very desirable factory property
and it is expected to have equipment installed and initial unit ready for operation by July 11926. The Napon Rayon Corp. has been adequately financed
for plans now in hand and a substantial stock interest has been taken by
Important consumers of rayon who will bring to the corporation valuable
knowledge of the textile industry and a ready market for the co.'s product.
-Facilities for production of explosives and blasting supplies
General.
now comprise six high explosive works located in New Jersey, eastern and
western Pennsylvania, Michigan, Missouri and California; six black blasting
powder works located in Pennsylvania, Tennessee, Illinois, Oklahoma,
Kansas and California. and blasting caps and electric blasting caps works
in Pennsylvania.
Increased facilities for lacquer manufacture at the Stamford works have
been completed during the year and there have been no other material
Increases in plant facilities.
Zapon" products, including leather cloth, lacquers, lacquer enamels,
are manufactured at Stamford. Conn., by Richards & Co., Inc.(of Conn.)
These products are sold by the Zapon Co.(N. J.) for all territory except
that west of the Rocky Mountains, where sales are handled by the Zapon Co.
of Calif.). These companies are all wholly owned subsidiaries of Atlas
Powder Co.
There has been a substantial and steady increase in the sale and use of
Zapon" lacquer for furniture and automobile finishes. Lacquer for such
purposes gives a smooth, hard, lustrous finish of much greater permanence
than the ordinary finish. The Zapon" brand of lacquers has been on the
market for more than 30 years and the improved lacquer finishes for furniture and automobiles are unsurpassed in quality by any other lacquers on
the market.
No. of Stockholders.
-Of a total of 2,047 employees as of Dec. 31 1925,
687, or 33.56% were stockholders. The pref. and common stock of the
company is now owned by 3,458 stockholders.
•
742
THE CHRONICLE
$18,099,400, making the total earnings received and accrued on your
General Motors Corp. common stock 327.396.106.
Company received $1.629,320, representing dividends on its holdings of
Managers Securities Co. 7% cumulative pref. stock. During the year
32.271.200 of such stock was redeemed by Managers Securities Co. and
$8.000,000 was sold,leaving $15,520,000 owned by your company remaining
of the original issue of 328,800,000.
At the present time your company's direct holdings of General Motors
Corp. common stock together with its equity in the holdings of the General
Motors Securities Co. (constituting about 25.8% of the entire common
stock of General Motors Corp.), aggregate 1,330,829 shares, which is equal
to the number of shares of common stock of your company outstanding.
Stockholders.
-The total number of stockholders and those employed
by the parent company:
Years Ended Dec. 311920. 1921. 1922. 1923. 1924. 1925.
Number of stockholders
9,674 10.579 11,430 12,037 12,468 13,155
Employee stockholders
3,398 3,342 3,120 3,028 3,083 2.403
Approx. number of employees_19,000 11,000 14,000 13,000 15,000 14,000
Employee stockholders per
hundred of employees
18
30
22
23
21
17
The above tabulation does not include employees of majority owned
companies, therefore whenever any activities of company are transferred
to such companies the number of employee stockholders is necessarily
reduced, as was the case in 1925.
Dividends.
-During the year, regular dividends at the rate of 6% per
annum have been paid on the debenture stock. Dividends on the common
stock have been as follows: On March 16 a dividend of 2)45'; on June 15
a dividend of 2)4%; on Aug. 10 there was distributed a dividend of 40%.
payable in common stock; on Sept. 15 a regular dividend of 2% and an
extra div. of 15'; on Dec. 15 a regular dividend of 2%.
The total dividends paid in cash on company's common stock during
the year were equivalent to 12% on the amount of common stock outstanding at the beginning of the year or $8 57 per share on the stock outstanding
at the end of the year. There has been declared an extra dividend of 5%.
payable Jan. 8 1926. to holders of record Dec. 1 1925, which corresponds
to an extra dividend of$5 per share to be distributed by the General Motors
Corp. on its common stock on Jan. 7 1926.
Form of Statements.
-For several years the published balance sheet has
Included in consolidation the assets and liabilities of all companies of which
the company held a majority of the common stock, excepting only the
General Motors Securities Co., through which the company's interest in
the General Motors Corp. is owned. This form of statement has heretofore best presented the status of the company's affairs, but due to recent
increases in the number, amount end variety of the company's holdings in
subsidiary companies, cerin changes have been made in the statements
as follows:
All wholly owned companies are consolidated as heretofore as is also
the E. I. du Pont de Neznours Powder Co.
All other companies, of which a majority of the common stock is owned,
except General Motors Securities Co., are included among investments at
cost, plus company's equity in the surplus of those companies accumulated since acquisition.
The Income account (V. 122, p. 616) reflects as heretofore income from
operations and investments of company together with its equity in the
earnings of companies of which this company owns a majority of the common stock.
The comparative income account was published in V
122, p. 616.
CONSOLIDATEDZBALANCE SHEET DEC. 31.
Assets1925.
1924.
1923.
Cash
315,294,041 316,292,533 $18,918,280
Notes and accounts receivable. &c
13.908,999 14,903.184 15.377,314
Materials and finished products
25.032.678 26,116.398 26.838,520
Marketable securities and call loans
910,930 6,504,892 11,123,981
Investment securities
x149,657,540 89.420,307 93,883.621
Plant and property
75.669,966y121.797.661 y111,984,792
Patents, good-will, &c
24,883,987
See y
Deferred items
372,705
1,617.757
503,986
Total
3305,730,844275.538,9403279.744.265
Accts. & notes pay., incl. accr. diva.
on deb.stk. & accr. int. on bonds__ $7,172,805
Deferred liabilities and credit items.._
749,934
Bonds of sub. cos. in hands of public- 2,441,500
Full-paid subscription receipts for
non-voting deb. stock
10,000,000
7)4% bonds due 1931
Debenture stock issued
68.429.763
Common stock issued
133,082,500
Capital stock and surplus of sub. cos.
applicable to minority interest_ _ _ _
751.140
Res.for depr.. pensions, bad dts., &c_ 20,433,262
Surplus applicable to company
82,669,541
35,490.531 37.927,697
881,581
1.349,448
2.762.000
2.533,500
18,074,000 28.164.500
68,416.163 68,415,780
95.060.900 95,060,900
4,365,247
5.680.145
23,052,761 17,524,084
55.881,491 54,642,475
[VoL. 122.
Adams Express Company.
(Annual Report
-Year Ended Dec. 31.)
President W. M. Barrett, N. Y., Feb. 1, wrote in brief:
The current net income for the year was at the rate of $9 97 per share.
out of which dividends amounting to $6 per share were paid.
After an experience of 334 years' operation of the Adams Express Armored
Car Co. it was concluded to dispose of the business. The property and
good-will were therefore sold as of Sept. 30 1925(to the United States Trucking Corp.) and the Adams Express Armored Car Co., Inc., was dissolved.
During the year the second mortgage bonds of the Adams Express building Co., 61 Broadway, New York, having been called, were redeemed and
paid for in cash at their face value. The other subsidiary companies, viz..
the Adams Land & Building Co. and the Hollywood Hotel & Cottage Co..
are in process of liquidation.
INCOME ACCOUNT YEARS ENDED DEC. 31.
Revenue1924.
1925.
1923.
1922.
Interest on balances____
$15,450
39.703
$5,968
$5,085
Int. on securities owned_
186,858
199,595
193,540
206,093
Divs, on securities owned
821.534
770.671
714,486
967.981
Inc.from collat. pledged
558.177
592,819
639,006
632,800
Miscellaneous income_
93,326
68,679
Total
$1,582,019 31.572,788 31.648.325 $1,880,637
Expenses
Interest on loans
$9,605
Interest on bonds
3518.685
$545,918
3579,881
621,614
Salaries, exp. & taxes..
66,467
65,730
151,605
160,828
Dividends
(6%)600.000 (6)600,000 (5)500.000 (1)100.000
Balance, surplus
$396,867
$361,141
$414,838
$988,590
Profit and loss surplus
6,608.805
5,369.628
3,074.502
3,600.107
STATEMENT OF ASSETS AND LIABILITIES DEC. 31.
(Adams Express Co. and Southern Express Co.)
Assets1925.
1924.
1923
Investments:
Securities at market value held by
trustees for Adams Express Co.
collateral trust 4s:
(a) Guaranty Trust Co., trustee for
bonds due 1947
86,413,437 $6,543,113 $6,044,247
(5) Bankers Trust Co., trustee for
bonds due 1948
6,190.828 6,004.068
5,899,214
bonds due
Adams Exp. Co. coll. tr.
1947 held in treasury (at market)
33,248
Securities at market value deposited
with N. Y. State Indus. Comm'n
10,697
10.780
10,615
2d mtge. bonds Adams Exp. Bldg.
Co., unpledged. at par
2.160,000
2,180,000
Miscell. securities in treasury
5,284.170
1.500,514
1,221,543
Capital stock of the American Railway Express Co. at par
11,914,300 11,914,300 11.904.300
Securities of sub. cos. at fair value_
108.040
308,036
Adams Express Armored Car Co.
capital stocleat par
500,000
500.000
329,813,432 $28,740,814 $28,101,203
Total investments
$6,352
Land, buildings and equipment
$8,278
' $13,187
Treasury cash
414,955
730.076
273,128
Accounts receivable and accrued---86,701
114,152
83,388
Interest collected and accrued from
collateral trust securities (for payment of interest on Adams bonds)-431,481
411,989
422,641
Total
830.749.609 329.986,511 828,913,639
Liabilities
Capital stock
$10,000.000 $10,000,000 $10,000,000
Collateral trust 4s, 1947
7,298,000
7,689,000 8,012,000
Collateral trust is. 1948
5,793,500
5,793.500 6,062,000
Accounts payable and accrued
6,882
10,193
7.573
Interest payable accrued on Adams
Express Co. collateral trust bonds267.810
267,770
267.720
Reserve for loss and damage claims,
express privileges, unpaid money
orders and contingencies
859.691
771.341
964,239
Profit and loss surplus
5,369,628 3,600,107
6.608,805
Total
---V. 120. p. 1084.
$330,749,609 $29,986,511 $28,913.639
New England Telephone & Telegraph Co.
(Annual Report-Year Ended Dec. 31 1925.)
President Matt B. Jones, Feb. 1, wrote in substance:
Rate Chanoes.-The 1924 report dealt at some length with the financial
Total
$305.730,846$275.538,940$279,744.265 condition of the company, the reasons therefor, its need for more nearly
x As follows: (a) General Motors Securities Co. stock representing 70% adequate rates, and the plans of the management to remedy the situation.
The past year has been one of stress but it is now possible to refer to
interest in 1.875,000 shares of General Motors Corp. common stock.
$91,875,000; (5) Managers Securities Co. 75' cumulative convertible pref. these plans as accomplished in considerable measure and to advise you that
stock. $15.520,000; (c) miscellaneous securities, $10,440.672: (d) securities the situation is materially improved.
We stated a year ago that schedules of increased rates had been riled in
of controlled companies, not consolidated herein, at cost, plus E. I. du Pont
de Nemours & Co.'s equity in surplus accumulated since acquisition. Massachusetts. These rates were suspended by orders of the Departmens
of Public Utilities until Aug. 1 1925. Hearings before the Commission
331,821.867.
began on Feb. 9 1925 and continued with various adjournments until
y Including good-will.
-V.122, p. 616.
July 3. arguments of counsel being made on July 16 and 17 A total of
53 days were devoted to hearings before the Commission and 2j4 days to
inspections, in order that the commissioners might familiarize themselves
Phillips-Jones Corp. (and Subsidiaries).
to some extent with the property of the company.
The magnitude of the proceeding may be determined from the statement
(Annual Report-Year Ended Dec. 31 1925.)
that 48 witnesses appeared before the Commission and gave their testimony;
some of whom were cross-examined at great length; 187 exhibits were introINCOME ACCOUNT YEARS ENDED BEC. 31.
duced in the case by the company;74 by the City of Boston, which appeared
In remonstrance, and 17 which were prepared by the Department of l'ublic
1925.
1924.
1923.
1922.
Sales
49.862.787
$11.163.093 311.135,417 Utilities itself. Exclusive of these exhibits, testimony introduced in the
Cost of sales, exp., &c z9,382,710
9.718,511 case and arguments of counsel covered 5.591 typewritten pages.
As a result the Department of Public Utilities of Massachusetts approved
Gross profit
3480,076
31.416.908 Increased rates which became effective on Aug. 1 1925. Material reducOther income
297,865
Not
Not
63.347 tions were made in some schedules of rates filed by the company, notably
In the rates for private branch exchange switchboards and for measured
stated
stated
Total income
3777.942
31,480,253 service excess calls. These changes reduced by more than $21.000,000 the
Interest
17,586
y413.096 revenues which had been sought for but the rate schedules as granted
Federal taxes
See z
135,000 should be given a fair trial. If they should prove inadequate, we have the
right to again bring the matter to the attention of the Department of Public
' Net profits
3760,356 a$139.015
$932,157 Utilities.
b$86,434
Preferred dividends_
147,378
Late in March 1925 Increased schedules of rates for the State of Rhode
154.122
159,687
164,500
Common dividends__ (32)170,000
rsland were filed with the Public Utilities Commission of that State to be
Spec.exp.&sundry losses
effective May 1 1925. These rates were suspended by the Public Utilities
13,083
287.596
Commission until Aug. 1 1925. beyond which date it did not have Power
Balance, surplus
$442,978 def$28.190 def$360.849
3767.657 of suspension. Hearings began in Rhode Island in April and continued
with various adjournments until Oct.
The presentation of this
After adjustment of prior years' Federal taxes. b After inventory case required 55 days devoted to actual 20 1925.and 134
a
days were devoted
adjustment of $820,501 chargeable in part to operations of prior years. by the Commission to an inspection of ahearings
the comportion
z Net sales. y Incl. diseount and also the sum of $10.536 for corporation pany. In this case 175 exhibits were presented of the property of
by the company and 53 by
taxes. z Incl. provision for Federal income tax.
the City of Providence, which appeared in opposition. Exclusive of these
exhibits the evidence and arguments of counsel covered 5,305 typewritten
BALANCE SHEET DEC. 31.
pages.
1924.
1025.
1925.
1924.
At the close of the suspension period on Aug. 1 the rates as filed by the
LiabilitiesAssets$
7% preferred stock2,117,900 2,200,000 company took effect subject to modification by the Commission after the
Fixed assets Sees decompletion of the hearings. On Dec. 31 1925 the Commission rendered a
2,060,994 1,944,786 Common stock___.:2,000,000 2,000.000
predation)
decision holding that the company had sustained the burden of proof in
Notes payable
Trade name. good350,000 750,000
1 Accounts payable__ 810,909 499,036 showing that it had need of additional revenue to the amount which would
1
will, Ac
be provided by the rates in question, and approved the rates as then in
289,561 271,012 Dep. on leases, Sec__ 11,665
Cash
12,732 effect.
Accts.receivable_ _ _1,885,291 1,597,402 Royalties pay., rim__ 87,147
99.481
On May 1 1925 new rate schedules were filed in the States of Maine and
Taxes payable____
2,346
14,834 New Hampshire, to be effective June 1 1925. In each of these States the
Sundry accts. and
65,825 rates were suspended until Dec. 1 1925.
notes receivable... 153,441 123,251 Reserve for taxes... 282,535
43,758 Res.for pref div_ __
24,792
25,667
Notes receivable_ __ _ 24.312
Hearings began before the Public Utilities Commission of the State of
4,335.148 3,521.729 Reserve for moanInventories
Maine on Sept. 1 1925, and the case continued with some adjournments
81,345
65,033
gencles
68.284
68,284 until Oct. 211925. when the taking of testimony and arguments of counsel
Adv. to salesmen
3,306,290 2,121,848 were completed, and late in November a decision was rendered by the
Deferred chargeo____ 248,088 274,423 Surplus
Public Utilities
approving increased rates but making some
Total
9,061,868 7.857,708
9061.568 7,875,708 modifications in the schedules filed by the company. The rates tints
Total
-V. 121, p. 719.
approved became effective in the State or Maine on Dec. 119215.
x Represented by 85,000 shares of no par value.
•
Hearings were begun before the Public Service Commission of the State
of New Hampshire on July 14 1925, and after various adjournments were
completed on Jan.6 1926. the arguments being completed on Jan. 14 1926.
The decision in that case has not been made but the rate schedules filed
by the company became effective on Dec. 1 1925 at the close of the suspension period, subject to modification by the Commission after the completion of the hearings.
In the State of Vermont the company filed new schedules of rates to take
effect Oct. 11925. and in accordance with the statutes of that State, gave
a bond to protect subscribers in case the rates should not be fully allowed
by the Public Service Commission of that State upon completion of the hearings held before it. In Vermont hearings began on Nov. 16 1925 and have
not yet been completed.
-It is obvious from the foregoing that the increased rates
Dividends.
which the company has obtained were in no case effective for more than
five months of the year 1925. and in some cases only for a period of one
month. Under these circumstances, it was impossible to maintain the 8%
dividend which has been paid for some years and only 1%_was paid in the
second quarter and 1% in the third quarter of 1925. Even these payments made considerable inroads upon the small remaining surplus of the
company. During the last quarter of the year increased rates were effective
In three States and during the last month of that quarter in all five States.
The earnings of that quarter were sufficient to enable the company to pay
a dividend of 2% for the quarter.
-The prosecution of the rate cases above referred
Inventory and Appraisal.
to involved a complete Inventory and appraisal of the property of company.
This inventory and appraisal, although It involved considerable expense,
was necessary in order that the rate cases might be presented in accordance
with the law as established by the United States Supreme Court, and it has
demonstrated that our property, used and useful in furnishing telephone
service in the five.New England States in which we operate, has a value
considerably in excess of its cost, as shown by the company's books. With
-S. C. Commission, the expense of this inventory
the permission of the I.
and appraisal is to be amortized over a period of five years from Sept. 1
1924, during which period there will be a monthly charge to operating
expenses on account of it.
-The stockholders on Nov. 19 increased the authorized
Stock Issue.
capital stock to a total of $150,000,000, and upon the same date directors
voted to authorize the issue of additional stock in the ratio of one share
of new stock for each three shares of existing stock to be issued at par to
stockholders of record on Nov. 30 1925. In accordance with the terms of
this offer $27.620,400 were taken. Of this amount $27,253,700 were paid
for in full and have been issued. The remaining 5366,700 was in part paid
for on Dec.311925,and will become fully paid and issuable on June 30 1926.
Station Gain.
-Telephone installations during 1925 numbered 201.809
and there were 185,519 disconnections, with a net gain of 16,290 telephones
for the year.
-During 1925 the gross
Expenditures for Construction and Equipment.
expenditures for construction and general equipment were approximately
$31.185.000.
The program for 1926 contemplates similar expenditures of approximately $30,000,000, and for the five-year period 1926 to 1930, inclusive,
engineers estimate that these expenditures will amount to $158,000,000.
•
OPERATING STATISTICS, CALENDAR YEARS.
1922.
1923.
1925.
1924.
928.915
1,003,399
1,069.359
No. of owned stations_ 1.085.649
84,368
84.663
87,396
Miscellaneous stations.,..
88,746
1.013.283
Total stations
1,156,755 1.088,062
1,174,395
2.400,629
3,104,519 2,753,106
No. of miles of wire
3,652,759
470
474
475
of central offices
No.
479
21,038
24,476
24,590
No. of employees
23,968
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
1924.
1925.
$54,405,849 547.565.247 544,208.570 541,437.407
Operating revenue
42,555,483 37.799,683 36.042.959 30,671.126
Operating expenses
Net operating revenue $11.850,766 59.765.564 58.165.611 510,766,281
2,884,898
2,569,982
2.502,191
Taxes
2.920,334
225,376
Uncollectibles
220.334
346,216
408,979
Operating income$8,521,454 56.849.365 55,443,086 $7,656,007
819,265
883.339
853.031
Non-operating revenue_
658,571
Gross income
Interest
Rents accrued
Dividends
Misc.deduction.s
743
THE CHRONICLE
FEB. 61926.1
$9,180,025 $7,702.396 $6,262,351 $8,539,346
2.647.295
1,959.449
4,755,988 3.508,373
461,721
420.853
386,730
502.816
(6%)4.981,524(8)6,311.048 (8)5.318,096(8)5,317.886
4,561
39,400
Balance
def$1,099.704df$2,578.745df$2,123,893
4,659.904
Previous corp. surplus-- 2,081,647
6.780.716
488
3.080
Miscellaneous additions_
BALANCE SHEET OCTOBER 31.
1924.
1925.
1924.
1925.
$
$
LiabilitiesAssets$
$
7% cum.1st pf.stk.18,520,900 18.951,500
Land,bldgs., mach.
15,000
15,000
Management stock
& equipml, less
depreciation _ .019,174,652 19,539,938 7% cum.2d pt.stk 1,006,000 1.079,000
Good-will
1 Common stock- _x7,791,640 7,543,145
1
Investments
2,829,245 2,447,695 1st M. 20-yr. 8%
Inventories
11,110,973 12,583,273 sink, fund bonds 8,370,000 8.474,000
112,988
Accr. bond interest
Accounts & notes
Accounts payable_13.215,494f 1,665,880
receivable (less
I, 400,000
12,016,538 9,202,051 Prov.for Fed.tax_ f
reserve)
Cash
8,148,897 2,246,056 Res. for Ina. Habil.
120,000
assumed by co_
Deferred Charges_ 1,180,007 1,435,952
744.684
Reserve for contitu4 2.109,298
13,431.980 8,348.771
Total(each side)_ _54,460.312 47,454,966 Surplus
a After deducting 57.100.318 depreciation. x Represented by 808,255
shares of no par value of which 30,707 shares are escrow under option for
$153.535.-V. 122. p. 617.
Swift & Company
(Annual Report-Year Ended Oct. 31 1925.)
Pres. Louis F. Swift in his remarks to stockholders, Jan. 7,
said in substance:
The year 1925 in business generally has been one of activity. Employment in most lines has been steady; wages have been good, and prices
sufficient to yield a fair margin to the efficient concerns. We have shared
in this prosperity. Our sales for 1925 exceeded 5875.000.000, the largest of
anyearsimtecar)gioerhih was,
also have shared in the
i
e
me kcr
z 1 2
u gr1tar of
li4e stl eetArgd to a higher level
gr
nyearp
5
p
192
has reVailec ice any
l a for
Pr:
What success the company has attained, during the past year and previously, has been due to the faithful work of the employees whose loyal
services we appreciate. One of the strongest assets the company has is the
splendid spirit of devotion to the company'sinterests shown by its employees.
steadily,and specially in times of stress. It is our aim and effort to make the
employees feel that they have a real interest in the company's welfare and
that the company, on the other hand, has an equal interest in the employees'
welfare.
Since we established employee representation in 1921. much progress has
been made in removing possible causes of misunderstanding. We have
found that in most cases frank and open discussion of problems leads to a
better appreciation on both sides. Where there is between men a realization of each other's difficulties, there is usually a deeper sympathy and
greater respect.
The supply of cattle and sheep has been about the same as in 1924, but
prices averaged from 8 to 10% higher. Rog receipts were 20% less, and
prices averaged nearly 50% higher.
It was hard for packers to make money on their cattle operations during
the past year, because for many months the price of dressed beef was not
high enough as compared with cattle prices. Pork was also selling at a loss
for a considerable time, but an increase of prices during the summer and fall
brought us out comfortably on the profit side of the ledger.
During the fiscal year ended Oct. 31 1925, company paid out for live
stock $450,213,425 and slaughtered 17,446,281 animals.
We look for a satisfactory business in the year 1928.
The usual comparative income account was published in
V. 122, p. 226.
COMPARATIVE BALANCE SHEET.
Oct. 31 '25. Nov.1 '25. Nov. 3 '23.
$
i
$
AssetsReal estate & improv'ts,
including branches-- _112.007,104 115.088,438 89.423.843
25.809.381 25,014.722 42.155,316
Stocks and bonds
7,934.410
7.808,098
12,258,672
Cash
Accounts receivable-__ _ 85,969,058 84,757,494 107,697.908
Live cattle. sheep, hogs,
106,251,565 105.124,252 90,653.967
dressed beef, &c
Nov. 4 '22.
$
92.685.422
42.998,171
22,051.890
110,903.672
86.424.828
342.295.780 337,791,003 337.884.443 355,043,986
Total assets
Liabilities
150.000.000 150,000,000 150,000.000 150,000.000
sur$870.721 Capital stock
6,809.996 1st Mtge.5% bonds
26,253.500 26,921.000 27,588,500 28,256.000
25.000,000
7% gold notes due 19315% gold notes. 1932--..- 48,500,000 49,000,000 49,500.000 50,000.000
15.716,172 16,469.033 21.240.650 16.140.000
57.680.716 Notes payable
900,000 Accounts payable
19.110.497 17,780,461 14,742.407 11,804,493
13,236.644 11,520.693 10.819,058 11.054.285
$6,780,716 General reserves
69,478,967 66.099.815 63.973.827 62,789.208
Surplus
$981,944 $2,081,647 $4,659,904
Total surplus
Employees' benefit fund
$981,944 $2,081.647 54.659.904
Total corporate surp
BALANCE SHEET DECEMBER 31.
1925.
1925.
1924.
$
AssetsTelephone plant.214,468,376 192,145,172 Capital stock _ .110.279,100
183,350
General equip't. 3,982,926 3,454,245 Cap.stk. install.
Invest% occur's_ 1,662,408 1,743,048 .4% deb. notes. 1,000,000
.5% deb. notes. 10,000,000
Advances to sys570,306
057,589 .1st M. bonds__ 35,000,000
tem corp'ns..
52,050
30,000 Note secured..820,000
Misc. investm'ts
Cash & deposits. 2,411,523 1.460,893 Adv.fr. sys.corp 24,850,000
500,000
18,964 Bills payable_
15,158
Marketable secs.
Accta.& bills rec 7,688,296 8,384,547 Accounts pay'le. 3.135,027
Acer.liab.not due 1,356,902
Materials & supplies
1.613,159 1,824,154 Liab.empl.ben.fd 2,000,000
Deferred items_ 3,610,426 3,002,231 Deprec'n reserve 45,968,305
981.944
Corp.sur.unappr
1924.
342.295.780 337,791.003 337.864,443 355.043,986
Total liabilities
a
-V.122. p. 226, 625.
83,025,400
1,00[1.000
10,000,000
35,000,000
820,000
31,219,200
2,603,952
1,229,599
2,000,000
41,719.048
2,081,847
Total
236,074,628 210,698,845
Total
236,074,628 210,698,845
-V. 122, p. 94.
*All issues are equally secured by mortgage.
Fisk Rubber Company.
(13th Annual Report-Year Ended Oct. 311925.)
President H. T. Dunn, Dec. 30, wrote in brief:
Gross sales less returns and allowances for the year ended Oct. 31 1925
amounted to 574,900.373, being an increase of $21,953,842. or 41% compared with 1924 sales. This is the result of a 30% increase in unit sales
and price advances due to increased cost of crude rubber during the last
half of the fiscal year. Operating profits after depreciation, selling and
administration expenses and inventory reserves but before interest and
Federal taxes were $9,981.812. and after interest and other charges $8,955,906, compared with $3.136.664. for 1924. After making provision for
Federal taxes, the net profit for the year was 57.608,905. Out of this
amount the directors have set aside as a reserve for contingencies 51.500,000.
Inventories of $11,110,973 were based on cost or market, whichever was
lower, less reserve for possible decline in inventory values. After reserves,
accounts and notes receivable amounting to $12,016,537 are good and
collectible. Total current assets were $31,276,407 and current liabilities
were $3,215,494, showing a ratio of current assets to current liabilities of
9.7 to 1.
Pince August the company has had no bank loans nor notes payable.
In Jan. 1925, company entered into a contract. with Fisk Tire Fabric
Co., under which this company leases a complete cord tire fabric plant
located at Now Bedford, Mass., having a valuation of $2,475,000. As a
consideration therefor, this company pays an annual rental in an amount
sufficient to cover interest on and sinking fund of $1.900,000 First Mortgage
I
,
-year (1) % Sinking Fund Gold bonds of Fisk Tire Fabric Co.
10
The plan presented by the directors for funding the accumulated dividends was duly adopted by a vote of the stockholders at the special meeting
held Dec. 28 (V. 122. P. 98). At the same meeting the stockholders
approved the issue of 510.000.000 short term notes. The proceeds of these
notes will be used as increased working capital made necessary by reason
of the rapidly increasing volume of business and the advance in price of
crude over the prices in effect during the past two years.
Company is in a sound financial condition and the outlook I.:encouraging
or a successful year during 1926.
The usual comparative income account was published in
V. 122, p. 98.
British-American Tobacco Co., Ltd.
(Annual Report-Year Ended Sept. 30 1925).
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30 1925.
1921-22
1923-24.
1922-23.
1924-25.
Net profits after chges_ _x£5,145.238 £4,866,265 £4,494.972 14.400.784
225.000
225.000
225.000
225.000
Preferred dividends(5%)
Ordinary dividends y (28)4,487.733(2634)4258921(25)4014,821(25)4010,709
Balance, surplus
Previous surplus
Total
Stock dividend
War loss res. cred back
£432,505
3,914,013
£382,342
3,531,846
£255,151
3,276,953
£165,075
1.890,188
£4,346.618 £3,914,188 £3,532,104 £2,055.263
£75
E257
£43
£310
1,222.000
Profit and loss,surplus £4,346.576 £3,414,113 £3,531.846 £3.276.953
xAfter deducting all charges and expenses for management, &c., and
providing for income tax.
yThe dividends on the Ordinary shares in 4924-25 include the four
interim distributions, viz.: Jan 19 1925. 10d. per share; Mar 31, 106. per
share: June 30, 10d. per share; and Sept. 30, 10d, per share, calling for
£2.678,571; also the final 2s. 3d.dividend (free of British income tax) recommended. payable Jan. 19 1926 (£1,809,163), making 27.91%.
BALANCE SHEET SEPTEMBER 30.
1924.
1924.
1925.1925.
Liabilities
Assets• Real est.& bldg. 489,304
488,449 Preferred stock...64,500,000 4,500.000
497,432 Ordinary stock _ _c16,071,445 16,071,402
Plant. mach. &c. 568,593
Cred.& cred. bals_ 4,756.326 4,922,452
Good will, '
trade
500,000
marks, &c
200,000 Res.for bidge., &c. 500,000
200,000
462,433
Inv.In assoc.cos. _16,155,231 16,032,944 Prem. on ord. alas. 462,433
55,670
56,443
Redemp. of coup's
Invests in. British
Special reserve_ _ 1,352,754 1.271,817
Gov. securities _
29,426
Profit and loss beLoans, associated
fore deducting
companies. &e__ 5,913,374 6,459,854
final dividend__ 6,155,739 5,521,255
Materials & supp_ 5,725,515 6,148,602
Debtors & debit
bal.,less reserves 1,876,550
651,963
2,897,149 2 825 785 Tot.(each side)_33,855,142 33305.030
Cash
&Real estate and buildings at cost, less provision for amortization of
leaseholds. b Preferred stock authorized and outstanding. £4,500,000 5%
Cumulative shares of £1 each. c Ordinary stock represents 16.071,445
shares of Ll each. The total authorized issue is £18.000,000.
There are contingent liabilities (1) on shares not fully paid, E12.500;
(2) for premiums payable on redemption of shares in associated companies
allocated to employees; (3) in respect of guarantees given on behalf of
certain associated companies; and (4) to issue 462 Ordinary shares of £1
each in accordance with the extraordinary resolution of May 10 1920
-V.121, p.3135. 3007.
to shareholders who have not lodged acceptances.
744
THE CHRONICLE
De Beers Consolidated Mines, Ltd.
(Annual Report
-Year Ended June 30 1925.)
[Void. 122.
stock held by the German bank and to reissue it in the name of the Alien
Property Custodian.
-V. 122, p. 606.
Bevier & Southern
RR.
-Abandonment of Part of Line.
RESULTS FOR TWELVE MONTHS ENDED JUNE 30.
The I.
-S. C. Commission on Jan. 18 authorized the company to abandon1
1924-25.
1923-24.
as to interstate and foreign commerce of that portion of its line of railroad
1922-23.
1921-22.
Previous year's balance
extending from mile post 7.636 of the line southerly to the town of Ardmore.
(diamonds unsold, &c) £407,218
£422.585
£464,732 a distance of 2.554 miles, and to abandon entirely the 1.233 miles of line
£333,143
Diamond account during
extending from mile post 8.957 of the line southerly to the town of Ardmore,
year
3.348.223 3,452,541
2.818.438
401,816 all in Macon County. Mo•
Int. & divs. on inv'ts, &c
948,401
326,317
324,675
355,796
Trans'd from gen'l fund..
Boston & Maine RR.
535,634
-Stockholders Approve Plan.
Stablliment of diamond
The stockholders at their adjourned special meeting Jan. 29 voted
trade reserve
21.823 (1) to increase the authorized capital by 130,000 shares of prior preference
stock, aggregating $13,000,000: (2) to authorize the issue of $43,522,000
Total income
£4,703,842 £4,201,443 £3,507,377 E1,748.680 refunding mortgage bonds, which will be
bonds to be
Mining expenditure, &c_ £1,845,449 £2,026,579 £1,167,954 £1,077,600 extended 15 years from dates of maturity, substituted for thethe reorganias contemplated in
Int.on debs.& sink.fund
257,744
256,644
251,430 zation plans; (3) to cancel 120,000 shares of first preferred class F capital
253,080
Income tax-Union of
stock.
South Africa
258,466
191,280
This action does not mean that the reorganization plan Is yet declared
86.507
64.994
Amount of stabiliment
operative, the decision as to that resting with the general readjustment
reserve
54,000
committee. The Mass. Department of Public Utilities has not yet ap118,765
Pref. diva. (after tax)_ _ x £1)800,000( 1)740.000
(
proved the plan of readjustment, the formal vote of stockholders authoriz(a)1.480,000
Deferred divs., tax free.(£1)1,090514 (108)525722
ing the issuance of the new prior preference stock and the extension of bonds
Suspense profit acc't
being first required.
(diamonds unsold)___
£422,584
£407,218
£451.669
£333,143
Years Ended Dec.
1925.
1924.
1922.
1923.
x Owing to the abolition of the Dividend Tax with effect from July 1, Operating revenues 31$79,689,770 $78,697,297 $86,193,418 879,800.123
1924. the Preference dividend will in future be paid without deduction Operating expenses
61.895.331 63.912,555 75,254.894 67,054.397
(former years dividends are shown less taxes). The amount deducted in
respect to the year 1924-25 has since been refunded to preference shareNet oper. expenses.._ _$17,794,438 $14,784,741 810.938,525 $12,745,727
Taxes
3,114,174 3,040,801
2,580.677
2,930,959
BALANCE SHEET JUNE 30.
Uncollec. railway revs
18,638
11,948
5,094
4,458
-Dr.. 2,754,907
Equipment rents
1925,
1924.
1924.
2.539,747
1925.
4.926.746 3,722,624
facility rents
-Dr..
Joint
184,826
Assets
Liabilities
220.222
88,947
Cr.38.409
Property account_ 8,011.452 8,091,821 Preference shares_ 2,000,000 2,000,000
Net railway oper. inc_311,721.891 $88,972.021 $2,987,414 $6,475,740
Invested in stocks
Deferred shares_ __ 2,726,285 2,628,610
Other income
855.932
and shares
310,827 De Beers4 % So.
305,490
466.492
797,209
745,359
Reserve invested &
Air.expl.deben_ 1,635,495 1,635,405
Gross income
$12,577.823 $9.438,514 83.732,774 $7,272.949
diamond(stalhif
Reserves
3,293,447 2,913,902
ration, &e., res_ 3,293,448 2,913,902 Stabil. of(Ram.res 2,573,842 2,57284? Deduc. (rents, Int., &c.) 7.605,658 7,665,776
7,244,957
7,223,844
Timber, fuel, &c_
237,755 allb.onstks.Ashs_
309,992
Net income
$4,972,165 $1.772,737loss$3491070
Live stock
142,475 KottyfontelnMines
138,887
$27,991
loan & int. acc't_ 295,262
Special investm'ts,
254,036 -V. 122. p. 345. 210.
loans, &c
2,668,606 1,903,601 Una & open sect's_ 223,330
146,588
Carolina & Yadkin River Ry.-Final Valuation.
24,342
Cash
78,087 Comm. for Inland
Diamonds on hand
64,439
333,365
Revenue
259,663
The L-S. C. Commission has placed a final valuation of $766,538 on the
201,211
Int. on debs.,
_
32,199
34,038 owned and used properties of the company as of June 30 1915.-V. 118. P.
Divs. unclaimed &
2703.
sundries
40,215
20,179
Pref. div. deedared 430,000
Central Indiana Ry.-Final Valuation.
370,000
Def'd div. declared 545,257
525,722
-S. C. Commission has placed a final valuation of $1,904,560 on
The I.
Diamonds unsold_
64,439
333,365 the owned and used property of the company, as of June 30, 1917.-V. 121,
Trani. from appr.
P. 3000.
Total(each elde)14,506,663 14,020,834
account
387,230
73,853
Note.
-Contingent liability: The company has guaranteed the repayment
Chicago Great Western RR.
-Securities.
of and interest on £1,250,000 534% First Mortgage Debenture stock issued
-S. C. Commission on Jan. 29 authorized the company to issue
The I.
by the Cape Explosives Works, Ltd., Somerset West, Cape Province.
- 950 collateral gold notes (aggregating $950,000) In exchange for a note of
v.122, la• 355
equal amount given to the Director General of Railroads: and (2) to pledge
.
as collateral security therefor $2.000,000 of first mortgage 50
-year 4%
gold bonds.
-V. 121, p. 2269.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Rail Unions Demand Higher Wages.-Shopmen, railway clerks and
locomotive engineers are among employees demanding wage increases
calculated to aggregate $300,000,000. Roads are given until March 2 to
reply
-New York
Imes Feb. 2, p. 29.
Matters Covered in "Chronicle" Jan. 30: (a) Wide powers possessed by
Inter-State Commerce Conunisslon-Nomination of Mr. T. F. Woodlockp. 530. (b) Rail workers to seek wage Increases-Station employees want
6 to 10 cents an hour more.
-p. 565. (c) Trainmen and conductors to
demand 1920 wage scale.
-p. 565.
Alameda Belt Line (Calif.).
-Construction, &c.
The I.
-S. C. Commission on Jan. 16 authorized the company to acquire
(a) a line of railroad located wholly in the City of Alameda, Calif., extending along Clement Ave. from a point 180 ft. east of its intersection with
Broadway, in a general westerly direction to the westerly line of Grand
St., a distance of 6,36434 ft; and (b) to construct an extension of said line
of railroad in a westerly and northerly direction to a proposed car ferry
slip at the foot of Morton St. (if produced), with a further westerly extension
to the shore line of San Francisco Bay. a distance of 14.600 ft.
The Belt Line was also authorized to issue $500,000 common stock
(par $100). of which the Atchison, Tokeka & Santa Fe Ry. Co. and the
Western Pacific RR. will each own one-half.
Chicago & North Western Ry.-Bond Application.
-
-S. C. Commission for authority to
The company has applied to the I.
Issue and sell $23,663.000 5% gen. mtge. gold bonds of 1987 and to procure
authentication and delivery to its treasury of $4,225,000 of similar bonds.
While no contracts or other arrangements have been made relative to
the sale of the bonds, the company states that it expects to dispose of them
at not less than par or at such higher price as may be obtainable in the
market. Proceeds will be used in paving off $16.367.000 of Chicago &
North Western extension bonds of 1886 and $2.265.000 Dakota Central
By. 1st mtge. bonds and to reimburse its treasury for expenditures on
additions and betterments. The $4,225,000 of bonds the company wants
authenticated and delivered to its treasury will be used in paying off
32,100,000 1st mtge. 334% bonds of Princeton & North Western Ry.
which matured Jan. 1 and 32.125,000 of 1st mtge. 334% bonds of Peoria
& North Western Ry.-V. 122, p. 345.
Duluth & Northeastern RR.
-A bandonment of Branch.
The I.
-S. C. Commission on Jan. 23 issued a certificate authorizing the
company to abandon as to inter-State and foreign commerce Its Brevator
branch, which extends from a connection with the company's main line at
a point known as Brevator Junction In a southwesterly direction to a point
known as Brevator, a distance of 4 miles, all In St. Louis County, Minn.
Erie RR.
-Preliminary Earnings.
1925.
1922.
1924.
1923.
Calendar Years$
$
Operating revenues
118,543.456 119.096.856 132.978.455 106,874.103
Oper. exp., taxes, &c- - 98,034.020 100,398,307 112.439.338 104.013.110
Ann Arbor RR.
-New Directors.
Operating income_ -- 20,509.436 18.698,549 20.539,117
2,860.993
William H. Williams (Chairman of the Wabash Ry.), George W. Equipment rents
2,978.815
1.626,372
2,216.082
2,218,704
Davison. Alvin W. Krech, J. Horace Harding, Winslow S. Pierce, and
J. E. Tausig have Wen elected directors, succeeding F. K. Curtis, W. J.
Net operating income- 17,530.620 17,072.177 18,320,413
644.911
Wellman, H. B. IlItschard, W. M. Wadden, W. D. Hutton, Frederick Other income
4,167,799
7,709,747 4.791,317 11.209,533
Hertensteln and E. L. Love.
-V. 122, p. 605.
Gross income
21,698.418 24.781.924 23.111.730 11,854,444
Atchison Topeka 8z Santa Fe Ry.-To Change By-Law. Interest, &c.,charges- 14,069.111 15,180,295 14,676,458 14,987.214
The stockholders oa April 22 will vote on approving the acquisition by the Sinking fund, &c
1,146,916
1,238,262
1,217,065
946,047
company of stock and indebtedness, and lease of the Elkhart & Santa Fe
Ry. The Elkhart & Santa Fe Ry. has been Incorporated under direction
Surplus
8,363,367
7,218,207 df4,078,817
5,582,391
of the A. T. & S. Fe. Ry., to extend the Elkhart branch from Elkhart, -V. 122, p. 606.
Kan., to Felt, Okla •. a distance of about 59 miles President W. B.
Storey says: "The district served by this extension is good agricultural
Florida East Coast Ry.-Bond Application.land. and this construction will bring considerable existing traffic to your
The company has asked the 1.-S. 0. Commission for authority to Issue
line, as well as promote additional development in this territory. The and sell $15.000,000 1st & ref. 5% mtge. gold bonds to be sold to J. P.
company has financed the entire project, consequently the securities have Morgan & Co. at no less than 95, the proceeds to be used to reimburse
the
all been issued to your company, except directors' qualifying shares of treasury for expenditures made for additions and betterments.
-V. 121.
stock. The lease is made to provide direct operation by the parent com- p. 3000.
pany and to simplify accounting procedure.
The stockholders will also vote on approving an amendment of the byGreat Northern Railway.
-Bonds.
laws. The Atchison company is incorporated in Kansas and has an auth-S. C. Commission on Jan. 26 authorized
The I.
orized common stock not issued of 3117,537,000 par value, of which $17,- $5,000,000 gen. mtge. 5% gold bonds, series C; saidthe company to issue
bonds to be disposed
248,000 has heretofore been offered to stockholders and not subscribed for. of at not less than 9534 and interest.
The Kansas statutes provide that the directors shall have the general manThe company proposes to exchange and (or) sell
agement of the affairs of the corporation and may dispose of the residue standing prior lien bonds, and gen. mtge. bonds such bonds to retire outbearing a higher rate of
of the capital stock at any time remaining unsubscribed, in such manner Interest than 5%. The principal amount of bonds
as the by-laws may prescribe. The $17,248,000 of capital stock above exceed the principal amount of the bonds taken in so disposed of will not
exchange or purchased.
mentioned, offered to stockholders and not subscribed for, is a residue and and as the latter will be retired, there will be no change
in the total amount
unsubscribed under the Kansas statutes. The existing by-laws do not of the outstanding bonds.
prescribe the manner in which the directors may dispose of such unsubThe company represents that it will exchange or sell the proposed bonds
scribed stock. In order to make the by-laws conform to the requirements at the prevailing market prices for such series of bonds
and that no such
of the Kansas statutes, provide a comprehensive plan for the issuance and transactions will be made unless beneficial to the company such as by a
disposition of shares of capital stock, and preserve such preference right as saving in interest or by substituting a later for an
-V.122.
earlier maturity.
the stockholders may have to subscribe for unissued stock, the directors p. 602.
unanimously recommend to the stockholders that there be inserted immediately after the first paragraph of Sec. I of Art. 2 of the present by-laws an
Hocking Valley Ry.-Resignation.amendment reading as follows: "The board of directors in the .exercise of
C. E. Graham has resigned as vice-president.
-V. 121, p. 71.
such power of management may from time to time cause to be issued and
may dispose of any capital stock of the company, common or preferred.
Kansas Oklahoma & Gulf Railway.
-Plan for Reheretofore or hereafter authorized, in such manner and upon buch terms adjustment of Securities.
and in all respects as the board shall deem advisable, subject, however, to
A plan for the readjustment of securities of the company has been
such preferential right as the than existing stockholders may have to subprepared by the following committee: Charles E. Ingersoll, Chairman,
-V. 122, p. 477.
scribe therefor."
Philadelphia; H. H. Ogden, (First National Bank) -Muskogee, Okla.;
Baltimore & Ohio RR.
-Germans Lose Stock.
A. A. Jackson, (Girard Trust Co.) Philadephia, Pa. and F. J. Lisman,
Federal Judge Morris A. Soper at Baltimore, Feb. 3, ruled that the (F. J. Lisman & Co.) New York. Owners of series A, B and 0 bonds and
company must cancel 74,126 shares of its common stock held by the Deutsch general creditors are requested to deposit the bonds and assignments of
Bank of Berlin and reissue the stock in the name of the Alien Property their claims with First National Bank, Muskogee, Okla„ or Girard Trust
Co., Philadelphia, depositaries.
Custodian of the United States.
Since the passage of the Trading with the Enemy Act during the war
Digest of Plan for Readjustment of Securities of Company.
the company has paid the Allen Property Custodian the dividends on the
-On June 6 1924. the U. S. Court for the Eastern District of
Historical.
stock, but could not turn over to the Government the stock itself because Oklahoma appointed a receiver for the company, which continues in posses.
It was held by the Berlin Bank in behalf of German investors. The U. S. ion. The railroad is in default upon all its fixed interest bearing securities
Government filed the suit just decided to force the company to.cancel the nd has a large floating indebtedness.
FEB. 61926.]
745
THE CHRONICLE
The holders of over 90% of the series A,series B and series C bonds have
asked the above committee to attempt the reorganization of the company
so as to avoid the expenses, sacrifices and delays incident to a foreclosure
sale. A decree of foreclosure was entered on July 8 1925. To avoid a sale
under that decree, a reorganization by voluntary action is essential.
Since 1904, the year of commencing operation, the road has not developed
earning power sufficient to pay Interest upon the cash invested in the
property. There is, however, good reason to believe that the property,
properly rehabilitated, managed and financed, is capable of increased
earning power.
There are two obstacles to be removed from the path of obtaining that
Increased earning power: (a) The necessity of obtaining approximately
$2.000,000 to rehabilitate the property and to make it an economical and
efficient unit of transportation. (b) The necessity of reducing fixed
interest charges.
With these two necessities in mind, the committee has considered the
reorganization problem.
To Create New Bonds Prior to Existing Bonds-Exchange of Existing Bonds
-Under the present corporate structure, it is impossible to
for Pref. Stock.
obtain new money by reason of the present lien of the series A, B and C
bonds. In the minds of the undersigned the only solution is to give the new
money a position prior to the A. B and C bonds and exchange those bonds
for preferred stock of the same relative priorities.
The plan formulated proposes that the company issue a new 6% first
mortgage and that the present series A, B and C bonds be exchanged, par
for par, for 6% preferred stock of three series. A, B and C. series A to be
cumulative from Jan. 1 1926, series B and C to be non-cumulative, each
series to be issued in the same amounts as are the principal amounts of the
present A,B and C bonds, and otherwise to have the same relative priorities
with respect to earnings and distribution of assets In liquidation as have the
A, B and C bonds.
Government to Cancel Lien Notes Totaling $1,410.000 and Accept Company
-It is further proposed that the Government cancel its Government
Notes.
lien notes totaling $1.410,000, the interest thereon to be paid, and accept
-year notes of the company in the same principal
In lieu thereof new 6% 6
amount and secured by the deposit as collateral of $2,001,000 new 6% fkat
mortgage bonds.
-It is planned
To Sell $1.999.000 New Bonds to Provide Working Capital.
that $1,999,000 of this new first mtge. be presently sold, the proceeds to be
used for the rehabilitation of the property and other corporate purposes.
Unsecured Creditors.
-Unsecured creditors, totaling approximately
$100,000 will be of two classes: The first, those whose claims are granted
priority by the U. S. Court over the series A bonds; the second, those whose
claims are allowed by the court but are granted no priority. Holders of a
majority of the series A and C bonds have agreed to give to creditors of the
first class pref. stock series A, and to creditors of the second class, pref.
stock series C,in the face amount of their claims.
Equipment Trust Certificates.
-The committee will endeavor to secure an
extension of the equip. trust obligations totaling approximately $370.000.
-These remains the
Present Preferred Stockholders to Purchase New Rands.
final and most difficult problem,
-that of obtaining the new money. Due
to the history of the company It would be Impossible for it to sell bonds in
the open market. Their sale, however, is necessary if any rehabilitation of
the property is to be obtained. A solution has been found in obtaining the
agreement of the holders of a majority of the present preferred stock, if this
plan be made operative, to purchase at par $1,999,000 of the proposed new
1st mtge. bonds.
Exchange of Old for New Securities.
Listing Securities.
Wilt Receive
Outstanding.
6% Notes 6% Pref. A 6% Pref. B 6% Pref. C
Government lien notur..- 81,410,000 $1,410,000
Each 81,000
1,000
Mtge. bonds series A..- 2,785,478
27,854 shs.
Each $1 000
10 sits.
Income bonds series B__
2,819 shs
281.920
Each $1.000
10 shs.
56.651 stis.
Income bonds series C
5.665,100
105115.
Each 51.000
a Gen.creditors(prior A)
ech.81.00010 shs.
a Other gen. creditors each $1.000_
10 shs.
• Unsecured creditors total about 8100.000 (see above.)
Holders of series A, B and C bonds shall deposit their bonds or scrip in
negotiable form with the above depositaries. Series A bonds deposited
must have Jan. 1 1924 and all subsequent coupons attached. Series B and
0 bonds deposited must have coupon No. 1 and all other coupons attached.
Participation under this plan by any bondholder or claimant is dependent
upon his making his deposit on or before Feb. 28.
The Government has agreed to accept the provisions of the plan relating
to the Government lien notes and its $220,200 series A bonds, making
subject to this plan a total of 93% of the series A bonds, 75% of the series
B bonds, and 97% of the series C bonds.
[The Muskogee company was organized in Delaware as a holding company
to own a controlling interest in the securities of the Kansas Oklahoma &
Gulf Ry. when organized.] See V. 121. p. 1225.
Maine Central RR.
-Entire Floating Debt Paid.
-President Morris McDonald, Feb. 1, says:
In connection with the statement recent)' published showing result of
operations of the Maine Central RR. for the year 1925. and indicating a
surplus after charges of $1,177,000 the attention of the stockholders and
others interested in the company's affairs is called to changes in outstanding
obligations of the company effected since Jan. 1 1926. which would not
ordinarily be fully treated in the annual report for the year ended Dec.
31 1925.
Directly following Government operation of the railroad and in order
to provide for refunding branch line bonds then maturing and to provide
funds for improvements, additions and betterments to the company's
roperty, loans were made from the U. S. of America, bearing 6% interest,
amounting to $3,123,000, and secured by pledge of $3,867,000 of the company's 1st & ref. 6% gold bonds, series D, maturing Dec. 1 1935.
In order that the company might get the benefit of the equity in the
bonds pledged in excess of Government loans, as well as from the balance
of the issue held in the company's treasury, it seemed advisable to sell the
entire issue of $4,000,000 6% 1st & ref. mtge. gold bonds, series D, maturing
Dec. 1 1935, and the sale was accordingly made on Jan. 11 1926 (V. 122,
p. 345). By reason of this financing, the company was enabled to pay
all of the notes due to the U. S. of America, amounting to $3,123.000 and
payable according to their terms from 1930 to 1935; to pay $400.000 in
short term notes, being the balance of the notes amounting to $1,000.000
which were unpaid at the end of the year 1924, and $480.000. a debt created
in Sept.. 1925, for the purpose of providing funds for the purchase of the
stock of the Hereford By., the operation of which was abandoned on
Nov. 1 1925.
By reason of this financing the floating debt of the company has been
entirely paid and the funded debt of $4,000,000 created will mature Dec. 1
1935 a date uniform with the other bonds covered by the same mortgage,
andinterest charges have not been materially increased thereby.
In Dec. 1925. the cash position of the company warranted the payment
on Jan. 15 1926 of $225,000 of the back dividends on the preferred stock,
at the rate of 87 50 per share. This payment has now been made and the
directors have authorized the payment to be made on March 1 1926. of
the balance of the back dividends on the preferred stock, amounting to
$225,000, or $7 50 per share. See V. 122, p. 606.
Maryland & Delaware Coast Railway.
-Securities.
The I.-S.C.Commission on Jan. 21 authorized the
not exceeding 825,000 6% promissory notes; and (2) company(1) to issue
to pledge all or any
-year sinking fund 6% gold Ponds as security
part of $75.000 of 1st mtge. 20
-V. 121, p. 1098. 975.
for said notes.
-Lease.
New York Chicago & St. Louis RR.
The New York P. S. Commission has approved the leasing of the New
York Chicago & St. Louis RR.(old Nickel Plate) and the Erie RR. to the
New York Chicago & St. Louis By.(proposed new Nickel Plato company).
The Commission held unsound the contention of opposing stockholders
that the leasing of these properties by the new company was a merger
or consolidation, and cited court decisions to the effect that leasing of one
-V.122, p. 606.
road to another is not a consolidation or merger.
Pennsylvania RR.
-Number of Stockholders.
St. Louis-San Francisco Ry.-Equip. Trusts Sold.
Speyer & Co., J. & W. Seligman & Co. and Guaranty Co.
of New York have sold $7,800,000 43. % equip. trust certificates, series BB at prices ranging from 97.34 and divAto
4
100 and div. to yield from 43/2% to 43 %, according to
maturity. Certificates were also offered at an average price,
for equal amounts of all maturities of 98.53 and div., to yield
about 4.74%. Issued under Philadelphia plan.
Dated Feb. 15.1926;due $520,000 annually Feb. 151927-1941. Denom.
$1,000 O. Dividend warrants payable F. & A. Principal and dividends
payable in New York City. Central Union Trust Co.of New York,trustee.
-New equipment costing not less than $10.400,000, including
Security.
-ton automobile-ton steel frame box cars, 1,000 50
the following: $2,500 50
-ton steel gondola cars. 15 heavy mikado type freight locomotives
cars, 500 55
10 mountain type passenger locomotives and 14 all steel passenger coaches.
Earninps.-The total net income of company for the year ended Dec. 31
1925. after fixed interest, rentals and other fixed charges, amounted to
$11,698.291.
Budget for 1926.
The directors recently authorized a budget of 821,500.000 for 1926, or
which 810.500,000 will be spent on a general improvement program and
$11,000,000 on new equipment recently contracted for. This Is an Increase
of about $4,000.000 over the budget of 1925. The directors do not contemplate doing any new financing this year, except for the $11,000.000.
-V. 122, p. 607. 477.
new equipment.
Seaboard Air Line Ry.-Plans Laid for a New Florida
Railroad City in Connection with Seaboard Air Line Ry. and'
Land Co. of Florida-Control of Tavares & Gulf.
S. Davies Warfield, Pres. of Seaboard Air Line Ry., announced Feb. 3
that the Seaboard will establish division headquarters at Incliantovrn. Fla.,
located where the railroad crosses the St. Lucie Canal. and that this will
become an important railroad center of the Seaboard System. Mr. Wanfield points out that as the result of his road's action a city will spring up
at Indiantown. His statement in part follows:
"The Seaboard Air Line By. will establish division headquarters at
Indiantown, Fla., at the center of Its West Palm Beach-Miami-HomesteadFlorida City line, 304 miles, connecting at Coleman with the JacksonvilleTampa line. Designated the East Florida Division, it becomes an integral'
part of the Seaboard main line system and will be operated as such.
"The location chosen will become an important railroad center. The
St. Lucie Canal is navigable for small craft, the distance from the ocean
approach to Lake Okeechobee being only 21 miles, with Indiantown nearly
equidistant from each. It is 32 miles from West Palm Beach and 28 miles
from Okeechobee City. It possesses admirable advantages for the building
of a city, and is an attractive place of residence.
"The staff officers to be located at Indiantown will include division,
superintendent, master mechanic, division engineer, division auditor, trainmaster, chief dispatcher and train dispatchers offices, division paymaster,
roadmaster, road foreman of engines, special agent and roundhouse foreman.
Apart from the operating desirability of locating centrally of the division,
the railroad needs extensive room for future expansion; it is attainable
here, elsewhere property cost would be prohibitive. The larger part of
the property at and tributary to Indiantown is owned by the Land Co.
of Florida, organized by the Seaboard in connection with the sale of the
cross-state line bonds which were redeemed Nov. 15 1925.
"The Seaboard Building Association will be organized and located here
to encourage the erection of homes.
"At the north end of Indiantown will be the round house, including ten
radial tracks and shop, train yard for 500 cars, icing and other tracks,
office buildings and the facilities essential for expeditiously handling the
traffic from East-Southern Florida.
"The Land Company of Florida has refrained from offering its 150.000
acres of property for sale awaiting the abatement of the speculative fever
necessarily attending a rapid development such as has taken place in
Florida. This territory will be developed with reference to freight producing
enterprise. The period has arrived which conservative people of Florida
and elsewhere have awaited. The squatter investor has left the State.
Florida has about passed through the highly speculative period and is well
on the road to sound investment, home building and the intensive agricultural development of her large areas of unoccupied and splendid lands. of
"It Is proposed to encourage the building at Indiantown of houses
moderate cost and we look forward to being able to afford the opportunity
to secure property on terms such as will ensure the building of permanent
homes. On lands tributary to Indiantown, a demonstration farm will be
established, five and ten acre farms will be laid and sold on easy terms for
intensive agricultural development."•
-S. C. Commission on Jan. 25 authorized the acquisition by SeaThe I.
board Air Line By. of control of Tavares & Gulf RR. by purchase of stock.
The Commission authorized the Tavares dr Gulf RR. to issue $425,000
first mtge. 5% gold bonds, series A, to be guaranteed by the Seaboard Air
Line By.
The report of the Commission says in part:
The railroad properties of the Tavares lie wholly within the State of
Florida. The main line extends from Ellsworth Junction, in Lake County,
southward through Astatula and Ferndale to Waits Junction, and thence
generally southeast and east through Oakland. Tildenville and Winter
Garden,to Ocoee.in Orange County,a distance of 28.02 miles. From Waits
Junction a branch line extends westward through Mohawk to Clermont, in
Lake County. 5.93 miles. The lines of the Tavares connect at Ellsworth
Junction with a line of the Seaboard and at Ocoee and Clermont with a
railroad of the Atlantic Coast Line. The Seaboard has no line in the territory served by the Tavares.• Between Ocoee and Clermont the territory is
served both by the Tavares and by the Atlantic Coast Line.
The Tavares was incorporated under the laws of Florida in 1890, with an
authorized capital stock of $250,000, for the purpose of taking over properties formerly owned by the Tavares, Apopka & Gulf RR., which has been
purchased at foreclosure sale by Henry H. Jackson. In payment for the
properties so acquired the Tavares issued all of its capital stock and $260,000
of first mtge. 5% bonds, due Jan. 11921. Additional bonds in the amount
of $39,000 were subsequently issued. The $250,000 of stock and $299,000
of bonds are outstanding and are now owned by the estate of Peter A. H.
Jackson. On Dec. 31 1924 the Tavares was indebted to the estate as follows: Funded debt matured unpaid.$299,000; advances, $661,762; interest
matured unpaid, $372,097; total, $1.332,859. The debit balance in profit
‘
and loss account on that date was $991.683
By contract of Feb. 11 1925, the Jackson heirs have agreed to sell the
stock of the Tavares to the Seaboard and to cancel their entire claim for
unpaid bonds, interest and advances as of the date on which the stock is
delivered, in consideration of the issue to them of $275,000 of new bonds
secured by a mortgage of the properties of the Tavares and guaranteed by
the Seaboard as to the payment of principal and interest. It is provided
that these bonds are not to bear interest for 23i years, the coupons representing such interest to be detached prior to delivery of the bonds. The
vendors of the stock have also agreed to purchase at par additional bonds
in the amount of $150,000. the proceeds of which are to be used by the
Tavares for relaying approximately 31 miles of track with 70-1b. rail and
new ties, and for other road improvements. Of the $150.000 to be expended for these purposes, $73,695 will be chargeable to investment and
$76,305 to operating expenses.
Earnings for Calendar Year (1925 Preliminary).
1922.
1923.
1924.
1925.
Total oper. revenues_ _ _ _$62,862.740 $53.384.173 $52,249,111 $45.679,048.
Total oper. expenses_ _ __ 46.729,452 41.387,634 40.342,260 36,222.884
$16,133,288 811,996.539 $11,906,851 $9,456,164
Net revenue
2.216.369
2,128,011
2,460,343
Taxes & uncoil. ry revs_ 3,045.984
Operating income_ _ _ _$13,087.304 $9,536,196 $9,690,482 $7,328,153
Equip. & joint facility
1,932.518
522,682
3,097,584
2,262,632
-net dr
rents
Net ry. oper. Inc
Other income
$10.824.672 89,013.513 $7,757,964 $4,230.569
716,757
1,035,318
1,100,397
489,075
811,925.069 $10,048.833 88,474,721 $4,719.644
Gross Income
The number of stockholders on Jan. 1 were 141,725, a decrea<se of 1.392
6,969,890
6,455.280
5.877,872
as compared with Dec. 1 1925, and a decrease of 5,460 since June 1 1925. Int.& other fixed ch ges_ 8,090.094
holdings on Jan. 1 were 70.46 shares, as compared with 69.77
Average
Balance
$3,834,976 $3,078.943 $2.019,441df$1,158.230
Shares on Dec. 1. Foreign holdings totaled 3.72%, a decrease of 0.08%
-V. 122, p. 477.
compared with Jan. 1 1925.-V. 122, P. 211.
746
THE CHRONICLE
[Vol.. 122.
Southern Pacific RR.
-Tenders.
-
CapitalizationAuthorized. Outstanding.
1st ref. mtge. 5% bonds, series A, due 1954
(this issue)
a
$2,500,000
10
-year 6ti% sinking fund gold bonds due 1934 (closed)
1,500.000
Divisional mortgage bonds
b
5,555.000
10
Southern Railway.
-year gold notes. due 1930
-Another Suit.
(closed)
322,600
7% cumul. pref. stock
Arthur Lyman, a preferred stockholder, has filed a petition in the Law
$10,000,000 $2,652,600
and Equity Court at Richmond. Va., asking that the company be restrained Common stock
2.400,000
10.000.000
a Bonds may be issued without limit as to amount, subject, however to
from paying stockholders more than 5% dividends a year except that the
claims of the preferred stock holders for excess earnings above that amount the restrictions of the mortgage. b Closed except for pledge under the 1st
have been discharged. The petition was filed coincident with entry of & ref. mtge.
Purpose.
-These bonds have been issued in connection with the comthe decree of State Supreme Court of Appeals, memorandum of which was
handed down Jan. 20 in the suit of preferred stock holaers who sought to pany's construction and expansion program, including the acquisition of
force the company to pay rAvidends alleged to have been withheld over a new properties, construction of a new steam power plant, transmission lines,
&c., and for other corporate purposes.
period of 30 years.
Valuation.-The reproduction cost new of the physical property of the
Lyman's suit is a separate action and differs from the previous suit in
that he asks the court to enjoin the company from paying common holders company as of May 31 1924, based on a valuation by independent engineers,
quarterly dividend declared Dec. 10 or any amount of it in excess plus subsequent capital expenditures to Dec. 311925, is in excess of $14.of 1 % until preferred stockholders share in the ti% difference. The 900,000. This amount does not include stock of the company operating the
Supreme Court of Appeals denied preferred stockholders a writ of error electric street railway system in Columbia or other securities owned by the
company.
on apped from the lower court last July.
-V. 122, p. 603. 478.
Earnings of Properties Now Owned and on Which 1.4 & Ref. Bonds are a
Tavares & Gulf RR.
-New Control.
Mortgage Lien.
See Seaboard Air Line Ry. above.
-V. 112, p. 654.
12 Months Ended Dec. 311924.
1925.
Gross earnings (incl. other income)
$1,403,198 a$1,793,344
Wellington & Powellsville RR.
-Sale.
Oper. exp., maint. & taxes (excl. of deprec.)
526.816
856.004
W. R. Johnson, special master, will sell the entire property Feb. 16, at
company office, Ahoskie, N. C. J. A. Prestow is receiver.
Net earnings
$876.382
$937,340
Annual int. on 1st & ref. bonds and div. mtge, bonds to be outstanding with the public, after this financing, requires
402,759
a Includes $111,350 of interest during construction.
PUBLIC UTILITIES.
Management.
-Company is controlled through ownership of
its common stock by the General Gas & Electric Corp. (of Del.) and all common
Adirondack Power & Light Co.
-Bond Provisions.
in
In the bankers' circulars descriptive of the recent issue of $5,000,000 with the other subsidiaries of General Gas & Electric Corp. is operated and
1st & ref. mtge. gold bonds, Series of 5s due 1956 (a new series), the re- managed by the W. S. Barstow management Association. Inc.
-V. 122,
demption provisions were incorrectly set forth. The correct call prices p. 607.
are set forth as follows: Callable all or part on any int. date to and incl.
Brooklyn Union Gas Co.(& Subs.).
-Earnings.
July 1 1936 at 105 and int.; thereafter to and incl. July 11940 at 104 and int.:
Calendar Yearsand so on, reducing 1% every 4 years to and incl. July 1 1952, and there1925.
1924.
after prior to maturity at 100 and int. (Compare V. 122, p. 93.)--V. 122. Operating & non-operating revenues
a$20.968.499422,297,360
Oper. & non-oper. exp. (incl. taxes & retire. exp.)- 19,328.372
p. 478.
19.962.216
Gross corporate income
11.640.127 $2,335,144
Associated Gas & Electric Co.
-Dividends on $6 .and Deduct-Interest on funded debt
1,210.693
1.586,542
Interest on unfunded debt
86 50 Dividend Series Preferred Stock Payable in Cash or
175.088
171.743
Amortization, &c., expense
1.810
10.153
Class A Stock.
Net corporate income
$252.538 $566,706
The directors have declared the regular quarterly dividends of $I 50 Per Net revenues In suspense-not included above
_b2,952.746 b2,875,945
share on the $6 dividend series preferred stock and $I 623.i per share on the
Net corporate income including net rev,in susp_ _
$3.205.284 $3,442,651
$6 50 dividend series perferred stock, both payable March 1 to holders of Dividends declared
record Feb. 10.
$5,551.306 $1 ,513,762
a Based on rate of $1
These dividends were also made payable in Class A stock at the rate of excess of statutory rate per 1,000 Cu. ft. for gas. b Amount charged in
of $1 per 1,000 cu. ft. c Includes special
five and one-half hundredths of one share of Class A stock for each share of$7 per share paid Jan. 11 1926 and
joayment
is equal to the amount of the dividends
of $6 dividend series preferred stock held and at the rate of 6-100ths of 1
share of Class A stock for each share of $6 50 dividend series preferred stock omitted during the period Jan. I 1920 to July 1 1922, when the company
was forced to suspend dividends owing to the inadequacy of the
held. On the basis of $32 per share for the Class A stock, the former divirate allowed
-Cent Gas Law.
-V. 122. p. 478.
dend is at the rate of $7 04 per share per annum and the latter dividend at under the 80
the rate of $7 68 per share per annum.
California Oregon Power Co.
-Controlling Interest.The stockholders may purchase sufficient additional scrip to complete
See Standard Gas &'Electric Co., below.
-V. 122, p. 93.
a full share or sell their scrip at the rate of $1 above or below, respectively,
the last sale price of Class A stock on the day preceding.
-V. 122, p. 93.
Cambridge (Mass.) Gas Light Co.
-To Issue Stock.
Barcelona Traction, Light & Power Co., Ltd.
-To byThe Massachusetts Department of Public Utilities has approved the issue
the company of 3,000 additional shares of capital stock (par
$25) at $55
Retire Prior Lien 7% Bonds, Series A,on June 1 1926.
per share, to be sold to customers and employees. The
employees may
All of the outstanding prior lien 7% A bonds dated June 1 1915 have subscribe for 10 shares or such portion as will bring present holdings to
-V. 122, p. 212.
been called for payment June 1 1926 at 110 and int. at the Bank of Scotland. 20 shares.
London, Eng.. or at the option of the holders at the Canadian Bank of
Canadian Light & Power Co.
-Plan A pproved.Commerce in Toronto or New York, or at the Sociedad Anonima ArnusThe holders of the 5% first mortgage 40
-year gold bonds ($5,578,500
-V. 121. p. 976.
Geri, Barcelona, Spain.
outstanding) on Jan. 27 approved a plan whereby 60% of their
holdings
will be exchanged for new 5% bonds
Bell Telephone Co. of Canada.
-Files New Schedule.
- 4% in common stock to take the placeand 40% for common stock, an extra
of accrued interest. The
The company in a statement to its subscribers says in part:
with the Board of Railway Commissioners for Canada have increased the authorized common stock from $600,000 toshareholders
"We have filed
$3,325,000.
new schedules of rates for (=hang° telephone service. These schedules -V. 122, p. 346.
call for Increased rates for service, and provide for some decreases. They
Central Hudson Gas & Electric Co. Merger.
correct inequalities in present schedules.
The Southern Dutchess Gas & Electric Co. has been merged
"These new rates are necessary because (1) we must earn a reasonable
with the
-V. 121. p. 2749.
rate of return on our property. The growth of the business within the above company.
last few years, particularly in the lower rate party-line residence service,
Central Indiana Power Co.
-Consolidation.
has had the effect of materially reducing net earnings per telephone;
Samuel Insull has announced that he and his associates have
(2) large additions to plant at prices practically double pre-war levels, have
reached an
greatly increased fixed charges; (3) the rate of depreciation adopted as a agreement with Randal Morgan of Philadelphia in reference to a proposed
temporary measure after the hearings before the Board of Railway Com- merger of all properties of the above company and properties of the Terre
Haute, Indianapolis & Eastern Traction Co.. and their
missioners, is now known to be inadequate to protect the investment,
respective sub"The demand for telephone service is continuous. We are planning sidiaries. The details of the plan have not been definitely completed, but
extensions and betterments for the next 5 years, which are estimated to It will affect securities largely held in Philadelphia of the following comcost $87,000,000. To obtain from investors the money to finance this large panies, to whom it will shortly be submitted: Terre Haute Indianapolis &
program the credit of the company must be maintained."
-V.121, p. 1907. Eastern Traction Co., Terre Haute Traction & Light CO., Terre Haute &
Western Ry. Co., Indianapolis Crawfordsville & Danville Electric
Ry. Co.,
Indianapolis & Northwestern Traction Co. and Indianapolis &
Berlin Electric Co., Germany.
-New Financing.Martinsville
Ilangarten & Co., Halsey, Stuart & Co., Inc., Goldman, Sachs & Co., Rapid Transit Co.
Mr. Insull said this this consolidation would bring the electric
Lehman Bros. and J. & W. Seligman & Co. are forming a syndicate which
light,
will shortly offer an issue of two and three-year 6%% notes. The notes power and traction business of Central and Western Indiana under one
le
will be guaranteed as to principal and interest by the Berlin City Gas Co. large operating company, with ample financial and physical resources to
The notes are to be payable in gold dollars in New York, free of all present provide the best possible electric light, power and traction se
service at Um
or future German taxes. All the stock of both companies is owned by the most reasonable rates consistent with the interests of the company and
the public. See also V. 122, p. 607.
city of Berlin.
The company will until March I receive bids at its office at 165 Broadway,
N. Y. City, for the sale to it of 1st ref. mtge. gold bonds, dated Jan. 3
1905. to an amount sufficient to exhaust $12,613.-V. 121, p. 1457.
Boston Elevated Railway Co.
-Trustees' Report.-
Calendar Years1925.
1924
.
1923
.
Revenue pass. carried_ _365,036,286 382,888,848 382.149.697 35619 3
,592
2 :942
Total receipts
$34,547,380 $34,175,320 $34,096,813 $32,699,176
Wages
16,931.550 17.358,670 16,224,276 14.772.340
Other operating expenses 7.474.186
7,863,454
7,905,977
7,316,118
1,652.518
Taxes
1,623,996
1,688,140
1.587.187
Interest
2,540,909
2,602,891
2,316,026
1,891,315
Dividends and rentals_ _ 5,386,919
5.301.161
5,212,514
5,655,011
Miscellaneous items_ _ _ _
59,104
61,835
70.248
65.016
Total cost of service_ _$34.045,186 $34.812.016 533.417,181 $31,286,987
$502,194 loss$636,696
Gain for year
$679.631 $1,412,189
-V. 121, p.3001.
Broad River Power Co.
-Bonds Offcred.-Halsey, Stuart
& Co., Inc. and Pynchon & Co. are offering at 92 and int.,
to yield over 5.55% $2,500,000 1st & ref. mtge. 5% gold
bonds, series A.
Dated Sept. 1 1924; due Sept. 1 1954. Interest payable M.& S. in New
York and Chicago without deduction for Federal income taxes not in
excess of 2%. Denom. c* $1.000. $500 and $100 and r* $1,000. Red. all
or part at any time upon 30 days' notice at the following prices and int.
To and incl. Dec. 31 1934 at 105, the premium decreasing '4 of 1% during
each calendar year thereafter to maturity. Penn. and Conn. 4 mills taxes
Maryland 43.6 mills taxes. District of Columbia personal property taxes not
exceeding 5 mills per dollar per annum, and Mass. income tax on int. not
exceeding 6% of such interest per annum refunded.
Data From Letter of Pres. W. S. Barstow, New York, Jan. 28.
-Organized in South Carolina. Owns in fee all the properties
Company.
formerly belonging to Columbia Railway, Gas & Electric Co. (except
electric railway property), the Parr Shoals Power Co. and Columbia Gas
Light Co. and has acquired certain other electric power and light properties.
Supplies electric power and light service to the territory in and about
Columbia. S. C. including Winnsboro, Batesburg, Leesville, Lexington,
Trenton and Johnston. Total population served in the Columbia district
is over 100,000 of which more than 50.000 are in the City of Columbia.
During 1925 company completed and placed in operation 70 miles of steel
tower 110.000 volt transmission lines extending from the new steam power
plant at Parr Shoals to the district around Spartanburg, S. C. thereby
enabling the company to obtain a considerable amount of desirable power
business. Company also OW1113 the gas works and distributing system in
Columbia and, in addition, substantially all the stock of the company
operating the electric street railway system
Central Public Service Co., Chicago.
-Bonds Offered.
Whitaker & Co., St. Louis, are offering at 99 and
$500,000 1st lien coll. trust 6% gold bonds, series A. int.
Dated Jan. 11926: due Jan. 1 1946. Denom. $1,000,
$500 and $100 c*.
Red. all or part on any int. date on 30 dayS' notice
cipal and int. (J. & J.) payable at Harris Trust & at 103 and int. PrinSavings Bank, Chicago.
trustee, without deduction for normal Federal income
tax not to exceed
2%. Company will refund 6% income tax and
assessed under the laws of any other state and personal property taxes
the U. S. A. not in excess of 4 mills per annum. under the sovereignty of
Data from Letter of Albert E. Peirce, President
of the Company.
-Through subsidiaries, furnishes electric
Company.
55 communities, gas in three and water in one City in light and power in
the States of Illinois,
Wisconsin, Michigan and Indiana, serving a total
population estimated in
excess of 120.000.
In addition to these properties, and not reflected
ment of earnings, company has arranged to purchase in the following statehydro-electric properties located in Michigan and exceptionally desirable
New England, and a
domestic water-supply system in suburban New
York. These properties
will serve an additional population of about
100,000. and are expected to
show annual net earnings in excess of
$400,000
company's present consolidated net earnings by thereby increasing the
nearly 100%
In Illinois electric energy ts distributed
In Wisconsin electric power and lightby the Illinois Public'Utility Co.
Is furnished by the Wisconsin
Public Utility Co. The Indiana
furnishes electric and gas service subsidiary, the IIoosier Public Utility Co.,
to the City of Greensburg. In Michigan,
the Lower Peninsula Power Co. (whose
basis for the
properties
issuance of series A bonds) will supply from its form thehydro-elect
combined
ric
and steam station at Plainwell (as soon as
6 miles of transmission line
can be completed), a group of electrically connected towns lying directly
between Kalamazoo and Grand Rapids,
Lower Peninsula Power Co. also owns
hydro-electric
station on the Betsie River near the lake and operates a
serving through transmission and distributionport of Frankfort. Michigan,
systems Frankfort, Benzonia,
Beulah, Elberta, Bear Lake and Arcadia.
&cur/Ph-Secured by deposit with the trustee of all outstanding bonds
and capital stock (except directors' qualifying shares), of Lower Peninsula
Power Co., whose properties have just been appraised by compete:500 000
: 4385 1;d
pendent engineers at $767,796.
Capitalization Outstanding.
1st lien collr.teral trust 6% bonds, series A (this issue)
Collateral trust 6% bonds (dosed)
n1.464.000
Preferred stock, 7% cumulative (par $100)
Common stock (no par value)_ _ _
.
30.000 abs.
__ _
a Of tills amount. $256,000 ___ held in ______ ireasuriof the company.
-
FEB.6 1926.1
THE CHRONICLE
747
Above capitalization does not include $3,212,000 securities of subsidiary reasonable to hope for some initiative toward njecting modern methoda
companies outstanding in the hands of the publlc. Company plans to into Chicago's transportation service, even though these men have never
refund at an early date more than 80% (and possibly all) of such $3.212,000 taken the chance to prove any skill in the public utility field before.
outstanding securities ef subsidiaries through the medium of this first lien
The Surface Lines can brag about nearly everything a public service
collateral trust issue and junior securities of Central Public Service Co. enterprise ought to possess, except good-will. And without good-will, no
There will then be outstanding only a small amount, if any, of securities of sort of a franchise or license can accomplish the results required to satisfy
subsidiary companies.
passengers and investors. Efficient service. good-will and sound invest-V. 121. p. 329. 197.
Earnings 12 Months Ended Oct. 31 1925 (Company and Subsidiaries). ment must flourish or collapse together.
Gross earnings
$1,051,666
Cleveland Electric Ilium. Co.
-Balance Sheet Dec. 31.Operating expenses (reflecting throughout the period, economies
1925.
1924.
effective since consolidation, Aug. 11925)
578,185
1925.
1924.
Assets$
Liabilities$
$
Net earnings, before depreciation, int. and Federal taxes
$473,481 Plant investment_73,245.256 61,711.702 Capital stock
32,711,500 27.650.900
Balance, after deducting $237,580 for prior fixed charges is $235,901 Other investments. 764.800
460.500 Funded debt
35,000.000 35.000,000
Sinking fund
62,628
62,971 Current liabilities_ 3.458,782 3,345,687
or nearly 8 times the annual interest requirements on this issue.
For the twelve months ended Oct. 31 1925, earnings of the Lower Pen- Current aagets19.996,575 21.217,223 Accrued liabilities_ 881.767
798,606
insula Power Co. alone, were as follows; Gross earnings. $114.523: operat- Bend disc.& exp 1,454,748 1,502,785 Reserves
11,546,527 9,712,851
ing expenses. $53,904; net earnings, before depreciation, interest and Federal Deterred charges__ 613,558
569,471 Surplus
12,538.989 9,016.609
taxes, $60,619.-V. 122. p. 607.
Total
96,137.565 85,524,653
Total
96,137,565 85,524.653
Centralia (Wash.)Power & Light Co.
-Bonds Offered.A comparative income account was published in V. 122, p. 609.
Smith
Freeman
& Camp Co.. Portland, Ore., are offering
at 100 and int. $100,000 1st (closed) mtge. 6% serial gold
bonds.
•
Dated Jan. 11926;due serially 1927-1931. Prin. and int.(Q.
-J.) payable
at offices of Freeman, Smith & Camp Co., Portland and San Francisco.
without deduction for the normal Federal income tax not exceeding 2%.
Red. in inverse numerical order on any int. date with 30 days' notice at
102k during 1926 and with premium of 34 of 1% less during each succeeding year. Title & Trust Co., Portland, trustee. Denom. $1,000 and $500.
Principal and interest unconditionally guaranteed by Western Crossarra &
Manufacturing Co., Centralia, Wash.
-Organized in Washington for purpose of furnishing electric
Company.
current to the City of Centralia, under contract, for light, heat and power
purposes, and power for the operation of the plant of the Western Crossarm
& Manufacturing Co. It operates a steam generating plant in the City of
Centralia. Wash. of 2.125k. w. capacity.
Earnings.
-Based on the 1925 consumption and receipts and about 4
months' operation under the city contract, the average net earnings of the
plant are estimated at $40.375 per annum,or 6.72 times the maximum interest charges, and 1.55 times the maximum interest and principal requirement.
Ownership -Company is owned by the Western Crossarm & Mfg. Co.
and all of the stock of the latter. except directors' qualifying shares, is owned
by the Eastern Railway & Lumber Co.
-To retire indebtedness incurred in making necessary installaPurpose.
tions to increase capacity of plant and provide working capital.
Chicago Surface Lines.
-Committees Formed to Protect
Security Holders in Franchise Situation.
The personnel of the committees which will protect the interests of
security holders in the several companies which comprise the Surface Lines
In the existing franchise and general traction muddle were announced Jan.28.
Prominent among them are F. 0. Wetmore of the First National Bank,
A. W. Harris of the Harris Trust & Savings Bank B. E. Sunny of the
Telephone Company and others well known in financial and business
enterprises.
Time saving is one of the purposes of the committees which will deal
with securities valued at approximately $163,000,000. The committees
hope to control, through deposit agreements, at least 90% of the outstanding securities and will seek 100% co-operation from the bondholders.
In order to be effective, Mr. Wetmore pointed out, control of at least
90% of the securities is essential.
The protective committees, as announced by Mr. Harris
and Mr. Wetmore, are:
(a) Chicao Railway 20
-year 1st mtge. gold bonds.
-Albert
Harris.
Chairman; C. W. Beall (Harris, Forbes & Co.), New York; B.W. Eckhart
A.
(Eckhart Milling Co.); Henry W. George (Metropolitan Life Insurance
Co.). New York; F. W. Rawson (Union Trust Co.).
(b) Same company series A consolidated mtge. bonds.
-John E. Blunt
(V.-Pres., Illinois Merchants Banks), Chairman; John Macomber (Harris.
Forbes Co.), Boston; Walter Brewster (Russell, Brewster & Co.); Albert
H. Wetten; L. E. Zacher (V.-Pres. Travelers' Insurance Co.), Hartford.
(c) Chicago City Ry. and the Calumet & South Chicago Street Ry. 5% 1st
mtge. bonds.
-The same committee will act for both issues, but each company's bonds will be deposited under a separate agreement:
F. C. Wetmore, Chairman; Stanley Field (director Surface Lines); David
R. Fotgan (National Bank of the Republic); Charles H. Thorne (former
Pres., Montgomery Ward & Co.); John V. Farwell.
(d) Chicago City & Connecting Ry. Collateral trust, sinking fund
bonds -B. E. Sunny, Chairman; Rufus C. Dawes; Charles Day 5% gold
(Day St
Zinunerman), New York;S. M.Felton (Pres., Chicago Great Western RR.);
H. H. Porter.
(e) Chicago City By. minority stock interest (to represent approximately
10.000 shares of the stock of this company now owned by the Chicago
City & Connecting Rya. collateral trust).
-Frank W. Thomas (A. O.
Slaughter & Co.), Chairman; H. J. NicBirney; Sewell L. Avery (United
States Gypsum Co.); J. Harold Selz (Selz, Schwab & Co.); W.A. Wieboldt,
merchant.
(f) Chicago City c% Connecting Rys. collateral trust preferred participation
certificates. E. L. Lolxlell, Chairman; G. W. Blossom (F. S. James &
Co.): Donald Deirrees; T. W. Gates: L. E. Myers.
Protective committees to safeguard holders of Chicago Railways Co.
series B bonds, of which there are $15,000,000. and of income and adjustment mortgage bonds of which there are approximately $7,000,000. have
not yet been formed. The names of those serving in these groups will be
made known shortly.
The statement issued by Mr. Harris and Mr. Wetmore
follows:
"We think that the formation of these committees now Will save a
great
deal of time later on.
"We believe that if the security holders deposit their securities
under
these agreements this action will go far to meet the Mayor's criticism
that
there is no one authorized to speak for the real parties interested,
namely
the security holders.
"These committees have been organized following the requests
ous holders of traction securities, and the security holders have of numerbeen fortunate in securing as members of the committees, men of excellent
standing
in this community who have undertaken this work, feeling it a
civic duty."
Wm. Hughes Clarke, issuing a circular letter regarding
present status of Chicago traction affairs, has the following
to say:
Formation of the separate protective committees for the
different bond
. issues must arouse many questions among the thousands of institutional
and individual investors whose money is tied up and at stake in these
bonds. For all investors, it is not an idle curiosity for then to wonder
what
the deposit agreements will propose.
Doubts about the terms, are emphasized by the fact that certain chairnominated for the committees to protect the underlying and
men
most
important mortgage bonds, are also directors of the companies or in some
other interlocking way either involved respecting the junior issues or closely
various connections to the equity shareholders. l'erhaps
tied up by
those
directors of the Surface companies, thus holding positions of trust on
behalf of the shareholders who have a legal right to demand for themselves
all the directors' undivided efforts-perhaps those individuals will resign
from their directorships in the companies, so that their total activities in
traction affairs can be entirely applied to the sole benefit of the single
special class of bond-holding-creditors whom their particular committee
will be pledged to represent and protect.
The suggestion reported that the committees would ask for control of
the bonds (regardless of the mortgages under which the bonds were issued
and sold) for 2 years with a provision optional among the committees for
an extension through 1 or 2 years more, cannot be welcomed by
the passenger-public nor by the municipal authorities nor by the bondholders.
Any such request from the committeemen to the bondholders that the bondholders should blindly surrender their rights for so long a period, disclose
sadly enough that the committee! have not completed any constructive
plan tower asolution
The several committees also include a fry notable men who are or have
been identified with prominent local concerns, from whom it is not un-
Cities Service Co.
-To Redeem $3,600,000 of
The company has called for redemption on March 5. atDebentures.
the Bankers
Trust Co. 16 Wall St.. N. Y. City. (a) $600.000 of 7% convertible
gold
debentures, series 13, at 102 and int.. and (b) $3,000,000 of 7%
gold debentures, series C. at 102 and int.-V. 122. p. 608. 479.convertible
Cities Service Refining Co.-Tenders.
-
The Atlantic National Bank of Boston,10 Post Office Sq.,
Boston,Mass.,
will, until Feb. 15. receive bids for the sale to it of $25,000
of 1s1 mtge.
10-yeat 7% guaranteed gold bonds. dated July 2 1923, at
prices not exceeding 105 and int.-V. 121. p. 2749.
Columbus Newark & Zanesville Electric Ry.-Plan.
The reorganization managers announce that the reorganization
of the
company has been accomplished in accordance with the plan
dated Dec. 30
1922(V. 116. p. 294), except that the common stock of the new
company is
of no par value instead of a par value of $100 a share.
Delay in the consummation of the plan has been
in securing franchises in the cities of Zanesville andcaused by the difficulty
lack of funds, the reorganization managers feeling it Newark. 0., and from
unwise to advance any
of the funds subscribed under the plan until all franchise
difficulties and other
important matters had been straightened out.
As steps in the reorganization the first mortgages on both
Newark & Zanesville Electric Ry. and Columbus Buckeye Lake Columbus
& Newark
Traction Co. were foreclosed. A receiver for the properties
was appointed
in Sept. 1924, and the properties sold in Feb. 1925, and
bought in by the
nominees of the managers who subsequently conveyed them
to Southern
Ohio Public Service Co. (Ohio) formed by the managers.
The sales have been confirmed by the Federal Court and authority
has
been granted by the Ohio P. U. Commission to the Southern
Service Co. for the issuance of the securities necessary to meet Ohio Public
the requirements of the plan.
-V. 121, p. 1100.
Connecticut Power Co.
-To Increase Stock
-Rights.
The stockholders will vote Feb. 15 on increasing the authorized
Common
stock from $3,000,000 to $4.500,000. par $100. If ratified,
the
stockholders will be given the right to subscribe at par for one common
new share
for each two shares held.
It is announced that the Hartford Electric Light Co.(which controls
the
Connecticut Power Co.) will allow its $12,000.000 of outstanding
stock the
right to subscribe for its pro rata share ($500,000) of new
Connecticut
Power Co. common stock.
On this basis warrants will be issued as follows: A holder of
Power Co. common stock will receive warrants to subscribe Connecticut
12-24ths
of a share of new common stock for each share now owned;for holder of
a
Hartford Electric Light Co. stock will receive warrants to subscribe for
1-24th of a share of new Connecticut Power Co. common stock for each
share of Hartford Electric Light Co. stock now owned.
-V.121. p. 1907.
Consolidated Gas, Electric Light & Power Co., Bait.
The Maryland P. S. Commission has sanctioned the purchase bT the
company of 10.000 shares of stock (par $100) of the Pennsylvania Water
-V. 122, p. 212.
& Power Co.
"Consolidated Hydro-Electric Works of Upper Wuerttemberg" (Bezirksverband Oberschwabische Electrizitatawerks), Germany.
-Bonds Sold.
-W. A. Harriman
& Co., Inc,. have sold at 93 and interest, to yield 7.60%,
$4,000,000 first mtge.7% 30-year sinking fund gold bonds.
Dated Jan. 15 1926; due Jan. 15 1956. Authorized, $5.000.000; to
presently issued, $4.000.000. Principal and interest (J. & J.) payable be
atoffice of W. A. Harriman & Co.. Inc., New York City, in U. S. gold coin
of the present standard of weight and fineness, without deduction for any
past, present or future taxes levied by or within the German Reich. Redeemable, except for sinking fund, on any interest date beginning Jan. 15
1931, all or part, upon 30 days notice, as follows: at 102 on or after Jan. 15
1931: at 101 on or after Jan. 15 1936: at 100 on or after Jan. 15 1941.
Denom.$1,000 and $500 c5 American Trust Co., New York City, trustee.
.
Data from Letter of Baron von Stauffenberg, President of the Co.
-"Consolidated Hydro-Electric Works of Upper WuerttemBusiness.
berg" is a public corporation organized by certain counties of Wuerttemberg for the purpose of furnishing the territory of such counties with an
adequate supply of electric current. As now constituted it is one of the
largest hydro-electric enterprises in Germany and serves a territory comprising approximately one-third of Wuerttemberg. In this territory, which
has an area of over 2,500 square miles and a population of approximately
500,000 the company supplies 700 communities and has about 55,000 customers. It owns and operates two large hydro-electric plants, a steam
plant and several smaller power plants: during 1924 over 82% of the
pany's electrical output was generated by its hydro-electric plants. comFranchise Situation.
-In the opinion of counsel, the company has the
sole right in the communities which it serves to distribute and sell, without
competition, electric power: it also has the right to fix rates for current
that
will insure successful operation.
-Proceeds will be used for the construction of two new hydro• Purpose.
electric plants, several new substations, the enlargement of existing plants,
the extension of the company's distribution system and for the retirement
of floating debt incurred for the aforesaid purposes.
-These bonds will, in the opinion of counsel, be secured
Security.
first mtge. on all of the company's hydro-electric plants, including theby a
new
plants to be built, and also certain other additional properties.
Besides the above security, 15 counties in Wuerttemberg, namely,
Balingen, Biberach, Biaubeuren, Ehingen, Laupheina, Leutkirch, Munsingen, Ravensburg. Reutlingen. Riedlingen, Saulgau, Tettnang. Track.
Waldsee and Wangen, will be jointly and severally liable for the payment
of the principal and interest of this loan. Bonds will constitutes primary
obligation of the above counties, payable directly
from taxation in the event
that revenues of "Consolidated Hydro-Electric Works of Upper Wuerttemberg" should ever be inadequate.
Earnings.
-Company's operations have never shown a deficit. For
two years ended Dec. 31 1925 (last two months of 1925 estimated), the
net
earnings, after maintenance, but before depreciation, averaged $718.563.
Maximum annual interest charges on these bonds will be $280.000: for the
year ended Dec. 31 1925 interest charges on the company's other funded
debt amounted to $65,295.
Depreciation, in accordance with the German custom, Is not charges
against income but is a direct appropriation of surplus; all maintenance and
renewals, however, are charged against earnings and included in operating
expenses. As the company is a public enterprise and does not distribute
dividends, all of its earnings are regularly reinvested in the property.
This has not only provided for depreciation but has further increased net
assets and production capacity.
In the indenture securing these bonds the company will
that
as any of the bonds are outstanding, it will not initiate or agree theas long
permit
establishment of rates which will be insufficient to produce annual net earnings
equal to at least 13i times the interest and sinking fund charges on all of its
outstanding funded debt.
Financial Responsibility Fifteen Counties.
-The aggregate assessed valuation (1924) of all taxable property within the 15 counties liable for this loan
is $187,657,265. With the exception of their liability on the bonds of
748
THE CHRONICLE
"Consolidated Hydro-Electric Works of Upper Wuerttemberg," 14 of these
counties have no funded debt, while that of the remaining county, as of
March 31 1925, amounts to less than 31.500. For the year ended March 1
-Sr. 122, p. 609.
1925 revenues of each county balanced expenditures.
[VOL. 122.
Laurentide Power Co., Ltd.
-Annual Report.
Calendar Years1922.
1925,
1923.
1924.
Revenue
$1,496,522 11,478.087 $1,411,180 $1,333,642
15,388
Miscellaneous revenue._
3,890
6,642
2,775
-Stone & Webster AcCommunity Power & Light Co.
quire Interest in Company.
Total revenue
$1,500,412 $1,480,862 $1,417,822 $1,349,030
Expenses
199,367
247,537
248,249
242,585
474,400
467,854
474,857
475,380
Control of approximately a one-third interest in the Community Power Interest
4,457
-V. Exchange on bond int_
69
8,393
3,994
le Light Co. has been acquired by Stone & Webster, of Boston, Mass.
Prop. of bd. cony. exp....
7,860
121, P. 2401
.
Balance
Consol. Gas, Elec. Lt. & Pr. Co. of Balt.-Earnings.$670,806
$687,035
$758,903
$776•380
Adjustments
1924.
1923.
al27,458
1925.
Years Ended Dec. 3190,250
89,200
$22,746,142 $21,459,698 $21,760,955 Sinking fund
89,340
89,340
Gross operating revenue
65,000
14,611,054 14,548,003 12,588,592 Income tax
65,000
64,000
Operating expenses
Dividends
525,000
525,000
525,000
525,000
Operating revenue
$8,135,088 36,911,695 $9,172,363
Balance, surplus
$56,606
196,130
252,230
460,744
$79,563 def$118,763
346.066
Other income
Previous balance
30.038
10,474
69,238 adj.12,632
$8,481,154 37.183,925 $9,633,107 From contingent fund..
Total revenue
Dr.60,000
Cr.60,000
3,036,391
4,727,095 Transfer to deprec. res Dr.100,000
3,074.365
Fixed charges
1,858.168
2.085,324
Dividends
2,348,899
Profit & loss, balance_
$26,168
$69,238
$10,474
$30,038
a Settlement of income taxes, 1918-1922, $107.198; settlement water
Surplus
13,095,863 $2,004,236 $3,047,844
rentals, 1918-1922, $20,259; total, 3127,458.-V. 120, p. 1326.
-V. 122, p. 212, 94.
-Earns.6 Mos. End. Dec. 31 '25.
Denver Tramway Corp.
Gross earnings. $2,280,929; expenses, $1,491,165; operating
income
Other income
$789,764
30,014
Gross income
-Taxes and interest
Preferred dividend
$819,778
534,988
260,410
Surplus
-V. 122. p. 479.
$24,380
-Stock Increased.
Detroit Edison Co.
The stockholders on Feb. 1 increased the authorized capital stock from
$85,000,000 to $120,000,000, Par $100. This increase was recommended to
the stockholders because the sum of the stock outstanding, of stock being
paid for in installments, and issuable when paid in full, and of the stock
which must be held to provide for conversions of the remaining convertible
debentures, was $82,887,200, very close to the authorized issue of $85,000.
-
Manitoba Power Co. Ltd.
-Kissel,
-Bonds Sold.
Kinnicutt & Co.; Spencer Trask & Co.; E. H. Rollins &
Sons, and Nesbitt, Thomson & Co., Ltd., have sold at
96 and int., to yield about 5.80%, $10,000,000 1st mtge.
sinking fund gold bonds, series A. Guaranteed as to
5
principal and interest by endorsement by the Winnipeg
Electric Co. Manitoba Power Co., Ltd., 1st mtge. 7%
sinking fund gold bonds, due 1941, which are called for
payment May 1 1926 at 105 and int., will be accepted at
107k flat on or about March 8 in payment for these bonds.
Dated Jan. 1 1926, due Jan. 1 1951.
Principal and int. (J. & J.) payable in New York at the agency of the
Bank of Montreal in gold coin of the United States of America; in London,
Eng., at the office of the Bank of Montreal at par of exchange; or, at
the holders' option, in Montreal, Toronto, or 'Winnipeg, Canada. Both
principal
No plans were announced for the issuing of the new stock, it not being the payable and int. of bonds held by residents of the United States are
without deduction for any tax or taxes which the company or
company's intention to offer any of this increased stock at this time.
the trustee may be required to pay or to retain therefrom under any present
V. 122, p. 212, p. 475.
or future law of any taxing authority in the Dominion of Canada or any
Federal Light & Traction Co.
-Div. of 20 Cents in Cash Province or municipality thereof, and without deduction for United States
exceeding
0.
- income taxes lawfully deductible at the source, not up to four2% Comand 15 Cents in Common Stock Declared on Common Stock.
pany agrees to refund Penn. and Conn. State taxes
mills, upon
The directors have declared a quarterly dividend of 35c. per share on the application, within 60 days after payment. Denom. $100. $500 and
common stock, payable 20c. in cash and 15c. per share (1%) in common $1.000c5 Callable on 90 days' notice at 105 and int. on any int. date.
.
stock on April 1 to holders of record March 15. [Similar amounts were Montreal Trust Co., Montreal, trustee.
paid on the common stock on July 1 and Oct. 1 1925 and also on Jan. 2
CapitalizationAuthorized.
Outstanding.
last.]
a Common stock (no par value)
100,000 shs.
100,000 she.
No certificate of common stock will be issued for less than one share. For 1st mtge. 53 % sinking fund gold bonds
,
6
fractional shares scrip will be issued and will be exchangeable for stock at the
(this issue)
b
$10.000,000
office of the New York Trust Co., 100 Broadway, New York, N. Y., in
a Winnipeg Electric Co. owns over 60% of this stock. b Limited by
amounts aggregating $15 or multiples thereof. No dividends will be paid the restrictions of the indenture.
to the holders of scrip but all dividends on the stock represented by scrip
Data from Letter of A. W. McLimont, President of the Company.
will be payable to the first registered holder of the stock.
-V.121, p. 3130.
Company.
-Incorporated under the Companies Act of Canada and
owns and operates a modern hydro-electric power plant at Great Falls
Hartford Electric Light Co.
-Rights.
on the Winnipeg River with an ultimate capacity of 200,000 h. p. The
See Connecticut Power Co. above.
-V. 121. p. 1908.
entire sub-structure of this modern hydro-electric plant and the super-Exchange.
- structure for three units with two units of 28,000 h. p. each, were comHavana Electric Ry., Light & Power Co.
Co., readjustment managers, under the plan and agreement pleted in 1923. The third unit now being installed will give the company
Speyer &
for exchange of securities of the company for securities of Havana Electric an installed capacity of 84,000 h. p. It also owns a tie-in high-tension
-tower transmission line with the main transmission system of the
dr Utilities Co. announce that the securities (in temporary form) of Havana steel
Winnipeg Electric
Electric & Utilities Co. and the cash payable to depositors are ready for are installed the Co. It is officially estimated that when all the units
power house will represent the very low bonded debt of
distribution.
All outstanding certificates of deposit should be surrendered to Chase about $60 per horse power.
Security.
-Secured by a first mortgage lien upon the company's hydroNational Bank, 57 Broadway, N. Y. City, or at the agency of the Bank electric
plant
In Havana, Cuba. Upon such surrender the registered holders of certifi- lien, through and transmission lines, described above, and by collateral
pledge of stock of the Winnipeg River Ry., on 1314 miles
cates of deposit will be entitled to receive from the readjustment managers of
standard-gauge steam railroad. Further secured by a power contract
-V. 121,
the cash and securities to which they are entitled under the plan.
with, and guaranteed both as to principal and interest by endorsement by,
p. 3130, 3003.
the Winnipeg Electric Co. Also secured by a power contract with Manitoba
-Exchange.
- Pulp & Paper Co., Ltd. Company may issue $2,500,000 additional
Havana Electric & Utilities Co. (Me.).
3003 bonds equal to but not exceeding 80% of the cost of additions and better-V.121, p.
See Havana Electric Railway, Light & Power Co.above.
ments to the property, but further bonds may only be issued in principal
amount equal to but not exceeding 80% of the cost of additions and better-Underlying Bonds.
Illinois Power & Light Corp.
ments, provided net earnings, after sinking fund, are not less than 135
The 11,754,900 5% bonds of the Peoria Ry. Co., due Feb. 1, are being
paid off at office ef the Agency of the Bank of Montreal. New York. In times interest charges on all bonds issued and those proposed to be issued.
Earnings.
-Company's net income,for the 12 months ended Dec.31 1925,
connection with this payment the corporation issued $1,754,000 5i% derived from its
long-term power contract with the Winnipeg Electric
first and refunding mortgage bonds (part of 36.000,000 bonds offered by Co. was
$541,557, or nearly equal to total interest charges on this issue.
bankers in December 1925.). See V. 122, p. 94.
The net income for the same period of the Winnipeg Electric Co., available
'
for guaranties, &c., after deducting its total interest charges, amounted
Illinois Public Utility Co.
-Acquisition
The company has acquired the Atlanta Electric Light & Power Co.. to $852,56, which, combined with the net income of this company, makes
over 2%
serving Atlanta, McLean and Lawndale, Ill. This brings the total number a total of $1,394.122, or this issuetimes interest charges on this entire issue.
The net proceeds from
will
of plants operated by the Illinois P. U. Co. in Illinois to 25.-V. 121. p. 585. the generating capacity of the Great provide sufficient funds to increase
Falls power plant to take advantage
of
power
Indianapolis Crawfordsville & Danville Electric all a 10-year be usedcontract with Manitoba Pulp & Paper Co., Ltd., for
power to
at its new pulp and paper mill, with a rated capacity
Ry.-Merger.of 250 tons, now being erected at Ft. Alexander, within 15 miles of Great
See Central Indiana Power Co. above.
Falls. It is officially estimted that the additional revenues of the power
-V. 94, p. 1695.
company, under the power contract from the operation of the two paper
-Merger. machines, will approximate $485,000 per annum. The Manitoba Pulp
Indianapolis & Northwestern Traction Co.
See Central Indiana Power Co. above.
SZ Paper Co., Ltd., has been financed and is controlled by prominent
-V. 116, p. 934.
pulp and paper and banking interests.
-Largest of
International Power Securities Corp.
Guarantor -Winnipeg Electric Co., successor to a business organized
In 1880, owns and operates an extensive electric light, power and railway,
Italy's Gas Companies Gets Loan.
and gas system serving Greater Winnipeg and contiguous territory having
The Italian Gas Co., of Turin, largest of all Italian companies engaged in a population estimated in excess of 282.000. Its net
us and by-product Intertiolpoweleoox.wrto:wosinoorp. depreciation, is in excess of $25.314.123, as compared property value, after
obtained loan of
encalfieldintha country,
with its total funded
from t1
debt in hands of public of $15.632,000. Its system connected load increased
In Delaware in 1923 to acquire carefully selected securities of leading utility from 105,576 h. p.in 1920 to 200.490 h. p. as of Oct. 31
1925, or about 90%.
companies in this and other countries.
Surplus earnings since
Public offering is expected shortly of a like amount of bonds as a direct tion, aggregating in Jan. 1 1916. together with maintenance and depreciaexcess of 110.000,000, have been invested in the
obligation of the International Power Securities Corp. and secured further company's properties.
as an obligation of the Italian Gas Co. and by the deposit of capital stocks
Purpose -Proceeds will be
to retire
of the Italian Gas Co. and its subsidiaries having a market value of $10,- sinking fund gold bonds, seriesusedto install a 17,500,000 1st mtge. 7%
A;
third unit of 28.000 h• p•
500.000.
and to the erection of a 15
-mile steel-tower double-circuit transmission
The Italian Gas Co. has acquired controlling interests in most of the gas line, together with appurtenances.
companies in the large industrial section of northern Italy, operating in
Sinking & Improvement Fund.
-Mortgage will provide for an annual
Milan, Turin, Venice, Florence, Savona, Alessandria and 22 other cities. sinking fund, beginning
1 1931,
It also controls coke oven and by-products plants and other enterprises. bonds outstanding, for Jan.purchaseof a sum equal to 1% of all series A
the
and
at
Population of territory served is over 2,500,000. Assets of the Italian Gas not to exceed 105 and int. An additional redemption of these bonds an
Co. have a total value of 442,000,000 lire, or at current rates of exchange. annual payment, beginning Jan. 11934, sinking fund will provide for A
of all series
$17,680,000. Proceeds of the new loan, it is stated, will be used to pay off bonds outstanding, which may be used,of a sum equal to 1% company, for
at the option of the
the company's entire floating indebtedness, to extend its plants and for the purchase and redemption of these bonds
at not to
105 and int.,
general corporate purposes.
or for permanent additions and improvements, whichexceed otherwise be
could
The prospective new offering of International Power Securities Corp. made the basis for the issuance of
additional bonds under this mortgage.
bonds is the second by that company in a little over two months. In
December the company marketed an issue of $10,000,000 bonds in the interBonds Called.
-V. 121. p. 3003.
est of the Italian Edison Co.
All of the outstanding 1st mtge. 7% sinking fund gold bonds, series A,
dated Nov. 1 1921 have been called for payment May 1 at 105 and int, at
Iowa Light, Heat & Power Co.
-Expansion.
the Bank of Montreal, in Montreal, Toronto or Winnipeg, Canada. or at
The company has acquired the municipal light plant at Galva, Ia., for the agency of the Bank of Montreal in New York City.
-V.119. p. 2878.
a consideration of 125,000.-V. 120. p. 3064.
-Bond Increase.
Los Angeles Gas & Electric Corp.
The stockholders recently voted to increase the authorized bonded indebtedness from 175.000,000 to $150,000,000. No new financing is con-V. 121, p. 1788.
templated immediately.
-Rights, &c.
Lynn (Mass.) tas & Electric Co.
The stockholders of record Jan. 25 have been given the right to subscribe
on or before Feb. 20 for 16,250 additional shares of capital stock (par $25)
five shares held.
AS $70 per share, on the basis of one new share for each of the Treasurer,
Payment in full for the steak should be made at the office
-V.122, p. 611.
400 Exchange St., Lynn, Mass.
Michigan Water Power Co.
-Wm. L.
-Bonds Offered.
Ross & Co., Inc., and Thompson Ross & Co., Inc., Chicago,
are offering $600,000 6% 1st mtge. sinking fund gold bonds
at 99 and int.
Dated Jan. 11926', due Jan. 1 1946. Int. payable J. & 3. at Standard
Trust & Savings Bank, Chicago, trustee, or at Michigan Trust Co.. Grand
Rapids, Mich. Denom. $1.000. $500 and $1000. Red.. all or Part,
on any int, date on 60 days' notice at 105 and int. Company epees to
pay int, without deduction for any Federal income tax not exceedMg 2%.
Bonds are tax-exempt in Michigan and have been authorized by the
Michigan P. U. Commission.
FEB. 61926.]
749
THE CHRONICLE
Data from Letter of Albert E. Peirce, President of the Company.
-Organized in Michigan to construct, acquire, own and operate
Company.
two hydro-electric developments on the Thorneapple River located at
Cascade and Ada, about ten miles from the City of Grand Rapids, Mich.
Company owns directly all the land, flowage rights, water rights, State
rights, &c., necessary for the successful construction and operation of these
plants, which upon completion will be modern throughout with reinforced
concrete arched dams and two most efficient modern power houses operating
under 22 ft. and 28 ft. heads respectively, with a total installed capacity
of 7,200 h. p.
The full output of these two plants from the entire flow of the river
has been contracted for by the Consumers Power Co. of Michigan for a
period of 50 years and the Consumers Power Co. will invest between
$100.000 and $150,000 in transmission and sub-station equipment necessary
to receive this energy which is to be sold to them at the lower dam about
10 miles from Grand. Rapids.
CapitalizationAuthorized.
Outstanding.
69' 1st (closed M.sinking fund gold bonds.. $600,000
$600.000
6;6% gold debentures
350,000
350,000
Common stock (no par)
5,000 shs.
5.000 she.
Security.
-Secured by a mortgage on all of the company's property now
or hereafter owned, including land flowage rights, generating plants and
transmission lines connecting the dams having an appraised value in excesss
of $1,500,000, subject only to the above mentioned contract with the
Consumers Power Co. and to the prior lien created on said property by the
terms thereof, which provide that no mortgage shall impair the obligation
of the company under its contract and that in event of default under the
contract the Consumers Power Co. shall have the right to possess and
operate the property for the purpose of securing due performance of the
contract. This contract for the entire current generated and all profits
arising therefrom have been pledged under the mortgage.
Estimated Earnings of Company under Its Contract with Consumers Power Co.
'Gross earnings
$122,500
Operating expenses and taxes
18.200
Bond interest
36,000
-Years Ended Dec. 31.
Earnings (Operating Companies)
aN. Boston
Net Avail.
Ltg. Props.
for Dm.
Gross.
$659,954
1922
$872,372
$5.635.185
742,238
1923
1,063,897
6.816.856
867,672
1924
1,259.449
7,199.189
1,026.973
1925
1,438,842
7.780.179
a Net available for interest.
Equity.
-The preferred and common shares of the North Boston Lighti
ProperUes at present prices show a market value equity of over $19,000.000
Junior to these notes.
Balance
$68,300
Sinking Fund.
-Mortgage provides for an annual sinking fund of 1%
of the total amount of bonds issued, to be used to purchase or redeem
bonds beginning Jan. 1 1928.
Management & Control.
-Through common stock ownership the company is a subsidiary of the Central Public Service Co. Central Public
Service Co., through its subsidiaries, furnishes public utility service to a
slumber of prosperous communities, having a total population of over
100,000, located in the States of Illinois, Wisconsin, Michigan and Indiana
The company announces a reduction in rates to take effect March 1.
This reduction, it is estimated, will amount to $1,500,000 per annum
and is the fourth voluntary rate cut the company has made in the past
four years.
Joseph B. McCall, Chairman of the Board, died at Atlantic City, N. J.,
on Jan. 29.-V. 122, p. 612.
National Power & Light Co.-Pref. Stock Sold.
-Old
Colony Trust Co., W. C. Langley & Co., Bonbright & Co.,
Inc., ucker, Anthony & Co.,Jackson & Curtis, Hale, Waters
& do. and Toerge & Schiffer have sold 100,000 shares
cumul. pref. (a & d) stock (no par value) at $100 per share
and dividend.
Non-voting, with certain limited exceptions. Dividends $7 per share per
annum. Entitled to $100 per share and accrued dividends in case of liquidation. Red. all or part as $110 and dive. Divs. payable Q-J. Registrar &
Transfer Co., New York, transfer agent. Corporation Trust Co., New
York, registrar. Dividends exempt from present normal Federal income
tax.
Data From Letter of Pres. H. C. Abell, New York, Feb. 1.
-Directly or through subsidiaries, owns all the outstanding
Company.
common stock, except directors' shares, of the Birmingham Electric Co..
the Houston Lighting & Power Co. the Jackson (Tenn.) Ry & Light Co.,
'
the Knoxville Power & Light Co., the Memphis Power & Light Co. the
Memphis Street Ry. and the Pigeon River Power Co., and substantially all
the common stock of the Carolina Power & Light Co. The latter company
owns all the common stock, except directors, shares, of the Yadkin River
Power Co. and the Asheville Power & Light Co. (See list of companies in
V. 122. p. 480.)
Authorized. Outstanding.
CapitalizationCumul. pref. stock (no par value) $7 per
150.000 shs. a140,942 shs.
share per annum
None
Cumul. pref. stock, $6 per share per annum.. 100.000 shs.
3,000.000 shs.b2,562,195shs.
Common stock (no par)
$8,558,100
50
-year 7% income bonds, due Jan. 11972.... $20.000,000
a Includes 100.000 shares now being offered. b Includes shares to be
Issued upon exchange of all common stock of Carolina Power & Light Co.
More than 99% of this stock has already been exchanged. c Includes
$141,000 in treasury and excludes $274,000 additional bonds retired by the
sinking fund.
Combined Statement of Income for 12 Months Ended.
Dec. 31'23. Dec. 31'24. Nov. 30'25.
(a) Subsidiary Companies:
$26,089,775 $28.666,565 $31,813,768
'Gross earnings from operation
open expe. incl. taxes
16,812,828 17.975,884 19.519,661
Net earnings
Other income
$9.276,947 $10.690.681 $12,294,107
227,445
380.743
357,141
$9,504,392 $11,071,424 $12,651,248
Total income
Interest. discounts &c., deductions
4.223,380
Preferred dividends
1,341.573
Renewal and replacement appropriation
2.744,232
Balance
(b) National Power & Light Co.:
Proportion of above balance appli. to Nat'l Pw.& Light Co_ _ _
Miscellaneous income
$4,342,063
$4,341,729
364,381
Total
$4,706,110
Expenses, incl. taxes &c., deductions
168.011
-year 7% income bonds
Interest on 50
588,520
annual dividends on 40,942 shares of $7 pref. stock now
Total
outstanding and the 100.000 shares now being offered
986.594
Balance
$2,962,985
Earnings shown above include those of Arkansas Central Power Co. and
Inter-City Terminal Ry. Subsequent to Nov. 30 1925, interest in these
two companies was disposed of.
Purpose.
-Proceeds from the sale of this preferred stock will be used for
financing new construction, including generating capacity and distributing
systems of subsidiary companies to provide for increased demands, and for
other corporate purposes, thereby providing increased revenues. See also
V. 122, p. 480.
Capital Stock Increased-Rights.
-
The stockholders on Feb. 2 voted to increase the capital stock by the
Issuance of 48,104 additional common shares, to be offered at not less than
$80 Per share to present shareholders, preferred and common, in the ratio
of one new share for each four now held, any unsubscribed balance to be
disposed of by the trustees to such persons as they think best. The trustees
may have the issue underwritten at a commission of not more than $5 per
share. The new stock will be issued to pay indebtedness incurred in the
acquisition of stock of the several companies in which North Boston Lighting
Properties has a controlling interest.
The company now has outstanding 114,040 shares of 6% preferred and
-V.122, p. 481.
78,378 shares of no par common stock.
-Bonds Called.
Ohio Traction Co., Cincinnati.
All of the outstanding 1st mtge. 59' s. f. gold bonds, due March 1 1936,
have been called for payment March 1 at 103 and int, at the Fidelity Trust
Co., trustee, Philadelphia, Pa.
-V. 121. p. 2403.
-Baltimore Company
Pennsylvania Water & Power Co.
Acquires Interest in Company.
See Consolidated Gas, Electric Light & Power Co. of Baltimore above.
V. 120. p. 820.
-Reduces Rates-Obituary.
Philadelphia Electric Co.
-Buys Land.
Portland Gas Light Co.
The company has acquired by purchase from the Portland Terminal Co.
approximately 70,000 sq. ft. of land situated at the west of the present gas
plant on West Commercial St.. Portland, Me. The newly purchased
property will be used to provide additional space for the storage of coal and
coke.
-v. 121. p. 2876.
-1926 Budget.
Public Service Corp. of New Jersey.
The corporation's 1926 program calls for the expenditure of approximately
$55,000,000 on the improvement of electric, gas and transportation facilities
in the territory served by Public Service operating companies, including
Public Service Electric & Gas Co., Public Service Ry. and Public Service
Transportation Co. Completion of the great Kearny electric generation
station and the Harrison gas works, are the biggest single items in the
program of the Electric and Gas Co. while for the Railway Co., an order
-V. 122, p. 612.
-electric buses heads the list.
for 333 gas
Public Service Electric & Gas Co.
Thomas Sproule has been named to succeed William K. Vanderpool as
General Superintendent of Distribution of the electric department of the
company. Mr. Vanderpoel resigned to become Vice-President and Executive Engineer of the Okonite Co. and the Okonite-Callender Cable Co..
Inc., with offices in New York and plants in Paterson and Passaic, N. J.
-V. 121. p. 2753.
-Earnings.
-Radio Corp. of America.
1924.
Calendar Years1925.
1923.
1922.
Total gross income
$50,405,144 $54,848,131 126,394,790 $14,830.857
Deduct-General oper. &
admin. exp., deprec'n
45,431,937 45.838,398 21.833.040 12,126,465
and cost of sales
Balance
Other income
$4,973,207 $9,009.733 $4,561.750 $2,704,392
493.709
176.024
763.999
270,188
Net income
$5,737,206 $9,503,442 $4.737.774 $2,974,580
Applied as Follows
$989,907
Res,for amort.of pat'ts_ $960,145
$931,460 $2,480,576
1.100.000
Reserve for Federal taxes
500,000
700,000
270,000
275,000
277.805
Bal. of org. exp. writ. off
224,004
x1,356.357
Amt,writ,off for loss,&c
Res.agst.foreign invest..
524,068
414,236
Amount written off con626,699
700,000
struc'n, goodwill, &c..
1,384.591
1,384,591
Res.for pref. dividend_
1,384.591
3.356451
1,643.918
Transferred to surplus_ 1,468,402
xIncluding (1) $768,513 written off on account of ascertained losses sustained on investments in associated and subsidiary companies taken over
from the Marconi Wireless Telegraph Co. of America; and (2) 1587.844 set
aside for reserve against account due by Marconi Wireless Telegraph Co.
of America.
-V. 121. p. 2522.
-Acquisitions.
St. Louis County Water Co.
The Missouri P. S. Commission recently approved the purchase by the
company of all the property rights and franchises of the West St. Louis
Water & Light Co. and the West St. Louis Pipe Line Co. The St. Louis
County Water Co. paid $1,050,000 for the water company's property and
1310.000 for the property of the pipe line company.
The St. Louis company issued rights or warrants to the holders of the
stock of the West St. Louis Water company, share for share, which entitled
such holders on or before Jan. 23 1926, to purchase in the aggregate 14,000
shares of the common stock of the new corporation at $20 per share.
The Commission also authorized the issuance of $2,800,000 5%% gold
bonds,series A.at notIthan less 92. The proceeds are to be applied to retire
$1.126.125 bonds of the old water company: to purchase the pipe line company. $310,000, and to pay stockholders of the water company,11.050.000.
the balance to be left in the treasury of the new company. See also V.
121. p. 2877.
Sachsen-Anhalt Electric Co. of Halle (Elektrizitaetswerke Sachsen-Anhalt, A. G. in Halle (Saale).-Notes
Offered.
-F.
prices to yield
North Boston Lighting Properties.
-Notes Sold.- from 63,4% J. Lisman & Co. are offering at $1,000,000 exto 74% according to maturity
Old Colony Trust Co. and F. S. Moseley & Co. have sold ternal 6 2% serial gold coupon notes. Guaranteed jointly
-year 4%% gold notes at 98.60 and int., to and
$1,600,000 3
severally by endorsement of the German Continental
yield over 5%.
Gas Co. of Dessau, and the Lower Rhine Light & Power
Dated Feb. 1 1926: due Feb. 1 1929. Red., all or part on 60 days'
notice on any int, date at 100 and int. Denom. $1,000c*. Int. payable Co. of Rheydt.
Dated Jan. 1 1926; due $250,000 semi-annually July 1 1926 to Jan. 1
p. & A. American Trust Co. tfustee.formed in
voluntary
association
Massachusetts created
Company
by a trust agreement dated Feb. 1 1911. Controls through stock ovrnership
six operating companies supplying gas and electricity for light, heat and
cower purposes inlUalden, Melrose, Medford, Everett. Stonam, Revere,
winthrop, Reading, Peabody Wenham, Topsfield, Danvers, Beverly,
Hamilton, Manchester and Salem, Mass. Population served estimated
at 275,000.
The operating companies, together with the percentage of stock of these
companies owned as of Dec. 31 1925 are as follows:
Amt. Owned. % Owned.
ComPan
. ,
Malden Erectric Co
4,958,523
95
Malden & Melrose Gas Light Co
3,521,340
99
Salem Electric Lighting Co
1,791.600
95
'Suburban Gas & Electric Co
350,000
100
Eastern Massachusetts Electric Co
1,569,000
63
Beverly _Gas & Electric Co
0n
111capitatizatt $1.500,000
s-year 4%% notes (this issue)
114.040 Ji shs.
Preferred stock (par $100)
78,378 1-16 sbs.
stock (no par)
'Common
1928, both incl. Int. payable J. & J. Debora 11,000. Principal and int.
payable at Central Union Trust Co. of New York. trustee. Non-callable.
These notes will be the direct obligations of the Anhalt Company. Company agrees that neither it nor any of its subsidiaries will create any mortgage upon any of its properties (including stocks owned of subsidiary companies), without equally and ratably securing these notes.
Purpose.
-Proceeds are to be used in part to reduce existing loans and
also in part for additional installations.
History.
-Company was formed in 1917 and provides electricity for light
and power purposes to the cities of Dessau, Halberstadt, Magdeburg,
Goethen, Bernburg, Zierbst, Oschersleben, located in the Province of
Sachsen, the Free State of Anhalt, and parts of the Free State of Braunschweig and Thueringen, situated in the middle of Germany, considered one
of the best industrial districts, having within its territory the famous Leuna
works of the Badische Aniline and the I. G. Company, owning the huge
plant which manufactures artificial nitrates. The area of the territories
served is 7.700 square miles, having a population of about 3,500.000.
Company is controlled through stock ownership by: German Continental
Gas Co. of Dessau, 48%;Province of Sacksen-Anhalt, 29%; Electric Power
Corp. of Germany (owned by The Reich), 20%: Free State of Anhalt, 3%.
750
[VOL. 122.
THE CHRONICLE
-Company wholesales power to several of the large
Wholesale Power.
potash works and 6 agricultural co-operative corporations in Germany.
It has a part ownership in the Leipziger Electric Power Works in Kulkwitz,
Aktiengeselisch. Electric Railway Mansfelder Bergrevier, Aktiengesellsch.
Electric Railway Merseburg Aktiengesellschaft, Electric Power Mansfelder
fleekreis Aktiengesellschaft.
Sources of Additional Power Requirements.-Addltional electricity is purchased at wholesale from the Electric Power Corp. of Germany, the Concordia A. E. G., the Braunschweig Coal Co. and the Buckau Chemical
Works. During 1925, the company needed 100.000 k.w. to supply the
various industries and communities in the district served. The Anhalt
plant generated 25% of the power requirements of this district and purchased the remaining 75% from the power companies herein before mentioned.
Erpansion.-The installed generating capacity of the Anhalt plants will,
within the next few years, be increased to 75.000 k.w. The large market
for its current generated is obvious from the growth shown since incorporation, in the amount of kw. hr. sold: 1918, 17,250,000; 1922, 187,000,000;
1923. 183,000.000; 1924, 196,132.000; 1925, 250,000,000 (Dec. est.); 1926,
300,000.000 (eat.).
Properties Owncd.-A large power plant at Gross Kayna directly adjoins
large coal mines under contract for 32 years (until 1957). supplying all the
fuel requirements at preferential prices. The installed generating capacity
has recently been Increased to 24,000 k.w. and is connected with the large
power companies in greater Berlin, and other important cities through a
connection of high tension transznision lines. All necessary equipment is
operated in conjunction with the power plant. Electricity is distributed
over 325 miles of transmission lines of 15.000 to 100,000 volts.
-The Anhalt properties are valued at $3,920,799 (valuation
Valuation.
Jan. 1 1924), and are covered by insurance of $4,879.136 on all properties
excepting land. The only lien on the properties is a $337,145 purchase
money mortgage secured on a small part of the properties. There are also
outstanding long term unsecured loans amounting to $768,813, half of which
are guaranteed by the Province of Sachsen.
-Company, together with practically all German industrial
Dawes Plan.
and commercial concerns, Is required to contribute toward the payment
of charges in connection with the Dawes Plan. The amount of Dawes
debentures Is only $41,893, of which Interest and amortization are payable
-1927
-1926 amounting to $1,047; 5% interest
as follows: 21.i'7 interest
amounting to $2.094; 6% of which 5% is interest and 1% amortization
thereafter amounting to $2,513.
-The Sachsen Anhalt
Earnings of Anhalt and Guarantor Companies.
Electric Co.. after deducting all service charges on its existing indebtedness
but before depreciation and taxes, reports net income for 1925 (one month
estimated). of $520.000, which is 8 times annual interest charges on these
notes. The combined net income of the three companies for 1925 is $2,150,951 (one month estimated), which is over 3.80 times yearly interest charges
of $65,900 and semi-annual maturities of $250.000.
Bank, Chicago, in U. S. gold coin. Callable on any int. date on 60'days'
notice at 100 and int. IDIIP enom. $1,000 and $500 ca. Treuhand-Vere*ung Aktiengesellschaft, Berlin, Germany, trustee, and Harris Trust &
co-trustee.
Savings Bank, Chicago,
-Listed on the Boston Stock Exchange.
Listed.
Officials of the company, in a letter to the bankers, state
in substance:
-Supplying an essential electric power and light
Company and Business.
service in an extensive section of the Province of Silesia, including the
Counties of Breslau and Waldenburg. this company's business has grown
since its formation in 1909 until it now reaches directly a population estimated at about 750,000 and indirectly about 1,350,000 additional, or a
total population estimated at over 2,100.000.
Company's business consists almost entirely in the generation of electricity by steam in 3 power plants and the transmission and distribution of
Its own electricity plus a small amount purchased, throughout widely
diversified industrial and agricultural districts. In the southwestern
division of the territory the company conducts its electric business, plus a
small but profitable electric railway line, through operation of all the property and business of its subsidiary, Lower-Silesian Electric & Ry. Corp.,
known as Neukag. Company owns over 88% of the stock of aleukag,
which has had a successful history ever since its formation in 1896.
Among the company's 57,000 electric customers are included three important adjacent utility systems, 14 communities and 448 co-operative associations which purchase power from the company at wholesale for redistribution through their own systems to many thousand additional consumers.
More than 1,050 communities are to be found in the 38 counties of Silesia
that are supplied, directly or indirectly, with the company's power. In
area this territory has over 8,050 square miles.
In addition to the company's advantages in variety and extent of territory, a wide diversification in industries of an'essential nature is also to be
found in Middle Silesia, particularly in the company's own territory. The
Silesian industrial district as a whole is considered the third in Industrial
Importance in Germany and centres about the City of Breslau., which is
a commercial, banking and industrial centre ranking seventh in population
among German cities.
Capitalization Outstanding Upon Completion of Present Financing.
$5,952.381
Common stock
71,428
Special voting preferred stock
Sinking fund mtge. gold bonds,614% series due 1946 (this issue) a4.000,000
a Additional bonds to the amount of $11,000,000, or equivalent in other
currency, may be issued in accordance with the conservative restrictions
of the indenture.
There is also outstanding 556.190 of Neukag stock, representing the 12%
balance not owned by the company.
-Indenture will provide for annual sinking fund payments
Sinking Fund.
which are calculated to be sufficient to retire a
Feb.
- commencing 50% 1 1927 series at or before maturity, with provision for
-Reclassifies Stock.
San Joaquin Light & Power Corp.
minimum of
of this
The stockholders on Dec. 30 last voted to reclassify the authorized issue Increased sinking fund payments under certain conditioins. Company may
of 575,000,000 7% prior pref. stock into two classes of prior pref. stock, tender bonds for cancellation in lieu of making cash payments into the
viz.: $25.000.000 of 7% prior pref. and $50,000,000 of 6% prior pref. sinking fund.
-V. 121. p. 2877.
stock.
-Proceeds are to be used largely to reimburse the company
Purpose.
-Bonds Offered.--First for expenditures on property additions made and to be made,including the
Santa Barbara Telephone Co.
new 30,000 k. w, generating unit now being installed. 31 '24. Oct. 31 '25.
Dec.
Earnings 12 Months EndedSecurities Co. and Toole-Tietzen & Co., Los Angeles, are
Gross earnings. &c
offering at 96 and int., to yield over 5.84%, $275,000 gen. Oper. °spa., maint., taxes, &c.,chargeable to oper. $2,664.805 52.967,727
1,851,254
-year 53'% bonds, Series A.
(incl. est, maximum charges under Dawes Plan)_ 1,724,010
& ref. mtge. 20
Dated Jan. 11926: due Jan. 11946. Interest payable J. & J. at Crocker
$940.795 $1,116.473
Net earnings available for bond interest
First Federal Trust Co., San Francisco, trustee, or at Santa Barbara
260.000
-Southwest Trust & Savings Bank. Denom.$1,000 ca. Annual interest on $4,000.000 6 % bonds
branch of the Pacific
Red, on any int. date on 60 days' notice at 101 and int. Company agrees
$856,473
Balance available for depreciation, dividends, &c
to pay int. without deduction for normal Federal income tax up to 2%.
The Dawes charges did not begin to accrue until Sept. 1 1925. They
Exempt from personal property taxes in California.
accrue at the rate of 2I4% of the principal amount for the first year, 5%
-Authorized by the California RR. Commission.
Issuance,
-All of the outstanding preferred stock is owned through the for the second year and 6% thereafter, the estimated maximum annual
Control.
charge being $80.000, which is included in the above statement.
medium of a holding company by the Pacific Telephone & Telegraph Co.
The above earnings are without benefit from the new 30,000 k, w. genCompany.-Incorp. in California April 14 1916. Engaged in furnishing
local exchange and long distance telephone service to all of Santa Barbara erating unit now being installed, which upon completion In the fall of 1926
San Luis Obispo County. Population, 45.000.
will increase the total installed generating capacity by 42%.
County and a portion of
Company owns and operates 9 exchange plants making local and toll
-To Reclassify Capital
Southern Calfornia Edison Co.
service available to 12,000 locally owned stations and 50 connecting sta-The stockholders will
tions. Nation-wide telephone and telegraph service Is maintained through Stock and Change Par Value of Shares.
agreements with the Bell System and with the Postal Telegraph and Western
plan to reclassify the preferred
Union Telegraph companies. The company's aerial wire lines comprise vote March 19 on approving a
approximately 730 pole miles and 20.000 miles of wire, and its underground stock issues and on reducing the par value of all the shares
wire mileage aggregates 2,250 wire miles. Company is now undertaking from $100 to
$25, four shares of new stock to be issued for
a construction program to be completed within a few months, entailing an
expenditure of approximately 3200.000, which will embrace about 3 miles of each share of the present stock.
underground conduit and eliminate overhead construction over that disProposed.
Present.
Capitalization (Authorized)tance in the City of Santa Barbara.
,
000 $4,000,000
Original preferred$4000,
Security.-Secured by a direct mortgage on all of the property now or Preferred, series A, 7%
30,000.000 60.000.000
owned, subject only to the lien of a closed mortgage securing an Preferred, series
hereafter
50,000,000 40,000,000
6
issue of $426,450 1st mtge. 5% bonds due July 1 1946. for the retirement of Preferred, series C, 534%
20,000.000
which gen. & ref. mtge. bonds shall be reserved. Further secured by Preferred, series D. 5%
21,000.000 21.000,000
bonds (which are secured by a direct lien Common
pledge of $243,500 1st mtge. 5%
125,000,000 125,000,000
on the property), so that to this extent the gen. & ref. mtge. Series A bonds
will also be secured by a first lien on the property.
$250,000,000 $250.000.000
Total
-For the 4 calendar years ended with 1924, net earnings ap- -V.121. p. 2753. 2158.
Earnings.
plicable to the payment of bond interest charges have averaged $125,268
or about 3A times the annual interest charges on all bonds now
annually
-Acquisitions.
Southern Gas & Power Corp.
outstanding in the hands of the public, including this issue. For the
The corporation was authorized recently by the Maryland P. 8. Comcalendar year 1925, such net earnings will total approximately $86.000. mission to acquire the capital stock of the Chambersburg (Pa.) Gas Co.
charges on all bonds held'by the public.
or over 2 I times the annual interest
the Waynesboro (Pa.) Gas Co.,and the Conewago Gas Co. of Hanover,Pa:
as shown below.
Authorized. Outstand'g. -V.121. p. 3005.
Capitalization5600,000
$350.000
6% non-cumulative preferred stock
----Bonds Sold.
-John
Southern Ice & Utilities Co.
80,500
100.000
Common stock
(closed)
426.450 Nickerson & Co. have sold at 97 and int., to yield 63.4%
First mortgage 5s 1946
$2,100,000
275.000 $3,500,000 1st mtge. gold bonds, convertible 6% series.
General and refunding mortgage bonds
-year 6%
Purpose.-Obtaln funds with which to retire the $100,000 10
Dated Feb. 1 1926; due Feb. 11946. Denom.$1,000 and $5000.Interest
notes and to pay off expenditures incurred for new construction In City payable F. & A. without deduction for normal Federal income tax not In
-V. 116, p. 421.
of Santa Barbara.
excess of 2%. Penn., Conn.and Calif. taxes not in excess of 4 mills, Marythe
434
- landnot inmills tax, Kentucky 5 mills tax onRed.principal and Mass.income
-Bonds Offered.
Santa Monica Bay Telephone Co.
excess of 6% on int.. refunded.
tax
all or part on any int.
M. H. Lewis & Co., San Francisco, are offering $320,000 upon not more than 60 or less than 30 days' notice, at 105 and int., untildate
and
incl. Feb. 11928. thereafter at 34% less during the
bonds at 101 and mt., and decreasing %% every 2 year period thereafter. ensuing 2 year period,
first and refunding mortgage 6% gold
Bonds limited to $30.1 1944.
to yield 5.93%. Dated Sept. 1 1924; due Sept.
000,000 principal amount, issuable in series. Equitable Trust Co., New
-Authorized by the California Railroad Commission.
Issuance.
York, corporate trustee.
-Operates in Santa Monica. Ocean Park, Venice Brentwood,
Company.
Data From Letter of C. W. Dawley, Pres. of Company.
Sawtelle, Westwood, Ocean Park Heights. Playa del Rey, Calif., and other
History.
territory adjacent thereto, serving without competition a rapidly growing incorp. -Business founded in 1886 in Texas. In 1916, company was
in Texas, and after this financing it will own and operate 37 artificial
section with an estimated population of 100,000 and an area of about 75 Ice plants,
5 ice cream plants, and a creamery. These properties are located
square miles.
In important cities and towns in Texas, Oklahoma. Arkansas and Louisiana.
Purpose -Out of the proceeds of this bond issue the company will reimIncluding
well as retail distribution company serves with ice
,
burse its treasury for capital expenditures in 1925 and provide for the cost over 300 wholesale as having an
communities
urban population of 960,000.
of betterments and extensions which will be immediately installed and which
The ice properties are modern plants having a daily capacity of 2,543
in the near future.
will become revenue-producing
Authorized. Outstanding. tons and an ice storage capacity of 50.000 tons. .The greater part of the
Capitalization$650.000 output is distributed through company's own delivery system or is sold to
$1.000.000
Common stock
1,000,000
275,000 railroads for Icing refrigerator cars.
Preferred stock
The company does a large commercial cbld storage business, having over
1,229,000
10,000,000
First & refunding mtge. sinking fund gold bonds
500,000
119,500 1,500,000 Cu.ft. of refrigerated warehouse space for the storage of perishable
(closed mortgage)
Underlying liens
commodities. Storage plant in Dallas is one of the most modern in the
Earnings for Calendar Years.
country. Ice cream plants have a daily capacity of 5.500 gallons, while the
Oper.Exp.,
creamery can produce 5.000 pounds of butter daily.
Bond,&c.
Net
Gross Meting. &
Net Sales, Annual Output of Ice and Net Operating Revenue Before Federal
Earns.
Taxes.
Interest. Balance.
Earns.
Taxes, Depreciation and Interest.
585.152 5106.284
524,905 $81,378
5191.437
1922
[Exclusive of properties to be acquired by this financing.]
28,257
125.379
97,121
106.167
231.547
1923
169.046
Net Oper.
38,130
130,916 Year End.
133,348
302.395
Net
Ice Output.
1924
Revenue.
104,OUU.
.144,tJUU
37IJ.UUU
Sales.
Oct. 31.
(Tons)
1925 a
$214.229
250.000 b75,100
175.000
174,900 1919
425.000
5935,300
142.957
1926 (estimated)
427,331
1,579.305
180,889
a Eleven months actual. December estimated. b Includes interest on 1921
555,669
1,978,239
-V. 120. p. 2402.
1923
197.710
total new bond Issue.
626.014
2,247.580
1924
217,371
(Elektrizitatswerk Schlesien 1925
953.117
Silesia Electric Corp.
2.744.267
277,824
-Harris, Forbes &
-Bonds Offered.
For the year ended Oct. 311925, the consolidated earnings of the iwonerAktiengesellschaft).
ties now owned and those to be acquired by this financing were as follows:
Co. are offering at 87% and int., to yield 7%%,$4,000,000 Gross sales (including other income), $3.711,865: operating expenses,
series
maintenance, taxes (except Federal taxes) and other deductions. $2,468,910:
sinking fund mortgage gold bonds, 63/2% int. (F.due 1946.
& A.) payable net operating revenue. $1,242,955; interest requirements on $3,500,000
Dated Feb. 11926; due Feb. 1 1946. Prin. and
at„,office of Harris, Forbes & Co., New York, or Harris Trust & Savings bonds (this issue), $210.000; balance, $1,032,955.
o
9
FEB. 6 1926.1
THE CHRONICLE
751
Operated Public Utility Companies.
-The present operated public utility
Authorized.
Issued.
Capitalization$30,000,000 $3,500.000 companies of Standard Gas & Electric Co.are the following:
1st mtge. gold bonds
Oklahoma Gas & Electric Co.
{100,000 shs. i30.000 shs. California Oregon Power Co.
Pref. stock (no par) $7 div. series
San Diego Consol. Gas & Elec. Co.
1 1.200 shs. Coast Valleys Gas & Electric Co.
do participating $7 series a
Sierra & San Fran. Power Co.(leased
160,000 shs. 40.000 shs. Consumers Light & Power Co.
Common stock (no par) class A (non-voting)
to other interests)
150,000 shs. 130,000 shs. Fort Smith Light & Traction Co.
do class B (voting)
x This stock ranks junior to the pref. stock $7 dividend series and is Louisville Gas & Elec. Co. & subs. Southern Colorado Power Co.
Southwestern General Gas Co.
receive cumulative dividends of $7 per share per annum and an Mountain States Power Co.
entitled to
additional dividend of $1 before the common stock receives more than $4 Northern States Power Co. & subs. Western States Gas & Electric Co.
Wisconsin Public Service Corp.
per share in any year.
.
Of the authorized class A common stock sufficient will be reserved for -v.122, p• 813
the bond conversion privilege. Class A and class B common stocks are
Terre Haute Indianapolis & Eastern Traction Co.
identical except as to voting power.
See Central Indiana Power Co. above.
-V. 122, p. 613.
-Commencing Feb. 11927, and semi-annually thereafter,
Sinking Fund.
while any of the bonds of this series are outstanding, the company will pay
Terre Haute Traction & Light Co.
-Merger.
to the corporate trustee as and for a sinking fund for the purchase or
See Central Indiana Power Co. above.
-V. 118, p. 2306.
redemption of bonds of this series an amount in cash equivalent to 1% of the
largest principal amount of the bonds of this series theretofore issued. Bonds
Texas-Louisiana Power Co.
-Acquisitions.
retired through the sinking fund will be cancelled. This sinking fund, it is
The company has acquired the plant of the Gainesville (Texas) Ice Co..
estimated, will retire approximately 40% of the 53,500,000 of bonds a this
and the property of the Crystal Bottling Works and the Crystal Ice Crean
series by maturity.
-Bonds of the convertible 6% series will be convert- Co. The power plants at Saint Jo, Pilot Point. Sherman and Nocona,
Conversion Privilege.
ible, at the holder's option, into class A common stock at any time prior to Texas, have recently been acquired by the company. See also V.122, p.613.
date of redemption or the maturity thereof, with cash adjustment for
the
Thirteenth & Fifteenth St. Passenger Ry. Phila.accrued interest, on the following basis for each $1,000 bonds: 28 shares
J. B.Bartow has been elected Secretary and Treasurer,succeeding George
for first $500,000 bonds presented for conversion, 24 shares for next $600,000
presented for conversion, 22 shares for next $600.000 bonds presented H. Kyd.-V. 108, p. 785.
bonds
for conversion, 20 shares for next $600.000 bonds presented for conversion,
Union Electric Light & Power Co. (Mo.).-Pref. Stock
18 shares for next $600.000 bonds presented for conversion, 16 shares for
next $600,000 bonds presented for conversion and 14 shares for next Offered.
-G. H. Walker & Co., St. Louis, recently offered at
$500.000 bonds presented for conversion.
After deducting an amount equivalent to the bond interest and the divi- 100 per share $4,000,000 6% cumulative preferred (a. & d.)
stock which will be outstanding upon stock (par $100).
dend requirements on the preferred
completion of this financing, the earnings of the properties, including those
Dividends payable Q.
-J. Subject to call at 103 and div. Exempt from
to be acquired, for the year ended Oct. 31 1925, available for depreciation. personal property and State income tax in Missouri and exempt from normal
Federal taxes, and common stock dividends were approximately $4.80 Federal income tax. Transfer agent and registrar, company's office.
per share of the common stock to be presently outstanding.
Issuance.
-Approved by P. S. Commission of Missouri.
-Proceeds 6% will be used to retire funded debt, to finance the
Purpose.
Data from Letter of Louis H. Egan, President of the Company.
purchase of additional properties and for other corporate purposes.Company.-Incorp. in Missouri. Is the basic electric light, heat and
V. 122, p. 493.
power service corporation of the Greater St. Louis district, controlling the
Southern New England Telephone Co.
-Report.
vast generating, transmission and distribution systems necessary for the
1923.
1922.
1925.
1924.
conduct of such business. Company supplies electric energy to 100 comCalendar Years.-$11.101,679 $9,993.443 $9.183,323 $8.344,060 munities with an estimated population of over 1.000,000. Company conTelep. oper. revs
7,796.507
7.046.619 6.579.964
Telep. oper. expenses..
6,058.018 trols 3 large, modern generating plants which, with their network of distribution and utilization equipment, represents an investment in excess of
$3,305.172 $2,946,824 $2.603,359 $2,286,042 $130,000.000.
Net oper. revenues
31.400
18.439
32.687
28.500
Property Valuation.
-After present financing is completed, the value of
Uncoil. oper. revs
744.797
687,931
620.241
560,425 the company's properties will be $70.377.000, which leaves an equity of
Taxes
over 545,000,000 for the preferred stock, which is equivalent to approxiOper. income
$2.527,687 82,227.493 $1.964,679 $1,697.117 mately 5350 a share for the $13,000.000 of preferred stock presently to be
53,467
46,907
27,990
39,925 outstanding. Common stock represents an investment of 519.500,000.
Other income
Earnings.
-Income account for the year ending Nov. 30 1925 shows the
$2,581,154 $2,274.400 $1,992,670 $1,737.042 gross earnings from operations to be 815.786,487, and that after paying all
Total income
96.543
99.470
119.168
100,800 oper. expenses, int. on bonded indebtedness, setting aside 51,625,554 for
Rents
257.773
Interest
161.171
186,177
189.796 depreciation and $1.764.201 for all taxes assessed against the company, the
17,225
13.744
17,063
16,794 net income, including miscellaneous income, is $3,026,438, nearly 5 times
Other deductions
100,000
Approp. empl. fund_ __ _
100,000
100.000
the preferred stock dividend requirements at that date. Upon completion
1.800,000
1.678.000
1.440.000
1,316.704 of the present financing, the pref. stock dividend requirements will be
Dividends (8%)
$870,000 per annum.
Balance, sumlus
$309,613
Purpose.-After 12 years of operation of the great hydro-electric plant at
$202.317
$149,960
$112,948
-y. 121. p. 1790.
Keokuk, company has concluded that with this plant financially and
physically a part of Union Electric Light & Power Co. and under unified
Southern Ohio Public Service Co.
-Organized.
control, the free interchange of power between the hydro
-electric and steam
-V.121, p. 1103. systems will make possible greater and more constant use of the available
See Columbus Newark & Zanesville Electric Ry.above.
water power, to the benefit financially and otherwise of the companies
Springfield (Mass.) Street Ry.-To Pay Bonds.
involved. Hence the purchase of the Keokuk plant is a logical business
The 8200.000 5% bonds of the Western Mass. Street Ry. due Feb. 1 move.
CapitalizationAuthorized. Outstanding.
1926 are being paid off at office of Springfield Safe Deposit & Trust Co..
Underlying & 1st mtge. 5s (closed)
59,368,000
Springfield, Mass.
-V. 121, p. 2275.
(a)
Refunding & Extension 5s. 1933
(b)
11,026,000
General gold 54, Series A. 1954
(Open)
4.975.000
Standard Gas & Electric Co.
-Debentures Sold.
-H. M. Cumulative preferred stock
$25.000,000
9.000.000
Byllesby & Co.,Inc., Janney & Co., Hambleton & Co., and Common stock (no par value)
650.000 shs. 650,000 shs.
a In addition to
amount outstanding,
in the
Federal Securities Corp. have sold at 9732 and int., to yield treasury $2,000 1st above 5s heretofore issued. the company holds except
mtge.
b Closed mortgage
about 6.2%,$7,500,000 6% gold debentures.
for use as collateral under general mortgage 5s. In addition to above
Dated Feb. 1 1926: due Feb. 1 1951. Int. payable F. & A. in Chicago amount outstanding, the company holds in the treasury 5107.000 of these
and New York, without deduction for any normal Federal income tax not bonds heretofore issued.
To partially finance the purchase of the properties referred to, there has
in excess of 2%. Company will agree to refund Penn. personal property
taxes not in excess of 4 mills per dollar per annum, Maryland securities been issued 325,000 additional shares of common stock, which has been sold
-V. 122.
not in excess of 41i mills per dollar per annum, and Mass, income tax for $6,500,000 and $4,000,000 of 6% cumulative preferred stock.
tax
not in excess of 6% per annum, to holders resident in those States. Prin- p. 215.
al will be payable in Chicago and New York. Denom. $1,000,$500 and
United Light & Power Co.,(of Md).-Bonds Offered.80 c*, Red. all or part at any time before maturity, upon 60 days' no,
tice: at 105 and int, on or before Feb. 1 1930: thereafter the premium de- Bonbrighth Co. Inc., are offering at 961 and int., to yield
creasing 1% for each 5 years or fraction thereof. Continental & Com- about 5.75%,$1,400,000 1st lien & consol. mtge. gold bonds,
mercial Trust & Savings Bank, Chicago. trustee.
Data from Letter of President John J. O'Brien, Chicago, Jan. 29. 53-% Series of 1924. Dated April 1 1924, due April 1 1959.
CoMpany.-Company and its operated public utility companies comprise Data from Letter of Frank T. Hulswit, President of the Company.
Company.-Incorp. In Maryland. Company or its predecessor has for
one of the large public utility organizations in the United States embracing the operation, management and engineering of utility properties. The many years controlled and operated a group of properties furnishing a diverpresent operated public utility companies furnish electric power and light, sified public utility service In 97 prosperous and growing communities in
steam heat, telephone, water or street railway service in important the heart of the Middle West. These are mostly situated in Iowa and Illicommercial, financial and industrial centres located in prosperous sections nois. Company also owns the entire common stock of United Light &
in 18 st
ates. The communities served, numbering 1,022, having an esti- Rys. (incorp. in Delaware), which has acquired practically the entire commated population of 3,300.000, include the cities of Minneapolis, St. Paul, mon stock of Continental Gas & Electric
cCor:,ontrollng among other
Louisville, Oklahoma City Muskogee, Ardmore, Sioux Falls, St. Cloud, properties, Iansas City
C
served
.
9
Fargo, La Crosse, Eau Claire, Green Bay Oshkosh, Sheboygan, Menominee, casper, Marshfield, Kalispell, Medford, Klamath Falls, Pueblo, and the aggregate population served is in excess of 1,750.000.
Tacoma, San Diego and Stockton.
United Light & Rys. Co. also owns all of the common stock and a large
Company and Laderiburg, Thalmann & Co. jointly control Standard amount of the pref. stock of Ohio Utilities Co. and its subsidiaries (recently
Power & Light Corp., which latter corporation controls the utilities supply- acquired), and owns or derives Income from a large amount of common
ing electric power and light, gas, street railway and other services in the stock of American Light & Traction Co. and Brooklyn Borough Gas Co.
City of Pittsburgh, Pa., and its adjacent territory, having annual combined Combined Capitalization Outstanding (upon Completion of This Financing).
gross earnings in excess of $59,000,000.
[United Light & Power Co. and United Light & Rys. Co. of Delaware.]
Company also owns a controlling interest in Shaffer Oil & Refining Co.,
Gold debentures
$26,300,000
having an established position in the oil industry, with complete produc- 6% convertible and gold notes, 5%%,6% and 63 %
debentures, 1926
1,988,000
refining, transportation and distributing facilities, which company
tion,
First & refunding mortgage 57 gold bonds, 1932
al1.000.000
for the 12 months ended Nov. 30 1925 had gross earnings of $12,148.731 First lien & consol, mtge. gold *
bonds, 6s, due 1952
•11.010.000
net operating earnings of $3,679,077.
and
First lien & cons. mtge. gold bonds, 510 (incl. thisissue).
Capitalization Outstanding (Giving Effect to Present Financing).
Divisional securities on portions of property
b6:507.000
6% gold debentures, due Feb. 1 1951 (this issue)
000 Prior pref. stock, 6.36% and 7% cumulative (Delaware co.)
8.250,000
154,700 shs.
-year 67, gold notes due Oct. 1 1935 (closed issue)
15000
::000 Preferred stock, Class A,56 50 cumulative
20
prior preference stock
7 cumulative preferred stock
18,000,000 Preferred stock, Class B,83 50 cumul. (partic.. now paying $4)- 81,000 shs.
16,500,000 Common stock, Class A and B (now paying $2 40 and extras)- -599.771 gm.
8 cumulative
6 non-cumulative stock
1.000,000
a Not Incl, bonds pledged as collateral to 1st lien & consol. mtge. gold
Common stock (without par value), paying 23 per share per an-765,634 shs. bonds. b Not incl. bonds and securities pledged with the trustee of 1st &
Company guarantees 55,142.200 'Shaffer 011 & Refining Co. 1st mtge. ref. mtge, or underlying mortgages. These securities are not obligations
June 1 1929, which are a first lien on the entire property of of United Light & Power Co., but their refunding Is provided for under the
6% bonds due
that company, valued largely in excess of its funded debt. The operation terms of the company's mortgages.
et the sinking fund should retire substantially all these bonds before matur,
The controlled companies as of Nov. 30 1925 had outstanding with the
public: Funded debt and mortgages aggregating $70,473,950, Preferred
ity.
'
Earnings 12 Months Ended Dec. 311925.
stocks aggregating 835,955,30.5, and minority holdings of common stocks
$7,270,117 of subsidiaries aggregating $506,140.
Gross revenue
Purpose.-Prcx2ceds will reimburse the company for construction expendi144,447
General expenses and taxes
tures and will provide funds for other corporate purposes.
revenue
$7,125 670
Consolidated Earnings Statement 12 Months Ended Nov. 30.
Net
'
Annual interest requirements on total funded debt of the com[United Light & Power Co. and subsidiary controlled companies.]
$1,350,000
pany, including this issue
1924.
net revenue of $7,125.670 available for interest
1925.
The above balance ofthe annual interest requirements of 51.3500 on Gross earnings, all sources
534.047.440 538,072,548
than 5.2 times
Was morefunded debt of the company presently to be outstanding.
Operating expenses, maintenance and taxes
20.201.619 21.652,026
total
the
Company does not include as income its proportion of the earnings reNet earnings
513,845,821 $16,420,522
tabled or surplus and retirement reserves by the companies in which it has
to pubInvestments. To afford a comparison with public utility organizations Controlled companies: Interest and dividends payable earns__
lic and minority stockholders' share of undistributed
6,827,098
solely on the basis of consolidated earnings, including their
which report surplus and retirement reserves, the balance of net revenue
proportion of
Balance for
$9,593.424
for the 12 months ended Nov. 30 1925 was $9.742,130, as Annual int. funded debt of United Light & Power Co
on such basis
on United Light & Power Co., mortgage debt and
compared with the above balance of 57,125,670, which would be more than
prior charges of sub. cos
2.080,855
annual interest requirements of $1.350,000 on the total funded
7.2 times the
presently to be outstanding.
debt of the company will provide funds to be used in payment of indebtedBalance for interest on unsecured debt,for dive., depr.. &c-- $7,512.569
Purpose.-Proceods
The above figures are exclusive of any earnings from American Light &
acquisition of a controlling stock interest in California
ness incurred in theand Wisconsin Public Service Corp.
Traction Co. stock.
-V. 122, p. 95.
Oregon Power Co.
cip
gat,.
THE CHRONICLE
752
-Earnings.
Washington Gas Light Co.
Calendar YearsOperating revenues
Operating expenses
1923.
1924.
1925.
$4,916,550 $4,892.881 $4,889,104
3,504,789
3,543,033
3.296,685
Net operating revenue
Other income
$1,411,761
57,136
Total income
Taxes & uncollectibles
Interest
Amort. of debt disc. & exp
Other deductions
Dividends
$1.468,897 $1,695,850 $1,433,297
363,825
306.379
387,653
526,034
507.066
488,841
17.645
66,935
17,642
3,120
14,771
16.592
468.000
468.000
468.000
$1,596,197 $1,346,072
99,653
87.225
x Net corporate income
$298,897
$90,273
$88.372
x After setting up $70.000 to apply on income tax for the year 1925.V. 122, p. 215.
Washington R.& Electric Co.
-Earnings.
Calendar Years1923.
1924.
1925.
1922.
Revenue pass. carried- 77,505,636 77,786,675 81,518,607 82,716,756
Gross earns,from oper_ - $44,775,285 $4,759.244 $4,957,215 $5,022,967
Miscellaneous income x_ 4,146,115
860,089
690,226
844,336
[VOL. 122.
Balance Sheet December 31.
Assets1924, I Ltobilitfes1925.
1924.
1925.
N. Y.C.real est.. $383,444 $371,247 Capital stock
$2,500,000 82.500,000
Other N. Y. City
Accrued interest
real estate iv.... 2,194,306 2,126,806 payable
20,575
22,835
Bonds and mtges. 1,421,000
626,750 Sundry accounts
Marketable stocks
16,693
I payable
6,209
and bonds other
IRes've for dividend x560,000
100,048
than real estate.
45,952 Reserve for contin15,000
Bills dr accts. rec....
3,584! gencies and de7,761
Cash
773,969 ferret! credits_ _ _ 412,400
230,066
335,847
Accr. int.& divs
50,530 Reserve for taxes_
32.787
60,200
26.484
Furn. & fixtures
1 Pay.acct.contracts
1
real estate sales_
5,000
Surplus
764,323 1.007,416
Total
$4.311,779 $3.998,839 Total
$4,311.779 $3,998,839
x Reserve for 20% stock div. paid Jan. 15 and 2% cash div. paid Jan. 27.
A comparative income account was published in V. 122, p. 613.
Aluminum Co. of America.
-Inquiry Demanded.
-
An investigation of the company was recommended in a proposed majority
report laid before the Senate Judiciary Committee Feb. 1 by Senator Walsh
of Montana, chief examiner of a preliminary inquiry before that committee.
While this report, which censured severely the Department of Justice and
Gross income
$8,921,400 $5,619,333 $5,801.550 $5,713,193 the Federal Trade Commission, was being considered, there was on the way
Op.exps. ,depr.,tax.,&c. 3.915,959
4,089,016
3,820,622
4,109,060 to the Senate a letter from Attorney General Sargent informing that body
Int. on fund. & unit!. dt730,600
755,878
790,676
764,315 that he could not give an opinion requested by it in a special resolution as to
Pref. divs. (5%)
425,000
425,000
425,000
425,000 whether the commission is within its rights in withholding from the DepartCommon dividends_ _ _ _ (5%)325,000(5%)325,000(33()243.750
ment of Justice certain documents relative to its separate investigation of
Spec. div. on corn. stk(20%)1300,000
the Aluminum Co. of America.
-V. 122. p. 484.
Balance
Amalgamated Silk Corp.(& Subs.).
$2,224,840
$287,906
$258,036
$414,818
-Earnings.x Including regular dividends from Potomac Electric Power Co., together
-6 Months Ended- 12Mos.End.
Periodwith special dividend of $2,880,000 from same company from its proporJune 30 '25. Dec. 31 '25. Dec. 31 '25.
tion of fund impounded under decree of Court, out of earnings for the period Gross income
$611.884
$685,495 $1,297,379
from Aug. 1 1917 to Dec.311924. and $240,614 miscellaneous items credited Interest on bonds
138,092
138,092
276,185
to profit and loss.
Interest and commission to factors_ _ _
224.151
419,645
195,494
Aside from dividends from the Potomac Electric Power Co., included
above, no income was received by the Washington Ry. & Electric Co. on
Net income-added to surplus__ -- $249,641
$601,549
$351,908
Its investment in stocks of subsidiary companies.
-V. 121, p. 2405.
Consolidated Balance Sheel Dec. 31 (Company and Subsidiaries).
1924.
Assets1925.
1925,
1924.
West St. Louis Water & Light Co.
-Merger.
xPlant, equip., &c.$5,762,796 $5,845,208 7% pref.stock_ _ _ _$3,548,318 $3,549,214
See St. Louis County Water Co. above.
-V. 121. p. 2878.
411,667 yCom.stk. equity. 1,015,969
Cash
549,526
414,420
122,701 First mtge. bonds_ 3,945,500 3,945,500
Accts. receivable
27,345
Western New York Water Co.
4,279,363 3.090,433 Acceptances parte 1,261,830
Inventories
978,600
James T. Woodward of Spencer Trask & Co., has been elected a director. Prepaid insur., &c.
39,102 Accts. payable,&c. 711,015
48,249
421,822
-V. 121, p. 2878.
1,354 Accr. int. payable_
Inv.&sund'y assets
92,062
93.755
5,772 Res've for conting. 113,521
Sinking fund cash_
9,587
127,298
Winnipeg Electric Co.
-Changes in Personnel.
14,370
11,350
Deferred charges._
J. W. McLimont, formerly Vice-President and General Manager of the
company was recently elected President succeeding George W. Allan, K.C.
Total
$10,688,215 $9,530,606
Total
$10,688,215 $9,530,609
W. R. Bawd. of Winnipeg, was elected Vice-President. W. H. Carter of
x After deducting 16807,557 reserve for depreciation and $410,276 reserve
Winnipeg, and James B. Woodyatt, of Montreal, have been elected
for plant contingencies. y Surplus balance available for 200,000 shares
directors.
-V. 121. p. 78.
(5.131 shares owned by subsidiary company and in treasury) of common
-V. 121. p. 589.
Wisconsin Public Service Corp.
-Subs. Consolidate.
- stock, no par value.
Four electric companies which have been operated as subsidiaries of the
American Bus & Truck Co.
-Organized.
Wisconsin Public Service Corp. have been consolidated with the parent
The following statement is understood by the "Chronicle" to be subsystem. They are the Northeastern Power Co., the Northern Heat, Light
& Power Co., the Wabeno Lighting Co. and Denmark Light & Power Co. stantially correct:
"C. C. Jamieson of Now York has been elected Chairman of the board
See also Standard Gas & Electric Co. above.
-V. 122, p. 215.
of this company, which was recently formed to acquire the property of
the Kelly-Springfield Motor Truck Co., sold at receiver's sale a few months
ago (V. 121. p. 2760).
"Among the directors of new company are: II. E. Freeman, President
INDUSTRIAL AND MISCELLANEOUS.
of the American Trust & Savings Bank, Springfield. Ohio; R. D. Scott,
Refined Sugar Prices.
-On Jan.29 the following companies advanced prices Vice-President of the Chemical National Bank of New York: Walter
as noted: American, Atkins, National, Warner and McCahan, each 10 Kutzleb of Morgan, Livermore & Co., New York, and II. W. Torney of
points to 5.50c.; Arbuckle, 10 points to 5.40c. Federal Sugar Co. with- New York.
drew temporarily from the market. On Feb. 5 Federal re-entered the mar"The new company, in addition to trucks, will add a line of commercial
ket at 5.30c. per lb.
buses manufactured under foreign patents; also several other lines of
Brass Prices Reduced.
-American Brass Co. reduced prices 3c. per pound passenger and freight vehicles."
on brass, sheet brass and brass tubes. New York Times" Jan. 30, p.21.
Reduction Announced in Alcohol Prices.-T.J. S. Industrial Alcohol Co. reAmerada Corp.
-Stock Sold.
-Dillon, Read & Co. have
duced price to 40c. a gallon for C. D. 5,188 proof, carload lots. New sold
at $26 per share 355,727 shares common stock. Of this
York Times" Feb. 2. p. 6.
E. Atkins Sz Co. reduced price to 40c. a gallon.
Philadelphia News offering 125,000 shares invohre new financing, the remainder
Bureau" Feb. 1. p. 3.
being purchased from existing stockholders, largely from
Automobile Tire Price Reductions.
-Reductions ranging from 10% on cords
to from 3% to 7%% on other lines were announced Feb.4 by the IJ . S. Rub- British interests,
ber Co. effective as of Feb. 1. Firestone Tire Co. reduced all first line tires
CapitalizationAuthorized.
Issued.
from 5 to 12% to date from Feb. 1. Other companies, such as General Common stock (no par value)
1,000,000 abs. 713,300 she.
Tire & Rubber Co., B. F. Goodrich, Goodyear Tire & Rubber, Miller and
Of shares authorized but not to be presently issued 200,000 shares are to
Selberling, quickly listed similar price reductions.
be placed under option at $25 per share and are to be reserved accordingly.
Passaic (IV. J.) Mill Strike Crows More Widespread.
-Employees from Registrars: Central Union Trust Co., New York, First National Bank of
Gera Worsted Mills. Passaic Worsted Mills, New Jersey Worsted Co. Boston. Transfer agents: Bankers Trust Co., New York. Old Colony
and Botany (Garfield) Worsted Mills join strike. Now estimated 7.000 Trust Co., Boston.
are out on strike. Demands,in part, are as follows: Not only the abolition
-Application will be made in due course to list this stock on the
Listing.
of the wage cut, but 10% increase in wages over the old scale; the return of New York Stock Exchange. Stock listed on Boston Stock Exchange (see
the money taken from them (mill workers) by the wage cuts since the time below).
the cuts were last given; time and a half for overtime; a 44-hour week;
Data From Letter of E. L. DeGolyer, President of the Company.
decent and sanitary working conditions; no discrimination against union
Corporation.
-A holding company, incorp. In Delaware in Feb., 1920.
workers: recognition of the union. New York "Times" Feb. 5. p. 19.
Owns the entire outstanding stocks of Amerada Petroleum Corp., Amerada
Masons in New York City May Strike March 1.-4,500 stone masons and
their helpers will strike on March 1 for increase in pay over the $12 per day Refining Corp. and Alabama Exploration Co. None of these companies has
they now receive. Present agreement expires end of February and if no any funded debt. Company, through its subsidiaries, is engaged primarily
new agreement is reached and strike takes place, it will affect about 30,000 In the production of crude oil in the mid-continent field, and in the manuworkers in addition to the masons. Plumbers, painters, glaziers and facture of gasoline for casinghead gas. Crude oil production at the present
time averages more than 9.000 net barrels daily,approximately 6.000 barrels
marble workers will probably support strike also.
-"Sun" Feb. 1, p. 28.
Matters Covered in "Chronicle" Jan. 30: (a) Insolvencies in 1925.-p. 531. of which is high-gravity Oklahoma and Kansas crude oil and practically all
of the balance is Smackover heavy oll. This production is obtained from
(b) 3,000 garment workers in 400 shops in New York City walk out
different fields, and is for the most
Strikers, 70% women, protest wage cut and seek new agreement.
-p. 548. nearly 300 wells, distributed over 19
(c)Strike called at Passaic (N. J.) mills
-Botany employees demand part settled or semi-settled. the subsidiaries of Amerada Corp.
The crude oil production of
has shown
restoration of old pay with increase for overtime.
-p.548. (d) N. Y. Cocoa a consistent increase in every year since the incorporation of
that company
Exchange amends by-laws to provide for rubber trading.
-p. 557. (e) In 1920. Production in 1925 was 3.919,158 barrels
of crude oil, and the
Rubber Exchange of New York, Inc. to begin operations in February.
p. 558. (f) Ruling by N. Y. Curb Market governing dealings for cash- casinghead gasoline. Net sales in 1925 (Dec. than 6.000,000 gallons of
in companies manufactured, In addition, more
estimated) were $8,600,000.
rights.
-p. 559. (g) N. Y. Curb Market suspends Cadigan & Nixon of
For maintenance of production, the company's subsidiaries own over
Oil City, Pa., from associate membership.
-p. 559.
250.000 acres of inactive leaseholds, more than 200.000 acres of which 18
territory in the states
Acadia Mills, Lawrence, Mass.
-Balance Sheet Dec. 31.
- desirablegeologic investigation. of Oklahoma and Kansas, selected on the
Of the 36 wells now being drilled, 20 are
basis of
Assets
1925.
Liabilities1924.
1924.
1925.
located in or adjacent to proven fields.
Plant and equip.42,554,497 $2,533,979 Capital stock
$3,000,000 $3,000.000
-Following are the consolidated results of operations of corporaEarnings.
Cash
69.322
105,648 Notes & accts. pay 300.525
785,889 tion and subsidiaries, during the period from incorporation to Nov. 30 1925
Accts.receivable
837,701
460,779 Accrued payroll
7,030
and including with certified figures the estimate of the company for Dec..
Notes receivable_
6.360
Depl.and tax res
821,441 1925:
852,830
Inventories
782,706 1,563,799 Surplus
130,647
174,698
Investments
17,500
NetA terDepret . Depl.
1
Nec A ier
Tax refund claim_
15.996
Net Earns. Deprec.Depl. Deprec.&Depl. a (Adjusted)
dv
v975
69
Deferred assets...
61,001
73,772
Total each sIde)84,335,083 $4,737,977 1920
$249,146
$268.541
-V. 120. p. 707.
921
1.666,575
987,261
1
679,314
1922
2.265,161
Acme Cement Corp.
1,691,872
-Sale.
573,289
1923
3.518.894
1,849,054
0
See North American Cement Corp. below.
1,7210 834
67948,49376
1,669,840
-V. 120, p. 3189.
1924
3,295,099
1,286,172
2,095,560
1,199,539
Alaska Packers Association.
-Balance Sheet Dec. 31.- 1925 (Dec. est.)
4,600,000
2,100.000
2,680.000
2,500,0043
a Before deduction of allowances in each year to the extent of 63 % of
1925.
1921.
1925.
1924.
net profits as special compensation to executive officers, these allowances
AssetsLiabilities$
$
8
$
were 10% in each year but are now reduced to 33%.
Canneries, fleet,
Capital stock
5,750,800 5,750,800
Net earnings, adjusted as above, after all charges Including depreciation
6.395,048 5,684,516 Insurance fun& _ 4,804,917 4.359,023
&c
3,057,844 2,455,510 Current debt
Inventories
1,765,471
119,846 and depletion, amount to $3.35. $2.20 and $4.54 per share, respectively.
fund invest_ 3,120,125 2,804,780 Reserve for taxes_ 492,550
Insur.
513,088 in the years 1923, 1924 and 1925 on the basis of shares actually outstanding
82,736 Surplus
Acc'ts receivable__ 191,013
294,770
892,620 at thd end of each year. No adjustment has been made in this computation
for tho additional 125,000 shares now being sold by the company, nor for
343,678
608,835
Cash
profits which may be derived from the proceeds of these additional shares.
Management & Control.
-E. L. DeGolyer, the operating head of the busi13,108,508 11,635,377 Total
Total
13,108,508 11,635,377
ness since Incorporation, has been elected President.
-V. 120, p. 456.
This financing brings control of the company to the United States the
-To Split Up Stock.
klliance Realty Co.
stock included in this offering, with other stock already outstanding in thls
The stockholders will vote Feb. 18 (a) on changing the authorized capital country, will together represent substantially more than a majority of the
stock from 30,000 shares, par $100 each, to 200,000 shares of no par value: total stock to be presently issued. The Cowdray group in England retains
(b) on authorizing the issuance of 120,000 shares of the new to the holders a substantial stock interest.
"'tom
Application of Proceeds.
of the present capital stock at the rate of four shares of new stock without
-The proceeds from the sale of 125,000 shares Of
par value in exchange for each share of stock with par value now out- this stock will be used to extend the company's producing activities into the
state of Texas, and for general development.
standing.
753
THE CHRONICLE
FEB. 6 1926.; •
-It is expected that an annual dividend rate of $1.60 per share
Dividends.
will be instituted on this stock, payable in equal quarterly amounts.
Dividends actually paid on the stock of $10 par value (now being replaced
by a like number of shares without par value) were as follows: 1922, $1.50:
1923, 1; 1924, $1.50; 1925, $1.50, and in Jan. 1926, $1.
Balance Sheet Nov. 30 1925.
[Adjusted to give effect to this financing and to the payment of a cash div10% on Jan. 15 1926. and payments to officers relating to their
dend of
interests In profits.]
Liabilities
Assets$560.139
Accounts payable
Cash (Incl. proceeds of 125,97,485
$2,970,406 Reserve for Federal tax
000 shares)
211,820,950
524,726 Capital stock & surplus
Accounts & notes receivable_
Crude oil & gasoline
620,134
Property & equipment
8,363.308
$12.478,574
Total
$12.478,574 Total
a Represented by 713.300 shares of common stock without par value.
Listing.
The Boston Stock Exchange has authorized the listing of temporary
certificates for 588.300 shares (par $10) capital stock, with authority to
substitute therefor,on notice of corporate action, the same number of shares
without par value, these shares having the same rights and privileges as
the shares with par value, except as to par value, and with further authority
to add thereto 125,000 additional shares, without par value, as the same may
be issued and paid for in full, making 713,300 shares the ultimate number
now authorized for the list. Inasmuch as shares with par value and without
par value are identical except as to par value, deliveries against transactions
In shares of $10 par value may be made by shares without par value or
Dillon, Read & Co. interim receipts, the temporary representatives of no
-V.122. D. 613.350.
par value shares.
American Cyanamid Co.
-Stock Split-Up Voted.
Co. with its affiliated companies, producing and marketing "Jad's salts,"
"Tiz," "St. Jacobs oil," Wyeth's sage & sulphur," together with other
well known proprietary medicines; (b) Whitehall Pharmacal Co. (owning
the Lamed Co.) producing and marketing "Hill's cascara bromide quinine";
(c) Deshell Laboratories, Inc., manufacturers of "petrolagar"; (d) the busiand
ness of Edward Wesley & Co. and of the Teldent Co., producingcommarketing "freezone" and "hair groom." All the products of these
panies are nationally advertised and distributed and some have been on the
market for over 30 years. Sales of petrolagar have increased from $200,000
located at
In 1923 to $1.500,000 in 1925. Manufacturing plants are
Los Angeles, Cincinnati, Chicago and Detvoit.
taxes and all other charges for the acquired
Earwines.-Earnings after
taking into each calendar
and predecessor companies, when combined,close, are given below, both
year the fiscal periods ending nearest to their elimination of Interest on
to
Wore and after adjustment to give effect
not acquired
notes payable not assumed, elimination of income on securities
schedule together
and adjustment of officers' compensation to new salary
and including an estimate
with elimination of other non-recurring charges $10,000:
for Dec., 1925, of one group to the amount of 1923.
1921.
1922.
1924.
1925.
$475,887
Net earnings after taxes_ $875,707 $775,477 $934,339 $633.563
elimiNet taxes and after
nation of non-recurring
1,016,150 842,610 967,971 672.748 509.785
charges
Si 70
$2 24
$3 22
$2 80
$3 38
Per share
divi-It is the intention of the management to inaugurate
Dividends.
capital stock at the rate of 20 cents monthly or $2 40 annually.
dends on the
P. Jadwin, V.-Pres.: John F
-W. H. Kirn, Pres.; Stanley
Management.
officials and A. H.
Murray, Secy. and Treas. Directors include theseBeckwith (of Sterling
Diebold (Pres. of Household Products, Inc.); L. B. Inc.); and Alfred R.
Products, Inc.); Hunter S. Marston (Blair & Co..
Meyer (Hornblower & Weeks).
stock
-It is expected that application will be made to list the
Listing.
on the New York Stock Exchange.
-Presidents.
-New Vice
American Ice Co.
The stockholders on Feb. 1 adopted a resolution authorizing a change in
elected ViceWesley M. Oler, Jr., and Charles C. Small have been
the par value of the common stock from $100 to $20 per share, and dividing
-V. 121, p. 3134.
the common stock into two classes, to be known as A common and as B Presidents.
both classes to have the same rights and privileges, except that
common,
-Stock Sold.
American-La France Fire Engine Co. additional C0111111011
the B common stock is non-voting. The common stockholders will receive
The offering to preferred and common stockholders of
one share of A common stock and four shares of B common stock in lieu of
95. 613.
stock at $12 a share has been oversubscribed. See V. 122, p.
each share of old common stock held. The Equitable Trust.Co., 37 Wall
St., N. Y. City Is transfer agent fot the stock.
-To Split Up Stock and
Appleton Co., Lowell, Mass.
After the above exchange the company will have outstanding 65,943
shares of Class A common and 263,772 shares of Class B common stock. Create an Issue of $1,000,000 of 7% Preferred Stock.
stockholders that the
-V. 122. P. 484.
The directors have voted to recommend to the
shares, par $100, to 30,000 shares of
capital stock be changed from 6,000
-R.F. DeVoe no par value. It is proposed to issue five new shares for each share of old
American Electrice Corp.
-Stocks Offered.
held.
& Co. and Russell, Miller & Carey, New York, are offering stockwas voted also to issue 51,000.000 7% cumul. pref. stock, callable at
It
new common
50,000 shares Class A cumul. convertible stock (par $25) $110 and convertible after Jan. 1 1933, share for share, intopresent stockbe offered
and 89,000 shares common stock (v. t. e.), no par value, in stock. The new preferred stock willholdings. first to
in proportion to their present
and liaunits consisting of one share of class A cumulative c3nvertible holderscompany on Dec. 31 last had current assets of $2,946.077 amountThe
combined
stock and one common stock (v. t. c.) at $35 per unit. bilities of $1,258.315, while the total surplus and reserves
54,443,047.-V. 122, p. 95.
at $11 per share. ed to
t.
Additional common stock (v.
c.) offered
Both classes of stock will be fully paid and non-assessable. Class A
cumul. cony, stock will be poreferred as to assets to the extent of $25 per
share and will be entitled from Feb. 15 1926, to preferential cumulative
diva, at rate of $1.75 per share per annum, payable Q-F. At any time
prior to Dec. 31 1930, such stock will be convertible into common stock
t. C.) share for share, and will be red, all or part, on div. dates upon
0 days' notice at $30 per share and diva. Common stock (v. t. C.) will be
exchangeable for common stock certificates not later than Dec. 31 1935.
Transfer agent: Seaboard National Bank, New York. Registrar: Empire
Trust Co., New IL ork City. Dividends exempt from present Federal
normal income tax.
Data From Letter of Brinton F. Hall, Vice-President of the Company.
Company.
-Organized in Del. Jan. 23 1926 to acquire entire assets and
business or the entire capital stock of Belding-Hall Co., second largest
manufacturer of refrigerator cabinets in the United States, and to manufacture and distribute a line of electrically operated refrigerating machines
under the trade name "ElectrICE."
Belding-Hall Co. owns and operates plants located at Belding, Mich.,
with buildings having an aggregate floor area of more than 425,000 sq. ft.
New company plans to provide additional manufacturing facilities as
required from time to time.
The new company will continue the manufacture and sale of a complete
standard line of ice refrigerators under well known "Belding-Hall" trademarks for use in homes, hotels, stores, &c., this business having been
established over 40 years ago and having been operated profitably in every
year since, with the exception of 1921, a year of severe and general business
depression.
CapitalizationAuthorized. OLtstonding.
Class A cumul. cony. stock (par $25)
$2,500.000 $1,250.000
Common stock (no par)
350,000 shs. 175,000 shs.
Earnings.
-Net income of the Belding-Hall Co., before depreciation and
taxes, for the 3 fiscal years ended Aug. 311925, averaged $188,482
Federal
per annum, equivalent to $3.77 per share on the 50.000 shares of class A
cumulative convertible stock presently to be outstanding. These earnings
do not reflect additional profits anticipated from the operation of a new
enameling plant, just completed, or from the manufacture and sale of
"ElectrICE" refrigerators.
•Listing.-ApplIcation will be made to list these stocks on the New York
Curb Market.
-Report.
Mills (Massachusetts).
Arlington
Dec 2 '22.
Nov. 30'25. Nov. 30'24. Nov.30'23. $12,989,765
Years Endedf$14,527,332 $22,996,810
Not
Manufactured product_ _1
561,349
1,169.202
884,430
I reported 1
Raw materials, &c
524.166.012 $13.551.114
$15,704,868 $15,411,762
Total sales
$490.663 $1.432,610 $2,931.313 81.301.219
Net earnings
564.174
1,097.151
628,818
586,752
Deductions
960,000
960.000
960,000
960,000
Dividends (8%)
def$1,056.089 def$156,208 sur$874.163 def$222.955
Comparative General Balance Sheet.
Nov.30'25 Nov.29'24
Nov.30'25 Nov.29'24
$
$
Liabilities$
$
Assets12,000.000 12,000.000
Pl't & fixed assets_11,627.070 11,239,159 Capital stock pay 7.182,474 7,464,232
4,843,390 4,971,551 Acct's & notes
Cash & debts rec._
3,545.605 3,003.503
10,617,555 11.591,170 Res.for depr.. &c_ 4.687.747 5.743.837
Inventories
409,691 Profit and loss__
Prepaid accounts_ 327,810
27.415,825 28,211,571
Total
27,415.825 28,211,571
Total
-V. 120. p. 708.
Balance
Armstrong, Cator & Co., Inc., Balt.-New Directors.
and Summerfield Baldwin,
Allen L. Carter, of the Resinol Chemical Co.. have been added to the
Baltimore,
Jr., of Woodward, Baldwin & Co., of
120. p. 211.
-V.
board of directors.
Artloom Corp., Phila.-To Cancel Treasury Stock.
cancel 3.810 shares of 7%
The directors have passed a resolution to122, p.484.
-V.
eumul. pref. stock held in the treasury.
-Liquidating.
Mines, Ltd.
Asbestos
A. Bedard, Master of the
A meeting of the creditors was held before L.Turcotte and Merrill were
Rolls in the Montreal Practise Court recently.
Labelle, Royal
appointed liquidators and the following inspectors: Zenon The liabilities
Ballentyne.
Lesage, Lionel Sperber, G. S. Ghent and Flynn which includes bonds and
of the company are placed at about 51,250.000.about 5600.000. Bee also
outstanding accounts. Assets are estimated at
V. 121, p.2641.
-Tide Water Bids $60 per Share for
Associated Oil Co.
American Finishing Co. (Tenn.).
-Bonds Offered.
Stock.
Lorenzo E. Anderson & Co. and Taussig, Day, Fairbank
competition
The New York "Times," Jan. 5, had the following: Lively
& Co., Inc., St. Louis, are offering $250,000 1st mtge. Is now in progress for control of the Associated Oil Co. in which two promibeing
the one
Street banking groups are participating, other br group& Co.,
63/3% gold bonds at prices to yield from 6% to 63.%, nent Wall the First National Bank interests and the
ni3lair
headed by
during the
according to maturity.
Inc., who have been unusually active in oil company Mane
Dated Dec. 1 1925: due serially, Dec. 1 1926-1937. Denom. $1,000
.
and $500c5 Principal and int. (J. & D.) payable at Liberty Central
Trust Co., trustee. Callable on 60 days' notice on any int. date at 105
and hit, in inverse numerical order.
CapitalizationAuthorized.
Outstanding.
First mortgage 6 % gold bonds
$400,000
$250,000
Cumulative 8% preferred stock
300.000
150.000
Common stock (no
par value)
6,000 shs.
6.000 shs.
-Is taking over the business, assets, good-will, and entire
Company.
capital stock of the American Finishing Co. It has also acquired the
lands and buildings located in South Memphis, formerly owned by the
Chase Bag Co. of Delaware, and occupied jointly by the American Finishing
Co. and the American Bag Co.(a branch of the Chase Bag Co.). Company
Is engaged in the business of bleaching and finishing cotton goods. It
does not own, buy, or sell any of the goods it handles, but merely collects
fees for its services. It Is essentially a cash business, company, in most
cases, receiving payment for its work before the finished articles leave
the plant.
Earnings.-Annual net earnings, before Federal income taxes, but
after depreciation and local taxes, have averaged $88,602 for the last
sir years, or about eight times the average interest charge for this debt,
and approximately 53.6 times the maximum interest charge therefor.
After providing for Federal income taxes, depreciation and local taxes.
the annual earnings available for both bond interest and retirement of
bonds have for tho same period averaged $72,250 per annum, or over 2%
times the average amount required for this purpose for the first 11
years.
share or the large
last few years. The Tide Water Oil Co. has bid $60 a of Calif. and other
block of Associated Oil Co. stock held by Standard Oil
of $56 made
prominent interests on the Pacific Coast. This bid tops that the interests
by Blair & Co., Inc., who are negotiating for the property in
of the Barnsdall Corporation.
this
It was reported that the Tide Water bid had been accepted, but has
deal for control
lacked confirmation, and it was intimated that the the opposing parties
not been closed and the bids thus far submitted by
-V. 122, p. 614. 95.
should not be considered as final.
-Report.
Auburn Automobile Co.
Years Ended Dec. 31Sales
Expenses, &c
Operating profit
Other income
Total income
Federal taxes
Preferred dividends
Common dividends
1923.
1924.
1925.
$7,746,906 $3,469.472 $4,465,200
4,453.298
3,528.673
6,953,497
$11,902
$793,409 def$59.201
21,250
61,630
$11.902
$855.039 loss$37,951
1,500
99.354
35,000
31.879
10,255
90,000
90.000
$655,430 det$69,830 def$114.598
Comparative Balance Sheet.
Dec. 31'25. Sept. 30'25.
AssetsDec. 31'25. Sept. 30'25. Liabilities$1,500,000 81,500.000
Capital stock
Land, bides, and
600,000
American Home Products Corp.
-Stock Offered.
notes
-Blair
eq. (less deprI - $561,757 $522,805 Debenture
315,160
634,027
634,027 Accounts payable.. 434,417
Co., Inc., Horn blower & Weeks and Bell & Beckwith are Good-will
&
35,164
Sundry creditors_
696,320
836,972
at $26 50 per share 225,000 shares capital stock Cash
offering
Accr. wages, salaInvestments
345
141,225
187,825
ries, &c
value).
Notes & acc'ts rec. 489,620
445,131
(no par
13,370
Accr. in receivle
5,188 Dealers'deposits
4,549
40,841
Authorized.
capitalizationIssued.
908,823 Excise tax payable
Capital stock (no par value)
1,000,000 shs. 300,000 shs. Inventories taxes 1,257.916
Accr. State & local
Prepaid ins.,
41,756
Data from Letter of W. H.Kirn, President of the Company.
taxes
& expenses
6,798
44,801
6,939
Accr'd allowancesCorporation.-Rocently incorp. in Delaware by interests identified with
186,477
Inc. and Household Products, Inc., together with inRes. for Fed.=eel 99,354
Sterling Products,
130,000
Res, for advertisla
terests identified with Sterling Products Inc. and Household Products,
1,008.391 1,008,161
Total(each side) $3,829,987 $3,219,093 Surplus
Inc.. together with interests connected with the Wyeth Chemical Co. and
Co. Company has contracted to acquire (a) Wyeth Chemical -V. 122, p. 96.
The
Balance, surplus
754
THE CHRONICLE
[VoL. 122.
Autosales Corp., New York City.
-Annual Report.
-
basis on
Bankatocks Corp.
-Dividend No. 2.-
7% Preferred Stock Offered to Employees.President E. G. Grace announced Feb.
annual offering of
7% cumul. preferred stock to employees 1 the third employees saving the
under the
which the 8% preferred stock may be exchanged
Calendar Years1925.
1924.
1923.
1922.
Earns,after cost of goods..$1,192.752 $1,211,874 , 91,260,452 $1,226.640 for 7% preferred stock, says:
When in 1922 the stockholders voted to simplify the capital structure of
Oper., gen., &c., exps__ - 1,080.401
1,086,843
1.114.751
1,194,292 the corporation,
the 7% stock was created
so that it would be desirable for permanent and was made non-redeemable.
Net earnings
9112.351
9125,032
$145.701
investment. At the same time
632,348 the holders
Other income
33.753
33,624
62.408
47.655 of 8% stockof the 8% stock were given the right to convert their holdings
for the 7% stock, so that the corporation might retire the 8%
Total income
9146,104
6158,656
9208,109
980,003 stock and at the same time enable each holder thereof to continue as a
Federal taxes
29.645
6.600
1,000
4.940 preferred stockholder of the corporatoin.
The basis of
Other charges
18.939
89,974
198.237
40,482 8% stock the exchange originally adopted in effect gave the holders of the
Preferred dividends
right to acquire an amount of the 7% stock which at par value
93.772
equaled the redemption price of 115 for the 8% stock.
At
mately two-thirds of the 8% stock has been exchanged. this rate approxiBalance, surplus
93.748
$62,082
$8,872
As a result of the steadily improving financial
Previous surplus (adi.)
302.964
243.944
235.270
219.810 In the last
position of the corporation
three years, the market value of the 7% stock has gradually risen
until to-day it
Profit & loss surplus
$306.712
$306,026
$244,142
$254,391 increase in theis substantially above par. There has been a corresponding
market value of the
Balance Sheet December 31.
which, it is apparent, is due only to 8% stock above its redemption price.
the existence of the right of exchange
Assets1925.
1924.
itaMItttesfor the 7% stock. Hence, the continuation of
1925.
1924.
Fixed assets
$1,021,263 $1,022,536 Preferred 6% nonwould result in giving to the holders of the 8%the present exchange basis
stock who have not made
Patents,leases and
cumul. stock___$2.886.514 $2,886,514 the exc hange a benefit which it was intended
they should receive only if they
contracts
5,189.742 5,190,855 Common stock__ 4,029,570 4,029,570 exercised the right.
Cash
62.675
116.041 Accounts payable_
The management of the corporation, therefore, feels that,
52,316
50.496
in justice to
Ace'ts ‘tc notes ree
5.862
7.574 Res.Fed.tax.pr.yrs
27,405 holders of the 8% stock who have exercised their right of exchange and the
Inventory
also
188,515
180.022 Weigh. & sales co.
to the other holders of the 7% stock of the
Investments
624,693
562,483
should be changed so that the amount of corporation the basis of exchange
bonds
70.007
83.756
Inv. Auto. pf. stk. 301,367
301.367 Fed. taxes & other
an exchange at prevailing market prices the 7% stock deliverable on such
will have a value approximately
Deferred charges__
13.888
14,682 coining.(est.)
62.889
11.794 equal to the redemption price of the 8% stock surrendered. In this way
Surplus
306.712
306,028 the purpose which the exchange privilege was intended to serve will be
fairly accomplished. Accordingly, the basis of exchange
has been
Total
$7,408,008 $7,395,561
Total
$7,408,008 $7,395,561 to 110, effective on and after March 4 1926, the earliest date onreduced
which,
under the certificate of incorporation, it can be made
-V. 121, P. 3007.
effective.
A dividend (No. 2) of 181(c. per share was paid on the capital stock
on Feb. 2 to holders of record Jan. 28. An initial distribution of like
amount was paid on Nov. 2 last.
-V. 121. P. 1911.
Beacon Oil Co.
-Changes in Personnel-Sales--Earnings.
Following upon the recent sale by the Massachusetts Gas Cos. of a substantial part of its holdings in the Beacon 011 Co., a number of changes
have been effected in the management and directorate of the latter company.
J. L. Richards has been succeeded by Clifford M. Leonard as chairman
oft e board of directors. H. L. Wollenberg has tendered his resignation as
President and will be succeeded by Richard B. Kahle, who is also President
of the Louisiana Oil Refining Corp.
The directorate as now constituted Is as follows: Clifford M. Leonard,
Chairman' James G. Affleck. George E. Hite, Jr., Richard B. Kahle,
Louis K. Liggett. S. A. Megeath, George M. Moffett, Donald Mackenzie,
Daniel B. Priest, Galen L. Stone, Edgar N. Wrightington.
Leonard, Hite, Kahle. Megeath and Mackenzie are also directorsMessrs.
in
Louisiana 011 Refining Corp., which now controls the Beacon Oil Co. the
A despatch from Boston states that steps are being taken to
the Beacon Oil Co. the Colonial Filling Stations, Inc.. and merge with
its several
subsidiaries, now owned 100% by Beacon Oil.
Net Before Int.,
Net after Int.,
Deprec. and
Deprec. and
Cal. YearsNet Sales.
Fed. Taxes.
Fed. Taxes.
1920x
94,971,402
62,578.364
$1,405.249
1921
10.801.547
4.287,638
2,250,036
1922
10.864.177
1.951.493
1,189,594
1923
12.116.495
1,530,130
657.
1924
11.333,132
907.992
loss 104,824
1925 y
13.021,587
862,930
loss 96,453
x Six months ended Dec. 31. y Ten months ended Oct. 31. See also
V. 122. p. 216, 351.
and
stock ownership plan. The offering price this year is
$101 per share. The
employees are permitted to pay for the stock in
installments
wages at the rate of $4 per month per share. Applications deducted from
for stock must be
made before March 2 1926'. Deductions from pay
April, 1926, and the stock will carry dividends fromwill be made beginning
The first offering was made in 1924 at 994 per April 1 1926.
share, and the second
made in 1925 at $100 per share. Under
tions were received from employees for those two offerings 42,294 applicaa total of
Up to this time 93.500,000 of the stock has been 97 852 shares of stock.
paid for in
employees and certificates issued to them. This is in addition full by the
to the stock
now being paid for in installments.
As an incentive to hold the stock while they remain in
the employ of the
corporation a special benefit payment is made each year for five
years upon
the stock purchased and held by the employee. These
payments are 91 per share for the first year, $2 per share special benefit
year and so on up to 95 per share for the fifth year, makingfor the second
a total of 915
per share for the five years.
The $1.766.500 5% bonds of the Lackawanna Iron & Steel Co- due
Feb. 1, are being paid off at office of Farmers Loan & Trust Co.. N.
Y.
City.
-V. 122, p. 603.
(E. W.) Bliss Co.
-Plan Operative.-
The reorganization committee, consisting of Clinton D. Burdick, Chairman, Acosta Nichols and G. Foster Smith, announced on Feb. 5 that
than 94% of each class of stock of the company has been deposited more
with
Equitable Trust Co., New York. as depositary under the plan and agreement dated Jan. 7 1926, and that the committee has declared the plan
operative.
The plan as adopted provides for the formation of a Delaware company
which is to take over the affairs of the present West Virginia company,
thereby avoiding the stringent provisions of the West Virginia statute in
relation to inheritance taxes, and it enables the present holders of West
Bear River Pulp Co., Ltd.
-Sale.
Virginia common stock on deposit to
All the property of the company will be sold at public auction Feb. 10. will entitle them to subscribe for one receive certificates and warrants which
of the
at the Court House at Annapolis Royal, Nova Scotia, by the High Sheriff for each ten shares of the stock ofsharepresentstock of the new company
the
company deposited at a
for the County of Annapolis. pursuant to the order for foreclosure and sale. price which is below the present market price
for the old stock, and also
-V. 121. p. 2277.,
awards to them as a bonus one share of the common stock of the new com-_
pany for each ten shares of the common stock of the old company deposited.
Belding-Corticelli, Ltd.
-Annual Report.
It also provides for new money for the new company which will be used for
Years end. Nov. 301924-25.
1923-24.
general capital purposes.
1922-23.
1921-22.
*Profits
$345,853
9254,771
The preferred holders of the old company will have precisely the same
6279,801
$250.478
Sinking fund provision
14.791
14,791
14,791
14.791 status in the new company as they now occupy in relation to the assets
Depreciation reserve_.._
66,707
62.408
62,837
51.510 of the old company.
Interest on debentures_ _ _
36,980
36.980
The company's Salem, 0.. plant, which has been closed for the past two
36,980
36,980
Disc, on debts written off
25.342
26,250 or three years, is being put into operation again. The large plant at
Res. for empl. insurance.
11,784
10.000
Brooklyn, N. Y.. and also the plant at Hastings, Mich., are operating at
Preferred diva.(7%)
60,571
60 071
.
60,571
60,571 full capacity. The Salem plant is being opened to manufacture a large
Common diva. (4%)
37.475
29.980 (2)14.990
quantity of heavy machinery, orders for which have recently been booked.
V 122, p.614.
Balance, surplus
9117.545
940,041
$64,290
950,377
Profit and loss surplus._ y$358,065
Bonded Mortgage Co., Balt.-Rights,
9361,899
9514,077
*After deducting all manufacturing, selling and administration $449,787
The stockholders of record Feb.
expenses
and after provision for income tax, but before providing for depreciation and or before March 2 to one share of1 will be given the right to subscribe on
preferred and three shares of common
sinking fund requirements and before charging bond interest. y After stock at $103 for the block, on the basis
of one block for each preferred and
deducting $200.022 for good-will account written off and crediting $78,643 three shares of common stock held.
replacement.
-V. 122. P. 216.
The company has amended its charter to provide for an increase in its
capitalization from 8250.000 to $500.000 of 7% cumulative preferred stock.
Belmont Harbor Apartments, Chicago.
-Bonds Offered. par $100. and from 7,500 to 25.000 shares of no par value common stock.
Ezra B. Whitman is President and J. Barry Mahool first Vice-President.
Holzer, Inc., Chicago, are offering $450,000 63% 1st mtge.
0. M. Dennis, general appraiser for the city, was recently added to the
real estate gold bonds.
board. Laurence Jones, Harry S. Middendorf b
and Henry Stock ridge,
Dated Jan. 11926; due serially (J. & J.) from Jan. 1 1928
-Jan. 1 1936. 3d. are the members of the directors' committee on mortgages.
-V. 121.
Denom. $100, $500 and $1,000. Int. payable J. & J. Chicago Title Ss p. 1572.
Trust Co., trustee.
(J. G.) Brill Co.
The bonds are secured by a first mortgage on the land (50x167 ft.)
-New Director.-story fireproof apartment building now being erected at
and 13
W. H. Woodin has been elected a director to succeed the late
W. H.
Belmont Ave. Chicago. The first floor will contain the office, 426-428 Heulings Jr.
-V. 122, p. 614. 485.
a large
lobby, lounging room, public dining room and kitchen. The remainder
Brill Corporation.
-Personnel.of the building will contain a total of 96 modern furnished apartments from
one to four rooms and bath each. Each apartment is mechanically reW. H. Woodin, President of the American Car & Foundry Co., and the
frigerated from a central icing plant, and the building is equipped with American Locomotive Co., has been elected Chairman of
the Board of the
two elevators.
Brill Corporation. The other directors include: Samuel L. Curwen (Pres.),
Valuation, Income and Owner.
-The bonds are signed by the Belmont Francis A. Lewis, E. Clarke Mason, E. P. Rawle, C. S. Sale
Harbor Bldg. Corp. of which William C. Bannerman is President. Land Scanland (V.-Pres.). The executive committee consists of W. and G. R.
M. Hager,
has been valued at $60.000 and the building at $625.000, a total of $685.000. Chairman. S. L. Curwen and W. H. Woodin,
On a conservative rental basis annual income has been estimated at
C. Wick has been elected Sec., and S. A. Mallette as Treas.-V.
122, p.
$152,500.
614. 485.
Bethlehem Shipbuilding Corp., Ltd.
-Suit.
-
The company and three subsidiaries have filbd 4 suits In the U. S. District
Court at Philadelphia to recover 99,095,793 from the Shipping Board and
the Emergency Fleet Corporation. Charles Sinkler, counsel for the Bethlehem companies, explained that the suits are similar to those begun several
months ago in the Federal Court in New York and are in nature of a counterclaim to the $11.000.000 suit filed by the Government against shipbuilding
companies last April. B centralising the suits it is expected that the
litigation may be disposed'of more expeditiously.
-V. 121, p. 3007.
Bethlehem Steel Corporation.
-To Reduce the Basis of
Exchange of 8% Preferred Stock for 7% Preferred Stock.
-The
directors have adopted a resolution whereby, effective
March 4, the present basis of exchange of outstanding 8%
preferred stock for 7% preferred stock has been changed to
$110 of 7% stock for each $100 of 8% stock. Prior to
March 4 the exchange may be made on the basis of $115
.of 7% stock for each $100 of 8% stock owned.
The Equitable Trust Co. of New York has undertaken, without charge.
either to buy or sell any scrip certificates received through the above
exchange at a price equivalent to the closing price of the 7%, stock on the
New York Stock Exchange on the business day preceding the day of the
receipt of the order on which such scrip shall be sold on the Exchange.
President E. G. Grace, in a letter on Jan. 30 to the holders
of the 8% preferred stock, for the purpose of explaining the
action taken by the directors in reducing from 115 to 110the
Brown Shoe Co., St. Louis.
-New Common Stock Put on
$2 Annual Dividend Basis.The directors have declared a quarterly dividend of 50 cents per share on
the new noar-value common stock, payable March 1 to
of record
Feb. 20. This is at the rate of 96 per annum on the old holders shares of
84.000
common stock, which were recently split up on the basis of 3 new no-par
shares for each old share held. Dividends previously paid on the old common stock were at the rate of 94 per annum.
-V. 122, p. 614.
Butte Copper & Zinc Co.
-Annual Report.-
Calendar YearsProceeds of ore
Other income
Total income
Expenses & taxes,
1925.
x$444,398
26,134
1924.
9145.951
32,436
1923.
993,664
22.354
1922.
917,591
34,361
9470.532
91,583
9178,387
45,275
8116.018
40,697
$51.952
29,105
Net income
9378,950
$133.112
$75,321
$22,847
x After deducting $10.000 written off, for depreciation of plant and
equipment.
Balance Sheet December 31.
1924.
Assets1925.
LtablItttes-1925.
1924.
MInes&min.claims53,288,496 $3,113,496 Capital stock
$3,000,000 $3,000,000
100,000 Accts. payable and
Plant & equipment 100,000
276,992
Investment
214,162
reserve for taxes
98,233
68,425
Accts.receivable
33.656 Res, for deprec
40.306
90.000
80.000
Cash
41,063 Surplus
41,001
x495,732
416,782
Total
$3,683,965 $3,565,207
Total
$3,683,965 $3,565,207
x After paying dividend No. 4 declared Oct. 22 192a, amounting to
9300.000.-V. 121, p. 2407.
FEB.6 1926.1
THE CHRONICLE
-Annual Report.
Butler Bros., Chicago.
-Report.
Continental Baking Corp.
755
Income Account for Year Ended Dec. 311925.
$8.588,844
Operating profit
1,973.053
Depreciation. $1,053,907: Federal taxes. $919,146; total
4.249.331
Profit applied to period prior to acquisition
$2,366,260
Net profit since acquisition
$588.010 def$177,533 Dividend payable on Gen. Bak. Co. preferred stock
def$7,967
181.550
$563,168
Balance
Total surplus Dec. 31- _ _ $7,995.333 $7,432,165 $7,440,131 $6,852,121 MM. int., $6,852: div. pay. Jan. 2 1926 on Gen. Bak. class A
for
1.298.898
x After provision for all taxes (Fed, taxes estimated at $456.752
stock. 11,292,044; total
1925) and appropriation to employees' participation fund in 1924 and 1923.
$885.814
1The regular quarterly dividend of 3H% on the stock has been declared Net surplus
-V. 122. p. 487. 815.
payable Feb. 15.1
Balance Sheet Dec. 31.
Reduced.
Contoocook Mills Corp., Hillsboro, N. H.-Stk.
1924.
1925.
1925.
1924.
The corporation has voted to cancel 1,000 shares of preferred:stock,
LiabilUies-Assets-par $100. which are held in the treasury, thus reducing the capital to $400.3,033,259 2.974,755 Capital stock_.__a22,646.020 22.557,040 000 preferred and 2250,000 common stock.
Cash
-V.118, p. 1670.
6139,581
Mdse.Inventory 11,701.450 9,818.104 Reserve for taxes_ 799,621
-C. D. Barney
Accts.receivable 12,505.968 12,192.954 Accts. payable__ _b1,820,543 1,002,410
-Stock Sold.
Copeland Products, Inc.
3.200.000
Real est., pl't. dm- 6,788.787 8,881,116 Bills payable
Kinnicutt & Co.
Serial gold notes.- 995.312 1.658.854 & Co., Bauer Pond & Vivian and Kissel,
Temp. invests____ 1,678,894
182.910 have sold 60,0 0 shares class A participating stock at $27
97,378
Dallas mortgages- 130.650
Unexp.ins. prems.
0
7,995.333 7.432,185
Other def. charges_ 164,518
Surplus
per share; each share of class A stock offered will have•
874,519
Employees' stk. Id 834,917
355,013
347.104
Pension fund
attached thereto a subscription warrant expiring Feb. 1
247.375
414,388 Tot.(each side)_37.387.479 33,502.940 1928, entitling the holder to purchase from the company
Supplies
a Authorized capital stock, $30.000,000. b Current invoices in course
M share of class B stock, or voting trust certificates therefor,
of payment not yet due for discount.
The number of directors has been reduced from 15 to 9. The new board on the basis of $7 50 per share.
comprises: E. B. Butler, Frank S. Cunningham, Walter Scott, Louis C.
The class A stock is entitled to receive preferential non-cumulative diviBurr, Marvin B. Pool, A. M. Matson, H. J. Littlebale, George W. Ger- dends of 112 50 per share annually before any dividends are paid on class B
-V. 120. p. 708.
lach and Edward Sheehy.
stock, and shall participate equally with the class B stock, share for share,
in all additional amounts declared as dividends in any such year. In
-Defers Preferred Dividend.
Celluloid Co.
liquidation. class A stock shall be entitled to $35 per share, plus actual
The directors on Jan. 30 decided to defer the quarterly dividend of 2% dividends declared, from the net assets, before any amounts are paid to
usually paid Feb. 15 on the 8% cumul. pref. stock._ The last payment on the class B stock, and thereafter all remaining net assets shall be distributed
-V. 120. p. 335.
this issue was made on Nov. 15 last.
among the class A and class B stockholders share and share alike for both
classes. Class A stockholders shall have no voting power, except as
-Personnel.
Central Steel Co., Masillon, 0.
provided by law. Irving Bank-Columbia Trust Co., New York. registrar.
F. J. Griffiths has been made chairman of the board, to succeed the late and corn Exchange Bank, New York, transfer agent.
R. E. Bebb; C. E. Stuart has been elected President and Treasurer; B. F.
Authorized. Outstanding.
CapitalizationFairless, Vice-President and General Manager; J. M. Schlendorf. Vice250.000 shs. 102.053 abs.
(no par value)
A
President in charge of sales; and Charles C. Chase, Jr., Secretary. George Class B stock (no par value) •
500.000 abs. 232,720 she.
-V. 122. Class stock
H. Freeborn, Assistant Treasurer has been elected a director.
-Organized in Michigan in April 1923. Is engaged in the
Company.
p. 353.
manufacture and distribution of electrical refrigerators which are sold
Meeting Date.
under the trade name "Copeland." Business was originally established, in
Chicago Nipple Mfg. Co.
-Annual
The annual meeting scheduled for Feb. I was adjourned until March 2. conjunction with associates, by E. J. Copeland. who for 7 years was Pres.
past two years the Copeland
due to the delay in the preparation of the annual report for the fiscal year & Gen. Mgr. of Kelvinator Corp. During the of perfection, and is believed
refrigerator has been developed to a high point
ending Dec. 31 1925.-V. 122. p. 615.
to be one of the most simple in construction and the most economical in
maintenance of the
-Bonds Offered. located in Detroit. various makes on the market. Company owns a plant
Chomedy Apartments, Ltd., Montreal.
-The balance sheet as of Dec. 31 1925 after giving
-W. A. Mackenzie & Co. and Hanson Bros., Toronto, are
Financial Condition.
to this
offering at 99 and int., yielding 6.60%,$325,000 1st (closed) effectcurrentfinancing, shows total current assets of $1,716,946 as compared
liabilities of only $95,210.
with
mtge. Oi% 15-year sinking fund gold bonds.
-From its organization in 1923 to June 1925 the company
Production.
Dated Jan. 1 1926: due Jan. 11941. Int. payable J. & J. at Royal Bank manufactured and sold approximately 1.750 electrical refrigeration maof Canada, Montreal, Toronto, and at agency of bank in N. Y. City. chines. In the last6 months of 1925 the company produced 2,081 machines.
Callable, all or part, on any int. date on 60 days' notice up to July 1 1930 increasing its production from an average of 2 per day for July to 43 per day
at 105, thence until July 1 1935 at 103, and thereafter before maturity at during December. Plans have been perfected to provide for an increase
101. Denom.$1,000 and $500c5 Montreal Trust Co., Montreal, trustee. in the average production to 100 machines per day by July 1 1926 and this
.
Trust deed provides for a sinking fund commencing Dec. 31 1926, which financing is for the purpose of providing the working capital needed for such
is calculated to redeem 50% of the entire issue by maturity.
increased production. Past operating experience and budget of future
The Chomedy Apartments, on which these bonds constitute a first operations, on an average production of 100 machines per day, indicate
closed mortgage, is a thoroughly modern and fireproof building, containing substantial profits.
-Wm. Robt. Wilson, Pres. (Guardian Trust Co.), Detroit;
164 rooms subdivided into 26 suites of apartments. It is erected on one
Directors.
of the choicest apartments site in the City of Montreal and is so designed Paul Deming, Detroit; Edwin H. Brown. V.-Pres.; Henry T. Cole (Pres.
that it can readily be raised to the maximum height of 10 stories permitted U. S. Radiator Corp.), F. D. Buckingham (Citizen & Commercial Savings
by the City of Montreal's building laws. The average valuation of land Bank). Flint, Mich.: Fred T. Murphy (Peplos State Bank). Detroit;
and building as appraised by six expert valuators is $586,098. against Merlin Wiley (MacKay, Wiley, Streeter & Tucker), Detroit; Edmund J.
$325,000 of first mortgage 634% bonds now being issued.
Copeland (V.-Pres.), Edwin W. Atwood (First National Bank), Flint.
Based on revenues now being received and making n: allowances for any
--Listing.
increased rentals from low-priced leases falling due shortly, the net revenue
Credit Alliance Co.
available for bond interest should amount to $34,519 against a maximum
The Boston Stocg Exchange has authorized the listing of 40.000 additional
annual bond interest of $21.25.
par value) class A capital stock, as the same may be issued in
shares (no
exchange for its preferred stock.
-Annual Report.
(par
City Dairy Co., Ltd.
As of Dec. 11925. the authorized capital consisted of 20.000 shares and
Calendar Years1924.
1923.
1922.
1925.
21001 pref. stock, 30.000 shares without par value common stock,then
profit after deprec'n,
Net trading
10,000 shares without par value class A stock, of which there were combad and doubtful debts, &c_ -3274,330 $248,456 2225,477 $200.747 issued and outstanding 14,385 shares of pref. stock. 29,990 shares of
37,206
56,384
24,691 • mon stock and 8.527 shares of class A stock. On that date the stockholders
Income from investments
voted to increase the number of preferred shares from 20,000 to 40,000, and
$274.330 $285,662 $281,861 $225,438 on Dec. 7 1925 the dirctors voted to authorize toe issuance and sale of
Total income
Preference dividends
49,000
49.000
49,000
49.000 15,000 additional shares of the preferred stock. The stockholders on
67.800
64.975
56,500
56,500 Dec. 12 1925 voted to change the articles of incorporation, giving holders
Common dividends
preferred stock certain privileges of conversion into class A stock, and
Balance,surplus
$157,530 $171,687 $176,361 $119.938 of the 17 1925 they voted to increase the number of class A shares from
292,622
149,314
421,586 301,648 on Dec.
Previous surplus
10.000 shares to 50,000 shares.
The terms of conversion are in accordance with the following schedule:
$450,152 2321,000 $597,947 $421,586 Prior to Dec. 15 1926 one share of class A stock in respect of each share of
Total surplus
448.633
Org'n acct. written down to $1 _
preferred stock; from Dec. 15 1926 to Dec. 14 1927. both inclusive, two
28,379
Adj.of depr'n reserve, year 1922.
shares of class A stock in respect of every three shares of pref. stock; from
Dec. 15 1927 to Dec. 14 1928, both inclusive, one share of class A stock in
$450,152 $292,622 $149,314 $421,586 respect of every two shares of pref. stock; and from Dec. 15 1928 to Dec. 31
Profit and loss, surplus
-v. 120, p. 2152.
1929, both inclusive,two shares of class A stock in respect of every five shares
-V. 122, P. 218, 97.
of pref. stock.
Cleveland Automobile Co.-Pref. Stock Called.
All of the outstanding preferred stock has been called for payment April
Deere & Company.-Annuol Report.
1 at 105 and divs. at the Union Trust Co.. Cleveland. 0. Holders may
1921-22.
1922-23.
1923-24.
Years End. Oct. 31- 1924-25.
present their stock at the trust company at any time prior to April 1 and
(all cos.) __ $5,643,677 $2,968,777 $3,084,416loss$1019.328
:Total earns.
-V.122. p.615.
receive 105 and int• to date of tender.
588,397
511,401
499,674
586,656
Admin., &c. expenses__
Columbia Graphophone Factories Corp.
-To Retire Int. on notes pay. &c. 542.454
933.054
783.806
615.265
__
(net), amortiz
Bonds.
(3 )1312500
(6%)1,9140,000(3)1,035.0(3)(3)1.050.000
Preferred diva
The corporation intends to retire on May 1 next all of the remaining Balance, surplus
739,209 df3,833,279
818,838
2,534.567
out
standing 6% bonds (about $650.000) at 1021,5 and int. Money for that
8,940.617 8,201.408 12.034,688
9,759.456
the hands of the Mercantile Trust & Deposit Co.. Balti- Previous surplus
purpose is now in
$12.294,023 89,759.456 18.940.617 18.201,408
Total surplus
more. Md.,trustee. Originally $1.750,000 of these bonds were outstanding.
x After deducting provision for taxes, depreciation, cash discounts.
Funds to pay off the balance were raised through the sale recently of the
in receivables, &c.
•
plant at Baltimore, to the Southern Can Co., for more than 21,000,000. possible losses
Consolidated Balance Sheet Oct. 11.
-V. 115. P. 88.
1925.
1924.
1924.
1925.
Consolidated Distributors, Inc.
-To Increase Stock.
Assets
The stockholders will vote on Feb. 8 on increasing the authorized capital Real estate, bldgs.,
"referred stock....y33,000.000 33.000.000
stock to 450.000 no par shares from 300,000 shares now outstanding. Suband equipment_20,836,933 21,037,017 Common stock._g17,904,400 17,904,400
ject to this approval, the additional 150,000 shares are to be offered to Timber lands, &c.. 4,597,639 3,911,25e TO-year 734% geld
present holders at the ratio of one new share for each two shares now held, Trade-marks, pat7,518,000
notes
247,500
at a price to be determined by the directors.
ents & good-w11117,904,400 17,904,400 Dividends payable 660,000
Consolidated Income Account for Year Ended Dec. 31 1925.
93,300 Accounts payable_ 2,057,827 1,402,666
Pref,stock owned_ 113,100
448,750 Notes payable____ 800.000
gales, $1,685,616: costs and expenses, 21,537,079; oper. profit- _- -$148.537 Com, stock owned 104,450
485,015
x13,258.703 13,588,194 Accrued taxes- 1,094,878
207,007 Inventories
Other income
al1.060.270 9,847,360
826,107 Reserve
Deterred charges__ 516,348
12.294,022 9,759.456
4,581,952 7,060,518 Surplus
$355,544 Cash
Total income
$11,987 Notes receivable._ 8,644,071 8,389.222
Other deductions
Tot.(each side)_78,871,197 80,162,397
50,000 Accts.receivable ._ 8,313.804 8,905,839
Reserves for taxes and contingencies
x Inventory at lower of cost or market, 116.774.728, less reserve for
$293.557 possible losses. 13,516,025. y Pref. stock issued. 137.828.500. less stock in
Net profit
Noyes & Jackson, has resigned as a director of ConsoliA. G. Boesel. of
treasury, $4,828,500. x Common stock issued. $21,572,800, less stock held
-V. 121, P. 204.
in treasury, $3,668,400. a Reserves: Against property and equipment
dated Distributors, Inc.
$7,822,248: against current assets, $1,754.642; against insurance and
Consolidated Lead & Zinc Co.
-Consolidation.
pensions, $1.113,379; against contingencies. $370.000.
The Cincinnati "Enquirer," Jan. 29. had the following: and the
Note.-TJndeclared cumulative dividends on the 7% Preferred stock
consolidation of the Consolidated Lead & Zinc Co.
'Underat Oct. 31 1925 to 14%,or $4.620,000.-V. 122. p.616.
The
Co. was approved by the stockholders of the two companies amounted
writers' Land
more than $3,000,000
merged are valued at
Jan. 28. The properties Picher (Okla.) District, in addition to
-New Interests.
Detroit Garages, Inc.
on consist of 9 mills in the
leases
and
See National Garages, Inc. below.
-V. 119. P. 1739.
The new company will be incorporated in Delaware.
and royalty interests. are: John B. Swift, President of the Eagle-Picher
Thedirectors elected
Detroit Steamship Co.
-Sale.
A. E. Bendelari. Vice-Pros, and Treas, of the EagleLead Co. Cincinnati;
See United Fuel & Supply Co. below.
-V.86. p. 1287.
/lel& CO.. Chicago; George W.Potter, Vice-Pres. of the Eagle-Picher Co„
Mo., T. C. Curry, Picher, Okla.; John A. Schaeffer, Vice-Pres, df
Joplin,
Dome Mines, Ltd.
-Gold Production (Value).
Louis; Fred N. riendelari, Joplin. Mo.. and
the Eagle-Picher Co., St.
Aug. 25.
Dec.'25.
Jan.'26.
Nov.'25.
Sept.'25.
Oct. '25.
Thomas N. DYsartL St. Louis. will be controlled by the Eagle-Picher Lead 9348,324
$372,282
$361 ,166
2377.710
$370,005
$379,990
Consolidated Company
The
-V. 122, p. 487, 355.
00.-V. 121, p. 3136.
1923.
1924.
1925.
Calendar YearsxNet prof. aft. Fed. tax- $3,540,091 $3.773.173 $3,337,751
2,781.140 2,749,741
Dividends paid (123%) 2,799,922
see x
see x
177.001
Pension fund approp---
1922.
$2.715,685
2.759,120
134,098
756
THE CHRONICLE
Detroit & Cleveland Nay. Co.
-Balance Sheet Dec. 31.1925
1924.
1925.
1924.
A8841
-$
Vessel property__ _10.669,948 10,947,620 Capital stock
6,038,000 6.038.000
Real estate. bidgs.,
Accts.&vouch.pay. 107,154
130.957
equipment, &o. 1,593,127 1,576,488 Accrued liabilities
Miscellaneous phynot due (taxes)
145,450
125.995
sical property__ 988,832
988.832 Res.for income tax 143,722
143.722
Cash
504,985
46,692 Deferred items._
2,272
3,664
Securities, notes,
Res've for deprec'n 4.029,294 3,824.059
&c., owned ._
909,232
449,133 Other reserves_ _
137,601
129,333
Accts.receivable
50,119
27.612 Profit and loss
_ 4,189,994 3.719,833
Deferred assets_ _
77,194
79,185
Total
14,793.487 14,115,562
-V. 121, p. 1466.
Devoe & Reynolds Co.,
Net sales
Cost of sales and expenses
Operating profit
Other income
Total
14,793,487 14,115,562
Inc.
-Annual Report.
12 Mos.End ll Mos.End 12 Mos.End
Nov.30'25. Nov.30'24. Dec. 31 '23.
$11.304,161 $10,593,166 110,692,038
10,360.185
9,539,046
9,456,873
$943.977 $1,054,120 $1,235,165
106,638
88.504
91.638
Total income
Discounts, adjustments, &c
Provision for Federal taxes
First preferred dividends
Second preferred dividends
Common dividends
Surplus
Profit and loss surplus
-V.122. p. 616.
11,050,614 $1,145.758 $1 ,323,669
251,129
231.546
294,573
101.468
116,899
133.416
134,263
103,803
105,000
65,485
49,114
65,485
280,000
180,000
200,000
$218,271
1,849,145
$464,396
1.630.350
$525,192
1.166,479
Du Pont Viscoloid Co.
-Acquisition.
-
The company has acquired the Pacific Novelty
a reported consideration of about $1,000,000. Co.of New York City,for
See also E. I. du Pont de Nemours & Co. under "Financial Reports" on
a preceding page.
-V. 120, p. 2274.
Eastern Alcohol Corporation.-Oraanized.-
See E. I. du Pont de Nemours & Co. uncles "Financial Reports" above.
Eastern Diaries, Inc.
-Acquisitions.
-
[VOL. 122.
European Shares, Inc.
-Board of Directors.
-
The following have been elected directors of the
Hayden, Richard F. Hoyt and Clarkson Potter of corporation: Charles
Dr. Ernst Splegelberg, Manager of M. M. Warburg Hayden, Stone & Co.:
& Co., bankers, Hamburg, Germany; Gilbert G. Browne of White,
Kellogg of Stone & Webster, Inc.; Royall Victor Weld & Co.: Charles W.
Foster Dulles of
Sullivan & Cromwell, attorneys, and Pembertonand Johnof Noel, Berman
Berman
& Langley, bankers.
The corporation, through its advisory committee in Germany,is actively
conducting investigations of sound German industrials and other companies with a view to supplying them with necessary working
capital
through underwritings or purchases of treasury shares. Investments
are
being made continually. A substantial block of stock of the Darmstadter
National Bank, which is one of the four "D" banks of Germany, was
made
at the outset and at a price substantially lower than current
market.
V. 122, p. 219.
First Investment Co., N. H.
-Earnings for Year 1925.
-
Net income
Dividends paid on class A stock
Dividends paid on class B stock
Balance, carried to surplus
1683.
$,44,950
14,275
2,700
$27,975
First National Co., Baltimore.
-Rights, &c.
The common
stockholders of record Jan. 20 have been given the right to
subscribe on or before Feb. 25 for 50.000 shares of 7%-10% participating
preferred stock (par $10) and 33,333 shares of class A." common
stock (of
the nominal par value of 1 cent each) in the ratio of three
and two shares of common stock for each three sharesshares of preferred
held, at the price of $37 per block. Payment in full must of common stock
be received at
company's office, 1806 Citizens National Bank, Building, Baltimore, the
Md.,
on or before Feb. 25.
The stockholders on Jan. 11 last increased the authorized capital stock
from 50.000 shares of preferred stock and 100.000 shares of nominal par
value common stock to 100,000 shares of preferred stock
shares
of common stock (latter issue consisting of two classes, and 150,000 shares
viz.: 50,000
of class A" and 100.000 shares of class B").
The company confines its activities almost entirely to dealings
in mortgages on real estate.
Net income for the year ended Dec. 31 1925 was $66,554; dividends
paid
on pref. stock. $27,911; income taxes, $4,959: balance, surplus.
Officers are: T. Garland Tinsley , Pres.; Robert S. Shriver $33.684.
,
B. F. Shriver Co.). V.-Pres.; H. Pierce Brawner, Treas., and (Treas. of
Robert J.
Gill Sec.
It is stated that application will be made to list the preferred and common
stock on the Baltimore Stock Exchange.
The Semen Ice Cream Co. of New Haven. Conn.; the
Creamery Co. of Pawtucket, R. I.; the Made-Rite Ice CreamWhat Cheer
Bedford, Mass., and the Howe Ice Cream Co. and the NortonCo. of New
Ice Cream
First National Stores, Inc.
-Expansion.
Co., both of Rutland. Vt., have been merged with the Eastern Dairies, Inc.
Arrangements were completed on Feb. 1 merging the Arthur E.
John Semon, of the Semen Ice Cream Co., has been added to the board
& Co., Inc., meat distributors, with the First National Stores, Inc. Doer
of directors.
-V. 121, p. 1913.
The
Dorr company has 11 stores as well as a substantial wholesale department
and it is planned immediately to add at least 20 modern meat markets in
(The) Emporium of St. Paul, Inc.
-Bonds offered.
- and about the suburbs of greater Boston.
The merger was accomplished mainly by an exchange of securities, both
Lane, Piper & Jaffray, Inc., Kalman, Gates, White & Co.
and Merchants Trust Co. of St. Paul are offering at prices preferred and common, and some cash.
Arthur E. Derr becomes a Vice-President and member of executive comranging from 100 and int. to 101 and int. to yield from mittee of First National Stores, Inc. B. F. McGoldrick of the Don, organization
Other
•53i% to 6% according to maturity $1,000,000 collateral' and willalso becomes a director. the newDerr executives will be retained
have general direction of
development program.
-V. 122.
trust 6% serial gold bonds.
p. 488.
Dated Feb. 1 1926; due serially Feb. 1 1928-1937. Principal and int.
Ford Motor Co., Detroit.
-Truck Sales Profit Plan.
(F. & A.) payable at Merchants Trust Co., St. Paul, Minn. Denom.
Sales of Ford one-ton trucks for 1925 totaled 217.112 units, an increase
11.000 and $500 c*. Callable all or part, on any int, date on 45 days'
notice at a premium of Si of 1% for each year or fraction of year that the of 16,826 over 1924.
bonds called have then to run, but not exceeding
The company announced on Jan. 29 that profit-sharing certificates
Interest
without deduction for normal Federal income tax3%. in excess payable would be available to employees on Feb. 1. Issuance of the certificates
not
of 2%. was temporarily
Merchants Trust Co.. St. Paul, trustee.
discontinued last April 1, when a $25,000,000 quota was
Security.
-All of the stock of the Emporium Mercantile Co.. Inc. (the reached. The plan under which employees receive each 6 months a share
operating company) has been pledged as security for this issue of $1,000,000 of the Ford company profits originated in Jan. 1920. Each employee is
collateral trust 6% serial gold bonds.
permitted to deposit from his pay check an amount not to exceed one-fourth
of his total pay. When $100 accrued the employee receives a certificate
Preference Stock Offered.
-Lane, Piper & Jaffray, Inc. guaranteeing the holder 6% on his investment.
-V. 122. D. 488.
Kalman, Gates, White & Co. and Wells-Dickey & Co. ar,
43rd and Locust Street Apartments, Philadelphia,
offering in units of one share of preferred and one share of Pa.
-Bonds Offered.
-The F. H. Smith Co. is offering at par
common, at $30 per unit, 50,000 shares preference stock and
(no par value), cumulative, dividends $2 per share per annum. gold interest a new issue of $1,300,000 7% 1st mtge. coupon
bonds.
Preference dividends payable
Q.
-J. Entitled to $30 per share and dirs.
In case of liquidation. Red. all or part on any div. date on 60 days' notice
at $30 per share and diva. Dividends exempt from normal Federal income
tar. Merchants Trust Co., St. Paul, registrar and transfer agent.
Data from Letter of George S. McLeod, President of the Emporium
Mercantile Co., Inc.:
Emporium of St. Paul, Inc.-Incorp. in Delaware Jan. 26 1926. Owns
all of the capital stock of the Emporium Mercantile Co., Inc. (Del.) which
company owns and operates the Emporium store at St. Paul.
Tne Emporium was organized in 1902 as Kennedy. McLeod & McArthur
with a paid-in capital of $25,000 and started business in a 3
-story building
baying a 75
-foot frontage on Seventh St.. between Robert and Minnesota
Streets. After providing for certain remodeling and installation of equip.
ment, the company commenced actual operations with a working capital
of $15,000. With the exception of $25,000 paid in during 1909, no additional capital has been paid into the business, its growth to present proportions having been financed entirely through the reinvestment of surplus
earnings.
Growth of the business was rapid from its Inception and in 1908 it became
imperative to seek larger quarters, resulting in construction of the first
unit of the present store building which was completed and occupied in
1909. Steady growth made still further additions necessary until at the
present time the company occupies a 5
-story building containing 413,000
sq. ft.
Company operates 68 departments, handling well-balanced lines of
moderately priced merchandise. Approximately 75% of its business is
for cash.
Net Earnings of Business
-Years Ended Dec. 31 (after Depreciation).
1920.
' 1921.
1922.
1923.
1924.
1925.
1316,135
$249,591
$272,582
$281.894
$254,382
$293,219
Average annual net earnings for the above period were $277,938. For
-year period 1916 to 1925, inclusive, such average net earnings were
the 10
1276.123 per annum.
Based on results of operation for the year 1925, after deducting Federal
-taxes, and prior interest and dividend requirements, net earnings available
for payment of dividends on the common stock now to be outstanding
were at the rate of more than $2 per share.
Authorized.
CapitalizationOutstanding.
1% collateral trust serial gold bonds
$1,000,000
$1,000,000
50,000 shares 50,000 shares
Preference stock
Common stock
*130,000 shares 50.000 shares
*80,000 shares have been reserved under a 6- year option at prices ranging
from $12 50 to $15 per share.
-Report for Calendar Years.
Eureka Pipe Line Co.
Profits for year
Dividends paid
1924.
1925.
1923.
1922.
loss$208,353
$32.061
$324,507
$632,603
(4%)x200,00 (7)350.000 (11)550,001 (8)400.001
0
Bonds are secured by the land, building and equipment of the Forty-Third and Locust Street Apartments, Philadelphia. The property is appraised at $1,900.000. The issue is dated Dec. 1 1925 and matures serially
from 1927 to 1935, the mortgage being reduced to $780,000 before the final
payment.
Fox Film Corp.
-Retires Bonds.
-
The corporation announced Feb. 3 that it had completed the retirement
of its 7%% 1st mtge. real estate bonds on the Fox Office Building and
Studios, 10th Ave., between 55th & 56th Sts., N. Y. City. This bond
Issue was placed on the property in 1922 and was originally for $1,300.000.
See also V. 122, D. 98.
General Cigar Co., Inc.
-Par Value of Common Share
Changed-Good-Will Item to Be Reduced.
-
The common stockholders voted Feb. 3 (a) to change the authorized
common stock from 250,000 shares, par $100, to 500.000 shares of no par
value, and authorized the issue of two shares of such stock of no par value
for each share of the existing common stock outstanding: (b) authorized
the directors to issue any of the shares of no par value, at any time unissued,
for such consideration as it may from time to time fix and determine.
Provision was also made for the conversion of the debenture
stock into shares of common stock of no par value at the rate of preferred
of common stock for each share of debenture preferred stock. two shares
The change in capitalization will permit the reduction to $1 in
pany's balance sheet of the good-will item, which at June 30 1925the comstood at
$15,000,000.
Balance Sheet December 31.
1925.
1924.
1925.
1924.
Assets$
8
Liabilities$
$
Land, buildings,
7% cum. pref.stk. 5.000.000 5,000,000
machinery,&c.... 2,796,58 2,969,500 Debenture pref.__ 2,290,000
3,500,000
Good-will, patents,
Common stock_ _ _18,104,000 18.104,000
trade-mks.. dcc_15,000,000 15,000,000 6% gold notes__
7,000,000 7.700,000
Cost of licenses for
Special capital re'
machinery
1,150,082
serve
1,000,000 1,000,000
Inv. in other cos__
15,490
29.929 Accounts payable.
Mtges. receivable_ 135,000
137,500 pay-rolls. &c.- - 780,661 1,144.017
Deb. pref. stock
Debenture prefer'd
(at par)
1,141,600
dividend payable
41,447
39,900
Co.'s corn, stock
Federal tax provlpurch. or subsc.
(don
for by employees 679,801
447,455 Insurance reserve_ tg(C;00g°
) 0
tg..CC28
6% serial notes (at
Surplus appropr'd
cost)
33.511
for red, of deb.
Raw mat'is, sup1,115,000
Preferred stock. 2,315,000
plies. &o
13,876.254 15,710,519 Surplus
5,023,676 5,530,539
Call loans
3,000,000
Notes & Ins reole.
396,219
21,039
Acets receivable 3,841.194 3.814,021
Cash
1,472.994 3.898,148
nerd charges_._ _ 471.287
510.113
Total(each side)42,493.237 44,055.004
A comparative income account was published in V. 122, p. 618.
def$408.353 def$317,939 def$225,494 sur$232,602
Balance
x Of the dividends paid during the year $1,991 were from earnings
prior to 1913.
Balance Sheet December 31.
1924.
1925.
1925.
1924.
General Electric Co.-Increv.se in Stock of Subs. Co.
Liabilities-Assets$
$
$
$
The 0.-E. Employees' Securities Corp..a subsidiary.has filed'a certificate
Plant
10,822,533 10,808.291 Capital stock
5,000.000 5,600,000
Other investments. 2,205,019 1,945,035 Depreciation
5,488,759 4,925.395 at Dover. Del., increasing its authorized capital stock from $4,000,000 to
Accts.receivable
256,903
180.400 Accounts payable_ 245,516
298,406 $6.000.000.-V. 122, p. 356. 488.
.... wis
Profit and loss
Oil purchase & sale
2,827,186 3,235,539
208,616
contingencies_
General Motors Corp.
-May Earn $20 60 on Common.
Cash
316,998 Total(each side)_ _13,561,461 13,459,340
277,006
See 16.1. du Pont de Nemours & Co. under "Financial Reports" above.
-V. 122, p. 616.
V. 122. P. 618. 366'
FEB.6 1926.]
THE CHRONICLE
-Earnings.
General Outdoor Advertising Co.
Income Account for 10 Mos. Ended Dec. 31 1925.
$2,146,114
Profit after depreciation and interest
262.015
Federal taxes
503,260
$128,260; Class A diva, $375,000; total diva_ _ _
Preferred diva.,
$1,380,839
Surplus
2, p. 221.99.
-V
-Report.
General Railway Signal Co.
757
annual net earnings available for dividends on the Class A common stock
after depreciation, depletion, interest on notes. Federal taxes and adjustment for use of new money have been as follows:
1923-$506,084, or $7.90 per share Class A common stock.
1924-$187,801, or $2.93 per share Class A common stock.
*1925-$566,602, or $8.85 per share Class A common stock.
Three-year average, $6.56 per share Class A common stock.
* Annual rate based on 10 months to Oct. 31 1925.
In 1924 the company incurred unusual expense in increasing the efficiency
of its plants and equipment, the results of which have been reflected in the
increased earnings for 1925. Based upon the contracts now being closed
for the year 1926, a further substantial increase in earnings may be confidently expected.
Calendar YearsGross operating income
Selling, administrative and general expenses
1925.
1924.
$3,242,345 $2,197.228
896,044
863,883
Interest, discount, &c
Amortization of patents
Bad debts written off
Sundry miscellaneous charges
Discounts, int. received and miscell. Income
$2,346,301 $1,333.345
169.382
129,266
152.459
50,000
3,369
26,586
104,132
226,729
Cr72,697
The stockholders will vote Feb. 11 on authorizing the sale of the property
of the company, in whole or in part, and on winding up its affairs. The
action was proposed by directors and the proxy committee for the purpose
of avoiding a receivership and resultant court expense.
-V.121, p. 2046.
$860,647
45,039
$815.608
1,458,392
34,900
The directors have declared a quarterly dividend of 25c. per share
and an extra dividend of 25c. per share on the capital stock, both payable
Feb. 24, to holders of record Feb. 24. The following distributions were
made during 1925: $1 25 in Feb.; 25 cents each in Aug. and Nov.
-V. 121.
p. 2047.
$2,029,770
Net income
240,000
Federal and State taxes (estimated)
$1,789,770
Net income
1,971,658
Surplus as at Dec. 31
215,000
Res. for conting. restored to surplus
Capital paid in representing net amount received
759,756
for common stock in excess of par
$3,542,677 $2,033,254
German Credit & Investment Corp.
-Listing.
The Boston Stock Exchange has authorized the listing of 1st pref. stock
allotment certificates. 25% paid, representing 100,000 shares (total auth.
without par value, of 1st pref. stock and 100,000 shares (out of an
auth. issue of 500,000 shares) without par value Common stock. Compare
offering in V. 122, p. 488.
Dillon, Read & Co. interim receipts for 1st preferred stock are now exchangeable for temporary allotment certificates at the National Park Bank,
214 Broadway, N. Y. City. See offering in V. 122. p. 488.
Issue)
1922.
Calendar Years1923.
1925.
1924.
Net sales
$5,216,280 $4,847,694 $5,120,574 $4,926,746
200,588
380,948
Net after taxes
479,756
354,378
61,572
55.360
Pref. dividends (7%) 47,283
51.014
Common dividends- -($3.08)231,250 ($3)225,000 ($2)150,000 ($1)75,000
94,208
50,000
Adjusted credits
$201.222
$78,364
$225,588
The directors have declared initial quarterly dividends of 15c. a share on
the class B stock and of 50c. a share on class A stock, both payable March 1
to holders of record Feb. 15. See also V. 121, p. 2280.
Hood Rubber Co.
-Preferred Shares Reclassified.
-
The stockholders on Feb. 1 approved the reclassification of the Preferred
stock as a 7;4% issue in place of the present 7% issue. The time in which
the present 7% preferred stock may be exchanged for the new 7)4% preference stock expires March 1. See also V. 122, p. 357. 618.
Hotel Properties Inc.
-Trustee.-
The Central Union Trust Co. has been appointed trustee for $1,350,000
6% 1st mtge. building and leasehold gold bonds, due serially.
Hudson's Bay Co.
-Rights.
The ordinary stockholders of record Jan. 12 were recently offeredE500.000
additional ordinary stock (par El), at £3 10s. per share, in the ratio of
one new share for each two shares held. Payment should bmanade at
the company's office, 34, Bishopgate, E. C. 2. London, Eng., as follows:
108. upon application and El each on March 31, April 30 and May 31.V. 122. p. 221.
Hudson Motor Car Co.
-Production, &c.
(H. W.) Gossard Co., Inc.
-Annual Report.
Balance, surplus
Hazeltine Corp.
-Extra Dividend of 25 Cents.
-
(Charles E.) Hires Co., Phila.-Initial Dividends.
-
$4,736,184 $2,308,900
Total surplus
8,278
56,877
Adjustments applicable to prior periods
120,000
Reserve for obsolescence
144,738
Disct. & exp. unamort. applic. to bds. red. in 1925
6,547
Int. on prel. stock paid Fed. 81g. Co
146,717
138,805
Dividen s on preferred stock
122,016
725,177
Dividends on common stock
Total surplus Dec. 31
-V.121. p. 3138.
Hamilton Mfg. Co.
-May Liquidate.
-
$158,224
Balance sheet December 31.
The company in 1925 made an average profit of$81 per car sold compared
with a profit per car during 1924 of $62. according to an analysis prepared
by Auerbach, Pollack & Richardson. During Dec. 1925 the first month
of the fiscal year, 17,200 cars were produced, sompared with 11,660 for
the corresponding month of the previous year an increase of about 47%.
The present capacity of the company is 1.800 cars per day. See also
V. 122. p. 90.
Hudson Navigation Co.
-Sale.
-
The assets of the company, which passed into the control of equity
1924.
Assets
1925.
1924.
Liabilities1925.
receivers on Feb. 16 1921, were sold Feb. 4 by order of the Federal Court.
Plant 0, equipment
8686,000 5707,200 The sale was conducted by Colonel Francis G. Caffev, as special master.
Preferred stock
798.207 All the property of the company was knocked down to the Assets Purchasing
(leas deprec'n)_ _ $622,752 $668,103 Common stock _ 798,207
420.000 Corp., whose bid of $4,200,200 was the highest.
Cash
179.991
99,557 Notes payable_ __
475.000
124,322
Acc'ta rec.(less res.) 677,568
641,188 Sects payable_ _ _
140,666
At the outset Colonel Caffey announced that the upset bid must be not
Deposits. lease_ _ _
47,957
31,182 Accr'd liabilities__ 114,279
less than $2,821.600. Frederick J. Miller, representing the reorganization
Inventories
2,069,484 1,808.596 Divs, payable, etc.
27,000 committee. immediately bid $2,825,000, and Colonel Edward C. Carring33,014
Other curr. assets.
53.439 ton, President of the Assets Corporation, raised the bid. After spirited
38,299
45.294 Res've for taxes_
Deferred charges
122,611
93,083 Surplus
1.545,359 1,344,136 competition the property went to the Assets Corporation. The sale will be
Other assets
34.764
87,298
reported to Federal Judge Mack whose approval is necessary before it is
-V. 122, p. 489.
effective.
Total
83.793.425 $3,474,305
Total
$3,793,425 $3,474,305
• Represented by 75,000 shares of no par value.
Hunter Crucible Steel Co.-Liguidation.-V. 121, p. 2884.
Arrangements have been completed whereby F. H. Crawford Sz Co..
York,
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-Earns.
- Inc., 299 Broadway, NewHunter will conduct immediate liquidation of all
Crucible Steel Co., Cleveland, owned by
equipment of the former
Calendar Years1925.
1924.
1923.
1922.
Western Reserve Steel Co. The Hunter plant is located near Cuyahoga
Net profit, after chges.
-pot crucible melting furnace, a 6
-ton heroult
& taxes (est.)
$635,000
$483,806
$511,928
$347,643 Heights, and contains a 30
-inch merchant mill, and a number of
In 1925, the company opened nine new stores. increasing its chain to 37 type electric melting furnace, a 10
stores at the end of December. Present plans call for the owning of four steam hammers from 800 pounds up to 6 tons. Accessory equipment
includes cranes, heating furnaces, annealing furnaces, straightening mamore stores this year. Sales in 1925 totaled $8.537.417.
President A. F. Stone. said: "This year will show increased sales and chines, shears, &c. The plant was built in 1916 and 1917 under the original
by reason of the operation of these additional stores, as well as by name of the Crucible Steel Forge Co. It was acquired in 1918 by the Electric
profits
constantly gaining business of the older locations. We believe the gross Steel & Forge Co. and later by the present interest. It has not been active
-V.119. p. 331.
for several years.
sales for 1926 will be in excess of $10,500.000.'
Month of January1926.
1925.
1924.
1923.
-Report.
Illinois Brick Co.
Sales
$641.483
$414,536
$379,056
3276.550
1925.
1924.
1923.
Years Ended Dec. 311922.
__T. 122. P. 221.
Not Reported
$1.655,570t
Net income
•
Exps., deprec. and taxes
619.2781
Greif Bros. Cooperage Corp., Cleveland.
-Stock Offered.
$948,463 $1,022,257
$1,036,292
$618,687
John Burnham & Co., Inc., Paine, Webber & Co. and Geo. Net earnings
451,200
780.200
329.000
Dividends
W. York & Co., Inc., Chicago, are offering 64,000 shares
(no par value) Class A common stock at $40 per share.
exempt from
Dividends
present normal Federal income tax. Class A
common stock is entitled to cumulative quarterl3r dividends at the annual
rate of $3 20 per share before any dividends are declared or payable on the
Class B common stock and participates with the Class B stock in the ratio
of 40c. per share on the Class A stock to 60c. per share on the Class B stock
In all further distribution of dividends after the Class B stock has received
$1 60 per share, in any year. Class A common votes, share for share, only
In the event of default in 4 consecutive quarterly dividends. Class A common stock is non-callable. In the event of sale or liquidation, the Class A
common stock Is first entitled to receive $50 per share and after payment of
a like amount to the Class B common stock, both classes share equally.
Dividends payable Q.
-J. (first dividend payable April 1) accruing from
Feb. 1. Registrars, Union Trust Co., Chicago; United ganking & Trust
Co. Cleveland. Transfer agents, Continental & Commercial Trust &
Savings Bank, Chicago, and Guardian Trust Co., Cleveland.
CapitalizationAuthorized. Outstanding,
Class A common stock (no par value)
al00,000 shs. 64,000 shs.
Class B common stock (no par value)
54.000 shs. 54,000 shs.
10-yr. 6% sink,fund gold notes, due Feb. 1 1936- $1,800,000 b$1,800,000
a 36,000 shares reserved for stock purchase warrants. b Each note carries detachable warrant entitling the holder to purchase 20 shares of Class A
common stock for each 161,000 note, at $45 per share until Jan. 1 1928,
thereafter at $50 a share until Jan. 11930, and thereafter at $60 Per share
until Jan. 11932.
Data from Letter of H. E. Coyle, President of the Company.
-Organized in Del. Jan.26 1926 Business estab. in 1877 at
Company.
Cleveland, Ohio, where its main plant is still located. It is the dominant
in the industry, has 8 divisional offices and 216 manufacturing units
factor
throughout the United States and Canada, and does an annual business of
0
over $9,000,00 . The development of the business has been accomplished
without any public financing, the major part of the earnings having been
retained in the business.
Company is the leading manufacturer in the United States of "slack,"
cooperage, comprising wooden staves and headings, kegs and baror
rd dry, in packing and shipping a diversified line of essential commodities,
.,used
such as flour, salt, sugar, cocoa, meats, fish, apples, potatoes, glassware,
pottery, lime, cement, hardware, bolts, nuts, wire, zinc, &c.
Company has its own timber tracts, logging equipment,saw mills, cooper
shops and barrel factories, and is a complete and self-contained unit in
the industry. Plants for manufacturing staves and heads are located near
the source of timber supplies in Georgia, Alabama, Mississippi, Arkansas,
Virginia and Michigan.
-Consolidated balance sheet as of Oct.311925. adjusted to give
Assets.
effect to this financing, shows net tangible assets applicable to this stock of
$3,901,834, or over $60 95 per share of Class A common stock. Company
has ample working capital, its current assets being $3,100,536, against
,
4
currentliabilities of $566.498, a ratio of approximately 5) to 1.
-In each since 1913 when the present management assumed
Earnings.
operations of the company have shown a profit. Consolidated
Control, the
Surplus
Previous surplus
Total surplus
Adjustment
$585,092
1.162,145
$168,262
992,541
$693,257
$618.687
306,755 def311,932
$1.747,237 $1,160,804
1.341
178,399
$1,000,012
7,471
$306,755
Profit and loss surplus $1,568,837 $1,162,145
-V.120, p. 2557.
$992,541
$306.755
-Receivership.
Illinois Coal Corp.
Rice Mlller, Hillsboro, Ill., was appointed receiver for the company Jan.
29 by the Federal Court at Danville. Ill. V.121. p. 2047.
Imperial Realty Co., San Francisco.
-Bonds OfferedMercantile Securities Co. of California, San Fracisco, are
offering at prices ranging from 99 and int. to 99% and int.
$400,000 1st mtge. 5% serial realty gold bonds.
Dated Dec. 1 1925; due serially $25,000 yearly Dec. 1 1926 to 1934, incl.,
with $175,000 due Dec. 1 1935. Int. payable J. & D. at Mercantile Trust
Co. of Calif., San Francisco, Calif. Callable all or part on 60 days' notice
on any int. date at 101 and int. Denom. $1,000 c*. Exempt from personal property tax in California.
Company.
-Organized in California in 1916 for purpose of acquiring improved San Francisco real estate. Entire capital stock owned by Livingston Brothers, Inc., which company has waived the statute of limitations
affecting its liability as stockholder.
Secunty.-These bonds are a direct obligation of the company and are
secured by a first (closed) mortgage upon the following described property:
Two-story brick and cement building located at the southwest corner of
O'Farrell and Stockton Sts.; lot 27 ft. 6 in. by 82 ft. 6 in. Three-story
brick and cement building located on the west side of Stockton St., 27 ft.
6 in. south of O'Farrell St.; lot 27 ft. 6 in. by 82 ft. 6 in. Two-story reinforced concrete building located on the south side of Ellis St.; 137 ft. 6 in.
west of Mason St.; lot 137 ft. 6 in. by 137 ft. 6 in.
These three parcels of property have been appraised at $832.956. of which
amount $660,500 represents the value of the real estate.
Earnings.
-Average annual earnings, after all charges except Federal
tax, with the year 1925 partially estimated, have been $38,600, or 1.9 times
Interest requirements on these bonds.
-Acquisition.
Independent Oil & Gas Co.
See Indiahoma Corp. below.
-V.122. P. 619
.
Indiahoma Corp.
-Sells Plant.
-
Bondholders of the corporation will probably receive an initial liquidating
distribution in the next few months as a result of a deal concluded Jan. 24
by which the refinery and pipe-line equipment at Okmulgee was sold to the
Independent Oil & Gas Co.
The deal involved about 1.500.000, which will be paid partly in cash
and partly in notes, and as soon as various necessary details are arranged
758
THE CHRONICLE
a payment probably will be passed on to the bondholders of the old Indiahoma company.
The Okmulgee refinery, which has been inactive since the old operating
company was placed in receivership, has a 10,000-barrel capacity, but
it was stated that the plant itself would be dismantled, while the equipment
would be utilized as a part of Independent Oil & Gas Co.'s expansion
program.
About 1.000,000 barrels of steel storage facilities and 275 miles of pipe
line to nearby oil pools were included in the Indiahoma equipment just
disposed of and which will be operated by the new owners.
In addition to the Okmulgee properties, the Indiahoma Corp. still
owns approximately 2,000 acres of developed and undeveloped acreage,
and also a.plant in East St. Louis, the sale of which is still pending.
(Baltimore 'Sun.")
-V. 119. p. 2653.
Industrial Finance Corp., N. Y.
-To Pay Off Back Divs.
The stockholders will vote Feb.8 on creating an issue of 7% pref. stock
to be issued in exchange for the present 6% pref. in the ratio of $130 par
value of 7% stock for each $100 par value of 6% stock. This exchange will
also be in lieu of the $37 50 accumulated dividends on the 6% Prof- stock-V. 120, p. 1211.
Intercontinental Rubber Co.
-Dissolved.
-
This company, a New Jersey corporation, has been dissolved as of
Jan. 30 and the number of authorized shares of the Intercontinental tubber
Products Corp. of Delaware increased from 60,400 shares of no par value
to 604.000 shares of no par value. (See plan in V. 121. p.3011.)
Accordingly, for each share of the New Jersey company's common stock
outstanding on Jan. 30, amounting to 290,300 shares, par $100, a holder
has three options to receive cash and securities in the Delaware company,
as follows:
Option One.
-1.08 shares of the capital stock of the Delaware company
and 70 cents in cash.
Option Two.
-One share of the capital stock of the Delaware company
and $1 50 in cash.
Option Three.
-One share of the capital stock of the Delaware company
and 70 cents in cash, and a transferable optional warrant to receive 8-100
of a share of the capital stock of the Delaware company, or at the option
of the warrant holder. if exercised on or before April 1. 80 cents in cash
in lieu thereof.
-Unless stockholders notify the company of the option to be exercised it
will be assumed "option one" is desired.
Application has been made to list the shares of the Intercontinental
Rubber Products Corp. on the New York Stock Exchange. See also
V. 122. p. 489, 358.
•
Intercontinental Rubber Products Corp.-Stk. Exch.
See Intercontinental Rubber Co. above.
-V. 122. p. 358, 222.
International Agricultural Corporation.
-Preferred
Stock Sold.
-Dominick & Dominick and Spencer Trask &
Co. have sold at 93 flat, yielding about 7.52%,$9,263,800
7% cumulative prior preference stock. This offering does
not represent new financing by the company.
Dividends payable Q.
-M. On voluntary liquidation entitled to 110 and
dividends before any distribution of assets is made to the holders of any
other class of stock. Redeemable, all or part on any dividend date at
110 and dividends. Holders of this stock have equal voting power with the
holders of the common stock. Dividends are exempt from the normal
Federal income tax. Corporation must set aside for the purchase or recemption of prior preference stock, before paying or declaring any dividend
on the common stock out of the earnings of any year, an amount which
shall be not lees than 50% of the net earnings for such year. Transfer agent,
Bankers Trust Co. Registrar, First National Bank, New York.
Listed.
-This stock is listed on the New York Stock Exchange.
CapitalizationAuthorized. Outstanding.
Prior preference stock (this issue)
$10,000,000 $10,000,000
Common stock (no par value)
450,000 she. 450,000 shs.
Bonds
$8,228.300
Data from Letter of John 1. Watson Jr.,President of the Corporation.
Company -Manufactures, distributes and sells commercial fertilizers and
mines phosphate rock. The latter which is a raw material of fertilizer manufacture is sold to other manufacturers to the extent that it is not needed in
the corporation's own operations. The phosphate rock owned or controlled
by the corporation is estimated to afford a supply for more than 50 years.
The former practice of selling fertilizers exclusively on time has been
largely abandoned; approximately 75% of the corporation's sales during the
fiscal year ended June 30 1925 were for cash.
Earninqs.-Income available for dividends during the fiscal year ended
June 30 1925 was over 1% times the dividend requirements on the prior
preference stock,and it is estimated that the earnings so available during the
current fiscal year will be over two times the dividend requirements.
Dividends.
-An initial quarterly dividend of 1%% on the prior preference
stock has been declared payable March 1 1926 to the holders of record
Feb. 15. Cumulative dividends aggregating 14% are still unpaid.
Market Equity.
-The value of the 450.000 shares ofcommon stock outstanding, which are junior to this issue, at current market prices indicates
an equity in excess of $11.250.000.-V. 122, p. 619.
International Business Machines Corp.
-Split
-Up.
-
Subject to the approval of the stockholders on Feb. 16. two additional
shares of common stock will be distributed on Feb. 27 for each share held
to common stockholders of record Feb. 16. See V. 122, p. 619.
International Combustion Engineering Corp.
-
President George E. Learnard says in part: "Our new business booked
during last year amounted to between $18,000,000 and $19.000.000, an
increase over 1924 of nearly 100%. The increase in America alone was
between 60% and 70%. Outlook for business for the current year, here
and abroad, is extremely promising, and this is evidence by the fact that
during January between $2,500,000 and $3,000.000 of new business was
booked."
-V.121, p. 3012.
Kaufmann Department Stores,Inc.
-To Decrease Stock.
The stockholders will vote Feb. 15 on decreasing the authorized preferred
stock from $1.500,000 to $1,425,000. par $100. The $75,000 preferred
stock has been acquired for the "special surplus fund."
-V. 121, p. 2760.
[Vol,. 122.
Arrangements have been made for Kelvinator of Canada, Ltd.
,to
acquire the exclusive right to manufacture and market both Kelvinator
and Niter products in Canada and throughout the British Empire. Arrangements have been made for Kelvinator of Canada. Ltd., to purchase a
modern, well-located building in London. Ont., which is to be equipped
with up-to-date machinery for the manufacture of both Kelvinator and
baser products. The proceeds of this issue will be used for this development.
Ouaranty.-Kelvinator Corp., Detroit, unconditionally guarantees the
prompt payment of dividends and sinking fund.
Earnings.
-From the volume of domestic business now in sight and the
possibilities of export business throughout the British Empire, A. H.
Goss (Pres.), estimates that the net earnings of Kelvinator of Canada.
Ltd. for the first year's operations, after completion of the company's
organisation, will be not less than $400.000.
Kentucky Independent Oil Co.
-Bonds Offered.
-The
Provident Savings Bank & Trust Co. and W. H. Silverman
& Co., Cincinnati, are offering at 100 and interest $200,000
1st mtge. 6% gold bonds.
Dated Jan. 1 1926. due serially 1927-1941. Denom. $1 000. Int.
payable J. & J. at Provident Savings Bank & Trust Co.. trustee, without
deduction of normal Federal income tax up to 2%. Callable on 30 days'
notice all or part on any hit. date.
Data From Letter of B. H. Bramlage. President of the Company.
Company.-Incorp. in 1907 in Kentucky. Business consists of the
wholesale and retail distribution of gasoline, oils and greases and the blending of oils.
Purpose.
-To pay off bank debt, which was incurred in purchasing
additional properties to increase the distribution facilities of the company.
-Secured by a direct first mortgage on land, buildings and
Security.
permanent improvements owned by the company in Kentucky and Ohio,
appraised as having a value of $509,138.
-Average net earnings after deducting taxes, for past 6 years
Earnings.
are over 5 times maximum interest requirements.
Sinking Fund c% Redemption.
-Company will deposit quarterly with the
trustee, 25% of the interest and principal due each year. Bonds are
callable, at option of the company. in whole or in part by lot, on any
interest period after 30 days' notice by publication, at 101%% and interest
(S. S.) Kresge Co.
-January Sales.
-
Month of JanuarySales
-V. 122. p. 619, 489.
1926.
1925.
1924.
$7.450.780 $6,871,813 $5.456,794
1923.
$4,929.384
-Balance Sheet Dec. 31.(S. H.) Kress & Co.
1924.
1925.
1925.
1924.
AssetsLiabilities$
Land. bldgs., &e__ 7,950,615 6,649,225 Cum.7% pref. stk 2.944,600 2.985,700
Good-will, organ'n
Common stock-12.000.000 12.000,000
leaseholds, .U..12,000,000 12.000.000 Accts. payable... 1.994,015 1.365.634
7,559.635 6,285.017 Federal tax res've_ 494.000
Inventories
450,000
Supplies
28.654 Mtge. payable__
200,000
261,413 Div. pay. Jan. 2__
Sundry debtors
179.882
52.250
52,425
Prepaid expenses_ 232,949
101,114 Res. for coating_ 1,105,301 1,167,752
Foreign exchange
Surplus
16.842,062 13.371,640
153,736
contracts
1,602,350 1,502,350
U.S Govt.sec
Cash paid tor nret•
52,425
52,250
stock dividend
5.900,811 4.512.928
Cash
Total(each side)35,632,228 31,393.156
A comparative income account was published in V. 122, p. 820.
Lee Rubber & Tire Co.
-Preliminary Earnings.
-
The preliminary report for the year ended Dec. 31 1925 shows net profit
after interest, depreciation and taxes of about 8302,000. This compares
with a net loss of $234.472 in 1924.-V. 122, p. 620, 490.
Lockwood, Greene 8c Co.. Inc.
-To Retire Part of Notes.
The company has deposited $1,888,964 with Lee, Higginson &
through the trustee of their notes. These funds have been obtainedCo.
by
the company chiefly through the sale of the Winnsboro Mills common stock
held as collateral for the company's 7% notes and partly through certain
collections deposited in accordance with the requirements of the
of the note issue. Lee. Higginson & Co. have been instructed toindenture
purchase
with the above funds as many of the $6,000,000 7% collateral trust notes
as possible.
After utilization of the above sum, the remaining notes will be secured by
the following collateral, appraised at present bid quotations approximately
as follows:
40,000 she. Pacific Mills at 43
$1,720,000
13.000 she. Lancaster Mills at 35
455,000
6.000 shs. Lawton Mills at 130
780,000
100,000 she. New England Southern Mills at 4
400,000
5,200 shs. Roxbury Carpet common at 40
208.000
Total
$3,563.000
It is roughly estimated that after applying the above $1,888,964 to the
purchase of notes, the amount of the outstanding notes will be reduced
to approximately $4,000,000.
The annual report of Lockwood. Greene & Co. will show:
Gross income
$2,418,877 80
Expenses and taxes
1.968,281 69
Total int. charges, incl. coupon int, on coll. trust notes and
interest on current debt
726,957 94
Net loss for year 1925
$278,361 83
The officers of Lockwood. Greene & Co.report an increase in engineering
contracts already written, fees for which should come in during the coming
year in increased amounts. The Pacific Mills have just passed their dividend, and from this source Lockwood, Greene & Co. received $150.000
during 1925. During 1925 the Lawton Mills declared, in addition to their
regular dividend of 10%, a special dividend of 5%, yielding $30.000 to
Lockwood, Greene & Co.
-V. 119, p. 80.
(P.) Lorillard Co.
-Annual Report.
-
Calendar Years1925.
1924.
1923.
1922.
Net income after Fed.tax $6,888.461 $6,439,196 $8,277.634
$8,133.398
Premium on 7% bonds__
13,765
15,150
14,345
13,791
Loss on Lib bonds sold_
Kellogg Switchboard & Supply Co.
-Pays Quarterly Bond interest
1,213.265
1,219.209
1,225,248
Dividend of 62% Cents Per Share.
1,231,163
Preferred diva. (7%).-791.532
791,532
791,532
791,532
A quarterly cash dividend of 2%'7 (62% cents per share) was paid Common diva.(12%) -- 3.704.039
0
3.803,834 4,088,938 4,017,002
Jan. 30 to holders of record Jan. 23. In the two previous quarters
the company paid quarterly dividends of 50 cents per share, together with
Surplus after dividends $1,145,860
$809,471
$157.572 $2,079.910
extras of 12% cents per share.
-V. 122. P• 489.
Adjustments
Dr.3.000,000
Previous surplus
12,440,373 14,830,902 14,673,330 12,593,420
Kelly-Springfield Motor Truck Co.
-Sale.
See American Bus & Truck Co. above.
-V.121. p. 2760.
Profit & IOSS surplus- -$13,586,233 $12,440,373 $14,830,902
$14,673,330
-V. 121. P. 191 7.
Kelvinator of Canada, Ltd.
-Stock Sold.
-A.
E. Ames
& Co., Ltd., Toronto, have sold at 100 per share (with a
bonus of one share of common stock) $800,000 7% cumul.
sinking fund preferred (a. & d.) stock.
Dividends payable Q.
-F. at any branch in Canada (Yukon Territory
excepted) of the company's bankers (Royal Bank of Canada). Callable
all or part at 105 and divs. on 60 days notice. An annual sinking fund of
2% for the first three years and 4% thereafter of the largest amount of
preferred stock at any one time outstanding is provided for which stock is
to be called or purchased in the open market and cancelled. Transfer
agent. Royal Trust Co., Toronto, Ont. Registrar, Bankers Trust Co.,
Toronto. Ont.
CapitalizationAuthorized.
Issued.
7% cumul. sinking fund pref. stock (this issue)_ _3800,000
$800.000
Common stock (no par value)
100.000 shs. 100,000 shs.
Organization & Purpose.-KelvInator of Canada, Ltd., is a Canadian
company, the large majority of whose common shares will be owned by
Kelvinator Corp., Detroit. Kelvinator Corp. was organized in 1914 and
is the eldest and a leading manufacturer of automatically controlled domestic electric-refrigeration products. Recently a consolidation was effected
of Kelvinator Corp. and the Nizer Corp., which is the pioneer and a leading
manufacturer of electrical refrigeration for commercial uses, particularly
for dairies, ice cream manufacturers, butchers, grocers, &c.
Ludlow Mfg. Associates, Boston.
-Extra Dividend.
-
The directors have declared an extra dividend of $2 per share and
regular quarterly dividend of $2.50 per share, both payable March 1the
to
holders of record Feb. 3.-V. 120, p. 1756.
Lukens Steel Co.
-Annual Report.
Years Ended Oct. 311925.
1924.
1923.
Sales
812,411,339 $10,880,252 $14.781.394
Cost of sales
11,800,104
9,972,546 13.208.905
Selling expenses
321,371
301,875
311.073
Administrative and general expenses.
132,048
140.112
194.179
Net income
$357,818
$265,919 $1,067,237
Other income
85,129
66,729
14.463
Total
$442,948
$332,647 $1,081,700
Interest and discount
468.254
480,952
436.091
Idle plant expenses
80.684
91,086
84,352
Adjustment of inventories
29,068
15,392
59,879
Loss on equipment scrapped
Cr6,664
92,515
Miscellaneous charges
14.075
/04.490
Liquidating dividend received
Cr8,384
......
Balance, surplus
def$120,011 def$361 .373
$397.08/
FEB.6 1926.)
THE CHRONICLE
Balance Sheet Oct. 31.
1924.
1925.
1924.
1925.
$
$
Liabilities$
Assets
15,898,800 15,898,800
Capital stock
Land, buildings •Ie 8,805,213 9,654,105 First mtge.20-year
equipment
4,139,000 5,112,800
5,521,348 7,689,315 8% bonds
Good-will
342.953 Notes & accts. pay. 527,076 1,068,314
486,968
Cash
Accrued taxes, in1,660 937 1,569,704
37,888
Notes & accts. rec. 2,577,257 2,612,110 surance. &c_
34.797
204,512
Inventories
Aecr'd int. on bds- 165.560
Marketable secs- 500,328
37,746
taxes
Adci'l Fed.
2,624
Accr.lot,on secs_
Workmen's corny.
20,412
Cash on deposit
18,330
lemur. claims__.
204,512
with trustee__ - 200,452
500,000
Capital surplus___ 500.000
0. & I.
Allegheny
Earned surplus.- 523,744 1,200,778
49.643
Co. curr. acct._
Allegheny 0. & I.
Co. stk. pledged 1,489.583 1,489,583
25,318
30,336
Other invest'ts_
Derd charges Ind.
bond
unamort.
455,068
411,344
discount
Special funds with
Tot.(each side) 21.845,054 24,043,504
835
109,021
trustee
-V. 121, p. 2412.
759
-Rights.
litan Casualty Insurance Co. of N. Y.
Metropo
stock from
The stockholders on Feb. 2 voted to increase the capital given the
ers will be
The
$1.500,000 to $2,500,000, par $25. of the stockhold for each three shares
new stock
of subscribing to two shares
privilege
by them at $75 per share. The sale
of the present outstanding stock held of which $1,000,000 will be added to
of stock will provide $3,000.000 cash
00 to the surplus.
capital and _$2,000.0
on and
Power
Henry I. Harriman, President of the New England addedAssociati
to the board of
been
a director of the Northeastern Power Corp., has
Heyer, has been elected Vice-President in charge of
directors. James C.
field organization and development. See also V. 122. p. 490.
Milwaukee Tank Works, Inc.-Pref. Stock Offered.Aultman-Smith, Inc., Milwaukee, are offering at 100 per
share $300,000 7% Cum. Red. Fund Pref. (a. & d.) stock.
Participating also in all Common stock cash dividends. Red., all or
Divs.
part, on any div. date at 105 and dive- upon 60 days' notice. and at
-F. Div. income free from normal Federal income tax Bank.
payable Q.
from Wisconsin income tax. Marshall & 'Islay
present 100% free
Milwaukee, registrar and transfer agent.
Authorized.
Outstanding.
Capitalization$300,000
$500,000
7% Cum. Red. Fund Prof. stock
100.000
100.000
Common stock
-Business established 13 years ago with $5000 cash capital;
Company.
Manufactures and
line
in
-Rights.
na Oil Refining Corp. the right to subscribe on or occupies a commanding position and its manyto-day. countries a complete
Louisia
foreign
in
sells throughout the United States
been given
principally filling station
The common stockholders have
pref. stock at par ($100), on the basis of line of pumps and tanks for gasoline and oils: $21,000 in 1912 to $1,before Feb. 16 for 634% cumul. 100 shares of common stock held.
apparatus. Business has grown from sales of
for every
334 shares of preferred Exchange has ruled that transactions in rights must 400.000 in 1925. •
The New York Stock which date dealings in rights will be as in securities.
-Net earnings after taxes and depreciation for the last seven
Earnings.
and surplus).
be settled Feb. 9, after
years have averaged 23.4% on the invested capital (capital
,
-V. 122, p. 490.
-On (or before) Nov. 11928. and annually thereafter
Redemption Fund.
call, at least 5% of the maximum
-Bonds O.Vcred.-Lum- the company shall retire, by purchase or
Lumbermen's Securities Corp.
in management
amount of Prof. stock theretofore issued. No changes
at prices to
bermen's Trust Co. Portland, Ore., are offering
are conternplated.
maturity, $219,195
'
yield from 5% to 5%%, according to
Montague-Court Office Building, Brooklyn, N. Y.
/ c
guaranteed collateral 51 0 gold certificates. by Chas. R. Bonds Offered.
-George M. Forman & Co., New York, are
and interest
Collateral guaranteed as to both principal
Accident & Indemnity offering $2,000,000 1st mtge. leasehold 6%% bonds, maturMcCormick Lumber Co. of Delaware and Hartford
ing serially from 1928 to 1995, at par, to yield 04% for all
Co.
2 1926. due April 19 1926-1928. Denom. $1,000. Principal
Dated Jan.
in U. S. gold coin of or equivalent to the maturities from 1933 to 1945, and at prices to yield 6X%
and interest (A. & 0.) payable fineness at the banking quarters of the
maturities.
present standard of weight and
Ore., trustee, without deduction for on other
Lumbermen's Trust Co., Portland,
normal Federal income tax not exceeding 2%.with the trustee of mortgage
This issue of certificates is secured by deposit
Ste-m(18Mo Co. and the Chas. R.
notes given by the Chas. R. McCormick to the United States of America,
McCormick Intercoastal Steamship Co.
following steamby the U. S. Shipping Board, covering the and Sydney M.
represented
F. McCormick
ships: Chas. 11. McCormick, Hamlin
Hauptman.
assigned, transferred and
The above mortgage notes have been sold, by the U. S. of America
Corp.
conveyed to the Lumbermen's Securities Board aggregating in amount
ed by the United States Shipping
represent
mortgages tinder the pro$219,195. and are secured by first preferred of 1920 on the ships menShip Mortgage Act
visions of the United Statesare deposited with the trustee as collateral
These mortgages
tioned.
gold certificates, under certain guarantee
against the issuance of theseand interest payments. •
provisions covering principal
represent an aggregate gross tonnage or 15,516 tons, a
These ships
of $1,384,200.
replacement value of $1,756,000 and a depreciated value
-Initial Common Dividend.
McCall Corp.
of 50 cents per share on
The directors have declared an initial dividend 18 to holders of record
Feb.
the common stock, no par value, payable
Feb. 10.
par common stock, and holders
No dividends will be paid on the old $100 the new no par common on or
for
thereof who do not exchange the stock payment Feb. 18. Thereafter this
10 will receive no dividend
before Feb.
stock will be
$100
dividend with respect to outstanding of no par value common who accept
par value common
payable to initial holders of record exchange for outstanding certificates
such no par common in
and receive
stock subsequently to Feb. 18. but subject to
of $100 par value common
may determine. See V. 121,
such terms and conditions as the directors
p.2629.
-7'o Wipe Out Accrued Divs.McCord Mfg. Co.
the Issuance of 13,250 shares of
American
Dated Jan. 15 1926; due serially, 1928 to 1945. Anglo-South $1,000,
t. Denom.
Trust Co.. trustee. Legal for national bank investmenoffice of the trustee
$500. $100. Bonds and int. (J. & .1.) payable at the
days' notice),
or at offices of George M. Forman & Co. Callable upon 60 15 1936. and
In reverse of numerical order, at 105 and int, prior to Jan. by borrowers.
to 4% paid
thereafter at 102 and int. Federal income tax up application,
Various State taxes will be refunded upon proper
Montague-Court Bldg. to occupy the southwest corner of Court and
Montague Sta.. Brooklyn, N. V., will be in a centre of great business
to the
activity. Three different subway lines have express stations closedistrict
entrance of- the building, and the running time to the Wall Street
of New York is about ten minutes. The building itself, facing directly
-story structure of the most modern
on Borough Hall l'ark, will be a 35
type, with retail stores on the entire street level and banking quarters
second floor.
on the
The bonds of this issue will be secured by a direct closed first mortgage
on this building and a long-term leasehold estate; and in addition, payment
of the ground rent for the full term of this loan Is to be personally and
individually guaranteed by members of the borrowing corporation, which
Corp., controls.
Saul Singer. Pros. of the Garment Center Realty when completed at over
Independent appraisals value this property
three
$3.300.000. Estimated net annual income will be approximately over
and
on
times the maximum annual interest requirements andthis Issuecombined.
interest
for amortization
twice the greatest annual charge
al
It is provided in the trust deed that beginning Jan. 15 1928 semi-annu
payments will reduce the mortgage before the final maturity to less than
5% of the original amount.
-January Sales.
Montgomery Ward & Co., Chicago.
1923.
1924.
1925.
1926.
Month of January-$15,286,946 $12,663.768 $11,205,477 $8.477.239
Sales
-V. 122, p. 605. 223.
Morrison-Neese Furniture Co., Greensboro, N. C.
The stockholders on Feb. 1 approved
-Guaranty Title & Trust Corp., Norfolk, Va.,
Offered.
value
new 7% A preferred stock and 13.250 shares of no par presentdebenture Bonds
preferred
to distribute to
$160,000 first mtge. guaranstock. It is the intention of the directors in lieu of accumulated dividends are offering at 100 and interest
holders one share of each of the new stocks, share and in exchange for the teed 6% serial coupon bonds.
preferred which amount to $35 a
on the preferred which will be canceled. It is also the intention of the
Dated Dec. 1 1925; due serially Dec. 1 1927 to Dec. 1 1930. inclusive.
present
- Unconditionally guaranteed as to payment of interest and principal by the
on a $2 a year dividend basis.
board to place the new debenture stock
Guaranty Title & Trust Corp.
490, 223.
is one of the
V. 122. p.
The bonds are the direct obligation of the company, which security is a
The
-January Sales.
largest furniture stores in the State of North Carolina.district. The land
McCrory Stores Corp.
1923.
1924.
1925.
building in the heart of Greensboro's business
1026.
January
six-story
Month of
$2,101,722 $1,702,841 $1.352.208 $1,226,611 and building are conservatively valued at $320.000.
Sales
-V. 122, p 620.
Mortgage & Acceptance Corp., Balt.-Capital Increased.
voted to change the authorized capitalization
The stockholders
-Bus Deliveries
Mack Trucks, Inc. in 1925 increased Increase.compared with from 100,000 sharesrecently cum. pref. stock, par $50, and 50.000 shares
of 8%
159% as
Deliveries of Mack buses
of 1st pref. stock, par $50,
during the last 6 months of the year exactly 100 more of common stock, no par value, to 100,000 shares
deliveries in 1924 and than during the entire year of 1924, according to a 100.000 shares of partic. pref. stock, no par value, and 150,000 sham of
buses were delivered
of the bus department, Inter- common stock of no par value.
statement made by Roy A. Hauer, Manager
expansion in our producBalance Sheet.
national Motor Co..a &subsidiary "Contemplated of increased business,
will be sufficient to take care
Dec.31'25. TIte 30'25.
Dec.3125. .Ine 30'2.5.
tion unit," he said,
in the
a continuation of
LiabUitiesthere is every indication favorable tobusiness during theactivity
$
Assetsand
past year."
1 lot Pref. 8% Cum,
equal to if not greater than
1
bus industry models of buses manufactured by the company, the greatest Furniture & equip$2,500,000 $1,500.000
stock
499.590
989,411
Of the three
in 1925 were 29-passenger Cash
64.250
800.000 commo5 stock._ 1182,683
demand was for the city type: 32% of deliveries w parlor car buses and 8% Special deposit_
25-passenger city type; 227
Notes receivable 9,776,992 4,858.461 6% Coll. Tr. notes 1,250.000 4.622,100
city type, 15% were
-11. 122. p. 359, 223.
6,903,585
105,304 Notes payable
sedans. The balance was special units.
d autos 220.399
Repossesse
for
19,493 Fed tax (bal. yr.
24,424
Sundry debtors
7.154
end. l'ne 30 '25)
-Sale of 88,000,
74,740
141,224
Managers Securities Co. under "Financial 000 Pref. Stock, Other assets
11,940
- Interest. Ac.. paid
Accrued interest..
Reports" above.
de Nemours & Co.
See E.I. du Pont
10.000
16,1367
51,849 Accumulated diva_
84,059
In advance
V. 117, p. 2441. 2001.
69,896
8.231
Sundry creditors
Unamort. disc. dr
10.695
27,370
Res. for Fed. tax
Mercy Hospital of Bakersfield, Calif.-Bonds Offered. comm'n on notes 68,003
180,713
310,219
Deferred Income
are offering 8250,000
Losses on repos.-G. Brashears & Co., Los Angeles,
10,000
25,000
sessed autos
% Serial Gold bonds, Series A, at 100 and int.
3,449
1st Mtge.
Total (each side)11,304,513 6,409,438 Other reserves
1940, inclusive. Denom.
to
Dated Dee. 1 1925; due serially 1929 Series A bonds to be outstand-V. 122. p. 359. 223.
x Represented by 49,974 shares of no par value.
81,000. $500 and $100 Author. $400.000. without deduction for normal
& D. I,
Interest payable J.
-New Director, &c.
ing, $250,000. tax not exceeding 2%. Callable all or part on any Int.
Mortgage Bond Co. of New York.
Federal income notice at 103. Principal and interest payable at Title
S. Sloan Colt has been elected a director. Arthur M. Hurd has been
date on 60 days' Co.. Los Angeles, Calif., trustee. Exempt from personal elected Vice-President.
-V. 121, p. 1685.
Insurance & Trust
.
nronerty taxes in California
a benevolent, religious
-Exchange of Stock.
Motor Products Corp.
• mercy Hospital is incorporated in California as who have successfully
of Mercy,
been appointed agent for the exchange of
The
corporation. It is operated by the Sisters tely 80 years. They now have Motor Empire Trust Co. has
Products Corp. (1926) preferred and common stock for the preferred
institutions for approxima
the basis of share
operated similar
Chicago. Philadelphia,
mitain in 54 cities in the United States, including The California-Arizona and common stock of Motor Products Corp. (1923) upon
other cities.
for share for the preferred stock and two shares of common stock of the
Iti-Louls, Baltimore, Pittsburgh and in San Francisco. San Diego, Bakers- new company for one share of common stock of the old. See details in
order owns hospitals
Province of this Modesto. Calif., and in Phoenix. Prescott and Nogales, V. 122, p.621.
and
field, Oxnard
headquarters are at Burlingame, Calif. opinion of counsel, by a
Ariz. Its
-Div. Increased.
y secured in the
(H. K.) Mulford Co., Philadelphia.
will be
These bonds on all specificall
the buildings, property and equipment of Mercy
The directors have declared a semi-annual dividend of 3% on the capital
i
first mortgage
d, having a total value, based upon the appraisal stock (par $50) payable Feb. 15 to holders of record Dec. 31. During 1925
Bakersfiel
and including the cost
flo_ps ital of
the company paid two semi-annual dividends of 23. %.-V. 120. p. 592.
Howell, Security Trust Co.. Bakersfield,
of Mercy, who
addition, of $424,700. The Sistersobligations and operate this
as a consethe new
record of meeting their
of
-Ramsey, Gor-Bonds Offered.
Muskegon Utilities Co.
have a perfect
rating.
hospital.
enjoy an exceptionally high credit
qu
e nce they started this hospital in 1913 with a very small capital invest- don & Co., Detroit, are offering $250,000 7% first & ref.
-11The Sisters then their income has been sufficient to enable them by mtge. bonds at par and interest.
ment. Since improvements to build up an institution with a net worth
Dated Dec. 15 1925; due Dec. 15 1935. Interest (guaranteed by. the
additions and
effect to the present financing
Federal
epproximately $190,000. before giving
Muskegon Trust Co.) payable J. & D., without deduction of normal or after
of the proceeds thereof. used to erect a 50
-bed Class A 4 story Income tax up to 2%. Callable at 10334 on any interest date on payable
h use
or the proceeds of this issue will be
giving the hospital a capacity Dec. 15 1928. upon 25 days' prior notice. Principal and interest
o
added to the present building,
at Muskegon Trust Co., Muskegon, or First National Bank, Detroit.
wing to be and to retire a small mortgage.
of100 beds.
760
THE CHRONICLE
[Vol,. 122.
Security.
-Secured by a trust deed on 232 acres of
Assets.
-After giving effect to this financing. the
presently valuated at S521893. Property compriseland and improvements
s what is appropriately will consist of cash
corporation's assets
called the Glenside Subdivision located in the immediate outskirts
of Mus- $50 Per share for theand (or) marketable securities (at cost) in excess of
kegon, Mich.. adjoining McGraft Park. $150.000 of this issue
class A stock.
is escrowed market value over cost of securities As of Jan. 5 1926 the appreciation in
with the trustee to secure the conversion or purchase of $130,000
owned was more than $347.000.
Earnings.
bonds on or before June 30 1925. when the trust deed securing underlying
-Without taking
these bonds appreciation in market valueinto consideration the realizable profit from
shall automatically become a first mortgage lien.
of
may reasonably be expected frominvestments, or additional income that
Purpose.
-To retire $130,000 first mtge. 79' bonds now outstanding
increased dividends upon investments,
and the income from
to provide the company with additional worMng capital for
the further de- received from thesecurities now owned, plus the estimated income to be
velopment of its public works.
cash on hand and the proceeds of this financing should
.
be in excess of the dividend requirem
shares of class A stock issued and to ents of $2 50 per share on the 100,000
Mullins Body Corp., Salem, Ohio.
be presently issued.
-Earnings.
Preferences of Class A Stock.
Calendar Years-Whenever and so long as the accrued and
1925.
1924.
1923.
1922.
unpaid
Gross sales
142,922,570 53,486.805 52.144.470 class A dividends on the class A stock amount to $5 per share, then the
stock shall
Cost of sales
I Not stated 1 2.379,321
3,238,361
1,805,285 stock. Except as have equal voting rights share for share with the class B
otherwise provided in the certificate of incorporation,
class A stock shall have no voting rights. No
Gross profit on sales_ _
$646.850
$543.249
additional class A stock
$248,444
$339,184 may be authorized, nor may any stock
Adm.,gen.& selling exp.
317,458
having equal rights or prior rights
237,117
204,519
211,923 to the class A stock be authorized
without the consent in writing of a
majority of the class A stock represented at a meeting
Operating income_ __ _
$329.392
5306.132
called for the purpose
$43,925
5127.261 of considering and voting upon the
Other income
creation of such
38,419
17,823
101.897
the increase of the authorized number of the shares new class of stock or
of class A stock.
Management.
Total income
-Management of the
$367.811
$323,956
$145,822
$127,261 Bohack, Pres, H. C. Bohack & Co., corporation will include H. 0.
Income charges
2,229
Inc.; C. C. Burdan, Pres. Burdan
21,159
39,620
10,957 Bros., Inc.; L. Benedict, Pres. Worceste
r Salt
Sheffield Farms, Inc., and J. A. MacDerm Co.; B. S. Halsey, V.-Pres.,
Balance, surplus
$365.582
ott, V.-Pres. U. S. Dairy
$302,797
$106,202
$116.304 Products Corp.
Previous surplus
2.207,989
1,992,022
1,976,808
1.941,135
CapitalizationPref. dividends (8%)_ _ _
77.160
Authorized,
77.360
Issued.
77.600
77,600 Class A common stock (no par value)...
Misc. adjustments (Dr.)
78.891
9.469
13.389
100.000 shs.
3.031 Class B common stock ;no par value)_- 1,000,000 shs.
-*1,000,0
270,000 shs.
* 730.000 shams reserved against outstanding 00 shs.
Profit & loss surplus_ _ $2.417,520 52.207,9
options and rights to
89 51,992,022 51,976.808 subscribe to such stock.
a Net sales.
Balance Sheet December 31.
National Garages, Inc.
-Organized.
Assets1925.
1924.
Announcement is made from the office of
1924.
Real est..plant,&c.$2,415,929 $2,519,130 8% cure. pref. stk_ 1925.
Howard E.
$964,000 $966,000 of the company, of the formation of the above company Coffin, President
Pref.stk.skg.fund_
299
with capitalization
1.921 Common stock_
x500,000 x500,000 of $500,000. Company is the development of
Pats. St good-will_
85,210
85,210 Notes payable_ _ _
100,000
100,000 Detroit Garages,Inc., and is formed for the purposethe idea originated by
Cash
109,262
21,463 Acc'ts pay.& accr_ 251,911
127,572 the country the idea of the large chain system of of extending throughout
Mtges. receivable_
6.000
garages, similarly built
Accrued taxes_ _
19,749
20,760 and managed as the garages in Detroit.
Acc'ts receivable
746,458
517,788 Due to employees
Among the group forming the company
Notes receivable
are the following: Howard
1,939
86,643
on Lib. Ln.subs.
1,232 Bonbright (Securities Corp.), Roy D. Chapin (Chairma
Mdse. Inventory
833,337
621,959 Res. for disc, on
n Hudson Motor
Car Co.), Detroit. 11. B. Clark (White, Weld
Invest. (at cost).52,366
& Co.), New
54,966
pref. stk. purch_
5,254
4,878 E. Coffin (V.-Pres. Hudson Motor Car Co.), D. Dwight York, Howard
Deferred charges
7,635
22,039 Other liabilities
Douglas (Acting
2.689 Pres. First National Bank), E. P. Hammond (Pres.
Surplus
2,417,520 2,207,989 ing Co.), Detroit, George T. Leach (A. B. Leach Gemmer Manufactur& Co.), Chicago, Alvan
Macauley (Pres. Packard Motor Car Co.).
Total
$4,258,435 $3,931,118
Lynn McNaughton (V.-Pres.
Total
$4,258,435 $3,931,118 Cadillac Motor Car Co.), W. Ledyard Mitchell
x Common stock, no par value.
(V.-Pres. Chrysler Corp.),
shares, declared in accordance Dr. Fred T. Murphy (Chrysler Corp.), Detroit, M.
with the laws of New York State. 100.000 p.
L. Newhall (Sun Oil
-V. 121,
Co.) Phila., Frank D. Nicol (Nicol, Ford &
2413.
Co.), Horace B. Peabody
(Treas. Detroit Garages, Inc.), and Charles B.
Mutual Oil Co. (of Michigan).
Van Dusen (Pres. S. S.
-Bonds Offered.
Co.), Detroit.
-Hay- Kresge new company
den, Van Atter & Co. Detroit, are offering
The
will
$200,900 first stock in Detroit Garages,purchase and take over a certain percentage of
Inc..
(closed) mtge. serial 6A% gold bonds at prices
Inc..
to yield from Chicago and Pittsburgh Parking Detroit, Central Chicago Garages, start
Garages, Inc., Pittsburg
5.75% to 64% according to maturity.
out supervising the management of these three companie h, and will
Dated Dec. 1 1925; due serially Dec. 1
The Detroit Garages, Inc., and its management, for s.
1926-1935. Interest payable
purposes of expediJ. & D. without deduction of normal
Federal income tax, not in excess of ency, have entered directly into contracts involving the formation or
2%. Denom. SLOW. $500 and $100 c*.
managem
'
Redeemable, all or part, on 30 National ent of garage companies in Chicago and Pittsburgh, and the
days' notice on any interest date as follows:
Garages, Inc., has negotiations pending in Philadelphia,
Dec. 1 1926 maturity at 101 more, Syracuse,
Baltiand interest; Dec. 1 1927 maturity
Seattle, Dallas and New York.
from Dec. 1 1928 to 1935, inclusive, at 10154 and interest and maturities tion relative to other cities in order to carry on Investigation and negotiaat 102 and interest. Guardian Trust
the
Co., Detroit, trustee.
expert services for a chain of down-town garages in management and other
the United States and
Canada, have been instigated.
CapitalizationAuthorized. Outstanding.
The purpose of the National Garages, Inc. will be to render
First mortgage sinking fund gold bonds
any or all
$200,000
$200.000 the following services: (I) To manage a chain of garage companie of
Common stock
s in
400,000
350.000 several cities; (2) To assist in forming and
Data from Letter of William H. Shierson
, President of the Company. panies where conditions warrant, using part offinancing local garage comthe National Garages, Inc.'s
Company.
-A Michigan corporation. Organize
capital as a
distribution of petroleum products. Company d in 1920 to engage in the financed andrevolving fund; (3) To hold stock interest in the companies
managed, where such stock can be secured:
owns, either directly or
through controlled subsidiaries,
expert advice on the location and design of buildings: (5) (4) To provide
To install uniform
tributing stations in the several 23 bulk storage plants and 41 retail dis- systems of accountin
cities in Michigan.
g, purchasing, inspection, interchan
Company has a particularly favorable contract
selling of leases, &c.: (6) To train personnel required for ge of experience,
leum Corp.. a producing subsidiary of the Shell with the Rosana Petreoperation. NI'al
It is proposed that the National Garages, Inc. will operate
-Union Oil Corp., under
garages under
which it distributes their gasolines and kerosenes
. Company also carries management contracts, giving assistance in financing in some instances.
lubricating oils, greases, fuel oil and other
Also some conditions may make property available through
petroleum products and service
station equipment for sale to subsidiaries and
Officers of the company are: }toward E. Coffin (Pres.), leases.
other companies.
Witter J. PeaSecurity.
-Secured by a first mortgage on 45 propertie
s of the company, body (1st V.-Pres.), 'Wm. M. MacLachlan (2nd V.-Pres.), Horace B.
located in 28 cities in Michigan. with a present value,
Peabody (Treas.), and Charles Wright, Jr. (Sec.).
In process, of $366,153 and a value, upon completi including construction
The finance committee consists
on of additional construction contemplated, of over $406,000
Frank P. Book and A. H. Buhl. of: Roy D. Chapin, Howard Bonbright,
In addition, there is pledged with , which will be subject to the mortgage.
this bond issue a majority of thethe trustee as security for the payment f
common
National Ice Co., Detroit.
-Bonds Offered.-Harrie,
porations owning important properties in stock in the 14 subsidiary cor28 cities.
Sma 1 & Co., Detroit, are offering at prices to yield from 6%
Earnings.
-Net earnings for the nine months ended
Sept. 30 1925, after
depreciation and Federal taxes, were $89,586,
or at the rate of over nine to 63/2% according to maturity $325,000 6% Serial Secured
times interest requirements on these bonds.
Such earnings for the past Gold bonds.
two years and nine months ended Sept.
30 1925 averaged $131.942, or at
the rate of over ten times interest requireme
Dated Dec. 1 1925; due annually Dec. 1 1927-1934. Denom.
nts.
$1,000 and
Purpose.
$500.c*. Interest payable J. & D. at Detroit Trust Co.. Detroit,
-Proceeds will be used for the purpose of paying
Mich.,
the balances
due on real estate purchased during
1925, to cover a part of the cost of trustee, without deduction for normal Federal income tax not to exceed 2%.
service stations erected thereon, and to provide
Red, all or part on any int. date on 30 days' notice at 102
and int.
stations on sites now owned by the company funds for the erection of
.
Data from Letter of George H. Kittredge, President of Company
.
Nash Motors Co.
Company.-Incorp. in Michigan. Has 2 ice plants for the manufact
-Stock Dividend.
ure
of artificial ice, one in Detroit and one in Toledo. Ohio,
The Committee on Securities of the New York
having a total
Stock Exchange rules that daily capacity of 230 tons. The demand
the common stock shall not be quoted ex
for the company's product
Feb. 11 and not until Feb. 23. See also the 900% stock dividend on been so great that it is now increasing the present Detroit plant from has
V. 122. p. 622, 605.
120
tons daily capacity to 240 tons and it is also building two new
plants on the
west side of the city which will have a daily capacity
National Cloak & Suit Co.
-Earni
storage capacity of 4,500 tons. Provision will be made of 250 tons and a
The annual report for 1925 shows net sales ngs.
for increasing the
of
with $49.225,803 the preceding year and a net profit $46,685,376, compared capacity of these plants as it is needed.
after taxes, of $905,621,
Srcurity.-These bonds will be secured by a direct
compared with $1,862.539 in 1924.
2 new plants on the west side of the city, and will alsofirst mortgage on the
The bal, sheet shows total current assets of
be a
total liabilities of $2,095,803, a ratio of 4.7 $10,053,751. compared with present Detroit and Toledo plants subject to only $135,000 mortgage on the
1st mtge. bonds
to 1. Inventories at the end outstanding at the present time.
of the year stood at $5,374.376 and
Earnings.
-Company has made a very satisfactory
The company has no notes payablecash in bank and call loans at 53.475,923.
outstanding. During the year $230,000 season of 1925 which
showing for the
of preferred stock was retired.
is its first full season of operation.
-V. 122. p. 224.
Net earnings,
after depreciation and available for interest charges for
the 9 months endMg
National Food Products Corp.
-Stocks Sold.
-Chandler Sept. 30 1925 were $62,284, while interesttotal
will amount to $28,275. The company's charges for the season of 1926
& Co., Inc., and Charles D. Robbins & Co. have
capacity by this time will
be 600 tons per day against a
40,000 units of common stock at $45 per un't. Each sold mated earnings for the season present capacity of 230 tons per day. Estiof 1926. which have been figured
unit conservative basis, show a net income, after
on a most
consists of one share of class A and class B stock,
depreciation, available for
interest
sinking fund,
and
carries with it one warrant to purchase class B stock. each charges andthe company'sof $150,000, which is over 514 times total interest
on
entire funded debt.
Class A stock has preference over class B stock
-Proceeds will be used to pay for
as to diva, at the rate ofPurpose.
of $2 50 per share per year, and as to
the company's 2 new plants on the west part of the cost of construction
stock is callable on any div. date at assets up to $35 per share. Class A the capacity of the present plant on the side of Detroit and for doubling
$50 per share and div. on 60 days'
east
notice. Divs. payable Q.
Sinking Fund.
-There will be a monthly side of Detroit.
-F. Transfer agent, Empire
York. Registrar, Trust Co. of North America, New Trust Cq., New trustee, amounting to one-sixth of the next sinking fund, payable to the
York. Divs. free will also be a monthly
interest requirement and there
from present Federal normal income tax.
sinking fund, beginning June
Stock Purchase Warrants.
-Corporation has issued transferable stock each year from June to November inclusive, amountin 1 1927 and operating
g to one-sixth of the
purchase warrants entitling the holder thereof to
next maturing principal installment.
at $20 per share up to and incl. Dec. 1 1930 and purchase class B stock
Capitalization-at $30 per share up to
incl. Dec. 1 1935.
and
Authorized. outstand'o•
1st Mtge. 635% Serial Gold bonds
,
Participating Diridend.-Whenever the preferential
$135,000
$135.
6% Serial Secured
000
stock has been declared up to the next regular div. div. on the class A Preferred stock 8% Gold bonds
325,000
325.000
date and has been
(par $100)
paid or provision has been made for such payment, then
400,000
400,000
class A stock Common stock (no par value)
3,000shs.
is entitled to a participating div. with the class B stock at
3.000shs.
the rate of -V. 120. p. 593.
51 per share.
Corporation.-Inoorp. under the laws of Maryland.
National Life Insurance Co.of the U.S.of A.,Chicago.
Is empowered to
(a) hold securities of food companies, (b) purchase and sell securities
Robert D. Lay has been elected President
to succeed Albert M.Johnson,
(c) underwrite securities of companies in which it holds an interest. , and who becomes Chairman of the board.
The corporation, through investments in the securities of companie
The company is said to be one of the
s
oldest and strongest companies in
engaged in the food industry, offers a diversified opportunity
to share the Middle West:finished the
In their profits. Corporation has already acquired substantial amounts in force, assets of $28.694.676year with more than $167,000,000 ofbusiness
and a surplus of 53.790.62
of the capital stock of the following representative food companies:
6.
National Refining Co.
H. C. Bohack Co., Inc.
Abbotts Alderney Dairies, Inc.
-New Director.
James Butler Grocery Co.
C. S. Eaton, of Otis & Co., has been elected
Borden Co.
a director. The National
Refining Co. owns and operates three
United States Stores Corp.
Reid Ice Cream Co.
refineries located in Coffeyville,
Kan., Findlay, 0., and Marietta, 0., with
David Ponder Grocery Co.
U. S. Dairy Products Corp.
a combined output of over
2,500,000 bbls. per year. It also owns producin
First National Stores, Inc.
Detroit Creamery Co.
g properties located principally in Kansas and Oklahoma.
Corporation proposes to acquire investments in other prominent
Mr.Eaton is Chairman of the board of the
concerns. It also plans to further the development and assist infood
United Light & Power Co. and
financing of such concerns through the underwriting of their securitiesthe of the Trumbull Steel Co., as well as director in many other public utility
.
and industrial companies.
-V. 120. p. 461.
THE CHRONICLE
FEB.6 1926.]
-Quarterly Report.
Zinc Co.
New Jersey .
Results for Three and Twelve Months Ended December 31.
1925-3 Mos.-1924. 1925-12 Mos.-1924.
$1,958,556 $1,449,686 17,048,318 $6,565,642
x Income
40,000
160,000
160,000
40,000
Int. on 1st mtge. bonds_
450,000
340,000
450,000
340,000
Employees profit sharing
Dividends
(2%)981,632 (2)981,632(12)5.889,792(10)4,906,160
Balance, surplus
188,054
$548,526 $1.159,483
$486,924
x Income (incl. dividends from subsidiary companies) after deductions
for expenses, taxes, depreciation, maintenance, repairs, depletion and
contingencies.
Mar. 31.
1925 Qr. EndedJune 30.
Sept. 30.
Dec. 31.
Net income
$1,638,326 11,573,009 $1,758,426 $1,918,556
-V. 121. p. 2283. 2168.
761
Comparative Balance Sheet Dec. 31.
1924.
1925.
Liabilities1924.
Assets1925.
Property account_81,165,225 $1,169,783 Capital stock_ _ _x$3,000,000 $3,000,000
51,634
75.508
Acets payable__
Trade-marks and
26,696.
35,308
good-will
1,449,924 1,449,373 Fed'I tax reserve__
236,133
254,275 Deprec. reserve_ _- 2,
0
Cash
63,98
Profit & loss curInvestments
150,038
58,408
94,530
plus
Acc'ts rec. Oust.). 325,829
216,583
Inventory
225,611
199,423
Derd clue., leaseholds dr organTotaheach side) $3,435,152 $3,372,871
54.545
83,434
ization expenses
-V. 121, p. 2762.
x Represented by 160,000 shares of no par value.
-Sale.
Old Colony Woolen Mills Co.
The purchase of the company's mills at Rochester, N. H. by the Wyandotte Worsted Co. of Waterville. Me., was announced Jan. 27 by Harold M.
Carr, agent at the mills. Permission to sell the property was given to
Robert Gordon of Atlantic. Mass., the receiver appointed by the courts of
Massachusetts and New Hampshire. The sale includes the property and
-V. 121. p. 2284.
water rights.
New Ocean House, Inc., Swampscott, Mass.
-Bonds
Offered.
-C. D. Parker & Co., Inc. Boston, are offering at
100 and int. $500,000 1st Mtge. Sinking Fund 6M% Gold
Coupon bonds, with transferable stock purchase warrants
One Hundred West Monroe Building(Corp.), Chicago.
attached.
-Bonds Sold.
-De Wolf & Co., Inc., and A. C. Allyn & Co.,
Dated Jan. 2 1926: Due Jan. 1 1946. Guaranteed principal and interest Chicago, have sold at 100 and int. $1,500,000 1st Mtge
by Edward R. Grabow. Subject to call as a whole, but not in part, except
for sinking fund purposes, on any int. date upon 60 days notice at 107% Leasehold 63/2% Sinking Fund Gold bonds.
and int. if called on or before Jan. 1 1931; at 105 and int. if called after
Jan. 1 1931 and on or before Jan. 1 1941; and at 102% and int, thereafter
and before maturity. Interest payable J. & J. at First National Bank.
Boston, corporate trustee. Denom. $1,000. $500 and $100. Company
agrees to pay the normal Federal income tax not in excess of 2% and to
refund the Conn. and Penn. 4 mill taxes and all income taxes assessed by
the States of New Hampshire and New York upon the income received on
these bonds not in excess of 6% of said interest per annum. Merton E.
Grush, individual trustee.
Secursty.-Secured by a first mortgage on all the land, buildings and
appurtenances of the company now or hereafter owned. The land comprises about 18% acres situated on Humphrey Street, Puritan Road.
Orient Court and Woodbine Avenue and has an ocean frontage of over
800 ft. The 18 buildings, of which 7 are for the accommodation of guests.
contain 288 rooms with 190 baths. In addition there is a fireproof garage
which is capable of caring for 150 cars in live storage or 350 cars in dead
storage, a bath house and 9 employees' cottages. These buildings are
insured against loss by fire to the amount of 1692,100.
The land has been valued at over $500,000. The buildings were appraised
n
t
35,507 in 1922,since which time $250.000 in additions have been made.
g a total building value of $1,215,507.
CapitalizatimAuthorized, To Be Issued
Bonds (this issue)
1550.000
a$500,000
Preferred stock
550,000
550.000
Common stock (no par value)
b19,500 shs. 14.000 shs.
a The additional 150,000 bonds may be issued under careful restrictions
to pay for useful additions and improvements &c. b 5,500 shares reserved
for conversion of stock purchase warrants.
Earnings -Average annual net earnings after taxes, applicable to interest
and sinking fund, but before betterments and depreciation for the 4 Years
ended Dec. 31 1925 (Nov. and Dec. 1925 earnings estimated), have been
$119,313. Annual interest charges on this issue will amount to $32,500,
annual sinking fund will amount to about 116.000 and annual reserve fund
will amount to 110,000.
Detachable Warrants.
-Each bond will bear a detachable warrant which
will entitle the holder to purchase Common stock of the company, at the
rate of 1 share in respect of each $100 of bond. at $10 per share, at any
time paler to Jan. 1 1936: at $20 per share at any time thereafter and prior
to Jan. 1 1941 and at $30 per share thereafter and at any time prior to
Jan. 1 1946.
gat
Dated Dec. 11925; due Dec. 1 1945. Interest payable J. & D. without
deduction for normal Federal income tax not to exceed 2%. Denom.
$1,000, $500 and $100 c* Callable all or part on any int. date on 60 days'
to
notice at 103 and int. up. and incl. June 1 1935 at 102 and int. thereafter
up to and incl. June 1 1940, and at 101 and int. thereafter. Principaland int. payable at Foreman Trust & Savings Bank, Chicago. trustee.
-The building will be located at the northwest corner of
The Building.
Clark and Monroe Sta. Building will be 22 stories in height, with basement
and sub-basement, and will be of the highest grade modern fire-proof construction. The interior arrangement has been designed for the most effective use of the space and to the greatest extent possible the floors will be
let as units without sub-division. The size, interior arrangement and finish.
light and ventilation of these units will make them equal in rental value to
any office space in the financial district.
-Direct obligation of One Hundred West Monroe Building
Security.
Corp. and secured by a closed first mortgage on its leasehold estates in the
land at the northwest corner of Clark and Monroe Sts., Chicago, fronting
90.7 feet en Monroe St. and 88.3 ft. on Clark St., and the building to be
erected thereon. Total value of security. $2,956,204.
-Earnings of the building when completed and occupied have
Earnings.
me.
been estimated as follows: Gross income. $502,660: oper. exp. not incl.
depreciation or Federal income taxes), $263.473; balance available for interest, 1239,187; maximum annual interest charges on these bonds,197.500.
Oswald Jaeger Baking Co., Milwaukee,Wis.-Pref.
-Second Ward Securities Co., ilwaukee, are
Stock Offered.
offering at 100 and div. $500,000 7% cumul. Pref. (a. & d.)
.
Divid
StOCk ends are
Q.
-M. Red. on any div. date on 30 days' notice at 105
of 1% for each year or fraction thereof elapsed after Dec. 15 1926,
less
Milwaukee,
but in no event less than par. First Wisconsin Trust
Co..
Wis., registrar. Annually, beginning Oct. 1 1927, company will provide
a sinking fund of $35,000 to retire this stock through purchase or call.
Company.-Incorp. in 1912 in Wisconsin, as successor to the business
established in 1880. The ownership of the business since inception has
been exclusively in the hands of members of the Jaeger family. From
-day it is the
this small one-oven plant, the business has grown until to
largest and most modern banking plant in the State, operating 22 modern
ovens and employing 360 people.
-The sale of this preferred stock represents no new financing
Purpose.
New York Merchandise Co., Inc.
-Earnings, &c.
on the part of the company, but is the sale by individual members of the
Net profit for 1925 was 1258,263 after all expenses, charges and taxes.
Jaeger family of a portion of their holdings.
The company states it is the intention to retire 2,000 shares of its first
-Average annual earnings for the past 4 years available for
Earnings.
preferred stock instead of paying dividends on the 75.000 shares of the dividends on this stock after deducting all charges, including ample procommon stock at this time.
-V. 122, p. 360.
for depreciation and for state and Federal taxes, have averaged
visions
more than 6 times the maximum annual dividend requirements and more
North American Cement Corp.-Pref. Stock Offered.
the sum of
- than 3 times combined. the maximum interest charges and sinking fund
Hemphill, Noyes & Co., Eastman, Dillon & Co. and R. F. requirements
De Voe & Co., Inc., are offering $850,000 7% cumul. pref.
-Contracts Let for $16,000,000
Pacific Fruit Express Co.
(a. & d.) stock at 99 per share. Each two shares of preferred Refrigerator Cars.
stock will carry as a bonus one share of common stock (see
Contracts for 5,043 new refrigerator cars costing approximately $16,orders of its kind in
000,000 and representing one of the lartest announced. Advices railroad
original offering in V. 121, p. 1234).
received
history, have been let by the company, It is
companu.--Incorp. in Delaware in August 1925 for purpose of owning in Now York from T. M. Schumacher. Vice-President of the Southern
and operating plants engaged in manufacture of Portland cement and
kindred conunodities. As of Sept. 1 1925 acquired the business and properties of the Security Cement & Lime Co. and Helderberg Cement Co.,
including their 3 successful plants ,
I eated at Hagerstown, aid., Berkeley,
W. Va., and Howes Cave. N. Y. Through present financing it will acquire
the business and properties of the Acme Cement Corp., located near Catskill,
The combined productive capacity of the plants now owned and the
N. Y.
one presently to be acquired is stated to be equivalent to 3,70,000 barrels
of cement per annum, which, upon completion of the improvements now in
progress (estimated to be completed about July 1 1926). is expected to be
increased to more than 4,500.000 barrels per annum.
The plant of the Acme Cement Corp. has present productive capacity of
1,000,000 barrels of cement per annum. Improvements now in progress
and estimated to be completed alaJut July 1 1926 are expected to increase
the capacity to 1,500,000 barrels per annum
Earnings.-Comblned net Licome, after depreciation and depletion on
the present annual basis, of the properties now owned and to be acquired
upon completion of transactions incident to the present financing, for the
year ended Dec. 31 1925. and after deducting annual interest requirements
of the funded debt presently to be outstanding and Federal taxes computed at the present rate, was 1910.207, equivalent to over 2% times the
annual dividend requirements of the preferred stock presently to be outstanding. Notwithstanding the fact that the company will not receive in
1926 the full benefit of the expenditure of
for the
improvements estimated to be completedapproximately $1,750,000 it is
about July 1 of this year,
estimated that. based on present conditions in the cement industry, such
earnings for 1926 applicable to the preferred stock will be substantially
increased.
Assets.
-Balance sheet of Dec. 31 1925, with adjustments to give effect
to the proceeds of the present financing, shows current assets of over 4.20
times current liabilities, and total net assets of over 17,472,689 applicable
to the preferred stock, equivalent to over 1145 a share of such stock presently to be outstanding
purpose.
-Proceeds will be used to pay for the fixed assets of Acme Cement Corp., and to provide funds for betterments, additional working capital and other corporate purposes.
CapitalizationAuthorized. Outstanding.
(Closed)
First mortgage6% bonds,due 1935(Acme)
1300,000
Sinking fund gold debentures
115,000,000
7,607,500
cumulative preferred stock (par $100)
10,000,000
5.150,000
7%
stock, no par value)
mmon
350.000 shs. 133,250 shs.
-Nr. 122. P. 491.
Pacific Co., said delivery would commence May 1, and would be completed by July 31, before the Pacific Coast shipping season opens. The
Pacific Fruit Express Co. is owned jointly by the Southern Pacific and
the Union Pacific railroads.
Mr. Schumacher said that the Pullman Car & Mfg. Corp. of Chicago
would build 1,043 of till new cars; the General American Car Co. 1,000.
and the American Car & Foundry Co. of New York, the Pacific Car &
Foundry Co., Seattle, and the Standard Steel Car Co., New York, each
1,000 cars. Delivery of the new cars will inrrease the Pacific Fruit Express
Co.'s equipment to 38.375 cars. Records .11' the company show that
since being released from Government control in 1920 it has increased its
refrigerator equipment in excess of 23,000 cars, or 155%.-V. 118. p. 675.
-Omits Dividend.
Pacific Mills, Lawrence, Mass.
The directors on Feb. 1 voted to omit the quarterly dividend usually due
l. quarterly dividends of
on March 1. From June 1925 to Dec. 1925
inc.
75 cents per share were paid on the outstanding 140,000,000 capital stack,
par $100.
rhis is
the first time since 1883 that the company has failed to declare a
dividend on the stock.
Income Account for Calendar Years.
1925.1923.
x1922
1 683:113 $44,810.158 $27,695,284
$52,740,931 139,924
Net sales
49,831.337 39,541.103 38,856.254 24,579,686Cost of goods sold
1142,010 $5,953,904 13,115,598
Net operating profit.._ $2,909,594
1,243,137
1,242,483
1,268.358
Plant depreciation
1,384.562
477,533
767.364
902,999
1.079,784
Interest
15,112
398,379
Inventory mark down
966,068
117.509
(6)2,400,000(6)2.400.000(12)2.400,000.
y Divs.paid during yr.(3 01,500.000
Balance, deficit
$2,020,820 $4,666,870sur$1,290,912 $1,145,406.
x1922.
1924.
1923.
Sales (Cal. Yrs.)1925.
Cottons (yds.)
297,612,858 212,960,568 213,896.810 148,796,421
Worsteds (yds.)
-- 17,356,122 16,215,845 21,116,403 13,185,323
206,728110,804
Yarns (lbs.)
1,634
37.185
x A strike of seven months duration occurred in our northern plants in
1922. y Dividends of 1922 on $20.000,000-100% stock dividend paid in
Dec., 1922. Subsequent dividends on $40,000,000 of stock.
Balance Sheet December 31.
1924.
1925.
1925.
1924.
Nunnally Co., Atlanta, Ga.-Annual Report.
Assets$
Liabilities$
IS
$
40,000,000 40,000.000
Plant
45,919,747 45,283,914 Capital stock
1925.
1923.
Calendar Years
1922.
1,040,550 1,030,153 Notes payable_ _ _ _17,355,000 18,960,000
Not stated
l924.
f$1,553,589 $1,444,933 Cash
sales
Net
118,252
.
Acc'ts receivable_ _11,892,866 11,782,621 Sundry ace'ts pay.. 490,910
1,383,066
Expenses, deprec., &c_}
1.312,559 :inventories
18,931,933 21.567,102 Res. for deprec_ -15,395,546 14,051,781
36,837"
Sundry securities_ 302,750
443,436 Res. doubt.acets.
$243,992
1177,345
Operating profit
$170..523
1131:244
23 6
7
4,846,390 6,940,356
Surplus
46,573
39,421
Dr.2,645
Other income (net)
Total income
Reserve for Fed. taxes- Profit-sharing distrib-Net profit
Dividends
$290,565
34,444
20,000
1216.766
26,275
$167,878
20,470
1133,620
16,175
1190.491
$236,121
$147,408
$117.445
31.25)200.000 (11)160,000 (11)160,000 (50c.)80,000
Surplus
Profit and loss surPids- -
$36,121
94,530
$30,491 def$12,592
58.408
27.917
137,445
40,508
Total
78,087,846 80,107,226.
78,087,846 80,107,226 Total
x Inventories were taken at cost or market, whichever is lower, except
such part as was against firm orders.
As of Dec. 31 1925, the company had contracted to purchase cotton, wool,
cotton cloth and supplies for the total amount of $6,296,000 which, as a-V. 121, p. 718.
that date, was $156,000 above the market.
-Sale.(C.) Pardee Works, Perth Amboy, N. 3.
-V. 121. p. 1686.
See Ramapo. Inc.. below.
762
THE CHRONICLE
Parish 8c Bingham Corp.
-Payment of Final Liquidating
Dividend-Corporation to Dissolve.
The stockholders on Jan. 23 approved (1) the dissolution of the corporation, and (2) the declaration of a final liquidating dividend.
The directors have declared a final liquidating dividend amounting to
$2.29 per share on the outstanding stock of the corporation, such dividend
payment to be made to stockholders of record Jan. 23, and to be payable
on and after Jan. 27, upon presentation and surrender by the stockholders
of their respective stock certificates at the office of the Guaranty Trust
Co.. 140 Broadway, N. Y. City, transfer agent, or at the office of the
Guardian Trust Co., Cleveland. 0., transfer agent.
-V. 122, p. 360.
P Park Avenue Leasing Corp., N. Y. City.
-Bonds
-G. L. Miller & Co. are offering at par and hat.
Offered.
$1,100,000 1st mtge. 6% bonds, issue secured by a new
-story apartment hotel to be erected at 100 West 58th St.,
15
New York City.
The bonds, which mature in 3 to 15 years. constitute a direct closed first
mortgage on the apartment hotel building, equipment and leasehold, which
has been independendently appraised at $1,845,000. The bonds are the
direct obligation of the Park Avenue Leasing Corp., headed by Joseph F.
Fattens, well known New York apartment house builder. They are callable
at 102 and accrued int. Interest coupons are payable Jan. and July.
1. (J. C.) Penney Co., Inc.
-January Sales.1926.
r Month of January1925.
1924.
Sales
-V.122. p. 225.
$4.970.414 $3.928,847 33.467.676
1923.
32.799,536
Peoples Drug Stores, Inc.
-January Sales, &c.-
[VOL. 122.
Oil Co., Detroit Edison Co. and other large coal users on the St.
River. Company was formed to meet the demand of these large Clair
users
who could not be efficiently and economically served by steamships because
of the short haul and the shallow water at some of the docks. Company
also carries large amounts of other bulk freight in addition to its
coal
business.
To nieet the needs of its customers the company at the present time
Installing self unloading equipment In one of its steel barges. By means is
of
this equipment this barge will be unloaded in five to six hours as compared
with five to six days and will, therefore, be able to carry several times as
much tonnage during the season as previously. In addition to the
saved the company will receive higher rates for unloading the coal. time
Security.
-Specifically secured by a first mortgage on the company's fleet
which consists of 3 all steel barges. 2 wooden barges and 2 all steel tugs.
This fleet will have a fair value of $829.000 upon completion of the installation of the self unloading equipment. Mortgage provides that company
shall at all times carry insurance on its fleet to the full insurable value.
Earnings.
-For the 2 years and 10 months ended Oct. 31 1925, net
income applicable to depreciation and interest averaged
or over 4 times the interest charges on these bonds, and annually $64.893
such net income
after depreciation amounted to over 3 times these interest charges.
For
the 9 years and 10 months ended Oct. 311925, net income after
depreciation
averaged annually in excess of 234 times the interest charges on these bonds.
Sinking Fund.
-Mortgage provides for a sinking fund which will operate
as follows: Company will pay to the trustee as payment is received,
amount equal to Sc. per ton for each ton of cargo carried but not less an
825,000 annually. This fund shall be used to pay off the maturity than
next
due and all amounts in excess of this shall be applied to the purchase
of
bonds of any maturity or to calling bonds in inverse
In addition, company shall pay to the trustee on theorder of maturity.
first day of each
month 1-6th of the amount of the interest next due.
Purpose.
-Proceeds will be used to install the self unloading equipment
in the company's barge "Constitution" and pay off a small mortgage
remaining on one of its other barges.
Month of January1926.
1925.
Increase.
Sales (no new stores added)
$426.622
$413,304
$13,318
This corporation, which operates 18 stores in Washington, 13. C.. anPro-phy-lac-tic Brush Co.
-Larger Extra Dividend.
nounces that it has acquired a large store in Alexandria. Va. The company
The directors on Feb. 3 declared an extra dividend
expects to add several other stores soon outside of the District of Columbia.
the common stock payable March 1 to holders of recordof 50c. a share on
-V. 122. p. 225.
Feb. 15.
In 1925 the company paid four regular quarterly
per share and three extra dividends of 25 cents each,dividends of 50 cents
Pierce Petroleum Corp.
-Preliminary Earnings.
making $2
year. The last regular quarterly dividend of 50 cents a share 75 for the
Years Ended Dec. 31was paid
1925.
1924.
on Jan. 15 last.
-V. 121, p. 2649, 1688.
Operating profit
$1,221,378
$604,392
Int., Accts. rec. roe., Scc
261.225
372,249
Providence Washington Insurance Co.
-Stock Div.
Depreciation
743.991
609.612
The stockholders of record on Jan. 30 1926 will receive one share of new
stock for each two shares held on that date.
Net income
$216,161 loss$377.471 odd number of shares, a warrant for one-half To each person holding an
share will
The net loss for 1924 comprises a loss of $511,187 for the period May 1
Officers of this company are: C. D. Dunlop, Pres.; be issued.
G. C. House, and
1924 to Dec. 31 1924. subsequent to the reorganization of the company,
less a profit of $133.716 for the period Jan. 1 to April 30 1924.-V. 121. W. E. Maynard, Vice-Pros.: W. H. Phillips, Secy.; and Geo. E. Bixby.
Treas. See also V. 122, p. 623. 102.
9.3141.
Pittsburgh Lamp, Brass & Glass Co.
-Receivership
Denied.
Judge F. P. Schoonmaker in the U. S. District Court at Pittsburgh,
Jan. ais refused to grant the Pittsburgh Trust Co. the right to have a re-
Ramapo, Inc., N. Y.
-Purchase Pardee Steel Plant.
-
This corporation has purchased the buildings and equipment of the
Pardee Steel Corp. (formerly the C. Pardee Works) at Perth Amboy, N. J.
from its former owners. Gov. Slicer of New Jersey and his associates.
L. F. V. Drake, secretary of Ramapo. Inc., states
ceiver appointed for the company. The asking of the appointment of a dispose of the entire plant either separately or in it is the intention to
entirety, having no
receiver was made in connection with a bill of equity asking foreclosure of intention of operating it.
an $800.000 mortgage against the company, held by the First National
The property and the major portion of the equipment have been resold
Bank, Pittsburgh. Judge Schoonmaker in an opinion said that the com- by Ramapo. Inc., to E. B. Leaf Co. of Philadelphia. used machinery
dealer.
pany has quick assets in the amount of $515,053 and that property owned It is also stated that virtually all of the open-hearth equipment has
been
by the company has a valuation of $1,150,467. The opinion cites that disposed of to a large eastern producer, and that the
s
no judgment are held against the company and that there are no suits retaining the rolling mill equipment, including a 34Ramapo company is
-inch blooming mill
being pressed other than the mortgage foreclosure action.
-inch and a 12
-inch mill for later sale.
-y. 104. p. 262. and a 9
Pittsburgh Parking Garages, Inc.
-New Interests.
-
See National Garages,Inc. above.
-V.121,p.470.
Pocasset Mfg. Co.(Fall River).-Bal. Sheet Dec. 31.-
Reid Ice Cream Corp.
-Earnings.
-
Calendar YearsSales
Expenses and depreciation
1925.
1924.
$9,856,603 $8,285,569
8.384,919
7.126.465
1925.
1924.
Ltablifffes--;
1925.
1924.
Operating income
81,200.000 $1,200,000 Capital stock
Real estate
31,471,684 $1,159,104
$1,200,000 $1,200,000 Other income
842,445
829 855 Bilis payable
Inventory
76,556
819,291
570.000
27,106
14,115
Prepaid int. & ins_
Acceptances
18.842
Total income
Taxes
Cash & accounts
57.889
$1.548.240 $1.186.210
128,458 Improvement wet
183.942
receivable
53,873
53,048 Interest and expenses
108.524
42,941
Taxes
Profit and loss_
135.085 Preferred
175,562
70,808
167,103
dividends
157,325
35.000
Common dividends
$2,220,502 81,958,111
Total
Total
450.000
82,220,502 $1,958.111
100.000
-V. 120. P. 714•
Surplus
8656,829
$841,168
Birmingham Ala.
SterneOffered.- -V. 121, p. 3141.
Porter Coal
-Bonds
Co.'
& Co., Birminghoin are '
Ward,
offering at prices to yield 7%
Rogers
-Brown Iron Co.
-Common Stock Changed.
175.000 First Mortgage
% Gold bonds, endorsed by Adams, Rowe &
The company has filed a certificate at Albany. N. Y., changing
Norman.
its
Dated Jan. 1 1926; due serially Jan. 1 1928-1941. Interest payable authorized common stock from 50.000 shares. par $100, to 50,000 shares
J. & J. at Ward, Sterne & Co.. Birmingham. Rod. all or part on any int. of no par value. The 30.000 shares of preferred stock, par 8100, remain
unchanged.
-V. 121, p. 2532.
date at 105 and int., or at par and int. talus a premium of
of 1% for each
year or part of a year to maturity, whichever may be lower. Denom.$1,000.
Rollins Motors Co., Cleveland.
-Sale.
First National Bank, Birmingham. Alabama. trustee.
By order of the U. S. District Court for northern Ohio, this bankrupt
-Secured by a first mortgage on 1.160 acres of mineral rights
Security.
and 160 acres of surface rights at Porter, Ala. 400 acres of land carries company will be sold at auction Feb. 9 by C. D. Friebolin, referee in bankvirgin coal of the well known Mary Lee seam, of an estimated average ruptcy. Included in the disposal will be all inventory and materials in
thickness of 673's inches. Upon completion of improvements to be installed process, parts and supplies, machinery, tools, dies and all other assets.
out of the proceeds of this issue, the property will represent an actual cash Samuel Paul. 925 Guarantee Title Bldg., Cleveland, is the auctioneer in
-V. 121, p. 3016.
Investment in excess of 3225.000 and will have a value in excess of $300,000. charge.
A lease from the Tennesser, Coal, iron & RR., covering 35 acres of adjoining
St. Joseph's Hospital, Memphis, Tenn.
-Bonds Offered.
land, at a minimum royalty of 12 cents per ton, will constitute a portion of
the security.
-William R. Compton & Co. and Lafayette-South Side
Earnings.
-The property has been operated by the present management Bank, St. Louis,
are offering at par and int. 3525,000 1st
for the past 2'-i years. During that time the company has shown a net
profit of only a few hundred dollars before depreciation and depletion, but Mtge. 5% Serial bonds of The Poor Sisters of St. Francis,
after the payment of interest charges aggregating over 310.000. The Seraph, of the Perpetual Adoration
of Lafayette Ind.,
management estimates that the property will earn in the future from
$25.000 to $50,000 a year. after making full allowance for depreciation and secured by property known as St. Joseph's Hospital,' Memdepletion.
phis, Tenn.
Sinking Fund.
-A sinking fund of 7 cents per ton on the coal mined
Dated Aug. 1 1925: due serially Aug. 1 1928 to 1945.
from the property owned by the company, but not the leased property, will
F. & A. Both prineipal and Int. payable at AmericanInterest payable
be paid monthly to Ward, Sterne & Co. as sinking fund trustee.
Trust
Louis, Mo. Denom. $1.000 and $500. Callable all or part on Co., St.
any int.
date
notice at
Pressed Metals Co. of Canada.
-Resumes Dividends.
- each on 30 days'or fraction100% and lot plus a premium of of 1% for
12 months
thereof by which maturity is anticipated
The directors have declared a dividend of 29' on the 89' cumul. pref.
the
stock for the current quarter. This is the first dividend on this stock since call price so figured, however, shall not, in any case, exceed 103. Linton
& Planters Bank & Trust Co., Memphis, trustee.
Dec. 11920.-V. 120, p. 1596.
-These bonds will be secured by a first mortgage on
Serurttg.
,
the
and buildings of the St. Joseph's Hospital. Memphis, Tenn., which ground
Pressed Steel Car Co.
-Annual Report.
is owned
and operated by The Poor Sisters of St. Francis, Seraph, of
Calendar Years1925.
1924.
1923.
the Perpetual
1922.
Adoration, of Lafayette Ind. The value of the land and
Oper. profit after taxes__$1.006.345 $1,781.629 32.191.061 loss$810,606
buildings on which
this issue Is a first mortgage Is greatly in excess of the amount
Other income
526.290
:299.481
x608,913
of this issue.
868.918 The present properties, before making
the additions planned with the
proceeds of this bond issue, are valued at over 81.250.000.
Total income
$1.532.635 32.085.110 32.799.973
358,312
The improvements consist of the main building on Jackson
Maintenance
293.586
505.755
Ave., which
430,640
has a capacity of 250 beds, a chapel, power house,
Depreciation. &c
300.000
400.000
nurses' home and laundry
662.472
400,000 plant. Several acres of ground are owned.
875,000
Divs. pref. stock (7%)
The addition now under con875.000
875.000
875,000 struction will increase the capacity of the
Divs. common stock_
hospital by 150
(2%)250.000(1%)125.000
total of 400 beds, one of the largest hospitals in the city. beds, making a
In addition,
Balance, surplus
864.049
354.355
$706.861 df$1,216.688 of St. Francis, those bonds will he a direct obligation of The Poor Sisters
Seraph, of The Perpetual Adoration. of Lafayette. Ind., a
Previous surplus
14.222.429 14.168.073 13.461.212 14,677,899
national Catholic institution having net assets of over $10,000,000.
History.
-The Order of The Poor Sisters of St. Francis. Seraph, of the
814.286.478 814,222.428 314.168.073 $13,461,211
Total surplus
Perpetual Adoration, was founded in 1860 at Olpe. Germany. In 1875 a
-V. 122. v. 623.
z After deducting interest charges.
branch of the order, the first In America. was established
at Lafayette. Ind.
Pringle Barge Line Co.
-Bonds Offered.
-R. B. Keeler The order is an Indiana corporation owning and operating 21 hospitals
Cleveland, are offering 1st mtge marine equip. 6% located in Indiana, Nebraska, Kansas, Ohio, Colorado, Tennessee, Illinois,
& Co.,
Kentucky and New Mexico. In addition the order conducts 53 schools
serial gold bonds at prices to yield from 53 2% to 5.41% in many of the above States.
/
.
'
P AIMS-
according to maturity.
Dated Dec. 15 1925: due serially Dec. 15 1926-35. Prin, and int(J. & D.)
Payable at Union Trust Co., Cleveland, trustee. Denom. 31.000. 8590
.
and $100 c5 Red. on any int, date all or part in inverse order of maturity
upon 30 days' notice at 102 and int. Company will pay the normal Federal
Income tax not to exceed 2% and will refund the Penn. 4 mill tax. Auth.,
$400.00 .
0
c
empans.-Incorp. in 1913. being the outgrowth of partnerships formed
about 30 years ago. Carries coal in barges from the Lake Erie ports to
the docks of the Diamond Crystal Salt Co., Morton Salt Co., Imperial
Schulte Retail Stores Corporation.
-Rights.
-
The Committee on Securities of the New York Stock Exchange on
ruled that the common stock of the Schulte Retail Stores Corp. shall Feb. 1
not be
quoted ex-rights on March 2 and not until March 11. See also V. 122. P.
624.
Sears, Roebuck & Co., Chicago.
-January Sales.
-
Month of January1926.
1925.
1923.
1924.
Sales
322,590,905 $22,082,092 $19,302.853 $18,930,082
-V. 122, p. 624.
763
THE CHRONICLE
FEB. 61926.]
at which stock will be sold to employees will be fixed by the directors on
March 31.-V. 121, p. 3017.
-Extra Dividend.
Scovill Mfg. Co., Waterbury, Conn.
The directors nave declared an extra dividend of 3%, payable Feb. 9 to
holders of record Feb. 3.
1924.
1923.
-Cal. Years- 1925.
Consolidated Earnings
$4.114.695 $2,649,931 $4,735,654
Gross profits from sales
595.698
566,105
671.227
Other Income
Total income
Provision for depreciation
Miscellaneous charges
Federal taxes. &c
$4,785.922 $3,216,036 $5,331.352
803.854
719,794
783.703
595,832
244,755
428.803
763,905
697.515
950.271
Net income
Profit and loss surplus Dec. 31
-V. 120, p. 2158.
-Usual Cash Dividend.
Standard Oil Co. of New York.
The directors have declared the regular quarterly dividend of 35c. a share,
payable March 15 to holders of record Feb. 19. This is the first dividend
on the issue since the recent disbursement of the 25% stock dividend and
the acquisition of the Magnolia Petroleum Co.
Quarterly cash dividends of 35c. a share have been paid on the Standard
011 Co. of New York stock since March 15 1923.-V. 121, p. 3143.
$2.623.145 $1.553,971 $3.167,761
$9,246,396 $7.250.392 $10,133,413
-Bonds Offered.
Security Bond & Mortgage Co. (Fla.).
-J. A. W.Iglehart & Co., Baltimore, Bodell & Co., Harrison
Smith & Co. and King & Blackburn & Co. recently offered
$500,000 collateral trust gold bonds, Series B, at par and int.
-Acquisition.
Steel's Consolidated, Inc., Buffalo.
It was recently reported that the corporation has acquired control of the
-V. 119. p. 705.
Capitol Five to One Dollar Stores, Inc., of N. Y. City.
-Regular Dividends.
Studebaker Corp.
The directors have declared the regular quarterly dividends of $1 25 per
share on the common stock and $1 75 per share on the preferred stock,
both payable March 1 to holders of record Feb. 10. In the preceding
quarter the corporation paid an extra of $1 per share on the common stock
and increased the quarterly rate from $1 to $1 25 per share. (See V. 121.
p. 2287.)-V. 122. p. 362.
Dated Feb. 11926; due $100.000 each Feb. 1 1927-1931. Int. payable
-Offers Stock.
Superior & Boston Copper Co.
F. & A. Denom. $1,000, $500 and $100 c*. Prin. and int. payable at
The company is offering 82,256 shares, bought by the company at
Maryland Trust Co. without deduction for normal Federal income tax of
at any time, upon 30 days' notice, at par and int., plus yi of auction, to the remaining stockholders at $1 per share. 212,547 shares.
2%. Red.
There are outstanding now In the hands of the public
1% for each year or fraction thereof to maturity.
cash on
Company.-Incorp. In Florida to continue under a more appropriate The company is free from debt. It has approximately $20,000
first mortgage loan hand, plus supplies, and a potentially valuable property.
name, and with larger capital. the Southern real estate
no subscription shall be
Unless otherwise specified by the subscriber,
and investment business established and successfully operated since May. binding until and unless subscriptions shall be received from all sources
1919, by the Securities Sales Co. of Fla.
Sectinty.-Secured dollar for dollar by first mortgages on fee simple for at least 60,000 shares on or before Feb. 20 1926.
Earnings for Fiscal Years Ended Sept. 30.
real estate; still further secured by the Maryland Casualty Co.'s guarantee
1921-22.
1922-23.
of principal and interest on each mortgage. Compare also V. 121, p. 2169.
1923-24.
1924-25.
$225,876
$307.868
$361,135
Total receipts, &c
$244.093
Seventh & Grand Avenue Building Co., Los Angeles. General development
185.116
310.816
310,025
293,677
18.498
21.501
21,318
21,728
-E. H. Rollins & Sons are offering at 100 General expenses
-Bonds Offered.
273
1.635
38,501
General equip. & turn
and int. VOn OM 1st mtve. leasehold 63'% sinking fund General mining patents_
2.301
100
gold bones (leasehold and fee).
kr Dated July 1 1925; due July 11940.
Denom. $500 and $1.000. Prin.
and int. (J. & J.) payable at Union Bank & Trust Co., Los Angeles, trustee.
Callable, all or part on any int. date on 30 days' notice at 103 and int.
Company agrees to pay the normal Federal income tax not exceeding 2%.
Exempt from personal property tax in California.
This issue of bonds will constitute a closed first mortgage upon two
parcels of property (leasehold and fee) in the best business and shopping
district in Los Angeles. The first is a valuable le*sehold interest (having
an unexpired term of 87 years) in a lot at the northeast corner of 7th St.
and Grand Ave.. upon which the company proposes to erect a 13-story
class A reinforced concrete building. This building will contain over
52.000 sq. ft. of rentable area above the ground floor. Its estimated cost.
Including carrying charges, will be $727.700,
The second is a lot owned in fee and improved with a 4-story class 0
structure at the northeast corner of 6th and Flower Sts., having a frontage
of 47 ft. on 6th St. by 55 ft. on Flower St. This property has been appraised at $260.000.
Total security for the bonds, including estimated cost of the Quinby
Bldg.. the appraised value of the corner of 6th and Flower Sta., and without
giving consideration to the value of the leasehold. is $987,700.
Net earnings available for interest and amortization partially based
on rentals now received and a lease made by the Louis K. Liggett Co.
for a portion of the ground floor of the Quinby Bldg. are estimated at
$128,896 annually, which sum is more than 3.30 tints the largest annual
Interest and 2.25 times the average slaking fund and interest requirements
(amount outstanding in 1940 not included). The sinking fund will retire
8375,000 par value of bonds prior to maturity.
-Stock Off List.
Shattuck Arizona Copper Co.
The capital stock of this company was stricken from the list of the New
York Stock Exchange on Jan. 28. 1926. The company was recently merged
with the Denn-Arizona Mining Co. into the Shattuck Dean-Mining Corp.
V. 121. p. 2533.
Shawmut Clay Mfg.Co.-Trustee.-
The Irving Bank-Columbia Trust Co. has been appointed trustee of an
issue of $100.000 1st mtge. 6% bonds.
-Production.
Skelly Oil Co.
The company produced 4.244,625 barrels of oil during the first 10 months
of 1925. This compares with a production of 1.639,721 barrels in 1920. and
3,969.312 barrels in 1924. The company's producing wells have increased
-V. 121, p. 3017.
from 112 to 1.073 in 6 years.
Southern Pipe Line Co.
-Change in Capital Structure
Planned-Annual Statement.-Pres. Forrest M. Towl says:
The officers and directors are not able at this time to submit a definite
plan as to the reduction of the capital of the company. A plan will probably
be submitted to the stockholders during the year.
Our "Other Investments" decreased 836.490 during the year; some were
paid and others purchased to partly replace those which came due. The
market value of our securities increased $89,187: our taxes decreased
$52,121; our operating expenses decreased $93,277; our operating revenue
decreased $187,032.
We are at present unable to make any estimate as to the future increase
in business. The lines of the company were operated at about 10% of their
capacity during the past year. A further decrease is not anticipated.
1924.
1925.
1923.
1922.
Calendar Years$280,092
8191,266
$547.707
$982,239
Profits for year
a(4%)400,000 (8)799.999 (10)999.999 (8)799.999
Dividends paid
Balance, sur. or def_defg208,734 def$519,907 def$452.292 sur$182,240
1,716.813
2.169,106
1.196.906
1,986.866
Previous surplus
$988,172 $1,196,906 61,716,814 $2.169.106
Profit & loss surplus__
a Books show that of dividends paid during the year $236,667 were from
earnings prior to 1913.
Balance Sheet December 31.
1925.
1924.
1925.
1924.
Liabilities$
$
$
Assets5,969,871 5,971.232 Capital stock
10,000,000 10,000,000
Plant
Other investments 7,524,983 7,572,530 Deprec'n reserve 2.677,886 2,505.897
.
417
133,871 Acets payable _ _ .
951
Accla receivable__ 120,148
51,875
28,121 Front and loss_ - 988.172 1,198,908
cash
13,688.475 13,703,754
Total
-V. 122. P. 624.
Total
Balance
-V. 121. p. 2170.
The company has acquired all the assets of the Teagle Magneto Co.,
Cleveland, 0.-V. 121, P. 2533.
-Dividend.
Standard Oil Co. of California.
sur$29,792
def$26.184 sur$19,689
-New President.
Thermiodyne Radio Corporation.
John W. Gulbord has been elected President, succeeding former Senator
-V. 120, p. 596.
T. H. Ferris of Utica. N. Y.
-Extra Dividend.
Timken Roller Bearing Co.
An extra dividend of 25c. per share has been declared on the outstanding
capital stock of no par value. In addition to the regular quarterly dividend
of 75e. per share, both payable March 5 to holders of record Feb. 20.
Like amounts have been paid quarterly since Sept. 1923.-V. 121. p. 2287.
-Bonds Offered.-Seeond Ward
Tower Building Co.
Securities Co., Milwaukee, are offenng $260,000 1st mtge.
serial gold bonds at 100 and int. Dated Feb. 1 1926,
5
due serially Feb. 1 1928-1936.
-Owns the fee on the southwest corner of Wells and 27th
Company.
streets. Milwaukee. with a frontage of 186 ft. on 27th St. and 86 ft. on
Wells St. The Tower Building. which is now being built on this site. is a
modern, fireproof, steel. concrete and terra cotta structure, 2 stories high,
but with reinforced foundations sufficient to support several additional
floors. It will contain a theatre, 8 stores and 16 suites of offices. The
theatre, which will have a seating capacity of approximately 1.6.50. has
been leased for 10 years to the Saxe Brothers of Milwaukee. The building
is now more than 85% complete and it is expected that it will be ready
for occupancy about March 1 1926.
-Net earnings of the building have been estimated by comEarnings.
petent authorities to be $56.680 per annum available for the payment of
principal and interest.
-Balance
Transue & Williams Steel Forging Corp.
Sheet Dec. 31.1924.
1925.
AssetsProperty & plant
(after depreen)_81,015.981 $1,096.211
72.675
44.315
Cash
234.848
Notes & accts. ree_ 534.504
358.480
689,016
Inventory
41.919
26.579
Other assets
117.719
157.387
Prepaid exp., &c
Securities owned 1.349,838 1.648,257
1924.
1925.
Ma/WSWx$550.000 $550.000
Capital stock
80.687
Accounts payable_ 319.204
16,921
16.207
Acer. taxes.
----50,000
Divs. payable
Prey, for est. Fed.
taxes & reserve
12.564
24.196
for contingencies
Capital surplus... 2.450.000 2.450.000
460.652
Profit & lees Burp. 410.098
$3.820,419 $3,570,109
83.820.419 84.570.109 Total
Total
x Represented by 100.000 shares of no par value.
A comparative income account was published in V. 122. p. 625.
-Suit Settled-Earns. Cal. Year 1925.
Trumbull Steel Co.
The settlement of a stockholders' action against directors of the company,
to which the Cleveland Cliffs Iron Co. was made a party defendant, was
effected Jan. 31 with the sanction of Chief Justice Powell of Common Pleas
Court at Cleveland, Ohio.
The Trumbull directors, according to the settlement, and the Cliffs
company are to pay the Trumbull Steel Co. 8425 000. The Trumbull
company is to re-assign to its defendant directors and the Cliffs company
dividend warrants of the Trumbull-Cliffs Co.. a corporation jointly promoted by the Trumbull Steel and the Cliffs companies.
The action was an outgrowth of difficulties encountered by the Trumbull
Steel Co., which were blamed on discrepancies In the account of its President,
Jonathan Warner. Warner has made restitution in the approximate
sum of $2.500.000. It was announced before Justice Powell. Directors
denied any responsibility for the troubles.
$3.405,962
Operating profit
121.530
Other charges
Balance
Other income
$3,284,432
100.421
Total income
Depreciation,&c
Interest and amortization
$3.384.853
$840.000
969.283
Net profit
13,688,475 13.703.754 -V. 122, p. 495.
-Splitdorf-Bethlehem Electrical Co.
-Acquisition.
def$109,814
$1.575,570
Tudor Court Apartments (Tudor Court Apartment
-Title Guarantee &
Co.), Cincinnati.
-Bonds Offered.
Trust Co., Breed, Elliott & Harrison, the Tillotson & Wolcott Co., J. R. Edwards & Co., Hoefinghoff-Merz, Inc.,
W. E. Hutton & Co., Westheimer & Co., the Davis-Bertram
Co. and Bruner & Reiter Co., Cincinnati, are offering at
100 for 1928-1929 maturities and 100 and int. for 19301941 maturities, $412,000 1st Mtge. 63/2% Gold bonds.
declared the regular Quarterly
The present California company has
dividend of 50c. a share, payable March 15 to holders of record Feb. 20.
dividend, the company states:
la connection with the 011 Co. on Dec. 30 1925, covering "By agreement
consolidation of
into with Pacific
entered 011 Co. and Standard 011 Co. (Calif.), the amount of this dividend
Pacific
by the Standard Oil Co. (Calif.) from its
payment was specifically withheld contemplated consolidation.
1 1928-1941. Callable in their
Dated Jan. 1
serially
See also inverse numerical 1926: due premiumJan. of 1% per annum for the anticie
us s to be transferred in the
of YI
order at a
pated period. The bonds of the last maturity are subject to call first.
Standard Oil Co. (Del.) in V. 122. P. 624.-V. 122. p. 361.
The company also has the right to purchase bonds in the open market at
-The the best price
Standard Oil Co. of Indiana.-Extrs Div. of 25c.
obtainable. Title Guarantee & Trust Co., Cincinnati,
c.
directors on Feb. 3 declared an extra dividend of 1% and Ohio. trustee. Denom. $1.000, $500 and $100. Int. payable (.1Federal
normal
Ohio.
at Title Guarantee &
usual quarterly dividend of 2%% on the capital stock, income tax paid by theTrust Co.. Cincinnati, Calif. 4 2% tax, Maryland
mills
the
borrower. Penn. and
to holders of record Feb. 16.
45i mill
par $25, payable March 15second plan under which employees will 6% paid tax, Kentucky 5 mill tax, and Mass, income tax not exceeding
adopted a
by borrower to holders upon proper application.
0
The companyhas
Sinking Fund.
-Trust deed provides that the company shall deposit
to subscribe for capital stock of the company. The plan
be permittedeffective April 1 1926 and operate for three years. Under monthly with Title Guarantee & Trust Co.. 1-12th of the annual sum of
become
will
10% of the employee's annual wage will be deducted and principal and interest maturing during the ensuing year, up to 1941.
it n t exceeding
-An absolute closed first mortgage (in fee) on the entire proSecurity.
trustees to the credit of the employee. The company will
placed with
the employee's deposit. The price perty, building, and equipment and a first lien on the income.
'Contribute an amount equal to 50% of
764
THE CHRONICLE
The property when completed has been conservatively appraised at
$710.000, showing a margin of security of $298,000 above the amount
of the mortgage, and makes the loan only 58% of the appraised valuation,
Union Stock YardsCo.of Omaha,Ltd.-Bal.SheetDec.31.
1924.
1925.
1925
1924.
Assets$
$
Liabilities$
Real estate & plant17,186.022 16.195,688 Capital stock
7,496.300 7,496.300
Accts.receivab.e__
23.168
31,801 Bonded debt
700,000
700.000
Inventories
134.924
148,155 Deprec'n reserve_ 2,386,366 2,004,370
Investments
787,687 1.160.187 Accounts payable_
9.116
41,124
Deferred charges
28.068
17.209 Contingent reserve
7,182
Cash
28,074
28.288 Reserve for taxes_ 157,571
154.117
Surplus
7,416,588 7.176.255
Total
18,165,941 17,579,328
Total
18.165,941 17,579,328
A comparative income account was published in V. 122, p. 625.
Union Storage Co.
-Annual Report.
-
Calendar YearsNet earnings
Depreciation
Dividends
1925.
476.465
1924.
$78401
1923.
$92,748
1922.
$66,063
[VOL. 122.
Vick Chemical Co.
-Earnings.
Income Account for 6 Months Ended Dec. 31 1925.
Net earnings
$1,407,978
Federal taxes
175.997
Dividends
350,000
Surplus
$881,981
Consolidated Balance Sheet (Including Subsidiary Company)
AssetsDec.31'25. Aug.31'25
LiabilitiesDec. 31'25. Aug. 31'25
Prop.& plants_ _ _ _ $359,028 $365,262 Capital stock
$2,002,900 $2,002,900
Sundry accts. rec.
16,087
14,826 Acceptances parle
34,219
Trade marks and
Accounts payable_
210
15,698
goodwill
1
1 Reserve for Fed'!
Cash
929,769
293,024
taxes
175,997
Accounts receiv'te_ 301,001
90.497 Surplus
881,980
Inventories
918,380 1,289,203
Investments
538,820
Total(each side) -53,061,088 $2,052,815
-V. 122, p. 495.
Wahl Co., Chicago.
-Annual Report.
President Thos. Drover says in substance:
Company's experience for the year from a profit
and loss standpoint is
primarily attributable to reduced sales volume, which resulted
Balance, surplus
$17,400
$24.906
$39,650
in increased
$16,667 ratio in cost of
Previous surp.„ adjusted
322.242
297,336
257,458
237,313 tising, sales and advertising, selling and manufacturing expenses. Advermanufacturing expenses were budgeted on a sales volume
estimated at $5,500.000.
Profit and loss,surplus $339,641
$332,242
$297,108
$253,980
The sales for the year were adversely
x Subject to Federal taxes.
-V.121, p. 2766.
dealers from the previous year because ofaffected by stocks carried over by
a disappointing consumer demand
during the Christmas season of 1924. Christmas
United Alloy Steel Corporation.
-New President.
business for 1925
George H. Charls has been elected President, succeeding E. A. Langen- good and, on the whole, satisfactory, and stocks on dealers' shelves at was
the
bach.
H. Prints has been elected Vice-Pros. & Gen. Mgr. Mr. Langen- close of the year 1925 were reduced to normal.
Gross sales for the year 1925 were $4.336,979 as
bach will remain as Chairman of the board.
L.
-V. 121, p. 3017.
against $6,477,818 for
1924. Net loss for the year is $100,182.
Company had no obligations for borrowed funds at the close
United Drug Co.
-Subs. Pays 50% Stock Dividend.
nor were any accommodations of this character required during of the year,
The ordinary shares of the Boots Pure Drug
Ltd. a
the year.
Dividends on preferred stock were discontinued with the
were recently increased from 1,000,000 to 1,500.000. par El.' subsidiary,
Co.'
payment for the
The additional quarter ending June 30 1925 and have
not been resumed. The board con£500.000 of ordinary stock was distributed to ordinary stockholders of
sidered this action warranted primarily because of the
record Dec. 28 as a 50% stock dividend. The 'United Drug Co. owns
decreased volume of
business done up to the time of the suspension of dividend
£760,000 of this issue.
-V. 122. p. 103.
payments, and
because of the undetermined liability with respect to
Federal taxes on
United Fuel & Supply Co., Detroit.
-Acquisitions.
- income of prior years, chiefly arising from the sale of capital assets. The
This company purchased at a receivers' sale on Dec. 14 the Birmingham additional amount claimed by the Internal Revenue Department for income
Sand & Gravel Co. and the Detroit Steamship Co., a subsidiary. The and excess profits taxes in respect of the years 1918 to 1921, inclusive, is
price paid was reported to be around $1,000,000. It was also stated that now reduced to about $400,000, a material reduction in the original assessment. It is hoped that a further reduction may be effected.
the creditors would be paid in full.
-V.120, P. 464.
Income Account for Calendar Years.
United Fruit Co.
-Extra Dividend 0/2%
-May Split Up
1925.
1924.
1923.
1922.
Shares.
$3,772,665 $4,612,338 $8,014,184 $6,198,510
-The directors on Feb. 1 declared an extra dividend Net sales
of 2% and the usual quarterly dividend of 23/2% on the out- Mfg.,selling & adm.exp. 3,809,272 4,651.545 4,756,784 4,496,951
standing $100,000,000 capital stock, par $100, both payable
Net profit
def$36,608 def$39,207 $1,257,400 $1,701,559
63,456
80.422
April 1 to holders of record March 5. The last previous Miscellaneousincome-.
124,685
126.480
extra dividend, amounting to 2%, was paid in 1924.
Gross income
$26,848
$41,215 $1,382.065 81,828,039
Miscell.. &c., expenses
*127,030 *1,337,909
The stockholders will shortly vote on changing the capital stock to no
232.432
305,546
par value. It is planned to issue 2% shares of the new stock in exchange Federal tax reserve
136,894
189,767
Preferred dividends--(33.6%)38,251
(7)76,615
for each share held.
-V. 122. p. 604.
(7)77,523
(7)77.957
Common dividend
($2)309.592 (36)928,718 (36)928,241
United Ice Service Co.
-Listed.
Balance, surplus
def$138.433df$1.682.901
There have been placed upon the Boston Stock Exchange list 37.500
$326,528
* Includes certain losses sustained on account of new145r
shares (without par value) Common stock with authority to add thereto
$6
styles.
Consolidated Balance Sheet December 31.
12,500 additional Common shares as official notice of issuance and paymen
in full.
Assets•
1925,
1924.
Liabilities1925.
1924.
There are now on the list Preferred allotment certificates representing Land, bldgs., ma7% cum. pref.stk_SI,092.900 $1,092,900
15,000 shares (par $100) Pref. stock and 15,000 (without par) Common
chinery, tools &
Common stock_ _a2,485,424
stock. On Jan. 2 1926 the respective shares against these allotment certiequipment_ _ __:$1,554,233 $1,638,952 Accounts payable. 178,436 2,485,424
182,185
ficates were deliverable, and the allotment certificates will be stricken from Patents
93,004
93,404 Taxes accrued,incl.
the list, the 15,000 Prof. shares (par $100) being placed therefor on the list. Cash
356,392
171,187
Federal taxes__ 438,332
107,744
Transfer agent, Stone & Webster, Inc.;registrar, the First National Bank. Securities
482,429
12,391
19,126
Company is a holding corporation, its interest being as follows: (a) Notes & acets roc_ y1,253,508 1,839,776 Dividends declared
Reserve for continCarolina Public Service Co.,authorized capital $1.000,000 Preferred stock. Due from employ's
497
gencies
118,752
of which $800.000 issued, and $1.000.000 Common stock, of which $300,000 Inventories
z999,719 1,228,759 Canting, profit on
issued. The holding company has $286,000 of this Pref.stock and $586.500 Investments
72,932
72,933
pref. stock repur
116,508
of the Common. (b) Southern Ice Co., authorized capital of $1,000.000. Deferred charges
16.978
31,987 Surplus
836,102
965,248
of which $300,000 issued, all of which is owned by the holding company.
(c) Peninsula Ice Co., Inc., with an authorized capital of 4,000 shares (no
Total
$4,829,195 55,087,887
Total
$4,829,195 $5,087,887
par) Class"A"stock and 41111 shares (no par) Class"B"stock. The holding
x After deducting reserve for depreciation, $508,123.
company owns the 4,000 shares of Class "A" stock.
reserve for doubtful accounts, allowances and discounts. y After deducting
z Inventories of
finished stock, work in process, raw materials and
Combined Income Account for 10 Months Ending Oct. 311926.
supplies
market. whichever is lower). a Common stock represented (at cost or
Ice department sales
$1,176,516 shares of no par value.
by 154,796
-V. 121, p. 1582.
Production and storage cost of ice sold
316.905
Delivery, selling & general expenses
415,830
Ward Food Products Corp.
-Organized.
A charter for the above
Balance ice sales
$443,781 ization of $2,000.000.000, corporation, assessed at an authorized capitalFuel department sales
$139.920 has a total capitalization of was filed Jan. 30 in Maryland. Corporation
Cost of fuel sold
101,540 of the capitalization consists20,000.000 shares of no par value stock. Half
of preferred stock ($7 cumulative) and half of
Delivery, selling and general expenses
54,010 common. The charter was filed by Piper,
Carey & Hall. Baltimore attorneys. Names of the incorporators are given as Douglas H. Rose, J. Harry
Balance fuel sales
def$15,630 Frost and R. Dorsey Watkins.
Balance sales all departments
$428,150
According to the incorporation
Uncollectible bills
1,418 the new concern. Three womenpapers, William B. Ward Is President of
are named as
Taxes
51,794 of directors. They are: Alexandria W. Jack, Claramembers of the board
Nulle and Hortense O.
Wordeman.
rer operating Income
$374.938
The charter states that directors may appropriate out of surplus funds
Non-operating income
5,896 for charitable purposes before payments of dividends on
common stock.
Gross corporate income
$380,834
Warner Brothers Pictures, Inc.
-Defers Dividend.
Interest & amortization charges
61,573
The directors have decided to defer the quarterly dividend of
share, due March 1, on the class "A" stock. Dividends at the 3731c. a
Net income
rate had
$3319,261 been paid quarterly on this issue from June 1925 to
.--V. 120. p. 2024.
Dec. 1925. inclusive.
Gross profits from operations for the six months ended Sept. 26
1925 were
United States Fidelity & Guaranty Co., Baltimore.
- $1,337,524, and net loss after all charges and expenses was 3333,413.-V. 121, p. 2534.
(147)4000 (12)42.000 (12)42.000 (10)35,000
Capital Stock Increased-Rights.
-
The stockholders on Jan. 18 increased the authorized capital stock
from $5.000,000 to $10,000.000, par $50.
The stockholders on record Feb. 1 have been given the right to
on or before Feb. 25 for 20,000 additional shares of stock at $100 subscribe
per share
on the basis of one new share for each five shares held. This will increase
the outstanding capital stock to $6,000,000.-V. 121. p. 2889.
U. S. Realty & Improvement Co.
-Earnings.
-
Nine Months Ended Jan. 31Income from investments
All other investments
Building contracts profits
Profit on sales of securities
Weirton (W. Va.) Steel Co.
-Construction
Program.A published statement, revised for the "Chronicle,"
"The company has authorized the appropriation of says:
construction of 49 additional by-product coke ovens. $2,250,000 for the
oven extensions have been awarded to the Koppers Co., Contracts for the
Weirton company recently purchased the structural steelPittsburgh. The
to its steelmaldng building to house four additional 120for the extension
-ton open-hearth
furnaces, purchased the structural steel for extension
mill building for 8 additional sheet mills. Contractsto the present sheet
have
-ton blast furnace and river docks. The foregoingbeen awarded
for one 800
is part of the
extensive program of Improvements planned by the
Weirton company last
September.
-V. 122, p. 626.
1926.
1925.
1924.
41,287,971 31,824.145 31,885,646
1.392,579
1.006,366
611,106
1,376,092
817,034
1.067,840
193,429
65.766
46,756
Welch Grape Juice Co.
-Obituary,
President Charles E. Welch died last month at
$4,250.071 $3.713,311 $3,611,348
&'otal income
St. Petersburg, Fla.
Interest on mortgages
448.531
451,951 V. 121, p. 3145.
General and corporate expenses_y892.094
819,420
874,515
Westinghouse Machine Co. Tenders.
The Colonial Trust Co., trustee, Pittsburgh,
$3.357,977 32.445,360 $2,284,882
Net income
x After interest on mortgages. y Includes provision for all Federal and bids for the sale to it of first and ref. mtge. 6%Pa., until Feb. 1 received
gold bonds dated Nov. 1
1910, to an amount sufficient to exhaust 3115,075.-V.
State taxes and depreciation on buildings and equipment.
-V.122, p.362.
120, p. 1894.
Utah Fuel Co.
-Tenders.
-
Willys-Overland Co.
-Time Extended.
-
The time for exchanging warrants for
Jan. 20, has been extended to Feb. 20. common stock, which expired on
The warrants should be surrendered to the Bankers Trust
16 Wall St., New York City.
Retail Deliveries in 1925.Co.,
President John N. Willys said in substance: "Total deliveries retail of
Vacuum Oil Co.
-Extra Dividend of 50 Cents.
Willys-Knight
The directors have declared an extra dividend of 50 cents a share in addi- the past year, and Overland motor cars were in excess of 220,000 during
which
tion to the regular quarterly dividend of 50 cents a share on the outstanding production of 162,988 was the largest we ever had, and compares with a
cars in 1924 and 196,038 in 1923. Of the recordcapital stock. par $25. both payable March 20 to holders of record Feb. 27. breaking total, slightly
Extras of 50 cents per share were paid on March 20, June 20 and Sept. 19 output of four-cylinder over 100,000 units were six-cylinder cars. Our
cars made up more than half the total, showing a
1925, and one of $1 50 per share on Dec. 19 last.
decided increase over 1924.
During 1924 the company paid the following extra dividends: On Dec. 20,
$1; on Sept. 30, 25 cents; on June 20, 25 cents; and on March 20, 25 cents. in "Financially the company Is in the strongest position in its history, and
manufacturing facilities
Total distributions, including extras. in 1925. amounted to $5 per share, business anticipated for theit is equipped to handle a large increase in
current year. Plans
contemplate a
compared with a total of $3 75 per share paid in 1924.-V. 121, p. 2288.
large increase in production throughout the entire for 1926 models, which
range of
The Guaranty Trust Co., trustee. 140 Broadway, New York City, will
until Feb.24 receive bids for the sale to it of 1st mtge. 5% bonds. due Alarch
1 1931, to an amount sufficient to exhaust $12,684, at prices not exceeding
110 and interest.
-V. 121, p. 722.
FEB.6 1926.]
THE CHRONICLE
765
- a year at Harvard College. He is 23 years old, one of the youngest partners
will include two sixes in the WiIlys-Knight group and a six and a four
in Wall Street.
cylinder in the Overland group.
plan to increase our output of the four-coylinder car at least
"It is our
—E. R. Gundelfinger, formerly Vice-President of the Anglo London
.50% during the next 12 months, which will give us a manufacturing schedule Paris Company, in charge of their bond department, has opened offices
of 150.000 of these cars. It is also our plan to continue the present low
established in the four-cylinder line. It is our opinion that the under the firm name of E. It. Gundelfinger, Inc. in the Kohl Building,
price levels
dividing line between four-cylinder cars and sixes will be definitely estab- San Francisco. to engage in the underwriting and distribution of Investlished at $600 within early months of year. Our dealers' stocks are very ment Securities.
low, which assures a steady flow of our manufactured product and enables
—Louis Carroll, Herman Kroll and Howard J. Reilly, formerly with
us to keep production steady.'—V. 122, p. 105.
John Nickerson & Co.. announce the formation of a partnership for the
Wilson & Co., Inc.—Time Extended.—
notice purpose of specializing in the purchase and sale of Bank, Trust and InsurRobert Lee Morrell and Thomas E. Wilson as receivers issued a
Feb. 1 to creditors announcing that by an order made on Jan. 29 by the ance company stocks, under the firm name of Carron, Reilly & Co., with
U. S. District Court for the Southern District of New York the time within offices at 52 Broadway, New York.
which all creditors are required to file with the receivers at the office of their
solicitors, Cravath, Henderson & de Gersdorff, 52 William St. written
—The Stock Eitchange house of E. W. Clucas Sz Co., which for the past
'
proofs of their claims has been extended to and including Feb. 20 1926, 5 years has been located at 74 Broadway, New York, announces that
except that until further notice certain claims and demands need not be their headquarters will hereafter be on the 14th floor of the New York Stock
-year sinking fund
proved,including those in respect to the first mortgage 25
6% gold bonds. Obligations created or liabilities incurred by the receivers Exchange Building at 11 Wall Street, New York. Telephone, Hanover
are not required to be proved.—V. 122, p. 627, 227.
5427.
Wolverine Portland Cement Co.—Report.—
—The Chatham Phenix National Bank and Trust Company has been
1924.
1925.
Calendar Years—
appointed Trustee of an additional issue of $10.000.000 Cities Service
$706.995 $1,129,891 Company First Refunding Mortgage 6% Gold Debenture
Net sales
Bonds due
828.659
580,179
Cost of goods sold
53,366 Jan. 1 1966.
63.869
Selling and administrative expenses
—Carstairs & Company, members New York and Philadelphia Stock
$247,865
$62.948
Operating profit
10,411 Exchanges. 1419 Walnut Street, Philadelphia, announce the opening of an
8,951
Other income
investment department and the association with them of Wilson Prichett In
$258,277 connection therewith.
$71,898
Total income
32,617
9,746
Provision for income taxes
—George W. Hall and F. W.Vogell Jr., formerly with the Manufacturers
160.000
Dividends paid
60.000
Trust Co., announce the formation of the firm of Hall, Vogell & Co., with
$65,660 offices at 111 Broadway, New York, where they will deal in unlisted securiBalance, surplus
$2,152
165,161
Previous surplus
208.367
21.650 ties.
Income tax on 1923 profits
804
—Kane, Brooks & Co., 7 Wall Street, New York, announce that Edgar
Surplus adjustment
Reeves,formerly with Myron S. Hall & Co.,is now associated with them
$208,367 A.
Profit and loss. surplus. Dec. 31
$210,519
as General Syndicate Manager, and Frank A. Botts. formerly with G. E.
—V.121. p, 2291.
Barrett & Co., Inc., as General Sales Manager.
(F. W.) Woolworth Co.—January Sales.—
—D.H. Silberberg & Co., members New York Stock Exchange, 34 Pine
1923.
Month of January—
1924.
1926.
1925.
Sales
415,167.768 $14,201,263 $12,134.619 $11,047,907 Street, New York, announce that Richard S. Goldman has retired from
x Represents an increase of $966,505 over 1925, of which the old stores their firm and that Nathaniel S. Einstein has been admitted to general
contributed $589,917.—V. 122. p. 604, 363.
partnership.
(Wm.) Wrigley, Jr., Co.—Balance Sheet December 31.—Hoffmann, O'Brien & Co., dealers in municipal bonds announce the
1925.
1925.
1925.
1924.
dissolution of their co-partnership as of Feb. 11926. Arthur M.Hoffmann
$
Assets—
$
Liabilities—
$
$
Real estate, bldgs..
Common stock _z15,000.000 15.000,000 and Francis J. Hoffmann will continue the buidness at their present address,
627,724 115 Broadway, New York, as Hoffmann & Co.
mach.& equip_x11,307,592 11,565,281 Accounts payable- 627,499
Patents
y176,471
264,706 Reserve for Federal
—Morris Mather & Co., 111 W. Monroe St., Chicago, announce the
1,238,389 1,217,007
Goodwill
6,000,000 6.000,000
taxes
6,546,315 6,916,469 opening of a New York office at 15 William Street with H. V. Duggan as
7,148,056 8,344,824 Reserve
Cash
17,497,428 14,624,700 representative. The New York telephone number is Whitehall 7274 and
Accts & notes rec 3,154,946 2,239,750 Surplus
Inventotles
7,068,504 4,747,981
_
7275.
Bonds
3,425,010 3,003,445
—Brown & Clayton, an old established commercial paper firm, 421
Other investments. 2,629,052 2,219,911 Total (each slde)....40.909,631 38,385,900
x After deducting $2,636.522 reserve for depreciation. y Patents. $1.- Chestnut Street, Philadelphia, have opened a bond department,to specialize
reserve for extinguishment, $1,323,529. z 1,800.000 shares, in Public Utility and Industrial issues, under the management of Frank A.
500,000; less
no par value.
was formerly with Biddle & Henry.
Note—Contingent liability, as guarantor, on notes payable of affiliated Kinney, who
companies. $732,500.
—The time for exchanging Willys Overland Company warrants for
A comparative income account was published in V. 122, p. 627.
common stock which expired on Jan. 20 1926, has been extended to Feb. 20
1926. inclusive. Such warrants should be surrendered to the office of the
Bankers Trust Company, 16 Wall Street, New York City.
CURRENT NOTICES.
—The New York office of Chas. A. Day & Co., Inc., at 44 Broad Street,
—National American Company, Inc., has been formed to engage in the has been taken over by H. D. Knox & Co. and will be continued under the
general business of underwriting and dealing in domestic and foreign same personnel as heretofore, as specialist in Unlisted and Inactive
investment securities, with offices at 8 West 40th Street, New York, which Securities.
is the same address as the National American Bank,the controlling interests
—Guaranty Trust Company of New York has been appointed Transfer
of which now control the National American Company. The Board of Agent for the $6 preferred stock, consisting of 130.000 shares, and common
Directors of the new company are: Harold G. Aron, Attorney, Chairman
stock of 3,104,450 shares of no par value, of the Lehigh Power Securities
of the Board; Arthur Galston, formerly an officer and director of Blair & Corporation.
Co., Inc., President; Julian M.Gerard, President National American Bank;
—Martin & Co., members of the New York Stock Exchange, since 1847,
Charles D. Hillis. director, New York Life Insurance Company and well
Broadway, New York. announce a change in firm name to
known as Vice-Chairman of the Republican National Committee; Edward located at 111
B. Lewis, President J. M.Horton Ice Cream Company: Robert Westaway, Dane St Co.
—The co-partnership of Westcott & Parrott has been dissolved by
Treasurer, J. M.Juilliard & Co., Inc. National American Company, Inc.,
has taken over the activities of National American Securities Company, mutual consent. The business of the above firm will be continued by
Inc., which is now in the process of liquidation.
H. B. Parrott & Co., 42 Broadway, New York.
—Branson Bond & Mortgage Corp., Stock Exchange Building, Phil—Frederick H. Clarkson, Vice-President of the Irving Bank-Columbia
Trust ComnanY was admitted to a general partnership in the firm of Prince adelphia, announce the opening of an investment bond department under
& Whitely on February 1. Mr. Clarkson entered the investment business the management of Robert Gray Taylor.
with A. B. Turner & Co. of Boston, in 1912. He later became associated
—A. Vincent O'Brien, formerly of Hoffmann, O'Brien & Co.. has opened
with Colgate, Parker & Co. of New York. His next association was with an office under the name of A. V. O'Brien & Co., at 115 Broadway, where
Broadway Trust Company as manager of its bond department, later he will conduct a business in municipal bonds.
the
becoming its Vice-President in charge of investments. In 1920 he was
—Howard H. Strandberg, formerly with Barroll, Corkran & Co., is now
elected Vice-President of the merged Broadway Trust Company, Irving associated with W. C. Leimbach & Company,7 St. Paul Street, Baltimore,
Trust Company, Irving National Bank and Columbia Trust Company,
Md., in their trading department.
now known as Irving Bank-Columbia Trust Company.
—Warner & Co., members of the New York Stock Exchange, of New
—Announcement is made of the formation of the firm of A. L. Scheuer &
City have opened an office in Philadelphia at 1525 Walnut Street,
Company, members of the New York Stock Exchange. with offices at York
under the management of Walter Rosenau.
120 Broadway, New York for the transaction of a general brokerage busi—Herbert G. Dilg, for the past thirteen years with Spitzer, Rorick &
ness. The firm consists of Arnold L. Scheuer, Jesse Mayer, Member of
the New York Stock Exchange. and David L. Salmon. Mr. Scheuer was Company, has become associated with Vought & Company. New York and
formerly a member of the firm of H. P. Goldschmidt & Co. and until Boston. as Vice-President.
—Guaranty Trust Co. of New York has been appointed transfer agent
recently was president of the Kelly-Springfield Tire Company. David L.
Salmon was formerly with Josephthal & Co.
for the Tennessee Products Corp., consisting of 20,000 share:, preferred
—W. J. Moore. President, and C. C. Moore, Vice-President of the stock and 215.000 shares of common stock.
American Bond & Mortgage Company have left for Palm Beach where
—The Seaboard National Bank of the City of New York has been apthey will remain for several weeks. During their stay they will inspect pointed registrar of the convertible participating class A stock and the class
Whitehall, the new apartment hotel in the financing of which the company B common stock of the Brownie Corporation.
was an important factor. Whitehall is built around the famous Flagler
—Paul B. Aex, for several years an officer and director of the Central
Estate and was opened last week for the first time. It is occupied by many Trust Co. of Rochester, is now associated with the Rochester office of
representative families from the Atlantic seaboard and European countries. Hemphill, Noyes & Co.
—In conjunction with their business as municipal bond dealers, Bickel,
—Announcement was made to-day of the dissolution of the firm of
'Fiction & Company, San Francisco, have included a new investment Westcott & Parrott and the formation of the firm of H. B. Parrott ite Co.
service embracing bank and insurance company stocks, not only of Cali- at 42 Broadway to continue the business.
fornia, but of the entire country. In this respect, connections have been
—The Equitable Trust Company of New York has been appointed New
established with New York, St. Louis. Kansas City, Seattle and New York Transfer Agent for the Common and Preferred Stocks of the Standard
which will afford prompt quotations for purchases or sales of
Orleans,
Gas Equipment Corporation.
this type of stock.
—Buell & Co. members of the New YorlaStockWxchange. announce the
name of the Crude Rubber and Foreign Produce Corporation,
The
removal of their offices to 7 Wall Street.
importers and dealers in crude rubber. has been changed to Henderson,
—Lord & Widli, 35 Wall Street, New York, announce that Sinclair Adam
Helm & Hammesfahr, Inc. Removal of the offices of the corporation from
to 44 Beaver Street, New York has also has been admitted as a general partner.
250 West Fifty-seventh Street
been announced. Mr. Henderson of Henderson, Helm & Hammesfahr, is
—Pistell, Deans & Co. announce the removal of their offices from 700
President of the Rubber Exchange of New York, which is to open on Ellicott Square, Buffalo, to their own building at 124 Pearl Street, Buffalo.
February 15th at 31 South William Street. New York.
—Clifford Howard Davis, formerly of Jenks, Gvryne & Co., is now asso—Announcement is made of the admission of Everett Ware Cady to
ciated with Holt, Rose & Troster in their trading department.
general partnership in the firm of Rhoades & Company, investment
—Edwin M. stark has been admitted to general partnership in the rip
bankers and members, since 1907, of the New York Stock Exchange,
1922 after spending of Redmond & Co.
Mr. Cady entered the employ of this firm as a runner in
766
THE CHRONICLE
[VOL. 122.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
L PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The Introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
shipments are but 7,000. Demand nil except for fine
lots and peaberries. Exchange appears still firm. Generally believed that the next crop will be very early. Only
explanation for advance is reported important purchases
on the Bolsa by Fazendeiros believing the loan the Defense Coffee Committee contracted in London will
necessarily improve quotations. The future depends
greatly on your market." Some think that during the
rest of the month there will be a gradual closing out of
March commitments and this may tend to halt any advance. But distant positions are beginning to attract
more outside attention. With the present crop prospects
some think December will rise very noticeably. Today
futures closed 9 points lower to 13 points higher with
transactions of 37,000 bags. It was a narrow and unsettled market despite strong Brazilian prices. Last
prices show a decline for the weekof 5 to 15 points.
ipec
Friday Night, February 5 1926.
COFFEE on the spot was steady with a moderate
business. Rio, Is, 19c.; Santos, 4s, 24 to 24 14c.; fair to
/
/
good Cucuta, 26% to 2714c.; Trujillo Maracaibo, 241 to
/
4
251
/
4c.; Medellin, 32% to 331
/
4c.; Honda, 31% to 321
/
4c.;
Harras, 28% to 291 zc.; Robusta washed, 21% to 221
/
/
4c.
Firm offers from Brazil on Feb. 1st were prompt shipment Bourbon, 2-3s at 24%c.; 3s at 23.90c.; 3-4s at
23.45.; 3-5s at 23.40c to 23.80c.; 4-5s at 23.20c. to 23%c.;
/
4c.; Part Bourbon, 2s-3s at 23.90c. to
5s at 23.10 to 231
24.40c.; 3s at 23.90c. to 24 /
1
4c.; 3-4s at 23.55 to 24c.;
3-5s at 23%c. to 23%c.; 5s at 22%c.; San tos Peaberry,
193i I May
18.08a19.10 I Sept
3s-5s at 23.40c. to 23.60c.; 4-5s at 23.10 to 23.40c.; Rio, Spot unofficial
17.21a17.22
18.43a
_ IJuly
17.03a17.07
4s-6s colory at 20.20c.; 8s at 18.40c.; Peaberry, 6-7s at March
201 2c.; Future shipment March Santos, 4s at 23.35c.;
/
SUGAR-Prompt Cuban raws have been quiet at
March-May part Bourbon, 4s at 23%c. Later spot coffee 2%c.; later off to 2iic. Prominent Wall Street wire
dull. Rio, Is, 18'% to 19c.; Santos, 4s, 24 to 24%c. and cotton houses were buyers. The trade and other
was
Santos offeis in some cases were 25 to 40 points lower; outside interests bought moderately. Importers' stocks
3s-4s 23c.; 4s, 23 to 23%c.; 2s, 24%c.; 3s, 23.40 to 23.85c.; of raw sugar in warehouses here are now down to 44,806
4s-5s, 22.75 to 23c.; 5s, 22.90c.; grinding 6s, 22.90c.; bags. Some 172 mills were grinding. British prices
7s-8s, 21.75 to 22.30c. Fours for February, March ship- were steady with Cubas, us 6d to lls 9d; preferential
ment, 22.90c.; Rios, 8s, 18.60c. According to the exchange sugars, us 6d c.i.f. Sales of Perus for March shipment
here the stock of mild coffee in New York on Feb. 1st were made at us 7%d. Private cables reported that
was 189,530 bags against 171,708 on Jan. 1st. Stock in India had bought over 100,000 tons of German and
the United States on Feb. 1st was 218,940 bags against Czecho-Slovakian white sugars. Belgium sold *hits
198,920 on Jan. 1st and 249,172 a year ago. Arrivals at sugars to India. Futures here rallied slightly on coverall ports since Jan. 1st, amounted to 344,090 bags and ing. Refined sugar was steady with fair withdrawals.
deliveries were 324,070. The Department of Commerce Cuba has recently sold heavily and is more independent.
reports the movement of coffee from Boquete region into Another year of increasing consumption is expected.
Panama City has begun. The same authority says that Doubt exists whether early crop estimates will be
approximately three-fourths of the Costa Rica coffee crop reached. Europe's production previously estimated by
has been harvested with shipments of 44,300 sacks to Licht at 7,462,000 tons was reduced at the close of last
London, 9,100 to Germany and 4,300 to San Francisco. week to 7,422,000 tons. It is said to cost $2.28 per short
In Salvador, coffee has become active with both the ton to produce sugar cane in Cuba. Willett & Gray give
United States and European factors in the market. the stock of new crop at shipping ports 355,584 tons;
Prices remain practically unchanged. The latest esti- last year, 293,089 tons. Stock new crop on plantations and
mates of the coffee crop in Guatemala were placed at in transit, 263,047 tons; last year, 307,396 tons. Stock
800,000 or 80 per cent of the last crop. Seventy-five per old crop at shipping ports, 8,846 tons; last year, none.
cent of the crop has been picked, 40 per cent is sold and Total sugar in Cuba, partly estimated, 627,477 tons;
35 per cent delivered to rail heads. Prices for higher last year, 601,287 tons. Receipts at shipping ports are
grades increased from December quotations, although running close to last year, being 732,378 tons against
lower grades weakened. In Haiti, the coffee output is 730,325 tons a year ago. Centrals grinding in Cuba
normal and satisfactory prices continued. It is remarked number 172 against 170 last year and 165 two years
of mild grades that they have recently been firm, espe- ago. Advices from Porto Rico said that while the harcially washed Colombias and the better unwashed grades. vesting of sugar cane has been favored, the yield per
The stage in the Magdalena River is still low and ar- acre decreased due to continued dry weather. Exporters
rivals are small. Medellin sold at 321
/ Manizales at
2c.,
/
2c. Maracaibos have sold well at noticeably better. Cuban figures for the week ending
32c. and Bogota at 321
Feb. 1,
firm prices. Washed Central Americans were more plea- 137,750 1926, were as follows: receipts, 194,324 against
in previous week; 181,234 in the same week last
tiful and rather dull but with no selling pressure and year
and 156,584 two years ago; exports, 97,081 against
prices firm. Today spot coffee was dull with Rio 7s,
74,657 in previous week; 106,680 last year and 100,739
18%c. to 19c.; Santos 4s, 23% to 24c.
Futures advanced at one time with Rio up 100 to 350 two years ago; stock, 355,584 against 258,341 in previous week; 293,891 last year and 240,622 two years ago.
reis and Santos 50 reis lower to 125 higher. Bulls argue Centrals
grinding
that no important decline is likely with Brazil as they 170 last year and 172 against 169 in previous week,
165 two years ago. Receipts at U. S.
regard it dominating the situation and America and Atlantic ports
for the week
Europe lacking adequate reserve stocks. Santos prices 60,582 tons, against 35,217 ending February 3rd were
in the previous week, 66,536
have been bolstered to a certain extent by the scarcity of
competing grades of mild coffee. On the 3rd inst. prices in the same week last year and 82,842 two years ago;
meltings for the week
weakened. Brazil was said to be more anxious to sell in the previous week, were 59,000 tons, against 52,000
whatever might be said about its controlling the situa- years ago; total stock, 51,000 last year and 64,000 two
51,623 tons, against 50,031 in the
tion. Exchange was 3112d lower at 71gd and dollars 90 previous week, 55,700 last
5
year and 68,225 two years ago.
reis up to 6$750. E. Laneuville of Havre made the The Cuban Sugar Club of
world's visible supply 4,721,000 bags as of Feb. 1st production to January 31st, Havana, it is said, makes
against 5,048,000 as of Jan. 1st and 5,202,000 bags a year with 1,050,233 tons in the 1,154,000 tons as compared
same period last year, as
ago. Deliveries of all kinds during Jan., U. S. 1,171,000 stated by the National City Bank.
Early European
bags, Europe, 911,000 bags, a total of 2,082,000 com- cables on the 2nd inst. said that
India had bought 75,000
pared with 1,560,000 last year and 2,056,000 two years tons of Czecho-Slovakia or
German white shipment
ago. Total world's deliveries for 7 months 12,991,000 March to July, no price given.
bags compared with 12,974,000 last year and 13,097,000 Belgium Crystal whites had been It was rumored that
two years ago. G. Duuring Zoon of Rotterdam state mediate shipment. Navigation on sold to India for imthe River Elbe is exthe world's visible supply of coffee at 4,802,000 bags as pected to be resumed this week.
Cuba was reported
of Feb. 1st, showing a decrease for the month of Jana- offering in the United Kingdom at us 9d c.i.f. preferenary of 362,000 bags. Last Year, the visible supply was tials at us 6d c.i.f. basis and Perus at us 7%d. As to
5,256,000 bags. Arrivals in Europe during January, futures some argue that technically
weaker
the
621,000 bags; deliveries, 855,000 bags; and stock in than for some time past as they think,market is refiners
for both
Europe, 1,402,000 bags on Feb. 1st. It is contended that and the trade have covered their requirements for some
the rainy weather in Santos should strengthen the trees time to come. Despite the relative cheapness of their
and barring accidents produce a very good crop for product, refiners have been ready sellers. Lack of in1927-28.
terest on the part of the United Kingdom for a few
Rio de Janeiro cabled "Recent advance quite unex- weeks more would be, it is feared, a very depressing
pected, all elements being against further rise. Rio factor. Attention is called to the fact that over 90 per
stock nearly 400,000, average daily receipts 10,000, and cent of the centrals are now grinding. Cuban and Euro-
FEB.6 1926.]
THE CHRONICLE
767
of %c. in gasoline in tank car lots along the Atlantic
Seaboard immediately followed. The advance in crude
oil was expected, and is attributed largely to the sharp
falling off in production during the last few months.
Last week the production averaged 1,949,987 bbls. daily,
which was 19,233 bbls. less than a year ago and 397,997
bbls. a day under the peak output of 1925. Consumption
is large. At least 150,000 bbls. a day, it is estimated, are
being withdrawn from storage in Oklahoma, Kansas and
North Texas. According to figures of the Bureau of
Mines production and imports of crude oil in Dec.
amounted to 66,549,000 bbls., and the indicated refinery
demand and exports were put at 65,958,000. Advances
in crude oil prices in other sections are expected. Production of crude petroleum in the United States for the
month of December, 1925, according to the Bureau of
Mines, totaled 60,943,000 bbls., a daily average of 1,966,000 bbls. This is a decrease from November production
of 83.000 bbls. per day or 4%, the lowest daily average
production since March. Total production of crude
petroleum in the United States for 1925 measured by
pipe line runs amounted to 755,852,000 bbls. Canadian
crude was raised 25 cents a bbl. on. There was a fair
demand for U. S. Motor gasoline at 12 to 12%c. Little
improvement was noted in export business. In the Gulf
section U. S. Motor was .quoted at 11% to 12%c.
Kerosene was in a little better demand at 7%c. for prime
white at local refineries and 8%c. for water white. Export business improved a little. In the Gulf section water
white was offered at 8c. and prime at 7c. Bunker oil has
been rather quiet at $1.75 for grade C at refinery. Diesel
oil in fair demand at $2.20 refinery. Gas oil has been
firmer at the Gulf with 26-28 transparent held at 4% to
5%c.; locally 36-40 was quoted at 5% to 5%c. There was
in lubricating oils, but prices were unLARD on the spot was lower and more active at the a fair movement stocks were quiet, with Pennsylvania 600
changed. Cylinder
decline. Prime Western, 15.65c. to 15.75c.; Middle s.r. in bbls. New York held at 25% to 26%c.cooperage basis.
Western, 15.55c. to 15.66c.; city in tierces, 15%c.;
oils were quiet and unchanged. Corning crude
in tubs 15% to 15%c. Compound, carlots in tierces, Medicinal were advanced 30c. a bbl. to $2.25 by purchasoil prices
13% to 13%c. Refined, pure lard to Continent,
agencies around Pittsburgh. Similar action is ex16c. to 16%c.; South America, 17%c.; Brazil, 181
4c. Hog ing
pected on the part of those agencies in other Eastern
receipts on the 2nd inst. were up to 123,000, but weights producing sections who have not advanced quotations.
were light. Exports of 5,862,000 lbs. on that day were
York refined export prices: Gasoline, cases, cargo
declared by some to be consignments. Today on the spot New U. S. Motor specifications, deodorized, 28.15c.; U. S.
lots,
trade was quiet and prices rather weak. Prime Western.
bulk, refinery, 12c.; kerosene, cargo lots, cases,
15.55c.; refined Continent, 16c.; South America,17c. Brazil, Motor, bunker oil, per bbl., f.o.b. dock, $1.75; Diesel oil,
18.40c.;
1.8c. Futures showed considerable activity at lower prices,
$2.20; petroleum, refined, tanks, wagon to
due to larger receipts of hogs, which caused selling by pack- Bayonne, bbl.,
15c.; kerosene, bulk, 45-46-150 W. W., delivered,
ers. The Government hog report showed 51,000,000 hogs store,
cars, 9%c.; motor gasoline, garages
in this country against 55,800,000 last year, but hog re- New York, tank up-State, 17c.
ceipts offset this. The monthly statement of stocks at (steel bbls.), 17c.;
$2.15
Chicago showed a total stock of lard of 17,059,000 lbs. Oklahoma, Kansas and Texas $1.40 Elk Basin
2.00
Big Muddy
28-28.9
Creek
against 49,745,000 a year ago. Later with grain higher
1.72 Cat
32-32.9
2.28 Homer 35 and above
above
39 and
lard became firmer. Exports fell off, however. Stocks
1.40 Caddo
Texas Co. 28-28.9--.-.1.65
of lard are much higher than a year ago. The Govern1.80 Below 32 deg
33-33.9
1.75
32-34.9
2.52
ment report on swine shows 51,223,000 hogs on the farms
42 and above
1.95
and above
38
Jan. 1st against 55,769,000 last year. Today futures were
$3.50
Eureka
$3.30
$3.65 Buckeye
Pennsylvania
2.12
3.68 Illinois
8 to 12 points higher. Covering of shorts and a strong Corning
2.25 Bradford
1.60
2.93 Crichton
2.10 Lima
cotton oil market had some effect. Hogs closed irregular Cabell
1.65
2.00 Plymouth
Indiana
Somerset,light--__ 2.35 Princeton
2.12 Mexia,38 deg
with the top $14. Western hog receipts were only 99,000 Rock Creek
2.00
Coastal A"_ _
against 175,000 last year. Final prices show a decline smsrkover,27 deg. 1.30 Canadian 38 deg-- 2.63 Gulf
2.20 Wooster
Wortham,
for the week of 15 to 17 points, the latter on March.
was fairly active and firmer late last week
RUBBER
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
4d. on most deliveries and Singapore
Sat
Mon. Tues.
with London up 1
Wed. Thurs.
Fri
15.07 15.15 15.15 15.12 14.97 15.05
January deliverY
higher up 1%c. to 2%d. Here first latex crepe spot was
15.25 15.37 15.35 15.35 15.20 15.30
March delivery
-June, 68 to
15.47 15.57 15.52 15.55 15.40 15.52
May delivery
70 to 71c.; February-March, 69 to 70c.; April
68%c. Ribbed smoked sheets, spot, 69 to 70c.; February,
PORK steady; mess, $36.50; family, $40 to $42; fat
London on the 2nd inst. were
back pork, $36.50 to $38.50. Ribs in Chicago advanced; 68 to 69c. New York and
practically unchanged. Trading at the New York Cocoa
cash, 16.62c., basis 40 to 60 pounds average. Beef
began on February 2nd.
irregular; mess, $24 to $26; packet, $24 to $26; family, and Rubber Exchange York fell lc. on spot and
On the 1st inst. New
$26 to $28; extra India mess, $45 to $47; No. 1 canned
67c.; March, 66 to 66%c. First
corned beef, $3; No. 2, $5.25; six pounds, $18.50; pickled February ribbed to 66% to
crepe, spot and February, was 67 to 68c.; March,
tongues, $55 to $60 nominal. Cut meats in moderate de- latex
brown crepe thin, clean, 63%d.
mand. Pickled hams, 10 to 20 lbs., 23% to 24%c.; pickled April and June, 66 to 67c.;
the fact that the 15%
bellies, 6 to 12 lbs., 20% to 21%c. Butter, lower grade to London dropped 1%d. owing to
to 100% of produc42 to 48%c. Cheese, fiats average to fancy, 26c to increase in the exportable allowance
high,
tion became effective, followed by a rally of %d. that left
to extras, 29 to 36c.
29c. Eggs, medium
-June
spot-February and March 32% to 32%d. and April 1%d.
OILS-Linseed was in better demand and higher at 32%d. to 32%d. Singapore declined 13
4d.1 to
/
11.3e. in carlots, cooperage basis, spot April delivery. on the start of the 100% exportation on February 1st.
For May-forward 11.5c. was quoted. Boiled oil was quiet. Most of Ceylon and Malays estates would have to double
Cocoa oil, Ceylon, f.o.b. coast tanks, 9%c.; Manila present production capacity to meet 100% export detanks, coast, 9%c.; China wood, New York, spot mands. The London 'Financial Times" says:• On the
bbls., 12% to 12%c.• tanks, 12c. Corn, crude, tanks, other hand, London stocks decreased last week 199 tons,
plant, 9%c.; bbls., spa, 11%c. Olive, Denmark, $1.22 to the first reduction since November 30, 1925. The total
$1.25;. Soya bean, coast tanks, 10%c. Edible corn, 100 is now 9943 tons against 10,142 in the previous week,
bbl. lots, 12%c. Olive oil, $2 to $2.50. Lard, prime, On January 30th New York weakened as London deCod, clined % to %d. New York first latex crepe, spot,
18%c.; extra strained, winter, New York, 15c.
domestic, 63 to 64c.; Newfoundland, 65 to 67c. Turpen- 69 to 70c.; smoked ribbed sheets, spot, 68 to 69c.
Singatine, $1.02 to $1.06. Rosin, $13.75 to $16.70. Cottonseed London, spot-February and March, 33% to 34d.; leadoil sales today, including switches, 12,100 bbls. P. crude, pore, spot, 32%d.; February-March. 32d. In London,
regulate
S. E., 9% to 10c. Prices closed as follows:
ing rubber producers, it is said, will organize to
consumers
rIl
11.49a
11.30411.331JulY
_ the selling side of the business, as American
11.34a11.35 August _--_11.52a11.60 seem to be combining for the purpose of regulating their
11.42011.41 September _11.55a11.60
11.26a11.27 I June
said, will head
purchases. Harrisons & Crossfield, it is
direcid-Continent crude oil prices were ad- the movement to combat American efforts in the a dePETROLEUM-M
89c. a bbl. on the 1st inst. by the leading tion of lower prices. The Associated Press had
vanced 25 te
Penang
purchasing companies in the Middle West. An advance spatch from London quoting despatches from
pean growing interests seemed willing sellers. In the
next 60 days hedging pressure is usually at its greatest.
With the premiums on the later positions, some eye the
long side with disfavor. It is pointed out that the total
stocks in Europe are nearly 1,000,000 tons larger than
they were last year. Futures have been quiet because
at no time have the Exchange prices been high enough,
it is declared, to permit operators to buy Cubas and
protect themselves by selling futures at a premium that
would take care of carrying charges. Last year nearby
futures were at a premium over the spot quotations.
Today prompt raws were dull and perhaps none too
steady at 2%c., at which 15,000 bags for February shipment, however, were sold. One refiner quoted 5.30c.
for 100 lb. bags only, with others quoting 5.40c. in the
regular way and finding trade slow. Cables reported
sales of 25,000 tons of Hungarian crystal and 30,000 tons
of Czecho whites for January-March shipment, with no
particulars as to prices. Cuba was reported offered at
12s and Peru and San Domingo at us 10%d. Futures
today closed at 2 to 4 points lower here with sales of
39,600 tons. This shows practically no change for the
week. Prompt raws at 2%c. are the same as last Friday,
also. Prices follow.
Spot unofficial 2H-2 I MaY
2.80a --2.60a 'Sept
March
2.49a2.50 July
2.85a __2.70a - I Dec
TEA-In London on February 1st offerings of Indian
teas were 34,100 packages, of which 33,000 packages were
sold at steady or unchanged prices. In London on Feb.
2nd, of 23,400 packages of Ceylon teas offered 22,000
packages sold at about unchanged prices, but the tone
was none too steady. In London on Feb. 2nd, Indian teas
were steady, with offerings of 23,300 packages, of which
22,000 were sold.
111.75
768
THE CHRONICLE
[VOL. 122.
Straits Settlements, which describes the enormous pros- tidewater
perity the boom in rubber has brought the Malay Penin- cars were coke stocks increased to 677 cars of which 578
standing. Bituminou
sula. The people of the region, it is said, made about day increased to an aggregate s coal stocks over Sunof 5,829 cars.
$125,000,000 more in 1925 than in 1924 out of rubber.
TOBACCO.
-Leaf has been in very fair demand, it is
Rubber "bootlegging" is carried on to a vast extent by a
rubber fleet under control of coolies, who land their car- said, in some quarters for this stage of the season. Manugoes in the Dutch East Indies, from where they are sent facturers have bought fair quantities of Java and Sumatra
to Singapore. Washington advices quote Secretary at steady prices. Some are inclined to expect a better trade
Hoover as saying British rubber restriction still is in before long, as they claim that cigar manufacturers as a
effect, and the rate is 15% of production. This, in refer- rule are carrying comparatively small stocks. Nominal
ence to reports from London Monday that all restrictions prices are as follows: Wisconsin, binders, 23c.; Northern,
had been removed from Feb. 1st. The method has been 38 to 50c.; Southern, 25 to 35c.; New York State second,
rearranged, according to Mr. Hoover, but the restrictions 35 to 40c.; Ohio Gebhardt B, 20c.; Little Dutch, 20 to 25c.;
Zimmer Spanish, 25 to 30c.; Havana is Remedios, $1 to
are being continued, it being estimated that the amount $1 10; 2d
Remedios, 80 to 85c.; Pennsylvania broadleaf
of restrictions now is at the rate of 15% of the produc- filler,
tion. New York was dull and weak on the 4th inst. $1 10;8 to 15c.; broadleaf B, 20 to 24c.; Porto Rico, 65c. to
Connecticut top leaf, 18 to 22c.; No. 1 sec., 60 to 75c.;
First latex crepe, spot, 68 to 69c; February, 68 to 691
/
2c.; seed
15c.; medium wrappers, 65 to 75c.• dark wrapMarch, 67 to 68c.; April-June, 66 to 67c.; July-Sept., 65c.; pers,fillers,45c.; light
35 to
wrappers, 90c. to $1; ilavana seed,
ribbed smoked sheets, spot, 661 to 67c.; February, 66 90c. to $1.
/
2
to 662c.; March, 651 to 66c.; April-June, 65 to 651
/
1
/
2
/
2c.;
COPPER has been in better demand and firmer.' ExJuly-Sept., 63 to 64c.; brown crepe thin, clean, 63c. Lon- port
don fell / to / on the 4th inst. regardless of argu- made demand has increased considerably. Sales were
1
4
1
2c.
for export at 14.30 to 14.35c. f.a.s. New York
ments that American consumption is so big that the and domestic
business
/
2c.
American stock of 51,000 tons is inadequate. Spot-Feb. necticut Valley. Some was done at 141 delivered Conare predicting 142 by the end
/
1c.
and March, 31% to 321
4c.; Singapore, spot, 30%d.
of the week and 15c. for next week. Sales at London
HIDES have been quiet and packer hides have been were 4,000 tons, which is the largest business there
.
in
weakened by declines in Western packer hides. River weeks. Prices in London on the 4th inst.
Plate frigorifico were dull and tending lower. Some to £1; standard spot, £60 5s; futures, £61advanced 15s
4,000 Swift Rosario steers sold at $38.50 or 17-14c. c. & f., today, spot standard, £60 75 6d; futures, 6s. London
161 7s 6d;
also 1,000 Artiga cows at $30 or 13%c. January native electrolytic spot, £66 10s.
14
steers sold at 14c., butt brands also at 14c. and CobraTIN has laterly advanced with London higher. On the
dos at 13c.; bulls, native, 11c. Common hides, Antio4th inst. prices here advanced %c.
quias, 251
/
2c.; Orinocos, 221
/
2c.; Central America, 211
/
2c. Feb., 62%c.; March, 622c.; April, Spot Straits, 63c.;
/
1
621
/
2c. The statisA small lot of Uruguay steers sold to England at 37.75d
or 8d. Vera Cruz government skins, 44 to 45c. River tical position is strong. It was predicted that the world's
plate sales increased later; 4,000 Smithfield steers sold visible supply would fall off 1,000 tons during February.
to Europe at 17fgc. and 2,000 light Sansinena steers at As a consequence, some are looking for the price to
reach 65c., the level which prevailed a few weeks ago.
15c.
In London
on the
OCEAN FREIGHTS.
-Tanker rates were firmer. In £282 5s forprices standard4th inst. advanced £2 15s to
spot
and £278 for futures; spot
the main owners are not encouraged by recent rates or
by the amount of new business. The Grain Union of Straits was £284 5s; Eastern c.i.f. London rose 11 15s to
London secured the order for the shipment of 15,000 tons £281 15s on sales of 275 tons.
LEAD has been rather quiet at unchanged prices.
of grain from this coast to Lisbon and Leixoes late last
week. Three boats will be required. Grain on the berth The American Smelting & Refining Co. quoted 9.25c.,
included New York to Hull for February at 2s 3d, hence New York, while at East St. Louis, 9.125 was asked.
to Hull for March at 2s 3d, to Liverpool-Manchester for London today, spot, £34; futures, £36 7s 6d.
February at 2s 3d; 4 from hence to Antwerp for FebZINC has been quiet. Prompt was quoted at 8.10,
ruary at 10c. and hence to Antwerp for February at 9c. February 8.071 and
/
2c.
aMrch 8.021
/
2c. One producer of
In London two steamers were taken for grain from the high grade zinc reduced
prices / per pound to 10c.
1
2c.
Atlantic range to Portugal at 2s 9d, February loadings. London, on the 4th
inst., was unchanged on the spot at
On berth two loads of heavy grain were taken from £36 16s 3d but futures
rose 2s 6d to 136 10s.
New York to London for February 13th at is 9d; three
STEEL seems to have slipped back to the old buying
loads of barley from New York to Antwerp for February at 9c. and 10 loads of barley from New York to of small lots from time to time. Large output and quick
deliveries by mill and railroad favor it. Certainly there
Bremen for February at 10c.
Charters included coal from Hampton Roads to Buenos Aires, $4.15 is no big buying. Consumers see no necessity for it.
prompt loading; from Hampton Roads to St. John. $1.10 February Let the mill carry the
load. The steel is always there.
loading; grain from Atlantic range to Lisbon or Leixoes (Portugal),
2s 9d February loading; from Columbia River to United Kingdom- The automobile industry is buying sheets but only on a
Continent, 31s. 6d., option Vancouver loading, 30s. February; sugar small scale even where body sheet prices were reduced
from Cuba to United Kingdom-Continent, 16s. 9d. option, Marseilles, $2. The indifference of auto makers
is an admitted
18s. 3d. March loading; time charters: 1142 net, three
drawback.
Black and galvanized sheets were lower.
Indies trade $1.40, delivery Norfolk, prompt loading; months in West
3966 net round Structural steel will be wanted on a
trip in transpacific trade 1.60 yen, delivery and redelivery Japan; April
fair scale; nothing
loading; 5179 net, three months Pacific trade delivery and redelivery more. Despite irregularities and concessions here and
Japan, 1.70 yen prompt loading; tankers: 2790 net, North Atlantic to there the composite price remains where
it has been for
United Kingdom-Bordeaux-Hamburg range 23s. 6d. lubricating oil, two months
and a half. Yet trade is undeniably disMarch loading; 4153 net, three consecutive voyages, Venezuela to Port
Arthur 23%c. commencing February; 2403 net, north of Hatteras to appointing.
Portugal 26s. March loading; lumber from Columbia River and Puget
PIG IRON has been dull and weak. Coke is so high
Sound to three ports of Japan $12.25 prompt loading; time charter:
2745 tons net, round trip in West Indies trade, 85c. prompt loading; that some furnaces are selling it and banking up. Janugrain (heavy) from New York to Santos, 20s. prompt; coal from ary output was 3,316,201 tons or
106,974 tons a day
Hampton Roads to West Italy, $2.70 late February;
north of Hatteras, 13s. spot loading; time charter coal from Wales to against 3,250,448 tons or 104,853 tons a day in December.
1953 tons net, one On Feb. 1st the output was
trip, delivery Gulf, redelivery West Indies,
104,065 tons a day against
prompt;
round trip West Indies trade, 90c. February;$1.50form, ore 2326 net, 107,560 on Jan. 1st. The big storm
net
from Rio
here on Thursday
de Janeiro to Baltimore, $1.75 February; tankers, light crude from delayed shipments.
Some recent buyers it is said have
Gulf to New York, 35c., February; heavy crude from Gulf to Boston,
been urging prompt shipments. Foreign iron it
39c., February; refined and (or) spirits from Gulf to Cette
is said
Arzeu, 31s. one port, 32s. two ports, February-March; refined and (or) is pressed for sale. That affects domestic
and (or)
iron as a
spirits from Batum to Rouen, 25s., March; refined and
(or) spirits matter of course. Buffalo was quoted at $20.75 to $21.50;
from North Atlantic to North Spain, 25s., option
extra, option loading in Gulf, 5s. extra, March; refinedSouth Spain, 4s. and Eastern Pennsylvania at $22.50 to $23. Some 500
and
Constanza to London, 25s.• Hull, 26s. 3d.; Antwerp, 28s., (or) spirits, tons of Virginia iron are said to have been
March-April
sold; Virloading; sunflower seed oil from Novorossisk or Odessa to United
ginia is quoted at $23 to $24. Coke,
'
Connellsville was
dom-Bordeaux-Hamburg ranee, 29s., April loading; nitrate from King- quoted
at $10 to $11 furnace; Valley basis iron was
Chile
to United States Gulf, $4.25, United States Atlantic, $4.50,
February quoted at $20 to $21; Eastern
loading; ore from oPrman to Baltimore, 8s. 9d., February; grain
Pennsylvania $22 to $23.
from
Atlantic range to Lisbon or Leixoes, 2s. 9d., February loading;
WOOL has been steady, but still only moderately active
from
Atlantic range to West Coast United Kingdom, is. 104d., prompt;
where it has not been quiet. Quietness was
coal, from Hampton Roads to Buenos Aires, $4.20, March loading;
the more
from Swansea to north of Hatteras, 9s. 6d., February loading; time general condition. Foreign markets have been irregular
charter, 2289 net, round trip in West Indies trade, 80c., delivery New and London not over steady. New
Zealand prices have
York, 85c., delivery north of Hatteras, prompt loading; 3120 net, round been in some cases lower if
in others higher. Mohair
trip north Pacific-Atlantic trade, 85c., February loading; tankers, diesel scarce and firm. The
rail and water shipments of wool
oil from North Atlantic to Antwerp-Rotterdam range, 22s two ports,
option Gulf loading extra March; clean oil, from Gulf to United King- from Boston from Jan. 1, 1926, to Jan. 28, 1926, inclusive,
dom-Continent, 27s. 6d., February-March loading; linseed, from Rosario were, 17,765,000 lbs. against 16,229,000 lbs. for the same
to New York, $4.124; Concepcion, $4.37%, March loading; nitrate, period last year. The receipts
from Jan. 1, 1926, to Jan.
from Chile to United Kingdom-Continent, 22s., February loading.
28, 1926, inclusive, were, 29,827,200 lbs. against 32,584,400
COAL.
-Despite rumors of an early settlement of the lbs. for the same period last
year. Boston quotations
anthracite strike prices were firmer on soft coal. The were:
Ohio and Pennsylvania fleeces: delaine,
rumors were unfounded. Run of even Connellsville, furunwashed, 54 to 55c.; r%
nace coke fell, however, to $10.50. Wholesale crushed blood combing, 53 to 54c.; Michigan and New York fleeces, delaine,
unwashed, 51 to
beehive was still between $12 to $13. The minimum souri and average52c.; 54 blood combing, Si to 52c.• Wisconsin, MisNew England
to '
3 blood.
price of navy standard coal at Hampton Roads was $5. to 50c. Texas, fine 12 months half blood, 48$1.2549c.; $1.28; fine 49
(selectedT),
to
8
Dumpings there on Saturday totaled 46,889 tons or months, $1.12 to $1.17. California, northern, $1.25; Middle County,
$1.10; Southern, $1. Oregon,
rather less than the recent daily average. At New York fine and fine medium combing, Eastern No. 1 staple, $1.25 to $1.28;
$1.20 to $1.25; Montana and similar,
FEB.6 1926.1
769
THE CHRONICLE
At Invercargill, N. Z., on Feb. 3rd, 18,300 bales were
fine staple, choice $1.25 to $1.30,• IA blood combing, $1.15 to $1.17;
,
Pulled, defame, $1.25 to $1.28; AA, $1.20 to $1.25; A supers, $1.12 to offered and 16,800 sold. Prices somewhat irregular end- ,
$1.18; Mohair, best combing, 75 to 80c. Ohio and Pennsylvania, fine ing firm. Very little fine wool offered. Prices compare
2
1
/
delaine, 53 to 54c.• . blood, 52 to 53c.; Territory clean basis, fine
staple, $1.28 to $1.30; medium French combing, $1.25 to $1.27. Texas, as follows:
1
/
Crossbreds, 50.56s at Invercargill, Feb. 3rd, 122 to 168.; at Wellfine 12 months, $1.28 to $1.30; 10 months, $1.23 to $1.25; Pulled,
2
/
scoured basis, A super, $1.07 to $1.12. Foreign clothing wool: Aus- ington, Jan. 23rd, 141 to 1514d.; at Invercargill, Jan. 29th, 1925,
tralian, clean basis in bond. 64-70s.; combing, $1.12 to $1.15; 64.70s 252 to 28d.; 48-50s at Invercargill, Feb. 3rd, 13 to 17d.; at Welling1
/
clothing, $1.07 to $1.10. New Zealand, grease basis in bond, 56-58s ton, Jan. 23rd, 12 to 168.; at Invercargill, Jan. 29th, 1925, 2354 to
2d.; at Wellington,
/
super, 52 to 54c.; 50-56s super, 44 to 46c.; Montevideo, grease basis. 2554d.•, 46-48s at Invercargill, Feb. 3rd, 1254 to 161
2d.;
/
in bond, 58-60s, 47 to 49c.; Buenos Aires, grease basis, in bond III Jan. 23rd,
to 17d.•, at Invercargill, Jan. 29th, 1925, 22 to 231
12
(46-48s), 33 to 35c.; Cape, clean, basis in bond, best combings, $1.06 44-46s at Invercargill, Feb. 3rd, 11/ to 15d.; at Wellington, Jan. 23,
1925, 20 to 22d.; 40-44s at
to $1.10.
11 to 1654d.; at Invercargill, an. 29th,
2
/
12d.; at Wellington,
In London on Jan. 29th, sales 10,102 bales. Demand Invercargill, Feb. 3rd, 954 to29th, 1925, 18 to 20d.Jan. 23rd, 101 to
1
/
142d.; at Invercargill, Jan.
1134
'
good enough for the finer grades to keep them steady but
not good enough to advance prices. Inferior grades in
less demand. Details:
New South Wales, 3,541 bales: scoured merinos, 32 to 441
2d.;
/
crossbreds, 15 to 31d.: greasy merinos. 14 to 211
2d.; greasy merinos.
/
no sales; crossbreds, 18 to 23d.; Victoria, 890 bales: scoured merinos,
1
/
30 to 362d.: crossbreds, 15 to 281
2d.: greasy merinos, 15 to 291
/
2d•:
/
2
/
crossbreds, 141 to
South Atistralia. 1,241 bales: scoured merinos,
26 to 33d.; crossbreds, 13 to 2754; greasy merinos, 15 to 32d.; cross.
24d.•.
2d.; crosbreds 10 to
crossbreds. 15 to 31d.; greasy merinos. 14 to 211
/
2
1
/
1
/
192d.; Queensland 1650 bales; scoured merinos no sales; crossbreds 16
to 2854d.; greasy merinos, no sales; crossbreds, 18 to 23d.•. Victoria, 890
bales: scoured merinos, 30 to 361
2d.: crosbreds, 15 to 281 : greasy
/
2d
/
/-d.; crosbreds. 141 to 24d.: South Australia, 1.241
merinos, 15 to 295
2
/
bales: scoured merinos, 26 to 33d.; crossbrods, 13 to 271
2d.•, greasy
/
merinos, 15 to 32d.: crossbreds no sales. West Australia, 404 hales:
scoured merinos. no sales; crossbreds, no sales: greasy merinos. 151 to
2
/
2d.: crossbreds. no sales. New Zealand, 1.870 bales: scoured merinos.
1
/
22
15 to 30d.; crossbreds, no sales; greasy merinos, no sales; greasy cross2d. Cane Colony. 506 bales: scoured merinos. 33 to 30d.;
/
breds. 9 to 191
crossbreds, no sales; greasy merinos, 15 to 22d.: crosbreds, 12 to 19d.
In London. on Feb. 1st, 9.047 bales sold. Demand
,
good from 11 14-9n and the Continent for fine greasy
merinos. Scoured breeds and the inferior kinds were
very irregular. Details:
COTTON.
Friday Night, Feb. 5 1926.
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
173,227 bales, against 171,156 bales last week and 203,160
bales the previous week, making the total receipts since the
1st of August 1925, 7,459,662 bales against 7,219,282 bales
for the same period of 1924-25, showing an increase since
Aug. 1 1925 of 240,380 bales.
Receipts at
Galveston
Texas City
Houston
New Orleans
Mobile
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Sat.
Mon.
Tues.
Wed. Thurs.
9,075
9,076 21,598
6.857
7,176
18,187
10,522
647
9,678
1 .354 14,545
736
313
3,425
8,327
1,513
7.317
1.039
3,435
1,027
804
1.523
1,800
56
1.023
678
69
286
1,738
482
89
831
1,605
729
223
887
258
14
60
650
990
100
894
148
277
Fri.
Total.
6,872 60.654
108
108
4.518 35,808
5.500 47,363
572 4,820
8
8
1.228 9,679
648 4.554
200 1,485
1,167 5,588
2.206
485
469
,
-465
New South Wales, 1,888 bales: scoured merinos, no sales; crossbreds,
138
no sales: greasy merinos, 16 to 34d.: crossbreds, 10 to 191
2d. Oueens/
land. 2,943 bales: scoured merinos. 25 to 35d.: crosbreds, 18 to 281
2d•:
/
greasy trerinnc. 15.4 to 27./.d.• crossbreds. 11 in 20d. Victoria, 486 Totals this week- 41,709 24.197 45.322 22,178 18.591 21,230 173. 22
/.d.: cress
bales: scoured merinos, no sales: crossbreds. 16 to 321
merinos, 1454 to 2354d.; crossbreds, 12 to 19d. South Australia, 515
The following table shows the week's total receipts, the
bales: scoured rnerinns. no sales: crossbreds. no sales: greasy merinos, total since Aug. 1 1925 and stocks to-night, compared with
15 to 221
2d.; crossbreds, 14 to 18.
/
2d. West Australia, 18 bales:
1
/
scoured merinos, no sales; crossbreds, no sales; greasy merinos, 14 to last year:
22548.; crossbreds, 13 to 28d. New Zealand. 2.109 bales: scoured
merinos. no sales: crossbreds, 16 to 27d : greasy merinos. no sales:
1924-25.
Stock.
1925-26.
Receipts to
crossbreds, 11 to 19d. Punta Arenas. 1,088 bales: scoured merinos, no
This Since Aug This Since Aug
Feb. 5.
sales; crossbreds, 21 to 268.; greasy merinos, no sales; crossbreds,
1925.
1926.
Week. 1 1925. Week. 1 1924.
754 to 16d.
In London, on Feb. 2nd, some 11,959 bales sold. Fine Galveston
60,6542,578.464 67,5883,110,867 618,444 514.407
17,970
18,084 4,676
Texas City
56,568
108
34,394
wools lower; other grades irregular. Details:
Houston
35,808 1,319,244 41,176 1,314,553
New South Wales, 3,117 bales; scoured merinos, 20 to 34T/,d.; Port Arthur, 3cc_
crossbreds. 18 to 29d.: greasy merinos. 14 to 32d.: crossbreds, 11 to New Orleans
47,363 1,799,704 37,708 1,502,800 469.471 344.127
18r/d.: Queensland. 118 bales: scoured merinos. 22 to 368.; crossbreds Gulfport
10.634
20,100
4,820 188.527 1,495 115,763
no sales; greasy merinos. 16 to 27d.: crossbreds, 1654 to 19V.d.; Mobile
15.037
9,118
Victoria. 1.949 bales; scoured merinos, 15V. to 408.; crossbreds, 14 to Pensacola
863
530
2,642
15,212
8
15 to 22d.: crossbreds, 13 to 19548.. West Jacksonville
288.: greasy merinos,
60.955
81,748
Savannah
9.679 717,883 9,163 487,382
Australia. 189 bales; scoured merinos no sales; erossbreds no sales; Brunswick
130
400
539
no sales. New Zealand, Charleston
greasy merinos, 14 to 241]-(1.•. crossbreds
26,855
43,621
4,554 229,339 4,977 172,541
2d.; crossbreds. 16 to 28i/d.: Georgetown
/
5,067 bales: scoured merinos, 21 to 361
greasy merinos no sales: crossbreds. 9 to 268. Cape Colony, 210 Wilmington
35.712
35.240
99.451
99,552 1,418
1,485
bales; scoured merinos no sales; crossbreds, 22 to 31548.: greasy Norfolk
5,588 385,814 7.810 287.235 136,962 104,086
merinos, 15 to 20Vd : crossbreds no sales. River Plate. 309 bales; N'port News, &c_
69,113 205.727
20,650
36,771 1,402
2,206
scoured merinos no sales; crossbreds no sales; greasy merinos no sales: New York
2.500
548
19,198
17,352 1,723
485
Boston
crossbreds, 9 to 178.
1,410
1.226
19,205
713
28,773
469
Baltimore
In London, on Feb. 3rd, sales were 10,027 bales. Philadelphia
770
4.113
7.232
50
9.506
Greasy merinos and crossbreds sold readily to Britain
17n907 7 450 RV 179 ROA 7.219.252 1.504 157 1 4QR1
Tntalq
and the Continent. Fewer withdrawals than for some
In order that comparison may be made with other years,
time. Attendance large. New South Wales 1,373 bales.
we give below the totals at leading ports for six seasons:
Details:
Scoured merinos, 20 to 3914d.: crossbreds. 13 to 28548.•, greasy
merinos, 16 to 258.; crossbreds. 10 to 19d. Queensland, 2.590 bales;
Receipts at- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
scoured merinos, 24 to 40t/d.; crossbreds. 1554 to 36d.: greasy
52,328
33,438
31,037
39,500
67,588
60,654
merinos, 18 to 36d.; crossbreds, 12V, to 23d. Victoria, 1,670 bales: Galveston____
11,861
103
41.176
10,194
12,521
35.808
scoured merinos, no sales; crossbreds, 16 to 29V,c1.; greasy merinos, Houston, &c_
30,875
22.443
30,311
31,395
37,708
47,363
1554 to 33i/d.; crossbreds, 1 254 to 248. South Australia, 255 bales: New Orleans_
1,236
4.048
469
1.733
1,495
4,820
merinos, no sales; crossbreds. no sales; greasy merinos, 16 to Mobile
'scoured
6,622
5,402
3,698
9.679
7.928
9,163
Savannah_..._
221/8.: crossbreds, 12 to 20d. Tasmania, 3.812 bales; scoured Brunswick _
175
250
sales; crossbreds, no sales; greasy merinos, 151 to 2211,d.:
2
/
merinos, no
1,421
1.006
3,190
3,301
4,977
4.554
Charleston___
crossbreds, 11 to 20d. New Zealand, 327 bales; scoured merinos, 26 Wilmington__
1,207
1,683
623
1,953
1,418
1.485
5,197
2,960
4,684
to 32d.: crossbreds, no sales; greasy merinos, no sales; crossbreds, Norfolk
5,071
7,816
5,588
36
N'port N.,&c_
15 to 18d.
7,339
10,732
2,890
824
3,276
8,564
In London, on Feb. 4th, 10,062 bales sold Fine wools All others____
firmer. Inferior grades steadier.
crossbreds. Details:
Home trade bought
New South Wales, 1,490 bales; scoured merinos, no sales; cross.
2
/
breds, 121 to 288.; greasy merinos, 14 to 24d.; crossbreds, 10 to
18z/d. Queensland, 3,967 bales; scoured merinos. 22 to 388.; crossbreds, 10 to 308.• greasy merinos, 16 to 28d.; crossbreds, 954 to 22r/,d.
Victoria, 900 bales; scoured merinos. 20 to 42d.; crossbreds. 191 2 to
/
36./d.• greasy merinos, 15. to 25V,d.; crossbreds, 14 to 24d. South
Australia. 336 bales; scoured merinos. no sales; crossbreds, no sales;
1
/
greasy merinos, 14 to 222d.; crossbreds, 13 to I8V,d. West Australia, 495 bales; scoured merinos, no sales: crossbreds, 22 to 28T/d.:
merinos, 13 to 251/,d.; crossbreds, 12V, to 191
2d. Tasmania,
/
greasy
101 bales: scoured merinos, no sales; crossbreds, no sales: greasy
28. New Zealand, 2,375
/
2d.; crossbreds, 151 to 161
1
/
2
/
to 21.
merinos, 20
bales; scoured merinos, 24 to 3454d.: crossbreds. 15 to 28./.d.; greasy
:
2d. Cape Colony, 253
/
2
/
merinos, 14 to 22d ; crossbreds, 91 to 191
bales: scoured merinos. no sales; crossbreds. 26 to 28d.; greasy
merinos, 13 to 208.; crossbreds. no sales. Falkland Islands, 145 bales;
scoured merinos, no sales: crossbreds, no sales; greasy merinos, no
2
/
sales; crossbreds, 91 to 14448.
At Dunedin, N. Z. on Jan. 29th, the sales closed after
32.000 bales offered were sold. Con95 per cent of the '
trasted with those of Dec. 19th prices for American sorts
were id higher;. medium to good halfbreds id lower;
medium to god crossbreds unchanged, bellies and pieces
unchanged to somewhat higher and super merinos 2d to
4d lower.
At Brisbane, Feb. 2nd, selection average. Demand
good, mostly from Bradford, France and Germany. Compared with close of December series prices on superfine
merinos unchanged; other descriptions unchanged to 5
per cent lower.
Total this wk_
glom An
1
81,990 118,122
87.381
173,227 179,899 104.226
7 4R0 11R9 7 91Q 9R9 R .14n RAO 4 AAR 19Q f/ (154 57a 4 91R 90.1
The exports for the week ending this evening reach a total
of 213,376 bales, of which 64,953 were to Great Britain,
33,785 to France, 39,894 to Germany, 16,585 to Italy,
29,935 to Japan and China, and 28,224toother destinations.
In the corresponding week last year total exports were
273,373 bales. For the season to date aggregate exports
have been 5,4-08,236 bales, against 5,540,553 bales in the
same period of the previous season. Below are the exports
for the week and for the season:
Exported to
Week Ended
Japan&
GerGreat
Feb. 5 1926.
Ezports front
- Britain. France. many. Italy. Russia. China. Other.
7.445 9,975
22.571 16,506 5,761 10,673
Galveston
3,425 6,293
10,559 7,383 7.708
Houston
8,737 9.854
New Orleans___ _ 12,420 7,162 7,781 4:000
206
3,441
3,874
Mobile
585
5,808 i:Lii 7,028
Savannah
3,929
750
9:665
2,250
Charleston
1,550
500
Wilmington
1,400
500
6:i00
Norfolk
522
157 1.296
605
New York
61
608
Boston
700
Baltimore
828
San FranciscoTotal
Total 1925
Total 1924
64.953 33,785 39,894 16,585
Total.
72.931
35,368
50,644
7,521
15,998
15,929
2,050
8,158
2,580
669
700
828
29,935 28,224 213,376
92,918 31.453 46,848 28,277 12,752 37,174 23,951 273,373
868
25.399 4,995 37.186
625 10,762 79,74$
770
THE CHRONICLE
[Vol.. 122.
it is said, about the large amount of foreign credits covering textiles. Lord Emmott was quoted later as saying that
Lancashire cotton industry conditions call for immediate
Total.
Galveston- 466.023 238.410 304,025 138,932 6,000 143,065 214,178 1,510.633 action. His idea, it seems, is that a conference should be
Houston- -__ 362.767 233,152 302,442 90.317 97,573 89.046 119,256 1,294.553 called of mill owners and operatives, with two or more
inNew Orleans 364,509 138,686 191.173 129,276
---- 220.392 135,689 1,179.725 vited experts not directly
or vitally interested in either
Mobile
69,075 7,330 28,326
500
____
1,500 4,536 111,267
Jacksonville_
8,346
___
4,400
------------1,924
14,670 side, but who have a wide and intimate knowledge of the
Pensacola __
.
7,014
449
758 1,980
____
4,400
436
15,037 trade. He declares that there cannot be full
time in the
Savannah,._. 158,457 10,085 246,280 6,792
_ _ _ - 91,281 38,827 551,722
Brunswick400 industry until the yearly exports of cloth reach 1,000,000,Charleston. 52,505
-- _. 70,246
--------35,250 13,61i 171,692 000 square yards. This suggestion
is favorably received
Wilmington
.
4,000
---- 25,770 23000
--------3,400
56,170
Norfolk
84,980
___ 81,655
--------9,950 6,28 182,613 by the Master Cotton Spinners' Association.
Just what
New York
38,133 16,016 35,408 17.182
200 11,641 31,482 150,062 action is contemplated is not altogether clear,
but there is
Boston
2,114
147____
____
3,113
5,374
Baltimore..
2,82
____
2:iii
------------5,040 possibly some design further to curtail cloth output in LanPhiladelphia.
167_
__
600
--------302
1,069 cashire. It is doubted whether there will be a decrease in
Los Angeles_
12,043 2,400 9, 50
0
0
50
____
2987
535
27,515 the acreage.
It may be increased. Purchases of mules and
San Diego__
2,200
--------------------1,500
3,700
San Fran._ _
075
____
tl
--------69,413
70.274 fertilizers in the Atlantic States have been large. At Mem86
Seattle
56.420
300
58,720 phis the receipts of cotton
have recently been unusually
Total
1,633,008 649,689 1301402 409,736 103,773 735,345 575,283 5,408,236 large. Last week it received 17,000 bales,
against 8,000 last
Tot. 1924-25 1,955,641 662,283 1222314 444,837 77,345 629,714 548,419 5,540,553 year and 6,000 the year before. While there is an apparent
Tot. 1923-24 1 410 075 536.461 770,509 351.881
50440.502404.8663,914.344 decrease in factors' unsold stocks there is a substantial
NOTE,
-Ex ports
Casada.-It has never been our practice to include in the gain in the quantity of cotton available at Memphis either
above tables exports of cotton to Canada, the reason being that virtua ly all the to be shipped
on previous engagements or to be sold to mercotton 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 chants and other interests there. Buyers, co-operatives and
on the Canadian border are always very slow In coming to hand. In view, however, shippers who have sent
cotton to Memphis to their own
of the numerous Inquiries we are receiving regarding the matter, we will say that
for the month of December the exports to the Dominion the present season have order own 160,000 bales of the total stock of 283,000 bales,
been 34,261 bales. In the corresponding month of the preceding season the exports as against only 85,000 at this
time last year. The demand
were 24,033 bales. For the five months ended Dec. 31 1925. there were 116.083
Is only moderate at best and then mostly in low grades at
bales exported, as against 90,957 bales for the corresponding four months of 1924.
big discounts. In Arkansas stocks at compresses are very
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not large and steadily piling up, so that insurance companies
are charging higher rates. There is a large long interest
cleared, at the ports named:
here in the old crop months.
*Estimated.
On Shipboard, Not Cleared for
To-day early prices were somewhat higher in response to
an advance in. Liverpool and some further covering of
Great
GerOther CoastLeaving
Feb. 5 at- Britain. France. many. Foreign wise.
shorts. The trade was fixing prices. Liverpool was a
Total.
Stock.
Spot houses and Europe bought the new crop
Galveston
5,300 4,400 8.000 17,600 4,000 39,300 579,144 buyer.
New Orleans.... 12,304
2,376 4,392 12,188
1,167 32,427 437.044 months. Some reports said that Manchester's cloth trade
Savannah
500
---500 1,000
80,748 was more active. A slight increase in business in
Worth
25
25
43,596
Mobile
1.500
1.000
--------31 2,531
17.569 Street is reported. There are those who believe that the
Norfolk
-- 136,962 trade will have to buy more freely in the near future after
Other ports"1.000 2.000 3.000 9,000
1,000 16,000 117,811
having held off for some little time. Exports are also exTotal 1926
20,104
9,776 15,892 38.788 6.723 91,283 1,412.874 pected to increase. In New York a
good deal of cotton is
Total 1925
38,681 16.745 20.273 36,881 12.844 125,424 1,218,537
Total 1924
11.400 7.616 26.504 43.539 3.077 07.136 770.465 yet to be called in March. The tendency of late has been
toward some scarcity of
Speculation in cotton for future delivery was dull all the figures were considered contracts. If some of the weekly
bearish the quantity brought into
week, with negligible fluctuations until Thursday, when sight was smaller. There
is still a large short interest.
suddenly Palm Beach bought 30,000 to 40,000 bales of May But later on came a
reaction from the top of some 15 to 20
and Liverpool, besides coming higher than due, bought points. Buying from
Palm Beach died out. While some
rather freely. July was also in demand. March was firm. had contended
that
It was a short market. The trade and speculators bought not improbably for Palm Beach buying on Thursday was
the new crop months. Offerings were small. The trade was to-day was that it long account, the more general opinion
fixing prices. A strong and active stock market helped the a certain extent, was simply to liquidate shorts. That, to
weakened the technical position. Specularise in cotton. Spot markets were firmer. In Liverpool the tion in general died
down. Exports were small. They are
spot sales were 10,000 bales, the largest in some time. Egyp- well below those of
a year ago. Wall Street, New Orleans
tian cotton there rose 90 American points. At the South and the South sold.
Southern hedge selling increased in
mills are buying low grades. Good results are reported in March and May. Other
interests at the South sold March,
some cases. The better grades have been very firm. The May and October. Some
tense situation in the March delivery has held the market day. The weekly figures who bought yesterday resold toshow a substantial decrease in
even on the dullest days. No cotton is coming to New York spinners' takings. The
decrease in the world's visible supfor delivery on contracts. March has clung tenaciously to ply of American cotton
was
a premium over May of about 60 points. The certificated smaller. The same was true in some quarters reported
of the visible supply of all
stock here has been steadily decreasing. It is small at the kinds in the world. Stocks
at
South. There is believed to be a very big short account in at one time to nearly the same the ports which were down
total as a year ago are now
March. The next crop months have been bought steadily well above it. According to
some reports, the excess of the
by the Continent at discounts of 200 to 240 points under world's stocks of all kinds of cotton
March. Foreign interests have also at times been buying recently. Spot markets were lower, is larger than it was
with
March, but chiefly the next crop, in which the big discounts The market here to-day presented a sharp trade rather quiet.
contrast with that
contrast strikingly with a premium over the near months a of Thursday. Then it was animated
and strong. To-day
year ago of some 35 to 40 points. Present prices, some It was quiet and in the end depressed.
assume, will not encourage an increase in acreage. Besides, ever, show a net advance for the week of Final prices, how15 points on March
Southern merchants and bankers are against it. It is felt and May, 10 on July, and a lesser
that the carry-over on July 1 will be largely of low grades. December, however, 2 points lower. rise on October, with
Spot cotton closed at
Exports have made no bad showing. On the 1st inst. they 20.80c. for middling, a decline for
the week of 20 points.
were over 100,000 bales. And before long the total for the
The following averages of the differences between grades,
season will begin to compare with steadily falling exports
at the same time last year. On Thursday Charleston ex- as figured from the Feb. 4 ,quotations of the ten markets
ported 9,000 bales to Japan. Shorts covered freely on designated by the Secretary of Agriculture, are the differFeb. 4, startled by the sudden and unexpected upward turn ences from middling established for deliveries in the New
of prices. Cotton goods were steady if not active here in York market on Feb. 11:
Middling fair
1.56 on 'Middling "yellow" stained
the big storm approaching a blizzard. .In New Bedford a Strictgood middling
1.26 on *Good middling "blue" stained, 3 18 off
.2,04 off
.98 on Strict middling "blue"
big new mill starts at 100% with orders enough to keep it Good middling
stained _2.70 oft
68 on *Middling "blue" sta•ned
busy until August. Manchester has at times reported a Strict middling
3 55 off
Basis Good middling spotted
good inquiry for cloths and yarns, and prices for yarns have Suietlliow middling
Mldd ng
1.25 off Strict middling spotted
ff
Low moddling
3.00 off Middling spotted
been firmer. A movement in England looks to the rehabili- *Strict good ordinary
6.03 0oftff ViLtrwet li dw middliotted
4 3
i m o ang sp ng spotted____2..9°°
11° tI
9 on
7
2 off
tation of Lancashire's trade. The consumption of raw cot- *Good ordinarY
off
off
ton in the United States is believed to be large; it is esti- Strict good mid."yellow •tinged.0.07 off Good mid, light yellow stained..3 9 off
Good middling "yellow" tinged.. .50
mated in some cases for January at 600,000 bales, or nearly Strict middling "yellow" tinged._2.94()f *Strict mid, light yellow stained.1.71 off
.05 of(
yello stained._ _2.53 off
*Middling
Good middling 'gray"
the largest on record. Philadelphia, while regretting that *Strict low"yellow" tinged
93 off
mid."yellow" tinged.3 55 off *Strict middling"grar
1.38 off
trade is not better, adds that it exceeds the transactions of *Low middling "yellow" tinged..5.18 off •Middling"gray
Good middling "yellow" stained.2.00 off
a year ago.
*StrIctmiddling"yellow" stained.2.50 off
*Not deliverable on future contracts.
Yet bearish sentiment has been very general here. Stocks
The official quotation for middling upland cotton in the
called ample and exports at times have been less than
are
New York market each aay for the past week has been:
up to the corresponding date last season. Repeated reJan. 30 to Feb. 5Sat. Mon, Tues. Wed. Thurs.EFri.
ports of an easier basis and of the lack of any export de- Middling upland
20.90 20.75 20.70 20.70 21.00 20.80
cotton have not been without their effect.
mand for spot
NEW YORK QUOTATIONS FOR 32 YEARS.
Worth Street and Fall River have been quiet. Latterly 1926
20.80c. 1918
31.90c. 1910
6.
0 710.
8..3 c
15.10c. 1902
Manchester has also been more quiet. Manchester cabled 1925
15.80c. 1909
9.85c. 1901
1924
34.50c.. 1916
91 1
11.90c. 1908
8.31c.
11.70c. 1900
that the short-time committee of the American section of 1923
28.00c. 1915
8.65c. 1907
11.00c. 1899
Lancashire had decided to confer with Lord Emmott, who 1922
17.00c. 1914
12.65c, 1906
5..34c
6 91
11.25c. 1898
1921
14.10c. 1913
12.95c. 1905
.
7..3 .
58 262c30
. 10
7.60c. 1897
has submitted proposals for improving. conditions in the 1920
37.80c. 1912
9.90c. 1904
15.50c. 1896
Lancashire cotton industry. British bankers are troubled, 1919
27.20c. 1911
14.65c. 1903
9.15c. 1895
•
From
Aug.1 192410
Feb. 5 1926. Great
GerExportsfrom- Britain. France. many.
Exported to
-
Japan&
Italy. Russia, China. Other.
771
THE CHRONICLE
FEB.6 1926.]
detail
-The highest, lowest and closing prices at corresponding periods of the previous year, is set out in
FUTURES.
below:
New York for the past week have been as follows:
Saturday,
Jan. 30.
Monday,
Feb. 1.
Tuesday, Wednesday. Thursday,
Feb. 4.
Feb. 3.
Feb. 2.
Towns.
Feb.
Range__
20.16
Closing. 20.07 -20.05 -20.04 -20.01 -20.30March
Range__ 20.15-20.25 20.14-20.23 20.14-20.20 20.13-20.19 20.19-20.49 20.29-20.50
Closing_ 20.22-20.25 20.20-20.23 20.19-20.20 20.16-20.18 20.45-20.48 20.35-20.32
April
-Range..
19.86-19.86
Closing. 19.9319.87 -20.17 -20.0119.9219.90 May
Range__ 19.58-19.65 19.57-19.64 19.57-19.62 19.55-19.60 19.58-19.90 19.70 .
-19 02
19.7249.71
Closing. 19.64-19.65 19.63-1964 19.61-19.62 19.57-19.59 19.89June
Range._
Closing. 19.3019.23-19.53-19.3719.2919.25July
Range... 18.63-18.98 18.90-18.95 18.87-18.92 18.8648.90 18.89-19.20 19.0149.2(
19.02-19.0:
Closing. 18.98-18.97 18.93-18.89-18.90 18.89-18.90 19.18Aug.
18.75-18.75 18.77-18.7i
Range _ _
Closing. 18.58-18.53 --- 18.4918.49-18.90 Bid 18.78 Sept.
•
Range__
18.35 -Closing. 18.3418.3518.34 -18.4318.32Oct.Range.. 18.18-18.2 18.17-18.24 18.16-18.20 18.17-18.20 18.2148.34 18.2148.31
Closing. 18.20-18.22 18.21-18.22 18.18-18.19 18.19-18.20 18.29-18.3 18.21-18.2:
Nov.
18 20-18.21
Range.Closing. 18.0518.12-18.08 18.0518.0318.03Dec.
Range.. 17.88-17.92 17.87-17.95 17.84-17.89 17.84-17.88 17.8748.00 17.8548.0.
Closing. 17.90-17.92 17.90-17.92 17.88 ____. 17.86 _ 17.9547.98 17.8547.8'
Jan.
Range..
17.70-17.76 17.74-17.78 17.75-17.77 17.75-17.90 17.81-17.9Closing.
17.86-17.90 17.83 17.7717.77-17.75-
Range of future prices at New York for week ending
Feb. 5 1926 and since trading began on each option:
Range Since Beginning of Optino.
Range for Week.
Jan. 1926
Feb. 1926 _ _
Mar. 1926.. 20.13 Feb.
April 1928__ 19.86 Feb.
May 1926._ 19.55 Feb.
June 1926..
July 1926.. 18.86 Feb.
Aug. 1926.. 18.75 Feb.
Sept. 1928_
Oct. 1928_ _ 18.16 Feb.
Nov. 1926.. 18.20 Feb.
Dec. 1026.. 17.84 Feb.
Jan. 1927.. 17.70 Feb.
3 20.50 Feb.
2 19.86 Feb.
3 19.92 Feb.
3 19.20 Feb.
4 18.78 Feb.
2 18.35
5 18.20
2 18.03
1 17.94
Feb.
Feb.
Feb.
Feb.
18.11
19.68
5 18.34
2 19.50
5 18.50
18.84
5 18.13
5 18.38
18.35
5 18.02
5 18.20
5 17.84
5 17.70
Oct. 31 1925 25.45
Nov. 11 1925 24.70
Oct. 31 1925 25.40
Jan. 7 1926 19.89
Oct. 31 1925 25.63
Oct. 31 1925 21.20
Oct. 31 1925 24.72
Dec. 11 1925 22.00
Dec. 7 1925 20.98
Jan. 8 1926 19.70
Feb. 5 1926 18.20
Jan. 8 1926 18.50
Feb. 1 1928 17.94
Mar. 3 1925
July 30 1925
Apr. 27 1925
Nov. 12 1925
July 27 1925
Sept.12 1925
Aug. 17 1925
Oct. 8 1925
Oct. 14 1825
Nov. 8 1925
Feb. 5 1928
Jan. 4 1926
Feb. 5 1928
THE VISIBLE SUPPLY 01 COTTON to-night, as mace
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Feb. 5Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
1926.
bales_ 863.000
79.565
1925.
884,000
2,000
90.000
1924.
788.000
2.000
117.000
1923.
813,00
6,00
75,00
942,000
976.000
303,608
208.000
4,000
97,000
23.000
----- -
216.000
212,000
9,000
74,000
47.000
5,000
2,000
907,000
3,000
81,000
144,000
20,000
127,000
38,000
7,000
2,000
894,00
2,00
104,00
188,00
12.0
115.00
29,0
2,00
3.00
A1a.,Birming'm
Eufaula
Montgomery -.
Selma
Ark., Helena
Little Rock_
Pine Bluff
Ga., Albany.__
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Miss.,Columb
Clarksdale .
Greenwood
Meridian
Natchez
Vicksburg_
Yazoo City
Mo., St. Louts_
N.C.,Greensb'ro-
Raleigh
Okla., Altus_ ..I
Chlekasha 4
Oklahoma...I
5.C.,Greenville
Greenwood
Tenn.,Memph
Nashville__
Tex., Abllene..t
Brenham
Austin
I
I
Dallas
Houston....I
Parts
San Antonio_
Fort Worth_
Ship- Stocks
Receipts.
menu. Feb.
b.
Week. Season. Week,
821
82,743
40
21,043
91,543
580
215
84,030
88,343
2,983
4,135 206,393
1,872 159,48
7,85:
8
23,924
714
2,669 176,389
5,302 300,536
1,392
67,250
59,120
504
48,13
513
3,782 184,962
42.615
504
4,540 188,106
2,548 196,045
59,297
973
54,094
867
49,332
748
51,165
358
20,332 515,533
45,478
2,270
15,328
1,003
1.189 128,158
163,441
4,30
2.311 155,035
8,622 208,255
4,912
___
49:4081,396,251
2,877
10
80,894
515
5,294
102
11,821
212
2,083 141,123
78,153 4,209,518
849 109,802
24,805
82,218
3,047
1
Movement to Feb. 6 1925.
Movement to Feb. 5 1926.
Friday,
Feb. 5.
Ship- Stocks
manta. Feb.
6.
Season. Week.
Receipts.
Week.
622
1,746 10,173
388
134 6,648
861
1,042 24,668
230
685 22,196
352
2,599 34.963
5,742 82,557 2.530
3,642 69.018 1,824
____
____ 2,360
976
540 12,886
5,574 55,619 1,552
7,576100,991 3,343
2,3111 8.642 3,514
403
864j 24.312
242
1,500 16,831
5,5031 29,053_
995 8,616 1:500
5,430; 86,419
321
391
3,5511 67,825
111
8
641 15,613
926 14,638
36
910, 17,553
142
1,786, 17.359
44
19,958, 15,941 23,864
599 14.858 1,022
2721 14.060
162
2,454 20,941 5,254
3,956' 18.356 3,551
3,936 31.020 1,449
9,095; 56.092 5,411
___
....I 3.705
42,982 289,213 34:133
481
28
74
490 1,058 1,492
97 4,386
271
936
298
491
2,927 21,383 2,885
96,621729,224 79,933
1,229 4.915 1,045
145 1,706
241
2,603 15,114 2,116
422 8,807
58,484
422 5,977
18,001
75,355 1,887 18,488
598 17,856
81,059
82,071 2,031 13,397
191,730 5,489 30,558
99,214 3,807 29,602
8 2,578
3,871
40,494 1,284 18,042
179,845 6,546 45,912
186,543 4,503 81.527
59,340 1,859 8,289
519 8.296
35,78
200 14,553
40,279
95,000 1,000 20.000
II 7,755
36.09
4,259 23,804
107,99
132,789 1.916 30,112
35,411 1,19: 12,719
82i 6,699
39,01:
45
30,301 1,413 7. 3
32,875 1,030 5,711
547,878 24,842 2,793
44,654 1,283 10,911
200
6,17.
807
178,739 7,952 21,196
129,312 3.580 11,926
130,395 3,568 18,259
145,312 5,888 39,146
___ 5,750
12,12.
983,780 43:440 101,979
347
81___
84,657 1:878 1.007
241 5,243
18,291
1,053
30,587 1,O6
177,321 3,4:: 17,931
,142,804 98,266588.677
89,272 1,530 5.447
18
457 , 5
60,880
0
3.187 14,019
148,26
Total, 40 towns208.4779,518,931241,3471930287 182.5828,528,628 42,1881248011
The above total shows that the interior stocks have decreated during the week 36,496 bales and are to-night
317,724 bales more than at the same time last year. The
receipts at all towns have been 25,895 bales more than the
same week last year.
....._ .
......
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
.Spot Market
Closed.
Futures
Market
Closed.
Saturday... Quiet. 10 pts. adv.. Steady
Monday _ rat, 15 pts. dec..Steady
Steady
ec
Tuesday. _ Wet, 5 pts. d_
Wednesday: Met, unchanged_ Steady
Thursday.. Steady, 30 pts. adv. Very steady
Quiet 20 pts. dec... Quiet, but st'dy
Friday
Total__
SALES.
Spot. Conted Total.
100
100
100
100
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
445.00 1 overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
1,349,00
the week and since Aug. 1 in the last two years are as follows:
134.00
635,000 565,000 422.000
Total European stocks
1,577.000 1,541,000 1.329.000
India cotton afloat for Europe_ _ _ 133.000
95,000
196.000
American cotton afloat for Europe 488.000 689.000 313,000 329,00
-1924-25--1925-26Egypt,Brazil,&c.,afloatforEurope 100.000
88.000
Since
82,000 119,0
Since
Feb. 5Stock in Alexandria. Egypt
301,000 240.000 241.000 296.00
Week. Aug. 1.
Week. Aug. I.
Shipped
Stock in Bombay.India
717,000 479,000 645.000 653,00
24,842 505.355
19,958 510,427
Via St. Louis
,
Stock in U. S.Ports
1,504.157 1.343.961 876,621 889,58
8,250 182,760
7,800 219,002
Via Mounds, &c
Stock in U. S. interior towns- __ _1,930,287 1,248.011 898,190 1,089,75'
i
24.905
833
30,496
1,463
Via Rock Island
U.s. exports to-day
3,067
4,950
1,607
45,716
963
37.494
1.353
Via Louisville
6,067 140.645
3,544 139,522
Via Virginia points
Total visible supply
6,753,511 5,728,922 4,582,418 4,857,33 I
6,428 289,451
14,328 348,660
Via other routes, /itc
Of the above, totals of American and other descriptions are as follows
:
American
55,913 1,239,819
39,916 1,234,644
Total gross overland
Liverpool stock
babas_ 592,000 716,000 540.000 459,00
! Deduct Shipments
Manchester stock
61,000
69,000
90.000
45,00
60.773
93.037
3,888
Overland to N. Y., Boston, &c_ _ _ 3,160
Continental stock
600,000
522,000 311.000 394,00 I
15,937
532
15,145
687
Between interior towns
American afloat for Europe
488,000 689,000 .313.000 329.00)
16,922 354.789
32,696 384,372
Inland, &c., from South
U. S. port stocks
1,504,157 1,343.961 876,621 887..58 i
U. S. interior stocks
1,930,287 1,248.011 898,190 1,089,75 1
21,497 431.499
36,388 492,554
Total to be deducted
U. S. exports to-day
3,067
4,950
1,607
34.416 808,320
3,528 742,090
, Leaving total net overland *
Total American
5,178,511 4,592,922 3.030.418 3,204,33 '
East Indian, Brazil. &c.
* Including movement by rail to Canada.
stock
Liverpool
271,000 168,000 248.000 354,00
)
London stock
2.000
)
A:82
The foregoing shows the week's net overland movement
Manchester stock
18,665
21,000
27,000
30.00
against 34,416 bales for
Continental stock
35,000
43,000 111,000
61.00 i this year has been 3,528 bales,
Indian afloat for Europe
133.000
95,000 196,000 134,00
) the week last year, and that or the season to date the
Brazil, &c , afloat
Egypt.
100,000
88,000
82,000 119,00
stock in Alexandria. Egypt
301,000 240,000 241.000 296.00 1 aggregate net overland exhibits a decrease from a year ago
717.000 479,000 645,000 653,00
Stock in Bombay,India
) of 66,230 bales.
-1925-26- -1924 25
Total East India, &c
1,575,000 1.136.000 1,552,000 1,653,00
Since
Since
In Sight and Spinners'
American
Total
5,178.511 4,592,922 3.030,418 3,204,33 3
Week.
Aug. 1.
Aug. 1.
Week.
Takings.
173,227 7,459,662 179,899 7,219,282
, Receipts at ports to Feb. 5
6,753,511 5,728,922 4,582,418 4.857,831
Total visible supply
34.416
808,320
3,528
742,090
' Net overland to Feb. 5
10.80d. 13.28d. 18.89d. 15 74d
Middling uplands, Liverpool
Southern consumption to Feb. 5-100,000 2,340,000 80,000 2,307,000
20.80c.
24.25c. 33.50c.
Middling uplands, New York_
27.90c•
.
good Sakel, Liverpool__
19.95d. 36.50d. 23.60d. 19.088•
Egypt.
276.755 10,541.752 294.315 10,334,602
Total marketed
Peruvian, rough good. Liverpool_ 23.00d. 20.75d. 24.50d. 18.50d • Interior stocks in excess
*36,496 1,774,865 *58,781 1,073,257
9.45d. 11.85d. 16.90d. 13.50d • Excess of Southern mill takings
Broach, fine, Liverpool
•
good..Liverpool
Tinnevelly,
9.85d. 12.60d. 18.088. 14.900
675.119
529,272
over consumption to Jan. 1_ __ _ ______
•
Continental imports for past week have been 88,000 bales
235,534
Came into sight during week__240,259
The above figures for 1926 show a decrease from last
12,991.736
Total in sight Feb. 5
"
week of 20,153 bales, a gain of 1,024,589 over 1925, a 1
increase of 2,171,093 bales over 1924, and an increase o r North. spinners' taking to Feb. 5- 51.957 1,313,288 78,681
1,896,173 bales over 1923.
*Decrease.
Movement into sight in previous years:
AT THE INTERIOR TOWNS the movement-that is 1
Bales. I Since Aug. 1receipts for the week and since Aug. 1, the shipments fo 1. Week- 8924F
132,56811923
the
-ep.
_
...., .
nr..,
and the stocks to-night,and the same items for th
- .a
the week
11,937,131
1,237,318
Bales.
2.11,278
.
o,wIo.
772
THE CHRONICLE
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Feb. 5.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'clay Thursd'y. Friday.
Galveston
20.70
New Orleans
20.12
Mobile
19.70
Savannah
19.75
Norfolk_
20.25
Baltimore
Augusta
19.75
Memphis
20.00
Houston
20.30
Little Rock___. 20.00
Dallas
19.85
Fort Worth_ _ _ _
20.70
20.12
19.63.
19.71
20.19
20.60
19.75
20.00
20.30
20.00
19.80
19.80
20.60
20.12
19.55
19.70
20.19
20.50
19.75
20.00
20.20
20.00
19.80
19.80
20.55
20.05
19.50
19.70
20.19
20.45
19.63
20.00
20.15
20.00
19.75
19.75
20.80
20.34
19.63
20.03
20.50
20.45
19.81
20.00
20.45
20.00
20.05
20.05
20.60
20.18
19.50
19.91
20.25
20.75
19.69
20.00
20.30
20.00
19.95
19.90
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Jan. 30.
Monday,
Feb. 1.
Tuesday, Wednesday, Thursday,
Feb. 2.
Feb. 3.
Feb. 4.
[VOL. 122.
Cotton Takings.
Week and Season.
1925-26.
Week.
1924-25.
Season.
Week.
Season.
Visible supply Jan. 29
6.773,664
5,830,282
Visible supply Aug.1
2,342.887
2,190,493
American in sight to Feb.5
240,259 12,991.736 235.534 11.937.131
Bombay receipts to Feb. 4
171,000 1.643.000 157.000 1.356.000
Other India sialpla to Feb. 4
32,000
297,000
9,000
147,000
Alexandria receipts to Feb. 3...
38,000 1,164,200
23,000 1,243.800
Other supply to Feb.3 *b
10,000
515.000
15,000
214,000
Total supply
7.264,923 18,953,823 6,269,816 17,088,424
Deduct
Visible supply Feb. 5
6 753.511 6,753,511 5.728,922 5,728,922
Total takings to Feb.5 a
511.41212,200.312 540.89411,359.502
Of which American
299.412 8.856,112 364.894 8.277,702
Of which other
212.000 3.344.200 176.000 3.081.800
* Embraces receipts in Europe from Brazil, Smyrna, West Indies,
&c.
a The total embraces since Aug. 1 the total estimated consumptio
n by
Southern ndlls, 2,340,000 bales in 1925-26 and 2,307.000 bales in
1924 -25
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, 9,860.312 bales in 1925-26 and 9,052,502
1924-25, of which 6,516.112 bales and 5,970,702 bales American. bales in
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Friday,
Feb. 5.
1925-26.
1924-25.
1923-24.
Februartt 4.
February ..
Receipts atnce
March-- 19.62-19.63 19.60-19.61 19.58-19.59 19.58-19.56 19.83-19.84
19.68-19.69
Week. ASi 1. Week. Als 1. Week. Alg 1.
ug.
April
ip.
i"
n
.
May
19.04-19.05 19.03-19.04 18.99-19.00 18.97-- 19.26-19.27 19.12-19.13
Bombay
171.000 1,643.000 157.000 1.356.000 181.000 1.709.000
June
18.44 ---- 18.42 ---- 18.40 ---- 18.39 ---- 18.66-18.68
WY
18.58-18.57
Anintat __ _
For the Week.
Since January 1.
September
Exports
October
from17.59-17.60 17.56-17.57 17.56-17.56-17.57 17.65-17.67 17.57
Great Conti- IJapan&
Great
Conti- Japan &
November
Britain. sent. China. Total. Britain,
sent.
China.
Total.
December_ 17.80-17.56 Bld 17.54-17.56 17.5517.62 Bid 17.58January..
Bombay
17.57 Bid
Tone
1925
20,000114,000134,000 22,000 254,
-28__
717,000 993,000
Spot
1924-25._
Steady
Quiet
Steady
Steady
I 40,000 87,000127,000 26,000 200,
Steady
727.000 953,000
Steady
(lotions
Very at'dv Steady
1923-24._
Steady
48,000 86,000134,000 90,000 473.000 694,0001,257,000
Steady
st.sav
tapas.,
Other India
1925-28._
13,0001
32.000 61.000 236%000
,
WEATHER REPORTS BY TELEGRAPH.
297,000
-Reports
1924-25._ 2,000 7,000
9,000 19,000 128,
147,000
to us by telegraph this evening denote that the weather
1923-24._ 3,000 6,000
51
9,0
217,
268.000
during the week has been generally favorable for farm
work with the exception of a few localities where there have
been frequent rains, making fields muddy and unworkable.
Temperatures have been somewhat higher. Precipitation
generally has been from light to moderate.
Rain. Rainfall.
Thermometer
Galveston, Texas
2 days 1.04 in. high 66 low 48 mean 57
Abilene
dry
high 66 low 30 mean 48
Brownsville
1 day
0.01 in. high 78 low 54 mean 66
Corpus,Christi
dry
high 78 low 50 mean 64
Dallas
1 day
high 66 low 34 mean 50
Del Rio
dry
low 40
Palestine
dry
high 70 low 36 mean 53
San Antonio
dry
high 78 low 42 mean 60
Taylorlow
38
New Orleans
2 days 2.25 in.
mean 58
Shreveport
1 day 0.06 in. high 71 low 38 mean 55
Mobile, Ala
2 days 2.40 in. high 70 low 44 mean 54
Savannah.Ga
4 days 2.06 in. high 61 low 38 mean 50
Charleston,S.C
?days 1.99 in. high 62 low 40 mean 51
Charlotte, N. C
7 days 2.28 in. high 58 low 27 mean 43
The following statement we have also received by tele
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feb. 6 1926. Feb. 7 1925.
Feet.
Feet.
Above zero of gauge_
9.2
3.8
Above zero of gauge..
26.3
13.4
Above zero of gauge..
17.5
15.3
Above zero of gauge16.0
8.3
Above zero of gauge33.7
21.2
Total all
1925
-26. 19,000 33,000 114,000 168.000 83.001 490,000 717.0001,290,000
1924-25.. 2.000 47,000 87.000 136,000 45.000 328.000 727,600 1,100.000
1923-24.. 3.000 54.000 86.000 143.000 141.000 690.00 894,000 1,525.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
14,000 bales. Exportsfrom all India ports record an increase
of 30,000 bales during the week, and since Aug. 1 show an
increase of 190,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria. Egypt.
Feb. 3.
Receipts (cantars)This week
Since Aug. I
Exports (bales)-
1925-26.
1924-25.
1923-24.
190,000
5,819.777
115,000
6.293.907
105.000
5,509.595
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since •
Week. Aug. 1.
To Liverpool
4.000 123 692 5,000 142,194
____ 158.268
To Manchester, tgc
10,000 119 915 10,250 160,912
____
To Continent and India_ 6,000 197 770 6,750 235.897 9.500 135,324
236.590
To America
2,000 92 456 16.000 96,713 9,250 80,103
Total eznorts
22.000635.743 38.000 635.716 18.750 610.285
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Feb. 3 were
190,000 cantars and the foreign shipments 22.000 bales.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
MANCHESTER MARKET.
-Our report received by
the outports.
cable to-night from Manchester states that the market in
both cloths and yarns is steady.. Manufacturers are generReceipts et Porta.
Mocks at Interior Towns. Reeeiptsfrons Plantations ally well under contract. We
give prices to-day below and
Week
lade
leave those for previous weeks of this and last year for
1924. 1923. 1925.
1924.
1923. I 1926. 11924. I 1923
comparison.
Nov.
6--437.5491383,258 235.636 1.588.00 1,307,378 1,165,368489,4 494,453314,5
09
343.3711373.60 307.467 1,646,17 1,411,26 1 179 333421
20-- 377,9831432.208 224,528 1,677.44 1,486,392 1,244,773409 546477,4861321.482
27._ 311.3841370.024 298,211 1,784,34 1.545.801 1,2S1.785418,247487,588 289,988
,287429,233305,223
Dec.
4_ _ 396.2751370,752265.50 1,838,52 1.583,955 1,225,801 448,45
11 _ _ 330.5501133,821 264,183 1,902.01 , ,764 1,178,745 396.043 409.106 239.525
315.639217.127
__ 351,48 330,847 214,36 1.924.002 1.558.379 1.132,917373
.469323,282 188.525
24._ 224.39 232,346 199,7672.000.037 1,577,997 1.119,113
299.871 251,964 185,963
31..213.200 306.967 134.224 2,034.90 1,514.451 1.067.013
247.971 246,11 82.124
Jan.
1926. 1925. 1924.
1926.
1925.
1924.
1926. 1925.
8..161,454 234.091 136.6032.023,36 1.474.156 1.043,974 160.090 198,591 1924.
123,564
15._ 178,734231,584 169.44 1.999 6931.441,041 996.356155,0
22._ 203,180201,602 110,351 1.979,161 1,383,826 977,263182.691 198,469 121.830
2 144,18 91.258
29._ 171.156200.371 116.104 1,966.78 1,306,792 944,888 158,778
123,53 83,709
Feb.
5.-173.227 179,899 104.226 1.930.287 1.248,011 898.190 136.731 121.1181
57.648
1925-26.
1924-25.
844 Lbs. Shirt Cotton
814 Lbs. Shirt
320 Cop Digs. Common AMC° 32a Cop Mac Common
TIM.
to Finest.
Upt'da
Twist.
to Finest.
October
•
30
1714a19 142 614 6
10.35 24146284 175 418 1
November
17 a1814 141 614 5
6
10.49 23141326 174 618 0
13
1734a18,1 142 614 8
10.58 2344628 173 0177
20
174(6185( 142 014 6
10.80 2334a255( 174 018 0
27
17 a1834 142 014 6
10.74 23.Iia25Ii 174 018 0
December
4
101(a1884 142 014 6
10.42 23 02434 16 6 a17 1
11
16)018 014 1 017 4
10.17 23 62414 18 5 017 0
18
16 al734 14 0 614 4
9.81 23 6244 16 4 616 7
24
18 617)4 14 1 al4 5
9.92 23 02434 16 5 617
31
16 61734 14 3 a14 7
10.27 23Ma25 16 7 a17 0
1
Ja11111171926 •
1926
1926
1926
1925
8
163(a1734 14 3 a14 6
10.54 233.025 16 7 617 1
18
164(6173( 14 3 614 5
10.84 224(62484 16 5 617 0
22
174461884 14 4 614 6
10.76 2234624 185 617 0
29
1844a1734 14 4 614 6
10.63 22 02334 16 5 617 0
February
5
1684a1714 14 0 614 4
10.80 2234623 18 5 617 0
Cotton
MUM°
UpPds
13.58
13.25
13.87
13.63
13.59
12.98
13.11
13.28
The above statement shows: (1) That the total receipts
13.24
from the plantations since Aug. 1 1925 are 9,160,307 bales:
13.67
1925
in 1924 were 8,280,097 bales, and in 1923 were 6,005,507
13.03
bales. (2) That although the receipts at the outports the
13.08
12.87
past week were 173,227 bales, the actual movement from
12.92
plantations was 136,731 bales, stocks at interior towns
having decreased 36,496 bales during the week. Last year
13.28
receipts from the plantations for the week were 121,118
SHIPPING NEWS.
-As shown on a previous page, the
bales and for 1924 they were 57,548 bales.
exports of cotton from the United States the past week have
reached 213,376 bales. The shipments in detail, as made
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates up from mail and telegraphic returns, are as follows:
Bales.
at a glance the world's supply of cotton for the week and NEW YORK-To Bremen-Jan.29 Stuttgart, 1.296
To Genoa-Jan. 29--Guisepp1 Verdi, 247___Jan. -Corson. 1,296
30
since Aug. 1 for the last two seasons, from all sources from
225..
.Feb.2
-Brenta H.50
522
To Liverpool-Jan. 29
which statistics are obtainable, also the takings or amounts
-Regina, 100
100
To Manchester-Feb. 2-Hoxle, 505
505
gone out of sight for the like period.
To Havre
-Feb.2
-McKeesport,
157
157
FEB. 6 1926.1
-Mercedes de Larrinaga, Bales.
HOUSTON-To Manchester-Jan. 29
776; Delilian, 4,964
5.740
To Liverpool
-Jan.29
-Mercedes de Larrinaga,4,669; DeMan,
150
4,819
To Havre-Jan. 24-Nishmaha, 76---Jan. 28-Greystoke
-Emergency Aid, 6,007
Castle, 1,300-- _Jan. 30
7.383
-Jan. 28-Greystoke Castle, 1,187-Jan. 30
To Ghent
Emergency Aid, 94
1,281
To Antwerp-Jan. 28-Greystoke Castle, 300_ --Jan. 30
Emergency Aid. 50
350
To Bremen-Jan. 29
-Youngstown, 4,841-- _Jan. 30
-Rio
Bravo, 2,867
7.708
To Rotterdara-Jan. 30
-Emergency Aid, 660
660
To Japan-Feb. 2
-Brazil Maru, 3.425
3.425
To Barcelona-Feb.4
-Mar Negro, 4,002
4,002
NEW ORLEANS
-To Hamburg
-Jan. 28-Horncap. 5612_Jan.
_
-West Ira. 254
30
815
To Bremen-Jan. 28-Horncap, 4,211---Jan. 30
-West Ira,
2.755
6,966
To Genoa-Jan. 28
-Liberty Bell, 4,490---Feb. 3
-Liberty
Bell, 100 additional
4,590
To Naples
-Jan. 28-Liberty Bell, 100
100
To Vera Cruz
-Jan. 29
-Baja California. 2,650KarmoY,
600
3,250
To Japan-Jan. 28
-Stanley, 5,225-Jan.30-Shunko Meru,
2,745
7,970
To China-Jan. 28-Stanley, 600___Jan. 30-Shunko Maru,
167
767
To Liverpool
-Jan.30-Dorelian, 10.965
10,965
To Manchester-Jan.30-DoreHan, 1,455
1,455
To Havre-Jan. 30-Ostende, 3,292; Oakwood, 3,770
To Dunkirk-Jan. 30-Ostende, 100
7 002
'0
16
To Antwerp-Jan. 30-Ostende, 836; Oakwood, 450
1,286
To Porto Colombia-Jan. 27-Abangerez, 100
100
To Gothenburg-Jan. 30-Stureholm, 1.100
1,100
To Copenhagen-Jan. 30-Stureholm, 100___Feb. 1 Maryland, 582
682
To Ghent
-Jan.30-Stureholm, 875
875
To Rotterdam-Jan, 30
-West Ira, 1,119
1,119
To Oporto-Feb. 3-Jomar, 1,442
1.442
GALVESTON-To Liverpool
-Jan. 30-Delilian, 4,498; Carlton,
8,248; Mercedes de Larrinaga, 3,943
To Manchester-Jan. 30-Delilian, 630; Carlton, 1,062; Mer- 16.689
cedes de Larrinaga, 4,190
5,882
To Havre-Jan.30
-Jacques Cartier, 5,836; Nishmaha, 7,542;
Greystoke Castle. 3,128
16,506
To Antwerp-Jan. 30-Greystoke Castle. 200; Nishmaha. 100
300
To Ghent
-Jan.30-Greystoke Castle, 1,863; Nishmaha,806.. 2,669
To Rotterdam-Jan.30-Nishmaha. 834
834
To Gothenburg-Jan. 30-Braheholm, 3,665
3,665
To Genoa-Jan. 30-Nicolo Adero, 3,463; Liberty Bell, 3.939- 7,402
To Bremen-Jan. 30
5,761
-Youngstown. 5,761
To Venice-Jan, 30
-Torn Head, 3,021
To Trieste-Jan. 30-Torr Head, 250
T Barcelona-Jan.30
30504
2 2257
: o
-Infanta Isabel, 2,507
To Japan-Jan. 30
-Hawaii Maru, 6,545--Feb. 1-Stanley,
200
To China-Feb. 1-Stanley. 700
6 74
'7
NORFOLK
500
-To Japan-Feb. 1-Hague Maru. 500
To Manchester-Feb. 2
-Man-East Side, 2,827--_Feb. 5
cheater Citizen, 900
3 724
'367
To Bristol-Feb.2
-Bristol City. 364
1,400
To Bremen-Feb.4-Deuel, 1,400
2.167
To Liverpool-Feb.5
-Winona County. 2,167
3,861
SAVANNAH-To Liverpool-Jan. 30-Yselhaven, 3,861
1.947
To Manchester-Jan. 30-Yselhaven, 1,947
2.577
To Havre-Jan. 30-Wallhaven, 2,577
6, 00
528
To Bremen-Jan. 30-Grete, 6,528
To Hamburg-Jan. 30-Grete, 500
To Rotterdam-Jan. 30-Wallhaven, 585
585
CHARLESTON-To Bremen-Jan.29-Sundance, 1,142_ __Feb. 3
3,242
-Seekonk, 2.100
-Seekonk,
To Hamburg-Jan. 29-Sundance, 100 Sob. 3
687
587
To Rotterdam-Jan. 29-Sundance, 750
750
To Liverpool-Feb. 1-Liberty Glo, 1,450
1,450
To Manchester-Feb.1-Liberty Glo,800
800
To Japan-Feb. 3
-Memphis City, 7.800
7,800
To China-Feb.3
-Memphis City, 1,200
1,200
-To Japan-Feb.1-Talyo Mara,828
SAN FRANCISCO
828
MOBILE
-To Barcelona-Jan. 29
-Mar Negro, 76
76
To Liverpool
-Jan. 30
-Maiden Creek, 3,874
3,874
To Bremen-Jan. 30-Saco. 3,321
3,321
To Hamburg-Jan. 30
-Saco, 120
120
To Antwerp-Jan.30-Saco,76
76
-West Hardaway,54
To Rotterdam-Jan.30
54
BOSTON-To Liverpool
-Jan.21-Dakarian, 308; Newfoundland,
300
608
To Copenhagen-Jan. 16-Minnequa,61
61
WILMINGTON To Bremen-Feb. 1-Sundance, 1,550
1,550
-Feb. 1-Sundance, 500
To Ghent
500
BALTIMORE To Genoa-Jan.28
-Corson.700
700
Total
213,376
08
COTTON FREIGHTS.
-Current rates for cotton from
.
New York, as iurnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandHigh
StandDensity. ard.
Density. aut.
Liverpool .300. .45c. Oslo
.500. .600.
manenester .30e. .450. Stockholm Mc. .850.
500
.450.
600.
Antwerp .35e • . . Trieste
.42340. .5734o.Flume
45e. .600.
Ghent
.35e. .500. Lisbon
50e,
65c.
Havre
Rotterdam .450. .60e. Oporto
75c., 900.
400. .550. Barcelona 30c
450
clews
Japan
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Balonlca
High
Density.
.62 Mc.
.6214e.
.50c.
.40c.
.35e.
.60e.
75e.
Stand
and.
775.4c
77344
65e
550
500
75e
90o
LIVERPOOL.-B3r cable from Liverpool we have the following statement of the week's sales. stocks, &c., at that port:
Jan. 15.
56,000
38,000
15,000
83,000
881,000
569,000
55,000
34,000
234,000
142,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Jan. 22.
43,000
29,000
3.000
83,000
902,000
610.000
110,000
90,000
222.000
126.000
Jan. 29.
41,000
26,000
3.000
73,000
889,000
586,000
61,000
31,000
215,000
129,000
Feb. 5.
43,000
30,000
5,000
73,000
863,000
592,000
54,000
35,000
264,000
161,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
snot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Market, f
12:15 .{
Quiet.
Good
demand,
Moderate
demand,
Good
demand,
Moderate
demand.
p. M. (
M d.Uprds
Sake _____
773
THE CHRONICLE
Good
demand.
10.67
10.63
10.60
10.61
10.60
10.80
4,000
7,000
7,000
8,000
10.000
7,000
Quiet,
Quiet, un- Quiet but Steady at
Futures. Quiet, un- Qulet.4 pts
Market I changed to decline to 2 to 3 pts changed to steady, un- 11 to 16
opened 1 2 pts. ad'.'. 1 pt. adv. decline. 2 pts. adv changed to pts. adv.
1 pt. adv.
Quiet. Qulet,3 pts Steady, Barely sty
Market, r Steady. Quiet but
i 2 to 4 pts steady. un- 2 to 5 pts decline to 3 to 5 pts. 4 to 8 pts.
4
p. m. I advance, changed to decline, a pt. tidy, advance. advance.
4 nt, don.
Prices of futures at Liverpool for each day are given below:
Sat.
Jan. 30
to
Feb. 5.
Mon.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1234 4:00 1234 4:00 1234 4: 1234 4: 1234 4:00
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m p. m p. m.p. mitt. m.
d.
d.
d.
d.
d. d. d. d. d. d.
d. ti.
February _____ ____ 10.27 10.2310.2310.2010.21 10.21 10.1 10.2 10.24 10. 14.32
March
10.2810.2510.2510.2210.2210.2 10.21 10.2 10.26 10.41 10.33
April
10.21 10.2010.1910.17 10.1 10.1710.1 10.1 10.1 10.3410.25
May
10.18 10.18 10.17 10.1510.15 10.1 10.1410.1 10.1 10.3310.24
June
10.11 10.1010.0!10.0 10.0 10.0710.0 10.0 10.0 10.2410.16
July
10.0310 02 10.01 9.9. 9.9910.00 9.9 9.9 10.0 10.1710,09
August
____ 9.90 9.89 9.88 9.86 9.85 9.87 9.86 9.86 9. 10.0 9.97
September_ _ ____ 9.74 9.75 9.74 9.72 9.71 9.72 9.71 9.71 9.74 9.87 9.80
October
___ 9.68 9.69 9.68 9.65 9.64 9.6 9.6 9.6 9.67 9.7 9.72
November_ _ _. ____ 9.59 9.60 9.59 9.56 9.54 9.56 9.5 9.5 9.5 9.69 9.62
December
____ 9.56 9.57 9.56 9.53 9.51 9.53 9.52 9.52 9.5 9.66 9.59
January
__ ____ 9.56 9.57 9.56 9.53 9.51 9.52 9.51 9.51 9.54 9.65 9.59
BREADSTUFFS
Friday Night, Feb. 5 1926.
Whenever there is an increase in demand for flour competition is sharp among mills for the business either here or
at the Northwest, in Kansas City or in St. Louis. Prices
were at one time cut to get the business. Export demand
was said to be fair. Philadelphia recently sold to British
buyers for the first time in a long while. Clearances mostly
to Greek ports on the 29th ult., were 39,495 sacks. On the
1st inst. 17,882 sacks were exported to London, Rotterdam,
Trieste and Alexandria. Minneapolis looks for a better
business soon with the home trade. Rumors were persistent of quite a good export trade 'via Vancouver to England
and the Far East. Otherwise foreign business was slow.
It was less than usual with South America. St. Louis reported a better business for home account, but the Southwest later on was less active.
Wheat fell when it was found that the decrease in the
American visible supply last week was only 844,000 bushels,
as against a decrease in the same week last year of 2,962,000
bushels. It was supposed at one time that the decrease
would be 2,000,000 bushels. To find that it was less than
half this was a shock to longs, and they sold heavily. The
total visible supply is now, however, only 45,265,000 bushels,
against 77,610,000 last year. Chicago wired that sentiment was distinctly bearish. Houses with Florida connections were on the buying side of futures on Thursday, but
taken in the aggregate, the trade was decidedly limited and
price changes after the first few minutes following the
opening were small. Higher cables at one time were due
to reports of rains in Argentina which might delay loadings.
March firmness in Liverpool showed nervousness among
shorts there. The Buenos Aires market, however, was not
very firm. Continued absence of an active export demand
in North America was a damper on bullish enthusiasm and
caused profit taking. Also, receipts at the Southwest increased. On the other hand, at one time on the 1st inst.
prices were 2c. higher. Liverpool advanced % to ld. net.
World's shipments, it is true, were again rather large, or
14,898,000 bushels, being about the same as last week.
Buenos Aires rose 1% to 1%c. on general rains. The total
on passage to Europe was up to 34,792,600 bushels. Complaints were heard of insufficient rain in the winter wheat
belt. Export business was small, but there were rumors of
a good business in Manitoba wheat for England. No. 2
red is 14c. lower than a year ago. On the 2d inst. Liverpool rose 1d. to 2%d., Buenos Aires %c., and Winnipeg 2c.
Chicago rose 1% to 2c. on the passage of the agricultural
bill providing $127,000,000 supposedly to help the farmer.
With this and higher cables, small offerings and Eastern
buying of a good character. But on the other hand export
business was poor. Cash wheat basis in the Southwest was
easier at times and as much as 2c. lower at Kansas City.
Reports from the Southwest indicate that there would soon
be a considerable increase in the movement. Far Eastern
demand for cash wheat, Chicago pointed out, with exports
of over 4,000,000 bushels in the past week from Canada and
Australia to non-European countries was a factor in Liverpool. Export demand from the United Kingdom and the
Continent improved. If the long-expected foreign buying
is on a worth-while scale bullish sentiment will naturally
increase. Vienna cabled that grain prices which had risen
at the very beginning of the year are now falling again,
which is believed to be due to the large Canadian stocks and
the favorable weather in Europe, which promises another
good harvest. Wheat has held well above the $170 level
since the first of the year. Stocks of wheat in Chicago now
total 3,367,000 bushels, against 7,333,000 last year. Cash
premiums have been fairly well maintained and the domestic demand for milling wheat is very keen. The Far
East took 4,000,000 bushels last week from the Pacific
Coast. On the 3d inst. prices rose 2c., with the cables
higher and export sales suddenly up to 1,500,000 bushels,
mostly Manitoba, and 80,000 bushels of durum and rains in
Argentina. The market had become oversold. Buenos
,fic.
/
Aires advanced 1% to 1%c. and Liverpool 214 to 21
Anxiety to cover was due partly to poor weather in Argentina. Winnipeg was 1% to 2c. higher. To-day prices ended
/
unchanged to / higher. Winnipeg wound up about 14c.
3
4c.
higher. It was an irregular market. At one time it showed
a decline of 1% to 2c. The cash markets were weak in the
Southwest. Many were buying in Chicago and selling in
Winnipeg. Italy bought four cargoes of Russian wheat.
774
THE CHRONICLE
Liverpool bought a cargo of Australian. On this side export sales were reported at not over 100,000 bushels, mostly
to Italy. Australia cabled that 20,000,000 bushels had been
shipped to Europe and other parts of the world and 20,000,000 bushels more sold and not shippeed as yet. But that
showed, it was said, that the remaining exportable surplus
unsold in Australia was only about 20,000,000 bushels. Australian shipments this week showed a falling off. Argentine
shipments were smaller than expected. North American
exports, according to Bradstreet's, were 5,867,000 bushels.
World's exports will be a little over 11,000,000 bushels.
From the winter wheat section of this country reports in
the main were favorable. Speculation has died down. On
some days the fluctuations have been very small, so much
so as to excite general comment. Final prices show an advance for the week of % to 2%.c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
203% 203% 204
205% 203% 203%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts-174%; 173% 174
175$ 173g 173%
July delivery in elevator
153% 153
154% 155
153
154%
3i
September delivery in elevator_144% 144% 145% 146
145
146%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
May delivery in elevator
cts_159% 159% 161% 162
160% 161
July delivery in elevator
158% 158% 160
161
159% 160
October delivery in elevator
140% 139% 140
141% 139% 140
[VoL. 122.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
44% 44
44
44
43
434
45
4554 44% 4534 4434 44
44% 4454 4434 4434 4434 44
OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4934 49% 4934 4934 4934 48%
July delivery in elevator
5034 5034 5031 50% 4934 49%
October delivery in elevator
May delivery in elevator
cts_
July delivery in elevator
September delivery In elevator_ _ DAILY CLOSING PRICES OF
Rye has recently been in fair demand from the mills and
stocks are not what could be called heavy. Some foreign
demand appears from time to time, even if it is not very
large. On the 1st inst. prices advanced 1% to 13 with
/
4c.
other grain, particularly wheat, but like wheat, it lost much
of the advance later. Still later came another upward turn.
Prices declined on May but advanced on later months early
In the week. The American visible supply increased last
month 90,000 bushels. The total is 13,504,000 bushels,
against 23,479,000 a year ago. The firmness of wheat
braced rye later. Reports of acreage of rye seeded in seven
countries show a reduction of 10%. Export inquiry is
small; only 316,000 bushels cleared at Atlantic ports last
week. On the 3d inst. prices advanced 1% to 2c., with wheat
higher and export demand better. To-day prices closed 14c.
/
higher in a quiet market, after some irregularity. Export
demand was still lacking. Final prices show a decline on
May for the week of %c., while July ends 1%c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Indian corn declined for a time when receipts became
Sat. Mon. Tues. Wed. Thurs. Fri
large and wheat weak. The American visible supply in- May delivery in elevator
cts_109
10854 108
1 109
107
108
July delivery in elevator
108
108% 108
creased last week 1,661,000 bushels, against 1,700,000 in September delivery in elevator
109% 108
108%
104
105
105
107
106
106%
the same week last year. The total was 28,092,000 bushels,
Closing quotations were as follows:
against 27,391,000 a year ago. The quantity on passage was
GRAIN.
20,671,000 bushels, a decrease of 698,000. A year ago the
Oats. New York—
total was 13,694,000 bushels. No. 2 yellow is 50c. cheaper Wheat, New York—
No.2 red f.o.b
2.03%
No. 2 white
52
than a year ago. Bad weather for moving corn put greater
No. 1 Northern
None
No. 3 white
51
No.2 hard
firmness on corn later and prices advanced. Prices at times Corn, New winter,f.o.b.-1.98% Rye, New York—
York—
No. 2, f.o.b
1.17%
were steady in sympathy with wheat and on a little buying
No.2 mixed
Barley. New York—
053( Malting
No.2 yellow (new)
by commission houses, but selling increased on small ral8609
FLOUR.
lies. The market felt the effects of the dulness of cash
Siring patents
$9 104$9 5012ye flour, patents
$6 00a$6 50
corn and large receipts.
Chicago wired: "The price Clears,first spring
7 75a 8 15
5gc.
of corn, while not high, is above the pre-war level, and Soft winter straights-- 8 40a 9 00 Seminole No.3,lb
Oats goods
2 750 2 85
City mffis straights__ 9 10a 950 Corn flour
Bard winter
Iowa has just garnered the largest corn crop in its history.
2 45a 255
goods—
Hard winter patents- 9 50a10 00
The bulk of Iowa farmers in the good corn counties will Hard winter clears — 785a 825 Barley 2, 3 and 4
Nos.
425
average close to 50 bushels of corn per acre, upon which Fancy Minn.patents-- —10 80all 45 Fancy pear, No. 2, 3
1095a11 45
and 4
7 25
they can realize in excess of 60c. per bushel on the farm.
For other tables usually given here, see page 713.
A return of $25 to $30 per acre on land worth $150 to $250
The visible supply of grain, comprising the stocks in
per acre is far from a calamitous condition. Further, if
the Iowa farmer will feed his corn crop to hogs and cattle granary at principal points of accumulation at lake and
in preference to merchandising it as corn, he can obtain seaboard ports Saturday, Jan. 30, were as follows:
results yielding approximately $1 per bushel. Iowa has a
GRAIN STOCKS.
Wheat,
bad economic situation from wildcat speculation in farm
Corn,
Oats.
Rye.
Barky.
United States—
bush,
bush,
bush.
bush.
bush.
lands in the post-war inflation, together with investments New York
812,000
71,000
946,000
75.000
132,000
•
in worthless securities." Receipts have been larger than Boston
27000
,
4.000
62000
.
14,000
Philadelphia
857,000
399,000
320.000
14,000
46,000
expected and demand has not been heavy enough to reduce Baltimore
824,000 1,095,000
101000
32 000
:
159.000
25.000
the visible supply. Beneficial rains were reported to have Newport News
New Orleans
259,000
545.000
102,000
greatly improved the crop prospects in the Argentine. Com- Galveston
385,000
14,000
petition from the Argentine is expected to be important Buffalo
4,536,000
941,000 2.227,000
130,000
486.000
2,145,000
1,969,000
267.000
861,000
In 1926. Government help for the corn belt farmer con- Toledo afloat
923.000
344.000
507000
.
3.000
25000
,
tinues to influence orderly marketing. To-day prices were
" afloat__
968.000
586,000
Detroit
160,000
45,000
175.000
'to %c. net lower. Liquidation was the order of the day. Chicago
28,000
.
ag
3,367.000 14.456.000 8.220,000 2,974,000
505.000
Good weather weakened prices, and so did fairly large reafloat
58,000 1,603,000
186.000
93.000
401.000 1,207,000 1,733.000
ceipts. There was very little buying for long account. Cov- Milwaukee
137,000
234.000
e
float
205.000
92,000
112.000
110,000
ering caused only a momentary rally. The cash demand Duluth
7.987.000
10,536,000 5,027,000
624.000
" afloat
150.000
was rather better, but not large enough to tell on the price.
63,000
Minneapolis
9,360,000
347.000 20,553,000 3.4M.00° 4,323.000
6 30
The Eastern demand at the West was poor. Corn does not Sioux City
243,000
209.000
565.000
7,000
39,000
1,306,000 1,774.000
rally easily. Prices show a decline of 1 to 2c. for the week. St. Louis
892,000
22,000
52.000
Kansas City
4,876.000 3,934.000 5,327.000
127,000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 96% 96% 96% 97% 9634 95%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta_ 84% 83% 8334 8434 8334 82%
July delivery in elevator
86% 8634 8654 863( 86 , 8534
September delivery in elevator_
88% 88
87% 8834 87% 87
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
2,337.000
61,000
207.000
1,599,000
422.000
42.000
1.000
64,000 1.413,000
344,000
616.000
583,000
1,190,000 1.382,000 4.263.000
83.000
6,000
3,000
341.000
23.000
Total Jan. 30 1926___A5,235,000 28.092,000 63,076,000 13,564,000 6,952.000
Total Jan. 23 1926____46.079.000 26,431,000 63,640,000 13,474,000 6,864,000
Total Jan. 31 1925-77.610.000 27,391,000 73,572,000 23,479,000 3,928,000
Note.—Bonded grain not included above: Oats, New York, 144,000
Baltimore, 77,000; Buffalo, 586,000; Buffalo, afloat, 372,000; Duluth, bushels;
108,000;
total. 1,287.000 bushels, against 872.000 bushels in 1925. Barley, New York.
550,000 bushels: Boston. 251,000; Baltimore, 343,000; Buffalo, 1,237,000; Buffalo
afloat. 527,000; Duluth. 147.000; total. 3,055,000 bushels, against 1.396.000
bushels
In 1925. Wheat, New York, 2.858,000 bushels; Boston, 34,000;
000; Baltimore, 904.000; Buffalo, 6.587.000; Buffalo afloat, Philadelphia, 732,3,719.000; Duluth.
333.000; Toledo, 96,000; Chicago, 116,000; Ede, 347.000; Fairport, 955;
total,
16.681,000 bushels, against 17,230,000 bushels in 1925.
Canadian—
Montreal
3.603,000
156,000 1,190.000
187,000
968,000
Ft.William Az Pt. Arthur_38,964,000
6,240,000 1,698,000 5,869,000
afloat
"
5.818.000
511.000
127.000
Other Canadian
10,666,000
2,904,000
48.000 1,648,000
Total Jan. 30 1926____58,951.000
156,000 10.845,000 1.933,000 8,812.000
Total Jan. 23 i926___.58.825.000
158.000 10.715,000 1,937,000 8,538.000
Total Jan, 31 1925____31,289,000
249,000 16,829,000 1,957.000 5,939,000
Summary—
American
45.234,000 28.092.000 63,076.000 13.584.000 6,952,000
Canadian
58,951.000
156.000 10.845,000 1.933.000 8,612.000
Total Jan. 30 1926-104,185,000 28,248.000 73.921.000 15,497,000
Total Jan. 23 1926.-104.904.000 26,689.000 74,355,000 15,411000 15,564,000
Total Jan. 31 1925_108,879,000 27,640,000 90,401,000 25,436,000 15,202,000
9.867.000
Oats have to contend against large stocks and an absence of any striking demand, which at best was only fair.
On the 1st inst. prices advanced, but the rise was feeble. It
was only 1 16 to %c. on July and September, and May was
lower from the start. Later on that day prices lost all the
rise and closed % to %c. net lower under a pressure to sell
in an unsatisfactory market. Besides, other grain declined.
That fact, indeed, had much to do with the reaction. The
cash demand is only fair at best. Prices declined on the
1st inst. owing to a reaction in wheat and corn, of which
latter the receipts were large. The American visible supply
last week decreased 564,000 bushels, against 589,000 a year
ago. The total is now 63,076,000 bushels, against 73,572,000
a year ago. No. 2 white is 17c. lower than a year ago. Bad
weather at the West had the effect of strengthening oats.
The visible supply is 10,000.000 bushels less than last year
and the demand from shipping room for cash oats is small.
September oats at the present level seems high when compared with the pre-war price. To-day prices closed % to
WEATHER BULLETIN FOR THE WEEK ENDED
%c. lower, with the trading light. There was enough liqui- FEB. 2.—The general summary of the weather bulletin
dation, however, to have some effect. Professionals are issued by the Department of Agriculture, indicating the
inagainst the market. A decline in corn also affected oats. fluence of the weather for the week ended Feb. 2, follows:
Early in the week there was a reaction to much warmer weather
Receipts were moderate and the cash demand not at all
over
the Northeastern States,
active. Cash prices were depressed by futures. Last prices temperatures as low as 30 and to cooler in the north-central districts with
deg. below zero locally in the western
/
region on the morning of Jan. 28. and subzero temperaturesupper Lake
show a decline of 114c. for the week.
over
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts 53
No.2 white
52% 5234 5234 5254 52
most
of the Ohio Valley on the following day. In the meantime,
warmer weather
prevailed over the Northwest, and the persistently low
temperatures over
the western Plateau gave way to higher readings. During the
latter part
of the week moderately warm weather to abnormally high
temperatures
FEB.6 19261
THE CHRONICLE
775
in nearly all sections of the country, but at the
for the season prevailedagain overspread the interior States. In general,
had
close cold weather and more northern sections were subjected to rapid and
Friday Night, Feb. 5 1926.
the central valleys changes attending the active movements of "highs"
marked temperature
With the completion of the first month of the new year,
and "lows"
week as a whole, averaged
, for the
Chart I shows that the temperature the Mississippi River, though, in textile merchants decided that they had transacted a fair
east of
below normal in most sections
marked. Over the western two- volume of business. However, with the exception of silks
general, the minus departures were not
week was warmer than normal, except locally
thirds of the country the most central and northern portions of this area and rayons, the immediate future did not appear to warrant
In
in the far Southwest.
s ranged from 6 deg. to as much as 17 deg. much optimism. Indications are that mills have been opthe weekly mean temperature
extend farther south, as a rule,
above normal. Freezing weather did not but subzero temperatures were erating a little in excess of what actual orders would warof the Gulf States,
than the northern portions
and to central Appalachian rant and this has prompted talk that the output in certain
reported southward to the upper Ohio Valley
curtailed. Buyers have disdistricts.
moved southeastward from the south- directions may have, to be
itEarly in the week a disturbance
prompt
light,
Canadian Provinces, attended by widespread, though mostlyOther- played a hesitating attitude and even the call for
central
rd.
off somewhat. Business
precipitation from the Ohio Valley northward and northeastwa
first part of the week, though delivery merchandise has fallen
wise, fair weather was the rule during the
During the has been characterized by the multiplicity of small orders
precipitation was rather frequent over the Pacific Northwest.
energy moved northward from the
latter part a storm of considerablesame time, another passed eastward and only silks and rayons have maintained a healthy
eastern Gulf of Mexico and, at the
resulted in widespread degree of activity. Elsewhere prices have developed a
from the southern Great Plains. These storms
local
with
For instance, in the
precipitation over the eastern half of the country, inchesexcessive
was reported more or less reactionary tendency.
'sheets
falls in the extreme Southeast. A rainfall of 6.68 m., Jan. 30. This cotton goods division, new lists for wide sheetings,
Fla., for the 24 hours ending at 8 a.
from Miami.
weeks to the Pacific and pillow cases were instituted at a decline of 4%; in the
period also brought the first effective storm for many
depression of
area, with the passing southeastward of acoast. It was consider- woolen division, the American Woolen Co. opened new lines
coast
attended
able intensity from the northwestern CaliforniaCalifornia which, tempothroughout
of men's wear goods for fall at reductions averaging 11%%
by heavy rainfall quite generally
least, relieved the long drought in that State.
rarily at
in both the Atlantic compared with a year ago, and burlaps have continued their
Chart II shows that rainfall was moderately heavytotals reported from
weekly
decline owing to the weakness in primary markets. Posand Pacific coast areas. In California the
to 6.0 inches at Red
first order stations ranged from 0.9 inch at Fresno
Atlantic coast the totals sibilities of overproduction, frequent style changes, and
Bluff in the upper Sacramento Valley. Along the In all other sections of
higher costs of raw material and labor were most often
ranged generally from 1.0 to about 7.0 inches. to moderate.
light
the country precipitation during the week was were generally favorable for cited as handicaps. Exceptions to the rule have been silks
While temperatures in the Southern States
because of rainfall and
which have continued to enjoy a broad and
field work, slow progress was made in most districts however, the absence and rayons,
Mississippi Valley,
wet soil. In the extreme lowerthe close of the week when work was again active market. The reception accorded recent openings of
rain was favorable untll near
of
ry, and manufactursoutheastern
interrupted. There was some damage by heavy local rain inin that State, printed lines has been most satisfacto
Florida, and it was generally too cool and wet for truck crops Everglades. ers were so confident of their future that they opened adlarge shipments of potatoes were being made from the
though
late in parts
lines. Active buying of this class of goods was
Preparation for spring planting is reported some two weeksGulf sections. ditional
west
backward
d likely to extend well into the summer months.
of the south Atlantic area, and planting isoccurred inin
the Southern States. considere
harm from freezing weather
No material
well protected In regard to the recent revival in demand for taffetas, bayIn the interior valleys grain and grass fields were fairly week, but the
the
d such activity that stocks in the local
by snow cover during the cold weather the first part ofthe
quite ing has maintaine
unseasonal warmth and rains the latter part removednow covering soft. market have become limited.
bare and
generally from the winter wheat area and fields arefields the latter part
soft
The cold weather the first part of the week and the central valley States.
DOMESTIC COTTON GOODS: For the most part, marprevented active outdoor operations in most of
with pre- kets for domestic cotton goods were quiet during the week
In the Great Plains States conditions were mostly favorable,
range is still
an easier undertone.
yelling mild temperatures and absence of storms. Much
Wyoming and in some instances prices developed
snow-covered in the central Rocky Mountains, especially in
the past fortnight, covered their
and
northern Colorado, which necessitated continued heavy feeding ding Apparently buyers, during
and
notwithstan
caused further shrinkage of livestock in some sections,Coast States the immediate requirements and as a result were less interthe favorable mildness of the weather. In the Pacific California where ested in offerings. As to prices, illustrative of the easier
precipitation was of great benefit, especially in
substantial
,
occurred in the mounlong drought had prevailed; moderately heavy snow elevations of Arizona tendencies new lists were established for wide sheetings
tains. There were some good snows also in the higher Much more snow is sheets and pillow cases at a reduction of 4%. Some interoutlook for irrigation water.
which improved the
because late- preted the action as foreshadowing possible reductions
needed, however, in the far western mountains, especially
bring in reluctant business. The
season storage is best favorable for a summer water supply.
the principal producing sections conditions have elsewhere in an attempt to
SMALL GRAINS.—In
belated buying and a fair amount
past week. In Indiana and
been favorable for winter wheat during the by ample snow cover, but in new lists stimulated some
Ohio the cold wave was rendered ineffective to ice, and it is believed that of wide sheetings were said to have been sold for MarchMichigan the snow has partly been reduced
of April deliveries. Most factors expressed disappointment
considerable wheat has been Injured in that State. In Illinois much
is not doing
reductions in prices were not
the wheat acreage was sown very late and the late-seeded
but small. Farther over the development as the
well. In Missouri wheat is generally in fair condition,has made very good
considered drastic enough to stimulate forward buying to
west this crop Is mostly in fair to good condition; it
shows green in central Kansas. Oats
that the cuts have had the
progress in Texas and considerable
well in the South any extent. It was reported
made excellent advance in Louisiana and are doing fairlyin good condition.
effect of encouraging buyers to question values on
Atlantic States. Arkansas reports wheat, oats, and rye
Wheat is needing moisture in southeast Colorado and northwest Oklahoma, other goods, especially where there might be any suspithis
and more snow cover is needed in Utah. Generous rains benefited
cions of overproduction. It seems that buyers have gained
crop in the Pacific Coast States.
THE DRY GOODS TRADE
mills have large quantities of goods
The Weather Bureau also furnishes the following resume the impression that
to offer. This belief has been prompted primarily
States:
of the conditions in the differentmostly below normal until last of on hand
by the fact that cotton mills situated in the South substanVirginia.—Richmond: Temperatures
week when warmer; general, beneficial rains latter part. Cold wave mid- tially increased their operating schedules immediately after
of week unfavorable for winter wheat, with no snow cover. Little
dle
their release from power restrictions due to the drought
farm work accomplished.
cover in Interior
North Carolina.—Raleigh: Temperature variable: snowpart. soaking soll prevailing at that time. This, coupled with the fact that
beginning of week, followed by beneficial rain latter
at
account wet soil. Prepara- the majority of recent buying has been of a hand-to-mouth
and restoring stream flow. Little work done
Small
character has led to these theories. However, some fabrics,
tions for planting early truck two weeks backward in southeast.
fairly well.
grains doing
with
goods and percales, enjoyed a better demand
South Carolina.—Columbia: Week mostly cold. raw, and cloudy,made such as wash
soaking rain on 30th and 31st delaying spring plowing, which had
than others. Print cloths, 28-inch, 64 x 64's construction,
oats, rye, and truck have made some advance
some progress. Wheat,
are quoted at 6%c., and 27-inch, 64 x 60's, at 6%c. Gray
Grain-field grazing continues.
and are in good condition generally.
Georgia.—Atlanta: Rains at beginning and middle of week, with com- goods in the 39
-inch, 68 x 72's construction, are quoted at
slightly below freezing on several
paratively moderate temperatures, though
e 104c., and 39-inch, 80 x 80's, at 12%c.
mornings in north; deficient sunshine. Winter cereals made considerabl
still brown.
growth. Preparations for early truck beginning. Pastures
WOOLEN GOODS: The outstanding development of
plowing accomplished.
Fruit trees dormant. NoColder than usual, except in south: sunshine
the week in the markets for woolens and worsteds was the
Florida.—Jacksonville:
damaging in Miami district and locally opening of the American Woolen Co.'s lines of men's wear
deficient. Rains several days
truck,
elsewhere. Cold, wet soil unfavorable for district. although large shipPlanting tomatoes, goods for fall. As generally expected, price declines were
ments of potatoes made from Everglades
in north
potatoes, and other truck continued. Some tobacco beds sownfertilized: Instituted ranging from 10 to 12% on the overcoatings, and
west. Oats fair. Citrus new growth: groves worked and
and
%
4
/
an average of 113 on suitings, compared with last year.
s backward. Farm work slow.
good condition. Strawberrie
SunAlobonto.—Montgemery: General, moderate rains Saturday and farm The opening levels, which were interpreted as an emphatic
remainder fair. Solt continues too wet for plowing and little
day;
progressed slowly; condition mostly bid on the part of the big factor for business, were considwork accomplished. Oats remaining weather unfavorable for growth of
poor to good. Wet soil and cloudy of cabbage on some lowlands rotting ered attractive, especially as foreign markets have been
region whore roots
truck crops in coast
little truck growing elsewhere. tending higher. It is believed that the concessions will
and crops generally two weeks behind:
stabilize values and lead to more confidence in the matter
Fruit trees dormant.
Week generally fair, except light precipitaMississippi.—Vicicsburg:
e cold. Fair to good prog- of placing orders. Thus far the course of buying has proon Sunday and Monday. No unseasonabl
tion
truck. Pastures fair progress in extreme gressed slowly and it will be several days before factors
ress in seasonable farm work and
south; poor elsewhere.
for spring work until end will have any definite indications as to how the season will
—New Orleans: Excellent weather e plowing done and some
Louisiona.
A few firms have followed in opening their lines,
set in again. Considerabl
of week when rains gardens being prepared and planted. Winter truck shape up.
Early
but general openings will not begin until next week.
cane planted. excellent progress. Pastures beginning to revive.
and oats made
except near coast where
Texas.—Houston: Warm and mostly dry,wheat, oats, and truck very
FOREIGN DRY GOODS: Linen markets maintained
of pastures,
moderate precipitation. Progress to work in coastal and central sections: their recent activity. However, unlike the previous week,
Soll too wet
good; condition good.
Truck planting backward in when interest was scattered, demand centred more in speelsewhere plowing made good progress.
handkerchiefs,
Coastal section.
Moderate temperature and only light, cific items, such as houshold linens and
Oklohoma.—Oklahoma City:
d early part of week.
precipitation: ground snow-covereportion. Winter grains Some As to the former, a number of importers reported a steadily
made
scattered
soil too wet in eastern
piowing in west, but but good condition, except needing rain in extreme improving demand from both wholesalers and retailers. In
growth,
little or no Livestock good condition.
regard to handkerchiefs, houses have begun to send their
est.
DOrthw
s, light precipitation,
of orders
Arkansas.—Little Rock: Moderate temperature
soil first of weelc and frozen salesmen on the road and already a fair amount
sunshine favorable, but wet work. Considerable plowand considerable
have been placed. Some covering for the Easter holidays
portion delayed all farm
ground In northern central and southern portions. Wheat, oats, and rye
contributed to the week's business. The vogue for prints
of week in
ing last conditionas. vine:
day of
rain:
good
Week mostly clear with one ains sonwarmelagin has continued satisfactorily and buyers were said to have
In Tennessee.—N h
al w
in
ng o a ov
freezimi tter bgr e seadoing averl e, taken a
10 deg. below
quantity of each of the unusual variety of styles.
temperatures ranged froms predominating.
temperature
Pastures generally dry: livestock in fair con- Burlaps continued reactionary. It was claimed that dowith higher tem
little growthjn east.
west;
been substantially restricted owvariable; severe freezes two days mestic consumption had
dition.
KenLUCkV.—LoulsvIlle. Temperature
of lifting. ing to the high prices. Light weights are quoted at 7.80 to
grains and grass show
snow cover and winter
y; general
with slight clay upland being injured slowly, but progressivel
7.90c., and heavies at 10.35 to 10.45c.
Wheat on
good. Dirt roads bad.
condition still fairly
776
THE CHRONICLE
'Rate and Titg gepartment
MUNICIPAL BOND SALES IN JANUARY.
Long-term State and municipal borrowings were much
lighter during January than in the previous month
. Aggregate awards reached no more than $68,264,49
1, which
compares with $157,563,426 in December. The
amount
borrowed a year ago in January was $135,311,1
22.
A summary of the larger issues disposed of dunng
January
is as follows:
[Vol,. 122.
Owing to the crowded condition of ourco
lumns, we are
obliged to omit this week the ustomary
table showing the
month's bond sales in detail. It will be given
later.
BOND PROPOSALS AND
this week have been as follows. NEGOTIATIONS
ADAMS COUNTY SCHOOL DISTRICT
No. 27 (P. 0. Brighton),
Colo.
-BONDS OFFERED.
-Sealed
Board of Education, until Feb. for bids were received by the Clerk.
3
$150,000 434% school bonds. Date
Mar. 1 1926. Due $6.000. 1928 to 1933
incl.: $8,000, 1942 to 1944 incl.:
$9,000. 1945 to 1947 incl.; $10,000. 1948 to
1952 incl.; and $13.000 in 1953.
ALAMOSA COUNTY (P.O. Alarnosa).
Colo.
-BOND SALE.-Geo.
Vallery & Co.. of Denver. recently purcha
Two issues of San Francisco, Calif.,
sed an issue of $30,00
5% bonds awarded to a syndicate refunding bonds at 98.68, a basis of
about 4.13%. Date Apr. 0 43(%
headed by the First National Bank of New
1 1926.
York, comprising $6,000,000 Due 31.500 1931 to 1950 incl.
school bonds at 105.42. a basis of about
4.60%. and $1,000,000 Hetch
ALTUS, Jackson County, Okla.
Hetchy water bonds at 105.86, a basis
-BONDS VOTED.
-At an election
held on Jan. 23, the voters authori
of about 4.59%.
zed the issuance of $690,000 dam conEight issues of 434% bonds, aggregating
$5,650,000. of Rochester. struction and pipe line bonds.
N. Y., bought by a syndicate headed by
the First National Bank of New
AMARILLO, Potter County,
York, at 101.059, a basis of about
-BOND SALE.
-The $1.750,000
water-works bonds offered on Feb.Tex.
4.14%•
2 (V. 122, p. 120) were
$1,100,000 5% St. Petersburg, Fla.. munici
pal impt. bonds purchased syndicate composed of the American National CU., 0. Edgar awarded to a
Honnold and
R. J. Edwards, all of Oklahoma City,
at 100 by Eldredge & Co. of New York
and associates, who also took a Wichita, at par
and the Brown °rummer Co., of
as follows: $500,0
-day option at par on an additional $3,319
60
.000 municipal impt. bonds clusive. as 4348, and $1,250,000. 00 maturing $50,000 1932 to 1941, into bear the same rate of interest.
maturing $50.000 1942 to 1966, inclusi
as 5s.
ve,
$4,000,000 5% Los Angeles,Calif., City School
Districts bonds (made up
AMSTERDAM VILLAGE SCHOOL
of $2.000,000 grammar school and $2.000
DISTRICT (P. 0. Amsterdam)
,000 high school) sold to R. H. Jefferson County, Ohio.
-BOND OFFERING.
Moulton & Co. of Los Angeles at 103.67,
-Sealed bids will be
received until 12 m. (eastern standard
a basis of about 4.69%.
time) Feb. 19 by Harold Fellows.
82.983.746 Minneapolis, Minn., bonds purcha
sed by Eldredge & Co. Clerk Board of Education, for $60,000 5_% non-fireproof schoolhouse bonds.
Denom. $500. Dated Jan. 1 1926.
of New York, and the Wells-Dickey Co.
Prin. and semi-ann. Mt. (M• &
of Minneapolis as follows. payable at the office of
the Clerk Board
B.)
81.283.74633 special street impt. bonds at
101.34 for 434s, a basis ef bonds are purchased by the Industrial of Education, except that if said
about 4.31%. and $1,700,000 water
Commission of Ohio or by the
works and permanent impt. bonds State Teachers' Retirement System, then bonds
shall be payable at the
at par, taking 8646,000 of these bonds as
State Treasurer's office. Due $2,000 each
5s and the remaining $1,054,000 to Sept.
six months from March 1 1927
1 1941 incl. A certified check
as 4s.
Education, required. The Industrial for $500 payable to the Board of
82.200,000 Ft. Worth, Texas, bonds (consis
Commission of Ohio and the State
ting of four separate issues) Teachers' Retirement System, need not
accompany their said bid with any
awarded as follows: $200,000 to the City
Sinking Fund at par for 434s certified check.
and $2,000,000 (made up of $1.500.000
ANTIOCH LIVE OAK SCHOOL DISTR
4Ns and $500,000 434s) to a
ICT, Contra Costa Count
syndicate headed by the Guaranty Co. of
--BOND SALE.
New York at 100.91, a basis of (P. 0. Martinez), Calif.
-The 870.000 5% water-wory,
bonds offered on Feb. 1 (V. 122, p. 507) were
about 4.62%.
ks
awarded to Bond & Goodwin
& Tucker of Los Angeles at a premium of
$2.000,000 434% Knoxville, Tenn., water
$2,211. equal to 103.15.
bonds awarded to Harris,
ARAPAHOE COUNTY SCHOOL
Forbes & Co. of New York and associates
at 98.486, a basis of about 4.60
DISTRICT No. 1 (P. 0. Engle-PRE
-ELECTION SALE.
%• wood), Colo.
Three issues of Tampa, Fla., bonds,
-Gray, Emery, Vasconcells &
aggregating 81.840,000 (made up Co. of Denver purchased an issue of
$85,000 434% school building bonds
of $950,000 430 and $890.000 54) dispose
d of to Austin, Grant & Co. of at 97.53 subject to their being voted at a coming
election.
New York at 97.735, a basis of about
4.97% •
ATLANTIC COUNTY (P. 0. Mays Landin
81.165.000 5% Hillsborough County
g), N. -BOND SALE.
District No. 4. Fla.. bonds, bought by Consolidated Special Tax Scipio) On Jan. 22 the issue of 434% coupon (with privile J.
ge of registration as to
Eldredge & Co. of New York at both principal and interest) public
98.71. a basis of about 5.12%.
impt. bonds
p. 507) were awarded to the Bankers Trust offered on that date (V. 122,
Three issues of 434% bonds, aggrega
Co. of Atlantic City, paying
ting $1,080,000, of Bridgeport, 3.535,897 90 for 5531.000
Conn., bought by H.L. Allen & Co.of
New York and associates at 100.2197, about 4.37%. Date Jan.(8535.000 offered), equal to 100.92. a basis of
a basis of about 4.24%.
15 1926. Due on Jan. 15 as follows
:
1927 to 1932 incl.; $40.000. 1933 to 1940 incl.;
$1.100,000 State of Alabama harbor impt.
and $35,000, 1941. $30,000.
bonds bought by the First
National Bank of New York and associa
AUSTELL, Cobb Count
Two issues of 43.4% bonds, aggregates at 100.24,a basis of about 4.24%. ern Co. and J. H. Hilsma y, Ga.-BOND SALE.
-The Citizens & Southn
Tex., bought by Batchelder, Wack & ting $1.007,000. of Wichita Falls. purchased an issue of 825,00 & Co., Inc., both of Atlanta, jointly, have
Co.,
0 5% water works and sewera
$1.000,000 4% Cook County Forest of New York, andassociates.
Preserve District. Ill., bonds, Dec. 1 1925. Denom. $1,000. Due Dec. 1 as follows: ge bonds. Date
awarded to a Chicago syndicate headed
$1,000, 1929 to
by Bonbright & Co., Inc., at 98.67. 1947 incl.; and $2,000, 1948 to 1950 incl. Prin. and
la 81,000,000 St. Paul. Minn., sewer bonds purcha
int. J.
sed by the Guaranty at the National Park Bank, New York City. Legality approvdc D. payable
Co. of New York and associates as 4 his
ed by Storey,
at 100.399. a basis of about 4.22%. Thorndike, Palmer & Dodge of Boston.
81,000,000 Tacoma, Wash.. water bonds awarde
•
d to Ferris & Hardgrove
Financial Statement.
of Spokane as 43is at 99.69, a basis of
about 4.78%.
Actual values, estimated
Assessed values. 1925
During January there were also placed $5,74
$750,000,
8,000 bonds Total bonded debt (this issue only)es
387.695
by the Government of Porto Rico and its munici
25,000
1,000. The
palities. byPopulation (est.),of the State total bonded debt of this town is limited
the constitution
to 7% of the assessed valuati
The issue floated by the Government was for $2,00
on.
0,000,
BATESVILLE, Ripley County,
Ind.
-BOND OFFERING.
bearing 43'% interest. The largest among the
bids will be received until Feb.
-Sealed
8 by the Common Council, for
munici- works bonds.
$4,000 water
palities was the $2,500,000 432% issue marke
ted by the
BAY CITY, Bay County,
-BOND OFFERING.
municipality of San Juan.
will be received until 12 m. Feb.Mich.
-Sealed bids
8
for $50,000 534% water bonds. by W.E. Baumgardner, City Manager,
Temporary loans negotiated during the month
Denom. $1.000. Prin. and,semi-a
of January Int. (M. & S.) payable at the National Bank of Commerce, New nn.
Due $2,000 yearly from Sept. 1 1926
York.
amounted to $81,030,000, which includes $62,3
to
50,000 bor- of the amount of bonds bid for, required. 1950 incl. Cert. check for 1%
rowed by New York City.
BEAUFORT, Carteret County, No,
Caro.
-BON
535,000 public
SALE.
The aggregate of Canadian bond dispos
-The
offered on Jan. 30-V. 122Dp.
als made during awarded to theimpt. bonds & Irving Co. of
374- were
Well. Roth
January was $17,239,670. This includ
Cincinnati as 5348 at
premiu
$15 equal to 100.04. a basis of about
es a $7,000,000 1926. m of Jan 1, as follows:
5.49%. Date
Due
5500. 1927 to 1936 Incl. and $1.000Jan, 1
issue of the City of Montreal, Que.,and an issue
. 1937
of $4,000,000 to 1966 incl.
floated by the Province of British Columbia.
BEDFORD, Cuyahoga County, Ohio.
bids will be received until 12 m.(Cleveland-BOND OFFERING.
-Sealed
Below we furnish a comparison of all the
time) Feb.
Village Clerk,
various forms of street impt., for $23,046.64 53.1% coupon (property13 by E. L. Allen.
owner's portion)
Series No. 2 of 1925 bonds. Denom
obligations sold in January during the last five
1 for 31.046.64. Dated Dec. 11925. Int. J.& D.. $1,000 and $500, except
years:
Due on Dec. 1 as follows:
52.546.64. 1927; $2,500, 1928 to 1934 and
1926.
1925.
1924.
$3,000
1923.
1922.
Januaryfor 5% of the amount of bonds bid for, payabl , 1935. A certified check
$
e to the Village Treasur
Perm%loans(U.S.). 68.264,491 135,311,122
required.
er,
*Temp.loans (U.S.) 81.030.000 53,575.306 99,625,470 96.995,609 108,587.199
BEAVER COUNTY (P. 0. B
50,916.340 67,926,623 16,515,807
Can. loans (temp.)_
), Pa.
-BOND OFFERING.
1,898.000
bids will be received until 2u. m. Feb 8 by
-Sealed
Can.loans (perm't):
Comptroller, for $500,000 431% road seriesJames H.Cunningham, County
Placed In Canada_ 6.239.670 3,160.5
No. 5 bonds. Donom.
$1,000.
Placed In U. S___ 11.000.000 4.000.010 4,247,876 7,367.950 4.398.113 Due 320,000 yearly from April 1 1928 to 1952 incl. Cert,
00
BondsofU.S.poss'ns 5,748.000 3,000,000 26,316.562 18.153.000 20.736.000 of the bonds 12id for, payable to the County Commissioners, check for 2%
50,000
required. The
130.000
None above corrects the report given in V. 122, p. 642.
Total
BENT AND PROW
172,282,161 200,944,938 181,156,248 190,573
.182 150,237,119 NO. 13 (P. 0. Wiley)ERS COUNTIES JOINT SCHOOL DISTR
• Includes temporary securities issued by New
-PRE-ELECTION
ICT
York City: $62,350.000 In Jan. Vasconcells & Co., of , Colo.
SALE.
-Gray, Emery,
1926. $42.350.000 In Jan. 1925, $39,838,940 In Jan.
Denver
1924, $43,325,000 In Jan. 1923, refunding school bonds, subject have purchased an issue of $14.90
and $7,365,000 In Jan. 1922.
to their being voted at
0 434
held in March.
an election to be
The number of municipalities in the United States
BEVE
emitting Calif. RLY HILLS SCHOOL DISTRICT, Los Angele
-BOND OFFERING.
Permanent bonds and the number of separate
s County,
-L. E. Lamyston,
issues made Supervisors, will receive sealed bids until 2 p. m.Clerk Board of County
during January 1926 were 254 and 320, respec
Feb. for
school
Date
1 1926.
tively. This follows:bonds. , 1927 Feb1932 l.* Denom. $1.000. 8Due$260,000 5%
$3,000
Feb. 1, as
to
contrasts with 377 and 501 in January 1925.
1954 to 1964 incl.; $11,000. 1965;and $6.000. 1933 to 1953 incl.; $8,000,
inc'
$17.000 in 1966. Prin,
int. payable at the County Treasurer's
and semi-a
For comparative purposes we add the follow
office. Certified check for 3%nn.
ing table amount of bid, payable to Chairman Board of
of
County Supervisors.
showing the aggregate of long-term bonds put
out in the re' aSsessed valuation of the taxable propert
te
uired
i
y for 1925 is ;25,448,490.
United States for January for a series of years.
previously
It will be and the amount of bondsis 3,280. issued and now outstanding is $472,000.
Estimated population
observed that the 1926 disposals were the smalle
st of any
BIRMINGHAM, Jefferson Count
y, Ala.
year since 1919.
,
An election will be held on April 15 for
-BOND ELECTIONof issuing $700,000 fire station and the purpose of voting on the question
368.264,49111914
1926
garbage disposal bonds.
a$84.603.09411902
810.915.845
BLOOMINGTON, Monroe Count
135,311,12211913
1925
30.414.43911902
y, Ind.
9,240,864 Security Corporation of Indiana
-BOND SALE.
99,625.47011912
-The City
1924
25,265.74911900
20.374.320 city lighting bonds at a premiu polis purchased an issue of $17,932 5%
96.995,60911911
1923
x78,510,27511899
m of $415, equal to
6,075,957
108.587,19911910
102.31.
1922
16,319,47811898
BOLIVAR TOWNSHIP SCHOOL
8347.893
87.050.55011909
1921
29.318.40311897
DISTR
10.405,776 Benton County, Ind.
-BOND OFFERING. ICT (P. 0. Otterbein)
83.529.89111908
1920
10.942.96811896
6,507,721 until 2 p. m. Feb.6 by Lawrence W.Burns, -Sealed bids will be received
25,090,62511907
1919
10.160.14611895
Township Trustee, for $33,450
10.332.101 434% coupon school refunding bonds. Dated
24.060,11811906
1918
8,307.58211894
BOURBONO Nov. 1 1925. Prin. and
7,072,267 semi-ann. int. (J. & J.) payable at the Farmer tt
40,073.08111905
1917
8.436 25311893
s & Merchants flank, er
.
bein
5,438,577 The
*50,176,09911904
1916
23,843.80111892
6.352,000
34.303.08811903
1915
COUNTY (P. 0. Fort
15,941,7961
Scott), Kan.
-BOND SALE.
following 434% coupon improvement
* Including $25,000.000 bondsof Nevr York State. a Including $51.000.000 bong' offered
bonds, aggregating $37,500,
on Feb. 2 (V. 122, p. 508), were
New York State. a Including $60,000,000 corporate stock of New York City.
awarded to the Citizens National.
Bank of Fort Scott at a premium of
$288 70, equal to 100.76:
FEB.6 1926.]
THE CHRONICLE
777
Following Is a list of the other bidders:
315,500 Series 22 "B" improvement bonds. Due $1.509, 1926 to 1929,
Bid.
Bidderinclusive; $2,000, 1930, and $1,500. 1931 to 1935, inclusive.
8194.606 00
"B" improvement bonds. Due serially Dec. 1 1926 to 0. W. McNear & Co., New York
22,000 Series 20
193,460 00
A. B. Leach & Co., New York
1935, inclusive.
192,963 81
National City Co., New York
Dated Dec. 1 1925. Interest payable J. & D.
194,596 10
Barr Bros. & Co., New York
-BOND SALE NOT George H. Burr & Co., New York
BOYNE CITY, Charlevoix County, Mich.
194,463 10
-The sale of the $40,000 street impt. bonds on Dec. 14 to R. M. Marshall & Bro. and Howe, Snow & Betties, Inc..
COMPLETED.
194,444 10
Charleston
John Nuveen & Co. of Chicago. V. 122, p. 120, was not completed,as the
Bank of Charleston, Charleston
194,430 10
bonds were declared illegal by Wood & Oakley of Chicago.
Peoples Securities Co.. Charleston
194,389 00
BRECKENRIDGE INDEPENDENT SCHOOL DISTRICT, Stephens Bonier.; Trust & Investment Co., Charleston
194,164 10
-BOND OFFERINO.-S. T. Cook, Superintendent of Peoples National Bank. Charleston
County, Tex.
192,451 00
Schools, will receive sealed bids until 7 p. m. Feb. 15 for $100,000 5% Investment Securities Co., Charleston
192,487 00
school bonds. Due $2,500 in 1 to 40 years.
Weil, Roth & Irving Co., Cincinnati
191,083 00
BREVARD COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
CHATTANOOGA, Hamilton County, Tenn.
-BOND ELECTION.NO. 10 (P. 0. Titusville), Fla.
-An issue of $24,000 road An election will be held on Feb. 16 for the purpose of voting on the question
-BOND SALE.
and bridge bonds was purchased by the Bank of Titusville at 97.50.
of issuing $325,000 street improvement bonds.
CHELSEA, Suffolk County, Mass.
-TEMPORARY LOAN. '. S.
-1
1
BRIDGEVILLE, Allegheny County, Pa.
-BOND SALE.
-On Jan.
15 the $20,000 434% coupon borough bonds offered on that date (V. 122. Moseley & Co.of Boston purchased a $200,000 temporary loan on a 3.83%
p. 120) were awarded to Prescott, Lyons & Co. of Pittsburgh. Date discount basis plus a premium of $I 25. Due Nov. 12 1926.
Jan. 15 1926. Due Jan. 15 1956.
CHENEYVILLE, Rapides Parish, La.
-BOND SALE.
-The $37,000
-were
BRISTOL COUNTY (P. 0. Taunton), Mass.
-TEMPORARY LOAN. 6% sewerage system bonds offered on Jan. 12-V. 121, p. 3156
-On Feb. 2 the Metacomet National Bank of Fall River purchased a awarded to L. E. French & Co., of Alexandria, at a premium of $2,222.
equal to 106.
temporary loan. Due Nov. 11926.
$150,000
CHESWICK, Allegheny County, Pa.
-BOND DESCRIPTION.
-The
BROCK CONSOLIDATED SCHOOL DISTRICT NO. 14, Nemaha following two issues of 434% coupon (registerable as to principal) bonds
County Neb.-BOND ELECTION.
-An election will be held today purchased by the Mellon National Bank of Pittsburgh at 100.67 (V. 122.
(Feb. 6) for the purpose of voting on the question of issuing $75,000 school p. 508), a basis of about 4.45%, are described as follows:
building bonds.
$17,000 liquidating floating debt bonds.
8,000 storm sewer bonds.
BROCKTON, Plymouth County, Mass.
-BOND SALE.
-On Feb. 2
Denom. $1,000. Dated Oct. 1
the $20,000 coupon or registered school bonds offered on that date
-V. Oct. 11935. 1940, 1945, 1950 and 1925. Interest A. & 0. Due $5,000
1955. Date of award Dec. 28.
642
-were awarded to the Shawmut Corporation of Boston as 4s
122, p
CLAY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO.4
at 100.19, a basis of about 3.98%. Date Feb. 1 1926. Due $1.000 yearly
(P. 0. Green Cove Springs), Fla.
from Feb. 1 1927 to 1946, incl.
-BOND OFFERING
.-M. W. Griffis.
Chairman Board of County Commissioners, will receive sealed bids until
BRUNSWICK AND TOPSHAM WATER DISTRICT, Me.
-BOND 2 p. m. Mar.4 for 8515,0006% road and bridge bonds. Dated July 11925.
-Harris, Forbes & Co. of Boston have purchased an issue of Denom. $1,000. Due Dec. 1 as follows: 850.000.
SALE.
1930 and 1935: *75.000,
$55.000 4% refunding bonds, at 97.79. Due in 20 years.
1940: $100,000. 1945 and 1950: and $140,000 July 1 1955. Principal and
BUFFALO, N. Y.
-BOND OFFERING.
-Sealed bids will be received interest (J. & J.) payable at the National Bank of Commerce, New York
until 11 a. m. Feb. 17 by Wm. F. Schwartz, Commissioner of Finance and City, or at the Bank of Green Cove Springs, Green Cove Springs. Legality
Accounts, for the following three Issues of 43i% non-taxable coupon or approved by John C. Thomson, of New York City. A certified check for
registered bonds:
2% of amount bid required.
81300.000 school bonds. Due March 1 1927 to 1946.
CLEAR LAKE, Cerro Gordo County, Iowa.
-BONDS OFFERED.
400,000 police and fire department bonds. Due March 1 1927 to G. W. Moller, City Clerk, received sealed bids until 7:30 p. m. Feb. 2,for
1946, incl.
615,000 5% sewer binds.
200,000 public markets bonds. Due March 1 1927 to 1946, incl.
CLEVELAND, Cuyahoga County, Ohio.
Coupon bonds in denom. of 81.000. Registered bonds to be issued in
-BOND OFFERING.
denominations of $1,000 and multiples thereof as far as practicable. Date Sealed bids will be received until 12 m. March 1 by W. J. Semple, Director
March 1 1926. Principal and semi-ann. int. (M. & N. 2) payable at the of Finance, at his office in Room 228, City Hall, Cleveland, for the following
4
office of the Commissioners of Finance and Accounts, Buffalo, or at the seven issues of 4 or 43 % coupon bonds, aggregating $8,416,000:
$500.000 electric light bonds. Due $33,000 yearly from Oct. 1 1927 to
Hanover National Bank, New York. at option of holder. Certified check
1936 incl.; and $34,000 Oct. 1 1937 to 1941 incl.
for 2% of the amount of bonds bid for, upon an incorporated bank or trust
company, payable to the Commissioners of Finance and Accounts, required. 2,000,000 public hall bonds. Due $80,000 yearly from Oct. 1 1927 to
Legality approved by Caldwell & Raymond. Bonds to be delivered and
park
paid for within ten days from time of award. Delivery of bonds to be 1.610.000 1951 bonds. Due $70,000 yearly from Oct. 1 1927 to 1949 incl.
made on March 1, or soon thereafter, at the office of the Commissioner of 1,500.000 (city's portion) street opening bonds. Due $60,000 yearly from
Oct. 1 1927 to 1951 incl.
Accounts and Finance.
626,000 hospital bonds. Due $27,000 yearly from Oct. 1 1927 to 1944 incl.
Financial Statement.
and $28,000 Oct. 1 1945 to 1949 incl.
The total bonded debt of the City of Buffalo on Feb. 1 1926 was $70.680,000 refuge and correction bonds. Due $29.000 yearly from Oct. 1
096,229 31.
1927 to 1936 incl. and $30,000 Oct. 1 1937
Assessed valuation of taxable real estate, including special franchises for 1,500,000 (city's portion) paving and sewer bonds. to 1949 incl. Oct. 1
Due $93,000
the fiscal year 1925-1926, is $795,011,610.
1927 to 1930 incl.; and $94,000 Oct. 1 1931 to 1942 incl.
Included in the above statement of bonded indebtedness are bonds issued
and semi-ann.'int. (A. & 0.)
Denom. 61.000. Dated
for a water supply to the amount of $15,765,552 64, of which bonds to the payable at the American April 1 1926. Prin.National Bank, New York.
Exchange-Pacific
amount of $14,254,820 34 were issued for water supply subsequent to
A certified check or cashier's check on some solvent bank other than the one
Jan. 1 1904.
Included in the above statement of bonded indebtedness are tax antici- bidding, for 3% of the amount of bonds bid for, payable to the City Treaspation certificates of indebtedness maturing July 1 1926, in the amount of urer, required. Bids may be made separately for each issue or for "All or
None.'
$2.560,428 50. for payment of which taxes will be levied.
The sinking funds applicable to the payment of the bonded indebtedness
CLIFFSIDE PARK SCHOOL DISTRICT, Bergen County, N. J.
aggregate $5.950.992 16 of which 82,966.197 89 is applicable to payment BOND OFFERING.
-Sealed bids will be received until 8 p. m. Feb. 11 by
of the water debt.
John F. Kelly, District Clerk, for the following three issues of 41(% or 57
city tax rate per $1.000 of assessed valuation is $30 22.
The last
coupon (with privilege of registration as to principal only or as to both prin• The population, according to the 1920 United States Census,is 506.775.
cipal and interest) school bonds, aggregating $156.000:
BUTLER SCHOOL DISTRICT (P. 0. Hollidays Cove) Hancock $26,000 school district series A bonds. Denom. $500. Due $1,000 yearly
from Feb. 1 1928 to 1940,inclusive, and $500 Feb. 1 1941 to 1966.
County, W. Va.-BOND DESCRIPTION.
-The $185.000 5RI% coupon
Inclusive.
refunding school bonds purchased by Morris Mather & Co. of Chicago
50.000 school district series B bonds. Denom. $100. Due on Feb. 1
-V. 122, p. 508_ at par are described as follows: Date Jan. 1 1926.
as follows: $2,000, 1928 to 1937,inclusive,and $3,000,1938 to 1947.
Due serially 1928 to 1942 incl. Int. payable J. & J.
Denom. 81.000.
inclusive.
CALHOUN COUNTY (P. 0. Anniston), Ala.
-BOND SALE.
-Ward, 80,000 school district series C bonds. Denom. $1,000. Due on Feb. 1
Sterne & Co. of Birmingham have purchased an issue of $100,000 5%
as follows: $2,000, 1928 to 1931. inclusive. and $3,000. 1932 to
county bonds at par.
1955, inclusive.
Dated Feb. 11926. Principal and semi-annual interest (F.& A.) payable
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
of
On Jan. 29 the Harvard Trust Co. of Cambridge purchased a temporary in gold coin of the United States theAmerica of or equal to the present
office of the Cliffside Park National
loan of $500.000 issued in anticipation of revenue for the year of 1925-1926 standard of weight and fineness, at
date (V. 122, p. 643) on a 3.76% discount basis plus a Bank, Cliffside Park. No more bonds to be awarded than will produce a
offered on that
premium of $1.000 over the above issues. Certified check on an incorpremium of $7.50. Dated Feb. 1 1926. Due Oct. 15 1926.
porated bank or trust company for 2% of the amount of bonds bid for
CARROLLTON, Dallas County, Tex.
-BONDS VOTED.
-At an elec- payable to the Custodian of School Moneys of the Board of Education.
tion held on Jan. 26-V. 122, P. 375
-the voters authorized the issuance reauired. Bonds will be prepared under the supervision of the United
of $40,000 water bonds bye count of 102 for to 38 against. R.E. Roberts, States Mortgage & Trust Co., which will certify as to the genuineness of the
Mayor.
signatures of the officials and the seal impressed thereon. Legality apDelafield & Longfellow, of New York.
CARTER, Beckham County, Okla.
-BOND SALE.
-The American proved by Hawkins,
National Co. of Oklahoma City purchased an issue of $10,000 6% gas
-On Jan. 26
-BOND SALE.
CLINTON, Lenawee County, Mich.
system bonds at par. Date July 7 1925. Denom.$500. Due in 15 years. the $52,000 5% coupon water-works bonds offered on that date
-V. 122.
Interest payable J. & J.
p. 375
-were awarded to the Detroit Trust Co. of Detroit at a premium of
105.88, a basis of about 4.49%. Date Feb. 1 1926. Due
CART-MET COUNTY (P. 0.Beaufort), No. Caro.
-BOND SALE.
- $3.066. equal to
The $700,000 5 % coupon road and bridge bonds offered on Feb. 1- on Feb. 1 as follows: $1,000. 1927 to 1930 incl.; $1,500. 1931 to 1937 incl.;
incl.; $2,500, 1944 to 1946 incl., and $3,000, 1947
-were awarded to Braun, Bosworth &
1938
V. 122, p. 508
Toledo, at a $2,000, incl. to 1943
to 1952
premium of 86.669, equal to 100.95, a basis of about Co. ofDated
1925. Due 81.000. 1926 to 1935 incl.; 815.000,19365.41%. incl • Dec. 1
-The
-BOND SALE.
to 1945
CLINTON COUNTY (P. 0. Clinton), Iowa.
824.000,
1946 to 1955 incl. and $30,000, 1956 to 1965 incl.
White, Phillips Co. of Davenport has purchased an issue of $37,000 411%
funding bonds. Date Jan. 1 1926. Denom. $1,000. Due May 1 as
CASTLETON, Rensselaer County, N. Y.
-BOND DESCRIPTION.
- follows: $15,000, 1942 and 1943, and $7,000, 1944. Prin. and int.
The following two issues of 5% street bonds, aggregating *13.500
awarded (M. & N.) payable at the office of the County Treasurer or at the office
to Geo. B. Gibbons & Co., Inc. of New York at 101.77 (V. 121,p.
1485) of the above-named company. Legality approved by Chapman, Cutler
are described as follows:
& Parker of Chicago.
$11,000 Willow Street macadamizing bonds.
Green Street macadamizing bonds.
2,500
CLINTON COUNTY (P. 0. Clinton), Iowa.
Dated July 1 1925. Int. J. & J. Due serially 1926 to 1936 incl. Date An election will be held on Feb. 10, for the purpose-BOND ELECTION.
of voting on the question
of award Aug. 13.
of issuing from year to year road improvement bonds in the aggregate, not
CATTARAUGUS COUNTY (P. 0. Little Valley), N. Y.
-BOND exceeding $1,000.000.
OFFERING.
-.T. D. Laing, County
CLOVERDALE,Sonoma County, Calif.
-BOND SALE.
-The William
N. Y. will sell at public auction at 1 Treasurer. at his office in Salamanca.
P. m.. Feb. 9. 8200,000 not exceeding R. Stoats Co. of San Francisco has purchased an issue of $37,000 paving
6% highway series E bonds. Denom. $1,000. Date Feb. 15 1926. Int. bonds.
F. SE A. Due $50,000 yearly from Feb. 15 1931 to 1934 incl. Cert. check
-BONDS VOTED.
COCHRAN COUNTY(P.O. Lehman),Tex.
-At an
for $4,000, payable to the County Treasurer, required. Legality approved
election held on Jan. 24 the voters authorized the issuance of $300,000 road
by Clay &
of New York.
bonds by a count of 111 for to 49 against.
CENTER TOWNSHIP INDEPENDENT SCHOOL DISTRICT
(P.O.
CONEMAUGH TOWNSHIP (P. 0. Davidsville), Somerset County,
Fowler), Benton County, Ind.
-BOND OFFERING.
-Sealed bids will
-BOND DESCRIPTION.
-The $60.000 4 Si
be received until 2 p. m. (to-day). Feb. 6 by Leo Gunnells, Township Pa. purchased by A. B. Leach & Co., Inc., of% coupon road impt.
Philadelphia, at 100.17
Trustee, for $140,000 4% coupon school bonds. Denom. $1,000. Date bonds
1926. Prin. and semi-ann. int. (J. & J.) payable at the First -V.121. p. 105-a basis of about 4.49%,are described as follows: Denom.
Feb. 1
$500. Date July 1 1925. Int. J. & J. Due July 1 1940. Date of award.
National Bank, Fowler.
CENTRAL CITY SCHOOL DISTRICT, Merrill County, Neb.- June 27.
-BOND OFFERING.
CONWAY, Horry County, So. Caro.
-Mayor
-Sealed bids will be received until Feb. 17 by the
BOND OFFERING.
L. D. Magrath will receive sealed bids until 12 in. Feb. 15 for the following
District Clerk for $100.000 not exceeding 41(% school building bonds.
These bonds were authorized at the election held on Jan. 30 (V. 122. P• 5% coupon bonds, aggregating $85,000: Feb. 1
as follows: $2,000. 1936
$55.000 street improvement bonds. Due
508) by a count of 348 for to 273 against.
to 1960 fncl.: and $1,000, 1961 to 1965 incl. A certified check,
CHARLES CITY, Floyd County, Iowa.
-BOND ELECTION.
payable to the Mayor, for $550. required.
-An
election will be held on Feb. 18, for the purpose of voting on the question o
30.000 sewerage bonds. Due $1.000 Feb. 1 1936 to 1965 incl. A certified
check for $300, payable to the Mayor, required.
Issuing $250,000 high school building bonds.
Dated Feb. 1 1926. Prin. and semi-ann. int. payable at the National
CHARLESTON,Charleston County, So. Caro.
-BOND SALE.
-The Park Bank, New York City. Legality approved by Caldwell & Raymond,
$190,000 5% Paving series H bonds offered on Feb. 1 (V. 122, p. 508) of New York City.
were awarded to Eldredge & Co. of New York at a premium of $4,615 10,
COOK COUNTY SCHOOL DISTRICT NO. 12, TOWNSHIP NO.
equal to 102.42 a basis of about 4.58%. Date Jan. 11926. Due $19,000
-BOND OFFERING.
42 (P. 0. Barrington), III.
-Sealed bids will be
Jan. 1 1928 to 1937, inclusive.
ninon
778
THE CHRONICLE
received until 2p. m. Feb. 13 by Wirt Lawrence, County Clerk, for $9,000
6% school district bonds. Denom. $100 and $500. Dated Sept. 1 1925.
Int. M.& S. Due serially from Sept. 1 1926 to 1945 incl.
CORNELL SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
-BOND OFFERING.
County, Calif.
-L. E. Lampton, Clerk Board of
County Supervisors, will receive sealed bids until 2 p. m. Feb. 8 for 38.500
6% school bonds. Date Feb. 1 1926. Denom.$500. Due $500 Feb.1 1927
to 1943 incl. Prin. and semi-ann. int, payable at the County Treasurer's
office. Certified check for 3% of amount bid, payable to the order of the
Chairman Board of County Supervisors. required.
Financial Statement.
Assessed valuation taxable property, 1925
$172,580
Bonded debt including this issue
8,500
Population (estimated). 75.
CORNING INDEPENDENT SCHOOL DISTRICT, Adams County,
-C.T. Mercer, Sec. Board of School Directors,
-BOND OFFERING.
Iowa.
will receive sealed bids until 8 p. m. Feb. 13 for $160,000 school bonds.
Legal opinion and cost of printing bonds to be paid for by purchaser.
A certified check for 2% of amount of bid required.
-BOND OFFERING.
Pr CORONADO BEACH, Volusia County, Fla.
Sealed bids will be received by F. P. Kinder, City Clerk, until 8 p. m.
Feb.9 for $102,000 6% inapt. bonds. Date Jan. 11926. Denom. $1,000.
Due Jan. 1 as follows: $10.000. 1927 to 1930 incl.: $11,000, 1931: $10,000,
1932 to 1935 incl., and $11,000, 1936. A certified check for $2,000,
payable to the City. required.
-BOND SALE.
/COTTAGE GROVE, Lane County, Ore.
-The First
National Bank of Cottage Grove has purchased an issue of $4.962 47 sewer
bonds at 101.
[VoL. 122.
9.888 99 12th St. paving, city's portion, bonds. Due Sept. 15 as follows: $988. 1926 to 1934, and $99699, 1935.
3,137 39 Robinson Road paving, city's portion, bonds. Due Sept.
15
as follows: $325. 1926 to 1934, and 3212 39, 1935.
957 65 Robinson Road grading, city's portion, bonds. Due Sept.
15
as follows: $195, 1926 to 1929, and $177 65, 1930.
Date June 1 1925.
EBENSBURG, Cambria County, Pa.
-BOND
-On Jan. 25
the 845.0004)4% impt. bonds offered on that date SALE.
awarded to the Mellon National Bank of Pittsb ., at a(V. 122. p. 508) were
equal to 101.46, a basis of about 4.39%. Dated premium of $657.53,
Jan. 1 1926. Due on
Jan. 1 as follows: $4,000. 1931: $5,000, 1936;
$6,000, 1941; $8,000. 1946:
$10,000, 1951; and 312,000, 1955.
ENGLEWOOD, Arapahoe County, Colo.
-BOND SALE.
-The $5,500
grading and sidewalk bonds offered on Jan.
-were
awarded to Gray, Emery, Vasconcells & Co.18-V. 122, p. 242
of Denver as 534s•
payable semi-annually.
ENID Garfield County, Okla.
-At an election
held on Jan. 26, the voters authorized -BONDS VOTED.
the issuance of $250,000 school bonds.
EUGENE,Lane County, Ore.
-BOND DESCRIPTION-The $281,000
514% Bancroft coupon improvement bonds purchased by the
Lumbermen's
Trust Co. and Peirce, Fair &
oth of Portland, jointly at 100.15
(V. 122, p. 375), a basis of about
Co.,d.48%, are described as follows: Date,
Jan. 1 1926. Denom.. $500. Due Jan. 1 1936. Int. payable
J. & J.
EVERETT, Middlesex County, Mass.
-LOAN
-Sealed
bids were received until 10 a. m. Feb. 5 by WilliamOFFERED.
E. Emerton, City
Treasurer, for the purchase on a discount basis of a $400.000
temporary
loan. Denom. 325,000, $10,000 and 35,000. Due
28 1926:
3100,000 Nov. Sand 12 and $150,000 Nov. 26 1926. $50,000 Oct.engraved
Notes will be
under the supervision of the Old Colony Trust Co.,
approved by Ropes, Gray, Boyden & Perkins of Boston.Boston. Legality
EWING PARK INDEPENDENT SCHOOL DISTRICT
(P. 0. Ellwood City) Lawrence County, Pa.
-BOND
-Sealed bids
will be received until 12 m. Feb. 15 by Maurice OFFERING.
Reswick, Secretary Board
of Directors, for $21,000 4 Si% school bonds. Dated March
1 1926. Int.
M. & S. Due $1,000 yearly from March 1 1932
to 1952 incl. A certified
check for $500, required.
FALLON COUNTY SCHOOL DISTRICT NO. 41 (P.
0. Baker)
,
Mont.
-BONDS NOT SOLD.
-The $2,500 school bonds offered on Jan. 23
(V. 122, p. 242) were not sold on that date, as the election
at which the
bonds were voted was declared illegal.
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
-BOND OFFERING.
-Sealed bids will be received until 11 a. in. (eastern standard time) Feb.
20 by Louis Simon. Clerk, Board of County Commissioners for the following
coupon (special assessment) bonds, aggregating
issues of
%
seven
$423,000.
$110,000 sewer district No. 1 sewer inapt. bonds. Due on Oct. 1, as
follows: 97,000. 1927 and 1928: $8,000. 1929: $7,000. 1930 and
1931; 38.000 1932: $7.000. 1933 and 1934; $8,000. 1935; 37.000.
1936 and 1937; $8,000. 1938 and $7,000 1939 to 1940.
30.000 sewer district No. 1, water supply impt. bonds. Due $30,000
yearly from Oct. 1 1927 to 1936 incl.
38.000 sewer district No. 2, water supply impt. bonds. Due on Oct. 1,
as follows: $4,000, 1927;$3,000. 1928; $4,000, 1929 to 1931 incl.;
$3,000. 1932 and $4,000. 1933 to 1936 incl.:
FAYETTE CITY SCHOOL DISTRICT (P.O. Fayette City),
Fayette
44.000 sewer district No. 2, water supply impt. bonds. Due on Oct. 1, County, Pa.
-BOND SALE.
-Glover & MacGregor of Pittsburgh puras follows: $4.000. 1927 and 1928: $5.000, 1929; $4,000. 1930; chased $20,000 5% school bonds at a premium of
$500, equal to 102.50.
$5.000, 1931;$4.000 1932 and 1933;35.000.1934;$4,000, 1935 and
FLORESVILLE, Wilson County, Tex.
-BOND SALE.
-The $40,000
$5,000. 1936.
% water works bonds
146.000 sewer district No. 3. sewer impt. bonds. Due Oct. 1, as follows: to the J. E. Jarratt Co. offered on Jan. 20, V. 122, p. 508. were awarded
of San Antonio at a premium of $100. equal to
310,000. 1927: 39.000. 1928: 810.000. 1929; 89.000, 1930; $10.000, 100.25.
1931 to 1933 incl.; $9,000, 1934; 810.000,1935 to 1937 incl; $9,000,
FOARD, Foard County, Tex.
1938; 310,000, 1939 to 1941 incl.
-BOND ELECTION-An election will
35,000 sewer district No. 3 sewer impt. bonds. Due on Oct. 1, as be held on Feb. 13. for the purpose of voting on the question of issuing
follows: 32,000. 1927 and 1928; $3.000. 1929; $2,000. 1930 and $20,000 school building bonds.
1931; $3,000. 1932; $2,000. 1933 and 1934; 33.000. 1935; $2,000.
FORESTPORT AND WEBB (TOWNS) COMMON
1936 and 1937: 33,000, 1938: 32,000. 1939 and 1940; and $3,000.
TRICT NO.3, Oneida and Herklmer Counties, N. Y. SCHOOL DIS1941.
-BOND
-Sealed bids will be received until 12 in. Feb. 16 by B. L. OFFERsewer district No. 3 water supply bonds. Due $2.000 yearly ING.
20.000
Sole Trustee, at Otter Lake,for 87,5006% registered school bonds. Williams,
from Oct. 1 1927 to 1930 incl.
Denom.
Denom.$1.000. Date March 11926. Prin.and semi-ann.int.(A.& 0.) $500. Dated Jan. 1 1926. Int. J. & J. Due $500 yearly from Jan. 1 1927
Payable at the County Treasurer's office. Cert. check on some solvent to 1941 incl. A certified check or a cashier's chock on an incorporated bank
bank other than the one making the bid, for 1% of the amount of bonds or trust company in the State of New York, for $750, payable to John A.
Norton, School Treasurer, required. Legality approved by Clay & Dillon
bid for, payable to the County Treasurer. required.
of New York.
-BOND OFFERING.-Geo. F.
DADE COUNTY (P. 0. Miami), Fla.
FORT DODGE, Webster County, Iowa.
Holly, Clerk Board of County Commissioners, will receive sealed bids until
-BOND SALE.
-The
$62.500 grading fund bonds offered on Jan. 22(V. 122. p.508) were awarded
2 p. in. Feb. 23 for the following 5% bonds, aggregating $800,000:
$300,000 Causeway Bridge bonds. Due 33,000. 1930 to 1939 incl.; $4,000, to Geo. M.Bechtel & Co.of Davenport as 4)is at a premium of $840, equal
1940 to 1944 incl.; 35.000. 1945 to 1954 incl., and 310,000. 1955 to to 101.34. a basis of about 4.38%. Dated Jan. 2 1926. Due Jan. 2 as
follows: $2,500, 1935: $5,000, 1936 to 1945 incl., and 310,000 in
1974 incl.
1946.
This sale was previously reported (in V. 122, p. 508) but erroneously
147,000 West Dixie Highway bonds. Due 31.000. 1930 and 1931: 32.000.
1932 to 1942 incl.; 83.000,1943 to 1954 incl.; 35.000, 1955 to 1957 captioned "Fort Dodge, Texas."
incl.; $4.000. 1958 to 1967 incl.; $5,000. 1968 to 1971 incl.,and $4.FRACKVILLE, Schuylkill County, Pa.
-BOND SALE.
-On Jan. 4
000. 1972 to 1974 incl.
the $33,000 4)5% paving bonds
on that
253.000 General Highway bonds. Due 82.000. 1930 to 1939 incl.; 33.000, awarded to the First National offered& Trust date (V. 121, p. 3157) were
Bank
Co. of Frackville, at par.
1940 and 1941: 34,000. 1942 to 1944 incl.; 35.000. 1945 to 1954 Dated Nov. 11925.
Due on Nov. 1 as follows: $5.500. 1930 and 81,100.
incl.; $9.000. 1955 to 1959 incl., and $8,000. 1960 to 1974 incl.
1931 to 1955 incl.
100,000 Armory bonds. Duo 31,000. 1930 to 1949 incl.: $2.000, 1950 to
FRESNO SCHOOL DISTRICT (P. 0. Fresno), Fresno
1954 incl.; $3,000, 1955 to 1964 incl., and $4,000. 1965 to 1974 incl.
County,
-BOND OFFERING.
Dated Oct. 1 1924. Denom.31.000. Prin. and int.(A.& 0.) payable at Calif.
-Sealed bids will be received by the County
the U. S. Mtge. 3c Trust Co., N. Y. City. Legality approved by John C. Clerk until Feb. 13 for 3600,000 5% school bonds.
Thomson of N. Y. City. A certified check for 2% of the par value of the
FROST, Navarro County, Tex.
-BOND
-H. A. Scott.
bonds bid for required.
City Secretary, will receive sealed bids until 1OFFERING.
p. in. Feb. 10, for 365.000
DARLINGTON, Darlington County, So, Caro.
--BOND SALE.
- 5% water works bonds. Dated Oct. 10 1925. A certified check for 1% of
The $50.000 paving bonds offered on Jan. 27-V. 122. p. 375
-were amount bid required.
awarded to Braun, Bosworth & Co. of Toledo as 5s at a premium of $515.
GALVESTON
-BOND ELECTION.
equal to 101.03. a basis of about 4.89%. Date Jan. 1 1926. Due Jan. 1 -An election willCOUNTY (P.O. Galveston), Tex.
be held
as follows: $8,000, 1931:82.000. 1932 to 1949 incl.; and $3,000, 1950 and tion of issuing $150,000 on April 10 for the purpose of voting on the quesroad bonds.
1951.
GEORGETOWN, Williamson County, Tex.
-BOND OFFERING.DU PAGE COUNTY SCHOOL DISTRICT NO.36 (P. 0. Wheaton), Geo. Keahey, CitySecretary, will receive
sealed bids until 7 p. in. Feb. 22
-BOND OFFERING.-Jeese S. Fox, Secretary Board of Education, for 345,000 paving bonds. A
111.
certified check for $1,500 required.
receive bids for $70,000 school bonds. Date Feb. 15 1926.
will
GEORGIA (State of).
-WARRANT SALE.
-The 33.000,000
DURHAM, Durham County, No. Caro.
-BOND OFFERING.
- warrants offered on Jan. 30 (V. 122, p. 509) were awarded to the school
Fourth
C. B. Alston, City Clerk, will receive sealed bids until 8 p. m. Feb. 15 National Bank of Atlanta on a 4.17% discount basis.
Due Feb. 1 1927.
the following coupon sr registered bonds aggregating $1,675,000;
for
except those issued in October and November. these maturing on March
1
81,000,000 water werks extension bonds. Due Jan. 1 as follows: 315.000 1927.
1929 to 1933, incl.: 320.000 1934 to 1938, incl.: $25.000 1939
GILES COUNTY (P. 0. Pulaski), Tenn.
to 1945, incl.; $330,000 1946 to 1955, incl., and 335,000 1956
-BOND OFFERING.
-J. C.
Hannah, County Judge, will receive sealed bids until 12 in. Feb.
to 1965. incl.
19 for
250,000 municipal building bonds. Due Jan. 1 as follows: 36.000 1929 3150.000 5% coupon highway bonds. Dated Jan. 1 1926. Denom.
te 1934. Incl.: 38.000 1935 to 1941, incl.: $10,000 1942 to 1946, $1,000. Due Jan. 1 as follows: 38,000. 1927 to 1941, inclusive, and
$6,000.
incl.; 312,000 1947 to 1950, incl., and $15,000 1951 to 1954, incl. 1942 to 1946. inclusive. Legality approved by Clay k Dillon, of New
York
250,000 sewerage bends. Due Jan. 1 as follows: $4,000 1929 to 1935. City. A certified check for $1,000 required.
incl.: 35.009 1936 te 1943. incl.; 36.000 1944 to 1951, incl.;
GLENDALE CITY SCHOOL DISTRICT, Los Angeles
$8,000 1952 te 1959, incl., and $10,000 1960 to 1966, incl.
County
(P. 0. Los Angeles), Calif.
-BOND DESCRIPTION.
-The
175,000 public improvement bonds. Due Jan. 1 as follows: 34.000 5% coupon school bonds awarded to
the National City Co. of Now$300,000
1929 to 1931. incl.; 35,000 1932 to 1934, incl.; $6,000 1935 to Dec. 2 at 104.89
York on
(V.
1939. incl.: WOW 1940 to 1945. incl., and $10,000 1 46 to follows: Dated July 122, p. 376). a basis of about 4.62%, are described as
1 1925. Denom. $1,000. Due July 1 as
1952. ml.
follows:
$6,000, 1926 to 1945; 37,000. 1946; $10.000, 1947 and 1948:
Dated Jan. 1 1926. Denem. $1,000. Principal and interest (J. & J.)
and $9.000.
payable in New York. Legality to be approved by Chester B. Masslich 1949 to 1965, inclusive. Interest payable semi-annually J. & J.
GRAIN VALLEY SCHOOL DISTRICT, Jackson
of New York City. The bonds will be prepared under the supervision of
County, Mo.-The $60,000 school bonds purchased by
the United States Mortgage & Trust Co.. New York City, which will certify BOND DESCRIPTION.
the Comas to the genuineness ef the signatures of the officials and the seal impressed merce Trust Co. of Kansas City (V. 122, p. 509) at par, bear interest
at
thereon. A certified check for $33.500 required.
the rate of 5% and are described as follows: Date Jan.
$1,000. Due serially 1927 to 1946, inclusive. Interest 1 1926. Danom.
EAGLE GROVE INDEPENDENT SCHOOL DISTRICT, Wright
payable semi-ann.
OFFERING.
-J. M. Logan, Secretary Board of
County, Iowa-BOND
GRAND RAPIDS SCHOOL DISTRICT (P. 0.
Grand
Directors, will receive sealed bids until 7.45 p. m. Feb. 8. for $40,000 County, Mich.
-BOND SALE.
-On Feb. 1 the $928,000Rapids) Kent
435% coupon
school bonds offered on that date (V. 122. p. 326)
school refunding bonds. Date April 11926. Due serially.
were awarded to the
Harris Trust & Savings Bank of Chicago and
William
EAST BATON ROUGE PARISH SUB-ROAD DISTRICT NO. 4 OF St. Louis, jointly, at 101.84. a basis
of
of about 4.28%. R. Compton Co. as
-BOND OFFER- follows: $75.000, 1928 and
Due
ROAD DISTRICT NO. I (P. 0. Baton Rouge), La.
1929; 350,000, 1930 to 1944 incl.;on Sept. 1
ING.
-F. A. Woods, Secretary Police Jury, will receive sealed bids until 1945.
and $28,000,
road bonds. Denom. $1,000.
Feb. 9 for 350,000 5%
HARRISON TOWNSHIP (P. 0. Brazil), Clay
-BOND
-BOND SALE.EAST YOUNGSTOVVN, Mahoning County, Ohio.
County,
-Sealed bids will be received until Feb. 15 Ind. County
.
The following eleven issues of 6% bonds, aggregating $36,091 30 offered on OFFERING.
by the
2585), were awarded to the Provident Savings Bank & Treasurer, for 34,841 10 John H. Riddell et al public drain bonds.
June 2 (V. 120, p.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
Trust Co. of Cincinnati:
-BOND OFFERING.
-Sealed bids will be received until 12
$10,000 00 water works ext. bonds. Due $1,000 Sept. 15 1926 to 1935.
Feb. 23 by Albert Reinhardt, Clerk Board of m. (central standard time)
1500 00 fire hose purchase bonds. Due 3500 Sept. 15 1926 to 1928.
County Commissioners, for
1:093 00 Second St. storm and sanitary sewer (city's portion) bonds. the following six issues of 5% bonds, aggregating
$342,113 79:
Due Sept. 15 as follows: 3200, 1926 to 1929, and $293 in 1930.
317,762 72 Main Sanitary Sewer District No. I, Water Supply Line No. 32
bonds. Denom. $1,000, except one for $762 72. Dated Feb. 1
7,168 03 16th St. storm and sanitary sewer, city's portion, bonds. Due
Sept. 15 as follows: $725, 1926 to 1934. and $643 03, 1935.
1926. Principal and semi-annual interest (A. & 0.) payable at
the County Treasurer's office. Due on Aug. 1 as follows:
835 15 Bright Ave. storm and sanitary sewer , city's portion, bonds.
Due Sept. 15 as follows: $175, 1926 to 1929. and $135 15. 1930.
$1,762 72. 1927, and 31,000, 1928 to 1943, inclusive.
24,379 29 Main Sanitary Sewer District No. 4, Water Supply Line
616 20 Woodland Ave. sidewalk, city's portion, bonds. Due Sept. 15
as follows: $125, 1926 to 1929, and $116 20. 1930.
No. 31 bonds. Denom.$1,000, except one for $379 29. Dated
portion, bonds. Due Sept. 15 as folJan. 18 1926. Principal and semi-annual interest (J. & J. 18)
784 69 16th St. sidewalk, city's
lows: $150. 1926 to 1929, and $184 69, 1930.
payable at the County Treasurer's office Due on July 18 as
Bright Ave. sidewalk, city's portion, bonds. Due Sept. 15 as
follows: 33.379 29. 1927: 93.000, 1928 to 1930, Inclusive, and
110 20
follows: $25. 1926 to 192i), and $10 20. 1930.
$2,000. 1931 to 1936, inclusive.
FEB.6 1926.]
THE CHRONICLE
32.939 26 Main Sanitary Sewer District No. 3, Water Supply Line
No. 20 bonds. Denom. $1.000 except one for $939 26. Dated
Jan. 18 1926. Principal and semi-annual interest ((J. J. 18)
payable at the County Treasurer's office. Due on July 18 as
follows: 52.939 26, 1927: $2.000, 1928 to 1938, inclusive, and
51,000, 1939 to 1946, inclusive.
37,759 32 Main Sanitary Sewer District No. 1, Sanitary Sewer No. 16
bonds. Denom. 51,000 except one for $759 32. Dated Feb. 1
1926. Principal and semi-annual interest (F. & A.) payable
, at the County Treasurer's office. Due on Aug. 1 as follows:
52.759 32. 1927: $2,000, 1928 to 1943, inclusive. and $1,000,
1944 to 1946, inclusive.
140,339 08 Main Sanitary Sewer District No. 3, Sewer No. 11 bonds.
Denom. 51,000, except one for $339 08. Dated Feb. 1 1926.
Principal and semi-annual interest (F. dr A.) payable at the
County Treasurer's office. Due on Aug. 1 as follows: $7,339 08,
1927; and 57.000. 1928 to 1946. inclusive.
88.934 12 Main Sanitary Sewer Districts Nos. 4 and 5, Water Supply
Line No. 27 bonds. Denom. $1,000 except one for $934 12.
Dated Jan. 18 1926. Principal and semi-annual interest
(J. di J. 18) payable at the County Treasurer's office. Due
on July 1 as follows: 55.934 12. 1927: 55,000, 1928 to 1934,
inclusive, and $4,000, 1935 to 1946, inclusive.
Certified check on a bank doing a regular banking business in the City
of Cincinnati, for $500. required.
HARTWICK TOWNSHIP (P. 0. Evart), Osceola County, Mich.
BOND DESCRIPTION.
-The $5,000 5% coupon road bonds purchased by
the Big Rapids Savintrs Bank of Big Rapids (V. 122. p. 509) at par, are
described as follows: Denom. $1,000. Dated Jan. 5 1926. Interest J. & J.
Due 51.000 yearly from Jan. 5 1926 to 1930. inclusive.
HASTINGS-ON.HUDSON, Westchester County, N. Y.
-BOND
-On Feb. 2 the $100,000 coupon or registered highway impt. bonds
SALE.
offered on that date (V. 122. p. 644) were awarded to Eastman, Dillon &
Co. of New York as 4.35s at a premium of $89 equal to 100.08. a basis of
about 4.34%. Dated Nov. 1 1925. Due $5,000 yearly from Nov. 1 1926
to 1945 incl.
779
coupon (registerable as to principal) highway bonds. Denom. $1.000.
Dated Feb. 1 1926. Prin, and semi-ann. int. (M. & N.) payable at the
office of the State Treasurer, Springfield. Due $500,000 yearly from May
1 1945 to 1954 incl. A certified check for 2% of the amount of bonds bid
for, payable to the State Treasurer, required.
INDEPENDENCE, Montgomery County, Kan.
-BOND SALE.
The $5,0130 4j memorial building bonds registered during November,
%
V. 122, p. 376, were purchased by the City of Independence. Dated Nov.
15 1925. Denom. $500. Due serially in 1 to 10 years. Int. payable
M. & N.
JAMESTOWN, Chautauqua County, N.1Y.-BONDS AND CERTIFICATES SALE.
-On Jan. 29 the following two issues of registered bonds
and certificates aggregating $85.014 30 offered on that date (V. 122.
p. 644) were awarded to Pulleyn di Co. of New York as 4.30s at 100.07,
a basis of about 4.28%:
$35,014 30 paving certificates of indebtedness. Due on *Feb. 1 as follows:
•-• .1
S3,514 30. 1927; and 53,500. 1928 to 1936 inclusive.
50,000 00 reconstruction paving bonds. Due $5,000 yearly from Feb. 1
1927 to 1936 inclusive.
Date Feb 1 1926.
JUNCTION CITY, Geary County,Kan.
-BOND SALE.
-The First
National Bank of Junction City recently purchased an issue of 566.000 43
,
5%
paving bonds at 99.32. Due in 1 to 10 years.
KEENE, Cheshire County, N. H.
-TEMPORARY LOAN.
-On Feb. 1,
the Merchants National Bank of Manchester purchased a 5100.000 temporary loan on a 3.83% discount basis. Due Dec. 1 1926.
KIT CARSON COUNTY SCHOOL DISTRICT No.1(P.O. Bethune)
Colo.
-PRE
-ELECTION SALE.
-The International Trust Co. of Denver
has purchased, subject to a coming election, an issue of $24,000 431%
school building bonds.
KIT CARSON COUNTY SCHOOL DISTRICT No.35(P.O. Flagler),
Colo.
-PRE
-ELECTION SALE.
-Subject to an election to be called at
an early date, the United States National Co. of Denver has purchased an
issue ot 56.500 4 % school refunding bonds. Due in 20 years, optional
after 10 years.
HAVERHILL, Essex County, Mass.
-E. H. Rollins
-BOND SALE.
& Sons, of Boston, were awarded on Feb.4 an issue of $225,000 4% coupon
"Haverhill Lower Bridge, Act of 1922" bonds, at 100.28-a basis of about
KNOTT COUNTY (P. 0. Hindman),
-E. O.
3.97%. Denom. $1,000. Dated Feb. 1 1926. Principal and semi- Duff of Lexington, has purchased an issue a Ky.-BOND SALE.
annual interest (F. & A.) payable at the main office of the First National bridge bonds at premium of $100, equal to 5200.000 5% coupon road and
Bank, Boston. Due 512.000 yearly from Feb. 1 1927 to 1931. inclusive, Denom. $1,000. Due serially. Int. payable100.05. Dated Dec. 1 1925.
J. & D.
and 511,000 Feb. 1 1932 to 1946, inclusive. Bonds are engraved under the
supervision of and certified as to genuineness by the First National Bank
LAMBERT SCHOOL DISTRICT No. 16, Clark County, Wash.
of Boston; their legality will be approved by Ropes, Gray. Boyden & BOND SALE.
-The $6,000 coupon school bonds offered on Jan.30-V.122.
Perkins, whose opinion will be furnished the purchaser. All legal papers p. 377- were awarded to the State Finance Committee as 55 at par. Due
incident to this issue will be filed with the above bank, where they may In 2 to 20 years.
be inspected at any time.
LANE COUNTY (P. 0. Eugene), Ore.
-BOND OFFERING.
-Sealed
Financial Statement, Jan. 1 1926.
bids will be received until 2 p. m. Feb. 23 by the County Clerk for $43,500
Net valuation for year 1925
$65.866,706 00 5% road bonds. Due in 5 to 24 years.
Debt limit
LA RUE, Marion County, Ohio.
-BOND OFFERING.
Total gross debt, not including this issue
1.923:000 00
-Sealed bids
will be received until 12 m.Feb. 12 by E.E.Blazer, Village Clerk,for 51.600
Exempted department
-Water bonds
$127,000 00
6% street Erupt. bonds. Denom. 51,000. Date Feb. 10 1926. Int. M.
Other bonds
& S. Cert, check for 5% of the amount of bonds bid for, payable to the
Sinking funds for debts within debt limit
10041 24
932,441 24 Village Treasurer, required.
LA SALLE COUNTY WATER IMPROVEMENT DISTRICT NO. 1
Net debt inside
$990,558 76 (P. 0. Cotulla), Tex.
-BOND OFFERING.
-Sealed bids will be received
Borrowing capacity
$637,662 35
until 2 p. m. Feb. 15 by W. A. Kerr. Secretary Board of Directors, for
Sinking funds for debts outside debt limit
$367,620 92 $7,331,000 irrigation dam bonds.
Municipal purposes
$305,694 10
LAUREL, Jones County, Miss.
-BOND SALE-The 550.000 5%
Water
61,926 82
coupon water bonds offered on Feb. 2-V. 122. p. 645
-were awarded to
the Commercial National Bank & Trust Co. of Laurel at a premium of
$367,620 92
$693, equal to 101.38, a basis of about 4.82%. Dated Feb. 11926. Due
HEBRON SCHOOL DISTRICT (P. 0. Laurel), Jones County,
Feb. 1 1927 to 1946. Inclusive.
Miss.
-BOND DESCRIPTION.
-The $10,000 coupon school bonds pur- $2.500
-chased by the Commercial National Bank & Trust Co., of Laurel, at par
LAWRENCEBURG, Lawrence County, Tenn.
-BOND DESCRIPV. 122, p. 509
-bear interest at the rate of 6% and are described as follows: TION.
-The $40.000 5)i% coupon water and light bonds purchased by
Date Jan. 1 1926. Denom. $100. Due $600 1927 to 1931. inclusive. Caldwell & Co. of Nashville at par
-V. 122, p. 509
-are described as
and $700 1932 to 1941, inclusive. Interest payable semi-annually J. & J. follows: Date Sept. 1 1925. Denom. 51.000. Due Sept. 1 1955. Int.
Date of award, Jan. 13.
payable M. & S. I
HEDLEY, Donley County, Tex.
-BONDS REGISTERED.
LEXINGTON SCHOOL DISTRICT (P. 0. Lexington), Lafayette
-On Jan.
30 the State Comptroller of Texas registered 548,000 6% water works County, Mo.-BOND SALE.
-Kaufman, Smith & Co., Inc., of St. Louis.
bonds. Due serially.
on Dec. 28 an issue of 5240.0005% coupon school bonds. Dated
11926. Denom.$1,000. Due serially in 20 years. Interest payable
Jan.
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND
-On
Feb. 1 the 53,307 23 6% drainage bonds offered on that date SALE. p. semi-annually F. & A.
(V. 122,
376) were awarded to the Henry County Bank of New Castle at a premium
LIMA COUNTY (P. 0. Albany), Ore.
-CORRECTION.
-In V. 122,
of $6 50, equal to 100.19. a basis of about 5.93%.
D. 377
-we reported the sale of $30.000 5% refunding bonds to the First
Dated Dec. 26
Due on Nov. 15 as follows: $650, 1926 to 1929, inclusive, and $707 1925. National Bank of Albany but we are now informed they did not
23 in
purchase
1930.
the bonds.
od.wi
HERMON (P. 0. Hermon) St. Lawrence County, N. Y.
LINTON SPECIAL SCHOOL DISTRICT NO. 36, Emmons County,
-BOND
-On Jan. 7 the $12.000 5% town bonds offered on that date (V. No. Dak.-BONDS VOTED.
SAFE.
-At the election held on Jan. 25, V. 122.
122, p. 242) were awarded to the First National Bank of Hermon at
p. 377. the voters authorized the issuance of 529,500 high school bonds.
Dated Feb. 11926. Due $1,000 yearly from Feb. 1 1927 to 1938 incl. par. by a count of 143 for to 11 against.
HOLYOKE, Hampden County, Mass.
-LOAN OFFERING.
LITTLE ROCK, Pulaski County, Ark.
-BOND S ALE.
-Sealed
-M. W.
bids will be received until 11 a. m. Feb. 9 by the City Treasurer, for the Elkins dc CO. of Little Rock have purchased an issue of $122,000
purchase on a discount basis of a 5300.000 temporary loan. Due Nov. 5 Heights Water District No. 18 bonds. Due serially Oct. 1 19275% Nort
to 1949.
1926.
inclusive.
HOPE WELL TOWNSHIP SCHOOL DISTRICT (P. 0. New ShefLONG BEACH CITY HIGH SCHOOL DISTRICT (P. 0. Loa
County, Pa.
-BOND OFFERING.
field), B
Angeles) Los Angeles County, Calif.
-Sealed bids will
-BOND OFFERING.
-L. E.
received until 10 a. m. Feb. 24 by J. H. Figley, Secretary Board be Lampton. Clerk Board of County Supervisors, will receive sealed bids until
of
Directors,for $5,000 434% coupon school bonds. Denom.$1,000. Dated 2 p. m. Feb. 15, for 5250,000 5% high school building bonds. Dated
Mar,
June 1 1923. Principal and semi-annual interest (J. & D.) payable at 1 1924. Denom.$1,000. Due Mar. 1 as follows: $7,000, 1926: 1927, 1929,
the Woodlawn Trust Co. of Woodlawn. Certified check for $500, payable 1930, 1932 and 1933; $6,000. 1928. 1931 and 1934: 59,000, 1935, 1936.
to the District Treasurer. required.
1938. 1939, 1941. 1942, 1944 and 1952: $8,000, 1937, 1940 and 1943:
$10,000. 1946, 1949, 1950, 1951 and 1953: and 511.000. 1945. 1947. 1948
HOPKINS COUNTY ROAD DISTRICT NO. 10 (P. 0.
Sulphur
-BOND ELECTION.
Springs), Tex.
-An election will be held on Feb. 16 and 1954. Prin. and semi. ann. int. payable at the office of the County
Treasurer. A certified check for 3% of amount of bonds bid for, payable
for the purpose of voting on the question of issuing $50,000 road bonds.
to the Chairman Board of County Supervisors, required.
HOUSTON INDEPENDENT SCHOOL DISTRICT, Harris
County, MP'
Financial Statement.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m.
Tex.
The assessed valuation of the taxable property for 1925 is 5192.605.6511
Feb.8 by H. L. Mills, Business Manager, on the following propositions:
and the amount of bonds previously issued and now outstanding is
Proposition No. 1.$2,325,000. Estimated population is 99.070.
$2,005,000 5% school bonds. Date Feb. 11926. Due Feb. 1 as
follows:
$143.000. 1927 and $133,000. 1928 to 1941 incl.
LORIMOR INDEPENDENT SCHOOL DISTRICT, Union County.,
Proposition No. 2.-BOND ELECTION.
-An
542.000 5% school bonds. Date Feb. 1 1926. Due Feb. 1 as follows: Iowa. of voting on the question election will be held on Feb. 19, for the
purpose
of issuing 526.500 school bonds.
5143.000, 1927 and $133,000,1928 to 1930 incl.
Bids are invited on both propositions. Bidders, however,may bid on either
LOS ANGELES COUNTY SANITATION DISTRICT NO. 7 (P. 0.
proposition, but the Board of Education will accept only one of the
-The proposition of issuing
-BONDS DEFEATED.
proposi- Los Angeles), Calif.
tions, and it is optional with the Board as to which proposition it accepts. $4.400,000 sewer bonds submitted to a vote of the people at the election
Prin. and semi-annual int. payable at the Central Union Trust Co.. New held on Jan. 26-V. 122. p. 509
-failed to carry by a two-thirds majority,
York City. Legality approved by the Attorney General of Texas and the vote cast being 5.132 for to 3.618 against.
The total vote on the bond issue for each city in the district follows:
John C. Thomson of New York. the bonds will be delivered in Houston,
For
Against
if desired elsewhere, to be at purchasers' expense. A certified check for
For
Against
Glendora
2% of the par value of bonds bid for is required.
107
270 Baldwin Park ____
142
72
Covina
384
86 Monterey Park___
731)
28
HOVEN, Potter County, So. Dak.-BOND OFFERING.
-A. P. Altadena
258
584 San Gabriel
622
206
Krpelding, Town Clerk, will receive sealed bids until 7.30 p. m. Feb. 9 for South Pasadena
421
153 Azusa
203
244
58.250 5% electric light, heat and power bonds. Due $400 1927 to 1945, Sierra Madre
193
237 Arcadia
53
304
inclusive, and $650 in 1946. A certified check for 10% of amount bid Temple
50
47 Monrovia
424
599
required.
Alhambra
1233
639
-BOND SALE.
306
HOWARD COUNTY (P. 0. Kokomo), Ind.
Total
149
5132
-On Jan. El Monte
3618
Honey Creek Township road bonds offered on
30 the 55,860 4
McCALMONT TOWNSHIP (P. 0. Onita) Jefferson County, Pa.
that
date (V. 122. P. 509) were awarded to the Fletcher American Co. of Indian- BOND OFFERING.
-Sealed bids wil be received until 1 p. m. Feb. 20
premium
apolis at a_36re. Dueof 541,equal to 100.67, a basis of about 4.35%. Dated G. F. Schwartz, Secretary Board of Supervisors, at the office of W. by
$293 each six months from May 15 1927 to Nov. 15 McCracken. 87 North
I...
Jan. 15 19
Pickering St., Brookville. for
434% coupon
road bonds. Denom. $500. Dated Jan, 15 1926. $37,000and semi-ann.
1936. inclusive.
Prin.
-BOND OFFERING.- int. (J. & J. 15) payable in gold. Due on July 15 as follows: $1,000 1928
TriERVILLE PARISH (P.O.Plaquemine), La.
- A. camue, secretary Police Jury, will receive sealed
bide until to 1944 incl.; and 52.000, 1945 to 1954, optional after 5 years. A certified
33
2 10p m. March 2 for 550.000 6% public building bonds. Dated Jan. 1 check for 1% of the bonds bid for, required.
11e8
26 Denom. $1.000. Due serially Jan. 1 1927 to 1936. inclusive.
MACON COUNTY (P. 0. Oglethorpe), Ga.-BOND OFFERING.
Sealed bids will be received until Feb. 10. by the Clerk Board of
rincipal and interest (J. & J.) payable at the Chase National Bank,
County
New York or at the Parish Treasurer's office. Legality approved by Commissioners for $200,000 road bonds.
Campbell,of New Orleans. A certified check for $1.500 required.
&
54
MADISON TOWNSHIP INDEPENDENT SCHOOL DISTRICT(P.O.
-BOND OFFERING.
-Sealed bids will be Hoagland), Allen County. Ind.
ILLINOIS (State of).
-BOND OFFERING.
-Sealed bids will
received until 9 a. m. (standard time) Feb. 17 by Cornelius R. Miller. be received until 10 a. m. Feb. 10 by Paul Smitley. Township Trustee, for
60
Director of Department Public Works and Buildings, for $5.000,000 4%, 1 000 4X% coupon school construction bonds. Denom. $500. Date
'
Y
P
780
THE CHRONICLE
March 1 1926. Prin. and semi-ann. int. (J. & J.) payable at the Hoagland
State Bank, Hoagland. Due each six months as follows: $1.500 Jan. 1
and 52.000. July 1 1927 to 1931 incl.; $2,000. Jan. land July 1 1932 to 1936:
and $2.000. Jan. 1 and $2.500, July 1 1937 to 1941 incl. Cert. check
for 5% of the amount of bonds bid for, payable to the Township Trustee,
required.
-TEMPORARY LOAN.
MANCHESTER,Hillsborough County, N. H,
-On Feb. 1 the Manchester Safety Deposit & Trust Co. of Manchester
purchased the $400.000 temporary loan offered on that date (V. 122,
p. 645) on a 3.86% discount basis, plus a premium of $17.
MARSHFIELD, Webster County, Mo.-BONDS VOTED.
-At an election held recently, the voters authorized the issuance of $55,000 water
works system bonds by a count of 436 for, to 15 against.
-BOND SALE.
-The Shawnee
MAYETTA, Jackson County, Kan.
Investment Co. of Topeka purchased on July 22 an issue of $22.838.70
59' coupon paving bonds at par. Date Nov. 1 1925. Due Aug. 1 as
follows: 515,613.67, 1935 and $7,225.03. 1945. Int. payable F. & A.
-The State NaMAYSVILLE, Mason County?, Ky.-BOND SALE.
tional Bank, Farmers & Traders Bank and the Bank of Maysville, all of
Maysville, jointly, have purchased an issue of $15,000 paving bonds at a
premium of $388, equal to 102.58.
MEDFORD, Jackson County, Ore.
-BOND OFFERING.
-M. L.
Alford, City Recorder, will receive sealed bids until 2 p. m. Mar. 2 for
$500.000. not exceeding 59' water bonds. Dated April 1 1926. Denom.
$1,000. Due April 1 as follows: 36.000, 1928 and 1929; 57,000, 1930 and
1931; 58.000. 1932 and 1933;$9,000. 1934 and 1935; 510.000. 1936 and 1937;
515.000. 1938 $16,000. 1939; 317.000, 1940: 318,000. 1941; 519.000. 1942;
520.000. 1943 821.000. 1944; 522,000, 1945; $23,000. 1946; $24.000. 1947:
525.000. 1948 526.000, 1949; 527.000. 1950; 528.000. 1951; 529.000. 1952;
$30.000. 1953 331.000, 1954 and $29,000 in 1955. Prin. and semi-ann.
int, payable in gold at the fiscal agency of the state in New York City.
Legality will be approved by Teal, Winfree, Johnson & McCulloch of
Portland. A certified check for $10.000 required.
MEMPHIS, Shelly County, Tenn.
-NOTE SALE.
-The 51.250.000
% coupon revenue notes offered on Jan. 5, V. 121. p. 3159. were
awarded to the Bank of Commerce & Trust Co. of Memphis on a 4.20%
basis. Date Jan. 1 1926. Due Sept. 6 1926.
MIDDLETOWN, Butler County, Ohlo.-BOND SALE.
-On Jan. 28
the 520.700 5 % (special assessment) street impt. bonds offered on that
date (V. 122, p. 243) were awarded to A. E. Aub & Co. of Cincinnati at
a premium of $802. equal to 103.87, a basis of about 4.72%. Date Jan. 1
1926. Due 52.300 yearly from Sept. 1 1927 to 1935 incl.
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE SALE.
SALE.
-The 5500.000 certificates of indebtedness offered on Jan. 29-were awarded to the Northwestern National Bank and
V. 122, p. 510
the Minnesotta Loan & Trust Co., both of Minneapolis, jointly, as 48 at
i
t
sArgzmr ia 1 111.4 to 100.004, a basis of about 3.60%. Dated Feb. 1
.
ieok$ ,7 .
l.
-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
Sealed bids will be received until 10 a. m. March 10 by the City Comptroller
for 5975.000 auditorium bonds.
MONROE COUNTY (P. 0. Bloomington), Ind.
-BOND SALE.
On Feb. 2 the 518.900 5% coupon Harley Marshall et al. road impt. in
Richland Twp. bonds, offered on that date
-V. 122. p. 5'0
-were awarded
to the Meyer-Kiser Bank of Indianapolis at a premium of $675, equal to
103.57, a basis of about 4.55%. Date Jan. 2 1926. Due $945 yearly
from Jan. 1 1927 to 1946 inclusive.
MONROE TOWNSHIP, Morgan County, Ind.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. Feb. 20 by Howard C.
McCracken, Township Trustee, for $15.330 4Ji9' township bonds. Due
$1.533 Nov. 25 1927 to 1936 incl. Int. payable M.& N. 15.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
Four issues of coupon bonds aggregating $18,475 were awarded as follows:
To Seasongood & Mayer of Cincinnati.
$9,000 (offered on Oct. 22-V. 121. p. 1943) 54% Bruce Ave. sanitary
sewer and water service bonds. Dated Oct. 1 1925. Due on Oct. 1
as follows: $500. 1927 to 1930 incl.; 51,000, 1931; $500. 1932 and
1933: 51,000. 1934: 5500. 1935 and 1936; 51.000, 1937; 5500. 1938
and 1939. and $1,000. 1940.
To A. C. Allyn & Co. of Chicago.
$3.250 (offered on Oct. 22-V. 121. p. 1943) 5% Oakwood View Plat water
supply system bonds. Dated Oct. 1 1925. Due on Oct. 1 as follows. 550. 1927: 5100. 1928: 550. 1929: 5100, 1930; 550. 1931:
$100. 1932, and 5200. 1933 to 1946 incl.
1,425 (offered on Oct. 22-V. 121. p. 1943) 5% Oakwood View Plat lateral
sanitary sewer system bonds. Dated Oct. 1 1925. Due on Oct. 1
as follows: $50, 1927: $75. 1928. and 5100, 1929 to 1941 inclusive.
1943)5% Rose Place Plat lateral
4.800 (offered on Oct. 24-V. 121.
sanitary sewer bonds. Dated Nov. 1 1925. Due on Oct. 1 as folp'
lows: 5300. 1927 to 1930: 5400. 1931; 5300. 1932 to 1935;$400. 1936;
3300. 1937 to 1940. and $400. 1941.
MOSS POINT,Jackson County, Miss.
-BOND SALE.
-The 3135.000
531% water works bonds offered on Feb. 2-V. 122. p. 377-were awarded
to E. J. Ford, of Pascagoula, at a premium of $2,400, equal to 101.77.
Due serially in 20 years. Purchaser agreed to furnish the bonds.
-BOND OFFERING.
MULTNOMAH COUNTY (P.O. Portland), Ore.
-Joseph W. Beveridge, County Clerk, will receive sealed bids until 12 m.
Feb. 19 for the following coupon bridge bonds, aggregating $1.000,000:
$500.000 Burnside Street Series D not exceeding 5% bridge bonds. Due
520.000 Mar. 1 1932 to 1956 incl.
500.000 4% Ross Island bride bonds. Due $20.000 Mar. 1 1932 to
1956 inclusive.
Date Mar. 1 1926. Denom. 51.000. Prin. and int. payable In gold at
the fiscal agency of the State in New York City, or at the County Treasurer's office. Legality approved by Storey, Thorndike, Palmer & Dodge
of Boston. A certified check for 5% of the amount bid, payable to above
named clerk. required.
-BOND SALE.
MUSCATINE, Muscatine County, Iowa.
-The WhitePhillips Co. of Davenport recently purchased an issue of $100.000 45(%
municipal lighting plant bonds.
-TEMPORARY LOAN.
-On
NASHUA, Hillsborough County, N. H.
Jan. 29 the Old Colony Trust Co. of Boston purchased a 5100.000 temporary loan on a 3.87% discount basis plus a premium of $1 75. Dated
Feb. 1 1926. Due Dec. 1 1926.
NAVARRO COUNTY COMMON SCHOOL DISTRICT NO. 62 (P. 0.
-The 811.000 59' school bonds
Corsicana), Texas.
-BOND SALE.
registered on Jan. 12 (V. 122. p. 510) have been purchased by the State of
Texas.
NEMAHA COUNTY SCHOOL DISTRICT No. 36 (P. 0. Auburn),
-An election will be held on Feb. 20 for the
Neb.-BOND ELECTION.
purpose of voting on the question of issuing $20.000 6% school building
bonds.
-TEMPORARY LOAN.
NEW BEDFORD, Bristol County, Mass.
On Feb. 3 the First National Bank of Boston purchased a 51,000,000 temporary loan on a 3.82% discount basis plus a premium of $17. Due Nov.
4 1926.
-BOND OFFERING.
NEW HAVEN, New Haven County, Conn.
Sealed bids will be received until 11 a. m. Feb. 11 by Frank G. P. Barnes,
City Controller,for the purchase of all or any part of the following four issues
registration as to principal only or as to
of 4 si% coupon (with privilege of
both principal and interest) bonds aggregating 5550.000:
3200.000 street pavement bonds. Due 310.000 yearly from March 15
1931 to 1938. Inclusive, and 515.000 March 15 1939 to 1946, Inc!
150.000 sewer bonds. Due 55.000 yearly from March 15 1931 to 1952,
Inclusive, and 810.000 March 15 1953 to 1956. Inclusive.
100.000 lighthouse point acquirement and development, third series'
bonds. Due 55,000 yearly from March 15 1931 to 1950,inclusive.
100.000 municipal golf course bonds. Due $5,000 yearly from March 15
1931 to 1950. inclusive.
Denom. $1.000 and multiples thereof. Dated March 15 1926. Certified
check for 55.000. payable to the City Controller, required. Bonds will be
certified
engraved under the supervision of and Co.. Newas to their genuineness by
York City.
the United States Mortgage & Trust
-CERTIFICATE' OFFERING.
Orleans Parish, La.
NEW ORLEANS,Commissioner of Public Finances, will receive
separate
-Arthur J. O'Keefe,
[Vol,. 122.
sealed bids until 11 a. in. Feb. 27 for the following certificates, aggregating
$1,770.700:
$1,686,200 permanent paving certificates.
91.500 temporary paving certificates.
NEW STATE IRRIGATION DISTRICT (P. 0. Phoenix), Maricopa
County, Ariz.
-BOND OFFERED.
-F. C. Renshaw. Secretary Board of
Directors, received sealed bids until 11 a. m. Feb. 5 for $112,000 irrigation
bonds. Date July 1 1925. Denom. 81.000. Due serially 1936 to 1953
incl. A certified check for 5% of bid is required.
NEW YORK, N. Y.
-BOND OFFERING.
-Sealed bids will be received
until 12 m. Feb. 16 by Charles W.Berry, City Comptroller, for the whole or
any part of the following 4 X% gold corporate stock and serial bonds.
aggregating $75,000,000, a description of which follows:
Corporate Stock
$28,000.000 of corporate stock for the construction of rapid transit railroads.
17.000.000 of corporate stock to provide for the supply of water.
Due Feb. 15 1976. Prin. and semi-ann. int. (F. & A. 15) payable in
gold in the City of New York. Issued in coupon or registered form in
denominations of $1,000.
Serial Bonds
30,000,000 in serial bonds to provide for schools and various municipal
purposes. payable both as to principal and interest in gold in
the City of New York in series maturing 1 to 40 years as
described as below:
52.200,000, 10 equal ann. Installments. Feb. 15 1927 to 1936
incl. (52.000.000 for schools and 5200.000 for
various purposes).
7.800,000, 15 equal ann. installmenti, Feb. 15 1927 to 1941
incl. (55.800.000 for schools and 52.000.000 for
various purposes).
20.000,000, 40 equal ann. Installments, Feb. 15 1927 to 1966
incl. (517.700.000 for schools and $2.300.000 for
various purposes).
Issued in coupon or registered form in denominations of $1.000. Bids
will be received for serial bonds in series at a single bid price per bond.
Conditions of Sale. as Provided for by the Greater New York Charter.
1. Separate proposals must be made for Corporate stock and for Serial
bonds.
2. Proposals containing conditions other than those herein set forth will
not be received or considered.
3. No proposal will be accepted for leas than the par value of the amount
bid for.
4. Every bidder, as a condition precedent to the reception or consideration of his proposal, shall deposit with the Comptroller in cash, or by a
certified check drawn to the order of said Comptroller upon a Trust company or a State bank incorporated and doing business under the laws of the
State of New York. or upon a National bank, two per cent of the par value
of bonds bid for in such proposal.
No proposal will be received or considered which is not accompanied by
such deposit.
All such deposits shall be returned by the Comptroller to the persons
making the same within three days after the decision has been rendered as
to who Is or are the highest bidder or bidders, except the deposit made by
the highest bidder or bidders.
5. If said highest bidder or bidders shall refuse or neglect, within five
days after service of written notice of the award to him or them, to pay to
the City Chamberlain the amount of the bonds awarded to him or them at
their par value, together with the premium thereon, less the amount
deposited by him or them, the amount or amounts of deposit thus made
shall be forfeited to and retained by said City as liquidated damages for
such neglect or refusal, and shall thereafter be paid into the Sinking Fund of
The City of New York for the Redemption of the City Debt.
6. Upon the payment into the City Treasury by the persons whose bids
are accepted, of the amounts due for the bonds awarded to them, Including
accrued Interest from Feb. 15 1926, certificates thereof shall be issued to
them in such denominations provided for by the Charter as they may
desire.
7. It is required by the Charter of the City that In making proposals
"every bidder may be required to accept a portion of the whole amount
therefor bid by him at the same rate or proportional price as may be specified
in his bid: and any bid which conflicts with this condition shall be rejected;
provided, however, that any bidder offering to purchase all or any part of
the bonds offered for sale at a price at par or higher may also offer to
purchase all or none of said bonds at a different price, and if the Comptroller
deems it to be in the interests of the City so to do. he may award the bonds
to tile bidder offering the highest price for all or none of said bonds: provided,
however, that if the Comptroller deems it to be in the interests of the City
so to do, he may reject all bids." Under this provision, the condition that
the bidder will accept only the whole amount of the bonds bid for by him,
and not any part thereof, cannot be inserted In any bids, except those for
"all or none' offered by bidders who have also bid for "all or any part"
of the bonds offered for sale.
8. The proposals for each class, together with the security deposits,
should be inclosed in separate sealed envelopes. Indorsed "Proposals for
Corporate Stock" and "Proposals for Serial Bonds," and said envelope
inclosed in another sealed envelope, addressed to the Comptroller of The
City of New York. (No special form of proposal is required; therefore no
blank is furnished).
NEW YORK CITY,'
-TEMPORARY LOANS ISSUED DURING
JANUARY -The City of New York issued short-term securities in the
aggregate of 562,350.000. consisting of special revenue bonds and bills,
ontes and corporate stock notes during January as follows:
Corporate Stock Notes of 1926.
ageciai Revenue Bonds of 1926.
Various Municipal Purposes.
Amount.
Maturity. Int. Rote. Issued.
Maturity Int. Rote. Issued,
81.000.000 Jan. 17 1927 4% Jan. 28 Amount.
8450 000 Mar. 1 1926 4% Jan. 4
Revenue Bills of 1926.
56.000.000 May 10 1926 4% Jan. 4 1.000.000 Apr. 21 1926 3/
5% Jan. 31
750.000 Apr. 29 1926 4% Jan. 4
Water Supply
8.250.000 May 14 1926 4% Jan. 4 3700,000 Mar. 1 1926 4% Jan. 4
1,000.000 May 3 1926 4% Jan. 4
Rapid Transit.
1,000.000 June 14 1926 4% Jan. 6 5112.000 Mar. 1 1926 4% Jan. 4
2.000.000 Mar.29 1926 4% Jan. 6 4.300.000 Mar. 1 1916 4% Jan. 4
4,000.000 Mar. 15 1926 4% Jan. 6 2,750.000 Mar. 1 1926 4% Jan. 4
3,000.000 June 15 1926 4% Jan. 6
100,000 Mar. 1 1926 4% Ian. 4
1.500.000 May 14 1926 4% Jan. 7 1.000.000 Apr. 21 1926
% Jan. 21
7 500.000 June 10 1926 4% Jan. 7
School Constructlon
1.000.000 June 14 1926 4% Jan. 7 5588.000 Mar. 1 1926 4% Jan. 4
'1,000.000 June 3 1926 3/4% Jan. 21 2.000.000 Apr. 21 1926 3/4% Jan. 21
11,350,000 June 7 1926 334% Jan. 28
NORTH, Orangeburg County, So. Caro.
-BOND DESCRIPTION.
-The $20,000 6% coupon water-works extension bonds purchased by R. S.
Dickson & Co., 'Inc., of Gastonia on Dec. 29-V. 122, p. 378
-at 101.51,
a basis of about 5.94%, are described as follows: Date Dec. 1 1925.
Denom. 31.000. Due $2,000, 1931 to 1940 incl. Int. payable semiannually, J. & D.
,
*
41
cgs NORCROSS, Gwinnett County, Ga.-BOND SALE7-The Citizens
- & Southern Bank. of Atlanta.' recently purchased an issue of 530.000
water works bonds at par.
NORWALK SECOND TAXING DISTRICT (P. 0. Norwalk), Fair-BOND OFFERING.
field County, Conn.
-Sealed bids will be received
until 8 p. m. Feb. 25 by Arthur Sterling, District Clerk, for 5250.0004 Si%
coupon or registered water bonds. Denom. 51,000 Date June 1 1926.
Prin and semi-ann. int. (J. & D.) payable at the South Norwalk Trust Co.,
South Norwalk. Due on June 1 as follows: $10.000. 1929 to 1950 incl.
and $5,000, 1951 to 1956 incl. Cert. check for 1% of the amount of bonds
bid for required. Bonds will be prepared under supervision of the South
Norwalk Trust Co., South Norwalk, which will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon. Legality
approved by John H. Light, Ex-Attorney General of the State.
NORWICH, New London County, Conn.
-BOND OFFERING'
Sealed bids will be received until 12 m. Feb. 20 by Charles S. Avery, City
Treasurer, for $525.000 414% coupon water bonds. Date March 1 1926.
Prin. and semi-ann. Int.(M. & S.) payable in Boston or New York. Due
315,000 yearly from March 1 1931 to 1965 incl.
-An election
O'DONNELL, Lynn County, Tex.
-BOND ELECTION.
will be held on Feb. 23. for the purpose of voting on the question of issuing
$27.500 water bonds.
-BOND SALE.OKLAHOMA CITY, Oklahoma County, Okla.
000.000 of the $950.000 414% coupon sewage disposal plant bonds offered
on Jan. 26-V. 122, p. 378
-were awarded to the National City Co., and
FEB. 6 1926.]
THE CHRONICLE
the Bankers Trust Co., both of New York, jointly, at a premium of $6,045.
equal to 101.20. a basis of about 4.42%. Due $10,000, 1939; $40,000,
1940 to 1950 incl., and $50,000, 1951.
OLATHE, Johnson County,Kan.
-BOND SALE.
-The State School
fund recently purchased an issue of $13,523 21 44% paving bonds at par.
ONAKA,Faulk County, So. Dak.-BOND SALE.
-The $7,000 coupon
electric light bonds offered on Jan. 14-V. 122, p. 243
-were awarded to
the First State Bank of Onaka as 54s. Date Jan. 1 1926. Due Jan.
1 1946.
OREGON (State of).
-BOND SALE.
-The $2,000,000 Veterans' State
Aid Gold Series No. 5 bonds offered on Feb. 3-V. 122. p. 378
-were
awarded to a syndicate composed of Eastman, Dillon & Co. and Geo. B.
Gibbons & Co., bath of New York, and Ferris & Hardgrove of Spokane
at par as follows: $500,000 maturing in '928 as 4s and $1,500.000 maturing
$250,000 in 1930. $500,000 in 1931 and 1932, and $250,000 in 1933 as 43s.
ORISKANY FALLS, Oneida County, N. Y.
-BOND SALE.
-On
Jan. 28 the $9,000 44% fire house bonds offered on that date (V. 122,
p. 510) were awarded to Robert Smart of Oriskany Falls at par. Date
Feb. 1 1926. Due $500 yearly from Feb 1 1927 to 1944 incl.
ORLANDO. Orange County, Fla.
-BOND SALE.
-The Title
Guarantee & Trust Co. of Cincinnati recently purchased an issue of $57,000
57 paving bonds. Date' Feb. 1 1926. Denom. $1,000. Due Feb. 1 as
follows: 36.000. 1927: $5.000, 1928: 86.000. 1929 and 1930: $5,000. 1931:
26.000. 1932 and 1933: $5,000. 1934 and 36.000, 1935 and 1936. Prin. and
int. F. & A. payable at the Hanover National Bank, New York City.
Legality approved by John C. Thomson of New York City.
Financial Statement.
Assessed valuation
$52.496,905
Total bonded debt
3,465,000
Water & light debt
3.500.000
Sinking fund
175.236
Self liquidating assmts
470,000
Net debt
1,319.764
Population 1925. State Census. 22.273.
OSCEOLA TOWNSHIP (P. 0. Evart), Osceola County, Mich.
BOND DESCRIPTION.
-The $13.000 6% coupon refunding highway
bonds purchased by the First National Bank of Evart
-V. 122, p. 510
at par, are described as follows: Denom. $1,000. Int. ann. (Jan. 2)•
Date Jan. 2 1926. Due serially from 1927 to 1930 incl. Date of award
Jan. 2.
OSSINING, Westchester County, N. Y.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. Feb. 10 by Frank W. Morton,
Village Clerk, for $48.000 434% coupon paving bonds. Denom. 31.000.
Date Feb. 1 1926. Int. F. az A. Due $5,000 yearly from Feb. 1927 to
1942 incl. Certified check for $1.000 payable to Lewis H. Acker, Village
Treasurer. required. Legality approved by Clay & Dillon of New York.
The Board of Trustees reserve the right to sell the bonds at public auction
and in that event any sealed proposal received will be deemed to be a bid
on such auction sale at the price named in such bid.
OYSTER BAY (TOWN) COMMON SCHOOL DISTRICT No. 2,
Nassau County, N. Y.
-BOND OFFERING.
-Sealed bids will be received
until 8.30 p.m. Feb. 16 by Harold J. Simonson, District Clerk. for $218.000
44% coupon (with privilege of registration as to principal and interest)
school district bonds. Denom. $1.000. Date Feb. 1 1926. Prin. and
semi-ann. int.(F.& A.) payable in gold coin of the United States of America
of or equal to the present standard of weight and fineness, at the office of
the Nassau Union Bank, Glen Cove. Due on Feb. 1 as follows: $2.000.
1927: 85.000. 1928 to 1932 incl.; $6,000. 1933 to 1937 incl.: $8,000. 1938 to
1943 Incl.; $9.000. 1944 to 1950 incl.•, and 310.000. 1951 to 1955 incl.
Cert. checic on an incorporated bank or trust company for 2% of the amount
of bonds bid for, payable to the School Treasurer, required. Bonds will
be prepared under the supervision of the United States Mortgage & Trust
Company, which will certify as to the genuineness of the signatures of
the officials and the seal impressed thereon. Legality approved by Hawkins
Delafield & Longfellow of New York.
Financial Statement.
Gross Debt
Total bonded debt
$3.500
Total debt
Bonds to be issued
$3.500
218.000
Total net debt, including bonds to be issued
$221.500
Total a.ecfsed valuations (with improvements)
$1.638,605
PARIS, Logan County, Ark.
-BOND SALE.
-M. W. Elkins & Co.
of Little Rock recently purchased an issue of $76,000 534% sewer bonds
at 100.33. Due serially. 1927 to 1946 inclusive.
PARIS, Bourbon County, Ky.-BOND OFFERING.
-J. W. Hayden,
City Clerk, will receive sealed bids until 8 p. m. March 1 for the following
5% bonds. aggregating $87,500.
$60,000 school impt. bonds. Denom. $1,000. Due $3,000 Jan. 1 1927
to 1946 incl.
27,500 sewer construction bonds. Denom. $500. Due $1,500 Jan. 1 1927
to 1944 incl. and $500 Jan. 11944.
Date Jan. 1 1926i Prin. and int. J. & J. pa:vable in gold at the Bank of
America. New York City. A certified check for 10% of the amount bid,
payable to Buckner Woodward. Jr.. City Treasurer. required.
PARKE COUNTY (P. 0. Rockville), Ind.
-BOND SALE.
-On
Jan. 25 the $2,600 5% coupon Liberty Twp. gravel road bonds offered on
-were awarded to the Fletcher Savings & Trust
that date-V.122,P.378
Co. of Indianapolis for $2,671 70, equal to 102.75, a basis of about 4.43%.
Date Jan. 7 1926. Due $130 each six months from May 15 1927 to Nov.
15 1936 inclusive.
PARNASSUS, Westmoreland County, Pa.
-BOND OFFERING.
Sealed bids will be received until 8 p. m.Feb. 18 by J. M.Wallace, Borough
Secretary, for $93,000 434% coupon borough bonds. Denom. $1.000.
Date Jan. 1 1926. Int. J. & D. Due on Jan. 1, as follows. $33,000
1946; and $30,000, 1951 and 1956. Cert. check for $1,000, required.
r PERRY, Taylor County, Fla.
-BOND OFFERINO.-J. E. Powell,
Town Clerk, will receive sealed bids until 10 a. m. Feb. 18 for the following
6% bonds, aggregating $50.000:
$25.000 sewerage bonds. Due $1.000 1927 to 1951 inclusive.
c 25.000 water-works bonds. Due $1,00 1927 to 1951 inclusive.
r Date Feb. 1 1926. Denom. $1.000. Prin. and int. (J. & J.) Payable
in N. Y. City. A certified check for 5% of bid, payable to the Town
Treasurer, required.
-BOND OFFERINO.-Sealed bids, win be
11 PHILADELPHIA, Pa.
received until 12 m. March 3 by Willb. Hadley. City Controller, at the
Mayor's office for the following two issues of 44% coupon or registered
bonds. aggregating $4.124,000:
-year bonds. Due March 1 1976 with the option to
$2,000,000 50
city to redeem at par and acrued int. at the expirationthe
of
PgI 20 years from date of issue of this loan, or at any int. period
thereafter, upon 60 days' notice by public advertisement.
2,124.000 15-year bonds. Due March 1 1941.
I
Date March 1 1926. Int. J. & J. It is stated that the bonds of the
City of Philadelphia enjoy a high investment standing. They are owned
largely by savings funds, trust estates and conservative institutions.
Negotiable interim certificates will be issued if desired, pending engraving
of permanent certificates. Loan certificates will be interchangeable as to
form from registered to coupon, or from coupon to registered, and reexchangeable from one to the other from time to time at option of holder,
and coupon form may be registered as to principal. Bids must be on
form which may be had on application to Mayor's office, and must be
accompanied by a certified check for 5% of the amount of loan bid for.
PLANT CITY SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
-NO BIDS RECEIVED.
-No bids
Tampa), Hillsborough County, Fla.
were receivedfor the $1.100.000 6% coupon road and bridge bonds offered
on Jan. 29.-V. 122. P. 378.
PONCA, Dixon County, Neb.-BOND DESCRIPTION.-Tbe $7,500
5% coupon water extension bonds purchased by Burns. Brinker & Co. of
Omaha on Dec. 21 at 101.33-V. 122, p 646-a basis of about 4.83%
to optional date and a basis of about 4.87% if allowed to run full term of
years. are described as follows: Date Dec. 1925. Denom. $1,000 except
one for $500. Due Dec. 1 1945; optional Dec. 1 1935. Interest payable
-annually, Dee. 4.
4
781
PORTAGE COUNTY (P. 0. Ravenna), Ohlo.-BOND OFFERING.
Sealed bids will be received until 10 a. m.Feb.23 by J. M.Parham. County
Auditor, for $12,000 534% Fish Creek Ditch No. 8 B assessment bonds.
Denom. 3500. Dated Sept. 1 1925. Interest M. & S. Due each six
months as follows: $1,000 March 1 and Sept. 1 1928; $1.500 March 1
and Sept. 11929. and $1,000 March 1 and Sept. 11930. Certified check
for $600, payable to the County Treasurer, required.
PORT OF PORTLAND (P. 0. Portland), Multnomah County, Ore.
-BOND SALE.
-The $750.000 4Si% coupon port inapt. series G bonds
offered on Jan. 29-V. 122. p. 244
-were awarded to a syndicate composed of the Freeman, Smith & Camp Co. of Portland. Illinois Merchants
iu.st
Co. of Chicago, and the William R. Compton Co. of St. Louis, at
98.27. a basis of about 4.48%. Date Jan. 1 1926. Due July 1 as follows:
347,000, 1927, and $37.000. 1928 to 1946 incl.
•
PORTSMOUTH,Rockingham County, N. H.
-TEMPORARY LOAN.
-On Jan. 27 SaloSion Bros. & Hutzler of Boston purchased a 8100.000
temporary loan on a 3.90% discount basis plus a premium of $2. Date
Feb. 12 1926. Due Sept. 11926.
POTTSVILLE SCHOOL DISTRICT (P. 0. Pottsville), SchuVlifIll
County, Pa.
-On Jan. 13 the 380.000434% school bonds
-BOND SALE.
offered on that date (V. 121, p. 3160) were awarded to W. H. Newbold's
Son & Co. of Philadelphia at a premium of $735 60, equal to 100.91. Due
in 30 years, optional after 10 years.
PUEBLO, Pueblo County, Colo.
-BOND SALE.-Geo. W. Vallery
& Co. of Denver purchased on Jan. 27 an issue of $21,000 5% general
obligation bonds. Due in 1936. optional in 1931.
REDWILLOW COUNTY (P.O. McCook), Neb.-BONDS VOTED..'
At the election held on Jan. 26. V. 122, p. 378, the voters authorized the
issuance of $235.000 court house and jail bonds.
RICHFIELD, Levier County, Utah.
-BOND DESCRIPTION.
-The
$40.000 414% tax anticipation bonds purchased by the Palmer Bond &
Mortgage Co. of Salt Lake City-V. 122. p. 378
-are described as follows:
Date Jan. 2 1926. Denom. $5,000. Due Dec. 31 1926. Date of award
Dec. 11.
RICHMOND COUNTY (P. 0. Rockingham), No. Caro.
-BOND
SALE.
-The $150,000 coupon road and bridge bands offered on Feb. 1-were awarded to Taylor, Ewart & Co. of Chicago as 4345
V. 122. p. 378
at a premium of 32.402 40, equal to 101.06, a basis of about 4.61%. Dated
Jan. 1 1926. Due Jan. 1 as follows: 33.000 1927 to 1936. inclusive;
25.000 1937 to 1946, inclusive, and $7,000 1947 to 1956. inclusive.
RISING STAR, Eastland County, Tex.
-BOND ELECTION.
-An
election will be held on Feb. 15 for the purpose of voting on the question
of issuing 330.000 6% funding bonds.
RITTMAN, Wayne County, Ohio.
-BOND SALE.
-On Jan. 9 the
23.631 255% coupon park improvement bonds offered on that date (V. 122.
p. 244) were awarded to A. E. Aub & Co. of Cincinnati at par. Dated
July 1 1925. Due on Oct. 1 as follows: $631 25 1926 and $500 1927 to
1932. inclusive.
ROCK COUNTY (P. 0. Janesville), Wis.-BOND OFFERING.
Sylvania Fero, County Clerk, will receive sealed bids until 12 m. Mar. 4.
for 3125.000 5% highway improvement bonds. Date June 1 1919. Denom. $500. Due June 1 1937 and 1938. Prin. and int., J. & D., payable
at County Treasurer's office. A certified check for 82.000. required.
ROSSLYN FARMS SCHOOL DISTRICT (P. 0. Rosalyn Farms),
Allegheny County, Pa.
-BOND SALE.
-On Feb. 1 the 330,000 4 %
coupon sclaool bonds offered on that date (V. 122. p. 379) were awarded
to Prescott. Lyon & Co. of Pittsburgh at a premium of $215, equal to
100.71.a basis of about 4.45%. Dated March 11926. Due on March 1
as follows: 35.000 1931. 1936, 1941. 1946, 1951 and 1955.
ROWLAND, Robeson County, No. Caro.
-BOND DESCRIPTION.
The 375.000 11% coupon street improvement bonds purchased on Dec. 14
-V. 122. p. 511-are described as follows:
by A. T. Bell & Co. of Toledo
Date Dec. 1192.5. Denom.$1,000. Due Dec. 1 as follows: 32,000. 1928
to 1932 Incl. and 85.000. 1933 to 1945 incl. Int. payable J. & D.
ROYALTON (P. 0. Lockport), Niagara County, N. Y.
-BOND
-The Manufacturers & Traders Trust Co. of Buffalo purchased
SALE.
on May 15 an issue of 344.800 highway bonds at 100.04. Date May 21
1925. Due on March 1 as follows: 32.800. 1926: 82,000. 1927 to 1933
incl., and 34.000, 1934 to 1940 incl. (Rate not stated.)
RUSSELL INDEPENDENT SCHOOL DISTRICT, Lucas County,
-BONDS VOTED.
-At a recent election, the voters authorized the
Iowa.
issuance of 318.000 school bonds by a count of 179 for. to 160 against.
ST. FRANCOIS COUNTY (P. 0. Farmington), Mo.-BOND OFFER-Sealed bids will be received until 2 p. m. Mar. 10 by A. P. Mackley,
ING.
County Treasurer, for 3250,000 44.434% or 5% court house bonds. Date
Feb. 1 1926. Denom, 31,000. Due Feb. 1 as follows: 37.000, 1927 to
1929 incl; 88,000, 1930: 39.000. 1931: 810.000. 1932 and 1933: 311.000.
1934 to 1936 incl.; 313.000. 1937 and 1938: 314.000, 1939: 315 000. 1940
to 1942 incl.: 316.000, 1943; 817.000. 1944 and 1945: and $24,000 in 1946.
Prin. and int. F. & A. payable at the National Bank of Commerce. St.
Louis. Legality approved by Charles & Rutherford of St. Louis. A
certified check for 2% of the amount of bonds bid for, payable to the above
named official. required.
-BOND DESCRIPTION.
ST. MARIES, Benewah County, Ida.
The 327,000 coupon refunding bonds purchased by the Lumbermen's State
Bank & Trust Co. of St. Merles at 101.20-V 122. p. 374-a basis of about
4.94%. bear interest at the rate of 5'i% (not 5% as previously reported)
and are described as follows: Date Jan. 11 1926. Denom. 51.000. 8500
and $200. Due 32.700. Jan. 1 1927 to 1936 incl. Int. payable semi-annually J. & J.
SALISBURY, Wicomico County, Md.-BOND SALE.
-On Feb. 2
the 5300.000 44% coupon water and sewer bonds offered on that date
(V. 122. p. 379) were awarded to the National City Co. of New York and
the Salisbury National Bank of Salisbury at 102.20. a basis of about 4.36%.
Due on March 1 as follows: $23.000 1944 to 1946. Incl.: 825.000 1947,
326.000 1948. 327.000 1949, 828,000 1950, 329,000 1951, 331.000 1952.
332.000 1953 and 833.000 1954.
SEATTLE, King County, Wash.
-BOND OFFFMINO.-Sealed bids
will be received by H. W. Carroll, City Comptroller. until Feb. 26 for
3540.000 public improvement bonds.
SHEFFIELD,Bureau County, 111.
-BOND SALE.
-The Farmers State
Bank of Sheffield purchased on issue of 320.000 434% village bonds at
par. Denom. $1.000.
SILOAM SPRINGS, Benton County, Ark.
-BOND SALE.
-M. W.
Elkins & Co. of Little Rock recently purchased an issue of $100.000 6%
paving bonds at 102.50.
SILVERTON, Marion County, Ore.
-BOND OFFERING.
-John T.
Hoblitt Acting City Recorder, will receive sealed bids until Feb. 9 for
525.006 5% refunding sewer bonds. Date March 1 1926.
SLOAN, N. Y.
-BOND DESCRIPT1ON.-The 812,900 5% coupon
fire equipment bonds purchased by the Fidelity Trust Co. of Buffalo at
100.238 (V. 121, p. 27871 are described as follows: Denom. 31.000 and
$150. Dated Oct. 1 1925. Interest J. & J. Due 32,150 yearly from
July 1 1926 to 1931, inclusive. Date of award Nov. 23.
SNYDER INDEPENDENT SCHOOL DISTRICT, Scurry County,
Texas.
-BOND OFFERING.
-Mrs. A. W. Buchanan. Secretary School
Board, will receive sealed bids until 2 p. m. Feb. 23 for the following 5%
bonds, aggregating 374.500:
$65,000 building and equipment bonds. Denom. 31.000. Due Apr. 1
as follows: ELMO. 1927 to 1946 incl.: 82.000. 1947 to 1956 incl.;
53.000, 1957 to 1963. and 34.000 in 1964.
9.500 refunding bonds. Denom. $500. Due $500 Apr. 1 1927 to 1945
Inclusive.
Dated Dec. 1 1925. Prin. and semi-ann, int. payable at the National
Bank of Commerce. New York City, or at the First National Bank of
Snyder. A certified check for 81.000 required.
SOCIETY HILL SCHOOL DISTRICT NO. IS, Darlington County,
So. Caro.
-BOND SALE.
-The $25.000 school bonds offered on Nov. 12
(V. 121. p. 2188) were awarded to the Robinson-Humphrey Co. of Atlanta
as 534s at par. Date Dec. 1 1925. Due in 20 years. Interest payable
The above supersedes the report given in V. 122.
512.
782
THE CHRONICLE
[VOL. 122.
SOUTH ORANGE AND MAPLEWOOD SCHOOL DISTRICT
UTICA, Oneida County, N. Y.
-BOND SALE.
-On Feb. 1 the follow(P. O. South Orange), Essex County, N. J.
-BOND SALE.
-On Feb. 3 ing three issues of registered bonds offered on that date (V. 122, p. 647)
the issue of coupon (with privilege of registration as to principal only or as were awarded to Sherwood & Merrifield of New York as43s for $132,110 66.
to both principal and interest) school bonds offered on that date (V. 122, 13• equal to 100.03, a basis of about 4.24%:
5121 were awarded to J. S. Rippel & Co. of Newark as 434s, paying $20,000 00 public improvement bonds. °
Dated Jan. 1 1926. Due $4,000
6363,763 80 for $358.000 ($363,000 offered), equal to 101.61, a basis of
yearly from Jan. 1
about 4.35%. Dated Jan. 1 1926. Due on Jan. 1 as follows: $10,000, 104,292 69 deferred assessment1927 to 1931, inclusive. 1925. Due on
bonds. Date Sept. 1
1928 and 1929; $13,000. 1930, and $15,000, 1931 to 1952 incl.
Sept. 1 as follows: $19,292 69, 1926, and $17,000. 1927 to 1931,
Inclusive.
SPRINGFIELD, Robertson County, Tenn.
-BOND DESCRIPTION.
7,774 39 delinquent tax bonds. Date Oct. 8 1925. Due on Oct. 8 as
-The $90.000 5% coupon school improvement bonds purchased on Dec. 15
follows: 61,774 39, 1926, and $1,500, 1937 to 1930, inclusive.
by the First National Bank of Springfield at 101.27 (V. 122, p. 512)-a
Other bidders were:
basis of about 4.89%. are described as follows: Dated Jan,1 1925. Denom.
BidderAmt. Bid. Int.Rate.Bid
$1,000. Due 65.000 Jan. 1 1933 to 1950, inclusive. Int. payable J. & J.
In the above reference we incorrectly reported that these bonds had been Utica Trust & Deposit Co
$132.080 29 434
Geo. B. Gibbons & Co
purchased by the American National Bank of Nashville.
132,701 50 434
Parson, San & Co
132,660 06 4M
SPRINGVILLE, Erie County, N. Y.
-BOND Q,F•FERING.-Sealed Pulleyn & Co
132.425 00 434%
bids will be received until 8 p. m. Feb. 10 by P. J. Cad's% Village Clerk, for
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
$15.000 not exceeding 5% coupon electric light and power bonds. Denom.
$1,000. Dated Jan. 1 1926. Int. J. & .1. Due on Jan. 1 as follows: -On Jan. 30 the $39.600 434% Pigeon Township road bonds offered on
that
62.000. 1927 to 1932 incl., and $3,000 1933. Certified check for $500. of date (V. 122, p. 512) were awarded to the Merchants National Bank
Muncie.
payable to Ira H. Vail, Village Treasurer, required. Legality approved by
Clay & Dillon of New York. The Board of Trustees reserve the right to
VERNON TOWNSHIP SCHOOL DISTRICT No. 7 (P. 0.
Durand),
sell said bonds at public auction and in that event any sealed proposal re- Shiaw
County, Mich.
-BOND
-Sealed bids
ceived will be deemed to be a bid on such auction sale at the price named in received until 8 p. m. (central standardOFFERING. by R. W. will be
time) Feb. 9
Trumble,
such bid.
Secretary Board of Education, for $77,000, not exceeding 434% refunding
bonds. Date not later than June 11926. Int. M.& N. Due on June
STARK COUNTY(P.O. Canton), Ohio.
-BOND SALE.
-On Jan. 29 as follows:
1,
82,000, 1927 to 1932 incl.; $3,000. 1933 to 1937 incl.; $4UM.
the following two issues of 5% bonds offered on that date (V. 122. p. 379)
were awarded to W. L. Slayton & Co. of Toledo at a premium of $6,360. 1938 to 1942 incl.: $5.000, 1943 to 1947 incl.; and $2,000, 1948 to 1950 incl.
Cert. check for 2% of the amount of bonds bid for payable to its Secretary.
equal to 103.08, a basis of about 4.41%:
$123,000 Canton-Alliance I. C. H. No. 67. Section 0, bonds. Due on Board of Education, required.
Feb. 10 as follows: $14,000. 1928 to 1933 incl., and $13,000, 1934
Financial Statement.
Assessed valuation district, 1925
to 1936 inclusive.
81.731,000
103,000 Canal Fulton-Akron I. C. H. No. 523, Section B, bonds. Due Total debt including these bonds
187.000
Population, estimated, 3,000.
on Feb. 10 as follows: $12,000, 1928 to 1931 incl.. and $11,000,
1932 to 1936 incl.
VERO BEACH,St. Lucie County,Fla.
-BOND SALE.
-The 8150.000
Dated Feb. 10 1926. Other bidders were:
6% coupon city bonds offered on Feb. 1 (V. 122, p. 379) were awarded to
For the
For the
For the
the Farmers Bank & Trust Co. of Vero Beach at
$123.000 $103,000 two issues, to 100.10. a basis of about 5.99%. Dated Feb. a premium of $150, equal
1 1926. Due 85.000 1931
Bidderissue.
issue.
$206,000.
1960 inclusive.
Premium. Premium. Premium. to
Illinois Merchants Trust Co
VINTON CONSOLIDATED SCHOOL DISTRICT, Benton County,
First Wisconsin Co., Milwaukee
$6.08700 lowa.-BOND SALE.-Geo. M. Bechtel & Co. of Davenport recently
Ryan, Sutherland & Co
5,10000 purchased an issue of $93,000 4.34% school bonds at a premium of $480,
Vandersall & Co
5,717 90 equal to 101.51.
H. M. Byllesby & Co
5,352 00
WABASH County (P. 0. Wabash), Ind.
-BOND SALE.
W.A. Harriman & Co.,Inc
-On Jan.
27 the $6,000 5% Pleasant Township road bonds offered on
E.H.Rollins & Sons
}
6.034 20 (V. 122, p. 512) were awarded to the La Fontaine Bank of La that date
W. K. Terry & Co
Fontaine at
5,157 77 a premium of $187, equal to 103.11, a basis of about 4.36%.
Federal Securities Co
Date
15 1925. Due $300 each six months from May 15 1926 to Nov. 15 Aug.
Harris & Coatis, Inc
Stranahan, Ha
1935
2,955 00 2,473 00
incl.
Harris, Forbes & Co
National City Company
The
WASHINGTON TOWNSHIP (P. 0. Reynoldsville, R. D. 1), Jeffer2.557 17 2,141 37
Miller & Company
J
-BOND DESCRIPTION.
son County, Pa.
-On Dec. 15 the 624.500 5%
Folds, Buck & Co
coupon road bonds purchased by the First National Bank of Appola at
3,198 00 2,67600
Continental & Comml Trust & Say. Bank
5.819 00 par (V. 121, p. 3035) are described as follows: Denom. $4,000. $5,000
Detroit Trust Co
and 86.000. Date Dec. 15 1925. Int. J. & D. 15. Due,each six months
Wells. Dickey & Co
)3.006 00 2,483 00
June 15 1926 to Dec. 15 1929 incl.
Otis & Co
2,682 00 2,091 00
WAYNESBORO SCHOOL DISTRICT, Burke County, Ga.-BOND
Guardian Trust Company
OFFERING.
-C. L. Rowland, Secretary Board of Trustees, will
T
& Wolcott Co
}
5,13020 sealed bids until 12 m. Feb. 20 for 175.000 5% school bonds. receive
Provident Savings Bank & Trust Co
Denom.
2,970 45
2,487 45
$500. Due 812.500. Jan. 11931. 1936. 1941. 1936, 1951 and 1956. Prin,
Second Ward S
Securities Co
and int. J. & J. payable at the National Bank of Commerce, New York
A. B. Leach & Co
)
5,252 00 City. A certified check for $750 required.
Seasongood & Mayer
2,955 00
2.475 00
N. S. Hill & Co
WAYNESVILLE, Haywood County, No, Caro.
4.65060
-BOND DESCRIPStevenson. Perry, Stacy & Co
-The 875.0006% coupon street bonds purchased by R. S. Dickson
4.279 20 TION.
Halsey, Stuart & Co
5.243 00 & Co. of Gastonia-V.122, p. 380
-at a premium of $375, equal to 100.50,
0. W.McNear & Co
5.785 10 a basis of about 5.95%, are described as follows: Date Oct. 11925. DeA. G. Becker & Co
5,51700 nom. $1,000. Due $2,000, 1928; $4.000, 1929 to 1940 incl.; and 65,000.
Prudden & Co
2,66000
1941 to 1945 incl. Int. payable A. & 0. Date of award, Dec. 28.
2,215 00
SUMMIT HILL SCHOOL DISTRICT (P. 0. Summit Hill), Carbon
WELLS AND ADAMS COUNTIES, (P. 0. Bluffton), Ind.
-BOND
-BOND DESCRIPTION.
County, Pa.
-The $200,000 coupon school
- OFFERING.
-Sealed
building bonds purchased by the Summit Hill Trust Co. of Summit Hill at County Treasurer of bids will be received until Feb. 8 by Ray E. Sawyer.
Wells County, for $2,426.50 Daniel C. Shoemaker,
(V. 122, p. 512) bear interest at the rate of
% and are described as et al drainage bonds.
follows: Denom. $1,000. Dated Nov. 1 1925. Interest M. & N. Due
F
WEST LIBERTY,Logan County,Ohlo.-BOND OFFERING.
-Sealed
serially from 1927 to 1953. inclusive.
bids will be received until 12 m. Feb. 23 by Joe M. Popps, Village Clerk,
SUMNER COUNTY (P. 0. Wellington), Kan.
-BOND SALE.
-The for *6.000 534% coupon West Columbus Avenue street pavement bonds.
$80.000 4145, coupon road bonds offered on Feb. 1 (V. 122. p. 512) were Denom. $300. except 2 for $600. Dated Sept. 1 1925. Prin. and semiawarded to the Brown, Crummer Co. of Wichita at 101.21. TDate Jan. 1 ann. Int. (M. & S.) payable at the Village Treasurer's office. Due each
six months as follows: $600. March 1 1927 and Sept. 1 1927, and $300
1926. Due semi-annually 1927 to 1936 inclusive.
March 1 1928 to Sept. 1 1935 incl. Certified check on a solvent bank or
SWIFT COUNTY(P.O. Benson), Minn.
-BOND SALE.
-The 636.000
refunding bonds offered on Feb. 1 (V. 122, p. 512) were awarded to the trust company for an amount equal to 2% of the amount of bonds bid for,
payable to the Village Treasurer, required. Legality approved by Peck,
Wells-Dickey Co. of Minneapolis as 434s at a premium of $521, equal to Shaffer & Williams, whose
opinion will be furnished at the expense of the
101.44. a basis of about 4.33%. Date Mar. 11926. Due Mar. 11936.
bidder.
SYLVAN GROVE, Lincoln County, Kan.-BOND -WESTMORELAND, Sumner County, Tenn.
S:W.E7IS
-BONDS
State School Fund Commission of Kansas has purchased an issue of $12.500 At an election held on Jan. 21 the voters authorized the issuanceVOTED.of $10,000
% water works bonds at par. Ilk IIYSietielleirltfteeIeeqtoteilliIl
high school bonds.
WEST VIRGINIA (State of).
-BOND SALE.
THOMASTON, Upson County, Ga.-BOND OFFERTRT.:=Frry"Tr
-The $3,000,000 road
Hugh K. Thurston will receive sealed bids until 12 m. Feb. 23 for $45.000 bonds offered on Feb. 2-V. 122. p. 647
-were awarded to a syndicate
5% paving bonds. Date Jan. 1 1926. Denom. $1,000. Due $5.000 composed of the National City Co., Harris, Forbes & Co. and Brown
Bros. & Co., all of New York City, and the Kanawha Valley Bank, of
Jan. 1 1948 to 1955.incl., and 85.000 Dec. 311955. Prin. and int.(J.&
payable at the Hanover National Bank, N. Y. City. Purchaser to Pay Charleston, at 100.007, a basis of about 4.209', as follows:
for printing of the bonds. A certified checkfor 2% of bid, payable to the $1,400,000 road bonds as434s. Due $750.000 in 1935 and 16650,000 in 1936.
1.600,000 road bonds as 4s. Due $100,000 in 1936 and $750,000 in 1937
City, required.
•
•
and 1938.
TILLMAN SCHOOL DISTRICT NO 6 (P. 0. Ridgeland), Jasper
Dated Jan. 1 1925.
County, So. Caro.
-BOND OFFERING.
-H. C. Jaudon, Chairman of
WEWOKA, Seminole County, Okla.
-BOND ELECTION.
Board of Trustees, will receive sealed bids until Feb. 22 for $10,000 8% election
-An
will be held on Feb. 19 for the purpose of voting on the question of
school bonds.
issuing $125.000 school building bonds.
TIPTON COUNTY (P. O. Covington), Tenn.
-BOND OFFERING.
WICHITA FALLS, Wichita County, Tex.
-BOND SALE.
-A syndiSealed bids will be received by John Y.Peete. County Judge, until March 1 cate composed of Batchelder, Wack & Co., C. W.
for $75,000 5 or 534% coupon highway bonds. Date April 11926. Due Now York City, and A. J. McMahon,of Oklahoma Whitis & Co., both of
City, recently purchased
$3.000 April 1 1927 to 1951, Incl. Prin. and int.(A. & O.) payable at the the following 4M % coupon (with privilege of
registration as to principal
County Trustee's office, or a place designated by purchaser. Cost of only) bonds aggregating 31.007.000:
printing bonds and approval of title must be included in lold.k A certified 3575.000 various improvement bonds. Dated
Dec. 15 1925. Denoms.
check for $2,500 required.
31.000 and $500. Due Dec. 15 as follows: 89.500 1926 to
1930, incl.: 615,500 1931 to 1935, incl.; $16,000 1036 to 1940,
TOPEKA, Shawnee County Kan.-BOND SALE.
-The 633,430
incl.: 818,000 1941 to 1955, hid., and $10,000 1956 to 1965, incl.
4 % sewer bonds registered during November by the State Auditor of
Int. payable J. & D. 15.
Kansas (V. 122, p. 379) were purchased by the Sinking Fund. Due serially
432,000 refunding bonds. Dated Nov. 1 1925. Denom. $1,000. Due
In one to ten years.
serially Nov. 1 1926 to 1950, Incl. Int. payable M.& N.
TRIMBLE SCHOOL DISTRICT (P. 0. Trimble), Athens County,
Principal and interest payable at the
-BOND SALE.
Ohio.
-On Jan. 29 the $31,250 5% school bonds offered York City. Legality approved by CaldwellHanover National Bank, New
& Raymond of New York City.
-V. 122. p. 512-were awarded to A. El. Aub & Co. of Cinon that date
Financial Statement (As Offidallu Reported).
cinnati at a premium of $641, equal to 102.05, a basis of about 4.789'.
Date Jan. 15 1926. Due on Sept. 15 as follows: 81.300. 1927 to 1949, True assessed valuation (1925)
$59,866,230
Bonded debt (including these issues)
incl., and $1,350, 1950.
3,315,647
Water bonds Included in above
81.013.250
TRINIDAD, Las Animas County, Colo.
-BOND SALE.
-The $185,Sinking funds (Jan. 1926)
139,669
000 4.40% refunding water bonds offered on Jan. 25-V. 122, p. 512
were awarded to Joseph D. Grigsby & Co., Inc.. of Pueblo, at 99.56, a Net bonded debt (Jan. 1926)
$2,162,727
basis of about 4.44%. Due $9.000 1941 to 1945, inclusive, and $10,000
Water debt sinking fund, additional
686,003
1946 to 1950, inclusive.
Percentage of net debt is only 3.6% of assessed valuation. Population
TULARE, Tulare County, Calif.
-BOND ELECTION.
-An election (1920 Federal Census), 40.079.
will be held on Feb. 17 for the purpose of voting on the question of issuing
WICHITA FALLS, Wichita County, Tex.
-BONDS REGISTERED.
$100.000 school bonds.
-On Jan. 28 the State Comptroller of Texas registered the following
%
bonds, aggregating 8575,000:
-BOND SALE.
TUL1A, Swisher County, Tex.
-The $65,00O5
improvement bonds offered on Jan. 26 (V. 122, p. 512) were awarded to $375.000 sewer bonds.
$100,000 street improvement bonds.
75.000 public building bonds.
25,000 public park bonds.
H. C. Burt & Co. of Houston at a premium of $500, equal to 100.76. Due
Due serially.
serially in 40 years.
W1DNER TOWNSHIP (P. 0. Freelandville) Knox County, Ind.
TUSCUMBIA, Colbert County, Ala.
-BOND SALE.
-The First BOND OFFERING.
bids
National Bank of Tuscumbla recently purchased an issue of $30,000 city F. Smith Township -Sealed for will be received until Feb. 26 by Charles
Trustee,
$52,500 school bonds.
hall and jail bonds at par.
YATES COUNTY (P. 0. Penn. Yan.), N. Y.
-BOND OFFERING.
-BOND SALE.
UNION COUNTY (P. 0. Lake Butler), Fla.
-The Sealed bids will be received until 10 a. m. Feb. 20 by Harry 0. Bennett,
,
f
$180.000 6% road bonds offered on Feb. 1 (V. 122, p. 379) were awarded to County Treasurer, for $60.000_41:5% coupon highway bonds. Denom.
Farmers & Dealers Bank of Lake Butler and the Atlantic National Bank of $1,000. Dated March 11926. Prin. and semi-ann. Int.(M.& S.)Iiayable
Jacksonville. jointly at a premium of $2,341 80, equal to a basis of about at the County Treasurer's office. Due on March 1 as follows: $12.000.
5,93%. Due $5.000 in 23 years, $22,000 in 24 years, $23,000 in 25 and 26 1940 and $24.000. 1941 and 1942. A certified check for $1.000, payable to
years. $24,000 In 27 years. $27.000 in 28 years, and $28,000 in 29 and 30 the County Treasurer,required. Bonds will be ready for delivery on March
1 1926 at the County Treasurer's office.
years.
FEB.
THE CHRONICLE
6 1926.j
-BOND DESCRIPTION.
YELL COUNTY (P. 0. Danville), Ark.
The $139.000 5% coupon funding bonds purchased by Kauffman, Smith
& Co. and Stifel, Nicoions & Co., Inc., both of St. Louls,-V. 122, p. 648
are described as follows: Date Nov. 2 1925. Denom. $1,000. Due Sept. 1
as follows: $1,000, 1926 to 1929 incl.: $2,000. 1930 to 1937 incl.; $3,000,
1938 to 1945 incl.; $4,000. 1946 to 1950 incl. and $5,000, 1951 to 1965 incl.
Prin. and int. M. & S. payable at the Chase National Bank, New York
City. Legality approved by Charles & Rutherford of St. Louis.
Financial Statement.
$20,000,000
Estimated actual value of taxable property
valuation of taxable property, 1925
6,250,700
Assessed
139,000
Total bonded debt
Population. 1920 Census. 25.655.
AND MILAN TOWNSHIPS FRACTIONAL
YORK, AUGUSTA
SCHOOL DISTRICT NO. 1 (P. 0. Milan), Washtenaw County, Mich.
-On Jan. 25 the $135,000 school bonds offered on that date
-BOND SALE.
(V. 122, p. 513) were awarded to Bumpus & Co. of Detroit as Ots at a
premium of $977, equal to 100.71, a basis of about 4.44%. Dated Feb. 1
1926. Due on April 1 as follows: $3,000, 1928 to 1933 incl.: $4,000, 1934
to 1938 incl.; $5,900, 1939 to 1943 incl.; $6,000, 1944 to 1948 incl., and
$7,000, 1949 to 1954 incl.
YOUNG COUNTY, COMMON SCHOOL DISTRICT NO. 12 (P. 0.
-BONDS REGISTERED.
-The State Comptroller of
Graham), Tex.
Texas registered on Jan. 27, $2,000 5% school bonds. Due serially.
YUMA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Yuma), Ariz.
-The $90,000 5'7 school bonds offered on Feb. 1, V. 122,
0
BOND SALE.
p. 513, were awarded to the County of Yuma, at par. Dated Dec. 21
1925. Due Dec. 21 1945, optional Dec. 21 1935.
CANADA, its Provinces and Municipalities.
BURNABY DISTRICT, B. C.
-BONDS APPROVED.
-The ratepayers
approved the $26,000 road by-law.
-On Jan. 25 the $12,000 6%
COTE ST. LUC, Que.-BOND SALE.
-year school bonds offered on that date (V. 122. p. 513) were
coupon 15
awarded to La Societe National de Fiducie at a premium of $105 06, equal
to 100.87, a basis of about 5.91%. Dated Nov. 1 1925. Int. M. & N.
Due Nov. 11940.
CRANBROOK,B. C.
-BONDS APPROVED.
-The ratepayers approved
the three debenture by-laws totaling $45,000,
EAST WHITBY TOWNSHIP,Ont.-BONDS TO BE ISSUED SHORT
EX.
-The township will shortly be issuing $8,500 debentures for school
purposes.
-Sealed bids will be
FORT FRANCIS, Ont.-BOND OFFERING.
received until Feb. 19 by H. E. Marr, Town Treasurer, for $75,000
-year public school bonds. Due in 20 years
20
GREENFIELD PARK, Que.-BOND OFFERING.
-Bids will be
-year
received up to 5 p. m. Feb. 11 for the purchase of $63.000 534% 10
serial bonds, dated Oct. 1 1925, and in denom. of $100 and $500 each.
E. J. Allwright, Secretary-Treasurer.
-Sealed bids
LEASIDE (P. 0. Leaside), Ont.-BOND OFFERING.
will be received until Feb. 15 by A. T. Lawson, Town Treasurer, for the
following 3 issues of 534% coupon local impt. bonds:
$7.105.08 sidewalk bonds. Due in 10 years.
18,240.67 tile sewers bonds. Due in 20 years.
18,323.25 watermain bonds. Due in 20 years.
Dated Feb. 20 1926. Legality to be approved by J. B. Clarke, K. C.
-This city has sold an issue of $1,LONDON, Ont.-BOND SALE.
-year local impt. bonds to Midland Securities, Ltd., at par.
000,000 5% 20
MIDLAND, Ont.-BONDS OFFERED.
-Bids were received up to
-installment bonds, guaranteed
Jan. 29 for the purchase of $35.000 5% 15
by the County of Simcoe. C. E. Smith, Treasurer.
NEW LOANS
783
OAK BAY DISTRICT, B. C.
-At the election
-BONDS DEFEATED.
held on Jan. 16-V. 122, p. 246
-the ratepayers defeated the issuance of
$32,000 park by-law bonds.
PRINCE RUPERT, B. C.
-On Feb. 1 the $89,650
-BOND SALE,
53.6% (registered as to principal) 10
-year serial local impt. bonds offered on
that date (V. 122. p. 513) were awarded to A. E. Ames & Co. of Toronto
at 97.51. Dated Dec. 1 1925.
QUEBEC WEST, Que.-BOND SALE.
-On Dec. 23 the $42,000 51
school building bonds offered on that date
-were awarded
-V. 121, p. 3035
to Bray-Caron & Dube, Ltd., of Quebec, at 95.89. Date Dec. 1 1925.
Interest J. & D.
REGINA, Sask.-BOND SALE.
-On Jan. 26 the following six issues
of 5% sinking fund bonds (registerable as to principal only) offered on that
date
-V. 122, p. 380-were awarded to Nay & James of Toronto and
A. E. Ames & Co., Ltd., of Regina, jointly, at 98.03 (Canadian funds):
Amount.
Purpose.
Date.
Term.
Pavement bonds
$178,000
Jan. 1 1926
15 years
5.300
Boulevard bonds
Jan. 1 1926
15 years
9,400
Domestic sewer bonds
Jan. 1 1926
30 years
25.700
Concrete walk bonds
Jan. 1 1926
15 years
10.960
Water main bonds
Jan. 1 1926
30 years
25,000
Cenotaph bonds
Oct. 1 1925
30 years
Other bidders were:
Bidder-Canadian.
N. Y.
Wood, Gundy & Co
98.15
97.95
Royal Securities Corp
97.577
97.577
Fry, Mills, Spence & Co
97.61
97.54
Dominion Securities Corp
97.52
97.72
Macneill, Graham & Co. and C. H. Burgess & Co
97.361
97.361
Bell, Gouinlock & Co
97.51
97.33
Matthews & Co
97.28
Toronto Bond Exchange, Ltd., and Galloway & Cleary--97.18
McLeod, Young, Weir & Co
96.88
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-BOND SALES.
-The following is a list of the school district bonds, according to "Monetary
Times" of Toronto, dated Jan. 29, reported sold by the Local Government
Board from Jan. 2 to 18: Elk, $1,500 634%. 10-vear, to Melfort Sinking
Fund; Grenfell, $2,000 634%, 10
-year, locally; Dubois, $400 4
-year. 7%
to C. C. Cross & Co.
-The following according to the same paper,
BONDS AUTHORIZED.
is a list of school district bonds authorized by the Board during the same
period: Meadow View, $3,500, not exceeding 8%. 15
-year; Geneva.
-year.
$4,500, not exceeding 8%. 15
TORONTO, Ont.-BOND SALE.
-On Jan. 29 the $2,000,000 434%
coupon (registerable as to principal and interest and Red. as a whole or in
part by lot on any int, date at 105 and int.) City of Toronto gold bonds,
offered on that date
-V. 122, p. 648
-were awarded to a syndicate composed of the First National Bank; Brown Bros. & Co.; Redmond & Co.,
and Kissel, Kinnicutt & Co., all of New York, and the Bank of Montreal
of Montreal at 93.252 (Canadian funds), a basis of about 4.97%. Date
Sept. 1 1913. Due Sept. 1 1953. Other bidders were:
Rate Bid.
Dillon, Read & Co., New York; Canadian Bank of Commerce;
and Dominion Securities Corp
93.071
Wood. Gundy & Co. and Bankers Trust Co., New York
92.908
Lee. Iligginson & Co., Boston; E. H. Rollins & Son. Boston; Kerr,
Fleming Co
92.889
A. E. Ames & Co
92.83
Bank of Toronto; First National Corp., Boston; Blodget dr Co.;
New York; Eastabrook & Co., New York, and Royal Securities
Co., Montreal
92.813
Dominion Bank; Fry, Mills, Spence & Co.; Cochrane, Hay & Co.,
92.80
and Bell, Gouinlock & Co
92.254
National City Co. and Harris, Forbes & Co
WESTON SCHOOL DISTRICT, Ont.-BOND SALE.-Gairdner &
Clarke & Co. of Toronto purchased an issue of $50,000 534% school bonds
at 104.27. Due in 30 annual installments.
NEW LOANS
FINANCIAL
$655.000
%:•••
We Specialize in
City of Philadelphia
36
323
/
1
4s
4148
41 21
/
5s
/
51 48
51 26.
/
Biddle & Henry
304 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8487
CONSOLIDATED GAS COMPANY
OF NEW YORK
130 East 15th Street
January 25, 1926.
meeting of the stockholders of
The annual
Gas Company of New York,
the Consolidated
of Trustees and the transacfor the election
other business as may properly
tion of such
meeting will be held at the
come before the
Company on WEDNESDAY.
office of the
o'clock noon. StockFebruary 24, 1926, at 12
3 p. m. on Monday.
holders of record as of
entitled to vote at
February 8. 1926. will be
transfer books will not be
this meeting. The
closed.
H. C. DAVIDSON, Secretary,
COUNTY OF HERKIMER, N. Y.
HIGHWAY BONDS
Notice is hereby given that the undersigned will
sell at public auction to the highest responsible
bidder, at the front door of the Court House in
Herkimer, N. Y., on the 11th day of February,
1926, at ten o'clock A. M.,the following described
Bonds, to wit:
8655,000.00 County of Herkimer Highway
Bonds, Series of 1926, said Bonds to bear date the
1st day of March, 1926, to be of the denomination
of $1,000.00 each, and numbered from one to six
hundred and fifty-five, both inclusive, to bear
Interest at the rate of five per cent per annum,
payable semi-annually on the first days of March
and September, and to mature in numerical order
as follows: $22,000.00 par value of said Bonds,
being numbers one to twenty-two, both inclusive,
on the first day of March, 1927, and $22,000.00
par value of said bonds of the next succeeding numbers on the first day of March in each and every
year thereafter until and including March, 1938;
and twenty-three bonds for the aggregate sum of
Twenty-three Thousand Dollars ($23,000.00) of
the next succeeding numbers on the first day of
March in each and every year thereafter until all
of said bonds have been fully paid.
The successful bidder will be required to pay for
the bonds on or before twelve o'clock noon, on the
first day of March, 1926, at which time said bonds
will be delivered to the successful bidder.
•
Before any person will be allowed to bid for said
bonds such person shall deposit with the undersigned, a certified check for five per cent of the
amount, par value of bonds bid for, drawn on a
National Bank or Trust Company In the State of
New York, and payable to the order of the
County Treasurer.
Checks of the unsuccessful bidders will be
returned at the conclusion of the sale. When the
bonds are delivered and paid for under the terms
of this notice of sale, said certified checks shall be
considered as an advance part payment for the
bonds, or be retained as and for liquidated damages In the event the purchaser fails to comply
with the terms of sale.
No bids of less than par will be considered.
The undersigned reserve the right to reject any
or all bids.
The legal opinion of Clay & Dillon, New York,
will be provided.
Dated Herkimer, N. Y•,
January 26th, 1926.
EUGENE C. SWIFT,
Chairman of the Board of Supervisors.
GEORGE F. WALLACE,
County Treasurer.
GEORGE H. BUNCH,
County Attorney,
Herkimer, N. Y.
,
EMI=
OUR
PLEDGE
We are dedicated to
good workmanship,
prompt deliveries and
courteous service
"our best" to every
customer.
TELEPHONE VAN BUREN 8000
CENTRAL
BANIOTOTE COMPANY
FRED R.ESTY,PRESIDENT
BONDS AND STOCK CERTIFICATES
ENGRAVED OR PRINTED
319-33i NORTH ALBANY AVE.
CH I CAGO,
ILLINOIS
_1111E`MITUE=COICLX
TO LOCATE
the firm that has for
disposal what you require, insert an ad in the
Classified Department
of The Financial Chronicle
784
THE CHRONICLE
[VOL. 122.
COTTON, GRAIN, SUGAR AID COFFEE MERCHANTS
Chas. 0. Corn
August Schierenberg
Paul Schwarz
Frank A. Kimball
Corn, Schwarz & Co.
COMMISSION MERCHANTS
15 William Street
New York
MEMBERS OF
New York Cotton Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee & Sugar Exchange
ChIcagm Rosr.4 of Trsrie
Cocoa & Rubber Exchange of
America, Inc.
ASSOCIATE MEMBERS OF
Liverpool Cotton Association
AND
BROKERS
Geo. H. McFadden & Bro.
COTTON MERCHANTS
PHILADELPHIA
NEW YORK
-
Cotton Exchange Building
Dealers in American, Egyptian and Foreign Cottons
[FOREIGN CORRESPONDENTS
Flibbert, Finlay & Hood, Liverpool
Societe d'Importation et de Commission, Havre
N. V. McFadden's Cie. Rotterdam
Geo. H. McFadden & Bro.'s Agency, Gothenburg
Johnson & Turner, Ltd., Lisbon
Juan Par y Cia., Barcelona
Fachiri & Co., Milan
Zellweger & Co., Zurich
Geo. H. McFaddenn South American Company,
Geo. H. McFadden & Bro.'s Agency, Central P. Inc., Lima. Peru
0. Box 55. Osaka. Sanwa
Established 1850
H. Hentz & Co.
N. Y. Cotton Exchange Bldg.
Hanover Square
NEW YORK
BOSTON DETROIT SAVANNAH FARM
COMMISSION MERCHANTS
AND BROKERS
Members
New York Stock Exchange,
New York Cotton Exchange,
New York Coffee& Sugar Exchange.Int
New York Produce Exchange,
Chicago Board of Trade,
New Orleans Cotton Exchange.
Winnipeg Grain Exchange.
Associate Members
Liverpool Cotton Association.
ROBERT MOORE & CO,
44 Beaver Street, New York
COTTON MERCHANTS
Membare New York Cotton Exahank4
New York Coffee 4 Sugar Eschongg.
New Yort Produce Exchange
USE AND CONSULT
The Financial Chrutilele
Classified Departmena
leeeesits Inside Bask Cam-)
W. R. CRAIG 84, CO.
Mordants and Broberg
COTTON
Erg:eskers blew York Cotton Illelltum
Bowling Green 04114
80 Beaver St.,
New Ytedli
James Talcott, Inc.
Founded 11154
225 Fourth Ave.,
New York
Complete factoring facilities ter
Merchants, Manufacturer. 100
Selling Agents.
Hubbard Bros. & Co.
Coffee Exchange Building
Hanover Square
NEW YORK
CDTTON MERCHANTS
Advances Made an
Cotton Consignments
L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
0.5berai
Stephen M.Weld & Co.
General Offices, 254 Fourth Avenue
NEW YORK
Established Over 85 Years
COTTON MERCHANTS
82-92 Beaver Street
New York City
BOSTON
PHILADELPHIA
PALL RIVER
GREENSBORO, N. C.
PROVIDENCE,
MEMPHIS, TENN.
NEW BEDFORD
HAVRE, FRANCE
WELD & CO., LIVERPOOL
Hopkins, Dwight & Co
COTTON
end
COTTON-SEED OIL
COMMISSION MERCHANTS
4907 COTTON EXCHANGE BLDG
NEW YORir
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tISTICINHAUSER & CO.
Successors to William Ray & Co.
Members New York Cotton Exchange
Members Liverpool Cotton Alen
758 Cotton Exchange Bldg. NEW TOLE
@FedFRASER