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The
financial.
Iirtintde
INCLUDING
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SATURDAY, JANUARY 16 1926
VOL. 122.
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The Financial Situation.
It has long been a matter of concern and wonder
on the part of those who have the real interest of
the country at heart that the Federal Trade Commission, a branch of the central Government, should
give frequent evidence of failing to undenstand
many of the most fundamental conditions that are
making for the progress of the country and the
good of the average citizen. This Commission in its
endeavor to root out fraud and malpractice in business is doing much excellent work. There are charlatans in every line. The community must always
be vigilant to hunt these down and thwart their
endeavors, but this Commission has shown a disposition to go far beyond this necessary activity and
has from time to time brought serious charges
against a number of the largest and best regarded
of our corporations.
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. It was possible to give categorical denial to practically every charge. Failure
to understand that corporations of such character
as the General Electric Co., United States Steel Corporation, and maay others, which have been building
up the industries of this country to a position of
strength far beyond that ever enjoyed by similar
industries in other times and places, and which,
through their stocks, are making possible the popular ownership of these industries, is hardly excusable in public officials occupying high places. These
corporations are in fact the very undergirdings of
the prosperity of the country and the well-being of
its average citizen.
Bank and Quotation Section
Bankers' Convention Section
NO. 3160.
During the week the security markets have remained unchanged in character and are giving increasing evidence that that increase in the New York
rediscount rate has had very little market influence. There have been within the last year a number of violent and ill-considered speculative movements in the security markets which are now, according to the averages, at very high levels. Market action, however, is giving increasing evidence
that the present situation and the future is not
likely to be read accurately from any price interpretation of the past or any expectation that the
routine of cyclical movements will be followed.
Fundamentally the country is prosperous, and there
are ample funds for all legitimate purposes. There
is, therefore, no reason for calamity or the beginning
of a long-continued downfall. If any such thing
shall come in the future, it will be because of definite causes and not because of the mere advance in
prices. Whenever a weak technical situation develops through overspeculation a reaction must be
expected, but such market movements have little
bearing upon values or prosperity. The market at
present appears to be characterized by movements
in individual values. Where prices have been run
too high by speculative purchases, they are likely
to come down; where values have grown and have
not yet been reflected in prices, the latter are likely
to advance. Such movements are constantly going
on and are particularly evident at the present time.
The country nevertheless, during the last two years,
has passed through a gigantic stock speculation,
and unless this is checked serious ill results may
have to be endured. The "Wall Street Journal" has
the present week estimated brokers' loans on the
Stock Exchange on Jan. 2 at $2,500,000,000 and reports that on Nov. 1 last the total was $2,800,000,000. To this all that it js necessary to add is that
on April 3 1925 (after the slump in March of last
year) these brokers' loans were reported as only
$1,700,000,000, showing an increase in less than
seven months of $1,100,000,000. The total now at
$2,500,000,000 compares with only $1,750,000,000 on
Jan. 1 of last year, showing an increase of $750,000,000 in the interval. Such situations as these are
what creates anxiety.
The announcement by directors of the United
States Steel Corporation that the price at which
employees can obtain the stock during the coming
year will be 136 is a development of another sort.
Speculators whose attention is on charts of past
movements and who are not students of values are
quite convinced that this stock, now selling at close
to its highest price, is not a sound value, but one
248
TILE CHRONICLE
[Vol,. 122.
which should be disposed of in anticipation of a de- 049 for the preceding month. Gold exports for the
cline. The directors first offered this stock to the twelve months of 1925 amounted to $262,639,790,
employees at 50 in 1909. The price has been kept in while gold imports were $128,273,172, an excess of
line with market fluctuations. After offering it at exports of $134,366,618. In 1924 gold exports were
107 during 1917 it was offered at 81 in 1921,. 84 in $64,648,313 and imports $319,720,918, an excess of
1922. The price was subsequently advanced to 125 imports of $255,072,605. Silver imports in Decemin 1925. The directors are aware of the growing ber were $5,746,956 and exports $7,589,476.
value. So also are the employees who since 1909
have acquired more than 1,000,000 shares, and in
Premier Briand has been laving a difficult time
addition a very large amount of preferred stock. Up again after a brief respite during the Parliamentary
to the present time the dividend advances have been recess over the holidays. It was stated in Paris
moderate. Whether the distribution in the future cable advices two days in advance of Parliament reis to be larger must await the event, but at least the assembling that "M. Herriot and other Left leaders
stock possesses merit, with a sure foundation in have been at work over the New Year holidays, and
both earnings and assets.
'Paris to-night has a report that the Mayor of Lyons
expects to reform the Left bloc to give battle to
Merchandise exports and imports of the United M. Briand." In a special dispatch to the New York
States in December made quite a substantial gain "Times" it was noted that "those who predict a
over the preceding month and ran considerably in Government crisis before the end of the month are
excess of the corresponding month of 1924. With not so sure that M. Doumer's finance bills may
not
the exception of October last, exports in December pass. The Right will vote for them, and the
Centre,
were the largest of any month of the year just closed, with perhaps enough of the Left to make them
law.
while imports in December not only exceeded those But the prevailing idea is that even though
that
of any preceding month in 1925, but were larger may occur M. Briand will almost immediately
face
than for any month back to August 1920. Merchan- a Waterloo if M. Herriot succeeds in
getting the
dise exports last month Were valued at $468,000,000 Chamber majority reorganized. This idea
gains
and imports at $394,000,000, exports contrasting weight from a report that the Right leaders
will dewith $447,595,277 in November and with $445,748,- mand in exchange for voting the Doumer
bills that
393 in December 1924, while imports in November Premier Briand remake his Cabinet, swingin
g it
were $376,665,051 and in December 1924 $333,192,- further toward the Right."
059. As noted above, exports last month were larger
The outlook for M. Briand was considerably
than in any other month last year with the exception brighter, according to a special cable
message to the
of October, but the heavy exports in October were New York "Times" on Jan. 12. It said that
"early
very largely due to the liberal movement of cotton this morning, after many hours of warm
discussion,
abroad in that month, amounting to 1,421,000 bales. the Socialist Congress, by a vote of 1,766
to 1,331,
Cotton exports in December 1925 were considerably decided not to seek participation in the
Government.
smaller than in October or in November and also There were only seven abstentions. The
Congress
smaller than in December 1924. In other words, then adopted a resolution of sympath
y to the Huncotton exports in December 1925 were 984,000 bales, garian people and adjourned." It
was declared
in contrast with 1,207,000 bales in November and that, "disheartened by the refusal
of the Socialists
1,076,000 bales in December 1924. And still mer- to take part in any re-formed
Government of the Left
chandise exports last month show an increase in and by the stubborn determination
of Premier Bricomparison with November last and December 1924. and to fight matters out publicly
in the Chamber
The feature of the foreign trade statement for the and not to be frightened into
any change of policy
twelve months of 1925 is the expansion in imports. by their intrigues, the Radical
insurgents yesterday
For every month since June there was a constant began to alter their minds
about upsetting the Govgain in merchandise imports in 1925, and as noted ernment at once." Continu
ing his account, the
above, the December figures are at the top of all "Times" correspondent said:
"Finance Minister
monthly statements for several years back. For the Doumer laid his program
before the Finance Comtwelve months merchandise imports are valued at mission, and while there
was criticism, the impres$4,224,226,000, contrasting with $3,609,963,000 in sion was given that there
would not be the general
1924, an increase last year of $614,263,000, or 17% rejection which was foreseen
on Sunday. Even the
The 1925 imports were in.excess of those of any year Radical Ministers within the
Cabinet have now, it is
since 1920. They contrast with only $1,792,596,000 stated, decided to stand
firmly by M. Doumer, bein 1913, the year prior to the war. Merchandise ex- cause they see there is no other
alternative than the
ports in 1925 were also in excess of any year back creation of a Right
Centre Government. Premier
to 1920. The total value for 1925 was $4,908,743,000, Briand had out-maneuvered them,
and last night
contrasting with $4,590,984,000 for the preceding member of the Cabinet
who is a close friend of the
year, a gain of $317,759,000, or 6.9%. In 1913 mer- Premier made the prediction
that the Government
chandise exports were valued at $2,484,018,000. For was going to weather this
storm as it did the last,
the year just closed exports were $684,517,000 in and added: :Its position, indeed,
is very much
excess of imports, as against an excess of exports stronger than is generally
believed.'." The Paris
for the preceding year of $981,021,000.
correspondent of the New York "Herald Tribune"
claimed that "the one fact that stands out is that
The gold movement in the closing month of 1925 there is no definite majority in the
Lower House
showed a further decline from the preceding month able to enact legislation. The
Government finds itboth in imports and exports of the precious metal. self committed to a foreign policy
which is a conGold exports in December were $5,967,727, in con- tinuation of the Left's platform,
and to a financial
trast With $24,364,696 in November, while gold im- program which is in reality a
creative of the Right.
ports last month were $7,216,004, against $10,274,- The Premier's task is to build
up a new Centre ma-
JAN: 16 1926.]
THE CHRONICLE
249
jority which will not force him to make undue con- mission decided by the same majority not to consider
the 3,500,000,000 francs voted under the Loucheur
cessions to either side."
law as an integral part of the budget and as a conAnnouncement was made in an Associated Press tribution to its equilibrium." According to a spedispatch from Paris on Jan. 12 that "the Council of cial Paris dispatch to the New York "Herald TribMinisters, under the chairmanship of President une" the same evening, "rumors of a new Cabinet,
Doumergue, decided to-day that the Government with Joseph Caillaux as Minister of Finance, again
should introduce in Parliament before Feb. 1 a bill are persistent."
calling for a return to the arrondissements voting
Premier Briand's problems did not appear to
system." It was explained that "this means that
there would be a list of candidates for every district lessen as the week progressed notwithstanding the
in each department and every ward in each city, optimistic advices already noted. On the evening of
instead of one general list for each department, as Jan. 13 the Paris representative of the New York
heretofore. The bill is expected to be opposed "Times" cabled that "Premier Briand has not yet
strongly by the extremists of the Left as well as the made any open move in answer to the warnings
Socialists, while the Moderate Centre and Right given yesterday by the Finance Commission that it
parties feel that they would be benefited by the new would reject M. Doumer's finance bill. His lieumethod should parliamentary dissolution occur. The tenants announce that he will carry the battle besession of the Chamber this afternoon was to be fore the Chamber whatever happens, but to-day anconfined to the perfunctory business of electing offi- other move was effected by the Commission majorcers, with adjournment to Thursday, when it is ity which has this disadvantage for the Premier that
hoped the Finance Committee will report M. Don- it seems to select the ground for the battle. On
Leon Blum's proposal the Commission decided it
mer.'s measures ready for discussion."
The French Parliament reassembled on Jan. 12. would to-morrow discuss—and discuss in this case
The Paris representative of the New York "Times" means in all probability reject—the Finance Minisin describing the event said in part: "France's Par- ter's proposal for a tax on payments and not waste
liamentary year opened to-day with signs of trouble time on the other proposals of the bill. If this tax
and battle looming ominously on the horizon. Even is rejected the Government must either modify its
before Professor Pinard, who by right of age opened bill or fight for it publicly before the whole Chamthe session with an appeal to all parties to try and ber on a point which is most disadvantageous for it,
reach an internal Locarno before they wrecked the for there is no doubt that this particular tax is uncountry among them, there was a warning signal to popular with all parties."
The Commission was not slow in acting in accordthe Government that it must expect battle and possibly defeat. There were three happenings which ance with its warnings. The New York "Times"
together contributed to show the danger in which representative said that "by 18 votes to 5, with 13
Premier Briand and Finance Minister Doumer abstentions, the Chamber Finance Commission tostand. First, M. Herriot's Radical Socialist Party day rejected Finance Minister Downer's proposal
passed a series of resolutions which, while promis- to raise money for the Treasury by a small stamp
ing to seek a basis for loyal co-operation with the tax on all business transactions, and so threw down
Finance Minister, spiked his whole project by warn- the gauntlet of the Government. On Tuesday it is
ing him that it would not approve of raising funds expected the battle will begin in the full session of
for a sinking fund through ordinary taxation; that the Chamber." Premier Briand, according to an
it would not approve a plan for repaying 2,000,000,- Associated Press cable dispatch from Paris last
000 francs a year to the Bank of France; that it evening, has decided to place the whole situation
-day. A vote is exwould not approve incorporation in the budget of squarely before Parliament to
3,500,000,000 francs additional'taxation secured by pected to-morrow.
M. Loucheur as an offset against the last inflation
President Hindenburg of Germany, according to
measure and that this amount should be devoted as
originally intended to the reduction of circulation; Berlin cable advices, has been eager for some time
and that lastly, it would not under any circum- to have a Cabinet formed. In a special wireless disstances approve the increase in the turnover tax patch from the German capital to the New York
proposed by M. Doumer as the main source of new "Evening Post" on Jan. 11 it was stated that "the
revenue. The second event was the re-election of President has announced that, if by to-day, no conEdouard Herriot as President of the Chamber. Only structive proposal regarding candidates for Cabithe Communist Cachin was nominated against him net posts has been submitted by the party leaders,
and, naturally, only the Communists voted for Ca- he will take the matter into his own hands and ask
chin. But 300 votes were cast for M. Herriot, which former Chancellor Luther to select a Ministry indemeans that if and when he wishes to leave the Presi- pendently." Subsequently he extended the time undential chair to take again the leadership of the til last Thursday.
Government he will be able to count on most of the
The Berlin correspondent of the New York
300 votes, which would give him a small but con- "Times" cabled later the same evening that "Presistant majority. The third event was a decision of dent Hindenburg's strenuous efforts to bring a Gerthe Finance Commission by 22 votes to 5 to work man Government into existence based on the only
first at the problem of getting the budget balanced Parliamentary majority now feasible—the so-called
and postpone the work of creating a sinking fund Big Coalition—were countered to-night by reactionuntil afterward. As M. Doumer wants the two ary political elements, whose idol he once was, with
measures passed at the same time and has proposed an open demand for a dictatorship." It was added
the creation of a sinking fund as an integral part of that "seventy of the foremost representatives of
his budget, this decision is of great importance. It German monarchism and nationalism, many of
was followed immediately by a second. The Cora- whom used to be the Field Marshal's personal
250
THE CHRONICLE
[VOL. 192
friends, signed a manifesto calling for the immediate "the Austrian Cabinet crisis which has been threatoverthrow of the Parliamentary system. Among ening for months occurred to-day when the Ramek
them are half a dozen ex-imperial generals, includ- Ministry tendered its resignation to President Haning Prince Oscar of Prussia, a dozen Nationalist isch, who immediately charged the Premier to form
and Ludendorf Voeslkische members of the Reich- a new Government." It was also stated that "all
stag, several university professors and the chiefs of preparations having been made in long conferences
the Stahlhelm and other militaristic organizations preceding the resignation, it is expected that Dr.
amalgamated in the United Fatherland Societies." Ramek will present his second Cabinet to ParliaThe Cabinet situation was outlined as follows by ment to-morrow with only three changes. Semithe Berlin representative of "The Sun" in a dispatch officially it is stated that Dr. Ramek himself will
dated Jan. 13: "Although the Social Democrats take over the Ministry of Foreign Affairs, Josef
reversed their promise to President Hindenburg to Kollman will become Finance Minister and Andreas
join the big coalition and thus permit the Reichstag Thaeler Minister of Agriculture. The official reato go ahead with important Government affairs, son given for the Cabinet's resignation is that it was
they failed to bring about another crisis. Dropping formed to complete the Geneva program and that
the recalcitrant party completely from the plans, this duty has now been carried out. The real reaChancellor Luther this morning was again given the sons seem rather to be partly personal and partly
leadership and the building of a Cabinet is already due to divergences within the Christian Socialist
under way. According to Dr. Luther's tentative Majority Party." Announcement was made yesterline-up, Stresemann is assured of retaining the post day that the Cabinet had been re-formed by former
of Foreign Minister and Gessler the Reichswehr Chancellor Ramek and that he had taken over the
Minister's portfolio. Dr. Koch, head of the Demo- Foreign Office also. In a special Vienna dispatch
cratic Party and recently spoken of as Chancellor, to the New York "Evening Post" last evening it-was
is slated as Minister of the Interior, and Dr. Peter claimed that "the Ministry, however, is not expected
Reinhold, expert financier of Saxony, will take to last long, and much talk is current that the modcharge of the Reich's finances." It was explained erate Socialists will again come into power," It was
that "such a Cabinet would represent the German added that "the new Finance Minister is a former
People's Party or the Industrialists, the Bavarian clerk in a men's clothing store who now runs a hotel
People's Party, the Wirtschaft or Economic Party,. in Baden, the famous spa near Vienna. Thus Austhe Catholic Centre and the Democrats. Little op- tria turns away from bankers to a practical busiposition, it is believed, will arise if this Government ness man to solve her financial problems."
is presented and as it will have a clear majority there
will be little trouble in carrying through a GovernNegotiations with respect to Italy's debt to Great
mental program. All members will be committed Britain were opened in London on Jan. 14. The
to the Locarno policy."
Italian Debt Commission, whieh left Rome on Jan.
12, is headed by Count Volpi. According to an AsChancellor Luther has experienced considerable sociated Press cablegram from London on Jan. 8,
difficulty in his efforts to form a Cabinet. Accord- "Great Britain will ask Italy, at the forthcoming
ing to a special wireless message from Berlin to the debt negotiations, to pay £7,000,000 ($33,950,000)
New York "Times" on Jan. 14, "extravagant de- annually on her war debt of £500,000,000 ($2,425,mands made upon him by the German People's 000,000)." It was explained that "such terms would
Party, whose chief is Foreign Minister Stresemann, be proportionate with the tentative agreement befor Ministerial portfolios, is seriously embarrassing tween Great Britain and France under which
Chancellor Luther's Cabinet building, it became France is to pay £12,500,000 annually for 62 years,
known to-night. It was supposed that the Populists but in comparison would not be as lenient as the
would be satisfied with the retention of Dr. Strese- American terms to Italy." It was made known in
mann at the Foreign Office, but their Parliamentary a subsequent Associated Press dispatch from Rome
leaders now want the Ministries of the Interior and that the mission "comprises the same delegates who
Justice as .well. These two posts were being as- went to Washington," and that it "expects to resigned respectively to the Democrats and Catholic main in London about ten days." It was added that
Centre in the persons of Dr. Koch and former Chan- "the newspapers express confidence that Count
cellor Marx. Troubles have arisen over Chancellor Volpi will be able to carry out successfully this 'last
Luther's desire to keep Dr. Gessler as Defense Min- and decisive lap in the financial restoration of the
ister. Dr. Gessler is persona non grata to the nation'"
According to a special wireless message to the
Democrats, of whose faction he was formerly a member, but who recently have disowned him owing to New York "Times" under date of Jan. 14, "the conhis alleged monarchistic tendencies. There is a ru- ference on the settlement of the Italian debt to Britmor afloat that General von Seeckt, the German ain began to-day, but went little further than a preCommander-in-Chief, may succeed Dr. Gessler, but liminary stage." It was added that after the preit is not believed that the General, who has always liminary meeting Count Volpi "even declined to
kept in the background of politics, would accept an name the figure at which the Italian Government
office compelling him to appear in person before the reckons its debt." The "Times" correspondent said,
Reichstag." The correspondent said that "there is however, that "it is believed the British put it down
no reason to doubt that Ohancellor Luther will over- as £583,000,000. The Italians, it is expected, will
come the obstacles in his path and lead a new Cabi- dispute this, saying that they received in actual cash
net before the Deputies next week, but the Govern- only £381,000,000 and that there were various questions concerning interest and the aid they rendered
ment's final composition may be retarded."
to the British armies in Italy to be adjusted. This
European Cabinet has resigned. is likely to be one of the first matters to be dis• Still another
Word came from Vienna under date of Jan. 14 that cussed."
JAN. 161926.]
THE CHRONICLE
French sentiment with respect to funding the Government's war debt to the United States is said to
have been reflected in an article in "Journal des
Debats" on Jan. 10. Commenting on the fact that
M. Berenger was on his way to the United States
to assume the duties of Ambassador, it was claimed
that "he has received instructions to try and obtain
for France more favorable conditions than those
offered by M. Caillaux. But our new Ambassador
must not be in a hurry. He must take the time and
trouble to enlighten American public opinion as to
the real financial situation of France and the state
of our public opinion." It was also suggested that,
"besides, Congress has not yet ratified the agreement with Italy, and so long as the Volpi accord
is
not ratified the representatives of France are not
in
so good a position tc ask similar treatment."
Attention was drawn in a special London cable
message to the New York "Times" on Jan. 10
that
"the French ex-Minister of Finance, M. Cailla
ux,
has come forward with a new plea for mutual
cancellation of inter-Allied war debts. In an
article
he contributes to the first number of 'The Banker
,'
a new monthly publication, he argues until
such
cancellation takes place that there will be no economic stability in the world." He was quoted
as
saying that "only one formula can allow us
to live.
Let a sponge be drawn across the slate whereon our
mutual obligations are inscribed. I have reason
to
know this view is shared by many in Great Britai
n."
The correspondent said that, "referring to his unsuccessful effort to settle with the United States
,
M. Caillaux writes: 'An agreement with Great
Britain would have been signed by now if I had been
able to come to terms with the United States.
It is
true concessions were made to me in Washington
and by lowering the rate of interest a not incons
iderable reduction in the amount of our debt was offered, but this was not sufficient."
The new French Ambassador, Senator Henry V.
Berenger, and his wife, arrived in New York on the
steamship "Paris" on Jan. 13. Coming up thee bay
he issued a formal statement in which he said:"We
believe in your great people and in the high ideals
the American nation has always stood for. Side by
side we have always fought for freedom, liberty and
justice. No misunderstanding can ever come between us, for we know and understand each other."
The French Mission arrived in Washington on
Thursday.
251
the work. of • building new railroads, bridges and
other public utilities constituting a necessary condition to the health of our economic life." The Mission arrived in Washington on Thursday.
Premier Pangalos of Greece, who on Jan. 3 announced that he would take over the Government as
a dictator, was quoted by an Associated Press correspondent as intimating that his dictatorship would
not be of long duration. He was reported to have
said that "the deferred elections will take place in
five or six months," and also as having asserted that
"the people in several countries in Europe have lost
somewhat of their confidence in parliamentary government. This has been due, I think, to the development of a class of professional politicians. Government by them has been inefficient, wasteful and
weak on account of unceasing partisan quarrels.
Greece has suffered from a succession of such Governments. Our people are tired of politics and wish
for a period of peace and tranquillity within the
country and they shall have it, with liberty and
economy." The General referred also "to his having saved the country 300,000,000 drachmas in two
days by abolishing the Ministry of Public Economy
and Assistance." He added: "I called a meeting
of the Cabinet Council and told the Ministers they
must cut the expenses by another ten millions. The
decree will be issued immediately." In reporting
still further M. Pangalos's ideas and plans for his
country, the Associated Press correspondent said:
"'We have had ten years of war, from 1913 to
1922,' he said. 'We have suffered more than any
other European people. We must have peace, and
that longing impelled me to propose a pact between
the Balkan States. My conversations with the Serbian Minister were at first unfavorably received;
Serbia preferred an alliance. My view was that an
alliance was not a preventive of war among a group
of neighbors. I am delighted now that Serbia gave
its accord to the framing of the pact yesterday. This
eastern European Locarno,' he went on, 'would include Serbia, Greece, Bulgaria, Turkey and later,
perhaps, Rumania.'" The correspondent likewise
stated that "General Pangalos hoped that the Greek
Debt Mission to Washington would succeed in having granted to Greece the remaining $33,000,000 on
the original loan credit. He cited the immense
burdens resting on 4,500,000 people to care for
1,700,000 relief seekers, and authorization to use the
American Government's credit would allow of the
development of the country's resources. Greece
could then repay the whole sum more easily than
that part of the credit already drawn. The Premier
spoke of the deep gratitude the Greek people felt
toward America."
Still another European War Debt Commission
has arrived to discuss the settlement of its obliga
tions to the United States. The Jugoslavian Debt
Funding Commission, headed by Dr. Milan Stojadinovich, Minister of Finance, arrived in New
York
on the steamship "Majestic" on Jan. 13. The
country's debt is placed at $64,000,000 in round
figures.
Announcement wai made in a special Washington
Coincidental with the arrival of the missio
n in the dispatch to the New York "Times" on Jan. 14 that
United States King Alexander of Jugoslavia
gave "the American and Greek Debt Commissions met
a statement to the Associated Press representati
ve to-day to discuss the funding of the Greek debt to
in Belgrade "in which he declared he regarded
the the United States of about $17,500,000, but reached
debt to America as one of honor, to be settle
d on no conclusion and adjournment was taken until
that basis up to the limit of his country's resour
ces." Monday morning." It was added that "the Greek
With respect to the need of foreign capital,
the delegation, it is understood, presented a memoranKing said: "It is evident that the process of the
de- dum in which it was contended that the United
velopment of our country would be • greatly
accel- .States entered an agreement during the Wilson Aderated were we sustained by the richer countries,
ministration under which this country was to loan
which could in all security invest their capital in
$48,000,000 to Greece and that only $15,000,000 of
our production, either directly or in assisting us in this
amount had been advanced. The Greeks want
252
THE CHRONICLE
the remaining $33,000,000 before talking about funding. The Treasury Department apparently has taken
the position that advancement of the $33,000,000 is
not justified by the facts in the case. Official comment on this phase of the situation, however, has
been withheld."
Numerous theories relative to the counterfeiting
plot in Hungary have continued to come to hand.
As early as Jan. 8 the authorities appeared to believe that they had it pretty well rounded up. The
Budapest representative of the New York "Times"
cabled on that date that "the great counterfeiting
plot is now almost completely laid bare,though many
participants, including, it is believed, some prominent men, have not yet been arrested. The last to be
taken into custody is General Haits, Professor of
Cartography in the Military Academy, who was arrested to-night. The chief interest remains in the
possible political consequences of the scandal, which
are expected to be far-reaching, including the overthrow of the Horthy and Albertist movement, the
break-up of Fascism and a Government shift to the
Left. Corroborating confessions by Prince Ludwig
Windisch-Graetz and others arrested establishes
that the Prince was the ringleader and Nadossy the
chief lieutenant of the counterfeiters. The Prince
told the police this morning that the first aim was
revenge for the Treaty of Trianon; the second to recoup his losses due to gambling and bad crops. He
explained the counterfeiting scheme to Nadossy and
others and got their help early in 1925. In March
he bought machines and paper in Leipsic, investing
$1,300 in the enterprise. With this capital he made
25,000 false 1,000-franc notes—about $1,000,000, of
which only 10,000 were 'good enough to circulate.'"
In outlining the situation still further, the
"Times" correspondent said that "the political consequences of the scandal—the first of which was to
prevent an Aibertist 'putsch' planned for Christmas
day—now are accumulating rapidly. Following the
Archduke Albert's hasty resignation of the Presidency of the 'Tesz'—the Central Federation of Fascist Clubs—which is regarded as his admission of defeat, Premier Count Bethlen is actively pursuing the
work of completing the ruin of the Fascist and Albertist cause. The Government this morning dissolved the 'Tesz' on the grounds that it was heavily
involved in the counterfeiting plot, and searched
Albert's offices, seizing many documents." He
added that "while it is doubtful if Admiral Horthy,
the Regent, is personally implicated in any way, it
seems certain Bethlen is using the scandal as a club
to obtain his long desired aim of overthrowing Horthy and becoming Regent himself. The fact that
Horthy's entourage is involved helps to do this. The
Opposition, with which Bethlen is openly flirting
to-day, is formally demanding Horthy's resignation.
It is understood that Bethlen has promised the Opposition to proclaim a general amnesty to previous
political offenders, who are chiefly members of the
Opposition. By allowing the return of the exilcIs
he would naturally increase the power of the Socialists, enabling him to use the Left as a permanent
weapon against the reorganization of Fascism, and
also as a counterweight against his personal enemies
on the Legitimist side. It is Bethlen's consistent
policy to play the factions in this way against each
other to his own advantage—and there is no
[voL. 122.
shrewder player of the political game in Central Europe."
London heard that Admiral Horthy had been
asked to resign °as Regent of Hungary. On Jan. 10
the New York "Herald Tribune" representative at
that centre cabled that "a call for the resignation of
Admiral Horthy as Regent of Hungary will be made
in the Hungarian Parliament, according to dispatches from Budapest to-night, on the ground that
he is implicated in the recently exposed plot to
counterfeit thirty billion French francs. The demand for Horthy's resignation, which will be made
by the Democratic Opposition, follows proof that
the Regent's entourage were deeply involved in the
conspiracy." The correspondent added that "the
leaders of the plot now admit it was designed to
raise funds for a Fascist Monarchist 'putsch' and
for discrediting the currencies of France and the
Little Entente, with the eventual object of nullifying the Versailles Treaty and reconstituting the old
Hapsburg empire under Magyar domination."
In view of all these and other rumors that were
in circulation it was regarded as specially significant that on Jan. 10 Archduke Joseph, "head of the
Hungarian line of Hapsburgs," should have given
the Budapest representative of the New York
"Times" an interview dealing with the Government
situation. The cot respondent claimed that it was
the first interview the Archduke had "given to the
press in four years." He was quoted in part as follows: "The monarchy must be restored in Hungary, but it must be a democratic, independent kingdom. I believe it is impossible now to turn back
and attempt to restore the old Austro-Hungarian
Empire. Even if the Big Entente Powers did not
veto this I would not favor it; for Hungary, which
for 400 years was suppressed by Austria, must now
be a wholly independent kingdom."
In a special wireless message from Paris to the
New York "Times" on Jan. 13 it was said that "official opinion here regarding the Hungarian counterfeit scandal is finally adopting the thesis that the
whole matter is more one of a common law offense
than a political maneuver, on the ground that the
plans to issue counterfeit French money originated
two years ago at a time when speculation in French
currency and securities on the Vienna Boerse assumed tremendous proportions." It was also claimed
that, "as matters now stand, it is understood that
the French Government will not seek redress of any
sort from the Hungarian Government, but that the
Bank of France through its agents in Hungary will
press for trial of the counterfeiters for their criminal offense. It is possible that the Little Entente
nations may feel it necessary to adopt an attitude
more directly aimed at the Government, but no information regarding the eventuality of such action
has been received here yet."
The excessive rainfall in various parts of Europe
appears to have come to an end and the floods are
said to have receded to a great extent. The River
Seine continued to rise on Jan. 8, but as the rains
stopped that night the maximum of 6.15 metres expected the next day was not realized. The River
Marne also began to fall on Jan. 9. Up to that time
the flood damage in France was estimated at $17,500,000. The situation in the suburbs of Paris was
said to have been distressing, but there was genuine
JAN. 161926.]
THE CHRONICLE
rejoicing over the fact that the capital city was not
greatly damaged. An Associated Press dispatch
from Brussels on the same date stated that "the
flood situation in Belgium is improving and international trains are running again." It was added
that "the Government is studying measures to prevent a recurrence of the disaster. For the Liege
region alone the work to be undertaken will require
an expenditure of 100,000,000 francs (about $4,500,000) over a period of five years." According to a
special London cable message to the New York "Evening Post" last evening, the receding floods have
been followed by "a cold wave which spread snow
and ice from Italy to Scotland." It was added that
"parts of London experienced their coldest temperatures in four years, with the thermometer ranging
from 20 degrees above zero, Fahrenheit, to a maximum of 25 degrees."
Large increases in imports and exports for December, in comparison with November, were a feature
of the British trade statement for the final month
of 1925. The expansion in the former item was
£19,567,116 and in the latter £5,884,337. The net
result was an increase in the excess of imports of
£13,682,779. Compared with December a year ago,
the increases in these items were not nearly so large.
In fact, total exports showed a decrease of £960,625.
Exports for the calendar year 1925 were £8,029,538
smaller and imports £43,098,403 larger than for
1924. The real feature of the figures for the year
was the excess of imports of £395,459,790, the largest
in the history of the country, according to a special
London cable dispatch to the New York "Herald
Tribune." These figures compare with an excess of
imports of £344,313,059 for 1924 and of £210,424,630
in 1923. The adverse figures for 1925 were attributed in part to the large imports of crude rubber
and to the decline of £21,600,000 in the value of fuel
exports. The figures for December 1925 and 1924
and for the two calendar years complete follow:
1925—Year-1924.
1925—December-1924.
£65,761,000 £69,307,806 £773,077,000 £795.364,581
Exports, British goods
140,148.957
12,052,159 154,406,000
Re-exports,foreign goods_ __ _ 14,60,000
Total exports
Imports
Excess of imports
£80,400,000 £81,380,025 £927484 000 £935,513,538
134.260,000 131,609.588 1,321,943,000 1.279,844,597
£53,860,000 £50,249,543 £395,459,000 £344,313.059
According to cable advices received from Berlin
under date of Jan. 12, the Reichsbank has reduced
its rate of discount 1% to 8%. The 9% rate had
been in effect since Feb. 26 1925. On Jan. 13 cable
dispatches from Prague, Czechoslovakia, advised
that the Government Bank Control Bureau had on
that day announced a reduction in the discount rate
/
1
2
from 6 to 6% and in the collateral loan rate from
7 to 7%. On the other hand, the Bank of Norway
/
1
2
has raised its discount rate from 5% to 6%. Aside
from these changes official bank rates at leading
European centres remain at 7% in Italy and Bel/
1
2
gium ; 6% in Paris; 5 % in Denmark;
in Lon/
don and Madrid; 412% in Sweden and 31 2% in Hol/
land and Switzerland. In London open market discount rates ruled steady and without change from
4%@478% for short bills and 478@415-16%, the
/
/
same as last week, for three months' bills. Call
money, on the other hand, advanced to 4 %, but
/
1
2
finished at 3 %,as against 3%% a week earlier. At
/
1
2
Paris and Switzerland open market discounts con/
1
2
tinued to be quoted at 4 % and 2%%, the levels of
the previous week.
253
The Bank of England lost gold this week to the
extent of £421,548, as shown in its statement for the
week ending Jan. 13. This, however, was partly
offset by an increase of £1,077,000 in the reserve of
gold and notes in the banking department, the result
of further shrinkage in note circulation amounting
to £1,499,000, while the proportion of reserve to liabilities rose to 17.17%, which compares with 15.36%
a week ago and 11.58% for the week of Dec. 30. In
the corresponding week of 1925 the ratio stood at
17/%. Public deposits increased £1,801,000, but
18
"other" deposits were reduced £9,979,000. Loans on
Government securities decreased £1,780,000 and.
loans on other securities fell £7,454,000. The Bank's
gold holdings total £144,251,647, as against £128,569,400 last year (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 £128,071,256 in 1924. Reserve aggregates £22,113,000, in comparison with £22,185,965 in 1925 and
£22,663,311 the previous year. Loans amount to
£80,007,000,.against £74,386,212 a year ago and £69,639,112 in 1924, while note circulation stands at
£141,907,000, as compared with £126,133,435 and
£125,157,945 one and two years ago, respectively.
Clearings through the London banks for the week
amounted to £812,053,000, as against £968,775,000 a
week ago and £851,730,000 last year. No change
was made in the official discount rate of the institution from the 5% level. We append comparisons of
the different items of the Bank of England return
for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1926.
1925.
1923.
1922.
Jan. 14.
Jan. 16.
Jan. 13.
Jan. 17.
Jan. 18.
Circulation
b141,907,000 126,133,435 125,157,945 121,236,150 122,599,950
16,440,000 11,658,758 13,944.801 10,408,126 19,623,055
Public deposits
114,850,000 117,865,598 109,294,769 133.601,983 117,821,255
Other deposits
Governm't securities 44,583,000 50,979,552 48,942,032 72.109,811 47,143,686
80,007,000 74,386,212 69.639,112 65,232,301 83,974,646
Other securities__
Reserve notes le coin 32,113,000 22,185,965 22,663,311 24,705,207 24,294,248
Coln and bullion_ _a144,251,647 128,569,400 128,071,256 127,491,357 128,444,198
Proportion of reserve
1711%
174%
17.17%
174%
to liabilities
1854%
5%
4%
3%
4%
5%
Bank rate
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000.030 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The Bank of France the present week shows another small gain in the gold item, namely, 17,827
francs. The total amount of gold holdings, therefore,
now aggregate 5,548,124,000 francs as against 5,545,332,365 francs for the corresponding date last year
and 5,540,758,103 francs the year before. Of these
amounts 1,864,320,907 francs were held abroad in
each of the years 1926, 1925 and 1924. Following
the large expansions in the previous eight weeks,
note circulation fell off 654,898,000 francs the present
week, bringing the total notes in circulation down
to 51,227,864,250 francs as against 40,797,335,145
francs for the same time last year and 38,678,343,990
francs the year previous. The French Government
repaid 700,000,000 francs more to the Bank, reducing
the total of advances to the State to 34,850,000,000
francs. During the week silver rose 1,083,000 francs
and advances showed a gain of 35,033,000 francs.
On the other hand, bills discounted decreased 1,446,091,000 francs, Treasury deposits fell off 7,916,000
francs and general deposits declined 470,819,000
francs. Comparisons of the different items in this
week's return with the figures of last week and with
correspqnding dates in both 1925 and 1924.7are'as
follows:
254
THE CHRONICLE
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Jan. 14 1926. Jan. 15 1925. Jan. 17 1924.
Holdings—
Gold
Francs.
Francs.
Francs.
Francs.
Inc.
In France
17,827 3,683,803,093 3,681,011,457 3,676,437,196
Unchanged
Abroad
1,864.320,907 1,884,320,907 1,864,320,907
Inc
Total
17,827
Inc.
/1Iyer
1.083.000
B111s dIseoun tPd _ -.Dec. 1446091 000
Advance
Inc. 35,033,000
Note eIrcula.. n Dec.654,898,000
Treasury deposh Dec. 7,916,000
General depoalta I•o• 470 819.000
5,548,124,000
322,360,317
2,304,123,412
2,527,709,397
51.227.864,250
39,349,822
3.152,551.047
5,545,332,365
303,990.703
5,981,007,657
3,012,367,354
40,797,335,145
14,847,988
1,977,633,193
5,540,758,103
296,845,178
3.588,835 001
2,453,723,370
38,678,343,990
20,384,063
2.568,987,589
The Federal Rest.rve Bank statements issued after
the close of business on Thursday indicated continSued expansion in gold holdings and further shrinkage in rediscounting, also in open market operations,
both locally and nationally. For the System a gain
in gold of $55,000,000 was reported. Rediscounts of
all classes of paper declined $87,700,000, reducing
total bills discounted to $505,763,000, as compared
with $593,469,000 a week earlier, although for the
corresponding week in 1925 the total outstanding
was only $261,759,000. Holdings of bills bought in
the open market decreased $17,300,000. A heavy
contraction was shown in total bills and securities
(earning assets), namely $106,200,000, while deposits fell $4,200,000. Federal Reserve notes in actual
circulation decreased $44,000,300. The report of
the New York Reserve Bank indicated an addition
to gold reserves of $22,400,000. Rediscounting of
paper secured by Government obligations fell $20,000,000. "Other" bills, however, increased $10,200,000, hence total bills discounted declined only
$9,800,000, to $171,559,000, which compares with
$87,707,000 a year ago. Open market purchases were
curtailed $1,200,000. Total bills and securities
showed a shrinkage of $11,300,000, and here deposits gained—$17,500,000. A falling off in Federal
Reserve notes in actual circulation amounting to
$11,100,000 was revealed. Member bank reserve accounts expanded $21,400,000 at New York, while for
the banks as a group there was an increase of $1,600,000. As the above changes largely offset each other,
reserve ratios were only slightly altered. The New
York Bank reported an advance of 1.7%, to 81.8%.
For the combined System there was an increase of
2.5%, to 72.7%.
The statement of the New York Clearing House
banks and trust companies last Saturday was featured by a heavy diminution in 'the reserves kept
with the Federal Reserve Bank, with the result of
adding still further to the deficiency in reserves recorded the previous week, notwithstanding the large
shrinkage in deposits. The loan item fell $176,849,000. Net demand deposits declined $175,848,000, so that the total is now $4,486,817,000, exclusive of $43,797,000 in Government deposits. Time
deposits fell off 6.8,481,000, to $578,584,000. Cash
in own vaults of members of the Federal Reserve
Bank gained $2,261,000, to $51,870,000; this, how-ever, does not count as reserve. Other changes include an increase of $680,000 in the reserve of'State
banks and trust companies in own vaults and a
decrease of $404,000 in reserves of these institution
kept in other depositories. Member banks drew
heavily on their reserves at the Federal institation,
as already stated, the decline being $40,578,000. The
result was to increase last week's deficit-in-reserve
to $29,213,340. The figures here given fOr surplus
are based on 13% legal reserves against demand deposits for member banks of the Federal Reserve sys-
[vol.. 122.
tem, but not including the $51,870,000 cash in own
vault held by these member banks on Saturday last.
Borrowers of money, either on call or time, in the
local market, experienced no difficulty in arranging
their loans. Call money was as low as 4%, but during file latter half of the period 4 % was the pre/
1
2
vailing rate. Time funds were freely offered at
434@4 8%. Liquidating sales of stocks, notably
/ /
7
yesterday, should have reduced brokers' loans somewhat, which a few days before were estimated at
$2,500,000,000, against a peak of $2,800,000,000 toward the end of last year. Apparently there has
not been sufficient slowing down of general business
to lessen appreciably the commercial demand for
money. Offerings of new securities increased materially and were said to have been absorbed quickly.
A large volume of Jan. 1 interest and dividend
money was seeking investment. The Government
was not an important factor in the local money
market. Several large foreign loans are looked for
soon.
Referring to money rates in detail, loans on call
ranged between 4 and 43% during the week, as
against 4@6% a week ago. Monday the high was
43/2%, the low 4% and the rate for renewals. For
the remainder of the week, however, from Tuesday
to Friday, all loans on, call were negotiated at 432%,
this being the only figure named. In time money
the undertone was firm on small transactions. Supplies were not large, but as the demand was of
moderate proportions the market was quiet, with
4
the range 43 @4Y% for all periods from sixty days
to six months, the same as last week.
Mercantile paper was moderately active with four
to six months' names of choice character still quoted
at 43'@432%, unchanged, and names not so well
known 43/2%, the same as heretofore. Most of the
inquiry continues to come from out of town institutions. New England mill paper and the shorter
choice names are still passing at 434%.
Banks' and bankers' acceptances were quiet but
firm, at the levels established last week. A fairly
good demand was noted, chiefly from country banks,
but as offerings of the best names were light, aggregate transactions attained only moderate proportions.
For call loans against bankers' acceptances the posted
rate of the American Acceptance Council is 33/2%,
the same as a week ago. The Acceptance Council
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 3 8 bid and 33/2% asked for bills running
%
30 days, 3%% bid and 3/% asked for 60 days,
37 % bid and 3%% asked for 90 days, 4% bid and
A
3V% asked for 120 days, 4;i% bid and 4% asked
for 150 days and 434% bid and 41 % asked for 180
A
days. Open market quotations are as follows:
Prime ellglbl
SPOT DELIVERY.
90 Days.
60 Days.
339l334
35(34
R DELIVERY WITHIN THIRTY DAYS.
banks
mber banks
Ills_
30 Days.
EISS0334
334 bld
384 bid
There have been no changes this week in Federal
Reserve Bank rates. We therefore omit the table
usually appe ng here.
provement both in point of activity and strength
developed in sterling exchange this week and trading
was brisk with an undercurrent of firmness and
JAN. 16 19261
THE CHRONICLE
255
buoyancy that formed a sharp contrast with the demand and 4 86 1-16 for cable transfers. Commerlethargy and generally sagging tendency displayed cial sight bills finished at 4 85 9-16, sixty days at
during the last few weeks. After an opening quota- 4 8115-16, ninety days at 4 81 3-16, documents for
tion of 4 84 11-16, demand moved up steadily, under payment (sixty days) at 4 82 3-16, and seven-day
the stimulus of buying of sterling bills,until 4 85 25-32 grain bills at 4 84 7-16. Cotton and grain for paywas reached, which is the highest level touched in ment closed at 4 85 9-16.
No gold was reported this week either for export or•
more than six months. Local and foreign interests
figured in the dealings, which attained fairly sub- import; although the strength in sterling revived talk
stantial proportions. Bankers for a time were some- of a possible movement of gold to London,should the
what at a loss to account for the inquiry which was advance be maintained. The Bank of England
regarded as unusually active for this season. Later bought £1,300,000 in gold bars and exported 00,000
on it was ascribed to renewed firmness of money rates to Argentina and Holland in gold sovereigns, and •
in London, this having the effect of drawing funds £24,000 for Singapore. Another £500,000 was earto that center. Toward the latter part of the week, marked for account of the South African Reserve
commercial as well as banking interests, together with Bank.
several large private banking houses, were in the
Continental exchange was inclined to be reactionmarket for round amounts and the consensus of
opinion was that these concerns were enlarging their ary, although rate variations were relatively narrow
London balances in expectation of lower rates for and the whole market was generally sluggish. As a
money locally and continued firmness in Great Brit- matter of fact most of the week's activity centered in
ain. Still others interpreted the sudden spurt of the pound sterling and Japanese yen. The remainder
activity as based on expectations of another advance of the list was neglected and trading sporadic and
in the Bank of England's discount rate in the near featureless. French francs continued to shows signs
future. This view, however, was not generally of support of an official character, so that despite
credited, since anything higher than a 5% Bank rate ominous rumblings of fresh political troubles and the
would be sure to affect trade conditions in England possibility of another cabinet upheaval, the price held
adversely, and a further advance will likely not be at close to 3 82 until Wednesday when selling pressure
attempted unless absolutely unavoidable. It was began to force the rate down and demand sold off to
noted with some interest that the current upswing 3 71, though rallying at the close to 3 77. As
followed closely upon termination of Sir Montagu heretofore, however, local dealers held aloof and there
Norman's visit to the United States after conclusion was very little real activity noted. Belgian francs
of what are supposed to have been entirely satisfactory remain at around 4 52Q4 53. Italian lire moved
narrowly, at the levels recently prevailing, namely
arrangements with local banking authorities.
Closing quotations were at the highest point of the 4 02 to 4 03. Reichsmarks reflected not at all the
week, and the net gain of well over one cent on the lowering in the official Bank rate of the Reichsbank
pound was the largest for such a period in several to 8%, although in some quarters this development
months. Although trading continued active with no was regarded as a hopeful one and indicative of the
indications of slackening in the final dealings, predic- genuineness of Germany's rehabilitation. However,
tions were heard at the close of a reaction downward, statements of President Schacht to the effect that
since it is felt that the advance has been somewhat too much must not be expected in the way of imoverdone. Numerous institutions are reported as mediate equivalent reductions in private • discount
having added substantially to their London balances rates served to dampen incipient enthusiasm. In
this week, some on call or time deposit and some in the same manner Austrian kronen were unaffected by
London bankers' bills. Large profits are said to have the resignation of the Vienna Cabinet. Greek exchange lost most of the gains of last week and hovered
been made on the long side of sterling.
As to quotations in greater detail, sterling exchange around 1 34, after an opening quotation of 1 38, then
on Saturday last was steady, with demand virtually recovered to 1 36 on rumors of financial support for
unchanged at 4 84 11-16Q4 84 13-16, cable transfers Greece. In the minor Central European group, no imat 4 85.1-16Q4 85 3-16 and sixty days at 4 81 7-16Q portant developments were noted. Polish zloty re4 81 9-16; trading was inactive. On Monday brisk tained all of the advance of the previous week and
buying sent prices up to 4 84%Q4 85 1-16 for de- closed at 14 50, up 200 points, due to the more stable
mand, 4 85AQ4 85 7-16 for cable transfers and conditions brought about by placing recently of a subA
4 817 Q4 823/g for sixty days. Increased firmness stantial financial credit for Poland in this market.
developed on Tuesday, and demand 'bilis achieved a Weakness in the later dealings in French francs was the
-4Q4 85%, with cable trans- direct result of unsettling and contradictory cable adfurther advance to 4 853
%
2
4
fers up to 4 853/Q4 853 and sixty days at 4 817 vices regarding the acceptance of the Doumer finance
Q4 82311; a considerable volume of business was plans. Should the radicals and Socialists interfere it
transacted. Wednesday's market was strong and will undoubtedly mean still another political reorganihigher with the day's range 4 85 346Q4 85 7-16 for zation. Uncertainty as to what was to be expected with
demand, 4 85 9-16Q4 85 13-16 for cable transfers the reconvening of the French Parliament led to some
and 4 81 15-16Q4 82 3-16 for sixty days. Heavy selling. News on Thursday that the Chamber
buying of sterling by interests who were said to be Finance Committee had definitely rejected the
adding to their London balances, sent prices on Finance Bills had a depressing influence on market
Thursday to a new high point, with demand at sentiment, since it seemed to presage very strong
4 85/Q4 85%, cable transfers at 4 85%Q4 86 opposition in the Chamber itself, should the Premier
/. On Friday quoted succeed in carrying the bills that far.
and sixty days at 4 82Q4 823
The London check rate on Paris closed at 129 10,
advanced to 4 85/Q4 85 25-32 for demand,
rates
15-16Q4 86 5-16 for cable transfers, and as compared with 126 02 a week ago. In New York
4 85
4 82 5-16(0 82 17-32 for sixty days. Closing quo- sight bills on the French centre finished at 3 77,
tations were 4 82 7-16 for sixty days, 4 85 11-16 for against 3 82; cable transfers at 3 78, against 3 83;
256
THE CHRONICLE
commercial sight at 3 76, against 3 81, and commercial sixty days 3.713/, against 3.76M last week.
2
Antwerp francs closed the week at 4.533 for checks
and 4.543 for cable transfers. This compares with
4.53 and 4.54 the week previous. Closing rates on
Berlin marks were 23.81 (one rate) on both checks and
cable transfers, unchanged. Austrian kronen continue to be quoted at 0.00141 8,the same as heretofore.
/
Lire finished at 4.03 for bankers' sight bills and at 4.04
for cable transfers (unchanged from a week ago).
Exchange on Czechoslovakia closed at 2.963., against
2.969/; on Bucharest at 0.45, against 0.46; on Fin8
land at 2.52X, against 2.523/, and on Poland at
2
14.50, against 12.50 a week earlier. Greek drachmae
finished at 1.36 for checks and at 1.363/ for cable
transfers, in comparison with 1.329. and 1.333
last week.
As to the former neutral exchanges trading was
quiet and the trend of prices slightly lower-that is,
for Dutch guilders, which dropped 2 points, though
regaining part of the loss at the close, while Swiss
francs were down a fraction. The Scandinavian
currencies, on the other hand, showed moderate
strength and Danish kronen advanced 4 points to
24.88, though losing some of it before the close.
Swedish exchange ruled steady and without change.
Norwegian krone were not appreciably affected by the
advance in the Bank of Norway's discount rate,
though temporarily there was a gain of about 8 points
to 24.40. The general feeling however is that the
tardiness of commodity prices in Norway in readjusting themselves to the advance in exchange has
interfered with exports; hence reactions are looked
for.
Bankers' sight on Amsterdam closed at 40.193,
against 40.19; cable transfers at 40.213', against
40.21; commercial sight bills at 40.113z, against
40.11; and commercial sixty days at 39.753', against
39.75 a week ago. Swiss francs finished at 19.313/b
for bankers' sight bills and at 19.32
for cable
transfers. Last week the close was 19.32 and 19.33.
Checks on Copenhagen closed at 24.863' and cable
transfers at 24.90M, against 28.84 and 24.88. Checks
on Sweden.finished at 26.74 and cable transfers
at 26.783', against 26.75 and 26.79, while checks on
Norway closed at 20.34 and cable transfers at 20.38,
against 20.32 and 20.36 the week preceding. Spanish
pesetas finished at 14.153.' for checks and at 14.173/
for cable transfers, in comparison with 14.15 and
14.17 a week ago.
South American quotations remained steady at
close to last week's levels on narrow trading, until
yesterday, when quite substantial gains were scored
in the case of milreis. Pesos were slightly lower.
Argentina pesos closed at 41.50 for checks and at
41.50 for cable transfers, against 41.47 and 41.52.
Brazilian milreis finished strong at 14.93 for checks
and at 14.98 for cable transfers, against 14.53 and
14.58 a week ago. Chilian exchange was steady and
closed at 11.99, against 11.92, but Peru was weaker,
finishing at 3.89, against 3.90 last week.
In the Far Eastern exchanges the improvement in
Japanese yen continues to attract attention. It was
attributed partly to foreign purchases of Japanese
internal securities. The yen finished at 443@44%,
which compares with 43%@43% last week. Other
changes were unimportant. Hong Kong closed at
4
581 @593', against 589j@593.; Shanghai at 76@
1@78; Manila at 499'@503,
773.', against 769'
[VOL. 122.
against 49%@503; Singapore at 57@57%, against
57@579'; Bombay at 36.85@37.10, against 369@,
37; and Calcutta at 363' @37 (unchanged).
1
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 9 1926 TO JAN. 15 1926, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monefar1
Unit.
Jan. 9. Jan. 11. Jan. 12. Jan. 13. Jan. 14. Jan. 15.
EUROPE$
Aultria,schWing ---- $.14053
deigluru. franc
0454
Bulgaria. ley
.007284
7.1zethoslovakia, krone .029613
t oenmark. krone..- .2489
England. pound ster
4.8511
ling
Finland, markka
. .025214
France,franc
0383
lerrnany. reichsmark .2380
Reece. drachma
.013598
Rolland, guilder
4020
Hungary, pengo ------1756
Italy. lira
0404
4orway. krone
2036
Poland. zloty
1209
Portugal. escudo-- .0512
Rumania.Ieu
.004530
4pain. peseta
1419
3weden. krona
.2677
lwitzerland, franc
.1932
Yugoslavia. dinar
.017702
ASIA',ulnaChefoo, tael
7850
Hankow.tael
7759
Shanghai. tadl
7539
Tientsin. tadl
7958
Hong Kong. dollar.. .5803
Mexican dollar.- .5465
Tientsin or Pelyang
dollar
5479
Yuan, dollar
. .6613
mini,rupee
3 65
Wan. yen
4348
,ugapore(S.S.).dollat .5663
NORTH AMER.anada, dollar
998094
uba. peso
998750
Mexico, peso
486667
Newfoundland. dollar .995250
SOUTH AMER.irgentina. peso (gold) .9414
Brazil, mines
.1460
Chile. peso (paper) . .1195
Uruguay. peso
1 0276
g
S
5
$
$
$.14049 5.14051 $.14054 $.14064 3.14069
.0453
.0453
.0453
.0453
.0454
.007278 .007275 .007281 .007281 .007275.
.029616
029614 .029614 .029616 .029618
.2487
.2488
.2486
.2489
.2490
4.8525
4.8557
4.8561
4.8591
4.8590
.025219 .025211 .025210 .025216 .025225
.0383
.0377
.0375
.0375
.0376
.2380
.2380
.2380
.2380
.2380
.013645 .013380 .013478 .013695 .013661
.4019
.4018
.4019
.4020
.4020
.1754
.1754
.1758
.1754
.1753
.0404
.0404
.0404
.0404
.0404
.2035
.2038
.2037
.2038
.2038
.1203
.1209
.1231
.1288
.1375
.0511
.0512
.0511
.0512
.0511
.004536 .004521 .004503 .004482 .004476.
.1421
.1419
.1415
.1415
.1417
.2677
.2677
.2677
.2678
.2677
.1931
.1932
.1931
.1932
.1932
.017700 .017686 .017685 .017687 .017683.
.7788
.7700
.7522
.7888
.5798
.5450
.7838
.7747
.7529
.7929
.5813
.5458
.7833
.7734
.7525
.7938
.5814
.5456
.7829
.7741
.7519
.7925
.5817
.5441
.7800
.7719
.7493
.7896
.5827
.5423
.5479
.5588
.3666
.4361
.5663
.5467
.5588
.3666
.4368
.5663
.5463
.5588
.3667
.4385
.5663
.5463
.5592
.3666
.4400
.5663
.5446
,
.5579
.3686
.4420
.5663
.998000
.998750
.486667
.995438
.997837
998750
.485500
.995313
.997885
.998750
485333
.995352
.997824
.998719
.484833
995313
.997813
.998875
.484500
.995313
.9417
.1470
1197
1.0281
.
.9414
.1480
.1199
1.0277
.9418
.1480
.1200
1.0254
.9419
.1486
.1202
1.0272
.9417
.1492
.1202
1.0299
• 12,500 Hungarian kronex..1 pengo.
The New York Clearing House banks, in their
Terations with interior banking institutions, have
gained $4,892,427 net in cash as a result of the currency movements for the week ended Jan. 15.
rheir receipts from the interior have aggregated
$5,891,427, while the shipments have reached $999,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended January 15.
flanks'interior movement
Into
Banks.
$5,891.427
Out of
Banks.
Goer or Loss
to Banks.
5999.000 Gain 54,892,427
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday.
Jan. 9.
Monday,
Jan. 11.
Tuesday. Wsdnood'o
Jan. 12. Jan. 13.
Thursday. Friday,
Jan. 14. Jan. 15.
Aggregate
for Week.
5
79,000,000 101.000.00 108.000,00 98,000,000 98,000,000 92.000.000 Cr 576,000.00
Note.
-The foregoing heavy credits reflect the huge mass cf checks which come
to the New York Reserve Bank from all parts of the country in the operation or
the Federal Reserve System's par collection scheme. These large credit balances
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside ot
New York are not accounted for in arriving at these balances, as such checked&
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
JAN. 16 1926.]
THE CHRONICLE
257
them. The attitude is absurd, but it is more than
that. What Mr. Lewis demands is, in effect, the
£
£
E
A
S
control of the anthracite industry by the m,iners.
•
England__ 144,251,647
144,251,647128,569,400
128,569,400
France a__ 147,352,124 12,880.000160,232,124 147,240,459 12,120.000159,360,459 The owners and operators will continue to hold
the
Germany c 49,693,250 d994,600 50,687,850 29,099,550
994,600 30,094,150
Aus.-Hun_ 132,000,000
b
b2,000,000 b2,000,000
b
62,000,000 properties, sell the coal, and account to bondholders
Spain
101,478,000 26,059,000127,537,000 101,418,000 26,035,000 127,453,000
Italy
35,665,000 3,394,000 39,059,000 35,582,000 3,374,000 38,956,000
Netherrds. 36,792,000 1,991,000 38,783,000 42,043,000 1,092,000 43,135,000 and stockholders for profits and losses, but the
Nat. Belg_ 10,954,000 3.649,000 14,603,000 10,889,000 2,770,000 13,659,000
Switzerl'd_ 18,686,000 3,594,000 22,280,000 20,237,000 3,513,000 23,750,000 working conditions under which coal is produced,
Sweden__ _ 12,778,000
12,778,000 13,160,000
13,160,000
Denmark .. 11,626,000
752,000 12,378,000 11,640,000 1,154,000 11,794,000 and the wage cost at which it shall be mined, are to
Norway... 8,180,000
8,180.000 8,180,000
8,180,000
he such as the miners themselves deem proper. ForTotal week 579,456,021 53,313.600632,769,621 550,058,409 51,052,600601,111,009
P1ey. week 579.999,856 53.531,600633,531,456 548,575,495 51,147.600 599.723.093 mally and legally, if Mr. Lewis's policy is upheld,
a Goldiholdings of the Bank of France this year are exclusive of £74,572,836 the operators will continue to administer the mines,
held abroad. b No recent figures. c Gold ho dings of the Bank of Germany this
year are exclusive of £10,710,450 held abroad. d As of Oct. 7 1924.
AS but the United Mine Workers of America will run
them in fact.
The Issue in the Coal Strike.
The far-reaching significance of this demand
After two weeks of discussion, the coal confer_ should not escape notiee. William Green, Presience which had been in session in New York broke dent of the American Federation of Labor, in a cirup on Tuesday without having made a vestige of cular letter on Dec. 20 calling upon the unions in
progress toward an agreement which should end the the Federation to give financial assistance to the
anthracite strike. A great industry, important for striking miners, declared that the future of organthe economic welfare and domestic comfort of a ized labor was at stake in the controversy. Mr.
large section of the country, remains paralyzed, tens Green was correct. If the United Mine Workers,
of thousands of workers with their families are suf- by refusing to accept arbitration or some form of
fering, and exorbitant prices are being paid for the compromise, win the anthracite strike, a long step
little anthracite that remains, all because the men will have been taken in the direction of transferring
who operate the mines and the men who work in the virtual control of the industry to union hands,
them have been unable to agree upon the wages to and other industries will be open to attack with the
be paid to those who mine the coal. Whether or not same object in view. Against such a course the op.
the unions, inflamed at the failure of the confer- erators may be counted upon to offer stubborn reence, will withdraw the maintenance men and allow sistance. Perhaps it is just as well that the battle
2
the mines to be flooded or otherwise injured, r.. should be fought out, now that the issue has been
mains to be seen, but the fact of immediate import clearly joined, notwithstanding the hardship to the
is that the negotiations have come to nothing and miners and the public that must attend the struggle.
If the only decision regarding wages or working
that the anthracite industry is in chaos.
Certain aspects of the situation invite comment conditions that is to prevail is that which the United
and serious reflection. The first is the attitude of Mine Workers promulgate, the sooner the country
the miners' representatives at the New York confer- knows the fact, the better.
It is to the credit of Mr. Coolidge that he has thus
ence. The anthracite operators made it clear at the
far refrained from injecting Federal interference
conference, as they have made it clear from the be.
ginning, that they are willing to arbitrate all the into the controversy, and the breakdown of the reessential questions involved in the determination cent conference is reported to have made no change
of a new wage scale. They have also insisted that in his attitude. GGvernor Pinchot of Pennsylvania,
they had no desire to break up the unions, and have on the other hand, is not so far-sighted. In his messhown their willingness to meet the union spokes_ sage to the Legislature on Wednesday he proposed
men in frank discussion. On the other hand, John an amendment of the Public Service Company law
L. Lewis, President of the United Mine Workers, of the State so as to make anthracite a public utilnot only refused flatly to consider arbitration, but ity, thereby bringing the industry under the control
even went so far as to charge the operators with an of the Public Service Commission. Governor Pinintention to break up the conference by insisting chot apparently thinks that this would end the
upon arbitration. Mr. Lewis's position is extraor- strike, insure a resumption of coal mining and indinary. The determination of a new wage scale augurate an era of peace and satisfaction in the
obviously involves two kinds of questions, those of anthracite industry. There is exceedingly little
fact, real or alleged, and those of arguments drawn rrson to think that any of these desired results
from the facts. The simplest, most natural, and would happen. In this country no Government,
most direct method of settling the dispute, provided, whether that of Pennsylvania or that of the United
of course, that both parties really wish to settle it, States, can compel men to work if they do not want
is to submit the facts on both sides, together with to work, or force i.pon them a wage scale which they
such arguments as may be urged by either party; to unitedly refuse to accept. Public utilities have no
an impartial body for examination. Once the facts greater sacredness in the eyes of organized labor
have been determined and the arguments based upon than have private industries, and even the outright
them cleared of doubt or contradiction, a conclusion expropriation of the anthracite mines would not
regarding a settlement should not only be easily insure the mining of coal. What would happen, if
reached, but its terms should also come near to being Governor Pinchot's proposal were adopted, would
self-evident.
be an enormous increase in the political power of the
Such, apparently, has been the position of the unions, a resumption of mining only on terms which
operators. Not so Mr. Lewis and his followers, how- the union leaders prescribed, and a renewal of
ever. According to Mr. Lewis, there is nothing to strikes whenever the unions were again dissatisfied
arbitrate. The facts adduced by the miners are the and felt the moment opportune to quit work.
The operators, on their part, are by no means free
only facts to be regarded, the claims put forward in
behalf of the miners are the only claims to be con- from blame. As we have taken occasion more than
sidered. Here are our terms: take them or leave once to suggest, they ought long since to have reJanuary 14 1926.
January 15 1925.
Banks of—
Gold.
Silver.
Total.
Gold.
Silver.
Total.
258
THE CHRONICLE
[vol. 122.
opened some of their collieries with such labor as boards of the eight inspection districts to bar every
could be obtained, and they ought to do so now. person from the privilege of mining anthracite who
Had this been done at the beginning the output of may not be acceptable to the body of anthracite
coal, although doubtless at first inconsiderable, miners, otherwise the United Mine Workers of Amermight by now have attained substantial volume, ica, or that portion of them which is in favor of resufficient at least to have checked the egregious in- stricting mine operations during any strike period.
flation of retail prices from which domestic conWhen the restrictive law was passed it was unsumers suffer. As we have repeatedly pointed out, derstood that its purpose was to protect
anthracite
the mining laws of Pennsylvania, which are framed miners from injury and death by accidents
which
primarily in the interest of the unions, prevent the might be caused by incompetent workers,
and on
bringing in of miners from other States or the trans- that basis the bill had the support of
the operators.
fer of workers from the bituminous to the anthra- Its abuse by preventing competent miners
from takcite fields, but defections from the union ranks ing the places of idle mine workers during
a strike
would almost certainly have occurred as the arbi- was not foreseen. But the operation of
the sections
trary character of Mr. Lewis's leadership came to be quoted is now so clearly to the disadvanta
ge of the
realized. It ought by this time to be apparent to public, which is suffering for the
lack of fuel and iF.3
the suffering miners whom Mr. Lewis commands compelled to make use of substitutes
for anthracite
that no probable increase of wages that can now be at exorbitant prices, that further
legislation which
obtained will make good, even over several years, will either repeal the obnoxious measure
or grant to
the losses occasioned by the strike, and that, with the Governor of Pennsylvania the power
to suspend
the winter already half over, and the use of substi- the operation of the law during an
emergency betutes for anthracite increasing, the likelihood of comes imperative.
winning the strike is lessening week by week. There
Since the appearance of the editorial article in
would have been no need, as there is no need now, our issue of Dec. 26 directing attention
to the moto launch a campaign against the labor union move- nopoly of mining anthracite possessed
by the anment as such, or to impugn the undoubted benefits thracite miners and its evil effects upon
both the
which have accrued to labor through organization. consuming public and the anthracite
operators, there
What would have happened is the defeat, healthy for has been a strong movement in Philadelph
ia, parlabor as well as for the country, of an arrogant ticularly, to have the Pennsylvania Legislatur
e, now
union leadership which has placed its own particu- in special session, repeal or provide for a
suspension
larg program ahead of the public welfare, and the of the law which makes such a monopoly
possible.
community would have had coal. The alternative The Board of Trade, the Lumbermen's
Exchange
which has been offered to the public is a chaotic sit- and other organizations have passed
resolutions on
uation for which both operators and miners are to the subject for presentation at Harrisburg
and a
blame, and which neither side can any longer fairly committee of business men, of whom John Fisler,
shift wholly to the shoulders of the other.
President of the Manufacturers' Club, is Chairman,
The Act which puts the absolute control of an- has been working along the same line. Most importhracite mining in the hands of a comparatively few tant of all, the Mines and Mining Committee
of the
individuals bears the date of July 15 1897, Penna. Pennsylvania State Senate on Thursday of this
week
Laws 287, Sec. 1. It is a lengthy law embodying agreed to report for favorable action a bill
intronumerous provisions, but the particular sections duced by Senator Woodward of Germanto
wn amendwhich are obnoxious are contained in the following ing the certificate law so as to eliminate
its opabstracts:
pressive and destructive feature. This is the one
Section 23 is entitled "Employment Without Cer- really bright development in an otherwise
gloomy
tificate of Competency, etc., Prohibited." This sec- week in the anthracite
situation.
tion says: "No persons whomsoever shall be employed or engaged in the anthracite coal region in
this Commonwealth as a miner in any anthracite
coal mine without having obtained a certificate of
Deceptive Public Ownershipiby Meanirof
competency and qualification so to do from the
Regulation.
'Miners' Examining Board' of the proper district,
A recent conference in Washington of more than
and having been duly registered as herein provided."
Sec. 24. "In each of eight inspection districts one hundred trade and industrial associations to
there shall be established a board of nine miners trp- form a coalition for the purpose of keeping Governpointed from the most skillful miners actually en- ment out of business has not received adequate atgaged in said business in their respective districts tention on the part of the press. It is said that the
and who must have had five years' practical experi- organization adopted as a slogan: "The Functions
ence in the same. Three sub-committees shall have of .Government Are Political
and Not Economic."
the same power as the full board."
And we quote the following from the report of the
Sec. 33. "An applicant must produce satisfactory
evidence of two years' practical experience as a conference: "Government in business drives citiminer or mine laborer in the mines of the Common- zens out of legitimate occupation. It discourages
wealth and must answer intelligently and correctly business which is threatened. It squanders the
at least twelve questions in the English language money of the taxpayers, increasing their burdens.
pertaining to the requirements of a practical miner." It is marked by extravagant delays,
public inconSec. 37. "No person shall mine anthracite and no venience and loss. It
deludes those engaged in
person shall employ as a miner a person who does
not hold such certificate and no foreman or super- agriculture, industry and commerce with estimates
intendent shall permit any person to be employed of cost in undertakings for which they must pay,
under him or in the mines under his charge who does piling up costs in excess of estimates under no responsibility or check. . . . We call upon every
not hold such a certificate."
The penalty for violation of the law is a fine or citizen to take a stand squarely upon the proposiimprisonment or both. Thus it is within the power tion that the American Republic is founded upon the
of the 72 anthracite miners who constitute the private ownership of property and maintained by
JAN. 16 1926.]
THE CHRONICLE
the private enterprise of those engaged in gainful
occupations."
The "Chronicle" has been so long engaged in asserting the rights of private property under our
Constitution and scheme of government and in defending initiative and enterprise against the encroachments of Government that we find it unnecessary to reaffirm our position at this time. To
whatever this organization may be able to accomplish the people of the country should give careful
attention. But it should beware of being dominated
by any group or section. If the functions of republican representative government are political not eeonomic, and they are, Government itself must be
free from partisan politics and must hold itself aloof
from party management that offers to favor or help
one class or industry as against another. Under
present conditions this is not of easy accomplishment. Party rule has invaded pure government even
as Government has invaded business. We must have
parties to present principles and policies, and indeed to put them in force in Government, but there
has grown up a tendency to promise aid that should
be reversed and annulled.
We are not without pertinent examples of this
tendency at the present time. The reported threat
of certain farm associations in the Middle West to
play havoc with the "Administration" in the next
election unless some actual and acceptable relief is
afforded by the present Congress and the announced
intent to "do something for the farmer" is a case in
point. The disposition to aid the poor man, because he is poor, by higher exemptions from the income tax is another. If private property, if business
initiative and enterprise, are to be free from Government interference they must also be free from
Government patronage. They must not at the same
time ask independence and subventions. For whenever and wherever the Government enacts laws in
aid of a class or industry it naturally follows these
laws with regulation and control. The divorce of
Government from business must be complete and
final and it must not be asked to pay alimony. If
we exclude a nominal supervision by Government as
a friend of the people, all regulation and control
are themselves interferences. When Government
protects the private ownership of property it must
at the same time protect private operation of this
same property. And corporate ownership is only
a form of private ownership with which the public
at large has nothing to do. Because of political
animadversions against capital, money, wealth, monopolies, and trusts, we have lost sight of this fundamental fact. And the large corporation, the consolidated corporation, the so-called trust, have come
to signify with some a wrong in themselves. Happily, we are emerging from this belief, but it still
exists. A further complication arises from the fact
that the large corporation does business over a wide
territory and across State lines and the power of the
Federal Government over inter-State commerce has
been invoked not in the original intent of protection, but for the purpose of the destruction of socalled monopolies in behalf of political theories and
interests.
As to the "protection" involved in a tariff-tax
law, we must come, under this separation of Government from business, soon to regard it as a necessary evil because of world conditions, and one to
be got rid of as soon as possible. This form of pro-
259
tection has nothing to do with the protection of the
private ownership of property we are discussing.
At most it is a protection to the operation of this
property. And as we have said, if ownership is to
be made independent of Government, operation
must be; operation can neither be subsidized by a
convention nor fostered and fattened by a tax intended to shut out foreign competition. We hope,
therefore, that "the tariff" will not again become a
party question, that it will be allowed to die, as it
must, in the course of events. Through the iridescent promises of the self-determination of peoples and States, and by virtue of the Versailles
Treaty, certain empires, as for example AustriaHungary, in Europe, were divided into small independent States (it is said that Vienna, a city of
two millions, is now the centre of a State population of seven millions and its trade is starving);
and these States immediately invoked the tariff
which has so interfered with trade that the condition is much the same as would result with us if our
principal States set up custom houses on their borders. This lesson must come home to the States
and Empires of the world in due time, with the
result that these interferences under the luring
name of protection will be abolished. Operation
must ultimately, when Government is freed from
partisan politics and when its functions no longer
invade economics, be as free and independent as
ownership. Then this form of tariff-tax protection
will be seen to be no protection in the true sense at
all, but a strangling of trade in the interest of a class
and section.
Keeping the Government out of business must be
accompanied by the keeping of business out of Government. Not in the order in which we usually use
this phrase, meaning putting business methods into
Government, but in keeping business not only independent of aids, independent, to speak frankly, of
the domination of a Department of Commerce. In
saying this we have no intention of criticising Mr.
Hoover's methods of securing voluntary reforms at
the hands of industries themselves. This may be all
very well while he is in office and all wrong under
a successor. The fear is that these various standardizations and savings may crystallize into a policy of forcing business and industry to conform to
them. The danger is that to give effect to voluntary reforms in customs of trade and manufacture
statutes will be invoked at the hands of Congress.
And this will serve directly to put business into
Government. In fact, reformers are usually willing to have Government take up their "big stick"
and•use it for them. Not in point, but illustrative, •
is prohibition. Small ministerial services, such as
superVising, at the consent of business, as referee,
weights and measures, is a different thing, if by
any chance it should come to this, from making it
unlawful to manufacture articles of use save in
prescribed sizes and shapes. It is true that business has been wasteful, but often there was in the
past no help for it and the people got the benefit of
quick results. Ore reduction is an example. But
when the new process is discovered the old waste
dumps are utilized. Waste is sometimes profitable
and in the long run leads of itself through the evolution of profit to the saving of waste.
Take the business of banking. Its true and full
definition is "the dealing in credits." Ours is the
one great example in the world of free and independ.
260
THE CHRONICLE
[VOL. 122.
ent banking as a natural evolution of the dealing ties are continually promising prosperity to the
in credits. But at the very moment when Govern- people. Yet Government as a political entity has
ment undertakes to use these banks to forcibly no key to prosperity and no means of procuring it.
create a "system" for the purpose of dominating Taxes levied for public purposes are not a blessing
the bank note currency of the country, these banks in themselves, but a burden. Taking taxes from all
are no longer free. To explain: The national banks to shower upon the few is using the Government for
were forced into the Federal Reserve System. They a wrongful purpose. It should be pointed out that
did not at first complain, realizing patriotically Federal contributions to road building in States
that a system of flexible bank note currency in time are not only akin to bribes to the people to vote
of stress could not be had under the old bond-secured taxes upon themselves, but are contrary to the connational bank note. At first they were asked to stitutional protection of private ownership. For
deposit only part of their reserves with the Reserve a dollar earned or made and owned is as much
banks. Later, in war time, the Government steps property as an acre or a house or an automobile,
in to compel all reserves to be deposited and to pro- providing a means for securing a right-of-way is a
vide for the issuance of Federal Reserve noteis ministerial service through the enactment and adbacked by 40% of gold independent of the require- ministration of law. But when a Government,
ments of rediscounts, and credit-secured notes, of Federal, State or municipal, compels an expendithe banks themselves. Result—the corralling of all ture through taxation that is over and above the
gold in these institutions, an inflated currency, and combined and expressed will of the people, it is
the competition of Federal Reserve banks in open taking from one to give to another, a quasi-confiscredit markets.
cation of private property.
Thus insidiously and progressively the GovernWe might amplify and emphasize this thought by
ment gets into the common business of banking, and reference to the surtax which by making a man pay
the erstwhile free national banks are no longer free. more toward the maintenance of Government
There is an attempt being made to "aid the farmers than his proportionate share, is taking his property
in disposing .of their surplus" without price fixing. away by law, is destroying the equality of endeavor
What has Government, the functions of which are and is robbing him where it ought to protect him.
political and not economic, to do with the disposal Our politics insensibly and unceasingly is thus inof any surplus in any industry? And how can it vading economics. We have long talked of co-opdo so without in some way influencing, if not di- eration without understanding that competition is
rectly fixing price? It is for the people to say true co-operation—the independent endeavors of all
whether or not they will take business out of the providing the broad field of endeavor for each, the
Government. But they cannot do so while they are ownership of the one providing the protection of all.
seeking aid to special industries, or while they are Labor, by laws relieving the unions of prosecution
asking for regulation and control because in this under the anti-trust act, by fighting the courts over
way they hope to gain some advantage over compe- injunctions that forbid harassment, by strikes to
tition, rivalry or class influence. Bills are intro- compel the payment of arbitrary high wages, by
duced to prevent strikes in coal by empowering the demanding an eight-hour and even a six or four-hour
Government, in the ostensible interest of the people, day, are putting Government into business by deto take over the mines and operate them in emer- stroying the right to own and to operate according
gencies. The only duty of Government in this behalf to the natural laws of initiative, endeavor and comis to protect with all its power the operators who petition—competition in the sense of the free exerwish to mine coal. The same is true of the railroads. cise of the rights of property. It is not necessary
In some quarters is heard the cry against a "mo- for the Government to own mines, railroads and
nopoly" in bread, because large city bakeries are public utilities, obtained either by taxation or concontemplating consolidation in the interest Of sav- fiscation; it enters business by the side door when
ing in overhead, economy in delivery service, and at the behest of any class, labor or capital, it underconsequent profits. The only regulation that ought takes to manage the industry by regulation and conto prevail is that embodied in protection to private trol. Supervision in behalf of the full right of propownership, to freedom of operation, and to the nat- erty and operation is not regulation. In the sense
ural competition of independent endeavor. While in which we are using these terms it is as much the
the Government may not actually own, it still vir- province of Government to fix price as it is to fix
tually owns when it undertakes to regulate by rates, interest, and profit. There is no constitutional ownership and operation that is not "private."
numerous and onerous laws. ,
Rivers and roads are public highways. But in
road building the Government, Federal, State or
Canada's Treatment of Its Racial Problem.
county, when it undertakes to levy special taxes
The combining of large bodies of people of differagainst the abutting property to pay for same, in ent race and speech under one national Government
part or in whole, is coercing private ownership. In and uniting them in a single contented and loyal
a way this is putting the Government into business. citizenship was one of the most difficult problems
It is certainly not protecting property in the hands resulting from the war. Dantzig, Upper Silesia,
of its owner. Taxes should be levied on all the Czechoslovakia, Jugoslavia and the Near East are
people and upon all property in the political terri- instances in various stages of settlement.
tory to pay for these improvements. This matter is
Canada's problem was old; now, however, because
not akin to the exercise of the right of eminent do- new forces are everywhere in play it is new and
main. No one, no class, no majority of the people, Canada is dealing with it successfully. The fact
can undertake the business of increasing the value that she has had a century and a half of experience
of a citizen's personal ownings against his will. makes her success the more valuable for others who
Yet in road improvements and in city paving we now have the task in hand, and of these the United
find this argument constantly used. Political par- States both because of contiguity and the similarity
JAN. 16 1926.]
THE CHRONICLE
261
The close contiguity of the United States, with
of conditions is by no means the least concerned.
Our continuous task, at least for a century, has been only an imaginary boundary line and nearly a dozen
to absorb aliens. Though definitely an Anglo-Saxon times Canada's population, possessed of the eager
)
State, we have received eagerly if not thankfully American spirit and having some $2,500'000,000
iminigrants of other race and speech. Quietly, and already invested in Canada, with ready access, is a
for the most part successfully, they have been assim- serious difficulty. The strong English tradition susilated. The great majority of them came with that tained by pride in British citizenship and a full
purpose in view. It constituted part of the general share in British prestige and protection around the
hope of bettering themselves. While with many world, is an appreciable offset, shared as it is by the
there has been an intermediate hyphenated relation, erstwhile Czech, the Italian, the Russian, the Pole
and they were Italian:Americans, German-Ameri- now finding a new home, no less than by the newcans, and the like, they are as a whole thoroughly comer from Birmingham or Sheffield, from Hampabsorbed in the life of the nation. The certainty shire or from rural Wales.
with which nearly all who return home come back
The chief element of the problem lies in the
content to be Americans is interesting evidence.
French habitant; he preserves in his Quebec homeOf late the growth of certain evils has created stead the French tradition as completely as though
concern as to the power of the country to absorb so he were living on the plains of Picardy. He has
many newcomers, particularly from Southern Eu- throughout the whole period had a generous recogrope and the East, and we have enacted restrictive nition of his political and religious rights, and has
legislation with universal proportional application. an integral part in the government and life of the
This is definitely a temporary expedient to give time nation. Professor Bracq's recent book,"The Evolufor better adjustment. The good-will certainly re- tion of French Canada,"* gives an account of the
mains; time alone is needed to determine the measure experience of the French in Canada and the thorand the method that will asgure the good of all.
oughness of their entrance into the life of their new
Meanwhile Canada's success in developing the home, and their great contribution to it. French
national spirit in her similarly mixed population is Protestant as he is and for many years an American
interesting and instructive. For 150 years she has College Professor, Dr. Bracq has turned aside from
had to assimilate nationalities of great variety. his field of study to do justice to the men of French
With a present population of nine and a quarter blood in the new world. He desires to set forth how
millions she has two and a half million French de- 65 000 vanquished French colonists abandoned by
;
scendants of her first owners, settled mainly in France at the Cession to ,England in 1763, treated
Quebec, but now spreading westward; also, there are unjustly by early English settlers and officials,
the descendants of the British loyalists who crossed "have become a people of over 3,000,000 [elsewhere
from the States at the time of our Revolution; she put at 2 million] who have evolved a civilization
/
1
2
has had, besides, a large share of the European in- of their own of singular interest."
flux to this continent during the past fifty years,
After recounting the not uncommon experience
and more recently Americans crossing the Canadian of depressed or conquered minorities and the sad
border in the wake of American capital. From this tale of prolonged injustice ending in bloody riots,
diverse material in a territory more than 3,500 miles he takes up the story of the political and civil conwide she is attempting even a more difficult task
"The Evolution of French Canada," by Jean Charlemagne Bracq. Macthan ours, namely to create overseas a new British millan Co.
nation.
Continued on page 278
Bank Clearings in 1925 and the Course of Trade
and Speculation.
Bank exchanges for the calendar year 1925 at the
different bank clearing houses throughout the country accurately reflect the course of trade and business during that period. This is unlike the experience in the previous calendar year, when the clearings totals showed further growth in face of a
marked contraction in business in many different
lines of goods and a decided slump in general trade
in midsummer, due to the pending Presidential election, and when, therefore, special study and analysis of the clearings returns had to be made to account for the further moderate expansion in the
totals at a time when other tradeindexes so generally
showed declining records. For 1925 the further substantial rise in the totals of bank clearings synchronizes exactly with what is known of the course of
trade movements, at least in the leading industries,
and it is not necessary to enter into an analysis to
explain the results. A simple, concise statement
would be to say that trade rose to higher levels, and
so necessarily did the volume of bank clearings.
The progress of industrial activity during 1925
was not uninterrupted. For several months
in the middle of the year there was hesitancy and doubt, when merchants and business men were not clear in their own minds
as to the probable course of the immediate
future—when they were not sure that a continued
forward movement could be counted upon and were
intently looking for signs to indicate what the trend
would be. During this period the trade currents
were marked by moderate reaction. But this reaction.corresponded with the period in 1924 when the
country had suffered such a decided slump in trade,
and hence even in these months the record of improvement over the previous year was maintained.
Later signs of trade revival reappeared simultaneously in many different lines of industry, making
it apparent that in a perfectly normal way, without extraneous stimulants of any kind, trade had resumed its forward course. Consumptive requirements not only continued unimpaired, but actually
expanded. Production had to be brought to the
same level in order to meet these growing requirements. Doubt regarding the future was now dissipated and trade and business may be said to have
262
THE CHRONICLE
[VOL. 122.
been at their best as the year closed. Thus, in the previous years, but it did increase very heavily over
comparison with the previous year there was im- the year preceding. The monthly statistics compiled
provement from the beginning to the end. What by the "Iron Age" of this city, which cover the enunevenness there was, was paralleled by that of the tire output of iron except a little over 200,000 tons
previous year in the greater intensity of the depres- of charcoal iron, show that iron production in all
sion prevailing at that time.
the months of 1925 ran uniformly higher than in
For the whole country the grand aggregate of the 1924 and that the total make for the twelve months
clearings for 1925 reaches $512,063,011,279, This of 1925 was 36,403,470 tons, as against 31,108,302
compares with V55,759,342,491 in the calendar year tons in 1924, but comparing with 40,059,308 tons,
the
1924. The increase, therefore, is $56,303,668,788, or make of iron for the twelve months of 1923. The
12.3%. At New York the increase is $33,751,063,- increase in 1925 over 1924 was roughly about 14%,
2297, or 13.5%. Outside of New York it is $22,552,- while on the other hand, the ratio of increase in the
605,494, or 10.9%. These are all very substantial case of steel production was about 19%. More or
gains, both in absolute amount and in ratio, and less scrap steel is all the time being used, but enthey are the more noteworthy because in comparing tirely apart from this, as was pointed out by us in
with 1924 comparison in the first two cases is with our analysis a year ago, steel represents one
step
positively the largest figures on record and in the further in the process of reaching the
finished prodcase of the clearings outside of New York is also uct, and it is the finished product on which the imwith the best previous figures, barring the single press of changes in business sentiment and business
year 1920, when the total ran a trifle higher and conditions are always most strongly revealed.
which is now left far behind. In these respects the
Turning to other trade indications, the record of
totals of the bank exchanges tell the same story as great increase in activity over the year
preceding is
most of the leading trade indices. The iron and steel everywhere in evidence—in many instances to
higher
industry is still considered a good barometer of the totals by far than ever previously attained, and
from
course of trade as a whole. And note what the sta. this expansion in bank clearings followed
as a mattistics of steel production show. The hesitation and ter of course. Anthracite coal production, as
everyreaction in trade which marked the middle of the one knows, was entirely suspended because
of the
year 1925, as already noted, were very strongly miners' strike, beginning with Sept. 1, involving
a
manifest in the steel industry, yet total steel output loss of 30,000,000 tons or more of hard
coal, this
in 1925 not only greatly exceeded that of the calen- loss being offset to the extent of a few million tons
dar year 1924 but ran far in excess of that of the by the increase in the anthracite output during the
best previous year, notwithstanding the lull and first eight months of the year, leaving total
producshrinkage in mid-summer. According to the monthly tion for 1925 at approximately 62,120,000 gross
tons,
reports of the American Iron & Steel Institute, the against 87,926,000 gross tons in 1924. But it
is soft
calculated production of steel ingots (based on re- coal, mainly, that counts in our great manufactu
rturns from companies which in 1924 produced ing industries and the total of bituminous coal
pro94.43% of the steel output of that year) in January duction for the calendar year is put by the Bureau
1925 was 4,198,564 tons, and in March was almost of Mines at 523,072,000 tons, as against 483,687,00
0
exactly the same, or 4,198,520 tons, though actually tons for the corresponding period in 1924, giving
an
the rate of production in March exceeded that of increase of roughly 40,000,000 tons.
January, since there were only 26 days in March
Automobile production, of course, surpassed that
whereas there had been 27 days in January. Each of any.previous year and that, along with the
conmonth after March, however,there was a progressive tinued activity in the construction of new buildings
decline until in July the calculated product was and prosecution of new construction work
generally,
only 3,087,590 tons. From this point gradual but has unquestionably been one of the strongest
factors
uninterrupted recovery ensued until by December in the revival in general trade.,
For the eleven
the production was back to 3,975,824 tons. In 1924, months ending Nov. 30 the number of
passenger
at the time of the great slump in business, to which automobiles produced in the United States
and Canreference has already been made, the calculated pro- ada was 3,532,440, against 3,080,665
in the correduction dropped from 4,206,699 tons in March to sponding eleven months of 1924.
In addition, the
only 1,877,789 tons in July, with a recovery to production of automobile
trucks in the eleven
8,569,251 tons in December. These comparisons months of 1925 was 462,589,
against 349,802 in the
make it evident that there was a marked reaction in eleven months of 1924. The feature
here, apart from
activity in 1925 but that it was nothing more than the great growth in production
, was the high level
a reaction, especially alongside the prodigious slump of the output in the closing months, the
output of
of the previous year. The further statement nat- passenger cars in October, for instance,
having been
urally follows that total production of steel ingots the largest of the year at 406,572, as
against 391,302
for the calendar year 1925 reached 44,186,977 tons, in April (the spring being ordinarily
the period
against only 36,811,157 tons in the calendar year when the trade is most active),
and the output for
1924. The best record in steel production in the November having been 336,358
cars, as against 260,past was in 1917, the first year of American par- 881 and 204,343, respectively, in
October and Noticipation in the Great War, when steel in such vember 1924. As for the record
of new building
great quantities was needed for the prosecution of construction, the statistics of the F.
W. Dodge Coractive warfare and when every effort was made to poration show that contracts for constructi
on work
raise steel production to the top notch. That this started in 1925 reached a grand aggregate
of apwar record in steel production should have been proximately $6,600,000,000, against 5,237,000,000 in
beaten in 1925 speaks volumes as to the extent of the 1924, an increase of, roughly, 26%.
Of course,in the
activity prevailing in that year.
newer communities construction work has been the
As it happens, the make of iron in 1925 did not controlling and the paramount influence in the
get up to anywhere near the best records of several year's trade and business activity, notably in the
JAN. 16 1926.1
THE CHRONICLE
263
case of the State oi Florida, where there has been in cultural Bureau of Washington at 2,900,581,000
recent years such a great influx of population, mak- bushels, as against only 2,312,745,000 bushels in
ing new construction, not only in the erection of new 1924, when the crop was decidedly short) about 45
buildings of all kinds, but in the construction of ad- cents a bushel less than in the closing months of
ditional railroad mileage, imperative. Here again 1924, the December option for corn in Chicago Dec.
bank clearings reflect in a notable way the great 31 having closed at 80 cents a bushel, as against
2
development that has been taking place and is still 125Y cents on Dec. 31 1924.
In the New England textile industry the situation
in progress. At Miami the bank clearings have run
up from $212,353,780 in the twelve months of 1924 as regards at least the cotton goods trade, which has
to $1,066,528,874, being an expansion of over 402%; been more or less depressed for several years on acat Tampa they have jumped from $195,979,545 in count of short supplies of the raw material, with
1924 to $461,800,170 in 1925, an increase of 235%, attendant high prices for the same, also changed for
and at Jacksonville the total has risen from $808,. the better, though the change did not come until
093,771 to $1,446,158,867, being a gain of nearly quite late in the year, when it appeared that the
1925 crop was to be of huge size, and the realization
80%.
The railroads, toc, have played their part in stim- of that fact brought a sharp decline in raw cotton
ulating and promoting trade activity. The railroads prices. Dividend distributions by Fall River, Mass.,
have had a good year, notwithstanding the anthra- textile mills during 1925 were reported to have been
cite carriers were badly hit the last four months of the smallest in more than a decade; averaging only
the year by the miners' strike and that damage done 5.029%, compared with 6.454% in 1924 and 8.112%
by drought conditions in diminishing the size of the in 1923. Dividends paid, however, by New Bedford,
wheat crop and alsc the cotton crop was an adverse Mass., cotton mills corporations during 1925 are
influence with some roads in certain portions of the stated to have averaged $5 63, compared with $5 13
Southwest, more particularly in Texas, Kansas, in 1924. During the twelve months a number of
Oklahoma and Arkansas. For the 52 weeks of 1925 shares fell to the lowest level reached in years, deloading of revenue freight on the railroads of the spite the more profitable average cloth business than
United States reached an aggregate of 51,177,962 in 1924. Boston advices at the end of 1925 stated
cars, against 48,04,433 cars in the 52 weeks of 1924 that the Androscoggin mills, for the first time in 65
and 49,812,113 cars in the 52 weeks of 1923. Gross years, had failed to declare a dividend. All this,
operating revenues for the eleven months ending however, reflected past conditions, and the latter
Nov. 30 1925 were $5,661,646,000, as compared with part of the year prospects brightened very materially under the decline in the price of the raw mate$5,481,488,000 in the eleven months of 1924.
As far as the agricultural sections of the country rial. Middling upland spot cotton in New York got
are concerned, some irregularity in the character of down to 19.15c. per pound on Dec. 22 and closed Dee.
the clearings comparisons between 1925 and 1924 is 31 at 20.70c., against 24.85c. on Dec. 31 1924. Print
explained by what has just been said with reference cloths at Fall River for 28-in., 64 x 64, sold at the
/
1
2
to the conditions experienced by the railroads. It end of December at 6 c. per yard, against 7%c. at
the end of 1924. As indicating the change for the
is proper to add, however, furthermore, that on the
whole the agricultural situation was not so good as better in the scale of activity in the cotton goods init was in 1924, or at least in the last half of that dustry, it deserves to be noted that whereas in 1924
year, when the agricultural classes had the double operations by the cotton mills in the United States
advantage of an excellent wheat harvest, leaving a had dwindled to such an extent that the number of
large surplus for export, combined with high prices active,spindle hours fell from 8,346,739,363 in Januand an almost insatiable foreign demand for this ary 1924 to 5,182,493,618 in July, with a recovery to
surplus at the high prices prevailing, and when also 7,816,590,215 hours in December 1924. In the year
the level of other grain prices, particularly corn, 1925, on the other hand, the number of active spinoats and rye ruled equally high. In 1925, on the die hours in January was 8,493,240,466, in February
other hand, the wheat crop was smaller by about 7,868,113,831, in March 8,599,440,113, and in April
200,000,000 bushels. Prices sharply declined all 8,518,142,398, and the lowest figure of the year
around—in corn, oats and rye as well as in wheat— reached in July was 7,297,648,494, with the amount
and these low levels of prices, particularly in corn, for November 1925 7,833,792,613 hours. The silk
led to some distress in portions of the agricultural industry, however, was fully employed throughout
districts, so that the Government was once more ap- the year and the records kept by the Silk Association
pealed to for assistance in the shape of legislation by of America show that 501,343 bales of raw silk were
Congress intended to relieve the farming situation. consumed by mills during the twelve months of 1925,
The effects of the abundant wheat crop of 1924 co- or almost 40% more than in 1924, which was the
incident with high prices were felt as a favorable in- previous high record. In the rayon industry new
fluence during the first half of 1925 and did much high records were constantly being established
to improve the condition of the farming classes, par- through the year 1925.
ticularly in the spring wheat districts of the NorthAt New York the magnitude of the financial transwest, where wheat is the sole money crop. Later, actions independent of those growing directly out
however, came the slump in wheat prices, with a co- of commerce, trade and industry always plays an
incident shortage in production, particularly in the important part in affecting the volume of bank exwinter wheat States. Towards the close of the year, changes and these, too, were on a scale of unparalfortunately, the price of wheat recovered, but the leled magnitude. Taking as one measure of these
shortage of yield remained. Furthermore, there financial transactions the new capital flotations,
was comparatively little recovery in the prices of both on behalf of home enterprises and borrowings
the other grains and the quotation for corn at Chi- by State and municipal Governments as well as farm
cago ruled (due in part to the fact that the size of loan emissions, and the new capital issues on behalf
the United States corn crop was put by the Agri- of foreign Governments and foreign industrial un-
264
THE CHRONICLE
[VoL. 122.
dertakings of one kind or another, these showed fur- which is the same
as saying that outside of NeW
ther great expansion during 1925, notwithstanding York the growth was
progressive throughout the
that they were previously of unsurpassed magni- year except for some
reactions in the closing months,
tude. Complete figures are as yet available only for when comparison was
with sharp recovery in 1924
the eleven months to Nov. 30 and for this period in following the great
slump in the summer of that
1925 the capital issues reached no less than $6,381,- year. Stated in
brief, the outside cities recorded
220,323, against $5,841,270,575 in the first eleven 8.3% increase
in the first quarter, 14.5% in the secmonths of 1924, $4,596,541,215 in the corresponding ond quarter,
12.9% in the third quarter and 10.5°Ar
period of 1923, $4,938,682,244 in the same period of in the fourth
quarter. The figures are as below:
1922 and $3,641,917,874 in the eleven months of 1921.
MONTHLY CLEARINGS.
Stock speculation, too, as we shall see further along
Clearings, Total All.
Ckarings'Outside New York.
in this article, reached far larger proportions than Month.
1925.
1924.
%
1925.
I
1924.
%
ever before, and this also, here in New York, is a
Jan___ 46,191,398,727 38,472.182,972
17,783,054,500 +9.5
potent influence in affecting bank clearings, even Feb._37,484,076,456 33,702,215,835 +20.1 19,470,704,741115,582,105,989 +5.4
+11.2
March 42,018,207,716 36,675.610,441 +14.6 16,427,017,204
18,669,196,967,17,025,383,279 +94
though the New York Stock Exchange clears most
1st au_ 125,693.682,899108,850,009,248 +15.5
54,566,918,9125O,390,543.76$ +8.3
of its own transactions.
April__ 41,476,138,428 37,234,014,892 +11.418,627,
253,823116,908,153,777
May __ 41,878,356,1
With, therefore, trade and speculation alike tend- June__ 43.235.573,582 37,484,014,224 +11.7 18,030,921,762 16,762,409,481 +10.2
+7.6
36,072,156,798 +19.8 19.216,729,875116.113,607,744 +19.2
ing to swell the volume of bank clearings, it is not 2d au_ 126,590,068,200h110,790.185,914
+14 355,874 905 46048 7 4 171.002 +14.5
.
. . : ,8.
surprising that these clearings should show further 6 mos- 252,283.751,099219,640,1
95,162
9110441824 372 101174714,770 +9.1
. :
growth for 1925 in virtually all parts of the country July __ 42,981,539,437 38.244.469,4 +14.
84
7,836,458 +14.4
Aug __ 38,028,978,230 36,399,397,6 +12.419,&85,
-barring exceptions due to local causes. It took Sept__ 40,717.760,442 36.016.297,994 +4.517.810.789,33&17,1157.281.469+10.9
459.56516.0
42 +10.318,943,321,96316,725,647,206
+13.2
several years to recover from the great shrinkage in 3d QU_ 121,728,278,109110,660,165,120 +10.056.339.
571.15849,900,765,124 +12.9
clearings which occurred in 1921 with the Severe 9 mos- 374.012.029.208330.300.360,282 +13.2 166781395
530 150075479,894 +11.1
slump in business which was experienced in that Oct..__ 47,225,425,546 40.632,561.387 +16.221.273.278.54919.04
7.934,153 +11.7
Nov __ 42,794,501,693 39,888.803,501 +7.319.317.3
23.61117,456
year, but the loss then sustained had been completely Deo_._ 48,031,054.832 44,937,617.321 +6.921,071.768,95619.311 .073,376+10.6
.673,720 +9.1
recovered in New York by 1924, as already shown, 4th qu.138,050,982,071 125,458,982,209 +10.061,662,371.11655.815,681,249
+10.5
and even outside of New York may be said to have Year_ _ 512,063,011,279 455,759.342,491 +12.3228443766.646205891161.152 +10.9
been virtually recovered in that year, since a numWe now follow with the comparisons for New
ber of cities formerly; included in the totals had York by itself, carrying the compari
sons in this case
stopped reporting. As a result, the further growth back for four years. Here the ratios
of increase as
in the volume of clearings during 1925 represents between 1925 and 1924 gradually
tapered off as the
that much addition to the very best totals previously year progressed, mainly because
of the very noterecorded. This further addition, it has already been worthy recovery established
in the latter half of
seen, has been 13.5% at New York, 10.9% outside of 1924, aided by reviving speculation
on the New York
New York and 12.3% for the country as a whole. In Stock Exchange. In the first quarter
the ratio of
the following table we show the totals for each cal- increase was 21.7%, in the second
quarter 15.9%,
endar year all the way back to 1905:
in the third quarter 7.6% and in the fourth quarter
9.2%. In one month, namely August, the clearings
Inc.
Clearings
Inc.
Inc.
Year.
New York
or
Outside
or
at New York actually fell a trifle below those of
Total
or
Clearings.
Dec.
New York.
Dec.
Clearings.
Dec.
1924. We subjoin the table:
8
%
$
%
$
%
1925 see note 283,619,244,636 +13.5 228,443,766,646 +10.9 512,063,011,
1924 see note 249,868,181,339 +16.8 205,165,887,454 +2.9 455,034,068, 279 +12.3
1923see note 213,996,182,727 -1.8 199,456,248,672 +14.8 413,452,431,793 +10.1
1922 see note 217,900,386,116 +12.1 173.606,925,839 +7.7 391,507,311,399 +5.6
1921 see note 194,331,219,663 -20.0 161,256,972,873 -21.9 355,588,192, 955 +10.1
1920 see note 243,135,013,364 +3.1 206,592,968.076 +12.3 449,727,981,536 -20.5
440 +7.6
1919
235,802,634,887 +32.0 181,982,219,804 +18.3 417,784,854,691 +25.7
1918
178,533,248,782 +0.6 153,820,777.681 +18.7 332,354,026,463
1917
177,404,965,589 +11.5 129,539,760,728 +26.7 306,944,726,317 +8.3
+17.2
1916
159,580.645,590 +44.4 102,275,125,073 +32.4 261,855,773,
1915
110,564,392,634 +33.2 77,253,171,911 +7.0 187,817,564,683 +39.4
545 +20.9
1914
83,018,580,016 -12.3 72,226,538,218 -3.9 155,245,118,
1913
94.634,281,984 -6.1 75,181,418,616 +2.7 169,815,700,234 -8.6
600
1912
100.743.967,262 +9.1 73,208,947,649 +7.9 173,952.914,911 -2.4
+8.6
1911
92.372.812,735 -5.0 67,856,960,931 +1.6 160.229,773,
1910
97.274,500,093 -6.1 66,820,729,906 +7.3 164,095,229,666 -2.4
999 -1.0
1909
103,588,738,321 +30.7 62,249,403,009 +17.2 165,838,141,330
+25.2
1908
79,275,880,256 -9.1 53,132,968,880 -8.4 132,408,849,
1907
87,182,168,381 -16.7 57,843,565,112 +4.8 145,025,733,136 -8.8
493 -9.3
1906
104,675,828,656 +11.6 55,229,888,677 +10.1 159,905,717,633
1905
93,822,060,202 +36.7 50.005.388.239 +13.9 143.827.448.441 +11.0
+27.7
Note -Figures for 1920. 1921, 1922, 1923, 1924 and 1925 in this table
for total
clearings and for clearings outside of New York do not make a
with previous years, inasmuch as St. Joseph, Toledo, and about a Proper comparison
dozen minor places
which in 1919 and previous years contributed regular returns now refuse
to furnish
reports of clearings. The omitted places added, roughly,
$2,000,000,000.
Considerable interest attaches to the comparisons
for the different months of the year, and in the following table we give the clearings by months and
quarters, both for the country as a whole and for the
cities outside of New York. For the country as a
whole it is found the ratios of improvement for the
first and second quarters of 1925 did not greatly
differ from each other; and the ratios for the
third and fourth quarters were also much alike,
though smaller. In other words, in the first quarter
the increase was 15.5% and in the second quarter
14.3%, but in the third quarter 10.0% and in the
fourth quarter 10.0%. Outside of New York the
ratios of improvement were smaller than for the
country as a whole in the first and second quarters,
but exceeded them in the third and fourth quarters,
CLEARINGS AT NEW YORK.
1925.
1924.
Inc.or
Dec.
1923.
1922.
Month.
3
$
%
$
8
ranuary. 26.720,693,986 20.689,128,472 +29.1 19.778,359,599 17,296,063,835.
February 21.057.059,252 18,120,109,846 +16.2 16.783,978,443 15,340.452,983
%larch__ 23,349,010,749 19,650,227,162 +18.8 19,768,279,996 18,719,572,952
Let guar_ 71,126.763,987 58,459,465.480 +21.7 56,330,618,039 51,356,089,770
April- -__ 22,848,884,605 20,325,861.115 +12.4 18,010,072,951 18,759,044,355.
14ay- - __ 23.847,434,420 20,721.604,744 +15.1 19,211,755.142 19,214,812,854
rune__- 24,018,843,715 19,958.549,054 +20.4 18,675,477,650 20,110,896,750
Id quer__ 70,715.162,740 61.006,014,913 +.15.9 55,897,305,743 58,084,753,950
3 months. 141,841,926,727 119,465,480,393 +18.7 112,227,923,781 109,440,843,720
23,395,750.107 21,126,633,025 +10.7 16,645,489,481 18,337,443,1
filly
August
20,218,518,365 20,342,116,225 -0.6 14,778,137,428 16,938,311,9 63
3eptemb'r 21.774,438,479 19,290,650.736 +12.9 15,070,863,371 17,284,770,5 36
44
65,388,706,951 60,759,399,986 +7.6 46,494,490,280
3d quar
52,560,525,643.
months. 207,230.633,678 180,224,880,379 +15.0 158,722,414,061
)
162,001,369,372
Dctober_ _ 25,952,146,998 21,584,627,234 +20.2 17,730,152,9
November 23,477,178,083 22,432,730,125 +4.6 18,048,312,909
December 26,959,285,877 25,625,943,601 +5.2 19,495,302,848
08
ith quar.. 76,388,610,958 69,643,300,960 +9.2
55,273,768,665
Year
19.667,894,757
17,332,278,296
18,898,843,691
55,899,016,744
283,619,244.636 249,868,181.339 +13.5 213,996,182,
727 217.900,386,116
Proceeding a step further in our analysis, the figures of the principal cities, in addition to those at
New York, come to mind, and here the. notable fact
is revealed that while improvement in the 1925.
totals over those of 1924 is common and general
Richmond, indeed, being the only exception amongthe selected cities-the 1925 totals for the different
cities nevertheless do not all come quite up to those
recorded back in 1920 in the peak of the war period
of inflation. At the financial centres, or rather the
centres where financial transactions play an important part in the totals, the 1925 bank clearings;
265
THE CHRONICLE
JAN. 16 1926.]
16.977,924,066
FAMMEEntrgtraEn'itta
W.W.
..w. .W. 04.01.WW4•OW4..4.0WWW.4 .
355,588,192,536 449,727,980,817
161,256,972,873 206,592,968,076
512,063,011,279
228,443,766,646
We also again present a grouping of the cities by
in all cases run well above those of 1920. This is
notably true of New York, Chicago, Boston and Federal Reserve districts as follows:
p
A
1
...mwmo.wm. :7
Philadelphia, and even of Baltimore. But when we
m
g0
'
g
' .5;Sr aRg..,
!±:::RG 4272
come to places where financial transactions, dis..;
tinct from those connected with trade or agriculture,
'“.x F
are not of very great consequence, quite considerable
.0V
n 0 , - KI5 V'
0
'0
losses from the high levels of 1920 appear in not a
A;
F
;Z•
.. 0
c.
few instances in the West, in the South and even at
,
.......
1 CO w.....
" .4. . ............ ,,.z.
.
[z .
some New England points. In other words, there
.
.0..NW00
.
.
.
has been no return to the heyday of prosperity then
.40W...4..000..0
0
.
.47-..0.
..a7...Coc07.4..3W,.W0!7
,
a
experienced, largely, no doubt, owing to the un08
t
4 : t II 2 21 8 2 '4'. t II
a'
42
-...., I...:. ., b W 1.2b120 0
1.3
.
F
wm.004.20owco0
.
natural level to which many commodity prices had
044222...mmwmo.
CO
2
:
12
74MMWOMM14:27 41c 1
.0.-2.4-2mw.4.0.a
then been carried. St. Louis clearings have been
w..4-2.0mom..
to
m4
gradually moving up again in recent years, but the
.NON
;A000.00000204.
NN
4.0.P.122b1.272,212b1-0,b
4
01
$8,294,.
1925 total at $7,627,000,000 compares with
WCW0A.00004.04.00
ON
co
.0
0.00.000Wg.N.
m
7...W WW .C4W1410b212W1212 " .
000,000 in 1920 and with $8,202,000,000 in 1919.
04.
00.400.0.40.9.400
,
14 W0N..4000004,0
.0
.
4
000.0W.WW..10
-.4.
7
Kansas City perhaps shows the widest disparity
.0000,.04.0000.
No
N. 000000=0".*000
with this earlier period of high bank clearings, its
- -1 1
1
2
A
. 1
.. ..+++.k0.-1
total of $7,036,000,000 for 1925, comparing with $11,-.ON
..
: e.
...4.40..400NWO
--;
4.
i-,662426044E46;00
M
.
..
615,000,000 for 1920 and $11,223,000,000 for 1919.
. co. .
. .4.
.0010
CW
.4
WNWM0.P.000..40.
.2 4M.000
b212141,12 1 1
4.a
0
But take such a point as Pittsburgh, the clearings
CO
w-2-2.m..20w0,mwm
oo
m
47
om
-200.0=-200.mo
CO
M14 M M
for 1925 at $8,857,000,000 compare with $8,982,b "0
M 74
co
g.0
.4
=0000000..440.0
W.
W
,
00)0..0WW.40=0
000,000 for 1920; but, of course, the iron and
WW00 .WC4.122.141.274M
WW
4
1
-20
m
04-2w000,omww-2
. too
00-2-2mmow-20m.
steel industry was stimulated to an unusual degree
i
.
"CO
.
.WN.
. -40 .
co
CO,'.
0
014.WW00W0!0M.W0!
during the war and the period immediately succeede
7
0 . 8
0.3 Ytt- hi.tt
_ 81 ...... .....
.
.s
ing. Even Cleveland clearings at $5,997,000,000
-.. 1.1. 10101. -00 I., -. -.... I. -.., -„, b. k
N,
N. -40000.9.000,0.4N0
0
N. .4.4
4(000.000.0
0
compare with $6,907,000,000 in 1920; New Orleans
W
010
Cl.MOMMM74M7-MM12
wo
CO
0!..10.00001.0r W
0
.44..401000
00
0
clearings at $3,170,000,000 compare with $3,315,.
.00.
.
.
CO
..1
...14..000.4.40.00
000,000 in 1920; St Paul clearings at $1,631,000,000
0'b 000b6m1 -12o
.
27
.
:-.mm.-20wowo-20
oww00..momv.
.
.
S
44
compare with $1,870,000,000; Denver clearings at
.
.2
1
M14.1214141-M1.244bMb
.
0!.v.w00-0! 000
0-400.4NW0!.NW..4
0
$1,668,000,000 compare with $1,980,000,000, and
...
.01.0.10W0
00..4CON,...30..10 .
0
04.0.4.000,0000a
Co
Richmond clearings at $2,839,000,000 for 1925 comna
to ...o-. WN.40
to
to
000.40.4.0000.4.
0
pare with $3,046,000,000 in 1920 and $3,091,000,000
WWWWb:4 1
.bi
410MMWM
CO
.
mmoomo.mwwwm
42
co
.owo.po4.4p0000 .
in 1919.
m
-o-olao:p.-...70-0.0
..p.
P
E
mmmmmw.ow0=0
,24
mwc.2.200-2m.mmo
On the other hand, in cities of notable growth
1012b7
.2W74
21.1
-121-14 1
b
.0...m004w.4.0-2
there has also been notable expansion in the volume
.momo-4moommm
0
Here some of the characteristics observed in the
of bank exchanges. Detroit is one illustration of
this and Los Angeles another. At Detroit the clear- case of the different cities, in one part of the country
ings in 1920 were $6,014,000,000 and this was fol- or another, are found reproduced in larger or smaller
lowed by a drop to only $4,648,000,000 in 1921, but degree. As compared with the year preceding, the
since then the total has been rising year by year, Federal Reserve district which for 1925 shows the
and in 1925 reached $8,430,000,000. Los Angeles largest ratio of growth is the Federal Reserve Dishad no slump whatever in 1920 and its total has been trict of Atlanta, where the increase reaches 27.3%.
rising, year by year, until now for 1925 it stands at The explanation, of course, is found in the phenom$7,945,000,000, against $3,994,000,000 in 1920, enal expansion at the Florida points to which refer$2,339,000,000 in 1919 and only $1,547,000,000 in ence has been made in the earlier part of this article,
1918. In the following we furnish a comparison for namely Jacksonville, Tampa and Miami, where the
the last eight years for all the largest cities, adding ratios of gain run from 78.9% to 402.2%. The New
also a column to show the clearings for the same York Federal Reserve District has 13.5% increase.
cities for 1914, the year of the outbreak of the war. The Federal Reserve District with the next largest
ratio of improvement is the Philadelphia Reserve
CLEARINGS AT LEADING CITIES.
district, where the gain is 12.8%, notwithstanding
(01)0,000: 71925. 1924. 1923. 1922. 1921. 1920. 1919. 1918. 1914.
the miners' strike in the anthracite regions, which
$
$
$
$
$
$
$
8
p omitted.) a 8
194.331 243.135 235.803 178.533 83.019 finds reflection chiefly in the Lancaster clearings,
York_ 283.916 249.868 213,996
New
25,975 3 .66• 29.6861 25.930 15,693
Chicago __ 35,392 31,65 31,113
14,328 18,81 17,903 15,637 7.517 which have fallen off to the extent of 22.8%. Both
Boston ____ 22,482 21.323 19.310
20.445 25,09 22.095 19,717 7,915
PhiladelPhia 29,079 25.64 24.651
7,174 7.204
6,235 8,29
8.2021 7,839 3.889 Scranton and Wilkes-Barre show moderate improveSt. Louis__ 7,62
8,213
6,808 8,982 7.2771 5,762 2,626
8,03
. 8,85
Pittsburgh
6,629 8,12
,
5,629 2,516 ment for the year, though considerable losses ocSan Fran__ 9,479 8,366 8,049
3,745 4,896 4,3431 3.356 1,874
Ba1timore._ 5,832 5,025 4,838
2,801 3.597 3,131 2,848 1.293 curred in the closing months. The bulk of the inCincinnati. 3,710 3,353 3,445
6.882
7,537 11,61. 11.2231 9,941 3016
Kansas City 7,036 6,58
4,667 6,90
5,482 4.340 1.
Cleveland.. 5,997 5.441 5.550
238 crease in this district is found at Philadelphia itself,
2,210 3,31. 3,170 2,660
.
N. Orleans_ 3,170 2,986 2,811
904
3,356 4.012 2,2671 1.949 1,374 which has been forging ahead very rapidly. In the
Minneapolis 4,463 4,026 3.677
1.199 1,2 i i
9291 1.16s
1.612 1,552
1,74
668
Louisville. _
4,648 6.014 4,503 3,181 1.354) St. Louis, the
Detrolt. _ _ _ 8,431 7,356 8.694
Minneapolis and the Kansas City Re1.445 1.736 1.52
1,477
. 2,062 1.912 1.876
Milwaukee
848
4,211 3,994 2,33
7.02
7,945 7,19
1,547 1.145 serve districts the ratios of gain are quite moderate,
Los Angel
534
633
69
622
60
718
594
Providence_
401
1.903 3.0
3,05: 3,82i
Omaha.... 2,188 2.004 2,103
883 running from 6.2% to 7.9%,
reflecting, doubtless,
1,811 2.293 1,65. 1.140
591
Buftato_ _ _ 2,782 2.311 2.346
85
5
807
966
1,663 1,871
St. Pau1_ _ _ 1,631 1,618 1,80
the effects of the drought in portions of the West and
785
942
810
985 1,05
904
776
Indianapolis
415
1,528 1,980 1,630 1,203
460 the unsatisfactory agricultural
Denver _ _ _ 1,668 1,611 1.656
situation generally.
2,092 3,046 3,091 2,404
422
Richmond _ 2,839 2,853 2.808
819 1.191 1,128
momphia _ 1,233 1,114 1,140
738
363
1,511 2,073 2.021 1,860
2.205 2,031 1,949
633 But the Boston Reserve District also has an inSeattle _ ___
456
531
452
567
654
763
413
Hartf rd__
261
0
662
892
827
785
805
898
698
315 crease of only 6.1%, and here we know that portions
Ball L. City
A1+4a
Total. _ 464,753 414,170 373,537 358,109 324,334 411,099 383,407 305.959 142,214 of the textile trades had a very poor year. On the
47.310 41,589 39,915 33,399 31,254 38,629 34,37: 26,395 13,031
ocher
other hand, the Chicago Reserve District has
MI_ 512,063 455,759 413,452 391.508355.588 449,728 417,78 332,354155,245
Total
173,608161,257 206.593'181,982 153.821 72,226 11.5% increase, the Dallas Reserve District (which
OutsideN.Y 228,444 205,891 199.456
266
THE CHRONICLE
[VoL. 122.
embraces the great State of Texas) also 11.5%, the firmatory evidence is
furnished in the following
San Francisco Reserve District 11.1% increase, the table showing the monthl
y and quarterly totals for
Richmond Reserve District 10.4%, and even the the last five years:
Cleveland Reserve District 9.4% increase. NotwithSALES OF STOCKS ON THE NEW YORK STOCK EXCHANG
E.
standing the 1925 improvement, however, some very
1925.
1924.
1923.
1922.
1921. 1
unfavorable contrasts with the records made during
No. Shares. No. Shares. No. Shares. No. Shares. No. Shares.
the war period of inflation, particularly in the agriMonth of January -- 41,570.543 26.857.386 19.914,827
16,472.377
cultural sections, are to be noted. In the Kansas
February. 32.794,456 20.721.562 22,979,487 16.175.095 16.144.876
March__ _. 38.294.393 18.315.911 25.964,666 22,820.173 10.169.671
16.321.131
City Reserve District the clearings for 1925 at $14,Total first quarter_ 112.659,392 85.894,859 68.858.980
55.467.645 42,635.678
500,816,244 compare with no less than $20,353,323,Month of April
24,844.207 18,116,828 20.091,986 30.634,353
May
045 for 1920 and the 1925 totals for the St. Louis
36.647.760 13.513.967 23.155.730 28.921.124 15.529.709
June
30.750.768 17,003,140 19.754,197 24.080,787 17.236.995
18,264.671
Reserve District and the Minneapolis Reserve Dis- Total second guar92.242,735 48,633.935 63.001,913 83.836.264
51.031.375
trict also fail to come quite up to those of 1920, Total six months_ 204,902.12
7 114,528,794 131.860.173 139.103.909
93.667.053
though the differences in these instances are not Month of July
32.812,918 24.318.182 12.551.851 15.118.063
August
33,047.248 21.809.031 13.144.641 17,862.553 9,288,054
very great. Besides this, the Cleveland Reserve Dis11.117.035
September 37.109,231 18.184.160 14.643.289
21,712.046 12.924.800
trict shows clearings for 1925 of only $20,682,673,- Total third quarter 102,969.397 64,311.373
40,339.781 54.692,662 33,329.169
742, against $22,266,931,515 in 1920.
Total nine months 307.871.524 178,840.167 172,199.95
4 193.796.571 128,996.542
It remains to consider the course of Stock Ex- Month of October 54,091.794 18,332.992 15.802,900
November 49.176,979 41,657,077 22,588.598 25,762,647 13.129,731
change speculation in its bearing on bank exchanges.
December_ 43,264,506 43,101.361 25.523.868 19.407.087 15,438,688
19,686,214 17.148.077
The speculation on the New York Stock Exchange is, Total fourth (mar. 146.533,279 103.091.430 63.915.366 64.855.948
45.716,494
of course, of chief importance. Where it is of the Total second six mos. 249,501,676 167,402,803 104,255.147 119,548,610 79.045,663
___
volume found here, it necessarily plays a greater or Total full year.... 454.404.803 281.931.597 236.115.320 286M2 Al a 179 719 711%
smaller part in affecting the totals of bank clearThe bond market reflected the strength
of the
ings. The preponderating proportion of the deal- stock market. There were, of course,
no such great
ings in stocks at the New York Stock Exchange is advances in prices as in stocks except
in the case of
cleared by the Exchange itself through its Stock bonds possessing convertible or other
special feaClearing House. That process eliminates an enor- tures, but the tendency of prices was almost
steadily
mous volume of business from the bank clearing upward in a moderate way for all high class
bonds,
house, but, after all, this concerns only the trans- and even more so for those of lower class,
which
actions as between one broker and another. It still natural;y moved upward as stocks rose
higher and
leaves customers' checks given in payment of pur- still higher. That prices should have risen to
higher
chases on the Exchange and brokers' checks given levels in face of a firmer money market and
higher
to customers in payment of sales made for them to money rates, evidenced the steady growth in
the inbe cleared by the banks. The aggregate volume of vestment demand for issues of the best
grade and
business in stocks on the New York Stock Exchange also those possessing some speculative value.
The
in 1925 attained a new high record, far surpassing volume of business in corporate bond
issues was
the highest record attained in the past, even in the about the same as in the previous year,
aggregating
war period of inflation. Aggregate share transac- $2,331,926,175 for the twelve months in
1925, against
tions for the twelve months of 1925 were 454,404,803 $2,345,321,300 for the twelve months of
1924, but
shares, as compared with 281,931,597 shares in 1924, there was further contraction in trading
in the Libwhich itself was a year of great activity in Stock Ex- erty Loan issues, as these are more and
more disapchange speculation. The highest previous total was pearing from the market, and dealing
s in foreign
in 1919, when 316,787,725 shares were dealt in. The Government and other issues natural
ly increased
following table carries the comparisons back to with the constant addition of new issues
to the list.
1880—a period of 46 years:
The figures for the last three years follow:
NUMBER OF SHARES SOLD AT THE NEW YORK STOCK EXCHAN
GE
BY CALENDAR YEARS.
Cal.
Year.
Stocks.
Shares.
Cal.
Year.
Stocks,
Shares.
1925 — 454,404.803 1913 _ 83.470,693
1924... 281.931,597 1912.. 131.178.425
1923.. 236,115,320 1911 _ 127.208,258
1922_. 258.852,519 1910.. 164.051,0 1
1921 .. 172.712.716 1909.. 214,632,194
1920.. 226.640.400 1908.. 197.206.346
1919 -- 316.787.725 1907.. 196.438.824
1918 __ 144.118.489 1906 ... 284,298.010
1917.. 185,628.948 1905.. 263.081.156
1916_. 233.311.993 1904 -- 187.312.065
1915.. 173.145.203 1903 __ 161,102.101
1014
47 OM MR 1902__ 188.803.403
Cal.
Year.
Stocks,
Shares.
1901 _ 265.944,659
1900.. 138,380,184
1899 .176.421.135
1898.. 112,699,957
l897_. 77,324.172
1896_. 54,654.096
1895.. 66.583.232
1894 ... 49,075.032
1893.. 80.977.839
1892.. 85.875.092
1891 __ 69,031.689
Cal.
Year.
Stocks.
Shares.
1890.. 71,282,885
1889.. 72,014,000
1888 _ 65.179.106
1887._ 84,914.616
1886_. 100,802,050
1885.. 92.538,947
1884.. 96.154.971
1883 _. 97.049.909
1882.. 116,307,271
1881 _ 114.511.248
1880.. 97,919,099
SALES OF STOCKS AND BONDS ON NEW
YORK STOCK EXCHANGE.
Description.
12 Nos., 1925. 12 Ales.. 1924. 12 Mot., 1923.
Stock—Number of shares
454.404.803
281.931,597
236,115.320
Railroad and miscellaneous bonds
12,331.926,175 12,345.321,300 11,587.961.000
United States Government bonds_ _ _
390,929,760
876,930,815
796.431,000
State, foreign, &c., bonds
860,932,760
582,100,500
425.206.000
Total par value of bonds
$3,383,788,695 13.804.352.615 82.789.598.000
At the outside Stock Exchanges the transactions
in 1925 were also as a rule larger than in 1924.
The
gains, however, in several cases are merely a
recovery of previous losses. On the Detroit Stock ExIn Stock Exchange speculation the year may be change the sales of listed and unlisted stocks
for
said to have been one of continuous activity from 1925 foot up 3,264,164 shares, against only 2,485,894
beginning to end, in sharp contrast with 1924, when in 1924. This total of 3,264,164 shares, howeve
r, comthere were several periods of dulness and inactivity pares with 3,828,387 shares sold in 1923, 6,008,2
65
and when the transactions did not reach really large shares in 1922 and 8,149,837 shares in 1921. In 1920,
proportions until the last two months of the year however, the sales were only 2,494,789 shares, in
as a result of the outcome of the Presidential elec- 1919 no more than 1,099,713 shares, and in 1918
but
tion. In 1925 the rparket broke badly in March and 430,022 shares, though the records of these earlier
again in November, with violent tumbles in prices years, as explained in our review for 1921, were imon both occasions, but quickly recovered in each in- perfect and incomplete. Cleveland, on the other
stance and the tone remained confident and buoy- hand, in 1925 not only made up the loss of 1924,
but
ant until the close. It was a year of constantly according to our records reached a new high level;
rising prices, with the two exceptions noted, and the including bonds ($1,000 in bonds being taken as the
volume of business, while varying more or less from equivalent of ten shares of stock), the shares dealt
month to month, remained large throughout. Con- in in 1925 amounted to 1,864,659 shares, as against
267
THE CHRONICLE
JAN. 161926.]
IERMEFFE
221i aft.1
be,t-0000.1.M0w.
C•00/CivtNt,
aiejt-OC.GliViaC
736,976 shares in 1924, 812,682 shares in 1923, 833,- Stock Exchange stock sales of listed shares for the
952 shares in 1922, 863,644 shares in 1921, 943,250 twelve months of 1525 were 4,316,636 shares, against
shares in 1920, 723,970 shares in 1919 and 176,463 2,686,603 shares in 1924, 2,091,002 shares in 1923,
shares in 1918. On the Chicago Stock Exchange the 2,910,878 shares in 1922, 2,068,613 shares in 1921,
loss of previous years was also more than recovered, 4,177,962 shares in 1920 and 3,865,683 shares in 1919.
the dealings reaching 14,102,892 shares, against 10,- The bond sales at Montreal were $17,715,503 in 1925,
849,173 shares in 1924, 13,302,187 shares in 1923 and against $22,153,753 in 1924,138,003,500 in 1923, $48,comparing with 9,953,637 shares in 1922, 5,175,972 519,402 in 1922, $67,776,342 in 1921, $27,340,080 in
shares in 1921, 7,382,145 shares in 1920 and 7,408,- 1920 and $71,681,901 in 1919. On the Toronto Stock
915 shares in 1919. In the Baltimore market 951,- Exchange the stock sales totaled 1,999,218 shares in
426 shares of stock were sold in 1925, as againet 1925, against 907,871 shares in 1924, 1,025,923 shares
468,063 shares in 1924, while the value of the bond in 1923, 1,214,543 shares in 1922, 548,017 shares in
sales was $9,623,000 in 1925 and *8,246,000 in 1924. 1921 and 670,064 shares in 1920.
On the Boston Stock Exchange the sales totaled
The clearings at the Canadian cities make rather
9,912,352 shares in 1925, against but 5,300,862 shares indifferent comparison with the previous year. Most
in 1924, 4,783,324 shares in 1923, 5,495,041 shares in of the cities in the eastern part of the Dominion
1922, 3,974,005 shares in 1921, 6,696,423 shares in show further small losses on top of the decreases of
1920, 9,235,751 shares in 1919 and 3,929,008 shares the previous year. This is particularly true of Mon,
in 1918. On the Philadelphia Stock Exchange the treal and Toronto. At the first-named place the
dealings in 1925 aggregated 6,297,878 shares, as aggregate of the clearings is only $5,143,250,794,
against 3,434,690 shares in 1924, 2,319,270 shares in against $5,353,492,462 in 1924, $5,493,105,775 in
1923, 2,456,631 shares in 1922, 1,579,470 shares in 1923 and as much as $7,109,189,038 in 1920. At
1921,2,367,312 shares in 1920 and 3,230,740 shares in Toronto the total at $4,914,652,246 for 1925 com1919. On the Pittsburgh Stock Exchange the sales pares with $5,255,433,826 in 1924 and $5,591,368,205
in 1925 were 1,778,138 shares, against 1,372,711 in 1923, and with $5,410,214,802 in 1920. At Winnishares in 1924, 2,506,032 shares in 1923, 2,230,146 peg the total at $2,892,376,615 for 1925 compares
shares in 1922, 2,630,704 shares in 1921, 4,153,769 with $2,682,695,199 in 1924 and with $2,528,311,969
shares in 1920, 5,579,055 shares in 1919 and 6,072,- in 1923, but with $3,015,704,299 in 1920. Similarly
300 shares in 1918.
Vancouver and Regina, while showing improvement
At the San Francisco Stock Exchange the sales over other recent years, have not got back to the
of listed and unlisted stocks during the year 1925 total recorded in 1920. Canadian totals of clearings
amounted to 9,272,598 shares, with a value of $293,- by quarter-year periods for the last ten years appear
624,724, as compared with 6,848,625 shares valued in the table we now give:
at $102,778,333 for the year 1924. Bond sales at this
ma
Third
Total.
centre were $28,705,000, as against $38,426,000. On Clearings Repelled. Quarter. Second
Fourth
First
Quarter.
Quarter.
Year.
.
Quarter
(0005 omitted.)
the Los Angeles Stock Exchange the dealings com$
$
$
$
1925._ 3,708.295 3,754,044 3,884,276 5.394.649
prised 36,230,111 shares, valued at $88,953,330 in
1924._ 3,834,897 3.950,010 4,072,622 5,120,395
1923-- 3.606,308 4.158.184 3,864,938 5,702.913
1925, as against 24,131,544 shares valued at $38,1922._ 3.840.001 4,031,429 3,706.793 4.685,582
1921__ 4.127.525 4,447,088 3.983.965 4,886,142
585,898 for 1924. The bond sales were also larger Canada
1920__ 4.638,357 4.924.428 4,819,816 5,849,805
1919._ 3,329,475 3.970,863 4,127,237 5,275.350
in 1925, amounting to $33,243,300, as compared with
1918._ 2,818.417 3.387.131 3.212.600 4,300,425
1917__ 2,657.205 3,363.807 2,923,735 3,611.971
$26,513,400. At St. Louis the Stock Exchange trane2.162.216 2.618.482 2.489.618 3
11916
actions aggregated 589,667shares,valued at $11,036,In the following we give the complete statement
122 in 1925, as against 139,482 shares with a value
were of clearings at the different cities for the last six
of $12,193,180 in 1924, while the bond sales
years, classified according to Federal Reserve dis$2,204,100, as against $2,424,100.
Stock dealings on some of the Canadian Stock Ex- tricts and also the ratios of decrease or increase as
changes in 1925 also increased. On the Montreal between 1925 and 1924:
BANK CLEARINGS IN DETAIL FOR THE LAST SIX CALENDAR YEARS ACCORDING TO FEDERAL RESERVE
DISTRICTS.
Year 1925.
Year 1924.
$
Clearings at—
$
First Federal Reserve District—Boston —
40.138.437
Maine—Bangor
38,033.886
157.915,526
Portland
174,371,073
Massachusetts—Boston
22,481.915.310 21,323.000,001
107.787.753
Fall River
121.130.152
47,091.321
Holyoke
49.337.294
60.973,339
Lowell
60.639.419
a
74.187,603
79943,697
:
l nBedford
Ve v
273,633.974
Springfield
303,889.872
183.377.338
Worcester
194,635.139
653.780.56f
Oonnecticut--Hartford
763,288.763
358.478,841
New Haven
370,464.451
Waterbury
109.544.601
129.137.900
•
1
717,576.500
621,855,50
Rhode Island—Providence
39.494.909
41,428.285
New Hampshire—Manchester
Total (15 cities)
Second Federal R
New York—Albany
Binghamton
Buffalo
Elmira
Jamestown
New York
Niagara Falls
Rochester
Syracuse
Oonnecticut--Stamfo•dNew Jersey—Montclair
Newark
Northern New Jersey
Oranges
nn......0 (IA ,.ltl
25.525,891,741 24.051.259,710
District—New York—
332,232,566
295.976,337
52,802,701
59.325,542
2.781.546,912 2.310.146,597
49.071.454
42,537.314
63,048.661
77.417.846
283,619.244.637 249,868.181.336
54.933.844
51.402,385
667,924.306
598,939,497
261.665.871
301.561.843
183.262,196
161.713.196
34.100.200
31.255.791'
988.486.297
1,129.083 897
1,762.919.810 1,779.262,851
69.760.864
60.134,293
901199358017 938 383 acs 190
frit. or
Dec.
Year 1923.
Year 1922.
Year 1921.
Year 1920.
$
$
$
,$
%
—5.3
40,413,668
40.568.658
41,855.269
48.538.088
+10.4
164.136,227
160,459.419
161,489.197
140,608.794
+5.4 19,310.172,382 16,453.000,00f 14,328,413.721 18,816.778.696
100.814,561
124.743,52"
119.427.181
+12.4
79.470.642
+4.8
50.115.764
44.299.641
53.732.053
43,632.988
—Of
68.569,541
59.153,471
68.003.343
56,819,399
-r-7.7
+11.f
+6.1
+16.7
+3.:
+17.1'
+15.4
+4.9
79033.874
266.185.531
183.348.61f
566.589.796
342.812.468
96,780.986
633,123.501'
79991.080
233.105.376
181.398.149
490.131.146
291.355.625
87..252.90r
580,722,301
1
74,033,903
210.452,607
180,617,978
455.975,030
274.849.673
81,291,500
533,785.800
,461,094
10111
265.430.059
234.986.546
531,038.823
326,577.296
102,427,100
696.799.000
+6.1 21,926,025,871 18.802,252,335 16,501.807,314 21.526,688.476
249,344.568
+12.2
270.189.976
236.831.877
218,783,279
+12.3
63,379.600
57,557,901
47,999,221
52.889.762
+20.4 2,345,940.706 2,010,651.040 1,811,485.206 2,293.015.699
+15.4
25.441.244
38.338.921
28.941,689
+22.8
.r
56.129.651
-48,"2"9"6-,- 71
60.885.467
48.296.47e
+13.6 213,996,182.727 217,900,386.111 194,331.219.663 243.135,013,364
53,116.873
+6.9
50,853.968
55,656.564
50.024,885
594.398.278
+11.5
553.674.346
491.705.769
453.315.967
254.623.897
+15.2
201.131,156
242.876.903
218,598.137
70.985,513
+13.3
157.161.942
122,924.113
131.029.732
+9.1
29,071.239
23,507.936
25.303.131
23.087,947
+14.2
896.228.908
790.885.922
—0.9 2.182,464.976 2.029.681.395 1,899.042.632
47.181.878
+16.1'
44,421,237
54.359.265
51.962,262
4-1R A9911099 010 Iqo 00.4 047 Kql 0.11 100 Mr7 PC0Q ruin A7 000 020 WV,
268
THE CHRONICLE
[VOL. 122.
BANK CLEARINGS IN DETAIL FOR THE LAST SIX CALENDAR YEARS ACCORDING TO FEDERAL RESERVE
DISTRICTS
-(Continued).
Clearings atThird Federal R
Pennsylvania-Altoona
Bethlehem
Chester
Harrisburg
Lancaster
Lebanon
Norristown
Philadelphia
Reading
Scranton
Wilkes-Barre
York
-Camden
New Jersey
Trenton
Delaware--Wilmington
Total (14 cities)
Year 1925.
Year 1924.
Inc. or
Dec.
Year 1923.
Year 1922.
Year 1921.
Year 1921.
$
$
$
%
$
$
$
District-Philad elphia78,352.550
73.609.909 +6.4
74,927,281
56.257,540
55,124,037
49,960,558
217.585,76
199.810.058 +8.9
215.037,790
164,679,360
148,261,469
109.985,297
77.529,20
66,680,312 +16.3
70.832.174
56,962,184
78,788,384
53,191,492
253,681.837
228.139.000 +11.2
220,790,574
201.210.296
205,922,436
197.119,683
115.810.401
149.971.474 -22.8
165,262,839
144,366.794
156.086.031
131.125.175
32,485,32
30,335.728 +7.1
30,270,008
26.204.214
40.241.372
30,983,622
55.109,79
45,721.32' +20.5
48,158,088
39,255.648
34,890,495
43.405,190
29,079,000,000 25,645,000,000 +13.3 24,650.722,000 22,488,390,000 20.445,229.473 25,094,696,654
197.491.250
178,975.851 +10.3
175,735.291
143.787.808
129,163,674 . 154,410,276
318.740.033
304,448,208 +4.7
299.737,971
234.310,827
267,995.988
241.511.815
208,029,953
199,586,437 +4.2
174,190,172
147,075,707
148,981,702
136.894,949
99.618.300
91,660,586 +8.7
80,812.315
67,854,859
66,859,863
80.472,866
706.645,894
648,618,036 +8.9
572,128,600
488.468,910
253,466,660
295,042,097
320.956.375
281.813,967 +13.8
243,295,232
208.043.847
183,436,701
205.416.418
a
a
a
a
a
a
a
31.761,036.681 28.144.370.886 +12.8 27.021,900.335 24,466.873,994 22.102,095.629 26,936,568.748
Fourth Federal Reserve District-Cle velandOhio-Akron
312.480.000
399.027,00. -21.7
359,023,000
304,599,000
326,285,000
584,917,000
Canton
235,573,321
240.417,716 -2.0
252,147,137
197,620.199
177.118,844
267,397,140
Cincinnati
3,709,955,616 3.353,396,387 +10.6 3,444,728,332 3,002,696,354 2,800.971,276 3,596,794,020
Cleveland
5.996.668,609 5.441.304.185 +10.2 5,549,996,148 4,646.443.940 4,666,948,126 6,907,387,037
Columbus
802.748.100
729.097.000 +10.1
788.068,900
728,809,700
660.408.100
751,010,400
Dayton210,625.250
249,491,107
Hamilton
457642,269
427123,639 '
a
8.3
41,719,412
347235,937
29,957,518
37,762.194
39,338,310
43.203,848
55,233.635
Limaa
Lorain
26.169.237
22,357.078 +17.0
a
197479,444
16,394.416
16.918,319
22,770,026
Mansfield
103.342.812
94.969.676 +8.8
96,579,682
71.120,900
64.242,584
89.161,095
Springfield
a
a
a
a
a
a
a
Toledo•
a
Youngstown
2717710,112
2307550,078 +17.8
221,883,443
a
192.241,724
a
1887369,061
243,665,233
a
Pennsylvania-Beaver County
38.335.888
38,948,907 -1.6
41.382,150
33,122,920
32,690,761
42.854,221
Erie
Franklin
177
863.881
16,788,458 -4.4
a
177
a
462,875
17,390.842
177337,138
427483,761
Greensburg
64,900.200 +23.8
80,384.053
81,475,004
71.033.255
Pittsburgh
8,856,572.090 8.036,969,344 +10.2 8,212.798.574 6.757.743.989 6.808,206.145 8,982,887:399
Kentucky-Lexington
98.886,981
93.140,286 +6.2
102,680,192
87,579.183
71,722.888
111.124,547
226.340,773
West Virginia-Wheeling
219.210,840 +3.2
229.153,574
229,627.472
223,827,117
281.992.700
Total(15 cities)
20,822,673.742 19,023,200.794
+9.4 19.458,577.867 16,429.998,141 16.338,831.975 22,266,931,515
a
-Rich mondFifth Federal Reserve District
Wrest Virginia-Huntington
84.595,000
95,430,118 -11.4
106.715,857
84,746,051
86,508,000
75,797.582
Virginia-Newport News
a
4347
Norfolk
725.868
-r-6.0
410,030,50 l
a
417,592,524
a
3787724.141
3597033.009
526.234,163
Richmond
2,839.366.382 2.823,259.786 +0.2 2.607.658.000 2,303.640,337 2.092.674.217 3.045.520,224
a
sTorth
Carolina-Ashevillea
Raleigh
144.447.129
127,834,023 +13.0
a
1237034.303
957
719,124
a
66.167.871
a
80.041.899
a
Wilmingtona
132,823.778
louth Carolina-Charleston
1287720,868 -P3.2
136,596,755
1187654.406
1267609,427
2277842.426
Columbia
94,252,877
100,924,588 -6.6
144,619,704
110,450,925
101,534,211
170,171.760
daryland-Baltimore
5.832.393.840 5,025,334,741 +16.0 4.838.199,185 4,141.820.192 3,745,337.258 4,896,046,381
Frederick
24.216,680
22,302,730 +8.6
21,552.958
20.320,745
23,850,647
32.179,180
40,209.789
39,454,460 +1.9
40,779,793
32,717,694
32.264,781
39.066,276
t
1.353,278,092 1.167,398,426 +15.9 1.102,158.974
31figt o ciColumbia-Washington
n ersf wn
980.491.620
876,405,707
897.109.844
Total (10 cities)
10.980.309.435 9.940,690,246 +10.4 9.538,908,053 8,267.285.235 7.509,385,130 9,990.009,735
Sixth Federal Reserve District-Atlan tarennessee--Chattanooga
373,405,137
Knoxville
162,354,714
Nashville
1,122,203.951
leorgia-Atlanta
3,604.290,297
(
110.904,207
Augusta
Columbus
55,946.341
Macon
92.439.41
Savannah
rlorida-Jacksonville_
1,4466158.867
1,066.528,874
Miami
461.800.170
Tampa
1,372,382.901
Adabama--Birmingham
106.497.788
Mobile
Montgomery
93,706,133
lississippi-Hattlesburg
91,157.667
Meridian
79,106.248
Vicksburg
45,737,142
Jackson
22.873.143
-,
,ouisiana-New Orleans
3.169,573.523
Total (18 cities)
328.290,641 +13.7
160,661,525 +1.0
1.012,243,160
10.9
2,895.571.945
24.5
99,663,868
11.3
45,680,188
22.5
78,296.104 +18.1
8087093,771
212,353,780
195,979.545
1.367,180.827
95,917,771
89,029,098
77.703,590
67,124.323
44,942,766
21.165,040
2.986.178.447
331.326,017
160.236,191
1.003.582,995
2,133.986.892
110.799,88.5
47,248,143
78,124.637
280,578,709
142,737,597
898,067,590
2,191.186.830
94.691.236
40.507,842
65.072,524
269,037,009
149,401.81f
845.509,812
2,108,957.591
101.318,893
39.359,041
63.519,418
410,316,650
173,725,822
1,179,501,244
3,256.705.739
205,420,013
56.406,088
*120.000,000
48.9
+402.2
+235.6
+0.4
+11.0
+5.2
+17.3
+17.8
$1.:
8.1
6.1
6537380.124
5147
a
437.052
487,697,668
625,635,097
a
156.764.842
1,305.871.357
101,287,721
88,838,664
83,417.851
47,656,164
19,513,218
54,066,338
2,811,1( 7.416
118,325,039
1,124.592,189
91,304,244
72,374,453
118.325.378
899,335,312
83.758,004
68,215,190
125,269,623
990,962,579
128,871.991
98,833,667
42,140,553
18,138,114
44,391,654
2.405.555,836
33.752,598
16.506,417
37,067.366
2.210.181,869
1(71.---- 5i
92
8.
36,107.456
3.315,319.238
13,477.069.522 10,586,076,389 +27.3
9.787.208.455
8.144301,462
7.531.943,373 10.744,117.438
-Chi cagoSeventh Federal Reserve District
lichigan-Adrian
12.884.211
12.333,617 +4.5
11.081,939
10,652.135
10,233,248
14,170,314
52,723,702
45,246,243 +16.5
41,330.175
Ann Arbor
36,979.412
30,119.761
31,947,723
Detroit
8.430.797,003 7.355.598,022 +14.6 6,693,595,581 5,389,251,503 4,648.490,380 6,104.323.103
125.846,80.
Flint
120,053,976 +4.8
112,328,068
82.206,318
74.941.907
130.818,577
415,171,313
363,187,181 +14.3
Grand Rapids
344,740,021
316,740,272
291,514,444
352,898.673
110,245.863
Jackson
87,684,083 +25.7
89.947,954
66,857,149
62.338,490
85,320.244
140,964.419
Lansing
128,430.042 +9.7
121,261.123
93.891,670
97,796,544
99,072,122
147,658.263
idiana-Fort Wayne
127,312,901 +23.8
121,740,534
II
101,017.089
92.206,238
108.622.114
267,637,178
210.616,956 +27.1
200.870,511
Gary
124,507,300
57,483.401
74,124,264
Indianapolis
984.874,000 -8.2 1,055.025.000
904,278,000
885.681,013
785.350,000
941,938,000
123.684,785 +22.3
141.241,800
127,308,969
South Bend
109.492.365
96.804.205
99,495,626
304,297,487
285,451,373 +6.6
305.616,689
Terre Haute
risconsin-Milwaukee
2,062,451.850 1,911,755.916 +7.9 1,876,239,105 1.569.987.894 1,445,267,846 1,736,327,000
38,657,285 +14.6
44,312.208
Oshkosh •
38,303,540
32,173,212
33.792.796
38,662.133
162,735.232
133,704,284 +21.7
Madison
131.164,602
93.844,934
+9.8
126,526,061
138.901.696
129,167,904
Icowa-Cedar Rapids
107,953,795
105,697,465
150.704,214
Davenport
550,774,269 +10.8
610.259.307
549,979,497
533,336,560
558,805,547 +2.4
572.052.641
Des Mollies
568.486.827
490,365.390
459,17
- 7'1.636
.
641.749.310
24.709.215 -10.7
22.075.364
31.971,121
Iowa City
31.766,662
30,186,580
36,315,220
26,746,730 -27.6
19.396.736
29.285,431
Mason City
26.700.598
27,320,208
47,649,396
367,858.97
333,556,857 +10.3
324.275,394
City
Sioux
289,854,113
284,871,895
503,551,309
69.689,317
77,441,966 -10.0
76.952,214
Waterloo
68,205,756
69,770,097
106,868,616
79,004,498
linols--Aurora
63,886.388 123.7
61,805,584
49.841,703
45.108,115
49,815,825
14.3
Bloomington
75,860,204
86.680.608
77,527.839
67,344,631
68.788,960
97.224,374
35.391.593,571 31,653,583,949
11.8 21,112,845,757 28.036,204.337 25,974.692,057
Chicago
32,669,233,535
ta
Danville
8.4
77.593.249
6
71.550,841
6
66,578,865
Decatur
58,245,449
666
58,129,169
80324,319
6
240,174,212
1.1
237,563,061
229.195.011
Peoria
205.868,102
190.650,996
281,528,229
148,670,755
129,299.719
7.2
117.145,966
Rockford
99.936,929
95.662,813
136,846,998
130.597,641 +11.4
145,538.018
131,189.386
springfleld
115,864,943
124,002,050
146,814,949
51,302.734.279 45.989.493,112 +11.5 44,776.960,599 39.000.926,300 35,354.192,489 44,766,436,187
Total (29 cities)
-St. L outs-Eighth Federal Reserve District
diana-Evansville
135.788,235
258,034,160
9,030.201
8.387,513
New Albany
7.626.579.123 7,174.033,847
issouri-St. Iouis
a
Springfield6
1.743.589,890 1,611,927.608
mtucky-Louisville
21,826.590
22,650.180
Owensboro
119,906,430
110.568.863
Paducah
1.232.818.801 1,114,087,697
anessee--Memph15
640.360,864
735,856,786
kansas--Little Rock
22,330.884
17,303,432
inois-Jack80nville
84.091.671
74,625,655
Quincy
11.722.481.044 11.041.317.386
Total (10 cities)
-43.4
+7.7
+6.4
240,642.009
7,880,616
7,203.667.512
217.898.167
6.840,775
6.718.029.800
-4.2
-3.6
-7.8
+10.6
+14.9
+29.0
+12.7
1,5517895.901
24,927.659
123,049,883
1,140.369,121
605,007.351
18.678,528
74,332,582
1,3367370,707
23.860.814
85,742,896
1.008,743,103
499,708,912
16,598.320
67,407,373
98.029,000
6,006,530
6,235,129,198
77,474.191
1,199.298,211
22,993,455
78.393,734
819,009,454
459.412,342
17.653,042
65.438,802
+6.2 10.990,451,162
9.981.200,867
9.078,837.959 12.023.009.926
261.887.296
8,010.561
8,294.027,136
110.720,255
1,290,498,398
35.091,193
98,831,224
1,191,104,425
602,978.065
32,838.765
97,022.708
269
THE CHRONICLE
JAN. 16 1926.]
BANK CLEARINGS IN DETAIL FOR THE LAST SIX CALENDAR YEARS ACCORDING TO FEDERAL RESERVE'
DISTRICTS-(Concluded).
Clearings al-
Year 1925.
$
-Minn eapolisNinth Federal Reserve District
498,450.286
Minnesota-Duluth
4,462,950,450
Minneapolis
22,880,408
Rochester
1,631,459,933
St. Paul
85,601,746
North Dakota-Fargo
74.480,000
Grand Forks
13,487,998
Minot
77.750.830
South Dakota-'Aberdeen
61,037.892
Sioux Falls
Montana-Billings
32,928,493
Great Falls
40.201,009
Helena
152.,712,443
Lewistown
f739,889
Total(13 cities)
7,154,681,377
-Kane as City
Tenth Federal Reserve District
Nebraska-Fremont
22,396,587
Hastings
32,596,380
Lincoln
254,049,952
Omaha
2,188,210,683
Kansas
-Kansas City
213,127,476
Lawrence
a
Pittsburg
Topeka
a
184,941,687
Wichita
401,638,512
Missouri-Joplin
89.178.302
Kansas City
7,036.471.383
St. Joseph
392,705.388
McAlester
Oklahoma-Lawtona
14,727,154
Muskogee
Oklahema City
1.4437875.836
Tulsa
436,148,418
Colorado-Colorado Springs
63,681,225
Denver
1,667,800,725
Pueblo
59,266,536
Year 1924.
Inc.or
Dec.
Year 1923.
Year 1922.
$
%
$
$
Year 1921.
Year 1921.
$
$
504.915.852
4,025.843.109
20,618,429
1,617,749.116
94,406,016
68,235,694
12.227,853
69,714,916
54,408,657
28,233.717
34,391,079
135,471,553
f166,671
-1.3
+10.8
+11.0
+0.8
-9.3
+9.1
+10.4
+11.5
+12.2
+16.6
+16.9
+12.7
+443.9
390,031,753
3,677,176.287
22,764,353
1.805,224.936
105,274,062
59.355,300
13.865,040
67,224,103
155,949,650
27,006,003
41.300,582
184,295.937
11,883,651
320,577,946
3,369,928.782
21,648,002
1,599,711,125
98,020,882
53,283,900
15,352,795
63,082,335
136,602.027
31.078,529
42,974,637
168,305.165
18.262,087
334,987.342
3,355,654.989
21.312,922
1,662.221,623
102,431,095
63.889,262
11,632.537
63,704,876
115,737,719
38,271,751
55,806,848
163.848,372
23,916,658
468,056.391
4,012,206,419
33,837,110
1,870.424,350
149.040.028
85,425.000
19,556,718
92,483.832
178,970.141
68,875,652
95,746,057
98,340,186
31.432,258
6,666,382,662
+7.3
6.541.351,637
5.938,828,212
6,016,415,994
7,204,394,142
21,457,420 +4.4
28,341,820 +15.0
215,769,668 +17.7
2,004,488,419 +9.2
236.428,504 -9.1
a
a
21,532.291
27,199,226
215,136,873
2.103,475,129
264.352.028
a
24.870,877
29.004,354
174,144,975
1,903,158.686
215,767,252
a
39,746,046
43,866.560
286,469,930
3,094,338,415
242,791.314
a
1537019,279 +2
a0.9
388,348,065 +3.4
77.214,000 +15.5
6,581,628,797 +6.9
364,481,235 +7.7
a
157134,877 -2.7
a
169,025,208
466,734,222
73,853,814
6,881,567,927
a
19,385,004
28,265,768
200,821,198
1,981,529,346
229,071,097
a
143,491,794
536,121,306
66,212,000
6.811,486,964
a
187638.258
a
17,305,274
1,263152,230
351,403,042
56,755,109
1,611,163,932
50,384,169
1,1657341,866
402.491,637
61,091,657
1.655,870,321
44,549,720
1,105,066,227
a
385,221,994
53.841,087
1.464.123,463
40,394,515
+12.5
'
+24.1
+12.2
+3.5
+17.6
174,180,439
7
a
143935.182
719,765,924
556,080,029
53,860,820
93,265,048
7,537,160,601 11,615,142,427
a
a
a
a
161,534,791
a
1,214,391,012
365,342.425
50.096,140
1,527,547,230
41,480.801
2417241.938
1.037.717.950
669,690,614
62,382,894
1.980.644.477
52,079,690
Total(16 cities)
14.500,816,244 13,439,170,566 +7.9 13,570,859,977 13,082,337.037 13.998.375,175 20,353,323,045
Eleventh Federal Reserve District
-Da has
91,918,627
Texas
-Austin
84,597,962 +24.5
80,003.877
105,349.233
73,463.056
84,349,049
Beaumont
69,313,010
68,309,312
71,556,763 +1.6
72.708.101
54,036,000
75,779,546
Dallas
2,556.829,919 2.213,634,863 +15.3 1,738,530,234 1,392,807,318 1,301.332.809 1,868,685,312
El Paso
243,637,669
255,297,088
252,882,072
252,557,446 +0.1
260,721,121
346,074,091
Fort Worth
584,884,838
577,294,106
623,989,586 +4.5
612.142,408
992,888,032
652.152,962
460,441,966
Galveston
372,499,434
476,068,314 +9.2
383,317.456
409,843,066
519,951.000
Houston
1,765,968.080 1,578.359,500 +11.9 1,486,957,553 1,243,315,900 1.200,770,776 1,504.251,520
31,486,103
Port Arthur
21,068,987
26,180,365 +2.5
26,832,869
20.065,693
20,927,985
32,215.246
25,861,016
Texarkana
35.208,514 +20.9
26,120,944
42,558,699
38,363,379
Waco
162,331,551
132,647,690
163,964,289 -21.4
127,827,120
128,903,194
164,918,143
101,808,370
Wichita Falls
94,755,887
119,265,646 +43.1
228.479.587
170,705,772
107.078.853
255,683,760
225,783,778
Louisiana-Shreveport
246,209,808 +11.6
196,551,688
251,133,509
276,453,983
Total(12 cities)
6,571,295,884
Twelfth Federal Reserve District
-San Francisco
Washington-Bellingham
45,254,000
Seattle
2,205,404,626
Spokane
606,901,033
Tacoma
Yakima
827266,636
Idaho-Boise
57,198,886
Oregon-Eugene
27,542,807
Portland
2,015,148,908
Utah-Ogden
108,213,000
Salt Lake City
898,102,610
Nevada-Reno
35.036,112
Arizona-Phoenix
121.928.000
California-Bakersfield
59,438.319
Berkeley
220,021,829
Fresno
201,331,828
Long Beach
332,122.723
Los Angeles
7,945,493,000
Modesto
44,958.841
Oakland
1,063,291.078
Pasadena
310,599,694
Riverside
42,786,332
Sacramento
450,001,211
San Diego
269.815,389
San Francisco
9,479,464,458
San Jose
143.791,357
Santa Barbara
73,009,035
Santa Monica
105,354.048
Santa Rosa
26,577,953
Stockton
150,581,700
Total (29 cities)
5,891,593,056 +11.5
5,270.868,346
4,467,984,974
4,383,427,924
5,985,693,219
40,148.000 +12.7
2.039,249,570 +8.1
373,914,864 +5.7
38,425,000
1,949,171,370
578,862,349
34,753,147
1.658.144,134
534,619,000
26.800,000
1,511,348,283
518.456.000
28.149,719
2.072,639,437
659,860,797
707631,111
68,567,871
a
+17.4
50,670,103
53,975.270
+3.6
15.863,945
+22.5
20,219.168
+6.1 1,871.946,130 1,600,517,595
73,236,000
71,443,502
+42.7
785,330,073
671,653.910
+11.6
35,664.574
30,419,000
+10.1
+10.3
96,211,668
52,333.596
+19.2
50,490,278
194,698,065
+5.9
210447,624
229,234,818
+0.6
226,954,967
432.151.552
-10.1
250,496,140
+10.4 7,028,870,000 5,152,305,000
38,226,663
39,927,112
+15.0
679,820,874
801.230.517
+25.8
268,829,267
200,271,022
+5.9
+7.1
37,150,156
30,598.482
+4.6
323,673,714
378,313,445
156,888.305
+25.4
192,830.008
+13.3 8,049,061,000 7,273,500.000
117,315.972
+13.7
123,522,486
+17.5
58,774,470
48.275.720
+5.5 Not included in total.
25,604.390
+4.6
28,046,959
+13.6
140,631.100
124,314.800
687653,714
_
887214.198
1,528.445,024
90.439.000
661.686.278
33,915,000
17,567,447
1.906.796,902
133.604,030
892,346,395
45.220.028
59,040,379
160,378,670
228,857,300
181.639,876
4,211,189,000
3a.911,884
543,092,161
161.701,121
24,241,933
284,417,587
138.665.592
6,629,000,000
92.064,797
42,452,548
67.098.150
150,987,832
277.206,368
163.595,436
3,994,274,000
25,126,381
552,613.822
.130,724.824
34,637.801
324,345,255
154,929,338
8,122,064,917
116,995,085
26,921,441
21,516,807
249.179,300
21,689.481
293,913.000
707041,478
55,204,184
22,483,880
1.898,910,859
75.834,000
804,709,503
31,832,496
110.490.149
49,854.551
207,836,127
200.208,229
369,536.444
7.194,525.000
39,107,843
845.144,456
293,184,216
39,932,002
430,134,192
215,183,262
8,366,230,636
126.497,742
62.145,992
99,881,868
25,412,496
132,600,507
14,394.311
27,121.635,413 24,420,234,546 +11.1 23,637,299,965 19.637.971,457 17.515,286,565 20.301.522.084
Grand total (193 cities)
Outside New York
512,063,011.279455,759,342,491
+12.3 413.452,431,399 391.507,311,955 355.588.192.536449,727.981,440
228,443,766,646 205.891,161,152 +10.9 199,456,248,672 173,606,925,839 161,256,972,873 206,592.968,076
CANADIAN BANK CLEARINGS FOR THE LAST SIX CALENDAR YEARS.
)
Clearings atMontreal
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
Kingeten
Total (29 cities)
Year 1925.
$
5.143.250,794
4.914,652,246
2,892,376,615
807,197,610
328,862,264
296,868,697
153,908,814
250,224,656
355,320.700
131,306,092
101,269,481
136,640,609
239.350,281
225.429,503
31.805,295
28,311,024
91,330.852
81.186.450
50.714.486
43.110.272
33.049.655
15,359,364
40,564,340
42,169,656
49,231,111
172,716,001
17,347.712
41,258.874
36,429.854
Year 1924.
5,353,492,462 -,3.9
5.255.433,826 -6.5
2,682,695,199 +7.9
803,051,359 +0.5
332,140,501 -1.0
291.276,519 +1.9
148.486,237 +3.6
255.781,872 -2.2
343,415,332 +3,5
133.734,811 -1.8
108.146.581 -6.4
140.878,932 -3.0
220,329,384 +8.6
179,302,867 +25.7
29.796.999 +6.7
27.718,555 +2.1
83,355.958 +9.6
58.471,697 +4.6
46.050,667 +10.1
48.122,905 -10.1
30,816,500 +7.2
16,463,668 -6.7
40,621,725 -0.2
41,432,014 +1.8
48,875,860 +0.7
164.187.439 +5.2
16,572,705 +4.7
41.537.923 -0.7
35.733,539 +1.9
16.741.243.2R4 16.077.024 nen
a No longer More clearings. I All banks closed In 1924 until Dec. 16.
Inc. or
Dec.
-1.4
Year 1923.
5,493,105,775
5,591,368,205
2,528.311,969
750,693.542
353,699,360
303.116,299
1432.328.562
301,554,611
272,438,496
141,395,039
105,229,802
151,838,946
217,273,336
190.195,987
30,970,260
31.976,083
89,106,604
63,910,782
52,934,940
49,754,115
29,251,751
17.668,504
39.376,920
43.329.228
51,889,983
178,443,115
18,010,599
50.243,501
34,886.471
17 229 242 701
Year 1922.
6
4,093,942,868
4,974,658,388
2.563,938.704
683,054,537
370.776.458
284,484.623
160.112,23
283,272,11!
263,240,201
142.488,127
105,773,654
147.787,996
234.211,250
184.149.429
33,077.838
30,979.137
87,892,573
64,035,266
64.067.107
41,147.689
27,367.208
17,707,358
37.100.117
43,281.746
52,490,715
170,789,813
17.974,160
59,344,596
34.679.437
la 9A2 fang 92`
,
Year 1921.
Year 1920.
5,720,258,253 7,109,189,038
5,105.893,766 5.410.214,802
2.682,441,103 3.015,704.299
867,901.614
708,205,932
404,237,674
515,006,228
364.651.362
302,491,488
181,802,598
255,678.403
297.932,727
380.733.960
438.073.277
335.465,202
147.301,169
176,671,887
145.707.146
122,416,239
192.157.969
161,956,960
294,863.362
260,888,619
231,070,269
203,659.641
41.398,339
39.282.713
47,397.555
35.350.739
115,403.076
100,553,190
94,584,910
74,739.761
78,113,949
62,235.591
48,072.207
43.819,961
36.435.337
30,737,565
27.808.580
21,848,524
50.639.788
44,195,516
64.046.861
53,641,710
61,600,500
51,159,584
171.282.078
162.268.354
Not included In total.
56.282.833
33,872,694
17 Add 790 ing 9rt 929 4/1I1A11/1
270
THE CHRONICLE
[VOL. 122.
Listings on the New York Stock Exchange for the Year 1925.
The total of listings of new and additional corporate securities on the New York Stock Exchange
for the year 1925 (entirely apart from the foreign
Government issues) shows a tremendous increase
compared with the previous year. In this the comparison compares favorably with the actual corporate financing for the twelve months as represented by stock and bond issues offered in the investment market by corporations, where there has also
been a large increase over the offerings of the year
preceding. Full details regarding the latter will
appear in a later issue of our paper in our article
on "New Capital Flotations." The latter compilations constitute an accurate index of the new financing done and cover the entire country. The Stock
Exchange listings relate to an entirely different
thing. They embrace not only new, but also old
securities which have just found their way to the
Exchange and they have reference alone to the New
York Stock Exchange. They also include securities
replacing old securities, which process occurs chiefly
in cases of recapitalization and reorganization. The
latter have been few, whereas recapitalizations have
been on the increase in recent years.
By far the greater amount of corporate listings on
the Stock Exchange for the year occurred during the
first six months, the figures being $2,382,996,991 for
the first half, as compared with $1,894,252916 for
the second half, or a difference of $488,744,075. The
total corporate listings for the twelve months of
1925 aggregated $4,277,249,907, against $2,972,767,110 for 1924, $3,879,437,943 for 1923 and $4,366,447,820 for 1922, which latter was the record in showing
the largest amount of listings for a period of its
length in the history of the Exchange. While the
year 1925 fell short only by 89 millions of the record
year of 1922 in the aggregate amount of stocks and
bonds of that year, it actually leads that year in the
amount of industrial and miscellaneous stocks (distinct from bonds) listed, the total being 2,057 millions, against 1,975 millions. In this respect the
year 1925 holds the record over previous years.
As in previous years our totals, while excluding
Government and municipal financing, both foreign
and domestic, include securities of foreign corporations.
Among the distinctive features in connection with
the year's listings we observe the following:
1. An increase in the amount of securities of railroad, public utility and industrial companies listed.
Railroad securities listed amounted to 845 millions,
against 655 millions in 1924; public utilities aggregated 880 millions, against 848 millions the previous year, while securities of industrial companies
totaled 2,550 millions, as compared with 1,468 mil
lions for the former twelve months, or an increase
of 1,082 millions.
2. The further broadening of the New York market for foreign securities, both corporate, municipal
and Government. Foreign Government bonds in
1925 include $110,000,000 German, $100,000,000
French, three Belgian issues aggregating $130,000,000, $40,000,000 Netherlands, $35,000,000 Poland
and $30,000,000 Sweden. Foreign corporate securi• ties include'the following: $20,000,000 Paris-LyonsMediterranean 7s, $15,006,000 Nord Ry. (France)
6 s, $10;000,000 Paris-Orleans'RR. 7s, $25,000,000
/
1
2
Central Bank of Agriculture (Germany) 7s, $10,-
000,000 General Electric Co. (Germany) 7s, $15,000,000 Saxon Public Works, Inc. (Germany) 7s,
$5,000,000 Alpine Montan Steel Corp. (Austria) 78,
and $3,000,000 Rima Steel Corp. (Hungary) 7s.
3. The largest industrial financing for the year
surrounded the purchasing of control of the Dodge
Bros. from the former owners. Securities covering
this financing, which later were admitted to the Exchange, consisted of $75,000,000 6% convertible debentures, 1,500,000 shares of class A stock and 850,000 shares of preference stock, both of no par value.
At the end of the year the amount of debentures on
the list had been reduced to $60,000,000 through conversion into class A stock and the total shares of the
latter had been correspondingly increased to 1,934,552 shares.
4. Another class of securities which- found its
way on to the Exchange in large numbers was the
securities of the film and allied industry.' Heretofore only securities of three companies relating to
this industry were on the New York Stock Exchange, but during 1925 the list was augmented by
the following: $2,500,000 8% pref. stock of First
National Pictures, Inc., 400,000 shares (no par
value) common A stock of Fox Film Corp., 141,774
shares (no par value) capital stock of Motion Picture Capital Corp., 150,100 shares (no par value)
capital stock of Shubert Theatre Corp., $3,000,000
pref. stock of Universal Pictures Co. and $1,999,800 class A stock of Warner Bros. Pictures, Inc.
The aggregate amount of stocks of industrial and miscellaneous companies listed was $2,057,169,261, compared with
1,224 millions in 1924, 1.860 millions in 1923 and 1,975 millions in 1922. As in recent years, it must be taken into
account that in many cases the shares listed in 1925 were
of no par value and were represented by more or less nominal figures. Although this practice has to a certain extent changed the method of comparisons of the total stocks
listed as expressed in dollars, still the value of comparisons is in no way impaired, as the figures given represent
the stated or declared value of the shares as reported in
the companies' latest balance sheets.
The total of note issues not listed on the Exchange, as
compiled at the end of this article, shows an increase over
1924. The amount in 1925 reached $424,000.000, as compared with 335 millions In 1924 and 247 millions in 1923.
This table of note issues includes principally notes issued
for extensions or renewal of maturing bonds or notes, or
represents short-term financings. Our object in referring
to this table here is because companies in taking care of
their immediate wants through this class of financing act
to that extent to diminish the volume of stocks and bonds
that would normally be presented for listing on the Exchange.
The following table embraces the record of aggregate
corporate listings for each of the last ten years:
CORPORATE LISTINGS ON NEW YORK STOCK
EXCHANGE.
Bonds.*
lasted for New
Capital, rec.
Replacing
Old Securities.
i
1,031,620,216
597.242,100
637.040,556
867,634.961
525,652,059
388,708,500
211,074,311
100,148,400
713,686,300
336,030,000
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
$
25,107,500
36,623,498
11,962,400
15.979,350
44,055,900
4,564,300
41,795,500
33,958,500
64,445.000
25,925,000
$
520,514,391
406,587,832
619,351,290
698,808,139
226,202,119
45,621,908
68,132,729
93,527.800
212,702,200
300.751,000
1,060,308,991
625,206,192
917,756,584
981,900,977
368,715,110
1,131,237,916
565,615,760
160,688,267
616,957,245
47°9 API5
,
344,713,098
286,501,896
346,922,069
335.061,654
249,931,033
343,522,220
236,060,904
44,652,250
139,877,552
Pn 741 75.
1,295,985,571
1,020,605,601
1,346,405,054
1,467,062,739
481,037,553
680,638,517
474,927,828
106,684,130
724,450.548
dIR Is. 90A
,
Stocks.
1925
1924
1923
1922
1921
1920
1919
1918
1917
1918
Old Issues
Now Listed.
Total.
9
1,576,242,107
1,040,453,421
1,268,354.246
1,582,422,450
795,910,078
438,894.706
321,002,540
227,634.700
990,833,500
862,706,000
2,701,007,800
1,932,313,689
2,611,083,697
2,784,025,370
1,099,723,686
2,155,398,653
1,266,634,492
312,024,647
1,481.285,341
011 181.711F
•Government issues foreign and domestic not here included shown separately.
Note.—Applicat ons for the listing of trust company receipts and of securities
marked "assented' (If preparatory to reorganization), or of securities stamped
"assumed" or "assessment paid—the securities themselves having previously been
listed—are not included in this table.
JAN. 16 1926.]
THE CHRONICLE
271
Telegraph Co., issued for corporate purposes; $35,000,000
capital stock of Pacific Telephone & Telegraph Co., issued
for corporate purposes, and $16,500,000 Standard Gas &
Electric Co. 8% preferred stock.
The principal stock issues of no par value of public
utilities are 818,708 shares of common stock and 291,512
shares of preferred stock of American & Foreign Power Co.,
Bonds.
Stocks.
Inc.; 1,520,657 shares of common stock and 331,553 shares
Indus. &
Public
Indus. &
Public
of preferred stock of Electric Power & Light Corp.; 303,004
Miscell.
Miscell.
Railroad.
Utilities.
Railroad.
Utilities.
shares of common stock, 62,414 shares $8 preferred stock,
$
$
9
$
$
'5
1925— 534,183,466 148,344,17' 93,714,467 211,528,441' 132,310,09f 1,057,169,261 40,000 shares $7 preferred stock and 32,421 shares of cumu1,224,594,600
1924-- 151,866,85' 143,819,901 144,766,661 103,465,92( 104,253,169
1923._ 329,100,74( 182,953,501 356,300,006 171,500,230 179,445,081' 1,860,138,388 lative preferred B stock of General Gas & Electric Corp.
1922._ 369,344.051 198.447,70C 114,630,101' 319,467,400 189,079,132 1,975,478,838 (Del.), and 200,000 shares preferred stock of North Ameri1921._ 314,912,601 145,187,901 355,809,578 73,743,500 119,228,895 803,751,291
1920.- 343,816,551 70,300,001 124,778,751 87,122,801 70,408,25! 1,997,867,598 can Edison Co.
1919.- 105,251,701 19.857,401 '35,893,441' 250.240,251 77,839,42! 938,899,817
Prominent among the industrial and miscellaneous stock
.
1918.- 61,294,10' '28,305,601 38,034,501' 55,268.501 15.674.48: 243,245.915
1917.- 425.320,25(54,358.90( 179.206,101' '23.807.011 '18.831.011 665,216.320
issues added to the list are: $21,249,500 capital stock of
1016
. 5 7on sor
.1
•-• ••••• n f
,
,
, , . N.' .-, inn roe Inn roo on, ••51 95/ nog
^
Government issues, foreign and domestic, as already Cudahy Packing Co., 32,774,450 common, $35,166,650 class
stated, are not included in the above tables. The following B and $59,298,400 preferred stock of Armour & Co. (Ill.).
is the aggregate amount of such issues listed or authorized The foregoing were old stock already issued and were
listed on the Exchange for the first time. Other issues
to be listed for the past ten years:
mg. THE NEW YORE STOCK EXCHANGE. listed were $38,017,750 common stock of E. I. du Pont de
GOVERNMENT RoNT1s
Nemours & Co., issued as a stock dividend; $31,500,000 preForeign Issues
U. S. Government
ferred stock of International Match Corp., issued in exTotal.
(Ind. Canadian).
SecurUies.
1925
$607.700.000
$607.700,000
change for debenture bonds, working capital and to provide
1924
9200,000.000
788,720,750
588,720,750
funds for the Polish match monopoly; $25.042,000 preferred
1923
335,929,500
235,929,500
(000,000,000
1922
502,500,000
502,500.000
stock of Tidewater Oil Co., issued to refund outstanding
1921
507,500,000
•55,000,000
452,500 000
520,578,700
1920
520.578.700
bonds and for developing existing facilities, etc.; $15,000,1919
4,571,611.735
b4,516,611,735
55,000.000
1918
c11,165,563,850
11,265,563,850
100,000.000
000 preferred stock of Yellow Truck & Coach Mfg. Co. (for1917
636,000.000
6313,000.000
nnn non
merly Yellow Cab Mfg. Co.), issued as a stock dividend.
0
'An nnn non
1 17, non non
1916
The principal stock issues of no par value of industrial
•New York City obligations. b including State and munic pal obligations and
$4.500,000,000 Victory Loan. c Includes Liberty loans.
companies listed during the year are: 1,103,817 shares Sun
Railroad bonds listed during the year, it wi I be seen, foot
Oil Co.; 400,000 shares class B stock Pan American Western
up 634 millions, as compared with 451 millions in 1924 and
Petroleum Co.; 642,368 shares common stock and 125,000
829 millions in 1923. Chief among the issues of this class
shares class A stock of General Outdoor Advertising Co.;
are $75,000,000 Baltimore & Ohio 1st 5s of 1948, issued for
660,817 shares common stock and 218,535 shares preferred
,
refunding purposes, and $45,000,000 Southern Division 31 6%
stock of Chrysler Corp.; 5,161,600 shares common stock of
bonds of the same system extended to 1950 at 5% interest:
General Motors Corp.; 1,358,800 common shares of Mid$50,000,000 Pennsylvania RII. secured 5s of 1964, issued for
Continent Petroleum Co. and 1,999,979 shares capital stock
refunding purposes; $30,000,000 Florida East Coast Ry.
of Briggs Mfg. Co.
1st and ref. 5s, issued for additions, betterments, etc.; $40,The following table shows at a glance the foreign
000,000 Central Pacific Ry. 5s, issued for additions, betterGovernment bonds listed on the Exchange during 1925.
ments, etc.; $26,000,000 Pittsburgh Cincinnati Chicago &
It must be borne in mind that our figures cover only the
St. Louis general 5s, issued for refunding purposes. Other
foreign Government loans actually listed or authorized to
bonds of railroad companies are the following: $23,000,be listed. The totals do not show the full amount of
000 New Haven 6% secured bonds; $23,492,000 Southern
foreign Government issues floated in this country, since
Pacific Co. collateral trust 5s; $25,000,000 Missouri Pacific
some others were brought out which did not find their way
1st and ref. 6s; $18,000,000 4%s of 1940 and $26,000,000
to the Stock Exchange.
4%s of 1954 of the Canadian National Ry. and $17,000,000
GOVERNMENT AND MUNICIPAL ISSUES LISTED AND
4%s of the Canadian Northern Ry.
AUTHORIZED TO BE LISTED DURING 1925.
Public utility bond Issues listed amounted to 448 millions, Argentine, Government of, External 6s, 1958
$29,846.000
External Sinking Fund 8s. 1945
6,000.000
against 343 millions in 1924 and 382 millions in 1923. Prin- Bogota, City of, of, External 25-Year 634s, 1949
Belgium, Kingdom
30.000.000
50,000,000
-Year 6s, 1955
Belgium,
of, 30
cipal among the issues were $125,000,000 5% bonds of the Belgium, Kingdom of, 30-Year 7s. 1935
Kingdom
• 50.0(J ),000
15,000.000
American Telephone & Telegraph Co., issued for capital Berlin, City of. 25-Year 6)s, 1950
Bolivia, Republic of, 25
-Year 8s, 1947
1,000,000
expenditures for the Bell System; $50.000,000 Consolidated Bremen, State of, 10-Year 7s. 1935
.•
4,250.000
Christiania, City of, 25-Year 8% bonds,
2.000.000
Gas Co. of New York 5%s, sold for the purpose of acquir- Cordoba, Province of. External 7s, 1942 1945
5,854.000
9,250,000
ing stock of subsidiary companies, issued for capital Czechoslovakia. State, 8% Sec. Ext. S. F. bonds, 1952
Czechoslovak Republic 7)4s, 1945
25,000.000
expenditures; $30,000,000 1st lien and ref. 5s of the New Finnish Municipal Loan, 30-Year, Series A (associated
3,900,000
Municipalities) 6Y 1954
2s,
York Edison Co. (subsidiary of Consolidated Gas Co.),
3,100.000
do
Series B (Municipality and City of Helsingfors)
25
-Year 78, 1949
100.000.000
issued for the purpose of acquiring additional stock of its French Republic, Government of, 1949
110,000.000
Germany, Republic of,7% bonds.
11,000,000
subsidiary company. Other bond issues of public utility Greek Government 40-Year 7s, 1964
Hungary, Kingdom of. 7)4% Sinking Fund Gold bonds
9.000,000
companies are $25,000,000 International Telephone & Tele- Netherlands, Kingdom of, 30-Year 6% External S. F. Gold
40,000,000
bonds, 1954
graph Corp.; $30,500,000 general 5s of Brooklyn Edison Co.: Oslo, City of, 30-Year 6s, 1955
8.000,000
7,500.000
Peru,
of, External Sinking Fund 7s. 1940
$20,000,000 secured 6s of public Service Corp. of New Jer- Peru, Republic of, External Sinking Fund 8s. 1944
7.000.000
Republic
35.000,000
sey, and $15,000,000 1st and ref. 62 of the Public Service Poland, Republic of. External 8s, 1950
/
1s
15,000.000
San Paulo, State of 25
-Year 8s, 1950
Electric & Gas Co.
30.000,000
Sweden, Kingdom of, 30
-Year 5)4s, 1954
IMisgellaneous bond issues listed totaled $493,714,647.
$607,700,000
Total
against 244 millions in 1924 and 556 millions in 1923. LeadThe purposes on account of which the several bond
ing the list are $75,000,000 Dodge Bros. 6% debentures, and stock issues listed during the year were issued are
$40,000,000 Andes Copper Mining Co. 7s, $50,000,000 Sinclair given in the following tables:
Crude Oil Purchasing Co. 6% notes, $22,500,000 InternaRAILROAD BONDS LISTED FIRST SIX MONTHS OF 1925.
tional Paper Co. ref. Os, $15,000.000 Central Leather Co. 1st
Company and Class of Bonds—
Purpose of Issue.
Amount.
Memphis Ry Bdge &
lien 6s, $15,000,000 Cuban Dominican Sugar Co. 1st lien Arkansas & Co
Terminal
$3,531.000 Old issue just listed.
1st 5s, 1964
7%s, $15,000,000 Sinclair Consolidated Oil Corp. 1st lien Os, Chic Union Station (ltd 5s, 1944-- 7.000,090 Construction.
Cuba Northern 1st 6s, 1966
10.000.030 Construction. &c.
and $25,600,000 Humble Oil & Refining Co. 5%s.
Del & Hudson 1st & Ref 4s. 1943- - 4,600.000 Additions. refunding.
El Paso & Southw 1st & Ref 5s,'65
814,000 Refunding.
Among the stocks of railroad companies listed, we note Florida East Coast 1st & Ref 58.'74. 30.000,000 Additions, betterments.&c.
1972- 1.261.000 Construe.
the following: $87,153,000 New York Central capital stock Int Rys of Cent Amer 1st 5s, 1950- 3,000,090 Additions,& equip. lines.
betterments, &c.
K C Southern Ref & Impt 5s,
Retire income
Issued in connection with the conversion of outstanding N 0 T & Mex 1st 5s, ser "B,"'54- 2,658.400 Refunding. bonds.
NYNH & Hartford 15-yr sec 6s'40 23.000,000
bonds, etc.; $12,500,000 common and $12,500,000 preferred Norfolk & Western—
6,000,000 Expenditures.
Div 1st Lien
stock of the Western Pacific RR. Corp., issued as a stock North Cent Ry& Gen 9s, 1944_
Gen &.Ref 5s,'74_ 8,300,000 Additions, betterments, &c.
Red. float, debt, corporate
Paris-Lyons-Mediterranean—
dividend, and $15,770,000 preferred stock of the Denver &
purposes. &c.
20.000,090
Ext 7s, 1958
Rio Grande Western RR., issued in connection with the Paris-Orleans RR 7% Est sf bds'54 10,000,000 Electrification, &c.
corporate purposes.
reorganization of that road.
Pennsylvania RR 40-yr sec 5s, 1964 50.000.000 Refunding.
Peoria & Pekin Union 1st 51{s.'74- 3,200,000 Refunding, additions, &c.
The principal stocks of public utility companies listed Pitts Youngs & Ashtabula Ry—
371,0001Additions and betterment's
let Gen. 5s Series B,1962
are: $33,175,000 capital stock of American Telephone &
000
1,479,
do
Series C. 1974
In the following we reclassify the figures so as to indicate the amounts under each leading head, namely railroad, public utility and industrial and miscellaneous companies. This table shows at a glance the volume of bonds
and stocks listed during the last ten years by each of the
different groups mentioned:
272
THE CHRONICLE
Company and Class of Stock
Amount.
Purpose of Issue.
lIssued in exchange for
Reading Co Gen & Ref 430,1997.. 9,616,668
Gen. Mtge. bonds per
dissolution decree.
Southern Pacific Coll Tr 5e. 1944-- 23,492,000 Acq. assets of El Paso &
South West. RR.
Southern Pacific RR let Ref45.'55 6.407.500 Old bonds Just listed.
Terminal RR Assn of St Louis
Gen Ref 4s, 1953
2,500.000 Acquisition, bettermls,&cl
Virginian Ry let 55,ser A,1962...... 5,500,000 Expenditures.
Total
$232.730.568
RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1925.
Company and Class of BondsAmount.
Purpose of Issue.
Bait & Ohio 1st Mtge 58. 1948.. _ _$75,000.000 Refunding.
do Southwestern Div 58, 1950_ 45,000,000 3s extended at 5%.
Canadian National Ry 43s, 1930- 18.000,000 Construction, &c.
do
do
455s. 1954
26,000,000 Corporate purposes.
Canadian Northern Ry 434s, 1935- 17,000.000 Refunding.
Central Pacific Ry 58, 1960
40,000,000 Add'ns, betterments, &c.
Chic & West Ind 1st & Ref 5;is,'62 16,092,000 Refunding, additions, &c.
Cleveland Union Terminal Co•
1st 5s."B." 1973
5,000,000 Construction.
Cuba RR let 58, 1952
794,000 Capital expenditures.
Denver & Rio Or W Gen 58, 1955- 27,983,900 Issued per reorgan'n plan.
Gulf Mobile & No 1st 5}1s, 1950_ _ 4,000.000 Ref'g, working capital, &c.
Cent RR & Chic St L & New OnIll
Joint 1st Ref 4s. 1963
7.094,000 Add'ns, improvements, &c.
Internet Rys of Cent America
1st Mtge 58. "B." 1972
952,000 Building new railways.
Ny & Indiana Term 1st M 4%s,'61
(stamped, unstamped & plain)
*7,222,000 Old bonds just listed.
Mo Pacific 1st & Ref 6s,"E," 1955 25,000,000 Refunding, capital expend.
do
Gen 48 1975
2,813.000 Issued under reorg plan.
New Orl Tex & Mex 1st 5 s, 1954.. 3,752,000 Corporate purposes.
Nord By (France) Ext 63s. 1950.. 15,000,000 Corporate purposes.
Pitts. Cin.Chicago & StLouisGen 58,"B," 1975
26,000,000 Refunding.
St Louis-San Francisco
Prior Lien 5s."D. 1942
1,750.000 Acquisition.
Seaboard Air Line 1st Cons 65. 45- 10.000.000 Corporate purposes.
Southern By 1st Consol 55, 1994_ _ 2.000,000 Refunding.
Texas Pacific
-Missouri Pacific
Term RR of New On 1st 593,'64 5,000,000 Refunding, impts., &c.
Virginian By 1st 5s. 1962
7,500,000 Additions, betterments, &c.
Wabash By Ref & Gen 5s,"A,"'75 12.500.000 Additions, betterments, &c.
Total
$401,452,900
* .C1,351,0p0 sterling and $467,000.
PUBLIC UTILITY BONDS LISTED FIRST SIX MONTHS OF 1925.
Company and Class of BondsAmount.
Purpose of
American Tel & Tel Co 5s, 1960-125,000.000 Capital exp. forIssue.
system.
Bklyn Edison Co Gen 5s. ser A,'49 30,500.000 Refunding, extensions, &c.
Detroit Edison Gen & Ref 5s. 1949- 12,500,000 Gen. corporate purposes.
"Federal Lt & Trac Deb 6s. 1954-.. 2,500,000 Additions & extensions.
Kan City Pr & Lt 1st 5s,ser A.'52- 2,000,000 Add'ns, improvements, &c.
Niagara Lockport & Ont Pr Co
1st & Ref 55, A. 1955
13,700,000 Refunding, acquisition, &c.
Portland Elec Pr CofAdd'ns, &c., & exch. for
1st Lien & Ref 6s. 13, 1947
4.195.7001 outst'd'g bds. of old co.
Pub Serv Corp of NJ Sec 68,1944- 20,000,000 Refunding.corp.. purposes.
Public Service Elec & Gas Co!Refunding, additions and
1st & Ref 530. 1964
15,000,0001 improvements.
Rochester Gas & Elec Corp
Gen M 7s, ser B, 1946
7,000.000 Refunding,improvemls,&c
Gen M 5s,ser 0, 1948
4.000,000 Construc'n, add'ns, &c.
San Antonio Public Service CoIst & Ref 6s, 1952
1,750,000 Additions, impts., &c.
Saxon Pub Wks, Inc (Germany)
1st 7s. 1945
15,000.000 Working capital. &o.
Tenn Elec Co 1st & Ref6s,A.1947. 3.600,000 Refunding, additions, &c.
Union Elec Light & Power Co,Mist Ois. 1954
9,750.000 Acquisitions, &c.
[Vol,. 122.
INDUSTRIAL AND MISCELLANEOUS BONDS LISTED SECOND
SIX MONTHS.
Company and Class of BondsAmount.
Purpose of Issue.
Alpine Montan Steel Corp (Austria) 75. 1955
$5,000,000 Improvement
Amer Ice Co Cony 7% notes 1939- 3,375,000 Acquisitions,s. &c.
&c.
Amer Type Founders Co 6s 1940
Refunding, work. capital.
Anglo-Chilean Consol Nitrate Corp 5.000,000
78, 1945
16,500,000 Capital expenditures.
Botany Consol Mills Inc 6548 1934 9.297.300 Acquis. constituent cos.
Central Bank of Agricul(Germany)
1st 7s 1950
25.000,000 To make farm loans.
Cuba Co Cony 65 1935
9.750.000 Corporate purposes.
Cuyamel Fruit Co 1st 6s 1940- _ 5,000,000 Refunding, &c.
Gould Coupler Co 1st Lien 6s 1940Granby Consol. Mining Smelting & 4.000.000 Wkg,cap.; ac,o. constit. co.
Power Co Cony fe 1930
2.500.000 Refunding.
Hershey Chocolate Co 5s 1940
20.000,000 Refunding,
Humble Oil & Ref Co 5s 1932._ 25,000.000 Refunding. acquis., &c.
Midvale Steel & Ordnance Co
(ltd Cony 55 1936
501.000 Exch. for bonds not gtd.
Nat Dairy Prod 6% notes 194015.000.000 Acquls. constituent
NorthAmCementCorp8Y.s"A"40 5.989,000 Acquisitions, &c. cos.
Philo & Reading Coal & Iron Co
!Issued per dissolution plan
Ref 55 1937
111.3331 of Reading
(A 0) Smith Corp 1st 630 1933_ 4,725.000 Refunding, Co.
extensions, &c.
Stand Milling Co 1st & Ref 53s'45 2,500,000 Acquisitions.
Union Oil Co of Calif 5s "C" 1935.. 10,000.000 Refunding, work. capital.
Wickwire Spencer Steel Co 78 1935 8,895.000 Exch. for old bonds
per
reorganization plan.
Total
S178.143.633
RAILROAD STOCKS LISTED FIRST SIX MONTHS
OF 1925.
Company and Class of StockAmount.
Purpose of
Caro Clinch & Ohio com (plain)-.. 13,602.20010Id stock just Issue.
relisted.
do
Common (stamped)--- 7,590.100;
Chesapeake & Ohio Common
6.013.300 Exch. for
Gulf Mobile & Northern common_ 10.469.0001Exch. for Cony. bonds.
stock tr. certifs.
do
Preferred
10,961,0001
Illinois Central Common
501,200 Cony. of Pref. stock.
Mo-Kan-Texas Corn (3,570 shs)
*357.0001Issued under reorg. plan.
do
Preferred stock
825.6001
New York Central capital stock
87.153.000 Cony, of bonds, &c.
Norfolk & Western Common
1,130.640 Cony. of bonds.
St Louis
-San Francisco Common
3,636,100 Issued under reorg. plan.
Vicksb Shreve & Pacific Corn
2,836.400 Old stock just listed.
5% Non-Ctun Pref
2,125,700
Wabash By Common stock
1,106,200 Exch. for 5% Cony. Prof.
do
Preferred A
1.106,100
already listed.
Western Maryland Common
'96,900 Exch.for secs.of const. cos.
Total
$149,510.440
RAILROAD STOCKS LISTED SECOND SIX MONTHS
OF 1925.
Company and Class of StockAmount.
Purpose of Issue.
Alabama & Vicksb capital stock__ $4,200,000 Old stock just listed.
Caro Clinch!& Ohio corn (plain)__ 1,167,000101d stock just
relisted.
Stamped
, 1
Denver & Rio Grande W pref
15.770.000 Issued per reorg. plan.
Illinois Central common
3,376,000 Corm of Preferred.
Preferred
8.910.000 Electrification, &c,
Missouri-Kansas-Texas Pref
828,400 Issued under reorg. plan.
Norfolk & Western Common
1,651.000 Conversion of bonds.
Wabash Common
241,800 Exch. for 5% Convertible
5% Preferred "A"
241,900
Preferred already listed.
Western Maryland Common
44,500 Exch. for
Preferred2.500 stituentsecurities of concompanies.
Western Pacific RR Corp Cont.__ 12.500.000 Stock dividend.
Preferred
12,500,000
Total
$62,018,000
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS
OF 1925,
Company and Class of StockAmount.
Purpose of Issue.
Am & Foreign Power Co, Inc
Common (818,708 shares)
1*46,735,767jAcquisition of properties of
Preferred (291,512 shares)..--1
1 constituent companies.
Amer Tel & Tel Co Capital stock_ 327.248.600 Corporate purposes.
Brooklyn Edison Co Capital stock_
235,900 Capital expenditures.
Brooklyn-Manhattan Transit Corp
Common (3,796 shares)
*151,840'Issued under reorganization
Prefstock v t c (2.013 shares)
*210.3001 plan.
Bkln Un Gas Co corn (15.412 shs)770,600 Conversion
Columbia Gas & El Co 7% Prof--- 9.093,100 Acquis'n of of bonds.
constituent cos.
Detroit Edison Co Corn
6,008,600 Conversion of bonds.
Electric Power & Light Corp
Common (1,330,771 shares)--Acquisition of properties &
Allotment ctfs for Pref and Corn *66.525,475
control of constituent
stock full paid and 40% paid
companies.
(385.149 shares)
Federal Light & Traction Corn_ _ _ 5.784,375 Exch. for shares
of no par.
Preferred stock (39.374 shares)__ *3.937,400 Exch. for
hit Tel & Tel Corp Capital stock-- 10,158,500 Liquidateshares of $100 Par
bank loans, acquisition of constit't cos.
Metrop Edison Co Pref(449 shs)-*44.900
NY Steam Corp Pref(10.000 shs). *1.000.000 Additions, &c.
Additions, &c.
Niagara Lock & Ont Pow Co Pref__ 3,647.800 Acquis'ns,
corp. purposes.
North American Co Corn
1,478,100
Pacific Gas & Electric Co,corn--- 2,865.600 Stock dividends.
Plant additions, &c.
Pacific Tel & Tel Co Cora
35.000.000 General corporate purposes.
Pittsb Util Corp Pref(v t c)
5,145,080
Pub Sery Corp of N J (80,810 shs)- *4.040,500 New v tc exchange for old.
Additions, betterrnents,&c.
75 Preferred stock
9,602,000 Additions and betterments.
Pub Serv El & Gas Co 6% Pref
15,000,000 Additions, improvenfts,&c
Radio Corp of America Pref
667,400 Old stock just listed.
Stand Gas & El Co (248.764 shs)
*5.472.808 Conversion of bonds.
8% Preferred
16,500.000 Old stock just listed.
West Penn Power Co 7% Pref,.-223,700 General corporate purposes.
Total
$27/.548.345
Total
$266.495,700
PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1925.
Company and Class of BondsAmount.
Purpose of Issue.
Broadway & Seventh Ave RR-Issued in exchange for other
let Consol 55. 1943
$2.624,000
bonds per reorganization
plan of N. Y. Rys.
Consol Gas, N Y. 53.68, 1945
50,000,000 Acq. of stock of sub. cos.
Issued for cap. purp., &c.
Detroit Edison Co
Gen & Ref 58, "B," 1955
8,000,000 Construction, &c.
Int Tel & Tel Corp Cony 53s. 45.. 25,000,000 Acquisition Int. W.El. Co.
Manila Electric Co 5s. 1942
479.000 Corporate purposes.
Montana Pr Co 1st & Ref 55, 1943- 5,134,000 Old bonds just listed.
Montreal Tramways Co
1st & Ref 54. 1941
2.266,060 Refund underlying bonds.
New Orleans Public Service Inc-lst & Ref 5s,"A"
12,000,000 Issued under reorg. plan.
Interim ctfs for series"B"
5,000,000 Capital expenditures, &c.
New York Edison Co
1st Lien & Ref 54,"B." 1944_- 30,000,000 Acquisition stk. of sub. co.
N Y Rys Corp Income 6s, 1965_
19,435,472 Issued per reorgan'n plan.
Niagara Lockport &Ontario Pr Co
1st & Ref 54. "A." 1955
1,300,000 Refunding, acquisition,&c.
Portland Electric Power Co
1st Lien & Ref 6s. 1947
500.000 General purposes.
Sierra & San Fran Pr let 58, 1949.... 3.000,000 Extensions, additions, &c.
Toledo Trac Lt & Pr 5H% notes... 8,500,000 Refunding, working capital.
Utica Gas & El Ref & Ext 58.'57_ _ 2.110,000 Extensions & improvements
West Penn Power 1st 58."E," 1963 6,500.000 Refunding. impts., &c.
Total
$181,848,472
, INDUSTRIAL AND MISCELLANEOUS BONDS LISTED FIRST
SIX MONTHS OF 1925.
Company and Class of BondsAmount.
Purpose of Issue.
Am Beet Sugar Co Cony 6s 1935... $3.500,000 Acquis. of constit. cos.
Andes Copper Mining Co
-Cony.
PUBLIC UTILITY SI OOKS LISTED SECOND
78 1943 (25% paid)
40,000,000 Const. work, capital,
SIX MONTHS
Bing & Bing Inc 636% debs 1950.._ 5.000.000 Additional capital. &c.
OF 1925.
Central Leather Co 1st Lien 68 '45- 15,000,000 Refunding.
Company and Class of StockAmount.
Purpose of Issue.
Cuban Dominican Sugar Co
Am Tel & Tel Co capital stock. ___ $5,926,400 Corporate
purposes.
1st Lien 7 s 1944
15,000,000 Refunding, acquis., &c.
Am Water Works & El Co Corn... 1,524,640 Stk.
div., oxch. Part. Pref,
Dodge Bros % Debs 1940
75.000.000 Acq. assets of old co.
7% Preferred
5,013,400 Exch. of Partic. Prof.
Gen Asphalt Co cony 68. 1939
5.000,000 Refunding, work. capital.
Brooklyn Edison Co capital stock.. 13,592,000 Capital
expenditures.
General Electric Co (Germany)Brooklyn Union Gas Co
7% Debs 1945
10,000,000 Corporate purposes.
Common (12,216 shares)
*610,800 Conversion of bonds.
Co Ref 68 A 1955
22,500,000 Extensions, acquis., &c.
Int Pap
Col Gas & El Co Prof
699.600 Acquis. of constit. cos.
Mid-Cont Pet Corp 1st 630 1940- 12.500.000 Retire bank loans, increase Detroit Edison Co capital stock
12.082,900 Cap. expend., cony, of bets.
working capital, &c.
Elec Power & Light Corp
Midvale Steel & Ordnance Co
Common (189,886 shares)
} *177279261Acquis. of properties and
Guar Cony 58 1936
421.000 Exch. for bonds not guar.
Preferred (331.553 shares)
1 control of constit. cos.
Murray Body Corp let 630 1934. 4,000,000 Acq. of assoc. cos. and Federal Light & Trac Co Common..
116.265 Stock dividend.
working capital.
General Gas & Elec Corp
8.000,000 Refunding.
Old Ben Coal Co let 6s 1944
Class A (303.004 shares)
Pan Am Pet & Transport Co
$8 Preferred r2,414 shares
*12,692,0181Issued per plan of July 1
12.000,000 Refunding, work. capital.
Cony 6s 1934
$7 Preferred 40.000 shares
1 1925 (V. 121, p. 198).
Philo & Read Coal & Iron Co
Cum Pref B 32.421 shares).._ _
4.398,334 Issued per dissolution plan Hackensack Water Co 7% Pref ci A 1.036,675 Pay
Ref 58 1937
floating
of Reading Co.
Int Tel & Tel Corp capital stock__ 11.255.400 Acquis. of debt. &c.
constit. cos.
Port Arthur Canal & Dock Co
Louisville Gas & Elec Co
500.000 Pay for extensions, &c.
1st 6s Series B 1953
Class A (526,164 shares)
*13.159.100 Conversion of Pref. and
Rime Steel Corp (Hungary)
acq.
3,000,000 Extensions, impts., &c.
1st 7s 1955
N Y Rys Corp Pref(184,830 sh.$)_ _1*1.447.069/Issued of stock of Ky. Co.
per reorg. plan of
Sinclair Cons Oil Corp 1st L 65 0'27 15.000,000 Corporate purposes.
NY Rys Partic Corp (18,040 shs)_ J
1 New York Rys.
Crude 011 Purch Co
Sinclair
N Y Steam Corp Pref (2.009 shs). *200.900 Additions,
&e.
50.000.000 Refunding.
6% notes 1928
North American Co
West Ky Coal Co let 7s 1944---- 4,751,500 Refunding, acquisition.
Common
6,296,250 Stock dive., acquisitions.
W Vs Coal & Coke Co 1st 681950- 10.000,000 Acquis. of coal cos.
Preferred
1.250.000 Acquis. of cons*. co.
Nor Am Ed Co Pref (200,000 shs)-*20.000.000 Adv. to & inv. in
subs..
$315.570,834
Total
Pacific Gas & El Co Common...-. 2,663,300 Corporate purposes. &c.
JAN. 16 1926.]
Company and Class of StockPeoples Gas Lt & Coke Co cap stkPublic Service Corp N J
Common (132,997 shares)
7% Preferred
6% Preferred
Radio Corp Preferred
Standard Gas & El Co
Common (207.424 shares)
Utilities Power & Light Corp .
Class A (187,753 shares)
West Penn Power Co
6% Preferred
7% Preferred stock
Total
Amount.
Purpose of Issue.
3.547,300 Expenditures, &c.
*6,649,850
4,720,800
1,601,300
187,000
Corporate purposes.
Corporate purposes.
Corporate purposes.
Old stock just listed.
*5,563,328 Reduce floating debt, &c.
*3,761.633 Corporate purposes.
1,311,8001Improvements, &c.
124,1005
$154,761,754
INDUSTRIAL STOCK LISTED FIRST SIX MONTHS OF 1925.
Amount.
Company and Class of StockPurpose of Issue.
Ahumada Lead Co capital stock__ $1,192,018 Old stock just listed.
Ajax Rubber Co stock (75,000 shs). *1,500,000 Working capital.
Am Beet Sug Co Com (150,000 shs)*15,000,000 Exch. for $100 par shares.
Preferred
5,000,000 Exch.for 6% Pref. stock.
Am Car & Fdy Co Cora(600,000shs)*39.000,000 Exch. for $100 par shares.
Amer Chicle Co Corn (14,131 shs)_
*282.620 Pay bank debt. &c.
1.051,700 Additional working capital.
Am-La France Fire Eng Co Pref
American Radiator Co Common
10,354,725 Stock dividend.
American Ry Exp Co stock
881,900 Old stock just listed.
Am Steel Fdries Corn (902,745 shs)*24,073.200 Exch. for shares of par val.
American Tobacco Co Common_ _ _ 42,242,400lExch.for shares of $100 par
Common B
57,382.9001 value.
Armour & Co (Del) Preferred
975,600 Acq. of constituent cos.
Artloom Corp Cora (200,000 shs)
*3,000,000lIssued for acq. of constitPreferred
3,000,0005 uent companies, &c.
Associated Dry Goods Corp
Common (640,000 shares)
*16.000,000 Exch. for $100 par shares.
Barnsdall Corp Class A stock
4,428,350 Liquidate debts.
Bethlehem Steel Corp 7% Pref
2,797.900 Acq. of constituent cos.
Briggs Mfg Costock(1.999,979 shs)*23.143.902 Old stock just listed, stock
dividend. &c.
British Empire Steel Corp Com_
146,6001Exchange for stock of conSecond 7% Preferred
341,9001 stituent companies.
Brunswick-Balke-Collender Co
*24.098,750 Retirel'ns,old stk Justlisted
Common (500,000 shares)
Bush Term'l Co Com (137,852 shs) *689,260 Stock div. of 200%.
7% Debenture stock
6,892.700 Exch. for Common stock.
California Petroleum Corp Com
9,383,325 Red. of Pref. stock.
Calumet & Hecla Cons Cop Co stk_
144,500 Consol. constituent cos.
Certain-teed Products Co
Common (40.000 shares)
*1,600,000 Additional working capital.
Chatham & Phenix Nat Bank &
lExch. stock Met. Nat. Bk
Trust Co capital stock
3.000,0001 & Trust Co.
Childs Co Common (307,746 shs)
*8,616,888 Old stock just listed, cony.
of bonds and notes,&c.
Cluett, Peabody & Co.. Inc.!Exch. for $100 par shares:
Common (192,391 shares)
*19,239.1001 acquisition of properties.
Preferred stock
518,000 Acquisition of properties.
Commercial Solvents Corp.
Class B (6.869 shares)
*171,725 Conversion of notes.
Cons Textile Corp Corn (19,998 shs) *359,964 Conversion of notes.
Coating Can Co Com (22,500 shs)_ *1.125,100 Stock dividend.
Cuban Dominican Sugar Co
Common (593,390 shares)
*9.197.5451Accluis, of stock of Sugar
8% Preferred stock
3,293,2001 Estates of Oriente.
Cudahy Packing Co Common
21,249,500 Old stock just listed, general corporate purposes.
Cuyamel Fruit Co Com (49,935 shs) *1,448,115 Working capital, &c.
Davison Chem CoCom(235,000shs) *9,057308 Exch. for v. t. c.
Dodge Bros, Inc
Common A (1,500,000 shares).._
*150,0001Acquisition of business and
Preference (850,000 shares)
*850,0001 assets of Dodge fires.
Essex Cotton Mills 1st Pref
3,000.000 Working capital.
Fairbanks, Morse & Co Pref
7.528,700 Stock dividend. &c.
Farmers' Loan & Tr Co capital stk_ 5.000,000 Additional capital.
First Nat Pictures Inc 8% Pref_ _ _ _ 2.500,000 Working capital, &c.
Fisher Body Corp Common
60,000.000 Exch, for no par shares.
Foundation Co Com (19,498 shs)_ _ *1.189,378 Working capital.
General Motors Corp
Common (5,161,600 shares)
•258,079,950 Exch,for old no par shares.
7% Cumulative Preferred
10.168,000 Exch.for Prof.& Deb.stks.
General Railway Signal Com
5,154,200 Old stock just listed: cony.
of bonds.
Preferred
2,417.900 Old stock just listed.
Gulf States Steel Common
1,000,000 Stock dividend.
Harbison Walker Refrac Co,com
9.000,000 Stock dividend.
Howe Sound Co
Stock v t c (297,378 shares)
*1,984,150 Old stock just listed.
Indep Oil & Gas Co stk (50,000 shs) *1.150,000 Red. bk.loans, work. capT
Int Bus Mach Corp stk (10,046 shs) *1,466,716 Additional working capital.
Internat Combustion Engine Corp
Stock (33,323 shares)
*666,460 Acquis'n of Vickers Co.
International Paper Co, corn
600.000 Acquisition of properties.
7% Preferred
10.490,500 Acquisition of properties,
exch. for 6% Prof. stock.
Jewel Tea,Inc, Cora (120.000 shs) *l2,000,000 Exch.for shares of $100 par
Jones Bros Tea Co. Inc
Common (100.000 shares)
*10,000,000 Exchange for $100 par shs.
Kennecott Copper Corp
Stock (100,784 shares)
*503,920 Exch. Utah Copper stock.
Kresge (S 5) Co, Com
12.260,600 Stock dividend.
Liggett & Myers Tob Co,Class B
19,607,775 Working capital, exchange
for shares of $100 par.
Long Bell Lumber Corporation
Class A (593,921 shares)
*51,686,209 Acquire stock of Long Bell
Lumber Co:
La Oil & Ref Co Com (1,073,781shs) *4,289,095 Exch. Invincible Oil stock.
Ludlum Steel Co
Capital stock (15,000 shares)
*1,500,000 Work. cap'', red, of bonds.
McCrory Stores Corp
Class B (1,824 shares)
*72,960 Stock dividends.
Mack Trucks, Inc. Com(51.622 shs) *258,110 Corporate purposes.
Magma Cop. Co Cap stk (60.000sh) *330,000 Retire bank loans,work.cap
Manhat El Supply Co (11,000 shs).. *550,000 Acquis'n of constituent.os.
Maracaibo Oil Explor. Co
. Stock (30,100 shares)
*361.200 Conversion of notes.
Marland Oil Corp stk (185,505 shs) *9,275,250 Redemption of bonds, &c
Martin Parry Corporation
Capital stock (25.000 shares)
*450,000 Working capital.
Mathieson Alkali Works
Common (141,257 shares)
*14,125,700 Exch. for shares of $50 Par:
corporate purposes.
Metro-Goldwyn Pictures Pref
407,970 Exchange stock old co.
Mid-Continent Petroleum Corp
Common (1.358,800 shares)
*40.825.3401Exchange for certifs. bear7% Preferred
6,715,0005 ing name of Cosden & Co
Motor Wheel Corp Corn (550,000sh)*5,500,000 Exch. for shares of $10 par:
Retire funded debt, &c.
Murray Body Corp Com(230,150sh)*7.435,884 Acq'n of constituent cos.
National Acme Co Capital stock
5,000,000 Exch. for shares of $25 par.
National Dairy Products Corp
Capital stock (20,172 shares)
*403,440 Acq'n of constituent cos.
National City Bank of NY Cap stk 10,000,000 Addl capital and surplus.
Nat Dept Stores Inc 7% 1st Pref
1,850,000 Corporate purposes, &c.
National Distillers Products
Common v t c (167,378 shares)
*1,379,940 Issued per reorganiz'n plan
of U.S. Food Products,
NY Canners, Inc, Com(23.534 shs) *117,670 Stock div., working capital.
Oppenheim, Collins & Co
Stock (94.565 shares)
*5,330,331 Acq. stks. of constit. cos.
Otis Elevator Co Common
811.370 Acquisition of constit't cos
Paige-Detroit Motor Car Co
for
Common (615,000 shares)
*6,1500)0 Exch.k div
(
Far shares.
UO
Pan Am Pet & Transp CO Com B_
273
THE CHRONICLE
5,487.950 Working
Purpose of Issue.
Company and Class of StockAmount.
Penick & Ford Ltd Inc
Common (433,773 shares)
*8,048,751101d stocks just listed.
7% Preferred
4,000,0001
Penn Seaboard Steel Corp
Stock v t c (895,335 shares)
*2,686.005 Working capital, &c.
(IC) Penney Co 7% 1st Pref
2,226.300 Exch. for stk. of Utah Co.
Pitts Terminal Coal Co
Common
12.000,0001Iss. in segrega. of coal prop.
6% Preferred
4,000.0001 of Pitts. & W.Ya• RY•
Pure Oil Co Common
4.642.675 Acquisition of prqpertiee.
Ray Consol Copper Co stock
761.420 Exch. Chile Cop. o.stock.
Schulte Retail Stores Corp Pref
1,500,000 Stock dividends.
Seagrove Corp Cora (101,446 shs)_ *1,080.000 Acquis. of constit. co.
Shattuck (Frank G)Co
Stock (300.000 shares)
*4.275,000 Exch. for old stock, &c.
Simmons Co Corn (72.928 shs)
*1,458,560 Stock dividend.
Skelley Oil Co capital stock
312,500 Conversion of notes.
Spear & Co corn (225,000 shs)
*3,000,0001Issued in recapitalization as
do
Preferred
4.500.0001 stock dividend.
Standard Oil Co (Calif) cap stock.. 1,237,425 Working capital.
Standard Oil Co(N J) Corn stock- 3.804,250 Working capital.
Stewart
-Warner Speedom Corp
Common (32.716 shares)
*1,046,912 Acquts. of constit. co.
Symington Co Com (300,000 shs)..}*4.250.001 Acquis. of predecessor c .
Class A (200,000 shs)
Telautograph Cor Com (3.000 shs)
*22,500 Corporate purposes.
Transcontinental Oil Corp
*6.276,072 Corporate purposes.
Common (784.509 shares)
United Cigar Stores Co of America_
845.075 Stock dividend.
United Drug Co Common
1,129.100 General corporate purposes.
7% 1st Preferred
14,799,800 Exch. for Liggetts Int.
8% Preferred.
United Paperboard Co Inc Com
1,895,000 Purchase new equipment.
U S Realty & Impt Co Corn
3,555.100 Conversion of Pref. stock.
Universal Pipe & Radiator Co
*1,202,3205 Working cap, and exch. for
Common (30.058 shares)
Preferred stock
1,005.3005 stock of constit. cos.
(V) Vivaudou Inc Common
3,399.900 Exch. for no-par shares.
}
Ward Bak Corp CIA (84,111 shs) *2,124,593 ssued in exchange for and
Class
purchase of Ward Baking
Cla B (500.000 shares)
7% Preferred stock
31,327,200
Co. stock.
Warren Bros Co Com (103,595 shs) *3.936,61010Id stocks just listed.
Preferred
2,000,0001
Weber & Heilbroner*3,177,580 Exch. for old shs., stk. dlr.
Common (76,764 shares)
Weston El Instrument Co
5*1,921,403 Acquis. of constit. co.
Common (100,000 shares)
Class A (100.000 shares)
White Eagle Oil & Ref Co
Capital stock (30,000 shares)...... *840,000 Working capital.
White Rock Mineral Springs Co
*7,000,000 Old stock just listed.
Cora v t c (156.695 shares)
Wickwire Spencer Steel Corp*9,891,589 Issued per reorg. plan.
Com tr ctfs (815.779 shs)
Total
$1.141,141,104
INDUSTRIAL AND MISCELLANEOUS STOCKS LISTED SECOND
SIX MONTHS OF 1925.
Amount.
Purpose of Issue.
Company and Class of StockReduction Co stock (9,930 shs) *456,780 Acquisition of constit. co.
Air
4,945,250 Exch. for $100 par shares.
American Bank Note Co corn
American Bosch Magneto Corp
*5,461,507 Refunding.
Stock (69.133 shares)
Exch. for ctfs. bearing
Am-Brown-Boveri Elec Corp*10,353,077{ name of N. Y. ShipbTg
Particip stock (392,871 shs)
Corp.,acq.of const.cos,&c.
3,000,000 Stock dividend.
Preferred
Chicle Co
American
*160,740 Pay bank debt. &c.
Common v t c (8,037 shs)
*1.939,700 Retire 6% preferred.
Prior Pref v t c (19,397 shs)
2,356.600 Conversion of notes.
American Ice Co common
20.800 Old stock just listed.
American Railway Express Co stk_
Armour &.,Co (Illinois)
32,774,450 Old stock just listed.
(Vt c)
Class
35.166.650 Old stock just listed.
Class"B"(.r t c)
59,298,400 Old stock just listed.
Preferred
Arnold Constable Corp
*1,711,108 Acq.of M.I. Stewart & Co.
Stock (122,222 shares)
Exch. for sharesof $100
Atlantic Gulf & West Indies SS
*19,945,8001 par and acquis. bonds of
Lines cocorn(199,458 shs)
N. Y. & C. M. SS.
Austin Nichols & Co, Inc
*281,578 Exch. for extended v. t. C.
Common (12.799 shares)
Belding Bros Co corn (415,032 shs) *6,917,200 Exch. for $100 par shares.
694,500 Acquisition of constit. cos.
Bethlehem Steel Corp 7% Pref
Botany Consol Mills, Inc class"A" 5,000,000 Acquis. of constit. co, &C.
257,000f Exch. for stocks of constit.
British Empire Steel Corp, corn
2d preferred
586,7005 companies.
do
"A"(16,421 shs) *1.642,100 Acquisition of constituent
Burns Bros corn
companies.
Corn "B" (16,427 shs)- *131,436
do
(A M)Byers & Co
*750,000 Exchanged for old stocks.
Common (150,000 shares)
4,500,0005
Preferred
*225,000 General corp. purPoses•
Calif Packing Co corn (15,000 shs)18,214,800 Acq. Vent. Oil Fields.
Calif Petroleum Corp corn
541,450 Old stock just listed.
Callahan-Zinc Lead Co stock
Calumet & Heels Cons Copper Co
123,875 Consol. constituent cos.
Capital stock
Certain-teed Products Corp
*6,125.000 Red. bonds, wkg. cap., &C.
Common (175,000 shs)
*602,613 Stock divs., cony. of notes.
Childs Co corn (22.319 shs)
Christie, Brown & Co, Ltd
*885,552 Acq. business of old co.
Common (78,558 skis)
Chrysler Corp corn (660,817 shs)-1*56,259.940IIssued per
Prof(218,535 shs)_--..1
1 Maxwell Mot. Corp.plan.
do
Columbian Carbon Co
shs)
*14,156,768 v. t. c. extended to 1930.
Stock v t c (402,131
Commercial Credit Co (Balt)*4,000.00010Id stocks
Common (480,000 shs)
4,000,000
just listed.
7% preferred
4.000.000
8% preferred
Consol DLstributors,Inc
*760,860 Acq. of assets of old co.
Common (84,5.10 shs)
Continental Can Co. Inc
.
*238,000 Acquisition of properties.
Common (4.000 shs)
Coty, Inc cap stk (309,300 shs)_ _ _ *1,599.081 Exch. for old stock.
shs)
Cuba Co corn (640,000
*9.142,000 Old stock just listed.
Devoe & Raynolds Co Inc
*3,191,667 Exch, for old Cora. stock.
Common A (95.000 shares)
Dodge Bros. Class A (434.552 shs)_
*93,452 Conversion of bonds.
(E I) du Pont de Nem & Co Corn
38,017,750 Stock dividend.
Spring Co
Eaton Axle &
Common (20.500 shares)
*102,500 Working capital, &c.
Elk Horn Coal Corp
Common (240,000 shares)
•12,000,000 Exch. for $50 par shares.
Eureka Vacuum Cleaner Co
Stock (250,000 shares)
1,000,000 Old stock just listed.
*5,125,000 stook div., working capital.
Fair Common (375,000 shares)
old stock just listed.
Famous Players-Lasky Corp
Common (125,861 shares)
*10,572,324 Developm't & expansion.
Fleischman Co Corn (4.500,000 shs) *7,500,000 Exch.for old no par shares.
Foundation Co Com (10,005 shs)__
*610,305 Working capital.
Fox Film Corp Corn A (400,000 shs)*14800000 Stock div., working capital.
Gabriel Snubber Mfg Co
Common A (198,000 shares)......_ *1,000,000 Acquis. of old company.
Gen American Tank Car Corp
Common (51.235 shares)
*2,305,575 Red. of equip. trust ctfs.
General Electric special
9.014.006 Stock dividend.
General Motors Corp 7% Pref686,500 Exch.for Pref.& Deb.stks.
Gen Outdoor Adv Co Inc
Common v t c (642,368 shares) *13.634,7911Acquisition of constituent
Class A Common (125.000 shs)-- *6.250,0001 companies.
274
THE CHRONICLE
[VOL. 122.
Company and Class of Stock
Amount
Purpose of Issue
This compilation is entirely distinct from the corporate
General Petroleum Co Common__
366,000 Conversion of notes.
General Railway Signal Colistings and the totals are not included in the above tables.
• Common (325,000 shares)
*6.500,000 Exch. for $ par shares.
Preferred
Note issues represent principally short-term financing and
158,000 Working capital.
Glidden Co Corn (77,469 shares)._
*387.345 Pay bank loans, work. cap.
thus act to diminish the volume of stocks and bonds that
Prior Preferred
7,192,000 Exch. for Prof. stock.
Gold Dust Corp
would normally be presented for listing on the Exchange.
Common v t c (70,404 shares)._
*563,232 Acquis. F. F. Dailey Corp.
Gotham Silk Hosiery Co Inc
Common (160.000 shares)
*334,1371Acquisition of business and PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1925.
Preferred
4.500.0001 properties of old co.
RailroadsRate.
Date.
Amount.
Maturity.
Gould Coupler Co
Ann Arbor RR
6%
Mar. 15 1925 Mar. 15 1930 $1.000,000
Class A (175.000 shares)
*$4,375.000 Acq. of old co.; work. cap. Wabash Ry
6%
Mar. 1 1925 Mar. 1 1930
1.500,000
Household Products Inc
Wheel & Lake Erie RR.6%
Jan. 1 1923 Jan. 1 1933
sooma
Stock (75.000 shares)
*2,500,000 Acquls. constituent co.
Howe Sound CoTotal railroad company notes, first six months
$3,000,000
y t c cap stock (121,663 shs)
*608,315 Refunding, &c.
Public UtilitiesRate.
Hudson Motor Car Co
Date.
Amount.
Maturity.
Androscoggin Elec Co__6%
May 1 1925 May 1 1930
Stock (9.700 shares)
*155.200 Issued to employees.
5500.000
Cent. Ill Pub Ser Co_ _4%-5%Jan. 2 1925
Ingersoll-Rand Co
4.800,000
1925-1928
Common (962.252 shares)
June 1 1925 June 1 1928
*24,056,300 Exch. for $100 par shares. Cent Indiana Power Co_69'
5,000,000
Columbia Gas & El Co_5 0
Int Business Machines Corp
May 1 1925 May
10,000,000
Chic Aur & Elgin RR_ _6 % Dec. 1 1924 Dec. 1 1928
Stock (34,147 shares)
*4,757.756 Stock dividend, &c.
1 1926
750,000
City Water Co of SeInternational Cement Corp
della.Mo
5%
Common (100,000 shares
Mar. 1 1925 Mar. 1 1926
)
*3,100,000jAcquis. of other properties,
720.000
Consolidated Power &
Preferred
9,972,000J corporate purposes.
Light Co (So Dak)-..6%
Int Combustion Eng Corp
Apr. 1 1925 Apr.
900.000
Coos&CurryTelepCo.5% Jan. 1 1925 Jan. 1 1926
Stock (175.168 shares)
3.678,528 Acq. stock of sub. cos.
1 1926
100.000
East Bay Water Co_ -514 ,, Feb. 1 1925 Feb. 1 1928
mt Harvester Co Pref
2.106.300 Working capital, &c.
1,000.000
International Match Corp,pref.__ _ 31,500;000 Exch. of debs.. work.capi- Edison El III Co, Bost-4%% Jan. 15 1925 Jan, 15 1928
moocooa
Hartford
Feb. 1 1925 Feb. 1 1928
tal, and funds for Polish Indiana Elec Lt Co..-7%
4,000.000
Power Co
5%% Feb. 1 1925 Feb. 1 1928
match monopoly.
1,000,000
International Paper CoMay 1 1925 Nov. 1 1928
(Exch. for shares of $100 Municipal Serv Co(Me)6%
3,250.000
Northeast Iowa Pow Co.5%% May 1 1925 May 1 1926
Common (285.722 shares)
*28,572,2001 Par. expansion, &c.
200,000
Otter Tail Power Co__ _6%
Preferred stock
Jan. 1 1925 Jan. 1 1930
17,198,100 Acquis. of properties,exch.
330.000
Puget Sd Pow & Lt Co_ _6%
Feb. 1 1925 Feb. 1 1930
for 6% Pref. stock.
3,000.000
Southern Gas & Power
Iron Products Corp Common_.63,960 Exch. for no par shares.
Kennecott Copper Corp-Corpun 1 1925 June 1 1930
June
1.000.000
United Light & Pow Co_g % Mar. 1 1925 Sept. 1 1928
Stock (107.800 shares)
*535,000 Exch. Utah Copper stock.
5.000.000
Western United Corp. 21
Kresge Dept Stores Inc
,
Jan. 1 1925 Jan. 1 1940
1.530.000
do
do
Common (129,524 shares)
June 1 1925 June 1 1930
*1,165.7161Exchange for stock of The
1,500.000
Preferred
13,3001 Fair.
Total public utility company notes, first six months
Lehn & Fink Products Co
$74,580,000
Common (265.000 shares)
Indus. & Other Cos.- Rate.
*7,613,243 Acquis. of constit. cos.
Date.
Maturity.
Amount.
(P) Lorillard Co Common
Allerton Corp, N Y_ __ _5%
1.860,535 Working capital.
Feb. 1 1925 Dec. 15 1928 31.250.000
Louisiana Oil Ref Corp
American Linseed Co. 69' June
15 1925
1930-1935
6.000.000
Stock (47,823 shares)
Animal Trap Co of Am-6
*191,292 Acquis., exch. old certifs.
Feb. 1 1925 Feb. 1 1935
600,000
Mack Trucks Inc Corn (67.946 shs) *339,730 Working capital.
(A T) Batter & Co. Inc_6
0 Feb. 1 10 5 F.:a,. 1 1940
9
850 090
McCrory Stores Corp
BarnhartBros&Spindler6
Apr. 1 1925 1926-1935
1,000,000
Common B (26.495 shares)
Brentano's., Inc
*1,059.800 Stock divs., corp. purps.
Mar. 1 1925 Mar. 1 1930
6
350,000
Marlin Rockwell Corp
Bunte Bros
6
Mar. 1 1925 1926-1934
1,500,000
Common (159,692 shares)
*159.692 Old stk. just listed, acquis. Citizens Loan & Say Co_
May 1 1925 May 1 1935
150.000
Maytag Co Corn (1,600,000 shs).- *5.227.970 Acquis. of prop. of and
Commercial Credit Co _ _5
July 1 1925 July 1 1935
red.
5,000.000
of Prof. stock of old co. Comml Inv TrustCorp.5
May 1 1925 1926-1930
10.000.000
Metro-Goldwyn Pict Corp Pref._
37.935 Exchange stock old co.
Comnel Solvents Corp-6 °% Jan. 1 1925 Jan. 1 1930
3.200.000
Midland Steel Prod Corp 8% Prof. 6.217,800 Acquis. constit. co.
Consol Cigar Corp
Jan. 1 1925 Jan. 1 1928
6
2,500,000
Motion Picture Capital Corn
Detroit Properties Corp.6 o
Mar. 1 1925 Mar. 1 1930
2.500,000
Common (141.774 shares)
*1,573,113 Acquis., working cap.. &c. DierksLumb.&CoalCo-5 % Feb. 11925 1927-1930
3,000.000
Moto Meter Co Inc
Eastern Ry & Lumb Co-6 o
Jan. 15 1925 1926-1930
125,000
Class A (200,000 shares)
*400,000 Issued in exch.for old stock 18th St Bldg Co(St 1)-5
Dec. 1 1924 1926-1934
500.000
National Dairy Products Corp
Extension GasCoJan. 1 1925 1925-1927
400.000
Common (394,023 shares)
*22.494,802 Exch. for old shares and Foster Petroleum Corp-M
1925
1926-1930
600,000
French Battery Co
acquis. of constit.
Apr. 1 1925 Apr. 1 1930
750,000
Nat Dept Store Inc Com(46,672 shs) *840,096 Worming capital. &c.co.
(GA) Gray Co
Mar. 1 1925 1927-1938
360.000
Nat Tea Co Corn (150.000 shs)
1,537,139 Exch.for ol
Guaranty Co of Md
June 1 1925 June 1 1935
1.000.000
Norwalk Tire & Rubber Co Corn... 1.500,000 Old stk. justno-par shares. (c H)Harrison Co
listed,
May 15 1925 1925-1927
69'
100,000
Preferred
1.146,000 Old stock just listed. refdg. Hibernia Mtge Co. Inc_69
May 1 1925 1926-1933
100.000
011 Well Supply Co Common
8,125.0001Issued to replace $100 par Hotel McAllister,Miami6%% Apr. 15 1925 1926-1935
1.300.000
Preferred
7.000,0001 Common stock.
Houston Oil Co-__
6;i% Apr. 1 1925 Apr. 1 1935
7,000.000
Otis Elevator Co common
87,600 Acquis. of constit. co.s
Hudson Valley Coke &
Outlet Co Corn (100,000 shs)
*2.996,6321Acquisition of assets of
Prod Co
Jan. 1 1925 Jan. 11930
79'
1,000.000
Preferred
3.500,0001 constituent companies.
Jib Consol Mining Co 69
1925
1927
400,000
Packard Motor Car Co Common
2,377.020 Stock dividend.
Kaufmann Dept Stores
Paige-Detroit Motor Car CO
Sec Corp
6
Feb. 1 1925 Feb. 1 1935
3,200,000
Common (61.500 shares)-- _ __
*615.000 Stock dividend.
(John HI Kirby
Apr. 1 1925 1926-1931
6
4,000,000
Patbe Exchange Inc
(Fred T)Ley & Co,Inc.6
Jan. 5 1925 1926-1935
800,000
Common A (167,561 shares)_
*2,178,293 Old stock just listed.
I ke Insulator Corp_6 0
1925
1931
1,000.000
Pan American West Pet Co
Lyon & Healy. Inc- --6%
June 1 1925 1926-1935
2,200.000
Class B (400.000 shares)
*9,400,000 Acquis. of subsid. co.
(Edith Rockefeller) McPenn Seaboard Steel Corp-Cormick Trust
6%
May 1 1925 1926-1929
1,500,000
Stock v t c (402,141 shares)
*1,206,423 Working capital, &c.
Mfrs Finance Co
6
Apr. 1 1925 Apr. 1 1935
5,000,000
Phillips Pet Co stk (555.789 shs) *18,340.037 Acquis. of
properties, re- Mead Pulp & Paper Co_5
Feb. 28 1925 1927-1937
1.250,000
funding, working cap.
Mtge & Accept Corp__ -6%
May 1 1925 1928-1935
2.000,000
Pierce Arrow Motor Car Co
Munson Steamship Line6%
Jan. 1 1925 Jan. 1 1928
5,000.000
Common (78,750 shares)_____
*393,750 Conversion of Prior Pref.
Nat Bond & Inv Co_ __ _514% June 1 1925 1926-1931
6.000,000
Postum Cereal Co Inc
NatDistillersProdCor
May 1 1924 May 1 1930
2.500,000
Common (800.000 shares)
4.2,000.octo Exch.for old no-par shares. Neptune Meter Co p_7
6%
2,000.000
June 1 1925 1925-1933
Punta Alegre Sugar Co stock_
72.000 Exch. Antilla Sugar stock. New Eng Venezuela Co-7
1,500,000
1932
1925
Ray Consol Copper Co stock__ 506.700 Exch. Chile Copper stock. (Gee E) Nissen Co
6
Apr. 27 1925 1926-1927
200,000
Rossia Insurance Co cap stock....
300,000 Capital purposes.
Noel & Co. Inc
1927-1935
6%
350.000
Reid Ice Cream Corp
orwalk Tire& Rub Co_7%
1 1r
Mar. N IC
750.000
)
:1 E Mar. 1 1935
Common (73,400 shares)
*1.l01,000Acquisition of constituent O'Gara Coal Co
6%% May 1 1925 1927-1935
1.000,000
Preferred
2,255,5001 companies.
Pacific Fruit& Prod Co_6%
Apr. 15 1925 1926-1930
500,000
Safety Cable Co stk (140.000 shs). *6,287,281 Exch. for old
stock and Pacific Portland Cement
acquis.stock constit. cos.
Co, Consol
1928-1937
2,000,000
Apr.. 11 i g
6%
tg
Schulte Retail Stores Corp
-Phillips Co (Del)
1926-1930
May
6%
300,000
Common (37,500 shares)
*3.750,000 Expansion of business.
Pitney-Bowes Postage
Preferred
1,575,000 Stock dividends.
Meter Co
Feb. 1 1925 1926-1930
69'
500.000
Seneca Copper Mining Co
-PuntaMegreSugCo69
2.000.000
May 1 1925 Nov. 1 1927
Stock (325,665 shares)
*2,500,000 Issued per reorg. plan.
Republic Iron & St Co_ _5 o
Jan. 2 1925 1926-1928
4.000,000
Shubert Theatre Corp
Rubber & Cell Prod Co-6 % Apr. 1 1925 1926-1935
600.000
Common (150.100 shares)
*6,118,416 Acquis. of properties,
Saco-Lowell Shops
7%
1925
1930
2,643,750
Simmons Co Corn (15.471 shares). ''340.362 Sold to employees. &c.
Schulte Real EstCo,Inc _6%
June 1 1925 June 1 1935
10,000,000
Skell Oil Co stock
2,108,000 Conversion of notes.
Silver Brook Anthracite
Standard Oil Co (Calif) stock.... 1.401,350 Working capital.
Co
Feb. 1 1925 1926-1935
6
1,000,000
Standard Oil Co (N J) Common
3.600.000 Corporate purposes.
Stand Plate Glass Co..-6
Mar. 1 1925 Mar. 1 1930
3.000,000
Sun 011 Co Corn (1.103.817 shs)_*35.776,707 Exch. for old par
stk.. red. Standard Slag Co
6 4% Jan. 1 1925 1926-1930
50(.000
of notes, working capital Swiss Oil Corp
Jan. 15 1925 Jan. 15 1928
2,000.000
and stock dividend.
Symington Co
Mar. 1 1925 Mar. 1 1928
6%
1,500,000
Tide Water Oil Co
Transcontinental Oil Co.79'
Apr. 1 1925 Apr. 1 1930
4,000,000
Common (2,018,231 shares)____*50,443.525 Exch. for $100 par
shares. Union Gulf Holding Co_59
Apr. 1 1925 1925-1930
5% Preferred
10,000,000
25,042.000 Reldg., development. &c.
United Refrigeration &
Union Tank Car Co Common
6,221,000 Stock dividend, &c.
6%
Term Co. Inc
Feb. 1 1925 Feb. 1 1930
250.000
United C18 St Co of Am Corn.....
1.301,825 Stock dividend.
U El Dairy Prod Corp_ _ _6%% Dec. 1 1924 Dec. 1 1934
1,418.500
United Drug Co Common
1,840,300 General corp. purposes.
US Printing & Lith Co_6%
Apr. 1
1926-1935
Preferred
2.500.000
1.430,800 Exch. Liggetts but.. Prof.
S Rubber Co
6Si% Mar.
19:6-1940
30,000,000
U S Hoffman Machinery Corp
Wabash Port!Cem Co--6'7,
Mar. 16 1925 1927-1935
Common (34.308 shares)
1,000,000
*171510 Cony. of Prof. stock.
Westfield Mfg CO
Feb. 2 1925 1928-1930
6%
US Realty & Impt Co Corn
250,000
2.513.000 Stock dividend, &c.
(Cora E)Wheeler
Mar. 12 1924 1925-1928
5%
Universals Pictures Co Inc Pref._ 3.000.000 Acquis. of predecessor
481.800
co. Wickwire Spencer Steel
and working capital.
Corp
1925
%
7o
1930
Universal Pipe & Radiator Co
2.515.000
(Wm) Wilson
May 16 1925 1926-1935
Common (84,419 shares)
155,000
*3.543,598 Pay current obligations.
Witte Hardware Co..--gg% Feb. 1 1925 1925-1935
Walworth Co Corn (299,491 shs)._ *5.989.820 Exch. for $20 par shares.
125.000
Ward Baking Corp 77 Pref
513,600 AcqtrLs. constit. co.
Total industrial and miscellaneous companies, 1st 6 months $175.024,050
Warner Bros Pictures Inc class A
1.999,800 Corporate purposes.
Total railroad, public utility and misc. cos.. 1st 6 months_ _ 252,604,050
Warren Bros Co Corn (11.829 sha)_
*449.502 Old stock just listed.
Washburn Crosby Co Pref
110,000 Working capital.
PRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MONTHS.
Weston El Instrument Corp
Public UtilitiesRate.
Date.
Common (50.000 shares)
Maturity.
Amount.
*750,000 Redeem debentures.
Cincinnati Street Ry---6%
Nov. 1 1925 Nov. 11928
White Rock Mineral Spring Co
$4,500.000
City Light & Trac Co_ _5)4%
1925
1926
Common (20.577 shares)
625.000
*720.195 Old stock just listed.
Commonwealth Lt & Pr.69'
1925
Wickwire Spencer Steel Co
1926
600,000
Consolidated Pr & Lt Co69
Aug. 1 1925 Aug. 1 1926
Common (115,655 shares)
1.900,000
*1.387.860 Issued per reorg. plan.
Eastern Texas Elec 00-5%
Aug. 1 1925 Aug, 1 1023
Yale & Towne Mfg Co cap stock
4.000,000
10,000.000 Old stock just listed.
Electric Public Serv Co-5%
Dec. 1 1925 Dec. 1 1926
Yellow Truck & Coach Mfg Co
1,000,000
General Pr
Sept. 1 1925 Sept. 1 1926
Class B
900.000
6.000.000 Issued in exch. for old stk. Gt Western& Lt Co_ _ _ _6%
Power Co--50% Nov. 2 1925 Nov. 2 1930
Preferred
4,000.000
15,000,000 Stock dividend.
Illinois Public Utility 005 o
July 1 1925 July 1 1926
1,800.000
Interstate Utilities Corp.6H% Oct. 1 1925 Oct. 1 1928
500.000
2916.028,157
1* Includes shares of no par value. The amounts given represent the Laclede Gas Light Co-535% Aug. 1 1925 Aug. 1 1935
3,000.000
Michigan Pub Serv Co-6%
July 1 1925 July 1 1926
denared or stated value.
500,000
Midland Utilities Co_ --435% Nov. 1 1925 Nov. 1 1926
500.000
do
do
Nov. 1 1925 Nov. 1 1927
59'
As has been our practice, we give herewith a list of the new
1,000.000
do
do
Nov. 1 1925 Nov. 1 1928
5%
1.500,000
(unlisted) notes issued for one thing or another during 1925. Midwestern Power Co--6%
Nov. 15 1925 Nov. 15 1926
520.000
u mg
THE CHRONICLE
JAN. 16 1926.]
Public UtilitiesRate.
Mountain States Pr 00_6%
Northern States Pr Co--5X%
Southern Gas & Pr Corp.6
Suburban Lt & Pr Co-A
Tokyo Electric Lt Co_ _6
Wisconsin Pub UM Co-5 o
Date.
Nov. 1 1925
Dec. 1 1925
Nov. 15 1925
Dec. 1 1925
Aug. 1 1925
July 1 1925
Maturity.
Nov. 1 1935
Dec. 1 1940
Nov.15 1930
Dec. 1 1928
Aug. 1 1928
July 1 1926
Amount.
1,250,000
7,500.000
1.000,000
1.000,000
24,000,000
400,000
Total public utility company notes, second six months
$61,995.000
Industrial & Other Cos. Rate.
Date.
Maturity.
Amount.
Abitibi Electric Develop
6%
July 1 1925
$1,600,000
Co. Ltd
1926-1928
AcademyofNotreDame.5X % July 15 1925
250,000
1926-1935
American Inv Co of Ill- _6%
500,000
Dec. 1 1925
1926-1930
Anglo-Amer Oil Co,Ltd.4X% July 15 1925 July 15 1926
8,000.000
Baylor University
5%
Nov. 1 1925
300,000
1926-1928
Belding-Heminway Co_6%
Jan. 1 1926 Jan. 1 1936
5,410,000
(W E) Boeing
6%
Nov. 1 1925
1,500.000
1927-1939
Carolina Discount Corp.6
July 1 1925 July 1 1930
500.000
Childs Co
5
Dec. 15 1925 Dec. 15 1930
2. 00.000
0
6
Consumers Co
Jan. 2 1926 Jan. 1 1935
2,500.000
ContinentalOpticalCorp7
750,000
Aug. 1 1925
1928-1935
Crew-Levick Co
6
1,500,000
July 1 1925 July 1 1928
Cunard SS Co,Ltd....5%
7,500,000
Dec. 1 1925 Dec. 1 1927
De Laval Separator Co_6
2,500,000
July 15 1925 July 15 1935
Elk Horn Coal Corp----7 o
1.500,000
Dec. 1 1925 Dec. 1 1931
Fairfield Dairy Corp_ - _6 % Dec. 1 1925 Dec. 1 1928
500.000
Fed'l Fin & Credit Co-_ •
1,200.000
1925
1925-1926
do
do
1,200,000
1925
1925-1926
Fed Motor Truck Co
5%
1,500,000
Nov. 1 1925
1926-1931
Fulton Finance Co
6%
1,200,000
Oct. 31 1925
1927-1930
Goodyear T & Rubb Co.5%
15,000.000
Dec. 15 1925 Dec. 15 1928
Green River Lumber &
Shingle Co
75,000
6X% July 1 1925
1928-1930
Hart
-Parr Co
500.000
6
Nov. 1 1925 Nov. 1 1928
Hershey Chocolate Co_ _5
4,000.000
Dec. 15 1925
1926-1928
Hibernia Mtge Co, Inc..6%
100,000
Aug. 1 1925
1926-1931
'
do
do
6
100,000
Oct. 1 1925
1926-1930
do
do
6
100,000
Dec. 1 1925
1926-1930
Hilton Investm't Co,&c6%
500,000
July 1 1924
1926-1934
„lung Hotel
650,000
5% Aug. 1 1925
1928-1932
Little River Redwood 006%
2.000.000
Aug. 1 1925 Aug. 1 1931
(Chas R) McCormick
Lumber Co
1,000,000
53. % Aug. 1 1925
1926-1928
275
Industrial & Other Cos. Rate.
Date.
McCaskey Register Co_6%
Aug. 1 1925
Mack Trucks Real Est,
Inc
6%
July 15 1925
Mead Pulp & Paper Co_5%
Feb. 28 1925
Merchants & Planters
C & W Co
6%
Sept 1 1925
Miller & Lux,
IncO. 1 1925
ct
Nat Distillers Prod Corp76A % Dec. 15 1925
Nat Grocers Co, Ltd---6X% Ang. 15 1925
New Process Cork Co,
Inc
1925
6X%
Orange-Crush Holding
Sept. 1 1925
RfnorP
d iiardex Bur, Inc_4 )
i %Jan. 1 1926
Red River Lumber Co_ _sp
Nov. 1 1925
Red Seal Refining Corp_6 % May 15 1925
Redlick Furniture Co 7 o
Aug. 1 1925
Reid Ice Cream Corp_ _ _6%
July 1 1925
(G A) Schacht Motor
Truck CoDec. 1 1925
Standard Silica Co
Oct. 15 1925
Sunset Timber Co. &c....6%
Oct. 15 1925
U S Smelting, Refining
& Mining Co
5X% Nov. 11926
Warner Bros Pictures,
Inc
6X% Oct. 15 1925
Wood & EnglishNov. 1 1925
Woods Brothers Corp_ _gf:,
1 1925
Y-D Service Garage Co_7 0
July 1 1925
6%
Yuster Building
Nov. 2 1925
g ,.%
Nov.
Maturity.
1926-1930
Amount.
300.000
1926-1940
1927-1937
3,000,000
1,250.000
1929-1935
Oct. 1 1935
Dec. 15 1935
Aug. 15 1932
350.000
10,000,000
3,500,000
2,000.000
1930
1,000,000
Sept. 1 1926
Jan. 1 1931
1927-1929
May 15 1926
1926-1930
July 1 1930
150,000
3,200,000
2,000.0 I I
100,I I I
200,000
2.000,000
Dec. 1 1928
Oct. 15 1927
1926-1929
.I
1,000.I t 11
225.
165,
Nov. 1 1935
8,000.000
Oct. 15 1928
1926-1928
1926-1930
July 1 1960
May 2 1926
4,000,000
I I
350,I ,
500.
260.000
700,000
Total industrial & miscellaneous company notes, 2d 6 mos_ _$110.185.000
Total public utility & miscellaneous companies 2d 6 months_ - 172.180,000
Total railroad companies for 1925
Total public utility companies for 1925
Total industrial and miscellaneous companies for 1925
$3,000,000
136,575.
285.209,0
Total railroad, public utilities & miscell. companies for 19254,424,784450
Total as reported for 1924
$335,100.
Total as reported for 1923
247,022
Total as reported for 1922
151,811
Total as reported for 1921
285.530
Railroad Gross and Net Earnings ior hovember
Our statement of the earnings of United States and $140,004 in net, and the Central New England
railroads for the month of November gives renewed $96,306 in gross and $154,333 in net.
In addition, several Southwestern roads suffered
emphasis to a feature of the returns which has been
steadily growing in importance in recent months. losses on account of a reduced yield of both grain
It is this, that while the roads taken as a whole are and cotton due to long-continued drought; and, as
able to show better results than in the previous year, it happens, some of the Northwestern systems also
both in the case of the gross and the net, there are sustained losses because the movement of spring
two distinct groups of roads which form exceptions wheat to market in November 1925 was small alongto the rule, namely the anthracite carriers and cer- side the prodigious shipments to market in 1924,
tain of the Southwestern lines and systems. The when wheat came forward in enormous volume unlosses sustained by the anthracite roads, as a re- der the stimulus of high prices and a tremendous
sult of the complete stoppage of mining in the an- export demand for the grain. It is rather notethracite regions, are large and are also general. If worthy, for instance, that both the Great Northern
the miners are suffering hardships, as they undoubt- and the Northern Pacific, as also the "Soo" road,
edly are, owing to their abstention from work at show considerable losses in gross and net alike.
the mines, the roads which transport the product of Thus the Great Northern reports $740,884 decrease
the mines, when there is any product
-which is not in gross and $737,061 decrease in net; the Northern
now the case, not a pound of coal having been pro- Pacific $112,821 decrease in gross and $47,965 in
duced since the miners quit their jobs on the last net; the "Soo" road $557,042 in gross and $547,932
day of August
-are sustaining their full share of the in net. It should be added, furthermore, that the
burden. And the huge losses of revenue and income Milwaukee & St. Paul falls $70,547 behind in its
which they are obliged to endure cannot be ignored gross and $733,137 in its net and the Chicago St.
in any estimate of the current earning capacity of Paul Minneapolis & Omaha $79,813 in gross and
the companies. We say this because on the Stock $165,706 in net. On the other hand, nearly all the
Exchange the prices of many of the anthractie stocks other roads in that part of the country show imhave actually been boosted sharply upward in face proved results and, in the case of such roads as the
of the heavy losses that have been piling up against Duluth & Iron Range,the Dul., Missabe & N. and the
the carriers by reason of the complete suspension of Elgin Joliet & Eastern, engaged so largely in the
transportation of iron ore, the gains in both gross
the movement of anthracite coal over the roads.
In addition to thedecreases in gross and net earn- and net are of considerable size. The big transcontiings shown in the returns for September and for Oc- nental systems in the central part of the West, like
tober, the Lackawanna now reports for November the Union Pacific, also were able to expand their
$1,393,834 loss in gross and $947,025 loss in net; the earnings in no small measure, though the improve,
Delaware & Hudson $1,276,575 loss in gross and ment in these instances amounts mainly to a reco rprevious year.
$734,452 in net; the Lehigh Valley $1,047,446 in ery of what was lost in the
As to the losses in the Southwest, these were quite
gross and $346,688 in net; the Central of New Jersey $421,571 in gross and $835,725 in net; the Read- general,.with one or two noteworthy exceptions, one
ing $394,629 in gross and $51,876 in net; the Erie of the exceptions being the St. Louis-San Fra.ncizeo
$170,921 in gross and $293,705 in net; the New York System which is able to report $215,157 increase in
Ontario & Western $441,297 in gross and $293,644 gross and $193,468 increase in net. The Missouri
in net, this last mentioned road having actually Pacific also had an increase in gross and net, but
fallen $151,120 short of meeting its bare operating only very small. On the other hand, the Missouri
expenses, not to speak of taxes; the New York Sus- Kansas & Texas lost $442,076 in gross and $170,956
quehanna & Western $104,281 in gross and $94,103 in net; the Rock Island $65,982 in gross and $162,in net; the Lehigh & New England $174,223 in gross 872 in net; the St. Louis Southwestern $117,356 in
276
THE CHRONICLE
[Vol,. 122.
gross and $12,601 in net; the International Great there was a further reduction
to 72.14%. As a matNorthern $182,252 in gross and $145,527 in net and ter of fact, the improvement
in the net has been conthe New Orleans Texas and Mexico $23,727 in gross tinuous year by year ever since
1919, often in the
and $94,918 in net. The Atchison Topeka & Santa face of a heavy falling off in
the gross earnings. In
Fe on its entire system shows an addition of $597,- these cumulative gains in the
net, as has been many
263 to gross and of $1,046,104 in net, but this is in times noted by us, is
to be read the story of how the
face of a loss of $801,055 in gross and $519,099 in managers have, since
the return of the roads to prinet on that portion of the system covered by the lines vate control, been in
constantly growing degree reof the Gulf Colorado & Santa Fe. The Southern Pa- gaining their hold on the
expense accounts. In Nocific also, though reporting $1,325,007 increase in vember 1923, the change
from the previous year was
gross and $1,762,908 in net, lost heavily on many of small, there being $7,648,50
0 increase in gross and
its Texas lines, the Galveston Harrisburg & San An- $7,307,781 increase in net.
In November 1922, when
tonio, for instance, showing $464,369 decrease in the comparison was fairly
satisfactory, our stategross and $81,338 decrease in net and the Houston ment showed $57,618,155
gain in the gross and $15,& Texas Central,$110,859 decrease in gross and $37,- 846,050 gain in the net.
It was in the year before,
235 in net. The Texas & Pacific, though having however, namely November
1921, that the most strikadded $97,510 to its gross of 1924, reports $214,808 ing achievement in the
matter of cutting down of
loss in net.
expenses was accomplished. There was improve. Obviously, these unfavorable results on the groups ment then in the net even
in face of the great falling
of roads mentioned modified for the worse the show- off in gross revenues. By forced
economy and drasing for the United States system of roads as a whole. tic cuts in every direction,
saving in expenses was
And yet we have, as in the months preceding, a mod- then effected in the extraordi
nary amount of $144,erate improvement in gross and net alike, taking the 962,518, leaving, therefore,
$18,934,852 increase in
country as a whole, which must be regarded as a de- the net, notwithstanding
a loss of $126,927,666 in
cidedly encouraging feature. In the gross the in- the gross. November of
the previous year was one
crease as compared with November 1924 is $26,960,- of the few months of the year
1920 that netted fairly
296, or 5.34%, and as this was attended by an aug- satisfactory net results, our
compilations for Nomentation in expenses of no more than $10,184,527, vember 1920 having registered
$154,239,572 increase
or 2.73%, there remains a gain in net (before the in gross (mainly because of the higher
schedules of
deduction of taxes) of $16,775,769, or 12.77%, as transportation charges put into
effect a few months
will be seen by the following:
before), and $37,533,530 of this having been carried
Mo ah of November—
forward as an increase in the net. The gain in net
(190 Roads)—
1925.
1924.
Inc. (+) or Dec. (—).
Mlles of road
236,726
235,917
+809
0.35
Gross earnings
in November 1922 was additional to these gains in
$531,742,071' 3504,781,775 +326.960.296
5.34%
Operating expenses
383,584,455
373,399,928
+10,184,527
2.73% November
Ratio of expenses to earnings72.14%
1921 and November 1920. In the years
73.97%
Net earnings
3148,157,616 3131,381,847 +116,775,769
12.77% immediately preceding 1920, however, the November
It should be pointed out that the increase in gross showing had been bad, large losses in the net
having
here shown of $26,960,296 comes after a decrease of piled up in 1919, 1918 and 1917. •In 1919,
particuvirtually the same amount in November 1924 as com- larly, the showing was extremely poor, this
having
pared with 1923. It amounts, therefore, to merely been the period of the strike at the bituminou
s coal
a recovery of what was lost the previous year, which mines. This strike had the effect of very materially
is not surprising, considering the contraction in contracting the coal traffic over the railroads
and
revenues occasioned by the anthracite strike and proved a highly disturbing influence in
other rethe other unfavorable influences just detailed at spects. The result was that our tabulations recorded
length. November 1924, as will be recalled, was the a loss in gross and net earnings alike for
the month
time of the Presidential election, when industrial —only $2,593,438 in the former, but (owing to
a coactivity was greatly stimulated by the result of that incident large augmentation in the expenses)
of $26,election. But while enterprise did take on new 848,880 in the net earnings, or over
35%. Added
life, after Election Day, there was not yet time emphasis attached at the time to this large loss
in
enough for the change to find more than partial re- the net because it came on top of
a considerable
flection in the traffic and revenue of the roads. shrinkage in the net in November of
the previous
Slow recovery was in progress even before Election year. In Novembef 1918 a tremendous
augmentaDay as confidence in a satisfactory outcome steadily toin in expenses had occurred owing to the prodigiincreased, but trade nevertheless was of much ous advances in wages made that year.
These wage
smaller volume than in November 1923, which ac- advances, with the greatrisein'operating
costin other
counts for the $26,135,505 decrease shown by our directions, so expanded railroad
expenses that the
totals for November 1924.
increase in the latter far outdistanced the gain in
But while in the previous year gross had been gross revenues, large though these were by reason of
diminished in the sum named, for the reasons the higher rates. put in force some
months before.
stated, there was at that time no loss in the net, In brief, though the gain in the gross then reached
inasmuch as operating expenses had been curtailed $28,163,408, or 23.06% the augmentation
in exin amount of no less than $32,485,896, leaving the penses amounted to no le: s than $102,091,182, or
net at that time larger by $6,350,391. The Novem- 39.16%, leaving the net reduced by $19,927,774, or
ber 1925 improvement of $16,775,769 is additional 20.80%. The year before (1917) a closely similar
to this improvement of the previous year. And it is situation existed and our tabulation for November
this net showing that furnishes strongest occasion 1917 recorded $33,304,905 increase in gross earnings,
for gratification and rejoicing. The roads, in a but $20,830,409 decrease in the net. It is in the proword, are being operated with increasing economy digious expansion of the expenses in these early
and efficiency. In November 1923 the ratio of ex- years that there has existed the basis for the repenses to earnings was 76.43%,.in November 1924 trenchment and economies since established. In the
the ratio was only 73.97%, and in November 1925 following we furnish the November summaries back
JAN. 16
1926.]
THE CHRONICLE
to 1906. For 1910, 1909 and 1908 in the table we use
the Inter-State Commerce totals, which then were
on a very comprehensive basis, but for preceding
years we give the results just as registered by our
-a portion of the railroad mileown tables each year
age of the country being always unrepresented in
the totals in these earlier years, owing to the refusal
of some of the roads at that time to give out monthly
figures for publication.
Gross Earnings.
Year
Oben.
Year
lac.(+)or
Preceding. Dec.(-).
Na Earnings.
Year
Given.
Year
Inc.(+)or
Preceding. Dec.(-).
Not,
$
$
"
$
1906 - 140,697,123 131,123,621 +9.573,502 48,065,287 46.506,160 +1,569,127
1907 - 138.079,281 133,284,422 +4,794,859 39,171,387 46.113.471 -6,942,084
1908 21.697,0458-8,847,673 74,511,332 66,294,996 +8,216,336
1909 -248,087,561211,784,357 +36,303,204 94,531,128 74,556,970 +19,974,158
1910 .248,559.120247.564.470
+994,650 83,922,437 94,383,397 -10,460,960
1911 - 241,343,763243,111.388 -1,767,625 79,050,299 82,069,166 -3,018,867
1912 .276,430,016 244,461.845 +31,968,171 93,017,842 80.316,771 +12,701,071
1913 _ 269,220,882278,364,475 -9,143,593 78,212,966 93,282,860 -15,069.894
1914 _ 240.235,841272.382.181 -32.648,340 67.989,515 77,567,898 -9,578,383
1915.306,733,317240,422,695 +66,310,622 118,002,025 67,999,131 +50,002,894
1916 - 330.258,745306,606,471 +23,652.274 118.373,556118.050.446
+323,090
1917 _ 360,062,052326.757,147 +33.304,905 96.272,216117,102,625 -20.830.409
1918 - 438,602,283,
+82,163.408 75,882,188 95,809,962 -19,927,774
1919 _ 436,436,551 439,029,989 -2,593,483 48,130,467 74.979.347 -26.848,880
1920 .592,277.620 438,038.048 +154,239,572 85,778,171 48,244,641 +37,533,530
1921 -464,440,498590,468,164-126.027,666 97,366,264 78,431,412 +18.934.852
1922 - 523,748,483466330,328 +57,618,155113,662.983 97,816,93 +15,846,050
1923 - 530,106,708522,458,208 +7,648,500124,931,318 117,623,537 +7,307,781
1924 _ 504.589.062530.724,567 -26,135,505 131,435,105 125,084,714 +6,350,391
1925 531.742.071504,781,775 +28,980.296148.157.616131.381.847 +16,775,769
NOM.-In 1906 the number of roads included for the month of November was 97:
in 1907, 87;in 1908 the returns were based on 232.577 miles of road;In 1909,239,038:
In 1910. 241,272; in 1911, 234,209: In 1912, 237.376; in 1913, 243,745; in 1914,
248,497; In 1915, 246,910: in 1916, 248,863; in 1917, 242.407: In 1918, 232,274; in
1919, 233,032; in 1920, 235,213; in 1921, 236,043; in 1922, 235.748; in 1923, 253.589:
In 1924, 236.309; In 1925, 236,726.
As far as the separate roads are concerned, we
have already indicated in our remarks above many
of the important changes as compared with the year
preceding. It remains to be said, therefore, simply
that Southern roads are conspicuous for the extent
of their gains and the general nature of these gains.
It is not necessary to enumerate at length the roads
distinguished in that way and indeed to attempt to
do so would be to mention virtually all the roads in
the group, with a few minor exceptions. The roads
in the Middle and Middle Western States also pretty
generally give a good account of themselves, except
in the case of the roads affected by the anthracite
coal strike. As far as the great East-and-West trunk
lines are concerned, the Pennsylvania Railroad
shows $5,162,696 increase in gross and $3,906,942
increase in net on the lines directly operated East
and West of Pittsburgh and Erie. This reflects the
revival of manufacturing activity after the depression in November 1924 when these lines showed
$4,042,848 decrease in gross and $2,330,661 decrease
in net; the Baltimore & Ohio this time shows $1,831,266 gain in gross and $1,356,391 gain in net, following $1,324,352 loss in gross, but $346,310 gain in
net in November 1924, as compared with November
1923. The New York Central has $3,583,116 increase
in gross and $943,032 increase in net. This is for
the Central itself. Including the various auxiliary
and controlled roads, like the Michigan Central, the
Big Four, etc., the whole going to form the New
York Central Lines, the result is a gain of $5,622,462
in gross and of $2,402,241 in net, which follows a
loss of $4,615,550 in the gross, but an increase of
$1,558,759 in the net in November 1924. In the following we show all changes for the separate roads
or systems, for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF NOVEMBER 1925.
Increase.
Increase.
Pennsylvania
45.162,696 Michigan Central
1,006,701
83,583,116 Duluth Missabe & North 8957.050
New York Central
2,095.191 Florida East Coast
Union Pacific (4)
898.828
1,831.266 Louisville & Nashville_ _ _
Baltimore & Ohio
824.638
Chesapeake & Ohio
1.740,323 NYNH & Hartford__ _
781.385
Coast Lines_ _ .... 1.571,292 0 0 & St Louis
C
Atlantic
758,644
Southern Pacific (7)--.... 1.325.007 Norfolk & Western
711.095
1,210,802 Southern By
Illinois Central
622.816
1,008,690 Atchison Top & S Fe (3)..
Seaboard Air Line
597.263
2.7
Increase.
Increase.
Chicago & North West... $561,684 Indiana Harbor
8126,180
Wabash
554,585 Monongahela
112,785
Pere Marquette
495,191 Detroit Grand Halt & Mil
108,616
Grand Trunk Western_ _
474.462 Central Vermont
105,285
Elgin Joliet & Eastern_ _ _
315.349
Buffalo Rochester & Pitts
306,928
834,154,410
Total (61 roads)
Los Angeles & Salt Lake_
Decrease,
294,383
Bessemer & Lake Erie__ _
294.343 Delaware Lack & West_. $1,393,834
Chicago Burl & Quincy_ _
293.367 Delaware & Hudson_ _ _ _ 1,276,575
Chicago & East Illinois_ _
1.047.446
288,948 Lehigh Valley
Hocking Valley
740,884
285,986 Great Northern
Detroit Toledo & Ironton
557.042
273,563 MinnStP&SSM
Denver & Rio Or West_ _
242,819 Missouri Kan & Tex (2)_
442.076
Boston & Maine
441,297
227,594 NY Ontario & Western_
Wheeling & Lake Erie__ _
224,681 Central of New Jersey _
421.571
St Louis San Fran (3)_ _ _
394.629
215,157 Reading
Central of Georgia_
214,202 Internal Great Northern
182.252
Cinc N 0& Texas Pacific
212.734 Lehigh & New England
174,223
Duluth & Iron Range__ _
187,058 Erie (3)
170.921
Chicago & Alton
182,970 Galveston Wharf
143.228
Georgia South & Florida_
173.309 Bangor & Aroostook_ _ _ _
132,838
Western Maryland
St Louis Southwestern(2)
117.356
Long Island
144,013 Northern Pacific
112,821
Detroit & Toledo Shore
139.577 NY Susq & Western_ _ _ _
104,281
Pittsburgh & Lake Erie
137,162
Nashv Chatt & St Louis..
127,375
Total (21 roads)
$7,853,274
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b The New York Central proper shows $3,583.116 increase. Including
the various auxiliary and controlled roads, like the Michigan Central. the
"Big Four" &c., the whole going to form the New York Central System.
the result is a gain of 85.622.462.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
NOVEMBER 1925.
Increase.
Increase.
Pennsylvania
083,906,942 Duluth & Iron Range..... $155,044
Southern Pacific (7)1,762,908 Chicago & Northwestern
146.745
Baltimore & Ohio
1.356,391 Elgin Joliet & Eastern__
136,765
Chesapeake & Ohio
1.306.538 Nashville Chatt & St L__
136.653
Union Pacific (4)
1,107.381 Los Angeles & Salt Lake_
114,144
Atchison Top & 8 Fe (3)- 1,046,104 Florida East Coast
111,080
N Y Central
b 943,032 Minneapolis& St Louis__
104,554
Michigan Central
842,370 Alabama Gt Southern__
104.158
Duluth Missabe & North
760.461 Indiana Harbor
103.339
Louisville & Nashville.....
747,299
Illinois Central,
739,389
Total (55 roads)
822,791,485
Atlantic Coast Line
647.486
Decrease.
Wabash
553,918 Del Lackawanna & West 8947.095
Norfolk & Western
512,456 Central of New Jersey
835,725
Boston & Maine
489.876 Great Northern
737.061
C C C & St Louis
424.826 Delaware & Hudson 734.452
NYNH& Hartford....
408.816 Chicago Milw & St Paul..
733,137
Chicago Burl & Quincy...
402,398 Minn St P & 8 S M_
547,932
Pero Marquette
352,841 Lehigh Valley
346,688
Bessemer & Lake Erie_ _ _
329,476 Erie (3)
293,705
Seaboard Air Line
306,776 N V Ontario & Western_
293.644
Hocking Valley
306.155 Texas & Pacific
214.808
Cinc N 0& Texas Pacific
300,565 NY Chicago & St LouLs_
212,258
Chicago & Alton
294.240 Mo Kan Tex (2)
170,956
Denver & Rio Grande W
Chicago St P34 & O.._ _ _
249.997
165,706
Wheeling & Lake Erie_
227.095 Chicago R I & Pacific (2)
162.872
Chicago & East Illinois....
224.230 Central New _England__ _
154,333
Western..
Grand Trunk
221.822 Internat Great Northern
145,527
Detroit Toledo & fronton
210,874 Lehigh New England
140,004
St Louis-San Fran (3)
193,468 New Orl Tex & Mel (3).
135,882
Southern Ry
184,970 Yazoo & Miss Valley
110,939
Union RR (Penn)
162,301
Total (25 roads)
Detroit Gr Hay & Mllw_
156.602
$7,082,724
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana).
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like theMichtgan Central, the "Big Four," &c., the result Is an increase of S2.402.241.
When the roads are arranged in groups or geographical divisions according to their location the
only division showing a falling off in gross is that
made up of the Southwestern roads and here the decrease is hardly more than nominal. In the net
there is no loss on any division, though there are
one or two where the gains are hardly more than
nominal. In other words, the losses of the anthracite carriers and Southwestern and Northwestern
lines were more than made good by gains on other
roads and systems in the same several groups. Our
summary by groups is as follows:
I
SUMMARY BY GROUPS.
Gross Earnings
1924.
Inc.(+)or Dec.(-).
1925.
Section or GroupNovember
-Group 1 (9 roads) New England
21,760,458
Group 2(33 roads) East Middle
155,867,700
Group 3 (27 roads) Middle West..... 47,512,499
Groups 4 & 5 (34 roads) Southern.... 83,963,441
Groupe 6 & 7(29 roads) Northwest 107,830,541
Groups 8 at 9 (48 roads) Southwest._ 85,740,947
Group 10 (10 roads) Pacific Coast
29,066,485
Total (190 roads)
-Mileage
1924.
Seaton or Orstm-- 1925.
NovemberMiles. Miles.
Group 1
7,187 7,344
Group 2
34,689 34,696
Group 3
15,988 15,985
4&5
Groups
39,294 39,039
Groups 6 & 7
67,106 66,946
Groups 8 & 9
55,379 54,903
Group 10
17,083 17,004
20,908,016
150,140,480
42,370,513
75,247,284
103.859,664
86,135.726
26,120,092
+852,442 4.07
+5,727.220 3.8)
+5,141.986 12.14
+8,716,157 11.58
+3.970,877 3.83
-394,779 0.45
+2,946,393 1L29
531,742,071 504,781,775 +26,960,296 5.34
Net Earnings
1925.
1924.
Ine.(+) or Dec.(
-)S
+882.275 17.49
5,926,808 5,044.533
32,858,410 30,211,929 +2,646,481 8.78
14,186,100 10,358.593 +3,827,507 36.96
25.558,057 20,766,036 +4.792,021 23.07
32,017,953 30,233,804 +1.784.149 5.90
+509,596 1.84
28,204,359 27,694,763
9,405,929 7.072,189 +2,333.740 33.0
Total
236,726 235.917 148,157,616 131.381,847 +16.775.788 12.77
NOTE.
--Group I, Includes all of the New England States.
Group //, includes all of New York and Pennsylvania except that portion we
of Pittsburgh and Buffalo, also all of New Jersey. Delaware and Maryland. and
the extreme northern portion of West Virginia.
Group III, Includes all of Ohio and Indiana. all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo anti
Pittsburgh.
278
THE CHRONICLE
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan,
all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North
and Missouri north of St. LOU'S and Kansas City, also all of Montana, Dakota
and Nebraska. together with Colorado north of a line parallel to the Wyoming
State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas
and
Indian Territory, Missouri south of St. Louis and Kansas City,
of Denver, the whole of Texas and the bulk of Louisiana. and that Colorado south
portion of New
Mexico north of a line running from the northwest corner of
Santa Fe and east of a line running from Santa Fe to El Paso. the State through
Omit, X. includes all of Washington. Oregon, Idaho, California,
Nevada, Utah
And Arizona, and the western part of New Mexico.
In the Western grain movement there was again
a considerable shrinkage as compared with the movement for the corresponding period of the preceding
year, which in the case of wheat at least was of exceptional proportions. The wheat receipts at the
Western primary markets for the four weeks ending
Nov. 28 1925 were only 32,504,000 bushels, against
57,349,000 bushels in the corresponding four weeks
of 1924. There was also a falling off in the receipts
of oats, barley and rye, though, on the other hand,
the corn receipts ran somewhat heavier. For the
five cereals combined aggregate receipts for the four
weeks of November 1925 were only 70,124,000 bushels, against 103,765,000 bushels in the same four
weeks of 1924 and 81,033,000 bushels in the corre
sponding weeks of 1923. The details of the Western grain movement in our usual form are shown in
the table we now present:
WESTERN FLOUR,AND GRAIN RECEIPTS.
4 Weeks end. Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Nov. 28.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1925
989,000
720.000 6,669.000 3,153.000
463,000
629.000
1924
1,001,000 3,113,000 6.101.000 4,350,000 1,897.000 1,523.000
Milwaukee
1925
177,000
183,000
312,000 1,628.000
758,000
32,000
1924
212.000 1.155,000
186,000 1,259,000 1,025,000
333,000
Si. Louis
1925
427,000 1,9(12,000 2,041,000 1.658,000
210,000
3,000
1924
360,000 3.186.000 1,380,000 1,866,000
164,000
2,000
Toledo
1925
1,047.000
216.000
243.000
1,000
5,000
1924
1,767,000
230,000
934,000
50,000
Detroit
1925
135.000
16,000
58,000
1,000
4,000
1924
168,000
17,000
121,000
Peorta1925
168.000
185.000 1.853,000
635,000
56.000
1924
174,000
133,000 1,304,000
852.000
86.000
40,000
Duluth
1925
9,781.000
7.000 1,925,000
880.000
933.000
1924
26,421,000
7.000 1,397.000 1.693,000 3,945,000
Minneapolis
1925
11,259,000
722.000 2.065,000 2,163,000
762,000
1924
11,558,000
364.000 4,657,000 2,372,000
669,000
Kansas City
1925
5.974,000
708.000
603,000
5,000
1,000
1924
4,969,000 1,631,000
538,000
Oesa/sa & Indianapolis
1925
1.192.000 3.287.000 1,254,000
1924
2.213,000 2,265.000 1.556.000
Sioux COI
1925
193,000
520.000
235,000
9,000
1924
141.000
379.000
312.000
2.000
9,000
Si. Joseyb1925
674.000
538,000
/68.000
1924
947,000
617,000
84.000
Wichita
1925
1.199,000
148.000
38,000
1924
1.578.000
193,000
6,000
Total AU
1925
1.761.000 32,504,000 17.037,000 13,663,000 4,551,000 2,369,000
1924
1,747,000 57.349.000 14,674,000 17,932.000 7.239,000 6,571.000
Jan. 1 to
Flour.
Wheat.
Oats.
Barley.
Corn.
Rye.
Nov. 28. (bbls.)
(bush.)
(bush.)
(bush.)
(WOO
(bush.)
Chicago
1925
11.982,000 26,866.000 69,912,000 50.532.000 9,205,000 4.744.000
1924
11,199,000 66,337,000 88.310.000 75,855,000 11,109,000 6,966,000
Milwaukee
1925
2,046,000 4,121,000 6,946,000 15,448.000 11,099,000
888,000
1924
2.266,000 7,984,000 12,994,000 16,655,000 9,895,000 2,576,000
Si. Louis
1925
4.946,000 31,716,000 21,312.000 29,807.000 1,074,000
226,000
1924
4,T31,000 37.856,000 34.072,000 31,542,000 1.029,000
457,000
Toledo
1925
7,181,000 2.880.000 8,274,000
38.000
103.000
1924
11.767.000 3,597,000 6,550.000
50.000
513,000
Detroit
1925
371.000 1.300.000
37.000 1.287.000
47.000
162 000
1924
5,000 1,850,000 1,360.000 2,517,000
5,000
38,000
Peoria
1925
1,947,000 1,722.000 19,623,000 9,731,000 1,081,000
34,000
11424
2,130,000 1.853,000 14,954,000 10.383.000
896,000
179,000
Duluth
1925
781.000 22,179.000 15.977,000 11,498.000
66,542.000
1924
89.477,000 8,651.000 17.763,000 11,755,000 38,156.000
Minneapolis
1925
95,459,000 13.571.000 38,899,000 21,553,000 6.794,000
1924
14.000 91,453,000 12.460,000 42,510,000 17,084,000 8,642,000
Kansas cur
1925
45.540.000 16,878.000 12,860.000
11,000
1,000
7,000
1924
19,000 88,992,000 18,616,000 8,266.000
Omaha ct Indianapolis
19,480.000 28,087.000 24.799.000
1925
1924
36.060.000 3e1,533,000 25.697,000
263,000
218.000
Sioux City
1,806,000 4,008,000 4,343,000
1925
83.000
10,000
1324
152,000
1,000 1,753.000 7.537.000 5,474.000
126,000
St. Joseph
9,150,000 8,473.000 1,728.000
1925
2,000
1124
10,514,000 9,678,000 1,615,000
Wichita
1925
13,963,000 2,238,000
682.000
452,000
1924
11,798.000
116,000
Total All
1925
1924
20,958.000 324793,000 195080,000 220582,000 60,170,000 24,460.000
20,365.000 455694,000 251214,000 244943.000 52,251.000 57.951,000
[vol.. 122.
The Western live stock movement was also as a
whole smaller than that of the previous year. At
Chicago the receipts for the month comprised 23,344
carloads, as against 28,437 in November 1924; at
Kansas City 10,830 cars, against 12,094, and at
Omaha 7,990 cars, against 7,980.
The cotton movement in the South during Novem.
ber 1925 does not seem to have been quite equal to
that of November 1924, notwithstanding the increase in the size of the crop. Gross shipments overland in November 1924 were 287,403 bales, which
compares with 288,108 bales in November 1921; 235,137 bales in November 1923; 298,922 bales in 1922
and :339,246 bales in 1921. The receipts at the Southern outports aggregated 1,539,068 bales in November
1925, against 1,619,712 bales in November 1924 and
1,183,918 bales in 1923, as will be seen by the fol.
low!ng:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER
AND
FROM JAN. 1 TO NOV.30 1925, 1924 AND 1923.
Ports.
Month of November.
1525.
Galveston
City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
ToXIIS
Total
1924.
648.594
273,311.
341.914
33,327
6.891
87,541
677,38i
313,29,
352,151.
24,431
1,06(
82,731
32.89
17.952
96.642
46,821
26.67'
95,157
482,36c
214,425
231,125
10.197
5.646
69,900
11
45,711
29,569
94,968
Since January I.
1923.
1925.
1924.
1923.
2,684,661. 2.789.890 2,367,411
1,778,598 1,050.927 819.227
1,814.98s 1.463.738 1,036,970
189,006 128.253
43,536
25,535
12.753
11,297
765,188 561,817 406,149
813
283
3.541
308.358 157,831 190,834
124,853
86.188 118,174
440,132 276,491 337,512
1.5.39,068 1.619,712 1.183.9188.132.135 6,528.171 5.334,651
Canada's Treatment of Its Racial
Problem.
Concluded from page 261
solidation of the country as gradually developed. In
1846 the British Colonial Office led Lord Russell to
yield to the principle of responsible government for
Canada, and Lord Elgin was sent over as GovernorGeneral. He brought a new spirit and introduced a
new life. By inviting into his Cabinet George Cartier, who became a Prime Minister two years later,
he opened the way for the two great French Canadians, Cartier, without whom it has been said the
Dominion would not have come into existence, and
the able and brilliant Wilfrid Laurier, who in time
succeeded him.
These leaders naturally drew to their support
other able Frenchmen. They were both ardently
devoted to their country, but were none the less
loyal to the Dominion. They set themselves to increasing the bonds that held the union together. The
channel of the St. Lawrence was cleared, opening the
way of ocean navigation to Montreal. The great
tubular bridge was built at Montreal. The vast
Northwestern territory was bought from the Hudson
Bay Company. The Grand Trunk Railway was extended into the Eastern Provinces. The Canadian
Pacific, and later the Grand Trunk Pacific railways,
were constructed across the continent and the railway system projected into the north. Beginning
with Manitoba in 1870, new Provinces were created
covering the west and extending to the Saskatchewan at the north. The area of the Province of Quebec was enlarged until it embraces 706,834 square
miles, of which 23,000,000 acres are tillable, with
6,000,000 horsepower in her waterfalls, and only
300,000 horsepower yet in use, and 130,000,000 acres
of forest, of which 80,000,000 belong to the
Province.
Laurier became a leader in 1887 and head of the
Government in 1896. He was a man of humble
origin who at a meeting of his fellows soon after his
JAN. 16 1926.]
THE CHRONICLE
279
Meanwhile the Province of Quebec has richly degraduation from the Law School impressed his hear"I pledge veloped its own life. It retains the speech its people
ers by the earnestness with which he said:
my honor that I will give the whole of my life to the love, as they do the civil law based on the Roman
cause of conciliation and concord among the differ- law they brought from France, which has been codient elements of this country of ours." A pledge fied for local use. Both the language and the law
which his gracious manner, his patience and his ex- are recognized as distinct contributions to the Doceptional ability enabled him successfully to carry minion. Some of the laws of the Dominion are for
out. While he yielded to none in his admiration for all the Provinces, of which all except Quebec have
the Anglo-Saxon race, he claimed for his own race only English law; and the tendency is to adopt the
endowments as great. His moderating influence general law of the land in all. Both peoples are
was so great in the House of Commons that it grad- recognized as "profoundly modified and in similar
ually affected the whole tone of the political life of directions, by a common climate, a common history,
Canada until the old-time bitterness of party strife a common working of Government, common ideas
in large measure passed away. His administration and a common solidarity." There have been a growhas been characterized as a "wonderful experiment ing rapprochement not perceived by the masses on
in nation building." He taught Quebec and Ontario either side, and many incidents of lasting friendship.
Professor Bracq tells at length in successive chapto live on better terms and to avoid the bitterness of
men of both Provinces. He increased the ters the story of the expansion of French Canadian
extreme
self-respect of the French and taught the British life, of the development of its industries and its
commerce, the expansion of its agriculture, the evoto respect them as equals.
Abroad, by his gifts and great personal charm, he lution of its religious life, its popular and its higher
won support for the independence and self-govern- education, its art, its literature and its philanthropy.
It is a story interesting in its detail and surprisment of Canada which was the contention of Cartier
because of his advice ing in its contents. It is most of all inspiring and
as of himself. It was largely
that later the same self-government was accorded instructive as a contribution to the solution of the
by Britain to the Orange Free State and the Trans- problem to-day as never before pressing in all parts
vaal after the Boer War. The fifteen years of his of the world in the intimate contact of people of difadministration passed in "an atmosphere of har- ferent race and speech coming together under the
mony between the peoples of his country and in an necessity of etablishing new homes; the history,
almost fraternal entente." He defined his own pol- therefore, of an achievement if not yet complete, so
icy for nearly a half century of public service when abundantly successful as to be of peculiar value to
he said: "Banish doubt and hate from your life. the United States. Its summary is this:
"If the essence of national life means movement,
Problems of race divisions, of creed differences, of
economic conflict, of national duty and national growth, national expansion, increasing wealth,
aspirations have their solution if you remember that great endeavor for education, culture, art, philanfaith is better than doubt and love better than hate. thropy, the broadening of man as a social unit, the
In good report or in ill, in victory or in defeat, strive greater adaptive flexibility of the social instinct, the
so to live as to raise the standards of life to higher strenuous steadying power of religious beliefs, the
and better spheres." His reward came when he gradual cumulative progress of the people, then the
could say, "We are a free people, absolutely free. evolution of French Canada must be pronounced
We have the freedom which is at once the glory and remarkable."
The national life of Canada is certainly not
honor of Britain. Canada has reached the stature of
the Dominions which alone shall decide whether or stronger or more intelligent than that of the United
not they shall take part in the war." And Canada States; nor does having to put negro in the place of
threw into the war her whole heart and strength French habitant change the problem essentially.
with her 600,000 men, of whom 60,000 were to lay Its solution may be different in its form, but it is
equally ours to attain.
down their lives on the battlefields of France.
Industry and Officialism—British Rubber Restriction—
Mr. Hoover's Inconsistent Attitude.
By HARTLEY WITHERS.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
One of the important events of the present year is to be
a conference summoned by a copmittee of the League of
Nations to discuss the hampering effect on international
trade of the restrictions, such as prohibition of imports
and exports, and the additions to high tariffs that have
been imposed, especially by the new States of Europe since
the war. This subject is now a very old story, on which
we have heard fine resounding sentiments expressed, without the smallest practical result, ever since the famous
Brussels Conference. Excellent doctrine was there preached
by all the representatives of the conferring Powers concerning the necessity, in the interest of the world's recovery, of encouraging the free interchange of goods across the
frontiers, and ever since then the Powers which expressed
these pious sentiments have been adding new lines of bricks
along the tops of their tariff walls.
The new conference is consequently awaited with a certain cynical indifference by those who would like to see all
the peoples get rich and prosperous again, by making and
selling to one another what they can best and most cheaply
produce. Nevertheless, there is, I believe, some reason to
hope that this time something more than pious sentiment
may be the outcome. The new European nations are beginning to see that commercial expansion is not really fostered by keeping the infant, or the patient, tied up tightly
in bandages, and in all countries the consumer shows a
growing restiveness and with good reason. Bled white daring the war by means of high taxation and bad currency,
which put huge profits into the pockets of producers, merchants and retailers, be is puzzled and suspicious to-day,
because he is always hearing about trade depression due
to low prices, but does not find, when he or she goes out to
do the daily shopping, that anything like the advantage
which might have been expected is going to the benefit of
the buying public. After all, it is on the buying power of
the general public that good trade finally depends, and if
280
THE CHRONICLE
[Vol.. 122.
It is choked by the extortion of those who serve it, they
The Study of Pure Science.
may make big profits on a small turnover, but there cannot
Washington, D. C., Jan. 8 1926.
be that free flowing tide of general well-being that is really
To the Editor of the Chronicle:
meant by good trade.
In your interesting editorial article, "A Plea for Pure
Another fact that will tell when the nations assemble to
Science" (the "Chronicle" Jan. 2, pp. 12-14), in which
you
discuss the official attitude towards industry, is the interdiscuss Secretary Hoover's recent address before the Amernational bitterness that is produced when Governments can
ican Society of Mechanical Engineers, one
or two statebe accused and convicted of restricting production and trade
ments especially attract my attention and
lead me to ask
detriment of the consumer in other countries. A
to the
the courtesy of your columns for a few remark
s.
very good example of this bitterness was provided by a disYour article states that "there are some who
feel that he
cussion in the American Congress just before Christmas on
[Mr. Hoover] is somewhat of a dreamer
in the practical.
the subject of the control of production and exportation by Be this as it
may, he is not always practical in his idealforeign countries. At the instigation of Mr. Hoover, whose ism."
services to impoverished Europe at the time of after-war
As a result of Mr. Hoover's idealistic attitud
e with reexhaustion give him a world-wide prestige, the House of gard to "the
vital need for greater financial support
for
Representatives ordered an investigation into the
effects pure science research" (the words are those of
the title of
on American commerce of control of rubber, coffee, silk, his address to the engineers)
the National Academy of
nitrates and other important raw materials. But as far Sciences has been able to obtain
the co-operation of a numas can be gathered from a telegram in the "Times" of ber of men of public affairs and of
science who have conDec. 23, describing the debate, the Stevenson scheme of sented to act as a board of trustees
of a National Research
rubber restriction was the target on which the heavy guns Endowment which has made the followi
ng declaration:
of oratory poured most of their shells. The scheme is a
"The trustees of the National Research
Endowment, recmatter on which volumes might be written without con- ognizing that human progress depends in
large degree upon
vincing anybody. For it, it may be said that some such research in pure science, declare their
conviction:
arrangement was essential if a large number of
"(1) That the United States, which already
plantations
occupies a
were to be prevented from going back to jungle, to the ruin leading position in industrial research, should rank
with
of their owners and to the ultimate disadvantage of con- the most enlightened nations in the advancement of pure
sumers, because the consequent restriction would have been science.
"(2) That it is wiser to make large
drastic and permanent. Against it, from the produce
expenditures for
r's scientific researc
h, thus advancing civilization, improving
point of view, one can point to the fact, that it briskly
human welfare, conserving health and saving
countless
stimulated the production of rubber in the territories
where useful lives, than to tolerate unnecessary
suffering and
it was not enforced. But the point that concerns us now then endeavor to
alleviate it at still greater cost.
is that if the scheme had been arranged by the industry
"(3) That research in all branches of the
mathematical,
itself without the employment of the official machinery physical and biological sciences should be
encouraged, because of the intellectual and spiritual value of
through the export tax, American critics would have
adding to
had
much less reason for attacks on the British Government knowledge and because the greatest advances in science and
in industry often result from apparently useless
and for a revival of the time-honored pastime of "twisting
abstract
discoveries.
the British lion's tail." Those Englishmen who attach the
"(4) That scientists exceptionally qualified
to widen
right amount of Importance to the utterances of politici
ans fundamental knowledge through research are of such
value
countries are not very deeply stirred by these out- to the nation that every
In all
effort should be made to facilitate
bursts, but rather amused by them, especially when they their work.
"(5y That the overcrowding of educational institutions,
note that early in December the American Secretary of
and the consequent excessive demands of teachin
Agriculture had been sent to Chicago by the Preside
g and adnt and ministr
ation, have further reduced the limited opportu
after conferring with bankers and farmers had arrang
nied ties for research previou
sly enjoyed by the members of their
for the granting of loans which will enable the Iowa farmfaculties.
ers to "withhold their maize from the market indefinitely,
"(6) That the funds now available for the
support of
waiting for satisfactory prices." ('Times" Dec. 3.)
But research in pure science in the United States are far below
it is not good for good feeling between countries, when it what our population, education and
material resources deIs stated in Congress that the British Government are mand.
"(7) That the National Academy of
"openly proclaiming that they propose during the next
Sciences, created by
six years to collect four billion dollars by this process, Congressional charter the scientific adviser of the Government, and composed of leading
investigators in the closely
enough to wipe out their debt to us." As the British GovInterlocked and mutually dependent
mathematical, physical
ernment does not own or grow rubber, and as even
those and biological sciences, is peculiarly
qualified to evaluate
who grow it, many of whom are Dutchmen or natives, do the needs of pure science
in America, to stimulate its prognot pocket the whole of the gross price, but only the net ress and to insure the wisest use of
funds provided for research.
profit, the statement is fairly fantastic; and there
were,
"In view of these considerations,
of course, plenty of speakers in the American Congress,
the trustees of the
National Research Endowment, establi
ready to put the other side of the question, one of .
shed by the National
them Academy of Science
s, propose immediately to
observing that "Great Britain, Brazil and other countri
secure an
es annual income of at least two
million dollars for the enare simply retaliating now against our people on account couragement of
research in pure science."
of the nonsensical, outrageous, damnable rates in the FordThe names of the men who compose
the board, sign the
ney-McCumber Tariff law."
declaration and intend practically to
realize, to the extent
And so recrimination barks and bites and bad blood fer- possible to them, the Ideal so well expressed by
Mr. Hoover
ments, because Governments, which have not lately made in his address are: Messrs'. Herbert Hoover,
Chairman;
Ellhu Root, Andrew W. Mellon, Charles
E. Hughes, Edward
a conspicuous success of doing their real job, which Is
M. House, John W. Davis, Julius
keeping the peace and lightening taxation, will insist on
Rosenwald, Owen D.
Young, Henry M. Robinson, Felix
Warburg, Henry S.
muddling about with things that they cannot be expected Pritche
tt, Cameron Forbes, Albert A.
Michelson, John C.
to understand. The latest example is the Trade Facilities Merriam, Robert A. Millikan, Gano
Dunn, Vernon Kellogg,
Act, which, designed to relieve British unemployment, has William H. Welch, Thomas H.
Morgan, John J. Carty,
been apparently used to stimulate the competition of a line Simon Flexner, Oswald Veblen, James H. Breasted, Lewis
of steamers under American control, so increasing the dif- R. Jones, Arthur B. Lamb and George E. Hale.
ficulties of British shipping, already hard hit by the compeYours truly,
VERNON KELLOGG.
tition of the heavily subsidized American mercantile marine.
National
Research Council, Washington, D. O.
1
JAN, 16 1926.]
THE CHRONICLE
281
r Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Jan. 15 1926.
There is a fair business, taking the country over, though
there is little downright activity. ,Small orders found in
the wholesale branches, mostly for early delivery. That is
very noticeable in the heavy clothing trade. On the whole
there is quite a good business in clothing and dry goods and
more activity in the shoe trade. Some decrease in the retail
trade is noticeable, but for all that it is larger than a year
ago. That is partly due to special sales. Mail order business in December by the two Principal houses turns out to
have been $53,310,667, or some $7,000,000 larger than in
December 1924 and $8,700,000 more than in November 1925.
Chain store sales in December amounted to $100,060,268, or
roughly $15,000,000 more than in December 1924, and some
$44,000,000 more than in November 1925. Mail order sales
for the year 1925 were $442,438,225 through the two principal houses, an increase over 1924 of 15%. Chain store
sales for 1925 were $616,546,261, an increase over 1924 of
14.8%. The grand total of mail order and chain store sales.
was $1,058,984,480, or an increase over 1924 of nearly 15%.
Department store business has increased, but it lags behind
the sales of mail order houses and chain stores. There is a
sharp advance in coke following the failure to effect a settlement of the hard coal strike this week. The soft coal
output is nearly the largest ever known. Building has been
active where it was helped by favorable weather, but it is
said that in Chicago overbuilding is causing some decline In
rents. Construction, taking the country over, is on a noteworthy scale, exeept where the weather is too cold. Hydro_
electric development is one of the conspicuous features of
the times. Some steel mills are doing a good business, but
in the main trade is rather quiet for the time being. Railroads bought less steel equipment in 1925 than in 1924.
while spending about $750,000,000 on capital improvements,
Unfilled orders of the United States Steel Corporation are
increasing. Pig iron has been quiet, with a decline in some
cases of 50 cents to $1 a ton. Lumber sales are larger than
a year ago.
The grain markets have declined 2 to 3 cents. Export
trade is disappointing in wheat and the recent advance in
grain generally appears to have been too
rapid. The rise in
corn was partly on hopes of the Government measures in
behalf of the farmer. But there appears to be less probability than ever of the Government embarking
in paternalistic enterprises in behalf of the corn belt, and prices ace
3 cents lower than a week ago. It seem's that Argentina Is
underselling Canada in the wheat markets of Europe. Coffee has advanced, partly owing to the fact that Brazil recently obtained a loan in London of £10,000,000, supposedly
for the purpose of supporting prices through the so-called
Coffee Defense Committee. Under the circumstances prices
have risen nearly a cent a pound during the past week.
Sugar, on the other hand, has declined somewhat. Cotton
has advanced moderately, owing to reports of impending
large exports from the New York stock, rising markets at
the South, a strong tone in Liverpool and a more cheerful
outlook for trade in Lancashire. Moreover,
China has rosumed its auction sales of piece goods which had been suspended for seven months. Some of the French cotton mills
have advanced wages 5% and Italian mills are doing
a brisk
business. Fall River reports are more cheerful.
March
cotton was an outstanding feature at the present time
and
it has increased its premium over all other months, espedaily those of the next crop. Wool has been steady
in the
foreign markets, and in some cases the demand on this side
the water is said to be rather better, though in the main
of
trade still lags. Woolen goods, and also worsted dress
goods, have been in rather better demand. There are larger
sales of broad silks. Raw silk has declined here and in
Japan. The popularity of rayon fabrics seems to be steadily increasing. The a utomobile show here has been attended
by big crowds, but it is said that the retail sales of automobiles have recently decreased. Car loadings are somewhat larger than recently, but smaller than at this time
last year, especially on coal, lumber apd grain. Food index
Prices are lower. Business failures make a favorable exhibit as compared with recent years. There is a brisk sea-
sonal demand for furs. The imports of merchandise in
December were the largest since early in 1923. Taking business reports as a rme they are of an optimistic kind. Rubber has declined somewhat, as buyers have been less eager.
As might have been expected, the high prices ruling at home
and abroad have a tendency to stimulate production, and
dealers in this country are taking measures to increase the
output in various parts of the world. The London "Times"
advises a moderate marking down of prices for rubber. Rubber shares in London have latterly declined. While American dealers naturally complain of exorbitant prices for
rubber, foreign critics point out needlessly stringent provisins of our tariff and intimate that people who live in
glass houses should not throw stones. Latterly the stock
market here has weakened, and this fact, with the decline
in the grain markets, has attracted attention in general
trade circles. Call loans have been 4%%. Sterling exchange has advanced.
Fall River, Mass., trade reports have been better. At
Newburyport, Mass., workers of the Essex Cotton Mills,
Inc., who on Jan. 4 struck against a 10% wage reduction
have in most cases accepted it. The plant manufactures
automobile tire fabric and had been running night and day
before the strike. At Ware, Mass., on Jan. 13 the George
H. Gilbert Co. textile mills with 1,200 hands reduced the
work schedule from 5 to 3 days a week, effective on Jan. 18.
The mills closed on Jan. 13 for the rest of the week. W. S.
Pepperell, newly-elected President of the Rhode Island
Textile Association, predicts decided improvement in the
textile trade during the coming year. At Somersworth,
N. H., on Jan. 11, after nearly four years of industrial dePression, the Great Falls Manufacturing Co. resumed operations on a paying basis and is running night and day at
a 10% reduction in wages. At Rochester, N. H., the Gonie
mills, which had been closed down for some time, reopened Jan. 12. A number of looms were started on an
order of broadcloth of the old standard make. One-half of
the help was called in to work. At Nashua, N. H., owing
to heavy orders received for blankets, the Nashua Manufacturing Co. on Jan. 12 started to increase operations in this
department and the management is to increase the working
schedule to 50% a week. The plant as a whole is now opersting at more than 75% of capacity. At Penacook, N. H.,
the woolen mills of the Harris Emery Co. are working at
capacity day and night on woolen shirtings and undo"Collar cloths. Recently a large addition to the plant was
completed, increasing the output 662-3%. At Tilton, N. H.,
the American Woolen Co. mill is operating at capacity. At
Enfield, N. H., the American Woolen Co. is no longer working nights. At Harrisville, N. H., on Jan. 13 the Cheshire
woolen mills, which have been operating close to capacity,
reduced operations to three days a week. At Biddeford,
Me., the Pepperell Manufacturing Co. reports an increased
number of weavers at work. At Mechanicsville, Conn., the
Beachmont worsted mills, a branch of the Guerin Mills,
Inc., of Rhode Island, are closed in many departments.
In the Charlotte, N. C., section all cotton mills and other
industries operated on power from the Southern Power Co.
were to run on full time beginning Jan. 11. The one-day
curtailment a week has been lifted owing to rains and
snows, and no further curtailment is expected; 19 York
County, N. C., mills went back to work on full time on Jan.
11 following word from the Southern Power Co. it would
be practicable to furnish sufficient electric power for the
mills. The news has been receivea with enthusiasm by tentile operatives of the county, practically all of whom have
been idle at least half their time since last summer. In
Pittsburgh white goods sales broke all records for the first
week in January. In New York State the monthly report
on employment issued by State Industrial Commissioner
James A. Hamilton, shows the textile industry with fewer
idle and all but cotton goods gaining in December. The
report is based on about 35% of the factory workers in the
State and is representative of the industries. The British
Government declines to endow the "small committee" of
the Lancashire cotton mill men with £10,000,000 to be used
to buy cotton cloth at present low values for the purpose of
steadying prices and to convince the merchants of the world
(VOL.12t
1917, CHRONICLE
282
that now is the time to buy freely. London cabled that Survey of Current Business by United States Department of Commerce-Increases in December in
British textile trades were doing better. Cotton mills In
Principal Industrial Indicators.
northern France have advanced wages 5%. German textile reports are unfavorable. Italian mills are busy. ReIn its monthly statement, made public Jan. 11, the United
cent textile reports from Barcelona, Spain, were bad. In States Department of Commerce said:
Brazil the crisis that has prevailed in the textile industry
Early reports on business conditions to the Department of Commerce
during the last five months show little sign of improve- covering the month of December indicate increases over November in
pig iron and steel production, raw-silk consumption, receipts of wool at
ment.
Boston, deliveries of tin, steel vessel construction and the world's visible
the week, 14 in supply of America cotton, while car loadings and the wholesale prices of
It was 25 to 35 degrees here early in
Chicago, 16 in Cincinnati, 10 to 14 in Cleveland, 12 to 24 at plumbing fixtures declined. Trade and financial indicators increasing
houses and ten-cent
included sales of
Minneapolis, 12 at Milwaukee. On Jan. 12 the weather at over the previous month principal cities andmall-order discounts of Federal
loans and
chains, postal receipts in
Palm Beach and other towns in Florida was so cold that the Reserve member banks, while the number of new incorporations, the
public schools were closed. Italy has just had a snowafil, Federal Reserve ratio, customs receipts, and the gross debt of the Government declined. Interest rates and Government ordinary expenses were
the heaviest in 33 years, reaching down even to Naples. higher than in November.
Increases over December 1924 occurred in the production of pig iron
Florence, which rarely has snow, has just had a heavy
the
raw silk, car loadings,
fall; also Rome. The weather in France Is remarkably and steel, consumption ofcotton, while receipts of deliveries of tin, and
wool at Boston, wholesale
visible supply of American
cold. In Alaska the winter is unusually mild, especially prices of plumbing fixtures and the construction of steel vessels declined.
Trade and financial indicators were uniformly higher than in the previous
In the southeastern part, where the temperatures are so
December, increases occurring in new incorporations, sales of mail-order
high that roses are said to be in bloom. This week the tem- houses, and ten-cent chains, postal receipts in principal cities, customs
perature there has averaged 51 degrees. Flood waters at and ordinary receipts of the Government and loans and discounts of Federal
Paris were receding with the disappearance of most of the Reserve member banks, while the gross debt of the Government and the
reserve ratio of the Federal Reserve Board declined. Interest rates and
snow on the neighboring hills, so that the danger of serious ordinary expenses of the Government were higher than a year ago.
over. Here to-day it was fair awl
damage is said to be
BUSINESS INDICATORS.
-1919 Monthly Average=1004
warmer, with the thermometer at 41 at 4 p. m. and the
(Relative Numbers
prediction fair and colder for Saturday.
Domestic Business Conditions According to the
Government.
Further reports on business conditions to the Department of Commerce, covering the month of December
(released for publicity to-day, January 16), indicate a
continuation of the increases over November in industrial
output as previously reported, with zinc production, sugar
meltings, corn grindings and Northern pine lumber output
making increases and smelter output of copper and shipments
of linseed oil declining. Concrete paving contracts increased
over November and unfilled steel orders on Dec. 31 were
higher than a month previous. Bank clearings and business
failures increased over November in a seasonal movement,
while stock sales declined.
Compared with December 1924, the industrial indicators
of zinc, copper and Northern pine lumber production, sugar
meltings and corn grindings all increased. Unfilled steel
orders were higher than at the end of December, 1924, but
less concrete was called for than in the paving contracts let
a year ago. Bank clearings were larger than a year ago
and business failures smaller.
% Inc.(+)or Dec.(-).
1925.
1924.
Dec. 1925 Dec. 1925
from
from
Nov. 1925 Dec. 1924.
Nov.
Pig-iron production
Steel ingots, production_
Locomotives:
Shipments
Unfilled orders*
Postal receipts:
50 largest cities
50 industrial cities_a_ _
Mail-order sales(2 houses)
Car loadings
Commercial-paper interest rates
Federal Reserve banks:
Bills discounted
Total reserves
Vratin
Dec.
Nov.
Dec.
08
111
116
127
119
139
128
142
+7.6
+2.2
+10.3
+11.8
60
30
64
33
44
41
47
58
+6.8
+41.5
-26.6
+75.8
144
113
133
112
186
155
156
100
163
127
150
117
190
177
179
106
+22.1
+39.4
+19.3
-9.4
+7.0
+14.2
+14.7
+6.0
60
66
81
81
0.0
+22.7
11
143
16
139
32
131
39
129
+21.9
-1.5
+143.8
-7.2
1,1
1.1c
149
VIA
,
-1 It
_7A
• 1920 monthly average equals 100. a 1922 monthly average equals 100.
Building Records Broken Practically Everywhere in
1925 According to the F. W. Dodge Corporation
Total Estimated at $6,600,000,000.
The 1925 construction volume was not only large beyond
all precedent, but it continued at a record-breaking rate right
up to the end of December, according to F. W. Dodge
Corporation. December building and engineering contracts
in the 36 Eastern States amonted to $510,868,400, by far
the highest December figure ever recorded. There was an
increase of 10% over November, which is quite unusual, and
Business Indexes of Federal Reserve Board.
of 56% over December of the preceding year.
The Division of Research and Statistics of the Federal an increase
Total construction started in these 36 States during the year
Reserve Board issued on Jan. 2 the following statement
1925 amounted to $5,821,068,400, an increase of 30% over
giving current figures of its various business indexes:
1924, which was itself a record year. A conservative estimate
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
of last year's construction in the entire country would be
(Adjusted for seasonal variations. Monthly average 1919 = 100.)
compared with $5,237,000,000
-1925- 1924. it is stated, $6,600,000,000,
-1925- 1924.
Nov. for 1924, a 26% increase. Texas and the far Western
Nov.
Oct.
Nov.
Oct.
Nov.
104
121
126
108 Bituminous
116
115
Total
91 States which are outside the Dodge compilations did not
1
2
97 Anthracite
113
116
Pig iron
136
140
139
109 Copper
130
136
Steel ingots
did. The
108 show such large increases as the 36 Eastern States
129
120
105 Zinc
111
116
Cotton
71
69
63
102 Sole leather
•08
97
Wool
report goes on to say:
104
115
116
8.5 Newsprint
79
Wheat flour
135
Sugar melting
Cattle slaughtered___ 84
Gaivesslaughtered___131
Sheep slaughtered... 76
Hogs slaughtered____ 96
117
Lumber
96
167
99
147
88
115
.125
111
93
120
82
122
116
Cement
Petroleum
Cigars
Cigarettes
Mfd. tobacco
194
200
96
165
89
198
198
106
160
99
187
183
96
145
89
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 1919 = 100.)
Payrolls--EmploymentNov.1925. Oct.1925.Noo.1924.Nov.1925. Oct 1925.Nov.1924.
100.8
111.3
111.7
92.5
97.0
07.2
Total
84.5
95.1
96.3
82.4
89.9
88.4
Iron and steel
99.1
107.5
107.0
93.1
96.9
97.3
-Group
Textiles
104.5
109.0
107.9
96.1
99.1
97.7
Fabrics
92.5
104.5
107.0
89.2
95.8
95.0
Products
110.2
117.2
116.7
101.1
102.8
102.0
Lumber
94.6
89.2
91.4
89.1
83.0
82.6
Railroad vehicles
111.4
178.9
178.0
96.3
137.7
136.3
Automobiles
136.0
105 2
145.4
142.3
106.0
107.2
Paper and printing
102.5
90.6
103.6
104.5
90.6
89.6
Foods. &c
87.0
95.8
88.7
87.9
91.8
89.0
Leather, dai
145.1
117.7
155.4
156.8
124.7
123.1
Stone, clay, glass
97.9
97.1
98.7
91.8
90.1
80.7
Tobacco, &c
95.5
101.1
72.5
103.6
76.4
77.4
Chemicals, &c
INDEXES OF WHOLESALE AND RETAIL TRADE.
-1025- 1924.
-1925--- 1924.
Nov.
Retail Trade.
Nor.
Oct.
Nov.
Oct.
Wholesale Trade. Noo.
89 Dept. store sales
099
Groceries
126
Adjusted
129
145
•87
69
78
Meat
141
Unadjusted
145
165
•118
88
91
Dry goods
57 Dept. store stocks:
77
59
Shoes
132
134
Adjusted
137
98
122
103
Hardware
148
Unadjusted
154
149
109
132
110
Drugs
84 Mail order sales:
101
87
Total
105
116
131
Adjusted
131
144
170
Unadjusted
•Revised.
Last year's total for the 36 States included the following important items:
52,671,818.400, or 44% of all construction, for residential buildings;
$885,732,000, or 15%,for public works and utilities; $835.673,400. or 14%,
for commercial buildings; $462,741,200, or 8%, for industrial and electric
power plants, and $413,203,700, or 7%, for educational buildings. Residential buildings increased 30% ever 1924; public works and utilities
increased 22%;commercial buildingsincreased 41%;industrial work increased
31%; and educational buildings increased 12%. The most spectacular
increase was 98% in social and recreational buildings, which amounted to
$243,326,300 in 1925.
.
Contemplated new work reported for these States during the year 1925
amounted to $8,826,152,100, this being 52% in excess of tho amount of
construction actually started. This large excess indicates a continuing
heavy construction demand carried over into the new year.
The year 1926 opens with construction continuing at a record rate and
practically no indication yet in sight of any slowing down within the next
few months. Should there be any slowing down during 1926 it does not
seem likely to occur until after the spring season has passed. Some observers
look for a reaction some time in 1926, while others anticipate an even greater
volume than in 1925. Even the most conservative business men will expect
a very large building volume, particularly during the first half of the year,
New England.
December building and engineering contracts in New England amounted
to $34,113,900, being an 8% decrease from November and a 25% increase
over Necember of the previous year.
The year's total for New England construction was $447,181,000, which
was 35% over the previous record volume of 1924. This large total
included: $216,815,900, or 45% of all construction for residential buildings;
577,849,900, or 16%, for commercial buildings; 554.717,800, or 11%, for
educational buildings; $41,050.800, of 9%, for industrial buildings, and
$35,809,000, or 8%, for public works and utilities.
JAN. 16 1926.]
THE CHRONICLE
283
Contemplated new work reported for New England during the past industrial buildings: 515,886,500, or 9%, for public works and utilities.
twelve months has amounted to $558,240.600, being 17% in excess of the and $13.182,100, or 7%, for educational buildings.
Contemplated new work reported for Texas during the past year has
amount of work actually started. Since this is considerably under the
normal 50% excess of contemplated work, it indicates that the continuing amounted to $237,257,200, being 28% in excess of the amount of work
building demand in New England is rather less strong than elsewhere. actually started. Since the normal excess of contemplated work is about
50%, the indication is that a moderate construction demand is carried
New York State and Northern New Jersey.
over into the new year.
December closed the building year in New York State and Northern
New Jersey with a new high record. There were:last month in this district
5212.390,200 worth of contracts let, an increase of 32% over November Factory Employment in New York State Advanced
and of 110% over the previous December. This figure, which included
Slightly in December, Despite Seasonal Reductions.
544.000.000 worth of subway contracts for New York City, was slightly
The period of rising employment in New York State facover the previous record total of last August.
The year's construction total for the district was $1,601,257,200, an tories persisted through December, according to Industrial
Increase of nearly 21% over the previous record total of 1924. Included in
the year's construction were the following larger items: $867,585,800, or Commissioner James A. Hamilton, whose statement, made
54% of all construction, for residential buildings: $313,707,900, or 20%, public Jan. 12, is based on reports from manufacturers emfor commercial buildings: $137,825,900, or 9% for public works and utilities:
factory workers of the State. These
$70,803,000. or 4%, for educational buildings; 569,482,400, or 4%, for ploying 35% of the
social and recreational buildings, and $69,057,000, or 4%, for industrial reports are representative of the industries and localities
buildings.
of the State as well. Commissioner Hamilton in his review
Contemplated new work reported for the district during the year amounted
to $2,319,333,700, which is 45% in excess of the work actually started. of December conditions says:
The advance was even less than in November, but its importance lay not
This indicates a fairly active demand carried over into 1926.
in size, but in the fact that it appeared at all in a month when seasonal
Middle Atlantic States.
reductions tend to dominate the situation. Actually it meant the employContracts awarded last month in the Middle Atlantic States (Eastern ment of little more than 5,000 additional workers throughout the State
Pennsylvania, Southern New Jersey, Maryland, Delaware, District of factories, according to an estimate based on our reports. However, the
Columbia and Virginia) amounted to $38,249,000. This was an increase of metals, which have occupied the central position in the recent expansion,
3% over November and of 53% over the previous December.
continued to advance though at a slower pace. There were also encouragThe year closed with a total construction volume of$552,318.000. being an ing reports from some of the textiles, particularly the cotton mills. These
increase of nearly 16% over the record volume of the previous year. The Industries have not reacted so directly to the general improvement because
1925 record included the following important items: 5299,788.400. or 54%. of price fluctuations, seasonal factors, and special conditions within the
of all construction, for residential buildings; 565,118,600. or 12%. for industries in New York State. All but cotton goods are more active than
public works and utilities; 560,308,000. or 11%, for commercial buildings: a year ago, though part time has kept payrolls low for the woolen in$39,855,400, or 7%, for educational buildings, and $35,925,500, or 6%. dustry. Woolens showed a small net increase for December, as some of
for industrial buildings.
the mills which were running at a small part of their capacity extended
Contemplated new work reported for this district in 1925 amounted to operations and silk goods, particularly knit silk, improved also.
51.179,078,400. being more than double the amount of work actually started.
The gain for the metals as a whole was just about half that for Novemthus indicating a very strong construction demand carried over into 1926. ber, as more moderate increases were reported and certain seasonal reductions were affected. Of primary interest was the course of the automoSoutheastern States.
curtailments in a few plants which
December construction contracts in the Southeastern States (the Caro- bile group. Although several decided
pulled down
linas, Georgia, Florida, Tennessee, Alabama. Mississippi, Arkansas and had been operating at unusually high rates through the fall
the group, there was no general decline. The other manuLouisiana) amounted to 567,532.100. There was an increase of 17% over employment for
facturers made small additions to their forces. Employment is now only
November and 50% over December 1924.
industry and the
The year's total for this district was $779,131,900, being nearly 29% 8% below June, the peak of this year. Castings for this
month. Railroad equipment, howover the 1924 total. Analysis of the 1925 record shows the following railroads went up more evenly than last
ever, still continued irregular. Some of the gains of November were partly
important Items: 5311,983,800, or 40% of all construction;for residential
wiped out by losses though other plants reported conditions further imbuildings;$181,618,600. or 23%,for public works and utilities; $118,420,500,
factories in the Rochester district which escaped the depresor 15%,for commercial buildings; $49,420.300. or 6%,for industrial build- proved. The
sion of the other regions were important in pushing up the total. Repair
ings, and $43.713,700, or 6%. for educational buildings.
shops had more workers in December. Steel mills continued to expand
Contemplated new construction reported for this district during the
operations at a good rate and brass and copper were more active. Hardware
past twelve months has amounted to 51,563,647.100. being double the
slowed up, but cutlery, tools and machinery repeated
amount of contracts awarded and indicating a very strong demand continu- and stamped ware
the improvement of November. The winter demand for radios resulted in
ing into 1926.
a large increase in electrical supplies.
Pittsburgh District.
Relatively Small Loss in Building Materials.
Building and engineering contracts awarded during the month of December in the Pittsburgh district (Western Pennsylvania, West Virginia, Ohio
The sustained activity in the construction industry in New York City
and Kentucky) amounted to $43.498.000. This was a 7% decrease from has kept the building supply industries well above last year. Winter
November and a 14% decrease from the previous December.
building and the introduction of machinery in the Hudson River district
The year's total for this district, $828,641.600.showed the largest increase has also lessened the severity of seasonal reductions. While the brick
over 1924 of any section of the country, 43%. This record total included: yards did not require as many workers this year as last during the peak
$275,938,600, or 33% of all construction, for residential buildings; $189,- months of the summer because of the use of machinery, they now have 25%
645,500, or 23% for public works and utilities; $154,050.500, or 19%, for more men at work than at this time a year ago. Cement mills show a
industrial and power plants: $81,215.000, or 10%.for commercial buildings; similar gain over 1924 and the cut stone yards located in New York City
and $61,552,000. or 7%, for educational buildings.
are busier at present Only in the planing mills and paint factories was
Contemplated new work reported for this district during 1925 amounted the gain shown in the year-to-year comparison really small. Heating apto $934.190,800. Since this was only 13% in excess of the total of awarded paratus has moved along with building materials and though the tencontracts, it would usually be considered as indicating a slack demand for dency in December was downward, it is about 20% higher than a year
construction. But 1925 broke all such precedents in this district. Which ago. Furniture manufacturers were still making small additions to their
seems quite likely to continue at as good a rate as most other sections.
forces, but some employees were released from the piano factories.
Over 1,000 employees were back in the Brooklyn shoe factories after
The Central West.
the signing of the wage agreement, but some plants were still running low,
Last month's construction contracts in the Central West (Illinois, Indiana,
as the new season's work had not yet been begun. Rochester manufacturIowa, Wisconsin, Michigan. Missouri, Kansas, Oklahoma and Nebraska)
ers were still reducing forces, but the Binghamton district continued to be
amounted to $109,878,900. This was a decrease of 8% from November,
busier. Leather goods had passed the peak of the winter season and there
but an increase of 45% over Dec. 1924.
was less overtime in the fur shops, though hatters' furs started up again.
The above figure brought the year's construction total up to $1,487,309,Tanneries were a little slower.
900, being a 42% increase over the previous year, which had established
Further Seasonal Reductions in Food and Clothing.
the record to date. The 1925 record included: $659,420,200, or 44% of all
construction, for residential buildings; $260.841,100, or 18%, for public
All the food industries, excepting tobacco products, showed a net loss
works and utilities; $173,626,300, or 12%, for commercial buildings; in December. Cigar factories were a little busier, but there were one or
$134,443,600, or 9%,for educational buildings, and $106,918,300, or 7%, two decided reductions in cigarette plants. The majority ef the sugar
for industrial buildings. •
refineries increased operations as the Southern crop moved north, but
Contemplated new work reported for this district during the past year other products, including candy, beverages, flour and canned goods, fell
amounted to $2,116,819,300. The excess of contemplated work over work off. Severe curtailments in the biscuit factories were only partly offset
actually started was 42%. or slightly less than normal, indicating a possible by gains in some other baked goods.
moderate slackening in building demand.
The clothing trades also moved downward, as modistes and manufacturers of men's clothing and women's garments still cut forces during the
The Northwest.
Building and engineering contracts awarded last month in Minnesota, between-seasons lull. A few manufacturers, however, had already started
the Dakotas and Northern Michigan amounted to $5,206,300, being 11% work for the new season. Shirt factories up-State reported a slight conunder the November figure and 39% over December of the previous year. traction, but there were one or two large advances in New York City.
The year's building total for the district, $95,228,800. represented an In the hat factories more work meant greater earnings rather than larger
8% increase over the year 1924 and included: $40,285,700, or 42% of all forces.
The more important gains in the chemicals appeared in the soap facconstruction, for residential buildings: $14,873,300. or 16%. for public
works and utilities; 510,545,800, or 11%,for commercial buildings: $8,118,- tories and one or two industrial chemical plants. •
200, or 9%, for educational buildings; $7,623,100, or 8%, for social and
Buffalo Factories Continue Expansion.
recreational buildings, and $6,318,800, or 7%, for industrial buildings.
Many of the large increases in the metals occurred in the Buffalo plants,
While this district had only a moderate increase over 1924 and did not with the result that employment for this district showed the largest gain
equal its previous high record made in 1923, it shows an active construction in the State. The December increase exceeded 2% and brought factory
demand continuing over into 1926. Contemplated new work reported for employment as high as it was in March 1924. This is less than 3% under
the Northwest during the past twelve months has amounted to $154,842,200, the average for 1923. Steel and pig iron, brass and electrical equipment
and has exceeded total contracts by 63%, 50 % being the normal excess. stood out in this month's advance, but heating apparatus and railroad
repair shops were also important in absorbing more workers. Automobile
Texas.
December building and engineering contracts in Texas amounted to $17.- firms submitted varying reports and reductions were made in some of the
months. Other'
976.800, an increase of 78% over November and of 56% over the preceding plants which had enlarged forces decidedly in recent
manufacturers of automobiles, parts, including tires, and castings, were
December.
metals. Chemicals, which
The year's construction total for Texas (whose records have not been busier. Mineral products rose along with the
industrial chemicals, went
included with those of the 36 Eastern States) was $185,357,900. Complete included household preparations, fertilizers and
up almost generally. There were seasonal reductions in clothing and food
contract records for Texas in 1924 are not available,but the average monthly
volume in 1925 was just equal to the average volume in the 1924 months products.
Smaller Gain in Syracuse and Capitol District.
for which contract records were kept. Last year's construction volume
December brought a I% increase in employment for both Syracuse and.
included: $75,911,100. or 41% of all construction, for residential buildings;
$36,770,300, or 20%, for commercial buildings: $28,200,400, or 15%, for the Capitol district. Employment in Syracuse has now reached a point
THE CHRONICLE
284
only 1% below the average for 1923. Automobiles and parts, office equipment and one or two of the industrial chemicals again had an important
part in the advance. Manufacturers of shoes were also busier after a very
quiet November. There were the usual reductions in food products and
clothing.
The outstanding change in the Capitol district during December appeared in the textiles. Metals also continued to advance, but the net
increase was much smaller than in the past few months. Plants making
electrical equipment and machinery again took on a large number of new
workers and railroad repair shops made smaller additions to their forces.
Earnings in the latter were higher than in November. Railroad equipment factories, however, lost part of the gain made last month. The
increase in the textiles was in cotton manufactures rather than knit goods
and was the largest gain made this year. Although a few workers were
released from the shirt and collar factories there was a decided advance
in the earnings of the employees. Men in the printing shops also received more, though forces were reduced both here and in the paper
goods factories.
Utica's Industries Irregular.
The gain for Utica was smaller, less than 1%. There was no definite
movement either up or down in the metals or textiles. Knit goods manufacturers gave conflicting reports and there was a decrease for this branch
of Utica's textile industries. Other lines, particularly cotton goods, advanced during December, however. Metals were irregular, but only one or
two decided decreases were reported. Manufacturers of firearms, machines
and office equipment made substantial additions to their forces. A few
more workers were used in the leather and leather goods plants, but there
were the usual reductions in food and clothing.
Almost No Change in Rochester and Binghamton.
Although seasonal reductions prevailed in the canneries and shoe factories, employment in Rochester made a very slight gain. Usually December brings a decrease, but good conditions in the metals kept up the total
this year. Railroad equipment again was conspicuous in the increases of
the month and electrical supplies continued to advance. The group of
instruments and appliances stayed about even, though earnings tended to
rise and machinery shops were busier, as higher payrolls indicated. The
few decreases reported were slight. Chemical and wood products took up
a few more workers. Men's clothing factories were operating on longer
hours during December and over 200 workers were taken on in the reporting shops.
Binghamton reported little change in the total volume of employment
from November. There were some shifts made in the forces of the different
shoe factories, but there were more workers on the payrolls in December.
Earnings were higher also. A few metal workers were released from the
reporting factories and there were some reductions in the wood working
plants. Cigars were irregular, while silks advanced.
Seasonal Reductions in New York City.
Seasonal reductions dominated the situation in New York City, but the
re-employment of 1,000 shoe workers after a walk-out in the first part of
November served to offset these reductions in the total. Clothing workers
were the principal group affected by these decreases, but hundreds of
operatives in food products and building materials were also released from
the reporting factories during the month.
Several large men's clothing factories closed down altogether, although
others were already preparing for the new season and modistes and makers
of women's clothing were on the whole less busy than in November. Some
hat and cap manufacturers adjusted forces to lessened business, but shirt
factories had more on their payrolls. Women's furnishings went off
slightly.
Jewelry, leather goods, paper boxes and candy were lower than In November, as Christmas orders ended. Cigar and cigarette factories were employing about the same number as in the previous month, but there were
changes in the forces of individual plants. Decreases predominated in the
bakeries. Sugar refineries increased operations and a few more workers
were needed in meat packing houses. Soap factories were busier, but
other chemical manufacturers reported losses over the month.
In the metals, brass and copper goods, machinery and electrical equipment were the chief industries to gain. Other metals, including stamped
ware and railroad repair work, slowed up. Building materials were lower
except for cut stone. The furniture industry moved upward. Odd wood
products, such as pipes and pencils, were also higher.
(Vol.. 122.
The mills of the California White & Sugar Pine Manufacturers Association are now comparable to orders of other
mills and are included in the report of all the associations.
The Southern Cypress Manufacturers Association of
New Orleans (omitted from above tables because only
recently reporting) for the week ended Jan. 6 reported
from 13 mills a production of 2,920,568 ft., shipments
4,820,000 and orders 3,980,000.
Weekly Review of West Coast Lumbermen's Association
One hundred and three mills reporting to West Coast
Lumbermen's Association for the week ending Jan. 2, manufactured 45,124,659 feet of lumber; sold 70,678,270 feet, and
shipped 69,014,991 feet. New business was 57% above production. Shipments were 53% above production.
Forty-one per cent of all new business taken during the week was for
future water delivery. This amounted to $29,045,700 feet, of which 14,464,736 feet was for domestic cargo delivery, and 14,580,964 feet export.
New business by rail amounted to 1,223 cars,
Forty-eight percent of the lumber shipments moved by water. This
amounted to 32,992,421 feet, of which 23,507,619 feet moved coastwise and
intercoastal, and 9,484,802 feet export. Rail shipments totaled 1,036 cars.
Local auto and team deliveries totaled 4,942,570 feet.
Unfilled domestic cargo orders totaled 119,079,220 feet. Unfilled export orders 117,736,675 feet. Unfilled rail trade orders 4,823 cars.
Greatest Christmas in History Brings New High Record
for Postal Receipts at Fifty Selected Cities.
The greatest Christmas in history broke all previous high
records for postal receipts at the fifty selected cities by
four and a half million dollars, according to figures made
public Jan. 5 by Postmaster-General New. Receipts for
December 1924, the previous record month, were surpassed
by each one of the fifty cities, not one of them showing a
decrease. Total receipts for the fifty cities for December
1925 were $38,655,752 52, as compared with $34,148,978 09,
of $4,506,774 43, or 13.20%. Jacksonville,
Fla., again led all of the fifty cities in percentage of increase
an increase
by reporting a gain of 43.40%; Baltimore, Md., was second
with 32.94%;Ft. Worth, Texas, third with 27.48%; Houston,
Texas, fourth with 25.37%, and Detroit, Mich., was
fifth
with 23.18%. Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF DECEMBER 1925.
%
%
1925. 1924. 1923.
.925.
1924.
Increase,
over
over
over
Offices1924. 1923. 1922.
New York, N.Y__ 7,306,116 60 6,492,058 34 814,058 26 12.54 7.68 9.81
Chicago, Ill
6,522,401 53 5,789,220 04 733.181 49 12.66 13.23 5.42
Philadelphia, Pa 2.269,06819 1,917,659 94 351,408 25 18.32 11.45 •1.65
Boston, Mass1,801,625 10 1,627,647 00 173,978 10 10.69 8.76 3.51
St. Louis, Mo
1,320,313 55 1,242,788 75
77.524 80 6.24 7.47 4.72
Kansas City, Mo. 1,073,564 78
913,383 52 160,181 26 17.54 9.02 11.54
Detroit, Mich._
1,125,679 90
913,822 58 211,857 32 23.18 11.67 12.86
Cleveland, Ohio
921,973 02
823,257 50
98,715 52 11.99 11.40 10.10
Los Angeles, Calif_ 1,075,447 95 1,005,712 87
69.735 08 6.93 6.25 22.43
San Francisco, Cal 886,286 80
840,311 41
45,975 39 5.47 8.08 9.86
Brooklyn, N.
984,609 04
879,188 57 105.420 47 11.99 2.89 12.49
Pittsburgh, Pa-- 804,893 49
744,346 05
60,547 44 8.13 6.08 9.55
Cincinnati, Ohio- 771,920 74
663,116 91 108,803 83 16.41 15.11 4.40
Minneapolis, Minn 704,717 66
658,346 15
46,371 51 7.04 2.09 4.44
Baltimore, Md
756,576 71
569,097 61 187.479 10 32.94 7.76 6.73
510,980 25
Milwaukee, Wis- 601,930 95
90.95070 17.80 13.35 6.89
Washington,D.C. 627.061 97
551,314 23
75,747 74 13.74 6.26 4.74
Buffalo, N. Y. -- 592,867 03
513,430 18
79,436 85 15.47 11.67 8.87
475,193 85
St. Paul, Minn_._ 502,447 40
27,253 55 5.74 10.89 12.35
Indianapolis, Ind_ 485,584 58
425,467 70
60,116 88 14.13 8.79 17.03
Atlanta, Gs
378,105 00
335,132 10
42,972 90 12.82 6.55 5.65
378,365 51
Newark, N.
432,539 26
56,173 75 14.93 13.97 8.70
354.38691
Denver, Colo
386,641 32
32.25441 9.10
7.88 5.30
336,702 44
Dallas, Texas
382,214 58
45,512 14 13.52 3.65 10.57
352,346 96
Seattle, Wash_
402,671 87
50,32491 14.28 7.76 7.62
Omaha, Neb
291,960 61
306,970 84
15,010 23 5.14 *3.13 11.99
285.589 79
Des Moines,Iowa_ 329,145 89
43.58610 15.25 *1.15 13.99
Portland, Ore_ 344,771 38
297,018 87
47,752 51 16.08 1.12 9.33
304,123 72
261,114 21
Louisville, KY
43,009 51 16.47 5.52 14.73
283,026 91
Rochester N. Y.- 303.50908
20,482 17 7.24 13.51
5.01
269,712 18
Columbus, Ohio- 306,628 53
36,916 35 13.69 7.69 11.27
281,743 13
New Orleans, La_. 305,558 79
23,815 66 8.45 *1.63 12.23
Toledo, Ohio
245,300 46
212,031 92
33.26854 15.69 3.10 14.12
Richmond, Va- - 239,665 40
202,849 86
36,815 54 18.15 10.13 0.35
226,247 56
Providence, It. E- 267.283 67
41,036 11 18.14 10.24 5.49
224,752 00
191,216 49
Memphis, Tenn
33,535 51 17.54 7.98 8.34
Dayton, Ohio_
198,875 91
183,102 78
15,773 13 8.61 22.12 10.34
175,353 42
Hartford, Conn
200,928 80
25,575 38 14.58 4.65 1.50
178,697 52
Nashville, Tenn- 189,835 48
11,13794 6.23 6.76 14.73
152.606 32
Houston,Texas--- • 191,321 79
38,715 47 25.37 2.29 9.71
161,810 77
Syracuse, N. Y
179,642 17
17,831 40 11.01 8.38 3.66
New Haven,Conn. 177,465 93
160,755 59
16,710 34 10.39 10.02 8.47
Gr'd Rapids, Mich 173,922 64
147,949 67
25,972 97 17.55 13.68 1.27
Akron, Ohio
158,792 43
131.380 55
27,411 88 20.88 11.98 3.84
Worth, Texas- 166,626 22
122,863 24
Ft.
33,762 98 27.48 7.87 4
.28.59 •
Jersey City, N. J_ 159,164 05
132,291 38
26,872 67 20.31 16.22 *8.32
Springfield, Maas- 151,064 26
133,694 42
17,369 84 12.99 2.76 9.51
Salt Lake City,
149,430 98
137,386 33
Utah
12.04465 8.77 15.14 3.92
104,069 64
Jacksonville, Fla-- 149,237 78
45,168.14 43.40 16.92 5.97
113,227 56
Worcester. Maas_ - 124,475 30
11,247,74 0.03 gal 3.02
Total
38,655.752 52 34,148,978 09 4,506,774 43 13.20 8.92 7.55
• Decrease. September 1925 over September 1924, 10.25. October 1925 over
October 1924, 11.57. November 1925 over November 1924, 13.19.
Weekly Lumber Production Shows Gain.
The National Lumber Manufacturers Association received telegraphic reports of the status of the lumber industry for the week ended Jan. 9 from 374 of the larger
softwood, and 132 of the chief hardwood, mills of the
country. The 361 comparably reporting softwood mills
showed increases in production, shipments and new business,
in comparison with reports from 359 mills for the week
earlier. The hardwood operations reported considerable
.gain in all three factors when compared with reports for the
previous week, when, however, 15 fewer mills reported.
Reports from the Southern Pine Association as to unfilled
orders were not received in time for publication. For the
103 West Coast mills the unfilled orders were 394,850,584
ft., as against 381,505,895 ft. for 103 mills a week earlier.
Altogether, the 361 comparably reporting mills had
shipments 114% and orders 121% of actual production.
For the Southern Pine mills these percentages were respectively 92 and 90, and for the West Coast mills 123
and 146.
Of the reporting mills, the 331 with an established normal
production for the week of 205,193,148 ft., gave a°tua
production 77%,shipments 86%, mad orders 92% thereof.
Increase in Postal Receipts at Fifty Industrial Cities
The following table compares the national lumber moveIncident to Christmas Trade.
ment as reflected by the reporting mills of eight regional
The Christmas business at 50 industrial cities showed
weeks indicated:
• associations for the three
Production
Shipments
Orders (new business)
Past
Week.
361
172,192,771
195.914.273
208,291,895
Corresponding
Week 1925.
358
141,639,588
168,212,905
148,116,939
Preceding Week
1920 (Revised).
359
129,391,552
171,990,614
174,519,093
even a greater percentage of increase than that of the 50
selected cities, according to December postal receipts made
public by Postmaster-General New Jan. 7. Cheyenne, Wyo.,
was the only office to show a decrease over the previous
JAN. 16 1926.]
285
THE CHRONICLE
December business, while six of the 50 offices registered
gains in excess of 25%, bringing the general average for
the 50 industrial cities up to 14.19%. Tampa, Fla., and
Albuquerque, N. •M., ran a close race for the highest percentage of gain, the former having 46.84% and the latter
46.34%. Columbia, S. C., ranked third in percentage of
increase, with 28.05%. Oakland, Cal., was fourth with
27.74%; South Bend, Ind., fifth, with 25.96%, and Springfield, Ill., sixth, with 25.69%. Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF DECEMBER 1926.
Per Ct. Per Ct. Per Ct.
1925 1924 1923
December
December
Over
Over
Over
Offices1925.
1924.
Increase. 1924. 1923. 1922.
Springfield, Ohio__ 8194,989 81 $173,166 45 821,823 36 12.60 45.98 2.20
Oklahoma, Okla__ _
151,703 41
123,898 94 27,804 47 22.44 2.55 4.81
Albany, N. Y
143,723 74
136,944 70
6,77904 4.95 18.24 7.37
Scranton, Pa
123,371 93
117.786 29
.80 25.51
5,58564 4.74
Harrisburg, Pa_ _
160,496 49
134,520 14 25,976 35 19.31 3.92 15.72
San Antonio, Tex
132,774 20
118,995 35 13,778 85 11.58 9.33 14.12
Spokane, Wash_ _ _ _
120,687 71
112,954 67
7,733 04 6.85 3.35 4.87
Oakland, Calif.__ _ 237,097 57
185,611 85 51,485 72 27.74 17.46 7.54
Birmingham, Ala
158,620 32
135,685 28 22,935 04 16.90 16.49 12.95
Topeka, Kan
123,233 99
114,296 95
8,93704 7.82 7.49 12.84
Peoria, Ill
101,589 44
90,714 76 10,874 68 11.99 5.70 1.55
Norfolk, Va
112,432 67
96,674 35 15,758 32 16.30 8.33 3.60
Tampa,Fla
110,263 81
75,089 46 35,174 35 46.84 13.13 11.06
Fort Wayne, Ind- 105,119 77
8,36336 8.64 7.07 2.93
96,756 41
Lincoln, Neb
87,915 47
85,191 61
2,723 86 3.20 4.05 5.01
Duluth, Minn
100,243 84
0
1.10
87,227 20 13,016 64 14.98 9.01
7. 2
Little Rock,Ark
91,107 34
85,085 43
15.80 3.33
6,021 91
Sioux City, Iowa
87.402 00
7.79370 9.79 4.81 5.67
79,608 30
Bridgeport, Conn
101,845 91
7.49 11.25 2.32
94,749 00
7,096 91
Portland, Me
90,65567
90,15959
.55 21.24 9.63
49608
St. Joseph, Mo_ ..._
74,137 16
4,374 16 6.27 11.12 2.70
69,763 00
Springfield, III_ ... _
78,385 77
7 70
.
5
62,362 46 16,023 31 25.69 15.8 20.34
Trenton, N. J
88,642 68
12.76
80,561 00
8,081 a8 10.03
Wilmington, Del_ _
86,767 91
71,664 82 15,103 09 21.07 12.97 9.44
Madison, Wis
78,104 84
64,048 92 14,055 92 21.94 5.25 12.91
South Bend,Ind_ _ _
169 24.55
83,202 92
66,056 75 17,146 17 25.96
Charlotte, N. C.__
80,224 96
67,938 67 12.28629 18.08 14.64 8.72
Savannah, Ga
58,720 89
51,86758
6,8(.3 31 13.21 *9.23 23.34
Cedar Rapids,Iowa
.50 8.71
56,25113
3,608 17 6.84
52,642 96
Charleston, W. Va.
70,659 16
57,467 69 13,191 47 22.95 1.94 16.20
Chattanooga, Tenn
1.34
90,860 13
72,96333 17,896 80 24.53 1.21
Schenectady, N.Y_
4,21459 6.49 8.23 32.66
69,164 45
64,949 86
Lynn, Mass
64,09068
2,963 47 4.85 21.41 *9.92
61,037 21
Shreveport, La_ _ _ _
51,655 39
48,383 83
3,271 56 6.76 13.86 6.41
Columbia, S. C
43,505 23 12,201 50 28.05 8.24 11.72
55,706 73
Fargo, N.D
.58
41,628 58
6,90892 19.90 5.08
34,719 66
Sioux Falls, S. D...
5,793 15 16.40 4.55 8.32
41,116 78
35,323 63
Waterbury,Conn
5,718 10 13.24 9.67 10.14
48,903 05
43,184 95
Pueblo, Colo
1,87894 5.11 11.58 2.12
38,609 90
36,730 96
Manchester, N. H..
4,74763 12.35 12.98 3.82
43,182 59
38,434 96
Lexington, Ky.,. _ _
2.67462 6.93 14.98 5.78
41,275 79
38,601 17
Phoenix, Ariz
7,67994 19.16 13.71 2.20
47,749 12
40,069 18
Butte, Mont
4,45835 15.68 *.89 7.05
32,872 42
28.416 07
Jackson, Miss
3.32048 10.49 15.54 19.70
34,961 77
31,641 29
Boise, Idaho
1.47100 6.02 8.31 7.01
25,887 00
24,416 00
Burlington, Vt
3.01763 12.93 2.23 3.49
26,347 23
23,329 60
Cumberland, Md..
3.59466 20.00 *.37 15.08
21,563 95
17,969 29
Reno Nev
1,44760 8.41 9.46 1.33
18,655 99
17,208 39
Albuquerque, N. M
28,074 20
8,890 72 46.34 5.54 12.56
19,183 48
Cheyenne, Wyo
13,033 99
*287 05 *2.15 30.49 *17.91
13,321 04
•
Transactions in Grain Futures During December on
Chicago Board of Trade and Other Contract.
Markets.
Revised figures showing the daily volume of trading in
grain futures on the Board of Trade of the City of Chicago.
during the month of December 1925 together with monthly
totals for all "contract markets" as reported by the Grain.
Futures Administration of the United States Department
of Agriculture were announced by L. A. Fitz, Grain Exchange Supervisor at Chicago. The total transactions at
all the markets during the month aggregated 3,140,131,000'
bushels, compared with 2,745,062,000 bushels in the same
1nonth the previous year. On the Chicago Board of Trade'
the volume of transactions in December of this year totaled
2,761,028,000 bushels, against 2,443,893,000 in December
1924. In the table which we give herewith, the figures
listed represent sales only, there being an equal volume of
purchases.
VOLUME OF TRADING.
Expressed in Thousand Bushels, i. e. (000) Omitted.
Total.
Date
-Dec. 1925.
Wheat. Corn. Oats.
Rye. Barley. Flax.
134,371
1
103,912 15,226 12,008 3,225 - - -131,298
2
91.609 28,796 8,186 2.707
141,477
3
99,243 31,550 7,337 3,347
141,720
4
105,119 25,617 7,110 3,874
82,026
5
62,749 13,842 3,349 2,086
6
-Sunday
114,028
789,137 15,103 6,596 3,192
110,272
8 .
83,822 15,603 '6,126 4,721
128,007
9
88,269 29.279 6,623 3,836
137,808
10
105,080 21,503 7,221
4,004
118,271
11
92,081 15,860 6,821
3,509
81,300
12
61,718 13,209 3,722 2,651
13
-Sunday
75.906
14
58,789 11,409 4,033 1,675
76.327
61,744 11,045 2,245 1,293
15
105,499
87,523 11.852 3,568 2,556
16
85,248
64,480 15,835 3,405 1,528
17
101,819
18
82,803 15,485 2,045 1,481
65,826
19
49,035 12,616
3,005 1,170
-Sunday
20
85,430
21
62.592 15,767 4,740 2,331
82,176
62,431 13,296 4,603 1,846
22
110,452
83,723 20.441
3,634 2,654
23
82,639
68,012 9,798 2,139 2,690
24
-Holiday
25
86,540
67,238 12,108 4,103 3,091
26
27
-Sunday
103,331
79,207 15,681
4,788 3.655
28
143,773
97,358 35,418 7,612 3.386
29
Total
132,221
88,407 29,009 12,104 2,701 ____
54,125,622 25 83,612,879 71 5512,742 54 14.19 9.24 8.40 30
*Decrease. Sept. 1925 over Sept. 1924, 10.46. Oct. 1925 over Oct. 1924,6.59. 31
10308
66,847 22,312 11,253 2,856
Nov. 1925 over Nov. 1924, 13.09.
Total Chicago Bd.of Tr _2,062,928 477.660 148,376 72,064 ........2,761,028
Chicago Open Board... 62,263 9,711
840
72,838
24 ____
26,776 13,819 3,108 2,076 164,526
Minneapolis C. of C.... 118,747
Decrease in Paper Production in November.
89,512
Kansas City B.of T___ 66,198 22,802
512
The November production of paper in the United States Duluth Board of Trade_ *23,415
33,064
7,400
58 2,191
13,155
as reported by identical mills to the American Paper and St.Louis Mer.Exch_ _ _ _ 10,870 2,285
2,536
1.505
5,949
Milwaukee C. of C....
985
923 -___
Pulp Association and co-operating organizations, showed a San Francisco C. of C.
21
21
decrease of 7% as compared with October's production Los Angeles Grain Exch..
38
38
-(following an 8% increase in October over September), Baltimore C. of C
cc, ding to the Association's "Monthly Statistical Summary
and Paper Industry" made public Dec. 28. All
)?f
gra
howed a decrease in production as compared with
, with one exception. The summary is prepared
merican Paper and Pulp Association as the central
tion of the paper industry, in co-operation with the
Board Manufacturers Association, Converting
PaperoMills Association, Cover Paper Association, News-printrService Bureau, Wrapping Paper Manufacturers
Service Bureau and Writing Paper Manufacturers Association. The figures for November for same mills as reported
in October are:
Total all markets
2 346,957 513,963 177,489 94,230 3,225 4,267 3,140,131
Total all mkts. year ago_1,528,037 706,556 401,240 99,043 3,807 6,379 2.745,062
ago_1,335,088 651,255 372,404 85,146 ____ _ __ 2,443,893
Chic. B. of T. year
•Durum wheat with exception of 555.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR DECEMBER 1925 (BUSHELS).
("Short"side of contracts only,there being an equal volume open on the"lorm"Fdde >
Corn.
Wheat.
Oats.
December 1925.
Total.
RIM.
1
112,619,000 x53,357,000 49,111,000 z8,251,000x223,338,000
2
111,997,000 52,861,000 49,335,000 8,681,000 222.874.000
113,342,000 50,688,000 49,501,000 8,531,000 222,062,000
3
4
108,409,000 50,266,000 49,860,000 8,551,000 217,086,000
5
107,610,000 49,822,000 49,588,000 8,677,000 215,697,000
6
-Sunday
7
110,190,000 50,304,000 49,575,000 8,796,000 218,865,000
8
109,878,000 48,890,000 49,918,000 9,308,000 217,994.000
9
110,690,000 45,433,000 49,191,000 9.733,000 215,047,000
10
110,394,000 44,556,000 z48,282.000 9,718,000 212,950,000
Number
Stock on Hand 11
108,131,000 43,455,000 48,698.000 9,505,000 209,789,000
of
Production.
Shipments. End of Month. 12
z104,125,000 44,273,000 48,495,000 9,833,000z206,726,000
GradeMills.
Net Tons.
Net Tons.
Net Tons.
13
-Sunday
Newsprint
65
129,830
132.906
14
105,014,000 44,233,000 48,784,000 9,928,000 207,959,000
17,413
Book
85,508
61
86,667
15
104,674,000 44,539,000 48,892,000 10,063,000 208,168,000
45,035
Paperboard
102
122,754
123.729
29,867
106,678,000 43,250,000 49,083,000 10,367,000 209,378,000
16
Wrapping
77
48,263
51,175
45,283
17
107,862,000 43,690,000 49,469,000 10,629,000 211,650,000
Bag
8,362
24
8,530
6.795
18
110,593,000 43,957,000 49,312,000 10,848,000 214,710.000
Fine
78
29,636
28,577
19
40,207
109,765,000 43,562,000 49,274,000 10,852,000 213,453,000
Tissue
12,029
46
11,989
20
12,156
-Sunday
8
Hanging
5,181
5,398
21
1,624
109,741,000 43,711,000 48,793,000 10,952.000 213,197,000
Felts
19
17,168
17,089
2.817
22
108,645,000 42,966,000 48,647,000 10,105,000 210.363.000
Other grades
64
19,602
19,611
16,301
23
109,796,000 41,517,000 48,845.000 10,578,000 210.736.000
Total-All grades
478,333
485,671
217,498
24
110,901,000 41,766,000 48,934,000 10,829,000 212,430,000
During the same period, domestic wood pulp production 25-Holiday
26
114,750,000 40,796,000 49,407,000 10,757,000 215,710,000
decreased 2%,this decrease being distributed over all grades, 27-Sunday
28
112,595,000 40,218,000 50,214,000 11,194,000 214,221,000
with one exception. The November totals (mills identical 29
x115,913,000 41,437,000 51,345,000 11.258,000 219,953,000
112,560,000 42,893,000 x52,443.000 11,483,000 219,379,000
those reporting in October) as reported by the American 30
with
31
112,180,000 z40,211,000 52,087,000 x11.569.000 216,047,000
Paper and Pulp Association, are as follows:
Number
Stock on Hand
of
Production.
Used.
Shipments. End of Month
GradeMills. Net Tons. Net Tons. Net Tons. Net Tons
Groundwood pulp
94
90,213
90,390
3,451
124,767
34,683
Sulphite news grade
36
38,706
4,158
8,777
18,066
Sulphite bleached
21
22,735
4.031
3,367
3.069
Sulphite easy bleach
6
3,626
507
1,441
MItscherlich
5,645
6
Sulphite
6,540
1,369
366
11,896
Sulphate pulp
9
13,623
1,775
1,201
11
11,804
17,116
5,141
Soda Pulp
3,784
2
54
Other than wood pulp
44
192,613
175,626
73Total-All grades
143.747
20.432
Average
December 1925_ _109,964,000
December 1924_ - _ _124,209,000
November 1925
113,110,000
October 1925
111,016,000
September 1925_ __ _103,176,000
August 1925
96,016,000
July 1925
90,783.000
June 1925
103,475,000
May 1925
87,483,000
April 1925
90,729,000
x High
z Low.
45,102,000
74,800,000
56,161,000
46,647,000
46,392,000
51,983,000
46,553,000
55,271,000
54,477,000
65,755,01)0
49.503,000
91,413,000
50,211,000
49,720,000
49,351,000
43,652,000
33,374,000
41,976,000
42,860,000
66,556,000
10,038,000 214,607,000
23,889,000 314,311,000
11,730,000 231,212,000
11,869,000 219,252,000
11.694,000 210,613,000
10,924,000 202,575,000
8,895.000 179,605,000
8,515,000 209,237,000
10,230,000 195,050,000
17,838.000 240,878,000
THE CHRONICLE
286
[VoL. 122.
Production and Shipment of Lumber During Month of
November.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on Jan. 7 1926 reported the
following:
Dee. 31 1925 and 121.095 bales in 1924, and 50,723 bales In public storage and at
compresses In 1925, and 53,525 bales in 1924. Linters consumed during five months
ending Dec. 31 amounted to 331.008 bales In 1925 and 253.451 bales In 1924.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (500
-Pound Bales).
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR NOVEMBER 1925
AND NOVEMBER 1924.
Egypt
Production.
Association.
Shipments.
MW...
Hardw'da.
1925.
California Redwood
California White & Sugar
Pine Mfrs
Georgia-Florida Saw Mill.
North Carolina Pine
Northern Hemlock &
Hardwood Mfrs
Northern Pine Mfrs
Southern Cypress Mfrs
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
.
Lower Michigan Mfrs.._
Individual reports
Total
Softwoods.
Feet.
Feet.
27,507,000
118,200,000
15
26
10
54
44 15,735,000
9
9
164
100
42
12
19
1,956,000
6,346,000
4,185,000
Hardtedt.
Feet.
Feet.
29,227,000
111,359.000
5,053,000
40.000,000
21,198,000 35,261.000
4,969,000
35.224,000
18,070,000
12,341,000
8,265,000 3,603,000
333,001,000
380,904,000
146,537,000
1,777,000 8,701,000
20,103,000 8,633,000
35,695,000
9,761,000
369,284,000
343,598.000
113,851,000
2,249,000
27,426.000
38,795,000
78,753,000
32,028,000
89,683,000
7,212.000
45,481,000
12,159,000 26.835,000
7,466.000
47,947,000
17,191,000
8,420,000
11,919,000 1,819,000
362,715,000
368,451,000
105,036,000
8.883,000 11.842,000
42,769,000 7,174.000
33,144,000
9,948,000
412,797.000
332.184,000
110,846,000
5,404,000
49,045,000
Total
545 37.353.000 l.088.593.00047.670.000 1.147.681,000
Total production-Nov. 1925 1,143,108 000 ft. Nov. 1924, 1,125,946,000 ft.
-Nov 1925. 1,156,911,000 ft. Nov. 1924, 1,195,351,000 ft.
Total shipments
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
Production Shipments
Production Shipments
Nov. 1925. Mills.(0001f.)• (000/
Nov. 1925. Mills. (000ft.). (000.H.)•
1.)•
30,137
Alabama
20
32,247 North Carolina_ 15
4,747
5,344
20
35,808 Oklahoma3
30.559
Arkansas
7,003
7,234
California
34 125,820 124,444 Oregon
55 205,909 178,495
15
22,499 South Carolina_ 17
25,044
Florida
8,355
9,278
9
4,376
4,751 Texas
34
62,248
68.717
Georgia
18
63,642
44,279 Virginia
Idaho
18
24,107
17,729
46
87,810 105,815 Washington-- 68 258.934 232,084
Louisiana
21
17,177
Michigan
24,922 Wisconsin
36
29,340
40,550
5
10,880
Minnesota
28,800 Others*
22
24,289
41,766
42 103,888 113,419
Mississippi
18,732
8
20,843
Total
Montana
504 1,143,108 1,158,911
•Includes mostly individual reports, not distributed.
Census Report on Cotton Consumed and on Hand in
December-Consumption Above a Year Ago.
Under date of Jan. 14 1926 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of December 1925 and 1924. Cotton consumed
amounted to 575,271 bales of lint and 55,701 bales of linters,
compared with 533,789 bales of lint and 47,738 bales of
linters in December 1924 and 543,098 bales of lint and 6,5,966
bales of linters in November 1925. It will be seen that
there is an increase over December 1924 in the total lint and
linters combined of 49,445 bales, or 8.4%. The statistics
of cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in
equivalent 500
-pound bales:
Cotton consumed, cotton on hand, active cotton spindles and imports
and exports of cotton for the month of December 1925 and 1924, with
statistics of cotton consumed, imported and exported for the five months
ending Dec. 31.
(The statistics of cotton In this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500
pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not Included.)
Cotton Consumed
During--(Balm0
Locality.
Year
Dec.
United States
Cotton on Hand
Dec 31.
Cotton
Spindles
Active
Five
Inconsum- In Public During
Months tag estab- storage&at November
Ending lishment. compresses (Number)
Dec 31. (bales)
(bales).
1925 .575,271 .2,593,979 .1,717,972 .5,608,068 33,000,874
1924 533,789 2,359,007 1,319,736 4,616,919 32,720,568
399,908 1,780,606 1,104,001 5,389,070 17.191.442
867,675 4.343.42116.780,264
355,262 1,627,458
673.380
145,780
538,575
102,927 14,167,268
804,636
149,098
392,835
60.030 14,278,058
139,993
29,883
77,396
116,069 1,642,184
29424)
126.913
59.226
213.468 1662 946
•Includes 16,022 Egyptian, 5,680 other foreign, 838 American-Egyptlan and
261 sea Island consumed. 27,306 Egyptian. 24,178 other foreign, 2.730 AmericanEgyptian and 2.235 sea island In consuming establishments, and 9,503 Egyptian,
12,507 other foreign. 6,329 American-Egyptian and 497 sea island in public storage.
-months consumption 80.207 Egyptian, 33,215 other foreign, 3,795 American..
5
Egyptian and 1,242 sea island.
Linters no 1 Deluded above were 55,701 bales consumed during December in 1925
1924: 135,448 bales on hand in consuming establishments On
and 47.73
Cotton-growing States_ 1925
1924
New England States 1925
1924
1925
All other States
1024
Peru
China
Mexico
British India
All other
5 Mos. Ended Dec. 31
December.
1925.
27,123
1.543
2.348
2.823
312
325
1924.
35.423
1,313
9,507
1.091
329
1925.
70,912
9,620
4,710
5,600
8,890
731
1924.
57,325
4,931
1,331
28,363
5,661
526
Total
Softwoods.
504 28,222,000 1,114,886,000 56.198,000 1,100,713,000
1924.
California Redwood
15
California White & Sugar 27
Pine Mfrs
Georgia-Florida Saw Mill.
6
North Carolina Pins
58
Northern Hemlock & 51 15,713,000
Hardwood Mfrs
Northern Pine Mfrs
9
Southern Cypress Mfrs
10 3,313,000
Southern Pine
176
West Coast Lumbermen's 113
Western Pine Mfrs
39
14 11,818,000
Lower Michigan Mfrs_
Individual reports
27 6,509,000
Country of Production.
.
34,474
48,663
98,263
98.137
Exports of Domestic Cotton and Linters-Running Bales (See Note for Linter.).
Country to Which Exported
-
December.
1925.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1924.
309.833
127,744
84.079
182,004
99,647
130.128
50,826
401,852
101,294
81,523
217,992
98,235
140,483
34,544
5 Mos. Ended Dec. 31.
1925.
1,368,677
546,054
340.288
1,125,232
540,373
603,967
155,887
1924.
1,458,764
532,192
347,867
948,674
471,683
462,844
124,087
Total
984,061 1.075.923 4 680 478 4,344,111
Note.
-Figures include 10,220 bales of linters exported during December in 1925
and 22.475 bales in 1924 and 33,342 bales for the 5 months ending Dec. 31 In 1925
and 53,728 bales in 1924. The distribution for Dec. 1925 follows: United Kingdom.
1,723; Netherlands, 1,479; France, 1,319: Germany, 2.859: Belgium, 434: Italy.
123 Spain, 425 Sweden. 39 Canada, 1.813 Mexico, 8.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1924, as compiled from information secured through the
domestic and foreign staff of the Department of Commerce is 23,825,000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 311925. was approximately 22,640,000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 162,000.000.
Crude Oil & Gasoline Prices Show Little Fluctuation.
The markets for crude oil and gasoline remained practically
unchanged during the week, no sweeping changes in price
being made in any section of the country. The few changes
which were recorded appeared to be more or less local in
character.. Reports from Oil City, Pa., on Jan. 9 stated
that the Pennsylvania refiners had reduced the price of
kerosene lie. a gallon. On Jan. 11 the Standard Oil Co.
of Ohio increased the prices of gasoline, varnoline and naphtha
le. per gallon, effective Jan. 12. Pennsylvania refiners on
Jan. 12 reduced Pennsylvania bright stock lubricating oil
Mo. a gallon. Fuel oil prices for industrial use advanced
to 7.40e. per gallon tank cars f. o. b. delivery points for 32-36
gravity on the same day. This compares with the old price
of 7.28e. Other grades advanced in proportion.
On Jan. 12 the Standard Oil Co. of Ohio announced an
increase in gasoline prices of one cent a gallon, from 21 to
22 cents.
The Standard Oil Co. of Nebraska decreased the tank
wagon price of gasoline one cent a gallon on Jan. 13. •
Decrease in Crude Oil Output Contin
A decline of 8,750 barrels per day was reported
week ended Jan. 9 by the American Petroleum In
which estimated that the daily average gross er
production in the United States during that we
wale
1,963,800 barrels as compared with 1,972,550 barrels for
the pteceding week, a decrease of 8,750 barrels. The' daily
average production east of California was 1,334,800 barrels,
as compared with 1,343,050 barrels, a decrease of 8,250
barrels. The following are estimates of daily average gross
production by districts for the weeks as noted:
DAILY AVERAGE PRODUCTION.
(In Barrels)Jan. 9 '26. Jan. 2 '26. Dec. 26 '25. Jan. 10
'25.
Oklahoma
449.750
447,700
461,050
468,100
Kansas
99,950
101,100
102,600
81,300
North Texas
81.600
82.950
85.050
92,400
East Central Texas
64,000
64,800
69,600
232.150
West Central Texas_ _
75,800
79.150
80,200
53,300
Southwest Texas
40.300
40.300
39,550
50,800
North Louisiana
44.200
44.050
45,650
48.800
Arkansas
184.150
188.700
194,600
106,550
Gulf Coast
88,100
86,650
88.150
80,350
Eastern
101.000
102,000
103,000
103.500
Wyoming
82.450
78,600
77,250
73,400
Montana
13,300
16,400
16,200
6,800
Colorado
5.900
6,050
5.000
1,150
New Mexico
4.300
4,600
4.750
400
California
629,000
629,500
629,500
606,000
Total
1,963,800
1,972,550
2.002.150
2,005.000
The estimated daily average gross production of the MidContinent field including Oklahoma, Kansas, North, East
Central, West Central and Southwest Texas, North Louisiana
and Arkansas, for the week ended Jan. 9 was 1,039,750
bbls., as compared with 1,048,750 bbls. for the preceding
week, a decrease of 9,000 bbls. The Mid-Gontinent production, excluding Smackover, Arkansas, heavy oil, was 886,050
bbls.,as compared with 890,750 bbls.,a decrease of 4,700 bbls.
THE CHRONICLE
JAN. 16 1926.]
is reported at
In Oklahoma production of South Braman
bbls., against
bbls., against 4,000 bbls.; Thomas 14,750
4,300
a 45,650 bbls., against 40,850 bbls.;
15,050 bbls.; Tonkaw
bbls.; Burbank 44,600
Garber 28,950 bbls., against 32,100
against
against 44,950 bbls.; Davenport 20,350 bbls.,
bbls.,
-Slick 31,750 bbls., against 31,500
19,800 bbls.; Bristow
20,500 bbls., and
bbls.; Cromwell 20,250 bbls., against
bbls., against 12,950 bbls.
Papoose 13,250
reported at 14,050
The Mexia pool, East Central Texas, is
bbls.,
against 14,150 bbls.; Corsicana-Powell 33,650
bbls.,
bbls.; Wortham 12,700 bbls., against 12,850
against 34,150
32,450 bbls.,
bbls.; Reagan County, West Central Texas,
11,400
33,800 bbls.; Haynesville, North Louisiana,
against
Cotton Valley, 8,400 bbls., against 8,500
bbls., no change;
19,400 bbls., against
bbls., and Smackover, Arkansas, light,
heavy, 153,700 bbls., against 158,000 bbls.
19,550 bbls.;
d at 14,200 bbls.,
In the Gulf Coast field Hull is reporte
14,350 bbls.; West Columbia, 9,000 bbls., against
against
against 14,750
8,950 bbls.; Orange County 16,400 bbls.,
bbls.; Boling
bbls.; South Liberty 9,200 bbls., against 9,400
Texas
bbls., against 2,700 bbls., and in the Southwest
2,400
at 21,400 bbls., against 21,300 bbls.,
field, Luling is reported
bbls.; Piedras
Lytton Springs 8,150 bbls., against 8,250
bbls., no change.
Pintas 1,700
bbls.,
In Wyoming, Salt Creek is reported at 62,450
58,300 bbls.
against
bbls.,
In California, Santa Fe Springs is reported at 51,500
bbls., against
against 50,500 bbls.; Long Beach 112,500
no change;
111,000 bbls.; Huntington Beach 46,000 bbls.,
no change; Dominguez 23,500 bbls.,
Torrance 32,000 barrels,
25,500
against 24,500 bbls.; Rosecrans 23,000 bbls., against
ood 62,500 bbls., against 62,000 bbls., and
bbls.; Inglew
Midway-Sunset 93,000 bbls., against 94,000 bbls.
End of MonthJanuary
February
March
AP111
May
June
July
August
September
October
November
December
1924.
4.798,429
4,912,901
4,782,807
4,208,447
3.628,089
3,262.505
3.187,072
3.289,577
3,473,780
3,525,270
4.031,969
4.816.676
1923.
6,910,776
7.283,98g
7,403,332
7,288,509
6.981,851
6.388.261
5,910,763
5,414.663
5.035,750
4,672,825
4,368,584
4.445.339
1922.
4,241.678
4,141,069
4.494,148
5,096,917
5,254,228
5.635,531
5,776,161
5,950,105
6.691,607
6,902,287
6.840,242
6.745,703
market is indicated in
Slight yielding in the Eastern pig iron
which is 50c. a ton
reports of foundry iron at $22.50, furnace,
y has bought 6,000
below recent quotations. A locomotive compan
tons of low phosphorus iron.
for pig
For the seventh successive week the composite price
$21.54 per ton. Six months ago it was $18.96.
iron stands at
per lb.
The finished steel composite price remains at 2.453c.
year.
Four months ago it was 2.396c., the low point of last
table stands unchanged from last
The usual composite price
week.
In general, specifications for finished steel are holding up
well, in spite of the effect of holiday interruptions, declares
inthe "Iron Trade Review" this week. Operations for the
85 and 90% of ingot making
dustry are estimated between
capacity. In certain quarters, particularly in Chicago, no
noticeable break in the brisk volume of business and specifications occurred, while in other localities, for instance, in
Mahoning Valley and in Cleveland, operations have been curtailed, due to what is called a "dead spot" in the market.
Pittsburgh district steel works continue at about 90% of ingot
capacity, avers the "Review", adding further news of interest, parts of which we append:
ation
Unfilled Orders of United States Steel Corpor
Shows Large Increase for December.
y stateThe United States Steel Corporation in its monthl
orders on
ment issued Monday (Dec. 11) placed unfilled
31 1925 at
books of subsidiary corporations as of Dec.
is the highest figure reached since
5,003,364 tons. This
71 tons,
February when the unfilled orders stood at 5,284,7
also the record figure for 1925. It compares
whieh was
low figure
with 3,512,803 tons at the end of August, the
the year. At the end of 1924 (Dec. 31) the unfilled
for
69 tons in
orders totaled 4,816,676 tons as against 4,031,9
year. In
November and 3,525,270 tons in October of that
ng tabulations we show the unfilled tonnage back
the followi
for earlier dates may be
to the beginning of 1921. Figures
found in our issue of April 14 1923, page 1617.
1925.
5,037,323
5.284.771
4,863,564
4.446.568
4,049.800
3,710,458
3,539.467
3.512.803
3,717,297
4.109,183
4.581,780
5,033,364
287
In view of the small purchase of cars by railroads early in
1925, the current flurry of orders is not surprising. Southern
Pacific, Union Pacific and Baltimore & Ohio railroads placed
2000 cars each, and other awards aggregated 1500. The number
of cars ordered in December was 16,885, which brings the annual
total to 77,110 or only slightly more than half the number
ordered in the previous year.
Steel bars continue as one outstanding favorable item in the
finished steel market, orders increasing in volume and deliveries are tightening. Prices are firm at 2 cents Pittsburgh, and
2.10 has been obtained for a favorable tonnage. About 15,000
tons of plates for oil tankage are before Western mills, and
producers of finished steel in the Chicago district see 200,000
tons of steel for cars in sight.
That normal, everyday steel requirements for the United
States in 1925 were sufficient to drive furnaces and mills to
record-breaking output is indicated in figures just issued on
production of steel ingots. The calculated December output of
3,975,824 tons, while representing slightly lower daily production, than prevailed in November, brought the total for 1925 up
to 44,186,977 gross tons, or more than half a million tons higher
than the previous record of 43,619,200 tons, made in 1917.
Conditions obtaining in these two record years were in sharp
contrast. High production in 1917 came after two years of intensive preparation on foreign munitions work and represented
the ultimate effort possible in the face of wartime pressure. On
the other hand record-breaking production in 1925 was the result of only steady, natural consumption, in which no elements
of artificial demand or emergency needs were present, and clearly
indicates the tremendous normal consuming capacity of the
country.
The "Iron Trade Review" composite price on fourteen leading iron and steel products this week is $39.26. This is the same
as last week and compares with $39.24 the previous week.
1921.
7,573,164
6,933,867
6.284,765
5,845.224
5,482,487
5,117,868
4,830.324
4.531.926
4,560,670
4,286,829
4,250,542
4.268.414
Coal Markets Active as Result of Colder Weather.
Due to the cold weather, the finish of the inventory
period and the coming back to normal of the production at
the mines, the coal markets in the East were in a much
healthier and firmer condition than they were during the
last two weeks of 1925, declared the "Coal Trade Journal"
in its weekly market review.
The colder weather increased the activity in the New
York market last Week and retailers, realizing that the
anthracite strike might not be settled by the present parley,
were in the market to cover their requirements. Prices
were up again and some grades and sizes of coke were almost impossible to obtain. There was little change in the
bituminous market, prices being firm and unchanged, observes the "Journal," giving additional facts of interest as
follows:
Conditions in Iron and Steel Markets Remain
Practically Unchanged.
year
has taken the first ten business days of the new
It
to get a fair start, and much of its
for the steel market
than
activity in that time has been in specifications rather
observes the "Iron Age" this week in its usual
new orders,
are at
The tidewater market at Boston showed a slightly firmer tendency due,
weekly market review. Mill operations in some cases
ce
Prices
than pre-holiday schedules. The 10-day suspen- not to an increase in demand, but to limited offerings. slightly at Providen
a little more
and this was
were a little easier. The retail demand broadened
nd open-hearth steel plant and of two reflected in the wholesale market. Foreign coke was higher in price and
sion of a large Clevela
the supplies on hand of these fuels had dwindled greatly.
Mahoning Valley sheet mills are exceptions, continues
Small lot buying of bituminous coals and coke featured the Philadelphia
"Age", adding:
market last week. Rumors of settlement of the anthracite strike caused
bookings of November brought
While the heavy finished steel
of a movement toward higher prices, there
out some suggestions
such an effort as that of last Januof
are no indications today
specifications by advancing quotations.
ary to stimulate
week in which more than 4,500 freight ears were
Another
of car-building programs in prepaordered brings also reports
. The Union Pacific and Baltiration by four lines at Chicago 2,000 freight cars and passenger
ordered
more & Ohio have each
has bought 500 additional
equipment, and the New York Central
automobile cars.
awards of 45,000 tons include a blast
The week's structural
Co., Weirton, W. Va., 4000 tons,
furnace for the Weirton Steel
Waterways Corporation, 5000 tons.
10 barges for (be Inland
and
te strike parley in New York has
The failure of the anthraci
strength in the coke market. Conadded much to the recent
a week ago. While spot blast
nellsville coke is $1 higher than
pig iron makers had covered for first
furnace coke is $6 to $6.50,
that their costs will not be affected
quarter at $3.75 to $4, so
for the present.
dealers to go slow in their purchasing of substitutes in spite of the increasingly heavy demands of householders. Movement, particularly of coke,
was good, however, and prices of this fuel were on the rise and erratic.
Industrial consumers were buying sparingly. Bituminous prices held up
well under the recession of orders and all low volatiles were firm.
In spite of the Warmer weather that followed the cold snap of the latter
part of December, the demand for prepared sizes of soft coal kept up well
and prices were holding. There were no shipments for export from the
port and none in sight. Prices of coke advanced sharply.
It is thought that stocks at the southern loading piers decreased over the
past week,due to slackening of production over the holiday period. Prices
there on pool 1 coals were firmer than during the previous few weeks.
Market conditions in northern West Virginia last week were very dull,
of
although a slight increase was noted in the orders received at the end
the week, probably due to the colder weather. Some mine-run dropped
some of the non-union
in price and there was a rumor in the region that
mines would reduce wages by 10%. Some slack was moving, part of it
at fractional cent prices but lump was inactive. Most of the coal Was
moving eastward. Production was ahead of the previous week.
288
THE CHRONICLE
[VOL. 122.
Production in southern West Virginia has come about up
to normal
The "Coal Age" index of spot prices of
during the past week. The curtailment over the holiday period
bituminous coal stood on Jan. 11
combined at 180, the corresponding price
with the cold weather equalized supply and demand so that now the
being $2.18, compared with 181 and $2.19,
marketis in respectively, on Jan. 4.
Dumpings of coal at Hampton Roads underwent
a much firmer condition. Prices on prepared smokeless were
up and those a further decline during
the week ended Jan.7,the total being 339,761 net
on mine-run firm, but slack showed a little weakness. The colder
weather tons, compared with 355,126
tons in the preceding week.
also raised the prices on the high volatile prepared and
run-of
-mine and
slack shared in the better market and price conditions. There
was a large
movement East of high volatiles. The Logan, Thacker and
Kanawha Bituminous
districts reported good production and better prices while production
Coal Production Gains Somewhat Over
on
the New River and Winding Gulf fields were about normal
Preceding Week—Anthracite and Coke Statistics.
with much of
the output going to New England. Pocahontas prepared
was better in
Though the output of bituminous coal during the week
price and demand, the demand from both East and West
being larger than
was true a week ago.
ended Jan. 2 gained somewhat over that of Dec. 26, during
In the Upper Potomac and western Maryland fields the cold
weather which the Christmas holiday occurred
, it did not reach the
and completion of the inventory period have increased the
demand for both figure for
the pre-holiday week, 12,689,000 net tons, by
the domestic prepared coals and industrial coals. Run-of
-mine was more
and more in demand for household use. Exporting was no longer
considered 1,893,000 net tons, according to figures issued by the United
an important market factor. In spite of the increased
demand, prices States Bureau of Mines, from
which we quote as follows:
remained on about the levels of the preceding week. Ever
since the first
Production of bituminous coal during the
of the year the demand has enabled producers in the
week ended Jan. 2 is estimated
Virginia field to at 10,796,000 net tons, a gain of but
2,365,000 tons, or 28%,over that of the
speed up production and procure better prices for their coals.
This better- revised figure for Christmas week
ment in conditions also applied to the coke market.
8,431,000 tons. Railroad reports on
The railroads were the number of cars loaded daily
indicate that New Year's day counted as
taking good tonnages on their regular contracts.
about 0.3 of a working day. Output, however,
Reports the from central Pennsylvania bituminous field show that producon the first four days of the
week had not regained the pre-holiday rate, and
tion for the past year exceeded thatof 1924 by aboutfour mlilionton
many mines which observed
s. " The the New Year's holiday evidently remained
field, however, was not as much affected by the present
inactive also on Saturday,
anthracite strike Jan. 2.
as it was during preceding ones and operators are trying to think up
some
The total production during the calendar year
plan by which the region may regain some of the business it
1925 is now estimated at
has lost to 523,072.000 net tons. In comparing the
estimate for the year 1925 with
competitive fields which enjoy better labor conditions and freight
rates. the figures for earlier years given below, it should
be borne in mind that the
Prices during the past week showed little or no change over the preceding
preliminary estimates are subject to a possible
error of from 1% to 2% •
week.
Estimated United States Production of Bituminous
Buying in general throughout the Pittsburgh territory during the past
Coal (Net Tons).a
Average Per
week continued to boon a hand-to-mouth basis and prices remained stationAverage Per
Period.
Production. iVork'gDay
Period.
ary in spite of the fact that orders were for larger tonnages than was true Calendar year:
Production Work'gDay
New Year's week ended: .
a short time ago. Better industrial business was expected after the holiday
1920
568,667,000 1.847,000
Jan.3 1920_ _11.264,000 2.130,000
1921
415.922,000 1.356.000
activities were over. One of the best features of the market was the large
Jan. 1 192E- 9,854,000 1,898,000
1922
422,268,000 1.380.000
Jan.7 1922_ _ 7,739,000 1,488,000
and steady demand for coal from the by-product ovens. Snow caused
1923
564,565.000 1,845.000
Jan.6 1923_ -11.379,000 2,147,000
some delay in the movement of coal from some parts of the field
1924
483,687,000 1,573,000
but this
Jan.5 1924_ - 9,378.000 1,803,000
did not develop into a serious situation.
1925
523,072,000 1,702,000
k
Jan.3 1925_ _10.806.000 2,039,000
11/11
Production in the Connellsville field coke was again well up after the
Jan.2 1926c-10,796.000 2,037.000
cura The figures for 1921-1924 are
tailed production over the holidays and demand was strongerfrom the
East. the operators. Those for 1925 final figures of production as reported by
are preliminary estimates. b
Prices for furnace and foundry grades were running about even,
Counting
due to the New Year's day in 1921, 1922 and 1924 as equivalent to 0.2 of
a
heavy demand for the former and the lack of marked requests for
the latter. In 1923, 1925 and 1926. as 0.3 of a working day. c Subject toworking day;
revision.
Though the cold snap which stimulated the coal market
ANTHRACITE.
pretty generally two weeks ago was short-lived in some
It is estimated from the number of cars of anthracite
loaded for shipment
localities, a considerable degree of firmness still is in evi- that production during the week ended Dec. 26 amounted to about
32,000
dence right down the line, reports the "Coal Age." A tons, and in the week ended Jan. 2 to about 28,000 tons.
Total production of anthracite for the calendar year
1925 is now estinoticeable slowing-up took place in the Middle West, where mated at 62,120,000 net tons. It shows a decrease
of 25.807,000 tons, or
unseasonably warm weather followed close on the heels of 29%, and 31,219,000 tons, or 33%, respectively, as compared with 1924
and 1923.
the mercury's fall, but priCes hold fairly well. Plenty of
business in lump at circular prices is reported by producers
in the more favored districts of Illinois, Indiana and western Kentucky, though the demand for egg and nut sizes
Is
extremely unsteady. Business in high-volatile coals from
West Virginia and eastern Kentucky has been very irregalar with a wide range in prices, continues the "Age" in its
weekly summary of the markets, from which we quote.
West Virginia smokeless, which had been floundering
somewhat since the
close oflake navigation,has been steadied to a considerable
extent by demand
in the East, which is reflected by a stronger price line-up.
Another important influence as a market stabilizer is the policy of Kentucky
operators
In holding a large amount of coal on track at mines
rather than let it get
Into the distress classification. The foolish virgins
are not all dead yet,
though, for coal Is still going into Chicago on consignme
nt, and shippers
are paying dearly for the practice.
Dullness persists in the New England market, practically
all grades
being in only fair demand. Except for a brief flurry
early last week, the
trade in the middle Atlantic district has been fairly steady
with no change
in prices. Business has been in good volume since the
holidays in the Northwest, and dock operators are optimistic regarding prospects
for the next
few months. Demand in Alabama is steady and bookings
are fully equal
to moving output without difficulty.
That portion of the trade catering to the usual consumers
of anthracite
have been somewhat "edgy" as peace negotiations dragged
along. Buyers
have displayed a disposition to be cautious. bul cold weather
and snow
have quickened the demand for substitutes at least temporaril
y. The call
for coke has been moderately heavy and prices have
hardened.
The table below presents total production in 1925. 1924 and
1923; and,
for comparison, output during the first eight months of
each of the three
years. During the period Jan. 1-Aug. 31 1925. 61,621,000
net tons of
anthracite were produced. This is an increase of 4% over that
of the corresponding period in 1924 and a decrease of 7.9% from that
in the same
period in 1923.
Production of Anthracite in 1925, 1924 and 1923 (Net Tons).
1925.a
1924.
1923.
First eight months (Jan.
61,621.000 59.247.000 66.849,000
-Aug.)
Total for calendar year
62.120,000 87,926.000 93.339.000
a Subject to revision.
BEEHIVE COKE.
Production of beehive coke during the week ended Dec. 26,
the latest
period for which complete railroad loadings are available, is estimated
at
261.000 net tons, as against 313,000 tons in the preceding week.
The loss.
52,000 tons, is due entirely to the Christmas holiday, the
daily average for
the five working days being exactly the same as that maintaine
d in the
six days of the earlier week.
Estimated Production of Beehive Coke (Net Tons).
Week Ended—
1925
1924
Dec. 26 Dec. 19 Dec. 27
to
to
1925.
1925.
Date.
Date.a
Pennsylvania and Ohio_ _ _219,000 259,000 1924.
150,000 8,150,000 7,167,000
West 'Virginia
11,000 15.000 8,000
638,000
496,000
Ala., Ky.,Tenn.and Ga_ _ 17.000 21,000
16,000
924,000
925,000
Virginia
7.000 9,000
7.000
375.000
414.000
Colorado and New Mexico 4,000
5.000
4.000
239.000
256.000
Washington and Utah_ _ _
3,000
4,000 4,000
192,000
206,000
United States total___ -261.000 313,000
189.000 10,518,000 9,464,000
Daily average
52,000 52,000 38,000
34,000
31,000
a Adjusted to make comparable the number
of days covered in the two
years.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 13, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows a further
decline of $106,300,000 in bills and securities and of $44,300,000 in Federal Reserve note circulation, together with an
increase of $67,800,000 in reserves, and of $12,500,000 in
non-reserve cash. Practically all of the reduction in bills
and securities was in discounted bills and in acceptances
purchased in open market, which went down $87,700,000
and $17,400,000, respectively.
Smaller discount holdings are reported by all Federal
Reserve banks except Philadelphia, which shows an increase
of $2,000,000. The principal decreases during the week
were as follows: Chicago $49,500,000, Atlanta $12,200,000,
New York $9,800,000, San Francisco $5,400,000, and
Cleveland $5,100,000. After noting these
facts, the Feder&
Reserve Board proceeds as follows:
The Federal Reserve Bank of Atlanta also
shows a decline of $13,200,000
In open-market acceptance holdings, while
Minneapolis reports a decline of
$6,500,000, St. Louis of $3,600,000, and Dallas
of $3,500.000. The Boston
bank reports an increase of $6,000,000 in
holdings of acceptances purchased
in open market, and Chicago an increase
of $3,500.000. A decrease of
$1.900,000 in the System's holdings of Treasury
an increase of $1,300,000 in Treasury certificate notes was partly offset by
s and U. S. bonds.
All of the Federal Reserve banks report a
smaller volume of Federal
Reserve notes in circulation, with the exception
of Boston which shows an
increase of $4.500.000. The principal decreases were:
New York $11,000,000, San Francisco $9,400.000, Cleveland
$4.900,000, Atlanta $4,500,000.
Philadelphia $4,200.000, Chicago $4,100,000, and
Richmond $3,700,000.
The statement in full, in compazison with the precedin
g
week and with the corresponding date last
year, will be
found on subsequent pages—namely, pages 324 and 325.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Jan. 13 1926 follows:
J.16
1926.]
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
THE CHRONICLE
Increase (+) or Decrease (—)
During
Year.
Week.
+$67,800.000 —$141,000,000
+55.000,000 —154,000,000
—106,300,000 +131.000,000
—87.700,000 +244,000.000
—57.800,000 +164.700.000
+79,300.000
—29.900,000
+3.500,000
—17,400,000
—600,000 —118,100,000
—19,100,000
+700,000
—1,900.000 —148,100,000
+49.100,000
+600.000
—4,700,000
—44.300,000
—5,400.000
—4.200.000
+23.300,000
+1.600.000
—400,000 —13.400,000
289
record in November. Textile mills are fairly busy, but there is considerable hesitancy in making future commitments owing to the uncertainty of the financial and economic situation. French importation
and use of petroleum products has increased, but the proportion furnished
by the United States has very slightly declined. Extensive floods have
prevented the sowing of spring grain and caused a considerable loss of
love stock, also forcing the suspension of operations in a number of flour
mills. The gain in railway earnings has continued, but car loadings
during December were slightly lower than in previous months.
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's statement of condition of
716 reporting member banks in leading cities, as of Jan. 6,
shows declines of $55,000,000 in loans and discounts, $17,000,000 in investments and $145,000,000 in borrowings from
the Federal Reserve banks, together with increases of $45,000,000 and $13,000,000 in net demand and time deposits,
respectively. Member banks in New York City reported a
decline of $47,900,000 in loans and discounts and an increase
of $20,000,000 in investments, together with a reduction of
$109,000,000 in borrowings from the Federal Reserve bank.
It should be noted that the figures for these member banks
are always a week behind those for the Reserve banks
themselves.
Loans on U. S. Government securities increased $7,000,000
in the New York district and $2,000,000 in the Cleveland
district, while small declines were shown for some of the other
districts. Loans on corporate stocks and bonds fell off
$72,000,000, reductions of $72,000,000 in the New York
district, 814,000,000 in the Chicago district and $11,000,000
in the San Francisco district being offset in part by increases
of $14,000,000 and $6,000,000 in the Philadelphia and Kansas
City districts, respectively. All other loans and discounts
went up $11,000,000. Increases of $21,000,000 and $17,000,000, respectively, were reported by banks in the New
York and Chicago districts, while decreases of $11,000,000
each were reported for the Boston and Cleveland districts.
Further comment regarding the changes shown by these
•
member banks is as follows:
SPAIN.
Tight money and frozen credits emphasize the lack of investment capital
in Spain. Rates on both Government and private borrowings are steadily
advancing and the Government, though without ready funds, is obtaining
advances from the Bank of Spain, in view of the present unfavorable state
of the investment market for loan flotations. Less radical plans for increasing revenue are now under consideration, emphasizing the stricter
enforcement of present taxes rather than the introduction of new levies:
decreased military expenditures in Morocco are also expected to contribute to an improved budget situation. The industrial situation shows
little change except that textiles have become slightly stronger. Agriculture has been benefitted by abundant rains. General prospects for
sales of American goods are favorable, especially of automotive products.
POLAND.
Elionomic and financial conditions are becoming increasingly difficult,
though the tension of the panicky feeling has been relieved by the frank
Government statement on the situation. Industrial activity continues
to decline, with increasing unemployment, especially in the textile industry.
Domestic trade is dull, owing to the very low purchasing power of the
population and tariff charges. Increasing exports are considerably improving the trade balance, and a cut of one-half in the debit balance is
anticipated at the close of the year.
ECUADOR.
Business generally good in Ecuador during December, but has been
noticeably dull since Jan. 1, as a result of increase in consular fees to 25%
of the delcared value, effective on that date. Currency shortage is serious.
Year's cotton crop reported, failure, probably necessitating importations.
Ecnomic legislation of importance became effective on Jan. 1, providing
for abolition of certain taxes, revision of income property and port taxes,
and the increase of consular fees. Local commodity prices have advanced.
Total December exports amounted to 3,500,000 kilograms, valued at
2.700.000 sucres.
Modified Agreement for Readjustment of Mexican
Government's Debt—Bondholders Urged to
Accept Plan.
In making known this week the modifications agreed on between the International Committee of Bankers on Mexico and
the Mexican Government in the Agreement of 1922 providing
for the readjustment of the Mexican foreign debt, including
the debt of the National Railways of Mexico, the International
Committee of Bankers unanimously recommends to bondholders
the acceptance of these Modifications. An announcement on
Oct. 23 last by Thomas W. Lamont of J. P. Morgan & Co.,
Chairman of the American section of the committee, regardInvestments in U.S. Government securities declined $7.000,000, decreases
of$12,000,000. and $10,000,000 for the San Francisco and Chicago districts, ing the Modification of the 1922 Agreement was made in these
respectively, being partly offset by increases of $11,000,000 in the Cleveland columns Oct. 24, 1925, page 1983, Mr. Lamont stating at the
district and $7,000,000 in the New York district. Holdings of other bonds,
modified agreement reached between Albert Pan!,
stocks and securities show only small changes in any of the reserve districts. time that the
Net demand deposits Increased at banks in all districts except Chicago, the Mexican Minister of Finance, and the committee was subKansas City and Dallas. The principal increases in this item were $15,000,- ject to ratification by President Calles and the Mexican Con000 and $12,000,000 in the Philadelphia and Atlanta districts. respectively.
RatiTime deposits went up $13,000,000, comparatively small increases being gress, as well as to the acceptance by the bondholders.
shown for all districts except San Francisco and Atlanta, where reductions fication by President Calles and his Cabinet on Nov. 11 was
of $10.000,000 and $4,000,000 were reported.
reported in our issue of Nov. 14, page 2354. Approval by the
The principal changes in borrowings from the Federal Reserve banks
were reductions of $109.000,000 by banks in the New York district, $24, Mexican Chamber of Deputies was announced on Dec. 16, and
000,000 in the Boston district and $12.000,000 in the Richmond district.
the approval by the Mexican Senate was recorded on Dec. 29.
On a subsequent page—that is, on page 325—we give the Mr. Lament's statement of Jan. 13 follows:
On October 23rd last the International Committee of Bankers
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is on Mexico signed with Minister of Finance Pant.in New York
an important modification of the Agreement of June 16, 1922,
furnished a summary of the changes in the principal items covering the readjustment of the foreign debt of the United
States of Mexico, including the debt of the National Railways
as compared with a week ago and with last year:
Increase (4-) or Decrease (—
During
Week.
Year.
and discounts. total
—$55.000,000 +$1,074.000,000
Loans
+6.000,000
Secured by U. S. Govt. obligations- —11,000,000
—72
Secured by stocks and bonds
.000,000
+974.000,000
All other
+11,000,000
+111,000.000
Investments.total
—17,000,000
—111,000,000
+9.000.000
U.S.bonds
—8.000,000
—23.000.000
U. S. Treasury notes
—203.000.000
+7.000,000
U. S. Treasury certificates
+27.000,000
—10,000,000
Other bonds, stocks and securities_ _ _
+73,000,000
—47.000.000
Reserve balances with F. R.banks
—15,000,000
—16,000.000
—6,000.000
Cash in vault
+45.000,000
+26,000,000
Net demand deposits
+13.000.000
+512.000,000
Time deposits
—11,000.000
Government deposits
+54,000,000
+295.000,000
Total accommodation at F. R. banks_ _ —145.000.000
Weekly Digest of Cables Received from Foreign Offices
of the Bureau of Foreign and Domestic Commerce.
The summary of foreign cablegrams received by the
Department of Commerce at Washington, released for
publication to-day, follows:
FRANCE.
Unusually high marks for French industrial output continue to be
recorded in various lines. General business activity is indicated by the
record high marks for bank clearings reached in December. Coal production, even exclusive of the Lorraine mines, has reached a higher level
domesvic sales are mainthan the average for 1913. Strong export and
taining activity in the metallurgical industry and pig iroilmade a new
of Mexico which since 1914 have been administered by the Mexican Government. The Modified Agreement of October 23rd was
promptly ratified by President Calles and his cabinet, and late
in December by the Mexican Congress.
In accordance with the terms of the Modified Agreement the
National Railways of Mexico were returned on January 1st to
corporate management with B. E. Holloway, for many years
General Manager of the Mexican Railway Co., in charge as Executive President.
The terms of the original agreement of 1922, after having been
carried out for the year 1923, were suspended by the Mexican
Government early in 1924. No payment of Cash Warrants maturing subsequent to the date of January 1, 1924 were made, the
Mexican Government declaring its inability to carry. out the
terms of the Agreement, due to the unusual inroads made upon
its cash revenues by the expenditures incident to the so-called
de la Huerta revolt.
The International Committee, in order to establish afresh a
working arrangement, has accepted the terms declared by the
Mexican Government to be within its capacity of fulfillment. The
International Committee believes it to be to the advantage of
the holders of outstanding government and railway obligations
to accept the terms of the Modified Agreement, as in the opinion
of the Committee the acceptance by the bondholders of the modifications now arranged forms the only practical method to bring
about the resumption by the Mexican Government of the payments upon its outstanding foreign obligations. The Committee
believes also that the cooperation of the bondholders along the
lines indicated will prove to the ultimate advantage of the bondholders themselves and is calculated to contribute to the further
stability and fiscal progress of the Mexican Government.
The Committee is now, by public advertisement, bringing to the
attention of the bondholders who deposited under the 1922
290
THE CHRONICLE
Agreement the terms of the modifications as covered by the
Modified Agreement of October 23rd, 1925. The Committee unanimously recommends to bondholders the acceptance of these
modifications.
At the same time, the following came from the International Committee of Bankers on Mexico:
HISTORY OF THE COMMITTEE'S ACTIVITIES.
Organization and Purposes.
The International Committee of Bankers on Mexico, composed
in large part of representatives of banking firms and institutions
which have issued the greater part of the deposited securities,
was formed on February 24, 1919, the announcement of the formation being made simultaneously in New York, London and
Paris, with the statement that the Committee was constituted
"for the purpose of protecting holders of securities of the Mexican Republic, and of various railway systems of Mexico, and,
generally, of such other enterprises as have their field of action
in Mexico." Subsequently, representatives of the holders of Mexican bonds in Belgium, Holland, Switzerland and Germany were
given representation on the Committee.
First Agreement.
In October, 1921, at the invitation of the Mexican Government,
Thomas W. Lamont, Chairman, visited Mexico City and discussed
with the Government officials various plans for resumption of service upon the Government debt. These conferences were continued by cable and letter, and in June, 1922, the then Minister
of Finance de la Hnerta came to New York for further conversations with the Committee, as the result of which an agreement
was signed on June 16, 1922. This was subsequently ratified
by the President and Congress of Mexico; on July 9,•1923, the
Committee called for deposit of bonds, and on December 8, 1923,
the Plan was declared operative. The Mexican Government
complied with the Agreement for the year 1923 by remitting to
the Committee the sum of $15,000,000, which was distributed to
depositing bondholders. Remittances ceased early in 1924,
and
on June 30, 1924, the Mexican Government announced by official
decree that owing to the extraordinary expenses incurred
by
the so-called de la Hnerta revolt, the service on the foreign debt
was suspended.
Modified Agreement.
Alberto J. Pan!, who succeeded de la Huerta as Minister of
Finance, conferred with the Committee at New York in January,
1925. Upon the occaston of his second visit to New York last
October, he signed a modified agreement with the
Committee on
October 23, 1925. This modified Agreement was immediately
ratified by the Foreign Sections of the Committee, subsequently
by President Calles as President, and late in December last, by
the Mexican Congress. The announcement to be made
by the
Committee on January 14th seta forth the terms
of the Modified
Agreement.
Amounts Involved.
The face value of bonds affected by the terms of the
1922
Agreement is $517,426,000. Of this amount there have
been deposited with the Committee, throughout the world, $492,596,000,
or 95.20% of the total.
Points of the Modified Agreement.
The following has been prepared simply for the
convenience
of the press and is not an official summary of the Modified
Agreement:
Arrears of Interest.
(Viz., Coupons matured prior to Jan. 1, 1923.)
The responsibility of providing for the retirement of
Arrears
of Interest Receipts is to be divided between the Government
and the National Railways, the payments for such purpose
to
begin January 1, 1928, based on the amount of such
Arrears of
Interest Receipts issued with respect to the Direct
Debt and the
National Railways Debt, respectively.
[VOL. 122.
Proposed $15,000,000 Corporation for Extension of
Credits in Germany and Eliewhere in Europe.
The formation of a $15,000,000 Corporation for extension
of credits in Germany and elsewhere in Europe will be
announced next week by Dillon, Read & Co. Associated with
that firm, it is understood, will be Mendelssohn & Company
of Amsterdam, and the Disconte Cessllschaft, one of the
four so-called "Big D" banks of Germany. The purpose of
the Corporation, it is understood will be to extend credits to,
and possibly acquire equities in, German and other European
corporations, whose individual requirements are limited to
moderate sums and which are therefore not suited to the
making of public loans. While no announcement has been
made of the capital structure of the new company, it is
believed that it will consist of an offering of preferred stock
with either an option on, or a bonus of, common stock.
Dresdner Bank Stock Holdings Acquired by New York
Bankers.
Hallgarten & Co. and Lehman Brothers confirmed of
Jan. 12 reports from Germany that they have acquired a
substantial amount of the stock of the Dresdner Bank and
that part of the stock would be offered for public subscription
This will be the first public offering in this cotintry of the
bank's shares. It was stated yesterday that the offering will
be made in the form of "American shares" representing a
proportionate number of original reichmark shares deposited
with a New York bank. Berlin Associated Press cablegrams
Jan. 11 had the following to say regarding the purchase:
The "Vossiche Zeitung" says a block of shares of the Dresdener Bank,
valued at several millions of marks, has been sold to Hallgarten & Co. and
Lehman Bros., New York banking concerns. The shares were sold at the
ruling quotation on the Berlin Bourse.
The Dresdner Bank is one of the so called "D" banks of
Germany; the bankers state. They add:
It was established in 1872 and has a capital of 78,000,000 gold marks, or
about 518,500,000. and a surplus of approximately 55.500.000. Its actual
resources of $262,000,000 rank it osecnd only to the Deutsche Bank in
Germany. Its recent rapid growth is indicated by the fact that its resources
incresed from $70,000,000 Co $262,000,000 in the period between Jan. 1
1924 and Oct. 1 1925.
In addition to its extensive interests in South American
banks, Dresdner holds substantial interests in other German
banks, including Hardy & Co., Berlin; Mecklenburg Bank,
Oldenburg Landesbank, Landgraeflich Hessische Landesbank, Durener Bank, Eschweiler Bank. It is also represented on the board of the Reichsbank, as well as the directorates of the leading industrial and public utility companies.
Agreement for Refunding of Italian
Approved by House.
War Debt
The House of Representatives approved yesterday(Jan. 15)
the agreement for the refunding of the Italian war debt to
the United States by a vote of 257 to 133. The House
Current Interest.
resolution authorizing the acceptance of the terms recomFor the Cash Warrants issued under the Agreement
and matur- mended by the American Debt Commission was adopted.
ing during the five-year period ending
December 31, 1927 there
is no change in the schedule of payments to be made
to bondholders, except that the National Railways is to
assume
for the payments to the Committee in 1926 and 1927 withliability
respect
to the Railways Bonds, and the Government is to remain
liable
for such payments only with respect to the Direct
Debt. The
amounts designated in the 1922 Agreement as the
minimum funds are to be deferred and liquidated 1924 and 1925
over a period
of eight years beginning January 1, 1928.
Payments of the taxes specified in the Modified
Agreement
to be made out of collections on or after January 1, 1926, are
and
such payments, after receipt by the Committee, are
to
in paying the Cash Warrants in the order of their stated be used
maturity dated, beginning with those maturing in 1924. The Committee will give notice to the depositors by publication,
from
time to time, when Cash Warrants are to be presented
for payment.
T. W. Lamont of J. P. Morgan & Co. in Letter to Representative La Guardia Says Commission in Italians
Loan Negotiations Were Less Than 3i of 1%.
A letter addressed by T. W. Lamont of J. P. Morgan
& Co. to Representative La Guardia, denying statements
that the bankers received 8 or 9% commission for their
services in floating the $100,000,000 Italian Government
loan in this country in November, was made public yesterday in press dispatches from Washington. Mr.Lamont
stated that the commission amounted to less than Y of 1%.
t
His letter follows:
National Railways System.
The Government agrees to return the Railways to private management on December 31, 1925 (which has since been
done) under
conditions intended to enable the Railways, under
efficient operation, to earn their interest charges and to retire the
Arrears
of Interest Receipts issued with respect to the Railways debt,
Caja de Prestamos Bonds.
All properties of the Caja, de Prestamos are to be surrendered
the Mexican Government, and the bonds now secured by such
to
properties are to be exchangeable for the new direct obligations
of the Government having a maturity and provisions for interest
payments and sinking fund identical with those of the Caja de
Prestamos Bonds. These direct obligations are to be retired in
part through the operation of a special fund of $5,000,000 U. S.
gold, payable $50,000 monthly, beginning February 1, 1926, to
be applied in the purchase, for the Mexican Government's account, of either the new obligations or the present bonds at a
price not to exceed 56% of their par value and interest. The
new obligations are to participate in the Agreement as modified
on a scale identical with that provided for the Cilia de Prestamos
Bonds.
Dear Mr. Congressman:—Certain statements have recently been made in
Congress concerning the commission paid by the Italian Government in
connection with its loan of 5100.000,000 obtained in this market last November. Some of these statements have been to the effect that the firm of J. P.
Morgan & Co. received 8% of 9% commission for arranging this loan.
The facts of the matter are as follows: The Italian Government bonds
were offered to the public at 94%% of par. They were sold by the Italian
Government to the original purchasing group at 90% of par. The difference,4 %,represents, therefore, the total cost to the Italian Government
for all commissions, expenses. &c. Out of the 4%% mentioned our firm
received as compensation for its work in negotiating the loan, forming
and managing the syndicate, &c., slightly less than %% of 1%•
Obi
The firm was a member of the purchase and selling syndicates and shared
with the other members of the syndicates, in exact proportion to the responsibility undertaken,in the compensation which flowed to such syndicate
groups. The selling syndicate consisted of nearly a thousand banks and
bond houses located all over the United States.
From the foregoing you will readily see that the statement made as to the
amount of commissions involved were very far wide of the mark.
Respectfully yours,
THOMAS W. LAMONT.
Jan. 15 1926.
JAN. 16
1926.]
THE CHRONICLE
Improvement Reported by Professor Kemmerer in
Poland's Economic Conditions—Reserve Requirements of Bank of Poland Too Rigid.
Considerable improvement in Poland's economic conditions
cablegram
and no tendency towards revolution is reported in a
received on Jan. 12 from Prof. Edwin Kemmerer, Princeton
University economic expert, by Dillon, Read & Co. Prof. Kemmerer has just concluded a study of several weeks as to the
financial situation in Poland. In his cabled report he said:
"The recent Locarno agreement has greatly strengthened
Poland's position in international affairs. There is no evidence of any danger of revolutionary uprisings. The country
has a very small per capita public debt; I believe the smallest
in Europe.
"Taking into account fundamental facts like these, one is
led to wonder why the present financial depression has been
so severe and lasted so long. In my judgment one of the
main reasons is psychological. It is an unduly exaggerated
lack of confidence en the part of the Polish people in their
own finances, a lack of confidence which is reflected abroad.
"In 1924 and 1925 the Polish people overestimated their
strength. Their ambitions were laudable but they tried to
do too much in a short time. There came the bad crops of
last year and the people remembering vividly the disasters of
the long inflation period of the years immediately preceding
became nervous, lost confidence in the stability of the recently
stabilized zloty, and plunged into a condition of what in
America would be called a financial panic; and yet aside from
the disturbances to trade arising out of the controversy with
Germany there have been during this period of crisis and subsequent depression no unfavorable changes in the fundamental
economic conditions of the country.
"Last year's crops were good. For the last three months
the country has had a strongly favorable trade balance which
gives promise of continuing. The gold value of the zloty has
been tending strongly upwards since the low point of 10.50 to
the dollar in the first part of December. Yesterday the rate
was 8.10 to the dollar. The purchasing power of the paper
zloty in Poland is today relatively high as compared with its
external purchasing power:
291
throughout Europe
creased to a point where a uniform standard
might have been established.
effective and
Since the war currency bank notes have been
the Latin
this has caused the practical effects resulting from denounced
Monetary Union to lapse, but it has not so far beenquestion of
anywhere. Naturally Belgium's secession raises the
the move
why the step has been taken, and it is feared here bonds bemay indicate an attempt to weaken the strong economic
tween the two nations.
the
It is even thought that Belgium may intend adopting and,
own,
American dollar or an entirely new standard of its
what is worse from the French standpoint, a currency based
on the pound sterling or the German mark. If this should
inprove true, it would naturally cause alarm here and might exterfere with commercial and industrial relations by makingmerchange operations necessary for all payments for salaries or
chandise and by forcing Belgian workmen into new channels.
One of the strongest reasons why the North industrialiets
offered a mortgage on their factories as a guarantee for a loan
to stabilize the franc was the fact that many Belgian mill hands
found their wages dwindling because the Belgian franc was
steady while the French franc was falling.
Probably it will be several years before France can consider
a return to a gold basis, but even so, it is felt here that that is
no reason for any country withdrawing from. the Monetary
Union, which in the past has shown its usefulness in many ways.
Canadian Banks Granted Larger Commission on Sale
of Excise Stamps—Granted Discount of 2%—
Permit Holders Had Been Making Profit.
The Montreal "Gazette" of Jan. 8 announced the following advices from Ottawa on the 7th:
An announcement of considerable importance to the Canadian
Bankers' Association was made by the Minister of Customs and
Excise today, when he stated that an order-in-council had been
adopted providing that from the first of January, 1926, chartered
banks would be allowed a discount of two per cent on the total
face value of all excise tax stamps sold by them and that they
would be authorized to deduct this commission at the time of
the purchase of the said stamps.
The banks have heretofore been allowed a commission of one
per cent for the sale of these stamps while other permit holders
,
have been allowed a commission of two per cent for the same
service. Hon. Mr. Boivin stated that while the remuneration
allowed the banks barely covered wastage and the Government
did not consider that they were being paid for the services rendered by them to the public treasury, it had been brought to
his attention that many permit holders had been purchasing
stamps from revenue offices and selling them in large quantities to the different branches of the chartered banks, retaining
for themselves the difference between the commission allowed to
them and that allowed to the banks. This, of course, was not
the intention of the Government when the order-in-council was
passed giving a slight remuneration to the vendors of excise
stamps in localities where it was difficult or impossible for the
public to purchase them from chartered banks or revenue offices.
The order-in-council passed today is for the sole purpose of
giving to the banks the entire commission upon the stamps sold
by them and will make practically no difference in the revenue
derived by the government from this source.
"The Government's general policy so far announced and
adopted of meeting the financial situation, I believe is eminently
wise. The Government "has cut its budget of expenditures for
1926 by approximately 500 million zlotys or by about 25% as
compared with the actual expenditures of 1925 and with the
country's excellent system of monthly budgeting, there is good
prospect for a balanced budget for the present year.
"The Bank of Poland reserve requirements are in my judgment altogether too rigid. A reserve is to be used and not
merely to be looked at and this is particularly true in time of
New York State Chamber of Commerce Opposed to
emergency. I believe it will be desirable when conditions beRecognition of Present Russian Government—
come more stable to revise in several respects the present statutes governing the Bank of Poland and in particular the proReport on Borah Resolution.
visions concerning reserve requirements.
A report voicing opposition to the Borah resolution favor"Under the vigorous policy of retrenchment in public expenditures recently adopted by the Government, financial condi- ing the recognition of the present Soviet Government of
tions in Poland are improving. The prospects therefore seem Russia, was unanimously adopted by the Chamber of Comgood that Poland's financial credit both at home and abroad
will improve as the Government's present financial program is car- merce of the State of New York on Jan. 7. The report urges
ried through. Improved credit based on sound financial prog- upon "the President and the Secretary of State that no
ress means facilities for obtaining foreign loans, both Governso long
ment and private, which Poland needs for her economic ad- recognition be accorded to the Soviet Government
as the Communist Party remains paramount in Russia."
vancement."
We give herewith the report and resolution as adopted:
Belgium to Quit Latin Money Union—Paris Surprised
by Announcement of Brussels Decision—Kingdom
May Introduce New Currency Based on Dollar
or Pound.
A wireless message from Paris Jan. 8 was reported by the
New York "Times" (copyright) as follows:
Belgium's sudden announcement that she intended to withdraw from the Latin Monetary Union at the end of the year,
this delay being provided for in the union's statutes, was transmitted to Paris by the French Minister at Brussels two days
ago, and has been turned over to the Ministry of Finance here,
where it caused considerable surprise because nothing indicated
that Belgium contemplated such a step. Her reasons for taking
it are unknown.
However, in view of many pressing matters in internal finances it is likely to be some time before the consequences of the
Belgian decision can be studied by technical experts.
It will be recalled that the Latin Monetary Union, which was
founded by France, Belgium, Switzerland and Italy in 1865 and
adhered to by Greece in 1868, had a purpose in regulating their
coinage uniformly. This enabled to silver and gold currencies
of each participating nation to be accepted as legal tender in
the other nations, and this was particularly important in the
case of Belgium, whence many thousands of workmen come daily
to work in the north of France.
As Finland, Esthonia, Luxemburg, Monaco, Poland, Rumania,
Spain and Yugoslavia have adopted a standard currency with the
same title as the French gold franc—with Latvia planning to
do likewise—it might have been expected that after Europe had
returned to normal currency conditions the number of nations
belonging to the Latin Monetary Union would have been In-
On Dec. 10 1925 Senator Borah introduced a resolution in the Senate,
No. 74, which reads as follows:
"Resolved, That the Senate of the United States favors the recognition
of the present Soviet Government of Russia."
The members of the Chamber are, of course, aware that this body has
gone on record more than once against the policy which has continuously
been advocated by Senator Borah since the overthrow of the Kerensky
Government, and, were it not for the circumstance that Mr. Borah is now
Chairman of the Senate Committee on Foreign Relations, and the fact
that propaganda is being disseminated urging this policy upon our Government, the Executive Committee would have been inclined to have let the
matter rest, but so long as the Russian Soviet Government and the Third
International, both being agencies of the Communist Party, persist in pushing their program for world revolution, no loyal citizen of the United States
can view the possible recognition of Russia without grave apprehension.
Recognition would accord diplomatic and consular privileges to the agents
of the Soviet Government, whereby they and their staffs could establish
foci for the dissemination of subversive doctrines at their convenience
throughout the United States, and we should be unable to stop it, save by
a breach of relations after the damage was done.
It is well known that, in spite of the fact that the de facto Government
of Russia has pledged itself repeatedly to England and France that there
would be a cessation of propaganda for the subversion of those Governments
by agents of Russia, the promise has been more honored in the breach than
in the observance. The present Secretary of State referring to a policy
which would permit the introduction of aliens who desire to come over
here to teach their pernicious doctrines of communism, revolution, sabotage and destruction of orderly government, said—"I know of some of the
leading countries of Europe which have pursued that policy and regret
seriously the disorders which followed on account of it."
The Executive Committee endorses this view whole-heartedly and finds
no evidence which would warrant the assumption that there has been any
change of heart in the Communist Party of to-day from that of the Communist Party of yesterday. Let us not forget that the principles of this
292
THE CHRONICLE
party are in their essence immutable. Its adherents can be bound by no
agreement, contract, convention or oath, to a bourgeois individual or Government, not dictated by force of expediency. No crime in furtherance of
'its policy is reprehensible. Virtue is an illusion and religion an object of
,destruction. The Communist Party has declared a war of classes, and upon
,the outcome of this struggle it stands or falls. Under these circumstances,
the Executive Committee recommends the following resolutions for adopResolved, That the Chamber of Commerce of the State of New York urge
.upon the President and the Secretary of State, that no recognition be ac,
corded to the Soviet Government so long as the Communist Party remains
!paramount in Russia; and be it further
Resolved, That the President and the Executive Committee of the Chamber are hereby authorized and directed to take such steps as may be expedient and proper to lay the views of this body before the President of
the United States, the Secretary of State and the Congress of the United
States.
FREDERICK H. ECKER, President.
CHARLES T. GWYNNE, Executive Vice-President.
Attest:
JERE D. TAMBLYN, Secretary.
Neu) York, Jan. 7 1926.
Senate Resolution Calling for Information from
Secretary Mellon Regarding Refunding of
Foreign War Debts.
A resolution, offered by Senator Howell, was agreed to as
follows by the Senate on Jan. 4:
(S. RES. 105.)
Resolved, That the Secretary of the Treasury be, and is hereby, requested to afford the following information respecting such foreign debts
as have been refunded and approved or are now pending before Congress,
to wit, the present worth of the total payments to be made in each case
based upon interest at 4%%, payable semi-annually, and 5%, payable
semi-annually.
Offering of $5,000,000 Gold Bonds of Saxon State
Mortgage Institution—Issue Sold—Books Closed.
The National City Company of New York announced
yesterday (Jan. 15) the offering for public subscription of
an issue of $5,000,000 mortgage collateral sinking fund 7%
guaranteed gold bonds of the Saxon State Mortgage Institution of Germany (Sachsische Landespfandbriefanstalt), at
933 and interest, to yield over 7.63%. The bonds it is
announced are unconditionally guaranteed by the Free State
of Saxony as to principal and interest by endorsement on
each bond. The bonds are redeemable as a whole at the
option of the institution, on Dec. 1 1935 or on any interest
date thereafter at 103 upon 30 days' notice. As to the sinking fund it is stated:
[VOL. 122.
thereafter to and including December 1, 1931; at 102, thereafter to and including December 1, 1933; at 101%, thereafter
to and including December 1, 1935; at 101, and thereafter at
par, in each case with accrued interest to the date of redemption.
They are callable also for the sinking fund at par. The bonds
will be in coupon form in the denominations of $1,000 and
$500, registerable as to principal. Interest will be payable
June 1 and December 1, and principal and interest will be payable in New York at the office of J. & W. Seligman & Co.,
fiscal agents of the loan, and in Vienna, at the Niederosterreichische Escompte-Gesellschaft, in United States gold coin
of the present standard of weight and fineness, without deduction for any present or future taxes or duties of the Province of Lower Austria, the Republic of Austria, or any taxing
subdivision thereof, in time of war as well as in time of peace,
irrespective of the nationality of the holder. The Central
Trust Company of New York is trustee.
The issue, it is announced, has been officially approved by
the Lower Austrian Legislature (Landtag), and by the Austrian Federal Government.
Information regarding the Province, these bonds and the
security therefor is given in a letter to the bankers signed by
Buresch, Governor of the Province of Lower Austria, which is
summarized in part as follows:
General.
The Province of Lower Austria surrounds the Federal District
Vienna and is one of the largest, wealthiest and most imof
portant of the autonomous political units of Austria. Its area
Is 7,420 square miles and its population 1,480,000. The Province
of Lower Austria has never defaulted on any of its obligations.
Austrian currency was stabilized in November, 1922, and has
since been maintained at par. At present the gold reserve
against notes in circulation is 64%. The recently adopted currency, the schilling, has a par value of 14% cents, and conversions into dollars in this statement are made on this basis.
Security.
These bonds are the direct obligation of the Province of
Lower Austria. They are specifically secured by pledge of the
provincial Real Estate Tax, the yearly current yield of which
Is over 7 times the amount required for the service of this loan.
This tax takes precedence over first mortgages and all other
liens. Provision will be made for the automatic specific pledge
of additional taxes enumerated in the Trust Agreement (a) to
an extent sufficient to maintain the yield of the pledged taxes at
a minimum of 4 times the amount required for the service of
the loan; (b) in case the Province shall at any time pledge any
taxes for any purpose whatsoever other than that of this loan,
then to an extent sufficient to maintain the yield from the
Beginning June 1 1926, a Cumulative Sinking Fund will operate semi- pledged taxes at not less than ten times the amount required for
annually to retire the bonds of this issue by purchase at not exceeding 100
the service of the loan. For the year 1924 these additional taxes
and interest, or by redemption by lot at 100. At least one-half of the yielded $3,844,000, or approximately 22 times the service of
the
bonds retired in each half year will be redeemed by lot.
loan. As additional security, the Province will create a MortSubscription books were closed at 10:30 a. m. yesterday, gage on real estate valued at $2,000,000, registerable in case of
the National City Company announcing that the issue had default.
Sinking Fund.
been sold. The bonds will bear date Dec. 1 1925, and will
The Trust Agreement will provide for the payment
become due Dec. 1 1945. They will be in coupon form in semi-annual instalments to the Fiscal Agents, beginningin equal
June 1,
denoms. of $1,000 and $500, and will be registerable as to 1926 as a cumulative Sinking Fund, of amounts calculated to
principal only. Interest will be payable June 1 and Dec. 1. retire the entire issue of bonds at or before maturity. All
moneys thus paid to the Fiscal Agents are to
Principal, interest and sinking fund will be payable in New chase bonds at not exceeding par and accrued be used to purinterest and, if
York City in United States gold coin of the present standard not so obtainable within the period set by the Trust Agreement, are to be used to redeem bonds at par and accrued interof weight and fineness, without deduction for any past,
est on the next succeeding interest payment date.
present or future taxes or duties levied by or within the German Reich or the Free State of Saxony at such principal and
interest shall also be collectible at the option of the holders,
either at the City office of the National City Bank of New
York, in London, England, in pounds sterling, or at a bank
in the City of Amsterdam, Netherlands (to be designated
later), in guilders, in each case at the then current buying
rate of such bank for sight exchange on New York City,
New York. The National City Bank of New York is trustee,
the Sachsische Bank Zu Dresden is co-trustee.
The offering was made when, as and if issued and received,
subject to prior sale and subject to the approval of counsel.
Interim receipts of J. & W. Seligman & Co. or temporary
bonds will be deliverable in the first instance.
Offering of $14,472,000 Bonds of Province of
Buenos Aires.
Supplementing the information given in these columns
last week (page 150) regarding the offering of $14,472,000
Province of Buenos Aires (Argentine Republic) external
/
$2,000,000 Bonds of Province of Lower 712% secured sinking fund gold bonds, we also annex the
Offering of
following data supplied to the offering group by the MinAustria.
ister of Finance of the Province of Buenos Aires:
J. & W. Seligman & Co. and F. J. Lisman & Co. offered on
Direct Obligation.
Monday, Jan. 11, the $2,000,000 issue of secured sinking fund
These bonds, to be issued
Province
of the Province of Lower Austria, (closed visions of its law promulgatedby the18 1907, asof Buenos Aires under pro7%% gold bonds
Oct.
amended, and as otherwise
issue) the purchase of which was noted in these columns last duly empowered, will be the direct obligations of such Province, which
pledges its good faith and credit for the punctual payment of the principal
week, page 150.
and interest thereof.
The bonds were offered at 98% and accrued interest, to
Security.
yield over 7.60%. The purpose of the issue is to finance addiThese bonds will be specifically secured by a first and paramount lien
tional investment by the Province of Lower Austria in the upon all collections from the Consume tax, and by a lien, subject to cerprior charges, upon the collections from the stamp and judicial taxes.
Lower Austrian Hydro-Electric Power Company (Newag), of tain Consumo tax is levied upon
The
alcohol, tobacco and
which ths Province and the City of Vienna are principal share- arate and distinct from the license tax with respect to playing cards (septhe same commodities, promulgated in 1909), and was put into effect June 11 1923. . . .
holders. The bonds will be dated December 1, 1925, and will
The Province covenants that it will at all times maintain and enforce
become 4ne December 1, 1950. They will be redeemable at the the collections from such taxes at such rates
as to
and above
option cf the Province as a whole or in part on any semi- all prior charges, an amount in United States goldproduce, over each six
equivalent in
anti-sal Feereat payment date to and including December 1, months' period to 33 times the semi-annual interest and sinking fund reissue.
1928; II 105, thateafter to and including December 1, 1927; quirements on the dollar bonds of this sums
The Province also agrees that all
collected from the taxes so
at /04, thereafter to and including December 1, 1929; at 103, pledged for the service of these bonds, up to an amount sufficient to pay
JAN. 16 1926.]
THE CHRONICLE
each semi-annual interest and sinking fund installment, shall be set aside
and paid into a special account in the Banco de la Provincia de Buenos
Aires, and that such deposited funds may only be withdrawn for the purwee of remitting to the fiscal agents the amounts required for the semiannual service charges on these bonds.
Under the laws authorizing the issue, these bonds, in the opinion of
Argentine counsel, will also be secured by a lien upon certain railroad
properties owned by the Province, to be set forth in the trust agreement.
Sinking Fund.
The bonds will be entitled to a cumulative sinking fund of 2% Per
the principal amount of the bonds issued, payable semi-annually
annum on
on April 1 and Oct. 1 in each year. The sinking fund payments are to be
used by the fiscal agents to purchase bonds of this issue at not exceeding
100 and accrued interest. If bonds are not obtainable at that price, the
sums remaining in the hands of the fiscal agents on Sept. 1 and March 1
next ensuing after any sinking fund payment date, shall be applied to the
redemption by lots of bonds of this issue at 100 and interest on the next
ensuing interest date.
General.
The Province of Buenos Aires adjoins the Federal District, which contains the city of Buenos Aires, and is the largest, wealthiest and most populous province of the Argentine Republic. The number of its industrial
establishments, the amount of capital employed and value of output exceeds that of any other Argentine province. It occupies an area of about
117,000 square miles and has an estimated population of 2,640,000, which
compares with an estimated population of 9,000,000 for the entire Argentine Republic. A network of railways converging upon the Federal capital
crosses the province in all directions, the railway mileage in the province
amounting to 33% of the total mileage in the Argentine Republic. The
funded indebtedness of the province as of Dec. 1 1925, including this issue,
amounted to approximately $197,160,000 at par of exchange.
At par of exihange the Argentine paper peso is equivalent to 42.45 cents
United States currency. The current rate of exchange is approximately 41
cents per paper peso.
The offering was made when, as and if issued, accepted
and received, and is subject to the approval of counsel. It
is expected that delivery in the first instance will be Made
In the form of interim receipts exchangeable for definitive
bonds when prepared.
As was stated in our item of a week ago, the bonds were
oversubscribed, and the books were closed on the day of
their opening, viz.: Jan. 7.
Sale of Debentures of Chicago Daily News, Inc.,
Following Acquisition by New Interests.
The recent sale of the Chicago "Daily News" by the Illinois Merchants Trust Co. of Chicago (executor of the will
of Victor F. Lawson) was followed by an offering of
$8,000,000 ten-year 6% sinking fund gold debentures of the
Chicago Daily News, Inc.—this offering on Jan. 4 having
been detailed in our issue of a week ago, page 218. An oversubscription of the debentures was reported, and the books,
It was stated, were closed within two hours after their
opening. The death of Mr. Lawson, editor and publisher of
the paper, occurred on Aug. 19, and was noted in these columns Aug. 29 (page 1046). In announcing on Dec. 24 the
sale of the "News" to Walter A. Strong and his associates,
John J. Mitchell, President of the Illinois Merchants Trust
Co., said: "The Illinois Merchants Trust Co. as executor
of the last will and testament of Victor F. Lawson, deceased, announces the sale of the Chicago 'Daily News' to
Walter A. Strong and his associates to-day. We feel that
the public will recognize that through this disposition the
Independence and high ideals which actuated Mr. Lawson
in tile conduct of the 'Daily News' will be continued by the
purchasers." It was stated on Dec. 24 that associated with
Mr. Strong in the purchase were:
. Sewell Avery, Millar Brainerd, M. E. Brown, Benjamin V. Becker, Laird
Bell, W. C. Cummings, Reuben H. Donnelly, R. M. Durham, B. A. Eckhart, Louie Eckstein, J. V. Farwell II, Walter L. Fisher, James If. Hopkins, J. L. Houghteling, Morton D. Hull, Thomas D. Jones Donald McLennan, John W. O'Leary, Robert P. Lamont, Clifford Leonard, S. 0. Levin'
son, Frank 0. Lowden, Joseph E. Otis, James A. Patten, Charles Pie;
Charles L. Pike, George F. Porter, Julius Rosenwald, John M. Smith
S. T. J. Strauss, Harold Swift, Lucius Teter, George Woodruff.
A dispatch to the New York "Times" from Chicago,
Jan. 2, stated:
In addition to the group of Chicagoans joining in the purchase of the
newspaper, it was made known that two well-known Eastern newspaper
men have become stockholders. They are William L. McLean, publisher
of the Philadelphia "Bulletin," and Frank B. Noyes, publisher of the
Washington "Star."
The Chicago "Tribune" of Dec. 25 said:
The sale price was not announced, being dependent on certain appraisals
and adjustments not yet completed. It was understood, however, that the
price will range between $12,000,000 and $14,000,000.• That was said to
be a record price for an American newspaper, largely exclusive of real
estate. . . .
The purchase of the newspaper was financed by Mr. Strong and his associates subscribing for $6,000,000 of preferred and common stock of the new
company and flotation of an $8,000,000 debenture bond issue, which will
be offered publicly. It is understood additional financing will be done
when construction of the new plant is undertaken.
As was indicated in our reference to last week's offering
of debentures, it was announced that the new ownership
will preserve the traditions and ideals of the Chicago
"Daily News." Mr, Strong, who will be publisher and the
293
largest individual holder of preferred and common stock
and will hold absolute stock control of the company, has
been with the Chicago "Daily News" for 20 years and for
the past four years as Business Manager. Charles H. Dennis, who will be the editor, became a member of the editorial staff in 1883 and has been Managing Editor since
1912. Hopewell L. Rogers, who will be Vice-President and'
Treasurer, has been with the Chicago "Daily News" 27years. In all other important respects, said Mr. Strong's
announcement, the management of the paper remains unchanged.
President Coolidge Views Installment Purchase Buying
Improvement Over Old System of Buying on Credit.
The views of President Coolidge on the installment purchasing plan were indicated in an interview on Jan. 12, the.
New York "Times" account stating:
President Coolidge expressed the opinion to-day that installment credit;
is a good thing, an improvement over the old way of going to the grocer,'
store without a plan for paying credit. He had an experience of the old
system while acting as clerk in his father's general store at Plymouth
Notch, Vt.
The installment plan merely extends credit to people who otherwise
could not obtainit. It might be overdone, he thinks, but even then it is a
step in advance over the old system. There might be some danger in
installment credit,the President said,in an era of depression. On the other
hand, this system, he believes, is so strengthened as to take care of any
unexpected development.
United States Supreme Court Ruling on Grain Futures
Act of 1921 Upsets Tax on Trading in Indemnities.
A decision bearing on Section 3 of the Grain Futures Act
of 1921, levying a tax of 20 cents on each bushel involved in
transactions known as "privileges","bids","offers","puts
and calls", "indemnities" or "ups and downs", was announced by the U. S. Supreme Court on Jan. 11. The constitutionality of the section was challenged by H. P. Trusler,
grain dealer of Emporia, Kan., and a member of the Chicago
Board of Trade, based on the tax imposed on a privilege for
option he made for the sale of grain in the form commonly
known as an "indemnity." The lower Court held that the
section in question was constitutional, and that the plaintiff
was not entitled to a refund of the tax. The U. S. Supreme
Court has reversed the lower court, and declared the legislation carried in the section void and unconstitutional. The U. S.
Department of Agriculture issued on Jan. 12 the following
statement with regard to the Court's findings:
A decision of special interest to the grain trade was rendered
by the Supreme Court of the United States on January 11, 1926,
the effect of which is that trading in transactions known as
"Indemnities", etc., can be carried on without restriction so far
as the Federal Government is concerned, as the Act of Congress
dealing with transactions in grain futures known as "The Grain
Futures Act" does not touch indemnities, but deals only with
futures. The decision was handed down in the case of Trusler
v. Crooks, in which the plaintiff, Trusler, a resident of Emporia,
Kansas, and a member of the Board of Trade of the City of
,
Chicago, paid the tax of 20 cents a bushel, amounting to $200
on a transaction known as an "indemnity", in accordance with
Section 3 of The Future Trading Act of August 24, 1921 (42 Stat.
187), but preserved his rights to test the validity of the tax by
making the payment under protest. FPO .then flied suit against
the defendant, Crooks, the Collector of Internal Revenue at Kansas City, for the recovery of this tax, challenging the constitutionality of the Act. The lower court held that Section 3 of the
Act was constitutional and that the plaintiff was not entitled to
a refund of the tax. He then appealed to the Supreme Court of
the United States, which reversed the lower court upon the
ground that the tax was not laid for revenue purposes, "but to
prohibit all such contracts as part of the prescribed regulatory
plan." The court said:
This conclusion seems inevitable when consideration is
given to the title of the Act, the price usually paid for such
options, the size of the prescribed tax (20 cents per bushel),
the practical inhibition of all transactions within the terms
of sec. 3, the consequent impossibility of raising any revenue
thereby, and the intimate relation of that section to the unlawful scheme for regulation under guise of taxation. The
imposition is a penalty, and in no proper sense a tax. Child
Labor Tax Case, 259, U. S. 20; Liplte v. Lederer, 259 U. S.
557, 561; Linder v. United States, 268 U. S. 5.
The section (3) of The Future Trading Act involved in thio
litigation levied a tax in addition to other taxes imposed by
law of 20 cents a bushel on each bushel involved in each andl
every privilege or option for a contract either of purchase or sale
of grain, the purpose of this section of the Act being to tax
transactions known to the trade as "privilege", "bids", "offers":
"puts and calls", "indemnities", or "ups and downs." Another
section (4) of that Act levied a tax of 20 cents a bushel upon contracts of sale of grain for future delivery unless the contract
was made (a) by the owner of the actual grain involved or the
grower thereof, or either party to the contract was the owner
or renter of land on which the grain was to be grown, or was
an association of such owners, growers or renters, or (b) by or
through a member of a board of, trade designated by the Secretary of Agriculture as a "contract market", as provided in the
Act. To be entitled to designation as a "contract market", theAct required that the board of trade comply with certain provisions in the nature of regulations. Certain members of the Chi—
294
THE CHRONICLE
cage Board of Trade filed a suit to enjoin the Secretary of Agriculture, the United States Attorney and the Collector of Internal
Revenue at Chicago from enforcing the provisions of the Act.
The Supreme Court in this suit (Hill v. Wallace, 259 U. S. 44)
held that The Future Trading Act was unconstitutional in so far
as it attempted to regulate future trading in grain because the
tax imposed by Section 4 of the Act was levied for regulatory
purposes, and not for the purpose of raising revenue.
Promptly after the decision of the court in Hill V. Wallace,
which was rendered on May 15, 1922, Congress passed the "Grain
Futures Act" (42 Stat. 998) which was approved September 21,
1922, declaring in Section 3 of the Act that transactions in grain
futures are a burden upon interstate commerce in grain and reenacting in subsequent sections the regulatory features of The
Future Trading Act. The Chicago Board of Trade then filed a
suit to enjoin the Secretary of Agriculture, the United States
Attorney and the Collector of Internal Revenue at Chicago from
enforcing the provisions of that Act. The Supreme Court in that
case (Board of Trade of the City of Chicago v. Olsen, 202 U. S. 1)
held that the Grain Futures Act is a valid regulation of interstate commerce in view of the finding of Congress in Section 3
of the Act that such trading affects interstate commerce in
grain and that regulation thereof is necessary to remove the
burden which such trading would otherwise impose upon interstate commerce in grain.
[VoL. 122.
these points in the Dickinson Bill. Secretary Jardine said that
he hoped to have the question further clarified in pending conferences with agricultural leaders.
Illinois Meeting of Farmers, Business Men and Bankers
Urge Measures for Relief of Agriculture.
Regarding a meeting in Morris, flI., Jan. 9, of farmers,
business men and bankers of fifty-two counties, held with a
view to designing measures for solving the problem of the
country's agricultural surplus, the Chicago "Tribune" advices stated:
The 3,000 or more who attended the meeting urged the governor of Illinois to call a meeting of representatives of the agricultural organizations, bankers, and chambers of commerce, to
arrange a meeting in Chicago to devise a statewide program for
solving the agricultural surplus problem.
The governor also is asked to appoint a state committee to cooperate with all other states in the corn belt in the solution of
the farmers' surplus problem and to place agriculture on an
equal basis with industry and labor.
County representatives here today favor holding a final meetFrom the Chicago "Journal of Commerce" of Jan. 12 we ing in Chicago where delegates from all of the corn belt states
would draft their final conclusion following meetings similar to
take the following:
the Grundy county rally.
Board Members Pleased.
Resolutions Passed.
elated over the
Members of the Chicago Board of Trade were
The following resolutions were passed at the meeting:
report that the United States supreme court had decided that
1. Congress asked to raise Panama canal tolls so as to yield
the 20 cents a bushel tax on privilege trading was unconstituat least 5% per cent on the investment and give the transcontional.
mem- tinental railroads a chance to operate without further increase of
Early in 1921, before the grain futures act was enacted,
bers of the Chicago Board of Trade, at the recommendation of freight rates on grain.
2. Congress urged to pass an amendment to the pure food law
their officers, voluntarily discontinued trading in privileges, known
at various times as "Puts" and "Calls" and "Bids" and "Offers." to put dextrose (corn sugar) on the same basis in the manufacAfter the Grain Futures act became law, trading in privileges ture of food products with cane and beet sugar.
3. Asks the enactment of a federal law based on the princould not be resumed, because the 20 cents a bushel tax was prociple of a farmers' surplus export corporation providing for the
hibitive.
Now that the supreme court has knocked that section of the creation of an agency with broad power to handle the surplus
law aside, officials of the Chicago Board of Trade said immedi- farm products.
4. Urges that the lake to gulf waterway be immediately deate steps would be taken to reinstate the rule regulating trading
in privileges and such trading will be resumed. At the annual veloped on a full scale so as to cheapen the transportation of
meeting yesterday, a committee was named to make preparations crops.
for resumption of this trade.
Commend Iowa Farmers.
Realizing the necessity for coordinating the agricultural interOne result of the supreme court decision was a sharp revival
the representatives passed a resolution commending the
of the demand for memberships on the Chicago Board of Trade ests, of Iowa farmers and bankers in their recent meetings at
work
and it was claimed that the price was lifted to $8,600 bid. The Des Moines seeking to relieve the farmer.
Chicago open Board of Trade was also benefitted, memberships
Flavored with the same spirit of cooperating with farmers in
on that exchange being reported MO bid, as against sales last other sections, the delegates asked that the cotton growers of
the south be invited to join in the movement to obtain relief
week at $600.
in the case of crop surpluses from congress. They declared
"that the question of surplus is the same on cotton as it is on
Secretary Jardine Calls Conference of Grain Exchange corn."
George N. Peek of Moline spoke at the afternoon session and
Committees.
emphasized that the farmer needs the benefit of the protective
Secretary of Agriculture Jardine announced on Jan. 8 that tariff in addition to all the savings he may effect through better
and cheaper methods of production, marketing, and transportahe had called a conference on January 18 of the recently tion.
Mr. Peek, who was a participant in the international debate
formed Business Conduct Committees of the different grain
markets to consider questions of grain marketing coming with Sir Josiah Stamp of England, in which Vice President
Dawes acted as the intermediary, added that the farmer must
under the jurisdiction of these committees as well as their have an American price for products consumed in this country
relationship with the Grain Futures Administration of the independent of the world price for the surplus.
Judge C. W. Raymond of Watseka, Ill., who spoke at the mornUnited States Department of Agriculture. These committees
ing meeting, pointed out that three-fourths of the corn prohave been established on the grain markets at Chicago, Kansas duced in the world is raised in the United States, most of it
City, Minneapolis, Duluth, Milwaukee, and St. Louis. The De- in the corn belt.
Praises Corn Sugar.
partment's announcement of the 8th says:
He said that corn sugar was just as white as any sugar, just
During the course of an investigation ordered by Secretary
as good a preservative as beet or cane sugar, and declared that
Jardine last spring to ascertain the cause of the wide fluctuations in the price of wheat, the Secretary expressed particular one out of fifty cannot distinguish it from other sugars.
"All of the corn surplus raised in the United States could be
concern in the development of some method by which destructive price conditions might be obviated. One action taken by manufactured into corn sugar," he said, "and yet it would not
the grain exchanges after several conferences with officials of reach the amount of sugar which we are compelled to import.
"We consume in the United States 11,000,000,000 pounds of
the department was to set up a Business Conduct Committee
with the duty and authority to prevent manipulation of prices sugar a year, and there is only 40,000.000,000 pounds produced
as provided for in the Grain Futures Act and with broad power annually in the whole world.
"We also brought into this country in 1923, 183,000,000 gallons
over the business conduct of members of the grain exchanges.
It is the intention of Secretary Jardine to take up the whole of molasses. Last year it was 163 million gallons of molasses.
Corn syrup is just as good as any molasses. The total amount
question of grain marketing with the members of these comof corn shipped into the terminal market is 252,000,000 bushels.
mittees now that they have been established.
Some times it reaches 300,000,000. If this entire 252,000,000 which
might be termed as surplus was manufactured into sugar it
Secretary Jardine Believes Dickinson Farm Bill Will would make but 6,000,000,000 pounds."
Furnish Basis for Solution of Agricultural
Surplus Problem.
Following a conference on Jan. 8 with Congressman Dickinson, of Iowa, at which time H. B. 6563 was discussed, Secretary of Agriculture Jardine stated that he believes this new
bill may pave the way for more tangible consideration of the
agricultural surplus problem. "This bill introduced by Mr.
Dickinson on January 4," said Secretary Jardine, "provides
for the establishment of a Government board with broad
powers to attack the surplus question in a scientific way."
Secretary Jardine indicated that he had some reservations as
to certain portions of the bill. On the other hand, it is pointed
out, the Secretary has consistently favored the establishment
of some such farmer-controlled agency. He has likewise been
outspoken, both in public statements and in his Annual Report,
printed in November, in favor of utilizing the existing cooperative machinery and in extending it for dealing with the
surplus problem. He expressed satisfaction at recognition of
International Harvester Company to Accept Corn at
$1 Bushel in Payment for Purchases of Farm
Implements.
Announcement that the International Harvester Company
would accept "any merchantable corn in payment for I. H. C.
farm implements on the basis of No. 2 corn at $1 a bushel,
Chicago," was made on Jan. 7 by the President of the Company, Alexander Legge, who in a letter to the Company's
branch managers said:
"You are authorized to notify your dealers that we will accept any merchantable corn in payment for purchases of IHC
farm implements, on the basis of No. 2 corn at $1 per bushel,
Chicago. The corn is to be delivered either at the local elevator or f.o.b. cars at dealer's station. Delivery is to be made
in May, June or July, 1926. We are to give the purchaser thirty
days' notice of delivery date so that he may deliver the corn
without unnecessary interference with other work.
"This offer is to hold good until further notice and is to apply only to bona fide purchases made on or after this date by
JAN. 16 1926.1
THE CHRONICLE
farmers to cover their reasonable requirements and is not open
to speculators.
"We are making this offer in the belief that the price of No.
2 corn should reach $1 per bushel, Chicago, within the ninety.
day period fixed for delivery, and in the hope that this action
on our part will help to restore confidence in the situation.
Should it go higher before delivery is called for the farmer who
has agreed to deliver corn in payment for IHC farm implements
shall have the option of disposing of the corn elsewhere and
settling for his purchases on regular terms.
"There is considerable variation in the relative cost of different articles of farm equipment today as compared with pre-war
costs, but if the farmer in the corn belt purchases the same
class of implements now that he actually bought in 1925, his
corn will buy more farm equipment on the basis of this offer
than the same number of bushels would have bought in the fiveyear period preceding the war.
"We call to the attention of corn growers the fact that the
question of seed for the 1926 crop may prove even more serious
than the present price question. Exhaustive tests indicate that
corn of the 1925 crop does not germinate well. Unless the
grower does a thorough job in selecting and testing his seed he
may be confronted a year from now with a high price for corn
and have little to sell."
295
Brokers' Loans—Estimated at $2,500,000,000—Up to
$2,800,000,000 at Peak in November.
The following is from the "Wall Street Journal" of Jan. 11:
The year 1926 began with Wall Street brokers' loans estimated at 82.500.000,000. This is somewhat below the high point reached in the latter
part of October and early November, when such borrowings were estimated
to be $2,800.000,000.
Brokers' loans reached the highest level for all time in 1925, as the enormous volume of transactions in securities last year employed an unusual
amount of credit. However, never before in their history have the banks
had loanable funds in such abundance. While local institutions accommodated the market to a large extent, interior banks were likewise heavy
lenders. At many times throughout the year interior banks were lending
more money in Wall Street than were the New York institutions.
Following Is a compilation showing the estimated totals of brokers' loans
at various periods in the past year:
$1.850,000,000
Jan. 1 1925
June 23 1925
$1,750,000,000
Mar. 6 1925
2,100,000,000
2,100,000,000
July 30 1925
2,800,000,000
Mar.24 1925
1,800,000.000
Nov. 1 1925
Apr. 3 1925
2,500,000,000
1,700,000.000
Jan. 2 1926
May 13 1925
1,750,000,000
The estimated peak of $2,600,000,000 in the latter part of 1925 compared
with an approximate high point of 81.850,000,000 in 1924, and $2,000,000.000 in February1923.
The low point for brokers loans in the last three years was in April 1924.
when the estimated total was $1,320,000,000.
Aroostook Potatoes to Bring 340,000,000—Farmers of
Maine County Will Pay Old Debts and Thriftily
New York Clearing House to Make No Change in InterUse Surplus.
eat Rates Incident to Increase in Federal
An Associated Press dispatch from Houlton, Me., appeared
Reserve Bank Rate.
as follows in the New York "Evening Post":
On Jan.8 the New York Clearing House, through Charles
Aroostook County potato farmers are talking in terms of millions today for the first time in five years.
The value of last year's crop from the "world's potato center"
will be in excess of $40,000,000, if the central market holds.
In 1919, when potatoes sold for $10 a barrel, and again in 1920,
when good prices prevailed, luxury buying was general, but not
So this year. Hard times taught the farmer the lesson of thrift.
The money realized from the 27,570,000 bushels the county has
produced will go to redeem a part of $12,000,000 owed to fertilizer companies and a like sum due local banks and other creditors. The current quotation of $6.50 a barrel is $3.50 off the 1919
top, but it is far better than what was brought at many sales
in the intervening years.
County Leads All States But Maine.
Of the 42,795,000 bushels the Department of Agriculture estimated wquld be harvested in New England in 1925, Maine had
34,170,000. Aroostook County led every State in the country in
production with the exception of Maine.
As usual, Aroostook County's average yield continues to lead
the country. The average was 330 bushels an acre in 1924 and
265 bushels in 1925, but in each of these years it was somewhat
more than twice that of any part of the other late crop States
and slightly more than two and a half times that of the country.
Losses Slight in New England.
While New England's losses from rot due to late blight and
freezing were small, except in Vermont, and little further
shrinkage seems likely, other States are reported to have suffered heavy damage from freezing, with added losses in potatoes
available for market a possibility.
All this adds to the contentment of the Aroostook raiser.
The demand for potatoes is poor today, but Aroostook's farmers
are hopeful. All they ask is that present conditions last. Then
they'll be satisfied.
E. Mitchell, Chairman of the Clearing House Committee,
issued the following announcement:
Dear Sir—The Federal Reserve Bank of New York having changed, effective this day, the ninety-day discount rate, the Clearing House Committee,
under the provisions of Section 1, Article XI, of the Clearing House constitution, relating to maximum interest rates on deposits, met this day and determined that there be no change in the maximum interest rates which may
be paid.
Pointing out that the Clearing House some years ago
established a schedule of maximum interest rates which was
based upon the existing 90-day Federal Reserve discount
rate, the rates moving up or down X of 1% automatically
as the bank rate was changed X of 1%, the "Wall Street
Journal" of Jan. 9 stated:
However,such action was made contingent on the discretion of the Clearing House committee, which should meet "as soon as conveniently possible
after notice of any change in the rate."
At the present time,on certificate of deposit payable within 30 days from
date of issue and within 30 days upon demand, on credit balances payable
on demand or within 30 days from demand, IN% is payable to banks,
trust companies and private banks, 2%% to mutual savings banks and 2%
to others.
On certificates of demand payable on or after 30 days from date of issue
or demand and on credit balances payable on or after 30 days from demand,
the rate is 2%% in all cases.
The schedule works between a minimum rediscount rate of 5%% below
or above which rates, respectively, no change is called for in deposit interest rates.
Invitation to United States from League of Nations to
Participate in Preparatory Disarmament Conference
—Russia, Germany and Other Nations Invited.
Will Not Aid Cotton Trade—British Government
As we indicate in another item in this issue, President
Refuses to Help in Capturing Our Market.
Coolidge has sought from Congress an appropriation of
The following copyright adviees dated London, Jan. 8, are $50,000 to defray the expenses of participation by the United
from the New York "Times":
States in the work of the Preparatory Commission, which is
A proposal that the British Government should help the depressed Lancashire cotton industry to make a bid for the
American market by guaranteeing to purchase goods to the extent of £10,000,000 has been rejected by the Board of Trade.
The idea was that a small board of Lancashire leaders in the
cotton trade should buy cloth for the Government at the present
low prices and try to sell it to America and elsewhere. It was
contended that the placing of these Government orders would
steady prices and convince merchants that now was the time to
place the big business that has long been hanging fire.
The extension of the present short-time week of 392 hours to
/
1
52
/ and the formation of a great textile trust are now talked
1
2
of as a means of ending depression.
J. M. B. Hosey Made Executive Assistant to Committee
of Stock List of New York Stock Exchange.
J. M. B. Hoxsey, of Atlanta, Ga., Vice-President of the
Cumberland Telephone & Telegraph Co., a subsidiary of the
Southern Bell Telephone Co., has been engaged as Executive Assistant to the Committee on Stock List of the New
York Stock Exchange, according to announcement made at
the Exchange on Jan. 5. Mr. Hoxsey will assume his new
duties this week. The announcement issued by the Exchange says:
A very heavy burden has been placed upon the Committee on Stock List
by reason of the steadily increasing volume of security offerings in New
York. There are always pending a number of listing applications which
have to be examined with painstaking care and promptly disposed of.
A program of expansion in the stock list department has been determined upon by the Exchange, the first step in which is the engagement of
Mr. Hoxsey. It is planned greatly to enlarge the listing facilities so that
the obligations of the Exchange to the public on the one hand and to
houses of issue on the other may be discharged fully.
to prepare for a conference on limitation and reduction of
armaments. The request for the appropriation followed an
invitation received by the United States from the Council
of the League of Nations for representation on the Preparatory Coramission. The text of the invitation to the United
States was approved at a secret session of the Council at
Geneva on Dec. 11, according to Associated Press of that
date which stated that invitations almost identical in text
would be sent to Russia and Germany. The text of the
invitation, addressed to Secretary of State Kellogg by the
Acting President of the League, was made public at Washington on Dec. 17. The Preparatory Commission is scheduled to meet in Geneva Feb. 15. The Commission's task,
says the invitation, "will consist of the preparation of a
conference for disarmament which it is intended to call together at the earliest possible date."
The invitation to the United States indicates that in. addition to the Nations which are represented on the Council,
the following countries have been invited to send representatives to the Preparatory Commission: "Bulgaria, Finland,
Germany, Netherlands, Poland, Roumania, Serbia and
Soviet Russia." The following is the text of the invitation
to the United States:
In the name of the Council of the League of Nations I have the honor to
invite the Government of the United States to send representatives to sit on
the Preparatory Commission for the disarmament conference which has
been set up by the Council by a decision of to-day's date and which is to
meet in Geneva on Feb. 15 1926.
Particulars regarding composition and working of this Commission are
to be found in a document enclosed with this letter. The following na.
296
THE CHRONICLE
[Vol,. 122.
tions, in addition to the States' members of the Council, will be invited to
American capital was clipte safe in Russia, the Foreign Minister said,
send representatives to the Preparatory Commission: Bulgaria, Finland, pointing to the extensive Harriman manganese interests and American inGermany, Netherlands, Poland, Rumania, Serbia and Soviet Russia.
vestments in the Russian gold fields as instances of the confidence of AmeriThe Commission will have at its disposition the advice of the technical can capitalists in Russia.
(military and civilian) organizations of the League as well as that of any
"Our economic relations, you see, are thus developing," he added, "and
other qualified authorities which in the opinion of the Commission it may we are ready at any time to discuss diplomatic relations, as we have albe advisable to consult on any one of the subjects which may come under its ready informed the American Government."
consideration.
Its task will consist of the preparation of a conference for disarmament
which it is intended to call together at the earliest possible date. Its de- President
Coolidge Asks Congress for Appropriation to
liberations will be directed to such matters as the various factors upon
Participate in Preparatory Disarmament Conwhich the power of a country in time of war depends; the question whether
it is practicable to limit the ultimate war strength of a country or whether
ference Proposed by Council of League
measures of disarmament should be confined to the peace strength; the
of Nations.
various forms which reduction or limitation may take in the case of land,
sea and air forces, hence relative advantages or disadvantages of each of
In a message to Congress on January 4,President Coolidge
these different forms; the standards by which it is possible to measure
called attention to the invitation extended to the Government
the armament of one country against the armaments of another; the possibility of ascertaining that the armed force of a country is organized for of the United States by the Council of the League of Nations
purely defensive purposes or on the contrary in a spirit of aggression; the "to send representatives to sit upon
a 'preparatory comprinciples on which it may be possible to draw up a scale of armaments for
the various countries and the factors which may enter into the establish- mission' for the disarmament conference, being a commission
ment of such principles—such as population, resources, geographical situa- to prepare for a conference on the reduction and limitation
tion, communications, vulnerability of frontiers, delays that are necessary of armaments, which has been
set up by the Council and
in order to transform peace armaments into war armaments, degree
security, etc. ; the criteria if any by which it may be possible to distin- which is to meet in Geneva, Switzerland, in February, 1926."
guish between civil and military aircraft; the estimation of the military The President added that "the purpose of this commission,
value of commerce and navigation fleets; the relation between regional it is stated, is to make
preparations for a conference for
security and regional disarmament and between regional disarmament and
disarmament." The President observed that "whether the
general disarmament.
The full particulars as to the program of the Preparatory Commission conditions and circumstances will prove such as to make it
will be found in a document enclosed with this letter.
desirable for the United States to attend any conference or
As a result of the long and continuous study which it has devoted to this
question, the Council is unanimously of the opinion that owing to the po- conferences which may eventually take place as a result of
litical, economic and technical complexity of the problem which it raises, the labors of the preparatory commission or otherwise is
the question of disarmament can hardly be approached with any certair.
a question which need not now be considered. It is my
hope of complete solution unless it is considered in its entirety and with
the co-operation of all nations. The matters for examination touoh upon judgment that so far as this preliminary inquiry is concerned,
all the aspects of the question and affect the interests of all nations of we ought to give our aid and co-operation to the
fullest extent
the world; and the methods and justification for dealing with them
consistent with the policies which we have adopted." He
should, in the Council's opinion, be not less universal. On these general
grounds as well as on the more special grounds of the high importance of accordingly asked Congress "for such appropriation as may
the United States in such matters, the Council attaches the greatest possible be required to defray the expenses of our participation
in the
value to the co-operation of the Government of the United States not only
work of the preparatory commission" and recommended that
in the conference which it is its intention to call together, but also
in the
preparatory work which in its opinion is indispensable for the success of the sum of $50,000 be thus appropriated to cover the expenses
that conference.
of participation. In compliance with the President's request
The Council believes that the time has come for studying the practical
the House Foreign Affairs Committee on Jan.6 unanimously
possibilities of the reduction and limitation of armaments uncle: the guidance and responsibility of the Governments and expresses the hope that at reported a resolution calling for an appropriation of $50,000
the moment when all the nations of the world are conscious of a common to defray the expenses of American
delegates to the preparaneed it will be able to count on the full and direct co-operation of the Government of the United States for a work which so closely concerns the tory conference. The following is the President's message
peace of the world.
to Congress:
To the Congress of the Unitec States:
SCIALOJA, Acting President of the Council.
In the
In reporting that Russia would accept the Council's in- attention message which I had occasion recently to submit to you I called
to the agreements recently entered into by number of European
vitation, Associated Press cablegrams from Moscow on Dec. Governments under which guarantees of peace wereaprovided, and I took
occasion ,o point out that the natural corollary to these treaties should be
19 stated:
further international agreements for the limitation of armaments, a work
Soviet Russia will accept the League of Nations invitation to participate
that was so successfully begun at the Washington conference.
in the international disarmament conference as well as the world economia
The Government of the United States has now been invited by the
conference.
Council of the League of Nations to send representatives to sit upon a
"While we are still skeptical of the European nations' real desire for
'Preparatory Commission for the Disarmament Conference, being a comdisarmament," said a high official of the Government to the Associated
mission to prepare for a Conference on the Reduction and Limitadon of
Press to-day, "we are willing to make another effort to establish general
Armaments." which has been set up by the Council and which is to meet
peace and economic co-operation among all mankind.
in Geneva, Switzerland, in February. 1926. The purpose of this com"With this end in view we are ready to put before the conference a cenmission, it is stated, is to make preparations for a conference for disarmacrete plan representing the Russian people's earnest desire lor peace, a
ment which it is the announced purpose of the Council to call at an early
new social order and a firm economic foundation for the world."
date.
Expressing similar sentiments, "Izvestia," the Government newspaper,
It is proposed that the deliberations of the commission shall be directed
to-day says that while Soviet Russia will gladly join in such conferences,
to such matters as the several factors upon which the power of a country
it cannot do so if the discussions are held in Switzerland, which the
Bol- In time of war depends; whether limitation of the ultimate war strength of
sheviks have boycotted ever since the assassination of Vaslaff Vorovsky at
a country is practicable or whether disarmament should be confined to the
Lausanne in 1923.
peace strength alone; the relative advantages or disadvantages of each of
The paper thinks the very fact that the invitation was extended
to Russia the various forms which reduction or limitation of armament may take
by the League is an adroit move in a diplomatic game carried on
by British in the case of land, sea and air forces; the standard of measurement of the
diplomats "under the camouflage of pacification," adding that the
Allies armament of one country against the armament of another; the possibility
were fully aware of the Soviet's negative attitude toward the League
when of ascertaining whether the armed force of a country is organized in a
they extended the invitation and also the possibility of Russia's
refusing to spirit of egression or for purely defensive purposes; the consideration of
join the conference.
the principles upon which a scale of armament for various countries can
"Refusal to participate, however," the "Izvestia" continued, "would
be be drawn up and the factors which enter into the establishment of those
playing into the hands of the League and would brand the Soviet
Union as principles, such as communication, resources, geographical situation, popuan enemy of peace."
lation, the vulnerability of frontiers, necessary delays in the transforming
of peace armaments into war armaments; criteria, if
A previous cablegram (Associated Press) from Paris, Dec. be possible to distinguish between civil and militaryany, by which it may
aircraft; the military
value of commercial fleets; the relations between regional security and
15, regarding the attitude of Russia had the following to say:
disarmament and between regional disarmament and general disarmament.
Georges Tchitcherin, Foreign Commissar of Soviet Russia, took occasion
The matters to be examined by the Preparatory Commission will, it is
to-day to express his sentiments on certain world affairs. These sentiments
stated, touch upon all aspects of the question of disarmament and affect
may be outlined about as follows:
the interests of all of the nations of the world. The Council believes that
Continued distrust of the League of Nations, lack of confidence in
the
time has come for studying the practical possibilities of the reduction
Locarno pact, readiness to discuss the resumption of political relations with the
and limitation of armaments, and expresses the hope that at this time, when
the United States, opposition to security negotiations in advance of general
all of the nations of the world are convinced of a common need, it will be
disarmament and confidence that the existing hostility to the
Soviet repub- able to count upon the co-operation of the Government of the
United States
lics will lose its force little by little.
In a work which so closely concerns the peace of the world.
The Foreign Minister said the Soviet Government would refuse
the
This is neither the time nor the place to discuss the agenda of the PreparaLeague of Nations' invitation to take part in the work of preparing
for an tory Commission or to assess the prospects of any conference or
conferences
international disarmament conference.
on disarmament or limitation of armament which may later be convened.
"The Soviet cannot accept the invitation to the preparatory
-lisarmament It is quite sufficient to note at this stage that the United States is
merely
conference because we fear it will prove only dilatory intervention,"
lie invited to participate in a preliminary inquiry which may prepare the
said. "We hold that disarmament should proceed at once. We have alway for steps of a more definite and formal nature. Whether the conditions
ready expressed our willingness to take part in a real disarmament discussion. We are against years of security discussion as a preliminary to dis- and circumstances will prove such as to make it desirable for the United
States to attend any conference or conferences which may eventually take
armament.place as a result of the labors of the Preparatory Commission, or otherwise,
"The general settlement of international affairs is imposiible without
us," Is a question which need not now be considered. It is my judgment
that
he said, adding that the Soviets remained hostile to the League of Nations
so far as this preliminary inquiry is concerned, we ought to give our aid
and put no faith in the Locarno pact, which the Russian Foreign Commisand co-operation to the fullest extent consistent with the policies which we
deemed merely preparation for a crusade against the Soviets.
sar
have adopted.
Economic relations with the United States had already been resumed
and
The general policy of this Government in favor of disarmament and
he thought that this might be one of the obstacles to progress toward diplolimitation of armament can not be emphasized too frequently or too strongly.
matic relations, adding: "Some people may be inclined to say that since
In accordance with that policy any measure having a reasonable tendency
we are already able to do business with Russia, resumption of diplomatic
to bring about these results should receive our sympathy and support.
relations is not necessary."
The conviction that competitive armaments constitute a powerful factor
JAN. 16
1926.]
THE CHRONICLE
in the promotion of war is more widely and Justifiably held than ever before.
and the necessity for lifting the burden of taxation from the peoples of the
world by limiting armaments is becoming daily more imperative.
Participation in the work of the Preparatory Commission involves no
commitment with respect to attendance upon any future conference or
conferences on reduction and limitation of armaments; and the attitude
of this Government in that regard can not be defined in advance of the
calling of such meetings. For this reason I deem it advisable to ask the
Congress at this time only for such appropriation as may be required to
defray the expenses of our participation in the work of the Preparatory
Commission. I therefore recommend that there be appropriated the sum
of $50.000 to cover the expenses of participation, in the discretion of the
Executive, in the work of the preparatory commission.
CALVIN COOLIDGE.
The White House, Washington, Jan. 4, 1926.
Under another head we give the text of the invitation
extended to the United States.
Tax Revision Bill Before Senate Committee—Minority
Recommendations.
The drafting of a tax revision program embodying the
views of the minority members of the Senate Finance Committee has followed the consideration of the revenue bill
undertaken by the Committee on Jan. 4, after the Christmas
recess. Senator Simmons, ranking Democrat on the Committee, made known on Jan. 6 the intention of the Democratic members to present their own proposals, and on that
date, on motion of Senator Simmons, the Committee agreed
to withhold action on the tax provisions of'the bill until
Jan. 9, when, the Senator indicated, he would present the
Democratic plan with respect to normal and surtax rates,
ere. Under the minority proposals, a reduction in taxes of
approximately $500,000,000 would result, as compared with
the reduction of $325,000,000 which the bill passed by the
House on Dec. 18 would effect. The Democratic proposals
were rejected by the Senate Finance Committee by a vote
of 10 to 7 (a party vote) on Jan. 11, when important rate
reducing provisions of the House bill were accepted by the
Committee. Senator Simmons in giving out on Jan. 10
the following statement, said that the statement so given
out by him represented the attitude of the minority only
as to the things in the bill with which the statement deals;
and that there are other important matters in the bill left
to be dealt with as they are reached.
297
This will enable the Government to pay off its entire indebtedness within
32 years and make provision at the present time for tax reduction of more
than $500,000,000 per annum, instead of the reduction of $325,000,000 as
proposed by the bill as it comes from the House.
Senator Simmons offered in the Senate on Jan. 11 the
following table, making comparison of the Democratic plan
with the existing law, and also with the rates in the revenue
bill as it passed the House.
SURTAX UPON CERTAIN NET INCOMES—$20.000 EARNED
INCOME—MARRIED MAN WITH NO DEPENDENTS.
Surtax under
Net Income.
1924.
Rates.
$10,000
11.000
12,000
13,000
14,000
15.000
16,000
18,000
20,000
22,000
24,000
26,000
28.000
30,000
32.000
34.000
36.000
38.000
40,000
45,000
50.000
55.000
60.000
70.000
80.000
90,000
inn nnn
$10
20
30
40
60
so
140
220
320
440
580
740
920
1.120
1,320
1,540
1,780
2,040
2,730
3.540
4.470
5,480
7,780
10.480
13,540
17 n9ri
House
Rates.
$750
15
22 50
30
45
60
105
165
265
385
525 685
865
1.065
1.265
1,485
1.725
1.985
2,665
3.405
4.205
5.005
6,705
8.505
10.405
19 •Ing
% of Reduction
from 1924 Tax.
Democratic
Rates.
House. Dem.
$750
15
22 50
30
45
60
105
165
265
365
485
605
745
885
1,045
1.205
1.385
1,565
2.075
2.645
3.275
3.975
5.485
7,125
8.940
in 7/1c
'28%
25
25
25
25
25
25
25
17
12)4
9
7
6
5
4
334
3
2fi
2)4
331
6
8
14
19
23
92
38%
25
25
25
25
25
25
25
17
17
16
18
19
21
21
22
22
24
24
25
27
28
29
32
34
27
Percentage of reduction in surtax on all net Incomes in excess of $100,000.
approximately 50%.
It was stated on Jan. 4 that a warning by Secretary
Mellon to the Committee that the total of the pending tax
reduction bill should not exceed $330,000,000 caused the
minority members immediately to draft plans to increase
the total to approximately $400,000,000. The Washington
dispatch of that date to the "Times" stated:
Senator Simmons of North Carolina,ranking Democrat on the Committee,
called into consultation Joseph S. McCoy, the Treasury Actuary, and went
over estimates of collections and other details to see where a chance lay for
adding further reductions to those already made by the House. Later
several Democrats held a meeting, while in another part of the Capitol
The reductions in taxes proposed by the minority members of the Finance two or three Republicans of the Committee were closeted.
It was imperative, Mr. Mellon informed the Committee to-day, that the
Committee will amount to approximately $500,000,000 and are as follows:
First, we propose reductions in income taxes of $44,000,000 in excess of limit he set should be adhered to, otherwise there would be danger to
the Federal financing program. In this attitude he was strongly supthose provided in the House bill.
We accept the normal tax rates, the personal exemptions and the surtax ported by Senator Smoot, Chairman of the Committee, and other Adminrates provided in the House bill upon incomes up to and including $22,000. istration Republicans. Although on the stand about two hours in execuBut we do not accept the surtax rates in the House bill on incomes be- tive session, Mr. Mellon did not get very far in discussing details of the billtween $22,000 and $100,000 and propose with respect to these incomes to He was diverted by questions about the Liberty Loan bonds, and in conso adjust the brackets in the House bill as to provide for a reduction in sequence he will again appear before the Committee to-morrow.
the surtaxes of the incomes within these brackets of $44,000,000.
To Work Day and Night.
If this readjustment—in the interest of equalizing reductions made on
The Finance Committee will meet again in the morning, will hear Mr.
incomes in excess of $22,000—is accepted by the committee or the Senate,
the minority will accept the maximum surtax rate of 20% as prescribed in Mellon in the afternoon and intends to sit at night, Senator Smoot stated.
Every effort will be made, he added, to get the bill to the floor between
the House bill.
The average reduction made in the House bill upon incomes between Jan. 20 and Jan. 25.
While numerous Democrats have advocated spreading the payment of the
$10,000 and $20,000 is 25%; upon incomes between $20,000 and $100,000
public debt over a period of sixty-two years, the time limit allowed to the
is 0%, and upon the income in excess of $100,000 is 50%.
Allies in which to pay their war debts, Senator Simmons inclines to the view
The schedule proposed by the minority will provide for an average reduction upon incomes up to $20,000, of 25%; upon incomes from $20,000 that forty-three years should be the proper period. In this he agrees with
Senator Jones of New Mexico, who stated last week that $200.000.000 could
to $100,000 of 24%, and on the incomes above $100,000 of 50%.
be obtained for tax cuts by spreading out the debt payments.
Second, the repeal of the capital stock tax upon corporations. This
tax
is peculiarly discriminatory against the weaker corporations, and in addiOn Jan. 11 in rejecting the Democratic tax program, the
tion is distinctively a nuisance tax.
Senate Committee decided upon the following changes in the
Third, the abolition of all taxes upon admissions and dues.
The basic question for consideration in connection with tax reduction provisions of the House bill,
according to the Associated
relates to the amount of money which should be raised by Federal taxation
Press accounts.
annually for the purpose of reducing the indebtedness of
the Government.
Repeal of the capital stock levy of $1 for each $1,000 of stock in excess of
Under the present law all moneys in the Treasury not specifically
made $5,000.
applicable to some other purpose are applied to the reduction
of the inIncrease of the corporation tax from 12)4% to 13%.on taxes paid in 1926
debtedness.
and to 1334% thereafter.
Under the bill as it comes from the House it is proposed to
reduce taxaIncrease of the admission tax exemptions to apply to tickets costing 75
tion to the extent of about $325,000,000. If such reduction
occurs, the cents or less, instead of 50 cents, the present
limit.
amount applicable to payments upon the public indebtedness
will be reElimination of the House provision allowing exemption from the admisduced by that amount.
sion tax on tickets sold for the "spoken drama."
Necessarily, therefore, we are called upon to consider
primarily the
Restoration to the bill of a 2% tax on automobile trucks. The House had
amount of revenue which should be raised for the purpose of the
reduction voted to repeal the present 3% levy on trucks.
of the public debt. Under existing law, provision is made for a
cumulative
Further reductions in the taxes on cigars selling for 5,8 and 15 cents.
sinking fund.
Increase by double the tax applying on foreign-built yachts and motor
In round numbers there is applied to the sinking fund from
current boats.
Treasury receipts each year $253,000,000 and interest at
an average of
approximately 4% upon all accumulated investments of the
The privisions in the House bill, accepted by the Comsinking fund.
The present indebtedness of the Government is approximately
$20,400,- mittee on Jan. 11 were:
000,000. If this sinking fund is maintained, as contemplated
by the presReduction in the normal income tax from 2 to 1)4% on the first $4.000
ent law, it will liquidate the entire principal of the indebtedness
of the of taxable income, from 4 to
3% on the next $4,000 income and from
country whether represented by bonds, certificates or other
obligations in 6 to 5% on the remainder.
not more than 32 years.
Reduction in the maximum surtax rate from 40 to 20%, with readjust
The minority believes that this sinking fund requirement,
together with ment of the surtax rates
applying on incomes between $44,000 and $100.000,
the interest charges, imposes annually upon the taxpayers of the
country above which the maximum would
apply.
the burden which should be borne by them in order to pay
all
off the
Increase in the personal exemptions from $1,000 to $1,500 for single
indebtedness.
persons and from $2,500 to $3,500 for married persons.
Under the present law the $253,000,000 annually set apart as
a sinking
Reduction of the automobile passenger car tax from 5 to 3%•
fund is raised by taxation and used for the retirement of our
indebtedness
Repeal of the excise taxes on jewelry, automobile tires and parts,
and in addition to that, the amount annually received (estimated for
this cameras, photographic films and plates, firearms
and shells, smokers'
year at more than $175,000,000) from our foreign debtors, is likewise
ap- articles, coin-operated devices and mah jong sets.
plied to the retirement of our indebtedness.
Repeal of the taxes on works of art, brokers, tobacco manufacturers,
The minority propose to apply to this sinking fund all receipts
from bowling alleys, pool and billiard tables, shooting galleries and riding
foreign Governments arising on account of their indebtedness,
thereby academies, automobiles for hire and use of domestic-built yachts.
reducing to the extent of these foreign payments the amount to be
raised
Reduction of the $3 tax on dispensers of narcotics to Si.
by taxation for purposes of the sinking fund.
Reduction in taxes on other classes of cigars.
298
THE CHRONICLE
Drot. 122.
National Democratic leaders, according to Associated
The New York "Times" advices from Washington Jan. 11
Press dispatches, sent word on Jan. 13 to the Democratsie
regarding the action of the Committee that day said:
The belief was generally held that the suggestion made by Senator Sim- members of the Senate Finance Committee urging them to
mons yesterday that reduction ofthe public debt be slowed down by applying
facilitate early passage of the pending revenue bill even at
the $175,000,000 received annually from foreign nations to the sinking
fund instead of using it, in addition to the sinking fund, for the cancella- the expense of success of their plan. The dispatches added:
tion of public debt obligations, would get nowhere.
Consolidation of Stock Tax.
One of the most important changes made by the Senate committee today
was the consolidation of the capital stock tax of $1 per $1,000 with the
corporation tax of 12;t6% per $1,000 on the net income of a corporation.
The Democrats made a determined fight for the repeal of the capital
stock tax, contending that it was discriminatory against weaker corporations and was, in fact, a nuisance tax. After agreeing to its abandonment
the committee voted the increase of the corporation tax by a vote of 9 to 8.
Senator Stanfield, Republican, voted with the Democrats against the
increase. It was said after the meeting that no appreciable revenue loss
would result from the change, as the money from the capital stock tax
would be made up by the added percentage to the corporation levy.
The provision allowing exemption on income received as dividends or
interest from building and loan associations, once eliminated from the bill,
was restored. It was also agreed to change the bill so that beneficiaries of
life insurance policies would be able to deduct premiums when making up
their income tax report.
After a conference with Clem Shaver, Chairman of the Democratic
National Committee, Senator Simmons of North Carolina, ranking Democrat on the Committee, reiterated that he expected his program for increased tax reduction to be approved by the Senate. but that he would
not hold up passage of the bill in an effort to bring about its adoption.
On the contrary, he said, he was ready to fight for early passage.
doing business as individuals or as partnerships.
It is now proposed, as I understand, to make this situation worse by
increasing the tax which is so objectionable to the small corporations which
will get no compensation to amount to anything by the repeal of the capital
stock tax, the rate of which, being only Si a thousand of stock, is no offset
worth mentioning.
When the bill reaches the Senate within three days after discussion has
begun I shall myself, if no one else sees fit to do it, ask for adoption of a
unanimous consent rule agreeing to vote upon the bill, and all amendments,
without further debate, at a time not later than an early date in February.
I do not set the time, but will be perfectly willing to fix a time for foreclosing
debate and final vote as of the 10th of February.
I can and will reduce that time if it is thought wise and desirable. That
will leave practically three weeks for action by the conference before the
first day of March and practically five weeks before the fifteenth of March,
when returns must be made.
The "Times" Washington dispatch Jan. 13 announced
that Senator Glass of Virginia, Senator Bruce of Maryland,
and other conservatives, do not sympathize with any campaign which would place their party in any undeirable lights
and are said to have no great liking for some of the proposals
made by Senator Simmons and his lieutenants in the tax
debate. In fact, says the "Times," Senator Glass even
urged upon Senator Robinson, Democratic Senate leader,
the approval of the House bill just as it came to the Senate,
Chairman Green of the Ways and Means Committee but Senator Simmons would not consent.
criticizing on Jan. 12 the action of the Senate Committee
Senator Simmons in a statement on Jan. 14 said that
in proposing to repeal the capital stock tax of 31 per $1,000, "interviews given out ostensibly from the White House and
and increase the corporation stock tax said:
articles appearing in the great metropolitan papers, which
I have had many inquiries as to the effect of the repeal of the capital
usually reflect the view of the Administration, have up to
stock tax and an increase in the tax on corporation profits to make up for
this time practically refused to discuss the merits of the
the loss of the revenue.
Whatever may be the merits of the proposition to repeal the capital stock minority's proposition and have adroitly suggested that the
tax considered simply by itself and alone, It is doubtful whether a more
minority's action in offering proposed amendobjectionable method could be found for making up the loss of revenue effect of the
which would be caused by its repeal than the one proposed. The small ments will be to delay action on the Revenue bill beyond
corporations are now complaining that their stockholders are unreasonably March 15." He added that he had that day suggested to
and unfairly taxed through the tax on the profits of corporations, and there
is no question but that in nearly all cases the stockholders of the small the Committee "that the bill ought to be reported this
corporations are much more heavily taxed than they would be if they were week," and added in part:
On the 12th inst. President Coolidge was reported as
indicating it as his belief that the cuts proposed in the tax
program of the Senate Committee Democrats would be
Regarding the Finance Committee's action on the bill
unwise from an economic standpoint, and he was further
said to have indicated the desirability of speeding action on on Jan. 14 the New York "Times" stated:
The Finance Committee to-day agreed to amend the House bill to prevent
the House bill to insure its enactment before March 15, the
double taxation on undistributed profits of close-held corporations. The
date when the first income tax installment becomes due. plan is to exempt from taxation dividends declared after a corporation has
According to the Associated Press dispatches from Washing- paid the penalty tax of 50% for holding instead of distributing earnings.
It was decided to change the law, as affecting oil companies, so that
ton Jan. 12, Senator Simmons announced on that day that, depletion would be figured on the basis of 25% of their gross earnings inalthough the Committee had rejected the plan for increased stead of on valuation, and also decided that insurance companies which do
reduction, he expected to gain enough support in the Senate not pay capital stock taxes should not be required to pay the increased rate
for its adoption. At the same time, he insisted that a fight of the corporation income tax which has been provided in substitution for
the capital stock tax by the Senate Committee.
for adoption of the amendments proposed by the minority
The Committee agreed to the House reduction of stamp taxes,decided to
members would not be permitted to prevent final action on repeal stamp taxes on custom house entries and withdrawals and steamer
changes in the alcohol and cereal beverage taxes.
the bill before March 1, the present program of leaders of tickets and to the House
The Committee also on Jan. 14 approved the action of the
parties.
both
.
House in repealing the provision in existing law relative to
The same advices stated:
tax returns.
With most of the rate schedules provided by the non-partisan House the publicity of income
measure already approved, the Senate finance committee turned its atAccording to the New York "Herald-Tribune," Senator
tention yesterday to suggestions for changes in the administrative pro- King,of Utah,a minority member of the Finance Committee,
visions of the law from representatives of the special Senate committee
introduced on Jan. 8 a series of proposed amendments to the
which investigated the Internal Revenue Bureau.
Chairman Couzens of that committee presented its report and H. L. bill, the effect of which would be heavily to increase the total
Manson, its attorney, asked that the law be made more specific with
tax reduction. As to these amendments the paper referred
respect to deductions on account of amortization and depletion. A. W.
Gregg, solicitor of the Bureau, told the committee that many of the com- to said:
plaints of the special investigating committee already had been incorporated
in the Bureau's policy.
The committee will continue its consideration of the Couzens committee report today and then wind up its work on the rate schedules.
Regarding the further consideration of the Couzens
Committee report on Jan. 13, the New York "Times"
stated:
Discusses Oil and Gas Taxes.
To-day the Finance Committee again discussed suggestions of the Couzens
stibcommittee, the principal subject being a probable new method of determining how oil, gas and metal mining companies should be taxed. The
committee, it appeared tonight, now seriously considers doing away with
the method of permitting deductions for depletions and would substitute
a flat tax of some kind on another basis.
After hearing arguments by L. C. Manson, the Couzens committee counsel, the committee concluded that the present method of determining depletions was harmful because of the wide discrepancies between estimates of
different engineers. It was not held by the committee. Senator Smoot
said, that the Treasury practiced fraud, but that Its experts were as liable
as any independent agency to make varying estimates of value.
Mr. Manson called attention to one case in which four investors in the
same oil fields were taxed widely different sums, but Alexander W. Gregg,
the Treasury Solicitor, pointed out that this error had been discovered and
corrected by the Treasury before the Couzens subcommittee began its
Investigations.
May Finish Bill by Jan. 20.
Under present law the depletions accruing to an oil well operator are first
determined. He is permitted to make deductions from his income because
tax of 12;i% on the reof these, and is then taxed the flat corporation
mainder of his income.
In place of this plan the committee thinks of imposing one of three alternatives—a tax on net earnings, or on operating income, or on gross production. The committee would seek to make the revenue under any of these
levies equal to that received to-day.
Senator King's amendments would reduce the corporation tax from 12%%
to 10%. They would eliminate all taxes on admissions and dues, on automobiles, on Oughton House entries or withdrawals, on passage tickets and
on insurance plIcies. The capital stock tax would be wiped out. In the
deductions allowed corporations, the interest on indebtedness would be
removed from the list of items deductible. The stamp taxes on bonds of
certificates of indebtedness issued by individuals would be eliminated.
On the 7th inst. the New York "Times" contained the
following in its advices from Washington:
Amendments offered to-day by Senators Fletcher and Trammell of
Florida, if adopted, would have great bearing on the land sales now going
on in their State. In so many words, the Senators ask that where a land
sale is paid for partly in cash and partly in notes. only the cash payment
shall be taxed at once and the note not taxed until exchanged for cash.
These amendments are regarded as important not only in Florida, but
wherever land sales are made Only a short time ago the Board of Tax
Appeals ruled that notes as well as cash were taxable under the capital
gain tax of 123%. It is to overcome this ruling that Senators Fletcher
and Trammell make their move to-day.
On the 9th inst. the same paper stated:
The disclosure was made today by Senator Smoot that Republicans
of the Committee would do everything possible to bring about reapl of
the Federal inheritance tax which the Administration desires stricken
from the present law. The tax not only belonged to the States, Senator
Smoot said, but because of the cost of collection it was worth little from
a revenue standpoint.
Notice that the Republicans would try to repeal the Federal inheritance
tax came es a complete surprise, for the general impression was that the
Finance Committee would leave the tax as it is in the House bill, with a
40% maximum and an 80% credit on the tax of the amount paid as a State
inheritance levy. Senator Smoot pointed out today that on an estate
levy of $20,000, the result would be that the Government would lose
$18,000, or 80%, and of the remaining $4,000, perhaps $2,000 would be
eaten up in collections.
JAN. 16 1926.]
THE CHRONICLE
299
Pleas by representatives of States that the Government should abandon Anthracite Coal Strike—Conferences at Union League
the estate tax field evidently have had an effect on members of the Finance
Club Terminate Without Results—Various Plans
Committee, though the House took an opposite attitude. An argument
Presented, Including One Proposing Chas. E.
for permitting the State sole jurisdiction in this field was made to the
Finance Committee to-day by Edgar A. Brown, Speaker of the South
Hughes as Arbitrator.
spokesman of
Carolina House of Representatives, and the accredited
The conferences between representatives of the anthraLegislatures and Govenov. Mr. Brown submitted a
numerous State
brief and statistics showing that about 75% of the legislators of all States cite coal miners and operators, which were opened in New
stood back of the position he maintained.
York on Dec. 29 at •the Union League Club under the
Florida Senators in Opposition.
chairmanship of Alvan Markle. were broken off on Jan. 12
Senators Fletcher and Trammell of Florida Insisted to the Committee
that the Government must not undertake to coerce State Governmen+s into without results. While spoke'men for the two factions seek
either enacting estate taxes or adopting a uniform system for this levy,
to lay the blame for the deadlock on the shoulders of the
The Florida Senators argued also for the amendments they have subto relive from tax the notes given in part payment for lands or other, Chairman Markle in a talk with newspaper men on
mitted
property until the notes are exchanged into cash. The Real Estate Board the 12th inst. declared that "each side is equally to blame."
of New York has taken a like position, and, from what Senator Smoot
“They do not realize," he was quoted as saying, "that the
said this afternoon, the Committee looks with favor on the proposal.
Senator Smoot noted that the Treasury had permitted the practice desired public interest transcends their private, personal interests.
by the Florida Senators and the New York Real Estate Board until the But they must realize it. I hope the public by its reaction
Board of Tax Appeals recently ruled otherwise.
will
show its feelings."
It was announced in the "Times" that three amendments
At a meeting of the Scale Committee of the anthracite
Jan. 4 as
to the tax bill were submitted by Senators on
miners at Hazelton, Pa., on Jan. 14 a resolution was
follows:
One by Senator Harris of Georgia would "exempt all persons whose net adopted approving every action taken by President John
incomes do not exceed their personal exemption plus credit for dependents, L. Lewis of the United Mine Workers, and other leaders, In
by more than $1,000." Another by the same Senator makes this limit conducting the strike. The
Scale Committee called to hear
$500. The third amendment, by Senator Shortridge of California, makes
the estate tax rates in the new bill retroactive to all estates whose owners the report of its sub-committee which carried on the negodied after the 1924 bill was passed.
tiations in New York with the operators also adapted a
The 25% deduction for earned income up to $20,000 was resolution thanking the American Federation of Labor for
agreed to on Jan. 5.
its appeal for funds in behalf of the striking mine workers,
References to the tax revision bill have appeared in these and condemned the movement in the Pennsylvania Legislacolumns Dec. 12, page 2825; Dec. 19, page 2965,and Dec. 26, ture for the repeal of the miners'
certificate law. The
page 3076.
Associated Press advices with regard to the Hazleton meeting said:
Bill Proposed by Gov. Pinchot of Pennsylvania Making
In connection with the attempted repeal of this law, President Lewis read
Anthracite a Public Utility—Proposed Change in
to the Scale Committee a telegram from international representatives of the
union at McAlester, Okla., stating that the explosion at Wilburton, where
Miners' Certificate Act.
nearly 100 miners were killed was said to have been "caused by green,
At the special session of the Pennsylvania Legislature on inexperienced men."
The agreement made between the miners and the operators regarding
Jan. 13, called by Gov. Pinchot on Dec. 14, two measures
employment of
for State control of the mining industry were porposed by the the committee maintenance men during the suspension was reaffirmed
by
and announcement made that the maintenance
the Administration. As to these measures, the Philadelphia would not be withdrawn from the mines so long as the coal companies men
live
up to that compact.
"Ledger" said:
President Lewis pledged to the Scale Committee the entire resources of
The first, an amendment to the Public Service Law, classifies anthracite
productions as a public-service function, and thereby readers the operators the national treasury of the United Mine Workers, and also assured the
committee of the national organization's ability to raise funds as may be
subject to the same regulation that now applies to street
-car, telephone and necessary to take care of
needy miners in all parts of the region. There
other public-service business,
The second bill is aimed primarily at the retail end of the anthracite need be no fear of starvation among mine workers or their families, It
was announced by Mr. Lewis.
trade. which Is unaffected by the first bill, and authorizes the Governor
to enter into compacts with other anthracite-consuming States providing
The resolution adopted reaffirmed "to the world our
for the regulation of the business of producing, preparing, transporting, sanction,
approval and support of the plans and policies" of
selling and distributing anthracite,
The strike, which dates from
The first bill amends the Public Service Law by inserting the phrase the union leaders."
"anthracite producers" in the category of businesses that fall within the Sept. 1, involves some 150,000 men, and up to
Jan 1 has
jurisdiction of the Public Service Commission. Furthermore, it defines
anthracite producers as including "all persons, partnerships, unincorpor- caused a loss in wages, it is said, of $113,000,000 and ft loss
ated associations or corporations engaged in the production, preparation in tonnage of 55,000,000. In our issue of Dec. 26 (page
and making ready for market of anthracite for domestic use and in the sale 3076) we detailed the efforts
made by Governor Pinchot in
of such coal."
At the same time, two other bills, not sponsored by the
State Administration, were presented in the State Senate,
viz.—Senator Patrick Joyce, of Luzerne, presented a bill repealing the tax on anthracite coal, while Senator George
Woodward, of Philadelphia, presented a bill amending the
Miners' Certificate Act. With regard to the last named
measure the Now York "Times" advices from Harrisburg
on Jan. 14 said:
The anthracite operators' legislative program in opposition to the
plan
of Governor Pinchot, who proposes State control of the anthracite industry
received preference to-day in the State Senate.
The Senate Mines and Mining Committee agreed to report for
favorable
action the bill of Senator Woodward of Germantown, drawing
the teeth
from the Miners' Certificate law.
The Woodward amendments would end control of labor in
the anthracite
fields now exercised by the United Mine Workers.
First, they would
eliminate the provision in the present law which requires
that to be eligible
for a certificate a laborer must have had at least two years'
of experience
In the mines. As the anthracite field is solidly union,
apprentices neces,,are7 must be union men to work in union mines.
Secondly, they would abolish the Examining Board which
issues the cer-tificates and which now is composed of nine union
miners. In its place
would be created a board of three, consisting of one operator
or his reprosentative, one mine inspector and one miner. This
would place the union
representation in the minority,
Union Man a Minority in 2V eto Board,
The amendments would also permit the certificates to be
Issued by two
of the three members of the board, permitting the union man to be
outvoted.
Although this bill was reported from committee when the
Senate reconvened, it cannot be considered on first reading before Monday
night, when
it will be the first bill on the calendar.
It is not yet known whether the operators intend to try to pass this
bill,
or merely use it as a threat against the labor men in the Legislature to
try
to prevent favorable action on the Governor's bills against the operators,
The Senate committee, in deciding to report the Woodward bill for
action
without a hearing, announced that if hearings were
requested they would
be held later, in conjunction with the House Committee on Mining.
Representative William C. Alexander of Delaware conferred today
with
Senator Woodward regarding his amendments to his bill. Mr. Alexander
said he was considering an amendment which would suspend the operation
of the Miners' Certificate Law during strikes,
The Governor's coal industry regulatory measures were referred to the
Committee on Mines and Mining to-clay,
that and the preceding month to effect an adjustment of
the differences between the miners and operators, and the
proposal made by him to bring about a settlement. The conferences in New York, which were a development of the
steps by Governor Pinchot to end the strike, appeared on
more than one occasion to be on the verge of a break, and
the termination of the negotiations this week without accomplishments did not come as a surprise. With the start
of the conferences on Dec. 29, Chairman Markle presented
a plan for settlement. Certain features of the plan were
objected to by the miners on the ground that it provided for
arbitration; the operators on their side insisted that an arbitration clause be included in any plan of settlement.
Following three days, in which no progress was made toward agreement, the conferences adjourned on Dec. 31 until
Jan. 5. They had continued from the latter date until the
12th—a Sunday session on the 10th also having been held—
the week's sessions having been marked by a proposal (on
Jan. 0) by the representatives of the miners for the
passage
of a bill by Congress for the Federal regulation of the anthracite industry. This was opposed by the operators,
whose views thereon are indicated further below. On Jan.
10 a proposal by Chairman Markle that the Markle plan,
the miners' proposals and the operators' plan be submitted
to Charles E. Hughes, former Secretary of State, for the
purpose of having him formulate a contract, was rejected
by the miners, on the ground, it is stated, that Mr. Hughes
would thus be acting as arbitrator, to which the miners
were opposed. On th,e same day a revised Markle plan was
proposed by the miners, in which, it is stated, were incorporated features of the Pinchot plan, which latter the op.
erators had objected to. On Jan. 11 the operators offered
a plan combining some of the features of the propositions
favored by the operators or the miners and rejected
by
one side or the other. This plan, which the miners rejected,
300
THE CHRONICLE
provided for a five-year agreement, with the right of either
side to request once a year the reconsideration of the wage
scale. In the event of a deadlock the plan provided that
former Secretary of State Hughes, "or some person of similar standing," name three persons to whom the differences
would be referred for adjustment. With the discontinuance
of the negotiations on Jan. 12, the operators in their statement regarding the break, said that the collapse of the conference was "due to just one cause—the refusal of Mr.
Lewis to accept any form of settlement that would bring
some assurance of Mace to the industry." The statement
also declared that the insincerity of the miners' proposals
was shown "by Mr. Lewis's statement to us that we might
raise the price of anthracite $5 a ton so long as he got what
he wanted." According to the New York "Times" of the
13th inst., Thomas Kennedy, Secretary-Treasurer of the
union, denied that Mr. Lewis had made such a statement,
and Mr. Lewis was reported as saying that he would answer
at the proper time. The statement on Jan. 12 by Mr. Lewis,
president of the United Mine Workers, relative to the break
in the negotiations charged that "the anthracite operators
with malice aforethought disrupted the meeting." Mr.
Lewis's statement also said:
One of the startling developments that were made clear throughout the
days of the conference is that the operators' attitude of resisting settlement
Is dictated by a very small minority of the anthracite producing companies. In the beginning of negotiations last July the operators all agreed
in conference that they would stand for a wage scale which would permit
the poorest companies, operating mines with high royalty charges and
under inefficient management, to continue to remain in the market. Because of this pledge then given less than 25% of the producing tonnage in
the anthracite region is following the "dog in the manger" policy of preventing the other 75% of the tonnage from making an agreement.
Major W. W. Inglis, Chairman of the Operators' Negotiating Committee, in denying (said the "Times" of the
13th) that there was any division of sentiment in his group
and said: "The operators are a unit in the stand they have
taken." The following is Mr. Lewis's statement of Jan. 12
regarding the termination of the negotiations:
The conference would still be in session and efforts would be in progress
to effect a settlement of the strike if it were not for the fact that the
anthracite operators with malice aforethought disrupted the meeting. They
were determined from the start to do so. As long as the conference remained in session there was hope for an agreement, but in the face of their
unwarranted action, hope is vain. The mine workers refused to agree to
an adjournment until it was forced upon them.
The operators from the start offered only their own brand of arbitration as a basis of settlement They refused to include in this arbitration
the fixing of their profits or the arbitration of the prices which they
would charge the public for their coal. The mine workers maintained that
arbitration of the human rights involved without similar arbitration of the
property rights lacked the elements of justice and was in itself no panacea
for the problems of the anthracite industry.
The mine workers entered the conference with a good faith purpose to
do everything reasonable to effect a settlement and restore peace in the
anthracite industry and to build a better degree of confidence between the
operators and their employees. Our every attempt in this direction was
repulsed. Every concession from previous demands made by the mine
workers' representatives met with the sneering opposition of the operators'
representatives. They stood upon their arbitration rock and mocked our
prayers for peace.
The mine workers brushed aside their demand for a definite increase in
wages and offered to agree that the miners should have an increase only
if a thorough examination of the books of the coal companies disclosed
that they could reasonably pay an increase. Surely that was a broad concession by the mine workers and an evidence of their good faith.
Charge Operators With Refusal to Open Books.
The operators flatly and bluntly refused to show their books for that
purpose, or any other purpose. The operators' representatives voted down
a motion that the records of the coal companies be made available for the
use of the conference. What is behind this attitude and this refusal to cooperate with their employees by revealing the facts of, the industry? The
miners have charged, and we now charge, that an examination of the books
of the industry would show that the great coal-producing companies are
snaking enormous profits in every process related to the production and
distribution of the anthracite commodity. It is obvious that their refusal
to make their records available to the conference in the negotiation of
new agreement is predicated upon their disinclination to reveal the amount
of their profits to any one.
The mine workers laid aside their demand for a standard check-off clause
In the contract and offered to accept a modified check-off arrangement
limited to $14 per year, with a proviso that the privilege be accorded only
to those employees who desired it and voluntarily asked for it. The operators again refused.
The mine workers proposed that both sides join in a request to Congress
to enact legislation providing for complete regulation of the entire anthracite industry, inasmuch as it appeared to be impossible for the miners and
operators to adjust their differences. This would mean regulation of profits
and the selling price of coal, as well as every other phase of the industry.
Under this plan it would be necessary to open the books of the coal companies, and again they refused.
The mine workers offered a plan providing for a board of investigation,
three members of which would be appointed by the Hon. Charles Evans
Hughes. Again the operators refused, because that meant the opening of
their books.
We might enumerate many more concessions offered by the mine workers, but these are sufficient to show the spirit of fairness with which the
mine workers' representatives approached the task of restoring peace in
the industry. Against all of these proposals the operators offered but one
stereotyped suggestion, namely, arbitration. They demanded arbitration of
the miners' wages, but boldly refused arbitration of their own profits.
[VoL. 122.
One of the startling developments that were made clear throughout the '
days of the conference is that the operators' attitude of resisting settlement
is dictated by a very small minority of the anthracite producing companies.
In the beginning of negotiations last July the operators all agreed in conference that they would stand for a wage scale which would permit the
poorest companies, operating mines with high royalty charges and under
inefficient management, to continue to remain in the market- Because of
this pledge then given less than 25% of the producing tonnage in the anthracite region is following the "dog in the manger" policy of preventing
the other 75% of the tonnage from making an agreement
At one point in the negotiations a plan of settlement was suggested by
the mine workers which undoubtedly would have met the approval of the
majority of the operators, but this plan was promptly blocked by representatives of the minority tonnage, who demanded their pound of flesh from
those operators who were favorably disposed toward the suggestion.
Incredible as it may seem to those unversed in knowledge of the operators' policies, it is yet true that a few irreconcilables among the operators
are continuing the paralysis of a great industry and compelling the public
to undergo inconvenience until they attain the objectives of their own
selfish desires.
The mine workers are more than ever firmly resolved to continue their
struggle for justice and an honorable working agreement in the anthracite
industry that will preserve for them the wage standards and conditions for
which they have struggled and sacrificed.
The following is the statement issued in behalf of the
operators on Jan. 12:
After many days of conference, we find there is no change whatever in
Mr. Lewis's attitude. He absolutely refuses to consider any constructive
policy. In a few words, his position is that he will rule or ruin.
He has informed us in no uncertain terms that he cares nothing for the
opinion of the public or public officials, Chambers of Commerce, religious
organizations or the press. He will have his own way or nothing.
The operators' proposals, the Luzerne legislators' plan, the Markle plan,
the engineers' and economists' plan—all were discussed at length only to
be summarily rejected by the miners' spokesman because they "smelled of
arbitration."
While the operators were pressing for practical measures to end the
strike and put the industry on a permanent basis, Mr. Lewis dragged in
unconstitutional proposals for Federal price-fixing and wage-fixing. Such
proposals are neither workable nor practicable, and, while consuming time,
did not form a basis for any serious discussion. Their insincerity was
further shown by Mr. Lewis's statement to us that we might raise the price
of anthracite $5 a ton so long as he got what he wanted.
The operators have had but one object in view—maintaining production
at a fair wage and a fair price. This requires some means of avoiding
deadlocks and suspensions.
They have offered to open the mines, pay the old wages and while production is going on submit every issue in dispute to arbitration. The utmost effort has been made to meet Mr. Lewis's views, but he will consent to
no settlement on a basis on which the industry could reasonably be expected to exist
On the record of the past four years, with three general strikes and
constant threats of strike, and then menace of disturbances in the industry
by reason of Mr. Lewis's policy, the operators have been forced to the conclusion that arbitration is the only safeguard. Without this means of
assuring production the industry cannot perform the only function for
which it exists, namely, to supply coal.
The breaking up of the conference is due to just one cause—the refusal
of Mr. Lewis to accept any form of settlement that would bring some
assurance of peace to the industry.
The operators have been trying to reach a sound settlement based on
reason and justice. Mr. Lewis insists that force alone shall rule. Until
his attitude changes further discussion is useless.
In our issue of Jan. 2 (page 44) we referred to the developments during the first three days of the conferences
which were begun on Dec. 29, and to the features of the
Markle plan. From the account in the New York "Times"
of Jan. 1 of the adjournment taken on Dec. 31 to Jan. 5 we
quote the following:
The joint statement issued when the meeting adjourned at 9.15 last night
[Dec. 811 was as follows:
At to-day's session of the conference the operators presented further
arguments for a long-term contract, assuring continuity of
some form of arbitration to prevent possible deadlocks.production, with
The operators
stated that they do not seek wage reductions, but believe it necessary to
provide for adjustments that economic conditions may require in the future.
They said their purpose is to avoid suspensions of production and that they
were willing to adopt any means that will secure this result.
The miners asserted that the provision of the Pinchot plan for a Board
of Investigation and Award would afford the operators the protection
which they say they need.
Suggest Modified Plan.
The operators suggzsted a modification of the Markle plan so that after
investigation the board, in case of disagreement, would make recommendations to the joint conference within 30 days. If, following these recommendations, no agreement was reached within the succeeding 30 days, the
board then to decide the matters in dispute. The operators claimed that
this would probably make arbitration unnecessary, believing that the recommendations would dispose of the matter.
The miners claim that in the final analysis this proposition provides for
arbitration, as does the Markle plan. On this ground they object to both
proposals.
The miners offer to write a two-and-a-half or five-year contract upon
definite terms for either period and no arbitration.
Representatives of the operators and miners have since Tuesday tried
diligently to find a basis for adjustment of their differences. Both sides
have sincerely applied themselves to this task.
Questions have arisen which require more analysis than is possible in the
conference. For this reason the conference has agreed to recess until Tuesday, Jan. 5.
On Jan. 5, when the conferences were resumed, the following brief statement was given out at the close of the
day:
The conference met this afternoon and continued consideration of thepossibility of reaching an agreement The discussion was along the lines
of previous sessions.
The Associated Press on the 6th in reporting the developments on the 5th stated:
JAN. 16 1926.]
THE CHRONICLE
Before entering the meeting yesterday each side expressed itself in the
strongest terms that no concessions had been decided upon and that there
was no change in their attitude on the fundamentals at issue.
The operators resumed negotiations encouraged and stiffened by the action
of the Anthracite Operators' Conference at a meeting in the WaldorfAstoria Hotel in the forenoon, at which, it was announced, a resolution had
been unanimously adopted approving all that the mine owners' representatives had done in their conference with the union leaders last week.
When the joint conference met yesterday, after each side making it
known that it had nothing new to offer, it was expected in some quarters
that the meeting would quickly come to an end. This pessimistic view
began to change as the conference lengthened from early afternoon into the
evening and there was an air of hopefulness among some that to-day might
produce a ray of light. Others, however, see no bright spot in the situation.
If the break comes observers will look to Washington to make an effort
to bring an end to the long stretch of idleness. The present negotiations
are the result of Governor Pinchot's efforts to bring about an agreement
and a break-up of the conference would mean the end, for the present at
least, of the Pennsylvania Governor's endeavors to have mining resumed.
It is not unlikely that if the negotiations continue into next week or are
broken off that Mr. Pinchot may have something new to put forward in
his message to the special session of the Legislature, which meets Jan. 13.
The special session was not called primarily because of the strike situation, but was contemplated by the Governor for consideration of a number
of other subjects before the suspension began Sept. 1.
During the day a committee of three clergymen, representing the Scranton Ministerial Association of 80 churches, met President Lewis and Major
Inglis separately and urged that every effort be made to reach a settlement
during the present negotiations.
301
others to settle. In the present situation we have proposed to do this by
arbitration. You still object to arbitration. In such cases we feel the
public looks to us to compose our differences by continuance of negotiations.'
Replying, Mr. Lewis said the miners were willing to remain in the conference, and that he would regard a break-up of the meetings without an
agreement as a public calamity.
At the suggestion of Chairman Markle the conference adjourned at 10.30
to meet at 11 o'clock this morning.
Report Was Broadcast.
Reports that the conference had reached the basis of an agreement were
circulated by word of mouth yesterday afternoon and WJZ broadcast such
a report which it received from a news agency. When word was sent by
waiting newspaper men at the Union League Club to miners and operators
concerning the rumors of a settlement their spokesmen replied: "This is
news to us."
As indicating that the parleys on the 7th had failed of
developments Associated Press advices had the following to
say:
After holding another long session yesterday they adjourned to 11 o'clock
this morning with the statement that their discussion "did not result in
any definite conclusions."
To observers it appeared to be an endurance test for the negotiators, aside
fr0131 the ability of the idle men and the coal companies to hold out indefinitely.
The negotiators cleared the table Wednesday of all pending proposed peace
plans and other matters vital to ending the controversy and returned yesterday to a desultory discussion of various ideas that had already been advanced by either side.
When evening came Chairman Alvan Markle, the neutral member of the
As we indicated above, at the conferences on the 6th inst.
adjournment, and as there was nothing before the
a proposal was made by representatives of the miners for conference, suggested like a starting point toward a settlement the six
conferees that looked
the passage of a bill by Congress for Federal regulation of miners and six operators again filed out of the Union League Club, where
the anthracite industry. The operators in opposing this the meetings are being held.
Mr. Markle, who is a member of the club, remained behind, still opsaid:
timistic of uniting the widely separated conferees by some means not yet
Your proposal as to Congressional legislation, as we read it, involves the known to him. Mr. Markle is credited with holding the negotiators toregulation of 'the industry as a whole," including the fixing by Congress, gether, and he is determined to continue this as long as he has the ability
or such body as it shall create, of the prices at which coal shall be sold to do so.
and the wages for which the men shall work.
The only apparent action taken by the conference was the adoption of
After consulting counsel, we are advised that, regardless of other objec- a resolution deploring the dissemination of false reports that the strike had
tion to this proposal, it is clearly beyond the constitutional power of either been settled. After the conference adjourned rumors were again spread
State or Federal legislatures to pass such a law. Counsel tells us that the that the negotiators had agreed on a settlement, despite the fact that andecision of the Supreme Court of the United States declaring the Kansas nouncement had been made that the situation remained unchanged.
Industrial Court unconstitutional, which decision was applauded by the
The resolution read:
Miners' Union, is but one of a number of decisions which leave no doubt
on the point. We accordingly vote "no" on this proposal.
With reference to reports circulated by a news agency that a basis of
settlement of the anthracite strike had been arrived at, the conference of
In reporting the day's deliberations, the New York miners and operators state that such reports are without foundation and
"Times" of Jan. 6 stated:
deplore the dissemination of irresponsible and unfounded stories. As to
the proceedings of the conference, when conclusions are reached, they will
The Miners' Proposal.
be promptly and authoritatively announced.
In putting forward their latest offer the miners said that if it were
The New York "Times" of Jan. 8 stated:
agreed to by the operators it would eliminate the objections of both parties to the question of arbitration.
Colonel John J. Byrne, Chairman of the State Fuel Commission, called
The miners' proposal in part follows:
on Mr. Markle at the Union League Club yesterday and told reporters he
keep in touch with the
"Conscious of our responsibilities to the anthracite consuming public and had merely dropped in to pay his respects and to
the imperative need of an agreement being effected that will guarantee a situation.
continuous supply of anthracite, and recognizing the inability of the conColonel Byrne said that if the conference adjourned without an agreeferees to consummate an agreement because of the operators' refusal to ment, he hoped the public would not be stampeded into demanding soft
arbitrate the selling price of coal, and the mine workers' unwillingness to
have wages arbitrated unless the industry as a whole Is subjected to the same coal and coke in such quantities as would tend to send prices to an =degree of regulation, the representatives of the United Mine Workers of necessarily high point.
America, Districts 1, 7 and 9, submit for the most earnest consideration of
The people of New York State are not suffering for lack of fuel, Colonel
the anthracite operators the following proposal:
"1. That in the interest of the public and the anthracite industry a bill Byrne declared. He said he had found an ample supply of soft coal in the
State, selling at prices ranging from $7 75 to $9 a ton.
be prepared designed to control and regulate the anthracite industry.
'2. That we jointly expedite the preparation of this
"If people will refrain from getting excited, there is no reason for
In order that it may be presented to the present sessionproposed legislation alarm," he said. "If they all rush to stock up on soft coal at the same
of Congress at the
earliest possible date.
According to the Joint statement Issued last night, the conference recon- time, the result may be a rapid rise in prices."
vened yesterday with the operators' submission of their proposal for a longThe deliberations on the 8th inst. were featured by the
term agreement, provision for periodical wage adjustments depending on
economic conditions, and abritration to avoid deadlocks, The owners
felt that their proposal would restore confidence in the industry, regain following brief statement:
lost markets and provide steady work for the miners.
At to-day's session of the anthracite committee there was a continuation
of the effort to reach an agreement At the suggestion of the Chairman
Operators Urge Arbitration.
"The attitude of the public demonstrates most clearly that anthracite is an adjournment was taken until 2 o'clock Saturday afternoon."
not a necessity and that neither the operator nor miner can exact an unjust
Regarding the ccnference on Saturday, the 9th, the offitoll," the operators said. "The theory that any price can be expected for an
indefinite period in order to pay any wage that may be demanded is a fallacy cial statement said:
in the light of present conditions. . . .
The conference spent the afternoon in discussion as a committee of the
"They [the operators] are unanimously of the opinion that a
embodying the principles we have outlined is absolutely necessary.contract whole and in separate caucuses of operators and miners. Various modificaIn the
light of this conclusion we earnestly urge upon you once more a favorable
consideration of those principles which we shall continue to maintain are tions of plans before the conference were discussed. The deadlock continues, the operators maintaining their stand for arbitration and the miners
necessary in the interest of all concerned."
The miners voted the proposal down and then asked the operators to sub- opposing it in any form. The conference adjourned until 2 p. m. Sunday
mit to a committee of miners "the books, records and such other pertinent afternoon.
facts as the committee may desire to enable it to reach a decision as to the
wage schedules of the employees of the anthracite industry."
As we stated above, the conference on Sunday was marked
Declaring that it had been repeatedly asserted by the operators that a
substantial percentage of the anthracite production had been sustaining by the suggestion to submit the several plans to Charles E.
losses, the miners said: "In order to ascertain the facts pertaining to the
making of a wage agreement,we deem It highly essential that the information Hughes. The question of opening all future sessions of the
which the operators propose to disclose to the scrutiny of a public committee
be also given the anthracite miners' negotiating committee in this confer- conference to newspapermen was also proposed; to this the
ence."
operators were opposed, while the miners favored it. The
"Our repeated requests to secure this data have met with the blank
refusal of the operators," the request continued. "Therefore, we are again official statement as to this follows:
petitioning the =Musette operators in the hope that they will give their
At the opening of to-day's session Chairman Markle proposed that since
utmost consideration to our request for this information?'
the parties could not agree on a contract, the miners' proposals, the operaOperators' Data to a Board.
tors' plan and the Markle plan should all be submitted to ex-Justice Hughes
The operators replied that to carry out the suggestion would be a task to consider all suggestions and formulate a plan that would be the basis
requiring the services of many experts and covering weeks of labor, and of a contract.
The operators voted "yes"; the miners voted "no."
at the end "nothing would have developed that any one would be bound
Miners offered a resolution that all future sessions of the conference be
by."
"We have offered to supply this or any other data required by a board of open to newspaper men. The operators voted "no"; the miners voted
arbitration as the basis for a decision," the operators added. They promised "yes."
Miners offered a motion that the meeting recess until 8 o'clock to-night
to "submit such books and records and other information as may be conowing to the necessity of reaching an agreement. The operators proposed
sidered pertinent to a board of arbitration."
It was then that the miners proposed and the operators refused to coun- a substitute to recess until 10 o'clock to-morrow. This was passed.
Miners offered what they designated as a revised Markle plan, the printenance the suggestion of a joint appeal for Federal regulation of the inciple provisions of which were an agreement for five years, which could be
dustry.
This was followed by the resubmission of the Pinchot plan by the miners. changed by a board created under the plan; a board to be established .:NonThis was turned down by the operators, who offered the Markle plan, the slating of two miners, two operators and three representatives to be selected by ex-Justice Hughes; the board to investigate and determine
miners dissenting.
whether the operators can reasonably pay a wage increase; if the board
The following statement was then made by the operators:
shall determine on a wage increase it shall be retroactive; records of miners
"You have asked for our suggestion as to the next move. There is a and operators to be
available to the board; the board to investigate, deterdifference of opinion between the two parties. It is the general custom
and practice in all countries when differences arise between parties which mine and recommend means for avoiding suspensions of mining, and for
cannot be settled among themselves to have such differences referred to assuring the public an uninterrupted supply of coal.
302
THE CHRONICLE
[Vol.. 122.
The board to Investigate and recommend methods for increasing effiRecommendations of Governor Smith of New York
ciency and reducing the cost of operation; a joint commission consisting
for State and Municipal Aid for Solution
of one miner, one operator and the conciliator to be created in each district to strive for greater co-operation, harmony and efficiency in the
of Housing Problems.
industry, this commission to have the support and co-operation of operators,
In his message to the New York Legislature on Jan. 6
district organizations and the international union; the check-off limited
to $14 a year; the board of conciliation to equalize wages as provided in calling attention to tenement house conditions in New York
the agreement of 1923, and to handle matters in relation to conditions.
and other cities, Governor Smith declared that "if the State
With reference to the attitude of the operators toward
of New York is to maintain the position in the front rank
the revised Markle plan, and the new plan submitted by the
of the progressive commonwealths of the country, . . .
operators on Jan. 11, we take the following from the New
we cannot overlook the all-important problem of having the
York "Times" of Jan. 12:
lend its aid to the improvement of the living condiMajor W. W. Inglis, for the operators, told the miners that their "revised State
Markle plan" was in effect "not the Markle plan at all, but the Pinchot tions of its people." The State, he said, must revise its laws
plan." To make the operators' position entirely clear, Major Inglis put to meet the situation, and he cited as follows the two prime
on the record a plan to settle disagreements in the Industry, saying it
represented "the utmost concessions that can be made and still preserve essentials to the solution:
the essentials of a workable contract."
Plan of the Operators.
The plan was in essence the operators' previous plans for arbitration,
modified so that the three arbitrators appointed by former Secretary of
State Charles E. Hughes "or some person of similar standing to be mutually agreed upon," would compromise, "one man representative of labor
but not affiliated with the United Mine Workers, one man representative
of industry but not affiliated with the anthracite industry, and one man of
eminent reputation and attainments."
The plan provides for a five-year contract ending Aug. 31 1930, that the
wages in effect under the last contract be paid until Aug. 31 1926 as a
consideration for an immediate resumption of work, "and to continue thereafter subject to revision, when and as economic conditions require."
The plan further calls for a reconsideration of the wages each year at the
request of either side made to the conciliation board, the board to render a
decision within 30 days, and in the event of a deadlock the question at
issue to be referred to a board appointed by former Secretary Hughes or
some one mutually agreed upon. It also provides that the board of three
"shall render a decision, which shall be final and binding on both parties
for the remaining term of the contract, the decision to be made by Sept. 1
of the year in which the wage question is reconsidered."
A statement by Mr. Lewis on Jan. 11 opposing this plan
said:
In a final desperate effort to break up this conference the operators have
again offered a plan of arbitration of wages alone. They have made similar
propositions a countless number of times since their first statement at Atlantic City on July 9. They have stubbornly resisted every suggestion of
the mine workers that they arbitrate their profits upon the inflated capitalization of the industry and that they arbitrate the price which they
charge the anthracite consuming public for coal. They have refused to
reveal to this wage conference any of the records of the industry as proof
of their unsupported allegations.
The mine workers choose to refuse to accept the operators' brand of arbitration, because it is obvious that it is not to the advantage of the mine
workers to do so. The operators frankly desire arbitration as an instrument to effect wage reductions and to decrease the annual earning power
of the anthracite mine workers. The mine workers believe they are within
their rights in refusing to permit the operators the use of a weapon which
would enable them to degrade the living standards of the mine workers and
the people of the anthracite region.
The right to refuse to arbitrate has been clearly established in our country by such men as E. H. Gary and John D. Rockefeller Jr. and other
dominant figures in American industry, who have always refused to arbitrate with their employees when they considered it detrimental to the
interests of the corporations which they represented. The anthracite coal
carrying railroads, owned by the same security holders who own the anthracite coal producing properties, in 1922 and later refused to arbitrate with
the federated shopmen employed along their lines.
The same interests now offer to arbitrate with the United Mine Workers of America because they realize the weakness of their position and their
Inability to lower wage standards or to crush the mine workers' union by
ordinary methods. The mine workers obviously enjoy the same privileges
which these corporations take unto themselves and which the public voice
has never protested.
The mine workers have offered in this conference to make a contract
for any period suitable to the anthracite operators, from a minimum of
two years to a maximum of five years. We have offered to set up the
Anthracite Board of Conciliation, exclusive of the umpire, as a harmonizing, constructive and co-operating tribunal in the industry, designed to
promote and establish a greater degree of confidence between employers
and employees. The present-day curse within the industry is the fact that
confidence has been utterly destroyed by the anthracite operators in previous arbitration proceedings and in their donsistent efforts to harass and
degrade the mine workers.
Every constructive suggestion made by the mine workers' representatives
In this conference has been opposed by the magnates of the anthracite industry. In order to prove the insincerity of the anthracite operators, the
mine workers suggested that they join in a petition to the Federal Congress to establish complete regulation within the industry, both as to
profits and prices of their commodity. This suggestion, without question,
would offer to the public greater security and more fair treatment from
the industry than any other of the numberless plans and theories which
have been presented. The operators, of course, opposed the suggestion of
Governmental regulation of the industry for the same reason that they resent and oppose any suggestion that the mine workers be accorded fair
treatment as to wages, conditions of employment and greater safety for
human life in the industry.
The operators occupy the hypocritical position of desiring the arbitration of human rights while resisting any suggestion that there be arbitration of property rights.
The following is from the New York "Times" of Jan. 10:
Wants Public to Buy Mines.
George E. Fleming, a lawyer, of 516 Fifth Avenue, in an open letter to
Governor Pinchot of Pennsylvania, proposed a plan to end coal strikes on
which he worked for two and a half years. His plan was akin to and based
on the Liberty Loan plan and called for purchase of most of the mines by
the public, increased wages to the miners and large savings by eliminating
middlemen.
"The advantage to the public under this plan will be to be assured of a
supply of coal, a reasonable price and a standard quality," he said in the
letter. "The public will be the partner of the union miner, not the boss."
The first is to provide for the borrowing of money at low rates of interest; the second is the use of the power of condemnation in order that larger
parcels of land may be acquired at reasonable prices.
One of the Governor's suggestions called for the creation
of a State Housing Bank, "similar to the Federal Land
Bank which was organized for the relief of farmers suffering from much the same difficulties that our wage-earners
are." Editorial reference to this and other features of the
Governor's message was made in our issue of last week
(page 140). The Governor's recommendations as embodied
in the message follow:
Emergency Rent Laws.
The emergency rent laws were first enacted in 1920. They were extended in 1923 upon recommendation of the Housing Commission, but expire in February 1926.
I am transmitting to you immediately after this message the report of
the Commission following the hearings and investigations which they have
recently held and their recommendations as to what shall be done further
with this legislation.
The purpose of the rent laws has been the protection of tenants from
unjust exactions on the part of landlords. In the last analysis, however,
the emergency rent laws do not go to the heart of the housing difficulty.
About 25 years ago the State, by the Tenement House Law, undertook
to protect tenement dwellers in two respects: first, as to the construction
of new tenements, and second, as to the care and up-keep of existing tenement properties. At the time of the passage of the so-called Tenement
House Law, it was believed that additional means of transportation and
the construction of bridges over the East River would so distribute the
population as to change the character of certain of the old-fashioned neighborhoods of Manhattan Island. Experience, however, has taught us that
you cannot move people by law.
If a considerable number of people insist upon living in a given neighborhood, nothing that we do by law will change their ideas, and we find
at the end of 25 years these same old dilapidated tenements still being
used for dwelling purposes. Children are still being brought up in dark,
ill-ventilated, overcrowded, unsafe tenement houses, and these houses are
to be found not only in New York City but in all the cities and even in the
smaller communities of the State. The social ills and moral dangers consequent upon our neglect of housing have been ably presented by courts
dealing with juvenile offenders, by social, church and civil agencies of
every kind.
Investigations and studies made by every type of agency force us to the
realization that the construction of certain types of homes for wage-earners
of moderate income is unprofitable. The building of homes has been looked
upon as an enterprise conducted like any other business in which the element of speculative profit has been operative. So long as this point of
view is maintained it has been proved to be impossible to construct the
homes we need or to rebuild the tenement areas whether in New York City
or elsewhere which continue throughout the years to be a menace to the
health and morals of the community.
One of the elements that has undoubtedly proved an obstacle to private
capital for this class of housing has been the cost of borrowing money, and
another is the slow and expensive process of acquiring sufficient land to
conduct a profitable building operation on a large scale, and such building
operations cannot be profitable except on a large scale.
Proposed State and Municipal did.
If the State of New York is to maintain its position in the front rank
of the progressive Commonwealths of the country, after having taken the
lead in enacting during the last 20 years progressive legislation along almost every other humane line, we cannot overlook the all-important problem of having the State lend its aid to the improvement of the living conditions of Its people. Nothing that I can think of will go further to promote the health, comfort and morals of our people than wholesome and
sanitary housing.
I have become convinced that if there is to be any satisfactory and
reasonably speedy solution of the problem, the State must revise its laws
to meet the situation. There are two prime essentials to the solution.
The first is to provide for the borrowing of money at low rates of interest;
the second is the use of the power of condemnation in order that large parcels of land may be acquired at reasonable prices.
To achieve these essentials, the State should provide by law for the incorporation of limited dividend corporations clothed with the power of
condemnation, in order that the corporation may be in a position to construct modern dwelling houses upon square blocks at a time.
Power should be given to the respective municipalities to issue taxexempt bonds, the proceeds of which may be loaned to these limited dividend corporations. The extension of public credit is predicated upon the
theory that these corporations are to perform a quasi-public service and are
to submit to the regulation of the sovereign power as to the character of
construction of buildings and amount to be charged as rent
State Flowing Bank.
An alternative plan may be the creation of a State Housing Bank similar
to the Federal Land Bank, which was organized for the relief of farmers
suffering from much the same difficulties that our wage-earners are.
While I am not familiar with the operation of the Federal Land banks, I
am given to understand that similar State banks could be organized to
finance construction of family dwellings much after the plan adopted by
the Federal Government for the relief of farmers.
Many competent lawyers are of the opinion that these results may be
obtained without constitutional amendment, but in order to leave no clues-
JAN. 16 1926.]
THE CHRONICLE
tion about it, considering the importance of the step to be taken, it might
be well to provide the necessary amendments to the fundamental law that
would leave the plan finally adopted beyond any possible pale of constitutional objection. I advise the enactment of such proposed amendments and
the necessary legislation to accomplish these purposes.
303
United States Shipping Board relative to their respective present and
future requirements of petroleum products, reports by the Geological Survey and the Bureau of Mines, and the report made some months ago to
the President by the Naval Oil Reserve Commission.
Proposed Legislation for Adjustment of Rail Labor
Bill Signed by Governor Wood of Philippines ProDisputes Through Board of Mediation—Stateposing Virtual Hemp Monopoly.
ment By A. P. Thom—Recommendations
The following correspondence of the. Associated Press
By Manufacturing Interests.
from Manila, Dec. 1, appeared in the New York "Times" of
New legislation for the adjustment of railroad labor disJan. 6:
putes is proposed in a bill introduced in the Senate on Jan.8
A virtual monopoly of the abaca (hemp) trade and industry for the
Philippines was assured to-day when Governor-General Leonard Wood signed by Chairman Watson of the Senate Committee on Interthe bill passed by the recent Legislature prohibiting the exportation of State Commerce. The measure was developed by represenabaca seeds.
The Philippine Islands is the only region that has successfully produced tatives of the railroad executives and labor organizations
hemp, which is used in making rope and binder twine. In recent years after a series of conferences, and President Coolidge is rehemp has been extensively manufactured into clothing suitable for tropical ported as being in sympathy with its principles. Through
countries, and into hats, brushes and rugs.
Mexico, Java and other countries have been importing abaca seeds in an the new legislation the present Railroad Labor Board
attempt to produce hemp in commercial quantities, but with little success. would be abolished, and a Federal Board of Mediation
Several tropical countries have shown a disposition recently to renew their
would be established, to be composed of five members apefforts to establish an abaca industry, causing the Philippine Legislature
pointed by the President with the approval of the Senate.
to take measures to assure a monopoly.
This Board would be called upon to intervene in disputes
John A. Bunnell Elected President of Chicago Board between carriers and employees when such disputes had
failed of settlement by adjustment board, whose creation
of Trade.
John A. Bunnell was elected President of the Chicago Is provided for in the bill. It is stated that the bill also
Board of Trade on Jan. 4. He succeeds Frank L. Carey, contains a provision stipulating that the right of an emwho has served two years. His election was unopposed. ployee to quit work shall not be abridged and that no court
Mr. Bunnell, who was born in Brantford, Ont., went to of the United States or of any State could issue a process
Chicago in 1882 and in a few years became a partner in his "to compel the performance by an employee of such labor
present firm of Hately Brothers. He has been a member of or service" without his consent. Injunction proceedings
the Board of Trade for 35 years, serving in various execu- have been resorted to in the past in railroad strikes. The
tive capacities. In 1909 he was elected to the presidency. new measure was brought before President Coolidge on
Edwin A. Doom, a member since 1897 and for six years a Jan. 7, when Chairman Watson was a guest at the White
director, was elected Vice-President without opposition. House with W. W. Atterbury, President of the Pennsylvania
Five directors were elected, all being on the regular ticket. Railroad, and a delegation of heads of railroad unions, inThey are J. C. Wood, Horace L. Wing, Charles V. Essroger, cluding D. B. Robertson, W. N. Doak and B. M. Jewell, with
Leslie N. Perrin and Earle M. Combs. Charles A. Rohde, Donald R. Richberg, general counsel for the organized railwho was nominated by petition on the arbitration commit- way employees.
Alfred P. Thom, General Counsel of the Association of
tee of five, was elected, defeating Alexander McD. Simons.
Railway Executives, and Mr. Richberg gave out the folImportant committees as elected are: Nominating Committee, T. E. Cunningham, Luther S. Dickey, Robert P. Boy- towing statement regarding the proposed 'legislation:
The President of the United States has, in more than one message to
lan, John E. Brennan, Arthur F. Lindley; Committee of Congress, invited the rail carriers and their employees to confer in the
Appeals, Frank L. Carey, Frank G. Coe, Howard D. Mur- effort to agree upon a method of adjusting labor disputes which will not
phy, George A. Kochi, Orrin S. Dowse; Committee of Ar- only be mutually satisfactory and protective of their just rights, but which
will also properly safeguard the interests of the public.
bitration, Walter Metcalfe, Robert J. Hanley, William C.
Pursuant to this suggestion, representatives of the railroads and repreJacob, Caleb H. Canby Jr. Reference to the nomination of sentatives of the employees of the carriers have from time to time for a
now been reached
An agreement
Mr. Bunnell as President was made in our issue of Dec. 12, number of months been in conference. be presented tohas
Congress in the imand a bill to carry it into effect will
page 2835.
mediate future. The provisions of the bill may be summarized as follows:
Survey of Oil Industry by Secretary Work, Chairman
of President's Oil Board.
Secretary Work, Chairman of the President's Oil Board,
on Jan. 6 submitted to Secretary of Commerce Hoover, Secretary of War Davis and Secretary of the Navy Wilbur, a
complete survey of the oil industry of the United States—a
survey made by the industry itself, touching all its vast
ramifications, its past, present and future problems and
policies. A statement issued in behalf of the Board says:
An American industry that girdles the globe, that supplies more than
65% of the world's petroleum supply, and whose potential money value
runs into the billions, freely and frankly placed before the President's Oil
Board its beliefs, the results of its experiences, and It, hopes for the industry's future. This was done in response to questionnaires addressed to
the industry by the Government board, and the replies recently were collated and epitomized into one concrete report which the Chairman of the
Board has just transmitted to his fellow Board members.
After making a careful study of the material, the Oil Board will announce dates for public hearings, possibly the latter part of the present
month. At these hearings the Board will listen to representative oil men
who care to appear and present data and oral views relative to the country's petroleum conditions. A final report subsequently will be made to
the President and the Congress in which the Board will detail present and
past conditions and submit recommendations for the future treatment of
the nation's oil resources.
The Advisory Committee of Government experts, appointed by the Board
to handle the technical details of the survey into oil conditions, completed after months of study a review of replies to ten questionnaires
addressed to the industry. These questionnaires asked information concerning production, refining, possible substitutes, foreign development,
storage facilities and waste in utilization, and to all of these inquiries the
heads of the country's greatest companies and corporations replied, many
In great detail. All of the material thus submitted to the Board was
reduced to statements embracing the ten separate and distinct phases upon
which information was sought by the Government. This epitomized "picture, painted oy the industry itself, depicting its present problems and
conditions" was submitted by the Board's Advisory Committee consisting
of Dr. George Otis Smith, Director of Geological Survey, Department of
the Interior, Chairman; Brigadier-General Edgar Jadin, War Department;
Rear Admiral Harry Harwood Rousseau, Navy Department, and Mr. Harry
H. Hill, Bureau of Mines, Department of Commerce.
The Board will proceed with a study of additional facts and material
which relate to national and international petroleum conditions. This
data deals with certain inquiries conducted during the put year by other
Governmental bodies, reports made to the Board by the Army, Navy and
First. That it shall be the duty of the parties to exert every reasonable
effort to make and maintain agreements.
Second. Any and all disputes shall be first considered in conference between the parties directly interested.
Third. Adjustment boards shall be established by agreement, which
shall be either between an individual carrier and its employees, or regional,
or national. These adjustment boards will have jurisdiction over any disputes relating to grievances or to the interpretation or application of existing agreements, but will have no jurisdiction over changes in rates of pay,
rules or working conditions.
It is, however, provided that nothing in the Act shall be construed to
prohibit an individual carrier and its employees from agreeing upon settlement of disputes through such machinery of contract and adjustment u
they may mutually establish.
Fourth. A Board of Mediation is created, to consist of five members
appointed by the President by and with the advice and consent of the
Senate, with the duty to intervene, at the request of either party, or on
its own motion, in any unsettled labor dispute—whether it be a grievance
or a difference as to the interpretation or application of agreements not
decided in conference or by the appropriate adjustment board, or a dispute
over changes in rates of pay, roles or working conditions not adjusted in
conference between the parties. If it is unable to bring about an amicable
adjustment between the parties, it is required to make an effort to induce
them to consent to arbitration.
Fifth. Boards of arbitration are provided for, when both parties consent to arbitrate; also the method of selecting members of the boards and
the arbitration procedure. Any award made by the arbitrators shall be
filed in the appropriate district court of the United States and shall become a judgment of the court, binding upon the parties.
Sixth. In the possible event that a dispute between a carrier and its
employees is not settled under any of the foregoing methods, provision is
made that the Board of Mediation, if in its judgment the dispute threatens
to substantially interrupt inter-State commerce, shall notify the President,
who is thereupon authorized, in his discretion, to create a board to investigate and report to the President, within 30 days from the date of the
creation of the board. It is also provided that after the creation of such a
board and for 30 days after it has made its report to the President, no
change, except by agreement, shall be made by the parties to the controversy in the conditions out of which the dispute arose.
It is believed by the representatives of the carriers and the employees
that the creation of the machinery mentioned and the opportunity and the
obligation to pursue the methods provided will result In the amicable adjustment of all future labor disputes and prevent any interruption of
transportation.
Associated Press dispatches from Washington, Jan. 7,
said:
Should none of the methods provided for bring about a settlement of a
dispute, the President would be authorized to create a board of investigation which would report within 30 days after its creation. No change In
THE CHRONICLE
304
the conditions of the dispute could be made within 30 days after the report of the board.
Senator Watson declared to-day that he believed this legislation would
prove an effectual bar to strikes on railroads and that, moreover, it would
point the way to the creation of strike prevention machinery in other industries. While indorsing the principle of the railroad labor bill, the
President is particularly anxious that the interests of the public be protected in the matter. He hopes to give careful study to the measure before it is acted upon by the Senate Inter-State Commerce Committee, to
which it was referred.
Certain proposals with regard to the bill were presented
to President Coolidge on Jan. 11 by representatives of
manufacturing interests, the delegation including J. Edgerton, President of the National Association of Manufacturers; A. H. Mulliken, of Chicago; S. P. Bush, of Columbus,
Ohio; Harry B. Curtis, of Bridgeport, Conn.; Dudley Harmon, of the Manufactorers' Association of Connecticut;
Edgar B. Rich, of Boston, and James A. Emery, Counsel for
the National Association of Manufacturers. According to
the New York "Times," objections and suggestions made by
the delegation for improvement, summarized, are:
1. That the President's power to intervene in an unsettled dispute of
grave character depends, first, upon the discretion of the Board of Mediation. Second, that when the President does intervene, no provision is
made to authorize his board effectively to require the presence of witnesses or the production of records and documents.
2. The preservation of the status quo ante during the period of investigation is uncertain. No act by individuals or combination is made illegal
or penalized. It is declared only that "no change, except by agreement,
shall be made by the parties to the controversy in the conditions out of
which the dispute arose."
The present language would not prevent the taking of a strike vote, the
calling of a strike or lockout or the taking effect of a strike called before
the President began his investigation and timed to take effect during it.
Whatever this provision is intended to mean it is too vitally important to
the public and to the parties to be left uncertain and ambiguous.
The significance of this ambiguous phrase must be considered in connection with:
3. The language where it is provided "that nothing in this Act shall be
construed to make the quitting of his labor or service by an employee an
Illegal act."
4. Finally, it is to be observed that an effort is made to control, through
the Act of Congress, processes issued by State as well as United States
courts.
It is submitted that a final effect of the whole as drafted is to exclude
the public from efficient representation in an adjustment of disputes which
may threaten the imposition of heavy additional economic burdens, or the
interruption of service by rail. It is in these aspects of the whole matter
that the public has a vital interest.
It would therefore be unfortunate if a proposal containing many constructive features were to be carried forward without an attempt to remedy
these serious defects.
— -Savings Accounts in United States Over Twenty-three
Billions.
Twenty-three billion dollars, a gain of nearly two billion
in a year, represent the total savings account of the American
people, according to figures compiled and made public on
Dec. 9 by W. Espey Albig in charge of the Savings Bank
Division of the American Bankers Association. The latter's
statement says:
The tabulations, which comprise savings deposits of all classes in the
banks and trust companies of the country on June 30 of this year. Indicate
per capita savings of 8204, which is a gain over 1924 at the rate of $15 for
each inhabitant. As indicating the advance in national thrift, Mr. Albig
points out that the gain in aggregate savings during the year of $1,945.000,000 is $500,000,000 greater than the increase which took place the
year before.
The figures also show that the total savings of $23,134,050,000 are
owned by 43.850,127 depositors. This represents a net gain of 2,566,000
depositors over comparable figures for 1924.
A regional analysis of the progress in the savings habit shows that the
New England States have the highest amount of savings per capita with
$473. The regional figures are as follows:
Total Savings.
New England
Middle Atlantic
Southern
Eastern Central
Western Central
Pacific
Per Capita.
$3,750,191,000
9,290.268,000
1.761,734,000
5,507,931,000
829.865,000
1,994,063,000
$473
355
57
173
92
255
Gain Over 1924.
$32
32 •
5
9
5
18
IUD
The above groupings are as follows: New England—Maine, New Hampshire, Vermont. Massachusetts, Rhode Island, Connecticut. Middle
Atlantic—Now York, New Jersey, Pennsylvania, District of Columbia,
Delaware, Maryland. Southern—Virginia, West Virginia, North Carolina. South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana,
Texas, Arkansas, Kentucky, Tennessee. Eastern Central—Ohio, Indiana,
Illinois, Michigan, Wisconsin, Minnesota. Iowa, Missouri. Western
Central—North Dakota, South Dakota, Nebraska. Kansas, Montana,
Wyoming, Colorado, New Mexico, Oklahoma. Pacific—Washington,
Oregon, California, Idaho, Utah. Nevada, Arizona.
(Vox.. 122.
tion of "the general operation of the Federal Reserve System
both at home and in relation to foreign central banks, whether
the so-called 'war amendments' to the Federal Reserve Act
ought now to be repealed; whether the Federal Reserve Act
should be amended with respect to the composition of the
Federal Reserve Board or with respect to the appointment
of directors of Federal Reserve Banks." Likewise the resolution proposes an inquiry into "the character of official
supervision exercised over State banks and National banking
associations; the policy and economic effects of branch
banking and of so-called chain banking or holding company
banking," &c. In presenting the resolution Senator King
declared that "at the present time there exists in our country
an unparalleled situation as regards banking and credit."
"During the past year." he said, "many banks have failed,
the failures apparently reaching a climax in 1924, when,
according to a statement of the Federal Reserve Board, they
reached the number of 753." "These figures," he stated,
"have occurred when it was supposed our Federal Reserve
system was functioning efficiently and successfully." . He
added that "these failures have an injurious effect upon the
financial stability of the country. If they spread further,
they may affect the soundness and solvency of the banking
situation throughout the United States." Senator King
also referred to the fact that "the credits extended by our
banking system during the past few years have been unprecedented, and he asked,"Can it be stated that these credits
have always been wisely extended?" The resolution was
referred to the Senate Committee on Banking and Currency,
together with two bills offered at the same time by Senator
King, one of which proposes the elimination of the Comptroller of the Currency from membership of the Federal
Reserve Board, while the other bill would enlarge the membership of the Board from six to seven members, the additional member to be "a representative of the State bank
and trust company members of the Federal Reserve Banks."
The folkwing is the resolution proposed by Senator King:
Senate Resolution 106.
Whereas. The Federal Reserve Act of Dec. 23 1913, which established
the Federal Reserve System, has for its principal purpose the concentration
of the banking reserves of the country; and
Whereas, The complete concentration of banking reserves may only be
accomplished by bringing the State as well as the National banks into
correlation with the Federal Reserve System; and
Whereas, A larg. .oportion of the State banks have never entered the
Federal Reserve S3,,tem and a considerable number of National banks have
surrendered their charters and have been converted into State banks; and
Whereas. Such converted banks frequently leave the Federal Reserve
System at the time of their conversion and otherwise are free to leave the
Federal Reserve System at any time if they so elect; and
Whereas, It Is claimed that banks incorporated under the banking laws
of the several States are vested with corporate privileges, and exercise a
latitude of discretion in their operations, which are denied to national
banking associations, particularly with respect to the currency and funds
available for reserves, loans upon the security of real property, the exercise
of certain fiduciary powers, the maintenance of branch banking offices.
the acceptance of time and savings deposits; and are otherwise not subject
to the same necessary restrictions as are State banking institutions; and
Whereas, During the past two years there have been an unprecedented
number of failures of both national and State banks, the underlying causes
of which have not been ascertained and the proper means for the prevention
of which have not been determined; and
Whereas, There is believed to be a lack of co-ordination in the examination
of national and State banks in order that examinations shall be thorough
and frequent, yet without unnecessary duplication; and
Whereas, A conflicting competition is developing between national and
State banks, the course of which will have an important effect upon the
future of the Federal Reserve System and of the national banking associations: Now, therefore, befit
Resolved, That the Committee on Banking and Currency be,and is hereby,
authorized and directed to study the relative increase in the number of
State banks as contrasted with national banking associations; the rights
and privileges vested in State banks which are not granted but which may
be safely granted to national banking associations; the restrictions and
safeguards now imposed upon State banks which may with safety be imposed
upon national banking associations; the failures of State banks and national
banking associations since the enactment of the Federal Reserve Act, the
causes thereof, and the proper means for the prevention of such failures;
the character of official supervision exercised over State banks and national
banking associations: the policy and economic effects of branch banking
and of so-called chain banking or holding-company banking, by which an
Individual or a group of individual bankers or of banking or other corporaMons exercise a controlling interest in a number of banks; the causes, extent,
and effects of bank mergers and bank consolidation; the relation between
Investment banking and commercial banking by State banks and national
banking associations; the present status of savings deposits and the best
means for protecting them; the policies of the Federal Reserve Board and
their effect upon State banks and national banking associations; the general
operation of the Federal Reserve System, both at home and in relation to
foreign central banks; whether so-called "war amendments" to the Federal
Reserve Act ought now to be repealed; whether the Federal Reserve Act
should be amended with respect to the composition of the Federal Reserve
Board or with respect to the appointment of directors of Federal Reserve
banks; and to make and report findings and recommendations in the
premises to the Senate.
The committee is authorized to send for persons and papers, to administer
oaths, to employ necessary clerical assistance, to sit during the session or
during any recess of the Senate and at such places as it may be deemed
advisable. Any subcommittee duly authorized thereto may exercise the
powers conferred upon the committee by this resolution.Vpillatem• +0,
Resolution of Senator King Asking for Investigation
of Federal Reserve System—Elimination of
Comptroller of Currency From Federal
Reserve Board Proposed.
A resolution, which he said, "is designed to provide for a
comprehensive investigation of the banking situation in the
United States" was brought before the Senate on Jan. 4 by
Senator William H. King,of Utah (Democrat). The inquiry,
Senator King's statement and Senatorial comment thereon
which would be conducted by the Senate Committee on Banking and Currency, among other things calls for an investiga- follow:I
JAN. 16 1926.]
THE CHRONICLE
305
Mr. King.—Mr.President, I understand that a number of bills have been of the hearings
mentioned by the Senator will reveal the insufficiency of
offered in the House and Senate since this session of Congress began for the the data
obtained to warrant Congress enacting important legislation upon
purpose of amending existing laws dealing with the Federal Reserve and the banking
and currency and correlated matters. I am confident that not a
national banking systems.
tithe of the membership of Congress is ready to deal with these vital
quesUndoubtedly there should be some measure enacted dealing with these tions. Indeed,
I am inclined to believe that but a very few occupying
matters. But Congress should approach with the utmost caution a subject seats in
this body or in the body at the other end of the Capitol have studied
so Important and which Is so vitally connected with the welfare of the people the subtle,
intricate, and complicated questions connected with the broad
and the interests of the Government. In view of the numerous proposed subject
of banking with that thoroughness and care as to enable them to
amendments of existing banking and currency laws, both in and out of
wisely legislate to meet the needs of the hour.
Congress, and in view of criticisms, many of which are unfounded, of the
Returning to the point I was considering, I aver that these bank failures
Federal Reserve System, I have believed important that a comprehensive
have an injurious effect upon the financial stability of the country. If
and searching investigation should be made before any important changes
they spread further, they may effect the soundness and solvency of the
ar made in the present statutes relating to these questions. For this reason
banking situation throughout the United States. The credits extended
I have offered the resolution just read, which is designed to provide for
by our banking system during the past few years have been unprecedented.
a comprehensive investigation of the banking situation in the United States.
At the present time these exists in our country an unparalleled situation Can it be stated that these credits have always been wisely extended?
as regards banking and credit. During the past few years many banks Can it be demonstrated that in many instances they have not encouraged
have failed, the failures apparently reaching a climax in 1924 when, accord- reckless speculation, facilitated combinations intended to restrain trade,
ing to a statement of the Federal Reserve Board, they reached the number. and effected consolidations of stupendous business interests as a basis for
of 753. I am advised, however, that complete returns recently made floating millions of watered stock which were unloaded upon the people and
in order to strengthen monopolies which would more effectually exploit
place the number of failures at 765.
To the general public this large number of failures is incomprehensible. the consuming public?
The view is quite widely entertained that some of the banking interests,
The American people have been resting secure in the belief that our national
banking system, buttressed and supported by the Federal Reserve System, particularly in New York, have been too intimately associated with brokers
and organizations and groups which were interested in unloading upon the
was impregnable and was adequate to meet every financial storm. That
there was much misconception in regard to the functions of banks and the public stocks and bonds and securities of enormous face value, and that
dangers to which even the soundest banldng system is exposed is apparent. credits have been too freely given, even when reserves were large and when
demands
No legislation can wholly guard Against incompetence, rank inefficiency, and to for credits in other parts of the country were satisfied, to brokers
speculators and to corporate consolidations and organizations, some
dishonesty, or corruption.
When the bank failures of 1924 were being considered it was supposed of which were not legitimate or proper or conceived in the interest of the
that there was an epidemic, not a serious malady, which would soon pass public welfare.
Undoubtedly the bull movements which have been so pronounced during
away. But in 1925 the hank failures were nearly as numerous as those of
1924. The returns have not been received at Washington. but it is quite the past year have received encouragement and, indeed, direct aid and
certain the bank failures for 1925 will exceed 500. There have been some support at the hands of some banking institutions and those directly or
superficial observers and apologists for the conditions causing or contribut- indirectly connected with such institutions and who would profit by the
ing to these failures who have declared that they were the result of unfor- stock and bond manipulations which resulted.
These are matters of public concern and call for a searching inquiry.
tunate conditions in the "farming regions." The impression which these
The publin attention has also been challenged to the extensive loans made
persons sought to convey was that there was no financial trouble except in
rural districts and purely agricultural sections. I might observe, Mr. by the banking interests of the United States to Great Britain and other
President, that the "farming region" includes the United States as a whole, countries. It has been stated that during the year 1925 there have been
and that charges made that these failures relate to farming regions alone floated in the New York market more than $1,200,000,000 of foreign bonds,
taken too literally. The fact is that in the year 1925 the failures extended and the volume of short-term notes, acceptances, credits of various kinds
into many cities and urban communities, and within the past month there which have been provided in the same market it is impossible to determine.
Undoubtedly the amount in the aggregate exceeds hundreds of millions of
has been a serious development of city bank failures in the West.
These failures have occurred when it was supposed our Federal Reserve dollars. But while we have been extending credits and loans to foreign
System was functioning efficiently and successfully. As I am advised, the countries and to foreign business interests, we have done but little to correct
the total liabilities of the banks failing in 1925 will exceed the liabilities of the conditions which have led to the failures of our own banks to which I
those which failed in 1924. Can it be said that the trouble in the banking have referred.
I have no doubt that some failures were caused by bad management upon
system is a "temporary epidemic"? Indeed, it would seem that it is a
malady which is becoming chronic, and indicated. if it does not demonstrate, the part of those in charge of failing banks,and in some instances, undoubtthat the condition of our banking system required consideration if it does edly, there was such negligence in the character of the loans made as to
amount to criminality.
not call for important remedial legislation.
Perhaps the most charitable view to take is that we have done nothing
It is not sufficient to say that bank failures have occurred "out West,"
or somewhere more or less out of sight and out of mind. We can not adopt because we do not know just what to do. There has been, as I have india laissez-faire attitude with respect to this vital question. Our business cated. too much indifference when these menacing conditions were clearly
interests are connected with our banking interests. I have sometimes observable. We have suffered from inertia and have accepted the philthought that it was unfortunate that our banking system was so indissolubly osophy so common in our country that when a law has been enacted to cure
connected with our business and industrial activities, and that it has become a situation it is presumed to be cured and must work out its own salvation.
When the Federal Reserve System was established its great merits were
too much a part of the very body and soul of business enterprises.
The
recognized by its friends and conceded by most of its enemies. Perhaps the
management of too many banks, in my opinion, permit too great a use
of
former did not sufficiently observe its operations with a view to detecting
the resources of their institutions for speculative business adventures
and
permit their institutions to become interwoven with the very fabric of indus- imperfections or evils which might arise or conditions for which the system
did not sufficiently provide. It was manifest to all students of political
trial and business activities.
economy,and particularly of governmental finance and the relation of bankMr. McLean.—Mr. President
-The Presiding Officer.—Does the Senator from Utah yield to the Senator ing legislation to business, that the introduction of so revolutionary a
system, transcendently important and highly beneficial as it was,
from Connecticut?
into our archaic banking system would not meet every emergency, nor could
Mr King.—! yield.
Mr. McLean.—I was not in the Chamber when the Senator began his It be expected to anticipate every contingency which might arise in a puisremarks and I would like to ask if he expects to ask for a vote on his resolu- sant state such as this Republic is, with its multiform conditions and its
tion this afternoon?
vast material interests. The marvel is that the Federal Reserve System
Mr. King.—No. I shall ask its reference to the Committee on Banking has worked so well and has accomplished such beneficent results.
and Currency. I would not, of course, ask a vote upon a resolution
I repeat that we have been too much disposed to regard the Federal
so important without having it referred to the proper committee for consider- Reserve Act as a sure panacea for all possible financial ills to which
our
ation or having it fully debated on the floor of the Senate with the concur- Government and the people might be subject. I regret that we are
comrence of the members of such committee.
pelled to admit that the banking failures during the past two years have
Mr. McLean.—I understood the resolution was on the table.
been unusually large, so large as to constitute if not an indictment of some
Mr. King.—Oh, no. It is not on the table. It has just been read by features of our banking and currency system, at least sufficient
ground to
the clerk, and I am calling the attention of the Senate in a very general justify complaint against its administration. During
the war, when the
way to some of its provisions and the reasons which prompted me
to offer it. demand for capital was so great, the Federal Reserve System met the
Mr. McLean.—Very well.
situation in a superb manner. It stood as a mighty rock amidst the surging
Mr. King.—I hope the Senator from Connecticut [Mr. McLean!, who
is storms, and the financial integrity of our country never reached higher
Chairman of the Committee on Banking and Currency, will be
interested levels. It is not too much to say that the Federal Reserve System during
In the matters I am discussing and will perceive the importance
of the those trying times saved our country from financial difficultue.; and from
subject matter of the resolution. I also Indulge the hope that
he will at crises which might have affected the result of the war. Not only did this
an early date ask his committee to favorably act upon the resolution,
in Republic meet its great obligations and responsibilities, financial and
order that the purpose which I have in mind may be accomplished.
I otherwise, but the credits which it was able to extend to the allied nations
anticipate what I shall hereafter say that, in my opinion, we
need further sustained their arms and made possible the victory which crowned the joint
light upon the intricate and complex subject of banking—partic
ularly by efforts of the allied and associated powers.
reason of our dual form of government and the financial power
If the system which I have thus eulogized was able to function so well
of this
Republic—before Congress whould enter upon andy important
changes in and to meet responsibilities so grave in war times and in the immediate
existing laws or deal fundamentally with the subject.
postwar period, when liquidation was expected and resulted in so many
Mr. McLean.—I trust the committee will give due consideration
to of the avenues of trade, commerce, and business, it is incomprehensible to
the Senator's resolution, but I may at this time call attention to
most people that there should be an apparent inability
the fact
now to meet situathat we had at least two special committees appointed which have
spent tions which seem so free from apparent or potential danger and so devoid
considerable time and considerable money investigating the
banking of importance when measured by the stirring and vital periods through
situation of the country and their reports have been very elaborate.
which we safely and securely passed.
Mr. Glass.—Mr. President—
It is claimed that this is a period of unprecedented prosperity, although
The Presiding Officer.—Does the Senator from Utah yield to the
I may say,in parenthesis,that many of these claims rest in partisan imaginaSenator
from Virginia?
tion or are fathered by a desire to produce an inflated market
in order that
Mr. King.—! yield.
securities, many of which are of questionable character and value, may be
Mr. Glass.—I am a little astonished to hear the Senator from Connecticut floated, and fictitious price levels maintained, and often advanced,
to
say there has been any report whatsoever. We appoint a joint committee swell the stream of illegitimate profits which so many are enjoying.
This situation, to which I have briefly referred, demands
of investigation charged with the performance of the very duties that seem
that a searching
to be comprehewled in the resolution submitted by the Senator from Utah. inquiry be made into our entire banking and currency position. We have
That committee has expended, so I am told, a good deal of money and had no such examination since the National Monetary Commission, which
has gone all over the country, but has not complied with the explicit terms completed its work 15 years ago. I say this notwithstanding the statement
just made by the Chairman of the Banking and Currency Committee of
of the resolu ion requiring it to report.
Mr. McLean.—The Senator is right in so far as a printed report is the Senate.
There was, of course, investigation and much discussion when the Federal
concerned, but I think if he will look at the debates in the House when the
-McFadden bill so-called was under discussion he will find that Reserve Act was under consideration. Such able students of finance as
Pepper
Senators Glass and Owen and Reed of Missouri
considerable was said at that time, by the gentlemen who were members
address themselves most
earnestly and intelligently to the task of framing needed legislation. Secreof the commi.tee. as to what was necessary.
tary McAdoo contributed of his great ability to the drafting and the perfeeMr. King.—I am not in accord with the statements of the Senator. tion of that
important legislation, and leading bankers of the United States
In my opinion there has been but a partial investigation of the matters made many
constructive suggestions and aided in the task which was before
referred to in my resolution. I respectfully submit that an examinations Congress.
306
THE CHRONICLE
But, as I have stated, there has been no comprehensive investigation or
study of our banking and currency system since then. There has been no
Investigation for the purpose of correlating the data which the fateful
intervening,years have accumulated or for the purpose of examining our
banking and currency system in the light of such data and the pregnant
events since 1914.
It is not so much to say that our banking situation, like that of other
countries, has been entirely revolutionized, partly through legislation and
partly as a result of the war and the changes that have developed since the
war. There is a call for a new point of view with respect to this entire
matter. Notwithstanding, as I have indicated, that the Federal Reserve
Act profoundly altered our banking system, as a result of which we were
able to finance the war and under suitable management to bring about a
condition in which bank failures for nearly a decade disappeared from the
country, nevertheless it must be admitted that there are underlying evils
In our highly individualized banking system for which the banking legislation of 1914 did not, so far as I can observe, fully provide.
The ease with which charters are obtained, the lack of control in many
parts of the country, the overhazardous banking operations, the failure to
protect the individual depositor, and to close banks when they have become
insolvent, are faults which are found not merely in the banking systems of
the several States, but also in the national-banking system itself. It would
be unfair to attribute to the Federal Reserve System, as such infirmities
which found expression in the national banking acts and which were not
entirely eliminated by the Federal reserve legislation.
Referring to the faults just mentioned, as well as others not enumerated.
It is not sufficient to reply that these conditions grow out of the division
of authority between the States or between them and the United States.
The duty rests upon Congress to discover the weaknesses of our banking
and currency system, and to adopt previsions to eliminate them.
To correct evils is not always an easy task. Legislation is often projected
which aggravates instead of cures. There are financial and governmental
maladies which are perpetuated and their evils intensified by foolish and
premature legislation.
However, conditions sometimes arise calling for temporary or palliative
measures, pending comprehensive and searching investigations in order
that the roots of the evil may be discovered and remedies provided resting
upon rational and scientific grounds. In order that such an investigation
may be made, so that Congress may deal with the entire subject (to which
I have briefly referred) in an exhaustive and comprehensive way, I have
prepared the resolution which has been read for information, and which
I shall ask the consideration of the Committee on Banking and Currency.
I have confidence in that committee. It is composed of able members,
and if they approve of the resolution and proceed under its terms. I am sure
they will render a great public service and enable Congress to legislate
intelligently upon a question which is not free from complexities and uncertainties. My view is that this inquiry should center around the Federal
Reserve System and its relationship to its member banks, both national
and State.
Undoubtedly the Federal Reserve System, if properly empowered and
managed, can exercise a supervision and render effective aid to the banks
of our country which should make failures unknown if not impossible.
The attainment of a result so important may perhaps require a much wider
membership than the Federal Reserve System now possesses. It is felt
by many that this particular matter has too long been temporized, thus
weakening the Federal Reserve System and multiplying causes of friction
between State and national banks. The efforts to coax the smaller banks
into the Federal Reserve System by making concessions to them, it is
claimed, have been proven abortive, so that less than 10 banks have come
into the system since the last enabling act was provided, while a greater
number than that just mentioned have withdrawn. So, fundamentally,
the inquiry should concern itself with the reserve banks and their relationship to other members.
The inquiry should also deal with questions affecting the condition of
competition between national and State institutions. There are two
questions which particularly demand attention: (a) The conditions under
which fiduciary powers are exercised, and (b) the circumstances under
which banking is carried on and the requirements surrounding the taking
of time and savings deposits.
In all of there particulars there is friction, difference of opinion, and
conflict of authority. Savings deposits of national banks are in many
cases not well protected, except in so far as the honor and prudence of an
individual bank may afford such protection. Fiduciary powers are exercised
under lax conditions which in the opinion of some of our ablest banking
authorities will certainly lead to disaster.
The question of branch banking has been a prolific source of friction for
many yearslast past,and!might add to that the system of chain banks calls
for a most serious examination. This question should be fully covered
by the investigation.
It is apparent to the most superficial student of our banking conditions
that there is necessity for an examination of the statistics and the causes
of bank failures. That inquiry will naturally grow out of those phases of
the investigation to which I have already referred. It is a problem that
needs most careful study, and in that connection I take the liberty of recommending that attention be given to the conditions under which bank receiverships are conducted, as well as to the cost of such receiverships.
I do not wish to anticipate the results of the work of the receivers who
are now acting, but in my opinion, based upon information which I regard
as reasonably authentic, in many cases where banks have failed, depositors
will receive only a small fraction of a dollar for every dollar of their deposits,
as shown by the books of the banks at the time of failure, even after stockholders' liabilities have been met, as provided by statute.
Mr. President, it is apparent that we need a careful inquiry into the
present examination system. It may be comforting to some connected
with national banks to charge the heads of State banking systems with
laxity or carelessness, leading to bank failures, and yet to those familiar
with the difficulties under which these officials must work, and the inadequate appropriations at their disposal, the conditions presents an entirely
different angle and calls for a reservation in the volume of criticism bestowed.
There is a problem of banking examination which has never been carefully
studied. There must boa way of harmonizing the multifarious examinations
of our national. State and Federal reserve authorities so that bank examinations shall be more thorough, more constructive, and more protective than
reducing the cost to the individual bank
at present, while at the same time
below past and present levels. Moreover, plans should be suggested to
annoyance and interference resulting from bank
reduce to a minimum the
examinations by successive authorities. Federal reserve bank examinaand this condition is largely
tions have been inadequate and unsatisfactory,
of Federal reserve bankers not to offend
due to the disposition on the part
upon them what the latter regarded as unnecesmember banks or to impose
conditions attending examinations are unsatissary costs. Certainly the
for
factory, and I have no doubt a proper investigation will furnish facts
legislation that will be corrective of an evil which Is burdensome and
exasperating.
[Vox. 123.
I direct Senators attention to the fact that the Secretary of the Treasury
some months ago reminded Congress of the necessity of soon providing
for the extension of Federal reserve banks charters which originally were
limited to 20 years.111So far as I am advised, there is no measure pending
before Congress, providing for such extension. The American Bankers
Association, at its recent meeting in Atlantic City, recommended, as I
recall, that Congress simply extend the charters of these banks without
considering any amendments to our banking laws, as a condition of such
extension. This, it would seem to me, would be most unwise. The defects in
our banking system should be fully ascertained and dealt with in a thorough
and comprehensive manner. There is no reason why remedial legislation
should be postponed until after the passage of an Act extending the charters
of these banks. In my opinion. Congress will not pursue that course.
The Canadian banks, many of which are institutions controlled by men
of unusual capacity and superior managerial ability, are required to submit
at stated periods of 10 years to a complete and thorough overhauling of the
entire banking legislation of the country, and this is a condition prededent
to their continuing the exercise of their charter privileges. Ought Congress
-year charter for a limited or for an indefinite period without
to renew a 20
first inquiring into the conditions which surround the entire question and
the problems which are connected with our banking and currency system?
In my opinion, before we can intelligently pass upon the question of
extending the charters of the Federal reserve banks, it is essential that there
should be complete information in regard to the working of the Federal
Reserve System,as well as the condition under which banking is being carried
on under the national bank and State bank Acts. The resolution to which
I have referred more specifically calls attention to the matters for which the
investigation is desired.
Mr.President, there is another matter, but cognate to that Just discussed,
which I desire to present briefly to the Senate. I shall offer at the conclusion
of may remarks two bills, which I shall ask to be referred to the Committee
on Banking and Currency. One of them enlarges the membership of the
Federal Reserve Board from six to seven members. The additional member
to be appointed would, as the bill suggests, be "a representative of the State
bank and trust company members of the Federal reserve banks."
Beyond this general prescription, I think it wise to leave the choice
entirely in the hands of the President,so that if the bill which I am offering
becomes a law it will only modify section 10 of the Federal Reserve Act by
increasing the membership. Mr. President, there are more than 1,500
State bank and trust company members in she Federal Reserve System.
Many of these banks and organizations constitute the largest and most
ably managed financial institutions in the United States, yet they have no
direct representative on the Federal Reserve Board. It is pertinent to
inquire why these organizations should be denied representation. National
banks have such a representative in the person of the Comptroller of the
Currency, and that official has consistently and persistently used the entire
power of his office to promote the interest of the national banks, of which
he is the administrative head. I do not make this statement by way of
criticism of any Comptroller of the Currency. It is entirely right and proper
that that official should promote the interests of the national banks, but
I submit that he should not have special access to the Federal Reserve Board
when the same privilege is denied to the more than 1,500 State banks and
trust companies who are members of the Federal Reserve System.
Undoubtedly objection will be made to my proposition to increase the
membership of the Federal Reserve Board. It will be said that already
the board is unwieldy and that the tendency of all administrative organizations is to increase in size, as well as to multiply the costs of their existence.
I have myself often criticized executive agencies, contending that they were
too numerous and that they suffered from a superfluity of employees. It
must be remembered, however, that the Federal Reserve Board has vital
and important functions to perform. The effects of their work permeate
our industrial, economic, and business life.
The Federal Reserve Board can profoundly affect the prosperity of the
entire country. May I say in passing that its membership should consist
of men of the highest ability and of unquestioned integrity? They should
be men familiar with the science of banking—and banking is a science—
and the relation of banks to the business and economic and industrial life
of the people. They should be men of courage and of broad vision. The
close relationship of nations and the processes of integration which bring
us in contact with the world should be open books to them. They should
be essentially sound and conservative, but they should have vision and
Ideals and have rational and intelligent views as to the factors which make
certain the progress and development of this country, and a comprehension
of the high mission and the responsibilities attending its material primacy
among the powers of the earth. I am making no criticism of the present
personnel or of the past membership of the Board.
May I say that in my opinion there is an abundance of work for the members of the Board, even though one should be added. The addition of a
new member whose duty it would be to study the needs and requirements
of State banks, and to voice their views and bring their requirements to the
attention of the Federal Reserve Board, just as the Comptroller brings the
Board the needs and requirements of the national banks, would bb, I believe,
a most welcome addition to the organizations, and would be promotive of
efficiency. However, I am prepared to listen to the objections of those
who are opposed to increasing the size of this administrative body. If
their views.are to prevail, I ask the consideration of another bill, which I
shall introduce, which provides for eliminating the Comptroller of the
Currency from membership on the Federal Reserve Board. If State banks
and trust companies, members of the Federal Reserve System, may not be
represented in the Federal Reserve Board, then there is no necessity for
national banks to be expressly represented.
The national banks are inextricably bound up with the Federal Reserve
System. Their relations with the Federal Reserve Board are more intimate
than are those of the State banks, partly because their membership is compulsory, partly because the Comptroller of the Currency is a Federal official and
as such is in closer communication with the Federal Reserve Board than
State-bank supervisors can be. I inquire whether it is desirable that the
Comptroller should have membership in the board, and thus be enabled
to enforce his views upon that body,or at least be in position mare effectively
to influence that body, when at the same time a similar membership is not
given to a representative of the State banks? Of course, I refer to State
banks that are members of the Federal Reserve System.
From my investigations I am led to believe that the membership of the
Comptroller of the Currency in the Federal Reserve Board has never been
a happy or a fortunate one,and that from time to time in the history of the
Board serious causes of friction have developed. This at first was attributed
to the alleged peculiarities or temperament of the Comptroller, but subsequent experience has shown that that was not the real source of the difficulty.
The friction arose because of the anomalous position of the Comptroller,
which required him both to advocate the interests of the national banks
and at the same time to maintain a judicial attitude, holding the balance
evenly between them and their State bank and trust company competitors.
Mr. President, an extraordinarily acute position has developed in some
parts of the country by reason of the attack made by the Comptroller of
the currency on branch-banking systems in several of the States, and because
JAN. 16 1926.]
ofthe efforts of the Federal Reserve Board to use the Federal Reserve System
as a means of equalizing competition between State and national banks.
Regulation H of the Federal Reserve Board has provoked extensive criticism
upon the part of State banking authorities. They have thought that this
regulation was an infringement of legitimate State bank charters and powers.
If the tension, not to say ill feeling, now existing should continue, the
Federal Reserve System will lose members more rapidly in the future than
in the past. Not only will State-bank members sever their connection with
the Federal Reserve System but national banks which believe that discriminating methods have been applied as between national and State members
from time to time will also withdraw and take refuge behind State charters.
The change in the membership of the Federal Reserve Board which I
propose will do much to alleviate the critical conditions now existing.
Removal of the Comptroller will in no way affect the powers, rights, and
duties of that official in his national banking capacity. The addition of a
State-bank member to the Board, on the other hand, if it shall be thought
best to retain the Comptroller. would involve nothing more than a minor
addition to the present cost of operating the Board, and would greatly
assist in reassuring State bankers in the belief that their interests will
receive due and proper consideration.
The original function of the Comptroller of the Currency was to regulate
and control the issue of national-bank notes upon the security of bonds
having circulation privilege. The Comptroller has no relation to the issue
of Federal reserve notes as such. It Is therefore anomalous that he should
have membership on the Federal Reserve Board,as the bases of the national
bank currency and the Federal reserve currency are entirely distinct.
It was, moreover,the intention of the Federal Reserve Act that the national
bank currency should be gradually retired, or, to be more specific, that the
Federal reserve banks should acquire by purchase the bonds having circulation privilege, and thereby be enabled to retire the notes which were issued
and circulated upon the security of these bonds, thus leaving the entire
bank-currency field to the Federal reserve notes. This, however, has not
been accomplished, for the reason that national banks held these bonds at
a premium and were unwilling to dispose of them at the par price fixed by
law for their acquisition by the Federal Reserve Board. The action of the
national banks was undoubtedly prompted by a desire to retain the circulation of their own notes. There are as many descriptions of these notes as
there are national banks, which of itself is a strong reason for their retirement
in the interest of uniformity in the currency and reduction in the cost of
printing the currency.
The bonds which carry the circulation privilege and which are presently
outstanding are the 2% consols of 1030, to the amount of $599,724,050;
the 2% Panama bonds of 1916-1936, to the amount of 848,954,180: and the
2% Panama bonds of 1918-1938, to the amount of $25,947,400. The total
of those which are now outstanding amounts to the sum of $674,625,630.
The 2% consols are redeemable April 1 1930. The 2% Panama Canal
bonds are callable at this time. The Government,therefore, by calling the
Panama Canal bonds and by redeeming the 2% consols of 1930 at maturity
may retire the national-bank circulation with its more than 8.000 varieties
of bank notes. When this is accomplished the functions of the Comptroller
of the Currency as such will have terminated, and there will then be less
of reason than there may be now to continue this officer as a member of the
Federal Reserve Board. The office of Comptroller, or at least the title
of the office, could well be abolished, and thus put a salutary end to the
controversy which has arisen over the ex officio membership of the Comptroller in the Federal Reserve Board. The functions of the Comptroller
with respect to the examination of national banks could well be developed
upon an examiner under that title, and the examiner need have no membership on the Federal Reserve Board. This arrangement would unify and
simplify the currency and otherwise make for the more effective operation
of the Federal Reserve System.
As I have stated, Mr. President, in the earlier part of my remarks, I
consider these measures palliatives only. The real need of our banking
situation is a thorough investigation leading up to complete reconsideration
and revision of our national bank acts and of our Federal Reserve Act at
points where experience has shown them to be unsatisfactory. That, however, I recognize will be a task not to be quickly performed. It can not,
and should not, be hastily carried out. In the meantime, we are confronted
by an emergency—an emergency which grows out of the acute condition
of ill feeling to which I have referred and the losses of membership from
which the Federal Reserve System is suffering. Both conditions can be
measurably corrected, at least for the time being, by rectifying the fault
of organization which gives to national banks an exclusive avenue
of approach to the Federal Reserve Board, while denying to the State hank
members any channel of communication whatever, except such as is common
to all citizens regardless of their occupation or their membership in the
system.
Now, Mr. President, I ask that the two bills to which I have referred
may be read by their titles and referred to the Committee on Banking and
Currency, and that the resolution which was read from the desk also be
referred to the same committee.
The bill (S. 2120) to amend the Federal Reserve Act as amended was
read twice by its title and referred to the Committee on Banking and
Currency.
The bill (S. 2121) to amend section 10 of the Federal Reserve Act was
read twice by its title and referred to the Committee on Banking and
Currency.
The Vice-President.—The same course will be taken with the resolution
offered by the Senator from Utah.
C. Addison Harris Jr., of Franklin Trust Company,
on Outlook for 1926—Year of Great Opportunity.
Stating that "the coaling new year should witness the
continuance of one of the most successful periods in the
history of American business and industry and that economic conditions are generally favorable," C. Addison Harris Jr., President of the Franklin Trust Co., of Philadelphia,
In a statement regarding the outlook for the new year, also
comments as follows:
With production tempered to the possible consumption of the trade and
with the settling of the coal strike, the one dark cloud on the industrial
horizon, we believe the next six months should show unprecedented prosperity.
Last year the business of the Franklin Trust Co. grew in greater proportions than in any similar period in its history heretofore, and since we
general commercial condihave such an able leader in the White House,
providing the country as a
tions will naturally be more or less stabilized,
whole will support him in the good work which he is undertaking and
forget partisan territorial jealousies.
1926 will mast certainly be a year of great opportunity for those who
policy of aggressive
avoid over-buying, over-production, and follow a sane
procedure.
307
THE CHRONICLE
Annual Statement of Federal Reserve Bank of
New York.
Larger earnings in 1925 were reported by the Federal
Reserve Bank of New York than in 1924, the eleventh annual statement, made public on Jan. 13, showing total earnings for the year ending Dec. 31 1925 of $10,271,174, as compared with $8,569,350 the previous year. For 1925 the net
Income available for dividends, additions to surplus and
payments to the United States Government amounted to
$3,103,298, against but $616,852 in 1924. Out of the late
year's net earnings $1,888,196 was paid in dividends and
$1,215,102 was added to surplus. The following is the
profit and loss account for the two years:
PROFIT AND LOSS ACCOUNT FOR THE CALENDAR YEARS
1924 AND 1925.
1924.
1925.
Earnings—
From loans to member banks and paper dicounted for them
$2,613,565 96 85,188,505 53
From acceptances owned
1,446,693 25
1,469,858 04
From United States Government obligations
owned
2,984,698 11
4,165,856 35
Other earnings
343,234 80
574,111 86
Total earnings
$8,569,350 36 $10,217,173 53
Deductions from Earnings—
For current bank operation. (These figures
include most of the expenses incurred as
fiscal agent of the United States)
$6,155,270 43 86,044.925 67
For Federal Reserve currency, mainly the
cost of printing new notes to replace worn
notes in circulation, and to maintain supplies unissued and on hand
195,550 43
280,276
For depreciation, self-insurance, and other
reserves, etc
1,601.677 18
788.673 37
Total deductions from earnings
$7.952,498 04 87,113.875 11
Net income available for dividends, additions
to surplus, and payment to the U.S. Govt_ 8616,852 32 $3,103.298 42
Distribution of Net Income—
In dividends paid to member banks, at the
rate of 6% on paid-in capital
$1.796,529 82 $1,888,195 73
In additions to surplus—the hank is permitted by law to accumulate out of net
earnings, after payment of dividends, a
surplus amounting to 100% of the subscribed capital: and after such surplus has
been accumulated to pay into surplus each
year 10% of the net income remaining
after paying dividends
1.215.102 69
Any net income remaining after paying
dividends and making additions to surplus
(as above) is paid to the United States
Government as a franchise tax. No
balance remained for such payments in
1924 or 1925.
Deficit of net income after dividend payments, which has been charged to surplus
def.1,179,677 50
account
Total net income distributed
$616,852 32 83,103,298 42
We also take from the bank's statement the following
figures showing in comparison the gross earnings of the
bank by months for the years 1924 and 1925:
1924.
Jan
Feb
March __
April_ _ _ _
May ____
June - _
July ...._ _
718,395 69
712,361 85
639,017 63
666,883 12
523,448 69
588.622 38
652,69406
1924.
1925.
860,325 11
818,113 09
963.013 63
845,435 45
886,437 25
746,267 09
781,267 08
1925.
August-- 652,090.88
769.788 29
Sept ____ 747,929 62
868,521 71
Oct
822,473 60
878.820 01
Nov _ --- 802,29596
769,208 59
1.043,13688 1,029.97623
Dec
8,569,350 36 10,217,173 53
The following shows the ratio of net earnings for tbe
two years:
Per cent, earned on capital paid in
Per cent, earned on capital and surplus
Per cent earned on capital, surplus and deposits
1924.
2.1
0.7
0.07
1925
9.6
3.4
0.3
Details of the expenses of operation during 1925 are given
as follows:
The principal expenses of the Federal Reserve Bank are incurred in
carrying out functions prescribed by law, or in performing services to
member banks and through them to the whole business, agricultural, and
Industrial community, which the legally prescribed functions imply. About
one-third of all the banking resources of the country are within this Federal
Reserve district, and the New York Reserve Bank conducts about onethird of the business of the entire Federal Reserve System. At the close
of business on December 31. the total personnel of the New York Reserve
Bank, including the Buffalo Branch, numbered 2,447 persons.
The following statement shows the expenses of the bank divided among
the functions and services referred to. In preparing this statement there
have been apportioned and added to the actual expenses of the departments
performing these functions and services all of the general or overhead expenses of the bank, including real estate taxes, maintenance of building.
legal expenses, salaries of staff not working directly on these services or
functions, and all other general expenses of every kind except those expressly listed under paragraph 7.
1. Maintaining the Accounts of the Bank—
This work includes making about 10,703,000 entries a year in the accounts maintained with member and other banks, and the current determination of reserve balances which are required by law
$219.999
2. Supplying Currency and Coin—
Paving out, receiving and redeeming currency, involving the count of about 788.000,000 individual
• notes during the year
$870,357
Paying out and receiving coin. This service was
formerly performed largely by the Sub-Treasury,
and is now entirely in the hands of the Federal
Reserve Bank. Receipts and issues amounted to
8516,467,000 for the year
189,023
Currency and coin shipments to and from out-oftown banks. There were 274,076 such shipments
In and out during the year
533.247
Printing new Federal Reserve currency to replace
worn notes in circulation and to maintain supplies
unissued and on hand, including cost of transportation. Currency is printed by the Government but the cost is borne by the bank
280.276
Supplying currency and coin
81.872.903
308
THE CHRONICLE
3. Making Loans and Investments—
Making discounts and advances to member banks.
The number of items handled during the year was
$221,83,1
36.272. aggregating 817.068,000,000
Purchasing acceptances and Government obligations
for the account of this bank and other Federal
Reserve Banks. The items purchased during the
year aggregated 53,984.000,000
126.347
$348,181
Making loans and investments
4. Collecting Checks, Drafts, Notes and Coupons—
Collection of cash items, mostly checks. The average number collected was 470,369 a day, or 142,500,000for the year,aggregating 588,013,000.000-81,673,291
Collection of non-cash items.including drafts, notes,
and coupons. The number of items handled during the year was about 2,040,000, aggregating
453,783
$2,085,000,000
$2,127.074
Collecting checks, etc
5. Supplementary Services—
Custody of securities. This service involved holding in safekeeping on the average about $710,000,000 of securities for the United States Government, including securities held for the War
Finance Corporation and the Alien Property
Custodian, and $451.000,000 from other sources_ 8116,086
Purchase and sale of bankers acceptances and other
securities for member banks and foreign banks,
amounting for the year to $305,722,000. and receiving and delivering securities for the account
of member banks,amounting for the year to about
$2.779,000.000. In addition the bank has acted
for the Treasury Department in the purchase and
234,322
sale of Government securities
Telegraphic transfer of funds. This service is performed over the telegraph wires of the Federal
Reserve System, and is used by the Treasury
Department and member banks. It involved
malting an average of 971 transfers of funds to
all parts of the country each day, amounting to
about $128,123,000 and aggregating for the year
127.037
821.300.000
$477.445
Supplementary services
6. Services in Connection with Government Loans—
This work included during 1925 the receipt or delivery of 1.513,000 individual Government bonds,
notes and certificates, amounting to 52.085.000.000. which were exchanged or converted or
handled in connection with registration; and the
payment of 12,155,787 individual coupons on
Government bonds, notes and certificates. It
also involved the sale and issue of 47,256 pieces
amounting to $560,003,000, and the redemption
of 135,724 pieces amounting to $1,361,554,000, of
Government bonds,notes and certificates. Aside
from amounts received from the Treasury in partial reimbursement, the cost of such operations
293.384
to the bank was
(In addition to these operations for the Treasury, the banks performed other work for the Government connected with the currency, the collection of checks, the custody, purchase and sale of
securities, the transfer of funds, etc., which have
been referred to under their respective headings.)
7. Expenses, not apportioned among the functions
specified above—
Executive salaries (chairman, governor, four deputy
governors, and secretary of the bank, and manag$222,300
ing director and cashier of the Buffalo Branch)
Work of the Federal Reserve agent's function, including note issues,examination of member banks,
visits to member banks, statistical and information services, such as the preparation of weekly
bank statements and the publication of the
345.347
Monthly Review
Maintaining the general audit, including the daily
checking of transactions and records, together
with periodical verifications of securities, cash,
208,848
and cash items
17.992
Directors' fees and traveling expenses
This Bank's share of the expenses of the Federal
191.729
Reserve Board
$986,216
Expenses not apportioned
Total
$6,325,202
Albert H. Wiggin, of Chase National Bank, Declares
Increase in Personal Income Tax Exemption
Unsound—Profits of the Bank.
Reference to the new revenue bill passed by the House of
Representatives and its income tax provisions was made by
Albert H. Wiggin, Chairman of the board of directors and
President of the Chase National Bank of New York, in his
report to the shareholders at the annual meeting on Jan. 12.
With reference to the action of the House in raising the
income tax exemption for married persons from $2,500 to
$3,500, and for single persons from $1,000 to $1,500, with the
additional exemption of $400 for each dependent, Mr. Wiggin says:
This increase in personal exemptions, it seems to me, is essentially unsound. Over two million persons would- be added to the list of those now
exempted. It would be another step in the process, which has already gone
too far, of reducing the number of citizens who take any direct part in
supplying the revenues of the Government. A democracy based on universa! suffrage and which spreads its benefits over the great mass of people
should also have its financial support based on the general citizenship of
the nation. Otherwise, certain groups of men paying no taxes themselves
The most effective incentive
vote the taxes which other men are to pay. '
for the average citizen to take an active interest in Government expenditures
is for him to have some direct share, even if it be only for a few dollars, in
supplying the funds which are to be expended; and the care with which
legislators expend these funds is usually in direct proportion to the number of citizens vino are taxed to supply such revenue. It is the fashion
these days among certain circles to regard taxation chiefly as a means for
bringing about a redistribution of wealth. I concur with those students of
finance who hold that the sole purpose of taxation should be to finance the
carefully considered expenditures of the Government, and that any other
basic use of the power to tax leads to various economic chimeras that reduce the income and injuriously affect the welfare of the average citizen.
[vol.. 122.
It may be of interest to note that in the income tax laws enacted by
European countries, the taxation of income of a married taxpayer without
dependents begins in Italy at $40; in Belgium at $225; in France at $650,
and in England at $1,125.
The following is also taken from Mr. Wiggin's report:
Summary of the Year.
Business in the United States has been unusually good in 1925. Good
business has been particularly manifest in railroading, in iron and steel,
in automobile production, and in general manufacturing. There has been
modest improvement even in the depressed textile industries. The fertilizer and leather industries have shown improvement. The markets for
copper, lead and zinc have been better. The price of wheat is good by virtue of a short crop. Corn and cotton, on the other hand, have shown declines in price. It is none the less a matter of congratulation that in the
face of one of the largest cotton crops in our history the markets should
have held so well, and the more moderate price of cotton promises to ease
somewhat the difficulties of the textile industry. It is also worthy of note
that the fears expressed two or three years ago that the boll weevil would
lead to a permanent shortage of cotton now appear to have been exaggerated. With the favorable tendencies of the year there has been a growth
also of less satisfactory tendencies. The extensions of credit by the Federal Reserve banks, already large, have increased by $250,000,000 since
the end of last year and the chief use made of the resultant increased supply
of funds appears to have been, not in commerce, but rather in the securities markets. There has also been an increase in real estate speculation.
The developments in Europe during the year, despite the financial
difficulties in France, have been encouraging. England has returned to
the gold standard. France and Germany have made a tremendous stride
toward permanent peace in the agreement at Locum, and many of the
political fears which have been weighing Europe down seem to have been
definitely ameliorated in the past twelve months. The League of Nations
has recently shown its strength by checking a conflict in the Balkan
Peninsula. It is particularly gratifying that the President and Congress
appear to be in harmony in the decision to accept Use invitation to participate in the disarmament conference soon to be held in Europe.
Foreign Loan Policy.
In common with other large American banks whose extensive business
relationships have brought them international prominence, the Chase
National Bank has been approached many times since the termination of
the World War by representatives, bankers and business men of European
countries seeking loans; and many American business men contemplating
trade relationships with European countries have come to us for advice
and financial assistance. These foreign loans have been judged solely on
their merits as proper banking commitments and the total volume of such
European commitments has been kept at all times well within a conservative proportion of the total outstanding loans of the bank. We have endeavored to do our proportionate part in the important work of the financial rehabilitation of Europe, and expect to continue our efforts in this
worthy cause. Our Foreign Department has followed its regular policy of
devoting the major part of its energies to facilitating the foreign business
of our own clientele. The department has shown a satisfactory increase in
the volume of transactions handled and in the number of new foreign
•friendships made.
Chase Foreign Branches.
Early in the year the bank extended its service and supplemented its
world-wide contacts through correspondent banks by acquiring three foreign branches—one at Havana, Cuba, and one each at Panama City, Republic of Panama, and Cristobal, Canal Zone. These branches were purchased from the American Foreign Banking Corporation and the usual readjustments necessary to such affiliations have been anticipated. At the
time of the purchase the deposits of the three branches amounted to $9,479,000, and since then deposits at each of the foreign branches have shown a
substantial increase.
Position, Profits and Operations.
The bank continues in a liquid condition and had on Dec. 31 1925 $221,935,962 54 in cash and due from banks and $69,557,852 73 in United States
Government securities. The total of loans and discounts, $303,961,074 47,
includes commercial discounts, "Street" loans and customers' loans, both
time and demand. The total of other securities was $19,157,281 21 book
value. The market value is in excess of this amount.
There has been no change in the capital during the year. The surplus
and profit account on Dec. 31 1925 was $27,178,043 06, making the total
capital, surplus and profits at the present time $47,178.043 06. The above
figures do not include the figures of the Chase Securities Corporation.
Profits of the bank from Dec. 31 1924 to Dec. 31 1925, after deducting
all expenses and making full provision for all bad and doubtful debts and
providing for reserve for taxes, were $4,916,474 30, or 24.58% on the
capital of the bank. Out of these profits, dividends of 16% on the $20,000,000 capital of.the bank, amounting to $3,200,000, were paid to shareholders.
The Chase Securities Corporation, which was organized under the Business Corporation Law of the State of New York and is owned by the shareholders of the bank, has a capital of $10,000,000, represented by 200,000
shares of no par value. The surplus and profit account on Dec. 81 1925
was $7,270,819 29. The profits of the corporation from Dec. 31 1924 to
Dec. 31 1925, after deducting all expenses were $2,850,421 96. Out of
these profits dividends amounting to $800,000, or $4 per share, were paid
to shareholders.
In accord with the general upward trend of the security market and in
line with the stocks of many other financial institutions, Chase National
Bank stock has shown a substantial rise in price. The increase in the
number of shareholders of the bank and securities corporation has continued
during 1925 and we now have 4,289 shareholders. The combined confidence and good-will of this large number of Chase shareholders, residing in
almost every State in the United States and in some foreign countries, is
an asset to the bank of inestimable value. The average holding is now 47
shares.
Officers and directors have continued to be on the alert for new businesa,
and many new friends have been added to our clientele. The growth of
the bank has been satisfactory and the demand for our services has been
reflected in the increased activities of practically every department. The
services of the Trust Department have been particularly in demand, and
in addition to the steady increase in the volume of corporate trust work
handled, many of our patrons have entrusted us with the care and management of their security holdings.
There also has been a marked increase in the number of those who have
named the bank as trustee under present trusts, and the number of those
who have named the Chase, with some individual, as co-executor and ca
trustee of their estates has increased to an even greater degree.
The average gross deposits for the year 1925 exceeded the average gross
deposits for the year 1924 by a suns of over $26,000,000. This is exclusive
of the deposits of the three foreign branches.
JAN. 16 1926.]
THE CHRONICLE
The inevitable consequence
309
redundancy of funds, both for short-term
of
James S. Alexander, of National Bank of Commerce in employment and long-term investment, was the diversion of money into
stock speculation. At the same time the splendid earnings of manycorNew York, on Outlook for 1926—Report of
porations have furnished a sound basis for higher prices for their securities.
Bank's Operations.
International conditions, agriculture, railroads, building
and construction and the money market were discussed by
James S. Alexander, Chairman of the board of directors of
the National Bank of Commerce in New York, in his
address to. the stockholders at their annual meeting on
Jan. 12. The outlook was thus summarized by Mr. Alexander:
Money rates should be neither high nor low in 1926. A check to real
estate activity and a moderate recession of building and construction seem
not unlikely and if this should occur dependent industries would slacken
and employment would be less full than during the latter half of the year
just closed. Offsetting influences to a possible recession of building and
construction are the prospect of stable prices, marked betterment of the
undertone in agriculture, good reasons for expecting continuation of improvement in foreign countries and a well-sustained export demand for our
products. Business plans for the new year may be made with confidence
In a continuation of prosperity, but with due allowance for the presence
of factors which suggest that 1926 should not be expected to show any
great gain over 1925.
In his remarks on international conditions, Mr. Alexander
points out that there is no doubt that "American producers
will meet increasingly severe competition as Europe regains
its economic strength," what he has to say in the matter
being as follows:
Despite continued uncertainty in some countries, the international financial and exchange situation continued to improve in 1925. World trade
is now about at pre-war levels and there are good grounds for confidence
In further gains during 1926. The restoration of exchange to a gold basis
in Great Britain, the British Dominions and the Netherlands was the outstanding development of 1925, and steps in the same direction by several
other nations are rapidly bringing to a close the post-war era of sharp exchange fluctuations.
The foreign commerce of the United States made good gains in 1925,
with little change in its essential character. The excess of exports over
Imports which was materially lower than in 1924, was much more than
covered by the huge volume of foreign loans floated in the American market. It is believed in some quarters that the time is not far distant when
our so-called favorable balance of trade will entirely disappear, but examination in detail of returns for the year just closed shows that, regardless
of how good the logic of this belief may be from the long-run viewpoint,
such a conclusion is premature. The higher price of raw rubber and importation of a larger quantity were alone sufficient to account for the entire apparent decline in the export balance.
There is no doubt, however, that American products will meet increasingly severe competition as Europe gains its economic strength.
Germany
and Italy, especially, are emphasizing the necessity of increasing
agricultural output and, in so far as their efforts may be successful, some
lessening of the foreign demand for American food products might
result.
The theory has been advanced that currency stabilization and
balancing
of budgets will tend to lessen the competitive advantages
in export markets for manufactures which some European countries have
for long enjoyed. No doubt this is the immediate effect. Inasmuch,
however, as the
manufacturing countries of Europe are large importers of
raw materials
In the long run currency stabilization will improve their
ability to buy,
thereby effecting an offset to their loss of advantage
in selling.
Cheap money gave an impetus to building and construction and to speculation in urban building sites.
Speculative activity resulting from credit redundancy ultimately brings
its own Corrective. In its earlier stages, whether in stocks, building projects or real estate, the hope of large profits attracts funds even from conservative channels, but as prices advance and prospects for such profits
become less, the drift is away from speculation toward safer, more conservative investments. Another influence tending to bring periods of abnormal speculation to an end is the gradual accumulation of more or less
frozen assets, the proportion of which is likely to be especially large after
a period of real estate activity. Whether or not a considerable volume of
non-liquid loans has accumulated as a result of the widespread extension of
the installment sales system will not be known until a period of receding
business has provided a test.
The report made at the meeting by Stevenson E. Ward,
President of the bank, follows:
Although production of goods and mercantile activity in 1925 made good
gains over 1924, hand-to-mouth buying, efficient transportation and communication, quick turnover, and the large cash resources of many enterprices so limited the need for borrowed money that loans for commercial
purposes did not expand commensurately with the increase in the business
of the country. The moderate demand for accommodation of this character
was accompanied by low money rates for a considerable part of the year.
However, money rates for other classes of loans were more remunerative.
Operations of the National Bank of Commerce in New York for the year
ended Dec. 31 1925 resulted as follows:
Profits after all expenses and taxes, and full provision for bad
and doubtful items
$5,174,330 26
Applied as follows—
To payment of regular dividends of 16%
4,000,000 00
To addition to undivided profits account
$1,174,330 26
The foreign business of the bank has expanded materially and the gains
made are on a sound foundation, with every promise of further steady
growth.
The Trust Department is making gratifying progress.
The number of stockholders is 6,536, an increase of 159 for the year.
The average holding is 38 shares.
The bank's statement of condition as of Dec. 31 1925
shows capital paid up of $25,000,000, surplus $25,000,000,
undivided profits of $15,935,290, deposits of $543,699,070.
and aggregate resources of $679,827,962.
Best Year in History of Chemical National Bank
Reported by President Johnston.
The year just closed has been the best in the history of the
Chemical National Bank of New York, according to the
report submitted by President Percy H. Johnston to the
shareholders at this week's annual meeting. Regarding the
year's results, President Johnston said:
Notwithstanding the fact that low interest rates were in effect during
the early months of the year, we have added to our surplus fund $1,000,000
and to our undivided profits account $26,555 95. While the earnings of
the commercial banking department were not as
Mr. Alexander states that "the largest single American some other years, due to low money rates, this large as they have been in
deficiency was more than
made up in the earnings of the foreign, bond,
business is farming and, to the extent that the outlook
for Your bank is now efficiently organized and trust and other departments.
all departments are operating
the new year is determined by the crops of 1925,
there is successfully and at a profit.
much ground for assurance. After the spring
One of the outstanding developments of the past year has been the submonths, howstantial growth of the trust department. Practically
ever, business will be influenced by crops and
prices of directors and many of the shareholders and customers all the officers and
have appointed the
the current year, and since weather is unpredictable
only bank in a fiduciary capacity.
the event can tell how much agriculture will contribute
The foreign department has shown a most satisfactory development and
to its steadily increasing
business has made it to the interest of the bank to
general prosperity during the latter part of 1926."
open an office in London. This office is located at 70 Cornhill, London,
Noting that "construction always plays a large
E. C. 3, and our Manager in charge, Mr. Leonard St. C. Ingrams, and his
part in
the United States because this is a comparatively new coun- staff will at all times be glad to welcome our customers and friends and
try with a rapidly growing population and expanding in- assist them in every possible way.
The two additional offices opened in 1924, one at Fifth Avenue and 29th
dustry and commerce," Mr. Alexander added in part:
Street and the other at Madison Avenue and 46th Street, have both exIt is doubtful, however, whether before in our history has there
ceeded our expectations and I am happy to report are both operating at a
been so
prolonged and so general a period of building activity as that
which began profit.
in 1921. Every sort of enterprise has profited, in some cases
The deposits for the year have again shown an increase and have for
directly and
In others indirectly, by reason of full employment at good wages
and re- 1925 averaged slightly more than 28,000,000 over 1924.
sultant high purchasing power. Widespread reports of vacant
We regard the general business situation as being fundamentally sound
space and
declines in rents indicate that the building shortage has been
and we anticipate another good business year, provided the speculative
made
that in many sections and classes of construction a surplus exists. up and excesses which have recently become pronounced in
certain directions are
If building should recede, there would be an inevitable slowing
down curbed before it is too late.
of industries directly dependent on it, and lessened employment
The condensed financial statement following this report shows the conwould
reflected in reduced purchasing power, which always has far-reaching be dition of the bank at the close of business Dec. 31 1925. After
charging
consequences. Any curtailment of the earnings of those employed in
industry to earnings account all expenses and extra compensation to employees and
would be fairly certain to put a brake upon the further extension
of in- after charging off all losses and setting up proper tax and other reserves,
stallment selling, which in the last year or two has played a large
part in we have made disposition of the balance of the year's earnings as follows:
the marketing of automobiles and many other classes of manufactures.
24% dividend to shareholders
$1,080,000 00
Added to surplus account
1,000,000 00
His views on the money market were set out as follows:
Added to undivided profits account
26,555 95
Affecting the entire business outlook but in turn influenced by its many
phases are the probabilities as to money rates. The inward movement of
Total net earnings
$2,106,555 95
gold which had commenced in the autumn of 1920 began to make itself
There are at present 545 members of our staff, of which 39
are officers.
felt about the middle of 1924 and the outward movement since then has We have 1,440 shareholders.
not been sufficient materially to affect credit conditions. In addition to
the effects of heavy stocks of gold, the United States money market throughout 1925 was subjected to the influence of the cheap-money policy of the Operations of National
City Bank—Record Figures of
Federal Reserve banks. That this policy was designed to prevent a further
Profits, Resources, &c.
Inflow of gold and to assist Great Britain and other European countries in
the task of returning to a gold basis and of currency stabilization, both
Charles E. Mitchell, President of the National City Bank
ends in the long run no doubt advantageous to American business, did not
lessen the resulting problems.
of New York, in addressing the stockholders at their annual
Meantime, capital accumulation has been going on rapidly in the United meeting on Jan. 12, noted that
the statement of condition of
States. This is clearly shown in mounting savings and life insurance, but
above all in the huge volume of new securities absorbed by the American the bank as at the close of tht year 1925, measured by capmarket.
ital, surplus, undivided profits, resources and deposits,
310
THE CHRONICLE
[Vol,. 122.
presents a new high water mark in National City history. stated to be $145,000, and that of Edmund A. Lynch, to
Mortimer S. Allmayer for $140,000. Last previous sale
With reference to the operations, he said in part:
The net profits for the year, after reserves for taxes, pensions and death was for $140,000.
benefits, and management funds, were in the amount of $13,907,168 40,
from which an aggregate amount of $1,372,228 was applied, according to
Two New York Coffee & Sugar Exchange memberships
our fixed rule, to a contingency reserve, dividends of $7,800,000 were
paid, and an amount of $4,734,940 40 was carried to undivided profits. were reported sold this week, that of C. R. Davison was
These figures do not include the net profits of the National City Co. or the
net earnings in excess of dividends of the International Banking Cor- purchased by Norrie Seliar for $19,250. The membership
of Harvey F. Pfair was reported sold for $20,000. Last
poration.
The liquidity of the bank has been maintained—cash, collateral demand previous sale $13,900.
loans and bonds and loans eligible for immediate rediscount or borrowing
at the Federal Reserve Bank having been kept at an aggregate of approxiJ. P. Morgan & Co. have leased the eighth floor of the new
mately 50% of net deposits. United States Government bond holdings are
in an amount in excess of the capital and surplus. All Government, State, Bank of America Building at 44 Wall Street through Brown,
municipal and other bonds and securities are valued in the statement on
Wheelock, Harris, Vought Co., brokers.
the basis of cost or market, whichever is the lower.
The item of "bank buildings" shows an increase for the year of approximately $3,400,000, resulting from the purchase of title to our 42d Street
At the annual shareholders meeting of the National Bank
Branch building, at the corner of Madison Avenue and 42d Street, and
several buildings for Caribbean branches. A new and imposing bank build- of Commerce in New York on Jan. 12 all the members of
ing for our exclusive use in the city of Havana was completed and formally the board of directors were re-elected and Angus D. Mcopened to the public in May. The building item in its total represents the Donald, Vice-Chairman of the Executive Committee of
ownership of 23 buildings for the conduct of domestic and foreign business.
Offices were opened during the year in the city of New York at 96th the Southern Pacific Co., was elected a director of the bank.
Street and Broadway, and at Park Avenue and 57th Street. New York City At the subsequent meeting of the directors of the bank
offices, now numbering seven, mostly in the uptown section, and all opened Harry P. Barrand and
Emanuel C. Gersten, heretofore
during the past five years, are making satisfactory progress and show
deposits well in excess of $100,000,000. In offices in shopping and resi- Second Vice-Presidents, were elected Vice-Presidents.
dential districts, marked emphasis has been laid, during the year, upon David H. G. Penny, who is retiring from active business,
equipment for serving the needs of women in their banking problems, thus
has resigned as Vice-President, effective Jan. 31.
keeping in step with the obvious trend toward greater independence on the
part of women in handling their business and financial affairs.
Our institution was one of the first to take advantage of the opportunity
At the annual meeting of the directors of the National
afforded by the amendment of the law in 1918 to establish a trust department. The efficient introduction of this facility, with a gain of public City Bank of New York held last Tuesday, several changes
confidence therein, was naturally a slow process at the outset. The devel- in the official personnel were announced. Edward F.
opment in the last three years, however, has been substantial, and 1925,
for the past two years has been an Assistant
measured both by number and volume of individual and corporate trusts, Barrett, who
executorships and transfer and registrar appointments has brought this Vice-President, assigned to the Metropolitan territory, was
phase of our work to a place of high importance which is especially grati- made Vice-President. Mr. Barrett, who was Assistant City
'
fying as indicating public approval in a relatively new sphere.
The extension of our business abroad, especially with respect to our for- Chamberlain during the late Mayor Mitchel's administraeign branches, has continued during the year, and this section of our tion, came to the National City Co. several years ago as a
business has returned profits exceeding those of the previous year by nearly clerk, later becoming Secretary to President Charles E.
20%. The contacts made through institutional activity in foreign fields,
and the knowledge of foreign markets thus gained, have proved of unques- Mitchell. When the executive leadership of the National
tioned value to American manufacturers and merchants seeking foreign City organization was placed under one head through the
markets, and to American travelers who have used our letters of credit and election of Mr. Mitchell as President of the bank,
Mr.
travelers' checks in greater volume than ever before, and they have made
It possible for us to be of increasing assistance everywhere in the transac- Barrett was made an Assistant Cashier and later Assistant
tion of international trade and commerce.
Vice-President. William J. Noonan, who has been an
Under permission granted by the Federal Reserve Board, we have acAssistant Vice-President of the National City Co. in charge
quired control of the entire capital stock of the Banque Nationale de )a
Republique d'Haiti, whose profitable and satisfactory operations have been of the 42d Street branch activities, was transferred to the
under our guidance for some years. The item (Bank of Haiti) appears in bank with the same title and Louis Naetzker was appointed
our statement at substantially less than book value.
•
Assistant Cashier. George B. Roberts, son of George
The International Banking Corporation, the stock of which is owned by an
the bank and appears in the statement, has had a year of satisfactory profits E. Roberts, Vice-President of the National City Bank has
and development. For administrative purposes, the seven branches of the been appointed statistician of the institution.
corporation in Santo Domingo have been transferred, as of the close of the
year, to the National City Bank and will be operated as direct branches of
the bank in the future. The operations of the International Banking CorIn recognition of meritorious services rendered by Charles
poration, which are under National City guidance, are centred largely in
the Far East, where, during the year, it has opened an additional branch E. Mitchell, President of the National City Bank of New
at Osaka
York in promoting close relations between Sweden and the
For the National City Co., whose stock through beneficial interest is United States, King Gustaf V of Sweden has appointed Mr.
owned by the shareholders of the bank, net operating income for the year
1925 was the largest of record since the company was organized, and its Mitchell Commander of the Royal Order of the North Star.
surplus and undivided profits now stand at their highest point. The com- Presentation of the insignia of the order was made to Mr.
pany's dividends of 16% per annum on its share capital, equivalent to 4%
Mitchell at The head office of the bank on Jan. 7 by Captain
on the shares of the bank, have been earned by large margins. During the
year, four additional offices have been opened, making a total of 86 dis- Axel F. Wallenberg, Swedish Minister to the United States,
trict and representative sales offices which are served by over 11,000 miles and Olof H. Lamm, Consul-General of Sweden in New York,
of private wires. The number of relationships with individual and corporate investors is indicated by the fact that the number of separate sales representing King Gustaf V. The decoration itself consists
to such customers, excluding sales to members of syndicates, has ex- of a white star surmounted by a gold crown. The order of
ceeded 176,000 during the year.
the North Star was instituted by King Fredrik in 1748 and
By vote of the shareholders, additional shares of the bank were issued
in February 1925, bringing the items of capital and surplus to $50,000,000 is conferred by the King of Sweden as a reward for civic
each—a total of $100,000,000. In the course of that increase, a block of and official service to science, literature, learned and useful
stock was acquired at what now appears a very low figure, for sale to works and for new
and beneficial institutions. Mr. Mitchell
members of the staff throughout the entire institution, on a deferred payment plan involving regular saving by the individual and concurrently and •the National City Bank organization have played an
an institutional contribution. The staff, to the number of 4,660, took important role in recent years in financing the needs of the
'
advantage of the opportunity of entering the list of shareholders. ElseSwedish Government in the United States. This is the
where, not only throughout the United States, but in many foreign countries, our shares have been in increasing demand, so that, exclusive of fourth decoration received by Mr. Mitchell from foreign
staff holding, we find ourselves with a larger group of financially inter- Governments. Early in 1923 King Haakon VII of Norway
ested advocates than ever before. The increasing practical evidence of
bestowed upon him the insignia of the Commander of the
the friendship of this group, and the esprit de corps that has developed
through the staff by virtue of their share ownership, are an inspiration Royal Norwegian Order of St. Olva. During 1925 King Alto the management.
bert, of Belgium, named him Commander of the Order of
In the domestic and foreign fields in which we work, the past year has
everywhere shown progress toward the normal economic status, which the the Crown, and President Kaarlo J. Stahlberg, of Finland,
was disturbed through price and wage fluctuations. The improvement has decorated him with the insignia of the Commander of the
been of a sound and permanent character, and while it cannot be said that Order of White Rose.
recovery is complete, it is clear that general conditions are the best that
they have been in a decade and that the outlook is good for an even greater
degree of stability. In the United States commercial credits are not exWilliam H. Woodin, President of the American Car &
cessive, reserve credits are being used only moderately, and there is as yet Foundry Co. and American
Locomotive Co., has been
no inflation in the commercial or banking structure that would seem to
endanger the trend of a healthy development in which our own institution elected a director of the Chase National Bank of New York.
should continue to prosper.
Assistant Cashiers Leon H. Johnston and Franklin H.
The deposits of the bank on Dec. 31 1925 are reported as Gates have been elected Assistant Vice-Presidents of the
Chase National and David McKenzie and P. Leslie Prugh
$921,573,498, while its assets aggregate $1,215,033,703.
have been appointed Assistant Cashiers.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were
At the annual meeting of the stockholders of the Seaboard
reported posted for transfer this week, that of Henry K. National Bank of the City of New York on Jan. 12 the
Pomroy, deceased, to Harold Tobey, for a consideration retiring board of directors was elected. At a meeting of the
JAN. 16 1926.]
THE CHRONICLE
311
directors of the bank on Jan. 14, the entire official staff was The annual:dinner of the officers of The Bank of America
was held at the University Club Jan. 12. President Edward
re-elected for the ensuing year.
C. Delafield reviewed the activities of the bank during the
The stockholders of the Chemical Ni.tional Bank of New past 12 months and discussed plans for the new year.
York re-elected retiring directors and Jansen Noyes, senior
At the annual meeting of the stockholders of The Equitable
partner of the firm of Hemphill, Noyes & Co., was added
to the board. At a meeting of the directors on Jan. 13 Trust Company of New York on Jan. 12 all retiring trustees
officers were elected for the ensuing year. The following were re-elected. At the meeting of the executive committee
are the promotions: Assistant Vice-Presidents, Frederic S. of The Equitable Trust Company the same day F. W.
Allen, J. Lowry Dale, John D. Perry; Assistant Cashiers, Black, formerly Assistant Vice-President, was elected a ViceWilliam M. Haines, Harold H. Helm, Walter M. Messenger. President of the company, and M. S. Bausch, formerly
The complete list of officers for the ensuing year is as follows: Manager of the company's foreign department, was appointed
President—Percy H. Johnston.
an Assistant Vice-President.
Vice-President—Edwin S. Schenck.
First
Vice-Presidents—Frank K. Houston, Clifford P. Hunt, Jesse M. Smith,
Wilbur F. Crook, Samuel T. Jones, N. Baxter Jackson, Robert D. Scott,
Charles Cason, Paul Partridge, Barret Montfort.
Assistant Vice-Presidents—Frederic S. Allen. J. Lowry Dale, John
D. Perry.
Cashier—Samuel Shaw.
Comptroller—Clifford R. Dunham.
Assistant Comptroller—Leonard E. Livingstone.
Assistant Cashiers—John D. Schmelzel, Harry L. Barton, Francis J.
Yates, Albert Quackenbush, Chester Morrison, Paul F. Tate, Meredith
Wood. William M. Haines, Harold H. Helm, Walter M. Messenger.
Manager Foreign Department—Jens K. Nickelsen.
Assistant Managers Foreign Department—Herbert I. Sayers, Ogden
Bigelow, Archie Lochhead.
Assistant Trust Officers—Stephen L. Jenkinson, John F. Flaacke,
Charles E. Kemball Jr., Carleton L. Marsh, John Nicholas.
Assistant Manager Bond Department—William H. French.
Assistant Manager Fifth Avenue Office—Frederick J. Brettman Jr.
Assistant Manager Madison Avenue Office—J. Eads Switzer.
All the directors of the National Park Bank of New York
were re-elected at the annual meeting of the stockholders.
Charles Scribner, oldest director in point of service in the
board of directors, was elected Vice-President.
At the annual meeting of t- he Chatham Phenix National
Bank & Trust Co. of New York on Jan. 12 the following new
directors were elected: Pierre C. Cartier, of Cartier, jewelers;
Jesse R. Taylor, Treasurer of the American Tobacco Co.;
Wallace T. Perkins, Vice-President of the bank, and Arthur
D. Wolf, Vice-President of the bank.
The Hanover National Ban-k of New York announces the
election as a director of Ernest Iselin, of Iselin & Co.
The Equitable Securities Co., Inc., the New England
subsidiary of the Equitable Trust Co. of New York, commencing Jan. 11, has been placed under the direction of
Mr.Edward B. Horne. Mr. Horne has been in the brokerage
business in Boston for many years and was formerly a
member of the Boston Stock Exchange. He became
affiliated with the Guaranty Trust Co. in 1918 and was
appointed Assistant Secretary of the company. Later he
became Boston correspondent of the Guaranty Trust Co.,
serving in that capacity for about seven years. The offices
of the Equitable Securities Co. are located at 60 Congress
St., Boston.
At the annual meeting of stockholders of the Equitable
Eastern Banking Corp. on Jan. 12, the following new directors were elected: Herman J. Cook, Frank W. Black.
All retiring directors were re-elected. At the meeting of
the directors on the 12th, the regular quarterly dividend
of 2% was declared on the capital stock of the corporation,
payable Jan. 13 to stockholders of record Dec. 31 1925. All
officers of the corporation were re-elected. The Equitable
Eastern Banking Corp. was organized in December 1920
by the Equitable Trust Co. of New York, taking over the
parent company's Far Eastern business. The corporation
has paid dividends continuously since the date of its organization. The corporation's latest statement of condition,
issued Dec. 31 1925, shows capital of $2,000,000; surplus,
$500,000, undivided profits of $527,239 and total resources
of over $14,000,000.
William E. Cory and H. H. Rogers resigned this week
from the board of Mechanics & Metals National Bank of
The Bronx Branch of the Banking Department of the
this city "in keeping," it was said, "with their policy to Title Guaranty & Trust Co. was opened this week at 370
withdraw from outside business relations." No new diEast 149th St. The Title company has had its branch
rectors were elected.
office at this address since the building was erected some
been
H. W. Maynard was this week elected a director of the 20 years ago. The ground floor and basement have
Coal & Iron National Bank of New York to fill vacancy. entirely remodelled and safe deposit vaults have been
installed. The company now occupies the whole of the first
All other directors were re-elected.
floor, having placed the banking department in the easterly
A.E.Lefcourt,President of A. E. Lefcourt Realty Holdings, office formerly occupied by the Lawson Piano Co. Charles
and Maurice Leon, of the firm of Evarts, Choate, Sherman M. Gambee, for many years Manager of the Bronx Title
& Leon, were added to the board of directors of the Harri- Department, is now Manager of both Title and Banking
man National Bank of New York at the annual meeting on Departments. William A. Bracken, connected with the
Jan. 12. Retiring directors were re-elected. Louis M. Manhattan Banking Department for 17 years, is associated
Werner, President of Weber & Heilbroner has been elected with Mr. Gambee as Assistant Manager of the Banking
a member of the Advisory Board of the Harriman National Department. Charles Reichard continues as Assistant
Bank, the retiring members being re-elected, and Miss Sarah Manager of the Title Department.
A. Burke has been appointed Assistant Cashier in charge of
the Ladies' Department.
Nathan S. Jonas, President of the Manufacturers' Trust
Company of New York, in his report to the stockholders
At a meeting of the stockholders of the New Netherland on Jan. 6 said that the quarterly statement showing the
Bank of New York this week F. P. Bedford, Vice-President condition of the company at the beginning of 1926 reflected
of Penick & Ford, Ltd., was elected a director to fill a the best year of growth and prosperity that the company
vacancy on the board.
has enjoyed since its organization in 1905. Mr. Jonas,
further remarks were in part as follows:
While the total of our deposits on Jan. 1st is abnormal, due to the year
The annual meeting of the stockholders of The Bank of
safe to
America of New York City was held Jan. 12. No changes end accumulations of cash, it isgrowth. assume that our deposits will continue to show a sure and steady
A comparison with the statement
the directorate were made,the entire board being re-elected of one year ago tells at a glance the story of our progress in this fine year.
in
for the ensuing year. At a special meeting of the directors On Jan. 1 1925 our deposits stood at approximately $118,000,090 and on
profits
of the Bank on Jan. 14 the following promotions were made: the same day the capital was $5,000.000, surplus and undivided greater
were approximately $5,520,000 and we had twelve offices in the
Assistant Vice-President was city, of which five were in the Borough of Manhattan.
L. B. Heemskerk, formerly
During 1925 we took over by merger three of the best known among the
appointed Vice-President; Oscar F. Meredith and Henry J.
and all of them
independent banks of the
Schuler,formerly Assistant Cashiers were appointed Assistant located in the Borough of City, each with a single office of our offices in
Manhattan, making the total
Vice-Presidents; Dudley F. Fowler and Howard B. Smith, that Borough eight, and the total in the greater city fifteen. The first
formerly Assistant Trust Officers appointed Trust Officers; of these mergers was with the Yorkville Bank on April 1st, with one office
located at Third Avenue and 85th Street. The Yorkville Bank was the
Paul E. Landon,formerly Manager of the Trust Department pioneer in that thrifty district, and their merger with our company was
appointed Assistant Trust Officer; Amandus W. Austin, universally considered as a splendid acquisition for us. Incidentally it was
formerly Assistant Manager Foreign Department appointed thelargest bank in total deposits thatever had merged with us, their deposits
on the day of the consolidation having stood at about $35,000,000. The
Assistant Cashier; Adrian M. Massia, formerly Manager merger with the Yorkville Dank necessitated an increase in the capital
Securities Department appointed Assistant Cashier and structure of the company,and on April lst, it was increased from $5,000,000
the issuance of 30,000 shares, half of which were sold to
John W. McKeon formerly Assistant Manager Foreign to $8.000,000 byat $300 per share in proportion to holdings. 14,000 share
our stockholders
Department appointed Manager Foreign Exchange Division. were exchanged for Yorkville Bank stock, and the remaining 1,000 shares
312
THE CHRONICLE
[VoL. 122.
were sold through a committee of our Board of Directors at $315 per share. and H.N.Andrews
were each appointed an Assistant Cashier
at that time the high price for our stock. Of the 14.000 shares given in
exchange for Yorkville Bank stock, half, or 7,000, were bought back as and Trust Officer. The new chief executive of the First
provided in ther merger agreement at $315 per share and sold to our own National Bank was born in Worcester, Mass., in 1873 and
stockholders at the same price, also in proportion to holdings.
was graduated from the Worcester Polytechnic Institute in
The other two mergers were simultaneous, both the Gotham National
Bank and the Fifth National Bank having been purchased by us on June 1st 1894. He began his banking career in the following year,
and their combined business merged with our Institution on that date. 1895. When the Nationa' Bank
of Redemption of Boston
The Gotham National Bank, which controlled its own building, is probably
was consolidated with the First National Bank in 1904, Mr.
the most ideally situated for the future, being located right at Columbus
Circle in the hub of New York. It had this one office, which is now operated Dwinnell, who was an officer of the former, entered the seras the Columbus Circle office of our Company, and on the day of the vice of the enlarged First
National Bank and the following
merger its deposits totaled about $15,000,000.
The Fifth National Bank, which was one of the oldest institutions in the year, 1905, was elected a Vice-President of the institution.
city, with a splendid history of more than 50 years behind it, was located After his election as Chairman of the board. Mr. Wing had
at the corner of 23rd Street and Lexington Avenue, and this is now known the following to say,
as reported in the Boston "Transcript"
as the 23rd Street office of our Company. On the date of the merger
the deposits of the Fifth National Bank were about $18,000.000. These of Jan. 12:
"There has been, during the past few years, a considerable increase in
latter two mergers again necessitated an increase in our capital structure
which was accomplished on June 1st through the issuance of 20,000 shares the size of the bank and an extension of its many activities. Not only are
of new stock, of which 10,000 were given in exchange for stock of the Fifth our local deposits materially larger, but new departments, made possible
National Bank and 7.500 shares in exchange for the stock of the Gotham by the passage of the Federal Reserve Act, such as our foreign and trust
National Bank. The remaining 2,500 shares were sold through a committee departments, are fast assuming proportions of size and importance. The
of the Board of Directors at $360 per share, also then the high price for rapid development of our South American branches, London office and the
First National Corporation—owned by the bank—require
our stock.
more and more
Our statement as of July 11925, which was the first one published after careful thought and supervision.
"It is this continued growth in all departments of the bank
the three mergers described, showed deposits of $193,000,000 and surplus
that has made
and undivided profits were approximately $12,200,000. In the six months some rearrangement of our organization advisable.
"Mr. Dwinnell, for many years Senior Vice-President,
which have intervened the deposits have had an increase of over $15,000,000
brings to his
position as President long experience and thorough familiarity with the
and we have added to surplus and undivided profits about $800,000.
Because of the satisfactory earnings and the bright outlook for our com- bank's business. This division of executive duties will permit me, as
pany, the directors decided to pay an extra dividend of 1% for the quarter Chairman of the board, to devote more time to the consideration of general
which ended Oct. 31st, and again for the quarter which ended on Dec. 31st, policies and to give personal attention and direction to the development
making 18% paid during the year. It is hoped and expected that the of the various activities of the bank."
dividends during 1926 will equal 20%•
The statement of the First National Bank for Dec. 31
A year ago the market for our stock was quoted at $310 bid, while the
1925 shows deposits amounting to $303,224,810 45 and
quotation is now about $510 bid. At $500 per share, based on the assumption
of an annual dividend payment of 20%,the yield to new purcb.cers would resources of $402,980,744 67 and capital, surplus and profits
be 4%, which is somewhat higher than the yield which could be obtained amounting to $43,867,535 28.
on many bank stocks in our field. We have a considerable waiting list
The stockholders of the First National Bank at their
for stock for customers and others at the present time, but instead of bidding
up for the stock, the writer has preferred not to see the stock move upward annual meeting held the same day (Jan. 12) elected the foltoo rapidly but rather to see it move slowly and surely and based on con- lowing new directors: Clifton
H. Dwinnell, Charles A.
servative values rather than on speculation.
Our stockholders now number 2,712 as compared with 1,546 a year ago, Stone, Morgan Butler and Sinclair Weeks.
At the annual meeting of the directors of the First National
and we have approximately 1,100 employees as compared with 800 last year.
Walter M. Bennet, who retired on Jan. 9 as First VicePresident a the Bank of America, of this city, after 41
yearS' banking service, all of which was spent with that
bank, was presented with a platinum watch by Edward C.
Delafield, President of the bank, on behalf of the officers.
On the 1st of February Mr. Bennet will leave with his wife
for a Mediterranean tour of five months. Mr. Bennet came
to Wall Street in 1884 when he was 19 years of age and
shortly after his graduation from City College. His first
position with the bank was that of check clerk. Various
promotions followed and in 1892 he became Assistant Cashier. In 1908 he became a Vice-President and since 1920 he
has been First Vice-President of the institution. Mr. Bennet is a director of the Bank of America, trustee of the
Drydock Savings Bank and a director of the Consolidated
Copper Mines.
•
The Harriman National Bank of New York declared a regular semi-ann. dividend of 5% Jan. 7 and an extra dividend
of 5%, both dividends payable Jan. 8. The Harriman National Bank, which has -no branches, but conducts all its
business from its offices at Fifth Avenue and 44th Street,
reports deposits as of Dec. 31 exceeding $44,000,000, comparing with $37,000,000 at the same date last year. The
bank has erected an addition to its building on Fifth Avenue, now nearing completion, to care for its expanding volume of business. This addition is expected to be ready for
occupancy in a few months.
Thomas C. Rule, formerly Assistant Cashier of the First
Federal Foreign Banking Association, has been elected
President of the new Canarsie State Bank. The latter is a
new institution and is scheduled to begin business about
Jan. 11. Those associated with Mr. Rule in its management
are: Donald Dunnet, Charles W. Higley, Adam J. Stahle
and A. W. J. Pohl, Vice-Presidents; E. F. Griesmer, Cashier,
and Edward J. Bechtold, Assistant Cashier. The bank has a
surplus of $50,000. The stock has been sold at $150 per
share of $100. The issue, we learn, was oversubscribed.
Two important changes took place in the personnel of the
First National Bank of Boston on Jan. 12 when the annual
meeting of the directors was held. Daniel G. Wing,formerly
President of the institution, became Chairman of the board
of directors, a newly created office, and Clifton H. Dwinnell,
long Senior Vice-President, was made President in his stead.
Several former Assistant Cashiers of the bank and other
employees were made Assistant Vice-Presidents—another
newly created title—as follows: E. W. Owen, A. S. North,
W. L. Gray, L. M. Little and W.G. Bartlett. J. R. Morss
Corporation, a subsidiary of the First National Bank, of
which Daniel G. Wing is President, also held on Jan. 12,
all the officers were re-elected. The following new appointments were made in the New York office of the corporation:
Philip A. Russell, Manager; Charles W.Greenough, Manager
of the Trading Department; Ralph Irving, Manager of the
Government bond department; L. Meredith Maxson, Manager of acceptance department, and Richard P. Kuhn,
William D. Eckerson and Robert A. Love, Assistant Managers.
Seven new directors were added to the Board of the
National Shawmut Bank of Boston at the annual meeting
of the stockholders on Jan. 12. They are: Paul C. Cabot,
Frederick A. Carroll, Ellery S. James, Frank A. Newell,
James E. Ryder, Herbert L. Tinkham and Walter H.
Trumbull, Jr.
The directors of the Exchange Trust Co. of Boston at
their annual meeting on Jan. 12 re-elected John J. Martin
President of the institution and at the same time created
the office of Chairman of the Board of Directors and elected
Mr. Martin to fill it.
On Dec. 31 the board of directors of the enlarged Marine
Trust Co. of Buffalo, Buffalo, held its first meeting since
the Buffalo Trust Co. was merged with the institution.
Announcement was made that the consolidation of the institutions became effective at the close of business on that
day (Dec. 31). The only addition to the official staff of
the enlarged bank made at the meeting was Seymour H.
Knox, who was elected a Vice-President. Mr. Knox, it is
understood, had been a director of the former Buffalo Trust
Co. since July 1921 and has been a director of the Marine
Trust Co. since November of the same year. The personnel
of the enlarged bank is as follows: Elliott C. McDougal,
Chairman of the Board; Walter P. Cooke, Vice-Chairman
of the Board; George F. Rand (formerly President of the
Buffalo Trust Co.), President; Edward H. Leichworth,
General Counsel. Officers at the head office, Main and
Seneca streets, are: Emil Diffine, Percy W. Darby and
Seymour H. Knox, Vice-Presidents; Eugene L. Reed, Treasurer; Henry J. Beitz, Secretary; Edwin J. Voltz, Harold E.
McDougal, Henry H. Van Allen, George J. Leiser and Randolph L. Holser, Assistant Secretaries, and H. Phelps Clawson, Assistant Treasurer. At the conclusion of the meeting,
President Rand issued the following statement, as printed
in the Buffalo "Courier" of Jan. 1:
The men who have been officers of the Marine and Buffalo trust companies have been elected officers of the Marine Trust Co. Except for later
centralization of the executive offices and the specialized departments at
the main office, there is no change in the official line-up. Our customers
JAN. 16 1926.]
THE CHRONICLE
will find the same old friends ready to serve them with greater resources
and better facilities at their disposal.
Protection of the depositors' money is the first consideration in banking.
In the Marine a capital and surplus and undivided profits of over $25,000,000 is ample assurance of its stability. Thirty-five offices throughout the
city mean that the Marine is placing conveniently at the disposal of men
and women in every neighborhood of Buffalo the facilities of the city's
great bank.
To commercial customers the Marine is a particularly useful banking connection. An experience which is the outgrowth of intimate contact with
diversified industries is the basis of our consideration of their financial
and credit requirements. Business men and corporations have much to gain
through dealing with this big bank. For example, the completeness of our
credit files and our sources of credit information through direct contact
with hundreds of banks throughout the country is, I believe, superior to any
similar service heretofore available.
,
A condensed statement of condition of the enlarged bank
as at the beginning of business Jan. 2 1926 shows total resources of $250,557,417. On the debit side of the statement,
combined capital, surplus and undivided profits are placed
at $25,809,087, and deposits at $205,159,407. The bank has
35 branches in Buffalo.
As a Christmas gift to President Rand and a recognition
of their appreciation of his administation of the Buffalo
Trust Co., the employees of the latter institution presented
him with a hand-tooled leather brochure signed by all of
the officers and employees containing the following handlettered inscription:
313
ward O'Malley and WilliamM Rankin were elected directors,
succeeding W. Edwin Blair and Jules DeWaele, Jr.
A special dispatch from York, Pa., on Jan. 7 to the Baltimore "Sun" stated that as soon as all legal details could be
arranged the York National Bank of that place and the
York Trust Co. would be merged into one organization to
be known as the York Bank-York Trust Co. with a capital
of $1,000,000 and surplus and undivided profits of $1,100,000.
The resources of the new institution, it was stated, would
amount to $9,500,000 and its trust funds to $4,500,000.
The consolidated bank,according to the dispatch, will occupy
the home of the York Trust Co., while the building of the
York National Bank will be used as a branch office. Grier
Hersh, now President of the York National Bank, will be
Chairman of the board of directors of the new institution,
while Ellis S. Lewis, the present head of the York Trust Co.,
will be President. The other officers it is understood, will
be Henry Ness and Charles H. Moore, Vice-Presidents;
Harry Sakemiller, Vice-President and Treasurer, and George
H. Kain, Vice-President and Trust Officer. The York
National Bank dates back to 1810 and the York Trust Co.
was organized in 1890.
We, the officers and employees of the Buffalo Trust Co., upon the cocaEdon of your elevation to the presidency of the new and greater Marine Trust
Co., wish to congratulate you upon this great honor, bringing with it
greater opportunities and a larger field for your ability and endeavors.
We also desire to express to you our grateful appreciation of your many
kindnesses and wonderful spirit of co-operation during the four years and
more of pleasant work together for the success of our bank,
the bank which
we have deemed it a privilege to serve, the Buffalo Trust Co.
It will be with the same faith in you and your plans that we have always had in the past, that we shall enter upon our duties as co-workers
in
the new bank. We assure you that we shall always strive to
preserve to
this greater bank the same enviable reputation, and that we
shall always
hold for it the same high ideals that characterized the Buffalo
Trust Co.
under your inspiring leadership.
We know that the merger of these two great banks means
the fulfillment
of your hopes and plans, and it is our sincere wish that
this fine new institution will be even a greater success than was the
good old Buffalo
Trust Co.
That you may have a very Merry Christmas and a Happy
New Year is
the wish of all of us.
A plan for the proposed amalgamation of the Franklin
National Bank of Philadelphia and the Fourth Street National Bank of that city under the title of the Franklin-Fourth
Street National Bank of Philadelphia, has been approved by
the directors of the respective institutions, according to press
dispatchesfrom that city yesterday (Jan. 15)appearing in the
New York evening papers. The capital stock of the Franklin National Bank will be increased from $2,000,000 to $3,000,000, making it the same as the present capital stock of
the Fourth Street National Bank. One share of new stook
of the consolidated bank will be issued in exchange for each
share of the two institutions, it is said, and the combined
capital, surplus and undivided profits of the new bank will
exceed $24,000,000. J. R. McAllister, now President of the
Franklin National Bank, will be Chairman of the board of
On Jan. 2—the first business day following the consum- directors,it is understood,of the new bank, while E.F.Shanmation of the merger of the institutions—both Mr. McDou- backer,the present head of the Fourth Street National Bank,
gal and Mr. Rand were the recipients of hundreds of letters will be President.
and telegrams of congratulation and at numerous gifts of
flowers, the latter coming from corporations, banks and
In addition to electing its present directors, the stockholdindividuals all over the country.
ers of the Central National Bank of Philadelphia on Jan. 12
approved the proposed increase in the capital of the instituThe statement of condition of the Plainfield Trust Co., tion from $1,250,000 to $1,500,000 (referred to in our issue
Plainfield, N. J., as of Dec. 31 1925 shows total resources of Nov. 21, page 2485). The new stock will be allotted to
as of that date of $15,144,485. Deposits are $12,956,938 shareholders, it is understood, at par ($100) in the ratio of
and combined capital, surplus and undivided profits are one new share for each five shares held.
$1,470,479. Three times since its incorporation in 1902
the company has outgrown its quarters. It now has under
William T. Dewart was elected President of the Munsey
construction a new building, which, when completed, it is Trust Co. of Washington on Dec. 31 to
succeed the late
said, will be one of the finest banking homes in the State Frank A. Munsey, according to the
Washington "Post" of
of New Jersey. The main banking space alone will cover Jan. 1. His election, it is said, places
Mr. Dewart, who was
10,000 square feet and modern, convenient quarters will
a director of the institution, at the head of the various
be provided for every department. Charles W. McCutchen Munsey corporations
, as he had been previously elected
Is Chairman of the Board of Directors of the Plainfield Trust President
of the other companies. On the same date four
Co., while Harry H.Pond is President.
additional directors were elected to the board of the Munsey
Trust Co., one of whom, Fred A. Walker, had previously
Edward C. Dearden, Secretary of George W. Blabon
Co., been a director, it is said, when a resident of Washington.
manufacturers of linoleum, has been elected a
director of The others are: Archibald R. Watson, Richard H. Titherthe Corn Exchange National Bank of Philadelphia.
ington and Clarman T. Dixon. The officers of the Munsey
Trust Co. are now as follows: William T. Dewart, PresiAt the meeting on Jan. 11 of the board of the Philadelphia dent; Wilton J. Lambert, Vice-President
and General CounCompany for Guaranteeing Mortgages, the following
were sel; C. H. Pope, Vice-President and Treasurer; C. D. Ratelected directors:
cliffe, Vice-President and Assistant Treasurer; T. C. Willis,
J. C. Neff, Vice-President and Director Fidelity Trust Co.,
Samuel C. Edwards, Vice-President Philadelphia Co. for Philadelphia: Secretary and Assistant Treasurer, and P. J. McMahon, AsGuaranteeing
Mortgages,formerly of the staff of the Commercial and Financial
Chronicle. sistant Treasurer. The "Post" further went on to say:
Hampton L. Carson, a director of the Philadelphia ComIt was learned last night (Dec. 31) that no changes are contemplated
pany for Guaranteeing Mortgages since it commenced busi- in the management of the local financial institution and the active management will, as heretofore, be in the hands of C. H. Pope, Vice-President
ness, resigned on account of illness.
and Treasurer.
The stockholders of the United States Fidelity & Guaranty
Co. of Baltimore at their meeting on Jan. 18 will act on the
recommendation of the directors to increase the capital
stock from $5,000,000 to $10,000,000; 20,000 shares will be
offered to the stockholders of record Feb. 1 1926 at $100
per share and the remaining 80,000 shares will not be issued
at this time. The par value of the stock is $50. The
company reports surplus Nov. 30 1925 of $6,332,119.
At the recent annual meeting of the stockholders of the
Drovers & Merchants' National Bank of Philadelphia, Ed-
Col. Robert N. Harper, President of the District National
Bank of Washington, D. C., announced on December 30,
that the directors had voted to increase the capital stock
of the bank from $550,000 to $1,000,000. The surplus and
undivided profits of the District National Bank are $527,000
and the deposits on Dec. 30 stood at ,489,000. The par
value of the new stock will be $100 per share. Advices to us
under date of Jan. 9 state:
We expect the new stock to be sold at not less than $175,for a portion of
it, and a larger amount. maybe $200. for another portion. The stockholders' meeting has not yet been called, but it will be within a few days.
314
J. William Roberts was elected Cashier of the Central
Savings Bank of Washington Dec. 29 to succeed Charles W.
Morris, who had filled the position temporarily. Mr. Roberts began his banking career with the Home Savings Bank
and later became associated with the Panama branch of the
Commercial National Bank. After serving abroad during
the World War, he returned to Washington and entered the
service of the American Security & Trust Co.
As a preliminary step in a program of expansion, the
directors of the Federal-American National Bank of Washington, D. C., on Jan. 7 recommended an increase in the
capital stock of the institution from $1,200,000 to $1,600,000,
according to the Washington "Post" of Jan. 8. Announcement was made that of the 4,000 shares of new stock to be
issued, 2,000 would go to stockholders as a stock dividend;
1,800 would be offered to the stockholders at $200 per share
and the remaining 200 shares would be sold to the officers
and employees of the bank at the same price. The "Post"
further stated that while formal application to increase the
capital stock had not been made to the Comptroller of the
Currency, it was understood that the plan, which had been
under discussion for some time, had his approval and a meeting of the stockholders had been called for Feb. 11 at which
time they would be asked to ratify the proposed increase.
The Federal-American National Bank has a handsome new
building under construction at Fourteenth and H Sts., N. W.
The institution, according to its statement of condition at
the close of business Dec. 31 1925, has total resources of
$15,338,504 and deposits of $12,544,849.
At the annual meeting of s- tockholders of the New York
Trust Co. on Jan. 13 the following trustees were re-elected
for a period of three years: James C. Colgate, Alfred A.
Cook, Arthur J. Cumnock, William F. Cutler, Samuel H.
Fisher, Thomas A. Gillespie, Charles Hayden and Dean
Sage. The following new members were elected to the
board: F. Trubee Davison, Robert A. Lovett, of Brown
Brothers & Co., and Vanderbilt Webb, of Webb, Patterson
& Hadley.
At this week's meeting of the board of trustees of the
Bank of New York & Trust Co., Frederick C. Metz, Jr.,
was appointed a Vice-President. Mr. Metz was formerly
Cashier of the Bank of New York, N. B. A., and after the
merger of the bank with the New York Life Insurance &
Trust Co. he was Treasurer of the combined institution until
1924, when he was appointed Assistant Vice-President.
The Baltimore "Sun" in its Issue of Dec. 31 stated that
the directors of the Merchants National Bank of that city,
according to an announcement made the previous day by
Morton M. Prentis, President of the institution, had decided
to transfer $500,000 from undivided profits account to the
bank's surplus, thus increasing the latter item from $1,500,000 to $2,000,000. At present, it was said, the Merchants
National Bank, which is the largest national bank in the
Fifth Federal Reserve District in point of total deposits
and resources, has an aggregate capital stock outstanding
of $4,000,000 and after the before mentioned transfer of
$500,000, a total undivided profit account of approximately
$800,000. The "Sun" further stated that announcement
was also made on Dec. 30 of the promotion of Homer B.
Shaffer to the position of Assistant Cashier. Heretofore
Mr. Shaffer was Manager of the Liberty Street branch of
the bank and will continue to stay in that office in his new
capacity, it was said.
William T. Davidson, Cash- ier of the Columbia National
Bank of Pittsburgh and Verner C. Boggs, heretofore Assistant Cashier of the institution, were on Jan. 6 elected additional Vice-President of the bank, according to the Pittsburgh "Post" of Jan. 7. Mr. Davidson, who entered the
bank as a messenger in 1897, will continue as Cashier, a
position he has held for the last six years. Mr. Boggs had
also served as Assistant Cashier for the past six years.
In regard to the affairs of the First State Bank of New
Castle, Pa. (the closing of which on Sept. 17 1925 and the
arrest of its Cashier and Vice-President, Edmondo G.
Doyno, on the following day for the alleged misappropriation of $32,000 of the $40,000 shortage discovered on the
bank's books was reported in these columns in the "Chronicle" of Oct. 17 last), a special press dispatch from New
Castle on Jan. 4 to the Philadelphia "Ledger" stated that
[VOL. 122.
THE CHRONICLE
Victor Doyno, former President of the failed bank and an
uncle of Edmondo Doyno, had on Jan. 2 been arrested for
embezzling the bank's funds and on other charges made by
a representative of the State Banking Department and subsequently released in $7,000 bail.
With Christmas money clubs in as general use as they are
at the present time, it has been a problem for banks to get
distinctive advertising methods which would advertise their
own particular club. This year The Union Trust Co.,
Cleveland, conceived the idea of advertising the Christmas
money club in the actual form of a paper folder about 14
inches long and 8 inches wide when opened—but when closed
it was die-cut and colored in such a way as to appear like a
stick of wood. It bore the words "The Club with a Wallop"
and on the back "I Knock the Hard Spots Out of Christmas."
The inside contained detailed facts regarding the company's
Christmas money clubs.
At the annual meeting of the directors of the Ohio State
Bank & Trust Co. of Akron, Ohio, on Jan. 5, Allan F.
Ayers was elected President of the institution to succeed
William O'Neil, who became Chairman of the Board of
Directors. Mr. Ayers was President of the bank when it
opened in March 1917 in East Akron, but since 1922, when
the main office was opened in the Everett Building, had
held the office of Executive Vice-President. Before going to
Akron, Mr. Ayers, who is a graduate of the University of
Illinois, was a Vice-President of the Continental Trust Co.
of Denver for five years and prior to that time was Cashier
for ten years of the F. G. Farrell Co. of Jacksonville, Ill.
He is Vice-President and a director of the Akron Standard
Mold Co. and the State Foundry & Pattern Co. and a
director of the Akron Morris Plan Savings Bank, Mogadore
Savings Bank, Macedonia-Northfield Banking Co. and the
Main & Market Building Co. Mr. O'Neil, the new Chairman of the Board, is President of the General Tire & Rubber
Co. Among the officers re-elected at the meeting were:
W. P. Welker, Vice-President and Trust Officer; Charles C.
Botzum, Vice-President and William J. Heepe, Treasurer.
At the stockholders' meeting which preceded the meeting
of the directors, four new members were elected to the Board,
as follows: H. B. Stewart, President of the Akron, Canton &
Youngstown Railroad; A. J. Saalfield of the Saalfield Publishing Co.; Wendell Willkie, an attorney, and William
Williams, President of the Akron Coca Cola Co.
-4---
A press dispatch from Columbus, Ohio, on Dec. 31,
printed in the Cleveland "Plain Dealer" of Jan. 1, stated
that the Department of Banks had approved the proposed
absorption of the Guarantee Trust Co. of Cincinnati by the
Bank of Commerce & Trust Co. of that city (referred to in
these columns in the "Chronicle" of Dec. 5 last) and that
the merger of the institutions would become effective
Jan. 1.
According to the Toledo "B-lade" of Dec. 31, the proposed
consolidation of the Merchants Savings Bank & Trust Co.
and the Security Savings Bank & Trust Co. of that city
under the title of the latter (referred to in these columns in
our issues of Nov. 28 1925 and Dec. 26 1925) became effective on Dec. 31. The "Blade" further said in this regard:
Coincident with the completion of plans for the merger of the Merchants
Savings Bank ,St Trust Co. with the Security Savings Bank & Trust Co.,
announcement was made Thursday (Dec. 31) of the payment of a cash
dividend of 85% to stockholders of the Merchants. The total payment
under this dividend will be $97,500.
The erection of a new bui- lding for the Columbia State
Savings Bank of Chicago will commence shortly at 5146
West Chicago Avenue. The new site has an area of 6,250
square feet and it is expected that the new building will be
ready for occupancy by Oct. 1 1926. An Innovation will be
presented in the walls of the main banking room, which will
be of Zenitherm, a material which has the faculty of absorbing sound waves and eliminating the noise from the
adding and bookkeeping machines.
James B.Forgan was promo- ted to be Vice-President of the
First National Bank of Chicago, of which his late father was
the head for a quarter century. Walter M. Heymann,
President of the Liberty Trust & Savings Bank, was elected
Vice-President of the First National Bank, effective immediately, but will retain his connection with the former bank,
becoming Chairman of the board. Other promotions were
P.
A. N.Cordell, H.A. Anderson, H. Snyder,from Assistant
Vice-Presidents to Vice-Presidents; Emil A. Stake, who has
JAN. 16 1926.]
THE CHRONICLE
been in charge of the New York office of the First-Chicago
Corporation, was also elected Vice-President. A. B. Johnston was promoted to Assistant Vice-President. Other officers were re-elected and M.J. Hardacre and Albert G.Keck
were made Assistant Cashiers. All of the directors were
re-elected and three new members, Ira N. Morris, Albert
H. Wetten and Mark W. Cresap, were added to the board.
The stockholders authorized a $2,500,000 increase in the
stock of the First National Bank, making the total capital
$15,000,000, and of $1,250,000 in the First Trust & Savings
Bank, making its capital $7,500,000. The increase in the
First National's capital is the tenth since its organization in
1863 with stock of $205,000, while the Savings Bank, organized in 1903 with $1,000,000 capital, has added to its
stock at intervals as the volume of business demanded.
In the First Trust & Savings Bank of Chicago, William
K. Harrison was promoted from Assistant Cashier to Assistant Vice-President, E. E. Schmus was appointed Assistant Cashier, and H. H. Benjamin and R. L. Grinnell were
made Assistant Secretaries. J. H. C. Templeton was made
Vice-President of the First-Chicago Corporation and will
siicceed Mr. Stake in the New York office.
Several important changes were made in the official
personnel of the Illinois Merchants Trust Co. of Chicago at
the annual election on Jan. 8. Frank F. Taylor, for many
years Secretary, was made a Vice-President of the institution
and Howell W. Kitchell, formerly an Assistant Secretary,
was elected as Secretary. Other changes in the trust department included the promotions of H. M. Hanson, Paul C.
Butcher, Norman B. Freer and M. W. Lowell to the staff
of Assistant Secretaries, which now numbers eleven. In
the banking department, John J. Mitchell, Jr., son of
President Mitchell, and T,. Philip Swift were made Assistant
Cashiers. New official positions as Assistants to VicePresident were created for Harold H. Shockey and Robert S.
Hotz. Other officials of the bank were all re-elected with
the exception of F. D. Conner, who resigned as manager of
the business extension department. This department of
the bank has been consolidated with the advertising department under the direction of Carl A. Gode as manager.
Daniel Willard, President Baltimore & Ohio RR.; Guy A.
Richardson, Vice-President and General Manager Chicago
Surface Lines, and Carl A. Johnson, President Gishold
Machine Co., Madison, Wis., were added to the board of
directors of the Union Trust Co., Chicago, at the annual
stockholders meeting. The following promotions and new
appointments to the official staff have also been announced
by Frederick H. Rawson, Chairman of the Board of the
trust company: F. W. Loco from Assistant Cashier to
Assistant Vice-President; F. G. Murbach, Assistant Cashier
and manager savings department; A. T. Sihler, manager
investment department; L. E. Wilson, Assistant Cashier,
W. S. Davis, Assistant Trust Officer, and J. J. Buechner
Auditor. The Union Trust Co., which was established in
1869, has just closed one of the most successful years in the
history of the institution, according to a statement by Chairman Rawson. During the past four years deposits have
increased from forty-two million to seventy-three million
dollars. An outstanding new business accomplishment
among the larger banking institutions of the country during
the past year was the campaign of the Union Trust Co.,
which resulted in a total of $11,600,000 of new business.
During the past twelve months every department of the
bank has recorded a new high point. Last April the bank
increased its capital stock one million bringing its total
capital and surplus and undivided profits to more than
$7,000,000.
The National Bank of the Republic of Chicago at their
annual directors' meeting on Jan. 12 elected Aaron Colnon
of John E. Colnon & Sons, to their board of directors to take
the place left vacant by the death of Silas J. Llewellyn.
The directors also elected C. P. Walker Vice-President in
charge of the savings division, and advanced C. W. Fritz,
Assistant Cashier, to Assistant Vice-President of that
division. They also announce the election of W. E. Toon
as Trust Officer of the bank. Thomas H O'Connor,formerly.
Assistant Vice-President of the bank, was elected Treasurer
of the National Republic Co., an affiliated institution.
Three changes in the list of officers of the Chicago Title
&Must Co. of Chicago were recorded at this week's meeting
of the directors when Herbert Becker was made VicePresident and H. D. Pettibone was made Trust Officer.
315
General Abel Davis who has been Vice-President and Trust
Officer, continues as Vice-President. Other officers were
re-elected as follows: Harrison B. Riley, President; VicePresidents, A. R. Marriott, Abel Davis, Charles L. Bartlett,
Justin M. Da11, Ralph Adams, Sherman C. Spitzer, Kenneth
E. Rice, E. C. Hackett; Treasurer, Frank G. Gardner;
Secretary, H. J. Tansley. Three new escrow officers were
appointed: Martin J. Ahearn, Claude R. Church, George W.
McGrew, in addition to the present escrow officers, Miss
B. B. Kohn and Walter Taggart. All directors were reelected.
At stockholders' meeting of the Noel State Bank of
Chicago held Jan. 13, the following new directors were
elected to the board of directors: Jos B. Greenwald, President General Furniture Co.; Chas. Lange, President Charles
Lange & Bros. Co.; John C. Nevins, Vice-President Felt &
Tarrant Co.
!Samuel Inlander has been elected a director and VicePresident of the Auburn Park Trust & Savings Bank of
Chicago. He was formerly director of the Mutual National
Bank. The Auburn Park Trust & Savings Bank of Chicago
with several other South Side banks was recently taken
over by the John Bain interests. President Roy P. Roberts,
Mr. Inlander and Mr. John Bain, Chairman of the board of
directors, will have charge of the direction of the bank's
affairs.
The Capitol Hill State Bank of Denver, which closed its
doors on Dec. 18 last, will be reopened not later than Feb. 1,
according to an announcement on Jan. 7 by Max P. Zall,
Attorney for the institution and a member of its Board of
Directors, as reported in the Rocky Mountain "News" of
Jan. 8. Mr. Zall's statement follows:
At a meeting of the stockholders held at the bank this evening (Jan. 7)
a discussion of ways and means of opening the bank was held. A definite
plan was adopted, under which the bank will reopen not later than Feb. 1.
I am not authorized to give out complete details at this time. but I
can say that the plan does not provide for tying up the bank's deposits in
any way nor for any contributions to be made by the depositors. In any
amount whatsoever. Further details will be announced later.
Mr. Zall further stated that the stockholders are taking
care among themselves of any recapitalization needed and
intimated that "there will be some change in the interests in
charge of the bank, and the reorganization will include some
of the most substantial interests in Denver."
The Capital Hill State Bank was one of the five Denver
banks which failed in mid-December as reported in the
'Chronicle" of Dec. 19, page 2968.
The officers and directors of the East Tennessee National
Bank of Knoxville, Tenn., announce the death of Frank L.
Fisher, President, on Dec. 31.
At their regular December meeting the directors of the
Hibernia Bank & Trust Co. of New Orleans elected James
H. Kepper and William H. Nalty members of the board.
Mr. Kepper, who is Vice-President of the Hibernia Bank &
Trust Co., has been connected with the bank for 16 years,
coming to that institution when a boy. He has served as
Assistant Cashier, Cashier, Vice-President and now director.
Mr. Nalty: is Vice-President and General Manager of the
Hammond Lumber Co. and past President of the Chamber
of Commerce, Vice-President of the Louisiana Development
Association and a director of the Hammond State Bank.
The board also announced the promotion of R. Joseph
Druhan from Assistant Cashier to Assistant Vice-President,
and appointed three more Assistant Cashiers: Charles H.
Henricks of the New Business Department, W. Wilbur
Pope, Manager of the Credit Department, and Robert F.
Schwaner, Chief Clerk of the Hibernia organization.
The fifty-fifth annual statement of the Hibernia Bank &
Trust Company of New Orleans exhibits total deposits of
$62,170,000, a gain of more than $4,000,000 in the last
twelve months, and the largest deposit line ever reported by
that institution. The total resources on the same date were
in excess of $70,000,000, with capital, surplus, and undivided
profits of $4,700,000. The total resources of all the New
Orleans-banks on Dec. 31 1925, were $318,800,000, which is
an increase of $140,000,000, or 80% in the seven years since
the close of the World War. These figures reflect in a
significant manner the financial, commercial, and industrial
development that New Orleans is experiencing.
The respective directors of the former Crocker National
Bank and First National Bank of San Francisco met to-
316
THE CHRONICLE
gether on Dec. 31 as the new board of directors of the
Crocker First National Bank of San Francisco, according to
the San Francisco "Chronicle" of Jan. 1, and elected William H. Crocker President of the enlarged bank and James
J. Fagan Executive Vice-President. Mr. Crocker and Mr.
Fagan were also named President and Vice-President, respectively, of the Crocker First Federal Trust Co., the institution bank's affiliated institution. In addition, the
directors named Vice-Presidents of the new bank as follows:
E. Avenali, James B. McCargar, William W. Crocker, Frank
G. Willis, H. It. McCormick, George A. Kennedy, Daniel J.
Murphy, W. M. Jones and H. Simpson. Mr. Willis was also
elected Cashier of the institution. Both the Crocker First
National Bank of San Francisco and the Crocker First Federal Trust Co., it is understood, opened for business on
Jan. 2. President Crocker, the "Chronicle" stated, expected
to arrive home on Jan. 4 from a four months' trip to Europe.
The following in regard to the affairs of the merged banks
was contained in a special dispatch from San Francisco on
Dec. 29 to the "Wall Street Journal":
A. P. Giannini, President of the Bancitaly Corporation, says 5,000 shares
of First National Bank stock, which he bought from Rudolph Spreckels and
James D. Phelan, former California Senator, for a sum understood to have
exceeded $1,600,000, have passed to interests associated with the merger
of the First National Bank and the Crocker National Bank. The purchase
was made through financial friendship to facilitate the merger which had
been opposed by the Spreckels-Phelan interests.
Mr. Spreckels, now President of the United Bank & Trust Co., was head
of the First National and was deposed after a contest for control of the
institution during which the proposal for merger with the Crocker Bank
was first publicly put forward. Mr. Giannini has been friendly with
Crocker interests since the early days of the Bank of Italy, when it received substantial aid from the Crocker Bank.
Bancitaly Corporation retains 1,100 shares of First National bought in
open market and worth about $350,000 on the basis of present
market
quotations for First National stock.
Reference to the proposed consolidation of the two institutions was last made in these columns in the "Chronicle"
of Dec. 26 1925.
The Board of directors of the Bancitaly Corporation of
San Francisco at a special meeting held Monday, Dec. 28,
after a full report and discussion thereon, unanimously resolved to issue 100,000 shares of the authorized capital stock
of the corporation in the following way:
Thirty-eight thousand, nine hundred and sixteen shares thereof to A. P.
Giannini, the President of the corporation, at the price of $300 per share,
in order to enable him to restore borrowed stock to stockholders and to
make such other adjustments as may be necessary in the matter of the
recent more or less successful efforts which he, on his own initiative and
responsibility, but for the best interests of the corporation and its stockholders, put forth to hold the market value of the stock within reasonable
bounds; and
The remaining 61,084 shares of said issue to be held by the corporation
as treasury stock to be sold out of hand as the occasion may arise to persons in territory served by banks now or hereafter controlled by it, or to
Interest such other persons as in the judgment of the President of said
corporation will be deemed advisable, at not less than $350 per share.
A special press dispatch to the "Wall Street Journal" on
Dec. 29 added:
Any stockholder not desiring to acquiesce in this action must return his
subscription before Jan. 15 on basis of $330 55 a share.
[VOL. 122.
At the annual meeting of the Canadian Bank of Commerce
held in Toronto this week, Sir John Aird, President and
General Manager, retired from the general management and
S. H. Logan, the Bank's Senior Agent in New York City,
was appointed General Manager. Sir John Aird has spent
his life with the Bank and while he still holds the Presidency
he has retired from the active management of the Bank to
enjoy a well earned rest. Sir John is a Director of a number
of prominent Canadian companies, was until this year a
Foreign Vice-President of the American Bankers' Association, and just recently retired from the Presidency of the
Canadian Bankers' Association.
Mr. Logan has been Senior Agent of the Bank in New
York City for the past three years. Before coming to New
York he had charge of the Bank's foreign business, with
headquarters at Toronto, and he visited during that time
New Zealand, Australia, the Philippines, China, Japan,
South American and Continental Europe, which gave him a
wide experience in foreign commercial affairs. He is a
member of the Bankers Club of New York and India House,
and is a member of the Executive Board of the British Empire
Chamber of Commerce in the United States. Mr. Logan,
who is a resident of New Rochelle, will assume his new
duties in Toronto within the next few weeks. The Canadian
Bank of Commerce has over 500 branches throughout
Canada and its total assets are $525,000,000.
--4--
A substantial increase in British trade activity is reflected
in the statement of condition of Barclays Bank Limited of
London as of Dec. 311925, received by cablegram Jan. 12
at the New York Office of the bank, 60 Wall Street. Comparison with the statement issued at the end of 1924 shows
a continued growth in resources, the aggregate now standing
at $1,741,390,553 against $1,680,887,499, the figures in both
instances being translated into dollars at the rate of $5 per
pound sterling. Net profits of the bank in 1925 scored a
16% increase over 1924, amounting to $11,449,180 as compared with $10,336,405. Analysis of the statement reveal
that the more significant changes have occurred in the reserve
and in the acceptance account. Five million dollars was
added to the reserve fund during the year, bringing the total
up to $46,250,000. The expansion in the acceptance account,
which furnishes a measure of the increase and improvement
in trade, was even greater, amounting to $29,338,099. This
item in the statement now appears at $85,879,612. This
gain, bankers noted, had occurred since the semi-annual
statement of condition was issued at the end of last June,
indicating to some extent the trade improvement incident
to the restoration of the free gold market in England. Deposits of Barclays Bank Limited are reported as $1,531,299,081 compared with $1,505,134,125 a year ago, and advances
to customers and other accounts now amount to $765,142,426
compared with $700,394,882. The world-wide organization
of Barclays Bank Limited has been further extended during
the year by the establishment of an Italian affiliate, Barclays
Bank, S.A.I., with headquarters on the Piazza di Spagna,
Rome, and the formation of Barclays Bank (Dominion,
Colonial and Overseas), which will merge with the Colonial
Bank the business of the Anglo-Egyptian Bank Limited and
the National Bank of South Africa, Ltd. The consolidation
of these institutions gives Barclays Bank Limited a banking
system which, with the offices in Africa of Barclays Bank
(Overseas) Limited, will span the entire African continents
besides coveringmore distant outposts of the British Empire.
With total resources of more than $422,000,000, representing a gain of over $52,000,000 for the past six months, the
Bank of Italy (head office San Francisco) on Jan. 1 published
its statement of condition for 1925. The report shows that
surplus, undivided profits, and interest earned have increased
from $10,000,000 to $13,000,000, representing an addition
to these accounts of $3,000,000 from the year's earnings,
after deductihg dividends, charge-offs and employees' extra
and special compensation. More than 600,000 depositors are
customers of the bank, the statement shows. "The $13,000,000 in surplus, undivided profits and interest earned, plus the
The following details of the report of the directors sub$9,200,000 of invested capital of the Stockholders Auxiliary
Corporation, and the $17,500,000 capital of the bank, makes mitted to the shareholders of the Ionian Bank, Ltd., at the
86th annual ordinary general meeting on Jan. 5 are fura total capital investment of $40,000,000," said James A.
Ba,cigalupi, President of the institution. "In March, 1926, nished:
The profits for the year ending Aug. 31 1925, after deducting expenses
when the $6,250,000 additional of new stock subscribed for of management, making provision for all losses and bad and doubtful debts,
had been paid in, the combined capital investment will be taxes, etc., amounted to £69,398.19.9, which added to the balance of
profit and loss brought
rapidly approaching the $50,000,000 mark. Over and above the total available forforward from the preceding year, £12,640.8.9, made
distribution £82,039.8.6. This was allocated as
the $3,000,000 in earnings added to the surplus accounts, we follows:
have paid over $2,600,000 in dividends and $1,078,000 to Interim dividend paid June 2 1925 (free of income tax)____ £14,567. 8.0
per
14,567. 8.0
employes in extra and special compensation. We regard the Final dividend 3s.share share (free of income tax)
Bonus at 2s. per
(free of income tax)
9,711.12.0
year just closed as one of the most satisfactory our institution Transfer to reserve fund (making that fund E220,000)
30,000. 0.0
has enjoyed. The large gains in total resources and deposits Leaving a bal. to be carried forward of Profit a: Loss Acct. 13,193. 0.6
during the last half year have been made without the con£82,039. 8.6
solidation of other banks, the increase representing the
The bank's capital authorized and issued is now £600,000, and the
normal growth of the Bank of Italy itself. The liquid condi- shareholders have accepted the recommendation of the directors to increase
the capital to £1,000,000 by the creation of
£5
tion of the bank is shown in its investment account of $120,- each, to be issued on such terms and conditions80,000 new shares of the
and at such times as
000,000, of which more than $100,000,000 is in United States, directors may determine. It is, however, not the intention of the directors
to make any immediate new issue. The total resources are now E6,111,State, County and Municipal bonds."
768.0.10.
JAN. 16 1926.]
THE CHRONICLE
The bank's head office is located at Basildon House,
Moorgate, London. It has branches in Greece, Egypt and
Turkey. I. E. Cohen, 30 Pine Street, New York, is the
tank's American representative.
William H. Harmer, former President of the defunct
Farmers National Bank of Dodge Center, Minn., was sentenced to ten years in the Federal Penitentiary at Leavenworth, Kans., by Judge John B. Sanborn in Federal Court
at Winona, Minn., on Nov. 26 for misappropriation of funds
and the making of false entries in the books of the bank.
The total shortages amount to approximately $500,000, it is
said. The former President received the maximum sentence
of five years each on his plea of "guilty" to two counts. A stay
of execution of the sentence of 60 days was granted on representation of Harmer's attorneys in order to give time for
the liquidation of the bank's affairs.
317
time. Motor shares were weak in the early trading, but improved as the day advanced. The market was again depressed on Friday by a wave of selling that forced sharp recessions among many of the industrial leaders. Motor
stocks were under special pressure, Hudson Motors breaking
badly following the announcement that the directors had declared only the regular quarterly dividend of 75 cents. The
tone improved somewhat at midsession, but the market
again turned downward in the final hour.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Sharer.
Sterling, Actual,&sty Days.
High for the week
4 82 17-32
Low for the week
4 81 7-16
Paris Bankers' Franc
High for the week
3.78
Low for the week
3.6531
Germany Bankers MarksHigh for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
39.7534
Low for the week
39.73
Checks.
4 85 25-32
4 84 11-16
Cables.
4 86 5-16
4 85 1-16
3.84;4
3.7131
343334
3.70!1
23.81
23.81
23.81
23.81
40.1934
40.17
40.2134
40.19
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.
Sat.
Mon.
Week Ended Jan. 15.
Jan.9. Jan. 11.
Silver, per oz
d 3170,1
3134
Gold, per fine ounce
84.1034 84.11
Consols, 234 per cents
55
British, 5 per cents
10034
British, 434 per cents
French Rentes On Paris)_ _ fr.
--_- 48.90
French War Loan On Paris)fr.-_
56.90
Tues.
Wed.
Thurs.
Jan. 12 Jan 13 Jan 14.
3134
31rie
3134
84.1034 84.1034 84.11
5534
5514
553.4
10034
10034
1003-4
95
47.75
47.90
49.10
55.55
55.40
55.97
Frt.
Jan. 15.
31im
84.11
5534
1007
4
95
49.50
56.05
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
.
Foreign
6834
6834
6834
6834
6834
6734
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The movements of the New York stock market were irregular and confused during the present week, advances and declines frequently occurring simultaneously in various sections of the list. Closing prices generally recorded net
losses, except on Wednesday, when a sharp upward movement in railroad stocks carried many of the more prominent
issues to higher levels. The two-hour session on Saturday
was conspicuous for the brisk upswing in high-priced issues,
many of which moved forward from 5 to 10 points. The outstanding feature of the day was the rise of General Electric
8 points to a new peak at 3443/9. The important gains included Associated Oil, which advanced 2 points to a new high
record at-51, and General Petroleum, which crossed 59 with
a2
-point gain. Heavy selling swept prices downward on
Monday and losses of from 3 to 15 points occurred. The
sharpest break developed in the motor shares, Hudson receding 4 points and several other motor stocks 3@4 points.
Railroad stocks were irregular, the chief interest centring
in D. L.& W., which moved to a new high level with an advance of 6 points to 152, followed by Wabash common with
a new top at 473. The tone of the market was confused on
Tuesday, many important stocks receding sharply, followed
by substantial improvement in several of the leaders in the
closing hour of trading. The notable gains of the day included General Electric, 532 points to 3463/s; Pittsburgh &
West Virginia, 23/9 points to 119; Wabash common,5 points
to a new high at 52, and United States Cast Iron Pipe &
Foundry, 5 points to 203. The feature of the late trading
was the spectacular rise of Nash Motors 52 points to 517.
Railroad stocks assumed the leadership on Wednesday,
many of those issues recording gains of from 1 to 5 points.
Rock Island steadily advanced and recorded a net gain of
4 points and a new high record above 60, though it reacted
1 point later in the day. Kansas City Southern was another
prominent feature and moved briskly forward and crossed
49. Missouri Pacific preferred also advanced 3 points, and
Texas & Pacific improved 4 points to 613/ Stocks slipped
2
.
backward on Thursday, the heavy selling during the iorenoon
and again after midsession wiping out practically all of the
gains. Public Service of New Jersey ert.ssed 90 for the first
State,
Municipal &
Foreign Bonds.
1,124,438
2,276,324
1,754.470
1,591,199
1,512,426
2.315,200
85,533.000
7,702,000
8,413,000
11,173,000
9,270,000
8,294,000
81.267,000
2.119.000
2.520,000
2,271,000
2,637.500
2,370,000
8.569.750
2.192,000
1,015,250
1,189,500
901,500
1.174,000
10.594.057
$50.385.000
813.184.500
87.042.200
aturday
ionday
'llesday
Vednesday
'hursday
tidal
Total
Foreign Exchange Range.
-Brought forward from
page 326.
Railroad.
eke.
Bond..
Week Ended Jan. 15.
Salm at
New York Stock
Exchange.
Week Ended Jas. 15.
Stocks
-No.of shares_
Bands.
Government bonds_
State & foreign bond,.
ReIlroad & misc. bonds
10,574,057
Jan. 1 to Jan. 15.
1925.
1926.
United
,Statee
Bonds.
1926.
1925.
21,419,737
23,991.050
$7,042,200 $16,818,000
13,184,500 13,852,000
50,385,000 64,011,000
814,445,150
24.843.000
99,709,500
$36,102,750
31,067.000
132,815,000
8.70.611.700 891.741.000
Total bonds
10,716,311
8138.997.650
8199.984,750
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Jan. 15 1926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
9rpv week revised
Shares
13,198
32,801
39,778
24,217
28,897
22,066
Philadelphia.
Bond Sales
812.500
47.300
39,600
17,000
32,000
20,000
Baltimore.
Shares. Bond Sates. Sharer. Bond Sale .
s
26,503
43,565
30,577
56,158
79,846
50,070
816,000
74,100
87,400
68,100
23,800
50,000
p2,831
*3,910
.2,648
.3,941
*4,521
*4,593
816.000
6,700
24,100
65,100
44,600
28.500
8239,000
160,957
8168,400
285,719
$319,400
22,447
158.180
8200250
281.804
*214.300
18,914
1218.800
•In addition, sa es of rights were: Saturday, 171; Monday 127; Tuesday 3011
Wednesday 681; Thursday, 148; Friday, 1,796.
COURSE OF BANK CLEARINGS.
Bank clearings for the present week will show a trifling
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the chief
cities of the country,indicate that for the week ending to-day
(Saturday, Jan. 16) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will aggregate 0.5% more than in the corresponding
week last year. The total stands at $10,773,061,514, against
$10,719,571,573 for the same week in 1925. At this centre
there is a decrease for the five days of 2.6%. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended January 16.
1926.
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
$5,100,000,000
630,890,255
506,000,000
399,000.000
122,626,531
139,400.000
170.609,000
154,173.000
148,850,298
102,781,608
137.281,709
98,428,094
61,354.757
85,233,877,489
629,171,721
473.000,000
436,000,000
114,000,000
139,700,000
158,600,000
140,002,000
142,701,342
100,781,555
126.811,168
83,949,345
75,463,494
-2.6
+0.3
+7.0
-8 5
+7.6
-0.2
+7.6
+10.1
+4.3
+2.1
+8.2
+17.2
-18.7
13 cities, 5 days
Other cities, 5 days
37,771,395,252
1,206,156,010
87,854,058,114
1,114.919,690
-1.1
+8.2
Total all cities,5 days
All cities, 1 day
$8,977.551,262
1,795,510,252
88,968,977,804
1,750,593,769
+0.1
+2.6
810.773.061.514 810.719.571.573
+0.5
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all eases 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. 9. For
that week there is an increase of 11.8%, the 1925 aggregate of
the clearings being $12,195,598,059 and the 1924 aggregate
$10,905,922,119. Outside of New York City the increase
is 15.9%; the bank exchanges at this centre recording a
gain of 9.0%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the Boston Reserve District there
is an improvement of 28.8% in the New York Reserve
District (including this city) of 9.2% and in the Philadelphia
Reserve District of 11.6%. In the Cleveland Reserve District the totals are larger by 12.4% in the Richmond Reserve
District by 14.2% and in the Atlanta Reserve District
(chiefly by reason of the increase at Miami) by 55.3%.
The Chicago Reserve District has a gain of 8.9%, the St.
St. Louis Reserve District of 16.3%, and the Minneapolis
Reserve District of 2.0%. In the Kansas City Reserve
District the increase is 2.9%, in the Dallas Reserve District
6.3% and in the San Francisco Reserve District 1.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jan. 16 1926.
1926.
1925.
Ine.or
Dec.
1924.
1923.
$
Federal Reserve Districts.
$
$
$
%
12 cities 726,647,797 564,032,333 +28.8 490,124,930 425,697,591
1st Boston
1.219,280,1636,610,134,282 +9.2 4,515,935,571 1,431,241,817
11
2nd New York
n8,141,476 643,591,123 +11.6 498,034,987 499,681,662
3rd Philadelphia
10 "
458,124,479 407,367,089 +12.4 361,767,853 359,643,798
4th Cleveland
8 "
241,545,802 211,518,905 +14.2 187,311,893 184,973,104
5th Richmond
6 "
307,4E6,244 198,012,857 +55.3 214,159,804 201,748,959
13 "
6th Atlanta
7th Chicago
20 " 1,102.296,187 ,012,145,827 +8.9 855,352,016 869,499,298
8 "
296,312,119 254,833,161 +16.3 222,404,839 85,714,562
8th St. Louis
138,260,573 135,591,979 +2.0 108,937,743 131,767,850
9th Minneapolis
7 "
278,457,474 270,618,394 +2.9 236,503,640 351,864,881
10th Kansas City
12 "
93,962,075 +6.3 71,406,302 64,359,558
99,928,285
5 "
11th Dallas
609,137,240 501,084,124 +1.0 496,220,042 445,290,562
12th San Francisco_ __.17 "
Grand total
129 cities 12195598059 10905982119 +11.88,288,209,8307,961.483.642
5 142,375,784 4,437,707,056 +15.9 3,956,280,005 3,662,090,974
Outside New York City
Canada
[Vol.. 122.
THE CHRONICLE
318
i
29 effle8 345.522.554 459.113.591 -246 340.0.9.235 3lE.224..33
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 9.
Clearings at
1926.
1925.
First Federal Reserve Dist rIct-Bostc
872,540
Maine-Bangor__
1,033.364
,
3,611,48
Portland
4.497.790
-Boston
Mass.
650.000,00( 502,000,001
2,367,155
Fall River__ _ _
2.500,160
a
a
Holyoke
1,312,062
1,357,120
Lowell
a
a
Lynn
1,614,689
1,726,144
New Bedford_ _
9
6,644.15
,
8.358.925
Springfield _
4,825,000
5.064,619
Worcester _ _
16.446,321
-HartfordConn.
20,608,521.
,
0.0 10 028
7 859.061
New Haven..
15,526,400
R.I.-Providence
21,463,200
953,451
968,912
N.H.-M'chester
Total(12 cities)
726,647,797
Inc. or
Dec.
+18.4
+24.5
+29.0
+5.0
-1!3.4
-1.9
+25.8
+5.0
+25.3
9
+15.
+38.2
+1.6
584,032.333 +28.8
1924.
797,412
.3,300,000
433,000,000
2,526.697
a
1,253,232
a
1.602,496
5,326.178
3,998,000
16,984,571
7.580.5442
12.999,200
756.576
490,124,930
1923.
742,319
3,295,239
375,000,000
2,995.646
a
1,315,069
a
1.651,927
5,287.709
3,956,323
11,658,149
6.953.697
'12,000,000
9
841,513
425.697,591
Second Fedes al Reserve le (strict-Nee York
5.398.055
5,232,780
7,187.045 +20.3
N. Y.
8.647.475
-Albany1,4313,800
1,293,900
1.570,501 +11.9
Binghamton.._
1.757100
49,726.220
47,406.360
62.635,357 +13.5
Buffalo
d71,230,76;
658,162
900,881 +20.5
874,080
Elmira
1,085.421'
1,433,327
1,221,127
1,426,285 +36.8
• Jamestown_ _ _
1,950,727
New York_ _ _ 7,053,222,271 6.468,215.061 +9.0 4,421,929,625 4,299,392,668
11,370,210
10,920,044
14,542,351 +36.3
Rochester
19,816,997
5.494.561
4,782,992
6.818,771 +32.0
9,039,630
Syracuse
3.137,872
4,581,486
3.299,141 +22.2
c4,033.524
-Stamford
Conn.
630,3111
496,013
573,448 +16.7
669.207
N. J.-Montclah
44.404.515
42,835,391' +11.6
55,256,285
47.797,021
Northern N.J_
Total(11 cities) 7,219.250.163 6,610,134,252
+9.2 4,545,835,581 4,431,241,817
Third Federa Reserve Dist rict-Philaf elphia
1.351,84' +15.1
1,3:34.605
1.570.181
1.265.818
-Altoona__ _ _
Pa.
3,812,049 +22.1
3,541.791
3,898,884
Bethlehem._ _
4,654,445
,
1.70 1.379
1.438.141' -19.8
Chester
1.153.447
1,211,000
3,436,231
3314,930 +18.9
2,975,677
Lancaster
3,705,125
Philadelphia__ _ 679,000,001 608,000,001 +11.7 467,000.000 471,000,000
3,970.271 +28.3
3,788.865
3.365,125
5,094,505
Reading
6,309,609
5,968,226
7,931.250 +5.9
Scranton
8,402,47f
3,956.752
3,646.451
4,062,025 +25.5
Wilkes-Barre_
d5,096.332
1,493,294
2,196,372 +2.2
1.848.278
York
2,244.361
7,714,235 -6.4
-Trenton _ _
5.623,042
4,396,633
N.J.
7,220,377
a
a
a
a
a
Del.-Wilming'n •
Total(10 cities)
718,141,478
643,591,123 +11.6
Fourth Feder al Reserve 17 !strict-Cie
Ohio
10.641,000
-Akron__ _
d6,627.000
4,609,0K
Canton
4,840,049
76,380,214
Cincinnati
85,031,301
Cleveland
135,891,031 118,155,989
Columbus
15.138,900
19,603,700
Dayton
a
a
a
Lima
2.043.15f
Mansfield
d2,40▪ 1,758
a
Springfield _ _ _
a
a
Toledo
a
6,778,589
Youngstown...
6,325,400
a
-Erie
Pa.
a
Pittsburgh-- - - 197,404,240 173,620,150
veland
-47.7
+5.0
+11.3
+15.0
+25.9
a
a
+17.5
a
a
-6.7
a
+13.7
498,084,987
499,681,682
7.988,000
4,832,708
63,610.568
107.195,893
14,527,200
a
1,78▪ 7.380
a
a
7,094,421
a
154,731.68f
5,488,000
4,798,307
70,343.526
107,931,911
17,867,700
a
a
1,215,695
a
a
5.026,324
a
146,972.335
407.367,089 +12.9
361,767,853
359.643,798
Fifth Federal Reserve Dist tict - Rich snond
2,097,000 -12.9
W.Va.-Hunt'g'n
1,826.292
10.360.761 -12.2
Va.-Norfolk __ _
d9,098,924
57.780,00( -2.7
Richmond
58,230,000
4,781,814 -36.5
S.C.
3,035.79(
-Charleston
Md.-Baltimore. 140,028,541 109.450,631 +27.9
27.078,693 +15.9
31,326,248
D.C.-Washing'n
2,086,233
9.635.191'
55,240,000
2,749,821
92,868,640
24,732,000
2,232,629
9,279,087
59,388,000
3,262,040
88,431,013
22,380.335
211,548,905 +14.2
187.311.893
184.973,104
Total(8cities).
Total(6 cities).
458,124,479
241,545,802
Sixth Federal Reserve Dist rict-Atlan ta8.818,424 -6.5
d8.771,528
Tenn.-Chatt'ga
3,728.081 +43.8
5,364,013
Knoxville
24,776,217 +0.2
24,829,962
Nashville
10,508,207 +24.9
88,057,265
Ga.-Atlanta.._ _ _
2,641,201 -7.9
2.433,544
Augusta
1,809,659 +8.0
1,954,678
Macon
a
a
a
Savannah
21.315.115P +041.5
41.884.8w
Fla.-Jack'nville
9,538,545 +302.8
28.882,591
Miami
33.1041.311' +2.1
33 811.611
2.511.372 +43.9
3.060.231
Mobile
1.520,000 +38.4
2,104,000
Miss.
-Jackson
716 07' -15.7
,
AIR 0.
Vicksburg
77,000.000 -14.7
65.715.947
La.-NewOrkans
8,598,007
3,921,470
21,383,000
62,924,720
1.749.125
1,352,739
a
15.377,907
7,301,656
3,468,029
22,998,000
58,301,963
2,263,687
1,431.730
30,683.2911
2,182.713
1,248,652
513,071
64,205.026
33,255.432
2,106,495
997.276
471,412
56.583.239
198.012,857 +55.3
214,159,804
Total(13 cities) 307,486,244
12288.020
201.748.959
Week Ending January 9.
Clearings at
1926.
1925.
Inc. or
Dec.
1924.
1923.
$
Seventh Feder al Reserve D istrict- CFI icago
Mich.-AdrIan _288,524
306.671
261.799
301,220 -13.1
912,561
Ann Arbor...836,558
1,682.112
1.305,406 +28.8
Detroit
174,867,225 151,647,57C +15.3 122,466,633 114.016,517
7,211,849
Grand Rapids.
9,485.770
7,821.927 +21.3
7,189,033
Lansing
1,924,898
2.879,896
*3,000.000
2.528.820 +13.6
2,349,149
-Ft. Wayne
Ind.
3.273,119
2,800.45:3 +16.9
2,621,752
Indianapolis_ _ _
22,930,000
23,203,000
28.645,000
20,537,000 +39.5
South Bend
2,455,300
2,884,700 +17.4
2,538,300
3,386,800
Terre Haute_ _
6,539,780
7,738,763 6,497,291
15.5
36,648,570
Wis.-Milwaukee
47,687,41(
41,362,72? +15.3
36,717,157
Ia.-Cedar Rap's
2,555,286
3,751,083
3.357,177 +4.0
2,539,237
9,944,345
Des Moines...
13,484,400
13,197,463 +2.2
10,924,206
Sioux City_
6,756,984
7,876,271
8,431,448 -.6.0
6,167,225
Waterloo
1,600,942
1,385.364
1,860,224 -25.5
1,541,941
-Bloomington
III.
1,447,607
1,716,478 +1.7
1,745.750
1,363,352
780,325,171 731,387,367 +6.7 616,259,489 647,993.280
Chicago
a
a
Danville
a
a
a
1.704,197
1.274,3081,834.611 -7.1
Decatur
1,302,067
6,416,329
4,531,975
5,724,187 +12.1
Peoria
4,907,110
Rockford
3,378,25(
2,093,352
2,649.68( +27.5
2,531.707
3,400.331'
Springfield _
3,058,608 +11.2
2,563,851
2,759,390
Total(20 cities) 1,102,291,187 1,012,145,827 +8.9
Eighth Federa !Reserve DiF trict-St. I ouis5.602.175 +16.7
Ind.-EvansvUle. d6,536,175
Mo.-St. Louis.. 198,100.001 162,800,001 +21.7
38,762,83(
+4.8
40,638,887
Ky.-Louisville..
841,661
809.895
Owensboro_ _
29,724.12' +6.1
31,548,87'
Tenn .-Tvf mph!"
14,275,912 +9.8
16,330,297
-Little Rock
Ark.
567,647
555,063 +2.?
ill .-Jacksonville
1,671,39f +6.5
1,780,561
Quincy
855,352,016
889.499,298
5.681,300
141,434,527
35,436,39'
745.697
24.996.66e
12,326,132
385.478
1,398,642
36.960.065
1.110,071
27.072.653
13,180.696
399,848
1,560.878
Total(8 cities). 296,312,339 254.833,161 +16.3
Ninth Federal Reserve Dis act-Milne &polls
d7,815,81f
8,064,860 -2.7
-Duluth
Minn.
85,836,648 +3.e
88,953,021
Minneapolis
33,760,18" +0.7
33,993,802
St. Paul
2,273,18" 18.4
1,855,709
No. Dak.-Fargo
1,513,727 +10.f
S. D.
1,674,569
-Aberdeen.
724,311' +11.8
810,034
-Billings _
Mont.
3,419,047 -8.5
3,127,623
Helena
222,404,839
85.714,562-
6,682,696
85,580,578
30.782.960
1,775,310
1,285,189
586,688
2,284,322
6,039,097
81,854,814
36,121.847
2.173,749
1,346,163
551,531
3.680,649
Total(7 cities) _ 138,260,573 135.591.971' +2.0
Tenth Federal Reserve Oise rict-Kamm s City431,794
d399,517
Neb.-Fremont_
628.65? +20.f
758,084'
Hastings
5,232.967 +18.3
6,180,787
Lincoln
43,745,554 0.1
Omaha
43.658,803
4.257.53e +0.07
d4.2P0.69?
Kan.-Topeka
8.584.000 +0.3
Wichita
8.608.850
Mo.-Kan. City. 149,614,410 143,479,943 +4.1
10,359,720 -16.5
St. Joseph.....
d8,650 741'
a
a
-Muskogee
Okla.
a
28,201.818 +12.7
Oklahoma Cit3 d31,783,649
a
a
Tulsa
17.4
1,269,839 2
1,364,588
-Col.Spgs_
Colo.
23,126,932 6.2
21.690.107
Denver
1.299,638 +14.0
Pueblo
e1,482,287
108,977.743
131,767,850
409,660
500,448
3,794,011
34,426,792
4.811.2117
8.372,000
123,857,087
8,409,987
a
28,526,782
a
1,174,39P
21,233,420
967,177
500.438
577,432
4.574,160
45,256,079
4.216.739
10,856,006
146.191,175
236.503.640
261,864,881
1.998.000
39.415,931
12,976,242
11,711,127
a
5,305,002
1,841.116
34.518.551
12,499,190
8,047,659
a
7,453,043
71,406,302
+6.3
Franci sco-40,694,641
+25.2
10,634,000
+3.f
a
a
1,331.782
+18.2
38.000.988
+13.7
15,391.11(
+41.8
a
a
64,359,556
Total(12 cities) 278,467,474 270.618,394 +2.9
District-Pr Iles
Eleventh Fede ral R
-Austin. _
Texas
2,107.037 +8.5
2,286,586
Dallas
63,071,471
55,902,998 +12.8
Fort Worth__ _ d13,749.348
16.2
16,408.35? Galveston
13,924,40( +3.8
14,448,00(
a
a
Houston
a
La -Shreveport.
6,372,87(
5,619,287 +13.4
Total(5 cities)_
99,928,285
93.962.075
Twelfth Feder al Reserve 1 Istrict-Sar
Wash.
39.087,91!
-Seattle _
48,960,666
Spokane
13,015.00f
13,410,000
a
Tacoma
a
1,702,404
Yakima
2,012,271
34,599,15E
-Portland_. 39.202,900
Ore.
17,860,60(
Utah-S.L.City.
25.323,310
a
Nev.-Reno.....
a
•
a
-Phoenix..
Ariz.
3260.848
5.153,526
Calif.-Fresno.-.
8,104,862
Long Beach_ -9.161,802
Los Angeles... 190.279,000 154,090,001
19,787,108
25.664,211'
Oakland
6,897,332
7,696,121
Pasadena
10,738,331'
d9,266,548
Sacramento _
5,244.95(
7,939,697
San Diego
San Francisco _ 213,763,000 178,600.000
3.483,537
3,860,30(
San Jose
1,519.462
1,975,362
Santa Barbara..
2,078,148
2,280,019
Santa Monica.
3,436,400
c3.189,500
Stockton
+33.5
+13.0
+23.1
+29.8
+11.f
-13.7
+51.A
+19.7
+10.8
+30.f
+9.7
7.2
-
4263,811
9,534,713
161,592,000
18,109,329
6,685.024
9,120.88(
5,939,913
164,800,000
3,065.18(
1,432,772
2.322.187
3.061,900
5,430,351
a
26,788,845
a
1,236,829
20,801,532
865,652
35,810,763
11,839,000
a
1,342,836
34,135.723
16.894,603
a
a
5,007.256
7.821.182
123,430,000
16,201,286
5.685,801
7.997,378
.5,000,000
167,200,000
2,883.887
1,161,947
2,878,900
Total(17 cities) 609,137,240 504.084.124 +1.0 496.280.042 445.290,562
Grand total (129
12195598.059 10905922.119 +11.8 8.228,209,630 7.961.483.642
cities)
Outside New York 5.142.375.784 4.437.707.056 +15.9 3.866,280.005 3.662.090.974
Week Ended January 7.
Clearings at
1926.
Canada$
103.377,821
Montreal
101,330,061
Toronto
56,296,378
Winnipeg
16,493.494
Vancouver
6.759,434
Ottawa
7,179,915
Quebec
3,225,351
Halifax
4,957,135
Hamilton
8,160,401
Calgary
2,709,08'
St. John
2,118,005
Victoria
3,246.488
London
6.997,55"
Edmonton
5,180,962
Regina
622,688
Brandon
887,658
Lethbridge
2,174,861
Saskatoon
1,631,389
Moose Jaw
1,198,500
Brantford
1,423,430
Fort William_ _
662,002
New Westminster
370,301
Medicine Hat__ _
382,518
Peterborough......
Sherbrooke
' 842.541
1,164,16f
Kitchener
3.878,032
Windsor
466,664
Prince Albert_
904,217
Moncton
881,512
Kingston
Total OM ettleoF)
1925.
Inc.or
Dec.
$
172,396,056
,
125,942,63
62,941.201
18,681.807
9,163,477
10.415,031
4,524,361
,
5,913,10
9,510,247
3,080,711
2,691,22(
3,594.257
7,567,991'
,
6,201,60
730,527
589,831
2,236,48'
1,571.21:
,
1,149,39
940.35(
748.00?
339,921
1,083,741
932,03"
1.201,217
2,894,341
434,252
887,031
951.441
%
-39.7
-19.1
-10.1
-11.7
-26.1
-31.1
-28.7
-16.2
-14.2
-12.1
-21.7
-9.7
-7.1
-16./
-14.5
+50.7
-2.8
+3.8
+4.2
+51.4
-11.7
+8.,
--64.7
-9.1
-3.1
+34.1
+7.7
+1.0
-7.4
1924.
1923.
$
$
109,826,752
94,659,534
106,193,241 125,363,030
45,746,089
46,132,481
14,103,055
15,457,571
6,506,943
6,364,047
5,329,973
5,516,247
3,841,210
3,366,061
5,552,448
5,280,427
5,153,844
8,500,081
2.619,597
2,754.491
2,043,222
1,921,348
3,098,204
3,652,721
5,607.434
5.874.818
3,838,84'
3,798,773
614,417
625,657
558,581
527,907
1.541,013
2.095,412
1,316,466
1,229,031
1,117,178
954.740
933,972
953,331
422,739
575,642
344,939
442,138
732,722
841,401
776,431
819,952
1,056,601
1,218,727
3,138,877
3,192,448
363,278
373.617
1,048,051
806,441
639,934
743,677 •
. 590 n70 oar
,
345.9'f 55' 450 /1/ F. -94
T15 n94 F38
a No longer report clearings. b Do not respond to equests for figures. c Week
ended Jan.6. d Week ended Jan. 7. e Week ended Jan. 8. •Estimated.
319
THE CHRONICLE
JAN. 16 1926.]
INDIAN CURRENCY RETURNS.
THE CURB MARKET.
Nov. 30. Dec. 7. Dec. 15.
(In lacs of rupees.)
19124
19109
18968
Notes in circulation
Curb Market trading was active this week and prices Silver coin and bullion in India
8466
8581
8725
Silver coin and bullion out of India
moved irregularly though for a time there was quiet an up- Gold coin and bullion in India
2232
2232
2232
ward trend under the leadership of the utility shares. The Gold coin and bullion out of India
5711
5711
5711
Securities (Indian Government)
2600
2700
2300
public utility section was the most prominent through Securities (British Government)
No silver coinage was reported during the week ending 15th inst.
toward the close of the week the strength and activity
The stock in Shanghai on the 19th inst. consisted of about 51,200,000
dollars and 1.070
dwindled. Amer. Gas & Elec. corn. after early weakening ounces in sycee, 66,000,000 sycee, 65.000,000 silver bars as compared with
dollars and 1,540 silver bars
about 51,200,000 ounces in
from 843/i to 83% ran up to 93, reacting finally to 91'/8. on the 12th inst.
Bar Gold.
-Bar Silver, Per Oz. Std.Amer. Light & Trac. com, rose from 248 to 263 and sold
Per Oz. Fine.
Cash.
2 Mos.
-Quotations
84s 10Md.
31 11-164.
31 11-16d.
finally at 256. Amer. Power & Light corn. was off at first Dec. 1718
84s 11r.
31 13-16d.
31 13-16d.
846 11 d.
31 13-164.
31Md.
19
from 753 to 7234, then recovered to 79 and closed today at
84s 11 d.
31 13-164.
3113-164.
21
7738. Consol. Gas, El. Lt. & Pow. of Bait. corn. sold up
84s 11d.
3113-164.
31 13-164.
22
848 lid.
31%d.
31 13-164.
23
from 47 to 53 and down finally to 50. Middle West Utilities Average
84s 11.1d.
31.7914.
31.7700.
common after early loss from 1245 to 120, ran up to 135
The silver quotations to-day for cash and two months' delivery respec4
tively are 3-16d. and Md.above those fixed a week ago.
and today fell back to 1295 ,closing at 1293/s. Nor. Ohio
%
Power was up from 164 to 263/, dropping finally to 223i.
8
Penn. Water & Power gained 14 points to 174. Southern gominertiai and Atiscelianeonsgem
Calif. Edison common was off from 139 to 132. Among
industrials, Cleveland Automobile corn, declined from 29 to Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
273/2, with the final transaction at 279/5. Federal Motor
Int.
Int.
Bate. Bid. Asked
Maturity.
Maturity.
Rate, Bid. Asked.
Truck gained over four points to 41% but eased off finally
to 1403/2. Electric Refrigeration improved from 875 to ,far. 15 1926... 494% 10018 10081. june 15 1926___ 3g% puts,, 9934
%
Dec.
1011is
Ito
iept.15
,
903 and finished to-day at 893. Nizer Corp. advanced 'one 15 1926-- 434% 100 33 100511 Mar. 15 1927___ 414% 10011181 101,
101
1926._
3%
15 1927... 434%
from 863/i to 89% and reacted to 883 . Glen Alden Coal Ion 15 1926_ Rits eV. 991in 992•it
4
90,1
.100
improved on the beginning of the week from 1603/2 to 164,
but dropped to 1503., recovering finally to 151%. Oil
New York City Realty and Surety Companies.
AU prices dollars per share
stocks in the main were firm. Humble Oil & Refg. dropped
Bid. Ask.
Bid. Ask.
from 963, to 893 . National Transit improved from 183
Bid. Ask.
4
Mtge Bond__ 145 150 Realty Assoc.
Alliance R'Ity
to 203 and closed today at 203'. Amer. Maracaibo Oil Amer Surety- 180 iio Nat Surety__ 215 225 (Bklyn)com 525
4
176
sold up fron3 119 to 143 and at 133/i finally.
95 lie
1st pref
Bond & M G. 315 320 N Y Title &
,
96
2d pref.. _ _ 90
Mortgage..1465 '470
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended Jan. 15.
Ind.&51is,
BONDS (Par Value).
Domestic. Porn Govt.
Oil.
Lawyers Mtge 236
Lawyers Title
& Guarantee v312
240
318
175 Casualty_ 355
IT S Title Gas 320
330
Westchester
Title h Tr
420
New York City Banks and Trust Companies.
.411 prices dollars per share.
Bid Ask. 'i'rust Co.. Bid. Ask.
Banks.
3107 000 Banks-N.Y Bid Ask.
New York.
Hamilton- --. 205 215
190,000 America•-- . 390
1100 1115 American._ _ _
258,000 Amer Es Pac 465 :1770 Hanover
195,000 Amer Union - 195 210 Harriman__ _. 475 485 Bank of N Y
& Trust Co 630 640
204,000 Broadway Cen 335 398 Manhattan* _ 237 240
210.000 'Bronx Soros- 1350 1450 Mech & Met_ 455 459 Bankers Trust 610 615
Bronx Co Tr_ 275 325
Mutual.
Bronx Nat500
390
Central Union 815 905
Total
2.344.615 1,011,205
413,94C 39,440.000 31,164.000 Bryant Park. 210 230 Nat American 180
350 360
Butch & Drov 175 185 National City 610 615 Empire
Capitol Nat__ 220 230 New Neths... 265 275 Equitable 'Tr. 1282 286
535 545 Farm L & Tr. 560 565
Cent Mercan_ 315 335 Park
THE ENGLISH GOLD AND SILVER MARKETS.
Chase.
585 590 Penn Exch..._ 124 134 Fidelity Inter 315 325
200
Fulton
Phenix
Port Morris
370
We reprint the following from the weekly circular of Chath Bk &Tr 363 368 Public
720 735 Guaranty 'Tr. 375 379
Nat
50
Samuel Montagu & Co. of London, written under date of Chelsea Exch. 220 225 Seaboard- -. 155 665 Irving Bank- 337 341
Columbia Tr
170
.
Chemical-- 710 720 Seventh
Dec. 23 1925:
Lawyers Tr.
tandard- - 525
Coal & Iron__ 340 346
1600 610 Manufacturer 542 552
GOLD.
Colonial._ _._ 550 _ State"
145
155 Mutual(West
ade•
The Bank of England gold reserve against notes on the 16th inst. amounted Commerce... 370 374
chester)___ 215
215 230
to £142,946,525 as compared with £143.176,235 on the previous Wednesday. Com'nwealth* 90 30.5 United
568 572
Very little gold was on offer in the open market this week, and with- Continental_ 250
- United States. 315 325 N Y Trust_
Title Gu & Tr 690 695
drawals from the Bank of England were made to complete the demand.
Corn Exch._. 590 596 Wash'n Ilts*. 725 _
US Mtg & Tr 400 410
Brooklyn
The following movements of gold to and from the Bank of England have Cosmop'tan._ 225
UnitedStatesz 1870 1885
been announced since our last issue:
East River__ _ 355 365 Coney Island' 210
450 550 Westches Tr.
Fifth Avenue.2400 2500 First
Dec. 17. Dec. 18. Dec. 19. Dec. 21. Dec. 22. Dec. 23.
Brooklyn.
870 2910 Mechanics'*__ 355 360
First
Received
£107.000
£400,000
Brooklyn Tr 985 895
Montauk*.. _ 305
170 _
Franklin
Withdrawn_
£41,000
£319.000 E320,000
320 555 Kings County 2100 2200
365 385 Nassau
The receipt of £107,000 on the 17‘h was in the form of bar gold, which, Garfield
510
270
People's
Mldwood _ _- 300
It is understood, represents the unsold balance of last wee 's arrival from Grace
l
People's_ - -- 5775 785
_ Queensboro• _ 175
Greenwich'..
South Africa. The £400,000 received on the 21st was anm tamed assover
( )
New stock
Ks-dividend
• Hanks marked i• are State banes
eigns released on account of the Commonwealth Bank of Ausixalia. The
,
destinations of the £21,000 sovereigns withdrawn were given as follows: IN TI.• rivh.
E16,000 to Singapore and £5,000 to Holland, and the bulk of the bar gold
sold was consigned to the Netherlands. During the week under review
National Banks.
-The following information regarding
£173,000 on balance has been withdrawn from the Bank, increasing the net
efflux, since the resumption of an effective gold standard, to £11,369,000. national banks is from the office of the Comptroller of the
The United Kingdom imports and exports of gold during the week ending Currency, Treasury Department:
the 16th inst. were:
APPLICATIONS TO ORGANIZE RECEIVED.
ImportsExports:
Capital.
British South Africa
£790,060 Germany
£25,700 Jan, 5
-The Citizens National Bank of Monrovia, Calif
6100.000
Other Countries
4,100 Netherlands
901,144
Correspondent, Col. R. E. Frith, 130 N. Myrtle Ave.,
France
32,020
Monrovia, Calif.
Switzerland
10.252
-The es on ent
Chailler IVVal lptn,
pe
25,000
Egypt
34,230 Jan. 5
Chandler,an,nIind.
Argentina
20,000 Jan 6
-The First National Bank of Hillsdale, N. J
25,000
British India
48.369
Straits Settlements
73,940 Jan. 9 Correspondent, Wm. W. Banta. Hillsdale, N. J.
-The Dixie National Bank of Miami. Fla
200,000
Ceylon
10,000
Correspondent, John V. H. Kremer, 223 NE First
Other Countries
3.247
Ave., Miami, Fla.
-The First National Bank of Medford, Mass
Jan. 9
100.000
Total
£794.160
Total
£1.158,902
Correspondent, C. F. Austin, 425 Salem St., Medford,
We append figures relating to the trade of India during November last
Mass.
(in lacs of rupees):
-The First National Bank of Slickville. Pa
Jan. 9
25.000
Imports of merchandise on private account
Correspondent,J. F. Tem:like. Slickville, Pa. Succeeds
18.73
Exports, including re-exports, of merchandise on private account
the First Bank of Slickville, Pa.
30,51
Net imports of gold
APPLICATIONS TO ORGANIZE APPROVED.
Net imports of silver
1,44
Net imports of currency notes
-The First National Bank of Hatch, New Mexico_ _ _ - 925,000
2 Jan. 5
Total visible balance of trade in favor of India
Correspondent, William W.Barton, Hatch, New Mex.
7.29
Net balance on remittance of funds, against India
-Lafayette Nat'l Bank of Brooklyn in New York, N. Y. 200,000
5.66 Jan. 6
Correspondent, Geo. S. Horton, 59 Lafayette Ave.,
According to cables received by Japanese bankers in New York, the
Brooklyn, N. Y.
embargo on the export of gold from Japan still remains in force, but, under
-National Bank of Ridgewood in New York, N. Y
special arrangements, as a protection for Japanese exchange. the Govern- Jan. 6
200.000
Correspondent, Samuel Redfern, 1014 Hancock St.,
ment has permitted the shipment of about $9,000.000 gold to the United
Brooklyn, N. Y.
States during the last two and a half months. On the other hand, the
-The National Bank of Olney in Philadelphia. Pa
embargo regarding the export of silver from Japan (in force for more than Jan. 9
200.000
Correspondent, Joseph W. Henderson, Packard Bldg..
eight years past) has been repealed. The country's industries, particularly
Philadelphia, Pa.
textiles, do a large business in China, where payments are usually made on
a silver basis.
CHARTERS ISSUED.
The Transvaal gold output for November last amounted to 787.633 fine
-12868
-The City National Bank of Miami. Fla
$1,000,000
ounces, as compared with 812,832 fine ounces for October 1925 and 802.313 Jan. 5
President, Clark B. Davis: Cashier, Harry Roberts.
ounces for November 1924.
fine
Jan. 9
-12869
-The First National Bank of Brighton. Mich
25,000
SILVER.
President, Thomas S. Leith: Cashier, John H. Fuller.
-12870
50,000
--The First National Bank of Antioch, III
Business during the week has been but moderate. The Indian Bazaars Jan. 9
President, C. K. Anderson; Cashier, S. Boyer Nelson.
are taking little interest Just now, and most of the demand has come from
China. Sales also were made for that quarter, and also for the Continent.
VOLUNTARY LIQUIDATIONS.
Naturally the imminence of the holidays has tended to hinder any but Jan. 5
-8276
-The First National Bank of Perham, Minn..... $25,000
absolutely necessary business.
Effective Dec. 28 1925. Liquidating Agent. P. A.
United Kingdom imports and exports of silver during the week ending
Callaghan, Perham, Minn. Absorbed by Farmers
the 16th inst. were as follows:
State Bank of Perham, Minn.
Exports
Jan. 6
-10531-The Farmers National Bank of Tupelo. Okla_
25,000
United States of America__ £195,696 France
£31,080
Effective at close of business Dec. 31 1925. Liquidat182.905 British India
Mexico
ing Agent, R. N. Armstrong, Tupelo, Okla.
153,065
15.462 Other Countries
Other Countries
17,488 Jan. 7
-8638
--The First National Bank of Mows, Okla
30.000
Effective Dec. 31 1925. Liquidating Agent, H. F.
£394.063
Total
Total
Redwine, H.lowa, Okla.
£201.633
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
253,265
452 725
508,125
454,000
354,300
322,206
143,610
234 030
142,610
173.855
134,000
183,100
50,100
78,486
69,120
82,020
68,320
65.900
$941,000
1,610,000
1.942,000
1,727,000
1,430,000
1.790,000
320
(Vol.. 122.
T1T1 CHRONICLE
memo
8
-9573
-The First National Bank of Vallejo, Calif.__
Effective Dec. 23 1925. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Liberty
Bank of San Francisco, Calif.
CONSOLIDATION.
-The First National Bank of East Liverpool, Ohio $200,000
-2146
Jan. 5
Citizens Nat'l Bank of East Liverpool, Ohio
-The
100,000
and
5098
Consolidated under the Act of Nov. 7 1918. under the
charter and title of "The First National Bank of East
Liverpool," No. 2146, with capital stock of $300,000.
Jan.
Auction Sales.
-Among other securities, the following,
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.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe,corn,(guar.). •1M Mar. 1 *Holders of rec. Jan. 29
Atlanta & West Point (extra)
20
Feb. 1 Holders of rec. Jan. 20
Houston & Texas Central
2)4 Apr. 10 Holders of rec. Apr. 1
Internat. RY8. of Cent. Amer., pf.(qu.).. 134 Feb. 15 Holders of rec. Jan. 30
.
Mine Hill az Schuylkill Haven
'81.25 Feb. 1 'Holders of rec. Jan. 14
Nashville Chattanooga & St. Louis
3% Feb. 1 Holders of rec. Jan. 23
Virginian Railway, pref
*3
Feb. 1 *Holders of rec. Jan. 23
Public Utilities.
Amer. Dist. Teleg. of N.J., corn,(guar.) •750. Jan. 29 *Holders of rec. Jan. 15
American Superpower, partic. pref.(qu) *50c. Feb. 15 'Holders of rec. Jan. 23
American Telegraph & Cable (guar.) _
Mar. 1 *Holders of rec. Feb. 27
Bangor Hydro-Electric Co., corn.(quar.) *1% Feb. 1 *Holders of rec. Jan. 11
Brazilian Trac, L. & P., ord. (quar.)__ _
134 Mar, 1 Holders of rec. Jan. 30
Cent. States El. Corp.,com.(in com.stk.) *h900
Consolidated Power & Light, pref.(qu.). •1% Feb. 1 *Holders of rec. Jan. 20
Eastern States Power, pref. A (guar.)_ _ _ *$1.75 Feb. 1 *Holders of rec. Jan. 15
Electric Investors, Inc.. $7 pref. (guar.). $1.75 Feb. 1 Holders of rec. Jan. 15
$6 per annum preferred (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 15
Idaho Power, prof (guar.)
Feb. 1 *Holders of rec. Jan. 15
By R. L. Day & Co., Bostoa:
Knoxville Power & Light, pref. (guar.)_ •131 Feb. 1 *Holders of rec. Jan. 20
Shares. Stocks.
$ per sh. Shares. Stocks.
50c. Feb. 1 Holders of rec. Jan. 21
$ per sh. Long Island Lighting, corn
Montpelier & Barre L. & P., corn. (qu.)_ *50c. Feb. 1 *Holders of rec. Jan. 20
15 National Shawmut Bank
23934 5 Boston Chamber of Commerce
*ix Jan. 15 *Holders of rec. Jan. 6
Prior preference (guar.)
2 First National Bank
Realty Trust, 2d pref
8
34734
•1yi Jan. 15 *Holders of rec. Jan. 6
Preferred (quar.)
6 Saco Lowell Shops, 1st pref
5
3234 4 Pill Bros., Inc., pref., par $50_
5 Pepperell Mfg. Co
2% Feb. 1 Holders of rec. Jan. 20
834 Montreal Tramways(guar.)
14051 1 New Boston Music Hall
Northern Indiana Gas & El., pf. A (qu.).. 1% Jan. 14 Holders of rec. Dec. 31
13 Great Falls Manufacturing Co.... 18% 10 Trustees of N.Y.Suburbs Co..)
*,7
Northern Mexico Power Dev.(annual)_
100 Pepperell Mfg. Co
140% 5 Henry Jewett Players, Inc., pr. I
Feb. 1 *Holders of rec. Jan. 23
Northern New York Utilities, Pref. (qu.) $1.75 Feb. 1 Holders of rec. Jan. 15
4 Nat. Fabric & Finishing Co.,com_ 95
5 Helicopter Co., Inc
.1% Feb. 15 *Holders of rec. Jan. 30
10 Central Vermont RR
334 23 New Eng. Oil Refill. Co.,corn.1585 lot Pacific Gas & Elec., pref.(quar.)
1 Nashua az Lowell RR
Railway Light Securities, common
3
Feb. 1 Holders of rec. Jan 15
12534 16 Colonial Lumber Co., pref___ I
12 Central Vermont RR
Common (extra)
8 Colonial Lumber Co., corn..._ I
3
6
Feb. 1 Holders of rec. Jan. 15
25 Nashua & Lowell RR
Preferred
3
124
10 Metrop. Filling Stations, pref..)
Feb. 1 Holders of rec. Jan. 15
Sierra Pacific Elec. Co., pref.(guar.) _ *1% Feb. 1 *Holders of rec. Jan. 20
5 Dennison Mfg.Co.,20 pref _100%drdiv.
par $10
Southern Colorado Pow. corn. A (quar.).. *50e. Feb. 25 *Holders of rec. Jan. 31
10 Sullivan Machinery Co
147
4834 70 Draper Corporation
4 Draper Corporation
Texas Power & Light, pref.(guar.)
1% Feb. 1 Holders of rec. Jan. 16
120
14834 10 A. D. Makepeace Co
15-100 State Theatre, pref.scrip.
80% 20 Fall River Gas Works, par $25
Banks.
24 Heywood-Wakefield Co., corn.. _ 8334
•
683.4, ex-clIv.
1 Lynn Gas & Elec. Co., par $25..117
1 State Theatre, pref
Continental
*4
85
Feb. 1 *Holders of rec. Jan. 28
6 units First Peoples Trust
Fire Insurance.
7534 1 Fitchburg Gas de El. Lt., par $50_111
1 Charlestown Gas & Elec., par $25.115
1 Seamless Rubber Realty AssociCity of New York Insurance
On dem Holders of rec. Dec. 31
ates, par $1,000
1,001 az div. 1 New Bedford Gas & Edison Light
Home Insurance
9
On dem Holders of rec. Dec. 31
7 Hood Rubber Products, pref____ 9934
Co., par 825
7534
2 State Theatre, corn., par $10____ 714 2 American Mfg. Co., pref
Miscellaneous.
8434
11 special units First Peoples Trust 534 5 Plymouth Cordage Co
*50c. Jan. 15 *Holders of rec. Jan. 14
145% American Chain, corn. (quar.)
24 Sullivan Machinery Co
35 Amer. Brick Co., pref., par $25_ 24
Class A (quar.)
*50c. Apr. 1 'Holders of rec. Mar. 20
48%
25 Draper Corporation
1 Johnson Aviation Co
•1M Feb. 1 *Holders of rec. Jan. 15
148% tol50 American Sales Book, Pref. (quar.)
500 Chapparal Hill Gold Min. Co.,
No. Rights.
4
.134 Feb. le *Holders of rec. Feb 1
$ per right. American Soda Fountain (guar.)
2 Beverly Gas & Electric Co__ __834-834 Art Metal Construction (guar.)
par $1
*25e. Jan. 30 *Holders of rec. Jan. 19
500 Olive 11111011 de Gas, par $1- _ $2 lot 40 Beverly Gas & Electric Co
Bang Service Stations, Inc., pref.(guar.) 2
9
Feb. 1 Holders of rec. Jan. 15
Bonds.
2,000 Jamestown Oil Co., par $1._
Per cent. Brill (J. G.) Co.. preferred (quar.)
134 Feb. 1 Jan. 24 to Jan. 31
50 Coruit Oyster Co., corn, (W.
$73,000 French Govt. extl. 6. f 25
Burns Brothers, Class A (quar.)
*82.50 Feb. 15 *Holders of rec. Feb. 1
. year 7s, 1949
dated 1913)
Class B (quar.)
•50e. Feb. 15 *Holders of rec. Feb. 1
90 & int.
Prior preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 23
By Wise, Hobbs & Arnold, Boston:
California Packing (guar.)
$1.50 Mar.15 *Floaters of rec. Feb. 27
$ per sh. Shares. Stocks.
Shares. Stocks.
8 per sh. Christie, Brown & Co., pref. (quar.)__ _ _ *PM Feb. 1 *Holders of rec. Jan. 20
Cities Service, bankers shares (monthly) "1434c Feb. 1 *Holders of rec. Jan. 15
258% 25 Back Bay Realty Associates_ _ _ _130
1 Atlantic National Bank
Cleveland-Cliffs Iron (guar.)
Jan. 25 Holders of rec. Jan. 15
$1
31 Pepperell Mfg. Co
140% 15 Corporation Liquidating, prof _ _1
Feb. 27 *Holders of rec. Jan. 18
Commercial Credit, Baltimore, com- _ 120
59 9-10 O'Bannon Co., corn. v.t.c- I
25 Naumkeag Steam Cotton Co__ ..182
..3y5 Feb. 20 *Holders of rec. Feb. 10
Consumers Company, pref
123% 20 O'Bannon Corp., Prof
25 Nashua & Lowell RR
Prof. (In full of all accum. divs.)
Feb. 20 *Holders of rec. Feb. 10
"h7
40 Pittsburg dr East. nit., par $50..
10 New London & Northern RR _ _ _133
$1.25 Feb. 15 Holders of rec. Feb. 5
90
500 Ely Cons. Copper, par $10........ $9.50 Continental Can, cons.(quar.)
7 American Stay Co., pref
Feb. 15 Holders of rec. Feb. 5
Common (extra)
$1
50 Brockton Gas Lt Co., par 325... 42% 40 Trinity Copper, par $5
lot
De Beers Consol. Mines(Amer. shares). '81.23 Feb. 2 *Holders of rec. Jan. 26
25 Hood Rubber Co., pref_103g ex-div. 46 Internat. Land,corn., par $25._
Feb. 1 *Holders of rec. Jan. 20
41
Eureka Vacuum Cleaner (quar,)
3 units First Peoples Trust
7534 23 Hodgman Rubber Co ,corn....
"200. Mar. 1 *Holders of rec. Feb. 18
Fair (The), corn. (monthly)
13 special units First Peoples Trust- 534 1 Union Twi t Drill, corn. v. t. c.
"20c. Apr. 1 *Holders of rec. Feb. 18
Common (monthly)
107%
6 U.S. Envelope Co., pref
par $5
Common (monthly)
*20c. May 1 *Holders of rec. Feb. 18
100 Reorganized Belcher Divide
25 Fall River Elec. Lt.Co., par $25. 45
"1,3 Feb. 1 *Holders of roe. Jan. 20
Preferred (quar.)
55 Inns of New England, Inc , pref 2
Mining Co., par 10c
Apr. 1 *Holders of rec. Mar.15
300 Union Lockstitch Co., corn......
5 Cent Mass. Lt. dr Pr., corn. v.t.c. 60
2% First National Pictures, 1st pref. (quar.)'$2
Feb. 1 Holders of rec. Jan. 13
General Cigar, Inc., corn. (quar.)
2
20 American Glue Co., common__ 46% 10 North Boston Ltg. Prop., corn.
*75c. Mar. 1 "Holders of rec. Feb. 1
8 Springfield Fire& Marine Ins. C0.420 M
9234 ex-div. Gillette Safety Razor (quar.)
*250. Mar. 1 *Holders of rec. Feb. 1
Extra
15 Hood Rubber Co., pref _103% ex-div. 200 Fall River Elec. Lt., par $25.... 45
•133 Feb. 1 "Holders of ree. Jan. 21
2 units First Peoples Trust
7534 4 No. Boston Ltg. Prop., prof.
_104 ex-div. Gossard (H. W.) Co., pref. (quar,)
Grand (F. & W.) 5-10-25c. Stores
50 Nat. Fabric & Finishing, corn_ _100% Mtge. note of Maryland Apart
ments, Inc.,for 8175,000,dated
4,1M Feb. 1 *Holders of rec. Jan. 16
37 Puget Sound Power & Light Co.,
Preferred (quar.)
Giant Tire Co
84)4 ex-div.
Aug. 19 1925, due Jan. 15 1926.
4
.50c. Feb. 1 *Holders of rec. Jan. 20
6% preferred
_107M
with interest at 6% secured by
Harbison-Walker Refrac., corn. (quar.).. 134 Mar. 1 Holders of rec. Feb. 19
8 Puget Sound Pr.& Lt., prior pref.
7 mass. Ltg. Cos., 8% pref _115 ex-div.
2
2d Mtge.on real estate numberCommon (extra)
Jan. 30 Holders of rec. Jan. 20
10 units First Peoples Trust
Preferred (quar.)
1% Apr. 20 Holders of rec. Apr. 10
7534
ed 510-516 Beacon St., Boston,
20 Union Twist Drill Corp., pref._ 85
Mass
$167,000 Hellman (Richard),Inc., partic. Pt (qu.) 6234c Feb. 1 Holders of rec. Jan. 21
4 Worcester Gas Light Co., corn.,
Rights.
Sc. Jan. 28 Holders of rec. Jan. 12
$ per Right. Hollinger Consolidated Gold Mining_-_
par $25
5434 2 Beverly Gas & Electric Co
•75c. April 1 *Holders of rec. Mar. 15
834 Hudson Motor Car (quar.)
Independent Packing, corn.(quar.)
3234c. Feb. 2 Holders of rec. Jan. 22
By Barnes & Lofland, Philadelphia:
Preferred (quar.)
1% Feb. 2 Holders of rec. Jan. 22
*50c. Mar. 1 *Holders of rec. Feb. 15
Shares. Stocks.
8 per sh. Shares. Stocks.
$ per sh. Indian Motocycle, corn.(quar.)
Ingersoll (Chas. H.) Dollar Pen, pref _
4
Jan. 29 Holders of rec. Dec. 31
32 Medla Title & Trust, Dar $25.....102% 6 Ridge Avenue Passenger By_ __ _165M
International Shoe, prof. (monthly) - _
M Feb. 1 Holders of rec. Jan. 15
4 Media Title & Trust, par $25____10234 8 Philadelphia City Passenger Ity__106
Intertype Corporation, corn.(quar.)
250. Feb. 15 Holders of reo. Feb. 1
11 Union Passenger By
5 Palmyra(N.J.) National Bank_ _231
110
Common (extra)
25e. Feb. 15 Holders of rec. Feb. 1
11 Continental Passenger By
20 Kensington Nat. Bank, par $50_189
71%
Keeley Silver Mines
*8
Mar. 15 "Holders of rec. Mar. 1
4 Second dr Third Sts, Pass, Ry_170
2 Corn Exchange National Bank _601
Extra
*4
Mar. 15 *Holders of rec. Mar. 1
2 Corn Exchange National Bank....601
8 Second & Third Sts. Pass. Hy_ 170
Kress (S. H.) az Co., corn,(quar.)
•1
Feb. 1 *Holders of rec. Jan. 20
3 Second & Third Sts Pass. Ry_ _170
23 Philadelphia National Bank__ _510
.
Lit Brothers Corp
50e. Jan. 25 Holders of rec. Feb. 20
5 Pilgrim Title & Trust Co..par 850 40% 4 Frankford & Southwark Pass. By.250
*50c. Feb. 1 *Holders of rec. Jan. 23
10 Peoples Bank & Tr. Co ,par 850_142M 34 Germantown Passenger Ry
733-4 Melville Shoe, common (quar.)
Preferred (guar.)
*2
Feb. 1 *Holders of rec. Jan. 23
2 Mutual Trust Co.. par $50
17%
12534 100 Almar Stores Co., no par
Mercantile Stores Co., Inc., corn.(guar.) 1
Feb. 15 Holders of rec. Jan. 31
85 Mutual Trust Co., par $50
125
17 John B.Stetson Co.,pref.,par$25 38
Preferred (quar.)
1M Feb. 15 Holders of rec. Jan. 31
5 Penna. Co. for Ins. on Lives, &c_897
12 John B.Stetson Co.,com.,no par 98
2 Penna. Co.for Ins. on Lives, &c..892
55 Hare dr Chase, Inc., pref
92% Metrop. Chain Stores, lot & 2d pf. (qu.) 134 Feb. 1 Holders of rec. Jan. 21
Mirror (The), Preferred (quar.)
1% Feb. 1 Holders of rec. Jan. 201
Hare de Chase, Inc., corn., no par
2 Penna. Co. for Ins. on Lives. &c.892
Montgomery Ward & Co., Class A (qu.) *31.75 Apr. 1 *Holders of rec. Mar.20
2 Fidelity Trust Co
653
25 at 273-4; 25 at 273.4:50 at 27:
Preferred (guar.)
'1)4 Apr. 1 *Holders of rec. Mar.20
36 Bank of No. Am. az Trust Co_ 359
50 at 26; 10 at 25M; 30 at 25.
Nash Motors. common (extra)
*$10 Feb. I lIolders of rec. Jan. 22
86
10 Susquehanna Title & Tr., par $50 8341 39 Keystone Watch
Stock dividend in common stock
*5900
3 Bell Telephone
7 Commonwealth Title Ins. & Tr_ ..457
111M
No. Rights.
17 Commonwealth Title Ins. & Tr-455
$ per right. Nashua Gummed & Coated Pap., pf.(qu) 1% Jan. 2 Holders of rec. Dec. 21
"75c. Apr. 15 *Holders of rec. Mar. 31
3 West End Trust Co
312
245 Liberty Title dr Trust Co
81% National Biscuit, corn.(guar.)
Preferred (quar.)
4.134 Feb. 27 *Holders of rec. Feb. 12
1 Tioga Trust Co.. Par 850
144
6 Central National Bank
550
National Shirt Shops, Inc., pref
*524 Jan. 15 *Holders of rec. Jan. 15
1 Integrity Trust Co., par $50.-.512
66 Market Street Title & Trust Co.361
2 Girard Trust Co
1521
Bonds.
Per cent. National Tea, pref.(quar.)(No. 1)--*8 1.6234 Feb. 1 *Holders of rec. Jan. 22
New Amsterdam Casualty (Bait.) (qu.) '6234c Feb. 1 *Holders of rec. Jan. 20
1516
2 Girard Trust Co
$6.000 Wayne Coal let 65, 1937. _ 20
.
New York Merchandise, pref. (quar.) _ •1m Feb. 1 *Holders of rec. Jan. 20
32,000 Benevolent Protective Order
30 East Falls Bank & Trust Co..
New York & Honduras Rosario Mining_
2% Jan. 26 Holders of rec. Jan. 16
par 850
10034
of Elks, Phila. Lodge No. 2, gen.
Extra
2% Jan. 26 Holders of rec. Jan. 16
5 Reliance Insurance Co., par $50_ _115%
6s, 1942
85M
North American Cement, pref.(gnarl_ _ •31.75 Feb. 1 *Holders of rec. Jan. 20
85
4 Phila. Bourse, corn., par $50_ _ 19
$200 Same at
Ontario Biscuit Co., corn. & pref.'quar.) *2
Feb. 1 *Holders of rec. Jan. 15
20 Phila.& Camden Ferry, Par 850.140
Oppenhelm, Collins & Co., corn. (quar.) *750. Feb. 15 *Holders of rec. Jan. 30
Orpheum Circuit, corn.(monthly)
182-3c Feb. 1 Holders of rec. Jan. 200
By A. J. Wright & Co., Buffalo:
Common (monthly)
16 2-3c Mar. 1 Holders of rec. Feb. 20a
3 per sh. Shares: Stocks.
Shares. Stocks.
$ per oh.
Common (monthly)
16 2-34 Apr, 1 Holders of rec. Mar. 200
5 Niagara Share Corporation
5 Ray H.Bennett Lumber Co., Inc. 90
19M
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15s
13%c 5 Municipal Bankers Corn
$300 lot Pacific Coast Co., first pref.
1,000 Keora
(quar.)
_ '1)4 Feb. 1 *Holders of rec. Jan. 23
6 Tucker Rubber Co., class "A"
7 Buffalo Niagara dr Eastern Power
Second preferred (quar.)
"1
Feb. 1 *Holders of roe. Jan. 23
24%
pref. with 20 shs. corn. bonus_ _$415 lot
pref
Co.,
Plant(Thomas G.) Co.. first pref.(qu.). 134 Jan. 30 Holders of rec. Jan. 20
Bonds.
Per cent.
7 Buffmo Niagara & Eastern Power
Richman Bros.(payable in stock)
e25
Feb. _ Holders of rec. Feb. 2
37)4 $1,000 J. H. Williams & Co., 5-yr.
Co pre
Securities Company
234 Jan. 15 Madera of rec. Dee. 31
gold bond,elf, of dep.,stpd.20%
55 Labor Temple Assoc. of Buffalo
Shed Union 011, pref. (guar.)
1% Feb. 15 Holders of rec. Jan. 26
1
redeemed
680
and vicinity
Sinclair Consolidated 011, pref.(guar.)
*2
Feb. 16 *Holders of rec. Feb. 1
Smith (L.C.)& Corona Typewriter, Inc.
Preferred (quar.) (No. 1)
*31.75 Feb. 1 *Holders of rec. Jan. 25
DIVIDENDS.
Standard 011 (Ohio), pref.(guar.)
134 Mar. 1 Holders of rec. Jan. 29
Tobacco
1H Feb. 15 Holders of rec. Feb. 1
Dividends are grouped in two separate tables. In the Tung-SolProducts Corp., Cl. A (qu.)Lamp Works, Class A (guar.). •450. Feb. 1 *Holders of reo. Jan. 20
first we bring together all the dividends announced the curCommon (No. 1)
•200. Feb. 1 *Holders of rec. Jan. 20
*50c. Feb. 10 *Holders of rec. Jan. 16
rent week. Then we follow with a second table, in which TJn1on 011 Co. of California (guar.)
Shares. Stocks.
$ per oh.
138 Fowler Mfg. Co., Ltd___ _$21,840 lot
43 Bedford Parsonage Assn., par$25
$10 lot
10,000 Bond Stores, Inc., Class B,
corn., no par
784.
1,000 F. M.Lupton Publisher,Inc.,
Class B. corn., no par
$250 lot
50 City Investing Co.(ogl stock)--200
Shares. Stocks.
$ per sh.
50 Tubize Artificial Silk Co.of Am.,
ctf. dep., Class B,corn., no par.$63 lot
50 City Investing Co. (old stock)_ _200
$6,132 Assigned conditional bill of
sale dated Nov. 16 1925, secured
by promissory notes of like amt.
which are detached therefrom_ 325 lot
JAN. 16 1926.]
Name of Company.
Miscellaneous (Concluded).
Washburn-Crosby Co., pref. (quar.)___ _
Warner (Charles) Co., corn.(Quar.)--First and second preferred (quaraWoolworth (F. W.) Co.,corn.(quar.)_.
Common (extra)
Per
When
Cent. Payable
Books Closed
Days Inclusive.
.
01H Feb. 1 *Holders of rec. Jan. 23
50c. Jan. 11 Holders of rec. Dec. 31
1M Jan. 28 Holders of rec. Deo. 31
al
Mar. 1 Holders of rec. Feb. 10
Si
Mar. 1 Holders of rec. Feb. 10
Below we give the dividends announced in previous week:
and not yet paid. This list does not include dividends announced this week, these being given in the preceding tables
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, preferred____
334 Feb. 15
Atchison Topeka dr Santa Fe, pre!
234 Feb. 1
Baltimore & Ohio, common (guar.)
11( Mar, 1
Preferred (guar.)
1
Mar. 1
Canada Southern
1)4 Feb. 1
Cincinnati Northern
5
Jan. 20
Cleve. Clue. Chic.& St. L.,com.(qu.)_
la( Jan. 20
Preferred (guar.)
134 Jan, 20
Cuba Railroad, preferred
3
Feb. 1
Delaware Lackawanna & Western (qua- 81.50 Jan. 20
Extra
$1
Jan. 20
Great Northern, preferred
214 Feb. 1
Hudson Sr Manhattan, pref
234 Feb. 15
Louisville & Nashville
3
Feb. 10
Mahoning Coal RR., common
812.50 Feb. 1
Michigan Central
10
Jan. 29
Extra
734 Jan. 29
Missouri
-Kansas-Texas, pref. A (quar.)_
134 Feb. 1
New York Central RR.(quar.)
134 Feb. 1
Norfolk & Western, adj. pref.(quar.)... 1
Feb. 19
Northern Pacific (guar.)
la( Feb. 1
Pere Marquette, prior pref. (quar.).__. 134 Feb. 1
Preferred (guar.)
13( Feb. 1
Pitts. Cincinnati Chicago & St. Louis
2
Jan. 20
Pittsburgh & Lake Erie
82.50 Feb. 1
Reading Company, common
31
Feb. 11
St. Louis-San Francisco, pref. (quar.)_. 134 Feb. 1
Preferred (guar.)
134 May 1
Preferred (quar.)
134 Aug. 2
Preferred (guar.)
134 Nov. 1
Southern Railway, common (quar.)--- 13( Feb. 1
Wabash, pref. A (quar.)
$1.25 Feb. 25
Books Closed
Days Inclusive.
Holders of rec. Jan. 15
Holders of rec. Dec. 316
Holders of rec. Jan. 180
Holders of rec. Jan. 166
Holders of rec. Dec. 31a
Holders of rec. Jan. 130
Holders of rec. Dec. 310
Holders of roe. Dec. 310
Holders of rec. Jan. 156
Holders of rec. Jan. 90
Holders of rec. Jan. 90
Holders of rec. Dec. 240
Holders of roe. Feb. la
Holders of rec. Jan. 150
Holders of rec. Jan. 256
Holders of rec. Dec. 31a
Holders of rec. Dec. 316
Holders of rec. Jan. 150
Jan. 1 to Jan. 27
Holders of roe. Jan. 300
Holders of rec. Dec. 316
Holders of rec. Jan. 150
Holders of rec. Jan. 15a
Holders of rec. Jan. fra
Holders of rec. Jan. 116
Holders of rec. Jan. 140
Holders of rec. Jan. 15a
Holders of rec. Apr. 100
Holders of rec. July 156
Holders of rec. Oct. 156
Holders of rec. Jan. 9
Holders of rec. Jan 23
Public Utilities.
Amer. Electric Power, pref. (quara-- - 134 Feb. 15 Holders of rec. Feb. 50
American Gas & Electric, pref. (guar.). $1.50 Feb. 1 Holders of rec. Jan. 11
American Light & Traction, corn.(guar.) 134 Feb. 1 Jan. 16 to Jan. 28
Preferred (guar.)
134 Feb. 1 Jan. 16 to Jan. 28
Amer. Water Works & Elec., coin. (qu.) 134 Feb. 15 Holders of rec. Feb. la
Common (payable in common stock). f2)( Feb. 15 Holders of rec. Feb. la
First preferred (quar.)
134 Feb. 15 Holders of rec. Feb. la
Associated Gas & Elec., Class A (guar.). '6234c Feb. 1!Holders of rec. Jan. 11
Class A stock (payable in Class A stk.) (k) Feb. 1 Holders of rec. Jan. 11
Boston Consolidated Gas, 514% pref_
234 Feb. 1 Holders of rec. Jan. 15
Boston Consolidated Gas,634% pref._ 834 Feb. 1 Holders of roe. Jan. 15
Broad River Power, preferred (quar.)
la( Feb. 1 Holders of rec. Jan. 15
Brooklyn-Manhattan Tran., corn.(qua $1
Jan. 20 Holders of rec. Jan. 50
Cora.
(for perlod June'23 to Sept.30'25) 82
Jan, 20 Holders of rec. Jan. 50
Preferred (guar.)
$1.30 Apr. 15 Holders of rec. Apr. la
Central Power & Light. pref. (quar.)
$1.75 Feb. 1 Holders of rec. Jan. 15
Chicago Rap Tran, prior pref. (mthly.)- Ole. Feb. 1 Holders of rec. Jan. 190
Prior preferred (monthly)
65e. Mar. 1 Holders of rec. Feb. 160
Columbus Ry. Power & Light
Series B preferred (guar.)
$1.62 Feb. 1 Holders of rec. Jan. 15
Commonwealth-Edison Co. (guar.)._ _ _ '2
Feb. 1 *Holders of rec. Jan. 15
Common'th Pow. Corp., new, com.(qu.) 400. Feb. 1 Holders of rec. Jan. 14
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 14
Consol. Gas, New York, pref. (quara_
1% Feb. 1 Holders of rec. Dec. 150
Eastern Mass. Street Ry., pref. B
3
Feb. 1 Holders of rec. Jan. 21
First pref. and sinking fund stock_ _
3
Feb. 15 Holders of rec. Jan. 30
Edison Electric Illum., Boston (guar.)._ 3
Feb. 1 Holders of rec. Jan. 15
Electric Bond & Share, pref.(cloac).
1% Feb. 1 Holders of rec. Jan. 15
•1
Empire Gas & Fuel,8% pref.(mthly.)
Feb. 1 *Holders of rec. Jan. 15
Fall River Gas Works(quar.)
750. Feb. 1 Holders of rec. Jan .15a
Extra
250. Feb. 1 Holders of rec. Jan. 15a
Fort Worth Power & Light, pref.(guar.) •13.4 Feb. 1 *Holders of rec. Jan. 15
Illinois Northern Utilities, pref.(guar.)_ •134 Feb. 1 *Holders of rec. Jan. 15
International Utilities, pref. (guar.)._
81.75 Feb. 1 Holders of rm. Jan. 20
Interstate Railways, corn. (quar.)
250. Feb. 1 Jan. 19 to Feb. I
Massachusetts Gas Cos., corn. (guar.)... 154 Feb. 1 Holders of rec. Jan. 15
Middle West Utilities, corn. (quar.)
_ $1.25 riFeb.15 Holders of rec. Jan. 30
Milwaukee Elec. Ry.& Lt., pref.(guar.) 1% Feb. 1 Holders of rec. Jan. 200
Mountain States dr Power, corn
$1
Feb. 1 Holders of rec. Dec. 31
Preferred (guar.)
Jan. 20 Holders of rec. Dec. 31
Nat. Elec. Power, Class A corn. (guar ) 1450. Feb. 1 Holders of rec. Jan. 15
_
Nevada-Calif. Elec. Corp., pref. (guar.)
Feb. 1 Holders of rec. Dee. 30
Northern States Power,corn., Cl. A (qu.) 2
Feb. 1 Holders of me. Dee. 31
Common, Class B (quar.)
20e. Feb. 1 Holders of me. Dec. 31
Preferred (guar.)
15( Jan. 20 Holders of rec. Dec. 31
134 Mar. 1 Holders of rec. Feb. 15
Ohio Edison Co.,6% pref. (guar.)
6.6% preferred (quar.)
1.65 Mar. 1 Holders of rec. Feb. 15
154 Mar. 1 Holders of rec. Feb. 15
7% preferred (quar.)
550. Feb. 1 Holders of ree. Jan. 15
6.6% preferred (monthly)
550, Mar. 1 Holders of rec. Jan. 15
6.8% preferred (monthly)
Pennsylvania-Ohio P.& L.,8% pf.(qu.) 2
Feb. 1 Holders of rec. Jan. 25
7% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 25
Jan. 18 Holders of rec. Jan. 40
Peoples Gas Light & Coke (guar.)
Philadelphia Company, corn. (quar.).
$1
Jan. 30 Holders of roe. Jan. 154
Philadelphia Rapid Transit (guar.)
Si
Feb. 1 Holders of rec. Jan. 15a
15( Feb. 1 Holders of rec. Jan. 150
Public Service Electric Pow., pref. (qua
Public Service Investment, corn. (guar.) $1.75 Feb. 1 Holders of rec. Jan. 18a
1% Feb. 1 Holders of rec. Jan. 18a
Preferred (quar.)
Feb. 1 'Holders of rec. Jan. 15
Public Serv. Co. of N. III., corn. (guar.)
"154 Feb. 1 *Holders of rec. Jan 15
Six per cent preferred (guar.)
Si% Feb. 1 "Holders of rec. Jan 15
Seven per cent preferred (guar.)
Feb. 19 *Holders of rm. Feb. 5
South Pittsburgh Water, preferred
Jan, 20 *Holders of rec. Dec. SI
Southern Wise. Elec. Co., corn. (quar.). •2
*4
Common (extra)
Jan. 20 *Holders of rec. Dee. 31
•jaa Jan. 20 *Holders of roe.
Preferred (guar.)
Dec. 31
Standard Gas & Electric. corn.(guar,)__ 75c. Jan. 25 Holders of rec. Dec .310
15( Jan. 25 Holders of rec. Dec. 31
Seven per cent prior pref. (guar.)._ _
Tennessee Elec. Pow.,6% 1st mei (qu) $1.50 Apr.
Holders of rec. Mar. 15
$1.75 Apr,
7% first preferred (quar.)
Holders of rec. Mar. 15
81.80 Apr,
Holders of rec. Mar. 15
7.2% first preferred (quar.)
a% first preferred (monthly)
60c. Feb.
Holders of rec. Jan. 15
50c. Mar.
6% first preferred (monthly)
Holders of rec. Feb. 15
6% first preferred (monthly)
50c. Apr.
Holders of rec. Mar. 15
60c. Feb.
Holders of rm. Jan. 15
7.2% first preferred (monthly)
60c. Mar.
Holders of rec. Feb. 15
7.2% first preferred (monthly)
60e. Apr.
Holders of rec. Mar. 15
7.2% first preferred (monthly)
_
Feb.
Holders of rec. Jan. 15
Texas Electric Ry., 2d pref. (quar.)._
United Light & Power Corporation
600. Feb.
Holders of rec. Jan. 15a
Class A and B. corn.(guar.)
*Holders of rec. Feb. 20
83.50 Mar.
United Utilities. pref
Virginia Railway & Power, pref. (quar) 154 Jan. 2 Holders of rec. Dec. 31a
Feb. 1 Holders of rec. Feb. la
West Penn Company,7% pref.(quar.)
West Penn Electric Co.,7% pref.(quar.) 154 Feb. 1 Holders of rec. Feb. la
Holders of rm. Jan. 154
West Penn Power Co..7% prof.(guar.). 134 Feb.
134 Feb.
Holders of roe. Jan. 15
Six per cent pref.(quar.)(No.1)
Feb. 1 Holders of rec. Jan. 31
1
Wlanipeg Electric Co., corn.(guar.)
(113234e Jan. 3 Jan. 22 to Jan. 31
York Railways, pref. (guar.)
Banks.
Corn Exchange (guar.)
Title Guarantee & Trust, extra
321
THE CHRONICLE
5
4
Feb. 1 Holders of ree. Jan. 30
Mar.31 Holders of rec. Mar.20
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
Jan. 20 Holders of rec. Jan. 10a
Abitibi Power de Paper, corn. (quar.)... $1
Abraham & Straus, Inc., pref.(No. 1)-134 Feb. 1 Holders of rec. Jan. 15
2
Jan. 27 Holders of rm. Jan. 15
Alliance Realty (guar.)
Feb. 1 Holders of rec. Jan. 154
Allied Chemical & Dye, corn.(quar.).-- $1
Allis-Chalmers Mfg., corn. (guar.)
41.50 Feb. 15 *Holders of me. Jan. 24
Feb. 1 Holders of rec. Jan. 17a
Amalgamated Sugar, lat pref. (quar.)
2
1
Jan. 30 Holders of rec. Jan. 90
American Beet Sugar, corn.(guar.)
American Can,common (guar.)
134 Feb. 15 Holders of rec. Jan. 30a
3
Feb. 15 Holders of rec. Jan. 300
Common (extra)
To be r Mitred at meeting Feb.9
Common (payable in common stock)_ am,
Feb. 1 'Holders of rec. Jan. 15
'2
American Cigar, corn. (quar)
Feb. 1 Jan. 12 to Feb. 1
American Coal(guar.)
$1
Feb. 1 *Holders of rec. Jan. 11
"2
American Glue, pref. (guar.)
Jan. 25 Holders of rec. Jan. sa
2
American Ice, common (quar.)
2
Jan. 25 Holders of rec. Jan 8a
Common (extra)
134 Jan. 25 Holders of rec. Jan. 86
Preferred (quar.)
Amer.
-La France Fire Eng., corn. (qu.)_ 25e. Feb. 15 Holders of roe Feb. la
Jan. 20 Holders of rec. Jan. 96
Amer. Laundry Machinery, common_ _ _ 125
American Linseed, pref.(quar.)
is' Apr. 1 Holders rec. Mar.19'26a
Feb. 1 Jan. 16 to Feb. 1
Amer. Shipbuilding, common (quar.).__ 2
134 Feb. 1 Jan. 16 to Feb. 1
Preferred (quar.)
Amer.Smelting & Refining. coin.(quar.) 134 Feb. 1 Holders of rec. Jan. 156
134 Mar 1 Holders of rec. Feb. 54
Preferred (quar.)
American Stores Corporation (guar)
- 50e. Apr. 1 Mar. 17 to Apr. 1
Quarterly
50e. July 1 June 16 to July 1
Quarterly
50o. Oct. 1 Sept. 16 to Oct. 1
Amer. Vitrified Products,com.(guar.)-- *51
Apr. 15 *Holders of wee. Apr. 5
Preferred (quar.)
154 Feb. 1 Holders of rm. Jan. 1
Anaconda Copper Mining (guar.)
75e. Feb. 23 Holders of rm. Jan. 16a
Archer-Daniels Midland Co., pref.(qua
134 Feb. 1 Jan. 21 to Jan. 31
Arizona Commercial Mining
*50c. Jan. 29 *Holders of rec. Jan. 18
Associated Dry Goods,corn,(guar.)
63e. Feb. I Holders of rec. Jan. lla
First preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 134
Second preferred (guar.)
154 Mar. 1 Holders of rec. Feb. 130
Associated 011 (guar.)
500. Jan. 25 Holders of rec. Dec. 316
Atlantic Refining, pref.(guar.)
154 Feb. 1 Holders of rec. Jan 154
Atlas Powder, pref. (quar.)
134 Feb. 1 Holders.of rec. Jan. 206
Austin, Nichols & Co., pref. (quar.)_ --- 154 Feb. 1 Holders of rec. Jan. 154
Babcock & Wilcox Co.(guar.)
134 Apr. 1 Holders of rec. Mar.20
Balaban & Katz, corn. (monthly)
25c. Feb. 1 Holders of rec. Jan. 200
Monthly
250. Mar. 1 Holders of rec. Feb. 200
Monthly
25c. Apr. 1 Holders of rec. liar.200
Barnhart Brothers & Spindler
First and second preferred (guar.)---- 131 Feb. 1 Holders of rec. Jan. 25a
Bigelow-Hartford Carpet,corn.& pf.(qu) $1.50 Feb. 1 Holders of rec. Jan. 14
Feb. 1 Holders of rec. Jan. 21
Blaw-Kncur Co., corn
2
Preferred (quar.)
154 Feb. 1 Holders of rec. Jan. 21
Mar. 1 "Holders of rec. Feb. 16
Borden Company,corn.(quar.)
41
•250. Mar. 1 *Holders of rec. Feb. 16
Common (extra)
75c. Jan. 25 Holders of roe. Jan. 90
Briggs Manufacturing ((Mar.)
Brit.
-Amer. Tobacco, ordinary (anal)._ (bb) Jan. 19 Hold.of coup.No.108(bb)
(bb) Jan. 19 Hold.of coup.No.108(bb)
Ordinary (interim)
Brown Shoe, prof.(quar)
134 Feb. 1 Holders of rec. Jan. 20a
Bunte Brothers, pref.(quar.)
'134 Feb. 1 'Holders of rec. Jan. 25
Byers(A M )dr Co., pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 15a
Case(J.I.) Threshing Mach., pref.(qu.) 154 Apr. 1 Holders of rec. Mar.15
Century Ribbon Mills, corn.(guar.)_ _ _ _ 50e. Jan. 30 Holders of rec. Jan. 200
154 Mar. 1 Holders of rm. Feb. 200
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 14a
$1
Cerro de Pasco Copper (guar.)
Chic. Milw.& Franklin Coal, pref.(qu.) 51.50 Feb. 1 Holders of rm. Jan. 15
Chicago Pneumatic Tool (guar.)
154 Jan. 26 Holders of rm. Jan. 154
33 1-3c Feb. 1 Holders of rec. Jan. 206
Chicago Yellow Cab (monthly)
Monthly
33 1-3c Mar. 1 Holders of rec. Feb. 20a
Feb. 1 'Holders of rec. Jan. 15
Cities Service, coin.(monthly)
Common (payable in common stock)_ •154 Feb. 1 'Holders of rec. Jan. 15
Preferred and preferred B(monthly).- '34 Feb. 1 'Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 11
corn,stock) 150
City Investing Co., corn.
Cluett, Peabody & Co., Inc.. corn. (qu.) $1.25 Feb. 1 Holders of rec. Jan. 21a
70e. Apr. 5 Holders of rec. Apr. 5
Cohn-Hall-Marx Co., corn.(quar.)
Common (guar.)
70c. July 5 Holders of rec. July 5
$1
Feb. / Holders of rec. Jan. 18
Columbian Carbon (quar.)
Congoleum-Nairn, Inc., pref.(guar.) _
la( Mar. 1 Holders of rec. Feb. 15
Consolidated Royalty Oil (quar.)
25c. Jan. 25 Holders of rec. Jan. 15
Continental Motors Corporation (guar.) 200. Jan. 30 Holders of rec. Jan. 160
Corn Products Refining, corn. (guar.). _ 50e. Jan. 20 Holders of rec. Jan. 40
$2
Jan. 18 Holders of rec. Dee. 30
Corona Typewriter, corn.(extra)
1% Jan. 31 Holders of rec. Jan. 150
Crucible Steel, corn. (quar.)
$3.50 Feb. 1 Holders of rec. Jan. 15a
Cuba Company, pref
Feb. 1 Holders of rec. Jan. 15a
Cuyamel Fruit (guar.)
$1
50c. Jan. 20 Holders of rec. Dec. 316
Dome Mines, Ltd. (quar.)
du Pont(E.I.) de Nemours& Co.
154 Jan. 25 Holders of rec. Jan. 9a
Debenture stock (quar.)
du Pont de Nemours Powder, corn.(qu.) •154 Feb. 1 *Holders of rec. Jan. 20
4
.154 Feb. 1 'Holders of rec. Jan. 20
Preferred (quar.)
50c. Feb. 1 Holders of rec. Jan. 1511
Eaton Axle & Spring (quar.)
6254c Feb. 1 Holders of rec. Jan. 15a
Elgin National Watch (guar.)
Extra
'$6.25 Jan. 20 'Holders of rec. Jan. 4
Estey-Weite Corporation
2
Mar. 1 Holders of rec. Feb. 15
Class A (Payable in Class A stock).._
Mar. 1 Holders of rec. Feb. 15
Class B (Payable in Class A stock)... 2
154 Jan. 25 Holders of rec. Jan. 10
Euclid Oil (monthly)
154 Feb. 25 Holders of rec. Feb. 10
Monthly
I% Mar.25 Holders of rec. Mar.10
Monthly
Eureka Pipe Line (guar.)
1
Feb. 1 Holders of me. Jan. 15
Exchange Buffet Corporation (guar.).- 3734c Jan. 30 Holders of rec. Jan. 206
20c. Feb. 1 Hoidens of rec. Jan. 20
Fair (The), corn.(monthly)
Falardo Sugar (quar.)
234 Feb. 1 Holders of rec. Jan. 11
Famous Players-Lasky Corp.,corn.(qu.) $2
Feb. 1 Holders of rec. Jan. 15a
Federal Finance Corp., Class A (No. 1). 750. Feb. I Holders of rm. Jan. 15
250. Feb. 1 Holders of rec. Jan. 15
Class B (No. 1)
10
Federal Mining & Smelting, corn
Mar.16 Holders of rec. Feb. 254
Preferred (account accum. dividends). ha
Jan. 26 Holders of rec. Jan. 166
Preferred (account accum. dividends). 136
Feb 16 Holders of rec. Feb. 66
Preferred (account accum. dividends)_ 13754 Mar. 9 Holders of rec. Feb. 250
Preferred (quar.)
1% Mar. 15 Holders of rec. Feb. 256
16e. Jan. 18 Holders of rec. Jan. 46
Fifth Avenue Bus Securities (guar.)_ _ _
Firestone Tire & Rubber, corn.(quar.).. $1.50 Jan. 20 Holders of rec. Jan. 10a
Seven per cent preferred (guar.)
1% Feb. 15 Holders of rm. Feb. 1
Fisher Body Corporation (quar.)
$1.25 Feb. 1 Holders of rec. Jan. 21a
Fisk Rubber. first pref. (quar.)
1% Feb. 1 Holders of rec. Jan. 206
Foundation Co.(stook dividend)
040
Jan. 25 Holders of rec. Jan. ha
General Development Co.(quar)
250. Feb. 20 Holders of roe. Feb. 100
General Motors.6% prof.(guar.)
154 Feb 1 Holders of rec. Jan. 40
Seven per cent preferred (quar.)
I% Feb 1 Holders of rec. Jan. 40
Debenture stock (quar.)
154 Feb. 1 Holders of rec. Jan. 44
Gilchrist Company (quar.)
750. Jan. 31 Holders of rec. Jan. 15
Gimbel Brothers, pref.(guar.)
154 Feb. 1 Holders of rec. Jan. 156
Gossard (H. W.) Co., corn. (monthly)_ _ 331-3c Feb. 1 Holders of rec. Jan. 21a
Common (monthly)
33 1-3c Mar. 1 Holders of rec. Feb. 186
Gotham Silk Hosiery, let ar 24 pref.(qua
154 Feb. 1 Holders of rec. Jan. 156
Great Lakes Dredge & Dock (quar.)
2
Feb. 15 Holders of rec. Feb. 6
Extra
2
Feb. 15 Holders of roe. Feb. 8
Harbison-Walker Refrac., pref. (guar.)_
I% Jan. 21 Holders of rec. Jan. lla
Hattild-Rellance Coal, corn
400. Feb. 1 Holders of rec. Jan. 200
Hercules Powder, pref. (quar.)
1% Feb. 15 *Holders of rec. Feb. 5
Hibbard, Spencer, Bartlett Co
35e. Jan. 29 Holders of rec. Jan. 22
Holly Sugar, pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 15
Preferred (account accum.dividends) 1313.4 Feb. 1 Holders of rec. Jan. 15
Homestake Mining (monthly)
50c. Jan. 25 Holders of reo. Jan. 206
Extra
SI
Jan. 25 Holders of rec. Jan. 20a
Hood Rubber, pref. (guar.)
Feb. 1 Jan. 10 to Feb. 1
Horn & Hardart Co., Phila.(guar.)._
*25c. Feb. 1 'Holders of rm. Jan. 8
Extra
.12340 Feb. 1 'Holders of ree. Jan. 8
Hupp Motor Car Corporation(qar)._ - 25e. Feb. 1 Holders of rec. July 15a
Illinois Brick (quar.)
.2.4 Apr. 15 'Holders of rec. Apr.
Quarterly
*2.4 July 15 *Holders of rec. July 5
Quarterly
"2.4 Oct. 15 'Holders of rec. Oct. 5
Indiana Me Line (guar.)
$1
Feb. 15 Holders of roe. Jan. 22
Industrial Finance Corp.. Prof. (quar.). 134 Feb. 1 Holders of rec. Jan. 25
Debenture stock (guar.)
134 Feb. 1 Holders of rec. Jan. 25
International Nickel. pref. (quar.)
134 Feb. 1 Holders of rec
134
322
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded)
International Shoe, corn.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 150
Common (guar.)
$1.50 July I Holders of rec. June 15a
Common (quar)
$1.50 Oct. 1 Holders of rec. June 15a
Ipswich Mills. 7% pref
131 Feb. 1 Holders of rec. Jan. 21
Kaufmann Dept. Stores, corn. (guar.).- $2
Jan. 28 Holders of rec. Jan420
Kayser (Julius) & Co.. corn.(quar.)
750. Feb. 1 Holders of rec. Jan. 200
Kehler Williams Stamping (guar.)
400. Jan. 30 Holders of rec. Jan. 20
Kelsey '.% heel Co. pref.(guar.)
14 Feb. 1 Holders of rec. Jan. 210
Landay Bros.. Inc., Class A (No. 1)__
80c. Feb. 1 Holders of rec. Jan. 150
Lion Oil Refining (guar.)
500. Jan. 27 Holders of rec. Dec. 31
Loose-Wiles Biscuit. 2d pref. (quar.).1A1 Feb. 1 Holders of rec. Jan. 180
Lord & Taylor, 2d pref.(guar.)
2
Feb 1 Holders of rec. Jan. 18a
Macfadden Publications. Inc
3
Feb. 1 Holders of rec. Dec. 31
Macy (R. H.) & Co., pref. (guar.)
131 Feb. 1 Holders of rec. Jan. 160
Maple Leaf Milling. pref. (guar.)
131 Jan. 18 Holders of rec. Jan. 3
McCrory Stores, pref. (guar.)
131 Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
131 May 1 'Holders of rec. Apr. 200
Preferred (guar.)
1M Aug. 1 Holders of rec. July 200
Preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 20a
Mexican Petroleum, corn. (guar.)
83
Jan. 20 Holders of rec. Dec. 310
Preferred (guar.)
$2
Jan. 20 Holders of rec. Dec. 310
Miami Monner (quar.)
25e. Feb. 15 Holders of rec. Feb. la
Miller Rubber
New no par common (guar.)(No. 1)__ *50c. Jan. 25 *Holders of rec. Jan. 5
Mining Corporation of CAnada (interim) 1234c Jan. 30 Jan. 16 to Jan 29
Moon Motorcar (guar.)
Feb. 1 Holders of rec. Jan. 150
75c
Moore Drop Forging, Class A (guar.) _ $1.50 Feb. 1 Holders of rec. Jan. 15
Class B (No 1)
$4
Feb. 1 Holders of rec. Jan. 15
Mullins Body Corp.. prof.(guar.)
2
Feb. I Holders of rec. Jan. 160
National Carbon. pref. (guar.)
*2
Feb. 1 *Holders of rec. Jan. 21
Nat.Department Stores, let pref.(guar.) 131 Feb. 1 Holders of rec. Jan. 150
Apr. 1 Holders of rec. Mar. 100
New York Air Brake, Class A (guar.).- $1
Common (quar.)
500. Feb. 1 Holders of rec. Jan. 60
New York Canners, let pref
333 Feb. 1 Holders of rec. Jan. 22
4
Feb. 1 Holders of rec. Jan. 22
Second preferred
NIplvairm Mines Corporation (guar.)._ *15e. Tan. 20 *Holders of rec. Dec. 31
Oil Well Supply. pref. (quar.)
•1% Feb. 1 *Holders of rec. Jan. 20
Oklahoma Natural Gas (guar.)
50c. Jan. 20 Holders of rec. Dec. 28a
Outlet Co.. first pref.(quar.)
$1.71 Feb. 1 Holders of rec. Jan. 200
Second preferred (guar.)
•81 .50 Feb. 1 *Holders of rec. Jan. 20
Owens Bottle, corn.(extra)
75c. Apr. 1 Holders of roe. Mar. 160
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 160
Pacific Oil
51,50 Jan. 20 Holders of rec. Dec. 150
Pacific Oil
Mar. 6 *Holders of me. Jan. 28
*S3
Special(two-fifths share Ass'd 011 stk.)
Mar. 6 Holders of roe. Jan. 28
Packard Motor Car. corn.(guar.)
50c. Jan. 30 Holders of rec. Jan. 15a
Pan American Petroleum of California
233 Apr. 1 Holders of rec. Dec. 200
Pan American Petroleum & Transport
Common and Clam B common (guar.) 51.50 Jan. 20 Holders of rec. Dec. 31a
Pan-Amer. West.Petrol.. Cl. A & B (qu.) 50c. Jan. 30 Holders of rec. Jan. ha
Pels-Greenstein Co., Inc.
Common (1n common stock)
f100
Feb. 1 Holders of rec. Dec. 29
Penmans, Limited, corn. (guar.)
Feb. 15 Holders of rec. Feb. 5
2
Preferred (guar.)
133 Feb. 1 Holders of rec. Jan. 21
Penn Traffic Co
'7)40 Feb. 1 *Holders of rec. Jan. 15
Philadelphia Insulated Wire
Feb. 1 Holders of rec. Jan. 15a
$2
Phillips-Jones Corporation, pref. (guar.) 1)4 Feb. 1 Holders of rec. Jan. 200
Pick (Albert)& Co.. corn.(guar.)
•40e. Feb. I *Jan. 21 to Jan. 31
Pittsburgh Coal, pref. (guar.)
133 Jan. 25 Holders of rec. Jan. 80
Pittsburgh Steel, pref. (guar.)
131 Mar. 1 Holders of rec. Feb. 150
Plymouth Cordage (guar.)
*133 Jan. 20 *Holders of rec. Jan. 2
Plymouth Oil
•500. Jan. 18 Holders of rec. Jan. 12
Postum Cereal (quar)
$1.10 Feb. 1 Holders of rec. Jan. 210
Prairie Pine Line (guar.)
2
Tan. 30 Holders of roe. Dec. 310
Pullman Company (guar.)
2
Feb. 15 Holders of rec. Jan. 300
133 Feb. 27 Holders of rec. Feb. la
Quaker Oats, preferred (quar.)
Reynolds Spring, pref. A & B (guar.)._ _ '134 April 1 *Holders of rec. Mar. 15
3734c Feb. 1 Holders of rec. Jan. 15
Rice-Ftix Dry Goods. corn.(emu.)
Royal Dutch Co.. New York shares
$1 .339 Jan. 29 *Holders of roe. Jan. 15a
$1
Jan. 17 Holders of rec. Jan. 10
Royal Typewriter, corn
Preferred
314 Jan. 17 Holders of rec. Jan. 10
St. Joseph Lead Co.(guar.)
Mc. Mar.20 Mar. 10 to Mar.21
250. Mar.20 Mar. 10 to Mar.21
Extra
50e. June 21 June 10 to June 21
Quarterly
250. June 21 June 10 to June 21
Extra
50e. 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
250. Dec. 20 Dec. 10 to Dec. 20
Extra
20e. Feb. 1 Holders of rec. Jan 15
Salt Creek Producers Assn.(guar.)
Si 4212 Feb. 1 Holdenrof rec. Jan. 15
Extra
134 Feb. 15 Holders of rec. Feb. la
Savage Arms Corp., 2d pref.(guar.)_ _ _ _
31.50 Feb. 1 Holders of rec. Jan. 15
Savannah Sugar, corn.(guar.)
134 Feb. 1 Holders of rec. Jan 15
Preferred (guar.)
(dd) Tan. 20 Holders of rec. Dec. 31
Seagrave Corporation (guar.)
Sears, Roebuck & Co., corn.(guar.)._ _. 133 Feb. 1 Holders of rec. Jan. 150
Shell Transport & Trading, Amer.shares 9633e fan. 22 Holders of rec. Jan. 140
Simmons Co., pref.(guar.)
131 Feb. I Holders of rec. Jan. 154
50e. Mar. 15 Holders of rec. Feb. 15
Skelly Oil (guar.)
25e. Feb. 15 Holders of rec. Feb. 1
Smith (A 0.) Corp., corn. (guar.)
Common (extra)
25c. Feb. 15 Holders of rec. Feb 1
131 Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
Tan. 20 Holders of rec. Jan. 9
Smith (Howard) Paper Mills. pref.(qu.) 2
750. Mar.15 Holders of rec. Mar. 10
Southern Acid & Sulphur, corn
Jan. 31 *Holders of rec. Jan. 15
Southern Dairies,Inc.,C1. A(qu.)(No.)) *51
Spalding (A. G.) & Bros., 1st pref. (qu.) 131 Mar. 1 Holders of rec. Feb. 130
Mar. 1 Holders of rec. Feb. 13
2
Second preferred (guar.)
131 Feb. I Holders of rec. Jan. 8
Steel Co. of Canada, corn.(guar.)
134 Feb. 1 Holders of rec. Jan. 8
Preferred (quar.)
Sterling Products. Inc.(guar.)
El
Feb. 1 Holders of rec. Jan. 15a
60e. Feb. 15 Holders of rec. Jan. 15
SwiftInternacional
Sc. Feb. I Jag. 16 to Jan. 31
Teck-Hughes Gold Mines,Ltd
*5
Feb. 1 *Holders of rec. Jan. 20
Texon Oil& Land Co
Thompson (J. R.) Co., corn.(monthly). 30e. Feb. 1 Holders of rec. Jan. 230
30e. Mar. 1 Holders of rec. Feb. 23a
Common (monthly)
*50c. Feb. 10 *Holders of rec. Jan 160
-Won Oil of California (quar.)
131 Mar. 1 Holders of rec. Feb. 150
United Drug, corn. (guar.)
131 Feb. 1 Holders of rec. Jan. 15a
First preferred (guar.)
United Verde Extension Mining (guar.)_ 75e. Feb. 1 Holders of rec. Jan. 50
Feb. 15 Holders of ree. Jan. 200
2
U.S. Rubber, first pref.(quar.)
Universal Pipe & Radiator, pref.(guar.) 131 Feb. 1 Holders of rec. Jan. 150
Vick Chemical Co. A & B (guar.).- _ 87 Mc Feb. 1 Holders of rec. Jan. 15
Vulcan Detinning, pref.(guar.)
134 Tan. 20 Holders of rec. Jan. 90
Tan. 20 Holders of rec. Jan. 90
Preferred (account accum. dividends). 82
Preferred A (guar.)
134 Jan. 20 Holders of rec. Jan. 9a
Tan. 26 Holders of rec. Jan. 150
Weber & Heilbroner, corn.(In coin. stk.) 115
51.50 Jan. 30 Holders of rec. Dec. 310
Westinghouse Air Brake (guar.)
Tan. 30 Holders of rec. Dec. 31a
Ill
Extra
Tan. 30 Holders of rec. Dec. 310
Westinghouse Elec.& Mfg.,corn.(guar.) $1
50e. Jan. 20 Holders of rec. Dec. 310
White Eagle Oil & Refining (quar.)
*50c. Feb. 6 *Holders of rec. Jan. 15
Wilcox (H. F.) Oil & Gas(guar.)
Wrigley(Wm.)Jr. & Co.(monthly).- 25c. Feb. 1 Holders of rec. Jan. 20a
25e. Mar. 1 Holders of rec. Feb. 200
Monthly
25e. Apr. 1 Holders of roe. Mar. 20a
Monthly
•From unofficial sources. 1 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. S 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.
fPayable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
k On Class A stock dividend is 2)4% of one share of Class A stock. In lieu of
cash dividends holders may take on the preferred stock 3.75% of a share of Class A
stock for each share of original series preferred and .06 of a share of Class A stock
for each share of $7 dividend series stock.
o Payable in common A stock of the Foundation Co. (Foreign).
10d., free of tax. Transfers received In
5$ Final dividend is 2s. 3d. and Interim is
dividends to transferees.
London in order up to Jan. 4 will be in time for payment of
cents in cash or 2)4% in stock at option of stockholders.
44 Thirty
[VOL. 122.
THE CHRONICLE
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 9. 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.
(Stated Os thousands of dollars-that is. Three (000) ciphers omitted)
New
CapitalProfits
Week Ending
Jan. 9 1926. Nat'l, Sept.28
State, Nov.14
(000 omitted.) Tr.Cos. Nov.14
Loans,
Reserve
Discount. Cash
with
Net
Time Bank
in
InvestDe- armsLegal Demand
mews, Vault Deposi Deposits. Posits. !aetc.
lign.
1071eS
Members of Fe d. Res. Bank. Average Average Average Average. Averag As'
gs
$
1
Bank of N.Y.&
S
S
S
76.502
Trust CO.... 4,000 12.807
554 8,573
62,886 8.503 _Bk of Manhat'n 10.000 14.732 162,739 3,680 19.397
136,922 24,919 _Mach& Met Nat 10,000 15.749 186.737 3,575 23.366
545
175.125 11.200
81.704 2.049 12.93
Bank of America 6,500 5,223
96,600 4,206 _National City 50.000 62,403 608.908 5.670 68.744 40364,862 65,269
849
4,500 17,597 135.458 1,519 17.058
Chemical Nat
347
126,461 4.606
Am Ex-Pao Nat 7,500 12,625 152.857 2,458 19,010
142.274 11.169 4.924
Nat Bk of Corn. 25.000 40,021 3 5,491' 1,196 40,980
313,612 17,180
-Chat Ph NB&T 13.500 13,236 230.096 2,91 28,418
.
179 804 42,4_92 5:924
0 15
:3
68 15.852
Hanover Nat.. 5.000 25,443 132,2881
Corn Exchange. 10.000 14.556 203.640, 8,007i 25.509
178,997 31,587 -National Past: 10.000 24.375 185.4041
9841 18.782
143.609 10,240 3.451
48.7871 1.5741 5.109
Bow'y& East Riv a 3.000 a 3,071
992
34,900 14.180
686, 27,118
First National 10.000 71.199 392.364
203,120 23.195 4,950
Irving Bk-ColTr 17,500 13,732 293.100 3.224' 37.750
280,308 29,332 -8,317
Continental.... 1.000 1.161
120 1.093
426 _7,069
Chase National. 20,000 26,894 382.978 4,683 48,942 4 76:65 16.798 984
'328 2 9
7
28.686
500 2,905
836 3.786
Fifth Avenue..
14.621
800 1.089
Commonwealth
597 1,332
9,082 4.700 -_-_-_-18.382
1.000 1,766
601 2.496
Garfield Nat'l_
18,417
3671-1.316 15,009
Seaboard Nat'l. 5.000 8,758 116.91
112,465 3,277
45
303 2,468
20.748
Coal & Iron Nat 1.500 1,531
344
17,720 1.931
929 37.666 *309.549 42,601 --Bankers Trust 20.000 30.391 339.589
839 7,323
U B Mtge & Tr. 3,000 4.750 64,260
5 .3 4 5477 ;
Guaranty Trust 25.000 21,538 426,206 1,428 45.436 *40'97 54; 65
8 39
9
4
2,20
Fidellty-InterTr 2,
466 2.665
23,093
19,951 1,798 ---20.018 176,637
New York Trust 10.
6271 20,471
150.590 20.854 18.521 150.19
553 15.53
Farmers L & Ti 10.000
*115,633 24,362 ---12,852 266,90
1,899 29.562 *297.243 34,311 --.
Equitable Trust 23,
-Total of aurae 309,100501.167 5,293,612 53.978602,3611c4.453.641 509,742 23,355
Totals, actual o nditIon Jan. 95,259,02) 51,87 552.445)c4.362.837509,083 23,195
Totals, actual c ndltion Jau. 25,393.586 49.60 593,023 c4,538.833 516.034 23,458
Totals, actual condition Dec.265,182,08 56,42 605,62 c4,348,334 504,65623,380
State Banks Not Me mums of Fed'i Res've Bank.
23,19
Greenwich Bank 1,000 2,594
2,072 2,08
22,54
1.819 ---2,61*
5.13
State Bank....3,500 5.867 109.36
42,114 64,778 Total ofseem
4,500
8,462
7.20
4.67
64,663 66.597
Totals, actual ndition Jan. 9 132.75
Totals, actual condition Jan. 2 132,631
Totals. actual e ndition Dec. 26 133,40
Trust Companies Not Mumbo rs of Fed 'I
Title Guar &Tr 10,000 17.23:5
64,81
Lawyers Trust. 3,000 3.204
22,30
5.221
6,96
5,15
6,74
4,57
7,08
Res ye Bank.
1,67
4,57
1,82
97
Total of averages 13.001 20.437
87,12
2,64
6,4
Totals, actual c nditlon Jan.
Totals, actual e edition Jail. 2
Totals, actual co ndltion Dee.26
85,83
88.24
85,787
2,66
2,2
2,341
6.481
6.94
6.26
65,16 66,393
64,250 67,19
64.610 66,487
41,58
18,085
2,854
849
3,703
58.812
59,582
56,553
3.10
3,832
3,818
Gr'd aggr.,aver. 326,60 130.0675,513.291 63,82 613,44 4.577.951 580,042 23.355
Comparison wit h prey week - • +15.115-3,09 --6,876 +22.58
+626 -95
(led aggr., Gal cond'n Jan. 9 5,437.614 61,50:- 64.147 4,480,817 578,584 23,196
Comparison with prey. week. -176849 +2.941-40.982 -175,84
8,481 -263
Cited
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
agar., act'l cond'n
aggr., ea')cond'n
eggr., ea*/ cond'n
agrr., act'! oeuvre]
aggr., act') cond'n
aggr., act') cond'n
Jan 25,614.46'
Dee. 565,41,1,259
Dec. 19 5,410,950
Dee. 12 5.355.829
Dee. I 5,356,119
Nov 25 5.362.959
58,56'. 605,129
86.5451116.466
70.014 633.271
62.371 606.028
58,547 593.391
60,781 597.385
4162.665 587,0(5 23,458
4.469,497 574.961 23.380
4,499.251 567,027 23,434
4.474.426 563.342 23.514
4.469,156 663.59523.609
4.439.947 575,652 23.413
ts deducted from net demand deposits in the genera total,
above were as follow : Average total Jan. 9. $46.885.000. Aetna totals Jan. 9
$43,797,000; Jan. 2, $50.160,000; Dec. 26, 556.193.000; Dec. 19, $55,592,000: Deo•
12, 18,507,000 Bills payable, rediscounts, acceptances and other liabilities, average
for week Jan. 9, 5723.432000; Jan. 2, 5737,243.000: Dec. 26, 5723.057,000: Dee.
19, $693,748.000: Dec. 12, $705,207,000. Actual totals Jan. 9, 8689,427.000; Jan.
2. $738,014,000; Dee. 26, 5734,018,000; Dee. 19. 8741,048,000; Dee. 12, 8731.247.000.
* Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $151,818,000; Chase National Bank. $11,631.000; Bankers
Trust Co.. 831.370,000; Guaranty Trust Co , $63,178,000: Farmers' Loan & Trust
Co.. $5,636,000; Equitable Trust Co.. $71,929,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank,523,174.000:
Chase National Bank. $1,510,000: Bankers Trust Co.. 52,245.000: Guaranty Trust
Co.. 52,116,000; Farmers' Loan & Trust Co. 85,636,000; Equitable Trust Co..
87,053.000. a As of Jan. 1 1926.
c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES
Average!.
Cash
Reserve
in Vault.
Member, Federal
Reserve banks_
State banks*
Trust companies*..._
Total
Total
Total
Total
Jan. 9..._
Jan. 2_ _ _
Dec. 26...,_
Dec. 19._
7,205,000
2,645,000
Reserve
In
Depositaries
Total
Reserve.
Reserve
Required.
602.361,000 602.361.000 594,265,590
4,676,000 11,881,000 11,639.340
6,406.000 9,051,000 8,947,050
SIOSISS
Resettle.
--$
8,095,410
241.660
103,950
9,850.000 613,443.000 623,293,000 614.851,980 8,441,020
9.599,000 620.319.000 629,918.000 611,860,980 18,057.020
9,672.000 600,344,060 610,016.000 599,395.110 10,620.890
9,363,000 599,616,000 608,979.000 802,454.640 6,524,360
•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. 9, $15,292,260; Jan. 2, 515,265,230; Dec. 26. $15,196.800: Deo. 19, 514,810,670; Dec. 12, 514,924.250.
Actual Figures.
Reserve
Cash
in
Reserve
01Vmdf. Depositaries
Members Federal
Reserve banks_
State banks.
Trust_companiessTotal
Total
Total
Total
Jan. 9____
Jan. 2....
Dee. 28._
Dec. 19____
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
9.633,000 564,147,000 573,780.000 602,993.340
8,953.000 605.129,000 614.0820)0 826.031,810
9.421.000 616,466,000 625,887,000 600.535.850
9,617,000 833,271,000 642,888,000 604.159.190
--29213340
--11949810
25.351.150
38.728.810
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust corn
panies 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 by State Banking Department.)
,
Difference. from
Previous Week.
Jan. 9.
Loans and Investments
$1,199.756.300 Inc. $9,188,400
Gold
4,150.100 Dec. 423.300
307.400
Currency notes
28.010.500 Dec.
Deposits with Federal Reserve Bank of New York- 99,913.600 Den.
250,800
Total deposlts
1 281,933,800 Inc. 20,067.700
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City. exchange & U.S.deposita 1,192.958.300 Inc. 7,552,000
Reserve on deposits
183,817.600 Inc. 6,106,800
.
L percentage of reserve, 20.6%.
RESERVE.
-Trust Companies
-State BanksCash In vault•
593.544.900 14.58%
538.529,300 15.71%
Deposits in banks and trust coa
38.592,100 06.00%
12,951,300 05.28%
Total
5132.137.000 20.58%
551.480.600 20.99%
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Jan.9 was $99,913,800.
-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
In Vaults.
Loans and
Investments.
Demand
Deposits.
$
6.345,880,300
6,361,302,700
6,403,318.900
6.480.941.200
6,465.023,700
6,463.163,200
8.481.864.200
6.502,188,400
6.556,239,300
6.531.007,500
6,520,077,500
00
6.522,283.8
6.504.8142,200
6,498.683.600
6.539,445.800
6.583.447,000
6.688.745.000
6.713.047.300
Reserve in
Depositaries.
$
84.211,400
83,247.000
82.965.500
82,079.500
84.918,400
84,365,300
83,765.400
83.583.400
86.517,800
88,814,300
84.741.300
88.401,000
88,462,800
91.125.200
98.881.300
105.692.300
99.811.300
95.9gfi 600
8
718,328.800
731,851.200
703.335,900
717,035.400
716.263.500
727,858,400
733,812.200
735.006,800
745.155.200
743.772.000
748,115.600
734,901.500
738,833.300
732.709.20(
746.673.401
734,118.201
764.938.50f
764 899 OM
$
5,419337,800
5,465,413,400
5.404.398.300
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
5.815.024.900
5,602.113.700
5,638.893.200
5,619,923.800
5.740.772.300
5.770.909.300
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:
=rum OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
CLEARING
NON-MEMBERS
Members of
Fran Res've Bank
Grace Nat Bank...
Net
Capital. Profits
Loans,
DUe(n0118.
Investments,
&a.
Reserve
Cash
with
Net
Net
in
Legal Detnano Time
Vault. Deport- Deposit., Deposits.
tortes.
Average. Average Average Average I Average.
1.796
12.81
42
16.495
3,971
Total_
State Banks.
Not Members of Iht
Federal Reserve Bank
Bank of Wash. Hts
Colonial Bank
1.000
1,798
12.61
42
1,0
8.49
3,971
200
1,200
604
2.787
8,79
30.41,
836
3.3731
3
1,93
6.7501
26,6
2,579
4,490
Total
Trust Company
Not Member of ito
Federal Reserve Bank.
Mech Tr, Bayonne
1.400
3.392
39,19
4,209
2,254
33,359
7,069
600
546
419
103
3,424
5,980
500
546
9,201
419
3,424
5,980
2.9e0
Grand aggregate..
Comparison with to ev. week
.73
5 8
61.017
+141
4,870
+164
3,412 243.278
+288
+930
17.020
+31
2.900
2,900
2.900
2.900
.73
5 8
5.736
5.736
5.738
60.876
61.188
61.923
63.653
4.508
4,402
4,4130
4,662
3.124
3.037
3.139
3,262
16,989
16,880
16,854
16,885
Total
Gr'd seer.. Jan. 2
Gr'd aggr., Dec. 26
Gr'd aggr-Den. Ill
cied agar.. Dec. 12
103
242,348
a41,749
a43.109
a44,189
•United States deposits deducted, $50,000
Bills payable, redlosounts. acceptances and other liabilities. $2,855,000.
Excess reserve, 2299,080 increase.
Unchanged 66.800,000 86,800,000
66.800,000
Capital
500.000 91,271,000 91.304,004
90,771.000 Dec.
Surplus and Profits
Loans, disc'ts & investments. 1015582000 Dec. 16.997.000 1032579000 1024692000
Individual deposits,Incl. U.S 698.124.000 Dec. 21.545.000 719.669,000 378,703.000
147.382 000 Dec. 3.980.000 151.362.000 1.30,317.000
Due to banks
220.482.000 Inc. 1.201.000 219.281,000 217,437,000
Time deposits
19.501,000 Dee. 2,052.000 21.553.000 23.068,000
United States deposits
Exchanges for Clearing House 34.448.000 Dec. 18.333.000 52.781.000 25.585,000
86.856,000 Dec. 12.553.000 99.409.000 79,677,000
Due from other banks
82.223.000 Dec. 1.380.000 83.583.000 79.365,000
Reserve in Fed. Res. Bank
Cash in bank and F. R. Bank 11,997.000 Dec. 1.071,000 13.068,000 15,236,000
Reserve excess In bank and
125,000
772,000 1,540,000
768,000 Dec.
Federal Reserve Bonk
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Jan. 9, 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 glided January 9 1928
Two Ciphers (00)
omitted.
Trust
Mernbersol
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Cfear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not Incl.).Res've with legal deposles
Reserve with F.R.Bank__
Cash in vault •
Total reserve& cash held..
Reserve required
Excess res. & cash in vault
$42.025.0
129.436.0
849,010,0
42,415,0
125.333.0
156.299.0
616,804.0
118.163.0
891,266.0
$47,025.0
146.573.0
897,014,0
43.170.0
125.350.0
157,223.0
646,161.0
120,244,0
923.628,0
14.838.0
, 4.145.0
4,145,0
66.001,0
1.517.0 12.955,0
5,662.0 83.101.0
4.530.0 71.348.0
1.132.0 11.753.0
66,001,0
11.438.0
77.439.0
66.818.0
10,621,0
Cash in vault not counted
Jan. 2
1926
1925
Total.
35.000,0
17.137.0
48,004.0
755.0
17.0
924,0
29.387.0
2.081,0
32.362,0
Des. 28
1926
$47,025.0
146.611,0
888.557.0
54.399,0
130,382.0
148.796.0
656,734,0
119,251,0
914,781.0
16,167,0
3.859.0
66.202,0
14.112.0
84.173,0
71.488.0
12.685,0
$47,025,0
145.868,0
889E81,0
34.184,0
114,439,0
144,542,0
616,989.0
118,302,0
879,813.0
17.287.0
2,967,0
84,858.0
15,347.0
82.972,0
68.389,0
14,583.0
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 Jan. 13 1926 in
comparison with the previous week and the corresponding
date last year:
Jan. 13 1926. Jan 6 1926. Jan. 141928.
ReSOUre48389.887.000 359.996.000 424,200.000
Gold with Federal Reserve Agent
8,533,000
12.700,000
Gold redemp. fund with It. S. Treasury. 11.478.000
Gold held exclusively nest. F.R.noted_ 401,335.000 372.696.000 432,733.000
Gold settlement fund with F. R. Board_ 222.621.000 251.506,000 243,139,000
379.293,000 356,623,090 294,146.000
Gold and gold certificates held by bank
Total gold reserves
Reserves other than gold
1,003.249.000
36,463.000
980.825.000
32.372,000
970,018,000
29,642,000
.1,039.712.000 1.013,197,04)0 999.660,000
Total reserves
24,784,000
21.558.000
19.504.000
Non-reserve cash
Mlle discounted
63.299.000
Secured by U.S. Govt. obligations- 137.941.000 157.959,000
24,408,000
33.598.000
23.348,004)
Other bills discounted
171.559.000
25.847.000
181.3117.000
27.127,000
87.707,000
71,848,000
1.934,000
. .
39 633 000
11.182,000
1.934.000
39.633.000
11.332.000
12,440,000
114,858,000
22,846,000
52.749.000
1.890,000
52.899.000
2.025,000
150,144,000
1.746,000
283.358.000
311.445,000
Due from foreign banks (See Note).Uncollected items
Bank premises
All other resources
642.000
188.533.000
16,652,000
4,000,000
641,000
168.686.000
16.234,000
8.075,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities
Foreign loans on gold _
1.000
9,201
Dee. 30
1923.
Jan. 6
1928.
Changes from
previous ueek.
Jan. 13
1926.
Total bills and securitlea (See Note)... 252.045.000
HOUSE.
mated in thousands of dollars-that is, three ciphers 10001 omitted.)
Week Ending
Jan. 9 1976
-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:
552,445.000 552.445.000 582,441,300 -29996300
459.780
6.969.000 5,221,000 12,190.000 11.730.240
323,200
2,664,000 8.481,000 9,145.000 8.821,800
•Not members of Federal Reserve Bank.
•This la the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Jan. 9, $15,272.490: Jan. 2, $15,481.020: Dec. 28, $15,139,680: Dee. 19, $14,904.480: Dec. 12, 814.826.720.
Week EndedSept.12
Sept.19
Sept.26
Oct. 3
Oat. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov.14
Nov.21
Nov.28
Dee, 8
Dec. 12
Dec. 19
Deo, 28
Jan. 2
Jan. 9
323
THE CHRONICLE
JAN. 16 1926.]
Total resources
642.000
176.240.000
16,652.000
4,109,000
.1,510,958.000 1,503,886.000 1,529,525.000
LfaMiffiesFed'I Reserve notes In actual circulation. 387.600 000
Deposits-Memberbank, reserve ace's.. 887.109.000
Government
4.541.000
Foreign bank (See Note)
1,817.000
Other deposits
10.377.000
378.721.000 350.073,000
865.725.000 909.271.000
8,962.000
4.1113.000
21.106,000
1.798.000
10.927,000
13.860.000
Total deposits
Deterred availability Items
Capital pald In
Surplus
AM other liabilities
846.296.000
144.617.000
32.395.000
59.984.000
1.893,000
Totalltabilities
903.844.000
145.111.000
32.395,000
59.984,000
2.044.000
950.266,000
138.273.000
30.167,000
58,749.000
1.997,000
1,510,958,000 1.503.888.000 1.529,525.000
Ratio of total reserves to deposit and
76.9%
80.1%
Fed'I Res've note liabilities combined.
81.8%
Contingent liability on bills purchased
14,557,000
22,328,000
tor foreign correspondents
22.086,000
NOTE.
-Beginning with the statement of Oct. 7 two new items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondenta. In addition, the caption. -All other earning assets," now
made up of Federal Intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only items Included
lettir
[Vox.. 122.
TELE CHRONICLE
324
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Jan. 14, 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 year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for ths
latest week appears on page 288, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 13 1926.
Jan. 13 1926
Jan. 6 1926. Dec. 30 1925. Dee. 23 1925. Dec. 16 1925. Dec. 9 1925. Dec. 2 1925. Nov. 25 1925. Jan. 14 1925.
3
$
$
$
$
$
RESOURCES.
$
$
$
10
1,472.351.000 1,424,473,000 1,356.607,000 1,327.438,000 1,394.759,000 1.307,572,000 1,343,424.000 1,355,463,000 1,744,250,04
Gold with Federal Reserve agents
58,526,000
52,699,000
49,711,000
45,703,000
49,343,000
50,004,000
54,570,000
57,705,000
54,162.000
Gold redemption fund with U. S. Treas.
Gold held exclusively agst. F.R.notes. 1,522.062,000 1,482,999,000 1,409,306,000 1,376,781.000 1,449,329,000 1,365,277,000 1.397,586,000 1.405367,000 1,789,953,000
Gold settlement fund with F. R. Board_ 608,492,000 638,643,000 701,455,000 729,256,000 664,899.000 753,172,000 729,002.000 724,029,000 603,544,000
Gold and gold certificates held by banks_ 668,479,000 622,378.000 593,520,000 559,259,000 587,358,000 603.836,000 616.023.000 616,397.000 559,538,000
2,799,033,000 2,744,020,000 2,704,281,000 2.665.296.000 2,701,586,000 2,722,285,000 2,742,611,000 2,745,893,060 2,953,035,000
150,846,000 138,046,000 117,852,000
91,983.000 108,358,000 107,616,000 114,038,000 114,642,000 138,664,000
Total gold reserves
Reserves other than gold
2,949,879,000 2,882,066,000 2,822,133,000 2,757,279,000 2,809.944,000 2,829,901,000 2,857.549,000 2,860,535.000 3,091,699,000
Total reserves
45.268,000
45,663,000
42.783,000
74,481,000
86,990.000
78,642,000
44,389,000
62,053,000
43,948,000
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations._ 305,962,000 363,832,000 466,014,000 441.479,000 343.121.000 378,272,000 314,582,000 346,326.000 141,281,000
199,801,000 229.635,000 283,658,000 322,644,000 275,946,000 301,102,000 329.293.000 278,388.000 120,478,000
Other bills discounted
Total bills discounted
Bills bought in open market
D. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
505,763,000
327,402,000
593,467,000
344,783,000
749,672,000
362,818,000
764,123,000
369,951,000
619,067,000
352,692,000
679,374,000
369,550,000
643,875,000
357,723,000
624,714,000
359,458,000
261,759,000
323,901,000
59,410,000
184,022,000
125,363,000
58,391,000
185,906,000
125,124,000
58,854,000
192,077,000
128,101,000
65,839,000
190,037,000
103,631,000
73,451,000
153,740,000
171,280,000
56,276,000
266,080,000
29,517,000
56.289,000
254.858.000
28,302,000
56,285,000
244.439,000
31.575,000
78,540,000
332,168,000
76,214,000
Total U.S. Government securities
Other securities (See note)
Foreign loans on gold
368,793,000
3,158,000
7,000,000
309,421,000
3,205,000
7.502,000
377,032,000
3,205,000
8,100,000
359.507,000
3,205.000
8.300,000
398,471.000
3.195,000
8,798,000
351,873,000
3.195,000
8,300,000
339,429,000
3,150,000
8,300,000
332,299,000
3,150,000
6,500,000
486,922,000
2,559,000
6,000,000
Total bills and securities (See Note)Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
1,212,118,000 1,318,378.000 1,500,827,000 1,505,086,000 1,382.223,000 1,412,292,000 1.352,477,000 1,326.121,000 0,081341,000
771,000
642,000
658.000
710,000
642,000
642,000
642.000
861,000
641,000
750,502,000 737,184,000 717,599.000 766,088,000 952,147,000 692,811,000 742.551,000 686,348,000 697,611,000
62,021,000
61,552,000
59,239,000
50,308,000
61,817,000
61.607.000
61,620,000
61,632,000
57,669,000
18,166,000
18,454,000
19,362.000
16.860.000
16,456,000
17,632,000
18.006.000
18,272,000
24,369,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign bank (See Note)
Other deposits
5,075,895,000 5.138,850.000 5,183.158,000 5,151.513,000 5,269,
926, 00 5.061,168,000 5,078,803,000 4,997,881,000 5,031,772,000
0
2,279,741,000 2,278.123,000 2,308,614,000 2.219,373,000 2.264,797.000 2,246,386.000 2.235,787.000 2.219,813.000 2,256,491,000
36,853,000
44,130,000
35,840.000
17,117,000
17.516,000
29,120,000
5,954,000
15,067,000
30,563,000
13,002,000
12,937.000
8,007,000
12,014,000
11.884,000
8,398,000
7.763,000
7,956,000
22,416,000
21,181,000
20,074,000
20,420,000
20,369,000
25,482,000
21,446,000
21.356.000
19,166,000
20,870,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,324,990.000 2,329,218.000 2,357,141.000 2,275.615.000 2,300,505.000 2,314,530,000 2,312,999,000 2.290,784,000 2,330,340,000
669,225,000 883,994,000 635,681,000 625,263,000 827.072,000 626,937.000 670,132,000 622,853,000 623,681,000
117,277,000 117.287,000 117,042,000 • 116,978.000 116,964,000 116,863,000 116,871,000 116.844.000 112,193.000
220,310,000 220,310,000 217.837,000 217.837,000 217.837,000 217.837.000 217,837,000 217,837,000 217,837,000
18,053.000
18.258,000
10,413,000
20.447,000
19,374.000
20,157,00
10,809,000
19,318,000
9,744,000
.733,284,000 1,777.628.000 1,835,0r,000 1.895,663,000 1,788,230,000 1,765,627,000 1,742,706,000 1,731,510,000 1,737,977,000
5,075.895,000 5,138,850.000 5,183,158,000 5.151,513,000 5,269,926,000 5,061,168,000 5,078,803,000 4,997,881.000 5,031,773,000
Total liabilities
Ratio of gold reserves to deposit and
68.2%
67.6%
66.8%
64.4%
63.9%
66.3%
689%
66.7%
F. R. note liabilities combined
72.5%
Ratio of total reserves to deposit and
71.1%
70.5%
70.2%
67.3%
66.1%
68.7%
69.4%
F. R. note liabilities combined
727%
76.0%
Contingent liability on bills purchased
39,959,000
40,101,000
65,049,000
58.739,000
45,402,000
81.042,000 _ 79,063,000
50.967,000
for foreign correspondents
49,817,000
—
—
-•
s
$
$
5
3
$
$
Distribution by Maturities—
$
$
1-15 day bills bought in open market_ 105.423,000 118,339,000 123,664,000 111,320,000 100,223,000 113,683,000 107,875,000 104,633,000 100.717,000
510,719,000 494,404,000 188,207,000
393,006,000 463,256,000 616,325,000 613.605,000 483,252,000 549,433,000
1-15 days bills discounted
3,723,000
4,691,000
397,000
6,526.000
904,000
1,105,000
92,730.000
1,485,000
1-15 days U. S. certif. of Indebtedness
10,000
55,000
8,000
1-15 days municipal warrants
65,345,000
61,183,000
64,550,000
86,234,000
77,801,000
64,797,000
59,292,000
70.338,000
64,478,000
16-30 days bills bought in open market_
35,177,000
39,643,000
38,278,000
40,829,000
35,816.000
40,275,000
34,030,000
26.942,000
16-30 days bills discounted
18,385,000
2,424,000
16-30 days U. S. certif. of Indebtedness_
55.000
45,000
16-30 days municipal warrants
9,000
93,019,000
85,094.000
90,096,000 108,277.000 111.115,000 107,422.000 116,636,000
87,951,000
94,319,000
81-60 days bills bought in open market56,761.000
52.726.000
49,247,000
61,162,000
49,636,000
53,152,000
52,215,000
50,266.000
81-60 days bills discounted
28,381,000
,- _
81-60 days U. S. certif. of indebtedness_
302,000
45,000
45,000
31-60 days municipal warrants
63,917,000
60.854,000
68,480,000
67,643,000
64,571.000
67.039,000
57,779,000
62.753.000
61-90 days bilis bought in open market_
33,237,000
28,518,000
31,162,000
37,755,000
31,8181000
35,871,000
33,428,000
33,536.000
25,194,000
61-90 days bills discounted
16,501,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
16.674.000
18.141,000
11,735,000
14,560,000
15,996,000
11,683,000
10,943,000
open market
10,589,000
Over 90 days bills bought In
8,833,000
9,854,000
9,619,000
10,772.000
10,951,000
10,209,000
10,422,000
10,430,000
10,355,000
Over 90 days bills discounted
10,285,000
25,428,000
23.611,000
22,991,000
78,550.000
Over 90 days certif. of indebtedness.,.... 125,363,000 124,727,000 124,996,000 102,727,000
74,427,000
Over 90 days municipal warrants
F. R. notes received from Comptroller__ 2,944,910,000 2,969,043,000 2,980.473,000 2,972.910,000 2,945,883,000 2,930.395,000 2,922.368,000 2,912,652,000 3,131,216,000
821,435,000 797.325,000 777,093,000 773,143,000 831,719,000 843,748.000 869,531,000 874.732,000 986,504,000
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
•
2.123,475,000 2371.718.000 2.203.380.000 2,199.767,000 2,114,164.000 2,086.647,000 2.052,837,000 2,037,920,000 2344,712,000
How Secured—
302,636,000 302.431,000 302,231,000 302,046,000
By gold and gold certificates
Gold redemption fund..98,181,000 104,883,000 112,443,000 101,3.59.000
Gold fund—Federal Reserve Board
1,071,534,000 1.017.159.000 941.933,000 924.033.000
By eligible paper
789,051.000 892,300,000 1.060,708,000 1,072,785,000
303.851.000
108,101.000
982.807,000
919,180,000
304,501,000
108,645.000
894,426,000
999.029,000
304,901,000
102,328.000
935.695,000
949,410,000
305,300,000 231,449,000
106,481.000 107,873,000
943.692.000 1,354,926,000
930,553,000 566,736,000
. 2,261,402,000 2,316,863,000 2,417,315,000 2.400.223,000 2,313.939.000 2.306.601.000 2 202,834,0002,246.016,000 2 310 986 000
NOTE.—Beginning with the statement of Oct. 7 two new items were added in order to show separately the amount of balances he d abroad and amounts due
to foreign correspondents. In addition, the caption,"All other earning assets," now made up of Federal Intermediate Credit Bank debentures, has been changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." 'The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Ant, which are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 131936,
Total
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
RESOURCES.
$
GOld with Federal Reserve Agents 90,316,0
Gold red'n fund with D.S.Treas. 8.055,0
Gold held excl. eget. R.F.fiOteS 98.371.0
DOldsettle'tfund Witt)F.R.Board 27,340,0
44,840,0
5101d and gold certificates
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. ifinneay. Kan. City Dallas. San Fran.
Total.
$
$
$
$
8
$
$
$
$
8
$
8
141,080,0 191 334 0 69,821,0 107,388,0 129,654,0 14,790,0 62,347.0 53,839,0
. .
380,857,0
20,093,0 201.843,0 1,472,351,0
11,478,0 3,828.0 4.253,0 1,709,0 4,471,0 3.769,0 1,005,0 2.652,0 3,023,0 1,912,0 3,468.0
49,711,0
401.335.0 144,917.0 195,587.0 71,620.0 111,839,0 133.423,0 15,795,0 64.999,0 56,862.0 22,005,0 205.309,0 1,522,082,0
222,621,0 40,900,0 48,529,0 18,868.0 20.545,0 118,201,0 17,287,0 18,656,0 29,576,0 11,411,0 34,558,0 608392.0
379,293,0 25,352,0 49,416,0 8,188,0 4.392,0 84.067.0 15,180.0 6.906,0 4,881,0 11,333.0 34,631.0 668,479,0
1,003,249,0 211,169,0 293,532.0 98,676,0 136,776,0 335,691,0 48,262,0 90,561,0 91,319,0 44,749.0 274.498,0 2,799,033.0
36,483,0 3,152,0 10,056,0 8,876,0 9,286,0 22,108,0 15,930,0 2,587,0 4,629,0 5,989,0 7,899.0 150,846.0
New York.
Total gold reserves
Reserves other than gold
170,551,0
23,871,0
Total reserves
Son-reserve cash
Bills discounted:
Sec. by U.S. Govt. obligations
Other bills discounted
194.422,0 1,039,712,0 214,321.0 303,588,0 107,552.0 146,062,0 357,799,0 64.192,0 93,148,0 95,948.0 50,738.0 282,$97,0 2,949,879,0
15,209,0
21,5.58,0 1,790.0 4,765,0 7,053.0 5,278,0 14,251.0 4,776,0 1,328,0 3,214,0 3,346,0 4,422,0
86,990,0
Total bills discounted
3111s bought In open market
IT, S. Government securities:
Bonds
'Treasury notes
Certificates of indebtedness_
mg
m.. TT
a (Ina* sonnrifion
16,234,0
12.629,0
137,961,0 30,177,0 40,053,0 11,762.0 3,910.0 38,092.0
33,598,0 17,394,0 25,901.0 23,834,0 16,656,0 28,116.0
28,863,0
87,993,0
171,559.0 47,571,0 65,954,0 35,596,0 20,566.0 66,208,0 17.401,0
25.847,0 15,110,0 7,657,0 4,815,0 58,558,0 30,171,0 22,322,0
553,0
1,815,0
9,835.0
1,934,0
604,0 8,103,0
39,663,0 4,016.0 19,691,0
11,182.0 19,443,0 8,691,0
1,240,0
3,511,0
4.193.0
12 211/ 11
52740.0 24 Ma 0 3550
50440 17 non 0 A/ 009 n
9,116,0
8,285,0
998,0 20,190,0 2.025.0
9,780.0 19,355.0 14,715,0
7,151.0 13,457,0 8,082.0
9,1 5199 n
1,136.0
2,946,0
6.203,0
8.960,0
1,622.0 9,696,0
5.938,0 15,531,0
305,962,0
199,801,0
4,082.0 15,176,0 7,560.0 25,227,0
9,056,0 14,294,0 24,283,0 29,296,0
505,763,0
327,402,0
7.665.0 8,388.0 7,240,0
470,0
7,094,0 18,415,0 17,236,0 28.761,0
4,319,0 10,657,0 7,644.0 20,709,0
59,410,0
184.022,0
125,363,0
IA A72 fl
57
Am% n on ton n
.
AA
nAn n
5512 "(IR n
JAN. 16 1926.]
SillSOVRCES (Concluded)
Two Ciphers (00) omitted.
0 her securities
Foreign loans on gold
325
THE CHRONICLE
Boston.
New York.
3
3
1
...-
Total bills and securities
is from foreign banks
mollected items
mit premises
I other resources
1,890,0
518,0
Phila.
Cleveland Richmond Atlanta. Chicago. Si. Louis_ Minneap. Iran. City
$
3,050,0
651.0
$
$
749,0
371,0
$
$
287,0
$
966,0
$
322,0
8,0
231,0
Dallas.
ran Fran.
$
$
245,0
490,0
$
100,0
280,0
Total
3
3,158,0
7,000,0
252,045,0 90,445,0 110,845,0 49,726.0 95.340,0 150,347,0 64,867.0 32,455,0 67,310,0 64.208,0 104,953,0 1,212,118.0
642,0
642.0
176,240,0 65,524,0 65,670.0 61,427.0 43,022,0 93,776,0 38,623,0 14,888,0 42,927.0 32,250.0 46,065,0 750.502,0
16,652,0 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
59,308,0
396,0 1.312,0 2,041,0 ' 345,0 2,478,0
4,109,0
186,0 1,083,0
16.456,0
490,0 3,445,0
484,0
129.577,0
70.090,0
4,068,0
87,0
413,453,0 1.510,958,0 373.720,0 493,360,0 228,518,0 293,742,0 626,147,0 176,914,0 147,240,0 214,519,0 152,825,0 444,499,0 5,075,895,0
Total resource.
LIABILITIES
167,908,0 367,600,0 143,158.0 218,925,0 34,261,0 161,312,0 173,333,0 38,748,0 67,556,0 69,912,0 44,214,0 196,357,0 1,733,284,0
R.notesin actual circulation
Moons:,
Member bank-reserve acct._ 148,661,0 887,109,0 136,110,0 176,920,0 67,250,0 81,120,0 324,466,0 83,840.0 53,572,0 00.247,0 61.381,0 169.065,0 2,279,741.0
1,486,0
4.541,0 1,231.0 1,015,0 1,060,0
935,0
343.0
Government
852,0
035,0 1,770.0
17,117.0
1,054,0 1,895,0
625,0
329,0 1,127,0
436,0
1.817.0
854.0
781,0
Foreignhank
354,0
263.0
7,763,0
321,0
288,0
568.0
10,377,0
161,0
41,0
deposits
317,0 1,041,0
87,0
908,0
857,0
262.0
396,0
Other
43,0 5,879,0
20.369,0
Total deposits
DIfferred availability items
.pltal paid In
Surplus
Al(other liabilities
903,844,0
145,111,0
32,395,0
59,964.0
2,044,0
150,933,0
68,427,0
8,611,0
17,020,0
554,0
138,439:0
59,813,0
11,623,0
20.464,0
223.0
179,830,0 68,833,0 82,425,0 326,844,0 85,903,0 55,032,0 92,734,0 62,766.0 177,407,0 2,324,990,0
57,525.0 56,825,0 36,210,0 77,752,0 36.966,0 13,054,0 38,150,0 33,543,0 45,849,0 669.225,0
13,174,0 5,994.0 4,695.0 15,741,0 5,127,0 3,184,0 4,236,0 4,267,0 8,230,0 117,277,0
22,894,0 11,919.0 8.700,0 30.613,0 9.570.0 7.501,0 8,979,0 7,615.0 15,071,0 220,310,0
400,0 1,864,0
686,0
1,012.0
600,0
913,0
508,0
420,0 1,535.0
10,809,0
413.453,0 1,510.958,0 373,720,0 493,360,0 228,518.0 293,742,0 626,147,0 176,914,0 147,240.0 214,519,0 152,825,0 444,499,0 5,075,895.0
Total liabilities
Memoranda.
81.8
:nerve ratio (per cent)
76.1
61.0
76.1
70.3
59.9
71.5
51.5
76.0
47.4
59.0
72.7
75.6
otingent liability on bills purDnased for foreign correspond'ts 6,172,0
22,086,0 7,715,0 8,689,0 4.304,0 3,248,0 11,125.0 3,492,0 2,599.0 3,167,0 2,842,0 5,603.0
81,042,0
R. notes on hand (notes rec'd
!rom F. R. Agent less notes In
.freelation)
21.145.0 151.580.0 48.718.0 19.791.0 22.009.0 21,887,0 24.711.0 6.902.0 3.529,0 8.814.0 6.315.0 54.790.0 390.191.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JAN. 13 1926.
Cleveland Richmond Atlarsta Chicago ss. Louis Minn. Kan. City Dana, San Fr.
Bolles
PAWL
New York
Federal Reserve Agent atTotal
_
(Two Ciphers (00) Omitted.)
s
$
5
s
S
a
s
$
$
s
s
s
$
Comptrat 249,003,0 745.540,0 217,716,0 294,586,0 129.560.0228.732,0 432.281,0 68,730,0 88,768,0 120,556,0 64,791,0 304,647,0 2.944,910.0
It. notes ree'd from
a. notee held by F.R. Agent._ 59,950,0 226,360,0 25.840,0 55,870,0 23.290,0 45,533.0234,237,0 23,080,0 17,683,0 41,830,0 14,262,0 53,500,0 821,435,0
V.A. notes Issued to FA.bank
a 'lateral held as security for
R.R. notes Issued to F.R. Bk.
Gold and gold certificate9...
Gold redemption fund
Gold fund-F.R. Board__.
Eligible Paper
519,180,0 191,876,0 238,716,0 106,270,0 183,199,0 198,044,0 45,650,0 71,085.0 78,726.0 50,529,0 251.147.0 2,123,475,0
35,300,0
11,016,0
44,000,0
116,856,0
186,698,0 2,000,0 8,780,0 21,160,0 10,575,0
9,845,0 13,052,0
15,226,0
302,636.0
27,159,0 10,700.0 12,554.0 2,161,0 6.293,0 4,010,0 1.745,0
1,295,0 4,479,0 2,867.0 13,902,0
98,181.0
176,000.0 128,389,0 170,000,0 46,500,0 90.500,0 125,644,0 3,200,0 43,000.0 49,360,0 2.000.0 187,941,0 1,071.534,0
168,133,0 52,697.0 71,317,0 38,592,0 77,035,0 96,209,0 39,708,0 12,839,0 29,420,0 31,808,0 54,437,0 789,051,0
207.172.0
Total collateral
189,053.0
557.090.0 193.786,0 262.651.0 108.413.0 184.403.0 225.863.0 54.498.0 75.186.0 83.259.0 51.901.0 256.230.0 2.261.402.0
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,
the liabilities of the 716 member banks from which weekly returns are obtained. These figures are always a week behind
,hose for the Reserve banks themselves.
Definitions of the different items in the statement were given in the statement
,t Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figure.
.
or the latest week appears in our Department of "Current Events and Discussions," on page 289.
1. Data for all reporting member banks In each Federal Reserve District at close of business Jan. 6, 1926. Three ciphers (000) omitted
Federal Reserve District.
Boston. New York
Plumber of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts....
s
41
s
100
66,320
10,812
348,247 2.616,592
654,414 2,586,039
Total loans and discounts
1.013,473 5,268,951
evestments:
U. S. pre-war bonds
9,659
39.969
U.8 Liberty bonds
84,380 605,011
U.S. Treasury bonds
18,692 195,495
U. S. Treasury notes
4,226 149,301
U.S. Treasury certificates
20.176
42,274
Other bonds, stocks and securities 215,945 1.112,635
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kass. City
54
75
23,637
498,299
746.730
777,812 1,268,666
$
10,979
408,754
358,029
$
24
67
3
6,018
145,749
377,237
S
5,366
23,987
98,176 844.607
422,629 1,218,361
8
10,713
206,787
303,564
3
2,386
69,794
175,788
$
4.161
109,185
319.037
3.606
79,079
239.321
529,004
526,171 2,086,955
521,064
247.968
432.383
322,006 1,186,206 14,180,659
12,957
25.536
10.796
6,944
5,735
110,015
7,367
27.364
12,097
18,659
6,937
42,275
8.983
51,872
16.986
13.769
4,132
75,824
343,675
624,358
131,739
rota loans and Investments
1,366,551 7,413.636 1.121.487 1,893,024
Reserve balances with F. R. Bank
07,386 767,630
85,165 118,023
Cash in vault
23,591
92,821
18,329
35,751
Net demand deposits
916,001 5,876,484 788.782 985,945
deposits
Time
398,155 1,195,645 211,309 748.923
Government deposits
21,072
60,876
20,321
21.259
sibs parte & redisc. with F It. Bk.:
Secured by U.S. Gov't obligations
5,690 136,000
7,088
22.164
All other
3,722
15,706
5,934
27,434
Bankers balances of reporting member banks In F. R. Bank cities:
Due to banks
147,150 1,153,987 195,814
48,665
Due from banks
41,768 109,306
78.175
30,252
660,743
42,462
15.873
385,545
202,859
6,685
353,078 2,144,685
Total.
33
32.647
157,004
34,970
24.853
25,797
349,087
.
Dallas. San Fran.
100
9,436
49,576
18,103
7,374
7,428
251,708
Total Investments
36
71
25,550
28,950
7,610
1,700
3,831
64.098
3
14,863
14.980
5,774
2,075
7,338
54,390
19,201
178.014
53,259
59.846
13.832
435,146
99,420
759,298
171,983
114,699
171,566
625,591 2.840,253
48,598 246,992
13,047
56,525
370.490 1,747,454
219,923 1,021,229
10,759
27.576
693,047
53,320
10.411
434,878
210,103
6,281
362.667
26,993
6,490
230,316
112,482
3,065
603.949
56.815
13,603
482,663
143,764
1,992
49
3
66
718
S
$
7,746
175,731
263.107 5.688.378
915,353 8,316,552
17,239
17,643
5,397
4,327
4.328
23,121
24,359
222.280
136.594 1,376,924
50,039
429.818
17,515
310.589
27,746
169.554
200,592 2,934,836
72.055
457,445 5.444,001
394,061 1.643,651 19.624.660
28,958 114,951 1,687.293
11,438
24.002
321.881
279.877 806,950 13.305.385
96,338 800.249 5,360,979
8,136
26.265
214,287
6,316
13,811
7,194
17.526
69,631
19,704
3,014
7,312
2,275
1.125
3,091
4,816
2,267
4,714
38,896
25.914
23,542
16,296
385,953
160.211
100,452
39,270
60,848
19.440
108,768
53.477
36,669
27.470
9,910
13,981
274,730
135,785
110.541 2 410 785
52.479 . .
054 11Ra
3. Data of reporting member banks in New York City. Chicago, and for
whole country.
All Reporting Member Banks,
Jan. 6 1926.
Dec. 30 1925.
Jan. 7 1925.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
Jan. 6 1926. Dec. 301925. Jan. 7 1925. Jan. 6 1926. Dec. 30 1925.
Jan. 7 1925,
Number of reporting banks
716
719
736
61
61
67
46
46
Loans and discounts. gross:
48
$
3
$
$
$
$
$
$
Secured by U. S. Govt. obligations
$
175,731,000
170,107,000
186,332,000
57,959,000
54,096,000
61,393,000
16,582,000
16.374.000
Secured by stocks and bonds
26.083,000
5,688.376,000 5,759,678,000 4,714,739,000 2,354,308,000
2.430,601,000 2,001.709,000 640.338,000 649,528,000 521.417.000
All other loans and discounts
8,316,552.000 8,305,604,000 8.205,194,000 2,268,684,000 2,243,442,000
2,358,765,000 680,553,000 665,007,000 705,655.000
Total loans and discounts
14,180,659,000 14,235,389,000 13,106,265,000 4,680.951,000
4,728,139,000 4,421,867.000 1.337,473,000 1,330,909.000 1,253.155,000
investments:
U. S. pre-War bonds
222,280,000
222,210,000
261,463.000
29,788,000
29,830,000
42.000.000
3,557.000
3.364,000
4,087.000
U. EL Liberty bonds
1,376,924,000 1,367,827,000 1, 02.505,000 516,323,000
4
508.343.000 540,288.000
81.131,000
U. S. Treasury bonds
429,818,000
430,094,000
372,931,000 180,744.000 176,488,000 156,560,000 104,869,000 103,913.000
16,315,000
16,323.000
Treasury notes
27.932.000
310,589,000
U.8.
333,499.000
514,136,000 141,399,000 144.023,000 216,710,000
59,473,000
46,478,000
74.220,000
169,554,000
U. S. Treasury certificates
162,838,000
142,227,000
41,427,000
38.808.000
68,065,000
1,252,000
2.668,000
12.856.000
Other bonds,stocks and securities. 2,934,836,000 2,945,168,000 2,861,501,000 806,972,000
798,845,000 852,059.000 196.127,000 206,068,000 200.065.000
Total Investments
5.444.001,000 5,461,636,000 5,554,763.000 1,716,653,000 1
,696,337,000 1,875,682,000 370,022.000 390.385.000 400,291.000
Total loans and Investments_ 19.624,660,000 19,697,025.000 18.661,028,000 6,397,604,000
Iteserve balances with F. R. banks_ 1,687,293,000 1,733,935.000 1,702,232,000 709,533,000 6,424,476,000 6.297,549,000 1.707,495.000 1.721,294,000 1,653.446.000
783.763.000 736,897.000 168.219,000 172.934,000 170,618,000
Cash In vault
321,881,000
338,031,000
327,373,000
74,506,000
82,425.000
26.392,000
77.032,000
33.652.000
26.225,000
Net demand deposits
13,305.385,000 13,260,670,000 13,279,650.000 5,303,309,000 5,309.917,000
Time deposits
5,360.979,000 5.348.036.000 4,849,399,000 807,698,000 809,564,000 5.437.323,000 1,162,361.000 1.168,335,000 1.184.246.000
801,368,000 499,078.000 500,590,000 450,778.000
Government deposits
214,287.000
225,646,000
159,934,000
53,758,000
56,165,000
14,284,000
24,700,000
16.555,000
13,923,000
Bill, payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Govt. obligations
274,730,000
371,252,000
76.593,000
98,612,000 194,337,000
35,295,000
18,940,000
665,000
36,303,000
All other
135.785,000
183,829,000
38,639.-00
10,450,000
23,675,000
589,000
10,133,000
19,584,000
420,000
Total borrowings from F. R. Mill
410.515.000
555.081.000
115 232 (10(1 100 AR 1 nnn 9152 019 /Inn
1 n eon nnr.
AR Ina nnn
e A a, nnn
n
I no c nnn
[Vors. 12t
TI-I E CHRONICLE
326
tintkers' 05itzette
STOCKS.
Week Ended Jan. 15.
Wall Street, Friday Night, Jan. 15 1926.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 317.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Enaeu Jan. 15.
Sales
ft,
Week.
Par.Shares
Range for Week.
Per share.
Railroads.
Brun Term & Ry Sec 100 1,306 10%
300 119%
Chump & Ohio nits_ _100
25 58
Canada Southern_ _ _ 100
Chic M dr StPaul etls 100 9.300 1254
Preferred ctfs
100 18,700 19
300 5
Duluth 58& AU_ _.100
300 8
Duluth S& Atl pf_ _100
40(. 3534
Erie ctfs
100
2d preferred ctfs_ .100
100 41
180 72%
IlICenRRSec, SerA 1000
200 3
Iowa Central
100
M St P&SSM loused
300 64
line etre
100
200 185
Nash Chatt&StLouls 100
Nat Rys Met 1st pf.100 1,600 6%
300 130
Nex Orl Tex & Mex.100
175 19934
N Y & Harlem
50
217 300
N Y Rys part nth,
•
Preferred ctfs
• 800 6%
200 934
NY Ch & St L 1r nth)100
200 28
NY State Railways.100
50(. 42
Pacific Coast
100
100 82
Pere Marquette ctfs..100
151 1434
Pitts Ft W & Chi pf _ _100
6,400 19
Reading Rts
200 101
Twin City Rp Tr pf _ _100
100 90
Vick Sher & Pac_ _ _ _100
Rangefor Year 1925.
Lowest.
Highest.
Lowest.
Pichest.
$ per share. $ per share.$ Per share.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4 1134
4 12054
15 58
11 14
15 2134
12 5
9 84
15 3654
15 41
15 724
15 34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
11
15
9
9
12
9
12
15
19
15
3
934
so
7
12%
2%
331
2534
4054
684
134
Feb 1 734
Aug12636
Jan 59
Sept is
Oct 22
Apr 554
Apr 854
July 3754
Nov 4 1
Aug 7454
Jan 354
Nov
Dec
May
Sept
Nov
Dec
Dec
Nov
Dec
De:
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
13 6454
12 188
12 734
12 13254
12205
9 305
12 7%
15 94
14 2854
15 474
12 82
II 14354
15 2154
12 101
13 90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15 57.4
1, 143
ls
354
9 11354
11 160
I. 262
14
5
15 100
14 21
11 20
12 6054
11 139
11 16%
12 944
13 85
June 63
Apr192
Apr 8%
Feb1344
Jan200
Aug3I 0
Dec 12
Jan200
Dec 30
Aug 4034
July 82)4
Jan144
Aug 24J4
Jan10 1
Nov 91)4
Feb
Dec
Nov
Dec
Dec
Aug
June
Dec
July
Dec
Dec
Nov
June
Dec
Dec
Sales
for
Week.
Range for Week.
Lowest,
Highest,
Range Year 1925.
Lowest. 1 Highest
Induc& His (Con)Par Shares 8 per share
$ per share 5 pa'share.'S sir Shari
Jan 102 June
N Y Steam lot pret____.
200 101
Jan 12 97
Jan 12 101
No Amer Edison pref
500 94
Jan 12 9434 Jan 12 9454 Dec 9656 Deo
Norwalk Tire & Rubb.10 9,900 1334 Jan 9 1554 Jan 14 1234 Sept 1834 Aug
NOV
011 Well Supply
25 2,700 3154 Jan 14 3354 Jan 11 33% Dec; 38
Nov
Onyx Hosiery prof...100 1,200 98
Jan 12 7834 Mar 97
Jan 15 99
Sept
Orpheum Ciro Inc pfd100
Jan 107
100 101
Jan 13 98
Jan 13 101
Otis Elevator prat__ _100
Feb 112
July
100102)4 Jan 13102)4 Jan 13 101
Nov
Outlet Co
• 1.100 49% Jan 15 5034 Jan 11 4954 Novi 57
Preferred
100
Nov 10034 Deo
400 10034 Jan le 101
Jan 1 98
Pan-Am West Petrol 13..15,500; 404 Jan 15 4234 Jan P 3734 Oct' 4934 Dee
Panhandle P & R pref100
Oct 6034 Feb
200: ssx Jan 14 54
Jan 14 37
Dee
Parish & Bingham stpd_.
14 Jan 2
100 254 Jan 14 254 Jan 14
Pathe Exchange A
• 1,100 77
Nov 904 Oct
Jan 15 8134 Jan 9 70
Penney (J C) prof. __I00
Jan 10534 Jan
Jan 1 10554 Jan 14 105
200 105
July
Philadelphia Co pret_50
500 48
Jan 13 48
Jan 13 4534 Jan 49
Nov
5% preferred
200 36
50
Nov 37
Jan 14 3634 Jan 14 37
Phoenix Hosiery
Apr 4234 July
Jan 15 4434 Jan 1 18
'8.000 41
Pieferred
Dee
200 98 Jan * 98
10(
Apr 99
Jan f 84
Pitts Tenn Coal pref AO(
July 88)4 Nov
400 88
Jan 11 9054 Jan 12 79
Pitts Ut pref ars new.
200 154 Jan 10 1554 Jan 10 1234 Nov15s4 July
Porto Rican-Am Tob 100 2,444' 6054 Jan 9 8154 Jan 10 4054 Mar 6234 Deo
304 3234 Jan It 3154 Jan 1 27
Prod & Ref Corp pref_5C
Sept 474 Feb
PS Elec St Gas prat_ _100
700 9734 Jan 4' 9954 Jan 1 92% Ms. 10054 Dee
Pub Ser Elea Pf pref_10:
Oct
200 1074 Jan 11 108 Jan II 10054 Jar 108
Safety Cable
Jan 14 48
• 22.10( 4954 Jan 1 14
De, 5034 Dec
Seneca Copper
• 2,604 834 Jan 1' 934 Jan 11
Nov
,
No 11
9
Shubert Theatres
• 2.701 55 Jan 15 58 Jan II 5154 Dec 5554 Deo
101 109
Simmons Co prat__ _ _10C
Jan 14 109 Jan 1 1004 Jan 108)4 Dee
104 115
So Porto Rico Sug p1.101
Jan le 115
Jan 1
9934 Jar 1.1354 Dec
Spalding Bros, let p1.101
204 101
Nov
Jan l' 101
Jan 13 95
,
Ma 101
704 1554 Jan P 1654 Jan 11 504 Ma, 564 NOV
Stand Gas & El pref _ _51
Sun Oil
• 1,401 39
Jan 1' 40 Jan 1' 3834 No) 4334 NOV
Texas Pac L'd Trust_101
Deo
827645 Jan 0785 Jan 1: 555
Am 357
The Fair
• 2,70( 3334 Jan 11 34
Jan 1 3234 Sept 3934 Aug
Tidewater 011 pref _ _ _10 1,20, 99
Jan lr 93)4 Jan 1 99
Oct
Nos 101
Tobacco Prod rights..._ 32,501 3 Jan P 354 Jan l'
134 De, 234 Dec
101 117 Jan 11 117 Jan 11 115
United Cigar St pret_100
Dec 13334 Dec
18,701 1534 Jan 10 1734 Jan • 1534 Dec 1834 Deo
Rights
Jan 11 12
United Dyew'd Corp _100
30: 12
Jan 11
Mar
9
Der 20
United Paperboard. 100 4,101 3234 Jan 9 35 Jan 12 1834 AD) 3354 Dee
101 9334 Jan 10 9334 Jan 10 91% Dec 1034 Oct
Universal Pict 1st 91.100
Jan 12 4
U S Express
10' 4
Jan 1
334 Jul) 434 Mar
100
U S Realty & Imp new_.26,801 6534 Jan 12 70% Jan 1 67
Dec 7054 Dee
• 40( 5634 Jan 10 57 Jan ' 514 Mat 5954 Nov
U S Tobacco
204 113
Jan 12 114
Jan L 10534 An, 114
Preferred
Sept
100
Jan 1' 22% Jan ' 174 Be' 2134 Dec
Virginia Carolina, New_ •11.804 21
Preferred. new 7% 10 2.104 984 Jan L 9734 Jan 11 9234 Nov 9551 Dec
134 Jan 10 134 Jan 1'
• 20(
Ws
July
34 De, 5
601 10
Jan 1' 11
4
Prof ctfs
Jan l'
Nov
Mar 20
1 I
Jan 11 6654 Jan f 1834 De, 63% Dec
r`ref w16%
100 7,201 65
Jan l' 41
204 41
Jan L 30 Junr 46
Dec
Virginia Coal & Coke ion
Jan 10 75
Jan 1' 70
freferred
104 75
Sep' 7934 Jan
100
34 Jan 1 1
40,90( 7-16 Jan P
/Manton Rts
• 1,401 2154 Jan 10 2254 Jan 1 1 2154 De 2454 Dec
Valworth Co
• 1,00' 88)4 Jan 1 90 Jan 10
Vest Penn El A
Jan 0 974 Jan 1'
501 97
Preferred
100
Oct 12534 Dec
Vest Penn Co ctfs
• 30( 12254 Jan P123)4 Jan 11 107
Jan 111
Inc 10934 tan 1210914 Jan L 104
Vest Penn Power p1.104'
July
(ellow Truck & Coach 1012,000 284 Jan 10 3134 Jan 0 2234 Oct 404 Oct
Tnn I, nn
,I4
eln• Inn
Tn n In 0r
, 04
,
74
Oct
Industrial & ?disc.
Jan 15 4334 Jan 9 394 Dec 4434 Dec
Am Bank Note, new_ _10 3,200 41
Jan 9 5354 Jan 5834 Sept
Jan 11 57
Preferred
00 500 55
Jan 9 474 Dec 5334 Oct
Am Brown Boveri El w 1. 12,000 4634 Jan 15 48
AmCanwl
25 76,900 4634 Jan 15 48% Jan 9 4756 Dec 4931 Dec
34 Jan 15
-La Fr Fire Eng Rts 19.100
Amer
34 Jan 9
Nov
Marll 9
100 11654 Jan 1211634 Jan 12 111
Am Metal prat
100
Jan 14 90
Oct10034 Oct
200 9634 Jan 12 98
Am Piano pref
100
Jan 11 48
Jan 7934 Dec
Jan 11 70
100 70
Am Republics
Nov
200 1414 Jan 1414331 Jan 15 138% Apr154
10
American Snuff
Jan
34 Dec 4
Am Writ Paper Pr cti 100 3,600 134 Jan 9 454 Jan 13
Dee 2034 Oct
Jan 14 1634 Jan 9 16
Armour of III, Cl B._ _25 18.800 16
Dec 9334 Nov
100 1,500 90 34 Jan 11 9134 Jan 14 90
Preferred
Jan 14 10
Sept 164 Nov
1,600 1454 Jan 11 15
Arnold Constable cgs_
Jan 11 27
Dec
Dec 30
• 500 29.14 Jan 14 30
New
Jan 2034 Nov
100 194 Jan 15 1934 Jan 15 15
Art Metal Construe_ _10
Dec
Jan 14 45 June 65
Atlas Powder
• 400 5734 Jan 14 58
• No par value.
Jan
Jan 13 9454 Jan 9 9034 Oct 94
200 94
Preferred
100
34 Jan 14 7-16 Jan 14
7,600
Barnsdall Corp Rts
Oct
100 5134 Jan 11 513' Jan 11 25 June 62
Booth Fisheries lstpf 100
Foreign Exchange.
Jan 1
Jan 15 60
200 60
Blumenthal pref_ _ _ _100
To-day's (Friday's) actual rates for sterling exchange were 4 82 5-16@
100 254 Jan 13 254 Jan 13 14 May 5 • Oct
British Empire Stee1.100
Oct 4 82 17-32 for sixty days. 4 85 9-16@l4 85 25-32 for checks and 4 85 15-16
9 Jan 11 1034 Jan 11 634 July 1 4
2d pref
100
Dec 934 Sept
B'klyn Union Gas Rts_ _ 46.400 656 Jan 15 754 Jan 13 6
86 5-16 for cables. Commercial on banks,sight, 4 85 7-16g14 85 21-32;
Dee 4 634 Dec sixty
Jan 15 4834 Jan 9 46
• 5,200 46
Brown Shoe w I
days. 4 81 1-32©4 82 1-32; ninety days. 4 81 1-16@)4 81 9-32. and
Oct
Jan 9100)4 Jan 11 915.4 July 99
800 99
100
Burns Bros pref
Janl 1 734 Sept documents for payment (60 days) 4 82 1-16©4 82 9-32; cotton for pay100, 100 11734 Jan 14 1174 Jan 14 113
Prior prat
Dec ment,4 85 7-16@4 85 21-32. and grain for payment. 4 85 7-16@)4 85 21-32.
Jan 12 10054 Jan 15 964 Jan10 3
Bush Term Bldg pf_ _100 400 100
Oct 4434 Oct
Jan 12 3734 Jan 13 23
• 2,400 34
Byers & Co(AM)
To-day's (Friday's) actual rates for Paris bankers' francs were 3.6734@
Oct
200 9954 Jan 12 994 Jan 12 9534 Oct100
100
Preferred
German bankers' marks are
Sept 3.72 for long and 3.723.4(43.76A for short.
Jan 1310534 Jan 12 8954 Janl 1 0
10.5
Cert-Teed Prod Istpf 100
200
not yet quilted for long and short bills. Amsterdam bankers' guilders
Jan 12 4854 Jan 12
400 48
Chandler Motor ctfs___•
Jan 11 62% Dec 6 154 Dec were 39.73@39.753,4 for long and 40.09@40.11% for short.
Jan 15 61
• 1.300 59
Christie-Brown
Dec
216 4 494 Jan 15 54% Jan 9 484 Dec 2
Chrysler Corp. New__
Exchange at Paris on London, 129.10; week's range, 126.88 high and
Sent
204 10334 Jan 1310334 Jan 9 10354 Jan109
Cluett Peabody pref.100
Jan 14 99
Jan10 14 Mar 130.00 low.
Jan 14 99
100 99
Coca-Cola prat
100
For range for foreign exchange for the current week see page 317.
Sept 5554 Dec
Commercial Credit_ ---• 12.100 4554 Jan 12 4734 Jan 14 38
Jan 11 26% Jan 13 25% Sept 2734 Oct
soo 26
Preferred
5
-Chicago, par; St. Louis. 15@25c. per $1,000 disDomestic Exchange.
Jan 11 26% Sept 2734 Dec
Jan 15 2734
200 27
Preferred B
2*
Jan 11 so
Jan 84.34 Nov count; Boston, par; San Francisco, par; Montreal, $1.5625 discount; CinCorn Investmenearust _ • 1.700 6954 Jan 14 72
Jan 13 100
Nov10 754 Nov
Jan 13 102
300 102
100
Preferred 7%
cinnati, par.
Jan 13
Jan 13 100
200 100
Preferred 654 %....100
Dec
5,100 114 Jan 15 254 Jan 9 254 Dec 3
Rts
United States Liberty Loan Bonds and Treasury
Mar 6434 Dec
Jan 12 36
Jan 11 61
200 60
Crex Carpet
100
Jan 15 4834 Jan 13 4434 Dec 5434 Oct Certificates on the New York Stock Exchange.
• 3.800 47
Cuba Co
Consolidated Cigar Rts_ 6,300 14 Jan 15 234 Jan 14
Oct
Marl 4
Jan 12 62
Jan 13 98
• 201 96
Cushman's Sons
Daily Record of U. S. Bond Prices Jan.9 Jan. 11 Jan. I*, Jan. I: Jan. 14 Jan. 15
14Jan13
Jan 13
1.800
Rts
-Oct 9054 Dec
9334 Jan 9 9534 Jan 14 53
Devoe& Raynolds A _ _ _• 6.800
99"n 100.00 994•22 100'2, 1004.2 1001,22
iHigl
Jan 13 4354 June 651.4 Nov First Liberty Loan
Jan V 61
10C 01
Durham Hosiery pi_ _100
991,11 991•22 99192 100.00 100.00 100.00
May 2636 Aug
334% bonds of 1932-17-i Low
1,000 1934 Jan 15 2234 Jan 11 8
Emerson-Brant pref
, 100.00 100.00 100 n
,
it 99,,
991.ii 99,,
(First 3348)
(Clow
Jan 15 534 Jan 12 484 Nov 5754 Dec
Eureka Vacu Cleaner... 1,800 52
623
406
5
14
133
14
Total sales in 111.000 units.
Jan 14 1064 Junell 056 Nov
20011034 Jan 14111
Fairbanks Morse pf_ _100
Dec
-....
---_
--.. •---Converted 4% bonds of 1H1gb
--- 100 00
Jan 14 82% Sept 89
Jan 14 88
100 88
Fed Light & 'Trac pf.100
Dec
_ _ _. 100 00
--___
-----1932-47 (First 420--(LowJan 9 3854 Dec 40
Jan 15 42
• 13,200 39
First Nat'l Stores
Dec
Jan 9 6854 Sept 85
Jan 12 83
• 4,100 81
Fox Film, CIA
_,__ r _
i
__ _ _
....
Total sales in $1,000 units_____
Janll 154 Mar
Jan 11 105
Jan 11109
100 109
10C
Gen Cigar pref
Dec
Converted 4 36% bonds (Eigi) 101442, 101482, lntnil 101"31 101..31 10115st
Julyll8
Jan 9 104
Jan 9116
100116
Bob pref
100
of 1932-47(Met 4 gm;LOW
101"0 1011131 101"0 101"0 101.'0 101 112s
Jan 15 5814 Jan 9 58% Dec 91)4 Dec
• 9,300 55
Gas& Elec. A
Gen
Dec
Dee10
lane 1011., 10141,2 101.22 1014422 10114,2 1011.st
• 200 984 Jan 12 9834 Jan 12 99
Preferred A (7)
Dec
67
93
49
6
Total sales in $1.000 units
19
43
Deel I
Jan 1211034 Jan 15 110
110
•
Preferred A (8)
Second Converted 44%111110
Jan 11 884 Apr 9934 Nov
11 100
300 99% Jan
Gen Motor Deb 6% _100
Dec
bonds of 1932-47 (First( Low
Dec 42
Gotham Silk Hosiery. • 12,600 3934 Jan P 41% Jan 11 39
Second 4346
Preferred
160 2,10010134 Jan 15 1034 Jan 11 9954 Dec1024 Dec
Sept
Total sales in 41.000 units.
Jan 12 18% Dec 23
Gould Coupler A
• 2,300 204 Jan 15 21
Converted 454% bonds (Mgt 100•22 100.00
AprIl 5% Dee
Jan 14 107
Jan 14 116
100 116
Great Western Sug pf 100
4% bonds of 1927 42-- --(Lon
100'n
----99.33
---- . ---1,800 534 Jan 9 634 Jan 13 34 Sept 64 June
Guantanamo Sugar.._ _•
(Clap 100•22 100.00
Feb
(Second 4s)
-__
-__.
Jan 12 4234 July 89
------Jan 12 55
100 55
Hanna 1st pref C I A.100
2
10
Total sales in $1.000 units_
Jan 11 66
May 7734 Jan
404 6934 Jan 14 70
25
Helme (G W)
(High 1001512 100,021 100
0
54 Dec Second Liberty Loan
1•21 10 -4i,, 10 142
1122 100
0
Independ 011 & Gas Rts 6.200 1-64 Jan 12 1-32 Jan 9 1-16 Dec
100142, 100"st 100"st 100"st 100"tt 100"st
Dec
Marl 10
Of 1927-42 (Second (Low
Jan 12 77
Jan 12 104
100 101
Indian Refining pt.- -100
(Clow 100,
,
.st 100"st 100 01, 1003
Nov1074 Dec
Jan 11 77
22 1002•22 10001,2
434*)
Jan 15 104
300 101
.•
Ingersoll Rand, New
47
134
Nov
251
Total sales in $1,000 units.
140
81
Apr 85
65
Jan 11 40
Internal Agric Pr pf _100 1.600 4(31.4 Jan 12 85
r Hlgt 1004.22 101.00 1014122 1009,22 100",, 100"22
Aug third Liberty Loan
Internal Cement p1. _100 1,200103)4 Jan 13 10134 Jan 11 1024 Nov107
I Low
1004•22 100.22 100.
122 1004.22 100"22 100H44
454% bonds of 1928
12 5754 Jan 11 5634 Dec 60% Dec
Internat Match pref. 35 5,101 5554 Jan
1,2 100'
(Clots 100.
10,2 100"22 100",, 1000122 100P122
(Third 434,)
54 May 154 June
36 Jan 9
34 Jan 11
10 2,200
Kansas & Gulf
116
31
121
194
42
Total sales in $1,000 units_
Jan 12 99
Jan109% Sept
184
Jan 12 108
C Pw & Lt 1st pref. _• 200108
(High 101.22 102.00 102122 1021,2 102422 102.00
Fourth Liberty Loan
Jan 15,10734 Janl 1 2 June
Jan 11 113
100 113
Kelsey Wheel. Inc pf.
-100
1014.22 10101,2 101.31 101.°3I 1013132 1011,31
Oct
434% bonds of 1933-38 (Low
10011334 Jan 131133.4 Jan 13110)4 Marll 11
Kresge (S 5) Co prat 100
(Clow 101.22 1014122 102.00 10212s 102.00 102.00
Jan 9734 June
(Fourth 454s)
Jan 11 88
Jan 11 93
104 93
Kreske Dot Stores pf 100
267
424
193
176
Total sales in $1,000 units.
14Jan11
159
359
14 Jan II
504'
Lee Rubber & Tire rights
-___ 1061.22 1081.22 1061.22 10614,2 1061,22
(High
rreasury
• 5,400 3.834 Jan 15 3934 Jan 91 3754 Dec 4434 Oct
Lehn & Fink
____ 1061.,2 1061.22 1061•22 1061•22 1061.22
Dec
(Low
Feb14 S
Jan 11 104
454s, 1947-52
Jan 11 138
20() 136
Loose-Wiles Iliac 2d pf 100
(Close
---- 1061•22 1061122 10111•22 106"22 1061•11
Aug
July 20
23,750 64 Jan 15 734 Jan 14, 13
Mack Truck debts
ill
2
7
7
Total sales in $1,000 units._ _ _ _
14
Jan 13 66
Mar 7334 Feb
Jan 13 73
100 73
Mackay Cos pref._ _ 100
___ 10342
r Higb 102.22
---_ 10312, 10221,2
Aug
Jan 1211834 Jan 14114)4 Janll S
204.118
100
Macy Co prof
. ____ 102..22
(Low
June
102ntt
-- -- 103'tt 10221
4s. 1944-1954
Jan 11124)4 Jan 15 1164 Mar12 1
200 123
May Dept Stores pfd 100
---- 102"S1
(Clow 10231,2
--_- 1031,2 102.4,
• 3,000 21% Jan 12 2234 Jan 13 21% Nov 2 834 Oct
Maytag Co
6
6
Total sales in $1,000 units...
Jan 11 83% Apr 9134 Oct
200 94 34 Jan 11 95
Mid-Cont Petrol prat 100
154 Feb 154 Feb
34 Jan 13 154 Jan 11
1,900
Middle States 011 ctfs.10
coupon
Dec
Jan 11 1934 Dec 203-1
Jan 11 21
-The above table includes only sales of
10,000 20
Note.
Motion Picture
•20.700 1034 Jan 15 1334 Jan 11 534 Dec 4234 Mar bonds. Transactions in registered bonds were:
Murray Body
Jan 15 514 Jan 9
Nat Cash Register A _ _ 54.100 sox Jan 13 106
Apr to let 340
100110 LO 1001111
9941,2 to 99140 3d 448
Jan 13 104% Janl 1 0
100 106
100
Nat Supply pref
1011122 to 102.00
Oct
Jan22 2
1,
101,, to 101.22 26 4th 434s
Jan 11 206
8 let 436s
Jan 11 217
200 217
100
National Surety
Dec
52ee250
1001122 to 1001422
Jan 11 201
1 2d 436s
Jan 11 232
• 100 232
National Tea Co
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
327
OCCUPYING FIVE PAGES.
Poe sales during the weeic of stocks usually inactive, see preceding pegs.
SIRE AND LOW RALE PRICES
-PER SHARE, NOT PER CENT.
fatierday,
Jan. 9.
Monday.
Jan. 11.
Tuesday. !Wednesday iThursday,
Jan. 12.
Jan. 13.
Jan. 14.
$ per share $ per share $ Per share 8 per share
FredaY.
Jan. 15.
per share lb per share
Sales
for
the
IVcek
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
Par
Railroads.
.44 47 *44
47 *44
46
*4412 47 *44
Ann Arbor
48
100
*6612 6812 *6514 6812 *6514 68 *6514 6812 *6514 47 *44
Do pref
68%
6812
13638 137% 134 1367 13314 13484 13312 1357 13418 13512 *6514 134% 29,700 Atoll Topeka & Santa Fe. 100
8
13134
-100
9434 943
9434 954 9434 951a 9434 95
4
95
95
9478 95
Do pref
100
2.200
834 83
818 8%
818 812
4
81
8
81
818 83±
812 11,000 Athuste Birm & Atlantic.. 100
*255 257 25214 25912 252 25712 253 25512 253 2.5314 24778 251
7,000 Atlantic Coast Line B.R_100
9412 931 953
93
4 933± 95 8 9334 94/' 938 947 29014 92% 65,200 Baltimore & Ohio
3
100
6812 68% 69 69 *68 69 *6812 6914 69 69
268
68
900 Do pref
100
4514 4514 45
453± *45 4512 4512 458 45
4514 *43
45
1,600 Bangor .* Aroostook
50
9912 9984 *99 ___
*99 102
9914 994 *99
992 •98% 9912
Do pre
300
100
5714 58
5612 577
563± 5714 57
5738 5714 5812 5712 5814 25.600 Bklyn Mauls Tr•I e__-No par
83% 83% 8212 83
8212 8212 8212 8212 82 4 83
8
83 83
1,000 DO pref•t et
Nova.?
*83 86 *83
86
82 82 *80 84
*80 83
20 Buffalo Rochester & Pitts_100
14612 1463 14684 14734 147 14714 14634 1483s 1488 14834 *53 83
4
14738
100
*295 300 295 305 298 298 298 298 *295 310 .290 14718 6,300 Canadian Pacific
300
2,210 Central RR of New Jersey..100
1237g 12478 12318 12512 12212 12384 122% 1247 12134 12484
11914
100
*123 125
125 125 12314 1231 *12312 125% 12214 12214 120 12034 37,200 Chesapeake & Oisio
Do prof
121
1.300
100
778 8
8
8
778 8
8
8
8
8
*734 8
2,500 Chicago & Alton
100
•1314 14
1314 1312 1318 131
13
13 *1314 14
127 13
Do pre!
1.400
100
•190 201 *190 201
200 200 *180 200 *180 200 *180 200
100 OCC&StLoule
100
3412 3412 *3412 38
*3412 36
35
3514 •34% 37
36
Chic & East.Ill RR
36's 1,100
100
*4712 49 *47 49 *46
49
47 4812 48 48
4884 1.100
48
Do pref
100
1114 1114 11
1184 11
11
11
1184 114 111
1138 6,100 Chicago Great Weetern
100
27% 2734 2614 2784 2614 267± 267 2734 2634 2712 11
26
2618 10,400
Do pref
100
1384 1412 1314 1484 13118 137
1312 1418 131 138
4 1212 13 33,300 Chicago Milw & St Paul 100
2112 2214 2012 224 2014 21
20% 2184 1984 20'± 194 197 29.200
Do pref
8
100
7884 7834 77 4 783
3
4 77
78
7814 733 76
772 77
77
19,500 Chicago & North Western-100
•11812 120 1181 11812 *11834 120 *11834 11912 *11834 120
Do pref
3
100
563 5714 551 5712 55% 5614 563 601a 573 5914 11912 11912
4
4
5753 60 4 187.600 Chicago Rock Isl & Paciflo-100
3
99 9104 *9
9 0
012 '99 9912 9912 9934 993
991 9914 1,400
4
Do 7% preferred
100
863 863
4
4 86 87 *8614 871± 8712 8712 871z 100
874 8712 8712 1,300
Do 6% preferred
100
*53 56 *53
56 *53
56 *53
56
*53
561 *53
56
Chic St Paul Minn & Om__100
114 114 *113 116 *112 117 *113% 11512 *112
116 *110 115
Do pref
100
100
•6284 63
624 63
62% 628
8 63 65
*633± 64'± 64 64
2,900 Colorado & Southern
100
*66 67
664 67
67 67
67 67
67 67
67 67
Do 1st prof
1.100
100
*57 60
59 59 I 1.59 62 *58 62 .59 62 *58 62
Do 20 pre!
100
100
16312 1647 163 16512 160 16312 158
8
158
15714 15812 10,200 Delaware & Hudson
100
14512 14614 14512 152 , 14934 15312 1503 16014 147 161
4 1528
15118 14612 148 49,900 Delaware Lack & Western.. 50
4514 454 454 46 I •45
46 1 4512 46 I 44% 45
4334 4378 1,200 Denver Rio Or & West pref 100
38 383± 3678 383
4 36
3712'
37341
8 35
36 48,400 Erie
100
4418 4412 4334 4434 4353 4414 3612 4414 3534 373
43% 4414 42% 4338 18,800
Do let pref
100
.4112 42% *4112 4212 *4118 4138 438 42
42
41
4112 40
4084 2,400
Do 20 pref
100
76
7614 76
778
7514 76% 7553 763
41 76
76% 743 7534 18.20 Great Northern pref
4
100
2584 26
26
26181 26
2618 26
. 2553 26
26
253 261
4
Iron Ore Properffee--No par
4,900
3412 3
4/2 34
3412 34
34
34
3412 3414 3414
1,600 Gulf Mob & Nor
100
101 1013 101 101 101 101 *101 10114 10112 102 •3388 34
4
10214 10214
Do pref
80
100
*230 235 *230 250 *230 250 *230 255 1.230 255
•230 255
Havana Klee Ry, Lt & P..100
361s 3612 35% 36
35% 368
8 36 362
2: 3612 37
3612 30 6,400 Hudson & Manhattan
4
100
*7184 72% *7134 73 *713 7218 *7112 72%
4
72% 7212 *72
Do pref
100
73
100
12012 12134 12084 12112 120 121
120 12012 119 120% 11814 11912 11,900 Illinois Central
100
•120 123
121 121 *119 121 *119 121
119 119 *117 121
Do pref
200
100
30 30
*2914 3114 *29 2912 *29 2912 *29
30
*29
30
100 lot Rya of Cent America 100
*63
.63 68 •63 68 *63 68 *63
Do peel
100
3053 30% 2814 3038 29 2912 2912 3114 28% 68 *63 68
294 2412 28 20.800 Interboro Rap Tran v t e 100
47 477
461 48
4538 473± 4712 4938 47
4933 464 4734 33.000 Kansas City Southern
100
*6112 6238 62 62
6212 62121 6213 6212 6212 627g 6214 6218 1,400
Do pref
100
83 83
834 8.514 83 84
83% 84
833 84
811 82
7,700 Lehigh Valley
50
13912 13984 139 1413± 13914 1393 I 139 14012 140 140
4
213412 1357
1130
8 4,300 Louisville & Nashville
•87 923 *87
9234 *87 923 *87 92
4
87
87
85
200 Manhattan Elevated guar-100
85
*41% 421 *4111 4212 42 42
4078 42
4012 2,700
40 40
40
Do modified guar
100
4.7
88
*7
812 *7
78
4 *6
71
*7
Market Street RY
8
.612 8
100
*25
31
*25
31
*25
31
•25 31
*26
31 .26
31
Do pref
100
*43 44
42% 43
42% 4214 42% 421
4215 421
42% 4212 1,700
Do prior pre!
100
4116
19 *16
19 *15
16 •15
18 *16
19 *16
Do 26 prof
19
100
33± 33±
34 378
334 3%
3% 3%
34 34
3
3% 3% 10.900 MinneaP & St L
100
4938 4938 491 493± 49 4912 *4934 513
4934 50
49% 4952 1,200 Minn Eit Paul &8 fil Marie-100
.70
74 *70
75
*70
73 *70
73 *70
731
Do pref
73
100
4034 4112 4014 413± 4014 4113 41% 4314 4112 431 *70
Mo-Kan-Texas ER----Ne par
4118 423
4
9314 9482 93% 94% 92% 934 92% 93% 9312 941 29114 92% 53.400
Do prof
9,200
100
388 387
377 383
38'z 39
3914 401
4 38% 401
39 34,700 Mknouri Pacifies
38
100
87% 87s 853± 8778 86 868
874 8914 863 89
4
Do pref
86% 87% 28.400
100
334 37
3% 312
3a8 31
3
312 312 13.700 Nat Rye of Mex 26 pref
33
3% 4
11
100
13214 132
13034 133
130% 1317 131 13134 130 13138 12812 130 53,800 New York Central
100
1803± 1802 178 1813 178 179 8 •177 179 •175 180
4
4
175 1787, 1.500 NYC&StLCo
100
967 967
9714 973± 97 973
4 98 981 *9712 981
97
Do prof
9812 1,400
100
4378 44
43% 4434 423 4354 42% 44% 4338 443
4
4214 4312 93.100 N Y N H & Hartford
100
•27
28
27% 283
8 2612 2712 274 27% 2714 28
2612 2678 4.000 N Y Ontario & Weetern---100
.36
37 *3614 37 *364 37
37
37
37
37 *3612 38
600 Norfolk Southern
100
15184 15384 151 1538 1505 1517 15034 151% 150% 152
1
15014 15212 54,600 Norfolk & Western
100
.85 90
85 85
85 85 *84
8512 84
85 *84
Do pre!
85
500
100
1k 7312 743
748 75
74
75
4 74
747
8 74
74% 7314 74% 20,700 Northern Pacific
100
5472 5518 54% 5478 54% 548 54% 5484 5412 543
5312 5414 49.400 Pennsylvania
60
23
2314 2112 223± 21
2214 211 231
2312 263
25
100
2612 10,600 Peoria & Eastern
85
8514 85 85
83 8312 83 83
83 83
823 834 1,700 Pere Marquette.
s
100
*87 90 *87 89 •88
89 *87
Do prior pre!
89 •87
881 *853 8812
4
100
*79% 804 79 4 793± 7912 79% 801j 801
3
8012 801 87814 7814
700
Do pref
100
11614 11784 11612 11938 117 119
11812 1181 116 117
114 115
4,900 Pittsburgh & Went Va....100
87 8712 8714 904 88
8914 877 8853 287
871
8514 86% 47,200 Reading
50
*40
4012 •40
42 *40 41
.40
407
404 401
4914 404
Do let pre!
200
50
401g 40% 4034 4112 4012 4012 41
411
41
41
40% 4114 1,500
Do 2d pref
50
•55 60 *55
59 *554 592, *5514 57
55
55
*55
57
100 Rutland RR prof
100
9912 9978 9712 99% 9734 99
98
9914 9712 99
97
9814 17,800 St Louis-San Francie00.....100
*8512 87
87 87
8612 87
87 • 87 *86
88
*84
88
Do pref A
600
100
68 6812 644 6888 6612 6812 6834 691
671r 681
66
6712 11,700 St Louts Southwestern.
-100
*75
753 *75
4
7512 76
76
76 76
76
76
78
76
Do pref
400
100
4812 487
8 475 48% 4512 478
47
473± 47
47
7
45
47 22,200 Seaboard Air Line
100
45% 453± 45
45 4 46
3
4512 4512 4618 46
46
45 45
Do pref
100
10134 1024 10114 10278 101 1013 10114 101% 101 1013 100% 101148 4.400 Southern Pacific
4
CO
100
1167 1173± 116% 11784 1157 11788 116 1167 1154 1161 114 1143 25,200 Southern Railway
8
8
4 18.000
100
9114 9114 9012 9012 9114 914 913± 913± 9012 901
9012 9114 2,900
Do pref
100
5734 584 56
58 1 5688 58 I 584 608 58% 60
5714 60 79.000 Texas & Pacifies
100
1384 137
14
*13
8 1334 133
4 143± 1512 1518• 1814 17
1
1734 19.800 Third Avenue
100
*7712 7814 •773± 7814 *773 7814 *7712 784 *78
4
7814 *76
78
148 1483 14714 1483 1463 1474 14612 14712 147 14712 14614 14712 11,200 Twin City Rapid Tranalt--100
4
4
4
Union Pacific
100
r751 75
75
75 4 *7514 76
3
7514 75% 75
7514 75
7514 1.500
Do pref
100
25 •20
25 .20
[•20
2412 •19
2412 20% 25 .19
25
United Railways Invest
100
77% 7812 75
77% 75
77
75
77_ *7612 77 •7312 7612 1,800
Do pref
100
•125 200 •125 200 *125 200 '825 200 •125 200 *125 200
Virginia Railway & Power..100
45% 4612 4512 47% 47% 52
49% 513 *4734 5014 478k 491g 229.800 Wabash
4
100
767 763
2
4 76% 7712 763 77% 7714 783
4
4 76% 7758 7514 763, 46,000
Do Pre:A
100
64
63 •62 63
83
64% 65
641 6412 1,200
64
66% 64
Do pref B
100
15%
1512 15% 15% 16% 1614 16% 16
16
16
16% 13,300 Western Maryland
100
23% 221a 2212 2212 2212 2212 2314 2312 2312 *2212 2312 1.100
23
Do 2d Prof
100
4
37 37% 363 3712 3714 38
,
37% 383
g 3734 3814 365 375g 12,100 Western Pacific new
100
7914 78% 79
7914 794 79
78% 78% 7812 7812 7712 783± 2,200
Do prof new
100
29% 303
4 2934 31 12 30
4 2914 30388 2914 293
3114 283 30 24.200 Wheeling & Lake Erie Ity 100
49 493
s 48% 48% 4812 49
4818 493
4 4912 49% 484 4914 4,700
Do prof
100
74
*73
*13112 135
*10812 109
*174 18
57% 5718
8% 8 s
7
10918 10918
10% 10%
7112 7214 7114 7112 73
7312 73
74
72
7212
131 131 •13112 135
13112 13112 •130 133 •130 132
108 108
10684 1067, 107 109 *108 108 *105 107
*1712 18 *17
18
1712 1712 17
1712 17
17
5712 5712 574 574 573 575 •57 5812 57
s
57
812 8%
812 83
8% 814
4
812 81, •863 812
109% 1117 10912 11138 10913 11078 10912 110% 108 109
a
*
10% 10% 103 101. 101. 107, 11014 10% 10
1014
•Bid and asked Prices. z Ex-dividend. $ Ex-rights.
PER SHARE
Range for Year 1925.
On baste of 100-slare lots.
Lowest
$ per share
22 Feb 17
40 Mar 24
11614 Jan 16
924 Feb 17
3 Jan 14
14
147 Jan 16
71 Mar 30
62% Apr 21
3514 Mar 23
89 June 22
354 Jan 5
8
727 Jan 2
48 Apr 2
13612 Mar 30
265 Mar 30
8914 Mar 30
1054 Apr 14
3 8 Apr 24
1
518 Apr 23
140 May 20
2934 Mar 30
40 Mar 30
9 Jan 2
191 Mar 30
4
314 Apr 20
7 Apr 20
47 Apr 14
1013 Apr 14
4
4018 Mar
92 Jan 30
2
82 Mar 30
334 Apr 22
7314 Apr 21
4412 Jan 8
60 Mar 26
54 Jan 21
1331:Mar 30
125 Mar 30
3484 Oct 9
2634May 15
36 June 23
34 June 29
60 Apr 24
25 Dec 5
23 Mar 30
8912 Mar 30
112 May 16
2134 Mar 18
6412 Feb 18
111 Mar 81
11212 Apr 23
18 Jan 8
591± Jan 2
1312 Mar 23
283 Mar 30
8
57 Jan 15
69 Mar 30
106 Jan 16
64 May 20
3218 Mar 23
6 Nov 18
20 Jan 13
4214 Nov 24
15 Dec 8
214 Oct 28
305* Apr 4
40 Mar 30
28% Jan 2
743± Jan 2
30% Jan 5
21 mar go
112J une 24
11314June 10
118 June 24
884 Jan 6
29 Mar 24
203± Apr 4
217 Apr 22
8
12312 Mar 30
754 Jan 8
5814 Apr 26
424 Apr 9
13h Apr 30
61114June 24
78 July 29
6812 Apr 18
63 Mar 19
6934 Mar 30
357 Mar 18
8
3614 Mar 18
42 Apr 24
5712 Jan 16
76 Jan 20
4334June 11
7018.1une 25
203 Jan 16
8
35 Mar 30
96 Oct 7
77% Jan 2
83 Jan
4314 Jan 27
7 Apr 17
1s
58 Jan 22
1334 Apr 24
72 Jan 30
18 Aug 31
4812 Mar 23
6418 Jan 14
1911 Mar 30
5544 3•1120
384 Jan 21
11 Mar 24
16 Mar 27
193
4Jul7 31
72 July 27
1034 Mar 31
22 Apr 2
Highest
per shore
48 Dec 4
67 Dee 24
1404 Dee 29
98 Dec 30
1134 De..24
268 Dee 24
9412 Dec 16
6734 Nov 14
5612 Nov 2
100 Oct 26
64 Nov 30
8334 De:22
9235MaY 2
152% Jan 8
321 Jan 8
13012 Dec le
130 Dec 16
103± F:b 9
,
1912 Feb 21
200 Dec 30
3314 Aug 25
574 Jan 2
15 Feb 7
323 Feb 6
8
168o Jan 7
28% Jn 7
8078 Dee 24
120 Dec 31
587
8Dee1 31
100 Dec 7
894 Mar 8
591s Jan 18
12018 Dee 29
7012Sent 1
665 Dee 29
6212 Aug 27
155 Apr 6
14734June 8
60 Jan 12
393 Dec 16
s
463± Jan 2
43 4 J01:1 5
5
8
823 Dec 16
40 Jan 19
18
36413ept 8
109's Sept 5
246 Sep. 10
3838 Aug 26
72 July 10
12512 Dee 16
12514 Dec 16
3318Sept 11
6812J01y 14
3412 Feb 9
51 Dee 16
6314 Dec 29
8812 Dec 17
148 Dec 11
1194Sept 14
514 Feb 9
12 Sept 21
46148ep1 21
65148091 21
35145ept 21
4 MM 6
57 Nov 19
8814 Nov 19
451211e0t 8
9212 Dec 31
41% Dee 8
9112 Dec 5
314 Dee 16
1374 Dec 30
183 Dec 16
98 s Nov 20
7
47 Dec 16
344 Aug 13
45 Sept 29
151 Dec 16
88 Dec 31
7814 Dec 29
5538 Dec 17
21% De!15
8512 Dec 16
89% Dec 30
793s Dec 3
123 Dec 1'
9114June
41 June
443
sJune
6274 Jan
10214 Aug 2
9211 July2
6914 Dec 1
7834 Dec
5414 Nov 1
6112 Aug 2
10838 Jan
12012 Dee 2
96i2sept 1
59 Deo 2
15 281ept
6
784 Dec 2
1581 Jan 1
4
7714July $1
334May 18
8378 Dec 14
150 Now 4
4714 Aug 26
7378 Dec 17
8012 Aug 22
18% Aug 25
2614 Jan 9
394 Dec 30
81 Dec 7
32 Dec 15
53% Dec 1
Industrial & Miscellaneous
3,100 Abitibi Power & Paper-Ne par 62 Jan 6 7614 Dec 29
200 All American Cables
100 119 Jan 5 133% Oct 28
1,600 Adams Express
100 90 Apr 16 11714 Oct 9
800 Advance Rumely
400 13 Apr 11 20 Oct 23
500' Do pref
100 47 Feb 18 6214 Oct 23
4.900 Ahumada Lead
1
718 Oct 13
8,200 Air Reduction. Inc....-No par 8654 Jan 30 125*Mav 27
1173± Dec 1
6,500 Alas Rubber.Inc_ .3./a ear
03* Dar 2 1.17410na 10
PER SHARI
Range for Prerte
Year 1924.
LOWelf
Highl0
$ Per Mar, I per sher,
12 Ain
2278 Dee
25 Mar 464 Dee
974 Jan 12034 Dec
8612 Jan 961e Dec
Itsi Feb
5 Dee
112
Jan 15214 Dec
5218 Apr 84% Dee
5614 Apr 664 Dec
3934 Dec 4414 Dec
Jan 95 Nov
86
1312 Jan 417 Dec
8
484 Jan 75% Dee
40 May 688* Dec
,
1428 Mar 15612 Nov
199 Mar 295 Dec
Feb
Dee
69 Jan1081
7
%
9July
994s
314 Apr 1011 Dec
818 May 1978 Des
100 Apr15014 Nov
21 May 33 Del
37 May 62 8 Dee
7
4 Apr 11% NO•
1012 June 313 Nov
8
2
107 Oct 183± Nos
1814 Oct324 Not
4914 Jan 75 4 Dee
3
100 Jan 11434 Dee
2112 Feb 50 Not
76114 Feb 974 Des
655 Jan 874 Not
8
29 Jan 574 Des
581 Apr 94 Des
4
20 Jan 69 Noe
50 Jan 654 Des
45 Jan 39 Nov
10412 Mar 13918 Dee
11034 Feb 1193 Dec
8
42 Dec 6312 Des
2034 Jan 35118 An8
2868 Feb 6914 Des
2518 Jan 484 Dee
538, Mar 75 Dee
26 May 89$4 Nov
11% Apr 2912 D04
50 Jan 99 Dee
20% Nov la& Wei
100 4 m et 11m Dai
57 Oar 647 ries
4
1
s
104 Mar 1174 Des
11% July 1812 Nov
644 May 63 Nov
1234 Jan 394 July
1734 Mar 411 Dec
s
5114 Mar 5912 Dee
4394 Apr 88 Dee
87 Janan 109 Des
: an
800
Jj
634 Mar
41 Nov
1 Mar
2°14 m ct
2
agar
146 Jan
50 June
1012 May
293± Feb
98 Jan
29 Jan
99i8 Jis1 b
112 F.,y
July
134 Jag
Des
71h Jan
3:3:11s D 4
31:
6 Jan
75
3438
7534
344
74
Dee
DOS
Des
Nov
Del
113% Del
9
7212 Fe 123 Des
83 May 93% Sept
144 Jan 3314 Dee
16 May 2814 Nov
124 Apr 29 Nov
1024 Jan 1834 Dee
738g Feb 304 June
6778 Mar 73 Des
624 Jan 60 Des
934 Mar 224 No•
4012 Mar 73 Dee
7112 Apr 8512 Ana
60 Jan77 •n8
38
Jan 751 Dee
4
5178 May 7912 Des
84 Oct 5618 Jan
0334 Jan 55
Jan
82 Jan 66 Nov
1918 Ayr 65 Du
42% Jan 8212 Dee
83 Jan 5672 Des
57 4 Jan 74 No•
7
61 Jan 2418 Dee
4
1414 Jan 4512 Des
8512 Mar 1054 Nov
3812 Jan 7914 Del
6834 Jan 85 Des
19 Jan 48% Dee
834 May 1812 July
3912 Oct 66
Jai
12668 Mar 151% Dee
70 Mar 764 Aal
71 14pr 61 Dee
11
364 4Pb 6484 D
26 3 r 7378 r ur;
1034 Jan2458
34 Jan 605
224 Jan 42%
83± June 1614
154 May 2414
Dec
Dec
DIN
Des
Dos
"Fs "JanI 171k Die
144 JanI
321 Da
61 Dec 64 Des
984 May 1224 Dee
734 Jan 9312 Des
6 June 1618 Dec
284 June 54 Dew
•iig isil
41.Mv
93
Do,
141, 715.
328
New York Stock Record-Continued-Page 2
Fos sales during the week of stocks usually Inactive, see second page preceding.
t'Z1C ,N.11 4.1155
BIGH AND LOW SALM PRICBS-PER SHARE. NOT PEA CENT.
....
Wednesday. Thursday.
Friday.
Tuesday.
Mostday,
Saturday
Jan. 13.
Jan. li.
Jan. 15.
Jan. 12.
Jan. 11.
Jan. 9.
$ per share $ per share $ per share $ per share 5 per share $ per share
15
13
4
18 *1 5
'15
8
13
:
13
4 134
15s
*13
.4
13
4
158
11814 12012 118 1193 1175 11914 r1143 117
8
4
4
11712 11812 1157 118
120 12018 120 12018 .120 12018 "120 12018 '120 12018 12018 12014
91
9415
9112 923
4 913 9414 9212 9412 9258 945
4
4
923 93
10912 10912 *106 110 *106 110 *106 110
•108 110 *106 110
8 3212 335g 33
343
2 3218 3312
3118 327
3114 333
3158 33
917 9612 92
8
9514
4 8812 907
887
8 867 883
8
863 87% 87
4
3212 333
323 323
2
33
2 313 33
33
4
333 34
4
35
*34
78
*7718 82
*79
82
80
80
78
79
79
*7912 80
3118 3014 3114
3214 3114 3138 31
8
3112 3218 305 318 31
166 168
163 16612
165 168
16672 167
16112 163% 16112 167
4
2
•11212 116 *11212 11514 1123 1147 *11212 11514 113 114 *11212 11512
28414 29212 283 28712 285 28912 285 29012 28018 286
2913 294
4
122 12214 1213 12212
4
4
12112 122 '1213 123 "122 123
•12112 122
4
8
4
8
4
11014 113
112 1143 1123 1147 1123 11414 1123 1137 11118 11212
4
125 127
.124 126 *124 127 *124 12614 '124 127 "124 127
0
4
g 247 24% *247 25
8
8 245g 247
8 243 247
4 245 245
244 243
4712 4618 468
4714 4614 4812 47
4712 4712 47
49
*48
*4412 4612 4612 47
4612 4612 *4412 46
443 45
4
*4518 47
Sales
for
the
Week.
iEri
ia" fo-g. 10712 10758 *6718 167
68
67
iiii 167
io'i iiii *ion fiii
Lioo
800
68% 6814 06612 68
6612 68
67
68
1507 1507 15012 151
g
2
148 15012 6,400
1517 153
2
1537 152 154
2
4,300
3612 343 36
4
3614 3512 3614 36
363
4 36
3614 36
7,400
58% 57% 58
583
4 5812 5914 58
58
597
5812 58
4 8734 8872 878 8914 85% 875 52,400
873 883
2
2
04
on
873 90
•Bid and asked priced, no sales on this day. a Fa-rights s Ex-dividend.
Range for Year 1925.
Ole basis of 100-sbare lois
LOW681
Indus. & Miscall. (Con.) Par
Alaska Juneau Gold Min__ 10
Allied Chemical & Dye_No par
Do prof
100
Allie-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem_100
Do prof
100
American Beet Sugar
100
Do pref
100
Amer Bosch Magneto__No par
Am Brake Shoe & F____No par
Do prof
100
Amerlcan Can
100
Do prat
100
American Car& FoundryNopar
Do pre/
100
25
1,300 American Chain,class A
No par
2,700 American Chicle
No Dar
Do certificates
700
5,100 .ner Druggists Syndicate_ 10
100
1,600 American Express
14,200 Amer & For'n Pow new _No par
No par
Do prof
2,100
Do 25% paid
100
4,200 American Hide & Leather_100
100
Do pref
900
100
3,800 American Ice
100
Do prof
1,200
20,300 Amer International Corp 100
5
10
6,400 American La France 1 E
100
2,300 American Linseed
100
200
Do pref
10,200 American Locom new__No par
100
Do prof
100
No par
2,200 American Metals
'
,
5
2,500 American Radiator
200 Amer Railway Exprees____100
7,400 American Safety Ragor__100
No par
2,300 Amer Ship & Comm
46,500 Amer Smelting & Refining_100
Do pref
100
1,100
20,425 Amer Steel FoundriesNo par
Shares.
2,600
74,800
1,000
16,000
100
45,100
21,700
1,200
500
14,900
12,510
200
62,000
1,300
42,600
2
412 412
432
412 43
2 412
414 43
43
4 512
*438 412
136 138
138 138
136 130
1353 136
4
136 137
136 137
8 4012 41%
407 423
8
4012 4134 4018 4012 4018 41
4118 42
8 9158 92
9134 917
4
917 917
8
8 9112913
4 9153 917
913 913
4
*127 131 '127 131 *127 129
__ __
_ ____
131 131
14
33 1558 14 11 4 1438 1412 1412 1412 14
153 158 143 --4
*6112 6212 6014 6014
61
603 6058 62 62
8
61
63
.62
129 1307 127 12834
130 131
13212 13212 129 13214 130 131
*82
83
4
83
823 83
4
8212 8212 323 83
8314 83
"83
g
4
44 4418 427 4418 423 4312 4258 433g 4212 4414 4312 4512
7 14% 1458 15
15
1412 147g
141 143
4 133 148
4
14
1458
50
48% 488
8 5014 503
4 50
"5112 52
5112 5112 5138 513
82
85% 8514 '84
8512 82
86
86
*85
*85
86
'85
117 11712 11714 1181. 117 11812 11612 11714
11514 11812
116 116
11912 11912 *119 120 *119 120 *11914 11972
*119 120 *119 120
5314 54
53
5314
7
4 53 2 54
553
2 5314 543
s 55
5533 553
11414 11412 114 11412 11212 11414
2
114% 1143 11414 11412 1137 114
4
773 773
4
4 773 773 *7612 78
4
4
*7612 78
*7612 80
"7612 80
2 5812 60,
2 5714 5812
62
6012 6112 608 613
60
62 62
614 053
4 614
6
614
6
6
6
612 612
53
4 614
g
139 14114 13812 14012 139 14214 1397 1418 x137 13812
14134 143
11412 11412
3
*
11414 11412 11412 1147 *11412 1145 11412 11453 *11412 115
467
2 45% 4614
4532 445* 45
443 4514 45
4
4512 4514 45
500
11318 11318 '113____ "11212 113
113 11318 *113 115
113 113
78
75
7612 16,300
7412 7672 7514 7672 7612 7734 76
2
7512 777
10212 103
1024 1023 1027 1027
4
8 2,500
10212 103
4
4
1023 1023 102 102
1212 7,900
1212 1312 1212 1212 1212 1212 12
1234 14
13
143
*88 110
*88 110
*88 110
*88 110
*88 110
•88 110
4012 *39
4012 *39
4012
4012 *39
4012 *39
*39
41
•39
8,900
14272 143
1427 143
2
2
2
1427 143
2
2
1423 143% 143 1433 1427 143
11512 1157 116 1168 11514 116
2
4,900
2
11512 1167 116 11612 11512 116
400
8
8
8
4
1067 106% 10612 1067 1067 1067 '1063 107
g
"10612 107 *10612 107
11414 1148 11,000
114 11512 11412 115
8
8
11412 115% 115 1153 1147 115
118 119 *116 11814
400
119 119 *118 11814 11814 11814 *119 121
2
6858 6912 687 70
6812 698 11,800
3
71
68 4 70
8 69
7012 717
700
4
4
4
2
1045* 1045*
10312 1031z *1037 10512 *10372 10412 1043 1043 1043 105
4 408 4112 14,000
8 403 428 4058 413
8
8 4038 407
405* 4114 4014 407
8812 8812 1,300
893
4 883 8914 *8812 90
4
*883 8912 "89
4
4
*8812 893
2
27
8 53
8
412 518
33
4 43* 20,600
178 2
28
•13
4 2
8
912 93
4
9% 912
9 8 97
8 *9
92 102
8
10
2,500
9
9
413 413
4
397s 4018 4,100
4 385* 42% 397 398 3912 42
4172 423
4
,
4834 49l4 483 49 4 4812 487e 246, 4714 25,200
2
497
4912 497
8 49
*42
4234 413* 42
1,700
4214 4214 4212 42 42
4312 42
43
104 104
200
104 104 *100 105 *103 105 *104 105 *104 105
•9714 9712 9714 9712 *9714 9712 9714 97 8 9712 9712 9712 9712 1,800
2 2414 243
4 2414 248 19,500
2412 248 2414 243
245* 25
245* 25
2,500
2
*1412 1512 *1414 1512 1414 147 *1412 1412 1412 1412 1412 15
1,500
68
58
58
68
567 5712 5614 5614 5612 58
8
575* 58
100
113 *110 113 *110 113 *110 11118 110 110 *110 11118
*110
5312 52
5272 8,200
5312 5312 5414 53
5414 53
5412 54% 53
800
10112 102 "100 10112 *100 10112 10114 10114 '100 10112
102 102
•107 108 *107 108 *107 108 *107 108 *107 108 *107 109
493
4 49
51 116,800
5214 4914 5012 488 4934 49
49
50% 51
8,500
661e 6318 663
4 65 653
2 6212 65
66
6512 663
2 6412 657
5518 5512 2,500
5514 5614 5512 561
55
*5312 5412 5312 5353 54
2,800
1053 1053 10512 10614 106 106
4
4
10714 10814 10612 10714 105 106
100
4
1163 1163 *117 11712 *11714 118 8117 118 *117 118 *117 118
4
1,700
1614 1634 153 16
8 157g 1614
4 158 165
163 163
4
17
17
26
263 265* 2614 2614 1,200
2
2614 2614 2612 2612 26
26
26
200
9212
9412 *9212 9412 *9212 9412 9212 9212 '90
9312 892
"92
78
73
400
*7,
1
*7
8
1
.7,
1
1
1,
8
*7
8
1
8
4
1283 13114 12912 1307 129 13114 128 12934 50,300
4
13112 133
12914 1323
•112 114 *112 115 *112 113 *112 113 *112 113 *11112 113
4
8 313 3258 3114 318 303 3112 78,400
4
4
4 313 327
313 324 3112 323
4
2712 277
8 2614 2712 11,000
263 28
4
4
4 273 29
2814 283
2812 29
*4714 53
*4714 53
*4714 53 '4714 53 '4714 53
*4714 53
1,100
44
44
45
*44
45
45
45 45
45
46
•45
47
6412 65% 9,200
2
667
2 667 6712 6514 67
67
6712 66
*6712 68
4
373 377
2
2 373 373
2
4 3712 373 10,400
3812 3812 378 383e 3714 38
4934 485 495
2
*
477 483 30,390
2
493
4 4812 4912 4814 4914 49
49
200
1155 115% *11512 116
*
n1512 116
116 116 *11512 116 *11512 116
1007 10118 100% 101 14 3,100
4
8
101 1013 101 10112 10073 10114 101 101
9
9 14
914 912
912
88 918 20,000
9
4
814 93
83
4
8
200
34012 41
.4012 41
*4012 41
'4012 41
41
41
41
41
8 3312 3414 6,700
3334 34% 3418 345
4
333 3414 3312 34
3414 35
138 138
137 13712 4,800
13414 135
13512 13638 13512 138
134 134
767 773
k
7712 8,800
4 76
4
4
783
2 763 7814 7658 7712 763 78
78
300
14112 14112 141 141 .140 14112 *135 140
•142 145 *14112 145
*109 110 *10612 110 *108 110 '106 110 '106 110 *106 110
1,200
29
29
29
2914 29
2
.2912 2912 293 292* 2914 2914 29
4
4
131 13112 131 13414 133 13412 13332 13512 1343 1353 13312 13414 5,200
8 3,200
38
383
4 388 388 385 385
*
39% 371 39
38% 3812 39
600
*92
9312 *92
9212
93
93
93
93
93
9312 93
*92
600
20
21
22
22
2112 .22
23
*21
*2012 21
*2212 23
200
8912 89
89
89 .8812 89*88
%
89
89
*8812 8912 *88
4 1,500
2
53
4 53
57
2 57
53
4 57
2
2
53
4 514
53
4 57
512 53
2
600
23
23
2318
23
4 233 235
8
2212 2212 8223 233
*2212 23
15
1514 5,400
4 1514 153
/
1
154 16% 1512 153
1514 1614
151z 16
12
12 8,600
33
kl
513
5
2
5
2
6
8
34
53
7
G
54
27,200
13314 13631 131 134
4
13112 13112 131 13114 12914 1323 134 137
2
2
3214 323
4 3112 323 43,600
3212 323 33
3314 32
32
33
325*
212 212
212 223 7,700
23
2 212
2% 212
214 212
212 212
5,300
60
61
8
63% 64
621s 633
4 617 621* 617 617 16014 617
8
8
2,600
1458 145
1514 "1412 148 145 15
1514 15
4
147 1512 15
5,800
63
63
63
6412 654 6512 68
/
1
64
63
63
63
63
99
99
99
9812 9812 1,000
9812 .98
98
*9712 99
98
98
19
183 19
4
1838 1858 1,700
19
4
*
1933 185 1914 *183 19
19
2
2 643 6512 7,200
4
653 657
2
2 65% 6672 653 663
6372 6714 6514 66
*31
3112 *3112 3112
500
32
3112 3112 *31
3214 311 32
3214
9312 *90
9312 *90
95
9312 *90
*90
95
890
95
.90
6112 5912 6014 8,400
4
4 6112 613 x6018
6012 617s 6114 613
611 62
/
4
4714 4614 47
4614 468 12,200
4812 46
4814 48% 47
8
485 49
5 4814 475 48
4712 478 4612 4712 13,600
473 4814 472 4814 47
4
116 116 z11312 11412 2,500
114% 116
11618 11618 11334 115
rii6 118
48
48
*47
48
*47
48 .47
*47
____ 49
S..
49
63i, 635, 6253 6412 6212 64 6212 63 6212 6234 61 6212 4,100
3418 3412 3414 341^ 3312 34% 10,600
3532 3412 35% 3412 35
35
1912 185 183
700
*
; 1814 1814
1912 *18
*18
*1812 20
•1812 20
•67
1524
364
5812
STOCKS
NEW YORK STOCK
EXCHANGE
100
Do Prof
American Sugar Refining 100
100
Do prof
100
Amer Sumatra Tobacco
Do prof
100
Amer Telegraph & Cable__100
100
Amer Telep & Teleg
50
American 'robacco
100
Do prof
Do common Class B____50
American Type Founders 100
20
Am Wat Wks & El
100
Do lst Prof (7%)
American Woolen
100
100
Do prof
Amer Writing Paper Dref 100
25
Amer Zinc, Lead & Smelt
25
Do prof
Anaconda Copper Mining...50
Archer, Dan'Is Midrd_No par
100
Do prof
Armour & Co (Del) pref__ A00
Armour of Illinois Class A__25
Arnold Const'le&Covto No par
Artloom
No par
100
Preferred
Associated Dry Goods_ _ A00
100
Do 1st pref
100
Do 2d pref
25
Associated 011
All Gulf & WI SS Line____100
100
Do prof
100
Atlantic: Refining
100
Do prof
Atlas Tack
No par
Austin,NIchols&CovtoNopar
100
Do pref
Auto Knitter Hoslery__No par
Baldwin Locomotive Wks_100
100
Do prof
Barnsdall Corp, Class A
25
25
Do Class B
Barnet Leather
No par
No par
Bayuk Cigars, Inc
Beech Nut Packing
20
Belding Bros
No par
Bethlehem Steel Corp
100
Co CUM 0011198% pref 100
Do prof 7%
100
Booth Fisheries
No par
Botany Cons Mills Class A50
Briggs ManufacturIng No par
Brooklyn Edison, Inc
100
Bklyn Union Gas
No par
Brown Shoe Ino
100
Do prof
100
Brunswick-Balko-Coirr No par
Burns Brothers
No par
Do new Class B com No par
Burroughs Add's Mach_No par
Bush Terminal new__No par
Debenture
100
5
Butte Copper & Zino
Butterick Co
100
Butte & Superior Mlning___10
Caddo Cent Oil & Ref No par
No par
California Packing
California Petroleum
25
Callahan Zino-Lead
10
Calumet Arizona Mining
10
25
Calumet ds Ilecla
Case Thresh Machlne____100
100
Do prof
Central Leather
100
Do pref
100
Century Ribbon Mills__No par
100
Do prof
Cerro de Pasco Copper_No par
Certain-Teed Products_No par
Chandler Motor Car___No par
Chicago Pneumatic Tool 100
Chic Yellow Cab tem ctf No Dar
No par
Childs Co
Chile Copper
25
5
Chino Copper
Chrysler Corp
No par
No par
DO
preferred
100
Cluett.Peabody dc Co
Coca Cola Co
NO Par
100
Colorado Fuel & Iron
Columbian Carbon•to No par
No par
Col Oas & Elea
Highest
PER SHAER
Erma for Prettoa.
Year 1924.
Lowest
$ per share
1 Jan 6
80 Mar 30
117 Jan 9
7111 Jan 5
10314 Jan 3
1312 Mar 19
361* Mar 23
2932 07t27
78 Dec 22
2613 Mar 24
9014 Mar 30
10712 Jan 12
158% Jan 16
115 Jan 29
9712 Apr 27
120% Apr 2
22% Oct 3
37 Jan 27
37 Jan 7
3 per share $ per share
212 Oct 26
74 Jan
65 Mar
1165 Dec 14
8
12114 Nov 21 110
Apr
415 May
9714 Dec 14
90 Apr
109 Dec 15
712 Apr
297 Oct 13
2
8212 Dec 1
18h Apr
43 Jan 7
36 Mar
6812 Oct
877
81une 19
5412 Jan 3
2212 Apr
156 Dec 15
76 Apr
1143 Dec 17 10412 July
2
9572 Apr
2973g Dec 31
1217
Jan
2Sept 14 109
11534Sept 17
128 July 28 118'i Apr
27 Feb 14
2158 Mar
14h Apr
62 Apr 18
23 Sept
5812 Apr 18
414 Dec 30
125 Apr 27
2714 Apr 7
87 Jan 6
1143 Apr 7
8
812 Mar 31
5812 Sept 2
83 Mar 18
7412Mar 17
3218 Mar 30
1112 Jan 2
20 Mar 25
63 Jan 2
10412 Jan 5
115 Aug 14
453 Mar 30
4
897 Jan 3
s
276 Sept 15
2
367 Jan 2
518 Dec 30
903
8Mar 30
10512 Jan 5
375sJune 11
108 Jan 7
s
475 Jan 16
9114 Jan 16
6 May 6
28 Apr 27
3734June 1
130% Jan 2
85 Feb 17
10412 Jan 5
8412 Feb 17
103 Apr 22
34% Jan 13
9714 Aug 6
4May 6
343
6912May 6
112 Dec 18
7 May 12
247sMay 1
3514 Apr 21
26 Jan 7
9012 Jan 5
9012 Mar 31
20 Mar 19
8 Jan 5
39 June 19
10112 Aug 20
4612 Aug 17
94 Jan 7
101 Jan 2
32 Mar 30
20 Jan 5
31 Jan 5
9512 Jan 2
113 Sept 18
918 Feb 16
22 July 8
874 Jan 27
/
1
12 Dec 28
107 Mar 30
107 Aug 7
1814 Aug 12
16 Aug 18
35 Jan 5
3814Sept 29
60 Mar 23
37 Sept 4
37 June 5
109 Mar 18
9314June 1
418May 4
403 Aug 26
8
27 Oct 24
*
1208 Jan 2
7312 Dec 30
6412Mar 31
96 Mar 25
24 June 25
9212 Feb 11
17 Mar 31
65 Jan 3
143
8June 4
80 May 14
414 Mar 31
17 May 13
612May 5
14 Dec 21
10012 Jan 27
237 Jan 2
2
112 Oct 10
45 Apr 22
1214May 26
24 Mar 18
60 Mar 11
11114 Mar 28
4914 Mar 24
30114Sept 2
94 Dec 2
43% Mar 24
40s2 Mai 24
2712 Aug 20
8014 Mar 19
4412 JulY 7
498 Mar 31
3012 Mar 30
19 Apr 23
10814July 14
10014July 24
5812 Mar 17
80 Jan 6
3212 Apr 21
45 Mar 24
4512 Jan 21
63 Jan 22
4
166 Jan 2
5132Sept 3
94 Fob 19
142 Sept 23
1458 Dec 29
757 Jan 14
s
139 Dec 16
86 July 9
467 Nov 13
s
20 Nov 14
5914 Nov 5
89 Oct 2
1447 Mar 6
2
124 Feb 16
57% Oct 26
12212Nov 4
84 Jan 13
763 Nov 14
4
1412 Feb 28
14112 Dec 31
11514 Oct 9
47% Dec 28
11312 Oct 14
7758 Dec 7
10414 Nov 17
2411 Feb 14
120% Oct 15
47 Feb 25
145 Dec 7
12112 Oct 22
110 Nov 12
11912 Oct 29
s
1353 Nov 4
7614 Dec 14
103 Feb 18
84 G Jan 6
,
981a Jan 20
712 Jan 3
1212 Jan 9
447 Dec 4
4
53% Nov 6
4612 Dec 30
105 Oct 16
100 Oct 8
2712 Oct 5
1758 Oct 30
603 Dec 24
4
110 Dec 22
613 Nov 2
8
102 Oct 28
10812 Feb 7
4714 Dec 30
77 Sept 29
60 Sept 23
11712 Feb 5
11734June 8
21 Dec 4
3212 Jan 12
95 Aug 15
41451ay 14
146 Feb 26
116 8 Jan 31
5
3312 Dec 28
30 z Dec 31
7312 Oct 8
5314 Feb 14
7754 Aug 26
415* Dec 17
53 Jan 13
/
1
4
1161 Feb 8
/
4
102 Jan 31
878 Oct 6
46 July 21
4412May 25
15612 Nov 6
10014 Nov 5
157 Nov 2
109 Oct 9
493 Jan 21
2
136 Dee 28
39 Deo 28
103 Sept 4
26 Dee 14
897
2June 20
8h Jan 2
285 Jan 3
2414 Jan 9
21 Jan 12
8
13612 Nov 13
344 Dec 29
/
1
4h,Feb 19
6118 Dec 29
183* Jna 5
6812 Dec 21
10712 Dec 19
235 Oct 13
8
71 Oct 13
4712 Mar 11
9852 Jan 14
648 Nov 14
8
583
4Sc00 8
52 Oct 23
128 Dee 2
55 Jan 3
747 Oct 26
2
371 Jan 2
8
281 Feb 0
/
4
253 Nov 2
1117 Nov 7
g
7114 Jan 12
1773
4Nov 9
4812 Jan 13
6234 Dec 17
86 Oct 21
IfIgheet
$ per skim
111 Mi
8714 Dee
1188* Des
735* Dee
1047 Dee
8
17% July
498* Jar
491 Pet
/
4
83 Det
387 Jat
s
102 De,
110 Mai
16312 Des
119
Oel
125 July
25 Sept
407 Dec
2
39 Dec
Oct
312 June
7
88 Apr 1641 Dee
4
Dec
921 11,7 1tcr
714 Apr
5012 Jan
72 Au
731 Noe
1758 Mar
10 May
1334May
30 Apr
7018 Apr
11612 Apr
385 June
4
9414 Apr
771 Nov
57 Apr
10h Oct
57
/ Jan
1
4
96
Jan
145* Dee
7218 Dee
96 Fen
83 Fon
3533 Has
1212 Jag
283 Dee
2
53:2 Dee
109h Dee
12012 Sept
54 Dee
136 Dee
83
Oot
1012 Nos
152 Fen
8
1002 Des
8
107 Des
/
1
4
10114 Apr
36
Oct
77
Oct
61 July
8
221 Sept
3814 Dec
12118 June
13658 Mar
101
Apr
13514 Mar
106 Sept
40 Feb
891* Mar
5114 Sept
90
Oct
lis Apr
7 Mar
24 June
2812 May
2812 Dec
90 Dec
8312 June
1091g Nov
61.14 Pti
9972 Yea
281 Jas
69
Jan
43
/ jai
1
4
134h Des
1697, Nov
10612 JUI7
1684 Nov
/
1
115 Sept
144 Dee
101 Deg
787 yas
4
102
/ Jaz
1
4
7 July
1212 De,
36e Dte
4812 De,
29 Des
9112 Dee
94 Deo
/
1
4
Oct15
831, May
89
Jan
2712 July
103 Mar
2
12h Jan
7812 July
108
Oct
5 June
1812 Mar
79
Apr
112 Nov
10418 May
11012 June
14 Feb
10
Jan
2312 Nov
3912 May
441 Apr
Jen
-;14 No
1025 Des
2
34% Yea
23 Des
311s Des
14018 Jan
118 Feli
Ilh Jae
33h Dee
91 Nov
811 le.,
1344 Dee
/
1
1171 Nov
2311 Deo
17h Des
39 Des
59
Jaa
72% Des
3752 Oct 6212
10112 Apr 1101
4
8912 June 97
3 June
/
1
4
712
Fen
Fen
Fel
Jes
107's June 124', Des
8435, Apr 821 Dec
/
4
39 May 7612 Des
84 June 995 Des
4
-95 Dec -- -12
-112
198* Feb 29 Nov
62112 Nov 671s Oat
--Isa it1We
-
9i Des
17 Apr 25 Del
/
1
4
la May 2512 DOG
1 Nov
412 Jan
.2
80 Apr 1061 Dee
1912 July 291 Fell
2
/
1
4
57 Jav
2
2 May
alh Mar 58 Dee
/
1
4
13% may
1911 Del
14 Mar 35 Del
Jan
4158 May 77
97a Mar 211 Des
1
2914 Mar 5814 Del
25h Apr 3514 Nov
Jan 9511 July
91
/
4
402 Mar 561 Dee
2
2478 June 6412 Deo
/
4
8
267 Nov 661 Jan
797k May 100h Dec
89 May 6112 Apt
1
idEti -18 3 Dee
Mar 29 Do.
55
61
247
s
39h
3s
Oct
Apr
Feb
Sept
Mar
751,
831s
5412
1555s
AR
Jar,
Del
Aug
Jan
Dee
New York Stock Record-Continued-Page 3
329
Fos sales during the week of stock. usually Inactive. see third page preceding.
HIER AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Meseta,.
Jan. 9. I Jan. 11.
Tuesday„
Jan. 12.
Wednesday. Thursday,
Jan. 13.
Jan. 14.
Friday.
Jan. 15.
Saiss
for
the
iVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SIIARE
Naxos for Year 1928.
Os basis of 100
-share Sots,
Loweit
Highest
$ Per share
per share $ Per share S Per shale $ per share
Per share Shares Indus. & Miscall.(Coo.) Par
per share
per skate
•
114is
*115 ____ 115 115
1147 1147 •11412 114 4 1143 1143
8
3
4
300 Col Gas & Elec pref
4
100 10414 Jan 5 11412 Dec 31
133 133
131 13112 129 130 *130 131
131 131% 127 127
1,500 Commercial Solvents A No par 80 May 25 190 Jan 29
12912 129% 129 '129
124 127 •1273 1273 126 126
4
4
12314 12312 1,600
Do "B"
No par 76 May 25 189 Jan 29
1653 17
17
17
/ 167 1718 16% 1714 17
1
4
17% 16% 1714 12,000 Congoleum Co new _ _ No par 15% Nov 27 4312 Jan 2
4,3
4 1
*3
*34 1
4
7
8
*8
4
7
"4 1
4
3
4
3
4
100 Conley Tin FollstamoedNo par
12May 19 17 Feb 10
6314 6412 6214 63 4 6053 82
6012 61% 60% 62% 593 6112 21,900 Como'Mated Cigar-ago par 26%
3
4
Jan 2 633 Dec 28
4
963 9653 9412 957
8
96
977
9712 1013 100 1023 100 100
8
4
Do prof
11,500
100 79% Jan 2 96 Dec 10
47
514
47
8 514
43
4 51
43
4 518
5
5 14
43
7.200 Consolidated Distriters No par
4 5
3% Jan 7
9% Feb 19
973 100
4
98 100
98
99% 9812 9928 9812 99% 9712 98% 69.400 Consolidated Gas(NY)No par 74
/Mar 30 97 Dec 9
1
4
2
7
3
7
2
2a
7
3
3
3
3
3
3
3% 312 9,100 Consolidated Textile_No par
234June 9
5 4 Jan 7
1
8818 8914 86
883
4 8512 8653 87
88
87% 88
851 87
/
4
31,600 Continental
1423 1443 138 13914 13712 14114 13734 1391 1393 14314 13912 1413 10,500 Continental Can, Ino__No par 6012 Mar 29 9312 Dec 29
4
4
4
4
Insurance
25 103 Jan 5 140 Dec 18
1213 12
7
1212 13
1212 127
123 127
* 12% 12% 31214 123 20,800 Cont'l Motors tern ctfa_No par
4
4
814 Jan 2 1512 Oct 17
4012 407
8 4014 413
s 403 4214 42 s 4353 41% 42 4 41
4
3
3
Corn Product.Refin w 1_ _ _ _213 32%May 29 42% Dec 31
41%
*123 125 .123 124 *123 124 1.1 122 124 .122 123% •122 1237 96.900
.
Do pref
8
100 118% Jan 7 127 July 3
58 58
58
58
5712 58
5712 .58
573 6812 58% 59% 5,800 Coty, Inc
4
No par 48 Aug 21 6012 Dec
815 813a 7912 8113 7918 79 4 7912 80
o
3
79% 8012 7712 7814 6,500 Crucible Steel of America_100 1341s Mar80 8452 Nov 29
7
.99 100
100 100. *9914 100
*0914 100
*9914 100
997 100
8
Do prof
600
100 92 May 8 102 Dec 14
97
97
97 10
10
10
97 101
4,900 Cuba Cane Sugar
NO per
7% Oat 23 14% Feb 9
7 45
451s 453
4 43
4314 433
4 4334 4512 4434 4512 4318 4412 13,200
Do pre?
100 37% Oct 23 ass Feb 26
251 253
4 243 2514 2453 247
4
8 2512 2714 265 9714
8
29,100 Cuban-American Sugar--10 20 Oct26 33% Mar 3
8 27
*98 100 .971 100
*97% 100
99
98
49812 99 ' 4 100
Do pref
5983
400
100 937/Nov 11 101 Mar 13
314 33
314 38
3
/ 353
1
4
3% 3%
314 33
8
314 314 5,700 Cuban Dominican Bug_No par
8% Feb 27
212 Oct 1
1718 18
*1714 20 •18
20
*17
19 •17
19
*17
18
Do prof
200
100 16 Dec 22 4412 Jan 6
933 9412 943 943
4
4 943 9 4 .9312 9412 9412 9412 9312 93%
4 43
700 Cudahy Packing
100 93 Dec 30 107 Oct 3
12
483 483
4
4 48
5053 4912 491
50
5012 50
51
348
48'z 6,100 Cuyamel Fruit
No par 44 Nov 10 59 May 25
1
1
%
I
1
1
1
1
1
1
1
2.200 Daniel Boone Woolen M111s_25
7% Jan 9
3 Dec 15
4
4112 427
407 4212 403 4253 4138 42
4
4112 4238 4012 4153 17,500 Davison Chemical v t o_No par 27% Apr 30 4934 Jan 23
28
28
*2814 29
*28
29
2812 2812 *2814 29
*28
29
200 De Beers Cons Mines-No Par 201 Mar 18 29 Dec 29
/
4
135 135% 13412 137
134 13612 135 13514 13614 13714 135 13512 6,400 Detroit Edison
100 110 Jan 5 15912SePt 29
457 47
44
4653 44
4514 44
44% 4413 4512 4234 443 130,600 Dodge Bros Class A_ _No par 213
8
4June 9 48% Nov 4
86
/ 86'2 86
1
4
8653 86
8612 857 86% 857 8614 853 86
8
Preferred certife_ _ __No par 7312May 7 911 Oct 17
4
11,200
:
1612 167
k 163 163
4
4 1618 1612 16% 1612 1613 16's 16
iSis 2,900 Dome Mines. Ltd
No par 1234 Apr 14 1818 Nov 20
•19
20
1912 193 .1912 20
11212 1123 *1912 20
4
4
194 198
200 Douglas Pectin
No par 14 Feb 16 2312 Aug 4
*11212 113
11212 1121 *11212 113
11212 1123 •11213 11284 11212 113
4
1,100 Duquesne Light lot Pref....-100 105 Jan 7 11314 Dec 24
•1103 111
8
10912 111
10912 110
10912 1093 10928 1097 1083 10984 8,100 Eastman Kodak Co
8
4
4
g
NoPar 1045 July 18 118 Jan 19
2914 2953 2612 297
8 2812 29
287 2918
8
8 2918
8
No par 101s Feb 18 30% Dec 4
233 23412 22414 2317 2211 22953 226 227% 285 22713 x275 2853 11,600 Eaton Axle & Syria
k
225
219 226's 18,000E I du Pont de Ne_--- 0o-100 134% Jan
27114 Nov 12
102 102
1021 10212 102 103
103% 10314 10318 10312 104 104
2,000
Do pref 6%
100 94 Jan 23 104:Nov 13
1
3118 3l7
s 3014 32
3014 3153 30% 303
3012 32 3 3012 311 57.200 Elec Pow dt Nt ctfs ....,__No par 173 Apr 25 40's July 16
8
10614 1061 *10614 10718 10512 10512 1053 106 4 10613
4
107
10628 10628 1.100
40% Pr
100 Mar 18 110 June 16
.105 109 *106 109 *105 109 *105 108
107 107 *10512 108
10012 Mar 28 11034Iune 24
Prof full paid
100
9134 913
9112 913
91% 913
Do prat oda_ .
91% 911
9112 9112 91% 913
4,100
89% Aug 28 9434 Dec 9
7418 7453 7314 745
73% 74
7334 741
733 74% 731a 7418 10,900 Elea Storage Battery-NO Par 6034 Mar 30 80 Dec 5
4
.318 4
•3% 33
.3% 3
3
*3% 33
*318 33
400 Emerson-Brantinght at 00_100
3
313
5 8July 31
lIsMaY
1
6812 6812 69
69
683 683
4
682 69
4
683 683
4
6812 883
4 1,200 Endicott-Johnson Oorp___ 60 133% Apr 2 747sSept 17
•11212 11413 *11214 115
114 1151 116 116 •1123 12912
4
Do pref
300
100 111 May 28 11834 Oct 9
.1612 17
*1612 17
*1612 17
•1612 17
•15% 17 '1653 17
Exchange Buffet CorD-No par 23t2July 2
197 Jan 3
2
*3
31± *212 312 *212 31
*213 3%
*3
31
3
3
200 Fairbanks Co
214 Mar 2
25
434 Aug 5
54
57
5312 56
5218 54
53% 547
5414 54% 5214 543 15,000 Fairbanks Morse
No par 32% Jan
5453 Oct 28
4
108 1087 10634 1083 106% 10814 10712 108
8
8
10712 1077 106 10714 9.300 Famous Players-Lasky-No Par 90% Feb 17 1143
8
4July 27
11712 11712 117 11712 *11714 118
118 118
118 11814 •116 118
1,500
Do pref (8%)
100 10353 Feb 1 120 July 27
Full paid receipts_ _ _No par 102 Aug 31 11112SePt 17
_
-5754 39 -55E8 383- 37'4 38's
8
5i1; -37- 19 37 3738 - 1si00 Federal Light & Trae
15 28 Oct
.2
37% Dec 14
10312 105
10512 10534 1044 108
105 10512 104 104
104104 104
1,900 Federal Mining & Smeit'4_100 1514 Mar 13 9512 Dec 31
10312 1037 103 104
8
10314 1038 103% 1043 10414 104% 39812 9812 7,300
s
Do met
100 491:Mar 11 94% Dec 28
196 200
190 19412 *192 195 *19312 195
195 193 •19313 196
Phan Fire Ins of N T_.25 147% Jan 6 179 Dec 18
2,400 Fidel
•16
1614 16
1618 1614 17
17
1714 *15
12 Jan 8 17%July 13
17% 1712 1712
700 Fifth Ave Bus tern otfs_No par
100 10253 97 1013
4 973 1007
4
9912 100
25 60% Feb 17 125 Nov 7
97
/ 9912 9612 98% 15,000 Fisher Body Corp
1
4
2414 247
s 24
2434 2418 243
2412 2614 2512 26
24% 2512 87,300 Fisk Rubber
No par 1012 Mar 24 28 4 Oct 2
3
11378 11412 11353 114
114 114
11312 11478 11412 1143 11212 1131s 2,900
4
Do let pref
100 7512 Jan 113 11612 Nov 18
543 5553 5414 551
4
8 5414 54% 54% 54% 53% 5414 53
No par
533 43.600 Fleischman Co
4
75 Mar 19 171% Dee 21
15734 1633 163 1663 166 171
4
4
17118 174% 170 17414 169 172 113.400 Foundation Co
No par 90 Jan 6 1833 Nov 17
4
20
203
8 193 2018 193 20
4
4
19% 2038 20
207
8
8 20% 223 43,600 Freeport Texas Co
No par
8 Mar 18 24% Oct 13
40
40
3934 4012 39
393
4 39
40
3918 4014 38
391 12,000 Gabriel Snubber A----NO pa
28% Aug 25 39% Nov 20
/
4
914 91
98
9
83
4 8%
9
9
9
9
Ms Jan 2 1638 Mar 2
1,600 Gardner Motor
No Par
*83
4 91
533 537k 521s 54
523 533
4
81 52 4 54
3
5253 535
100 4412 Aug 4 60 Oct 27
53% 54
8.100 Gen Amer Tank Car
102 102
102 102
102 102 *103 -_ -- •103 104
104 104
Do pref
500
100 933 Feb 16 104 Nov 23
4
71
72 s 70
5
73
70
717
8 71. 72 * 69
5
72% 67
100 4212 Mar30 70 Dec 11
694 72,600 General Asphalt
111 11214 109 1133 109 110
4
11112 1117 1113 111% 110 110
8
8
Do pref
100 8612 Mar 17 109 Dec 11
2,500
General Baking
No par 121 Mar 7 264 Dec 2
1-1- 2 114 ifi- ii54 1 8
11-141100 84%May 4 11514 Dec 30
1 - 2 114 115 11412
-141-5;565 General Cigar. Ins
336 34412 335 346
341 34714 341 3 738 3374 34312 334 3383 101,600 General Electric
4
100 227% Feb 17 3374 Aug 24
4
1
11
11
11
1118 111* 1118 11
1114 1118 1114 1118 1114 5,700
Do special
10 107 Oct 15 1178 JulY 10
8
1233 126
4
11914 124% 1187 12212 1201s 1213± 11914 122% 116 11953
8
%
268,800 General Motors Corp_No par 641 Jan 5 14934 Nov 7
11412 115
115 11512 11412 11411 *114 115
11412 1143 115 115
pref
4
Do 7%
100 102 Jan 5 115 Dec 16
2,400
53% 533
4 5313 5418 53
533
4 533 53 4 5314 53% 52 4 531s 5,100 Gen Outdoor Adv A __No par 4518 Aug 13 54 48ept 21
8
3
3
.
3
3112 317
31
317
306 3188 31
8
3114 31
313
4 31
Trust certificates_ _No par 2618 Aug 13 34% Dec 21
3112 7,400
5712 592
56
59
5514 5714 5614 5712 55% 5718 55
563 149,300 General Petroleum
8
25 42 Jan 16 591s Dec 31
807 8212 797 8112 7852 8012 7934 8112 7912 81
7818 80
15,600 Gen Railway Signal new No 68 Nov 24 803 Oct 29
4
*103 10414 *103 105 *103 1051 103 105 •103
.
105 .103 105
Do preferred
100 9012July 10 105% Nov 19
*47 ____ *47
48
*47
48
47 47
47 47
*46
463
4
200 General Refractorlee_No par 42 Oct 7 5812 Jan 14
7212 7314 7353 '75
73 4 743
3
4 7412 747
74% 72
74
7414 9.500 Gimbel Bros
No par 47 Mar 16 83 Dec 2
•
109 11014 110 11014 110 110 .110 11218 •110% 112 *109
11218
Do pref
600
100 10214 Mar 14 11412 Nov 30
41% 42
500 Ginter Co temp ettsNo par
221 Feb 13 53 Dec 30
%
243 2512 i4E8 - 2 -24- - 4
211% 2118
25 4
- 1- 247 2584 243 247 13.400 Glidden Co
s
s
-No per 1212 Mar 19 2612 Dec 11
48
483
4 4714 4814 47
48 I 473 47 2 4712 473
4
7
4 4612 47
9,300 Gold Dust Corp v t a--No par 37 Mar 8 51 Oct 9
6353 6414 6112 6318 6012 1321a 6112 6453 62
6312 61% 6318 14,500 Goodrich Co (B F)
Nopar 36 * Jan 5 74 4 Nov 6
3
3
97 97
97% 9714 9713 9712 *97
98
9712 9712 *9714 9712
Do Pre
400
100 92 Jan 3 102 Nov 14
104 104
104 1044 104 10412 104 10452 10412 105
/
1
104 10412 2,100 Geodyear T & Rub pf t 0_100 861s Jan 6 114% Oct 30
•
•10512 1057 *10512 1057 .1053 1057 1053 105 •10512 105% 10512
8
8
4
8
4 4Do prior prat
3
1051
200
100 103 Apr 27 109 Dec
22
2214 211 2178 214 213
4 21
2138 21
213
2 204 2054 8,100 Granby Cons Min Eim & Pr_100 13 Mar 30 217 Dec 7
8
*97% 98
7
96
97
9618 9718 961 9753 974 98% 9612 973
4,600 Great Western Sugar tom ctf 25 91 Jan 16 i 181 une 19
0
*1214 1314 127 127
8
8 1214 1214 .1214 13
•1214 13
1214 1214
400 Greene Cananea CoDPer
100 1134 Mar 19 1914 Jan 2
923 9314 9014 923
8
4 8912 905
8 895 91
8
885 90
8
88
88% 6,400 Gulf States Steel
100 6718 Mar 24 9534 Nov 5
3412 347
8 332 345
8 33 4 34% 333 34
7
3
4
34% 341
3312 343
6,500 Hartman Corporation_No
447 447 *44
4
441 *4412 45
443 4434Nopar 253 Apr 24 3712 Jan 7
4
45
46
4412 4514 3,400 Hayes Wheel
par 30 Mar 14 4912 Nov 2
34
34
3312 34
*3314 3378 3318 34
*3314 331
4
3412 343
000 Hoe(R)& Co tern otts_No par 27 Dec 5 4878 Jan 9
49
50
491 491 *49
:
50
*4914 491 *4914 491
2100
4914 491
500 Homestake Mining
43 Jan 2 60 Jan 12
48
48
4712 48
47% 477
47
4712 4614 47
46
4684 6,200 Househ Prod,Inc.temctiNo par 34% Jan 5 47% Nov 23
7018 703g 7012 72
70
7114 7014 7112 7114 71% 6914 707
4,000 Houston Oil of Tex tem Ws
.100 59 Apr 22 85 Jan 29
275 '273
8
4 2712 28
274 273
2 2718 27's2 2714 29
2715 271
9,600 Howe Sound
No par
1612June 11 31% Nov 4
1183 12112 11112 11912 112 1157 11314 11514 112 1181
4
8
110 11512 360,100 Hudson Motor Car
No par 333 Jan 5 13912
4
2712 2612 271
27
2612 263
4 2612 27
26% 27
326
2672 18,500 Hupp Motor Car Corp_ _.. 10 1414 Mar 18 31 Nov 2
32
3253 31
325* 31
Nov 5
3153 31
3114 30
31
2714 2834 28.700 Independent Oil& Gae-No par
1312 Jan 5 4134June 17
198* 19
/ 1912 197 *19
1
4
1912 194 197
197 197
8
8 195 194 1.500 Indian Motoeyole
8
No par 13 Mar 24 24 Ault 28
1218 1214 113 12
4
114 113
4 1153 12's8 113 114 5,300
117 121
8
2
Indian Refining
1112 1112 *11
10
1138 107 1072 1118 113
62 Ian 2 1414 Dec 4
8
2 1112 111
11
11
1,500
10
(I Sept
*4253 43
12% Dec 4
2 4212 43
*4212 .43
423 43
4
4212 4212 1.600 InlandNO par
*113 115 *113 114 1'
38%MaY
5113 115
60 Feb 2
113 113 •112 1121 .112 1123
4
200
Do firer
p
Apr 13 112 Sept 28
255
25
s 25
253
8 25
2518 2412 24% 243 24% 244 243
8
2 3.000 Inspiration Cons Copper- 20 22 Apr 22
/
1
4
32 g Jan 12
8
217 217
2 21
8
217g! 2012 213
2 21
2114 217
21421
8.400 Interns% Agricul
217
No par
712 Jan 7 2418 Nov 6
14312 14312 141 14112' 14014 14214 142 143
1413 143
4
140 141
3.600 Int Business Maohinee_No par 110 Mar 30 17614 Nov 13
6614 66% 6512 66841 655s 65'± 85
66
6618 663
663 67
4
4.400 International Cement_No par 62 Jan 5 811:Sept 30
8
615 6212 57% 62
565 597g 57
8
5853 57% 58% 5312 57 175,500 Inter Combus
12918 13012 1275 12912 128 130
8
129 13084 129 1303t 1263 1283 22.200 International Engine_No par 31114 Jan 21 6912 Dec 4
4
4
Harvester-100 9618 Mar 26 13814SePt 18
:
1191 11912 11912 11912 119 119 *1173 119
4
119 119
119 119900
Do pref
100 114 Mar 3 121 Nov 10
1014 1014 1012 1012 .1012 11
103 103
2
8 10% 10% 10
10
900 Int Mercantile Marine
100
7/8June 25 147 Feb 6
413
41 407 4112 397 4113 3912 41% 384 405
4112 4214 40
g
2
8 32.300
Do pref
100 27 Aug 15 6234 Feb 5
447 455* 44
4512 435 4412 4312 441
8
43% 44
43
435 37,600 International Nickel (The)_25 2414
8
*101
___. •101
Mar IS 481: Nov 20
_4.1017
8 ___ .102
___ *102
.102 -_
__
Do pref
100 94 Jan 6 02 Nov 19
8212 633
8 6012 6212' 59
61
595 603
593 611
4
57
591- 11,600 International Paper
4
11X1 481 Mar 19 76 oat 3
/
4
8712 •86
8712 *86
•86
8712 .85 87*85 87
85
85
200
Do stamped Prat
100 71 Mar 0 88 Dec 11
97I *97
*97
4 97
973
973
4 97
97% 97% *95
97
9611
Do prat (7)
300
109 86 July 31 995. t5..t21.
175 175 •174 178 *174 178
*17212 178
174 174
175 175
44)0 Internatiottal Shoe
No per 108 Feb 21 19104Ju1y 27
Do pref
100 11412Sepl 19; 121 June 3
lilt- 1223 iii- 1-21-5 iiii, 120ii- i18r8 iiiii 12014 1233 iio- 125-8
- ;
72
-,
7- 4
21,5515 Internat Telep & Teleg_ _100 871 Apr 3! 144 Aug 14
:
2818 2812 *28
2812 .28
2814 28
28 .26
28 .26
28
700 Intertype Corp
No par
18 July 8 29% 11,•1 21
28
28
29
29
2814 281
28
2812 2818 2818 267 28
8
7.100 Jewel Tea. Inc
100 1012 Jul) 2S: 2(18* Dec 14
*11812 120 *117 120 *117 120 *116 120 *117 120 .114 120
Do pref.
11 10212 tan 19
1514 1514 1518 1514 15
Dec
15
D 21
15
.1412 15 .1412 15
15
800 Jones Bros Tea,Inc,stpd_100 113 Dec 30
497k 5012 47
4
504 4814 495
21g. r et, .1
4912 5114 48
51
50
493 18,200 Jordan Motor Cat
4
No par 353 Aug 10 65 110. 2
4518 4688 4412 4618 451 463* 453 463
4
4 4612 4753 46
47
25.300 Kayser (J) Co v t 0.--No pa?1 is% Mar 17 424
10312 10317 .10312 104
104 1047 10478 1047 •104 105
/ Dec It
1
8
8
104 105
700
Do let pref
Ne var 113 gitnr 7
0 10112 Dec 28
•Bid end maw]imam no *ales on this day. s 1U-divi0e0d. 4 ear value
el:mused (tow *WU 1,4.• ioU awl intone ..n. ‘1.., .......,.
b Ex-Foreign lights.
ur1414...lail
100 104„
PER SHARE
Russo for Previous
Year 1924.
Loyal
Per share
10314 Dec
6311 Jan
Jan
83
32% May
73 May
4
1.11 Mar
/
4
5912 Apr
Is Jan
2
607 Jan
2 Apr
/
1
4
6312 Apr
89% Apr
6 Apr
8112 Jan
115% Apr
Hishoel
per theft
105 Dila
13114 Dee
1291s Dee
66% Fell
141 Dee
4
80 No,
Jan
84
8 4 Dee
3
79% Dec
Jul
8
69% Des
1094 Dee
878 Del
43% Nov
123% AU
48 May 78 Des
86 MAY 98 Dec
1012 Oct 18 Feb
53% Apr 717 Feb
s
28% Nov 38 s Fell
7
Jan 100 Nov
96
/
1
4
4 June
/
1
4
8% Feb
38 Dec 52 Feb
451g Nov 741k
6 Nov 3214
3812 Nov 6912
181 Jan 2214
4
10114 Jan 115%
Jilt
Mal
Jan
Dec
Del
Nov 2038 JaR
toe June 18 Der
10012 Mar 10814 SeD1
1041s Apr 1147 Nov
8
834 Sept 24% Jai
112 May 1162 Der
85 Apr 96 Dso
-- 118 15e:
78 June
3% July
Is May 78% Des
10512 June 115
Jae
18 Dec 2412 %tie
2 Dec
41 Jas
2612 May 34 Dee
61
Jan 9812 Dec
87% Jan 108 Des
12
5%
6112
118
9%
Apr -i 1 IS;
-4
4
Jan 6412 Der
Mar 148 Dea
Jan 18% Jaz
-12 Kane
5
8818 July
6414 Jan
13612 Jan
7% Sept
314 Oct
35% May
92 Feb
31% Apr
711s Apr
93 Jan
82 Apr
14
193% Jan
191/ Apr
1
55 4 Oat
3
951s Jul,'
Illsill;
86
901
4
94%
13%
15e;
Der
Nov
Dee
Jaz
7 Jan
63 Des
99% Dee
683 Des
s
100 Dot
160 Sept
98% Dew
322 Dee
11% July
8137 De&
s
103 Des
12
45
Lv,
ii"inn;
1
56
Jas
47 June 84 s Dee
7
99
Jan 107 SeD1
91 Dec 27% Nei
8 June 15 Nov
28 Apr 43 s Nee
11
7
17 Jane 88 Des
701 May 99 De,
4
39
Jan 903* Del
8814 Jan 1081 Dee
*
121s Apr 2153 Dec
8338 Oct 967 Des
8
10 May 61% Des
62 May 891 Ft&
4
81 Sept 44% Fel
321 May 52 1 Pei
4
7
48 Dec 517 Des
k
/
1
4
35 July 5038 Jan
31% Apr 88 Noe
61 Apr 82, Feil
1
201,May 1er Del
111s May 13 Jag
53 Sept1614 Dee
1518 June 261 Feb
4
3114 Apr
74,Aim
315t May
10114 Jan!
224 Febl
8 June
83 Apr
603 Apr
4
22 Mar
Jan
78
106 Feb
6 4 Jan
8
26% mar
11% May
76', May
34% Apr
621: Mar
107% Dee
33% 1).
9 8 Jai
3
118 s Deg
7
59% Not
89 Dee
110% De.
115% Not
15% Dee
47 4 Dee
3
2714
95 Nov
60 Dow
767 Oct
2
73 Apr 119 WC;
1161 May 11918 Dee
4
66 Feb 94 Dem
2412 Dec 3212 Mai
16% AD? 23% Jar.
78 Mar 100 Des
14% Sept 27% Jai
2114 May 52% Dec
1614 Aug 88 s Ja
8
toe 5.5.2,
,
JUIld .3
Ex-rights
New York Stock Record-Continued-Page 4
330
Fee soles during the week of stccks usually inactive, see fourth Page Orecediail
-PER SHARE, NOT PER CENT.
MIN AND LOW BALI PRICES
llafordalf
Jan. 9.
Alesdap.
Jan. 11.
Tuesday.
Jan. 12.
Wednesday , Thursday.
Jan. 13. I Jan. 14.
Friday.
Jan. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Petit Stil Ante
Saws for Year 1926.
On lasts of 100
-share tots.
Lowest
Ellghest
ran
gauge for Pretties.
Year 1924.
Lowest
per f404
Indus. & Miscall. (Con.) Par
per slats
per Mars
Per share
$ per share $ per share $ per share $ per share i $ per share $ per share Shares. Kelly-Springfield Tire
is,•
8July 3
91 June 83
4
25 1214 Mar 24 213
4
4 173 1818 1712 174 6.300
4 173 183
4
8 1712 173
"1818 1812 173* 177
is
33 June 89
Do 8% Peel
100 41 Mar 25 74 July 3
*6812 72
200
•683 72
4
71
*6312 72
*63
6812 69
*6914 72
40. June 7811 lx.
Do 8% pref
100 43 Mar 251 72 July 3
*6834 71
8
100
*683 7112 703 7038 *7014 71
4
'68% 72
468% 71
76 May 104 0.
100 87 Aug 41 124 Dec 11
115 115
11214 114
1,400 Kelsey Wheel, Ino
11514 11514 "11612 118
115 116
•11712 119
,
5
344 Jan 57 4 De
No par 4818 Mar 30i 593* Nov 8
3 544 547 30,300 Kennecott Copper
8
8 543 5514 551s 553
4
4
8 554 564 543 553
56% 567
4Sept 91
14 Oct
13
312JulY 16
178
178 2
17
8
17
8 2
2,500 Keystone Tire & Rubb_No par
2
18
2
2
2
2
2
5214 May 8614 De
No par 74 Mar 25 11e) Oct 15
*8118 8312
100 Kinney Co
82 '82
85 '814 87
82
84
4
*8212 843 *82
100 353 Apr 28 885 Dec 30 28712 Jan 47514 DP
600 Kresge(58) Co
881 881 "849% 89014 8493 860
4
87014 870 880 880 "871 895
7
4218 Nov 62 2 luo
8
8 30
3212 5,700 Kresge Dept Stores. _ _ _No par 2812 Dec 22 45% Jan 7
3112 3212 3218 324 324 324 323 333
31
30
Jan 118 No
79
165 168
165 166
1,100 Laclede Gas L (St Louts)_ _100 1104 Jan 5 178 Mar 31
162 18212 161 161 *158 163
162 162
8 May 1718 J5
8
134 133 •13
8
1314
13
2,400 Lee Rubber & Tire_ .._ No par 113 Feb 20 19 Oct 1
13
13
13
13
13
13%
13
,
50 Mar 8811 Dee
25 57 Mar 25 92 Dec 4
9212 923
4 91
91
3,600 Liggett & Myers Tob new
91
0221 9118 92
92
4
923 924 90
Do pref
2
100 11612 Jan 16 124 Dec 31 1147 July 121 Jo..
•120 122 '120 122 *120 122 *120 123 *120 123 *120 123
Do "IV new
2
487 Mar 684 D
4
25 554 Mar 27 898 Dee 4
913
4 9114 9212 9114 923* 13,900
903 914 90
4
924
91
914 92
50 June 7. 131'
No par 60 June 23 743 Jan 14
2
4
2,000 Lima Loe Wks
6814 67% 67% 6712 673
4 663 67
67% 634 68
673 68
4
D4
154 June 25
4014 3912 40
3918 393
4 8,600 Leew's Incorporated_ _No par 22 Feb 17 443 Nov 7
40
403
4 3912 4012 394 4014 40
83, Ja
714 721
71
713
No par
8 Jan 28
918 Apr 6
54 Apr
714 714 3,000 Loft Incorporated
73
3 74
714 714
714 712
483 *4814 49
8
*4818 483
4 4718 4818 1,900 Long Hell Lumber A_ No par 454 Mor 20 53 Rept 19
4818 4821 48
*48% 49
84
50
100 77 Feb 17 1434 Dee 28 - - Mar - - lee
133 133
130 131 '120 130
600 Loose-Weft Blown
13212 13212 "130 132
*133 139
251 3014 Jan 24 393
8332 Dec 40,Jul.
)
4,520 Lorillard
4SePt 25
3712 367 3714 3718 3712' 3634 37
8
364 374 37
37
37
Fe•
100 10818 Feb 27 116 Aug 26 112 Nov 117
Do Pre}
100
11212 11212 *112 114
•113 115 .113 115 '112 116 I*11212 113
,
4
10,800 Louisiana 011 temp otfa_No par 135 Aug 26 233 Feb 3
4
4
8
8
8
173 1814 177 18141 173 1814 173 1814 173 18
8
1818 183
3
Louisville 0& El A_ _. No par 23 Dec 17 28 8July 23
8 7,000
8
8 233 233
8
4 2321 253
8
8 233* 2312 233 2321 233 233
2312 233
4
No par 313 Feb 17 60 Dec 15
4 5312 5514 5418 .554 533* 54
17
Oct 861- "ho
4
6 800 Ludlum Steel
5318 54
544 5318 558
54
Jan 119 kri.
Mackay Commudee
100 114 Mar 20 141 Sept 23 107
•133 140 *13414 140 '134 140 *134 140 *134 140 *135 138
No par 117 Jan 16 242 Nov 2
753 Apr 1184 De
4
14612 15134 14712 1503 14514 1483* 48,700 Mack Trucks, Inc
4
4
4
1513 1533 1463 152% 14413 149
4
100 104 Jan 27 113 Aug 17
4
Do 1st Oral
954 Jan 1071 Dee
600
4
4
4
4
4
2
11014 1103 11014 1103 *1103 112 *1103 112 *1103 112 *1103 11214
Do 2d prof
100 99 Jan 2 106% Aug 7
87 Apr 10114 Dee
300
4
8
4
10512 10512 105% 1053 *10514 1054 *10514 1057 *10512 1053 10512 10512
10118 1,900 Macy(R H)& Co,Ine_No par 8912 Jan 3 112 Oct 15
59 May 714 Dee
102 103 *10112 10212 10114 10114 10118 10212 '10214 1034 101
No par 34 Mar 31 46 Nov 8
264 June 451 De.
4 4212 423* 4212 427
423 423
8
8 4218 423
8 3,900 Magma Copper
428* 43
43
43
900 Mallineon (H R) & Co_No par 2114 Dec 1 3712 Jan 23
18 Mar 414 De.
25
2512 2518 2518 2.53, 255
2518
2512 2512 25
*2512 27
4
334 Mar 691 Jail
6714 64
654 24,800 /dant/ Elee Supp tem etre No par 32 Mar 21 59 Mar 10
8 6412 86
65
643
4
6212 613 6314 63
62
Jan
25 2014 Mar 16 34% Nov 12
3114 3,200 Manhattan Shirt
2612 Dee 44
8 3112 3112 3112 3112 31
3178 323
4
4 3214 323
313 313
4
5
100 Manlla Electric Corp_No par 2812 Mar 5 4912 Apr 24
23 Dec 314 Dee
35
"3214 323 "3214 35
4
3214 3214
*32
35
*32
35
*32
8
24% Oct 37 ha
12
2612 26
263
4 25
4 26
254 7,500 Maracaibo 011 Expl.....No par 20 8Sept 29 3512 Jan 31
277
8 2818 2714 25% 263
2714
8
78,300 Marland 011
No par 323 Mar 30 8012 Dec 29
29 May 62 Fe.
8 574 5314 5618 57
587
8 5718 574 573* 583
5812 5921 57
8
No par 105 Mar 13 327 Oct 30
1
8 Jan
174 M131
3012 3012 3012 303
4 29
31
3014 3,800 Marlin-Rockwell
30
8 3018 31
294 307
311 Nov 874 111
2
800 Marlin-Parry Corp _ _ _ No par 19 Dec 31 3718 Jan 7
20
20
194 2014 204 2018
21
20
8
•2013 203 '203* 207
4
295 May 585 Dee
s
9214 93
91 12 9234. 3,000 Mathieson Alkali Wkstem otf50 51 Jan 6 10714 Dec 31
95
924 9514 *93
9532 9614 9214 95
8212 Apr 115 De.
7,800 May Department Stores...50 101 Mar 23 1394 Dec 18
128 13112 1263 129
4
12912 131 *131 132
8
1303 132
13114 132
4
86 Oct 1083* J11.7
4,000 McCrory Stores Class B No par 79 Mar 17 1393 Oet 18
120 121
119 119
117 117
1187 121 *116 117
8
117 117
3
4
14% Dec 131 Ja.
2418 24
24
*23
24 8 24
,
234 4,800 McIntyre Porcupine Mines_.5 16 Jan 2 22 4 Oct 28
2418 2418 2418 21
24
15 Sept 19 Dee
400 Metro-Goldwyn Pictures p1.27 18 Jan 3 2412 Nov la
*2212 23
"2212 23
*2212 23
2212 2212 2212 2212 '2212 23
9 Dec 8 224 Jan 6
1418 Jan 253 Set/
4
104 1012 3.700 Mexican Seahoard Oil_ _No par
1138 1014 1012 1012 1118 103* 11
8
113 1184 103
4
20 May 25 AP
8 May 12 24% Jan 18
5
1218 5,700 Miaml Copper
8 1218 1214 12
8 1214 1214 1214 123
1214 1238 1218 123
_
3
.No par 25 4 Aug 19 38 Nov 14
343 28,400 Mid Continent Petro.
8
8
343 3512 3414 3514 343 3518 3412 3518 34
4
36
3518
34June 13
38 Apr le
1 Aug -- Wrs -Jae
10
153
15
8
13
15
8 178
4 18 33,400 Middle States 011 Corp_ _
4
3 218
238
17
2
214 238
9112 Jun
98 Nos
200 Midland Stec Prod prel _ _ _100 98 Jan 2 147 Aug 10
12512 12512 *121 12512 *121 126
12513 1251 *121 128
*125 129
6114 June 745k
100 84 Apr 17 994 Aug 6
821
8018 8214 8012 81 14 8118 8312 8012 834 37,900 Montana Power
80
813
8
79
214 May 484 De
43,600 Montg Ward & Co Ill eorp10 41 Mar 30 844 Dec 16
8 7518 77
8 7718 783
8
79
763* 7814 777 787
7812 793
8 77
1712 Oct 2712 let
4
No par 223 Mar 19 4.2 Nov 2
10,900 Moon Motors
333 35
23212 34
35181 343 35
4
8 3512 3614 35
354 357
918 Jan 2
O May
94 Pet
6 May 4
7
7
7
718 4,400 Mother Lode Coalition-No Per
7
7'8
74 718
71
7
714 74
2
No par 40 Nov 10 447 Oct 8
41
414 4.300 Motor-Meter A
4214 4134 42
8 4214 4234 42
423 4314 4214 427
4
_
No par 18 Apr 9 35 June 29
8 9.900 Motor Wheel
8 3218 3217 3214 3221 313 323
4
323* 313 334 3214 327
313
4
9 Mar -1- 1 Wes
94
200 Mullins Body Cori,--- No Par 13 Aug 26 2112 Feb 20
18
•1712 1814 "1712 1814 *1712 1814 1712 1712 *1714 1712 *17
2912 July 3104 J111
,
400 Muneingwear Co
No par 3012 Apr 23 39 Dee 29
36 '3412 353* *3412 353
8
"34
36
3614 .34
3614 364 36
904 Apr 204 Des
NO Par 19312 Jan 5 488 Oct 6
4,900 Nash Motors Co
509 515
506 513
485 517 500 519
485
460
*457 462
9814 July 1045 Nov
,
3
100 103 4 Jan 21 107 July 15
Do pref
100
410618 10618 .1064 -- .10618 107 *10818
.1064 107 .1061
34 Oct 104 Jai
414 Mar 24 12% Dec 31
1
1212 1212 1212 1218 124 2,400 National Acme stamped____10
- 4 1212 1212 '12
1 123
8
123 127
8
504 Mar 771 SSW
4
25 65 Apr 29 79 Dec 31
30,900 National Biscuit
75
77
7412 743 7712 7614 7714 7618 77
4
74
75
75
100 12312 Mar 11 12812May 9 1204 Jan 126% De,
Do prof
300
12712 12712
1274 12714 .127 130
127 127
*127 130 '127 129
44 June 70% Dee
4 5212 52% 535g 5414 3,500 National Cloak & Snit-100 494 Dec 30 8478 Oct 16
4 5214 533
4
5212 5318 533 533
533* 5412
914 Mar 1007 Dee
8
4
100 873 Dec 29 104 Jan 29
Do prof
9212 918 913
8
8
800
, 92
92
9114 9134 .91
8 924 928
9214 923
2
304 Apr 4414 Des
14,800 Nat Dairy Prod tern etlallo par 42 Jan 2 317 Nov 5
77
8 7714 7712 78
7712 7914 7712 7812 7712 773
7812 79
384 Oct 43
Jaz
4118 41
2,000 Nat Department Storm No Par 3812 Jan 2 45 May 12
4114 407 41
8
4112 4118 4114 41
*4114 4112 4114
921 June 101
s
Des
100 96 Apr 15 102 Jan 2
Do pref
*9712 98
98
*9514 98
*97
98
98 "97
*97
98
*97
Dec 23 434 Oct 26
2
314 30
3012 293* 3018 4,700 Nat Distill Products_ No par 293
32
3118 304 32
3212 31
31
91 Oct 2
3012 Aug 34 11;i
12
400 Nat Distil Prod PI tern etlNdllar 52 Jan
69
71
69 '89
69
6912 8912 69
73
6912 6918 *70
181/ Sept 4474 Jae
500 Nat Enam & Stamping_-100 25 Apr 30 41% Deo 29
,
3812 3614 3614 3814 3614 36% 36% 36% 37 8 "3614 3714
.
37
67 Sept 89
Jat
Do pref
100 75 June 22 8934 Jan 12
100
"8712 89
90
8
873 8758 •88
90
90 '88
*88
90
O88
4
100 1384 Apr 27 1744 Nov 7 12312 Apr 1891 Aug
2,900 National Lead
167 168
16812 170 170% 171 171
166 17014 168
170 171
Do pre
100 114128e06 2 119 Sept 18 1114 May 118 Se91
200
11812 11812 .11814 11714
*11612 11714 •11612 11713 *11812 117 •11612 117
5412 Oct 724 Pal
8
National Supply
MI 543 Dee 24 71 Jan 29
4
4
5612 563
4 5612 5612 5612 5612 563 563
1172 Jan
1644 De,
4
MI:il131:E2 Nevada Coneol Copper _ _ __ 5 113 Apr 27 16% Jan 7
,
13
13
13
1314 1314 1318 1312 1318 1318 13
361 Ape 57 De,
2
3914 40
394 3912 39
393* 14,600 NY Air Brake tern UP...No par 3112 Oct 17 5812 Jan 3
4214 3978 41
393
4 39
39
4714 J
57 Des
No par 50 Sept 18 67 Jan 7
Do Class A
1,100
58
5618 5618 56
57
584 5614 57
4
56
56 4 5618 583
,
32
u
37 De.
76
803
4 78% 79% 7712 7834 41,200 N Y Canners temp otfs_No par 314Mar 30 811/ Dec 18
77
74
73
76
7812 77
19
Jan 8714 Ma)
100 18 Mar 24 4514 Nov 13
1,300 New York Dock
35
4
3512 3512 344 35 '3412 3512 343 344 35
36
38
4118 Feb 554 May
100 5212 Jan 14 78 Dec 11
Do pref
400
*7113 7212 7112 7112
*7112 75
*714 76
7112 7112 *7112 76
27 June 29 Sept
8
28
2814 '2778 2818 1,500 Niagara Falls Power pf new_25 273 Oct 8 29 Jan 12
28
28
*27 8 28
7
28
.
28
2814 28
22 J
45 Des
10 4118 Jan 5 75 Oct 27
67
4
6518 663 99,000 North American Co
4
84% 857
8 8314 6512 633* 6412 633 6412 64
501 .11:117
4
60 Me Jan 2 50128e06 12
42 8 J
7
Do prat
5012 5018 5012 2,500
3
50
5012 50%
5012 50
50
60
497 50
4
7 Apr
91,0*.
8 Jan 18 1812 Nov 18
1.300 Nunnally Co(The)__.N, pox
174 167 17
8
1712 17
2
*17
1712 173 1712 1712 1712 "17
653 Mar
Pa 001
512 Jan 22 11 0(330
400 Ontario Silver Min new No par
1012
1012 1012 1012 "10
'10
1012 *10
1012
1014 *10
10
13 May 80
2
Jai
No par 181 Jan 6 39 Dec 7
300 Onyx Hosiery
42
42
*34
*35
42
*35
38
3712 36
3312 *36
*38
8
4
48
5114 524 54% 528 533 12,600 Oppenheitn.Collins&CoNo par 4112Sept 24 53 Des 1
48
8 47
487 487
8
2 4714 487
18 Feb 29 Yee;
7
1 2534 Jan le 32 2.1111Y 38
6,000 Orpheum Circuit, Inc
3012 30
30
3
4
4 298 29 4 2912 2912 *2912 29% 29%
29% 293
68% June 92 Dee
50 87% Feb 37 1404 Aug 21
1,100 Otis Elevator (k)
12518 128
*126 127 0125 12612 125 12514 12614 126% 126 126
Ole Nov
113* lea
8 Mar 18 1514 Aug 28
No Pm
1312 13
133
4 128 1318 33,700 Otis steel
4
123
8 12
1214 1212 1212 12
13
44
Oct 74 4 Ma.
3
100 5014 Mar 18 974 Aug 28
2,200
Do Prof
92
93
93
93
94
92
904 9012 90
9212 .90
*91
391 May 4784 Jag
4
25 424 Mar 17 89% Nov 13
64
643
4 6212 644 7.500 Owens Bottle
4
843 8512 6518 6514 643 85
4
85
65
9018 Jan 105 Der
900 Pacific. Gas& weetrta
100 1024 Jan 5 13718 Nov 4
8
s
1263* 1263 1273 12812 12712 12734
12812 1284 127 127
3
*12814 129 4
45 Apr 5814 lee
8
No par 613 Aug 13 7812 Dee 28
8
75% 763 148,600 Pacific Oil
8 7512 7812 7618 77
4
4
773 7812 753 7814 7512 767
9 8 May 164 Dee
7
10 15 Jan 16 4812 Nov 12
8
414 z39
403 30,100 Packard Motor Car
4 4012 41,
8 4084 413
4 40
403 423
8
4112 42
173
2May 0 32 Oct 24
8 2514 257 14,800 Paige Del Motor car. No par
8
8
* 2612 253 278
2712 2618 2612 258
287 2712 26
8
441* Feb Id "hie
6812 8934 15,300 Pan-Amer Pete & Tram- 60 5912Elept 3 83% Met 3
707
8 697 71
8
8 89
8812 674 887
704 724 87
4114 Feb 844 Des
Do Class B
ao 804 Aug 27 8412 Mar 8
, 7112 7214 69% 71% 167,100
723
2 70
7114 7414 6812 703
4 893* 703
1,700 Panhandle Prod & Ref _No par
24 Aug 28
14 Sept
41 Jan
,
518
614 Dee 4
5
54 54
*43
4 518
434 5
5
5 14
514 6'4
24 Sept 853 Den
800 Park & Tilford tem etfs_No par 25 Sept 26 354 Jan 10
4
27
*2612 267
8
* 27
8
2 265 285
*
2714 2714 26% 2712 287 287
No par
17 Dec 30 28 Apr 14
8 19
1918 19
1914 5,500 Penick & Ford
18
18% 1818 183
8
183* 183
183 19
4
go 123 Apr 29 263 Jan 2
,
184 Nov 801, las
4
400 Penn Coal & Coke
1814
18
1814 .15
1514 1514 *154 18
*154 16
15
15
3 Jan 9
Oct
414 Jell
I Aug 12
218 43,500 Penn-Seaboard St'l vto No par
2
24
2
24
2
2
2 14
2
2 18
214
2
9344 Apr 11912 Des
3,100 People's G L & C(Chic)._100 112 Jan 16 123 08116
11712 119
11712 118
4
4
4
1174 11814 11714 1.1812 1173 1173 1173 118
424 May 574 De/
643 33,100 Philadelphia Co (Pittab) _ 50 5112 Mar 18 6714 Dec 8
4
8
4 63% 6514 6414 844 633 6412 8314 88% z63
654 673
344 Mar 5414 Du
4278 30,300 Pinta & Reed C & 1 __ _No par 278,May 6 524 Jan
4
4
443 4514 445 4614 423 454 4214 4312 4212 4314 42
Certificates of int„-No Par 38 July 11 5012 Jan 23
1
400
35 Mar 52 1013
.
43
4312 "42
4312 .42
4414 4414 4412 4812 4412 4412 *43
PhillIps-Jones Corp_ _ _.No par 51 Nov 16 904 Jan 12
44 May 88 July
59
59 .53
587 .53
8
587 .53
8
584 .53
8
5312 587 *53
4
5
3 193 *1912 1934
11 July 23 * Jot
193* 1912 183 198 3,9001 Phillip Morris ac Co. Ltd.-10 124 Mar 19 251 Sept 1
4
4
19
20
2018 203* 20
No par 364 Mar 30 4718.1une 12
2812 Oct 424 Ape
4419 453* 4312 4412 43,700 Phillips Petroleum
8 4418 4412 4412 453
8 444 453
4512 457
8
44 May 14 Dee
8 373* 394 162,600 Pierce-Arrow Mot Car_No pox 107 Mar 30 474 Oct 24
8 4018 4218 4012 4112 395 407
4318 3918 423
40
Do pref
100 43 Mar 24 100 Nov 4
184 Mal 54 Des
8 10214 10514 23,400
103 1087 105 108% 10614 10712 105 1068
8
10312 107
_
Do prior Prof
86 Mar 18 102 Sept 14
No Par
594 June 95 Des
14 Nov 12
34 Feb
25
44 Jan
112 Apr
--112 -11.
2
iiz -18 - ,ioo Pierce 011 Corporation
5
--lit -II; -112 --11; --ii2 15 --ii2
100 2014 Dec 14 40 Feb 26
Jeu
Do pref
20 Mar 36
.22
26
*22
2512
. 24 *2312 24 .22 24 .22 25
22
41, Oct
,
412 Dec 11
84 514
511 Dee
814 Feb 5
54 53* 8,600 Pie cePetrol'm tem ctfs_No par
518 538
518 514
512
5
518 54
4
100 3714May 2 644 Jan 1
4778 Dec 633 Ma.
40
41
3978 4018 2,700 Pittsburgh Coal of Pa
41
41
41
4212 41
41
42
*41
100 80 May 4 99 Jan 5
At'
Do prat
9478 Aug 100
100
*8312 85
.8312 85
85
*8312 85
8312 8312 *83
*8312 85
100 94 Mar 28 1024 Jan 8
Jan 103 Au/
2,400 Pittsburgh Steel pre:
95
97
*95
97
9612 •95
96
97
'95
96
96
97
*95
4
100 30 Apr 27 6334 Jan 17
53 8 Dec 633 De.
7
607 633* 6134 614 3,400 Pitt* Term C '
8
60
*6012 62
637
8 60
637
8 61
61
_10 In Mar 24 170une 25
7
2.100 Pittsburgh Utilities pre
1578 157
8
1.53 16
4
8
16
16
157 16
153 16
16
16
71 2
100
Do pref certificates. ..10 1234 Mar 20 16 June 26 1,
( ,i tet 1:2
171 1 a
1512 •15
151
1512 *15
15 2 .15
,
1512 1512 *15
16
•15
484 Apr 10312 Dec
a
oo 45 jut.o 18 70
5
Inc new_Nof r 644 N ov 2 1211, DecDe . 28
44,400 Post'tn Cer
22
8
108 110 4 10712 1107 10718 1094
4
,
10912 11112 107 1123 1084 112
Jae
89 Aug 62
77
7712 743 781 10.600 Pressed Steel Car
74
77
7512 78
77
773
7612 77
100 7612July 9 924 Jan 3
Do pref
933
1,300
67 Aug 90 FM
94
94
93
03
9412 9434 9312 9312 *93
*9312 95
2234 Ater 43teJy
3,100 Producers& Refinere Corp 50 124 Aug 26 32118 Feb 3
151
143* 15
153 158 *15
154 153
1518 16
*1512 16
39 Mar 70 Dee
8
854 8414 8812 8812 9012 8612 88 145,100 PubServCorp of NJ newNo par 82% Mar 30 877 Aug 6
,
804 8314 834 85 4 84
100 99 Jan 7 106 Nov 18
9612 Mar 1014 Da
500
Do 7% pref
10518 1053* 1053 1051,
4
*10318 10412 10514 1054 10318 10318 "104 105
100 1083 Apr 1 119 Oct 14
8
,
991 Apr 115 Dee
300
Do 8% prof
4
4
4
1154 1153 '1153 1157 1153 1153 116 116
8
*115 118 "115 116
100 129 Mar 30 173128ePt 17 11312 Apr 151% Os
55,300 Penman Company
16812 171
1867 16914 187 17012 168 17112 17114 1738 171 174
s
374 Dec 873 Mar
3
2
5,500 Punta Alegre Sugar
55 3 ,4 July 2 3 3714 F ii
2
0 25 Aiig 13 43,, J:
, n
4412 413 43
4
433
4 4414 447
43
8 44
4312 45
8
447 45
20 June 8014 Dee
4
8
8 297 3014 298 3041 2914 207 34,000 Pure Oil (The)
8
4 293 303
8
3018 3012 2921 303
Jan 1054 Deo
400
100 1024 Jan 5 108128ept 9
92
Do 8% pref
*107 10712 107 107 1.10612 1071
107 10714
107 107
*1063 107
4
4
257 Oct 667 De
8
453
8
4312 443
4: 434 4414 63.200, Radio Corp of Amer....No par 394 Nov 21 777 Jan 2
4214 424 4218 4612 444 463* 443*
De
7
45 4 Oct
60 45 Dee 30 54 Feb 4
46
4.800
46
46
46
Do pre' _
46
46
454 46
46
46
*454 46
Ex-rights. S Trading on New York Stook exchange erupenued
Prices, no sales on this day. s EX-dividend a Ex new rights. se No par.
• Bid and asked
outstanding.
because of small amount of stock
Bee.
New York Stock Record-Continued--Page 5
331
For isles during the week of stocks ususily inactive, see fifth page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Jan. 9.
Monday.
Jan. 11.
per share
$ per share
170 170
*170 174
*33% 34
8
*333 34
113 12
4
8
117 12
54
54%
55
55
1812
•17
1712 *17
122 12412 110 12314
•106 107 *106 108
*107 110 •10612 110
1512
1518 1.5
15
584 6214
6212 63
•9312 94
937 93
8
%
97 10
8
•10
1014
8
97% 9612 973
97
Tuesday.
Jan. 12.
Wednesday, Thursday,
Jan. 13.
Jan. 14.
Friday.
Jan. 15.
Per share $ per share
$ per share $ per share
17012 17012 173 17512 169 17212
17014 171
*333 34 .333 34
8
*334 34
*3318 34
1134 12
8 117 12
1133 117
8
1134 12
54
55
54
54
54
54
53 5312
17
17
18
16% 17
1733 1712 •17
119 12012 121 124
11918 122
1184 12012
*106 108 .106 108 *106 108 •106 103
*106 109 *10612 109 *10612 109 •106 109
14% 14% 15
15
14, 14% 1418 14%
2
595 6112 6012 6112 5912 60% 58
5912
*9312 04
933 9412 1 9412 95
4
'
9414 6412
912 933
914 912
9
918
918 918
96
96% 967 97
8
97
97% 957 9718
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range fe Previous
Year 1924.
Lowest
Highest
Shares Indus. & Miceli.(Con.) Par $ per share
$ per share $ per share $ Per aggro
3,600 Railway Steel Spring
100 12212 Feb 17 182 Nov 12 106
Jan 1374 Dee
Rand Mines, Ltd
No par 3334 Nov 23 391: Aug 5
Jan 3312 Nov
30
18,000 Ray Consolidated Copper_ 10 1134 Apr 22 1738 Feb 9
9 Mar 171: Dee
Vo par 43 Oct I 6014 Dec 14
1,600 Reid Ice Cream
No par
600 Reis (Robt) & Co
10 May 16 2814July 9
9 Oct 161, Jan
13,400 Remington Typewriter___ _100 463 Jan 27 1173 Dec 10
4
3214 Jan 544 Dec
4
Do 1st pref
100 100 Jan 2 10912 Oct 23
9014 July 9934 Dee
Do 2d pref
100 103 Sept 29 11812 Apr 29
Nit May 110 Dee
3,400 Replogle Steel
No par 125
8June 12 2314 Jan 13
714 June 2314 Nov
21,400 Republic Iron & Steel
100 4218 Apr 30 644 Jan 3
42 June 64 Dee
Do pref
1,200
100 84* July 7 95 Jan 13
82 June 90 Mar
No par
1,900 Reynolds Spring
8 July 2
18 Jan 5
9 g May 223 Jan
7
4
13,700 Reynolds(RI)Tob Class B 25 7214 Mar 24 953 Nov 23
4
614 Mar 7934 Dee
Do 7% pref
100 119% Jan 8 122 Apr 29 11514 Mar 121 June
814 ;55" 93lz -65- 1941- 9413 - 1; -65- 49;
65-155- - -1 -55- . 515; -- ;566 Rossla Insurance Co
2
5
25 85 June 25 9712 Feb 20
86 Mar 96 Sept
57% 87% 5614 56% 5612 5633 5633 5812 5614 5612 x5414 5412 14,200 Royal Dutch Co(NY shares) _
4814 Mar 24 57% Jan 81
40 4 Sept 591g Feb
3
2
45
4512 443 443
4 443 413
443 45
4
4
4 4412 4478 43% 4412 4.200 St Joseph Lead
10 353
4July 1 5211May 25
22
Jan 45% Dee
913 931
4
91
90% 9214 90
92
924 94
92% 893 9178 7,100 Savage Arms Corporation_100 4812July 15 1083 Mar 3
4
s
324 Jan 8878 Dee
135 1374 13514 13712 13512 13712 134 137
135 13512
1338 134 8 37,900 Schulte Retail Btores__No par 101%Sept 3 1347 Dec 7
5
8
963 Apr 12914 Aug
4
,
•11614 1178 •117 117% 118 118
117 117 •113 11714 *115 11714
Do pref
100 110 Jan 6 118 Aug 21 105 May 1124 Dee
200
14
133 14
4
14
14
14
137 14
8
14
14
14
14
No par
134 Nov 27 163
2.400 Seagrave Corp
4June 22
239% 233 239% 22514 237
229 232h 22912 23112 122512 22812 29,300 Sears, Roebuck & Co
2394
100 1471:Mar 30 23612 Dec 24
7884 May fil" flee
Shattuck Arizona Copper
10
514 Apr 22
778 Jan 3
4 Apr
8 July
-67 67
-55126813 65's 653 -55i4
;138r2 68
4
Shattuck (F (3)
No par 404 Mar 30 92 Aug 6
4818 484 .473 4812 48
4
*4812 4912
47
47 47
4814 47
800 Shell Transport & Trading_ 82 3912Sept 23 49 Dec 28
33 Jan 42 DeO
2712 27% 2718 27% 263 273
4
8 267 273
8 263 2718 26% 27
4
No par 21% Aug 12 2812 Dec 31
44,400 Shell Union Oil
15 4 July 224 Dee
3
104 105 *104 105
10414 10414 104 105
104 104 *104 105
Do pref
100 9912 Jan 2 108% Nov 5
600
9112 Jan 9911 Dee
2612 25
, 2512 263
2612 2738 25
2614 2512 261
8 24% 25% 29.700 Simms Petroleum
10 1734Sept 3 263 Jan 12
4
1035 Jan 24 Dee
5378 54
5318 53% 534 54
535 537
8 5312 53% 53% 53% 4,300 Simmons Co
No par 3114 Mar 17 544 Nov 2
22 Apr 37 Dee
2212 2112 2214 217 223
2
22
8 22% 2318 22% 2314 213 22 8 78,400 Sinclair Cons 011 Corp_No par
17 Jan 6 247 Feb 2
4
7
g
15 July 27% Jan
92
0114 92
9118 91% 9118 93
92
•92
Do pref
9314 •9214 9212 1,100
100 783 Jan 2 944 Feb 3
4
75
Oct 90 Jan
31
31% 3014 31% 30% 3118 303 3112 31
4
313
25 213 Mar 30 3212 Nov 14
3018 3012 26,600 Skelly Oil Co
4
4
1712 July 29 Feb
134
1303 133
4
128 131
134
129 1303 12612 12814 12114 12612 6,00 Sloss-Abefneld Steel & Iron 100 8014 Mar 30 14312 Dec 8
4
52 May 847 Dee
.
114 115
11378 115
117 118
115 11922 11712 119
114 118
6,000 South Porto Rico Sugar_ _ _100 62 Jan 6 1094 Dec 31
118
Ost 957 Mar
s
18
*15 __-- *15
153 153 .1514 18 .153 18
4
4
4
No par 134 Dec 16 24 May 28
•153 18
4
100 Spear & Co
82
*8112 82
*81
82
82
81
82
8212 •81
Do pref
82
•81
100 7814 Dee 16 92 May 19
600
284 2812 28
2812 2733 273
4 28
28
2714 28% 4,700 Spicer Mfg Co
27% 28
No par 1512 Feb 17 367
8Sept 23
June 16 "f•We
•101 102 •101 102
101 101 *10114 102 .10114 102 •10112 1013
Do pref
100 92 Apr 1 108 July 10
4
10
78 July 98 Dee
14
57
5714 5612 574 5612 5714 5235 5714 56% 59
8
5712 58% 35,30 Standard Gas & El Co_No par 4014 Jan 2 61 Oct 16
314 May 4158 Dee
84
84
84
8512 8312 843 •
4 8312 8412 •84
85
Standard Milling
813 8312 4,500
4
100 62 May 19 88 Dec 28
3912 May 734 Deg
87 .81
87
8712 .85
87
*85
87
85
*8212 85
Do pref
85
8.80
100 81 Jan 20 863 Dec 30
4
70 July 85 May
5818 5914 57 4 5812 577 583
6812 591
,
8
4 577 58% 57% 5818 103,000 Standard Oil of California_ 25 .5111 Aug 13 8714 Feb 2
5512 Apr 681g Jan
44
4413 4418 443
4412 451
4514 44
43% 44% 59,400 Standard Oil of New Jersey 25 3838Mar 30 4'74 Feb 3
4 44% 447
33 May 4214 Jan
11714 1171 11714 11714 117 11714 11714 11714 11714 1173 117 11714 2,600
Do pref non-voting
_100 116'4 July 7 119 Feb 24 115 4 Mar 1194 Aug
8
3
6% 67
6% 67
63
4 684
67
8 67
54 Aug 31
63
4 63
900 Stand Plate Glass Co__No par
16 Jan 16
6% 63
4
4
131s Oct 8514 June
8612 861
863 87
8
87 87
No par 6214 Mar 25 82 Dec 31
Sterling Products
8718 871 284
85
8718 874
1,800
5512 Apr 6513 Nov
8912 901
867 891
8
8733 89
89
-Warn Sp Corp_ No par 55 Mar 18 0012 Dec 18
903
8712 90
86
8712 36,200 Stewart
484 July 1007s Jae
78
743 743 .74
4
*76
76
*75
77
73
•7512 78
800 Stromberg Carburetor_No par 61 Mar 18 895 Oct 27
54l May 844 Jan
8
7312
5812 59% 5712 583
5712 58'2 573 5814 5712 581
56% 57% 46,600 Studeb'r Corp(The)newNo Dar 4114 Jan 28 684 Nov 2
4
3011 May 4614 Dee
*120 1231 •120 12318 *120 123 •120 1231 •120 1231 •120 12312
Do pre(
100 112 Mar 13 125 Sept 29 10974 Nov 115 Jae
314 31
314 3%
314 314
3
31
No par
3% 3% 8,700 Submarine Boat
3 Oct 15 12 Mar 6
3
31
6 Nov
1238 Dee
384
312 4
312 3
3
2 Dee 22
312 3%
33
No par
4 37
314
614 Feb 9
312 33
24 Jan
4 8,400 Superior Oil
8ta Aug
*253 28
•25% 28
4
253 253 *24
4
*24
28
*24
28
100 20 May 1 414 Jan 10
100 Superior Steel
28
23 July 35 Dee
131 •12
•I2
1312 12
12
*12
13
12
50
•1112 12
54 Mario 1513 Oct 26
12
200 Sweets Co of America
lag Sept
3 San
•1312 14
1312 13% 1312 1322 1314 131 .1314 131
1314 1314
101 Jan 15 207 Sera 18 ,
1,500 Symington temp ctfs__No par
s
2014 20% 2014 2012 *2014 201
• 2014 201
2018 201
Class A temp ctfs _ _No par 193 Dec 30 261sSept 18
4
20
20
1,200
• *133 141
4
144 1414 •I4
141
1412 •14
143 14% 14
14
8
400 Telautograph Corp__ __No par 11 Aug 14 1614 Nov 7 "61"4 June "fig; Dec
1414 141
144 14% 137 1433 1333 14
768 Apr 1
No par
16 Dec 7
13% 141
12,200 Tenn Copp & C
13% 14
65. Mar 95 Jan
5218 53
5212 53
5218 52% 523 523
8
51% 52% 40,600 Texas Company (The)___ _ 25 4234 Jan 6 55 Dee 29
5214 523
37% June 4533 Jan
12018 122% 11912 12112 12018 1213 120% 122
12214 123
10 9712 Feb 17 1217 Dec 31
12114 12212 16,800 Texas Gulf Sulphur
8
5714 Apr 110 Dee
8
183 1614 173 19
4
8 18
1733 183
10 1078 Aug 27 233 Feb 6
4
17% 18% 1618 1712 35,500 Texas Pacific Coal & OIL
181
8 Oct 1514 Feb
343 343
4
3414 35
4 3412 35
343 351
4
100 3014Sept 2
367 Dec 1 11614 Oct 161 Feb
8
343 35% 14.700 Tidewater Oil
4
35
351
2
54
543 55
54% 5312 5414 5414 543
594 Oct 80
4
8
54% 541
12,800 Timken Roller Bearing_No par 373 Mar 1
527 54
818:May 41
Jan
10012 101
10018 102
101 1023 10214 1041 100% 102% 997 10118 48,900 Tobacco Products Corp-100 70 Jan
4
10134 Nov 20
8
52 Apr 738$ Dee
*10814 10833 108 110
10912 11014 11012 1111 1103 110% 1093 1103
100 931s Jan 2 1103g Nov 27
Do Class A
4
4
4 7,300
834 Mar 9315 Ge
t
418 433
8
414 43
44 414
67 ay 9
4M
4% 414
31:Sept 26
4
414 23,100 Transc't'lOiltere citf new No par
44 414
34 Apr
61 Jan
4
•2512 27
*2512 27 .25h 27
.2512 27
Transue & Williams BVI No par 2412Sept 25 35 Jan 10
•2512 27
284 Oct35 Jan
*2512 27
14
6112 62
6112 62
6018 603 *60% 6112 6014 61
25 381s Mar 26 6514 Nov 2
4
594 6014 4,900 Underwood Typewriter
361e Sept43 Jan
66 663
4 6412 6612 8412 8522 65
6518 65
6538 61
334 Sept6433 Feb
63
4,300 Union Bag & Paper Corp 100 36 Apr 1 80 Oct23
3978 3814 393
39
8 3818 39
38% 39
25 33 Oct 19 43 1 Feb 5
3
35 Nov 39 Nor
13712 38% 18,000 Union Oil, California
38% 39
•90
93
92
92
•87
92 .88
93
94
100 94 Deo 30 134 June 19
92
9212 92
94 Jae 132 Sept
7
800 Union Tank Car
•11312 115 •11312 11512 *11312 115 •11312 115 .11312 115 *11312 115
100 11314June 17 1174May 6 1084 Feb 116 July
Do pref
/
1
4
28% 2812 28
2833 2712 2914 2714 2812 27% 28
No par 24 May 15 Mrs Mar 4
20 Oct 37 Feb
27% 273 10.200 United Alloy Steel
9218 94
90
93
90
9212 90
9114 873 90
9112 90
25 6014 Jan 6 1151s Nov 9
4211 June 6414 Nov
4
37,300 United Cigar Stores
159 15914 156 15812 156 1577 15712 15814 157 15812 15412 1561
100 110% Feb 4 16212'Oct 31
71 May 1214 Dee
7,000 United Drug
•5614 58
567 56% 567 57
574 5714 .574 58
256h 561
Do 1st pref
50 52 Jan 16 681: Nov 5
700
464 May 53 Dee
240 240
23812 241 .235 240
240 240
24112 24112 240 240
1
100 2047 Mar 31 246 Sept80 182 Jan 2244 Ant
1,300 United Fruit
27
2778 2614 2712 2814 285
26 Dec 28 507 Feb 11
8
8
8 26% 2612 Mg 2818 263 267 15.400 Universal Pipe & Rad No pa
13 July 48 Dm
•77
78
77 77
.72
7612 7612 7613 77% 7812 •7214 743
100 85 July 10 94 Feb 11
8 1.500
4711 Oct 70 Dee
Do pref
*206 20812 192 206
200 2053 .20012 2034 19912 202
4
193 199
7,500 U 8 Cast Iron Pipe & Fdy_100 13114 Apr 22 250 Feb 11
84 Feb 1694 Dee
8 1003 1005 100% 101 101
•10012 102
100,
4
8
10114 10114 101 101
100 91 July 11 113 Aug 21
Do pref
700
8174 Jan 1044 Oct
5312 53% 5312 5633 54h 58
5412 55
5418 541
53% 541 22.400 US Dlstrib Corp tern ett No per 3018 Feb 17 6314 Dee 11
21,434a7 42 Dee
*200 250 .200 250 .190 250 •190 250 *200 250 •2164 Do pref
100 130 Mar 9 250 Dec 11
98 July 168 Dee
514 52 8 513 513
7
8
4 51
5212 5114 513
4 513 .521
5118 52% 6,800 US Hoff Mach Corp to No Pa
4
23 Jan 3 49ls Oct 17
•
164 Mar 244 Oct
7418 75
725 7412 7233 7314 74
8
7512 73% 743
4 734 74
100 7014 Dec 7 98 Oct 24
10,200 U S Industrial Alcohol_
111 Is May 3714 Dee
•102 105 .103 104
104 104
1043 1043 *10112 105 •103 10412
4
4
100 102 Dec 8 115 June 22
Do pref
200
98
Jan 1064 Dec
U 13 Realty dt Improv't
100 11412Mar 80 1841g Nov 2
90 June 1484 Dee
-8114 8318
795 83
78'2 82
80 lizi "798 8223 - 1;666 United States Rubber_ __.100 331t Mar 30 974 Nov 13
s
8
2211May 427e 341)
*1073 10814 107 107% 10714 10714 10712 108
8
108 1083 •108 10812 1,600
8
Do let pref
100 924 Mar 30 1084 Nov 14
6612 May 957 Dee
s
48
4814 4714 48% 474 47% 474 4734 47
4714 46% 46% 2,500 US Smelting. Ref & Min
50 30 Feb 17 61 Dee 29
184 Mar 4113 Dee
*4812 4912 *4812 491
4818 481 *4812 4914 .4812 4914 *48% 4012
Do prof
1,000
ao 44 Apr 16 494 Des 23 374 Mar 4673 Dec
136 13714 13314 1365 13414 1364 135% 137
8
134 13614 13212 13434 454,400 United States Steel Corp 100 1124 Mar 30 1394 Nov 7
944 June 121 Dec
126 1264 125% 1261 126 12614 12584 12614 12618 12618 12618 12614 3,500
100 12214May 7 138 Nov 6 1184 Feb 123 July
Do Prof
•98 110
*98 100
*98 110
•98 105
08
98
*90 101
100 Utah Copper
10 82 Mar 19 111
64 Jan 883 Dee
4
35
34% 35
354 3418. 3412 3414 34% 333 34% 6,100 Utilities Pow & Lt A-No Par 30 Aug 27 38 Nov 18
34
354
4
Aug a
4 3114 31% 314 313
313
3112 313
31% 317
31
8 31
31
4 3.800 Vanadium Corp
shlay 4 844July 9
No par 253
12 s
IUls June - -1- Feb
*19
20
21
20
20
20
•1812 24
*21
25
*21
25
200 Van Raalte
No par 1514 Aug 20 267 Noy 7
s
154 Oct 11314 Jan
1170
751 .70
751
70
754 .70
70
70
70
*70
754
200
Do 1st pref
100 60 Apr 1 80 Nov 16
Jan
53 Sept go
112
12
*112 2
•112 2
112
11
•114
1%
1%
I%
300 Virginia-Caro Cbem__ _No par
83
112Sept 23
4July 9
3 June 1033 Jan
4
*812 11
.813 11
*812 11
•812 11
•812 11
*812 ii
812 Jan 6 2311July 8
Do pref
100
212 June 343 Jan
4
*114 13
13
4 •114
•114
13
*114
13
1%
*14
138
13
4
47 July 9
5
100
Do "B"
Aug 28
No par
as June
7 Jan
2578 261
25% 26
25% 26
26
261
255 2612 26
8
265 16,000 Vivadou (V) new
8
714 Jan 13 284 Dec 21
No par
44A July 151g Jan
173 17% 1714 17% 17
8
171
174 17% 17% 17% 17% 1712 4,400 Waldorf System
No par 141: Aug 10 194 Jan 3
14 Apr 20 Nov
192 192
192 192
*192 195
192 192
190 192
190 190
700 Ward Baking Clam A_ _No par 116 AM 30 198 Dec 10
817
81
8214 8314 8012 83
81
82% 81
81% 8014 81
29,500
Class B
No par 3714 Mar 30 954 Oct 3
110 110 •110 112
•10812 110
110 110
110 110
11012 11012 1,000
Preferred (100)
No par 941 Feb 11 112 Dec 9
:
•1738 173
1712 17% 1714 171
4 1712 173
1712 1712 17% 1738 1,900 Warner Bros Pictures A _ -- 10 1714 Dec 22 227 Oct 16
s
•43
46
47
•42
47
*45
*42
47
•4882 47
483 46%
8
300 Warren Bros
No par 43 June 24 5012July 6
8212 82
831
8212 8312 81
8312 8512 8112 8512 834 81
9,500 Weber & Helibr, new_c No par 51 Apr 17 1004 Dec 18
Western Elee 7% pref___ _100 110
1175*June
15:64 136 i5e- 137 13633 137 13714 111 1574 1161- 11,200 Western Union Telegralith_100 11614 Aug 15 1447 Sept 25 1114 "Aii iff July
iaSi8
:
Jan 2
s
18 105 May 1183 Dee
4
124 1254 12314 12612 12312 1243 12314 125
4
123 12514 172214 12212 6,200 Westinghouse Air Brake_.- 50 97 Ain 9 144
2 73%
Aug 17
$4 Jab 111 Dee
8
4 733 7414 734 733
7414 7
73% 73%
54 73% 743
16,600 Westinghouse Elea & Mfg- 50 6614 Mar 28 84 Jan 3
551s May 75 MAY
174 16% 17
174 17
16% 17
•1612 1714
17
17
17
2,800 West Elee Instrument
94 Apr
2012 Aug 17
2812 2812 2814 2812 28% 28% 2812 283 *284 2812 28% 2812 2,000
4
Class A
194 Mar 81 284 Dec 10
123 123
123 124
12312 124
122 124
12314 1237g .122 12312 1,400 West Penn Co
No par 971 Sept
‘
145 May 21' 474 Jan 127 Dec
9612 *95% 97% *0512 0612 •967 9734 .9512 97
*94
97
*95
8
Do 7% pf tem ctf new_100 94 Apr 3 100 July 22
874 Arp 97 Dec
8 27% 27% 263 267
27% 27% 2712 2712 273 27% 27% 277
4
g
2,400 White Eagle Oil
No par 2512 Aug 28 313 Feb 2
4
234 May 29 8 Feb
3
85
8218 84
8312 8412 8212 83% 8012 8212 22,800 White Motor
84% 82
84
50 574 Mar 30 10412 Aug 18
604 Apr 7212 Dee
37
37
3612 3612 36
36
*3612 37
*36% 3
7 *36% 37
400 White RR, M & 8 ctle_No par 321: Dec
3
314
493 Aug 7
s
3
3 14
3% 314
3
3
3
34 34
318 2,400 Wickwire Spencer Steel Mt _ _
5 sMay 15
3
2 Dec
_
3314 31% 323
4 31% 3214 30% 31% 29
323 33% 31
4
305 215,800 Willy,
8
-Overland (The)._ _ _ 5
91g Jan 26 347g Nov 4
67s May 041, Jan
4
9312 923 9312 92% 9314 .92% 93
9212 92% 2,000
*93
•9252 03
Do pref
100 7214 Jan 28 12378 Dec 7
614 May 88
Jan
*43
4 53
*4% 512 *4% 5
4% 4%
4 .4h 5 2
,
'43
4 514
10)5 Wilson & Co.Inc
No par
44 Dec 31
1834 Mar 7
41s May 28 Jan
•17
20
*17
19
•I 7
23
19 .17
•I7
20 .17
20
Do pref
100 17 Sept
60 Mar 7
11
Aug 724 Jan
4
20914 2133 20612 213
20412 20958 205% 20914 20312 2058, 44,5011 Woolworth Co(F W)
214 215
25 11214 Jan 28 220 Oct 29
724 Apr 1263 Dec
4
4212 4214 42% 42
4214 41
4314 4314 424 42% 42
417
3,400 Worthington P & hi
100 354 Aug 12 79 s Jan 2
3
2314 June 81 Dec
7912 *77
*764 7812 *76
7812 *77
7812 7812 78%
*7614 79
100
Do pref A
100 76 Nov
88 Jan 9
:
93 July 891 Dee
84
.81
*6212 64
.61
61
•61
64
.61
*6214 64
64
Do pref B
100 58 Aug 1
764 Feb 11
5812 Jan 753 Dee
4
28
274 27% 2714 27% 2712 27% 2714 274 2.400 Wright Aeronautical_
27
28
28
_No par 16 Mar 30 323
2July 1
94 May 233 Dee
6
56
54
5414 •54
*54
56
5514 563 .54
*5414 56
56
4
500 Wrigley(Wm Jr)
No par 4512 Mar 30 5714 Oct 27
35 Apr 464 Dee
63
6212 6212 63 63
63
6314 *633 66
63
4
63
63
600 Yale & Towne
25 62 Sept 23 70',July29
Yellow Cab Mfg tern etre__ 10 3312 Feb 1
:
3
32 Nov 11 'Kilt
"RWR;
*A
11 one vg.........n.” •311, 4 T Vs on. en mar 27 48% Oct 1
,
..,
9211 Nov 7
593 Oct 72 Dee
4
•Bld and aske ;glees. no sable in this day s 1112-11v1dend. I Big-rIghts S New stock on the bask oil new share ter Sold shares.
332
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
/so. 1 1909 &la Esakaw sato/ of rioting bends was clanged and prices are am. "and interely•-except for 011a0ile all defaulted hones.
Prise
Friday
Jan. 15.
BONDS
N Y. STOCK EXCHANGE
Week Ended Jan. 15.
Weak's
Range or
Last Sail
Range
Year
1925.
HIM No.
Ad Low
Ins
U. a 0
mint.
First Liberty Loan
334% of 1932-1947
.1 D100333 Sale 993823100.22 1204
1
j D 100 1011124 100 100
Cony 6% of 1932-47
j D1024"Sale 101133210M 276
Cony Ajd% 01 1932-47
1011.34Dec'25 --a D 101 102
26 cony 434% of 1932-47
Second Liberty Loan
12
45 of 1927-1942
MN 100 100.12 991132100432
ss N 100"n Sale 1001%100113 718
Cony add% of 1927-1942
Third Liberty Loan
688
i s 1003.32 Sale 1003132101
ts
434% of 1928
Fourth Liberty Loan
.32102.n 1577
Sale 1013
A 0 102
434% of 1933-1938
41
Treasury 448
1947-1952 A 0 1061.32 Sale 10614321061.3
21
Treasury 48
1944-1954 J D 103132 Sale 1023832103133
State and City Securities.
5
100
NY aty-434e Corp atock_1960 NI D 100 10012 100
4345 Corporate stock
1964 M 13 10012 101 10012 Jan'26
43:8 Corporate stock
1968 A 0 10012 101 10012 Jan'26
4348 Corporate stock
1972 A 0 1008 10118 10034 100'4 50
3
6348 Corporate aka*
1971.7 go 10514 10588 10512 10512
4M a Corporate Mock-July 1967 3 J 105 10512 10434 Dec'25
8
430 Corporate stock
434s
1965 J D 104% 1053 10518 Jan'26 ____
4
4345 Corporate Mock
1963 M 5 1043 10514 10412 Jan'26
6% Corporate stook
4%
1959 Pi N 9718 ____ 9714 Dec'25
8
6% Corporate stock
1958 MN 975 ____ 9714 Dec'25
8
• 4% Corporate!Mock
1957 pA N 975 ____ 98 Dec'25..
4% Corporatestock
1956 M N 9678 9738 9612 Dec'25 ____
9878 9738 96 Oct'25 ____
4% Corporate stock
195
N
ga% Corporate stock_1 56 M N 104% 105 1048s Dec'25 ___ _
.97
% Corporate stock
1957 M N 105 Sale " 105
1
1
5
88
336% Corporate stk_May1954 MN 88 Sale 873
334% Corporate elk _Nov 1954 M N 88 8812 88 Oct'25
New York State CanalIm-481961 .1 .1 --------101 Dec'25
45 Canal
1942 .1 J ____ ____ 10118 Mar'25
,
4365 Canal impt
1964 e .1 --------1097 Aug'25
__
____ ____.10278 July'25
4s Highway impt register'd1958
Highway Improv't 4348_1963 M S ____ ____ 10812 Oct'25 _ __
Virginia 2-35
1991 1 J 644 ---- I 7612 Feb'25 _ --Forolon Government.
80
Argentine (Nat Govt of) 71.1927 F A 102 Sale I 10178 102
963 120
8
Ei 1 Se of June1925 temp 1959 j D 964 Sale 96
9612 229
Ertl 816s of Oct'25 temp_1959 A 0 964 Sale 96
9718 112
Sinking fund 65 Sea A
1957 M a 974 Sale, 9612
9634 76
4
External 65 series B_Dec 1958 J D 963 Sale 9814
8712 48
1946 roe 5 8712 Sale 8612
Argentine Treasury 584
9718 437
Australia 30-yr 5sJu1y 15 1555 3 j 9678 Sale 9634
8
Austrian (Goat)11 71
1943 J D 1007 Sala 10034 10114 32
42
4
Belgium 25-yr ext at 7348 9_1945 J D 1093 Sale 10928 110
10814 25
-year.185
20
1941 F A 107 Sale 107
126
94
25
-year ext 634s
1949 M a 9312 Sale 934
87 235
Ertl a f as inter rota
1965.7 j 8638 Sale 86%
9612 184
.Ext1 6 f 7s lot Ma
1955 J D 963, Sale 9514
Bergen (Norway). f 88
1946 MN 11388 11434 11312 11418 21
9812
984 13
25
-year sinking fund 68_1949 A 0 9812 99
8718 46
Berlin (Germany) 6345
1950 A 0 87 Sale 8634
4
8
Berne (City of) a f 85
1945 M N 1073 Sale 10734 108
, 974 27
8
Bogota (City) ext'l a f 88_1945 A 0 967 sale 967
96
98
Bolivia (Republic of)86
1947 NI N 98 Bale 97
833
4 84
Bordeaux (City of) 15-yr 68_1934 M N 8312 Sale 83
Brazil U El. external 85
1941 J D 10238 Sale 10112 10212 162
893
4 67
4
76 (Central RY)
19523 D 893 Bale 8918
6
106
73is (coffee secur) L(flat)3952 A 0 10512 10612 106
984 95
Buenos Aires (City) ern 634.1956.7 j 9814 Sale 9714
3
Canada (Dominion of) g 58-1926 A 0 1004 Sale 10018 10018
4
55
1931 A 0 1013 10218 10218 10214 62
10212 88
10
-year 5340
1929 F A 102 Sale 102
1962 MN 1034 Sale 1033, 10312 54
58
Carlsbad (City) 8 1 8s
1954 J j 102 1023, 1014 1014 25
4
Chile (Republic) ern a f 88 1941 F A 1083 Sale 10814 10912 36
External 5
-year a f 88
1926 A 0 10212 Sale 10212 10234 11
27
20
-year inn 78
1942 MN 10012 Sale 10038 101
32
109
1946 MN 108% Sale 108
25-year.781
958
33
Chile Mtge Bk 63is June 30'1957 J D 9512 Sale 95
4634 37
Chinese(Hukuang BY)5.__1951J D 4614 Sale 4512
Christiania (Oslo) 5f 86
1945 A 0 11038 11034 1103, 11034 12
30-year a f 68
1954 M 5 100 --__ 9988 Jan'26 --993, 49
80
-year a f 65
1955 IVO N 993, Sale 99
1004 13
Colombia (Republic)630 1927 A 0 100 Sale 100
84
99
Copenhagen 25
-year 5 f 530_1944 3 J 9812 Sale 9812
11
96
Cordoba (('rov) Argen 76_1942 J J 953, 9614 96
4
1
4
993
Cuba 55 01 1004
1944 RI 13 993 1004 998
994 22
4
External 531 of 1914 Bee A.1949 F A 993 Bale 9812
8912 8912
1
8912
Fxternal loan 414e
1949 F A 87
4
1953.1 J 1023 Sale 10112 10234 138
53is
Czechoslovak (Repub of) 86_1951 A 0 10034 Bale 10034 10112 28
10112 51
Sink fund 8aSer B int etfa_1952 A 0 101 Bale 101
9638 165
1945 A 0 968 Sale 96
Ext'l 5 f 7345 ser A
Danish Con Municip 88"A"_1946 F A 11034 Sale 11012 1114 38
12
1946 F A 112 Sale 11012 112
Series B e f 8e
*
Denmark external 51 85
1945 A 0--------1097 Oct'25
20-year 68
1942 J J 1027s Sale 10234 10314 31
Dominican Rep Con Adm a f 58'58 F A 10212 ____ 102 Jan'26
964 123
Custom Adminbar 534a-1942 NI 8 964 Sale 94
41
4
Dutch East Indies ext (IN
1947 J J 1043 Sale 10438 105
1962 M 5 10418 Sale 104% 1047s 63
40-year 68
1953 M 13 10214 Sale 10218 10212 35
30
-year ext 530
1953 MN 10214 Sale• 10214 1028 31
-year ext 5348
30
10238 162
French Repub 25-yr ext 89_1945 M 5 10118 Sale 101
4
9814 296
20-yr external loan 730_1941 J D 977 Sale 973
90% 429
External not 1924
1949.7 D 894 Sale 8928
9012 12
Finnish Mun La 630 A___ _1954 A 0 9012 Sale 90
4
903,
9038
91
1954 A 0 90
External 630 Series B
8812 26
1945 M S 8814 Sale 88
Finland (Rep) ext 612
17
96
4
External e 7 75
1950 7.1 8 953 Sale 9588
4
German extenutiloan 78----1949 A 0 1013 Sale 10138 10134 619
9412 92
German Cent Agric Bk 76_1950 M 5 9414 Sale 94
4
Gt lint & Bei(UK of) 5345-1937 F A 1043 Sale 1044 1033, 85
4 11818 111
1929 F A 11818 Sale 1173
10
-year cony 5145
964 39
9538 Sale 9412
Greater Prague 730
24
86
8
857 Sale 8512
Greek Goat 78
fril
9612 69
1952 A 0 9612 Sale 9618
Haiti (Republic) 66
8
964 61
4
Hungary (Kingd of) 51 7345_1944 F A 943 Sale 943
106
100
Ind Bank of Japan 6% notes 1927 F A 100 Sale 997
945 797
Italy (Kingd of) exta 721_ _ _ _1951 J D 9412 Sale 944
170
86
8
1931 J ./ 8518 853 848
Japanese Goat E loan 42
8
9314 407
1954 F A 9314 Sale 927
30
-year 816 Ms
864 13
Oriental Development 66..1953 M B 8614 Sale 8512
833
4 53
-year 68_1934 M N 8312 Sale 83
Lyons (City of) 15
8388 65
Marseilles (City of) 15-yr 81_1934 M N 8312 Sale 83
Mexican Irrigation 4301943 M N 3258 33 29 Nov'25_
4
3388 30
1943---------- 298
Assenting a f 430
4312 16
70 434
Mexico(U 5) eat! 55 of'99 I 1945 Q J 40
4
4212 88
4112 Sale 393
1945
Aseenting 58 of 1899
5
4034
40% Sale 4034
Assenting 5s large_ _ _ _ ------Assenting 55 small
.-- ---- -- -- 374 May'25
7 6
26
Oct'25 ___
2612 27
1964
Gold deb 4, of 1904
2414
2 23 50
8
2638 Sale_ 23% Au387
&wonting 48 of 1904
--Assenting 4/3 of 1004 small
3114 2588 Oct'25 _
i-- ../ ":ii.- Lesenting 48 of 1910
3112 29
3112 Sale 30
Assenting 48 of 1910 large
2734 115
27% Sale 2512
lamenting 4. of 1910 small.8
8
5
--i ____ ____ 467
467
Trees68 of'31 aiment(large)'33 3
16
46
48, Sale 44
Small
9612 29
4
19523 D 953 96% 96
Montevideo 75
36
19431F A 10078 Sale 10014 101
Norway 20
-year mai (18
78
1944 F A 101 Sale 10012 101
20-yearlexternal 88
10154 24
1952 A 0 10188 Sale lOt
30
-year ext166
953
9534 59
40
-years 1534.temp_ __1965.7 D 9512 Sale
V.
$5=£1. a Due Jan. h Due July. k DUe Aug. p Dna Nov
Price
Friday
Jan. 15.
BONDS.
N.Y.STOOK EXCHANGE
Week Ended Jan. 15.
Range
Year
1925.
Week's
Raape or
Last Sail
High No,
Bid
AM Low
10812 Sale 10814 1084 15
Netherlands 6s (flat prices) __I972 ra
30
-year external 6s (flan-1954 A 0 10438 Sale 10438 10434 66
99
9ii 0121,1
02"42 Panama (Rep) 5345 tr reot1_1953 D 10112 102 10034 10134 14
100
23
102% Sale 102% 103
1011522 03122 Peru (Repel) ern 85
8
8812 Sale 6734
6812
Poland (Rep of) g 65
100"n 103
1940,
l
ot
8934 418
8912 Sale 88
Ertl f g 8sinterim rects-1950 j
7
9911n 01"n Porto Alegre (City of) 85_1961 jD 99% Sale 99% 100
6
11218 1124 111% 11214
1001.n 01"32 Queensland (State) ext al 75 1941
2
105
105 Sale 105
6s
25
1947 -year
9914 Sale 98%
9914 21
1002822 0242 Rio Grande do Sul thi
93312 38
Rio de Janeiro 25-yr 6 1 8819:46: A 0 98 Sale 97%
12
98 Sale 98
98
1011422 031522
25-yr ern 85
A
1044 35
1041122 08"42 Rotterdam (City) external 681964 M N 10418 Sale 104
22
4 106
1001.3204"a El Salvador (Rep) 85
1948 3 j 106 Sale 1053
5
10218
Sao Paulo (City) a 1 88
1952 MN 10218 Sale 102
99% 10112 San Paulo (State) ext ef thi_ _1936 j j 10334 Sale 10212 1033
4 74
10018 103%
External,f 88 lot recta_ I950 j J 102 Sale 102
10314 74
8
1014 1023 Seine (France) ext 78
88 Sale 8712
88% 80
158
10014 10314 Serbs. Croats & Slovenes 88_ 1942j N 92 Sale 9114
92
26M N
962 m j
3
7
84 Sale 8312
84
1043 10812 Salmons(City) 65
4
104% 107% Sweden 20
-year 65
1939j D 10418 Sale 10418 104%
75
10412 108
External loan 5348
1954M N 10134 Sale 1014 102
4
11634 Sale 1163
104% 1083 Swiss Confeder'n 20-yr af 85 1940 j
4 11714 15
59
974 10014 Switzerland Goat ext 530_1946 A 0 10334 Sale 10314 104
9714 1003 Tokyo City 58 loan of 1912_1952 M S 67% Sale 67%
2
/
4
67%
18
100 Sale 9934 100
9714 10018 Trondhjem (City) extl 830-19
1
1
Uruguay (Republic) ext 812-1946 F A 110 Sale 1104 1101s
ru
9612 100
11
96 983 Zurich (City of) f 85
4
944j 0.1 108 108% 10878 109
45A
10412 1075
8
Railroad.
Oct'25 -10414 107% Ala Gt Sou 1st cons A 58-1943 J 0 10118 102 102
1 6 A 1111
87% 90% Ala Mid hat guar gold 58-1928 MN 10014 ---- 10112 Jan'26 -9418
_ 944
8412
1
Alb & Susq cony 330
87 91
14
84 84 Oct'25 _-03% Alleg & West 1st g 48 gu
1004 1
1998 A 0 82
92% 94 92% Jan'26 -1011, 1014 Alleg Val gen guar g 48
1942 M
7678 59
109% 11414 Ann Arbor let g 45__July 1995 Q .1 76% Sale 7612
9014 200
1027 103 Atch Top de S Fe
8
-Gen g'48-1995 A 0 904 Sale 8988
8914 Jan'26
10812 114
Registered
A 0
764 764
Adjustment geld 4a_July 1995 Nov -857g T7.-- 8534 Jan'26 -85%
4
Stamped
853
July 1995 M N 85% - - 8518
4
10114 10314
Registered
MN 824 8314 82 Nov'25 -9612 974
4
Cony gold 48 1909
843
4
1955.7 D 8434 Sale 843
5
8588 26
Cony 48 1905
95% 9714
1955 D 8518 Sale 8512
95 97 4
1
8
Cony g 4s issue of 1910_1960 J D 8334 857 834 Jan'26
9914 Sale 994
9414 97
9912 20
East Okla Div let g 4a
1928 51 S
8634 88 8812 Jan'26 -8112 89
Rocky Mtn Div let 4a
1965 J
wag go%
89
4
Trans
-Con Short L hit 45.19583 J 89 Sale 8812
931s 101%
9678 94% Jan'26
Cal-Ariz let & ref 430"A"1982 M B 95
9014
4
9014
107 1101 Atl Know & Chi Div
5
MN
103 Dec'25
106141093, At! Know & Nor isle 5a
1946 J D
Atl & Cheri A L lat A 430-1944 J J 965 -- 4 96% Dec'25
8390 4 96
1
4 9
10314 104 1034 10318
834 8814
lat 30
-year 56 Series B_1944 J
8512 July'25 _
94 984 Atlantic City let cons 45 1951 J .1
93 Sale 9212
93
15
10818 1154 All Coast Line 1st con 48.81952 M
9612 99 8
7
9
10
-year secured 7.
1930 M N 107 Sale 10612 107
9518
7
9014
87
General unified 430
19843 D 9538 984 95%
9434 75
107 11112
L dr N coil gold 412____Oot 1952 MN 9434 Sale 937
78
9
94 98
Atl & Dana 1st g 48
19483 J 7772 Sale 77%
893
8 18
92% 99%
2d45
1948 3 J 6814 Sale 684
80 893 Ati&YadIatgguaz4a j949 A 0 7534 98 787g Dec'25
4
96 10312 A&NWletgug 5o
99% Dec'25
19413 J 9934 101
904 16
Balt & Ohio ling 48July 1948 A 0 9014 Sale 9014
8014 91
8838
2
_ 88%
10312 10812
Registered
July1948 Q J 89
947 365
3
10-year cony 434a
9515 100 4
1933 51 S 95% Sale 9414
100 102%
9578 121
Refund & gen 58 Sorted A_1995 J D 9538 Sale 954
10138 10312
10334 941
1aty
10..ear int ctfa
g56 s
o
1948 A 0 1034 Sale 03
10112 103%
1929 J J 10314 Sale 0278 10314 213
1014 105
10612 143
Re!& gen 6s ser temp_1995 J D 10538 Sale 05
91
41
96 104
PLE&W Va Sys re146_1941 MN 9014 Sale 9018
1064 110
994 399
Southw Div 1st 5s
h95OJ J 99 Sale 983
7714 61
100 10312
Tol dc Cin Div let ref 48 A19593 J 76% Sale 75
8
98% 103 Battle Cr & Stur 1st gu 38 1989 J D 60% 62 623 May'25
10614 11014 Beech Creek let itU 48
9312
6
9312 Sale 9312
1936 J
4
4
93% 965
Registered
J D 9114 95 903 Nov'25
404 5112 Beech Cr Ext 1st g 3348_-_-1951 A 0 78
7812 7714 Dec'25
1094 112 Big Bandy 1st 46
__. 8934 Dec'25
19443 D
964 10112 B & N Y Air Line 1st 48_1955 F A 8978744
73
74% 74
6
go% 10014 Bruns & W 1st gu gold 4a_1938 J .1 93
94 924 Dec'25
02 Dec'25
9914 10114 Buffalo R & P gen gold 5-1937 M
10112
4
8814 30
9414 100
4
Consol 434s
1957 M N 873 Sale 873
9512 9812
8258 May'25
Registered
MN
964 10212 Burl C R & Nor let 56
8
- .
1934A 0 15114 16118 007 Dec'25
9314 100
Canada Sou cons go A 58_1962 A 0 10314
-- 0314 10314 20
984 Canadian Nat 4348_Sept 15 1954 M
84
93% 1414 9312 Jan'26 _
goas 10314
5
-year gold 430__Feb 15 1930 F A 98% Bale 9818
984 19
8814 102
115
31
20
Canadian Nf d hdo a 761_1940
-year o orteb t
s
D 115 Sale 15
972 101%
4
117% 26
19463 J 117 Sale 17
10-yr gold 430_ _ _ _Feb 15 1935 F A 9614 96% 96%
96%
95 8 97
7
5
10812 11212 Canadian Pao Ry 4% deb stock_ J J 8078 Sale 804
81
188
9314 Oct'25
1084 112 Carb & Shaw lit gold 48._ 1932 M
109 111
Caro Cent lat con g 45
8212 Jan'26 _
1_
8114
Kos 105
Caro Clinch &0 1st 3-yr 52-193 j
10218 25
102 10228 02
8
8
13 J
4
101 1031
1st & con g as ser A
9
1084 Sale 0734 10814
92 96 Cart & Ad let gu g 48
8512
854 Sale 8512
994 10412 Cent Branch U P let g 48_199421
80
2
8112 80
119858 D 79
DD
987 10412 Cent New Eng let go 4a_1961 J J 6812 Sale 6818
2
6812 12
934 10314 Central Ohio Reorg 430 1930 M S
_ _ 97% Oct'25
103
4
921
Central of Ga 1st gold 521_91945 F A 103 104 10234 Dec'25 _97%- 08% 106
Conaol gold Si
4 10234
1
1945 M N 10234 102% 1023
AI
93 10112
Registered
974
10014 Oct'25
86 93%
10
-year occur 68
6
June 1929 3 D 103 10314 1035s 1034
85% 9212
Ref & gen 530 ser B
7
1959 A 0 102% 10314
2 103
8512 924
Chatt Div pur money g 45_1951 J D 85% 87 8518 Dec'25
8314 89%
Mac & Nor Div let g 58_1946 J J 9958 ____ 100 Dec'25
9314 9814
Mobile Division 5a
101
99
914 1024 Cent RR & B of Ga coil 58_19 51 N 9835 - 8 983 Dec'25
1 48 3 j
37
8
9812
7
98793% 9714 Central of NJ gen gold 58, 19873 J 109 109% 1094 10934 22
104 107%
Registered
10812
1083 109 10812
8
5
121987 Q
11512 119 Cent Pax 1st ref gu g 48____1949 F A 894 Sale 89%
893
4
7
89 9514
Mtge guar gold 330
11929 3 D 9634 9718 964 Dec'25 _ -83 8812
Through St L 1st go 48_1954 A 0 87% 88 8718 Dec'25 _ - 9114 97
Guaranteed g 5s
1960 F A (1878 Sale 9712
99 408
9812 Charleston & Savannah 7i..,.19363 J 117
87
_ 1124 Feb'25 -984 100 Chest & Ohio fund & impt 55_1929 J J 100% 101 10038 101
23
94% 9478
lit consol gold 58
1939 M N 104 Sale 10234 104
21
81
8412
Registered
1939 M N
10118 Nov'25
90 95
General gold 430
1992 M S 9312 Sale 9234
934 42
83 8734
12
Registered
1992 tel S 8714
9018 July'25
80 4 89 4
3
20-year convertible 4348_1930 F A 98% Sale 977
3
_9814 171
80 8 /
94
30
-year cony eecured 5a
1946 A 0 13218 Sale 13218 13812 265
16
3012
Registered
A0
129 Dec'25 _16% 31%
Craig Valley 1st g 58
1940 J
98%
9812 Dec'25
38 45
12
Potts Creek Branch 1st 4s1946 J J 81
83 Oct'25
31 44
R & A Div 1st con g 4s...,19893 .1 8534 Sale 853
4
853
4
1
8
354 443
2d consol gold te
831g
4
8318
35 3712
Warm Springs V 1st g 58_1941 It S 9612
1989
J
9834 Oct'25
194 26 Chic & Alton RR ref g 36_1949 A 0 6518 - 678 6778
67%
1
1 -184 28
Certif dep stmpd Apr 1925 lot-- 62% Nov'25
20 2412 . Cif dep stpd Oct 1925 int__
6518 _ _ 644
6518 18
201 2614
4
Railway first lien 330._ _1950
52 Sale- 52
5212 47
22 3312
Ctfs dep Jan '23&aub coup______ 51
10
52
52 52
19 8 29 Chic Burl & Q-111 Div 330_1949
1
8378 85 8412
8434
7
33 4614
Illinois Division 45
1949.7 J 924 Sale 92%
8
924
341% 46
Nebraska Extension 0-1927 M N 994 Sale 9912 100
55
88 97
12
M N 98% _ _ _ 9834 Sept'25 _ - _
Registered
97 1 102
1
General 4/1
1958 RI 13 9118 Sale 9034
913
8 23
9712 1011
4
lit & ref fo
1971 F A 103% Bale 10314 1034 22
97 102 Cu,City & Conn Ryg 58-1927 A 0 54 Sale 5012
12
61
56
94 974
Low
11472
Option gide.
t2
--
Low Higl)
10241(414
1004 10412
983 104
4
97% 10418
883 79
5
86 96
94 100
109 11234
10115 10712
94 100
93 99
92 9914,
100 1074
103 108
97 102
100 1047
s991 10318.
8214 92%
84 92
82 88
103 106
98 10311,
12
113 11714
98% 104%
6414 6912
97 101%
10614 112
1074 11112
10014 102
s
1004 1015
8114 85
8112 84
90 941s
634 77
88 9212
84 905
s
814 86
8218 86
797 82
8
81% 8514.
8112 86
8418
81
98 100
83% 87%
86 89
92 95
/
1
4
87 92
/ /
3
4
3
4
10214 103
95 9814
10112 1033
4
8512 854
89 9412
1053 108
4
907 98
8
8514 9714
76% 80
6112 701s
75 80
98% 10014
85% 9214
854 9014
894 95
8534 94
100 104
10214 1044
1004 1044
83% Ms
95% 9978
6812 80
60% 623
*
924 9418
904 914
77
Ws
85 894
67
75
92 94
993 10212
8
80% 8812
82 8514
995 101
6
1001a 10372
9212 91332
9814 99
11414 11734
116 11858.
9618 Oerg
79 81
93 934
78 834
100 10234
105% 10812
84
8518
74% 80
64% 7014
9714 99
101% 104
9914 10314
98 1004
10112 1048$
99 153
84 8812
9812 100
99 101
95 99
107 110
106 109
86% 95
9512 9714
854 8934
964 9812
11212 117%
98% 102
101 1034
100% 10214
87% 93
85% 9012
943 984
4
101% 14514
1033 1294
4
9712 994
8218 85
8112 8534
79 83
955 993
8
4
593 674
4
56% 62%
50 62
d414 5814
CS
5584
8114 Goa
88% 94%
984 100
95.4 994
8818 9214
10012 108%
4512 63
333
New York Bond Record-Continued-Page 2
BONDS.
N. T. STOCK EXCHANGE
Week Ended Jan. 15.
Mee
Friday
Jan. 15.
Wasidi
Rang. or
Last Sale
Range
Year
1925.
BONDS.
N Y STOCK EXCHANGE
Week Ended Jan, 15.
Prid
Friday
Jan. 15.
Week's
Range or
Last Sale
Range
Year
1925.
High
Higkl Na• Low
814
Ask Low
Ask Low
Mob No. Low
Nigh
Bid
844
84
8
854 8812 845 Dec'25 -8
Chicago & Eaat III let 6s--1934 A 0 10612 ---- 10512 Dec'25 -- -- 1023 10/4 Erie & Pitts gu g 8He B----1941)j
8458 8458
1
8
855 --- 845 Aug'25,- - -s
Series C
/
1
76
184
723 79
4
II
& BIHAR (sew co) gen 58.19b1 MN 754 Sale 7514
99 s 1003
3
8
1003 Nov'25 ---8
3
99 103
/
1
4
10214
/ Fla Cent 3, Pen let ext g be-1930 j J 10018
1
4
1982 M N 10214 10212 102
ChM & Erie lot gold 68
96 1004
/
1
4
12
100
1
4
- / 9814
100 100
1943j
Control gold 68
6512 200
59 4 6812
3
/
1
4
Chicago Great West 1st 48..1959 M S 64 Sale 6412
92
967
s
957
8 11
98
/
1
4
__ 987
2
Jan'26 ____ 10914 11212 Florida East Coast 1st 4348_1959 J D
10
4
Ohio led & Louisy-Ref 62._1947 .1 J 1013 ____ 100
93
974
/
1
4
994 343
1974 1%4 $ 9818 Biala 98
1st & ref 58 Series A
9912 10012
997 Oct'25 8
1947 3 J
Refunding gold 58
7
178 Nov'25 -- 102 2 197
Jan'26 ---851 874 Fla West & Nor 7sSeriee A1934 M N
4
Refunding 45 Berke C
1947 J J 8312 ---- 80
73
59
6438 25
8
8
Jan'26 ____
87
92% Fonda Johns & Gloy 4%s_1952 MN 643 Sale 6218
1966 M N 915 ____ 92
General bs A
82 4 9018
1
j 9012 ____ 904 Dec'25 -Fort St U D Co let g 41.26-1941
2 101 104
/
1
4
4 1033
4
May 1966 .1 J 103 104 1033
General 68 B
10518 Jan'26 -- 10448 105
10518 _
774 804 Ft W & Den C 1st g 6148.-1961 3 D
79 Dec'25 __
/
1
4
Ind & Louisville let gu 4e_ 1956J J
924 98
9612
5
9614 - / 9612
97
1
4
85 8 8818 Ft Worth & Rio Gr let g 4e 1928 j
1
Ohio Ind & Sou 60-year 40-1956 J J "iiTs 16- 87 Dec'25 ____
1 10818 10914
107
4
93
12 944 Frem Elk & Mo Val lst 62_1933 A 0 1073 109 107
9414 Nov'25
Chic L S OC East lst 4%8_1989 j D
994 101
1
8
/
1
58
/ GH&SAM& P lit 68-.1931 M N 1003 ____ 1004 10012
1
4
43
/
1
4
5234 36
523 Sale 5214
4
C M & Puget Sd 1st gu 48___1949 J
994 101
9318
li 98 8
1004 35
/
1
1931 j j 10074 Sale 1005
2d extern' 58 guar
491s 5412
5112 5134 5212 Jan'26 Certificates of deposit
1
904 95
98
Hone & Heed let 5e
1933 A 0
7014 82 °sly
23
3
4
83
ChM & StP gen g 48 Ser A_01989 J J 82 4 Sale 813
0
12 044 10438 11 1004 1 511
19 / Sale 196
04
6
1
4
7112 Sale 7112
7112
3 621 7012 Genesee River 1st f 68„-1957 j
4
General gold 3Hs Ber B__61989 J
4
93 1021
97
2
774 924 Cla & Ala Ry lst cone ba.. 01945 J J
90 Sale 903
/
1
4
90
/ 17
1
4
8
Gen 4%8 Series C-May 19891
99 1001
4
10018 23
10018 Sale 10018
/
1
4
/
1
4
53
/ 156
1
4
4312 555 Ga Caro & Nor lst gu g be -1929 j
8
Gen & ref Series A 4%s-02014 A 0 52 Sale 52
6414 68
Jan'26
67
1946 A 0 6614 69
47
5514 Georgia Midland lot 3s
Certificates of deposit __
52
/
1
4
5314 65
924 964
__
953 Jan'26
4
1941 j j 95
R & I ext lst gu g 4He
44
/ 58
1
4
5314 49
/
1
4
/
1
4
Gen ref cony Ser B 50---a2014 FA 5314 Sale 52
115
13 1144 117
73
4612 54
/ Grand Trunk of Can deb 78-1940 A 0 115 Sale 115
1
4
52 Sale 5112
53
Certificates of deposit
6
3 10648 108 8
/ 107
1
4
lb-year 8 f 68
1936M S 10678 10714 106
964 1054
8
8
4 1047 117
1st sec 68
1934 3 J 1045 Sale 1043
254 10818 111
4 111
111 Sale 1103
4
44 6012 Great Nor gen 78 Series A-1936 3
Debenture 434o
53 8 319
5
1932 J D 523 Sale 5234
109 110
_ 110 Dec'25
Registered.
13
465 544
5214 Sale 52
53
4
Certificates of deposit
.7 .1
89
944
8
1973
91
6
7812
1st & ref 452s Series A
48
5314 Sale 53
531 25
/
4
Debenture 4e
j -935 9414 9314 Jan'26 -J
1926
41
99% 1 4
0
4
8 103
General 534s Series B___1952 J J 1023 Sale 1025
Certificates of deposit
/
1
4
523
47
/ 547
1
4
8
5214 Sale 52
4 56
92 97%
80
99
9812 Sale 9814
General be Series C
44
564
95
-year debenture 48
534 Sale 523
/
1
5314 37
1934
4
81
72
81 Dec'25 -4
7
463 543* Green Bay & West deb otte"A"... Feb 7812 85
Certificates of deposit _ _
53
523
4
124 19
163
4
1612 17
/ 1814
1
4
/
4
Debentures ctfe "B"
-6612 -9934 9812 Jan'26 ____ 941 100
Ohio & Mo Ftly Div 58_1926
Feb
88
12
- 86
8
983 1011 Greenbrier Ry 1st gu 4e__1940 M N 884 --__ 883 Jan'26 8
8
/
4
Ohio & N'weet Ext 68_1886-1926 F A 993 99
/ 993 Jan'26
1
4
8
Ns,1034
7
/ 1031
1
4
98
/ 993 Gulf Mob & Nor lot bAs __1950 A 0 10312 Sale 103
1
4
4
Registered
8
4
1888-1926 F A 993 993 9912 Jan'26
984 10
412
11
105
7318 77
Gulf & S I let ref & t g be__51952
.1 105 Sale 104
757
8 27
General gold 3345
/
1
4
1987 M N 75 Sale 7514
80
85
14
85
/ Jan'2
1
4
72
7212 Harlem R & Pt Claes lit 4s__1954 M N
Registered
7212 July'25 ---Q F
884 924
26
/
1
923
/
1
4
8112 8612 Hocking Val let cone g 434iA999j J 92 Sale 914
General 48
8
/
1
4
855
8 18
1987 M N 855 Sale 85
88
904
9012 May'2
Registered
82 853
4
5
Stamped 4e
86
1987 MN 86
864 86
/
1
me 1014
Dec
'2
4 :0 . 19 7 3 3 1E1. 11 7 10114 D'2
99 3 3
3
1 1004 105
/
1
General Is stamped
H&TCIstgintguar
4
4
1043
1987 M N 10434 Sale 1043
95
99
Jan'2
9612 101
97
*inking fund 68
2
/
1
4
1879-1929 A 0 104 10412 10412 Jan'26 ____ 103 1067 Houston Belt & Term let 55_1937 3
9968 10014
-_ 10018 Oct'2L.
Houston E & W Tex let g 6s-1933 MN
103 104
Registered
933mN
4
0 1033 ____11033 Dec'25
4
A
99 8 100
7
-56i2 foo" 100 Sept'25
98 4 1011
3
(finking fund bs
lst guar be red
3
8
_ 10112
10112
4
1879-1929 A 0 1003
92% 96
4
1937 MN 9512 ____ 9512 Jan'26
9912 10012 Housatonic Ry cons g be
Registered
1879-1929 A 0 10014 ____ 10014 Dec'25
8612
9418 275
/
1
4
linking fund deb be
991 103
4
Hud & Manbat 618 Series A 1957 F A 94 Sale 92
10012
2
1933 M N 10012 1003410012
914 9414
9114
9114 June'25 -Registered
99 101
/
1
4
Registered
F A
MN 10014 _110014 Dec'25
575 774
7714 386
/
1
4
Adjustment income 52____1957 A 0 7714 Sale 75
8
10
-year 'secured 78 5
10712
2 105 1121
/
4
1930 J D 1071 Sale 10718
904 94
/ ___ 923
1
4
8
92
/
1
4
1
15
119551 31
J
-year secured 6He g__ _1936 M
11212
4 107 11212 Illinois Central let gold 4s_199511 3 3 92
11212 Sale 112
ssli 93%
92
93 July'25
/
1
4
8714 Registered
9118 102
1st & ref g be
36
Mai 2037 J D 995 100
8
9911
/ 100
4
81
84%
83
/ Jan'26
1
4
82 84
12
cede R I & P-Rathoay gen 481988 J
lot gold 334s
853
8 24
824 86
8518 8512, 8518
804 8 %
3
823 Jan'26 --4
Registered
J
814 83 4
1
Registered
8314 85 I 83 Nov'25
J
81
841
s
8214 Dec'25
4
Extended 1st gold 314.---1961 A 0
83 4 89%
1
Refunding gold 45
884 256
/
1
1034 A 0 8812 Sale I 88
62 69
67
71
62 Feh'25 -sterling
1961 M
83 881s
Registered
let gold Is
_ A0
I 8614 Nov'25 _
864 8
9
4
2
8
/
1
4
883
chie8t L & N 0 gold 51
10112 1035
Collateral trust gold 48_1962 A 0 885 Sale 88
8
/
1
4
103 Nov'25
1951
D
85 8 86%
5
863 Nov'25 ---4
Registered
10114 10214
Registered
A0
_110214 June'25 _
J ID
874 924
/
1
92
/ 27
1
4
78 795
s
Gold 3348
1955 M N 9214 Sale 914
let refunding 4e
78 Sept'25
19513 13
/
1
4
78% 84
8318
2
88
/ 883 8318
1
4
4
1952 J
Purchased lines 3148
83 87
/
1
4
Memphis thy lot g 4e___ _1951 J D 8614 87 I 87
Jan'26 _
79 84 1
1
8414 July'25 -4
L & P lateens g 58__1932 A 0 10114 _ __ _
Registered
J
_
10114 Nov'25 ___ 101 103
3
8
/
4
Collateral trust gold 45-1963 M N 861 Sale 8595 83 83 4
1023 1081
9
OhleStPM&Ocon.6,__.l9301 D 104 10412 10418 Jan'26
81
84
/
1
4
83 Dee8
/
1
4
8 25
'
Registered
MN
9214 933
Cons 6s reduced to 3)29_ _1930 I D 9378 941 93 4 Oct'25 ____
4
/
4
3
/
1
4
10512 106
12 102 1061*
99 10514
Refunding Se
1955 M N jaiDebenture ess
12
9814
984 83
/
1
1930 M 8 9814 99
4
102
/ 36 10141033*
1
4
Stamped
19341 J 1023 Sale 10212
9512 994
15
-year secured 5/48
9814 98
/ 9812 Jan'26
1
4
112
4 1094 113
Ohio T H & So Eaet 1st 66-1960 J D 89 Sale 88
16
-year secured 630 1-1936 J I 112 Sale 112
75 90
/
1
4
18
89
8
8
903
8
2 884 9114
1960 J D 903 ___ 903
Ina gu 68
Cairo Bridge gold 4e
80
/ 20
1
4
55 8412
/
4
Deo 1 1960M 8 791 Sale 7911
/
4
74
70
7514 74
Jan'26
Chic Un Sta'n let gu 434e A.1963 J .1 943 Sale 94
Litchfield Div lot gold 38_1951 J J 74
9114 95
95
14
/
1
4
4
774 824
_
4
4
Louley Div & Term g 3%s 1953 J J 803 813 8112 Dec'25
100 10312
let 5e Series B
1963 3 J 10234 Sale 102
/ 10314 25
1
4
704 74
5
/ 73
1
4
/ 73
1
4
/
1
4
73
/
1
4
Guaranteed g be
Omaha Div let gold 38.-1951 F A 73
9714 101
100
/ 37
1
4
1944 J
1003 Bale 10018
8
7154 77
744
/
1
743
8 12
913
5
let 6 Pie Sodas0
St Louis Div & Term g 38_ 195 .1 3
1963.1 J 117 11712 11712 Jan'26 ____ 11614 1184
79
834
81
83 813 Dec'25
4
Ohio & West Ind gen g 65-1/1932 Q M 1054 __ 10514 Jan'26
Gold 312s
105 106
79% 82%
Springfield Div let g 334.,1951 .1 3 8018 ___ 80 Nov'25
Camel 513-year 4s
764 834
8314 156
1962 3 J 8314 Sale 823
8
88
88
2
8
893
4
let ref 5122 ser A
893
4
Western Lines let g 48
1961 F A 873 90
1
97 100 4
102
96
1962 M S 1015 Sale 100
8
87
84
84 Aug'25
Oboe Okla & Gulf cone 5s
1961 F A
99 4 102 '
1
Registered
10312 Jan'26
1952 M N 102
/
1
4
Gin H & 11 2d gold 4125
93
12 984 ID Central & Chic St L & NO
Jan'26
1937 J J 96
98
96
964 150%
1004 32
0 I St L & C let g 48„-Aug1936 Q F 93
/
1
Joint 1st ref 5eSenie.A19633 111 10012 Sale 1004
91% 94
/ Jan'26 ____
1
4
/ 9414 93
1
4
88
14 884
95
8814 Aug'25
Registered
904 9312 Ind Bloom & West Ist ext42 1940 A 0 89
Aug1938 Q F 9214 ____ 924 Dec'25 ____
874 92
3
_ _ 9014
9012
Can Lab & Nor gu 43 g
l950J J
874 8912 Ind III & Iowa let g 4e
/ 88 Dec'25 _
1
4
1942 M N 87
/ 89
1
4
99 101
901X- 1007 10112 1005 Jan'26
8
8
Chi & Ci cons 18t g 6e
99 4 10112 Ind Union Ry gen 58 Ser A 1965 J J
3
1928 J J 10014 ____ 1004 Jan'26
9941 3*
00
8
/ Jan'26 -1
4
19651 J 1007 ____ 100
Gen & ref 58 Series B
815 854
4
Cleve Cmn Ch & St L gen 49_1993 J D 85
Jan'26
85
86
/
1
8
/ 1044 60 100 1054
1
4
80
-year deb 434e
8
96 98 1 Int & Grt Nor Bites Ser A 1952 J J 1045 Sale 103
7
4
99
1931 J 3 99 Sale 973
79
66
7334 322
Adjustment 68, Series A 1952 Aprl 7312 Sale 7214
98 1053*
General be Series B
1993 J D 10012 1007 10114 Nov'25 ____
8
67
78
743 Dec'25 - _
4
Stamped
Aprl
10312 28 1021s 1044
R5I&lmpt655Orie.A1929J I 10314 Sale 10318
4
764 80
Cent Amer let 5s___1972 M N 78 Sale 78
1035 10714 Int Rye
8
fie Series C
Jan'26
19413 J 10612 ____ 106
03
78
/ 3
1
4
7
57 65
944 10014 Iowa Central let gold 5s____1938 J D 634 6312 6314
fls Series D
4
10112 56
1961 3 J 10112 Sale 993
57 624
6014 Dec'25
Certificates of deposit.......... 6012 __
12
88 91
Cairo Div let gold 45
9118 11
____ 91
903
4
1939
194 264
1914 2 - 21
03
4
Jan'26
1951 PA
Refunding gold 42
80
8212
CIOW&MDiylotg48_,,1991J J 813 834 82 Jan'26 ____
4
/
1
854 90
8
8
4
8112 85
James Frank & Clear let 4s_1959 J D 883 893 883 Jan'26 -8312
1
St L Div let coil tr g g 428_1990 M N 8312 sale 8312
KaA&ORlstgug5e_,,..l938J J 10012 ____ 100 Nov'24
8012 83
____
M N
Registered
8018 July'25
8084
Jan'26 --1990 A 0 8212 ____ 83
863 8912 Kan & M 1st gu g 48
4
epr & Col Div let g 48___-1940 M
873* 8884 89 Nov'25 ____
9914 1001
4
_ 100
/ 100
1
4
/
1
4
2
/
1
4
1927 3 J
87
/ 88
1
4
2d 20
W W Val Div lst g 4e___1940
-year Se
/ Jan'26
1
4
87
/ ____ 87
1
4
8
10212 1027
4
KC Ft SAM cons g 6e_1928 MN 10078-- 8 1023 • 10238 14 1021 1034
10612 108
COC&I gen cons g 6s__1934 J
1073 108 108 Dec'25
4
801 8912
4
/
1
4
90
16
Ft S & M Ry ref g 48_1938 A 0 9014 Sale 89
1001 10212 K
/
4
Clay Lor & W con let g bs-1933 A 0 10112 102 10112 Jan'26
98 1004
8
8
953 981 KC&MR&Bletgu 68_1929 A 0 995 10018 855 Jan'26
4
/
4
CI & Mar let gu g 4348
/
1
4
1935 MN 9618 9934 95 Dec 25 __
761 75
8
4
/
1
7434 16
98 1004 Kansas City Sou let gold 38_1950 A 0 743 Sale 744
/
1
4
8
Cleve & Mahon Vail g 58_1938 I I 993 ____ 985 Dec'25 ____
8
884 93%
/
1
Apr 1950 J J 944 Sale 9414
99
/
1
4
Ref & impt be
99
941 159
/
4
Vi&Pgengu4l4eSerA..19421 J 9918 ____ 99 May'25 ____
83 8 87 8
4
7
8
59
86
____
83 4 8618 Kansas City Term let 48___1960 J J 853 Sale 854
3
8512 Sept'25
Serb's C 3)23
1948 M N 813 84
4
84
87
12
83 4 8 4 Kentucky Central gold 4s__1987 J J 8512 -___ 8614 Dec'25
3
1950F A 817 853 83 Nov'25
8
4
/
1
4
53
Series D 3%8
874 89
Kentucky & Ind Term 4.50_1961 J J 7714 ____ 8712 Nov'25 4
9734
1
953 100
2
Cleve Stier Line lit gu 410_1961 A 0 9734 Sale 973
100 1004
100 June'25
Ohio let g 6s -.19253 J
31 1044 10712 Knoxville &
4
108
Vie,. Union Term 6148-.1972 A 0 108 Bale 1063
9914 10114
8
4
9912 102
1973A 0 101 Sale 101
1004
/
1
Lake Erie & Wert let g 5/2_1937,3 3 ie/E17 Sale 1007
10112 23
1st I Ube Ser B
9511 98
12
7 18
84
9812
9812
1
2d gold be
834.1941 J J 9 3
1945 J D 87
1
834 8812
Coal River Ry 1st gu 48
873 874
4
/
1
8712
81
78
Sale 7834 Jan'26
19971 D
Colorado & South let g 4s 1929 F A 984 Sale 9812
Lake Shore gold
/
1
99
79
961 99
/
4
764 79
14
8
77
Jan'26
Registered
19971 D 763 79
Refunding & exten 4)2e-1935 MN 95
/ ____ 9512
1
4
9614
9
90
/ 9612
1
4
974 991g
4
52
1948A 0 867 8812 87
99
8612 87
/
1
4
Debenture gold 46
Col & H V 1st ext g 48
1928 M S 99 Sale 98
8
/ Jan'26
1
4
9415 974
4
1955 F A 857
8
844 Apr'25
8414 8414
963
4 25
1931 M N 965 Sale 9614
8
Col & Tol let ext 48
26-year gold 48
9578 96
811 815s
/
4
96 Dec'25-...
Registered
Coon & Paseum Ely 1st 48_1943 A 0 8012 8212 81
jr A1
M31 IVi N
Jan'26 ____
/
1
1023 103 103
4
-year 58 g
/
1
4
/ 103
1
4
90 Sale 89
/
1
4
/
1
4
Cuba RR let 60
1952 J
/
1
4
7 1004 1034
903
4 18
83
12 8914 Leh Val Harbor Term 512_1954
955 98
8
97l,.. 97
/
1
97
1054 17 10218 106
/
1
lst ref 734.
1936 ID 1054 Sale 10518
2
Leh Val N Y let gu g 4%8_1940
93
9512
89
93
/
1
4
94 Sale 92
61
Cuba Northern Ry let 65.-1966 3
93 Dec'25- _
/
1
4
Registered
94
19141)Ii
4
79
843
98 4 Lehigh Val (Pa) cons g 48_2008 MN 83
3
Day & Mich let eons 41.28_ -1931 I' 977 -___ 984 Nov'25 ____
825
8
834 27
/
1
)
96
8
81
78
884 9 12
& ref 4.- 1943 MN 9112 Sale 913
MN 80
Del& Hudson
801 7814 Dec'25
/
4
Registered
8
9178 27
2
93
88
-year cony 5s
1936 A0 11014 Sale 11014
92
General cone 414.
1134 170 1014 112
80
2003 MN 9218 93
984 102
3 101 104
I5
-year 5128
1937 MN 104 Sale 1033
4
Lehigh Val RR gen be Serie/L.2003 MN 1013
4
1013
4 10418
8
113131s
7
10118 102 4
4
-year secured 79
1930 ID 10812 Sale 1084 10812 36 107 110
/
1
10
10212 Dec'25
Leh V Term Ry let gu g 68_1941 *0 10214
844 89
4
/
1
4
D RR & Bdge 1st gu 4e g1936 P A 933 9512 93 Des'25
931 9514 Lob & NY let guar gold 40_1945 MS 8818 891 88 Dec'25 - -/
4
-1st cone g 4e_.1930 13 87 Sale 8614
8634 Lox & East let 60-yr 6s gu1965*0 106 10714 1063
82
44
Den & R 0
10634
4 1034 107
87
4
consoi gold 434ts
1936 13 90 Sale 89
83
14 874
/
1
4
91
52
857 9
85
/ Jan'26 -1
4
ugg Miag 505
1 04 LitfieDog m1 45551 g 58
4
1932 MN 843
95
6
Improvement gold 6e___ _1928 ID 984 983 9818
14
8
/
1
8
98
/ 14
1
4
95 99
/
4
£ 0 1091 ____ 10914 Nov'25
_ _ 1077 109
9934 1024
4
687 477
8
56
70
Long Isld let con gold 60_51931 Q
Den& R0 West gen 5s_Aug 1961 MN 6812 Sale 663
100
100 Dec'25
/
1
4
,
94
95 4
44
474 46 Dec'25
/
1
394 514
1
Des M & Ft D let gu 4s_ _ -1935
lit 0011501 gold 4e
9418 Dec'25
51931 Q 3 9414 95
Temporary ctfs of deposit
88 914
12
4214 46
47
General gold 46
47
4
4
5
50
1938 ID 9012 ____ 90 Dec'25
.
/ ___ 934 Feb'25 ____
1
4
/
1
934 9312
89% 934
Geld 48
Dee Plaines Val 1st 414s__1947 414 93
1932 J D 9314 ____ 9312 Aug'25
ID 70 8214 85
76
70
Jan'26
6 14 8
70
5
714
Unified gold 411
Det & Mack-lst lien g 4s__1995
1949 M S 844 ____ 843 Jan'26
4
954 981
1995 J D 65
4
7112 65 Dec'25
Debenture gold 6,
Gold 48
9812 33
98
1934 l D 9812 100
ra N
9478
1961 MN 9518 95
8712 98
91
/ 95
1
4
9614 37
-year p m deb Es
20
Dot Ely Tun 414e
963 9612 Jan'26
4
1937 Ms 95
1949
82 86
12
e
_ _ 103
Oct'25 ____ 102 104
Guar refunding gold 4
Dui MIssabe & Nor gen 5e1941 JJ
85 8512 8512 Dec'25
984 100 4
1
1937 AO 103- - 8 10212
1014 I025
10212
Nor Sh B let con g gu 58_01932 Q J 9938 10014 99 Dec'25
8 10012 103
Dui & Iron Range let es_
/
1
4
991 102
8
1937 JJ 85
2
865 8518 Dec'25 ____
8
81
90
Loulslana & Ark lot g 89_1927
101
S 10018 102 101
Dui Sou Shore & All g 5s
907 Lou &Jeff Bdge Co gu g 42_1945 M
2
88
88
874
5
8714 Sale 8714
Seat Ry Minn Nor Div let 48_48 A0 9212 __ _I 9018 Dec'25 ____
871
/
4
1024 1054
98 10212 Louisville & Nashville 5s___1937 MN 10234 103 103 Dec'25
/
1
4
99 Dec'25 ____
/
1
4
East Tenn reorg lien g 5e_...1918 MS
917 96 4
s
1
9912 1011
/
4
8
/
1
Unified gold 48
31 943 Sale 933
8
4
943
8 33
East T Va & Ga Dly g 58-1930 31 1003 ____ 1004 Dec'25
10214
3 100 103
Collateral trust gold 581931 MN 10118 ____ 101
/
1
4
1956 MN 10214 Sale 10214
Jan'26 - 10012 103
1940_
Cone let gold 68
1 101 102
10612 17 105 1084
10178
10
-year secured 70
4
/
1
4
1930 MN 10612 Sale 106
Hide Jollet & East it g 68-1941 MN 1013 10212 10178
1044 1062
7
/ Jan'26
1
4
99 103
/
1
4
1966 *0 1023 10314 102
1st refund 53.0 Series A 2003 A0 1073 Sale 10713 10712 13
4
4
HI Paso & 8 W let 55
5 107 10954
20 1011s 1074
10812
1st & ref 59 Series B
/
4
4
2003 A0 105 1053 1051 106
Erie lit condi gold 78 ext-1930 MS 108 Sale 108
97
92
7478 22 6 4 753*
1996 II 7412 Sale 7412
1st & ref 4142 Series C
6
4 73
9
/
4
961 37
let cone g 45 prior
2003 A0 9614 Sale 96
104 107
1996• J
711 Dec'25
/
4
Registered
/
1
N 0& M 1st gold 62
1930'.7 1044 10534 104 Dec'25
10312 106
683 111
8
618 68
4
'3 10312 105 10312 Oct'25
26 gold 6s
1930
1s1 mewl gen Ilan g 45-1996 Ii 6712 Sale 6712
88
914
58
6412 Nov'25
67',
1996 I'
Paducah & Mem Dly 421_1946 FL 92 4 ____ 9112 Dec'25
5
Registered
01
664
4'25
8
_
Jan'26 ---63
/ 68
1
4
653
St Louis Div 2d gold 38_1980 M
951 99
/
4
Penn coil trust gold 4e__1961 P A 967
4
96 10011
Oct'25 _-__
69
/ 49
1
4
6212 693
4
8
L&NdiMdiMistit4Me.11146 MS 9812 ____ 97
-year cony 4e Set A......1953 A0 695 Sale 6918
60
814 864
11
1953 * 0 6914 6913 8912
87
L & N South Joint M 451962ii 87 Sale 851
6912 76
60 6912
/
4
do Series B
/
1
4
/ 99
1
4
913
894 84
/
1
84121 161
Louisa Cm & Lox gold 4146_1932 MN 9914 ____ 993 Dec'25
,
4
45 Elerld D-1953 * 0 8318 Sale 8318
Gen. cony.
2 10115 1 6 4 Mahon Coal RR 1st Ss
1011
81
/
4
19343 J 1013 103 1013
4
4
0/
1
Erie & Jersey let f 66 ....1968 3 .1 10312 10514 1044 1047
99 1"
DUe June.
Due May. h Due July. 5 Due Sept. o Due Oct. p Due Dee. s Opt1on sale.
a Due Jan. 5 Due Feb.
334
Y.N
BONDS
STOCK =CHANGE
Week Ended Jan, 15.
New York Bond Record-Continued-Page 3
il
Alto
• Fridag
Jan. 15.
Week's
Range or
Last Sale
12
Range
Year
1925,
BONDS
N. Y.STOOK EXCHANGE
Week Ended Jan. 15.
Prim
Friday
Jan. 15.
Weer.
Range or
Lan Salo
11
Range
Year
1925.
dot Low
iltd
High No. Low
Blob
Biol
lltol No. Low
Hioh
dot Low
Manila RR (South Lines) 48 1939 M N 1013 103 63 Dec'25
4
5912 6418 Norf & West gen gold 68_ _1931 PA N 1065
8 _ -- 10612 Dec'25 -- 106 10812
1959 od N 63 85 64 Nov'25 -- 6312 8714
let do
Improvement & ext 88-1934 A 0 10812
F A
-- 10818 Apr'25 -- 108% 108%
Manitoba Colonisation be-1934 J D 100 ---_ 9938 Dec'25 -971 10012
4
New River let gold
106 108
1064 -- 10834 Sept'25
1932
8058 84
Man GB & NW let 3348_1941 .1 ,j 8158 ____ 81 Nov'25
N & W Ry hit eons g 4s-1996 A 0 905 907 9014
88
92%
907g 121
8
8
Michigan Central 6441931 M El 10012
10038 Dec'25 _
9914 102
86
811
1996 A 0 8612 -- 8712 Oct'25 -- Registered
Dly'l letilen &gen g 48-1944 J J 9138 Sale 913g
M S 0914 ---- 10014 Dec'25
Regletered
10014 10012
9153 13 8814 92
al
1
9318
9318
10
903 924
4
1940.3 J 934
-year cony Os
7 12512 1514
1929 M S 15112 155 15114 154
/ 1,1413 let gold 331s
1951 M S 7934 --__ 79 Jan'26 ---PocahlO 420101M 4s
9012 9314
9111 24
8
1941 J D 915 92 9138
let gold 3348
1952 rd N 83
8512 83
4 !1- Nor Cent gen & ref ba A1974 M 8 10318 10334 10212 Nov'25
83
.. : 8
/(: 11
1
1
1003 103
4
96 9
20
-year debenture 48
973
4 24
North Ohio let guar g be1929 A o 9712 9734 9734
94
88
88
2
1945 A 0 87% 89 88
Mid of N J 1st ext as
1940 A 0 9014 9112 92.2 Nov'25
88 9312 Nor Pacific prior lien 41_1997 Q . 8714 Sale 8858
83 87
8714 60
88
1 7
I
M111 LB & Wert imp it 511-1929 F A 1004 101 10018 Jan'26 -100's
99's 1004
1
86% Sale 8814
3 824 85 1
8612
& Nor let ext 4 Me(blue)1934 J D 9312 ____ 944 Dec'25
MS
8512 9412
General lien gold 3e
5914 624
6234 29
62047 Q F 62% Sale 623g
0 Ma ext 434.(brown) 1934 J D 934 9412 9353 Jan'26 ---83 9312
Registered
574 80
02047 Q F 8012 ---- 60 Jan'26
Mu Spar & N W let gu 4a._1947 M S 8912 Sale 8912
8912 21
86 89
/
1
4
Ref &!mot 4 Me see A----2047 J J
88
48
88
83 874
Mtlw & State L let gu 3540-1941 .1 J 824 ____ 8158 Dec'25
804 815
8
Registered
85% Feb'25
853 854
I 2
4
Minn & St Louie lit 78
9852 103
4
Ref & impt 68 oar B
1927 J D 993 10012 103 Nov'25 _
_109
.
6
2047 J .8 . El_a_l_e_ 10 %2 ma001 153 10412 1084
8
ly 2
let consol gold Si
Jan'26 _
64 64
1934 M N 63
5114 6414
Registered
105 106%
J .1
Temp ctfe of depoeit
5614 60
Ref & impt 5e ear C
M N 8014 63 8112
6112
9
2047 I J 983 Sale 9814
94% 99%
4
983
4 21
lit & refunding gold 4,___j949 M 5 2112 22
2214 14
2134
1914 26
Ref & impt be tier D
94% 99%
4
.1 983 sale 9814
987
8 40
47j20
Etel & ext 50-yr be Ber A_1962 Q F 15
1614 15
1614
1312 2114
2
St Paul & Duluth let 512_1931 Q F --- ---. 99% Mar'24
_
let guar g is
1927.3 D 100 102 102 Sept'25 -__ 1001g 102
let 000501 gold 48
19681 D --------8453 Dec'25
841 354
2
M St P & S B M eon g 48 int ell'38 J 1 89 Sale 884
89
60 8412 90 Nor Pao Term Co let g 6i 19331 J 1091 ____ 110 Dec'25 ---- 1094 110
2
Lit cons 5s.
94 s 1007 No of Cal guar g be
7
9814 18
8
1938 J .1 9712 Sale 9712
1938 A 0 10214 104 10112 Jan'26 ---- 102 1034
IO-year eon treat 63414_1931 M 5 1034 Sale 10312 1033
4
3 10214 1044 North Wisconsin let 6u_._.19301 J 10214 __ 10334 Apr'25 -- 103 4 100
3
Lit & ref 612 Series A
2
98% 103 Og & L Cham let fru 4e g_1948 11 J 73
1946 J .3 9953 10134 10214 10218
733 7314 Jan'26 -4
7114 7518
35-year 5341
8934
7
4
8314 9112 Ohlo River RR let 651
1949 M B 8918 893 8914
1936) D 10112 10212 102 Jan'26 ---9814 1014
lit Chicago Term a f 48_1941 M N 924 _ _ 9212 Dec'25 ---_
General gold be
100121937A 0 9934 101 100 Dec'25 ---- 984 100
MB El M & A let g 44 int gu_1920 1 / --------997
'Wig
Ore & Cal lit guar g 5e
1927 J J 10114 Sale 1003
4 10118 23 1004 1017
8
9314
MlattissiDDI Central let 5e_ _ _1949 1 J
934 Dee-25--1
91
94
Ore RR & Na,eon g 48
9112 91
19461 D 91
857 90 4
2
1
9112
3
Mo Ran & Tex-let gold 414_1990 .1 D 847 Sale 8452
8478 27
8014 8512 Ore Short Line-let cons g 542_'48 J J 1043 10534 1647 Jan'26 ---- 10014 107
8
4
8
Mo-E-T RR-Pr I be Ber •_1902 J J an Sale 98
99
98 86 974
1846 3 s 10514 Sale 10553 10534
Guar cone be
3 10214 107
40
-year 44 Series B
81
13
8012
711 804
8
1903 J J 805
4
Guar refund 4e
1929.3 D 9714 Sale 97
9714 85
963 974
s
10
-year Si Berke Cl
1932 1 J 103 Sale 10284 10338 76 10112 10414 Oregon-Wash let & ref 48_1961 J J 8412 Sale 83 4
1
85
89 81 88
Cum &Must Si See A Jan 1967 A o 9412 Sale 9418
7814 93 Pacific Coast Co let g Si_ -1946 J D 95
9518 1345
98 9314
82 97
98
24
Missouri Poodle Wont Co)
Pao RR of Mo let ext g 42-1938 F A 924 ___ 92 Dec'25 -- _ _
90 984
let & refunding 5e Sir A_1965 F A 9114 Sale 8914
83 901
9112 105
4
2d extended gold be
951,10053
1938 J J 1004 ---- 10014 1001a
1
Lit & refunding 6s Ser 13_ _1949 F A 1023 Sale 102
99 1031 Paducah & Illi lot.3 4346_1955 J .1 9618 97 954 Nov'25 ---10234 50
4
4
9413 9e
let & refunu es Ser E Int.1956 M N 10234 Sale 102
99 8 102 PaneLyons-Med RR 6e___.1958 F A 764 Sale 76%
5
10214 154
7014 811,
771: 54
General 4.
6212 67
6634 _410
1975 M B 6634 Sale 66
.
El I external 7s
8
1958 M S 843 Sale 8414
85
27
8014 $9
Mo Pie ad 78 eat at 4%_j938 MN 8718 88 8718 Dee'2
844 894 Parle-Orleans RR ii I 75
85 844
1954 M 5 84
$0 90
8434
1
Mob & Blr prior Ilan g fie__ _1945 J J 984 9912 99 Sept'25
99 1034 Pauline Ry 78
1942 Si El 10118 102 101
Jan'26
97 10112
Mortgage gold 42
76
82 82 Nov'25 _1945 1 J 80
91
Pennaylvania RE-cons ado 1943 Si N 923 ___ 9412 Jan'26 _ _ _ _
4
917/ 954
Mobile & Ohio new gold 6e_1927,3 D 103 . __ 10314 10314
_
2 1014 1044
Coneol gold 4a
1948 Si N 914 9214 9158
3158
2 881 90
8
let extended gold 6e____111927 Q J ,10112 10212 10138 Dec'25
1014 104
44 stamped
May 1 1948 MN 9112 92
4
9012 93
12
General gold 4s
4
81
90 Dec'25
9018
193884 5 893 91
Consol 4%e
9934 43
1960 F A 9912 Sale 9838
9712 100
Montgomery Div let a 68_1947 F• 994
961 101
9884 Nov'25
8
General 4%8
19651 D 9514 Sale 9414
9538 66
911s 94
elt Louis Div Si
10012 Dec'25 -95 10012
1927J D
General Si
1968 J D 10412 Sale 10358 1044 55
9853 10353
Mob & Mar let gn g 44
8414 854
1991 M 5 8712 8812 8512 Nov'25
10
-year secured 7s
10814 87 10714 110
1930 A 0 10814 Sale 108
Mont0 let au g 6.
109 11212 10912 Oct'25
1937.3 J
15
-year secured 834s
109 118
1936 I A 112 Sale 11112 112
67 109 4 112
1
let net geld Ii
101 1031s
1937.3 J 10114 103 102 Nov'25
4
Regletered
11 A 1091 ____ 10912 June'26
10912 1094
M & Z let gu 334.
2000 J D 79 Sale 79
79
5
763 82
4
M99
100 Sale
40
-year gold
97 98
2 427
.
1
Nulty Chatt & St L let be-1928 A 0 1015 Sale 10114
8
10112 29 10018 102 Pa Co-Ou 3tis coil tr A reg 1937 MSN
8612 Oct'25
844 87
58964
NFIzt&Elletgug 5s
lege F A 10112 __ 10158 Dec'25
997 102
s
823, gcs
Guar 334e coil trust Bar 13.1941 F A 8234 ____ 8412 Dec'25
Nat Ry of Meg pr lien 4j4s-1957 1 .1 --------30 Sept'24
Guar 334$ trurt ctfe 0_ _ _ _1942 I D 81Ta _ _ _ _ 82 Deo'25
82 821
4
July 1914 coupon on
19 Apr'25 __ _ _ isi" "ii"
Guar 3%e trust ctfe D____1944
811 --__ 82 Dec'25
4
811e V%
Meant s f red June coup on --- - iiiti gide 1713
131 211
4
19
4
22
Guar 15
-25-year gold 48_1931 A 0 9614 96% 965
8
965
2
1
9414 964
Guar 70
-year s 3481977 ill
8712 July'24
Guar 48 Bet E
1952 M N 8612 ____ 864
88
10
343 9611
4
lien if 48 assenting red23 Sale 20
20
1 - ii- ii- Peoria & East let con 848._ _1940,A 0 805 8134 82 Jan'26
8
7712 824
Nat RR N1ex prior lion 4%8_1926 1-.i ____ ____ 3812 July'24
.
Income 41§
4112 373
19901Apr. 405, Sale 38
315e 374
July 1914 coupon on
1 J
. - WI; Peo& Pekin tin let 5%i _19741A 0 10012 Sale ,10012 10012 10 99 102
ii
24 Sept'25
Arent with July '24 coup on
siii4 life 3312 Jan 26
24 344 Pere Nfarquette let Ser A 58_1958 J 1 1015 Sale 10112 101% 73
eva 10112
8
It 001190 4e
(
28 Apr'25
let 4s Ser
1951 :C- 3
80 855
8
3
1958 J J 85 4 86 8534 Jan'26 --__
Assent with Apr 1924 coupon_
iii '16" Phlla Bos 8& eB1st g 4s
4
1534 Sale 15
1534
6
ows alt esiW
.B
1943 MN 9212 _.__ 9258 Dec'25
923 94 4
2
1
New England cons Si
94 1014
1945 --- 9414 96 94 Dec'25
1974 F • 1064 ____ 10612 Jan'26-_ 104 108
Congo! 48
2945 I J 8058 83 81
81
2
42
5 40 444
Yr II 1 Als 1937 J J 4212 Sale 42
83 888184
7934
4
NJ Juno RR guar let 4s_ _ _1986 F A 84
8578 8414 Dec'25 __ _ _
1932 J D 106 _._- 10512 Mar'25 ____ 1054 1054
PPrnell9CPrtekRrjegiftd39-611
N0& NE let ref&Imp 4348 A '52 1 J 9314 9334 924 Jan'26 __ _ _
86 9212 PCC&StLgu 4388A
96
Jan'26
99 s
7
1940 A 0 9634 9812 97
New °deems Teem let 441_ _1953 / 1 8412 Sale 84
8014 844
8412
Serial B 434e guar
6
Ja'2
02
96
9914
1842 mN 1053 eal! 9
942 A O 9 14 _ .. ..
NO Texas & Mel let 6ii Oct 1925 J D --------100 Sept'25 _ _ _ iuu lUte4
9213
Serie* C 4)4e guar
9212 9634
Non-cum income Si Oct_1935 4 0 9812 Sale 981
9218 984
98* 150
seri E 3 4eu uar sos._.184 M N 9214
tiecee D 4 g ktr
/
_ 924 Dec'25 _--_
8953 aa
19485
1954 A 0 9778 Sale 9614
let Si Series B
904 97/4
98
263
F A 9214 14 9118 Nov'25
90 94
Lit 5148 Serie@ A
1954 A 0 10414 Sale 10212 10334 96
118 1021
4
Series F 40 guar gold
. 9114 934
1953 1 D 9214 ____ 93 Jan'26 _ _ _
N & C Bdge gen gu 434e.... _1945 / 1 9334 9514 941
9412
Series G 4e guar
1. 934 9134
03 Aug'25
1957 MN 9214
9012 9411
N Y B & M B let oon g 58_ _1936 A 0 10014 102 99% Oct'25
9914 100
Serleo I t guar 00_1
s
Sane, Hru a
ee
__ 9334 Sept'25 -196 F A 9214
91
91
94
N If Cent RR cony deb 6s_ _1935 6 N 10758 10814 10834
1
F A 955 164 9514 Jan'26
108%1
8
6 108 11712
9412 963
8
MN
Registered
106 11812
07 Sept'251_
Series .3 434e
94 96
1984 Si N 95% 9014 96 Jan'26 ---1998 F A 8638 Sale 86
Canso! 4e Series A
824 8714
General M 5e Settee A _1970 1 D 10012 100 100
8612
961a 101 •
5
10034 33
Ref & impt 434s -ASale 9234
88 s 934
7
2013 A 0 9318
9714 tem
Gen mtge be Series B
9312 22
8
92
1975 AD 1003 10058 10018 101
Reg A Imo 5 Settee 43_2023 A 0 103 Sale 10212 10318, 168
8
119 10214 Pitta & L Erie 2d g lls
9978 101
Dec'25..
____
al928 A
594 1014 Pitts MoK & Y let gu 66----1932 J 0 10534 101 101 Aug'25
Registered
A 0 10234 Sale 1001 Aug'25, __ _
4
;
1
__ 08
.1
.- _ _ 106 106
N r Central & Hudson River
Plue Sh & L E let g ba
1940 A 0 1001g -___ 0014 Oct'25 --__ 100 1024
74
Mortgage 334s
7114
Sale 7734
.1997 J
lot camel gold be
7841 40
NJ 887 -___ 001 Oct'25 -__ _ 1004 101
/
4
98s
58
Registered _ _ _ ... _______ 1907 j .8 --------771. Jan'26 _ _._
74
7814 Pitts Va & Char lit 481 43 Mj
7J 1
19 3
9
_ _ 9114 May'25
9114 9114
Debenture gold tiv
9/12 96
Pitts I & Ash lit cons 58--1927 MN 10012 10634 10114 Dec'25 --__ 100 101
1934 Si N 944 Sale 9412
94% 35
924 9312
Si N
Registered
9312 Nov'25 _
let gen 4,series A
1948 J D 9034 93 9138 Dec'25
81 91%
904 1125,
10-year debenture 4.
1st gen Si series B
1942 1 .
1 914 9234 9212 Dec'25
:
1982 F A 10234 ____ 027 Jan'26 ---- 100 10212
8
Registered93 Feb'25 _ _
93
93
Providence Secur deb 41
1957 MN 6114 ____ 6038 Dec'25
534 664
•iii 7,*
Lake Shore coil gold 3346_1998 III -..-8 - -:(4 757
745 7812 Providence Term let 48
8
8
7618 27
1956 Si B 83% --_- 834 Dec'25 ___ _
814 834
mg F A
74 79 Reading Co gen gold 48
Registered
75 Dec'25 _
1997 1 1 951 _-__ 9518
9212 9618
954
1
Mich Cent ooll gold 3541 1998 P A 79 Sale 7858
791
Registered
21
9412 9514
J ---------9453 May'25 -_ _
Registered
7 1e 7899
5
6
1998 F A ----- ---- 79 Dec'25 __ -Jersey Central coilg 48-1951 A 0 91
9
9034
9014
2 88 95
19 '
Chic A St L let g 4s91
95
I937 A 0 94 Sale 93%
Gen & ref 434. Ber A
94 t
4
1997 1 J 95 Sale 9412
9514 63 924 96
ReeleteredA 0
89 924 Rlehm & Dan,deb be stpd_ _1927 A 0 100 Sale 100
9218 D'25 _ _ _ _
ec
9914 101
Jan'26 --15
-year debenture 4s
199337 110 X -15i- I6-1- 9814
1
2
9512
0 9278 9t112 Ala & Meek let g 48
194884 N 7338 79
74
7912
75 Dec'25 -- -ild 68 Santee A B 0
1931 M N 10358 Sale 103
10358 77 1024 10412 Richm Term Ry let gu 58-1952 1 J 10012 10212 10012 Dec'25 _ _99% 102
Ref 534e Series A
93 1 994 Rio Grande Juno lit gu 543_1939 1 0 9524 9514 96
7
1974 A 0 99% Sale 98%
9978 208
924 90%
Jan'26 --N Y Connect let iru 434$ A_1953 F A 9212 Sale 9212
90 9311 Rio Grande Sou let gold 4e 1940 1 1
9211
8
5
7
5
7
512 Dec'25 -- -NY & Erie let ext g 444.... 1947 Si N 884 91
89 8912
8912 Oct'25. _
Guaranteed
__
19403 1
54
6
a
6
III Mt gold 4 Iis
1983 Si 8 9518 ____ 94 Nov'25 ._ _ _
935* 954 FUo Grande West let gold le-1939 1 J 89 -_ 8738 May'25 ---821a 8812
894
88
39
4th ext gold Si
99 10113
Mtge & coil trust 48 A
1930 A 0 10018 Sale 10018 10018
4
1949 A
764
7511
71
7612 20
974 974 R I Ark 02 Louie let 4348-1934 34 0 895 Sale 7458
4th eat gold 4e
1928 1 D 9778 ____ 9712 Sept'25
0
8 Sale 89
85 90
8978 70
N Y & Green L gu 651
90 94
1946 115 N 94
Rut-Canada let gu g 4s
98 94 Oct'25.
1949 1 1 754 77 751
724 77
4
7157
8 11
2000 MN 79
N Y & Harlem g 3 As
757 80
1I
Rutland let con g 4Sle
79 Nov'25 J 88
1941.3
8734
331
4
Jan'26
N Y Lack & W let & ref Ile_1973 MN 9938 10114 80 July'24, __
St Joe & Grand lel let g 48...1947 J J 774 8012 87 J'26 ---7512 83
7814 an
--let & ref 4)4e
flag MN 9912 Belo 9912
-iira 1564 St Lawr & Adir let g as
991a,
1998 1 J 95% ___ 95 Sept'25 -._ _
/
1
914 911114
PI Y L F.& W let 70 ext___ _1930 M 5 106
2d gold 641
_ __ 107 Dec'25 __ _ _ 10512 10712
lege•0 101 10312 101
101 1024
Oct'25
Dock & impt be
9914 1003 St L & Cairo guar g 48
4
1943 1 1 10118 Sale 10118 101181 _
1931 1 J 9534 9634 96
94 9812
N I& Jersey let So
5
1932 F A 1004 10034 10012 Ja.n'261 ___
St L Ir M & 8 gen oon g be_ _1931 A 0 100118 10112 10038 Jan'26 ---. 99 8 101
994 191
10012
7
NY & Long Branch gen ir 48 1941 M 9 9034 92 9112 June'251._ __
914 914
Unified & ref gold 4s
1929 1 1 965* Sale 9618
911 964
4
9612 135
N YN H & Hart n-o deb 48.1947 170 13 7012
804 7112
Registered
7012 Jan'26
1 J ......
93 Sept'25
8
915 93
M S
60 60
Registered
60 June'25'_
BAY &0 Div let g
1933 N 9014
3
90
903 iio
Non-cony deben 3342_1947 61 0 6212 Sale 6212
665* 6312 St L M Bridge Ter gu4sfie__ _1930 ?A 0 9934 Sale 8914 Dec'25 -- 8372 10012
8212 --g
A
100% 9934
8
993
Non-cony deben 314....,,1954 A 0 6212 6234 62 Jan'26
544 82 St L & San Fran(more co) te 19501 1 785 Sale
8
78
71
7778
7814 207
Non-cony deben to
60 6912
1955 1 1 8758 71
Prior lien See B 51
6834
70
1960'3 1 9414 Sale 933
6
854 94
4
9414
Non-eOnv &abed) 4.
56
70
1968 Si N 70
7012 70
Prior lien Ser C 5s
7058
5
19283 1 1025 Sale 10238 10434 107 1014 1034
8
60
53 617
erne debenture 8j4.__...,19561 / 6112 6212 62
8
Prior lien 5348 See D
62
4
1942 1 1 100 Sale 3912 100 425
8
931 100%
Cosy debenture 68
1948 1 .1 9834 Sale 98
4
Oum adjust Set A es__ _h1955 A 0 9412 Sale
9912 68 861 984
84 941
/
1
4
4
I 1
Re,isteree
834 94
92 Nov'25
Income Series A 6e
81960 Oct. 87
7014 977
131:
2
4
f 3
g 4
100 stymie -> ...t Fran Re ion 68 '31 .1 a 1047 Sale 9 8
Collate- 1 truet tis
•
9714 Sale 97
9714
1
2
10538 10478 Jan'26 -- 10334 1057
631 624
Debenture 412
4
1
A957 lil 2 6134 623g 82 Jan'26
General gold 58
1931'3 1 10053 Sale 10114 Jan'26 - - 100 101
Oons Ry non-cony 4s__1954 1 /
70
70
8 !NS 66 St L Pen & NW let gu 50-1948 1 1 10211 ___ 10212 10212 -2 10018 10412
Non-cony -Oben 4e
1955 1 1
68 66 St Louie Sou let gu g 4a
7014
704
1
1931 M 8 9312 ---923e 904
Non-cony deben U.._ _1956 1 1
5712 64 St LB W lot.4e bond otts-1989 MN 8418 Sale 9414 Dec'25 - -.g
6512 Jan'26
78 844
8418
8453
4*
1003 Aug'25 - _ -- 100 10014
N Ir & Northern 1st g Si__ _1927 A 0 15131
4
2d g 48 Income bond otte-P1989 J J 7434 76
725 78
8
75 Jan'26 --& W ref lst g 4s_June 1992 M El 69
6912 69
19 10
Coneol gold 48
19321 11 92 Sale 914
8914 10 65 7012
8518 92
92
34
General 48
1955 1 D 634 65 6353
635e 10 621s 694
let terminal do unifying 5s_1952 I J 9053
815 904
8
91
28
J D ---- ---65 85 St Paul & R C Sh L 1st 434e_1941 F A 8653 Sale 90
Registered65 Apr'25
._
4
Sale 8818
865* 43 80 871
861s 864 St Paul E Or
1942 A V 8318 ____ 8812 Feb'25
N Y Pro,& Boston 4e
1
90 911
.
824 87% St Paul Minn Trunk 4%e_ _1947 1 D 9011 9414 901g Jan'26 -.N IA Putnam 1st con gu 48_1)3 A 0 844 88 833 Nov'25___
4
de Man con 4A-1933 J
9553 96 95% Dec'25 ---87% We
1927 M 13 9978 _ _ 100 Jan'26
99 s 1003
5
Ft 73 let gold 58
8
N I&
J D
Registered
924 9411
N y sung & W let ref 8e
66% 77
11
78
'et coolie' g 48
80
11
liriii 10358 l077 jU13.25 ---L 10814 10912
--1077
077
*
' F A 0
9
3'
go gold 41431
1937
591a 68
63 Dec'25
Regktered
1933 1 D
.1 J
106
Oct'25 _._ _ 1054 106
1920 F A 6612 Sale 65
General gold Si
Chi reduced to gold 434s---1933 J 1 993 icio
6612
3 594 68
9512 1001
4
995
993
4
0
1943 Si N 96% 98 93 Sept'25
Terminal let gold 5e
93 97
Registered
9718 98
1933 1 / ---9712 Apr'25 --8
72
N Y W'ches & B 1st Ser I6)48248 1 1 7132 Sale 7053
182 597 7014
Mont ext let gold 48
1937 1 D 9312 -.
87 2 9512
5
947 95% Jan'26 1950 A 0 3012 Sale 8012
78 85 2
1
Nord Ry extl e 3634*
.1 D -------- 9014 Sept'25 -- _
813
4 47
Registered
90 924
Norfolk Sou let Os ref A &LAW% F A 7812 Sale 773
704 84
7813
4
Pacific set guar 4•--- -1940
5
88 89 8
1
8 84 8878 Dec'250
We 98 St Paul Union Depot 8l.......19721 J 102 __ ._ 1024 1023
Norfolk & Sou let gold 50- _ _1941 Si N 0752 98 98
98 I
1
8 14 100 102141
a Due Jan. 5 Due July. ft Due Nov 1 Option gale.
904
12
335
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 15.
Print
Friday
Jan. 15.
Week's
Range or
Last Sale
g
raQ
Qange
Year
1925
,
Bid
Ask LOW
Mors No Low
H108
8 & A Pass 1st gu g 48____1943 J J 841 Sale 8412
•
84% 47
/
4
851
4
81
30018 Sale 10012 10011
2
Santa Fe Pres et Phen 5e___1942 AI
9838 102
Say Fla & West let g 6s__ _ _1934 AO 10913 ____ 111 Dec'25 10713 111
8
1013 Dec'25
4
let g 55
_ 10114 102
1934 AO 1017
/ 883 8818 Jan'26
1
4
Scioto V & NE let gu g 4e 1989 MN 87
_
4
873 902
4
4
8012
801/
2
Seaboard Air Line g 4e
1950 AO
74 8112
8
81
43
Gold 4s stamped
1950 AO 8012 thife" 797
8212
74
8
8734 121
AdiuMment 5e
73 88
Oct 1949 P A 87 Sale 867
4
Refunding 4e
73
210
6918 7312
1959 AO 7314 Sale 713
let & cons (ie &idea A.1945 MS 95 Sale 9413
95
/ 129
1
4
84
/ 961
1
4
/
4
/ 90
1
4
8914
AU &131rm 30-yr let g/
89
/ 15
1
4
ggvs 897
1
4_01933 MS 89
2
Seaboard & Roan let 5a
992 1011
4
8
1926 3' 10014 ____ 1003
1002
8
1
8
& N Ala cone gu g 50
1938 F A 10278 10418 10418 July'25
/
1
102 1044
/
1
4
106 10714 10615
Gen cone guar 50-yr 5s
1 1027 109
10618
1963 AO
a
So Pao Col 4e(Cent Pao col)81949 3D 863 Sale 8814
8
864 22
/
1
84
8813
Registered
85 Sept'25
3D 817 85
85
81
8
/
4
110-year 00137 40
971/ 128
June 1929 MS 973 Sale 971
gm: 98
-year cony 54
83
9918 10312
1934 3D 100 10014 10012 Jan'26
90
-year g 58
4 101
7
9812 101
1944
N 10014 101 1003
San Fran Terml let 44.--1950 AO 873 88
8714
4
8734 41
84 88
/
1
4
Registered
85
AO 85 Bale 85
2
83 8514
So Pao of Cal--Clu g gis
1927 MN 10318 ____ 104 Aug'25
102 104
/
1
4
So Pao Coast let gu g 4s____19873, 9414 ____ 944 Jan'25
948, 94
/
1
4
/
1
Bo Pao RR let ref 4e
/
1
8714 92
1955 33 904 Sale 90
9012 2
61
Southern-let eons g 5e
I99e• 3 1047 Sale 10414
1
1047 155 10014 10412
8
10212 Dec'25 -3D
99 10212
Develop & gen 4e See A-1966 AO 813 Sale 8114
4
813 144
4
78
52 82
Develop & gen 68
/ 1081/ 27 103 10812
1
4
1956 AO 108 Sale 107
Develop & gen 634.
4
1956 AO 11212 Sale 11218
112
/ 6
1
4
0 1063 113
Mem Div let g 4155-56-1908 J
10218 10213 10134 1013
4
4
9912 10212
St Louis Div let g M
8
1951• J 883 Sale 88
/
1
4
883
5
8514 88
2
'8
Mob & Ohio call tr g 4a_ _1938 M
893 Bale 8812
8
8938
2
82
111 8838
So Car & Ga lit ext 545_ _1929 MN 101
/
1
____ 1013 Dec'25 -- 1004 103
/
1
8
Spokane Internet let g 54_1955 33 8012 8218 88 Nov'25
80 8712
Term Atm of St L let g 4348_1939 AO 97
98
967 Jan'26
8
951 981
4
4
lot cons gold 5e
1944 FA 10138 Sale 1011 1011
/
4
/
4
3 09 10112
Gen reftuld f g 44
' 85 851 854
3
8044 88
/
4
/
1
1953
8512 54
Tex & N 0 con gold 5a
19433' 97
/ 99 I 98 Dec'25 1
4
9614 99
Texas & Pao let gold 5s_2000 3D 10314 10312110314
997 103
4
10314 16
La Div B L let g 5s
1003 Sale 10014
1931 J
10034
2
4
98 10014
Tex Pao-Mo Pao Ter 534e_1984 M
100 Sale 9914
100
14
97 10014
Tol & Ohio Cent let gu 54_193533 10012 10112 10012 Dec'25
991 10112
4
Western Div let a be
1935 AO 10018 1001/ 997k Nov'25
99 100
12
/
1
4
General gold 5a
8
1935 3D 975 9812 9758 Jan'26
96
/ 993
1
4
1
Toledo Peoria & West 44_1917 3, 30
35
35
33 Nov'25
28
Tol St L & W pr lien g 34
/
1
8_1925
99 May'25
/
1
4
ate1 991
/ /
4 4
50
-year gold M
1950 A• O 88
8814 873
4
88
48
/
4
sal. 971
Tol W V &0gu 41 A
/
4
s
1931
977 ____ 98
8
Jan'28 9634 971
/
4
Series 13 41/4e
96s, 97
/
1
4
1938 JJ 96% ____ 963 Dec'25
8
Series C 48
1942 MS 9014
90 Nov'25
89
/ 90
1
4
Tor Ham & Buff let g 4s1948 3D 868 8712 8712
8712
8712
3
84
Ulster & Del let eons a 5a
67 92
/
1
4
1928 3D 7712 Bale 78
/
1
4
7712 19
let refunding a4,8
1952 AO 45
47
4414 Jan'26 _ _ _ _
40 62
Union Pacific let 148
902 044
4
/
1
1947
9212 Bale 9212
927
8 75
Registered
9014 filye 90 Dec'25
__
.
8915 9
3
10
-year cony 4s
1927 3
995
8
995
8 84
993
3
9814 997
4
let & refunding di
e2008 MS 871 Sale 8612
45
/
4
87
8312 90
let lien & ref 65
e2008 MS 1074 108 107
/
1
107
6 1034 10712
10
-year perm Becurod 88..1928
10314 Bale 103
1034 40 10212 1041
/
1
/
4
N RR & Can gen 40..._ _1944 MS
9212 Dec'25 _
_ 921 93
4
Utah & Nor gold 58
998 1011e
4
1928 J
100 10014 100
Jan'26
__
9213---let extended 44
1933 3, 94
934 Sept'25
/
1
93
/ 931
1 _/
4
4
Vandal% cone g 4e Bee A1955 FA 8712 89
4
884 Nov'25 _
/
1
- 863 15514
Consol 45 Series B
1957 MN 873 _
/
1
4
8
8
873 Dec'25 _
8
_ 865 87
Vera Crus & P let gu 4348._1934 3'
,
20
20
20 Sept'25
_
Awenting let 43,(e
1934
_
2334 26
2312 2824 23
28
9
VWBIVI&WletgSe
1926 M
9958 10014
100 Dec'25 _
993
4
Virginia Mid Series E 5s1926 M
993 10012
4
997 10014 10018
8
10012
5
5s Series F
1931 .1 3 10018 ____ 100 Dec'25
091 101
/
4
General 5e
100 10212
1936 M N 101
_ _ _ _ 101
Jan'26
Vs & Southw'n let gu 54_2003 J J
031 102
s
_ 983 Dec'25
4
983
4
let cons 50
-year 5
1958 A 0
8414 933
4
91
17
Virginian let 58 Series A1981 M N 9114 9238 91
86 10112
1013 Sale 101
8
10112 183
Wabash let gold ba
1989 M N 10214 10212 10214
4
10212
7 10014 1022
116 gold 511
9418 99
1989F A 994 Sale 99
/
1
/
1
4
994 13
/
1
Ref f 5155 Der A
94
/ 99
1
4
1975 M 8
/ 100
1
4
137
Debenture B 6s reg:stered_1939 M 8 100_ Bale 98
93 4 93
3
%
933 Feb'25
4
__
let lien 50-yr g term 48_1956 8
77 831
12
/
4
4
- 813
Det & Ch net lirt g / -1941 J 3 8312 -_-_-__ 10118 Nov'25
1
1
4_
9912 10112
J
10118 ---2
De* Moines Div let g 4s_ _1939 J J 102
8144 86
8412 ___ 8414 Jan'28
_
Om Div let g 315e
74
1941 A 0 7714
772
771
4
/
4
7718
4
Tol & Ch Div g 48
84
/ 89
1
4
1941 M
853 ____ 87
4
87
3
Warren lin ref gu g 331e2000 F A
77
77
77
7512 __
Oct'25 _ _
Wash Cent let gold 48
1948Q
813 - 2 8312 Dec'25
4 8318112 861
/
4
Wash Term let gu 31
/
4
e
1946 F A 835 Sale 83
8114 8512
8
/
1
4
83
/
1
4
3
let 40
-year guar 48
1946 F A 9012
8
823 90
47
84
W min W & N W let gu 51_1930 F
A 97 -- -- 83
9814 964
/
1
95 4 974
4
/
1
97
/
1
4
2
West Maryland let g48
1952 A 0 693 Salo 673
8
6311 69
4
6912 170
'eat N Y & Pa let g 543
19373 J 101 Sale 101
982 1011
4
/
4
1214
Gen gold 45
1943 A 0 841 s 83 84
8918 83
/
1
4
Income g 55
Apr 1 1943 Nov 40
45
45
45
Feb125 _
WeiM5rn Pao let Ber A 58_1946 81 8 973 Sale 9614
0014 97 8
7
8
98
88
let gold Be Settee B
1001 10812
1946 M 8 10312 10414 10312
/
4
10312
5
West Shore let 4e guar
2381 J J 84 Sale 84
8114 aai.
84
6
Registered
2881 J
83 Sale 83
79 4 84
3
8312 20
Wheeling & L E let g fie
1928 A 0 1004 101 10018 Dec'25 _
100 1014
/
1
/
1
Wheeling Div let gold 56_1928
98% 101
10118 _
1004 Jan'28 __
/
1
Ext'n & impt gold 5a
1930w A 97
8818 993
/
1
4
4
9812 Dec'25 _ _ _ _
Refunding 415e Series A-1986 M
83 Sale 8112
68
-81
83
18
RR let conaol 48
1949 M S 8212 Sale 81
82
8212 78, 72
WlIk&Eastletgug58
1942 3 D 6514 8614 64
/
1
4
/
1
4
857
8
3 81 6712
Will &El F let gold be
19383 D 10214 102 103 Nov'25
10111 10314
/
4
/
1
4
Winston-Salem B B let 4s_ - 1960
8614 864 86
82 4 8712
4
/
1
/ Jan'26
1
4
Cent 50-yr let geu 46.. _ _1949
Wig
3
77 8112
/
1
4
8
8
8112 90
Sup & Dul di,& term lit arse N N 877 Sale 807
80 8714
/
1
4
/
1
4
88
/ 23
1
4
Nor & Con East let 4 tia___1943 J J 88 Salo 87
7414 ____ 8210 Dec'25
75 4 821s
3
INDUSTRIALS
Adams Expreee ooll tr g /
1
4
-1948
85 87
85 Sale 85
12
85
4
Ajax Rubber lot 15-yr a f 85_1930
aate 10314
10212 103 1023
4
103
4
51aa2a Gold M deb 6&A__1925 70
418 Sale
3
1e 61
/
418
4
418
1
Oonv deb tle Series B
1926 M
4
418
738 4 Dec'25 _ _
67
4
•Ipine-tioutan Steel 7e
1955 11111
goe 917e
9118 Bale 9118
9118
8
Am Atria Chem let 58
1928 A
981 104
/
4
103
1023
4
103
9
ref s I 7140 g
lot
1941 F
9444 10484
1043 Sale 10414
4
105
123
Amer Beet Sue cony deb 88.1935
9712 102
9914 Sale 9914
9913 26
American Chain deb s I 8s 1933 A
983 99 4
2
9914 Sale 98
3
/
1
4
9914 29
5
AM Cot Oil debenture 54_1931 1 N 9714 Sale 962
9111 9712
/
4
4
9714 17
km Dona & Impt ifu lits
1936
J 1064
/
4
/
1
106s 1081
4
smer Ice deb 7s_July 15 1939 ---- 128 Bale 1053 Jan'26
128
128
2 11514 138
nu A 0
mbfaCh &Fdy s f (le
98 1011
101 Sale 10014
/
4
10012 16
Am Republic Corp deb 88_1937 A 0 98
911 100
/
4
/ 9912 98
1
4
99
24
ma 9m & R let 30-yr 5sserA 1947 A 0 10014 Sale 093
95
/ 99%
1
4
4 10014 93
1947 A 0 1083 Sale 1084 1083
let M Be series Li
4
8 812
/
1
4 32 1032 10
Amer Sugar Ref 15-yr Be_._1937
J 1033 Sale 10314
9911 10414
4
10414 46
1
4_1929 J 3 9712 Salo 9718
Am Telep & Teleg coil tr/
9818 977
8
9712 202
Convertible 45
1936 IN 8 9218 927 013 Dec'25 ____
897 9714
2
8
4
/
4
1933 MB 9714 9812 973 Jan'26
30year cony 41e
943 115
e
4
1948 3D 101 14 Sale 10114
-year coil tr 58
30
1017
8 55 100 10214
'
3
1960
815-yr 5 f deb 58
94
/ 981s
1
4
9812 Salo 977
8
9812 491
1943 MN 10418 Salo 10312
110-year s f 5344
10418 133 101 105
Am Wat Wks & Elea 53_1934 AO 9614 9612 9614
9212 98
9612 14
'
3
ci 7
-Se
1939
Jim Writ Paper
44
5312 Salo 50
631/
56
49
Temp interchangeable()Us den.
43 63 4
5212 Salo 49
3
5478 116
AnacondaCop Min let Ba_ _1953
9918 102
1023 306
8
4
P A 10212 Sale 1013
1938
-year cony deb 72
15
993 1057
4
1041 Sale 10438
/
4
10514 218
8
Andes Cop Min deb 7.50% p643 JP 3 9812 Sale 98
94 10012
9812 213
Anylr.-Chltean Nitrate 78_1945 MN 100 Sale 993
97 101
/
1
4
8 10018 219
WM&(Corny Ague) 7344 1939 ii 8712 Sale 8712
9413
86
8712
6
Ark a mem Bridge Az Ter 5s. 1984 M 8 9418 941/ 9418
91
22
947
9514
a Due May 0 Due June 4 Due May. A Due August s OptIon sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan, 15.
.ta
.
Pries
Friar
Jan. 15.
Wears
Rams or
Last Sale
Art Low His) No.
846
9112 150
91 Sale 9034
120
95
941 Sale 9413
/
4
10312 Sale 10234 10318 33
8
99
/ _-- 983 May'25 ---1
4
5
24
24 Sale 24
23
204 Jan'26
/
1
19
99
/ 10014 25
1
4
993 100
4
4
10512 Sale 10512 10512
6
106
/
1
4
106 Bale 108
10618 12
105 Sale 105
32
4
102
4
1003 Salo 1003
188
10112 Sale 10058 101
99 Dec'25
/
1
4
8
9612 Sale 96
/
1
4
97
73
98
95 Sale 9514
/
1
4
301
97
967 Salo 98
8
89 Sale 8914
/
1
4
893 122
4
37
94
93
94% 93
9
97
9612 Sale 91
95 Bale 9412
9514 53
/
4
1013 Sale 1011 10214 47
8
14
74
/
1
7313 Sale 734
783 Dec'25
4
__
6
/
1
4
9312
70- - 93
9312 933
4
10314 90
10314 Salo 10318
1053
4
105 Sale 105
247
94
93% Sale 92%
4
62
62 Sale 82
741 787 7713 Jan'28 ---/
4
2
92 June'25 -13812 Nov'25 -12314 May'25 -8812
90
33
34
w
00'2
1
10234 102 4
3
18512 Nov'25
8
110
110
92 Dec'25
89 If 8812 Jan'26 _
924 23
/
1
924 Sale 9218
/
1
6
98 Sale 974
/
1
9818
a
1004 Sale 1003
/
1
4 1003
4
1841 Sale 10418
/
4
10412 17
16
911
9114 9112 91
13
8 103
_ 1015
102- - 10178
1017 102
8
1017
8
/
1
4
9812 990 99 Dec'25
4
1005 Bale 1001 100
8
/
4
/ 55
1
4
1153 Bale 11514
8
1153
4 19
5
4
8 1017
8
1015 1013 1017
8
280
81
8012 Sale 78 4
3
1073,5 Sale 10714
10814 61
58
103
1023
4_ _ _ 103
19
1037
8
104
10418 1041
82 Nov'25
7714
2
91
9118
91
84 Sale 84
843
4 22
60
101 Sale 100
/ 101
1
4
12
4 101
1004 Sale 1003
/
1
Oct'25
_ 10
99
9914 9914 Dec'25
75
781 75
7614
11
100
99 10018 100
29
103 Sale 102
/ 103
1
4
2
106
1045 1051 108
s
Jan'28
9112 -- 92
6
921/
/
1
9212 Sale 924
83 Sale 8214
8314 47
1054 Sale 10414
/
1
10512 261
10412 36
10414 1044 10414
/
1
___ 78
/ 79 Dec'25
1
4
9814
1003
4 11
i003
8 _
52
99 Sale 98
/
1
4
99
/
1
4
10014 -- -- 90 July'24
1003 1013 10012 Jan'26
8
5
834
/
1
84
83
/ 85
1
4
947g
96
95
7
96
9434 80
4
9458 Sale 933
99
91
987 Sale 9818
8
46
109
109 Sale 108
921/ 24
92 Sale 92
1002 Sale 10014
8
10012 12
9413 Sale 937
s
9412 14
8218 Aug'25
9518 12
4
943 Sale 94
18
9312
94
8
/
1
4
8812
Sale 85
3
ION Sale 101
1013
4
10218 Sale 10102 10214 26
4
10012
10013 Sale 10014
2 10712 12
10712 107 1073
/
1
4
9
10018 1004 10012 1000
4
/
1
903 Sale 9023
8
9002 12
9612 Sale 9814
9714 266
733 Sale 72
4
73
/ 10
1
4
6
62
60
811
/
4
80
7
954 Sale 94
/
1
9514
s
- 991 Jan'28
/
4
51
1063 Sale 10514
4
107
10814 .___ 106
10614 12
10512 Sale 105
3
/ 105 4 92
1
4
93
1
103
103
103
10
863 Bale 86114
4
87
_
100 Nov'25
10213 59
10214 Sale 102
9912 _- 100 Dec'25
9414
9412 Salo 9414
8
1033 Salo 10318
4
1033
4 10
9312 9334 9314
9418 30
4
97 Salo 9514
97
11412 Salo 1133
4
1141/ 11
1
76
78
78
78
91 Sale 903
8
9114 19
105 Sale 105
12
105
1003 101 10038 1003
2
8
8
1054
/
1
10412 Jan'28 1047 Nov'25 - -8722 88
Jan'26
88
10
10012 102 101
101
92
9512 Sale 95
96
115
10478 Sale 1044 105
/
1
1211/ Sale 12118
1215
8 61
11018 Sale 109
/ 110
1
4
/ 37
1
4
921 Sale 9112
/
4
9212 42
105 105 101
Jan'28
/
1
4
100
1
____ 10012 10012
Stam lravls 1st cony f 7s.14
y
Gray &P
)12
4
98
9812 9712
98
/ 18
1
4
Gt Cons El Power(Japan)74_1944 F A 9114 Sale 9114
9214 52
Great Falls Power Iota I 56_1940 MN 10218 10312 1011 10212
5
/
4
Hackensack Water let 4e _1952 3 3 8614 -- 883
4
883
4
Hartford St Ry lot 4s
1930 M
853 -- 851/ Aug'25
4
Havana El By L & P gm 511 A .64 hi 8 93 Salo 93
1
93
Aryans Elec 0011801 5s
1952 F A 943 957 9514 Dec'25
_
4
s
leralley Choc let e I g ft.__ _1942 MN
..,10418 Oct'25 ---let M & coll 515e Int ett_1940 J
10014 81
15324 Sale I 992
4
doe (14) & Co let 6 He temp _1934 A 0 9812 Sale 1 9812
24
99
lolland-Amer Line 8s (fiat).1947 MN 8518 8812 8514
861
/
4
4
audeon Co Gas let g 54_1940 M N 10012 Sale .10012 1004
/
1
1
Armour & Co 1st real est 4)01939 J D
&rmour & Co of Del 5)0_1943
J
Associated Oil %gold notes 1935 .7 D
MS
Atlanta Gas L let 58
1847
Atlantic Fruit le otts dep
1934 J D
Stamped ctfe of deposit _______
Atlantic Refg deb 55
1937
Baldw Loco Works let 5s_1940 MN
Baragua(Coup Az)715e__ _1937 J J
Barnsdall Corp f cony 8% A1931 J J
Bell Telephone of Pa fie
7 94 A 3
1968 .1 0
0
1st & ref 5s Ser
Beth Steel lat ext it 50
94
19263 J
124,N
1st & ref 58 guar A
30-yr p m & Imp f 5a.
1936 J J
Cons 30
-year 68 Series A 1948 F A
Cons 30
-year 510 Series B 1953F A
90 ps s
Bing & Bing deb 814e
Booth Fisheries deb efl3e_ _ _1926 A 0
Botany Cone Mille 6 Sis
1934 A 0
Brier Hill Steel let 514e
1942 A 0
lYway & 7th Av let g 5a
1943 J D
CUB of dep etmpd June '25 Int ....I.
Brooklyn City RR 58
1941 J
Bklyn Edison Inc gen 58 A_ _19 0 3
1 9 9 .7
4
3
General 88 Sallee B
Bklyn-Man R Tr Sec 6e_1988 J J
Bklyn Qu Co & Sub con gted 58'41 MN
1st 5a
19413 J
Brooklyn /111r let cony 14&2002J 1
3-yr 7% secured notte
1921 J J
CUB of depoelt stamped
Bklyn tin El let g4
1950
-Se
Stamped guar 4-5s
1950 F A
Bklyn tin Gas let cons g 5e 1945 s4 N
M
10-yr oony deb 74
1932
lat lien & ref
Berle. A-11347 MN
Buff & Sum Iron it 5e
1932 J D
Bush Terminal let 4e
1952 A 0
Conseil ba
1955 J J
Building 50 guar tax ex .1960 A 0
Cal°& E Corp unit & ref 58_1937 MN
Cal Petroleum s f g 6150 _1933 A 0
Camaguey Sus 1st f g 7s_ _1942 A 0
Canada SS Linea let coil e I 78 '42 M N
Cent Dist Tel let 30-yr 5e_ -.1943
CentFoundryletef6a
1931 F A
Cent Leather 1st lien if 65_1945 J J
Central Steel lot get 8e_ _ _ _1941 MN
L & Coke let gu g 5e-1937J A
Ch
1927 F 3
Chicago Rye let 54
Chile Copper 3311 See A
1932 A 0
Cinch Gas & Elec let & ref Si'56 A 0
5I58 Ser B due Jan 1
1967A 0
Clearfield Bit Coal lst/_1940 J J
1
4
Colo F & I Co gen s f 58_1943 F A
Col Indus 1st & roll 58 gu
1934 F A
Columbia G & E let be
192 .7 .1
9273 3
7
Stamped
Col & 9th Av lst gu g 58-s-1993 M
Columbus Gas let gold 5a
1932 J J
Commercial Cable let g 4e 2397 Q .1
Commercial Credit f 6s___ _1934 MN
Commonwealth Power Os_ _1947 re1 N
Computing-Tab-Rao s f 68._1941 J J
Conn Ry & L lst& ref g 4358 1951 J J
Stamped guar 4Its
19513 J
Cons Coal of Md lat & ref/
,
1
4_1950 J D
Consol Gas(N Y)deb 5)0-.1945 F A
Coned Pr & Ltg lit 6 Me_ _1943 M El
Cont Pap & Bag Mille 8He 1944 F A
Consumers Gas of Chic gu Se 1936.7 J
Consumers Power let 5s_1952 MN
Corn Prod Refg t g 58
1931 M N
1st 25
1934 M N
-year /11 be
Crown C,ork & Seal 1st f 68_1943 F A
Cuba Co cony s f 6s
1935 J J
Cuba Cane Sugar cony 78_ _ _1930 J J
Cony deben stamped 83.4_1930 J J
Cuban Am Sugar lot coll 85_1931 M 13
Cuban Dom Bug let 7358_1944 MN
Cumb T dr T 1st & gen 8s
1937 J J
Cuyamel Fruit 1st Be Int ctfs '40 A 0
Deny City Trarow 1st con 55 1033 A 0
Den Gas E L Istaref s f g be '51 MN
MN
Stamped
Dery Corp(D GI lst e f 711._1942 M
Detroit Edison let coil tr 58_1933 J
let & ref Si Series A-July 1940 M S
Gen & ref 5sideriee A
0 ms
49
19 a O
let & ref 6s
B_ _July
Gen & ref 5s 8er B
1955J D
Dot United let cone g 4Hs_ _1932 J J
Dodge Bros deb Be
1941 MN
Dold (Jacob) Pack let 6e
1942 M N
Dominion Iron & Steel 5e_ 1939 J J
Donner Steel let ref 78
1942 3 J
du Pont(RI) Powder 4 Me_ _1938 J D
Duqueene Lt let & coll 8e.
.A949 3 J
in con trust 514a Series 8_1949 J J
Eon.Cuba Sue 15-yr a t g 7%a'37 M
Ed El Ill Bkn let con g 4a_ _ _1939 J J
Ed Eleo Ill let cone g 5e__ _1995 J .1
Else Pow Corp(Germany)6 y48'50 MI S
Elkhorn Coal 6% note.
1926 J D
Empire Gas & Fuel 7858._ _ _1937 M N
Egon,Gas Wilt lot con 55..1932 M
Federal Light & Tr let 5a_ _1942 PA S
let lien Be stamped
1942 61 El
.30-year deb 65 Ser B
1954 J D
Federated Metals at 78
19393 13
Fisk Rubber 1st s f 8a
Ft Smith Lt & Tr 1st g 5e__ _193 M S
8 8 MS
41
Framerio Ind & Dev 20-yr 71
/
4
8'42 J 3
FIrancism Sugar 1st of 781s _1942 N N
Gas & El of Berg Co cons g 841949 J D
Gen mphalt cony 65
General Baking let 25-yr Ile_ 2
PI
0
Gen Electilo deb g 3He
1942 F A
0enRefr1BteIg6eBerA.i95F A
German Gen Elec 75...Jan 15 1945 J J
Goodrich Co 6148
19473 3
Goodyear Tire & Rub 1st sf1941 66 N
10
-year e f deb g 8a
Gould Coupler 1st f 85_ _ _S1944 F A
A
3
.19
Granby Cons M & P con tki A•28 MN
Rowe
Year
1925.
Lou
Moe
91
86
91
95
10111 10314
4
9 11 95114
4
17
26
1612 32
9711 10013
4
9944 105 4
3
103 107
102 106
10014 103
100 101%
99 3 1011
7
4
93 984
14
1
90
94
931e 9712
85 891e
93 98
13
701e 93
94
9614
97 103
79
68
872 78
4
4
1
903 961
991s 103
103 106
/
1
4
82
/ 925
1
4
4
6114 71
7318 81
92
98
13618 13818
121 12314
8112 90
8113 EN
'we 10314
ICA 190
107 4 nes*
1
911 0
/ 4
4
84
91
86
/ 9212
1
4
93 2 99 4
,
3
98 10112
100 10412
/
1
4
95
/
1
4
$7
96 4 102
1
1003 1024
4
/
1
92 4 100
1
973.10114
110 113
4
4
981 1011
811
105 1111e
983810238
10013 105
80
82
87s 93
7
80 881
1
100 1021
4
4
100 1011
9 e 14
1
9314 997
s
/
1
4
71
/ 77
1
4
98 1011
/
4
9732 10313
1011 106
/
4
90
/ 921
1
4
8
8812 93
78
13 91)
10114 105
1001. 105
78 92
12
92 s 1007
7
s
90 4 100
3
100 jai);
74
90
9534 9611
4
92
98
96 1024
/
1
107 110
/
1
4
92
983
4
97 10113
93 99
12
82 83
/
1
4
14
92 s 97
1
92 4 96
4
75
We
9911 102 4
4
11
9913 102
/
1
4
973 10134
2
108 1 10812
3
993 10014
4
8812 93 4
3
fite 100
7312 8814
50
68
/
1
4
882 97
4
9012 95
104 107
/
1
4
/
1
4
104 106
100 106
/
1
4
89
95
/
1
4
9912 108
8512 882
2
97 100
/
1
4
971 105
4
9912 10013
gg
Nis
961 103
4
9112 1341
6
951e 107
108 115
7814 833
4
86
95
/
1
2
10318 106%
982.100
101 1042
/
1
104H 1051
4
83
9014
100 1041e
92
957
a
100re 106
/
1
4
119 1218
4
10838 111
fote 95
91114 101
934 100s
92 9713
,
87 4 92
1
997 1082
8
4
118
/ fags
1
4
82
/ 8512
1
4
8512 96%
92
/ 9714
1
4
103 105
98 100
94 104
/
1
4
79
90
14
984 1007
/
1
a.
336
BONDS.
N.Y STOCK EXCHANGE
.
Week Ended Jan. 15.
New York Bond Record—Continued—Page 5
Pries
FrIdae
Jan. 15.
Week's
Range or
Last Bale
High No
All Low
Bid
10213 84
Humble 011 & Refining 5348_1932• J 102 Sale 102
8 10114 61
Ulinois Bell Telephone 51/__ _1956 S D 101 Sale 1007
963
8 33
Illinois Steel deb 4348
1940 AO 9612 Sale 9614
Ind Nat Gas & 011 be
1936 MN 9114 ---- 9012 Dec'25
103 10314 103
10318 ---;
Indiana Steel 1st Ea
1952 M
993 Dec'25
4
100
Ingersoll-Rand 1st 53
1935 J
Apr'25
11
Interboro Metrop coil 4%e 1956 AO
4% Aug'25 ____
Guaranty Tr Co otfs dep _ _...
1012 Mar'25
Ctf dep nod asetd 16% sub_
6212 Sale 6213
213
dare
68
Interboro Rap Tran let 58_1966
6612 411
Stamped
62 Sale 62
69
164
10
-year 6s
1932 AO 65 Sale 65
4
90
367
4
10
-year -ono 7% notes_ 1932 M S 853 Sale 853
89
4
8812 90
tat Aerie Corp let 20-yr 58-.1932 M
9114
8218
7
82% 8214 8218
Stamped extended to 1942. M
4
8714 184
InterMercan Marine ii ba_ _1941 AO 8712 Sale 863
2412 Sale 943
8
95
109
International Paper 58
1947 J J
112
98
Ref f 66 Ser A
1955 MS 98 Sale 97
lot Telep & Teleg cony 5348 1945 MS 1093 Sale 109
11014 608
4
105
113
Jargons Works 6s Olaf Price)-1947 3' 104 Sale 101
,
4 1003
4 44
Kansas City Pow & Lt 68_1952 MS 100 4 Sale 1001
102% 35
Kansas Gas & Electric 68.
.A952 MS 102% Sale 102
10712
3
Kayser & Co 78
1942 FA 10718 Sale 10718
1033
4 36
Kelly-Springfield Tire 88_1932 MN 10312 Sale 1O3
's
Keystone Telep Co /et 55_ _1936 J .1 9012 9114 9114 Dec'25
Kings County El & P g 5e1937 AO 10212 --- 10212 10212
6
8
12114 11
Purchase money 6s
1997 AO 12114 Sale 1207
7714 Jan'26
Kings County El let g 48_ _1949 P A 7714 78
__
Stamped guar 48
1949 P A 77% 7812 7814 Dec'25
Kings County Lighting 58_1954 3, 98% 9913 10058
6
10058
2
03411
1954• J 10712 108 10713 108
Kinney Co 7348
4 1063
4
1
1936 3D 10634 Sale 1063
98
29
Lackawanna Steel Ers A
1950 MS 97 Sale 97
Lim Gas L of St Lreldrext 55_1934 AO 1003 -- -- 1003 Jan'26 _ _ _ _
4
4
Coll & ref bhs Series C
10312 135
1953 FA 10314 Sale 10318
98 Dec'25
Letdgh C & Nay e f 4342/A1954 J J
99
Lehigh Valley Coal let g 58_1933 J
1.0018 1003 10014 Jan'26
4
Lax Ave & P F let gu g 58_1993 M S ____ 453 4114 Dec'25
4
Liggett & Myers Tobacco 78_1944 AO 12018 123 11812 120
11
11612 Oct'25
AO 11614
Registered
Ss
22
1951 F • 102 Sale 10158 102
P A 9818 _
Oct'25
Registered
_ 98
tLarMard Co (P) is
1944 AO 11612 Sale 11513 11612 34
1153 Oct'25
4
AO 114
Registered
55
9912 56
1951 P A 9912 Sale 9858
9614 Oct'25
94
FA
Registered
_
Louisville Gas & Electric 58_1952 MN 9818 Sale 9818
9812 36
Loulsv Ry let con bs
943 8912 Dec'25
4
1930 J J 90
Lower Austrian Hydro-Eleo Co—
lst s 634s
4
87% 14
1944 P A 873 Sale 8712
Manati Sugar 7345
100% 28
1942 AO 100% Sale 10014
5912 Sale 5914
Manbat NY(N Y)cones 4a-1990 A
613
4 59
41 53 Sale 53
'
25 1s
8
5318
2013
Manila Electric 7s
102
2
1942 MN 102 Sale 102
Manila Eleo Ry & Lt 8!55 1993 MS 893 91
4
893
4
893
4 10
Market St Ry 7e &Mee A
9812 14
1940 Q J 9814 9812 9814
Metr Ed let & ref g 8e Ser B_1952 FA 105 Sale 104
10518
6
1st & ref bs Series C
' 97 Sale 97
3
9712 30
1953
10314
Metropolitan Power 61/
3
1953 J D 10314 106 103
Met West Side El (Chic)4e_1938 PA 7212 7513 7214
7214
2
1416-Coot Petr let 6)4s__ _ _1940 M
1013 Sale 1013
4
4 102
82
Midvale Steel &0cony f be 1936 MS 9414 Sale 94
943 166
4
8
5411w Elec Ry & Lt cons g 58_1926 FA 997 Sale 9978
9978 11
Refunding & exten 434s-1931 J J 9812
9812
99
2
General 5s A
4
4
9914 30
1951 3D 983 Sale 983
1st be B
91
23
1961 in 91 Sale 90%
18t & ref g 65 Series C
10
1953 MS 10112 Sale 10112 103
Milwaukee Gas Lt let 40_1927 MN 99 Sale 99
991s 10
8
Montana Power let 58 A
1003
8 51
1943 3' 1003 Sale 10014
9684
Montreal Tram let & ref 68_1941 3, 96% 97
967
20
Morris & Co 1st s f 4
85% 23
4
_1939 ▪ J 8512 853 85%
Mortgage-Bond Co 4s Sec 2_1966 AO
_- 7718 Nov'25
' 80-3 96% 974 9614
10 -year Ea Series 3_1932
-25
5
96%
Murray Body let 6348
,
88% 24
1934 J O 87 8 Sale 86
Mu Fuel Gas 1st go g _
983
4 --- 98% Jan'26
_
1947 MN
Mut Un gtd bonds extbe4
4 1013
2
4
4%1941 MN 1013 Sale 1013
Nassau Elea guar gold 4e
5912 11
1951 J J 59 Sale 5818
Nat Roam & Stampg lit 158_1929 J D 102 105 103
103
5
National Acme 734e
58
1931 J D 100 Sale 98% 100
Nat Starch 20
4
-year deb bo 19303, 1001
-- 993 Jan'26
National Tube let be
4Jan'26 _
1952 MN 102% 103 102
Newark Consol Gas bs
1003
8
4
1948 J O 100% 10112 100%
New England Tel & Tel 123.._1952 J D 101 Sale 101
10112 36
N Y Air Brake let cony 68_1928 MN 10214 103% 10238 Jan'26
AO 9138 Sale 91
New On Pub Seri 1st 53 A 1952
,
9178 25
let & ref 58 ser B
91
1955 J D 91 Sale 90%
24
N Y Dock 50-year let g 48_1951 P A 813 82
8112
8
8112
1
Y Edison 1st & ref 634. A_1941 AO 11512 Sale 115% 11513 62
1st Ilan & ref be 13_ 1944 AO 103 Sale 102% 103
64
J
N Y Gas El Lt & Pow - 5e_ _1948
104
_ 104
10412
1
8
Purchase money g 45
8912
1949 P A 8912 IC/ 8918
4
N Y L E&WestC&R1t5348 1942 M
10212 10012 Apr'25
Y Q El L & P 1st g be__1930 P A Haig
_ 101
2
10114
.▪ 1 43 -..12 47
N Y Rys 1st R E & ref 411_1942
52
Oct'25
46 Sale 46
Certificates of deposit
46
9
30
5
3
414 3 8 Nov'25
-year aril Inc 59_ _Jan 1942 AO
_
3
5% 312 Jan'26
Certificates of deposit
N Y Rye Corp i111368_ _ _ _Jan 1965
238 179
4
2318 Sale 2234
Y & Rich Gas let (is
102 Sale 101
7
10214
1951 7;
NY State Rye 1st cons 445_1962 M N 59 Sale 5712
5914 111
80
let con 6;4s series B
7812
6
78%
1962 " 79
N 10214 Sale 10212 10212
NY Steam let 25-yr 68 Sec A 1947
1
NY Telep let & gen if 4348_1939 MN 973 Sale 9712
9734 65
4
30
11014 41
-year deben 81 6s. _Feb 1949 FA 1097 Sale 10978
8
20
-year refunding gold 68_1941 AO 1083 Sale 108
10812 53
s
' 1013 1017 10118
3
Niagara Falls Power 1st 5s 1932
10134
9
4
3
Ref & gen 65
106
27
Jan 1932 AO 105% Sale 10514
AO 993 Sale 99
99% 56
Nine Lock & 0 pr let 5s A.1955
8
No Amer Cement deb 6148 A 1940 MS 99 Sale 99
100
56
Nor Amer Edison 6e
51
4
1952 MS 1033 Sale 0212 104
4 106
Secured s g 634s Ser B....1948 M
10512 Sale 043
37
4
95I
Nor Ohio Trac & Light (Is _1947 MS 9512 Sale 938
33
AO 9812 Sale 98
Nor States Pow 25-yr 68 A 1941
99
55
AO
9314 Jan'25
Registered
8 105%
let & ref 25-7r Se Ser B_1941 AO 105% Sale 053
4
13
1
North WT let fd g 4%o gtd_1934 J J 9613 9714 961296
1214
11212 12
Ohio Public Service 7348 A 1946 AO 112% 113
P A 110% 1103 10%
3
110%
4
let & ref 78 series B
1947
02
10214
4
4
Ohio River Edison lot 0/1_1948 3" 1023 103
963
4
97
6
4
Old Ben Coal let 60
1944 P A 963 97
6
Ontario Power N F lst 55_1943 P A 10014 Sale 99% 10014
2
99%
8
Ontario Transmission 5s
1945 MN 9938 995 99%
P A 10612 8516 06
10612 16
Ott! Steel ga
1941
102
5
1st 25-yr f g 734oSer B_ _1947 P A 102 Sale 01%
' 98 Sale 98
3
983
8 80
Pacific G & El gen & ref 56_1942
4
3 10018 35
Pac Pow & Lt Ist&ref 20-yr Ea'30 P A 993 Sale 993
4 23
Pacific Tel & Tel let es
1937Ii 10112 Sale 01% 1013
N 9912 Sale 991s
9913 82
Ref M 5s series A
1952
1063
4 33
4
Pan-Amer P & T lot 10-yr 70 1930 P A 1063 Sale 0614
7
110% 749
Cony 8 f 68
1934 MN 107% Sale
88's 44
Pork-Lea it leasehold 630_1953ii 8812 Sale 8614
00
Jan'26
Pat& Passsic G & El cons be 1949 MS 100
Peep Gas & C letcona g6sl943 AO 11012
-- 1012 Dec'25
S 99 Sale 99
9912 30
Refunding gold 56
1947
l0412 Sale 03% 10412 29
Philadelphia Co coil tr Ss A_1944
16
100
50
100 Sale 99
-year cony deb 534..
1938
Phila & Reading C & I ref555.1973
1003
4 24
10014 Sale 00
18
Pierce-Arrow Mot Car deb 881943 fr
108 Sale 0712 108
7
4
Pierce 011 f 88_ _Dee 15 1931 J
106
10614 10718 1053
0 Due Jan. ii Due April. g Due Dec. 8 09000 11410.
Range
Year
1925.
Low
EWA
991s 10212
97 1017
s
92% 96%
8712 94
101 1041s
9914 993
4
11
10
413 7
12
10% 1012
69% 74%
69
7312
61% 8112
85 95
67
91
61
8212
82l4 9112
87% 9812
94 4 99
3
10112 110
88 107
13
95% 102
981s 10312
10113 108%
90 109
82
9212
99 103
8
1141 1203
4
76
79%
74
80
89 10114
103% 10812
104% 109
89% 9514
9814 101%
95 103
14
95% 10014
99 8 10112
3
3912 441s
116 1208
s
115 1173
4
97% 10212
97% 98
8
11414 1173
11312 115%
94% 9812
9614 9614
90% 99%
8912 93%
BONDS
N. Y. STOOK EXCHANGE
Week Ended Jan. 15.
41
13
E
Pried
Friday
Jan. 15.
Week's
Badge or
Lass Bale
e3
SW No.
Bid
Ask Low
19
Pillsbury Fl Mllls 20-yr 68._1943 AO 10218 Sale 102
102
Pleasant Val Coal lot g s f 66_1928 3' 973 9812 9812 Jan'26 -4
Pocah Con Collieries let of 581957 3' 9018 9114 90 Dec'25
Port Arthur Can dr Dk 65 A.1953 FA 102 Sale 10212 10258
3
let M 6s Series B
1953 FA 1013
4
-- 10158 Dec'25 -995 993
Portland Elea Pow 1st 6s B_1947 MN 99
5 100
8
8
Portland Gen Elea 1st 5s_1935
993 100
8
993
4
998
4
2
Portland Ry lot & ref U.__ _1930 MN 92% 94
9238 Jan'26 -Portland Ry Lt & Plat ref 681942 P A 89 Sale 883
89, 61
4
lst I de ref 65 ser B
100
20
993 Sale 99%
4
1947 M
let & refund 7348 Ser A 1946 MN 10714 Sale 10614 10714
6
Porto Rican Am Tob 8s_ _..1931 MN 106 10614 1053 Jan'26 ---4
Pressed Steel Car 58
973
4 88
1933 33 97 Sale 97
Prod & Ref a!8s(with war'nts)'31 in 110%
_ 11012 Dec'25 -Without warrants attached___ J D 110 112 11012 Dec'25 - Pub Seri Corp of NJ gen 58_1959 AO 10434 105 1043 Jan'26 ,
4
8
Secured g 68
12
1944 P A 1007 Sale 0012 101
Pub Berl Elea & Gas let 53481959 AO 105 Sale 10414
166
105
1st & ref 5148
1964 AO 104% Sale 0415
105
3
3
Pub Sem El Pow & Ltg 08_1948 AO 10714 Sale 1063
,
4 10714 43
Punta Alegre Sugar 7s
4
4 109
46
1937 3' 1073 Sale 073
Remington Arms 6s
8
85
24
1937 MN 837 Sale 8378
9914 37
ReDub I & S 10-30-yr 511f 1940 AO 98 Sale 98
Ref & gen 15348 see A
93 8 927s
7
' 93
3
9334 16
1953
Rime Steel let 78
9018
6
1956 P A 9018 Sale 9018
Robbins & Myers.f 7s
62 61
62
4
1952 in 61
Rochester Gas & El 78 ser B_1946 MS 113 Sale 1212 113
8
Gen Mtge 5348 series C_1948 MS 1053
4
06
106
5
7012 Sale 7012
Rogers
-Brown Iron Co 78_1942 MN
71
3
St Jos Ry Lt Ilt & Pr bs
9114
92
2
1937 MN
St Joseph Stk Yds let 4348_1930 J J 9 8 r -- 953
4
5
96
2
7714 7912 78
St L Rock Mt & P58 stmod_1955 J
4Jan'26 -St Louis Transit 58
7112 Oct'25 ---1924 AO 7012 _ _
St Paul City Cable bs
95
ii 9514 100
Oct'25 - -1937
94
122
Saxon Pub Wks(Germany) 78'45 FA 9312 Sale 93
0813 109
Saks Co 7s
28
1942 MS 108 109
101% Sale 0158 10111
San Antonio Pub Ser 6s
'
3
1952
6
Sharon Steel Hoop let 88 ow A '41 MS 10713 Sale 0712 10713
2
Sheffield Farms 614e
10712
1942 AO 10713 Sale 07
5
931
Sierra & San Fran Power 5s_1949 P A 94 Sale
943
4 3
8
Sinclair Cons 011 15
-year 76_1937 MS 95 Sale 9414
9514 194
,
4 11114 629
let In coil tr 68 C with ware 1927 J O 108 4 Sale 083
8812 109
let lien 6348 Sec B
1938 in 8812 Sale 8713
4
Sinclair Crude 011 3-yr 68 A 1928 P A 1003 Sale 0014
1003
4 87
0012 10058 37
3-yr 6% notes B Feb 15_ _1926 P A
4
Sinclair Pipe Una 58
8834 74
1942 AO 883 Sale 8712
Skelly 01634% note /
1
1927 AO 12212 Sale 2212 12513 51
,
N 101% 10213 0138 102% 12
Smith (A 0) Corp let 630_1933
10814 Sale 07
10814 12
South Porto Rico Sugar 721-1941
85% 87
8
10158 52
' 1013 Sale 10158
3
South Bell Tel & Tel lot 81581941
97 102
8
5
10158
S'weet Bell Tel let & ref 56..1954 P A 1003 Sale 1003
5713 84
9814 Sale 97%
98%
19
Southern Colo Power 6s___.1947
5614 Spring Val Water g Ss
61
g
1948 MN 9812 9918 997 Dec'25 -- -971 103
4
1003
8 18
Standard Milling 1st Ea
1930 MN 10012 Sale 10014
92
85
1083 Sale 108
4
1083
4 13
Steel & Tube gen 8!78 Ser 0 1951
9712 10214 Sugar Estates (Oriente) 7s 1942 MS 903 91
4
90
91
16
101% 10614 Superior Oil lets f 7s
93
93 Dec'25 95
1929 FA9112 9712 Syracuse Lighting let g 68_1951 JD 10058 _ _ _ _ 10013 Jan'26 -100 105
1023 --- 10312 Jan'26
_
Tenn Coal Iron de RR gen 65_1951
4
68% 80
s
10314 42
Tennessee Elea Power 1.1 68.1947 JD 10314 Sale 1027
954 102
58 Sale 567
5914 95
Third Ave let ref 45
1960
871s 9314
4858 24
An Inc 6s tax-ex N Y...01960 AO '47 Sale 4214
99% 10112 Third Ave Ry let g 5a
9434 13
943 Sale 94
4
1937
947 973 Toledo Edison let is
s
4
10912 120
1941 MS 10913 Sale 109
94 100
9812 12
9812 Sale 9812
Toledo Tr L & P812% notes 1930
84% 927 Trenton G de El let g 5s
s
1949 MS 99% 10312 991 Dec'25
9888104
97 Sept'25 - _
Trumbull Steel deb 68
1940 P A
964 99 4
3 Twenty-third St Ry ref bs_ _1962
61
62 60 Dec'25 - _ _
4
97% 1003 Underged of London 430_1933 JJ 951s
_
-- 92% Oct'25
94
99
92
Oct'25 - Income 68
1948 JJ 92% _
7812 87
8
105
41
s
Union Bag & Paper 1st M 66_1942 MN 1047 Sale 1046
77% Union Elec Lt & Pr lit g 56_1932 MS 10114 101% 10114
77
10114
2
95% 9713
1003
4 14
4
Ref & eat 51/
1933 MN 1003 Sale 10012
77% 10012
102
10
4
lot g 5He series A
1954 33 1013 Sale 101%
9513 101, Union Elev Ry (Chic) 53-1945 AO 7714 78
4
Jan'26
78
99 102
Jan'26
10012 -- 101
Union 011 let lien sS 5s
1931
5712 64
4
30-yr 6s Ser A
May 1942 FA 1043
- 10418 Jan'26
977 103
8
96% 58
let lien s f 55 Ser C
4
1935 FA 96 Sale 953
9914 Union Tank Car eoulp 7e
80
101 Aug'25
1930 P A
98 100
20
United Drug 20-yr 6s_Oct 15 1944 AO /OA Sale 10413 105
1004 103
10112 1013
4 15
United Fuel Gas let if 6s
1936
9811 101
99% 30
4
United Rye Inv bs Pitts Issue 1926 MN 993 Sale 993
4
994 102
10138 10212 9958 Dec'25 -Stamped
lova 104 4 United Rye St L
,
75
29
let g 48____1934 3, 75 Sale 74%
89
/ 92
1
4
9412 12
4
United 5800 15-yr 65
1937 MN 943 Sale 9414
,
887 92 8 United Stores Realty 20-yr (Is '42 AO 10318 Sale 10318
8
10318 10
72 4 821 US Rubber let & ref be eer A 1947• J 92% Sale 92
3
4
93
330
112 11512
113-yr 714% sec notes
1073
4 67
4
1930 P A 1073 Sale 10714
0043 102
US Smelt Ref & M cony 66_1926 P A 10018 Sale 997
8
10015
2
10012 10414 U 13
Steel Corpfroution _ _41963 MN 10618 Sale 106
l067s 99
SO
90 4
3
f 10-60-yr bslregistered _41963 MN
1048 Nov'25 — -100% 10012 Utah Lt & Trao let de
8712 13
ref 58._1944 AO 87 Sale 86%
904 101
Utah Power dr Lt let 5s
4
96
38
1944 P A 953 Sale 9514
5414 Utica Elec L & P let 5s_ __ .1950 J J 100
65
, -- -- 1003 Jan'26
4
4
42 a 64
8
Utica Gas dt Elea ref & ext bo 1957 J
10018 Sale 10018
10012
3
3s 6
,
Victor Fuel let e f be
5314 6212 58
Oct'25 -1953 J
3
5 4 Va-Caro Chem let 7s
3
J O 106% Sale 10612 10713
4
1947
20% 32%
Certificate/ of deposit
10413 110 1043 Dec'25 ---4
9912 10211
Certificates of deposit stmpd
1023 Oct'25
4
56 6814
Stpd as to payt 40% of prin
7814 90%
1st 78
107 Sale 107
5
1947
10714
9712 104
Ctf of deposit
106% Sale 1067
8 10712 50
99
95
Ctf of deposit stpd
107%
1073
4 68
107% 110%
7348 with & without war__1937 JO iio Sale 109
110
2
9
lows 10818
Certlfe of dep without warr
10914 Sale 10812 111
203
9914 103
Certifs of dep with warrants.
9312 Oct'25
103 106% Va Iron Coal & Coke let g 5e 1949 MS -1511. 93 9112
4
4
9112
9712 100
Va Ry Pow let &
5
1943 J J 983 Sale 9814
99
39
9712 10212 Vertientes Sugar ref 51/
let ref 76_1942• D 9012 91
9012
91
12
96% 10412 Warner Sugar Reel/ 1st 78....1941 3D 9514 Sale 95
9
96
100% 106
Warner Sugar Corp let 71_ _1939 J
8218 Sale 8112
8238 13
97
91
Wash Wat Power s f 58_19393) 101%
_ 10112
5
10112
93 991s Wenches Ltg g &el/tined gtd
J o 103% Sale 10212 10338 21
1950
931 93% West Ky Coal let 73
4
N 101 Sale 1003
1944
30
4
101
4
103 1071 West Penn Power See A 58_1946 M
100 Sale 100
10012 16
94% 98
1st Ts Series D
1946 MS 10614 Sale 10518
10614 17
4
108 1123
let fa &ales E
1963 MS 10014 Sale 983 Sept'25
4
107% Ill%
MS 100 10014
Temporary 5s Series E 1963
10014 36
9812 104
let 5148 Series F
1953 AO 105% 10513 104%
25
99
96
West Va C & C let es
1950.13 8112 Sale 81
813
4 25
4
98 1003 Western Electric deb 5a........1944 AO 1003 Sale 10018
8
10012 118
97
993 Western Union coil tr cur 54_1938 J J 10214
4
2
10214
-- 10214
9538 106
Fund & real estateS 434e-1950 MN 96% Sale 9614
9612 25
8938 10113
15
-year 830 g
1936 P A 11114 Sale 111
6
111%
9311 99
Westinghouse E & M 78_ __ _1931 MN 106 Sale 1053
73
106
4
98 100
Wickwire Spen Steel let 7s 1935 3' 66% 71
7312 Dec'25
9913 102
75% Oct'25
Certificates of deposit
70
90
921s 10012
Certificates of deposit stamped 2;114
___ 73
1
7013
7013
10412 107
Wickwire Sp Steel Co 7s Jan 1935 MN -67% Sale 6618
7
6714
103 118% Willis-Overland e f 148____1933 MS 1023 Sale 10214
4
1023
4 31
88 99
AO 9913 Sale 99
Wilson & Co let 25-yr.!68_1941
993
4 68
98 10014
Registered
93 Feb'25
107 110%
113-year cony s f 6s
1928 3D 53
70
71
Jan'26
9458100
Certificates of deposit______
1
6812 701 6812
6811
5
101 s 106
,
10-yr cony if 734*
51931 FA 71
1
75
69
69
93 4 100
1
Certificate/ of deposit______
13
6812 Sale fops
69
.
99 1021 Winchester Arms 7148
1941 AO 10134 Sale 1013
101% 20
4
90 10611 Young'n Sheet & T 20-yr 61-1943 3, 102 Sale 1013
149
102
4
102 1084
/
1
4
Range
Year
1925
Low
High
210212
998
97
9814
88 94 2
8
9914 10214
10014 102
9612 1001s
.
9888 1007
9212 9611
5414 92
94 10084
1048 108
0
101 106
9214 97
104 11514
3
1098 11314
103 s 1051e
8
4
95 1008
987 10514
2
99% 105
4
102% 1071
10284 10712
85 92
9312 99
891 95
.
8814 007
1
57
1g nig
4
110 1123
12
10284 103
60 83%
851 9
1 3
9612 96
7714 87
7112 801
4
95 97
gots 941
4
10.2 1098
s
9912 104
7
105 2 10712
1042 107%
4
90
95%
88 95
17
103 8 120
,
82% 90 4
8
9914 101
9912 1
014
82 88
1067 129
s
101 10212
4
102 1068
99 10214
gots 10112
9314 997
2
9412 997
1
96es 101
105 10814
874 9711
go
99
974 10184
10012 103
9914 10414
61
5812
3414 61114
9312 96
1081s 110
97 4 10012
8
98 100
97
9744
70
80
89
93
861 92
0
9411 105
9984 102
9814 101
100 104
75 80
947 101
8
102% 105%
9412 96
101 10514
10058104',
98 103
99 100
12
EN loots
6712 7414
91
9582
10214 106
85 9211
1
loos 108
100 102
10414 1004
10372 10614
&vs 9112
91
9812
10034 10214
951,4 103
53
58
73 105
nits 1061s
88 102 4
8
9812 105 1
8
98 10512
9412 104 s
8
63 100
e212 102
41
95
12
go
98
93 4 99
1
se
gets
89 2 9912
7
7512 8712
9921 1018
4
4
98 1023
4
10012 1028
93 4 10014
3
1044 1078
4
93 10014
12
9812 9914
soots 10814
82 4 96
8
98 1017
a
99 10212
1e
92 4 97 4
8
8
10912 11214.
10588 1081
4
70 91
751a 88
7311 81
6212 78
991s 102 s
7
91% 100
93 93
55
7612
63
78
53
12 77
39 1 7414
8
10014 1021
4
95.4 102
337
BOSTON STOCK EXCHANGE-Stock Record s.:3 .11.g.
1
-PER WARS. NOT PER CENT.
HMI AND LOW BALI PRICER
Saturday.
Jan. 9.
Monday.
Jan. 11.
Tuesday.
Jan. 12.
Wednesday.' Thursday.
Jan. 13.
Jan. 14.
Prefer,
Jan. 15.
Sales
for
the
Week.
STOOKS
BOSTON STOOK
EXCHANGE
iliffe los Year 1925.
PER SHRIth
Ramos for Pran...fu
Year 1924.
Lowest
Lowest
Highest
Railroads
100 156 Feb18 16412 Jan. 7
747 Boston & Albany
161 16212 182 162
182 16212
180 160
159 159 159 159
100 7514 Mar 17 86 Jan 2
80
8014 80
1,519 Boston Elevated
8014 80
80
8013 8014 8014 8214 80 81
100 92 Jan 16 10414 Dec 17
--------201201 Do Pref
99 *98
99
___ __*98 9812 *___ _ 99 *---- 993 *96
2
Do let prof
100 109 Mar 31 130 Dec 16
11712 118 117 11712 •___ 117 117 117 116 117
408 Do 2d prof
100 94 Mar 20 116 Dec 17
1041* 105
103 105
9812 9812 *____ 110 *-___ 10912 105 108
100 10 Apr 17 4913 Dec 17
4712 48
47
4 4712 48
4712 4734 4712 473
4612 2,071 Roston& Maine
47 4 45
3
100 1112 Apr 24 48 Dec 23
35 Do Prof
47 47
97 97
6214 62 63
100 17 Apr 27 65 Dec 17
850 Do Series A let pref
62 62 -ai62 6214 62 6214 61
8812 8812 *89
380 Do Series S 1st pref.. 100 29 Apr 27 8712 Dec 17
89 89
87
8712 88
88 89
89
100 25 Apr 25 7912 Dec 15
7712 7712 7722 7712 78 78
243 Do Series C let pref
78 78
77 78
77 78
100 3512 Apr 25 116 Dec 4
225 Do Series D 1st pref
*112*112 117 110 110
*112 115 112 112 *111
96 Dec 24 99 Nov 25
9712 97 4 97 4 973
3
132 Prior preferred
9734 97 97
3
4 97 if- 96
100 167 Feb 28 180 May 28
6 Boston & Providence
*179
*179
*179
_
179 179 *179
424 East Mass Street RI Oo 100 26 Sept 4 6212 Nov 12
2 57
1
57
58 1i- 57 - -- -Efi - --2
57 53
*57 5912 59 19
100 60 July 31 73 Dec 14
70
70 *70
418 Do let prof
70 70
70
70
7012 70 70
70 70
100 51 Aug 26 70 Dec 18
69 69 *68 705 Do prof B
70
*68 70 *68 70 •68
100 35 Sept 3 50 Dec 28
355 Do adjustment
4612 4612 -47- if47 47
48 4814 *---- 48
48 48
100 23 May 27 56 Dec 15
336 Maine Central
55 •_ _ 54
51
54
55 55
51
52
537
3 51
52
100 28 Mar 30 483 Dec 16
4
4
*4373 4418 433 44 *43 4312 4338 4414 44
4478 4314 4314 1,209 N Y N H &Hartford
*86 ---- 8512 8512 8
30 Northern New Hampshire-100 70 Feb 16 90 Dec 4
____
8 88
55 Norwich & Worcester pref-100 100 Jan 13 125 Oct 221
121 121 •121 _-__ *121 ____121
*121
100 96 Jan 2 118 00140
11212 11212 *11212 _ *11212
110 Old Colony
*114
118 116
116
100 4514May 1 6318 Jan 2
Rutland prof
*55 58
_-_100 Vermont at Massachusetts-100 87 Feb 24 101 Dec 10
4
100 100 100 1061- *11343- fail; Mort 1061- 105- 11614 ____ -4
Miscellaneous
212 Mar 25
412 43
5 Dec 30
43
8 434
412 5
434 5
8
414 412 2,483 Amer Pneumatic:, ServIoe___25
412 43
4
50
er p
Tplef hone a Teleg...100 1612 Mar 25 2412 Dec 3
4 23 4 2334 23 2314 2314 2314
233 233
4
4 23 233
3
838602
13038 Jan 2 145 Del 9
Amer
4
1423 14314 1423 14314 1423 143 14234 143
8
4
14234 143 14284 143
No par 6112May 6 87 Aug 8
922 Amoskeag Mfg
6812 683 6812 69
4
68 69
69 8912 6812 89
6812 89
metal oonstrue. No par 7014May 11 8834 Aug 20
75
75 *75 78 *75
1_02_ Do pref
76 *75 76
75
75
75
75
Inc-- 10 14 Jan 16 16 Aug 20
•1712
Art
_ *1712 ____ •1712
*1712
_
484 Aug 25 6712 Dec 5
*213153 83 - 6153 61% 6114 6214 •26112 63 0x6112 63
•1712-280 Atlas Plywood t o
94 Aug 21 21 Dec 4
No par
*1634 1713 •1634 1714 1612 1612 *16
5 Atlas Teak Corp
163 *1612 17
4
98 98
9734 98
9734 98
275 Stgelow-Hartf Carpet_No par 9712 Nov 27 10912 Oct 8
9712 9734 29612 97
*10712 ___ 108 108 *10712 - - *10712
*10712
5 Boston Com Gas Co pre/__100 103 Jan 17 1084 Aug 81
-+10 20 Jan 26 45 Dee 31
4814 _-- 4712 48
4812
680 Connor (John T)
46
4612 4614 4712
*65 ---- *65 67
22 66- -6523 6523
66 67
220 Dominion Stores, Ltd-No par 284 Jan 30 74 Oct 29
67 67
2
100 99 June 12 100 Dec 6
*108 ____ *108'
Do prefA
*106 110 *106 110 *106•106 110
*314 4
14 Apr 30
10
*314 4
6*Sept 23
*314 4
500 East Boston Land
3
3
4
34 3 8 43
3
634 Jan 24
3 July 29
*4
412 *4
412
400 Eastern Manufacturing.- 5
4
412 *4
4
412
*4
412 *4
25 42 Mar 9 894 Dec 18
84
8438 8412 8412 84
84 84
Eastern SS Lines, Inn
4,308
843
4 8412 85 . 8312 85
No par 85 Jan 15 4614 Oct 311
447 447
8
447 45
8
8 4314 4314 4334 44 *x4334 44
445 Do prof
43.2 44
9912 2912 *____ 993
100 89 Jan 8 100 July 201
8 9812 9812 9918 994 *97
58 1st preferred
9912
18 Aug 27 2312Sept 23
*2012 2112 21
2134 22112 2112 21
2112 2112 2,300 Economy Grocery Stores
22
22
22
21012 210 21013 2093 21012 210 21012 210 21012 2207 208
100 200 Jan 5 213 May 21
210
480 Edison Electric Ilium
4
534 Oct 9
2 Dec 30
10
*2
312
2 8 233 *214 412 *212 412
3
10 Elder Mtg Oo(v to)
2212 2212 02212 24
30 Galveston-Houston Elea -100 17 Oct 6 88 Jan 7
*2212 24 *2212 2312 02212 2312
Georgia RI & Eleca15% prof100 784 Apr 15 8414 Sept 8
No Far 3234 Aug 29 43 July 1
-4014 16
- 4018 4012 4012 1(Tt; 40 404 -io- 404 i5e- 3912 _ioi Gllchriat Co.
4
110 11012 109 111
108 109 1074 10914 10812 10912 1073 10812 6.224 Gillette Safety Rasor--No par 5712 Jan 2 11512 Dec 29
4
25 11 May 12 1512June 1
1112 1212 0____ 1112 1012 1012 12
430 Greenfield Tap & Dle
113 1214
4
12
No par 52 May 6 72 Oct 2
06712 68
6714 68
300 Hood Rubber
6612 67
67 6712 6712 6712
Intermit Cement Corp_No per 5212 Jan 8 80 Oct 1
*66 67 06514 664 *6514 65 4 *65 66
*66 67
3
2 Jan 8
International Producte_No par .05 Dec 28
•.10 .50 *.10 .50 •.10 .30 *.10 .30 *.10 .30
100 .10 Dec 28 1012 Jan 9
4.25 1
De prof
0.25 .75 *.20 .60 •.20 .60 *.20 .60
Kidd r. Peabody Acceptance
100 8212 Jan 6 9512 Nov 25
9514 9514 *9514
9514 9514 *9514 ---_ *9514
80 Corp Class A pref
ass Jan 7
64 Apr 16
10
*814 834
814 814
177 Libby, McNeill & Libby
812 812
834 -13
4
812 - -1814 814
82
25 114 Aug 11 1378 Jan 5
12
12
12
12
1188 12 *1112 12
57 Loew's Theatres
12
12
*1112 12
8353 8412 8478 8512 85 85
Massachusetts Gas Cos-100 68 Feb 3 85 Dec 21
8512 284
492
8412
8412
8412 85
100 6318 Jan 9 70 Oct 5
66 66
67 67
131 Do Pref
67 67
67 67
6714 6714 6712 6712
*19312 194
194 194
195 196
256 Mergenthaler Linotype-100 167 Jan 7 197 Oct 14
210 210 215 215
19512 201
10
74Sept 21 1684 Jan 15
1
Investment,Inn
10
10 *--__ 10 *____ 10 *---_ 10 *_-__ 10
Mexican
---Mississippi River Power-100 36 Jan 2 124 Oct 27
---- ---*95 96 ;58" Id- ;51 Ili" 95 95
100 8711 Jan 10 9614 Nov 4
15 Do stamped prof
-55 2 9511 ---- -- -7
684 Jan 13
1
3 4 Dec 29
3
*414 412 *414 412 *414 412
126 National Leather
418 418
418
4
414 414
3
5 115 Dec 22 17 Dec 15
151 16 +154 1618 16
935 Nelson(Herman) Corp
1614 1634 1612 1634 1614 1614
16
2 June 22
.
•
.25 .40 *.25 .40 0.15 .40 *.25 .40
1.000.New Eng. Oil Ref Co.tr Ms_ .10 Dec 30
.35 .40 ____ ____
534 Am 7 12 Sept 8
100
*8
*8
12
Do pref (tr otn)
12
____ ____
*8
12
12
*8
*8
12
278 Dec 31 11 Feb 9
•4
5
New Eng South Mills_No par
04
5
*4
5
*4
5
04
5
100 20 Dec 24 55 Jan 14
Preferred
*26 .-- *25 33 *25 33 *25
33 *25
33_--Nov 20
11512 118
115 116
4
11512 11612 116 11612 11612 11612 11612 1163- 1,733 New Engbaid Talon &Teleg 100 99 Apr 21 12212 July 30
1 214 Oct22 3284
1301Orpheum Circuit. Inc
2934 2914 29 3012 2834 30 02812 30
30 30
100 50 Dec 21 814 Jan 13
Mills
5112 517
51
52
56"
51
511 5014 5113 - IC 1,5251Pacific
50
51
62 68
6212 63
165 Plant(Thos 0), let pref_100 32 Aug 3 76 Oct 16
6814 681 *53 64
---- ____
66
66
els ___ +1584 1634 163 17 +1614 17
.%
10 1514 Aug 12 18 Apr 3
75 Reece Button Hole
1614 1614 -------4
2 4 Jan 8
8
114 Nov 12
*112 13
Reece Folding Machine__ 10
*Pe 13
+158 134
0158 13
*153 13
100 1094 Apr 22 120 Feb 6
114 11412 11412 116
115 11514 11434 115
11412 11514 11412 115973Swift & Co.
25 4512 Apr 13 7312 Dec 5
Torrington Co
*68 6913 68 69
68
68.
68 6814 --------46098
68 68'8 69 69
712 Jan 23
3 Oct 23
5
10
Union Twiet Drill
101 *10
913 91
91
8
9
_ *9
3
484 4812 48 ii12 4813 94
4858 49
4 2,768 United Shoe Mach Corp_ 25 40 4JulY 29 50 Nov 4
4834 4918 48
25 264 Jan 13 29 Oct 22
2814 28 28
028 2812 28
187 Do prof
2814 2814 2814 2814
28
28
1733 1753 1714 1753 1714 1712 1712 1758 1734
310
712 2,635 WaldorfElys.Ino.new lb No par 1412 Aug 4 19114 Jan 3
5 Jan 15 34 Dec 28
3012 3012 3012 3012 *31
375 Walth Watch CI B com_Ne par
30
30
301
30
32
310
1734738
05518 5613 55 55
543 55
4
55
53 53 --------303 Do prat trust otas_.,_100 1714 Jan 8 57 Dec 24
55
100 66 Jan 6 105 Dec 29
10512 10512 105 105 0
189 Do prior prof
._ 105 *_ 1051 *10512 10512 104 105
20 1613.1une 2 2714July 29
*2114 22 02112 22
2114 213
2134 22
2134 213 02134 22
230 Walworth Company
4
50 37 Jan 2 5012July 7
4634 47
685 Warren Bros
4612 47
463 4714 4612 4614 4613 461
4
46
4638
60 373* Jan 10 4312July 1
041
42 041
41
4112 4112 41
41 4170 Do lit prof
041
42
42
50 404 Jan 17 48 Dc 17
*45 4712 045 47 +45 474 045 471 +4512
217 De31
11 Mar2
inIni
1714 0164 171
1684 164 *17
DoId t:el
164 168 01684 48-iii ----___ii i Will & BanerCendIe corn... _
2 1612
1714
---162 2
toksse
14578 Mar 164 De.
7184 Aug 85 Ds.
874 Dec 9614 May
4
107 Dec 1161 Jab
92 Sept 1014 Deo
812 Jan 254 Noy
12 Jan 267a Nov
4
13 June 871 Nov
1712 Jan 48 NOV
15 Feb 61 NOV
28 Jan 62 Nov
48 Jan 172 Nov
18 May 3811 Dee
5812 Jan 71 Dee
48 May 6112 Noy
28 May 464 Dee
25 June 37h Ape
14
Jan 8314 DIM
62 Jan 81 Nov
80 Jan 108 Nov
7212 Jan 98 Noy
34 Mar 64 Nov
70 Jan 981* NO.
414 Dee
1 Nov
12 Jan 2914 Des
121 June 1344 Dee
5712 Oct 83 Jan
69 Oct 79 Aug
18 Aug 16 151
6 June
104 Jan
166 Dec Bi- 'Ali
204 Dec
2412 May
84 Jan
2 Sept
4 Oot
88 Jan
3412 Jan
8512 Jan
16312
21,
13
79
2813 Mar
36 Sant
8811 Des
3 Feb
811 Feb
5514 Mal
40 Felt
93 Mies
Jan 20412 Dee
Jan
8 Dee
Jan 41 Dee
Aug 80 Jan
551; Oct
124 Nov
46 Mar
41 Apr
.10 Feb
.28 Feb
e1
5- - - 1; 6
8
167 Jan
3
60 Dee
59 Nov
3 Dee
14 Dee
80 Jan 8812 De*
4 June
812 Dee
9 Mar 13 Dee
66 Nov 81 Fell
62 June 70 Jan
150 Apr 172 Dee
64 Jan 174 Feb
19 Feb 8614 Dee
80 Jan 90 Sept
Vs Nov
2 Apr
.60 Gee
612 &PI
6 Dec 314 Mar
8 May 1514 Mar
40 July 7113 Mar
98 Den 1151 Jai
14 Jan 2813 Dee
691 Oct 87 Feb
4
85 Sept 744 Max
114 Jan 17 July
8 Jan
218 May
100 June 118 Dee
3512 June 62 Dec
5 Dec 10 Feb
84 Jan 434 Des
241s Feb 2814 Nov
137 Apr 20 Nov
1
6h Jan 1012 Feb
14 June 2312 Feb
6212 Dec 73 Feb
154 June 22 Feb
294 Jan 39 4 Nov
1
348 Apr 41 Jan
4
38 Mar 42 Jan
Adventun Consolidated__ 25 .05 Dec 30 28 Jan 26 .15 Dec .51 Dee
0.05 .25 0.05 .25 0.05 .2
0.05 .2
0.05 .25 0.10 .25
26 .10 Mar 3 .25 Jan 2 .10 June .25 Dec
*.10 .25 +.10 .25 *.10 .25 ".10 .2
*.10 .30 0.10 .25Algomah Mining
31 Des
5 June
3 Jan 10
25 .50 Dec 18
.75 .75
.70 .70
.90 .90 •.75 1
*.70
1
230 Arcadian Consolidated
.75 .75
8 Jan 16 Des
212 mar 28 15 2 Feb 6
8
12
8 12
'1238 123
4 1218 123
5
1214 123
8 1218 123812
770 Arizona Commercial
1214
14 June 814 Dee
5318 5312 53 53
53 53
10 2814July 1 6014 Oct 24
53
5212 53
53
575 13Ingbam Mines
5214 5214
13 May 1971 Jan
/
1
4
144 15
1488 1514 144 15
1412 1478 1412 1438 2,597 Calumet & Hecht
144 15
25 128sJune 8 1878 Jan 2
3 Feb
•.40 .60 0.40 .55 •AO .55
1 .20 May 5 .90 Aug 4 .37 Nov
.50 .5
.50 .50 *.40 .45
250 Carson H111 Gold
1812 June Ws Dee
19
1912 1918 1912 19
1933 19
19
19
19
25 18 Dec 22 33 Jan 10
1.310 Copper Range Co
1812 19
•.01 .06 0.01 .06 0.01 .06 0.01 .06 0.01 .06
1 .02 July 6 .78 Feb 6 .30 Dec .70 Mar
Davis-Daly Copper
.06
312 3%
314 July
614 Jan 2
*312 4
3 June 5
67 Dee
2
*312 4
*312 4
33
4 31
550 East Butte Copper Mining_ 10
313 S'z
1
•al
1
(1.80 114
1
Jan
*0.80 114 0
11 *a.90
14 Jan 24 AO May
114 0.80
Franklin25 .40 Jan 7
2 Jaa
0.80 114 0.80 112 0.80 114 0.80 114 0.80 112 0.80 1145 Hancockcoon Consolidated
134 Feb 6 .80 Oct
11
k
25 .50 June 13
203 204 20
3
1912 Dee 284 Jan
203
8 20 20
*2012 21
20
20
1978 197
1 154,1uly 6 23 Jan 24
305 Hardy Coal Co
24 Dee
133 133 0138 2
*112 2
2
2
134 18
4
312 Feb 6 .80 May
*112 2
1 Dec 9
25
605 Helvetia
163 154 *151 153 *150 153 151 15112 152 152
944 Apr 142 Nov
150 151
1 121 Mar 28 165 Dee 7
170 Island Creek Coal
0101
101 101 0101
__ 0101
90 June 100 Sept
*998 101
4
1 9414May 27 10012 Dec 31
10114 1011
Do pref
35
12
•1184 1212 12
1184 -1184 01134 -- -1212 1112
1112 111
12 June 2212 Deg
9 2 Apr 22 2011 Jan 7
7
25
270 Isle Royal Copper
.60 .60 •.60 .75 0.60 .75 +.61) 1
0.60 .7
.50 .50
112June 19 .50 Jan
25 .50 June 29
14 Nor
35 Keweenaw Copper
114 3113 112 0113 112
11
1
113 •1
14 *1
*I
s Jan 2 .90 Apr
31 Dee
4
1 Apr 11
25
180 Lake Copper Co
14 114 *118 112 0118 112 0118 lh *14 112 *113 11
3 Dee
1 Jan 10 .70 June
4
1 Dec 23
25
200 La Salle Copper
3 218 ---s 213 •17
017
3 24 013
234 Dec
0178 213 •17
114 Oct
234 Jan 18
4 21
Mason Valley Mine
5 .95 Sept 1
.50 .75 0.60 .7
.ii •
1%50 .75 0.50 .75 •.60 -0
.50 .75 '
14 Jan 2 .50 Jan
18 Aug
4
Mass Consolidated
25 .40 May 14
113 113 *al%
113 0133 112
5 July
112 112 'alas 113
112 112
80 Apr
3 Jan 2
325 Mayflower-Old Colony.-- 25 .50 Nov 30
333 3312 3312 3312 33 33
2
33
33 ___17Mohawk
3214 33
33 33
2812 June al Des
.
.
41 Jan 13
25 2512June
2013 2013 205
1612 Jan 254 Des
8 2,591 New Cornelia copper
25 Jan 2
5 18 Mara
20 3 2012 2033 2034 2018 2012 2018 2033 20
3
_
24 Apr
•.10 .30 0.10 .30 +.10 .30 0.14 .30 0.10 .30 ____
.10 July 2 .85 Feb 18 .60 Dec
New Domtnion COPPer
25
25
25
25
020 -2-5
29
35 June 60 Mar
New River Company
100 25 Apr 2 31 Aug 28
55 +248
55 0247
65 03150
55 051
574 Dec 75 Mar
53
50 50 •x48
Do Pref
100 40 June 30 65 Aug 81
4 1,325 NipIssing Mines
634 63 0 4 7
Ps 7
7
6 4 Dee
3
4 :63
7
534 Jan
7
74
63
3 62
63‘ Jan 10
4112July 3
5
33
3 33
5
4
312 312
3
13 33
ass Jay
17 Oct
2
314 3
33
2 33
3
4
378 Nov 16
3% 33
15 .89 June 5
8s 4.280 North Butte Mining
1 Nov
0.60 1
0.60 1
0.60 1
0.60 1
0.60 1
011bway Mining
114 Jan 10 .60 June
25 .15 Nov 24
•
.60 1
Des
12
1812 *17
1812 017
18
335 Old Dominion Co
1712 1712 1712 17 *1713 1812 *17
'
1312 131
14
1312 1312 14
1312 14
14
an 181 D
1,115 Pd Crk Pocahontae 00
1412 14
10 4 July 2512 July
58
-No par 100 nc 38 287 Bea t 21
*14
684 Dee 1° 17s .'pn 1°
1 u
25
*2012 2114 *20
21
2012 2012 21
21
14 June 844 Doe
21
21
22
122 Qn1007
.21
28 19 Apr 22 8912 Jan 10
3512 *3414 3514
28 June 69 Del
135 ER Marra Mineral Land.-- 25 2812 Apr 21 68 Jan 12
035 36 *3514 36 *3412 3512 3484 3512 +35
4 0914 98
8
-- *914 9 4 094 98
4 *812 9
0912 10
714 Nov 5 11 Nov 12
Seneca Mining
11i E.eii
- .57 .57
.56 .58 .50 .50
-.55 .57
855 Shannon
112 Jan 9 .30 APr
10 .50 May 1
• •.65 .80 -757 .60
0.70
1
0.75 1
0.75 1 I 0.75 1
311 Dec
0.75 1
0.75 1
Superior & Boston COPPN- 10 .70 May 18
2 Jan 5 .25 Aug
3 2 Doe
7
712 814
4
78
8 778 27.191 Utah-Apex man(
788 7 8
7
78
64 8%
74 8
7
17 June
1
114 Jan 2 11111 Jan 23
a
.80 .90 17,550 Utah Metal& Tunnel
.75 .80
.75 .80
.70 .93
.69 .73
1 .40 July 7 .98 Jan 29 .14 June .70 July
0.65 .70
1 Aug
.45 .45 *AO .50 0.40 .50 •
.50
.40 .50
14 Jan 81 .15 Apr
300 Vlotorla
25 .22 Nov 24
0
.40 .50
_ _ _ •.20 .25
•.20 .
•.19 .25 •.17 .25 0.20
Winona
25 .10 Doe 28 .48 Jan 7 .13 Feb .71 July
.50
.50
50 *a- _ _
.50 a... .50 +a_
.50 +a- _ _
Werandot - -15 .08 Apr 141 .21 Feb 11 .10 July .28 July
•Bid and asked primes, no males 00 Me day s Ex-rtghts. I Es-dlv. and eights s Ity-dly es Ex-stook di,. a Aseemment Paid
Plies on 119w bull
338
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond price.. me and Interest except where marked f."
-
103 10312
9912 997
8
94
96
100 10014
10118 10112
10018 10012
102 1023
4
10012 10073
I n d ustrla I AMIse*11
American Hardware
25 •98
Babcock & Wilcox
100 146
Bliss(E W)Co new
(I) •26
Preferred
50 *55
Borden Company com (1) •102
Celluloid Company
100 20
Preferred
100 67
Childs Company pre_ _100 117
Hercules Powder
100 138
Preferred
100 112
International Silver pref_100 104
Lehigh Valley Coal Sales 60 84
Phelps Dodge Corp
_100 123
Royal Baking Pow tom_100 190
Preferred
100 101
Singer Manufacturine
100 388
100
148
29
104
23
72
119
142
115
108
86
125
200
103
392
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Jan. 9 to Jan. 15, both inclusive:
Friday
'Cast Week's Range Solet
Sale
of Prices.
for
Price. Low. High. 1Veek.
BondsAmerican Tel & Tel 45.1929
AU G & W I SS L 5._ _1959
Boston Elevated 9s_ _ _1935
Chic Jct & TJ S Y 4s_1940
55
1940
Current River 5s
1927
East Mass Street RR
Series B 5s
1948
Hood Rubber 75
1937
IntPowSecCorp 6%5 w I'55
K C Men & 13irm 45..1934
Income 55
1934
Maine Central 434e.. _ _1935
Mass Gas 434s
1929
434s
1931
5345
1946
Miss River Power 55. _1951
•New Eng Tel & Tel 551932
P 0Pocah Co 75 deb_ _1935
Punta Alegre Sugar 75_1937
Rhine Westph El Pr 7s 1950
Swift & Co 55
1944
West Tel & Tel 5s__ _ _1932
Wickwire Spencer 75.1934
9734
9734 81,000
7334 13,000
1,000
90
86
1,000
09
1,000
9934 6,000
70
69
70
104% 10434 104%
9334 933-4
9234 92%
98
98
88% 8834
9834 9818
96
96
101% 100% 101%
100 100
100% 10034 101
110 11034
103 103
94
94
10034 99% 10034
101
10034 101
62
6234
Range Year 1925.
Low.
High.
96% Jan 97%
Jan 78%
63
8834 Oct 88%
Feb 87
84
9^
Feb 100
9934 Dec too
Sept
Sept
Oct
Nov
Sept
June
Mar
11,400 66
Dec 78
July
2,000 101% Jan 106
5,000
1,000 91
Apr 93% Aug
1,000 95% Mar 99% Sept
Nov
2,000 8734 July 89
1,000 9734 Feb 99% Dec
1,000 94% Jan 97% June
24,000 993-4 Dec 100
Dec
4,000 9634 Jan 100 June
14,000 99% Jan 101% Aug
24,000 101
Sept
Aug 120
2,000 103 June 103% Oct
5,000 9434 Dec 94% Nov
10,000 97% Jan 10034 Dec
10.000 92% Jan 100% Dec
2,000 59
79% Mar
Dec
•No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Jan. 9 to Jan. 15, both
inclusive, compiled from official sales lists:
300
61
4
114%
32%
634
73
7134
593.4
58
45%
52%
573-4
3834
13034
92
5834
9634
103%
107
1073-4
10734
10034
92
1003.1
58%
56
91%
98%
9834
64
103%
9634
9634
102%
10234
10634
106
10734
9934
9534
100%
94
1004
60%
56%
91%
9834
98%
6834
10334
9634
9634
102%
10334
107
107%
108
9934
08
=
..m.
2534
1934
CAtz.;.w.b
1mb, .b
..wo...wwcpaw...comw.gmmcoomoo..mo.
8534
.(4
BondsAdv Bag & Paper 75-1943
Amer Gas & Elec 55.- _2007
Choc &Mem 1st 53_ _ _1949
Elec & Peop tr cgs 4s_1945
Inter-State Rys coil 45.1943
Keystone Telep 1st 55.1935
Leh C & N cons 4%5..1954
Lehigh Val cons 4,Ys__1923
Peoples Pass tr ctfs 45_1943
Phila Co 151 5s
1949
Cons & coil trust 55_1951
Stmpd sk fd & red.1951
1960
Phila. Electric 55
1st 55
1966
1947
534s
1953
53-45
1941
65
United Rys Invest 55.1926
York Railways Sat 55_1937
58
10234
101 101%
56
58%
101% 10234
634 631
85% 8634
111
11155
136 140
105% 10534
62
52
25)4 25%
19% 20
9
'
93
74
74
300 300
60% 64%
7
7
82
65
334 434
114 1183.4
8334 833-4
3134 32%
4% 634
82
82
73
73%
5434 5534
7134 72
38
38
48
48
5534 5934
5534 59
453.4 45%
51
51
5134 5334
5634 573-4
14
14
3 3 5-16
5)46 1-16
38
3834
1213.4 134
47
47
56
56
WW
Abbotts Al Dairy, pref.100
Alliance Insurance
10
Amer Elec Pow Co, pref100
Amer Ship & Corn Corp...'
American Stores
•
Bell Tel of Penna., pref.....
Brill (J G) Co
100
Preferred
100
Buff & Sum, pref v t c.100
East Shore G & E 8% pf _25
Eisenlohr (Otto)
100
Preferred
100
Electric Storage Batt'y_100
Fire Association
50
Insurance Co of N A _ _10
Keystone Telephone. _50
Keystone Watch Case_.100
Lake Superior Corp__ _100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Manufactured Rubber_ _10
North Pennsylvania__ _ _50
Penn Cent L & P, pfd Ws•
Pennsylvania RR
so
Pennsylvania Salt M fg._50
Phlla Co (Pitts) pf(5%).50
Preferred (cumul6%)
-50
Pblla Electric of Penna__25
Full paid receipts
First paid receipts
PhIla Insulated Wire
•
Phila. Rapid Transit__ SO
Philadelphia Traction...50
Plana & Western
50
Tono-Belmont Devel __A
Tonopah- Mining
1
Union Traction
50
United Gas Impt
50
West Jersey & Sea Sher_ _50
Westmoreland Coal
50
.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Range Year 1925.
Low.
92
45%
91
534
45%
10734
95
96
48
25
934
80%
6134
227
4634
6
55
3
80%
7434
2134
23.4
80
60
4234
70
35
37%
373-4
46%
41
46
40
56
1034
Si
13-4
38
7934
3136
41%
100
87
57
44
8234
97%
9834
59%
94%
9334
9334
100
100
10334
10434
106
9934
92
Jan
Jan
Oct
Dec
Jan
Apr
Mar
Jan
Nov
Feb
July
June
Apr
Jan
Feb
Jan
June
Aug
Mar
Jan
May
Dec
Dec
Jan
Apr
May
Jan
Apr
Apr
Dec
Dec
May
Jan
Nov
Oct
Jan
Mar
Dec
Mar
Jan
Aug
High.
101%
8834
10434
1134
8834
112
145
10534
53
27
19%
99
8034
300
70
9%
66
734
11434
85%
37
234
82
73
56%
8534
38
4934
58
563-4
42%
5434
513-4
63%
1834
2 9-16
53-4
44
12434
48
60
Oct
July
Apr
Mar
July
Dee
Nov
Dec
Jan
July
Dec
Dec
Dec
Dec
Jan
June
Feb
Feb
Doe
Dee
Nov
Dec
Jan
Dec
Dee
Jan
Sent
Aug
Dec
Dec
Dec
Nov
Dec
Mar
Jan
Dec
Nov
May
Dec
Aug
Dec
Oct 10134 Dec
Apr 94 June
Jan
Feb
June
Oat
Dec
Nov
Sept
Jan
Jan
Aug
Aug
Jan
Feb
Jan
Nov
Jan
65
60
9234
99
9834
70
104
9834
9834
104
10134
107
107%
10834
100
953-4
Mai
Apt
June
May
Dec
Jar
Sept
Sept
Sept
Sept
Sept
Junt
Oct
Junt
Jar
Del
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Jan. 9 to Jan. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Armstrong-Cator 8% 91100
Amer Wholesale, pref....100
Arundel Corp new stock _ ..• 34%
Baltimore Electric, pref.50 45
Baltimore Trust Co
50 148
.feint Ilk Land En Bonds
Baltimore Tube
100
,Chic it Stk Ld Bk 6.-1951 10012 10112
Preferred
100
10014 10214
fla 1952 opt 1932
Benesch (I), corn
• 39%
Se 1953 opt 1933
101 103
Preferred
25 26%
102 10412
6145 1951 opt 1931
Central Fire Insurance...10
1.944 1962 opt 1932
10012 10112
Century Trust
50
4345 1952 opt 1932
9912 1003t
Ches&Pot Tel of Balt,pf100 111
100 101
4148 1964 opt 1984
Commerce Trust
100
43(8 11/63 opt 1933
10018 102
Commercial Credit
•
Alts 1985 opt 1935
100 102
Preferred
25 20
'Pee Coast of Portland. Ore
Preferred B
25 26%
1935_ MAN 101% 1033
s
64 1956 opt
Commercial Credit rights_ _
.75
8
5s 1954 or/ 1934... MAN 10118 1027
Consol Gas E L & Pow_.• 50
6% preferred
100
100 108%
634% preferred
•Per share. • No par value. b Basis 4 kurcheser also Pays accrued dividends.
7% preferred
100
.
Ex-rig lit,
:New 'dock. 1Flat price. S Lastsal. a Nominal. x Ex-dividend
100
8% preferred
,,Er-atook dividend. a Sale price. 'Canadian quOtation. s lez-intereet.
9734
73
90
86
99
9934
-8-8.g.niEg-888""g88.
oo5acc.c.cogoccoogo
Ask. Railroad Equipments Per
Standerd 011 SSSSSS Par BM
Basis
Anglo-Amer On vet stk...E1 .187 1914 Atlantic Coast Line es
8
5.20 5.00
.171 18
8
Bonus stock
Equlpment 6 Hs
5.00 4.85
106 10514 10612 Baltimore & Ohio 6s
atlantic Refining5.30 5.10
:00 11612 1173
Preferred
4
Equipment 414s &
5 00 4.80
.
Borne Sorymeer Co
100 225 230 Buff Roch & Pitts equip es_ 6.25 5.00
Buckeye Pipe Line Co__ _ 60 *5512 5612 Canadian Pacific 434. & tis_ 5.00 4.75
Chesebrough Mfg new
25 *6812 6912 Central RR of N .16.
5.20 5.00
Preferred
100•
Chesapeake & Ohio es
5.30 5.10
Centinental 011 new____ 10 .2414 242
8
Equipment 634.
5.10 4.85
.85c 85c
WOW
Equipment 58
5.00 4.80
Crescent Pipe Line Co__ 50 *1512 16 Chicago Burl & Quincy 11s_ _ 5.25 5.00
Cumberland Pipe Line_100 134 135 Chicago & Eastern Ill 6345.. 5.50 5.15
Banks Ptpe Line Co__._100 *61
62 Chicago & North Wart es_ 5.35 5.10
Galena Signal 011 com_-100 *30
3012
Equipment6T.
6.05 4.83
Preferred old
100 971 100 Chic R I & Pao 4 Hs & 5e___ 5.00 4.75
:
Preferred new _____ .__100 90
923
4
Equipment (is
5.45 5.15
.1famble 011 & Ref new.. 25 • 8 20 Colorado & Southern es_
895
5 50 5.20
.
,Illinole Pipe Line
100 136 137 Delaware & Hudson 6e
6.20 5.00
Imperial 011
:135 Erie 434e & 58
25 *1341
5.25 5.00
New when issued
: 3914 3612
5.50 5.25
Equipment6.
Indiana Pipe Line Co___ 50 *38
60 Great Northern Ca
5.35 5.10
International Petroleam (1) *321 323
4
:
4.95 4.80
Equipment.58
Magnolia Petroleum__100
Hocking Valley 6.
4.95 4.80
National Transit C0_12.50 *20
5.35 5.10
Equipment ee
New York Transit Co
:
101) 481 4912 HilnobT Central 434. & 5s
4.85 4.70
Northern Pipe Line Co_-100 71
72
Equipment 68
5.20 5.00
Ind° Oil new
, Equipment 78 & ells_
4
25 633 641
5 00 4.80
.
Pena Men Fuel Co
20 Kanawha & Michigan es_
25 .19
510 5.15
Prairie Oil & Gas new
25 541t. 5512
Equipment 434s
5.20 5.00
Prairie Pipe Line new_--100 12512 126 Kansas City Southern 514s_ 5.35 5.00
Solar Refining
100 202 265 Louisville & Nashville ea.__ 5.20 5.00
Southern Pipe Line Co 100 62
63
5.00 4.80
Equipment 634s
.111euth Penn 011
100 18512 186.2 Michigan Central 5s & es_ __ 5.15 4.75
Southwest Pa Pipe Lines 100 .5212 5312 MinnEltP&SSM4349&53 5.30 5.00
Standard 011 (California) 25 *57% 577
8
5.05
Equipment 034. & 7s____
.
Standard 011 (Indiana)._ 25 *6618 6638 Migeourl Kamm & Texas es 5 35 5.25
5.65
Standard Oil (Kansas)._ 25 *3312 34 Missouri Pacified.,k 634i. 5.
60 5.25
Standard Oil (Kentucky) 25 .13512 137 Mobile & Ohio 44s & Cu__ 5.05 4.80
Standard Oil (Nebraaka) 100 243 247 New York Central 434s & as 4.85 4.70
Standard 011 of New Jer_ 25 *437 44
s
Equipment es
5.20 5.00
Preferred
100 117 11714
5.05 4.80
Equipment 7s
Standard Oil of New York 24 •z36
3612 Norfolk & Western 414s
4.80 4.60
Standard 011 (Ohlo)____100 346 349 Northern Pacific 78
5.10 4.90
Preferred
100 117 118 Pacific Fruit Express 7.-- 5 05 4.85
.
Swan A Finch
100 21
23 Pennsylvania RR eq 58 8Ic 68 5.20 4.76
Union Tank Car Co
04 Pitts & Lake Erie 634s
100 90
5.10 4.90
Preferred
115
Equipment es
5.45 5.20
Vacuum 011 new
IN *14 106 Reading Co 4 lie & 5s
4.85 4.60
Nashburton 011
St Louis & San Francisco 5e_ 5.00 4.85
10•
Other 011 Stooks
Seaboard Air Line 534.& 68
5.50 5.25
Atlantic Lobos 011
214 Southern Pacific Co 434s_ 4.85 4.70
()) '
2
Preferred
50 *314 412
Equipment 7s
5.00 4.80
•(lalf 011 new
91 Southern Ry 434e &
25 *90
- 5.05 4.80
ilountaln Produceri_ 10 •2•13 247
4
8
Equipment es
5.30 5.05
:Mexican Eagle 011
5•
Toledo & Ohio Central 6e... _ 5.50 5.10
'National Fuel Gas
100 14212 146 Union Pacific Is
5.00 4.80
Ian Creek Cons011
5
10 *911 9 8
dialt Creek Producers__ 10 333 33%
8
Tobacco Stocks
American Cigar common 100 114 117
Public Utilities
98
Preferred_
100 25
amer Gm & /Mee new ___(:) *0112 9212 Amer Machine & Edry 100 185 195
6% Pref new
96 British-Amer Tobac ord. el *2612 2712
(!) *93
Deb lis 2014
MAN *9712 981
. Bearer
ci *2612 2712
,Arner Light & Tree com-100 257 260 Imperial Tob of Ci B & Irel'd 2412 2512
Preferred
100 •115 117 tot Cigar Machinery_ _100 85
90
Mar Power & Lt common__
77
78 Johnson Tin Foil & Met,100 60
75
Preferred
97 MacAndrews & Forbes...100 186 192
100 95
Deb 61 2016
97
rd&S 96
Preferred
100 100 104
rimer Public UM com - _100 80
82 Mengel Co
49
100 46
7% Prier preferred---100 88
91 Porto Rican-Amer Tob_ _100 80
63
4% panic pref
100 82
85 Universal Leaf Tob eorn..100 86
69
associated Gas & El pf...(:) *50
51
Preferred
100 98 100
Secured e 634s 1954 J&J 101 103 Young 1 1 ST Co
.
100 124 127
illaokstone VaIG&E corn 50 100 105
Preferred
100 105 110
1Pities Service common_ _20 *38
381
:
Preferred
100 834 8414 Rubber Stocks (Cleoelarkt)
Preferred B
10 •75, 778 Firestone Tire & Rub corn 10 •120 125
Preferred B
-B
6% preferred
100 *76
79
100 100
.Citiee Service Bankers Shares 19
7% preferred
63100 991g 1 4
Clorn'with Pow Corp new(r) *40
41 - General Tire & Rub corn_ 50 *375 385
Preferred
8512 87
Preferred
100
100 10514
Mee Bond & Share pref _100 104 106 Goodyear Tire & R com_100 3612 36
;Eleo Bond & Sh Stour ____ .82
83 Goody'r T & R of Can 91 100 r9412 943
4
Mee Hy Securities
8 India Tire & Rub
100 150 160
:Lehigh Power Securlties_al *23112 234
Preferred
98
94
Misediadppi RI,Pow corn 100 60
75 Mason Tire & Rub com_C) .112 13
4
Prefer nd
97
100 *95
13
Preferred
100 11
first mtge ro 1951_ _J&J 993 10012 Miller Rubber cam. new 100 3712 39
0 Fe deb 7s 1935_ _M&N 102
Preferred
4
100 1013 102
,fat Power & Lt corn w I__
3712 Mohawk Rubber
37
80
100 70
Preferred
85
Preferred
•-(4) *102 103
Income 7s 1972
J&J 103 105 Selberling Tire & Rubber (I) 25
28
4/forth States Pow own.. _100 133 134
95
Preferred
100 90
Preferred
100 100
Swinehart Tire & R oom_100
'Nor Texas Elea Co 0003_100 45
50
Preferred
100
Preferred
100 60 65
•Peoffic Gas& El tat pref _100 98 99
Sugar Itoeks
'Power Securities corn_ _(:), *10
212
15 Caracas Sugar
60 •1
Second preferred
(5)1 *23
83
27 Cent Aguirre Sugar arm_ 20 80
Coll trust ea 1949_ _J&Di *85
90 Fajardo Sugar
100 5137 139
Incomes June 1049F&A *76
54
81 Federal Sugar Ref oom-100 50
...eget Sound Pow & Lt_100, 64
85
Preferred
65
100
6% preferred
9
100 84
86 Godchaux Sugar, Inc--(5) •8
7% preferred
37
Preferred
1001 107 109
100 32
let & ref 514s 1949__J&D1 9912 10014 Holly Sugar Corp com-(t) .36
38
sepublio Ry & Light100 90
84
Preferred
100 78
Preferred
66 Juncoe Central Bugar 100
100 107 1South Calif Edison oom_100 138 13912 National Sugar Refining_100 116 118
8% preferred
80
100 135
. New Niquero Sugar__ _ _100
Standard G&E17% pr of 100 99 166 Santa Cecilia Sug Corp P1100
12 3
Tenn Elec Power IN p17%
99 Savannah Sugar corn__ _(2) or136 139
Western Pow Corp pf_100 - - 99
Preferred
08
100 211112 115
Watt Missouri Pr 7% pfr _
46
97 Sugar Estates Oriente 91-100 41
94
Short Term Seeming.
anaconda Cop Mbn Oa'29J&J
Oltiejl I & Pao a 1929 J&J
federal Bug Reid.
'33.M&N
Hocking Valley 5.1926 MtrAli
Lehigh Pow See es '27.1r&A
Wissonil Pacific 5e '27 Jerf
flom-Sheff MT es '29F&
,
arts cent 51gs Apr 15 '27 --
[Vol.. 122.
50
50
100 100
33% 36
45
45
147 148
22
22
51
51
39% 39%
26% 27
27
27
160 162%
110% 112
58
58
47
47
26
26%
26% 27%
.75 .75
47
62%
102% 103
108% 108%
110% 110,4
124% 125
10
18
2,520
5
128
100
20
7
191
300
60
45
84
1
1.17
399
1,27
1,256
22
108
25
61
Range Year 1925.
Low,
High.
52
84%
20%
42
111%
18
45
38%
25
26 •
106
110%
57%
22%
24
23%
Dec
Sept
Mar
Feb
Feb
Oct
Oct
Jan
Jttly
Dec
Jan
June
Mar
Mar
Apr
Sept
32
102
105
109
122
Jan 4734 Aug
July 105
Oct
Apr 11034 Sent
Mar 114
Sept
Mar. 127% mar
100
Sept
ioo
Sept
39).
46
150
32
70
40
27%
41%
155
114%
60
55
27
27%
July
Nov
Sept
Jan
Jan
May
Aug
Oct
Dee
June
Feb
Dec
Nov
Dec
THE CHRONICLE
JAN. 16 1926.]
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
.
Consolidation Coal_ _ _100
100
Continental Trust
East Roll Mill, new stock_•
50
Fidelity & Deposit
Finance Co of Amer A-.25
Finance Serv, Class A _ __10
Houston 011 pref tr ctfs_100
Manufacturers Finance_25
25
1st preferred
25
2d preferred
25
Trust preferred
Blocks
Maryland Casualty Co....25
Merch & Miners, new
Mortgage & Accept, com_.
50
Preferred
Mt V-Woodb Mills v t r 100
100
Preferred v t r
New Amsterdam Cas Co.10
50
Northern Central
Penna Water & Power_100
Roland Pk Homerd,com _•
Silica Gel Corporation__ _•
United Ry & Electric _ 50
U S Fidelity & Guar_ _ _ .50
U S Fidelity rights
Wash Bait de Annap _ _ 50
Preferred
50
West Md Dairy Inc,com.•
Preferred
50
Bonds
Bait Elec stmpd 5s___1947
Balt Sparr P & C 443_1953
Bernheimer-Leader 73_1943
Colima Gas gen 414s_ _1954
Cons G EL & P ist ref 53'65
64% notes, Ser E__1952
6% notes, Series A _ _1949
Consol Coal ref 448_1934
Danville Trac & P 53.-1941
Davison Sul & Phos 53.1927
Elkhorn Coal Corp 6Hs'32
Fair & Clarluy Trac 53_1938
Ga Caro & Nor 1st 55_1929
Ga Sou & Fla 58
1945
Houston 01164s
1935
maryi'd Elec Ry 1st 531931
6348
Monon Valley Trac 53-1942
United E L & P 44s_ _1929
United Ry & Elec 4s._1949
Income 4s
1949
Funding 58
1936
0% notes
1927
tis, when Wailed__ _ _1949
Wash Bait & Annan 531941
•No par value.
43
1194
2034
89
65
2234
23
107
102
4534
22
43
83
56
344
'20
18
215
1831
1534
254
5311
47
4731
241 241
39
43
118 120
1134 1116
204 2014
89
8914
63
65
22
23
224 24
224 23
107 109
10134 102
4434 4514
22
23
4234 43
164 1614
81
83
56
5631
7934 80
16014 171
34
3434
20
204
17
184
215 21834
18
20
154 1534
2534 2514
100 110
5314 544
10134 10131 10131
8031 804
1014 1014
9434 944 944
1004 10011 1004
10511 10531 10531
1054 10534
91
914
664 664
101 101
99
99
9I14 9134
9931 9931
10014 1004
100 100
944 9431
92
92
92
9034 874 9034
9814 984
684 674 6834
484 48
484
684 6734 6831
98
98
93
9131 93
73
72
73
339
Range Year 1925.
Low.
160 36
27 201
1,238 37
378 89
50
130 1831
113 78
277 504
210 21
451 22
284 21
30
251 8234
2,728 44
68 134
339 43
10
934
702 55
435 4234
112 7611
420 1264
54 25
37 12
1,184 1534
334 179
1,912
85
534
583 11
757 44
520 51
High.
Jan
May 72
Jan 250
Sept
Nov 4314 Dec
Jan 124
Jan
Jan
Apr
July
June
June
June
22
97
73
25
26
2434
July
Jan
Nov
June
Nov
June
Apr 10234 Oct
Dec 47
Dec
Jan 2414 June
Oct 46
Oct
Apr 20
Nov
Mar 8331 Nov
July
Jan 56
Jan 8131 June
Jan 185
Aug
Jan
34
Sept
May 22
Jar
Apr 21
Sept
Dec
Jan 218
Apr
May
Apr
June
$1,000 100
Mar
1,000 8234 Oct
4,000 9914 Jan
8,000 924 Jan
20,000 99
Aug
5,001) 1024 Jan
1.000 1044 Jan
23,000 894 Aug
2,000 65
Aug
17.000 984 Dec
1,000
1,000 92 June
1,000 9931 Feb
2,000 9731 Mar
4,000
5,000 95
May
1,000 92
Dec
8,000 884 Jan
11,000 984 Jan
13,000 664 Dec
29.000 48
Nov
7,000 674 Nov
2,000 954 Oct
10,000 9114 Dec
2s non
kR
A...
1731 Sept
2514 Dec
Nov
96
Nov
55
1014
8831
10431
954
10011
10534
1064
98
714
101
Dec
Fet
Sept
Dec
July
Aug
Sept
Fet
Mai
Dec
9514 July
9934 June
1004 Noi
974
100
92
99
71
6214
74
9934
9634
77
Mai
Mai
Fet
Mal
Jun,
Jai
No,
Jai
Jai
Tin
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Jan. 9 to Jan. 15, both inclusive, compiled from official sales lists:
Stacks (Concluded)Johnson Paint pref _ _ _ _100
Kroger common
10
New preferred
100
McLaren common
100
Paragon Refining com_ _25
Procter de Gamble corn. _20
6% preferred
100
Pure 0116% pref
100
8% preferred
100
Richardson common_ _ _100
Preferred
100
Standard Drug
100
U S Can preferred
100
U S Playing Card
20
US Print & Litho com_100
Preferred
100
Whitaker Paper corn_
•
Preferred
100
Western Paper
•
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
99
1334
111
20
84
156
1114
9134
108
15731
1064
224
103
143
814
914
56
10134
31
Banks
Fifth-Third-Union units100 324
First National
100 330
99
132
111
20
814
153
11134
89
107
15731
10(134
2234
10234
141
81
9134
55
10114
31
99
135
111
20
931
160
11231
9114
108
158
1064
2234
103
143
8134
914
56
1014
314
324
330
324
330
Public Utilities
Cincinnati & Sub Tel _ _50 834 83
.
Cincinnati Gas & Elec_.100 8914 89
C N & C Lt & Trac com 100 8231 82
Preferred
65
100 65
Ohio Bell Tel pref
100 1094 109
Tractions
Cincinnati Street Ry_ _ _50
10(1
Ohio Traction pref
Railroads
CNO&TPpref
Litti. MIaxof c•iirr.
•No par value.
3334
79
33
78
8334
8994
8234
66
10934
40
1,047
81
99
790
2,850
216
597
56
434
10
184
30
124
82
20
41
23
58
Range Year 1925.
High.
Low.
97
7331
11031
20
534
112
1054
Dec
Mar
Jan
Nov
Jan
Jan
Sept
103
1414
1134
2014
10
140
11234
Feb
Oct
July
Nov
July
Dec
Nov
90
102
2231
100
10714
59
7794
1614
Feb
May
Nov
Apr
Mar
Feb
Jan
May
158
108
23
105
155
8234
9234
Jan
Nov
Nov
July
Nov
Nov
June
30
July
38
July
5 275
4 270
Jan 32234 Nov
Jan 3224 Nov
129 7631 Sept 94
539 82
Jan 90
469 75
Jan
84
117 60
Apr 6334
40 106
Mar 110
334
79
654
15
100 1014 10131 1014
so 05
05
03
82
3134 Aug
40
Jan
394 Sept
85
Sept
7 10134 Nov 105
02
ten
June
May
June
June
May
05
July
Ian
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Jan. 9 to Jan. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares
Boatmen's Bank
100
First National Bank.._100 229
Nat Bank of Commerce 100
153
228 229
1574 15714
Trust Company
Mississippi Valley Trust100
St Louis Union Trust_ _100 321
26834 270
321 321
Street Railway
United Rys pref ctf dep 100
9331 10
Range Year 1925.
Lore.
10 153
179 228
50 155
High.
Jan 153
'Jan
Jan 229
Jan
Jan 15734 I.Jan
9 26834 Jan 270
17 321
tJan 321
570
934
Jan
10
an
an
11.Jan
Miscellaneous
54
53
15 53
Amer Credit Indemnity_25
Jan 54
an
14
American Investment"B"•
150 14
Friday
Jan 14
an
Sales
Baer, Sternberg & Cohen
Last Week's Range for
Range Year 1925.
•
29
29
Common
25 29
Sale
Jan 2931 FJan
of Prices.
Week.
•
Stocks31
31
Par Price. Low. High. Shares.
45 31
Berry Motor
Jan 31
„Jan
Low.
High.
•
61
61
10 61
Jan 61
Best Clymer Co
, Jan
•
434
43
55 424 Van 44
Am Vitrified Prod, com-50 3234
3234 324
ran
150 194 Jan 35
Oct Boyd-Welsh Shoe
Preferred
corn
141
100
141
5 141
Van 141 Jan
94
94
20 85
May 98
Sept Brown Shoe
100
1094 111
20 10934 Van ill
Am Wind Glass Mach_ _100 794 784 7931
Preferred
Jan
80 75
Nov 110
Mar
Preferred
43
45
14 43
100
pan 45
91
Jan
9135
25 924 Dec 110
Feb Chicago Ry Equip com _.25 45
Am Wind Glass Co, p1.100
25 26
26
26
112 26
Preferred
Van 26
108 1084
Pan
52 108
Dec 115
Jan
•
524 5331
Arkansas Nat Gas, com_10
108 52 tJan 533( 'Jan
64
E L Bruce com
614 634 4.865
511 Apr
834 Feb
Blaw-Knox
100 10031 100 1004
70 100
Jan 1004 tJan
Preferred
5414 54
554
201 59
Nov 60
Nov
Byers (A M)Co, pref _100
132 10114 Jan 102
10114 102
100 100
VJan
210 93
July 994 Oct Emerson Electric pref _ _100
Carnegie Metals
360 324 Jan 33 'Jan
10 1634 16
17
3,000 14
Aug 20
Nov Ely & Walker D G corn_ _25 3231 324 33
1074 10734
. 1074
20
Devonian Oil
100
an 10734 Ilan
163-1 17
1st preferred
1634
458 144 Oct 18
Oct
Jones & Laughlin, pref _100
100
87
N 48 87
114 114
2d preferred
an 87
Jan
10 11114 Jan 116
Oct
34
33
125 33
Lone Star Gas
25 5231 5131 54
an 34 ran
4.729 32
Jan 55
Dec Fred Medart Mfg corn_ •
96
96
5 96
Nat Fireproofing, corn_ _50
Van 96
174 1731
an
10 1134 Jan 1931 Dee Fulton Iron Works prof 100 96
Preferred
113 113
3 113 (Jan 113
50
384 39
385 314 Jan 3934 Nov Globe-Democrat pref_ _100
Jan
Ohio Fuel Corp
285 5334 Man 57
25 354 354 3611
2,345 31
an
Apr 374 Nov Hamilton-Brown Shoe_ _25 554 5334 57
Oklahoma Natural Gas_ _25 3234 3134 3394 4,465 26
341 37
38
an 38
Van
Jan 34
Dec IluttIg S & D corn• 374 37
Pittsburgh Oil & Gas
_5
Preferred
100
103 103
33 103
534 54
an 103
100
EJan
5
Aug
831 Feb
Pittsburgh Plate Glaas_100
6
6
6
335
300 310
6
an
133 255
6 1Jan
Aug 308
Dec Hydr'c Press Brick corn 100
• 31
Pitts Steel Fdy. corn
35
Preferred
97
9731
313 97
100
3534
175 184 Sept 3134 Dec
Nan 974 Jar
Preferred
100
264 27
40
2
75
75
25 69 June 7714 Dec Independent Packing com •
634 kiJan 27
lJar
173 175
25 170
Salt Creek Consol 011_ _ _10
911 94
Van 176
615
634 Oct
Vac
934 Nov International Shoe com_ •
111
11131
124 111
Stand Plate Glass, pr pf 100
Preferred
100
w Jan 113 'Jar
8014 8014
10 78
Dec 98
Jan
*
Stand &mit Mfg corn_ _ _25 115
1144 11834
4034 414
25 4031 !Jan 42 !•Jac
927 100 June 136
Jan Johansen Shoe
25
104 904 tJan 984 Jar
Union Natural Gas
19
1911
•
9434 984
589 13
Apr 2034 Jan Johnson-S & S Shoe
West'house Air Brake_ _ _50 122.4 1224 123
150 150
10 150 ;Jan150
100
115 97
Apr 1404 Aug Laclede Steel Co
Jar
McQuay-Norrls
•
18
75 174 ,Jan 18
18
Jar
Bonds
• 1714
Mo-Ills Stores corn
1614 1731
178 164 Jan 1731 Jar
Brew Ss.__1949
Pittsburgh
94
94
Preferred
110 110
$5,000 85
100
10 110
Jan 110
Mar 94
Jar
Dec
Mo Portland Cement_ __25 664 6314 67
712 6334 Jan 67
Jar
•No par value.
Nat Candy corn
100 91
91
92
50 90
Jan 92
Jar
-Sold last week and not repo:ted: 60 American Window Glass Machine Pedigo-Weber Shoe
Note.
•
39
39
270 38
Jan 39
Jar
Prof. at 9111; 34 Blaw-Knox Co. at 15(556; 25 A. M. Byers ec Co. pref. at 994; Planters Realty pref._ _100
3714 3714
735 3734 Jan 373-4 Jar
Citizens Traction at 374; 32 Harbison-Walker Refractories corn. at 142; 10 Rice-Stlx Dry Gds com_ •
18
2531 2534 1,215 25
Jan 254 Jar
Jones & Laughlin Steel pref. at 114:50 Pittsburgh 011 & Gas at 534; 5.000 Pittsburgh
109 109
1st preferred
100
5 109
Jan 109
Jaz
de Mt. Shasta Mining at 2c.; 63 Pittsburgh Plate Glass at 300; 100 Salt Creek Corn.
10234 10234
2d preferred
100
15 1024 Jan 10234 Jaz
Oil at 034:86 West Penn Rys. pref. at 903-4(591: 10 Westinghouse Air Brake at 1241 Scruggs
-V-B D0corn_ _100
120 12015
45 120
Jan 12034 Jar
10634 10634
Scullin Steel prof
100
50 1064 Jan 10634 Jar
Cincinnati Stock Exchange.
-Record of transactions at Sheffield Steel corn
2734 2931
1,213 2614 Jan 294 Jar
• 22
21
22
45 2031 Jan 22 Pat
Stock Exchange Jan. 9 to ',Jan. 15, both in- SKIM(Packing coin
Cincinnati
Skouras Bros "A"
• 56
56
59
50 52
Jan 59
Jai
clusive, compiled from official sales lists:
South'n Acid & Sulph com*
50
504
95 50
Jan 514 Jai
Southwest Bell Tel pfd_100
113 1134
58 113
Jan 1134 Jai
Friday
Sales
St Louis Amusement"A" •
5914 5915
10 5934 Jan 5914 Jai
Last Week's Range for
Range Year 1925.
St Louis Car com
10 1634
164 164
40 164 Jan 164 Jai
Sale
of Prices.
Week.
Stlix-13aer & Fuller com___* 35
3434 3531
1,040 3434 Jan 3531 Jai
Par. Price. Low. High. Shares.
Low.
StocksHigh.
Wagner Electric com
•
' 3231 334
321 3214 Jan 344 Jai
Preferred
84
100
844
200 8314 Jan 85
Val
Feb 161
Nov Waltke & Co corn
Am Laundry Mach com _25 1274 115 1284 3.810 72
434 434 44
755 4331 Jan 44
Jai
Amer Rolling Mill com _ _25 52
1,711 47
5134 524
Jan 57
Jan
Preferred
100 106
106 106
73 106
Jan 106
Jai
106 10831 10814 10831
136 10634 Feb 11114 May
Preferred
9 198
100 210
210 210
Feb 220
Baldwin common
Jan
Mining100 324 30
3231
460 30
Nov
3534 Nov Consol Lead & Zinc Co__20
Buckeye Inc
50
5314
345 50
Jan 534 Jar
15 105
Jan 113
Carey (Philip) era_ _ _ _100 1124 112 1124
Sept
60 101
109 10931
July 110
Sept
Cham Coated Paper com 100 109
Street Railway Bonds
10 994 Jan 105
Champion Fibre pref_ _106 10214 10234 10234
Apr E St L & Sub Co 58_ _ _1932
8434 84A $1,000 834 Jan 844 Jai
67
65 4811 Jan 79
66
Churngold Corporation_ _ 9 67
Sept St L de Sub Ry gen M 58'23
87
88
6,000 87
Jan 88
Jai
10 129
153 153
Jan 15234 Nov
Gen mtge 5s ctf dep_1923
Cin Union Stock Yards.100 153
90
90
6,000 90
Jan 90
Jai
9 90
Jan 9931 June United Railways 4s...1934
93
92
Cha Postal Term prof. _100 93
75
75
25.000 75
Jai
Jan 75
322 25
Dec 10331 Nov
• 254 2531 2534
,
Fuel
4s ctf dep
1934
City Ice dr
75
75
3.000 74
Jan 75
Jai
5 9531 Apr 117
107 107
Sept
Cooper Corp new pref_ _100 107
•No par value.
1 56
70
Jan 804 Oct
70
Add Mach corn _100 70
Dalton
7 9914 Feb 1064 Sept
100 1024 1024 10234
Preferred
Chicago Stock Exchange.
-Record of transactions at
13 149
275 275
May 275
Jan
Dow Drug common._ _ _100 275
Mar 4034 Jan Chicago Stock Exchange Jan. 9 to Jan. 15, both inclusive,
3334 344 3,100 31
Lead com_ _20 3331
Eagle-Picher
20 112
115 115
Feb 115
100 115
Oct compiled from official sales lists:
Fleischrnann pref
178 1834 Mar 32
• 2514 254 2631
Sept
Formica Insulation
1,432 2331 Jan 2934 Jan
38
28
20 38
Friday
Sales
Giant Fire
324 35
Apr 30
• 364 3634 374
Feb
Last Week's Range for
Range Year 1925.
Gibson Art common
99 101
1,550 8234 Sept 90
Dec
Sale
of Prices.
Week.
Globe Wernicke corn__ _100 100
98
9531
322 96
Nov 1024 May
100 96
StocksPar. Price, Low. High. Shares.
Low.
Preferred
High.
3734
46 30
Feb 38
Nov
Onion Watch common__ _• 3734 374
12 1004 Jan 105
105 105
100 105
Jan Adams Royalty Co corn_ • 274 274 2834 3,900
Preferred
70 1634 July 23
- ... .. -_,...-. .,,..
* 1434
1731 183‘
Rent
All American Radio Cl A_5 1614
1614 1831
June 364 Feb
1.680 18
THE CHRONICLE
340
Stocks(Conduded)-
Friday
Lan Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Wed.
Range Year-1925.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Bonds (Concluded) Par. Price. Low. High. Shares.
[Vol.. 122.
Range Year 1925.
Low.
High.
230 89 May 963 Dec Chicago Railways 5s._1927 7851
Amer Pub Serv pref____100 96% 96% 96%
4
24,000 75% Aug 8534 Feb
7734 80
Amer Pub Util pref-___100 85
Apr 85% May
149 75
87
Es, Series A
82
1927 56
5431 5654 34,000 53
Sept 7851 May
25 114
American Radiator
114 114
100 91% Apr 91% Apr
4s, Series B
1927 39
Mar 56% Mar
3734 3934 28,000 35
Shipbuilding_ _ _ _100 74
Amer
74
Apr 85
100 49
Purchase money 58
Sept
75%
Mar
Oct 43
38
38
2,000 40
Amer States Sec Corp "A"•
8%
7% 8% 7,395
Metr W Side El 1st 48_1938 75
Mar
7334 75
14,000 7251 Dec 80
•
4% 5% 8,800
Class "B"
5
Northwestern Elev 5s_1941 8031 80
8034
7,000 7934 Oct 8434 FebWarrants
3%
Swift & Co lets f g 58_1944
2% 3% 5,575
Jan 10034 Nov
10034 10051 4,000 98
Armour & Co (Del) pref 100 97
96% 9734
Mar 99
278 90
Oct
•No par value.
100 9051 90% 91
Armour & Co pref
Apr 94
805 84
Feb
Common CIA v t c_ 25 24% 24
25
2,793 19% Mar 29
Oct
New York Curb Market.
-Below is a record of the
Common CI B v t e_ 25 1634 16% 1`54 6,390 11% AM 21
Oct
Auburn Auto Co corn_ _25 49% 4934 52
3.670 31% Aug 56% Nov transactions in the New York Curb Market from Jan. 9 to
Balaban & Katz v t e___25 68
68
500 51% Feb 83% July Jan.
69%
15, both inclusive, as compiled from the official lists.
100 10231 102% 102%
Preferred
Jan 106
50 95
July
•
Beaver Board vtcB
4% 431
390
334 July
Apr As noted in our issue of July 2 1921, the New York Curb
7
Preferred certificates_100
36
875 21 34 June 40
37
July Market Association on
June 27 1921 transferred its activities
Bendix Corp Class A__ --10 2651 26% 30
Mar 38% Sept
7,185 24
• 28% 28% 29% 2,125 24% Mar 3211 Nov from the Broad Street curb to its new bulding on Trinity
Borg &Beck
Bridgeport Machine Co_ _• 14% 14% 1434
Oct 10% May Place, and the Association
100
7
is now issuing an official sheet
10 16
Bunte Bros
16
16
150 11% Jan 20
Nov
Central Iii Pub Serv pref..* oo
89% 91
723 83
Sept 9136 Mar which forms the basis of the compilations below.
Central Ind Power pref _100 89% 89% 9034
Nov 93
149 86
May
• 90% 90
Cent SW 7% pref
Friday
597 88
91%
Nov 9034 Nov
Sales
Week Ended Jan. 15.
Warrants
12
Last Week's Range for
740 10
10% 18%
Dec 14% Nov
Range Year 1925.
Chic City & Con Ry pt sh_*
Sale
31 Apr
1,300
of Prices.
34
1% Jan
31
31
Week.
StocksPar. Price. Low, High. Shares
•
Preferred
5% 7
3% Apr
1,570
9% Jan
High.
Low.
•
Chicago Fuse Mfg Co_
32% 33
110 2731 Aug 39% Apr
Chic N S & Milw coin_ _100 53
53
5634 4,985 36% Sept 52% Dec Indus. & Miscellaneous.
100
Preferred
83
82
725 74
Dec Abraham & Straus*Des52% 5334
Oct 83
Dec 5834 Des
700 53
100 100
Preferred
Prior lien pref
100
9934 100
355 99% Sept 100
107 10874
Sent
Deo
1,200 10534 Dec 108
Chicago Rys part ctfs Ser 2
10
134
44 July
Mar Acme Packing Co
34
1% 1 062
2
3c
3e
Jan
6c
1,000
2c July
Part ctf Series 4
34
12
%
.4/ Jan Aero Suppl & Mfg el A___•
20
% Jan
Sept 2034 Sept
500 18
2034
Commonwealth Edison 100 142
Class B
•
14134 144
1,030 130% Apr 14141 June
1334 14
Nov
300 11
1634 Sept
5
Consumers Co new
A
6
651 9,550
4
Nov
6% Dec Ala Gt Southern,com.....50 100
9834 103
Deo
2,300 8131 Oct 107
100 88% 86
Preferred
Preferred
1,925 30
50 x1003( x10034 10434
90
Mar 89 I Oct
Deo
Nov 107
730 80
• 12% 12% 13
Continental Motors
500
8% Jan 16 I Oct Alpha Portland Cement 100
11934 123
Oct
Dee 150
650 108
25 59
Crane Co
• 6434 62
59
410 51
60
Feb Aluminum Co com new
May 70
Nov
Nov 71
6534 1,700 53
100
Preferred
Preferred new
ilk
117 117
99
Feb
Apr 118
290 113
99
800 9831 Nov 9974 Dee
Cudahy Packing Co_ _.100
35 79
95% 9534
Jan 106% Oct Amalgam Leather, com_ • 1534 14% 15%
1,300
844 Aug
1731 Oct
50 4834 47
Cuneo Press"A"
Preferred
leo
4834
525 47% Oct 51 bet
75
75
400 42
Oct
Jan 62
Daniel Boone Wool Mills 25
100 129
34 Dec
20
1% Sept American Arch Co
129 129
%
31
100 12434 Dec 126
Dee
Decker (Alf) & Cohn,Inc..* 29
29
29% 1,000 20
Jan 38% Dec American Gas de Elec com • 9134 8334 93
31,900 683-4 Apr 8431 May
100
Preferred
Preferred
103 103
• 9531 9534 9534
so 98 I Jan 102 Dec
1013 8334 Apr 93% Nov
100 107
Deere & Co, pref
107 107%
so 83 g Jan 109% Mar American Hawaiian SS_ _ 10 10
10
1034
834 May 1874 Oct
2,700
100 126
Diamond Match
126 128%
158 11534 Feb 132
Oct Am Laundry Mach'y, corn•
155 155
25 9214 Apr 141
Oct
Eddy Paper Corp (The)_ _*
23
23
Jan Amer Lt & Trac com__ .100 x256
Apr 25
248 263
100 15
2,625 137
Nov
Jan 288
• 28
Elec Research Lab
Preferred
27
100
29% 1,395 15
Mar 3734 Jan
11531 11534
Jan 11931 Nov
974 94
Evans Se Co, Inc, C A_ _ _5 27
26% 27
550 23% Mar 31% Oct Amer Multigranh. com. •
2331 23(4
100 1851 Mar 22
Jan
• 3315 33
Fair Co(The)
33%
397 31% Aug 39 bet Amer Pneum fiery com_25
100
43.4 434
3% Dec
434 Dee
Preferred
100
Amer Pow ft Lt corn __--• 7754 '7234 79
105% 106%
90 10351 July 109% July
56.800 4834 Feb 6834 Dee
Fitz Simons & Connell
Preferred
100 9574 9434 9574 6,290 8251 Oct 98
Dec
Dock & Dredge Co_ _ _20
26% 26%
50 26
Dec Amer Rayon Products_ _ _• 3334 3331 3531
Dec 28
1,200 2631 May 5114-June
Foote Bros(G & M)Co_ _• 15
14% 15
895 12
Apr 16% Mar American Rolling Mill_25
51% 5114
100 49
July 57
Jan
• 38% 38
Gossard Co (H W)
39
Preferred
1.525 26% • Jan 44% Dec
100
106 107
Oct 108
60 106
may
100
Rights
2% 2%
3
234 Dec
Dec Am Superpow Corp CI A_• 37
4.350
3
5,400 26% Mar 4134 Oct
3434 3774
Great Lakes D & D_ _100 160
158% 170
Class B
1,705 94% Jan 195
Sept
• 3734 3534 39
32,500 2734 Mar 45
Oct
Hart, Schaff & Marx_ A00 120
117 120
480 111 , Jan 125 I Jan
Prior preferred
25 2531 2531 25%
400 2434 Feb 2734 Sept
Hibbard, Spencer, Bartlett
American Thread, pref _5
4
4
1,500
3(4 Jan
434 Feb
25 76
& Co
76
77
100 68 I Jan 76%1 Oct Amer Writ Paper corn.. _100
.
50c 75c
2,300 50o Nov
1
July
10 26% 264 27% 1,510 14% Mar 30% Nov
Hupp Motor
Apco Mfg class A
25
22
22(4
July 263.4 Nov
210 21
• 46
(
Hurley Machine lc)
44% 48
3,830 41% Mar 56 I Jan
Arizona Power, com_ _ _100
2754 35%
1,100 17(4 Jan 3734 Oct
100 38
34
Illinois Brick
39%
3544
38
1,055 28 "Hay 4174 Dec Arundel Corp
500 3334 Aug 39
•
July
Illinois Nor Utilities pf_100
91
91
210 85
A4SOC Gas & Elee Clam A _• 3334 3131 34
Jan 92% Apr
3,100 2534 Mar 4534 Aug
Indep Pneumatic Tool__ •
61
61
Atlantic Fruit & Sugar._ -•
20 50
Apr 70 I Jan
154
134 1% 67,400 57c Nov
7
1(4 Mar
Jaeger Mach Co common • 27
25% 28
2,675 25% Dec 26% Dec
Atlas Port Cement new,. •
51
52
700 44 'June 68
Oct
Kellogg Switchboard__ _ _25 37% 3614 38
735 34
Auburn Automobile, com25 50% 503.4 54
gJan
Dec 48
100 40
Sept 53 r Oct
Ky Hydro-Elec, pref_ _ _100
9314 9314
10 85% May 94
Dec Babcock & Wilcox Co_ _100
148 148
40 138
Aug 159311 Oct
25 8734 87
Kraft Cheese Co
89
2,585 35% I Jan 99% Sent Balaban & Katz v t C._ _25 69
100 69
69
169
Aug 81
July
13% 14% 1,570 13
La Salle Exten Univ, 111_10 14
Bigelow-Hartt Carpet com•
Nov 22
Aug
98
Dec 110
100 07
9834
gOct
Libby. McN & L, new _10
8% 8% 4,500
851
614 Apr
9541 Oct Blackstone V G&E,com_50 103
103 11831 3.200 91741 Oct 9831 Nov
Lindsay Light
2
10
2
2
100
Bliss (E W)& Co cam_-• 25
4', Oct
234 Feb
25
Vet
3034 2,100 2234 Aug 35
McCord Radiator Mfg A _• 4134 41
42
285 37% Apr 43
Bohn Aluminum .4 Brass'
Nov
1751 1771
200 14 'Oct 19
Nov
16% 1734
85 13
McQuay-Norris Mfg
Borden Co new
Mar 1914 Sept
50 102
101
1037
Dec
% 4,100 6734 Mar 105
22
•
Maytag Co
2234
345 20% Aug 2641
Bos & Me RR com stpd.100 47
47
200 3414 Nov 4814 Dec
49
Oct
Middle West Utilities__ _ _• 129% 120% 13431 13,780 92% Feb 125
First pref A stamped _100 ______
July
52
20 5034 Nov 64
54
Dec
100 101
Preferred
98 101% 1,405 9l31I Jan 99
Bradley Fireproof Prod_ _1 75c
Dec
63c 75c
4,900 200 Dec 700 Des
Prior lien preferred_ _100 111% 107 111% 1,425 98
Bridgeport Mach com_-__• 1471 127 1534 7.000
Nov
Pan 108
14 "Dee
4% Feb
%
Midland Steel Products_ _• 46
46
47
250 3214 Jan 57
Brit-Amer Tob ord bear _Ll 2631 2634 27%
Aug
600 2474 June 2834 Apr
Midland Mil prior lien _100 99
99
99
320 984 Apr 101 "June
77% 834 2,400
10
Brooklyn City RR
634 Deo
731
934 Feb
Preferred "A"
100 96
96
96
70 92
500 10454' July 111
3ucyrus Co pref
Nov
Nov 97
100
100 100
June
Morgan Lithograph Co__ _• 57% 5734 58
1,110 42
Buff Niag & E Pow oom. • 3734 37
Aug
Mar 59
37%
1,900 32% Dec 3514 Dee
Nat Carbon, pref, new_100 127% 127% 127%
.50 120
Preferred
Feb 13734 Dec
25
100 2431 Dec 2434 Dee
243.4 2434
Nat Elec Pow "A" w 1_ _ _• 25% 24% 25%
flurdlnes Inc common____.
690 23% Aug 27
Oct
21% 214
Nov 2634 Dee
100 20
Preferred
100
94
93
150 93
3urr Add Mach, pref_ _100 10534 10534 1055.4
Dec 9654I.June
10 10411 Nov 107
Oct
National Leather
4% 4% 1,107
10
Dan Dry Ginger Ale
4
Apr
63.41 Jan
434
• 4134 41
4,100 3334 Sept 5134 July
43
North American Car Cl A.* 31
30% 31
140 24% Aug 29
pan
"Jar Ltg & Power com _25
1%
4,9g0
5% May
134 Jan
134 2
Nor West Util pr in pf _100 98
95
98
100 90
Delluloid Co corn
100
Feb
Apr 95
23
23
10 1831 June 2734 Sept
Omnibus. Net A, w 1_100
94
94
10 89
Preferred
Sept 95% Feb
100 6434 643.4 65
390 65 June 97
Jan
Voting trust etts WI a_ _• 16%
15
1814 28,885
Dent States Elee 8% pf _100 -- _ _ _ _
9
Sept 17% Mar
90
Oct 97
10 68
90
Sept
• 22% 22% 22%
Penn Gas & Elec w I
835 22% Dec 24
Dentral Steel corn
Dec
•
__
65
100 51
65
July 7551 Nov
Pick (Albert) & Co
23
10
200 17% July 23741 Oct :lentrifugal Pine Corp_..-• 2434 243.4 2514 8,200 10
23
Mar 3041 Nov
5 4434 43
Pines Winterfront A
54
9,775 33 Pune 74
gJan
Dband Cleve ivi corn w I.• 28
28
2854 1,000
• 133
Pub Serv of Nor Ill
130 134
198 10734I Jan 13231 Dec
Preferred w I
• 4731 475.4 4834 11,500
Pub Serv of Nor Ill_
100
13114 132
115 118
"ado Nipple Mfg CI A--50 4234 427 43
Dec
Jan 131
600 29
Apr 4451 Dee
%
Preferred
100
101 102%
Class B
52 92
Dec
Jan 101
50 26% 2634 267
400 1134 June 2734 Nov
%
100 11331 11334 115
7% preferred
65 102
>lids Co pref
Nov
July 111
100
____ 119% 119%
Oct
20 11334 Jan 125
Quaker Oats Co
100
130 131
320 95
Dec
:lin Ind & West pref
Apr 137
100 -- ____
197 19%
%
100 2154 Dec 23
Dee
Preferred
100
10534 10534
46 102% Jan 106
;Ries Service com
July
20 z38
3774 3834 7,500 35
Mar 43
Feb
Real Silk Hosiery Mills_ _10 56% 56% 57% 3,710 48
Preferred
Mar 7544 Feb
100 x8331 8351 84
1,200 81 31 Jan 854 Dec
10
Reo Motor
24%
24
330 14% Mar 4234 July
Bankers shares
z19
19
19
200 1734 Mar 3131 Feb
Reliance Mfg Co, pref _100
87% 87%
10 85
:lleveland Automobile com• 2731 273.4 29 3.4
Nov 87% Nov
Des
1,600 1934 Feb 32
(The)
25
Ryan Car Co
16
16
30 16
John-Hail Marx Co
Dec 2531 June
• 32
32
32%
500 3031 Sept 3431 Sept
So Colo Pow Cl"A"com.25
25
2534
100 25
3olomblan Syndicate
Nov
Dec 28
3
2111, 354 116,200 60e
Jan
254 Nov
Stand Gas.4 Elec. Pre1-50
54
55
75 50
3om'wealth Power Corp
Nov
Jan 56
-Warner Speedom.• 86
Stewart
8551 91
33,160 55% Mar 96% Dec
Common, new
• 39% 3931 42
26,100 3034 Sept 4351 May
Swift & Co
100 114% 114 11534 3,115 10034 Apr 120% Feb
Preferred
100 86
86
8774
1,600 7931 Jan 8834 Nov
Swift International
15 20
20
2131 8,905 19% Dec 36
Jan
Warrants_ - - .....
--------70
7134
275 2534 Feb 86 [May
Thompson (J R)
25 46
4554 46%
1,955 .4254 July 50%1 Oct
7.onnor (John T)Co _ _10 42
42
Sept 45
47
DeS
300 28
Union Carbide & Carbon.* 79% 7714 79,4 11,945 65
3onsol Dairy Products_ --•
Mar 8051 Nov
414 Dec
514
53.4 574 3,500
831 Nov
United Biscuit, Class"A".• 51
21,385 4734 Dec 5554 Dec
50
55
Jon Gas. E L&P Balt com• 50
47
53
34,700 31% Jan
Aug
United Iron Works v t c..50
1% 1%
so
41 Feb
Jan
onsol Laundries. w I_ __..• 2854 2454 2734 38.400 2434 Dec 4734 Dec
5
2834
United Light & Power
:lontinental Baking.comA• 11544 115 117
Jan 144
• 2,000 108
July
Common CI A w I a__-• 135
135 144
4,300 44
Common B
Mar 166% Oct
• 28
2734 2934 25,000 2151 Jan 4234 Oct
Common C.B w a__ •
155 155
10 49
8% preferred.
Sept
Jan 180
100 98(4 983.4 99
2.801) 9134 Jan 10634 Aug
Preferred CI A w a_ _ • 90
89
435 81
:lontinental Tobacco_. • 1534
9011
Apr 99 June
15
16
2,800 14 34 Oct 2634 Jan
Preferred CI B w 1 a__ • 60
47% 50%
518 42
Jan 5634 Dec :rourtlauds, Ltd
Ll 3336 3334 344
Nov
900 333.4 Dec 41
United Paper Board_ _100 33
32% 34%
3,675 18% Apr 33% Dec
Alban Tobacco v t c
• 60
60
64
Nov
300 35% Apr 75
20 147
146 148
U S Gypsum
2,495 112
Sept
Feb 206
:lurtlas Aeropl & M.corn -• - -___
2031 2134
Feb 2814 Dee
1.100 13
Preferred
100 115
114% 115
125 112
Jan 118
Preferred
Sept
100 - - - - 80Si 8031
Mar 883-4 Nov
100 55
7
Theatres Cone CI A.5
Univ
6% 7
1,000
2% Aug 53
Jan
.lurtiss Aeroplane Assets_l ------4334 4334
Nov
100 173.4 Mar 48
Utilities P & L, Class B_ _• 16
16
130 13% May 21% Oct
17
3ecker (A) & Cohn Inc_ •------2931 2931
.
100
Vesta Battery Corp
21% 25
•
9,050 12
Jan
Oct 24
3e Forest Radio Corp_ _• 10
Feb
974 1031
800 103.4 Dee 34
•
Wahl Co
9
915 1.160
6
Oct 23% Feb
mover Tram, new prf w I* 3454 34
Oct
400 3534 Dec 47
3471
Ward (Montgom) & Co_10 7531 75% 78% 1,781 41
Mar 84% Dec
3etroit Creamery
10 4534 4534 4534
Oct
100 4234 Oct 44
100
Preferred
115 115
20 112% Apr 120
July
3evae & Rayn CI B new -• 71
70
Dec
Oct 88
7451
525 54
•
Class A
110 110
250 108% Dec 123
Jan
Axon (Jos) Crucible__ _100
154 15751
Nov
40 143 June 163
Williams 00-0'Matic,com5 1731 17
18% 10,735 16% Dec 17% Dec
3ochler Die Casting. _ • 1351
1331 13%
Apr 2051 Jan,
400 10
•
.44
Wolff Mfg Corp
0% 934 1,075
5% Jan 10*4 Mar
Inhaler Condenser &Bad•
834
Dec 35% Jan
834 874 1,900
554
Voting trust certificates•
9% 9%
so 6 Jan 1031 Nov lunhill International__ •
Jan
,
2434 2534
300 2034 Sept 31
Wolverine Portland Cem 10
9% 0%
175
1434 Jan
3urant Motors. Inc
634 Nov
• 1231
1234 133.4
Jan
8,600
934 Aug 21
2,150 46% Jan 57
• 54% 5431 55%
Wrigley Jr
Oct
Due Co. Class A
• 15
15
15%
Feb
300 1434 Dee 33
Yates Mach, partic pref_ _• 3015 30% 31% 17,915 27% Dec 31% Aug
to
Class/. v
•
1534 15%
Dec 2234 July
200 14
29
31
1.075 26% Nov 485i June
Yellow Cab Mfg, CI B...10 29
7
:astern Rolling Mill, com• 42% 40
42%
Dee
Nov 44
1,300 37
94
100
355 90
9554
Preferred
Oct 98% Oct
Eastern Steamship Lines..• 82% 82
Dee
Oct 89
8234
20 76
Inc (Chicle
47% 4834 2,150 45
Yellow Cab Co,
July 55% Jan , ern Texas Dec Co_ _• 10431 104 1067
Ingt
% 1,425 80
Oct 9351 Dee
Edison Elec Ill of Boston 25
6131 6131
25
Honda
Eisenlote(Otto)& Bros 100 1931 19
2044 12,600 1254 Aug 1931 Dee
Armour & Co of Delaware
Eitingon-Schild Co
363.4 3734
Dec 3734 Deo
300 35
95
95.000 9131 Jan 9434 June
95
20
-year gold 51411_.-1943
Electric Auto Lite Co__ _ • 7334 733.4 7434
.
800 6734 July 79
Dee
7734 7934 51,000 74
Apr 8431 Mar
Chicago City Ry 5s_ _ -1927
Elec Bond & Share,pref NO
Sept 107
10631 107
260 101
J1117
Gig:, lannoi A. Rho,.47.• • 519Ie an
Apr 63
56% 312,000 46
Mar
12111
S'a MA
K SIL •
Chic City&Con Rys 5s1927 5331 52
nr al ,.• Fah
JAN. 16 1926.]
Sales
r Way
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Pries. Low. High. Shares.
341
THE CHRONICLE
Range Year 1925.
Low.
High.
Friday
Bales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High Shares.
Range Year 1925.
Low.
High.
1,200
10% 1045
Nov Fender (D) Groc cl A w _
Jan 73
22.700 40
67% 70
Elec Investorswithout war. 68
2,500
31
Class B w 1
3034 30
% Dec
53.4 Dec
7% 1,700
5
,Electric By Secure
•
7%
Aug
Jan 187
1,420 127
160 174
• 89% 87% 90)5 26,300 88% Dec 91% Dec Penns Water & Power_100
Electric Refrigeration_
Apr 57)4 Nov
900 39
Philadelphia Elec com__25 59
60
56
20
91
92
Elgin National Watch...-25 91
Nov 2244 Oct
200 20
23
23%
85
300 74% Sept 7555 Aug Pick (Albert)& Co,com_10
86%
El Paso Elec Co corn. •
200 3155 Sept 42% Deo
_50
4034 40%
Dec Pillsbury Flour Mills
Dec 41
2,400 38
39
• 39
3935
Emporium Corp w 1
Oct
Aug 167
Plum dr E Rtt,corn_ _ _50 160% 158% 160%
110 142
Aug
Engineers Public Serv corn. 28% 27H 2951 18,400 19% Sept 29
800
4855
4835 45
101 102% 1,800 99% Oct 100% Oct Portland Electric
Preferred (full paid)_ •
Jan 9145 July
_* 8555 8454 8855 46,700 33
Sept 100% Sept Power Corp of N Y
700 99
Preferred (50% paid)._* 101% 100 101%
Oct
Feb 56
1,400 40
5355 56
Nov Pratt dr Lambert. Inc__ •
Nov 28
200 25
27% 28
Estey-Welte Corp, Cl A. •
Dec
Mar 140
300 109
150 157
2,900
Fageol Motors Co, eom_10
634 Aug 15% Sept Procter & Gamble com_ _ 20 155
8% 10
Oct 6054 May
5835 6655 35,400 47
Puget Sound P&L,com-100 64
Works_„25
58
25
58
Fall River Gas
Apr 46% June
400 35
Federal Finance Corp cl A• 3551 33
1,600 3235 Nov
3634 Oct Purity Bakeries Class A_25 41% 41% 42
35%
Apr 47 June
Class B
600 34
• 38% 38)5 39
Dec 19% Nov
Class It
• 17% 16
2,420 16
17%
944 July 12% Mar
PYrene Manufacturing_ _10
200
10% 10%
Dec 30
Sept
Federated Metals
200 22
• 2135 21% 2155
Dee
200 5535 Nov 60
58
57
Federal Motor Truck__ _10 4055 37% 41% 2,000 30
Sept 4745 Oct Ry-Steel Spring new_ _50 58
Dec
Dec 43
7,100 38
Film Inspection mach- -•
6
43.4 June 11% Jan liand-Kardex BU new wl .." 4555 45% 48
745 3,700
6
Mar 58% Oct
Firestone T & R 7% pf_100 99
June 9834 Oct Rem Noiseless Typew, A-. 49% 48% 51% 1.800 37
99
99%
60 96
Sept
Preferred Class A_ _ _ _100 110
10 24
50 96% Mar 120
110 110
Fisk Rubber 1st pref _ _ _100 111% 111 115
800 103% Dec 10934 Dec
Nov
24% 2,900 15% Mar 28
24
Oct Reo Motor Car
Ford Motor Co of Can-100 625
Mar 690
620 625
50 462
4% Sept 1435 Nov
955 1145 10,900
Republic Motor Truck v t c 10%
Forhan Co, class A
• 1834
1844, 19%
3,000 17% Sept 2055 Nov
•
100 13% Sept 21% Oct
16
Richmond Radiator
16
Foundation Co
•
7% Oct 10% Nov
855 955 41,000
8)5
Foreign shares Class A_• 43% 433( 4755 21.90
55% Dec 62% Dec Rickenbacker Motor
1,800
510 Dec 14% Jan
50e 68e
Dec Rove Radio Corp tr ctfs_.*
Fox Theatres, Cl A, corn.* 32% 32% 3455 33,00
Nov 32
26
Nov
Nov 221
100 180
200 207
Royal Bak Powd com_100
Franklin(H H)Mfg,com.• 33
42% July
31% 33
1,200 1655 Apr
July
4,100 3644 Apr 95
90
• 8734 86
Freed-Eisemann Radio •
6% Dec 33% Jan St Regis Paper com
735 7%
200
9% Apr 3544 Oct
100
5 24% 2444 24%
• 20
Jan Serve' Corporation A.._ .
Freshman (Chas) Co
955 Mar 28
19% 22% 8,800
Dec 38% Nov
29
30% 8,000 25
Gamewell Co.corn
* 59
Sept61% Oct Schulte Real Estate Co * 29
59
57
32
5955
25
500
28
50
3
Oct Sharon Steel Hoop
Garland Steamship
2
Feb
1 I 1
1,000 60e
2535 28% 2,700 16
•
May 30% Oct
Sierra Pac Elec Co com_100
Garod Corporation
4
5%
Apr 17% Jan
4
2
800
Jan
1,000 1254 Mar 21
19
21
• 19
General Baking class A _• 75% 75% 78% 4,600 6055 bet 83% Dec Silica Gel Corp,com v t c• 16% 16
Dec
10 199% Jan 410
385 385
Class B
17% 34,800 15% Nov 20% Oct Singer Manufacturing_ _100 385
•
254 2%
2% Dec 1935 Jan
1,000
Fireproofing coin_• 48% 47
General
1,100 3434 Sept 52 'Oct Sleeper Radio v c
49
200 16
1544 16
Dec 17% Dec
Gen'l Ice Cream Corp_. •
July 59 IDee Snia Viscosa, ord _(200 lire)
53% 56% 2,800 34
Sept
132 139
6,550 101% Jan 149
GeorgiaL Pow &Ry corn 100
73
75
300 31% Jan 7734 July Sou Calif Edison corn_ _100 132
250 104)4 Mar 113)4 Sept
7% pref. Series A-100 11155 11154 112
Georgia By Sr Pow, com100
July 144% Nov
14645 152
200 95
9855 98 )5 98)5
Jan 99% Dee
300 88
6% pref, Series B__
Gillette Safety Razor._ _• 108
106% 11035 14,400 5735 Jan 11535 Dec
.100
4655 47
300 5354 Sept 7145 July
• 151% 15055 164
Dec South Cities Util corn.
Glen Alden Coal
Feb 168
7,400 117
11,000 30
Sept 56
Aug
Goodyear Tire & R,com100 35% 35
37
9,500 24% Jan 4974 Oct South Dairies Class A-- _ _• z52% 5055 55
• 31% 29
Sept 3434 Aug
3144 19,000 19
Class B
Oct
Grand (F W)5-10-25c St.* 77% 7735 78
55 EJune 90
300
• 43% 42% 45% 31,100 2855 Aug 4354 Dec
S'eastern Pr Sr Lt. Com{Heiman Bakeries Inc
_• 18
600 15% Mar 2154 May
17% 18
2555 2554 2,300 22% Sept 28
Dec
Grimes Ra & Cam Rec_
AUK Southern G Sr P Class A--• 2534
3%
Dec 27
2
3%. 5% 6,000
11255 113%
Nov
200 112
Dee 114
June Southwest Bell Tel, pf _100 113
31abishaw El Cable new..
14% 1455
100 1634 July 21
11245 11255
Oct 99 Julie
50 96
Happiness Candy St cl A _•
9% July Southwest P Sr L 7% p1100
77
%
634 Jan
3,100
7% 851
•
7
Nov
26
500 27% Dec 32
26%
Founders shares
944 Aug SParks-Withington Co- •
554 Feb
7% 3,500
7
42% 42% 4355
Dec
Dec 43
1,000 42
Sept Splltdorf Beth Elec
Havana Elec Util v t c_ •
44% 4444
100 42, Nov 45
A__25
Hazeltine Corporation_ •
16% 17
200 143,i1June 51% Jan Stand Publishing Ci com_• 18% 16% is% 9,800 17% Dec 27% Feb
12% 13%
300
8% June 1644 Aug
Nov Standard Tank Car,
Hellman (Rich), Inc, com.•
Aug
15
1534
100 14%
15
100
Sept
100 49
61)5 6135
Preferred new
Sent 65
Pref with warrants_ _..•
Sept 3434 Sept
34
3455
300 32
2655 28
400 23
Dec 4154 July
Oct Stand Text Prod pf B-100 27
Hercules Powder corn._100 146
145 146
20 108%IJune 133
5045
200
Heyden Chemical
Nov Stanley Co of Amer, w 1-* 5056 50
334
145 Apr
2%
*
2
2,700
2
• 34% 32% 37% 23,300
Apr 38% Dec
6
Stutz Motor Car
Hires(Chas E)Co
100
113% 114)5
Feb
830 109
may 120
Class A common
Nov 26g Nov Swift & Co
• 25% 25% 26
5,400 25
19% 21% 9,600 19% Dec
15 20
35% Jan
Swift International
Hollander(A)& Son,com.• 36
3555 36% 1,200 34% Nov 3834 Nov
300
294 305
100 283
Dec
Dec 295
Hood Rubber Co, com- •
68% 68%
200 6134 Aug 7234 Oct Tampa Electric Co__- _100
30
.100
30%
Mar 40% Nov
300 13
Horn de Hardart Co
• 59
May 69% Nov Terre Haute I& E, pre!
59
62%
900 46
1% 254 4.500
Jan
Dec 25
1%
2
•
Imperial Tob of Gt B & Irel
Jan 25 June liilumiodyne Radio
25
25
21
1,00
100 44
Nov
Nov 50
Industrial Rayon Corp CIA
18%
18
18% 4.700 17% Dec 2634 Oct Thompson (John R)_ ---25 45% 4535 45%
4
555 1,900
Yte•
4
Jan
3% Dec 25
Insur Co of Nor Amer_ -10
20
5654 Oct 6434 Dec Thompson(RE) Radio
63% 64
944 Dec
3% Jan
Dec Timken-Detroit Axle-10 10% 10% 1155 4,300
Intercont Rubber(NJ) 100 20
17
21
5% Jan 20
31.100
700
455 4%
455
1455 June
355 May
TOO Prod Export Corp....•
/ntercont Rub of Del new.
1855 16% 1855
3,900
400 23
Mar
30)5
Dec 42
lot Concrete Ind Fre 513-10
8%
Mar 13% July Todd Shipyards Corp----• 30% 30
7
8
835
500
7
100
7
7
Mar 24% Jan
5
Internat Projector Corp- *
1534 15%
Dec 1455 Dec Tower Manufacturing_5
100 13
-Lux Day Piet Screen
Internat. Utilities, Clam; A• 3855 37
Nov Trans
39
1,200 3245 Oct 40
834
14
37,800
Dee
5% Sept 13
Class A corn• 12% 12
Class B
Jan
755 9% 26,700
634 May 17
7% Sept 19% Feb
955 1034 4,500
• 153
Johns-Manville, Inc
153 158%
Aug Trumbull Steel, com____2105 293410 55
175 143% Nov 185
Dec
2935 29% 1,300 24% Oct 29
Truscon Steel
(Jos W)Radio Mfg_•
Jones
Jan
9
May
1
144 2,300
1
Nov
210 163
Aug 270
Heiner Williams Stamping* 16% 16% 18%
Oct 23% Jan Tubize Artif Silk Cl B __• 21955 21655 228
400 20
Nov 105( Dee
8
844 1045 7,600
• 10%
Kelvinator Corporation...* 89% 87
Tung Sol Lamp
89% 6,000 18% Feb 89% Dec
203.4 11,700 1944 Dec 2155 Nov
• 2034 20
Class A
New York Trust certifs. _ 88% 88% 89%
300
Mar 81
7944 12,700 65
Nov
• 7954 78
10 350
Keystone Solether
24e 35e
154 Feb Union Carbide Sr Carbon.
Oct
4,000 25c
Dec
91
91
100 8644 Dec 95
25
Kraft Cheese
87% 88%
400 64 May 9955 Aug United Cigar Stores- _25
Sept 4754 Sept
40%
800 39
Kresge (SS) new w I--10 84
United Elec Coal Cos v t0 40% 35
83
90% 41,300
Feb 5735 Dec
11,300 25
59
61
Lake Toro Boat. let pf 10
254 254
Dee United G & E com new_-• 59
200
2
Oct
31(
Jan 5654 Dec
60
60%
600 37
•
• 41% 41% 47
Land Cool Florida
Trust certificates
Sept
Dec 94
4,100 34
Landay Bros, Inc, Cl A..* 35% 3434 3
United Gas Improveml_50 13055 12045 13445 65,400 90% Feb 124% Dee
Dec 3744 Nov
531 1,100 34
Oct
Landover Hold'g Corp CIA 1
United Lt & Pow corn A • r13655 13445 14334 75,200 4414 Mar 167
30% 30%
Nov
300
8% Jan 32
1355 133
300 1345 Dec 18% July
50
-4
Lehigh Coal & Nay
115 119
Dec United Profit Sharing__ --1 1331
May 115
5,000 90
Oct log Aug
100
6
113.4 1134
Preferred
Lehigh Power Securities_ _• 229
220 237% 27,600 82
Nov
Feb 197
300
Lehigh Valley Coal Sales.50 84% 84
Jan Un Rya Sr El Balt com__50 17% 1734 18%
85
600 78 IMay 87
Dec
40
1.900 25% Dec 34
Lehigh Vail Coal MN new... 40
3
26,400 33
Mar 50% Jan U 8 Dairy Products cl A_* 3934 38
974 44
Dec 1744 Dee
600 15
• 21% 2144 223.4
kibby McNeill & Libby_10
goo
835 834
Dec
655 Apr
334 June 26% Nov
2136 22% 1,400
955CIW8B Heatcom__-10 22
Libby Owens SheetGlass.25 0177 0177 215
U SLight&
Nov
350 182 June 240
900
6%
100
655 Oct
154 Jan
6%
Preferred10
6
115 115
Preferred
10
135
455 Aug 17% Dee
Liberty Radio Ch Stores--•
145 3
5,500
235 Dec 1034 Oct US Rubber Reclaiming... 15% 14% 1555 2,600
•
Nov
2531 25%
100 1714 Apr 28
58
Lowell Elec Light Corp_ _25
US Stores Corp Cl A_
58%
50
13
100 13% Dec 16% Nov
13
" 13
Marconi Wire'Tel,Lend.£1
Class B
6% 635
1.300
Jan
545 Dec 10
16
16%
1,100 16% Dec 2144 Nov
Mass Gas Cos com___100 8455 84% 87
220 75
Nov 85
Dec Utilities Power & Lt B__ _• 16
100
Dec 11)4 Dec
160 160
9
McCall Corp
10 138
Nov 150
Dec Utility Share Corp w 1_ _.• 1144 11% 12% 2,000
Dee
4
454
24% 25% 1,700 21% Sept 25
McCord Bad dr Mfg v t o_•
3% 545 2,700
234 Dec
Option warrants
Sept
• 116
111 116
McCrory Stores
1634 16%
200 16
Dec 16% Dec
Preferred (non-voting)..•
600 87
Mar 27% Oct
100
Dec 43% Nov
48
Mengel Co
4855 14,200 40
• 4734 45
50%
200 30
Jan 69% July
Vick Chemical Co
Oct
141 141
Mercantile Stores Co.J00141
Apr 117
293
96
1,100 65
100 136
Sept 160
Oct Victor Talking Machine100 293
Mesabi Iron Co
8935 9045 1,000
I% Dec
1% 234 3,300
454 Jan Vivaudou (V) Inc pref _100 90
6
Metro 5 & 50e Stores el A.
154
6
Dec 4034 Jan
1%
135
100
1
700
6
Dec
6% Dec Ware Radio Corp
Class B
100
25
2754 1.100
3
2% Dec
3
3
Nov Warner Qulnlan Co w 1_ • 25
100
44
Preferred
45
215 220
200 43
100 215
100
Dec 5255 Nov Wash By Sr Elec
Metropol, Chain Stores * 4634 46% 47
800 4534 Dec 5645 Nov
2755 2745
Dec 2855 Dec
500 27
Western Auto Supply Df -• 2734
Middle West Utilities,com* 129% 120% 135
Sept
12,900 8255 Feb 124% Aug
98%
_100 9855 96
440 8635 Jan 99
Western Power pref
100 11034 98 111%
Prior lien stock
830 9855 Jan 10755 Aug
Aug 15% July
13
13%
200 11
Wilson Sr Co (new) w
100 10134 97% 1013
Preferred
Apr
440 91
%
200 26% Aug 35
Jan 99 June
• 28% 2844 2845
Clam A
45
Midland Steel Products_ _• 45
45
100 4536 Nov 58
7055 71%
Preferred
7036
400 68 June 7534 Apr
Aug
Midvale Co
23% 2345
Dec
300 18
Oct 87
77
Oct 2855 Jan Woodward Iron com_ _ _100 77
8035
150 70
corn
Miller Rubber,
36
38%
900 35
Jan
Sept 22
800
Dec 50
9
Oct Yellow Taxi Corp, N Y _• 11% 11% 12
Preferred
101% 101 101%
190 98
Dec 103
Nov
96
25 89
Miss River Pow pre: _100
96
Mar 96% Dec
Rights
Mohawk Valley Co new_ _• 35%
900 31
3555 36%
3% 4% 49,800
Oct 4544 July Borden Co
4% Dec
4
335 Dec
Moore Drop Forging, CI A*
100 633.4 Mar 7
6755 67%
1355 13%
955 Deo
200
955 Dec
034 Oct Eastern Texas Electric _ _ _ ______
Municipal Service Corp_ •
13
13
100 1253 July 15
734 24,300
7
Aug Mack Trucks w I
•
2%
Music Master Corp
2% 3% 14,200
4
4
300
144 Dec 213.4 Jan Philadelphia Electric
Nat Elec Power, Class A_• x2634 25 z2655 5,100 25
123 129% 21,400
Dec 3035 Dec United Gas Impt
10
4
4%
National Leather
400
3% Dec
6% Jan
• 36% 35% 3734 120,200 28% Dec 36)5 Nov
Nat Pow & Lt corn
Former Standard Oil
101% 102% 31,800 95
Preferred
Jan 105
Subsidiaries.
Dec
22
23
Dec
1.600 2054 Dec 30
13% 19% 2,900 17% Dec 18
19
Nat Pub Serv CIA corn--• 22
Aug Anglo-Amer Oil (vot sh)___
• 13% 13% 13%
Class B common
200 17% Nov 1834 Dec
300 13
18% 18%
Dec 20 June
CU dep for vot sh
113% 116
National Sugar Refining100 116
50 109% Dec 110
1,900 1745 Dec 26% Apr
18% 1834 18%
Dec
Non-voting shares
Neptune Meter Class A-• 24% 24% 25%
10 205
227 227
1,500 2455 Dee 26% Nov Borne Scrymser Co_ _ _100
Apr 240
July
30% 443.4
900 29
Nev-Calif Elec, com__ _100 40
Jan
350 53% Dec 72
5.531 55%
Dec 58
Oct Buckeye Pipe Line
50
116 117
300 4855 Jan 74
69%
110 102
New Eug Telep & Teleg.100 117
Nov
69
May 122
Nov Chesebrough Mfg
15
15
16% 10,700
17,900 21% Mar 3134 Feb
6)1 Jan 19% Sept Continental 011 v t e _ _ _10 22
New Mex & Ariz Land__ -1
25 54% 2454 25
pref _100 113% 112 113%
135 135
10 132
550 1103.4 Jan 114
Mar 155
July
N Y Telco 6%%
Feb Cumberland Pipe L1ne_100 135
23
Feb
4,825 23% Dec 65
3135
4,500 8255 Aug 114% Dec
Nickel Plate corn new w 1_ _ 110% 110% 113
Galena-Signal Oil, com..100 30
210 95
93
93
Preferred new w I
9735
93%
1,000 82% Mar 9455 Dee
Dec 114
May
100
Old preferred
-Pond corn..
19
-Bement
19
100 173.4 Dec 1834 Dec Humble Oil& Refining_ _25 8951 89% 9635 36,500 42% Jan 95
Den
Niles
* 88% 8655 89% 8,600 4355 June 90
150 127
135% 136%
6
Jan 154% Jan
100 136
. 3
Nizer Corp, Class B
Dec Illinois Pipe Line
37% 36,500 27% Mar 3954 Dec
200
34 36
New York Trust ctfs_ _ 89% 88% 89%
Imperial 011 (Can)
350 5755 Dec 84
58
60
55
5545
Jan
200 30% Aug 37
No Mex Pr & Dev com_100
Sept Indiana Pipe Line
16% 26% 399,400
855 May 19
t_55 18% 20% 2,000 1655 Dec 25)4 Jan
0 5
22
0
Northern Ohio Power Co..* 22g
5
Oct National Transi _ _12.5
49
67% 12,415 43% July 53
49
Jan
50 4935 Aug 79
3
100
Nor Ont Lt & Pr com_ _100 63% go
May New York Transit
70% 71)4
Feb
200 6755 Dec 88
80
84%
270
Preferred
OhioNortho n Pipe Line _ _ _100
eru
3.100 60% Aug 75% Feb
2
2
5 6355 6355 6555
Nov
Nor States P Corti com..12 133)1 131 133% 13,400 102% June 146
100 19
20
20
100 101%
375 94% Feb 10144 July Penn Mex Fuel
Dec 4455 Mar
Preferred.
55
5735 10,100 4
50
25 55
50
100
Prairie 011.8 Gas
Nor Texas Elec Co corn 100
5% Oct 6555 Jan
126 127
100
1,550 106
68
10
Jan 12944 Nov
Prairie Pipe Line
100 126
68
Preferred
203 205
•
79
Jan
1,420 203
Dec 80
Jan 254
100 203
79
100 73
Ohio Brass class B
Nov Solar Refining
187 193
Jan
100 187
Jan 197
1.680 139
10% 10%
300 10% Sept 13
Ohio Traction corn. _100
Aug South Penn Oil
3,400 45
• 16% 15% 1855 17,500
Dec 4734 Dec
14% Sept 17% Jan
25 47% 47% 49
New w 1
Omnibus Corp v t c
Jan
Dec 103
200 63
94
Sept 96
95
300 88
Series A preferred_ - _100
Feb Southern Pipe Line_ _ _100 6254 6135 63%
Nov
50 5135 Nov 85
5351 53%
87
87
South West Pa Pipe L._100
100
Pacific Lighting. pref__100 87
•
10444 104%
Sept 107
Sept Standard Oil(Indiana) _ _25 6631 6544 68% 47.500 5944 Mar 7044 Dee
loo 102
Penna Pr dr Lt pref
--
14
•
342
THE CHRONICLE
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Standard 00 (Kansas) 25
25
Standard Oil(Ky)
Standard Oil(Neb) . _100
Standard Oil of N Y. _ _26
Standard 011(0)coin_ A00
Preferred
100
25
Vacuum Oil
Washington 011
10
Range Year 1925.
Low.
3334 3334 3565
2,500 3055
125% 12555 13255 4,200 114%
245 245
10 231
z3655 z3635 47% 18,700 40
348
348 355
100 338
117 11755
60 116
1054 10355 1074 14,800 /20H
60
65
20 30
Oct
Mar
Aug
Aug
Jan
July
Jan
Jan
High.
46
137%
270
4855
369
123
1094
55
Feb
Oct
Bonds (Concluded)
-
[VOL. 122.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Year 1925.
Low.
High.
Cities Sere 78, Ser C__1966 128
126 126
14,000 111
Jan 128
Feb
Cities Serv 7s, Ser D.
.1966 101)4 10155 101% 32,000 9855 Jan 10855 Feb
Cities Serv Pr & Lt 68_1944 934 9354 9454 41,000 92
Feb 9555 Oct
Feb Cons G, EL & P, BaltJar,
138 Seties A
1949 107
10654 107
3,000 1044 Jan 108 June
Mar
52, Series F
1965 1004 10014 102
12,000 98
Aug 100% June
Dee Consol Textile fis
..1941 854 85
85% 11,000 SO
Apr 95
Jan
Dec Cosg-Meeh Coal 648_1954
95
95
Sept 9834 June
1,000 95
Cuban Telep 735s.__ _1941
10834 108%
3.000 106
Jan 11255 Aug
Other Oil Stocks
Cudahy Pack deb 548.1937 93
92% 9334 25,000 8955 Jan 95
Feb
6
Amer Contr 011 Fields__ .5
5% 6
1
1,600
Sept
7% Jul,
1946
5e
9454 95
2,000 90
Apr 9554 Dec
Amer Maracaibo Co
1135 144 75,700
• 1334
2% Jan
114 Jot
Detroit City Gas 6s._1947 105% 10534 105% 26,000 10255 Jan 106% Mar
Natural Gas_10
Arkansas
Apr
634 655
900
5
Eltingon-Sehild Co 65_1935
9834 98%
4,000 9855 Dec 99
Dee
255
Atlantic Lobos Oil com__ •
235
2
700
1% Dee
44 Fe
84 Slay Elec Refrigeration 65_ _1936 1054 104% 107 513,000
la
;
•
Preferred
355 4
Dec
200
2
1255 Ma) Em RR of France 78..1954 82% 82
8334 79,000 7855 Apr 8855 Feb
Cardinal Petroleum Corp10
155
155
154
1
1,700
Nov
Europ'n Mfg & Inv 745'50
93
93% 33,000 92
Nov
94
Nov
14% 1355 15% 82,800
Carib Syndicate
355 Mar
Det:
1054 "
5N ' Federal Sugar 68
1933
9154 9154 15,000 90
Dec 99
Mar
Consol Royalties new.._. I :934
:954
9
400
835 Dec 124 Nos
Florida Pow & Ltg 55_1954 93% 9334 93%
1,000
.5 144 14
Creole Syndicate
14% 26,200
84 Jan
Dec
15
Gale (Robert) Co 75..1937 10355 103% 10334 6,000 99
Apr 10435 July
6
Crown Cent Petrol Corp_•
535 654 5,200
5
Dec 1234 Ma, Galena Signal 01178._ 1930 102
102 102% 7,000 10234 Dec 10835 July
3
2% 354
Derby 011 & Refin, pref__.
1,000 1055 Dec 27
Feb General Ice Cream 6558'35
134 138
19,000 104
July 145
Dee
Euclid 011
2
Pau 2
Jan
8,500 87e
General Petroleutn 6s.1928 10134 101% 102
19,000 10055 Jan 112% July
1
Gibson Oil Corp
555 64 41,700
6)4
Jan
1%
1st 50
Aug 15 1940 94
9334 95% 111,001) 93
Dec 95
Nov
Gilliland OIL com, v t c_ •
1% 1%
135 Nov
200
1.1er German Gen Flee 6555.1940 944 94
t.
)
3% 6a."
118
94% 48,000 94
Dec 9455 Deo
Preferred
20
20
100 25
may 25
May Goodyear T & R 55...1928 9834 08
9854 618,000 9454 Dec 99% Dee
10 500
Granada 011 Corp
50c 50c
200 21c Mar 50c
Jan Grand Trunk Ry 648_1036
10754 1084 16,000 10555 Jan 110
July
26 9055 904 9234 10,600 634 Mar 98% 1 1e.
Gulf 011 Corp of Pa
Great Cons Eke 6358_1950 8555 8554 8555 110.000 8555 Nov 864 July
1
Honolulu Cons 011
34
354
334
34 Dec
600
335 Der
Gulf Oil of Pa 55
1937 9964 9955 100
36.000 984 Jai 1014 May
International Petroleum
32% 3254 37
42,600 224 Mar 3534
1927
Serial 54s
10034 10055
5,000 10055 Oct 10154 Jan
•
Kirby Petroleum
2% 2)4
2% Sept
1,400
534 Jan
1928
Serial 5555
100% 10155 10,000 101
Aug 10255 Sept
21
22
Lago 011 & Tr Corp el A___
2355 76,200 17% Dec 2354 Dee
)Pe
Hamburg Flee Co 7s..1935 9435 94
9454 55,000 9434 Dec 96
Nov
Lago Petroleum Corp-- • 114 104 11% 83.400
43-4 June 11% Dec
1936
Hood Rubber 78
104 10454
2,000 102 June 10554 July
Leonard Oil Developmii5 1035
10
1055 66,460
7% NOV
Inland Steel deb 5355.1945 98% 98% as% 110,000 98% Dee 99
Dec
•
Lion Oil & Refining
244 25
Oct 53(3
1,300 18
2555 N e
Kansas City Term 48_1960 8534 845( 8555 72,000 83
July 86% July
Livingston Petroleum__ _ _•
80c
1
134
Jan
1,400 The
154 Sept Keystone Telep 5558_ _1955 86% 85
864 5,000 86% Dee 91
Aug
Lone Star Gas
25 5351 5255 534
Dec Krupp (Fried). Ltd, 781929 92% 90
200 324 Sept 51
9255 39,000 86
Aug 9954 Jan
154
Margay Oil Corporation_ •
155
Jan
800 50c
1% Oct Laclede Gas Lt 54s_ _1935
98
98% 10,000 9754 Dec 100
Nov
Mexican Panuco Oil_ _ _ _10 44
455 10,500 56c
4
Apr 3
544 N ot
Lehigh Power Secur 6s.1927 100% 100% 101% 18,000 10055 July 10154 Mar
Mexico Oil Corp
10
10o 11c
Miss
7c Dec
5,000
Libby, MeN & Lib 75_1931 104% 1044 104% 19,000 102
Jan 105
Aug
Mountain & Gulf 011
1
1% 1%
July
1
200
Mar
2
Liggett Winchester 7s _ 1942 107% 10755 107% 3,000 10754 Dec 109
Des
Mountain Producers__ _ _25 2455 24% 2555 6,700 1855 Jan
2654 Dee
Long Island Ltg Co 65.1945 100
100 100% 6,000 9934 Aug 102
• 135
July
National Fuel Gas
135 146
Jan 134
280 106
Dee
Manitoba Power 7s. _ :941
1034 10454 7,000 9855 Jan 10454 Oct
New Bradford 011
5 65.4
64 654 3,800
355 Jan
6% DesMass Gas Cos 555e__ _1990 10055 10054 101 245,000 984 Dec 100
Dee
25 1435
1255 17
New York Oil
854 Feb 125i June
3.800
MERP&SSM fly 68_1938 984 98
9855 42,000 98
Dec 993-4 Dee
Noble 011 & Gas com _ _1
90
80
4o Nov
8,000
130 Feb
Morrie & Co 7355
_1930
104% 105
41,000 984 ,Jan 10.534 Nov
Ohio Fuel Corporation. 25 3534 3454 35%
Mar 37
300 31
Nov
NY Chic & St L RR 5556'75 9934 9955 9955 89,000 99
De
Dee
99
Peer 011 Corp
255
•
24 235
7,500 9043 May
Dec
Nor States Pow 6345..1933 120% 127 132 229,000 10555 Jan 141
Nov
Pennock Oil Corn
• 22
22
2255
800 1755 Jan 284 Oct
2%
1933 10354 10354 10351 65,000 994 Jan 10455 Nov
635s gold Dotes
Red Bank OD
25 18
18
20
Mar 4454 June
400 16
Ohio Power 55 Ser 11..1952 94% 9455 9455 81,000 89
Jan 9655 May
Reiter-Foster Oil Corp -• 1755
1455 1935 3,100
Sept 334 June
9
Pan Amer Petrol68 w 11940 101% 10154 10355 285,000 10054 Dec 105
Dee
Royal
-Can 011 Syndicate.' 35c
35c 40c
5,000 25e Dec
2
APT Pennok 0116s
1927 100
100 100
1,000 97
Jan 100% June
6%
Ryan Cout301 Petroleum._•
654 755
355 Jan
1,600
955 Mar
Penn-Ohio Edison 6s-1950 103% 103 10535 199,000 9654 Dec 9834 Dee
Salt Creek Consul Oil_ _10
955 954 8,600
935
64 Oct
954 Not
Penn Pow & Light 55_ _ 1952 98
75,000 95
98
99
Apr 98% May
Salt Creek Producers..„10 :3355 x3355 3555
7,900 24
Jan 35
Dee
1953
55,000 95
5$ Series 13
9854 99
Apr 98% May
g
Tidal Osage 011
9
9
100
Feb 1555 Feb Philadelphia Elec 55..1960
9
10155 10154
1,000
June 10154 June
Tidal Osage Oil non-vot. *
9
9
300
July 12
Oct Phil:, Rapid Transit de 1962 9834 9854 9855 23,000 98
8
9634 Aug 99
Mar
Venezuelan Petroleum...5
555
556 535 25,400
154 Sept
4% Apt Phillips Petrol 75561
104 104
2.000 10355 Apr 105
1931 104
Aug
Wilcox Oil& Gas new.. _ _• z2554 4554 27% 3,200 2255 Sept 3154 Juni
Pure 011 Co .its
1933 103
1024 103
49,000 97% Jan 102% Nov
Woodiey Petroleum Co_ _•
555
554 6
500
Nitu
255 Mar
7
Rand-Kardex Bur 5555 '31 111
10855 115 394,000 10234 Dec 103% Dec
Mining Stocks
Etbine-Main-Danube Corp
Arizona Globe Copper _ _1
12c 15c 18.000
12e
Jan 36c Feb
7c
1950 96
78 Series "A"
96
94
45,000 94
Dec 96% Nov
1
Beaver Consolidated
510 51c
1,500 24c
Jan 450 Nov
Rhine-WestPhal El P 79 'Si) 94
93% 94 150,000 94
Nov 95
No9
Copper
335 4
34
Calaveras
1
154 Jan
500
455 Nov Sauda Falls Co 68._ 1955 9434 9455 95
27,000 95
Dec 9854 Nov
Chino Extenagon
30 40
36,200
30 Dec
155 June Schulte RE Co 68......b935 9734 9754 9855 22,000 97
Dec 106
Nov
2
Consol Copper Mines._ _ _ 1
154 2
1,100
154 July
Feb
4
85
138 without corn stock1935 85
8654 19.000 80
Dec 90
Nov
Cons M & Smelt of Can_25 187
187 191
280 143
Nov 181% Dec Shawsheen Mills 75_ 1931 102% 102
Apr 104
Jan
19% 20
Copper Range Co
200 18% Dec 32% Jan Siemens & Halske 78. _1923 99% 97 10235 11,000 100
9955 132,000 92% Oct 99% Feb
Cortez Silver Mines Co_ _1
6c
6c
1.000
5c Dec 25c Feb
1935 94% 94
744
944 14,000 9055 Aug 96% Feb
24 264 1,400
Cresson Cons Gold M&M.1
234 Dec
Feb Sloss-Sheff Steel & I 68 1929
4
1024 10255 8.000 101
Jan 103% Sept
50c
50c
Crown King Cons Mines.
155
1.100
155 Nov
api Dec Solvay & Cie 68
1934 103% 10355 1034 5,000 100
Jan 105
July
Dolores Esperanza Corp__2 81c
800 81c
Jan
900 36e
134 Nov Southeast P & L 68 A.2025
10
East Butte
354 34
355 May
100
44 Mar
123
With 10 warrants
121 12335 125,000 9535 Oct 104
Dec
Engineer Gold Mines,Ltd.5 1355 1355 1455
2.900 114 Nov 109
July
With 20 warrants
105 107 233,000 10055 Oct 114% Dee
106
60
1
60
Eureka Croesus
70 37,000
Sc Bee 23e Feb South Calif Edison 641_1944
9755 9755 5,000 92
Jan 97% May
First Thought Gold MM_ _1
90 33,000
8o
Oct 5843
3c
Jan Sou Gas Co 855s
1935 9954 9954 9955
1,000 9855 Dec 9855 Dee
Forty-nine Mining
1
Sc
8c
Jan 42e July Stand Oil of N Y 6355_1933 106% 10855 10655 34,000 106
Sc
3,000
Aug 108
Feb
Golden Centre Mines- _ _5
2% 2%
251
155 Nov
1,400
754 July Stubs Motor of Am 7555'37 117% 114 11955 126,000 9254 Dec
123
Dee
Goldfield Florence
1
10•3 12c
7,000
5o June 14c Feb Sun Oil 5348
1939
98
9855 14,000 9555 Jan 9955 July
Green Monster Mining_50c
Sc
Sc
1.300
3e Apr
8c Mar Swift lir Co 58_ _Oct 15 1932 9754 9655 9755 317,000 94
Jan 97
July
18c 200 34,100
19c
Hawthorne Mines, Inc _ _ _1
Feb 250 Nov
Sc
Thyssen (Aug) 151B 781930 9354 93
94 186,000 90
Aug 994 Feb
25c 17%
1,100 12% Apr 18
Heels Mining
1754 18
Nov
Tidal-Osage Oil 78....1931 104
104 105
Jan 10454 Jan
22,000 103
Hollinger Consol G M__ _5 19
184 1955 2,000 1254 Apr 18
Dee Toho El Pow (Japan) 7855
90
90% 133.000
Aug 914 May
Jerome Verde Development
154
154 99e
Apr Tokyo Elec Light 68._1928 974 9734 9754 297,000 87
5,400 50c Sept
2
96% Dee 9955 Sept
Kay Copper Co
5
155 135 13,200
154
1% Jan
24 July Trans Continental 01171130
97
11,000
98
Kerr Lake
5 155
155 155
200 88c may
14 Feb Trumbull Steel 65_ _ _ _1940 954 9534 964 67,000 94% Sept 10355 May
Nov 97
98
Nov
155
5
1% 2
Mason Valley Mines
900
14 Dec
2% Jan Tyrol TIyd-FI Pow 755s'M
9655 9655 7,000 94% June 97
Oct
2055 204
New Cornelia Copper.. .5
500 18% Mar 2455 Jan United Oil Products 8s 1931
3054 33
9,000 28
Jan 50 June
100 207
New Jersey Zinc
205 209
130 181
May 21454 Nov
United Rys of Hay 7555'36
10955 10955 8,000 1074 Mar 112
July
Newmont Mining Corp_10 60
49% 50% 4,100 43
Oct 4754 Dee U El Rub Ser 64
_1926
1004 10055 22,000 1004 Nov 10254 Mar
655
Ninissing Mines
5
755 9,700
634
455 May
634 Jan
Serial 636 %notes 1927 10254 102 10254 16,000 10054 Apr 10255 Dee
* 144 1454 1555 14,400 124 Dec 1554 Dee
Noranda Mines Ltd
Serial 04% notes_ _1923 10235 10255 102% 13,000 100
Apr 103
Nov
355
15
355 355 1,200
North Butte
155 June
354 Nov
Serial 654% notes_ _1929 1024 1024 10235 21,000 9934 Apr 102% Dee
1 75e
Ohio Copper
67e 75c 14.600 73: Aug
14 Jan
Serial 64% notes..1930 102
102 102
10.000 9954 Apr 10254 Nor
Parmac Porcupine Min_ _ _1 33c
310 32e
Jae
7,000 15c Feb 520
Serial 655% notes_ _1931 10155 10135 10165 11,000 9754 Apr 102
Oct
Plymouth Lead Mines
1
8:
8e 100
2,300 43c Nov 85e Mar
Serial 655% notes_ _1932
10134 102
Mar 102
18,000 92
Oct
Premier Gold Min. Ltd_ _1
24 2614 8,100
2
Jan
234 Sept
Serial 64% notes_ _1933
10154 10155 20,000 96% Apr 101% Dec
1
20c 20c
1,000 20c
Red Warrior Mining
Feb 51c Aug
Serial 655% notes...1934
10135 101.4 8,000 963.4 May 10155 Dec
455
South Amer Gold & Plat_ _1
455 454 1,000
255 May
655 Nos
Serial 655% notes_ _1935 102
10135 102
11,000 90
Apr 10214 Deo
Spearhead Gold Mining_ _1
Sc
be 52,000
4e
4e Feb 12c May
Serial 655% notes_ _1936 102
10155 102
7,000 9554 Apr 102
Dec
12e
Standard Sliver-Lead. _I
12e
1,100
Apr
6: Dec 30e
Serial 655% notes_lin 7 102
10155 102
14.000 95% May 102
Dee
1 :34
3
Teck Hughes
2355 23,900
14 Jan
21,44 Dee
Serial 055% notes_ _1938 10155 10155 1014 3,000 9514 Apr 10254 Dee
34
Tonopah Belmont Devel_ 1
3
3 615 6,800 52c
Apr
24 Dec
Serial 634% notes_ _1939
10134 101% 9.000 954 May 10254 Dee
Tonopah Extension
1
Dui 940
16u 10,400
134 Aug
34i• Feb
Serial 655% notes_ _1940 10155 10155 102
15,000 9554 May 102
Dee
Tonopab Mining
1
534 6
6
Aug
MOO
Me Mar
6
US Smelt & Ref 548_1935 10055 100 1004 30,000 9955 Oct 10-14 Dee
6e
S Ar 13
10e
6c
Jan
3,000
3c Nov
13e
Vacuum Oil 78
1036 104% 104% 104% 45,000 10414 Dec 1075i
43c 47c
United Eastern Mining._ _ I
2,000 39e
Jan 63c Feb Valvoline Oil 438
Jan
1937
10334 10354
1,000 1034 Nov 106
Mar
United Verde Extens___50c 27% 274 28
1,400 2034 Apr 295( Jan
Walworth Co 649...A935
97
97
31,000 96
Doe 98% Oot
90
70 100 17,000
1.1 S Continental M Ines_ _ _5
8c Aug
16c Mar
1945 96
65
96
9655 24,000 94
Dec 98% Oet
5
64 854 18,300
735
Utah Apex
44 Jan
854 Jan
Webster Mills 6,
58
1933
100 10055 15,000 9735 Mar 10334 Jan
1,61, 1 1614
1,614
Walker Mining
1
200
155 Nov
3% Feb White Sewing Mach 6s 1936 100
97% 9735 99 188,000
Wender) Copper NIining-1
34 335 0.400
354
Apr
2
Jan
5
Noreign 1;overnMent
20e 20c
West End Consolidated_ _5 2134
1,000 24c Apr 580 July
and Municipalities.
4c
4c
West End Extension Min..1
4c
3c Nov
5.000
Jan Buenos Aires(Prov)7355 47 99% 9955 9954
17e
212,000
22% 21
Yukon-Alaska trust ctf._ _
_
2355
1,000 15
Oct Cologne (City) 655s_ _1950 8.534 85
Jan 22
854 34,000 8455 Dec 8834 Oot
5
60c 64c
Yukon Gold
Oct Columbia (Rep of) Dept of
1,500 300 Sept 740
Bonds
141
Mei
1945 9055 9055 90% 35,000 8954 Dec 91
AMIOQUIA 78
Nov
89
88
Allied Pack, deb 85_1939
Mar 9455 Feb Danish Cons Music
$3,000 84
9865 Dee
10655 10835 11,000 10654 Aug 107% June Denmark(Kg)5355 548'55 9854 9854 9834 58,000 9835 Nov
Aluminum Co of Am 781933
..1955
984 084 141,000 983-1 Dec 100
Sept
Amer G & E deb 8s-2014 98% 984 99 224,000 95
Jan 99% July
1970 100% 100% 10055 12.000 98
65
July 10034 Nov
American Power At Light
94
94
5.000 9455 Nov 9455 Nov
97
9764 276,000 9355 Jan 9834 May Dresden (City) 78_ _ _ _1945
65 old withoet warr_2016 97
Gratz (City) Austria 85 '54
96
9654 3,000 96
Dee 9934 Sera
Amer Rolling Mill 6s..1938 1015i 10155 10134 13,000 100
Jan 11354 June French Nat Mall SS 751949 81
80
8154 71,000 774 Apr 91
Jan
.1928
102% 10355 8.000 10255 Jan 104
American Thread 68.
Feb Heidelberg
Dec
Nov Hungarian (City) 75581950 98% 9835 98% 10.000 98% Dec 99
Amer W Wks & El 65_1975 9454 9454 9455 64,000 94
Dec 95
Cons Mun
Anaconda Con Min 69.1929 103% 103 10355 62,003 10254 Jan 104
Max'
1945 874 86% 88
Loan 7355
77,000 8754 Dec 9034 Oot
144 148
16,000 103
Apr 128
Dec
Andian Nat Corp 68..1040
of Melnik
9951 1004 12,000 95% Nov 100% May Indust Mtge Bk78... _1944 97
Without warrants
9654 9754 8,000 924 May 9834 Nov
181 M coil s f
Amuse Gas & Elm; 65_ _1955 9434 9454 9455 84,000 92
June Medellin (Colom) gs 194S
Aug 96
gam 7,000 974 July 98% Dee
9834
Assoe'd Simmons Hardware
10835 10854 22,000 10254 Mar 119% AUg
1933 9554 9555 9555 26,000 81
Feb 96
Nov Nether'ds (Kingd) 88 B '72 9935
48
(Republic of) 88_1932
9955 100
Oct
Jan 102
2,000 99
2255 214 244 276,000 164 Dec 27
Mar Peru
Atlantic Fruit 45
_1919
18
Russian Govt648_ _
184 11,000 111-1 Aug
1754 Feb
7354 7354 27,000 62
Jan 7855 Sept
G & W 1 SS L 58 1959 7355
1919 15% 144 16
655e certife
Feb
17
Aug
80,000 11
Barnsdall Corp 1344 Dec15'40
1921
1454 1554 14,000 11
555s
1734 Feb
July
With stock pureh warr'ts 1004 100% 101g 1607000
1455 1534 36.000 1054 May 17
5555 certificates_ _ _ _1921 154
Dec
94% 95
16,000 8754 Sept 9854 Oct
Beaver Board Co 8s_ _•_1933 95
SantaFe(Argentina)7e 1942 9255 9254 9235 40,000 9254 Sem) 96% July
Bell Telep of Can 55_1955 9954 9955 99% 66,000 974 Aug 100 June Switzerland Govt 54s 1929 102
102 1024 45,000 101
Nov 104
July
Mar 107% Oct
5
Steel Mlle 75.-193 104% 10454 104% 37,000 103
Beth
9054 36,000 90
(Prov) 7545 ao
90
Oct
Dee 93
9555 98
49,000 8255 Mar 98
Oct Upper Austria
Boston & Maine RR 651933 98
110 1104 22,000 10854 Jan 112% AM*
Canadian Nat Rys 75_1935 110
•No par value. k Correction. I Listed on the Stock Exchange this week, where
92% 9335 189,000 90
1966 93
Sept 9354 Dec additional transactions will be found. o New stock.
65
(Mies Service
s Option sale. o Ex-cash and
126 126
1.000 15055 Jan 17854 Feb
Cities Serv 78. Ser B._1968
stock dividends. re When issued. z Ex-dividend. y Ex-rights. z Ex-stock div.
gailitazul antelliffente.
Putestment and
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of January. The table covers 13 roads and shows 8.68%
increase over the same week last year.
First Week of January.
1926.
S
289.844
Buffalo Rochester & Pittsburgh_
Canadian National
3.970,896
Canadian Pacific
2,973.000
Duluth South Shore & Atlantic_
91.873
Great Northern
1.708,000
Mineral Range
5,027
Minneapolis & St Louis
258,800
Mobile & Ohio
321,558
St Louis San Francisco
1,640,845
St Louis Southwestern
462,200
Southern Railway System
3.703,012
Texas & Pacific
1,032,848
Western Maryland
392.545
Total (13 roads)
Net increase (8.68%)
1925.
$
305,952
3,593,126
2,492,000
96.208
1,564,536
7.429
292,175
320,950
1,640,546
500,145
3,399,384
954,199
338,209
Increase. Decrease.
$
S
16,108
377.770
481,000
"
143.464
4,333
2,402
33,375
608
299
37.945
303,028
78,649
54,336
16,850,448 15,504,857 1,439,754
1.345.591
94.163
In the table which follows we also complete our summary
of the earnings for the fourth week of December:
Fourth Week of December:
1925.
1924.
Increase. Decrease.
S
S
s
Previously rrportvroals) 19,893E 3N 2,0 ,048
iaanaiorniaHreg ::
1
d 17.941
Total (14 roads)
Net increase (10.111%)
19.905,020 17,955,644 2,082,048
1.940.376
4
13 .3r A1
2
132,672
In the following we show the weekly earnings for a number
of weeks past:
'Week.
Current
Year.
Previous
Year.
2d week Nov. 118 roads)_--_
Id week Nov. 16 roads)___.
4th week Nov. 16 roads)._
let week Dec. i16 roads)___..
2d week Dec. 16 rea-3d week Dec. 15 roads ____
4th week Dec. 14 roads,....
let week Jan. 13 roads)_-__
$
22,230.760
22,589.751
27,051,922
21,257,393
21,115.174
21,370.089
19,905,020
16.850,448
$
21,098.641
20,837.118
24,351,216
19.782.037
18,890.134
18.249,323
17.955,644
15.504.857
Increase or
Decrease.
%
$
t1.132,119 5.41
1,732,633 8.32
2,700,706 11.12
t1,475,356 7.46
2,225,040 11.78
3.120,766 17.10
+1.949.376 10.91
+1,345,591 8.68
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Groat Eartat4f8.
Month
Net Earnings.
Increase or
Decrease.
Increase or
1924.
1925.
1924.
Decrease.
$
$
It
$
$
$
Jan ... 483,195.642 467.329.225 +15,866,417 101,022,458 83,680,754 +17.341.704
Feb.. 454,009,669 478,451,607 —24,441,938 99,460,388 104
. .
441 885 —4,981 008
.
Mar__ 485,498,143 504,382,976 —18,864,833 109,230,086 114,677.751 —5,447,665
Apr.... 472,591,666 474,287.768 —1,696,103 102.861,475 97.471,685 +5,389.790
May 487,664,385 476.549,801 11.114.584 112,859,524 98,054,494 +16,805.030
.
June.506,002,036 464,774,329 41,227,707 130,837,324 101,487,318 +29,353.006
July__ 521,538.604 480.943.003 40.595,601 139.606.752 111,786,887 +27,819,865
Aug._ 554,559,318 507.537,554 +47.021,764 166,558.668 134.737.211 +31.821.455
Sept. 564,443,591 540.063.587 +24,381,009 177,242,895 159.216,004 +18,026.891
Oct __ 590,161,046 571,576,038 +18,585,008 180,695,428 168,640,671 +12.054,757
Nov.._ 531,742,071 504.781,775 +26,960.296 148,157,616 131,381,847 +16,775,769
Nots.—Percentage of Increase or decrease In net for above months has been
January,20.73% inc.. February.4.77% dec.. March,4.74% d8c.. Aprl .5.53% Inc..
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% Inc,
In Jan. the length of road covered was 236,149 miles In 1925, against 235.498
miles In 1924.1n Feb.. 236,642 miles, against 236.031 miles, In March.238,559 miles.
against 236,048 miles.in April. 236,664 miles. against 236,045 miles.In May,236,663
Gilles, against 236,098 miles. In June. 236.779 miles. against 236,387 miles. In July.
238.762 miles,against 236.525 miles: in August. 236.750 miles. against 236.548 miles:
In September, 236,752 miles. against 236.587 miles: In October. 236.724 miles.
against 236,564 miles; in November, 236,726 miles, against 235,917 miles.
1925.
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:
Companies.
—Gross Earnings— —Net Earnings—
Current
Previous
Current
Previous
' Year.
Year.
Year.
Year.
Gross
Revenue.
Companies.
Coney Island &
Oct '25
228,363
Brooklyn
'24
235,994
10 mos ended Oct 31 '25 2,433,483
'24 2,471,261
Coney Island &
Oct '25
6,110
Gravesend
6,570
'24
10 mos ended Oct 31 '25
119,855
119,394
'24
Nassau Electric
'25
509.379
'24
511,986
10 mos ended Oct 31 '25 5.001,662
'24 4,914.240
South Brooklyn
'25
108.525
'24
98.862
10 mos ended Oct 31 '25 1,237.933
'24 1,043,313
Manhattan Bridge Oct '25
21,640
Three-Cent Line
'24
22,996
10 mos ended Oct 31 '25
208,884
'24
224,172
Interborough Rapid Transit—
Subway Division Oct '25 3,632.238
'24 3,425,181
10 mos ended Oct 31 '25 33,543,055
'24 32.251.423
Elevated Division Oct '25 1,637,149
*Net
Revenue.
36.075
55.024
434,306.
625.716
--59
--181
21,988
27.178
74,920
88,409
786.290
912.781
31,964
24.285
390,982
298,714
2,355
687
9,078
12,947.
343
Fixed
Charges.
Net Corp.
Income
32,936
3.139
27,206
27.818
320.089
114,217
278.036
347.680
13,521 —13,580
13.547 —13,708
135.799 —113,813
135.909 —108,731
96,125 —21,205
92,546
—4,137
934.419 —148,129
923.727 —10,946
25,643
6.321
24.610
—325
125,789
265,173
241,849
54,865
2,011
344
390
297
5.922
3,156
10,060
2,887
588.849
1,688,710 1,097.861
521,995
1,587,866 1.065,871
14.494,713 10.848,167 3.646.546
13.957,490 10,615.391 3,342,099
693.959 —193.393
500.566
—148,819
542.648
10 mos ended Oct 31'25 15,889,090 4.338,336 6.905,525--2,587,189
'24 16,017,733 4,502,604 6,830,249--2.327,645
N Y Rapid Transit Oct '25 2,702.511
921.614
499,793
421.821
'24 2,540,123
489,113
862.647
373,534
10 mos ended Oct 31 '25 26,083,741 8,605,384 4,983.083 3,622,321
'24 24.283.467 7,418.015 4,837.984 2,580.031
Third Ave Ry
Oct'25 1,272,859
266,241
223.055
43,186
System
'24 1,261,476
241.796
225,465
16,331
10 mos ended Oct 31 '25 12,112,513 2,200.170 2,221,320 --21,150
'24 12,273,521 • 2,242.615 2,244.247
1,832
New York Railways Oct '25
681,445
142,452
77.225
85.227
'24
734,279
178,100
212.918 --38.818
10 mos ended Oct 31 '25 7.064,039 1,306,808 1,345,815 --39,007
'24 7,365,907
876,986 2.523,886--4,746,900
Eighth Avenue
Oct '25
91.928
—2,913
2.305
--5,218
'24
99.342
3.200
1.937
1.263
10 mos ended Oct 31 '25
892,944 —67.350
21.313 ---88,863
!24 , 978,090
—9,999
89,817 --99,818
Ninth Avenue RR Oct '25
46,759
—8,451
3.900 --12,351
44,425
'24
--4,699
3,735
--8,434
10 mos ended Oct 31 '25
407,948 --121.284
39.509 --160,773
'24
396,244 ---65.629
26,195 --91.824
N Y & Harlem
Oct '25
118.485
120,344
50,388
69.956
'24
127,431
130.382
49,746
80.635
10 mos ended Oct 31 '25
588,037 1,123,820
503,963
622,857
'24 1,213,880 1.237.336
513,365
723.970
Second Ave (Rec) Oct '25
93,012
9.927
17,298
--7.371
'24
90.320
8,308
17.529
--9.221
10 mos ended Oct 31 '25
862,888
42,429
163,263 --120,834
'24
917,710
76,647
184,408 --107,761
N Y & Queens Co Oct'25
68,448
11,430
25.075 --13.845
(Receiver)
'24
64.382
6,998
25.875 --I8.877
672.545
10 mos ended Oct 31 '25
109.702
251,026 --141,324
499.690
'24
90,181
267,296 --177,135
Steinway Railways Oct '25
6,461
66,574
4,578
1.885
(Receivers)
'24
62,941
5,277
3,968
1,309
617.641
57.015
40.558
10 mos ended Oct 31 '25
12,457
'24
49.104
686,718
42,793
8,311
35.689
Long Island Electric Oct'25
9,991
4,153
5,838
(Receiver)
'24
2,391
31,355
4,693
--2,302
369,222
10 mos ended Oct 31 '25
82.443
41,064
41,379
339,266
'24
1,491
40.963 --39.472
8.579
46,880
N Y & Long IsI'd
Oct '25
6,917
1,662
(Receiver)
2,406
41.442
'24
9,553
7,147
423.585
61.897
•
64,719
10 mos ended Oct 31 '25
—2,822
'24
47,139
380.841
67,676 —20.537
19,482
Ocean Electric
Oct '25
539
3,836
—3,297
20.301
'24
1,680
4,040
—2.360
10 mos ended Oct 31 '25
81,215
293,679
58,702
22,513
299,315
'24
108,615
57,813
55.522
Manhat & Queens Oct '25
37,461
8,128
9,951
--1,825
(Receiver)
34.901
'24
2,717
10,147
--7,430
10 mos ended Oct 31 '25
351,175
82,221
99,069 --18.848
326,099
'24
57,952
92,229 --32,277
Richmond Lt & RR Oct '25
49.907
875
11.182 --10.307
65.190.
'24
7,038
10.282
--3.244
10 mos ended Oct 31 '25
646.355
10.576
113.612 --103,036
'24
679,335
69,440
95,429 --25.989
'Includes other income.
FINANCIAL REPORTS.
Financial Reports.—An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan. 2. The next will appear in that of Jan. 30,
Manati Sugar Company.
(Annual Report—Fiscal Year Ended Oct. 31 1925.)
Pres. Regino Truffin, New York, Dec. 29, wrote in subst.:
e American & Foreign Power
November 789,846
Co Inc
646.439 *354.377 *290,250
12 mos ended Nov 30-- 8.727,665 6.417.886 *3.569,176 *2,842,817
Amer Tel & Tel Co__Nov 7,672.000 6,558,000 *3,431.000 *2.840,000
11 mos ended Nov 30_78,559,000 68.700,00034,988.000*28.659.000
Western Union
Nov 10.701.000 9.186,000 *1.234,000 *981.000
11 mos ended Nov 30_115,313.000102.537,000*14,700.000*11.987,000
*After taxes. c Earnings of subsidiary companies only.
Gross
Net after
Fixed
Balance,
Production.—Grinding operations started Dec. 15 1924, and finished on
Taxes,
Earnings.
Charges.
Surilus.
June 18 1925, but only 56,090 bags were made after April 30 because of
Companies.
unusually heavy rains from that date, the precipitation from May 1 to
Co Pr Nov '25
Cumberland
c130,315
316.333
62,810
67,505 June 18 having been 23
inches. In March alone the outturn was 168,955
302,218 c109,097
& Lt Co cons cos_ ___ '24
59.901
49.196 bags, showing
12 mos end Nov 30 '25 3,898.891 c1,520,493 1,050.053
470,440 Had there not the capacity of the enterprise when conditions are favorable.
been
'24 3.838.735 c1.413,691 1.013,831
399,860 have made 50,000 such heavy rains in May and June the company would
bags more, for the manufacture of which there was cane
Nov'25
Idaho Power Co
56,505
221.504 *135,050
78,545 enough left in the fields.
'24
226,254 *122,968
57,766
85,202
In spite of the above unfavorable weather and poor yield, the total
12 mos end Nov 30 '25 2,814,629 *1,513,184
688,823
824.361 outturn of 617.830 bags shows an increase of 77,304 bags over the previous
'24 2,780.593 *1,480,984
771,265
709,719 year and is the largest crop produced by your company.
The important part played by the sucrose content will be realized when
* Includes other income. c After depreciation.
we consider that had the sucrose in the cane been as high as that of 1924.
New York City Street Railways.
which in itself was not particularly high, the company would have obtained
Gross
Fixed
*Net
Net Corp. 32,160 bags more from the same quantity of cane, the net value of which
additional sugar at prices realized for the company's crop, would have been
Revenue.
Charges.
Revenue.
Income.
Companies.
5263.000, and which would have gone to augment the operating profit for
Oct '25 1,012,781
Brooklyn City
52.384
177,826
125,442 the year. With the same sucrose in cane as in 1922 the additional outturn
would have been 73.660 bags, net value 5603.000.
'24 1,016.657
37,958
187.292
149.334 Results.—Operating
profit
$955.915
504.028 1,248,469 Interest
10 mos ended Oct 31 '25 9,674,890 1,752.497
earned and other Income
399,952
'24 9,903,063 1946,694
403.276 1,543.418
Oct '25
Brooklyn Heights
1.560
57,954 7,064
-50,890
Total ---------- $1.355,867
(Receiver)
'24
1,560
57,953 7.602
-50,351 Interest--on
Mtge. 20 -------------- -------------------- and
----------Year -----------15,900
579,557 --510,579
68,978
10 mos ended Oct 31 '25
provision for taxes, depreciation ($454,000) and reserve for
'24
39,426
580.769 --525,563
55,206
Colonos accounts
1.520.767
Oct '25
57.566 —44.767
224,697
12,799
Brooklyn Queens
'24
Loss for year
222,483
52,782 —22.801
County & Sub
29,981
$164.900
Average Price.—The average price obtained was 2.61c. C. o. b., equivalent
533,345 --383.825
169,720
10 mos ended Oct 31 '25 2.156.473
'24 2.120,092
525.789 434,394
-91,395 to about 2.75c. C. f. This price is considered satisfactory in view of the
344
[Vol.. 122.
THE CHRONICLE
The new bakery located at Chicago, Ill., has been completed and was
put in operation on Nov. 2 1925.
A year ago a group insurance plan was established experimentally at
2 bakeries. Experience with this plan justified the extension of it throughout the company, and on Dec. 1 1925. a co-operative group insurance plan
was offered to all the employees throughout the company irrespective of
position or age, whereby each employee after 6 months' service receives a
policy of life insurance for $1,000, which increases in amount at the rate
of $100 per year of service to a maximum of $1.500. The employees' share
Total
$22,433,628 of the cost of this policy is 50c. per month, the company bearing the balance
of the cost. The plan was accepted by the employees to the extent of
Less: Railroad lines transferred to Tunas RR. $78.201; book
value of rolling stock, narrow gauge, sold and transferred
97% of the eligible employees throughout
company. Policies in
139.603 accordance with this plan have been issued. the
$35,589; depreciation of working capital assets $25,812
The group insurance plan contains provisions for carrying the employee's
$22,294,025 contribution during temporary disability through illness or injury, and the
Balance
175,086 principal sum becomes payable in installments should the employee become
Add property account of Tunas RR
96 totally and permanently disabled prior to the age of 60.
Landholding & Townsite Co.: Property account
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
$22,469,206
Total Oct. 31 1925
4.134.328
Reserve for depreciation
1925.
1922.
1924.
1923.
Net profits
$13,581,696 $12,881,530 $12,092,828 $11,024,980
Net book value of property & plant
$18.334,879 Preferred diva (7%)
1,736.315
1,736,315
1,736.315
1,736,315
8,186,080
3,069.780
Depreciation.-'Phe amount of extraordinary repairs of $432,898 written Common dividends
8,186.080
6,139,560
Rate of Common clivs_
(16%)
(16%)
(83j%)
off from reserve for depreciation of the company and of the Tunas RR.,
(12%)
represents expenditures beyond normal maintenance mainly for account
Balance, surplus
$3,659,301 $2,959,135 $4,216,953 $6,218,885
of the factory, company's railroad, marine equipment and dwellings for
Previous surplus
14.451,696 11,492,561
employees and for lines and rolling stock of the Tunas RR. which extend
7,275,608 22,983,724
(75%)21.927,000
the useful life of those properties and restore depreciation already taken Corn. (stock) dividend_
and included in the reserve heretofore set up.
Profit & loss, surplus_$18,110,998 $14,451,696 $11,492,561 $7.275,609
The actual results have shown that the world's crops for 1924 reached
20,120,000 tons instead of 19,700,000 tons which were indicated at the time
BALANCE SHEET DEC. 31.
our last annual report was issued and which figure was the basis for the
1925.
1924.
1924.
1925.
estimate of an increase of 3,000,000 tons for the crops of 1925. The latest
Assets
$
$
Liabilitiess
s
figures show that the world's crops for 1925 have reached the enormous Plant, real
estate,
Preferred stock__ 24,804,500 24,804,500
total or 23,590,000 tons, an excess of 3,470,000 tons over the previous
machinery,&c_ 73,745,078 71,292,044 Common stock,.,. 51,163,000 51,163,000
crops
-and yet the quantity of sugar left here and in Europe now is only
U. S. securities__ 13,834,570 13,300,764 Accounts payable
501,383
525,348
about 300,000 tons in excess of what we had at the same time last year.
3,610,337 1.241,355 Common dividend
In other words, the world consumed practically all the increase of Cash
payable Jan. 15 1,534,890 1,534,890
3,500,000 tons and the carry-over of Cuban sugar in the Island and the Stoeks & securities 785,503 1,338,413
United States will probably not exceed 100,000 tons; this is compensated by Acc'ts receivable_ 3,427,183 3,576,639 Ins. & carton factory reserve_ _ _ 4,000,000 4,000,000
much smaller invisibles in the hands of jobbers and the trade now than in Raw mat'ls, supplies, &c
6,636,065 7,556,254 Tax reserve
1,900,000 1,850,000
previous years.
Surplus
18,110,998 14,451,697
The market opened this year with very good demand, prices advancing
to 3 1-16c. c. Sr f. in March, but facing the large crops, and production
Total
102,038,736 98,305,470
Petal
102,038,7313 98,305,470
reaching higher figures than original estimates, resulted in a sharp decline,
especially after the Cuban crop ended, prices going so low as 1.94c. c. f. -V. 121, p. 2049.
In October. From this low point the market advanced to 24c. C. f.,
showing conclusively that prices had been driven to an unjustified low
Barnsdall Corporation and Subsidiary Companies.
level due to unfounded prophecies of a large carryover into 1926.
(Consolidated Balance Sheet-Nov. 30 1925.)
The world's production for 1926 has been estimated at 24,200,000 tons.
an increase of 600.000 tons over 1925, which expanding consumption should
The following consolidated balance sheet of Nov. 30 1925
be able to absorb without driving prices to ruinously low levels.
At low prices
-that is, at prices ranging from 2)i to 3c. c. f.,
-the is after giving effect to (a) acquisition of assets, property
potential consuming power of the world may be estimated in excess of 24,000,000 tons in 1926. Before the War the annual increase in consumption and business of Waite Phillips Co.; (b) the issuance of $25,was about 3 to 4%,and some such annual rate of increase may be expected 000,000 new debentures (see offering in a subsequent page)
in the future.
and the proposed sale of 227,738 shares Capital stock;
STATISTICS FOR YEARS ENDING OCTOBER 31.
(c) retirement of Barnsdall Corp. 8% bonds and sundry
1924-25.
1923-24.
1922-23.
1921-22.
other indebtedness;(d) the disposition of Capital stock owned
Output of raw sugar
(tons 2,240 lbs.)
89,610
78,447
64,177 in Potter Gas Co. and Dempseytown Gas Co. consummated
77,385
Receipts per pound_ __ _ - 2.827 cts. 4.658 cts. 4.474 cts. 2.714 cts. during Dec. 1925.
Cost of produc. (per lb.) 2.351 cts. 3.165 cts. 2.920 cts. 2.270 cts.
Operating profit
$955,915 $2,624,295 $2,692,707
$629,546
CONSOLIDATED BALANCE SHEET-NOV.30 1925.
Assets
INCOME ACCOUNT FOR THE YEARS ENDED OCTOBER 31.
Oil, gas, mining and miscellaneous properties, $71,684.052;
1924-25.
1923-24.
1922-23.
1921-22.
less reserves for depreciation and depletion, $13,045,758----$58,638,294
Production (bags)
617.830
540.526
534,628
450.391 Investments and advances to affiliated companies not controlled:
Sales
-Centrifugal sugar
Investments in shares and bonds
498,884
$5.249,038 $7,865,320 $7,642,023 $3,604.915
(.0. b. basis
Advances to affiliated companies
291,467
Molasses
395,453
285,514
82.393
Sinking fund for redemption of funded debt of sub. companies
82,917
35,605
Miscellaneous income 34.304
28.167
242,331 Barnsdall Corp. stock held in treasury at par
246,150
Deferred charges to operations
196.192
Total income
$5.680,095 $8,186.158 $i.752,583 $3,847,246 Cash
2.955,757
Oper.exp.,f. o. b. basis_ 4,724,180
5.560.863
5,059,876
3.217,700 Bills receivable
24,048
Accounts receivable
1.994,083
Profit from operations $955,915 $2,624,295 $2,692,707
$629,546 Inventories of oils
2,776,231
Account prey. fiscal yrs..
529
24,920
31,874
Inventories of minerals
69,804
Tunas RR. profit
152,844
118.153
Inventories of supplies
1,010,573
U. S. securities owned
2,941
Total income
$1.109,288 $2,767,368 $2,724,581
$629,546
DeductionsTotal
$68.785,340
Int, other inc. & charges
Liabilities
(net)
$422.879
$439,669
$479,732 Capital stock of Barnsdall Corp
$279,468
$28,713,400
Inc., domes,& for'n taxes
15,009
10,807 Capital stock of sub. cos. not owned by Barnsdall Corp
135,000
109,000
952,249
Disco. & exp. on bonds_
50,341
55.903
31,723
18,521 15
-Year 6% Sinking Fund Gold debentures
25,000,000
Adjust. of Colonos' sects
286,247
Other funded debt, purchase money oblig. & equip, trust notes
1,216,116
AdJust, of mat'is supp.
14,236 Proceeds of advance sales of oil
25,147
38.929
176,237
Account of previous years
21,828 Contingent liability on lease purchase contracts payable from
Prop'n capital stock Cuba
oil production only
233,498
Sugar Fin. SZ Export
Accounts payable
953,835
Corp. not recoverable..
39,000
Accrued interest and expenses
388,055
Equity in sugar sold, not
Accrued taxes
311,952
receoverable
10,339
Surplus of Barnsdall Corp. and subsidiary companies
10,839,998
ReadJ,of working capital
assets
116.995
Total
$68,785,340
Customs duties uncollec_
1,301
-V. 122. p. 96.
Accts. rec., uncollectible
3,044
491
Tax.pd.appl.to prev.yrs.
142.623
Depreciation reserve_
Manhattan Shirt Co., New York.
454.000
692,000
450,000
660,000
Other reserves
239,175
50,000
297,687
(Annual Report-Year Ended Nov. 30 1925.)
Preferred divs., cash
245.000
245.000
245.000
245,000
Common diva., cash..
500,000
500,000
CONSOL. INCOME & SURPLUS ACCT. FOR YEARS ENDING NOV. 30.
1924-25.
1923-24.
1922-23.
1921-22.
Surplus for year
$323,559
def$909.372
$915,087 def$660,577 Net profits
$1,260,652
$464,190 $2,070.427 $1,949,696
BALANCE SHEET OCTOBER 31.
Interest (net)
14,919
65,538
69,975
52.996
Federal taxes
155,616
49,750
250,000
265,000
1925.
1924.
1924.
1925.
Preferred dive. (7%).-_
103,278
106,533
107,028
Liabilities106.565
Assets$
$
$
$
(6%)424,726 (12)847,801 (12)846,695 (9)502,567
Property & plant _ _22,469,206 21,663,910 7% Pref. stock__ 3,500,000 3.500,000 Common diva
Capital stock Cane
Common stock_ _ _10,000,000 10,000,000
Balance, surplus
$562,113 def$605,432
$797,192 $1,022,107
Harvester Corp_
First mtge. bonds_ 7,251,500 7,629,000
15,000
Previous surplus
1,317,467
1,931,347
2,192,385
1,128,028
Bals. pending on
Purchase money
Adjustments
Dr63.111
Cr.3,709
Dr.8448
sugar contracts. 229,625
rntges. on Cuban
Cr.6,127
2,090,173
Notes receivable__ 200,000
631,511 Stock diva.(37)4%)
200,000 lands
468,708
Materials & supp_ 873,998
927,685 Notes payable__
2,850,000
Total P.& L. surplus_ $1,816,469 $1,317.467 $1.931,347 $1,128,028
Adv. to Colones__ 3,770,802 2,968,762 Drafts outstanding 265,382
168,545
Accts.receivable__ 160,870
104,606 Accts. payable and
CONSOLIDATED BALANCE SHEET NOV. 30.
F'&E.
accrued charges_ 318,933
422,019
Cuba Sugar
1925.
1924.
1924.
1925.
1,320
1,320 Unpresented coup.
Corp. cap. stock
Assets
Liabilities
8,203
on 1st M. bonds
24,161
Sugar on hand_ _ _ _ 810,000
22,612
Land,bldgs.,mach.,
Preferred stock _ _ 1,385,000 1,600,000
597,846 1,305,174 Com. div. scrip__ _
Cash
45
55
less deprec_ 1,349,018 1,412,117 Common stock.-- 7,090,173 7,090,173
22,612
24,161 Accrued interest on
Depos.for bond int
Notes & aects. pay.
70,149
51,263
mortgage bonds_
44,612
44,612 Trade name, goodGrowing cane,.,.,.,.
will de patterns_ 5,000,000 5,000,000
& accrued accts.. 1,148,859 1,966,292
492,403 Reserve for taxes_
135,000
1st M. bonds pur_ 113,827
15,000
136,968
102,318 Applied to retiring
540 Depreciation res've 4,134,328 4.003,440 Investments
60
Sinking fund
Cash
923,754 1,138,696
Preferred stock,. 1,400,000 1,400,000
1,397 Colones' accts. res. 201,434
113,380
Special deposits,.,.,.
3 673
.
49,750
Res. for Fed. taxes 155,616
596,403
656.716 Surplus
843,940 1,753,311 Notes & accounts
Deferred charges
1,743,313 1,424,451 Profit and loss__ 1,816,469 1,317,467
receivable
3,765,837 4,262,161
29,916,505 28,425,027 Total
Total
29,916,505 28,425,027 Inventories
77,227
Deferred charges
83,939
-V. 121, p. 2282.
fact that prices during the year fluctuated between 3 1-154. C. f., the
highest, in March, and 1 15-16c. c. f., the lowest, in Oct.
PROPERTY AND PLANT ACCOUNT.
$21,663,910
Property and plant account Nov. 1 1924
Increases during the past fiscal year (a) Lands (39 cabs. or 1,300
acres) $77,359; (b) miscellaneous improvements $642,474:
769,718
(c) additions to working capital assets $49,884
National Biscuit Company .
-Year Ended Dec. 31 1925.)
(Annual Report
Pres. Roy E. Tomlinson reports in substance:
-story biscuit bakery is nearing completion
In Los Angeles, Calif., a new 7
and will be placed in operation Jan. 4 1926.
A tract of land has been purchased in Atlanta, Ga., of sufficient area to
accommodate a large bakery. Company's business in the South is increasing rapidly and additional baking facilities in Atlanta will be required.
At Denver, Colo, a one-story addition to the present bakery is in process
of construction which when completed will greatly facilitate the handling
of the volume of business at that point.
Total
12,996,117 13,423,682
Total
12,996,117 13,423,682
-V. 121, p. 2048.
GENERAL INVESTMENT NEWS
Eill:/04 RAILROADS.
Increases in Wages Sought by Railroad Shopmen.-Committees representing shop crafts are said to be negotiating for increases in wages of from 5 to
8 cents an hour and time-and-a-half on Sundays and holidays.-"New
York Times" Jan. 9, p. 28.
JAN. 16 1926.]
THE CHRONICLE
345
Conductors Vote
-Kidder, Peabody
-Bonds Offered.
Maine Central RR.
' Brotherhood of Railroad Trainmen and Order of Railway is not known.
-Amount of increase demanded
yield 5.86%,$4,000,000
to Demand Higher Wages.
present'demands to railroad & Co. are offering at 101 and int., to
General committees of organizations will
1st & Ref. Mtge. 6% Gold bonds Series D. Dated Dec. 1
-"New York Times" Jan. 14, P. 41.
managers some time this month.
-Class I railroads on Dec. 31 had 267,739 surplus freight 1915; due Dec. 11935. Not callable.
Car Surplus.
to
according
cars in good repair and immediately available for service, the American
Data from Letter of Pres. Morris McDonald.
of
reports filed by the carriers with the Car Service Division over the number
Company.
-Operates through ownership and leasehold interests a comRailway Association. This was anlincrease of 81.454 cars Dec.31
prehensive system extending northward and eastward from Portland, covi'alcausrscoaitbcrapinAexoldmramayiraown
eWhile surplus ering the larger part of the State of Maine, with lines extending into New
eek
4
eln i
ie
riegt ogicrse2 .318,
and Vermont. The system connects at various points with
during the
box cars in good repair totaled r27,157, an increase of 43,327 an increase Hampshire & Maine RR., the Bangor & Aroostook RR., the Canadian
Boston
stock cars,
same rieriod. Reports also showed 22,941 surplussurplus refrigerator cars the
National Rys. and the Canadian Pacific Ry.
reported on Dec.22 while
of 2.064 over the number
-Proceeds will be used in part to retire $3.123,000 notes held
Purpose.
compared
totaled 11,417, an increase of 1,870 shortage iswith the previous period.
by the U. S. of America, to reimburse the treasury for improvements on
being reported.
-Practically no car
Car Shortage.
9.-(a) Expenditures of $1.200,000.- property and for other corporate purposes.
Matters Covered in "Chronicle" Jan.
&curity.-Total authorized issue under this mortgage is limited to
-amount spent. $775,000,000.
000 authorized by Class I railroads in 1925
$25.000.000, of which $20,000,000 (incl, this issue) is outstanding; the
p. 158.
balance $5,000,000 is now held by the company and probably will never
- be issued. Secured by a first mortgage on 410.92 miles of road, including
-Extra Dividend of 20%.
Atlanta & West Point RR.
the main lines extending from the Portland city limits via Lewiston and
An extra dividend of 20% has been declared, payable Feb. via Augusta to Bangor, and on sundry branch lines; on equipment the
be maintained
Value of which must
1 to holders of record Jan. 20. During 1925 the company $8,000,000; and on all alwaysand franchises inat an amount not less than
rights
connection with the pledged
paid two semi-annual dividends of 4%, compared with two properties. Additionally secured by a lien on all the capital stock of the
on
semi-annual dividends of 332% paid in 1924.-V.120,p.2265. Portland Terminal Co., andthe all those leasehold interests of the company
State of Maine, excepting the leasehold
which are entirely within
-Kuhn, interests of the company in the Portland & Ogdensburg Ry. and the Belfast
-Equip. Trusts Sold.
Baltimore & Ohio RR.
& Moosehead Lake RR.
-The floating debt of the company.
Loeb & Co., Speyer & Co., and The National City Co. have
Financial and Physical Condition.
brought down to $400,000.
sold at an average price for equal amounts of all maturities amounting to $1,000.000 on Jan. 1 1925, has beenthis will be eliminated upon
a reduction of 6600.000 within the past year,and
of $98 68, being an average yield of 4.71%,$8,370,000 432% the completion of this financing. Adequate sums have been spent for
maintenance of way and equipment and the road is in excellent physical
Equip. Trust certificates, Series "C."
condition to handle its traffic economically.
Dated Feb. 11926; maturing in equal amounts in annual installments of
Earnings.-Since the termination of Government control, the company
from Feb. 1 1927 to Feb. 1 1941, both inclusive. Denom.$1.000c* has made steady progress toward the restoration of normal earning power.
$568,000
Dividends payable P. & A. Girard Trust Co. of Philadelphia, trustee. In 1924, the surplus after all charges was $389.022. The surplus after
Both principal and dividends payable at the agency of the trustee in New all charges for the first 10 months of 1925 was $941.000 and for the full
York in gold coin of the United States of America of or equal to the standard year is forecast at not less than $1.000.000. It should be mentioned that
of weight and fineness existing Feb. 1 1926. and without deduction for there will be practically no increase in interest charges as a result of this
any tax, assessment or other governmental charge (other than Federal financing.
income taxes) which the company or the trustee may be required to pay
Capitalization Outstanding of Company,including this Issue.
thereon or to retain therefrom under any present or future law of the
a$14.888,400
United States of America or of any state, county, municipality or other Common stock
, .
Preferred stock
taxing authority therein.
% bonds (Series A)
7,000.000
lst & Ref. Mtge.
-Subject to the approval of the L-S. C. Commission.
issuance.
do 43'I% bonds (Series B)
6,000,000
-There will be vested in the trustee title to new equipment
Security.
(Series C)
3.000,000
do 5% Bonds
costing approximately $11,191.667, including the following: 25 freight
4,000,000
do 6% bonds (Series D)(this issue)
-ton steel
locomotives, class S-1; 1,000 55-ton steel hopper cars; 4,000 50
Equipment trusts
2,958,000
box cars; and 5 steel dining cars.
property
acquired
3,784,000
All the equhment is to be leased by the trustee to the railroad company Bonds secured by not secured by property
to pay the certificates and dividend warrants as they Debenture bonds
at a rental sufficient
a Includes 28,815 shares of Common stock (par $2,881,500) held in the
mature. The principal of the trust certificates and dividends thereon will
be unconditionally guaranteed by endorsement thereon by the railroad treasury.
The above does not include sundry notes given to the U. S. of America
company.
of
-For the year ended Dec. 31 1925 (Dec. partly estimated) the in the aggregate amount D $3,123,000, which will be paid from proceeds
Earnings.
bonds. $577.500
Series
assumed
total income of the company applicable to the payment of interest on its from sale of theseincluded in above, are held of bonds issued or treasury,
in the company's
charges, amounted to $51,200.000, by the company,
bonded debt, rentals, and other fixed
while interest, rentals and other charges (other than Federal income taxes) unpledged. C. Commission on Jan. 5 authorized the company to procure
The .-S.
for the same period (Dec. partly estimated) amounted to $28,241,600.the authentication and delivery of 650.000 and to sell not exceeding $4,000,V. 121, D. 2516.
000. of first and refunding mortgage 6% gold bonds, series D, at not less
-State Commission Asks Fit,ther than 975i% of par and int.
Boston & Maine RR.
The report of the Commission says in part: The applicant represents
Data on Proposed $13,000,000 Preferred Stock Issue.
that it has outstanding. 3,123,000 of notes payable to the United States,
Massachusetts Department of Public Utilities Commission on secured by a pledge of $3,867,000 of its 1st & Ref. Mtge. 6% Gold bonds.
The
Jan. 14 refused the company permission to issue $13,000.000 of Prior Series D. In addition, it has in its treasury,$83,000 of such bonds. The
'D bonds in partial reimbursePreference stock in connection with the financial reorganization plan. applicant proposes to issue $50.000 of Series
The company was requested to furnish further information as to how the ment of expenditures for additions and betterments during the period
proceeds of the proposed issue would be expended. The ruling of the from Jan. 1 1923 to Sept. 30, 1921, the net amount of which was $635,763.
Commission was contained in a letter from Chairman Henry C. Atwill
With the proceeds of the $50,000 of Series D bonds proposed to be issued,
of the Utilities Department to Howard Brown, counsel for the Boston & and the $3,950,000 of said bonds heretofore authorized to be issued, the
applicant will retire the $3,123,000 of notes payable to the United States,
Maine reorganization committee.
In this communication Chairman Atwill enumerated the 11 purposes to and reimburse its treasury (a) to the amount of $300,000 in connection
be served by the funds raised in the sale of this stock. as stated at a hearing with the Pemobscot Shore Line RR. Co.'s 4% mortgage bonds, matured
by Homer Loring, Chairman of the executor committee of the directors. and paid Aug. 1 1920, (b) in the amount of $80,000 respecting the Knox
bonds, due and paid Feb 1 1921, and (c) in
e added: before passing upon this stock issue we should have more & Lincoln Ry. 5% mortgageconstruction, completion, extension, and im"We think
the amount of 5497,000 for
detailed information as to these improvements and the proposed cost of provement of its facilities, a detailed list of which has been previously filed
the sante in order that we may ourselves pass judgment upon the improve- with us.
ments and upon the reasonableness of the cost thereof.
The Series D bonds will be dated Dec. 1 1915, will mature Dec. 1 1935,
"For instance, we think it ought to be reasonably easy for the railroad to and will be secured by the first and refunding mortgage dated Dec. 1 1915,
submit to us the proposed plan of the improvements at the Boston terminal made by the applicant to the Union Safe Deposit & Trust Co. of Portand the proposed plans of the double tracking of the Stony Brook RR. land, Me.
Kidder. Peabody & Co. of Boston, Mass., has arranged to buy the bonds
Again we think that more specific information could be and should be
given by the railroad in relation to the location of the proposed side tracks. from the applicant at 9736 and int., with the understanding that they
Is true of these three items we think is also true of the remaining will not be retired before maturity, and that a notification to this effect
What
-V. 122. p. 210.
eight items referred to."
be stamped on each bond. On that basis the annual, cost to the applicant
will be approximately 6.3%.-V. 121. p. 3128, 2871.
-Canadian Pacific Ry.-New Vice-President.
John Leslie, Controller, has been elected Vice-President and Controller.
9
-V.121. p. 6 .
Central Pacific Ry.-Tenders.-
-Final Valuation.
Mammoth Cave RR.
The L-S. C. Commission has placed a final value of $85.000 on the owned
and used property of the company as of June 30 1917.-V. 118. p. 2573,
-Final Valuation.
& Eastern RR.
Marion
The company will until Mar. 1 receive bids at its office, 165 Broadway,
The L-S. C. Commission has placed a final valuation of $80.000 on the
N. y. City, for the sale to it of First Refunding Mortgage bonds dated owned and used property of the company as of June 30 1916.-V. 108.
an amount sufficient to exhaust $25,182.-V. 121, p. 1903
Aug.i1899, to
p. 2241.
-New Director,
Central RR. of New Jersey.
Manager of the New York division of the Baltimore
B.B.White, General
-V.122.
elected a director,succeeding Henry Graves,
k Ohio BR.,has been
p.92.
-New Board of Directors.
Montpelier & Wells River RR.
A recent dispatch from Montpelier, Vt., states that local operation of this
road and of the Barre & Chelsea RR. under a Vermont board of directors,
representing industries and communities concerned with preservation of
the lines, was decided on at meetings of the two roads held on Dec. 30.
Chicago & North Western Ry.-Abandonment of Branch. Boston & Maine representatives on the board were succeeded by local
it was announced the Vermont management would
certificate
The L-S. C. Commission on Dec. 29 issued a of railroad authorizing the representatives, but
extending from receive liberal co-operation from Boston & Maine RR.
company to abandon a narrow-gauge branch line
E. S. French of Rochester, Vt., General Manager of St. Johnsbury &
Fennitnore in a general northwesterly direction to Woodman, a distance of
Wis.-V. 122. p. 210.
Lake Champlain RR., was appointed General Manager of the two local
16.4 miles, all in Grant County,
roads. They will be operated in interest of industries and communities
-2
Dividend.
they serve, but it was added that virtually all business available would have
Houston & Texas Central RR.
dividend of 2%%. payable April 10 to to be given the lines if service were to be maintained without curtailment,
The directors have declared a
of 3% were paid-one the dispatch further states.
holders of record April 1. In 1925, two dividends
The new board of directors is as follows: Fred A. Howland of Montpelier,
Jan. 10 and the other on July 10.-V. 122, p. 211.
on
President of the National Life Insurance Co.; Homer Ladd of Barre; Roy
-Abandonment.
L. Patrick of Burlington: J. T. Smith of Burlington; E. S. French of RochesKansas City Northwestern RR.
-V.121. p. 1457.
Eastern Ry. above.
ter. Vt.-V. 115, p. 1731.
See Kansas City North
Kansas City North Western Ry.-Abandonment.-Dec. 31 dismissed the
on
application of the
The I. S. C. Commission
its line of railroad for want of juriscompany for authority to abandon
diction.
Commission says: The company on Aug. 22 1925,
The report of the
that the present and future public
filed an application for a certificate abandonment of a line of railroad
and necessity permit the Northwestern RR. and
convenience
extending
the Kansas City
formerly owned byKans., to Seneca. Kans.,from Axtell Junction. Kans.,
City,
from KansasNeb., and from Menager Junction to Leavenworth, Kans.,
virginia,
161.57 miles, in Wyandotte, Leavenworth, Jefferson,
atotal distance ofand Marshall Counties, Kans., and Pawnee and Gage
Jackson, Nernaha
appii
Counties, Nebri
ea» was incorporated in 1917 in Kansas to acquire and improve
The
question which was in the hands of a receiver appointed by
Federal
the railroad in
to the properties was acquired by the applicant the
court.,
a
virtue of a master's deed made to it under direction of the
same Year by
remained in custody of a receiver, and the applicant
eourt. The railroad
.
into actual possession thereof until the early part of 1925
did not come directed that possessipn of the railroad properties be dewhen the court
the receiver be discharged. Operation of the
to the applicant and
livered
wh
discontinued Nov. 30, 1919 by the receiver because of inability
railroad was
with which to pay operating expenses, and was not resumed
to obtain funds by the receiver or by the applicant.
either
thereafter
of the railroad was abandoned prior to the date paragraph
As operation1 of the Inter-State Commerce Act became effective and has
(18) of section resumed by the applicant, we are of opinion that the matter
b
not since been
the application does not come within our jurisdiction.
presented by
New Orleans Texas & Mexico Ry..-Listing.--
The New York Stock Exchange has authorized the listing of an additional
$1,500,000 1st Mtge. 534% Gold bonds. Series "A," due April 1 1954.
The Exchange also authorized the listing of an additional $3.200,000 1st
Mtge. 5% Gold bonds, Series "B." due April 1 1954. The total amount
of 1st Mtge. bonds applied for amounts to 315,770,000 Series "A" and
516,700,000 Series "B.'
Income Account for 6 Months Ended June 30 1925.
$7.531,077
Total railway operating revenues
4,734,732
Total railway operating expenses
358,990
Railway tax accruals
9,858
Uncollectible railway revenues
Railway operating income
Other operating income
$2,427,496
148,662
Total operating income
Deductions from operating income
52.576,158
405,505
Net railway income
Non-operating income
$2,170.652
185.618
Gross income
Deductions
Dividend appropriations
52.356,271
$778.877
519.099
Net income
-V. 122. P. 93.
51.058,295
346
THE CHRONICLE
[VOL. 122.
The hydro-electric plant to use the water impounded by this dam will
National Rys. of Mexico.
-Chairman of Subs. Co.
develop
At a meeting of the New York Local board of National Railroads of of the 75,000 h. p. Reek capacity and is the first step in the harnessing
Cheat River. Future plans call for 6 more hydro plants to develop
Mexico, Walter T. Rosen of Ladenburg, Thalmann & Co. was elected a
maximum capacity of 500,000 h.p. The first dam.justcom pleted,Is 1.100
chairman of the board.
-V. 122. p. 211.
feet long and 82 feet above normal water level, impounds 72,500 acre feet
of water and forms a lake over 12 miles long. Since June 1925, when work
New York Central RR.
-Lease.
was commenced, more than 124.000 cubic yards of concrete have been
The stockholders will vote Jan. 27 on approving the proposed lease by poured,
a
this company of the railroad, property and franchises of the Hudson River generatorsnew record in hydro-electric construction. The four 16.000k. w.
which constitute the new plant's equipment will use over 4,000,
Connecting RR. Corp. for a term of 99 years, commencing Nov. 14 1926.
renewable at the option of the lessee for further terms of 99 years in per- 000 gallons of water per minute, when operating at capacity.
This new source of power will be available to the important industrial
petuity.
-V. 121. p. 2872.
territory, centering around Pittsburgh,Pa., and extending through northern
West Virginia and western Maryland. the section served by the electric
Norwood & St. Lawrence RR.
-Sale.
subsidiaries of the company. This power will be tied into the West Penn
See St. Regis Paper Co. under "Industrials" below.
-V. 121, p. 456.
System by steel tower transmission lines and will insure, as the Cheat
Pittsburgh & West Virginia Ry.-Capital Changed.
- River hydro-electric project enlarges, ample power to meet the rapidly
-V. 122, p. 212.
The stockholders on Jan. 11 approved the issuance of an additional increasing demands of this great industrial district.
61.000 shares of 6% Cum. Pref. stock, par $100 each, so as to make the
Auburn (N. Y.) Gas Co.
-Tenders.
total authorized issue of Pref. stock $15,200,000, there being $9,100,000
The New York Trust Co.. trustee, will until Jan. 20 receive bids for the
Pref. stock now in the treasury of the company; and also increased the
authorized number of Common shares from 305,000 shares (302,251 shares sale to it of 1st Mtge.5% Sinking Fund Gold bonds due Jan. 1 1927 to an
outstanding) to 488,000 shares, at the same time reducing the par value of amount sufficient to exhaust $15,580 at a price not to exceed that at which
the bonds will, if held until maturity, yield an interest to return at least
the Common shares from $100 to $50 per share.
-V. 120, p. 208.
al
The Common stockholders are to be given the right and privilege, subject 3% per annum.
to the change in the authorized capital, and exercisable upon and not later
Brazilian Traction, Light & Power Co., Toronto.
than Feb. 1 1926. to receive in exchange for each share of Common stock,
par $100. one-half share of 6% Cum. Pref. stock, par $100, having such Dividend Rate Increased cn Common Stock to 5% Per Annum.
rights and preferences as the stockholders shall hereafter fix and determine,
The directors have declared a quarterly dividend of 1 % on the outand one share of Common stock, par $50. The Chase National Bank, 57 standing Ordinary stock, payable
March 1 to holders of record Jan. 30.
Broadway, New York City, has been designated as depository to receiver From Sept. 1922
to Dec. 1925. incl., quarterly dividends of 1% were paid
certificates of the present outstanding stock for exchange Into new Common on this issue.
-V. 121, p. 1907.
and Preferred stock.
The above plan is subject to the approval of the 1.-8. C. Commission.
Brooklyn Union Gas Co.
-Listing.
-V. 121, p. 2400.
The New York Stock Exchange has authorized the listing of 311,800.000
10
-Year 53.6% Convertible Debenture Gold Bonds, due Jan. 1 1936.Reader Railroad.
-Stock.
-V.121, p. 3129, 2873.
The I.
-S. C. Commission on Dec. 30 authorized the company to issue
not exceeding $325,600 Common stock (par $100). The company proposes
Buffalo & Erie Ry. Co.
-Earnings.-to deliver 6 shares to individuals for cash at par to qualify them as directors.
10 Mos. End.
1924.
1925.
and 3,250 shares to the Mansfield Hardwood Lumber Co. for roadway and Gross revenues Oct. 31$543.761
3586.035
structures at $300.497, equipment at $15,400, and working capital $9,103, Net income available for deprec.
& divs
34.581 def50.523
which, together with the $600 received for the shares qualifying directors, -V. 121, p. 1567.
gnakes an aggregate of $325.600. See also V. 121. p. 1675.
Canadian Light & Power Co.
-Reconstruction Plan.
-
Roanoke Ry.-Abandonment.The holders of the 5% 1st Mtge. 40
-Year Gold bonds ($5,578,500 outThe I. S. C. Commission on Dec. 29 issued a certificate authorizing the standing) will meet Jan. 27 for the following purposes: To sanction a scheme
company to abandon its railroad which extends from Homers. Brunswick for the reconstruction of the company, involving a modification and comCounty, Va.. in a general southerly direction through Northampton County. promise of the rights of the bondholders, which scheme shall, among other
N. C., to Thelma. Halifax County, N. C., a distance of
miles.
-V.119. things, cover and include arrangements for the payment and cancellation
p. 3107.
of a portion of the bonded debt by the conversion of the same into fully paid
Common shares: the
the
the
Superior & Southeastern Ry.-Abandons of Part of Line. sinking fund paymentcancellation of 1925 company's liability (a) for the
due on July 1
and (b) for the payment of
The I.
-S. C. Commission on Dec. 31 issued a certificate authorizing the interest duo on the bonds on July 1 1925 and on Jan. 1 1926; and the Paycompany to abandon operation of that part of its line extending from its ment of other indebtedness due by the company to unsecured creditors by
junction with the northwest terminus of the logging road of the Edward the issue and delivery to sudh creditors of further amounts of such Common
-V. 121, p. 1099. 72.
Hines Hardwood & Hemlock Co., northwesterly a distance of 13.283 miles. shares.
all in Bayfield and Ashland Counties, Wis.-V. 118. p. 1013.
Central States Electric Corp.
Union Pacific RR.-Construrtion of Extension.
-
-S. C. Commission on Dec. 24 issued a certificate authorizing the
The I.
Union Pacific RR. to construct an extension of a branch line of railroad
from its present terminus at Cottier in a general northeasterly direction to
a point in the southwest quarter of section 15, township 24 north, range 61
west of the sixth principal meridian, a distance of approximately 4 miles.
an In Goshen County, Wyo.-V. 120, P• 2261.
PUBLIC UTILITIES.
Allegany Gas Co. (Pa.).-.Vew Name.
See Potter Gas Co. below.
American Power & Light Co.
-Earnings
-New Sub.Pres.C.E. Groesbeck Dec.30says: To effect a consolitation of the several
operating properties. Florida Power ct Light Co. (see below) was organized
on Dec. 28 and now owns, or will shortly own, all of the electric, gas and
Ice properties heretofore owned by Miami Electric Light & Power Co.,
Miami Gas Co., Miami Beach Electric Co., Southern Utilities Co., Daytona
Public Service Co., Ormond Supply Co.. Lakeland Gas Co., St. Johns
Electric Co., Southern Holding Co. and all other properties, supplying like
service in Florida,in which American Power St Light Co.has been interested.
Florida Power & Light Co. will also control through stock ownership
the companies owning and operating the water distributing systems in Miami
end Stuart.and Miami Beach Ry. which, in addition to operating its own
-year agreements a co-ordinated
lines in Miami Beach, operates under 30
electric street railway and motor coach transportation system in Miami,
owned by the City of Miami.Vol
.411uM6101,WNW
IN
Combined Income Account 12 Mos. End. Sept. 30. 3
1925.
Gross earnings of subsidiaries
$48,192,940 $ 3,896,974
Net earnings of subsidiaries
21.694,024 14,029,237
Gross earnings of American Power & Light Co.,
incl. bal. from operations of subs. applic. to
Amer. Pow. & Lt. Co. (after renewal & replacement aporopriat on)
,
9.884.330 6.332.781
Expenses of Amer. Pow. & Lt. Co
443,225
484.526
Interest & discounts
1,663,968
738.465
Preferred dividends
1,320,258
967,140
Balance appl. to A. P. & L. Co. Common diva_ _x$6,456,879 $4,142.650
Common dividends
1.926,362
2.181.809
Combined undistributed income
$44.275.070 $2,216,288
x The balance of 36.456,879 applicable to American Power & Light - 11
0
Common dividends was equal to $4.01 a share on the amount of Common
stock outstanding Sept. 30 1925. This compares with earnings per share for
Common stock in previous periods as follows: 12 months ended June 30
1925. $3.51: 12 months ended Dec. 31 1924, $3.39; 12 months ended Sept.
30 1924. 32.80: 12 months ended June 30 1924, $2.68 These earnings
per share are figured on the amount of Common stock outstanding at the
end of each period.
Balance Sheet Sept. 30 1925.
Liabilities
AssetsInvestments
$60,533,302 x Capital stock (no par
1,183.557
value)
Cash
$38,797,713
Loans & accts. roc-subs 14,522,764 Gold debenture bonds__ _ 35,982.900
542.283 Contractual liabilities- _ 1,845.975
Loans & accts. rec-othPrepaid accounts
30.403 Deb. bond subs.partial
Unamortized discount &
payment
37
3,598,422 Dividends declared
expense
349,044
149,809 Accounts payable
Deferred debits
352.437
Accrued accts. payable
194,423
Surplus
3,038.012
-900% Stock Dividend.
The directors on Jan. 13 declared a 900% stock dividend
on the Common stock, no par value, payable Feb. 8 to
holders of record Jan. 30. This declaration followed an
increase in the authorized Common stock from 150,000
shares to 1,500,000 shares, no par value, approved by the
holders on Dec. 23 last.
The corporation owns stocks and other securities of several public utility
properties. As of July 31 these investments consisted of 653.396 shares of
North American Co. Common stock. 2,000 shares of American Gas &
Electric Common and 2,600 shares of Peoples Gas, Light & Coke Co. capital
stock. These holdings have since been increased by the amount of dividends payable in stock by two of the companies.
-V. 122. p. 212.
Central States Power & Light Corp.
---Bonds Offered.
Bainbridge & Ryan, Charles D. Robbins & Co., New York,
and Priester, Quail & Cundy, Inc., Davenport, Iowa, are
offering at 99 and int. to yield over 6% $1,000,000 1st Coll.
Lien 20-Year 6% Gold bonds.
Dated Dec. 11925: due Dec. 11945. Interest payable J. & D. in New
York. Chicago and Davenport. Denom. $1,000 and 3500.c5 Red. all
or part on any int. date on 60 days' notice as follows: On or before Dec. 1
1925 at 105 and int., thereafter decreasing
% for each year or portion
thereof to elapse between date of redemption and maturity date of bonds
redeemed. Company covenants to pay the normal Federal income tax up
to 2%. American Trust Co.. Davenport, Iowa, trustee.
Data from Letter of V.-Pres. W. C. Tegtmeier, Dated Jan. 2.
Corporation.
-Owns or controls public utility properties supplying almost
exclusively electricity for light and power to 150 communities in the states
of Iowa. Nebraska, Missouri, North Dakota. Arkansas and Texas. The
companies operate without competition except in one instance in their
re.spective fields and serve a population of approximately 200.000. Over
95% of the net earnings are derived from the sale of electricity for power
and light. Company has a generating capacity of 10,600 h. p., of which
over 437 is hydro-electric.
0
Security.
-Secured by deposit and pledge with the trustee of a like principal amount and interst rate of the first mortgage or prior mortgage bonds
or subsidiary companies. Such bonds deposited as collateral for this issue
are obligations of subsidiary companies whose bonded debt does not exceed
60% of the property value thereof. The net earnings of each subsidiary
are less than 2 times the interest charges on all bonds thereof issued and
outstanding,
he properties of all subsidiaries of the Central States Power
& Light Corporation, after liberal deduction for depreciation, have a valuation of over 38.000,000.
Earnings Year Ended Oct. 31 1925 (Incl. Sub. Cos.). -Gross earnings
31,236,157
Operating expenses, maintenance and taxes
633,906
Net earnings
3602,251
Annual interest charges (on bonds of subsidiaries
outstanding
with the public)
140.2140
,
Annual interest charges (on bonds securing this issue)
60.000
All other charges (incl. int.. Pref. stock dive. & minority
int.
In Common stocks of subsidiaries)
184,405
Balance (available for depreciation, Federal taxes and divs.
on Common stock)
3217.566
The above earnings statement is the result of
operations of the
subsidiary companies for the last 12 months and does the reflect the benefits
not
to be derived from expenditures of over 31.150.000,
approximately
$500,000 of the proceeds of these bonds, which will be and for extensions
used
and additions to the properties of subsidiaries.
-4 -1
Caxilalization of Central States Power it Light Corn. and Subsidiaries.,.
$80,560,541
Total
Total
$80,560,541 let Coll. Lien 6% Gold bonds (this
Ti1iiO,OOO
issue)
x Represented by 232.716 shares Preferred stock, 1.608.204 shares Com- Divisional Bonds outstanding with the
x2,238.000
mon stock and 663 22-100 scrip certificates for corn.stock.
-V.121,p. 2401. 6% Secured Gold bonds (closed issue) public
800.000
5%% and 6% notes of subsidiaries
600,000
American Super-Power Corp.
-Larger Dividend.
Preferred stock outstanding with the
1,970,400
The directors have declared a quarterly dividend of 2% (50 cents per Common stock of subsidiaries owned Public
by this corporation
1.4 . •
share) on the Participating Preferred stock, par $25, payable Feb. 15 to
The above Common stock and other
holders of record .Tan. 23. During 1925 the company paid four quarterly no per value shares of this corporation. assets are represented by 5,000
dividends of 1 % on-this issue together with an extra of 1%, making a
x $1000001) additional will be pledged for this issue of First Collateral
total for the year of 8%.-V. 121. p.1458.
Lien 6% Gold bonds.
Purpose.
-Proceeds will be used only for the purchase of First Mortgage
American Water Works & Electric Co., Inc.
bonds of subsidiary companies and for other corporate purposes.
On Dec. 24 the first water flowed over the dam across the Cheat River.
Sinking Fund.
-An annual sinking fund is provided
Dec. 1
W. Va.. a tributary of the Monongahela, marking the completion Just 1926 which will retire 1% of all outstanding bonds eachbeginning to and
year, up
6 months ahead of schedule of the first step in an hydro-electric develop- Including 1935. and 2% each year thereafter until maturity.
-Nr. 121, p. 328.
ment. which will eventually be one of the largest in the East. An electric
subsidiary of the American Water Works & Electric Co., Inc., is now
Cities Service Co.
-Dividend on Bankers' Shares.
rushing to completion the hydro-electric equipment for the new 'gown*
A distribution of 14 1 4 cents a share will be made Feb. 1 on the banker's
,
plant and:expects to have the whole unit in operation by the fall of 1926. shares to holders of record Jan. 15.
JAN. 161926.]
THE CHRONICLE
347
permanent population served is estimated in excess of 360,000 and this
population is augmented by many thousands during the winter months.
Authorized. Outstanding.
Capitalization1st Mtge. Gold bonds, 5% Series due 1954
630,000.000
x
(this issue)
500.000shs. 100.000shs.
Preferred stock. $7 Cum.(no par value)
None
500.000shs.
Preferred stock, $6 Cum.(no par value)
y50 000shs.
100 000shs
Second Pref. stock (no par value)
5,000.000shs.y2.500.000shs.
Common stock (no par value)
x Limited by the restrictions of the indenture. y Owned by American
Power & Light Co.
-Secured by a direct first mortgage on the entire physical
Security.
property. Present property, not including 2 entirely new electric generating stations now under construction, includes the electric system with
- generating plants of 69,513 kw,installed generating capacity, the gas system
-Stock Sold.
Columbus (Ga.) Electric & Power Co.
with 8.775,000 cu ft. daily capacity, and ice plants with a total manufacStone & Webster, Inc., Estabrook & Co. and Parkinson & turing capacity of more than 2,000 tons per day.
$2,500,000 7%
Earnings 12 Months Ended Nov. 30 1925.
Burr have sold at 100 (flat) to yield 7%
$8,383,061
Operating revenue
Cum. Pref. (a. & d.) stock, Series "B."
4,918,498
dividends and in case of Operating expenses, maintenance & taxes
Redeemable at 115 and dive. Preferred as to
'liquidation. Dividends payable Q-J.
$3,464.563
Net revenue from operation
(outstanding upon Completion of Present Financing).
Capitalization
276,960
a$10.368,800 Other income
Bonds (incl. subsidiaries)
4.500.000
Gold Notes, 5%, due 192r. and 1928
$3,741,523
Total income
b4,500.000
Preferred stock, 7% Own. (incl. this issue)
5,250.000 Annual interest requirements on $30,000 1st Mtge. Gold bonds
•Common stock (paying 10% dividends)
1,500.000
(this issue)
a Includes $424,000 South Georgia Power Co. non-interest bearing notes.
Of the operating revenue 61% is derived from the electric business. 12%
due 1930. guaranteed by the Company.
gas business and 27% from ice and miscellaneous
b Includes $2.000,000 reserved for conversion of 2nd Pref. stock, of which from the manufactured
61,428,700 is now outstanding and $571,300 is to be sold locally. power, business.
-Franchises under which company operates in the various
Franchises.
Company and its subsidiaries do the entire electric lighting and
burdensome
municipalities
street railway, bus and gas business in the City of Columbus and vicinity. requirements. are generally satisfactory and have no unusual or
street railway business in the
and the electrci lighting and power, and
& Property -Company now operates electric generating stations
Plants
adjoining town of Phenix City; also the wholesale powere business in
Has 1,427 miles of
with a total installed generating capacity of
West Point, Lanette. LaGrange, Hogansville, Trimble, Grantvillo, More- transmission and distributing lines serving 69,513 kw. 64.800 electric conmore than
land and Newnan. Through the recent acquisition of the properties of the sumers. Construction has recently been started on 2 entirely new electric
Georgia-Alabama Power Co. and its subsidiary, South Georgia Public stations which will be among the largest and most modern in the South.
Service Co., the territory served has been extended to include substan.
is to be located on the St. Johns River near Sanford and the
tially the entire southwestern quarter of the State of Georgia with a total One of theseNew River near Fort Lauderdale. The St. Johns River station
other on the
population estimated at over 170.000.
"B," and 6571,300 is designed and is being partially built for a capacity of 100.000 kw. and it
The proceeds from this issue of Preferred stock, Series
first 2 units of 10,000 kw.capacity each will be in opera2nd Pref. stock to be sold locally, together with the proceeds of the sale of is expected that the
Lauderdale station will be designed and partially
$2,500,000 5% Gold notes due 1928 (V. 122. p. 212) will provide the funds tion in Dec. 1926. The
organized for the built for an ultimate capacity of 150,000 kw. The initial installation
necessary for the purchase through a subsidiary company
-kw.
2 units
purpose, of the property, assets, and franchises of Georgia-Alabama Power will consist of two 25,000 endunits and it is expected that these
of 1926.
in operation by
Co. and South Georgia Public Service Co., and for the completion of the will belargest generatingthe
station of the company now in operation at Miami
The
Initial development at Bartlett's Ferry. Compare further details in V.
is a modern plant having a present installed generating capacity of 34.000
122, p.212.
-kw. unit placed in operation in May 1925, and a
kw., including a 12,500
-kw. unit placed in operation in Dec. 1925. Other principal generat-Merger.
15,000
Daytona (Fla.) Public Service Co.
ing plants include those at Miami Beach, present installed generating
-V. 121, p. 2519.
Florida Power & Light Co. above.
See
capacity of 8.500 kw., including a 5,000-kw, unit placed in operation in
1924; at West Palm Beach, with a present installed generating capacity of
-Initial Dividend.
Eastern States Power Corp.
quarterly dividend of $1.75 on the 5,100 kw.; at Daytona Beach with a present installed generating capacity
The directors have declared an initial
a
capacity
Series "A" Preferred stock. payable Feb. 1 to holders of record Jan. 15. of 4,990 kw.; at St. Augustine, with a present installed generating capacity
of 5.000 kw., and at Bradenton with present installed generating
(For offering of this stock see V. 121, p. 2271.)-V. 121, p. 2873.
of 3.452 kw.
Company, in addition to its electric propertise, owns gas works and dis-Offer Made to Common
Eastern Texas Electric Co.
tribution systems in Miami, Daytona Beach, Palatka and Lakeland, and
Stockholders by Engineers Public Service Co.
Ice plants in 15 cities, including Miami, West Palm Beach, Daytona Beach.
-V. 121. p. 2749.
See Engineers Public Service Co. below.
Fort Myers, Sanford, St. Augustine and Pensacola. The gas system has
holder capacity
149 miles of
- of 2.190.000mains,serves more than 14,000 consumers, has a a yearly output
Eighth Avenue RR.
-To Change Par Value of Shares.
Cu.ft., a daily capacity of 8.775.000 Cu. ft. and
The stockholders will meet Jan. 20 to consider and take action upon the at present exceeding 647,400,900 Cu. ft
-Company is controlled through ownership of all its Second
financial condition of the company; the report, recommendations and
Supervision.
actions of the directors in relation to company and the financial and operat- Preferred and Common stocks by the American Power & Light Co. Electric
ing relations between this company and the Ninth Avenue RR. Co., and to Bond Si Share Co. supervises the operations of the American Power & Light
ratify same; the change of its shares of stock with par value into the same or Co. and the Florida Power & Light Co. and of the subsidiaries of those
a different number of shares of stock without par value; the acquisition of companies.
-V 121. p.2873.
railroad or other property by consolidation, merger, purchase, lease or
-Bonds Sold.
-Taylor, Ewart
Houston Gulf Gas Co.
otherwise; the sale of any part of its property; the issuance and sale of notes
or
or bonds secured by mortgage of its property and franchises, in whole
P. W. Chapman & Co., Inc., and Caldwell
in part and such resolutions as may be proposed at the meeting to provide & Co., Inc.,
-V. 117. p. 1774.
for its financial needs.
& Co. have sold at 98 and int., to yield about 7%,$5,700,000
for the
Henry L. Doherty & Co. on Jan. 14 announced the purchase estate
from the
Cities Service Co.of the property at 56 Wall St., N. Y. City which extends
Senator George Peabody Wetmore. The lot,
of the late
Wall St. and 57
through the block to Pine St., has a frontage of 40 ft. on it is known that
ft. on Pine St. The price paid was not made public, but than $1.500,000.
had been holding the property at more
the Wetmore estate
City for many
The Cities Service Co. recently acquired 60 Wall St., N. Y. a frontage on
with
years the headquarters of the Doherty organization, understood that the
Pine St. of 157 ft. It is
Wall Street of 101 ft., and on
building at
future
Cities Service Co. intends in the nearadditionto demolish the structure
to the high office
lot an
56 Wall St. and erect urn the additional accommodations for the Doherty
at 60 Wall St. and thus provide
-V. 122, p. 93; V. 121, p. 3003.
organization's numerous activities.
Electric Investors, Inc.
-Dividend No. 2.
The directors have declared regular quarterly dividends of $1 75 per
share on the 67 Preferred stock and $1 50 per share on the $6 Preferred
stock, both payable Feb. 1, to holders of record Jan. 15. An initial quarterly dividend of $1 50 per share was paid on the $6 Preferred stock on
Nov. 2 last.
-V. 121, p. 2520.
-Bonds Called.
Electrical Securities Corp.
Twenty-five Collateral Trust Sinking Fund 5% bonds of the 17th series,
have been called for payment Feb. 1 at 103 and interest at the Guaranty
-V.120. p. 3186.
Trust Co.. 140 Broadway, N.Y. City.
-Bonds Called.
Empire Refining Co.
-Year Sinking Fund 6% Gold
Certain First Mtge. & Collat. Trust 10
bonds.due Feb. 1 1927 (aggregating $415.500). have been called for redemption Feb. 1 at 108 and interest at the Guaranty Trust Co., 140 Broadway,
-V. 121, p. 197.
New York City.
-Offer Made to Common
Engineers Public Service Co.
Stockholders of Eastern Texas Electric Co.
President C. W. Kellogg. announces that the company has authorized
Texas Electric Co.. to
an offer to the Common stockholders of the Eastern11,
6
shares of Common
exchange j of one share of $7 Preferred stock and
stock of Engineers company for each share of Common stock of the Eastern
Texas Electric Co. The offer is contingent on the Engineers company
securing voting control, but as it has been approved by the directors of the
Eastern company and assented to by the holders of a large proportion of the
Eastern company stock, it is expected that the plan will be consummated.
V. 121, p.2873. 2520.
-Bonds Offered.-Bonbright
Florida Power & Light Co.
& Co., Inc., Harris, Forbes & Co., Old Colony Trust Co.,
J. G. White & Co., Inc., and Tucker, Anthony & Co. are
offering at 933' and int., to yield 5.45%, $30,000,000 1st
Mtge. Gold bonds 5% Series due 1954.
Dated Jan, 11926; due Jan. 11954. Principal and int. (J. & J.) payable
at office or agency of the company in New York. Red. all of part at any
time upon 30 days notice at 105 during first 5 years, at % less each succeeding year up to and incl. Dec. 31 1949. and thereafter at 100, in each
case with accrued int. Denom. 041.000, $500 and $100 and r*$1,000 and
$5,000. Company will agree to pay interest without deduction for the
Federal income tax up to but not exceeding 2% per annum. Penn.4 mills tax
refundable. Bankers Trust Co., New York, and Florida National Bank
of Jacksonville. Fla., trustees.
Data from Letter of Pres. S. R. Inch, Miami, Fla., Jan. 12.
Company.
-Organized Dec. 28 1925 in Florida. Now owns and operates
properties formerly owned by Miami Electric Light & Power Co.. Miami
Gas Co., Miami Beach Electric Co., Southern Utilities Co., Daytona
Public Service Co., Ormond Supply Co., Lakeland Gas Co.. St. Johns
Electric Co. and Southern Holding Co. and other properties. It supplies
electric power and light service in more than 60 communities among them
several of the most important and rapidly growing cities in the State, including Miami, Miami Beach, Fort Lauderdale, Palm Beach, West Palm Beach,
Stuart, Titusville, Daytona Beach, Ormond and St. Augustine on the east
coast; Fort Myers, Punta Gorda, Arcadia and Bradenton in the western
part, and Okeechobee. Sanford, Palatka and Live Oak in central and
northern parts of the State. As the first step toward the interconnection
of all the electric properties and their operation as a single system, several
of them have already been tied together by transmission lines, which are
being rapidly extended.
Company also owns gas works, and distributing systems in Miami,
Daytona Beach, Lakeland and Palatka, and ice manufacturing plants in
Miami, Daytona Beach, St. Augustine, West Palm Beach, Pensacola and
10 other cities. Company, in addition, owns the stock of the companies
distributing water in Miami and Stuart. and Miami Beach By., which,
in addition to operating its own lines in Miami Beach. operates under 3.
year agreements a co-ordinated electric street railway and motor coach
transportation system in Miami, owned by the city of Miami. Total
1st Mtge. 6M% Sinking Fund Gold bonds (with stock purchase privilege).
Dated Jan. 11926;due Jan.! 1931. Interest payable J.& J. In New York
Denom. $1,000 and $500.c5 Red. all or part on 30 days' notice, on any
int, date at 105 and int. on or before Jan. 1 1927, the redemption premium
decreasing thereafter by 1% for each year expired after date of Issue.
Interest payable without deduction of any Federal income tax up to 2%.
Company agrees to refund all State personal property and income taxes
and the District of Columbia personal property tax not exceeding 5 mills
per annum. Chatham Phenix National Bank & Trust Co., New York.
trustee.
-The holder of each $1,000 bond will be entitled
Stock Purchase Privilege.
to purchase at any time prior to Nov. 1 1930 a unit of 15 shares of the Common stock without par value at the rate of $5 per share. Holders of $500
bonds will have a proportionate purchase privilege.
Data from Letter of W. L. Moody, 3rd V.-Pres. of the Company.
-Willsupply natural gas for distribution in the City of Houston,
Company.
Texas, and adjacent territory. Company has contracted to supply with
gas the entire gas requirements of the Houston Gas Sr Fuel Co.
natural
This company has served tne City of Houston with manufactured gas for
domestic and industrial purposes silIC81912. This contract has been ratified
by the City Council of -Houston. In addition, Houston Gulf Gas Co. has
contracted to supply a large part of the fuel requirements of the Houston
Lighting & Power Co., which serves Houston and vicinity with electric
power and light. Company also will furnish gas for domestic consumption
in Magnolia Park and Harrisburg,suburbs of Houston. Combined population to be served, including suburbs, approximates 240,000.
After meeting the requirements of the above contracts, the company
will be in a position to supply the demand of important industrial users.
Company owns, or controls through lease or contract, approximately
100,000 acres of gas lands in south central Texas and now has 17 producing
wells. These wells are located in 5 separate fields and have a combined
open flow of 441,000,000 Cu. ft. per day. The Hope Engineering & Supply
-mile steel pipe line system comprising 100 miles
Co. is constructing a 184
-inch,
-inch, 8
-inch pipe, 64 miles of 14-inch pipe and the balance of 6
of 16
10-inch and 12-inch pipe. They are also installing a 3.400 h. p. compressing
complete with auxiliary equipment. The pipe line system will
station,
extend from the gathering lines at producing wells to the City of Houston.
about 154 miles, and will have a practical capacity of 40,000.000 cu. ft. of
gas per day. The pipe line will be completed about March 1 1926.
-Bonds will be secured by a closed first mortgage on all fixed
Security.
assets of the company, subject only to the usual farm mortgages on leased
lands. The value of the company's properties is conservatively estimated
by independent engineers to be in excess of $12,000,000 upon completion
of the pipe line. as.compared with total funded debt of $5,700.000.
Annual Earnings of the Company are Estimated as Follows:
62,626,250
Gross revenues
1.124.500
Operating expenses, maintenance and taxes
$1.501,750
Balance
$370,500
Maximum annual interest charges on this issue
Under contracts already closed with the Houston Gas & Fuel Co. the
Lighting & Power Co. and the municipality of Magnolia Park,
Houston
the average annual net earnings of the company for the first 4 years of
operation derived from these sources only, have been estimated to be in
excess of 61,000,000.
Authorized. Outstand'g.
Capitalization$5.700,000 65,700,000
1st Mtge. 6Yi% bonds (this issue)
7% Cumulative Preferred stock
506,001)shs *506.00i)shs
Common stock (no par value)
* Includes shares held by trustee for delivery upon the exercise of stock
purchase privilege.
-Mortgage will provide that commencing May 1 1926
Sinking Fund.
of
company shall pay to the trustee monthly a minimum the650,000 as a
net earnings,
sinking fund and in addition at half yearly intervals 25% of
as defined in the trust indenture, to be applied to the retirment of these
to the retirement of the bonds
bonds. Surplus earnings shall be applied
after being held in reserve for a limited period during which they may be
applied to the payment of the operating charges. interest, sinking fund
348
THE CHRONICLE
requirements and Preferred stock dividends for such period, or be used for
the payment of such dividends on the Common stock as shall be permitted
by the company's bankers, or for the acquisition of additional properties
which shall be covered by the lien of the mortgage securing this issue.
purpose.-Procoeds are to be used to pay for the construction of the company's pipe line and for other corporate purposes.
Directors include the following in addition to representatives of the
bankers: W.L. Moody, Jr.(Pros.), W.L. Moody, III, (V.
-Pros. & Treas.).
Gall/QatOn, Texas: W. J. Morris, Youngstown, Ohio:
R. S. Lord, Mt.
Vernon, Ohio;0. R. Seagraves, Houston, Texas: H. H. Adams, Fort Worth,
Texas; R. A. Crawford. Dallas, Texas; J. A. Elkins, E. C. Connor (Gen.
Mgr.), Houston, Texas; B. E. Hepler, Wichita. Kan.
Indiana Service Corp.
-Proposed Merger.
-
This corporation, a subsidiary of the Midland Utilities Co., of which
Samuel Insult is President, has applied to the Indiana P. S. Commission for
permission to purchase four electric light, power and railway properties in
eastern Indiana, it was announced on Jan. 9. They are the Marion &
Bluffton Traction Co. the Berne Electric Light Co.
.
Bryant Electric
Co.,and the Wells County Electric Co. It Is proposed themerge them
to
with
the Indiana Service Corp.
The properties are valued at $1.594.198 according to the
proposed purchase price of the Marion & Bluffton property petition. The
is $1,403,953.
subject to $504.000 1st Mtge. bonds and 132,000 Equipment Gold Notes.
The proposed purchase price of the Berne property is $54,372, of the Bryan
property $37,994 and of the Wells County property 197.879.-V.
121. P.
2873.
International Telephone & Telegraph Corp.
-Outlook.
In order to provide adequately
[VOL. 122.
Data from Letter of Albert Emmanuel, President of
the Company.
Company.
-Supplies electric light and power in an important industrial,
mining and agricultural territory in Central Pennsylvan
and including the city of Altoona, and also in certain ia, centering about
territory in Northwestern Pennsylvania, with a combined area
of 5,500 square miles and a
total population estimated to
are served with electric light exceed 350.000. More than 40.900 customers
and power.
Earnings Twelve Months Ended Nov. 30
1925.
Gross income
$4,426,391
Oper. exp. (incl. current maint. & taxes other
than income taxes) 2.267,716
Net earnings
$2,158,675
Annual interest requirements on total funded
debt
and its subsidiaries outstanding with the public of the company
1,129,923
Balance
81,028.752
Annual dividend requirements on 89,254 shares
Cum.Pref. stock
(this issue)
$446,270
Listing.
-This stock is listed on the Chicago
cation will be made to list it on the PhiladelphiStock Exchange, and applia Stock Exchange.
Management.
-All of the outstandin Common stock of company, except
directors' qualifying shares, is owned gby
National Electric Power Co.
V. 121. p. 2752.
Pennsylvania-Ohio Electric Co.-)3on
ds Called.
All of the outstanding First Mtge. & Coll.
Gold bonds, Series "B." dated March 11922. Trust 634% Sinking Fund
tion March 1 1926 at 105 and interest at the have been called for redempBankers Trust Co.. 14 Wall
St., New York City. The latter will accept
delivery of said bonds for
purchase prior to March 1 and upon receipt
thereof will pay to the holders
and interest to the date of delivery.
105
-V. 121, p. 3005.
for future growth the corporation has
careful development surveys and studies in the different fields of its made
tions. The company has stated, according to a comprehensive operaprepared by Lehman Brothers, that these studies indicate that by analysis
the end
of 1927 there will be 70.000 telephone stations in operation in Cuba, comPennsylvania Power .& Light Co.
pared to the 53.393 telephones in operation at the end of 1924. It is
-Bonds Sold.
expected
that the Porto Rico Telephone Co. will have 16.000 telephones in operation Guaranty Co. of New
York, Harris, Forbes & Co., Halsey,
at the end of 1927 compared with 11,354 telephones at the end of 1924.
The Stuart & Co., Inc. and Brown
Spanish Company has about 75,000 telephones in operation in
Brothers & Co. have sold
June, 1925.
It is the estimate of engineers of the company that,
at 98% and int., to yield 5.10% $10,000,000
of the constructive program on which they are now with the development
1st & Ref.
approximately 400.000 telephones in Spain within working, there will be Mtge. Gold bonds, Series "D," 5%. Due Sept. 1 1953.
the next
Late in 1925 the Barcelona (Spain) Telephone system was 10 years.
First and
sold to the $7,000,000 Ref. Mtge. Gold bonds outstanding, $8.000,000 Series A.
National Telephone Co. of Spain, a subsidiary of the Internation
7%:
Series B, 5%; 14.000,000 Series
phone & Telegraph Co. of New York. The price paid was al Tele- 5% (incl. this issue). Denom.c* $1.000 and 0,6%: $18.000,000 Series D.
4,621,000 Principal and int.
$500 and r* 11,000 and $5,000.
pesetas.
-V. 121. p. 2750.
(M.& N.) payable in New York City,
without deduction
for any Federal income tax
2%.
Interstate Power Co.
-Additional Stock of Company to Penn. 4 mill tax. Red. all or up toon any Payable without deduction of
part,
int. date upon 30 days' notice.
at 105 and int. on or before Sept. 1 1928. 104 in
Be Acquired by Utilities Power & Light Corp.
next 5 years, 103 in next
5 years, 102 in next 5 years, 101 In the next 5
years, and at 100X thereafter
See Utilities Power & Liet Corp. below.
prior to maturity. Guaranty Trust Company
-V. 119. p. 2646, 1963.
of New York, trustee.
Legal investment. for Savings Banks in Rhode
Interstate Rys.-New President, &c.
Island, Vermont and
New Hampshire.
Dr. Walter A. Rigg has been elected President, succeeding
John A. Rigg, who died recently. Dr. Samuel B. Rigg became his father Data From Letter of P. B. Sawyer, V.-Pres. & Can.
a member
Mgr. of the Co.
of the board of directors. Daniel Ilouseman, Vice-President of the Real
Company.
-Operates in an extensive
Estate Title Insurance & Trust Co.,Philadelphia, was elected Vice-Presid
with a population estimated to exceedterritory in eastern Pennsylvania,
ent, Allentown,
914.000, including the cities of
uc ceeding Dr. Walter A. Rigg in that office.
Bethlehem, Wilkes-Barre, Hazleton and
-V.122. p. 213.
territory are many diversified industries, including Williamsport. In this
iron and steel works,
Kansas Power Company.
anthracite coal mines, steel car and automobile works,
-Earnings.
silk mills and cement
Years Ended Oct. 31plants.
1924.
1925.
Gross earnings
The electric, properties now in service include stations
$389,974
$431.268 generating
of an aggregate
Operating expenses, taxes, &c
262.857
274,351 at Haute capacity of 151,400 k.w. The two principal plants are located
and at Harwood Mines, within a few miles of
their principal
Net earnings
sources of coal supply, and have capacities of 70,000
$127,117
$156,917 respectivel
k.w. and 41,500 k.w.,
Interest on $990,000 7% bonds
y.
69,300
Company expects within 6 months to have available
70.000 k.w. addiBalance
tional capacity, 40.000 k.w, in its new hydro-elect
187.617 and 30,000
ric plant near Hawley
-V. 121, p. 1569.
k.w. in a new steam station of a subsidiary.
Purpose.
-Proceeds will be used to reimburse the company
Luzerne County Gas & Electric Corp.
in part for
additions and betterments heretofore made and to provide
-Tenders.
funds for further
The New York Trust Co., as trustee, will until March 1 receive bids
for capital expenditures and other corporate purposes.
the sale to it of 20
-Year 7% Sinking Fund Gold bonds to an amount
Security.
-Secured by a first mortgage lien upon
sufficient to exhaust $30,000, at prices not exceeding 105
of the company's fixed property, and by a direct a substantial portion
and interest. remainder
mortgage lien upon the
-V. 121. 13. 1788.
subject to 11.6,405,100 outstanding
bonds. A supplemental indenture provides for divisional closed mortgage
changing certain restrictions
Marion& Bluffton Traction Co.
and provisions as to issuance and maturity of bonds
-Merger.
and release of property.
See Indiana Service Corp. above.
-V.119, p. 1625.
Earnings for Calendar Years.
Miami Beach Ry.-New Control.
Gross Earnings Operating Exps. Net Ref. Renewals
& Other Income.
See Florida Power & Light Co. above.
& Taxes.
-V. 119, p. 1625.
& Replacements.
1920
$8,424.469
$5,813,340
$2,611.129
1921
Miami Gas Co.
-Merger.
10,053.883
6,811,697
3,242.186
1922
12,293.126
See Florida Power & Light Co. above.
7.966,651
-V.119, p.2411.
4,326,475
1923
14,667,016
8,597,623
6,069,393
1924
16,641,359
Minneapolis Gas Light Co.
9.926.818
6,714,541
-Tenders.
a 1925
19,078,506
11,050,266
The Equitable Trust Co. of N. Y., trustee, will until Jan. 27 receive bids
8.028.240
a 12 months ended November 30.
for the sale to it of 1st Gen. Mtge. bonds, dated Sept. 11903. to an amount
Of the company's gross earnings, more than 91% is
sufficient to exhaust $18,696, at prices not exceeding par
derived from electric
and int.-V. 121, power and light and about 9% from manufactured gas and other business.
p. 2875.
Capitalization Outstanding With the Public as of Nov.
30 1925 (After Present
Montreal Tramways Co.
-Listing.Financing.)
The New York Stock Exchange has authorized the listing of $17,826,50
Underlying closed mortgage bonds
0
$16,405,100
(auth. $100,000.000) 30
-Year 5% Gen. 8z Ref. Mtge. Sinking Fund Gold 1st & Ref. Mtge. Gold bonds, Series A.7%,1951
8,000.000
Coupon bonds, Series "A," due April 1 1955.-V. 121, p.
do Series B.5%.1952
2032, 2038.
7,000.000
do Series C, %, 1953
4.000.000
New England Public Service Co.
do Series D,5%, 1953 (including this bane)
-Offer Made to Capital
stock (without par value): Prof., entitled to $7 cumul. 18,000,000
Souhegan Valley Electric Co. Stockholders.
dividends per share per annum
This company controlled by the Middle West Utilities Co., has offered
363.194 shs.
the owners of the 2,200 shares of Souhegan Valley Electric Co. (Milford, Common
490,221 shs.
In the past'5J4 years, more than 173,000 shares of
N. H.) Common stock $100 a share for their holdings, the par value of which cumulative
preferred
) have been sold for cash and 92.966 shares issued in stock (17
$50 a share. The New England company also offers to retire
is
the acquisithe out- tion of stock of East Penn Electric Co. Of the 363,194
standing 1.100 shares of Preferred stock (par $50) at $52% a
preferred shares
not taking over the $145.000 bonds of the Souhegan. The share. It is outstanding as of Nov.30 1925, over 60% was held by approximately 21.600
Souhegan Company are to be deposited with the Souhegan shares of the customers, employees and other residents of Pennsylvania.
National Bank.
Supervision.
-Company's operations are supervised by the
Milford, N. H., on or before Feb. 15.
Electric Bond
-V. 121. p• 979•
The Souhegan company was organized Nov. 29 1922, to acquire the & Share Co.
property of the Milford Light & Power Co. As of Jan. 1
1923. the plant
Philadelphia Rapid Transit Co.
investment was $318,014 and the assets were 8358,242.
-Stock.
-V. 121. p. 2875.
On Dec. 29 last, the transportation and public utilities Authorized.
committee of the
City of Council of Philadelphia approved the
New York Rys. Corp.
-Definitive Bonds Ready.
company's request for authorization to issue $5.000,000 7% Preferred stock to
The Guaranty Trust Co. is prepared to deliver definitive 40
finance purchase and
-Year 6%
Income Gold bonds, due Jan. 1 1965 in exchange for outstandin temporary rehabilitation of city's taxicab service and to permit its
operation as a part
g
of the combined city-company system. This issue
bonds.
-V. 121, p. 2875.
is in
$10000,000 of 7% Pref. stock previously authorized (see addition to the
V. 121. p. 2753).
-V2 122, p. 214.
.
Ninth Avenue RR.
-To Change Par Value of Shares.Tho stockholders will meet on Jan. 20 to consider and take action
upon:
Potter Gas Co. (Pa.).
the financial condition of the company; the report, recommendations and
-Name Changed.
actions of the directors in relation to company and the financial and
The company has changed its name to Allegan Gas operatCo.
-V.121.p.2157.
ing relations between this company and the Eighth Avenue RR. Co. and
to ratify same; the change of the shares of $100 par value
Public Service Co. of Colo.
the same or
-Bonds Offered.
different number of shares of stock without par value; into acquisition a
-Halsey,
the
of
railroad or other property by consolidation, merger, purchase, lease or Stuart & Co., Inc. are offering an additional $1,500,000 1st
otherwise; the sale of any part of its property; the issuance and
mtge. & Ref. 532% Gold bonds, Series B,
sale of notes
dated Sept. 1
or bonds secured by mortgage of its property and franchises, in whole or in 1924;due Sept.
11954, at 963/i and int., yielding over
part: and such resolutions as may be proposed at the meeting to provide for
54%.
3
Company.
-Is located in one of the most important
-V. 118. p. 2439.
Its financial needs.
and prosperous
regions in the State of Colorado and is the largest
gas and electric company
Northern Mexico Power & Development Co., Ltd.
In that state, doing approximately two-thirds of
- and gas business. Company, without
the entire light and power
The directors have declared a dividend of 7% on the Preferred stock
competition, supplies electricity for
account of accumulated dividends for the year 1925, payable Feb. 1 on light, heat and power to Denver, and at wholesale or
to substantial communities in
retail to a
holders of record Jan. 23.-V. 121, p. 331.
Colorado. Gas and steam heating number of
service is
supplied to Denver, the street railway system
is operated in Boulder,
Penn Central Light & Power Co.
Colorado and electric, gas
-Preferred Stock subsidiary to Cheyenne, and steam heating service is furnished through a
Wyo.
-A. C. Allyn & Co., New York, are offering at $73
Offered.
Simultaneously with this offering it was announced
that
per share, and dividend, to yield about 6.85%, 89,254 new building and extensions which will materially increase an important
service facilities
are now under construction by the company.
shares Cumul. Pref. stock, $5 Series (no par value).
Work
addition to the generating station at Valmont, has been started on an
Preferred both as to assets and dividends. Dividends exempt from a
total generating capacity of 45.000 k.w. upon Colo., which will have
present normal Federal income tax. Free of Penna. 4 mills tax. DIA- 25,000
k.w. turbine. New equipment will soon bethe installation of a new
aends payable Q.
-J. Redeemable, all or part, at the option of the company at
installed in the gas plant
Denver, and upon completion of present plans, it
on any dividend date on 30 days' notice at $80 per share and dividends. most modern coal gas
will
plant in the west, with a capacitybe the largest and
Preferred in liquidation to the extent of $75 per share and dividends.
of approximately
11,000,000 cubic feet per day. A new service
Transfer agents, Central Trust Co. of Illinois, Chicago, and
building is already under
Pennsylvania construction in Denver. which will materially
assist in handling the work in
Co. for Ins. on Lives & Granting Annuities, Phila. Registrars: Northern that city, and
a number of other additions to the company's properties
Trust Co.. Chicagok and Philadelphia Trust Co., Philadelphia.
are
either under way or planned.
JAN. 16
1926.]
349
THE CHRONICLE
Capitalization Outstanding With Public as at Nov. 30 1925.
$3.541,900
A. due
let Mtge. & Ref. 6s, Series B. due 1953
11,833.100
1954
do 534% bonds, Series
*18,800.000
bonds
Divisional
2,044.200
Debenture bonds 7%
20,500,000
Common stock
7,096.307
7% Cumul
1st Pref. stock
pledged under the 1st Mtge.
*Not including $3,589.000 divisional bonds
Trust Deed.
& Ref.
competent
-The Value of the physical property as appraised by improveValuation.
additions and
engineers, as of June 30 1924. plus expenditures for
date, is in excess of $53,000,000.
ments to
-Calendar Years.
Business and Earnings
Gross Earns. Net Earns. Accrued. Int.
Funded
M. Cublic Ft. Incl. Other Before Depr. onDebt.
Calendar Kw.Hours
Income. & Fed. Taxes.
Gas Sold.
Output.
Years.
3.113.968 $10,235,267 $4.846,074 $2.042,436
_249.923.023
1925-1,819,185
4,208,154
9,624,434
2,910,284
1924_ _ _ _222.097,219
1.258,248
4.068,490
8,502.058
2.448.911
1923-_- _213.081.119
1,139,497
3.403,377
7.791.036
2.068.763
_180,569.738
1922_ -_
1,130.960
2,846,369
7,120,606
2.054.933
1921- _164,802.852
months ended November 30.
• 12
indebtedness now
Annual interest requirements on the total mortgage
12 month
outstanding with the public amount to $1,806,344. During the operation
ended Nov. 30 1925. more than 87% of net earnings from -V.120.
period
current for light and power.
were derived from the sale of electric
P. 2270.
-1925 Subway Awards.
Transit in New York City.
and the
of the Suburban company, one-fourth in Common stock at par
remainder in bonds at 90. See also V. 121, p. 2754.
-Definitive Bonds Ready.
Tokyo Electric Light Co.
definitive
The Guaranty Trust Co. of New York is prepared to deliver receipts
-Year 6% Gold notes, due Aug. 1 1928. upon surrender of Interim
3
therefor. See offering in V. 121, p. 709. 1463.
-Listing.
Co., Ltd., Japan.
Toho Electric Power
0
The New York Stock Exchange has authorized the listing of $14,875.00
A,coupon
let Mtge.(Kansa!Division) Sinking Fund 7% Gold bonds, Seriesauthorized
bonds, due March 15 1955, being one series of the total original
sinking fund
amount of $15,000,000, now reduced by operation of the
o $14,875,000 (see offering in V.120, p. 1320).-V. 121. p. 1103. 980.
Tyrol Hydro-Electric Power Co. ("Tiwag"), Austria.
The New York Stock Exchange has authorized the listing of $3.000.000
(guaranteed
-Year Closed 1st Mtge. Sinking Fund Gold Bonds
735% 30
by the State of Tyrol and the City of Innsbruck), due May 1 1955 (see
in V. 120. p. 2270.)
offering
-Listing.
Utilities Power & Light Corp.
The New York Stock Exchange has authorized the listing of 37,753
additional shares of Class A stock (without par value) on official notice
of
of issuance, with further authority to add 20.000 additional shares
Class A stock, making the total amount applied for 307.753 shares (auth.
.
40,000 shares)
shares
On Dec. 23 1925, the directors authorized the issuance of 37,753
acquisition
of Class A stock for general corporate purposes, including theall or subof new properties. Corporation intends presently to issue the purpose
stantially all of the 37.753 shares and to use the proceeds for the purpose
of acquiring additional stock of Interstate Power Co.. and for
shares
of acquiring other subsidiaries. Approximately 20.6611 additional such
will be required to continue for the current year the policy of offering
stock to the holders of the outstanding Class A stock in lieu of the quarterly
-V. 121, p. 3133.
cash dividends payable thereon.
Rapid
Board of Transportation of the City of New York in the year 1925.
The purposes:
awarded a total of $84.659,691 in contracts for the following $77,528,302
City's new subway system
4,679.579
d shops
Yards
779,207
Station finish
707,150
Tracks, switches, &c
103,113
changes
-Earnin Highway
Western Union Teleqraph Co., Inc. 1923. gs. 1922.
362.841
Lengthening platforms
1924.
x1925.
499 499
12 Months Ended
Miscellaneous
$
$
$
which contract
Dec. 31With the exception of three intermediate sections. for
al29,260,353 115,235,563 113.628.470 107,116.305
within
drawings are ready and for which construction bids will be received Eighth Gross revenues
18.215.273 17,135,382
19.730.422 19,121,372
b
a few weeks, the City's new sustem, is now under construction alongAvenue. Maintenanceexpenses-c 91.023.326 80.460.184 79.497.441 74.515.893
Avenue. Central Park West, upper Eighth Avenue, St. Nicholas Street Other oper.
Broadway, Fort Washington Avenue and upper Broadway from 18th
18,506,605 15,654,007 15,915,756 15,465.030
Net earnings
2.306,850
2.306,850
to 212 St.
2,317,325
t.on bd. deb. 2,336,516
28th Streets,
2,000,000
Bids for the lower section along Eighth Avenue from 18th tocontracts are Deduct-lo for cable dev_ 1.000.000
2.000.000
1,000.000
Approp.
The
are now being tabulated, having been opened Dec. 31.be finished at about
all sections will
drawn as to time for completion so that
15.170.089 12.336.682 11,608.906 11.158.180
Net income
the same time in 1928.
divs. & int. b Repairs & reserve for deprec. c Including
a
The contracts awarded this year for the City's new subway system are rentIncluding lines and taxes. x Month of December 1925 estimated.
of leased
as follows:
0 V. 121, p. 2878.
*35.020.00
8th Ave.. 18th-28th Sta., G.H.Flinn
6,252,000
8th Ave., 28th-38th Sts., Rosoff Cons. Co
-Bonds Offered.
7,866,000
Western United Gas & Electric Co.
8th Ave., 38th-48th Sta., C. H. Locher
Ave., 48th-58th Sts., Bids advertised for January 22 1926. 5,970,000 A syndicate headed by E. H. Rollins & Sons and Halsey, ,
8th
30
8th Ave.. 58th-68th Sts., F. L. Cranford
4,199.875 Stuart & Co., Inc., are offering $22,500,000 1st Mtge.
Central Park West,68th-79th Ste.,.1. F. Cogan
3.650.632 Year 554% Gold Bonds, Series A, at 99 and int., to yield
Central Park West, 79th-89th Sts., A. A. Johnson
3.997.748
Central Park West, 89th-100th Sts., T. A. Gillespie
5.246.653 5.55%.
Central Park West, 100th-111th Sts., Rosenthal Eng. Co
30 days'
4.908.261
Dated Dec. 1 1925, due December 1 1955. Red. all or part on
8th Ave.. 111th-122nd Sts., Heyman & Goodman
4,689,775 notice at 105 and int. to and incl. Dec. 1 1936 and thereafter at par and
St. Nicholas Ave., 122nd-132nd Sta., Rosoff Cons. Co
3.375.590 int., plus a premium of % for each year or portion of a year of unexpired
Ave.. 132nd-141st Sts., Geo. J. Atwell
St. Nicholas
Chicago or New York. Denom. $1,000
-149th Sts., bids advertised for January 29 1926. term. Int. payable (J. &D.) in Trust Co.. Chicago, trustee. Company
St. Nicholas Ave., 141st
4.298,833 and $500 c*. Illinois Merchants
St. Nicholas Ave.. 149th-160th Sts., Rodgers & Hagertv
Federal income
173d Ste..Rodgers&Hagerty 7,321,178 agrees to pay interest without deduction for any normal for the Calif..
-Er -dw'y-160th to
St.Nicholas Ave.
up to 2% and to reimburse the holders of these bonds not exceeding
Ft. Washington Ave. & 173rd St., Public School No. 173.
tax
240.000 tax
Conn. and Penn. tax, not exceeding 4 mills. the Maryland mills per annum
Rosenthal Engineering Co
not exceeding 5
151,742
Broadway & 173rd St.(Broadway Temple) Moranti & Raymond 3,382.263 434 mills. the District of Columbia tax
not exceeding 6% of such
and for the Mass, income tax on the interest,
Ft. Washington-174th-184th Ste., Michael Del Boise
interest per annum.
n-184th-193rd Sts., Bids advertised for February 5 1926.
Ft. Washingto
Arthur
d by the Illinois Commerce Commission.
-Approve
Issuance.
-Broadway & Dyckman St.,
Ft. Washington-193rd St.
3.225,000
III., Jan. Hi,
McMullen Co
Data From Letter of Pres. Ira C. Copley, Aurora,
3.600,000
by consolidation an
Broadway-Dyckman-212th Sts., Silas B. Mason
-Organized in Illinois. Has acquired extensive and rapidly
Company.
properties in an
$77,395,550 important group of public service
and in
Total
133,752 growing section, suburban to and principally west of Chicago; Gas &
Borings for City System
Western United
Southern Illinois. [Companies consolidated are
the Southern Illinois Gas Co.)
$77,528.302 Electric Co, Fox River Electric Co. and
Total
metropolitan area within
About90% of the properties of the co. are in the
-V. 121, p. 2522.
*Bids received, but not awarded.
will own all of its properties in
a radius of 60 miles of Chicago. Company the mortgaga securing the first
-Extra Dividend.
fee unencumbered other than by the lien of
g
Railway & Light Securities Co.
will control, through the ownership of all outstandin
$1.000.000
An extra dividend of6% has been declared on the outstandingdividend of mortgage bonds and the Coal Products Manufacturing Co., which makes
stock and securities,
Elgin & Fox
par $100, in addition to the usual semi-annual
Common stock,
source of gas supply, and the Aurora,
3%, both payable Feb. 1 to holders of record Jan. 15. In Feb. 1923, 1924 available an important
which owns the electric railway properties.
and 1925 the company paid extra dividends of 1% each -V. 120, p. 2818. River Electric Co.,
Capitalization Upon Completion of Present Financing.
-Merger.
St. Johns Electric Co.
$22,500,000
-Year 534% Gold bonds (this issue)
1st Mtge.30
6.500,000
-V. 120, p.88.
See Florida Power & Light Co. above.
Preferred stock 634% Cumulative
200.000 she.
- Common stock (without par value) and of $6,500,000 Preferred stock.
s.
-Tender
Southern Bell Telephone & Telegraph Co. will until Jan.
bonds
Purpose.-Procoods of these
trustee. 10 Wall St.. N. Y. City,
Western United Corp.
The Bankers Trust Co.,
certain financing of the
-Year 1st Mtge. S. F. Gold bonds, together with the proceeds of
all outstanding
25 receive bids for the sale to it of 30
not to be organized under the laws of Illinois, which will hold in part for the
due Jan. 1 1941. to an amount sufficient to exhaust $180,247 at prices
Common stock of this company, will be used to provide of all funded
exceeding par and int.-V. 122. p. 95.
of acquiring these properties and for the retirement them.
cost
against
indebtedness heretofore outstanding with the public
-Dividend No. 2.
31 1925.
Southern Colorado Power Co.
Consolidated Earnings Statement for 12 Months Ended Oct.
The directors have declared a quarterly dividend of 50 cents a share on the
$5,894,384
Class "A" Common stock, payable Feb. 25 to holders of record Jan. 31. Gross earnings
3.355,348
on Nov. 25 Operating expenses, maintenance and taxes
An initial distribution of like amount was made on this issue
last.
$2,539,036
earnings
has authorized the listing of $493.000
Net
The New York Stock Exchange
(this issue)- - 1,237,500
(auth.$50,000.000) additional let Mtge. Gold Coupon bonds,6%,Series A, Annual interest on $22,500,000 1st Mtge. bonds
due July 11947, making the total amount applied for $6.893,000.
$1,301.536
Balance
29% from
Consolidated Income Account for Year Ended Sept. 30 1925.
About 54% of the net earnings are derived from gas, about about 6%
$2,333,284
Gross earnings
light and power, about 11% from transportation and
electric
Operating expenses, including current maintenance and taxes.... 1,349.909 from miscellaneous sources.
121, p. 2878.
-V.
$983.376
Net earnings
582.609
Interest charges
Balance
Surplus beginning of period
$400.767
137,305
Gross surplus
First Pref. dividends
Second Pref. dividends
Class "A" Common dividends
Depreciation
$538,072
194.221
21,000
36,667
101,971
Surplus, Sept. 30 1925
-V. 121, p. 2040, 587.
$184.213
-Merger.
Southern Utilities Co.
-V.121, p. 980.
See Florida Power & Light Co. above.
-Earnings.
Southwestern Utilities Corp.
10 Months Ended Oct. 31Gross revenue
Net income available for property retir. roe & diva-v. 120, p. 2944.
1925.
$637,456
137.960
1924.
$676.089
144,288
-Acquisitions.
Suburban Light & Power Co.
The Ohio P. U. Commission has authorized the Suburban Power Co.,
a subsidiary, to acquire 10 electric properties in the district around
Columbus, Findlay, Zanesville and Newark, 0. The companies sought
Big Walnut
Electric Light
to be purchased are: Van Lue Payne Light & Co., $20,000; Co., Payne
Power Service
Electric Co., Sunbury. $31,000;
McComb Light & Power Service Co., McComb. $70,000; Evans Light
&
Co., Bloomville,
& Power Co., Frazeysburg, $9,000; Bloomville Electric
$50,000; Commonwealth Power Co.. which supplies Gambier. Danville,
City. and North Canton. $92.000; Midwest Power Co., Utica,
Buckeye
$25.000; Hancock Light &
$72,000; Dresden Illuminating Co.. Dresden,Ridge. $26,500. The conPower Co., operating at Jenera and Bentonbe paid in stock and bonds
these proposed purchases will
sideration for
•
INDUSTRIAL AND MISCELLANEOUS.
-On Jan. 14 the following companies reduced prices
Refined Sugar Prices.
Warner.
as follows: Atkins, McCahan and National, each 30 pts. to 5.20c.:
20 pts. to 5.20c. and Revere, 10 pts. to 5.20c.11 and 125 operatives who
-Mills were opened Jan.
Essex Cotton Strike.
216) reported
had gone out on strike a week ago (see our issue Jan.9. p.
-"Boston News Bureau" Jan. 13.
for work.
-Stock Sold.-Farnum, Winter &
Adams Royalty Co.
Co., Chicago, have sold 70,000 shares Common stock (no
par value) at $27 50 per share.
Bank
Savings
Transfer agent: Continental & Commercial Trust &
Chicago; registrar: Illinois Merchants Trust Co., Chicago.
Authorized. Outstand'g.
ion
Capitalizat
51,000.000 $1.000.000
6X% Serial Gold notes due 1927-1931
100,000shs. 100,000shs
Common stock, no par value
President of the Company.
Data from Letter of Robert Hison,
purpose of acquiring
Company -Has been incorp. in Delaware for the Harrison Syndicate.
the
royalty assets of the Peerless Oil & Gas Co. and of y engaged in acquiring
of these companies have been successfull properites in the MidBoth
potential oil
royalty holdings on producing and company's business involves no heavy
Continent field. The nature of the for production are due the company
Payments
operating expenditures.
Company undertakes
twice monthly from crude oil purchasing companies.
paid at the market price
no drilling operations on its own account, being
percentum.
for crude for its royalty
barrels of high gravity oil.
Present daily production is in excess of 750
and it is anticipated that
derived from 294 wells on 15 different properties,
considerably increased, as only two of the
this output should presently be
exploited. Reports are
company's producing properties have been fully
drilling on producing tracts,
to the effect that 29 wells are in process of
to, locations as yet unproven.
and 10 are being drilled on, or adjacent
350
THE CHRONICLE
The holdings of the company consist of royalty interest from acreage
in
the following areas: Texas. 36.077 acres: Oklahoma. 17,264 acres; Kansas,
5.224 acres; Louisiana, 231 acres: total 58,796 acres.
Earnings.
-Earnings for 1925 were in excess of those for 1924,the average
annual earnings for these two years, after taxes, amounting
to $640.000e
equal,after deducting $65,000 for note interest and
expenses. to $5.50 a share on the 100,000 shares$25,000 for miceellaneou.
of Common stock to bs
outstanding. Current earnings are at a rate substantially
in excess of this
average.
Directors: Robert Hixon (Pres.) Charles F. Glore,
(Pres.),
Henry W.Farnum,
Walter B. Wolf and Charles G.
Jr.
Dividend.s.-Directors have signified their intention of
inaugurating
cash dividends at the annual rate of $2 per share.
Listing.
-These shares are listed on the Chicago Stock Exchange.
(The) Alden (225 Corp.), N. Y. City.
-Bonds Offered.
S. W. Straus & Co., in co-operation with a group of dealers, are offering at prices to yield from 5.80 bond
to
according to maturity, an issue of $3,000,000 1st Mtge. 6%
6%
serial gold bond certificates of the 225 Corporation,
secured
by the land and 15-story Alden apartment hotel
at Central
Park West between 82nd and 83rd Streets, New York.
borrowing corporation is controlled by Bing & Bing The
Inc.
Dated Jan. 11926:
[VoL. 122.
American Car & Foundry Co.
-To Control New Britt
Corp.
-See J. G. Brill Co. below.
-V. 121, p. 3006, 2405.
American Car & Foundry Motors Co.
-Organized, &c.
The above company was incorporated in Delaware
Dec. 23 1925 with an
authorized Capital of $10,000,000 Pref. stock and
300.000 shares of Common stock (no par value). The company has acquired
all the Hall
-Scott.
Motor Car Co. (of Calif.) and more than 90%
of the Capital stock of the
Fageol Motors Co. of Ohio. Control of
Motors Co. is about to be acquired by The the American Car & Foundry
and proposal of the J. G. Brill Co. above.) Brill Corp. (as outlined in plan
Control
in turn be vested in the American Car & Foundry of the Brill Corp. will
J.).
The personnel of the new company is as follows: Co.(N.Directors: J.
Board of
M.
Buick. S. M. Curwen. Charles Day, W. C. Dickerman
, F. R. Fageol,
W. M. Hager, E. J. Hall. C. J. Hardy.
C. S. Sale, G. R. Scanlan& B. C.
Scott, N. A. Stancliffe, F. A. Stevenson, H. W.
Wolff and W. H. Woodin.
Executive Committee: W. H. Woodin, Chairman.
W. M. Hager, V.
-Chairman,S. M.Curwen, C. S. Sale and E.J. Hall.
Officers are: W.H. Woodin,
Chairman, C. S. Sale, Pres., E. J. Hall, G. R. Scanland,
H. Hager and
F. R. Fageol, V.-Pres., S. A. Mallette,
Treas., H. C. Wick, Sec. and W.J.
Ilarris, Gen. Purch. Agent.
American Chain Co., Inc.
-Dividends,
&c.The directors have declared a dividend of 50c. a share on the Common
stock, payable Jan. 15 to holders of record Jan. 14, and
the regular quarterly
due serially 1928 to 1941: Interest payable J. &
J. dividend of 50c. a share on the 8% Cumul. Class "A" stock, payable April
Chatham Phenix National Bank
V.-Pres. of S. W. Straus & Co.,& Trust Co., trustee. Herbert S. Martin, 1 to holders of record March 20. Like amounts were declared three months
Denom.$100. $500 and $1 000. co-trustee. 2% Federal income tax paid. ago. directors
Legal for trust funds in the State of New
The
also authorized a reserve of
York upon completion of the building about
on the Class "A" stock, due Jan. 1 1927. $175,000 to cover the dividend
May 1 1926.
This makes a total reserve for
Mortgaged Property.
-The bond
closed first mortgage on the land incertificates are a direct closed first Class "A" dividends of $525,000. equivalent to three regular quarterly
West and 150 ft. on 82nd St., N. Y.fee fronting 152 ft. on Central Park dividends, after the payment of the dividend due April 1 1926.-V. 121.
City, and a 15
p. 1910.
-story fireproof apartment hotel to be known as The
divided into small suites. The Alden, containing approximately 580 rooms,
American Metal Co., Ltd.
building is now approaching completion and
-Extends Holdings.
will be ready for occupancy about
May 1 1926. Also included under the
The company has Just bought controlling interest in the Pecos mine,
mortgage is the adjoining
leasehold on the adjoiningplot on 82nd St., 25x102 ft.. and a long term located in New Mexico, formerly owned by the Goodrich Lockhart Co.
corner of 83rd St., 52x100 ft., thus assuring The American Metal Co., Ltd. intends to proceed
permanent light protection on all
immediate
sides.
erection of a concentrator having a capacity of 200,000 tons ofly with the
Location & Rental Demand.
ore a year.
-Central
Manhattan. Overlooking New York's Park West is an avenue unique in The company has also acquired extensive holdings in Summit County.
most beautiful park, it is now under- Colo., with a view to exploiting the lead-zinc-sulphide ores.
going a great development
and rise in values, due largely to the new
The company's Mexican subsidiary, Compania Minera de Penoles, has
subway now in course of constructi
on along
demand for accommodations of this type the avenue. There is a heavy recently acquired a controlling interest in the Achotla mine in the Guerrero
on Central Park West. Older district. At Zacatecas Pennies has acquired control of the Vets Grande
buildings fronting on the Park are all
rented practically to capacity at rates mines and several adjoining properties.
-V. 121, p. 2523.
considerably in excess of those on which
the estimate of earnings is based.
Valuation.
-The land has
American Railway Express Co.
-Earnings.
at $1,150.000. and the land been appraised by Horace S. Ely & Co. Inc.,
-rd
•
and completed building by Pease & Elliman,
-Month of September- -9 Mos. Ended Sept. 30.
Inc. at $4.500,000. This valuation
is 150% of the amount of the bond
Period1925.
certificates.
1924.
1925.
1924.
$
$
Earnings.
$
-Net earnings, estimated on a basis lower than
the rental Transportation revenue- 25,650,134 25.293.557 209,718,073 209.917,518
schedule obtained in older buildings
on Central Park West, are estimated Other income
358.452
at $371,500. more than $140,000
368,938 3,191,638 3.423,737
in excess of the greatest combined principal
and interest requirements.
Total income
26,008,586 25,662.495 212.909,712 213,411,255
Ownership.
-The property is owned by 225 Corp., controlled
by Bing & Express privileges
13,131,337 12,903,879 100.543,924 98,194.140
Bing, Inc.
12,471,757 12.369,178 109,127.933 111,914,32()
Amortization.
-The bond certificates are retired by semi-annual payments Operating expenses
Uncoil. revenues
of principal in three to fifteen years,
2,025
4,053
22,956
37,040
the issue being reduced to $1,828.500 Express taxes
180.491
at the final maturity, Jan. 11941.
186,503
1,590.448
1,565,689
Net income
222,976
198,884
Alliance Realty Co.List
1,624.450
1,700,065
-V. 121, p. 1681.
The New York Stock Exchangeing.-additional Capital stock (par $100) has authorized the listing of $500.000
American Sumatra Tobacco Co.
on official notice of issuance as a stock
-Additional Payment.
dividend of 20%, payable Jan.
15, making the total amount applied for
The company on Feb. 1 will make an additional liquidating payment Of
$3,000.000.
10% to apply on all claims and including the 734% note issue which maIncome Statement for Eleven Months
tured last June, according to an announcement by the receivers. This
Ended November 30 1925.
Net income from real estate operating
will make a total of 75% paid on the total of claims and notes
and sales. $259,323: Less
receivers took charge of the properties in May 1925, two 25% since the
interest on mortgages, 55.263
$204.060 and one 15% having been made last year. This payment of 10% payments
All other investments, including
will reduce
interest
237,547 the outstanding notes to about $663.000.
Total
It is stated that a plan for the reorganization of the
$441,607 approved by the various groups representing Pref. and company has been
General & corp. exp., incl. all taxes except
Com, stockholders
Fed. income taxes
]
36,633 and will call for an assessment of $7 a share on Corn. stock.
-V.121, p.2755.
Net earnings
$404.974
Anglc-Chilean Consolidated Nitrate Corp.
Surplus Dec. 31 1924
-Shipments
1.007,416
The productive capacity of the nitrate oficinas at the time of the purchase
by the corporation from the Anglo Chilian Nitrate & By. Co., Ltd., totalled
Total
$1,412.391 134,640 short tons. During the present year improvements to
Dividends paid in 1925
two
150,000 existing °Minas has enabled the corporation to increase the total of the
annual
Surplus Nov. 30 1925
productive capacity to 170,610 short tons or an increase of 35,970 short
$1.262,390 tons equal to 26.7%. The actual shipments made by the corporatio
-V. 121, 0. 2879.
n from
Chile during the year ending Dec. 31 1925 as a.gainst the corresponding
Allied Building (Allied State Securities
Corp.) period of 1924 show an increase on about 26%.-V. 121, p. 2755.
Chicago.
-Bonds Offered.-Shapker, Stuart
are offering $325,000 1st (closed) Mtge. & Co., Chicago,
632% Serial Gold
bonds at 100 and int.
Arizona Commercial Mining Co.
-Copper Output (Lbs.).
Month ofDec.
Nov.
Sept.
Oct.
Aug.
July.
1925
498,450 500,751 653,000 487,000 570,000 543,000
1924
727.000 702,600 609,370 688,500 683,000 588,000
121, p. 2879, 2406.1' '
_
Dated Dec. 1 1925: due
(J. & 1).) payable at Chicago serially 1927-1935, incl. Principal and int.
Trust Co.,
$1.000.c5 Red. all or part upon any Chicago. DE131001. $100. $500 and
int. date, in inverse order of their'
.1. . Kit:ia (N. Y.) Mahogany Co.
-Foreclosure Sale.
maturity. upon 60 days notice. at
102 and int. Interest payable without
The property was sold
deduction of Federal income tax not
2 at receivers' sale and purin excess of 4%. Chicago Trust Co.. chased by John F. Youngat foreclosure Dec.a sum said to be $2,000,000.
Chicago, trustee.
and associates for
It is understood that the bonds and obligations outstanding against the
Allied Building now under constructi
Ogden Ave. and Wood St., covering on, will occupy the southeast corner property as well as the Pref. and Common stock are entirely wiped out,
building will consist of 6 stories and a ground area of 6,748 sq. ft. The the purchase price representing receivers' obligations held by banks.
basement. The structure will have V. 1,14, p. 1290.
a rentable area of 36.240 sq. ft.
Earnings.
-Net annual income available for
Atlantic Gulf & West Indies SS. Lines.
interest on these bonds.
after the payment of all operating
-Off List.
expenses, ground rent, taxes (other than
On and after Jan. 15 the Common and Preferred shares will be stricken
Federal taxes) and insurance has been
Co. to be $56.000 or over 2% times estimated by Manufacturers Appraisal from the Boston Stock Exchange list. the Boston transfer and registration
the
ofthis issue. The Allied National Bank, maximum annual interest charges agencies having been discontinued.
-V. 122, p. 216.
has leased the banking quarters in the through its organization committee.
Barnsdall Corporation.
an average annaul rental of $14.000 perbuilding for a period of 10 Years at
-$25,000,000 Debentures Sold
year, in addition the second, third
and sixth floors are already
in Connection with Acquisition of Waite, Phillips Co. Propera total of $44,552, assuring contracted for at annual rentals of $30,552.
that the above estimate will be more
-A syndicate headed by Blair & Co., Inc., and Chase
than ties.
realized.
Allis-Chalmers Mfg. Co.
-Outlook
Securities Corp., have sold $25,000,000 15-Year 6% Sinking
for 1926.
Fund Gold Debentures (each $1,000 debenture bearing a
President Falk said: "We closed
mately $10,150,000. Several large1925 with unfilled business of approxi- detachable warrant entitling the holder to purchase
orders are under negotiation, and we
20 shares
are very optimistic on the outlook for
the
Railroads indicate that they will be heavyfirst 6 months of 1926 at least. Class B stock at $25 per share).
purchasers during that period.
Dated Dec. 15 1925: due Dec. 15 1940. Denom.
The balance of the year will depend
on general conditions throughout Interest payable J. & D.
ELM and $500e.
the country."
at office of Blair
-V. 122, p. 95.
deduction of Federal income taxes to the & Co., Inc., New York, without
Alpine Montan Steel Corp.
Conn.and Calif. personal property tax upextent of 2% per annum. Penn.,
to 4 mills, and Mass. State income
-Output.
tax up to 6% of income refundable.
Production of the corporation in December
included 36.300 tons of pig 60 days notice during first five years Red., all or part, at any time, on
Iron. 34,300 tons of steel. 25,600 tons of rolled
as follows: (1) If accompanied by the
material and 1,500 tons of stock purchase warrant ;pertaining
workshop products. Total output for 1925
thereto covering 20 shares (or
Iron, 309,300 tons of ingot. 227,300 tons ofincluded 380,300 tons of pig of $500 debentures 10 shares) Class B stock, at 103% and int. upin the case
to Dec. 15
rolled
tons of workshop products. Value of the year's material and 13,000 1926, the premium decreasing y,% for each 12 months or part thereof elapsed
outgoing invoices was thereafter; (2) if not accompanied by
811.914.000 (N.-Y. "Times").
such stock purchase warrant, then at
-V. 121, p. 3006.
100 and interest. Also redeemable after first five
years in whole or in part
Amerada Corp.
-To Be Americanized and Operations on 60 days notice at 105 and int. up tI Dec. 151931. the premium decreasing
34% for each 12 months or part tt ersof elapsed
Extend-New Financing Shortly.
unexpended moneys on hand on Dec. 15 1930 thereafter, except that any
arising from the exercise of
The above corporation, formed by Lord Cowdray in
stock purchase warrants are
the production of oil in the mid-continent field, is to 1920 to engage in or redemption of debenture to be applied to the purchase in the market
s at 100 and int. Chase National Bank, New
The property it is understood, will be taken over by abe Americanized. York, trustee.
new corporation
4
with a majority of its stockholders citizens of the United
Listing.-It is expected that applicatio
States. The
company which hitherto has confined its operations to
tures on the New York Stock Exchange.n will be made to list these debenhoma, will extend activities into the Texas oil fields. Kansas and Okla- Data
from Letter of President E. B R
market of the purchase from Lord Cowdray is expected Financing in this
;NewlYork,"Jan. 1211926;
to be announced
Company.-Incorp. in Delaware in November
within the next ten days.
1916, when it took over
various oil and other interests which had been
Since organization in 1920. the company's growth has been
acquired by the late T. N•
both sub- Barnsdall over a period of many years.
stantial and consistent, the production increasing each year and
Present name was assumed In 191
in 1925 Corporation is principally engaged,
amounting to 4,000.000 barrels.
through subsidiaries, in the production
refining and sale of petroleum and its products
The company's property has been built up entirely out of reinvestm
-the operations being carried
ent
of earnings and at the present time it has no funded debt, bank loans, or on in 12 oil-producing States, including the California, Mid-Continent and
Preferred stock, the entire capitalization consisting of approximately Eastern fields. Corporation is noted for its settled production particularly
in the Mid-Continent field. It also derives
600,000 shares of stock which, according to preliminary estimate, after
an income from various gas
full depreciation and depletion charges, will show earnings for 025 of and mining properties.
New Acquisition.
-Corporation is about to
over $4 a share.
entire Capital stock of the Waite Phillips acquire the properties or the
Co. (organized May 1 1922)a
JAN. 16 1926.]
THE CHRONICLE
351
properties could be
Such investigation showed that the Waite Phillips
facilities
embracing a complete unit of oil-producing, refining and marketing
Barnsdall Corp, woth very little increase in the Barnsdall
valuable proven but as yet unde- operated by the
of the various departproper co-ordination
In the Mid-Continent territory backed by
by E. De overhead and that with the
the saving in
veloped leases: which properties were appraised in Feb. 1925 connection ments and re-allocations of the business from both entities, earnings of the
very substantial addition to the
Golyer, consulting oil engineer, at upwards of $31.000,000. In
development of the freight rates alone would boa
followed, and a contract
with this acquisition and to provide for the further
combined enterprise. Negotiations thereupon Corp. of 100% of the stock
Capital
corporation, it is proposed to increase the authorized amount of its bearing has been closed for the acquisition by Barnsdall
due course by transfer
-Year 6% debentures
stock, and to create an issue of $25,000,000 15
of the Waite Phillips Co., which will be followed in
stock purchase warrants. Upon approval of such authorized increase in the Into subsidiaries of Barnsdall Corp. of the various properties owned by said
it is proposed to offer to stockholders approximately 227,738 Waite Phillips Co.
capitalization
$25,000,000
shares Class A stock to provide additional working capital (see below)•
Barnsdall Corp. has agreed to pay in full for such acquisition.
that connection the
Advantages of Consolidation.—The Barnsdall and Waite Phillips grouPs of 15
-Year 6% Sinking Fund Gold debentures, and in
supplement each other. Each has an established business with Corporation has had available to it an appraisal made during the past year,
admirably
a splendid record and a valuable good will. By proper co-ordination of whereby such fixed properties were appraised at something over $31,000,000.
operations it should be possible to effect greater efficiency at lower costs in The debentures have been arranged in such for that they will not be a burden
all departments with resulting savings of substantial sums. The savings in upon stockholders, as it was the complete desire of the management that in
securities issued
entities,
freight shipments alone by a re-allocation of the present business amon
any combination or affiliation with the new would be the probability of
little
the different refineries will yield a large addition to net earnings. Ph
therefor should be in such form that there
Waite Phillips Co. has been notably successful in its policy of acquiring such securities interfering with dividends (see details above).
and depreciation
desirable undeveloped leases in prospective oil territory. Its acquisition
Before interest, Federal taxes and reserves for depletion
earnings of
brings to the combined unit not only developed properties of known value,
accountants have certified that the combined
but undeveloped leases of large potential values so that the Barnsdall are set up, the and of the Waite Phillips Co. for the year 1925, with the
Corp.
Corp. with its long record of settled production in the Mid-Continent field BarnsdallDecember estimated, would amount to $11.296.055. After deducinterest of
becomes a better balanced enterprise than ever before. Furthermore, the month of
for the items above set forth and such comproposed change in capitalization will provide a capital structure which will tion of substantial reserves
debentures to be issued in the purchase.
stockholders.
enable the corporation to readily take advantage of other opportunities to $1,500,000 upon all of the
bined earnings should assure satisfactory returns to the
working capital, the
enlarge the scope of its operations.
In order for the corporation to have ample funds for
Share Capitalization after Giving Effect to the Increased Share Authorization directors have determined to presently offer the Class A and Class B stockfor each four
and Proposed Issue of Approximately 227,738 Shares Class A Stock.
holders the right to subscribe for one share of Class A stock
Outstanding. shares of Class A and (or) Class B stock held at $30 per share, which offering
Authorized.
&
Class A Capital stock (par $25)
1,000,000 shs. 993,670 shs. (about 227,738 shares) has been underwritten by a group headed by Blairits
enter upon
Class B Capital stock (par $25)
3.000,000 shs. 145,020 shs. Co.,
upon a fair basis, permitting the corporation to
Class B stock has full voting power in the event of non-payment of divi- new Inc.,
of cash for working capital.
prospects with a substantial amount
dends for one year and until dividends shall have been declared and paid [Holders of Class A and Class B stock of record Jan. 25 will be given the
during a 12 months period, and in case an amendment to the certificate right to subscribe for Class A stock at $30 per share to the extent of one share
of incorporation would alter or change or increase or decrease the authorized for each share held. Rights expire Feb. 15.1
and, if
Capital stock, or increase or decrease the par value thereof, holders of
that this is a step in the right direction
The
Class B stock are entitled to vote as a class on the amendment, and the other management feel made of similar import, that Banasdall Corp. will
affiliations can be
affirmative vote of a majority interest of the Class B stock so affected by
the large independent oil companies of the country.
the amendment is necessary to its adoption. Otherwise the Class B stock soon be one of
has no voting power.
To Retire All Outstanding 8% Gold Bonds Fund Convertible
Excepting as to the voting power as above stated, both classes of stock
The corporation will redeem on Feb. 15 all the Sinking
outrank equally in all respects, including the payment of dividends and distri- 8% Gold -bonds, due Jan. 1 1931, "Series A" and "Series B. thenmade
will be
bution of assets.
standing and not previously called for redemption. Payment43 Exchange
Earnings.—Combined earnings of the Barnsdall Corp. and subsidiaries at 105 and interest at the office of Lee, Higginson & Co.,
and the Waite Phillips Co., available for interest, Federal taxes, reserves Place, N. Y. City, or, at the option of the respective holders, at the office
for depletion and depreciation, &c. (after eliminating the earnings derived of Lee, Higginron nr Co., either at 70 Federal St., Boston, Mass., or at
from various properties which have been disposed of from time to time by 209 South La Salle St., Chicago, Ill. The right to convert the bonds into
10th day prethe corporation), have been as follows:
Class "B" ctock will expire at the close of business on the
1925.
1922.
1924.
1923.
ceding Feb. 15. See also V. 122, p. 96.
b$11.296.055
a$5,461,466
$5,071.605
$5,293,728
a Includes Waite Phillips Co. for eight months only. b Month of
Beacon Oil Co.—Common Stock Sold.—Jesup & Lamont,
December estimated.
& Co.
The above earnings averaged annually $7.130,972. or about 454 times Stevenson, Perry, Stacy & Co. and F. S. Smithers
the annual interest requirements on the funded debt shown in the balance have sold at $19 per share, 300,000 shares Common stock
sheet of Nov. 30 1925, including the proposed issue of $25,000.000 debs.
The earnings for 1925 (December estimated) were equal to about seven (no par value).
of Board.
times such annual interest requirements.
Data from Letter of Clifford M. Leonard, Chairman
Stock Purchase Warrants.—Each debenture will carry one or more detachIn July 1920
Company.—Organized in May 1919 in Massachusetts.
able warrants entitling the holder thereof to purchase at $25 per share at
steps has
operation of a refinery and by successive integrated
any time on or before Dec. 15 1930 the number of shares of Class B stock it commenced the
until it is now a well
of the corporation specified in such warrant. The total number of shares Increased and rounded out its activities
products.
the transporting, refining and marketing of petroleum
covered by such warrants will equal in par value the principal amount of unit in
Common stock
Company and the Sun 011 Co. each own 50% of the voting of the Beacon
the debentures.
block of Common stock
In case the debentures are called for redemption in whole or in part of the Beacon Sun Co. A large Louisiana Oil Refining Carp.. who will
during the five years ending Dec. 15 1930, the warrant or warrants per- Oil Co. is being acquired by the purchasing crude and other petroleum
taining to such debenture will be exercisable for 45 days after the call and aid the company materially in
until 15 days prior to the date fixed for the redemption of the debentures products.
located in the City
Company owns and operates a modern oil refinery
and will be void thereafter. In no case will the warrants be exercisable
refinery site is leased under very favorable terms.
of Everett. Mass. The purchase. The site embraces approximately 100
after Dec. 15 1930.
an option to
Any cash received through the exercise of the stock purchase warrants is Including
occupied and the balance available for
to be applied by the sinng fund agents to the redemption of an equal acres, of which two-thirds is now
comprise approximately 1.000,000 barrels
principal amount of the debentures at par and interest or to their purchase extensions. Storage facilities 350.000 barrels of steel storage.
and
at not exceeding thatfigure. Debentures from which all warrants have been of underground reservoirs
tank steamers of approxiCompany owns and operates two modern steel of about 75,000 barrels
detached will receive precedence in calls for redemption. Any debentures
capacity
mately 10,000 d. w. tons each, with cargo steel tank cars of about 10.000
thus purchased or redeemed are to be canceled.
operates 296
Sinking Fund.—The cash received from the exercise of the stock purchase each. Company also owns and barge of 300,000 gallons capacity.
warrants during the five years ending Dec. 15 1930 is to be applied to the gallons capacity each, and a steel
the refinery is sold direct to
Over 75% of the products produced by
purchase or redemption of debentures. The indenture will further provide
outlet for gasoline and motor oils is
a semi-annual sinking fund on June 15 and Dec. 15 of each year. com- ultimate consumers. The majorColonial Filling Stations which are now
mencing June 15 1931, as follows: Oh June 15 1931 an amount sufficient through the company's chain of of New England.
cities
to retire at the then current optional redemption 'once (then 105 and int.) represented in the principal
accounts, are now running
Company's sales. eliminating inter-company
1-20th of the debentures then outstanding on Dec. 15 1931 an amount
$15.000,000 per annum.
sufficient to so retire at the then current optional redemption price 1-19th at the rate of
Co. owns over 55 concessions, chiefly
Venezuela Holdings.—Beacon SunVenezuela. upon which properties the
of the debentures then outstanding, &c., so that the whole issue will be
retired by maturity. Debentures will be subject to call for the sinking fund In the Maracaibo Basin region of
closed structures. The concessions
at the current optional redemption price. All debentures acquired by the company has already mapped several
1.750,000 acres, of which something less
sinking fund are to be canceled. Corporation may tender debentures to the originally coniprised more than under exploitation contracts with the
is being retained
in
than one-half
sinking fund in lieu of cash.
also has the right to a very large area
Properties.—A brief outline of some of the principal properties owned by Venezuelan Government and
Guarico (not as yet carefully expored).
the Barnsdall Corp. and subsidiaries and the Waite Pnlliips Co. is as follows: the District of Mellado, State of drilling contract with the Standard Oil
there is a
(1) Leases and interests in leases on approximately 281,769 acres in 12 oil- In the State of Falcon have tools and equipment on the ground for their
producing States. about 74,100 acres being developed acreage, the balanc Co. of Calif. (who now progressing on a part of the company's lands.
being reserved for future development. The aggregate net production from first well). Drilling is
ended Oct. 31 1925
Earnings.—For the flve years and four months amount of Common
these properties at present averages about 17,500 bbls. per day. The total
applicable to the total
number of producing wells is approximately 2,900. The greater part of the average annual net earnings depreciation and Federal taxes at present
after
stock to be outstanding,
this production is high gravity light oil.
notwithstanding the low results of the last
(2) Three modern refineries located at Barnsdall, Okla., Wichita, Kan., rates, exceed $2 per share,
and Okmulgee, Okla, with a daily rated capacity, respectively. of 10.006 two years.
stock on the
Listing.—Application will be made to list this Common 122, D• 216.
bbls., 5,000 bbls. and 6,000 bbls. or an aggregate of 21.000 bbls. per day.
York Curb Market.—V•
These refineries produce gasoline, kerosene, distillate, gas oil and fuel oil, Boston Stock Exchange and the New
and in addition the refinery at Barnsdall produces lubricating oil, cylinder
Co.—Taz Dtoil and wax. They have the latest type fractional distillation equipment,
Bear Mountain Hudson River Bridge
the Dubbs cracking process being installed at Wichita and the Crosscracking
process at the other two refineries. A distinct advantage is that each cision.—
taxes which the townships of Cort
refinery is connected through company's own pipe lins with its producing
A decision relieving the company from
to levy on assessed valuations
properties, thus insuring a continuous supply of crude oil of uniform grade land, Highlands and Stony Point sought
by Justice Tompkins in
for the refineries. The total pipe line system owned consists of about aggregating more than $3,000.000, was returned court held that as the
at White Plains Jan. 2. The of the bridge and that
300 miles of main and gathering Pipe lines.
the Supreme Court
for ownership
(3) A substantial production of casinghead gas sold to other concerns company's charter does not provide
within 30 Years, it is in
under advantageous contracts and in addition the corporation operates as the bridge would pass entirely to State control
to local taxation.
casinghead plants with about 39,000 gallons aggregate daily capacity.
effect State property and therefore not subject approaches, imposition of
Owing to the high valuation of the bridge and averaging about $40,000
(4) Distritiution facilities, including about 1,100 tank cars and 260 bulk
and service stations.
taxes at current rates would have yielded returns
been upheld.
Corporation also owns various mining properties, including zinc, silver, to each of the three townships, had their claims that the bridge was exempt
held
aluminum silicate (Tripoli), copper, lead and others.
In his decision Justice Tompkins not onlyclaims of the townships on other
the
Management.—M. C. Brush, Pres. of the American International Corp. from local taxes, but also ruled against
will be Chairman of the Board, and E. B. Reeser, who has been associated grounds.
portion of the bridge,
The Cortland assessment covered the easterly
with the Barnsdall interests since 1904, has been elected l'resident, succeedJustice Tompkins held that
ing Robert Law, Jr., who resigned. E. R. Tinker, of Chase Securities Including buildings and three-mile approach.
structure or superstructhe approach "cannot be regarded as a building or
Corp., and Elisha Walker, of Blair dv Co., Inc., will be elected directors.
ture, or as real property liable to taxation by the town." from the middle
bridge
Statement in Connection with Acquisition of Waite Phillips
The Stony Point assessment, which included the
among others that
western terminus, was disallowed on the grounds
extend beyond
Co. Properties—Rights to Stockholders.—President E. B.Reeser to the New York State laws the township boundary did not toll house and
under
westerly
in a letter to stockholders, Jan. 12, says:
the river bank. A claim for assessment on the
of the bridge or
was disallowed because "no partconnected thereThe operations of the corporation have been seriously restricted by reason anchorage by Highlands
structure
of the covenants contained in the trust indenture which was issued in 1921 Its anchorage or abutment or toll house or any cable chamber which is all
to secure the then issued 8% Convertible Gold notes, which restrictive with is within the town of Highlands except a
2535.
covenants seriously handicapped the extension and growth of the corporation under a public roadway."—V. 119, p.
The management felt that Barnsdall Corp. could never become a large and
Belding Heminway Co.—Listing.—
potential factor in the oil industry with such indenture outstanding, and
listing on a "when
has constantly devoted itself to an early retirement of the notes and a satisThe New York Stock Exchange has authorized the Coupon notes. due
trust indenture. That this has now been accomplished in Issued" basis of $5,410,000 10
-Year 6% Cony. Gold
faction of the
effect, and will be an actual fact as soon as the present calls for redemption Jan. 1 1936. See also V. 122, p. 96.
of the remainder of such notes are finally consummated.
Benz Kid Co. (Mass.).—Reduces Outstanding Stock.—
The management have for a long time been of the opinion that the unusual
from $3,000,000
The company has reduced its outstanding Capital stock
and experienced organization which this corporation has were exceedingly
which
very little enlargement, to the management of much to $2.000,000. by acquiring for cash, at par, $1.000,000 of the stock,
well adapted. with
2584.
larger entities, and, with the elimination of the above trust indenture will be retained in the treasury.—V. 115, p.
upon, immediately began investigating various properties, looking
decided
Bing & Bing, Inc.—Bonds of Sub. Co. Offered.—
toward consolidation with this corporation. After an extended research, it
See The Alden above.—V. 121, p. 1911.
was deemed advisable to acquire the properties or 100% of the stock of the
a production of between 7,000 and 8,000
Waite Phillips Co., *which had
Bird & Son, Ltd.—Merger—
bbls. daily capacity of light oil, two refineries, and the necessary pipe lines,
See Building Products. Ltd. below.—V. 122, p. 96.
tank cars and marketing stations connected therewith.
352
THE CHRONICLE
[VOL. 122.
(J. G.) Brill Co., Phila.—Proposed Consolidation Plan—
Based upon appraisals of properties and audit of accounts,
and
be acquired by it the entire capital stock of The J. G. Brill if there
New Company to be Controlled by American Car & Foundry shall Corp.
Co.. The
Brill
Co.—Pres. Samuel M. Curwen acting in co-operation with representingupon completion of its organization will be possessed of assets
a value of approximately $20,000,000, and Brill Corp. wil
representatives of the American Car & Foundry Co.(N. J.) have a source of earnings for its stock equal to its share as a stockholder
of both American
&
has submitted to the stockholders for their approval a plan for combined earningsCartheFoundry Motors Co. and J. G. Brill Co. in the
of
above
and bus
and
the acquisition by a new corporation to be organized in J. (3. Brill Co., which share in described engineearnings, companies past
such combined
based on
experience of the
Delaware, to be known as "The Brill Corp.," of all or at is estimated to said companies and continuance of present conditions,
amount to more than $2.150,000 per annum.—V. 121,
least 60% of each class of the outstanding capital stock of p. 2407.
J. G. Brill Co. and more than 50% of the Pref. and approxiBrill Corp.
-7'o be Organized in Delaware to Acquire Stocks
mately 67% of the Common stock of the American Car &
Foundry Motors Co., a Delaware corporation recently of J. G. Brill Co. and American Car & Foundry Motors Co.—
See J. G. Brill Co. above.
organized, and which owns all the capital stock of the HallScott Motor Car Co. (of Calif.) and more than 90% of the
Brown Hoisting Machinery Co.—Bonds Sold.—Peabody,
capital stock of the Fageol Motors Co. of Ohio.
Houghteling & Co., Inc., New York, the Philip H. Collins
The Hall-Scott Motor Car Co. manufactures and markets gasoline motors Co., Cleveland, and Cleveland Trust
Co. have sold at prices
of high quality used in motor buses, trucks, marine equipment and
planes, and the Fageol Motors Co. mnaufactures and markets theaero- ranging from 96.69 and int. to 100 and int. to yield from
well 6% to 6.35%,
known "Fageol bus," possessing the exclusive right for its sale and
according to maturity, $1,250,000, 1st
manufacture not only throughout substantially all of the United States
lying Mtge.6% Serial Gold bonds.
east of the Rocky Mountains, but
also throughout important foreign
territories.
The object of the plan and reorganization, so far as the stockholders of
The J. G. Brill Co. are concerned therein. Is to afford them opportunity
to share in the advantages of a large and growing bus business conducted,
If the plan becomes effective, in conjunction with their present car business
under cooperative management. The plan and proposal, have been
sidered and approved by all the members of the board of directors. con-
Dated Jan. 1 1926: due serially, Jan.
J. & J. at Cleveland Trust Co., trustee,1 1927 to 1941. Int. payable
Trust & Savings Bank, Chicago, without or Continental & Commercial
deduction for the Federal income
tax not in excess of 2%. Company agrees to
refund the Penna. 4
-mills
tax, Mass. income tax not in excess of 6%, and
other similar State taxes
not in excess of 5 mills. Denom. $1,000 and
$500c*. Red. on 30 days'
notice at 100 plus a premium of % of 1% for each
unexpired year or portion
thereof prior to maturity, but not in excess of
105%.
Data from Letter of Alexander C. Brown, President
of the Company.
Company.—A Delaware corporation founded in
largest and most widely known companies of its kind1880, Is one of the
in the world. Company designs and manufactures hoisting and
conveying appllcances, and
heavy material-handling machinery of all
descriptions, catering largely
to railroads, public utility companies, the iron ore,
steel and coal trades.
Principal plant occupies 934 acres fronting on St.
Company also owns at Elyria, Ohio, 28 acres of Clair Ave., Cleveland.
land with a modern and
completely equipped foundry.
Earnings.—From the company's books prior
the audit of Ernst & Ernst from 1915 through to the year 1915 and from
earnings, after depreciation, available for October 1925. average annual
interest and Federal taxes,
have been as follows:
Times Max.
Int. Charges.
1906 to Oct. 31 1925 incl. (20 Years*
)
$387.650
5.1
1919 to Oct. 31 1925 incl. (7 years*)
355,704
4.7
•Lacking two months.
Maximum annual interest charges on this issue of bonds
Company has paid dividends on its issue of $1,000.000 will be $75,000.
of 7% Preferred
stock since 1916 without interruption.
Capitalization—
Authorized. Outstanding.
1st Mtge. Serial Ss
$2.000,000
$1.250,000
7% Prefered stock
1.000,000
1,000,000
Common stock
Sinking Fund.—A sinking fund amounting to 1,000,000 the 1 ,000,000
10% of
company's
net earnings will be applicable annually to the redemption
of bonds, by
pnrchase or call, in excess of annual serial maturities. It is
substantial amounts of bonds will be retired in this manner. expected that
Purpose.—Present financing is entirely for
the company with additional working capital tothe purpose of providing
enable it to
sively the sale of its standard lines and of several new productspush aggresit is putting
on the market.—V. 117. P. 155
9
.
Digest of Plan and Proposal.
(1) If and when holders of at least 60% of the Common and of at
60% of the Preferred shares of J. G. Brill Co., shall have assented least
plan by the deposit of their shares (as below), a new corporation to be to the
as The Brill Corp will be organized in Delaware, having the following known
capital
structure by way of stock issues authorized:
7% Cumulative Preferred stock (par $100) in such aggregate par amount
as shall be required for the purposes of the plan and proposal and additionally approximately $4,000,000 additional to be reserved for future
issue
against cash or property.
Class A stock (no par value)
225,000 shs.
Class B stock (no par value)
400.000
Preferred Stock.—Shall be non-voting, preferred both as to earnings shs.
and
assets over Class A and Class B shares and entitled to receive, out
plus or net earnings, dividends, cumulative, at the rate of 7% per of surannum.
On liquidation, entitled to par and diva. before any distribution
of assets
to Class A or Class B shares. Red. all or part, at
notice, at $110 and diva. The consent of at least 75%any time on 30 days'
of the Preferred stock
the time outstanding shall be required before corporation may
authorize any other corporate security having rights and subsequently
preferences on
a parity with or superior to it.
Class A and Class B Stocks.—Class A shares shall
cumulative. Class B shares alone shall have voting be non-voting and nonshall be entitled, out of surplus or net earnings forrights. Class A shares
each year
the amount required for dividends on Prof. stock, to receive in excess of
poration shall be obligated to declare, for such year dividends and the corup to $4 per
share, with right to the corporation (in the event that it shall
prove advisable
or necessary so to do) to defer the payment of all or any part
of such dividend, provided that appropriate provision be made for
amounts so deferred before any dividend shall at any the payment of the
time thereafter be
paid on the Class B shares. No dividends for any
or paid on either the Class A or the Class B sharesyear shall be declared
until full cumulative
dividends on the Preferred stock for all prior years shall
for such year, either paid or adequately provided for. have been paid and,
After the declaration to the Class A shares, out of the
(Edward G.) Budd Mfg. Co.—To Split Up Shares.—
earnings of any year, of dividends up to $4 per share, surplus or net
corporation may
The stockholders will vote March
declare, out of such earnings, dividends up to $2 per share on
the Class B Common stock into no par Common 17 on changing the present $100 par
shares, and in any further dividend declaration for such
stock. It is reported that the basis
year the Class A of the conversion will be 8 shares of new
and the Class B shares shall participate equally per
stock for each share of Common
shares shall have received for such year dividends share until the Class A stock held.—V. 121. P. 1793.
and thereafter any further dividend distribution aggregating $6 per share,
of the earnings for such
Building Products, Ltd.—Incorporated.—
year shall be to the Class B shares exclusively.
Class A shares shall be redeemable all or part, at any time after
This corporation was
3 years authorized capitalizati incorporated in Canada on Dec. 5 1925 with an
from date of organization of corporation, at $60 per share
plus the amount Cumul. Pref. stock. on of $1,848.600. divided into 7.500 shares of 7%
of all dividends declared, but unpaid, thereon—but
par $100 each: 4.500 Class "A" shares, par $100
redemption only if, after the expenditure of the moneys may be called for and 6.486 non-voting Class "B" shares, par $100 each. The chief each;
place
the ratio between the corporation's total net assets and necessary therefor, of business of the company will be at the City of Ottawa. Ontario, Canada.
The
the Preferred stock then outstanding shall not be less the par amount of
has acquired the securities of the following manufacturing
than two to one. units: companypaper mill
On liquidation, and after the payment out of the
(1) The
of
corporate assets of the Que., which has at present the Ruberokl Felt Mfg. Co., Ltd., at Portneut
amount to which the Preferred Stock shall be
a daily capacity of over 15 tons
'
shall be entitled to receive up to $50 per share entitled, the Class A shares papers and pulp board for the manufacture of wallboard: (2)of sheathing,
plus the amount of all divi- of laird &
dends declared, but unpaid, thereon, before any distribution
Son, Ltd., at Pont Rouge, rue., with a capacity ofThe felt mill
over 30 tons
shall be made of rag felt per day; (3) the
to the Class B shares, and, after $10 per share shall have
roofing factories and wallboard plant of the
to the Class B shares, the Class A shares shall be entitled been distributed Ruberoid Co., Ltd., at Highlands, Montreal. Que.: and (4) the
tional distribution up to $10 per share, and the corporate to receive an addi- asphalt shingle plant of Bird & Son, Ltd., at Hamilton, Ont. roofing and
The Ruberold Co., Ltd., now a division of the new Building
ing shall, in their entirety, be distributable to the Class Bassets then remainProducts,
In the event of any subsequently authorized stock shares exclusively. Ltd., will continue to function in exactly the same way as heretofore.
—
rights with respect to its allotment shall only be as issue, pre-emptive V. 122. p. 96.
the Directors shall
determine.
Bush Terminal Building Co.—Bonds Offered.—Domi(2) Brill Corporation will acquire more than 50% of the
tilxim
r sagely 6
er
7kn eth Crm iypmentl outstanding Preferred and nick & Dominick
of are& ounwr
tort
i
capital stock
, Eastman, Dillon & Co., Spencer, Trask &
aFp
o
including
Co., and F. J. Lisman & Co. are offering at 97% and int.,
stock owned or controlled by American Car & Founcil;
Co.
3.), comprising more than a majority.
yielding about 5.15% $2,247,000 5% 1st Mtge. 50-Year
American Car & Foundry Motors Co. owns all the capital
stock of Hall- Sinking Fund Gold bonds
Scott Motor Car Co. (of Calif.) and more than 90% of the
of 1910; due April 1 1960. Prin.
stock of the
Fageol Motors Co. of Ohio. The combined earnings of
these two last and interest guaranteed by the Bush Terminal Co. by
named companies for 1925 have been in excess of $1,800.000,
and because endorsement.
of tho great and increasing demand for their products, there
is
tation that their earnings will be even greater in the future. every expecCapitalization—
1st Mtge. 50
(3) The stock of American Car & Foundry Motors Co. owned or
-Year Sink. Fund 5% Gold bonds Authorized. Outstanding.
condue 1960
trolled by American Car & Foundry Corp. (of N. J.) will
transferred 7% Cumul. Pref.
be
$12.000.000 a$10.238.000
to Brill Corp., and American Car & Foundry Co. (of N. J.) will,
by the Common stock stock (par $100)
7,000,000
7.000,000
purchase or underwriting of such amount of the Class A
(par $100)
shares of the Brill
2,000,000 61,000.000
Corp. as may be necessary, provide the funds required for
a Includes $2,247,000 now being offered.
the purposes of
Of the $9,753,000 originally
this plan and additional working capital.
Issued. $1,762.000 thereof have been retired
through sinking fund as of
In consideration for the saki stock and the providing
Dec. 16 1925. No further bonds
will be paid to American Car & Foundry Co. (N. J.)of such funds, there b All, except directors' qualifying may be issued under this mortgage.
$1,500,000 in cash
shares, is owned by the Bush Terminal
delivered to it all of the Class B shares of Brill Corp. to
and
be authorized Company.
as aforesaid and not required for the purposes of exchange
for stock of Data From Letter of 12, G. Simonds,
The J. G. Brill Co. under this plan.
Vice-Preildent of the Company'
As a result of the transfer, American Car & Foundry Co. (of
Security.—Secured by a first mortgage and indentures
supplemental
thus acquire more than a majority of the voting stock of Brill N. J.) will thereto covering all the property then owned by the
Corp.(new). might subsequentl
company or which it
As a part of this plan The J. 0. Brill Co. will, for the cost to
it of acquir- proved real estatey acquire, which consists at present of valuable and iming the same,transfer to the Brill Corp.its stock of American Car
in Manhattan and Brooklyn Boroughs, N.
Y. City.
Motors Co. resulting from its purchase of stock of Hall-Scott & Foundry The property of the company located on the Brooklyn
Motor Car Harbor consists of approximate
side of New York
Co.. together with all rights accruing to It in connection therewith.
ly 9 city blocks,
(4) The Brill Corp., if this plan becomes effective, shall acquire all 14 model loft and factory buildings containing on which are constructed
approximately 5,000,000
of the outstanding shares of The J. G. Brill Co., or such portion thereof. sq. ft. of manufacturing space, and a steam power plant.
not less than 60% of each class, as may be offered by holders thereof who company owns a modern office building at 100 Broad St., In addition, the
N. Y. City, and
3 buildings in the rear devoted to general business.
accept this proposal, upon the following basis:
The properties upon
(a) For each share of the Preferred stock of J. G. Brill Co., there shall which this issue is a first mortgage are assessed for the year 1925 by the
City of New York at $15,441,500. Company
be exchanged, (Option A) 1 1-10 shares of the 7% Cumulative
also owns all the stock of
Preferred Exhibition Building, Inc
stock of Brill Corp.; or (Option B) $110 paid in cash.
which owns the International Exhibit Building
(b) For each share of the Common stock of J. G. Brill Co., there shall on West 42nd St., New York subject to bond and mortgage of $1,925,000
be exchanged either (Option C)one share of the 7% Cumulative Preferred representing an equity, based on assessed value, of $1,500.000.
The Brooklyn property forms part of the Bush Terminal,
stock and one share of the Class B stock of Brill Corp.; or (Option D)
which comprises
2 shares of the Class A and one share of the Class B stock of Brill Corp.; or more than half a mile of water-front property on the New York Harbor
fronting the Government Channel,
(Option E) paid,$125 in cash.
The Bush Terminal Co., with its railroad and as
As to stock of J. G. Brill Co.exchanged, there will be proper adjustments
the agent of practically
of dividends thereon to the date of exchange, on the basis of the dividends all the Trunk Lines serving New York harbor, supplies trunk line railroad
facilities at the shipping platforms of the tenants of tho Brooklyn buildings
paid thereon during the year 1925.
Deposits under this plan of stock in J. G. Brill Co. will be accepted by of the company.
Earnings.—The earnings from operations of the Bush Terminal Building
Real Estate Title Insurance & Trust Co., 517 Chestnut St., Philadelphia,
Pa., up to and including Jan. 25. The acceptance of any such deposit Co. before bond interest. Federal taxes and depreciation in the year ended
thereafter will be in the discretion of Pres. Samuel M. Curwen and W. H. Dec. 31 1925 (Dec. est.) plus earnings available for city's. on the Common
stock of its subsidiary, Exhibition Building, Inc., were equivalent
Woodin, Pres. of American Car & Foundry Co.
to more
than 2% times the total interest requirements
including the
Samuel M. Curwen, Pres., in concluding his letter to the $2,247,000 bonds to be presently outstandingon this issue past 4 years,
. For
1922-25 inclusive, the consolidated earnings of the Bush the
Terminal Co. and
stockholders says:
subsidiaries before bond interest. Federal taxes and depreciatio
n have
353
THE CHRONICLE
JAN. 16 1926.]
requirements on
averaged more than 1.71 times the consolidated interest to be presently
all the obligations of the Bush Terminal Co. and subsidiaries
after deducting from these consolidated earnings the conoutstanding and
interest on the
of
solidated interest requirements referred to. exclusive thethe
balance remaining
$10.238.000 of this issue to be presently outstanding,
requirements on this issue.
Is 2.55 times the interest
-A sinking fund for the purchase and retirement of bonds
Sinking Fund.
paid to the trustee each year
if obtainable at not over 110 and int, must be
the principal amount of all bonds
in amounts varying from 1% to 2% of under the mortgage prior to the
which shall have been originally issued an additional sum equal to 10%
plus
respective dates of such payments, obtainable at 110 and int., the sinking
of such payment. If bonds are notrecognized by the laws of New York as
must be invested in securities
fund
proper investments for savings banks' deposits.
-Proceeds will be used by the company to acquire additional
Purpose.
N. Y. City, and to improve said
real estate south of 39th St., Brooklyn, concrete loft buildings having an
real estate with modern steel reinforced
approximate floor area of 600.000 sq. ft.
Listine.-Company has agreed to make application to list on the New
issued
York Stock Exchange the bonds now offered. The bonds heretofore
-V. 121, p. 2880.
and outstanding are so listed.
-Consolidated Balance Sheet Nov. 30 1925.
Bush Terminal Co. (ct Subs.)
LiabiWiesAssets
$2,300,000
$40,015.176 Preferred stock
Total capital assets
2,366,508 Pref. stock (Ter. Bldg. Co.). 7,000,000
Cash
6,889,986
895,313 Debenture stock
rec. (less reserve)
Acc'ts
168.383 Bush Ter. Co. 1st Mtge.48._ 2,713,000
Due from U. S. Govt
6,829,000
do Consol. Mtge.
24,247
acenstorage,labor dec., chges
137.918 Bush Terminal Bidgs. Co.,
Securities owned
8,127,000
1st M.5s
357,692
Special deposits
1,925.000
303,357 Exh. Bldg , Inc. bonds
Expenses paid in advance___
254,287
Accounts payable
28,795
Insurance losses recoverable29,498
341,146 Exp. accr., not paid
Materials, supplies and fuel266,482
4,844 Int. accrued on bonds
inventory
Merchandise
2,392,968
53,011 Taxes accrued
Foreign department
229,532
1,300 Dive accr. to Nov. 30
Sundries
711,205
Sundries
202,407
Rentals paid in advance_.
16,184
Storage billed In advance- 30,097
U. S. Govt. agency accountRes.for labor to remove stock
12,097
from store
6,434
Reserve fund
191,940
Sundries
a4,771367
side)
Surplus
$44,698,691
Total (each
a Including equity for 137,770 shares of no par value, Common stock.
-V. 121, p. 2880.
Earnings for Calendar Years.
Sales
aNet
Earnings.
bNet
Earnings.
$619.207
$972.017
$4.998.603
1920 (last 9 mos.)
378.303
621,894
4,368.448
1921
1,543.482
1,986.468
8.545,874
1922
104,409
574.627
9,496.347
1923
384.089
885,350
9,082,838
1924
799,795
1,226,059
14.618.164
mos.)
1925 (11
a Net earnings before interest and Federal taxes and before depreciation
and depletion. b Net earnings available for interest and Federal taxes
after deducting all depreciation and depletion.
-Stock Sold.Chandler-Cleveland Motors Corp.
Hornblower & Weeks have sold at $48 per share 70,000
Preference Shares (no par value).
Guaranty Trust Co., transfer Agent; Bankers Trust Co., registrar. No
dividends may be declared on the Common shares in any calendar year
until dividends aggregating $4 per share shall have been declared on the
Preference shares in such year. Preference shares are callable at $85 per
share, and in event of liquidation, are entitled to $50 a share in priority
to the Common. They are non-cumulative and non-participating, but convertible at any time, sharelor share, into the Common stock. Company
will retain in its treasury 350,000 shares of Common stock to provide for
future conversion of the Preference shares at any time, and 370,000 shares
for future corporate uses. All shares have equal voting power.
Issued.
Authorized.
Capitalization350,000 shs. 350.000 shs.
$4 Preference shares (no par value)
1,000,000 shs. 280,000 shs.
Common shares (no par value)
The above amount of stock to be issued is on the basis that the shareholders of Chandler Motor Car Co. and Cleveland Automobile Co. will avail
themselves of the opportunity to convert their shares on the basis of one share
of Chandler being converted into one share Preference and one share of
Cleveland common being converted into one share Common. The proceeds
of the sale of the above 70.000 Preference shares will be used to acquire
the Preferred stock of Cleveland Automobile Co. and for expansion.
Data from Letter of F. C. Chandler, President.
-Recently formed in Delaware to unite more closely Cleve
Corporation.
land Automobile Co. and Chandler Motor Car Co. Heretofore, these two
had no connection other than the fact that they were both orcompanies
ganized by the same interests, and that they have several directors and
many stockholders in common. Eventually, it Is expected that a consolidation of the two companies will be effected. This should result in substantial economies, should strengthen their trade position, and increase
their earning power. The cars produced by the two companies do not
compete in price but supplement each other.
The Chandler Motor Car Co., incorp. in 1915, produces one chassis on
which are mounted 10 body styles with a price range from $1.545 to $1.995.
(A. M.) Byers Co.
-Annual Report.
A recent appraisal by the American Appraisal Co. of Chandler Motor Car
1924.
x1925.
Ending Sept. 30Years
$10,909,412 $8,954,324 Co. plant, including land, building, machinery and equipment, gives a
Sales
6.765,997 sound value in excess of 83,800.000.
8,090.037
Cost of sales
The Cleveland Automobile Co., incorpora ted. in 1919. produces 2 sixof body which sell from 6945 to $1,345.
$2,819,375 $2,188,326 cylinder chasses mounting 11 styles Appraisal Co. of its plant, including
Gross manufacturing profit
80.888 A recent appraisal by the American
104,422
Other income
land, building, machinery and equipment, gives a present sound value in
$2.923.797 82,269.214 excess of $2,500.000.
Total income
Daily output capacity of the combined plants is 300 cars.
679,128
790,091
Administrative, general and selling expense
Earnings.-Earnings of Chandler Motor Car Co., Cleveland Automobile
75,445
72,317
Special charges
years have
subsidiaries,
472,251 Co., Automobile Machine Co., and theirthe basis thatfor recent capitaliza590,768
Provisions for depreciation, &c
the above
been certified to by Ernst & Ernst. On
265.608
Interest, discount and expense of bonds
existed in the years 1923. 1924 and 1925, the earnings of the
121,503 tion had
164,762
Federal income taxes
245,000 Chandler-Cleveland Motors Corp. would show as follows:
317,820
Preferred dividends
1923.
1924.
1925.
396.120
236,571
Dividends on Common stock y
*$2.700.000 $1,427.899 $3,206 142
Net after taxes
0.16
4.08
7.71
$279,767 Per Preference share (350,000 shares)_
surplus
$485.860
Balance,
shares) after
x Including results of operations of Orient Coal & Coke Co. for the 8 Per Common share (280,000 dividend__
6.45
0.10
4.64
allowing for $4 preference
months beginning Feb. 1 1925, date of acquisition. y Retired Feb. 1925.
*December estimated.
-V. 121, p. 1912.
the Chandler and Cleveland
Future Prospects.-The present models of both
cars are meeting with remarkable public demand, and indications point to
Calumet & Arizona Mining Co. (Del.).-Listino
of over $5,000,000 in 1926.
York Stock Exchange has authorized the listing of $6,427.570 combined net earnings
The New
-Itis planned to declare an initial quarterly Preference dividend
Dividend.
Capital stock (Par $10) on official notice of issuance in exchange for out- payable April 1 1926.
standing Capital stock of the Calumet & Arizona Mining Co. of Arizona,
Listina.-Company will make applications to list both classes of shares
share for share.
Stock Exchange.
Company was incorp. in Delaware on Oct. 17 1925. Authorized capital, on the New York
Consolidated Balance Sheet Nov. 30 1925.
$6,500.000. Corporation was organized to take over the business heretofore
to give effect to the issuance of 560,000 shares of stock In
(Adjusted
conducted by the Arizona corporation by an exchange share for share of
exchange for the entire Common shares outstanding and the sale of
its stock for the stock of the Arizona corporation.
70,000 shares for cash, together with the application of the proceeds
Income Account-11 Months Ending Nov. 30 1925.
to be realized therefrom.)
$9.166,533
Liabilities
Total income
Assets
4,723,723 Cash,incl. proceeds from sale
Operating expense
$194,688
Notes payable
52,497
3,420.850
Salaries, office and general expense
$3,038,917 kccounts payable
of stock
849,474 Customers' notes & accts.rec.
Freight, refining and marketing
792,158 Accrued real, personal and
473.577
State and Federal taxes
363.280
excise taxes, &c
272,189
parts sold for export
Depreciation, $254,293; ore depletion, $1,223,521
1.177,814 Cars and debit balances-- __
7,939 Provision for estimated 1925
Creditors
Fed. taxes and unpaid in4,531.090
$1,589.445 Inventories adv. to other cos.
income
396,849
stallment for 1924
Net
129.287
565.023 Inv. In and and accts rec
Earned surplus Dec. 31 1924
187,378
98,460 Dealers' deposits
Miscel. notes
300.000
Reserve for contingencies__
Land, buildings, machinery,
$2,154.469
Total
7,505,896 Capital stock and surplus_..•10,599,045
equipment. &c
1.606.892
Dividends paid
5,000,000
Adjustments made account prior years
307.959 Good will
87,952
Deferred charges
$239,616
Earned surplus Nov. 30 1925
Total
$21,461,868
$21,481,888
Total
3135, 2524.
-v. 121. p.
*Represented by 350,000 Preference shares without par value and 280.000
President W.E. Ogilvie at the annual meeting, held Jan. 11, said in sub.:
-V. 122. p. 217.
shares of Common without par value (to be issued).
Production for Last Four Months of 1925.
Month of-
Dec.
3,530.000
Copper output (lbs.)
-v,121, p. 3135, 2524.
Nov.
Oct.
Sept.
3,546,000
3.410,000
4.966.000
-Acquires Control of Barbe McKenzie.
Cohn-Hall-Marx Co.
It is announcedS that the company has acquired control of the Barba
McKenzie Corp. of New York. The latter company specializes largely In
distributing drapery frabrics, tie fabrics, upholstery and dress silks to the
Central Steel Co., Masillon, 0.--Obituary.retail trade. The Cohn-Hall-Marx Co. deals with manufacturers and
Richard E. Babb, Chairman of the board of directors, died Jan. 5 at jobbers only, except in the C830 of chain store merchandisers such as the
-V. 121, p. 2407.
Pa.
F. W. Woolworth Co., Kresge, J. C. Penney and the mail order houses
Philadelphia.
whose purchases are akin in size to those of wholesalers.
- Control of the Barbs McKenzie Corp. was obtained through purchase
-Bonds Offered.
Champlin Refining Co., Enid, Okla.
be run independently of
of
& Commercial Trust & Savings Bank, Chicago, of 757 theits Common stock. The business will intention at this time to
Continental
-Marx Co., there being no
Cohn-Hall
that of
Co.
offered at 99 and int. $2,000,000 1st (closed) Mtge. effect a merger. As a result of this addition, the Cohn-Hall-Marx line
recently
has added more lines to its business and now has virtually a complete
6% Sinking Fund Gold bonds.
of cotton, rayon and silk fabrics.
The company announces the retirement of .03.600 additional Preferred
Dated Dec. 1 1925: due Dec. 1 1930. Principal and int. (J. & D.)
payable at Continental & Commercial Trust & Savings Qank Chicago, stock through purchase in the open market. This reduces to the nominal
,
without deduction for Federal normal income tax tip to 27
amount of S680,500 the total of that issue now outstanding. The company
trustee,
-V. 122, p. 97.
Dellem• $1.000 and $500c*. Red. all or part on any int, date on 30 days. has no funded debt.
or prior to Dec. 11926. such call price
int. if
notice, at 10214 and during red, on
each year thereafter until maturity.
decreasing 34. of 1%
Commercial Credit Co., Balt.-20% Stock Div., Etc.
The stockholders on Jan. 14 increased the authorized Common stock
Data from Letter of H. H.Champlin, President, of the Company,
800.000 shares as
Comcompany -Founded in 1917 and incorp. April 17 1920 in Maine. in the (no par value) from 480,000 shares to 850,000 shares (not
third in size
previously reported), and increased the authorized Preferred stock by
pany owns a modern, well equipped oil refinery ranking
capacity of 16,000 barrels
?Raze of Oklahoma. with a daily lines which are so laid as to of crude oil. $12.000.000 Cum.614% jet Pref. stock. par $100.
The directors propose to offer $8,000,000 of the 614% 1st Preferred stock
render accesoperates its own system of pipe
It
of important producing fields. Company with warrants for Common stock under which the holder of each two shares
sible the oil supply of a number distribution of a full line of petrolUeD1 of said Preferred stock will be entitled to subscribe to I share only of Comis engaged in the production and
are
products of exceedingly high quality, which 80 sold through strong dealer mon stock at $40 per share if exercised during 1926, $45 during 1927. $50
wholesale stations and 44 during 1928, $55 during 1929, or 660 during 1930. after which the warrants
and also through
and jobbing connectionsthe company.
will be of no value. In due time, an offer will be submitted to the holders
stations owned by
retail
to exchange their
-Proceeds will furnish the company with increased working of the $4.000,000 of 7% Preferred stock outstandingstock with warrants
purpose.
extension. The additional plant facilities should stock for the remaining $4,000,000 of
% 1st Preferred
capita and allow for plant
business through the
in increased profits on the same volume of petroleum products. recov- attached.
result
the higher priced
The board further offers to all Common stockholders of record Jan. 18
ery of a larger percentage of
-Secured by a closed first mortgage on fixed assets, now or 1926 the right to subscribe at $33.50 per share for 96,000 shares of addiSecurity.
hereafter owned, including the refinery. sales stations, pipe lines and tional Common stock at the rate of one share for each 5 shares of Common
tank cars, valued as conservatively then held and will offer to employees at $33.50 per share 8.000 additional
leases, and by an equipment lien on
shares of Common stock. The sale of this 104,000 shares of Common
worth 64,000,000.
-Company will pay annually to the trustee for the retire- stock has been underwritten.
Fund.
Sinking
of the preceding year, before depreciaThe board has expressed its intention to declare a dividend of 20%
the net earnings
ment of bonds 20% of provided in the mortgage, except that the minimum (96,000 shares) payable in full shares of Common stock on or before Feb.
tion and depletionaas
sum sufficient to retire $150,000 of bonds per annum 27 to Common stockholders of record Jan. 18. Resulting fractional shares
payment Is to be payment a sum sufficient to retire $300,000 of bonds will be adjusted by the company in cash at the rate of $40 per share after
and the maximum
the Common stock dividend. The board has also expressed its intention
per annum.
354
THE CHRONICLE
[VOL. 122.
to increase from Jan. 1 1928. the annual
Common power for the operation
stock from $1.50 to $2 per share payable cash dividend on the taxes
quarterly. After
the leases and contracts. In of its West Linn mill under favorable long-term
consolidated net income for 1925, December estimated, was all
British
$5 per share have been developed at Ocean Columbia hydro-electric and water power
on the outstanding Common stock.
Falls, and
available for plant operation at all seasons. a minimum of 23,000 h. P. is
A banking group headed by Robert Garrett dc Sons of Baltimore
: Spencer
(d) Miscellaneous.
Trask & Co.: Marshall Field, Glore, Ward & Co.
-Company has a large investment in other assets reIs planning to make a public offering early nextand Dominick & Dominick quired by its business, including a modern and well-equipped bag factory
week
new 6%% 1st Pref. stock. The financing will give of 88,000,000 of the with a daily capacity of 3,000.000 bags, docks and shipping facilities, several
the company a total hotels, townsites and homes
capital and surplus of more than $31,000,0
for employees, over 45 miles of logging railroads
00, which will establish it Ss and extensive logging
one of the largest financial institutions in the country.
equipment. At Los Angeles, Calif.,company owns
-V. 121. P. 3136: and operates a large plant
V. 122, p. 218:
fruit wraps. A subsidiary for the printing and conversion of tissue into
owns 7 river steamers, 10 barges and other
similar equipment.
Consolidated Cigar Corp.
-Rights.
Earnings.
The Common stockholders of record Jan. 22 will be given
the right to tion of net -Earnings of Crown Willamette Paper Co., including proporsubscribe on or before Feb. 8 for 48,659 additional
shares of Common stock years endedprofits of Pacific Mills, Ltd., and wholly owned subsidiaries,
(no par value) at $55 a share, the basis of one new
Dec. 31:
share
shares held. The issue has been underwritten. There for each three
1922.
1923.
1925(Est.).
1924.
are at present a Profits
outstanding 145.997 shares of Common stock. The
rights have been Deprec'n & depl'n Crown 85.801.411 $7,527,066 65,835,182 $5,510.924
admitted to dealings on the New York Stock Exchange
.
Willamette Paper Co- 1,117.315
Proceeds will be applied to the retirement of $2.500.00
1,188.220
1,515.444
1,415,010
0 6% 3
-Year Gold bProfits available for 1st
notes. due Jan. 11928, and will leave
Pref. stock dividends_ 3,055,084
stock as the only security outstandingapproximately $3,600.000 Preferred
senior to the Common stock.
2.824,150
2,452.495
-V.
a Including proportion of net profits4,502.990
121, p. 2278.
owned subsidiaries) before depreciati of Pacific Mills, Ltd., and wholly
on, depletion, interest and Federal
taxes. b After depreciation.
Consumers Co.
-Resumes Preferred Dividends.
81.200,000 annual interest ondepletion, Federal taxes at present rates, and
The directors have declared the regular semi-annu
520.000.000 of 6% bonds.
al dividend of
Purpose of Financing.
%
and a dividend of 7% to clear up accumulations
-Proceeds of present financing will be used by
on the Preferred stock, Crown Willamette
both payable Feb. 20 V)holders of record Feb.
Paper Co. (Del.) to retire the First and Second Prof.
-on the issue during 1925, the last semi-annu 10. No dividends were paid stocks of Crown Willamette Paper Co. (Maine)
and
disbursement being made on acquisition of the assets
al
Aug. 20 1924. (See also V. 121, p. 2524.)-V
of the latter corporation. to pay in part for the
. 121. p. 3008.
Balance Sheet as of Oct. 31 1925 (After Present
Financing).
Continental Can Co., Inc.
Assets-Dividend Rate
I Liabilities
Cash
and Extra Cash Dividend of $1 a Share Declared onIncreased Accts.
$247,903 Accounts payable
51.199,661
Common
rec'le, due from
Stock.
280,693
-The directors on Jan. 13 declared an extra
owned dr affird cos_ _ _ _ 1,448,130 State & county taxes,accr
Federal taxes (1920_
134,820
of $I a share and a regular quarterly dividend ofdividend Accounts receivable
2,474.804 Interest accrued
81,600
$1 25 a Inventories
4.755.829
share on the outstanding 476,552 shares of Common stock, Inv.in own & affird cos_ 11,834,60 Advancesfrom affird cos. 364.884
6 Notes payable (due serialOther investments
no par value, both payable Feb. 15 to holders of record
91,500, ly to 1934)
1,632.000
Feb. Plants, timberlands, &c.,
!First Mtge. 6%
5. From Aug. 15 1923 to Nov. 16 1925 incl., the compan
properties
38,636,270 bonds, due 1951 Gold 20.000,000
paid quarterly cash dividends of $1 per share on the Commo y Deferred charges
374.366 Conting. res've for _axes_
475,000
n
stock, and cn Feb. 15 1924 and Feb. 16 1925 also
Capital and surplus
x35.694.749
Total (each side)
paid 5%
859.863.408
in Common stock.
x Represented by 200,000 shares
-V. 121, p. 2278.
shares Second Prof. stock (no par First Pref. stock (no par value), 41.000
value), and 1.000,000 shares Common
Continent al Oil Co.
stock (no par value).
-Acquisition.
The company has acquired the controllin -Company is contingently liable as guarantor on
g interest in the Texhoma Oil
& Refining Co. for. It is reported, approxima
Pacific Mills. Ltd., which are secured by mortgages $5,002,000 bonds of
tely 86,250.000.-V. 121.
on properties having
p. 2881.
book value of approximately $17.000.000.-V.
121, p. 3136.
Cresson Coniol. Gold Mining
Milling
&
-Earnings.
Co.
The net profit for the fourth quarter of the
year 1925. after deduction of
all expenses, treatment and transportation
charges, shows:
Net
Average
Net
Tons. Or. Val.
Returns.
October
8.377
814 31
832,850 37
November
8,822
15 83
38,039 76
December (estimated)
10,169
12 57
29.000 00
Total
27,368 ;14 15 899.890 13
As of Dec. 311925. the company had
cash in bank of $1,316,401.-V.121.
P. 1913.
Crown Willamette Paper Co. (Del.).
-Preferred
Sold.-Blyth, Witter & Co. Blair & Co., Inc., and Stock
London Paris Co., have sold 200,000 shares (no par Anglo
value)
First Pref. stock at 100 per share and dividend.
dividends $7 per share per annum. Delivery willCumulative
allotment certificates, under which each share of be made in
stock now offered will carry voting trust certificaFirst Pref.
te for one
share of Common stock.
Cuba Cane Sugar Corp.
-Outlook.
-
Pros. W.E. Ogilvie at the annual meeting held Jan.
11,said in substance:
"The corporation must receive 330. a pound
sugar in order to pay dividends on its Preferred cost and freight for its
stock. Based on lower
prices we might earn this dividend, but paying it would
be another matter.
The corporation has three directors in daily contact
and its sales. Up to the present the company has soldwith the sugar market
51% of
outside of the United States, being marketed in 5 foreign its production
other companies did likewise better prices would result. countries. If
There is more
co-operation among sugar men today than previously.
Production for 1925-26 will be 4,600,000 bags, with less
This compares with 4.400.000 bags last year. Cuba Cane mills grinding.
has 532,000,000
arrobas of cane for the current crop, an increase of
20,000,000 over last
year. This will enable our mills to grind at capacity, which
production. The company is in a position to profit by any assures quantity
sugar prices, which are at present the principal drawback. improvement In
Maintenance of
machinery and agricultural properties has not been neglected.
"Due to the recent labor trouble in Cuba the company
difficulties which were ably handled by our men. Theseencountered serious
troubles have been
satisfactorily overcome and production of Cuba Cane is now
within 1,000
bags of last year."
In reference to the tariff of 1.76c. a pound on Cuban raw sugar Mr.
Ogilvie
stated that the elimination of this duty would mean a profit
to the company a year. See also annual report in V. 121, p. of $14,000,000
2268.
Preferred as to assets and dividends. Dividends
payable Q.
-J. Redeem
able, all or part, on any dividend
Cudahy Packing Co., Chicago.
-New Presiden Entitled to receive $105 per sharedate at $105 per share and dividends.
E. A. Cudahy, Jr., has been elected president, succeeding E. t.
and dividends in
liquidation and $100 per share and dividends in event event of voluntary Who has held the offices of chairman of the board and president.A. Cudahy,
of Involuntary liqui- will continue
The latter
dation. Dividends exempt from present normal
as chairman.
-V. 121, p. 3127.
Federal income tax.
Transfer agents: Bankers Trust Co., New York:
Trust & Savings Bank, Chicago. and Crown Continental & Commercial
Curlee Clothing Co., St. Louis.-Pref. Stock Offered.Francisco. Registrars: Chase National Bank,Willamette Paper Co., San Stifel, Nicolau
New
s & Co., Inc. are offering at 100 and div.
Savings Bank, Chicago.! and] Anglo & London York: First Trust &
Paris National Bank, $2,500,000 7% Cumul. Pref.
San Francisco.
(a & d) stock (par $100).
CapitalizationDividends payable Q-J. Red. all or part on 30 days' notice, at
105 and
Outstanding. diva, up to and incl. April 1 1931,
First Mtge.6% Sinking Fund Gold bonds_-__ Authorized.
and thereafter at 110 and diva. In event
820,000,000 of liquidation stock is entitled to the equivalen
aFirst Pref. stock. $7 per share, cum.(no par $25.000,000
t of the current redemption
value)
-this issue
price and diva. Stock exempt from personal property tax in Missouri
under
Second Pref. stock, $6 per share, cum. after 200,000 shs. 200,000 she. existing laws and dividends exempt from the present normal
Federal
Jan. 1 1928 (no par value)
tax. Mississippi Valley Trust Co., St. Louis, Mo., transfer agent. income
41,000 shs.
41,000 shs.
b Common stock (no par value)
Sinking
-A sinking fund, amounting to not less
a Under agreement 51,000 shares of First 1.000,000 shs. 1,000,000 shs. net earnings for the preceding fiscal year, after payment than 20% of the
Fund*
Pref. stock were allotted for Pref.
of dividends on this
subscription by stockholders of the predecessor corporati
on, all of which fiscal stock, is to be set aside annually beginning at the termination of the
amount has been fully subscribed.
year ending Sept. 30 1927 and is to be applied for the retirement
Common stock will be held under a
voting trust for a period of ten years.b The voting
l'referred stock in the market, if obtainable at not more than the call of the
trustees will be Frank B. and
price,
Anderson, Louis Bloch, J. Cheever
if not so available by calling same by lot for redemption.
Pierce Johnson, George Leib, HenryCowdin, Herbert Fleishhacker, William
C. Olcott, William H.Orrick, Bertrand
Capitalization Authorized and to Be Issued.
L.Taylor.
7% Cumulative Preferred stock
Data from Letter of President Louis Bloch,
$2,500,000
Common stock, par value $100
San Francisco,
6,000 shs.
Jan. 9 1926.
Listing.
-Company agrees to make application to list this stock
on the
Compang.-Incorp. in Delaware Jan. 6 1926. Will
St. Louis Stock Exchange.
acquire substantially
all of the assets and business of Crown Willamett
Data From Letter of S. H. Curlee, President of the Company
e Paper Co. (incorp. in
Maine), including over 91% of the Common stock of
.
Compang.-This business was started
British Columbia. Crown Willamette Paper Co.. Pacific Mills, Ltd., of
including Pacific Mills, with a capital of 552,500, as the Corinthat Corinth. Miss. In March 1901,
Ltd..is the largest manufacturer of paper on the Pacific
Woolen Mills. In 1905 company
largest in the world. It enjoys a very high standing Coast,and one of the moved to St. Louis and on April. 1906 was reorganized under the Missouri
throughout the country and, for the past 40 years, in the paper industry laws. On Nov. 2 1909, the name was changed to Curlee Clothing Co.
the company and its On June 8 1925, company was incorp. in Delaware
predecessors have contiriued to supply most of the
newsprint paper used on very marked progress from its inception, its net . Company has shown
the Pacific Coast.
worth having increased
steadily until. on Sept. 30 1925. it amounted to 165,091,92
In addition to newsprint, the company's products
Company operates 2 plants, each being of 7 stories and 7.
and sulphite wrapping papers. tissue papers, fruit include kraft, manila,
basement. The
wrapping papers and main office, cutting, storage and shipping departmen
paper bags. For many years Crown Willamett Paper
ts
Co. has specialized leased building on the northwest corner of 10th St. and are located in a
in the manufacture of fruit wrapping papers, andesupplies
Washington Ave.,
a large part of the St. 1.011i9. The assembling and finishing departments
fruit wrapping papers used on the Pacific Coast and
are
building at 21st and Locust Streets. The latter property islocated In the
Since the incorporation of the Maine company in in Florida.
owned in fee.
1914 the business has These plants, together with the building just leased, comprise
shown a profit each year.
a total floor
space of approximately 281.440 sq. ft.
Properties.
Company manufactures a line of medium-priced men's suits and
(a) Pulp and Paper Mills.
over-The principal plants are located at Camas. coats which are marketed directly to retailers all
over the United States,
Wash. West Linn, Ore., and Floriston. Calif. Plant
of the Pacific Mills. through sales force operating out of the main office in St. Louis.
Ltd..located at Ocean Falls, B.C. These plants have a total daily
Earnings.
-Net earnings for the 6 years ended Sept. 30 1925, after
capacity
of about 860 tons of finished paper, of which approximately
650 tons are providing for all operating expenses, including maintenance of physical
newsprint and the balance wrapping and tissue papers.
Company has properties and provision for their depreciation and interest charges, and
mechanical and chemical pulp mills with more than ample capacity
after providing
raw materials for the above-mentioned finished products. A to supply Earnings by for Federal and state income taxes, amounted to $4,096,985.
years:
mill, with a daily capacity of 60 tons, is being constructed kraft pulp
at Camas,
$640,48611923
Wash.,at a cost of over $1.000,000, and is expected to be placed in operation 1920
8855.847
1921
272,354 1924
in March 1926. At Ocean Falls, Pacific Mills. Ltd.. is installing its fifth
912,660
1922
595,159 1925
paper machine, which Is also expected to be placed in operation in
820,479
March
Assets.
-Balance sheet as at Sept. 30 1925, shows current assets amount
1926.
it to 55.345.784 and current liabilities of $530,896. or a net
(b) Timber and Timber Lands.
-Crown Willamette Paper Co. owns
working capital
170,000 acres of timber lands located in Calif.. Nev. Ore. and Wash., over of $4,814,888.
conservatively estimated to carry over 4,800,000,000 ft. of timber.
'
This
Cushman's Sons, Inc.
-Stock Offered.
timber is estimated to be sufficient to run the present mills of the company
To meet the costs of the purchase of additional
for 35 to 40 years. The company is pursuing a reforestation program for the
additional plant, and other capital expenditures property, erection of an
purpose of creating a continuous supply of pulp timber.
in the extension of its
Pacific Mills. Ltd., holds pulp leases, expiring 1944, covering 79,019 acres business, the company tisi-s determined to sell $905,700 of the authorized
mrrng approximately 2,000.000,000 ft. of timber. The Government of but unissued 7% Cumulative Pref.stock to carry dividendsfrom Dec.1 1925.
Stockholders of record Jan. 14 are invited to subscribe
Britbh Columbia has granted rights to acquire further pulp timber, under par
for such stock at
licenses, to insure an ample supply until 1944. In addition, Pacific Mills. 1-10(and divs. amounting to $1 17 ioer share to Feb. 1) on the basis of
of
Ltd., owns perpetual licenses to 56.049 acres of timber lands, carrying an stock, one share of such additional 7% Cum. Prof. stock for each share of
whether 7% Corn. Pref. or Common stock, owned.
estimated stand of over 1,300,000,000 ft. of timber.
Payment must be made at the office of the company' transfer
-In the United States the company CONVIIS the water United
(c) Water Power.
s
agent,
States Corporation Co., 150 Broadway, New York
power developed at the Floriston and Camas mills, and obtains the water before Feb.
City, on or
1.
355
THE CHRONICLE
JAN. 16 1926.]
Holders of $8 Cum. Div. Pref. stock have no right of subscription to
such stock.
Company has arranged for the underwriting of so much of such stock
-V. 121, p. 2881.
hereby offered as is not so subscribed for.
-Dividend.
DeBeers Consolidated Mines, Ltd.
dividend of $1.23 a share will be paid on the "American shares" on
Feb. 2 to holders of record Jan. 26.-V. 121. p. 2881.
-Annual Report.(Alfred) pecker & Cohn, Inc.
1924-25.
Yrs. End. Oct. 31Profit after all expenses
$592,802
and depreciation
Disc. on Pref.stk. purch.
10,934
1923-24.
1922-23.
1921-22.
$417.107
36,744
$837,899
31,272
$105,127
12.243
$117,370
11,872
165.718
Net income
Provision for Fed. tax
Preferred dividends_.__ _
Common dividends
$603,735
107,525
103,808
100,000
$453,851
60,000
136,797
50,000
$869,172
109,862
159.012
Balance, surplus
Previous surplus
$292,402
911,993
$207.054
704,939
$600,298 def$60.220
164,862
104,641
Profit and loss surplus $1,204,396
$104,642
$911,993
$704,939
Balance Sheet Oct. 31.
Assets1924.
1925.
Liabilities1925.
1924.
Land,b1dgs.,mach.
Common stock_ _b31,554,270 $1,554,270
and equipment_ a$277,389 $346,712 Preferred stock_ __ 1,156,800 1,745,000
Good-will, trade
960,940
Bills payable
743,590
names, &c
1
1 Accounts payable_ 226,585
197,889
Invest'ts & adv._ _ 108,700
38,461
47,346
156,800 Payrolls
Inventories
1,417,591 1,501,850 Federal & general
Accts.& bills rec 2,819,741 3,090,938
92.802
108,511
taxes
Cash
324,052
911,993
1,204,396
304,070 Profit and loss__
Deferred charges._
96.023
100,984
Dome Mines, Ltd.
-Gold Production (Value).
October.
December. November.
$377,710
11379.990
$370,005
-V. 121, P. 2756, 2278
September.
5.161,166
August.
8172,282
July.
3364,767
-Listing.
(E. I.) Du Pont de Nemours & Co.
The New York Stock Exchange has authorized the listing on or after
Jan. 25 of $10.000,000 additional non-voting debenture stock (par $100)
on official notice of issuance and payment in full, making the total amount
applied for $79.521,200.
The $10,000,0006% non-voting debenture stock was offered to debenture
stockholders pro-rata at COO per share (see V. 121, p. 2408).-V. 121.9.
3009.
--Eastern Steel Co.
-Receivership.
In a friendly suit to conserve assets worth nearly $12.000,000 and
protect them against depreciation because of temporary financial embarrassment, Federal Judge Dickinson at Philadelphia on Jan. 8 appointed
Edward L. Herndon (Treas.) receiver in equity for the company.
The bill of equity filed by W. J. Rainey, Inc., of Wilmington, Del..
a creditor claiming $45,605. lists company's assets, book value, at $11,790.000 and debts of $4,780.000, leaving a surplus of more than $7,000,000.
On this basis, the bills says, the company is solvent, but it was compelled
to consent to the appointment of an equity receiver through lack of ready
-V. 121, p. 2644.
funds.
-Prince &
-Notes Sold.
Electric Refrigeration Corp.
Whitely, Edward B. Smith & Co., Spencer Trask & Co.,
Noyes & Jackson and Watling, Lerchen & Co. have sold at
-Year 6%
9934 and int., yielding over 6%,$3,000,000 10
Convertible Gold notes (with stock option warrants).
Dated Jan, 1 1926; due Jan. 1 1936. Denom. $1.000 and $500.c*
Principal and interest payable J. & J. at New York Trust Co.. trustee,
without deduction for any Federal income tax not in excess of 2%. Red.
all or part, at any time, on 60 days' notice at 105 and int. Corporation
purchase fund of $60.000 semi-annually for the
Total
$5,041,498 $5,501,356 Total
$5,041,498 $5,501,356 will agree to provide a open market at not exceeding the redemption price,
purchase of notes
a After deducting $565,817 reserve for depreciation. b Represented by and will agree to in the the Penn. and Conn. 4 mills taxes and the Mass.
refund
100.000 shares of no par value.
-V. 120. P. 82
3.
income tax on the interest, not in excess of 6% per annum.
-On and after Jan. 1 1928. and until maturity, the notes.
Convertible.
Delancey-Clinton Commercial Buildings & Theatres, unless redeemed, will be convertible into capital stock, in the ratio of one
share without par value for each $100 of notes:
N. Y. City.
-Bonds Offered.-American Bond & Mortgage
accompanied :by non-detachable
Stock Option
Co., Inc., are offering at prices ranging from 100 and int. option warrantsWarrants.-Notes will be Jan. 1 1928, or prior redempentitling the bearers, until
of one
corporation. in the
to 101.56 and int. to yield from 6% to 634% according to tion, to purchase capital stock of theamount of notes, atratioprice ofshare
$100
the
without par value for each $100 face
maturity $1,250,000 63/2% 1st Mtge. Serial Gold bonds.
per share.
Dated Nov. 15 1925; due serially Nov. 15 1927-1940. Callable at 102
Data from Letter of Pres. A. Ii. Goss, Detroit, Jan. 9.
and int. Interest payable M. & N. American Exchange-Pacific National
-Has been formed in Michigan, among other purposes, to
Company.
Bank, New York, corporate trustee. Normal Federal income tax up to
of Kelvinator Corp., Nizer Corp. and Grand
2% on the annual interest paid when claimed. Penn.. Conn. and Vermont acquire the capital stocksHolders of more than a majority of the Capital
4 mills tax, Mass. and New Hampshire incomes tax up to 6% of the interest Rapids Refrigerator Co.
stocks of Kelvinator Corp. and of Nizer Corp, have informally agreed to
refundable. Denom.$100.$500 and $1.000 c*. Commencing Sept. 51926,
a plan and agreement for exchange for stock of
on the int. and June 5 1927 on the principal, Delancey-Clinton Realty Co., deposit their stock under share, and the holders of the entire capital stock
Inc.(the owner) agrees to pay monthly to American Bond & Mortgage Co., the corporation, share for
of the Grand Rapids Refrigerator Co. have entered into a contract for the
Inc.. for account of bondholders, one-sixth of the interact and principal
their
payment due during each succeeding 6 months, except that during the sale of three stock.
constituent companies are engaged in complementary but
The
6 months ending Nov. 17 1940, no monthly installments of principal will
distinct fields of the refrigeration industry. Kelvinator Corp. is the oldest
be paid.
distributor of electric refrigeration equipGuaranty.
-The Bijou Holding Corp., a separate corporation, guarantees and a leading manufacturer andhomes.
Corp. is the pioneer and a
in
the completion of and payment for the buildings to be erected and further ment in this country for userefrigeration Nizer
equipment for commercial users.
producer of electric
guarantees the payment of the first maturing $300,000 principal amount leading
manufacturers, butchers, grocers. &c.
of the bonds of this issue, after which the security will be in excess of 2 times particularly for dairies, ice cream
Grand Rapids Refrigerator•Co. is the largest manufacturer of. and has the
the amount of the outstanding bonds.
distributing organization for household refrigerators, or ice boxes,
Security.
-These bends will be secured by a closed first mortgage on the largestUnited States, and also produces a large number of refrigerators for
in the
land, theatres and contmerdal buildings and leasehold properties located
commercial users. The combined number of sales outlets of the three
in the most densely populated sections of New York City. The area inof which not less than 1,000 are now
cluding these properties has an estimated population in excess of 1.000,000 constituent companies exceeds 5.000, will give the corporation the largest
public utility representations. This
The properties have been valued at over $2.075,000.
extensive distributing and service organization in the industry.
Estimated Earnings.
-Net annual income from the operation of the 4 new and most
Corp. are located in Detroit
theatres and commercial buildings after liberal allowance for operating ex- Plants of both Kelvinator Corp. and Nizer
located at Grand Rapids.
penses, film rental, salaries, light, heat and power, advertising, rents on and the plant of Grand Rapids Refrigerator Co. is
of the plants of all three companies is in excess
leaseholds, insurance, taxes, etc., it is estimated will be more than 4 times Mich. Combined floor space
the heaviest annual interest requirements on this entire bond issue and of 1.350,000 sq. ft.
of stock
-The notes of this issue, together with certain sharesbe issued
Purpose.
considerably in excess of the amount necessary to most all annual interest
additional shares, will
of the corporation and an option on certain Grand Rapids Refrigerator Co.
and principal payments.
in exchange for all of the capital stock of
Authorized. Outstanding.
CapitalizationDelancey-Clinton Realty Co.
-Bonds.
$3,000.000
$3.000.000
-Year 6% Cony. Gold notes (this issue) -10
See Delancey-Clinton Commercial Buildings & Theatres above.
571,250shs
-V. 121. Capital stock (without par value)
2.000.000shs
p.2844.
offer a limited number of shares, on a
The management plans also to
Dodge Bros., Inc.
- deferred payment basis, to employees and sales representatives of the three
-Shipments by Graham Bros. in 1925.
participation in the future
Graham Brothers, a unit of Dodge Bros., Inc., shipped 24,116 trucks in constituent companies, in order to increase their
1925 from their four plants in Detroit, Evansville, Ind., Stockton, Calif., success of the business.
Kelvinator Corp.. Nicer Corp. and Grand Rapid
and Toronto. Ont. according to official figures just compiled. This is Combined Net Earnings of
Refrigerator Co., After Depreciation and all Other Charges.
an increase of 13,116 trucks, or 123% over the company's output in 1924,
Except Federal Taxes. Have Been as Follows:
and more than 920% over the company's output in 1921, the first year of
the arrangement by which Graham Brothers powered their truck with
1923. 31,421,380; 1924. $1.774,646; 1925 (10 months). $2,831,169.
Dodge Brothers engine and marketed their product through the Dodge
The combined net earnings for 1923, before Federal taxes, were more than
Brothers Dealer Organization.
of this issue
7 times the amount of the annual interest requirement such annualof notes.
interest
and such earnings for 1924 were more than 9 times
Outlook for 1926.
requirement. Such earnings for the first 10 months of 1925 were at the
Tabulation of contracts for 1926 shows that the dealers in Dodge Bros. rate of more than 18 times such annual interest requirement. Earnings
motor cars and Graham Bros. trucks have signed agreements to take nearly for 1926, after all charges, should approximate twice those for 1925.
twice as many vehicles this year as last. At the conclusion of the Dodge
Consolidated Balance Sheet as of Oct. 31 1925.
Bros. and Graham Bros. convention hold a year ago, approximately 220,000
fAfter giving effect as of that date to the following transactions not then
passenger cars and trucks had been ordered. As against this figure for 1925.
consummated:(a)formation of Electric Refrigeration Corp. and acquitision
a tabulation of agreements signed in Detroit last week shows that 762
capital stocks of Kelvinator Corp.. Nizer Corp.
Dodge Bros. and Graham Bros. direct dealers have ordered 408,012 cars by it of entire outstanding issue
additional stock) and of Grand Rapids
effect to the
and trucks for 1926 delivery, while 10,545 additional cars are required for (after giving Co., including theof
issue of 571.250 shares of stock and of
the 21 direct dealers who were not at the convention; making a total of Refrigerator -Year 6% Convertible Gold notes of Electric Refrigeration
$3,000.000 10
cars and trucks on order for this year.
418.557
Preferred stocks of Kelvinator
Actual shipments of Dodge Bros. motor cars and Graham Bros. trucks Corp., and (b) the retirement of the entire debt of Nizer Corp. and the
entire
in 1925, totalled 259,898, of which 24,116 were Graham Bros. trucks and Corp. and of Nizer Corp., theRapidsfunded
Refrigerator Co. out of the funds of
entire notes payable of Grand
235.782 were Dodge Bros. passenger and commercial cars. Thus, actual
1925 shipments exceeded dealers preliminary orders by practically 30.000. those companies.)
Liabilities
AssetsIt is estimated that about 25% of the total shipments for 1926 will be
$831,560
$1,292,441 Accounts payable
Graham Bros. trucks and Dodge Bros. commercial cars, while 75% will be
ash and call loans
71,593
Accrued liabilities
passenger cars. It is further estimated that 65% of the passenger cars will Sight drafts against bill of
385,714
77,907 Prov. for all Federal taxes.._
jobs. Between 20 and 25% of the total cars and trucks ordered
lading shipments
be
126,050
Dividends declared
Notes, customers' accts.
to_date are for export.
-V.121. p.3136.
3,000,000
2,443,276 6% Cony. notes
rec., &c
a4.388,630
Dodge Mfg. Corp., Mishawaka, Ind.
3,454,781 Capital stock
.- Merchandise inventory
--Sells Idle Plant
Initial surplus
63,037,500
The corporation has sold to the American Foundry Equipment Co. an Miscel. real estate & land
273,911
contracts receivable
idle plant of about 65,000 sq. ft. floor area. The latter corporation will
145,385
.
consolidate the manufacturing operations of its Chicago. Ill., and York, Pa., Sundry accts., band & adv &
3,141,618
plants and its general offices at Mishawaka. It Is making extensive im- Land, bldgs., de equipment
754,179
Patents & development
provements and additions to the property acquired.
257,549
The Dodge Mfg. Corp.'s main plant at Mishawaka has about 800.000 Deferred assets
sq. ft. of floor space and the plant at Oneida somewhere between 100,000
$11,841,047
Total
$11,841,047
Total
-V. 116. p. 2888.
and 150,000 sq. ft.
a 571,250 shares to be presently outstanding (out of an authorized issue
Dominion Bridge Co., Ltd.
-Balance Sheet Oct. 31.of 2.000.000 shares without par value). b Not exceeding combined profit
-V. 122. p. 98.
and loss surplus of the three constituent companies.
1925.
1924.
1925.
1924.
Assets$
8
Liabilities-$
$
-Bonds Offered.
Federal Ice Refrigerating Co.
Capital stock
Plant, machinery.
6,000,000 6,500,000
See Federal-Hygienic Ice Refrigerating Cos. above.
equipment, &c.x4,614,205 4,656,502 Res. for depree. dr
renewals
386.704
386,704
Inv. In other cos.. 1,601,822 1.414,712
-Guaranteed
Federal-Hygienic Ice Refrigerating Cos.
410,704
618,767 Res.accts.In erect. 181,358
181,358
Cash
256,995
256,995 Res. acct. las. to
Victory bonds__
Bonds Offered.
-Central Trust Co. of Illinois and Ames,
59.630
53,709 employees
Depos.on tenders. 519,242
35,338 Emerich & Co.
are offering at 100 and int. $3,000,000
Bonds of National
Exp. on uncompl.
y1,065,252 1,011,071
1,500
Bridge Co., Ltd_
contracts
1,500 Secured 6% Serial Gold bonds, Series A. Unconditionally
65,000
997,729 Dividends payable
65,000 guaranteed as to principal and interest by endorsement of
Accts. de bills rec _ _ 940,237
1,928,269 2,007,914 Bank loan for tenInventories
der deposits _ _ _ 504,640
City Ice & Fuel Co., Cleveland, Ohio.
127,662
Suspended accts._ 136,721
Sundry accts. Pay.
Dated Jan. 1 1926; due serially, Jan. 1 1928-1941. Int. payable J. & J.
(incl. Fed. tax.). 853,827
741,240 at Central Trust Co. of Ill., Chicago, trustee, or at Chase National Bank.
2,920,788 3,233,924 New York. Coupons payable without deduction for normal Federal
Tot.(each slde).11,473,448 11.145,064 Surplus
zIReal estate, plant, machinery and equipment,$6,252,602; less deprecia- income tax, not in excess of 2%. Red. on any int. date at 100 and int.
.
unexpired
.
tion reserve. $1,638.397. y Expenditures on uncompleted contracts, plus a premium of ;i of 1% for each year or fractional part of 8500 and
maturity, with a maximum premium of 3%. Denom. 51,000
$2.549,096. leas amounts received on account. $1,483,843.
.
$100c5 Authorized. $7,000.000.
The usual comparative income account was published in V.122.P7.219.
356
THE CHRONICLE
[VOL. 122.
Data from Letter of L. B.Patterson,Pres.of Federal Ice Refrigerating tion on the board of the Electric
Bond & Share Co.,and there are no directors
Co. and Hygienic Ice Co., Jan. 12.
common to the two companies.
Federal Ice Refrigerating Co. was incorporated in Delaware in 1919, and
General Electric and IVestinghouse.-It was stated that
the Hygienic Ice Co. under the laws of the same State in 1913. The former tric Co. and the Westinghouse Electric & Mfg. Co. are the General Eleccontrolled by the
Is an operating company, owning and operating 14 plants in Illinois, Ohio, same interests.
Kansas, Florida, Arkansas, Delaware, South Carolina, and Missouri.
The General Electric Co. does not, either directly or indirectly,
The Hygienic Ice Co. is a holding company, owning and operating through securities of the Westinghouse company. Our list of stockholders hold any
has been
its subsidiaries 12 plants in New York, Maryland, Michigan, Ohio, Ne- examined and shows no holdings of our stocks by the Westinghouse company.
braska and the Province of Ontario.
There are no directors or officers common to the two companies.
We
Both corporations have been uniformly successful from their organiza- know of no financial interest having
holding of any consequence from the
tions. Neither has ever had an unprofitable year. and both companies standpoint of control of both companies.
have paid regular dividends upon their outstanding capital stock, the
General Electric and Western Electric.
dividend rate upon the Federal company having been 8% and upon the Electric Co. and the Western Electric -It was stated that the General
Co., Inc., are controlled by the same
Hygienic company dividends having ranged from 7% to 10%. In addition Interests.
both companies have re-invested a large part of their annual surplus
The Western Electric Co., Inc.. is a manufacturer of telephone apparatus
earnings in additions and improvements to their respective properties.
and over 98% of its voting stock is owned by the American Telephone &
The entire capital stock of both companies is now owned by City Ice Telegraph Co., as shown by its report
& Fuel Co. which unconditionally guarantees these bonds as to principal General Electric Co. has no financial or published on March 5 1925. The
other interest in either company or
and interest.
'
in the telephone
An examination of the list of our stockholders
The companies are primarily engaged in the manufacture of ice for show no holdings field. stocks
of our
by the American Telephone & Telegraph
Icing refrigerator and passenger cars, under long-term contracts, 26 out Co. or the Western Electric Co.,
Inc. Of the 20 directors of the General
of the 27 plants having been constructed for and devoted to this service. Electric Co. and of the
The companies have contracts with the following railroads or their sub- are common; they are 19 of the Telephone Company at Dec. 31 1924 three
not officers of either company.
sidiary corporations: Atchison, Atlantic Coast Line, Baltimore & Ohio,
The
Chicago & Alton, Erie, Michigan Central, New York Central, New York houses Western Electric Co., Inc., maintains a number of electrical Jobbing
throughout the country,
Chicago & St. Louis, Pennsylvania, and the Wabash. None of such made by various manufacturers, from which they sell electrical supplies
the General Electric among them.
contracts expires prior to 1936 and in all except four cases the contracts
General Electric's Position as a Manufacturer.-It was stated that the
extend beyond the maturity of the bonds and provide a fixed contract General Electric Co. is a
great monopolistic interest, a gigantic trust conprice, with a guaranteed minimum ample to assure profitable operation. trolling everything in the
electrical world and the manufacture of all elecThe surplus above the railroad requirements is sold at wholesale to local trical devices and supplies,
small or large.
distributors. Approximately 90% of the companies' revenues are derived
Company is the largest manufacturer in the electrical industry. The
from icing railroad equipment, the remainder coming from the sale of output of manufactured
products of the company for 1923 was approxisurplus ice and the operation of a commercial ice plant at Omaha.
mately $271,310,000 and the number of wage earners employed was 58,762
Purpose.
-Proceeds will be used for the acquisition of established and (1923 is taken
profitable properties similar to those heretofore owned by the issuing latest census for the comparison because the figures for that year are the
corporations. The acquired properties are located at Little Rock, Ark.; 21% of the figures). In accordance with the census, these are respectively
total
Clayton, Del.; Florence, So. Caro.; Sanford, Fla.. and St. Louis, Mo., earners employed output of electrical manufacturers and 25% of the wage
in the electrical manufacturing industry in the United
and in a recent appraisal are given a depreciated reproduction value of
54,000.000. Net earnings as reported for the acquired properties for States.
In accordance with figures of the American Bureau of Metal Statistics.
1925 were 5500.000 before depreciation and Federal taxes. It is anticipated the General Electric
Co. In the 5 years 1920-1924 incl., used an average of
that such earnings for the current year will be increased to substantially 20%-not more
than 22.2% in any one year- of the copper used in the
$630,000 through the placing in operation on Jan. 15 of a large plant electrical manufacturing
industry.
now nearing completion at Sanford. Fla.
The "Electrical World"
Earnings.
-Net earnings of the companies and present subsidiaries showing the capitalization published under date of Sept. 20 1924 a chart
of electrical manufacturing companies, and in
available for interest (without including earnings of the properties acquired accordance
therewith the General Electric Co.'s capitalization was 22%
through this financing), after depreciation of $1,338,000 for the period, of the total.
as verified by independent audit, have been as follows for calendar years:
An index of General Electric selling prices in comparison with commodity
1923, 2782,583; 1924, 5993.158; 1925 (11 months). $1,226,611.
Including net earnings as reported for the acquired properties, net prices, compiled by the United States Bureau of Labor Statistics, taking
earnings for 1925 were equivalent to over nine times maximum annual prices in 1914 as 100%,shows that in 1920 commodity prices rose to 231%;
interest, and over five times average annual interest and principal charges while General Electric prices rose to 155%. During the first 6 months of
1925 the commodity prices were 161%. General Electric prices were 113%.
upon these Series A bonds.
Security.
-The bonds are the joint and several obligations of the issuing and General Electric lamp prices were 62% of the prices in 1914.
General Electric and J. P. Morgan & Co.
-It was stated that the company
corporations and secured by pledge of the entire captial stock of all existing
subsidiaries and those acquired as an entirety through the proceeds of is controlled by J. P. Morgan & Co.
On Jan. 15 1925 there were 1,802.870 shares of the Common and voting
the bond issue.
stock of the General Electric Co. held by 27,086 stockholders, an average
of 67 shares each. There was only one stockholder owning as much as
Fisk Rubber Co.
-To Reduce First Preferred Stock.
The stockholders will vote Jan. 27 on decreasing the authorized 1st Pref. or more than 1% of the voting stock of the company,and that was the 0.E.
Employees Securities Corp. Slightly over 1% of the voting stock stood
stock from 524,950.000 to 524.521.000.-V. 122. p. 98.
in the names of J. P. Morgan & Co. or its nominees, and we are advised by
them that all of that stock was held for numerous clients. Two of the 20
Ford Motor Co., Detroit.
-1925 Output.
directors of the General Electric Co. were members of the firm of J. P.
A dispatch from Detroit states that a total of 2.103.588 cars, trucks. Morgan & Co.
tractors and airplanes were produced by the Ford Motor Co. in all its
Decree of Federal Court.
-It was
divisions in 1925. Exclusive of airplanes, which is a new division of the In the conduct of its lamp business, stated that the General Electric Co.;
violated a decree of the Federal Court.
company,this total represents an increase of 20,033 automotive units over entered in
1911.
1924.-V. 122, p. 98.
This matter has been thoroughly investigated by our counsel and we are
advised by them that there has been no violation of that decree,
on
Foundation Co. New York.
-Stock Dividend Ruling.- the contrary, a complete compliance with not only its letter but but, Its
also
The Committee on Securities of the New York Stock Exchange rules that spirit.
the Common stock of the Foundation Co. shall not be quoted ex the 40%
In 1924 the Government brought another suit against the company with
stock dividend in Foundation Co. (Foreign) stock on Jan. 11 and not until reference to its lamp business, and the decision of the Federal Court in
Jan. 26. See V. 122, p. 220.
Cleveland was in favor of the General Electric Co. A copy of that decision
was sent to all stockholders under date of April 9 1925.
Orders ReceivedGarod Corporation.
-Elects New Directors.
1925.
Change.
1924.
At a meeting of the board of directors the resignation of William M. 3 months ended Dec. 31
$78,636,669 $80,009,978 Dec.2%
Dederick was accepted. The following new members were elected to the 12 months ended Dec. 31
302,513,380 283,107,697 Inc. 7%
board: Benjamin II. Arnold, New York: Alfred M. Sampter, New York; -V. 122, p. 220.
Wilbur C. Dixon, Buffalo, N. y.
-v. 119. D. 2887.
General Electric Co.
-President Swope Denies Monopoly
Allegations.
-President Gerard Swope, in a statement to the
stockholders made public Jan. 13, gives the salient facts
bearing on the Senate investigation being conducted by the
Federal Trade Commission to ascertain to what extent the
company monopolizes or controls the production, generation
and transmission of electric energy or power. These facts,
as stated by Mr. Swope, are as follows:
General Motors Corp.
-Sales of Cars to Users.
-
The sales of General Motors cars by dealers to users in December totaled
56.866 cars and trucks, compared with 33.919 in Dec. 1924. Sales of cars
and trucks to dealers by the manufacturing divisions of General Motors in
December totaled 53,964, compared with 19,927 in Dec. 1924.
The following tabulation shows monthly sales of General Motors cars by
dealers to ultimate consumers and sales by the manufacturing divisions of
General Motors to their dealers:
-Dealers Sales to Users- Divisions Sales to Dealers.
1925.
1924.
1923. 1925. 1924. 1923.
January
25.593 33.574 31,437 30,642 61,398 49,162
February
39.579 50.007 33,627 49,146 78,668 55.427
March
70,594 57,205 74,632 75,527 75,484 71,669
Aprll
97,242 89.583 105,778 85.583 58,600 75,822
May
87.488 84.715 90,327 77,223 45,965 75,393
June
75,864 65,224 75.423 71.088 32.984 69.708
July
65.872 60,836 62,209 57.358 40,563 51,634
August
78,638 54.842 56,846 76,462 48.614 65,999
September
83,519 48,565 60,111 89,018 51.955 69,081
October
86.281 46,003 58,173 96,364 49,552 86,936
November
60,257 33.095 47,009 73,374 23,631 66,256
December
*56,866 33,919 35.709 *53,964 19,927 61,468
Total for 12 months___827,793 657.568 731,281 835,749 587.341 798,555
* These preliminary figures include passenger car and truck sales in the
United States, Canada and overseas by the Chevrolet, Oldsmobile. Oakland, Buick and Cadillac manufacturing divisions of General Motors.
Alabama Power Co.
-In the debate in the Senate on Muscle Shoals, it
was stated that the Gal Electric Co. controls the Alabama Power Co.
General
The company does not own any of the stock or other securities of the
Alabama Power Co. The only interest of the General Electric Co. in the
securities of the Alabama Power Co. was the ownership by the G. E. Employees Securities Corp. (a company maintained for and largely managed
by the employees of the General Electric Co., 30.000 of whom have purchased the bonds of that corporation) and by the Electrical Securities Corp..
of 2.9% of the bonds of the Alabama Traction, Light & Power Co.,
which bonds have since been exchanged for an equal amount but smaller
Ltdproportion of the bonds of the Southeastern Power & Light Co..the company
which now owns all of the Common stock of the Alabama Power Co.
Water Power.
-It was stated in the Senate that the General Electric Co.
controls the water power of the country.
The company does not own any water power, nor has it stock control of
any company owning water power, nor any stock interest in any company
Number of Stockholders.
to which a Federal permit or license for the development of water power
On Jan. 7, the 20,792 common stockholders of General Motors
has been issued. No director of the General Electric Co. is a director of
received
any company holding such permit or license. The General Electric Co. dividend checks for the extra dividend of $5 a share. declared Nov. 23 1925.
does control some companies which hold voting stock in companies having The total number of Common and Preferred stockholders for the fourth
permits or licenses, but such stock holdings do not, in any case, exceed quarter of 1925 was 50,917, compared with 58,118 for the preceding quarter.
The total number by quarters, for preceding years follows:
51-100ths of 1% of the voting stock.
Light and Power Business.
Calendar Years-It was stated that the company controls the
1st rum
2nd Quer.
3rd Quer.
.
418 Quar.
light and power business.
1917
,927
•
2,525
2
.699
2,902
The company does not, either directly or indirectly, own the control of 1919
3.918
12,.
,
.
any light and power company. On Dec. 31 1924 it owned a substantial 1919
8,012
523
12,358
18,214
minority interest in the Adirondack Power & Light Corp.. which is inter- 1920
24.148
26.136
31,029
36,894
connected with its Schenectady plant. It also owned a substantial minority 1921
49.035
59,059
65,324
68,837
interest in the Frontier Corp., which is interested in the St. Lawrence River 1922
70,504
72,665
71,331
65.665
development. In other light and power companies, including Preferred 1923
67.115
6
7,41768.281
68.063
stocks having voting power, the General Electric Co. then owned, directly 1924
70.009
71.382
69.427
66.097
or indirectly, in one company 17.8% of the voting power, in another 5.67%. 1925
60.458
60,414
58.118
*50,917
in two others between 2% and 3% each, In four others betwwen 1% and 2%
*Senior securities of record Oct. 5; Common, Nov. 23 1925.-V. 122.
each, while in any other companies in which it had stock interest it was p. 220.
less than 1% in each.
Gillette Safety Razor Co.
On Dec. 31 1924 the company owned approximately $8,300.000 of securi-Extra Dividend of 25c.
The directors have declared an extra dividend of
ties of electric light and power companies. The G.E. Employees Securities
addition to a regular quarterly dividend of 75 cents 25 cents per share in
Corp. held approximately 510.600.000 of such securities.
per share on the outThe only other substantial holdings of light and power company securities standing 2,000,000 shares of capital stock, no par value, payable March
1
were those of the Electrical Securities Corp. and the United Electric Securi- to holders of record Feb. 1. Like amounts were paid Sept. 1
ties Co. The statements of these two companies show that they held light last. On March 2 and June 1 1925 the company paid extras of and Dec. 1
123ic. each
and power company bonds of a value of about 511,800.000, and Preferred in addition to quarterly dividends of 62%c. per share
-V. 122, p. 221.
and Common stocks of a value of about 52.100,000. Both companies had
Gillican-Chipley Co.,-New Orleans, La.
outstanding in the hands of the public on Dec. 31 1924 bonds and Preferred
-Bonds Offered.
stock of a value of 511,552,000. The Common stock is owned directly or -Canal-Commercial
Trust & Savings Bank, Whitney-Cenindirectly by the General Electric Co.
The total holdings of the General Electric Co., directly or indirectly, tral Trust & Savings Bank, Marine Bank & Trust Co.,
in the issues of electric light and power securities of the country are approxi- Interstate Trust &
Banking Co., Watson, Williams & Co.,
mately 34 of lIt of the total issues of such securities.
,
Electric Bond & Share Co.
-It was stated that the General Electric Co. Mortgage & Securities Co., Moore, Hyams & Co., New
still controls the Electric Bond & Share Co.
Orleans, La., and Rogers, Green & Jones, Inc., Laurel.
On Dec. 30 1924 the General Electirc Co. authorized the distribution of
all its interest in the Electric Bond & Share Co. This distribution was Miss., are offering at 100 and int. $2,500,000 6% 1st Mtge.
made to 27.086 stockholders. The General Electric Co. has no representa- & Collateral Trust Serial Gold
bonds.
THE CHRONICLE
JAN. 16 1926.]
357
and has shown remarkable and steady growth. Its business
1927-1932. int. payable J. & J. at Canal- Industry the production of an exceptionally wide range of rubber products.
Dated Jan. 11926; due Jan. 1
New Orleans (now Canal Bank & includes the motor transport field with a complete line of tire products,
and It serves
Commercial Trust & Savings Bank,
Bank, New York. Denom. 31,000
Silvertown cord and the Goodrich
date distinctive among which are the Goodrichreputation for quality it has long
Trust Co.) or Chemical National
or part in inverse numerical order, on any int.
Through a
6300 c*. Callable all at 102 and int. Interest payable without deduction semi-pneumatic truck tire.volume in rubber footwear, greatly augmented
a very large sales
days' notice,
enjoyed
after 30
tax not exceeding 2%. Canal Bank & Trust iti recent years by the domination of the Goodrich Zipper line in a new and
for the normal Federal income New Orleans, trustees.
design and its buildings,
Co. and Clinton F. Niebergall, W. B. Gil!icon, New Orleans, Dec. 1. distinctive field. Its plant at Akron is of modernapproximately 114 acres.
total floor space of
President
Data from Letter of in Delaware in Jan. 1924 on the consolidation of fire-proof throughout, have a are distributed in the United States through
The products of the company
Company.-Incorp.
55.000 dealers. The foreign busiand distributors of this country which had
which supply
principal naval stores producersthe general direction of the Glllican-ChiPley 88 branches company has approximately volume and through subsidiary
attained a large
ness of the
previously been affiliated under
1902 as a companies Goodrich products, manufactured in the United States, Canada,
was established in
The business of the present companyLouis, Miss. Subsequently
interests.
Bay St.
England and France, are distributed in every market of the world. working
turpentine producing organization near
neighborhood were acquired and merged
-Proceeds of this note ISSIle will provide additional
Purpose.
several operating units in the same GiRican organized from this nucleus a
capital which it seems advisable to have at this time on account of the
company. In 1906 W. B.
into one
Gillican-Vizard Co., which in 1917 became present abnormal cost of crude rubber.
new company under the name of The principal companies which consoliInc.
Earnings-Net earnings for the 10 years and 9 months ended Sept. 30
the Gillican-Chipley Co.,
pley Co. as now constituted were: GiRican- 1925 applicable to interest on funded debt, after all deductions including
dated to form the Glllican-Chi
the Gillican-Chipley Co., Inc.: depreciation and inventory adjustments but before Federal taxes, have
Department
Chipley Co. inc.; SalesSouthwestern of
Land & Turpentine Co., and New averaged $8.685,773 per annum, or 3.90 times annual interest requirements
Betts Naval Stores Co.;
to be presently outstanding, including this
on funded
Orleans Naval Stores do.offices in New Orleans, New York and Buenos of $2,223,062earnings fordebt fiscal year ended Dec. 31 1924 aggregated
the
Company has its main
rosin and issue. Such
distributing agencies in every city of the world where • step in $11.355,286 or 5.10 times these interest charges, and, for the 9 months
Aires, and
-V. 121.
in its operations every
ended Sept. 30 1925, were at the annual rate ofabout 8.13 times.
turpentine are sold. Company combines
turpentine and rosen, from gathering of
the production and distribution of finished products. In addition to its p. 1096.
marketing of the
-Years Ended Dec. 31.
Consolidated Sales and Earnings
crude gum to retail
the company also owns the turpentine
Depre- Avail.for Int.
aNet
Net
own immense tract of mature timber,
to large timber interests in the
cation. on Fund. Debt.
Earnings.
rights on other extensive tracts belonging
Sales.
$734.545 $12,277,558
Southern pine belt.
$13.012.103
*55.416.867
through owner- 1915
the company,
13.169.677
1,092,456
14.262.133
In addition to its gum turpentine business, up-to-date wood turpentine 1917
87.155.072
large and
18.148.695
1.835.539
ship of the Acme Products Co., has athe production of turpentine and rosin 1919
19.984,234
141.343.419
1,956.445 def.13,567,284
plant at De Quincy, La., engaged in This plant also produces the valuable 1921
86.687.339 def.11,610.839
3.531.968
2.088,386
through distillation ofresinous wood.
5.620.354
107.092.730
1923
as pine oil.
11.355.286
2,547.434
by-product known
13.902,720
109,817.685
,
-Direct obligation ofthe company and are additionally secured by: 1924 (9
13.557.457
Security.
1,777,629
15,335,086
company, 1925
99,127.847
mull.)
the entire property of the
(a) Direct closed first mortgage on
a After all deductions, including inventory adjustments but before deprehaving an appraised value after
including land, buildings and machinery,the trustees) of the entire issue of ciation and Federal taxes.
depreciation of $951,655:(b) pledge (with
Consolidated Balance Sheet Sept. 30 1925 (after this Financing).
Products Co. (a subsidiary) in the
First Mortgage bonds of the Acme
of all the stocks of subLiablintesAssets
amount of $810,000: (c) pledge (with the trustees)
all its interests
$7,192,993
company,
$22,291,820 Accounts payable
and other companies owned by thevalue as ofand Oct. 31 1925 Cash
sidiary
1,149.275
date
book
10,000 Dills payable
U. S. Liberty bonds
In certain joint enterprises, with a
Notes & accts. rec.-less res. 23.453,770 Sundry accrued liabilities_ _ _ 1,012,426
amounting to $5,492,078.
22,662,500
-Company owns stock or a participating Inventories
-Year 1st Mtge.6s
28,167,719 25
in Other Companies.
Ownership
15,000,000
Products Co.inc.; Eastman8,748,373 5% serial gold notes
interest in the following companies: Acme of the Wausau Naval Stores Inv. de adv.to other cos
Res for Fed.taxes, contin.,&c. 7,351,248
acct
Gardiner Naval Stores Co. (which owns 50%
Turpen- Due from employees on
31,319,600
Stores Co.. Gulf Turpentine Co., Deerland Blodgett
of purchase of Cora. stk.._ _ 1,126,347 7% Cumul.Pret stock
Co.), Bentley Naval
Naval Stores Co.,
31,016,546 Corn.stk.(601,400 shs.,no par) 2,313.999
tine Co., Avers Naval Stores Co.. Bay St. Louisowns 99.95% of the G. M. Property account
53,572
2,220,720 Employees'stk. not yetissued
Deferred charges
Naval Stores Co., American Pecan Co. (which
1,225,064
Appropriated surplus
Industrial Co.(which owns 100% of the Lake
Bacon pecan groves), Florida
Co., Vernon Parish
25,752,619
$115,033,295 Earned surplus
Total (each side)
Wales Naval Stores Co.), E. M. Pringle Naval Stores Stores Equipment
Naval
Naval Stores Co., Fullerton Naval Stores Co. Naval Stores Co., Naval -V.121, p. 1096.
'
Co., Western Naval Stores Co., Lake Charles
Gotham Apartments St. I-ouis, IVIo.-Bonds Offered.
tOtores Export Corp., and Burguieres & Chipley, Inc.
Dec.31.
Consolidated Net Earnings(After Federal Taxes), Years Ending
Waldheim-Platt & Co. Inc. St. Louis, are offering at par
22 --- *861,84811924 _ _ $262,785
i;
Serial Gold
1918 - - *546,33311920 _ - *675.656119
130,42611925.-1)3,060,606 and interest $225,000 k 1st Mtge. Real Estate
1919 --.1,805,807 1921 -_- a487,777 11923 -__ Federal taxes.
bonds.
b irst 10 months, and before
a Deficit.
before Federal taxes and interest
Earnings for the first 10 months of 1925,
Dated Oct. 1 1925. due serially April 1927-1936. Interest payable A. &
the sum
att & Co.. Inc., St. Louis. Red. at 102 on
on funded indebtedness, amounted to $3,060,607, which includes
Industrial Co. 0. at office of Waldhelm-Pl
of $2,140,323, being the proportion of earnings of Florida ownership.
any int, date on 60 days' notice. Federal income tax not in excess of 2%
stock
applicable to Gillican-Chipley Co. through its 50% of all cash dividends, payable at the source. Denom.$100. $500 and $1,000. Edward G.Platt,
-The indenture provides that 75%
Sinking Fund.
trustee.
whether in liquidation or otherwise, received by the company or the trustee
These bonds are secured by a closed first mortgage on the Gotham
In any one year from stock of the Florida Industrial Co. pledged hereunder, Apartments, now practically completed, and the ground on which it is
either by the company or the trustee in any one year located at the southwest corner of Enright and Hamilton Avenues, St.
and all sums received
Co.,
in payment or redemption of the principal of bonds of Acme Products the Louis, Mo. The property covered by this mortgage is valued by the
by
Inc.. pledged under the indenture, shall be paid over to, or held follows: owners at $415,000. 'Valuation, $371,350.
to be used and disbursed as
trustee as part of the trust estate,
Estimated net income is $37,500, approximately 3 times the maximum
(1) Towards providing for the payment of the next maturing installment of annual interest on the bond issue.
of outstanding bonds; (2) at the option of the company, towards
principal
-Shipments.
the reimbursement to the company of the purchase price of bonds of this
Gotham Silk Hosiery Co., Inc.
Issue purchased by the coznpany in the open market at a price not exceeding
Shipments for the period from Oct. 17 (date of incorporation of present
102 and int., or towards the redemption of bonds of this issue in inverse company) to Dec. 31 1925 were 176,000 doz. as against 124.000 doz. for
not
numerical order, or towards the next maturing installment of principal
same period in 1924. The estimate of 550.000 doz. for the whole year,
already provided for; and the balance, if any, towards redemption of bonds the by the management, was exceeded. It is stated that present producmade
of this issue as aforesaid.
tion will be materially increased during 1926 and that the company has.
-Proceeds will be used to retire its outstanding issue of $2,500.Purpose.
placed a larger order for additional full fashioned machinery of the
000 1st Mtge. & Coll. Trust 7% Gold bonds, dated Jan. 1 1924, due Jan. 1 lust type,
-V. 121. p. 3138.
latest
1934, which were called for redemption Jan. 1 1926 at 103Si and int.
-V. 121. p. 2646.
-2% Extra Dividend.
Harbison-Walker Refractories Co.
--Sales.
Ginter Co., Boston.
The directors have declared an extra cash dividend of 2% on the outIncrease standing 536.000,000 Common stock, par $100. payable Jan. 30 to holders
Increase.1 1925-12 Mos.-1924.
-1924.
1925-Dec.
$125,128 M3,837,391 $12.499.382 $1.338,009 of record Jan. 20. An extra cash dividend of like amount was paid on
$1,226444
$1,351,012
o., John T. Connor and O'Keeffe's Inc. Jan. 31 1925. On May 19 1925 the company paid a 33 1-3% stock dividend
As the meiter of the Ginter C
took effect as of Dec. 31, it is expected that commencing with Jan. 1926. on the Common stock.
The directors also declared the regular quarterly dividend of 1 % on
the sales of the three companies will be published in consolidated form
under the name First National Stores, Inc.
the Common stock, payable March 1 to holders of record Feb. 19 and the
The New York Stock Exchange has stricken from its list the Common regular quarterly dividend of 1Si% on the Preferred stock, payable April 20
stock of Ginter 00.-V. 122. p. 99.
to holders of record April 10.-V. 121. P. 336.
Glidden Co.-Consol. Balance Sheet Oct. 31 (Incl. Subs).
1924.
1925.
Lfabilftles5
Assets
7% prior pf.stock b7,201,300 7,105,120
Land, buildings,
70,500
equipment, dce.x7,545,289 7,703,715 7% cum. pt. stock
Common stock...._z2,000,000 1,814,775
Good-will, tradey1.218.137 1,314,902 Minority int. (Cl.
marks, &a
Stores Co.) stk..
14,820
418,997
351,270
28,770
Cash
2,887,500
Notes 6c accts. ree.a3,958,538 3,304,523 1st M.8% s.f. bds
22.484 1st serial tht
3,000,000
38,198
accts. rec.
Miscell.
200,000
5,709,617 4,677,766 Euston Lead let 13s 160,000
Inventories
437,389 Notes payable..._ _ 1,200,000 1,850,000
1,482,254
Other assets
Accts. payable_ -11,033,818 1793,293
64,774
retire
Pref. stk. for
376,731 M Iseaccts.pay.,gref
1110,817
Deferred charges.- 371,174
Arced local taxes,
interest, &c_ - - 164,708
175,830
Deferred items- 240,000
250,098
Res.for Fed.tax.&c 363,135
223,539
Res.for ach.pf.divs.
13,938
5,429,394 3,084,803
Total(each side)20,806.975 18.188,781 Surplus
x Includes: Land, $1.336.902: bldgs., machinery, equip., &c.,$7,890.660:
y Good-will, trade
depreciation
less allowance for development , $1 682.273. unamortized bond -marks.
expenses and
discount,
reorganization and
&c. z Common stock represented by 400,000 shares of no par value,
declared value $5 per share. a Customers' accounts and notes receivable.'
&c. b Including $6,300
less reserve for doubtful accounts, discounts,
scrip certificates.
provision made for taxes is subject to any necessary adjustamis.-The
of the companies'
therefor.
ment upon determinationincome account wasfinal liability V.
published in
122, p. 221.
The usual comparative
1925.
1924.
-New Control.
Globe-Wernicke Co. of Cincinnati.
-V.119, p. 817.
See Rand Kardex Bureau, Inc., below.
-Notes Sold.
-Bankers Trust
(B. F.) Goodrich Co.
Co., Guaranty Co. of New York and Goldman Sachs & Co.
Gold notes at the following
have sold $15,000,000 5% Serial
prices: $5,000,000 due Jan. 15 1927 at 100 and int., to yield
6
about 5.00%; $5,000,000 due Jan. 15 1928 at 99 , and int
yield about 5.25%; $5,000,000 due Jan. 15 1929 at 98q
to
yield about 5.50%.
and int, to15 1926. Int. payable J. & J. at Bankers Trust Co., New
Dated Jan.
deduction for any Federal normal income tax up
York. trustee. without
30 days' notice at 100
int.
o
t 2%. Red. as a whole on anyeach date on from date of red, to and
6 months
the
of S(% for
int. plus a premium
maturity of the respective series. Denom. $1.000 c*.
date of
G. Work, President of the Company.
Data from Letter of B.
s have operated continuously
COMpany and its predecessor organization
in the rubber
since 1870. Company occupies an outstanding position
-Preferred Divideng No. 2.
(Richard) Hellman, Inc.
The directors have declared the regular quarterly dividend of 62S4c. a
share on the Participating Preference stock, payable Feb. 1 to holders of
record Jan. 21. An initial dividend of like amount was paid on Nov. 1
-V. 121, p. 2047.
last.
.
-New Pref. Stock.
Hood Rubber Co., Watertown, Mass.
President Frederic C. Hood says in part: "The business of the company
has been expanding steadily and in the current fiscal year ending March
31 1926. its sales will be about $40,000,000 and with satisfactory profits.
The directors see every reason to expect a continuation of this expansion.
As a result, the capital requirements of the company have been steadily
increasing.
The provision of the existing Preferred stock requiring the retirement
in each year ef not less than 3% of the par value of all stock of this class
then outstanding, and in any event not less tban $150,000, has been complied with in each year by the company. This has resulted in a steady
contraction of capital to the extent of this requirement of the Preferred
stock, and to offset this, and to supply additional needed capital, it has
been necessary to make successive additional 1/031109 of new stock of this
same class. 1.1p to and including 1925 the company will have retired
Preferred stock of this class amounting to $960,000. During the same
period in which this retirement has taken place there has been issued
additional Preferred stock of the same class amounting to $3.850.000.
This situation not only has involved the company in very considerable and
needless expense, but it has also hampered its healthy and natural expansion.
"The Preferred stock also contains a restriction against the company's
issuing notes having maturity longer than one year without the consent
of the holders of three-fourths of this stock. The effect of this provision
is to prevent taking advantage of long time financing in its loans. In
fact the disadvantage of this provision proved to be so obvious and so
serious that the company asked for and received the consent of the holders
of more than the necessary three-fourths of this stock in connection with
its issue of $6.000.000 15-Year Debenture notes. Because of the large
number of scattered stockholders this involved an expenditure of time
and money which ought not to be necessary. The use of these long time
debenture notes is of undoubted value to the company, and doubtless it
will be wise from time to time to use this method of financing again, not
only in respect of additional working capital but also for refunding of the
existing notes when conditions make refinancing profitable. In order to
take advantage of such conditions the management should be free to act
without the delay incident to consulting so many stockholders.
"The directors believe that these two provisions are not in accord with
the financing policies of the present time, that they tend seriously to
restrict the natural and economical provisions for the steady increase of
business, and that in the long. run they operate to the distinct disadvantage
both of the Preferred and Common stockholders and that they should be
eliminated. Over a period of years it is estimated that the out-of-pocket
expenses of these two provisions amount annually to almost one-half of 1%
of the outstanding Preferred stock. The directors feel that instead of using
this money in wasteful expense it is more for the benefit of the company
358
THE CHRONICLE
and of the Preferred stockholders that it be added
to the dividend on the
Preferred stock, thus making the rate on the Preferr
ed stock 7J-5% per
annum.
"With this purpose it is proposed to create a new
Preference stock which
shall be superior to the existing Preferred stock,
and
cumulative dividends at the rate of 7%% per annum, which will carry
payable quarterly,
entitled to be paid 107%% in case of liquida
tion or call, but without
ob ectionable provisions above referred to.
and
su6stantlally the same provisions as the existingin other respects having
this 7%% Preference stock, share for share, for stock, and to exchange
stock. In order to accomplish this it is necessa the existing 7% Preferred
ry
the holders of three-fourths of the existing Preferredto have the approval of
stock."
-V.122. P• 00.
[VOL. 122.
International Gener
al Electric Co.
-New V.-Pres., &c.
A. S. Durant, formerly
been made a Vice-Presid manager of the Department of the Americas, has
ent
headquarters in New York in charge of commercial relations and with
City.
Santiago, the capital of Chile,
is
system
h
whenthis improvement completely changing its street lighting
uAma f
inetthewerao de ere tgeh zthe best
has bena
it will
lighted
igh r
units have been ordered,
any company, which with the biggest street lighting order ever secured by
the poles, transformers and control equipm
represent an investment of
ent will
be less than 4,000 lumens several million dollars. None of the lights will
in
International General Electrirating and many will be 15.000 lumens. The
Houston Oil Co. of Texa3.-Listed.c Co. is supplying the lighting units,
the brackets, the transfo
some of
The Baltimore Stock Exchange has authorized
rmers and the
10
-Year Sinking Fund 63% Gold notes. dated the listing of $7,000,000 Metal Manufacturing Co. will supply the control equipment. The Union
poles or standards.
Arthur Winslow Jones
April 1 1925, due April 1
1935.-V. 121. p. 2047.
manager of the Far East department since
formation of the International
the
General Electric Co.in 1919 and a member
its advisory committee,
Houston Pipe Line Co.
of
died at
-Earnings.
The company has received his home in Schenectady, N.Y., on Dec. 26.
Month oforders for, and will shortly ship, 11 electric
Dec.1925.
Gross rev.,gas sales(est)$122,000 Nor.1925. Oct.1925. Sept.1925. Aug.1925. locomotives to Mexico, Japan and Cuba. The
$118,190 $94.754 $54,894
extending its present electrif
Paulista By. of Mexico is
$4,967
-V. 120, p. 1754.
ication in the section from Tatu
a distance of 25 miles.
to Rio Clam,
Lime equipment. equipment for
station and four 62-t
a 3,000-volt subHudson Navigation Co.
-F. J. Lisman & Co. May to the International on 3,000-volt switching locomotives were also awarded
General Electric Co. Other awards
Organize Syndicate to Bid in Property.
motives weighing 66 tons
include 4 locofor the Hershey Cuban for Japanese Government and 3 60
-ton engines
F. J. Lisman & Co. in a letter to
Ry., a duplicate order.
-V.121, p. 337.
"The U. S. Court has ordered thethe bondholders state in substance:
sale
International Standard Electric
for Jan. 21. We and our associates are of all the assets of this company
interested, as owners of a limited
Corp.
George E. Pingree, Pres.
number of these bonds, in trying to work
-Outlook.
of the corporation (former
out a plan for the protection of Western Electri
the bondholders. Unless there is competi
ly International
tive bidding at the sale, the part of the year c Co.) who has just returned after spending
assets may go for so low a price that
in Europe, says in part:
the greater
bondholders will realize an unsatis"One interesting
factory return on their bonds, of which
there are outstanding against the of all the countri development in Europe is a concerted effort
company's property a total of over $3,000,
on the part.
es to have efficien
so-called bondholders' reorganization plan 000. Furthermore, the proposed such as we have in this country t long distance telephone communication,
,
tion Co. 6s to accept 85% of the face valueasks holders of Hudson Naviga- talk between the European capitaland we may expect before very long to
s with the same facility
of their holdings in bonds which as we now talk
will have some 12 years to run.
and satisfaction
to San Francis
"The Compania Telefonica co from New York.
"To guard against these conting
Nacional de Espana, which was
to bid at the sale on Jan. 21. If encies, we propose to organize a syndicate by the International Telephone &
organized
a satisfactory number of bonds promptly a group of
Telegraph Corp. in association
give a favorable response to this letter,
Spanish bankers.
with
we
a bid so that holders of Hudson Navigation expect our syndicate to make telephone equipment and willis going ahead rapidly with the installation of
Co. Collateral 5s will have an opportunity Co. to and Hudson Navigation telephone system throughout have, in the near future, a thoroughly modern
Spain.
to secure in cash 70% or more
"The European Associated Compan
of the face value of their respective
ies of the International Standa
all busy and their factories are
"In consideration of our services inholdings.
rd are
organiz
syndicate making a bid so that bondholders ing this syndicate and of our 1926 indicate an increase over working to full capacity. Our estimates for
1925, which was a record year."
as a result of such competitive p. 222.
bidding will have an opportunity to
-V. 122.
secure in cash at least 70% of the
face amount of their holdings, we ask that
you will enter into the following
Intertype Corp., Brooklyn, N. Y.
agreement.
-Extra Divide The directors
"That you will pay us one-half of the
excess you receive above 70% of addition to the have declared an extra dividend of 25 cents per nd.
the face value of your bonds. The
share in
regular quarterly dividen of
syndicate reserves the right to bid or stock, both
25
not or not to bid in its sole discretion
payable Feb. 15 to holders ofdrecord cents on the Common
Feb. 1.
amount were
"Bondholders should bear in mind and if it bids the amount thereof.
that unless some one else than the August 1924,paid in cash in February and August 1925 and in Extras of likebondholder's committee should purchas
February and
while on Nov. 17 1924 the compan
y paid a 10% stock dividend
they will get 85% in new 6% bonds ande the property at the sale for cash, on the Common stock.
-C. 121, p. 1797.
each bond, under the so-called bondhol 4.35 shares of Common stock with
ders plan."
-V. 122, p. 221.
Iron Cap Copper Co.
-Rights,
Huntington Hall (Apartments),
The stockholders on Dec. 30 last authori &c.
zed an increase
capital
-F. H. Smith Co., Washington D.Phila.-Bonds Offered. offered stock by 8500,000 of 6% Non-Cumul. Pref. stock, of the company's
par 810, which is.
C. are offering at par
at the following terms: Each commo
n stockho
and int. 31,100,000 7% 1st Mtge.
may subscribe at $10 a share
record
Serial Gold bonds. shares of Common stock for one share of Preferredlder offor eachJan. 5
stock
Dated Jan. 2 1926: due serially Jan.
three
held. Subscriptions must be
delivered to the(J. & J.) payable at office of F. H. Smith 1928-1936, bonds and coupons company on or before Jan. 31 1926, and paymen
t made as follows: In full
Co., Washington, D. C. Denom. on or before Feb. 15 1926,
55.00041.000. $500 and 5100
or in four installments of 25%
Callable at 102 and int, on any hot. date Feb. 15. May
each, payableduring first 3 years: thereafter at 101
15. Aug. 15
c*.
and int. To provide for the annual
It is announced that 1st and Nov. 15.
amortization and the interest payments
Mtge. 8% 20
-Year Gold Coupon bonds of the
as they
required to create a sinking fund by making come due, the mortgagor is company. with unmatured appurtenant coupons,
will be accepted in paya monthly deposit of one- ment of subscriptions
twelfth of the amortization and one-twe
lfth of the interest for the current unpaid to the date of at their principal amount and interest accrued andyear.
dellvery.-V. 121, p. 2885.
Security.
-Secured by a closed first mortgage on
the land and the building.
and they will constitute in effect a first
Jaeger Machine Co.
-Initial
Huntington Hall will be located lien on the earnings of the property.
The directors have declared Columbus,0.
an initial quarterly dividend Dividend.and Walnut St., Phila. The site at the Northeast Corner of 20th per share on the outstan
of 62% cents
contains approximately 5,940 ft., value,
ding 100,000 shares
fronting 44 ft. on Walnut St. and 135 ft.
payable March 1 to holders of record of Common stock, no par
Feb. 19. See also V. 121.
Moravian St. The building is to be a on 20th St., running through to p. 3012.
16-story and basement fireproof
structure with electric elevators. The
buildin
shops on the first floor and high-class efficien g will contain high-grade
Kanotex Refining Co.
-Trustee.
cy type apartments on the 15
upper floors, divided into suites of 2,3.and
The Irving Bank-Columbia Trust
4 rooms and bath. The property issue of
Co. has been appointed Trustee of
has been appraised at over $1,825,000.
$349,000 6% Equipment Trust notes,
an
Series 'A.
Earnings.
-The gross annual earnings of the propert
y have been estimated
Keeley Silver Mines Ltd.
at from $223,900 to 3225.000, upon complet
-Extra Dividend.ion and in operation, and the
net annual earnings are estimated at conside
The
rably in excess of all annual semi-andirectors have declared an extra dividend of 4% and the regular
nterest charges and amortization.
nual dividend of 8%,
March 1.-V. 121. p. 337. both payable March 15 to holders of recordl
Hygienic Ice Co.
-Bonds Offere
See Federal-Hygienic Ice Refrigerating d.
Cos. above.
-V. 120 p.1336.
Independent Pneumatic Tool Co.
-Earnings.
Calendar Years-
1925.
1924.
Net profit after tax, depreciation
&c
5864.7$4 $720.255
Net income for the fourth quarter
of 1925 was 8244.744.-V. 120, p.3196.
Intercontinental Rubber Co.
-Dissolution-Estimated
Results for 1925.
-President George H. Carnahan, Jan. 14,
says in part:
The effective date of the dissolution
and thereafter none of its shares will of the company is to be Jan. 30 1926.
will be given to stockholders about be transferred on its books. Notice
assets of the company pursuant to Feb. 1 1926 regarding distribution of
the reorganization plan (see V. 121.
p.3011).
As yet it Is too early to give stockho
representing results of operations lders more than approximate figures
during 1925, final statements from
Sumatra and Mexico being necessar
operating subsidiaries had a combin ily estimated. During 1925 the
Sumatra and Mexico amounting to ed production of dry rubber from
approximately 8,400.000 pounds, of
which 8.150.000 pounds were
give a combined net profit on delivered to customers at prices which will
a consolidated income account of approximately $900,000, available for dividen
ds
tion, taxes, and all other chams as now or other purposes, after depreciaestimated. The company expects.
however,to make a further charge through
by writing off some part o!past expendi an adjustment of surplus account
tures for research and experimentation against reserves created in previou
expected that the combined production of s years for that purpose. It is
rubber
during 1926 will exceed 9.000.000 pounds from Sumatra and Mexico
. Approximately 4,000,000
pounds have been sold for delivery during
1926 at prices substantially higher
than the average of 1925.
As the new company is now in a position to
for payment on April 1 1926 the 5580,60 do so, it is intended to call
0
Products Corp. notes now outstanding, thus of Intercontinental Rubber
mr and glosidlaries e tan hline ebepiw freeing the reorganized comle e
ete hevfroritea d ett
eldi
Inducin
te
is believed that noteholders will exercise all oflizijuIc g
the
to said notes. Briefly, this would mean the surrend privileges pertaining
er of all notes and the
payment into the treasury of the reorganized
compan
cash in exchange for a total of 290.300 shares 0(00 par y of $2,322,400 in
value stock, bringing
the total then to be outstanding up to 603,824
shares.
-V. 122, p. 222.
Intercontinental Rubber Products Corp.
-Notes to be
Kelvinator Corp.
-New Contro
l,
See Electric Refrigeration Corp. above.
-V.121, p. 3012.
(G. R.)Kinney Co., Inc.
-Sale
s.
1925
-Dec.
-1924.
Decreased 1925-12 Mos.-1924.
$2,069,928
Increase.
$2.143.183
573.2551517,359.697
It is announced that certain internal econom 516,315.492 51,044.205.
ies which have recentlybeen put into effect are expected to be of
material benefit to the company
In the current year. It is understoocitha
t
the Common stock will be substantiallyprofits applicable to dividends on,
the
1924. about $11 a share. The company now same as those reported for
operates 250 stores.
-V. 121.
p. 2885.
(I. B.) Kleinert Rubber Co.
-Notes Offered.
-A. G.
Becker & Co., New York, are offering at
prices ranging from100 and int. to 101.20 and int. to yield
according to maturity $1,100,000 6% Serialfrom 5% to 6%
Gold notes.
Dated Dec. 15 1925: due serially Dec. 15
1926-32 incl. Principal and'
int. (J. Sz D.) payable at offices of A. G. Becker
cago. Denom. $1.000 and $500. Red. all or & Co., New York or Chipart on 60 days' notice at
100 and int. plus premium of J. of
unelapsed from date of redemption1% for each year or portion of.a year
National Bank, New York. trustee. to the fixed maturity date. Chase
Interest payable without
for normal Federal income tax not in excess of 2%.
deduction
Data from Letter of Victor Guinzburg,Presid
ent of the Company.
Cornpany.-The largest manufacturer of
soft rubber goods in the country
was incorp. In New York. 18 years ago to
,
name founded 43 years ago. Company succeed a business of the same'
manufactures and distributes
large range of articles in which soft rubber is
a
employed, including dress
and garment shields, baby goods, sanitary
goods, bathing caps, househo
aprons, rubber sheeting, etc. Its products
ld
are advertised extensively in
a great many media under the well known trade
have an established reputation for superior quality. name "Kleinert's" and
Practically every large
department store in the United States sells
Kleinert's goods.
Purpose.
-Proceeds have been used to defray
in
certain minority stock interests in the company. part the cost of acquiring
Earnings,
-..et earnings, after all charges including
interest paid, but
before Federal income and excess profits taxes for
period ended Oct. 31 1925, averaged $1,045,541the 4 years and 10 months.
a year. These earnings
are equivalent to 15.8 times the MaXiIIIIIM
annual interest requirement on
this issue, and to over 4.8 times the maximum
requirement for both interest
and serial maturity in any one year. During
this period net earnings as.
stated, have not in any year been less than
13 times the maximum annual
Retired on April 1.
Interest requirement on this issue.
See Intercontinental Rubber Co. above.
-V. 122, p. 222.
Balance Sheet, Oct. 311925.
(After giving effect to the issuance of
International Cement Corp.
$1,100,000
-No. of Stockholders, &c.
acquisition of 13,651 shares of capitalNotes and for the net
The latest analysis of the distribution of the Preferred and
stock.)
Common stocks
Assets
of the corporation indicates that, as of Sept. 15 1925, there
LlabiiUieswere 4,812 Cash
stockholders, of whom 2.072 held the 99,720 shares of
$292,342 Trade accounts payable
Preferred stock while Trade accounts receivable
$120,373
2,740 stockholders owned the 500,000 shares of Common.
814,205 Accrued expenses
Merchants inventory
94,343
Effective Jan. 11926. "Lone Star" became the brand name
1,843,974 Due to officer, employe
under which
es and
the product of all subsidiaries of the corporation in the United States will Due from officers, employees
related interests
318,858.
and related interests
marketed. No sudden change is involved. The trade
92,877 Federal taxes pay,and
be
has become Sundry debtors
accrued 115,888
accustomed for months past to the use of the familiar red star
25,974 8% gold notes
on cement Investments, etc
sacks. "Knickerbocker" and "Sunflower," the names employed respect
58,0711 Capital stock, 78,349 sha. (no 1,100,000
ively Fixed Assets
1,801,225
by the Knickerbocker and the Kansas Portland Cement companies, have
par)
2,290,470
Good-will, patents and trade•
for sometime past been designated as "Knickerbocker Cement
Surplus
-Lone Star
994,053.
marks
497,717
Brand," &c. The present step completes the change.
-V. 121, p. 2411.
Deferred Charges
7,173 Total (each side).
55,031. t
it
tLly afrdunot:
THE CHRONICLE
JAN. 16 19261
-Report.
Lawyers Mortgage Co.
1922. .
1923.
1924.
1925.
Years Ended Dec. 31$3,282,708 $2,574,195 $2,358.251 $1,980,100
Gross earnings
842,640
977,460
1,072,987
1,279,120
Expenses
$1.380.791 $1.137.460
$2,003.588 $1,501,208
Net profits
-V. 121, P• 848
.
-Rights, &c.
Lee Rubber 8c Tire Corp.
right to subscribe
The stockholders of record Jan. 18 will be given the
value) at
on or before Feb. 5 for 85,163 shares of treasury stock (no par
five shares held.
50 a share, on the basis of two new shares for each
$12
Co.,
be made in New York funds at the Guaranty Trust by a
Payment should
underwritten
140 Broadway, N. Y. City. The entire issue has been
the stock
syndicate of which your President is a member. When all of will have
now offered for subscription has been issued the corporation
Issued and outstanding 300,000 shares, no par value. officers and directors
Pres. John J. Watson Jr. says in substance: "The
additional
have been giving consideration to the question of obtaining
for
capital for the corporation required by the higher prices prevailing
other materials and the corporation's increasing volume
crude rubber and
been procured by
of business. This additional capital has heretofore the increase in our
borrowing from our banks, but it seems wise with capital by issuing
business to procure at this time additional working
the authorized and unissued stock of the corporation, thus furnishing the
corporation with approximately $1.000,000 of additional working capital
and reducing the necessity of bank borrowing by that amount.'
359
-Dec. 1 1927.
Dated Nov. 4 1925; due serially (J. & D.) June 1 1928
Principal and int. (J. & D.) payable at office of the Straus Brothers Co..
Chicago. Red. all or part, upon any int. date, in inverse numerical order,
upon 30 days' notice, at 102 and int. Normal Federal income tax up to
2% paid by the borrower.
-These bonds are secured by a first mortgage on the land
Security.
owned in fee simple and on the building, fixtures and furnishings of "The
Hyde Park
Mayfair,' now under construction at the northwest corner of frontage of
Boulevard and 55th Street, Chicago. The 'property has a
70 feet on Hyde Park Boulevard and 150 feet on 55th Street. "The
Mayfair." a 12-story and basement structure is to be one of the most
handsome and up-to-date apartment hotels in the Hyde Park district.
There will be 110 apartments: 33 of one room with Pullman kitchen; 22 of
two rooms and kitchenette; 11 of two rooms and Pullman kitchen; and
44 of 3 rooms and kitchenette. The main floor will contain 6 stores on the
55th St. side.
-Net income of this property is conservatively estimated at
Income.
-approximately 2.7 times the maximum interest charges on the
$161.700
bonds.
-These bonds are the direct obligation of the
Guaranty & Mortgagor.
-Buttes Building Corp. The majority of the capital stock of this
henry
is owned by Charles F. Henry and Joseph H. Buttes. Until all
corporation
serial maturities up to and including Dec. 1 1932, have been met, Messrs.
Henry and Buttes personally guaranty both principal and interest payments.
Contracts.
The Lee Tire & Rubber Co. a subsidiary, has signed contracts to furnish
standard tire equipment for the following automobile manufacturers for
-V. 122, p. 222.
1926: Stutz. Jordan. and Chandler-Cleveland Co.
-To Split Up Shares.
Mergenthaler Linotype Co.
The directors have voted to recommend to the stockholders that the
present authorized Capital stock, consisting of 150,000 shares of $100 par
value, be replaced by 300,000 shares of no par stock, two shares of no par
stock to be issued in exchange for each share of par value stock outstanding.
-V. 121. p. 2648.
At present there are 128,000 shares outstanding.
Metropolitan Chain Stores Inc.-Sales.-
1925-12 Mos.-1924. Increase.
I'
1925-Dee.-1924. Increase.
$483.545 138.684,860 $7,144.077 $1.540,783
$1.839,690 $1,356.145
$974,796 -V. 121. p. 3013, 2886.
$4,801,785 $3,826,989
5.175,566
43,168,196 37.992,630
-To Increase Capital.
Mexican Panuco Oil Co.
The stockholders will vote Jan. 26 on increasing the authorized capital
stock from 500,000 shares to 1,000,000 shares, par $10.
Quarter Ended Dec. 31.
The directors recently authorized the acquisition of one property, pending
1923.
1924.
1925.
adoption of the increase in capital, and has under consideration several
$2,585,684 $2,452,847 $2,411,863 others which they believe can be acquired on favorable terms, it is said.
7.404,137
7,712,398
8,166.202
-V. 121, p. 2049.
-Sales for December.
(Louis K.) Liggett Co.
increase.
1924.
1925.
Sales forMonth of December
12 months ended Dec. 31
-V. 122. p. 100.
-Sales for
Loft, Inc.
Sales forQuarter ended Dec. 31
12 months ended Dec. 31
-V. 121, p. 1797.
-To Increase Stock.
Louisiana Oil Refining Corp.
The New York Stock Exchange has received notice from the company of a
proposed increase in the authorized Common stock from 1.200,000 shares to
1,360,000 shares, no par value.
-V. 122, p. 222.
See also Beacon 011 Co. above.
-G. L.
-Bonds Offered.
(The) Milburn, N. Y. City.
Miller & Co. are offering $750,000 1st Mtge. 63/2% serial
coupon bonds at par and int.
The bonds are secured on The Milburn, a new 15-story apartment hotel.
to be immediately erected at 242-248 West 76th St., N. Y. City. The
close first mortgage
mature in 3 to 12
bonds,
-The Common stockholders on the which and building andyears,constitute a directbeen independently
Mack Trucks, Inc.
-Rights.
equipment which has
land
of record Jan. 22 will be given the right to subscribe on or appraised at $1,152,183. The bonds are callable at 102 and int. Interest
counsel these
before Feb. 11 for 101,919 additional Common shares (no coupons are payable June 15 and Dec. 15.in In the opinion ofupon compleNew York State
bonds are legal investment for trust funds
par value) at $100 per share, on the basis Of one new share for tion of the building.
each 6 shares owned. Subscriptiors will be payable in New
-Bonds Offerel.-Lane
Minnesota Valley Canning Co.
York funds at the Guaranty Trust Co., 140 Broadway, N. Y. Piper & Jaffray, Inc., and Kalman, Gates, White & Co.
April 12,
City, in four installments of $25 each-on Feb. 11,
Minneapolis, are offering at 99 and int. to yield about 6.10%,
June 14 and Aug. 12. The new stock will not participate in $500,000 1st Mtge.6% Sinking Gund Gold bonds Series "A."
be
dividends payable prior to Aug. 12 1926 and will not
Dated Jan. 11926; due Jan. 11941. Principal and int. (J. & J.) payable
Minneapolis, trustee. Denom. $1.000. $500
Trust
entitled to vote until after that date. President A. J. at MinneapolisRed. allCo. part on any int, date after 60 days' notice at
'
or
and $100 c*.
Brosseau,in a letter to Common stockholders on Jan.13,said:
int. plus a premium of 5% if red. on or before Jan. 1 1931, and
and
For the year ending Dec. 311925. sales will be in excess of $67,000,000.
as compared with $46.662.622 for 1924. Profits for 1925 (December partly
estimated) will approximate $9,500,000; an increase of more than 50%
over last year.
The plants are working at full capacity. Orders on hand and the prospects for next year justify your officers in forecasting a continued increase
in business and profits if plant capacity and working capital are provided.
The growth of the company, while proceeding at an extremely rapid rate.
is, nevertheless. normal and thoroughly sound. The experience of the last
three years Indicates that the increased production finds ready sale to old
and new customers. The cons.ruction approved by the Directors early
last year to enlarge the plants will near completion during 1926. The
further development of facilities should now proceed in this same orderly
manner and with accompanying additional funds to finance the larger
volume of business, which we estimate at around $80.000.000 for 1926.
The directors have therefore decided to give the shareholders the privilege
to subscribe for additional Common shares at $100 per share to the extent
of the one share for each six now held (as outlined above). This offer to
stockholders has been underwritten by a syndicate formed by Hayden,
Stone & Co. and Dominick & Dominick, which syndicate will receive an
underwriting commission of 1%.
Employees having agreements under the present employees' stock plan
-V. 122. p.
of the company will receive the same right of subscription.
223. 100.
-Listing.
Manufacturers' Finance Co., Baltimore.
The Baltimore Stock Exchange has authorized the listing of $750,000
(par $25) additional Preferred stock. $750.000 (par $25) additional Second
Preferred stock and $750.000 (par $25) additional Common stock. The
stockholders of record Dec. 17 were given the right to subscribe for such
additional stock in blocks consisting of one share of 7% Cumul. Pref.
stock, one share of 7% to 10% Cum. 2nd Prof. stock, and one share of
Common stock for the total sum of $100 per block. See V. 121. p. 3139.
Mark Hopkins Hotel (California-Mason Realty Co.),
-S. W. Straus & Co., Inc. are offering $2,San Francisco.
500,000 1st Mtge. 6h% Serial Coupon bonds to yield from
6.10% to 6.35% accordingt to maturity. (Sa^eguarded
under the Strans plan.)
Dated Sept. 15 1925: due serially Sept. 15 1928-1941. Diinom. $1.000.
$500 and $100 c* Interest payable M. & S. Callable on any maturity
during first 5 years and at 102 and int. thereafter.
date at 103 and int.
Bonds and coupons payable at offices of S. W. Straus & Co. Exempt from
personal property tax in California. Federal income tax. 2%, paid by
borrower.
-This bond issue is secured by a direct closed first mortgage on
Security.
the land in fee and on the building and its furnishings as follows: The land
fronts 206)i ft. on the south side of California St.. 275 ft. on the east side
of Mason St. and 206% ft. on the north side of Pine St.being the west
.
half of the block bounded by California, Mason, Pine and Powell Streets,
San Francisco. The plans and specifications for the building provide for a
full fireproof structure representing the highest type of modern
-story,
19
hotel construction. It will be of steel frame with exterior on all sides of face
brick and terra cotta. A central tower structure rising 19 stories from the
California Street level will be flanked on either side by wings 14 stories high,
level will
while three successive basement floors below thisstructuresdescend toward
of
outstanding
Pine St. It will be one of the most Francisco skyline. The the city and
San
building will
will dominate the picturesqueValuation has been placed
at $44.150.000.
contain 460 rentable rooms.
-Net annual earnings of this property, after deductions for
Earnings.
and replacements and with ample
taxes, insurance, operation, depreciation $390.000 available for
at
payments
allowance for vacancies, are estimatedthan
2.43 times the greatest annual
under this bond issue. This is more
greatest,
interest charge, and is $178.125 more than the and serial and $184.103
principal paymore than the average, combined annual interest
ments required under this bond issue.
-Earnings.
Martin-Parry Corp.
1925 net sales of $1,308,The company reports for quarter ended Nov.30
after interest. Federal and State taxes, &c.
366 and a net profit of $114,239
-V. 121, p. 2648.
(The) Mayfair (Henry-Buttas Bldg. Corp.), Chicago.
-The Straus Brothers Co., Chicago, are
-Bonds Offered.
offering at prices to yield from 6% to 6%% according to
maturity $950,000 1st Mtge. 63'% Serial Gold bonds.
par
.
thereafter at a premium of Y.6% for each year or fraction thereof between
Interest payable without deducdate of redemption and date of maturity. 2%. Exempt from moneys and
tion for normal Federal income tax up to
credits tax in Minnesota.
the Company.
Data from Letter of C. N. Cosgrove, President of
-Engaged in the business of canning and distributing choice
Company.
succotash. Organized in 1903 and is the largest
grades of peas, corn and
are situated
canner of these products in the Middle West. Present plants under conthe company also has
at Le &your and Colcato. Minn.. and
struction a plant at Montgomery, Minn. Upon completion of this plant
775.000 cases of canned foods per
the company will have a capacity of and has under lease 3.000 acres
annum. Company also owns 379 acres management. Company's prodadditional which it farms under its own
ucts are widely sold over the United States.
-Secured by a direct first mortgage on the entire property of
Security.
assets, and provisions will be
the company now owned, other than quick property hereafter acquired.
made for placing under the mortgage any for these bonds Is in excess
The value of the property pledged as security
of $850.000.
Ended Dec. 31.
Gross Sales and Net Earnings Available for Int.-Years
Gross Sales. (a)Net Earns
$477.032
$59,878
1922
789.612
151.170
1923
1.131,774
202.249
1924
1.100,281
1925
a After depreciation and available for interest.
-Mortgage will provide an annual sinking fund to be
Sinking Fund.
established on or before Feb. 1 of each year beginning in 1928. Cash paid
sinking fund is to be applied,to the acquisition of bonds of this
into the
to exceed the then redemption price or by
series either by purchase at notacquired are to be cancelled and may not
cell by lot, and any bonds so
again be issued.
-Dividend No. 2.
(The) Mirror (Candies), N. Y. City.
4% on
,
The directors have declared a regular quarterly dividend of 13
holders of record Jan. 20.
the 7% Cumul. Pref. stock, payable Feb. 1 to 2 last. For offering see
of like amount was paid Nov.
An initial dividend
V. 121. p. 1354.
-New Policy.
Moon Motor Car Co., Inc.
President Stewart MacDonald last week announced the inauguration
to the merchandising of Moon and Diana
of the new policy with respect Philadelphia effective immediately. Under
cars in New York. Chicago and
new arrangement Moon and Diana cars, which have formerly been sold
the
factory branches to
through jobbers or distributors, will be sold by directThis
eliminates the
dealers operating under direct factory contracts.
it is a policy that is expected to bring about greater and more
middleman and
effective distribution. At the same time it is believed it will make possible
better servicing to the customers.
With this change of policy it is announced that the Coghlan Brothers
longer be the
operating as the Moon Motor Car Co. of New York, will no the similarity
representative of the Moon Motor Car Co. Notwithstanding
in one another.
of names the two companies have no financial interest the Quinlan Motors
The Moon Motor Car Co. Inc., recently acquired
Co. of Chicago and it is repOrted that negotiations are under way for the
acquisition of the Moon Motor Car Co. of New York.
Bookings for 1926 Amount to Approximately $19,500,000.-
Announcement was made Jan. 14 that bookings for 1926 of Moon and
Diana automobiles now amount to approximately $19.500.000. Earnings
for 1925. it was said, would run close to 107 of net sales, and earnings for
this year if based on that ratio are estimated at more than $10 a share.
-V. 121, p. 2283.
-Horn-Notes Offered.
Mortgage 8c Acceptance Corp.
blower & Weeks are offering $2,000,000 Collateral Trust
Series "AA" Gold notes as follows:
Maturity. Disc. Basis.
Amounts5.75%
July 1926
$500.000 6 months notes
6.007
Nov. 1926
500.000 10 months notes
6.00%
Jan. 1927
500.000 12 months notes
6.00%
Jan. 1928
500.000 24 months notes
-The Series "A" and "AA" Collateral Trust notes issued by
Security.
ratably.
the corporation are direct obligations of the company, secured with the
and without preference, by self-liquidating receivables, deposited
Baltimore Trust Co., trustee.
360
THE CHRONICLE
[VOL. 122.
The trust agreement provides that the total collateral notes outstanding
Income Account
-Years Ended Nov. 30.
shall at no time exceed 5 times the total amount of the
surplus and undivided profits of the company, and thatpaid in capital,
a1924-25.
1923-24.
1922-23.
1921-22.
amount of the collateral held by the trustee shall be at all aggregate face Net income after exp.,
times equal to
reserves and taxes_ __ _$16,256,216
120% of the aggregate face amount of the outstanding notes.
Preferred dividends_ _ _ _ 1,051,309 $9,280,541 $9.280,032 $7,613,246
Corporation.-Incorp. in Del. In 1921 and opened its first office in
1.103.262
1,207,850
Dec..
262.500
1922 with a paid in capital of $23.000. Present capital and surplus is over Common dividends_ _(316)4.368.000(510)2730000(56)1638,000($16)873
.600
$2,600,000. Business is purchase of commercial paper secured by liens
Balance, surplus
on automobiles. The policy of the company is, with the exception
$10,836,907 $5,447,279 36,434.182 36.477,146
of Ford
paper, to take only retail paper guaranteed by the dealer and secured on Adjustments
Dr.295,668 Cr.231,931
Previous surplus
the automobiles in which the purchaser has made a 33
14.240,965
8.793.686 20,127.172 13,418,095
payment.
Practically all of the paper purchased runs 12 months 1-3% cashFire,
or less.
theft
Total surplus
and transportation insurance is carried on all automobiles financed, and
$25.077,872 $14,240,965 $26,265,686 $20,127,172
the liens are recorded where necessary to protect the interests of the com- xStock divs.-Common stock
Paid in Preferred "A"
pany. In addition to the purchase of retail sale paper, the
16,380.000
Paid in Common stock
the stocking of cars for approved dealers upon a down company finances
payment of 10%
1.092,000
to 20% of the wholesale price. Company takes a lien on the
cars which
Profit and loss surp-_ _325.077,872
are fully covered by insurance.
a Includes profits of Ajax Motors $14,240,965 $8.793.686 320,127.172
Co. (subsidiary).
Earnings Years Ended June 30.
x On Dec. 28 1922 the company
4 Mos. End. Prof."A" stock, par $100, and fourpaid a stock div. of three shares of new
shares
1924.
1925.
Oct. 31 '25. shares of Common stock then outstanding of no par Common stock on each
Gross receivables purchased
. y Net income after deducting
$2,855.029 $10,668.241 $8.625.681 expenses of mfg. (Incl,
deprec.), selling, administrative and local taxes, but
Net after taxes avail,for int.. divs. & res.
87,526
362,113
285,177 before Federal income taxes.
Interest paid including these notes_ _
-V. 121, p. 2648.
27.661
127.965
107,759
National Tea Co., Chicago.
Balance for dividends and reserves__ _ _
-Initial
$59,865
$234,148 $177,418
The directors have declared an initial quarterly Preferred Dividend.
Balance after all res.for def. income. &c.
dividend of $1 624 on
23,827
79,472
99.442 the 64% I'referred stock. payable
Feb. 1
The stockholders will vote Jan. 19 on creating a new issue
of participating (For offering, see V. 121, p. 1918.)-V. 121. to holders of record Jan. 20.
preferred stock, which will follow the first preferred stock,
p. 3140.
now outstanding,
and also on authorizing an increase in the Common
New Cornelia Copper Co.
stock (no par value)
-Production.
from 50.000 shares to 150,000 shares.
Month ofDecember. Norember. October, September.
If the plans are approved there will be authorized 100,000
shares of Copper output (pounds)
5.856,640 5,514.580 6,226,340 4,820.120
1st Preferred stock, par $50: 100,000 shares of participating cumulative -V. 121. p. 3140.
2168.
preferred stock, without par value, which according to
the provisions of
the by-laws will draw interest from $3.50 to $5 a share
N. Y.& Honduras Rosario Mining Co.
shares of Common stock without par value. See also annually, and 150,000
The directors have declared a quarterly dividend -Extra Dividend.
V. 122, p. 223.
dividend of 24% on the Capital stocx, payable Jan. of 24% and an extra
Motion Picture Capital Corp.
26 to holders of record
-Listing.
Jan. 16. Extra dividends of like amount were
paid on Dec. 24 1924 and
The New York Stock Exchange has authorized the
listing of 33,690 on April 25, July 25 and Oct. 24 last.
-V. 121. p. 1919.
additional shares of Common stock (without par value) upon
official notice
of issuance and payment in full, making the total
New York Merchandise Co., Inc.
-Div. No. 2.
stock applied for 200.000 shares (total auth. issue). amount of Common
The directors have declared the regular quarterly
Of the 33,690 shares. 23.000 shares were covered by
dividend of 1N% on
an option granted the Preferred stock payable Feb. 1 to holders of record Jan.
June 26 1926 to Theo. Schulze & Co., Inc., at $15 per share.
20. An initial
The balance, dividend of like amount was paid on Nov. 1 1925.-V.
10,690 shares have been sold to Theo. Schulze & Co., Inc.,
121. p. 1799.
the company $15 per share, such sale being authorized by for cash, netting
Nizer Corporation.
-New Control, &c.
the directors on
Jan. 4 1926. See also V. 122. p. 223. 101.
See Electric Refrigeration Corp. above.
-V. 121. p. 3014.
Motor Products Corp.
-May Split Up
Stock.
The stockholders will vote Jan. 27 on a proposed split-up of the Common
stock, two shares for one. It is proposed to put the new
stock on a $2 annual
dividend basis.
It is also planned to fix the redemption price of the Preferred
stock at $60
Instead of $50 and to place it on $5 dividend basis instead
of
for 1925 unofficially estimated at $15 a share after charges, $4. Earnings
against $12.50
a share the year before.
-V. 120, p. 2410.
Munsingwear, Inc.
-Annual Report.
aNet sales
bCost of mchdise. produced St sold
Net operating profit
cMiscellaneous earnings
Gross earning
Interest charges
Provision for Federal taxes
Net income
Capital & surplus as at Nov. 30
Miscellaneous credits
Years Ended Nov. 30
1924-25
1923-24. 8 Mos, End,
Nov. 20 '24.
$15.775.600 313.384,923 $10.419,899
14,563,696 12,595,431
9,103.795
$1.211.904
134.632
$789.491
73.796
$1,316.104
110.043
$1.346,536
$863,287
$1,426.147
248.026
159,500
285.913
90.000
132.927
175.000
$939.010
$487,374 $1,118,220
$13,512.940 313.706.217
22,216
6,549
Total capital and surplus
$14,474,166 314,200,142
Proportion of net inc.applic. to minority stkholders of Wayne Knitting
Mills
•
456
Dividends on Preferred stock of subs_
90,106
87,202
61.333
Divs,paid by Munsingwear,Inc_ __ _
600.000
600,000
150,000
Capital and surplus Nov. 30
313.784,060 313.512.940 313,706.217
a Of the Munsingwear Corp. and Wayne Knitting
Mills,
underwear and hosiery, after deducting returns, discounts including both
and allowances.
I, Including maintenance and depreciation of physical
properties, advertising and distribution expenses and general and
c Discounts on purchases, rentals, interest earned administrative expenses.
and other income (net).
x Company was organized May 8 1923.
Consolidated Balance Sheet Nov 30 (Including
Subsidiary Cos).
1925.
1924.
1925.
1924.
Assets-$
$
Land,bides, mach.
Cap.stk & surplusy13,784,060 13,512,940
Oa
x5,480,880 5,542.630 Minorstockholders
Goodwill, trade
interest In subs.:
marks, parts,&c 3,000,000 3,000,000
Muns.Corp pref 650,000
725.000
Cash
477,767
390,609
Wayne 6% pref. 1,000,000
600,000
Customers' ace'ts
Min. corn. stock
7,714
7,832
& notes recely'le 2.828.743 2,331,895 Notes payable.,,4
,607,300 5,379.000
Other acc'ts rec
123.111
119,39l Acc'ts Doyle,aces.
Inventories
8,380,388 9,224,885
expenses,
267,926
275,230
Prepaid expenses
176,191
120,690 Res.for Fed'l taxes 159,500
240,000
Investments
9,420
9.900
Total
20.476.501 20.740,002
Total
20,476,501 20,740,002
x Land, buildings, machinery and equipment, less provision for
depreciation. y Represented by 200,000 shares of no par value.
-V. 120, p. 3323.
National Lead Co.
-New Treasurer-Rumors
Charles Simon has been elected' Treasurer, succeeding Denied.
meyer, and H. G. Sidford has been elected a director and Fred. R. Fortmanager of the
Atlantic branch.
Pres. E. C. Cornish, in denying rumors, says: "The matter
of a split
UP of the shares of issuance of additional stock as a stock dividend is not at
the present time being considered by this company.
At the closing of the books for the last quarterly dividend, the company
had 8.356 stockholders, holding the 206.554 Common and 243,766 Preferred
shares. Of these, only 20 persons held over 1,000 shares,
while
persons held 38,133 Common and 92,495 Preferred shares in less 6,824
than
-V. 121. p. 1798.
100 share lots.
Nash Motors Co.
-To Pay 900% Stock Dividend-$10
Cash Dividend Declared-Annual Report.-President C. W.
Nash announces that a stockholders' meeting will soon be
called to approve the distribution of a 900% stock dividend
on the outstanding 273,000 shares of Common stock, no par
value. President Nash stated that it was the hope of the
management that earnings would permit the continuation
of the same amount of dividends on the new stock, which
would be at the rate of $2 a share per annum, the equivalent
of the present rate of $20 a share per annum for the old stock.
The directors have declared a cash dividend of $10 a share
on the Common stock, payable Feb. 1 to holders of record
Jan. 22. On Aug. 1 last the company paid an extra dividend
of $6 50 a share on the Common stock in addition to the
regular semi-annual dividend of $3 50 a share.
North American Car Co.
-To Recapitali
ze.
The stockholders will vote Jan. 22 on the formation of a new company
and a change in capital. It is proposed to issue one
share of Common stock
of the new corporation for each share of Class "A"
stock outstanding and
one share of new Common for each two shares of
Common outstanding.
Holders who do not care to make the exchange may
sell
syndicate composed of Colvin & Co. and Coffin. Froman their rights to a
of $30 a share for tho new stock. Warrants attached to& Co. on the basis
tho present Class
"A" stock entitling holder to purchase Common stock
of the present company at $12.50 a share must be exercised by Jan.
place the new Common on $2.50 annual dividend 26. It is proposed to
basis.
-V. 121, p. 718.
Northern Securities Co.
-Annual Report.
-
Calendar Years1925.
1924.
1923.
1922.
Total receipts
4403.748
3363.806
$405.345
$405.905
Taxes
16.553
21,725
22,060
16.477
Administration expenses
13.668
13.680
13.838
13.727
Interest on loans, &c_
3.311
3.993
1,881
Dividends
(10)395,380 (10)395,380 (14)553.532
(8%) 316.308
Balance, sur. or def_ $57,219 def$70.289 def$29,926 def$179,711
x Total receipts in 1925 include dividends from C. B. & Q.
RR.,$230,630
dividends from Crow's Nest Pass Coal Co., Ltd.. $165.312;
$7.275; premium on sale of U. S. 484% Treas. notes. $531. and interest.
Balance Sheet Dec. 31.
Assets
1925.
1924.
1925.
1924.
Cost of charter- $85,048
885,048 Capital stock
$3,954.000 $3,954,000
Cash
242,011
134,886 Divs. unclaimed &
C. B.& Q.stock
2,858,810 2,858,810
unpaid
Crow's Nest Pass
Balance, surplus- 3,098; 8 3,040,909
1 88
127
88
4
Coal Co
3,741,166 3,741,166
Fractional scrip__ _
97
97
U.S.ctfs. of indebt. 125,000
174,906
Suspense acc't, &c.
1,001
843
Total(each skle)$7,053,133 $6,995.757
Note.
-The company on Dec. 31 1925 owned of C. B. &. Q RR.
23.063 shares of $100 each, shown in balance sheet as 32.858,810. stock
Company also owned on Dec. 31 1925 of the Crow's Nest Pass Coal
Co. stock
27,552 shares of $100 each, carried in the balance sheet at
33,741,166.V. 121, p. 3014.
Orpheum Circuit, Inc.
-Dividend Rate Increased.
-
The directors have declared three monthly dividends of
each on the Common stock, par $1, payable Feb. 1, March 16 2-3 cents
and April 1,
to holder of record the 20th of each preceding month. This1is
an increase
in the annual rate from $1 80 to $2 per share (compare V.
120,
The regular quarterly dividend of 2% was also declared on thep. 218).
stock payable April 1 to holders of record March 15.-V. 121. Preferred
p. 849.
Pacific Mail Steamship Co.
-Resumes Dividend.
-
The directors have declared a dividend of $5 per share on the
Common stock, par $5, payable Jan. 21 to holders of record outstanding
Jan. 19. A
dividend of $1 per share was paid on this stock in Dec. 15 1920:
none since.
-V. 122, p. 102.
Pacific Oil Co.
-To Reduce Stock.
-
The stockholders will vote Feb. 26 on reducing the capital stock
$52,500.000 to $1,750,000, such decrease to be effected by reducing from
from
$15 to 50c. per share the consideration for which such stock is
issued.
As to distribution of Associated Oil Co. stock and $3 cash per
share, see
V. 122, p. 225.
Parish & Bingham Corp.
-Final Liquidating Dividend
of $2 29 a Share.
The stockholders will vote Jan. 23 on approving (1) the
dissolution of
the corporation, and (2) on ratifying the official acts of the board
of directors. including the declaration of a final liquidating dividend.
Subject to the approval of the stockholders, the directors have
declared
a final liquidating dividend of $2 29 per share on the outstanding
stock,
payable Jan. 27 to stockholders of record Jan. 23 upon
surrender by the stockholders of their respective stock presentation and
certificates at the
office of Guaranty Trust Co., 140 Broadway, N. Y. City,
or at the office of the Guardian Trust Co., Guardian Bldg.,transfer agent,
Cleveland, 0,,
transfer agent -V. 118, p. 2582.
Park Utah Consolidated Mines Co.
-Listing.
-
The New York Stock Exchange has authorized the
listing of $2,035,905
Common stock (par Si). now issued and outstanding
(total auth. issue,
32,500,000). with authority to add $32,596 Common
stock
of issuance in exchange for outstanding shares of Ontario on official notice
Silver Mining Co.,
and with further authority to add up to $24,515 Commons
tock on official
notice of issuance in exchange for outstanding shares
of Daly Mining Co.,
and with further authority to add not exceeding $50,000
upon full payment and official notice of issuance, making Common stock,
the total amount
applied for $2,143.015.
Company was organized in Delaware under the name
Mining Co.." for the purpose of conducting a general of "Park Utah
mining business.
By certificaL ,of amendment filed June 22 1925, the
company was changed to Park Utah Consolidatedcorporate name of the
Mines Co., and the
Capital stock was increased from $1,250.000 to
$2,500,000. Business has
been the operation of mines and the ownership of stock
of mining companies.
On Aug. 31 1925, 5998.500 Common stock was
and assets of Park City Mining & Smelting Co. issued for the properties
Nov. 19 1925, $37,404 Common stock was issuedFrom Sept. 15 1925 to
for
Ontario Silver Mining Co., at the rate of 1 1-3 shares shares of stock of
company for one share of the stock of Ontario Silver of the stock of the
Mining Co.
JAN. 16 1926.]
THE CHRONICLE
outstanding 150,000
The company owns 83.7% (125.554 shares) of the
(76.557
shares (no par) of the Ontario Silver Mining Co., and 50.96% /viining
the outstanding 150,000 shares (par $20 each), of the Daly
shares) of
-V. 121. p. 3016. 1235.
Co.
-Tenders.
Coal Corp.
Penelec
York. as trustee, will until
The National Bank of Commerce in NewMtge. 20
% Sinking
-Year
Jan 25 receive bids for the sale to it of 1st amount sufficient to absorb
dated Feb. 1 1924, to an
Fund Gold bonds,
$30,036. at prices not to exceed 110 and int.-V. 121, p. 209.
-Tenders.
Mary Steel Co.
Penn
receive bids
The Girard Trust Co., trustee, Phila., Pa., will until Jan. 28 bonds, due
-Year Sinking Fund Gold
5% 20
for the sale to it of 1st Mtge.to exhause 8138,452 at a price not exceeding
1937, to an amount sufficient
-V. 120. P. 218.
105 and interest.
Philadelphia Co. for Guaranteeing Mortgages.
-New Directors, etc.
Annual Report.
mortgages
During the 12 months of 1925 guarantees covering W0,913,444guarantees
were issued and, after deducting cancellations, the net amount of
at the close of the year were $86,824.253.
outstanding
-Calendar Years.- 7 Mos. End.
1924. Dec. 31 '23.
1925.
Earnings$363,071
8674.390
5779,470
receipts
Gross
41.000
84.000
106,000
State & Federal taxes
Salaries, stationery, furniture, &c.,
80,737
150.064
177.271
general expenses
advertising &
176.868
299,437
300.000
Dividends paid
$64,466
$140,889
$196,198
Undivided earnings
At a meeting of the board of directors Jan. 11, J. 0. Neff, Vice-Pres.
of the Fidelity Trust Co.and Samuel C.Edmonds,a Vice-Pres.
and director
of the company were elected directcrs. H. L. Carson, a director since
company commenced business resigned on account of illness.
William H. Lauer has been elected secretary and Theodore G. Homan
who has
has been elected treasurer, succeeding Samuel C.Edmondsposition resigned
as viceas secretary and treasurer. 'Mr. Edmonds retains his
-V. 118. p. 1279.
president.
361
-To Issue Add'l St'k
Realty Associates, Brooklyn, N. Y.
The Common stockholders will vote Jan. 18 on increasing the authorized
Common stock from 20,000 shares, no par value, to a total of not more than
100.000 shares, no par value. The stock issued will be offered to the present
Common stockholders pro rata and at a price to be fixed by the board of
directors, the amount 1sued to sell for a total of $2.000,000.
The proposed increase is for the purpose: first, of making a larger subdivision of the assets of Realty Associates. thereby affording an opportunity
to the Common shareholders to subscribe for additional shares at an
attractive price; and, second, to strengthen the guarantee of Prudencebonds by The Prudence Co.. Inc. by using the 52.000.000 to be received
by Realty Associates from the sale of new stock for the purchase of additional stock of The Prudence Co. to be issued. It is announced that plans
are in process of development for largely increasing the business of The
Prudence Co.
-V. 121. p. 85.
(R. J.) Reynolds Tobacco Co.
-Report.
1922.
Calendar Years1923.
1924.
1925.
*Net profit
525,221,579 823,777.717 $23,039.876 520.479.234
Sundry items approp.
1.513,562
to prior periods
4.915,222 12,122.425
Undiv. profits prey. year 29.732,814 16.955,098
Total surplus
$54,954.393 840.732,815 527,955.098 $34,115,221
1.400,000
Deduct-Pref. divs.(7t) 1.400.000
1.400,000
1.400,000
Common diva._ _(13%)10,400,000(12)9600,000(12)9600.000(12)7800.000
Stock div.in new Class
Com,paid on Common
(33 1-3)20,000,000
Prem.on red. of pref.stk. 4.000,000
Total undiv. profits..139.154,393 $29,732,814 $16,955,098 $4.915,222
"Net profits after deducting all charges and expenses of management
and after making provision for interest, taxes (incl. Fed. and State income
-V. 121, p. 2764.
taxes), depreciation, advertising, &c.
-Stock for Employees.
(The) Richman Bros. Co.
The company, it is reported, is setting aside 6,000 shares of new stock,
-V. 115, p. 2591.
which will be offered to employees at $50 a share.
St. Maurice Paper Co., Ltd.
-Notes Called.
-year 5M% Gold Notes, dated Dec. 1 1924, have
All of the outstanding 5
been called for redemption March 1 at 1001 and int. at the Bank of
Real estate, equipment and plant of the company were bid in at receiver- Montreal, Montreal, Canada, or at the National City Bank, N. Y. City.
ship sale Dec. 11. Frank J. Thomas, acting for Meadville and Pittsburgh -V. 121, p. 3016.
interests, obtained the properties for $1,100 which, with the existing
mortgage of $146,500 and interest thereon since Jan. 1 1925, makes the
-Acquires Railroad.
St. Regis Paper Co.
purchase price approximately 11157.000 It is expected that operations
The company has applied to the New York P. S. Commission for approval
-'V'. 121. p. 2531.
will be resumed.
of its purchase of the Norwood & St. Lawrence RR., operating between
Norwood and Waddington, St. Lawrence County, N. Y. The purchase
-Listing.
Postum Cereal Co., Inc.
price for the 2,500 shares of stock of the railroad, it is said, was $225 a
The New York Stock Exchange has authorized the listing of 570.000 share.
-V. 120, D. 2413.
additional shares of its Common stock without par value on official notice
of issuance in exchange for Preferred and Common stock of the Jell-O Co.,
Safe-Cabinet Co., Marietta, 0.
-Forms Close Alliance
Inc., with authority to add 5,000 shares Common stock on official notice
of issuance to employees and payment in full; making the total amount With Rand Kardex Bureau, Inc.
-V.110. p. 2298.
applied for 1.375,000 shares (total auth. issue).
See that company above.
The directors on Dec. 30 1925 authorized the issuance of 570,000 shares
--Trustee.
of Common stock (without par value) for the purpose of acquiring as of
Sagamo Steamship Corp.
Dec. 31 1925, the entire outstanding Common stock (50,000 shares, no
The Central Union Trust Co. of New York has been appointed Trustee
par value), and the entire 15,000 shares of Pref. stock outstanding (par for an issue of $1,000,000 Collateral Trust One-Year 6% Notes, due Jan.
$100) of the Jell-O Co., Inc.
-V. 119. p. 1291.
1 1927 (renewal).
The Jell-O Co.. Inc.
-7'o Increase Capital.
Schulte Retail Stores Corp.
The Jell-O Co., Inc., was organized in New York on Nov. 5 1923. The
The directors have recommended an increase in the authorized Common
authorized capital consists of 50,000 shares of 6% Cumulative Pref. stock
(par $100) and 50,000 shares of Common stock without par value. In stock from 500.000 shares to 1,250.000 shares of no par value. No action
Dec. 1923 the company acquired all of the outstanding capital stock of was taken on the Common dividend, but it was announced that in the
Genesee Pure Food Co. and the two companies were merged on Dec. 29 future Common dividends would not be payable in Preferred stock as at
1923. The consideration given for the capital stock of Genesee Pure Food present. From June 1 1923 to Dec. 1 1925 incl., quarterly dividends of 2%
Co. was: Cash. 53,500.000; 6% Pref. stock, par $5,000,000; 45.000 shares were paid in Preferred stock on the Common stock; also on Sept. 1 1924. a
of no par value Common stock, stated at 85 per share. $225,000; total. 25% dividend in Common stock. Compare V. 121, p. 2888.
$8.725.000. Subsequently 5,000 shares of Common stock were sold to
-To Split Up Shares.
Sears, Roebuck & Co., Chicago.
employees at $100 per share. Company's principal products are Jell-0.
-0
Jell ice cream powder, and D-Zerta. The products are manufactured by -The directors on Jan. 12 voted to split up the 1,050,000
the company and its Canadian subsidiary, Jell-0 Co. of Canada, Ltd.
Dividends.
-Regular dividends at the rate of 6% per annum have been shares of Common stock, par $100, on a four for one basis,
paid on the outstanding Pref. stock since date of issue (1924-1925). Com- and to inaugurate dividends on the new shares at the rate
stock has received dividends as follows: 1924, $15 per share. aggremon
of $2.50 a share annually, equal to $10 per annum on the old
gating 5750,000 cash; 1925. $25 per share, aggregating $1,250,000 cash.
Consolidated Statement of Earnings Years Ended Dec.31 (Ind. Canadian Co.). stock on which dividends at the rate of 6% per annum had
[Including figures of the predecessor company, Genesee Pure Food Co., been paid.
prior to Jan. 1 1924.1
The directors declared a quarterly dividend of 623'c. a
&Earnings
Net
U. S. & Can. Net after
Earnings. Depreciation. Taxes.
Deprec., &c. Per Share. share on the new Common stock, no par value, payable May
51.707.186
yr4,164
5340,281
$2587
$1.293,741
1921
1 to holders of record April 15.
3,343.163
2.888.872
48,440
407,851
1922
1924.
1923.
1922.
1925.
Calendar Years56,007
3,459.841
410.072
59 87
2.993,760
1923
Net inc.(before divs.)abt.$20.975.000 $14.354,397 $11,512,618 $5,435,168
62,350
3.553.057
435,958
54 91
3.054,749
1924
of the company, according to reports from
3.972,001
Julius Rosenwald, chairman
46,038
3.421,463
63 64
1925x
504,500
a On maximum number of Common shares outstanding (50,000 shares). Chicago has exercised his option to repurchase 50.000 shares of Common
x Nine months; the taxes for this period are those accrued. y Includes stock of company at par. This stock was donated to the company in 1921
$30,009 interest charges.
by Mr. Rosenwald with the option that he could repurchase it at par.
Consol. Balance Sheet Sept. 30 1925 (Jell-O Co., Inc., and Jell-O Co. of Can.). At the time he donated the stock to the company it had a market value of
about $3,000,000. Its current value is about 812,000,000.-V. 122. p. 103.
LicartlUtesAssets$4,578,174 Accounts payable
$75,466
Cash
-Initial
(L. C.) Smith & Corona Typewriters, Inc.
36,732 Accrued pay-roll and exp._
21,975
Loans receivable
-379,349 Dividends declared
119,700 Dividend on Preferred Stock-Personnel.
Accts. reedy. (less reserve)._
1,442,867 Provision for Federal and
Inventories
75 Per
The directors have declared an initial quarterly dividend of
Canadian taxes
609,531 share on the Preferred stock, payable Feb. 1 to holders of record Jan. 25.
Land, buildings, machinerY.
278,984 Reserve for contingencies_ ___
300,000
.kc., less depreciation
At a meeting of the board held Jan. 12 the number of directors was
Trade-marks, good-will, atc
3,590,301 Res.for red. of Pref. stock,...2,000,000 increased to 15 by the election of 5 new members to represent the Corona
463,998 Capital stock and surplus__ a7,643,733 interests. The new directors are: Samuel G. H. Turner, President of the
Deferred charges
Second National Bank of Elmira, N. Y.; Carlton F. Brown and Lawrence
Total
$10,770,406
Total
$10,770,406 J. Conger of Croton, N. Y.; Thomas H. Dinsmore and Theodore S. Kenyon
6% Cumulative Pref. stock. 33 990.000; Common stock (auth. and of New York. In addition to the foregoing, the following serve as directors:
Wilbert L. Smith, Chairman of the Syracuse Trust Co.; Hurlbut W. Smith.
issued. 50.000 shares of no par value). $725,000; surplus, $2,928,733.
Dividend on Common stock in the amount of $1,000.000 was declared Chairman of the Board of Trustees of Syracuse University; Burns Lyman
on Nov. 17 1925. payable Dec. 15 1925. Directors on Nov. 17 1925 Smith, President of the Smith Wheel, Inc.; R. V. M. Smith, President of
authorized the purchase of 24.900 shares of Pref. stock at price not ex- the Smith, Lee Co., Inc.; William A. Mackenzie of Mackenzie, Smith &
-V. 122. p. 226. 102.
ceeding par and diva, to date of purchase.
Lewis, all of Syracuse; Frank R. Ford of Ford, Bacon & Davis, Inc., New
York; Francis E. Van Buskirk, D. C. Milner, Jr., John N. Derschug.
-New President.
Punta Alegre Sugar Co.
President of the Syracuse Washing Machine Corp.; Walter H. Lippincott
Robert W. Atkins, of Boston, formerly Vice-President has been elected of Bioren & Co., bankers, of Philadelphia.
President, succeeding Edwin F. Atkins, who will continue as a director.
The officials of the company are as follows: Wilbert L. Smith, Chairman
-v. 121, p. 2746.
of the Board; Frank R. Ford, President; Francis E. Van Buskirk, VicePresident: Schuyler C. Stivers, Vice-President and Secretary; Carlton F.
-Production (Ounces).
Rand (Gold) Mines, Ltd.
Brown, Vice-President: Lawrence J. Conger, Vice-President; B. C. Milner.
October. September.
December. Norember.
August, Jr., Assistant to the President; William H. Haim, Treasurer.
-V. 122. p.
812,832
787,633
797,247
791,000
808,218 103.
1925
802,313
827,583
823,273
799,422
809,571
1924
-v. 121. p. 3016, 2888.
Standard Oil Co. (Calif.).-Stockholders to Vote on
-Sale.
Phoenix Iron Works Co., Meadville, Pa.
-The stockholders will vote Feb 10 on
-Acquires Globe-Wernicke Co. Merger Feb. 10.
Rand Kardex Bureau, Inc.
approving a contract for the merger into a new company,
share for share. The new company also will acquire all
lands, producing properties and leases owned by the Pacific
Oil Co. on the same basis. The merger will be effective
as of Jan. 1 1926 and the present management of Standard
Oil will direct the new combine.
Pres. K. R. Kingsbury, in a letter to stockholders, says:
The corporation has acquired control of the Globe-Wernicke Co. of
Cincinnati. The consolidation will make Rand Kardex Bureau the largest
manufacturer and distributor of business equipment in the world. James
H. Rand Jr., President of Rand Kardex Bureau, Inc., concluded on Jan. 9
the Common stock of the
in Cincinnati the purchase of a majority of succeeding Henry
Globe-Wernicke Co.,and was elected President,
Yeiser Sr.
who becomes Chairman of the Board for one year, when he expects to
retire. S. M. Knapp, Treasurer of the Rand Kardex Bureau, was elected
Globe-Wernicke Co. and Henry Yelser Jr. Vice-President.
Treasurer of the
Combined sales volume of Rand Kardex Bureau and its subsidiaries
will exceed $40.000,000 annually, it is stated.
The Globe-Wernicke Co., which is capitalized at $6,700,000, will be
operated as a division of the Rand organization.
Becomes Allied With Safe-Cabinet Co.
close alliance
The corporation has concluded arrangements for aJr., who was with the
according to James IT. Rand.
recently
Safe-Cabinet
Co.'
elected chairman of the executive committee of the Safe-Cabinet Co. It
announced that direction of sales and manufacturing policies will be
is
effecting
handled from Rand Kardex headquarters at Tonowanda, N.
Y.,
savings in administration and selling expenses estimated at over $500,000
-V. 122. p. 102.
year.
the first
By authority of the directors, a contract has been entered into with the
Pacific Oil Co., by which the two companies will be consolidated. The
stock of the consolidated company will be issued to each of the two present
companies, equivalent in amount to the present outstanding stock of each,
which in the case of the Standard 011 Co. is 9.516.434 shares and in the case
of Pacific Oil Co. 3,500.000 shares. The consolidated company will have
all of the assets of the Standard 011 Co.and all of the land and oil producing
properties and leases owned by the Pacific Oil Co.
The Pacific Oil Co. owns in fee in excess of 261.000 acres of land, all
located in the San Joaquin Valley in California. The present crude oil production of the Pacific Oil Co.is 55,000 bbls. per day,and in addition thereto
It has a shut-in production of 3,700 bbls, per day. The result of the con-
•
362
THE CHRONICLE
solidation will be a company well balanced as to oil reserves, transportation,
manufacturing and distribution facilities.
The direction of the new company will be under the management of the
iresent Standard Oil Co.
The consolidated company will, upon the transfer of the assets of the two
corporations,issue 13,016,434 shares,of which 9,516,434 shares will be issued
to the Standard Oil Co., and 3,500,000 shares will be issued to the Pacific
Oil Co. It is contemplated that the stock of the new corporation will have
no par value, and that only one class of stock will be issued.
The name"Standard Oil Co.," or substantially that name, will be retained
for the new company. The effective date of the transaction under the
contract referred to is Jan. 1 1926.
Will Not Distribute Associated Oil Co. Stock to Stockholders.
-The company has issued the following statement with
reference to its consolidation with Pacific Oil Co.:
"Since the statement of Pres. K. B. Kingsbury on Dec. 24 1925, to the
effect that an agreement had been reached covering a consolidation of Standard Oil Co. of Calif. and Pacific Oil Co. a definite contract has been entered
into under date of Dec. 30 between the two companies which provides, as
already announced, that a new company will take over all of the assets and
liabilities of Standard Oil Co. of Calif. and the undistributed net assets of
Pacific Oil Co.
"One of the important assets to be turned over to the new company by
Standard Oil Co. of Calif. is the latter's holdings of Pacific Oil Co. stock
purchased soon after the organization of Pacific Oil Co. some 5 years ago.
Standard Oil Co. has never sold any of that stock. Any distribution
Pacific Oil Co. received by Standard Oil Co. of Calif. prior to the date by
of
actual consolidation will therefore be held by Standard 011
as one of its assets to be turned over to the new company. Co. of Calif.
"The consolidation contemplates the new company delivering to Standard
Oil Co. for its assets a number of shares in the new company equivalent to
the number of shares of Standard Oil Co. of Calif. stock outstanding as of
Jan. 1 1926, which was 9,516,434 shares, and to Pacific Oil Co. a
shares equivalent to the number of shares of Pacific Oil Co. stocknumber of
outstanding as of Jan. 1 1926, that is 3,500,000 shares.
''When Pacific Oil Co. distributes to its stockholders the 3.500.000 shares
of stock in its treasury received from the new company each stockholder
of Pacific Oil Co. will receive one share of the new company's stock for each
share of Pacific Oil stock. The new company will therefore receive from
Pacific Oil Co. a number of shares of the new company's stock equivalent
to the number of shares which the new company holds in Pacific 011 Co.
These shares may either be sold from the treasury of the new company or
canceled, as the directors may determine. When this distribution of the
new company's stock is made by Pacific 011 Co. the enhanced value of
Pacific Oil Co. stock purchased by Standard Oil Co. of California some
years ago will have been fully realized.
"In the statement of Dec. 24 above referred to, it is further stated
the Standard Oil Co. of Calif. will not retain its stock ownership or that
other interest in the Associated Oil Co. Therefore any distribution ofany
Associated Oil Co.'s stock coming to the Standard Oil Co. of Calif. orthe
to
the new corporation as a distribution from the Pacific 011 Co. will immediately be disposed of. It is the present plan to dispose of this Associated
Oil
Co. stock, whether received by the Standard 011 Co. of Calif. or by the new
corporation, in a manner other than by distribution to the stockholders
.'
-V.122,
p.3226.
Stanley Co. of America.
-Stock Sold.
Edward
B. Smith & Co. Brown Brothers & Co. and
syndicate managers, announce that the stockholders of theCassatt .1c Co..
Stanley Co. of
America exercised rights to subscribe to over 97% of the 101.305 shares of
capital stock, no par value,recently offered for subscription by the company,
at $48 per share. As the balance was sold privately by the underwriters
there will be no public offering. See also V. 121. p. 3017, 2889.
Studebaker Corp. of America.
-Gray Agencies Acquired.
(Vol,. 122.
which the companies operated from Jan. 1 1919 to
amount to $878,923. or more than 43i times the Sept.30 1925,as reported,
maximum annual interest
charges on this issue of bonds.
Calendar YearsNet Sales
a Net
Depreciab Net
of Mfg. Cos.
Income.
lion.
Income.
1919
$3,497,219
$869.074
$159.769
$709,304
1920
4,438,285
1,172.301
203.514
968.786
1921
3,142,851
628,880
174,967
453,912
1922
3,803.417
666.552
187,646
478.906
1923
4,096,894
888,739
223,899
664.839
1924
3,485,254
554,549
219.059
335,489
1925 (9 mos)
a Adjusted maintenance,.
but before
Income taxes. b Available for interest depreciation, interest and Federal
and Federal income taxes.
Sinking Fund.
-Mortgage will
the corporation will agree to payprovide for a sinking fund, into which
annually,
1936, amounts equivalent to $70,000, and from 1928 to and including
plus in each case interest on bonds retired thereafter $110,000 annually.
through the sinking fund, to be
applied by the trustee (unless paid in bonds)
to the purchase or redemption
of bonds at not exceeding the current
redemption prices. This sinking
fund, it is estimated,•will retire the entire issue
by maturity.
Balance Sheet as of Sept. 30 1925 (After Financing),
Assets
Liabilities
Cash
$778,590 Accts. & notes payable__
$333,931
Accounts & notes rec___
444,970 Due for inventories
750,000
Inventories
795,52611st Mtge.04s
2,850.000
Total property
8,029,544 10
-Year 7% Debentures_ 1,000,000
Deferred debit items_ _ _ _
17,066 Reserves
16,452
Class "A" stock
3,264,600
Class"B"(188,709 shs.)_ 1,850,712
Total
$10,065.696
Total
$10.065,696
United States Dairy Products Corp.
-To Rearrange
Capitalization and Change Par Value of Preferred
Shares.
The directors have recommende
d to the stockholders an amendment
to
the charter of the corporation changing the
Preferred stock from shares
having par value to shares without par value: and
increasing the authorized
number ofshares to 1.700.000, of which 100.000
shares
stock, 100.000 shares are to be 2nd Preferred are to be 1st Preferred
stock. 500.000 shares
are to be Class "A" Common stock, and
1,000,000 share are to be Class
"B" Common stock. The present authorized
capitalization is as follows:
50.000 shares of 7% Cony. 1st Pref. stock, par
$100: 50,000 shares of 8%
Cony. 2nd Pref. stock, par $100: 200,000 shares
of Common stock (Class
"A" and "B") no par value.
Announcement was made late last week that
over the Woodlavrn Farm Dairies Co.. which the corporation had taken
distributes milk and cream
In Scranton. Wilkes-Barre, Pottstown, and other small
adjacent communities, the combined population of which approximate
stood that Harry Jones. President of the Woodlavrn s 600,000. It is underFarm Dairies, has been
elected to the board of directors of the United States
Dairy Products Corp.,
and will remain in active charge of their operations in the
Scranton territory.
See also V. 122, p. 226.
United States Radiator Co.
-To Split
The stockholders will vote Jan. 22 on changing the Up Shares.
authorized Common
stock from 40,000 shares, par $100 (all outstanding), into
no par value, five new no par shares to be issued in 200.000 shares of
exchange for each
Common share now owned.
-V. 122, p. 104.
United States Realty &
Directors.
-
Improvement
Co.
-New
Judge Elbert H. Gary, Chairman of the U. S. Steel
J. Berwind, head of the Berwind-White Coal Co., Corp., and Edward
have been elected
directors.
-V. 122, p. 104.
The corporation has taken over the 0. H. Gray agencies in Minneapolis
and St. Paul. through which it has operated since 1911.
United States Rubber Co.
-Buys Additional Rubber
that year and 1.097 in the first 11 months last year.They sold 186 cars
The corporation
maintains its Northwest district sales offices in Minneapolis and hereafter Acreage in Sumatra.
-President C. B. Seger authorizes the
will handle the retail business of both cities through its own retail branches. following statement
:
B. C. Helm has been assigned to the twin cities to operate the former
In view of the wide spread public interest in the subject
Gray agencies.
-V.122, p. 103.
the company makes announcement ofits acquisition,on Dec.of crude rubber,
9,ofan
of 5.700 acres, or approximately 9 square miles. to its already addition
Tobacco Products Corp.
-Listing.
extensive
rubber plantations
The New York Stock Exchange has authorized the listing of $14,443,400 areas aggregating in the Far East. They are also in negotiation for other
approximately 12,500 acres, or about 20 square
additional Common stock (par $100) upon official notice of issuance and Both of these
miles.
properties are located near the company's largest
payment in full (see offering in V. 121. p. 2889).
known as "H. A. P. M. in Sumatra, Dutch East Indies. plantation,
"
In addition
Consolidated Income Account Six Months Ended June 30 1925.
to the foregoing properties, 6,300 acres, or approximately 10 square
'
miles, in
Net income including dividends received from other companies--$3,674,319 Kedah, Malaya. were purchased in July, 1925.
These
Surplus and undivided profits Dec. 31 1924
4,114,920 out of acquisitions, and the cost of their development, will be financed
the income from plantation properties.
Excluding the area still under negotiation, the company now has
Total
$7,789,240
acres, or approximately 194 square miles of rubber plantation124,014
Dividends
3.262.601 representing
an investment of approximately $2.5,000,000. Of these, lands,
73.086
Surplus and undivided profits June 30 1925
$4,526.639 acres, or about 114 square miles, equal to 59% of the total, are planted
The consolidated balance sheet as of June 30 1925 shows current assets with over 7,000,000 rubber trees, and 49,896 acres, or
Of $5,244,669; deferred charges of $97,727, and fixed assets of $60,283,976; miles equal to 68% of the planted areas, are producing about 78 square
rubber which the
total,$65,627.373,offset by $4.926,504 current liabilities. $998,955 reserves, company is using today. A force of more than 20,000
is continuously
$20.712.521 Class A stock, $34,462.752 Common stock and $4,526.639 employed on the company's plantations. Of the company's
holdings,
surplus and undivided profits.
94,313 acres, or about 147 square miles are in the Dutch East
-V. 121. D. 2889- 2788
Indies, and
29,691 acres, or over 47 square miles, are in Malaya.
Tung-Sol Lamp Works, Inc.
Substantially all of the rubber received by the company
-Initial Dividends.
from its own
The directors have declared initial quarterly dividends
plantations comes to America in the form of sprayed
rubber, which is a
on the Common stock, no par value, and of 45 cents a of 20 cents a share development exclusively owned by the company
"A"stock, no par value, both payable Feb. 1 to holders share on the Class all the important rubber-producing and rubber and subject of patents in
of record Jan. 20.
-manufacturing countries.
Besides this production of sprayed rubber. the company
For offering of stock, see V. 121, p. 2171.
also imports into
this country large quantities of rubber in the form of latex,
which is utilized
United Clay Products Corp. (Kansas City, Mo.).- in various new processes subject of numerous patents
pany, not the least important being the manufacture owned by the comBonds Offered.
-Federal Securities Corp., A. B. Leach & Co. treated web cord used
of the special latexin the manufacture of its cord tires.
Inc., and H. M. Byllesby & Co., Inc. are offering at 9734
In 1925 the company's plantations yielded
pounds of rubber. In six years, or by 1931, it is approximately 20.000.000
hit.,
and int. to yield over 6.70%, $2,85000 1st Mtge.
estimated that production
will have increased 75% due to planting of further
areas, maturity of trees
Sinking
Gold bonds.
already in bearing, and to production from trees
reaching the bearing stage.
The Central Union Trust Co. of
Dated Jan.2 1926:due Jan.21946. Interest payable J. 3.1n New York
trustee, will until Jan. 28 receive
bids for the sale to it of 1st & Ref. N. Y.,gold
and Chicago. Denom. $1,000 and $500c5 Red. all or &
.
part on any
Mtge.
bonds, due 1947. Series "A"
date on 60 days' notice at 105 on or before Jan. 2 1930; thereafter at int. at not exceeding 105 and int., to an amount sufficient
104
up to and ine,. Jan. 2 1934: thereafter at 103 up to and incl. Jan. 2 1938: and "B" bonds at not exceeding 110 and int., to an to absorb $670,773.
amount sufficient to
thereafter at 102 up to and incl. Jan.2 1942:thereafter at 101 until maturity: exhaust 5250,000.
plus int. In each case. Chase National Bank, New York, trustee.
United States Steel Corp.
Interest payable without deduction for normal Federal income tax not
-Stock for Employees.
The company has announced that it will
in excess of 2%. Corporation agrees to refund personal property tax
subscribing to 100.000 share of Common give employees the privilege of
paid by residents of
Calif. and Conn. not in excess of 4
stock
Maryland not in excess of 4.34 mills, of Kentucky not in excess of mills, of highest price that the stock has ever been offered at $136 per share, the
Penn..
to employees. The terms
and of Kansas not in excess of 234 mills, and the Mass, income 5 mills. of the offering are the same as in preceding years,
tax not allowed to pay for
the
exceeding 6% per annum on income derived from these bonds.
the stock in monthly installments. employees to be
This year's subscription price compares with $125 for 1925. $100
Data from Letter of Harry Allen, President of the Company.
$84 for 1922, $81 for 1921, $106 for 1920, $92 for for 1924, $107 for 1923,
Corporation.
-Will own 32 properties, and a sales organization formerly 1917. and $85 for
1916. No Common stock was 1919 and 1918. $107 for
belonging to 28 brick and tile companies located in Iowa, Kansas, Missouri In 1915. in which
offered for subscription
year
and Oklahoma. Average annual gross business of the 32 manufacturing employees its Preferredthe corporation discontinued its policy of offering to
stock. The number of shares taken
units has been in excess of $4.200,000. The products manufactured
in 1921 was the
largest on record, totaling 255,325.
these companies, most of which have been operating continuously forby
The official statement says:
a
long number of years, include face brick, common brick, paving brick, plan heretofore adopted, the "In accordance with the stock subscription
finance committee
hollow tile and drain tile. The plants have a combined capacity in excess employees of the United
to
States Steel Corporation has decided to offerthe
and its subsidiaries
of 500,000.000 bricks annually which, it is currently report, will represent privilege of subscribing until
Feb.
the largest business of any brick manufacturing concern in this or any other stock at the price of $136 a share."15 1926 for 100,000 shares of Common
country. Furthermore, it is expected that the corporation will presently
Unfilled Orders.
add the manufacture of roofing tile and other clay products not previously
-See under "Indications of Business
handled. All of the plants are well located with respect to important Activity"
on a preceding page.
-V. 122, p. 104.
railroads and are thus provided with excellent shipping facilities.
CapitalizationAuthorized. Outstand'g.
United Verde Extension Min. Co.
let Mtge.6 % Sink. Fund Gold bds.(this issue)_ $2.850,000 $2,850,000 December.
-Copper Output (Lbs.)
November.
October. September.
-Year 7% Debentures
10
August.
Julv.
1,000.000
1,000,000 3,749,770
3,261,816
3.593,898
3,730,994
Class"A"stock (par $100)
3.861,794
3.855,742
5,000.000
3.264.600 -V. 121,p. 2889,2419.
Class "B" stock (no par value)
5200.000shs 188.7095115.
• 10,000 shares are reserved for option warrants and 1,291 shares are
Wayne Coal Co.
-Receivers Named.
held in the treasury.
Judge W.
Earnings.
-The 32 manufacturing units, together with the sales organiza- 31appointedH. S. Thomson in the U. S. District Court at Pittsburgh Dec.
Fred E. Butcher, Danville. Ill., and Walter A. Jones, Columtion to be owned, have demonstrated individually their ability to earn bus, Ohio, ancillary receivers in
an equity suit
substantial profits over a period of years, even during varied business condi- Trust Co.
Colonial
of Pittsburgh. The same men were brought by the
appointed receivers in a
tions. Their average net annual earnings available for interest, after adjusted suit filed by the Trust company
against the coal company in the U. S.
maintenance charges but before depreciation, for the varying periods during District Court for
the Southern District of Ohio.
-V. 115, p. 2280.
634%
•
JAN. 16 1926.)
Weber & Heilbroner.—Listing.—
363
THE CHRONICLE
The New York Stock Exchange has authorized the listing on or after
Jan. 26. of 11,501.1 additional shares (auth. 100,000 shares) Common
stock without par value, on official notice of issuance as a stock dividend
of 15%, making the total amount of Common stock applied for of 88,175.1
shares.
The committee on securities of the New York Stock Exchange rules that
the Common stock of the company shall not be quoted ex the 15% stock
dividend on Jan. 15 and not until Jan. 27.
Consolidated Sales of Weber and Heilbroner and Brokaw Brothers.
Net
Res. for
Net After cEarns. per
Sales. Before Taxes. Fed. Tares. Fed. Taxes. Sh. on Corn.
Period.
6 Months End.
$2.85
$287,998
437,000
$250.998
Aug.31 1925 $3,914,458
3 Months End.
a178,157
a23,000
155,157
131.83
Nov.30 1925 1,764,992
1 Month End.
2.21
a200,000
a30,000
170,000
Dec. 31 1925 a1,089,000
a Estimated. b Above earnings were determined after deducting dividends on Pref.stock declared by the directors, payable Dec. 1 1925. c After
Prof. dividends.—V. 122, p. 105.
(F. W.) Woolworth Co.—Extra Dividend of $1 Per Share
and Dividend Rate Increased.—The directors on Jan. 13
declared an extra dividend of $1 per share and a regular
quarterly dividend of $1 per share • on the outstanding
$65,000,000 capital stock, par $25, both payable March 1 to
holders of record Feb. 10. This compares with dividends
of 75 cents per share paid quarterly from Sept. 1 1924 to
Dec. 1 1925, incl.
President H. T. Parson said: "The earnings and cash
surplus amply warrant this increase in the dividend. Our
full financial statement will not be ready before Feb. 1."—
V. 121, p. 227.
CURRENT NOTICES.
—At the annual meeting of the directors of Albert Frank & Company,
Western Auto Supply Co.—Sales.-Advertising Agents, the following officers were elected for the coming
1925—Dec.-1924.
Increase.
I 1925-12 Mos.-1924 Increase.
year: Frank J. Reynolds, President, Harry Rascovar, First V ce President
$553,310
$848.583
$295,2731$9,397,886 $5,807,968 $3.589,918
& Treasurer, Mark Ash, Secretary, Lloyd B. Myers. M. Robert Herman,
—V. 121. p. 2767.
John H. Schwarting, Jr., E. W. Kimmelberg, W.Frank McClure,in charge
White Sewing Machine Co.—New Company.—
of the Chicago Office, J. Bartlett Hydorn, in charge of the Boston Office,
See White Sewing Machine Corp. below.—V.118, p. 3210.
Vice Presidents, and George Borst, Assistant Secretary. In honor of Mark
White Sewing Machine Corp.—Debentures Sold.— Ash, who was elected for the twenty-fifth time secretary of the company.
Hemphill, Noyes & Co., Lage & Co., and Mitchell, Hutchins and who is celebrating his 25th Anniversary with the company, the officers
& Co., Inc. have sold at 97 and interest, to yield about gave a dinner at the Biltmore Hotel to Mr. Ash and presented to him a
a letter signed by the
6.41%, $4,000,000 67 10
0 -Year Sinking Fund Gold deben- silver loving cup, suitably engraved, together with expression of each. and
individual officers:of the company, as an individual
tures (with stock purchase warrants).
as a testimonial of their appreciation of his services and friendship
Dated Jan. 15 1926, due Jan. 15 1936. Denom. $1,000 and $500. Int.
payable J. & J. without deduction for Federal income taxes up to 2%. throughout the most important period of the company's history.
Penn., Calif. and Conn. 4 mills tax, Maryland 43 mills tax and Mass.
—Eighty-five years of continuous business is the proud record of Baylis
income tax not to exceed 6% refunded. Red. all or part at 105 and int.
at any time upon 30 days' notice. Chemical National Bank, New York, & Company, member of the New York Stock Exchange who recently celebrated the anniversary of their founding by Abraham Burtis Baylis in
trustee.
Sinking Fund.—Indenture will provide for a monthly sinking fund of January. 1841. Through four generations the business has been conducted
(beginning March 15 1926), which will be used to buy debentures by the same family—A. B. Baylis, 1841-1882: A. B. Baylis, Jr., 1869-1896:
$10.000
up to 105 and int. or, if not so obtainable, to call debentures at 105 and
int. Indenture will also provide for an additional sinking fund payable on Wm. Baylis. 1870-1919. and since 1906, Wm. Baylis, Jr. This is a most
or before the expiration of 90 days after the close of each fiscal year equiva- exceptional record of service.
lent to 20% of the net earnings of the company for the preceding fiscal
—Charles M. Jones, who has been conducting an investment business
year after all charges, including dividends on the Preference stock, whenever such net earnings shall equal or exceed $500.000, with appropriate In Philadelphia under his own name, and Morris F. Miller have formed
adjustment to cover the period beginning Feb. 1 1926 and ending Dec. 31 a corporation for the transaction of a general investment and trading
1926. Such additional sinking fund shall be used to buy debentures up to business under the name of Jones, Miller & Company, with offices in the
105 and int., or if not so obtainable, to call debentures at 105 and ha.
Philadelphia. The officers of the new company are
Warrants.—Each debenture, upon issuance, will carry a detachable Lafayette Building,
warrant giving the holder the right to buy at any time up to Jan. 15 1936, Charles M. Jones, President; Morris F. Miller, Treasurer and M. B.
shares of the COMMOn stock of the corporation at $40 a share, in the ratio De Backer, Secretary.
of 25 shares for $1,000 principal amount of debentures. In the event of
—Announcement is made of the organization of the new Investment
the issue of any Common stock for cash or for property valued at less than
$40 per share,an appropriate adjustment in price will be made with reference Banking Firm of Evans, Searles & Company,at 39 So. La Salle St.. Chicago.
to the shares purchasable pursuant to the warrants.
The firm members are H. K. Pope, A. M. Evans, D. K. Searles, A. T.
100,000 Shares Convertible Preference Stock Sold.—Lage & Alden, E. F. Carter, John L. Devlin. The firm will handle a general line
Co. and Hemphill, Noyes & Co. have sold at $50 per share of investment securities.
—J. Russell Ashby, for the past six years with the Bond Department
100,000 shares Convertible Preference stock (no par value).
Bank, has been admitted as a partner
The holder of each share of Preference stock of record Feb. 1 of the Harris Trust and Savings of Wyant & Company. Chicago, as of
banking firm
1927 (or on any date prior thereto at the option of the cor- in the investment
January 15.
share of Common
poration), will be entitled to receive
—A. E. Lewis & Co., San Francisco, announce the consolidation of its
stock free of cost.
business with that of the San Francisco office of Alvin H. Frank & Co.,
Transfer agents: Corporation Trust Co., New York, and Cleveland
the business of both offices will be carried
Trust Co. Registrars: Mechanics & Metals National Bank, New York,and Royal Insurance Building, where
Union Trust Co.. Cleveland, Ohio. Preference stock is preferred and on as usual.
cumulative as to dividends of $4 per annum from Feb. 1 1926, payable
—Harry J. Kane. formerly H. J. Kane & Co. and David C. Brooks,
quarterly. In case of liquidation it is preferred as to assets over the
Common stock up to $50 per share and dividends. It is non-callable to formerly member of Bonner, Brooks & Co., announce the formation of a
Feb. 1 1927, but callable thereafter at $55 per share and dividends on 30 copartnership under the name of Kane. Brooks & Co. with offices at 7 Wall
days' notice; is convertible into the Common stock share for share, at the Street, New York, to transact a general investment business.
option of the holder, and has full voting power.
—Guaranty Trust Company of New York has been appointed Transfer
Listing.—Appliation will be made to list this stock on the Agent for 500,000 shares, without par value, of Life Savers, Inc. Also
New York Stock Exchange.
for the stock of the Beacon Oil Company, consisting of 1,000,000 shares
Data From Letter of A. S. Rodgers, President of the Corporation'. common capital stock of no par value.
Out
.
Authorized.
Capitalization—
—The Equitable Trust Company of New York has been appointed
6% 10
-Year S. F. debentures (this issue)__ $4,000.000
$4,000,000
for the Preferred No Par Value stock of The Curtis Publishing
Preference stock(no par value)
100,000 shs.
100,000 shs. Registrar
Common (no par value)
a400,000 shs. b200.000 shs. Company.
a 100,000 shares reserved for debenture warrants and 100,000 shares
—C.E. Wells & Co., members of the New York Stock Exchange, New
reserved for conversion by holders of Preference stock of no par value.
announce that Henry Seymour Brown has been admitted to
b 50,000 shares held in treasury for distribution to Preference stockholders York City,
.
eirA
Feb. 1 1927.
th— fir
Cornpang.—Incorp. in Delaware Jan. 14 1926 to acquire business and
m. Edwards & Sons, St. Louis, announce that W. Arthur Stickney
G.
assets of White Sewing Machine Co. of Ohio. Business consisting of the
manufacture of sewing machines, was started in 1866 under the name of and R. J. Denyven have retired from their firm, and Robert L. Hedges Jr.
White Manufacturing Co. and was incorp. in 1876 under name of White and Presley W. Edwards have been admitted as general partners.
Sewing Machine Co. Since the latter date company has grown until to—True, Webber & Co.. Chicago, announce that John Terborgh, Viceday it is the second largest manufacturer of this product in the United
States. Company has been a leader in the development of the electrically President of the Foreman National Bank, will become associated with them
driven machine. In 1919 7% and in 1925 62%% of its business consisted as Vice-President on Feb. 1.
of these machines.
—Irving Bank-Columbia Trust Co. has been appointed trustee of an
At the close of 1923 White Sewing Machine Co. acquired full ownership
of the stock of Theo. Kundtz Co., and in 1924 it contracted with Sears. Issue of $349,000 par value 8% Equipment Trust notes, Series A, of the
Roebuck & Co. for the business and all the assets of Domestic Sewing Kanotex Refining Co.
Machine Co. as well as certain assets of King Sewing Machine Co. In
—Fenner & Beane, members of the New Yord Stock Exchange, have
Jan. 1925 the assets and business of the aforementioned companies were
consolidated with White Sewing Machine Co. The Theo. Kundtz Co. was issued for free distribution a pamphlet on the security and commodity
one of the oldest and largest woodworking companies in the country and
the railroad outlook.
manufactured, among other products, sewing machine cabinets of all kinds. markets, which also contains an analysis of
This business is being continued as a department of White Sewing Machine
—Messrs. Patterson & Ridgway, 120 Broadway, N. Y., have published
Corp. The purchase of Domestic Sewing Machine Co. resulted in an
the important changes in the tax law as
advantageous contract with Sears, Roebuck & Co., which runs to 1935. a pamphlet giving a summary of
Under this contract the company supplies Sears, Roebuck & Co. with its proposed by the present draft of the Revenue Act of 1926.
needs in the sewing machine line. As a result of the acquisition of these
—The firm of O'Neill & Spillinger, has been organized to conduct a
new properties the company has been able to increase its business from
offices at llWall Street. New
apprmdmately 70,000 machines in 1923 to approximately 125,000 machines general brokerage business in securities with
York. Members of the firm are Paul M. O'Neill and Joseph C. Spillingsr
In 1925, and at the same time substantially reduce its costs.
Company's plant, containing about 800.000 sq. ft. of floor space, is well
—Naphen & Co., 14 Wall Street, New York. announce that the business
located on 4.35 acres of land in Cleveland,0. Company has approximately
over and will hereafter be
1,300 employees in the plant and general offices. Company operates under heretofore conducted by them has been taken
conducted by Naphen & Co., Incorporated.
the open shop plan.
Earnings.—From the date of the incorporation of the company in 1876
—Lebenthal & Co., 120 Broadway. New York, specialists in odd lot
until the general industrial depression of 1921, the company operated at a
bonds showing
profit in every year except 1893 and 1894. in which years comparatively municipal bonds, have issued a list of odd lot municipal
small losses were shown. Earnings after depreciation, but before interest Moody's ratings.
and Federal taxes, to Oct. 31 1925, and after including estimates for Nov.
—National Bank- Commerce in New York has been appointed agent
of
and Dec. 1925, at the rate of earnings for the previous 10 months are as
Gold notes. due
follows: 1924, $905,737: 1925, $1,320,000.
to receive subscriptions for $3.000,000 Five-Year 6%%
The above shows average earnings for the last two years of $1,112,868. Jan. 15 1931 of the Independent Oil & Gas Co.
equivalent to over 43 times the annual interest charges on these debentures
—Victor R.Rubins,formerly of Munds & Winslow,is now associated with
and for 1925. over 5% times such interest charges.
Purpose.—Proceeds of both issues will be used in acquiring the assets of the firm of Chisholm & Chapman, members of the New York Stock ExWhite Sewing Machine Co. and for other corporate purposes.
change, New York.
Consolidated Balance Sheet Oct. 31 1925 (After This Financing).
—J.Barth & Co., San Francisco, announces the admission to partnership
Liabilities—
Assets—
Simon.
-Year debentures_ $4,000.000 of Alfred J. Lundberg and Richard 0.
$3,399,079 6% 10
Property accounts
announce that
18,912 Current liabilities
Other investments
932.028
—Walter Stokes & Co., 437 Chestnut St., Philadelphia,
their firm.
Branch office ins. reserves
Current assets & install52.472
McEwen Robertson has become a general partner in
accounts
8,520,819 Cony. pref. stock
5,000.000 Tate
ment
Rapids:have changed
—Livingstone, Higbie & Co., of Detroit and Grand
1 Common stock
Patents & good-will
750.000
77,324 Initial surplus
Deferred charges
1,281,632 their firm name to Livingston & Company.
on_Royal Bank of Canada.
—Pask & Walbridge have prepared_an analysis
Total
•
$12,016,135
$12,016,135
Total
364
THE CHRONICLE
[Vol.. 122.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
SUGAR.-Prompt rams were steady for a time at 2Y
3c.
asked and 2 5-16c. bid. On the 12th inst. the tone suddenly
became firmer at 23c. braced by sales of fully 100,000 bags
at equal to 4.4Lc. delivered. Yet at the opening of the season
many are as usual skeptical as to the possibility of any perFriday Night, Jan. 15 1926.
COFFEE on the spot was firmer with a fair demand: manent advance with so much sugar to be marketed. But
Rio 7s, 18 to 183 4c.; Santos 4s, 233/i to 24c.; Trujillo, 24 there has been little or no disposition to force business.
to 25c.; fair to good Cucuta, 26 to 26%c; Honda, 303, to United Kingdom buyers were indifferent early in the week
31c.; Medellin, 313/2 to 32c.; Robusta washed, 21 to 21/
1 2c.; aside from some demand for forward shipment. Board of
Natural, 18 to 21c.; Columbian Ocana, 2434 to 25c. Early Trade statistics for the United Kingdom showed the followin the week mild was advanced Mc. on Medellin, Columbian ing figures for raw sugars at the end of December: Arrival
and natural Robusta in response to higher prices for Brazilian. 252,800 against 163,642 last year; consumption 120,000
Prompt shipment offers included Bourbon 2s-3s at 243/2c.; against 124,679 last year; stock end of last week 415,600
3s at 24 to 2434c.; 3-4s at 2334c.; 3-5s at 223 to 2334c.; against 165,550 last year. Rains in Cuba caused a temporary
4
4s-5s at 223/ to 22.95c.; Bourbon grinders 6s at 223/2; 7s-8s decrease in output. H. A. Himely cabled that 145 centrals
at 21 to 213 c.; part Bourbon or flat bean 2s at 243'c-; were grinding as against 150 a year ago. Early this week
4
2s-3s at 24 to 24.80c.; 3s at 24c.; 3s-4s at 2334 to 23.30c.; 6,000 bags of Louisiana refining grades sold to refiners at
3s-5s at 22.80 to 23.15c.; 4s-5s at 233 c.; 4s-6s at 223'c.; 4.14c. delivered New Orleans. Futures were quiet and at
4
Santos peaberry 4s-5s at 22.60 to 22.95c.; 4s-6s at 22.700.; times somewhat lower. Refined was as a rule quiet though
Rio 7s at 18.55 to 18.90c.; 8s at 17.80c. Victoria 7s-8s at one refiner sold freely at 5.15c. for shipment in turn. Speci17.35c. Future shipment February-April 3s-5s Bourbon and fications with the order. Others quoted 5.40 to 5.50c.
part Bourbon at 2234c. Why it is asked are March and May nominally for prompt shipment but it was said that these
at almost the same price? Premiums on near months prices were eased. Later on the 12th inst. it appears that
shrunk. Perhaps there will yet be a premium on the distant 2,000 tons Philippines in store and 2,600 of Porto Ricos
months. That idea is being considered. Much it is con- nearby sold at 2 11-32c. A Gulf refiner paid 23 3c. it was
/
tended will depend on whether the Brazilian Defense Com- said for a cargo of Cubas late January shipment.
Exports of old-crop Cuban raw sugars for the week ended
mission supports the market or not and if it does whether
it will sustain the near months or the distant or the whole Jan. 11 last, according to H. A. Himely, were 42,076 tons,
list. Few believe it will attempt to put prices up to a level receipts 5,246 tons and stock on hand 42,076 tons. Exports
that will arouse criticism in importing countries. The Coffee show an increase; for the week the total is 60,956 tons, inDefense has learned that this would be unwise. Meanwhile cluding 31,610 tons north of Hatteras, 9,970 tons to SaNew York's stock of Brazil coffee is 498,700 bags against vannah, 2,762 tons to interior, 514 tons to England, 5,000
303,509 a year ago. The total in sight for the United States tons to France, 2,942 tons to Holland and 7,440 tons to
is 1,226,830 bags against 871,379 a year ago. Rio on the China. Some maintain that sentiment is generally friendly
other hand holds only 301,000 bags against 459,000 last to the market, though lower prices may precede a permanent
year and Santos 1,251,000 against 1,744,000 in 1925. Later rally. The noteworthy strength of futures suggests to some
Rio 7s were in demand at 18c. Firm offers on the 13th in- an underlying strength in the general situation. Sales of
cluded Santos 3s at 23.80 to 24.15c.; 3s-4s at 23 to 23.50c.; late of 100,000 bags were reported at 2 11-32c. to 23 c.
A
4s at 22.75 to 23.15c.; 4s-5s at 22.60 to 22.750.; 5s at 22.75 The United Kingdom bought 1,000 tons of Perus afloat at
to 23c.; grinding 6s at 22.35; 7s-8s at 20.85 to 21.60c. Vic- 10s. 6d., while February shipment, it was understood, sold
toria 78-8s were offered at 17.35c. to 17.50c. To-day spot at 10s. 9d. Some 14,000 bags Santo Domingo for prompt
coffee was steady with No. 7 Rio 183'c.; No. 4 Santos 23% shipment sold at 2 5-16c. to a Canadian refiner, and 1,000
to 24 Yie. Santos 3s on firm cost and freight offers 243c.; tons Philippine Islands centrifugals were reported sold to an
4
operator for January shipment at equal to 2 7-160. c. & f.
4s, 23.20 to 23.750.; Rio 7s, 19.15 to 19.35c.
Futures advanced early in the week with Brazilian markets for Cubas. Refined fell to 5.200. in a number of cases.
higher, but profit-taking caused a reaction from the top on Futures eased.
Cuban receipts for the week were 127,819 tons, against
the 12th inst. of some 17 to 30 points. On the 11th inst.
prices had advanced some 35 to 50 points with Brazilian 43,815 in the previous week, 113,702 in the same week last
exchange higher and cost and freight offers also higher. A year and 102,153 two years ago; exports, 71,322, against
rise of Hd. occurred in Santos and Rio exchange. Cables 30,024 in the previous week, 68,466 in the same week last
from Santos reported that indications pointed to a Santos year, and 53,175 two years ago; stock, 142,876, against
crop of only 6,000,000 to 7,000,000 bags. They caused 86,379 in the previous week, 85,805 in the same week
covering and hastened the rise. The transactions reached last year, and 90,911 two years ago. Centrals grinding,
90,000 bags, including July-September switches at 45 points; 142, against 120 in the previous week, 145 last year and
March-May, even; May-December at 65 to 67 points and 147 two years ago. U. S. Atlantic ports receipts for the
September-December at 15 points. Santos exchange ad- week ending Jan. 13 were 46,552 tons, against 85,724 in the
vanced to 7 15-32d. Rio terme prices were 350 to 475 reis previous week, 38,288 in the same week last year, and
net higher. On the following day Santos was 175 reis lower 33,770 two years ago; meltings, 47,000 tons, against 70,000
to 75 reis higher; Rio 50 reis lower to 50 reis higher. Santos in the previous week, 34,000 same week last year, and
exchange was 7 32-64d. and Rio exchange 7 15-32d. The 36,000 two years ago; total stock, 75,944, against 76,392
Permanent Institute for the Defense of Coffee reported stocks in previous week; 35,955 same week last year, and 24,451
in Sao Paulo interior warehouses and railways on Dec. 31 two years ago. To-day prompt raws were quoted at
is 4,383,000 bags, against 4,216,000 on Dec. 7. Later prices 2 11-32c. for Cuba, with sales of 50,000 bags reported
rallied in what looked a little like a short market. Foreign at that price, following 100,000 on Thursday. Refined was
buying put up September. March advanced with reports quiet on new business. Europe was quiet and steady;
of a better spot demand. The rise was largely, however, due Cuban, 10s. 9d. to us. Peru, February, 10s. 9d. Havana
to the techinical position, for the cables were lower. Rio reported the weather clear and fine. New crop production
fell 450 to 600 reis and Santos 50 to 75 reis. Rio exchange to Jan. 9 is put at 377,953 tons, against 415,746 a year ago.
on London closed I-32d. lower at 7 15-32d. and the dollar Cuban stocks old and new in all positions are stated at
rate 20 reis higher at 6$640. Crop talk of only 6,000,000 to 274,837 tons, against 262,616 a year ago. Futures closed
7,000,000 bags for Santos with generally higher cost and 1 point lower to 2 points higher for the day, with sales of
freight offers and a firm Brazilian money market all helped 9,000 tons. Last prices show a decline for the week of
futures upward at one time.
4 points.
A cable received by J. C. Muniz, Acting Consul-General Spot, unofficial 2 11-32c. I May
2.49a _-_ I September_ __ _2.71a
2.370 _ - I July
2.60a -!December _ - _-2.76a -for Brazil, from the Paulista Institute for the Defense of /starch
TEA-In London on Jan. 11 the tone was firm. Of
Coffee gives existing stocks Dec. 31 1925 as follows: Regulatory warehouses, 3,210,286 bags; railroad stations and 29,500 packages offered 28,000 sold as follows: Medium
cars, 1,172,542 bags, or a grand total of 4,382,828 bags. pekoe is. 63'd. to is. 9d.; fine pekoe, Is. 93d. to 2s. 10d.;
4
August flowering and fruits were satisfactory at the be- medium orange pekoe, is. 63 d. to Is. 93/2d.; fine orange
4
ginning of the summer. The present abundant rainfall pekoe, is. 93 d. to 3s. In London on Jan. 12 offerings
of Ceylon were 24,500 packages of which 23,000 sold. Prices
will not increase next crop, but will only prevent decrease
of quantity and improve quality. On Dec. 7 the total stock were unchanged or rather firmer. In London on Jan. 13
was 4,216,000 bags. To-day futures ended unchanged Indian teas firm; offerings 25,000 packages of which 24,000
4
to 15 points lower with sales of 70,000 bags. Heavy foreign packages sold. Prices: Medium pekoe, is.63 d.to Is.934d,
;
4
selling was reported. It offset higher cables. Profit- Fine pekoe, is. 93 d. to 2s. 103/2d.; medium orange pekoe,
4
taking was in order. Final prices show an advance for the Is. 7d. to is. 93 d.;fine orange pekoe, is. 10d. to 3s.
LARD on the spot was higher with a steady demand;
week of 87 points on March and 85 on May.
17.83a17.84 I September_ _17.36a ---- prime Western 15.85 to 15.95e. nominal; Middle Western,
Spot. unofficial_ _18%c. May
17.87a ____ I July
17.63a ---- December _17.15a -_- 15.70 to 15.80o.; city lard in tubs, 1
March
53/ to- 1534o. CoinThe 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."
365
THE CIFE RONTCLE
JAN. 16 1926.]
pound earlots in tierces, 124 to 13o.; refined Continent,
184c.
164 to 16Mc.• South America, 174c.; Brazil in kegs,
prime Western,
To-day spot fard was dull and irregular;America,
1714o.;
15.85e.• refined Continent, 16404 South
'
Brazil, 184c. Trade has increased. The shortage of hogs
In the corn belt shows in the receipts at Western terminals.
Prices have advanced on excellent buying by domestic and
foreign interests. The Government pig survey was bullish.
Futures advanced on bullish Government hog statistics,
light receipts of hogs, 15 to 25o. higher prices for them, and
small offerings of lard. Foreign shorts covered. Packers
to 35
were sellers. On the 12th inst. lard advanced 22 points
points and rins 12 to 35, with bellies unchanged to 42 lower.
net higher. English cables were unchanged to 6d. farWashington wired: "With the number of sows held for
rowing in the fall of 1925 some 15.4% lower than in the fall
of 1924, hog production in the United States has reached
the lowest point in 10 years, according to the Dec. 1 report
of the Department of Agriculture and the Post Office Department. The number of pigs saved is reported as 11.9%
smaller. In the corn belt States, the decreases in sows farrowing was 14.6% and of pigs saved 12.2%. Compared
with the fall of 1924, the average number of pigs saved
wr litter was reported larger, 5.73 in 1925 and 5.45 in 1924.
!Po-day futures opened steady but dropped later some 25 to
30 points. Hogs advanced 10 to 15 points with the top $13,
but there was no aggressive buying. Profit taking was
noticeable. The stock of lard at Chicago increased during
the first half of January some 4,000,000 pounds. On the
way down stop orders were encountered. Final prices,
however, show a net rise for the week of 5 to 15 points. It
was much greater at one time.
Pennsylvania
$3.65
Corning
1.95
Cat:mil
2.10
Somerset. light
2.35
Rock Creek
1.75
Smackover,27 deg. 1.30
Buckeye
Bradford
Lima
Indiana
Princeton
Canadian
Wortham.
38
$3.30
3.65
1.98
1.78
1.87
2.38
deg- 1.95
$3.30
Eureka
Illinois
Crichton
Plymouth
Mezia, 38 deg_ ___ 1.95
Gulf Coastal
Wooster
1.87
1.60
1.40
"A"_ 1.60
2.00
RUBBER was dull and 1. lower early in the week.
London fell 14 to 4d on the 12th inst. on most deliveries.
-March 88 to 890.;
First latex crepe, spot-Jan.89 to 90e.; Feb.
-June 83 to 84e.; July-Sept. 75 to 700.; Ribbed smoked
April
-Jan. 87 to 880.; Feb.
-March 85 to 86e.; April,
sheets, spot
June 81 to 82c.; July-Sept. 73 to 740.; Brown crepe thinclean 82c.• Amber No.2 84o. In London on Jan. 12th trade
at
was dull 'the decline. Spot
-Jan. 43 to 43 Ad; March 4131
to 42d.; April-June 394 to 40d; July-Dec. 354 to 36d. The
National Automobile Chamber of Commerce on Jan. 12th
authorized the appropriation of $10,000,000 to assure the
public, and the motor vehicle manufacturers of adequate
supplies of rubber at reasonable prices. It will obtain a
charter to produce, buy and trade in rubber. A committee
was named to take the necessary steps to organize and apply
for a charter. Singapore on the 12th inst. was /t to 63%d
3
higher in response to a rise earlier in the week in London.
3
In London on the 11th inst. prices were up 4 to Id higher on
good demand trade and speculative. New York being the
leader in the upward movement and the buying despite the
big gain in stooks the largest in many months. In warehouse on the 11th inst. the stock was 7,317 tons the largest
since May 16 1925 and an increase of 1,188 tons over last
week. A month ago the 'stook was 4,453 tons and on the
same date last year 29,640. London prices on the 11th inst.
4
jan. 433 to 44d; Jan.
-Mar. 433% to
were as follows: Spot7
4
433 d; April-June 393%d. to 40d; July-Dec. 354 to 353%d.
IN CHICAGO.
Secretary of Commerce Hoover's announcement of an
DAILY CLOSING PRICES OF LARD FUTURES
Frt.
Wed. Thurs.
Tues.
Mon.
Sat.
American producing syndicate had a sobering effect in Lon15.02
15.27
15.10
15.12
14.90
January delivery_ - _cts_14.85
don and on the 13th inst. prices declined 4to Md. on most
15.20
15.47
15.32
15.30
14.97
14.92
March delivery
15.35
15.65
deliveries. More than otherwise the effect was seen in
15.42
15.40
15.12
15.00
May delivery
cautious trading across the water. Spot in London on the
PORK firmer; mess, $36 50; family, $39 to $41; fatback 13th inst.,42Ad.to 43d.;Jan.,42Ad.to 43d.; March,41Ad.
pork, $35 50 to $37 50. Ribs higher; cash, 15.37e., basis to 42d.; April-June,394d.to 40d.;July-Dec.,35d. to 3514d.
40 to 60 lbs. average. Beef firm but quiet; mess, $24 to Singapore fell % to %d. Spot, 403%d.; Jan., 40%d.; Jan.
5
$26; packer, $24 to $26; family, $27 to $29; extra India mess, March,394d.;April-June,363 d. New York first late spot,
4
$45 to $47; No. 1 canned corned beef, $3; No.2,$5 25;6 lbs., 89 to 90c.;ribbed spot,87 to 88c. The London Daily"Mail"
$18 50; pickled tongues, $55 to $60 nominal. Cut meats said it is believed estimates will state the world's consumption
4
firm; pickled hams, 10 to 20 lbs., 213 to 23%c.; pickled for 1925 at 560,000 tons and the production for 1926 at
bellies, 6 to 12 lbs., 213% to 22c. Butter, lower to nigh, 630,000 tons. It adds that there will be no serious shortaga
40 to 443%c. Cheese, flats, average to fancy, 263% to 29o. of rubber. A Reuter dispatch from Batavia, Java said proEggs,fresh medium to extras, 35 to 43e.
visional estimates show an increase of 50% in the native
-Linseed has been quiet at 11.9c. for spot-April rubber production for 1925. This gives a total of 129,700
OILS.
• delivery in carlots, cooperage basis. Stocks are fairly large. tons gross or 84,000 tons net as against 104,000 tons of
Laters crushers reduced the price 1 point to 11.80. in carlots. estate rubber which has increased 15%. New York was
Linoleum makers are indifferent. Cocoanut oil, Ceylon, dull and weaker later with larger offerings. London off
Coast tanks, 103%c.; Manila tanks, coast spot, 103/20.; 14 to 13%d. First latex crepe spot, 86 to 873%e.; Jan. 86
0
, 0.; April-June, 78 to 794o.•
-Mar., 83 to 8 ,
China wood, New York, spot bbls., 13 to 133/20.; crude, to 87c.; Feb.
tanks, plant, 93% to 93%e. Olive, Denmark, gallon, $1 22 July-Sept., 74 to 75c. Ribbed smoked sheets, spot, 85 to
-Mar. 82 to 83%e.; Aprilto $1 25. Soya bean, coast, 10%c. Edible corn, 100-bbl. 863%c.; Jan., 85 to 86c.• Feb.
lots, 123%c. Olive oil, $2 to $2 50. Lard, prime, 184c.; June,77 to 783"2c.; July-Sept., 73 to 74e. Brown crepe thin,
/
extra strained, winter, New York, 143 0. Cod, domestic, clean, 80c. Amber No. 2, 82e. Caucho ball, upper, 60
63 to 640.• Newfoundland, 65 to 67c. Turpentine, $1 103% to 62c. London dropped on the 14th inst. owing to the
to $1 134. Rosin, $14 65 to 16 60. Cottonseed oil, American imports for December and big exports from Singesales to-day, including switches, 23,000 bbls. Crude S. E., pore, spot, 4114 to 42d.• Feb., 41 to 413%d.; Mar. 40d. to
to
-Dec., 33' 33%d.
10c. Prices closed as follows:
4034d.; July-Sept. 343/2d. to 35d.; Oct.
(March
i
11.06all.07June
11.15011.18 Singapore fell X to %d.; spot, 393/d. The crude rubber
11.25a
I
Spot
11.25011.28
11.06011.20 July
January.:_ _11.35011.29 April
new impetus and the U.S. Rubber Co. added
11.12a ---- August
11.31011.40 plan is getting
February-11.15a11.20May
5,700 acres to its holdings in the Far East.
-Gasoline was very quiet at 114 to
PETROLEUM.
HIDES were quiet but steady on dry hides, with small re113%c. for U. S. Motor at local refineries. There was a
good export inquiry, but little new buying took place. ceipts from South America. Columbian were said to be
Cased gasoline was inactive; in steel drums to garages 17c. wanted but no actual business was reported. Orinoco were
was quoted. Kerosene was rather quiet with water white not freely offered. River Plate were steady but slow of
quoted at 8c. in bulk at refineries and 93%c. delivered to the sale. Packer were quiet. Country hides were in rather
trade. In the Gulf 8c. was asked for water white and 7c. better demand. Antioquia, 253/20.; Orinoco, 223%c.; Marafor prime white. Cased kerosene was quiet. Lubricating caibos, 213%c.; Central America, 21c.; Laguayra, 213/2c.;
oils were firm but quiet. Gas oil was in better demand, and Savanillas, 23c.; packer hides native steers, 16c.; butt
firmer at 53%c. for 36-40 in bulk, local refineries and 54e. brands, 143%c.' Colorados, 133/2c.; cows, native, 13c.• bulls,
r at $41
for 28-34. In the Gulf section 26-28 red transparent gas native, 11c. Some 4,000 Anglo steers sold lat' or
4
oil was held at 43e.; for dark 32 plus, 43%o. was quoted. 18%c. compared with the last previous sale at 19 1-1firs.
Paraffin waxes were dull and easier. For white crude scale
OCEAN FREIGHTS were in rather better demand and
122-124 A.M.P., 534c. was asked, but there were intimawere more active.
tions that 54c.could be done on a firm bid. Export demand steady. Sugar and time charters Roads to Genoa, $3. January:
Charters included coal from Hampton
was small. Bunker oil has an upward tendency. Refiners sugar from Cuba to United Kingdom-Continent, 18s., one port; 18s. 6d.,
to Providence,
ask $1 60. Gasoline is slow of sale. So is kerosene. Lu- two ports, February; light crude oil from U. S. Gulf17c.. 1714c. and 280..
18c.;
January; grain from
bricating oils are quiet but steady. Waxes are dull and coal from HamptonWest St. John to Mediterranean. January: coal from
Roads to Rio de Janeiro. $3 65.
end January. early
tending downward. Domestic crude oil production last Hampton Roads to West Italy, $3; if Leghorn, $3 05,trip in West Indies
tons, round
February loading; time charter
week averaged 1,963,800 bbls. daily, according to the trade, 31 90, delivery New York,748 net loading; 3,161 net tons trip across
January
American Petroleum Institute, which is a decrease of 8,750 fixed from Gulf for trans-Atlantic voyage, $1 30 delivery Gulf and refrom New York
delivery
bbls. a day. The average in the previous week was 1,972,550 to one or Mediterranean, January loading; agricultumls from Cuba to
,
two ports Black Sea. 916c., January loading; sugar
option Santo Domingo, 19s. option
bbls., and in the same week last year it was 2,005,000 bbls. United Kingdom-Continent. 19s. 3d.,18%c.from Cuba. February loading;
Canada. 18c.from Santo Domingo and
New York refined export prices: Gasoline, cases, cargo from Cuba or Santo Domingo to United 'Kingdom-Continent, 18s., Februontinent. 18s. 6d.. February;
lots, U. S. Motor specifications, deodorized, 27.15c.; U. S. ary loading;from Cuba to United Kingdom-Cloading; time charter steamer
4
Motor, bulk, refinery, 113c.; kerosene,.cargo lots, cases, from Cuba to North Hatteras, 180.. prompt trade. $1 35, January; round
about 3,500 tons short period in West Indies Kingdom, re-delivery Medi17.900.; bunker oil, f.o.b. dock, $1 75; Diesel oil, Bayonne, trip in Newfoundland trade, delivery United loading; trip across,
1,091
90. January
bbl., $2 20; furnace oil, bulk, refiner, nominal; petroleum, terranean, not East of Greece, 9s.Kingdom-Continent. $1 90,late January
net tons. South Atlantic to United
refined, tanks, wagon to store, 15c.; kerosene, bulk, 45-46-150 loading; gas oil from Gulf to New York, 26c., January: clean oil from Gulf
loading;
one port, 28s. 6d., two ports. January
W. W., delivered, New York, tank cars, 93%c.; motor gaso- to French Atlantic, 27s. 6d., 15c., prompt loading: dirty oil from California
Tampico to Vera Cruz,
River Plate.
line, garages (steel lthls.), 17c.; up-State, 17c.
to north of Hatteras. three trips, 68c., February; linseed from agriculturals
$5. January-February loadings;
Elk
Rosario to
$1.90 from New north of Hatteras,Black Sea, 91.6c., January-February loading;
Oklahoma, ansas and Texas-$1.00 Big Basin
York to Russian
Muddy
1.75
Under 28
39 and above
Texas Co. 28-28.9
33-33.9
42 and Moore
Oat Creek
2.01 Homer 35 and above
Caddo
Below 32 deg
1.55
32-34.9
2.27
88 and above
1.15
1.52
1.75
1.06
1.76
.96
1,000 to 1.500 bbls. cement from New York to Miami. $3 25. January;
Cuba,
7,000 tons rice, Kohsichang and (or) Slag= to six ports of $3 35, 38s. 00.,
January;
January loading: 4,000 tons chalk, Calais to Philadelphia.
trade, $1
time charter. 1,177 net tons 12 months West Indies tons net, 37Si; delivery
round trip In
of Hatteras end of January loading; 2,004
north
West Indies trade. $1 05. delivery north of Hatteras, prompt loading; 743
366
THE CHRONICLE
[Vox. 122.
tons net round trip in West Indies trade. $1
net, round trip in West Indies trade, $1 40; prompt loading; 1.169 tons
prompt loading; 1 195 tons net round trip 10 delivery Hampton Roads.
in West Indies trade, Si 20,
delivery north of Hatteras,
in West Indies trade,51 40,prompt loading; 1,588 tons net about 7 months
delivery north of Hatteras, January loading.
115,000 tons (78% from New Jersey) of the Central States
about 457,000 tons and of the Western States about 140,000.
Notable increases were made in output of Utah and Idaho.
COAL.
-Retail prices have risen with storms or colder Imports of zinc in ore for 11 months amounted to 11,806 tons.
weather to increase the consumption. The hard coal strike, The zinc content of concentrates exported during 11 months
moreover, has not been settled. In the Greater New York of the year amounted to 60,784 tons. The zinc content of
district dealers quoted coke at $18 to $18 75. Small quan- zinc ore in bonded warehouse on Nov. 30th was 18,735 tons.
tities are at a much higher rate per ton than $18 75. "Semi- Later in the week zinc was dull and weak. Feb.sold at 8.50o.
and March at 8.40c. East St. Louis 8.60c. as the inside
bituminous," "smokeless" or "low volatile" soft coal
egg and stove sizes were quoted at $14 to $18 a ton of nut, price for spot. The supply of prompt zinc is small. On the
among
larger distributors in Manhattan. Run of mine low volatile other hand December figures show an increase in surplus.
soft coal at retail was $7 75 to $9 50. Domestic bituminous stocks. It was not large but it shows a turn in the tide.
of West Virginia product was quoted at $9 50
STEEL-Orders
In Brooklyn ton lots of smokeless were $9. in Manhattan. one of the outstandfor cars have been liberal and that was
Foreign hard
ing features after a lull in 1925. It had
coal was $23 50 to $27 50. The Hampton Roads market a more or less steadyin
was firmer. Later there was a rise of 25c. in run of oven advance prices; trade g effect. But there is no effort to
in general does not encourage it.
furnace coke at Connellsville to $4 75 to $5. Crushed was Awards of structur
quoted at $7 50 to $9. Coke advanced to $7 at Connells- item in the week's al steel of 45,000 tons are a noteworthy
vine. At New Haven the first cargo of Welsh hard coal, sufficient demand developments. Steel bars have been in
5,000 tons, to reach Connecticut arrived by the steamer are not quite so to attract attention and prompt deliveries
much
Havnanger, which was 26 days making the trip from Cardiff. ports that the America a matter of course. Pittsburgh ren
This is the first consignment of about 10,000 tons of Welsh had the largest orders Sheet and Tinplate Co. has latterly
of any time for some weeks roast,
hard coal for Hartford. On the 14th inst. coke prices rose though the year-end
quiet
sharply. Connellsville spot coke was quoted anywhere from usual. Sheet mills' outputspell was not so _pronounced as
in the Pittsburgh district is at
$8 50 to $14. Crushed coke, fair grade, was offered to the 90% and tin plate mills
at 89%. Sheet bars producti
New York trade at $13 50, equal to a tidewater price
the Pittsburgh district is mostly sold ahead for the on in
of
first
$17 41. Retail coke in Greater New York advance
d 50a. quarter by leading makers and the price tendency is upward.
to $2, depending on the deal.
In sympathy with this sheets are naturally inclined to be
COPPER has been in the main quiet. The price remained firmer. Automobile companies which used 14% of the steel
at 143,gc. delivered in the valley. Sales for export were made consumed in the United States last year are expected to reon the 13th inst. at 14.05c. f. a. s. Lake smelters reported enter the market before long. Oil burning heating plants
a brisk demand. The January output is said to have
for homes
been rerolling, are taking more steel than formerly. Billets,
sold and a large part of February is booked. In London
$36 to 37; billets forging, $41 to $42; sheet
on
the 13th inst. spot standard fell 5s. to £59 10s., and futures $37 to $38; slabs, $36; wire rods, $45 to $46. Sheets,bars,
blue
declined 2s. 6d. to £60 12s. 6d. Electrolytic unchanged
annealed, 2.50 to 2.60c.; black, 3.35 to 3.40c.; galvanized,
to
£66 for spot and £66 10s. for futures. Later London was 4.60 to 4.70c.; auto body, 4.40 to 4.50c.; tin plate (per base
declining; standard, £59 7s. 6d. spot, £60 10s.
futures. box), $5 50. Hot rolled, bars, 2 to 2.100.; plates, 1.60 to
Electrolytic fell 5s. to £65 15s. spot and £66 5s. for futures. 1.700.; shapes, 1.90 to 20.; rails, standard, $43; rails, light,
for
New York, 143'c. with trade light.
1.65 to 1.70c. Wire products: plain wire, 2.50c.; barbed
TOBACCO.
-Most of the business has been in Java and wire, 3.35c.; galvanized wire, 3.10c.; rails, 2.65c.
Porto Rico tobacco at firm prices. Otherwise trade has
PIG IRON has declined somewhat, Eastern pig dropping
been slow as usual just after the turn of the year.
50c., now being quoted at $22 50. Coke
expectation is that the demand for domestic tobacco The sharply, owing to the failure of the anthracitehas advanced
will
conference to
increase later on. Meanwhile prices show no quotable end the strike. Some pig iron makers had bought
coke at
change. There is hardly enough business really to test
the prices $2 to $2 50 below the present prices, so that rising
market, but it is considered steady. The America To- prices have not affected those for iron. The composit coke
n
bacco Co., it is stated, seeks the lease of the Polish Govern- is still $21 54, as it has been for nearly two months.e price
ment's tobacco monopoly, and that corporation and the is $2 58 above the price last summer. .Domestic coke This
Bankers Trust Co. already have representatives in Poland $9 50. There is some quiet buying of iron, but there is at
investigating it appears. The loan may be anywhere from activity; it is not expected at this time. Latterly the is no
con$25,000,000 to $50,000,000.
tinuance of the hard coal strike and rumors that it may conTIN of late has been firmer in sympathy with higher Lon- tinue for many months have had a tendency to steady prices.
Nominal quotations are: No. 2 plain eastern Pennsylvania,
don prices. On the 13th inst. prices here advanced
M to
to Mc. Spot Straits sold at 63c. January-February at $22 50 to $23; Virginia, $24 to $25; Birmingham, $21 to $22;
62Mc., March at 62%c. and April
-May at 623c. Trading Chicago, $23 to $23 50; Valley, $20 50 to $21; basic, Valleys,
has been small. In London on the 13th inst. spot standard $20 to $21; eastern Pennsylvania, $22 to $23; malleable,
rose £1 10s. to £287 and futures advanced 12s. 6d. to £278 eastern Pennsylvania, $23 to $24; Buffalo, $21 to $23;
17s. 6d. Later, London dropped £2 7s. 6d. to £3 10s. and charcoal, $26. Buffalo iron, it is said, sold down to $21.
New York Mc. Standard London, £283 15s. spot and Later coke was $7 50 for machine drawn furnace Connellsfutures £276 10s.; spot Straits, £284 15s. New York spot ville; domestic coke, $10 50. Alloys, ferro-manganese, 78
to 82%, seaboard or domestic furnace, was quoted at $115;
Straits, 623 to 625 c., and futures 613/i to 613 c.
%
4
spiegeleisen, 19 to 21%,
LEAD has been steady. The leading refiner still quotes livered, $32 50 to $35; $32 to $33; ferro-silicon, 50%, deBessemer ferro-silicon, 12%, $37.
.25o. New York, while 9.10o. is the prevailing price at
WOOL was steady but as a rule quiet, despite the firmness
East St. Louis for prompt delivery. Premiums ranged up
to 9.20o. East St. Louis and 9.50o. New York for strictly of foreign markets. The cape is 5% higher than recently.
spot lead. Lead stocks in the hands of United States and The River Plate has been firm. Australia and New Zealand
Mexican members of the American Bureau of Metal Sta- prices have been steady. London sales will be resumed on
tistics on Jan. 1 amounted to 13,291 short tons, against Jan. 19. Here prices were nominally as follows:
53 to 54c.;
16,786 tons a month ago. Production of crude lead by YiOhio and Pennsylvania fine delaine, basis, fine 3i blood, 52 to 53c.;
blood, 52 to 53c. Territory, clean
staple,
30
medium,
these countries was 67,608 tons in December against 67,158 staple, French combing, $1 25 to $1 27; medium, clothing, to $1 33;
blood
$1 20 to $1 22. Texas, clean basis, fine 12
tons in November. Refined output last month was 65,155 10 months,$1 23 to $1 25. Pulled, scoured basis, months, $1 28 to $1 30:
A super, $1 10 to 51 15;
tons, against 63,588 in November. Spot lead in London B, 90 to 95c. Domestic, mohair, best combing, 75 to 80c. Foreign
clean basis,
on the 13th inst. advanced is. 3d. to £.38 15s. and futures clothing wools. Australian,SI 10 to Si in bond, 64-70s.; combing. $115
to 51 18; 64-70s. clothing,
Zealand,
rose is. 3d. to £37 17s. 6d. Later the demand improved bond, 56-58s.; super, 52 to 54c.: 50-568.15. New to 46c. grease basis, in
super, 44
somewhat, especially for February. Premiums are deBoston has reported some increase in the demand.
At the
manded only on January, but this month is quiet. London West there is a kind of deadlock. The rail
dropped 2s. 6d. late in the week with spot £35 3s. 9d and ments of wool from Boston from Jan. 1 1926and water shipto Jan. 7 1926,
futures off 3s 9d. to £24 17t. 6d. New York was 9.25 and inclusive, were 2,833,000 lbs., against 8,810,00
0
East St. Louis 9.10c. The Bureau of Mines, Department period last year. Receipts from Jan. 1 1926 to for the same
Jan. 7
of Commerce, put the output of soft lead by mines of the inclusive, were 2,879,900 lbs., against 5,270,200 for1926
the
Mississippi Valley and the Eastern States during 1925 same period last year.
Domestic, in Boston, Ohio and Pennsylvania, fleeces:
at about 313,000 short tons and that of argentiferous lead
by mines of the Western States at about 3670,00 tons, a to Delaine, unwashed. 53c.; 34 blood combing, 53c.; .51 blood combing, 64
55c.; fine
Michigan and
total of 680,000 tons. In 1924 the output was 284,972 tons unwashed, 50 unwashed, 48c. combing, Si to New York fleeces, detains
to 51c.; 34 blood
52c.; 14 blood combing, 53
from the Mississippi Valley and Eastern States and 310,933 to 54c.; W. blood combing,54 to 55c.;fine unwashed,46 to 47c. Wisconsin.
Missouri and average
blood,
from the Western States. Imports of lead in ore for 11 50c.: 31 blood, 50c. New England Texas, 48 to 49c.; 5i blood, 49 to
,
Scoured basis:
fine 12 months (selected).
months totaled 40,680 tons, more than two-thirds of which Si 25 to 51 28; fine 8 months, $1 12 to $117; California. Northern, $1 251
Middle County, $1 10; Southern,$1.
Oregon,
came from Mexico. The content of lead in ore and base to 51 28; fine and fine medium combing, $1. Eastern No. 1 staple, $1. 25
20 to
51 05 to 5110; Valley No. 1. $1 10. Territory, Si 25; Eastern clothing,
bullion in bonded warehouse on Nov. 30 was 95,315 tons.
staple choice, Si 25 to $1. 30; 34 blood combing,Montana and similar fine
blood
$115 to $j 17;
combing. Si 05 to $1 07: 3.1 blood combing,
ZINC declined on December statistics which showed that
95 to 97c. Pulled, delaine,
to
20 to $ 125; fine
surplus stocks were increasing. They are still small, how- $1 25 $1 $1 28; AA. 51 best combing, A supers, $1 10 to $1 15; A supers,
Si to
05. Mohair,
75 to 80c.; best carding, 65 to 70c•
ever. Prompt sold at 8.65c. East St. Louis with late Jan.
At Christchurch, N.
at 8.60, Feb. 8.55c. and March at 8.45c. London prices on prices with 19,600 bales Z., on Jan. 8, sales closed at steady
the 13th inst. advanced is 3d to £38 15s for spot and £37 good. Demand sharp.of the 20,000 offered sold. Selection
Prices compare as follows:
1
17s 6d for futures. According to the Bureau of Mines,
Merinos, super, 213i to
against 20
Dec. 1 1925 and
to 37d.
Department of Commerce the recoverable zinc contained in 33qd. on Jan. 6 1926; average merinos, to 2231d. onagainst 17gd• to
16 to 21d.,
19
on Dec.! 1925 and
ore mined in 1925 was about 712,000 tons against 636,617 15 to 20Ud., against 15%30% to 3231d.on Jan.61926: crossbreds,56-588.,
to 204. on
Jan.6
1 1925 and 28
tons in 1924. The output of the Eastern States was about 1926;50-568.. 14 to 19d.,against 14 toDec. on Dec. 1 1925to 38d. on 3134d.
184.
and 25 to
on Jan.6
1926;48-50s., 123.5 to 16d., against 12% to 1530.on Dec.! 1925
THE CHRONICLE
JAN. 16 1926.]
and 24 to 30d. on Jan. 6 1926;46-48s., 12 to 15Mci., against 11M to 15d.
on Dec.1 1925 and 22M to 27d.on Jan.6 1925;44-46s., 11 to 13Md.,against
10M to 14d. on Dec. 1 1925 and 20 to 24d. on Jan.6 1926; 40-44s., 10M to
13Md.,against 10 to 133d.on Dec.1 1925 and 19 to 2234d.on Jan. 61926.
At Montevideo on Jan. 11th prices were quoted higher
especially on the finer crossbred wools. Super skirted and
rewound 58-60s offered at 46o.; 56s at 323'c., 50s at 41 /e.,
3s at 36Mc., 4s at 33o. and 5s at 31e. all c. & f. with 90 day
letters of credit, in bond, Boston. At Melbourne on Jan.
11th prices were firm. In London offerings of 190,000 bales
are to be made and in Liverpool 23,000 bales of East Indies,
commencing Jan. 19th. Sydney, Australia resumed sales on
Jan. 11 for the second half of the season. Prices about2%
higher than in December. Ordinary and topmaking grades
were up 4e. clean basis; choicest 2c. higher. Bradford buying
told. In Liverpool on Jan. 13th about 1,595 bales of River
Plate wool were offered, most of which was sold at about the
December prices. Attendance good. Demand good.
At
Sydney, Australia,on Jan. 12th pricesfell about5% compared
the close of December auction on greasy superior, and
with
good merinos, though other descriptions generally remained
unchanged. Selection good. Demand fair.
At Buenos Aires last week 11,445 bales of wools were
shipped as against 4,619 in the previous week. On Jan. 8
the tone was better. Offerhgs were 9,329,224 Kilos. Fine
wools sold at 13 pesos; fine crossbreds 12 to 14 pesos; medium
crossbreds, 13.10 to 15.80; coarse, 10 to 12.80; yearlings,
fine mediums and coarse crossbreds, 7 to 12.50, anclmedium
crossbreds from the Province of Corrientes, 18 to 19 pesos.
At Buenos Aires on Jan. 10, wool irregular. Demand was
mostly for coarse and medium. Prices firm. Trade better in fine and fine medium crossbreds. Yearlings were
wanted. Nineteen pesos was paid for fine medium coarse
from Corrientes. At Buenos Aires on Jan. 11, wool unchanged. Offerings 8,858,107 kilos. Prices: Fine, 13.20
pesos; medium fine crossbreds, 11.80 to 13.20 pesos; medium
fine crossbreds 11.80 to 13.20 pesos; medium, 12.50 to 13
pesos; coarse,' to 12.50 pesos; coarse medium yearlings,
10
9.20 to 12 pesos. medium and fine crossbreds from Entre
Rios, 18.10 to lg.50 pesos; medium and fine crossbreds from
Santa Cruz, 13 to 14 pesos. In Buenos Aires on Jan. 13,
wool unchanged. Offerings 8,382,896 kilos. Prices: Fine,
15.50 pesos; fine crossbreds,12 to 14.60 pesos; medium, 12 to
13.50 pesos; coarse, 10 to 12.70 pesos; medium coarse yearlings, 8 to 13.50 pesos; yearlings from Corrientes and Entre
Rios, 15 to 16 pesos; medium firm crossbreds from Corrientes, 18 to 19 pesos; medium fine crossbreds from Entre
Rios, 17 to 18.50 pesos; coarse from Entre Rios, 16 pesos.
In Buenos Aires on Jan. 14, wool unchanged. Offerings,
8,142,697 kilos. Prices: Fine, 12 to 14 pesos; medium fine
crossbreds, 11.50 to 13.80 pesos; medium, 13 to 15.50 pesos;
coarse, 10 to 13.60 pesos; medium coarse yearlings, 9 to 11.50
pesos; medium fine crossbreds from Corrientes, 18to 19 pesos;
medium fine crossbreds from Entre Rios, 18 pesos.
COTTON
Friday Night,
15 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
178,734 bales,. against 151,454 bales last week and 232,018
bales the previous week, making the total receipts since the
1st of August 1925, 6,912,470 bales, against 6,636,834 bales
for the same period of 1924-25, showing an increase since
Aug. 1 1925 of 275,636 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.' Fri.
Galveston
6.655 8,821 18.451
Texas City
Houston
5,098
New Orleans..,... 9,473 8,382 7,599
225
Mobile
175
985
963 4,348 1,318
Savannah
749
Charleston
792 1.017
Wilmington
465
153
59
1,133
Norfolk
377
711
New York
40
Boston
405
455
Baltimore
Philadelphia ----------50
50
8.714
7,986
2,719 11.714
8.056 5,951
325
282
1.391 2.626
573
641
16
119
277 1.200
703
544
Total.
57,473
2,550
35.961
52,373
2,357
13,181
4,497
954
5,167
40
230 2,337
944
944
800
900
6,846
2.550
16,430
12,912
365
2,535
725
142
1,469
Totals this week_ 25.166 23.138 30.645 22,731 31.106 45.948 178.734
The following tab e shows the week's total receipts, the
total since Aug. 1 1925 and the stocks to-night, compared
with last year.
1925-26.
Receipts to
Jan. 15.
Galveston
Texas City
Houston
Port Arthur. &a
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
1924-25.
This Since Aug This Since Aug
Week. 1 1925. Week. 1 1924.
Stock.
1926.
1925.
671,216
17.328
677,897
36.914
52,373 1,650.035 56,269 1,388.760
493,860
441.683
23,362
12.547
831
95,834
4,497
178,119 2,258
14,096
15,201
35
685,370 12,687
400
207,351 5,859
108,295
8,393
2.347
463,012
539
156,587
52,819
863
78.963
130
37,311
954
5,167
94,379
364.551
7,228
7,313
95,091
265,578
41,797
146,414
35,154
121,715
40
2,337
944
900
34,659
12,970
26,892
3.531
50
2,713
250
19,188
15,676
17.257
631
87.043
2.435
1,377
5,829
205.264
477
1,397
4.105
13,181
178,734 6.912.470 231.584 6.636,834 1.639.845 1.654.420
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
Galveston- __ Houston, dtcNew Orleans_
Mobile
Savannah
Brunswick
Charleston,._..
Wilmington..,..
Norfolk
N'port N.,&c_
All others..---
57,473
35,961
52.373
2.357
13,181
95,674
36.097
56,269
2,258
12,687
60.589
38,810
40,765
1,725
13.020
37.854
4,492
26,766
978
4,399
4,497
954
5,167
5,859
7,228
7,313
959
600
7,338
2,386
742
8,120
6,771
8.199
5,642
6,501
21,752
1,182
1,124
10.064
79
7,183
Tot, this week
178,734
231,584
169,448
92.238
103.607
125,041
53.334
2.152
30,764
2,964
17,205
43.239
318
19,687
1,447
7.549
250
2,941
895
5,529
Since Aug.1... 6,912.4706.636.834 5.110,587 4.273.449 3.713.560 3.808,877
The exports for the week ending this evening reach a total
of 132,894 bales, of which 39,980 were to Great Britain,
17,708 to France, 19,571 to Germany, 20,694 to Italy,
1,000 to Russia, 19,726 to Japan and China, and 14,214 to
other destinations. In the corresponding week last year
total exports were 162,276 bales. For the season to date
aggregate exports have been 4,850,069 bales, against 4,793,- ,
979 bales in the same period of the previous season.
Below are the exports for the week:
Week Ended
Exported to
-
I
Jan. 15 1926.
Great
GerExports pose- Britain. France. many.
Galveston
4,365
4,553
Houston
New Orleans-- 19,265
Savannah
100
Norfolk
7,662
New York
2,900
Baltimore
Philadelphia
Los Angeles,.. _ _
1,135
San Francisco
6.977
6,580
2,100
Japan&
Italy. Rua ia. China. 0th,.
3,446
8,648 9.978
4,698 10,716
2,529
1,000
13,326
100
5,300
901
700
450
Total.
2,168 17,956
5,289 3.5,048
4,827 54,932
1,846 4,475
7,762
35 9,136
700
ao
250
1.000
ao
1,835
1,000
39,980 17,708 19,571 20,694
1,000 19.726 14,215 132,894
75,863 24,487 14,044 13,889
68.025 40.731 36.330 20.360
Total
Total 1925
Total 1924
14,618 19.375 162,276
18255 20425 203nsa
Exported to-
From
_
Gerlan. 196. Great
-1E-Exportsfrom- Britain. France. 'many.
Japan&
Italy. Russia, China. Ma.
41
2'otal.
418,312 203,847284.027 111.487 6,000 117,459 194,124 1,335,256
339,344 215,347 286,366 90,317 90,923 73,286 106,353 1,201.936
308,053 126,525 171,141 116,627
192,580 119,106 1,034,012
500
64,209 6,480 24,885
1,500 4,030 101,604
4,400
8,346
1,924
14,670
758 1,588
7,014
4,400
336
14,096
79,781 33,564 509,636
142,739 7,608239,152 5.892
400
400
63,844
46,852
21,400 9,394 141,490
24,220 17,400
2,900
4,000
48,520
72,349
9,450 5.228 162,749
75,722
200 5,300 26.436 122,766
29,044 14,848 30,716 15,322
147
2,852
4.371
1,372
3,659
1,408
2,251
600
202
969
Baltimore__167
Philadelphia
533
25.004
2,537
10,484 2,400 9,050
Los Angeles_
1,500
3,100
1,600
San Diego__
69,110
68,335
100
675
SanFrancisco
56,720
56,420
300
Seattle
GalvestonHouston.
New Orleans
Mobile
Jacksonville_
Pensacola.._
Savannah...
Brunswick __
Charleston_ _
Wilmington _
Norfolk
New York__
Boston
Total
1,458,833 579,964 1212385 359,553 97,123 632,428 509,782 4,850,068
Tota11924-25 1,692,804 592,331 1064843 381,808 63,643 528,310 470,240 4.793,979
50 398 278 373.041 3.616.096
Tota1192:3-24 1.336.333 511.187 681.807 315.310
-It has never been our practice to include in th.
-Exports to Canada.
NOTE.
Canada, the reason being that virtually all the
above tables exports of cotton o
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the 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
been 34,261 bales. In the corresponding month of the preceding season the exports
were 24,033 bales. For the five months ended Dec. 31 1925, there were 116,083
bales exported, as against 90,957 bales for the corresponding four months of 1924.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
GerOther CoastGreat
Jan. 15 at- Britain. France. many. Cont'nt. wise.
Galveston
20.200 22,200 15,000 36,900
New Orleans
9,837 6,030 8,946 17,426
6,000
Savannah
8.000
Charleston
1,500
Mobile
900
3,500
Norfolk
Other ports s.._ 6,000 3,000 5,000 6,500
Total.
6.000 100,300
751 42,984
500 14,500
963
983
200 6,100
500 21,000
Leaving
Stock.
570,916
450,876
81.334
51,856
17.262
146.414
135,340
Total 1926_ 47,537 32.130 28,946 68.320 8,914 185,847 1,453.998
Total 1925.- 55,330 22,162 42,963 84,095 13.945 218,495 1,435.925
Total 1924._ 19,500 1,941 21,274 29.471 9.199 86,385 847.030
57,473 2,384,034 95,674 2,906,397
2.550
17.328 5,151
46,060
35,961 1,223,554 36,097 1,143.023
2,357
367
* Estimated.
'Speculation in cotton for future delivery has been on a
much smaller scale than recently and fluctuations have
been correspondingly slight. Frequently the day's net
changes have been negligible. There is said to be a large
open account on both sides of the market. The effect for
the time being at any rate is a kind of deadlock. At times
there has been considerable selling of March. It was done
apparently by both home and foreign interests, including
Japanese. But the offerings were well taken. The near
months have shown the most steadiness. The stock here
has been steadily decreasing. Of late it has been a little
below 70,000 bales in licensed warehouses. It is said that
considerable cotton will go out from New York to foreign
markets within the next few days. Freight engagements,
It appears, have actually been made for the shipment of
35,500 bales, including 25,000 to Japan, 8,000 to Liverpool
368
THE CHRONICLE
(Vox. 122.
and 2,500 to Havre. Besides, it is said that some cotton is increased its premium on other months 3 to 25 points, parto go to Bremen before long, notwithstanding recent reports ticularly on the next crop. The into-sight figures were unthat Bremen was already carrying a burdensome supply. expectedly small. They were considered to offset the
German mills were said to be asking for a delay on ship- smaller spinners' takings. Also, Liverpool and Manchester
ments of cotton from America. It is true that the exports cables were favorable. Fall River was more cheerful. So
In December were only 984,061 bales, including 33,342 bales was Worth Street. Spot markets were higher. The basis
of linters, as against 1,206,786 bales, including 11,156 bales showed a rising tendency. The New York stock is steadily
of linters in November and 1,075,923 bales, including 22,475 decreasing. That was no small factor in the rise, which
bales of linters in December of 1924. But the spot markets came suddenly, however, in the afternoon. Last prices
have been firm and the basis strong and tending upward, show an advance for the week of 11 points on the next crop
with little regard, it appears, for the quality of the cotton, and 13 to 29 on the old, the latter for March. Spot cotton
provided that it was spinnable. Some 5,000 bales were de- ended at 21.05c. for middling, an advance for the week of
stroyed by fire at Galveston, it was reported, on the 14th 30 points.
inst. Egyptian cotton in Liverpool on the 14th advanced
The following averages of the differences between grades,
77 to 82 English points, March touching 17.504. there, ow- as figured fom the Jan. 14 quotations of the ten markets,
a report that the Egyptian Government had decided designated by the Secretary of Agriculture, are the
ing to
differto buy 500,000 cantars in order to raise the price of Sakel ences from middling established for deliveries in the New
futures 75% above the American level. In other words, the York market on Jan. 21.
aim is to reach a price of 36c. as against 32.50c. recently. Middling fair
1.53 on *Middling "yellow" stained
8.18 off
1.24 on *Good middling "blue" stained.-2.04 off
It is said, too, that the Egyptian acreage will be cut 331-3%. StrIctgood middling
Good middling
.96 on Strict middling "blue"stained....2.70 off
That report was circulated some weeks ago.
Strict middling
68 on *Middling "blue" starned
3.55 off
Basis Good middling spotted
Another feature was the very good December domestic Middling
.17 on
1 18 off Strict middling spotted
10 off
consumption as announced by the Census Bureau on the Strictlow middling
Low moddling
2.95 off Middling spotted
90 off
4.65 off *Strict low middling spotted...
14th inst. It was 575,271 bales, against 543,098 in Novem- *Strict good ordinary
.2.24 off
ordinary
6 03 off "Low middling spotted
3 99 off
ber and 533,789 in December 1924. The number of active "Good
Strict good mid."yellow tinged.0.07 off Good mid, light yellow
'
off
spindles in December was 33,000,874, against 32,892,324 in Good middling "yellow" tinged .50 off "Strict mid,light yellowstained...1.23 off
stalned.1.71
.94 off
November and 32,720,568 in December 1924. Liverpool has Strict middling "yellow" tinged._2.05 off 'Middling light yellow stained._ _2.53 off
*Middling "yellow" tinged
Good middling 'gray"
.93 off
been a buyer here and also the mills. Some have bought the "Strict low mid."yellow" tInged.3.55 off "Strict middling"gray"
1 36 off
middling
off
'
old crop and sold the distant months. January went out at "Low middling "yellow" tinged_ _5.18 off *Middling"gray
2.06 off
"yellow" atained.2.00
Good
27 points over March. March has latterly been well sus- •StrIctmlddlIng"yellow" stained.2 50 off "Not deliverable on future contracts.
tained, although at times rather freely offered. The BritThe official quotation for middling upland cotton in the
ish English cables have been a sustaining force. Liverpool New York market each day for the past week has
been:
has repeatedly come stronger than was due. Its spot sales
Jan. 9 to Jan. 15Sat. Mon. Tues, Wed. Thurs, Frl.
20.65 20.55 20.70 20.70 20.70 21.05
were 10,000 bales a day. In four days the export sales Middling upland
there were 14,500 bales, supposedly for the most part to
NEW YORK QUOTATIONS FOR 32 YEARS,
the Continent. British exports of yarns have made a good 1926
21.05c. 1918
32.60c. 1910
14.55c. 1902
8.25o.
24.15c. 1917
17.45c. 1909
9.65c. 1901
showing for December. They were 18,000,000 lbs., or 4,000,- 1925
9.88c.
1924
34.35c. 1916
12.50c. 1908
11.85c. 1900
7.62c.
000 lbs. more than in December 1924 and 800,000 more than 1923
27.75c. 1915
8.10c. 1907
10.80c. 1899
6.06c.
12.85c. 1906
18.30c. 1914
In December 1913. The total for the year 1925 was 190,- 1922
12.05c. 1898
5.88c.
1921
17.90c. 1913
13.00c. 1905
7.20c, 1897
7.31c.
000,000 lbs., or 27,000,000 more than in 1924 and only 20,- 1920
39.25c. 1912
9.50c. 1904
13.80c. 1896
8.19c.
000,000 lbs. less than in 1923. As for the exports of British 1919
14.90c. 1903
30.05c. 1911
8.90c. 1895
5.75c,
cloths, that was a different matter. In December they
MARKET AND SALES AT NEW YORK.
were only 382,000,000 yards, or 28,000,000 less than in DeThe total sales of cotton on the spot each day during the
cember 1924 and 148,000,000 less than in December 1913. week at
New York are indicated in the following statement.
The total of 4,434,000,000 yards for 1925 was 8,000,000 less For the convenience of the reader, we
also add columns
than in 1924 and 2,041,588,400 less than in 1913. But Man- which show at a glance
how the market for spot and futures
chester has been doing a better business of late. Cloths closed on
same days.
have sold more readily and yarns have been stronger. Russia has been buying cloths in Lancashire, it is said, rather
Spot
Futures
SALES,
Market
Market
than pay the high prices current for raw cotton. Auction
Closed.
Spot. Contr't. Total.
Closed.
sales of piece goods in China have been resumed after having been suspended for seven months, partly because of dis- Saturday.._ Wet, 10 pts. dec.. Irregular
Monday
_
et, 10 pts. dec.. Steady
1,600 1,600
turbed political conditions. Textile reports from New Eng- Tuesday _ _ _
ady, 15 pts. adv- Firm
700
700
land and the South have been more favorable. Carolina Wednesday_ Quiet, unchanged__ Steady
Thursday -. Quiet, unchanged.. Steady
mills now have a full weeks' supply of hydro-electric power, Friday
Broady. 35 Vs. adv. Steady
though it is understood that Georgia mills are not quite so
Total____
2.300 2.300
fortunate. Worth Street has been firmer and rather more
active. Reports in regard to general trade have been in
FUTURES.
-The highest, lowest and closing prices at
the main optimistic.
New York for the past week have been as follows:
On the whole, however, the raw cotton markets, as alSaturday, Monday,
ready intimated, has been in more or less of a state of
Tuesday, Wednesday, Thursday,
Remay,
deadJan. 9.
Jan. 12.
Jan. 11.
Jan. 13.
Jan. 14.
Jan, 15.
lock. If no great declines occurred at any time there was
no marked advance. It has been largely a trading January
Range.. 20.13-20.33
market. Exports have fallen off. Stocks are
Closing_ 20.13
large.
Public storage and compresses on December 31
held February
Range..
5,608,066 bales of lint and 50,723 bales of
Closing. 20.00linters, as
19.95 -20.10 -20.0720.12 -20.45against 5,206,283 bales of lint and 36,608 bales of linters on March
Range.. 19.86-20.08 19.76-20.00 19.8049.96 19.90-19.99 19.92-20.02 19.98-20.40
Nov. 30 and 4,616,919 bales of lint and 53,525 bales of linters
Closing_
on Dec. 31 1925. Consuming establishments held on Dec. 31 Ayr11- 19.86-19.90 19.80-19.82 19.95-19.96 19.92-19.93 19.97-19.98 20.30-20.32
Range _
.
1,717,972 bales of lint and 135,448 of linters, as against
Closing. 19.5519.5719.72- 19.67
19.71 -20.02 -1,456,166 bales of lint and 106,370 of linters on Nov.
30 and M412Range__ 19.38-19.62 19.30-19.49 19.3249.50 19.43-19.5119.43-19.53 19.45-19.85
1,319,736 bales of lint and 22,475 of linters on Dec. 31 1924.
Closing_ 19.38-19.40 19.34-19.35 19.49-19.50 19.43-19.45 19.45Some of the spot houses have been selling March and
19.73-19.78
June
October at times at around 180 to 185 points. New buying
Range..
Orleans,
Closing. 19.15- 19.05
19.21 19.2319.26Wall Street and Palm Beach have been credited
19.48with sell- Julying. At one time Wall Street and Florida interests
Range-. 18.92-19.04 18.7448.98 18.77-18.94 18.86-18.95 18.86-18.95
18.87-19.15
were
Closing. 18.9218.75-18.77 18.93-18.94 18.88quite free sellers, recently, though, the offerings were so August
18.8819.05-19.06
well absorbed that they struck the market only a glancing
Range 18.48Closing. 18.6018.63blow and it actually advanced somewhat, in spite of it.
18.5818.5818.75,Sept.
But prices having recently had a sharp advance
Range.
some think
Closing. 18.2618.19- 18.30
a reaction is due. At times stocks and grain have declined.
18.2918.2818.41 -This seems to have had more or less of a sobering effect on October- 18.15-18.25 18.05-18.28 18.08-18.20
Range__
18.15-18.22 18.16-18.23 18.08-18.28
Closing. 18.15-18.16 18.08cotton. The slackening of the export trade has also been
18.1948.20 18.1818.26-18.28
18.17noted with interest. And it often happens before another Nov.
Range..
Closing. 18.0717.98crop is planted that the South deems it advisable to sell a
18.0918.0818.0718.16considerable percentage of its holdings, no doubt with some flee.
Range.. 17.99-18.06 17.89-18.11 17.88-18.01 17.91-18.01 17.96-18.04 17.87-18.06
C.inalms 17 00- 50-17 01 18 011-15 nr 17 Go- no
17
prompting from the banks. If that course is adopted this
17
lens ---spring it is suggested that prices may turn downward for a
Range of future prices at New York for week ending
time. Nobody puts much confidence in talk about a reduc- Jan. 15 1925 and since trading began
on each option.
tion of the next acreage. The December rainfall in Texas
was .96 of an inch below the normal and it is well known Optton forRange for Week.
. Range &nee Beginning of Option.
that copious winter rains in Texas are generally essential Jan 1926-- 10.13 Jan
9 20.33 Jan 9 18.11 Oct 31 1925 15.45 Mar 3 1925
to the raising of a good Texas crop. They are a provision Feb 1926
19.68 Nov 11 1925 24.70 July 30 1925
Mar
against summer droughts. But the winter is not yet over. Apr 1926_ 19.76 Jan 11 20.40 Jan 15 18.35 Oct 31 1925 15.40 Apr 27 1925
1926
19.50 Jan 7 1926 19.89 Nov 12 1925
Some, indeed, look for a rather wet year in 1926, after two May 1926.. 19.30 Jan 1119.85 Jan 15 18.50 Oct 31 1925 15.63 July 27 1925
dry years in succession. That might cut both ways if it, June 1926.
18.84 Oct 31 1925 21.20 Sept 12 1925
1926._
18.13
1925
comes to pass. It might help Texas within limits and harm July 1926 18.74 Jan 11 19.15 Jan. 16 18.38 Oct. 311928 14.72 Aug. 17 1925
Aug.
Dec. 11 1925 11.00 Oct. 8
Sept.1926
the rest of the belt.
18.35 Dec. 7 1925 10.98 Oct. 14 1925
1926._
To-day prices advanced 9 to 43 points, with the old crop Oct. 1926 15.05 Jan. 11 18.28 Jan. 1118,02 Jan. 8 1926 19.70 Nov. 6 1925
Nov.
leading and a good demand, especially for March, which Dee. 1028__ 17.88 Jan. 12 18.11 Jan. 11 17.84 Jan. R 1028 18.50 Jan. 4 1926
L
THE VISIBLE SUPPLY OF COTTON to-night, as made
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.
Jan. 15Stock at Liverpool
Stock at London
Stock at Manchester
369
TILE CHRONICLE
JAN. 16 1926.]
1925.
723.000
2,000
81,000
1924.
706,000
2,000
91,000
1923.
843,000
6,000
69,000
314,000
214,000
3.000
93,000
49.000
806.000
2,000
211.000
185,000
8,000
80,000
59,000
5,000
2,000
799,000
6,000
56,000
130,000
13.000
107,000
51,000
7,000
2.000
918,000
2.000
124.000
211.000
10,000
109,000
46,000
2,000
3,000
703000
552.000
372.000
507,000
1926.
bales_ 881,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
86,000
967.000
Total European stocks
1.670,000 1.358.000 1,171,000 1,425,000
119.000 100.000
India cotton afloat for Europe
198,000 170,000
American cotton afloat for Europe 417,000 650,000 498.000 347,000
Egypt.Brazil,&c.,afloatforEurope 103,000
69,000 110,000 105,000
Stock in Alexandria, Egypt
324.000 263.000 267,000 331,000
Stock in Bombay, India
676,000 439,000 496.000 531,000
Stock in U. S. ports
1,639 845 1,654,420 933,415 951,105
Stock in U. S. interior towns
1,099,693 1.441.041 996.356 1,255,828
9,927
U. S. exports to-day
Total visible supply
6.958.465 5,974,461 4,669,771 5.125.933
:
Of the above, totals of American and other descriptions are as follows
American
k
bales- 569.000 567,000 460,000 474.000
Manctester stock
70.000
53.000
73,000
49,000
Continental stock
667.000 509,000 284,000 460,000
American afloat for Europe
417.000 650,000 498.000 347.000
1,639.845 1,654,420 933,415 951,105
U. S. port stocks
U.S. interior stocks
1,999.693 1,441,041 996,356 1,265.828
U. S. exports to-day
9.927
Total American
East Indian, Brazil, itc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India. &c
Total American
5 372.465 4.874,461 3,244,771 3,546,933
312,000
16.000
36.000
119,000
103,000
324.000
676.000
156,000
2,000
28.000
43.000
100,000
69,000
263,000
439.000
246,000
2,000
18,000
88,000
198.000
110,000
267,000
496,000
369,000
6,000
20.000
47.000
170,000
105,000
331,000
531,000
1,586.000 1,100.000 1,425,000 1,579,000
5,372,465 4,874.461 3,244,771 3,546,933
Total visible supply
6,958,465 5,974.461 4,669.771 5,125.933
Middling uplands, Liverpool_ _- 10.84d.
13.088. 18.836. 16.20d.
Middling uplands, New York....- 21.05c.
24.00c.
33.20c.
28.30c.
Egypt, good Sakel, Liverpool_
20.00d. 31.00d. 23.60d. 19.756.
Peruvian. rough good, Liverpool.. 23.00d. 20.75d. 24.50d. 18.006.
Broach, fine, Liverpool
9.60d. 11.854. 16.906. 13.75d,
Tirmevelly, good, Liverpool
10.00d. 12.40d. 18.054. 15.154
Continental imports for past week have been 148,000 bales.
The above figures for 1925 show a decrease from last week
of 73,361 bales, a gain of 984,004 over 1924, an increase
of 2,288,694 bales over 1923, and an increase of 1,832,532
bales over 1922.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1924-25---Since
Week. Aug. 1
37,733 419.167
9,600 159.760
20,994
2.942
1,778. 34,473
6,187 121,065
17,083 302.463
----1925-26---Since
Week. Aug. 1.
21,245 461,052
8,050 197,702
2,877
27.973
1,396
40,937
6,014 121,880
7.835 268,664
Jan. 15ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
47,597 1,118,208
Deduct Shipments
Overland to N. Y., Boston, Sm.__ 4,221
77,887
Between interior towns
706
13.405
Inland, &e.,from South
33,002 309.173
75,323 1,057,922
3,013
791
28,287
53,702
13.785
297.100
Total to be deducted
37.929
400.465
32,091
364,587
Leaving total net overland *
9.668
717.743
43.232
693.335
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 9,668 bales, against 43,232 bales for
the week last year, and that for the season to datelthe
aggregate net overland exhibits an increase over a year ago of
24,408 bales.
--1924-25
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Jan. 15
178,734 6.912,470 231.584 6,636,834
Net overland to Jan. 15
9,668
717,743
43.232
693,335
Southern consumption to Jan. 15..100.000 2.040.000
85.000 2,057.090
Total marketed
288,402 9.670.213 359,816 9,387,169
Interior stocks in excess
*23,643 1,844,271 *33,115 1.266,287
Excess of Southern mill takings
over consumption to Jan. 1
675.119
529,272
Came into sight during week
Total in sight Jan. 15
_264.759
326.701
12,189,603
North.spinners' taldngs to Jan. 15 49,825
1.173,869
11.182,728
66,197
1,007,715
*Decrease.
Movement into sight in previous years:
Bales. I Since Aug. 1212,06811923 -Jan. 18
-24
Week-Jan. 18
1923
Bales.
8,815.542
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on-Week Ended
Jan. 15.
Galveston
New Orleans..
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _
Dallas
Fort Worth_ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
20.45
20.11
19.45
19.86
19.75
19.88
19.50
20.35
20.00
19.40
20.45
20.05
19.40
19.82
19.75
20.20
19.81
19.50
20.30
19.75
19.35
19.35
20.60
20.19
19.50
19.94
19.88
20.10
19.94
19.50
20.40
19.75
19.45
19.50
20.60
20.14
19.50
19.93
19.88
20.10
19.94
19.50
20.40
19.75
19.40
19.45
20.60
20.14
19.50
19.97
19.94
20.10
19.94
19.50
20.40
19.75
19.45
19.45
20.90
20.51
20.00
20.32
20.31
20.25
20.31
20.00
20.75
20.12
19.85
19.75
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
-The closing
NEW ORLEANS CONTRACT MARKET.
corresponding periods of the previous year-is set out in
quotations for leading contracts in the New Orleans cotton
detail below:
market for the past week have been as follows:
Movement to Jan. 15 1926.
Towns.
Receipts.
Total 40 to
na
.
Ala ,Birming'm
Eufaula
Montgomery
Selma
Ark., Helena._
Little Rock
Pine Bluff
Ga., Albany..._
Athens
Atlanta
Augusta
Columbus__.
Macon
Rome
Ls., Shrevepo
Miss.,"o1umbu
Clarksdale.....
Greenwood
Merldian
Natchez
Vicksburg
Yazoo City
Mo., St. Louts.
N.C.,Greensb'ro
Raleigh
0kla. Altus
Chickasha...
Oklahoma......
8,C.,Greenville
Greenwood...
Tenn.,Memp
Nashville
Tex., Abilene
Brenham....
Austin
Dallas
Houston-Paris
San Antonio_
Fort Worth
W
0
.
.0W
..
WW
14...0W
WWW
1
-. 2, 41.WI W 4b, 41,
10. 410..
- ,
.4.1i.Mot.. W
WW140000MMO.Or. 0
,
W.4.40.4 ef..00Wo 4...4.40000WIA.4Q0WW.4co.44,WW al ,NOW W W 0
,
,O.W.4 00.M , W .....5.N.4.40.W.,01.
00..0M W ...4W0N 0
WC,.0
W
.
....
.. . N.
1.2
W.
.0'.
604,.00.410.44.01P0000.4 00.40090
.4NOOW. .4 0 04.0..4
,
WW0WW.A.WWW.P.NOW0000.4.00.4000.40O00.4000W00
114.
7 ,3 0N0
0 1 WN17)..
1 0.0.
=.,
, 0 010.10140.3.4.1
P- 4
WW.M..00W,.0.00WWW.0Wt.0000.0.00WON.W,TWON0
N.WWV.4M0M0140.4WW00.0N0WW.U.W.q.U.O.WW,,M..,...0
Ship- Stocks
rents. Jon
Week. Season. Week. 15.
Movement to Jan. 16 1925.
Receipts.
Ship- Stocks
trews. Jan.
Week. Season. Week. 16.
1,553 10,967 1,310 54.093 1,466 9,381
16
7,050
330 17,117
343 6,543
636 28,419
677 72,777 1,785 21,021
961 23,854
198 60,651 1,586 19,226
2,672 34,659
992 60,826 2,245 18,125
4,092 66,842 1,788 186,481 3,534 39,605
2,674 70.292 4,000 94,454 5,399 38.485
6 2,461
__-_
3,843
_
2,590
220 12,605 1,950 36,742 1,807 16,779
5,983 56,307 3,250 174,267 7,527 59,292
5,768107,019 3,315 178,855 5,293 66,106
2,863 9,398 2,024 51,123 2,457 6,871
1,270 26,328
595 34,931 1,961 10,087
1,300 18,616
302 39,584
233 14,908
4,711 37,762
500 93,000 1,000 25,000
1,055 9,568
488 34,301 1,753 8,495
5,000 71,324
673 106,393 3,008 31,210
6,648 70,000
388 131,620 3,805 36,084
1,103 16,243
305 35,000
475 14,894
1,002 13,873
274 38,062
400 7,549
438 17,576, . 25 29,991
879 10,174
632 19,398
26 32,744 1,073 8,020
21,425 16,124 37,769 455,453 37,733 4,077
3,001 12,641 1,458 40,782 3,506 17,514
1,225 12.934
208
5,737
250
865
3,534 24,040 10,133 156,692 11,823 26,817
5,48' 16,736 7,741 116,687 7,196 13,786
4,7E0 32,350 4,198 124,492 4,970 18,996
7,417 54,752 6,602 126,881 5,286 37,913
___ 4,309
____
12,105
___ 6,107
60.334279,736 41,944 874,783 51,788116,313
8.
699
4
734
_ __
372
1,610 1,233 1,932 59,515 1,845 1,121
53 4,390
365 17,654
440 5,281
344
980
765 29,486 1,133 1,776
2,49: 23,862 5,262 170,257 6,61: 21,027
100,3! I 764,090 117,4523,895,940 105,210675,177
2,33
6,151
893 86,947 1.685 5,966
423 1,992
271 59,742
615 2,162
1,431 12,111 2,838 138,840 2,299 15,326
238,231 8,878,478267.1411999693 263.2457.939.532289.919 441041
Saturday,
Jan. 9.
Monday,
Jan. 11.
Tuesday, Wednesday, Thursday,
Jan. 12.
Jan. 13.
Jan. 14.
914
Friday. ,
Jan. 15.
19.80-19.81 19.94January _ 19.8619.89-19.90 19.90 20.27-20.29
February.
March____ 19.33-19.34 19.23-19.27 19.39-19.41 19.36-19.37 19.36-19.38 19.74-19.77
April
19.91-19.92 18.82-18.85 18.96-18.97 18.94-18.95 18.9319.20-19.23
May
June
18.44-18.45 18.5519.5418.56 18.52July
18.75August
September
17.69-17.7117.69October... 17.63-17.66 17.6217.6817.75-17.77
November.
December 17.55-17.58 17.57-17.60 17.65-17.68 17.66-17.68 17.64-17.66 17.70
.Tone
Steady
Steady
Spot
Steady
Steady
Steady
Steady i
onthms_ Barely st'y Steady Very Red., steady Barely st'v
Ftrm
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN DECEMBER, &C.
-This report, issued on
Jan. 14 by the Census Bureau, will be found in full in an
earlier part of our paper under the heading "Indications of
Business Activity."
--Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that some cotton
still remains to be picked in Arizona, Arkansas and California. Snow delayed picking in Arkansas and fog
in California.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans
Shreveport
Mobile, Ala
Savannah, Ga
Charleston, S.C
Charlotte, N. C
Rate. Rainfall.
2 days 0.04 in.
dry
1 day 0.06 in.
1 day 0.01 in.
1 day 0.04 in.
dry
dry
dry
dry
1 day 0.01 in.
1 day 0.02 in.
dry
1 day 0.65 in.
dry
7 days 0.93 in.
Thermometer*
high 62 low 34 meanT48
41
low 24 mean,
g
high 70 low 38 mean 54
high 66 low 36 mean 51
high 56 low 26 mean 41
low 28
high 56 low 30 mean'43
high 68 low 34 meant51
low 28
mean 47
high 58 low 33
46
highht11 57 low 32 mean 44
7
6
41
343
3
low
mmeann
low 1 meaean
The above total shows that the inter'or stocks have decreased during the week 23,643 bales and are to-night
Mill g
558,652 bales more than at the same time last year. The
The following statement we have also received by telereceipts at all towns have been 25,014 bales less than the graph, showing the height of rivers at the points named at
same week last yeaf.
8 a. m. of the dates given:
370
THE CHRONICLE
Jan. 15 1926.
Feet.
1.9
7.4
9.0
9.6
9.9
[VoL. 122.
Jan. 16 1925.
Feet.
3.0
10.9
27.6
5.8
15.2
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for both India
and China is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
RECEIPTS FROM THE PLANTATIONS.
-The fol- comparison.
lowing table indicates the actual movement each week from
1925.
the plantations. The figures do not include overland re1924.
ceipts nor Southern consumption; they are simply a state83( Lbs. Shirt- Cotton
831 Lbs. Shirt Cotton
321 Cop lags, Common Afiddrg 328 Cop lags. Common MidcIPg
ment of the weekly movement from the plantations of that
Twist.
to Finest.
lipids
Twist.
to Finest.
lipids
part of the crop which finally reaches the market through
October
the outports.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Above zero
Above zero
Receipts at Pont.
Week
Knee 1925.
1924.
of gauge_
of gauge_
of gauge_
of gauge..
of gauge_
Stocks at Interior Towns.
1923.
1925.
1924.
Receiptsfrom Plantatios,
1923.
1924.
1925.
1923
Oct.
16.- 423,813441,485 287,213 1,267,365 898,351 946.192553,580543,806 422,311
23._ 383,026 339,292277.177 1,385.04 1 057.209 1.060.002600,706498,150 390,981
30._ 376,061 388,465 349,036 1,516.0 1,196,181 1,086,495 507,115527,437375,521
Nov.
6_ -437.549 383.258 235,636 1,668.003 1,307.376 1,165,368489,453494,453314,501
13...343,371 373,602307,467 1,646,178 1,411,26 1 1,179,333421,546477,48. 321,431
20_ _ 377.983432,208224.528 1,677.44 1,486,392 1,244,773409,247487,588 289.96£
27.... 311,384 370,024 208,211 1,784,34 1.545,8011.251.785418,287429,233305,22:
Dec.
4__ 398,275 70,752265,509 1,836,52 1,583,955 1,225,801 448,455409,106 239,521
II__ 330.550333,821 264,183 1.902.01 1,565.764 1,178.745396,043315,630217.121
18._ 351,485330,647 214,353 1,924,002 1.558,379 1,132,917 373.469323,262 168.521
24 _ _ 224.398232,346 199,7672,000.037 1,577,997 1,119,113299.671 251,964 185,96:
31..213,200 306,067134.224 2,034.905 1,514,450 1.067,013247,971 246,118 82,125
Jan.
,
8.... 161,454 234,091 136,6032,023,364 1,474,156 1,043,974,160,090 198,591 123,56,
15.. 178 73 231.584 169,44' 1 994 693 1.441.041 996.3561155,091 198,469 121.831
9
16
23
30
November
6
13
20
27
December
4
11
18
24
31
January
8
15
1831a2034
18 01931
18 al931
1731019
152 alb 6
146 alb 2
148 alb 2
142 014 6
11.53
11.54
11.27
10.35
24 626
233102531
23 Na2531
243402631
180 a184
175 018 1
175 a181
175 018 1
14.09
13.53
13.45
13.58
17 0181.1
173101831
171al89
17 01834
141 014 5
142 014 6
142 .214 6
14 2 014 6
10.49
10.58
10.80
10.74
2331026
2331026
23302531
23302534
174
173
174
17 4
618 0
a177
a180
018 0
13.25
13.87
13.63
13.59
10.42
10.17
9.81
9.92
10.27
23 62431 16 5
23 02434 16 5
23 a2434 164
23 02431 16 5
23315325 16 7
017 1
017 0
016 7
017 0
017 1
12.98
13.11
13.28
13.24
13.57
10.54 2331025 16 7 017 1
10.84 22410243.i 16 5 a17 0
13.03
13.08
163101834 14 2
1635018 0 14 1
16 01734 140
16 01734 14 1
16 al73.( 14 3
014 8
017 4
a14 4
014 5
014 7
163101731 14.3 014 5
16351/11714 14 3 014 5
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 132,894 bales. The shipments in detail, as made
The above statement shows: (1) That the total receipts up from mail and telegraphic returns, are as follows:
from the plantations since Aug. 1 1925 are 8,682,170 bales; NEW YORK-To Liverpool-Jan.
Bales.
8-Alaunia, 923; Winifredian,
in 1924 were 7,891,255 bales, and in 1923 were 5,753,899
1,652
2,575
To Rotterdam-Jan. 8-Breedyk, 35
bales. (2) That although the receipts at the outports the
35
To Japan-Jan.9
-Gaelic Prince, 5,300
5,300
past week were 178,734 bales, the actual movement from
To Havre
-Jan. 12
-La Savoie, 641_ - _Jan. 13-Pipestone
County. 260
plantations was 155,091 bales, stocks at interior towns
901
To Manchester-Jan. 11-Nubian, 325
325
having decreased 23,643 bales during the week. Last year HOUSTON-To Bremen-Jan. 8-Ysseldijk, 5,098___Jan.
West Camak, 3,550
receipts from the plantations for the week were 198,469
8.648
To Barcelona-Jan. 12-Barcelona. 2,719
bales and for 1923 they were 121,830 bales.
To Genoa-Jan. 13-Clavarack, 3,711_ --Jan. 14-Maddalena 2,719
Odero, 3,127
6,838
To Naples-Jan. 13
-Lucia C., 370
WORLD SUPPLY AND TAKINGS OF COTTON.
370
To
Cotton Takings.
Week and Season.
1925-26.
Week.
1924-25.
Season.
Week.
Season.
Visible supply Jan. 8
7,031,826
6,033.325
Visible supply Aug. 1
2,342.887
2.190.493
American in sight to Jan. 15..__ 264,759 12,189,603 326,701 11,182.728
Bombay receipts to Jan. 14._
123,000 1,170,000 127,000
906.000
Other India shipm'ts to Jan. _ _
30.000
252,000
128.000
1,000
Alexandria receipts to Jan. 13__
31,000 1,065,200
29,000 1,150,800
Other supply to Jan. 13_ *_b__ _
15.000
478.000
177,000
10,000
Total supply
Deduct
Visible supply Jan. 15
7,495,585 17,497,690 6.527,026 15.735,021
6.958.465 6.958.465 5.974,461 5.974.461
Total takings to Jan. 15.a
537,120 10,539,225 552,565 9.760,560
Of which American
350,120 7,860,025 389,565 7,241.760
Of which other
187,000 2.679.200 163.000 2.518.800
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the tota estimated consumption by Southern mills,
2,040,000 bales in 1925-26 and 2,057,000 bales in 1924-25
-takings not
being available
-and the aggregate amounts taken by Northern and foreign
spinners. 8,499,225 bales in 1925-26 and 7.703,560 bales in 1924-25, of which
5,820,025 bales and 5,184,760 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1925-26.
Jan. 14.
Receipts at
-
1924-25.
Since
Week.lAug. 1.
Bombay
Week.
123,000 1.170.000 127.000
For the TVeek.
Exports
from-
Great
Britain.
Bombay
1925
-26._
1924-25_ _
1923-24_ _
Other India1925-26_ _
1924-25_
1923-24._
Total all
1925-26._
1924-25._
1023-24...
30,000
1,000
37,00
---- 30,000
1,000
43,000
0,3,
gc gg,ggsi
0
57:000 86:0
1923-24.
Week.
Since
Aug. 1.
906.000 175.000 1,200.000
Since August 1.
Japan&
Great
China. Total. Britain.
46,000 59,000
52,000 58,000
86,000 106,000
4.90
-
Since
Aug. 1.
neat.
Japan &
China.
Total.
14,00
202,0
463,000 679,000
22,00
124,000 498,000 644,000
65,000 362,000 435,000 862,000
42,00
13,00
46,00
210,000
115,000
194,000
6 0
5
0
5 :0001 439: 0
3 0 0 212 00
147 000 111.000 556.000
.
252,000
128,000
240,000
463,000 931,000
498,00 772,000
435000 1.102,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
4,000 bales. Exports from all India ports record an increase
of 30,000 bales during the week, and since Aug. 1, show an
increase of 159,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
January 13.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)
To Liverpool
To Manchester, &c-- - - To Continent and India..
To America
1925-26.
1924-25.
145.000
5,824.864
90.000
5.182.880
Since
Week. Aug. 1.
Since
Week. Aug. 1
Since
Week. Aug • 1.
Dec. 24. Dec. 31.
22,000
23.000
16.000
14,000
3,000
1,000
56,000
50,000
785,000 854,000
479.000 547.000
120.000
138,000
97,000
110,000
372,000 257,000
260,000 173,000
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, 8.
37,000
26,000
4,000
76.000
907,000
594,000
147,000
107,000
224,000
137.000
Jan. 15.
56.000
38,000
15,000
83,000
881,000
569,000
55,000
34.000
234,000
142,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
142,032
123.896
9,000 108.235
142,109 15,750 127,984
11.000 101.458
7,000 181.247 5,250 213,300 10.000 208.262
1,000 75,455 11,000 77,350 6,500 68,251
Total exports
28.000 466.395 16.250 556.655 32.250546.529
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Jan. 13 were
155.000 cantars and the foreign shipments 28,000 bales.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
1923-24.
155,000
5.327.362
Venice-Jan. 13
-Lucia C., 2,128
2.128
To Trieste-Jan. 14
-Lucia C., 642
642
To Rotterdam-Jan. 14-West Camak, 400
400
To Liverpool-Jan. 14-Settler, 4,343
4,343
To Manchester-Jan. 14-Settler, 210
210
To Havre
-Jan. 14-Caracoli, 6,130; Hornby Castle, 450--- 6,580
To Antwerp-Jan. 14-Hornby Castle. 770
770
To Ghent
-Jan. 14-Hornby Castle, 1,400
1.400
NEW ORLEANS
-To Bremen-Jan. 6-Yorck, 4,698
4,698
To Barcelona-Jan. 7
-Barcelona. 750.... Jan. 13-Cardonia,
1,377
2,127
To Porto Colombia-Jan. 9-Parismina, 100
100
To Vera Cruz
-Jan. 7
-Sinaloa, 2,050
To Liverpool-Jan. 9
-Collegian, 10,810_ __Jan. 11-Ameri- 2,050
can Press, 7,136
17,946
To Winchester-Jan. 9
--Collegian. 1,319
1,319
To Passages-Jan. 9
-Mar Caspio, 300
300
To Genoa-Jan. 9-Monrosa, 7,497
7.497
To Naples
-Jan.9
-Lucia C., 1,300
1,300
To Venice-Jan. 9
-Lucia C., 1,469
1,469
To Trieste-Jan. 9
-Lucia C.. 450
450
To Port Barrios
-Jan. 9-Saramacca, 100
100
To Havre--Jan. 12
-Chicago, 2.100
2,100
To Japan-Jan. 10
-Canada Maru. 2,430_ _ _Jan. 11-Fernbank, 700__ _Jan. 13
-Steel Exporter, 10,196
13,326
To Copenhagen-Jan. 13
-Texas, 150
150
GALVESTON-To Liverpool-Jan. 9
-West Celeron, 3,479
3,479
To Manchester-Jan. 9
-West Celeron, 886
886
To Bremen-Jan, 11-Ysseldijk, 3.446
3.446
To Havre
-Jan. 15
-Deer Lodge. 6,977
6.977
To Rotterdam-Jan. 15
-Deer Lodge, 1,950
1,950
To Barcelona-Jan. 14
-Mar del Norte, 218
218
To Murmansk-Jan. 15-Asborg, 1.000
1.000
SAVANNAH-To Bremen-Jan. 9
-Wilhelm Hemsoth, 2,409
2,409
To Hamburg-Jan. 9
-Wilhelm Hemsoth, 120
120
To Rotterdam-Jan. 9
-Rostock, 1,196
1,196
To Liverpool-Jan. 14-Schoharle, 100
• 100
To Ghent
-Jan. 9
-Wilhelm Hemsoth. 650
650
NORFOLK
-To Manchester-Jan. 11-Manchester Hero, 365
Jan. 12
-Cold Harbor, 500
865
To Liverpool-Jan, 14-Artigas. 5,722: Bay State,
1,075
6,797
To China-Jan, 14-Melville Dollar, 100
100
PHILADELPHIA-To Antwerp
-Dec. 25
-Eastern Dawn, 50
50
BALTIMORE-To Havre
-Jan. 3
-Waukegan, 700
700
SAN PEDRO-To Havre
-Jan.9
-Arizona, 450
450
To Liverpool-Jan, 11-Loch Katrine, 1,135
1,135
To Bremen-Jan, 13-MoerdIjk, 250
250
SAN FRANCISCO
-To Japan-Jan. 8-Pres. Pierce, 1,000
1,000
Total
132.894
Saturday.
Monday.
Thursday. Wednesday. Thursday.
Friday.
Market, f
12:15 1
P.M. 1
Good
demand,
Good
demand,
Good
Hardening.
Good
demand,
demand.
A fair
business
doing.
Mld.Upl'ds
10.70
10.68
10.66
10.74
10.80
Sales
7,000
10,000
10.000
10,000
10,000
10.84
7,000
Futures,
Steady. Steady. un- Steady,un- Steady,
Quiet but
Market 1 4 to 6 pta changed to changed to 3 to 6 pts. 3 Steady, steady. 110
to 4 pts.
opened
I advance. 2 pts. dec. 8 pts. adv. advance. advance. 6 pis. adv.
Market, I Steady,
Quiet, Steady,un- Steady, Steady. un- Steady,
4
f 3 to 10 pts 10 to 13pts changed to 3 to 7 pts. changed to 1 to 4 pta.
P as
I sulumnra
Amrlina
A ntm nr. mAnannm
0 n. et. AAVATPA 4
JAN. 16 1926.]
THE CHRONICLE
371
Prices of futures at Liverpool for each day are given below' the leading centres, except at Duluth, where there was a
slight increase. The new Argentine crop is said to be of
Mon.
unsatisfactory quality. It is intimated that this explains
Tues. I Wed.
Sat.
Thurs.
Fri.
Jan. 9
the Brazilian buying of Manitoba wheat. Winnipeg re12M 12341 12g! 4:00 12g 4:00 12'M 4:00 12
to
4:00 1231 4:00
Jan. 15.
P. m P. in.IP• m.P• m.P. m•P.
P. m.P. m p.m.p.m. ported a steady mill demand. Canada sold flour to go to
.
England, the Continent and the Far East. The Australian
d. j d. I d.
d.
d.
d. I d.
d.
d.
d.
d.
d.
January......
10.2910.28 10.18 10.26 10.26 10.29 10.32 10.3 10.33 10.39 10.37 crop is officially estimated at 115,000,000 bushels, against
10.270.0.25 10.1410.21 10.21 10.26 10.27 10.30 10.29 10.34 10.32 151,000,000 last year, indicating a surplus, it is said, of
February----10.27,10.25 10.14 10.21 10.21 10.28 10.27 10.31 10.29 10.34 10.32
March
10.2310.20 10.09 10.14 10.14 10.2 10.2 10.2 10.22 10.27 10.24 65,000,000 bushels. The Argentine carryover was officially
April
10.1810.17,10.05 1010 10.09 10.15 10.16 10.1910.18 10.23 10.20 estimated at about 19,000,000 bushels. Final prices show
May
10.10 10.09 9.97 10.
June
9.9910.0 10.08 10.1010.08 10.13 10.10
/ to 3c.
1
2
10.0910.05 9.93 9.93 9.95 9.99 10.00 10.0410.02 10.07 10.05 a decline for the week of 1
July
9.93 9.92 9.81 9.81 9.811 9.86 9.86 9.90 9.88 9.91 9.90
August
Trading in bids and offers in Chicago was officially rec9.80 9.80 9.70 9.7 9.70, 9.75 9.74 9.77 9.74 9.77 9.75 ognized on
September
_
Jan. 13 in wheat, corn, oats and rye. Trading
9.70 9.70 9.60 9.6 9.611 9.85 9.84 9.6 9.64 9.66 9.65
October-9.62 9.62 9.52 9.52 9.53, 9.57 9.56 9.5 9.56 9.58 9.57 hours daily, 1.30 p. m. to 2.30 p. m.; Saturday, 12.15 p. m.
November
9.60 9.59 9.49 9.49 9.50 9.55 9.53 9.5 9.54 9.55 9.55 to 1 p. m. No specific trading hours
December
are named for weeklies.
Dailies are always for acceptance at the close of the next
following business session. Purchasers of bids pay $5
BREADSTUFFS
premium for 5,000 bushels; commission, 50c. for non-members; 25c. for members. Seller of bids collects $5 premium
Friday Night, Jan. 15 1926.
Flour kept within the old rut of merely routine trading and pays commission of 50c. if non-member; 20c. if memto supply passing wants and price movements have been ber. Purchaser of offers pays $575 premium for 5,000
correspondingly sluggish. That is the state of things at bushels of wheat; $550 on corn and rye; $520 on oats and
New York. In the Southwest some increase of business 50e. commission if non-member; 25c. if member. Seller of
was reported late last week. In the Northwest a trifling offers collects $5 75 premium; commission 50c. if non-memincrease of sales was reported. South America was in the ber; 25c. if member, and also pays internal revenue tax of
market, it was said, for moderate quantity. The Continent lc. per $100 or fraction thereof on value of sale, but should
held aloof. Taken altogether, the flour trade was as a rule such sale of offers ripen into a sale of future delivery such
as monotonous and uninteresting as ever. And no imme- future sale is relieved of further internal revenue stamp tax.
diate revival of trade on any large scale is expected. ClearDAILY CLOSING PRICES OF WHEAT IN NEW YORK.
ances from New York last week were 141,346 sacks, against
Sat. Mon. Tues. Wed. Thurs. Fri.
58,514 in the previous week. On the 9th inst. they were No. 2 red
cts_197g 1951.( 195
1953( 19514 19714
12,156 sacks to the Continent. Russia, it turns out, may
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
have recently bought 20,000 bbls., but it was certainly not
Sat. Mon. Tues. Wed. Thurs. Fri.
20,000 bbls. Such, at all events, is the belief in some May delivery in elevator
cts-17534 1733( 173
17114 17444 17354
quarters here. Whatever business was done with Russia July delivery in elevator
15134 15134 15034 15234 152
152
September delivery in elevator
1443414234 14334 14334 145
14434
took place in Canada. Clearances from New York on the
13th inst. were 33,301 sacks, nearly all to Greek ports. In DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat.
Minneapolis trade is better but still slow. In Kansas City May delivery in elevator-- cte-160 Mon. Tues. Wed. Thurs. Frt.
15834 15754 15634 15934 1511
there is a fair trade and prices are relatively firm. In St. July delivery in elevator
15834 158g 156g 1553 15774 157
4
October delivery in elevator
13834 13734 13834 13834 14034 139
Louis prices are steady.
Wheat declined with foreign markets for a time and it
Indian corn sold down as it might be said ex-politics on
was said with the price alone still debarring the United the 13th inst. On the previous day prices were up slightly,
States from participating in the export trade and not any with cash corn stronger and a certain amount of short
lack of supplies, actual or potential. Winnipeg wired: covering. Broomhall said: "The supply position and pros"Lake port terminals are plugged with grain and no fur- pects constantly work in holders' favor and we are bound
ther movement eastward will be accepted by railways. to say that if the Argentine surplus is less than 17,000,000
Grain en route will fill the available space remaining. quarters (and we are afraid that developments are pointing
Grain is moving by rail eastward in larger quantities than that way) the apparent supply is barely sufficient for reother years because of tidewater demand, but the maximum quirements and it goes without saying that if the Argenthat can be expected to go from lake terminals by rail until tine surplus is much below the figure mentioned the addinavigation opens will be 10,000,000 bushels, grain men as- tional loss represents so much more shortage in the world
sert." On the 13th inst. Buenos Aires fell 3 c. and Winni- supply for the coming six or seven months. We do not
/
1
2
peg 2 to 2%c. Liverpool was irregular, March being 11d. modify our opinion that the outlook for supplies is rather
/
1
2
/
2
and May / up. It was said that both Australia and serious, but we do say the position may wear a different
1d.
2
Argentina were underselling Canada in Europe. Export aspect when Argentina and Australia are shipping between
sales on the 13th inst. were stated at 300,000 bushels. Hard 500,000 and 700,000 quarters weekly." Receipts have not
winter wheat in Chicago and at Omaha advanced lc. And been large and the demand for the better grades of corn
receipts fell to 674,000 bushels, against 741,000 a year ago. increased slightly. The corn belt farmer who is feeding
At one time stormy weather was reported in Argentina. this grain to live stock is, it is assumed, getting
equal to
Australia's estimated export surplus was reduced to 40,- $1 a bushel. Many are holding their grain on the farm.
000,000 bushels. There has been some talk of re-selling by Exports from the United States last week were 864,000
foreigners. North American exports this week were 4.621,- bushels. Department of Agriculture experts say that
the
000 bushels, against 4,705,000 last year. Argentine exports farmer would receive $105 a bushel on the farm
for his
have been small, as the mills there have been taking the corn if the price were to be on a parity with the
first receipts. The American visible supply last week de- ucts he must purchase. In 1924 the average cost of prodcreased 1,016,000 bushels, against 4,655,000 last year. Th.?, corn was $1 10, according to Department farm price for
estimates based
total is 49,409,000 bushels, against 86,837.000 last year. on replies from 7,000 farms, while in November
1925 it was
The Murray-Clement, Curtis Co. estimated the quantity 'of estimated at 75c. The estimated cost
of production for
wheat on farms east of the Rocky Mountains on Jan. 1 at 1924 was stated to be 82c. The
American visible supply
24% less than a year ago; west of the Rockies 128% more last week increased 4,091,000
bushels, against 2,389,000 last
than a year ago, for the whole United States 18% less. year. The total is 21,592,000
Wheat in country mills and elevators east of the Rocky last year. Supplies remaining bushels, against 20,962,000
on farms Jan. 1 are estimated
Mountains 16% less than a year ago; west of the Rockies by Murray at
69.8%
156% more than a year ago; for the United States 8% more crop on farms Jan. 1 of the crop, against 60% of the 1924
1925; indicating a quantity of 2,023.than a year ago. The reports seem to indicate that east a 000.000 bushels on Jan.
1 this year, against 1,377,000,000
the Rocky Mountains there were on Jan. 1 1926 about 142.- a year ago, an
increase of 47%. As the supply for the sea000,000 bushels on farms and 75,000,000 in country mills
(crop plus carryover) was 2,960,000,000 bushels, against
son
and elevators, compared with 187,000,000 on farms and 90,- 2,415,000,000
last season the apparent farm disappearance
000,000 in country mills and elevators a year ago; west of
(by feeding and shipping) for the season to Jan. 1 is 937,the Rockies 18,000,000 on farms and 38,000,000 in country 000,000, against
1,038,000,000 last season to Jan. 1, a demills and elevators, compared with 8,000,000 on farms and crease of 10%. For the
nine corn belt States (all States
15,000,000 in country mills and elevators a year ago. The producing over 100,000,000
bushels in either year) Jan. 1
Chicago Board of Trade report put the visible stocks on stocks were 1,442,000,000
Jan. 1 at 50,000,000 bushels, against 92,000,000 a year ago. ago, an increase of 61%.bushels, against 897,000,000 a year
As supplies for the season were
In the three positions there would thus appear to be east 2,072,000,000, against
1,589,000,000
of the Rocky Mountains about 267,000,000 bushels, against of 30%), the farm disappearance last season (an increase
in these corn belt States
369,000,000 a year ago and for the United States (allowing
to Jan. 1 was about 629,000,000 bushels, against 692,000,000
for 2,000,000 at Pacific Coast terminals against 8,000,000 a in like period last season, a
reduction of 9%. Most general
year ago) 325,000,000 this year, against 40,000,000 a year crop reports are that less corn
is
ago. Western Europe needs snow. General rains in India and that marketing of corn has being fed than a year ago
have greatly helped the crop outlook. Argentina has been moisture content by unfavorablebeen held back by its high
weather or by unsatisfachot and unsettled. To-day prices ended / to lc. lower at tory prices. To-day prices
1
2
were /
2
Chicago and % to lc. lower at Winnipeg. There was no liquidation. Shorts were about 11 to 1%c. lower on long
the only buyers. Receipts
snap to the trading, though there was a rally towards the were fair. The cash demand
was
close from the low of about lc. Traders were in a quan- ened. Consignments increased. light. Cash prices weakThe Argentine crop, it is
dary. The news seemed to cut both ways . The cables in said, will be large. The number
of cattle in the United
the main were bearish. The domestic market was consid- States on feed is declared to
be
ered firm. Europe bought very little. Export sales were Final prices show a decline for smaller than a year ago.
the week of about 3c.
estimated at 200,000 to 300,000 bushels of Manitoba, largely
DAILY CLOSING PRICES OF CORN IN NEW YORK.
February shipment, to Brazilian mills. American receipts
Sat. Mon. Tues. Wed. Thurs. Frt.
were larger than expected. There were small decreases at No. 2 yellow
cis9934 9834 9834 9734 97
9734
372
[VOL. 122.
THE CHRONICLE
DAILY CLOSING PRICES OF CORN FUTURES INI,CHICAGO.
Sat. Mon. Tues. Wed. Thurs.0 Fri.!!
ala7sneTrI7Frin elevator
- - - % 88W87.1711787girl 853
cts_ 88% 8 S
90% 90% 90%k 89% 89%* 87
July delivery in elevator
September delivery in elevator_ _ 9114
91149O14 90%ft 89Aai
X lb.
Wheat.
Receipts:at-
Flour.
New York__
Philadelphia__
Baltimore.....
Newport News
Norfolk
New Orleans •
Galveston_ _ _ _
Montreal_ _ _
St. John,N.B.
Boston
Barrels.
250,000
54,000
28,000
3,000
3,000
71,000
50,000
15,000
48,000
25,000
&Oa
Corn.
Bushels.
1,494,000
883,000
310,000
Bushels.
243,000
223,000
405,000
Oats.
Barley.
Bye.
Bushels. Bushels.
Bushels.
389,000
24,000
336,000
51,000
45,000
2,000
31,000
Oats declined slightly on some months in a dull market,
while others were a shade higher. Of interesting features
11,000
221,000
21,000
there were none. The speculation is small and the cash
2,000
business seems to be of indifferent size. On the 13th incl.
150,000
27,000
65,000
18,000
826,000
100,000
prices ended at a decline of % to / They show the slug1e.
4
167,000
13,000
1,000
3,000
gishness and the monotonous tone of this market. The
Total wk. '26
547,000 3,843,000
26,000
American visible supply last week decreased 560,000 bush- Since Jan.1.26 918,000 7,149,000 1,113,000 617,000 462,000
2,429,000 1.061,000 1,081,000
152.000
els, against an increase of 601,000 last year. The total is
Same wk. '25
606,000 3,235,000
659,000
863,000
134,000
314,000
62,447,000, against 72,729,000 last year. Supplies remain- Since Jnn.1.25 1.049.000 6.877 000
348 000
679 000 1.203 000 1.990.000
ing on farms on Jan. 1, according to Murray, are estimated
•Receipts do not include grain passing through New Orleans for foreign Porta
at 48.7% of the crop, against 47% of the 1924 crop on farms on through bi Is of lading.
Jan. 1 1925, indicating a quantity of 731,000,000 bushels on
The exports from the several seaboard ports for the week
Jan. 1 this year, against 715,000,000 a year ago, an increase ending Saturday, Jan. 9 1926, are shown in the annexed
of 2.2%. As the supply for the season (crop plus carryover) statement:
was 1,594,000,000 bushels, against 1,588,000,000 last season,
Exports fromthe apparent disappearance for the season to Jan. 1 is 863,Wheat.
Corn.
Flour,
Oats,
Rye.
Barter.
000,000 bushels, against 873,000,000 last season to Jan. 1,
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels.
a decrease of 1%. The Southern demand increased at one New York
2,209,267 232,147 101,335 137,818
28,093 779,816
29,000
time. Canadian oats are said to be of poor quality. To- Boston
210,000
Philadelphia
918,000
86.000
7.000
9,000
day prices fell %c.. Cash demand was light, liquidation was Baltimore
622,000 503,000
13,000
90,000
150,000
Norfolk
3,000
on and shorts were about the only buyers. Cash markets Newport News
3,000
were about steady with the receipts moderate. Last prices New Orleans
14,000 370.000
19,000
12,000
Galveston
showed a decline for the week of % to %c.
5,000
--St. John, N. B
826,000
48,000
DAILY CLOSING PRICES OF OATS IN NEWAYORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
ets_ 5414 5414 5414 5414I5414 5414
DAILY CLOSING PRICES OF OATS FUTURES INICHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4514 4514 4514
July delivery in elevator
4631 4614 4614 463a.4614 451/s
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta_ 5014 5014 5014850148,5014 5014
July delivery in elevator
513025114851 .5114 5114
51
Total week 1926._ 4,618,267 1,191,147
Same week 1925_ _ _. 4,315 793
51.000
100,000
199,335
287,873
339,818
58.500
28,093 1,148,816
311,924 777,001
The destinat'on of these exports for the week and since
July 1 1925 is as below:
45%R-45% 4514
Flour.
Exports for Week
and Since
July 1 to--
Wheat.
Week
Jan.9
1926.
Since
July 1
1925.
Week
Jan. 9
1926.
Barrels.
Barrels.
Bushels.
Corn.
Since
July 1
1925.
Week
Jan. 9.
1926.
Since
July 1
1925.
Bushels.
Bushels.
Bushels.
United Kingdom_ 74,897 2,031,485 2,167,294 61,995,933 163,000 1,196,204
Rye was rather irregular, advancing % for July on the Continent
58.151 3,274,222 2,257,786 81,048,280 916,147
12th inst. and declining. %c. for May on the same day, with So.& Cent. Amer_ 6,000 229,467 193,187 1,498,971 52.000 2,552.483
1.308,000
West Indies
133,925
60,000 1,055,900
only a moderate amount of business and no features of 13rlt.No.Am.Cols 14,000 505,529
striking interest. There was no evidence of any pressing Other countries__ _ 46.287 536,763
977,234
2,355
export demand. Prices on the 13th inst. fell 1% to 2c.,
Total 1925-26._ 199,335 6,577,466 4.618,267 145,654,343 1.191,147 6,114,942
owing largely to a decline in wheat. Exports last week
TRW 1024-25 287.873 0 1182 074 4.315.703 200.100.307
51.000 1.502 Am
totaled 212,000 bushels. The American visible supply last
The world's shipments of wheat and corn, as
week increased 315,000 bushels, against 458,000 last year; Broomhall to the New York Produce Exchange,furn'shed by
for the week
total 13,107,000, against 22,457,000 last year. To-day prices ending Friday, Jan. 8, 1926
since July 1 1924 and 1923,
ended 1 to 1%c. lower, partly In sympathy with a decline are shown in the following: and
In wheat. There was more or less liquidation. Export
demand was absent or not insistent. About the only buyWheat.
Corn.
ing was by the shorts. Speculation continued small, await1925-26.
1924-25.
1925-26.
1924-25.
ing further developments. Last prices show a decline for
Week
Since
Week
Since
Since
the week of 1% to 2c
Since
Jan, 8.
July 1.
Jan. 8.
July 1.
July 1.
July 1.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Sat. Mon. Tues. Wed. Thurs. Fri.
North Amer_ 9,666,000 222,268,000 276,583,000
772.00
5,117,000
701,000
May delivery in elevator
448,000 14.992,000 3,048,000
459,000 14,073,000 15,006 000
cts.11114 110
10914 10934 MX 110_41
, Black Sea_ _ _
July delivery in elevator
Argentina_ _ _
109
433,000 31,342,000 49.739,000 3,224,0
10714 10814 10714 10914 108%
89,536,000 127,754,000
Australia__ _ 1,416,00 19,096,00C 23,116,000
India
2,512,000 24,080,000
Closing quotations were as follow:
Oth.Countr's
391,00 32,057,00
639,000
GRAIN.
Total
11.903,000290.210.000 376.506.000 4.846.0001I40.783.000 144,100.000
.New York
Wheat
Oats New York
No. 2 red, f.o.b
The visible supply of grain, comprising the stocks in
No. 2 white
1.9714
5434
No. 1 Northern
None
No 3 white
5334 granary at principal points of accumulation at lake and
No. 2 hard winter, f.o.b
2.0014 Rye, New York
Corn, New York
No. 2 f.o.b
1.1814 seaboard ports Saturday, Jan. 9, were as follows:
No. 2 mixed
Barley, New York
GRAIN STOCKS.
No 2 yellow (new)
Malting
9734
87090
Wheat.
Corn.
Oats.
Barley.
Rye.
United Statesbush.
bush.
bush.
bush.
bush.
FLOUR.
New York
793,000
189,000 1,060,000
270,000
202,000
Boston
1,000
Spring patents
89 254 9 75 Rye flour, patents
66,000
25,000
4,000
$6 1546 50 Philadelphia
748,000
Clears, first spring
318,000
8 000 8 50 Seminole No. 3, lb
334,000
106,000
54,000
551e.
Baltimore
1.079,000 1,333,000
Soft winter straights
8 60a 9 00 Oats goods
103,000
56,000
59,000
2 72lia 28214 Newport News
Hard winter straights
9 25a 9 75 Corn flour
31,000
2 453 2 55 New Orleans
250,000
Hard winter patents
9 75410 25 Barley goods
868,000
77,000
Galveston
365,000
Hard winter clears
8 000 8 50
Nos 2, 3 and 4
14,000
425
Buffalo
4,511,000
Fancy Minn. patents
10 85a11 50
764,000 2,220,000
Fancy Pear, No. 2, 3
92,000
452,000
afloat
4,677,000
11 15a11 65
City mills
1,750,000
and 4
267,000
611,000
725
Toledo
1,157,000
284,000
468,000
23,000
1,000
" afloat
968,000
586,000
The statements of the movement of breadstuffs to market Detroit
165,000
65,000
145,000
35.000
indicated below are prepared by us from figures collected by Chicago
3,631,000 10,951,000 9,251,000 3,312,000
600,000
" afloat
684,000
93,000
the New York Produce Exchange. The receipts at Western Milwaukee
433,000
916,000 1,785,000
131,000
188,000
"
afloat
lake and river ports for the week ending last Saturday and
205,000
Duluth
7,616,000
9,579,000 4,621,000
664.000
since Aug. 1 for each of the last three years have been:
" afloat
150,000
63,000
Minneapolis
9,532,000
170.000 20.166,000 3.357,000 4,321,000
Sioux City
206,000
Receipts atWheat.
Flow.
113,000
Corn.
Qats.
606,000
47,000
Barley.
Rye.
St. Louis
1,444,000 1,543,000
981,000
63,000
2g:2000
Kansas City
5,391,000 2,506,000 5,705,000
56ls.19615s. bush.60 lbs. bush.66155. bush. 32 lbs. bush.481bs bush.561bs
94,000
124,000
. Wichita
.
2,675,000
322,111 3,479,001 1,114,000
66,000
267,000
Chicago
218,000
94,000
21,000
1,641,000
Minneapolis
256,000
2,026,000
256,000
41,000
715,000
2,000
135,000 St. Joseph, Mo
373,000
6,000
Peoria
3,000
58,000 1,443,000
980,000
Duluth
7,000
044.000
57,000
175,000
Indianapolis
359.000
Milwaukee...
538.000
59,011 1,281,000
42,000
689,000
190,000
190,000
2,000
41,000 Omaha
1,415,000 1,015,000 4,459,000
93,000
Toledo
242,000
17,000
76,000
267.000
14,000
15,016
31,001
Detroit
30,000
6.000
Total Jan. 9 1926
49,409,000 21,952,000 62,447,000 13,107.000 7,177,000
37,111
690,001
114,000
IndianapolisTotal Jan. 2 1926.-50.425,000 17,861,000 63,007,000 12.792,000 7,236,000
737,000
717,016
707,000
550,000
St. Louis
30,000
Total Jan. 10 1925_86,837,000 20.962,000 22.729,000 22,457,000 5.099,000
745,000
54,000
15,000
Peoria
142,000
25,000
-Bonded grain not included above: Oats,
1,123,661 1,061,000
Note.
Kansas City_
129,000
New York, 153.000 bushels:
359,001
618,000
Baltimore, 27,000; Buffalo, 673,000; Buffalo afloat, 372,000: Duluth, 98,000: total,
286,000
Omaha
64,001
397,000
1.323,000 bushels, against 1.651.000 bushels in 1925. Barley, New York, 830,000
30.000
St. Joseph_
341,661
85,000
bushels; Boston, 145,000; Baltimore, 324.000; Buffalo, 2,223,000; Buffalo afloat.
4,000
Wichita
84,011
108,000
527.000; Duluth, 135,000: total, 4,184,000 bushels, against 2,789.000 bushels in
61,000
Sioux CRY1925. Wheat,New York,3,016,000 bushels; Boston,313.000; Philadelphia,913.000:
500,000 6,225,000 9,717,001 4,385,000
Total wk. '26
392,000 Buffalo, 7.219,000; Buffalo. afloat, 7,811,000; Duluth, 306.000; Toledo, 101.000;
769,000
494,000 4.097,001 7,728,6 11 4,785,000
459,000 Chicago, 141,000; Erie. 638,000; Fairport, 955,000; total, 22,344,000 bushels.
881,000
Same wk. '25
3,344,011 5,832,000 2,900,000
377,0
Same wk. '24
471,000 against 18,531.000 bushels in 1925.
560,000
Canadian
Montreal
3,691,000
164,000 1,228,000
Since Aug. 1
960,000
187,000
10,809,000 225,144,000 108,038,000 138,997,000 53.186,00016.329.000 Ft. William dr Pt. Arthur_34,170.000
1925
5,482,000 1,677,000 5,235,000
11,027.000377,685.''' 119,280.000 169,717,000 43,135,000 46,538.000
" afloat
5,818,000
1924
127,000
511,000
....,..
, n5st nn 99R A45 ono 195 1070(10 120.5.33 000 94 095 nno IS 195 ono Other Canadian
fl
11,984,000
2,838,000
370,000 1,877,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Jan 9, follow:
Total Jan. 9 1926---55,663,000
Total Jan. 2 1926.-51,680,000
Total Jan. 10 1925.-31,041.000
164,000 10,059,000 3,234.000 8,199,000
157,000 9,744.000 1,789.000 7,783.000
312,000 16,827,000 1,812,000 6.056.000
JAN. 16 1926.]
Summary—
American
Canadian
THE CHRONICLE
Barley.
Bye.
Cern.ilandats.
Wheat.
bush.
bush.
kbush.
bush.
bush,
49,409,000 21,952.000 62.447,000 13,107,000 7,177,000
164,000 10,059,000 3,234,000 8,199.000
55,663,000
373
THE DRY GOODS TRADE
Friday Night, Jan. 15 1926.
Textile markets presented a more active appearance during the past week, inspired by the arrival of a large number of buyers for the two-fold purpose of making their speWEATHER BULLETIN FOR THE WEEK ENDED cial sales and seasonal purchases, and to attend the annual
JAN.12.—The general summary of the weather bulletin convention of the National Wholesale Dry Goods Associaissued by the Department of Agriculture, indicating the in- tion. Indicative of the general character of the demand,
practically every section of the country was represented
fluence of the weather for the week ended Jan. 12, follows:
There were several rapid falls in temperature during the early and middle among these buyers and their number is expected to steada
parts of the week over limited localities, but generally lasting only for
purchasing
day,and the weather, for the week as a whole, was mostly moderate, except ily increase during the next few weeks. Active
at the very last when a cold wave of considerable intensity moved in over has started sooner than usual this year under the stimulus
the upper Mississippi Valley. Nearly all sections had temperatures 10 of an early Easter, which shortens the pre-Easter selling
to 30 degrees above normal at some time during the week. West of the
Rocky Mountains pressure was high all the week and the weather was dry, period by one week as compared with last year. Chances
except for good rains in the north portion the first part of the week. In are held to be very favorable for a sustained buying movethe East the week opened with a marked storm area in the Northeast.
A second disturbance started on the Gulf coast early in the week, moved ment for some weeks to come. It was stated that business
slowly northward to the lower Lake region by Tuesday, while a third depres- momentarily was not large in the case of individual orders,
sion moved eastward along the northern border. As a result, precipitation
was quite general in this district, and most sections had moderate to good but the total was much better as a consequence of the
rains or snows on two or more days with the heaviest in the east Gulf States. wide call for additional merchandise from retailers and
The cold wave at the end of the week carried zero temperatures south to
cutters-up. One of the recent surprises had been the innorthern Missouri.
The temperature for the week was near normal over the North Atlantic creased demand for taffetas in the silk trade. Wholesalers
Coast States and the Lake region. In the South Atlantic and Gulf States who have had these goods in stock were
reported to have
and the Ohio Valley the departure for the week was generally — 2 to —6
degrees, with New Orleans and a few points in Texas reporting —7 degrees. experienced something akin to a "run" on their supplies.
Elsewhere the departures were mostly plus, the greatest being +13 to +19 For several seasons past there have been comparatively
degrees in North Dakota and Montana.
The table shows also that precipitation east of the Mississippi River was few mills making these goods, owing to the lack of degenerally not far from normal for the season,although there was considerable mand. Requests for prints have likewise come well to the
excess over the east Gulf and south Atlantic coasts. West of the Mississippi
River the amounts of rainfall were generally unimportant, except in the fore, with both cutters-up and retailers following up their
extreme Northwest where generous rains occurred the first of the week. sample orders with active purchases. In regard to the floor
The percentage of sunshine was generally low, except over Texas, the south
half of the western Plateau, and the lower Pacific coast area. Over the covering division, trade was said to have picked up considOhio Valley sunshine was generally less than 20% of the possible amount. erably since the arrival of buyers.
Although little work could be done in most sections, the weather of the
DOMESTIC COTTON GOODS: Increased activity on
week, as a whole, was favorable for all crops now in the fields. In the
northern portion winter grains were well protected by snow in most localities, the part of buyers was an encouraging feature in the marwhile in the South and West grains, truck, and fruit made good progress.
iortion of the Great Plains and in the Pacific Coast States kets for domestic cotton goods during the week. Prices as
In the western p
needn
cereals are
g rain, as are also the ranges in many sections of the a rule held steady, and a satisfactory volume of orders was
Plateau region. Truck has been retarded somewhat in the Gulf districts reported to have been received. Purchases of bag
sheet0
by lack of sunshine.
,4
1
SMALL GRAINS.—Most of the States in the main Wheat Belt and in ings, print cloths and other goods were placed for delivery
the Northeast reported a fair to good snow cover during the greater part as far ahead as May and June. Manufacturers, converters
of the week, though it was dry in the western third and extreme northern
portion of Kansas, and there was little snow in eastern Oklahoma, in and some of the cutters-up have again resumed forward
Missouri, and in much of Illinois. Snow cover was converted Into ice in buying of gray and finished goods, and pending negotiamany places in Minnesota during the recent freeze. Grains in the northern
Pacific States had but little snow cover, although wheat is still holding its tions point to an early resumption of moderate-sized purown in Washington. Cover is badly needed in Utah, but grain there is chases. It was noted that buying operations were approachstill good.
Wheat is in good shape in Kansas and averages fair in Oklahoma, but ing a more normal basis. And although purchases have
while the early-sown has good color, though small, in Missouri, the late- been of a steady character, buyers have not been scrambling
sown is thin. The condition of wheat and oats was fair to good in Texas,
but these grains made only poor to fair progress. Wheat, oats, and rye needlessly for goods and have maintained a tendency to
are good in Arkansas, where rice harvest is finished and threshing this confine operations to well-defined needs. More business
grain nearly so. Oats made fair to good progress in Florida, but elsewhere was offered on denims and ginghams and a broadening dein the South and Southeast the cold weather unfavorably affected growth
and little or no progress was made. The growth of all grains was slow on mand for staple cottons in the finished state was reported
account of cold and lack of moisture in California.
several quarters. While much of the recent inquiries
CORN AND COTTON.—Corn gathering is about done in Missouri, in
and there was some husking accomplished in southeastern Iowa, but very have centred more or less in staples, a keener interest was
remains also displayed in fabrics of a more novel character. Orders
little corn was marketed in Nebraska. Considerable cotton
unpicked in Arizona, picking was suspended in the northern valleys of
California on account of fog, but was resumed in the Imperial Valley of that for percales, particularly those for first quarter delivery,
State. Snow and cold were unfavorable for picking the cotton remaining continued rather free, and there was some increase in the
In the fields in Arkansas and there is still some cotton unpicked in that
demand for the fancier lines of ginghams. Wash goods also
State.
The Weather Bureau also furnishes the following resume received a share of the business. A more active trade is
looked for during the next two weeks. In regard to the
of the conditions in the different States:
North Carolina.—Raleigh: Mild at beginning of week; snow, sleet, and cotton consumption report issued on Thursday, the Governrain in middle, and colder in latter part. Light snow cover over central ment places the amount of cotton consumed during Decemand west at end of week. Some increase in stream flow. Little outdoor
work. Winter grain doing fairly well. Less damage to truck in southeast ber at 575,271 bales, against 543,098 in November and 533,by freeze than first estimated.
789 during December 1924. Consumption from Aug. 1 to
South Carolina.—Columbia: Cold weather, with freezing nights, after
first of week unfavorable for growth of wheat, oats, rye, and hardy truck; Dec. 31 totaled 2,593,979 bales, against 2,359,007 a year ago.
practically at standstill, except truck on coast improved. Precipitation Print cloths, 28-inch, 64 x 64's construction, are quoted at
first of week improved stream flow. Good butchering weather. Only
62 and 27-irich, 64 x 60's, at 6c. Gray goods in the 39/
1c.,
ordinary outdoor work preformed.
Georgia.—Atlanta: Rainy, mostly cloudy, and moderately cold weather, inch, 68 x 72's construction, are quoted at 10%c., and 39with some sleet and snow in north portion was generally unfavorable for inch, 80 x 80's, at 124e.
outdoor work. Soil wet and rivers
h, with nearly flood stages at places.
es.
No farm work accomplished, except killing hogs. Truck in coast district
WOOLEN GOODS: Market for 'woolens and worsteds
improved. Cereals making little growth.
Florida.—Jacksonville: Week unfavorable; overcast and cold. Heavy continued more or less quiet. This was particularly norains in west and Apalachicola and Suwanee River Valleys; too wet in ticeable in the men's wear division, where agents were
much of central, but least in south where truck fair to good progress, but
harvesting delayed somewhat; seeding spring crop; germination slow. awaiting more definite news concerning the opening of the
Strawberries backward, but moderate shipments from Plant City district. new fall lines. Last year the American Woolen Co. opened
Oats fair to good progress. Freezing in interior of west and north and
fall woolen goods on Feb. 14 and their worsted lines
frost in north-central on 11th and 12th; some damage to tender truck. their
on Feb. 19. This year it is generally expected that the big
Citrus movement active.
Alabama.—Montgomery: Unseasonably warm at beginning, but tem- factor will open earlier, possibly the latter part of the curperature much below thereafter; rain or snow in north and rain in south
early part; mostly fair remainder. Unfavorable for growing crops and rent month. If precedent is followed, the woolen matesunshine needed. Little farm work accomplished. Moderate floods In rials will be formally shown first and the worsteds will
Tombigbee and upper Alabama Rivers during week. Oats doing fairly well
In south and some northeastern sections. Truck crop fair progress in more follow about two weeks later, after buyers have had a
southern countries', little or no truck growing elsewhere.
chance to place their initial woolen wants with the agencies.
mississippi.—Vicksburg: Mostly cloudy. except Wednesday and Monday; moderate to heavy precipitation in extreme south Tuesday to Friday As to prices, it is believed that woolens generally will be
and mostly light in north and central Friday to Sunday, with snow in from 7 to 10% lower, than last year. In regard to the
north Friday or Saturday. Lack of sunshine damaging truck. Seasonable
women's wear goods, fall lines are not expected to be shown
farm work and pastures poor porogress.
Louisiana.—New Orleans: Cloudy, rainy weather first half of week4 fair before March 1. In the meantime, the chief inquiries for
latter half with heavy frost and freezing. Oats and truck making poor
.progress. Very little farm work. Unground sugar cane suffered some dress goods have been for certain lines like poiret twills
deterioration, but large part of crop previously ground.
that are wanted immediately. More interest was maniTexas.—Houston: Cold with abundant sunshine and only light precipitation. Soil too wet to work in coastal and south-central sections, fested in sport fabrics and rayon worsteds for spring.
LINENS: Reports of an improved demand for pracwhile moisture needed in northern and western. Progress of wheat, oats,
pastures, and truck poor to fair; condition fair to good. Truck and citrus tically all classes of merchandise prompted a more opshipments backward account wet soil and cold, but increasing.
Oklahoma.—Oklahoma City: Temperature averaged close to normal; timistic undertone in the linen market. Importers were
1 to 3 inches of snow in central and west, but very little in east; beneficial preparing to send their salesmen on the road, claiming that
for winter grains. Some plowing during week. Wheat averages good.
business received thus far this year had been very encourPastures fair to poor, but livestock good condition.
Arkansas.—Little Rock: Light snow; temperatures and sunshine below aging. Retailers were noted to have been more generous
normal. Unfavorable for picking cotton and gathering feed crops; favorable for most other work; still some cotton unpicked. Rice harvest com- In adding to their stocks, placing both large and small-sized
pleted; threshing nearly so. Wheat, oats, and rye good.
orders. A majority of the week's business was centred in
Tennessee.—Nashville: Cloudy, with temperatures way above average
at low prices. Progress
first of week, followed by below freezing and by snowfall of from 2 to 4 luncheon sets which stores featured
Inches. Winter grains withstood freezing well; clover damaged somewhat, in dress linens was favorably commented upon. A large
while snow covering will be beneficial. Livestock in good condition. number of repeat orders have begun to arrive for suitings
Roads fair to good. All work at standstill.
California.—San Francisco: Week practically rainless; continued fogs and knicker linens and as a result, cutters-up and other
In inland valleys of north; elsewhere fair. High day temperatures in south; buyers have begun to display more interest in these items.
elsewhere cool especially day temperatures in northern valleys. Fogs
preserved ground moisture, but rain needed. Cotton picking ceased in Burlaps remained inactive, buyers refusing to pay current
northern valleys owing to fogs; resumed in Imperial Valley. Truck good, prices, which they considered too high. Light weights are
.Grain growth slower owing to cold and lack of rain. Considerable plow'lug; vegetables plentiful. Lemons blooming; naval oranges being picked. quoted at 8.50 to 8.60c., and heavies at 11.50 to 11.60c.
Total Jan. 9 1926___105,072,000 22,116,000 72,506,000 16,341,000 15,376,000
Total Jan. 2 1926__102,105,000 18,018,000 72,751,000 14,581,000 15,019,000
Total Jan. 10 1925_117,878.000 21,274,000 89,566,000 24,269,000 11,155,000
374
THE CHRONICLE
[VOL. 122.
266.3
-were awarded to the State Bank of
Due $38.000 Dec. 1 1926 to 1935, incl. Auburndale. Date Dec. 1 1925.
AXTEL, Marshall County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas registered $45,000
43 % water works bonds during the month of December.
BAKER COUNTY (P. 0. Baker), Ore.
-BOND SALE.
road bonds offered on Jan. 7-V. 122, p. 120-The $150,000
Archer County Road District No. 2 (P. 0. Archer 5% coupon National Bank
-were awarded
to the First
of Baker ata
of$5,522,
City), Texas.
-United States Supreme Court Holds District a basis of about 4.7%. Date Dec. 15premium Due Dec.equal to 103.68,
1924.
15 1944. Int.
Unconstitutional.
-A decision delivered on Monday, Jan. 4, payable semi-annually J. & D.
BAKER COUNTY (P.0. Baker), Ore.
by the United States Supreme Court in the case of Browning 5% road bonds
-BOND SALE.
-The $150.000
offered on Jan. 7-V. 122. p.
and others against Hooper and others, held that the First National Bank of Baker at a premium of 120-were awarded to the
$5,522, equal to 103.68.
law under which this district was created was unconstituBALTIMORE COUNTY (P.
Md.-BOND SALE.
-On
tional. This decision makes an issue of $300,000 road Jan. 13 the following two issues of0. Towson), bonds offered on that date
4%% coupon
re awarded as follows:
improvement bonds of this district which were recently -V. 121, p. 3031-we& Co.
To Harris, Forbes
and the Guaranty Co., both of New York.
voted, invalid. This decision, it is claimed, may affect jointly:
public
other district improvement bonds. As bearing on that $500,000 Feb. 1school bonds at 103.01. a basis of about 4.30%. Due on
as follows: $16,000. 1947; $69,000, 1948; $72,000. 1949;
point, the following is quoted from the New York "Com$75,000, 1950; $78,000, 1951; $81,000, 1952; $84,000, 1953, and
$25,000, 1954.
mercial" of Jan. 11:
To the Mercantile Safe Deposit & Trust
The Republic Trust 8z Savings Bank of Dallas states:
$750,000 public road and school bonds at Co. of Baltimore:
102.93,
"With reference to the opinion of the Supreme Court of the United
Due on Feb. 1 as follows: $30,000. 1949; a basis of about 4.31%.
$165,000, 1950;$175,000.
States on the validity of certain unsold special road district bonds of
1951; $185,000, 1952, and $195,000, 1953.
Archer County, Texas. their bank wishes to endorse most cordially the
Date Feb. 1 1926.
sentiment of Dan Moody, Attorney-General of Texas, who in to-day's
BANGOR, Penobscot County, Me.
press says: "'Certainly, no one believes that there will be any repudiation
-TEMPORARY
-On
of any public debt in Texas. The good name of the State and the quality Jan. 12 the Merchants National Bank of Bangor purchasedLOAN.
a $200,000
of her citizenry are ample guarantees that whatever is necessary will be temporary loan on a 3.29% discount basis. Dated Jan. 12 1926. Due
done in order to make sure that people who have bought Texas bonds will Oct. 11926.
be paid their money.'
BEAUFORT, Carteret County, No. Caro.
-BOND OFFERING."We believe with the Attorney-General that the proper authorities W. S. Stanch,'town Treasurer,
will receive sealed bids until 12 m.
will take every necessary action to preserve the credit and good name of for $35,000 not exceeding
67 public improvement bonds. Date Jan. 30
Texas In the business world and that the bonds of the road districts involved 1926.• Denom. $1,000
Jan. 1
and MOO. Due Jan. 1 as follows: $500. 1927 to
by implication or otherwise in the Supreme Court's opinion will be promptly 1936. incl.• $1,000,
1937
met, principal and Interest. In expressing this opinion, we wish to assure payable at the Hanover to 1966, tad, Prin. and semi-ann. int. (J. & J.)
'
National Bank, New York. Legality to be apthe bankers and the investing public of this country that this bank pledges proved by John C.
Itself to use every proper effort to the end that the rights of holders of amount bid, payableThomson, New York. A certified check for 2% of
to the Town Treasurer, required.
Texas road district bonds are protected."
BEAUMONT, Jefferson County, Tex.
-The following
Lower Austria (Province of), Austria.
-$2,000,000 57 coupon bonds, aggregating $750,000 -BOND SALE.22-V. 121, 1).
offered on Dec.
3156
-were awarded to Stifel-Nicolaus
Bonds Offered in United States.
-On Jan. 11 J. & W.Seligman $400,000 street bonds at a premium of& Cc., Inc. of St. Louis as follows:
54,680, equal
& Co. and F. J. Lisman & Co., both of New York, offered
about 4.93%. Due as follows: $4,000, 1927 to 101.17, a basis of
to
1937 to 1946 incl.; $12,000, 1947 to 1956 hid.; 1936 incl.; $8,000,
and quickly sold in this country $2,000,000 73,% secured
and $16,000, 1957
to 1966 incl.
sinking fund gold bonds of the Province of Lower Austria 200.000 sewerage bonds at a premium of 52.340.
equal to 101.17, a basis
of about 4.92%. Due as follows: $2,000.
(Austria) at 98.50 and interest, to yield over 7.60%. Date
1927 to
54.000, 1937 to 1946 incl.; 56.000. 1947 tf 1956 tad.; 1936 incl.:
Dec. 1 1925. Coupon bonds, in denom. of $1,000 and $600,
and $8,000.
1957 to 1966 incl.
registerable as to principal. Due Dec. 1 1950. Prin. and 100.000 Department of Public Safety bonds at a premium of 51,170, equal
to 101.17, a basis of about 4.92%. Due as follows:
semi-ann. int. (J. & D.) payable in New York at the office
$1,000. 1927
to 1936 Incl.; 52.000. 1937 to 1946
and $4,000, 1957 to 1966 incl. incl.; $3,000. 1947 to 1956 incl.
of J. & W. Seligman & Co., fiscal agents of the loan, and in
50,000 park bonds at a premium of $535. equal to 101.07, a basis
Vienna at the Niederosterreichische Escompte Gesellschaft,
4.93%. Due as follows: 51,000. 1927 to 1956 ind.; andof about
$2,000.
in U. S. gold coin without deduction for Austrian taxes.
1957 to 1966 incl.
Date Feb. 1 1926.
Red. at the option of the Province as a whole or in part on
BEAVER DAM, Dodge County Wis.-BOND OFFERING.
any semi-ann. int. date to and incl. Dec. 1 1926 at 105,
-The City
thereafter to and incl. Dec. 1 1927 at 104, thereafter to and Clerk will receive sealed bids until 8p.m.today (Jan. 16)for $10,000 4%%
bonds. Denoms. $1,000 and $500. Int. payable J. &
J. 15.
incl. Dec. 1 1929 at 103, thereafter to and incl. Dec. 1 1931
BEDFORD SCHOOL DISTRICT (P.O. Bedford), Cuyahoga
County
-BOND SALE.
at 102, thereafter to and incl. Dec. 1 1933 at 1013/2, there- Ohio.
-A. E. Aub & Co. of Cincinnati purchased on Jan.
4 an issue of 536,100 5% school bonds at 102.33, a
after to and incl. Dec. 1 1935 at 101, and thereafter at par, Date May 1 1925. Due each six
basis of about 4.74%.
months as follows: $400 Oct. 1 1925, and
in each case with accrued int. to the date of redemption. 5700 April 1 1926 to April 11951. inclusive.
Callable at par for the sinking fund (calculated to retire
BELLEVILLE, Republic County, Kan.
-BONDS REGISTERED.The State Auditor of Kansas
the entire issue at or before maturity). Further information ing the month of November.registered $7,610 41 4%% paving bonds durregarding the loan may be found in our department of
BEND, Deschutes County, Ore.
-BOND
-The A. D. Wake
"Current Events and Discussions" on a preceding page.
man Co. of Portland has purchased an issue ofSALE.
5100,000 emergency bonds
at 100.09.
ffitattanItClog gepartment
NEWS ITEMS
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
BETHEL, Pitt County, No. Caro.
-BOND SALE.
-The $85,000 6%
water and sewer bonds offered on Nov.
-were awarded
to Braun,Bosworth & Co.of Denver at a 3-V. 121, p. 2066
premium of51.000,equal to 101.17.
BEVERLY HILLS IMPROVEMENT DISTRICT NO.
3, Los Angeles
County, Calif.
-BOND SALE.
-The Security Company of Los Angeles
has purchased an issue of $225,000 5% municipal
improvement bonds.
Dated Jan. 11926. Denom. $1,000. Due $6,000
Jan. 1 1927 to
Prin. and int. J. & J. payable at the office of the City Treasurer.1964 incl.
Legality
to be approved by O'Melveny, Milliken, Tuller, and
MacNeil of Los
Angeles.
Financial Statement.
Assessed valuation. 1925
87.534,167.00
Bonded debt (this issue)
225.000.00
Population (est.), 3.700.
BIG SANDY INDEPENDENT SCHOOL
DISTRICT, Upshur
County, Texas.
-BONDS REGISTERED.
-On Jan.
troller of Texas registered $35,000 5% school bonds. 6 the State CompDuo serially.
BILOXI, Harrison County, Miss.
-BOND SALE.
-The Peoples Bank
and First National Bank. both of Biloxi, jointly,
have purchased an Issue
of $345,500 53(% city bonds at par.
BONNER COUNTY (P. 0. Sandpoint), Ida.
-BOND ELECTION.
An election will be held on Jan. 30 for the purpose
of voting on the question
of issuing $17.000 bonds.
ABERDEEN SCHOOL DISTRICT, Grays Harbor County (P. 0.
Montesano), Wash.
-BOND SALE.
-The $28,000 school bonds offered
on Jan. 12-V. 122. p. 241-have been purchased by the State as 4M's
at par. Date Feb. 1 1926.
ADAMS COUNTY (P. 0. Natchez), Miss.
-BOND DESCRIPTION.
The $60,000 5% court house bonds awarded on Dec. 8 to the William R.
Compton Co.of St. Louis at 101.15-V. 122, p. 120-a basis of about 4.48%
described as follows: Date Jan. 1 1926. Denom. $1,000. Due Jan. 1
are
as follows: $2.000, 1927 to 1931 incl.•, $3,000, 1932 to 1941 incl.; and
$4,000, 1942 to 1946 incl. Prin. and int. J. & J. payable at the Britton &
Koontz National Bank, Natchez.
Financial Statement.
Estimated actual value taxable property
$16.800,006
Assessed value taxable property. 1925
11,964,851
Total bonded debt
670,000
Population, 1920 U. S. Census, 22183; population, present est., 30,000.
ADAMS COUNTY SCHOOL DISTRICT NO. 27 (r. 0. Brighton),
So. Dak.-BONDS VOTED.
-At a recent election the voters authorized
the issuance of $150,000 school building bonds. The bonds mature as
follows: $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.
BRADENTON, Manatee County, Fla.
-BOND OFFERING.-Clty
ALABAMA (State of).
-ADDITIONAL INFORMATION.
-We are now Clerk, L. L. Hine, will receive sealed bids until
in receipt of the following information regarding the 51,100,000, not exceed- exceeding 6% water front improvement bonds. Feb. 23 for 5265.000 not
In 10 to 30 years. Int. payable semi-annually. Date Feb. 1 1926. Due
ing 43i% harbor impt. third series bonds, being offered on Jan. 22-V.
,
122. p.241. Date Jan. 1 1926. Denom.$1,000. Coupon bonds registrable
BRIDGEWATER TOWNSHIP SCHOOL
as to principal only or as to both principal and interest. Due $25,000 Jan. Som
DISTRICT(P.O. Raritan),
t County, N. J.
-BOND SALE.
-The Somerville Trust Co. of
1 1933 to 1976 Incl. Prin. and Int. J. & D. payable in gold In the State
Treasurer's office or at the fiscal agency of the State In New York. Legality Somerville purchased the $75.000 43 % coupon school bonds offered on
Dec. 14-V. 121, p. 2783
-at a premium of $319, equal to 100.42,a basis
approved by Storey, Thorndike, Palmer & Dodge of Boston. A certified of about
4.44%. Date Jan. 1 1926. Due $44,000,
heck for 2% of the par value of the bonds bid for, payable to the state
55,000, 1933 to 1937, incl., and 36.000, 1938 to 1942, 1928 to 1932, incl.;
Treasurer, is required.
incl.
BROWNFIELD INDEPENDENT SCHOOL
ALDEN SCHOOL DISTRICT (P. 0. Alden) Luzerne County, Pa. County
DISTRICT, Cameron
(P. 0. Brownfield), Tex.
-BOND ELECTION.
-BONDS OFFERED.
-Sealed bids were received until Jan. 15 by Edwin be held on Jan.
20 for the purpose of voting on the -An election will
T. Deal, Secretary of School Board,for $100,000 431% coupon (regkterable
question of issuing
as to principal only) school bonds. Denom. $1,000. Dated Jan. 15 1926. $50.000 5%% school bonds. J. F. Winston, Secretary Board of Trustees,
Due Jan. 15 1956. optional in Jan. 15 1936. A certified check for 2% of the
BUFFALO, N. Y.
-BONDS & CERTIFICATES
SOLD DURING
amount of bid required.
DECEMBER.
-During the month of December
the following 4% bonds
and certificates were issued as par as follows:
ALICE, Cass County, No. Dak.-BOND SALE.
-The $3,100 village
PurchaserAmount.
Purpose,
bonds offered Nov.25(V. 121, p. 2547) were awarded to the State Bank of
Date.
Due.
Water bond sinking
Alice as 65 at par. Due Jan. 1 1936.
fund
$90.088.96 Grade Crossing Dec. 1
1925 Dec.1,26'45
ALLEN COUNTY (P. 0. Iola), Kan.
Surplus moneys of
-BONDS REGISTERED.
-The
following 4%% bonds aggregating $64,000 were registered by the State
generalfund
168,744.00 Certificates
Dec. 1 1925 July 1 192
Auditor of Kansas during the month of December:
Surplus moneys of
Monthly Local
bonds.
$55,000 road
generalfund
14,636.26 Work
Dec. 15 1925 Dec. 15 '26
9.000 road bonds.
BURLINGAME, Osage County, Kan.
-BONDS REGISTERED.
-BONDS NOT SOLD.
ALTUS, Jackson County, Okla.
-The $690.- The State Auditor of Kansas registered $111,029 72
4(% paving bonds
during the month of November.
000 water works bonds offered on Jan.2-V. 122. p. 120
-were not sold.
ARKANSAS CITY, COWLEY COUNTY, Kan.
BURLINGTON, Des Moines .County,
-BONDS REGIS-BOND OFFERING.
TERED.
-The State Auditor of Kansas registered the following bonds dur- Robert Schlampp, City Clerk, will receive Iowa.
sealed bids until 10 a. m. Jan. 18
for the following 4% coupon
ing the month of November:
bonds, aggregating $26,500.
$175.000 5% funding bonds.
512.500 improvement bonds. Due Nov. 1 as
follows: S1,000, 1927:32.000,
179.000 4%% refunding bonds.
1929 and 1930; $5,000, 1931 and 82,500. in
1932.
14,000 City hall bonds. Due Nov. 1 as
ASTORIA, Clatsop County, Ore.
-BOND SALE.
follows: $1,000, 1928 to 1930.
-The Ralph A.
incl.; $5.000, 1931 ,and $6,000 in 1932.
Blanchard Co. of Portland has purchased an issue of $110,000 6% sanitary
Date Jan. 1 1926. Denom. $1,000. Interest
payable M. & M.
bonds.
BURLINGTON, Coffey County, Kan.
AUBURNDALE, Polk County, Fla.
-BOND SALE.
-BONDS REGISTERED.
-The $3380,000 During the month of November
the State Auditor of Kansas registered
6% street improvement assessment bonds offered on Dec. 16-V. 121, p. 860,000 4A% improvement
bonds.
JAN. 16 1926.]
THE CHRONICLE
BURLINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Burlington), Carroll County, Ind.
-Sealed bids will be
-BOND OFFERING.
received until 10 a. m. Feb. 1 by Samuel S. Cleaver. Township Trustee,
for $48,000 4;4% coupon school bonds. Denom. $780 and $860. Dated
Feb. 1 1926. Piin. and semi-ann. Int. (J. & J.) payable at the Burlington
State Bank. Burlington. Due each six months as follows: $1,560, July 1
1927, and $1,720, Jan. 1 1928 to Jan. 1 1941.
-BOND SALE.
BUTLER,Butler County,Pa.
-On Dec. 22 the Mellon
National Bank of Pittsburgh, purchased an issue of $30,000 454% coupon
Jefferson Street widening and impt. bonds an02.38,a basis of about 4.34%.
Denom. $1,000. Date Oct. 1 1925. Int. A. & Q. Due $3,000 yearly
rom Oct. 1 1945 to 1954 incl.
CALCASIEU PARISH ROAD DISTRICT No.1(P.O. Lake Charles),
La.
-BOND SALE.
-The $150.000 coupon road bonds offered on Jan. 5V. 121, p. 2902
-were awarded to the Hibernia Securities Co. of New
Orleans as 54 at a premium of $80 equal to 100.05. Date Oct. 1 1925.
Due serially. Int. payable A. & 0.
Purchaser also agreed to pay cost of printing and legal opinion.
CANTON, Stark County, Ohio.
-BOND SALE.
-The Sinking Fund
Commission purchased an issue of $15,000 5% central engine house equipment bonds. Denom. $1,000. Date Sept. 11925. Due on Sept. 1, as follows: $3,000, 1927, and $4,000, 1928 to 1930 incl.
CAPE GIRARDEAU SCHOOL DISTRICT,Cape Girardeau County,
Mo.-BOND DESCRIPTION.
-The $300,000 4X % school bonds purchased
by Kauffman. Smith & Co. of St. Louis
-V. 121, p. 2184
-are described
as follows: Date Dec. 1 1925. Denom. $1,000. Due Dec. 1 as follows:
$5.000. 1930 to 1934 had.* $15,000, 1935 and 1936: $20.000. 1937 to 1940
incl.• $30,000. 1941 and '
1942; $33,000, 1943, $35.000, 1944: and $37,000
In 1045. Prin. and int. J.& D.payable at the National Bank of Commerce,
St. Louis. Legality approved by Charles & Rutherford of St. Louis.
Financial Statement.
Estimated actual value of all taxable property
$20,000,000
Assessed valuation of taxable property. 1924
10,581,860
Total bonded indebtedness. Including these bonds
495,000
Present estimated population, 14,258
CARROLL,Wayne County, Nebr.-BONDS VOTED.
-At the election
held on Jan.5(V. 121, p. 3156) the voters authorized the issuance of $12,000
funding bonds.
CARROLLTON, Dallas County, Tex.
-An
-BOND ELECTION.
election will be held on Jan. 26 for the purpose of voting on the question
of issuing $40,000 6% water bonds. R. E. Roberts, Mayor.
CARY, Wake County, No. Caro.
-BOND SALE.
-The $30,000 water
and sewer bonds offered on Jan. 11-V. 121, p. 3156
-were awarded
Spitzer, Rorick & Co. of Toledo as 5 Xs at a premium of $156, equal to
to
100.52, a basis of about 5.71%. Date Dec. 1 1925. Due $1,000 Dec. 1 1928
to 1957 incl.
CHAUTAUQUA COUNTY (P. 0. Sedan), Kan.
-BONDS REGISTERED.
-The State Auditor of Kansas
bonds during the month of December. registered $40.098.08 4 % road
CHELTENHAM TOWNSHIP (P. 0. Elkins Park) Montgomery
County, Pa.
-BOND SALE.
-The $200,000
(registerable
to principal) sewer bonds purchased by W. 414% coupon Son & Co.as
H. Newbold's
of
Philadelphia at 101.01 (V. 122, p. 120) a basis of about 4.38% are
as follows: Denom. $1,000. Dated Nov. 1 1925. hat. M. & described
N. Due
Nov. 11935.
CHENANGO COUNTY (P. 0. Norwich), N. Y.
-BOND OFFERING
-Sealed bids will be received until 10 a. m. Jan. 21 by Earl W. Camp
County Treasurer, for $100,000 County Aid highway impt. bonds, at not
exceeding 4%% interest. Denom. $1...;00. Dated Feb. 1 1926. Int. F.
& A. Due $20.000 yearly from Feb. 1 1951 to 1955 incl. A certified check
for 3% of the amount of bonds, payable to the County Treasurer, required.
Bidders to bid rate of interest stated in multiples of X of 1%. Legality
will be approved by Clay & Dillon of New York.
CHILLICOTHE, Ross County, Ohio.
-BOND SALE.
-The Detroit
Trust Co. of Detroit purchased an issue of $43,500 5% (city's portion)
street impt. bonds at a premium of $732. equal to 101.68, a basis of about
4.64%. Date June 1 1925. Due $2,500 each six months from Dec. 1 1926
to Dec. 1 1934 and $1,000, June 1 1935.
CLAWSON FRACTIONAL SCHOOL DISTRICT NO. 11 (P. 0.
Clawson), Oakland County, Mich.
-BOND SALE.
-The Bank of
Detroit was awarded an issue of $$0,000 school bonds as 4 Xs at a premium
of $1,592, equal to 101.99.
CLEAR LAKE INDEPENDENT SCHOOL DISTRICT, Cerro Gordo
County, la.
-BOND ELECTION.
-An election will be held on Jan. 22,
for the purpose of voting on the question of issuing $100,000 high school
building bonds.
CLINTON, Lenawee County, Mich.
-BOND OFFERING.
bids will be received until 1 p. m. (eastern standard time) Jan. 26 -Sealed
by R. F.
Marshall, Village Clerk, for *52.000 5% waterworks bonds. Denom.
$1,000 and $500. Dated Feb. 11926. Prin. and semi-ann. int. (F. & A.)
payable at any bank in Clinton. Due on Feb. 1 as follows: $1,000, 1927
to 1930 incl.; $1,500. 1931 to 1937 incl.; $2.000, 1938 to 1943 incl.: $2,500,
1944 to 1946 incl. and $3.000, 1947 to 1952 incl. A certified check for
2%
of the amount of bonds bid for, payable to the Village Treasurer, required.
Bonds to be delivered and paid for within ten days from time of award.
COCOA BEACH (P. 0. Cocoa) B
d County, Fla.
-BOND
OFFERING.
-Gus. C. Edwards, Chairman Town Commission, will
sealed bids until 8 p. m. Jan. 20 for $300.000 6% town bonds.receive
Date
Nov. 15 1925. Due Nov. 15 as follows: $30,000 in 1928. 1931, 1934. 1937.
1940, 1943, 1946. 1949, 1952 and 1955. Prin. and int. M.& N. payable in
Cocoa Beach or at the National Bank of Comm-03 or at the Irving Bank
Columbia Trust Co., New York City. A certified check for 2% of bid,
payable to the Chairman, is required.
COLONIE SEWER DISTRICT OF SCHOOL DISTRICT NO. 22,
Albany County, N. Y.
-BOND SALE.
-On Jan. 6 the $100,000
(registerable as to principal only sewer bonds offered on that date coupon
p.
were awarded to Harris Forbes & Co. of New York as(V. 121
4%s at
100.81, a basis of about 4.440/. '
Dated Sept. 1 1925. Due $4,000 yearly
from Sept. 1 1930 to 1954 incl.
COLUMBIA SCHOOL DISTRICT, Boone County, MO.
-BOND
OFFERING.
-J. R. Hall, Secretary Board of Education will receive
bids
until 7:30 p. m. Jan. 18. for $415.000 434% school bonds. Date
Feb. 1
1926. A certified check for $1.000, required.
CONCORDIA, Cloud County, Kan.
-BONDS REGISTERED.
State Auditor of Kansas registered $100,000 4X% water works -The
bonds
during the month of December.
-3156
)
CONCORDIA PARISH,SCHOOL DISTRICT NO.6(P. 0.
-BOND OFFERING.
La.
-Sealed bids will be received until Hidalia),
10 a. m.
Feb. 3, by D. C. Strickler, Secretary, Parish School Board, for $75,000
5% school bonds. Denom. $1,000. Due Feb. 1 as follows: $2,000, 1927
1930 incl.; $3,000, 1931 to 1934 incl.; $4,000. 1935 to 1940 incl.•
to
$5.000. 1941 to 1945 incl. Int. F. & A. A certified check on some and
'
bank
laolng business in Louislanna for 5% of amount of bonds bid for
required.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
-Sealed bids were received until Jan. 18
-BOND OFFERING.
111.
Clerk Board of Commissioners, for $1.000.000 4% forest preserve by the
bonds.
Dated Feb. 15 1925. Due Feb. 15 1926 to 1945 incl.
CORNING SCHOOL DISTRICT, Adams County, Ia.-BOND
-George M. Bechtel & Co. of Davenport have recently purchased
SALE.
an issue of $160,000 high school and grade crossing bonds at a premium of
$1,975, equal to 101.23.
COUNCIL GROVE, Morris County, Kan.
-BONDS REGISTERED.
-The State Auditor of Kansas registered $5,934.41 5% funding bonds
during the month of November.
CRANE, Stone County, Mo.-BOND SALE.
-The Commerce Trust
Co. of Kansas City recently purchased an issue of S52,000 5 X% cou_pon
water works bonds at 98. Dated Jan. 1 1926. Denom. $1,000. Due
serially in 20 years. Int. payable J. & J.
DALLAS COUNTY LEVEE IMPROVEMENT DISTRICT NO. 1
-BONDS VOTED.
-At a recent election the voters
(P. 0. Dallas), Tex.
authorized the issuance of $50,000 levee improvement bonds.
375
DARLINGTON, Darlington County, So. Caro.
-BOND OFFERING.
-Sealed bids will be received until 12 m. Jan. 27 by E. Vaughan, City
Clerk, for $50,000 5 or 5g % paving bonds. Date Jan. 1 1926. Due Jan.
1 as follows: *8.000, 1931; $2,000, 1932 to 1949 incl.: and 33.000, 1950
and 1951. Prin. and int. J. & J. payable at the National Bank of Commerce, New York. All bidders are requested to file two separate bids, one
bid for 5% bonds and one for a 53(% bond. A certified check for $1,000
is required.
DAWSON,Terrell County,Ga.-BOND SALE.
-J.H.HiLsman & Co..
Inc. of Atlanta have purchased an issue of $12,000 5% school bonds. Dated
Nov. 1 1925. Denom. $500. Due $500 on Nov. 1 1926 to 1949 incl.
Prin. and annual interest (Nov. 1) parable locally in New York Exchange.
Legality approved by Storey, Thorndike, Palmer and Dodge of Boston.
Financial Statement.
Actual values
55,000.000
Assessed values, 1925
2,210,000
Total bonded debt
$140.000
Less Water bonds
90,000
Net bonded debt
50,000
Population, 1920. 3,504.
DAYTON, Montgomery County, Ohio.
-BONDS OFFERED.
Sealed bids were received until 10 a. m. (central standard time) Jan. 13
by F. A. Kilmer, Clerk Board of County Commissioners. for $19,000 5%
coupon Northern Section Fairview Sanitary Sewer District No. 1, Lateral
Water Supply bonds. Denom. $1,000 and $500. Dated Jan. 1 1926.
Prin. and semi-ann. hit. (A. & 0.) payable at the County Treasurer's
office. Due on Oct. 1 as follows: $500. 1927 and 1928; and $1.000. 1929 to
1946 Incl. A certified check on a solvent bank or trust company for *2.000.
payable to the County Treasurer, required. Legality to be approved by
D. W. and A. S. Iddings of Dayton and Peck, Schaffer and Williams of
Cincinnati.
DE wrrr COUNTY ROAD DISTRICT NO. 7(P.O. Cuero), Texas.
-BIDS REJECTED
bids received for the $300,000 5% coupon road
bonds offered on Dec. 28-V. 121, p. 3157
-were rejected.
DE WITT COUNTY ROAD DISTRICT NO. 13 (P.O. Cuero), Texas.
-BIDS REJECTED.
-All bids received for the 590,000 5% coupon road
bonds offered on Dec. 28-V. 121. p. 3157
-were rejected.
DONORA SCHOOL DISTRICT(P.O. Donora),Washington County.
-BOND OFFERING.
Pa.
-Sealed bids will be received until Feb. 5 by the
Secretary. Board of Education. for $134.800 04% school building impt.
bonds. Date July 1 1925. Due serially 1935 to 1948 incl. Bonds are
free from Pennsylvania State tax except transfer and inheritance.
EARLVILLE, La Salle County, III.
-BOND SALE.
-II. C. Speer &
Co. of Chicago have purchased an issue of $75.000 4
high school bonds.
Denom. $1,000. Dated Jan. 1 1926. Int. J. & J. Due serially 1928
to 1945 had.
EAST AURORA, Erie County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m.(eastern standard time) Jan. 25 by D. N.
Rumsey, Village Clerk, for the following two issues of bonds:
$36,000 coupon water,sewer and drainage bonds. Denom.$1,000 and $600.
Due $3,600 yearly from Jan. 1 1927 to 1936 incl.
6.400 registered snow removal and road grading bonds. Denom.$1,000.
$300 and $200. Due $1,300 yearly from Jan. 1 1927 to 1930 ind.
and $1,000 Jan. 1 1931.
Date Jan. 1 1926. Cert. check on an incorporated bank or trust company. for 2% of the bonds bid for, required. Bidders are
rem of interest at not exceeding 5% expressed in multiples request to state
of X of 1%.
Financial Statement.
Assessed valuation, real estate
*5.366.695
Exempt property
92.560
assessment
Net
$5,274,135
Sewer bonds outstanding
$167,825
Street paving bonds
261.060
Maple Street bridge bonds
2,000 .
Combination motor truck and pumper
7,000
Total
5437,885
Water bonds outstanding
54.850
Total bonded debt exclusive of present issue
$492,735
EDEN TOWNSHIP (P. 0. Lancaster), Lancaster County, Pa.BOND OFFERING-Sealed bids will be received until 12 m. Feb. 6 by
Newton J. Keen. Township President. for $20,000 4%% coupon or registered road bonds. Denom. $1,000. Date Feb. 1 1926. Cert, check for
2% payable to the Township, required. Bonds to be delivered and paid
for on or before Feb. 13.
EDMESTON (P. 0. Edmeston), Otsego County, N. Y.
-BOND
-Isaac T. Welech of Leonardsville has purchased an issue of $11,500
SALE.
50/ bridge bonds at 103.75, a basis of about 4.29%. Due $1,000 yearly
from Feb. 1 1926 to 1936 bid.; and $500, 1937.
ELECTRA, Wichita County, Tex.
-BONDS REGISTERED.
-On Jan.
4 the State Comptroller of Texas registered $25,000 6% water works bonds.
Due serially.
ELGIN, Chataqua County, Kan.
-BONDS REGISTERED.-DurIng
the month of December the State Auditor of Kansas registered $3,000 5%
refunding bonds.
4.%
ELY, St. Louis County, Minn.
-BONDS DEFEATED.
-The proposition of issuing $225,000 bonds, submitted to a vote of the people on Jan. 4
-V. 121, p. 3157
-was defeated.
EMPORIA, Lyon County, Kan.
-BONDS REGISTERED.
-During
the month of December the State Auditor of Kansas registered 648,848.77
43 % paving bonds.
ENGLEWOOD,Arapahoe County, Colo.
-BOND SALE.
-The United
States National Co. and Gray, Emery & Vasconcells & Co., jointly, both
of Denver. recently purchased an issue of $90,000 5;4% Paving District
No. 1 bonds.
ENNIS, Ellis County, Tex.
-BOND OFFERING.
-G. C. Sanderson.
City Secretary, will receive sealed bids until Jan. 19. for $60,000 paving
bonds.
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY LOAN.On Jan. 12 the Gloucester National Bank of Gloucester purchased the
$200,000 temporary loan on a 3.75% discount basis. Denom. $10.000;
Dated Jan. 15 1926. Due Nov. 15 1926.
EUGENE, Lane County, Ore.
-BOND SALE.
-The Lumbermen's
Trust Co. and Peirce, Fair & Co. both of Portland, jointly have been
awarded an issue of $281,000 514% Bancroft !rapt. bonds at 100.15.
'
FLAGLER COUNTY(P.O. Bunnell), Fla.
-BOND DESCRIPTION.
The $750,000 coupon road bonds purchased by Stranahan, Harris, & Oaths,
Inc.. of Toledo at a premium of $5,133, equal to 100.68-V. 122. p. 120
bear interest at the rate of 6% and are described as follows: Date July I
1925. Denom. $1,000. Due serially 1929 to 1952 Ind. Int. payable
semi-annually J. & J. Date of award Aug. 1 1925. We now learn that
Caldwell & Co. of Nashville and Marx & Co. of Birmingham were in joint
account with the above named firm in this purchase.
FLOYDADA, Floyd County, Tex.
-BONDS VOTED.
-At an election
held on Dec. 5, the voters authorized the issuance of $35,000 paving bonds
by a count of 137 for to 32 against.
FORT COLLINS, Lorimer County, Colo.
-BOND SALE.
-A syndicate composed of Benwell & Co., Newton & Co., United States National
Co., and Gray, Emery & Vasconcells & Co., all of Denver, has purchased
an issue of $400,000 414% water works bonds at 101.17, a basis of about
4.39%. Date July 1 1925. Due July 1 1940: optional 325.000, 1936 to
1939 incl. and *300.000 in 1940.
FORT WORTH, Tarrant County, Texas.
-BOND OFFERING.
0. E. Carr. City Manager, will receive sealed bids until 4 p. m. Jan. 25
for $2,200,000 435% city bonds. Date Jan. 1 1926. Denom. $1.000.
Due serially Jan. 1 1931 to 1966.
FOUR OAKS, Johnston County, No.II1Caro.-BOND OFFERING
POSTPONED.
-The offering of the $70,000 water and sewer bonds, scheduled for Jan. 11-V. 121. p. 3032
-has been postponed.
376
THE CHRONICLE
[VOL. 122.
- $27,000 bonds ($27,200 offered) equal to 100.74, a basis of about 4.68%.
-BONDS REGISTERED.
P GALESBURG, Neosho County, Kan.
During the month of November the State Auditor of Kansas registered Dated Jan, 1 1926. Due $1.000 yearly from Jan. 1 1928 to 1954 incl.
S5.00(44%% electricjight bonds.
HINDS COUNTY (P. 0. Jackson), Miss.
-BOND SALE.
-The
sr
-Sealed bids Capital National Bank and the Mississippi Bond & Securities Co., both
-BOND OFFERING.
h. GALION,Crawford County, Ohio.
will be received until 12 m.(eastern standard time) Jan.29 by Jacob Keene, of Jackson, jointly, purchased an issue of $600.000 5% series B road bonds.
City Auditor, for $2,000 531% coupon sewage bonds. Denom. $1.000. Date Jan. 1 1926. Due $18,000. 1927 to 1931 incl.; $24,000. 1932 to
Dated April 1 1925. Prin. and semi-ann. int. (A. & 0.) payable at the 1941; and $27.000. 1942 to 1951 incl. These bonds are part of the issue
0
City Treasurer's office. Due April 1 1939. Cert. check for 207 of the offered on Jan. 13-V. 121, p.3032.
amount of bid, payable to the City Treasurer, required. Bonds to be
HOLTON, Jackson Cowley, Kan.
-BONDS REGISTERED.
-During
delivered and paid for within ten days from time of award.
the month of November the State Auditor of Kansas registered $43,768 18
% paving bonds.
-BONDS REGIS. tARFIELD TOWNSHIP, Pawnee County, Kan.
- --During the month of November the State Auditor of Kansas
TERED.
HOPEWELL TOWNSHIP (P. 0. Woodlawn), Bedford County, Pa.
registered $6.000 4%% refunding bonds.
-BOND SALE.
-On Jan. 8 the $30.000 431% coupon road impt. bonds
-The First Trust offered on that date
-V. 122. p. 121-were awarded to J. II. Holmes & Co.
i GENEVA, Fillmore County,!Neb.-BOND SALE.
Co. of Lincoln recently purchased an issue of $15,000 5% funding bonds of Pittsburgh at par: Date Dec. 11925. Due on Dec. 1 as follows: $2,000,
1940 to 1952. incl., and $4,000. 1953.
We premium of $149, equal to 100.99. Due in 20 years.
-The Geneva State Bank recently purchased an issue of
rBOND SALE.
HUDSON, Summit County, Ohio.
-BOND SALE.
-On Nov. 27 the
$10,000 5% water extension bonds.
$4,000 5)4% water works bonds offered on that date (V. 121, p 23081
-The were awarded to the National Bank of Hudson at a premium of $25, equal
.
-BOND DESCRIPTION.
GENEVA, Ontario County, N. Y.
to 100.62, a basis of about 5.28%. Dated Oct. 1 1925. Due $1,000 yearly
$12,000 4 % registered bonds purchased by the Police Pension Fund on from Oct. 1 1929 to 1930 incl.
Dec. 1 (V• 122, p. 242) are described as follows: Denom. $1,000. Date
Oct. 1 1925. Int. A. & 0. Due $1,000 yearly from April 1 1926 to 1937
HUNTINGBURG, Dubois County, Ind.
-BOND SALE.
-On Dec.
28 the $15,000 434% funding bonds offered on that date
incl.
-V.121, p. 2903
-On Jan. were awarded to J. F. Wild & Co. of Indianapolis at a premium of $37 50,
-BONDS REGISTERED.
F GILMER,Upshur County, Texas.
equal to 100.25, a basis of
' 5 the State Comptroller of Texas registered $25,000 53.i street improvement yearly from June 15 1927 about 4.46%. Date Oct. 21 1925. Due $1.500
to 1936 inclusive.
bonds* Due serially.
HUNTINGDON COUNTY (P. 0. Huntingdon), Pa.
-BOND SALE.
CLENDALE CITY SCHOOL DISTRICT, Los Angeles County -On Jan.8 the
$100,000 431% county bonds offered'on that date (V. 122.
-The National City Co. of p. 121) were
-BOND SALE.
(P. 0. Los Angeles), Calif.
awarded
Parsons & Co. of Philadelphia at 100.15.
New York purchased on Dec. 7 an issue of $300,000 5% school bonds a basis of about 4.23%to Graham, date
to optional
and a basis of about 4.24% if allowed
at 104.89.
to run full term of years. Dated Nov.2 1925. Due Nov. 2 1955, optional
-BONDS REGIS- Nov. 2 1935.
GLENDALE TOWNSHIP, Saline County, Kan.
TERED.
of Kansas registered $13,500 5% refunding
-The State Auditor
HURON INDEPENDENT SCHOOL DISTRICT, Beadle County,
bonds during the month of November.
So. Dak.-BOND ELECTION.
-An election will be held on Feb. 10,
-At a for the purpose of voting on the question of issuing $135,000 school building
-BONDS VOTED.
GOOSE CREEK, Harris County, Texas.
recent election the voters authorized the issuance of $16,500 street paving bonds.
bonds.
HURST SCHOOL DISTRICT (P. 0. Hurst), Williamson County,
-BOND SALE.
-H.C. Speer & Sons Co. of Chicago has purchased an
GRAND FORKS COUNTY (P. 0. Grand Forks), No. Dak.-BOND 111.
- Issue of $10,000 5% school bonds at par. Due 1932 to 1941 inclusive.
-The $9,500 drainage bonds offered on Jan. 8-V. 122, p. 120
SALE.
were awarded to the Citizens National Bank of Northwood as 530. Date
IDAHO (State of).
-NOTE OFFERING.
-D.F.Banks, State
Feb. 2 1926. Due Feb. 2 1934.
will receive sealed bids until 10 a. m. Jan. 19 for $1,000.000 notTreasurer.
exceeding
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids) Kent 6% registered treasury notes. Date Feb. 1 1926. Denoms. to suit purreceived until chaser. Due Feb. 1 1E127. Printed and engraved notes will be furnished by
-Sealed bids will be
County, Mich.
-BOND OFFERING.
5 p. m. Feb. 1, by Herbert N. Morrill, Secretary Board of Education, for the State at a cost to the purchaser of not to exceed fifty dollars. Notes
$928,000 43910 coupon school bonds. Denom. $1,000. Prin. and semi- will be payable to bearer, but holder shall have the right to registration and
ann. int.(M.& S.) payable at the office of the Treasurer of Board of Edu- to payment at the National Park Bank, New York City. A certified check
cation in New York exchange. Due on Sept. 1, as follows: $75,000, 1928 for $20,000 payable to the State Treasurer is required.
and 1929; $50.000. 1930 to 1944 incl.; and $28,000, 1945. Cert. check for
INDEPENDENCE, Montgomery County, Kan.
-BONDS REGIS3% of the amount of bonds, payable to the President of the Board of Edu- TERED.
-$5.000 01%
cation. required. Bids will be received for any part of this issue and must State Auditor of Kansasmemorial building bonds were registered by the
during the month of November.
be unconditional.
INDIANAPOLIS, Marion
-BOND OFFERING.
GRANDVIEW HEIGHTS SCHOOL DISTRICT (P. 0. Columbia), Sealed bids will be received until County, Ind.
12 m. Feb. 1 by Joseph L. Hague, City
-On Jan. 7 the $26,857 34 5% Controller, for
-BOND SALE.
Franklin County, Ohio.
the following two issues of 431% coupon bonds, aggregating
offered on that date
-V. 121, p. 3I58
-were awarded $104.000:
coupon school bonds
to W. L. Slayton & Co. of Toledo at a premium of $955, equal to 103.55, $43,000 "Municipal bridge bonds of 1926." Due on Jan.
1 as follows:
a basis of about 4.65%. Date Jan. 15 1925. Due on Sept. 1 as follows:
$2,000, 1928 to 1944 incl. and $3.000, 1945 to 1947 incl.
$1.000. 1927 to 1932. incl.:$2,000. 1923:$1.000, 1934:to 1938,incl.:$2.000,
61,000 "City Streets and Public Highway bonds of 1926." Due on Jan. 1
1939: $1.000. 1940 to 1944, incl.; $2,000, 1945: $1.000, 1946 to 1948, incl.,
as follows: $3,000, 1928 to 1946 incl. and $4.000. 1947.
and $1,875 34. 1949.
Denom. $1,000. Dated Jan. 11926. Prin. and semi-ann. Int. (J. & J.)
-BOND payable at the City Treasurer's office, and constitute an obligation of the
GREENVILLE COUNTY (P. 0. Greenville), So. Caro.
-The $200,000 coupon roadrpaving bonds offered on Jan. 11-V. City of Indianapolis. A certified check on some responsible bank in
SALE.
-were awarded to H. M. Byliesby & Co. of Chicago as 4js Indianapolis, for 2)4% of the amount of bonds bid for, payable to the City
121. p. 3158
at 101.84. a basis of about 4.62%. Date Jan. 1 1926. Due Jan. 1 1946. Treasurer, required.
The following is taken from the official notice of offering:
The following is a llst of other bidders:
Amount. Rate. Premium.
"The proposals or bids will be opened by the City Controller at his office
Bidderon the 1st day of February,1926, between the hours of 12 o'clock noon,
{$200,000 4
125,000 4j. {$1.480,00 and 2 o'clock p. m., and the Controller shall award all bonds, or if he sees
Eldredge & Co., New York
fit, a part thereof to the highest and best bidder therefor, provided that the
75.000
200.000 43
1,901.00 Controller shall have the right to postpone said award until a later date not
/
W.1,, Slayton & Co., Toledo
200.000 4
2,760.00 beyond Feb. 111926, and provided also that he shall have the right to reject
Co., Cleveland
Otis 'Ss
200,000 434
565 50 any or all bids or proposals, or any part thereof, and shall have the right to
Robinson-Numphrey Co., Atlanta
200,000 4%
1,296 00 accept any part of any bid, and to award upon any bid the whole or any
C. W. McNear & Co., Chicago
511 00 less number of bonds covered by said bid, excepting only that no bonds
200,000 4%
Trust Co. of Ga.. Atlanta
367 00 shall be sold for less than par and accrued interest, and the Controller shall
200,000 4%
Woodside Nat'l Bank, Greenville
200,000 4%
1,438 00 further have the right in his judgement and discretion to award a part of
Security Co., Greenville
Bankers
1,405 50 said bonds to one bidder and a part to another."
200.000 4%
Peoples Securities Co., Charleston
200,000 4.1
2.64000
Harris, Forbes & Co.. New York
IOLA,
Kan.
-During the
2.54000 month of Allen County,State -BONDS REGISTERED.
L. R. Ballinger Co., Cincinnati
November the
Auditor of Kansas registered $130,300
E3',000 la %
X
2,069 00 4%% sewer bonds.
s
Braun. Bosworth & Co., Toledo
Detroit Trust Co.. Detroit
ITAWAMBA COUNTY ROAD DISTRICT (P. 0. Fulton), Miss.
York
5,620 00
200,000
R. M. Grant & Co.,
57
2,316 00 BOND DESCRIPTION.
-The $40,000 coupon road bonds purchased by
200.000 4%7
A. B. Leach & Co., New York
1 110,000 4
the Bank of Leyselo-V. 122, p. 12I-bear interest at the rate of 531%
Minneapolis Trust Co., Minneapolis
00 and are described as follows: Date Oct. 1 1925. Denom. $500. Interest
90,000 434%61{
Minnesota Loan & Trust Co., Minneapolis_ _
3,63100 payable A. & 0. Due serially in 25 years.
200.000 4
200,000 434
2,720 00
R. S. Dickson & Co., Greenville
JACKSON COUNTY SCHOOL DISTRICT NO. 91 (P. 0. Butte
-BOND OFFERING.
-BONDS VOTED.
-M. P. Baker, District Clerk, will
rurart, Lauderdale County, Tenn.
-At an elec- Falls), Ore.
tion held on Jan. 8 the voters authorized the issuance of $40,000 paving receive sealed bids until 7 p. m. Jan. 23 for $20.000 5% coupon school
bonds. Dated Jan. 11926. Denom. SI ,000. Due Jan. 11946. Int. paybonds, w 10,
able semi-annually J. & J. A certified check for 5% of amount.bid,
-BOND-OFFERING. required.
HARDIN COUNTY (P. 0. Elizabethtown), Ill.
-Sealed bids will be received until 1 p. m.Feb.8 by A.H.Wootton, County
JACKSONVILLE SCHOOL DISTRICT (P.0. Jacksonville), Athens
Clerk, for $20.000 5% county bonds. Denom. $2,000. Due $2,000
-BOND OFFERING.
-Sealed bids will be received until
yearly from July 1 1926 to 1935. incl. Cert. checKfor $1.000 required. County, Ohio.
12 m. Jan. 22 by Bert Lent, Clerk Board of Education, for $15,000 531%
- school bonds. Denom.
-BOND SALE.
IF HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
Jan. 1 1926. Prin, and semi-ann.
-were int. (NI. & S.) payable at$500. Datethe
$8,700 coupon ditch bonds offered on Jan. 11-V. 122, p. 120
The
the office of
Clerk Board of Education, except
purchased by the County Sinking Fund as 431s at par. Date Jan. 1 1926. that if the bonds are purchased by the Industrial
of
Denom. $580. Due serially 1930 to 1945 incl. Int, payable semi-ann. by the State Teachers' Retirement System then theCommission be Ohio or
bonds shall
payable
J. & J.
at the office of the Secretary of State. Due $1.000 each six months from
March 1 1926 to Sept. 1 1930 and $500 yearly from Sept. 1 1931 to 1940.
-The
HENRY COUNTY (P. 0. McDonough), Ga.-BOND SALE.
-were awarded incl. Cert.check for $500 payable to the Clerk Board of Education required
$45,000 5_70 road bonds offered on Jan. 9-V. 121, p. 3158
to J. H. Hilsman & Co.. Inc., of Atlanta at a premium of $682, equal to
JEFFERSON COUNTY (P. 0. Louisville), Ga.-BOND OFFERING.
101.51, a basis of about 4.59%. Date Jan. 1 1926. Due $4,000, 1927: -A. P. Little, Clerk of Board of County
Commissioners, will
$7.000. 1928 to 1932, incl. and $6.000 in 1933.
sealed bids until 12 in. Jan. 20 for $250,000 434% public road and receive
highway
-BOND OFFERING.- paving bonds. Due Dec. 1 as follows:
'HENRY COUNTY (P. 0. New Castle), Ind.
1926 to 1930, incl.; $4,000
1931 to 1935, incl.; $6,000, 1936 to 1940, incl.; $10,000, 1941 to 1945, incl.
$3,000,
Sealed bids will be received until 10 a. m. Feb. 1 by C. McFarland, County
Auditor. for $3.307 23 6% drainage bonds. Denom. $650, except 1 for $12,000, 1946 to 1950, incl., and $15,000, 1951 to 1955, incl. Prin. and
payable at the Bank of Commerce, New York.
$707 23. Dated Dec.26 1925. Int. M.& N. Due on Nov. 15 as follows: semi-ann. int. (J. & D.)to the
Certified check, payable
Clerk of Board of County Commissioners,
$650, 1926 to 1929 incl., and $707 23, 1930.
for 2% of amount bid required.
-BOND SALE.
HERMOSA BEACH, Los Angeles County, Calif.
JEFFERSON COUNTY (P. 0. Brookville), Pa.
London Paris Co. on Jan. 6 purchased an issue of $78,000 5%
-BOND SALE.
The Anglo
On
sewer bonds at a premium of $1,833, equal to 102.35, a basis of about (V. Jan. 12 the $275,000 431% coupon road bonds offered on that date
122, p. 121) were awarded to the Jefferson County National Bank
4.77%• Due $2,000, 1927 to11965. incl. Other bidders were:
of Brookville at par. Dated Jan. 1 1926. Due $55,000 Jan. 1 1936, 1941.
Premium.
Btdders$1,827 00 1946, 1951 and 1956.
The Security Co., Los Angeles
1,728 00
California Securities Co., Los Angeles
JEFFERSON SCHOOL DISTRICT, Los Angeles County, Calif.1.411 80 BOND SALE.
R. E. Campbell & Co., Los Angeles
-The $83,000 5% school bonds offered on Dec. 28.-V.
1,03700 121. p. 3158
H. Moulton & Co., Los Angeles
R.
-were awarded to R. E. Campbell &
Angeles
525 00 Date Dec. 11925. Due Dec. 1 as follows: $1,000, 1926Co. of Los Angeles.
Aronson & Co., Los
to 1929 incl.; $2,000,
-BONDS REGISTERED.
-The 1930 to 1940 incl.*, $1,000, 1941 to 1945 incl.; $3,000, 1946 to 1961 inel.:
r HIAWATHA, Brown County, Kan.
following 434% bonds were registered by the State Auditor of Kansas and $2,000, 1962 to 1963 incl.
during the month of November:
JOHNSON COUNTY (P. 0. Olathe), Kan.
-BONDS REGISTERED.
$9,317 68 paving bonds.
-$407,000 431% road bonds were registered by the State Auditor of
Kansas during the month orDecember.
18.110 74 paving bonds.
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT NO. 3
KANSAS (State of).
-BONDS REGISTERED.
-The following bonds
-BONDS VOTED.
-At an election held on Dec. aggregating $7,000. were registered by the
(P. 0. Edinburg), Tex.
State Auditor of Kansas during
the month of November.
28 the voters authorized the issuance of $75,000 water bonds.
INDEPENDENT SCHOOL DISTRICT (P. 0.
Amount
HIGHLAND PARK
Place.
Purpose. Int. Rate.
-BOND SALE.
-The $250.000 5% school $3,000
Cottonwood Falls
Dallas), Dallas County, Tex.
Refunding
5
-were awarded to J. E.
2,000
Ohio Township
Refunding
5
bonds offered on Jan. 11-V. 122. p. 120
2,000
Coffeyville
Refunding
Jarrat dc Co. of Dallas at 102.38.
4)4%
KANSAS CITY, Wyandotte County, Kan.
TOWNSHIP SCHOOL DISTRICT (P. 0. Hillside),
HILLSIDE
-BONDS REGISTERED.
-On Jan. 12 the issue of 43 % -The State Auditor of Kansas registered the following 4%% bonds,
-BOND SALE.
4
Union County, N. J.
as to principal
coupon (with privilege of registrationbonds offered on only or as to both aggregating $550.000, during the month of November:
district
that date (V. 122, $400,000 water works bonds.
principal and interest) school
the Hillside National Bank, Paying $27.200 for
150,000 electric light bonds.
p. 242) were awarded to
JAN. 16 1926.]
TFrF; CTIRCINTTPLE
KLAMATH FALLS, Klamath County, Ore.
-BOND SALE.
-The
following street improvement bonds aggregating $190,215.53 offered on
-were awarded to Ferris & Hardgrove of Portland
Jan. 11-V. 121. p. 3033
and assaciates as est at 100.27. a basis of about 5.97%:
$16,600 28 street impt. bonds.
7.073 72 street impt. bonds.
13.410 90 street inept. bonds.
3,522 89 street impt. bonds.
17.542 74 street impt. bonds.
2.715 85 street inept. bonds.
8.792 84 street inept. bonds.
4.319 30 street impt. bonds.
110.586 77 street Inept. bonds.
5.650 24 street inept. bonds.
Dated Jan. 11 1928. Due Jan. 11 1936. optional Jan. 11 1927.
KNOXVILLE, Knox County, Tenn.
-NOTE SALE.
-The Chemica
National Bank of New York has purchased $1.000.000 refunding notes at
4.25% plus a premium of $25. Date Jan. 15 1926. Due July 15 1926.
MATURITY.
-The $2,000 000 453% coupon or registered water bonds
awarded to a syndicate headed by Harris, Forbes & Co. of New York at
98.486-V. 122. p. 242-a basis of about 4.60% mature Jan. 1 as follows:
810.090. 1028 to 1930 incl.: $15.000. 1931 to 1933 incl.: 820.000 In 1934:
815.000. 1935 and 1936: $20 000 1937 to 1939 incl.; 825.000. 1940:$20 000.
1941; 225.000. 1942 and 1943: 330.000. 1944 and 1945: 235.000. 1946 and
1947; $70,000. 1948 and 1949: 375.000 1930: 880.000. 1951' $85 000. 1452
and 1953: 890.000. 1954: 895 000. 1955: 8100.000. 1956: $105 000. 1957:
$110 000. 1958: 2115.000, 1959: 31203960; 1125.000, 1961; 8130.000, 1962
and $135,000. 1963.
LAFAYETTE, Lefayette Parish, La.
-BOND SALE.-Sutherlin.
Barry & Co.. Inc. of New Orleans. have purchased an issue of 249.000 7%
377
$1,050,000 5.54% highway bonds. Date April 1 1925. Due in equal
.installments on April 1 1940. 1945 and 1955.
200,000 highway bonds. Date Jan. 11926. Due 150.000 Jan. 11941,
1946. 1951 and 1956. These are the bonds mentioned in V.
121. p. 3033.
Denom. 21,000. Prin. and semi-ann. int. (J. & J.) payable at Bank of
America. New York. Legality approved by John C. Thomson. New York.
Certified check, payable to the Clerk of Circuit Court, for 2% of
amount
bid, required.
MANSFIELD, Richland County, Ohl,.
-Sealed
-BOND OFFERING.
bids will be received until 1 p. m. Feb. 8
Auditor,
Kelley,
for 320.800 5% storm water sewer bonds. by P. L. $100 toCity
Denom.
$500. Date
Jan. 1 1926. Int M. & S. Due 221,000 yearly from Sept. 1 1926 to 1933
id., and 22.000 Sept. 1 1934 and 1935. Cert. check on a solvent bank
of Mansfield for 2% of the amount of bonds bid f or, payable to the City
Treasurer required. Bonds to be delivered and paid for within ten days
from time of award.
MARYLAND (State of).
-BOND OFFERING.
-Sealed bids will be
received until 12 m. Feb. 11 by John M. Dennis, State Treasurer. for
3472.000 454% coupon (regtsterable as to principal only) general construction loan of 1924 bonds. Denom. 11.000. Dated Feb. 15 1926. Int.
F.&A. Due on Feb. 15 as follows: 827.000, 1929; $29.003. 1930:$30,000,
1931; 231.000. 1932:133.000. 1933:134.000. 1934: $36 090. 1935: $37.000.
1936: 139.000, 1937: 141.000. 1938: 143.000. 1939: 115 000. 1940.
and
$47,000. 1941. Certified check for 5% of bid, payable to the State Treasurer, required.
MAYETTA,Jackson County, Kan.-nowns REGISTERED.
the month of November the State Auditor of Kansas registered -During
$22.838 70
5% paving bonds.
MEMPHIS, Shelby County, Tenn.
-NOTE SALE.
-An issue of
$500 000 short time revenue notes was sold on Jan. 5, on a
4.20% basis.
,:11.
1 5 20;
MENLO CONSOLIDATED SCHOOL DISTRICT, Guthrie County,
1930 to 1932 Incl.' OD 000 m 1930 and 4/.00 in 1934 and 1935.c Prin. and
.
J. & J.. payable at the Chemical National Bank of New York or the Bank Ia.-BOND SALE.
-The White-Phillips Ca. of Davenport recently purof Lafayette & Trust Company of Lafayette. Legality approved by chased an issue of $33.000 4%% school bonds. Dated Jan. 1 1926. DoHorace 8. Oakley of Chicago.
rgan. 31.000. Due Nov. 1. as fellows: 13.000. 1927 ta 1930 incl.; 24.000,
1942 to 1944 Incl.; and 29,000 in 1945. Pri. and int. M. & M. payable
Financial Statement.
Assessed valuation, 1925
815.000.000 at office of the above named Company. Legality approved by F. 0.
Assessed valuation. 1925
9.984 059 Duncan of Davenport.
Total bonded debt. including this issue
800,000
MEXICO SCHOOL DISTRICT, Audrain County, Mo.-BOND
Water
Less: War and light bonds
SALE.
-The Harris Trust & Savings Bank of Chicago has purchased
Less: Sinking funds
an
". 0
8 00
42 000
8
issue of 1145.000 4 Si% coupon school bonds. Dated Jan.
11926. Denim.
Net bonded debt
0
570. 0 $1,000. Due Feb. 1 as follows: 3503. 1928 to 1913
3 0 000
Appraised value property mortgaged
incl.: 28.000.
1914: 87.000, 1915* 38,000. 1936: 37,000. 1937: $10,000.
Total electric plant obligation
1938 to 1945 incl.;
188,000 and 35,000 Jan. 1 1946. Prin. and int. F.& A. payable at
the Harris Trust
Population (present estimate), 10.000.
& Savings Bank, Chicago.
Financial Statement (As Officially Reported.)
LAKE ALFRED, Polk County, Fla.
-BOND OFFERING.
-A. B.
Howell, City Clerk will receive sealed bids until Feb. 8 at 3 p. m. for the Real value of taxable property, estimated
812.500.000
ollowing 6% bands, aggregating $110,000:
Assessed valuation for taxation
7.513.420
$20.000 water works extension bonds. Due $5.000. Oct. 1 1933 to 1936 incl. Total debt (this issue included)
320.000
Less sinking fund
50,000 storm sewerage bonds. Due 15.000 Oct. 1 1937 to 1946 Incl.
$6.000
40.000 park bends. Due 25.000 Oct. 1 1946 to 1954 incl.
Net debt
314,000
Dated Oct. 1 1925. Denom. 81.000. Prin. and semi-annual interest
Population. estimated, 8,100.
pmable at the City Treasurer's office or at the Hanover National Bank. MINNEAPOLIS, Hennepin County, Minn.-Bojo) SALE.
-The
New York. at option of holder. Legality approved by Caldwell & Raymond, N. Y. C. A certified check for 4% of the par value of the bonds. $1.283.746 33 special street improvement coupon bonds offered on Jan. 5
-were awarded to Eldredge & Co.. of New York,
V. 121. P. 2666
Payable to the City, Is winked.
and the
Wells-Dickey Co. of Minneapolis, Jointly, as 4 Sis at a premium
of 117.205.
LAKE CHARLES ROAD DISTRICT No. 1, Calcasieu Parish, La.
- equal to 101.34, a basis of about 4.31%. Date Jan. 1 1928. Due Jan. I
BOND SALE.
-The Hibernia Securities Co. of New Orleans recently pur- as follows:$89.746 33. 1927;288.000. 1928 and 1929:$88.060, 19'30 and 1931;
chased an issue of $150,000 5% road bonds at a premium of $80. equal to 377.000. 1932 to 1936. Incl.; $46,000. 1937 to 1945, Mel.. and $17.000. 1946.
Legality approved by John C. Thomson of New York City.
100.05.
Following
is a list of the bidders:
LAKE MILLS INDEPENDENT SCHOOL DISTRICT, Winnebago
Bidder
Premium.
County, lowa.-BOND ELECTION.
Kalman. Gates. White & Co. St. Paul
-An election will he held on Jan.
117.200
27 for Hie purpose of voting on the question of Issuing 283,000 school build- Drake-Jones Company. Minneapolis
16.875
ing bonds. T. J. Moe, Secretary Board of Education.
First National Bank, Minneapolis
18.500
Minneap ils Trust Co., Minneapolis
15.500
LAKEVIEW, Montcalm County, Mich.
-BOND OFFERING.-Sealod Lane. Piper & jaffray, Minneapolis
14.000
bids will be received until 6 p. m. (central standard time) Jan. 23 by M.
m. .•
11.000
Cartwright, Village Clerk, for the whole or any portion of 118.000 5% Northwestern p
Trust Co..1
. Minneapolis
10.500
emmon street Improvement bonds. Denom.21.000 and $500. Date Feb. 1
All bids were for 454% bonds and included accrued interest.
1926. Pal:elm' and semi-annual interest (P. & A.) payable at the Village
MOBILE, Mobile County, Ala.
-BOND SALE.
Treasurer's office. Due Aug. 1 as follows: 12.500, 1927 to 1931. inclusive:
-The $200.000 5%
$1,500. 1932 to 1034 inclusive, and 21.000. 1935. Certified check fo 1% high school bonds offered on Jan. 12-V. 122.
121-were awarded
the Peoples Bank of Mobile at a premium of $3,960, equal to 106.98,to
of the amount of bonds bid for, payable to the Village Treasurer,required.
p.
a
basis of about 4.58%. Date Jan. 1 1926. Due Jan. 1 1928. Following
LAKIN, Kearny County, Kan.
-BONDS REGISTERED.
-The State is a list of other bidders:
Auditor of Kansas registered $33.000 434% water works bonds during
BidderAmount Rid.
the month of November.
State Sayings Bank, Mobile
$203.480 00
Assel. Goetz & Moerlein, Cincinnati
208.354 00
LAMBERT SCHOOL DISTRICT NO. 15, Clark County (P. 0. R. M. Grant & Co
207.820 00
Vancouver), Wash.
-BOND OFFERING -Dudley E. Williams. County The Title Guaranty & Trust Co.. Cincinnati
208.060 00
Treasurer, will receive sealed bids until 10 a. m. Jan. 30 for $6,000 school Merchants Securities Corporation. Mobile
208.154 00
bonds. Due in 2 to 20 years. A certified check for 5% of bid required.
N. S. Hill & Company, Cincinnati
208,740 00
LA MESA, LEMON GROVE AND SPRING VALLEY IRRIGATION Marx & Company. Birmingham
209.143 33
The L. R. Ballinger Co.. Cincinnati
DISTRICT, San Diego County, Calif.
209.440 00
-BOND SALE.
-Peirce, Fair & State Savings Bank. Mobile
Co.. Drake. Riley & Thomas and M. & H. Lewis &
209.820 00
Los
purchased an issue of $1,900.000 6% irrigation bonds. Co. of Jan. Angeles Stranahan. Harris & Oatis. Toledo
210.220 00
Date
1 1925.
DP enom. $1.000. Due Jan. 1 as follows: $38.000, 1946 to 1947: 857.000, First National Bank, Mobile
212.640 00
H. M.Byllesby & Co., Chicago
in 1948 and 1949; $76.000. 1950 to 1953. incl.: $95.000, 1954 to 1957.
212.888 00
8114.000, 1958 to 1961. incl.; $133.000. 1962 and 1963. and 8152.000.Incl.; A. M. Lamport & Co.. New York
213,620 00
1964
and 1965. Prin, and int. J. & J. payable at the Pacific Southwest Trust
MOORESVILLE, Iredell County, No. Caro.
& Savings Bank, Los Angeles, or at the Bank of La Mesa, La Mesa,at option Sealed bids will be received until 2.30 p. m. Jan. -BOND OFFERING.
27 by 0. F. Clark. Town
of holder. Legality to be approved by O'Melveny, Milliken Tuller & Clerk, for 250.000 water and sewer bonds.
Date Jan. 1 1928.
Macneil of Los Angeles.
31.000. Due Jan. 1 as follows: 81.000 1927 to 1956 incl.; and Denom.
22.000,
1957 to 1966 incl. Bidders to name
LANCASTER, Fairfield County, Ohio,
-BOND OFFERING.
-Sealed payable in gold in New York City. rate of interest. Prin. and int. J. & J.
bids will be received until 12 m Feb. 5 by J. W. Barnes, City Auditor,
The bonds
for supervision of the United States Mortgage & will be prepared under the
110.780 94 5% (special assessment) street impt. bonds. Denom.
Trust Co., N. Y. C., which
$1,000 will certify as to the genuineness of the signature of
except 1 for $780 94. Date Oct. 1 1925. Due on
the officials and the
178094. 1927: 11.000, 1928 to 1935 incl.; and $2,000. Oct. 1, as follows: seal impressed thereon. Legality to be approved by Caldwell & Raymond.
1936. Cert. check New York City and J. L. Morehead
of Durham. A certified check for
for 2% of the amount of bid, payable to the City Treasurer. required.
2% of bid is required.
LANE COUNTY (P. 0. Eugene), Ore.
-BOND
Financial Statement.
-The
County Clerk will receive sealed bids at any time for OFFERING.
143,500 5% road Floating debt outstanding (of this amount $4,935 is evidenced
bonds. Due In 5 to 24 years.
by notes given for fire apparatus, and is payable 82.100 per
year from funds to be raised by taxes)
LA SALLE COUNTY COMMON SCHOOL DISTRICT NO. S
$4,935 00
(P. 0* Bonded debt outstanding
Cotulla), Tex.
-BOND SALE.
-The State Board of
purchased an issue of 812,000 5% school bonds at par. Education recently Water and sewer bonds herewith offered (consisting of 112.000 572,913 35
water bonds and 138,000 sewer bonds)
LEWISTON, Cache County, Utah.
50,000 00
-BOND SALE.
-The State Gross debt
627,848 35
Board of Land Commissioners purchased an issue of 227,000
4% water Deductions
bonds. Int. payable semi-annually.
Sinking funds for other than water or light purposes $9.949
99
Uncollected special assessments heretofore levied
LEXINGTON, Fayette County, Ky.-BOND SALE.
against property owners
Trust Co. recently purchased an issue of $400,000 4ii% -The Security
62.870 26
school bonds at
Water bonds included in gross debt
a premium of $1,760 equal to 100.44.
242.500 00
Electric light bonds included in gross debt
10.000 00
LEXINGTON SCHOOL DISTRICT, Fayette County,
-The 1400,000 44% school bonds offered on Jan. Ky.-BOND Total deductions
SALE.
325,320 35
-were awarded to the Security Trust Co. of Lexington1-V. 121 p.
2309
at a premium
of $1.760, equal to 100.44, a basis of about 4.46%. Date Feb. 1
Net debt
1302,528 00
Denom. $1,000. Due Feb. 1 as follows: $75.000 in 1931; $13.000, 1926. Assessed value for 1925
1932 to Actual
6.147.287 00
1956, incl. Int. payable semi-ann. (F. & A.).
value, estimated
All local improvement bonds are direct
LIMA COUNTY (P. 0. Albany), Ore.
-BOND SALE.
of the M 00
. (
-The First payable from an unlimited tax, but the law primary obligations 8 500 town.
National Bank of Albany has purchased an issue of $30,000 5%
requires the application of special
refunding assessments to the payment of such bonds and
bonds at a premium of $24, equal to 100.08.
interest, thereby reducing
the tax levy. Under the regulations governing the
Postal Savings fund
LINTON SPECIAL SCHOOL DISTRICT NO. 36, Emmons
County, such uncollected assessments are deductible In ascertaining the net debt.
No. Dak.-BOND ELECTION-An election will be held on Jan. 25 for Amount of sinking fund on hand to cover water and light bonds_ _215.716 68
Population, 1920 Census, 4.515; estimated population, 1925. 6,500.
the purpose of voting on the question of issuing $27,500 5% school district
bonds. John F. Portz, District Clerk.
MORGANZA,Pointe Coupee Parish, La.
-The Plant
-ROAM SALE.
McMINNVILLE, Yamhill County, Ore.
-BOND SALE.-Fiugh B. ens Bank & Trust Co.of Opelousas purchased on Dlec. 16, an
issue of$18 000
McGuire & Co. of Portland purchased on Dec. 28 the-following 6% bonds, water works and light bonds at par. Legality approved by Martin .
and
Campbell of New Orleans.
aggregating 211,595.92 at 103.78, a basis of about 5.50%:
s2913.27 improvement bonds. Denom. $500 and $13.27.
MOSS POINT, Jackson County, Miss.
-C. M.
8,.782.65 improvement bonds. Denom. $500 and $182.65.
Fairly, City Clerk, will receive sealed bids -BOND OFFERING.
$135.000
•
Dated Jan. 1 1926. Due Jan. 1 1936, optional Jan. 11927.
5 4% water works bonds. Due serially inuntil 7 p. m. Feb. 2 for check for
20 years. A certified
$5,000 is required.
MANATEE COUNTY (P. 0. Bradenton), Fla.
-BOND OFFERING,
Robert H. Boesch. Clerk of Board of County Commissioners, will
m MOUNT PLEASANT, Henry County, Ia.-BONDS VOTED.
-At a
sealed bids until 2 P. m. Jan. 25 for the following coupon bonds,receive recentl election, the
aggrevoters authorized tilt issuance of 28.000 public library
gating 81,250.000:
bonds.
fgeluegIcgaittIV.:0eonotirl'4..,4701)7742Pt25i9JAeln.7
;
3 .
1
o
1
378
THE criRONTCLE
[voL. 122.
PARKE COUNTY (P. 0. Rockville), Ind.
-BOND OFFERING.
Sealed bids will be received until I p. m. Jan. 25 by Homer Arnold, Connty
Treasurer. for $2,600 5% coupon Liberty Township gravel road bonds.
Denom. $130. Date Jan 7 1926. Due $130 each six months from May
15 1927 to Nov. 15 1936, incl.
PARMA, Canyon County, Ida.
-BOND SALE.-Benwell & Co. of
Denver, recently purchased an issue of $24.000 5 % refunding water and
sewer bonds. Due serially.
-The
PARSONS, Labette County, Kan.
-BONDS REGISTERED.
State Auditor of Kansas registered $17,023 10 43 % improvement bonds
6
,
during the month of December.
PASADENA MUNICIPAL IMPROVEMENT DISTRICT No. 4, Los
Angeles County, Calif.
-BOND SALE.
-The William R. Staats Co.. of
Los Angeles recently purchased an issue of 3192.000 5 Si% municipal improvement bonds. Date Oct. 1 1925. Denom. $1,000. Due $24.000
Oct. 1 1935 to 1942 incl. Prin, and int. A. & 0. payable at the office of
the City Treasurer, or at the National City Bank, New York City. Legality to be approved by Goodfellow, Eells, Moore and Quick of San Francisco.
-On Jan.
PERRY COUNTY (IP. 0. Connelton), Ind.-nown SALE.
14 *9.500 4 Si% road bonds were awarded to the Tell National Bank of
Tell City at a premium of $95, equal to 101. These bonds were scheduled
for sale on Jan. 15.-V. 121. P• 3159.
PIAVE, Greene County, Miss.
-The
-BOND SALE.
-CORRECTION
Bank of Leaksville of Leaksville purchased on Aug 1 an IAR110 of 510.000
$4.362.502.47 6% coupon school bonds at par. Date Aug. 11925. Denom. $1.000. Due
Total net debt
In 1935. Int. payable F. & A. In. V. 122. p. 121 we reported the sale of
3302.611 59
Water Sinking fund
*100.000 school bonds to the above company which was incorrect.
111,046.321 00
Assessed valuation
-BONDS REGISTERED.PITTSBURG, Crawford County, Kan.
k Population. Census 1920. 59.316.
During the month of November the State Auditor of Kansas registered
NEW CASTLE SCHOOL DISTRICT (P. O. New Castle), Lawrence $48 006 32 4H% paving bonds.
$100.000 4L4% coupon
County, Pa.
-BOND SALF:.-On Jan. 12 the
PLANT CITY
school bonds offered on that date (V. 122. p. 243) were awarded to the borough CountySPECIAL ROAD AND BRIDGE DISTRICT, Mlle'
to
-W. A.
(P. 0. Tampa), Fla.
-BOND OFFERING.
Mellon National Rank of Pittsburgh at a premium of 82.693 17. enual to Dickenson.
Clerk. Board of County Commissioners, will receive sealed
102.69. a basis of about 4.31%. Due $20.000 yearly from Jan. 1 1946
bids until 11 a. m.Jan. 29 for *1.100.0006% road and bridge coupon bonds.
1950 incl.
Date Jan, 11926. Denom. 51.000. Due Jan. 1 as follows: moon. 1929
-At
and 1930: $22.000. 1931 and 1932: 325.000. 1033 and 1934: V5.000. 1935
NEW LEIPZIG, Grant County No. Dak.-BONDS VOTED.
'
recent election the voters authorized the issuance of 86.500 community hall and 1936: 830.000. 1937 and 1938: $15 000. 1939 and 1940: s40.000. 1941
and 1942: *45.000. 1943 and 1944: $.50.000. 1945 to 1945. Inel.• $60.000.
bonds.
1949 and 1950: 170.000, 1951 and 1952: $75 4)00. 1953 and 1951. Prin.
-On Jan.13 and int. J. & J. payable at the National rity Bank. N. Y.City. A certified
r NEWPORT, Newport • County, R. 11. NOTE SALE.
Blake Bros. & Co. of Boston pp...limed the $200.000 tax anticipation note; cheek, payable to the Clerk. Board of County Commissioners, for $22.000
Dates
offered on that date on a 3.80% discount basis. Denom. dl 000. Bank. required. Legality to be approved by Clay & Dillon of New York.
Jan. 15 1996. Due Sept. 1 1926 at the office of the First National
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO.
Boston. These notes were Issued under the supervision of and certified 15 (P. 0. Bartow), Fla.
-BOND OFFERING.
-.I.
as to genuineness by the First National Rank. Boston. Legality approved Board of County Commissioners, will receive sealed D. Raulerson, Clerk.
bids until 1:30 TI• m•
Gray. Boyden & Perkins of Boston.
by Ropes.
Feb. 15 for *300.000,53'5, road bends. Date Oct. 11925. Denom *1.000.
-The Due Oct. 1 as follows: $5.000. 1928 to 1937. incl.: s10.000. 19313 to 1942.
-BOND DESCRIPTION.
NEWTON, Harvey County, Kan.
$32.800 414% coupon paving bonds awarded to the ('.laassen investment invl.: *15.000. 1934 to 1954. inct• and *20.000 in 1955. Prin. and semi& Loan Co. of Newton on Dec. 28-V. 122. n. 121-are describei as annual int. A. & 0. payable at the American 'Exchange - National Bank,
follows: Date July 1 1925. Denom. $380. $000 and $1,000. Due New York. or at the Polk County National Bank. Bartow. Certified cheek
f n• V..000. payable to Chairman Board of County Commissioners, required.
serially July 1 1926 to 1931 incl. Interest payable J. & J.
Legality approved by Caldwell & Raymond. New York City.
-BOND CALF -The .T. E.
-but
These are the bonds scheduled for sale on Jan. 11-V. 122. p. 244
NORDHEIM. DeWitt County, Tex.
Jarratt Co. of San Antonio recently purchased an Issue of $40.000 water were not sold.
bonds at par.
-BOND ELECTION.PONCHATOULA, Langipahoa Parish. La.
-BOND SA T.E.-R. S. An election will be held on Feb. 23 for the purpose of voting on the question
NORTH, Orangeburo County, So. Caro.
Dickson & Co. of Greenville purchased on Dec. 29 an issue of $20.1)00 6% of issuing *50.000 fire bonds.
at a premium of $302. equal to 101.51.
water works bonds
-On Nov. 10 the
-BOND SALE.
PORTER, Porter County, Ind.
NORTH PALO ALTO SANITARY DISTRICT (P. 0. Palo Alto), 218.000 59' coupon (town's portion) sewer construction bonds offered on
-BOND OFFERING -Charles Hill. Secretary that date (V. 121. P. 1945) were awarded to A. P. Flynn of Logansport at
San Mateo County, Calif.
Sanitary Board, will receive sealed bids until 8 p. m. Feb. A fm. 318.000 par. Date Oct. 27 1925. Due $1,000 each six months from July 15 1926
6% sanitary bonds. Date Jan. 1 1926. Denom. $500. Due it500, 1927 to Jan. 15 1935 incl.
payable at the County Treasurer's
to 1962 incl. Prin. and lot. J. &
PORTLAND, Cumberland County, Ma.-TBMPORARP LOAN.
office. Legality approved by Goodfellow. Eel's. Moore & Orrick of San On-Ian. 13 the temporary loan for $300.000 issued in anticipation cf taxes.
Frandsen. A certified check for $500 payable to the President of the Board offered on that data
-V. 122. p. 244-were awarded toff. M. Payson & Co.
required.
is
of Portland on a 3.50% discount basis. Date Jan. 18 1926. Due Oct.
0.
NORTH WOODBURY TOWNSHIP SCHOOL DISTRICT (P.will 4 1926. Other bidders were:
-Sealed bids
-BOND OFFERING.
Basis. Premium.
Martinburg), Blair County, Pa.
Bidders
$4 00
3.92 %
be received until Jan 30 by W. II. Zimmerman, Secretary School Board. Blake Bros. & Co.. Boston
11 00
3.96 %
for $30,000 4;4% school bonds. Dated Feb. 1 1928. Due In 30 years, Salomon Bros. & Hutzler. Boston
3.9115
Casco Mercantile Trust Co., Portland
optional in 5 years.
, 1 75
3.98
Fidelity Trust Co.. Portland
-BONDS REGISTERED.
NOATONVILLE, Jefferson County. Kan.
1 75
4.09
bonds S. N. Bond & Co., Boston
-The State Auditor of Kansas registered 846.402 83 434% paying
4.12
United States Trust Co., Portland
during the month of December.
300
415
Guaranty Co.. New York
-BONDS REGISTERED.
NORTONVILLE, Jefferson County, Kan.
-Sealed bids
-BOND OFFERING.
PORTO RICO (Government of).
the month of November the State Auditor of Kansas registered will be received until 2 D. m. Jan. 21 be Prank McIntyre. Major-General
-During
213.000 434% paving bonds.
U. S. Army and Chief of Bureau of Insular Affairs, at his afire In the War
-The Oak Department, Room 3042. Munition Bldg., Washington, D. C. for the
-BOND SALE.
OAK HARBOR, Ottawa County, Ohio.
5%
State Bank of Oak Harbor were awarded the issue of $3,950121, following 454% Series"A"to"D" Coupon bonds,aggregating $2,000,000.
Harbor
Dec. 22 (V.
(special assessments Preenect St. [rapt. bonds offered onfro Sept. 1 1926 6.500.000 Series "A" due July 11956.
500.04)0 Series "B" due July 1 1957.
p. 2904) at par. Date Nov. 10 1925. Due $500 yearly
c•
Sept. 1 1933.
500.000 series .. . due July 1 1958.
to 1931 incl.: and $250.
500.000 Series "i' due July 11939.
-BOND OFFERING.
County,Okla.
OKLAHOMA CITY. Oklahoma
Date Jan. 1 1926. Denom. $1.000. Prin. and Int. J. & J. payable at
Auditor.
Sealed bids will he received until 1? m.Jan. 26 by F.0. Raker. City disposal the Treasury of the United States at Washington. D. C., in gold coin
for $950.000 4 % coupon (registerable es to principal), sewerage
1928. of the U. S. of the present standard of weight and fineness. A certified
plant bonds. Denom. *1.000. Due Jan. 15 as follows: 320.000. pay- check for 2% of the par value of the bonds bid for payable to the Chief
$40.000. 1929 to ig5n inel :and moon. 1951. Prin. and int. J & J.men- Bureau of Insular Affairs is required.
agency in New York. These are the bonds
able in gcld at the fiscal
Porto Rican Statistics.
tioned in V. 122. p. 243.
$13.966.657 65
Financial Statistics.
Receipts for the year ending June 30 1925
14,386.434 68
00 Expenditures for year ending June 30
8225,000.000
Actual value of property (estimated)
22.660 37
117.1340.900 00 Cash on hand June 30 1925
valuation for taxation, 1 925
Assessed
42 75 Due from Municipalities and School Boards on short time
Tax levy city purposes. $17 17: all purposes
13.750 00
11.038.600 00
loans June 30 1925
ng iissue
bonded debt including this issue
Total bond
315.962.283 00
71.220 OR Assessed valuation of property June 30 1925
Judgment debt
90.504.601 00
5.615.000 00 Imports for year ending June 30 1925
Water works bonds (included in above)
94.R1R,944 00
3.223.170 60 Exports for year ending June 30 1025
Sinking fund on hand to retire bonds
21.095.000 00
1.483.258 51 Total bonded indebtedness on Jan. 2 1926
Water sinking fund (included in above)
1.419.862 35
Balances in Sinking Funds June 30 1925
Incorporated 1890. Population (estimated) 135.000.
-BOND OFFERING.
POUGHKEEPSIE (Town) UNION FREE SCHOOL DISTRICT NO.
ONTARIO, San Bernadino County, Calif.
-The First National Bank
-BOND SALE.
5% city 2, Dutchess County, N. Y.
The City Clerk will receive sealed bids until Jan. 18 for *175.000
of Poughkeepsie purchased on Aug. 31 an issue of S38.500 4 if% coupon
bonds.
school building bonds at par. Denom. $1,000 except 1 for MOO. Date
-Sealed bids will be received Sept. 11925. Int. M. & S. Due on.pet. 1 as follows: $5,000. 1930 1935.
-BOND OFFERING.
OREGON (State of).
War Veterans'
1963 and 6500, 1964.
until 11 a. m. Feb. 3 by W. P. Simpson. Secretary World
Building, Ferry and 1940. 1945, 1950. 1955. 1960; *3.000,
State Aid Commission, at his office in the Eckerlen6% Oregon veterans.
-On
-BONDS REGISTERED.
QUANAH, Herdsman County, Tex.
Streets, Salem. for E2.000.000 not exceeding
Liberty
% funding
Date Feb. 15 1926. Denom.*1.000, Jan. 5. the State Comptroller of Texas registered 825.000
State aid gold Series 5 coupon bonds.
and bonds. Due serially.
$250,000, 1930: $500.000. 1931
.
Due Jan. 1 as follows 8500,000, 1928:int. A. & 0. payable at the office
-On Jan. 12 the
-BOND SALE.
RAVENNA, Portage County, Ohio.
• 1932: and 8250.000. 1933. Prin. andthe office of the fiscal agent of the
at
of the State Treasurer, Salem. or approved by Storey, Thorndike. Palmer 836,535.87 5% (special a.ssessment) Diamond St. bonds offered on that
were awarded to A. T. Bell & Co. of Toledo at $436
in New York City. Legality
State
% of the par value of the date (V. 121. p. 3160) of about 4.72%. Due $5,000, yearly from Sept. 1
& Dodge of Boston. A certified check for
of Oregon eoual to 101.19. a basis
bonds payable to the World War Veterans' State Aid Commission
1927 to 1933 incl.: and 31,535.87. Sept. 11934.
is required.
REDWILLOW COUNTY (P.O. McCook), Neb.-BOND ELECTION.
-BONDS REGISTERED.-DurInit
Franklin County, Kan.
Jan. 26, for the purpose of voting on the quesOTTAWA,
of Kansas registered $100.000 -An election will be held on
the month of December the State Auditor
tion of issuing $235,000 courthouse and jail building bonds. Barney Hofer.
bridge bonds.
%
County Clerk.
-WARRANT SALE.
Fla.
-At a recent
-BONDS VOTED.
PALM BEACH, Palm Beach County, warrants offered on Dec. 22
RENO, Washoe County, Nevada.
time
The $150.000 6% special improvementFarmers Bank & Trust Co.at 98.73. election the voters authorized the Issuance of *75.000 bridge bonds.
-were awarded to the
-v.121, p.3034
-The Palmer
-BOND SALE.
1026 to 1935 inel.
RICHFIELD, Levier County, Utah.
Date Oct. I 1925. Due serially
an issue of
16, Manatee Bond & Mortgage Co. of Salt Lake City recently purchased
PALMETTO SPECIAL TAX SCHOOL DISTRICT NO. -Harold P. 840.000 414% refunding bonds.
-BOND OFFERING.
(P. 0. Bradenton), Fla.Instruction, will receive sealed bids
County
-BOND
RICHMOND COUNTY (P. 0. Rockingham), No. Caro.
Munck, Chairman Board of Public exceeding 6% school bonds. Date
bids
not
-R. L. Johnson, Register of Deeds, will receive sealed Date
OFFERING.
until 3:30 p m. Jan. 25 for $100.000
Denom. $1,000. Due Jan. 15. as follows. *3,000. 1929 to until 2 p. m. Feb. 1 for $150.000 coupon road and bridge bonds. 1936.
Jan. 15 1926. $4.000. 1941 to 1956, incl. Prin. and semi-ann. Int. J. & Jan. 11926. Denom.$1,000. Due Jan. 1 as follows: $3.000. 1927 to
1940. incl., and
National Bank. N. Y. City. Legality approved
1937 to 1946, incl., and $7.000. 1947 to 1956. incl. Bidders
J. payable at the Seaboardof New York. A certified check for 2% of bid incl..: $5,000.of interest. Prin. and int. J. & J. payable in gold in N. Y.
to name rate
the United
by Caldwell & Raymond
City. The bonds will be rorepared under the supervision of signatures
required.
certify as to the
Y.
-The *150.000 States Mtge.& Trust Co., N.theCity, which will thereon. Legality to be
-BOND SALE.
seal impressed
CITY, Bay County, Fla.
officials and
PANAMA
- of the County
2786
and J. L. Morehead ot
Y.
and bridge bonds offered on Jan. 8-V. 121. p.
5% street pavingthe First National Bank of Panama City at 90, a basis approved by Caldwell & Raymond, N. bid City,
is required.
Durham. A certified check for 2% of
were awarded to
Date Nov. 11925. Due Nov. 1 1955.
of about 5.71%.
the
MUSCATINE, Muscatine County, Ia.-BONDS VOTED -At
election held on Dec. 28 V. 121. p. 2904. the voters authorized the issuance
$100.000 municipal lighting plant bonds.
of
-At an election
-BONDS VOTED.
NAMPA, Canyon County, Ida.
held on Jan. 5. the voters authorized the issuance of 850.000 6% paying
442 for to 61 against.
bonds by a count of
-BOND OFFERING.
NEW BRITAIN, Hartford County, Conn.
Sealed bids will be received until 12 m.Jan. 25 by Edward F. Hall. President
$150.000 4% coupon school bonds.
Board of Finance and Taxation, for
Dated Feb. 11926. Prin.and ssmtann.Inst. (F.& A. payable at the New
Britain National Bank. New Britain. Due *5.000 yearly from Aug. 1 1926
to
to 1955 incl. Bonds engraved under the supervision of and certified as be
genuineness by The First National Bank of Boston: their legality will be
Thorndike. Palmer & Dodge. whose opinion will
approved by Storey.
furnished the purchaser. All legal papers incident to this Issue will be filed
with the above bank where they may be inspected at any time. Bonds
will be delivered to the purchaser on or about Feb. 1 1926 at the First
National Bank. Boston.
Debt Statement of New Britain, Connecticut. January 5 1926
$6.285.000.00
Gross debt, not including this issue
61.215.000 00
Less: Water debt bonds
365.000 00
Subway bonds
Sinking fund, not including water or subway
242.497 53 1,822.407.53
sinking funds
JAN. 16 1926.]
THE CHRONTOLE
RICHMOND UNION HIGH SCHOOL DISTRICT (P. 0. Martinez).
Contra Costa County. Calif.
-BOND OFFERING.
-The Clerk Board of
County Supervisors will receive sealed bids until Jan. 18 for $885.000 5%
school bonds.
ROSLYN, Day County, So. Dak.-BOND SALE.
-The 87.000 6%
town bonds offered on Dec. 1-V. 121. p. 2552
-were awarded to the
Ottertail Power Co. at par. Due in 20 years.
ROSSLYN FARMS SCHOOL DISTRICT (P. 0. Rosslyn Farms).
Allegheny County, Pa.
-BOND OFFERING.-Sealed bids will be received
until 8 p. m. Feb. 1 by T. Lewis Liversidge. Secretary of Board of School
Directors, for $30.000 435% school bonds. Denom. $1.000. Date
March 1 1926. Int. M.& S. Due March 1 as follows: $5,000. 1931: 1936,
1941, 1946, 1951 and 1955. Cert. check for $1,1300 payable to the District
Treasurer required. Bonds are free from Pennsylvania State tax. Purchaser to pay for the printing of the bonds.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 9 (Ferndale).
Oakland County. Mich.
-BOND SALE.
-On Jan. 4
6421.250 coupon
school bonds offered on that date-V. 122, p. 122 the awarded to the
-were
Guardian Trust Co. of Detroit as 4(s at a premium of $9.478
12.
102.24. a basis of about 4.62%. Date Jan. 1 1926. Due Jan.equal to
1 1956.
Int. J. & J.
RURAL VALLEY SCHOOL DISTRICT (P. 0. Armstrong), Pa.BOND SALE.
-H. P. Schlemmer of Rural Valley purchased on Nov. 2
an 1M110 of $2.000 5% school bonds at a premium of $15, equal to 100.7.5.
ST. ANDREW, Bay County, Fla.
-BOND
-The $200.000 5%
city bonds offered on Jan. 8-V. 121. p. 2437 SALE.
-were awarded to the Bank
of St. Andrew at 90, a basis of about 5.71%.
Date Dec. 1 1925. Due
Dec. 11955.
ST. MARIES, Benewah County, Ida.
-BOND SALE.
-The Lumber
men's State Bank & Trust Co. of St. Merles recently purchased an issue of
$27.000 5% funding bonds at a premium of $325. equal to 101.20.
ST. PAUL. Ramsey County. Minn.
-BOND SALE.
-The $1.000.000
sewer bonds offered on Jan. 13-V. 122.p. 122-were awarded to a syndicate
composed of the Guaranty Co.. the Bankers Trust Co., both of New York.
and the Minneapolis Trust Co. of Minneapolis as 4 kis at 103.399. a bass
of about 4.22%. Date Jan, 1 1926. Due Jan. 1. as follows: $16.000.
1927: $17.000. 1928: 838.093. 1919: 919.011.
1932:
821.000. 1933: 822.009. 1934; 113.000. 1935 1930; $10.011. 1931 and 1937
$24.000. 1939;
27.000. 1938: 28.090. 1939: 19.011. 1919: 631.011. 1911 826.000.
0.
33.000. 1943: 35.000. 1914: 31.033. 1915: 819.011. 1915 10.010. 1947:
1.000. 1948: 813.009. 1919: 61.5.011. 1911: 817.011. 1951 819.000. 1952:
2.000. 1953: 654.000, 1954: 856.000. 1955: and 859.000 1956.
ST. PETERSBURG, Pinellas County, Fla.
-BOND
S. S. Martin, Director of Finance, will receive sealed bids OFFERING.
Jan. 25 for the following bonds, aggregating 64.419.000. until 7:30 izl• m•
83.319.000 44 % municipal improvement bonds. Date Jan. 11916. Due
i
Jan. 1 1956. These are the bonds metioned in V.
1,100.000 5% municipal Improvement bonds. Date Aug. 1122. p. 245.
1925. Due
Aug. 1 1955. Denom. $1,000. Prin. and int. payable at the
Seaboard National Bank, N. Y. City. A certified check for
2% of bid, payable to the Director of Finance. Is required.
1 -LINA, Saline county, Kan.
7 A
-BONDS REOLSTERED.
month of November the State Auditor of Kansas registered -Duting the
$605.082 435%
Water works bonds.
I
8
SALISBURG, Wicomico County, Md.-BOND OFFERING.
-Sealed
bids will be received until 3 p. m. Feb. 2 by E. J.
for 1300,000 43d % coupon water and sewer bonds.C. Parsons, City Clerk,
Denom.
on March 1 as follows. 621.000, 1944 to 1946 incl.: 625.000. 81.000. Due
1947: $26.000.
1948: 127.000, 1949: 128.000. 1950: 629.000. 1951;
831.000. 1952: 632.000.
1953 and $33.000. 1954.
ilil
SALT LAKE CITY, Salt
Old Colony Trust Co., P. S. Lake County, Utah.--NOTR SALK.-The
Maseley & Co.. both of Boston, and R. W.
Pressprk h & Co. of New York, Jointly purchased an
issue of 11.000.000 tax
anticipation notes on a 4.29 %interest basis.
SAN FRANCISCO (City and County
-BOND SALE.
of), Calif.
The 16.000,0005% school bonds offered on
awarded to a syndicate composed of the Jan. 11-V. 121, P.3034-were
First National Bank, Halsey,
Stuart & Co., iCldredge & Co.,
& Co., all of New York: the Anglo Kissel, Kinnicutt & Co. and Redmond
London Paris Co.and the Bank of Italy.
both of San Francisco, and the Detroit Co. of New York,
at 10.5.42. a basis
of about 4.60%. Date March 11923. Due $150.000
1928 to 1967. Incl.
BOND SALE.
-The 61,000.000 5% Hatch Hetchy water bonds offered
on Jan. 11-V. 122. p. 245-were awarded to the same
syndicate at 105.89.
a basis ofabout 4.59%. Date Jan. 11926. Due
825.0001930 to 1969. incl.
SEMINOLE COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
1
(P. 0. Sanford), Fla.
-BIDS REJECTED.
-All bids received for the
$450.000 534% school bonds offered on Jan. 12-V. 121.
-were
p. 3034
rejected. The bonds will be re-offered.
SHAWNEE COUNTY(P.O.Topeka),Kan.
-BONDS REGISTERED.
180.000 43d % road bonds were registered by the State Auditor of Kansas
during the month of December.
SHERMAN, Grayson County, Tex.
-BIDS REJECTED.
received for the 1100.000 4J-% street improvement bonds -All bids
offered on
Jan. 11-V. 122, p. 245-were rejected.
SHERIDAN, DAYTON AND GARFIELD TOWNSHIPS
FRACTIONAL SCHOOL DISTRICT NO. 6 (P. 0. Fremont)
Newaygo
County, Mich.
-BOND OFPERING.-Sealed bids will be
7:30 p. m. Jan. 18 by Mrs. W. B. Phillips, Secretary Board received until
for S200.000 43i% school building bonds. Denom. $1,000. of Education.
Bonds to be
dated to suit purchaser. Prin. and semi-ann.
depository to be named by purchaser of bonds.int. (A. & 0.) payable at a
Due on April 1
$3.000, 1927 and 1928:84.000, 1929 to 1933 id.:$5,000, 1034 to as follows:
1937 incl.:
86.000,1938 to 1941 incl :17.000. 1942 to 1945 incl.: $8.000,
1946 and 1947:
19.000, 1948 to 1950 incl.: 810,000, 1951 to 1955 incl. and
unconditional certified check for $3,000, payable to the $9.000, 1956. An
of Education. required. These bonds were originally Treasurer of Board
offered on Jan. 52122. p. 122
-but were not sold.
SHERRILL-KENWOOD WATER DISTRICT (P.O. Oneida)
Oneida
County, N. Y.
-BOND OFFERING.
-Sealed bids
10 a. m. Jan. 20 by H. H.Freeman, Secretary Water will be received until
Commission,for $50,000 coupon water "Series D," bonds at not exceeding
61,000. Dated Jan. 1 1926. Int. J. & J. Due $10,000 45(%. Denom.
yearly from Jan. 1
1941 to 1945 incl. A certified check on an
company in State of New York, for $2.000. incorporated bank or trust
SIMS, Wilson County, No. Caro.
-BOND
-J. S. Bailey.
Town Clerk, will receive sealed bids until 12 OFFERING.
m. Feb. 6 for
exceeding 6% coupon (registerable as to principal only) electric $5,000 not
Date Aug. 1 1925. Denom. $500. Due $500 Aug. 1 1928 light bonds.
Principal and semi-annual interest (F. & A.) payable in New to 1937, incl.
bonds are to be prepared under the supervision of the UnitedYork. These
States Mortgage & Trust Co., New York City, which will certify as
to the genuineness
of the signatures of the officials signing same,and the seal impressed
thereon.
The approving opinions of Caldwell & Raymond, New York City, and
Bryce
Little, and Wilson, will be furnished the purchaser. Delivery on
Feb. 20 1926 in New York City; delivery elsewhere at purchaser's or about
expense.
Certified check, payable to the Town Treasurer, upon an
incorporated
bank or trust company for $100. required.
SIOUX FALLS,Minnehaha County,So. Dak.-BOND
OFFERING.
Sealed bids v‘3140 received until 2 p. m. Jan. 27 for the following
b8oo
bonds,
asposal plant bonds.
100.000 sewer bonds.
SKANEATELES UNION FREE SCHOOL DISTRICT NO. 10,
daga County, N. Y.
-BOND SALE.
-On Jan. 11 the $115.000Ononcoupon or registered bonds offered on that date
-V. 122, p. 245 434%
awarded to the Skaneateles Savings Bank of Skaneateles at 100.25, -were
about 4.49%. Date Feb. 1 1926. Due on Feb. 1 as follows: a basis
of
$1.000.
1927 to 1933, Incl.; $2,000. 1934 to 1945. incl.: $3,000. 1946 to 1955, incl.:
$4,000, 1956 to 1959, incl.: $5.000. 1960 to 1964. incl.: 16.000, 1965. and
$7,000. 1966.
SOUTH BEND SCHOOL CITY (P. 0. South Bend), Saint Joseph
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m.Feb. 16 by the Board of Trustees for $300,000 434% coupon school
inapt. bonds. Denom. 61,000. Date March 1 1926. Prin. and semiann. int. (M. & S.) payable at the Citizens National Bank, South Bend.
;tors:wage
379
Due $30.000 yearly from March 1 1936 to 1945 incl. Bonds to be delivered
at the Citizens National Bank, South Bend.
SOUTHERN PINES, Moore County, No. Caro.
-BOND OFFERING.
-Howard F. Burns, TOW11 Clerk, will receive bids until 3:30 p. m. Jan. 28
$55,000, not exceeding 6% coupon (convertible into fully registered bonds)
water and street bonds. Date Dec. 11925. Denom.$1,000. Due on Dec.1
as follows: 61.000. 1928 and 12.000. 1929 to 1955 incl. Int, payable
ann. J. & D. Legality to be approved by Reed. Dougherty & Hoyt ofsemiNew
York. A certified check, payable to the order of the Town. for 2% of the
amount of bonds bid for, required.
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
-BOND
SALE.
-The 6135.000 434% coupon highway bonds, offered on Jan. 14,
V. 122. p. 245. were awarded to Barr Bros. & Co.. of New York. at 99.20.
a basis of about 4.60%. Date Jan. 11926. Due Jan. 1 as f‘Ilows: 64.000,
1927 to 1928 15.000. 1929 to 1932 inn.: $6.000. 1933 to 1936 incl.: 17.000.
1937 to 1939 Incl.: $8.000. 1940 to 1942 incl.; $9.000. 1943 Sand 1944. incl.;
and $10.000. 1945 and 1946.
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Springfield) Union County, N. J.
-BOND SALE.
-On Jan. 12 the issue
coupon or registered school bonds offered on that date (V. 121. P. 316of
0)
were awarded to Rufus, Waplea & Co. of Philadelphia as 45(s paving
1140.999.99 for $139.000 ($140.000 offered) equal to 101.43. a basis of
about 4.63%. Dated Feb. 11926. Due on Feb. 1 as follows: 13.000. 1927
to 1946 incl.; and $4,000. 1947 to 1965 incl.; and 63.000. 1966. -Other
bidders were:
Amount
Amount of
Bid.
Bonds Bid For
Harris, Forbes & Co.. New York
6140.485.00 1138.000.00
B. J. Van Ingen & Co., New York
M. M. Freeman & Co.. Philadelphia and .H. L. 140.100.00 137.000.00
Allen & Co.. New York. jointly
140.133.33 137.000.00
R. M.Grant & Co.. New York
140.169.00 137.000.00
Batchelder. Week & Co.and C. W.Whitis. both
of New York, jointly
140.100.00 137.000.00
All of the above bids were for 5% bonds.
STARK COUNTY (P. 0. Carton), Ohio.
-BOND OrFERING.Sealed bids will be received until 9 a. m. (central standard time) Jan.
29
by Edith G. Coke, Clerk Board of County Commissioners,for the
following
two issues of 5% bonds.
$123.000 Clantnn-Alltance 1. C. H. No,67 Section C bonds. Due on Feb.
In as follows: $14.000. 1928 to 1933 Incl. and $13,000. 1934 to
1936 incl.
103,000 Canal Fulton-Akron, I. (1. H. No. 523, Section B bonds. 'Due
on oeb. 10 as follows: $12.000. 1928 to 1931 Incl.; and
111.000.
1912 to 1916 Incl.
Denom. *1,000. Dated Feb. 10 1926. Prin. and semi-ann. Int.
A. 1(1) payable at the county Treasury. A certified check on a Stark (F. &
County
County Bank for $500, required. Bonds to
Treasurer, as soon after the sale thereof as the be delivered at the County
same are prepared.
TEANECK TOWNSHIP SCHOOL DISTRICT (P. 0. West Engle.
wood' Bergen County, N. J.
-BOND SALE.
-On Jan. 12 the following
two !agues of 5% coupon (with privilege or roe-14.14ton as to reincipal
or as to both principal and interest) school district bonds offered on only
that
date (V. 122. p. 245) were awarded to Rufus, Wapies & Co. of Philadelphia
as follows:
1103,000 (6105,000 offered) school district bonds, for 6105.279.30. equal
102.21, a basis of about 4.78%. Dated De::, 30 1925. Due to
Dec.:30 as follows: $4.000. 1926 to 1940 Incl. and 63.000. 1941 on
to
1054 Incl. and $1,000. 1955.
69.000 ($70,000 offered) school district bonds, for $70,117.81. equal to
101.62, a basis of about 4.81%. Dated Jan. 1 1929. Due on
Jan. 1 as follows: 33.000. 1927 to 1936 incl. and 34.000. 1937
to 1945 incl.
TIPTON TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0. Hubbard),
Hardin County, Iowa.
-BOND ELECTION.
-An election will be hell on
Feb. 6 for the purpose of voting on the question of issuing $2,000 sch,,01
house bonds.
TOPEKA, Shawnee County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas registered 133.430 434% sewer bonds during the
month of November.
TROY AND ROYAL OAK TOWNSHIP FRACTIONAL SCHOOL
DISTRICT NO. 11 (P. 0. Clawson) Oakland County, Mich.
-BOND
-On Jan. 4 the $80.000 school bonds offered on that date (V. 122.
SALE.
p. 122) were awarded to the Bank of Detroit of Detroit as 4;(14 at a premium
of $1.592. equal to 101.99. a basis of about 4.58%. Dated Dec. 2 1925.
Due $2.000 DOC. 2 1928 and 63.000 yearly from Dec. 2. 1929 to 1954 Ind.
UNION CITY (P. 0. Lake Butler), Fla.
-BOND oFFERTN0,-. 14
/
1
/,
Rtherd, Secretary Board of Bond Trustees, will receive sealed bids until
2 n. m. Feb. 1 for $180,000 6% road bonds. Denom. $1.000. Due as
follows: 65.000 in 23 years: $22.00n in 24 years. 623.001 in 25 and 26 years.
$24,000 in 27 years. $27,000 in 28 years and 628.000 in 29 and 30 years.
Prin. and int. t. & J. payable in god at the Hanover National Bank. N.Y.
City, or at the office of the Bond Trustees, at option of holder. A certified cheek on one of the banks in Union County for 5% of the amount
of bid payable to the Secretary. Board of Bond Trustees, Is required.
VANDALIA, Montgomery County, Ohio.
-BOND SALE.
-On Dec.
28 the $3.000 6% coupon fire engine and equipment bonds offered on that
date (V. 121. p. 2906) were awarded to A'.Aub & Co. of Cincinnati at
a premium of S156. &ma'to 105.20. a basis dab-out 4.88%. Dated Jan. 1
1926. Due $300 uearly from Oct. 1 1927 to 1936 incl.
VERO BEACH, Saint Lucie County, Fla.
-BOND OFFERING.
G. Redstone, City Clerk, will receive sealed bids uotil 8 p. en.. Feb. 1,
for 6150.000 6% coupon city bonds. Date Feb. 1 1915. Denom. $1.000.
Due $5.000. Feb. 1 1931 to 1990 Ind. Prin, and semi-ann. Int. F. & A.
payable at the United States Mortgage & Trust Co., New York.
check for $1,500. payable to the above named official. required. A cert.
VICKSBURG, Warren County, Miss.
-BONDS VOTED.
-At an
election held on Jan.6,the voters authorized the issuance of 2125.000 bonds.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6
(P. 0. De Land), Fla.
-BOND SALE.
-R. E. Campbell
Angeles, purchased on Jan. 7 an issue of $616.000 534%& Co.. of Los
school bonds
at 99.49.
WABASH SCHOOL TOWNSHIP (P. 0. Wabash) Tippecanoe
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. Jan. 18 by Frank Moore, Scho-1 Trustee,
school bonds. Denom. $1.000. Dated Jan. 15 1926. for $85.000434%
ann. int. (J. & J. 15) payable at the Purdue State Bank, Prin. and semiWest
Due serially from Jan. 15 1926 to 1941 incl. A certified check forLafayette.
3% of the
amount of bonds, required.
WALNUT TOWNSHIP, Crawford County, Kan.
-BONDS REGISTERED.
-During the month of November the State Auditor of Kansas
registered $5.000 5% refunding bonds.
WALTON COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 2
(P. 0. Defuniak Springs), Fla.
-BOND OFFERING.
-Sealed bids will
be received until 12 m. Feb. 1 by J. J. Kennedy, County Superintendent
of Public Instruction, for 315.000 6% school bonds. Date Oct. 1 1925.
Denom. 11.000. Due $1,000 Oct. 1 1928 to 1942 inel.
J. & J. A certified check for $250 payable to A. J. Ward, Int. payable
Chairman of
Board of Public Instruction, the check to be certified by a bank located in
Walton County. is required.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Nauvoo), Scioto County, Ohio.
-BOND OFFERING.
-Sealed
be received until 12 m. (central standard time) Jan. 30 by George bids will
A. Doll.
Clerk, Board of Education for $50.000 5% non-fireproof school house bonds.
Denom. $500. Date Jan. 1 1926. Prin, and semi-ann. int. (M. & S.)
payable to the Clerk, Board of Education, except that if the bonds are purchased by the Industrial Commission of Ohio, or by the State Teachers'
Retirement System, then they shall be payable at the State Treasurer's
office. Due each six months as follows: $4,000 March 1 1927 to Sept. 1
1928. inci . • 33.000. March 1 1929: $4,000. Sept. 1 1929; 63.000, March 1
1930: $4,000 Sept. 1 1930; $3.000, March 1 1931; 34.000 .Sept.
13.000. March 11932; WM,Sept. 11932: 33.000, March 11933:1 1931:
Sept. 1 1933; $3.000, March 1 1934: $4,000, Sept. 1 1934; $3.000,$4,000.
March
11935; $3.000. March 11936; $4.000. Sept. 11936; 83.000, March 11937;
81.000. Sept. 11937; 13.000, March 11938: $4,000, Sept. 1 1938; $3.000,
March 1 1939; 64.000, Sept. 1 1939; $3.000, March 1 1940, and $4.000.
rirou 122.
THE CHRONICLE
380
the Board of Education
Sept. I 1940. Cert. check for $500 payable to
required.
-The two WISPS of
-BOND
WAYNE, Wayne County, Mich. bonds, SALE.
aggregating $40.000 awarded
4% coupon street paving and water 101.08 (V. 122. p. 122) a basis of
Detroit Trtist Co. of Detroit at
to the
Dated Dee. 15
as
about 4.35% are described int.f & D.Denom. $1.000.
15) payable at the Detroit Trust
(J.
1925. Prin. and semi-ann.
Due on Dec. 15 as f 4lows: 52.000. 1927 to 1934 incl.: $3.000.
Co.. Detroit.
Legality approved by
1935 to 1940 incl.: and $1.000. 1941 to 1946 incl.
Miller, Canfield, Paddock & Stone of Detroit.
Financial Statement.
53.434.139
Assessed valuation (1924)
282.500
Total bonded debt
$93.500
Less: Water debt
189.000
Net debt
Population, estimated, 3.200.
-R. P.
-BOND SALE.
WAYNESVILLE, Haywood County, N. C.
Dickson & Co. of Gastonia recently purchased an issue of $75,000 6%
street bonds.
-A syndicate
-BOND SALE.
WENATCHEE, Chelan County, Wash.
Trust
composed of Blythe, Witter & Co. of Seattle, the Commercial Bank & BailWenatchee. the Ralph H. Schneeloch Co. of Portland and water
Co. of
has purchased the following 53 %
largeon. Winslow & Co. of Seattle
revenue bonds, aggregating $300,000, at 97:
$235.000 water works bonds.
65.000 water works bonds.
Date Jan. 1 1926. Due serially 1928 to 1946 inclusive.
-The $70.000
WENDELL, Wake County, No. Caro.-BONb SALE.
W. L.
6% street bonds offered on Jan. 13 (V. 122, p. 246) were awarded toa basis
of Toledo at a premium of $1.630, equal to 102.32,
Slayton & Co.
1 as follows: $4.000,
of about 5.64%. Date Jan. 1 1926. Due Jan.
incl.
1927 to 1931 inel.: 56,000. 1932 to 1936 incl., and 55,000. 1937 to 1940
County,
WEST BEND SCHOOL DISTRICT NO. 1, Washingtonbe received
Wis.-BOND OFFERING.-Until 2 p. m.Jan. 25 sealed bids will
school equipment
by•D.J. Kenny. District Clerk, for $40,000 4% h10 1936, incl. Prin.
to
bonds. Date Feb. 11926. Due $4,000, Feb. 1 1927 Treasurer. Legality
Int. F. & A. payable at the office of the District
and
approved by Lines, Spooner & Quarles of Milwaukee. A certified check
for $1.000 is required.
-At a
-BONDS VOTED.
WESTBROOK, Mitchell County, Tex.
recent election the voters authorized the issuance of $20,000 water bonds.
DISTRICT (P. 0. Hermiston) Umatilla
WESTLAND IRRIGATION
-No bids were received for the
-NO BIDS RECEIVED.
County, Ore.
$87.500 6% Irrigation bonds offered on Jan. 5-V. 121. p. 2907.
The bonds will be awarded to the owners of the Irrigation System in
exchange f)r the property.
-BOND DESCRIPTION.
WEST UNION, Fayette County, Iowa.
Bechtel
Jan.
The $5.000 5% coupon sewer bonds awarded on-are4 to Geo. M.follows:
described as
& Co. of Davenport at 103.95-V. 122. P. 246
Date Dec. 11925. Due serially 1939 to 1943 incl. Int. payable M.& M.
-BONDS REGISTERED.-DurWICHITA, Srdgwick County, Kan.
Kansas registered $187.log the month of December the State Auditor of 94
4M % bridge bonds.
% paying and sewer bonds and $25.119
707 15
-C. W.
-BOND SALE.
WICHITA FALLS, Wichita County, Tex.
an issue of $72,000 4ii% coupon
Whitls & Co. of New York purchased
street improvemsnt refunding bonds at par. Date Nov. 1 1925. Denom.
$1.000. Due serially 1926 to 1950 incl. Int. payable M.& N.
-The
-BONDS REGISTERED.
WINFIELD, Cowley County, Kan.
State Auditor of Kansas registered 518,981 43 4M% Paving bonds during
of November.
the month
-E. F.
-BOND OFFERING.
WINTER PARK, Orange County, Fla.
Bellows. City Clerk, will receive sealed bids until 7.30 p. m., Jan. 28, for
not exceeding 6% improvement boyds. Date Jan. I 1926.
$234,000
Denom. $1,000. Due Jan. 1. as follows: $23.000, 1927 to 1935 incl.: and
$27,000 In 1936. Prin. and semi-ann. int. J. & J. payable at the National
Bank of Commerce, New York. Legality to be approved by Caldwell
& Raymond of New York. A certified check for 2% of bid required.
-The
-TEMPORARY LOAN.
WOBURN, Middlesex County, Mass.
First National Bank of Boston purchased the temporary loan of $350.000
on a 3.908% discount basis. Due Dec. 15 1926.
-Sealed
-BOND OFFERING.
WOOSTER, Wayne County, Ohio.
bids will be received until 12 m. Jan. 19 by Grace B. Wile, City Auditor.
bonds. aggregating $11,491.36:
for the following two issues of 5% coupon
for
$991.36 (city's portion) alley inapt. bonds. Denom. $100, except 1
$91.36. Due on Dec. 1 as follows: 591.36. 1926 and $100, 1927
to 1935 Incl.
10,500.00 (Special assessment) alley impt. bonds. Denom. $500. Due on
Dec. 1 as follows: $1,500, 1926 and $1.000. 1927 to 1935 incl.
Dated Dec. 11925. Int. J. & D. A certified check for 5% of the amount
bid, payable to the City Treasurer, required.
of
-Wood,Gundy & Co., Ltd.
YORK TOWNSHIP, Ont.-BOND SALE.
of Toronto purchased on Jan. 13 an issue of $1,587.611.30 5% installment
bonds at 99.65, a basis of about 5.04%. Other bidders were:
A.E. Ames & Co., Ltd.: Matthews & Co.. Ltd.; Bank of Montreal--99.59
99.351
Dominion Securities Corp
98.93
McLeod. Young. Weir & Co.; Bell, Goulniock & Co
Dyment. Anderson & Co.; Fry, Mllls. Spence & Co.: MacNeill,
98.89
Graham & Co
-On Dec.
-BOND SALE.
YPSILANTI, Washtenaw County, Mich.
21 the $20,000 4 % paving bonds offered on t tat date -V. 121. p.3035
were awarded to the First National Bank of Ypsilanti at a premium of
$1.01. equal to 100.005, a basis of about 4.50 1,. Date Jan. 2 1926. Due
as follows: $2.000, 1928 to 1931. Incl., and $4,000. 1932 to 1934, inclusive.
CANADA, its Provinces and Municipalities.
ARTHUR, Ont.-BOND SALE.
-On Jan. 8 the $10,400 5% 20
Installment bonds offered on that date (V. 122. p. 246) were awarded to
C. H. Burgess & Co. of Toronto at 104.56.
-BOND SALE.
-A syndicate
BRITISH COLUMBIA (Province of).
composed of the First National Bank of New York, Bank of Montreal of
Victoria and Haligarten & Co. of New York purchased on Jan. 11 an issue
-year gold bonds at 99.275. a basis of about 4.897
of $4,000,000 454% 2
(Canadian funds). Dated Jan. 15 1926. Prin. and semi-ann. int.(J.& D.
payable at the Canadian Bank of Commerce. New York, in U. S. got
dollars. Legality approved by Long & Daly of Toronto.
FORT COULONGE, Que.-BOND OFFERING.
-Sealed bids will be
received until Jan. 25 by J. Shea, Village Secretary, for $30.000 534%
village bonds.
-On Jan. 11 a syndicate composed
MONTREAL, QUE.-BOND SALE.
of Harris, Forbes dt Co., National City Ca., Dillon Read & Co. and the
Guaranty Company of New York. all of New York and the Dominion
Securities Corp >ration. Ltd. of Toronto purchased the $4.000.000 and
$3.000.000 4M% coupon (registerable as to principal) local impt. bonds,
offered on that date (V. 122. p. 246) at 94.141 (New York funds) or a basis
of about 4.97%. Date Feb. 1 1926. Due Feb. 1 1946. Other bidders
were:
Rate Bid Rate Bid
in N. Y. in Mil.
Wood, Gundy & Co., Ltd. and A. E. Ames & Co., Ltd _ __ 94.04
94.76
Bell. Gouirilock & Co., Toronto
Bank of Toronto, Toronto
Imperial Bank of Canada. Toronto
Nesiaitt, Thunson & Co., Montreal
Greenshields & Co., Montreal
93.51
Fry. Mills. Spence & Co., Toronto
Cochran, Hay & Co., Toronto
Dyment, Anderson & Co., Toronto
Mead & Co. Ltd., Montreal
Royal Secueftles Corp., Montreal
Greenshields & Co.
Equitable Trust Co., New York
Halsey. Stuart & Co., Inc
Kountze Brothers
93.27
First Nati mai Company. Detroit
Continental & Commercial Trust & Savings Bank, Chicago
Canadian Bank of Commerce
Matthews & Co
Cochran. Hay & Co
Royal Securities Corporation, Ltd
nank of Montreal, Montreal
National City Co., Ltd
Harris, Forbes & Co., Ltd
_ 93.313
Hanson Bros
Rene T. Leclerc Inc
McLeod. Young, Weir & Co
R. A. Daly & Co
First National Bank. New York
Bankers Trust Company, New York
93.789
Brown Brothers & Co
Kissel. Kinnicutt & Co
Redmond & Co
-Sealed bids will be received until
REGINA,Sask.-BOND OFFERING.
11 a. m. Jan. 26 by D. D. Ross, City Treasurer, for the purchase of the
fallowing 5% sinking fund bonds aggregating $254.360.
Term.
Dated.
Purpose.
Amount.
Jan. 11926
15 years
Pavement bonds
$178.000
Jan. 1 1926
15 years
Boulevard bonds
5.300
Jan. 1 1926
30 years
Domestic sewer bonds
9,400
Jan. 1 1926
15 years
Concrete walk bonds
25.700
Jan. 11926
30 year§
Water main bonds
10,960
Oct. 1 1925
30 years
Cenotaph bonds
25,000
the basis of both principal and
Alternative bids are requested: (1st) On
interest payable in New York. Montreal. Toronto. Winnipeg or Regina
at the holder's option. (2d) On the basis of both principal and interest
payable in Montreal. Toronto, Winnipeg or Regina In Canadian currency
only. Bids may be for the whole or any part of the issue. The bonds are
a direct obligation of the City at large and are issued in coupon form with
interest payable semi-annually and principal at date of maturity. Provision is made for the registration of principal only.
NEW LOANS
FINANCIAL
We Specialize in
STOCKS AND BONDS
City of Philadelphia
Bought and sold for cash, or carried ov
conservative terms.
38
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48
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Inactive and unlisted securities.
Inquiries invited.
FINCH,
wiLson & co.
Investment Securities
Mimbors Now York Stock Exchaso.
NEW YORK
I.20 BROADWAY
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8487
Caldwell & Company
SOUTHERN MUNICIPALS
Otunberland Tel. & Telep. Co. 58 fly.
Nashville Claatoanooga & St. Louis
Nashville & Decatur Ity.
Nashville Railway & Light Co. Securities
TO LOCATE
the firm that has for
disposal what you require, insert an ad in the
Classified Department
of The Financial Chronicle
FINANCIAL
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MOO
Between the Devil
and the Deep Sea
The Bond Issue must be
ready for signature Wednesday and they say it
can't be done. Telephone,
Kedzie 1053-We have
done it for others and we
will do it for you.
TELEPHONE VAN DUREN 8000
CENTRAL'
BANKNOTE COMPANY
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BONDS AND STOCK CERTI FICATES
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319.331 NORTH ALBANY AVE.
CHICAGO,ILLINCHS
MIII=11=.1
NASHVILLE, TENN.
400 Union1Street
NE
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