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financial
The
INCLUDING
Railway & Industrial Compendium
State & Municipal Compendium
VOL. 120.
rolude
Public Utility Compendium
Railway Earnings Section
SATURDAY, JANUARY 17 1925.
Tire Critronicit.
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The Financial Situation.
There has been a slackening of activity of late in
certain lines of trade, more particularly in the steel
industry, and this has been reflected the present
week in a sharp fall in prices on the Stock Exchange.
But undue significance should not be attached to
either event. After the tremendous spurt forward
in November and December, a slowing up was very
much to be desired. The pace set in these months
was too fast to admit of its indefinite continuance.
What happened after the Presidential election in
November was an upward rebound which was in
proportion to the boundless enthusiasm that the
election results engendered and which was also in
proportion to the huge slump in business that trade
circles experienced during mid-summer. It can
hardly be said that the rebound was too violent, having regard for the circumstances of the case. For
months new orders had been withheld, consumption
kept at the minimum and supplies and stocks allowed to run down by both wholesalers and retailers.
With imprisoned energies once more released, new
orders in tremendous volume were bound to come
with a rush and the demand for goods exceed the
supply.
But now that trade has got back to normal proportions, further growth must necessarily be along
more moderate lines. Otherwise elements of danger
would soon develop. As a matter of fact, some
warning signals are already beginning to appear, as
for instance the too rapid advance in certain commodities. Take the minor metals, for example. Few
people realize how these have been marked up. The
price of lead in New York is now above 102 cents a
/
1
pound. Last June it was down below 7 cents. Tin
Bank and Quotation Section
Bankers' Convention Section
NO. 3108.
in New York is in the neighborhood of 60 cents,
where in June it was down close to 40 cents. Copper
was no doubt unduly depressed, but Lake copper
14
now commands 15/ cents a pound and electrolytic
/
copper 147 8 cents, as against 12% cents and 1214
/
cents, respectively, in June. Other instances of the
kind could be cited.
Of course, movements of that kind are to be carefully watched lest they develop into excesses. Nevertheless, there is a basis for higher merchandise values in the improved industrial outlook. Caution is
to be urged only against its being carried too far.
The same is true of the great advance in the prices
of share properties on the Stock Exchange. This is
discounting the good things of the future in the
shape of larger profits. This improvement is still
to be realized, but that is not to say that it will not
be realized. The important fact to bear in mind,
whether current values for the time being are on the
up grade or the down grade, is that underlying conditions remain unchanged and that they are extremely favorable. The railroads have once more
come into their own, and they plan to spend large
amounts of money. The agricultural situation in
this country has undergone a marvelous transformation as the result of the great rise in leading farm
products. The farmers now have money to spend
where a year ago they were pinched and starved.
Not less important is the economic restoration of
Europe effected by the Dawes plan. The Old World
is again getting on its feet, and this means a return
to normal facilities for conducting trade with the
United States—all of which opens bright vistas for
the future.
The December report of the foreign trade of the
United States, issued by the Department of Commerce at Washington on Wednesday, shows one or
two noteworthy features—the value of merchandise
exports was materially reduced as compared with
the two preceding months, notwithstanding that cotton exports in December continued heavy, while merchandise imports during that month were somewhat
larger, in fact were the largest of the year. Exports
of merchandise in December were valued at $443,000,000 and contrast with $493,597,000 for November,
$527,175,000 for October, the latter the highest in
value since January 1921, and with $426,665,000 for
December 1923. As previously noted, the high valuations for October and November were chiefly due
to the unusually heavy shipments abroad in those
two months of cotton and grain, in the main the first
mentioned commodity. But exports of cotton in December were also large, though with November hold-
242
THE CHRONICLE
[VOL. 120.
ing the record as to quantity of cotton exported in a ing. Announcement of the agreement having been
single month. December exports of cotton were reached was made first by Winston Churchill, Brit1,075,923 bales, November 1,306,550 bales, and Octo- ish Chancellor of the Exchequer, and later was conber 946,500 bales, all large figures. The correspond- firmed by Colonel Logan, the American representaing figures for the preceding year were respectively tive. The Paris representative of the New York
845,731 bales, 767,290 bales and 774,320. The dif- "Times" said in a dispatch a week ago to-night that
ferences shown here in the comparisons between the "it is stated that the agreement is provisional so far
two years will account for a very considerable part of as the conference is concerned, for at the request of
the larger exports during the closing months of 1924 the United States delegates the formal arrangement
as contrasted with 1923. But the reduction of $50,- will be subject to confirmation by Washington."
000,000 in the value of all merchandise exports for He further explained that "the agreement does not
December 1924, as compared with the preceding raise the issue of the legality of the provisions of the
month, and of $84,000,000 as compared with October Berlin treaty giving the United States the repara1924, is not accounted for by the smaller exports of tions rights she would have had under ratification of
cotton in December. Cotton exports in November the Versailles Treaty. It will be put on record that
were valued at $165,220,000, and based on the quan- the Allies do not admit the legality of America's
tity of cotton sent abroad in December, 1,075,923 claim but grant it on the basis of equity."
bales, the value for that month will be about $135,000,000 or $140,000,000, which is $25,000,000 or $30,The Paris cable dispatches from American news000,000 less than for the preceding month. In com- paper correspondents the next two days contained a
parison with October, cotton exports for December considerable number of conflicting statements, as a
were at least $15,000,000 more in value, which will result of an effort to give the terms of the agreement,
add to the discrepancy of $84,000,000 indicated in without full information. Word was sent out from
the figures for the total exports of those two months. the French capital on Tuesday evening that "the
In the comparison with December 1923, total exports American and British delegates to the Allied Fiof merchandise for last month show a gain of $16,- nance Ministers' Conference to-night announced the
500,000; the value of cotton exports last month will terms of the agreement and also that the Washingbe about $10,000,000 less than for Dec. 1923, as cotton ton and London Governments had approved it." Sumprices at that time were higher than in Dec. 1924.
marizing the terms briefly in a cablegram that same
Merchandise imports for December were valued at evening, the New York "Herald Tribune" represen$334,000,000. For November imports were $296,- tative said that "America will receive $600,000,000
358,000 and for December 1923 $288,305,000. The. from Germany under the Dawes plan in payment for
December 1924 imports are the largest since May her army of occupation costs and her war damage
1923. Exports last month exceeded imports by $109,- claims, the payments amounting to $25,000,000 an000,000—for November the excess of exports was nually. In the case of the army costs, about $250,$197,240,000 and for December 1923 $138,360,000. 000,000, the payments will cover a period of about
For the twelve months of 1924 merchandise exports 18 years. The payments for war damages, approxiwere valued at $4,588,266,000 and imports $3,610,- mately $350,000,000, will run about 28 years." The
980,000, an excess of exports of $977,286,000. For Associated Press correspondent, going more into de1923 exports were valued at $4,167,493,000 and im- tail, gave the following outline: "The Anglo-Ameriports $3,792,066,000, an excess of exports of $375,- can agreement for the payment of America's army of
427,000. The increase in exports in 1924 over 1923 occupation costs and her war damage claims out of
is $420,773,000, while imports decreased $181,085,- German reparations receipts provides: First, the
000. The value of cotton exports last year will ex- payment to the United States of 55,000,000 gold
ceed $950,000,000, based on the complete returns for marks yearly by priority on the cash payments uneleven months; for 1923 they were $807,102,500, an der the Dawes plan to apply on the American army
increase for 1924 of $143,000,000.
of occupation costs. These payments are to begin
Gold exports in December were $39,674,653, and, Sept. 1 1926, or after the extinguishment of Belas is known,show a change in the movement from the gium's priority payments. If the Dares plan funcpreceding eleven months of 1924 when they were only tions normally that part of the United States claims
$21,973,660, making for the year $61,648,313. For will be written off the reparations book in 1943
or
1923 gold exports were $28,643,417. Imports of gold 1944. Second, the United States will share in the
in December amounted to $10,274,049 and for the Dawes plan annuities at the rate of 214%, the total
/
twelve months of 1924 $319,720,918, against $322,- payments not to exceed 45,000,000 gold marks annu715,812 for the preceding year. The excess of gold ally, beginning retroactively Sept. 1 1924. These
imports in 1924 was $258,072,605, against an excess payments will be used to amortize the amount of the
of gold imports of $294,072,395 in the preceding year. war damage claims as fixed by the Mixed Claims
Gold exports have been trivial since 1920, whlleim- Commission. The American representatives have
ports have been much larger, as indicated above, agreed that this latter amount should not exceed
amounting in 1921 to $691,248,000, the latter second $350,000,000, or, with interest, roughly 1,500,000,only to 1917, when the imports of gold were $977,- 000 gold marks. Repayments under this head would
176,000. Silver imports in December were $5,863,- normally take over 30 years, but it is expected that
892 and exports $11,279,630.
the heavier payments made in the later years of the
operation of the Dawes plan will cancel the claim in
An agreement has been reached with respect to about 25 years. Third, the -United States obtains
the
the demands of the United States that this country immediate release and posses.§ion, upon ratification
be permitted "to share in Allied collections from of the protocol, of $15,000,000 now in the
Federal
Germany under the Dawes plan." It came a week Reserve Bank, which was deposited by the
Allies
ago to-night, when, according to earlier cable dis- under the Wadsworth agreement."
patches from Paris, the outlook was most discourag-
JAN. 17 1925.]
UTE
CHRONICLE
243
pass a short time arranging his personal affairs and
also take a few weeks' vacation." According to a
special London dispatch to the New York "Herald
Tribune," dated Jan. 14, "Winston Churchill, British Chancellor of the Exchequer, arriving here tonight from the Paris Conference, was hailed by the
press as a conquering hero. Not since the palmy
days of Lloyd George has any British statesman come
out of a conference with such glowing tributes as
Mr. Churchill is now receiving. Antwerp and Gallipoli are quite forgotten, and the prospects of
Churchill as a possible future Premier are now
bright. The popular impression exists that Churchill has outwitted his fellow diplomats at Paris, getting much for little." The Chancellor laid the results of his visit to Paris before a special meeting of
the Cabinet Thursday morning, and was "warmly
congratulated," according to a special cablegram to
the New York "Times" later in the day. The dispatch added that "the Cabinet at its meeting to-day
approved officially what Mr. Churchill had told the
French Ministers privately, and among the Ministers to-night there was a strong feeling that the whole
question of inter-Allied debts had now been brought
within the range of practical politics, although the
matter was obviously one which would require most
careful handling and which might need some little
time to negotiate." The proposal of M. Clementel,
French Finance Minister, and Mr. Churchill's reply
were ordered published "immediately." They were
published in London that evening and appeared in
At a plenary session of the conference on Wednes- press dispatches to American newspapers yesterday.
day the agreement was formally ratified and signed
by the representatives of the various nations. The
No sooner had the terms of the agreement as to the
Associated l'ress correspondent said that "at almost right of the United States to participate in the repthe last moment the Americans obtained the elimina- arations funds in settlement of her war claims
tion of the clause limiting to $350,000,000 the amount against Germany been cabled to this country than
of the American war damage claims. As the revised word was received that the question of inter-Allied
text stands, the United. States will receive its 3y
4% war debts was likely to be taken up promptly. On
of the annuities until its entire claims are paid." Tuesday evening the Paris correspondent of the New
The correspondent added that "the United States York "Times" cabled that "the plan by which the
now is regarded as having come out of the conference United States becomes a partner with the Allies for
best in every respect. It obtains a share in the 50 years in the collection of reparations from GerDawes receipts for its war damages, as well as its many was completed to-night and to-morrow it will
army costs, without limitation of the total repara- be signed on behalf of Washington by the delegation
tions. It was on the motion of James A. Logan Jr., which includes Ambassador Kellogg, Secretary of
the American reparations representative, that the State designate." He also stated that "to-night Winclause limiting America's share for war damages ston Churchill, British Chancellor of the Exchequer,
was stricken from the text. Although the proposi- announced that 'very shortly' a communication
tion came from a clear sky, every one assented to it. would be issued by the British Government on the
Thus all strings were removed from recovery by the subject of inter-Allied debts. This communication,
United States of the total claims the Mixed War it is understood, will be in reply to a note handed
Claims Commission may finally allow." Finance him on Saturday by the French Government asking
Minister Clementel of France, in his farewell ad- a definite statement of intentions and his interpredress, said that "we congratulate ourselves that the tation of the Balfour note which has been taken as
application of the Dawes plan has brought back into the basis of the discussion of the whole debt quesour midst, not merely as observers, but as official tion." Mr. Churchill was quoted by the New York
participants, representatives of the great republic of "Herald Tribune" correspondent in Paris as saying
the United States, whose traditions of idealism and that "I have also great hope for the settlement of the
solidarity permit us to look to the future with confi- inter-Allied debts." In a cablegram Tuesday evedence." The correspondent stated also that "the ning the London correspondent of the New York
United States Ambassador to London, Mr. Kellogg, "Herald Tribune" said that "the answer will be that
in replying, expressed emphatically his confidence the Balfour note policy—that Britain claims from
in the successful working of the Dawes plan and em- the Allies and Germany only a sum sufficient to pay
phasized the important influence it would have on the United States—is still the fundamental basis of
the settlement of Europe's troubles."
the British position, but the Cabinet will be willing
to discuss various expedients by which France will
It was stated in a Paris dispatch on Thursday not bear too heavy a burden in the immediate fumorning that Colonel Logan "will sail for the United ture." Word was sent out from Paris later the same
States before the end of the month', where he will evening that "Great Britain officially offered to-day
The New York "Herald Tribune" correspondent
added that "the agreement contains numerous minor
points, one of the most important, covering the war
damage claims, that in case of German default in any
year the payments will be carried over to the next
/
1
2
year with interest at 4 %." The New York "Times"
representative suggested that,"aside from this material side of the matter, the chief significance of the
arrangement lies in the United States being associated with the Allies for the 40 or 50 years the Dawes
plan is expected to run. From the moment the
United States undertakes to collect war damages
through the Reparations Commission, her interest
and, it is held by European diplomats, her responsibility, become involved in the relations between the
Allies and Germany. Added significance is given to
this feature of the situation by the fact that the
agreement will be signed by Ambassador Kellogg,
shortly to become Secretary of State." Elaborating
this idea in a cablegram the next day,the same correspondent declared that "the deal by which the Allies
instead of the Germans, whose property in America
was sequestered, bear the burden.of war damage to
United States citizens by Germany is considered to
be well worth while for the Allies. Not one of the
European diplomats who took part in making the
accord can be found who does not regard the percentage given to America as being worth a great deal
more than the amount involved, in that it makes the
United States a partner in the Dawes plan."
244
THE CHRONICLE
[VoL. 120.
Germany has a Cabinet again. It was finally
to negotiate for a settlement of France's war debt
selected by Dr. Hans Luther, who announced its
along the lines of the Balfour note—that is to ask
from the Allies and Germany only a sufficient make-up late Wednesday night. He is to be the
amount to meet her obligations to the United States." Chancellor. Gustave Stresemann was selected for
It was explained also that "the offer was in the Foreign Minister. The announcement was characterform of a reply by Winston Churchill, the British ized in one Berlin dispatch as "semi-official." The
Chancellor of the Exchequer, to Finance Minister New York "Times" representative, after giving the
Clementel's letter of two days ago asking for precise personnel of the new Cabinet, declared that "this
details on the British attitude. It had been expected does not mean the definite make-up of the next Cabithat Mr. Churchill would go to London toconsult the net, as Dr. Luther still is uncommissioned by PresiCabinet before replying, but evidently he communi- dent Ebert to form a new Government. But it has
cated by telegraph. Mr. Churchill departed for Lon- all the earmarks of finality. It means a Nationalist
don to-day. It is expected that his and Clementel's victory, since the Nationalists get three Cabinet
letters will be made public Friday." As already posts and practically the fourth demanded by them,
stated, they were made public Thursday night. The as Herr Krohne, slated for the Ministry of Posts, is
correspondent also said that "further active negotia- considered a camouflaged Nationalist." Continuing
tions are likely in London, with Clementel crossing to comment on the make-up of the new Ministry, the
the Channel for that purpose in February. They will "Times" representative said: "In the Cabinet as
proceed now along three general principles: First, announced to-night the most marked feature is a
allocation of Great Britain's 22% of the reparations strong trend toward the Right: It means a triumph
from Germany to cancellation of an equal amount of for Stresemann, who has apparently got his Nationthe total debt of Great Britain's European Allies, alist friends in dominent positions in the new Cabiamong whom France is the heaviest debtor; second, net despite opposition of the Centrists and parties
decision on what proportion these debtors are to further to the left. The Cabinet as chosen to-night
pay; and, third, discussion of what method France by Dr. Luther means a Monarchist gain and a Reand the others will pursue for guaranteeing the re- publican setback. Despite assurances from the Namainder of the British debt to the United States. tionalists that they consider execution of the Dawes
The French portion of this is reckoned as about plan imperative now that Germany has agreed upon
2,000,000,000 gold marks, the equivalent of 7% of it, such a Cabinet cannot but arouse misgivings in
the estimated French receipts under the Dawes plan friends of the Dawes plan who remember what the
payments from Germany. Meanwhile, French gold Nationalists said about the plan before and after the
already deposited in London would act as a partial vital Reichstag vote upon it last August." In a caguaranty of Germany carrying out the British per- blegram Thursday evening the same correspondent
centage, which simply would be used toward paying said that "pessimistic prophecies that it cannot surthe annual installments to America. A ten-year mo- vive political storms to which it is sure to be exposed
ratorium from the United States is regarded as are everywhere rife. It came into being because the
highly possible, and some circles here favor an agree- Centrists weakened in their opposition to it, but the
ment with Great Britain first in order that a clearer Centrists can still topple it over in the Reichstag
conception of what France may be able to do else. any time they desire." The new Cabinet appeared
officially before the Reichstag yesterday afternoon.
where may be obtained."
As noted briefly in our issue of last week, ChanPremier Herriot of France has resumed his officellor Marx of Germany was compelled to admit to
cial duties in a public way, following an illness of a President Ebert his inability to
form a coalition Cabmonth. During that time his political opponents
inet. In a cablegram dated Jan. 9 the Berlin correwere scheming to accomplish his overthrow, accord- spondent of the
Associated Press declared that
ing to Paris cable dispatches received within that "Chancellor Marx to
-day lost his battle with Foreign
period. He made his first public appearance at the Minister Stresemann for
Parliamentary leadership.
reassembling of the French Parliament on Tuesday.
The contest was a bitter one. It was fought by Dr.
The Associated Press correspondent said that "M. Stresemann with all the
weapons of ruthless German
Herriot appeared in the best of health and walked party politics and only ended
with the failure of Dr.
with a scarcely noticeable limp." The New York Marx to construct a Government
which would not be
"Times" representative said that "to his friends he dominated by the Nationalists
and Stresemann's Peosaid he felt fully able to face the battles which await ple's Party." He also claimed that
"the undying anhim and was determined to prove those doctors false tagonism of these two parties to
any coalition Govprophets who say he will have a breakdown." It was ernment which would comprise
the Socialists was
recorded that he received only brief applause, and born of a severity and
bitterness which blocked all
that from his own party. The Chamber proceeded to the efforts Chancellor Marx has
put forth during the
organization by the election of officers. Paul Pain- past five weeks to evolve a
competent Cabinet, which
leve was re-elected President by 313 votes against 25 would have a broad base and
a clear majority out of
cast by the Communists for Comrade Cashin. The the negative results of the
elections of Dec. 7." What
New York "Times" representative said that "the was called a
"semi-official" anouncement of the
whole Right Opposition abstained from voting, mark- Cabinet selected by Dr.
Luther was made late Weding thereby disapproval of the Left majority's ruling nesday night. Dr.
Luther received his definite offiduring the last session that the vote for the Presi- cial commission as
Chancellor Thursday afternoon
dency should be a public one, each Deputy inscribing and the new
Ministry made its first official appearhis name on his voting card." He also declared that ance before the
Reichstag yesterday afternoon.
"this is the first time the election of the President
of the Chamber has been carried out by a public vote
The Italian Chamber of Deputies resumed its
and the first time, also, that it has been a purely sessions on Jan. 12. Prior to its reassembling Premier
Mussolini let it be made known that a general elecparty vote."
JAN. 17 1925.]
THE CHRONICLE
lion this year was improbable. He was quoted as
having made the following statement regarding the
matter: "A general election is not imminent. Indeed, the mere necessity of preparing the ballots with
which the electors will have to vote according to the
new law will take five or six months. It is, therefore,
impossible to have the elections before November,
but unless there is some urgent necessity for an election, the Government thinks it can be postponed
until 1926."
The very day that the Chamber came together the
Premier set off another bomb by "presenting the
Chamber with a bill designed to wipe out Free Masonry in Italy." The New York "Herald Tribune" correspondent in the Italian capital cabled that "the
bill would require the Masonic lodges to turn over to
the Government complete details of their organizations, including oaths, by-laws and the names of
members, under penalty of severe punishment by
imprisonment and fine for violations. Employees of
the national and provincial governments would be
prohibited from membership.
He declared that,
"although the bill does not mention the Masons by
name, applying alike to all associations, clubs and
secret organizations, it is known to be Edified directly
at them. Fascists declare that Mussolini believes
the Masons are engineering a plot to impair the
success of the present Roman Catholic Holy Year by
spreading abroad alarmist reports concerning Italy."
The Associated Press representative in Rome
cabled the next day that "the bill banning secret
societies presented to the Chambor of Deputies yesterday by Premier Mussolini, and interpreted as
being aimed chiefly against Freemasonry, is being
animatedly discussed on all sides to-day." He added
that "the measure has given special cause for rejoicing
to the Intransigeant Fascisti and the Catholics, especially those of • the latter who remain loyal to
Mussolini. On the other hand, the "Messaggero,"
which supports the Government without being entirely committed to the Fascist cause, considers the
bill an excessive measure, expressing dissent from the
viewpoint of the extreme Fascisti that Freemasonry
in Italy is subservient to an international organization working against Italian interests."
The New York "Times" correspondent in the
Italian capital said in a dispatch the same evening
that "among Free Masons to-night it was said that
the Grand Master of the order in Italy would accept
the challenge. It was considered likely that he would
declare all Italian lodges dissolved, and then proceed
to reorganize them with even greater precautions of
secrecy than those which rendered possible the remarkable speed with which Free Masonry spread in
Italy more than fifty years ago under foreign governments which did eveyrthing in their power to check
its growth." He added that "Free Masonry in
Italy and in America are declared to be two different
things. In Italy Free Masonry is said to be an
eminently political organization. It has great power
in the Government bureaucratic machine. Supporters of the bill to outlaw it contend that it uses this
power for corrupt and personal ends.
The Communists made a demonstration in the Italian Chamber on Wednesday, the first in two years, according to a special dispatch from Rome to the New
York "Times." The incident was described in part as
follows in the same dispatch: "Cheers for Lenin, cries
of 'Long live Russia' and 'Long live the revolution';
245
threats of what will happed to the Italian bourgeoisie
when the proletariat carries out its 'fast approaching
revolution' and singing of the 'Red Flag' were again
heard in the Chamber to-day for the first time in two
years." The "Times" correspondent explained that
"this revolutionary demonstration, proceeding amidst
the ironical cheers of the Fascist Deputies, was occasioned by the decision of the Parliamentary Communist Party to abandon its boycott of Parliament in order
to make its influence felt in the discussion of the new
electoral law which began to-day." He added that
"the Communists, who, though participating in the
boycott of the Chamber, did not join the official
Opposition bloc, are looked upon as the thin end of
the wedge which should open the way for the return
to Parliament of the Aventine Opposition. They
are probably present as feelers to ascertain how the
Fascist majority would welcome such a step, the
necessity of which is beginning to be felt now that
Mussolini's strong measures against the Opposition
press have largely prevented the Aventine Opposition from laying its views before the country."
It became known here yesterday morning that
further organized opposition to Premier Mussolini
had developed. The Rome correspondent of the
New York "Times" cabled Thursday evening that
"the Opposition in the Chamber, as distinguished
from the Aventine Opposition, which has boycotted
Parliament, carried the war into the enemy's camp
to-day by presenting a motion to the Chamber of
Deputies declaring it impossible for the present Government to hold a general election so long as it pursues its present policy of curtailing the freedom of
the press and the individual liberty of its citizens.
This is the Opposition's answer to Premier Mussolini's bill modifying the present electoral law. Discussion of the motion will begin to-morrow, and may
lead to another vote of confidence to-morrow or
Saturday evening."
According to a special Rome cablegram to:the New
York "Evening Post" last evening, "Premier Mussolini's election reform bill will be voted on by the
Chamber of Deputies to-morrow and probably will
pass with a large Fascist majority and in comparative
calm unless the irreconcilable Deputies of the Opposition decide to take their seats for the first time since
last spring."
Both surprise and regret were expressed in the
leading Allied capitals over the resignation of Charles
E. Hughes as Secretary of State. The London
correspondent of the New York "Times" cabled on
the same evening that Mr. Hughes's resignation
was announced that "news of the resignation of
Secretary Hughes and the appointment of Ambassador Kellogg to replace him came like a bolt
from the blue here. No rumor of the resignation
of the Secretary of State had reached London before
10 o'clock this evening and there was nothing to
suggest that the Ambassador had any intention of
leaving this country soon." He added that "indeed,
recent reports that Mr. Kellogg might resign his
present position had been followed by an understanding that he could remain here, if he so desired,
until the close of the present American Administration." Mr. Kellogg has established himself securely
in the esteem of Great Britain. His solid capacity
and untiring energy, together with his unerring
tactfulness, had won for him the deepest respect of
.246
THE CHRONICLE
all with whom he came in contact." In a cablegram the next day the same correspondentcabled
that "the London papers express sincere regret that
Mr. Hughes has felt impelled to resign his post,
which, it is agreed he has filled with great distinction,
and there is unstinted appreciation of the work he
has done during his tenure of office as Secretary of
State. 'Mr. Hughes will lay down his office,' says
'The Daily Telegram,' with the knowledge that
in the brief space of four years he has made a place
for himself in history—in the eyes of all the civilized
world a place of honor." From the Berlin correspondent of the "Times" came the statement that "the
resignation of Secretary Hughes came as a distinct
shock to German political leaders when they were
informed of it today by The New York Times
correspondent. Only one morning newspaper carried
the news of the resignation, and there will be no
newspaper comment on it until tomorrow, as no
afternoon papers appear today. The suddenness
of the news made most of those apprised of it chary
of comment. However, it may already be said that
the impression prevailing, especially in Government
circles, is sorrow at Mr. Hughes's going, tempered
with a warm appreciation of his successor, Ambassador Kellogg. Mr. Hughes is highly esteemed
in official Berlin as the man under whose auspices
the Dawes plan was inaugurated in an endeavor to
help Germany back on her feet, hence there is grief
in his resignation. On the other hand, German
contact with Mr. Kellogg during the days of the
London conference arouses the expectation here of
American-German co-operation in the futuer. Particular emphasis is laid in official circles here on the
fact that Mr. Kellogg came into close personal touch
at London, with Chancellor Marx and also with
Finance Minister Luther, who at the moment when
the news of Mr. Hughes's resignation was received
here was the most likely candidate for the Chancellorship. It is felt that these close relations between
Mr. Kellogg and such German leaders must necessarily increase the chances of harmonious co-operation." As purporting to reflect French sentiment
Stephane Lausanne published an article in"Le Matin"
decribing Mr. Kellogg as "a man of great wisdom
at a time that there are so many ignorant, a man of
much common sense at a time when so many act on
impulse."
In a special Rome cablegram to the New York
"Times" under date of Jan. 11 it was stated that
"Ambassador Kellogg's nomination to succeed Mr.
Hughes is well received in official quarters, the
hope being expressed that the intimate first-hand
knowledge of Europe he has acquired may induce
him to be more lenient than his predecessor in his
attitude toward the problems which interest Europe
and Italy most. " It was added that "the satisfaction at Mr. Kellogg's nomination naturally does
not imply any animosity for Mr. Hughes. Indeed,
Mr. Hughes has always been popular in Italy,
especially on account of his past connection with the
Italy-American Society. Public opinion was inclined to resent his failure to visit Italy during his
recent journey to Europe, but this passing cloud
was soon dissipated by the letter he wrote to Premier
Mussolini explaining the reasons which had made
it impossible for him to go to Rome."
[Vol.. 120
transferred to London to succeed Mr. Kellogg were
well received in the British capital. On Jan. 13
the Associated Press representative at that centre
cabled that "the well-defined report that Alanson
B. Houghton, American Ambassador to Germany,
is to succeed Frank B. Kellogg as Envoy to Great
Britain, was received with much satisfaction by
British official circles. There was said to be a
feeling of gratification that Mr. Kellogg's successor is a man having intimate knowledge of European
affairs and one who has gained wide prestige in
handling important matters for the United States
in Berlin. Officials at the Foreign Office are understood to be particularly pleased at the prospect of
dealing with Mr. Houghton as America's representative. He is known to them through the few
days he visited London during the Allied conference
last summer."
Definite announcement was made at the White
House in Washington on Tuesday evening that
Mr. Houghton would be appointed to succeed Mr.
Kellogg at London.' According to a special Washington dispatch to the New York "Times" the same
evening, "a cable message containing an affirmative
response was received to-day from Ambassador
Houghton, of whom an inquiry had been made by
the President as to whether he would accept the
office of Ambassador to Great Britain. The receipt
of this message was followed by the announcement that Mr. Houghton would succeed Mr.
Kellogg."
With respect to the rumor of a change in the
foreign policy of the United States, as a result of the
resignation of Secretary Hughes, the "Times" dispatch said: "A Presidential spokesman, in authorizing the statements concerning the Cabinet,discussed
with newspaper men reports that the retirement of
Secretary Hughes and the selection of Ambassador
Kellogg to succeed him might mean a change in the
conduct of our foreign relations. He said that he
did not think that there was any substance in these
reports. Foreign policy, he pointed out, was subject to development, as it was a policy of going
ahead. The President, he.said, was not conscious
of any desire to change the Administration's foreign
policy. In this connection it was mentioned that
Secretary Hughes, of all the members of the Cabinet,
had consulted frequently with the President,relative
to the details of the office of the Secretary of State
and with reference to making decisions, so that the
President was informed at all times of what was
taking place in the conduct of our foreign relations.
Compared with November of this year the British
trade statement for December disclosed an increase
of £1,149,184. Imports showed a much larger expansion, £12,859,772. In comparison with December 1923, there was an increase of only £5,184,811 in
the exports of British products. Imports were
£22,410,210 greater, but the excess of imports
diminished £15,572,131. For the calendar year 1924
exports of British goods were £28,020,344 in excess
of the figures for 1923. Total exports increased only
£49,585,650, while imports increased by the large
amount of £182,129,515. The net result was an increase in the excess of imports of £132,543,765. The
From the first the persistent reports that Alanson figures for December and the calendar year compared
B. Houghton, Ambassador to Germany, would be with the December and the-year 1923 follows:
THE CHRONICLE
JAN. 17 1925.]
1924—December-1923.
Exports, British goods_ _ _ 89,300,000
Re-exports, foreign goods 12,050,000
Total exports
Imports
Excess Imports
81,350,000
131,600,000
50.250.000
1924—Year-1923.
795,349,000
140,138,000
767,328,656
118,572.694
935,487,000
74,511,921
109.189_790 1,280,145,000
885,901,350
1,098,015,585
344,858,000
212,114,235
64,115,189
10,398,732
34,677,869
247
103 francs at this time last year and 5,535,179,902
francs the year before; of these amounts, 1,864,320,907 francs were held abroad in 1925 and 1924 and
1,864,344,927 francs in 1923. Silver showed an increase of 263,000 francs for the week, bills discounted
registered an expansion of 34,749,000 francs and advances rose 62,567,000 francs. On the other hand,
Treasury deposits fell off 575,000 francs, while general deposits were reduced 261,483,000 francs.
Comparisons of the various items in this week's return with the statement of last week and corresponding dates in both 1924 and 1923 are as follows:
Cable dispatches from Amsterdam, dated Jan. 15,
announce that the Bank of Netherlands has reduced
2
1
/
its official discount rate from 4 % to 4%. This
step had been anticipated for some time and is regarded as the result of relaxation in money rates
growing out of the heavy gold influx. Aside from
this change, official discount rates at leading EuroBANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
pean centres remain at 10% in Berlin; 7% in Paris
Jan. 16 1925. Jan. 17 1924. Jan. 1 1923.
for Week.
2
1
/
Francs.
2
1
/
and Denmark; 6 % in Norway; 5 % in Belgium Gold Holdings—
Francs.
Francs.
Francs.
89,500 3,681.011,468 3,676,437,196 3,670.834,975
Inc.
and Sweden; 5% in Madrid, and 4% in London and In France
1,864,320,907 1,884.320,907 1.864,344.927
Abroad_
No change
Switzerland. In London open market discounts re- Total
89,400 5,545,332.375 5,540.758,103 5,535.179.902
Inc.
:
2 :200 894
659
298,845,178 2, 89 910 230
303,955,000
263,000
/
Inc.
mained stationary, at 358@311-6% for short bills, Silver
Bills discounted
Inc. 34,749,000 5,981,007,000 3,586,835,901
2,113,252,255
58@33
4% a week ago, and 3 13-16@37 s% Advances
against 3/
/
Inc. 82,567,000 3,137,501,000 2,453,723,370
for three mouths' bills, the same as last week. Call Note circulation_ _Dec. 33,483,000 40,234,909,000 38,678,343,990 37,081,399,480
23,855.837
20.384.063
20,942,000
Treasury deposits Dec.
575,000
/
money closed at 31 8%, against 2 % last week. In General deposit& _Dec. 261,483,000 1,977,633,000 2,568,987,589 2.237.976.273
2
1
/
Paris the open market discount rate remains at
The Imperial Bank of Germany's first statement
61
4%,but in Switzerland the rate has been reduced
for 1925, issued as of Jan. 7, reveals a substantial cut
from 3 to 23
4%.
in note circulation. A new item of the report was
decreased
The Bank of England continues to add to its gold Reichsbank shares "not yet issued," which
circulation
holdings, and this week reported a gain of £5,238. 32,263,000 marks. The reduction in note
of ex- .
Moreover, note circulation was again reduced £1,429,- totaled 141,643,000 marks. Holdings of bills
marks, deposits
000, so that reserve increased £1,435,000, while the change and checks fell 180,548,000
and loans
proportion of reserve to liabilities moved upward, to abroad showed a loss of 8,459,000 marks
decrease of 24,452,000 marks.
17.13%, as against 15.90% last week and 11.40% for from the Rentenbank a
gold
the week before that. Public deposits decreased There were increases in the following items:
and bullion 21,023,000 marks, reserve in foreign cur£1,253,000, but other deposits increased £695,000.
other coins,
Loans on Government securities fell off £685,000 and rencies 7,008,000 marks, silver and
3,335,000 marks, notes on other banks 10,907,000
loans on other securities £1,270,000. The bank's
other asstock of gold stands at £128,569,400, as against £128,- marks, investments 31,909,000 marks and
maturing obliga071,256 last year and £127,491,357 in 1923. Reserve sets, 103,107,000 marks. Other
liabilities
totals £21,487,000, compared with £22,663,311 in 1924 tions increased 76,176,000 marks and other
off 8,727,000 marks.
and £24,705,207 a year earlier. Note circulation is 45,670,000 marks. Advances fell
780,632,000
now £126,134,000, in comparison with £125,157,945 The bank's gold holdings amount to
marks, as compared with 467,030,000 marks last
and £121,236,150 one and two years ago, respectively,
while loans amount to £74,386,000, as against £69,- year and 1,004,843,000 marks a year earlier. Out639,112 a year ago and 65,232,301 in 1923. No change standing note circulation is now 1,799,797,000 marks.
has been made in the bank's official discount rate The figures here given are expressed in gold marks,
from 4%. Clearings through the London banks for one gold mark being the equivalent of a trillion paper
the week totaled £851,730,000. Last week they were marks.
£868,675,000 and a year ago £767,160,000. We apThe Federal Reserve banks' weekly statements
pend herewith comparisons of the different items of
the Bank of England return for a series of years:
issued at the close of business on Thursday showed
dissimilarity, since while the New York institution
BANK/OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1923.
1925.
1922.
1921.
lost gold and reported increased rediscounts, the
Jan. 17.
Jan. 16.
Jan. 14.
Jan. 18,
Jan. 19.
System as a whole added to its gold holdings and
Circulation
126.134,000 125,157,945 121,236,150 122,599,950 128,540,705
Detailed figures for
Public deposits
11,658,000 13.944,801 10,408,126 19.623,055 16,078,294 showed reduced bill holdings.
Other deposits
117,866,000 109.294,769 133.601,983 117,821,255 120,012,067 the group banks indicate an increase in gold reserve
Govt. secur1ties_
50,979,000 48.942,032 72.109,811 47.143.686 54,510.256
Other securities
74,386,000 69.639,112 65,232,301 83,974,646 81,324,834 of $2,100,000. Rediscounting of Government secured
Reserve notes & coin 21,487,000 22,663,311 24.705,207 24.294,248 18,198,790
bills discounted inCoin and bullion_ _128,569,400 128,071,256 127,491,357 128,444.198 128,287,495 paper fell off $5,400,000; other
Proportion of reserve
creased $2,700,000, with the net result of a falling
to liabilities
17.13%
1834%
1734%
1784%
1354%
$2,700,000, to $261,4%
Bank rate
4%
3%
5%
7% off in total bills discounted of
$534,185,000 a year ago.
759,000, as compared with
The Bank of France in its weekly statement re- Holdings of bills bought in the open market declined
ports a further reduction of 33,483,000 francs in note $17,000,000. Earning assets were reduced $28,800,circulation, bringing the total outstanding down to 000, but deposits increased $13,800,000. The amount
40,234,909,000 francs. This contrasts uith 38,678,- of Federal Reserve notes in circulation showed a
343,990 francs at the corresponding date last year sharp contraction, namely $67,100,000. Changes at
and with 37,081,399,480 francs in 1923. Just prior the local institution were as follows: Total gold
to the outbreak of war in 1914 the amount was only reserves declined $16,500,000, through operations
6,683,184,785 francs. A further small gain of 89,400 with the Gold Settlement Fund. Rediscounts of all
francs occurred in the gold item durirg the week. classes of paper increased $34,300,000 and open marThe Bank's aggregate gold holdings therefore now ket purchases $5,300,000. Earning assets were instand at 5,545,332,375 francs, as against 5,540,758,- creased more than $36,000,000 and deposits $31,900,-
248
THE CHRONICLE
Fou 120.
000. Here also Federal Reserve notes in actual circulation declined—$24,400,000. In member bank reserve accounts, increases of $31,000,000 and of
$8,700,000 were shown in the local and national
statements, respectively. As to reserve ratios, loss
of gold at New York caused a reduction to 76.9%,
which compares with 78.2% last week. For the
combined System the ratio advanced 1.4%, to 76.0%.
was an advance to 33/2%, the low was 3%. Increased firmness developed on Thursday and the
range was 332@4%, with 332% for renewals. On
Friday all loans on call were negotiated at 33/2%.
For fixed date maturities the situation remained without important change. The market was steady and
quotations at 332% for sixty days, 332@3N% for
ninety days, 33 % for four and five months and
4
3%@4% for six months, the same as a week ago.
Saturday's statement of New York Clearing House The slight stiffening
in rates for call funds was
banks and trust companies showed a further in- attributed to the
unfavorable showing made by last
crease in the deficit below legal requirements, and week's Clearing
House statement. Offerings of time
both loans and deposits were heavily reduced. The money were smaller;
some business was reported in
loan item declined $33,343,000. Net demand deposits the longer
maturities, but no large individual loans
showed a shrinkage of $67,02,000, to $4,764,735,000. put through.
This total is exclusive of $18,110,000 in Government
Mercantile paper rates have not been altered from
deposits, a falling off in the latter item for the week 33/2@3Vi% for four
to six months' names of choice
of $5,140,000. Time deposits dropped to $592,387,- character, names
not so well known still require
000, a decrease of $6,705,000. Other lesser changes 3%@4%. A fair
degree of activity was reported,
included a decline of $3,322,000 in cash in own with country
banks the principal buyers. New
vaults of members of the Federal Reserve Bank, to England mill paper
and the shorter choice names are
$53,268,000; which item, however, is not counted as being dealt in at
332%.
reserve; an increase in reserves of State banks and
Banks' and bankers' acceptances ruled steady at
trust companies in own vaults of $246,000, and a the levels'previous
ly current. A good demand was
gain of $1,651,000 in the reserve of these institutions noted. City and out-of-to
wn institutions, also indikept in other depositories. Member banks again vidual investors
, were among the buyers and a fairly
drew down their reserves at the Reserve bank—$31,- large turnover
reported. Toward the close there was
102,000—and as a consequence, notwithstanding
a slight falling off in activity as a result of the flurry
smaller deposits, a further deficiency in reserves of
in call rates. For call loans against bankers' ac$20,406,160 resulted, raising the total deficit to $23,ceptances the posted rate of the American Acceptance
511,670. The above figures for surplus are on the
Council has been advanced to 3%, as compared with
basis of legal reserves of 13% for member banks of
.
231 % last week. The Acceptance Council makes the
the Federal Reserve System, but do not include cash
discount rate on prime bankers' acceptances eligible
in vault to the amount of $53,268,000 held by these
for purchase by the Federal Reserve banks 3% bid
members on Saturday last.
4% asked for bills running 30 days, 3%%
and 27
bid and 3% asked for bills running 60 and 90 days,
The advance in money rates in the local market
4
33 % bid and 3h asked for bills running 120 days
t%
that had been expected in some circles last week
and 3%% bid and 34% asked for bills running 150
came this week instead, to some extent. Quotations
and 180 days. Open market quotations follow:
on call loans on Thursday touched 4% late in the
SPOT DELIVERY.
afternoon, but 3 % was nearer the ruling rate for
/
1
2
90 Days.
60 Days.
80 Days
314(§13
334(g/3
30214
the greater part of the week. Yesterday so-called Prime eligible bills
et
r ban DELIVERY WITHIN THIRTY DAYS.
outside money was obtainable at 3%, although the Eligible ...e V*
.
r
3 bid
.n-member banks
quotation in the regular market was 312%. Time Ell
334 bid
/
money fluctuated in both directions to the extent o
There have been no changes this week in Federal
about / of 1%. In the absence of special develop
14
ments it was considered that the money market took Reserve Bank rates. The following is the schedule
its natural course and was governed largely by the of rates now in effect for the various classes of paper
normal supply and demand. There was supposed to at the different Reserve banks:
have been considerable liquidation of stocks on DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JANUARY 16 1925.
Thursday and yesterday, but little or no comment
was heard as to the probable extent that brokers'
Paper Maturing—
loans were affected. As the latest advices have indiAfter 90 After 6
Days, btu
but
cated that the business of the country was not in- FEDERAL RESERVE
Within 90 Days.
Within 6 Within 9
Months. Months.
BANK.
creasing as rapidly as had been predicted, it would
Cmn ' by U. S. Bankers' Trade
A grie cia Semred
rl
seem safe to assume that the industrial and commerLivestock anlern't Actey- Accey- Apricut.• A pricut.
and
and
Paper
Oblioa- lances. lances.
cial demand for funds has not increased greatly.
Livestock Livestock
n.e.s.
Hons.
Payer. Payer.
While some financing for European Governments Boston
314
314
314
314
334
314
New York
3
3
3
3
has been in progress, probably it would have been on Philadelphia
3
3
315
315
314
314
314
314
Cleveland
314
314
314
314
a larger scale except for the political uncertainty in Richmond
314
314
4
4
4
4
4
4
Atlanta
4
4
4
4
4
Europe. The most important single item was the Chicago
4
4
4
4
4
4
4
4
4
4
4
4
extension of a credit of $40,000,000 to the Danish St. Louis
4
4
Minneapolis
4
4
4
4
Kansas City
4
4
4
4
4
4
Government by the National City Bank.
Dallas
4
4
4
4
4
4
Francisco
Ban
315
314
314
334
314
315
•Including bankers' acceptances drawn for
an agricultural purpose and sec
by warehouse receipts, Oa.
As to money rates in detail, loans on call covered
a range during the week of 3@4%, as against 2@
432% a week ago. Monday and Tuesday only one
In sterling exchange, what was described by market
rate was quoted-3%—this being the high, the low authorities as the usual "natural
reaction" followed
and renewal basis for both days. On Wednesday a firm opening and resulted in a
decline of more than
loans again renewed at 3%,but before the close there 3 cents in the pound, to 4 759/i
for demand bills.
JAN. 17 1925.]
THE CHRONICLE
249
demand, 4 78%@
/
The movement, although it was short-lived, was the range 4 783 s@4 79 3-16 for
and 4 75%@4 76 11-16
significant in that it was the first indication of a 4 79 7-16 for cable transfers
for profit
substantial recession in more than three weeks and for sixty days. Heavy selling, partly
a taking and partly speculative, coupled with freer
came at a time when hopes were running high of
and there
speedy return to parity for sterling. Among the offerings caused weakness on Tuesday%
were heavy was a decline in demand to 4 76@4 775 in cable
factors chiefly responsible for the setback
days to
realizing sales for profit taking, freer offerings of transfers to 4 763@4 77% and in sixty
falling off—for a while at least—in 4 73%@4 7532; the movement was regarded as
bills and a sharp
rise.
the volume of foreign buying. The weakness was reflecting the usual reaction from a too rapid
still lower and the range
accompanied by a feeling of uncertainty which was On Wednesday rates worked
intensified when London began to send materially declined to 4 75%@4 77 7-16 for demand,to 4 75%@
lower cable rates, and dealers appeared rather at a 4 77 11-16 for cable transfers and to 4 72%@
loss as to whether the market was to resume its 4 74 15-16 for sixty days;'movements were irregular.
upward march or sink to still lower levels. It soon Sharp cross currents featured Thursday's dealings
developed, however, that the break was a !Surely and sterling after a firm opening again sagged, then
temporary affair, and before long some of the largest rallied, so that demand ranged between 4 773/2@
banks in London re-entered the market as buyers 4 78 7-16, cable transfers between 4 773@4 78 11-16
with the result that prices quickly rallied to 4 78 7-16. and sixty days between 4 75@4 75 15-16. Friday
Coincidental with the recovery in values, was the market was quiet and slightly easier, with quoted
restoration of optimism in the outlook, so that rates 4 76%@4 77% for demand,4 76%@4 783/i for
3
bankers in some quarters were responsible for the cable transfers and 4 73%@4 75% for sixty days.
for sixty days, 4 763/i
opinion that the break was in reality a healthful sign, Closing quotations were 4 74
%
calculated to prevent the market from becoming top for demand and 4 763 for cable transfers. Com.
heavy. Indications were not wanting that specu- mercial sight bills finished at 4 76%, sixty days at
lators had been at work and it is understood that in 4 723, ninety days at 4 71%, documents for pay2
the rapid recovery to higher levels, many shorts were ment (sixty days) at 4 723/ and seven-day grain bills
.
selling in London at 4 75 8 Cotton and grain for payment closed
badly squeezed. Part of the heavy
that preceded the decline in rates was said to be for at 4 76%.
Gold exports for the week were very heavy,totaling
account of certain American operators who were
placing their orders through London for the purpose about $17,457,000. This amount includes $10,of depressing quotations. It seems evident that 825,000 for India, shipped by Equitable Eastern
sterling rates will not be permitted to decline very Banking Corp. ($1,400,000) Irving Bank-Columbia
far, since active buying support is put forth as soon Trust Co., ($1,106,000) Canadian Bank of Commerce,($625,000) Goldman, Sachs & Co.,($500,000)
as prices go much below 4 77.
gold pay- Mercantile Bank of India, ($350,000) Farmers Loan
That sterling will return to par before
ments are actually resumed is commencing to be & Trust Co., ($250,000) Chartered Bank of India,
regarded as doubtful. There appears to be a dis- ($500,000) Handy & Harmon, ($200,000) and the
position to hold sterling at around 4 78 until a free Yokohama Specie Bank( ,000,000). J. P. Morgan
gold market is re-established in London. Those best & Co. are shipping another $2,500,000 gold to Gerinformed insist that a certain amount of discount many, making the aggregate total shipped $30,000,must be encountered when paper money cannot be 000. The International Acceptance Bank has en.
exchanged for gold on demand. Disappointment was gaged $1,800,000 for various countries in Europe and
expressed over the fact that the recent visit of the the Irving Bank-Columbia Trust Co. another $1,Bank of England's bovernor, Sir Montague Norman, 100,000. Some of this metal has been withdrawn
had failed to bring about a definite announcement of from the Philadelphia Mint. There have been withGreat Britain's gold policy. The belief now is that drawals also from. San Francisco for shipment to
nothing will be done until the latter part of 1925. India.
The heavy gold exports had apparently no effect on
market sentiment, they being regarded as more or less
As to the 'Continental exchanges, there is very
in the nature of a special transaction and having no little to report that is either new or of particular
real bearing on the general situation. The outflow to interest. With attention still centering almost
Germany is of course explained by the recent German wholly on sterling, most of the European currencies
loan under the Dawes plan, while engagements of gold were neglected and trading was again light and price
for India are due partly to inability to secure the metal variations narrow. A further break in lire quotations
from Europe and partly to the marked improvement to 4.01 constituted the most noteworthy feature of
in India's agricultural and financial prospects. an otherwise uneventful week. The weakness in
Bankers here regard the efflux favorably, though this exchange was attributed in part to the continued
metal shipped to India is usually lost to circulation as unfavorable aspect of political affairs in Italy and
a result of hoarding by the native population. The also to a lesser extent to selling against grain imports.
movement is indicative of growing appreciation in While the Fascisti appear to have regained control,
India of the superiority of gold over silver on account the proposed delay of a year in holding a general
election has created a bad impression, it being reof its greater stability.
garded as a matter of some doubt whether the present
Referring to the day-to-day rates, sterling ex- Government will be able to maintain its equilibrium
change on Saturday last was firm and fractionally for a whole year under present unsettled conditions.
higher; demand bills advanced to 4 7732@4 78 8, The uncertainty is said to be causing funds to leave
%
cable transfers to 4 789'@4 793 and sixty days to the country in very considerable volume. French
fairly active trading was noted at exchange was dealt in to a limited extent and quo4 75@4 75%;
intervals. Monday dealings displayed a somewhat tations, after opening at 5.34%, advanced to 5.403/2,
irregular tone, although quotations were strong with then dropped back to 5.3332, and closed at 5.373/2.
250
THE CHRONICLE
[VoL. 120.
In the absence of any new developments of import- checks and at 14.13 for cable transfers. This comance dealers paid only superficial attention to this pares with 14.21 and 14.23 last week.
currency. German marks lost a half point to 23.803/ FOREIGN /EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
2
,
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
but rallied and closed at 23.81, unchanged. Greek
JAN. 10 1925 TO JAN. 16 1925 INCLUSIVE.
drachmae showed the stimulating effects of' the
Noon Butting Rate for Cable Transfers in New York.
Value in United Slates Money.
newly floated loan to Greece in the initial dealings country and Monetary
Unit
Jan. 10. Jan. 12. Jan. 13. Jan. 14. Jan. 15. Jan. 16.
and advanced to 1.82, but later sagged off again and
EUROPE$
$
$
$
8
$
ruled at about 1.77, with a break at the close to Austria, krone
000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0502
.0498
.0500
.0499
.0501
.0502
4
1.703 . The minor Mid-European currencies re- Bulgaria, lov
.007313 .007338 .007286 .007371 .007338
Czechoslovakia. krone .030113 .030063 .030035 .030048 030029 .007314
.030031
mained stationary at previous levels.
Denmark, krone_. _. .1780
.1782
.1778
.1777
.1784
.1785
England, pound ster
The London check rate on Paris closed at 88.30, nag
7872
.7899
.7733
.7743 4.7819
.7719
Finland, markka____. .025200 .025179 .025188 .025182 .025184 .025196
France,franc
compared with 89.15 a week ago. In New York Germany seichsmark• .0136 .0537 .0534 .0535 .0537 .0540
.2380
.2380
.2380
.2380
.2380
.2380
018187 .018118 .017944 .017837 .017567 .017229
sight bills on the French centre finished at 5 373/2, Greece,drachma
.
Holland, guilder
4044
.4039
.4038
.4037
.4036
.4037
Hungary,
.000013 .000013 .000014
against 5.36; cable transfers at 5.383, against 5.37; Italy. lira krone._..000013 .0420 .0418 .0413 .000014 .000014
.0419
.0403
.0409
Norway, krone
.1530
.1529
.1527
.1528
.1529
commercial sight bills at 5.363/2, against 5.35, and Poland,zloty
.1526
.1917
.1920
1920
.1918
.1918
.1917
Portugal.escudo
.0492
.0491
.0491
.0482
.0484
.0484
commercial sixty days at 5.31%, against 5.29% last Rumania,len
.005140 .005146 .005153 .005154 .005176 .005237
Spain, peseta
.1418
.1414
.1417
.1412
.1416
.1414
week. Antwerp francs, as usual, moved in sympathy Sweden,krona
.2694
.2695
.2695
.2693
.2695
.2694
franc
.1929
.1930
.1982
.1927
.1926
.1926
with Paris francs, and closed the week at 5.003/ for Switzerland,dinar
2
Yugoslavia,
.017410 .016954 .016554 .016369 .016325 .016177
ASIAchecks and 5.013/ for cable transfers, in comparison China.7792
.7796
.7750
.7750
.7738
.7758
4.973/ and 4.983/b a week earlier. Final quo- Chefoo,test
with
Hankow,tael
.7791
.7753
.7784
.7750
.7747
.7759
.7577
.7538
.7596
Shanghai. tee'
.7544
.7559
.7554
tations on Berlin marks were 23.81 for both checks Tientsin,tael
.7892
.7896
.7842
.7858
.7846
.7858
Hong Kong, dollar_ .5563
.5588
.5585
.5554
.5561
.5555
Mexican
and cable transfers, the same as a week ago. Aus- Tientsin dollar._ ..5548 .5571 .5581 .5550 .5550 .5558
or Peiyan
dollar
.5692
.5658
.5608
.5648
trian kronen have not been changed from 0.00143/
.5692
8
. Yuan dollar
.5604
.5713
.5700
5871
.5688
.5671
.5679
India,
.3577
.3554
.3176
.3549
.3558
Lire finished at 4.10 for bankers' sight bills and at Japan,rupee
.3555
yen
3840
.3835
.3837
.3836
.3837
13839
4.11 for cable remittances. This compares with Singapore(S.S.)dolla .5533 .5558 .5525 .5550 .5550 .5529
NORTH AMER.Canada. dollar
996448 .996417 .996419 .995770 .995535 .995904
4.173 and 4.183. the week previous. Exchange Cuba.Peso
.999427 .999505 .999594 .999531 .999531 .999492
.488417 .488417 .488100 .488517 .488187 .488100
on Czechoslovakia closed at 3.003/, against 3.013/; Newfoundland, dollar .994010 .993854 .993750 .992938 .992938 .993333
2
2 Mexico, peso
SOUTH
on Bucharest at 0.523., against 0.51%; on Poland Argentina. AMER.- .9046 .9114 .9049 .9054 .9101 .9094
peso (gold)
Brazil, !Mires
1174
.1178
.1199
.175
.1172
11.83
at 193 (unchanged), and on Finland at 2.53 (un- Chile. peso (paper) .1154 .1151 .1145 .1145 .1129 .1129
AMA
0041
9892
.9889
.0001
non'
changed). Greek exchange finished at 1.70% for
•The new retell/mark is equivalent to 1 rentenmark or I trillion Paper marki.
checks and at 1.7134: for cable transfers, as comWith regard to South American exchange, the
pared with 1.813/ and 1.82 last week.
situation remains without essential change. Trading was less active and price changes narrow. ArgenThe former neutral exchanges relapsed into com- tine checks after a decline to 39.90, rallied
and
parative dulness with the tendency towards lower finished slightly, higher at 40.07 and cable transfers
levels. Guilders suffered a decline in sympathy at 40.12, against 39.78 and'39.83 a week ago, but
with the weakness in sterling, and the quotations Brazilian milreis were easier and closed at 11.85 for
dropped back to 40.30, a loss for the week of 25 cheeks and at 11.90 for cable transfers, comparing
points. Swiss francs also lost ground, but to a with 12.02 and 12.07 last week. Chilean exchange
was weak and
lesser extent. In the Scandinavian currencies losses 11.31, against declined to 11.02, though closing at
11.52, while Peru finished at 4 06,
ranging between 11 to 19'points took place. Copen- against 4 08 a week earlier.
hagen checks sustained the largest recession, falling
Far Eastern exchange reflected active buying of
back to 17.70, while Spanish pesetas went to 14.08, silver incidental to the coming phinese New Year
a decline of 15 points, notwithstanding news of the celebration and rates were a trifle firmer. Hong
termination of the Moroccan campaign. In both of Kong closed at 563@563/2 against 56@563.;
2
2
these currencies the losses were regained before the Shanghai at 76®77, against 753/@763/; Yokohama
at 38%@39, against 38%1;4)39; Manila at 49%@50
close. The extent of the decline in guilders aroused (unchanged); Singapore at 56%@565 3
/(unchanged);
some comment. It was ascribed to heavy and per- Bombay at 36@3634, against 3634:@,363/2,
and Calsistent selling, which it was thought might be as- cutta at 3634@363/2, against 361 8@3638.
/ /
sociated with the gold shipments to' that country.
The New York Clearing House banks, in their
The Netherlands Bank is represented as seriouslSr
operations with interior banking institutions, have
opposed to the gold movement. News that the long
$4,808,230
cash
expected $40,000,000 Danish credit had been actually gained movementsnet in the as a result of the curfor
week ended
rency
arranged was well received. This is regarded as Their receipts from the interior have Jan. 15.
aggregated
probably the final step toward placing Danish ex- $5,731,372, while the shipments have reached
$923,change on a stable basis.
142, as per the following table:
Bankers' sight on Amsterdam finished at 40.31, CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
against 40.553/2; cable transfers at 40.36, against
Into
Out of
(lain or Loss
;
Week Ended January 15.
Banks.
40.5932 commercial sight bills at 40.26, against
Banks.
to Banks.
40.493/, and commercial sixty days 39.90, against Banks'interior movement
2
*5.731,720
$923,142 Gain $4,808,230
40.13 a week ago. Closing rates on Swiss francs
As the Sub-Treasury was taken over by the
were 19.253/ for bankers' sight bills and 19.263/ for eral Reserve Bank on Dec. 6 1920, it is no Fed2
longer
cable remittances. A week ago the close was 19.323/ possible to show the effect of Government operaand 19.333/. Copenhagen checks finished at 17.80 tions on the Clearing House institutions. The Fed2
and cable transfers at 17.84, against 17.90 and 17.94. eral Reserve Bank of New York was creditor at the
Checks on Sweden closed at 26.90 and cable trans- Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK
fers at 26.94, against 26.91 and 26.95, while checks
AT CLEARING HOUSE.
on Norway finished at 15.21 and cable transfers Saturday, Monday, Tuesday. Wednesd'v, Thursday, Friday,
Aggregate
at 15.25, against 15.293/i and 15.333/i the preceding Jan. 10. Jan. 12. Jan. 13. Jan. 14. Jan. 15 Jon. 16. for Wee.t.
$
week. Spanish pesetas closed the week at 14.11 for 66.000,000 88.000.000 37.000,000 91,000,000 87,000.000
100000,000 Cr. 519,000.000
fTw•laime maim
- TAN. 17 19254.,
T H li CHRONICLE
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
January 16 192.5.
Banks of
I
Gold.
I
Silver.
January 17 1924.
Total.
Gold.
Silver.
Total.
E
I ' E
E
England,._ 128,569,400
128,569,400 128,071,256
28,071,256
France a__ 147,240,459 12.120,0001S9,360,459147,056,527 11,840,000 158,896,527
Germany c 29,099,550 d994,600 30,094,150 28,391,250 3,475,400 31,866,650
b
Aus.-Hun_ b2,000,000
b2,000,000
b2,000,000 b2,000,000
13
Spain _ _ _ _ 101,418,000 26.035,000127.453,000 101,106,000 25,889,000 26,995,000
35,582.000 3,374.000 38,956,000 35,515,000 3,414,000 38,929,000
Italy
Netherl'd 42,043,000 1,092,000 43,135,000 48,480,000
642,000 49,122,000
Nat. Belg_ 10,889,000 2,770,000 13,659,000 10,819,000 3,042,000 13,861,000
Switzerl d 20,237,000 3,513,000 23,750,000 21,484,000 3,423,000 24.907,000
'
13,160,000
Sweden_
15,101,000
13,160,000 15,101,000
Denmark _ 11,640,000 1,154,000 12,794,000 11,643,000
353,000 11,996,000
Norway __ 8,180,000
8,182,000
8,180,000 8,182.000
Total week 550,058,409 51,052,630601,111,009557,849,033 52,078,400 09,927,433
Prev. week 548,575,495 51,147,600 599,723,095 558,199,006 52,145,400 10,344,406
a Gold holdings of the Bank of Fiance this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £9,932,050 held abroad. d As of Oct. 7 1924.
A Year of Intensive Effort.
There is always a slight fallacy in our optimism.
It is not that we are "hoping against hope," but that
we do not make allowances for the inevitable difficulties. And by doing this, we are not to dampen our
ardor, or diminish our efforts. We are simply to
realize that there are unforeseen circumstances we
must meet, there are unknown influences we must
overcome. A reasonable caution ought to strengthen
our confidence. For the rest, we must study our
chart and set our course toward a definite goal.
Then work, and not wonder; think, and not theorize;
reason, and not rant.
The outlook for the coming year is inspiring. In
the first place the temper of our thought, as a people,
is calm. We are not excited, or apprehensive, or
alarmed. It is fair to say that by our recent election
we have definitely turned away from Utopian speculations. We no longer expect to make ourselves
rich by the machinations of government. We know
that the patent nostrums of politics have done us
little good in the near past. By an overwhelming
vote we have renounced so-called "Progressivism."
We have wisely concluded to take our own destiny in
our own hands. Around us are matchless resources,
developed and undeveloped. Our natural environment is favorable for domestic commerce. We have
no foreign entanglements that may interfere with our
internal affairs. Business is on the up-grade. Money
is plentiful and cheap. Credit is easy. Our production is met by an assured and adequate consumption.
Transportation, gradually freeing itself from the
shackles of outside control, now strengthens itself to
meet growing demands. Foreign inquiry for our
products and goods gives evidence of steady though
slow increase. 'While on the surface there is speculation, extravagant living, a morbid discontent, underneath there is a settled conviction that those who
work will win, those who save will have, those who
continuously adventure with courage will succeed.
Our ethical standards are not destroyed by crimewaves. Our spiritual aspirations and enterprises
are not diminished by material endeavors, rather are
they enhanced. And we know that those who talk
least of the wide gulf between the very rich and the
very poor are the men and women who accomplish
the ordinary tasks of our civilization.
251
We have good reason, therefore, to go forward with
confidence, and care. But when we deliver up our
belief in collectivism, standardization, organized cooperation, or by as much as we do this, we are
thrown back on our own individual efforts. For one
thing we gain time for our own affairs by the operation. We have spent much valuable time in attending meetings and working out plans for what is
termed "united effort." The "farmer craze" that has
occupied us for so long, now waning in the present
renewal of the law of supply and demand, is a pertinent example. A furor over the "crime of deflation" is another—with money and credit sufficient
for every need, in fact so plentiful as to be an embarrassment. The "settling down" process, the natural co-operation of a reviving competition, the swelling tide of resumption, readjustment, and expansion,
coming by the very "nature of things," have turned
us away from factitious aids and brought us back to
ourselves, to our own personal affairs and viewpoint,
in a word, to "individualism."
Therefore, again we may say, we have come to realize that our help and hope is in ourselves. And with
the promise of less interference by politics and government we may make our plans for our own accomplishments. This applies to the corporation as well
as the individual. They are alike in the fact that
they work alone, though not apart. Our friends and
neighbors, our partners and allies, our rivals and
competitors, have their own problems. They do not
work for us, but by the beneficent law of interchange
they do not work against us. And this is the law and
leading of individualism. Whatever we do that is
useful and profit-making, whatever we create that is
needed and salable, whatsoever we plant and gather,
others want and will exchange for, or buy. And at
all times and in multiform ways, this is what each
of us is doing. The result.is life and joy for us all.
Thus true co-operation is the flower of competition,
and a form of collectivism we call civilization is the
result.
Freed, or in so far as we are free, from a specious
form of "united effort," a theory that soon ends in
Socialism and Communism, we may now gird up our
loins for a more intensive effort toward personal accomplishment. If we have been living in the cloudshadows of a war and its aftermath, for the American people, at least, we may say, the "sun is now shining." Many of us, it is true, are wasters and spenders. Many are still looking and longing for the
manna to fall into our wilderness-wanderings of
doubt. But there is a conviction, is there not, that
the panaceas have been tried and found wanting, and
that for nothing legislative or artificial we have
done, we still have come upon the broad highway
that leads to prosperity? Resources combined with
our own energies—these are the means of our salvation. If while we doubted and hesitated the natural
laws were working for uf, despite ourselves, what
will they not do for us when we work in harmony
with them!
It is satisfying to know that the Government is
sound, that the Constitution is safe. This is not
enough. If we are to depend upon ourselves we must
be up and doing. Psychologists tell us that the despondency of large numbers creates a general "atmosphere" of depression, that to some extent we
make the economic stresses that seem to come in periods of, say, ten or twenty years. The World war
disjoints all this reasoning,even if true,for this time.
252
THE CHRONICLE
We know we have had shadows, we know also that
they have largely lifted by a natural reaction. Not
even the "poor farmer" has been permanently
shrouded by low prices and scant markets. The
"weather" is also world-wide, and scarcity comes
over large areas as over small. There is foreign demand, there is domestic supply, and present grain
prices are the answer. The cause, then, if there was
one in ourselves, has disappeared. We have taken
control of our own energies—and if now we apply
them, years of "good times" must result.
The business year opens auspiciously. And by
as much as we trust ourselves we may prosper. There
will be difficulties, obstacles, interferences, we cannot now see as the years recur. But at least we need
no longer lean on the broken staff of Governmental
aid. We may as individuals, firms and corporations,
reasonably plan new and larger enterprises. But we
should not follow the manner of the recent stock
market advance. Been traders on the Stock Exchanges are dilscounting a future prosperity that is
not yet here. In one way it is proof that we are on
the sure and safe up-grade. But speculators are not
producers, though a rising stock market does promote the revival of confidence. Manufacture has the
world for its market, a market slowly coming into
its own.
We must by no means forget that in good times as
well as bad economy is the watchword. We are
spending too much, we are borrowing too much, we
are still in the clutches of fear and despondency that
renders some of our doing erratic and futile. But
as the "little arops of water" and "the tiny grains of
sand"in the old childhood rhyme make the ocean and
the land, so the efforts of the millions make the enduring commerce, culture and civilization that will
withstand the large as well as the small storms that
come upon endeavor and toil. The call, then, is to
each and all. We have boasted of our hundred and
fifty years of progress in trade, science and the arts
to little purpose, we are denying our faith in representative republican institutions, if we do not now
take hold with a will, eschew politics, and put our
own shoulders to the wheel!
The Retirement of Secretary Hughes.
It is not often that a change in the personnel of the
Cabinet arouses public interest or piques public curiosity as has the sudden resignation of Secretary
Hughes. There had been a general impression that
Mr. Hughes was likely to continue at the head of the
Department of State into, if not throughout, the
next Administration, and that the close accord which
apparently existed between him and the President
in regard to American foreign relations assured the
continuance, for some time at 4east, of the same general foreign policy that has been followed since the
inauguration of President Harding. There is no
reason to believe that the accord has been in any way
impaired, but the unexpected announcement of Mr.
Hughes's intention to retire, coming just at the moment when a particularly important diplomatic negotiation with which he had been prominently identified was upon the point of successful conclusion,
had the effect of setting tongues a-wagging, and gossip and speculation have been busy with the search
for some ulterior motive. We may be sure that if
there was any ulterior motive it will in due time appear, but in the meantime the country will do better
to conclude that the reason is that which Mr. Hughes
[VOL. 120.
himself has given, namely his feeling that twenty
years of public life is enough of service in that line
and that he desires to return to the practice of his
profession.
There is the More reason for taking Mr. Hughes at
his word because his whole career as Secretary of
State has been marked, to an unusual der. 17y
frankness, directness and evident sincerity. There
was never any doubt as to where he stood, nor was
it necessary to read between the lines of his diplomatic correspondence in order to discover some hidden meaning. Mr. Hughes's course in this respect
was in keeping with his professional course as a lawyer. Like most of his predecessors in the Department of State, he came to the duties c!. his off!e
with no direct experience in foreign affairs, and
without the advantage of much personal acquaintance with foreign statesmen. He had long been distinguished among his legal associates, however, by
his unusual facility in getting at the facts of a case
and by an extraordinary capacity for work. He had
been an Associate Justice of the Supreme Court, a
service of nearly four years as Governor of Nei Yrk
.
had given him invaluable administrative experience,
and only by a narrow margin of both popular and
electoral votes had he failed of election as President.
If the routine of diplomacy had yet to be learned, it
could not be said that his fitness in other respects
was anything but exceptional, and to his intellectual powers and political and professional experience he added a courteous and friemPy mAnnor which
rarely failed to win the esteem of all with whom the
duties of his office brought him in contact.
Precisely how far the foreign policies with which
Mr. Hughes has been identified were his own, and
how far they owed either their form or their content
to the two Presidents under whom he has served,
cannot be fully known until the inner history of the
Harding and Coolidge administrations is written.
The truth of the matter probably is that he was in
these things both teacher and learner, a wise counsellor and at the same time a faithful co-worker,
contributing by his ability as well as by his devotion
to the unity of thought and action which has given
to our recent foreign policy its obvious strength. To
the country at large, as well as to Europe and the
rest of the world, the outstandix; issues of Mr.
Hughes's administration of the Department of State
—the disarmament conference at Washington, the
substitution of a four-Power. agreement in the Pacific for the Anglo-Japanese alliance, the maintenance of friendly relations with the League of Nations without official entanglement with that body,
unofficial pressure for a just and workable reparations settlement, refusal to recognizc
Joyernment of Russia, and insistence upon the repayment by Europe of its American war loans—have
shown the President and the Secretary of State working in entire harmony; and while the credit for what
has been done,in so far as public opinion has approved
the policies that have been advocated, must be given
first to the President as the Chief Executive of the
nation and the constitutional direcZo:; oi ItS roreign
relations, the policies themselves have gained greatly
in force by the clear and logical way in which Mr.
Hughes has presented them. Now that the years of
official collaboration are apparently at an end, Mr.
Hughes can retire to private life with the consciousness of having contributed to the advancement of
American prestige by the work which he has don,
JAN. 17 1925.]
A
THE CHRONICLE
253
and of having exhibited in his high office an intel- provided, of course, that the persons nominated poslectual power, a consistent firmness, and an unfail- sessed the necessary constitutional qualifications for
ing urbanity which will not soon be forgotten. The their offices. Any attempt to limit the President's
French Parliament has a way of honoring men who freedom of choice by requiring him,either directly or
have served the nation well by declaring, in formal indirectly, to consult political opinion in the Senate,
resolution, that they have "deserved well of their would be to trench upon the separation of departcountry," and a similar encomium will assuredly be ments of government which the Constitution contempronounced by American public opinion upon Mr. plates. The wisdom or unwisdom of Executive appointments, whether in the present instance or in
Hughes.
Mr. Coolidge has shown a characteristic independ- any other, may always be counted upon to appear
ence by nominating for the vacancies occasioned by with time, but the effectiveness of an Administration
the resignation of Mr. Hughes persons regarding will be lessened rather than increased if Executive
whom he apparently did not choose first to consult independence is not preserved. In quietly.choosing
Senatorial opinion, and there has been some disposi- for his official associates men whom he wants, intion to criticize his action adversely as if the interest stead of men whom certain elements in the Senate
of the Senate in the matter had been improperly ig- would prefer that he should have, Mr. Coolidge, pernored. In the case of Attorney-General Stone (who haps unintentionally, has given Congress a lesson in
is to be elevated to the United States Supreme Court) the elements of constitutional government which the
the question of fitness has also been raised, since Mr. country will certainly approve.
Stone not only lacks judicial experience, but has also
been too short a time Attorney-General to afford
America's Big Problem—A Business Man's
convincing proof of his quality. However much is to
Solution.
be said, on the other hand, for the elevation to the
Business men are gaining wide hearing to-day in
Supreme bench of able members of the district or
circuit courts, rather than of practicing lawyers or national and international affairs. When one has
university professors of law, the precedents lie in been persuaded to speak on the big questions before
the other direction. Even the great John Marshall the country and consents to do so from the standwas a political appointee, and Chief Justice Fuller point of his business and his own large experience
had won no great personal distinction when he was he is worth attention. Edward A. Filene of Boston
appointed. Mr. Stone, accordingly, if his nomina- has done this with exceptional intelligence and force
tion is confirmed, will enter upon his judicial duties in a book* published by Doubleday,Page & Co.
He has little or nothing to say of his own business,
with at least as much advantage as many of his
predecessors have enjoyed, and the fact that he has, either its details or its organization. He finds his
as a lawyer, served important financial interests justification for speaking, not in his having any personal factor or any theory to present, but because
ought not to prejudice him in the public eye.
Neither with Ambassador Kellogg nor with former he has learned that shopkeeping, to which he has
Ambassador Warren is Mr. Coolidge's selection se- given his activities for a lifetime, requires "just as
riously to be questioned on the score of fitness. Both wide and just as sustained study as any profession";
are able lawyers whose professional services have that it may be made as much a public service; and
been availed of by the Government in the past, and that there is nothing in it that "need narrow or maboth have acquitted themselves with distinction in terialize the mind of the man who will answer the
the diplomatic service. The responsible duties which challenge of its social implications as well as take
fell to Mr. Kellogg at the time of the London repara- advantage of its financial opportunities."
He looks out upon the world and finds that it faces
tions conference appear to have been performed with
ability and tact, and his transfer from the British new conditions which especially concern America.
post to the Department of State at Washington is The industrial revolution which, following the apnot only a promotion that has been fairly earned, plication of steam, developed in the first half of the
but may also be taken as indicating Mr. Coolidge's 19th century and has constituted the great feature
purpose to make no change in foreign policy notwith- in the material prosperity of modern times, now
• standing the withdrawal of Mr. Hughes.
faces a second revolution of similar importance.
Nor is any exception properly to be taken to Mr. Machinery in every department of material activity,
Coolidge's course in choosing for his Cabinet the par- whatever its limitations, has come to stay. The so. ticular persons whom he prefers to have, whether or cial system and business are both concerned in it.
not the choice is altogether pleasing to the Senate. The Mass production and mass distribution, now imperasuggestion that has been made in connection with the tive, will result in undreamed of economies and effinomination of Mr. Kellogg and Mr. Warren, that Mr. ciency. These will secure continued reduction of
Coolidge is going to "take the bit in his teeth" and prices. This in turn will relieve the economic strain
"run" the Administration to suit himself, is rather on the mass of the people, will mitigate the sense of
conspicuously beside the mark. It is worth while insecurity and fear of unemployment and will make
remembering that the so-called Cabinet in this coun- possible a higher standard of living and greater intry is not a Ministry such as is found in European dividual freedom. The modern business system will
Governments, but a group of administrative officials, no longer be thought to stand squarely across the
referred to by the Constitution only as "heads of path of a decent social order. Rather will it furnish
departments," who by law are associated with the the material and be an instrument of social progress.
President in the conduct of the Executive branch of Commereial success and social welfare will spring
the Government, but for whose conduct in office the from the same root. As our author puts it, the busiPresident is primarily responsible. The Senate it- ness policies that will enable men to succeed in the
self has recognized the constitutional independence next ten or twenty years will create as by-products
of the President in this respect by its custom of con- the conditions essential to social progress.
firming without objection the Cabinet appointees,
"The Way Out." Edward A. Mile. Doubleday,
Page & Co.
254
THE CHRONICLE
[V3L. 120
2. Business men must see that a proper system of
The strength of the book lies in the emphasis with
which a business man, speaking not at all theoretic- democratic organization can be set up which shall
ally but on the basis of practical experience, makes remove from the minds of workers the idea that they
the future success of business depend on its social are shut out of the inner councils of the business when
value. The two are interlocked and mutually decisions determining their lives are made. This
dependent, two aspects, in fact, of the same prob- will not interfere with the success of the business and
will greatly relieve the waste of the strength of the
lem.
This is not at all an excuse for poor business meth- executive.
3. Business men must recognize that big business
ods. Strictly, "business is business." It must be
run honestly, even in the old ways, if a change of will hereafter be determined by men who conduct.
conception is to be made an excuse for "sloppiness." business from the standpoint of service to the comIf "reform," however advocated, does not succeed in munity.
the strict business sense it stands no chance of being
4. Business men must for the time being be as
initiated. Only of late have ample and exact knowl- autocratic as is necessary and as democratic as is
edge, careful organization, reduction of waste and possible. The combination of higher wages, shorter
the wisest possible handling of men and materials hours and lower prices is far more important at tivis
become essential to business success. The pioneer stage than any arbitrarily installed scheme of indusand the reckless and dominating exploiter have had trial democracy.
their day. The frontier with its unknown resources
5. Business men should begin at once to experiment
and golden opportunities is gone. It is not neces- with the methods and machinery of business democsary to say "There is a new public which will smash racy,going as far as possible withoutinterfering with
up the show if we go too far." The duty of the hour the successful operation of the business, but no faster.
is with the precision of the French, Voir, Prevoir,
6. When all this is accomplished and men have bePourvoir; "to see in order to foresee, to foresee in come rich they should turn their time and money
order to provide." The modest aim of the book is to back into their own business in an attempt to desecure the advance planning which will guide the velop further the idea of service and democracy.
new movement.
Philanthropy, so-called, and charities are second in
The salient facts of, the existing situation are importance to this.
passed in rapid review with suggestive comment
If his vision is clear, such a business man will
which we give in part as closely as possible in our have realized that it is quite as important to educate
author's language. Three outstanding evils exist as the executives and the management as it is the men.
results of the methods now in use. These are the cen- Only so can permanent officials be obtained to carry
tralizing of production in big cities with the inevitable on the work. He will have realized that outward
congestion of workpeople in the slums; irregularity changes are of no avail unless men's minds are preand uncertainty of employment; and the dominance pared beforehand to profit by them. When the minds
of large scale production over consideration for of employees are expectant of improvements toward
beauty and excellence, sacrificing quality to quan- which they are contributing and in which they will
tity. The new order will lead to the removal of these share new methods and new machines will lead to
evils. Recognition of social relations will give them better prizes for those who can best use and improve
-prime importance and produce the remedies which them and the whole class of workmen will be raised.
are only awaiting such recognition. Many forces The factory will have connection with the school and
will combine to produce this result.
it will be possible to connect culture with efficiency,
1. An expert trade ample enough to take our sur- as both come from knowledge so used as to create inplus products must be sought if we would not be telligence.
driven into an intense competition among ourselves.
The book is by no means "a counsel of perfection,"
This would involve a drastic cutting of prices and of. nor is it addressed only to men of one class. In its
wages which would lead to constant and severe polit- appeal to manufacturers and merchants for recogniical disturbance. But European markets require tion of the fact that the best social policy is the best
credit that can only be had with European stability. business policy, the author addresses also the bankFor this American co-operation is necessary. To ers, who in a very real sense control the team work
that extent we have to share post-war tasks which of mankind and administer the credit which is the
rest upon the world. It is so far from being a foolish life blood of the entire business system which feeds,
internationalism that it is simply facing an actual clothes and shelters mankind. He would have them
situation in which to that extent we share. In this see that the financial no less than the commercial
task business cannot afford to wait for politics. It point of view becomes less and less exploitative and
can open the way for the general establishment on more and more creative, and that men in every occuwhich the welfare of all depends. A broad policy pation in life from the highest to the lowest may
that will reach not simply the well-favored nations know something of the cheer that comes with feeling
but will give opportunity to all, will require of that they both share and contribute to the well-being
America actual co-operation in the concerted efforts of the community and the progress of the world.
He closes an important chapter with these words:
of her backers and business men.
Much space is given to the discussion of Mr. Ford's "It is customary for social critics to bewail the fact
methods, and the greatest respect is paid to his views that American civilization is predominantly a busiand plans so long as he confines himself to the busi- ness civilization. In my judgment the social prog• ness he has made so distinguished a success. Within res's of the future lies not in destruction of the modthat range they deserve careful study, as they prove ern business system but in its further and finer dethat mass production under proper conditions can velopment. I hope to live to see the day when the
reduce prices, maintain high .wages, secure world- critics' regard will be changed to pride, a change that
wide markets, give steady employment and make waits only upon business sense, business vision and
substantial profits.
business statesmanship."
JAN. 17 1925.]
THE CHRONICLE
255
Railroad Gross and Net Earnings for November
Our compilation of the earnings of United States
railroads for the month of November is in one sense
a distinct disappointment. It fails to meet the expectations of sustained improvement held out by
the returns for September and October. It is evident
that depression in the country's manufacturing industries continued widespread and that during that
month at least the recovery in business, of which
there have been multiplying evidences since the day
of the Presidential election, had not made as much
headway as had been generally supposed, at least as
far as tangible results are concerned. Unquestionably enterprise did take on new life after Election
Day, but there was not yet time enough for the
change to find more than partial reflection in the
traffic and revenues of the roads. And though slow
recovery was in progress even before Election Day,
as confidence in a satisfactory outcome steadily increased, trade nevertheless was of much smaller volume than in the corresponding month of the previous
year. At all events a very substantial loss in gross
earnings is now found to have occurred, a loss of
much larger proportions than in either of the two
preceding months, whereas the expectation had been
that the falling off would be smaller and possibly
disappear entirely. As it is, the total of the gross
for November 1924 stands at $504,509,062, as against
$530,724,567 in November 1923, showing therefore a
decrease of $26,135,505, or almost 5%. For October
the decrease was only $15,135,757, or roughly 2 %,
/
1
2
and for September no more than $5,116,223, or not
quite 1%.
One gratifying feature is discernible, the same as
in other months, namely a more economical operation
of the roads, indicating increased efficiency in working, but even here results were not quite as good as in
the month immediately preceding. In November
1924 the roads were operated for a trifle less than
74%,as against almost 761 2% in November 1923, but
/
in October the ratio of expenses to earnings had been
somewhat less than 701 2%,in comparison with 76%
/
in November 1923. At the lower operating ratio of
November 1924 there was a saving in expense of $32,485,896, leaving, therefore, a gain in net of $6,350,391, or 5.08%. But in October the improvement in
net had been $26,209,836, or 18.38%. The grand aggregate of gross earnings, operating expenses (not
including taxes) and net earnings for the two years
are as follows:
Month of Nov.(192 roads).
1924.
1923.
Inc.(+) or Dec. (—).
Miles of road—
236,309
236,122
0,08%
—18.7
Gross earnings
$504,589,062 $530,724,567 —$26,135,505 —4.92%
Operating expenses
373,153.957 405,639,853
—32,485,896 —8.01%
Ratio of expenses to earnings
73,66%
76.43%
Net earnings
8131,435,105 8125,084,714
+86,350,391 +5.08
The complete absence of any improvement in the
gross and the smaller gain in net than in either October or September (in which latter month the improvement in the net over 1923 reached $30,137,287)
possesses the more significance, inasmuch as the
changes in both gross and net in the corresponding
month the previous year had been relatively small—
there having been only $7,648,500 increase in the
gross, or 1.46%, and $7,307,781 increase in the net,
or 6.21%. In the net, however, the improvement has
been continuous for several successive years, and it
is this cumulative feature of the gains in net that
constitutes the gratifying feature of the returns. In
these cumulative gains in the gross is to be read the
story of how the managers have, since the return of
the roads to private control, been in constantly growing degree regaining control of their expense accounts. In November 1922, when the comparison
was fairly satisfactory, our statement showed $57,618,155 gain in the gross and $15,846,050 gain in the
net. It was in the year before, however, namely November 1921, that the most striking achievement in
the matter of the cutting down of expenses was occomplished. There was improvement then in the net
even in face of the great falling off in gross revenues.
By forced economy and drastic cuts in every direction, saving in expenses was then effected in the
extraordinary amount of $144,962,518,leaving, therefore, $18,934,852 increase in the net, nothwithstanding a loss of $126,927,666 in the gross. November
of the previous year was one of the few months of
the year 1920 that netted fairly satisfactory net results, our compilations for November 1920 having
registered $154,239,572 increase in gross (mainly
because of the higher schedules of transportation
charges put into effect a few months before), and
$37,533,530 of this having been carried forward as
an increase in the net. The gain in net in November
1922 was additional to these gains in November 1921
and November 1920. In the years immediately preceding 1920, however, the November showing had
been bad, large losses in the net having piled up in
1919, 1918 and 1917. In 1919, particularly, the
showing was extremely poor, this having been the
period of the strike at the bituminous coal mines.
This strike had the effect of very materially contracting the coal traffic over the railroads and
proved a highly disturbing influence in other respects. The result was that our tabulations recorded
a loss in gross and net earnings alike for the month
—only $2,593,438 in the former, but (owing to a coincident large augmentation in the expenses). of $26,848,880 in the net earnings, or over 35%. Added
emphasis attached at the time to this large loss in the
net because it came on top of a considerable shrinkage in the net in November of the previous year. In
November 1918 a tremendous augmentation in expenses had occurred owing to the prodigious advances in wages made that year. These wage advances, with the great rise in operating cost in other
directions, so expanded railroad expenses that the
increase in the latter far outdistanced the gain in
gross revenues, large though these were by reason of
the higher rates put in force a few months before.
In brief, though the gain in the gross then reached
$28,163,408, or 23.06%, the augmentation in expenses amounted to no less than $102,091,182, or
39.16%, leaving the net reduced by $19,927,774, or
20.80%. The year before (1917) a closely similar
situation existed and our tabulation for November
1917 recorded $33,304,905 increase in gross earnings,
but $20,830,409 decrease in the net. It is in the prodigious expansion of the expenses in these early years
that there has existed the basis for the retrenchment
and economies since established. In the following
we furnish the November summaries back 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 own tables
each year—a portion of the railroad mileage of the
country being always unrepresented in the totals in
these earlier years, owing to the refusal of some of
256
THE CHRONICLE
[Vor, 120.
the roads at that time to give out monthly figures a heavy loss in gross on its main line by very substantial gains on its Texas lines, and hence reports $268,for publication.
963 improvement in the gross for the system as a
Net Earnings.
Gross Earnings.
whole, with $989,920 increase in the net. On the
Year.
Inc.(+)or
Year
I
Year
Year
Inc.(+1 or
Year
other hand, the Southern Pacific has sustained a
Preceding. Dec. (-).
Given.
I Preceding. Dec.(-).
Given.
shrinkage of $3,236,295 in gross and of $2,121,917 in
$
Nov.
$
I
$
1906 _ 140.697,123 131,123.621 +9,573,502 48,065,287 46,506,160 +1,569,127
46,113,471 -6,942,084 net. Passing further north, we find the Union Pa1907 _ 138.079.281 133,284,422 +4,794,859 39,171,387
1908 _ 211,597,792 220,445,475 --8,847,673 74,511,332 66,294,996 +8,216,336
1909 48,087,561 211,784,357 +36,303,204 94,531.128 74,556,970 +19,974.158 cific showing $3,264,574 loss in gross and $1,559,791
10,460,960
+994,650 83,922.437 94,383.397 1910 248,559,120247,564,470
1911 241,343,763243,111,388 --1,767,625 79.050,299 82,069.166 -3,018,867 loss in net; the Burlington & Quincy $823,721 de1912 276,430,016244,461,845 +31;968,171 93,017,842 80,316.771 +12,701.071
15,069,894 crease in gross and $605,059 in net; the Great North1913 269,220,882278,364,476 -9,143,593 78,212,966 93,282,860 1914 240,235,841 272,882.181 -32,646,340 67.989.51577,567,898 -9,578,383
1915 306,733,317240.422,695 +66,310,622 118,002,025 67,999.131 +50,002,894 ern $148,627 decrease in gross, but $302,407 increase
+323,090
1916 _ 330,258,745306.606,471 +23,652,274 118,373,536118,050.446
-20,830,409
1917 _ 360,062,052326,757,147 +33,304,905 96.272,216117.102,625 the Northern Pacific $455,378 decrease in
19,927.774 in net and
+82,163,408 75,882,188 95,809,962
1918
„
.
26,848,880
1919 436,436.551 439,029,989 -2,593,483 48,130,467 74,979,347 48,244.641 +37,533,530 gross and $378,966 increase in net. In the following
1920 592,277.620438.038.048 +154,239,572 85,778,171 78,431.412
1921 _ 464.440,498 590,468,164-128,027.666 97.366.264 97,816,937 +18,934,852 we show all changes for the separate roads or sys+15,846,050
1922 _ 523,748,483466,130,328 +57.618,155 113,662,987
1923 530,106,708522.458,208 +7.648,500 124,931,318117,623.537 +7,307,781 tems for amounts in excess of $100,000, whether in67 --26,135,505 131,435,105125.084,714 +6,350.391
1924 504.589,062530.724,5
-In 1906 the number of roads Included for the month of November was 97; creases or decreases, and in both gross and net:
Note.
232,577 miles of road;In 1909, 239,038;
88907,87;in 1908 the returns were based on
In 1910, 241,272; In 1911, 234,209; In 1912, 237,376; In 1913, 243,745; In 1914,
In
246,497; In 1915, 246,910; In 1916, 248,863; in 1917, 242,407: in 1918, 232,274;
1919, 233.032: in 1920,235,213; in 1921, 236,043; in 1922.235.748;In 1923.253,539;
In 1924, 236,309:
As far as the separate roads are concerned, the
comparisons with the previous year are decidedly
irregular. In the gross earnings decreases are the
rule and yet there is a considerable body of roads
with increases, these last coming mainly from Southern and Southwestern lines, the Southwestern roads
being particularly prominent in that respect, and
the explanation is found in the double advantage
that many of the latter are having by reason of the
exceptionally large cotton production in that section and the prevalence of very high grain prices. In
the net earnings the fruits of economy of operations
are seen in the large number of companies which are
able to report having bettered their net even in face
of a falling off in the gross revenues. And yet losses
in the net are by no means absent, and some of them
are very heavy in amount and they come from widely
different sections of the country, as is evident from
the fact that the list of heavily reduced net includes
such roads as the Pennsylvania,the Southern Pacific.
the Union Pacific, the Duluth Missabe & Northern,
the Burlington & Quincy, etc. The Pennsylvania
Railroad System in its entirety shows a decrease in
gross of $4,049,059 and a loss in net of $2,195,199;
the New York Central reports $2,913,076 decrease in
gross, but $1,229,852 increase in net. This is for the
New York Central proper. 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, we get a loss of $1,615.550 in the gross, but an increase of $1,558,759 in the
net. The Baltimore & Ohio shows $1,324,352 decrease in gross, but $346,310 increase in net; ;the
Erie has lost $1,337,296 in gross and $208,764 in the
net; the Lehigh Valley $532,490 in gross and $318,047 in the net; the Reading with $344,979 decrease in
gross has $850,333 increase in net, and both the
Delaware & Hudson and the Lackawanna likewise
show losses in gross, with gains in the net.
The Southern systems give perhaps the best account of themselves of any. The Southern Railway
with $653,758 loss in gross has $533,634 gain in net,
but the Atlantic Coast Line has fallen behind $315,497 in gross and $114,853 in the net. Yet losses in
the net are very rare in the Southern group, and even
losses in the gross are much less common in that
group than in most of the others. The Southwestern
group also gives a pretty good account of itself,
though losses in the net here are more numerous and
two or three of the larger systems have likewise suffered substantial reductions of their gross earnings.
The Atchison Topeka & Santa Fe was able to offset
PRINCIPAL CHANGES IN GROSS EARNINGS FOR VIE MONTH
OF NOVEMBER 1024.
Increase.
e
S6
Dcr 167
$1,084.375 Michigan Central
e
077.
MinnStP&SSM
946,163 NYNH& Hartford__-_
564,194
Missouri Pacific
810,302 Boston & Maine
559,931
Virginian
807,505 Lehigh Valley
Chesapeake & Ohio
520,168
532 9
-San Francisco (3) 724,055 Delaware Lack & West
0
St Louis
581,730 Pere Marquette
-Tex (2)_
505,362
Missouri-Kansas
481.285 Los Angeles & Salt Lake__
482.116
Norfolk & Western
453,737 Northern Pacific
455,378
Florida East Coast
C C & St Louis
330,460
406,913
Colorado Southern (2)___
387.624
Atchison Topeka & S F(3) 268,063 Trinity & Brazos Valley
Duluth & Iron Range_ ___
370.130
Seaboard Air Line
L
rine
3619
Detroit Toledo dr Ironton- 223.062 St Louis South West (2)_
205,177 Elgin Joliet & East
350,699
Central of Georgia
344979
Yazoo & Miss Valley._. 194.753 Reading Co
Rio Jrrsey 114409..378643 Central NewGeande_ W
317.346
339,637
C Mex & Orient of Tex_
Denver
Valley
119.017 Atlantic Coast Line
315,497
Denver & Salt Lake
110,999 Grand Trunk Western... 314,129
Galveston Wharf
Chicago & East Illinois_ _
220:11?.
$7.868,092 Buff Rochester & Pitts-- 217,847
Total (24 roads)
Decrease. Union RR
212,801
a$4,042.848 Chicago & Alton
211,560
Pennsylvania
3.284,574 Delaware & Hudson
209,748
Union Pacific (4)
05 Spokane & Seattle
3.236.2
174,711
Southern Pacific (8)
b2.913,07e western Maryland
174,601
New York Central
15 :62
8 7
7
6 0
3 :2 4 Washy Coattern
h
Due ( Missabe & North_ 1 :36 6 415 rireat Nhrih & St Louis,. 142 6 7
Emlut3)
144.706
1,324.352 Wabash
Baltimore & Ohio
2
32 345
065.451 N Y Ontario & Western_ - 13 :123
1,
Chicago & Northwest_
853,176 Norfolk & Southern
Illinois Central
119,387
823,721 Wheeling & Lake Erie_ _ _
Chicago Burlington & Qu_
799;307 Central New England..... 107,406
Bessemer & Lake Erie__ _ _
653.758
Southern By
$32.730,407
Total (58 roads)
651,400
Pittsburgh & Lake Erie
-All the figures in the above are on the basis of the returns filed
Note.
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). the Pennsylvania RR.reporting $4,042,848 decrease, For the entire Pennsylvania System, including all roads
owned and controlled, the result is a decrease In gross of $4,049,050.
It The New York Central proper shows $2.913.076 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Rig Four," &c., the whole going to form the New York Central System,
the result is a loss of $4,615,550.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
NOVEMBER 1924.
Increase.
Increase.
5$1,229.852 Nashv Chats & St Louie_
$123,884
New York Central
1.201,910 Long Island
Western
117.008
Norfolk &
989.920 Mobile & Ohio
117.539
Atch Top & Santa Fe (3)
967,732 Lehigh & New England_
103,464
Minn St Paul & S S Marie
002,160 Minneapolis & St Louis_
100,817
Central of New Jersey
891,032
NY Chic & St Louis_ _ -Total (45 roads)
850.333
$17.438,252
Beading Co
835.142
Virginian
810,842
Decrease.
Missouri Pacific
797.105 Pennsylvania
a$2,330,661
NYNH& Hartford
681,611 Southern Pacific (8)---- 2,121,917
Michigan Central
667,295 Union Pacific (4)
Mo-Kansas-Texas (2)..
1.559,791
569.811 Duluth Missabe & Nor
Chesapeake & Ohio
1,351.054
542,603 Chicago Burl & Quincy
605.059
Louisville & Nashville_ _ _
533.634 Bessemer & Lake Erie_ _ _
438,305
Southern Railway
462,450 Los Angeles & Salt Lake_
-San Fran (3)_
425.095
St Louis
378,966 Lehigh Valley
318.047
Northern Pacific
366,918 Chicago & North West
308.554
Colorado Southern (2)..
349,244 Pittsburgh & Lake Erie_
300.441
Florida East Coast
346,310 Duluth & Iron Range
Baltimore & Ohio
254,801
302,407 Chicago & Alton
217,433
Great Northern
Erie (3)
208,764
Wabash
Pere Marquette
238,786
Chicago R I & Pac (2)..
191.073
231.627 Denver & Rio Or West
174,021
Boston & Maine
204.215 St Louis Southwestern (2)
152,181
Central of Georgia
193,772 Union RR
Hocking Valley
147.723
181,879 Chicago & East Ill
146,109
Yazoo & Miss Valley_ _ _ _
158.517 NO Texas & Mexico (3).
133.373
Kansas City Southern
153.308 Atlantic Coast Line
114,853
Del Lack & Western_ _ _
147,940 San Antonio & Aran Pass
106,288
Delaware & Hudson_ _
133.395 Wheeling & Lake Erie.._
103,526
Detroit Toledo & Ironton
128,012
Monongahela
127,122
Total (37 roads)
$11,709,047
Buffalo Roch & Pitts_
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids ,Sz Indiana), the Pennsylvania RR. reporting 52,330,661
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease of $2,195,199.
These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase of $1,558,759.
When the roads are arranged in groups or geographical divisions according to their location, it is
found that all the different groups have losses in
gross excepting only the Southern and the Southwestern,furnishing evidence anew of the part played
by industrial depression in reducing the traffic and
JAN. 17 1925.]
TRE CHRONICLE
revenues of the roads. On the other hand,in the case
of the net, there are increases for all the groups except the Northwestern group and the Pacific Coast
group, in which instances it was not found possible
to offset the losses in gross by corresponding reductions in expenses. Our summary by groups is as
follows:
SUMMARY BY GROUPS.
Cross Earnings
1924
1923.
Inc.(+)or Dec.(-)•
Section or GroupNovember
Group 1(9 roads), New England__ 20,908,016
Group 2 (33 roads), East & Middle_150,078,922
Group 3 (27 roads), Middle West__ 42,370,513
Groups 4 & 5(34 roads). Southern__ 75,116,130
Groups6 & 7(29 roads), Northwest_103,859,664
Groups 8 & 9(49 roads), Southwest_ 86,135,726
Group 10(11 roads), Pacific Coast__ 26,120,091
Total(192 roads)
-Mileage
Section or CroupNovember1924. 1923.
Group 1
7,382
7,374
Group 2
34,655 34,456
Group 3
15,980 15,934
Groups 4 & 5
38,966 39,066
Groups 6 & 7
66,920 66,958
Groups 8 & 9
55,110 55,096
Group 10
17,296 17,238
'Total
It
22,160,994
162,173,748
46,021,584
73,310,166
111,034,074
84,385,713
31,638,288
1,252,978 -4.65
-12,094,826 -7.46
3,651,071 -7.94
+1,805,964 +2.46
-7.174,410 -6.47
+1.750,013 +2.07
-5,518,197 -17.44
504,589,062 530,724,567 -26.135.505 -4.92
Net Earnings
1924.
1923.
Inc.(+1 or Dec.(-)•
5.044,533
30,209,215
10,358,593
20.818,234
30,233,804
27,694,750
7,075.976
4,008,537 +1.035,996 +25.84
28.705,815 +1.503,400 +5.20
9,573 448
+785,145 +8.20
15,837,255 +4,980,979 +31.45
32,433,296 2,199,492 -6.78
23,891.603 +3,803.147 +15.92
10,634,760 3.558,784 -33.46
236,309 236,122 131,435,105 125,084,714
+6,350,391
+5.08
Western roads again had the advantage of a much
larger grain movement, and there was at the same
time the further advantage of high grain prices.
However, the bulk of the gain occurred in wheat and
in this last instance the enormous receipts at Duluth
were mainly responsible for the increase. For the
four weeks ending Nov. 29 the receipts at the Western primary markets aggregated 57,349,000 bushels
in 1924, against only 34,315,000 bushels in the same
four weeks of 1923. At Duluth, by itself, the receipts
were 26,421,000 bushels, against only 5,689,000 bushels. Several of the primary markets actually received less wheat than in the preceding year, among
the number being Minneapolis, Toledo and Kansas
City. Corn did not come forward very freely and the
receipts of that cereal for the four weeks of 1924 aggregated only 14,674,000 bushels, as against 22,448,000 bushels in 1923. Combining wheat and corn with
oats, barley and rye, aggregate receipts for the four
weeks of 1924 are found to have been 103,765,000
bushels, as against 81,033,000 bushels in the same
period 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.
&weeks MIME
ended
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
Noy. 29. (bbls.)
(bush,)
(bush.)
(bush.)
(bush.)
(bush)
Chicago1924 -.11,001,000
3,113,000 6,101,000
4,350,000 1,897,000 1.523,000
1923
794,000
1,477,000
7,688,000
4,917,000
947,000
691,000
257
Flour
Wheat 41: Corn
Oats
1
(barrels). (bushels). il (bushels).
(bushels).
Milwaukee
1924 ___ 212,000
1,259,000
186,000
1,155,000
1923 ___ 272.000
1,695,000
176,000
1,394,000
St. Louis
1924 ___ 360,000
1.866,000
3,186,000
1,380.000
1923 ___
444,000
2,514,000
2,075,000
2,125,000
Toledo
1924
1,767,000
230,000
934,000
1923 __
362,000 3,570,000
354,000
220.000
Detroit
1924 ___
168,00()
17,000
121,000
1923
214,000
238,000
252,000
Peoria
1924 ___
174,000
133,000 1,304,000
852,000
1923 ___
159,000
173,000 1.518,000
1,077,000
Duluth
1924
26,421,000
1,397.000
7.000
1923
5,689,000
250,000
873,000
Minneapolis
1924
11,558,000
364.000
4,657,000
1923
13,501,000 2,195,000
2,491,000
Kansas City
1924
4,969,000
1,631,000
538.000
1923
5,151,000
1,737,000
952,000
Omaha & Indianapolis
1924 ___
2,213,000
2.265,000 1,556,000
1923 - -1,478.000
3,524,000
1,697,000
Sioux City
1924
141,000
379,000
312,000
1923
143,000
655,000
332,000
Si. Joseph
1924
.
947,000
617,000
84,000
1923 --770,000
88,000
668,000
Wichitaik, 1924 ___
1,578,000
6,000
193,000
1923 _
Barley
(bushels).
Rye
(bushels).
1,025,000
685,000
333,000
212.000
164,000
161.000
2,000
46,000
2,000
50.000
20,000
86,000
366,000
40,000
42,000
9.000
1.693,000 3,945,000
336.000 1,251,000
2.372,000
1,580,000
669,000
803.000
2,000
11,000
9.000
Total all
1924 ___ 1,747.000 57,349,000 14,674,000 17,932,000 7,239,000 6,571,000
1923 ___ 2,031,000 34,315,000 22,448,000 17,108,000 3,832,000 3,330,000
The Western live stock movement as a whole did
not equal that of the previous year, though at Chicago the receipts for November 1921 comprised 28,437 carloads, against 27,801 in November 1923. At
Kansas City, on the other hand, the receipts were
12,094 cars, afainst 12,437 and at Omaha 7,980 cars,
against 8,324.
Southern roads benefited from a larger cotton
movement due to the greatly increased production
of the staple in 1924. Gross shipments overland in
November 1924 were 288,108 bales, which compares
with 235,137 bales in November 1923; 298,922 bales
in 1922, and 339,246 bales in 1921. The receipts at
the Southern outports aggregated 1,619,712 bales in
November 1924, against 1,183,918 bales in 1923 and
1,135,160 bales in 1922, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JAN. 1 TO NOV. 30 1924, 1923 AND 1922.
Month of November
P0718.
Since January 1.
1924.
Galveston
Texas City. &c
New Orleans
Mobile
Pensacola, dm
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1923.
1922.
677.388
313,294
352,150
24,431
1,066
82.731
482,366
214,425
231,125
10,197
5.646
69,900
11
45,711
29,569
94,968
451,919 2,789.890 2,367,411 2.569,859
260,028 1,050,927 819,227 768,739
252,966 1,463,738 1,036.970 1,248.313
17,130 128,253
43,536 138,248
4.917
12,753
21.491
11,297
40,325 561,817 406,149 605,193
880
39.975
3,541
283
15,728 157,831 190,834 156,696
19,204
86.188 118.174 106,401
72,063 276,491 337,512 283,570
46,822
26.673
95,157
1924.
1923.
1922.
1,619.712 1,183,918 1,135.160 6,528,171 5,334,651 5.938.484
Bank Clearings in 1924 and the Course of Trade
and Speculation
The records of bank exchanges for the calendar
year 1924 at the different bank clearing houses
throughout the country do not as clearly portray trade movements as is usually the case.
At least it is necessary to dissect the figures
with considerable care to get at the underlying trade currents, often more or less in
conflict in different parts of the country, and to
trace the effects of each. As pointed out by us in
our previous annual reviews, bank clearings nearly
always furnish a more or less reliable index of the
state of trade, but on occasions financial transactions apart from those directly growing out of the
conduct of trade, though having an intimate bearing and connection with the same, come in to disturb
the value of the comparisons somewhat. The year
1924 appears to belong in the category of the periods
where financial transactions at this centre live
served to obscure the course of trade movements as
far at least as the mere volume of bank exchanges is
concerned. This is the more noteworthy because in
the two years immediately preceding-that is in
both 1923 and 1922
-the clearings totals not only
for the twelve months as a whole, but for the different portions of each of those yearly periods, synchronized almost perfectly with what was known of
the course of trade movements.
The absence in the 1924 returns of clear accord betureen the volume of bank clearings and the course
and volume of trade appears at the very start of our
study and analysis of the clearings figures. For instance, taking the country as a whole the total of
clearings for the twelve months of 1924 is found to
be larger than for 1923, the grand aggregate for 1924
at $455,034,068,793 comparing with $413,452,431,399 for 1923. This is an addition of U1,581,637,394,
258
T1TE CHRONICLE
[VoL. 120.
or over 10%. It certainly cannot be claimed that the minds of business men with fear and taking the
business as a whole in the United States in 1924 ex- spirit out of enterprise. A radical Farmer-Labor
ceeded that of 1923. Even in the case of the clear- bloc, acting in conjunction with the Democrats, was
ings outside of New York, where ordinary financial obstructing Mr. Coolidge's tax reduction policy and
transactions do not play the predominant part that grafting all sorts of Socialistic and revolutionary
they do at this centre, the 1924 figure runs above propositions upon the Revenue bill then under conthat for 1923, but the inerease here is only sideration by Congress, and sought to win support
2.9%, and as it is entirely due to improvement in the for other legislation of a highly dangerous and repellast six months is easily susceptible of explanation, lent character. Legislative assaults upon the railas we shall see further along in our analysis. In roads were threatened. Holding the balance of
mercantile business the year 1924 was on the whole power, the radical bloc was in the saddle, and, havone of diminished activity. As a matter of fact, ing the whiphand, appeared to be in position to carry
there was a positive slump in trade in the middle of out its threats. President Coolidge's position apthe year. This was of such a pronounced character peared none too secure. He might interpose his veto
that no parallel to it can be found in trade annals power, but Congress could pass objectionable measexcept the utter and complete collapse which came ures over the veto.. This was what actually haplate in 1920 at the end of the gigantic war period of pened in the case of the Soldier-Bonus Bill. The
inflation and which continued through the greater President returned it without his approval. The
part of 1921. Fortunately, the slump which devel- measure was enacted into law nevertheless by the reoped in 1924 was much shorter in duration. Never- passage of the bill by the necessary two-thirds matheless, it had the effect of reducing the volume of jority. It was the eve of a Presidential election and
business to such an extent that in all the leading lines no one could tell what would happen. The tax reducof industry aggregate output fell very substantially tion measure went through many changes and did
below that of the previous year. Current trade sta- not become a law until the beginning of June, and
tistics bear striking testimony to the truth of this only after there had been incorporated in it some
statement. In considering the decline the fact must, very objectionable features, such as the higher tax on
of course, be recognized that in comparing with 1923 inheritances, the tax running to a maximum of 40%,
we are comparing in most cases with record figures and the insertion of an entirely new Socialistic pro—that is with totals never reached previous to 1923. vision, namely a gift tax, running to the same high
Only approximately 31,108,302 tons of pig iron were figures.
In this state of things business dwindled with a
made in the United States during the twelve months
of 1924, against 40,059,308 tons in the twelve months rapidity that was perfectly startling, and developed,
of 1923. The calculated production of steel (based as already stated, into a slump only second to that
on returns from steel-making concerns which in 1923 which so suddenly and completely overwhelmed the
made 94.84% of the steel ingot production of that country in 1920 and 1921. The depth of the depresyear) for 1924 is 36,645,444 tons, against 43,485,665 sion, which was progressive, was reached in July.
tons in 1923. It will be observed that in the one case Thereafter there came improvement, but this was
the falling off is over 20% and in the other case over very slow at first. Change of sentiment for the bet15%. Bituminous coal production for 1924 is not ter may be said to date somewhat further back. This
likely to be in excess of 480,000,000 gross tons, came with the adjournment of Congress in June and
against 564,157,000 tons in 1923. Railroad gross the holding of the Republican National Convention
earnings for the United States for the eleven months the smile month. Considerable satisfaction was deending Nov. 30 1924 were $5,479,761,736, as against rived from the squelching of the radical element at
$5,864,290,199 in the corresponding eleven months that convention, scant consideration having been
of 1923. Automobile production, notwithstanding shown Senator La Follette and his adherents at the
the record-breaking figures of the early months, convention. It was this treatment indeed at the Reamounts to only 3,009,099 passenger cars for the publican convention that largely influenced Mr. La
eleven months of 1924, against 3,361,744 cars in the Follette to run as an independent candidate, and
same period of 1923. The production of trucks for accept the nomination at the hands of the Third
the eleven months was 333,601 trucks, against 348,- Party. The Third Party movement, however, intro672. For the eleven months of 1924 the freight traf- duced a new element in the Presidential campaign,
fic of the railroads of the United States aggregated and engendered doubts and misgivings as to the out394,442,053,000 ton miles, against 424,179,983,000 ton come. There was never even a remote chance of Mr.
miles in the eleven months of 1923, a decrease of 7%. La Follette's election, but there were suggstions that
And other statistics might be cited, all going to show he might get enough votes in the Electoral College to
that the volume of trade and business in 1924 was prevent the choosing of Mr. Coolidge, giving the radsubstantially smaller than that of 1923, though, as ical bloc dominated by him the Same power of conalready indicated, bank exchanges run heavier for trol over the Presidential election that it had been
exercising in Congress, and it was the bare possibil1924 than for 1923.
Political considerations were the main influence ity of such a thing that excited such grave apprehenin the contraction in business which occurred in 1924. sions in the business community. As the campaign
There were marked evidences of curtailment of op- progressed and Mr. Coolidge, aided by the leading
erations in the closing months of 1923, but the ten- members of his Cabinet, made most determined asdency was towards improvement again during the saults on the two main propositions in the La Folearly months of 1924, when renewed vim and energy lette platform, namely Government ownership of the
once more became manifest in trade circles and or- railroads and the insidious attempt to'subvert the
ders and requisitions for goods and products poured United States Constitution by giving Congress the
in on a most encouraging scale. The improvement power to overrule the Supreme Court where the latunfortunately proved short lived. The course of ter declares a statute unconstitutional, and these aslegidaticin in Congress acted as a deterrent, filling saults met widespread popular response, it became
JAN. 17 1925.]
THE CHRONICLE
more and more apparent that fears of an indecisive
result to the Presidential election were sure to prove
groundless. With growing assurance on that point,
business began to show signs of improvement some
time before the actual voting took 'place on Nov. 4.
In November and December, with the result definitely settled, business revival may be said to have
proceeded by leaps and bounds.
These are all facts to bear in mind in a study of
the records of bank clearings. The monthly variations in iron and steel production illustrate in a
striking way the general course of trade throughout
the year. We have already shown that total production of steel, as well as of iron, fell materially below
the high figures of the previous year. The changes
from month to month are no less important, and they
tell a story all their own. The monthly statistics of
the "Iron Age'! of this city, which cover the entire
iron production of the country except a very small
amount of charcoal iron, show that the make of iron
in January 1924 was 3,018,890 tons; in February
3,074,757 tons, and in March 3,466,086 tons. This
latter proved the maximum for the year, irrespective of the number of working days in the different
months. In April the production dropped to 3,233,428 tons; in May to 2,615,110 tons; in June to 2,026,221 tons and in July to 1,784,899 tons, this last being
the minimum for the year, which minimum,it should
be observed, was but little more than 50% of the
maximum. In August there was an increase to
1,887,145 tons; in September to 2,053,264 tons; in
October to 2,477,127 tons; in November to 2,509,673
tons, and in December to 2,961,702 tons. The figures
of steel production tell the same story, only that the
gradations are wider and sharper, as is natural, considering that steel represents one step further in the
process of reaching the finished product, and it is
the finished product on which the impress of changes
in business sentiment and business conditions are
always most strongly revealed. Here also the maximum product was recorded in March and the minimum in July, but the drop in ratio was much more
decided than in the case of the iron output, the July
steel production having dropped to barely 40% of the
March production. In like manner the recovery
which came in August was very much more pronounced than the coincident recovery in the make of
iron. In brief, the make of steel rose from 3,633,639
tons in January to 4,187,942 tons in March; then
steadily fell off, month by month, to 1,869,416 tons
in July, but immediately recovered to 2,541,501: tons
in August, then increased to 2,814,996 tons in September, and increased each month thereafter to
3,551,825 tons in December. We might cite the
gradual falling off in the unfilled orders on the books
of the subsidiaries of the United States Steel Corporation, and the increase later in the year in these
orders as additional evidence to the same effect.
The orders reached their maximum at 4,912,901 tons
as early as Feb. 29, then declined each month thereafter until July 31, when the total was down to 3,187,072 tons, and then gradually increased again until
Dec.31, when the amount was 4,816,676 tons.
The changes in the general character of trade and
business during the year 1924 are accurately indicated by the figures we have cited. In addition, however, there are special circumstances relating to special trades to be taken into account in interpreting
the records of clearings, and also some broad influences of a special nature affecting conditions over
259
large sections of the country. In the former category belongs the depression in the New. England cotton goods industry which was relieved only in part
even the latter part of 1924. This had its origin in
the two-fold circumstance of a short supply of the
raw material (for a good part of the year or until the
new crop began to come to market freely) and inability to get a reduction in wages so as to be able to supply goods at the prices consumers were willing to
pay. On that point all that it is necessary to say is
that operations by the cotton mills in the United
States dwindled to such an extent that whereas the
number of active spindle hours in January 1924 was
8,448,247,467, by July the number was down to
5,157,779,726. Thereafter greater activity occurred,
without, however, bringing full recovery even by the
end of the year, the number of active hours in August being 5,399,549,661, in September 6,414,902,010,
in October 7,592,569,221, and in November 7,123,959,034.
Of far greater importance, however, and a special
influence of widespread character, was the wonderful rise in the prices of agricultural products, but
more particularly grain, which occurred the last half
of the year,or more accurately,the last seven months.
This preceded by several months the revival in trade
which came with such strong force the last three
months of the year and no doubt contributed in some
measure to such revival. The full extent of the rise
did not, of course, come all at once. It was cumulative and continued to make headway right up to the
close of the year. The price of wheat in Chicago on
Dec. 27 got up to V.791 2 for the December option
/
and to $1 8378 for the May option. The previous
/
June 3 the July option in Chicago sold at $1 02 .
/
1
2
Corn in Chicago sold at $1 3314 Dec. 27, against
/
7578e. on June 3, and oats at Chicago on Dec.27 com/
manded 6214c., against 43Y on June 3. The best
/
2c.
feature connected with the rise, which was due to
world conditions, was that it came concurrently with
bounteous harvests and large surplus supplies in this
country, at least in the case of wheat and oats. What
these high prices along with an abundant production
meant to the agricultural communities of the West
can readily be imagined,. Stimulated by the high
prices, grain came to market in a way that has rarely
if ever been equaled. The extent of the movement
and the prodigious increase in it will appear when
we say that for the 52 weeks of 1924 the receipts of
wheat, corn, oats, barley and rye at the Western primary markets aggregated no less than 1,151,376,000 bushels, against 966,890,000 bushels in the
52 weeks of the preceding year. One result followed
as a matter of course. The purchasing power of the •
farming class was enormously increased, and large
areas of the population were put in a highly prosperous state. Previously, because of the low level of
agricultural prices, the farming industry had been
lagging behind almost all other industries, and the
change now experienced really meant a most marvelous transformation. The change must have been refleeted in larger bank clearings in many different
directions.
The wonderful further growth in the bank clearings at New York still remains to be explained, and
it is difficult to account for this except for the magniture of financial transactions apart from those
directly connected with ordinary trade operations.
The new capital flotations, both on behalf of home
needs and on behalf of foreign Governments and for-
260
eign countries, were on enormous scale. Such financing is multiplied many times in bank clearings.
For the eleven months ending Nov. 30 1924 the new
capital issues in this country aggregated no less than
$5,809,091,909, against $4,673,791,215 in the same
eleven months of 1923; $4,943,682,244 in the corresponding period of 1922; $3,641,917,874 in the eleven
months of 1921 and $3,720,803,293 in 1920. Another
point to be considered is the growth in the country's
foreign trade, a large part of which is financed at
or through New York. The high grain prices, with
the prodigious amount of grain going out of the country in response to an insatiable European demand,
and the enormous exports of cotton the last four
months of 1924 added to the value of the country's
foreign exports in a most unusual manner. The result is seen in the fact that even though the value of
the imports fell off somewhat, merchandise imports
and exports combined for the calendar year 1924 foot
up $8,199,246,892, as against $7,959,559,043 in the
calendar year preceding. Stock speculation, of
course, also plays some part in affecting bank clearings, even though the Stock Exchange does clear
through its stock clearing house most of its own
transactions. Trading on the Stock Exchange, as is
well known, was on a gigantic scale the last two
months of the year, and for the calendar year 1924
transactions aggregated 281,223,341 shares, as
against only 236,115,320 shares for the calendar year
1923.
Turning now specifically to our different tables of
bank clearings and dealing first of all with the clearings at this centre, the first fact to attract attention
is that the grand aggregate of the clearings for 1924
is in excess of that of the largest previous year, surpassing even the total for 1920, which previously has
held the record. The amount for 1924 is $249,868,181,339, as against $213,996,182,727 for 1923, $217,900,386,116 for 1922, $194,331,219,663 for 1921 and
$243,135,013,364 for 1920. That this great expansion in bank clearings should have occurred in a
year distinguished for a marked slump in business
is a fact worthy of note. The growing magnitude of
financial transactions is of course responsible for
this, and stock speculation, too, in 1924, as we have
already seen, was much heavier than in either of the
four years preceding, though not by any means equal
to that of 1919, which latter year still holds the record for volume of business done on the New York
Stock Exchange. Examining the figures by months
and by quarter-year periods, it is found that the bulk
of the increase occurred in the last six months, and
a large portion of it in the last three months, when
CLEARINGS AT NEW YORK.
Iii
trade so decidedly revived and when Stock Exchange
speculation was rampant. As will be seen from the
following table, which furnishes a comparison of the
figures for each month of the last four years, the
clearings at this centre for the first quarter were
better than those for the corresponding quarter of
the previous year by only 3.8%, and for the second
quarter by no more than 9.2%, whereas for the year
as a whole the increase at New York was 16.8%. In
the third quarter, however, the increase reached
30.7%, and for the fourth quarter 26%.
We now follow with the second table, which shows
the comparisons by months for the last two years,
both for the whole country including New York, and
for the country outside of New York. Here interest
centres on the figures outside of New York, because
of the overshadowing importance exercised on the
general totals by the clearings at this centre. These
comparisons for the places outside of New York,
when closely considered, would appear to be in pretty
close accord with the varying character of the trade
currents during the twelve months. For the first
quarter there is a small increase over the clearings
of the same three months of the preceding year,
namely 1.6% (March, the last of the three months,
showing a decrease). If the improvement for the
quarter looks small in view of the trade activity
which prevailed in the first two months, it should
be remembered that while trade activity would be
reflected in the clearings in the manufacturing districts very little manufacturing is done in the agricultural States and the agricultural States were still
feeling the pinch which farmers had been experiencing for so long because of the low agricultural prices
then prevailing. In the second quarter, with trade
depression gradually extending and with the farmer
still unrelieved, the clearings outside of New York
showed 2.6% decrease, as compared with the corresponding quarter of 1923. In the third quarter the
outside cities improved 5.7% over the previous year
and in the fourth quarter 6.9%, with December making the best showing of all with an increase of 10.5%.
In this half-year period the farmers' outlook, as already noted, underwent complete transformation,
and in the last quarter trade revival also came in to
supplement the advantage that was accruing by reason of the higher level of agricultural products and
brought activity and prosperity to the manufacturing districts as well.
MONTHLY CLEARINGS_
Clearings. Total AU.
Mont h.
1924.
1923.
38.378.708,465 37,304,643,106
Jan
Feb. - 33,606,098,048 31,259.437.654
Marc 1 36,576.890.970 37.093,069.929
let 9 I. 108561697.483 105657150,689
1923.
1924.
%
$
$
Month.
19,778,359,599 +4.6
January-- 20,689,128,472 16,783,978,443 +8.0
February- 18,120,109,848 19,768,279,996 -0.6
March- 19.650.227,162
let quer_ 58.459,465,480 56,330,618,039 +3.8
1922.
1921,
S
$
17,296,063,835 18,573.038,325
15,340,452,983 14,528,621,069
18.719,572.952 16,681,988.267
51,356,089,770 49.783.647,661
-April---- 20,325,861,115 18,010,072,951 +12.9 18.759,044,355 15,535,815,141
20,721,604,744 19,211,755.142 +7.9 19.214,812,854 15,847,304,718
May
June ---. 19,958,549,054 18,675,477,650 +8.9 20.110,896,750 16,849,379,003
2d guar- _ 61,006,014,913 55,897,305,743 +9.2 58.084,753,959 48,232,498,862
Ilmontbs. 119,465,480,393 112,227,923.781 +6.5 109,440,843,729 98,016,146,523
July
21,128.633,025 16,645,489,481 +26.9 18,337,443.163 15,355,229,490
August
20.342,116,225 14,778,137,428 +37.6 18.938,311,936 14.555,940,959
plember 19,290,650,736 15,070,883,371 +28.0 17,284,770,544 15,078,886.311
3d guar
[VOL. 120.
THE CHRONICLE
60,759,399,938 46,494,490,280 +30.7 52,560.525,643 44.990,056,760
9monthe_ 180,224,880,379 158,722,414,081 +13.5 162,001.389,372 143,006,203,283
21,584,827,234 17,730,152,909 +21.7 19,667,894,757 16,026,928,225
November 22,432,730.125 18,048,312,948 +24.3 17,332,278,296 16,822,498.618
December 25.625,943,601 19,495,302,808 +31.4 18.898.843,691 18.475,589.539
4th guar- 69,643,300,960 55,273,768.665 +26.0 55,899,016,744 51,325,016,380
Year.- 249.1168,181
2211 012 008 122 727
4-18.11 217.900.388.116 194.131. 210 882
April. 37.144.548,36014.621.944.819
_
May. - 37,442.744.809 36,503.308,545
June _ 36.035.027,760 35,709,350.766
Clearings Outside New York.
1924.
1923.
%
+2.9 17.689.557,993 17,526,283,507 +0.9
+7.5 15,485.988,202 14,475,459,211 +7.0
-1.4 16,926.663,808 17,324,789,933 -2.3
+28 50.102.232,003 49,3
26,532,650 +1.
0
+7 3 16,818,687,245 16,611,871,868
+1.2
+2 6 16,721,140.065 17,291,553,403 -3.3
+0.9 16,076,478,715 17,053,873,116 -5.7
%
2d 9.110622320,938 106854604,130 +3.549,616,396.026 50,957,298,387 -2.4
Di ,.. 219184018,421 212511754,819 +3.1 99,718,538.028 100283831,038 -0.6
July .38.221,474,518 32,942.952.258 +16.0 17,094,841,493 16,297,462,777 +4.9
.
Aug - 36.361.922,604 30.233,752.740 +20.3 16,019,806,379 15,455,615,312 +3.6
Sent - _ 35.981.098,303 30.439.296,533 +18.2 16.690,447,567 15.368,433,162 +8.0
3d QU _ 110564495,425 93,616.001,541 +18.1 49.805.095,43947.121.511,281 +5.
7
8
_ 329748513.846306127756,360 +7.7 149523633.467 147405342.299
+13
Oct -- _ 40,587,481.228 35.643,779,434 +13.9 19.002,833,994 17,913,626,524 +6.1
Nov - _ 39,837,997.371 34.785.948.588 +14.5 17.405,267,246 16,737,635.640 +4.0
Dec-- _ 44,860.096.348 36.894,947,017 +21.6 19,234,152,747 17,399.644.209 +10.6
9m
4t1tQU.. 125285554,947 107324675.039 +16.7 55,642,253,987 52,050,906.373 + .
89
Year._ 455034068.793 413452431.399 +10.1 2051651127454 190456248.672 4-2.9
We now add still another table, in which the cornparison of the grand total for the whole country,
both with and without New York, is carried back all
the way to 1905. One point worth noting with refer-
THE CHRONICLE
JAN. 17 1925.)
ence to this table is that it is found that the outside
clearings for 1924, even after the 1924 increase, do
not quite equal the total reached in 1920, when the
country was still in the midst of the war period of
inflation, though the day of reckoning began to appear the latter part of that year.
Inc.
Year.
New York
Clearings.
Or
Dec.
Clearings
Outside
New York.
Inc.
or
Dec.
Total
Clearings.
Inc.
or
Dec.
$
%
$
%
$
%
1924 see note 249,868,181,339 +16.8 205,165,887,454 +2.9 455,034,068,793 +10.1
1923 see note 213,996,182,727 -1.8 199,456,248,672 +14.8 413,452,431,399 +5.6
1922 see note 217,900,386,116 +12.1 173,606,925,839 +7.7 391,507,311.955 +10.1
1921 see note 194,331,219,663-20.0 161,256,972,873 -21.9 355,588,192,536 -20.5
1920 see note 243,135,013,364 +3.1 206,592,968,076 +12.3 449,727,981,440 +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 +8.3
1917
177,404,965,589 +11.5 129,539,760,728 +26.7306.944,726.317 +17.2
1916
159.580,648.590 +44.4 102,275,125,073 +32.4 261,855,773,663 +39.4
110,564,392,634 +33.2 77,253,171,911 +7.0 187,817,564.545 +20.9
1915
1914
83,018,580,016 -12.3 72.226,538,218 -3.9 155,245,118,234 -8.6
94,634,281,984 -6.1 75,181,418,616 +2.7 169,815,700,600 -2.4
1913
1912
100.743,967,262 +9.1 /3,208,947,649 +7.9 173,952,914,911 +8.6
92.372,812,735 -5.0 67,856,960,931 +1.6 160,229,773,666 -2.4
19.11
1910
97,274,500.093 -6.1 66,820,729,906 +7.3 164,095.229,999 -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 -8.4 132,408,849,136 -8.8
1907
87,182,168,381 -18.7 57,843,565,112 +4.8 145,025,733,493 -9.3
1906
104,675,828,656 +11.6 55,229,888,677 +10.1 159,905,717,633 +11.0
1905
93,822,060,202 +36.7 50.005.388.239 +13.9 143.827.448.441 +27.7
Note.-Figuree for 1920. 1921, 1922, 1923 and 1924 in this table for total clearings
and for clear uge outside of New Yoik do not make a proper comparison with previous
years, inasmuch as St. Joseph, Toledo, and about a 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.
It will now be instructive to examine the returns
for the different cities and in the following we furnish such a comparison for the last seven years for
all the larger cities, adding also a column to show
the clearings for the same cities for 1914, the year of
the outbreak of the war.
CLEARINGS AT LEADING CITIES.
(000,000s
°milted.)
1924.
6
1923.
$
1922.
$
1921.
$
1920.
$
1919,
$
1918.
$
1914.
$
New York
249,868213,998 217,900 194,331 243,135 235,803 178,533 83,019
Chicago
31,654 31.113 28,036 25,975 32,669 29,686 25,930 15,693
Boston
21,323 19,310 18,453 14,328 18,817 17,903 15,637 7,517
Philadelphia_ 25,645 24,651 22,488 20.445 25.095 22,095 19,717 7,915
St. Louis
7,174 7,204 6.718 6,235 8,294 8,202 7,839 3,889
Pittsburgh
8,037 8,213 6,758 6,808 8.982 7,277 5,762 2,626
Ban Francisco_ _ _
8,366 8.049 7.274 6,629 8,122 7,286 5,629 2,516
Baltimore
5,025 4.838 4,142 3,745 4,896 4,343 3,356 1,874
Cincinnati
3,353 3,445 3,003 2,801 3,597 3,131 2,848 1,293
Kansas City_.... 6.582 6,882 6,811 7,537 11,615 1,1223 9,941 3,016
Cleveland
5,441 5,550 4,646 4.687 6.907 5,482 4,340 1,238
904
New Orleans__
2,949 2,811 2,406 2,210 3,315 3,170 2,660
Minneapolis
4,026 3,677 3,370 3,356 4,012 2,267 1,949 1,374
668
929 1,160
Louisville
1,612 1,552 1,336 1,199 1.290
Detroit
7.358 6,694 5,389 4,648 6.014 4,503 3.181 1.350
848
Milwaukee
1,912 1,876 1,570 1,445 1,736 1,528 1,477
Los Angeles__
7,195 7.029 5,152 4,211 3,994 2,339 1,547 1,145
401
594
Providence
697
602
534
622
633
581
883
Omaha
2,004 2,103 1,982 1,903 3,094 3,058 3,820
591
Buffalo
2,310 2,346 2,011 1.811 2,293 1,655 1,140
585
St.Paul
807
966
1,618 1,805 1,600 1,663 1,870
415
Indianapolis_
776
942
810
989 1.055
785
886
460
Denver
1,611 1,656 1,464 1,528 1,980 1,630 1,203
422
Richmond
2,823 2.608 2,304 2,092 3.046 3,091 2,404
Memphis
363
1.114 1.140 1,009
738
819 1,191 1,128
Seattle
633
2.039 1,949 1 658 1,511 2,073 2,021 1,860
Hartford
261
413
654
452
531
567
456
490
Salt Lake City._
315
698
827
805
662
892
785
672
z Total
Other
Total all
Outside N. Y
414,107 373,537 358,109 324,334 411,099 383.407 305,959 142,214
40,927 39,915 33,399 31,254 38,629 34,378 26,395 13,031
,455,034 413,452 391,508 355,588 449,728 417,785 332,354 155.245
1205.166 199,456 173,608 161.257206,593 181,982 153,821 72.226
The comparisons here with the preceding year are
very uneven, some cities showing increases while
others report decreases. This is what would be expected considering the varying character of the conditions prevailing in different parts of the country.
As already pointed out, the great manufacturing districts had severe business depression to contend with
for a good part of the year, and this struck the iron
and steel industry with peculiar force. New England suffered from the prostration of the cotton
goods industry and so also did the South, but not to
the same extent. The South, too, felt the depression
in the iron trade at its iron centres. The state of the
lumber industry likewise was a factor in the situation both in the South and on the Pacific Coast. It
was far from being of full volume, as was of course
to be expected in view of the general slackening of
business during a considerable portion of the year.
In the agricultural sections-which means the whole
-the impaired purchasing power
of the great West
of the farming classes was an adverse influence during the first half of the year. The big rise in grain
261
prices, which so completely altered the economic situation of those classes of the population, did not
count as much of a factor until the second half of
the year. The financial centres belong all in a class
by themselves by reason of the volume and importance of the year's financing, apart from that directly related to and growing out of trade operations.
And in all these respects the comparisons with 1920
are as interesting and instructive as the comparisons
with 1923, inasmuch as 1920 has stood as the previous high record in clearings.
At the Eastern financial centres new high records
were established in 1924 and also at- a few other
points, notably at some of the thriving cities on the
Pacific Coast. We have already shown that New
York City surpassed its 1920 record, and its total of
clearings for 1924 at $249,868,000,000 compares with
$213,996,000,000 in 1923, and with $243,135,000,000
in 1920. Chicago is closely bound up with the agricultural West and does not enjoy the same distinction for 1924 that New York does. Its total of clearings has been slowly rising for three successive years,
but has not yet got back to its maximum attained in
1920. Its total for 1924 at $31,654,000,000 compares
with $31,113,000,000 in 1923 and with $25,975,000,000 in 1921, but with $32,669,000,000 in 1920. On
the other hand, points on the Atlantic seaboard like
Boston, Philadelphia and Baltimore, where financial transactions always figure very prominently,
not only show substantial increases in clearings over
1923, but run well ahead of the totals for 1920. The
Boston aggregate for 1924 at $21,323,000,000 stands
as against 419,310,000,000 for 1923 and P8,817,000,000 for 1920. The Philadelphia total at $25,645,000,000 for 1924 compares with $24,651,000,000 for 1923
and with $25,095,000,000 for 1920. Baltimore shows
clearings of $5,025,000,000 for 1924, against $4,838,000,000 for 1923 and $4,896,000,000 for 1920. On the
other hand,Richmond, while having further enlarged
its total in 1924 in its process of recovery from the
low figure of 1921, has not yet got back to its total for
1920 or that for 1919, which latter was in this case
the maximum. As a matter of fact, the same statement may be made with reference to nearly all the
other Southern cities. Louisville is an exception.
Its clearings foot up $1,612,000,000 for 1924, against
$1,552,000,000 for 1923 and $1,290,000,000 for 1920.
The Richmond total is $2,823,000,000 for 1924,
$2,608,000,000 for 1923 and $3,091,000,000 for 1919.
Some of the Southern cities fall below 1923 as well
as below the earlier and record year. Thus the
Memphis clearings in 1924 were $1,114,000,000,
against $1,140,000,000 in 1923, but with substantial
improvement the lattell part of the year, the Memphis clearings for December being more than 17%
above those for the same -month of 1923. The 1924
cotton crop in the district tributary to Memphis was
very much larger than that of 1923, which will explain the greater volume of clearings in the later
months. St. Louis, after a lapse of some years, is
again giving out its figures of bank clearings, we are
gratified to be able to state, for St. Louis ranks seventh among the cities of the United States for volume
of clearings, and its omission constituted a decided
anomaly. Its total for 1924 does not differ greatly
from that for 1923, the amount in the former case
being $7,174,000,000, and for 1923 being $7,204,000,000. In 1920, however, the total was $8,294,000,000.
But in December 1924 the St. Louis clearings ran
nearly 7% above those for December 1923, which
262
THE CHRONICLE
[VOL. 120.
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891.507,311.955 355.588,192.538 449,727.981.440
1
173,806,25.839 161.256.972,873 206,592.968,076
1
illustrates the present trend in that locality. Clear- other seven districts fall behind their 1920 record in
ings at New Orleans for 1924 foot up to $2,949,000,- that respect, some of them very substantially so.
000, against $2,811,000,000 for 1923 and $2,210,000,- With reference to the comparison with 1923, one fur000 for 1921, but comparing with $3,315,000,000 for ther fact is worth pointing out because of its bearing
1920.
on the course of clearings in the immediate future.
It is at the Western centres which serve the agri- The point to which we refer is that in the case of
cultural districts where the poorest comparisons are every one of the twelve Reserve districts the clearings
found. Thus Kansas City (Mo.) in 1924 suffered a for December 1924 are very much better than those
further reduction of its total, and at $6,582,000,000 for December 1923. The December figures for the last
for 1924 comparison is with $11,615,000,000 for 1920. two years were given in the issue of our paper last
But Kansas City's December 1924 clearings are al- Saturday, pp. 156, 157 and 158. The figures for the
most 712% better than those for December 1923. full twelve months of the last two years, as well as
/
Cincinnati, Cleveland, Omaha, St. Paul and Denver for the three years preceding, appear in the table
.
all show diminished totals for 1924 as compared with we now subjoin:
1923, but at all of these last mentioned points except
St. Paul the clearings for the closing month were
larger than for the closing month of 1923. Minneapolis, en the other hand; is shooting ahead with
4: 2 0: S N S
;
t,
great rapidity; its 1924 total being the very best on
2 2 41 2 ' 0. f,1 CO
record, while the December clearings show an increase of 37%. Detroit, the great automobile manufacturing city, also hung up a new high record for
05 a a
clearings in 1924. Milwaukee is distinguished in the
2g3:422822gigt;
.`"
same way. Pittsburgh, as would be expected, shows
el
2
2 2 2 S 2 2 2 gi 2 2 S 2
a smaller total of clearings than for 1923 and for
,4
2 2 2-2 2 t g -,. 22 2 2
.
1920. With the revival, however, of the steel indusgi
try the latter part of the year the figures for December, standing by itself, register an increase of over
'-'
9 %. In New England,Providence shows a smaller
/
1
2
4 4 e -F + -F I -F 4- A- -F -I- I '"+ A- + -F
aggregate for 1924 than for 1923, but Hartford and
•
....
.4 44 b:
Springfield have larger totals; all show increases
<.,
for the closing month. Fall River, which lagged
behind all through the year, has not done so well and
has a loss both for the full twelve months and for the
month of December. Out on the Pacific Coast Los
8 go,
ii
Angeles has advanced to a new high total and the
ad a ci
same is true of San Francisco. Seattle has improved on its total of the previous year, but has not
-.
,4
.
,-. . e .............. v. .
got back to its 1920 record, and the same is true of
Portland, Ore.
'4,'"'
6 :',4>?.*S.5. v1I:ggi s 4 •a,t
9
.
We also again present a grouping of the cities by
Federal Reserve districts. Here the different char2W Pg
acteristics of the year as above outlined stand out
i
quite distinctly. As compared with the preceding
year the best showing is made by the cities in the
It remains to consider the course of Stock ExFederal Reserve district of New York, where the im- change speculation in its bearing on bank exchanges.
provement reaches over 16%. The Boston Reserve The speculation on the New York Stock Exchange is,
district shows an increase of 9 %. Even better, of course, of chief importance. Where it is of the
/
1
2
however, than the showing for the Boston district is volume found here it necessarily plays a greater or
that of Dallas, where clearings have increased over smaller part in affecting the totals of bank clearings.
those of 1923 more than 12%. The Dallas Reserve The preponderating proportiorn of the dealings in
district takes in the great State of Texas, which for stocks at the New York Stock Exchange is cleared
two successive years has had a cotton crop of excep- by the Exchange itself through its Stock Clearing
tional proportions. In the city of Dallas itself the House. That process eliminates an enormous vol..ncrease is over 27%; nevertheless the Dallas district ume of business from the bank clearing house, but
total for 1924 did not get fully back to that of 1920. after all, this concerns only the transaction as beIn both the Cleveland Reserve district and the Kan- tween one broker and another. It still leaves cussas City Reserve district the 1924 clearings fall be- tomers' checks given in payment of purchases on the
low those for 1923 and in the St. Louis Reserve dis- Exchange and brokers' checks given to customers in
trict the total is only slightly larger than that for payment of sales made for them to be cleared by the
1923. The other Reserve districts show moderate banks. The aggregate volume of business in stocks
gains-the Philadelphia Reserve district and the done on the New York Stock Exchange in 1924 was
Richmond each 4.2%; the Atlanta Reserve district 281,223,341 shares, against 236,115,320 shares in
5.6% increase, the Chicago 2.7%, the Minneapolis 1923, 258,652,519 shares in 1922 and only 172,712,716
1.9%, and the San Francisco 2.9%. It is rather shares in 1921, but comparing with 316,787,725 shares
noteworthy that the New York Reserve district, the in 1919. This shows that trading for the year as a
Boston Reserve district, the Philadelphia Reserve whole fell materially below that of the high record
district, the'Chicago Reserve district and the San year 1919 and from the following table, carrying
Francisco Reserve district are the only districts the comparison back to 1880, it will be seen that the
showing larger totals for 1924 than for 1920. The 1924 sales also Tell somewhat behind those of 1906:
JAN. 17 1925.]
THE CHRONICLE
263
384,800 of United States Government bonds were
dealt in, as against only $876,930,815 in 1924.
Stocks,
Cal,
Stocks,
Cal.
Stocks,
Cal.
Stocks,
Cal.
Shares.
Year.
Shares.
Year.
Shares.
Year.
At the outside Stock Exchanges the transactions
Shares.
Year.
l924... 281,223,341 1912 __ 131,128,425 1901 __ 265,944,659 1890_ 71.282,885 in 1924 in several instances fell below those of 1923,
72,014,000
1923.. 236,115,320 1911__ 127.208,258 1900 __ 138,380,184 1889 __ 65,179,106
1922 __ 258.652,519 1910 __ 164.051,061 1899. 176,421,135 1888 __ 84,914,616 and this in some cases followed a shrinkage, too, in
172.712,716 1909 __ 214,632,194 1898 __ 112,699,957 1887 __
1921 __
1920._ 226,640.400 1908 __ 197,206,346 1897 __ 77,324,172 1886... 100,802,050 the year preceding. On the Detroit Stock Exchange
92,538,947
1919__ 316,787,725 1907 _ 196,438.824 1S96_ 54,654,096 1885_
1918__ 144,118,469 1906 __ 284,298,010 1895_ 66,583.232 1884.... 96,154,971 the sales of listed and unlisted stocks for 1924 foot up
1917.. 185,628.948 1905_. 263,081,156 1894.._ 49,075,032 1883 __ 97.049,909
1916__ 233,311,993 1904__ 187,312,065 1893__ 80,977.839 1882.... 116,307,271 2,485,894 shares, against 3,828,387 shares for 1923,
1915__ 173,145,203 1903_. 161,102,101 1892.... 85,875,092 1881 __ 114,511,248
3914,.. 47,900,568 1902 __ 188,503,403 1891 __ 69,031,689 1880.... 97,919,099 6,008,265 shares for 1922 and 8,149,837 shareS for
470 653
1 oi
1921. In 1920, however, the sales were only 2,494,The chief activity of the twelve months on the New
1919 no more than 1,099,713 shares and
York Stock Exchange was witnessed in November 789 shares,in
in 1918 but 430,022 shares, though the records of
and December as a result of the outcome of the Presiexplained in our review for
dential election. In January the volume of busi- these earlier years, as
1921, were imperfect and incomplete. Cleveland
ness was quite large, with the tone buoyant, but a
shares, including bonds ($1,000
reaction occurred in February under adverse Con- dealt in
in bonds being taken as the equivalent of ten shares
gressional developments and the market showed
812,682 shares in 1923, 833;952
growing weakness through March and April and of stock), as against
shares in 1921, 943,250 shares
part of May; and with this manifestation of weak- shares in 1922, 863,644
725,970 shares in 1919 and 176,463 shares in
ness trading steadily declined, so that the total of in 1920,
Stock Exchange, the dealings
the stock sales in May reached only 13,513,967 shares, 1918. On the Chicago
comprised 10,849,173 shares, against 13,302,187
against 26,857,386 shares in January. In June the
comparing with 9,953,637 shares
tone became better and in July the market once more shares in 1923, but
in 1922, 5,175,972 shares in 1921, 7,382,145 shares in
showed a manifestation of buoyancy, with the trading reaching 24,319,182 shares. In August, however, 1920 and 7,408,915 shares in 1919.
On the Boston Stock Exchange the sales totaled
another setback came and the depression was proshares in
jected into September, with the result that share 5,300,862 shares in 1924, against 4,783,324
shares in 1922, 3,974,005 shares in
sales once more dropped back to 18,184,860 shares. 1923, 5,495,041
in
In October the market was decidedly weak the first 1921, 6,696,423 shares in 1920, 9,235,751 shares
1919 mad 3,929,008 shares in 1918. On the Philadelhalf of the month, but improved the latter half.
Aggregate sales, however, reached only 18,332,992 phia Stock Exchange the dealings in 1924 aggreshares. In November and December there came the gated 3,434,690 shares, as against 2,319,270 shares in
great splurge upward and the volume of business in 1923, 2,456,631 shares in 1922, 1,579,470 shares in
the first mentioned month reached 41,657,077 shares 1921, 2,367,312 shares in 1920 and 3,230,740 shares in
and in December 43,101,361 shares. The following 1919. On the Pittsburgh Stock Exchange the sales
shows the monthly and quarterly totals for the last for 1924 were 1,372,711 shares, against 2,506,032
shares in 1923, 2,230,146 shares in 1922, 2,630,704
four years:
shares in 1921, 4,153,769 shares in 1920, 5,579,055
SALES OF STOCKS ON THE NEW YORK STOCK EXCHANGE.
shares in 1919 and 6,072,300 shares in 1918.
1924
1923.
1921.
1922.
—
The clearings at the Canadian cities, which had
No. Shares. No. Shares No. Shares No. Share*
shown some recovery in 1923 from the low total
26.857,388 19,914.827 16,472.377 16.144.878
Month of January
20,721.1562 22.979,487 16,175.095 10.169.671
February
reached in 1922, suffered some decrease again in
18.310.911 25.964,606 22,820,173 16,321,131
March
65,889,859 68.858.980 55.467,645 42.635.678 1924. The decrease, however, did not by any means
Total first quarter
——
Month of Anr11
091.988 30 634.353 15.529.709 extend to the whole of the Dominion. At a number
824 20.
18.111.
May
13,513.967 23.15.5.730 28.921.124 17.236.996
17.093.140 19,754397 24,080,787 18.264.671
June
of important points in the Western provinces there
48.628.935 63.001,913 83.636,264 51.031,375 were substantial gains in 1924.
Total second quarter
For instance, at
114.518.794 131,860,173 139,103.909 193,667.052 Winnipeg there is an increase of over 6%, at VanTotal six months
-—
24,319.182 12,551,851 15,118,063 9.288.054 couver of over 7% and at Calgary of over 26%. On
Month of July
August
21,109.075 13,144,641 17,862.553 11,117.036
September
18.184,860 14,643,289 21.712,046 12.924,800 the other hand, such important points as Montreal,
—
Total third quarter
63.613 117 40.339.781 54.692.662 33.329.169
Toronto and Ottawa in the eastern part of the DoTotal nine months
178,131,911 172,199,954 193,796,571 126,996,542
minion all report decreases,showing that they shared
Month ot October
18,332,992 15.802.900 25.762,647 13,129,731
in the business depression experienced in the United
November
41.657.077 22.588,598 19.407,087 15.438.688
December
43.101,361 25,523.868 19,686.214 17,148.077
States. Improvement came, however, in the DoTotal fourth quarter
103,091,430 63,915,366 64.855,948 45.716,494
minion, as it did in the United States, towards the
Total second Mx months
166,704.517 104,255,147 119.548,610 79,045,663
end of the year, and the clearings figures for DecemTotal full year
281.223.341 236 11A son
ber at the three last mentioned points all show subwas an active bond market all through the stantial improvement over the figures for the correThere
year, with prices tending towards higher levels, but sponding month of 1923. Canadian totals of clearowing to the contraction in trading in the Liberty ings by quarter-year periods for the last nine years
Loan issues, aggregate bond sales of all kinds for are shown in the table we now introduce:
1924, while far in excess of those for 1923, did not
Third
Fourth
Total.
Second
Clearings Reported,
First
equal those of some earlier years. From the table
Year.
Quarter. Quarter. Quarter. Quarter.
(000s omitted.)
$
$
$
$
we now insert it appears that the total of bond sales
$
(1924._ 3,834,897 3,950,010 4.072.622 5,120,395 16,977,924
in 1924 amounted to $3,804,352,615, against only
11923— 3,606,308 4358,184 3,864,938 5,702,913 17,332,343
11922_ 3,840,001 4,031,429 3,706,793 4,685,582 16,263,805
$2,789,598,000 in 1923, but comparing with $4,370,.
11921_ 4,127.525 4,447,088 3,983.965 4,886,142 17,444,720
Canada
11920_ 4,638.357 4,924,428 4,819,816 5.849,805 20,232,406
11919_ 3.329.475 3,970,863 4,127,237 5,275,350 16,792,925
212,000 in 1922. In this last mentioned year $1,873,.
11918_ 2.818.417 3,387,131 3,212.600 4.300,425 13,718,673
NUMBER OF SHARES SOLD AT THE NEW YORK STOCK EXCHANGE
BY CALENDAR YEARS.
'I
RR
see ARO kln ITO /19 71R
BALES OF STOCKS AND BONDS ON NEW YORK STOCK EXCHANGE.
T1917.. 2.657.205 3,363,807 2,923,735 3.611,971 12,556,718
11916_ 2.162.216 2.618.482 2,489,518 3.236.383 10.506.599
12 Mot., 1924 12 Mos., 1923. 12 Mos., 1922.
In the following we give the complete statement
of the clearings at the different cities for the last five
years, and also the ratios of decrease or increase as
between 1924 and 1923:
Description.
Stock—Number of shares
Railroad and miscellaneous bonds
81. 5. Government bonds
State, foreign, dm., bonds
Total par value•of bonds
281,223.341
236,115,320
258.652.519
$2,345.321,300 $1,567,961,000 51,904,905.300
876,930.815
796.431.000 1.873,384,800
582,100.500
591,921.900
425,206.000
83,804,352,615 $2,789,598,000 $4,370 212 000
BANK CLEARINGS IN DETAIL FOR THE LAST FIVE
CALENDAR YEARS ACCORDING TO FEDERAL RESERVE DISTRICTS.
Clearings at-
Year 1924.
Year 1923.
Inc. or
Dec.
Year 1922.
Year 1921.
Year 1920.
$
$
%
$
First Federal Reserve District -Boston$
$
Maine-Bangor
40.138,437
40.413,668 -0.7
40,568,658
41,855,269
Portland
48,538,088
157.915.526
164,136.227 -3.8
160,459.419
Massachusetts-Boston
140,608,794
161,489,197
21,323,000,000 19.310,172,382 +10.4 16.453,000,000
Fall River
14.328,413,721 18,816,778,696
107,787,753
124,743.525 -13.6
100.814,566
Holyoke
70,470,642
119,427,181
' 47,091,321
50,115.764 -6.0
44,299,646
Lowell
43,632,988
53,732,053
60.481,011
68,569,542 -11.8
59.153.471
Lynn
56,819,399
68.003.343
a
a
New Bedford
a
74,187.603
79133.874 2
-6.1
79191,080
Springfield
74.033,003
101,461,094
273,633.974
266,185,531
+2.8
233,105,376
210.452,607
Worcester
265,430,059
183.377,338
183,348.619
+0.1
181,398,149
180,617,988
Connecticut
-Hartford
234,986,546
653,780,569
566,589.795 +15.4
490,131.145
New Haven
455,975,030
531,038.823
358,478,841
342.812,458
+4.6
291,355,625
274.849.673
Waterbury
326,577.296
109.544,600
96,780,986 +13.1
87,252,900
81,291,500
Rhode Island-Providence
102,427,100
621.855,500
633,123,500
1.8
580.722,300
533,785.800
696,799,000
Total (13 cities)
21,011 ,272,473 21.926,025,871
+9.5 18,802,252.335 16,501,807,314 21,526,688.476
•
Second Federal Reserve Distr ict-New York New York-Albany
295,976,337
270.189.979
+9.6
236,831,877
218,783,279
249,344,568
Binghamton
52,802,700
57,557,00 -8.3
52,889,762
47,999,221
63,379,600
Buffalo
2.310,146,597 2,345,940,700 -1.5 2,010,651,040
1,811,485.206 2.293,015.699
Elmira
42,537,314
38.338,921 +11.0
28.941.680
25.441,244
Jamestown
63.048,666
60,885,467
+3.6
56,129,651
48.296,470
New York
48,296.471
249,868.181,339 213,996.182.727 +16.8 217,900.386.116 194,331,219,66
3 243,135,013,364
Niagara Falls
51.402.385
50.853.968
+1.1
55,656.564
50,024.885
53.116.873
Rochester
598,939,497
553,674,346
+8.2
491,705,769
453,315.967
594,398,278
Syracuse
261,665,876
242,876.903
+7.7
218,598,137
201,131.156
254,623,897
Connecticut-Stamford
161,713,196
157,161,942
+2.9
131,029,732
122,924,113
70,958,513
New Jersey-Montclair
31,255,790
25.303.131 +23.5
23,087,947
23.507.936
29.071,239
Newark •
988,486,207
896,228,908 +10.3
Northern New Jerty
1.779,262.851
2,182,464.975 -18.5 2.029,681.395 1,899,042,632
790,885,922
Oranges
60,134,293
54,359.265 +10.6
51.962,262
44,421.237
47,181,878
Total (14 cities)
256,565,553,138 220.932.013,132 +16.1 223,287,551,941 199.277.593,00
9 247.629.286,302
Third Federal Reserve Distri ct-Philadelp hiaPennsylvania-Altoona
73,609,909
74,927,281 -1.8
56,257,540
49,960.558
55324.037
Bethlehem
199.810.058
215.037,790
7.1
164.679.360
148.261,469
109.985,297
Chester,
66,680,312
70,832.174 -5.9
56,962.184
53,191.492
78,788,384
Harrisburg
228,139,000
220,790,574
+3.3
201.210,296
197.119.683 .1205,922,436
Lancaster
149,971,474
165,262,839 -9.3
144.366.794
131.125,175 ... 156,086,031
Lebanon
30,335.728
30,270.008
+0.2 j
j.. 26,204,214
30.983,622 .0,L40.241,372
Norristown
45,721,320
48,158,088 -5.1 14, 39,255.648
34,890,495
43.405,190
Philadelphia
25,645,000.000 24,650,722,000 +4.0 22,488,390.000 20.445,229,473 25,094,696,654
Reading
178.975,851
175.735.291
+1.8
143.787,808
129,163,674 _ 154.410,276
Scranton
304,448.208
299,737,971
+1.6
234,316,827
241,511,815
267.995,988
Wilkes-Barre
199.586,437
174,190,172 +14.6
147.075.707
136,894,949
148.981,702
York
91.660,586
80,812.315 +13.4
67.854.859
66,859,863
80.472,866
New Jersey-Camden
648.618,036
572.128,600 +13.4
488.468,910
253,466,660
295.042.097
Trenton
281.813,967
243,295,232 +15.8
208.043,847
183,436,701
205,416.418
Delaware-Wilmington
a
a
a
a
a
a
Total (14 cities)
28,144,370.886 27,021,900,335
+4.2 24.466,873,994 22,102,095,629 26.936.568.748
Fourth Federal Reserve Dist rict-Clevelan dOhio
-Akron
399,027.000
359,023,000 +11.1
304.599.000
326,285,000
584.917.000
Canton
240.417,716
252.147,137 -4.7
197.620,199
177.118.844
267.397,140
Cincinnati
3,353,396,387 3.444.728,332 -2.7 3,042,696,354 2,800,971,276 3,596,794,020
Cleveland
5.441,304,185 5,549.996,148 -2.0 4,646.443,940 4,666,948,126 6,907,387,037
Columbus
729.097,000
788.068,900 -7.5
728.809,700
660,408.100
751,010,400
210,625,250
249.491.107
Hamilton
Daytona
42,123,639
417719,412
11.0
a
34,235,937
29.957,518
37,762,194
Lima39,338.310
a
43,203.848
55,233.635
Lorain
227357,078
19%79.444 +14.8
16,394.416
16,918,319
22.770.026
Mansfield
94.969,676
96.579.682 -1.7
71.120,900
64,242,584
89.161,095
Springfield
a
a
a
a
a
a
Toledo_
Youngstown
2307550.078
221,883,443 -l3.9
a
aL
1927241,724
188:,369,061
a
a
243,665,233
Pennsylvania-Beaver County__ _
38,948,907
41.382.150 -5.9
33.122,920
32.690,761
42,854,221
Eriea
a
Franklin
167788,458
177462,875 -3.9
17,390,842
177337,138
42.483.761
a
Greensburg
64,569,958
81,475.004 -20.7
71.033.255
Pittsburgh
8.036,969,344 8,212.798.574 -2.1 6,757.743,989 6,808.206.145 8,982.887,399
Kentucky-Lexington
93.140,286
102,680.192 -9.3
87,579,183
71.722.888
111,124,547
West Virginia-Wheeling
219,210,840
229.153,574 -4.3
229,627.472
223.827,117
281.992,700
Total (15 cities)
19.022.870.552 19.458.577.867 -2.2 16.429.998.141 16.338.831.975 22.266.931.515
Inc. or
Year 1923.
Dec.
$
$
%
Fifth Federal R
DIstric t-Richmond West Virginia-Huntington
95.430.118
108.715,857 -10.6
Virginia--Newport
a
Norfolk
Newsa
410.030,506
417.592.524 -1.8
a
Richmond
2,823,259.786 2,607.658,000 +8.3
North
a
Raleigh
Carolina-Ashevillea
127.834.023
123.034.303 !
-13.9
1
Wilmington
a
South Carolina-Charleston
1287720,868
1367596,755 -5.8
Columbia
100,924.588
144.619.704 -30.2
Maryland-Baltimore
5.025.334,741 4,838,199,185 +3.9
F'rederlck
22.302.730
21,552,958 +3.5
Hagerstown
39.454.460
40.779,793
District ofColumbia-Washington 1.167.398.426 1,102.158.974 -3.2
+5.9
Total (10 cities)
9,940.690,246 9,538,908,053 +4.2
Clearings at-
-
Year 1924.
Sixth Federal R
Distric t
-Atlanta
Tennessee-Chattanooga
328.290,641
Knoxville
160.661,525
Nashville
1,012,243,160
Georgia
Atlanta
2,895,571,945
Augusta
99.663.868
Columbus
45,680.188
Macon..
78,296,104
Savannah
Florida-Jacksonville
8087093,771
Tampa
.
195.979.545
Alabama-Birmingham
1,367.180,827
Mobile
96,829.898
Montgomery
89,029,098
Mississippi Jackson_ __- 67,124.323
Meridian
44,942,766
Vicksburg
21.165.040
Hattiesburg
77.703.590
Louisiana
-New Orleans
2,949,139,028
Total (17 cities)
10,337.595,317
Year 1922.
Year 1921.
$
$
Year:1920.
$
84,746,051
86.508.000
75.797.582
3787724.141
2,303,640.337
3
3597 ,009
03
2,092.674.217
526,234.163
4
3,045.520.224
957
719,124
66,167.871
a
807041.899
118,654,406
a
110,450,925
4.141,820.192
20,320.745
32,717,694
980,491.620
1267609,427
101.534,211
3,745.337.258
23,850,647
32,264,783
876,405,707
227%42.426
170.171,760
4.896.046.381
32.179.180
39.066,276
897.109.844
8,267,285,235
7,509,385.130
9.990,009,735
-0.9
+0.3
+0.9
280,578,709
142,737,597
898,067.590
269,037,000
149.401.816
845,509,812
410,316.650
173,725.822
1.179,501.244
2,733,986,892 +5.9
110.799,885 -10.0
47,248,143 -3.3
78.124.637 +0.2
2,191,186,830
94.691.236
40.507,842
65.072,524
2,108,957.591
101.318,893
39,359,041
63.519,418
3,256.765.739
205.420,013
56,406,088
*120.000,000
653 380.124 +13.7
7
156.764,842 +25.0
1,305.871,357
+4.7
101.287.721 -4.4
88,838.664 +0.2
54.066,338 +24.2
47.656,164 -5.7
19.513,218
+8.5
83,417,851 -6.8
2.811,107,416
+4.9
514 437.052
7
118.325,039
1,124.592,189
91.304,244
72.374,453
44,391,654
42,140,553
18,138,114
487.697.668
a
118.325,378
899.335,312
83,758,004
68,215.190
37,067,366
33.752.598
16,506,417
625635.097
7
125,269.623
990.962,579
128.871.991
98.833,667
36,107.456
2A65.555.836
2.210,181,130 _3,3176.111,258
9,787,208,455
8,144,101.462
7,531.943.373 10.744,117,438
331,326.017
160.236,191
1,003,582,995
+5.6
20,982.231
Seventh Federal Reserve Dist rict-Chicago
nlichigan-Adrian
12,333.617
11,081,939 +11.3
10,652,135
10,233,248
14,170.314
Ann Arbor
45.246,243
41.330,175 +9.5
36,979,412
30,119.761
31.947.723
Detroit
7355.598.022 6.693.595,581
+9.9 5.389,251,503 4.648.490.380 6.104.323,103
Flint
120,053,976
112.328.068
+6.9
82,206,318
74,941.907
130.818.577
Grand Rapids
363,187.181
344.740,021
+5.4
316.740.272
291.514,444
352,898,673
Jackson
87.684,083
89,947.954 -2.5
66.857.149
62.388,440
85,320.244
Lansing
128,430,042
121,261,123 +5.9
93.891,670
97,796.544
99,072,122
Indiana
Fort Wayne
127.312,901
121,740,534 +4.6
101.017,089
92,206,238
108,622,114
Gary
210,616,956
200,870,511
+4.8
124,507,300
57,483,401
74.124,264
Indianaipolis
989,163,000 1.055,025.000 -6.3
885.681,013
785.350,000
941.938.000
South Bend
123,684.785
127,303,969 -2.8
109,492,365
96,804,205
99,495,626
Terre Haute_ __ ._ _ - _285.451373
305,616,689 -6.6
WisconsinMilwaukee
1.911.755,916 1.876,239.105
+1.9 1.569.987,894 1.445.267.846 1,736.327.000
Oshkosh
38,657,285
38,303,540 +0.9
32,173,212
33,792.796
38.662,133
Madison _
133,704.284
131.164,602 +1.9
93,844.934
Iowa
Cedar Rapids
126,526,061
129,167,904 -2.0
107.953.795
105,697.465
150,794.214
Davenport
550.774.269
549,979,497
+0.1
533.336,560
Des Moines
558.805.547
568,486,827 -1.7
490,365,390
459,177.930
641,749,310
Iowa City
24.832,104
31,971,121 -22.3
31,766.662
30,186.580
36.315,220
Mason City
26,746,730
29.285,431 -8.7
26.700.598
27,320,208
47.649,396
Sioux City
333,556,838
324,275,394
+2.9
289.854,113
284,871,895
503.551.309
Waterloo
77.441,966
76,952,214
+0.6
68,205.756
69,770.097
106.868,616
IllinoisAurora-63.886.388
61.805.584
+3.4
49,841,703
45,108.115
49,815.825
Bloomington
75,860.204
77.527,839 -2.2
67,344.631
68,788.960
97.224,374
Chicago
31,653,583,949 31.112,845,757 +1.7 28.036,204.337 25,974,692,057 32.669,233,535
Danville
Decatur___.
----- _ _
a
717
550.841
66,578,865
-1a4.5
58245,449
7
587 29,169
1
a
80,324.319
Peoria
237,563.061
229,195,011
205,868,102
+3.7
190,650.996
281,528.229
Rockford
128,906,028
117.145,966 +10.0
99,936,929
95,562,813
136.846,998
Springfield ---------130,597,641
131,189,386 -0.4
115.864,943
124.002,050
146.814,949
Total (29 cities) - 45.993,511.291 44.776,960,599 +2.7 39.000,926,300 35,354.192.489 44.766.436.187
Year 1924.
Year 1923.
Inc.or
Dec.
Year 1922.
Year 1921.
$
Year 1920.
$
$
$
Eighth Federal Reserve Distr ict-St. Louis240.642,009
258.034,160
Indiana-Evansville
7.880,616
8,387,513
New Albany
7.174,033,847 7,203.667,512
Missouri-St. Louis
+7.2
+6.4
-0.4
217.898,167
6.840,775
6,718.029,800
1,5517895,901
24,927.659
123,049,883
1.140.369.121
605,007.351
18.678,528
74.332,582
3.9
'
-9.1
-2.6
-2.3
+5.8
-7.1
+0.4
8
1.336.370,707
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
78.303.734
819.009,454
459.412,342
17.653,042
65.438,802
11.041,357,385 10.990,451,162
+0.5
9.981.200,867
9.078,837,959 12.023.009,926
1.611.927,608
Spring
Kentucky-Louisville field8
22,650,180
Owensboro
119.906,430
Paducah
1,114.087,697
Tennessee-Memphis
640,360.864
-Little Rock
Arkansas
17.343.431
Illinois--Jacksonville
74.625.655
Quincy
Total (10 cities)
$
%
261.887,296
8.010.561
8.294,027,136
110.720.255
1.290,498,398
35.091,193
98,831,124
1.191.104.425
602.978,065
32.838,765
97.022,708
Ninth Federal Reserve Distri ct-Minneapol is390,031,753
504,915,852
Minnesot,a-Duluth
4,025,843,109 3,677,176,267
Minneapolis
22,764,353
20,618,429
Rochester
1,617.749.116 1,805,224.936
St. Paul
105.274.062
94.406,016
North Dakota-Fargo
59.355,300
68,235,694
Grand Forks
13.865,040
12,327,853
Minot
67.224,103
69,714,916
louth Dakota-Aberdeen
155,949,650
54,456,357
Sioux Falls
21,006,003
28,233.717
Kontana-Billings
41,300,582
34,391,079
Great Falls
164,295,937
13 471,553
Helena
11,683,651
f
5
Lewistown
+29.5
+9.5
-9.4
-10.4
320,577,946
3.369,928.782
21,648,002
1.599,711,125
334,987,342
3,355.654,989
21,312,922
1.662.221.623
468,056,391
4,012,206,419
33.837,110
1.870,424,350
-10.3
+15.0
-11.1
+3.7
-65.1
+4.6
-16.7
-17.5
-
98.020.882
53.283,9110
15,352,795
63,082.335
136.602.027
31.078.529
42.974.637
168,305,165
18,262.087
102,431,095
63.889.262
14,632,537
63,704,876
115.737,719
38.271,751
55,806,848
163,848,372
23,916,658
149,040.028
85,425.000
19.556,718
92,483,832
178.970.141
68.675.652
95.746.057
98,340.186
31,432,258
6,541,351,637
+1.9
5,938,828,212
6.016.415,994
7.204,394,142
Distri ct-Kansas Clty21,532,291
21,457,420
27.199,226
28.341.820
215,136.673
215.769,668
2,004.488,419 2,103,475.129
-0.3
+4.2
+0.3
-4.7
19,385,004
28,265,768
200,821,198
1,981.529,346
24,870,877
29,004.354
174.144,975
1.903.158,686
39,746,046
43,866,560
286,469,930
3.094,338.415
229,071,097
a
215.767.252
a
8
935.182
1437
556.080,029
Year 1923.
8
Twelfth Federal Reserve Dis trict-San Fra ncisco38.425,000
40,148,000
Washington-Bellingham
2,039.249.578 1,949.171,370
Seattle
578,862,349
573.914,864
Spokane
a
68,567,871
70,041.478
Yakima
Tacoma8
53,975,270
56,204.184
Idaho-Boise
20,219.168
22,483,880
Oregon-Eugene
1,898.910.859 1,871,946,130
Portland
75,53-1.000 . 73,236.000
Utah-Ogden
785.330,073
804,703,503
Salt Lake City
35,664.574
31,832.496
Nevada-Rono
96,211.668
110,490,149
Arizona-Phoenix
50,490.278
4J,854,551
California-Bakersfield
210,547.624
207,836.127
Berkeley
226,954,967
200,208,229
Fresno
432,151.552
369,536,444
Long Beach
7,194.525.000 7,028,870.000
Los Angeles
38,226,663
39,107.843
Modesto
801,230,517
845.144,456
Oakland
268,829,267
293,184.216
Pasadena
37,150,156
39.932,002
Riverside
378,313.445
430,134,192
Sacramento
192,890.008
215,183.262
San Diego
8,366,230,636 8,049,061,000
San Francisco
123,522,486
126,497,742
San Jose
58,774,470
62.145,992
Santa Barbara
Not included n total.
Santa Monica
28,046,959
25,412,496
Santa Rosa
140,631,100
132,600,507
Stockton
242,791,314
a
174,180,439
719,765.924
Year 1924.
Clearings at-
Total (13 cities)
Tenth Federal R
gebraska-Fremont
Hastings
Lincoln
Omaha
s
Fan.. -Kansas City
Lawrence
Pittsburgh _
Topeka
Wichita
Slissouri-Joplin
Kansas City.
St. Joseph
6,666,363,691
236,428,504
a
264,352,028 -10.6
a
a
9.5
169,025.208 1
8
466,734,222 -16.8
4
1437 91,794
536.121.306
+4.6
73,853,814
77,214,000
6.581,628,797 6,881,567,927 -4.3
364.481,235 Not included in total,
66,212.000
6.811,486,964
a
8
153,019,279
388,348.065
18,638.258
157132,877
McAlester
31clahoma-Lawton8
Muskogee
8
8
1,283,152,230 1,165,341,866
Oklahoma City
402,491.637
351.423.042
Tulsa
61,091,657
56.755.109
Dolorado-Colorado Springs
1,611,163,932 1,655,870.321
Denver
44,549.720
50,384,169
Pueblo
Total (15 cities)
Eleventh Federal R
'oxas-Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
Port Arthur
Texarkana
Waco
Wichita Falls
,ouisiana-Shreveport
Total (12 cities)
13.074,707,331 13,570,859.977
Dia trict-Dallas107.298.466
72,987,114
2,213,634,863
252,557,446
623,089,586
476,068,200
1,578.359.500
26,180,365
35,208,514
163,964,289
119,265,646
246.209,808
5.915.723.797
a
-18.8
a
Outside New York
a
+7.0.1
-12.7
-7.1
-2.7
+13.1
53,841,087
1,464.123,463
40,394.515
50.096,140
1,527.547,230
41,480,801
-3.6 13.082,337.037 13.998,375.175
80,003,877
58.309,312
1,392,807,318
243,637,660
577,294,106
372,499.434
1,243,315,900
21.008.987
25,861,016
132,647,690
94,755.887
225,783.778
73.463,056
54,036,000
1.301,332.809
260,721,121
612,142.408
383,317.456
1.200,770,776
20,065,693
26,120,944
127,827,120
107,078,853
196.551,688
5,270,868,346 +12.2
4.467.984.974
4.363.427.924
$
Year 1920.
$
+4.5
+4.6
-0.9
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
-12.1
+2.3
+11.2
+1.4
+3.1
+2.5
-10.7
+14.7
-1.3
-1.3
-11.8
-14.5
+2.4
+2.3
+5.5
+9.1
+7.5
+13.7
+11.6
+3.9
+2.4
+5.7
707631,111
50,670,103
15,863.945
1,600,617,595
71.443,502
671,653,910
30,419,000
.653,714
8
68
8
88,214,198
14,394.311
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
52.333.596
160,378,670
194,696,065
226,657,300
229,234,818
181.639,876
250.496.140
5.152,305,000 4,211,189,000
35,911,884
39,927.112
543,092,161
679,820,874
161,701,121
200,271,022
24,241,933
30,598.482
284,417,587
323,673.714
138.665,592
156,888.305
7.273.500,000 6,629,000,000
92,064.797
117,315,972
42.452.548
48,275,720
Not included in total.
21,516,807
25,604,390
-9.4
249,179,300
124,314,800
-5.7
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
21,689,481
293,913.000
+2.9 19,637.971.457 17,515,286,565 20,301.522.084
Inc.or
Dec.
Year 1922.
Year 1924.
Clearings at-
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
a
Quebec
a
Halifax
241,241,938 Hamilton
1,037,717,950 Calgary
669,690,614 St. John
Victoria
62,382,894 London
1,980,644.477 Edmonton
52,079,069 Regina
Brandon
20,353,323,045 Lethbridge
Saskatoon
Moose Jaw
Brantford
84,349.049 Fort William
75,779,546 New Westminster
1,868,685.312 Medicine Hat
346,074.091 Peterborough
992,888,032 Sherbrooke
409.843.066 Kitchener
1,504.251.520 Windsor
20,927,985 Prince Albert
38.363,379 Moncton
164.918,143 Kingston
228,479,587
Total (29 cities)
251,133,509
5.985.693.219
Year 1921.
$
CANADIAN BANK CLEARINGS FOR LAST FIVE CALENDAR YEARS.
93,265,048
53,860,820
7.537,160.601 11,615,142.427
a
a
161,534.791
17.305,2748
.
1,1057066.227 1,214,391.012
365,342,425
385,221,994
Year 1922.
al
,o
455,034,068,793 413,452.431,399 +10.1 391,507,311,955 355,588,192,536 449,727.981,440
205.165.887.454 199.456.248.672 +2.9 173.606.925,839 161,256,972,873 206,592,968.076
Grand total (189 cities)
+16.7
+5.3
+27.3
-1.1
+5.7
+3.4
+6.1
-16.8
+9.3
+1.0
+17.2
-3.7
91.918,627
69,313,010
1,738,530.234
255,297,088
584,884,838
460,441,966
1,486,957,553
31.486.103
32,215.246
162,331.551
101,808.370
255.683,760
24,320,052.686 23,637,299.965
Total (28 cities)
Inc. or
Dec.
'
a No longer report clearings.
Year 1923.
$
5,353.492,462
5,255,433,826
2,682,695,199
803,051.359
332,140,501
291.276.519
148,486,237
255.781.872
343.415.332
133,734.811
108,146,581
140,878,932
220,329,384
179.302,867
29,796,999
27,718.555
83,355.958
58,471,697
46.050,667
48.122,905
30,816,500
16.463,668
40,621.725
41,432.014
48,875.860
164,187.469
16,572.705
41,537,923
35.733,539
$.,7
$
,e
5,493.105,775 -2.5 5,093,942,868
5,591,368,205 -6.0 4,974,658,388
+6.1 2,563.938,704
2,528.311.969
683,054.537
750,693,542 +7.0
370,776,458
353,699,360 -6.1
284,484,623
303.116.299 -3.9
160.112,235
152,328,562 -2.5
283,272,009
301,554.611 -15.2
263,240,201
272,438,496 +26.1
142.488,127
141.395.039 -5.4
105 773,654
105,229,802 +2.8
147,787,996
151,868,946 -7.2
234.211.250
+1.4
217,273,336
184,149.429
190,195,987 -5.7
33.077,838
30,970.260 --3.8
30.979,137
31.976.083 -13.3
87,892,573
89,106.604 -6.5
64,035,266
63,910.782 -8.5
54.067,107
52,934.940 -13.0
41,147.689
49.754.115 -3.3
27.367,208
29.251,757 +5.4
17,707,358
17,668.504 -6.9
37.100,117
89.376,920 +3.2
43,261,746
43,320.228 -4.4
52,490,715
51,889.983 -5.8 •
170,789,813
176,443.115 -6.9
17,974,160
18,010.599 -8.0
59,344.596
50.243,501 -17.3
34.679,437
+2.4
34,886,471
16.977.924.066 17.332.343.791
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
515.006.228
404,237,674
364.651.362
302,491.488
255,678.403
181.802,598
380.733,960
297,932,727
438.073,277
335,465,202
176,671,887
147,301,169
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
76,113.949
62.235.591
48,072,027
43,619,961
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
56,262,833
33,872,694
-2.0 16.263.805.239 17,444.720.106 20.232.406.616
arionwaTro
Clearings at-
['MTLI .14Vr
BANK CLEARINGS IN DETAIL FOR THE LAST FIVE CALENDAR YEARS ACCORDING TO FEDERAL RESERVE DISTRICTS-(Conduded)
z):
266
THE CHRONICLE
Problem of Credit Contraction—Federal
Reserve Policy.
[From the New York "Journal of Commerce," Jan. 13 1926.]
The explanations emanating from Washington in regard to
Reserve bank credit policy grow more and more cryptic with
each succeeding week. The last Reserve bank statement
showed a loss in earning assets of $139,500,000 due to a
falling off in rediscounts to the amount of $49,700,000, a reduction in acceptances totaling $46,100,000 and a shrinkage
of $44,100,000 in holdings of Government securities.
It hardly seems to be an opportune time to suggest, as is
reported, that the system is being put into shape to keep
speculation in hand and to produce the gradual slowing-up
process said to be regarded as advisable. If statistics have a
tale to tell it is in this case a tale of impotence. During a
year in which reporting member banks have increased their
loans and investments nearly $2,000,000,000, the system has
reduced its rediscounts over $340,000,000, while acceptance
holdings are only about $22,000,000 above the totals held at
the beginning of 1924.
To employ their released funds Reserve banks have invested in Government securities, which now exceed amounts
held a year ago by about $396,000,000. The result is that
earning assets remain substantially unchanged, but it is
questionable whether anything more than this has been accomplished, for the great expansion in outside bank lending
and investment activities has proceeded without hindrance,
and even been accompanied by a reduction during the year
of $380,000,000 in the borrowings from the Reserve system
of reportin g member banks.
In its official weekly statement relating to member banks
the Board goes so far as to assert that "the lower level of
borrowing in 1924 as compared with 1923 was due chiefly to
Increased holdings of United States securities and accept-
[VoL. 120.
ances by the Reserve banks and to substantial net imports
of gold." Here are fresh causes for bewilderment to anyone
seeking a clue to Reserve bank credit policy. First there is
the difficulty of reconciling this acceptance of partial responsibility for the inflation which has occurred during the
past year with the most recent report that a slowing-up process is now desirable. If this is true, the ground has certainly
not been very carefully prepared for the campaign of credit
restriction said to be in contemplation.
There is, however, a more fundamental difficulty relating
to the facts themselves. Let it be assumed that the Reserve
banks have tried during the past year to pursue what a local
economist has designated as a perverse credit policy, so
called because it is designed to accentuate an already extreme money market ease. Even so, have Reserve bank purchases of United States securities and acceptances actually
been on a scale to exert a controlling influence one way or
another? The banks do not for that matter buy and sell acceptances as part of a credit policy, but they buy or lend
under repurchase agreements as a means of encouraging the
growth of an acceptance market.
Whatever effect the Reserve bank credit policy may have
had must have been slight, but such as it is it has been exerted in the wrong direction. If, as there seems some reason
to believe, alarm is felt over the extent to which credit expansion has been carried, the Reserve banks are undeniably
in a strategically poor position from which to initiate a policy looking toward contraction. They will assuredly not
accomplish much merely by offering for sale some of their
recently acquired Government securities. So long as rediscount rates remain low and no other means of bringing pressure to bear upon the outside market are available, the member banks will not be restrained from expanding the scope
of their operations so long as opportunities offer and profits
lure them on.
Indications of Business Activity
I
THE STATE OF TRADE—COMMERCIAL EPITOME.
some 325,000,000 bushels smaller than that of last year.
Friday Night, Jan. 16 1925.
There is a total shortage, it is supposed of wheat and rye of
Trading in the Jobbing field is rather larger, especially in some 465,000,000 bushels in the Northern Hemisphere.
This
Iron and steel. But there is also quite a good retail business has had profound social, economic and political
effects in
under the stimulus of recent cold weather and snows, par- this country, to go no further. It contributed very
largely
ticularly in heavy clothing, shoes and rubber goods, such as to the result in the late national election in
the United
naturally would be in greater use at this time. It is true States. It has put the West and Northwest on
its feet. Of
that latterly the weather at the West has been somewhat course, it does not settle the question of future
prices, but
milder. But on the whole it has recently been of a sort to half a dozen American markets have run above
the $2 mark
benefit seasonable trade. That has also been the case here this week, and to all appearances the rise has
not yet culin New York, where it was 32 deg. this morning, after touch- minated. No. 2 red winter is scarce. It looks
as though the
ing 26 yesterday. There is a better business in coal. Mining United States were really in an independent
position in the
operations are on a larger scale. Car loadings of late show grain business, and as a matter of fact does
not now appear
some increase. The buying of steel in the main is on a to need any great buying by foreign
markets to sustain
smaller scale, while the output Increases. But prices are on prices. Meanwhile the winter wheat
acreage has been ina more confident basis and the buying of railroad supplies creased to an amount yet to be determined,
and the plant
is still heavy. Pig iron has been very firm, and thought not has been benefited of late by snows over a wide
stretch of
at all active, meets with a fair demand in some parts of the territory. There has been a much heavier
demand this week
country. In the East it suffers to some extent by the com- for corn at rising prices. Cotton has declined
somewhat, but
petition of East Indian iron and also iron from Europe. On it is significant that the fall in prices is
unimportant. For
the whole there is a cheerful feeling in both iron and steel. exports are large, and the consumption is
increasing in this
Lead and zinc have also advanced and copper has been firm. country. With wages being cut 10% throughout
New EngThe grain markets have risen some 4 to 5 cents, and to-day land the mills are in better shape to compete
for business.
there was a return to something like the old activity in While world's spinners' takings of American
cotton are large
wheat, for export. Europe, mostly England, took some It is a noticeable fact that the world's visible
supply of cot1,200,000 bushels. There is no doubt that Europe still needs ton is now beginning to decrease. Fall
River's business
foreign grain. It was also buying freely in shows an increase for the first time for
a good deal of
some weeks past.
Argentina and Australia. But It is significant that England And the mills in this country are none too
well supplied
to-night asks for prices on a large quantity of American with the raw material, while in some cases
they are sold
wheat. Bulgaria was recently buying, although it is usually ahead for two to three months. At the same
time there is a
an exporter. It now appears that Turkey has bought five tendency to reduce the estimates of the
East Indian crop.
cargoes of East Indian, Argentien and Australian wheat. The sale of American cotton in Europe is
helped, of course,
Evidently the wheat crops of Europe were harder hit than by the marked advance within the last
few months in stermost people had suspected. The European yield of wheat ling exchange, coupled with the further
fact that its price Is
and rye is put in some cases at 1,100,000,000 bushels, as con- some 10 cents a pound lower than a
year ago. American
trasted with a five-year average from 1909 to 1914 of some cotton has the East Indian product
at a disadvantage, espe1,350,000,000 bushels. There is a great shortage of bread cially as the East Indian is relatively
dearer than a year ago,
grain in the world. That seems an indisputable fact. Ninety while American is so much cheaper.
Coffee has declined
per cent, of the world's rye crop is raised in Europe, but 114c., owing to a fear of largo
/
importations. Chicago
there has been a renewal of buying of American rye by Ger- women's clubs threaten to boycott or
partially boycott coffee
many and Finland, owing to the shortage abroad.
because of its dearness. Of course it is well known that if
The wheat crop in the Northern Hemisphere, according to coffee goes too high, substitutes
will be used. To-day there
'one computation, is approximately 2,730,000,000 bushels, or was a sharp break in coffee prices because
of a decline in
JAN. 17 1925.]
THE CHRONICLE
Brazilian markets; in fact they have been declining most of
the week and bull speculators, becoming discouraged, have
been selling out.
Gasoline prices have advanced. Crude petroleum output is larger, however. On the Pacific Coast there has been
snow and rain, the latter being beneficial. Texas needs
rain and is getting very little. The rainfall in 1924 in the
State was far below that in previous years; in fact it was the
smallest with two exceptions in about a dozen years. Rain
is needed because the Texas soil is hard and dry and difficult
to plow in making preparations for the next cotton crop. It
seems likely, however, that the South will diversify its crops
this year by reason of the high price of grain. It is said in
the Southwest that wheat acreage has already been increased.
Lumber business is expanding and prices are stronger. Sugar
has declined slightly during the week, but to-day there was a
better business reported both in raw and refined at home and
abroad.
At the West there is a good business in steel, and this is
exemplified in rather striking fashion by the fact that there
is a increase in the number of workers in the Chicago district
steel mills of 5,000 men that has a cheering ring. The mills
there are operating close up to 100%. Mill shipments are
steadily rising. Railroads are buying cars, rails and other
materials. Building in this country in 1924 ran even above
the high record of 1923. In Chicago so great is the demand
for building workers that wages, high as they were, have
advanced further. There is such a thing, however, as
killing the goose that lays the golden egg. Already in
Chicago there is a certain amount of hesitation owing to the
increasing cost of construction. It may possibly lead to
abandonment of some projects. Collections are better
at Chicago and the West. Money rates are unchanged.
Call money here has been of late 3% to 33 %. Wool has
4
been quiet and rather weaker at Boston, though steady here.
In the South there is a larger demand for southern Pine. Last
week orders increased 263/2% over those of the previous
week; shipments increased 193/2% and production 2237o.
Of late the stock market has shown a tendency to react which
is hardly surprising after the prolonged period of great activity and rising prices. The transactions are still on a large
scale, to-day reaching 1,750,000 shares. London is confident, as well it may be with the reparation outlook so much
clearer, now that the powerful aid of the United States has
been formally enlisted much to the satisfaction of Europe.
One of the big events of the week was the announcement that
Secretary Hughes will retire from the Department of State
on March 4. The country keenly regrets his decision, for
it means the loss of the services of one of the foremost constructive statesmen of the age. In general, the political,
financial and commercial outlook at home and abroad is
promising. European currencies show in general an upward
tendency. Civilization is getting back on its feet.
At Fall River, Mass., a 10% reduction in wages of Fall
River textile operatives caused a strike on Monday in one
or more departments of three mills and brief trouble in one
department of another mill. Four hundred weavers walked
out. While there has been a big gain in operations, production being estimated at fully 65% of normal in Fall River
as a whole, still a number of plants failed to resume work on
Jan. 12, i.e., Seaconnet, Chase, Stafford, Arkwright, and
American Linen Co. Fall River print cloth sales this week
are estimated at 65,000 pieces, against 25,000 to 30,000 for
a number of weeks previously.
At the Kerr Thread Mills of the American Thread Co.,
Fall River, employees of the dye room force walked out on
the 12th inst., contending that the present reduction of
10% and a 25% cut in production, their wages actually were
reduced by 35%. The Davis Mills workers at Fall River,
who struck on Wednesday, returned on Thursday.
New Bedford, Mass., reports an improved demand for
plain cotton goods, although the call for fancies has slackened. Silk and cotton mixtures are slightly easier. At
New Bedford, Mass., the National Spun Silk Co., the largest in this country, and the largest single unit in the world,
cut wages 10%, effective Jan. 19. It affects 1,200 workers.
The New Bedford, Mass., Cotton Manufacturers' Association voted on Jan. 9 to reduce wages in the cotton mills
10%, effective Jan. 19. The reduction will affect approximately 40,000 operatives in this city alone. The mills are
operating at 80%. This is said to be double the scale of
last May. It is estimated that approximately 32,000
workers are now actually employed in New Bedford cotton
mills. New Bedford's last general wage reduction took
267
place in December 1920, when a cut of 223/2% was announced. In April 1923 wages were increased by 123/2%.
At Taunton, Mass., more than 1,900 employees in the
textile trade may be affected by a 10% reduction in wages.
At Springfield, Mass., the Indian Orchard Co., manufacturers of warps and yarns, reduced wages from 4 to 10%.
The plant is operating at three-fourths capacity. Not all
employees are affected. At East Hampton, Mass., the
West Boyleston Manufacturing Co. to-day cut wages of its
2,000 employees 10%. At Norwich, Conn., the Totokett
-hour schedule. For
Mills will begin at once to run on a 48
several months past the plant has operated 36 hours weekly.
On Jan. 19 a wage cut of 12% will be effective. That equals
the last general increase granted. At Hartford, Conn.,the
Baltic Cotton Mills Jan. 14 reduced wages 10%, affecting
about 600 operatives.
Snow on the 12th inst. here was followed by rain, which
froze and glazed the streets with dangerous ice. An army
of ash and sand sprinklers finally made the hazardous underfooting safe, and hundreds of extra men employed by the
transit lines cleared the rails, frogs and switches of menacing
sleet. Storms swept the West on Tuesday and caused delays
in wire service. At Minneapolis on the 14th inst. it was
snowing and 4 deg. below. To-day it was snowing at Denver,
Colo., and Amarillo, Tex. It was cold and snowing at
Des Moines. It has been seasonably cold here during the
week. To-day it was overcast with a light snow flurry in
the morning and rain later. It is raining here to-night. Of
late it has been 38 at Chicago, 36 at Cleveland, 42 at Cincinnati, and down near zero or below it in the far Northwest.
Increase in Wholesale Prices in December, 1924.
A sharp increase in the general level of wholesale prices
in December as compared with the preceding month,is shown
by information gathered in leading markets by the United
States Department of Labor through the Bureau of Labor
Statistics. The Bureau's weighted index number, comprising
404 commodities or price series, rose to 157.0 for December,
compared with 152.7 for November, a gain of 23%. In
no month since April 1923, when the index stood at 158.7,
have prices averaged as high. The Bureau under date of
Jan. 14 also says:
Farm products showed large increases over the previous month, due7to
advances in grain of all kinds, cattle, hogs, sheep, eggs, hay,onions, potatoes, and wool. The increase in this group averaged nearly 5%. Food
also were higher, with advances in butter, cheese, flour, corn meal, lard,
rice, and tea. Metals were higher on account of rising prices of pig iron,
steel billets, steel plates, structural shapes, nails, wire, copper, lead, tins
and zinc. Smaller Increases were recorded for the groups of cloths and
clothing, fuel and lighting, building materials, chemicals and drugs, and
house furnishing goods. In the group of miscellaneous commodities,including such important articles as bran and mill feed,linseed meal,leather,
paper, wood pulp, Manila hemp, and rubber, prices averaged 414% higher
than in November.
Of the 404 commodities or price series for which comparable data for
November and December were collected, increases were shown in 193
instances and decreases in 53 instances. In 118 Instances no change in
price was reported. P Dsimorpoo Pk ET IM
t‘r mrt Drift00,004
Index Numbers of Wholesale Prices, by Groups of Commodities.
(1913=100.0)
GroupDec. 1923. Nov. 1924 Dec.1924
Farm products
144.6
156.7
149.5
Foods
146.9
157.9
15:
4.8
Cloths and clothing
191.4
203.3
190.4
Fuel and lighting
162.2
164.6
162.8
Metals and metal products
132.9
128.7
.141.6
Building materials
175.1
171.6
178.3
Chemicals and drugs
134.6
134.0
130.3
House furnishing goods
172.4
172.0
176.4
Miscellaneous
128.6
122.9
116.4
All commodities
157.0
152.7
151.0
ANIM1111=6....
Comparing prices in December with those of a year ago, as measured by
changes in the index numbers, it Is seen that farm products have increased
834% and foods 734%. Smaller increases are shown for fuel and lighting
materials and for chemicals and drugs, while an increase of 1014% is shown
for the group of miscellaneous commodities. On the other hand,cloths and
clothing, metals, building materials, and house furnishing goods were
cheaper than in Dec. 1923. All commodities, considered in the aggregate,
were 4% higher.
Small December Gain in New York Factory Employment Viewed as Important.
Factory employment in New York State went up 1% from
November to December. This change is important because it
Indicates that the upward movement of August and September, which had not been much in evidence in the last two
months, was again under way. Seasonal decreases in clothing and food products, and the end of the special pre-Christmas production all tend to send employment down in New
York State in December. The gain was due to improvement
in the basic industries making producers' goods on which the
major changes in the business cycle depend. This statement
was issued on Jan. 12 by Industrial Commissioner James A.
268
THE CHRONICLE
[VOL. 120.
Textiles improved, but to a less degree than in November, and the preHamilton of the State Department of Labor. The Commisceding months. Cotton mills used only a few more operatives, and there
sioner further says:
was a reduction in average earnings.
Large Increases in Steel and Railroad Equipment.
Again the metals led with notable gains in steel, copper and railroad
equipment. Practically all branches of the textiles also continued to increase their scale of operation. Pig iron and steel mills reported a 12%
increase in employment in December, the largest single increase since the
depression of the summer. This means that they are within 15% of the
average for 1923. Brass and copper mills increased production after stay.
ing even for several months and an estimate for the non-ferrous metal division places the number of workers re-employed in these factories this month
at over 2,000. Since October about 2,500 men have found employment in
railroad equipment shops.
Manufacturers of electrical equipment were on the whole busier and some
machine shops were more active. Foundries supplying automobile and
agricultural implement industries increased production. Metal containers
and kitchen ware showed a somewhat lower number of employees In December and heatirg apparatus shops reduced forces considerably. A few manufacturers of automobiles and parts curtailed operations after a rather heavy
schedule, but on the whole there were few changes. In related industries,
such as tires, upholstery, hardware and other accessories, there were some
upward movements. Increases were noticeable in typewriters and lenses, but
were partly offset by decreases in other plants making instruments and
appliances.
Textiles Continue to Improve.
Employment in the cotton mills is back to where it was in January 1924,
just before the last severe phase of the depression set in. Compared with
January 1923, the peak of employment since 1920, there are over 2,000
workers then at work in the mills of the State who still have to seek employment elsewhere. Finishing plants were busier and woolen goods manufacturers took on more operatives. Improvement in two or three of the mills
carried knit goods higher. Of much significance is the movement for the
closing of the small branch plants of some of the silk glove firms. There
was another gain, of over 300 employees, in the carpet factories reporting
to the State.
Building Materials Low.
The heavy seasonal declines in building materials continue. Because of
strikes and market conditions brick yards on the representative list are
employing several hundred fewer men than last year. However, mills turning out house trim reported some increases in forces and factories making
builders' hardware tended to be more active. Manufacturers of both home
and office furniture made small additions to their payrolls.
Employment in the paper mills of the State averaged 2% higher than in
November, but it is tarn 10% below the average for 1923. On the other
hand, there was a loss in some wood pulp plants.
Leather showed a decline in December after a steady gain since the summer; usually December shows an increase. In the up-State shoe factories
one or two large gains offset some rather serious losses. Payrolls were
higher than November, which had included a holiday. Total wages in the
leather glove factories were lower, but there was little net change in employment. The busy season set in for men's clothing.
It is estimated that almost 5,000 up-State workers were released in the
canning industry of the State in December. There were a few small reductions in sugar refineries and one gain. Some meat packing houses were
busier, but cigar and cigarette factories showed a net loss.
Seasonal Loss in New York City.
Employment in New York City fell off a little because of the importance
of seasonal industries here. Several of the clothing trades continued to reduce the number of their employees and food industries chiefly located in
Brooklyn also let a large part of their forces go. There are still 11,000
workers off the payrolls in the representative factories alone.
Metals related to the automobile industries showed the most improvement
and service and repair stations were busier. Cutlery workers who were
released last month were taken back in December and makers of silverware
employed more people this month.
Women's cloak and suit shops and a few dress factories began to prepare
for the spring trade. Modistes cut forces still further for the dull season.
Reductions in the men's clothing industry continued, though there were some
signs of approaching activity. Operatives in women's underwear and neckwear
factories were let go, but men's neckwear manufacturers were still filling
Christmas orders in December.
Candy factories let almost 500 workers go in the representative factories
alone and there were further reductions in bread and biscuit factories.
Scattered gains in wood manufactures were most conspicuous in smoking
pipes and packing boxes.
Copper and Steel Important in Buffalo Increase.
Employment in Buffalo continued in the upward direction of previous
months. Almost 1,000 workers were taken on in the copper, brass and
steel mills and there were smaller gains in railroad equipment. However,
almost 1,000 metal workers in other industries were without employment in
December who were employed in November. Heating apparatus and the automobile factories were less active.
There were small gains in furniture and planing mills. Some chemical
plants continued to increase forces.
Bread and biscuit forces released some emyployees and several flour and
cereal mills reduced forces slightly. There were a few increases in printing.
Large Increase in the Capitol District.
The Capitol District reported a 2% increase in December. The improvement in railroad equipment of November was repeated. Almost 700 more
men were on the payrolls of the representative factories. Machinery and
electrical equipment also gained and employment for several hundred more
workers was provided. Iron and steel mills were slightly busier. Employment in the metal industries of the district is about 12% below December
1923.
Increases predominated in the shirt and collar factories, but there were
some losses in other clothing trades. •There were over 100 additional workers in the textile mills reporting to the State, but the improvement was not
widely distributed.
Small Improvement in Utica and Syracuse.
Employment in Utica went up over 1%. The size of the monthly increases has been gradually diminishing. There are now a little less than
8,000 workers unemployed in the factories of this district Who were working there last year, a difference of 10%.
Metals are further below last December55 figures. Several hundred workers were taken on in the representative copper and iron mills this December.
Otherwise no upward tendency is evident. Heating apparatus plants gave
conflicting reports, but there was no large change. There were fewer workers in the firearms and tool shops.
Only one large gain was reported in knit goods and decreases were scattered throughout the factories.
Furniture and other wood products were more active and the beginning
of the men's clothing season was felt in some factories. Leather and leather
goods showed a decline.
There was a slight increase in Syracuse from November to December. The
reporting steel mills of this district took on over 200 workers and some of
the metal products factories used more employees this month. However, the
automobile industry, which is extremely important here, showed very little
change. From July to December about 1,000 employees have been added to
the payrolls of the representative factories, while from March, the high
month of 1924, to July, 6,500 were released.
The shoe industry showed rather a heavy reduction in December. The industrial chemical plants were irregular.
Decrease in Rochester.
Rochester was the only city except New York to report a decrease in
December. Although activity in the men's clothing shops increased somewhat, seasonal losses in the canning plants were enough to bring down the
total volume of employment. Over 550 workers were let go in the representative canning factories.
There were no important changes in the metals. Decreases predominated
in the shoe factories and there were fewer employees in the chemical plants.
Following a drop in employment in Binghamton in November because of a
decrease in the shoe factories, a large increase was reported. Over 600
workers were taken on in the representative factories.
Cigar manufacturers released a few employees. The end of Christmas
orders accounted for a slight loss in wood products.
Improvement in Condition of Illinois Labor Market
in December.
Expanding industry is bringing practical relief to the unemployment problem in Illinois, says H. D. Cahn, Chief
Statistician of the General Advisory Board of the Illinois
Department of Labor. His monthly review of the industrial
situation in Illinois, made public Jan. 12, continues:
In place of the usual seasonal lull at the turn of the year, there has been
a marked improvement in the condition of the labor market of the past 30
days. Whereas employment did not advance in Illinois during October and
November, the usually active months, it expanded broadly in December.
Manufacturing operations in practically all but the seasonally inactive industries have been increasing, and though the severe winter has brought large
numbers to the industrial centres, increased hirings by the employers have
checked any substantial increase in the ratio of unemployed persons to unfilled jobs.
The regular monthly survey of the Illinois Department of Labor shows
that there has been an expansion of 2% in the aggregate amount of employment in the manufacturing industries during December. One thousand, one
hundred and eighty-two employers in a wide range of industry had 276,195
workers in December, a gain of 5,500 over the number the identical employers had a month before. If the same rate of increase exists elsewhere in
industry, it appears that about 15,000 workers have been put back to work
In Illinois factories in 30 days.
Indications of the improvement in industry may be seem in the extent of
new enterprises that are being developed. In the week including the end of
the year Illinois newspapers told of new factories in various parts of the
State which would produce silver plate, auto trucks, gloves, shoes, adding
machines and radio outfits. Also, an important railroad shop, which had
been closed for two weeks, resumed operation.
Further evidence of the improvement is indicated in the reports for the
month of the Illinois free employment offices in 13 of the principal cities of
the State. December usually finds the out-of-door trades near a standstill.
Migratory workers then flood into the cities, particularly the railroad centres, where they hibernate. Notwithstanding the fact that December was a
particularly cold month, there was only a slight increase in the ratio of
applicants to jobs open at the State free employment offices. In December
the index stood at 149 per 100, which was not appreciably above the October
and November ratios. Moreover, the index of 149 was only 3 points above
that of one year ago. From another point of view the statistics on free employment office operations are more favorable than a year ago. Placements
by the offices in 13 of the principal cities of the State totaled 10,105 in
December, which was 832 more than the same month last year.
The larger industrial cities lead in the extent of expansion of the month.
In Chicago, there was a gain of 4.8% and average weekly earnings mounted
to $33 06 per week for hales and $18 95 for females, higher than for some
time, and evidencing the trend to fuller operations. Moreover, as the leading railroad centre of the country, Chicago receives more migratory unemployed in the winter, when the out-of-door industries are closed down.
Nevertheless, there were only 144 registrants in Chicago for each 100 jobs
open at the State free employment office in that city, the lowest point since
April, and 60 points better than in June and July. At East St. Louis,
Rockford and Aurora the gain in the number of factory workers was of substantial proportions. At Moline, Peoria and Rock Island the gain was
smaller, while at Bloomington, Danville, Decatur, Joliet and Quincy employment declined.
The expansion in December was particularly significant among the twelve
Industries making up the metals, machinery and conveyance groups represented in the reports to the Department by 385 employers. They had 1.2%
more workers than a month previous and 9 of the 12 industries made progress during the month.
The agricultural implement industry has continued its recovery by adding
10.6% more people. In the past four months this industry has added 88%
more workers. Reports have come to the Department of Labor that some of
the plow works which have been closed down for some time will reopen at
an early date.
Blast furnaces had new labor requirements during the month and employment in this industry increased 3.5% for the 114 employers, following gains
of slighter amount in October and November.
The machinery industry which is a highly sensitive barometer to industrial
changes reported an increase in employment to the extent of 3.8%. There
was also a minor gain in November. In previous months, however, the
changes were decidedly downward.
A recovery of some of the lost ground is shown in the reports of the car
builders. This industry for some months has been in a slump on account of
exceptionally large construction orders a year ago, which increased the store
of railway equipment to a high point and the lessened demand for shipping,
facilities. The employment increase amounted to 2.5%.
JAN. 17 1925.]
THE CHRONICLE
Other increases in this group were hardware, 4.5%; brass and copper,
4.8%; autho accessories, 0.7%, and watches, clocks and jewelry, 1.1%.
The apparel industries have become seasonally active. 26.5% was the
addition made to the forces in the men's clothing factories, 17.5% in millinery, and 10.9% in women's furnishings, and lesser gains in nearly all of
the other apparel industries. Knit goods firms were still busily engaged in
the manufacture of their spring product, and added 2.6% to their forces in
December.
The outstanding change in the food industries was in meat packing. During December hog receipts at the Chicago stockyards reached the highest
point of any time in the past ten years and cattle and sheep receipts were
high for the time of year. This resulted in an expansion in work forces.
Nineteen reporting packers in December had 5.4% more people than they
had a month ago.
In the wood products group increases and reductions were of about equal
extent. Notwithstanding the coming of winter, planing mills hired more
employees. There was also an expansion in piano factories. In household
furnishings, however, there was a decline of 7%. In the two other industries
of the group, furniture and miscellaneous wood products, the changes were
less than 1% for the month.
Conditions continue to improve in the leather group of industries. In
boots and shoes employment rose 2.4%, in leather products generally, 3.8%.
The fur industry, however, reacted seasonally.
Increases were general in the chemical industry except in drugs, where
there was a decline of 2.3%. The paint factories added 4.5% and miscellaneous chemicals 5.5%.
The end of the year always finds printers busy, and this year was no exception. Seventy-nine employers in job printing reported that they had 8%
more workers in December than they had in November, the increase being
about equally distributed among men and women. In miscellaneous paper
products, employment rose by a like amount. There was a decline in bookbinding and a slight reduction in paper boxes.
An analysis of the reports by size of firms show generally that the smaller
firms are at least keeping pace with their larger competitors. Thus, in the
metals, machinery and conveyance group of industry employers of fewer than
101 persons reported increasing the number of their workers by 5%, which
was not exceeded substantially by any other group and was considerably
more than the increase by employers of over 1,000 workers.
The industries included in the survey for the month aside from the manufacturing industries show marked seasonal characteristics. Road construction
has almost stopped. Building work generally was on a much reduced basis,
119 employers having 10% fewer employees than last month.
There has been vast improvement in the mining industry during the
month. Eleven mines, some of which have been closed for two years, reopened in December. At other mines orders have justified an increase of
the forces or an increase of operations to full time.
Christmas trade gave temporary employment to a number at the department stores and mail order houses. Department stores added between onefifth and one-fourth of their normal working forces, and mail order houses
about 18%.
Public utilities show the effect of the suspension of construction work.
The decline, however, was much less than in construction industries. Sixtysix utilities having nearly 80,000 workers had 1.2 fewer people than a
month ago.
Not alone has there been an increase in the number of persons whose names
are on the payrolls of reporting employers, but also there has been an expansion due to steadier work. There has been a marked reduction in the
number of workers working only part time and during December there was
a substantial increase in the number working overtime. As reported by
1,043 employers who responded to the question of the extent of operations,
It appears that 77% of the workers are on a full time schedule. Twentyfour plants are still closed down.
One thousand, five hundred and three employers in all industries reported
that they had put into circulation as wages during the week of Dec. 15
$10,707,108, which was 4% increase over the amount they paid out in the
week of Nov. 15. The expansion was even larger in manufacturing concerns,
the reports for 1,181 of them showing disbursements for the week of Dec. 15
as 5.4% larger than in the like week of the preceding month.
Building authorizations for the month of December display the usual
seasonal characteristics. December permits declined from the November total in practically all of the cities, but the bulk of them were at least as
large as a year ago. Twenty-four cities issued 2,163 permits calling for
$28,259,625 worth of work. The value in November was $35,871,087, and
December 1923 was $28,891,691.
Expansion in Industrial Operations in Pennsylvania
and New Jersey-Increase in Wages and
Employment.
Operations of industrial establishments in Pennsylvania
and New Jersey expanded considerably in December, as compared with November, according to the Federal Reserve
Bank of Philadelphia, which under date of Nov. 14 says:
The improvement was especially striking in Pennsylvania, where employment in the 600 reporting establishments increased
2.8% and average per
capita earnings were 5.8% larger. As there were only a
few actual changes
In wage rates reported, the increase in earnings indicates longer working
hours and considerably heavier production schedules. In Pennsylvania, the
greatest expansion occurred in metal manufacturing establishments. All of
the industries in this group, except shipbuilding, reported increased employment and earnings. The total increases for the group were
em4.4%
ployment, 13.1% in total wages and 8.3% in per capita earnings.inSteel
works, miscellaneous iron and steel plants, electrical machinery
and apparatus manufacturing establishments, and iron and steel blast furnaces were
among the industries showing greatest improvement. Most of the textile
industries in Pennsylvania also expanded operations, although the increases
were smaller than in metal plants. Among the other industrial groups
changes were generally insignificant. Brick plants, lumber mills and fan
niture factories showed large increases in employment, but a number of
industries, including cement mills, shoe factories and rubber manufacturing
establishments reported decreases.
In New Jersey expansion in operations was less pronounced than in Pennsylvania. Emplyoment increased 1.8% and wage payments were 2%
larger. Most of the large increases occurred in metal manufacturing plants,
notably in foundries and machine shops, structural iron works, miscellaneous iron and steel plants and shipyards. As in Pennsylvania, most of the
textile mills expanded operations, indeed, an advance of 5.3% in total wage
payments indicates that the improvement in this group was larger than in
metal plants. Among the remaining industries employment increased noticeably in canneries, glass plants, chemical plants, leather tanneries and
printing and publishing establishments.
269
EMPLOYMENT AND WAGES IN NEW JERSEY COMPILED BY THE
FEDERAL RESERVE BANK OF PHILADELPHIA.
Increase(+)or Decrease (-,-)
Number of
Dec. 1924 over Nov. 1924
EmployPlants
Total
Avge.
Group and IndustryReporting.
mew.
Wages
Wages
All industries (37)
+2.0
337
+1.6
+0.4
Metal manufactures
98
+2.9
+2.0
+0.9
Automobiles, bodies and parts
-2.8
+12.8
+9.8
5
Electrical machinery and apparatus
-1.9
-2.4
21
+0.5
Engines, machines. and machine tools
15
+1.4
+3.3
+2.0
Foundries and machine shops
+9.9
15
+5.4
+4.3
Heating appliances and apparatus
-7.7
3
-7.7
Steel works and rolling mills
-1.3
-2.5
-1.2 '
6
Structural iron works
-1.7
3
+2.9
+4.7
Miscellaneousiron and steel products
+8.4
19
+13.5
+4.6
Shipbuilding
4
+3.2
+4.0
+7.4
Nonferrous metals
+4.2
+0.8
6 . +3.4
Textile products
+4.0
80
+1.3
+5.3
Carpets and rugs
+0.2
+2.2
+2.3
3
Clothing
+4.9
8
-0.6
+4.2
Hats, felt and other
+23.5
8
+27.1
+2.9
Cotton goods
+4.8
13
+3.3
+6.0
Silk goods
+7:9
19
+0.4
+8.3
Woolens and worstede
10
-1.8
+0.3
1.8
Knit goods and hosiery
+6.3
3
-0.5
+5.7
Dyeing and finishing textiles
11
+1.8
+0.9
+5.8
Miscellaneous textile products
7
+2.1
+1.5
+3.8
Foods and tobacco
11
+3.2
+3.9
+0.7
Canneries
7
+1.7
+4.5
+8.3
Cigars and tobacco
-0.4
-4.2
-4.0
4
Building materials
+1.1
25
+5.3
+4.1
Brick, tile and terra cotta products
+1.1
-4.0
-5.0
9
Glass
+7.8
3
+17.3
+8.8
Pottery
-1.1
13
+5.4
+6.6
Chemicals and allied products
+1.7
-3.8
-5.5
43
Chemicals and drugs
23
+3.6
-L7
+1.8
Explosives
+2.0
-7.1
-8.9
9
Paints and varnishes
+1.9
8
+7.2
+5.2
Petroleum refining
3
+0.6
-6.1
-6.7
Miscellaneous industries
+1.3
+2.6
+1.2
80
Furniture
5
+4.1
+2.3
+6.5
Musical instruments
-2.7
-2.7
5
+0.1
Leather tanning
-1.2
14
+3.6
+2.4
Boots and shoes
-3.1
-3.5
-0.3
6
Paper and pulp products
+1.9
-1.8
---Printing and publishing
-10.6
-3.9
+7.6
6
Rubber tires and goods
+4.6
+1.1
+5.8
14
Novelties and Jewelry
+6.6
+3.8
9
+2.7
All other Industries
+11.5
+14.6
12
+2.7
EMPLOYMENT AND WAGES IN PENNSYLVANIA COMPILED BY THE
FEDERAL RESERVE BANK OF PHILADELPHIA AND THE DEPARTMENT OF LABOR AND INDUSTRY. COMMONWEALTH OF
PENNSYLVANIA.
Increase(+)or Decrease(-)
Number of
Dec. 1924 over Nov. 1924
Plants
Employ
Total
.40Cc.
Group and IndustryReporting.
ment.
Wages
Wages
All industries (39)
660
+5.8
+2.6
+8.6
Metal manufactures
248
+13.1
+4.4
+8.3
Automobiles, bodies and parts
17
+3.6
+9.6
+13.5
Car construction and repair
13
+1.0
+4.0
+3
.
Electrical machinery and apparatus
+5.2
20
+12.1
+6.6
Engines, machines and machine tools
21
+9.6
+11.4
+1.8
Foundries and machine shops
+11.3
55
+15.3
+3.8
Heating appliances and apparatus
+4.7
15
+3.0
+7.8
Iron and steel blast furnaces
12
+3.9
Iron and steel forgings
12
+3.2
+.
:
8
Steel works and rolling mills
+11.1
42
+17.8
+6.1
Structural iron works
+0.3
9
+0.3
+0.5
Miscellaneous iron and steel products
29
+1
-.
+7.2
.
Shipbuilding
+2P
3
3
-7.0
Textile products
164
+2.6
+1.3
+4.0
Carpets and rugs
10
+0.3
+2.4
+2.8
Clothing
7-1.4
-3.3
-2.0
18
Hats, felt and other
5
+0.7
+1.4
.
Cotton goods
14
+3.7
+2.7
+6.5
Silk goods
46
+0.8
+0.8
+1.6
Woolens and worsteds
+3.6
18
+4.3
+0.7
Knit goods and hosiery
44
+8.3
'+2.4
+8.8
Dyeing and finishing textiles
-0.4
9
+6.8
+6.4
Foods and tobacco
64
+1.7
-0.6
+1.1
Bakeries
19
-03
+2.3
+2.6
Confectionery and lee cream
19
-1.5
-1.8
-0.3
Slaughtering and meat packing
10
-0.2
+0.9
+0.6
Cigars and tobacco
+3.9
16
-0.3
+3.6
Building materials
55
-0.9
+0.2
-0.7
Brick, tile and terra cotta Products
14
+5.5
+1.0
+6.5
Cement
-3.5
-3.8
14
-0.4
Glans
24
-0.2
+0.8
+OA
Pottery
-1.1
3
-0.4
-15
Chemicals and allied products
27
+2.8
+1.0
+3.9
Chemicals and drugs
16
+10.0
+0.3
+10.4
Paints and varnishes
+8.1
8
-1.9
+4.1
Petroleum refining
5
+15
+3.0
+1.5
Miscellaneous industries
102
+3.2
+3.8
+0.4
Lumber and planing mill products
+4.7
8
-2.5
-4.9
Furniture
16
+7.5
+18.0
+9.8
Leather tanning
18
+1.4
+2.1
+3.4
Leather products
4
-2.5
+4.1
+1.5
Hoots and shoes
23
-3.6
+4.2
+0.4
Paper and pulp products
+0.3
12
+0.3
+0.5
Printing and publishing
+4.3
18
-1.5
+2.8
Rubber Urea and goods
+18.7
-5.9
3
+9.8
+11.
IS.1
.
2.0
Gasoline Prices Show Advance.
Several Price Changes of note took place in the gasoline
markets this week beginning on Jan. 14 when the Standard
Oil Co. of New York advanced wholesale and retail prices
2 cents a gallon, making them 17 and 20 cents per gallon,
respectively, in New York and New England. At the same
time the Gulf Refining Co. announced an increase from
1% to 2 cents a gallon in North and South Carolina.
On Jan. 15 the Atlantic Refining Co. increased the price
2 cents per gallon in Boston, Mass., and surrounding territory.
The Colonial Filling Stations, Inc., increased the price of
gasoline 2 cents per gallon to 17 cents tank wagon and
20 cents filling station.
The Standard Oil Co. of New Jersey on Jan. 15 advanced
the price 1 M cents in New Jersey and Maryland to 14M and
14 cents, respectively. The company also met the advance
announced by the Gulf Refining Co. in`North and South
Carolina. The tank wagon price now is 14 cents per gallon.
The retail price in the Jersey district is 18 cents per gallon,
which is also quoted by the Gulf Refining Co. and the CoService Oil Co.
[Vol,. 120.
TRE CHRONICLE
270
A change in the price of lubricating oil was made on
Jan. 14 when the Northwestern Pennsylvania refiners ancent per gallon in "600 grade
nounced an advance of
cylinder steam" stock.
On Jan. 16 the price of tank wagon and filling station
cents to 16 cents and 18 cents,
gasoline was advanced 1
respectively, by Standard Oil Co. of Louisiana. Gulf Refining Co., Louisiana Oil Refining Co. and others met the
advance.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR NOV. 1924 AND NOV. 1923.
November 1924.
Production (Feet).
Shipments (Feet).
Association.
Mills Hardwoods.
California Redwood _
15
Calif. White & Sugar
Pine Manufacturers_
27
Georgia-Fla. Saw Mill_
6
North Carolina Pine
58
Northern Hemlock &
Hardwood Mfrs_
51
Northern Pine Mfrs__ _
9
Southern Cypress Mfrs. 10
Southern Pine
176
West Coast Lumb'men's 113
Western Pine Mfrs_ _ _
39
Michigan Manufac'rs_ _
14
Non-membere
27
Softwoods.
Hardwoods.
Softwoods.
38,795.000
32,026,000
78.753.000
7.212.000
45,481,000
89,683,000
7,466.000
47,947,000
15.713,000
12,159.000 26,835,000
17,191.000
Crude Oil Output Shows Increase.
8,420.000
33,144,000
3,313,000
11,919.000 1,819,000
9,948.000
recorded in the estiAn increase of 39,750 barrels per day
362.715.000
412.797,000
368.451.000
332,184.000
mated output of crude oil during the week ended Jan. 10.
105.036.000
110.846.000
11,818,000
6.883 000 11.842.000
5,404.000
The American Petroleum Institute estimates that the daily
6,509.000
42,769.000 7,174,000
49.045,000
average gross crude oil production in the United States for
Total
645 37.353.000 1,088.593,000 47,670,000 1,147.681,000
the week ended Jan. 10 was 2,005,000 barrels, as compared
Total production Nov. 1924, 1,125,946 000 ft.; Nov. 1923, 1,335,805,000 ft.
preceding week. Compared
with 1,965,250 barrels for the
with the figure for the corresponding wstek of 1924, the curNovember 1923.
rent output is 108,700 barrels per day larger. The daily
Production (Feet).
Shipments (Feel).
Association.
average production east of California in the latest week
Mills Hardwoods. Softwoods. Hardwoods. Softwoods.
was 1,399,000 barrels, as compared with 1,358,250 barrels the,
California Redwood_ _ _
15
52,964.000
41,007,000
preceding week, an increase of 40,750 barrels. Californian Calif. White & Sugar
30
Pine Manufacturers_
95.253.000
60,852.000
production was 606,000 barrels, as compared with 607,000) Georgia-Fla. Saw Mill_
8,518.000
8,189,000
_
34,660.000
35,131,000
barrels; Santa Fe Springs Is reported at 48,000 barrels, North Carolina Pine-dr_ 41
Northern Hemlock
Hardwood Mfrs_ _ _ _ 57 25.372,000
17,288.000 42,738,000
against 51,000 barrels; Long Beach, 118,500 barrels, against
24.613.000
10
Northern Pine Mfrs_ _ _
18.260.000
120,000 barrels; Huntington Beach, 41,000 barrels, against Southern Cypress Mfrs. 13 5,522,000 11.666.000 4,874,000 41,042.000
9,676.000
182
414.168,000
384,175.000
40,000 barrels; Torrance, 42,000 barrels, no change; Domin- Southern Pine
West Coast Lumb'men's 125
424.850.000
380.178,000
44
Western
132,550.000
106,868,000
guez, 63,000 barrels, against 62,000 barrels, and llosecrans, MichiganPine Mfrs
14 12,287,000
Manufac'rl
7.772.000 10,618,000
8.857,000
26
9,080,000
Non-members
64,695,000 9.676.000
8,500 barrels, against 7,000 barrels. The following are esti62,046,000
mates of daily average gross production for the weeks indi565 53,161.000 1,282.644,000 67.006,000 1.162.634.000
Total
cated:
z
.
l'otal shipments Nov 1024, 1.195,351,000 ft.. Nov. 1923, 1,230,540,0)0 ft.
.S"
DAILY AVERAGE PRODUCTION.
LUMBER PRODUCT ON AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
Jan. 10'25. Jan.3'25.
27'24. Jan. 12'24.
November 1924
468,100
471.650
494,250
360.200
Oklahoma
Production.
Shipments.
80,550
81,300
81.950
Kansas
71,050
Mills.
M ft.
M ft.
92,400
93.600
92,950
64,700 Alabama
North Texas
27
32.885
37,554
16
232,150
179.350
31,292
162.200
128,300 'Arkansas
East Central Texas
42.253
34
108,784
108,639
52,300
53,300
53.300
52,700 California
West Central Texas
13
27,575
Florida
27,468
48.800
49,250
49,350
52-200 Georgia
North Louisiana
9
3,654
4,096
110.150
106,550
106,050
Arkansas
110,500 Idaho
15
46,675
44,733
54
120,642
131,683
135,300
135.700
91,250 Louisiana
Gulf Coast dc S. W. Texas__ - 131,150
24
21,701
Michigan
25,223
106,500
103.500
108,000
Eastern
109,000 Minnesota
5
8,420
26,985
81.750
79.600
Wyoming, Mont.& Colorado_
63,900
151,600 Mississippi
45
98.247
106,996
606,000
607,000
11
16,733
609,500
18,545
California
704,800 Montana
MT.
(In Barrels.)
Total
2.005,000
1,965,250
1.963,150 ‘
1,896,300
Lumber Industry in Federal Reserve District of San
Francisco-Increase in New Orders.
The following is from the Dec. 20 number of the "Monthly
Review" of the Federal Reserve Bank of San Francisco:
An advance of 19.1% over October figures in the volume of new orders
received at nearly 200 reporting lumber mills in this district was the outstanding feature of the lumbering industry during November. The total
of orders received exceeded the total of lumber cut during the month by
12.4% and total shipments by 21.4%, the latter excess resulting in a
marked advance in volume of unfilled orders held by the mills. Unfavorable weather in Pacific Northwestern producing regions forced general
curtailment of production, and total lumber cut during November 1924
at 554,406,000 board feet, was 10.1% and 16.8% smaller in volume than in
October 1924 and November 1923. respectively. Shipments declined by
8.0% during the month. Figures follow:
Nov. 1923.
Oct. 1924.
Oil. 1923.
Nov. 1924.
(Boardfeet). (Boardfeet.) (Board feet.) (Board feel.)
5.54,406,000 622.369,000 666,753,000 897.490.000
513,569,000 558.294,000 574,877,000 591,241,000
623,448,000 523,433,000 572,986.000 602,940,000
Orders
445,128,000 384.503,000 462,251,000 466,581,000
Unfilled orders
203
183
189
209
Number of mills reporting
activity in this country and relative inactivity in foreign
Increasing
Production
Shipments
countries characterized the market for lumber during November and the
first half of December.
West Coast Lumbermen's Association Weekly Review.
One hundred and nineteen mills reporting to West Coast
Lumbermen's Association for the week ending Jan. 3, mannLured 56,968,412 feet of lumber; sold 60,150,664 feet; and
shipped 77,449,192 feet. New business was 6% above
production. Shipments were 29% above new business.
Total
13
3
54
15
37
18
80
42
30
7,621
7,316
157,568
13,326
66,516
21.566
261.276
24.871
49.278
7,178
8,189
161.738
11,733
77,915
24,912
231.084
37,061
61,366
545
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others (incl. mostly non-memb, mills, not distrib'd)
1,125,946
1,195,351
Large Increase in Unfilled Orders of Steel Corporation.
The United States Steel Corporation on Saturday, Jan. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Dec. 31
1924 amounting to 4,816,676 tons. This is an increase of
784,707 tons over the month preceding and brings the unfilled orders on hand up to the highest point sham February
last. On Dec. 31 1923 the unfilled tonnage stood at 4,445,339 tons;on Dec.31 1922 at 6,745,703 tons;on Dec.31 1921,
at 4,268,414 tons, and on Dec. 31 1920 at 8,148,122 tons.
In the following we show the figures back to the beginning
of 1920. Figures for earlier dates may be found in the issue
of the "Chronicle" for April 14 1923, page 1617.
•
January
February
March
,APril
May
June
July
August
September
October'
November
December
1924.
4,798,429
4,912,901
4,782.807
4,208,447
3.828,089
3,282.505
3,187,072
3,289,577
3,473,780
3,525,270
4,031,989
4,816,676
1923.
6.910,776
7,283,989
7,403,332
7,288,509
6,981,851
6,386,261
5.910.783
5.414.683
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
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
4,580,670
4,286,829
4.250,542
4,268,414
1920.
9,285,441
9,502,081
9,892,075
10,359,747
10.040,466
10.978,817
11,118,468
10,805,038
10,374,804
9,836,852
9,021,481
8,148.122
Iron and Steel Markets Continue Good With Prices
Firm.
The first two weeks of the new year naturally have seen
some lessening of the buying pace of November and December, which provided most consumers with steel for the first
quarter and many mills with a large-scale operation for the
same period, declares the "Iron Age" on Jan. 15.
It is early to look for second quarter buying of the heavier
materials, seeing that producers expect to write their present asking prices into second quarter contracts, while conNovember Lumber Production and Shipments.
The "National Lumber Bulletin," published monthly by sumers find in the present high rate of produLtion an assurthe National Lumber Manufacturers' Association of Wash- ance that they will get ample supplies for all their requireington, D. C, and Chicago, Ill., in its issue dated Jan. 7 ments. The firmer tone which December developed in all
finished steel markets, partly as the result of advances in
1925 printed the following statistics:
Forty-six per cent of all new business taken during the week was for
future water delivery. This amounted to 27,495,976 feet, of which 19,766,028 feet was for domestic cargo delivery, and 7,729.948 feet export.
New business by rail amounted to 981 cars.
Sixty per cent of the lumber shipments moved by water. This amounted
to 46,594,504 feet, of which 36,019.219 feet moved coastwise and intercoastal; and 10.575,285 feet export. Rail shipments totaled 921 cars.
Local auto and team deliveries totaled 3.224,688 feet.
Unfilled domestic cargo orders totaled 151,592,590 feet. Unfilled export
orders 115,681,661 feet. Unfilled rail trade orders, 4,958 cars.
JAN. 17 1925.]
THE CHRONICLE
dar year of 1924 complete, the ingot total as 36.645,444 tons compared
with 43.485,665 tons In 1923, a loss of 15.7%.
Another week well above the average is shown by building steel awards
with a total of 50,313 tons. Leading contracts include a 10.000
-ton buildbuyers and sellers are watching secondary markets for sign
Meanwhile
of increasing demand for the products of manufacturing consumers of steel, ing at Chicago and one of 7,000 tons at Detroit. Many Jobs continue to
and the next few weeks are expected to give better indications in that be added to an already long-pending list. Municipal work up at New York
calls for 18,000 tons, including a subway section and several schools.
respect.
New inquiries for more than 8,000 cars have appeared, including princiAt tb,e sane time the note is sounded that the continuance of the 1924
rate ot new construction need not be expected if labor and material prices pally 5,000 for the New York Central and 1,000 for the Union Pacific,
which may be increased shortly. No important car orders have been
are advanced beyond present levels.
Though at a lass rate of increase than that of December, blast furnace placed this week. Rail business continues active, with 45.000 to 50.000
works output has grown since the year opened. In the Chicago tons placed by New England roads. The "Review's" composite of fourteen
and steel
district both independent and Steel C rporation steel plants are running leading iron and steel products this week has been raised to the highest
point since May, or $41 05. Last week It was $40 92.
close to 95%. For the entire country the rate is fully 85%.
For the second time in about three weeks, both British and domestic
While the December gain of 23 blast furnaces may not be repeated In
several resumptions are reported for the past 10 days. both of makers of ferromanganese have advanced prices, this time to $115 seaboard.
January.
Slightly lower wage rates will rule in the sheet and tin plate industry in
steel works and merchant furnaces, and more are scheduled for the next
January and February as the result of the bi-monghly examination of sales
two weeks.
sheets. This showed an average price of 3.40c. against 3.45c. two months
In addition to the expected Santa Fe order for 71,000 tons of rails and
track accessories, to the Colorado mill, early action is looked for on the previously.
Steelmaking grades have come into greater prominence in the pig iron
Inquiries of the Burlington and Rock Island, each for 40,000 to 45,000 tons
of rails. The Chicago & Alton has bought 8,000 tons of rails at Chicago: market this week. Basic and Bessemer in the valleys have been advanced
50 cents per ton. Basic has gone to $22 valley with a sale of 10,000 tons
The Chesapeake & Ohio is in the market for 30,000 tons and the Cotton
to one buyer on this basis and another of 25,000 tons reported to have
Belt for 11,000 tons.
The New York Central Is inquiring for 3,000 box and 2,000 gondola cars. been closest by the Ford furnaces on a trade deal. Foundry and malleable
the General Refrigerator Line for 1,000 cars, the Canadian National for are more stationary in price.
Early action on Lake iron ore prices for 1925 is indicated.. There Is talk
500 and the Union Pacific for 1,000. The Norfolk & Western has placed
that an advance of 50 cents per ton may be made.
orders for the repair of 1,538 cars.
Automobile companies are buying conservatively, taking less steel than
at this time last year. One of the leading companies made a large purchase
of bars this month, but the Ford Motor Co. has still to buy steel for the Bituminous Markets Are Slightly Improved—Anthrafirst quarter, sellers being unwilling thus far to meet its ideas of price.
cite Remains at Same Level.
Though the large bookings of fabricated steel work in November were
due in part to low steel prices, which were expected to advance, contracts
The second week in January brought a slight improvement'
so far in January are only 25% off from the November average and fully
to some of the 'bituminous markets of the country. Prices,•
up to that of December. New inquiries call for a volume within 5% of
too, were a shade stronger. The Northwest showed the
the weekly average of November and December.
Sheet mills keep up a high rate of production, most of them being close greatest gain, the
Eastern markets remaining .for the most
to an 85% operation. Independent companies averaged 82% In December
part sluggish, observes the "Coal Trade Journal in Its
and at that added about 100,000 tons to their unfilled orders.
That sheet manufacturers accepted business for shipment in November weekly market review under date of Jan. 14. Further deand December at the low average price of 3.40c., Pittsburgh, for black tails appearing
in the summary are appended hereto:
sheets Is shown by the hi-monthly settlement, which causes a decline of
There was no improvenient at all in New York and conditions In Boston
1.5% in wages of mill workers for January and February.
were little better. In Philadelphia the market recovered slightly and in
An effort is being made to advance the price of seamless steel boiler
Pittsburgh the demand was steadier and the outlook brighter. In Buffalo
tubes, which for same time have been conspicuously weak. A new card
and even in Baltimore, where for many weeks the bituminous trade has been
as of Jan. 1 would make some sizes nearly $15 a ton higher.
sound asleep, there were signs of activity. Chicago reported the comfortable
Moderate activity in pig iron at Pittsburgh caused the advance of prices situation
continued, although new orders diminished somewhat in size.
of both steel making and foundry grades 50c. The Cleveland market
Louisville prices and demand improved. Warm weather in Cincinnati killed
shows some movement, but at Chicago the price advance has been checked the
market in that section. Better feeling prevailed in Detroit. but bituand the market is dull, as it is in nearly all other centres. The extent of
minous buying did not reach expectations. However, Superior-DOuth respeculative buying on the late 1924 movement is still under discussion. ported
the Northwest coal trade was the largest in volume that they have
Demand for second quarter delivery has not been active enough to test enjoyed in several
years and bituminous stocks on docks were expected to be
prices. It now appears that the increased cost of making pig Iron due to cleaned
up by the opening of navigation. So the general outlook was a
the coke wage advance will not be so large as recently estimated.
little brighter.
France and Germany reached no agreement last week on the importation
Including 2,207 tons of cargo coal and 2,242 tons of vessel fuel dumped
ofsurplus French steel into Germany. The Versailles Treaty clause having
at the lower lake ports during the last three days of 1924, the total lake
lapsed on Jan. 10 there is now the grave possibility of a tariff war.
dumpings for the season, according to the "Ore & Coal Exchange," amounted
The "Iron Age" pig iron composite price is now $22 50. against $22 25
to 24,322,552 tons. The record for the season just past was 6,853,793 tons,
last week. This is the tenth successive weekly advance since the low
23% less than for 1923. However, with the exception of the years 1918
point of $19 21 was established, the day before election.
and 1923, the total w'as greater than that of any other year for the past
Finished steel remains at 2.56c. per lb., the composite price showing
seven seasons.
no change.
For the week that ended Jan. 3, Hampton Roads dumpings declined eon.
The complete composite price table is as follows:
siderahly. Total dumpings amounted to 305,257 net tons, as against 345,378 tons for the preceding week. Both New England and foreign dumpings
Jan. 13 1925, Finished Steel. 2.560 Cent& per Lb.
Based on prices of steel bars, beams, tankJan. 6 1 9252.560c. were less, but "other coastwise" trade increased slightly.
i
The anthracite markets remained about the same as they were during the
plates, plain wire, open-hearth rails. Dec. 16 1924
, black pipe and black sheets, constItut- Ian. 15 1924
first week of the New Year and prices were unchanged. In Boston the trade
7539cei was demoralized by the warm
8
Ing 88% of the United States output
10-year pre-war average i..6891c
weather. Philadelphia trade improved and
Jan. 13 1925. Pig Iron, $22 50 per Gross Ton.
caused a shortage in domestic anthracite. Steam sizes also were slightly
Based on average of basic and foundry(Jan. 6 1925$22 25 better. No changes of importance were reported from other anthracite marirons, the basic being Valley quotation.4Dec. 16 1924
21 67
'
the foundry an average of Chicago,I
2 02 kets.
12 74
5
Jan. 15 1924
Philadelphia and Birmingham
10-year pre-war average_
Similar opinions were expressed by the "Coal Age" on
Finished steel-1924:
high. Jan. 15. 2.7 9c.:low, 2.460c., Oct. 14(1923—
high, 2.824c. April 24: low, 2.446c., Jan. 2.
Pig iron---1924—ITigh. $22 88. Feb. 26:low.$19 21, Nov.3:1923—high, Jan. 15 concerning the different aspects of market condi130 86. March 20:10w. $20 77. Nov. 20.
tions. The "Age" reports:
The bituminous coal market has developed a 'marked degree of strength in
In its current market summary the "Iron Trade Review"
observes that the lengthening deliveries of mill material fur- the Middle West and producers are moving tonnage in increased volume at
good prices. Trade in Kentucky also is stronger, though the demand has not
nish a reliable measure of the firm position in which the shown any notable improvement. Business in the Northwest is holding its
steel mraket has been establishing itself. With the mills own and demand in the Southwest is still good, though it has eased off
ago,
possessed of expanding order books, buyers no longer are somewhat from a week in when operators were about ten days behind on
orders. The situation
Ohio is decidedly mixed, prices showing a wide
able to Command tonnage at will and are finding it more spread, though smokeless is quite firm. Operation has increased slightly at
Pittsburgh and inquiry is better. New England seems to be whistling to
necessary to anticipate their requirements, continues the
give an appearance of courage it doesn't feel, though higher prices seem to
"Review," adding:
give a tangible basis for the performance. A better tone is evident in the
The 784,707
-ton increase in the unfilled orders of the Steel Corporation in Atlantic seaboard markets, demand showing a gradual but steady increase.
Some contracting has been reported for the year, but a number of large
December in the face of a 12 to 15% increase in production in that period,
marks the accelerated way in which buyers have been entering their require- consumers are quietly surveying the situation with the intention of placing
ments for delivery during the next two or three months. General market contracts when conditions are most favorable. Incidentally, consumers with
conditions, while tighter, however,show good equilibrium and both buyers contracts still in force are taking full tonnage in most instances and some and sellers are acting with .calmness. Steel prices are steadier than in are even asking for increased shipments. With customary caution, however,
the trade refuses to enthuse. With a certain optimistic skepticism It hopes
weeks.
Some of the Chicago mills now are unable to promise shipment on new for the best, but probably will be surprised if a sudden soft spot fails to put
steel bar tonnage before April. Western sheet capacity practically Is sold In an appearance.
The anthracite market shows no marked change either upward or the reup for three months. Plates which have been lagging show the effects
of recent heavy railroad buying. At Chicago producers took 70.000 tons verse, holding to a fairly even keel. Demand for prepared coals is steady,
additional from this source in the week. Some plate mills at Pittsburgh and despite the curtailment of output by the holidays and the continuance of
outlaw strikes, the supply has been sufficient to meet requirements. Chestvirtually are out of the market.
Actually maximum operations are being reported from several quarters. nut continues to lead in demand and stove is not far behind. Egg and pea
the Chicago district 30 out of 34 blast furnaces are going and steel works are sluggish, company producers continuing to send a small tonnage of the
In
activities there are virtually at the peak of working capacity, 95% or smaller size to storage. The steam sizes are fairly firm, barley showing conbetter. Chicago production of steel bars is close Co 100% of its rated siderable activity, but producers are well able to take care of all require.
figure. In the Mahoning Valley open-hearth plants of independent com- merits. Snow and the holiday curtailment of operations have helped to mainpanies are engaged to the practical limit. The Carnegie Steel Co. has tain independent prices, which were showing a tendency to soften.
The "Coal Age" index of spot prices of bituminous coal shot up three
48 of 59 blast furnaces and 90% of ingot capacity in commission.
Despite the holiday slowdown, steel ingot production wound up the year points last week, standing on Jan. 12 at 175, the corresponding price for
with a rate in December which was 85% of the high record mark for all which is $2 12. This compares with 172 and $2 08, respectively, on Jan. 5.
Activity at Hampton Roads registered a rebound following the holidays,
time last March. December was the third largest month of the year and
showed a 90% gain over the low point in July. Compared with November. dumpings of coal, for all accounts during the week ended Jan. 8 totaling
It registered a gain of 9.9%. On an annual basis, it was running at the 360,241 net tons, compared with 327,951 tons dumped during the preceding
rate of 42,480,000 tons as against a rate of 38,650,000 tons. For the calen- week.
_
raw materials, is still in evidence, siya the weekly review
of this trade paper, adding:
272
-Stocks in December Fall to
Monthly Zinc Statistics
Lowest in 1924.
A further decline in stocks of zinc in the country during
December to the lowest point touched throughout the year,
Is the feature of statistics compiled by the American Zinc
Institute. At the end of December stocks amounted to 21,208
tons, a fall of 5,704 tons compared with Nov. 30, when the
surplus was 26,912 tons. The decline during the latter part
of 1924 was regular. At the end of October stocks were
38,452 tons, as against 45,720 tons on Sept. 30, 50,922 tons
on Aug. 31 and 52,705 tons on July 31, when stocks were the
highest for the year. At the end of 1923 the stocks were
36,578 tons. Production in December increased 5,078 tons,
to 47,711 tons, comparing with 42,633 tons in November, 42,488 tons in October, 40,852 tons in September, 41,775 tons in
August, 42,913 tons in July and 46,485 tons in December 1923.
At 53,415 tons, shipments during December were only 758
tons below the highest for any month of 1924. This was attained in November, when 54,173 tons were shipped, against
49,756 tons in October, 46,954 tons in September, 43,558 tons
In August, 39,892 tons in July and 40,811 tons in December
1923.
Comparison of the yearly figures for stocks, production
and shipments shows 1924 to have been a year of exceptional
activity. Production amounted to 535,846 tons, which compares with 531,202 tons in 1923, 373,678 tons in 1922, 215,614
tons in 1921, and 479,772 tons in 1920. Shipments also were
well ahead of any recent year, totaling 551,216 tons during
1924, 512,876 tons in 1923, 422,034 tons in 1922, 220,064 tons
In 1921, and 446,199 tons in 1920. Stocks at the end of 1924,
as we have shown, were 21,208 tons, as against 36,578 tons at
the end of 1923, 18,252 tons for 1922, 66,608 tons for 1921, and
71,058 tons on Dee. 31 1920.
ZINC PRODUCTION,SHIPMENTS,STOCKS. STORED FOR CUSTOMERS
SHIPPED FROM PLANTS FOR EXPORT, AND RETORTS OPERATING
IN MONTHS FROM DECEMBER 1923 TO DECEMBER 1924.
INCLUSIVE, IN TONS (2.000 LBS.)
Month.
1923.
December
1924.
January
February
March
April
May
June
July
August
SeptemberOctober
November
n.,......,r.m.
,
Shipped
Stocks(End Stored for from
Retorts
Production. Shipments. of Month). Customers Plants for Operattn
Export.
46,485
40,811
36,578
642
3,024
86,384
49,709
43,933
47,775
44,949
47,666
43,442
42,913
41,775
40.852
42,488
42,633
47 711
45,590
47,438
52,893
44,245
38,080
36.122
39.892
43.558
46,054
49,756
54.173
53.415
40,697
37,192
32,074
32,778
42.364
49,684
52.705
50,922
45,720
38.452
26.912
21.208
1,559
1,749
290
552
1,339
1.745
3,040
4,765
1,640
1,651
876
663
3,798
5,218
5,968
3,037
1,732
4,317
7.483
6.743
5.640
8,299
15.730
10.907
78,768
79.232
78.092
82,050
81,143
75,155
71,827
72,195
70,875
72,139
77,631
81 nng
ZINO PRODUCTION,SHIPMENTS AND STOCKS OVER YEARS 1920 AND
1924, FIGURES IN TONS (2,000 LBS.).
Production.
1920
1921
1922
1923
1094
Shipments.
Stocks at End
of Year.
479,772
215,614
373.678
531.202
535.846
Year-
446,199
220.064
422,034
512,876
551.216
71,058
66,608
18,252
36,578
21.208
Reports from J. H. Wadleigh, Joplin "Globe,' issued by
the American Zinc Institute, enable us to compile the following table:
ZINC ORE STOCKS AND ORE SOLD IN BINS IN TRI-STATE DISTRICT
AT END OF MONTHS MAY TO DECEMBER 1924. INCLUSIVE;
IN TONS (2,000 POUNDS).
May. June. July.
23ne ore in bins
Ore sold in bins
For,. 120.
THE CHRONICLE
Aug. Sept.
Oct.
Nov.
Dec.
42,000 48.000 41.000 37.000 42,000134,000 31,000 20.000
1,150 2,200 13,000 16,000 10.000 12,000 16,000 4.000
Census Report on Cotton Consumed and on Hand, also
Active Spindles, and Exports and Imports.
Under date of Jan. 16 1924 the Census Board issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of December 1924 and 1923 and the
five months ending with December. Cotton consumed
amounted to 532,047 bales of lint and 46,182 of linters,
compared with 461,560 bales of lint and 41,199 of linters in
December 1923, and 347,548 of lint and 50,960 of linters
in November 1924, the Bureau announced. The statistics
of cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in
equivalent 500-1b. bales.
The amount of cotton on hand in consuming establishments on Dec. 31
924 was 1,319,265 bales, contrasted with 1.623,453 bales on Dec. 31 1923
nd 1.046,612 bales on Nov. 30 1924.
The quantity of cotton onl hand in public storage and at compresseeon
r
Dec. 31 last was 4,623,863 bales, against 3,526,164 bales on Dec. 3111923
and 4,914.219 bales on Nov. 30 1924.
1M
KM
The number of active spindles on Dec. 31 1924 was 32,661.949, compared
with 34,044,878 on Dec. 31 1923 and 31,789,876 on Nov. 30 last.
le
The exports of domestic cotton in December,including linters, amounted
to 1,075,923 running bales, contrasted with 845,581 running baleslin
December 1923 and 1,306,530 bales in September last.
ifq
The imports of foreign cotton in December 1924 were 48,663 500-1b..bales
contrasted with 35,173 500-lb. bales in December 1923 ad 17,549 bales in
November 1924.
101
Linters consumed during December 1924 amounted to 46,182 bales,
compared with 50,960 bales in November last and 41,190 bales in December
1923. There were 118.924 bales on hand in consuming establishments on
Dec. 31 last, against 95.781 bales on Nov. 30 1924, and 113,23700 Dec.31
1923. The number of bales in public storage and at compresses on Dec. 31
last was 53,017, compared with 51,804 bales on Nov. 30 1924, and 66.040
bales on Dec. 31 1923.
Cotton consumed in cotton growing States amounted to 355,662 bales
of lint in December 1924 as compared with 308,506 bales inIDecembert1923
and 342,548 bales in November 1924.
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 fllillreS on the Board of Trade of the city of Chicago
during the month of December 1924, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public Jan. 12 by J. W. T. Duvel,
Grain Exchange Supervisor at Chicago. The figures listed
represent sales only, there being an equal volume of purchases. The statement follows:
Expressed in Thousand Bushels, I. e., (000) Omitted.
December 1924.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
12
20
21
22
23
24
25
26
27
28
29
30
31
Wheat.
52,543
60,318
41,089
36,631
38,518
32,504
54,041
47.796
59,316
39,501
50,941
40,775
42,294
53,458
65,554
58,943
53,756
34,8.51
69.804
44.320
46.344
67,325
48,933
54,190
71,855
69,488
Corn.
Oats.
Rye.
18,558 7,568 1,600
17.068 6,062 2,551
23,926 10,363 1,860
24,725 9,209
986
20,731 0,784 1.468
19,266 12.335 1,519
SUN DAY
34.471 22,984 2,686
33,252 21.413 2,170
39,444 24,088 4.030
23.707 18,235 2.286
32,759 24,331 2,224
28.273 20.447 3,580
SUN DAY
27,653 12,526 4,631
23,756 21,184 7.434
42,908 17,981 4,759
35.869 15.197 4,979
22.106 12,837 3,547
14,414 7,716 2.345
SUN DAY
20,038 8,296 2,892
22,861 7,721 3.274
13,163 5.440 3.996
HOL DAY
21,219 14.723 3,939
22,644 21,140 3.232
SUN DAY
18,410 11.239 3,394
24,723 15,816 4,871
25,211 13,769 4,893
Barley. Flax.
Total.
--------80,369
--------85,999
--------77,238
--------71,551
-------___
70,501
--------65,624
--------114,182
--------104,631
--------128,878
--------83,729
--------110,255
--------93,075
--------87,104
--------105,832
--------111,202
--------114,988
--------92,246
--------59,326
--------101,030
78,176
--------08,943
--------107,206
--------95,949
--------87,233
--------117,268
--------113,361
Tot. Chic. B. of T. 1.335,088 651,255 372.404 85,146
-------- 2,443,893
40.747
Chicago Open Board_
348 12,420 3,017
56 532
,
___
75,197
Minneapolis C. of C_
__ 23,277 4,861 3:418 1'255
08,990
r_
49,138 34,448
Kansas City B. of 599
-------------84,185
Duluth B. of T
___
____
8,472
41
.
26,369
-----------11,803 6.812
---*13.745it. Louis Mcr. Ex..
-18,615
2.322 1,621
Milwaukee C. of C
1,943
215
::6,101
3an Francisco C. of C
ioi
308
Los Angeles Cr. Ex__
.._--___
_---83
83
Baltimore C. of C._ _
----
Total all markets.... 1,528,040 694,484 410,643 101,711
3,807
6,391 2,745.076
rotal all markets year
ago
,Thicago Bd. of Trade
year IMO
528,305 284,884 55,389 26,863
440.879 254,326 49.466 15.817
560
3,414
899,415
Tan
A elIR
Durum wheat with exception of 267.
•
During the month of December the combined sales of all grain futures covered by transactions on the Chicago Board of Trade reached a total of 2,443,893,000 bushels, or an average of 93,995,000 bushels daily, for the 26 trading
days in the month. On 11 days the volume of trading was in excess of 100,000,000 bushels. The December total for Chicago is the largest volume of
transactions in any single month during the past four years. It likewise
represents 89% of the total trading in grain futures for all "contract Markets," which is slightly larger than usual.
Wheat transactions on the Chicago Board of Trade during December were
represented by sales of futures aggregating 1,335,088,000 bushels. This
volume has been exceeded only twice during the past four years
-March 1922
with 1,477,112,000 bushels, and October 1924 with 1,352,496,000 bushels.
Considering all "contract markets" with a total trading in wheat of 1,528,040,000 bushels, more than 87% was represented by transactions on the.
Chicago Board of Trade.
Corn trading for the month at Chicago was 651,255,000 bushels. During
the past four years this volume was exceeded three times
-August 1924 with
692,910,000 bushels, January 1921 with 661,267,000 bushels, and June 1921
with 661,946,000 bushels. The daily average volume at Chicago was 25,048,000 bushels, and at all "contract markets" 26,711,000 bushels, with a
total of 694,484,000 bushels for the month.
Oats trading for December aggregated 372,404,000 bushels which Is considerably larger than the trading for any single month during the past four
years.
In all respects the volume of trading at Chicago during December 1924
was much greater than during December 1923. In case of wheat more than
three times; corn, more than two and one-half; oats, more than seven and
one-half; rye, nearly five and one-half times larger than last year. For all
futures, all grains combined, the volume was more than three times greater
than for December last year.
December Deliveries.
During the month, the deliveries at Chicago on December contracts were:
7,919,000 bushels
Wheat
1,920,000 bushels
Corn
4,773,000 bushels
Oats
8,594,000 bushels
Rye
23,206,000 bushels
Total
On the first day of the month the deliveries were 10,232,000 bushels, or
44% of the total. During the month some of the warehouse receipts changed
hands several times, in one instance as much as eleven times, so that the
totals for the month are in excess of the actual grain involved.
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES
(Preliminary figures for 1924, corrected to January 14 1925.)
MERCHANDISE,
1
2
3
4
5
8
7
8
g
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Average December
Average November
Average October
Average September
Wheat.
Corn.
Oats,
Rye.
Imports
Exports
All Grain
Total.
577.921,000 24,315,000 5303,525,000
78,585,000 24,210,000 307,234,000
78,819,000 24,374,000 308,013,000
79,903,000 24,332,000 310,757,000
80,903,000 24,298,000 313,663,000
82.154,000 24,361,000 315,340,000
SUNDAY
129,652,000 76,223,000 85.507,000 24,395,000 315,777,000
129,610,000 77,309.000 87,858,000 024,466,000 319,243,000
125,470,000 a77,817,000 89,211,000 23.895,000 316,393,000
124,592,000 77,002,000 89,542,000 23,959,000 315,095,000
126,735,000 76,624,000 94,581,000 23,949,000 a321,889,000
124,372,000 75,204,000 93.828,000 23,879,000 317,283,000
SUNDAY
124,080,000 77,048.000 94,943,000 24,204,000 320,275,000
121,814.000 75,587,000 95,464,000 23,980,000 316,875,000
118,771,000 75,332,000 98,453,000 24,112,000 314,688,000
119,794,000 75,442,000 95,755,000 24,023,000 315,014,000
119,794,000 76,119,000 96,385,000 23,901,000 316,199,000
120,411,000 76,368,000 95,920,000 23,814,000 316,513,000
SUNDAY
119,568,000 75,379,000 96,297,000 23,232,000 314,476,000
121,408,000 74,486.000 96,895,000 23,134,000 315,923,000
119,715,000 74,395,000 97,418,000 23,422,000 314,950,000
HOLIDAY
118,783,000 73,362,000 98,438,000 23,587,000 314,170,000
117,355,000 73,667,000 97,892,000 23,042,000 311,956.000
SUNDAY
118,345,000 73,513,000 a99,380.000 23,594,000 314,832,000
118,755,000 73,749,000 99,042.000 23.669,000 315.215,000
5115,781,000 70,409,000 97,630,000 522.991,000 306,814,000
74,800,000
67,044,000
63,703,000
53,906,000
91,413,000
76,459,000
74,227.000
53,697,000
23,889,000
29,116,000
24,196,000
22,665,000
314,311,000
291,794,000
272,846,000
237,320.000
a High. b Low.
The foregoing figures represent the aggregates of customers' open contracts in all futures as reported by the clearing members of the Chicago
Board of Trade.
It will be noted that the high point for the month, in case of wheat, was
on Dec. 2, with 133,207,000 bushels, or slightly lower than the high for the
season, 134,164,000 bushels on Nov. 28. Likevose that there was a gradual
but irregular decrease in the open contracts during the month in case of
wheat, an increase in case of oats, with but little change in corn and rye.
The December averages of the customers' open contracts were higher in
all cases than for any previous month of the season, except in rye, which
showed a considerable decrease, due mainly to heavy deliveries on the first
day of the month.
$
334,000,000 288,304.766 3,610,980,643 3,792.065,963 —181,085,320
443,000,000 426,665,519 4,588,266,249 4,167,493,080 +420,773,169
The Country's Foreign Trade in December—Imports
and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Jan. 14 issued the statement of the foreign
trade of the United States for December and the twelve
months ending with December. The value of merchandise
exported in December 1924 was $443,000,000, as compared
with $420,665,519 in December 1923. The imports of merchandise were $334,000,000 in December 1924, as against
$288,304,766 in December the previous year. This left a
trade balance in favor of the United States on the merchandise movement of $109,000,000 for the month in 1924, as
compared with a favorable balance for the corresponding
month in 1923 of $138,360,752. imports for the twelve
months of 1924 have been $3,610,980,643, as against $3.792,
065,963 for the twelve months of 1923. The merchandise
exports for the twelve months of 1924 have been $4,588,266,249, against $4,167,493,080, giving a favorable trade balance
of $977,285,606 in 1924, against $375,427,117 in 1923. Gold
Imports totaled $10,274,049 in December 1924, against $32,641,226 in the corresponding month the previous year, and
for the twelve months they are $319,720,918, as against $322,715,812. Gold exports in December 1924 were very large,
reaching no less than $39,674,653, against $711,529 in December 1923. The outward movement was the largest of any
month since April 1920, when the outflow was $44,622,000.
Earlier in 1924 the efflux of gold was light and for the
twelve months of 1924 the exports of the metal foot up $61,648,313, against $28,643,417 in the twelve months of 1923.
Silver imports for the twelve months of 1924 have been $73,944,902, as against $74,453,530 in 1923, and silver exports
$109,891,033, against $72,468,789. Some comments on the
figures will be found in the earlier part of this newspaper
in our article on "The Financial Situation." Following is
the complete official report:
977,285,606
375,427,117
IMPORTS AND EXPORTS OF MERCHANDISE BY MONTHS.
1924.
Imports.
January _ __
February_
March -April
May
June
July
August
September_
October
November_
December _
1923.
$
295,506,212
332,323,121
320,482,113
324,290,966
302,987,791
274,000,688
278,593,546
254,542,143
287,144,334
310,751,608
296,358,121
334,000,000
1922.
1921,
$
$
329,253,664 217,185,396
303,406,933 215,743.282
397.928.382 256,177,796
384,252,544 217.023,142
372,544,578 252.817.254
320,233,799 260,460,898
287,433,769 251,771.881
275,437,993 281,376.403
253,645,380 298,493,403
308,290,809 276,103,979
291,333,346 291,804,826
288,304,766 293,788,573
1913.
$
208,796,989
214,529,680
251,969.241
254.579,325
204.911,186
185,689,9 9
178.159,154
194.768,751
179,292,165
188,007,629
210,948,036
237,495,505
$
163,063,438
149,913,918
146,194,461
155,445.498
133.723,718
131,245,877
139,081,770
137,651,553
171,084.843
132,949,302
148,236.536
184,025,571
12 mos.end.
Dec
3,610,980,643 3,792,065,963 3,112,746,833 2,509,147.570 1,792,596,480
Espana.
January
February-- March-...
April
May
June
July
August
September_
October...
November_
December _
395,172,187
365.774,772
339,755,230
346.935,702
335,098,701
306.989,008
276,649,05.
330,659,566
427,459,572
527,175.107
493,597,351
443,000,000
335,416,506
306,957,419
341,376,664
325,492,175
316,359.470
319,956,953
302,186,027
310,965,891
381,433.570
399,199,014
401,483.872
426,665,519
654,271,423
486.454.090
386,680.346
340,484,106
329,709,579
336.898.606
325,181,138
366,887,538
324,863.123
343.330,815
294,092,219
296,198,373
278,848,489
250.619,841
329.979,817
318,469,578
307,568,828
335,116,750
301,157,335
301.774,517
313.196.557
370,718,595
379,999,622
344,327,560
227.032.930
193,996,942
187,426,711
199,813,438
194,607,422
163.404,916
160.990.778
187,909,020
218,240,001
271,861,464
245,539,042
233,195,628
12 mos.end
Dec
4566 966 940 4 167 405 nim 5 631.227.489 4.485.031.356 2.484.018.292
GOLD AND SILVER.
12 Months end. December. Increase(+)
or
Decrease(—)
1923.
1924.
December.
1924.
Gold—
Imports
Exports
1923.
$
$
10,274,049 32,641,226
711,529
39,874.653
$
319,720,918
61,648,313
$
$
322,715,812 —2,991,894
28,643,417 +33,004,896
Excess of impts
31,929.697
Excess of expts 29,400,604
258,072,605
294,072,395
Silver—
Imports
Exports
5,863,892
11,279,630
Excess of impts
Excess of expts
8,172,301
9,521,083
5.415.738
1.348.782
—508,628
74,453,530
72,468.789 +37,422,244
73,944.902
109.891,033
35,946,131
1,984,741
...,
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Silver.
Gold,
1924.
1923.
Excess of impts
Excess of expts 109,000,000 138.360,753
131,966,000 569,323,000
a133,207,000 71,232,000
131,896,000 72,924,000
133,148.000 73,374,000
132,530,000 75,932,000
131,851.000 76,974,000
124,209,000
119,173,000
110,719,000
107,051,000
12 Months end. December. Increase(+)
or
Decrease(—)
1923.
1924.
December.
1924.
"OPEN CONTRACTS" IN FUTURES ON THE CHICAGO BOARD OF
TRADE FOR DECEMBER 1924.
,
("Short" Side of Contracts Only, there being an Equal Volume Open on the "Long" Side.)
Date,
December 1924,
273
THE CHRONICLE
JAN. 17 1925]
/smarts.
January --.
February..
March
April
May
June
July
August
September.
October __ _
November _
December
$
44,134.780
35,111,269
34,322,375
45,418,115
41,073,650
25,181,117
18,834,423
18,149,981
6,656,155
19,701,640
19,862,384
10,274,049
1923.
$
32,820.163
8,382,736
15,951,357
- 9,188,470
46,156.195
19.433,539
27.929,447
32,856,097
27,803,961
29,795,185
39,757,436
32,641,226
1922.
s
26,171,371
28,738,920
33.488.256
12,243,555
8,993.957
12,976,636
42,986,727
19,092,208
24,464,235
20.866,156
18.308,087
26,439,677
1924.
1923.
S
$
5—
7,8_8 5.824,637
:,
_
A. .M 4.792.387
6.22(033 4
-626,376
3,9 )7,745 4,261,869
5,639,582 4.461,146
4,870,389 6,065,947
7.127,613 10,066,463
7,041.630 6,465,949
7,082.962 8,517.971
5,828,572 6,929.311
6,481,416 5,269.173
5.863,892 8,172,301
1922.
S
6,495,758
4,785,957
6,953,105
4,799.873
5,511.553
6,345,744
6,957,298
4,943,762
6,370,279
3,940,349
5,855,405
7,847,570
12 mos.end.
December 319,720,918 322,715,812 275,169,785 73,944.902 74,453,530 70,806,653
Exports
January...
862,983 8,208,644 6,921,002
280.723 8,472,198
February..
505,135 1,399,089 1,731,794 8,876,713 2.191,059
March
963,413 8,355,278 4,731,70'
817,374 10,392,100
April
1,390,537
655,235 1.578,867 7,801,689 4,336,338
May
593,290
824,444 3,406,658 9,686,517 3,499,358
June
268,015
548,484 1,600,754 8,648,499 3,581,081
July
643,714 9,190,362 6.233,163
327,178
522,826
August __ _
955,853 8,632,067 7.032,221
2,397,457 2,200,961
September_
4,579,501
862.697 1.398,607 10,345,205 8,123,480
October
4.125.268 1,307,060 17,591,595 9,465,023 7.522,845
November. 6,689,182
746,794 3,431,065 9,401,406 8,775,474
December
39,674,653
711,529 2,709,591 11,279,630 9,521.083
12 mos.end.
December 61.648.313 28.643.417 36.874.894
3,977,118
7,091,665
4,302,182
5,108,732
5,676,755
6,004,421
6,268,953
3,861.180
3.735.178
3,268,731
6,599,171
6,913,200
891033 72,468,789 62,807,256
Coal, Anthracite and Coke Outputs
Gain Over Holiday Week.
The production statistics issued weekly by the United
States Geological Survey show that the output of bituminous
coal gained 2,953,000 tons in New Year's week over Christmas week, of anthracite, 226,000 tons, and of beehive coke,
62,000 tons. Further details from the Survey's report are
appended:
Bituminous
The bituminous coal industry entered the year 1925 with production at a
weekly rate in excess of ten and a half million tons. The total output in
New Year's week is now estimated at 10,591,000 net tons, an increase over
Christmas week of 2,053,000 tons, or nearly 39%. The failure to reach the
pre-holiday level was due to the wide observance of Jan. 1 as a holiday.
Railroad reports on the number of cars loaded daily indicate that New
Year's Day counted as about 0.3 of a normal working day. Computed on this
274
THE CHRONICLE
basis, the average output per working day nearly reached the 2,000,000-ton
mark.
The preliminary reports on daily loadings also disclose the fact that loadings on the Monday and Tuesday of the week Jan. 5-10 increased sharply to
about 76,286 cars, as against 68,895 cars on the corresponding days of the
week before, indicating the possibility of a further increase in the total
output
Estimated United States Production of Bituminous Coal (Na Tow).
Christmas
Produc- Average per New Year's
Produc- Average per
Week(.0lion. Working Day. Week (b)non. Working Day
1919 (Dec.22-27) 8,755,000 1,751,000 End.Jan. 3 1920_11,264,000 2,130,000
1920 (Dec.20-25) 9.908,000 1,982,000 End.Jan. 1 1921- 9,854,000 1_898,000
1921 Dec. 26-31) 6,092,000 1,218,000 End.Jan.7 1922_ 7,739,000
1922 (Dec.25-30) 10,529,000 2,106,000 End.Jan.6 1923A1,371,000 1,488,000
1923 (Dec.24-29) 6,944,000 1,389,000 End.Jan.5 1924_ 9,368,000 2,145,000
1,812,000
1924 (Dec.22-27) 7,638,000 1.528,000 End. Jan.3'25c..10,591,000 1,998,000
a Five-day week. b Counting New Year's Day In 1920, 1923 and 1925 as equivalent to 0.3 of a working day; in 1921 and 1922 to 0.2 of a working day; and in 1924
as 0.17 of a working day. c Subject to revision.
[Vou 120.
Estimated Untied States Production of Anthracite (Na Tons).
Christmas
Produc- Average per New Year's
Produo- Average per
Weeklion. Working Day
Weekfan. Working Day
1924 (Dec.22-27) 1,029,000
206,000 1925 (Dec.
IsCal
1923 (Dec.24-29) 1,196,000 . 239.000 Jan. 3) 291,255,000
251,000
1922 (Dec.25-30) 1,588,000
318,000 1924 (Dec. 31Jan. 5)
1,436,000
287,000
1923 (Jan. 1-6)_ _ 1,669,000
334,000
BEEHIVE COKE.
.
The opening of the New Year was marked by a sharp increase in
the rate
of production of beehive coke. The total output in the week ended Jan.
now estimated at 251,000 net tons, an increase of 62,000 tons over the13 is
revised figure for the preceding holiday week, and of 32,000 tons over
that for
the week of Dec. 20. Compared with the corresponding week a year
ago
there was an increase of 15,000 tons.
Preliminary estimates place the total output of beehive coke in 1924 at
approximately 9,670,000 net tons, a decrease when compared with 1923,
of
9,710,000 tons, or 50%. In comparing these estimates with the final figures
reported by the producers, as shown below, it should be remembered that the
preliminary figures ordinarily are usually somewhat low.
1923
19,380,000 net tons!1021
5,538.000 net tone
1922
8,573,000 net tonal 1920
20,511,000 net tons
Estimated Production of Beehive Coke (Net Tons).
-New Year's Week- -Christmas Week
Jan.3'25.a Jan. 5 '24. Dec. 27'24.b Dec. 29'23.
Pennsylvania and Ohio
200,000
192,000
149,000
183,000
West Virginia
12.000
14,000
8.000
11,000
Ala., Ky., Tenn. and Georgia
24,000
13.000
16,000
13.000
Virginia
7,000
7,000
7,000
6,000
Colorado and New Mexico
3,1300
6,000
5,000
6,000
Washington and Utah
5,000
4.000
4,000
4,000
United States total
251,000
236,000
189,000
223,000
ANTHRACITE.
The production of anthracite improved perceptibly in the week ended
Jan. 3, and the total output is now estimated at 1,255,000 net tons, an increase of 226,000 tons. The incmoplete information now available indicates
that New Year's Day was almost universally observed as a holiday, and that
leas than 200 cars were loaded. The improvement was therefore due to better performance on the other days of the week.
Preliminary estimates, based on the figures of weekly railroad shipments,
as reported to the Geological Survey of the American Railway Association,
place the total output of anthracite in 1924 at approximately 90,000,000 net
tons. Experience has shown that similar estimates for preceding years have
been within two or three million of the final figures as reported by the Daily average
42,000
39,000
operators. The revision for 1924 is likely to be downward.
a Subject to revision. b Revised from last report.
38,000
45,000
1.Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 14, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows further
decline of $17,100,000 in holdings of acceptances purchased
in open market, of $9,100,000 in Government securities,
and of $2,600,000 in discounted bills, resulting in an aggregate
decline of $28,800,000 in total earning assets. Cash reserves
increased $16,400,000 and non-reserve cash $5,200,000,
while Federal reserve note circulation declined $67,400,000.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Smaller holdings of discounted bills are reported by all Federal Reserve
banks except New York, which shows an increase of $30,400,000 for the
week. The Cleveland bank shows a decrease of $16.300,000, San Francisco
of $7,900,000. Richmond of $4,200000, and Atlanta of $3,200,000. Holdings of paper secured by U. S. Government obligations fell off $5.400,000
to $141.300,000.
All Federal Reserve banks report smaller holdings of acceptances purchased in open market, with the exception of New York, which shows an
Increase of $5,300,000, and Richmond which shows a nominal increase.
The Boston bank reports the largest decline, $6.900.000. Chicago shows a
decline of $3,700,000, and San Francisco of $3.600,000. The System's
holdings of Treasury notes went down $10,400,000 and of Treasury certificates $1,800,000, while holdings of U. S. bonds went up $3.000.000.
Reductions in Federal Reserve note circulation are reported by all Federal
Reserve banks,the principal decline being as follows: New York $24,400,000.
Boston. $10,900,000, San Francisco $7,600,000, Cleveland $4,100,000, and
Richmond $3,800,000.
Federal Reserve banks are shown in the Federal Reserve
Board's weekly consolidated statement of condition on Jan.
7
of 736 member banks in leading cities. It should be noted
that the figures for these member banks are always a week
behind those for the Reserve banks themselves.
Loans secured by U. S. Government obligations went
down $9,000,000, while those secured by corporate stocks
and bonds increased by $30,000,000 and "all other," largely
commercial, loans by $17,000,000. Holdings of U. S.
bonds increased by $26,000,000 and holdings of Treasury
notes and certificates of indebtedness by $13,000,000 and
$9,000,000, respectively. Holdings of other stocks, bonds
and securities decreased by $24,000,000. Reporting member
banks in New York City show a decrease of $6,000,000 in
loans on U. S. securities, and increases of $28,000,000 and
$38,000,000 in loans on corporate securities and in all other
loans, respectively. Their holdings of U. S. securities went
up $24,000,000, while holdings of corporate securities fell off
$19,000,000. Further comment regarding the changes
shown by these member banks is as follows:
Total net demand deposits increased by $25.000,000.
$23,000,000 and $17,000,000. respectively, shown for banksIncre.ases of
in
York and Cleveland districts were offset in part by decreases of the New
$10,000,000
and 117.000,000. respectively, reported by banks in the San Francisco
and
Boston districts. Net demand deposits in other districts show
but nominal
changes for the week.
Reserve balances of all reporting institutions were increased
by $22.000.
000, while New York City banks show a decrease of
$12,000,000. BorowThe statement in full, in comparison with the preceding Inge of all reporting banks from their local reserve
banks declined by
week and with the corresponding date last year, will be $39,000,000 of which $11.000.000 is reported by New York City banks.
The
found on subsequent pages-namely pages 307 and 308. for all form of the statement has been modified by the elimination of figures
reporting banks In Federal Reserve bank and
A summary of changes in the principal assets and liabilities all reporting banks outside of such cities and by the branch cities and for
addition of amounts
of the Reserve banks during the week and the year ending duo to banks and due from banks as reported by banks located In Federal
Reserve bank cities. Figures for New York City and
Chicago, the two
Jan. 14 1925 follows:
central reserve cities, now appear on the first page of
the statement.
Increase (+) or Decrease (-) Figures for reporting member banks In each
Federal Reserve district are
During
shown on the second page of the statement as heretofore.
•
Week.
Year.
Total reserves
+$16,400,000 -$178,700.000
On a subsequent page-that is, on page 3O8
-we give the
+2.100,000 -204.300.000 figures in full
Gold reserves
contained in this latest weekly return of the
-28,800.000 +137.600.000
Total earning assets
Bills discounted. total
-2,600,000 -272,400,000 member banks of the Reserve System. In the following is
Secured by U. S. Govt. obligations
-5.400,000 -118,500,000 furnished a summary of the changes
in the principal items
Other bills discounted
+2.800.000 -153.900,000
as compared with a week ago and with last year:
Bills bought in open market
-17.100.000
+31,200,000
-9.100.000 +370.300.000
U. S. Govt.securities, total
Increase (+) or Decrease (-)
Bonds
+3.000.000 +58.500,000
During
Treasury Notes
-10.300,000 +260.100.000
Week.
Year.
Certificates of indebtedness
-1,800,000
+51.700,000 Loans and discounts,total
+$38,000,000 +$1,175,000,000
Secured by U. S. Govt. obligations...
Federal Reserve notes in circulation
-67.400.000 -346,300,000
-9,000.000
-42,000,000
Secured by stocks and bonds
Total deposits
+13,800.000 +330,700,000
+30,000.000
+777,000,000
All other
Member's reserve deposits
+8,800,000 +320,200,000
+17.000.000
+440.000,000
Government deposits
+4,500.000
-8,900,000 Investments, total
+24.000.000 +1,048,000,000
U. S. bonds
Other deposits
+500.000
+19,400,000
+26.000.000
+681.000,000
U. S. Treasury notes
+13,000,000
-318,000,000
U.S.Treasury certificates
+9,000,000
+28.000,000
The Week with the Member Banks of the Federal
Other bonds, stocks and securities
-24.000,000
+657,000.000
Reserve balances with F. R. banks
Reserve System.
+272,000,000
+22,000.000
Cash in vault
+17,000,000
+4,000.000
Aggregate increases of $62,000,000 in loans and invest- Net demand deposits
+25,000,000 +1,994,000,000
ments and of $25,000,000 in net demand deposits together Time deposits
+1.000,000
+744,000,000
Government deposits
-6,000,000
+6,000,000
with a decline of $39,000,000 in accommodation at the Total accummodatIon at F.
R.Banks
-39.000,000
-234,000.000
JAN. 17 1925.]
TUE CHRONICLE
Testimonial to George F. Baker—Remarks of Mr. Baker,
J. P. Morgan,Secretary Mellon, Charles E. Mitchell,
James S. Alexander and W. E. Knox.
With J. P. Morgan, Secretary of the Treasury Andrew W.
Mellon and other leading bankers assembled to pay tribute
to the venerable New York banker, George F. Baker, Chairman of the Board of the First National Bank, the testimonial
dinner to the latter, given by Group VIII of the New York
State Bankers Association at the Waldorf-Astoria Hotel on
last Monday night, Jan. 12, was a noteworthy event. Last
month, at a luncheon tendered by the Bankers' Club of New
York in honor of Mr. Baker, the latter made his first public
speech, and at this week's testimonial he again made a brief
response in acknowledgment of the honors accorded him.
Upon the occasion of the earlier honors paid to Mr. Baker
(referred to in these columns Dec. 6, page 2592), Judge
Elbert H. Gary voiced the esteem in which Mr. Baker is held.
In his brief remarks at this week's gathering Mr. Baiter said,
"No day will ever pass that I can forget, or fail to appreciate and give most grateful thanks to the devoted kindness
and attention of this evening." His remarks, which followed
some half dozen laudatory addresses, were as follows:
Gentlemen:—After such an overwhelming demonstration and kindness
and thoughfulness what shall I say to you? I am not an after-dinner talker,
and what can I say? I could not put words together that would express
my feeling, and all I can do is to thank you from the bottom of my heart.
A few weeks ago I was the guest at a luncheon, and was asked to say a
few words of encouragement, possibly, to the younger members, and what
was then in my heart most I told them was to try to live and conduct
their lives that they might gain the love and affection of their fellows.
This has always been one of my ambitions, and if I was to believe to be the
fact even a part of what you all have said here tonight, my ambition certainly would be gratified, and I am indeed well rewarded.
I have had a long service, as you know, and after sixty years in an active
career I have reached, of course, over the summit of life's hill and am
rather wandering down on the downward slope. But what time remains,
no day will ever pass that I can forget, or fail to appreciate and give most
grateful thanks to the devoted kindness and attention of this evening. And
so I can only thank you, again and again, and say: God bless you!
Charles E. Mitchell, President of the National City Bank
of New York, presided at this week's gathering, and in tribute to the guest of the evening spoke in part as follows:
The annual dinner of Group VIII, consisting of bankers and private banking houses of Manhattan Island. has become a tradition in this city. It
has been a dinner to which the outside world has yearly pressed for invitation until it has lost its more intimate and local character. This year your
membership by referendum has voted to restrict its size and to confine its
attendance to representatives of its members, and seeking further to Impress the stamp of New York City itself, your committee was fortunate
indeed in obaining the consent of the Dean of New York Bankers that the
dinner might take the form of a testimonial to him. Men of great reputation
in the world of finance are here to address you. Their remarks will naturally
have to do with our guests. As in a portrait the background is most effective that depicts something of the career of the subject, Just so perhaps,
the figure they will paint will have a great meaning if at the very outset
I be permitted to say a word of the early history of Mr. George F. Baker
and his career.
All present know him by his deeds. Yet his natural modesty and his
Inherent retinence have veiled to most the early beginnings of the life of
the man himself.
The first ancestor of Mr. Baker that we know of as coming to the United
States was a lad of twenty-one who arrived in Boston in 1635, having
come as second in command of the Norse Bark from Gravesend. England,
making the trip in seventy-one days. Upon his arrival, or shortly thereafter, in Boston, he settled in Dorchester, Massachusetts, and for six
generations the families lived there.
John Baker, grandfather of George F.. moved with the family then to
Dedham, ten miles away. His son George at twenty, the father of George
F. Baker, went West. as the West then was to Albany to enter the retail
shoe business, and later moved to Troy. He married a girl from Green
Bush, New York, and Russel Sage was the best man.
George F. Baker was born on March 27 1840 in Troy. When he was
eight years old the family moved to Brooklyn. and his father engaged
himself in the shoe business in Maiden Lane, New York. Mr. Baker
spent most of his boyhood at his grandmother's at Dedham, or at his
uncle Fischer's, at Meadfield, eight miles from there. His father had
little taste for business and gravitated to literary pursuits. He worked
under Horace Greeley for the New York "Tribune" and gave up business
In the ultimate completely. Later he moved to Williamsburg, where he
became clerk of the village and influential in town affairs.
Mr. George F. Baker went to school in Williamsburg at first; but life in
the country grew so beneficial to him that his parents decided to let him
spend not only his summers but most of his winters with his grandparents
at Dedham. Incidentally, he had an uncle by marriage whom he knew
as "Uncle John," and he used to see Uncle John sitting up on the porch
while others were at work; and he asked a boy and inquired how it was that
Uncle John did not have to work; and he was told that Uncle John lived
on interest money, and he thereupon, after some thought, declared to his
fellows that some day he was going to live on interest money too, and he
made an early start. It is recorded that the first money that he ever
earned was in going after the picking of the cranberries beneath the vines
himself and picking up those cranberries that had been left and filling an
old sleigh In the barn with them until finally, that sleigh being full, he sold
the lot for $7. And that was the first money that Mr. Baker ever earned.
From Williamsburg school he went to Seward University at Florida, N.Y.,
which was a boarding school founded by William Seward. Meanwhile
his father was elected to serve in the State Legislature at Albany, and he
became later private secretary to William Seward in Washington. In
1854 he became private secretary to Myron B. Clark, who was then elected
Governor of the State of New York,
Mr. George F. Baker finished his schooling at 16, and he returned to
Albany, and in 1868 he became a clerk in the State Banking Department
at a salary of $500 a year. And incidentally, it is recorded that of that
smallest salary that he ever earned from the time he started to work he
275
made an immediate saving of $100 a year. Seven years he worked in the
Banking Department and made his home at Albany, and there we see this
young man, a perfectly natural and normal man, having his own horse and
buggy, and doing the things that we all did, even those of our generation,
with a horse and buggy before the automobiles came in. We find him
interested in boating; we find him buying first a rowboat and then a scull,
and becoming so proficient that he took the championship of the Upper
Hudson in the sculling races of those days. He was active in lecture work,
was secretary of the Y. M. C. A.. and was active in church work.
In 1861 his father was appointed disbursing agent in the State Department, Just as the war was breaking out. Mr. George F. Baker, who had
some two years before that been in a very serious railway accident, in
which it was questioned for some time as to whether or not he would lose
a leg as the result of the very serious injuries which he sustained, at the
opening of the war went in as secretary at first, and assistant military
secretary to Governor Edward B. Morgan in New York State, but after six
months he returned to the Banking Department, where he became known
as the best informed clerk in the Department.
As you all know, in the early part of 1863 Salmon P. Chase, then the
Secretary of the Treasury, had conceived the Idea of selling bonds through
the banks,they acting as agent therefor,and in addition forming banks which
could pledge bonds themselves for the circulation of currency up to 90%
of the value thereof. That was the start of the National Banking System.
Mr. Baker, as a clerk in the State Banking Department, was extremely
interested in this development, and had talked the matter over with a
certain Mr. Thompson, who was then one of the financial leaders in New
York, a man who was conducting for his two sons in addition a brokerage
office at 2 Wall Street. He decided after talking with Mr. Baker that
he would open one of these new National Banks,and he wired for Mr. Baker
to come down from Albany,told him his plans and offered him a position as
teller in that bank. The bank was formed with a capital of $200,000.
Mr. Thompson offered Mr. Baker all the stock that he wanted, and said he
would carry it for him;but Mr.Baker having learned from some one who was
misguided that one should never borrow money, refused to use more than
his accumulated savings, and his first investment was 30 shares of stock in
t First NationalBank of New York with offices in the basement of 2%
Wall
The bank grew rapidly, as evidenced by the fact that within six months
Its capital was increased to $300,000, and in a little over a year to $500.000.
Its principal business at the outset was the sale of government bonds.
but the bank had hard sledding. It was denied admission to the Clearing
House. Everybody suspected this kind of currency that was afloat.
But gradually that was overcome and in 1868 it was admitted. Mr.
Baker become cashier and active head of the institution. Although then
only twenty-five years old he was frequently called to Washington by
the secretary of the treasury for advice. He there met Lincoln. Seward,
and other members of the cabinet.
In 1873 he met his first great panic with the failure of the house of J.
Cooke & Company. George Baker stood by and declared as a principle
that which he has always insisted upon and always followed down through
these decades,that any panic could be averted if the banks instead of becoming afraid and hoarding their resources, would pay them out. The First
National weathered that panic, and it is worthy of note that they did not
sell out their borrowers, but assisted them by a private compromise.
In 1877 he became president of the First National Bank. In 1882 he
began his railroad career, first acquiring, with a group, the Richmond &
Danvile Railroad, which ulimately went in as a basis of the Southern
Railway.
Later, as you will know, he made his connections with the Jersey Central
and with the Delaware, Lackawanna & Western—always buying into these
properties when they were down at the heel and, as a great builder, building
them to a point where their securities became of groat value.
In 1900 he became chairman of the New York Clearing Houes.
In 1907, which is getting down to a point where most of us here have had
some touch with the situation, he, together, with Mr. Morgan, himself.
and Mr. Stillman as aides, I would best say, to Mr. Morgan, were the
great bulwark against the storm of that panic.
In 1913 we find him with the Pujo Investigation; and, as some one has
remarked, it required an investigating committee to show Mr. Baker's
importance in national finance.
In latter years he has been a great giver—a great generous minded
citizens, not only of New York but of the country. He has been president
of the Metropolitan Opera House Association. He has made his gifts to
the Metropolitan Museum. We all remember his two million dollars of
gifts to the Red Cross during the time of stress and storm. He had given
the student dormitory and chemical laboratory to Cornell. Baker Field.
the 30 acres for athletic purposes, to Columbia. Five million dollars
for the Graduate School of Business Administration of Harvard, which
bears the name of George F. Baker Foundation.
• It is in honor of this man, now approaching his 85th birthday, his active
business career in New York City running over a period of more than
60 years. Intertwined with the historical development of Manhattan as a
financial center; a period when in banking circles his name has ever been
in the forefront, that this testimonial dinner is given tonight.
When Mr. George F. Baker first came to New York, the refusal of the
New York Clearing House Association to recognize the First National
Bank was one of the great difficulties of his baby institution. His bank
cleared through the Bank of the Republic; which many years after_was
wig
absorbed by the First National.
Many refused to take the new National Bank currency at that time,
favoring, rather, the seven thousand different kinds of authorized currencies
in circulation—incidentally laying themselves open to the 5.500 counterfeits that were then afloat.
George F. Baker proved himself to be no mean fighter. After cleverly
administered lessons to his opponents, the opposition was finally withdrawn.
The Clearing House Association no longer denied its privileges, and the
First National Bank was admitted to Clearing House membership. Incidentally, thirty-nine of the old New York Banks with a total capitalize,
tion of fifty-six million dollars, applied for National charters within a period
of eighteen months thereafter.
:RPM
Years after, in October 1900, Mr. Baker became himself the headof
the New York Clearing House Association, and the portrait which hangs
here tonight is one which has been loaned for the occasion from the wall.
of the New York Clearing House Association.
Describing J. P. Morgan, Secretary of the Treasury Andrew W. Mellon and Mr. Baker, three of the speakers on the
program, as "among the most famous but also the most retiring, or at least reticent, gentlemen in the United States," Mr.
Mitchell continued:
They are perhaps the most heard-of and the least heard. It is
occasion when they all speak and from the same platfo
past has been the eloquence of things accomplished 'met
.
hey
276
THE CHRONICLE
said has counted much in the history of the country, but it has not been
saidin the language of oratory or by way of general exortation. Their
utterances have been specific, short and to the point, but big with results
and benefits to the whole country. They have set things in motion, they
have been factors in the establishment of our industries and they have
developed new ideas.
They have offered new opportunities; they have made realities out of
dreams. The first of these men whom I shall call upon is the worthy head
of a great house founded by his progenitors which has for three generations
played an outstanding part in the relations between America and the rest
of the world. In no small measure through the high sense of honor and of
responsibility with which that house has discharged the trusts repose in
it was due the flow of foreign capital which played so large a part in the
original construction of our railroad systems and in the marvelously rapid
development of our country which followed. And again in late years,
with the turn in circumstance, under the masterful guidance of the Jack
Morgan of to-day—whom all respect, and those who know well so dearly
love—it has stimulated the flow of American capital to safe and profitable
foreign channels. The name of that great house has been associated with
the greatest of our industrial developments at home. Every interest in
this country has been served and benefitted by the part which the House
of Morgan has played in our national and international relations. No
name has carried greater honor in American finance than that of the late
Mr. J. P. Morgan, whose close friendship for the man we are honoring at
this dinner to-night constituted one of the greatest marriages of understanding, perhaps, over existing between two great financial geniuses.
Through the stress of panic, in the calm days of constructive endeavor,
these men operated together in greatest harmony, with rarely the scratch
of a pen to evidence their contracts. These two, with James Stillman, the
third of their group, undertook to do, and did do personally, in time of
stress, much which the Federal Reserve System has since undertaken.
In the panic of 1907—that time of grave trouble, many of us here to-night
saw those gentlemen working effectively shoulder to shoulder for the
common good.
When, a few months after that panic, Mr. J. P. Morgan Sr. was about
to sail for Europe for a much-needed rest, being in ill health, and with
the thought that perhaps he might not return, it is told that Mr. George F.
Baker called at the library to say good-bye. Mr. Morgan left a group that
was standing about him, and stepping aside, put his hands on Mr. Baker's
shoulder, saying: "If anything happens to me, I want you to know that
my association with you has been one of the most satisfactory parts of my
life. I have had many pleasant things in my life, but none more pleasant
than this. I want you to remember it always."
I think it was Mr. Lamont, a senior partner in the Morgan firm, who.
on some recent occasion said that whenever Mr. Morgan went away he
always used to leave as his parting injunction to his partners these words:
"Whenever you do not know what to do. whenever you are puzzled as to
the course to take, go to Mr. Baker. and abide by what he says."
That was the character of a friendship, backed by unlimited confidence,
that was inherited by his son, Mr. .J. P. Morgan, who is here to-night.
And if I mistake not the friendship has been as complete,the confidence as
unlimited between Mr. Baker and the son, as it was between Mr. Baker
and the father. That friendship, a tradition of the House of Morgan,
established by the father, continues, and is one of those evidences of the
great heart of Wall Street that the unintelligent of the public so little
realize. No less a feeling than this could possibly have induced Mr.
Morgan to come here to-night, breaking his rule of reticence, to do honor
to our guest of the evening.
It is a very great privilege to present to you Mr. J. P. Morgan.
Mr. Morgan spoke of the intimacy of the relations of his
father and himself with Mr. Baker and referred to the latter
as having "to a degree unique in my experience, that invaluable quality of vitality, of youthful-mindedness, which enables him while still keeping to the old fundamental principles with which he started his business life, and which he
has carried all through it, to appreciate and make good use
of the changes of method which are necessary In business as
in any other profession." We give herewith Mr. Morgan's
remarks:
This meeting in honour of Mr. Baker is a great event in the history of
banking in New York. We are so apt to get on with the day's work and
forget what we owe our teachers and our friends; tonight gives us a chance
to stop for a moment and tell at least one of them that we are greateful to
him and that we honour him in our hearts.
And in addressing this meeting, I feel myself to have a special right to
speak, because I have the unusual privilege of speaking for two generations
of admiring and affectionate friends of Mr. Baker. Therefore, though
conscious of my inadequacy as a speaker, the thought that I am representing
my father and his feeling for Mr. Baker, as well as my own, gives me
courage.
For a great part of my father's life, he and Mr. Baker were close friends
and associates in many matters. Father's experience with Mr. Baker was
that of all of us, an experience of unfailing friendship and co-operation in
many different ways.
I well remember, after the panic of 1907, when my father was telling me
the story of those anxious and agitated days, during which I had been
absent, that he said, by way of summing up what he had been telling me:
"Of course, you see, it could not have been done without Mr. Baker;
he is always ready to do his part—and more."
That. I think, expresses as well as could be the first point I want to make
in regard to our chief guest. He is always ready to do his part—and
More.
That is what makes him such a strong helper—he does not measure his
help by what he may think that others would expect him to do. but he help
in a way to be effective, regardless of what others do.
And when, after my Father's death and just before the War, very heavy
responsibilities were thrown on me,and there were many puzzling questions
to be dealt with, not my father himself could have been kinder or more
considerately helpful than Mr. Baker was.
But here I am touching on too intimate personal feelings and will pass on.
We are all business men, and all. I think, more or less accustomed to
consider business from the intellectual as well as from the active side.
By this I mean to consider it in a general way as well as in detail. President
Lowell of Harvard in conferring degrees recently spoke of business as "the
oldest of the arts and the youngest of the professions." This view of
business, not simply as a vocation or trade, but as a profession, gave me a
fresh realization of the importance of the work of the business men in the
modern world and of the privileges and responsibility (since privilege must
always mean responsibility) of a position in that profession.
[Void. 120.
And, considering business asca profession, where will you find a better
professor to teach that profession than Mr. Baker?
In the first place, he knows more about it, from experience over a longer
time, than any of us, and he has beside, to a degree unique in my experience.
that invaluable quality of vitality, of youthful-mindedness, which enables
him, while still keeping to the old fundamental principles with which he
started his business life, and which he has carried all through it. to appreciate and make good use of the changes of method which are necessary in
business, as in any other profession.
He teaches us by example how to do things.
He very seldom delivers lectures, but he has been before us for many
years. always in the front rank, active, industrious, helpful and sympathetic,
and has taught us a great deal without talking much about it.
In every profession also there is, and must be, a code of ethics, the result
of years of experience. I take it that the newer the profession. the more
difficult it is to formulate its ethical code, for the experience has not been
sufficient.
Were I required to state an ethical code for our profession, I think that
I would say the first rule should be:
"Never do something you do not approve of in order more quickly to
accomplish something that you do approve of."
For there are no safe shos t cuts in piloting a business, or a ship.
r
This principle Mr. Baker has always upheld, and has been by that fact
an excellent example for all of us. He would be very much surprised. I am
sure, if he knew how often what he does, and the way he does it, has helped
the rest of us, without his having to talk about it.
As Emerson says:
"Thou knowest not what argument
Thy life to thy neighbor's creed bath lent."
and Mr. Baker's life has been a continuous argument for the right creed
for the professional business man.
Mr. Baker believes not only in example as a teaching force, but also
in the explanation of examples.
Most of you have heard of his recent gift to the Business School at
Harvard. That great university had already schools for the old professions
—divinity, medicine, law, the arts, and science. It needed a professional
school for business, and had made a beginning some years ago, which
was promising but had not got much beyond the experimental stage.
But one feature of a professional school the Harvard Business School had
developed, which put it on the same basis of professional instruction as
the Medical School and the Law School, and that is what is called the
"case system."
In medical schools for a very long time, and in the Harvard Law School
for about fifty years, the instruction has been by the study of cases, under
the guidance of trained teachers.
After much thought, the managers of the Business School had come
to the conclusion that the way to teach the principles and ethics of business
as a profession, was by the study of actual transactions and of the papers
connected with them,and they had already begun to conduct their teaching
on those lines.
Mr. Baker was appealed to among many others to subscribe part of the
sum necessary to endow this new Professional School.
After thinking it over, he announced that he was not much interested
in being one of a party to do this thing, but, if they would allow him he
would like to do it all himself. Thus, as you see, again doing his part—
and more.
He told me afterwards, and this is why I have referred to this "case
system," that the feature which made him believe that the Business School
was being established on the right basis and being run on the right lines,
and which made him wish to have a large part in it, was that it was already
teaching on the "case system"and hoped to increase its use of this method.
Of course, he likes the "case system." He has been teaching by it all
his life—in fact, he is the best instance of its usefulness that could be found.
I have alluded to Mr. Baker's extraordinary quality of youthful-mindedness. I remember one occasion of a meeting of the Liberty Loan Committee, during the war, when we had all been anxiously facing the need
for supplying the very large requirements of our Government. It had
become evident that, as the public was rather overloaded with bonds, the
banks would have to make subscriptions in very much larger amounts than
they had hoped would be necessary.
Mr. Baker had taken, as he generally did, the lead in suggesting that the
assurance should be given to the Government that it would get the money
that it needed from New York.
After the meeting, I was walking down the street with the head of one
of the large banks in New York, when he said to me:
"Cannot you do anything about it?"
In response to my question as to what it was that he wanted done,he said:
"Mr. Baker is much too young for all the rest of us, and it is really
dangerous to have him about; he makes us all do more, and more quicklyj
then we expect to—he really ought to be aged."
In spite of all this youthfulness, however, we must acknowledge that he
has reached a noble age. He has, in greater measure than almost anyone
I know:
"The things which should accompany old age
As honour, love, obedience, troops of friends."
All these things he has had for many years; let us hope that he willthave
them in ever increasing measure for many years to come.
'Mr. Mitchell, following the conclusion of Mr. Morgan's address, took occasion to state that he failed to see why the
reticence of Mr. Morgan to speak in public "should not be
broken more often." In presenting Secretary of the Treasury Mellon, Mr. Mitchell said:
In the official classification of the Comptroller of the Currency a bank
In Pittsburgh is a country bank; and applying that yardstick, we have
with us this evening a country banker. Pittsburgh, however, is one ef
the great industrial centres of the world, not only a great source of industrial products, but a source from which have radiated benefactions without end—and Mr. Mellon is Pittsburgh plus. He is Pittsburgh with its
industrial genius plus a vision which no locality can confine. Ile grew up
among the industries of Pittsburgh, he helped to make them and they
helped to make him. Their diversity helped to make him the marvelous
business man and the marvelous banker that he is. His fostering care
was everywhere among them. l'rue to the history of industrial progress.
the profits of one successful industry furnished capital for the establishment
of another, So Pittsburgh grew, and other men prospered, and the entire
community shared in the benefits. Mr. Mellon has been a builder and
developer not only of industries and of banks, but of men. If he has grown
wealthy it is because he has touched the streams of wealth heretofore
unknown, and always for the general good.
His hand, instead of directing the flow into some private reservoir, has
guided it to the discovery of more wealth, to be used in turn in the same
manner.
JAN. 17 1925.]
THE CHRONICLE
of
It is this experience which Mr. Mellon has had in the employment
him
wealth, and the knowledge which it has given him, which has enabled
confiscatory
to combat so effectively the sophistries of the advocates of
taxation.
his administration of
The crowning achievement of his career has been
service
the powers of the Secretary of the Treasury. He has given to the
the
of his country the benefits of his wide experience, intelligence, and
addition,
same skill and attention that he gave to his own interests, and in
his llfe,
great patriotism and all the devotion and fidelity which, through
he has given to the tru&s which have been reposed in him.
of
When he emered the Secretary's office there fell to him the task
upon
reorganizing and refunding the vast indebtedness of the Government
obligations of early
a peace-time basis. Over seven billion dollars were in
maturities. That task has been performed, with a skill which has commanded the admiration of the financial world, and forever established his
rank among the great finance ministers of America and of the world.
No one knows better than Mr. Mellon the part which Mr. George F.
Baker has played since Civil War days in the development of the railroads
and ofthe induscries of our country. In this guiding of the ship of American
finance in time of storm and stress and in the success of the flotation of our
great Government bond issues when that success was so essential to the
national welfare. No man is more averse perhaps to public utterance than
is Mr. Mellon, yet no one responded more quickly and more willingly to
the invitation of your committee to do honor to Mr. George F. Baker by
taking part in the testimonial of this evening. I am sure Mr.Baker himself
joins with the members of Group VIII in a sense of deep appreciation of
his graciousness in lending to this occasion his charming personality and
the dignity of his high office. I present to you Mr. Andrew W. Mellon.
Secretary of the Treasury of the United States.
277
things that
What does he advise? And following his advice, and doing the
terror
he advises to be done, we have safely come through every period of
of New
and stress that we have had. It is a great thing for the bankers
have had a
York; it Is a great thing for the bankers of the nation that we
counsel. He
Man like Mr. Baker to Whom we could look for aid and for
that blew.
stood four-square; firmly planted, not swayed by any winds
and with
knowing where he was, with principles that could not be shaken,
he is the
it all I find that in his own household, the First National Bank.
kind of a man a
most beloved figure, and it is-a very good index of what
whom he works every day.
man really is when you find the people with
love,
who are hia subordinates, all united in absolute devotion, in absolute
affection and loyalty to him.
He has beeia
That, to me, is the best index of Mr. Baker's character.
has been
big in every way. He has been fine. He has been broad. He
kind.
generous, and with it all he has been human and he has been
distinction.
He does not need any words that we can say here to add to his
to his
There is nothing that any one of us can say here that adds one bit
will in any way
stature as a man. There is nothing that we can say that
very great
give him any more honor or esteem or affection. But it is a
bringing
pleasure at a time like this that I have the pleasure and the honor of
affection for
from the bankers of America just a word of expression of their
him and of the esteem in which they hold him.
We give herewith Secretary Mellon's speech:
It is fitting that I for the Treasury of the United States, should speak of
Mr. Baker. The Treasury through its long carrer has had no stauncher
friend. At the inception of his banking career in the early sixties Mr.
Baker began to sell bonds for the Government. And young as he was.
he had the confidence of the Secretary of the Treasury of Lincoln's War
Cabinet, Simon P. Chase. So. Mr Baker's bank began its life in helping
to finance the Civil War.
Again, in 1879. when Secretary Sherman undertook the refunding of the
war debt,it was upon Mr. Baker that he relied, and it was the first national
bank which handled a very large portion of the refunding issue.
In more recent times, when we were drawn into another great war, and
money had to be borrowed in amounts theretofore unprecedented, Mr.
Baker was once more called upon. His help and constant advice as the
leading member of the Liberty Loan Committee enabled the Treasury to
float the largest popular loans of history.
If it were possible to express in figures Mr. Baker's contribution to his
country's finance, it might convey some impression to say that since 1917
the subscriptions of his bank to Government obligations have reached the
enourmous total of over 63,364,000,000 of Government securities.
We know in Washington that on every issue on the day the books are
opened we will receive a subscription for $25,000,000 from the First Nawe
tional Bank of the City of New York. It is comforting to feel that
judgment
always have one friend who backs the Treasury, whatever its
not, however, in
of market conditions. It gives us confidence. It is
has
Mr. Baker's direct financial dealings, large as these have been, that he
character
so greatly served. There are certain outstanding features in his
country's
which have had an incalculable influence in the forming of our
ideals. There has been his real service to America.
It is difficult to separate these elements of character one from another:
and in their fulness one cannot exist independently of others.
Speaking first of his courage: When he has seen the right course, tenaciously he has held to it, however outnumbered, or at whatever costs.
Another great quality of value to mankind is his constructive ability.
He is primarily a builder and a believer that real success comes from making
others successful. Then his confidence in the ultimate working out of
right ideas cannot be shaken. No matter how black the financial cr
political sky may appear, he has always felt that the storm will clear and
the house builded upon a rock will emerge unscathed. Through the bitterest days of railroad baiting, Mr. Baker did not lose his faith that the
railroads would come again into their own as the most essential part of the
industrial structure of America. Combined with these elements of his
character and aided by his full life of experience, the soundness of his judgment is not surpassed.
Now the influence of a strong character throughout a long life is not
simply upon what is done by him, his own work, the building up of his own
bank, the constructive work of his own hand upon industry. It is far mote
than this.
For over sixty years Mr. Baker, directly or indirectly, has been in close
association with men in America who have been developing this country,
shaping its policies, framing its Ideals. Moral energy, such as his, does
not cease with its exercise, but there is a persistence of the mental and
moral forces which continues long after its original application. Like a
stone dropped into a boundless pool. the ripples of courage, of helpfulness,
of optimism. reach far beyond the particular mind which these qualities
have touched, and pass into and stimulate the minds of other men who
may never have seen or had contact with him. His calmness in crises stills
panic in the crowd; his insistence upon sound principles compels their
recognition elsewhere: his constructive touch upon a railroad reaches to
every community In its territory; his simple talk to a friend In the action it
produces reacts among many. So Mr. Baker, in the long. active years
which have been his, and which I think have been so much also Ids country's
has built, not in New York alone, nor in finance, nor industry alone, but
in the hearts of all this nation, a firm belief in character. His spirit is a
part of the foundation of America.
Mr. Alexander spoke in part as follows:
The great honor has come to me as President for the time being of the
New York Clearing House Association, through the invitation of Mr.
Mitchell, to speak on this occasion on behalf of the Associated Banks and
Trust Companies. Mr. Baker's first connection with Clearing House
activities as a member of one of its committees was in 1873, over fifty
years ago, since which time he has repeatedly served on all its important
committees, and has been Chairman of the Clearing House Committee
and President of the Association. But Mr.Baker's activities in the interest
of the general banking situation have not been confined to periods when
he was officially connected with the Clearing House Association. His advice
was sought on every occasion when trouble threatened, and he always
the
responded with practicaly suggestions and fullest co-operation. On
walls of the assembly room of the Clearing House hang the portraits of a
goodly number of those bankers of New York who won distinction through
in
outstanding achievements. At the right of the presiding officer's desk,
the place of highest honor, hangs the portrait of Mr. George F. Baker.
Mr. Baker's name and the First National Bank of New York are almost
synonomous. The histories of both are truly remarkable, made so by
Mr. Baker's genius.
It would be interesting to hear from Mr. Baker something of the banks in
New York as he found them when he entered upon his career here. He
was President of the First National Bank when I applied to that institution
for a clerkship just forty years ago. I could not see Mr. Baker, but was
told by his Cashier, Mr. Scofield, that there was no place in the bank for
me. The two largest banks in New York at that time were the Importers
and Traders National, and the National Park Bank, each with deposits
of 24 million dollars. The Chemical had deposits of 23 million dollars.
That bank told me that they did not employ new clerks over 13 years of
age. The National City Bank, now the largest in this country,then had a
capital of one million dollars, and deposits of 17 million dollars. The total
deposits at that time of the Associated Banks, 63 in number, amounted to
380 million dollars, only 50% more than the First National Bank alone at
this time. Mr. Baker became a power in banking in New York shortly
after he joined the First National Bank, and he has grown steadily with
the growth and development of the country, and of this city, always retaining his leadership by virtue of his high character and marked qualities
of foresightedness and courage.
Some time ago I suggested to Mr. Baker that we consolidate the First
said,
National Bank and the National Bank of Commerce. Mr. Baker
how
"What do you want to do that for?" My answer was,"To find out
you make such large profits."
it such
There is possibly no business in the world which carries with
a
large responsibilities as the one in which we are engaged. We have
our
primary obligation to our shareholders who have put large capital at
for
disposal to be employed in banking in a way that will result in profits
them. We have also a great responsibility towards those of our depositors
who are engaged in proper business undertakings requiring the use of bank
discredit. Neither of these obligations should ever be lost sight of or
differregarded. The interests of shareholders and of depositors, while of a
be conent character, should be mutual, and if the affairs of a bank are to
its
ducted in a way to mutually serve both shareholders and depositors,
officers must be industrious, diligent and uninfluenced by any considerations other than the support and protection of the interests entrusted to
them.
The sterling character, sound judgment and courage which have charbanking In
acterized Mr. Baker's activity throughout his sixty years of
New York furnish an example of what is highest and beet in our profession.
We all want to make money, but the man who accumulates most wealth
The
cannot, because of that alone, be counted the most successful.
greatest satisfaction which can come to one is the knowledge that in the
course of this life he has helped others to help themselves.
families
Many men are today working better for themselves, for their
Mr.
and for the public generally because of Mr. Baker's help to them.
financially
Baker's friendly and helpful interest in those who have been
principles
associated with him and in a host of others as well, and the high
this
to which he has constantly adhered have set a standard not only for
and inspiration
but succeeding generations of bankers which will be a guide
to be worth while. We
so long as right thinking and right doing are held
also honor the Associated Bankers of New York who acknowledge him as
their respective and beloved leader.
Mr. Mitchell's concluding remarks, presenting Mr. Baker,
Two other speakers, who preceded Messrs. Morgan and
were as follows:
Mellon, were William E. Knox, President of the Bowery SayWe come now, gentlemen, to the great figure in the banking history of
ings Bank of New York and President of the American Bank- this country whom we are met especially to honor.
Your career, Mr. Baker, like that of Mr. Mellon, illustrates the interplay
ers Association, and James S. Alexander, Chairman of the
and the community in
the National Bank of Commerce in New York. Mr. and reaction of local influence between yourself all-important elements
Board of
which you have lived. Certain fundamental and
Knox among other things said:
of character were your inheritance, and upon these your career has been
All through Mr. Baker's career we find one thing—two things—that he
carrying into effect in his daily life
was continually putting into operation,
England ancestors, thrift,
the things that he had learned from his New
absolute loyalty, and absolute devotion
application, a fondness for work,
principles which had been engrafted into him and
to his friends—sound
life. So, for many years, as we
could not help but bear fruit in his daily
in times of financial trouble,
have looked about us in New York, especially
reserved, but as strong and steadfast
we have seen one great figure, quiet,
as the Rock of Gibraltar.
York any time for the last half century,
When trouble has come to New
What does he think? What does he do?
all eyes turn to Mr. Baker.
built. Your principles have controlled your policies all the time. You
have won by a code of fair play, consistently administered. You have
had no tricks for beating the game. You have simply gone on from year
to Year with wise sagacity and with constant faith in the future of this
country, with loyalty to the Government and unshakable confidence
that it would be maintained. And you have always worked constructively
for its upbuilding.
Although primarily identified with the great financial institution which
you participated in founding, probably no man living to-day is identified
with the development of more of our great railways, industrials, and
insurance companies than you.
THE CHRONICLE
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting the
moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
Jan. 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults and
the reserve that the member banks' of the Federal Reserve
System keep with the Federal Reserve banks) was $4,992,930,842, as against $4,993,570,452 Dec. 1 1924, and $4,951,085,383 Jan. 1 1924, but comparing with $5,628,427,732 on
Nov. 1 1920. Just before the outbreak of the European war,
that is, on July 1 1914, the total was only $3,402,015,427.
The following is the statement:
Unexpectedly good results attended the Government's offer of a 3%%
conversion loan by tender at the minimum price of 774. The offer was
made in order to provide cash to meet £53,000,000 of Exchequer bonds,
maturing in February. The total applications reached rather more than
£68,000.000. while the amount of stock allotted was /59,666,000, at the
average price of £77 10s. 11%cl.
This will produce about £46,500,000 in cash and place the Treasury id
a comfortable position for meeting the maturing debt. The success of the
issue shows that large funds are still available for investment and the effect
has been to strengthen the gilt-edged securities.
IN
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Notes
Oertificates(& (and Treasury
Treas'y Notes
Notes
01 1890).
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MONEY HELD IN THE TREASURY.
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A Labor amendment to omit from the bill the Aliens Restriction Amendment Act of 1919 was defeated by a vote of 176 to 37.
Home Secretary Joynson-Hicks, speaking against the amendment. said:
"I am not prepared at the present time, with something like 1,000,000
unemployed in this country, to allow aliens under any circumstances to
come here and seek work."
Foreign Trade of France During Eleven Months of 1924.
The latest official figures showing France's foreign trade
during the first eleven months of 1924, as received by the
Bankers Trust Co. of New York from its French information
service, reveal a surplus of exports over imports of 1,397,950,000 francs. For the corresponding period of the previous
year there was an import surplus of 1,463,047,000 francs.
The favorable balance this year is partly accounted for by
an increased export of luxury articles. November imports
in 1924 were 17,359,000 francs more in value than. those of
October, while the value of exports decreased by 99,213,000
francs. Calculated by weight, France's imports during the
first eleven months of 1924 show an increase of 2,075,598
tons, as compared with the corresponding period in 1923,
while exports grew even more, the balance in favor of 1924
being 4,791,088tons.
2 8A
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Great Britain Still Bars Aliens—Vote of House of
Commons Against Removal of Restrictions.
Aliens are still barred from entering Great Britain by the
third reading in the House of Commons on Dec. 12 of the
expiring Laws Continuance bill. A London cablegram that
day to the New York "Times" said:
a -,..600c
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The loan was referred to in these columns last week (page
140). In its reference to the offer the London "Financial
News" of Jan. 1 said in part:
The following announcement is made:
"The Government have decided to invite tenders for
% Conversion
Loan ranking part passu with the existing loan, and carrying a full halfyear's interest payable April 1, 1925. The minimum price below which
no tender will be considered will be 772
/
1%. Tenders must be for sums
of £10,000, or multiples thereof.
"Tenders, which must be accompanied by a deposit of 5%, must
be
lodged at the Bank of England by one o'clock on Thursday, Jan. 8, 1925.
The balance payable in respect of allotments will be due on Friday. January 16 1925. Payment may, however, be postponed until any subsequent
Friday up to and including Friday. February 6 1925,on payment of interest
at 314% per annum from January 16 to the date of payment upon
the
amount payable.
"A commission of 2s. 6d. per £100 will be paid to bankers and stock
brokers on allotments made in respect of tenders bearing their stamp."
Probable Response." k A
.
c
*5
This operation by the Treasury is obviously to provide the money required to redeem that portion of the 5%% Treasury bonds which did not
come forward for conversion under the recent offer.
The Chancellor of the Exchequer has, we think, dohe a wise thing in
reverting to the issue of 3)4% Conversion Loan, and on the terms at which
minimum tenders will be received at the bank until Jan. 8, the latest offer
of the:stock ought to be a success.
§
..i
1.366,769,160
British Government's Conversion Loan.
Latest advices as to the results of the British Government's
% Conversion loan are contained in a copyright
cablegram to the New York "Times" from London Jan. 11,
which says:
7,
1 ilat
1v4.41
MONEY OUTSIDE OF THE TREASURY.
Closing the ceremonies of the evening, I want to express what I know
is in your hearts to Mr. Baker—to wish him many, many years of health
and further service to this community where he has already made so
deep a mark.
229,973,38016,250,069.502
244,327,4201,360,177,897
350,626,53016.616,390,721
105,219,41615,053,910.830
186,273,444 3,402,015,427
011 R17 7R21 RIR 2R11 721
The remarks were brought to a close by Mr. Mitchell as
follows:
1
There is no real mystery in connection with the great compounding
of earnings which you have been Instrumental in bringing about. although
It must command our private admiration. The remarkable thing is,
rather, the stability and unvarying consistency of your career itself, when
Compared with the erratic, uneven course of events, and of current opinion
about you. Friends point to your unswerving loyalty, your sense of
Justice, your great industry as your dominant qualities. These we all
recognize, but those of us who have been privileged to know something
of your daily life and of your contact with those closely associated with
you in your office and in your home, see as your predominant personal
characteristics those finer qualities of tenderness, kindliness, modesty,
and genuineness.
We feel of you, Mr. Baker, as your mother did in a letter I find she
wrote to you on your sixtieth birthday. She said: "Have I not good
reason to be proud? You have not only gained an enviable reputation
but you have earned it honorably. I cannot look back on any transaction
of your life that I can feel ashamed of."
Mr. Baker, we too are proud of your record, not only as the dean of our
profession, but as one whose character stimulates our admiration and
spurs as to higher ideals. We have come here to-night, sir, to do you
honor.
[VOL. 120.
1
278
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a Includes United Statea paper currency in circulation in foreign
countries and Os
amount held by the Cuban agencies of the Federal Reserve banks
b Does not include gold bullion or foreign coin outside of vaults of the
Treasury,
Federal Reserve banks, and Federal Reserve agents
c These amounts are not included in the total since the money held in
trust against
gold and silver certificates and Treasury notes of 1890 is included
under gold coin
and bullion and standard silver dollars, respectively.
d The &mount of money held in trust
against gold and sliver certificates and
Treasury notes of 1890 should be deducted from this
total before combining it with
total money outside of the Treasury to arrive at the stock of money
in the United
States.
This total includes $15,989,900 of notes in process of redemption,
$155,315,525
of gold deposited for redemption of Federal Reserve notes, $15,928,895
deposited
for redemption of national bank notes, $5,645 deposited for retirement of
additional
circulation (Act of May 30 1908), and $6,824,106 deposited
as a reserve against
postal savings deposits.
1includes money held by the Cuban agencies of the Federal Reserve banks
of
Boston and Atlanta.
Nois.--Gold certificates are secured dollar for dollar by gold held in
the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
saver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $152.979,025 63 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury note. of 1890, which are also
JAN. 17 1925.]
THE CHRONICLE
Federal
secured dollar for dollar by standard silver dollars, held In the Treasury.
the assets
Reserve notes are obligations of the United States and a first lien on all
Federal Reserve notes are secured by the
of the issuing Federal Reserve bank.
and such
deposit with Federal Reserve agents of a like amount of gold or of gold
Reserve
discounted or purchased paper as is eligible under the terms of the Federal
Including
Act. Federal Reserve banks must maintain a gold reserve of at least 40%.
with the United States Treasurer.
the gold redemption fund which must be deposited
against Federal Reserve notes in actual circulation. Federal Reserve bank note.
obligations, and
and national bank notes are secured by United States Government
Treasurer or
i5% fund for their redemption is required to be maintained with the
money.
the United States in gold or lawful
279
Extraordinary and Minister Plenipotentiary of Greece in
Great Britain, in a letter addressed to Speyer & Co. u.nder
date of Dec. 15 has the following to say in the matter:
The loan is issued for the purpose of providing funds for the settlement
in Greece of refugees, and with the approval of the league of Nations.
under whose supervision it will operate, the Greek Government has estabdated
lished a Refugee Settlement Commission under the terms of protocol
19th day of
the 29th day of September, 1923, and amending protocol of the
Secretariat of
September, 1924, signed at Geneva, and deposited with the
of the
the League of Nations, which protocols have been confirmed by Acts
Hellenic Parliament dated June 7 1924 and Oct. 24 1924.
into
The Refugee Settlement Commission will undertake the carrying
other
effect of the scheme of settlement of the refugees on the land and in
Government
Prohibits Wheat Exportation.
Rumania
productive work in Greece, and for this purpose the Greek
Settlement Commission, free of payFrom Bucharest, Jan. 13, the New York "Journal of Com- undertake to transfer to the Refugee 1,250,000 acres) suitable for that purment. 500,000 hectares of land (about
the
merce" reports the following advices:
pose, and of this 285,000 hectares have laready been transferred to
have also voluntarily
The exportation of wheat has been prohibited by the Government from Commission. In addition, the Greek Government
round Athens.
and buildings
Jan. 15. The decree authorizes the requisitioning of internal supplies for transferred to the Commission certain lands
this loan (after repayment of
the army and civil needs at a price approximating $45 a metric ton. It is Piraeus and other centres. The proceeds of
Bank
available to carry the country along the balance outstanding of the advances of £3,500,000 made by the
believed that adequate supplies are
placed at the disposal
until the next harvest. It is said the farmers are reluctant to sell wheat. of England and the National Bank of Greece) will be
Before the war old Rumania exported around 1,000,000 tons of wheat of the Commission for the purposes of this scheme.
The service of the Refugee Loan is secured by:
annually.
Settlement
1. A first charge on the property and income of the Refugee
Commission.
have been specially
City of Paris Floats Internal Loan.
2. A first charge on the following revenues, which
Comby the Greek Government to the International Financial
In view of recent reports of the pending flotation in th's assigned for the service of this loan, the receipts from which will be colmission
market of a $25,000,000 loan in behalf of the City of Paris, lected by the International Financial Commission, namely:
I. e., salt, matches, Play(a)
the following information just received by the foreign de- ing The revenue receipts from the monopolies.
cards and cigarette paper, in the new Greek territories.
Samoa,
partment of Moody's Investors Service from its Paris
(b) The revenue receipts from the customs of Canes, Candle,
correspondent, and issued under date of Jan. 15, should Chios, Mytllene and Syra.
new Greek terri(c) The revenue receipts from the tobacco duty in the
prove of interest:
tories.
Since negotiations with American bankers concerning the underwriting
Greek territor(d) The revenue receipts from the stamp duty in the new
of
, a loan in behalf of the City of Paris are understood to have been deferred
ies.
for the time being, the City of Paris, in order to provide funds for the conGreece.
(e) The revenue receipts from the alcohol duty in the whole of
struction of inexpensive dwellings, is issuing a loan of 125,000.000 francs
[Such last-mentioned alcohol duty is subject to a contingent prior charge.
annum,
per
<about $6,750,000). Bonds bear interest at the rate of 61
1920
drachmae per annum in favor of the Greek
payable Jan. 1 and July 1, with the first coupon due July 1 1925: are in amounting to 20.500,000
of the
Internal Loan, should the surplus revenues out of which the service
denominations of 500 francs, and are redeemable by annual drawings
loan Is to be met prove insufficient for the purpose.]
Nov. 10, commencing in 1926. to retire the whole issue by 1974. the City of
and
These revenues we estimate will produce £2,058,442 for the year 1924
Paris having the option of calling bonds at par after Ilan. 1 1930 on three
per 500 francs, £2,605,308 for the year 1925.
months' notice. Bonds are being offered at 389 francs
Interna3. The yearly surplus of the revenues already assigned to the
giving a current yield of 8.36%.
of the
tional Financial Commission available after providing for the service
secured thereloans under its control and other loans, the service of which is
on.
The surplus available for the service of the Refugee Loan after payment
Denmark Granted $40,000,000 Credit.
of the service of the loans having priority we estimate will produce L2,921.-
5%
,
From the New York "Journal of Commerce" of yesterday
(Jan. 16) we take the following:
586 for the year 1925.
the
Accordingly, apart from the charge on the property and income of
to the Government of Refugee Settlement Commission and the extraordinary redemption in reA $40,000,000 one-year credit was extended
Denmark yesterday through the Danish National Bank by the National spect thereof as hereinafter mentioned, the annual amount available for
City Bank. Several other large Wall Street banks were associated with the service of the Refugee Loan should, for the year 1925, equal £5,526,894
the National City Bank in the business.
per annum, covering the ordinary service of the loan six times.
This credit is expected to be the final step in the stabilization of Danish
follows:
The figures on which the estimate of the revenues is based are as
exchange. The Danish Government put its stabilization program into
1925.
1924.
1923.
effect some time ago, assisted by American credits.
Estimated.
Estimated.
Plans for the financial reconstruction have been embodied In laws enacted Old ceded revenues
Dr.929,221,858*Dr.1,304,466.554k Dr.1,365.028,540
and £20,000!
by the Danish Parliament from recommendations made by the Danish
and £103,885
Valuta Board, an organization of Danish business men and bankers formed Service of external and Internal
expendebt (including sundry
with the idea of making recommendations to the Government on post-war
ses) at present administered
financial reconstruction. These laws established additional sources of
by the International Financial
Dr.627,570,818 Dr.506,670,604 Dr.506,670,604
revenue by taxation.
Commission
This credit is believed to preclude the possibility of floating a long-term
Dr.301.651,040 Dr.797,795.950 Dr.858,357.936
Surplus
loan here for some time.
and £20,000
and £103,885
Service of external 5% 1907 and
Dr.58,283,000
Dr.58,283,000
Dr.53,215,177
4% 1910 loans
Bankers Deny Report of Long Term Argentine Loan.
Dr.248.435,863 Dr.739,512,950 Dr.800.074,936
and £20,000
The following is from the New York "Journal of Com- Service of external 5% Canada and £103,885
and internal 6% 1917, 6%
merce" of Jan. 10:
Dr.69.678,471
Dr.69,678.471
Dr.60,203,012
1918 and 5% 1920 loans
In connection with the report that the Argentine Government has acted
Dr.669,834,479 Dr.730,396,465
1)7.188,232,851
to refund the $20.000,000 Treasury notes, which mature Feb. 25, through
Surplus for refugee loan
and £20,000
and £103,885
the possible sale of a long-term bond issue, Blair & Co.. Inc., and Chase
Dr.393,285,648 Dr.514,610,694* Dr.651.327,000
Securities Corporation state they have no option for the purchase of addi- New ceded revenues
tional long-term bonds. Furthermore, according to their understanding, Total revenue available for serDr.581,518,499 Dr.1.184.445,173 Dr.1,381,723,465
vice on refugee loan
the Government has no intention of issuing any further amounts of longand £20,000
and £103,885
term bonds at present.
Exchange Fey
Reports of the likelihood of the refunding of the maturing N.B.---Only the service of loansql Exchange say @ Exchange say @.Dr.250=C1
Dr.250 £1
now ranking in from of the ref- Dr.300 -£1
and £1=-$4.70
bonds by a long-term issue were referred to by us a week
and £1- 34 70
ugee loan is included above. and Cl- 84.70
$25,976,402
$22,361,566
$9,598,716
Equal to
ago, page 140.
January-September 1924.
* Based upon the actual receipts for the nine months,
Dr.
-Drachmae.
Banco Mexicano de Comercio Is Closed.
out of the
In addition to the ordinary redemption fund provided for
An Associated Press dispatch from Mexico City, Jan. 14, specifically assigned and surplus revenues at least 75% of the capital
Settlement Commission
published by the New York "Journal of Commerce," says:
repayments made by the Refugees to the Refugee
half
The Banco Mexicano de Comercio, the leading financial institution in will be utilized in repayment of the bonds of the Refugee Loan by
made
Mexico City with purely Mexican capital and under Mexican management, yearly drawings at par, the first appropriation to redemption shall be
closed its doors to-day. It announced that it had voluntarily petitioned as soon as such repayments shall equal £10,000 Sterling.
seven milliquidation by the courts. No announcement was made regarding the
The population of Greece, including the Refugees, is about
amounts to
assets and liabilities of the institution.
lions, and the National Debt, including the Refugee Loan,
approximately £15 per head.
The "Wall Street News" of Jan. 16 said:
In order to maintain the sterling value of the revenues hypothecated for
it is pointed out by those who are familiar with the banking situation
been the practice of the Greek Governin Mexico City that the Banco Mexicano de Comercio, which closed its the service of Greek Loans, it has
the taxes to counteract any depreciation
doors on Wednesday, should not be confused with the Banco Mexicano de ment from time to time to increase
in exchange. The Greek Government have now undertaken that should
Commercio e Industrie.
appropriated by it to the service of this loan
The latter institution was organized with foreign capital and has been the proceeds of the revenues
fall below the amount required for the service thereof, plus 20%, the
foreign management, and is now in process of liquidation.
under
of the International Financial CommisThe other bank is understood to be a small institution and to have had Government will, upon the request
sion, increase the taxes and duties expressed in Drachmae appropriated to
only Mexican capital.
this Loan, or hypothecate other revenues as will make the revenues appropriated to this loan produce a sum equal to the amount required for the service
of the loan, plus 20%.
Greek Government 7% Refugee Loan of 1924.
The Greek Government undertakes not to create any charges on its
addition to the information given in our issue of Dec. 20 revenues by way of security for any loans except such as are for productive
In
carrying out its obligations under the Treaties of Peace.
<page 2825) regarding the .£12,300,000 Greek Government purposes or for of the creation of any loan for either of these purposes, then
but in the event
7% Refugee Loan of 1924, $11,000,000 of which was placed the Greek Government may create a charge of inferior rank upon the
country by Speyer & Co., D. Caclamanos, Envoy rEYVe.nues of surplus revenues assigned to the Refugee Loan.
in this
280
THE CHRONICLE
The Greek Government further undertakes immediately to
make and to
persist in making every effort to secure as 60011 as possible a
complete
equilibrium between the ordinary receipts and the expenses of the
State.
The Greek Government has also undertaken to exempt
the Refugee
Settlement Commission from all taxes and charges, whether general
or
local, in respect of all operations and property of the Commission,
and
that the reimbursement of advances made to Refugees by
the Refugee
Settlement Commission shall have priority over taxation or any
other
claim. The Government further undertakes to pay, in respect
of each
financial year. to the Refugee Settlement Commission, the total
sum at
Which the occupiers of land originally assigned to and still remaining
the
property of the Refugee Settlement Commission, are assessed for
taxation
upon such lands for such year.
The Refugee Loan is the direct obligation of the Greek
Government
and the principal and interest of the Loan are payable exempt
from all
Greek taxes, general and special, created or to be created.
Offering of Bonds of First Joint Stock Land Bank of
Montgomery, Ma.
At 102 and accrued interest to yield about 4.75% to the
optional date and 5% thereafter, a $1,000,000 issue of 5%
farm loan bonds of the First Joint Stock Land Bank of
Montgomery, Ala., was offered on Jan. 13 by Barr Brothers
& Co., Inc., of New York, the National Shawmut Bank of
Boston, the Central Trust Co. of Illinois, Chicago, and the
First National Bank of Montgomery, Ala. The bonds are
dated Dec. 1 1924, will become due Dec. 1 1954, and will be
redeemable at par on Dec. 1 1934 or any interest date thereafter. The bonds are in coupon form in denomination of
$1,000 and are fully registerable and interchangeable. Principal and semi-annual interest (June 1 and Dec. 1) are payable at the First Joint Stock Land Bank of Montgomery or
the Chase National Bank. The bonds are issued under the
Federal Farm Loan Act, and are exempt from Federal, State,
municipal and local taxation. The First Joint Stock Land
Bank of Montgomery was chartered Aug. 21 1922 and makes
loans in only 45 counties of Alabama. These counties, it is
stated, constitute 70.78% of the total farming area of the
State, and 76.82% of the value of all farm lands in the State.
President A. M. Baldwin also says:
This bank contemplates loaning in only 76 counties in Georgia.
These
counties constitute 56.68% of the farming area of the State and
66.66%
of the value of all farm lands in the State. In 1919 these 76 selected
counties produced 67.46% of all the crops grown in the State.
The officers and directors of the First National Bank of
Montgomery, Ala., established 1871, manage and control the
operation of the First Joint Stock Land Bank of Montgomery. The following is the statement of condition of the
First Joint Stock Land Bank of Montgomery as of Nov. 29
1924:
Resources—
Mortgage loans
Accrued interest on mortgage loans (not matured)
Accounts receivable
Cash on hand and in banks
Furniture and fixtures
Other assets
$2,365,000 00
41.366 21
200 00
107,922 20
1,993 92
10,142 23
[VoL. 120.
Assets—
Gross loans
863,954,610.0e
Myst. Libs. C.I.'s_ -43,700.O1'
Invst. J. S. L. B. Bds. 1,158,600.00
Accts. receivable_ _
370,061.26
Accrued in loans_
935,890.06
Accrued int. invest's_
9,396.61
Cash & due from banks
624,244.99
Furniture & fixtures
15,004.70
Prem. on bonds pur
1,100.00
Real estate
275,631.57
• Liabilities—
Capital stock
$4,000,000.00
Res. & undi v. profits..
949,955.98
Res, for unearned int_
4,054.89
Farm loan bonds
50,510,000.00
Amer. payments rec'd 1,803,453.17
Due borrowers
49,230.52
Accrued interest bds.
outstanding
417,695.03
Coupons due not pres'd
52,390.00
Advance interest- - -3,360.00
857,780,139.59
857,780,139.59
The following are the officers and directors: Guy Huston,
President; Ray E. Pickrel, 0. F. Schee and J. E. Huston,
Vice-Presidents; and H. A. Smith, Secretary.
Report of President Coolidge's Agricultural Conference
on Emergency in Livestock Industry.
In a report on the emergency in the livestock industry
submitted to President Coolidge on Jan. 14 by the recently
appointed Agricultural Commission, the cattle industry is
found to be faced "with a serious shortage of credit facilities." The report finds that "it is necessary at this time
that the Federal Intermediate Credit Banks should assume
the full responsibility by aggressively and sympathetically
undertaking to cover the field and thus support and supplement the normal financing of livestock paper." Among
other things it is recommended that "the Agriculutral
Credits Act be amended by eliminating the provision that
prohibits the rediscounting by Federal Intermediate Credit
banks of loans negotiated by Federal chartered agricultural
credit agencies." Horizontal changes in freight rates, the
Commission found, and greater depression of prices of agricultural products than of those of other products have laid
a special burden upon the cattle industry. A serious emergency, it is said, exists not only in freight rates, but also in
the lack of provision of inter-line rates and in routing arrangements; the Conference states that it will in a subsequent
report announce its recommendations concerning the consideration of transportation service and costs for agricultural
products. According to the report made available this week
"the cattle industry is suffering through the lack of tariff
protection from competition with hides and meat products
from foreign countries, "produced by cheaper labor and
under different standards of production"; its recommendations concerning tariff protection to the cattle producer are
likewise reserved until a later report. In order to determine
the administration, rules, regulations and fees governing
grazing, the report to the President this week suggests the
appointment of a commission to deal with the subject.
Announcement of the appointment of the Agricultural Commission by President Coolidge was made in our issue of
Nov. 22, page 2348; later reference to the Conference appeared in these columns Dec. 13, page 2721, and Dee. 20,
page 2828. The following is the report on the emergency
in the livestock industry submitted this week to President
Coolidge through Chairman Robert D. Carey.
Total
$2,526,624 56
Liabilities—
Capital stock
$250.000 00
Surplus
20.000 00
In response to the request of the President, the Conference is
Reserve from earnings
endeavoring'
981 46 to point out such practical
steps as may be taken to put agriculture
Undivided profits
40,207 13 business
upon a
basis. At the outset of its deliberations, the
Farm loan bonds authorized and issued
Conference was
2,100,000 00 confronted
by suggestions for the creation of new governmenta
irccrued interest on farm loan bonds (not matured)
l agencies
17,495 57
and for the making of large appropriations for the assistance
Loans due borrowers
of different
54,715 25 branches of agriculture.
But, in sympathy with the President's
Matured interest on farm loan bonds (coupons not presented)
7,800 00 decreased
desire for
tax burdens and further simplicity of governmenta
Reserved for title Insurance premium
l
264 04 it will be the effort of
the Conference to find a solution of the operations.
Amortization payments on principal
25,054 70 far as
problems as
possible by better utilization of existing
Amortization installments paid In advance
governmental institutions
9.046 61 and by the indication of
amendments by existing laws and
Other liabilities
pending lesgis1,059 SO lation and the
presentation of suggestions by which the
farmer himself
Total
$2,526,624 56 may improve his own business position.
Numerous comprehensive reports of public commissions
President Baldwin also says:
and conferences.
such as the report of the Agricultural Conference of 1922
The following data will no doubt be found of interest:
and of the Joint
Commission of Agricultural Inquiry and numerous
$1,673,600. or 70%. of the amount of loans in force on Dec. 4 1924
trade reports, present
adequate discussion of existing situations and of
made to borrowers who themselves operate their farms.
economic, social, and
political causes and effects which are related by
Gross loans closed to Dec. 4 1924
agricultural conditions and
$2,391,000 needs. For this reason. the Conference
plans to submit concrete recommenApplications received to Dec. 4 1924
6.151.975 dations rather than elaborate reports of
conditions or technical discussions.
Only four loans reported in default since organization and none conThe scope of the work of this Conference necessarily
tinued more than 15 days, two of which were technical defaults. Farm
divides itself into:
First, a report on the emergency situation in
the livestock industry:,
Loan Board has approved all loans submitted.
second, a report on necessary legislation: third, a
report on the administration by the Government of matters which affect
Annual Meeting of Stockholders. of Chicago Joint study of the important problems of the industriesagricutture fourth, a
of the country; and
finally, a discussion of these problems which must
be solved by the farmers
Stock Land Bank.
of the country as a part of the responsibilities
— —_
which lie directly with the
The annual'stockholders meeting of the Chicago Joint producers themselves.
This report deals with the
Stock Land Bank -a-- held OnJan. 12. A reiriew- -w s
orthe attention was called by the emergency in the livestock industry to which
business of the bank_ for the past_year was given by the Reports dealing with other President at the first meeting of the Conference.
matters will be submitted from
time to time.
ldenti7Guy Huston, and directors were elecied fohe
The Cattle Situation.
ensuing year. Immediately following the stockholders'
In recent months there has been a very heavy
forced liquidation of the
—
meeting, a meeting of the directors was held. A dividend cattle industry which has been caused in part by a shortgage of feed, but
...
principally by the calling of loans by private
financing agencies. During
9120% for the year was declared7— payaiale $270 per share the war and immediately after many were
-encouraged to engage in the
quarterly-April 1 1925, July 1 1925, Oct. 1 1925, and Industry and extensive loans were made on cattle at excessive valuation.
The action of the Government in making advances
.
J
53,71 1926, to the stockholders 9f secord... n the
.
to the livestock industry.
....
o
of through the War Finance Corporation, has
in
Einilth_preceding
.
-dividendpaying date. The following the shock of deflation. Evidence at hand materially aided theabsorbing
Indicates that
breeding
statement shows the -condition of the bank as of Dee. 31 stock now on farms and ranges has been reduced to the point where future
production will not be greatly in excess of
normal demand. Therefore
1924:
confidence in the industry is warranted and those
adjustments which will
.
291h
1
JAN. 17 1925.]
THE CHRONICLE
assist in putting it on a sound and efficient basis, should made as speedily
as possible. These adjustments should deal with finance, transportation
costs, tariff and grazing.
Finance
The Conference found that the cattle inudstry was faced with a serious
shortage of credit facilities. The break-down of the old packer-controlled
livestock loan companies, the weakened and restricted condition of many
local banks of the range country, the lack of available primary discount
agencies lie at the root of the present credit problem of the cattlemen.
The Federal Intermediate Credit Bank has adequate funds and by law is
empowered to advance the necessary money to take care of sound livestock
-managed disloans wherever they may be presented through solvent, well
count agencies. It is necessary at this time that the Federal Intermediate
Credit Banks should assume the full responsibility by aggressively and
sympathetically undertaking to cover the field and thus support and
supplement the normal financing of livestock paper. The Conference
fully recognizes that only such loans should be made through the Federal
Intermediate Credit Banks as are safe and will carry the confidence of the
Investors in government debentures. It therefore recommends that:
1. The Federal Farm Loan Board, which administers the Federal Intermediate Credit Bank, be requested to send its Chairman, together with the
member of the Board who Is specially charged with the administration of
the Federal Intermediate Credit Banks and such other representatives
as the Board may deem necessary, to enter upon an immediate campaign
to present to the cattlemen, bankers, and commercial institutions of the
various states, the information that the Intermediate Credit Banks are
able and willing to provide adequate rediscount facilities for all sound loans
to livestock raisers, and that for this purpose there need only be organized,
or continued, stable discount agencies.
In this connection, it is also recommended that the representatives of
the Federal Farm Loan Board should most carefully review the personnel
of the various Intermediate Credit Banks to see that those who are employed are not only conversant with banking principles but are also conversant with the needs of agriculture, including the livestock indestrY,
and are sympathetic in promptly assuming the responsibility of meeting
the financial needs of agriculture in their respective localities.
The Conference has been assured by the Chairman of the Federal Farm
Loan Board that it stands ready to carry out this program.
2. A special report be made by the Chairman of the Federal Farm
Loan Board to the President on July 1 1925, indicating such progress as
has been made in meeting this emergency.
3. The Agricultural Credits Act be amended by eliminating the provision
that prohibits the rediscounting by Federal Intermediate Credit Banks of
Loans negotiated by Federally chartered agricultural credit agencies.
Transportation.
By reason of the horizontal changes in freight rates during recent years
and of greater depression of prices of agricultural products than of those of
other products, during tho same period, the raw products of agriculture
are now bearing a relatively excessive cost for transportation. A special
burden is laid upon the cattle industry by this situation. A serious emergency exists not only in freight rates, but also in the lack of provision of
inter-line rates and in routing arrangements. The Conference will, therefore, announce its recommendations concerning the consideration of transportation service and costs for agricultural products, including livestock,
in a subsequent report. It does wish to emphasize at this time its conviction
that while adequate service is essential, the welfare of agriculture also
demands an early and thorough revision of the freight rate structure to
relieve the raw products of agriculture and livestock from their disproportionate share of transportation costs.
Tariff.
The cattle industry is suffering through the lack of tariff protection
from competition with hides and meat products from foreign countries
produced by cheaper labor and under different standards of production.
Other agricultural enterprises are also suffering from similar competition,
much of which has recently become more acute.. While the Conference
recognizes this difficulty as one factor in the distressing situation of the
livestock industry, it believes it best to reserve its recommendations concerning tariff protection to the cattle producer until a later report in which
its general conclusions concerning protection against foreign competition
in agricultural products may be presented.
Grazing.
The policy of free and unrestricted grazing on the public domain has
unduly encouraged many to undertake livestock raising and also caused
those already engaged in the business to increase their herds and flocks.
With high prices, there has always been a tendency to increase livestock
on a free range. As a result this land has been over-stocked, its grazing
value is greatly reduced, much of the livestock is of inferior quality, and
great losses have been incurred. This policy has hindered efficient operation
on the part of stockmen.
In contrast with unrestricted grazing on the public domain, grazing in
the national forests is regulated. This has resulted in improving the
quality of the range and the production of cattle therein. The Conference
recommends that the unappropriated public domain should be Placed
under lease and that there should be a uniform policy agreed upon for the
administration of grazing on the public lands and in the national forests.
In order to determine the administration, rules, regulations and fees
governing grazing, the Conference further suggests the appointment of a
committee created essentially as follows: (a) One member who shall be
the Secretary of Agriculture or his representative; (b) one member
who shall be the Secretary of the Interior or his representative: and (c)
three members, two of whom shall represent the livestock grazing industry,
appointed by the Secretaries of Agriculture and the Interior acting jointly.
Until such time as a uniform plan of leasing is agreed upon. the Conference recommends that there be no increase in fees charged for grazing
In the national forests.
Improvements in Methods.
Both cattlemen and the agencies through which they are financed,
should realized that in addition to adjustments with respect to such matters
as finance, transportation costs and the tariff, adjustments with a view to
improving methods of production and management are also necessary to
bring about a satisfactory stabilization of the cattle industry.
Efficient and economical production depends in large part upon high
breeding capacity in the herd, good management of the grazing and winterfeed-producing areas, and a wise determination of the class of cattle that
should be marketed from the rage involved.
281
Instead of asking the usual amount of legislation from the Nebraska
Legislature, which has just convened, organized farmers in this State are
opposing all special farm legislation, according to the program outlined
by the farm leaders gathered at Lincoln for the session. In fact,the farmers
avid ask that some laws now on the statute books be repealed, rather than
ask for more laws. Briefly, the farm plan, all of which is negative, is as
follows:
No new taxation.
No ratification of the Federal child labor amendment.
Net discriminatory tax legislation.
No tax-free securities.
No State funds loaned outside the State.
No increased centralization of control of the roads or the schools.
The "no new taxation" paragraph of the farmers' program means that
-cent tax per gallon on gasoline, the
the farmers will fight the proposed 2
proceeds of which are scheduled for the use of the good reads associations.
It will also affect the proposed $50.000,000 to $100.000,000 good roads
bond issue.
The second provision means that the farmers will fight it out with the
labor unions which are supposed to be backing the Federal child labor
amendment.
The third provision is aimed at the intangible tax law. The farmers
are going to try to repeal the law providing for the assessment of thlg class
of property at 25% of its value.
The "no tax-free securities" paragraph will be an effort by the farmers
to stop the promiscuous issuance of this class of securities from now on by
some legislative curb which will make them less attractive to buyers.
Farmers Urged by Department of Agriculture to Study
Economic Need for Formation of Co-operative
Marketing Organizations.
Farmers planning the formation of co-operative marketing
organizations are urged by the United States Department of
Agriculture to give careful consideration to the economic need
for such organization and seek the advice of competent cooperative marketing experts. The Department, in its statement made public Jan. 14, also has the following to say:
There are thousands of successful marketing organizations in the United
States, but there are also numerous failures where associations have not been
founded on fundamental economic principles. It is better to start right
than later to be compelled to reorganize or possibly fail.
Studies by the Department of more than 10,000 co-operative organizations
now in existence, and which comprise approximately 70% of all such associations in the United States, emphasize the fact that success in co-operative
marketing cannot be won overnight. These organizations, some of which
have been in existence more than 20 years, have at times been put to severe
tests, but through loyal membership, singleness of purpose, and businesslike management have weathered the recurring storms of economic condition.
The history of agricultural co-operation in the United States runs back to
the Civil War. The first cheese factory was established in 1863 and the
first organization of fruit and vegetable growers in 1878. Two organizations
of grain growers were formed in 1887, followed in 1890 by an organization
of live stock raisers. The movement developed slowly and over a long period
of years while these and other pioneers were putting their theories into
actual practice. Other associations were established and the principles of
sound co-operative method were demonstrated until in 1900 there were several thousand farmers' organizations in existence.
The movement was given great impetus during the next 20 years. By
1905 numerous grain organizations had been formed and each year saw an
increasing number of grain growers banding together to market their commodity. Live stock organizations were also formed in increasing numbers
during the next 15 years, until in 1920 the peak of the movement in all
commodities was reached. More than 800 organizations now in existence
and reporting to the Department were formed in 1919; in 1920 there were
established 973 associations now functioning, and in 1921 there were organized 776 associations. The years 1921-23 saw the formation of State-wide
cotton and tobacco organizations.
The total number of farmers' organizations in the United States is now in
excess of 12,000, with a membership of about 2,000,000 farmers, and doing
an annual business of more than $2,500,000,000. Seventy per cent of all
the associations are in the 12 North Central States, which States include the
great corn and wheat producing areas. Six per cent of the organizations are
in the three Pacific Coast States.
There has been an increase of nearly 200% in the number of associations
since 1915, according to the Department's records; the membership has increased 300%, and the estimated amount of business has increased 200% as
measured in dollars.
The local associations were the first historically and are still the most
numerous, the Department says. They are created by farmers of a single
community to perform services which can well be performed near the producing areas. Primarily these functions are assembling farm products and
preparing them for market.
About 50 federations of local organizations are reported as now functioning in the United States. These federations determine policies regarding
entering
standardization of products and the preparation of products for
the channels of trade. They usually develop and handle the advertising and
selling campaigns, and all matters of transportation and legal affairs.
The centralized or State-wide association which combines the functions of
the local and the federation has come into prominence during the past five
years. There are now about 50 organizations of this type operating throughout the country, including 15 large cotton associations, 7 big tobacco associations, and numerous State-wide associations handling other commodities.
Frank L. Carey Re-elected President of Chicago Board
of Trade.
re-elected President of the Chicago
Frank L. Carey was
Board of Trade without opposition at the annual election on
Jan. 5. Henry A. Rumsey was elected Vice-President. Other
officers chosen included the following: James K. Riordan,
Edward P. McKenna, Francis B. Fox, Louis C. Brosseau,
Nebraska Farmers Against New Legislation—To Ask Siebel C. Harris, who were elected directors. The followThat Some Laws Be Repealed.
ing were elected on the Committee of Appeals: George B.
The "Wall Street Journal" of Jan. 14 reports the following Booth, Harry C. Schanck, Fred T. Bascom, John E. Brennan
and Harry B. Godfrey; and the following were chosen as
-rom Omaha:
282
THE CHRONICLE
[VOL. 120.
members of the Committee of Arbitration: Fred F. Brecken- tion of the Dawes plan and the subsequent flotation of the German external
ridge, Philip J. Reddy, William M. Hirshey, Kenneth S. Tem- loan.
This does not mean that all of Europe's problems are solved, or that
the
pleton and Alex Moore.
Dawes plan will prove to be a panacea for all of
R. S. Hecht of New Orleans on Improvement in Agricultural Situation in South—Doubt as to Advisability
of Creating Further Agencies to Aid Farmer.
R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, in his annual report to the stockholders,
referring to the agricultural conditions in the South, says:
Speaking generally, the farming situation in the South has shown a
marked improvement during the year, but the sugar and rice sections of
Louisiana suffered greatly as the result of the unprecedented drought lasting
for several months.
The Louisiana sugar crop will probably yield about 105,000 tons of sugar,
against 162,000 tons in 1923, and the price of raw sugar is now 4.65 cents,
against 7 cents at the same time last year. If the net results of the season's
operations are not as disappointing as had been expected some weeks ago,
it is due largely to the unusually heavy sugar contents of the cane, and to the
fact that many factories turned to the production of syrup instead of raw
sugar, and, due to the scarcity of syrups elsewhere they were able to realize
a relatively higher price than usual for this product.
The rice belt had excellent prospects earlier in the season, but lack of
rainfall and shortage of water in the irrigation canals greatly curtailed the
yield, with the result that few of the farmers were able to do much more than
clean up their current crop advances, and could not liquidate the old debts
which three previous unfavorable seasons had forced them to carry over. The
1924 production for Louisiana is estimated at 17,000,000 bushels of rice.
against 16,600,000 bushels in 1923.
The cotton crop has been substantially larger than last year, but the gross
Income to the farmer will be materially less because of the lower level of
prices prevailing this year. The present estimate for 1924 is 13,153,000
bales, against 10,985,000 last year, and the spot price for middling cotton is
now 24.60 cents, against 35.53 on the corresponding date last year.
Other crops have produced a satisfactory yield, and there is no doubt that
outside the sugar and rice sections farmers are in better financial condition
than they have been for some time past As a consequence the buying power
of the agricultural sections has increased materially, and there is a decided
Improvement in the morale of the rural population.
Much is still heard, however, of legislation needed to improve
the credit
facilities of the farmer. We seriously doubt that with Federal Land
banks,
Federal Intermediate Credit banks, Joint Stock Land banks, and
a number of
other special agencies created within recent years, the farmers' best interests
will be served by additional facilities for incurring debt. We
believe that
the further improvement of his economic condition is more likely to
come
from improved methods of production and marketing, and from
a suitable
variation of his crops, rather than from more Government aid.
Mr. Hecht observes that the year 1924 has run its course
much along the lines predicted by business leaders a year
ago. Continuing he says:
New and marked progress has been made towards the rehabilitation
and
stabilization of business, both here and abroad, and the
business sky seems
clearer than for a long time past.
Bat notwithstanding the relatively prosperous condition of commerce
and
industry there has been a considerable amount of idle capital throughout
country, with the result that bank deposits have shown a substantial the
increase. The experience of our own institution has been quite
in line with
this general trend of affairs, and our deposits have grown to
a new high
mark, as is shown in the statement printed in these pages.
This, however, has not been an unmixed blessing, because in common
with
most banks, we have had difficulty for some time past in finding
profitable
employment for these increased funds in liquid short time loans
in the legitimate channels of commerce, industry or agricultural production.
As to general conditions, he also says in part:
The fear was frequently expressed during the last year that the abnormal
ease in the money market, the great activity in the stock market, and
the
rapid expansion of business in certain lines would once more result
in general inflation, and an unhealthy advance in prices. Fortunately, these
fears
have thus far proved to be unfounded, and it is to be hoped that
business
men, remembering the lessons of the past few years, will so conduct
their
affairs as to avoid a repetition of the mistakes of the boom period
which followed the close of the war.
Up to now commodity prices have remained fairly stable, but it must be
admitted that merchants generally have for a long time past bought on a
hand-to-mouth policy. If as a result of restored confidence in the
future
these merchants should more or less simultaneously decide that the time is
ripe to replenish their depleted stocks, a general advance in the price of
seeds can easily result.
Another danger point which will require careful watching and wise handling is the present excessive stock of gold carried in this country. Gold has
been coming to the United States steadily for some years as the result of
heavy international trade balances running in our favor. It is estimated that
foreign borrowings in the United States in 1924 have been in excess of a
billion dollars, of which over one-half was for European account. A considerable portion of the proceeds of these loans was undoubtedly used in payment of American goods, and another part was set aside specifically for currency stabilization in certain countries. Yet the annual interest payments
due on these enormous loans will tend to continue this flow of gold hither
unless conditions abroad justify a reversal of the movement before long.
Of course, under normal conditions a country should welcome such an
Influx of gold. It must be remembered, howeeer, that we already have
about 50% of the world's entire gold supply, and it would certainly create
unhealthy and difficult economic conditions if this accumulation should
continue. Moreover, there always is the perfectly natural temptation to permit this increasing gold supply to be used as a basis for further credit expansion and consequent inflation, and too much praise cannot be given the
Federal Reserve System for the firm manner in which it has dealt with the
vexatious problems which this embarrassment of riches has brought with it.
We have every reason, therefore, to welcome the anticipated return flow
of some of this gold to Europe, first because it will probably give a little
firmer undertone to our own money market, and, secondly, because it will
further improve the general outlook for a testoration of eormal international
business relations In which we are so vitally, interested.
Real progress has been made in 1924 towards the rehabilitation of Europe,
and we now view the outlook for sound 'business developments in the leading
European nations with greater confidence than We have felt justified in expressing for many years past. The most important development of the year
was the success of the London Conference, WhP/1 resulted. In the final adop-
Europe's international ills.
It does indicate, however, that a new basis has been found for carrying
on
more normal business relations among nations, and that some
measure of
mutual confidence has been re-established. Another result is that for
the
first time since 1914 it has once more become the ambition of all the
European nations to really balance their anational budgets intead of resorting
to
further flotations of internal loans or inflation of their currencies to
meet
their excessive expenditures.
As a result of these improved conditions, practically all the foreign exchanges have shown a rising tendency for some months past. In fact, the
currencies of the larger nations are now at or near their gold parity, except
the lira and the French and Belgian franc, which can probably not be adjusted to any permanent basis until the Dawes plan has been in operation
for a sufficient length of time to prove its entire practicability, and until
the problem of the settlement of inter-Allied debts has been solved.
As for 1925, we believe that underlying conditions are such as to justify
us at this time in taking a decidedly optimistic view of the outlook.
The
banking and credit structure appears thoroughly sound, and if business is
carried on conservatively and undue inflation is avoided, we should have
a
year of steady progress and satisfactory results. There seems every reason,
therefore, to expect the "ship of trade" for 1925 to sail ahead on calm
seas
and under clear skies, and to return to port at the end
of the year with a
record of good profits and genuine prosperity.
Representative McFadden's Banking Bill Passes House
—Branch Banking Provisions.
Chairman McFadden of the House Committee on Banking
and Currency succeeded in bringing his banking bill before
the House for consideration on the 9th inst. providing for
three hours of general debate and then the consideration of
the bill for amendment under the five-minute rule was offered. This resolution was adopted by the House by a vote
of 307 to 4 on the 10th inst. While general debate on the bill
was concluded that day, and several sections had been considered under the five-minute rule, it failed of a final vote,
and the bill was laid aside for further deliberation on Jan.
13. The bill passed the House on the 14th inst. by a vote of
172 to 65, after a motion, offered by Representative Black of
Texas to recommit the measure to the Committee on Banking and Currency for the addition of a series of amendments,
had been rejected by a vote of 236 against the proposal to 90
In favor. The amendments, sponsored by Representative
Black (of Texas) and Representative Steagall, another
Democratic member of the Banking Committee, had previously been defeated in the House. One of the amendments
adopted on the 14th inst. offered by Representative Wingo
of Arkansas, ranking Democrat on the Committee, struck
out a section which made certain acts crimes, punishable
under Federal statutes. Mr. Wingo and supporters of his
motion contended that all the crimes enumerated were punishable under State laws and that prosecution should be left
to the State courts. The bill as passed by the House carries
the Hull amendment affecting branch banking. From the
New York "Journal of Commerce" we take the following
from its Washington dispatch of Jan. 14 regarding the adoption of the bill by the House:
As adopted it is in substantially the form in which it was reported,
for
Its sponsors were enabled to keep out amendments that they did
pirmitting the adoption of changes which were desirable in the not desire,
interest of
the legislation or had the effect of strengthening its provisions.
The bill does not meet the approval of all of the members,
but it is
known that had a final record vote been taken the number of
opponets
would have been considerably under that of the members
favoring its
recommitsi to the committee. The principal changes are
represented by
the adoption of the so-called Hull amendments and the clarifying
of Section
14.
TheHull amendments, sponsored by Representative Hull
of Illinois, are
Intended to preserve the status quo in States which do
not now permit
branch banking by State banks and trust companies and to
compel national
banks in such States to come to Congress for permission to establish
branches
In the event that the local laws are changed any time in the
branch banking by their own institutions. Through the future to permit
latter It is proposed to discourage any move on the part of national banks
activities on State legislatures to bring about modification to center their
of
Under the bill as reported to the House. whenever the laws State laws.
of
non-branch banking States were changed in that particular any of the
in favor of
State banking institutions the national banks would have
a like privilege
to enter upon branch banking.
An amendment by Representative Stevenson.
Democrat, of South
Carolina. a member of the Banking and Currency
Committee, made
plain that it is the intention of Congress that branch
banking shall not be
permitted in cities with a population of 25,000 and
under. It was pointed
out that through an error in the printing, of the bill this
prohibition woo
omitted.
Chairman Louis T. McFadden of the Banking and
Currency Committee,
In charge of this bill, PO maneuvered, the measure as to
block all moves tomodify it in any particular distatesful to the
proponents. Representative
Otis Wingo of Arkansas. ranking Democratic member
of the committee,
while opposed to the branch banking provision of the
measure, was equally
active in seeing to it that the bill was not indiscriminate amended,
ly
and
with Mr. McFadden blocked such moves as that of Representativ
e Black.
Democrat, of New York, to impose upon the
bill the proposals of George
V. McLaughlin, State Superintendent of Banks of New•York. A point of
order was raised against these proposals on the ground that
germaie to the matter to which they were to be attached. they were not
Language Is Changed
The language of Section 14 of the bill was changed to read as follows:
It was felt that the language as originally agreed upon by the committee
would accomplish the purposes set out in this paragraph; a Federal Reeerve
JAN. 17 1925.1
THE CHRONICLE
283
bank would be permitted to discount for a member bank the same amount
Again, suppose the McFadden bill passes, and milkers make use of the
of eligible paper which a national bank might advance under the terms of privilege of branch banking (which is quitelikely, for monopoly is a very
Section 5200, of a customer possessing such paper. However, it is said, attractive privilege, meaning enhanced profits), how will the proponents
the language of the bill appeared to close students of the Federal Reserve of this measure justify themselves when the Federal bankers in the other
system to be ambiguous gnd fear was expressed that it would radically States of the Union come to Congress at the next session and say "you have
change the character of eligible paper by permitting the rediscount of paper permitted the national bankers in one-half the States of the Union to have
not now eligible for rediscount. Such was not the intention of the propo- branches—in the great cities in unlimited number, now we ask you as a
nents of the bill, who, defending the original language, declared that it matter of justice and equality that you grant us the same privilege."
would nit in any way broaden or change the character of the eligible paper. What will the gentlemen on the banking committee have to say when they
The question of eligibility being fixed by the Federal Reserve Act is not have surrendered the principle? On whatfooting of justice will they stand?
involved, but only the amount which may be borrowed upon paper already Then refusal will be but the sheerest exercise of arbitrary power.
eligible.
To-day the Federal Reserve Board is about equally divided, one-half
Section 17 of the bill, amending Section 22 of the Federal Reserve Act unequivocally for branch banking and the other half for this compromise
by making certain acts crimes punishable under Federal Statute, was McFadden bill.
disapproved by the House and removed from the bill prior to passage. It
But, gentlemen, can we safely compromise on principle? Can a house
was pointed out that the adoption of this provision would bring about divided against itself stand? Lincoln said over and over again that a
double liability under State and Federal laws for the same act.
house divided against itself could not stand, and One even wiser than
Lincoln first announced that truth.
Fight on Branch Banking.
Much of the opposition to the bill during its three days of consideration by
Our Federal banking system can not be one-half branch banking and
the House was centered upon the branch banking features. For the most one-half independent banking. We can not have independent units in onepart the remaining features of the bill were too technical to mean much to half the States and monopoly in the other half. It will be all one or all
other than the members of the committee and a limited number of Congress- the other. If we do not now stand firm against branch banking monopoly.
men who have a knowledge of banking. The general membership was in- it will come upon us like a flood, covering the whole country.
clined, therefore, to follow the advice of the committee members upon quesIf we have not the courage, the common sense, and the conscience to
tions with which they were not familiar and the leaders on the committee stand up now against the forces of special privilege seeking to overturn the
swung a wide influence over the House in directing the movements of the prosperous practice of the past, the decisions of our courts, how shall we
bill.
expect that our successors here 2 or 10 years hence, when we have surAmong other important features, the bill carries a provision amending rendered the principle and permitted the practice in one-half the States of
Section 5138 of the Revised Statutes changing the succession or charter the Union, will be able to resist the evil? No country has ever been able
powers of national banks from 99 years to indeterminate succession. Such to exterminate Monopoly of banking power when once it has gotten a
banks, therefore, will continue in existence at the will of their shareholders foothold. The tendency is ever to increase the number of branches see
owning two-thirds of its stock, the charters being subject to forfeiture upon to decrease the central banks. This is the lesson taught by Canada.
suit brought by the Comptroller of the Currency if at any time the banks England, France and Germany. Let us face the crisis like men!
violated any of the national banking laws. The right of Congress to terI look to the eankers of the House to stand by their fellow bankers organminate by general or special legislation all charter powers of national banks ized against branch banking. Be content with what you now enjoy.
Is expressly reserved.
Surely You will not jeopardize your own independent bank by submitting
The same paper reported on Jan. 15 that the bill would It to the inevitable nation-wide competition of the great central banks with
•
their branch-banking offshoots.
formally reach the Senate Committee on Banking and CurI appeal to the Members from the States now afflicted with the branchrency on the 10th inst. It added:
banking evil to vote against this bill. There is still a chance for your
Federal
It is understood that Chairman McLean of that committee will confer constituents to end the evil in their States, but cnce you permit
difficulty of
with the members of the sub-committee who have been studying its various branch banks to come in alga, then you have doubled the
getting relief.
proposals to determine what further steps should be taken.
I am confident of the assistance of Members from the 18 States whose .
Senator Pepper, of Pennsylvania, chairman of the sub-committee, is
decision
absent from the city, but he will be consulted soon after his return to attorneys general took part in winning last year the Supreme Court
against branch banking. Let us not yield up the fruits of the glorious
Washington. The Banking and Currency Committee will shortly revictory won.
receive the report of the sub-committee, it is anticipated, because the latter
I appeal to all just and fair-minded Members of the House not to legalize
has been studying the bill for many months and it is not considered necesevil, whether it be economic or moral, or both. Let us not accept the
sary to hold hearings.
"a little
Speaking of the future of the bill, Senator McLean expressed the hope unethical teaching that "the end justifies the means," or that
evil" will ever produce anything but a crop of evils, or that fairness and
that a favorable report would soon be made to the Senate and that early
equality can be predicated upon wrong. No one has an equal right to
action upon it could be had. He declared that it contains many provisions
do wrong.
that are important and to which there can be no objection.
With the indomitable courage of Andrew Jackson, who struck down the
When the measure was taken up in the House first great banking monopoly, let us stand firmly and uncompromisingly
on the 9th its branch bank provisions were as- for the opportunity of the young man to be an independent banker rather
System.
sailed by Representative Nelson (of Wisconsin), who re- than a mere branch manager for the independent Federal Reserve for the
as against a few central banks having the power of monopoly,
ferred to it as a "pork barrel" bill which would benefit a few protection of our people against oppressive consequences and bitter fruits
powerful bankers, but would work against the best interests of an odious, absolute monopoly of the banking power, the credit, and the
cur country.
of wage workers and farmers. Representative Nelson's re- currency of appeal to all
Finally,I
Members of the House not to foreignize our Federal
marks brought a vigorous reply from Chairman McFadden System. Let us stand by the work of the fathers. It has been tested by
experience. It is in accord with the free spirit of our country. It is
and Representatives Wood, of Indiana, and Murphy, of Ohio,
distinctly American.
Republicans, the two last named taking Mr. Nelson to task
Solomon Levitan, a banker of many years' experience and now State
for his opposition during the recent Presidential campaign Treasurer of Wisconsin, eloquently characterized the evil with which we
are now face to face:
to the Coolidge candidacy. Mr. Nelson furnished "a consoli"The
bank
dated statement showing something of the privileges given reaches independent bank extends the helping hand: the branch build
forth the grasping claw. The independent bank seeks to
up the community: the branch bank seeks merely to abstract the comin this bill," as follows:
munity's money. The independent banker lives in the community, pays
1. Consolidations made easier.
his taxes, and spends his earnings there; the branch banker is usually a
a. Makes it possible to take over State banks and trust companies stranger, pays little taxes, and the earnings are distributed among stockholders residing miles away.
without having them first take out national charters.
insidious,
"The centralized control ove- money and
is
2. Grantsindeterminate—that is, perpetual—charters instead of 99 years. the most pernicious; the most arrogant trustcredit canthe most
foist itself upon a
that
a. This enables national banks to engage in trust business extensively.
nation.
fly money monopoly is the overlord of all the other monopolies.
3. Permits banks to hold real estate for future accommodation purposes The group that controls money and credits can rule or ruin any industry.
any individual, any community, any nation."
instead of merely for immediate building purposes.
4. Permits banks in outlying districts of cities over 50,000 to start with
Mr. Speaker, I conclude as I began. My antagonism toward this rule
Is based upon an uncomprom'sing nppositi ii t, the evil purposes, the
9100,000 capital instead of $200.000.
.
5. Permits stcwic dividends.
unsound principles, and the dangerous powers contained in the M cFaddena. This enables surplus to be divided among stockholders without Pepper bills.
payment of income tax.
On Jan. 10 sharp differences of opinion developed during
Liberalized loan features.
a. Permits partners and members of same firm each to borrow up to the debate, particularly among Democrats,as to the advisabil10% of capital and surplus.
ity of enacting the bill. Representative Stevenson of South
b. Sets limit of 15% over 10% above mentioned for loans secured by
indorsed notes having maturity of not more than six months.
Carolina, a Democratic member of the Banking Committee,
c. Exemnts bankers' acceptances from any limitation based on capital joined with Chairman McFadden, author of the bill, and
and surplus. Exempts obligations secured by lien on livestock in transit
other Republicans in advocating its passage, while Represenvalued at 115% of face of loan up to 15% over 10% mentioned above.
d. Exempts notes secured by Government bonds since April 24 1917 up tatives Steagall, Alabama; Goldsborough, Maryland, and
to 15% over 10% mentioned above.
Black of New York, Democrats, led in the movement against
e. Exempts loans secured by obligations of the United States or any
State under Federal Farm Loan Act up to 15% over the 10% mentioned the measure. Discussion centred on the sections which
above.
would permit national banks to maintain branches in cities
7. Liberalizes report requirements.
where the parent bank is located wherever State laws aca. Permits a vice-president or assistant cashier to swear to annual
corded branch banking privileges to State institutions. Nostatement formerly requiring oath of president or cashier.
8. Permits safe-deposit business.
tice was given by Representative M. D. Hull (Republican),
a. National banks may lease boxes or own stock in corporations concludof Illinois, and others that they would seek to amend the.
ing safe-deposit business.
9. Permits national banks to loan on improved real estate including farm branch bank provisions. Mr. Black also announced he
land within 100 miles of location up to 50% of actual value of real estate would offer a number of amendments to the bill proposed by
and up to 25% of their capital and surplus.
George V. McLaughlin, New York State Superintendent of
10. Permits national banks to do a general bond business.
Banks. Declaring his opposition to the principle of the bill,
11. Permits national aanks to establish branches.
a. Unlimited number in cities under 25,000 people.
Representative Wingo, of Arkansas, ranking Democrat on
b. One branch in cities 25,000 to 50,000 people.
the Banking Committee, said he saw little possibility of prec. Two branches in cities 50,000 to 100,000 people.
venting its enactment. He criticized his branch banking
d. Unlimited number in cities over 100,000 people.
Mr. Nelson's speech was of great length, and we have room features and declared Congress should pass legislation prohere only for a portion of the closing remarks, as follows:
hibiting branch banking at a date within a decade. In
284
THE CHRONICLE
[VOL. 120.
opening general debate on the bill on the 9th inst., Mr. Mc- enacted In 1864 and has been amencted very little since that time. As a
Fadden said that the bill had been before Congress for result of this careful investigation Mr. McFadden said that his Committee
drafted and reported
nearly a year and during that time had been subjected to strengthen the positionout this bill, many of the provisions of which will
of the national banks and benefit the banking system
more searching analysis and criticism than any bill brought of the country as a whole.
These amendments,he said, make no radical changes in the banking laws
before the House in recent years. The technical experts of
but simply legalize certain practices of and bestow
powers upon the
the office of the Comptroller of the Currency, as well as national banks which have been demonstrated certainabsolutely sound
to be
lawyers for the national banks in various part of the coun- and necessary.
Mr. McFadden reviewed and analyzed each one of these sections showing
try, he said, had gone over the bill section by section and apexactly what changes were made. These include the authority to lend
proved the form in which the bill is drafted. In addition to money upon first mortgage city real estate for a period of five years instead
this, Mr. McFadden 'showed that the banking policy of the of one year as now; the authority of a State bank to consolidate directly
with a national
bill had been approved by various organizations interested to continue in bank under national charter; the right of a national bank
business indefinitely as long as it remains solvent, did not
in financial legislation. In addition, Mr. McFadden pointed violate the banking laws or whose charter was not repealed by Congress;
the right of a national bank to be organized at a capital of $100,000 in outout that the bill had also been approved and urged for paslying sections of large
sage by numerous State bank associations as well as by the dends: the legalization cities; the right of national banks to pay stock diviof the office of Chairman of the Board; clarification
Comptroller of the Currency, the Secretary of the Treasury of the provisions of the law governing the amount which a national bank
may lend to any one person or corporation; the extension of the authority
and the Federal Reserve Board. Mr. McFadden devoted conof the Federal Reserve banks to rediscount
siderable time in his speech to the question of branch bank- amount in excess of 10% of the capital and otherwise eligible paper to an
surplus of the applying member
ing, these being the provisions of the bill in which he bank when the paper so offered for rediscount could be accepted by a national bank under Section 5200, Revised Statutes: the right to engage in
thought the public is more largely interested. He pointed
safe deposit business to the extent of owning
carrying
out there were two extreme schools of thought on branch on that business in the building in which thestock in a corporation the punbank is located, and
banking, the one which would prohibit branch banking en- ishment of certain crimes against national and State member banks of the
Federal Reserve System, which crimes can now only be punished under the
tirely and attempt by Federal legislation to wipe out all ex- State laws.
MrII
isting branches, both inside and outside of city limits, and
From the "Congressional Record" of Jan. 9 we take the
the other extreme school which would take away all restricfollowing remarks of Representative McFadden:
tions upon branch banking and permit the great banking inThis bill is much more of an anti-branch banking bill than a branch
stitutions of the country to have a free hand in establishing
banking bill. For example, it prohibits national banks
in
branches throughout the country through the absorption of State-wide branch banking in any State (secs. 7 and 8); from engagingnait prohibits a
bank from engaging in county-wide branch banking in any State
the small independent banks. He pointed out that the bill tional
8): it prohibits national and State member banks from estabrejected both of these extremes as being unwise and imprac- (secs. 7 andbranches
lishing any
in cities of lOSS than 25,000 population (secs. 8 and 9):
steered a middle course. A summary of his re- It prohibits national banks from having any branches in any city located
ticable and
In a State which prohibits branch banking (sec. 8); it prohibits a national
marks goes on to state:
W He said that since branch banking has been recognized by the Federal
laws since 1865 and had become established in certain sections of the country under State laws as an integral part of the financial machinery of those
localities. It would be disastrous to attempt by violence to uproot these
existing institutions. He said that the hill recognized that State-wide
branch banking was a danger to the Federal Reserve System and to the existence of the small independent banks throughout the country, and to that
end it attempted, so far as the Federal Reserve System and the national
banking system are concerned, to prevent the further spread of State-wide
branch banking. This is done in the bill by prohibiting State member
banks of the Federal Reserve System from establishing any more branches
outside of the city limits in which the parent bank is located, and also by
preventing national banks from establishing any such branches outside of
city limits.
He said that the bill made a distinction between branch banking within
the limits of the city of the parent bank and the establishment by such
bank of branohes in other towns or cities, that the establishment of Statewide branches involved the principle of absentee banking, that is to say,
the control over local finance would be taken away from the locality in which
the branch is located and shifted to some great financial centre in a large
city. In such a case a local customer could not deal with his banker as has
been the custom in this country, but would have to deal with an agent in
charge of a branch bank who was acting under instructions from the head
office, which is a hundred or so miles away.
In the case of branch banking within city limits, the only question involved is the matter of additional facilities for meeting the needs of local
customers and the dangers which arise in branch banking would be absent.
He expressed no enthusiasm for branch banking even within city limits.
but since State banks in a number of States were already engaged in this
kind of business and it had become the local bnaking practice, it was absolutely necessary to the existence of the national banks that they be permitted
to engage also in expanding their banking facilities in this manner. He
pointed out, however, that the bill would not permit a national bank to
engage in any form of branch banking even within city limits in those States
which by law or regulation prohibit the State banksfrom engaging in branch
banking, and further that even in those States which permitted branch
banking the bill would limit it practically to those cities having a population of more than one hundred thousand by the last census. In cities having from fifty to one hundred thousand population, only two intra-city
branches would be permitted and in cities having a population from twentyfive thousand to fifty thousand only one such branch would be permitted.
Mr. McFadden was very careful to state, however, that it was not the
intention of the bill to take away from any bank any branch which it had
heretofore legally established, regardless of where the branch of the bank
may be located.
So far as the restrictions on State-wide branch banking are concerned,the
principal locality which will be affected is the State of California, although
a number of other States permit State-wide branch banking to the State
banks. In California alone State-wide branch banking has been developed
on a large scale, two of the leading State banks there—both members of the
Federal Reserve System—having more than 80 branches apiece scattered
all over the State. The effect of the bill on these banks will be that they
will not be permitted to establish any more outside branches so long as they
remain members of the Federal Reserve System.
Mr. McFadden pointed out the contribution which the independent
unit bank had made to the economic development of the United States.
He said that the main purpose of the branch banking provisions of the
bill was to protect these banks from being put-out of business in one way or
another by the encroachment of branch banking by the great banks in the
financial centres. He said that the local development of Statewide branch
banking ultimately led to a monopoly or group control over credit facilities.
He pointed out that in the Dominion of Canada, where branch banking has
a free hand, there are only about a dozen banks left. These control thousands of branches scattered throughout the Dominion.
Mr. McFadden said he did not wish his bill to be known simply as a
branch banking measure. There are many other important provisions in
the bill which have received as great study and attention as the branch
banking features. The office of the Comptroller of the Currency, which
has the supervision over the national banks, in conference with various
groups of bankers and working in co-operation with the Banking and
Currency Committee of the House, made a careful and exhaustive survey
of the need for improvement in the National Bank Act. This Act was
bank after consolidating with a State bank to continue in operation any
branches which the State bank may have established outside of city limits
(sec. 1); it prohibits a State bank upon converting into a national bank to
retain in operation any branches which may have been established outside
of city limits (sec. 7).
I do not think it is necessary nor will time permit a discussion of the branch
banking situation in the United States. I assume that members of the
House are pretty generally familiar with the arguments for and against
branch banking, and also with the facts relating to the extent that branch
banking is now practiced in this country. The Comptroller of the Currency
in his last two annual reports to Congress very thoroughly and exhaustively
discussed this situation, and more recently a bulletin of the Federal Reserve
Board shows a large amount of statistical information relating to branch
banking.
Branch banking as practiced in foreign countries is unknown to the
United States, but the general feeling Is that once branch banking got a
strong foothold under Federal authority in the United States it would not
be long before all of the banking resources of the country would be controlled by relatively a few powerful institutions. Such has been the history
of branch bankihg in Canada, the British Isles and other countries. I
understand to-day there are only about a dozen banks in the whole Dominion
ot Canda, with thousands of branches scattered from the Atlantic to the
Pacific. I believe that the House shares with me the belief that the economic stability of the United States and the general welfare of the country
is dependent upon maintaining the integrity of the unit banks, particularly
the independent national and State banks in the small towns and rural
communities. I therefore assume that an overwhelming majority of the
members of this House are opposed to the principle of branch banking and
would like to see it confined to its present geographical limits.
Before discussing in detail the branch banking provisions of the bill I
desire to make a reference to the amendments which I understand the
gentleman from Illinois [Mr. Morton D. Hull] intends to introduce, known
as the Hull amendments. I shall leave him to explain to you the provisions
of his amendments, but I understand that their general purpose is to maintain, so far as the Federal Reserve system and the national bank system
are concerned, the status quo relative to branch banking in
those States
which do not by law or regulation at the time of the approval of this Act
permit branch banking. In other words. if his own State of Illinois, which
now prohibits branch banking and which, let us asstune, will prohibit
branch banking at the time of the enactment of this bill, should in the future
enact legislation permitting branch banking to the banks under its jurisdiction, no member bank of the Federal Reserve system and no national
bank would be able to establish a branch either within city limas or without.
The only banks which could establish branches under such legislation
would be State banks not members of the Federal Reserve system.
These amendments of the gentleman from Illinois have been discussed
at length for the past six months, he having made public his proposed
language at the close of the last session of Congress. They have been
approved by the American Bankers' Association, and I understand by a
number of State bankers' associations, and I shall interpose no objection
to their adoption. They represent a compromise which ended a long and
bitter fight in the ranks of the bankers themselves.
Coming now to the specific branch banking provisions of the bill, section 1, which provides for the consolidation of a State bank with a national
bank, prohibits a national bank from acquiring branches on the outside
of city limits through consolidating with a State bank with such branches.
In such an event the outside State bank branches would have to be closed up.
The next branch banking provision is found in section 7, which amends
section 5155 of the Revised Statutes of the United States. It continues the
existing provision that a State bank may upon conversion into a national
bank elect to retain its branches, but provides that this permission shall
be confined solely to those branches within the limits of the city in which
the parent bank is located. If a State bank were engaged in State-wide
branch banking, it could not become a national bank without giving up
all of its State-wide branches. This section provides further that national
banks which have already acquired branches under section 5155 as originally
enacted, will not be required to give up any such branches, even though
they may be located outside of city limits.
Section 8 is the principal branch banking provision in the bill relating
to national banks. It is designed to govern the future operations of national banks with reference to branch banking. It prohibits a national
bank from establishing or operating a branch in any State which prohibits
branch banking. In those States which permit branch banking to the
Ada
JAN. 17
1925.]
THE CHRONICLE
285
a hardship upon a large number of applying banks, which, under the present
State banks, national banks would be permitted under regulations of the
under procedure, can be dealt with by the Board. Regulation "H"of the Federal
Comptroller of the Currency tobastablish branches within city limits
Reserve Act, about which Mr. McLaughlin complains, is simply a codificacertain conditions. Such branches of national banks would be confined
be per- tion of some of the general rules of the Board relative to conditions which
to cities above 100,000 population, except that two branches might
one must be met by applying banks. The Board, however, in dealing with a
mitted in cities from fifty to one hundred thousand population and
particular bank may, and does, make other conditions not covered by
branch in cities from twenty-five to fifty thousand population.
would be impossible to frame a regulation which would,
bill amends section 9. paragraph 1. of the Federal Reserve regulation "H." It
Section e of the
every possible condition which might arise in connection with the.
Act by prohibiting any such bank applying for membership from bringing meet
by application of a State bank for membership in the Federal Reserve System.
into the system branches established outside of city limits and also
found it impracticable, and surely this House would
prohibiting those State banks already members from establishing any The Board itself has
to make rigid for all time such conditions of membership. In,
additional branches outside of the city limits. State banks already mem- not attempt
government it is a well-recognized principle, which has been fol-.
bers would be permitted to retain the State-wide branches which they had matters of
lowed by Congress in creating every governmental instrumentality, that
at the time of the enactment of this bill.
between what should be made statutory and what
This is the only practical method by which the Federal Government there is a distinction
regulation. Mr. McLaughlin has confused
the Federal Reserve system from harboring and encouraging should be left to administrative
could prevent
jumbled up regulatory matter with the statutorlr
the growth of State-wide branch banking. As long as State member banks this principle, and has
Act.
can enjoy the privileges of the Federal Reserve system and at the same time provisions of the Federal Reserve
Another important feature of this amendment is that it would repeal all
put the national bank members to a disadvantage by establishing branches
outside of city limits a situation arises within the Federal Reserve system those provisions of the Federal Reserve Act which make capital requirewhich becomes intolerable to the national banks. In some localities this ments for State member banks.
situation has already arisen. This section of the bill is not designed to
I understand, however, that in the later modified amendment that porput the State member banks at any disadvantage with reference to the tion of it has been changed and possibly corrected. Under Mr. McLaughon the contrary, is designed in the first place to pro- lin's proposal, the bars of the Federal Reserve System would be let down to
national banks, but,
tect the Federal Reserve system itself from becoming the means of its own all State banks. For example,it would let in banks having a capitalization
destruction through encouraging a growth of private reserve systems in of only five or ten thousand dollars; whereas, the law now provides that no
the form of great branch banking institutions, and in the second place State bank can become a member of the Federal Reserve System unless it
to relieve the national banks of the disadvantage to which they are put has a capital equal to the minimum capital required of a national bank.
by being unable to meet within the Federal Reserve system the branch The question of the character of the membership of the Federal Reserve
banking competition of the State member banks.
System is one of great public interest, about which there Is considerable
Section 9 of the bill would not deprive any State bank of any branch, difference ofopinion. but Mr.McLaughlin would rush in and settle the whole
radical anti- question right now without further consideration.
wherever it may be located. In the opinion of the more
branch bankers, section 9 should absolutely, prohibit State-wide banldiag
I shall now briefly run through the bill, section by section, omitting those
within the Federal Reserve system by requiring State member banks carry- provisions which relate to branch banking.
the
ing State-wide branches either to give up such branches or to leave
Section 1 provides for the direct consolidation of State banks with naFederal Reserve system. Such a provision was considered by your com- tional banks. A national bank may, under the present laws, merge with
mittee to be entirely too drastic and unfair. The bill, therefore, does not a State bank, but the statutes now require that the State bank first convert
interfere with the operation of those outside branches which have been into a national bank. This section is designed to eliminate this expensive
legally acquired under the State laws and which have been heretofore ap- and unnecessary step in the process of consolidation. The consolidation is
proved by the Federal Reserve Board.
required to be under national charter. National banks in most States may
It has been said that this policy of the bill creates a monopoly in branch consolidate directly with a State bank under State charter. The language
banking in favor of two large branch banking institutions in the State of of this section outlining the procedure follows very closely the language of
California, which institutions have eighty-odd branches apiece. Branch the existing law permitting two national banks to consolidate.
banking, however,has not progressed far enough in California at the present
Section 2 changes the term of the succession of national banks from 99
time to give any one institution anything like a monopoly. What the bill years, which is the present law,to an indeterminate succession. It provides
does do is to stop the further spread of branch banking by State member that a national bank shall continue in operation until its shareholders see
banks, thereby preventing the formation of a monopoly in branch banking fit to dissolve it, or until by reason of violation of law its franchise shall
within the Federal Reserve system. The logical development of branch become forfeited, or until its affairs are placed in the hands of a receiver,
banking leads to the gradual elimination of competitors, large and small, or until Congress shall by a general or special Act terminate Its existence.
through absorption in one way or another. In the last stages monopoly This extension of the succession is, therefore, in no sense a perpetual charIs reached by the voluntary consolidation of large competing groups.
ter. The life of the corporation is subject to dissolution at the will of the
shareholders, at the will of the Comptroller if the banking laws are vioThe McLaughlin Amendment.
lated, or if the bank becomerinsolvent. and at any time by an Act of ConRight here I should like to discuss for a moment a proposed amendment
gress directed either toward a particular national bank or by general legisto section 9 of the bill which is being advocated by Mr. George V. McLaughlation affecting all national banks. In other words. Congress could at any
of Banks of the State of New York and l'yesident of the
lin, Superintendent
-year term
.
this time after the passage of this bill restore the succession to the 99
Association of State Bank Supervisors. My only reason for bringing
or to a lesser term. Personally, while I have no objection to this reservaquestion up is that certain members of this association have approached
tion in behalf of Congress being put in the bill, I am of the opinion that it is
a number of members of this House and have made to me the threat that
entirely unnecessary. This was unquestionably the feeling in the House
if this amendment is not adopted an attempt will be made by Mr.McLaughlast Congress as it passed unanimously this committee's so-called perpetual
lin to secure the defeat of the bill.
charter bill. The charter powers of a national bank are the National Bank
The first time I saw the text of this proposed amendment was about 10
Act and amendments thereto made from time to time by Congress. Condays ago, although I have known for some time of Mr. McLaughlin's oppoat all times to amend the national banking laws or to repeal
sition to this bill. His amendment, brought in at the eleventh hour, is gress is free
entirely. It may abolish the national banking system by the repeal
extremely lengthy and crudely drawn. It would add about 30 additional them
of the National Bank Act. When Congress compelled the national banks
paragraphs to the bill, each of which raises a debatable question. It apthe Federal Reserve System, a very serious change
pears that Mr. McLaughlin has a complaint against the Federal Reserve to become members of
powers of the national banks. This provision of
Board,and he is taking this means of punishing the Board,rather than deal- was made in the charter
practice. The
ing with the Board itself. His amendment is designed to make certain the bill does not involve a radical departure in banking
in the great financial centres of the country
fundamental changes in the powers of the Federal Reserve Board, and also State banks and trust companies
The report of
in the nature of the membership of the Federal Reserve System. His have for years been operating under indeterminate charters.
shows this to be the situation
proposition has nothing whatever to do with the purpose or subject matter the Comptroller of the Currency for 1921
Illinois, Kenof this bill, and If there is any merit in his proposal it should be considered In the following 21 States: Arkansas, Connecticut, Florida,
Hampshire.
either as a separate legislative measure or in connection with a revision of tucky. Maine, Massachusetts, Minnesota, Nebraska, New
New Jersey, New York, North Carolina. Ohio, Oregon, Rhode Island,
the Federal Reserve Act.
No hearings have been held on the McLaughlin proposition and your com- South Carolina, Tennessee, Vermont, Virginia and West Virginia. These
Chicago.
mittee has had no opportunity to give it consideration. It has not been States include the important cities of New York, Buffalo, Boston,
before the public for discussion, and there is no intelligent public sentiment St. Paul, Minneapolis, Cleveland, Cincinnati, and a number of lesser
behind it. The Federal Reserve Board itself, which is the chief Govern- financial centres.
A few years ago Congress conferred upon national banks the right to exmental organization affected by the proposed amendment, has just within
the last few days been apprised of it, and they have had no opportunity ercise trust powers, and the trust business of national banks has developed
to present their views to Congress. I am informed the Board is absolutely with great rapidity since that grant. A charter limited to a term of years is,
opposed to any such legislation as that proposed by Mr. McLaughlin and however, a considerable handicap to a bank exercising trust powers. Some
would like to be fully heard before serious consideration is given it by Con- legal doubt has been expressed as to its authority to administer a perpetual
trust such as is often made for the purpose of establishing foundations for
gress.
The threat of Mr. McLaughlin to use the influence of his organization to scientific, educational and charitable purposes. If the national banks are
the to act as trustees, they should not be discriminated against by law, so as to
defeat the bill if his amendment is not forthwith adopted as a part of
McFadden bill is nothing less than an attempted holdup of the Congress. embarrass them in handling these foundation funds for schools, hospitals,
and as such, I am confident, it will suffer the same fate of other attempts of scientific societies, libraries, art galleries, museusis,churches and the like.
In the matter of long-term trusts, not perpetual, it is certainly a conthis character.
Before passing from this subject it may be well to say a word about a siderable handicap to a national bank to lose the administration of such a
few of the provisions in Mr. McLaughlin's proposed amendment. I would trust, for the reason that the trust would run for a longer term than the
like to say, in connection with that, that since this address was prepared Charter powers of the bank. As a matter of fact, a customer desiring to
and I received the first copy of the McLaughlin amendment,I received late make a long-term trust will naturally select a State bank or trust company
yesterday advice of a complete change in the proposed McLaughlin amend- with an indeterminate charter. The national banks are losing trust busiment, and I understand to-day that a change in that modified amendment ness of this character.
It is recognized that the trust business has become a part of a well-rounded
is in contemplation. So Just what the present status of the McLaughlin
proposal may be, lam at a loss to understand. I have no doubt, however, banking service. The administration of trusts is very profitable business
that during this debate full explanation and presentation of that proposal for a bank. The trust companies operating under State laws are not only
will be made by the gentleman from New York[Mr. Black], who is trying to doing a regular commercial banking business but the trust business serves
carry outthe ideas of Mr. McLaughlin and has conferred several times to-day to increase the commercial business of the bank, and vice versa. The conIBM duct of a large trust business by the State banks and trust companies has
with me.
In the first place, it would take away from the Board all power to pre- certainly not proven a detriment to the efficiency or to the soundness of
of the Fed- their commercial business. There may have been a time in the history of
scribe conditions upon which State banks may become members
eral Reserve System. This authority the Board has always exercised under banking in the United States when a banking service could be rendered by
the terms of the existing law. Mr. McLaughlin would strike out this au- Purely commercial banks. That day has passed. The development in
thority and would substitute a long list of statutory conditions which would the large cities is toward great banking houses doing all forms of banking
be inflexible and would apply to every State bank alike. In my opinion, under a single charter. We shall never go back to the time when the rethis would be putting on the statute books a large amount of regulatory celpt of savings deposits, the exercise of trust powers, and the conduct of a
matter which should be left, as it now is, to the administration of the Board. commercial banking business were totally divorced and conducted as sepaFor example, under the present procedure the Board has authority to make rate institutions. Congress has already recognized this fact by enlarging
special conditions to meet special circumstances affecting particular banks. the charter powers of the national banks to permit them to do both a savMr. McLaughlin's amendment would make this impossible, and the Board ings and a trust business. This section is designed simply to permit them
would be compelled to exclude any bank which did not meet all of the to do this trust business without embarrassment.
Section 3 strikes out the word "immediate" from section 5137 U. S. R. S.
conditions which he would have put into the law. This would have the
opposite effect from that intended by Mr. McLaughlin. and would work This change is for the purpose of enabling a national bank to hold real estate
286
THE CHRONICLE
[VOL. 120.
purchased for a new location for its banking house
until a convenient time
Section 15,covering safe-deposit business
for them to erect a building. It allows the Comptrol
, is a matter of more importance
ler some leeway to than might appear
on the surace. Under the general theorY
permit a bank to work out a plan of changing its banking
that a national
site.
bank can not do anything for which
Section 4 is designed to take care of a situation which
it does not have specific authority of
is the outgrowth of law, this right to
operate safe-deposit business should
the development of large cities. The National Bank
be expressly granted.
Act provides that a In addition to
permitting the banks to engage directly
charter shall not be issued to a bank in a city of
over 50,000 inhabitants, business, the
in the safe-deposit
bill
with a capital of less than $200,000. At the time this
law was passed prac- companies. This provides for their ownership of stock in safe-deposit
tically all large cities could be roughly divided into a large
affords an easier method of financing the
business section equipment, and
it has the further advantage over direct safe-deposit
and a single residential section. On account of the growth
ownership of
of some cities limiting the possible
and changed conditions, due to the introduction of automobi
loss to the bank in case of suits of
les and changes Where they
various kinds.
operate a safe-deposit business directly
in transportation, community business centres have
, of course all of the
developed at various assets of the
bank are subject to claims for mishandl
points through parts of cities that were formerly exclusiv
ing of the safe-deposit
ely residential. business. On
the other hand, where stock is owned the
The requirements in a banking way of these districts are practical
value of the stock
ly identi- Is the limit of the liability
cal with those of smaller independent municipalities. There
.
is a necessity
Section 18, covering theft by national
for banking facilities without the requirements of as
-bank examiners, seems to be
large a capital as obvious and
advisable. Under the present law a national
$200,000. Inability to provide banking facilities on account
-bank examiner
of this $200,000 who is guilty
limitation has had a rendency to deprive these communi
of theft must be prosecuted under the
laws of the State in
ties of banking fa- which the
act is committed, and this operation is
cilities and to promote the establishment of
subject to a great many
State rather than national hazards
so far as effectiveness is concerned.
banks and to create additional demands for branch
This crime is a very rare
banks. It is consistent occurrence,
with the general tendency of this bill to restrict
but when it does occur it is absolutely essential
branch banking that this of the
to the protection
national banks that prosecution be had
alternative relief should be provided. Such a
under Federal laws.
provision would be unobjecSection 17: This section provides a number
tionable and, in fact, very advantageous to permit
of criminal penalties punishthe establishment of able under Federal
banks with capital of $100,000 in these outlying
statutes which are now punishable only, if
districts. The discretion State laws.
at all. under
as to the necessities of these outlyign districts
These provisions have been particula
and the definition of what is the
rly recommended by
National Bank Division of America
an outlying district should necessarily be left with
n Bankers Association, as well as
the Comptroller, as con- by
a number of State banking associati
ditions vary so widely in different sections that it is
ons. Since the national banks and
impassible to lay down t
eral Reserve System are Federal
any definite formula. It is quite possible, and has
been advocated by many,
instrumentalities, it is thought
er that crimes against them should be
that it would be wise to reduce this limitation on capitaliz
punishable under the Federal laws.
ation to $50,000.
Section 18 is a re-enactment of Section
The unfortunate experience of the past year makes
24 of the Federal Reserve Act.
it undesirable to foster under
the provisions of which a national
the establishment of any more $25,000 banks than
bank is permitted to make loans
are already provided by upon
improved real estate. The only
taw.
substantial change made from the
existing law is the increase of the period
Section 5 provides for stock dividends. The ability
for which a loan may be made upon
to declare stock divi- improve
d city property from a period of
dends is very much circumscribed under the present Act.
one year to a period of five years.
It is desirable in The demand
most cases for a national bank to have a high proporti
for this change in the law has been
on of capital to its and
made with great insistency
it meets with practically the unanimous
total capital and surplus. The total resources of the
approval of the national banks
bank are not affected
In the small towns and cities. The large
in this way, but the larger the proportion of capital the greater
city banks are not particularly
the capital interested
in lending money upon city property
liability of shareholders. In the case of a bank with
$100,000 capital and in the
, but in the case of the bank
small communities the situation is
$100,000 surplus, the protection for the creditors is $300,000
different. First mortgages upon
, being the sum improve
d city property is the best security
of these two items plus the stock liability. If $75,000
which the customers of the
of the surplus were
banks in the small communities can offer.
to be converted into capital, the stock liability would be
The present time limit of one
increased by that year
is too short to meet the situation. Such
amount, making the total liability in the case cited above
real estate loans are ordinarily
$375,000. This made
is another clause which has the effect of equalizing the
by State banks for periods from three to
national and State
five years. A five-year
mortgag note upon improved city property is
banking privileges. There is nothing new in this suggesti
more liquid and has a greater
on as it merely marketabe
ility than a one-year mortgage note.
provides a more simple and direct way of doing an obviousl
y proper thing.
Section 6 permits the establishment of a new officer
Next to branch banking the competition which
these smaller national
with the title of banks
"Chairman of the Board." Under the present Act
feel most from the State banks is in this matter
it is provided that one
of real estate loans.
If a national bank can not accommodate its
of the directors shall be the President of the board.
This suggested provicustomer by lending him
money upon the security of his city property for
sion formally legalizes the office of Chairman of the
a period longer than one
Board, an office which
has been created in a very considerable number of
year, such a customer naturally goes across the street
banks, largely for the
to one of the State
purpose of defining a special class of duties. The
office is not made manda- banks or trust companies, where he obtains a loan upon the security of his
tory, but is optional with the banks. In the
greater number of banks, of real estate for the period he desires. The commercial account of such
a customer in many cases will gravitate toward
course, the President would act in both capacities.
the bank which makes him
such a loan. In this manner State banks and
Sections 7, 8, and 9 I have already discussed in connecti
trust companies in the
on with branch
banking.
smaller cities and towns have been able to make
steady inroads upon the
business of the national banks to such an extent
Section 10 reenacts Section 5200 of the Revised Statutes
as seriously to impair their
States, which limits the amount of money which a national of the United progress. This section as redrafted will have
the effect of lifting to a
bank may loan
co
considerable extent this handicap upon the smaller
to any one person. This is a very important provision, but
national banks.
also very
debentur
),
technical in character. It is designed to clarify the
Subsection (b) of Section 24 of the bill would enable
law as it stands on the
a national b k to
buy and sell investment securities such as bonds,
statute books to-day without making any fundamental
notes,
change. A comes, and
plete analysis of this amendment has been prepared by the
the like. This would not include the power to buy
and sell stocks since
Comptroller of
these do not evidence indebtedness. This provisio
the Currency and is printed as an appendix to his recent
n would make very little
annual report
change in existing practice since a great number of
to Congress.
national banks now buy
and sell investment securities and the office of the comptrol
Section 11 amends Section 5202. United States Revised
Statutes, by
ler has raised
no objection because this has became a recogniz
providing a new exception to the provision which limits the
ed service which a bank
liabilities must
which a national bank may incur to the amount of its capital
render. This section legalizes this practice.
stock. This
exception was enacted in the agricultural credits
Act of March 4
Representative Black of New York, referring
but through a typographical error in the enrollment of the bill 1923,
during the
it was
rendered null and void. The liabilities here referred
to relate to the discount debate on the 10th inst. to Superintendent McLaughlin's proof paper by the Federal Intermediate Credit banks for national
posals had the following to say:
banks.
Section 12: Under the present regulations it is illegal
to certify a check
Mr. Chairman and gentlemen of the Committee, I am
until practically all of the entries in connection with the deposits
against
not opposed
which certification is to be made have been carried to the
to branch banking as such; in fact, I think that banks are
books of the
about the best
scenery we have in the country. But I am opposed
bank. This sometimes requires a considerable length of time
to this bill: in the
in the large
first place, because I think it is a lopsided proposition. It
banks, and the change in the wording of the law makes
it legal for the
is neither 100%
good nor is it 100% bad; it is about 2% good.
cashier to certify a check when he knows that sufficient funds
to cover it
When I first saw this bill I thought it was my duty to
are in the possession of the bank, but before all of the
final entries are
consult with our
completed.
State Superintendent of Banks, Mr. George McLaughlin,
who happens to
be the President of the National Association of Supervisors
Section 13: Authority of officers to sign reports.
of State Banks,
and I consulted the right man. It seems that the
This is merely a matter of convenience and operates to permit the
Supervisors of State
board
of directors to designate officers in addition to the president and cashier, banks at a conference concluded that this bill, without
amendment, was
an injurious proposition to the State banks, and they based
the result being to prevent unnecessary delays in the forwarding
of reports
it on this conclusion: It seems that the Federal Reserve Board,
to the Comptroller, due to the absence of the two officers formerly
anxious to meet the
desig- competit
ion of the State banks against the national banks,
nated. It still keeps the matter of authority to sign these reports
within
and unable to
get the Congressional action it seeks in this bill, passed
the control of the board of directors.
certain regulations.
These regulations were to retard the State banks in their
Section 14 amends Section 13 of the Federal Reserve Act relative to
the
rediscount limitation based upon the Federal Reserve banks. The existing national banks. The regulations are generally known competition with
as Regulations H.
law provides that no such Federal Reserve bank may rediscount paper for This bureaucracy, known as the Federal Reserve Board—with
which I have
a bank bearing the signature of any one borrower to an amount in excess no quarrel generally, and with which Mr. McLaughlin has
no
of 10% of the capital and surplus of the bank presenting the paper. Only but these regulations—saw fit to make certain conditions other quarrel
which should
apply only to State banks and not apply to national
one exception is made to this limitation, and that is in favor of bills
banks. And I say
of
exchange drawn in good faith against actual existing values. This section this, that Mr. McLaughlin, operating on behalf of all the
State banking
of the bill broadens the power of the Federal Reserve banks to permit them administrations of the country, is acting on behalf of a
democratic principle
in government.
to rediscount in excess of this 10% limit any paper which is subject
to
The Federal Reserve Board and the Federal Reserve
exemption from the 10% loan limit imposed upon national banks by SecSystem was never
supposed to be the fiscal administration of State banking
tion 5200. In other words, if this paper is otherwise eligible for rediscou
nt never suppose
systems. It was
and is sound and safe enough to be exempt under Section 5200 for
d to be anything more than an
the
accommodation, a credit
system; but it proposes under these regulations to
purpose of the national banks, It is safe enough and sufficiently liquid
go into the internal adto
ministration of State banking departments in the
be accepted by the Federal Reserve banks. It should be borne in
interest of the competitive
mind
that so far as the Federal Reserve banks are concerned this is a privilege help which the national banks required because they
could not get leeslation. And I say this: When you give the
which is optional and not compulsory upon them, the same as with
any
national banks legislation,
then stop the artificial help they are getting from
rediscounts. At the present time there is a considerable amount of
comthe regulations. That is
mercial paper and notes secured by Government bonds and commodi
the only fair thing to do. The best argument I
ty
have on that situation is
papers of the class and nature handled by the Federal Reserve banks
the statement which the gentleman from
that
Pennsylvania [Mr. McFadden]
"Record." You will find on page
is excluded on account of the 10% limitation. This prevents the
Federal put in the
1508 of the "Record" the
Reserve banks from rendering a complete service to the community and
following:
to
the member banks which would be profitable to the Federal Reserve
"The Board has for years been attempting to
banks
get Congress to enact
legislation putting national banks
as well as helpful to the country at large. This paper is issued
in the with regard to branch banking, on an equal footing with State banks
various steps of production, transportation, and distribution of goods.
and
A such legislation. This Congressional Congress has so far failed to enact
considerable quantity of agricultu
inactivit
ral, cattle, and other paper that this spread in recent years of branch banking on y, combined with the rapid
the part of State banks, to
would make available for rediscount would be of precisely the same
,
with the absorpti
nature branches has compelle on of national banks and their conversion into
d the Board to do what it could
,
as that already handled and would be equally safe and equally liquid.
to relieve the situation through the issuance of these regulations, but
I desire to emphasize the fact that this amendment to the Federal
the Board did so very
Reserve reluctantly and would much prefer to see the
subject dealt with by ConAct does not, as one or two editors have claimed, change the characte
r or gress."
classes of paper now made eligible for rediscount by law. The
change is
I say that when Congress deals with the subject let Congres
only in the amount of otherwise eligible paper which
s take over
may be rediscounted.
this function of legislating and let Congress legislate
on these conditions.
JAN. 17 1925.]
287
THE CHRONICLE
was obliged to charge the deficit of $1,179,Let Congress make conditions equally applicable to the national banks and 796,530, the bank
to the State banks. Let Congress do away with these artificial stimulants 678 to surplus account. The profit and loss account follows:
that the Federal Reserve Board has given the national banks.
Profit and Loss Account for the Calendar Years 1932 and 1924.
I also quarrel with the Committee as to the question of emergency
1924.
1923.
Earnings—
mentioned in the report. There is no such emergency as the Committee From loans to member banks and paper dis68,255,645 84 $2.613,565 96
justifying this bill.
counted for them
would point out in
1,969,837 16 1.446.693 25
The New York "Times" of this morning, reviewing last year's develop- From acceptances owned obligations owned_
1,087,250 95 4,165,856 35
From U. S. Government
343,234 80
ments among the banks, has this to say: "Condition statements of the Other earnings
100,448 81
nat'onal banks have shown, with few exceptions, a record growth in 1924.
$11,413,182 76 $856933036
this hasty legislation and there is no emergency justiTotal earnings
There is no need for
Deductionsfrom Earnings—
fying this bill.
For current bank operation. (These figures include most of the expenses incurred as fiscal
$6,458,906 87 $6,155,270 43
agent of the United States)
The California View of the McFadden Bill.
For Federal Reserve currency, mainly the cost
of printing new notes to replace worn notes
In a pamphlet dealing with the McFadden-Pepper bill,
in circulation, and to maintain supplies un195,55043
421,229 30
issued and on hand
which has the present week passed the House of Representaand other retives at Washington, Joseph F. Sartori, President of the For depreciation, self-insurance
1,489,367 49 1.601.677 18
serves, &c
Security Trust & Savings Bank of Los Angeles, Calif.,
sounds a note of alarm to the State banks of the country,
claiming that the bill is actually an attack upon the State
banking system. Mr. Sartori says:
Total deductions from earnings
$8,369,503 66 $7,952,498 04
Net income available for dividends,additions to
$3,043,679 10
surplus and payment to the U. S. Govt
6616,852 32
Distribution of Net Income—
In dividends paid to member banks, at the rate
51.749,23947 $1,796,529 82
of6% on paid-in capital
In additions to surplus—The bank 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 in129,443 98
come remaining after paying dividends
In payment to the U. S. Government, representing the entire net income of the hank after
paying dividends and making additions to
surplus. (Federal Reserve notes are not
taxed, and this payment is in lieu of taxes on
1,164,995 67
notes and other Federal taxes.)
Deficit of net income after dividend payments,
1,179,677 60
which has been charged to surplus account_
$3.043,679 10 $616,852 32
Total net income distributed
The McFadden-Pepper Bill, with its restriction on the further establishment by State member banks of branches in outside cities and towns
and its authorization of city branches by national banks, has been used
as a smoke screen to conceal an attack upon the State banking systems.
Many State banks have failed to see the significance of the bill and have
passed resolutions favoring its adoption. But State banks and the friends
of State banking may well take notice of this discriminatory policy and
raise their voices against it before it is too late.
The McFadden-Pepper Bill provides that national banks shall have
the right to establish city branches in any State which now permits State
banks to have branches. To this the State banks have no objection.
They are entirely willing that national banks should be put on a parity
In the matter of competition. But the McFadden-Pepper Bill also proposes that no State bank shall be admitted to membership in the Federal
Reserve System except it give up all branches outside the city of the head
office, established after the passage of the Act, and prohibits any State
The following figures show in comparison the gross earnbank member from establishing any additional branches outside the city
ings of the bank by months for the years 1923 and 1924:
of the head office.
1924.
1923.
1924.
1923.
This limitation upon the State bank members in regard to outside
$
$
$
branches is vigorously condemned by the State member banks in California Jan
919,201 97 652.09088
1,l4088265 7189569 Aug ___
and in other States which permit State-wide branch banking. They Feb
882,311 28 747,929 62
997,794 40 712,361 85 Sept ____
899,078 26 822,473 60
978,235 89 639,017 63 Oct
are opposed to it because they became members of the Federal Reserve March
884,234 02 802,295 96
666.883 12 Nov
System upon the proviso contained in Section 9 of the Federal Reserve April---- 890.673 93
1,011,203 38 1,043,136 88
928,004 73 523,448 69 Dec
rights not in May
Act, that they should retain all their statutory and charter
June
895,873 77 588.622 38
11,413.182 76 8,569,350 36
conflict with the Federal Reserve Act. At the time they became members July
985,71848 652.69408
they were operating branches so that branch banking was not then regarded
We likewise give herewith the ratio of net earnings: 1924.
as in conflict with the Federal Reserve Act.
1923.
2.1
10.4
This condition of retaining their statutory and charter rights should Per cent earned on capital paid in
0.7
3.4
part of Congress without Per cent earned on capital and surplus
not be taken away by a change in policy on the
0.07
0.4
capital, surplus and deposits
Per cent earned on
the most impelling reasons. No one has been able to show, or has even
attempted to show, that branch banking in California has been anything
There Secretary of State Hughes Announces His Retirement
but helpful, both to our agricultural and to our urban population.
Is no real occasion for this radical change of policy on the part of Congress
After March 4—President Coolidge's Tribute—
and it will compel the State bank members engaged in branch banking on
Ambassador Kellogg Will Be His Suca State-wide scale to make the choice of surrendering their right to estabcessor.
lish outside branches or of withdrawing from the Federal Reserve System.
They do not wish to do either and they should not be faced with the
Outstanding among announcements of Cabinet and amin their judgment, is sound and safe and of
dilemma. Branch banking,
gret value to the economic life of the State, and to be compelled to sur- bassadorial changes in the past week was the announcement
render their right is neither fair to them nor desirable for the State. They Jan. 11 that Charles Evans Hughes will retire from his
believe in the Federal Reserve System, and, though they have had little
State oii March 4, and will be
occasion to use it, they should not be compelled to withdraw in order to position as Secretary of.
preserve their right to estab ish outside branches.
succeeded by Frank B. Kellogg, Ambassador to Great
The bank of which I am President. with resources of over 200 million Rritain. The announcement of Mr. Hughes's resignation
dollars, is a member of the System, though it has never had occasion to
came as a surprise, it having been supposed that he would
use the rediscount or borrowing facilities afforded to members.
I personally am a firm believer in the Federal Reserve System when retain his position until he had carried certain policies
properly administered, and by properly administered, I mean administered
by him to fruition. Secretary Hughes, who
without discrimination as between member banks, whether they be national initiated
banks or State banks. My conception of the Federal Reserve System is in his sixty-third year, has occupied a place of prominence
Is that of a great national system including eventually all eligible banks in in political life for the past twenty years. On March 4
order that it may have the maximum strength.
appointment of
The Comptroller declares that this branch bank legislation is necessary 1921 he became Secretary of State by
to protect the Federal Reserve System, for, in his opinion, if the national President Harding. Regarding his resignation and the
banks convert into State banks the safety of the System will be endangered appointment of Ambassador Kellogg as his successor, the
through the ability of the State banks to withdraw. In my view, this
House:
legislation is far more likely to harm then to help the Federal Reserve following statement was issued Jan. 11 by the White
It was announced at the White House that Secretary of State Hugh
System. National banks must be members of he Federal Reserve System
but there is no compulsion upon a national bank to remain such. It can would retire from the Cabinet on the 4th of March, in accordance with a
long cherished plan of his, and that his place would be taken by Ambassador
convert into a State bank and withdraw at pleasure.
In the last analysis the stability of the Federal Reserve System does Kellogg, who is now the American Ambassador at London. The letter
not rest upon compulsory membership of the national banks but upon the of resignation, and the reply of the President thereto, were given out at
service it renders its members and the country. State bank members of the same time.
the Federal Reserve System have more than 12 billions of resources while
In his letter of resignation to President Coolidge, which,
the national banks have some 23 billions, and non-members State banks as indicated in the statement quoted above, was made
weakness
about 19,000 in number, have over 20 billions of resources. The
public also on Jan. 11, Secretary Hughes evinced a desire
of the Federal Reserve System at present lies in the fact that State banks
to be relieved of official responsibility and to return to private
with over 20 billions of resources have not become members.
The McFadden-Pepper Bill, showing as it does a clear intention to aid life. His letter read:
The Secretary of State,
national banks at the expense of State bank members, will not offer any
Washington, Jan. 5 1926.
inducement to State banks to join. The eligible non-member State banks
will be strengthened in their decision not to join the Federal Reserve My Dear Mr. President:
contemplation when I took office is
The period of service which was in
System when they become aware of this discrimination.
the intention I have
The State banks do not ask for any preferential treatment. They are now drawing to a close, and, in accordance with
resignation as Secretary of
willing that national banks should be granted all the rights and heretofore expressed, I beg leave to tender my
entirely
then be twentyyears since I
privileges, with the corresponding obligations, which they enjoy. They State, to take effect on March 4 1925. It will
that time, with the excepresent they attempt, under the false cry of saving the Federal Reserve undertook public work in New York, and during
tion of a little more than two years after the armistice, I have been enSystem, to undermine and weaken the State banking systems.
gaged almost continuously in the discharge of public duties. I feel that
I must now ask to be relieved of official responsibility and to be permitted
Annual Statement of Federal Reserve Bank of New to return to private life. As foreign affairs are perennial, I know of no
more appropriate time to do this than at the end of the present AdminisYork—Net Income Insufficient for Dividends, &c.
tration.
Permit me again to express my deep appreciation of the confidence you
Total earnings of $8,569,350 are reported by the Federal
have reposed in my and of the privilege of serving under your leadership.
1924, as I shall
Reserve Bank of New York for the calendar year
have an abiding memory of your unfailing kindness.
compared with $11,413,183 for 1923. The deductions from
Assuring you of my earnest support of your Administration and of my
hope that, although out of office, I may still be able to be of service, I
the 1924 earnings on account of operations, depreciation, am, my dear Mr. President, with highest esteem,
&c., aggregated $7,952,498, leaving only $616,852 available
Faithfully yours,
CHARLES E. HUGHES.
for dividends, &c. With the payment of dividends of $1,
288
THE CHRONICLE
[vol.. 120.
In reply, President Coolidge expressed himself as being
sensible of "the loss that must inevitably ensue when one of
your ability and experience goes out of an office which he is
so well qualified to fill." President Coolidge wrote:
Monday night, Jan. 5. Mr. Morgan, who was in his 70th
year, was taken ill suddenly on Jan. 5 at his home, 613 West
146th Street. He failed to rally from the shock of the operation and for several days his condition was reported as critTHE WHITE HOUSE.
ical, though hope was entertained for his recovery until late
Washington, January 10 1925.
Thursday night. Born in Marshall, Mich., on Nov. 16 1955,
My Dear Mr. Secretary:
Your favor of recent date, advising me that you have irrevocable de- Mr. Morgan came to New York as a young man and entered
cided to adopt your long-cherished intention of retiring on the 4th of March, the postal service as a carrier
on July 1 1873. In 1878 he was
I have received with much regret.
transferred to the clerical force and the following year, after
I can well appreciate that you are personally entitled, after twenty years
of public service, to seek some of the satisfactions of private life. But I can- winning a competitive examination, he became Chief Clerk
not refrain from expressing my feeling of personal loss at the prospect of of Station B. A
succession of superintendencies for imporyour retirement, and also the loss that must inevitably ensue when one
of your ability and experience goes out of an office which he is so well tant stations led to his being placed in charge of the city dequalified to fill.
livery, responsible for the distribution of mail throughout
I realize, however, that this is in the nature of things, and so wish to the city. In
1897 Mr. Morgan was made Assistant Postput my emphasis on the appreciation that I feel for your loyalty at all
times to me, your many expressions by word and deed of a friendship on master and ten years later (August 1907) was appointed by
which I could not set too high a value, and the exalted character and President Roosevelt Postmaster.
After serving ten years
disinterested nature of the important public service that has come so conMr. Morgan was relieved of his duties by the Democratic
stantly under my observation. I trust you may have a well-merited repose
and that satisfaction which alone can come from a consciousness that the Administration under President Wilson, but in June 1921,
duties of this life have been well performed.
when the Republican Party was again in control, was
reWith kindest regards, I am
appointed to the office by President Harding. On June
30
Very cordially yours,
1923, upon the occasion of Mr. Morgan's having completed
CALVIN COOLIDGE.
50
Hon. Charles E. Hughes, Secretary of State.
years in the postal service, a dinner was tendered
him at the
When it became known abroad that Secretary Hughes Hotel Astor by 1,500 friends, including
postal officials and
will retire in March,tributes from the world's press were paid employees and many prominent public and
business men.
to his great ability and tact, and to his several achievements
Funeral services were held for Mr. Morgan on
Sunday last
in the domain of international politics. It is universally at 1 o'clock at the Chapel of the
Intercession, 155th Street
recognized that only a man of exceptional gifts could have and Broadway, this city, and were attended
by men and
fulfilled his duties with such success during the post-war women in all walks of life. The honorary
pallbearers were
period of economic rehabilitation. One of his mostimportant Postmaster-General Harry S. New, Senator
James W. Wadsservices in the world interest was his able guidance which worth, Senator Royal S. Copeland, George
B. Cortelyou,
led to the signing of the Washington Naval Treaty in 1921. Frank H. Hitchcock, Michael Friedsam,
William G. Willcox,
In 1916 Mr. Hughes by a narrow vote was defeated by Wood- ex-Senator William M. Calder, Job E.
Hedges, Nathaniel
row Wilson in the Presidential election.
Elsberg, Louis Wiley, Samuel S. Koenig, Richard
W. LawSecretary Hughes has announced his intention of resuming rence, John A. Bolles, Thomas McAvoy,
Joseph J. McCorhis practice at law with his old firm, Carter, Hughes & mick, Ernes F. Ellert, Philip J. Curry, Philip
F. Donahue, AlDwight.
bert B. W. Firmin, Jacob A. Livingston, Pnited States Attorney William Hayward, F. J. H. Kracke, Thomas W. Whittle,
Frank P. Kellogg Accepts Secretaryship of State—
William C. Hecht, John J. Kiely, Thomas B. Randles,
Will Be Succeeded in London by Alanson B.
Charles Lubin, Joseph Wilton, Melerton R. Allen and Thomas
Houhgton, Ambassador to Berlin.
J. Moran. John H. McCooey, Democratic leader of Brooklyn,
Simultaneous with the announcement of the retirement Supreme Court
Justice Edward J. McGoldrich and many
of Secretary of State Hughes after March 4, came the others prominent in politics,
attended the services. Follow-
news that Frank P. Kellogg, Ambassador at the Court of ing the death of Mr.
Morgan, Postmaster-General New gave
St. James, has been named as his successor. Ambassador out the following statement
to the Associated Press in WashKellogg, it is understood, cabled Washington from Paris, ington:
where he has been attending the Alied Financial Conferece
I am personally grieved because I knew Mr. Morgan well and esteemed
on Reparations Payments, of his willingness to accept the him highly as a man. From the viewpoint of the Department, the service
has sustained a great loss. Mr. Morgan attained the top from the humblest
position. The White House has also announced that beginning,
having started as a letter carrier on June 30 1973, while a mere
Alanson B. Houghton of New York, now Ambassador boy.
I think it safe to say that Mr. Morgan was the oldest in point of service
to Germany, is slated for the London Embassy, a post which
of
any
Post
Mr. Houghton has cabled his desire to accept. To the' loss high official in theand Office Department. His death is indeed a great
to the Department
one to be sincerely and deeply regretted.
press in Paris Mr. Kellogg on Jan. 11 gave permission that
he might be quoted as follows, regarding his appointment:
Acting Postmaster J. J. Kiely Nominated New
Of course I deeply appreciate the great honor the President has conYork
ferred upon me by offering me this office, and the confidence he has reposed
in me. I also recognize the great responsibility of the position, especially
in view of the fact that lam to follow that great lawyer,that great statesman
that great Secretary, Mr. Hughes.
Mr. Kellogg's appointment came as a surprise in Washington circles, which were kept in ignorance of the President's
intentions. In Europe it was received with satisfaction,
European statesmen believing that Mr. Kellogg's association
with them in their post-war difficulties has given him an
understanding which in his capacity as Secretary of State
will influence him in sympathy with Europe. Born in
Potsdam, St. Lawrence County, N.Y.,in 1856, Mr. Kellogg
has divided his time between law and politics. He gained
fame in 1906 through his investigation of the Standard Oil
Co. of New Jersey, the uticonstito,n of which was alleged by
President Roosevelt to be contrary to anti-trust laws.
Closely associated with the Republican National Party,
Mr. Kellogg served in the United States Senate for Minnesota from 1917 to 1922, and in December 1923 succeeded
Ambassador Harvey as Ambassador to the Court of St.
James.
His successor, Alanson B. Houghton, was selected by
President Harding in 1922 as Ambassador to Berlin. Sixtyone years old, he is a native of Massachusetts and a graduate
of Harvard University, while he did post-graduate work in
Geottiggen, Berlin and Paris. His first business experience
was as a glass manufacturer in Corning, N. Y. He was
first elected to Congress in 1918.
Edward M. Morgan, Postmaster of New York City,
Succumbs After Operation for Appendicitis.
Edward M. Morgan, Postmaster of this city, died on Jan. 9
at the Lutheran Hospital, 144th Street and Convent Avenue,
following an operation for appendicitis performed there on
Postmaster.
The nomination of John J. Kiely, Assistant Postmaster
of
New York City for the last two years, who became
acting
Postmaster on Jan. 9, when he received a
telephone call
from Harry S. New, Postmaster-General, from
Washington,
appointing him temporarily to the vacancy
caused by the
death of Postmaster Edward M. Morgan, as
Postmaster, was
sent to the Senate yesterday (Jan. 16) by
President Coolidge. In regard to Mr. Kiely's career, the New York
"Times"
of Jan. 10 said in part:
Mr. Kiely entered the postal service in 1885 as a
clerk. He is 58 years
old and lives at 700 West 176th Street. He became
Assistant Superintendent of Delivery in New York in 1905, and from that
position was advanced
steadily.
.As Superintendent of Delivery Mr. Kiely served in
several stations. He
was in the City Hall branch from 1913 to 1918, when
he was transferred to
the Grand Central branch. In 1922 he was appointed
Superintendent of
Mails and in the same year promoted to Assistant
Postmaster.
Will of Samuel Gompers Is Contested by
Widow—
Alleges He Was Influenced into Canceling
Previous Will.
Admission to probate of the will of
Samuel Gompers, late
President of the American Federation of
Labor, who left an
estate valued at $30,000, is being contested
by the widow,
r. Gertrude A. Gompers. The contested will
is dated Nov. 8
1924. Under its provisions, Mrs. Gompers
is left the minimum amount of estate allowed under the laws
of the District
of Columbia, viz., one-third of the personal property
and
two-fifteenths of the real estate; while the
residuary legatees are Mr. Gompers's granddaughters,
Henrietta and
Ethel Mitchel, and his sons, Samuel Gompers Jr.,
Henry J.
JAN. 17 1925.]
THE CHRONICLE
289
Gompers and Alexander J. Gompers. In an earlier will, unThe Cannon Educational Fund.
der date of Sept. 21 1921, Mr. Gompers left the bulk of his
A permanent educational fund, the income from which will be used annually to award prizes to clerks of the bank on the basis of their knowledge of
estate to the widow. On his death, however, this previous
banking and their clerical ability, has been established by our former
will was found marked "canceled" by Mr. Gompers.
President, and now senior director, the Hon. Henry W.Cannon. Prizes in
Mrs. Gompers on Jan. 6 filed a caveat against probate of gold, aggregating a substantial amount, will be awarded to men and women
the second will in the Probate Court at Washington, D. C., clerks who are successful in these yearly contests. The interest and
generosity of
alleging that either the son, Samuel Gomper's Jr., or someone competitions the donor of this fund is greatly appreciated, and these annual
are certain to prove a permanent incentive to members of our
unknown to the widow, unduly influenced Mr. Gompers into organization.
revoking the first will and executing the second. Mrs. GomThe bank,it is noted, now has 67 officers and 1,478 clerks.
pers was the labor President's second wife. Formerly Mrs. Mr. Wiggin also made the following observations regarding
Gertrude Gleaves Neuscheler of New York, she and Mr. Gom- the money market,
with the growth in deposits, and the
pers were married in this city on April 16 1921, at the ages business outlook:
of 38 and 71, respectively.
The Money Market.
It is said that the disputed estate consists of the Gompers
Deposits have shown a material increase and interest rates have been
low throughout the year. The growth of deposits is not without its dangers.
home at 3,500 35th Street N. W.; four unimproved lots at In
so far as it represents a
steady growth of the Chase
Serman Park, N. Y.; stocks, bonds, cash and personal 'effects. National Bank from small continuation of thecourse to be welcomed. In
beginnings, it is of
Albert H. Wiggin of Chase National Bank Opposed to
Tax-Exempt Securities—Operations of Bank.
The "strong conviction that there should be no tax-exempt
securities at all" is recorded by Albert H. Wiggin, President
of the Chase National Bank of New York, in his annual
repOrt to the shareholders, Mr. Wiggin at the same time
expressing "the hope that a Constitutional amendment,
permitting the Federal Government to tax State and municipal securities at the same rate at which it taxes Federal
securities and permitting State and municipal governments
to tax Federal securities at the same rate at which they tax
their own securities, may be adopted. We must, of course,"
he says, "respect existing contracts, but we should prevent
as speedily as possible the making of new contracts involving
tax exemption. The report, presented at the annual meeting on Jan. 13, commenting on surtaxes and tax-exempt
securities, also says:
I spoke last year of the evils of high surtaxes and tax-exempt securities.
Secretary Mellon had made the matter abundantly plain. He had demonstrated that any surtax higher than 25% must mean less revenue to the
government from large fortunes, than surtaxes of 25% or moderately lower,
because men of large fortunes find it profitable at the higher rates to put
their funds into tax-exempt securities.
A political Congress, however, studying the problem with an eye to the
fall elections rather than with an eye to the revenues of the Government
and the soundness of the economic situation, merely nibbled at the problem,
reducing the top surtax from 50% to 40% which, for the purpose in hand,
was no reduction at all. It lightened the burden of taxes for the idle rich,
to be sure, but it did not give them any inducement to withdraw their funds
from the tax-exempt field and pay more revenue to the Government.
The course of the capital market during recent months has made it
clear that the Congress miscalculated from the standpoint of checking the
issue of tax-exempt securities. During the months, June to October,
inclusive, of 1924, $644,000,000 worth of tax-exempt municipal and farm
loan bonds alone, were taken up by investors in the United States. Much
of this represents non-productive expenditure, needless extragavance, and
waste of capital. Most of represents the pledging of future taxation to
supply income from which the Government will get no revenue. The
Congress also very clearly miscalculated the temper of the country as
manifested in the fall elections. Whatever the elections may or may
not mean, they do mean
that the sound financial policies of Secretary
Mellon command the confidence of the country. It is to be emphasized
that this is not a plea for the
idle rich. The idle rich have demonstrated
their ability under existing
laws to take care of themselves, and to escape
from excessive burdens which
the tax laws sought to impose upon them.
It is a plea rather for a
sound financial situation in which enterprise can
be financed by an adequate
volume of long-time investors' capital, in which
the tax burden will not be
concentrated on those who are engaged in active
business, and in which the
Government will receive more rather than less
revenue from great fortunes.
Regarding the position, profits, &c., of the bank, Mr.
Wiggin states:
The bank continues in a liquid
condition and has on hand Dec. 311924.
$195,985,488 63 in cash and due from banks,
and $67,14'6,088 84 in United
States Government securities.
The total of loans and discounts, $335.996,097 69, includes commercial
loans, both time and demand. discounts, "street" loans and customers'
The total of other securities was $22,699,328 16 book value. The
market value is in excess of this amount.
These has been no change in
the capital during the year. The surplus
and profit account on Dec.
31 1924 was $25,461,568 76. making the total
capital, surplus and profits at
the present time $45,461,568 76. The above
figures do not include the figures
of the Chase Securities Corporation.
Profits of the bank from Dec.
31 1923 to Dec. 31 1924, the dates of our
published reports to the
Comptroller
expenses and making full provision of the Currency, after deducting all
for all bad and doubtful debts and
providing for reserve for taxes,
were $4,954,684 00. or 24.77% 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. has a capital of
$10.000,000, represented by 200,000 shares
of no par value. The surplus
and profit account on Dec. 31 1924
was
corporation from Dec. 31 1923 to Dec. $5,220,397 33. The profits of the
31 1924. after deducting all expenses,
were $1,674,329 94. Out ofthese profits
dividends amounting to $800,000.
or $4 per share, were paid to shareholders.
The number of shareholders of the bank
and securities corporation has
continued to increase during the year and
now reaches 4 074, an increase
during the last three years of approximatel
y 100%. The extension of
public interest in the bank through stock ownership
is an asset of good will
toward the institution of the highest value. The
average holding is now
49 shares.
The number of depositors and the average balance
per account, as well
as the total deposits of the bank, have shown an increase
during the year.
The average balance for all checking accounts in the entire institution,
main office and branches, is now above $27,000.
so far as it represents an increase in the number of depositors, it is to be
welcomed. In so far as it is the reflection of the growth of the United
States and the growth of the City of New York, it is especially to be welcomed. But the increase ifi deposits in recent months, bringing money to
the banks in excess of the needs of trade, and the consequent low money
rates, constitute a temptation toward unsound policies. The banks of
the country, however, have dealt with this situation prudently and business
men generally have refrained from unnecessary borrowing.
From the standpoint of the bank, we are glad to report a profitable year
of steady progress. Even in the period of extremely low rates for money
through which we have been passing, the net earnings of the bank and the
Chase Securities Corporation have exceeded dividend requirements by
generous margins. The bank has, during the year, received many desirable
accounts in its branches, as well as the main office, and the volume of its
business was never greater than at present.
The Business Outlook.
The business year of 1924 has seen two constructive developments of
the first magnitude. The first is the rapid rise in the prices of agricultural
commodities, which has put the farming regions generally into better
financial position than they have occupied for several years and has gone
far toward restoring the buying power of the agricultural regions and toward
restoring the balance between agriculture and industry. It was depression
of agriculture more than any other thing which checked the upward move
of the winter of 1922-1923 and which retarded 'general business during
the latter half of 1923 and the first half of 1924. The rise in agricultural
prices in 1924 was due primarily to the crop failure in Canada and shortages
in agricultural production in much of the rest of the world outside the
United States. It was thus caused by a restriction of supply which we
cannot expect to be permanent. Fortunately the future holds forth the
Justifiable expectation of an increase in demand.
The second great constructive development is the inauguration of the
Dawes plan in Europe, the restoration of confidence in Europe, theinauguration of financial reform in important European countries, the return
of a number of important European exchange rates to par, or close to par,
and the greatly improved political relations among the important countries
of Europe. We may reasonably expect from these developments an improved standard of life in Europe, an increased consumption of grains and
meats in the countries of Europe which have been most impoverished and.
consequently, such an increased demand for grains and meats next year as
will maintain the improved position of our farmers even though next year's
harvests should be substantially larger than this year's. Sound business
rests on a sound industrial balance. A one-sided prosperity involving only
a portion of our producers cannot go very far. A business situation, however, in which farmers,railroads, manufacturers, mining interests and other
producers of raw materials all have their share of profitable activity, is
wholesome and can be trusted to last a longtime. The banker is interested
in the success of all of his customers and the banker is interested in seeing
a sound balance among the productive activities.
Non-Political Foreign Loans.
The acceptance of the Dawes plan and other improvements In the European situation have so restored confidence on the part of American investors
in Europe as to make possible a large volume of loans to Europe. In part
these loans have been made to European governments, but in substantial
part also they have been made to industries and railroads. Europe has
great need for new capital and especially for working capital, and can
well afford to pay sufficiently high interest rates to attract the funds of
American investors. The bankers who are intermediaries in placing these
loans are well aware of the need for discrimination in making them and are
studying credit risks carefully, having the safety of American investors in
mind. It is desirable, where possible, that loans should be made to private
enterprises in Europe rather than to governments, even though government
guaranties may at times be asked for in connection with these loans. Exceptions to this generalisation will arise and this will be particularly true when
foreign governments wish to borrow here to get actual gold with which to reestablish the gold standard. Cases will also arise where loans to foreign
governments will be thoroughly Justified for the purpose of assisting in the
reorganization of public finances, and the inauguration of financial reforms.
In general, however, it is desirable that loans should be made for business
rather than for political purposes, and that the funds loaned should be
handled by business men rather than by politicians.
James S. Alexander, of National Bank of Commerce, in
New York on Gold Problem—Operations of Bank.
Duscussing the gold problem in his annual report to the
stockholders, James S. Alexander, Chairman of the Board of
Directors of the National Bank of Commerce in New York,
says: "The United States has never sought to impound the
world's gold. The inflow," he says, "has been the result
of the ordinary business of this, country with other countries
and is the concrete evidence that the United States has been
selling in foreign markets more in the form of goods and
services than it is taking from them." "At present," says
Mr. Alexander, "the development of any sustained outward
gold movement large enough to cause a tendency toward
higher money is unlikely but it seems probable that inflow
290
TIM CHRONICLE
[Vol.. 120.
elimi- against an era of soaring prices is the resistance to them which consumers
of gold as a factor tending to depress rates is being
have shown ever since 1920. and this spirit of common sense is likewise our
best assurance of prosperity throughout 1925.
nated." Mr. Alexander's further comments follow:
Operations of the National Bank of Commerce in New York for the year
The Gold Problem.
ended Dec.31 1924 resulted as follows:
The inflow of gold into the country has continued. Net imports in 1924 Profits after expenses, full provision for bad and doubtful
items, and extra compensation to officers under plan$6,082,222.47
were about $250,000,000 compared with $294,000,000 for 1923. The total
statement of the
Directors on
adopted
stock of gold coin and bullion reported in the circulation 0.000, higher by Provisions by the Board of other taxes July 18, 1924
945,574.66
for Federal and
for Dec. 1 1924 was 84.570,00
United States Treasury
$5,136,647.81
than on Dec. 1 1923. Federal Reserve bank holdings on
$360,000,000
Net profits
nearest corresponding
Dec. 31 1924 were 8147,000.000 lower than on thein circulation have in- applied as follows:
34,000.000.00
certificates
To payment of regular dividends of 18%
elate a year ago. Gold coin and gold year.
$1,136,647.81
creased about $450,000,000 during the is the actual property of the United
To addition to undivided profits account
Aside from the gold which at any time
Reference was made a year ago to the organization of a Trust DepartStates Treasury, our stock of gold does not belong to the American people
its establishment
' in any vague general sense but is the Individual property of institutions and ment. It has made a steady growth during the year, and it by the friends
individuals, and no matter how desirable it might be from a broad economic has already been justified by the increasing use made of
viewpoint to decrease the gold holdings of the United States and to increase of the bank. of stockholders is 6,377, an increase for the year of 193.
part with
The number
those of some other countries, the holders of American gold canborrowers.
responsible
it only in exchange for sound values, or lend it to a reasonable American The average holding is 39 shares.
in Europe justify
The generally better prospects
The Dec. 31 1924 statement of the bank shows capital
in this market in
'confidence. European loans are being floated in the form of gold,heavy
to be paid up of $25,000,000; surplus, $25,000,000; undivided
volume and part of their proceeds is being taken
used as a basis for circulation.
profits of $14,760,960; deposits of $534,448,734, and total
It seems probable that the inflow ef gold into.the United States will be resources of $658,905,951.
four
this may already have occurred. During the last with
checked. Indeed,
months of 1924, gold imports were offset by exports. This compares of
period
a net inward movement of $126,000,000 for the correspondingimminent.
movement is
• 1923. It does not follow that a heavy outward Better conditions abroad Gain of Nearly 185 Million Dollars in Deposits of
The United States is not the only source of gold.
National City Bank—Statement of President
will tend to divert to Europe new gold which otherwise would have reached
Charles E. Mitchell.
which
the United States, and it is not possible to determine the extent tobe lost
A gain o $184,442,179 in the gross deposits of the Nathis may satisfy the European demand. The fact is also not torapidly.
increasing fairly
sight of that the world's stock of gold has been the increase in our own tional City Bank of New York is revealed in the statement
on
While our attent on has been concentratedcountries have increased relaof the year's operations, presented by President Charles E.
holdings, the gold holdings of many other
it
tively almost as much since 1914 as have those of the United States,andto Mitchell to the stockholders at the annual meeting on Jan.
may be that some countries will not be especially desirous of adding
13. Mr. Mitchell said in part:
'their gold stocks.
in
There is presented to you at this meeting a statement of the condition
Furthermore, while flotation of foreign loans canthe United States is
continue to operate of the Bank as of Dec. 31 1924, this being a consolidated statement and
resulting in exportation of gold, this influence
office, domestic and foreign branches, and The National
only so long as the volume of new issues is at least equal to interest and including headNew York
S. A. It will be noted that, with no
Installments on principal paid Government and citizens of the United States City Bank of the Federal(France)Bank,resources aggregated 31,142,329,Reserve
nt of Com- rediscounts at
on loans already outstanding. The United States Departme as interest
671.52. exceeding those at the close of the previous year by $222,155,046.07.
merce estimated that in 1923 the net balance due this countrynts
governme
The statement shows gross deposits of $913,082.261.64—a gain for
payments alone, Including interest paid by foreign and there is noto the
doubt the year of 8184.442,179.42. This increase occurred principally in domesUnited States Treasury was more than $400,000,000,
tic.ccounts. While these are the largest deposit figures ever shown in a
that the net total is now much larger.
of the Bank,itshould be realized that depositsfluctuate
ments of out- published statement
Mr. Alexander states that "two develop
with economic conditions and are not necessarily a true yard-stick as a
standing significance during 1924 have been the notable measure of progress.profits for the year, after reserves for taxes, pensions,
The net operating
improvement in conditions in Europe and betterment in the death benefits, and management fund, were in the amount of $11454,applied,
relative position of the farming industry in the United States 428.58, from which an aggregate amount of 81,331,766.00 wasidends of
fixed rule, to reserve for contingencies,—div
and in a number of other agricultural countries." As to according 0to ourpaid, and after minor adjustments, an amount of $3,$6,400,00 were
agriculture he says in part:
394,931.90 was carried to undivided profits. While low interest rates preAgriculture.
vailing through the larger portion of the year operated against satisfactory profits, the efficient operation of our many revenue producing faciliAgriculture is the leading industry of the country and the outlook for ties not directly affected by interest rates more than made up for this and
it is therefore the foremost consideration in judging the course of business enabled us to show a substantially larger income than during the previous
better is beyond
In 1925. That the position of the farmers is is at record levels, doubt. year.
except
wool
Wheat and corn are high and the price ofprice of cotton is quite steady at
The proposed increase in the capital of both the National
for the period of the post-war boom. The the lower price being offset by
d to in
y
ago,
levels materially below twelve monthsThroughout the country the liquida- City Bank and the National City Compan (referre
.the large and well-distributed crop. improvement in trade, and the gen- these columns Dec. 27, page 2972) was ratified by the
tion of bank debts by farmers, some
current week's annual meeting. Presierally better feeling are measures of the great progress made. gains made stockholders at the
Unfortunately, there are no grounds for assurance that all the the wheat dent Mitchell, alluding to the increase in his remarks to the
In 1924 will be held in 1925. Betterment which has taken place in good luck stockholders, said:
wheat growers had the great
belt is mainly fortuitous. American had a partial crop failure and crops in
and
increasing require..
The continued growth of the institutionperiod theenlarged prosperity
to have a good crop when Canada
of
to be expected in the
in so far
Europe were disappointing. Wheat farmers are better offthis yearas their meats of commerce of which we feel we now stand, as well as the desire
threshold
welfare depends on the crop of 1924. What will happen The cannot upon theon the
nal tradition of affording to our clients and desimple.
.be guessed, for it is a weather proposition pure and acreage WWII high price to carry unusual institutio through large capital, surplus, and undivided
to wheat. positors
protection
growers in every country to increase the
will tempt
and reserve accounts, have led your directorate to recortunend for
If there should be good crops, especially in Canada, American wheat farmers profits at this meeting an increase of 100,000 shares in the capital. This
next autumn would again face the necessity of selling their grain at low action
published statement a
will enable us to present in our next 00. this basic structure capital of
prices.
cushioned
of 850.000,0
as it was a year ago. Control
The cotton situation is just as hazardous a large factor in relation to the 850.000.000 and a surplus
in excess of 810.000,000, and a contingency reserve
is not
undivided profits
of the boll weevil by artificial meansfavored areas of Texas and the more by excess of $5,000,000. By the same operation The National City Comsize of the crop, and outside of the weevil damage will be dependent on in
pany's capital will be increased to $12,500,000, and its surplus to $12,northerly sections of the cotton belt
n of this
It is
cold weather destroys the hibernating weevils this 500,000, with reserves ample for the protectio adopted structure. distrithe extent to which
for share
the plan already
weather next summer. Aside
on the favorable or unfavorable weather risks to which the crop further expected that through
winter and
bution among the staff of the Bank and its affiliated companies, the present
from the question of the weevil are the usual
total of approximately 8,000 shareholders will in the ultimate be nearly
is exposed.
holders.
have long con- doubled by employee
According to Mr. Alexander, "if we are to
in busiactory spurt
tinued prosperity instead of an unsatisf
Chemical National Bank Forethe stiffest competition President Johnston of
ness we must fit ourselves to meet
casts Higher Interest Rates—Progress of Bank.
s:
in our history." In part he continue hilliness luxuries and the
of
Percy H. Johnston, President of the Chemical National
Profits will be made by the discarding of advancing prices or their
nce of quality, rather than by means the appearance ofinferior Bank of New York,observes in his annual report to the stockmaintena
In many
the present outlook for business
equivalent, a lowering of quality. invitationlines,
to competition from European holders this week that "while
domestic goods will be an instantin quality products, for Americans are
in fact higher than for
in general is altogether favorable,
specialists
countries which are
years past, and while existing conditions which are
ting purchasers.
discrimina
some
an fundamentally sound justify the present optimism, yet,"
President Stevenson E. Ward of the bank states that
ns of the he caut'ons, "it is the part of wisdom to consider the danger
especially gratifying feature of the year's operatio
foreign business. The that is inherent in unrestrained enthusiasm in order that the
bank "has been the increase in our
in financing disastrous effects of an inordinate rise in commodity,prices
bank has continued to play an important part
and is now benefiting from and a corresponding increase in inventories may be avoided."
the course of international trade
s." Re- Referring to interest rates and the likelihood of an advance
the improvement in Europe and in other countrie
operations for the year ended Dec. 31 in rates, Mr. Johnston says:
garding the bank's
operation of the law of
Credit, being a commodity, is subject to the credit to the demand for
of
1924 Mr. Ward also says:
supply and demand. The ratio of the supplyis reflected in the prevailing
and fortunately there is no apparent
Pi Thisis no time for an orgy ofspendingpeople to embark on one. Although credit is expressed in the price of credit and
disposition on the part of the American extravagant nation, it is doubtful rates of interest.
foreigners regard us as a hopelessly
During the greater part of the past year the somewhat depressed conwhether we are more so in relation to our resources and our earning ability dition of Industry and Commerce developed only a limited demand for
Europeans of corresponding economic levels. The best asurance
than most
JAN. 17 1925.]
THE CHRONICLE
291
credit. This diminished demand, coupled with an unprecedented supply
of credit due to the enormous amount of gold in the country, naturally
resulted in unusually low interest rates. In order that our customers
might be entirely satisfied and as evidence of co-operation on the part
of the bank, the management considered it advisable, even at the sacrifice
of possible immediate profits, to adhere to our established policy of meeting
fully and whole-heartedly the competition of other banks in the matter
of interest rates.
There have been recently a number of developments of a constructive
character the composite effect of which will unquestionably be to raise
the rates of interest.
F. N. Shepherd, executive manager of the organization.
The meeting dates are Sept. 28 to Oct. 1, with divisional
and committee meetings on the first day and the general
convention sessions on the mornings of the last three days.
Further divisional meetings will be held the afternoons of
these days also. Headquarters will be at the Hotel Traymore, and the general sessions will be held on the Million
Dollar Pier. This will be the fourth convention of the
Mr. Johnston alludes to the adoption of the Dawes plan Association at Atlantic City, previous meetings being held
OA having marked the beginning of a reconstruction era in there in 1907, 1917 and 1923.
Europe and furnished a basis for the extension of credits.
Continuing he says:
Leasehold of Mills Building Acquired by Equitable
In the large foreign Governmental and commercial loans already granted
Trust Co. of New York.
this country and its banks we have participated only to an extent
by
altogether consistent with safety. The readjustment In values between
J. P. Morgan & Co. announced on Jan. 15 the sale of
agricultural and industrial products materailly increases the purchasi
ng the leasehold of the Mills Building, 15
Broad Street, to the
power of the country and will further stimulate trade. The emphati
c Equitable
disapproval at the recent elections, here and in England, of
Trust Co. of New York. The announcement said:
radical political
reassuri
J. P. Morgan
policies
ng and permits business to expand with confiden
is
& Co. and the Equitable Trust Co. of New York announce
ce.
In addition to these there have been other developments which also create that the leasehold of the Mills Building has been acquired by the Equitable
an increased demand for credit. There has been an enormous volume of Trust Co. of New York. Upon the site of the Mills Building, from plans
transactions as well as an extraordinary rise in security
prepared by Trowbridge & Livingston, the Thomps
on-Starrett Co. will
values. There
has also been an appreciable rise in the general commodity price level. erect an office building 34 stories in height. Construction will commenc
e
in the spring of 1926 and should be completed
with indications of further advances, as well as a marked expansio
in the spring of 1928.
n in
industrial production and commercial trade in almost
all lines of business.
Furthermore, there are indications that the tide
of gold shipments has
probably turned and that In the future we are likely to
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
export more gold
than we import. This will have the effect of decreasi
ng the supply of
Six New York Stock Exchange memberships were reported
potential credit in the country at a time when the
demand for credit is
posted
increasing.
The year just closed, President Johnston points out,
"marks the rounding out of a century of banking on
the
part of this institution. As to the progress of the bank
he says:
During the year $2,000,000 was transferred from undivided profits
to
the surplus account. A comparison of the statement
of the condition
of the Bank as of Dec. 31 1924 with the correspo
nding statements for
each of the two preceding years shows a substantial
loans and discounts, and total resources. Deposits increase in deposits,
point in the history of the bank and have been stand at the highest
increased $22,000.000
during the past year. Capital. surplus and
undivide
increase of $35227590 over 1923 and an increase d profits show an
of $912,511 87 over
the corresponding statement of 1922. A propitio
In the opinion of the board of directors, there wasus time having arrived,
sold at a profit a considerable portion of the investments of the bank.
After charging to earnings account all expenses
and extra
to employees, and after charging off all losses and setting compensation
up proper tax
and other reserves, and after deducting the consider
able expense incident
to the opening and maintaining of our two addition
al offices, we have
made disposition of the balance of the year's
earnings as follows:
24% dividend to the shareholders
$1,800,000
Added to unidivded profits account
352,275
There are at present 37 officers. 488 employe
es and 1.423 shareholders.
for transfer this week, as follows: that of E. A.
McCullough to A. R. Thompson, consideration $108,000;
that of E. B. Thome to Charles Martin and that of A. H.
Brown to Mervin Ash, each $105,000; R. L. Niles to G. E.
Turnure for $103,000; that of J. B. Gilfillan, Jr., to G. S.
Appleyard, a private transaction, and that of T. P. Kelly
to J. P. Cahill for a nominal consideration. Last previo
us
sale was for $101,000.
_•___
Two New York Curb Market membership were
reported
sold this week, that of A. M. Polack to Robert
Jacquelin
Smith and that of George R. Turley to Harry
W. Asher,
Jr., the consideration in each case being $10,00
0. The last
previous sale was at $9,500.
Three New York Cotton Exchange memberships
were
reported sold this week, that of Thomas F.
Russell to Joseph
C. Monier for $32,000; that of Moses C. Heath
to Louis
Brooks, consideration $35,000; that of Walter
Hall to J. C.
Cuppia for $33,000. The last previous sale
The Dec. 31 1924 statement of the bank
was at $30,000.
shows capital
stock, $4,500,000; surplus, $15,500,000;
undivided profits,
Important among the announcements incident
$1,524,108; deposits of $151,699,394, and
to this
total assets of week's annual bank
$192,138,824.
meetings, is that of the Farmers' Loan
& Trust Co., regarding the plans to increas
e the capital
Dudley F. Fowler,of Bank of America, Looks
for Heavy stock from $5,000,000 to $10,000,000. The $5,000,000 new
Demand for Capital in 1925.
stock is to be offered to present stockholders,
share for share,
There should be an exceptionally heavy
effective demand at par. This statement was made by James Perkins, President of the company. Frederick A. Dewey
for capital during 1925, declares Dudley F.
and S. Sloan
Fowler of the
Bank of America in a pre-survey of the money
Colt, heretofore Assistant Vice-Presidents of
the Farmers'
market during the year. But these calls for capital will
be made upon Loan & Trust Co., were elected Vice-Presidents of the coma money market which will be plentifully
pany this week. Augustus V. Heely, Vice
-President, was
sources which to-day possess greater latent supplied from appointed to act as Secretary of the
Board of Directors, and
power than ever
before, as is concretely evidenced by the
Irving H. Meehan, formerly Assistant Vice
greater amount of
-President, was
time deposits in our financial institutions, by
elected Secretary.
the larger ac-counts in our savings banks and by the bigger
resources of
Albert H. Wiggin, President of the
•our insurance companies. "The volume of
H.
Chase National Bank
borrowing to be of the
.expected on.the part of industries is subject
City of New York, announced on Jan. 14
to much uncer- Chase
that the
tainty at this time," says the Bank of Americ
National Bank has purchased from the Americ
a survey. It Foreig
an
n Banking Corporation the bankin
adds:
g business in
prosperous business conditions which
The
Havana,
are now
joyed; the increased purchasing power of the farmer being generally en- business Panama and Cristobal and its deposit banking
in New York. This is the first time that
resulting from high
prices obtained from his products, and the
the
prevalence of cheap money Chase
National Bank has had any branches outside of
would tend to stimulate expansion: but many of
ready developed a plant capacity in excess of these industries have al- New York City.
their normal needs, while
The same staff will continue in charge of
other of our basic industries possess sufficient
resources of their own to the branch offices that
finance such increased operations as may arise at
have heretofore represented the
least for a year to come. American
Likewise, the building industry, which since
Foreign Banking Corporation in those cities.
the war has been the backbon
e
.of industrial activity, will in 1925 be a less important
market, for the housing shortage has to a large borrower in the money
Malcolm C. Chace, President of Chace & Harrim
extent been overcome.
an, Inc.,
Although building contracts continue at a high
figure, an analysis of these Boston, and Thomas
N. McCarter, President of the Public
figures shows that they are being sustained by the
erection of commercial Service
buildings and factories rather than homes.
Corporation of New Jersey, were elected directors
In the case of public utilities, vast sums will be required
of the Chase National Bank
in carrying out
super
at the annual meeting the
...pewer programs which are well beyond
the visionary stage. The present week.
electrification of railroads may well be expected
to stimulate this movement.
it is not possible to form a definite estimate of the sums which will be reThe stockholders this week ratifie
quired during 1925. but last year more than $1,400,0
d the plans whereby
00,000 was raised, both
capital and surplus of the National City
and it is not unreasonable to expect at least a repetition of this
program durBank will
the current year. Especially is this probable in view of
ing
the excellent both be increased to $50,000,000, and the capital
credit position enjoyed by this group as a result of good
and surplus
earnings during will likewise each
be increased to $12,500,000. Details
recent years.
were given in these columns Dec.
27, page 2972. At the
1925 Convention of American Bankers Association to annual meeting also W. A. Simonson, senior Vice
-President
Held in Atlantic City Sept. 28
of the bank, was added to the board
Be
-Oct. 1.
of the bank. William
The 1925 convention of the American Bankers AssociatiOn L. McKee and Gordon S. Rentschler, were elected directors
twill be held in Atlantic City, N. J., it is announeed by of The National City Company.
ep••••••••••
292
THE CHRONICLE
Announcement is made of plans of the Fulton Trust Company of this city to increase its capital from $500,000 to
$1,000,000. The directors of the company considered the
proposed capital increase necessary to meet the increasing
demands of its business. Deposits have increased since
Jan. 1 1924 by about 32% and there has been a substantial
increase in the trust and agency departments. The board
stated in its announcement of the 15th inst. that it expects
that the earnings of the company will justify the payment
of dividends on the enlarged capitalization at the rate of
10%. This is the regular dividend rate that has been paid
on the present capitalization for something like twenty years.
Extras of 2% a year have been paid in recent years. The
stock increase has been underwritten by Dominick & Dominick and J. W. Davis & Co.
[Vol.. 120.
Manhattan Savings Institution; Charles C. Tegethoff,
Estate of E. H. Harriman; Parmely W. Herrick; John A.
Noble, First Vice-President; Alvah Miller, H. G. Craig &
Co., wholesale paper; Howard C. Brokaw; E. Roland Harriman; William A. Greer, Greer, Crane & Webb; Marshall
Sheppey, President The Berdan Co., Toledo, Ohio; John A.
Harriss; E. H. H. Simmons, President New York Stock
Exchange; Howard W. Charles, President Charles & Co.,
grocers; Julius Lichtenstein, President Consolidated Cigar
Corporation; Abram L. Leeds, President Manhattan Shirt
Co.; Bertram L. Kraus, lawyer; and Philip G. Gossler,
President Columbia Gas & Electric Co.
The statement of the condit-ion of the Fifth National Bank
of New York, as of Dec. 31 1924, shows that a very substantial and consistent increase in deposits and resources has been
At the annual meeting of the directors of the Chemical made. In the past ten years the deposits have increased
National Bank of New York for the election of officers, the from $4,643,900 to $20,771,935 and the resources from $5,following promotions were made: Barret Montfort, formerly 814,923 to $25,982,281.
Assistant Vice-President, was made Vice-President and
At the annual meeting of t-he Pacific Bank of New York,
Trust Officer. Charles E. Kimball and Carleton L. Marsh
14, all the present directors and officers of the
were made Assistant Trust Officers. Mr. Montfort is a held on Jan.
of Harvard and of the University of Virginia and bank were re-elected.
graduate
has made rapid progress at the bank since he joined the
At this week's meeting of the board of trustees of the
staff of the Chemical Bank five years ago. Mr. Kimball Bank of New York & Trust Co., Richard George Barker
Class of 1913, and Mr. Marsh was appointed an Assistant Secretary. Mr. Barker came to
is a graduate of Princeton,
is a graduate of Yale, Class of 1914 and of the Yale Law the Bank of Now York & Trust Co. from the New York Life
School Class of 1917. The retiring directors of the Chemical Insurance & Trust Co., with which he had been associated
National Bank were re-elected. Frederic W. Stevens was since July 14 1913.
re-elected to serve his 55th consecutive year as a director
of the bank.
The Grace National Bank elected John W. Cutler, of
Edward B. Smith & Co., as director. All retiring directors
The following statement was authorized at the close of were re-elected.
the meeting of the shareholders of the Bank of America of
this city:
Milton W. Harrison has be- en elected director of Coal &
At the shareholders' meeting of this bank to-day (Tuesday) the following Iron National Bank. Mr. Harrison is President of the
gentlemen were elected as directors for the ensuing year: Kimball C.
Association of Owners of Railroad Securities.
Atwood, Walter M. Bennet, George Blagden, Edward R. Carhart, Edward National
K. Cherrill, William H. Coverdale, Allen Curtis, Charles E. Curtis, Edward
C. Delafield, Elias A. De Lima, Archibald Douglas, Charles M. Dutcher,
Douglas L. Elliman, Edward Flash Jr., Henry J. Fuller, Crowell Hadden,
Frederick E. Hasler, George Hewlett, Robert J. Hlllas, Gilbert H. Johnson,
Herman D. Kountze, Sam A. Lewlsohn, David L. Luke, William J. Montgomery, William R. Peters, R. Stuyvesant Pierrepont, Dallas B. Pratt.
William M. Ramsay and Edwin Thorne.
The unusually preponderant vote that was registered is gratifying and is
to be regarded as a significant endorsement of the management and its
policies.
Harry E. Kuhlman was yesterday made Vice-President
of the New York Title & Mortgage Co. of this city. Mr.
Kuhlman was Assistant Secretary of the company and has
been identified with the institution since 1910 in its litigation
and title closing departments. For two years he has been
in charge of the White Plains office. He is a graduate of
the New York University Law School and of the American
A previous statement issued by the bank (according to Institute of Banking.
the New York "Evening Post" of Jan. 3), issued in connecSupplementing last week's announcement (given in these
tion with recent rumors of a possible contest for control, said: columns, page 159) regarding the arrangements for the conIt can definitely be stated that the directors of the bank and their associates
hold more than the majority of the stock of the bank. The voting trust solidation of the Metropolitan Trust Co. of the City of New
plan has been inaugurated for the purpose of insuring the successful carrying York with the Chatham & Phenix National Bank of the
out of the plans now being developed for the expansion of the bank's business
City of New York, the following plan, it was announced
on sound and conservative lines.
If the establishment of a voting trust will also result in avoiding wide Jan. 14, has been arranged, subject to the necessary legal
fluctuations in the price of the stock, it will have served an additional good ratification of the stockholders of both institutions.
purpose, for bank shares should not properly be used for speculative purposes.
The proposed formation of a voting trust was referred to
in these columns Jan. 3 1925, page 52.
At the meeting of directors of the First National Bank of
New York, held Jan. 13 1925, Samuel A. Welldon was
elected a Vice-President, retaining his position as Cashier,
heretofore held. The resignation of Francis D. Bartow,
who has become associated with J. P. Morgan & Co., was
accepted.
'
At this week's annual meeting of the stockholders of the
Equitable Trust Co. of New York all the retiring trustees
were re-elected.
The stockholders of the National Park Bank of New
York re-elected all directors; the latter elected W. C. MacAvoy Assistant Vice-President and H. M. Truslow Assistant
Cashier.
National Bank of Commerce in New York—John W.
Davis, Presidential candidate on the Democratic ticket,
was elected a director of the National Bank of Commerce in
New York at this week's annual meeting. Mr. Davis resigned as a director prior to the Presidential campaign.
The name of the consolidated bank will be Chatham-Phenix Nations
Bank & Trust Co.
The Presidents of both institutions will continue active in the consolidated
bank, General McRoberts becoming Chairman of the Board and Mr.
Kaufman remaining as President.
The Chatham & Phenix National Bank has now outstanding 105,000
shares of capital stock of the par value of $100 each, and the Metropolitan
Trust Co. has now outstanding 20,000 shares of capital stock of the par
value of $100 each. It is proposed that the consolidated bank shall have
135,000 shares of stock of the par value of $100 each, of which 105,000
shares will be distributed pro rata among the stockholders of the Chatham
& Phenix National Bank and 30,000 shares among the stockholders of the
Metropolitan Trust Co.
This capitalization of the consolidated bank and distribution of stock has
been so calculated as to accomplish an equitable adjustment between the
stockholders of the two institutions, taking into consideration the existing
difference in book values of the stock of the Chatham & Phenix National
Bank and the Metropolitan Trust Co.
On the basis of the book values of the assets of the two institutions as of
Dec. 31 1924, the book value of the stock of the consolidated institutions
will be approximately $200 a share.
At the annual meeting of shareholders of the Seaboard
National Bank of New York held Jan. 13, the retiring board
of directors was re-elected for the ensuing year. The proposal to increase the capital stock of the bank from $4,000,000
to $5,000,000 was unanimously ratified. Details of the plans
to enlarge the capital were given in our issue of Dec. 20,
page 2843. At the annual meeting of the directors of the
Seaboard National Bank for the election of officers, the folPhilip A. S. Franklin Jr. and Hewitt Morgan have been lowing promotions were made: John A.Burns, Trust Officer,
appointed Assistant Cashiers of the Harriman National Bank was made Vice-President and Trust Officer; Seymour Monroe
of New York. Julius Manger, Vice-President of the Manger and A.Philippe von Hemert were made Assistant Cashiers.
Hotels; Amos Sulka, President of A. Sulka & Co., importers,
At the annual meeting of stockholders of the Equitable
and Paul J. Bonwit, President of Bonwit, Teller & Co., were
of the Harriman National Eastern Banking Corporation on Jan. 13, the following
added to the board of directors
J. D.
Bank at the annual meeting on Jan. 13. Re-elected were: directors were re-elected: W. W.Aldrich, H. E. Cole,
President; Harrison K. Bird, Trustee Day, Homan Dowd, R. R.Hunter, Alvin W. Krech, George
Joseph W. Harriman,
JAN.-17 1925.]
THE CHRONICLE
L. LeBlanc, Arthur W. Loasby and Enrico N. Stein. All
officers of the corporation were re-elected. Henry C. Titus
was appointed General Manager of the corporation. The
Far Eastern office of the corporation is located at 6 Kiukiang
Road, Shanghai. Its Asiatic facilities have recently been
augmented by the opening of a new office in Queens Road,
Hongkong. The Equitable Eastern Banking Corporation
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 shown a steady
growth and consistent earning power, having paid dividends
continuously since the date of its organization. The corporation's latest statement of condition issued Dee. 31 1924
shows capital of $2,000,000; surplus, $500,000; undivided
profits, $521,600.
At a meeting of the stockholders of the Gotham National
Bank of New York on Jan. 13, the following were added
to the board of directors: George L. Slawson of Slawson &
Hobbs, one of the best-known real estate firms of the West
Side, and President of the Broadway Association; Le Roy A.
Van Bomel, President of the Sheffield Condensed Milk Co.;
C. L. Kerr, District Sales Manager of the Gulf Refining Co.
and Frank L. Norris, Vice-President. At a meeting of the
new board, immediately following the stockholders meeting,
Henry H. Bizallion was elected Chairman of the Board,
Frank L. Norris was elected President of the bank and
Francis X.O'Neill,formerly Asst. V.-Pres., was elected VicePresident and B. W. Griffin Asst. V.-Pres. The bank
announces that the Gotham National Bank Male Quartet
has arranged a series of concerts over WJY and WJZ. These
concerts will terminate before Feb. 15, when one of the
quarter will sail for Italy. He is leaving the field of business
for Grand Opera. The date and stations for the concert
are as follows: Tuesday, Jan. 13, WJY,8:30-9:00; Sunday,
Jan. 18, WJZ, 8:10-8:45; Tuesday, Jan. 20, WJZ, 10:1010:40; Tuesday, Jan. 27, WJZ, 9:10-9:30, 9:45-10:00;
Tuesday, Feb. 3, WJZ, 10:00-10:30; Tuesday, Feb. 10,
WJZ,8:25-9:00.
293
Four new directors were added to the board of the First
National Bank of Boston at the annual meeting of the
stockholders on jan. 13, namely Henry Hornblower of
Hornblower & Weeks, John R. Macomber, President of
Harris, Forbes & Co.; Andrew J. Peters, former Mayor of
Boston, and James Storrow of Lee, Higginson & Co.
Colonel William A. Gaston, who with Robert Winsor
organized the National Shawmut Bank of Boston in 1898
and had been a director since that time and who served
•the institution as President from 1907 to January 1918 and
as Chairman from that time until September 1923, retired
as a director at the annual meeting of the stockholders of
the bank on Jan. 13. Others who retired simultaneously
as directors were Robert S. Potter (who tendered his resignation as a Vice-President also), Bayard Tuckerman Jr.,
John E. Thayer Jr. and Ronald T. Lyman. The resignations were accepted and H. Blair-Smith, Treasurer of
the American Telephone & Telegraph Co. of New York,
and William L. Shearer Jr., Vice-President, Treasurer and
a director of the Paine Furniture Co., were elected members
of the board.
B. Loring Young, former Speaker of the Massachusetts
House of Representatives, was elected a director of the Second National Bank of Boston at the stockholders' meeting
held Wednesday, Jan. 14, and Henry B. Day, who was
chosen during the year to fill a vacancy occasioned by the
resignation of Matthew C. Brush, was re-elected along with
the other directors. No changes in officers were made by
the directors at their meeting on the same day,but on Jan. 1
Merton E. Ober was appointed an Assistant Cashier to succeed C. J. Lennihan Jr.
Stockholdersof the Webster & Atlas National Bank, Bosof
ton, on Jan. 13 re-elected the former board and added Horace
A. Carter, S. St. John Morgan, Henry A. Morss, Edward
Motley and Robert G. Stone. The directors at a subsequent meeting appointed F. B. Butts, previously Assistant
Cashier, Cashier to succeed J. L. Foster, formerly a ViceWalter MacNaughton was this week made an Assistant President and Cashier, who resigned the latter office but conSecretary of the American Trust Co. of New York. Mr. tinues as a Vice-President. Mr. Foster has been with the
MaeNaughton, who is in charge of the Trust Department, Webster & Atlas National Bank 52 years and its Cashier
was formerly with the New York Trust Co.
for the past 28 years.
The stockholders of the Pacific Bank of this city met on
The stockholders of the Merchants National Bank of BosWednesday (Jan. 14) and unanimously re-elected the ton, at their recent annual meeting, elected Allen Curtis,
directors for the ensuing year. At a subsequent meeting of of Curtis & Sanger; Robert D. Brewer, Vice-President of
the directors all the officers were re-elected and J. S. Roberts the Provident Institution for Savings, and Pierpont L. Stackwas appointed Trust Officer. The bank's roster is as follows: pole, a lawyer, directors of the institution, in
lieu of Henry
0. H. Cheney, President; William Skinner, J. S. Hamilton, Park
-man and Frank L. Howes, deceased, and William M.
and P.M. Goldman, Vice-Presidents; F. L. Kerr, Cashier; Butler, who declined re-election. The
directors subsequently
J. C. Lawrence, E. R. Lawrence, Harry Van Brunt, A.G.
elected J. N. Eaton,'formerly Credit Manager of the bank,
Irvine, J. W. Konvalinka, Louis K. Hyde, Barrett D. and Carl
J. Swenson, heretofore Manager of the Foreign
Swain, Hugh T. Owen and J. E. Lewis, Assistant Cashiers;
Department, Vice-Presidents.
Louis A. Mignot, Auditor, and J. S. Roberts, Trust Officer.
The First National Corporation of Boston announces the
A new downtown Brooklyn meeting place and convention
hall was opened on Jan. 13 by the Manufacturers' Trust Co. election as President of D. G. Wing, President of the First
on the second floor of its newest Brooklyn office in the National Bank of Boston, and the appointment of Allan M.
Manufacturers Trust Co. Building, 186-188-190 Joralemon Pope, now Vice-President in charge of the New York office,
Street. Brooklyn's Downtown Centre, as the hall will be to be Executive Vice-President. This means that Mr.
called, will be a downtown meeting place for Brooklyn, Pope will have the active administration of the entire
and will be available without charge to all who can use it. corporation, with its head office in Boston and its other
It will augment facilities now supplied by the Chamber of offices in New York, Philadelphia, Chicago and Detroit,
Commerce in its building and will give Brooklyn's growing and will divide his time chiefly between New York and
downtown district an adequate conference place and con- Boston. Arthur C. Turner, Assistant Treasurer, and
vention hall. Nathan S. Jonas, President of the company, Nevil Ford, Assistant Manager, have been elected VicePresidents with headquarters at the corporation's office at
in announcing the opening of the Center, said:
Religious, civic, charitable, educational, political and business organi- 100 Broadway.
zations and boards of directors may reserve Brooklyn's Downtown Center
free of charge for conventions, conferences, rallies or exhibits, night or day.
Brooklyn's Downtown Center is for the use of all Brooklyn, and our officers
and directors cordially invite the entire borough to utilize its facilities
to the utmost.
A feature of Brooklyn's Downtown Center will be a
lounge for conferences during the day. Persons may meet
there by appointment or may confer on real estate and
business transactions. Maps of Brooklyn, Queens, Manhattan and the Bronx, drawn on the scale of 600 feet to the
inch, are on the walls and will prove of especial aid to real
estate operators and builders. A telephone is provided for
the lounge and notaries and public stenographers are close
at hand. Reservations for use of the Center, it is stated,
should be made at the Joralemon Street office of the Manufacturers Trust Co. Conventions and meetings having
attendance as large as 700 can be accommodated.
F. Goldwaite Sherrill was elected a director of the National
Union Bank of Boston at the recent annual meeting of the
stockholders in lieu of L. M. Graves, who resigned during
the year. George W.Simpson resigned as Assistant Cashier,
effective Jan. 15. The bank's personnel is now as follows:
Henry S. Grew, President; John W. Marno, Vice-President;
David E. Hersee, Vice-President & Cashier, and H. B.
Mansfiele, Ross C. Skinner, Dean J. Aimy and George A.
Hill, Assistant Cashiers.
The following were the only changes made in the personnel
of the Federal National Bank of Boston at the annual meeting of the directors on Jan. 13: John T. Morrissey,formerly
Auditor, was promoted to fill the newly created office of
Comptroller, and Alexander W. Chisholm, formerly Credit
Manager, was made an Assistant Cashier. All the bank's
294
THE CHRONICLE
directors were re-elected by the stockholders at their meeting
on the same day.
__•__
Michael F. Dooley, at the annual meeting of the directors
of the National Exchange Bank of Providence, retired as
President of the institution and was elected Chairman of
the Board. He was succeeded as President by Charles H. W.
Mandeville, heretofore a Vice-President. The bank's roster
is noww as follows: Michael F. Dooley, Chairman of the
Board; Charles H. W. Mandeville, President; Frederick S.
Peck and Augustus R. Peirce, Vice-Presidents; Jonathan F.
Kilbourn, Cashier, and George G. Wood, Francis E. Bates
and Bernard C. Mullen, Assistant Cashiers.
[Vol,. 120.
election of two additional directors, Floyd H. Crane and
Reuben E. Kipp, son-in-law and executor of the late Gilbert
D. Bogart, who from incorporation to the time of his death,
was a director and vice-president of the Peoples Bank and
Trust Company.
At a meeting this week of the board of directors of the
Greenville Banking & Trust Co. of Jersey City, N. J., C.
Edward &hall, Secretary-Treasurer, was elected VicePresident; H. D. V. Shaw, Assistant Treasurer, was elected
Secretary-Treasurer; Walter S. Stiller, Assistant Secretary,
was elected Assistant Treasurer of the institution.
The Merchants National Bank of Jersey City, N. J.,
Daniel A. Harrington was elected a director of the City announces that at a regular meeting of its directors on
Bank & Trust Co. of Hartford at the stockholders' annual Jan. 13 the following changes were made in the official staff
Walter E. Keller, formerly Cashier, was made Vice-President.
meeting on Jan. 12.
Walter B. French, formerly Assistant Cashier, was made Cashier.
An initial dividend of 40% was paid this week to the depositors of the First National Bank of Putnam, Conn., which
failed in August last following disclosures of the defalcations of its Cashier, G. Harold Gilpatric. The depositors'
claims amount to $1,500,000, it is understood, and the present
distribution involves approximately $600,000. The failure of
this bank was reported in the "Chronicle" of Aug. 16, page
782, and its affairs referred to in several subsequent issues.
According to the Buffalo "C- ourier" of Jan. 3, the Buffalo
Trust Co. on the previous day opened a new branch office at
Tacoma and Delaware avenues, a rapidly growing section
of Buffalo. Francis A. Smith of North Tonawanda (N. Y.)
is Manager of the new office.
On Jan. 7 the stockholders of the Salamanca Trust Co.
of Salamanca, N. Y., voted to increase the capital from
$100,000 to $200,000; a semi-annual dividend of 8% has been
voted on the present capital stock of $100,000 instead of a
7% semi-annual dividend the amount previously paid on the
stock. With regard to the new capital we learn that a stock
dividend of 100% has been declared.
The approval of the Comptroller of the Currency has been
received for the organization of a new bank to be located at
the corner of Bergen Street and Lyons Avenue, in the Weequahic section of Newark, N. J., the name of which is to be
"The South Side National Bank & Trust Co. of Newark."
The bank will commence business with a capital of $200,000
and a paid-in surplus of $50,000. During the past few years
this has been one of the fastest-growing sections of Newark,
a large number of new business places having been opened
as the result of extensive residential development, and for
some time past, it is stated, there has been an agitation on
the part of business men and residents of the locality for the
establishment of a banking institution, the nearest banking
facilities being considerably remote. The application to
organize the new bank was made by Meyer Kussy and Ray
E. Mayham, respectively President and Vice-President of
the West Side Trust Co. of Newark; Dr. Willian R. Ward,
one of the officials of the Mutual Benefit Life Insurance Co.
of Newaik; Walter T. Jennings, a real estate dealer in the
vicinity, and Adolph Kleinwaks, a member of the firm of
Kleinwaks Brothers, clothing manufacturers of Newark.
The new bank will be affiliated with the West Side Trust
Co. and the personnel of its officers and directors will be made
up of both officers and directors of the West Side Trust Co.
and business men and residents of the locality where the bank
is to be established.
William H. Dillistin, who c-omes to the Peoples Bank and
Trust Company of Passaic, N. J., as Director and VicePresident, is Assistant Federal Reserve Agent of the Federal
Reserve Bank of New York. He is also the Manager of
the Bank Examinations Department; in addition to being a
National Bank Examiner under the Comptroller of the
Currency. Mr. Dillistin was born and brought up in
Passaic County; his home is in Paterson. He began his
banking career in the Silk City Safe Deposit and Trust
Company of Paterson in 1903. In 1913 he was appointed
State Bank Examiner by the then Commissioner George
N. LaMonte, and served in that capacity until 1918 when
he entered the employ of the Federal Reserve Bank of New
Tork as Federal Reserve Examiner. He has served as
President of the Sinking Fund Commission of the City of
Paterson, and is at present a member and Treasurer of the
Passaic County Mosquito Extermination Commission.
The People's Bank & Trust Company also announces th3
The death was announced in Philadelphia on Jan. 11, after
a brief illness, of John P. Skelly, President of the Continental-Equitable Title & Trust Co. of that city and a leader
in Philadelphia financial circles. Mr. Skelly, who was 57
years of age, began his banking career at the age of 16 in
the Columbian Bank of Philadelphia, but after a few years
left that institution and engaged in the printing business.
In 1898, upon the organization of the Continental Title &
Trust Co., Mr. Skelly was elected Assistant Secretary and
Treasurer of the new bank. When in 1912 the Equitable
Trust Co. was consolidated with the Continental Title &
Trust Co. to form the present institution, Mr. Skelly was
made Secretary and Treasurer of the enlarged bank and
finally, upon the death of T. M. Daly, the President, in
October 1917, was elected President, the position he held at
the time of his death.
William H. Kinsley, Vice-P- resident of the Penn Mutual
Life Insurance Co., and George M. Shriver, senior VicePresident of the Baltimore & Ohio Railroad, were elected
new members of the board of the Fourth Street National
Bank of Philadelphia on Jan.13.
The following changes were made in the official staff of
the Century Trust Co. of Baltimore at the directors 'annual
meeting on Jan. 12: Henry B. Thomas Jr., formerly Manager
of the bank's Investment Department, and John J. Ghinger,
the bank's Treasurer, were elected Vice-Presiddents. The
latter will serve in the dual capacity of Vice-President and
Treasurer. At the stockholders' meeting held previously,
Mr. Thomas was elected a director, and Louis H. Windholz,
Manager of the Fleischman Co. of Baltimore, was also added
to the board.
Atthe annual meeting of the directors of the Merchants'
the
Bank & Trust Co., of Washington, D. C., held recently, Edwin W. Popkins, Treasurer of the bank, was also elected a
Vice-President, and Frank E. Ghiselli, heretofore Assistant
Treasurer, was promoted to be a Vice-President. The following officers were re-elected: Peter A. Drury, President;
Rolfe E. Bolling, First Vice-President; L. E. Schreiner, J. L.
Sherwood, Frank P. Harman Jr., Vice-Presidents; William
Henry White, Secretary; W. G. Baden, Henry F. Wattle,
E. J. Emerich, Ernest Gerstenberg and J. F. Cain Jr., Assistant Treasurers; B. Ashby Leavoll, Assistant Trust Officer;
J. D. Beveridge, Manager Foreign Department; A. J. Barrett, Manager New Business Department, and Wade H. Ellis,
Counsel.
On Jan. 5 the directors of the West End Savings Bank &
Trust Co., Pittsburgh, held their annual meeting, at which
the following changes took place in the personnel of the institution: H.S.Hershberger, heretofore a Vice-President and
the Treasurer, was elected President to succeed H. S.
Hemiup, who resigned on account of poor health; Albert
Graham was elected Vice-President; G. T. Osborne (formerly
Secretary) was appointed Treasurer, and W. D. Flanigan
was made Secretary. The bank plans to erect a new bank
building during the ensuing year at South Main and Wabash
streets, directly opposite its present home.
Richard K. Mellon has been elected a director of the
Mellon National Bank of Pittsburgh.
___•___
The stockholders of the Union Trust Co. of Detroit at
their annual meeting on Dec. 31 elected Joel H. Prescott,
a Vice-President of the institution, a director. On the same
date the following changes were made in the personnel of
JAN. 17 1925.]
THE CHRONICLE
the Union Trust Co. and the Union Title & Guaranty Co.,
its affiliated institution whose entire capital stock is owned
by the Union Trust Co.: John N. Stalker, a Vice-President
and heretofore Secretary of the Union Trust Co., was elected
President of the Union Title & Guaranty Co., succeeding
Frank W.Blair, heretofore President of both the institutions,
but who hereafter will devote all his time to the Union Trust
Co. Mr. Stalker retains his position as a Vice-President
of the Union Trust Co. and also continues as a director of
the same. Merrill C. Adams, formerly an Assistant VicePresident of the Union Trust Co., was elected a Vice-President and also Secretary, succeeding Mr. Stalker in the latter
capacity; Charles H. Adams and Charles N. Crossman,
formerly Assistant Vice-President and Trust Officer, respectively, of the Union Trust Co., were promoted to VicePresidents; Harry Slater, heretofore Assistant Vice-President,
was appointed Assistant to President Blair;John A. Reynolds,
Alvin W. Bond and Eugene A. Miller, formerly Assistant
Secretaries, and Clinton F. Berry, Advertising Manager of
the Union Trust Co., were promoted to Assistant VicePresidents (Mr. Berry continuing in charge of the advertising department, in addition to his new duties); J. Monroe
Roney, Lawrence J. Toomey and Morse D. Campbell,
former Assistant Trust Officers, were made Trust Officers;
Joseph J. Cavanaugh and Thomas Teare were elected
Assistant Trust Officers; Louis H. Charbonneau, Ned W.
Andrus and Wilfred Woodruff were made Assistant Secretaries; Edward H. Hermans was elected Director of Public
Relations, and James H. Burtenshaw, Manager of the credit
department of the trust company. The directors of the
Union Title & Guaranty Co. voted to increase the company's
capital stock from $500,000 to $1,000,000. The new stock
will be purchased by the Union Trust Co.
That banking history in Chicago is still in the making
is evidenced byt he new developments, both in personnel
and physical properties, in the First National Bank and the
First Trust & Savings Bank as the year opens. At the
annual meeting, Frank 0. Wetmore was elected Chairman
of the Boards and Melvin A. Traylor President of the
banks, Mr. Wetmore having been President of the First
Nationl Bank and Mr. Traylor President of the First
Trust & Savings Bank. Other promotions in the First
National Bank were: Harry Salinger was made VicePresident in charge of the Foreign Banking Department,
which succeeds the Foreign Exchange Department of which
he was Manager; Frank M. Gordon, Vice-President of the
Fru t Trust in charge of the Bond Department, was elected
to the same position in the National Bank,retaining his title
in the Savings bank. In the Bond Department of the
latter, Irving L. Porter was promoted from Asst. VicePresident to Vice-President, and John II. Grier and James
P. Feeley were made Assistant Cashiers; in the Banking
Department, W. Potter Hoist was appointed Asst. Cashier,
and in the Real Estate Loan Department C. B. Jennett
and George Hill were made Asst. Managers. C. Edward
Dahlin was appointed Asst. Attorney of both banks and
William Rosbe Asst. Manager of the Discount and Collateral
Department of the First-National Bank.
The careers of the men who now jointly head these two
banks presents a marked cotrast.
Frank 0. Wetmore was
born at Kalamazoo, Mich., Nov. 12 1867. In 1886 he went
to Chicago and since that time has been continuously connected with the First National Bank of Chicago. After
serving as messenger and bookkeeper, he was appointed
general man and mastered the detail of banking by working
in every department. In 1897 he was appointed auditor,
reporting on the bank's loans to the board of directors.
His rise in the bank from that time was rapid. In 1904 he
was elected Asst. Cashier, and the next year Cashier of the
bank. In 1907 he became Vice-President and a year later
the Chief Asst. of Mr. Forgan in the supervision of all the
credits of the bank. Since 1910 Mr. Wetmore has been a
director of both the First National and the First Trust &
Savings Bank, and on Jan. 11 1910 was elected President
of the former. Mr. Wetmore has just been elected a member
of the Federal Advisory Council of the Federal Reserve
Board,.representing the seventh district, and is a member
of the Commercial Club and Industrial Club of Chicago and
other clubs and organizations. He has long been active in
the work of the American Red Cross, is Treasurer of the
local Chapter, and was Chairman of the Chicago committee to handle the Red Cross Japanese relief. During the
War he was Chairman of the finance committee. In recog-
295
nition of these labors, he was elected trustee of the endowment fund of the national organization of the Red Cross.
Mr. Wetmore succeeds Mr. Forgan not only as the head of
the two great banking institutions, but also as a director
of the Equitable Life Assurance Society of the United
States, and of the Chicago Title & Trust Co. Mr. Wetmore's election to the chairmanship of the boards of directors
does not in any sense mean a retirement from active duty,
but the continuation under a common leadership of the
National and First Trust & Savings Banks.
Melvin A. Traylor was born in Kentucky in 1878. At 20'
years of age he located in Hillsboro, Tex. Soon after being
admitted to the bar in 1901 he was elected City Clerk of
Hillsboro and subsequently Assistant County Attorney of
Hill County, Tex., which office he held until 1905. He began
his banking career in that year as Cashier of the Bank of
Malone, Tex. Two years later he was made Cashier of the
Citizens' National Bank of Ballinger, Tex., and a year later
Vice-President of that institution. In August 1909 the.
Citizens' National Bank took over the First National Bank
and Mr. Traylor became President of the consolidated institution, then capitalized at $200,000. In 1911 he went to.
St. Louis to become Vice-President of the National Stock
Yards National Bank of East St. Louis. After three years of
service there he came to Chicago, in September 1914, as
Vice-President, and in January 1916 was elected President,
of the Live Stock Exchange National Bank, now the Stock
Yards National. In October of 1918 Mr. Traylor was elected
President of the First Trust & Savings Bank and Vice-President of the First National Bank of Chicago, and was made a
director of both institutions. He assumed his new duties on
Jan. 1 of the following year and has since been an active
factor in the development of the two banks of which he now
becomes President. Preceding the Second Liberty Loan,.
Mr. Traylor was appointed Director of Sales for the Treasury
certificates of indebtedness for the Seventh Federal Reserve
District. He has taken an active interest in banking organizations and was President of the Illinois Bankers Association
1923-24. For several years he served as Chairman of the
Economic Policy Commission of the American Bankers Association, and in 1924 was elected Second Vice-President of
the Association, which is indicative of election to the Presidency in 1926.
Coincident with these changes in personnel, plans for the.
extension and unification of the First National Bank and theFirst Trust & Savings Bank buildings at Dearborn, Monroeand Clark streets have been completed and demolition, work
immediately north of the present building on Clark Street
has been started. On this site will now be erected an 18
story addition to the existing buildings of both institutions.
The frontage comprises 321 feet on Monroe Street, 191 on
Dearborn and 173 feet 10 inches on Clark. The First National Bank of Chicago and the First Trust & Savings Bank
had at the close of 1924 combined deposits of $373,916,608,
as compared with $87,590,241, the deposits of the First National when its building was completed in 1903. Earnings
of the banks for the year 1924 were $3,961,099, from which
dividends of 22% on the stock of the national bank, amounting to $2,750,000, were paid. The First Trust & Savings
Bank will occupy the entire ground floor with its savings,
bond and real estate loan departments, the trust department occupying more than double its present space on the
mezzanine floor. The First National will occupy all of the
banking floor and additional space upon the floors above.
The vaults, coupon and committee rooms of the National
Safe Deposit Co. will be removed to th3 basement, with a
complete lighting and ventilating system. It is expected
that the entire project will be completed in about two years,
without interruption or inconvenience either to the banks or
their customers or to tenants in the buildings.
Whiting & Co. announced on Jan. 12 the retirement of
Whiting interests as officers and directors of the Hill State
Bank, 3324 Lawrence Avenue, Chicago. At the annual
meeting, Lawrence H. Whiting retired as Chairman, Frank
S. Whiting as Vice-President and Director and Emil E. Rose
as Director. The active management of the bank will stilbe carried on by General George Bell Jr., President and
active head. The new directors who have taken up the
interests are: A. H. Hill, founder of the bank and
formerly the president; Judge Charles S. Cutting, Director
of the Standard Trust & Savings Bank and Austin State Bank;
and H. R. Spellbrink, Cashier. The bank has had a prosperous year and now has more than 18,000 customers
Whiting8: Co. also state:
296
THE CHRONICLE
[VOL. 120.
The sale of the Hill State Bank makes it possible for the Whiting interests previously bond officer, elected Vice-President and manager of the bond
to concentrate more definitely on the business of the Boulevard Bridge department. Marshall J. Fletcher added to the staff as manager of the
Bank of Chicago, Wrigley Building, and Equitable Trust Co. of Chicago. savings department. Other officers re-elected.
The First National Bank of Englewood—J. M.Nichols elected President,
2218 South Michigan Avenue,and the development ofthe new North Central
succeeding J. J. Nichols, who becomes Chairman of the Board. H. G.
District, in which they are interested.
Johnson was elected Cashier.
The Chicago Trust Company of Chicago announces the
Fullerton State Bank—John Krumm and Theodore A. Susen elected
opening of a Municipal Bond Department in charge of A. directors. Paul D.Tomy elected a new Vice-President and F. G. Ratajack
Assistant Cashier.
Rawson Waller.
Greenebaum Sons Bank & Trust Co.—Officers and directors were
re-elected and B. B. McKay,formerly Assistant Cashier, was made Auditor.
The Peoples Trust & Savings Bank of Chicago announces Plans for expansion of the savings department were adopted.
Independence State Bank—Julian Bomash promoted from Assistant
that Harry L. Schmitz, has become associated with them
as Vice-President and Manager of the Real Estate Loan Cashier to Cashier, a title formerly held by Herman Schiff, who remains
as Vice-President. William G. Dahl elected Assistant Cashier. Moses
Department.
Salk and William R. Mahan added to the directorate and Robert Huntner
resigned.
Irving Park National Bank—John J. Walsh resigned as director and
Chicago departed from the usual
The Union Trust Co. of
Vice-President and E. T. Carlson resigned from the Board of Directors.
custom of holding stockholders' meetings by proxy in the John C. Spencer was elected
director, but no action was taken to fill the
bank. It invited the stockholders to luncheon at the vacancy left by Mr. Walsh.
Frederick H. Rawson and
Jackson Park National Bank—Elected John A. Carroll, formerly PresiBlackstone Hotel. Chairman
President Harry A. Wheeler made addresses. The stock- dent, as Chairman of the Board, a new office. G. R. Bennett, previously
Vice-President, elected to succeed Mr. Carroll. Thomas H. Vaughan,
holders voted to increase the capital stock from $2,000,000 formerly Cashier, elected Vice-President, and Oliver B. Cottle made
at par, cashier. Three additional members were elected to the board. They are
to $3,000,000, the additional stock to be offered
Frank I. Bennett.
$100 a share, to stockholders of record April 2 in the rate of Charles E. Fox, Matthew A. Harmon andF. Iglewski and Oscar H. Bast
Jefferson Park National Bank—John
two shares held. The bank's surplus elected Assistant Cashiers.
one new share for each
Kimbell Trust & Savings Bank—Walter A. Aeppli elected Second Viceand mcriTided profits will be $4,000,000. The stockholders
Paul H. Schroeder
of the Washington Park National Bank of Chicago this week President, A. Mueller electedchosen Manager of the Bond Department.
and Alfred
Manager of the Business Department, all
capital stock from $600,000 new positions.
ratified plans to increase the
Lawndale National Bank—Joseph M.Zalusky elected a Trust Officer.
to $800,000.
Lawndale State Bank—A. J. Cermak and Joseph Triner elected
Changes among the Chicago banks occurring at this additional directors, increasing the board to 15 members.
Lincoln State Bank—Oliver C. Hammond and Mose Korn were elected
week's annual meetings have been announced as follows:
directors.
Broadway Trust & Savings Bank—Paul F. Scheppers, Cashier, elected
Madison Square State Bank—Nelson K. Reese elected an additional
to the board of directors.
director and Fred C. Straubling was chosen as Assistant Cashier.
Chicago Lawn State Bank—Irwin M. Baker and Michael Maisel were
National Bank of Woodlawn—Harry R. Spellman and Arthur C. Zimelected directors.
merman were elected as Assistant Cashiers.
Cosmopolitan State Bank—William Frankenstein and Henry Schoelkopf
Northern Trust Co.—Kahn I. Fosdick, formerly manager of the Bond
elected directors.
Department, elected Second Vice-President, and R. K. Pretty appointed
Cragin State Bank—Michael Dyba, H. M.Eli:wood and Albert A. as manager of the service extension department.
isiura elected directors.
Peoples Trust S: Savings Bank—A. M. Speer elected Vice-President
Division Street Bank—Clemons K. Shapiro elected Cashier.
and Harry L. Schmitz chosen Vice-President and manager of the Real Estate
Edgewater Trust & Savings Bank—Dr. T. G. Wallin and Sam Howard and Farm Loan Department. E.P. Waud and Rush 0. Butler elected direcelected directors.
tors. Philip Wrigley resigned. Other directors were re-elected.
Franklin Trust & Savings Bank—Sidney H. Kahn, Arthur W. Straus
Ravenswood National Bank—Three additional directors elected as foland Melvin N. Straus elected directors.
lows: J. C. Aspley, A. L. Schultz and S. R. Thornburg. Other members
Garfield Park State Savings Bank—Frank P. Ross was elected Chairman of the board were re-elected. All officers were re-elected and three addiof the Board and Delbert A. Clithero elected to succeed Mr. Alden as Presi- tional Assistant Cashiers were named as follows: A. M. Daum, C. L.
dent. E. W. Johnson elected Assistant Cashier and trust officer and Sweeney and F. C. Adams.
A. P. VanBrunt made Manager of the savings department. Other officers.
Roseland State Savings Bank—Directorate reduced from 11 to 10 memwere re-elected.
bers, Herman Teninga having died. Other directors and all officers were
Quinn was made second Vice-Presi- re-elected.
Harbor State Bank—Matthew W.
dent, a new office. Other directors and officers were re-elected.
Second North Western Trust & Savings Bank—Created the position of
Hegwisch State Bank—Michael Rak and John Connor elected directors. Chairman of the Board, electing John F. Smuiski, formerly President, to
Howard Avenue Trust & Savings Bank—Oscar B. Depue and Walter serve in the new capacity. Frank E. Lackowski was advanced from
L.Pearson elected directors and E. W.Mumford elected Assistant Cashier. Vice-President to President.
Irving Bark National Bank—John C. Spencer elected a director.
Sixty-third & Halsted State Savings Bank—Henry Schoenhelder elected
Kaufman State Bank—H. Filbertiust elected Vice-President and H. a director to succeed William Schulze.
Wagner and Rella Rand made assistant cashiers. Other officers and
The South West Trust & Savings Bank—Thomas J. Healy, President.
directors re-elected.
was given the additional title of Cashier, the incumbent of that position,
Bank—C. G. McCabe elected Assistant Secretary.
Lake View State
A. H. Wolski, resigning. Rudolph A. Mourek Was elected Assistant Cashier
Liberty Trust & Savings Bank—Irving N. Klein elected a director.
and Assistant Secretary.
Marquette Park State Bank—Officers and directors re-elected.
The State Bank of West Pullman—Postponed until Jan. 27.
Millard State Bank—L. Marek elected Assistant Cashier.
Union Trust Co.—George Pick added to the directors. Four new
Bank—Daniel V. Harkin,President, was appointments were made in the official staff as follows: H. Lindsay
North Center Trust & Savings
elected Chairman of the Board,a new position, and Charles E. Schick was Wheeler and R. Kingsley O'Hara were elected Assistant Vice-Presidents;
elected president and a director.
John J. Anton was chosen Cashier and Chester E. Herrod was elected
Prudential State Savings Bank—Kaspar G. Schmidt and George Pauli Assistant Cashier.
elected directors.
West Side Trust & Savings Bank—W. H. Rognery elected a director.
Reliance State Bank—B.J. Schwind added to the board of directors and
Albany Park National Bank.—C. W. Zepp and Theodore David were
John 'I'. Pain and Stephen S. Griffin elected Assistant Cashiers.
elected directors.
Amalgamated Trust & savings Bank—E. C. Nagel elected Cashier
Superior State Bakn—David Dobkin and Benjamin Zagorin added to
the Board of directors.
A. D. Marimpietri, S. Jesmer, L. Schaffer elected Vice-Presidents.
Bank—George W.Kemp elected a director.
Woodlawn Trust & Savings
Auburn Park Trust & Savings Bank—Charles W. Vail and William J.
Alliance National Bank—Frank J. Burns and Edward Oplatka were Long elected directors; L. C. Mattson, Cashier.
elected directors.
Austin State Bank—Dr. Anthony Rud elected a director.
1 Ashland-Sixty-third State Bank—O. C. Harker made Vico-President,
Calumet National Bank—Thomas J. Peden elected Vice
-President.
Lagoni was elected a director.
succeeding Herman Damn. M.
Crawford State Savings Bank—Arthur E. M. Ranks elected Chairman
Atlas Exchange National Bank—L. C. Reid, Peter Malakates and B. M. and P. S. Keating a director.
Blankenheim were elected directors.
First National Bank of Berwyn—M. J. Hubeny elected a director.
First National of Oak Park—M. L. Bart, A. L. Whitmer, G. Frank
Capital State Savings Bank—O. A. Christensen promoted from Viceelected Vice-President; Harry E. Croissant, Louis Sorenson, M. B. Franey and George Rowe elected direc•
President to President. A. S. Lindblad
Kolber, Assistant Vice-President; Earl M. Anderson, Cashier, and Philip tors; Harold R. Pillinger elected director and Vice-President; Roy R.
J. Schmidt, Assistant Cashier. Ralph L. Peck, who has been a director Hemingway elected director. Vice-President and Cashier; J. Howard Rowe.
Assistant Cashier.
of the bank, was also elected a Vice-President.
Harris Trust & Savings Bank—John P. Wilson elected director; Richard
Chicago Morris Plan Bank—J. Allen Haines resigned from the board.
were re-elected.
The directors and officers
E. Pritchard and Donald P. Welles. Assistant Cashiers; Albert F. Mich°,
Chicago City Bank—Frank W. Howes resigned as VicoPeident and Manager Credit Department.
Inter-State National Bank—W. E. Schmidt elected a director; F. X.
director. C. S. Clausen, a director, was elected Viee-President and Dr.
Rydzewski elected Chairman of the Board.
J. C. Hepburn was elected a director.
Durbin added to the board of directors.
Noel State Bank—Joseph Malleck and Edward 0. Schoen elected direcChicago Trust Co.—Fletcher M.
No other changes in officers or directors.
tors.
Papanek-Kovac State Bank—Rudolph Liska elected a director.
Commercial National Bank—William G. McIntosh was
A. Ailshton
Security Bank of Chicago—A. E. Suter and Norman B. Collins elected
promoted to Vice-President; W. J. White. W. J. Delaney,
Cashiers; Theodore F. Merseles directors; August G. Lauterback, Assistant Cashier.
and D.C.Clark were promoted to Assistant
was elected a director. No other changes were made.
South Shore State Bank—James A. Carroll elected Chairman; A. J.
Continental & Commercial Trust & Savings—All officers and directors Barnsback, Walter Drennan and Floyd M. Phillips, directors; Charles
re-elected.
Ringer. President; William J. Pringle, Vice-President.
Southwest State Bank—J. E. Dubsky elected a director.
Depositors State Bank—R. D. Mathias promoted from Assistant Cashier
to Vice-President. Klemens Zarendski and Victor Nowicki elected Assistant Cashiers.
At the annual meeting of the directors of the Chicago
Drovers National Bank—L. B. Patterson was elected director.
Foreman National Bank—Edwin G. Foreman, formerly an Assistant Title & Trust Co. of Chicago on Jan. 14 the retirement of
Cashier, was elected Vice-Prseident. Max J. Thies, Elmer C. Maywald Charles Lincoln Bartlett as
General Counsel was announced.
and Charles L. Boye, previously Assistant Cashiers, were elected Second
Vice-Presidents. H. T. Spiesberger and G. A. Flutter were added to the The action was taken at the request of Mr. Bartlett, who
staff, the former as Second Vice-President and the last mentioned as desired to be relieved of the burden he has carried for nearly
Assistant Cashier. All other officers re-elected.
years. He retains his position as Vice-President and
WForeman Trust & Savings Bank—Edwin G. Foreman Jr.. previously 35
Cashier, elected Vice-President and Cashier, and RobertIR. Whiting, director of the company, and will act as advisory counsel.
Continental &
egi
I.
JAN. 17 1925.]
THE CHRONICLE
Sherman C. Spitzer, who has been Assistant General Counsel
of the company for 20 years, succeeds Mr. Bartlett as
Vice-President and General Counsel. Harrison B. Riley,
President of the Chicago Title & Trust Co., left Jan. 15 for a
two months' vacation in California.
___•___
The annual statement of the Chicago Title & Trust Co.
for the twelve onths ended Dec. 31 1924 shows total assets
at the close of business on that date of $24,236,451, of
which the, principal items (aside from 'cash on hand and in
banks of $540,613) are: Loans on real estate security,
$6,854,056; collateral loans, $5,873,000; stocks, bonds, etc.,
$3,261,802; guarantee indemnity securities, $3,089,557;
title and trust building and annex, $2,319,144 and abstract
plant, $1,500,000. Net profits for the period are given at
$3,365,034, making with undivided profits as of Jan. 1 1924
$3,623,395. Out of this total dividends calling for $1,600,000
were paid and $loomp transferred to surplus (making
the same $7,000,000), leaving undivided
profits as of Dec.
31 1924, in amount of $1,023,395. The capital of the
• Chicago Title & Trust Co. is $10,000,000. Harrison
B.
Riley is President.
At the annual meeting of the stockholders
of Minneapolis
Trust Company of Minneapolis on Jan.
13 E. J. Grimes,
Treasurer, was elected Vice-President and Treasurer. Mr.
Grimes entered the employ of Minneapoli
s Trust Company
in Jan. 1908 as farm loan inspector;
in 1910 he was made
Manager of the Farm Loan Department
and in Jan. 1916
was elected Farm Loan Officer; in Jan. 1920
he was elected
Treasurer in addition. At the same meeting D. C. Hair
was elected Farm Loan Officer,
succeeding Mr. Grimes.
The Company's iiurplus has been increased
from $700,000
to $900,000.
297
having been taken up by the stockholders as of Dec. 31, it is
stated.
Referring to the affairs of t- he defunct Chippewa Bank of
St. Louis, Mo., which failed in Dec. 1923 through the defalcations of its Cashier, Joseph S. Carr, at a hearing before
Judge Frey in the Circuit Court of St. Louis on Dec. 31, it
was indicated that the depositors would 'receive a' least
85% of their claims and probably would eventually be paid
in full, according to the St. Louts "Globe-Democrat" of
Jan. 1. The hear ng before Judge Frey resulted in the
Court allowing $25,000 attorney's fee to Thomas E. Francis,
counsel for State Finance Commissioner Millspaugh. A 70%
dividend was paid the depositors last September, and Mr.
Francis stated at the meeting that the bank has cash enough
on hand to pay an additional 15% within a short time. In
Jan. 1924 the failed Chippewa Bank was re-organized and
is now doing business under the title of the Chippewa Trust
Co. We last referred to the affairs in the "Chronicle"
of Sept. 13 1924, page 1253.
L. B. Giraud, for the past 20 years Cashier of the CanalCommercial Trust & Savings Bank of New Orleans, was
promoted to a Vice-President of the institution on Jan. 7,
and W. W. Sutcliffe, who had been Assistant Cashier for 15
years, was appointed Cashier to succeed Mr. Giraud.
The Hibernia Bank and Trust Company of New Orleans
in its annual statement of Dec. 31 1924 shows deposits of
$57,783,'18 which is the largest total this bank ever has had
in its fifty-four years of existence. Since the close of the
war in 1918 this bank has grown in deposits from $29,504,381
to its present figure of $57,783,818, a gain of nearly 100%.
This growth of the Hibernia Bank, however, is but indicative
The Lincoln State National Bank of Lincoln, Neb., has of the tremendous development that New Orleans has enorganized a Trust Department with W. A. Selleck, its joyed during the last six years as reflected in the total
President, as Trust Officer, Geo. W. Woods, its Cashier, resources of the eight banks of this city—growing from $266,000,000 in 1918 to 300,000,000 in 1924.
as Treasurer, and directors J. L. Teeters, W.
E. Barkley,
Chas. Olson, W. L. Anderson and Don L. Love as Executive
Frank C. Mortimer has be-en elected a Vice-President of
Committee. The bank is prepared to render service to its the Citizens' National Bank of Los Angeles. This bank,
patrons in all forms of banking,checking and saving accounts, with its affiliate, the Citizens' Trust & Savings Bank, have
loans, foreign and domestic exchange, trusteeships, handling combined resources of over $100,000,000. Mr. Mortimer is
of estates, and investments.
to assume his duties immediately. He is widely known on
Isadore G. Lucchesi, the former Assistant Vice-President the Pacific Coast, where he was engaged in banking prior to
joining the National City Bank of New York several years
of the United State Bank of Des Moines, whose
arrest in
Memphis on Dec. 5 for alleged embezzlement of the bank's ago to handle new business and loans in the Pacific Coast disfunds was reported in the "Chronicle" of Dec. 13, page 2724, trict. For a year he acted as Pacific Coast representative
was on Dec. 30 sentenced by Judge Bonner in Des Moines and then was transferred to New York to administer, the
business of the bank in the seven Pacific States. Later on,
to an indeterminate term of not to exceed
five years in the
in addition to his bank duties, he was elected President of the
Iowa State Reformatory at Anamasa,
following the prisonNumber Eight Realty Co., a subsidiary of the National City
er's plea of "guilty." According to the
Des Moines "Record"
of Dec. 31, Lucchesi confessed he had
Bank. These positions he recently resigned to return to
misappropriated $40,California. His banking experience in California has been
000 of the bank's funds and admitted
at the same time that
he had taken money which several
of his countrymen had in- with the Bank of California, N. A., San Francisco, and as
Cashier and Manager of the First National Bank of Berkeley,
trusted to him for transmission to their
relatives in Italy.
which position he held jointly with that of Treasurer of the
Two important changes were made in
the personnel of the Westinghouse Pacific Coast Brake Co. He is a former
Bank of Topeka, Topeka, and its
affiliated Institution, the member of the Board of Regents of the American Institute
Prudential Trust Co., of that city, at the annual meeting
of of Banking and recently served as National Trustee of the
the directors of the institutions on
Jan. 6. S. E. Cobb, for Sons of the American Revolution. He has appeared on the
the past seven years President of
both banks, was elected platform at bankers' conventions and among his contribuChairman of the Board to succeed F. C. Kati's,
resigned. and tions to banking literature are "The Investment of Trust
Carl W. McKeen, heretofore a Vice
-President of the Bank of Funds," "School Savings Systems," and "Paragraphs on
Topeka, was made President in lieu of Mr.
Cobb. Mr. Kaths Thrift."
relinquished the chairmanship of the banks in
order that he
An increase of more than $40,000,000 in its investments in
might devote his entire time to the Larabee
Flour Mills Cor- United States
bonds and other securities, with an aggregate
poration, of which he is President. He,
however, retains his of $96,000,00
0 is reported by the Bank of Italy of San Franstock in the Bank of Topeka and the
Prudential Trust Co. cisco in its statement
of condition at the close of 1924. Total
and remains a director. Mr. Cobb, the new
Chairman of the resources in
excess of $358,000,000 represent a gain of $57,- •
Board, is well known in financial circles
not only in Topeka 000,000,
while deposits have shown a parallel growth, inbut throughout the State of Kansas. The
new President, Mr. creasing to
$329,000,000 this year. More than $32,000,000
McKeen, was born in Russell, Kan., and was
graduated from of this gain resulted during
the last six months. No addithe Kansas State Agricultural College in 1902.
The same tional institution have
been acquired by -the Bank of Italy
s
year he began his banking career in the State
Bank of Rus- during the
last half of the year and its current increase resell. Thirteen years later he entered the service of
the Mer- flects its normal growth. In commenting upon
the year's
chants National Bank of Lawrence, Kan., and in
1923 went business, James
A. Bacigalupi said that 1924 was one of
to Topeka as Vice-President of the Bank of Topeka.
The general satisfaction. Analysis of the bank's published
figofficers of the two banks are now as follows:
ures show that it has approximately $150,000,000 in cash
Bank of Topeka—Carl W. McKeen, President; S. E. Cobb,
Chairman of
Board; Joab Mulvane and W. H. Davis, Vice-Presidents;
the
Harry D. Wolf, and bonds, an amount that is nearly double the figures of
Cashier; Arthur Wolf, Assistant Cashier.
1923.
Prudential Trust Co.—Carl
W. McKeen, President; S. E. Cobb, Chairman
of the Board; W. W. Bowman and David W. Mulvane, Vice-Presidents;
John
E. Kirk, Secretary; I. E. Henry, Assistant Treasurer.
C. B. Van Slyke, Cashier of the Miners & Merchants
The capital of the Bank of Topeka has been increased Bank of Chelan, Wash., committed suicide early on the
from $310,000 to $400,000, the additional stock, it is said, morning of Jan. 10 by driving his automobile off the ChM
Gorge Bridge and plunging 200 feet to his death, according
298
[VoL
THE CHRONICLE
'to newspaper advices from Olympia, Wash., on that date.
It was stated that the day before the Cashier took his life
the bank had been closed by a State bank examiner and that
J. C. Minshull, the State Supervisor of Banking, said there
was an apparent defalcation of $45,000 in the bank's accounts
and that Van Slyke had confessed he had used the money.
'The Cashier left a note addressed to his wife in which he
announced his intention of taking his life.
The New York office of Barclays Bank Limited, of London,
received this week by cablegram the annual statement of
the bank giving figures as of the close of business of Dec.
-31 1924, showing further growth during the past six months.
The statement figuring sterling converted at $5 shows total
assets of $1,680,887,499, compared with $1,643,964,118
as of June 30 last; current, deposit and other accounts
$1,505,134,125, compared with $1,478,490,528; cash in
hand and with the Bank of England $229,987,930, compared
with $218,302,682 six months ago; investments of $314,031,249, compared with $317,499,776; bills discounted $166,243,231, compared with $143,841,445 six months ago; advances
to customers and other accounts, $700,394,882, compared
with $711,692,455; money at call $101,735,475, compared
with $99,432,270;acceptances and endorsements $56,541,513,
compared with $46,261,730. The bank's reserve fund stood
unchanged at $41,250,000.
The sixtieth annual report of the Union Bank of Canada
(head office Winnipeg) for the fiscal year ending Nov. 29
1924 was presented to the shareholders of the institution
at their annual meeting on Jan. 13. The statement shows
net profits for the period, after deducting expenses of management, interest due depositors, reserve for interest and
exchange and making full provision for all bad and doubtful
debts, of $911,942. This amount, together with a balance
to credit of profit and loss of $317,075, brought forward
from the preceding year, made $1,229,017 available for distribution. After appropriating from this sum $640,000 to
pay the usual quarterly dividends, $25,000 written off bank
premises, $10,000 contributed to officers' pension fund,
$134,582 to take care of Dominion Government taxes on
bank note circulation and $100,000 reserved for contingencies, a balance of $319,435 remained to be carried forward
to the next.year's profit and loss account. Total resources
of the institution are given at $120,575,116, of which $57,628,101 are readily available assets, or 52.22% of the bank's
liabilities to the public. Total deposits are shown as $92,275;016, of which $66,987,204 are interest-bearing deposits.
The bank is capitalized at $8,000,000 with a rest account of
$1,750,000. W. R. Allan is President and J. W. Hamilton
General Manager.
120.
points to 235, reacted to 2223' and closed to-day at 227.
Solar Refining gained eight points to 218, fell back to 212
and finished to-day at 214. South Penn Oil, from 157
reached 170, but to-day it reacted to 166 and closed at 1683,.
Standard Oil (Indiana) advanced from 63% to 653', sold
back to 63% and finished to-day at 64%. Standard Oil
(Ohio), from 348, advanced to 360, reacted to 353 and sold
finally at 354. The miscellaneous list was without special
feature. Amer. Gas & Elec. corn, fell from 793/i to 72%,
recovering finally to 74%. Commonwealth Powet corn. was
off from 1243/i to 116 and sold finally at 118, ex-dividend.
Elec. Bond & Share Holding Co. was active and declined
4
from 75% to 693,1, jumped up to 763 and closed to-day
at 7434. Lehigh Power Securities sold down from 116 to
111. Continental Baking A stock lost almost four points
%
to 1103/2. Dubilier Condenser & Radio rose from 635 to
68 and closed to-day ay 6734. Durant Motors advanced
from 173. to 20% and reacted to 1834. Murray Body rose
from 4334 to 453j and ends the week at 44%.
A complete record of Curb Market transactions for the
week will be found on page 321.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Valli.).
STOCKS(No. Shares).
Wee* Ending Jan. 16.
Ind.&Mis.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
95,360
199,850
189,290
199,120
186,895
169,165
1,039,680
Mining.
Oil.
Domestic. For'n 00a1.
99,410 $1,003,000
186,120 1,176,000
172,680 1,329,000
142,260 1,248,000
216,560
823,000
262,810
650,000
$7,000
196,000
167,000
78,000
86,000
111.000
993,350 1,079,840 $6,229,000
$645,000
191,230
189,300
182,470
189,820
136,800
103,730
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole continue to
show increase over a year ago, and the gain is of a very
substantial proportion. Many cities besides New York
City again contribute to the improvement, but this city is
still responsible for the greater part, the exchanges at this
centre showing an increase for the five days of 30.8% over
1924. 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. 17)
aggregate bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
register an increase of 22.2% over the corresponding week
last year. The total stands at $10,502,094,423, against
,593,480,650 for the same week in 1924. Our comparative
summary for the week is as follows:
Clearings-Returns Si, Telegraph.
Week Ending January 17.
New York
1925.
1924.
Per
Cent.
$5,231,000.000
$3,999,000,000
+30.8
629,171,721
842.661,577 +16.9
Chicago
on
-Several important changes were made- -Jan: 9 by the Philadelphia
473,000,000
404,000,000 +17.1
436,000,000
400,000,000
+9.0
of directors of the Canadian Bank of Commerce Boston
board
*114,000,000
108,052,023
+5.5
Kansas City
139,700,000
*135,000,000
+3.5
(head office Toronto). R. A. Rumsey, heretofore General St. Louis
158,600,000
146,100,000
+8.5
Ban Francisco
Supervisor at the head cf ice; C. W. Rowley, formerly Los Angeles
140,002,000
134,557,000
+4.0
142,701,342
129,101,955 +10.5
Manitoba and Saskatchewan branches, Pittsburgh
Superintendent of
100,781,555
87,916,414 +14.6
Cleveland
120,811,168
115,668,859
+9.6
with hezdquarters at Winnipeg, and F. M. Gibson, pre- Detiolt
83,949,345
81,696,867
+2.8
Baltimore
75,463,494
68,659,307
viously Manager at Havana; Cuba, were promoted to New Orleans
+9.9
apAssistant General Managers of the institution. Other
$7,851,180,625 $6,352,414.002 +23.6
13 cities, 5 days
1,150,614,595
1,013,426,565 +13.5
pointments which were ratified at the same meeting of the Other cities, 5 days
$9,001,795,220 $7,365,840,557 +22.2
Total all cities, 5 days
directors included the promotion of M. D. Hamilton to
1,500,299,203
1,227,640,093 +22.2
day
Superintendent of Pacific Coast branches to succeed H. H. All cities, 1
nn n
SR ACM Aan mn
510 502 094 425
•rmni atl rills,* fnr sonpk
retires on a pension; J. A. C. Kemp, formerly
Morris, who
Manager of the Toronto •Estimated.
'Chief Inspector, who becomes
Complete and exact details for the week covered by the
branch of the bank; G. G. Laird, who becomes Chief In-spector in lieu of Mr. Kemp, and A. E. Taylor, heretofore foregoing will appear in our issue of next week. We cannot
Assistant General Supervisor, who was made Manager of furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
the Hamilton branch of the bank.
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
THE CURB MARKET.
In the elaborate detailed statement, however; which we
this week on the Curb Market,
With the opening session
further below, we are able to give final and complete
trading was characterized by strength and activity in present
the rest of the market was irregular. results for the previous week-the week ended Jan. 10. For
individual stocks, while
there is an increase of 32.2%, the 1925 aggregate
As the week progressed irregularity was the chief character- that week
being $10,959,184,221,and the 1924 aggregate
istic, the close showing trading less active and prices inclined of the clearings
,287,453,065. Outside of New York City, however, the
the most prominent. Buckeye
to weaken. Oil stocks were
only 16.2%, the bank exchanges at this centre
4
4
Pipe Line advanced from 643 to 683 and reacted finally increase is
gain of 46.3%. We group the cities now
Continental Oil new stock was active and rose having recorded a
to 673..
273/2, and closed to-day at according to the Federal Reserve districts in which they are
from 273' to 28%, sold back to
from this it appears that in the Boston Reserve
28. Cumberland Pipe Line gained four points to 144, located,and
Eureka Pipe Line was also up four District there is an expansion of 15.1%, in the New York
and sold finally at 141.
and in the
points to 96. Illinois Pipe Line moved up from 141% to Reserve District (including this city) of 45.4%,
Cleveland
and down to 141. N.Y. Transit, after an early advance Philadelphia Reserve District of 29.2%. In the
150
Oil & Gas gained ten Reserve District the totals are larger by 12,6%, in the
from 70 to 76, dropped to 73. Prairie
A
J
JAN. 17 1925.]
THE CHRONICLE
1922.
Grand total
127 cities 10959184 221 8,287,453,066 +32.2 7,943,790,001 7,152,890,717
Outside New York City
4,490,959,158 3,865,523,440 +16.2 ,644,397,333 3,006,311,125
Canada
29 MUNI 400 114 F02 lAn 025002 4.1K 1 llama ./, nuns RAO
,
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 10.
Clearings ar-1925.
1924.
Inc. or
Dec.
$
First Federal Reserve Dist rict-Bosto nMaine-Bangor__
872,546
797.412
+9.4
Portland
3,611,486
*3,300,000
+9.4
Mass.
-Boston
502,000,000 433,000,000 +15.9
Fall River_ _ _ _
2,367,158
2,526,697 -6.3
Holyoke
a
a
a
Lowell
1,312,063
1,253,223
+4.7
Lynn
a
a
a
New Bedford_ _
1.614,684
1,602,498 +0.8
Springfield _
6,644.154
5,326.178 +24.7
Worcester
4,825,000
3,998,000 +20.7
Conn.
-Hartford,
16,446,325
16,984,576 -3.2
New Haven_ _ _
7,859,066
7,580,583 +3.7
R.I.-Providence
15,526,400
12,999,200 +19.4
Total(11 cities)
563,078,882
489.368,345 +15.1
Second Feder al Reserve D strict
-New
N. Y.
-Albany,
...
7,187,045
5,398,055
Binghamton_ _ 1,570,500
1,436,800
Buffalo
d62,735,357
49,726,220
Elmira
900,885
874,080
Jamestown_ _
c1,508,767
1,433,327
New York_
6,468.215,063 4.421.929.625
Rochester
14,542,355
11,370,210
Syracuse
6,818,771
5,494,561
Conn.
-Stamford
c3,299,141
3,137,872
N. J.
-Montclair
573,448
630,316
Northern N. J_
42,835,399
44,404,515
Total(11 cities) 6,610.216,731 4.545,835,581
1923.
1922.
742,319
3,295,239
375,000,000
2,995,646
a
1,315,069
a
1,651,927
5,287.709
3,958,323
11,658,149
6,953,697
*12,000,000
712,598
3,047,475
305,000,000
2,004,810
a
1,309.17.5
a
1,670,779
4.098,950
3,650,276
9,861,745
*5,800,000
424,856,078
337,155,808
York+33.1
5,232,780
4,497,781
+9.3
1.125,000
1,293,900
+26.2
41,103,417
47,406,360
+3.1
658,162
+5.3
1.092,454
1,221,127
+46.3 4,299,392,668 4,146,579,592
+27.9
8,994,956
10,920,044
+24.6
4,424.366
4,782,992
+5.1
2,272,506
4.581,486
--9.0
414,013
496.013
-3.5
39,535,404
55,256,285
+45.4 4,431,241,817 4,250,039,489
Third Federal Reserve Dist rict-Philad
elphia
Pa.
-Altoona,_ _
1,351,843
1,334,605 +1.3
1,265.818
860,128
Bethlehem
3,812,049
3.541,791
+7.5
3,898,884
2,314,465
Chester
1.430,712
1,706,373 -16.2
1,211,000
Lancaster
3,114,930
2,975,677 +4.6
2,306,353
3,436,231
Philadelphia... 608,000,000 467,000,000 +30.2
471.000,000 404,000,000
Reading
3,970,271
3,788,865 +4.8
3,365,125
2,640,793
Scranton
7,931,250
6,309.604 +25.7
5,968,226
5,175,177
Wilkes-Barre_ _
d4.062,025
3,906.752
+2.7
3,646,451
2,881,000
York
2,198,372
1,848,278 +18.8
1,175,383
1,493,294
N.J.
-Trenton_.
7.714,235
5,623,042 +37.2
4,398,633
3,100,160
Del.-Wilming'n.
a
a
a
a
a
Total(10 cities) 643,583,687
498,084,987 +29.2 499.681,662 424,453,459
Fourth Feder al Reserve D
Ohio-Akron__ _ d10,641,000 Istrict-Clev eland7,988,000 +33.2
5,488,000
6,744,000
Canton
4,609,066
4,832,708 -4.6
4,798,307
3,416.807
Cincinnati _ _ _
76,380,214
63.610,565 +20.1
70,343,526
57,488,991
Cleveland
118,155,984 107,195,893 +10.2 107,931,911
83,856,801
Columbus
15,138,900
14,527,200 +4.2
17.867,700
14,962,900
Dayton
a
a
a
a
a
Lima
a
a
a
a
a
Mansfield
d2.043,156
1,787,380 +14.3
1,215,695
1,298.749
Springfield _
a
a
a
a
a
Toledo
a
a
a
a
a
Youngstown
(16,778,589
7,094,421 -4.5
5,026,324
4,588,412
1'a.
-Erie
a
a
a
a
a
Pittsburgh _ _ 173,620,150
154,731,686 +12.3 146,972.335 *126,800,000
Total(9 cities). 407,367,059 361.767,853
+12.6 359,843.798 299,156,660
Fifth Federal Reserve Dist act-Richm ondW.Va.-Hunt'g'n
2,097,006
2,086,233 +0.5
2,232,629
2,083,886
Va:-Norfolk _ _ d10,380,761
9,635,199 +7.5
9,279,087
7,321,046
Richmond _
57,778,000
55,240,000 +4.6
59,388,000
43,449,195
-Charleston
S.C.
4,781,814
2,749,821 +73.9
3,262,040
3,086,292
Md.-Baltimore. 109,450,631
92,868,640 +17 8
88,431,013
66,278,386
D.C.-Washing'n
27,078,693
24,732,000 +9.5
22,380.335
19,419,440
Total(5 cities). 211,546,905 187,311,893 +12.9
184,973,1b4 141,836,245
Sixth Federal Reserve Dist rict- Atian taTenn. Chatt'ga
d8.818.424
8,598,007 +2.6
7,301,856
5,282,63
Knoxville
3,728,981
3,921,470 -4.9
3,468,029
3,299,026
Nashville
d25,502,000
21,383,000 +19.3
22,998,000
18,933,004
,Oeorgla-AUOIIta
70,508,309
62.924.720 +12.1
58,301,963
43.849,718
Augusta
2,641,206
1,749,125 +51.0
2,263,687
1,784,708
Macon
1,809,654
1,352,734 +33.8
1,431,730
•1,500,000
Savannah
a
a
a
a
a
21,315,658
15,377,997 +38.6
12,588,020
10,160,274
33,106,318
Ala.- Birming'm
30,683,290 +7.8
33.255,432
20,377,902
2,511,372
Mobile
2,182,713 1-15.1
2,106,495
1,646.671
Miss.-Jacirson
1,520,000
1,248,652 +21.7
997,276
866,211
739,073
Vicksburg
533,070 +38 8
473,432
441,051
La.-NewOrleans d77,000,000
64,205,026 +19.9
56,563.239
46.654,878
tdrell00
Total(12 cities) 249.200.095 214.159,804 +16.4 201,749,141 154,796.078
Total(20 cities) 1,012,065,725
855,352,016 +18.3
Eighth Federa 1 Reserve Dis trict-St. Lo
Ind.
-Evansville
8,294,378
5,681,320
Mo.-St. Louis.. 162,800,000 141,434.527
Ky.-Loulsville...
38,762,836
35,436.394
Owensboro._ _ _
841.861
745,697
Tenn.-Memphis d32,104.000
24.996,669
Ark.
-Little Ilk.
14,875,912
12,326,132
Ill.-Jacksonville
496,726
385.478
Quincy
1,671,390
1,398,642
Ws-1-10.8
+15.1
+9.4
+12.9
+28.4
+20.7
+28.9
+19.5
Total(8 cities)_ 257,846,903 222,404,859 +15.9
Ninth Federal Reserve Din ri.t-Minn eapolls
Minn.
-Duluth..
6,682,69C +20.7
d8,064,860
Minneapolis _ _ _
85,836.648
65,580.578 +30.9
St. Paul
33,760,189
30.782,960 +9.7
N. 03.
-Fargo...
2,273,180
1,775,310 +28.0
S.03.
-Aberdeen.
1,513,727
1.285,189 +17.8
Mont.-Billings
724.319
586,688 +23.5
Helena
3,419,047
2.284.322 +49.7
Total(7 cities). 135,591,970 108,977,743 +24.4
Tenth Federal Reserve Ohs trict
-Kens as City
Neb.-Fremont,_
d431,794
409,660 +5.4
Hastings
628,653
500,448 +25.6
Lincoln
5,232,967
3,794,015 +37.9
Omaha
43,745,554
34,426,792 +27.1
Kan.
-Topeka...
4,257,536
4,831,267 -11.9
Wichita
d8,584,000
8,372,000 +2.5
Mo.-Kan. City_ 143,479,943 123,857.687 +15.8
St. Joseph. _ _ _ d10,359,720
8,409,987 +23.1
Okla.
-Muskogee
a
a
a
Oklahoma City d28,201,8I8
28,526,782 -1.1
Tulsa
a
a
Colo.
-Col. Spas.
.1,269,839
1,174,399 -1 8.1
1
Denver
23,126,932
21,233,426 +8.9
Pueblo
e1,299,638
967,177 +34.3
Total(12 cities) 270,618,394 236,503,640 +14.4
Eleventh Fede ral Reserve District-D alias
Texas-Austin,.
2,107,037
1,998,000 +5.5
Dallas
55,902,998
39,415,931 +41.8
Ft. Worth_ _ _
d16,408,353
12,976,242 +26.4
Galveston
13,939,442
11,711,127 +18.9
Houston
a
a
La -Shreveport,
5,619,287
5,305,002
1923.
869,499.298
1922.
285,779
790.253
92.962,000
6,533,687
1,460.416
1,901,545
29,218,403
1.723,106
29.218,403
2,162.767
9,654,423
5,059,420
1.386,709
1,235,348
520,983,489
a
1.086,670
3,874,245
1,785,207
2,215,174
713,537,044
5,430,351
5,208,805
36,690,065
1.110,071
27,072,653
13,1130.696
399,848
1,560,878
25,236.827
926,020
19,013,039
9,000,568
278,229
1,348,893
85,444,562
61,009,981
6,039,097
81,854,814
36,121,847
2,173,749
1,346,163
551,531
3,680,649
4,374,995
64,344,056
28,512.842
1,197,190
1,261.446
702.370
3,290,598
131,767,850
104,404,217
500.438
577,432
4,574,160
45,256.079
4,216,739
10.856,000
146,191,175
506,424
558,171
3,866,229
33,124,908
3,328,362
11,141,095
142.683,955
26,788,845
a
1,236,829
20,801,532
865.852
a
23,695.937
a
1.068,972
18,860.747
824,069
261,864,881
239,658,869
1.841,115
34,518,551
12,499,190
8,047,659
a
7,453,043
1,759,696
28,084,896
12,354,096
10.268,872
a
4,615,647
Total(5 cities).
71,406,302 +31.6
93.977,117
64,359,558
Twelfth Feder al Reserve D strict-San Franci scoWash -Seattle._
39,087,915
40,694,546 -3.9
35,810,763
Spokane
13,014,000
10,634,000 +22.4
11,839.000
Tacoma
a
a
a
a
Yakima
1,702.404
1,331,782 +27.8
1.342,836
Ore -Portland.,
34,599,158
38,000,986 -8.9
34,135,723
Utah-S. L. MY
15,391,116 +16.0
17,860,606
16,894,603
Nev.-Reno
a
a
a
a
Ariz.
-Phoenix
a
a
a
a
Calif.
-Fresno, _
3.868,477
4,563.611 -15.2
5,007,256
Long Beach,,.
8.104,862
9,534,713 -15.0
7.821,182
Los Angeles,,. 154,090,000 161,592.000 -4.7 123.430,000
Oakland
19,767,168
18.109,329 +9.2
18,201,286
Pasadena
6,897,332
6,685,024 +3.2
5,685,801
Sacramento
d10,736,339
9,120,886 +17.7
7,997.378
San Diego... _ _
5,244.950
5,939,913 -11.7
*5,000,000
San Francisco. 178,600,000 164,800,000 +8.4 167,200,000
San Jose
3,483,532
3.065,180 +13.7
2,883,587
Santa Barbara_
1.519,462
1.432,772 +6.1
1,161,947
Santa Monica _
2,078,148
2,322,185 -10.5
Stockton
c3,436,400
3,061,900 +12.2
2,878,900
57,083,207
32,159,288
a
1,407,539
29,373,156
14,702,268
a
a
4,741,034
4,324,279
99,315,000
13,881,226
4,032,262
6,889,119
3,687,733
153,000,000
2,362,071
997.840
2,764,600
Total(17 cities) 504,090,753 496,280,042 +16 428,708.252 369,959,680
Grand total (127
cities)
10959 184,221 8,287,453,065 +32.2 7,943,790,001 7,152,890,717
Outside New York 4.490.969.158 3.865.523.440 +16.2 3,644,397.333 3.006.311.125
Week Ended January 8.
Clearings at
1925.
CanadaMontreal'
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _ _ _
New Westminster
Medicine Hat_ _
.
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
$
172,396,058
125,942.634
62,941,203
18,681,867
9,163,477
10.415,035
4,524,366
5,913.104
9,510,247
3,080.716
2,691,220
3,594,257
7,567,998
8,201.604
730,525
589.836
2,236,485
1,571,212
1,149,394
940,350
748,003
339.926
1,083,749
932,034
1,201,217
2,894,346
434,253
888,035
9.51,441
Inc. or
Dec.
1924,
..W.0
,.....mo...O.M.w..1.4AWWW00,...400GIOW
1923.
%
3
5
+15.1 424,856,078 337,155,808
+45.44,431,241,817 4,250,039,489
+29.2 499,681,662 424,453,459
+12.6 359,643,798 299,156,660
+12.9 181,973,104 141,636.345
+16.4 201,749,141 154,796,078
+18.3 869,499,298 713,537,044
+15.9 85,444,562 61,009,981
+24.4 131,767,860 101,404,217
+14.4 261,864,881 239,658,869
+31.6 64,359,558 57,083,207
+1.6 428,708,252 369,959,660
....T....4
o. -0.....4^on..now-lon.v.0
4 .woo.p.anaDVoo,o'ooVom.
,mm—mowc,h,
W
OINWO.WOIW-0,00,10tWA.W.W=C,Orls,WW0
laVo;4"..4c3Woca".1D*.,g1,
-.1b;41o.
:api...4
.
44a.oPWOOWA WA.W.004 .W.O.WWWW4...
,
,
Federal Reserve Districts.
8
3
(18t) Boston
11 cities 563,078,882 489,368,345
(nd) New York
11 " 6,610,216,731 4,545,835,581
(3rd) Philadelphia_ _ _ _10 "
643,583,687 498,084.887
(4th) Cleveland
8 "
407,367,059 361,767,853
(5th) Richmond
6 "
211,546,905 187,311,893
(6th) Atlanta
12 "
249,200,095 214,159,804
(7th) Chicago
20 " 1,012,065,725 855,352,016
(8th) St. Louis
8 "
257,846,903 222,404,859
(9th) Minneapolis_ _
7 "
135,591,970 108,977,743
(10th) Kansas City
12 "
270,618,394 236,503,640
(11th) Dallas
5 "
93,977,117 71,
406,302
(12512) San Franciseo
17 "
504,090,753 496,280,012
Inc
.or
Dec.
Inc. or
Dec.
$
•
al Reserve D istrict-C h cago301,220
306,671 -1.8
288,524
' 1,305,406
836.558 +56.0
912,561
151,647.570 122,466,633 +23.8 114,016.517
7.821,927
7,189,033
7,211,849
+8.8
2,528,820
2,879,896 -12.2
1,924,898
2,800,453
2,421,752 +15.6
2,349.149
20,537,000
23,203,000 -11.5
22,930.000
2,804,600
2,455,300
2,538,300 +10.5
7,738,763
6,497,291 +19.1
41,362,723
36,717,157 +12.5
36,648,570
3.357.177
2.539.237 +32.2
2.555,286
13,197,463
10.924,206 +20.8
9,944.345
8,431,448
6,167,225 +36.7
6,756,984
1,860,224
1,541,941 +20.6
1,600,942
1,716,478
1,363,352 +25.9
1,447,607
731.387,367 616,259,484 +18.7 849,993,280
a
a
a
a
1,834,615
1,302,067 +40.9
1.274,308
5,724,185
4,907,116 +18.6
4,531,975
2,649,678
2,531,707
+4.7
2.093.352
3,058,608
2,759.390 +10.8
2.563,851
.
1924.
Seventh Feder
Mich.
-Adrian _
Ann Arbor__ _
Detroit
Grand Rapids_
Lansing
Ind.
-Ft. Wayne
Indianapolis- _ _
South Bend._ _
Terre Haute_ _ _
Wis.-Milwaukee
Iowa-Ced.Rap's
Des Moines_
Sioux City_ _
Waterloo
Ill.-Bloom'ton_ _
Chicago
Danville
Decatur
Peoria
Rockford
Springfield.,..
Ended January 10.
1924.
..
.0.0.0
WO.W.WW0WO,ONF3WW
1925.
1925.
.W
Week Ending Jas. 10 1925,
Was
Clearings at
W.
SUMMARY OF BANK CLEARINGS.
299
%
+57.0
+18.6
+36.4
+20.9
+44.0
+88.8
4
+34.
+12.0
+11.9
+11.8
+40.1
-1.6
+28.8
+61.6
+16.8
+11.7
+6.7
+27.9
+20.3
-1.4
+29.9
-23.1
+28.8
+13.7
--1.4
-9.3
+16.2
+10.1
+27.9
1923.
$
94.659,534
125,363.030
45,746.089
14.103.055
6.506,943
5,329.973
3,841.210
5,552.446
5.153,844
2.619,597
2,043.222
3,098,204
5,607,434
3,798,773
614,417
556.561
1.541.013
1,316,466
1,117.178
933,972
422,739
344,939
732.722
776,431
1,058,601
3,133.877
363.278
1.046,051
639,934
1922.
$
119,467.852
105.441.110
43,475,869
13,763,115
6,347,008
5.398.841
3,763,050
5,426,819
5,314.781
2,939,157
1.930,000
3,333,936
5,658,404
3,962,205
624.005
726,772
1,814,940
1,353,379
1,027,593
870,530
515,383
386,230
678,548
769,805
1,040.163
3,267,701
338,163
967.325
752,929
I
I
1
•
Richmond Reserve District by 12.9% and in the Atlanta
Reserve District by 16.4%. The Chicago Reserve District
shows an improvement of 18.3%, the St. Louis Reserve
District of 15.9% and the Minneapolis Reserve District of
24.4%. In the Kansas City Reserve District there is a
gain of 14.4%, in the Dallas Reserve District of 31.6% and
in the San Francisco Reserve District of 1.6%. It should
be noted that every Federal Reserve District without a single
exception records an increase as compared with the corresponding week last year.
In the following we furnish a summary by Federal Reserve
districts:
Total(29 el tir.41 420 214 209 240 870 2841 4-35.1 338 010 1122 241 222 ans
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Jan. 7. d Week ended Jan. 8. e Week ended Jan. 9. •Estimated.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The speculation for higher prices on the New York Stock
Exchange suffered a severe setback. Under tremendous
liquidation, assisted by bear operations, a large and general
decline has occurred. During the short session on Saturday
price movements were very irregular, though the total number of shares that changed hands was very close to 1,500,000
shares and one of the largest Saturday totals on record.
Sharp reactions were noted in General Electric and American Can, also in some of the more active speculative favorites among the rails. General Motors was the leader of the
Motor group and closed the session with a net gain of 334
points. On Monday many stocks moved to new high levels.
United States Steel common crossed 125 for the first time,
closely followed by General Motors, which spurted forward
four points to 73. American Locomotive was also in strong
demand and reached a new top at 112 for the first time.
Another strong feature was United States Cast Iron Pipe &
Foundry, which pushed upward to 172. Stocks again
resumed their upward trend on Tuesday and many new
high marks were recorded in the course of the day. Railroad issues came to the front in the early trading, New York
%
Central leading with an advance of one point to 1243 .
United States Steel common sold up to 125%, though it
again declined in the last hour. American Locomotive was
noteworthy for its advance of 3% points to a new high record
at 117. In the last hour this stock declined to 1153/i but
quickly rebounded to 1163/2. The market broke violently
on Wednesday, railroad shares, industrials and oil issues
all suffered in the downward movement, the avalanche of
selling in many cases forcing declines of from 3 to 10 points.
The market opened steady on Thursday, but later in the day
prices receded sharply and a large number of stocks ended the
session with losses ranging from 1 to 3 points. In the railroad group New York Central declined 2 points to 121 and
Reading dropped nearly 5 points. Industrials also recorded
substantial losses, American Locomotive aeclining nearly
4 points from its morning high and American Can yielding
about the same number of points to 1593. General Motors,
one of the active leaders during the week, was under pressure
4
and declined to 713 . The Stock Exchange continued unsettled on Friday, and substantial recessions were recorded
in numberous speculative favorites. Brief rallies occurred
during the afternoon, but up to the last hour the trend (a
the market was generally toward lower levels. In the
closing period the tone improved and moderate recoveries
were recorded by several of the market leaders, including
General Electric, American Can, and United States Steel
0011111101:1.
Stocks.
No. Shares.
Railroad.
&c.
Bonds,
State,
Municipal &
Foreign Bonds.
1,144,037
2,035,768
2,061,925
2,037,155
1.682,426
1,735,000
Week Ended Ans. 16.
$8,989,500
11,010.000
10,928,500
11,965,000
11,607,000
9,541.000
$1.824,000
2,682.800
2,276.000
2,343,000
2,386,000
2,341,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
10,716,311 364,041,000
Week Ended Jan, 16.
Total
Sales at
New York Stock
Exchange,
1925.
1924.
United
States
Bond,.
$1,530,800
2,278,950
2,549,750
1,106000
1,703,500
7.680,000
$13.852,800 $16.848,800
Jan. 1 to Jen. 16.
1925.
1924.
5,718.197
10,716,311
-No. shares_ __
Stocks
Bonds.
Government bond& _ _ 316.848.000 322.171,000
8,906,000
13.852,000
State St foreign bonds_
Railroad St misc. bonds 64,041,000 51,974,000
23,991.050
15,308,265
$36,102,750
31,067.000
132.815,000
$55,659,000
19,610.000
118,208.000
$94,741,800 383,051.000
$199,984,750
$193,477,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
tiontolf.
Week Ending
Jan. 16 1925
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. Week revised
,
To-day's (Friday's) actual rates for siding exchange were 4 733 404 75%
for sixty days, 4 76%@4 77% for checks and 4 76%01 78% for cables.
Commercial on banks, Mght, 4 76%04 77%; sixty days. 4 72%(414 73%;
ninety days, 4 71%04 73%. and documents for payment (60 dais).
4 72%04 73%. Cotton for payment,4 76%04 77%, and grain for payment, 4 76%04 77%.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 31%
+534% for long and 5 36%05 39% for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.88©39.9235 for long and 40.24040.28% for short.
Exchange at Paris on London, 88.30 fr.; week's range. 88.30fr,high and
89.37 fr. low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling ActualSixty Days.
4 79 7-16
High for the week
4 76 11-16
4 79 3-16
4'75%
4 75%
Low for the week
4 72%
Paris Bankers' Francs
5 40%
541%
High for the week
534%
5 34%
Low for the week
5 27
5 33%
Germany Bankers' Marks
23.81
High for the week
23.81
Low for the week
23.80%
23.80%
Amsterdam Bankers' Guilders
40.55
40.51
High for the week
40.09
40.34
Low for the week
39.88
40.30
Domestic Exchange.
-Chicago, par. St. Louis, 15025c• Per $1.000
discount. Boston, par. San Francisco, par. Montreal, 87.825 Per
$1,000 premium. Cincinnati, par.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
.
Jan. 10 Jan. 12. Jan.13. Jan. 14. Jan.15. Jan.le_
London,
Mon, Tues.
Sat.
Wed, Thurs. Fri.
Week Ending Jan. 16-d 32 5-16 329-16 32%
323.(
323-16 32%
Silver, per oz
868.11d. 875, Id. 875. 8d. 87s. ld. 875. 25.
Gold, per fine ounce
57%
57%
5734
5734
C01113012, 2% per cents
5734
101%
101%
101% 101%
101,5
British, 5 per cents
97%
97%
9734
9734
9734
British, 434 per cents
48.70
48.70
48.70
48.40
48.70
French Rentes (in Paris), fr_ ____
60.10
60.10 59.80
59.80
60.10
French War Loan(lnParis),tr.
The price of silver in New York on the same day has been:
Silver in N.Y., per oz. (eta.):
6834
Foreign
69%
6834
6834
8834
5834
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Dec. 31 1924 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Dec. 311924.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Ands
Gold coin
Gold bulikm
$
507,966,356 48 Gold certifs. outstand's _1,508,993,659 00
3,326,652,52903 Gold fund, F. R. Board
(Act of Dec. 23'13, as
amended June 21 '17).1,987,359,535 12
152,979,025 63
Gold reserve
_ 185,286,665 76
Gold in general fund
Total
3.834,618,885 51
3,834,618,885 51
against $346,681,016 of U. S. notes and $1,407,177 of Treasury
Treasury notes of 1890 are also secured by silver
soles of 1890 outstanding.
dollars in the Treasury.
SILVER DOLLARS,
-Liabilities
Assets
441,469,67700 Silver certifs. outstand'g 438,299,305 00
Silver dollars
Treas. notes of 1890 out1,404,877 00
Sliver dollars in gen.fund
1,785,495 00
Total
Nole.-Reserved
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Total bonds
[VoL. 120.
THE CHRONICLE
300.
/74216e0Al2.
Baltimore.
Shares, BondSales. Shares. Bond Sales. Shares, Bond Saler
32,614
40,297
32.657
33,702
35,331
26,053
$44,400
44,600
39.000
52,750
32,700
61,000
200,654
$274,450
2345.52
2313 750
329,200
43,800
52,700
34,000
45,500
30.000
2,107
2,818
3,243
2,390
2,647
2,330
$16,600
37,000
20.000
53,600
41,600
15,000
85,993
3235,200
15,537
$183.800
137.491
$280,600
10.617
$180.600
8,751
13.696
16,671
15,537
17,067
14,271
FOREIGN EXCHANGE.
Sterling exchange was reactionary and rates sustained a
decline of about 3 cents, though recovering the greater
part of the loss before the close. The Continental exchanges
were irregular and easier, with Italian lire sharply down on
political unsettlement.
Total
441,469,677 00
Total
441.469,67700
GENERAL FUND.
$
Assas$
185,286,665 76 Treasurer's checks out-mid (see above)
standing
1,763.495 00
Sliver dollars(see above)
1,202,138 02
3,751,109 00 Dimes. of Govt. officers:
United Statee notes _ _
Post Office Dept
15,188,206 00
National bank notes._
7,321,646 52
1,214.785 50
BoardofTrusteesPostal
Federal Reserve notes__
SavingsSystem(5%)
157,072 00
Fed. Res. bank notes__
res've lawful money)
7,329,351 95
Subsidiary silver coin_ _
6,624,105 90
Other deposits
1,136,54507
Minor coin
218,18364
23,241,171 41
Comptroller of Cursilver bullion
rency, agent for
U nein ss I f I ed-colleccreditors of insolv33
3,572,774
tions, Sat
ent banks
Deposits in Federal Re1,770,131 71
70,885.714 78
Postmasters, clerks of
serve banks
courts, disbursing
Deposits In special deofficers, 3:43
posito-les account of
34,762,989 04
Deposits for:
sales of certificates of
227,955,000 00
Redemption of Fed.
Indebtedness
Reserve notes (5%
Depoelts In foreign depositories:
fund,gold)
168,081,221 88
140,166 18
Redemption of nat'l
To credit Treas. U.S.
bank notes (5%
To credit of other
208,251 75
fund,lawful money) 31,018,025 97
Government offMers. _
Retirement of add'i
Deposits in nat'l banks:
8,164,058 02
circulating notes,
To credit Treas. U. El_
Act May 30 1908._
To credit of other
5,64500
23,016,210 98 Uncollected items, exGovt. officers
Deposits In Philippine
5,072,052 60 •
changes, dtc
Treasury:
310,928 28
To credit Treas. U.S.
244,044,638 98
Net balance
329.078,867 OS
573,123 506 01
Total
573,123,506 01
Total
-The amount to the credit of disbursing officers and agencies to-day are
Note.
$880,565,217 30. Book credits for which obligations of foreign governments was
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the acts mentioned a part of the public debt. The amount or such obligations to.11
day was $53,322,194 50.
$745,697 in Federal Reserve notes and $15,087,131 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 6% redemption funds.
JAN. 171925.]
THE CHRONICLE
301
Preliminary Debt Statement of U. S. Dec. 31 1924.
Government Revenue and Expenditures.
The preliminary statement of the public debt of the
Through the courtesy of the Secretary of the Treasury we
United States Dec. 31 1924 as made up on the basis of are enabled to place before our readers to-day the details of
the daily Treasury statements, is as follows:
Government receipts and disbursements for December 1924
Bonds
and 1923 and the six months of the fiscal years 1924-1925
0008018 of 1930
8599.724.050 00
and 1923-1924.
Loan of 1925
118,238,000 00
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan 0( 1933-1938
48,954.180 00
25,947,40000
49,800,000 00
28,894,500 00
11.903,08000
8883.461.21000
81.951,522,650 00
3.104,568,400 00
2.886,382,35000
6.324.489,85000
Treasury bonda of 1047-1052
Treasury Bonds of 1944-1954
Total nouas
Notes
Treasury notes
Series A-1925, maturing Mar. 15 1925
Series B-1925, maturing Dec 15 1925
Series C-I925, maturing June 16 1925
Series A-1926, maturing Mar. 15 1926
Series 13-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing Mar. 15 1927
' Treasury CertificatesTax
-
14,268,963,250 00
8763,948.300 00
755,827,300 00
1,519,775,600 00
516,670.200.060 00
8322,774,500 00
299,659,900 00
406,031,000 00
615.707.00000
414.922,30000
355,779,900 00
668.201,40000
Series TM-1925, maturing Mar. 15 1925 Series TS-1925, maturing Sept. 15 1925---- $235,929,500 00
307,419,500 00
Treasury (War) Savings &curtsies
War Savings Certificates:
Series 19206.
520,319,496 72
Series 1921 a
11,564,291 24
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15 1921 5
1.811,00205
Series 1922, Issue of Dec. 15 1921 5
98,335,369 65
Series 1922, Issue of Sept. 30 1922 5
15,458,986 10
Series 1923 Issio. of Sent 30 1922 5
137,594,250 70
Series 1923, Issue of Dec. 1 1923 0
25,095,386 30
Series 1924, Issue of Dec. 1 1923 b
100,939,955 10
Thrift and Treasury Savings Stamps, unclassified sales, Are
3,966,85036
Total ordinary
3,083,076,900 00
543,349,000 00
415.085,588 22
Total interest
-bearing debt
Matured Debi on Which Interest Has Ceased
Old debt matured at various dates prior to
April 1 1917
Spanish War Loan of 1908-1918
Certificates of indebtedness
Treasury notes
08% Victory Notes 0( 1922-1923
4,8% Victory Notes 0( 1922 1923
Called for redemption Dec. 15 1922
Matured May 20 1923
Debt Rearing No [mores:Gutted States notes
Less gold reserve
Receipts.
Dec. 1924. Dec. 192. 6 Mos.'24.a 6 Mos.'23.a
Ordinary
Customs
40.128.716 40,948,313 269,353.982 269.759,627
internal revenue:
Income and profits tax__ _ _328.321.023 336.248.038 783,585,051 819.387,974
Miscell. internal revenue
77,939.827 75.678.334 455,849.787 523,183.692
Miscellaneous receipts:
Proceeds Governm't-owned
securities
Foreign obligations
Principal
23,054.757 23,047,392
23,205.548
60.986.586
Interest
68.894,536 69,135,000
79,777,738
80,858.214
Railroad securities
9.168.898 3.853,915 111,290,352
18.104,661
All others
111,003
276.665
3,562,873
5,022,367
Trust fund receipts (reappropriated for investm't) 2,422,896
2.413,621
15.272.942
16,001,090
Proceeds of surplus proD'Y- 1.107,316
4,442,354
11,321.331
25.933.071
Panama Canal tolls, etc.__ 2,377,463 2,195,363
12,245,879
13,700,987
Receipts from misc,sources
credited direct to appropriations
3,395,840
661,394
14.635.639
19.004.153
Other miscellaneous
M3,870,007 517,419,077 888.881.072 5118.233,430
520,711,711.548 22
81,281,730 26
255,420 00
3,786.000 00
3,141.100 00
72,250 00
3,170,000 00
6,141,250 00
17.847,750 26
8346,681,016 00
152,979,025 63
rxpendituresOrdinary(Checks & warrants paid, Are.)
General expenditures
160,586,955 159.999.879
Interest on public debt c
84,907.250 86.979.767
Refunds of receipts:
Customs
3,417,726
1,900,072
Internal revenue
5,703,826 11,899,705
Postal deficiency
23,983
Panama Canal
313,257
619,548
Operations In special accounts:
Railroads
4414.756 14,610,109
War Finance Corp
43,971,701 411.533.368
Shipping Board
2,153.170 2,981.473
Alien property funds
738,095
943.302
Loans to railroads
Investment of trust funds:
Government life insurance_ 2,336.313 2,393,640
Civil Service Retirement
4987,653 45,023,669
District of Columbia
Teachers' Retirement_ _
.
22,016
19.981
Foreign Service Retirement
30,977
General railroad contingent
64,568
Total ordinary
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old domand notes aucl tractional currency
8193,701,990 37
53,322,194 50
2,049,217 11
249,073,401 98
Total gross debt
220,978,632,700 46
•Net cash receipt.. 5 Net redemption value of certificates outstanding.
Public Debt of United States
-Completed Return
Showing Net Debt as of October 31 1924.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued October
31 1924, delayed in publication, has now been received, and
as interest attaches to the detailq of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1923.
CASH AVAILABLE To PAY MATURING OBLIGATIONS.
Oct. 31 1924. Oct. 311923.
Balance end month by daily statement,Arc
$335,129,674 8223,042,963
Add or Deduct
-Excess or deficiency of receipts over
or under disbursements on belated items
-2,207,756
-2,799,615
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
8332,921,918
$220,243,348
$2,857,324
65,891,051
58,778,322
22,293.317
52,809,315
70,432,588
70,943.566
38.779.185
3149,720,014
$182,964,654
Balance.deficit(-)or surplus(+)
+183,201,904
INTEREST-BEARING DEBT'OUTSTANDING
Interest Oct. 31 1924.
Tube 0/LoanPayable.
$
25. Consols of 1930
Q.
-J. 599,724,050
48, Loan of 1925
Q.
-F. 118,489,900
2s 0( 1918-1936
Q.
-F.
48,954,180
26 of 1918-1938
Q.
-F.
25,947,400
13s of 1961
Q.
-M.
49,800,000
Conversion bonds 0( 1946-1947
ils.
Q.
-J.
28,894,500
Certificates of Indebtedness
J -J. 1,196,366,000
3)48, First Liberty Loan, 1932-1947
J.
-J. 1,409,998,950
45, First Liberty Loan, converted
J.
-D.
6,847,900
Cis, First Liberty Loan. converted
J -D. 531,184.650
First Liberty Loan,second converted_ _J.
4Iis,
-D.
3,492,150
45 Second Liberty Loan, 1927-1942
M.
-N.
27,203,950
45‘s, Second 1.1berty Loan, converted
3,077,370,850
4385, Third Liberty Loan 0( 1928
M.
-S. 2,978,776,300
4)1s, Fourth Liberty Loan of 1933-1938
A -O. 6,324,489,850
4)1s, Treasury bonds 0( 1947-1952
763,948.300
4s. War Savings and Thrift Stamps
Matured 417,350,045
334s, Postal Savings bonds
J.
-J.
11,903,080
J -D. 3.357,628,300
5yi8 to 5)15. Treasury notes
Aggregate of interest-bearing debt
Bearing no Interest
Matured,Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
Netdebt
+37,278,694
Oct. 31 1923
599,724,050
118,489,900
48.954,180
25,947,400
49,800.000
28,894,500
941,013,500
1,409,999,000
8,233.050
529,924,550
3.492,150
33,553.950
3,164,645,600
3,328,975,550
6,326,667,850
763,952,300
356,106.689
11.877,900
4,050,432,000
20.978,370,355 21,800.684,119
243,454,167
240.191,703
19,663,720
41,251.160
a21,241,488,242 22,082,126,982
+183,201,904 +37,278,694
021,058,286,338 22,044,848,288
a The total gross debt Oct. 311924,on the basis of dally Treasury statements, was
$21,241,535,138 28 and the net amount of public debt redemption and receipts
In transit. &c., was 346,896 14
b No deduction is made on account of obligations of foreign Governments or
Other lavairtments.
570,792,282 576.317,466 1,869,710,342 1,969,447,704
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
224,913,255 175,378,877
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts
156,082.220
94,134,448
956,019,545
447.731,514
960,511,532
470,971,906
12,924,275
58,691.782
23.983
4,994,295
12.491.263
64.771,948
8.000,000
4,438.929
3,350.570
430.573,633
19,036.708
4,349,937
15,724,633
444,172.482
66.053.299
42,493,663
2.171.000
15,409,195
11,221,368
15,168,946
5,999,997
73,496
91.233
518,399
103.996
Public debt retlre'ts chargeable against ordinary reeel pts-Sinking fund
41,928,000 118,374,000
Purchases from foreign repayments
208,600
Received from foreign governments under debt settlements
90,950,000 91,858.200
90,950,000
Received for estate taxes_
1,356,250
47,550
Purchases from franchise
tax receipts (Federal Reserve dr Federal intermediate credit banks).....152,200
Forfeitures, gifts, Arc
5,000
5,700
33,103
Total
98.500
254,924,026 265,790,439 1,503,862,667 1,579,839,805
90,955,000 135,148,150
209,765,453
159,089.900
38,419,300
91,858,200
6,058,550
47.500
295,473.450
Total expenditures chargeable
against ordinary recelpts__345,879,026 400,938,588 1,713,628,121 1,875,313,255
• Receipts and expenditures for June reaching the Treasury in July are included.
a Includes $113,646 58 received from Federal Reserve banks as franchise tax
Dec. 31 1924.
b Includes $3,613,055 38 received from Federal Reserve banks as franchise tax
Dec. 311923.
C The figures for the month include $650,712 96 and for the fiscal year 1925 to
date 84,630,506 56 accrued discount on war savings certificates of the series of 1918
and 1919; and for the corresponding periods last year the figures Include $1,489,60395 and $12,941,795 10, respectively, for the series of 1918.
d EXC1393 of credits (deduct).
TREASURY MONEY HOLDINGS.
-The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of October, November and December 1924 and Janua-y 1925:
Holdings in
U. .3. Treasury.
Oct. 1 1924,
$
Nos. 1 1924. Dec. 1 1924. Jan. 1 1925.
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes..
Net national bank notes__
Net Fed'i Reserve notes._
Net Fern Res, bank notes
Net subsidiary silver
Minor coin. Sze
323,700,689
46,319,707
1,984,933
15,757,531
734,638
154.712
7,840,109
5,653,296
323,215,707
46,136,037
4,346.478
16,715,110
648.025
151,904
8,167,380
5,715,884
336,666,039
41,704,415
4,811,750
15,119,500
712,780
211,191
8,158,439
4,857,116
Total cash In TreasuryLess gold reserve fund _ _ .
402,145,615
152,979,026
405,096,525
152,979,026
412,241,250 '
0395.622,202
152,979,026 152,979,026
Cash balance In Treasury.
Dep.In speel depositories
Acct. ctfs. of indebt
Dep. In Fed'I Res. banks_
Dep. in national banks:
To credit Treas. U. EL_
To credit dist,. officers_
Cash in Philippine Islands
Deposits In foreign depts.
Dep.In Fed'i Land banks_
Net cash in Treasury
and in banks
Deduct current liabWties_
Available caen
balance
338,265,692
25,066.666
3,751.109
15,188,206
1,214,786
157,072
7.329,352
4,709,319
249,166,589
252,117,499
259,262,224
242,643,176
300,573,000
69,164,139
253,310,000
36,010,798
166,813.000
42,544,955
227,955,000
70,685,715
7,156,789
19,017.024
1,412.860
423,004
7,614,009
21,409,591
931.552
361,203
8,463,562
21,168,292
1.375,472
363,956
8,164,058
23,016,211
310.928
348,418
646,913,405
234,329,520
571,754,652
236,824.978
499,991,461
252,358,283
573,123,506
244,044,639
412 ARS MA
225 121) R74
247 lux 17R
290 075 RA7
•Includes Jan. 1 823.241,171 41 silver bullion and 81,136.545
07 mlnor salts
dm. not included in statement "Stock of Money."
Commercial a nd 3 iscella=ono
e.),
Rye.
134,000
348,000
34,000
Bonds75
75
1955
51.000 65
Oct
Indep Brewing 69
99
99
1,000 98
Pittsb Coal deb 5s_ _1931
Mar
97
97
1,000 92
West Penn RYs 511--1931
Feb
x Corrections to last week's record: Arkansas Natural Gas, low sale should read
53.4, not 53-4: sales of Colonial Trust Co.stock were all at 92, no sales at 90; high sale
on Ohio Fuel Corp. should read 3234, not 324; sold last week and not reported, 20
shares Superior Fire Insurance Co. at 11002., 1104.
314,000
659,000
863,000
679,000 1,203,000 1,990,000
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Jan. 10 to Jan. 16, both inclusive, compiled from official sales lists:
Bushels.
Bushels. Bushels.
413,000
144,000
14,000
142.000
81,000
67,000
67,000
4,000
125,000
544,000
15,000
29,000
21,000
20,001
3,000
10,000
100,000
6,000
785,000
679,000
418,000
8,000
535,000 3,787.000
Same wk.1924
53.000
807.000
Since Jan.1'24 1.077.000 7.312.000 1,111.000 1.697.000
do not include grain passing through New Orleans for foreign ports
•Receipts
on through hi Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Jan. 10 1925, are shown in tho annexed
statement:
Wheat.
Exports from-
Corn.
Rye.
Oats.
Flour.
Barley, Peas,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
32,500 165,924 406,001
147.873
1,373,793
New York
24,000
142,000
96,000
Portland, Me__ _ _
4.000
Boston
86.000 67,000
19,000
Philadelphia ____ 926,000
26,000 62,000
152,000
Baltimore
5,000
51,000 40.000
New Orleans.._. 759,000
10.000
623,000
Galveston
34,000 100.000
21,000
43,000
St. John, N. B___ 386.000
Total week 1925_ 4,315,793
.,,,,o, 1021 4 Ils 841
51.000 287,873
11101 142 208 672
58,500
427.025
311,924 777,001
257 060 2:12 R01
New York City Banks and Trust Companies.
All prices dollars per share
A sk Trliet Co.'s Did
Banks11(4
Ask
'II
New York
510
arriman..... 485
255
_
187 American
anhattan •_ 182
350
eeh & Met_ 393 397 Bank of N Y
_
& Trust Co 567 575
415
•
_
_ Nat American 140 155 Bankers Trust 435 445
National City y398 404 Bronx Co Tr. 180
_
51 Central Union 720 730
I Rights __-_ 50
Empire
298 306
New Netb •_. 160
455 465 Equitable Ti. 292 246
,Park
820
152 163 Penn Each... 105 115 Farm L & Ti. 235
Fidelity Inter
215 225 Port Morris_ 178
Fulton
400
450
425 430 Public
Chase
Guaranty Ti. 325 556
Seaboard __ . 510
Chat & Phen 300 305
98 105 Irving BankSeventh Ave
Chelsea Exch• 175
Columbia Tr 235 240
590 ino Standard __. 300
Chemical _
430 440 Law Tit & Tr '260 280
State__
235
Coal & Iron
144 150 Metropolitan. 395
Trade•
450
Colonial
Mutual (West
310 5138 Trademen's• 200
Commerce
cheater) _ 165
Com'nNvealth• 290 305 United States* z195 210
416 421
N Y Trust
Continental__ 200 210 Wash'n Me. 205
Title Go & Tr 525 540
Corn Each... 450 460 Yorkville•_ _ _ 1200
US Nits & Tr 333 340
Brooklyn
115 125
Common'tan sUnited States 1675
East River _ 215 --- Coney Island• 180
Wretches Tr _ 250
450
Fifth Avenue. 660 -- First
Brooklyn
260 270 Mechanics' •. 175
Fifth
Brooklyn Ti. 710 725
185
2350 2500 Montauk'...
First
Kings County 1200
805
Nassau
315
Garfield
Manufacturer 315
137 -.- People's.... 270.
Gotham
650 875
Queensborol_ 166 176 People's
Greenwich •_. 390
990 loio
Hanover
State banks. (5) Ex-dividend. 0) New stock.
• Banks marked with 9 are
V Ex-rights.
Banks-N.Y
America •_...
Amer Each.
Amer Union.
Bowery • .Broadway Cen
Bronx Boro•
Bronx Nat..
Bryant Park •
Butch & Pros
Capitol Nat_
Cent Mercan
Bid
245
335
166
510
156
250
150
175
140
Surety Companies.
New York City Realty and share.
dollars per
AU prices
Alliance R'Ity
Amer Surety.
Bond & MO.
City Investing
Preferred _.
Lawyers Mtge
Bid
115
117
395
104
101
215
Ark
120
415
109
220
Mtge Bond_
Nat Surety.
N Y Title &
Mortgage _
S Casualty_
US Title Guar
Bid
125
194
Ark
135
198
305
260
312
280
Bid
Realty Assoc
(Bklyn)com 157
1st pref.... 90
26 pref____ 81
Westchester
Title & Tr_ 250
Asp
165
94
85
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Rate.
Mar.15 1925._ _
Mar.15 1928___
Dec. 15 1925___
.
Sept 15 1926 _ _
June 15 1925_
44%
44%
44%
44%
44%
1101.
Asked.
106
Maturity.
100•Is 100T0 Dec. 15 1927_
Mar.15 1927_
101% 1014
Mar. 15 1925_
1014 1094
sevt.is 1925._
100"ii 100"ti
1004 1004
Int.
Rule.
Asked.
44% 101 111,1
44% 1011,16
1004
4%
24%
102I1i
10D,,
1004
100las
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low. High. Shares.
Boatmen's Bank
First National Bank
Merchants-Laclede Nat'l._
Nat Bank of Commerce...
Mercantile Trust
Mississippi Valley Trust
United 11318 Prof
Best Clymer Co
Brown Shoe prof
Certain-teed Prod 1st pref.
Emerson Electric pref
Ely & Walker Dr Gds com_
Fulton Iron Works corn
Preferred
Hydraulic Press Brick com_
Preferred
International Shoe corn __ _
Preferred
Laclede Steel Co
Marx & Haas Clothing pref
Mo Portland Cement
National Candy corn
2d preferred
Rice-Stix Dr Goods 1st pref
2d preferred
-V-B D G let ProfScruggs
Southwestern Bell Tel pref.
Wa.gner Electric common__
Wagner Electric Corp pref.
Pedigo Weber
Johansen Shoe
Boyd Welch
Johnson Shoe
207
_____
144
242
54
224
38
1004
7•
8434
117
1194
144
157
10834
32
82
128
503-4
47
143 144
205 208
260 260
144 145
3994 400
242 242
534 534
444 45
9934
99
884 90
96
06
224 224
38
38
1004 10035
634 734
8434
82
117 118
1193.4 120
144 144
99
99
154 157
10034 103
106 106
107 1074
102 102
85
85
108 1084
294 34
83
82
112 130
4934 51
50
45
120 123
Bonds
854
E St Louis & Sub Co Os__ _ ____
83
St L & Sub Ry gen Mtge 5s 83
73
United Rys 4s
724
46 C D
United Rye
nn
,
35
174
7
79
25
35
8
75
27
28
20
355
100
5
534
541
329
42
10
27
211
260
30
83
24
36
126
2,504
411
935
87
45
68
g88
3,235,000
6,877,000
22,000
11,000
92,000
123
88Mtg'gglOggS8t
606,000
Total wk.1925
Since Jan.1'25 1,049,000
Barrels.
330.000
24,000
56.000
27,000
75,000
Rye.
7c
263
74
NMC
COQ=
Bushels.
6,000
20,000
43,000
31,000
Bushels.
1,064.000
93,000
742,000
406.000
114,000
193,000
234,000
386,001
3,000
New York...
Portland, Me_
Philadelphia.
Baltimore_ ___
New Orleans•
Galveston .
Montreal ____
St.John, NB.
Boston
Barley.
Oats.
Corn.
4Vheat.
Flour.
Receipts at-
2734
X
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Jan. 10 1925, follow:
324
0.00...M.O
Since Aug.111.027,000 377,685,000 119,280,000 169,717,000 43.135,000J46,538,000
1924
10.056,000 226,645.003 128,107,000 129,833,000 24,92.5,00(18,128,000
1923
12.852 000 275.390.000 163.752.000123.265.000 22.955.00029.192.000
1922
3234
0.X X
459,000
881,000
560,0001 471,000
787,000 1,633,000
4,785,000
2,900,000
5,136,000
534
...MM.N
7,728,000
5,832,000
8,228,000
94
114
64
High.
Lou.
20
385
21
83-4 June
87
30 724 Aug
87
94
91
455 824 Nov
95
105 924 May
96
Mar
11334 114
120 107
Oct
4
64 11,488
6
135 135
125 1324 Aug
8,970
14 May
434 6
Oct
192 192
8 182
1054 10534
155 102
Feb
Nov
89
89
10 89
374 40
1,350 304 Nov
4.14 434
35
434 Dec
1124 1124
41 11034 Nov
324 334 5,045 2634 Jan
12
7 June
110
1234
925 2034 June
3134 334
32
3234 5,661 284 Sept
14
953 114 June
15
274 27.4 1,040 224 May
24 234
115
13-4 Jan
300
,
634 636
434 Jan
4934 54
270 484 Dec
7,500
8c
7c
Sc Mar
8
120
8
July
6
257 263
537 209
Jan
6
2,485
Dec
734 8
76
228 75
77
Dec
97
295 953-4 Dec
98
123 123
355 904 Jan
110 110
20 102
July
8
225
July
1034 1034
36
200 34
36
Sept
106 112
254 84
Feb
94
94
22 83 June
XXXXXXX X
4,097,000
3,344.000
8,746,000
494,000
377,000
342,000
Total wk.1925
Same wk.1924
Same wk.1923
Am Vitrified Prod, com_50
Preferred
50
Am Wind Glass Mach_ _100
Preferred
100
Am Wind Glass Co, p1_100
xArkan Nat Gas, corn_ _10
Bank of Pittsburgh
50
Carnegie Lead & Zinc _ _ _ _5
xColonial Trust Co_ _100
Duquesne Light, 7% pf.100
Exchange Nat Bank_ _ _100
•
Federated Metals
Indep Brewing, Pref. _ _50
Jones At Laugh St'', pf_ _100
Lone Star Gas
25
Nat Fireproofing, com 50
Preferred
50
x0hio Fuel Corp
Ohio Fuel 011
1
Oklahoma Natural Gas_ _25
Pittsburgh Brew,com_ _ _50
Preferred
50
Pittsburgh Coal, com_ _100
P1ttsb & Mt Shasta Cop_ _1
Pittsburgh 011 & Gas_ _ _ _5
Pittsburgh Plate Gla.ss_100
Salt Creek Cons Oil
10
Stand Plate Gla.ss, pref_100
Prior preferred
Standard San Mfg, com_25
:Superior Fire Insur_ _ _50
10
Tidal Osage 011
25
Union Storage Co
West'house Air 13rake___50
West Penn Rys, pref.. 100
Range for Year 1924.
M
M=PM
.
bls.190lbs. bush.60195.bush. 56 lbs. bush. 32155. hush.4819s. bush.551bs.
99,000
200,000
336.000 3,302,000 1,400,000
305,000
108,000
396,000
758,000
624,000
1,285,000
10,000
698,000
197,000
1,000
325,000
41,000
238,000
243,000
177,000
33.000
21,000
1,000
1,000
90,000
83.000
56,000
25,000
10,000
6,0
19,001
160,000
558,000
59.000
756,000
619,000
759,000
108,000
222,000
2,000
599,000
25,001
21.000
60,000
83,000
587,000
590,000
252,000
566,000
193,000
10,000
301,000
208,000
2,00
68,000
137,000
1,000
1,000
86,000
237,000
26,000
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
g 8gtiik.ItIVA,
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at-
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Jan. 10 to Jan. 16, both inclusive, compiled from official sales lists:
NO000.
-The
Breadstuffs figures brought from page 353.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Chicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis
St. Louis_ _ _ _
Peoria
Kansas City
Omaha
St. Joseph__
Wichita
Sioux City__
[vole. 120.
THE CHRONICLE
302
Range for Year 1024.
Low.
143
205
260
1434
3994
242
434
4434
99
87
96
2234
374
100
6
81
11634
1194
144
99
153
9934
1054
107
1014
85
1074
264
80
95
434
44
118
86
86,000 854
83
6,000 82
39,000 73
74
0 724
72% 19,00
K nnn I nn
I nn
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
144
208
260
145
400
242
54
40
994
90
96
2234
38
10034
84
87
118
120
146
99
157
107
106
1074
102
85
10834
34
83
130
5234
504
123
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 86
Jan
Jan 84
Jan
Jan 74
Jan
Jan 734 . _
Jan
•_ _ •....,
-CHANGES IN TOTALS OF, AND
BANK NOTES
-We give below tables
IN DEPOSITED BONDS, &c.
which show all the monthly changes in national bank notes
and in bonds and legal tenders on deposit therefor:
Amt. Bds. on Deposit to
Secure CITC14 altos for
Fed. Res.
National
Bank Notes. Bank Notes.
Dec. 30 1924_
Nov. 30 1924..
Oct. 311924..
Sept.30 1924._
Aug.30 1924_.
July 311924..
June 30 1024_
May 31 1924..
April 30 1024..
Mar.31 1924._
Feb. 29 1924._
Jan. 311924..
Dec. 811923..
Nov.30 1923..
Oct. 31 1923_
Sept.29 1923..
Aug. 31 1923_
July 311923..
June 30 1923._
May 311923..
April 30 1923..
Mar 31 1923..
731,613.630
737,635,790
739,842.890
741,239,890
742,462,390
716,611,640
750,858,930
750,113.430
750,676,680
749.974,180
748.875,180
747,256,230
746,577.780
746,778.030
746,562,330
746,780,830
745,585,080
744.848,940
744,654,990
744,034,190
742.823,590
742.879,540
545.900
545,900
545,900
515,900
545,900
545.900
545,900
5.45,900
545.900
4,543,700
4,793,700
4.993,700
5.593,700
6,148,700
6.368,700
National Bank Circulation
Afloat on
Bonds.
727,175,841
733,995,581
735,602,435
736.557,860
737,141,058
740,549,740
744,953,710
745,029,518
745,7145,653
745,171,676
743,464,758
742.670.537
740,521.752
743,984,275
743,806,385
742,184.915
740,323,568
740.986.663
719,103,625
742,178,351
740.099,541
739,984,523
Legal
Tenders.
44,871,176
40,152,976
38,679,189
39,269,189
40,052,136
36,537,840
33,058,069
32,460,609
31,611,339
31,162,366
30,964,944
30,126,232
31,045.227
29,450,769
28,799,884
28,137,002
28,621 244
28,823,714
28.336,094
27,829,641
27,868,731
27.197,981
Total.
772,046,817
774,148,557
774,281,624
775.826.844
777,193,194
777,087.589
778,011,779
777.490,127'
777,406,992
776,334,042
774,419,202
772,798.769
771,566.979
773,435,044
772.606,260
770.322,007
768,944,812
769,810,377
747,439,719
770,007,992
767.968.272
767,182,604
88,559,193 Federal Reserve bank notes outstanding Dec. 31 secured by lawful
money against $14.420,170 Dec. 31 1923.
JAN. 17
1925.]
THE CHRONICLE
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Dec. 31:
U. S. Bonds Held Dec. 31 to Secure
Bonds on Deposit
Dec. 31 1924.
2s,
48,
28,
28.
U. S. Consols of 1930
U. S. Loan of 1925
U. S. Panama of 1936
U. S. Panama of 1938
Totals
On Deposit to On Deposit to'
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
$
587,278.000
70,585,550
48,259,660
25,490,420
587,278,000
70,585,550
48,259,660
25,490,420
731,613,630
731,613,630
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Dec.
1 1924
and Jan. 1 1924 and their increase or decrease during the
month of December:
National Bank Notes-Total Afloat
Amount afloat Dec. 1 1924
$774,148,557
Net decrease during December
2.101,740
Amount of bank notes afloat Jan. 1 1924
Legal Tender Notes
Amount on deposit to redeem national bank notes Dec. 1 1924
Net amount of bank notes issued in December
$772,046,817
$40,152,976
4,718,200
Amount on deposit to redeem national bank notes Jan.
1 1924____ $44,871,176
National Banks.
-The following information regarding
national banks is from the office of the Comptroll
er of the
Currenty, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
7
-The First National Bank of Springfield, Tenn
$50.000
Correspondent: A. L. Dorsey, Springfield, Tenn.
Jan. 8
-The Haymarket National Bank of Chicago. Ill
200,000
Correspondent: R. A. Cepek, 3645 W. 26th St., Chicago, Ill.
Jan. 10
-The Graham National Bank, Graham. Calif
50,000
Correspondent: Adolph Ott, 928 South Burlington Ave,
Los Angeles Calif.
Jan. 10
-The First National Bank of Oglesby, Tex
25,000
Correspondent: W. R. Cavitt, Oglesby, Tex.
APPLICATIONS TO ORGANIZE APPROVED.
Jan. 7
-The South Side National Bank & Trust Co. of Newark, N. J
8200.000
Correspondent: William L. Morgan, care of Pitney,
Hardin & Skinner, Prudential Bldg., Newark, N.J.
Jan. 8
-The First National Bank of Great Neck, N. Y
50,000
Correspondent: R. J. Kiesllng, 6 Sycamore Drive,
Great Neck, N. Y.
CHARTERS ISSUED.
Jan. 6
-12621
-The Oaklyn National Bank. Oaklyn, N. J
$50,000
President, J. Wesley Goldthorp; Cashier, Eugene W.
Garrison.
Jan, 6
-12622
-The Farmers National Bank in Plano, Tex
60,000
Conversion of the Farmers State Bank, Plano, Tex.
President, R. A. Davis; Cashier, C. W. Fouche.
Jan. 8
-The Alexander National Bank of St. Peters-12623
burg. Fla
200.000
President, J. F. Alexander; Cashier. 0. S. Hinds.
Jan. 10
-12624
-The Florence National Bank, Florence District,
P. 0. Los Angeles, Calif
50,000
President. J. S. A. Smith; Cashier, G. E. Davis.
CHANGE OF TITLE ANL) LOCATION.
Jan. 6
-11158
-The Farmers National Bank of Follett, Tex., to "The
First National Bank of Darrouzett," Tex.
Jan. 8
-12507
-The National Bank of Wadena, Minn., to "The First
National Bank in Wadena."
VOLUNTARY LIQUIDATIONS.
Jan. 6
-12188
-The Mill Creek National Bank, Mill Creek, Okla.$25,000
Effective Dec. 27 1924. Lig. Agent: G. T. Webber.
Mill Creek, Okla. Absorbed by the First National
Bank of Mill Creek, Okla.(No. 7197)•
Jan. 8
-9730
-Corn Exchange National Bank of Omaha, Neb
Effective Dec. 27 1924. Lig. Committee: Gottlieb 300.000
Storz, E.P. Meyers and B. F. Marshall, Omaha,Neb.
Absorbed by the Omaha National Bank,Omaha,Neb.,
(No. 1633
Jan. 8
-10595
-The First National Bank of Drumright, Okla.Effective Dec.6 1924. Lig. Agent: Ben Russell. Drum- 50,000
right, Okla. Absorbed by the Drumright State
Bank, Drumright, Okla.
Jan. 8
-11821
-The Nampa National Bank, Nampa,Idaho_
Effective Dec. 31 1924. Lig. Agent: E. Smallwood, 100,000
Nampa, Idaho.
Jan. 10
-4417
-The First National Bank of Telluride, Colo
Effective Dec.27 1924. lAg. Agent:Edw. Hendrickson 75.000
,
Telluride, Colo. Absorbed by Bank of Telluride,
Telluride, Colo.
Jan. 10
-12394
-The Merchants & Planters National Bank of
Porter, Okla
•
Effective Dec. 6 1924. Lig. Agent: Dee German, Por- 25,000
ter, Okla. Absorbed by the First National Bank
of
Porter, Okla. (No. 7615).
Jan.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange,
were sold at auction
New York, Boston and Philadelphia
in
on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons,
New York:
shares. Stocks.
$ per sh.
Bonds.
Per Cent.
25 Automatic) Advertising Co.,
$14,000 K. I. Herman Chemical
Ltd. (inc. under the first part of
Corp.
the Quebec Companlee Act, 1920)11 lot $10,000 1st 75, coup. attached..1500 lot
State of North Carolina
200 Catudivell Wingate Co.. coin.,
special tax bonds issued in aid of
$10,000 lot
the West. Nor. Carolina R11....3321ot
By Messrs. R. L. Day & Co., Boston:
shares. Stocks.
$ per sit. Shares. Stocks.
$ per sh.
25 National Shawmut Bank
21234 20,300 Yankee Consol. Mining)
1 Webster & Atlas Nat. Bank
20234
Co.. par 100
31100
331
45 First National Bank
500 Majestic Mining Co., par
1 lot
160
1 Ludlow Mfg. Associates
150 Van Tamil Leather Co
173
12 Farr Alpaca Co
52 Turners Falls Power & Elec. Co-11834
80 Fall River Electric Light Co.,
10 Plymouth & Brock. St. Ry.
par $2.5
3634 $1,090 Ply. & Bross. St. Ry. Co_
Co.
1st 68. July 1932
89 Turners Falls Power & El.Co---118g
31350
35 Cambridge Gas Lt. Co.. par $25- 64
$1,000 Ply. 4c Brook. Bt. Ry. Co.I lot
125
8 Plymouth Cordage Co
Inc.68, July 1932
Rights20 Springfield Gas Light Co., par
$
52 es-div. 100 First Nat. Bank, when, as Per right.
0125
and
$100 lot
if issued
400 W. J. Walker Co
3234
Bankee Bldg. Corp., Pre!
8434
10
•
303
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. ver-ls
$ per sit. Shares. qmcks.
$ per eh.
3 U.S. Worsted Corp., 1st pref__ 3334 20 U.S. Envelope Co., preferred_ -10734
10 Naumkeag Steam Cotton Co_201
10 Eastern Mfg. Co., preferred__ _ _ 50
20 Lancaster Mills, prof
5 Hood Rubber Co., pref
97
9734
30 Davol Mills
10 North Boston Ltg. Properties,
60
100 Androscoggin & Kennebec Ry.,
common
6335 ex-div.
2d preferred
534 10 Craton & Knight Mfg. Co., pref. 4534
105 Boston & Maine RR., pref.,
10 Stollwerck Chocolate Co., 1st pi_ 24
Class "A"
20 Boston Wharf Co
25
11435
50 Boston & Maine R11., pref.,
2 Plymouth Cordage Co
125
Class "B"
Rights.
36
$ per right.
5 Pittsfield & North Adams RR_
First Nat. Bank, when issued_- 3234
50
85
1 North Boston Lighting Properties,
Bonds.
preferred
94 ex-div. Mtge. note of Edward Zommer,
10 New Hampshire Power Co.. Pf-- 85
amounting to $12,500 plus int.
5 American Glue Co., common__ __ 5035
from Oct. 11923.at6% Per ann_$9,500
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per Oh.
5 Sterling Realty Corp. (Atlantic
12 Philadelphia Bourse, corn
2034
City)
4 Philadelphia Bourse, com
75
2034
15 West Jersey Securities Co. (At4 Citizens Passenger Ry
20234
'antic City)
52 Little Schuylkill Nay., RR.
5
60 The Stemton Land Co., par $10,
& Coal
4034
$475 lot 41 Germantown Passenger Hy
7534
10 Metropolitan Trust Co.. par $50 8434 19 Continental Passenger Ry
77
30 Manayunk Trust Co., par $25_ 90
20 Catawissa RR., 1st pref
4334
25 Manayunk Trust Co., par $25__ 90 8 Joseph Restock Co., par S50._
52
25 Independence Fire Insurance
23 United N..1. RR.& Canal Cos_ _20034
Securities Co., par 525
37
6 Phila. & Trenton RR
21234
15 Frankford & Southw. Pass. Ry_24035 13 George B. Newton Coal, 1st pref. 7134
5 Northern National Bank
2.50
$200 Zoological Society of Piffle6 Fourth Street Nat. Bank
delphia (certificate of perpetual
400
40 Philadelphia Nat. Bank
membership)
40535
$40 lot
3 Bank of North America & Tr. Co _28834 5 Producers & Consumers Bank _ 10
4 Bank of North America Ss Ti-. Co_ 28834 4 Auto Car Co., pref
82
5 Community Trust Co., par $50_ 44
Bonds..
Cent.
153 Hare & Chase, Inc., pref
$500 Benevolent Protective Order of
90
36 Hare & Chase, Inc., com., no par 21
Elks (Phila. Lodge No. 1) gen.
19 Hillside Cemetery Co., Dar S25. 2034
M.69, 1942
90
95 Walls, Owen & Stambach Co.,
$14.000 Muncie & Union City
)
Preferred
Traction let 5s, 1936
49,100
24
103 Walls, Owen & Sternbach Co.,I lot
$10,000 West Chester St. By. 1st
Common
38, 1932
j
7954
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which,
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Bellefonte Central (annual)
*50c. Feb. 15 *Holders of rec. Jan. 31
Houston & Texas Central
'3
Jan. 10 *Holders of rec. Jan. 1
Houston & Texas Central
*3
July 10
Mahoning Coal RR..common
*S12.50 Feb. 2 *Holders of rec. Jan. 28.
Mine Hill & Schuylkill Haven
$1.25 Feb. 2 Jan. 16 to Feb. 1
Nashville Chattanooga & Bt. Louis335 Feb. 2 Holders of rec. Jan. 24
Reading Company. 1st pref.(guar.)- - *50c. Mar. 12 *Holders of rec. Feb. 10.
Public Utilities.
Amer. District Teleg. of N. J.(guar.)-- 2
Jan. 29 Holders of rec. Jan. 15a
Brazilian Ti-. Lt.& Pr.. com.(quar.)„- *I
Mar. 2 *Holders of rec. Jan. 31
Central Power & Light, pref. (quar.)
134 Feb. 2 Holders of rec. Jan. 15
Commonwealth Power,common (quar.)_ *S1.50 Feb. 2 Holders of
rec. Jan. 16
Six per cent preferred (quar.)
134 Feb.
Holders of
16
Consumers Power Co.6% pref.(quar.)' $1.65 Apr. 2 Holders of rec. Jan. 16
1
rec. Mar.
Six per cent preferred (quar.)
134 Apr. 1 Holders of rec. Mar.16
Seven per cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar.16
Dallas Power & Light, pref. (quar.)
ig Feb. 1 Holders of rec. Jan. 21
Electric Bond & Share, common
*
2
Jan. 15
Preferred (quar.)
134
Electric Investors, Inc., pref. (quar.)__. $1.75 Feb. 2 Holders of rec. Jan. 17
Feb. 2 Holders of rec. Jan. 15
Ft. Worth Power & Light, pref. (quar.)_
134 Feb. 2
Georgia Ry.& Electric, pref. (quar.)_ _ _ 1% Jan, 2 Holders of rec. Jan. lb
Holders of rec. Jan. 10
Idaho Power, preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 16
Interstate Hallways,common
$1
Feb. 2 Holders of rec. Jan. 26
Municipal Service, common (quar.)
*500. Jan. 26 *Holders of rec. Jan. 10
Preferred (quar.)
'114 Feb. 2 *Holders of rec. Jan. 15
Profit sharing preferred
*8234 Feb. 2 *Holders of rec. Jan. 15
Northern N. Y. UM., pref. (quar.)
*134 Feb. 1 *Holders of rec. Jan. 15
Power Corporation, pref.(guar.)
*134 Feb. 1 'Holders of rec. Jan. 15
Railway sit Light Securities. common
3
Feb. 2 Holders of rec. Jan. 15
Common (extra)
1
Feb. 2 Holders of rec. Jan. 15
Preferred
3
Feb. 2 Holders of rec. Jan. 15
Texas Power & Light, pref.(quar.)
144 Feb. 1 Holders of rec. Jan. 21
Un.Light&Rys.
6
prior .ofp '24(qu.) $1.63 Feb. 2 Holders of rec. Jan. 150
Banks.
Pacific (quar.)
2
Feb. 2 Jan. 25 to Feb. 1
Extra
2
Feb. 2 Jan. 25 to Feb. 1
Trust Companies.
Farmers' Loan et Trust (quar.)
*
6
Feb. 2 *Holders of rec. Jan. 28
Fire Insurance.
Commercial Union
5
On den'
Home
9
On dem Holders of ree. Dec. 31
Miscellaneous.
Amoskeag Mfg., preferred
*234 Feb. 2 *Holders of rec. Jan. .17
Arizona Commercial Mining
50e. Jan. 31 Holders of rec. Jan. 19
Bang Service Stations, Inc., prof.
Feb. 1 Holders of rec. Jan. 15
(qm)-- 2
Best-Clymer Company
500. Feb. 2 Holders of res. Jan. 21
Bond & Mortgage Guarantee
On increased capital
Feb. 18 Holders of roe. Feb. 9
3
Borden Company,common
2
Mar. 2 Holders of rec. Feb. 16
Preferred (quar.)
134 Mar. 16 Holders of rec. Mar. 2
Buffalo Loew's Theatres, Ltd., (
Feb. 2 Holders
2
Brill (J.G.) Co., pref. (quar.) Pf. 01u.)- 134 Feb. 2 Jan. 25 of rec. Jan. 23
to Feb. 1
Bunts Bros., pref.(quar.)
*Ili Feb. 1 *Holders of rec. Jan. 24
Burns Bros.,common A (quar.)
o$2.50 Feb. 15 *Holders of rec. Feb. 2
Common B (quar.)
*50e. Feb. 15 *Holders of rec. Feb. 2
Canadian Converters (quar.)
134 Feb. 16 Holders of rec. Jan. 31
Centrifugal Cast Iron Pipe (quar.)
*3734c Feb. 16 *Holders of rec. Feb. 2
Corrode Paseo Copper (guar.)
Feb. 2 Holders
$1
Cleveland-Cliffs Iron, common (guar.). 4150. Jan. 25 *Holders of rec. Jan. 22
of rec. Jan. 15
Clinchfield Coal, preferred (quar.)
Feb. 2 *Holders of rec. Jan. 26
Continental Can. common (guar.)
Feb. 16 Holders of rssc. Feb. ba
$1
Common (Payable In common stock)_ /5
Feb. 16 Holders of rec. Feb./5a
Be Beers Consol. Mines (Am.
shares) - *95c. Feb. 2 *Holders of rec. Jan. 6
.
Decker (Alfred) & Cohn. Inc., Pt.(qu.)144 Mar, 2 Holders of rec. Feb. 20a
Equitable Eastern Banking
Jan. 14 *Holders of rec. Dec. 31a
Corns (fiu.)- *2
Fairbanks, Morse It Co., corn. (quar.)
650. Mar.31 *Holders of rec. Mar. 14
Preferred (guar.)
144 Mar. 2 *Holders of rec. Feb. 14
Fisher Body Corp. (quay.)
411.26 Feb. 2 *Holders of rem Jan. 22
Fisk Rubber, preferred
$1
Feb. 2 Holders of rec.
Franklin (H. H.) Mfg., prof.(guar.)
15( Feb. 1 *Holders of rec. Jan. 26
---- .
Jan. 20
General Cigar, common
2
Feb. 2 Holders of rec. Jan. 23
(guar.)
Preferred (quar.)
*14.1 Mar. 2 *Holders of rec. Feb. 20
Debenture preferred (quar.)
Apr. 1 *Holders of rec. Mar.24
General Development (quar.)
250. Feb. 20 Holders of rec. Feb. 100
(vol.. 120.
THE CHRONICLE
304
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Name of Company.
Miscellaneous (Concluded).
Feb. 2 Holders of rec. Jan. 20
General Tire & Rubber,common (guar.) $I
Gillette Safety Razor (guar.)(No. 1)--- *6259c Mar. 2 *Holders of rec. Feb. 2
•1259c Mar. 2 *Holders of rec. Feb. 2
Extra
Gossard (H. W.) Co.. preferred (guar.). "1% Feb. 2 *Holders of rec. Jan. 21
Jan. 15 Jan. 1 to Jan. 18
5
Grocers Baking Co
Jan. 15 Jan. 1 to Jan. 18
1
Extra
159 Mar. 2 Holders of rec. Feb. 20
Harbison-Walker Refract.,corn.(qu.)
Jan. 31 Holders of rec. Jan. 22
2
Common(extra)
111 Apr. 20 Holders of rec. Apr. 10
Preferred (guar.)
Feb. 1
*3
Houston Oil, preferred
"75e. Apr. 1 *Holders of rec. Mar. 16
Hudson Motor Car (guar.)
common (guar.)._ 41.50 Jan. 31 Holders of rec. Jan. 22
Iron Products Corp.,
"250. Feb. 2 *Holders of rec. Jan. 20
Mario-Rockwell Corp., common
Metropolitan Chain Storm first and
*1% Feb. 1 *Holders of rec. Jan. 17
second preferred (guar.)
'75c. Apr. 15 *Holders of rec. Mar. 31
National Biscuit, common (guar.)
"149 Feb. 28 *Holders of rec. Feb. 14
(guar.)
Preferred
Feb. 2 Holders of rec. Jan. 21
2
National Carbon, preferred (guar.)
139 Mar. 14 Holders of rec. Feb. 20
.
National Lead, Preferred (guar.)
*I% Feb. 1 "Holders of rec. Jan. 20
(guar.)
National Tea, preferred
259 Jan. 27 Holders of rec. Jan. 17
New York ar Honduras Rosario Mining_
•259 Feb. 1 'Holders of rec. Jan. 26
Pacific Coast Co., first preferred
$1.50 Feb. 2 Holders of rec. Jan. 23
Pacific Mills(guar.)
Jan. 15 Holders of rec. Jan. 5
1
Pierce. Butler & Pierce Mfg.,corn.(gu.)_
Jan. 15 Holders of rec. Jan. 5
1
Common (extra)
Feb. 1 *Holders of rec. Jan. 21
Postern Cereal Co., common (guar.)..._ *$1
Feb. 1 'Holders of rec. Jan. 21
"82
Preferred (guar.)
16a
Producers & Refiners Corp.. pref.(guar.) 8759c Feb. 2 Holders of rec. Jan. 31
Feb. IS Holders of lee. Jan.
2
Pullman Co.(guar.)
Feb. 20 Holders of rec. Feb. 10
Typewriter, 2d pref.(guar.). 2
Remington
Rockl. & Rockp. Lime Corp.,corn.(qu.) $1.50 Feb. 2 Holders of rec. Jan. 15
$3.50 Feb. 2 Holders of rec. Jan. 15
Preferred
Feb. 2 Holders of rec. Jan. 15
$3
Second preferred
Feb. 1 Holders of rec. Jan. 20
1
St.Lawrence Flour Mills, corn.(quar.)_ _
159 Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
41.50 Feb. 1 Holders of rec. Jan. 20
Savannah Sugar Refg., common
I% Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
"149 Feb. 1 *Holders of reo. Jan. 24
Scott Paper, pref. (guar.)
Feb. I Holders of rec. Jan. 22
- -B. Dry Goods, corn. (qu.).... 2
Scruggs V.
Jan. 15 "Holders of rec. Jan. 5
&Metling Rubber, pr. (acct. ace. diva.). •712
Feb. 15 *Holders of rm. Feb. 6
accumulated diva.)..... *82
Preferred (acct.
Mar.16 *Holders of rec. Mar. 6
Preferred (acct. accumulated diva.)- - "82
Transport & Trading, Amer. shares 950. Jan. 24 Holders of rec. Jan. 15
Shell
Feb. 16 "Holders of rec. Feb. 2
Sinclair Consol. 011 Corp., pref. (guar.)_ *2
25c. Feb. 28 Holders of rec. Feb. 2
Standard Motor Construction
149 Mar. 2 Holders of rec. Jan. 30
Standard 011 (Ohio). pref. (guar.)
*149 Feb. 2 *Holders of rec. Jan. 20
Stover Mfg. & Engine. pref. (guar.)_
Feb. I Holders of rec. Jan. 15a
Sugar Estates Oriente, Inc.. pref. (qu.). 2
Tobacco Products Corp., Class A (qu.)_ •41.75 Feb. 16 *Holders of rec. Feb. 2
.25c. Jan. 31 *Holders of rec. Jan. 24
U.S. Glass (guar.)
Mar. 16 "Holders of rec. Mar. 5
U.S. Realty & Impt.,common (guar.)_ _ "2
*144 May 1 *Holders of rec. Mar. 5
Preferred (guar.)
Universal Pipe & Radiator, pref.(guar.). 149 Feb. 2 Holders of rec. Jan. 22a
159 Feb. 1 Holders of rm. Jan. 24
Washburn Crosby Co., pref. (guar.)._
Feb. 1 Holders of rec. Jan. 20
6
White(J. G.)& Co.,Inc., common
154 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
*750. Mar. 1 *Holders of rec. Feb. 10
Woolworth (F. W.) Co.(guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern, preferred....
Atch. Topeka .St Santa Fe,corn.(guar.).
Preferred
Baltimore & Oldo. common (guar.)
Preferred (guar.)
Canada Southern
Cleve.C.C.& St. L.,com.& pf.(au.)_
Cuba RR., preferred
Delaware Lackawanna & West.(guar.).
Extra
Great Northern Railway, priderred
Gulf Mobile & Nor., pref.(guar.)
Int. Rys. of Cent. Amer., pref.(guar.)_ _
Loulav. Hood. & St. Louis, pref. (ann'll
Louisville & Nashville
Michigan Central
Mlasouri-Kansas-Texas. Prof. A (No.1)
NewYork Central RR.(guar.)
New York Ontario & Western
Norfolk & Western, adj. pref.(guar.)--Northern Pacific (guar.)
Pere Marquette, prior preference (gu.)_ _
Five per cent preferred (guar.)
Pittsb. Ctn. Chic. & St. Louis
Pittsburgh & Lake Erie
,
Pittsburgh s 41 est 5 Inlets prof lunar.)
Reading Company,common (quar.)-St. Louts & San Francisco
Preferred. Series A (guar.)
Series A (guar.)
Preferred,
Preferred, Series A (guar.)
Preferred, Series A (guar.)
Southern Railway, common (Quar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
349 Feb. 16 Holders of rec. Jan. 16
1% Mar. 2 Holders of rec. Jan. 30a
259 Feb. 2 Holders of rec. Dec. 31.
113 Mar. 2 Holders of rec. Jan. 10a
1
Mar. 2 Holders of roe. Jun. 10a
159 Feb. 2 Holders of rec. Jan. 2a
1% Jan. 20 Holders of rec. Jan. 2
3
Feb. 2 Holders of rec.Jan 15 250
$1.50 Jan. 20 Holders of rec. Jan 2a
Jan. 20 Holders of rec. Jan 2a
$1
255 Feb. 2 Holders of rec. Dec. 2sa
159 Feb. 16 Holders of rec. Feb. 2a
159 Feb. 16 Holders of rec. Jan. 31a
*4
Feb. 16 *Holders of rec. Feb. 2
Feb. 10 Holders of rec. Jan. 15
3
Jan. 29 Holders of rec. Jan. 20
10
I% Feb. 2 Holders of rec. Jan. 15a
131 Feb 2 Jan. 3 to Jan. 28
Jan. 28 Holders of rec. Jan. 8a
1
Feb. 19 Holders of rec. Jan. 31a
1
134 Feb. 2 Holders of rec. Dec. 316
1% Feb. 2 Holders of rec. Jan. 12a
159 Feb. 2 Holders of rec. Jan. 120
Jan. 20 Holders of rec. Jan. 150
2
82.50 Feb. 2 Holders of rec. Jan. 12a
.25,1
159 Feb. 28 Holders of rec. Feb.2
Feb. 12 Holders of rec. Jan. 15.
81
155
159
155
159
149
Feb.
May
Aug.
Nov.
Feb.
2
1
1
2
2
Holders of rec. Jan.
Holders of rec. Apr.
Holders of rec. July
Holders of rm. Oct.
Holders of roe. Jan.
15a
150
150
16a
106
Pu bile Utilities.
_
1% Feb dI6 Holders of rec. Feb. 4a
American Electric Power, pref.(guar.)._
159 Feb. 2 Holders of rec. Jan. 10
Gas az Electric, preferred (guar.)
Amer.
to Jan. 211
Feb. 2 Jun. lu
corn. (guar.)..
Amer. Light az 'fraction,
Feb. 2 Jan. 16 to Jan. 29
Common (payable in common stock). /1
159 Feb. 2 Jan. 16 to Jan. 29
Preferred (guar.)
2% Apr. 5 Holders of rec. Mar.17a
Amer. Telephone & Telegraph (guar.)_ _
Aprll 1 Holders of rec. Mar. 15
Associated Gas & Electric, pref. cextra)- 1231e.
12540. July 1 Holders of rec. June 16
Preferred (extra)
12590. Oct. 1 Holders of rec. Sept. 16
Preferred (extra)
12590. Jan 1'26 Holders of rev. Dee. 16
Preferred (extra)
354 Feb. 2 Holders of rm. Jan. 15
Boston Consolidated Gas. Prof
of
Carolina Power& Light,common(guar.) 154 Feb. 2 Holders of roe. Jan. 15
rec. Jan. 15
"149 Feb. 1 *Holders
(guar.)Central Power & Light. pref.
.
Chicago Rapid Transit, prlof pf.(mthly.) 650. Feb. 2 Holders of rec. Jan. 135
Feb. 2'Holders of rec. Jan . 15
*2
-Edison (guar.)
Commonwealth
Feb. 1 Holders of rec. Jan. 21
3
Eastern Mass. St. Ry.. pref. B
Feb. 15 Holders of rec. Jan. 31
3
Sinking lurid and 1st pref. stocks
Feb. 2 Holders of rec. Jan. 15
(gust.).-. 3
Edison Elec. Ilium. of Boston
Edison Elec. Ill. of Brockton (guar J.-- 62310. Feb. 2 Holders of rec. Jan. 15
Illinois Northern Utilities, pref. (guar.). •155 Feb. 2 *Holders of rec. Jan. 15
Feb. 16 Holders of rec. Jan. 31
2
Kaministiquia Power (guar.)
62540. Feb. 2 Holders of rec. Jan. 15a
Lowell Elec. Light Corp.(guar.)
Gus Cos., corn. (guar.).. 154 Feb. 2 Holders of rec. Jan. 15
Massachusetts
Michigan Gas az Elec. 6% pref. (guar.)_ '159 Jan. 21 "Holders of rec. Dec. 31
Milwaukee Mee.Ry.& Light, pref.(qtr.) 134 Jan. 31 Holders of roe. Jan. 206
Montpelier & Barre Light & Power, pref h$19.50 Jan. 20 Holders of rec. Dec. 23
Feb. 1 Holders of rec. Dec. 31
$1
Mountain States Power,common
111 Jan. 20 Holders of rm. Dec. 31
Preferred (guar.)
113 Feb. 2 Holders of rec. Dm. 300
Nevada-California Elec., pref.(guar.)
Newport New, at Hampton Hy., Gas dr
41.25 Feb. 2 Holders of roe. Jan. 185
Electric, common (guar.)
Feb. 2 Holders of rec. Dec. 31
Northern States Power (Del.),com.(gu.) 2
1% Jan. 20 Holders of rm. Dec. 31
Preferred (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
Ohio Edison, e% preferred (guar.)
$1.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
50e. Jan. 20 Holders of rec. Dec. 266
Oklahoma Natural Gas (guar.)
Public Utilities (Concluded),
Peoples Gas Light & Coke (guar.)
Pbilatielphia Co.. corn. Mar.)
Philadelphia Rapid Transit (guar.)
Public Service Elec. Power, pref.(gust)
Public Service Investment. corn. (guar.)
Preferred (guar.)
Public Service of Nor. Ills., corn. (guar.)
Six per cent preferred (guar.)
Seven per cent preferred (guar.)
Standard Gas & Electric, corn.(gust.)..
Seven per cent prior preferred (guar.)_
Standard power 5r Light, pref. (guur.)..
Tennessee Electric Power, 20 Prof. (qu.)
Touts Electric Ry., corn. (quay.)
Second preferred (guar.)
United Gas Improvement, pref.(guar.).
U sited 1.ight & Power, corn. A & B (gu.)
Virginia Ry.& Power,pref.(guar.)
West Penn Power Co..7% pref.(guar.).
Winnipeg Electric Railway,emu.(guar.)
York Rys., preferred (guar.)
Banks.
Continental
Corn Exchange ((mar.)
•
When
Per
Cent. Payable
Books Closed.
Days Inclustre.
Jan. 17 Holders of roe. Jan. 3a
2
Jan. 31 Holders of rec. Jan. 17.
81
75c. Jan. 31 Holders of rec. Jan. 15a
.149 Feb. 2 *Holders of rm. Jan. 15
1% Feb. 2 Holders of rm. Jan.14
149 Feb. 2 Holders of rec. Jan. 14
*41.75 Feb. 2 'Holders of rec. Jan. 15
'159 Feb. 2 *Holders of rec. Jan. 15
•149 Feb. 2 *Holders of rec. Jan. 15
75e. Jan. 26 Holders of rec. Dec. 316
159 Jan. 26 Holders of rec. Dec. 31
*81.75 Feb. 2 'Holders of rec. Jan. 16
$1.50 Feb. 2 Holders of rec. Jan. 12
1
Mar. 1 Holders of rec. Feb. 15
159 Feb. 1 Holders of rec. Jan. 15
8759c. Mar. 14 Holders of rec. Feb. 28a
40c. Feb. 2 Holders of rec. Jan. 156
159 Jan. 21 Holders of rm. Jan. 2a
1% Feb. 2 Holders of rec. Jan. 15a
1
Feb. 1 Holders of rec. Jan. 15
6249c Jan. 31 Holders of rec. Jan. 216
4
5
Feb. 2 Holders of roe. Jan. 29a
Feb. 2 Holders of rec. Jan. 816
Miscellaneous.
- $1
Jan. 20 Holders of rec. Jan. 106
Abitibi Power ,k Paper. corn. (guar.).
2
Jan. 19 Holders of rec. Jan. 106
Alliance Realty (guar.)
2
Jan. 19 Holders of rec. Jan. 101
Extra
Feb. 2 Holders of rec. Jan 15a
Allied Chemical & Dye Corp.,com.(qu.) SI
$1
Feb. 16 Holders of roe. Jan. 296
Allis-Chalmers Mfg., corn. (guar.)
2
Feb. 2 Holders of rec. Jan. 17.
Amalgamated Sugar. first pref. (guar.)._
$1.25 Feb. 15 Holders of rec. Feb. 20
lean Bank Note common (guar.)_
Amo
1
Jan. 31 Holders of rec. Jan. 101
American Beet Sugar,common (guar.)_ _
159 Feb. 16 Holders of rec. Jan. 31a
American Can, common (guar.)
2
Feb. 16 Holders of rm. Jan. 316
Common (extra)
139 Feb. 15 Holders of rec. Feb. 2
American Cigar,common (guar.)
1
Feb. 1 Jan. 12 to Feb. d2
American Coal
2
Feb. 2 Jan. 17 to Jan. 21
American Glue, preferred
I% Jan. 25 Holders of rec. Jan. so
American Ice, common (guar.)
159 Jan. 26 Holders of rec. Jan. 5a
Preferred ,(guar.)
Amer.La France Fire Eng.,corn.(guar.) 25o. Feb. 16 Holders of rec. Feb. 2a
Amer.Laundry Machinery,corn.(guar.) 75e. Mar, 2 Feb. 22 to Mar. 2
2
Feb. 2 Eloiders of rec. Jan. 15'25
American Shipbuilding. corn. (guar.)._
2
May 1 Hunters of tee. Apr. 15'26
Common(gear)
2
Aug. 1 Holden.; of rec. July 15'25
Common(guar )
I% Feb. 2 Holders of roe. Jan. 15.
Preferred (guar.)
Amer. Smelting & Refining, corn. (guar.) 149 Feb. 2 Holders of rec. Jan. Ha
1% Mar. 2 Holders of rec. Feb. Oa
Preferred (guar.)
75c. Feb. 16 Holders of rec. Jan. 17.
Anaconda Copper Mining
-Midland Co.. pref.(gu.)- •1n Feb. 1 *Holders of rec. Jan. 21
Archer-Daniel
25c. Jan 31 Holders of rec. Jan. 166
Art Metal Construction (guar.)
Associated Dry Goods,corn.(guar.)_... 1 )9 Feb. 2 Holders of rec. Jan. 176
15; Mar. 2 Holders of rec. Feb. 14a
First preferred (guar.)
lh Mar. 2 Holders of rec. Feb. 146
second preferred (guar.)
3759e Jan. 26 Holders of rec. Doe. 350
Associated Oil (guar.)
149 Feb. 2 Holders of rm. Jan. 15.
pref. (guar.)
Atlantic Refining,
159 Feb. 2 Holders of rec. Jan. 200
Atlas Powder, prof.(guar.)
1% Feb. 1 Holders of rec. Jan. 150
Austin, Nichols & Co.. Prof.(guar.)
134 Apr. 1 Holders of rec. Mar.206
Babcock & Wilcox Co.(quarterly)
*25c. Feb. 1 *Holders of rec. Jan. 20
Balaban & Katz, corn.(monthly)
"25e. Mar. 1 'Holders of rec. Feb. 20
(monthly)
COn1113011
•25c. Apr. 1 'Holders of rec. Mar.20
Common (monthly)
•144 Apr. I *Holders of rec. Mar.20
Preferred (quar.)
Barnhart Bros. & Spindler
First and second preferred (gear.)... 149 Feb. I Holders of rec. Jan. 26a
,
Bond & Mortgage Guarantee (stock div.) 566 1 Feb. 5 Holders of rm. Jan. 21
50c. Apr. 1
Boyd-Welsh Shoe (guar.)
*8759 Jan. 26 *Holders of rec. Jan. 20
Briggs Manufacturing (guar.)(No. 1)
See note to
Jan. 19
British-American Tobacco,ordinary.. to
See note to
Jan. 19
to
ordinary (interim)
1% Feb. 1 Holders of rm. Jan. 20.
Brown Shoe, preferred (guar.)
(No.1) 90c. Feb. 15 Holders of rec. Feb. 5
Brunswick-Balke-Collender, corn.
I% Feb. 2 Holders of rec. Jan. 230
Burns Brothers, prior pref.(guar.)
81.50 Mar. 16 Holders of rec. Feb. 28
California Packing Co.(guar.)
Century Ribbon Mills, corn. (guar.).... _ 50c. Jan. 31 Holders of rec. Jan. 16a
149 Mar. 2 Holders of rec. Feb. lea
Preferred (guar.)
kt Jan. 26 Holders of rm. Jan. 154
Chicago Pneumatic Tool (guar.)
Chicago Mira.It Franklin Coal, pf.(qu.) 159 Feb. 2 Holders of rec. Jan. 15a
33 1-3c Feb. 2 Holders of rm. Jan. 20a
Yellow Cab (monthly)
Chicago
33 I-3e Mar 1 Holders of rec. Feb. 200
Monthly
1)9 Mar. I Holders of roe. Feb. 15a
Cleveland Stone (guar.)
159 June 1 Holders of rec. May 15a
Quarterly
159 Sept. 1 Holders of rec. Aug. 15a
Quarterly
1% Feb. 2 Holders of rec. Jan. 21a
Peabody It Co., corn. (guar.) _
Cluett,
Feb. 2 Holders of rec. Jan. 19a
El
Columbian Carbon (guar.)
750. Jan. 30 Holders of rm. Jan. I5a
Congoleum Co.,common (guar.)
•139 Mar. 1 *Holders of rec. Feb. 16a
Preferred (guar.)
Congoleum-Nairn Co., corn. (guar.). -- 75e. Jan. 30 Holders of rec. Jan. 156
149 Mar. 1 Holders of rec. Feb. 16
Preferred (guar.)
159 Jan. 31 Holders of rec. Jan. 206
Consolidation Coal (guar.)
20c. Jan. 30 Holders of rec. Jan. 216
Continental Motors, corn.(guar.)
Products Refining, corn. (gear.).. 50c. Jan. 20 Holders of rec. Jan, 5a
Corn
Jan. 31 Holders of rec. Jan. 15a
1
Crucible Steel, corn.(quay.)
Mar. 2 Holders of rec. Feb. 16
$1
Cuba Company, common (guar.)
314 Feb. 2 Holders of rec. Dee. 31
Preferred
Dictograph Products Corp.,corn.(No.1) Sc. Jan. 20 Holders of roe. Dec. 31a
50c. Jun. 20 Holders of roe. Dec. 31
Dome Mines, Limited (guar.)
du Pont(E. I.) de Nemours & Co
1% Jan. 26 Holders of rec. Jan. 10a
Debenture stock (guar.)
du Pont(El.) de Nem.Powd..com.(gu.) 159 Feb. 2 Holders of roe. Jan. 19a
1% Feb 2 Holders of rec. Jan. 196
Preferred (guar.)
Jan. 24 Dec. 16 to Jan. 1
81
Eastern Rolling Mill. common
2
Jan. 24 Dec. 16 to Jan. 1
Preferred (rplar.)
339 Jan. 31 Holders of rec. Dec. 31
Eastern Theatres(Toronto). pref
*2
Feb. 2 *Holders of rec. Jan. 15
National Watch (guar.)
Elgin
32.50 Jan. 20 Holders of rec. Jan. 35
Extra
Feb. 2 Holders of rec. Jan. 15
11
Eureka Pipe Line (guar.)
50e. Jan. 31 Holders of rec. Jan. 195
Exchange Buffet Corporation (guar.)_
•144 Feb. 1 *Holders of ree. Jan. 17
F. It W. Grand Stores (guar.)
1)9 Feb. 1 Holders of rec. Jan. 40a
Fair (The), preferred (quar.)
259 Feb. 1 Jan.d13 to Feb. 1
Fajardo Sugar (guar.)
159 Feb. 1 Jan.d13 to Feb. 1
Extra
Feb. 2 Holders of rec. Jan. 2
-Lasky Corp.. Pref.(f111.) 2
F111110112 Players
Firestone Tire & Rubber,common (gu.)_ $1.50 Jan. 20 Holders of rec. Jan. 106
149 Feb. 15 Holders of rec. Feb 1
7% preferred (guar.)
81.50 Apr. 1 Holders of rec. Mar. 216
Francisco Sugar (guar.)
Quarterly
81.50 July 1 Holders of roe. June 200
Quarterly
81.60 Oct. 1 Holders of tee. Sept.216
General Motors. 7% pref.(guar.)
13.4 Feb. 2 Holders of roe. Jan. 50
154 Feb. 2 Holders of roe. Jan. 60
Six per cent debenture stock (quar.)
las per cent prof. (guar.)
119 Feb. 2 Holders of roe. Jan. So
1% Feb. 1 Holders of rec. Jan. 150
Gimbel Brothers, preferred (guar.)
3759c Jan. 20 Holders of rm. Jan. 106
Ginter Company, common (guar.)
Gossard(H. W.) Co.. common (mthly.)- 25e. Feb. 2 Holders of rm. Jan. 20
Common (monthly)
25c. Mar. 2 Holders of rec. Feb. 20
Harbison-Walk. Refract., pref. (quay.). 139 Jan. 20 Holders of roe. Jan. 106
Hollinger Consolidated Gold Mines
1
Jan. 28 Holders of rec. Jan. 12
Holly Sugar Corp., pref. (guar.)
134 Feb. 2 Holders of rec. Jan. 15
Preferred (acct. accumulated diva.)
81% Feb. 2 Holders of rec. Jan. 15
Homestake Mining (monthly)
50o. Jan. 25 Holders of rm. Jan. 201
Extra
$1
Jan. 25 Holders of rec. Jan. 206
•141 Feb. 1 *Holders of roe. Jan. 20
Hood Rubber, preferred (guar.)
(guar.)... 25e. Feb. 1 Holders of rec. Jan. 155
Hupp Motor Car Corp.,corn.
Illinois Brick (guar.)
*2.40 Apr. 15 *Holders of rec. Apr. 3
Quarterly
*2.40 July 15 *Holders of rec. July 3
Quarterly
*2.40 Oct. 15 *Holders of tee. Oct. 3
Indiana Pipe Line (guar.)
Feb. 14 Holders of roe. Jan. 20
11
Mar. 2 Holders of roe. Feb. 115
Ingersoll-Rand Co.. COM. ((Mr.)
2
SQ
JAN. 17 1925.]
Name of Cont
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
305
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
51.25 Apr. 1 Holders of rec. Mar.18
Interlake Steamship (quar.)
The following shows the condition of the New York City
Internat. Combustion Engineering (WI.) 50c. Jan. 31 Holders of rec. Jan. 190
155 Feb. 2 Holders of rec. Jan. lba Clearing House members for the week ending Jan. 10. The
Internat. Nickel, pref. (altar.)
(monthly)._ 50c. Feb. 1 Holders of rec. Jan. lba
International Shoe, pref.
figures for the separate banks are the avergaes of the daily
25c. Feb. 16 Holders of rem Feb. 2
Intertype Corp., corn. (quar.)
250. Feb. 18 Holders of rec. Feb. 2
Common (extra)
results. In the case of the grand totals, we also show the
154 Feb. 2 Holders of rec. Jan. 21a
Kelsey Wheel. pref. (quar.)
1
Feb. 2 Holders of rec. Jan. 200 actual figures of condition at the end of the week.
Kress(B. H.)& Co.. corn.(quar.)
$1.25 Jan. 31 Jan. 16 to Jan. 31
cgs. of int
Lehigh Valley Coal
Loew's Boston Theatres. COM. (guar.).- 15‘ Feb. 1 Holders of rem Jan. 20
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Loose-Wiles Biscuit. second pref.(quar.) 134 Feb. 1 Holders of rec. Jan. 190
(Stated in thousands of &liars
Feb. 1 Holders of roe. Jan. 19
Lord & Taylor, 2d preferred(guar).
- 2
-that U. three ciphers (0001 omitted.)
Lowell Shops, 2d pref. (quar.)
•151 Mar. 2 'Holders of rec. Feb. 20
151 Feb. 1 Holders of rec. Jan. 170
Macy (R. H.)& Co.. Prof.(quar.)
New
Manati Sugar,common ((Var.)
134 Mar. 2 Holders of roe. Feb 140
Capital]Profits. Loans,
Reserv
Common(quar.)
134 June 1 Holders of rec. May lba
count. Cash
toUh
Common(quer.)
Net
Thu Bash
134 Sept. 1 Holders of rec. Aug. 150 Week Ending
Jan. 10 1925 Nat'l, Dec. 31 Investin
Legal Demand
De- OresPreferred (quay.)
154 Jan 2'26 Holders of rm. Dem 16
State, Nov. 15 rungs. Vault. Deposi DiVosiU. mite. taMaple Leaf Milling, preferred (quar,)
154 Jan. 19 Holders of rec. Jan. 3
(000 omitted.) Tr.Cos.Nov.15
ctc.
tortes.
nos.
McCrory Storm Corporation. Pref.(qu.) 154 Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
154 May 1 Holders of rec. Apr. 200
Preferred (guar.)
154 Aug. I Holders of rec. July 20a Members of Fed. Res. Bank. Average Averag Average Average Average de's.
Bank of N Y &
Preferred (quar.)
.
$
154 Nov. 1 Holders of rec. Oct. 200
Trust Co__ 4,000 12,462
75,722 1.122 7,644
543.545 10,618 -.
Mercantile Stores Co., Inc
$4
Feb. 16 Holders of rec. Jan. 20
126,913 22.961
Mexican Petroleum, common (quar.)
$3
Jan. 20 Holders of rec. Dec. 300 Bk of Manhat' 10,000 13,874 150,406 2,984 17,891
170,512 8.768 -bia
Preferred (quar.)
$2
Jan. 20 Holders of rec. Dec. 300 Mech & Met Bk 10,000 15.970 178,061 3,826 22,585
86,824 1,771 13,075
Bank of America 6,500 5,412
96.068 4,895
Miami Copper Co.(guar.)
50e. Feb. 16 Holders of rec. Feb. 2a
• h$6.25 Jan, 26 'Holders of rec. Jan. 15
Nat City Bank. 40,000 55.297 611,736 5,145 72,891 .665,486 93,971
956
Montgomery Ward & Co.,class A
139.465 4,73.5
347
Moon Motor Car (guar.)
75e. Feb. 1 Holders of rec. Jan. 150 Chem Nat Bank 4,500 17,024 148,111 1,584 18,653
7,290
122 1,012
Nat Butch & Dr 1.000
277
5,938
246
493
Motor Products, pref. (quar.)
*II Feb. 1 *Holders of rec. Jan. 20
109,454 8.566 4,940
Mullins Body Corp., pref. (quar.)
2
Feb. 1 Holders of rec. Jan. lba Amer Each Nat 5,000 8,248 119,363 1,124 14,166
343,914 11,049 _Nash Motors. common
83.50 Feb. 1 Holders of rec. Jan. 200 Nat Bk of Corn.. 25,000 39,761 382,747 1,549 45,032
30.939 3,100
32.995 1,103 4.422
Common (extra)
$2.50 Feb. 1 Holders of roe. Jan. 200 Pacific Bank._ _ 1,000 1.708
133,008 36,38 5,118i
Preferred (quar.)
15‘ Feb. 1 Holders of rec. Jan. 200 Chat&PhenNat 10,500 9,318 173,281 5,096 19,097
604 17,458
130.002
287
Nat. Dept. Stores, 1st pref. (quar.)_ _ _ _
134 Feb. 2 Holders of rec. Jan. 15a Hanover Nat Bk 5,000 23,519 140,560
Corn Each Bank 10,000 13,493 200,870 7,556 26,257
182,758 28,850
Nat. Enameling & Stamping, pref.(qu.) 154 Mar.31 Holders of rec. Mar.11
Nat Park Bank. 10,000 23,743 180,376 1,330 19,252
146,436 9,821 8,670
Preferred (quar.)
134 June 30 Holders of rec. June 10
.249 3,400
East River Nat. 2,100 1,942
24,051 7,426
31,290
496
Preferred (quar.)
154 Sept.30 Holders of rec. Sept. 10
473 31,102
233,714 23,904 7,370
First National.. 10,000 68,060 319,283
Preferred (guar.)
151 Dee. 31 Holders of rec. Dec. 11
National Fireproofing, preferred
IrvIngBk-ColTr 17,500 12,417 290.555 3,544 38,733 289,255 28,903
154 Apr. 15 Holders of rec. Apr. 1
New Jersey Zinc (quar.)
7,746
452
134
889
Continental Bk. 1,000 1,066
8,264
2
Feb. 10 Holders of rec. Jan. 20
421,858 20,820 1,63
9
New York Air Brake,common (quar.)._ 51
Feb. 2 Holders of rec. Jan. 70 Chase National. 20,000 25,461 425,510 4,690 55,575
26,013
24,963
918 3,801
500 2,704
Class A (quar.)
$1
Apr. 1 Holders of rem Mar.100 Fifth Ave Bank
13,494
508 1,507
600 1,099
Commonwealth
10,787 2.797
New York Canners, Inc.
14
541 3,103
1,000 1,656
39e
16,977
16,486
Common (payable In common stock). 13
Feb. 2 Holders of rec. Jan. 150 Garfield Nat..
19,401
229 2.482
248
18,730 1,182
First preferred
354 Feb. 1 Hold,of ree. Jan.22'250 Fifth National. 1,200 1,344
4,000 7,8.52 109,929 1,016 13,538
85
Second preferred
103,252 3.792
4
Feb. 1 Hold,of rec. Jan 22'254 Seaboard Nat.
21,113
248 2,549
Niptsteng Mines,Ltd.(quar.)
Coal & Iron Nat 1,500 1,375
16,918 2,723 412
*15c. Jan. 20 *Jan. 1 to Jan. 18
Bankers Trust. 20,000 28,514 340,987 1,049 38.952 *306,092 43,23 -Extra
*15c. Jan. 20 'Ian. 1 to Jan. 18
61.658
770 7.305
55,381 6.738 ---Orpheum Circuit, common (monthly)
150. Feb. d2 Holders of rec. Jan. 200 U S Mtge & Tr. 3,000 4,619
Common (monthly)
15c. Mar. d2 Holders of rec. Feb. 200 Guaranty Trust 25.000 19.180 485.419 1,728 54,142 •475483 52,667 ---23.287
411 2.687
2,000 2,117
Common (monthly)
20,728 1,887 -150. April 1 Holders of rec. Mar. 200 Fidel-InterT
Overman Cushion Tire,Inc..tom.
818 20.974
152,042 28.238
(quay) 144 Jan. 20 Holders of rec. Dee. 310 NY Trust Co.. 10,000 19,147 178.67
48,98
361 5,6771
"X" preferred (guar.)
42,678 3.471 __154 Jan. 20 Holders of rec. Dee. 310 Metropolitan Tr 2,000 4,129
440 16,736 '126,248 28,798 -Owens Bottle, coin. (quar.)
75c. Apr. 1 Holders of rec. Mar. 160 Farm Lean & Tr 5,000 17.370 151,086
1,627 31,8011 299.i09 32,385 -Preferred (quar.)
'
134 Apr. 1 Holders of rec. Mar. 160 Equitable Trust 23,000 11,262 267,48
Pacific 011
81
Jan. 20 Holders of rec. Dec. lba
Packard Motor Car,common (quar.) _ 300 Jan. 31 Holders of rec. Jan. 154 Total of averages 291,900467,600 5.323,64 55,668634.146 c4,687.190 529,30 32.108
Pan-American Petroleum & Transport
Common and common B (quar.)
$I
Jan. 20 Holders of rec. Doe. 300 Totals, °data c edition Jan. ii 5,301,594 53,268 594,869c4.647,088 525,370 .247
Totals, actual co!ethical Jan. 35.335.969.56,590625,968c4.718,488 531,89832,139
Penman's,Limited,corn.(quar.)
2
Feb. 16 Holders of rec. Feb. 5
Totals, actual condition Dm.27 5,308.582 64.552640.642c4,623,669527.20232,148
Preferred (quar.)
155 Feb. 2 Holders of rec. Jan. 21
State Banks Not Members of Fed'I Res've
Penn Traffic Co
754c. Feb. 2 Holders of rec. Jan. 170
21;347 2,0201 2,514
Greenwich Bank 1.000 2,434
Permanent Mtge. Co.. preferred (extra)
886
1% Feb. 1
5,582
338
381
897
250
Bowery Bank..
1,997
Philadelphia Insulated Wire
52
Feb. 2 Holders of rec. Jan. lba
99,793 4,231 2,2
61,41
Phillips-Jones Corp., Prof.(quar.)
151 Feb. 1 Holders of rec. Jan. 200 State Bank..___ 3.500 5,134
Pick (Albert) d) Co..common (quar.)
40c. Feb. 2 Jan. 21 to Feb. 1
60.858j 64,301
Pittsburgh Coal, preferred (quar.)
134 Jan. 24 Holders of rec. Jan, 90 Total of averages 4,750 8,487 128,722 6,589 5.185
Plymouth Cordage (quar.)
134 Jan. 20 *Holders of rec. Jan. 1
82.136 84.139
Totals actual condition Jan. 10 127,356 6,586 5,726
Prairie Oil & Gas(quar.)
2
Jan. 31 Holders of rec. Doe. 310
59,858 64.648
Prairie Pipe Line (quar.)
2
Jan. 31 Holders of rec. Dec. 310 Totals, actual condition Jan. 3 127,137 6,375 4,407
59,634 64,155
Punta Alegre Sugar (quar.)
$1.25 Feb. 16 Holders of rec. Feb. 20 Totals, actual eo ndition Dec.27 125,784 7,1121 4,931
Quaker Oats Co., preferred (quar.)
154 Feb. 20 Holders of rec. Feb. 20 Trust Companies Not Members of Fed Nee,e Bank
59,221 1,899 4,022
38,048
Reynolds Spring,common (quar.)
25e. Feb. 2 Holders of rec. Jan lha Title Guar & Tr 10,000 15,908
16,635
27,420
896 1,683
Richmond Radiator, preferred (quar.)_. 134 Apr. 15 Holders of rec. Mar.310 LawyersTit&Tr 6.000 8.311
Preferred (quar.)
134 July 15 Holders of rec. June 300
86,641 2,58
5,6
54,681
Total of averages 16,000 22,220
Preferred (quar.)
1% Oct. 15 Holders of rec. Sept.30
0
Preferred (quar.)
134 JanI526 Holders of rec. Dec. 310
55,511 2,87
Totals. actual c ndltion Jan. 10 87,044 2,4591 6.245
St.Joseph Lead (guar.)
50c. Mar.20 Mar.10 to Mar.20
55,493 2,74
Totals, actual co ndltion Jan. 3 88,231 2,424, 5.913
Quarterly
We. June 20 June 10 to June 21
53,118 2,749
Totals, actual condition Dec. 27 88,690 2.619, 5,65
Quarterly
tkc. Sept.21 Sept.10 to Sept.21
Quarterly
50c. Dec. 21 Dec.10 15to Dec.21 '25
Salt Creek Producers Amen (guar.)
20o. Feb. 2 Holders of rec. Jan. 160 Gr'd aggr., aver 312,650498,118 5,537,004 64,8461845,016 4.802,729 596,37732,108
+31,319 -791 -11b
Extra
30e. Feb. 2 Holders of rec. Jan. 160 Comparison with prey. week_ +21,551-3,007 10,03
Savage Arms Corp.,2d pref.(quar.)
144 Feb. 16 Holders of rec. Feb. 20
Sears, Roebuck & Co., common (quar.). 1)1 Feb. 1 Holders of rec. Jan. 150 Gr'd aggr., act'/cond'n Jan. 105.615.994 62.313606.837 4,764,735 692.38732,247
Shell Union Oil, pref. A (quar.)
$1.50 Feb. 16 Holders of rec. Jan. 260 Comparison With prey,week_ _ -33,343-3,0761-29,451 -67,102-6,7051 +108
Simmons Co., pref.(quar.)
1.34 Feb. d2 Holders of rec. Jan. 150
Smith (Howard)Paper Mills. pref.(qu.) 2
Gr'd aggr.. aa'l cond'n Jan. 35,549,337 65.389636.288 4,831,837 599.09232.139
Jan. 20 Holders of rec. Jan. 10
Gr'd aggr., act'l cond'n Dec.275,518.956 74.283651,230 4.736.421594,10632,148
Spalding(A. G.)& Bros., pref.(quar.). 2
Mar. 2 Holders of rec. Feb. 21
Second preferred (quar.)
Gr'd agar., oat cond'n Dec.205.313,282 73.257616,240 4,764,916 599,635 32.288
2
Mar. 2 Holders of rec. Feb. 21
Stearns(F. B.) Co., corn. (guar.)
Gr'd aggr.,eel cond'n Dec.135,465,102 64,849697,091 4.728.926606,837 32.409
'37%c Feb. 1 'Holders of rec. Jan. 25
Steel Co. of Canada,com.& pf.
Gr'd seer., aa'l cond'n Doe. 65,537.685 62.353609.395 4,743,465616.72832,383
134 Feb. 2 Holders of rec. Jan. 7
Sterling Products (quar.)
$I
Feb. 2 Holders of rec. Jan. 150 Gr'd aggr., actl cond'n Nov.295,536,009 62,416 636,221 4,712,285637,831 32.207
Superior Steel, common (quar.)
750. Feb.
Holders of rem Jan. lba
Note.
-U. B. deposits deducted from net demand deposits in the general total
Swift Internacional
°
90c. Feb. 1 Holders of rec. Jan. 15
above were as follows: Average total, Jan. 10, $21,331,000; actual totals Jan. 10.
Thompson (J. R.) Co., corn.(monthly). 25e. Feb.
Holders of rec. Jan. 230 518,110,000; Jan, 3, 523,250,000; Dec. 27,
Common (monthly)
823,250,000: Dec. 20, $23,182,000: Dec.
25e. Mar.
Holders of rec. Feb. 230
Union Oil of California (No. 1)
450. Feb. 10 Holders of rec. Jan. 16a 13, $14,144,000. Bills payable, rediscounts, acceptances and other liabilities.
average for week Jan. 10, 5564,942,000; Jan. 3, $599,377,000; Dec.27,8617,953.000:
United Alloy Steel Corp.,Prof.(quar.).. •
154 Jan. 20 *Holders of rec. Jan. 1
United Drug, common (quar.)
155 Mar. 2 Holders of rec. Feb. 140 Dec. 20,5550,917,000; Dec. 13, $518,812,000. Actual totals Jan. 10. $567,331.000:
First preferred (guar.)
154 Feb. 2 Holders of rec. Jan. lba Jan. 3, $537,537,000: Dec. 27. $650,384,000; Dec. 20, $558,402,000; Dec. 13,$616.Second preferred (quar.)
135 Mar. 2 Holders of rec. Feb. 160 972,000.
• Includes deposits in foreign branches not included in total footings, as follows:
United Fruit (quar.)
254 Apr. 1 Holders of rem Mar. 130
National City Bank,$129,465,000; Bankers Trust Co.. $17,407,000; Guaranty Trust
Quarterly
234 July I Holders of rec. June 60 Co.,
Quarterly
$82,483,000: Farmers' Loan & Trust Co.. $7.644,000: Equitable Trust Co.,
2% Oct. 1 Holders of rec. Sept. ba
Quarterly
234 Jan 2'26 Holders of rec. Dec. ba $58,817,000. Balances carried In banks in foreign countries as reserve for such
United Verde Extension Mining (guar.). 50o. Feb. 2 Holders of rec. Jan. 30 deposits were: National City Bank, $18,908,000; Bankers Trust Co.. $1.521,000:
Guaranty Trust Co., $4,354,000; Farmers' Loan di Trust Co.,$7,644,000; Equitable
U. B. Radiator, corn. (quar.)
'$I
Jan. 30 *Holders of rec. Jan. 15
Trust Co., $8,191,000. c Deposits In foreign branches not Included.
Common (for year 1924)
'52
Jan. 30 *Holders of rec. Jan. 16
U.S.Realty & Improvt., prof.(guar.)._
154 Feb. 2 Holders of rec. Dec. ba
The reserve position of the different groups of institutions
U.S. Rubber,first preferred (guar.). _
2
Jan. 31
150
Ventura Consolidated Oil Fields (guar.). 500. Feb. 2 Holders of rec. Jan.
Holders of rec. Jan. 15
on the basis of both the averages for the week and the actual
Vulcan Detinning, pref.(quay.)
154 Jan. 20 Holders of rm. Jan. 90
Prof.(acct. accumulated dividends)_
hl
Jan. 20 Holders of rec. Jan. 90 condition at the end of the week is shown in the following
Preferred Class A (quar.)
134 Jan. 20 Holders of rec. Jan. 90 two tables:
Weber d)Helibroner, preferred (quar.)_
154 Mar. 2 Holders of rec. Feb. 180
Westinghouse Air Brake (attar.)
$1.60 Jan. 31 Holden of ree. Dec. 310 STATEMENT OP RESERVE POSITION OP CLEARING HOUSE BANKS
Westinghouse Flee.& Mfg.,awn.(quar.) $1
Jan, 31 Holders of rec. Dec. 310
AND TRUST COMPANIES.
White Eagle Oil& Refining (quar.)
500. Jan. 20 Holders of rec. Dec. 310
Wilcox (H. F.) 011 & Gas (quar.)
.2
Feb. 5 Holders of rm. Jan. 15
Averages.
Wrigley (Wm.) Jr., & Co.
Monthly
25e. Feb. 2 Holders of rec. Jan. 20a
a
Monthly
Reserve
Cash
25e. Mar. 1 Holders of rec. Feb. 200
Reserve
Total
Surpass
Yellow Cab Mfg., class B (monthly)
Reserve
in
21e. Feb. 2 Holders of roe. Jan. 200
Retsina,
Relents.
in Vault. Depositories Reserve.
Class B (monthly)
21e. Mar, 1 Holders of rec. Feb. 200
•From unofficial sources. I The New York Stock Exchange has ruled that stock
4111 not be quoted ex-dividend on this date and not until further notice. 8 The
NOW York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
Transfer books not closed for this dividend. 4 Correction. e Payable In stock
•
f payable in common stock. g Payable In scrip. 7) On account of accumulated
dividends. at Payable in preferred stock. n Payable in Canadian funds.
I Dividend is at rate of 5% per annum for period from May 26 to Dec.31 1924.
to Final dividend Is two shillings and Interim dividend is ten pence. Transfers
Waived in London up to Jan.3 will be in time for Payment of dividend to transferees.
e Payable to holders of Coupon No. 7,
Members Federal
Bank
State banks*
Trust companies'...
8,589.000
2.589.000
634.146,000 634,148.000 625,213.940
5,185,000 11.774:000 10,954,440
5,685,000 8,274.000 8,202,150
8,932,060
819,560
71.850
Total Jan. 10- 9,178,000 645,016.000 654,194,000 844,370,530 9,823.470
Total Jan. 3_
9,063.000 655.049,000 684,112.000 640,265,910 23,846,090
Total Dec. 27.... 9,311.000 843,534,000 652,845.000 638,757.780 18.087,220
Total Dec. 20.... 8,908,000 650,103.000 659,011.000 837,929,160 21,081,840
•Not members of Federal Reserve Bank.
a This lathe reserve required on the net demand deposits In the case of State banks
and trust companies, but in the ease of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
Jan.10,515,879,240:Jan. 3,515,896,070; Dec.27.815,924,650; Dec.20,860,204,560.
306
THE CHRONICLE
Actual Figures.
Reserve
Cash
Reserve
in
is Vault. Depositories
Members Federal
Reserve Bank
State banks•
Trust coin panies•__ _
Total
Ruerve.
Reserve
Required.
Surplus
Reserve.
9.045.000 606.837.000 615,882,000 839.393.670 di 23511670
8.799.000636.288,000 645.087.000 648.192.510 def3105,510
9.731.000 651.230.000 660,961.000 635.594.850 25,366.150
9,195,000 615,240.000 624,435,000 639.454.530-15019.530
•Not members of Federal Reserve Bank.
b This is the reserve required on uet 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.10.$15.761,114 Jan. 3,515,950.940; Dec. 27,$15,816.000; Dec. 20. 515,975,750.
State Banks and Trust Companies Not in Clearing
House.—The State. Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Rankin° Departmern.)
Differences from
Jan. 10.
previous week.
Loans and Investments
$997.471.500 Dec. 35,017.100
Gold
4.530.000 Dec.
248.300
Currency and notes
24,838.000 Dec. 4,562.700
Deposits with Federal Reserve Bane of New York
92.578.400 Inc. 1,468,000
Total deposits
1 087,463.300 Inc. 11,181,000
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies In N. Y. City, exchange and U. S.
1 016,759.500 Deo. 2.767.500
deposits
Reserve on deposits
167,720,300 Inc. 5,203,900
Percentage of reserve. 21.9%.
RESERVE.
—Slate Banks— —Trust Companies—
587.526,300 15.63%
•$34,420.100 16.86%
Cash In vault
Deposits in banks and trust cos-- 13.779.800 06.75%
31.994,100 05 71%
Total
248.199.900 23.61%
$119.520,400 21.34%
• Includes deposits with the Federal Reserve Bank of Now York, which for the
State banks and trust companies combined on Jan. 10 was $92,578,400.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks ana
trust companies in Greater New York City outside of the
Clearing House are as follows:
•
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK
Loans and
Investments.
Demand
Deposits.
$
8.171.331.700
6.245.090,200
6.380.981.700
6,482,535,800
6,413,396.600
6.406,300,400
6.455.020.500
6.471.127.800
6.426.927.200
6.433.204.400
6.474,249.900
6,518.724,600
6.528.299,100
8.511.329.700
0,467.071.000
6.499.44t,100
6,517,941.600
$
5.428.157.800
5.544.643,300
5.544,168,600
5.616.632.400
5,568.625.300
5,572,477,300
5.649,960,400
5,627.593,900
5.591.046.400
5,663.989.100
5.684.5.32.300
5.708,357,400
5.760.687.300
5,757.800,800
5,767.935,500
5.745,656.500
5.700,937.000
eTohil Cash
Reserve 01
in Vaults. Depositaries.
—
•
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
3
594,866,000 594.886.000 619.882.540 25.016,540
6,586,000 5.726,000 12.312.000 11,184.480 1.127.520
2.459.000 6,245.000 8.704.000 8.326.650
377,350
Total Jan. 10
Total Jan. 3
Total Dee. 27
Total Dec. 20_
Week Riedetl—
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 28
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dee. 27
Jan .
3
_
rs
[VOL. 120. •
,ens Ja.le LAA
G Olt. A00
enn
$
83.772.900
80.731.400
81,522,500
81.794,90(1
87,219,200
85,602.500
83.921,000
83,783.000
84,099,700
88,084.800
85.378,900
87.858,300
89.895.100
93.756.200
98.888,600
104.910.200
102.032.000
AA OIA
nnn
$
739,130.000
828.036.100
749.472.300
748,565,400
749.029.900
745.528.200
762.706.900
750.335.800
751.013.300
773.736.400
761.712,200
759.845.500
775,979.000
784,940.900
785,191,000
766.967,300
783.388,400
PFC.' nnn A...n
New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE
(MUM as thousands of dolkirs—that is three cilibers
omitted.)
MOM
Jan 14
1925.
Members of
Fed'I Res've Ban
Grace Nat Banis__.
Total
State Banks
Not Members of
Fern Reeve Ban
Bank pi Wash. Hts_
Colonial Bank.._..
Total
Trust Company
Not Member of
Ved'I Res've Bank
Mech. Tr., Bayonne
j,i,s
Reserve
Net
Net
with Daman
Time
Legal Deposits. Deposits
Dcp031tortes.
—
Average Average Average Average Average
$
S
$
$
$
$
47
10,451
700
1,748
3.549
4,717
47
1,748 10,451
700
3,549
4,717
2 I
1,900
481
2,541
7,341
25,000
862
2,967
357
1,948
5.954
22,950
1.200
3,022
32,941
3,829
2,305
28,904
2,094
3,191
—
5,285
500
508
8,679
421
98
3.269
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending Jan. 10, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve•wIth legal
depositaries and "Cash in vaults."
"
Week Ended Jan. 10 1925.
Two Ciphers (00)
omitted.
Membersof
Truss
IP.R.System Cam ponies
Capital
Surplus and profits
1.0/1.11.9, (ii8C G13 & InveMla__
.
Exchanges for Clear.House
Due from hanks
Bank deposits_
IndivIdual deposits
Time deposits
Total deposits
U. S. deposits (not Incl.).Reeve with legal deposit's_
Reeerve with F. R. Bank
Cash in vault •
Total reserve .2 cash held-Reserve required
Emus res. & cash In vault_
341.839.0
123:927.0
805.130.0
40.055,0
126.792.0
160.319.0
598095,0
97.120.0
856,050.0
5.5.000.0
114739.0
44.005.0
1,192.0
17.0
1,059.0
26.658.0
1.517.0
29.264,0
4,492.0
66.094,0
10,799.0
76.893.0
65.210.0
1 ,683,0
1.335.0
5.828.0
4.053.0
1.775.0
1925
Total.
Jan. 3
1925.
Dec. 27
1924.
$46,839.0 $46,839,0
140.666,0 140.235.0
819,135,0 849.693.0
41,247,0 46.009,0
126.809,0 120.809.0
151.378.0 152 768 0
625,263,0 622.587.0
98.673,0 99.730.0
885.314,0 875.085.0
12,312.0 15.360.01
4,492,0
4.330.01
66,094.0 65.940.0
12.135,0 13.563,0,
82.721.0 83.833.0,
69.253.0 68.2600.
13,458,0 ' 15,553,0'
$46,819.0
140.192.0
856.762.0
37.147.0
103.355.0
145.204.0
600.177.0
95.444.0
840.825.0
15.370.0
3,418,0
62,692.0
14.762.0
80,872.0
14;2
3
10
2,
•Cash In vault not counted as reserve for Federal Reserve merabers.
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. 14 1925 in
comparison with the previous week and the corresponding
date last year:
Jan. 14 1925. Jan. 7 1925. Jan. 16 1924.
ResoUrees—
$
424.200.000 424.263.000 613.442.000
Gold with Federal Reserve Agent
8,533.000
19.316,000
Gold redemp. fund with U. S. Treasury_
6,227,000
Gold held exclusively turn. FR. notes. 432,733.000
Gold settlement fund with F. R. Board_ 243.139.000
Gold and gold certificated held by bank__ 294.140.000
434.579,000
262,372,000
289,645,000
619,669,000
146,795.000
212,648,000
Total gold reserves
Reserves other than gold
970.018.000
29.632 000
986.598.0110
24.635.000
979.112,000
30,505,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U B. Govt. obligations
Other bills discounted
999 660.4100 1.011.231.000 1,009,617,000
24 784.000
23.032.000
15,889,000
63.299.000
24.408.000
44,442.000
8.915.000
88,579.000
24,871.000
87.707.000
71.848.000
59.357.000
66.567,090
113.450,000
49,943,000
12,440.000
114.858.000
22.846,000
12.440.000
117.716.000
23.189.000
1,203,000
4,172.000
5,788,000
Total U. S. Government securities—
Foreign loans on gold
154?,1 4 22
7,
1-4: ,
15f1...113
,
22
11.162,000
Total earning &mete
Uncollected Items
Bank premises
All other resources
311.445,000
168,646.0013
16,231,000
8,716.000
275,015,000
162,464,000
16.243.000
8.64.5,000
174.555,000
151,770,000
13,301.000
1,683,000
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury noted
Certificates of indebtedness
1 529.525.000 1.498.880.000 1.366,815.000
LiabililieS—
Fed. Res. notes in actual clreulaUon
--Member bank, reserve aoe't
Deposits
Government
Other deposits
6,035
1,'''
Cash
in
Vault.
Total deposits
Deferred avallabWtY items
BDuerfpeirtrles
Capital paid in
All other liabilities
Total itabIlltled
98
.1.
508
8,679
421
3,269
6,035
5.279
52.071
+887
4,297
—79
3,103 a:15,722
+518
+692
16.037
+314
aggr.,Jan
3
Dr'd atter.. Dec. 27
(3rd adv.,Dec. 20
(3rd akar.. Dec 131
8,218
5.172,
6,113:
a113
5.184
ited
51.121
52,185
52.830
4 378
,
4.172
4,213
4.331
2,
585
2.390
2,398
2.545
035.031
a34.989
a36,133
537.014
15,723
15,401
15.200
15.276
2.700
2.700
2.700
2 7nn
• United Mate. deposit. deducted, $203.000.
Bills payable, rentscounta. ac,eptanais and other liabilities. 5778.000.
Excess reserve, $335,590 Increase.
350.073.000
90:..172
8 .Ng
1
32.033,000
950.266.000
138.273,000
30.107.000
58.749,000
1.997,000
374.478.000 392,900,000
871
0a 000 • 739.823,000
:
8,244,000
30.951.000
11,744,000
918,304,000
113,094.1100
30.167,000
58,749,000
1.838.000
759.811,000
122,703.000
29,454.000
59,929,000
2,018,000
1,529.525.000 1,496.630,000 1,366,815.000
Ratio of total reserves to deposit and
Fed. Res. note liabtlitles combined..___
Contingent Ilabllity on bills Purchased
for foreign correspondents
76.9%
78.2%
87.6%
14.557.000
13.042.000
5.956.000
CURRENT NOTICES.
Grand aggregate...
2,7 t
Comparison with . ev. week
Total
Dec. 31
1924.
Jan.7
1925.
$
Capital
57.300.000
Unchanged 57,300,000 57.300.000
Surplus and profits
79.922.000 Dec. 1,235,000 81.157.000 82,511.000
Loans. dIsc'ts & investments_ 922.933.000 Inc. 11,397.000 911.536.000 899.374.000
Individual deposits, incl. U.S. 672 905.000 Inc. 3,359.000 669.546.000 650.789,000
Due to banks
155.870,000 Dec. 1.873 000 157.743.000 138,889.000
Time deposits
174.002.000 Inc. 8,970.000 165.032.000 162,179.000
United States deposits
26,447,000 Dec. 2,914.000 29.361.000 29,740.000
Exchanges for Clearing House 36.785.000 Dec. 6,875.000 43,660.000 32.988.000
Due from other banks
87.714.000 Dec. 8,161.009 98.875.000 78.398.000
Reserve in Fed. Res. Bank
78.938.000 Inc.
44.000 78.894.000 77.336.000
Cash in bank and F. R flank. 11.017.000 Dec. 971.000 11.988,000 13,992,000
Reserve excess in bank and
Federal Reserve Bank.... 1.132.000 Dec. 1.102.000 2.234,000 2,002,000
Total resources
Loans,
Net
DUCa:41(11.1 Profits.
CLEARING
-- counts,
RON-MEMBERS
Net. bits. Dec.31 InvestWeek Ending State bks. Nov.15 menu,
etc.
Tr. oos. Dec. 31
Jan. 10 1925
Changes from
previous week.
—Farr Sc Co.,sugar specialists and members of the
New York Exchange,
have issued and copyrighted analysis of Central Aguirre Sugar Co. of
Porto Rico. The circular interestingly tabulates the expansion of the
company during the past fifteen years. emphasizing the fact that this
growth has occurred wholly from earnings. Copies of the circular are
available upon application to Farr & Co.. 90 Wall St., New
York City.
—Edward D. Jones & Co., members Si. Louis Stock Exchange, Si.
Louis, have prepared a Condensed statement of transactions on the St.
Louts Stock Exchange for the year 1924 In booklet form, which they will
send to those requesting it. The quotations 'which are taken from the
official records,show high,low and number of shares traded in each security
JAN. 17 19251
307
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, JAn. 15.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
se a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Re erve 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 returnsfor the latest
week appears on page 274, 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. 14 1925.
Jan. 14 1925 Jan. 7 1925 Dec. 31 1924. Dec. 24 1924. Dec. 17 1924.IDec. 10 1924. Dec.3 1924. INov. 26 1924.I.1 an. 16 1924.
RESOURCES.
1
$
1.744.250.000 1,729.267.000 1,702,306.000 1,747.218.000 1,822,424.000 1,838,288.000 1,905.730.000 1.926.215.000 2.130,879,000
Gold with Federal Reserve agents
46.800,000
45.756.000
45.703.000
41,245.000
47,048,000
Gold redemption fund with U. S. Tress_
45,854,000
32.093.000
45.788.000' 42,136.000
Gold held exclusively eget. F. R notes 1.789.953.000 1,775,121.000 1.743.551.000 1.792.974,000 1,889,472.000 1,868.381.000 1.951.518.000 1,968,351.000 2.177,679.000
603.544.000 637,330,000 679.464,000 637.240.000 589.390.000 647.643.000 588.036.0001 591,026.0001 573.038,000
Gold settlement fund with F. R. Board_
559,538,000 538.493.000 513.518.000 482.605.000 495,256,00.1 481.474.000 488,376,000 486,873.000' 406,402.000
Gold and gold certificates held by banks_
Total gold reserves
Reserves other than gold
2,953.035,000 2.950.944,000 2.936,533,000 2.912,819,000 2,954,118.000 2.997,498.000 3.027.930.000 3.046.250.000 3.157.119,000
138.664.000 124,397,000 110.521.000
84,694,000
87,701,000, 113,285.000
89.963.000
94.467,000
95.218.000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt obligations
Other bills discounted
3,091,699.000 3,075.311,000 3.047.054.000 2,997,513.000 3,048.585.000 3,092.716.000 3,117.893.000 3.133.951,01)(1 3,270,404.000
68,926,000
37,668.000
78,642,000
40.023.000' 34.307.000
62,567,000
40,418.000
41.643.000
73.479,000
141,281.000
120,478.000
146,698.000
117.710,000
186.840.000
127.288.000
239.230.000
157.199.000
158.413.000
125,398.000
127.279,0001 124.656.000
126.977,000 124,272.000
96.204.1)00
125,201.000
259.774.000
274.411.000
248.928.000
354,606.000
221,405,000
281.001.000
534.185.000
292.744,000
44.320,000
390.079,000
147.816.000,
20,026.000
72.084,000
24,502,000
582.215.000
116,612.000
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds_
Treasum notes
Certificates of indebtedness
261.759,000
323,901,000
264,408.000
340,978.000
314,128,000
387.100.000
396.429.000
389.574,000
283.811,000
336.827.000
254,256.000
352.838.000
78.540,000
332,168,000
76,214,0110
75.505.000
342,533,000
77,991,000
75,265.000
349,354.000
115.541.000
74,756,000
342,552.000
120,571,000
64,578,000
341,485,000
158,099.000
48.358,0001 44,785,000
361.082,000 390.876.000
144,456,000 139.282,000
Total U. S. Government securities—
Foreign loans on gold .
All other earning assets
488.922.000
8,000,000
2,559,000
496.029.000
6.000.000
2,550,000
540.180.000
8.000.000
2.050.000
537,879.000
6.000.000
2.050.000
564.162,1810
6.000,000
2.050.000
551.896.000
6,000.000
2.050.000
1
574,943.000
6.000.000
2.050.000
2.550.000
20.000
Total earning assets
1,081,141,000 1,109,965.000 1.249,438.000 1.331.932,000 1,192,850,000 1.167.040,000 1,188.527,000 1.087,171.000
5% redemp fund aget. F. R. bank notes
1
Uncollected items
897.611,000 702,909,000 856.197.000 674.514,000 831.419.000 649.131.000 663.892,000 615.240.000
Bank premises
61,819.000
61,768.000
61.553.000
57.669.000
57.595,000
61,741.000
61.555.000
57,595.000
23.827,0110
27,363.000
All other resources
23.458.000
26,239.00
27.299.000
25,010.000
23,529.000
24,049,000
943,561.000
28,000
670.437.000
54.209.000
16,185,000
1
Total resources
LIABILITIES.
F. R. notes In actual circulation
F. R bank notes in circulation—net
Deposits—
Member banks—reserve account
Government
Other deposits
5,031.772.000 5,043.338.000.5.096,380.000 5,127.273.000 5.198.498,000 5,038.510.000 5.097.189,000 4.959,585.000 5.023,750.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2.330.340,000 2,316,533,000 2.310.668,000 2.311,184,000 2.256.308.000 2.259.310.000 2,305,393 000 2.202.716.000 1,999,638.000
. .
623.681.000 581,799,000 584.716,000 526.992.000 723.913.000 578.685.000 595.581.00(1 564,340.000 595 671 000
112.193,000 112,228,000 112.038.000 112,026.000 112.036,000 112.123,000 112.159,000 112.169.000 110 302 000
. .
217.837,000 217.837.000 217.837.000 220.015.000 220.915.000 229.915,000 220.915.000 220.915.000 220.915.000
12.460,000
14.409.000
13.843.000
13,863.000
14.137,000
9.059,000
14,135,000
9,744,000
9.558,000
1.737,977,000 1,805,383,0001,862,082.000 1,941,747,000 1.871,453.000 1,853.614,000 1,849,006,000 1,845.308.000 2,084.320.000
444.000
2,256,491.000 2.247.745,000 2.220,436,000 2,222.870.000 2,214,744,000 2,192,333,000 2,252,475.0002,148,137.000 1.936.307,000
39.436.000
58,081,000
8,542,000
51.197.000
35,975.000
26,723,0(10
30.563,000
22.911,000
26,010,000
23.895,000
30,233.000
33.022.000
27,856,000
31.0112.000
30.007.000
43,286,000
42,748,000, 39.035.000
Total liabilities
5.031,772.000 5,043.338,0005.096.380,009 5,127,273,000 5.198,498,000 5.018,510.000 5.097,189.000 4,959.585.000 5,023,750,000
Ratio of gold reserves to deposit and
68.4%
77.3%
71.5%
70.4%
72.8%
F. It. note liabilities combined
72.5%
72.8%
75.2%
71.6%
Ratio of total reserves to deposit and
80.1%
70.5%
73.9%
75.2%
75.1%
F. R note liabilities combined
73.0%
7.4%
74 6%
76.0%
Contingent liability on bills purchased
17.315.000
41.754,000
42.725.000
37.297.000
31,229,000
42,683.000
for foreign correspondents
49.813.000
27.179,000
44.720.000
$
$
Distribution by Maturities
81,993.000 100.198.000 107.856,000
1-15 days bills bought in open market_
75.403,000 100.361.000
100,717,000
88,656.000 117,576.000 101,937.000
188.207,000 185.841.000 241,603,000 313.715,000 200.751.000 174.476.000 170.178.000 138,102.000 345.482.000
1-15 days bills discounted
1.000
341,000
403)00,000
55.426.000
240,000
53,346.000
1-15 days U. S. certif. of indebtedness1.485.000
10.000
1-15 days municipal warrants
59.661.000
70,548.000
59,338,000
58.458.000
54,043.000
75.192,000
53,412.000
16-30 days bills bought in open market
64.478,000
76.288,000
45,280,000
22.988,000
27,796.000
23.755.000
23.750.000
18,335.000
23.604.000
16
-30 days bills discounted
18.385.000
20,220,000
16-30 days U. S. cert1L of indebtedness_
63.72(1,000
10,000
18-30 days municipal warrants
9.000
86,520,000
51-60 days bills bought in open market....
96,668.000
116,636.000 114.313.000 111,099.000 114,184.000 105,192.000 108.012.000
80.240,000
69,510.000
30,116,000
81-60 days bills discounted
26,816.000
28.835.000
28,381,000
26,413.000
28.674.000
29,211,000
32.397.000
9.909,000
81-60 days U. S certif. of indebtedness..
302.000
81-80 days municipal warrants
42.065.000
90.046.000
81-90 days bills bought in open market_
78,724.000
71.576,000
78.504,000
78.322.000
33,237,000
61.807,000
51.830.000
45,249,000
61-90 days bills discounted
18.989.000
18.159.000
17.303,000
17,343.000
17,018,000
16.501.000
18.789.000
17.761.01)0
286,000
18.012,000
24,067.000
241,000
61-90 days U. S. certif, of indebtedness13.012.000
2,772.000
61-90 days municipal warrants
Over 90 days bills bought In open market
4,137,000
12.859,000
11.800.000
11.657.000
11,861,000
13.302.000
8,833,000
9,891,000
10.139.000
28.664,000
10.621,000
Over 90 days bills discounted
10.289.000
10.434.000
9,887.000
10.285.000
9,308.000
10.347.000
9.541,000
14,306,000
Over 90 days certif. of indebtedness
94.032.000
88,789,000
74.427,000
85,936.000
84,096,000
75,219,000 102,289,000 102,218,000
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
2,144,712,000 2.202.002,000 2.244,961.000 2.253.234.000 2,216,729,000 2.200,892,000 2,262,896.000 2.248.213.000 2,710.213.000
Held by banks
406.735,000 396.619.000 382.899,000 311,487.000 345.276.000 347,278,000 413.890.000 402.905,000 625,893,000
In actual circulation
1.737.977,000 1,805,383.000 1,862.062.000 1,941,747,000 1,871,453.000 1,853,814,000 1,849.006.000 1,845.308,000 2.084.320.000
Amount chargeable to Fed.Res. Agent 3,131,216,0003,165,660,090 3,181,478,000 3.195.722,000 3,189,942,000 3.203,711.000 3.185.685.000 3.186.031.000 3.593,087,000
In hands of Federal Reserve Agent
96,504.000 963,658,000 936.517.000 942,488,000 973,213,000 1.002.819.000 922,789.000 937.818.000 882.874.000
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,144,712,000 2,202,002,000 2,244.961,000 2.253.234.000 2,216.729.090 2,200.892.000 2.262.896.000 2,248,213,000 2,710.213,000
281.449,000 280,494,000 279,494.000 278.494,000 278,904,000 278.904.000 279,104.000 289.104,000 326,584.000
402.596.000 472.735,000 542,655,000 506,016,000 394.305.000 364.604,000 357,166.000 321,998.000 579.3343800
107,875,000 117.533,000 114,918,000 116,771,000 118,314,000 113,954,000 113,627.000 122,731.000 120.474,000
1,354,926,000 1,331,240,000 1,307,894,000 1,351,953.000 1,425,208.000 1,443,430.000 1,512,999.000 1,514.380.000 1,683,821,000
2,146,846,000 2,202,002,000 2,244,961,000 2.253.234,000 2,216,729,000 2.200,892.000 2.262,896.000 2,248,213,000 2,710.213,000
Eligible Paper delivered to F. R. Agent.. 566.736,000 584,219,000 668,793.000 742.885.000 577.093,000 578,283,000 571.620,000 478.862,000 798,483.000
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 14 1925
Two ciphers (00) omitted.
Federal Reline sank of—
Boston.
New York.
Cleveland. Richmond Atlanta.
Phila.
chteago.
Si. Louis. Mintseap, Kan. City
Dalai.
San Fran.
Toes!.
RESOURCES
$
Gold with FederalReeerve Agents 159,872,0
7,953,0
Gold redo fund with U.S.Treats_
$
$
$
$
S
$
$
$
$
$
S
$
424,200,0 166,063.0 170,157,0 81.523,0 141,562,0 165,846,0 55,549.0 74,001,0 61,723,0 35,639,0 208.115,0 1,744.250.0
45,703.0
8,533,0 3,880,0 3,305,0 1,085,0 2,022.0 5,847,0 3.413,0
955,0 3,537.0 2.371.0 2,802.0
Gold held excl.aget.F.R.noten. 167,825,0
Gold Denial fund with F.R.B'rd 37,788,0
Child and gold ctfs. held by banks 19,415,0
—
225,028,0
Total gold reserves
14,344,0
Reserves other than gold
—
239.372.0
Total reserves
6,701,0
Ffon-reeerve cash
Bills discounted:
by U. 8. Govt. obligations 11,471,0
Sec.
7,135,0
Other bills discounted
432,733,0 169,943,0 173,462,0 82,608,0 143.584,0 171,693,0 58,962,0 74,956,0 65.260,0 38,010.0 210,917.0 1.789.953.0
243,139,0 31,874,0 50,792,0 14,343,0 9.480,0 95,978,0 19,178,0 16,565,0 38,393,0 14,742,0 33,472.0 803.544,0
294,146,0 27,131,0 23,398,0 20,994,0 9,218,0 110,839,0 8,589.0 6,205,0 4,126,0 9,586.0 25,891,0 559,538.0
18,606,0
Tote Nils discounted
49,095,0
Bills bought In open market
Government securities:
B•
2,472,0
Bonds_
22.627,0
Treasury notes
7,247,0
of IndebtednessCertificates
Tots 117.8.(Joys securities
32.346.0
070,018.0 228.748,0 247,652.0 117,945,0 162,282.0 378,510,0 86,729,0 97,726,0 105.779,0 62,338,0 270,280.0 2.953.035,0
29,642,0 5,681,0 11,243.0 7,021,0 11.909.0 19,413,0 17,694,0 2,327,0 4,580,0 9,723,0 5,087.0 138.664,0
999,660,0 234,429,0 258.895,0 124,966,0 174.191,0 397,923.0 104,423,0 100,053,0 110,359,0 72.061.0 275,367.0 3,091,699.0
24,784,0 2,165,0 6,337,0 5,092,0 6,255,0 12,640.0 4,529,0 1,214,0 3,045,0 3,025.0 3,855,0
78.642,0
63,299,0 18.153.0 16,962.0 6.464,0 2,476,0 16,071.0
24,408.0 5.461,0 12,460.0 19,276,0 12,832.0 17.528,0
4,011.0
3,959,0
87,707,0 23,814,0 29,422,0 25,740.0 15,308,0 33,599,0 7,970,0
71.848,0 16.468,0 39,750,0 1,313,0 7,184.0 28,987,0 20,095,0
787.0
6,827,0
141,281.0
120,478.0
4,283,0 4,977.0 2.919,0 7,614,0
8,0 14,081.0 24,324,0 50.748,0
261,759.0
323.901,0
530,0
3,753,0
839,0
4,138,0
218,0
2301,0
12.440,0 1,345,0 11,126,0
114,858.0 23.597,0 32,007,0
22,846.0 3,248,0 10,867.0
1,340,0
2,322,0
494,0
1,678,0 19,461,0 1,263,0 10,997,0 9,517.0 3,718,0 3,183.0
1,299.0 43.878,0 10.544.0 12,397.0 17.304.0 15.993,0 35.342.0
755.0 9.823,0 1.270.0 2,093,0 4,231,0 2,939,0 10.401,0
78,540.0
332.168,0
76.214,0
150.144.0
a inn n
3 732 0
ARA 092
28 100
A
Ad
nnn n
72 109
n 12 n77 n
95 487 0 Si
n89 n
99 nun)) AR 090
n
n
308
THE CHRONICLE
iliSOURCES (Concludea)Two CipherS (00) omitted.
Boston
New Fort.Phila.
$
Foreign loans on gold
Ali other earning assets
$
Total earning assets
Uncollected items
Bank premises
All other resources
Cleveland Richmond Atlanta. Chicago. St. Louts. Minium) Kan. City Dallas. San Fran
I
582,0
2,050,0
1,746,0
[Vol. 120.
$
702,0
3
342,0
$
264,0
3
894,0
3
294,0
$
216,0
9,0
3
276,0
500,0
$
228,0
3
456,0
Total.
$
6,000,0
2,559,0
100.047,0
66,053,0
4,190,0
191,0
311.445,0 70,904,0 123,874,0 31,551,0 26.488,0 136,642,0 41,436,0 30,003,0
50.886,0 50,121,0 107,744,0
168,686,0 62,727,0 59,709,0 57,677,0 31,847,0 83,275,0 37,241,0 14,025,0 40,594,0 33,455,0 42,322,0 1,081,141,0
16,2:34.0 1,114,0 7,573,0 2,446,0 2,780,0 8,099,0 3,186,0 2,967,0 3,982,0 1,853,0 3,265,0 697,611,0
57.669,0
8.716,0
280,0
446,0 2,043,0 2,006,0
380,0
316,0
,506.0
696,0 1,818,0 4,612,0
25,010,0
415,554,0 1,529,525,0 371,619.0 456,768,0 222,178,0 243,604,0 640,585,0 191,131,0 151,768,0
209,562,0 162,313,0 437,165,0 5,031,772,0
Total resources
LIABILITIES.
F.R.notes in actual circulation_ _ 186,437,0
Deposits:
Member bank-reserve acct_ _ _ 138,669,0
Government
1,604,0
Other deposits
216.0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
140,489,0
63.964,0
8.004,0
16,382,0
278,0
350,073,0 155,883,0 189,398,0 79,924,0 137,912,0 188,750,0 55,624,0 68,625,0 69,344.0
51,279,0 204,278,0 1,737,977,0
909,271,0 127,416,0 173,740,0 67,430,0 66,789,0 326,195,0 81.106,0 56,989.0
86,785,0
8,962,0 2,259,0 2,198,0 2,543,0 1,746,0 1,735.0 1,687,0 1,111,0 2,319,0 62,238,0 159,863,0 2,256,491,0
1.468,0 2,931,0
30,563,0
32,033,0
649,0 1,220,0
169,0 1,287,0 1,349,0
185,0
438,0
165,0 4,797,0
778.0
43,286,0
950.266,0 130,324,0 177,158,0 70,158,0 08,704,0 329,217.0 84,142,0 58,538,0 89,882,0
63.871,0 167,591,0 2,330,340,0
138,273,0 54,709,0 54,137,0 53.912,0 22.807,0 75.390,0 35,885,0 12,938.0
36.607,0
30.167,0 10.510.0 12,746,0 5,900,0 4,576,0 15,318,0 5,090.0 3.271,0 4.333,0 34.237,0 40,822,0 623,681.0
4,131,0 8.107,0 112,193,0
58,749.0 20,059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971,0 7,497.0
8,977,0 7,592.0 15,071,0 217,837,0
1,997,0
134.0
655,0 1,444,0
583.0
867,0
419,0
899,0
419,0
9,744,0
753,0 1,296,0
Totalliabilitles
415,654,0 1,529,525,0 371.619,0 456,768,0 222,178,0 243,604,0 640,585,0 101,131,0 151,768,0 209,562,0
162,313,0 437,105,0 5,031,772,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
73.2
81.9
76.9
84.3
70.6
76.8
83.3
74.7
78.7
69.3
62.3
76.0
74.0
Contingent liability on bills pur
ehasedfor foreign correepond'ts
14.557,0 4,973,0 5,719.0 2.884.0 2,188,0 7,410,0 2,487.0 1.741.0 2.188.0 1.856.0 3.790.0
49.817.0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN.
14 1925.
Federal Reserve Agent at-
Boston New York Phila.
Cleve. Richm'd Atlanta Chicago.
s
Resources-(Is Thousands of Dollars)
$
Federal Reserve notes on hand
62,600
Federal Reserve notes outstanding
215,159
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
12,572
Gold redemption fund
Gold Fund-Federal Reserve Board
112,000
Eligible paperfAmount required
55.287
12,414
'Excess amount held
$
$
3
8
331,940 41.400 57,750 23,095 58,452
513,575 200,090 215,720 101,347 162,630
188,531 6,000 8,780
3,500
29,669 13,674 11,377 1.728 5.582
206.000 146,389 150,000 79.795 132,500
89,375 34,027 45.563 19,824 21,068
59,817
576 22,513 7,028 1,277
Total
505,332 1.418,907 442,156 511.703 232,817 384,989
Mabaftfu-Set amount of Federal Reserve notes received from
Comptroller of the Currency
277,759 845,515 241,490 273,470 124.442 221,082
Collateral received from!Gold
159,872 424,200 166.063 170,157 81,523 141,562
Federal Reserve BanklEilgible paper
67,701 149,192 34,603 68,076 26.852 22,345
Total
505,332 1.418,907 442,156 511,703 232,817 384,989
Federal Reserve notes outstanding
Federal Reserve notes held by banks
215.159
28.722
12R,12,
redaral Reserve notes in actual circulation
513,575 203.090 215,720 101,347 162,630
163,502 44,207 26,322 21,423 24.718
2.1 n72 1mm 4./co 100 20II
70 091127 019
$
Si. L. Minn. K.City. Dallas San Fr.
$
$
$
$
s
65,200
Total
$
257,137 25,660 16.935 28.913 17,422
986,509
205,348 63,559 71.867 77,727 59,951 257,739 2,144,712
11,775 13.052
14,511
281,449
5,202 3,774 1,449 3,363 3.628 15,877 107,875
160,644 40,000 59.500 58,360 17,500 192,238 1,354,926
39,502 8.010
16.004 24,312 49,624 402,596
22,842 19,963 3.621 2,995 2,807 8.287 164,140
690,675 172.741 166,424 187.362 140,131 588,965 5,442.202
462,485 89,219 88,802 106,640 77,373 322,939 3,131,216
165,846 55,549 74,001 61.723 35,639 208,115 1,744,250
62,344 27.973 3.621 18.999 27.119 57,911 566,736
690,675 172.741 166,424 187,362 140,131 588.965 5.442,202
205,348 63.559 71.867 77.727 59.951 257,739 2,144,712
16,598 7.935 3,242 8,383 8.222 53.461 406.735
11211
vsn
AS R94
AR 119c
110 244
01 790 0nd 0,0 I
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 738 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 274.
1. Data for all reporting member banks in each Federal Reserve District at close of business Jan. 7 1925. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loan.4 and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discountsTotal loans and discounts
Investments:
U. S. pre-war bonds
IL S. Liberty bonds
U.S. Treasury bonds
Ti, S. Treasury notes
U. S. Treasury certificates
Other bonds,stocks and securities
Total investments
Boston. New York
42
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Kan. City Dallas. San Fran.
Total.
108
55
2
$
9,915
65.642
299,413 2,214,821
639,438 2.654,747
2
10.912
306,669
356,897
76
$
19,372
404,265
716,387
75
g
6,928
124,371
348,661
36
100
33
25
$
$
$
$
33,222
7,599
11,646
3,904
69,232 671,592 178,161
54,057
379,050 1,218,150 307,941 213,492
71
49
2
4,357
98,096
332,586
$
3.380
67,786
232,677
948,767 4,935,210
674,478 1,140,024
479,960
455,881 1,922,974
497,748
271,453
435,039
303,843 1,040,889 13,106,285
13,446
52,527
86,333 632,449
13,424 174,633
8,008 234,461
1,771
69,803
194,230 1,116,885
10,671
52,831
27.179
20,584
7,522
255,544
45,450
185.712
24,086
55,841
8,173
347.586
25,733
36,373
4,213
2,734
432
64,984
15,002
11,548
2,364
2,078
3,144
42,205
21,693
162,835
45,530
102,225
18,809
415.630
14,341
26,504
5,564
11,768
2,183
105,024
8,481
27,011
9.414
18,972
6,320
36,784
10,419
43,583
10,247
20,518
2,732
73,469
317,212 2,280,758
374,331
666,848
134.469
76,341
Total loans and investments
1,265,978 7,215,968 1.048,8095,806,872 614,429
93,092 794,994
Reserve balances with F.R. Bank
79,685 123.897
39,574
Cab In vault
94,586
23,807
17.754
35.634
15,461
Net demand deposits
884,940 5.980.366 758,294 989.198 364,201
Time deposits
325,248 1,143,923 179,702 693,049 181,578
Government deposits
35,767
28,477
17,291
17,026
4,325
Bills pay'le & redisc. with F.R.Bk.:
2,132
Secured by U.S.Gov't obligations
30,835
1,420
19,301
3,805
3,116
2,538
300
All other
8.734
9,445
Bankers' Balances of Reporting Me mber Ban to in Bede rat Reserv e Bank Cities
143.871 1.322,382 206,698
Due to banks
49,963
37,564
110n f,,,,,, 1101011
0
92.664
53.878
76.687
26.387
20.536
66
736
5
$
9,445
186,332
209,451 4,697,914
821,993 8,222,019
18,648
13,468
5,120
8,615
3,243
20,230
25,052
261,463
123,858 1,402,505
51,157
372,931
28,332
514,136
18,095
142,227
188,930 2,881,501
69,324
435,424 5,554,763
766.722
165,384
106,982
160,968
532,222 2,689.696
40,472 245,027
62,510
12,434
320,258 1,745,336
188,414 917,041
25,515
4,479
663,132
52.005
8,561
412,824
211,739
7,652
378,435
28,970
7,121
260,104
102,045
1,986
596,007
55,586
13,342
483,785
136,542
1,322
1,873
7,092
9,309
2,022
298
275
505
245
2,660
19,830
17.674
427,284
168,535
108.525
51,539
72,880
21,515
134,418
58.416
49,337
36.426
373,167 1,476,313 18,661,028
32,134 116,796 1,702,232
11,766
24,397
327,373
285.320 795,024 13,279 650
91.707 678,411 4 849:39
9
2,742
13,352 '
159,934
7,300
2,227
76,593
38,639
128,237 2,700,989
110 MIA
A00 001
1. Data of reporting member banks in New York City, Chicago, and for whole country.
All Reporting Member Banks,
Jan. 7 1925.
Dec. 31 1924.
Jan. 9 1924.
Reporting Member Banks In N. F. City.
Reporting Member Banks in Chicago.
Jan. 7 1925. Dec. 31 1924. Jan. 9 1924. Jan, 7 1925. Dec. 311924.
Jan. 9 1924.
736,000
737,000
Number of reporting banks
67,000
67,000
763,000
67,000
Loans and discounts, gross:
186,332,000
194,974,000
61,393,000
67,447,000
Secured by U. S. Govt. obligations
228,587,000
73,977,000
4,697,914,000 4,667,760,000 3,920,763,000 2,001,709,000 1.973,919,000 1,500,503,000
bonds
Secured by stocks and
205.684,000 7.781,600,000 2,358,765,000 2,320,390,000 2,151,558,000
All other loans and discounts-. 8,222.019,000 8.
46,000
46,000
48,000
26,083,000
504,592,000
722,480,000
23,212,000
500,625,000
718,744,000
26,523,000
440,784,000
644,146,000
13,108,265,000 13,068,418,000 11,930,950,000 4,421,867,000 4,361,756,000 3,726,038,000 1,253,155,000
Total loans and discounts
1,242,581,000 1,111,453,000
Investments:
261.463,000
261,319,000
U. S. pre-war bonds
42,000,000
41,999,000
269,692,000
38,051,000
4,087,000
4,220.000
4,088.000
1,402,505.000 1,387,597.000 1,005.393,000 540,288,000 541.957,000 393,980,000
U.S. Liberty bonds
81,131,000
36,285,000
81,575,000
372,931,000
361,515,000
U. S. Treasury bonds
81,345,000 156,560,000 159,918.000
17,597,000
27,932,000
5,237,000
22,642,000
U. S. Treasury bonds
514.136,000
501.588,000
832.689,000 216,710,000 191,923,000 441,533,000
74,220,000
83,449,000 . 68,522,000
142,227,000
U. S. Treasury certificates
133,296,000
68,065,000
63,611,000
113.734,000
22,479,000
12,856,000
12,357,000
10,559,000
Other bonds,stocks and sectulties_ 2,861,501,000 2,88.5,541,000 2.204,128,000 852,059,000 871,135,000 552,876,000
200,065,000 203,085,000 182,819,000
Totalinvestments
5,554,763,000 5,530,856,000 4,506,981,000 1,875,682,000 1,870,543,000 1,466,516,000
400,291,000 40(1,298,000 289,440,000
Total loans and Investments
18,661,
028,000 18 5_01 ._00 16 437,931,000 6,297,549,000 6.232,299,000 5,192,554,000 1,653,446,000 1,648,879,000 1,400,893,000
..._0_. 4 0
.
2„
Reserve balances with F. R. banks
1.702. .
232 000 1. ."1.
010
. 0.117,000 736,897,000 749,050,000 591,634,000 170,618,000 173,014.000 152,790,000
000 1 43
Cash in vault
327,373,000
323,849.000
77,032,000
77.754,000
310,839,OCO
71,812,000
31,910,000
33,652,000
31,917,000
Net demand deposits
13,279,650,000 13,254.328,000 11,285.351,000 5,437,323,000 5,401,345,000 4,334,278,000
1.003,001,00
0
Time deposits
4,849,399,000 4,848,846,000 4,105,657,000 801,368,000 817,004,000 611,946,000 1,184,246,000 1,180.418,000 373,191,000
450,778,000 452,678,000
Government deposits
165,903,000
159,934,000
25,878,000
24,700.000
154,032,000
41,947,000
7,632,000
16,555,000
17,183,000
Bills payable dr rediscounts with
Federal Reserve Banks:
Secured by U.S.Govt. obligations_
114,059,000
76,593,000
18,940,000
29,540,000
189,844,000
88,000,000
1,607,000
685,000
925,000
All other
38,639,000
40,426,000
589,000
1,435,000
159,017,000
1,540,000
2,853,000
420,000
150.000
Total borrowings from F.R.bks.
115,232,000
19,529,000
154.485,000
348,861,000
30,975.000
69,540,000
4,460.000
1,085,000
1,075,000
JAN. 17 1925.]
UTE CHRONICLE
timilkers'
Oiazettk
STOCKS.
Week Ended Jan. 16.
(Concluded)
gall Street, Friday Night, Jan. 16 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 300.
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 ended Jan. 16.
Range for Week.
Sales
for
Week.
Lowest.
Par. Shares $ per share.
Highest.
t Range for Year 1924.
Lowest.
Highest.
$ per share. % per share.$ per share.
Railroads.
Ann Arbor
100
800 26
Jan 14 2734 Jan 12 12
Apr 2274 Dec
Irs Preferred
100 200 4534 Jan 12 4594 Jan 12 25
Ma 4634 Dec
Bangor es Aroostook_51 4,400 40
Jan 10 4234 Jan 15 4034 Dec 4451 Dec
Preferred
100 94 Jan 15 94
100
Jan 15 86
Ja • 95
Nov
Buffalo Roch & Pitt/1_10s
220 69
Jan 10 71
Jan 14 40
May 6894 Dec
Preferred_
100
10 92 Jan 10 92 Jan 10 7051 May 88
Apr
Buff & Susquehanna-100
800 90 Jan 12 105
Jan 14 85
Dec 90
Dec
Canada Southern
100
27 56
Jan 10 57
Jan 10 23
Dec
Feb 58
Central RR of N J__ _100 2,200295
Jan 16 308
Jan 10 199
Mar 295
Dec
C St P Minn & Om_100 2,100 52 Jan 16 5934 Jan 13 29
Jan 5755 Dec
II/Preferred
100 2,900 98
Jan 13 108
Jan 13 sag Ap 94
Dec
Colo & South. 1st pf_100
100 6155 Jan 12 6134 Jan 12 50
Jan 6551 Dec
Den & R G W pf _
100 22,700 4854 Jan 15 60
Dec 4355 Dec
Jan 12 42
Hudson Jr Manh,iref100
500 65
Jan 12 6594 Jan 14 5734 Oct 6434 Dec
Illinois Central, pref_100 600 117
Jan 13 118
Jan 10 104
Ma 11734 Dec
RR Sec, Series A 100
100 71
Jan 12 71
Dec
Jan 12 64
Jan 73
Maul: Elev, gtd
100
200 90
Jan 12100
Jan 85
Dec
Jan 14; 42
M St P Jr 8S M
100 1,000 5334 Jan 14 5634 Jan 12 2994 Ap 5355 Dec
Preferred
100
100 71
Jan 15 71
Dec
Jan 15; 50 June 75
Leased line certifs_li I
100 6034 Jan 16 6034 Jan 16, 5534 A
60
Feb
Morris & Essex
50
281 77% Jan 14 77% Jan 15' 7431 Ma 79
Sept
Nashv Chatt & St L _1 i i
300 144 Jan 12 145
Dec
Jan 15;12055 July 145
Rys Mex, lot pf_100
Nat
20
5 Jan 14 555 Jan 15, 355. July 655 Dee
Pacific Coast
160 300 2934 Jan 12 2934 Jan 12 16
Feb
Jo. 40
lot preferred
100
100 64
Jan 13 64
Oct
Jan 13! 43
Jan 62
26 preferred
100 1.4001 3474 Jan 10 40
Jan 15 2034 Ja • 4034 Feb
Pitts Ft W & Chic, pi 100
Sept
3013954 Jan 1613954 Jan 16 137
Ja 141
Reading, rights
12,1001 2294 Jan 16 2434 Jan 10 1534 Ma 2511 July
Renssel & Saratoga_100
81118
Oct
Jan 12 118 Jan 12 11255 July 116
Industrial & Misc.
Abitibi Pow & Paper___• 2,7001 63 Jan 15 67
Dec
Dec 64
Jan Id 61
All America Cables_ _100
400 120
Jan 14 120
Jan 14 9634 May 12234 Dec
American Bank Note_50 200 161
Dec
Jan 160
Jan 13 170
Jan 14 98
Preferred
50 200 5355 Jan 10 5334 Jan 10 52
Sept
May 56
Amer Chicle, pref___100
100 94 Jan 13 94
Jan 13 5155 Feb 9334 Dec
Certificates
• 800 3794 Jan 10 3994 Jan 13 23
Dec
Sep 39
Am dc Foreign Power •20,100 32 Jan 13 38
Jan 10
Preferred
*11,200 8851 Jan 16 9074 Jan 13
Amer-La France FireEn
7% cum pref
100
Nov
Feb 103
201 97
Jan 15 95
Jan 15 97
American Metal, pref 100 200 115 Jan 10 116
Jan 13 10751 Apr 115% Dec
Amer Radiator, pref_l o i
20012634 Jan 1312734 Jan 13 12034 Ma 125 June
Amer Railways Expr_100 2,000 8134 Jan 10 84
Oct
Jan 13 7734 Nov 83
American Republics__ _* 1,600 58
Jan 48
Deo
Jan 10 6634 Jan 15 25
Amer Roll Mill, pref_100
Dec
Jan 110
Jan 1310834 Jan 13 98
10010634
Amer Safety Razor 100 2,67 3755 Jan 16 3934 Jan 10 3555 Dec 4054 Nov
American Snuff
Nov
100
AP 153
300144 Jan 16145
Jan 13 143
Amer Teleg & Cable_100
700 4155 Jan 12 43
Jan 15 3811 Dec 4334 Jan
American Tobacco _5013,611 8634 Jan 16 8874 Jan 10 8234 Dec 89
Dec
Class B
50 15,600 8574 Jan 16 8831 Jan 10 8134 No 8734 Dec
Amer Type Founders.). s 1
Sept
Sept 115
211 107
Jan 14 106
Jan 14 109
Am Water Wks& Elec 21 9,500 3454 Jan 13 3734 Jan 15 2434 Nov 4155 Dec
Archer, Daniels Midl'd.
Dec
200 2734 Jan 10 2734 Jan 15 2855 Dec 29
Art Metal Construc'n_ 1 1
200 1534 Jan 14 1534 Jan 15 1434 Oct 1634 Jan
Assoc Dry G'ds 1st pi 100
May
500 9451 Jan 10 9434 Jan 12 8334 May 94
2d preferred
100
400 104 Jan 12 104
Jan 12 89 Jan 10234 Dec
Atlas Powder pref
Dec
100
Jan 14 8255 Feb 92
101 92 Jan 14 92
Atlas Tack
• 3,401 941 Jan 14 1034 Jan 10 5 June 1134 Feb
Barnet Leather
Dec
Jan 12 3735 Jan 12 2355 Nov 39
• 901 35
Bayuk Bros 1st pref_101
Sept
100 97
Jan 10 97 Jan 10 9555 Oct 98
British Empire Steel_l i i
Mar
200 3234 Jan 14 33 Jan 14 30 • Au • 54
Preferred
._ __ _100 300 934 Jan 14 934 Jan 14 134 Nov 1134 Dec
Brown Shoe Inc pref _101
Jan 14 84 June 9941 Dec
Jan 14 100
100100
Brunswick Balke Coll___ 5 111 4751,11Jan 16 4834 Jan 15
Burns Bros prof
101
701 9334 Jan 10 9555 Jan 14 9534 Ma 994 May
Prior preferred .._ .._1 i I
Dec 120% Apr
Jan 1011534 Jan 10 18
200 115
Burroughs Add Mach.* 2,500
Jan 12 6254 Nov 6734 Oct
Jan 16 76
Bush Term Bldg pfd_100 300 7255 Jan 14 98
Jan 16 8834 Jan 102
Aug
9634
Calumet & Hecla
25 2,200 1734 Jan 16 1834 Jan 12 1334 May 1934 Dec
Case (J I) Thr Ma pi 100
Jan
300 6534 Jan 10 6794 Jan 14 4134 May 77
Century Rib Mills
*17,200 3734 Jan 16 42
Jan 13 2534 AP 3551 Nov
Preferred
Jan 9554 July
100 800 97 Jan 13 9834 Jan 14 91
Certain-teed
•15,500 4351 Jan 16 4634 Jan 10 2434 Ja • 4455 Dec
Clu Peab'y dc Co pfd_100
10010334 Jan 16 10355 Jan 16 10036 Jo • 10534 Jan
Colum Gas dr El pref_100 2,300 105% Jan
Dec
1010634 Jan 15 103X Dec 105
Corn Invest Trust
Nov
• 301 52 Jan 10 5594 Jan 15 3045 May 58
Preferred
Nov
100
May 103
10010334 Jan 1010334 Jan 10 93
Conley Tin Foil
• 2,800 1451 Jan 12 1555 Jan 15 741 May 1434 Dec
Consol Distributors_.•38,100
Dec
55 Jan 3
434 Jan 10 645 Jan 16
Cont Insurance
25 6,100 109
Jan 1011234 Jan 13 8955 Apr 10934 Dec
Corn Prod Ref pref_101
39011836 Jan 1011834 Jan 1411534 Apr 123% Aug
Cosden & Co pref _ _100
Feb
Dec 95
86
Jan 13 87
Jan 13 80
Cushmans Sons
• 600 7134 Jan 14 72
Jan 13 5634 Aug 7634 Sept
Deere dr Co lyre_ _100 200 88
Nov
Jan 12 8834 Jan 13 6134 Ma 84
DuauesneLtlstpf__1u,
Mar 108% Sept
El du Pont 6% prefjtp 1.700 105% Jan 1210534 Jan 1510034 Apr 96
700 95
Dec
Jan 13 85
Jan 16 96
Emerson-Brant preLlOp. 300 13
Dec
Jan 15 1394 Jan 14 734 Ap 16
Fairbanks Co (The)....25
400 255 Jan 10 241 Jan 10 2
Dec 455 Jan
Fairb'ks-Morse tern ctf • 6,600 34
Dec
Jan 15 3534 Jan 14 2534 May 34
Fed Lt& Tr tem ctfs• 7,100 130%
Jan 16 137
Jan 12 7455 Mar 122% Dee
Preferred
li i
101 85
Jan 14 85
Jan 14 7455 Jun 8555 Dec
Fidelity Phen Fire
Ins of NY
25 1,500 158
Dec
Mar 146
Jan 1616634 Jan 12 118
Fisher Body new
600 6634 Jan 16 6894 Jan 15
Fisher Body Ohio pf_101
10010534 Jan 1610534 Jan 16 98Ja • 1063.4 Dec
GenAmTkCar 7% 91 100 200 9
834 Jan 12 9834 Jan 15 92 'Feb 9955 Dec
Gen Cigar Inc pref_100
Dec
10010734 Jan 1010734 Jan 10 10134 Mar 106
Gen Refractories
• 9,880 5434 Jan 16 5855 Jan 14 31
Jan
Jun 55
Gimbel Bros pref. _..100 1.100104
Sept
Jan 1010434 Jan 14 99
Jan 107
Ginter Co
• 601 2234 Jan 15 23 Jan 12 21
Dec 2794 Nov
Great Western sug pf 101
201 11031 Jan 1311034 Jan 13 105
Dec
Ap 115
Hanna lst pref c I a_100
100 88
Jan 10 88
Feb
Dec 95
Jan 10 87
Hayes Wheel pref _100 500 101
Jan 1310234 Jan 1610034 Dec 10134 Dec
Hoe (11) dr Co CI A
• 400 47
Jan 13 48
Jan 14 4834 Dec 5134 Dec
Hydraulic Steel pref_100
100 61( Jan 12 634 Jan 12 341 May 10
Dec
Inland Steel w I pref_ _ _•
200 107
an 12 107
Jan 12 10134 Ja 10734 Dec
Int Agricultural new_ _ _• 6,001 754 Jan 12 945 Jan 15 3 Jun
954 Jan
Prior preferred_ __100
100 5255 Jan 16 5255 Jan 16 38
Dec
Jul 51
International Salt_100 401 77
Jan 10 77
Dec
July 79
Jan li 70
International Shoe_ .. _ • 200 117
.
Jan 1011734 Jan 14 73
Nov
Apr 119
IntertyPe Corp
•,
600 24% Jan 14 2534 Jan 13 2455 Dec 3234 Mat
K C Pr sk Lt 1st pref__ _• 1,200 99
Jan 13 100
Dec
Feb 99
Jan 12 92
Kansas & Gulf
10 2,100
45 Jan 12
54 Jan 10
Si May 1
Jut
Kelly-Sp Tire 6% PL.100 300 52
Jan 10 52
Jan 10 40 Jun 7854 Jan
Kelsey Wheel Inc pref100
200 109
Jan 1510934 Jan 12 10435 Jan 107
Jan
Kinney Co pref
100
100 99
Jan 12 99
Jan 12 88
Mar 9834 July
Kresge Dept Stores pfl I i
300 88
Jan 16 90
Jan 12 90
Dec 9834 Sept
Liggett& Myers rights_ 3,400 8 Jan 16 851 Jan 16
100 10534 Jan 1210534 Jan 12 105
Loose-Wiles 1st pfd 100
Apr106
Nov
101
100 10455 Jan 12 10474 Jan 12 90
2d preferred
Nov
Sep 105
100
300 11135 Jan 12 112
Lorillard pref
Jan 2 112
Nov 117
Feb
Louisiana Oil
*78,800 1834 Jan 16 2155 Jan I•
McCrory Stores pref_100
100 105
Jan 11 105
Jan 1,100
Ma 106
Aug
Class "B"
• 600 93 Jan 16 9455 Jan 13 86
Oct 10654 July
300120
Jan 12 120
Mack Trucks 2d paid _
Jan 1 93 IfOct 115
Dec
1
309
Sales
for
Week.
Range for Year 1924.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
Indus. & Miscell. Par. Shares $ per share. $ per share. $ per share.S per share.
Macy Co pref
100
400 11551 Jan 10 11551 Jan 10 11155 May 116
JULY
Maillason(H 11) pref 100 200 8331 Jan 15 86
Dec
Oc 115
Jan 16 93
Manati Sugar
10
Jan 1 50
100 50
j
July 6951 Mar
Jan 10 45
t.
.Preferred
100
Mar
Oc 87
Jan 1 80 Jan 10 78
500 80
Manila Electric
• 500 29% Jan 1 30
Jan 14 2841 D
3134 Dec
Mathieson Alkala rights_ 1,200 194 Jan 14 155 Jan 10
May Dept Stores pf_100
Jo. 12214 Deo
Jan 1012394 Jan 16 115
300 123
Met Edison pref
• 100 99
Dec
Jan 14 9051 Apr 101
Jan 14 99
Metro-Goldwyn Pic pf 27 8,2
Dec
Snit 19
1854 Jan II 1954 Jan 13 15
Midland Steel Prod pf100 1,500101
Jan 14 9134 June 98
Jan 12104
Nov
Midvale Steel
50
3034 Jan 10 3034 Jan 10 2355 Oc 3454 Feb
Munsingwear Co
• 100 33 Jan 14 33 Jan 14 2934 July 3954 Jan
Nash Motors Co pref 100
100 10534 Jan 1610534 Jan 16 9834 Ju1y10454 Nov
Nat Cloak & Suit pref100
Jan 12 9155 Ma 10055 Dec
Jan 13 100
900 99
Nat Dept Stores pfd_100
Jan 13 9294 Jun 100
Dec
Jan 16 102
900 100
Nat Distill Prod pref._ _• 3,400 5355 Jan 10 57
Jan 13 3034 Au 54
Dec
Nat Enam & Stg pref 100 1,000 8555 Jan 10 8934 Jan 12 67
Jan
Sep 89
New York Canners_ _ _ _• 900 3355 Jan 12 3455 Jan 12 32 Jun 37
Dec
NY Steam 1st pref
• 200 97
Jan 15 88
Jan 1 97
Ma 9855 Dec
Niag Falls Pr pf new_25 1,4(10 28 Jan 15 2854 Jan 10 27 June 29
Sent
Onyx Hosiery
• 700 2051 Jan 12 2155 Jan 10 18
Jan
May 30
Preferred
100
Jan I 7934 Jan 12 7634 A
8954 Feb
100 79
Otis Elevator pref_ _100
100 10334 Jan 1310334 Jan 13 96
Jan 10955 June
Otis Steel pref
100 900 6055 Jan 14 65
Oct 7454 Mar
Jan 13 44
Pacific Tel & TeL _ _ _100
Jan 15 85 June 9535 Feb
Jan 15 95
200 94
Preferred
100
100 9355 Jan 16 9355 Jan 16 88
May 93% Mar
Panhandle P & It pref100
Sept 4254 Dec
Jan 13 43 Jan 13 29
600 43
Penney (J C)Co pref 100
Jan 10634 Mar
100 10551 Jan 13 10534 Jan 13 103
Penn Coal & Coke.._ _50 1,400 21
Jan 10 2254 Jan 15 1834 Nov 3094 Jan
Philadelphia Co, pref _10
Jan
Jan 13 4294 Jan 47
200 46% Jan 14 47
Phillips-JonesCorp,pf100 1,700 88
May 90
July
Jan 12 9534 Jan 15 78
Phoenix Hosiery, pref100
Feb
Jan 10 8251 Nov 94
500 85
Jan 10 85
Pierce-Arrow, prior pref* 1,000 8815 Jan 16 90
Dec
Jan 12 5955 June 95
Pittsburgh Steel, pref 100
Jan 103
Jan 13 95
300 10155 Jan 12 102
Aug
Pitts Term Coal Rec_100 3,200 58
Jan 16 5834 Dec 6351 Dec
Jan 12 62
Preferred Rea
Dec 8744 Dec
100 500 87
Jan 10 8751 Jan 12 83
Pitts Utilities, pf ctfs_10
900 1455 Jan 14 15 Jan 15 1134 Feb 1634 Dec
Prod & Ref Corp, pref_50 1,800 44
Jan 15 42 June 4755 Jan
Jan 10 45
PSC0rpNJ,7%pref 100 400 10094 Jan 13 1013.4 Jan 14 9654 Mar101% Dec
Rights
600 2455 Jan 12 2434 Jan 12 1251 May 2634 Dec
New rights
55 Nov
100
34 Dec
55 Jan 12
% Jan 12
Pub Serv Elec.Pr, pf _100
100 10055 Jan 16 10055 Jan 16 9431 May 10194 Dec
Ry Steel Spring, pref 100
Jan 119
Jan 13 113
Jan 13 119
30 19
Remington Typewriter
1st prof, Series 5.100
Jan 9734 Deo
Jan 16 100 Jan 16 90
100 100
Rossia Insurance Co_ _25
Sept
100 9234 Jan 15 9255 Jan 15 86
Mar 96
Schulte Retail St. pf_100 40011094 Jan 12 11254 Jan 16 105
May 11241 Dec
Shell Trans & Trading £2
200 41
Jan 4135 Feb
Jan 16 4254'Jan 10 33
Simmons Co, pref_ _ _100
10010034 Jan 15 10034 Jan 15 9474 Jan 10136 Dec
Sloss-Sheff St& Ir, pf 100
100 9555 Jan 10 9554 Jan 10 80
Dec
Apr 96
Standard Milling__ ....100
500 69
Jan 10 6951 Jan 12 3954 may 7341 Dec
Studebaker, pref____100
100 11455 Jan 13 11455 Jan 13 10974 Nov 115
Jan
Superior Steel
100 4,800 38. Jan 16 4145 Jan 10 23
Dec
July 35
5,800 103.4 Jan 15 1254 Jan 16
Symington temp ctfs_
Class A
900 2291 Jan 15 23
Jan 15
Sweets Co of America_50 1,400 1051 Jan 16 1154 Jan 10 123.4 Dec 1254 Dec
Telautograph Corp_ _ __* 3,400 1134 Jan 15 1354 Jan 14 654 June 1494 Dec
Texas Pacific Land TrI00
10 300
Jan 15 300
Mar
Jan 15 260
Aug 325
Transue Wins Steel. _• 2,400 3274 Jan 15 35 Jan 10 2834 Oct 3554 Jan
Union Oil
Jan 14 25
• 4,400 121
Jan 151
45 Apr
34 Feb
Union Oil(California).25 42,100 3751 Jan 16 3951 Jan 13' 35
Nov
Nov 39
300 119
United Cigar St, pref 100
Jan 13 11934 Jan 13 113
Jan 119
July
25 7,900 6274 Jan 10 66
New
Jan 14 1 423.4 June 6451 Nov
100 2055 Jan 12 2034 Jan 12, 1551 Oct 3355 Jan
100
Van Raalte
Virginia Coal & C. p1100
100 7955 Jan 12 7954 Jan 12 71
Dec
June 80
600114
West Elec 7% cum of 100
Jan 10 11451 Jan 1511154 Apr 115
July
Jan 13 84
200 84
West E&M, 1st pref-.50
Jan 13, 72
Dec
Jan 82
• 1,800110 Jan 14 116
West Penn Co
Jan 151 4794 Jan 127
Dec
100 1.300 95 Jan 13 96
Preferred 7%
Jan 141 873.4 Apr 97
Dec
Jan 12 2934 Jan 121 24
200 26
Wickwire Sp Steel, pf 100
Dec 24
Dec
Class A
900 2211 Jan 16 23 Jan is!
Preferred rights
Jan 13 10 Jan 16
3,025 5
Wilson Co, pref
100 4,400 1955 Jan 10 2251 Jan 10 ; 11
Aug 72% Jan
Worthington, pref A.100 500 86% Jan 16 87
Jan 15 68
July 89% Dec
Preferred B
100 800 72 Jan 15 73% Jan 14 5834 Jan 7541 Dec
• No par value.
Daily Record of U. S. Bond Prices. Jan. 10 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 16
First Liberty Loan
(High 1015n 101",, 101ust 10150n 10115n 101"n
,
334% bonds of 1932-47-{Low- 1015,, 101511 KM, 101 st 1015st 1015n
(First 355s)
,
(Close 101 33 101931 my% 101101: 10115n 1015ss
491
500
39
179
277
Total sales in $1,000 units__
111
Converted 4% bonds of (High
-----------------ICtOSe
Converted 451% bonds (High
of 1932-47 (First 4501)( Low_
(Close
Total sales in $1,000 units.Second Converted 4q%(High
bonds of 1932-47 (First( Low_
Second 45(s)
Total soles in 51,000 units_ _ _
Second Liberty Loan
(High
4% bonds of 1927-42_ _ _( Low_
(Second 45)
Total Mk/ in $1,000 units__
Converted 451% bonds (High
Of 1927-42 (Second (Low_
434s)
(Close
Total sales in $1,000 units__
Third Liberty Loan
(High
414% bonds of 1928
(Low
(Third 45(s)
[Close
Total sales in $1,090 units_
Fourth Liberty Loan
(High
454% bonds of 1933-38 (LOw
(Fourth 451s)
(Close
Total sales in $1,000 units__
Treasury
(Mg
451s, 1947-52
(Low.
(Close
Total sales in $1,000 units...
4s '19444954
(High
(Low_
(Close
Mint sn1.• In al MIN .....•
10111,1 101",, 10115st 101"n 131"n 10115n
10121,, 10115s, 101"n 10115n 10111n 10115s,
101", 10115s, 10125n 10117,, 10111,, 101"n
39
30
63
8
32
25
------------101.03
--_-____
____
---- 101.00
---.
----------- -- 100"rt
---- 10054s,
__10011,1
10055s,
10018,1
147
1015s,
1011,1
1017ss
418
10111,,
101"as
101",,
450
105"ss
1055,1
105'n
74
100",
100u,
100"a
127
10081,2
10051,1
100"n
731
101%
:,
1015
101 ,,
,
242
102.00
101"s
101",
504
105'n
105.00
135.00
13
103",
100",
100",
540
----------
------
-------
-------
10055n
100ust
100551,
679
101'st
1014,1
1014st
206
101"n
101"n
101"s,
302
105'n
10455:,
104"at
33
10011,1
100"st
100"at
455
1005*n
10055n
s,
1005,
214
101'n
1015,1
1014s,
259
101441,
1011on
101"ss
456
104"st
104"n
104"at
10
10021,,
1005581
100"ss
59
10055n
100558,
100"n
661
101"ss
101*,,
10118,
215
101",,
101"st
1011
.n
360
104"n
104"n
104",
5
1C055s
100",
100"n
75
1001811
10055,1
10051:1
264
101%
1015
,1
101511
III
10154
10int
101"s
1001
104"r
104"1,
1041's
31
100 8
0
100151
100"1
131
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
7 1st 434alop,. to wit“ 44 2d 451s
3%5
100"is to
let 4s
4 1st
100"n to 10011,1 10 3d 414s
101% to 10110,1 144 4th 45(8
10",
10055,1 to 101'
,,
101"at to 101"ss
Quotations for U. S. Treasury Notes and Certificates
of Indebtedness.
-See page 302.
The Curb Market.
-The review of the Curb Market is
given this week on page 298.
A complete record of Curb Market transactions for the
week will be found on page 321.
iew York Stock Exchange-Stock Record, Daily, Weekly and Yearly
310
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preced ng page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 10
Monday,
Jan. 12
$ per share
11814 11912
9312 9312
"334 37
15012 15153
8012 81%
6512 6512
3614 37
733 7313
8
•414 5
15114 15214
9614 983
3
108 108
918 913
153 158
4
3312 3334
•5314 54
912 93
4
27
2818
Tuesday.
Jan. 13
Wednesday• Thursday,
Jan. 14
Jan. 15
Friday.
Jan. 16
Sales
Ioe
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1924.
On Oasts of 100-8hare lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
$ per share $ per share $ per share $ per share 5 per share Shares
Railroads.
Par $ Per share
$ per share $ Per share $ per chars
11812 11912 11752 11853 1117 11814 11614 1173 29,600 Atoll Topeka & Santa Fe__100 9713 Jan 2 12034 Dec 18
11853 119
4
94
Oct 10518 Mal
9318 9312 9318 9333 9313 9312 9314 933
Do pref
8 9273 9318 2,200
8
100 861, Jan 2 005 Dec 29
855 Dec 9023 Mil
8
312 37
318 312
3
312
158 Feb 23
312 312
5 Dec 4
8 8,200 Atlanta Birm & Atlantio 100
314 33
34 Feb
114 Aug
151 1513 151 1513 15012 1513 14814 15012 14714 148
4
4
5,100 Atlantic Coast Line RR__ _100 112 Jan 23 15214 Dec 22 1097 July 27 Feb
4
,
793 8014 795 8014 7812 798 7818 7914 7714 783 38,400 Baltimore & Ohio
4
8
100 524 Apr 22 847 Dec 17
8
8
404 Jan 6014 Den
6518 65 65
65
6513 6512 6513 66
Do pref
657 657
8
8 2,100
100 5614 Apr 16 6612 Dec 19
5514 May 607 Ma/
s
373 393
8
4 384 393
4 3712 3812 373 383
4
4 3652 3758 30,100 Bkiyn Manh Tr v t c__No par 1312 Jan 4 417 Dec 5
8
94 Oct 1411 Dee
"733 74
4
7313 75
75
7514 '7413 753
Pre cot tr etre
No par 484 Jan 3 753 Dec 5
8 75
4
344 Oct 497 Dee
7518 2,400
8
"4
412 '414 5
412 413
414 414
4
4
400 Brunswick Term & Ry____100
1 Jan 3
512 Dec 9
7 Nov
8
25 Jan
8
151 15114 15012 1503 14913 15012 14812 14912 1473 14812 12,300 Canadian Pacific
4
4
100 14214 Mar 10 15612 Nov 26 13934 Sept 160 Apr
965 973
8
4 968 973
4 963 9714 9718 983
8
4 9612 9818 61,400 Chesapeake & Ohio
100 674 Feb 26 9814 Dec 12
57 June 76% Jan
108 10818 10814 1083 108 108
8
Do pref
1083 10853 10814 10814 1,100
8
100 994 Jan 3 10918July 25
96 June 1047 Feb
8
85
8 87
8
8% 88
8
8
812 812
7
8
4,700 Chicago dr Alton
100 281 44May: a y 25 1012 Dec 8
pr 1 50
2 May
3
41 Dee
8
15
4
1533 143 1518 14
1434 133 145
4
8 1318 1353 7,800
Do pref
100
194 Dec 6
318 Jan
12% Dec
3312 3312 338 335
8 3312 3312 3312 3312 3314 3314 2,400 Chic & East III RR
100
38 Dec 5
19 Aug 3814 Feb
5353 5353 5312 5312 523 53
4
Do pref
5214 53
5213 5212 1,900
100 37 May 5 627 Dec 5
8
4612 Aug 6214 Mar
913 9 2
,
4
933 93
914 933
8 98
7
93
93 1014 14,600 Chicago Great Western_ _ _100
4
4 Apr 30 117 Nov 24
8
21 Oct
4
7 Feb
27
27 8 2714 273
7
8 25 4 267
3
8 257 2753 2618 277 17,100
Do prat
3
100 1012June 4 315 Nov 24
8
64 Oct 17 Feb
1514 16
15
15 8 1414 15
5
1414 143
1533 15
4 1312 1413 25,700 Chicago Milw & St Paul
8
100 107 Oct 6 1814 Nov 24
1114 Oct 26% Mar
2612 273
8 2618 27
2512 2612 2514 26
Do prat
2514 268 2314 2514 47,400
100 1814 Oct 6 3218 Nov 24
205 Dec 4512 Mar
8
74
7514 7414 753
8 7312 7518 623 74
4
72
7312 7133 7214 39,600 Chicago & North Western_100 4914 Jan 3 7514 Dec 8
4718 Dec 88 Mar
•113 11334 1133 1133 1133 114
4
4
114 115 "114 1143 1143 115
4
Do pref
4
4
2,500
100 120,1
01
11414 Dec 19
9718 Dec 11818 Mar
4612 4912 47
49
4712 4812 4612 4773 457 4714 415 46
8
84,600 Chicago Rock 181 & Pacifle_100
Feb 15 50 Nov 22
8
1918 Oct 374 Mar
9414 9412 9412 95
95
95
95
95
9412 943 '9412 95
4
7% preferred
2,400
4
73 8 Fep 6
1
100 06,4 .1ab 22 973 Dec 1
72 Aug 95 Feb
84
85
85
8612 8614 8612 8612 8714 8512 8612 8514 857
6% preferred
8 6,400
100
8712 Nov 28
604 Aug 85 Mar
.46
4612 4618 4814 48
48
47
4634 4733 467 47
48
3
3,100 Colorado & Southern
100 20 Jan 2 49 Nov 8
17
Oct 454 Feb
138 13958 1383 1393 13912 14153 140 1413 1363 140
4
4
4
4
137 13912 12,300 1)elaware & Hudson
100 1044 Mar 5 13955 Dec 20
9314 July 1244 Feb
14214 143
143 14314 143 14453 14153 14312 13812 142
138 1393
8 7,700 Delaware Lack & Western_ 50 110 4 Feb 15 1495 Dec 19 1094 Oct 13012 Feb
5
8
3318 3312 3212 327
8 32
3114 315
8 3114 317 16,300 Erie
3253 3112 32
8
100 2014 Jan 3 35 8 Aug 1
5
1018 May 224 Dec
4518 4612 443 4512 45
457
2 445 4512 4414 4553 433 4453 37,800
8
Do 1st preferred
4
100 285 Feb 19 4914 Dec 13
8
,
15
Jan 3114 De:
413 413 '41
4
4
.41
43
42
403 4114 4118 4113 '41
4
Do 2d preferred
42
100 2518 Jan 3 4614 Dec 12
1,700
104 May 274 Dee
7012 71
70% 7114 703 708 6912 705
g
8 6912 7014 6818 79
22,100 Great Northern pref
100 534 Mar 3 75 Dec 17
50% Oct 80 Mar
3718 3753 37
3714 39 4 3833 40
37 8
5
3
Iron Ore Properties. _Ns Par 26 May 23 3914 Nov 25
383 3953 3814 3933 111,000
4
25 July 36 Mar
27
277
27
27
2612 2714 26
2714 26
26
2612 2612 3,000 Gulf Mob & Nor tr ctfs._ _100 1154 Apr 30 2912 Dec 5
912 Aug 20 Mar
98 10112 9812 9812 "95
9712 95
95
95
9514 98
Do pret
9312 1,900
100 50 Ian 3 99 Dec 20
444 Jan 6214 Feb
25
3 2512 25 4 263
4 26
3
263
4 2518 26
2512 2512 2413 2518 7,800 Hudson & Manhattan
205 Nov 22 2914 Dec 5
8
11718 118
1173 11818 117 11734 116 11712 11514 1163 1133 1153
4
4
4
100 10014 Mar 4 1174 Dec 5
4 6,600 111inel3 Central
Dec
Feb
"18
4
1812 183 19
183 183
4
4 183 183
4 183 1853 1853 1833 1,900 Int Rye of Cent America...100 1114July 24 1812 Nov 21
8
"61
63
*61 18 6278 *6118 6278
611861 18 '6112 6234 *6112 6278
Preferred
100 4414Nlay 12 63 Nov 21
100
30% 3153 303 323
4
4 31 14 3314 31
31 14 30
3112 2953 3014 14,700 Interooro Rap Tran
123 Jan 2 3914July 17
4
100
94 June 2272 Mal
3412 35
34
343
4 3312 3414 3314 343
8 3312 35,8 33
337 21,500 Kansas City Southern--100 531073,42
3
r 20 415 Dec 5
16
8
155 July 24% Metz
8
•2718 5758 •5718 575 •5718 5712 5718 5723 57
8
57
Do prer
"563 5712
100 51 14 Mar 31 5912 Dec 5
4
300
4
48% July 578 Mat
8114 825
8 8012 8133 8014 8153 78
8012 777 7918 7718 7812 25,100 Lehigh Valley .
Apr
60
85 Dec 17
54 June 711a Feb
112 112
111 18 112
11114 11212 1123 1127 210813 109
4
8
106 108
3
3,200 Louisville & Nashville.....104) 875 Janie 109 Dec 29
844 Oct 155 Feb
48
.47
48 14 4812 487 4912 4812 4918 4812 4914 •4814 4923 3,300 Mann Elevated, mod guar _100 3012 Jan 2 517 July i8
8
k
2712 Dee 451 Apr
,
•9
10
'9
10
9
9
*9
10
*914 1014
100
634 Mar 15 1313 Fan 4
914 914
200 Market Street RY
74 Oct 22 Mar
.20
31
•20
31
20
20 "25
31
*2053 31
Do Prot -100 20 Oct 17 42 Dec 26
"25
31
23
Oct 684 Mal
5012 5012 "4913 51
5112 5113 5112 5112 .48
50 .48
Do prior pref
100 41 Nov 8 7113 Jan 4
400
50
561 Oct 87 Mal
,
2214 "20
22
22 "25
31
20
20
21
21
Do 2d pref
2012 21
100 14 Mar 18 30 Jan 4
700
1453 Oct 5614 Mar
•212 3
212 212
4 .252 23
253 23
4 '252 234
11 Jan 3
8
23* 252
4 Jan 28
400 Minneap & St L (new)__ _100
Aug
91 Feb
,
2953 30% 2938 3012 2953 3012 2914 3053 29
2972 2813 2914 33,000 Mo-Kan-Texas RR__._Ne Par 1012Nlay 20 343 Dec 5
8
4
95 Oct 17 Feb
77
77
78
78
7714 79
78
79
277i8 7814 763 773 21,900
Do pref
100 2914 Feb 18 7514 Dec 15
4
247 Oct 4512 Feb
2
364 3814 37
3814 367 38% 365 373
3
8
8 353 363
4
4 3514 36
Jan
3414 Nov 20
100
79,700 Missouri Pacific, corn
814 Oct 19% Feb
4 787 82
7812 793
8
8012 773 79
8014 823
4
8 78
Do pref
7612 7814 66,200
3 74 Dec 19
9'4
100 29 J
2214 Oct 49 Feb
223 233
212 23
4
24 2
3
34
212 208
213 23
4
118July 16
212 23
3 Dec 4
100
4 3,600 Nat RYA of Mex 28 pref
114 Nov
414 Feb
•115 11614 1153 116
4
11534 116
1153 1153 1153 1153 1153 1153
4
4
4
4
4
100 934 Feb 15 12112May 20
4 2,500 New On Tex & Met
821s Aug 105 Mai
3
1233 124 18 12312 1237 12314 1243 12212 1243 121 12333 1205 1217 134,600 New York Central
4
8
8
904 May 10714 Dee
100 994 Feb 1.5 11914 Dec 26
8
1277 1277 128 12818 1283 12812 126 128
8
8
126 1275 125 126
8
6712 Aug 8012 Dee
100 724 Feb 18 128 Dec 13
2,500 N Y C & StL new co
9114 9112 91
9112 90
91
91
917
9012 91
9012 9012 4,400
Do pre:
1418Nfa y 1
86 Nov 9512 July
100 83 j p 22 93e Sept5
318 32
3114 32
31
318 3033 3114 3014 31 14 293 3014 46,400 N Y N H & Hartford
4
3314 Dec 18
100
9% July 221, Jan
2514 2533 245 2514 243 2434 24
8
4
2412 24
24
2312 237
8 3,200 N Y Ontario A Western..100 16 May 24 2814 Nov 21
1414 June 215 Feb
8
2412 25
2412 2412 24
2412 2353 24
2353 2414 235 2334 2,100 Norfolk Southern
8
,
100 121 Apr 22 29 Nov 25
9 Sept 18% Feb
8
13153 13252 13012 13133 1307 13214 12914 1303 1267 1297 127 128
4
8
100 1024 Jan 3 13314 Dec 27 100 July 117% Feb
18,800 Norfolk & Western
*7512 77
76
,.78
"76
7614 .76
7614 "76
76,
4 7614 7614
Do pref
14
72 Sept 781s Aug
100 72 Feb 26 8018June 10
200
8 7014 707
8 6912 705
7023 71
7012 707
8 69 693
4 68
6912 18,000 Northern Pacific
494 Oct 814 Mar
100 4778 Mar 3 73 Dec 18
4814 4814 4834 4853 4858 4832 4858 4814 4812 4814 4812 24,000 penusyl yenta
4818
50 4214 Jan 3 50 Dec 5
8
407 Nov 477 API'
8
19
19
207 '
8 518
"18
20
•18
20
19
19 '18
2213 Nov 12
100
20
8
1,600 Peoria & Eastern
Oct 17 Mar
4 6712 6814 673 68
6912 7018 6812 6918 6812 693
4
9 Mar 13
% ar
67 67
36
100 40 IVI31 73 Dec 13
3,100 Pere Marquette
Jan 4714 June
z80
83
8012 •81
•81
833
4 81
81
81
8114 83
84
Do prior pref
100 7112A pr 23 8512 Aug 2
1,100
671 Oct 764 Mat
,
8 743 743
4
753 753 "7412 753
4
4
4 7312 7312 7314 7314 723 73
Do pref
4
100 60 Jan 4 77 Aug 8
700
574 Oct 701 Jan
,
7112 7112 7112 72
71
71
71
Hp 38
72
703 7112 6914 71
4
Ian 4 7514 Dec 1
3,100 Pittsburgh & West Va
337s Jan 505 May
8
Do pref__
100 8.54 Jan 5 1067 Oct 29
85 Dec 93
Jan
8612 -7738 763- -iii -ii- -. 7iC 70;556 Reading
-7914 - -1- -791. 104 -7653 81 4
4
14 .
7912 Dee 18
68
50
6812 June 8118 Feb
3812 3812 3814 383 "38
4
383
8 3814 3814 38
3814 38
38
Do let preferred
'Ai 34 Oct 14 564 Jan 14
1,200
44 June 5612 Feb
4312 4212 43
42
423 423
4
4 413 4212 4114 423
4
4 42
42
to 2d preferred
0
:3, 5 Y 3
C 171 J n 26
. 50 035 8: ,10 56 Jan 14
1
3,300
45 June 561 Jan
4
.60
62
"60
63
5 60
'
62
*59
59
61
59
*5912 61
100 32 Jan 3 66 Nov 20
100 Rutland It pre(
224 Oct 39 Dee
6012 5912 60
59
5912 6014 5812 597
5912 5712 5814 50,900 St Lou San Fran
2 58
65 Dec 5
100
1614 Oct 27 Ma,
79
79
797
8 7912 7912 793 797 27714 78
79
2
77
4
ref A
7712 2,000
100 4258 Jan 3 8212 Dec 5
Do
324 Jan 50 Mar
5012 5012 5012 5114 487 5012 49
523
51
4934 4818 491
8
,
8,800 it Lo. e Southwestern_ _ _ _100 33 Jan 2 557 Dec 5
254 Aug 36% Feb
"71
7052 71
71
72
71
7153 71% "7012 7112 '71
72
D
100 574 Jan 3 74 Nov 26
pref
1,700
541 June 637 Mar
8
8
8 2114 2112 2114 2112 213 2112 21
217 217
2
21
203 2012 3,800 ,ea ,oard Air Line
8
100
64 Jan 2 2418 Dec 4
454 Aug
74 Feb
40
403
.3 3918 397
8 39
3914 3812 3918 3818 3814 373 3818 3,600
2
4512 Dec 4
Do prof
100 13414
13 r
84 Aug
1514 Dee
10718 10853 10634 10712 1063 1073 10514 1067 1047 106
4
4
8
10312 19518 101,400 Southern Pacific Co
8
Man 26 10512 Nov 12
jnr 2
100
8414 Aug 9514 Feb
804 8112 8034 8112 813 8212 80% 8214 8018 8153 7913 8034 45,900 Southern Railway
4
100 3812 Jan 2 794 Dec 19
244 Jan 3918 Dee
8513 8514 8.55
854 8614 8.5
8 85, 853
4 8512 8512 845g 85
12
100 661 Jan 3 85 Dec 26
4
Do pref
4,600
63 July 707 Mar
2
46
47
4614 47
4514 46
447 4512 4414 4514 4312 4453 15,900 Texas & Pacific
-100 19 Jan 3 48% Dec 4
14 Aug 2912 Ma,
137 143
8
14
4 1453 143 •12
.13
14 •
4
.12
14
__100
814May 20 1812July 17
1,000 Third Avenue
812 Dec 1914 Feb
6214 63
65
.63
*62
623
4 613 613 "60
4
82
4
6012 6013
400 Twin City Rapid Transit. _100 3912 Oct 2 66 Jan 12
584 Jan 774
15153 15314 15114 152
1513* 15253 15018 15112 149 151
14812 150
100 126% Mar 3 15158 Dec 18 1244 Aug 14471 June
32,800 Union Pacific
Feb
4 7433 7412 7414 7414 748 75
7412 743
•7412 75
100 70 M2
p 0
743 747
4
7% A ar 23 7612 Aug 27
Do pref
1,600
7014 Dec 761 Jan
,
2212 2234 "23
2312 21 14 2114 21 14 2114
2212 2212 •21 12 23
41 Dec 19
1,300 United Railways Invest-100
77 Oct 217, Mar
8
60
60 60
5814 "58
58
57
58
5712 5514 5514
58
264 Apr 21 647 Dec 18
Do pref
100
8
1,300
26
Oct 62 Mal
66 '6512 6612 6418 653
66
67
4
4 613 651g "6412 6012 1,000 Virginia Railway & Power_100 36 Feb 29 724 July 12
•66
304 Aug 364 001
4 2213 2213 2112 2218 2112 22
21 18 2134 23,400 Wabash
2212 224 2214 223
100 104 Jan 4 243 Dec 5
8
7 Mar 12 Dee
59
57
4
5812 5912 5812 5914 5853
100
5853 563 5818 5632 5714 34,800
Do pref A
6014 Dec 17
2314 Jan 364 Dee
42 '
4112 4112 •40
539
538
40 '
40 .38
22 J
4
•4113• 42
100 3 1, jan 3 423 Dec 18
40
Do pref B.
100
8
164 Jan 2314 Dee
1612 1512 1653 1514 16
1618 1712 16
1518 155 24.500 Western Maryland
85
1612 1714
100
8June 3 1614 Dec 18
8
8 Sept 15 Feb
3
4 2312 2412 2314 233 10,500
4
244 25 8 243 2514 2318 243
100 1514May 15 2614 Dec 18
2512 26
4
Do 2d preferred
14 Sept 264 May
8
39.
58 37 2 383
,
4
4
8 353 3714 51,100 Western Pacific
100 141 Jan 2 367 Dee 4
3714 3812 3714 378 373 3912 38
8
12 Setp 2014 Mar
9218 9334 91
927
9512 8912 94
"9412
90
90
9214 9,000
Do pref
100 68 Jan 7 8612 Dec 6
88
53 May 63% Mal
1518 1534 15
1512 143 15
153 16
4
1614
4
711 Jan 2 1712 Dec 18
1614 1612 16
6,500 Wheeling & Lake Erie RY-100
6
Oct 101 Feb
,
2852 285
8 2712 2312 3,700
3053 2912 30
Do pref
100 144 Jan 2 3212 Dec 5
4 3034 3012 30
3012 303
10
Oct 19
Feb
Industrial & Miscellaneous
98
98
Express
97
10012 10012 9812 99
97
100 734 Jan 2 9312 Dec 8
2,400 dams
10114 10212 10012 102
67 Sept 82 Mal
"1418 1412 14% 1418
14
14
15
15
6 June 9 16% Dec 10
100
15
14
15
13
500 Advance Homely,
61 Oct 191s Mat
,
50
50
*497 5012
8
51
51
100 2814June 14 54 Dec 10
498 50
51
51
Do pref
51
•50
700
24 Nov 54% Jan
8912 90
8914 90,
4 8818 903
90% 9053 91
8 5,000 Air Reduction, Ine_---NO Par 6714 Jan 2 93 Dec 9
89
52 9018 90
58 July 721 Mal
8
4
133
3 123 1314
123* 127 18,600 Ajax Rubber Inc
50
412May 14 1413 Dec 16
1312 13% 1312 13
13
1312 13
44 Oct
144 Ma,
14
14
5
8
*4
14
.20
10 .05 Dec 24
*18
.20 .20
14 10,500 Alaska Gold Mines
14
*18
14 Feb 2
4 Aug
58 Mar
13
118
1
114 '1% 114
118 2,200 laska Juneau Gold Min__ 10
1% •1
114 *118
•1
112 Mar 4
I. Oct
14 Oct
28214 83
8312 84
813* 8212 12,500 Allied Chemical & Dye_No par 6578 Man 3° 8712 Dec 8
j r18
a r1
8 4 843
33
,
4 83 8 8433 8312 84
Jan
594
1173 1173 5 1173 118
4
4'
Do prof
100 14150, py 20 1185 Dec 8 10514 Aug 80 Mar
4
4
10 A r 8
'11714 118
118 118'8'1173 118
11773 118
tA
2,200
8
Aug 112
4
72
100
4
74
7214 7312 723 7413 7414 7614 753 7812 7612 797 55,700 Ills-Chalmers Mfg
7352 Dee 26
3714 June 5114 Feb
Do pre(
8
105 105 "104 105
104) 90 ADr29 1047 Dec 22
105 10514 "103 10412 10412 10512 1055 1053
900
8
89 Nov 9712 Jan
1412 15
8
1414 1514
143* 1514 144 1518 145 1553 1412 1514
718 Apr 7 1718 July 29
6.600 Amer Agricultural Chem_ _100
1018 July 367 Feb
8
8 4414 4514 44
44
4418 16,400
4 4518 467
Do pref
100 183 Apr 7 4953 Jan 9
4433 447 4623 4518 463
4
2814 Oct 687 Feb
,
4012 40
40
•40
41
40
American Beet Sugar
100 36 Mar 21 4912 Feb 6
40
404 4112 4014 4014 40
1,700
25 Aug 494 Feb
4553 42
4
4253 4353 423 4612 443k 467
433 4714 43
4412 26,900 Amer Bosch Magneto,..No par 2214 Apr 1 387 Jan 12
4
8
2214 Oct 60 Ma,
4
9912 983 9912 98
100 10112 101 102
99
9834 3,200 Am Brake Shoe & F__ _No par 76 Apr 14 102 Dee 29
9912 100
agla
'108 109
10712 10712 "107 101 *107 110 '107 110 '107 110
Do pre(
100 10414 July 10 110 Mar 26 102 Sept 8314 Feb
100
July 110
Jan
1613 1633 16153 164
4
4
100 954 Apr 21 16312 Dec 19
16214 16512 16012 16454 15914 16314 15818 1613 114,500 American Can
8
734 Jan 1075 Deo
116 116
116 116
116 116 "116 11614 116 116
Do pref
116 116
100 109 Jan 8 119 Oct 27 106 Sept 115 8 Feb
1,000
199 201
19714 198
198 2003* 11,200 American Car & Foundry_100 1534 Apr 14 20014
195 1993 200 201
199 203
4
Dec 31 14814 July 189 Mai
12212 12212 1227 123
123 123 *12212 125 "12212 125 .12213 125
Do prof
100 118% Apr 9 125 July 18 117 Sept 1287 Jan
600
2
24
24
2418 24
24
24
24
2418 2418 2414 24
25 21% Mar 21 25 Sept 5
2453 3,900 American Chain, el A
20% June 254 May
3 3934 3912 403
•40
40's 397 40
39
39
No par 141 Apr 22 40% Dec 17
39
40 4 39
3
4 2.600 American Chicle
4
1718 Nov
514 Jan
57
512 55
8
6%
618 11,500 Amer Druggfeto Syndicate_ .10
6
818 6%
512 53
552 6
4
312June 6
7 Oct 25
758 Feb
413 Sept
'156 158
158 158 '156 158
150 1513
155 15812 152 155
4 1,900 American Express
100 88 Apr 15 16434 Dec 31
87 Nov 1434 Mar
12512 127 '12512 1267 .123 125
125 125
123 123
121 1227
8 3,400 Am dc Foreign Pow 25% paid _ _ 921251er 8 13214 Dee 22
96 Dec 97 Dee
12512 128 "125 127 .122 126 '1224 125 '123 126 "123 126
paid
Full
9112 Apr 4 133 Dec 22
13
1314 1212 1212 12
14
133 •1212 123
1 13
s
12
12
4 2,700 , merican Hide & Leather_100 503 1.45 Dec 9
, Jn
,
714 Apr 28
3
1353 isisr
64 Aug
-,Y23. /27
s 7114 72
711, 717. 72
757
3 73
75
7114 7214 11.100
Do prof
100
294 Aug 74+4 Max
723 Dec 5
8
•Elld sad asked prices
vidend I Ex rights
New York Stock Record-Continued--Page Z
311
For sales during the week of stocks usually Inactive, see second page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Jan. 10
Monday.
Jan. 12
$ per share
9112
91
80
*79
3414
34
1178 117
8
2714 2714
8
.5652 577
4
10914 1103
8
•11912 1197
5212
52
93
91
$ per Share
91
9312
80
.79
34
353
8
114 12
273 2712
8
5714 573
4
1097 11312
8
1197 120
8
5158 523
8
96
96
Tuesday,
Jan. 13
lirednesday
Jan. 14
$ Per share $ Per share
93
92
91
92
80 .79
*79
80
8
343 357
4
8 345 364
117 1218 12
8
1212
273 273
4
4 27
274
5712 574 5712 58
11414 117
1153 11934
4
1203 1203 .12014 121
4
4
513 52
4
503 514
4
9812 9912
4
963 99
Thursday,
Jan. 15
Friday,
Jan. 16
Sales
for
the
1Veelc.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share
90
9114
7912 7912
314 35
1212 14
*2812 267
8
574 58
114 11814
1203 1203
4
4
51
513
4
99 100
$ per share
89
89
.79
80
335 343
8
8
1234 1314
26
264
5718 5714
11214 116
1203 1203
4
4
5012 5114
9812 99
Shares.
3.600
100
25,600
20,300
3,400
2,100
72,000
700
9,900
7,265
Indus. & MIscell. (Con.) Par
American Ice
100
Do pre
100
Amer International Corn 100
American La France F E
10
American Linseed
100
Do prof
100
American Locom. new _No par
Do pref
100
American Metals
No par
American Radiator
25
American Safety Razor
25
Amer Ship & Comm___No Dar
Amer Smelting & Refining_100
Do pref
100
Am Steel Foundries____33 1-3
Do pref
100
American Sugar Refining 100
Do pref
100
Amer Sumatra Tobacco
100
Do pref
100
Amer Telep & Teleg
100
American Tobacco
100
Lowest
-1.113. -I 1-3- -114 1212 12
4 - 4
127
8 1214 1278 123 125
8
8 1218 1214 8,200
9614 97
9612 9714 964 99
98
994 9912 1014 29714 994 69,100
10818 10818 10812 1083 10914 109 4 1093 109 8 110 110
4
,
8
3
110 110
1,100
4814 483
4 484 49
483 484 473 4812 4714 48
8
4
4658 4712 24,500
10812 10812 10812 10812 .109 110
110 110
110 11012 110 110
800
5114 50
5012 51
5014 514 50
507
8 48
493
8 475 4914 17,600
8
0212 9212 9212 9314 93
93
93
93
9212 9212 9114 92
1,600
•12
*1218 13
115 12
8
123
12
4 12
*1112 1212 11
1112 1.300
.34
*34
39
39
*34
39
*34
39
*37
39
*34
39
134 1343 1334 13414 12334 124
8
1337 134
2
12312 1234 133 13352 128,600
__
_
_
_
_ ___
2 16,- 8 16i4 li:147. 11:44 *ioiis icig
17. 1047s 105 *i5i4 141 i58 1-o8
555 Do prof
loo
---- ---- ---- ---- ---- ---- ---- ---- ____ ____ __ ____
Do common Class B 100
____ ____ ____ ____ ____ ___
Am Wet Wks & El v t 5_100
*99 101
•100 101
101 102
*98 102
*95
99
Do 1st pref(7%) v t 13_100
*96
200
99
•9612 93
96
9612 .96
99
1,100
*96
Do partic pf(8%) v t e.100
98,2 .96
9612 954 96
824 824 6218 623
4 6218 623
4 613 624 615 6314 6118 6218 29,700 American Woolen
4
8
100
4 95, 953
9518 953
8
4 953 953 .95
4
4
96
954 98
Do pref
957 954 1,000
8
100
514 514 *5 8 612 .5
3
612
43 ' 5
4
434 434
4
412 43
900 Amer Writing Paper pref _100
124 124 12
1218 1114 1214 11
1114 1114 12
107 11
2,100 Amer Zinc, Lead & 9melt___25
8
38
3812 3712 38
38
383
8 38
3712 3818 383
4 38
Do pref
3614 3,200
.._
25
483 47
4
487 47 2 4714 48
2
,
467 474 4878 4712 245
8
/ 4612 44,400 Anaconda Copper Mining_ 50
1
4
9314 9312 93
93
93
9314 .
93
934 93
1,100 Armour & Co (Del) prof ___100
93
.9312 94
8
83
4
84 914
83
4 9,4
852 93 .
2
818 93
8
812 812 4,500 Arnold Const'le,Si Co v t e No par
139 8 142
,
,
141 4 144
141 141
141 145
4
14134 1443 213934 14214 11,300 Associated Dry Goods____100
337 3412 31
9
3518 314 36
3434 353
4 3414 35
333 3412 37.000 Associated Oil, new
4
25
2114 21 12 2214 234 23
2312 22
24
2112 2214 213 2134 16,100 ALI Gulf & W 158 LIne_100
4
34
343
4 3412 353
4 34
35
344 363
4 3434 35
Do pref
34
3434 9,000
100
10912 110
10918 1097 109 11012 100 10914 106 108
8
103 106
9,100 Atlantic Refining
100
.11412 11512 *11412 11512 11412 11412 11412 11412 .11212 11412 11312
Do peer
800
11312
100
30 307
8 3114 3212 31 12 32% 30
314 294 3018 294 2912 17,800 Austin, Nichols & Co__No par
*89
894 893 8934 .90
4
92 I .90
92
*8814 90 .90
Do prey
92
100
100
•2
212
212 212
23
4 2 4 *214
3
212 *214
200 Auto Knitter Hostery_No par
23
4 .214 212
13414 1353 13314 1354 1345 13614 1344
4
8
Baldwin Locomotive Wks 100
1324
4 1314
8
•115 117 •115 11612 115 115 *115 1374 .114 1353 .114 1337 118,100
116
116
Do pref.
100
118
100
223 2314 2234 2312 2334 2414 2214 233
4
25
2212 28,000 Ramsdell Corp. Class A
4 2212 2318 22
•1812 19
184 184 19
19
13
1812 .18
Do Class B
19
13
1,100
18
25
463 464 47
4
473
4 4712 474 4752 474 467 47
1,900 Bayuk Cigars, Inc____No par
.4612 47
8
723 7412 727 734 723 7312 70
8
8
8
714 69
7014 675 6914 15,900 Beech Nut Packing
20
8
5112 5214 515 53
8
523 5312 5138 523
4
4 51
523
8 5012 514 40,800 Bethlehem Steel Corp
100
11218 11218 1117 1117 .112 113 .
8
8
600
Do cum cony 8% pref _100
11218 11214 11212 11214 11212 11212
9712 977
8 97
9718 .9712 98
Preferred new
9712 9712 9712 9712 9712 9712
800
100
63
4 7
63
8 67
8
612 612
614
614
57
8 57
No par
8
53
s 512 8.800 Booth Fisheries
1283 1294 12814 1293 129 12912 12852 12914 12714 129
4
8
100
9,300 Brooklyn Edison, Inc
4
1263 128
79
794 787 794 7914 7912 78
8
8038 79
8014 80
8112 38,200 Bklyn Union Gas newNo par
76
7814 75
7614 74
76
73
74
7312 7412 7312 744 8.900 Brown Shoe Inc
_100
100 10112 10214 1034 10212 1033 1013 102
8
4 9934 9934 4,0p0 Burns Brothers
100 1003
100
4
213 213
4
4 22
223 .22
4
Do new Class B corn__ ....
23
214 2318 22 4 2214 .213 2214 • 1,600
4
,
812 812
814 812
814 83
8
8
818 83
814
5
83
8
8
8 14 6,000 Butte Copper de Zino
24
245
8 2334 2414 234 24
22
2314 2112 2212 .2112 23
4,200 Butterick Co
100
2318 24
2212 2338 2234 235
8 2214 2312 2214 233
10
2214 11.300 Butte & Superior Mining
8 22
13
s
13
8
112 238
14 2
134
14
2
218
17
8 8.500 Caddo Cent 00 & Ref_No par
17
8
•10212 10414 103 103
104 104
103 104
10112 103
1013 101 12 1,800 California Packing.....No par
8
2634 27381 2612 2714 2712 274 2612 277
8 2612 2714 2512 263 58,200 California Petroleum. new 25
8
1044 1053 1045 105
4
8
105 10618 10358 101341 103 103
Do pref
100
102 103'z 2,700
412 412
414 412
414 43
43
412
4's
10
414
44 414 4.500 Callahan Zinc-Lead
5718 5712 553 573
4
8 5612 567
8 557 5612 555 5552 5512 55'2 1,800 Calumet Arizona Mining
8
10
8
---- ---- ---__
No par
Case (J I) Plow
.30
31
.28
30
30 30
31
.30
2914 30
500 Case Threshing Mach_No par
29
29
2018 203
4 20
2018 20
2014 1912 2014 1912 197
8 19
100
193
8 7.100 Central Leather
5714 58
56
575
8 573 584 564 58 8 56
4
Do pref
573
3
8 555 563 15,000
100
8
8
534 545* 54
543
8 5412 55
5314 54
541
5312 544 54
23,800 Cerro de Pasco Copper_No par
3118 327
8 32 8 3352 32
5
3238 3118 3214 3118 323
8 3114 323 23,900 Chandler Motor Car___No par
8
97
9712 95
97
9434 9614 9312 96
9112 9113 3,800 C iicago Pneumatic Tool 100
29234 931
.53
5312 5214 5214 .5214 51
.52
54
.5214 54
200 Chicago Yellow Cab----spar
52 2 *52
,
3614 383
4 363 3634 3612 3714 3612 3718 3612 367
8
8 355 364 38,500 Chile Copper
8
25
2614 2614 265 265* 253 263
8
4 2512 2512 255 253
4
8
4 2514 2514 2.000 Chino Copper
5
833 61
65
4
713
4 697 71 1
664 68
8
9,500 Claett. Peabody & Co__ A00
68
6912 6814 69
8512 8612 855 8614 8614 8934 8714 89
8
8814 90
No par
64,700 ,.;oca Cola Co v to
884 91
4314 44
434 453
8 455 4814 444 467
8
8 444 4614 425 443 57.400 Colorado Fuel & Iron
8
8
100
51
5114 *5012 51
5018 51
50
51
5012 51
493 5012 1,800 Columbian Carbon v t c No par
4
47
4712 47
477
8 4712 4734 47
473
4 463 47,
4
8 4612 467 14,700 Col Gas & Elec, new.. No pot
8
11012 11012 .116 118
1155 118
8
114 1143 1103 111 *113 114
4
4
1,300 Commercial Solvents A No par
117 118 .115 117
115 118 •110 114
1103 113
4
10
11014 1103
4 1.000
No par
4214 43
4218 427
8 4212 4312 4112 4214 2403 415* 4012 41
4
19.500 Congoleum Co
No par
2714 2714 2714 277
8 273 2912 29
4
3018 23
293
4 2714 2912 12,200 Consolidated Cigar
'Jo par
*78
83 •78
83
82
82
814 823 .8112 8212 .82
4
300
83
Do pret
100
7614 763
4 7612 7714 7634 77
7614 773
8 764 773
2 784 777 53,000 Consolidated OWN YelNo P01
8
____ConsolGas,EL & P of Balt100
43
4 47
3
43
4 -, 4
i
43 18
4
7412 -47a
412 -434
43
8 412 18.300 Consolidated Textile__ _No par
6812 69
6712 69
684 6914 6818 8914 8818 8918 8714 6812 24,200 Cm2tInental Can, Ine
100
972 10
94 1014 10
103
8 10
104
97 1014
8
74,000 Continental Motors_ _ _No par
934 10
395 4018 3912 4018 3914 394 383 395
8
8 3812 39
4
3812 39
40,100 Corn Products Refin w 1 ___25
8 2812 3114 315 325
287 293
8
8
8 3014 317
8 30
3138 295 303 131.400 Coriden de Co
8
4
No par
7512 7612 7512 78
763 7858 7512 77
4
2743 763
8
8 725 7514 33,500 Crucible Steel of America_100
8
•943 95
8
95
95
95
95
95
95
9512 96
96
96
Do pref
800
100
14 123
123 123
2
4 12
1212 1234 1212 1212 124 127
4 125 13
8
8 8,300 Cuba Cane Sugar
No par
5778 5812 563 58
4
565 5714 5618 5714 5618 564 5618 563 16,200
8
Do pref
8
100
30
30'2 2912 297
8 2912 297
8 2912 2934 2912 293
4 2912 293
4 7,550 Cuban-American Sugar
10
993 .98
9934 *98
4
.98
993
99 .98
4 99
993 .98
4
9934
100
Do pref
100
•53
4 6
512 55
552 54
8
54 54
512 552
512 512 2,100 Cuban Dominion Sugar No par
437
43
8 42
.43
.42
4314 42
42
42
42
4112 4112
600
Do prof
100
53
5314 523 5314 525 5318 5318 5312 53
533 5
2 4
4
8
537
8 3,500 Cuyamel Fruit
No par
713 77
718
71
.7
712
74 73
8
7
7,
8
87
8 7
1.200 Daniel Boone Woolen Mills 25
4314 444 45
44
43
8
4612 443 4714 4414 48
4312 45 1 33,800 Davison Chemical v t e_No par
2514 .234 25 .23
.234 27 .23
25
.23
25 .23
25
De Beers Cons
8
8
11412 1147 11312 11412 1145* 11414 1143 1143 1137 11414 11334 11334 2,000 Detroit Edison Mines No par
8
8
100
8
8
4
1514 1512 147 1512 1412 154 147 1538 153 1614
16
1614 18,300 Dome Mines, LtdNo par
16
1512 167
16
8 164 164 18
18
153 1614
4
1512 1512 8,200 Douglas Pectin
11078 1103 11012 111
1107 11138 111 Ill's 11112 11412 11214 1134 32,600 Eastman Kodak
8
4
co___No par
1312 1414 144 143
*1414 15
14
4 1334 143
8 134 14
14
1,500 Eaton Azle & Spring___No par
14234 14212 14532 14312 145
143 146
1453 1405 144 103,500 E I du Pont de Nem & Co 100
14012
4
142
8
667 6814 6852 6812 875 69
8
8
6614 6812 6512 673g 8412 6614 24,800 Mee Storage
Battery_No par
•1112 1212 .1112 1212 .1112 1212 *10
12 .10
12
.10
12
Elk Horn Coal Corp
50
8 .2
42
25
252 .2
2
52 •2
25
25
8 .2
8 •2
258
Emerson-Brantingham C0_100
7158 72
713
7114 89
6914 6914 6912 3,100 Endlcott-Johneon Corp
4 89
7112 714 71
60
4
_ __ _ ____ .11212 115
•11212 115 •..„.., 1143 ____ ____ .11212 115
Do pref
100
1911 1912 1914 193 •19
4
4
8
201
2
•183 1912 .iu, 1912 183 19
600 Exchange Buffet Corp_No par
4 9412 96
9514 973
8 9612 08
38,000 Famous Players-Lasky_No par
'
9912 1003 9813 99 2 984 093
8
8
1,200
108 1084 1077 10818 1077 10818 108 108 *105 107 *105 106 11
Do pref (8%)
100
8
24
23
2514 2312 2312 1,800 Federal Mining &
2314 2312 *2314 237 .23
23
23
Smelt-g_100
64
6112 6312 63
615 627
8
8 6112 6414 8114 617
62
8 8,100
Do pref
62
100
13
13
13
1,700 Fifth Avenue Bus
•1214 1212 1212 1212 1214 1212 1212 1212 13
No par
270 270
270 270
4
2713 274
270 270
4
4.800 Fisher Body Corp
2
2597 26012 2713 280
No par
1314
13
123 1318 124 1318
12
4
1314
123 45,500 Fisk Rubber.
8
13
1314 13
No par
843
8 847 8512 79
84
8
84
85
7512 784 7,400
*8212 84 .83
First preferred
100
833 84
4
4 8412 85
8212 833
4 823 83,
4
8 7,300 Fleischman Co
8514 844 843
No par
905 9112 914 9314 92
8
8478 9178 9012 9118 9014 91
9114
9314 18,700 Foundation Co
No Par
8 10
1018 103
1018 9,000 Freeport Texas co
1018 11
8
104 107
4
8 107 11
Ne, par
1034 107
iv, 73
8
718 83
7
77
8
8
712 8
812 714
612 85 21,600 Gardner Motor
8
No par
5412 56
534 55
5312 534 5278 5312 6,300 Gen Amer Tank Car
57
584 58
58
No par
59l4
8
813
8 585 804 5718 59
60
57
58
5914 61
23,800 General Asphalt
6'8
100
--. - trill
99
081, 931. •06 100 .96
96
9612 96
96
700
Do nref
too
•Old and ailed price,: no Wee on Ulla day. •Ea 300% in stook. a Ex-rights. x Sa-41111411112e.
PER SHARE
Range for Year 1924.
On basis of 100
-share lots
Highest
$ per share
$ per share
72 Aug 28 96 Feb 7
7312 Nov 3 83 Feb 5
1738 Mar 19 354 Nov 26
10 May 19 1214 Jan 9
1334May 7 283 Dec 31
4
30 Apr 15 534 Dec 31
4
704 Apr 15 1093 Dec 31
11814 Apr 16 12012Sept 29
4June 3 54 Dec 30
383
9414 Apr 16 136 Dec 15
54 Apr 22 1014 Nov 28
8
1018 Oct 28 153 Feb 11
5712 Jan 14 1003 Dec 26
8
8
96 Jan 2 1075 Dec 26
3312 Apr 21 49 Dec 291
1014 Apr 25 10914 Nov 19
36 Oct 30 6134 Feb 7
77 Oct 30 997 Feb 14
8
63
2July II 2812 Jan 9
2212Sept 9 69 Jan 16
12118June 28 13434 Dec 18
8
1365 Mar 25 1697 Nov 11
2
101 Apr 11 10612July 23
13514 Mar 25 16838 Nov 11
40 Feb 18 144 Dee 3
8212 Mar 21 101 Dec 11
66 Feb 19 102 Nov 17
5114Sept 10 784 Jan 11
8
90 Oct 25 1025 Jan 19
7 July 14
Ds Apr 16
7 Mar 29 1214 Dec 29
24 June 5 364 Dec 27
2812May 20 4814 Dec 29
8
8314June 18 943 Dec 13
6 Oct 27 15 Jan 9
79 Jan 15 14012 Nov 19
27t3 July 16 345 Feb 5
8
103 Mar 26 23 Dec 9
4
124 Jan 4 3112 Dec 31
78121uly 16 14018 Jan 31
108 Oct 27 118 Feb 71
184 Mar 28 3312 Dec 12
79 Apr 17 91 Nov 25
112 Nov 7
812 Jan 2
1043
8:May 20 1343 Dec 27
8
11012June 10 11712Nov 28
14 Feb 16 2312 Dec 31
10 Jan 7 1712 Dec 31
3912May 16 59 Jan 5
443 Apr 15 7234 Dec 30
4
373 Oct 22 624 Feb 5
4
10114 Apr 12 11014 Feb 15
8912June 30 97 Feb 11
35sJune 11
718 Jan 6
10714June 2 12414 Dec 12
565 Apr 21 8234 Dec 18
8
39 May 27 7612 Dec 1
95 Dec 18 11212June 27
191 Feb 26 29 Nov 21
/
4
33
8June 25
914 Dec 1
17 Apr 28 254 Dec 30
14 May 29 2512 Dec 27
1 Nov 18
414 Jan 19
80 Apr 30 10614 Dec 30
1912July 16 294 Feb 5
9212July 16 107 Jan 31
57 Jan 9
8
2125.1ay 10
411
/
4Mar 31 5814 Dec 29
4 Mar 26
13 July18
4
14 Mar 19 35 Dec 8
9 8 Mar 25 215 Dec 15
7
8
2914 Mar 5 5814 Dec 15
4034 Mar 31 564 Dee 29
264 Nov 10 6612 Jan 2
8
797
8May 15 1007 Dec 30
39 May 12 6112 Apr 10
255 Mar 29 383 Dec 29
8
8
15 Mar 28 29 Dec 27
55 Oct 7 7512 Jan 30
61 Apr 21
8318 Dec 9
244 Feb 15 5414 Aug 5
4Sept 30 553 Jan 18
393
8
33 Mar 21 48 Dec 29
4312 Jan 11 13114 Dec 17
33 Jan 15 12911 Dec 17
323
8May 19 663 Feb 19
4
113 Mar 25 30 Nov 28
2
5912 Apr 24 84 Jan 15
607 Jan 2 797 Dec 12
8
8
129 Sept 15 15534 Oct 1
2 Apr 22
/
1
4
8 Jan 5
4312 Apr t4 695 Dec 30
8
6 Apr 22
84 Dec 10
314 Jan 15 4334 Nov 28
225
8Sept 30 4014 Feb 5
48 May 13 76 Dec 29
86 May 22 98 Dec 8
1012 Oct 22 18 Feb 6
534 Apr 21 714 Feb 11
/
1
2814 Nov 11 38 s Feb 11
7
96 Jan 4 10014 Nov 21
418June 16
812 Feb 6
38 Dec 15 52 Feb 6
454 Nov 10 744 Jan 3
8 Nov 6 3214 Mar 6
384 Nov 12 894 Jan 8
185* Jan 21 2214 Dec 5
10114 Ian 311 11534 Dec 9
113
4Nov 19 21114 Jan 7
93
81une 9 18 Dec 3
1044 Apr 21 1147 Nov 26
8
83
4Sept 11 2418 Jan 8
112 May 20 142 Dec 26
5012May 15 66 Dec 4
11 Dec 12 1458Juiy 26
%June 23
312July 29
557
8May 0 733 Dec 1
8
10512June 28 115 Jan 17
18 Dec 30 2412 Aug 1
61 Jan 29 9812 Dec 30
87 4 Jan 28 10812 Dec 30
7
518 An. 1
243 Dec 29
4
4112 Jan 2 6412 Dec 28
94 Jan 23 133 Jan 28
8
163 Jan 23 240 Dec 29
512June 6 137 Dec 10
8
3818July 10 88 Dee 29
4414 Jan 22 9014 Nov 28
8
Ms Jan 11 945 Dec 12
712Sept 6 137 Jan 7
8
34 Oct 21
7 Jan 9
3512N1ay 28 53 Dec 19
313 Apr II 834 Dec 31
8
711. A". S too r")... 31
PER SHARE
Range or Previous
Year 1923.
Lowest
Highest
3 per share 3 per sharo
78
Oct 11112 AD,
774 Oct 89 Feb
18 Sept 3312 Ma
1018 July 13 Mar
13
Oct 38 Mar
2812 Oct 59 Feb
6414 July 7614 Dee
11412 Sept 122 Feb
s
4014 June 557 Mar
76
Jan 97 Dee
47 June
918 Feb
8
101 July 213 Jan
8
5114 Oct 694 Mal
93 June 10232 Mar
315 July
3
407 Mar
4
977 Aug 10514 Feb
2
Oct 85
48
Feb
92 Dec 1084 Jan
/
1
16 July
381 Feb
/
4
3212 July 854 Feb
1194 June 12814 Dec
14014 July 16114 Feb
10018 Nov 1057 Mai
4
140 May 169 Feb
/
1
4
274 Jan
4434 Apr
Jan
8514 July 93
4812 Jan 8712 Dec
85
8
Oct 1095 Mal
964 Oct 1114 Jan
118 Dec 34 Mal
618 Oct 1914 Feb
243 Dec 5814 Feb
4
324 Oct 5312 Mai
/
1
884 Oct 944 Dee
/
1
104 Nov
184 Oct
6214 Jan 89 Mar
247 Oct 2912 Dee
4
914 July 34 Mat
614 July 27 Mar
s
993 Sept 1534 Jan
Jan
115 May 120
17 July 3512 Jan
7834 June
858 Dec
11012 Aug
111
Apr
974 Aug
Oct
6
60 June
4818 Dec
412 June
4
10014 June
87 July
334 Oct
I0414 May
8914 .1I n
284 At,
14414 Mar
1161 Jan
/
4
35 Mat
Jan
22
8214 API
8414 Mar
70 Mai
11114 Mai
9712 Mal
718 Jan
12114 JILL
41 8 Oct 8574 -Api
-3
100 Sept 144% Ma,
214 Sept 43
Jan
414 Oct 114 Fet
1314 June 22 Aul
124 Oct 377 Mal
4
14 Nov
914 Pet
77 Aug 87 Fet
1718 Sept 294 Mar
9012 Sept 1104 Mal
34 Oct 1252 Fet
42
Oct 66 Mel
1.4 Oct
434 Pet
17 Dec 42 Mal
95 Nov 4012 Ma.
2
2818 Nov 793 Mel
4
3812 Oct 5012 Mal
43
Oct 76 Mai
7512 June 903 Mal
4
2418 June 30 Mal
/
1
4
142 Aug 314 Mai
4
60 July 7814 Mai
6514 Oct 834 JUDI
/
1
20
Oct 353 Mal
8
41
Oct 5118 Del
3014 June 37
/ Ap
1
4
25
Apr 46 Fel
15 Apr 40 De,
44411 Dec 1843 No
2
144 Dec 3911a J41
/
1
60 Dec 83 Fel
561 July 693 Fel
4
4
Oct
6
424 May
5
Oct
1412 -Fel
57 De
/
1
4
1214 Jai
22 Not 6214 Ma
/
1
4
574 Sept 8412 Ma
853 Aug 9412 Ms
4
812 Aug 20 Fel
3312 Aug 654 De
/
1
23 Aug 374 Fel
Ap
92 July 106
1214 Ma
3 July
30 Aug 5812 Ma
6412 July 7218 De,
_- =203 Mai -8f "
8
/ - 13
1
4
184 Dec 28 Ma
10014 June 111 Ma
Mla Jai
304 May
144 IUD
34ct
11
893 Jan 1154 AD
4
Oct 27 Jul'
20
10614 Jan 14812 Ay
52 July 6718 M•
1214 Dec 203 Jei
4
5 Dec
8
714 Fel
4
587 Oct 944 Jai
110
Oct 118
Jai
197 Dec 31
8
Jai
52
Oct 93
Jai
82
Oct 99 Fel
/
1
4
5 June 13 No
3414 June 6012 Fe'
714 Sept 103 Ja.
2
140 July 21214 Ja
Vs Oct 1612 Fe
- 2 Feb 4714 Ma
373
5812 Oct 783 Jul:
8
94 July 22
Jai
5 Dec 143 Ap
4
3812 Oct 717 Fel
4
23 Aug 54 Ma.
RD awn,. og1 MA
,
New York Stock Record-continued--Page 3
312
For sales during the week of stocks usually inactive, see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Jan. 10
Monday,
Jan. 12
Tuesday, ' Wednesday
Jan. 14
Jan. 13
Thursday
Jan. 15
Friday,
Jan. 16
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1924.
On basis of 100-share Ion
Lowest
Highest
PER 211.-R,,.
Range for Previous
Year 1923.
Lowest
Highest
$ per share $ per share $ per Mars
$ per share $ per share $ per share Shares. Indus.& &H&c t1L(Con.) Par $ per share
No par 93 Jan 1 160 Sept 24
72 July 1031s Nov
140 1404 1,200 General Baking
143 143
14213 143
100 8214 Apr 3
8013 June 974 Des
985 Dec 15
9712 973
4 9714 9714 2,500 General Cigar,1110
98
98
Debenture preferred
100 100 Apr
109 Dec 20 104% Nov 110 Ain
400
8
1083 1083 *10814 109 *108 109
8
100 19312 Jan
322 Dec 31 167% Sept 20214 Dee
30512 31112 306 3147 301 31114 58,510 General Electric
10 1012 Apr 2
Jan
1112July 11
Special
10% Oct 12
1118 5,700
1118 11
1118 11
11
66% Dec27
7 467,800 General Motors Corp__No par 5534 Oct 1
7114 7213 7112 7312 71% 72
Do pref
100 80 June
79 July 89 -API
93 Dec 10
*90
95 *____ 9312 *_ _ _ _ 91
Do Deb stock (6%)_ _ _100 8018June
9312 Dec 10
300
API
783 July 90
4
96 *____ 94 *__ _ _ 04
*90
7% preferred
100 951 July 1 10312 Dec9-1063 106% *106% 10612 *10614 10612 6.900
8
25 383aJune
45 Aug 4
423 33,000 General Petroleum
4
4212 4312 4218 4318 42
No par 471sJune
3318 513 13,400 Gimbel Bros
3414 5608 3418 55
64% Deo 18
8
3912 June 5138 -A13/
No par
8 June
6 Sept 121* Feb
15 Nov 19
8 1314 1312 9,800 Glidden Co
8 1312 137
137 143
No par 284 Apr 1
437 Nov 26
8
s 4012 4034 3,900 Gold Dust Corp
2
40
4012 403 417
No par
17 June 1
7
g 437 4512 43
38 Dec 29
4112 25,900 Goodrich Co (B F)
173 Oct 414 Ma
2
4
413 43
Do pref
• 101 7014May
92 Dec 16
900
,
873 Oct 9212 Ma
4
95
95
95
9518 953
4 95
90% Dec 18
89
8914 8.000 Goodyear T & Rub pf vi o_10) 39 Jan
91
35
Oct 6212 AD.
9112 927
8 90
Prior preferred
10) 8814 Jan
108% Dec 18
88
Oct 99 FeO
10618 10618 10612 10612 10612 10612 1,500
217 Dec 29
4,700 Granby Cons M,Sm & Pow100 1212 Apr 1
12
Oct 33 Ma
20
2114 2012 2012 1912 197
3
212 Oct 1
4.800 Gray & Davis. lne_-__No par
63 Dec 153 Mu?
4
94 Jan 11
*512 6
6
6
8
57
Great Western Sugar
•25 8314 Oct 22 9678 Dec 13
91
9112 5.900
8
8 913 917
923
8 9112 923
9212 92
9112 9234 92
8
-18
138 5 Dec 34 Mar
19
1914 1812 1812 1,000 Greene Canenea Cooper-100 10 May 16 217 Dec 29
*1812 19
187 19
8
*1812 19
19
19
47 Nov 11 1014 Feb 6
1412 Feb
400 Guantanamo Sugar---No par
5 Sopi
58 57
57
8 6
*5 4 614
3
6
*6
614 *6
6
618
100 62 May 20 8914 Feb 7
3
16,701 Gulf States Steel
66 June 1043 Ma
86
8712 81
8814 85
4 8812 8918 86
88
8918 8714 893
4
947k Feb
793 Nov
4
8
347 3512 3412 353 16.100 Hartman Corporation_No par 31 Sept 10 443 Feb 4
8
36% 3714 367 3714 355 3712 3412 36
8
100 3214May 20 527 Feb 4
8
3938 3718 3818 17.900 Hayes Wheel
31 July
44
AP
,
40
403
4 3912 403 38
40
407
404 41
100 35 July 1 5512 Jan 3
1,503 Elomestake Mining
3
48
49
48
48
54 Dec 797 Jar
483 49
4
49
49
*49
4812 50
50
285 July 3982 Mar
8
2 3618 3612 4,900 Household Prod,Ine___No par 31% Apr 19 38 Nov 28
8
4 363 36% 3614 3612 3614 363
363 3612 3612 363
e
011 of Texas
100 61 'Apr 22 8212 Feb 5
401 Aug 78 Feb
4
4
s
8 79, 803 21,300 Houston
8 7938 817
,
8114 8112 83 2 7912 833
793 8014 79
28,500 Hudson Motor Car_ _ _ _No par 2012May 13 36 Dec 27
20 June 328 Mar
i
35
4
2 3518 352* 343 3512 34
3514 353
4 3518 352* 352* 353
10 1118May 13 18 Jan 2
154 Dee 3012 Apr
% 1612 9,500 Hupp Motor Car Corp
17
173
4 1714 177
4
4 18
1714 173
4 1612 172* 2163 163
No par
12 Jan 2
23 Dec 15
8
1
612 Jan
1
118 3,701 Hydraulic Steel
1
1
1
1
1
% Oct
118
114
114 114
534 Soot 27 1614 Dec 31
Ms Sept 1114 May
1618 1712 1814 167 130,303 Independent 011 & Clas_No par
8
177
1614 163
4 1612 1718 16% 1814 16
Indlahoma Refining
5
28 Jan 17
is Nov 10
_
_ _ ____ ___ __ _
1
Oct 19 Mat
4
800 Indian Motocycle___No par 1518June 6 2514 Feb 4
18 Dec 193 Dee
17
'4 1712 17
18
177 18
*17
18
1712 1712 *17
18
33 Apr 12
10
4
718June 18
813 API
31* Dec
614 614 3,000 Indian Refining
63
8 612
63
8 612
612 638
612 612
63
8 62*
No par 3112May 16 4834 Nov 28
311s July 4638 APO
4
47% 453 467s 11,500 Inland Steel
462* 464 4614 46% 4614 4712 4614 4718 47
2314 Oct 43% Mar
4
3
4 313 32 8 313 3212 3114 3218 30% 3112 10,500 Inspiration Cons Copper- 20 22% Feb 28 39% Dec 29
313 3214 3134 323
4
MaMay 29 1018 Jan 8
200 Internet Agricul Corp pref_100
__
412 Oct 39% Feb
_
2,103 Int Business Machines-No Par 83 Apr D. 11818 Doe 3t
4
-- 11
3
iiii2 1171- iiii4 flii q Hi 117 4 illifs 11i8 ii8" fi. 1- 11312 II4
2
g 3.800 International Cement Aro par 4014 Ain 24 593 Nov 21
if - ii:iii; -ii - jai;
5238 531
53
5314 533
8 53
*5314 5312 521 5314 5238 531
14 333 22.100 Inter Combus Englne_No par 22 Mar 31 39 Doc 15
7
7
195 June 2718 AD,
8
33
333* 3112 3312 33
4
3519 3514 34% 3514 3412 34
661 Oct 9812 Feb
4
10512 108
105, 10612 7,600 international Harvester___100 78 Jan 3 11012 Doc 27
8
10914 10912 108 10012 10314 10914 107 109
100 106 Feb 28 11512 Nov 19 106
Do pref
4
4
Oct 11614 Jan
700
4
115 1 115
1143 115 *1144 115 *11412 1143 1143 11434 1143 115
4
614 Jan 2 155 Dee 5
100
8
4% Aug 1133 Feb
1312 1334 1312 1312 1318 1313 7.000 Int Mercantile Marine
4 1312 137
1314 1314 133
13
100 2612 Mar 28 473 Dec 4
Jan
18% Aug 47
Do pref
4612 4412 453 49,300
4
8
4
45
4018 453 4814 4612 4818 453 4714 45
2538 257
3
2514 257
1038 Oct 18% Feb
8
8
8 253 263 53,200 International Nickel (The) 25 1113May 9 2718 Dec 27
4
25 4 2614 253 2614 25 8 26
3
100 7512May 29 95 Nov 10
691 Jan 83 June
4
Do pre(
605
*9412 98
97 97
953 95% *96 • 98
4
*9512 96
96
*95
100 34% Apr 15 60 Dec 22
2778 Oct582* Mar
5814 5934 58
6014 56
583 48,100 International Paper
4
4 601s 62
59
597
8 5933 613
8
eo Oct 754 Jan
Do stamped preferred_100 6212 Mar 25 747 Oct 1
500
*7312 74
74
*73
74
74
743
4 7414 7414 74
73
73
Oct 711 Ai
134
1,900 Internet Tele() & Teleg-IMO 68 Feb 1 91 Dec 30
923 9213 9112 92
8
93
933
4 9112 931
4
943 943
4
4 933 94
8
7% Nov
1914 Mat
213 ____ -- --- 2
8
21% 21
21
- 43,900 Invincible Oil Corp____No par 1012July 17 167 Jan 2
-- -,z-- ---3212 Aug 5838 Ms,
200 Iron Products Corp___No par 3912 Apr 2 10013 Do o 18
86
86 --88 -88
*88
93
*88
98
*88
95
*88 - 0
9
100 163* Apr 15 2314 Jan 2
153 Oct 24 Mat
8
2012 2012 *2018 2012 1912 2018 1912 1912 1,200 Jewel Tea, Inc
21
2014 2014 *20
100 78 Mar 31 106 Dec 19
62 June 8812 Dee
Do pref
600
104 104 *102 103
103 103 *102 103
1037 103% 101 104
4Sept 10 2712 sten 3
100 143
203 Dec 63% Mar
s
19
1912 19
19
1.700 Jones Bros Tea, Inc
191 19% 1913 197 *1914 1912 19
19
2
4May 20 528 Dec 16
No par 213
4714 4614 4712 4412 4612 12,909 Jordan Motor Car
4 46
483 49% 4712 483
4
48
491
1614 Aug 16 3838 Jan 18
No par
Feb
28 July 4572 213 2414 2338 2412 3,400 Kayser (J) Co, v t o
4
4 248 2514 243 25
2418 243
25
25
96 July 104 Mar
NO par 77 Aug 16 10212 Feb 11
Do 1st pref
400
90
*90
92
90
90
*8912 90
8912 8912 8912 90
*89
204 Oct 624 MIli
93
4June 20 35 Jan 10
25
6,500 Kelly-Springfield Tire
4
8 163 1712 163 17
8 1612 165
s
16
3 1612 1612 1718 1614 163
78 Nov 108
100 33 June 21 88 Jan 10
Jan
8% preferred
*45% 50
*433 50
4
*433 4912 *433 50
4
*433 50
4
*4314 50
75
Oct 11714 Mar
100 76 May 7 104 Dec 13
1,300 Kelsey Wheel. Inc
10012 1003 *9612 9912 *96
4
9712 9712 9812 101
99
98
*96
29118 Oct 45 Mar
4
No par 344 Jan 21 573 Dec 27
8
4 5
614 5712 5512 56% 55
91,200 Kennecott Copper
5512
56% 5718 57 57
56% 57
43 Jan 9
8
I% Oct 114 Mar
112 Oct 22
2
2
218
2
2
2
218 5,900 Keystone Tire & Rubber._ 10
212
2
2
17
17
No par 5214May 14 8614 Dec 39
81
84
*83
8334 1,300 Kinney Co
8413 8418 8314 84
4
*8312 8412 813 85
100 28712 Jan 17 47514 Dec 30 177 Mar 300 - bee
Kresge(55)Co
475 475
500
4743 4713
4
4
50014 50014 497 497 *475 490 *475 490 I
4314 4312 38121 40
4312 431
4313 447
2,600 Kresge Dept Stores_ _No par 4212 Nov 12 6278June 28
4412 4338 45
44
75 JillY 89% June
115 115
117 11712 11812 119
1,000 Laclede Gas L (St Louis)._100 79 Jan 2 113 Nov 18
11914 120
4
1123 1123 112 113
4
11% Ott 31% Mar
8 MAY 13 1718 Jan 11
_-No par
1314 1314 13% *13 s 1312 1,900 Lee Rubber &
1314 13
133
8 13
13
*1212 13
Tire_6718 657 663
8
4 66 I 6714 2,800 Liggett& Myers Tob new _ 25 50 Mar 26 6814 Dec 20 111% Apr 1181s Jae
2 67
,
873 678 6712 67 2 6718 677
8
100 114% July 7 121 June 26
Do pref
300
8
*11612 119 *11812 1183 *11812 11812 *11712 11812 *11612 11812 11612 11612
25 4872 Mar 28 6812 Dec 20
B now
8 65
s
66
8
657 6638 8,000
683 673
4
8 66% 66% 6638 6714 663 667
5814 June 747- Kiel
4
70
7038 69% 7012 7012 7112 7012 7438 7118 73% 702* 71% 37.100 Lima Loo Wks tern otf _No par 56 June 9 71 Doc 27
14 June 2114 Fat
• 2312 243
2314 2338 55,800 Loew's Incorporated-No par 1518June 25 25 Dec 15
4 2314 24
2418 25
23% 25
2312 24
4
83 Jan 11
512 Apr 22
8 Sept 1114 Jan
No par
63
2 63
63
8 638
4
63
4 137
612 638
612 612
612 612 1.600 Loft Incorporated
3614 July 6638 Dee
100 50 Mar 6 84 Nov 8
4
79
8212 783 80
82
7712 7814 7,400 Loose-Wiles Biscuit
8
2 827 8418 81
817 833
8
25 3332 Dec 22 4014 July 2
8
3518 3538 35
s 31% 3518 3418 3433 18,400 Lorillard new
378 347 353
35 4 36
3
17 Oct 28 3814 Dec 26---No par
3414 3512 34% 355
36
8 34
377 17,700 Ludlum Steel
4
2 333 353* 35
8
34% 357
100 107 Jan 2 119 Aug 1 103 Alm 121
.
115 115
11612 11612 *115 116
401 Mackay Companies
11514 11512
Feb
*11412 118 *11612 120
2
4
No par 753 Apr 14 1187 Dec 26
5812 Jan 93% Apt
120 1234 11812 12112 117 119
8
41,000 Mack Trucks, Inc
12212 12338 12012 1233 12138 123
87 July 99% mu
100 9512 Jan 16 lova Dec 24
Do 1st preferred
106 106 *105 10612 106 106
800
1063 1004 10618 10618 106 106
4
100 87 Apr 22 10114 Dec 9
72 June 92 Mao
*99
Do 2d preferred
991
*99 101
9918 99%
100 100
200
*99 100
*99 101
57 July 7113 Jan
81
8412 80
7914 12.900 Macy(R Hi & Co. 1no_No par 59 May 15 71% Dec 18
797 82
81
78
80
82
79
81
8
No par 2618June 14 453 Dec 29
271k Oct 3814 Mar
4134 43
44
414 423 14,900 Magma Copper
4
4
4238 4314 423 4314 43% 4418 42
21 June 40
3212 33% 3114 3214 22.400 Mallinson (I1 R) & Co_No par 18 Mar 28 4112 Dec 4
34
Jan
333 3414 33
4
3314 3352 3312 34
477 *46
35
Oct 66 Mar
47% 1,000 Manhattan Elec Supply No par 3314 Mar 21 4934 July 15
*18
49
*45
49
48
49
47
*47
50
25 2612 Dec 22 44 Jan 10
40
Oct 477 Jan
8 2712 2912 2638 2814 2714 2878 17,600 Manhattan Shirt
s
2814 30% 2912 303
284 2814
16 I Sept 5953 Dee
oe
29,400 Maracaibo Oil Expl__No par 2438 Oct 14 3712 Jan 26
2%
8
29
4
28
28,
4 273 28% 287 2918 29
% 3014 23
3038 28
8
171
No par 29 May 12 42 Feb 5
417 4314 4138 43 295,800 Marialtd 011
8
4114
43
44
4043
4012 408 44
8 Jan 8 17% Mar 11
No par
1218 121s 121s 1218 2,000 Marlin-Rockwell
1218 1034 11
314 Nov
16 Feb
1214 1212 1218 1212 12
No par 314 Nov 28 3738 Jan 17
26 July 3734 Apr
7,400 Martin-Parry Corp
2
353 3614 3513 365
4
3514 36
8 3514 3614 343 3514 33, 34
8
4
3114 Oct 6338 Mar
1,300 Mathieson Alkali' Works__ 50 2918May 13 583 Dec 19
52
52
55
54
5413 *53
54
5338 5338 *52
54
54
803
14 79
36
21,600 Maxwell Motor Class A _ _100 38 Apr 14 8418 Dec 16
8
804 813
Oct 6338 Mal
783 8018 78
4
7914 81 *
8014 81
79
par 10% Apr 30 3914 Den 13
184 ja c 7
,
57,400 Maxwell Motor Class B.No
363 3712 35% 3718 35
8
38
36
3714 37
110914
t 220111
363
4 36
36
m
1083 10718 10518 1063 12,600 May Departent Stores_100 82% Apr 21 115 Dec 12
8
8
4
8
6738 Jan 93 Dee
1087 1097 108 10938 10614 108
109 4 110
3
14% Dec 11
McIntyre Porcupine Mines_
*1638 17
1,300
4
Sept
May
1612 1612 1612 1612 1612 1612 1612 1612 1612 163
4Sept 12
51 Aug 23 i Ma,
4
1918 21% 193 201s 1912 20
8
67.000 Meslean Seaboard 011 No par 141s Jan 3 253
5
2012 20% 20% 2112 2112 22
5 20 May 19 25 Aug 18
2312 238 21,900 Miami Copper
4 2312 24
4 244 243
20% Oct 3011 Feb
2318 24% 24% 2112 2414 243
1 Aug 14
10
137 Jan 2
011 Corp
8
312 Nov
152 182
112
152
1214 Jan
112
112 152
138 13,100 Middle States
112
114
13
3
114
100 6114June 17 743 Dec 16
4
4
4
693 7012 6912 8912 6914 6914 683 6914 1,700 Montana Power
544 June 75 Mar
693 70
4
70
70
: cy 0 2 1 FF:e:
rp aall 187t oa t 19 471 Debb 7
8
9
57
4 5033 5214 192,300 Mont Ward & Co ill CoNo_ pp1 r, 21a m n y 2
Jan
2216421814
s
May
5112 5414 5413 55% 5212 5414 5112 533
53
52
243
4 24
1714 Jan
2414 16,400 Moon Motors
2512 z24
25
2512 25
Ma!
2414 248 2414 25
82* 87
Feb
8
8
9
June
84 18,100 Mother Lode Coalition_No
83
4 9
8
'2 8
878 9
9
8
7
9 Mar 22 1814 Dec 16
No par
Body Corp
Mullins
16
,
*1514 1512
101* Aug 291 Mar
1512 1512 1512 1512 1514 1514 16
16
16
No par 9612 Apr 29 204 Dec 27
252 266
7,300 Nash Motors Co
22912 23018 233 260
1512 Jan 1144 Jan
210 22012 223 226
210 212
50
g *714 7 4
33 Oct 11 104 Jan 28
4
714
3
714 *714 7 4 1,500 National Acme
7 Nov
3
734 77
1813 Feb
712 73
4
7
7 14
25 5014 Mar 2
7714 Sept 23
704 71
14,500 National Biscuit
4 7014 72
723
4 7112 723
72
38
733
Jan 5238 Nov
72
723 73
4
10( 12012 Jan
12634 Dec 17 1184 July 125 Feb
Do pref
4
•122 1263 *122 1263
300
4
126 12612
*12112 1264 *12114 126
_
100 44 June5 70% Dec 16
6712 661 6612 2,400 National Cloak &
4
6712 673
40 June era Feb
69% *122- __- 67
694 6
9
69
69 69
otts.Nopar 3013 Apr 11 4114 Deo 4
444 4378 443* 435 44
8
7,700 Nat Dairy Prod teaButt_
4 44
43
4414 4414 443
43
43
4
4
4114 403 4114 4012 40% 393 404 4,700 Nat Department Si ores No par 3614 Oct 27 43 Jan 9 414 41
344 June ii 2 1- ith
41
4114 41
6,000 Nat Enam's & Statnping_100 1812Seot 8 441k Jan 17
34
342* 338 347
3512 348 35
35
Oct 73 Mat
3412 3518 351* 3512 35
100 1234 Apr 21 16914 Aug 16 108 July 148 Dee
158 160% 8,400 National Lead
4
162 165
162 1637 161 1643 16014 16214 15814 163
8
100 11112May 27 118 Sept 9 10712 June 114
1.):, pref
Jan
4
•11612 1163 *11612 117 *11612 1163 *11612 117 *11612 117 *11612 117
4
50 5412 Oct 10 7213 Feb 4
65
4
6612 *653 66
6,600 National Supply
66
66
5412 Oct 6812 Dee
66
6614 66
66% 6614 67
*
4,500 Nevada Consul Conner-- 5 117 Jan 2 163 Dec 29
4
918 Oct 185* MIS
4
8 153 15 8 1512 16
8
8 1538 157
153* 15% 1513 1512 155 157
7,700 NY Air Brake temp ars No par 361$ Apr 22 57 Dec 29
533
4 5112 5238 51
52
3
2638 Jan 427 Nov
53
543* 534 543* 53
537 537
No par 4714 Jan 7 57 Dec 23
Class A
1,300
4 5614 5614 5533 56
4 5533 563
*5512 5612 563 567
4
4514 Aug 6112 Feb
4
8 563 563
100 19 Jan 9 3718May 23
2614 2614 1,700 New York Dock
Apr
4 2712 27,2
273
*28
1514 June 27
30
*28
2912 26
pref
100 41% Feb 27 5514May 14
Do
900
53
2
8
2 527 527 *52
052
53
5212 5212 5218 527
*52
37% Aug 51% Mai
53
10 22 Jan 2 45 Dec 4
4212 4314 42% 43
4212 431
60,800 North American Co
4212 42 o 4212 44
4338 437
1712 May 34% Apt
7
50 437 Jan 2 5014 July 11
Do pref
8
463 467
4
463 47
4
4634 467
s 3,700
4638 47
4212 July 484 Feb
463 467
4
8 463* 47
7 Apr 11
100 Nunnally Co (The)_ _ _ _No par
71 Oct 10% Feb
8
8
814
912 Dec 19
814 *8
812 *8
812 •13
*9
9 3 *8
3
Ohio Body & Blower _ _ -No Par
__ ____
14 Dec 1
433 Jan 14
134 Dec 104 Jail
Ontario Silver Mining
434 Mar 24
100
6
0
500
8 *6% 6767
83s Oct 4
3 July
- 8 *(318 67
67
94 Dot
;6
V
*a
1
18 Feb 18 29 Dee 27
2534 26
26
26
4,000 Orpheum Circuit. Inc
26
26
26
2613 26
28
1614 June 215, Api
2614 26
50 8832June 24 92 Dec 29 11412 July 153 Fell
01)4 92
5,900 Otis Elevator_k
90
92
91
91
9214 9212 917 92
9112 92
No par
64 Nov 6 113* Jan 26
4 10
4 10% 103
10
103 31,600 Otis Steel
8
10% 1014 1012 1012 103
4 10% 103
4
7 June 141 Mei
25 3914May 29 4714 Jan 29
477
8 46
9,800 Owens Bottle
4714 4812 47
4815 48 4 4814 491
47
3
4812 49
11638 Jan 52% API
Pacific Development
214 Mal
Is Nov
114 Jan 11
% Jan 2
-- -.. -.--- -• -• - -....
-- - - ---- -..-..-- - -..-- - -100 9013 Jan 4 105 Dec 20
1,700 Pacific Gas& Electric
4
104 104% *104 10414 10412 10412 10412 wets 1023 104 4 1027 103
'
s
$
73 July 947 Del
912 9%
92
4 93
912 934 *9
6
93
4
912 912
7 Apr 7 1014 Jan 9
2,300 Pacific Mail Steamship
93
4 97
4
7 July 121 Mai
45 Apr 22 5814 Feb 5
8
4 5518 561g 5 7 551g 119,700 Pacific 011
5514 56
5514 56% 58% 5714 5512 563
811 Sept 5214 Diu
/
4
10
97
153 158 153 157
1518 16,200 Packard Motor Car
3
3May 1 1612 Dec 29
938 Oct 154 Mai
153 15% 1512 153 2154 1514 15
4
4
Preferred
100 8912 Anr24 1021 Dec 12
500
9014 June 99 Fee
,
10313 1031k *103 10312 10312 10333 10353 10338
*102 1031s 103 103
•131d and asked Mom no wen two day. I Hz-clieddedd. 8 Par value ohanged from $100 to $50 and MIMI on that bales beginning June 3 a Mc-nettle
$ per share
*144 148
9814 9812
108 108
303 306
11
1118
66% 6912
____
*93
*93
10414 10414
4234 4314
5518 332
8
1414 145
4034 4114
393 40
8
• 96
96
9218 933
8
106 106
2012 205
8
53
55
$ per share $ per share
14312 14312 143 143
9712 98
98 98
108 108 *108 112
30212 30814 30412 3063
4
1118 1118 1 Ils
11
893 73% 713 7318
4
4
95
*90 ____ *92
93
94
*90
106 10612
105 108
423 4318 4318 44
4
553 563
4
4 3614 57
1414
1412 14
14
4112
*4012 4112 41
s
413 42
397 42
95 8 953
,
4
*954 96
92
9314 9218 92%
106 10613 106 106
2012
2013 2034 20
6
638
512 6
New York Stock Record-Concluded-Page 4
313
For sides during the week of stocks usually Inactive. see fourth page preceding.
FISK Stf AKIS
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Jan. 10
Monday,
Jan. 12
Tuesday.
Jan. 13
Wednesday. Thursday,
Jan. 14
Jan. 15
Friday.
Jan. 16
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1924.1
-share lots
On basts of 100
Lowest
Indus.& Miscall.(Con.) Par $ per share
Pan-Amer Pete & Trans- 50 4414 Feb 14
Do Class B
50 411 Feb 14
4
Panhandle Prod & Rel_No par
112Sept 6
Parish de Bing,stapd __No par
114July 1
Park & Tilford
No par 24 Sept 8
Penn-Seaboard St'l v t oNo par
118 Oct 16
Peeple's0 L& C(C1710_100 922 Apr 29
4
Philadelphia Co (Pittsb)-- 50 4278May 1
Pluto & Read C & I w I _No par 3412 Mar 28
Phillips-Jones Corp
No par 44 May 14
Phillip Morris & Co Ltd_ _ _10 11 July 10
Phillips Petroleum
Pio par 2812 Oct 3
Pierce-Arrow Mot Car_No par
64alay 13
Do pref
100 184May 15
Pierce Oil Corporation
25
14 Apr 3
Do ore
100 20 Mar 4
Pierce Petroleum
No par
43 Oct 11
8
Pittsburgh Coal of Pa ._ .._.100 477 Dec 23
8
Do prof
100 947 Aug 21
8
Pittsburgh Utilities pref _100
978 Jan 22
Postum Cereal Co Ino_No par 484 Apr 22
DO 8% preferred
100 110 Feb 7
Pressed Steel Car
100 39 Aug 6
Do pref
100 67 Aug 15
Producers& Refiners Corp _ 50 223 Apr 22
4
PubServCorpotNJ new No par 39 Mar 25
Pullman Company
100 11312 Apr 10
Punta Alegre Sugar
50 3738 Dec 22
Pure 011(The)
25 20 June 6
92 Jan 10
DO 8% preferred__ ....100
Radio Corp Of Amer___No par 254 Oct 15
Preferred
50 45 $ Oct 21
7
Railway Steel Spring
100 106 Jan 3
Rang Mines. Ltd
No par 30 Jan 17
Ray Consolidated Copper_ 10
9 Mar 27
Remington Typewriter_-__100 3214 Jan 4
lst preferred
100 9014July 11
2d preferred
100 9012May 13
Replogle Steel
No par
714June 11
Republic Iron & Steel
100 42 June 7
Do pref
100 82 June 18
Reynolds Spring
9%7.41+713
No Doro
Reynolds(Ft .7) Top Class B 25 6138 Mar 31
Do 7% preferred
100 11514 Mar 26
Royal Dutch Co(N Y sbares)_ 403
sSept 22
StJaseph Lead
10 24 Jan 7
Santa Cecelia SugarNo par
11& Mar 6
8712 8912 874 - ; 86 - 1
873
8i
2
/35- - 4 -lii- 17 - -8518 - 12 18,100 Savage Arms Corporation_100 323 Jan 2
84
fith1137 114
8
113 1137 11314 114
8
4
8
114 115
11418 11812 114 1147 15,500 Schulte Retail Stores_No par 962 Apr 16
166 1687 1657 1714 1704 172o 165 1704 516012 1883 157 1634 51,610 Sears. Roebuck & Co
8
8
100 783
4May 15
4
_ _ _ _ _ . __ _ _ _ _
_
_
__ _
Do pref
100 '11213 Mar 26
_
114 -112
114 - 112
118
11 -----1
118 7,100 Seneca
118
1
lls -----sMaY 2
1
73
4 74 *74 8
41 A pr 11
CoPPerN
900 Shattuck Arizona Copper.. 10
724 73
*712 7 4 .74 7 4
712 73
4
3
3
234 233
4 234 233
No par 153 July 17
4 233 243
26 179,700 Shell Union 011
4
8 244 2512 247 2614 25
8
9938 9934 *9912 995
8 9938 995
100 9112 Jan 4
8 994 100
10018 10013 3,600
993 100
4
Preferred
2358 26
2,511 263
10 101 Jan 4
8
4 254 2634 2458 2578 2413 2513 244 26 114.900 Simms Petroleum
33
33
No par 22 Apr 14
327 33
8
8 3.400 Simmons Co
32 8 33
7
321 327
8
327 33
$
323 33
4
17 8 18
7
173 1812 1812 1938 1838 1912 183 194 1812 19 117,200 Sinclair Cons 011 Corp_No par 15 July 18
4
4
82
Preferred
8212 8212 843
100 75 Oct 14
2,800
8 8512 8913 875 89
873 88
8
8
88 88
2414 25
25 171sJuly 17
213 2512 2512 26
4
8
8
4 25
2513 247 253 26,600 Skelly Oil Co
24 4 253
3
843 8434 843 8513 854 36
4
4
8512 5.400 Sloss-Sheffield Steel & Iron 100 52 May 20
83
844 8512 *833 85
4
63
63
400 South Porto Rico Sugar
*62
64
64
100 58 Oct 29
61
63 .60
64
*83
65
63
18 4 187
3
8 1838 1914 18 4 19
No par
3,900 Spicer Mfg Co
1734 18
74June 20
1712 18
1713 18
3
•94
Do pre(
96
*94
100 78 July 18
95
*94
95
96
*94
•94
95
*94
96
4412 46
441$ 457
4412 423 433
8 4418 4514 43
4
4 423 434 39.200 Standard Gas & El Co_No par 3112May 20
4
6338 6358 63
6334 6358 64
6212 27,400 Standard 011 of California_ 25 5512 Ape 21
8 6214 6338 62
6212 637
415 42
8
415 42
8
4118 42
41
4112 87,900 Standard 01101 New Jersey 25 33 May 14
413 42
8
415 421
8
Do pref non-voting__ _100 115 4 Mar 1
2,200
3
117 117 4 11713 11711 1173 118
4
3
4
4
11712 1173 1173 11738 1173 113
4
8
15
15 .1478 15
3,000 Stand Plate Glass Co__No par 1318 Oct 21
15
15
154 154 16
154 147 15
8
84
64
64
64
6,100 &rating Products
No par 554 Apr 23
6312 63'h 63 6312 *62
63
*6212 63
733 7612 7312 7514 7412 77
4
8 7138 7412 46,400 Stewart-Warn Sp Corp.No par 4812July 17
7438 7718 7338 757
*653 6612 6514 6718 7478 747
4
2,400 Stromberg Carburetor_No par 5412May 14
73 3 74 .73
,
72
73
74
44 2 4512
7
447g 4614
451
4 4412 4514 44
45
4338 4414 123.700 Studebaker Corp(The)n w I No 3012May 20
45
10
10
9 8 1014
7
No par 6
Nov 3
4 9 8 8,800 Submarine Boat
7
9 8 10
7
9 8 11
7
93
94 104
No par
5
518 68
514 9,700 Superior 011
518 514
3
54 51
238 Jan 2
8
4 54
84 MI
Sweets Coot America
---- ---- ---- ---- -___ ___
10
13
4Sept 8
____ ____ ---- ---- ---- ---9
-------94
94 94
No par
878 8 8 2,600 Tenn Copp & C
7
6 4Mar 31
3
437 44
8
4378 4414 444 447
4414 47,400 Texas Company (The)____ 25 37 4June 7
8 44
3
444 443
4 4418 445
10314 10414 104 10614 10234 1155
10212 10112 102 10412 1012 10312 23,200 Texas Gulf Sulphur
8
10 5714 Apr 21
143 15
8
1438 15
13
1412 1318 14
8
1312 1414 127 1312 53,100 Texas Pacific Coal & Oil
10
8 Oct 14
13414 135
134 136
136 137
133 13514 3,800 Tidewater 011
13414 1367 134 135
8
100 11614 Oct 15
4018 4012 40
404 404 4013 397 404 393 40
3912 14,800 Timken Roller Bearing_No par 3112May 19
39
4
8
743 754 744 757
4
8 7614 771
7512 49.700 Tobacco Products Corp
753 77
8
7538 7612 74
100 53 Apr 11
963 974 964 9714 97
4
Do Class A
7,100
983
8 973 9814 9714 9712 963 97
4
8
101) 834 Mar 25
47
8 514
514 54
54 538
33 Apr 15
4
512 '473 5
44 54 145.500 Transcontinental 011_ __No par
4
*3914 40
40
40
404 4014 3,700 Irnderwood Typewriter
397 40
8
42
40
3914 40
25 361sSept 8
*43
45
4412 4412 44
424 423
8 1,000 Union Bag & Paper Corp._100 3312Sept 10
45
44
4212 4312 •43
123 124
124 124 .121 125
121 121 .120 125
500 Union Tank Car
120 120
-100 94 Jan 7
115 115
115 115
116 11618 .114 120 .115 116
Do pref
600
11514 1154
100 1064 Feb 18
333 344 33
4
34143338 3414
3238 3214 3312 3212 3312 14,700 United Alloy Steel
32
No par 21) Oct 23
117 118
117 118
11734 11878 117 11714 11612 11814 1163 118
4,900 United Drug
4
100 71 May 29
*5312 5412 5412 5412 5212 53
Do lst preferred
524 5213 33
600
52
5212 52
52
60 4812May 3
*21012 215
207 21012 *210 216 *212 21614 21 '214
900 United Fruit
210 210
100 182 Jan 4
42
43
4114 4334 4112 444 4114 43
444 4238 39
29,200 Universal Pipe & Rad_-No par 13 July 23
41
747 747
8
8 7112 7812 75
Preferred
7334 7434 734 7312 5,400
76
744 75
100 474 Oct 14
16918 170
16312 172
16912 1713 166 170
;
162 16913 18012 16534 24,500 U E3 Cast Iron Pipe & Fdy_100 64 Feb 27
•101 104 *10312 105 *103 165
10312 10312 *102 104 *10212 104
100
Do pref
100 814 Jan 15
384 384 385 39
8
38
39
38
383
8 37
US DIstrib Corp
7,100
38
354 37
No par 211:May
•151 ---- 0100
_ •
150 *150
Preferred
_ _ *150 -.. 14812 150
200
100 98 July 18
25 25
244 25
2412 243
4 244 - -58 2412 2412 2414 243
24
4 2.500 US HoWn Mach Corp_No par l6taMar28
834 8438 833 88
4
86
874 83 4 8614 834 843
3
4 8112 8338 64,900 US Industrial Alcohol
100 6118May 2
1057 1057 .105 107 *105 107 *105 107 *105 107
8
•105 107
8
100
Do pref
199 98 Jae 3
8
123 1247 122 12313 12014 12212 120 12118 120 12312 121 125
19,500 US Realty & Improv't
100 90 June 9
*12412 127 *124 127 *12112 124 *120 124 *120 123 *120 123
Preferred
100 June 9
413 434 4314 4484 44
4
4412 43
4418 4214 444 417 43
8
53,600 United States Rubber
100 2212May 22
953 954 9612 963
4
4 97
977
8 9614 973 x9.54 96
4
9414 95
Do 1s1 preferred__ _ _100 6612May 28
6,600
37
3812
38
38
3712 3814 3718 38
371? 6,300 US Smelting, Ref & Min- 50 184 Mar 26
37
374 39
8
8
*454 4612 463 463 *46
4612 4514 4514 4512 4512 4512 453
8
900
Do pref
50 371388ar 22
124 12412 12314 12538 1243 12538 1234 1244 123 12412 12214 12378 291,300 United States Steel Corp
4
-100 9414June 6
123 12378 12312 124
123 123
1233 124
4
1231 124
8
12312 124
4,900
Do pref
100 1183 Feb 1
8
8 88
8
885 88% 884 887
88
887 90
8
913 92
4
91
91
2,400 Utah Copper
10 64 Jan 18
4712 484 4658 48
4613 4778 4614 47
4612 4912 48
4934 36,800 Utah Securities
100 165 Jan 4
8
304 3012 3018 314 3012 3114 2918 303
4 2812 2912 28
29
13,100 Vanadium Corp
No par 1918June 9
24 24 *212 23
4 *24 23
4
23
4 23
4
23
4 24
212 25
8
700 Virginia-Carolina Chem..-100
3
4June 10
9 8 67
7
8
97
8 9
4 *93 10
4
9 4 1014 .93 10
3
8
93
8 93
8 1,000
Do pref
212June 9
100
714 713
78 78
5
7
712 74
712 712
712 7,2
7 2 712 3.600 Ylvaudou(V)
,
No par
43
4July 12
18
19
1812 183
4 1314 183
4 18
183
8 18
18
18
1814 5.800 Waldor1System
No par 14 Apr 29
175 174 1712 1713 1711 1713 3.000 weber & Hellbroner
8
4
18
173 18
18
184 18
No par 1412 Nov 19
8
.1212 13
8
.123 13 .1213 13
8
•123 1312 .124 1313 .123 13
Wells Fargo
1
s Oct 1
8
4
12
012 1223 12112 1243 12212 124
120 120
12138 12314 11914 12118 22.700 Western Union Telegraph_100 105 May 1
8
108 11014 10812 10912 1054 1073
111 11212 11012 1117 10912 110
4 5,000 Westinghouse Air Brake___50 84 Jan 2
7814 75
7634 53,000 Westinghouse Elea & Mfg_ 50 5518May 15
775 73 2 77
8
7 8 7714 7913 77
93
,
4 7912 78
8 2912 30
283 2934 283 29
8
4
2912 2914 293
2814 2812 16,900 White Eagle 011
29
No par 2318May 12
76
74
7412 7538 75
76
7314 7514 73
74
29,500 White Motor
744 75
50 5012 Apr 11
7
8
1
7
8
1
8 a1l8
113
4 14
7
8 14 18,800 Wickwire Spencer Steel
112 15
4
5
2 Oct 20
912 1018 27,400 Willys-Overland
8 1018 1014
1014 1012 104 1012 104 1012 1014 103
(The)
25
67
8May 17
753 773
4
4 744 7814 7418 7558 7212 7418 16,400
7618 767
s 754 78 •
Do pref
100 6112May 16
14
718
778
8
74 714 6,000 Wilson & Co inc.
712 72
718 Po
678 714
7
7
. _No pas
418May 16
12278 12418 12218 12318 120 12214 1183 120
8
29,000 Woolwrarth Co(F 12312 12414 122 124
1Y) n w I 25 7212 Apr 10
744 7378 7538 7113 743
4 683 7213 663 7012 41.700 Worthington P & M
4
4
723 754 73
4
100 2314June 9
2112 20
4
1914 20
194 2012 193 20
6,500 Wright Aeronatuleal__ _No par
21
2114 2112 21
8May 15
92
48
*47, 48
2
48
48
48
1.700 Wrigley(Wm Jr)
49
48
48
484 484 49
No par 35 Apr 22
4
41
4112 393 403 *40
4
41
41
1,800 Yellow Cab Mfg tern ctts .. _10 32 Nov 26
393 4014 40
4
*40
41
74
7314 76
747
8 7112 7418 7112 7113 7.400 Youninunwe Rho. A. I' hin .... cos. rt..., s,
743 75
7 & 721,
4
2
9)3111-- nd asked Pries: no Wed 09 tble day. I Ex-dividead. a Ex-new rights •No Par. a Ex-rights.
a
5 per share 5 per share 5 per share 5 per share $ Per Share $ per share Shares.
8 65 8 67
3
4
65
654 6612 655o 664 663 673
667
8 844 6512 18,900
6614 66 8 643 664 6412 6612 634 6514 129,000
7
647 66
8
8
63 66
3
3 4 44
3
*3
314
4
4
314 3 3
412 4,900
43
8
4
414
4
*134 14
.715
2
13
4
112
13
14 13
4 .14 17
13
8
12
8 1,800
8
3
343
8 33 8 3518 333 353
7
16,900
343 3513 3428 35 8 34
4
4
8 3214 34
24 3
3
28 3
7
23
4 3
4
2
4 3
213
Vs
23
8 23 129,900
*11312 114
11312 1133 *113 11312 11212 113
4
112 113
2,100
11212 113
573
8 563 5714 56
57
4
5714 57
5628 56 8 5638 z5412 55
8,900
,
5113 5213 5013 52
5018 514 4912 5012 4912 50
483 4912 46,000
4
9018 84
85
84 84
8812 83 8 837
7
8 80
827
8 7712 7912 7,000
1514 1514 153
153 154 15
8
8 1413 1514 1412 147
8 1414 1434 5,200
38
3838 3818 3913 393 4
4 04 39
'8 4 ,
4
0 2 394 4038 3813 391 130,700
133 14
8
1414 1412 1412 15
137 144 134 1414
8
1312 137: 9,300
4712 4913 50
4712 48
5112 4734 49
48
51
9.500
49
50
2
2
2
218
2
215
24 24
2
24
2
218 10,600
4
287 295
293 304 293 30
8
4
8 2834 294 30
30
8 5,100
297 297
8
618 612
614 64
614 612
6
63
8
6
64
6
618 37.900
4914 4914 49
54
63
5412 52
52
52
52
5,
5134 5,703
*67'2 9912 *974 9912 *9713 9913 *9713 9912 .9712 981
100
8 5 ', .8 977
,
8
1414 143
4 143 143
4
4 143 1518 15
4
1538 15
1538 1412 15
3.000
*9912 100
984 0943 974 98
97,2 9918 97, 99
9714 10,800
8
98
•11612 117 *11614 117
11634 117 *116 117 *116 117 *116 117
200
8 64
64
61
6418 6312 643
634 66
65
3,550
65
63
63
*8712 90
*87
90
*87
90 *87
90
8714 8714 87
200
87
29
29
284 30
30 2 314 29
,
4 313
4 293 3
291 19.030
4 04 29
684 69
6738 69
67 4 6314 6712 88
3
674 6818 673 68'o 11,400
8
•14612 14712 147 1471 14614 148
14514 14812 143 1463 14214 144
18,000
4
8
44
4414 425 44
423 4314 4218 43
4
413 421
4
8 4112 417p 9,100
294 3014 3098 301
3012 314 30
307
8 304 303
4 293 303 52,500
4
8
4
•10412 1043 *10412 1013 *10412 1043 10434 10134 10434 10434 1043 1043
4
8
8
300
6612 673
4 65
68
66 $ 73
3
6913 733
8 69
723
4 6712 7012 343,400
50
•497 50
8
50
497 5018 50
8
5018 50
5013 5014 5014 2.500
13614 136 4 1383 139
,
4
137 13838 135 1373 134 136
4,700
4
133 134
*353 37 .35 8 37 .354 37
4
*364 37
7
*353 37 '
8
3354 37
153 16
4
153 16
4
1534 16
1512 154 154 151
4 154 153 14,700
8
5211 51
5014 507
8 51
5218 4914 51
4812 4913 48
483
8 8,200
*99 100
*99 100
*98 100
*96 100
*98 100
*98 100
*109 115 *109 114 *109 10912 *109 112 .109 10912 .109 10912
2012 zn 21
23
2214 2314 21
2212 21
2134 2018 214 79.700
613 6212 6118 627
8
8 6212 6338 603 6214 60
8
14.800
6112 5718 60
•93
934 *93
931
9312 95
94 • 94
*9212 9312 *93
9312 1,800
167 17% 1714 17 4 17
s
3
1712 163 17
3
8
21612 163
4 1618 163 15,300
74 4 7514 75
3
753
75 2 7614 7512 757
3
8 743 7512 743 75* 14,000
4
8
*1193 12014 1194 1197 *1197 12 14 *11972 120'.11978 12014 .11978 12014
4
100
8 0
535 53 8 5213 5314 533 537
8
7
8
5214 534 5238 534 5212 5238 13,900
45
4512 44
44
44 2 45
7
4414 443
4 4,400
4 4312 4312 423 433
4
Highest
ran 4214.1/56
Range for Previous
Year 1923.
Lowest
MOM
$ per share $ per share 5 per share
53 Sept 934 Fri
65 Dec 22
5012 Oct 86 Fet
6452 Dec 22
14 Oct
64 AP
418 Jan 23
,
13 Dec6-4
4
353 Dec 29
113 Got
if AP
414 Jan 17
11912 Deo 5
86 Apr 9812 DI
,
41 July 504 2411
5713 Dec 29
5414 Dec 20
-_- ---.- - ---hp,
88 July 14 55 Aug 80
1112 July 243 De
23% Jan 31
e
8
4
4213 Apr 5
192 Sept 695 Aar
16 Dec 9
614 July 1514 Ja
54 Dec 9
134 July 354 Ja.
14 July
6 Fe
412 Jan 22
Ja
Oct 45
36 Jan 21
16
53 Dec 5
4
58
Jan 677 id 7
633 Mar 12 4
;
96
Oct 100 Are
100 Apr 4
8
10 July 114 Set II
167 Dec 8
47 July 134 Fat
10313 Dee 31
117 Oct 2 10812 June 11414 Jan
4212 Oct 814 Jae
62 Jan 26
Oct 993 Jam
4
80
90 Feb 6
17 Nov 5818 Ma
4312 Jan 22
,
414 Dec 5112 oro
70 Dec 29
8
1512 Dee 27 11012 July 134 Mar
414 July 6914 Ay,
8738 Mar 14
1614 Sept 32 Pet
3014 Dec 6
8218 Aug 100 Ma,
10514 Dec 9
667 Dec 31 - - - - ---- ---- --8
50 Dec 29
994 Oct 123 Ma,
13712 Dec 31
2914 July 34% Fat
3312 Nov 5
978 Sept 174 Mar
174 Dec 5
,
5412 Dee 30
24 June 4818 Ma
4
89 Dec 104 Pet
993 Dec 30
80 Jan 99 Nov
110 Dee 2
Oct 311 Feb
2314 Nov 29
4
8
634 Dec 29
404 June 6 14 Ma'
6
8
843 Oct 967 Mar
4
95 Mar 6
2
14 June 297 Ap
223 Jan 7
4
47
Jan 75 Dee
793 Dec 2
8
121 June 17 114 July 118 Feb
4018 Aug 554 Feb
5912 Feb 6
457 Dec 16
8
17 June 234 Des
5 Feb
33 Jan 24
$
14 Oct
1818 Jan 3512 Dee
887 Dec 16
8
83 May 116114 Dee
12914 Aug 7
155 Dee 31
653 June 924 Feb
4
1253 Nov 12 10612 June 115 Nov
8
124 Mau
47 Oct8
614 Jan 11
8 July 23
1
5 Oct 107 Mal
2212 Dec 31
123 Jan 194 Map
8
9912 Dec 30
,
8912 Nov 95 Mal
24 Dec 29
64 July 16 Feb
37 Dec 13
2234 Dec 341k Mal
274 Jan 2
16 Sept 394 Mai
90 Jan 21
804 Aug 994 Feb
29 Feb 4
95 Jan 35 Mat
3
847 Dec 19
8
3914 July 63 Del
957 Mar 8
8
384 Aug 70 Des
20 Dec 18
113 June 274 Vol
4
9814 Dec 17
Oct 977 1 30
8
88
414 Dec 5 ------------6812 Jan 26
474 July 1234 Jan
4214 Jan 26
8
307 July 4414 Max
1194 Aug 22 11434 Aug 1184 Jul/
3514June 11
6512 Nov 24
ai June -6728 Mat
1007 Jan 12
8
74 July 1244 API
847 ran 11
8
5912 July 64% MA7
464 Dec 20
123 Dec 15
8
7 Jan 18 -Mu
818 Aug 4
64 Fell
2 Sept
3 Jan 2
1 June
4 Om
934 Jan 5
8 June 123 Feb
4
4518 Jan 30
343 Nov 52 8 Ma'
2
7
110 Dec 27
Jac
534 July 65
1538 Feb 1
512 Nov 244 Feb
151 Feb 7
94 July 144 Mar
41 Jan 7
3313 Jan 45 Mat
733 Dec 30
8
482 Aug 783 Dee
4
4
9313 Oct 9
7612 July 924 Dee
614 Jan 21
114 Oct 1411 1111
43 Jan 9
357 Aug 42 Dee
8
643 Feb 4
8
60
Oct 7712 Mal
1324Sept 18
81 Feb 9934 Mai
116114July 23 106 Sept 112
Jam
37 Fah 11
29 July 394 MU
12158 Dec 26
7414 Oct 8538 Feb
53 Dec 29
4814 Feb 49 301/
2241: Aug 5 15218 Jan 1874 Dec
48 Dec
29-31-79 Dec
1694 Dee 29 20 July 1194 boo
1044 Oct 21
64 June 37 Nov
42 Dec 17 ---- ---- .--- ---168 Dee 17 - - - - ---- - - - - ---Jan
131 Oct 25
243 Oct 22
8
40 June 734 Mal
8714 Dec 30
9514 June 101 Mae
Dec 17
10814
8818 July 106 Mai
14312 Dec 5
8
9712 Aug 1082 Mar
143 Dec 5
8
304 Oct 647 Mar
424 Jan 12
Jan
763 Oct 105
4
954 Dec 29
8
183 Oct 433 Mar
8
4112 Dec 27
484 Jan
387 Dec
2
437 Dec 30
8
8513 July 109% liar
121 Dec 29
123 July 23 11618 Aug 12312 Jan
5513 Oct 7612 May
881 Dec 27
4
Oct 245g Feb
14
46 Dec 16
243 July
4
444 Mae
344 Feb 11
614 June 27 Feb
104 Jan 11
17 June 69 Mai
3434 Jan 2
12
Oct 23 Mal
1518 Jan 10
144 June 20 Mae
/
1
20 Nov 7
124 Jan
164 Des
1911 Mar 15
1212 Nov 20
-18
11834 Dec 9 101 July Mill Feb
76 July 120 Feb
111 Dee 9
5212 June 6718 Feb
75 May 17
20
Oct 303 May
294 Feb 8
8
45 June 60% Mai
724 Dec 18
2 Dec 14 Feb
6 Jan 11
5 June 114 Dec
h4'g Jan 16
424 Jan 83 Dec
88 Jan 15
19 June 4224 Mat
28 Jan 9
1263 Dec 18
4
197 Oct 4018 Feb
1
81 Dec 31
814 Jan 1318 Nov
233 Dec 31
8
3714 Dec 404 Del
4634 Dec 30
_ _
853 Mar 27 _
8
iii
ic; "iiri
99 Tle.n II
r.,
New York Stock Exchange—bond Record, Friday, Weekly and Yearly
314
Jan.]. 1909 the Exchange method of quoting bonds was changed and prices are now "and interest' —except for income and defaulted NAO.
BONDS
N Y STOCK EXCHANGE
Week ending Jan. 16.
383
1rs'E
••
Price
Friday
Jan. 16.
Week's
Flange or
Last Sale
1
Z1
Range
Year
1924.
BONDS.
N. Y . STOCK EXCHANGE
Week ending Jan. 10.
E
`4•
Friday
Jan. 16.
Week'.
Range or
Last Sale
Mob
Ask Lo.r
High
Bid
81.2
U. S. G
High No. Low
'Trent.
All Low
Atch Top & 8 Fe—Gen g 46_1995 A 0 8914 Sale 887
first Liberty Loan
4
893 216
6
adjustment gold Is
▪ D 101331 Sale 101133 1011131 1567 98113310113w
21995 Nov 8112 Sale 8112
8112
834% of 1932-1947
59
Stamped
J D 10111321011,33 1011333Jan'25
981%310293i
83
/1995 Nov 823 Sale 8234
Cony 4% of 1932-47
4
2
J D 1011132 Sale 1011,3310111n 187 98131102"33
815
...Mar gold 48 1909
1955 .1 1) 815 833 813
8
8
Cony 44£% of 1932-47
4
,100• 48 1905
38
J D 1002133 Sale 101
3 981331(021313
82
_19551 I) 82 Sale 815
2d cony 434% of 1932-47
8
101
_
Cony g 4s Issue of 1910___1980 J I) 8012 ____ 8118 Jan'25
Second Liberty Loan—
n.a.st Ohio Div 1st g 4
5
MN 00113510021n 10013331001133
3 981341012333
de of 1927-1942
1
9812
8—.1928 M , 98
99
98
Rocky Mtn Div 1st 4a____1965 1 0 8358 ---- 8412 Dec'24
MN 1901.33 Sale 100114210011n 2692 98.33102138
Cony 4N% of 1927-1942
Frans-Con Short L 1st 45.19553 J 8614 863 8714
6
Third Liberty Loan
4
8758
Cal-Ariz 1st & ref 4348"A"1962 M S 93
MS 101834 Sale 10118 101133 1457 993321021133
10
94
93
93
434% of 1928
Au l & Bin m 30-yr let g 45___e1933 M S 8414 Sale 837
8 26
843
Fourth Liberty Loan
All Knott,& CM Div 48____1955 M N 883 897 883
8980 98133103
A0 1012132 Sale 1011033102
2
4
8
434% of 1933-1938
4
8914
,
• 0 1041433 Sale 104223310511n 172 98133107733 Atl Knott & Nor let g 5s__ _11146 J D 1013 ____ 10212 Nov'24
Treasury 434s 1947-1952
4
9612
9612
2
1944-1954 J D 1001133 Sale 100113310011n 1027 1001233100113s Atl de Cheri AL lot A 43-0-1944
Treasury 48
8
1023 1023a
-year 5e Series B____1944 J J 10258 Sale 10214
1st 30
2sconsol coupon
41930 Q J
1023 Mar'24
10212 19
8
9712 9712 All Coast Line let con 48_81952 M 8 90 Sale 895
1961 QM
Panama Canal 3s gold
29
905
9712 Oct'24
10-year secured 78
6
State and City Securities.
1930 M N 10612 10714 10812 1083
4
987 1013,
General unified 41
0
1964 J D 91 18 9114 9158
NY Cif y-45is Cory stock_1960 M
7
10012 ___ 10034 Jan'25
9112
8
993 10412
L de N coil gold 48
3
1964 MS 10114
614s Corporate stock
10114
10114
al952 M S 863 Sale 8612
4 60
863
3 1025 All & Danv let g48
99 4
8
1968 AO 10114
10114 Jan'25
77 Sale 768
Ake Corporate stock
7712 18
1053 10714
4
2048
1948 5 J 63
1971 Jo 1053
10618 Sept'24
444 Corporate stock
68
2
63
4
623
8
10314 1063 All & Yad 1st g guar 48
4
1949 A 0 75
4 4e Corporate etock_Jt.ly 1987 J
7512 75
1
105% 106 10512 Dec'24
75
103 106% A & N W let au 4 5s _ _
_1941 J J 0812 ____ 10018 Aug'24
1965 ▪ D 1053 106 1063 Nov'24
8
8
43.4' Corporate stock
4
1023 1065 Ball & Ohio prior 334a
1963 M
36
)is Corporate stock
19255 .1 100 10014 997
8
1053 106 10512 Dec'24
100
8
9458 9912
Regtstered
A% Corporate stock
1959 M N
9812 Jan'25
/1925 Q J 993 ---_ 997 Sept'24 _
8
083
8
4
9438 91312
-year gold 48
let 50
1958 M N 983
11918 A 0 873 Sale 863
98 Dec'24
4% Corporate stock
4
s
4
877 165
9614 9358
10-yearegia tered 4;22
e% Corporate stock
1957 M N
9813 Jan'25
R/1948Q J 8614 __-- 8612
3
98%
8612
3 98%
94
cony
1933 M 8 893 Sale 8912
8
4
4% Corporate stock reg 1956 M N 973 ___ 9758 Dec'24
8978 258
8
103 1063
Refund ds gen Sa Series A.11195 J 13 8712 Sale 863
8
155
8
88
41.4% Corporate stock _ _1957 M N 10518 ____ 1053 Dec'24
3
12,2 8 10612
lot etfa
3
1st g 58
__ 10514
1948 A 0 1005 Sale 1005
8
64% Corporate stock_ _ _ _1957 M N
8
363
101
10514
8514 90
10-year 68
1954 MN 1051e- - 8314 Dec'24
1929 J J 10314 Sale 1027
4
8914 893
34% Corporate stock
8
10311 237
102% 103%
Ref & gen 60 Ser C temp-:1995 J D 101,38 Sale 1003
10212 Aug 24
4 1013 345
New York State Can Im 44.1961 .1 J
4
8
1127 112 8
P Jet & NI Div lst g 3348-1925 34 N 99,31 Sale • 993
7
Highway Improv't 430-1963 NI
5
4
993
8512 .34
P L E & W Va Sys ref 48 1941 MN 8518 Sale 84
Foreign Government.
10212 116 1003 10314
4
Southw Div let gold 33.45.19253 J 993 Sale 993
1927 F A 10258 Sale 10134
4
argentine (Govt)78
14
4
997
78
85,
8
8312 24
Tol& CM Div 1st ref 48 A.1959 J J 693 Sale 6812
4
8212 ____ 82
*routine Treasury 5e...1945 M
8934 79
8912 96
Battle Cr & Slur let gu 313_1989 J 0 6014 ____ 60 Dec'24
9512 310
1957 NI S 115 Sale 95
Sinking fund (is Ser A
9514 161! 95
9512 Beech Creek lot gu g Is
1936 .1 1 92% ___ 9218 Dec'24 ____
Esti 6s ser B temp_Dec 1958 ---- 9514 Sale I 95
97 I 163
85% 98 Beech Cr Ext let g 3)0_51951 A 0 765 1943 0 D 97 Sale 96
8 80
7714 May'24
6aairlan (Govt) s 178
1944 J I) 85
Big Sandy 1st 43
4
853 85
Belgium 25-yr ext f 734s 4_1945 J D 10912 Sale 10812 10934 1011 97 111
85
5-year 6% notes
J 8712 Sale 100 Dec'24
B & N Y Air Line let 45...J955 F A
Jan 1925
96% 101
0718 Sale 67
6712 22
97 109
Bruns & W let gu gold 45__ _1938 J J .915 93
1941 F A 107% Sale 1073
8
92 Nov'24
8
1073
SO
20-yearef4s
9424 222
0812 Buffalo It & P gen gold 58_1937 M $ 102 103 102 Dec'24
M S 94 Sale 9312
4
913
25-yr ext 63.48 tern recta.1949
4
C0128,31410
1957 M is. 873 Sale 8712
4
• 1113
8814 --71
Bergen (Norway) elSa _ 1945 M N 1113 Sale 111
4 15 108 11314
8, 96
1949 A 0 90 Sale 95 4
1934 A 0 100 Sale 100
Burl 0 R & Nor lot 5s
3
8
9
10014 20
96 I
25-year f 6s temp
23, 108 113 Canada Sou eons gu A 58_ _1962 A 0 1007 Sale 1003
111
4
1945 M N 11058 Sale 11018
as
s
101
34
Verne 24_,Ity of)
9312 100
99 Canadian North deb a f 78_ -1940 .1 0 116 Sale 11534
85
8
9312 Sale 927
11612 43
benefit (Republic of) 88_ _ _1947 MN
1946 1 .1 11718 Sale 11614
8
8 52
1173
-year, I deb 800
28
Bordeaux (City of) 15-yr 68_1934 MN 843 Sale 8438
7112 91
85% 59
97 1 145. 91
1941 J D 907 Sale 9614
MAC,U 8 external 86
8
80
9911 Canadian Pac Ity deb 45 stock_ J .1 79% Sale 7918
215
182
1952 J D 834 Sale 82
84
7e (Central RY)
8812 Carb & Shaw let gold 4o..1932 M S 93 ____ 9234 Dec'24
76
1;
81%
1
734e(Coffee secur) £(Oat) 1952 AO 10512 ____ 10514 10627
1949 .3 J 78-.. 8114
4 Caro Cent lot con g 40
94 10
4
94
1007
8
97% Caro Clinch &01et 3-yr Se. _1938 .1 II 10012 10 11 r 1003
3
0611 76
Buenos Aires (City) eat 63423.1955 S i 0638 Sale .98
8
68
4
4
9958 1013
1952 J D 1067 Sale 1063
1007 _.51
Canada (Dominion of) g 5e 1926 AO 10114 Sale 1003
4 10114 25
8 „
84 84
Jan'25
1981 .1 0 83
1931 AO 10212 Sale 10112
10212 53
'8 Cart & Al 1st gu g 45
9912 1143
14
4
4
90 1003 1043 Cent Branch U P 1st g 4s__ _1948 1 D 7412 7512 753 Jan'25
103
1929 F A 102% Sale 1025
10-year 550
9112 10458 Cent New Eng let gu 4a
8
6512 18
1961 0 j 042 6512 0518
1952 MN 10238 Sale 102
102% 79
5,
8
4
94
99 Central Ohio Reorg 440 ...1930 81 S 963 9912 975 July'24
36
98
1954• J 98 Sale 96
Carlsbad (City) s f 88
10814 51 102 10912 central of Gs let gold 542_171045 F A 10114 ____ 10112 Jan'25
:mite (Republic) ext f 8s _1941 FA 10712 Sale 10712
1945 m ry 993 Sale 993
8
8
10014 15
10312 14 192,8 105
External 5-year s I 8s___ _1026 A0 103 Sale 103
Consol gold 58
9934
31
104
94
1942 MN 10014 Sale 100
June 1029 1 n 104 Sale 103%
10012 80
10-year Berta.es
20-yr ext. 78
63
ser B__1959 A 0 991 Sale 9912 100
4 21 102 19712
-year 8 f 88
1073
1946 NI 14 107 Sale 107
Ref dt gen 534s
25
394 4712
_ 84
Oct'24 ___
8
4318 78
Chatt Div par money g 46_1951 4 1) 821
Jhinese (Ilukuang ity) 5s 1951 • D 423 Sale 4214
100
10014
1
1945 AC 110 11112 11014
Christiania (City) 5 f 84
11 107 11114
111
Mac h. Nor Div let g 58_1946 4 ,1 99 2-- 100
_ 100 Dec'24
j
j 100
63
9 4 98 4
1954 MS 06 Sale 9512
18
96
Mobile DivIsion 55
30-yr 5 t 68 Int ctfe
95
66 95
94% 100 1 Cent RIt & B of Ga coil g 50_1937 M N
95 8
9914
9912 11
Colombia (Republic) 630_1927 AO 9912 100
,
87 4
934 811114 CetlegiLeo f N J gen gold 523_1987 1 .1 10712 Sale 10712
10814
9
9718 Sale 95
9714 383
ittra red
Copenhagen 25-year sf 545_1944 J
4
4
1063 Sale 1063
7
9638 Sale 961,
NG%
1944 M
11986 Qj
9612
19 7
8
Cuba 58 01 1904
0
89. 211444 17
16865 484
8,
A
89
98
9712 Dec'24
97% Cent Poe 1st ref gu 548
1949 F A 8778 Sale 108873:18 Fe:8 .1;07
Ester debt 581914 Ser A..1949
_
,
194 Y A
85
79% 8 1
External loan 4 1/
*1929 J D 9.512 9614 9512 Jan'25
8612 Jan'24
9
Mtge guar gold 310
22
87
91.2 9744' Through St L lot FM 48_ —1954 A 0 8612 Sale 8814
9738 Sale 9612
9738 114
140
1953 1 .1
94 101% Charleston & Savannah 713_ _1936
4
100
59
Gleebeslovak illepeb of) 841_1951 AD 993 Sale 99%
10014
100%
9712 101 12 Cheri & Ohio fund & Impt 5401929 .1 j
7
83
100
Sink fund 88 Ser B Int ctfa.1952 AO 100 Sale 9912
102%
103
10
931
1939
4
,
11012
let consol gold 5a
Genial) Con MunIcip8s"A"..1946 FA 1094 1103 1093
8 10611 112%
101 Nov'24
10612 11012
4
s f 88
1946 F A 1094 1103 1093
4 60
1103
Series B
2 -01
5 4
8
111
General gold 4 Ns
8
37 10714 1125
r)enmark external e f 8e_ _ _ _1945 AC 1103 Sale 110
Jan'25
9324 10112
9
9 MMM
19 2 FA NNS 18(())8(2)14 682a1
::
Registered
10114 Sale 100
10114 216
1942 J
20-year da
14 :1,34 - 23
FA 102 Sale 1013
98
322
A S
Dominican Rep Con Adm ef 53358
-year convertible 410_ _1936 F A 1 ,2 3 2- 9518
4 102
34 100 10212
20
850 948
• S 92 Sale 92
4
0
9212 24
Custom AchillnIstr 5340_1942
30-year cony secured 54., -1946
922 9
4
1940 J J 9712 10012 993 Jan'25 _ _
4
9
10014 211
Craig Valley lot g 55
witch East Indies ext Se__ A947 J J 100 Sale 093
9222 99 I
Jan'25 __
8
8
1
100% 324
Potts Creek Branch Ist 48_1948 J J 8214 83 83
—__..1962 3 9 997 Sale 995
-year 68
40
9
4,
833
951 Sale 95%
30
R & A Div 1st con 6 48-1989 J J 8378 Sale 8312
1
31
0
95
8 1 993 4
957 188
-year ext 5148
1953 M
8258 8412 Dec'24 -MN 9538 Sale 95
1949 1 ..I 78
8
20 conaol gold 4s
957 270
1953
-year ext 51413
80
7 Sale 977
9213 109 1
973, 12
1
e
1037 360
Warm Springs V 1st st 5s _ _1941 M 3 97
4
encla Repub 25-yr ext 8s_ 194- al S 1023 Sale 102%
T,
8
8934 10514 Chic de Alton RR ref g 3s_ _ 1949 A 0 622 Sale 6218
10112 149
8' 85
623
10018 Sale 100
20-yr external loan 74a 1941 J
91% 94%
4
583 593 583 Jan'25 __
4
923 594
Certita dep etpd Oct 1924 Int.- _ _
4
External 78 of 1924 temp. 1949 J D 9212 Sale 9214
6014 62% 60% Nov'24 __8162i
87 Sale 86
87
1945 NI
_
1
35
Certif dep etmptl Apr 1924 lot .
Finland ( Selo ext fis
9113
85
81 2
83 %
4714
itutOrats first lien 334s,._1950 1- -.1 4614 Lai:
4
923 953
945 1278
German ext'l loan low I__ _ _1949 A 0 9412 Sale 94%
9838 107 ''hie Burl & 0-111 Div 35-28_1949 J .1
1
Ot Brit & Irel(UK of) 530_19.0 F A 106 Sale 10522 10612 401
1949 J 1 8912 Sale 88
'8
8
89% 61
Illinois Divhdon 4a
1929 F A 1165 Sale 1165
8 11712 184 10612 116 '
10-year cony 6 Ns
99 Sale 99
1927 IN N
Nebraska Extension 4e
1952 M N
92 Sale 9112 • 92
88
Ms 9311
Greater Prague 710
8954 26
93
1950 PA 9 894 894 887
1952 A 0 924 Sale 9112
8811 98
General 48
153
HARI (Republic) 813
8
87
1017
90 ' 1st & ref 5a
1971 F A 1013 Sale 1013
9014 118
55
Hungary (King4 of) el 714e w 1'44 F A 90 Sale 893
4
983 99 Chic City & Conn Rye 58_1927 A 0
4
89
99
%
0
_.1._
Ind Bank of Japaa 6% notes 1927 F A 984 Sale 983
8
585
57
9812 101
8
993 Jan'25
5'22
4
4
_
Chicago & East III let 6s_ _1934 A 0 105'2 107'2 111612 Dec'24
993 100
Italy (Kingd of) Ser A 6Ns_1925
75.1, 84 c & k111 RR(new co) gen 58_1951 M N 747 Sale 7412
7512 144
83
1931 J
82% Sale 82
88
lapanese Govt C loan 48
8812 9.1
100
4
913 406
Chic & Erie let gold 55_ ...1982 M N 100 Sale 9958
1954 IF A 91 12 Sale 9114
10
Temporary 81 g 015
4
593
81
S
M j
9012 Chicago Great West 1st 4a__1959 I .
801z 74
80 Sale 8558
Oriental Development 80_1953 M
4
8
8618 46
Chic Ind & Lonlev—Ret 6e._1947
9
72
7243 91
Lynne (City of) 15-year Oa_ _1934 M N 857 Sale 843
I
1M Jan'25
;
1947
8514 70
Refunding gold 5a
,
Marseilles(City of) 15-yr (is 1934 MIS 84 4 Sale 84%
20
40
__ 20 Sept'24
21
Refunding 45 Series C._ _ _1947
Mexican Irrigation 4 Ns__ 1943 MN
10
27
0
3
51%
4k ner al 84 B
een rtil 5s A
40 Nov'24 _
1945 Q J 42 44
-5e 01 1899 £
Mexico
1966 3 . 02 - ee196 661 1.1 187'2 33;1- 1F3
4
4
: 1M 21
7
2358
23 Sale 2212
1954 J
.
g
Gold debt 4e of 1904
8514 93
90
Ind & Louisville let gu 48_1956
27
1952 J D 90 Sale 88
Montevideo 7e
_!
78 _ 7
7
82 ,8 8r: Jan•2,1
78
' I
8944 104
8
10434 131
Chic Ind & Sou 50-year 48._1956 j
Netherlands tio Olaf 1/22r42/- -1972 MS 1043 Sale 10414
95
93 Nov'24
98 103
4 1013 354
,
4
Chic L S & East 1st 4 Ns_ _1989 J D 9218 -year external 65 (fi.20_1954 AO 1015 Sale 003
80
8
1940 AO 1133 Sale 11258 11312 42 109 11378 C NI & Puget SA let gu 4o.._1949
%
Norway external 8188
4 ale r :
99
227
F414 -I!
1943 F4 99 Sale 98
9214 9912 C1381 de St P gene 48 Her A _e1989 1 1 H7 L e 475
20-yr ex0 68
0
81 2
97
99
4
82
64,4 22
9918 417
General gold 3-45 Ser B—e1989 3 .1 8312 Sale 8314
9918 Sale 973
1944 P A
13
-year external 68
20
99
General 4 No Series C.__ _e1989 J J 8014 Sale
1952 AO 93 Sale 98
73
9112 99,2
30-yr exit 68
95 10134
J I) 100 101 101
072
10112 24
Gen dr ref Series A 4 Ns__a2014 A 0 81 Sale 595 12
1114nama (Rep) 514e tr recto_1953 J
,
9614
9814
5
14tn ro 6conv Ser B 5a_a2014 1 A 54% Sale 54
(11e geef s
Porto Alegre(City of) 88.. _ _1961 AO 9518 96
4
3
94
19 4
J
.,
1934J D 7591913,243
10924
11 10218 1993
Queensland (State) ext a I 781941 FA 109 Sale 100
5723;22
9914 104
l
122 54
10312 77
3
19 2
1925 J I) 58 Lal e g
10312 104 103
Debenture 410
1947
114
3
35-year 88
97
22
7812 62
58 10 4
1946 A0 96 Sale 96
Deb ar d e 4:
25 yen turebe 20re 44
9
954
4
9.
8 58 99
Rio Grande do 82118e
Sale
4
96
1934
25
Rio de Janeiro 25-yr a I 85_ _1946 AO 94 Sale 943
87
8
977
8
8
8 65
053
4
Chic & Nto Ftiv Div 530 _._1926 J .1 955 Sale 953
9414 933
97
1947 AO 94
23
25-yr exti 88
98 102
105
102
4
Chic de N'west Ext 03. _1886-1926 F A 9912 997 997
99% 14
Rotterdam (City) external 681964 MN 101 Sale 1003
10312 31 100 10414
1888-1926 F A 983 9912 987 Jan'25 __
10318 Sale 103
Registered342
General_
El Salvador (Rep) 88--- 1948
9012 1017
^
74i2 ,
1937 NI N 7314 7418 7412
4
8
993
9
gold
100
1952 M N 99 100
Sao Paulo (City) s f 8/2
0412 103
103
4
1937 NI N 835 Sale 835
8
17
84
General 48
4
6
San Paulo (State) ext s I 85-193 J J 103 Sale 1003
79
4
903 130
Stamped 45
1987 N1 N 8318 85
85
971.
8
Jan'25
1942 J J 903 Sale 90
Seine(France) ext 78
8624 Sale 8512
8314 9058
4
8612 180
1987 Ni N 1033 10412 10358
General 59 stamped
4 12
1033
Serbs. Croat@ & Slovenes 88_1962 MN
4
843
__ 10012 Nov'24 ____
6548
1879-1929 A 0 104
5 1067, 10634 I
H kitlg fundfti
1936 NI N 84% Sale 84
89 ,4
71
Salmon,
(City)Se
1879-1929 A 0 10012 ____ 10012
17
10012
1043
1
1939 • D 10414 Sale 104
0
Sweden 2 -year 68
9812 100
_ 100% Nov'24
Registered
9912 435
1879-11329 A 0 la,_,.
External loan 534eInter ctfs'54 MN 9912 Sale 984
,
1
1411 1 18
19: 0112
1-6i 10012 10058 2
1 116 Sale 11512 117
Sinking fund deb 5s
1933 M N
Swiss Confeder'n 20-yr s f 88 1940
Regtstered
102
298
Switzerland Govt ext 5128 ..1946 AO 1014 Sale 1007s
591s 67
-year seemed 78 ii
33
19
67
4
Tokyo City 155 loan of 1912_ _ -- MS 864 88 663
15
-year secured 61 g____1936 m 8 112 Sale 112
0
11212 20;
17
98
Trondhjem (City) esti 310_1944 ii 98 Sale 9712
83% 75,
107
Chic RI & P—Railway gen 451988 J -1 83 Sale 83
18
Uruguay (Republic) ext 8s 1946 FA 107 Sale 10814
8218 Jan'25
3
Registered
11114 22
.1 J 817 84
Enrich (City of) 81 811
1945 AC 11114 Sale 110
Refunding gold 48
4
853 435
1934 A 0 8414 Sale 8414
Railroad.
10114
5 9514 101 Chic St L & 71 0 gold 510_1951 1 D 102,4 Sale 10214 10214 _2
Ala Ot Sou let eons A 5a
1943 J o 101 102 10114
98% 102
Gold 314s
Dec'24
101
1951 J D 7812 _-__ 793, Jan'25
Ala Mid let guar gold 5e.,_1928 MN 101
9714 95
8
823
Joint 1st ref 58 Series A _ _ _1963 J 0 963 Sale 9612
787 8312
Mb & Slum cony 310
1946 AO 8214 ____ 83%
Do Series B
8312 Dec'24
84
80
1963 1 D ____ ____ 0512 June'24
Alias & West 1st g 4egu
1998 A0
84i4
8414
4
Memphis Div lets 48
91 Dec'24
4
883 93
1931'J D 8414 85
92
1942 MS 91
Alleg Val gen guar g 4s
8438
6558 C St L & P let eon, g 94__1932 A ca 101Ie ____ 10114 Dec'24 ____
11 57
Ann Arbor let R 48
/1995 Q J (14% Sale 64
Due Oct v Due Nov. f Due Dee 3 Option sale
Due May. g Due June, C Due July 1Due Aug
1.
0 Due Jan. 4 Due Apr
—
Ig's 1-6,A
45:42
1
oil
t Sale
!,
2
a'4 ?ig
liz 3
il 10:61
1.93g T ;1 1:4 gze- IN71,3 Dec'24 --ia,
Range
Year
1924.
High
Low
88
9114
7912 8512
7812 8.5
4
803 85
8
803 85
8014 8318
9512 9914
8512
80
8318 89
90% 95
86
70
90
81
8912 103
,
4
913 90 8
96 103
8612 933
4
106 108 8
,
4
8014 933
81% 87%
7314 80 4
,
6212 6912
8018
68
9622 100%
9614 1003
4
96 100%
8112 89%
8878
80
8214 903
4
8912
83
9914 101
8
10018 1037
100 101%
95% 100
86
79
9612 10014
6614 70
62
58
90% 9312
7714 7758
8072 85
69%
61
8812 9218
100 103
8612 9014
9524 101%
8
975 102
Ill 11712
11034 11812
7812 82%
94
90
70% 83
9258 1013
8
96 10814
8312
81
67
76
50% 67
90
97%
99 1027
8
95% 1011s
100 104
96 100
78% 84
4
953 100
96 100
4
8
917 993
103% 10814
10258 107%
85
8912
91
96%
817g 87
8
11514 1158
97 101%
99% 103
98 101
8414 90
83% 8014
8814
88% 109
92% 99%
83
78
7012 85
76
8
883
95
95
56
2
637
61
54
5312 61
30% 48%
7834 8312
9112
80
9612 10112
91
85
4
8
987 1023
47
4
567
10414 107%
6912 7812
9178 100
62%
50
8
1053 111
9538 100
2
81% 857
81% 87%
9512 10212
994
71
8212 88
8172 93
60%
48
,
68% 75 4
6114 6514
84
78
,
48% 57 4
6215
62
9634 101
511s 60
88%
63
8
805
47
96 100
s
98% 997
994
ge
69% 76
864
80
0
79% 8
95 10514
99 105
8
963 10012
96 10412
97% 102
9814 10712
,
10414 109 4
10512 11212
4
7814 8
76% 833
5
8
733 8.5%
09 101%
7812
77
98
91
9514 9614
8
803 85
2
997 10114
315
New York Bond Record-ContInued-Page 2
BONDS.
N.Y. STOCK EXCHANGE
Week ending Jan. 16.
Price
Friday
Jan. 16.
Range
Year
1924.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Jan. 16.
Range
Year
1924.
--High Illinois Central (Concluded)
High
Bid
Ask Low
High No. !Low
Ilioh No. Low
Ask bow
84(1
Cairo Bridge gold 45
85
89
Chic St P M & 0 cons 6s__ _1930 J D 10518 10512 105
14 1013 10614
s
1950 J O 8814 -- 8814 Dec'24
105
Cons 85 reduced to 3538..1030 J D
4
Litchfield Div 1st gold 38_1951
7318 922
694 724
J 6912 -- - - 7012 Nov'24
4
923 Nov'24
9312 0938
Debenture 56
Louley Div & Term g 3148 1953 J J 77
1930 M S 993 Sale 97
4
743 804
4
8
9938
787 7712
8
7712
Chic T H & So East let 58 1989 J D 777 Sale 774
Omaha Div let gold 38....1951 I' A 70
7614 82
883 72
4
8
32
72
70 Nov'24
/
1
4
79
Dec 1 1960 M S 60 Sale 5912
Inc gu 53
7012 81
St Louis Div & Term g 38.1951 J
24
5712 6412
2
/ 72
1
4
72
60
72
70
Chic: On Sta'n let gu 43.331 A_1963 J
Gold .153s
8938 94
7518 8218
9212 Sale 9213
82
1
82
923
82
4 40
1951 32 79
191 58 Series 13
1963 J J 10218 Sale 100
7558 82
Springfield Div 1st g 3)0_1951 33 7714 82
97 10214
82 Ju y'24
10212 36
10 6345 Settee C
83
/ 871
1
4
,
8
Western Lines let g 4a_ _ _1951• A 853 88
1963 1 J 117 1173 117
/
1
Jan'25
8
4
87
11712 25 1144 118 4
85
85
Ohio & West Ind gee g 8621932 Q M 10514 ____ 10512 Nov'24
,
1043 105 2
4
Registered
85 May'24
1951 FA
-year 48
Consul 50
833 8813
4
/
1
4
1952 J J 77 Sale 77 4
7112 781 Ind Ill & Iowa let g la
3
2
871
/
4
8
4
1950 I 3 875 Sale 871
,
777
8 75
10-year s f 73.4s
96 101
s
1935 M
1035 Sale 10314
8
9 10112 1047 Ind Union thy 58 A
101
10
1035
1965 J J 100 Sale 101
8
:Moe Okla & Gulf cons 5s
4018 714
1952 M N 9914 100
94 59914 Int & Great Nor adjust 6s 1952 J
69 Sale 69
/
1
4
993 Jan'25
4
711 504
/
4
01n H & D 26 gold 4348._..1937 J J 937 Sale 933
8812 944 151 M 68 Ser A
901 1024
/
4
8
7
115
/
1
4
1952 3 .1 101 Sale 1004 101
933
4
!:3 I St L dr C 1st g 4s
76
767
a
*19360 F 0034 9214 904 Dec'24
825 91 jet Rya Cent Amer tot 58_1972 MN 77 Sale 77
8
/
1
7718 11
Reglatered_
9112 9112 Iowa Central let gold 55___..1938 • D 577 59
58
11936 Q F
70
8
16
91/2 Sept'24
572,2
573
4
Ills
(lie Lob & Nor gu 45 g
86
1518 213
89 8
,
1942 2.4 N 8712 8914 88
/ 20
1
4
Refunding gold 45.......1951 MS 19
Jan'25
1958 26
Oln B & CI cons 1st g 59
1928J .1 99
8314 89
/ ____ 10018 Oct'24
1
4
983 10018 James Frank & Clear lat 49.1951J .1 D 874 8712 874 Dec'24
8
Cleve Cin Ch & St Leon 48.19032 D 8312 Sale 83
94) 100
J 9912 _- -- 100 Nov'24
784 84 Ka A AU It let gu g 56._ 1910•
/
1
831 2 14
30
-year deb 4549
774 83
/
1
1031 J J 974 98
,
8214 98 2 Kan & 11.4 let gu g 4a
5
9712
801
/
4
9712
803
8 23
1990 A0 808a 84
General 59 Series B
4
1993 J I) 9912 10112 10112
97 104,
95 101
/
1
4
20 20.year 5s
1
J J 1003 10112 1003 Jan'25
8
10112
4
1927
Ref & impt 69 Series A
1929 J, J 10318 Sale 103
8
10312 40 10018 104
/
1
4
10312 38 10013 104 KC Ft 8k M cone g 65_ _ _1923 M N 1024 103 1027
Si series C
713 827
8
1941 J J 1034 1067 10512 10513
C Ft S
/
1
2 1014 10714
8
Ry ref g 48..1035 A0 82 Sale 82
8212 75
55SerleeD
9412 984
1963 2 J 95 Sale 95
,
3
94
96 2 K C & M It & B 1st gu 38_1929 A0 9812 _--- 98
98
953 186
4
Cairo Div 1st gold 48
8612 91
87
717
a
1939
J 8914 9012 8914
Kansas City Sou let gold 38.1950 A 0 7014 Sale 7014
60
3
71
8914
CIOW&MDivlstg4s_19912 J 80
88
91
894
77
Ref & Impt 54
805 80
2
8
89 12 32
80
Apts1950 J J 89 Sale 89
dt L Div 1st coil tr g g 46_1990 MN 823 Sale 823
/
1
4
.5 784 85 Kansas City Term let 48-1960 J J 8314 Sale 8434 8514 59 8.058 854
4
8314
39r & Col Div let g 45
8518 88 4 Kentugky Central gold 48-1987 J J 83
82
1940 M S 883 9112 883 Jan'25
864
,
8
84 Dec'24
8
W Val Div let g 4s
6013 86
1940 3 J 87
87
88
/ 88'2 867 Aug'24
Kook Sr Des Moines 1st 55_ _1923 A0 88'4.... 86 Nov'24 1_
1
4
8
OCC &I gen cons g 65
19342 1 1073 ____ 1073
4
10353 10915 Knoxv & Ohio 1s1 R
4 1073
/ 10012 10 1014 101
1
4
4
......225 .1 3 10012 Sale 100
Ole, Lot & W con let g Is.
93 .01
/
1
4
.1933 A 0 102 Sale 102
974 10112 Lake Erie & West let g 11._1937 J J 99
4
/ 994 993 Jan'25
1
4
102
CIA Mar lat gu g 4%e
87
1935 FA N 9614 97
997
8
3
8
26 gold Is
843 963
/ 965 Jan'25
1
4
9614 0518 Dec'24
8
_1941 J .1 93
Oliva & Mahon Vail g 5a
735 8011
8
7918
99 Lake Shore gold 3348
2
1938 J J 97
___
95
9812 Nov'24
D 7814 7918 7918
1997
4
783
al& P gen gu 440 Ser A
75
1942 J J 973 ___
4
1
91
91
767
8
Registered
91 Nov'24
.1 D 764 7712 764
1997
Series 13
/ 99
1
4
1942 A 0 974
4.111 943
94
4
9813 72
Debenture gold 45
8412 Aug'24
1928 M S 9813 Sale 98
Series D 3 tee
534 8712
1124 97
1950 F A 82
25
863 8712 Dec'24
-year gold 48
4
8
9614 57
N 96 Sale 953
1931
911 05 4
Cleve Shor Line let gu 4348-1961 A 0 9718 ____ 9712
/
4
9012 973
4
,
5
Registered
4
/
1
974
1931 M N 914 984 953 July'24
Cleve Union Term 5349
-1972 A 0 10518 Sale 1043
Leh Val Harbor Term 5.5-1954
10118 14 100 1014
101
/
1
4
4
10518 14 102 108
lat s f 5a Ber 11
923 97
8
1973 AG 100 Sale 994 10014 44
9512 1014 Len Val N Y let gu g 4%5_1940 J J 9612 Sale 9612
97
5
Goal River thy let gu 48
9112 94 8
7
1945 J D 83
8412
so
Registered _______
2
93
8312 8314
1
/
4
_ ._ _1940 J J 911 ---- 93
8314
Golorado & South let g 11. _1929 F A
76 8 83
,
974 9714 9718 . 0714 31
33
923 984 Lehigh Val (Pai cons g 4.8_2003 M N 8012 Sale 797
4
81
8
Refunding & eaten 4433_1935 M N
853 96
4
90
General eons 4 tie
8011 953
913 9218 9112
4
8 70
4
885
2003 M N 885s 8914 88
0218
001 & H V lat ext g 4s
99
9978
8115 874 Lehigh Vali RR gen Is seriee_2003 M N 9912 Sale 9914
9912 60
1948 AC 8612 8718 Nov'24
001 & Toilet ext 48
Leh V Term Ry 1st gu g 09_ _1941 A 0 101 18 Sale 10110
1955 F A 8412 ____ 8412 Dec'24
2 10014 103
817 86
e
10214
Cuba RR 1st 50-year 56 g. 1952 J J 85 Sale 8414
993 993
5
4
8154 85
Registered
8514 118
/ - - - 993 Nov'24
1
4
1941 A0 99
4
ref 734a___ _
let
_..10311J D 1034 Sale 1034
8214 86
30 10018 10612 Leh & N V 1st guar gold 48 1945 M S 8312 853 86
Oct'24
105
4
Cuba Northern Ity let 58
99 1054
874 90 Lex & East let 50-yr Is gu. 1965 A 0 1034 10411 104
1966 J J 8912 Sale 8914
104
1
12 80
/
1
89
042 & Mien Let coati 4115_ _1931 JJ
/
4
1
8112 814
924 97 Little Miami 4s
96
9612 96
96
1962 MN 8214 -- -- 8114 July'24
OJIA Hudson let & ref 48_ _1943 M N
835 91 14 Long Dock consul g 66
8
/
1
89
8912 Sale 8012
_ 1064 108
90
1935 A 0 10712 ---- 108 Nov'24
91-year cony 58
924 104 Long laid 1st con gold 55_711931 J .1 994 --- 997
974 1004
/
1
1935 A 0 10512 Sale 1025
3
8 10614 430
100
8
Ill-year 540._
8
9713 1023
9312 10011
1st consul gold Is
1937 M N 1011 10213 10112 1025
.1 923 _
/
4
4
10018 Aug'24
8 28
h1931
10-year secured 75
General gold 4s
8434 883
4
1930 J D 10912 110 10812 1094 16 106% 1 10
91
8918
5
8918
1938 3D 89
O RR & Bdge let gu 48 g
94
92
83
89
Gold 4a
1936 F A 9312 ____ 94 Dec'24
1932 J D 8814
89 July'24
DIn & R 0r-1t cons g 45.1936 J J 835 Sale 83
4
Unified gold 46 6714 833
847
a
79
8
1949 M El 8312 85
8414 Jan'25
84, 198
4
Coned gold 4345
5
7218 87
91% 96
Debenture gold Is
1938 2 J 87
1934 J D 95 2 -- 96 Nov'24
88
86
867
8
,
4
Improvement gold 58
7912 96,
20
120
-year p m deb 58
84
90
1928 J D 9612 963 953
1937 M N
877 887 88
8
8
8812 37
4
5
97
lit & refunding Is
4
3413 593
Guar refunding gold 45___1949 M 8 8218 8212 8212
53
79
86
1955 F A 61
67
63
2
61
8212
do Registered
Not Sh B let con g gu 543..a1932 Q J 99 100
443 4612
9414 100
4
4614 Nov'24
9912 Dec'24
warmers L&Tr rats Aug '55. _- 6914 ____ 654
344 60
Louisiana & Ark let g 55_ _19271M
38
951g 1011
4
100 10112 994
70
100
2
71112 95
3414 603 Lou & Jeff Bdge Co gu g 48..1945 M S 84
s
Bankers Tr ars of dep
4
841 84
/
4
69
84
6612
6
So Stamped.
33
5914 Louisville & Nashville 58._ _1937 M N 103 104 103
1 1004 10413
703 156
103
4
/
4
6914 ____ 641
9418
Unified gold 413
em Ex Nat Bk Feb '22 ctfa_
37
59
89
4
19403 J 923 Sale 9214
604 Jan'25
9318 128
344 59%
8912 92
do Aug 1922 Mrs
Registered
873 ____ 911 Dec'24
4
5978 Dec'24
/
4
3712 47 4
Use
,
Collateral trust gold 551
& Ft D let gu 46_ _ _1935 1-_ 1931 3I 100 1013 10114
5
4
°4° MM
9878 103
41
- 102
26
3912 Sale 3912
Det & Mack-1st lien g 48_1995 J
7412
10
-year secured 7s_
60
8
4
4 1057 1083
75
-1930 M N 107 Sale 107
74 Dec'24
10714
73
1
70
9old 49
60
let refund 534e Balm A 2003 A 0 10512 Sale 1105
1995 .1 D 6712 7014 6714 Dec'24
1057
8 15 104 108
O ft Rly Tun 448
let At ref 58 Series B
8718 93 2
,
2
1,93 9000
3
9718 10514
O 103 Sale ;102
jj
1961 M N
103
9118 9134 9118
28
914 14
D1 Missabe & Nor gee 58_1941 J J 10218 ____ 102 Dec'24
9938 102
/
1
4
let dr ref 4348 Series C
2003 A 0 9212 93
92
93
9213
9314 190
0 0 & Iron Range let 55._. _1937 A 0 10012 101 10012 101
98 1013
s
N 0 M ist gold 5e
20
1043 10512 104 Nov'24
8
10313 105
Oil sou Shore & Atl g 58._ _1937 J .1 8518 865 8658
76
88
2d gold 68
1033 10512 1033 Dec'24
8
102 104
8
8714 30
8
•Minn Nor [Si, let g 45_ _ ._1948 A
5413 894
Paducah & Mem Div 48..1946 F A 8612 897 883 Dec'24
1
8518 90
/
1
4
8
4
88
88
881 88
/
4
9012 10014
Sc Louis Div 231 gold 38_ _1980 M S 6212 Sale 6212
18 Tenn reorg ten g 58
7
80
84
1938 M S
4
993
63
4
3
993
8
▪ T Va & Ga.Dly g 6
8
/
1
& M let g 43-591045l:45 0
1031)2 J 997 ____ 1004 Dec'24
m 52 81
97
93
LA N &
1
9834 1003
053
3
97
4
9778 1011
4
L & N South joint NI 46..1952 J .1 813 Sale 811
one let gold15e
7
79
85
4
_1956 M N 1004 __ 10012
/
4
813
/
1
4
2
10012
El On Juliet & Ent 1st 6 5e__1941 M N 101
9712 103
Registered
77
77
Jan'25
76(5 ____ 77
____ 101
Jan'24
_
El Paso & S W let 5s
9912! Ionise Cln A Lex gold 43-45-1331 M N 98,2 Sale 9818
1
Afi
99
9914
0912
1965 A 0 993 100
9913
9812 11
8
grie let coneol gold 7e ext_ _1930 M
/
4
_ 10114 Dec'24
1071 11 1041 109121 Mahon Coal RR let 5s_ ..1034 J
/
4
9884 101
1075 Sale 10712
8
1St cons g 45 prior
8144 743 Manila RII(Southern Lines) 1939 M N 101._- 4 613 Dec'24
2'
63
5814 613
7112 57
1996 2 J
55
/
1
705 Sale 704
8
4
Regletered
69 Manitoba Colonization 5s_ _ _1934 J D 993 ____ 100
61
P812 99
4
11396 J J
67 Dec'24
/
1
4
100
5
let consel gee lien g 412_ .1996 .1 J 6414 Sale 64
534 66 Man GB&NW let 3 is
1941 .1 J 8214 ____ 84
6412 277
80 8 8284
5
Jan'25
Registered__
59, Michigan Central 59
53
10018 ____ 1007 Dec'24 _
_1996
584 Nov'24
/
1
8
J
5
_ 98 1007
Penn roll trust gold _
55(8 95 41
3
Registered
1051 F A
88
96
96 Sale 96
1931 Q 4 984 ____ 99 Dec'24 _
193 "
99
50-year cony 45 Ser A._1953 A 0 6412 Sale 64
115
881 964
/
4
90
65
____ 961
/
1
/
4
973
4 25
64
6°11 "
89
do Series B_ _ _ ._195:1 A 0 6413 Sale 64
Registered
864 ____ 8612 Sept'24
14° .I
1951 .J
4 H
0
774 964
6514 33
Gen cony 45 Series D__ _1953 A 0 74 Sale 7318
J L & S let gold 3465
5934 77
774 933
773*.. _ 7718 Apr'24
753 393
4
5
trio & Jersey ist s f 6s
894 104
1st gold 31.4s
19552 J 103 10412 102
- 823 Dec'24 _
1952 M N 7912 81
4
10212 14
774 8
3
• & Pitts gu v 3%s B
2
82
SS
20-year debenture 45
1940 J J
84
ovit 98%
964 97
/
1
9611 Dec'24
84
Bedell 0_
s
35 Mid of NJ 1st ext 5s g 52_1949 F 0 914 9312 9312 Jan'25
,
1940 3 J
Oct'24
0
1 90 A A
99
84
2
__ - __
8712 9413
Ms Cent & Pen let ext g 58.1930 2 J 9712 _
2
973 1004 Milw I, S & Went im
4
10014 1003 10014 Jan'25
100
100
4
9911 1014
Oonsol gold 58
2
Ashland Div 1st g 68
933 100
8
1943 J J 983 102
983
8
983
.
913 95 100
8
8
4
1925 M
Jan'25
10018 100 4
,
Florida E Coast let 4345_ _ _ _1959 J D 9212 9314 9218
2
87% 95 MIlw & Nor 1st ext 4
J D 873 85
9212
4
95 Dec'24
/
1
__
884 95
lst dr ref 5s Ser A
184
Cons extended 434s
96
9813
1374M S 95 Sale 9412
9213
95
87
/ 92
1
4
8815
9141 20
8.5
Fla West & Nor 7s Ser A _1934 MN 108 Sale 10612 1105 154 10078 103 Mil Spar &NW! gu 48..19474 D 89 Sale , 89
et
8
S
934
531 88
/
4
89
2
geode J & Oloy 4 435
70 Mlle & 13 L 1st gu 3;is_ _ _194111 J 805
6812 59
83
1952 MN 68 Sale 6712
___ 8612 July'24
_
82
864
Fort St U D Co let g 444s_ .1941 1
824 8812 Minn & St Louis let 75
/
1
0714 103
8- / 983
8812 Nov'24
1
4
1934 8 L 984 99
27,11
993
4
4
9
ft W & Den C 1st 54a.__1961 J D 10411 1053 10412 10412
5 100 1055
/
1
4
8
let consol gold Is.
53 Sale , 525
4
8
1934 81
53
51
683
4
29
Ft Worth & Rio Grist g 4(1_ _1928 J J 943 Salo 94
4
4
1st & refunding gold 45
8418 948
8
214 2112 21
943
8
22
1949 M S
1313 23
/
1
4
9
Frem Elk & Mo V let 66___ _1933 A 0 108 1093 108 Dec'24
Ref & ext 50-yr Si Ser A __1962 Q F
10514 108
4
1612 17
164 10
/
1
185
1315 21
8
GH&BAM&Platbs
9
1931 MN 100 1004 10018
9513101)5* M St P&SSkf con g 48 int gu '38 J J 864 Sale 865
10012
/
1
/
1
87
50
8513 90
8
111 eaten 5s guar
let cone 55
1931 J J 10014
Jan'25
9611 5004
9814 Sale 9814
984 31
- 100
973 103
4
/
1
4
Gala Roue & fiend let 551933 A 0 02 Sale 91
17
-year coil trust 6!.4s....1931
8918 93
/
1
4
10
92
10312 Sale 103
10334 49 101 11133
1938
4
Genesee River let a f 6s_
8
89 1011
/
4. let & ref (1s Series A
1957 2 11 10112 Sale 101
9714 10213
10112
10012 101 10012
2
10012
1948
Oa & Ala ity let eon 59....01945 JJ 934 Sale 93
4
8412 963
8
25
-year 513a
9318
82
861 Sale 1 854
/
4
83
87
87
Ga Car & No ist gu g 5a._ _11)29 J J 9918 9912 9918
2
lit Chicago Term 8 f 46..._1949 M S 934 ____ 924 Dec'24
934 100
9413 1015s
9912
41
1 9 MN
Gs Midland 1st 36
1
1946 A 0 643 66
603 (17 M SS NI dr A Int g(taint gu_1926 J J
4
65
8
65
961 99%
/
4
991/4 Dec'24
981, 4004 missiesIppl Central tot 55_ ..1949 3 J 994-- - - 92
Glia V 0& N 18t gu g 5s___ _1924 M N 993 __ 100
4
Oct'24
Jan'25
92
9334
88
90
Ono & Oswegatch 55
1942 J D 9912
99
994 Mo Kan & Tex-let gold 48_1990
81 14 52
083 Feb'24
754 833
4
D 81 Sale 807
4
5
CB & I ex hit gu g 445_ _ _1941 J J 94
9512 9412
1
903 95 Mo-K-T RR-Pr 158 Ser A _1962 J J 8712 Sale I 8634
5
9412
/ 121
1
4
87
781 878
/
4
4
Grand Trunk of Can deb 78_1940 A 0 116 Sale 11512 116
56 11034 1174
40-year 45 Series B
74
30
ea
72
8
1962 .1 .1 717 Sale 71 11
15-year ellIs
1936 IM
107 Sale 1064
e
10
10712 94 1024 1077
-year 65 Series C
945e 102%
8 66
4 1023
10218 Sale 1013
Great Nor gee 7e Series A..1036 2 J 1093 Sale 1091 110
148 106 1104
4
/
4
Cum adjust
5134 80
80 1598
Ser A Jan_1937 j 0 797 Sale I 79
8
196 2 A 3
& ref 434e giertee A _ _ _1981 J J
83
934 Missouri Pacifie (reorg Co)
013 Sale 913
4
4
9218 20
General 510 Series B._..1952 J J 10012 Sale 10014
39
9618 1014
let dr refunding Is Ser A._1985 F A 843 Sale ! 84
101
844 130
/
1
7518 8518
8
General 58 Series C
1973 3 .1 934 Sale 93
9114 954
/
1
let & refunding 55 Ser C..1926 F A 10018 1003 10018
935
10012 12
0 81
9414 101
4
Green Bay & W deb etre "A"____ Feb 70
80
5934 70
1st & refunding 65 Ser D 1949 F A 10018 Sale 993
70 Dec'24
87 100
/
1
4
4 10014 383
Debentures etfs 'B"
Feb
30
1312 14
7
51
65
16
13
General 45 _____ _
1212
647 683
8
641 Sale 6412
/
4
1975 M
35
81
Golf & 111 1st ref dr t g 5a.._51952 J J 100 Sale 100
98 Mo Pac 3d 76 ext at 4%
101
843
4
3
80
/ 85
1
4
4
1938 SIN 843 Sale 843
4
Harlem R dr Pt Chen let 46_1954 MN 804 813 80
-- 9818 Oct'24
631/ 8318 Mob & Bit p•Sor lien g
Jan'25
4
02% 9818
J J
Val let cons g 4.10_1999 J
I/noting
89 Sale 89
/
1
4
8378 904
/
1
4
/
1
9018 18
Mortgage gold 45____ _._1941 J J 9618- 7718 7712 Dec'24
68
85
76
Registered
1999 J .1
83 May'24
83
84 Mobile &. Ohio new gold 65 .1927 J D 102 104 1023
10312
4
6 10214 1047
/
1
4
8
1937 3 1 -9912 IVO" 9913
& T C ist g 58 Int gu
3
97 10014
let extmded gold
9012
3 10034 1(124
10212 10212 10212
/
1
_h1927 01
Houston Belt & Term let 55_1937 J
10
96
95
97
97
General gold 45
-_
8112
8112
5
74
85
1933 M N
T ist g 5a
99
/ _
1
4
Nous E &
9514 997
995s Jan'25
5
977
8
Montgomery Div 1st g 55_ 1938 F A 974 - / 977
5
984
1
92
8
98
/
1
4
1947 NI S
1933 M N 994 Sale 997
5
8
995 100
994
let guar Gored
St L.)1114 Div 58
6
100
1
4
100 1003 100
9514 1003
4
1
9218
9212
Mob & 01110 coil tr g 4s.._1928 .1 D 8312 Sale 8212
8414 95
8313 36
Honnatonle Ity cons g 55_ _ _ _11137 MN 9218 _ _
1937 M S
76
85
168
and dr Manhat Its Series A.1991' F A 87 Sale 86
803 88 Moh & Mai 1st gu g 45
/
1
4
4
8714
4
1991 M S 1103 11214 8412 Dec'24 _ _
8018 855
6
187
1 7 A 0 68 Sale 673
AdJurt Income 5s
5814 6912 Mont C let en65
4
110 July'24
10
1037 J J 108
814 110
/
1
4
89 Dec'24
88
Illinois Central let gold 46_ _1951 .1 J
93
10112 103
let gnat' 00111 (.8
2
1003
1937 J
994 101
1951 J J 8714 88
Registered
89 July'24
89
89 M t
6
let gu 3335
777
8
718
76 4- 7- 7712
7814 80
1951 .1 J
8214 Nov'24
78
8314 Nash, Chat? & St L let 5a. -2 8 I D 1014 Sale 10014
10112 19
tat gold 3145
_ 1921 A O
°°
9978 102
1951 A 0 814 ___ 81
77
/ 8412 N "te & 13 1st gu R Se..
1
4
Extended let gold 3t4a
Jan'25
1937 F A 10013 ____ 10018 Jan'25
99
99
1951 A 0
Registered_
8012 June'24
8012 8011 Nat Ry of Mex prllen 410 1957 J
30 Sept'23
1951 M
58
72
61 June'24
July 1914 coupon on
let gold 35 sterling
267 1341 July'24
s
-1514 W87 Sale 867
17
8
Collateral trust gold 45._ _1952 M
87
63 8 3
8
°
2718 July'23
691 /1
Guaranteed 70
-years f 48_1977 A 0
1955 M N 89 Sale 8814
8914 100
8418 9012
18 .May'24
April 1914 coupon on
int refunding 45
ig - 18
1952 J J 7814 813 79
4
75t8 81
Nat RR Mex prior lien 4538_1926 J J
Purchased lines 3 545
Jan'25
3812 June'23
_
8334 83
1953 M N 83
43
/
1
4
4s
844
/
1
797
,,20,42
25 July'24
5864
Collateral trust gold
July 1914 coupon on
1955 M N 104 105 104
10413 39
Refunding 58
1951 A 0
_
42 1004 104
J 10214 Sale , 0212 103
1934
April 1914 coupon on
_ 36
-year secured 5345
Jan'24
15
313
86
1 1084 11212
11018 111 111018
11018
16-yearaecured 64s g_ _19384
April 1914 eo119012 Off
1814 Apr'24
22
10
Due July
Due Feb • Due June
Due Oat e Option sate.
Due Sept
•13
;It'
4
1
Week's
Range or
Last Sale
;
54%
"7
12 1-
Price
Friday
Jan, 16.
Week's
Range or
Last Fate
316
• r.
.38
BONDS.
IS .2
N. 2.STOCK EXCHANGE
t
Week ending Jan. 16.
New York Bond Record-Continued-Page 3
Price
Friday
Jan. 16.
Week's
Range os
Lass Sale.
LI;
oh el
HOC No.
BM
Ask Lon
Naugatuck RR let 45_
._1959 MN 7218 __-_ 6678 May'23
New England cons 55
9218 Oct'24
1941 .1 .1 91
8
Como'4s
784 81
787 Dec'24 1941 J
NJ June RR guar let 4e___ .198( P A 813 86
83 Sept'24
4
863
8.
5
8
O&NE 1etref&lmp41s A'62 • J 868 Sale 863
New Orleans Term 1st 45._ _1953 1.8 813 8112 8114
8
8112
5
101581
5
N 0Texas & Mexico 1st
8
D 1013* 1017 10158
_1921
9312r 19
Non-eum income 58
4
1931 *0 93 Sale 923
91
22
let be Series B temp
1954 * 0 91 Sale 9012
99
83
lit 6448 Series A temp
1954 AO 99 Sale 9812
93% Nov'24
X & C Bdge gen gu
1941 J J 9214 94
NYB&MB 1st con g 58 1936 A0 99
997 99 Dec'24
8
X Y Cent RR cony deb 6e 1935 MN 11514 Sale 11414
117% 2996
8
85
87
Consol 45 Series A
4
1998 P A 833 Sale 835
9012 46
Ref & imnt 434s "A"
8
2013 40 90 Sale 887
Ref & inapt be
2013 40 998 Sale 9913 100141 425
•Y Central& Hudson River78
79
34ortgage 3lie.
1997 3' 7812 Sale 7612
75 Dec'24 _
Registered_
J 74% 76
1997
9458: 43
Debenture gold 413
8
1934 MN 943 Sale 94
9218
92581 21
Ill-year debenture 43
1942'.8 923*
Lake Shore coil gold 334e_1998 P A 754 7514 75
7584l 17
%
7358 Dec'24
Regletered
1998 P A 723* 76
76 1 15
Mich Cent coil gold 334s_1993, P A 753 Sale 7512
737 Dec'24
8
80
Registered
1998 P A 74
92 141 35
N f Chic dr St L let g 48_ _ 1937 AO 913 9234 92
4
4
8912 913 Dec'24'____
Registered
__1937 AO 89
8
93
4
25
-year debenture 45
1931 MN 9212 9312 927
8 29
N 10212 Sale 102% 1027
241135 Series A B C
1931
95
152
Ref 534e Series A
1974 AO 9418 Sale 9414
90
90
91
31
1z Connect 1st gu 4 lie A 1953 F A 90
Oct'24
89
92
•Y & Erie let eft g 48
1947 MN 89
96 May'24
ad est gold 4 lie
4
1933 M 1 1, 913
9714 Sept'24
4th ext gold 55
....1930 A 0 9912
9714 Dec'24
6th ext gold 48
1928 J I) 974
9218
9338 9218
2
•Y & Green L gu g 5e
1946 MN 92
7618 Dec 24
_
▪ Y & Harlem g 3145.... . 2000 MN 784 80
Y Lack & W let & ref 58_1973 M N --------9812 Nov'24
N, 994 ____ 9912 Dec'24
let & ref 4
_ ___ .1973
8
• YLE&W let76 ext._ _ 193( M S 1035 ____ 10212 Aug'24
lie_913 Dec'24
4
4
J 998
Dock & Imp 55
1943
100
8
2
N T & Jersey 1st be__
1932 F A 995 100 100
4
N T& Long Br gen g 4s. _._ 1941 M S 893 -___ 9012 Dec'24
NINA& Hartford
65
4
1947 MS 643 65 , 65
Non-cony deben 4e
6742
8
Ron-cony deben 3lie. _ ..1947 MS 175 ____ 6712
4 20
64
568
Non-cony deben 3lie__ .. 1954 AO 564 5713 5
63
Non-cony deben 45
1955.8, 6214 63 6218
7
6734
1 52
6712 6612
53
6312 63
MN 63
Non-cony deben 45
56
1956
'
3
Cony debenture 3lie_ _ _ 1956
40
9014 388
8
Cony debenture fie
.1948'.8 897 Sale 8912
57
4
Debenture 4s.
1957 MN 5514 553 55
77
100
75 European Loan
1925 * 0 9914 Sale 99
652
99% 1583
francs
1925 * 0 9914 Sale 9812
44
Apr'23
Cone By non-cony 4s._ _1930 P A _
55
Jan'25
Non-conv 45
1954 J J 60
5312 Dec'24
Non-conv deben 41_ _1955 J J 59%
62
Non-cony deben 45__ _1958'.8 59%
19
Oct'24
101
111 T & Northern let g be
1927 A0 100
6812
N YO&W ref let g 4u..p1992 M
681s 683, 68
65
General 45
1915 .1 D 6318 6518 65
8618
8
N Y Prov & Boston 4s
1942 * 0 857 _ __ _1 8618
4
8214 Jan'25
NY & Puns= let con go 4e '93 40 8214 83
NY&RB let gold be
1927 MS 9918 ____ 9918 Dec'24 ::-7012 20
y SILK & W let ref 55._ 1937
7012 69
'2
.7 70
Jan'25
63
68
62
26 gold 434e
1937 F
62 7
63
617
8
General gold 5e_
1940 N A 61
7
937 Dec'24
8
92
94
Terminal 1st gold be
1943 Mrs
623 121
4
6218 Sale 6114
N Y W'cLes & B let Ser 14%8 '46 J
8414 176
1950 40 84 Sale 8358
Nord Ry e f 6%e w 1
7113 12
8
7112 703
71
Norfolk Sou let & ref A 55_1961 P A
9514 16
Norfolk & Sou let gold 55_ _ _1941 MN 754 Sale 9518
1065, sale 1065
8 1065*
Wort & West gen gold Os .....1931 M
4
Improvement & ext 68..J934 P A 1073 ____ 10712 Oct'24
4 ___ 10712 Sept'24
New River 1st gold
1932 * 0 1063
4
8
897
VW & W By let cons g 45....1996 AO 89 gale 888
8714 Dec'24
Registered
1998 40
Dly'l let lien & gen g 45_1994 J J 8914 8912 894
8934 54
13258 _; 1
6
2;
10-year cony 138
1929 MS 129 Sale 128
9113 Sale 9112
9112
Pocah C & CD:Mit 4e__ _1944 J
North Ohio Is. guar g 55_ _ _ _1941 40 8714 8712 8714 Jan'25
57
1s
838
2
8,7
8412 Sa
..1!_ 8418
1110, ruffle prior lien 48___ .1997 Q J .
Regletered
1997 @
6114 23
General lien gold 35
02047 Q F 6034 isle 6012
593 Dec'24
4
Registered
02047 Q F
4
8714 82
Ref & impt 4345 eer A_..204; 3' 8714 Sale 853
4 1t7
107 Sale 1063
6e ser B
2047 J
95 8
7
967 Sale 9614
8
2047 J
65 C
9612 sale 9614
97
•
2047 J J
58 D
St Paul & Duluth let be_ _1931 Q F 10018 ____ 9914 Mar'24
::::
let consol gold 41......1963, J D 8218
84 2 ln.213
_ 109114 ja011 3
Nor Pac Term Co 1st g 85_ _ _1933 '.8 10912
8t
j n4 I
Aug'24
1931) AO 1001
NO of Cal guar g58
109414
1930 '.8 1o358
North Wisconsin lot 6e
Range
Year
1924.
Lots
High
80
9218
75
83
803 83
4
8113 88
7614 83
9814 102%
854 9312
9414
89
93 100
92
9112
96 101
10313 113%
804 86%
8413 9012
9538 1003
4
7918
74
7214 7814
8918 96
9334
87
707 7714
8
69% 75
73
784
724 7712
8912 93 4
3
884 9l3
88
951s
1004 10334
9312 9614
8(113 92
8812 8912
934 96
96
9714
9312 9713
844 9212
7618 78
9813 9812
98 101
10214 10212
97% 993
4
9612 100%
90
9012
Range
Year
1924.
-Fltob
Pitts Cin Chic dr Bt L (concl)FAA No. Low
DM
Ask Low
Ms 924
Series E 33-4o guar gold_. 1949 FA 903
Sept'24
8
923*
8712 9712
Series F guar 48 gold. _ __ 1953 J o 903
3
_ 8912 Nov'24
8812 92
Series 0 43; guar
1957 MN 90% ____ 91 Nov'24
series I cone guar 434e
90% 964
1963• A 943
9538 Dec'24
4
90% 9412
Series J 434s
1964 MN 9414
_ 9412 Dec'24
934 10111
General be Series A
.1970 J D 9912 10018 99%
10018
Pitts & L Erie 2d g 58
100 1004
01923 * 0 101
10012 Sept'24
Pitts McK & Y 1st gu 68....,..1932 I'
105 Dec'24
9884 kir
20 guaranteed Os
1939 a' 1021*
983 Aug'24
4
Pitts Sh dr L E 1st g 513
9812 100%
1940 40 101
100
Oct'24
let consol gold 58
97
98%
1943 J J 95_ 983 Feb'24
4
Pitts Y dr Ash 1st cone 519.- -1927 MN 893 100 1003 Dec'24 -99 10212
4
4
Providence Secur deb 4s
40
53
1957 MN 51%
5414 Jan'25
Providence Term let 45
80
80
1951 MS 8118
80 Sept'24 - -Reading Co gen gold 4s-----1997 J J 95% Sale 95%
874 95%
9534 11
Certificates of deposit
8714 9514
9514 Nov'24 -Jersey Central coil g 4e___1951 * 0 9212 8314 891
4
007 9214
95
35
Gen dr ref 434s Set A
884 94%
1997 J J 9318 Sale 934
933
4 77
Rich & Dan be
98% 100%
1927 A () 993
8
1003* Oct'24 -Rich & Meek let g be
1941. 81 N 7412 7414 74141
77
7414 Nov'24 -Rich Ter 55
1952 J
100% 101 1004 Nov 24,-96 100%
Rlo Grande June let gu be_ .1931- JO 9314 _ _ 92% Jan'25
93%
84
3
4 7
1110 Grande Sou 1st gold 4s_.194( J J
5
•7
5 Dee'24
Guaranteed
. 1948 ii
618
7 Dec'23 -Rio Grande West let gold 45_1939 3' 83% Sale 83 3
851
4
84
11 - 8 84
3
Mtge & coil trust 45 A __ _ .1949 * 0 723 Sale 723
73se
4
60
4
733
4 71
112 Ark & Louie 1st 434s_. 1939 MS 8518 Sale 847
7412 878
4
3
863
8 54
Rut
-Canada let gu g 4e
1949 3, 71 8 74
,
68
834
73% Dec'24 -Rutland 1st con 5 4345
1941 J J 85% ____ 8514 Jan'25 -8012 88
BONDS.
N. Y.STOCK EXCHANGE
Week ending Jan. 16.
.
813
t
Price
Friday
Jan. 16.
Week's
Range os
Last Sale.
St Jos & Grand lel g 45
1947 J J 7512 767 757
8
757
81
2
3
Bt Lawr & Adir let g 58
199€ J J 93
4
95
Oct'24,-- -2d gold 611
1996 40 101 10i 00 Dec'24'---St L & Cairo guar g 45
1931 33 944 95
9414
9414
1
St L If M & S gen con g 58_1931 * 0 994 Sale 9912
097 129
8
/JnIfled & ref gold 413
1929 a, 9314 Sale 923
4
9312 136
Riv & G Div 1st g 4.1
1933 MN 843* Sale 8414
144
85
St L M Bridge Ter gu g be__ 1930 A0 9914 997 99 Dec'24
3
St L & San Fran(reorg co)4e 1950 J J 718 Sale 7114
272
72
Prior lien Ser B be
1950 J J 8612 Sale 8618
867
8 89
Prior lien See C 631
1928 J J 102 Sale 102
10214 38
5945 Series D
1942 '.8 9412 Sale 933*
9412 182
Cum adjust Ser A Os__ -.81915 40 8512 Sale 8514
8612 229
Income Series A Co
81960 Oct. 773* Sale 778
7812 468
41914 6114 St Louts & San Fran gen (le_ _1931 J J 1051 ____ 10514 Nov'24 --General gold be
____ 10034 Jan'25 -1931 1 J 101
38
58
304 5514
8412 Dec'24 -St L & S F RR eons g 48_1996 J J 9018
Bouthw Div 1st g 513__ _. 1947 40 9
612---97% Dec'24
4418 61
4
434 6112 St L Peo dr N W let gu 58_ _.194F Ii 101 1028 1023
4
1023
4 13
___ 927
8
1931 MS 933
9278 11
39% 60 St Louie Sou let gu g 48
48012 21
be
87 St t. S W Isle 4e bond ctfe_.1989 MN 8018 8012 8018
747 Dec'24 -J J 723 75
4
2d g 4s Income bond etfe.91980
30
553
4
Congo!gold 48
.1932 .11) 8618 Sale 858
763 97%
8
8614 85
' 83 'Sale 8212
3
8312 89
let terminal dr unifying 56_1952
89
9612
8214 17
St Paul dr K C Sh L let 434e.1941 P A 813* 817 813*
___ 88 Sept'24 -St Paul E Or Trunk 41413.- 1947• J
IOl
90933 9612 9412
8
95
11
48
5512 St Paul Minn & Man 45_ -.1933 J
let consol g Be__
10812
3
424 574
1933 J J 10818 -_- 10814
gg
1
99
6e reduced to gold 43,48...1933 J J 9814 ice
9934 101
13
*
93
Mont ext let gold 48
60
1937• D 925 9312 9234
69
89 Sept'24
Pacific ext guar 46
583 66
3
1940 J
A & A Peas 1st gu g 4s
837
8 35
854 85%
1943 • J 834 Sale 833*
Oct'24
8312 Saute Fe Pres & Phen 5s__ _ _1942 MS 984 -__ 100
81
85
8614 62
8912 100 San Fran Term! let 48
1950 40 854 g6
10713 Jan'25 -1939 * 0 1064 -524 72 Say Fla & West 68
-- 10114 Nov'24 ---50
43
1934 * 0 101
6312
93 8
90
2
4014 66 Scioto V & N E let gu g 48-198P MN 8712 - 3 89
75
7612 Dec'24 -- -1950 * 0 74
8614 954 Seaboard Air Line g 48
7512 11
74% 74
394 63
Gold 48 stamped
1950 *0 74
77
307
01949 FA 76 Sale 76
8112 88%. Adjustment 543
.885
.9703
4
:
,211! 2!
D22198082
6,750
Refu0ding 4e
614 76 1
1959 40 61% Sale
let & cons Os Series A_-_.1945 MS 8712 Sale
4!
89
953
0
4
0
0
2
4 0
105% 10770 Seaboard ar Roan let 513
1926 a' 993 10 12 10 18
4
106 10712' El dr N Ala cone gu g be
1936 FA 1013
3
Gen core guar 50-yr be-.1963 AO 1033 10414 10414 Jan'25 ---8412
So Pac Col 4s(Cent Pee col)f1944. J
3
8614 89 1
20
-year Cony 903
01929 MS 967
100 Sale 18 55: 101
t4aSalele 0
968:
0
17
20-year cony 55
81
1934 J
8614 907
____ 10113 Dec'24 ----Gus 55
62 1
1927 MN 101
10 ; 1; 2 So Pac of Cal
;1442 922 42
9412 96
9438
9438 25
So Pac Coast let gu 48 g_ _ -.1937 J
So Pac RR let ref 48
8412 91
8933 137
1955 J J 88% Sale 8812
Southern-lei eons g be__ _ .1999 J J 10013 Sale 10014
101 1 108
8
Develop & gen 48 Ser A
1956 * 0 747 Sale
104
7414
Develop dr gen 65
10478 311
7 ,
8
5634 63
1956 *0 10412
8
Develop dr gen fllie
57
6312
1956 *0 1077 Sale 10712 108 1 83
' 9912 Sale 9912
3
994
1
Mem Div 1st g 4)33
-511- - -1996
793 8812
4
8514 86
3
, St L01118 Div 1st g 413
853* Jan'25 --1951 J
: 4:8
1: 1008 2
0184 81
8
So Car dr Ga let ext 5lis
_19211 MN 100% 1017 102
Jan'25 -85
8714 84
Spokane Internet let g 55_ _ .195f J J
85 . 21
4
904 9914 Sunbury & Lew 48
193€ J J 893 ---- 91
Oet'23
any ....- 95 May'18 ---Superior Short L let 55 g__ _3193e M
-- - gwr,
3
- . 1693- Term Assn of St L let g 4%0193P AO 9914 9912 0514
1051/14 - 4
101 eons gold 5s
2
4
8912 10912
1994 P A 10038 Sale 10033 1003
8312 84
'
3
Gen refund e f g 48
83
8312 27
1953
973* 100
Tex & N 0 con gold Ss
1943 J
99 Dec'24 -- -72
1
:4:2 _999512 0900903214 7 23814 .. 177
2001 319 10018 Sale 100 D1090142 .. 2
69
7414 Texas & Pac 1st gold 55
00,9 !
.• 1
Os & L Chem let gu 45 g___1949
883
7 4
0
241 gold Income 55
90
8912 904
12000 Mar 1, ,1
1943 MS 7234 7278 923 Dec'24
Ohl() Conn By 4e
9814 Jan'25
'
3
La Dtv
L 1st g be
102
974 100
1931
1936• D
River RR let 56!
Ohio
983* Nov'24 __
95
84 983 Tol & Ohio Cent 1st gu 5e. _ .1935.8,
4
1937 A0 984 __
General gold be
4 10118 56
Western Div let g 511
1935 AC
9914 10214
1927• .1 101 dale- 1003
9 3 993 Dec'24 ---111.
1
4
Ore & Cal let guar g 5e
,
8214 88 8
88 8
,
71
5
General gold 5e
9714 10
1935 J
con g 45_ _ _1946• D 82
853* 0012
Ore RR & Nay
10414
10518 19 101 10614 l'oledo Peoria dr West 45....1917 J J
104 10614
3713 Dec'24 -Ore Short Line-let cone g 58.'40 J
8 26 1013 106% Tol St L & W pr lien g3)0_1925 J J _997
..
.
!
gigs
8
907,
' 105 Sale 10434 1053
3
1996
5
Guar cons 55
1
6%
50
-year gold 4s
968
3 75
964 Sale 9
1929 J
1950 A ,
9214 9814
Guar refund 4e _ __
8512 85
8214 24
793, 84 Tol W & 0 gu 4%s A ._1931 J J : 4 . 3i4 8 4 Jaa
: --- i- 9 44
, 3
' 8214 Sale 82
3
17
Oregon-Wash let & ref 45... _1061
..._2
.
10
_9
:
3
%
907
Series 13 4 q•
8 14
75C2 82
1933 1
Pacific Coast Co let g be_ _ _ _1946 ▪ D 90 Sam 89
. 991838
91
:
C 4e
.2
1942 MS
8
7
9
8
9:9:
998
1 4
Pat RR of Mo 1etextg4e..1938 F! 90
Jan'25
Tor Ham & Buff 1st g 40...S1996 Jo
193s ii
26 extended gold 55
10.ii2 938 Dec'24
-55F2 _
914 9812 Ulster & Del lei cone g 5s. _ 192/9 J r 9234 94
92
Padtmah & Ills lets f 430_1955
92
1
4
80 8 187
, .
let refunding g 48-1952 AC 573 Sale 578
.1958 F! 8018 Sale 7913
65
8412
Paris-Lyons-Med RR 8o
4
573
4 12
89
151
1997 .1 .1 92 Sale 9134
883* Sale 88%
87
933* Union Pacific let g 46 _
93
Sink fund external 75 w 1_1958 M
163
90
70
20-year cony 4e
1927 J
86% 9312
1954 MS 89 Sale 88
Paris-Orleans RR A I 7e
1st & refunding 48
99
9714
0200P 81
98
27
89
98
1942 M' 98
Patilleta RY 713
913 __ 9213 Dec'24
4
__
8g42 9512
1100894359583; SaleS810aa5ll e14 (932 D109:4: 12
y20018 M
ist lien & ref 1s
189544 :
1. : 11
() 13
;
,
Pennsylvania RR-cone g 48 1943 M N
22
89;5
81
f1:191
9118
033
4
-year perm secured Os. _1928 J 1
87
9118 9112 9118
6
10
199 M
,
Coneol gold 4e
4
9012 9118 903 Jan'25
8714 95
N J KR & Can gen 4m
_1949 M
1 104, NI N
le stamped
May
,f
9914
100
15
Utah & Nor gold 53
1926
99 100
90 100
10018 101
1961 N A
Canso'4%s
-21
95
tat extended 9e._
944 Sale 9314
251
1933 J .1 933 ---- 93 Aug'24
004 9914
1961 ▪ T
4
General 4 14s__
Vandalla cons g 415 Ser A__. 1951 F
103
201
933 110
4
86% 887 8613 Jan'25
1968 J o 10218 Sale 10218
2
General 5e
109
Consul 48 Series B
57 101 1,0%
14)57 Me
863 86% 8612 Dec'24
8
10
-year secured 7e
1930 * 0 109 Sale 10814
11012 103 10,3 ill
/nqP F
1093 Sale 10934
Vera Cruz & P let gu 4 lie_ _ .1934 .1 1 ____ .
8
15
-year secured R144.
20
_
July 1914 coupon on,..
9814 206
973 985
4
40
-year gold 58 temp • 1964 MN 98. 'Sale 98
20
Verdi V dr W let g 35
1926
Pennsylvania Co
843 864 VIrglnia Mid Series E
4
1921) M S 10018 1005* 09% Dec958 ___2
'
Guar 3lie Coll 11-1/14t rag A.1937 Is 843* 8514 8434 Dec'24 ___
9 18
0
9 24
'
_
General 18
84
83 Dec'24 ...._:._
1936 61 6 9
83
Guar 3lie coll trust Ser 8_194; A A
r._
00
0
7
82
84
8518 Sept'24
V14 1518 VA & Southw'n let go 5e_. 2003 J J 97
4
Guar 334e trust ctfs C__ _1941 J
073 967 Jan'25
8
8
89% Dec'24 ____
-year 58_ _ _
195s A C 8612 88
let cone 50
8314 -___
8114 8912
Guar 343 trust ctre D._1943 1
8413
8514
16
95
25
90 3 96 Virginlan 151 5e Series A..... 1962 M
,
Guar 15
-25-year gold 01..1931 A 0 9412 ---- 944
9!:48 Sale
15
1277 :::-:-:
9514 106
8514
quer to Ser E__.
1939 N N 10012 Sale 05
8512 8612 85
7
N
8,3 4 874 Wabash et gold ba
____105P
8
9
0
12
67
se
7818
79
20 gold 5$__
..1939
Peoria Az East 1st cone 45_ _.1940 * 0 7818 79
954 Sale 94314
2 111
5% ‘
5
11
35
3612 82
21
3a4
36
Income 413
1st 'lem 50-yr g term 45_ 1959 i 4 0032 .1_.3 77%
., 7712 S..
j
1990 Apr. 35
44
7712
1
9111 gg
62
98
Del & Ch ext lat g 5e___.1941
98 Sale 9713
Pere Marquette let Ber A be 1956 .1
82% 12
let 4s Ser B
Des Moines Div 1st g 48_ _1939 1 .) 82
J 8214 Sate 8112
1956
8212
Jan'25 __._
7
9214 Dec'24
7
Phila Balt dr W Int g 4s
Om Div let g 33-4e
1941 A C
8111 1'4'314
1943 MN 9214 100
7412
75
33
43
8
9
Tol & Ch Div g 4e
37
phIlippineRy let 30-yr s f 401937 .1
47
1941
.1 417 Sale 4178
Dec'24
97
9612
9612
3
l
PCC.4StLgu434eA
9338 997 Warren let ref gu g 334a.,,._2000 F ; 17118 :::: ;I%
e
8
1940 40 96
::::
97
96
Jan'25
Cent let gold 45
96
Series B 4 lie guar
9334 96% Wash
1948 Q M 8418 85
1942 * 0
8612 Aug'24 _ _ _ _
9412 Aug'24
89
0912 1
Series C 4lie guar
1945 F A 8212 83
1942 MN 96
8212
8212
1
893 Jan'25
4
-year guar 48
(Wee 0 4e guar
83
90% I let 40
1995 MN 908
1945 F A
84 July'24
4 -a Due Jan. e Due March. 4 Due Apr. • Due May. P Due June. 2 Due u17.
Due &tut. •Due Oct. 5 DIA Dec. 8 outIon eat,.
--
-E61;!
_2.
--ii IS IT;:
:
87
3
5
214
7112 77
914 964
98 100
89
954
96 101%
8312 934
85%
72
9812 10014
65% 734
80% 874
98% 1031
4
8712 9634
72
86%
58% 817
41
99% 105%
97% 100%
8414 8 %
4
973 9912
3
98 10318
9118 9412
83
76
6914 74%
774 8712
78
85
73
83
88
95
913 98%
4
105 109
94% 99
8734 977
2
8212 89
71% 83
998 100
5
8012 673
4
10712 108
100% 10111
847 903
4
2
5514 76%
58% 76%
63
74 78
.171 6112
8
67% 86
9734 10112
101% 104%
99 105%
81% 8613
9212 100%
9718 10168
101 103
9012 94
85
00%
WIN 102
694 7584
964 105
10114 1077
2
93% 100
793 861
4
4
,
977 102%
82% 0234
-1124 OSls
974 10013
78% 8634
944 99
92 101
7318 88
91 100
97 103
947 101
8
9112 100
2042 3812
9812 100
70
8412
9514 97
9818 9518
81! 86i
91
974
711%
61
886m 94
95% loo
814 8814
/ 09 108
10284 1054
8844 93
4
93 11103
93
03
864
85
me
89
7015
20
261s
20
100
9914
1
97 1007
98 10014
924 97
7614 884
9214 97%
904 10112
984
87
79
68
97 1004
724 8114
673 7412
4
774 85
77% 7785
7812 8612
804 89
4
733 884
317
New York Bond Record-Continued-Page 4
BONDS.
N. Y.STOCK EXCHANGE
Week ending Jan. 16.
kia
k
Price
Friday
Jan. 16.
risen
X41118 or
Last Bah.
WY-
Range
Year
1924.
BONDS.
N.!.STOOK EXCHANGE
Weak ending Jan. 16.
!a:
Price
Friday
Jan. 16.
Weer*
Range or
Last Sods
3 I
Rang
Year
1924.
Hies
FlieS No Low
Ask Low
Bid
Ask Low
NWT No Les High
BO
12
90 96 Eaat Cuba Sug 15-yr e f g 730'37 M 3 10412 Sale 1044 10578 86 103 111
W Min W & N W let gu 5e-1930 FA 9534 957 9534
953
4
4
e
894 92
93
58 6512 Ed El Ill Mtn 1st con g 45 1939 J ./ 9112 9212 91
6478 164
9
Meet Maryland let g 48-. 1952 A 0 64% Sale 6412
9812 10118
97% 10114 Ed Elec III let cone g 5s____1995 1 J 102 ---- 10112 Dec'24 -West N Y & Pa let g 50.--1937 J J 100 10014 10012 Jan'25
96 100
1941 A 0 80% 8134 82 Jan'25
1925 J D 9918 __ 100
100
7612 8412 Elk Horn Coal cony 8s
Gen gold 4a
11
884 98
79% 934 Empire Gas & Fuel 734e._ _1937 M N 9834 Bale 98
9112 95
Western Pee let Ser A 55_1946 M Si 9118 Sale 9014
983 283
4
9314 100
190 M B 1001's 101 101
1
92% 102 Eqult Gas Light 5s
1932 M El 100 ....l00
10112
100
4
B 6e_
8778 98
8
West Shore let 4e guar
2361 J 3 8138 Sale 815
78% 85 Federal Light & Tree els_ _ _ _1942 M 13 89 Sale 89
8212 56
893
4
3
9818 1194
18
7s
135
7714 88%
2361 J J 8014 Sale 8014
1953 M El 132 Sale 132
Registered
81
15
984 104
Wheeling & I. E big 55_ __ _1926 A 0 10034 10112 100 Dec'24
1939 .1 D 10618 sale mai 10612 73
9838 10034 Federated Metals 8 f 7e
_
984 1095
4
Wheeling Div tel gold 55_1928 J J 99% 1001 993s
11012 Sale 109
9938
11012 96
7 98 100% Fisk Ruuber let e 1 tia
4
81
77
9912 Ft Smith Lt & Tr let g 5e...1936 irl 71 78
[Men & lmpt gold 5e_ _ _1930 F A 97
7814
2
94
79 7814
973 9612 Nov'24
4
8438 974
53% 69 Framerlc Ind & Der 20-yr 7140'42 J J 93 Sale 93
Refunding 434e Serlee A.
1966 M S 6812 Sale 6818
6812 10
944 4
6
8
7
1946 M S 73 Sale 7212
1942 MN 105 Bale 1043
RR let council 49
4 10518
74
6 1013 107 8
60 75 Francisco Sugar 734s
35
94
98
1942 J D 64
647 6314
WIlk & East let go al%
49 70 Gas & Ei of Berg Co cone g 5e 1949 J D 9818 ---- 984i Jan'25
65
30
3
WlII&SF let gold 58
10038 Dec'24
19383 D 16018
5 101 105 8
99 101% General Baking let 25-yr 69_1936 J D 105 Bale 104% 105
80 8414
WIneton-Salem S Et let 4e....196 J J ____ 831 8418 Jan'25 -RI
8412 Gen Electric deb g 310
1942 F A 84 -_- 84
84
5
3
WM Cent 50-yr let gen 4a__ _l949 3 J 80 Sale 80
10314 Sale 10212 10314 12 100 105 8
Debenture 5a
8012 59
76% 8114
Sup & Dul div & term 1st 45'36 MN 8612 Sale 861s
1 52 M S
77
87% Gen Refr Ist e 1 g 13s Ser A_ _195 F A 10012 Sale 10012 10034
8714 11
7 981.109
IN
9314 1004
102 Sale 10138 log% 135
Goodrich Co 634s
*dame Express Soil tr g te...1946 M S 85% Sale 851s
4
110 11412 1201
78
853 Ooodyear Tire& Rub lets f 8139 7 j N 1197s Sale 111983 120
4
4
1'41 M j
8518
3
Ajax Rubber fle
4
1936 3 D 9614 968 96
743* 9814 I 10
-year a f deb g 85_ _ _ ....e193: N N 10834 Sale 10818 109
39 100 1101
192 Y' A
9678 15
91
93
intik& Gold M deb 65 A._ _ _1925 M S
4
75* Granby Cone M S& P con 6e 1025 M N 98
412 5
99 93 Dec'24
5 Dec'24
A'21 N N
90 94
Cony deb 65 eerie! B
92 997 911k Nov'24
412 5
712
1928 M S
Stamped
5
5
Jan'25
89 98
am Agile Chem let 54
1928 A 0 9914 100 99
53
94 10014
Sale 98
Cony debenture $e
99
100
19
972 163
4
78 96
let refit 73.5 g
1941 F A 97 Sale 95l
F A 9212 Sale 9212
82 101 Gray & Davie
6
93'l
amerlean Chain 65_.
90 93 4
1
101
9034 Sale 90
1933 A 0 9712 Sale 9612
91
91% 973 Gt Cons El Power(Japan)78 1194342
789
9712 186
28 102 8
Am Cot 011 debenture tie_ _1931 M N 9212 9312 93
3
82 92 iGreat Falls Power lets f 513-1941 MN 100 1001s 101
Jan'25..
9311 36
7914 83 4
3
4111 Dock & Impt gu thi
19363 J 10614
84
7
107 Aug'24 _
4
s
1952 J J 837 85 84
10612 1073 'Hackensack Water 4s
814 864
Amer Republica 6a
28
1937 A 0 9412 Sale 9214
86
4
3
8718 97 s 'Havana El Ry L& P gen 5,3 A 1954 MS 853 Sale 8512
947 110
• Sm & R let 30-yr 5e eer A1947 A 0 97 Sale 96l
9118 9778 'Havana Elec consol g 5s.. _ _ _1952 F A 8514 88 9312 Jan'25 -- 92 9514
97
127
13s8
1947 A 0 106 Sale 105
4
1061* 54 10134 1063 Hershey Choc let.! a 6a
1042i 23 101 104
1942 NI N 10412 Sale 103
96% 19234 Holland-Amer Line 6a 0100_1947 MN 83683814 ate 6314
Amer Sugar Refining lie_ _1937 J J 101 Sale 10012 10113 104
684 49 72 844
841
6
8 18
8
• Telep & Teleg coil tr 42_1929 3 J 9658 Sale 9618
944 997
Sate
1
961g 299 92% 9814 ;Hudson Co Gas Lst g 5e... _ _1941 Si N
Convertible 4a
981 10014
2
1936 SI S 86
101
90
91
9018
9038
5
87 93 Humble OH& RennIng 5243_1932 1 3 10034 Sale 100
9312 9814
110-year cony 434s
8
1933 NI El 110 115 112
9711 184
112
1 10052 1113 Illinois Bell Telephone 58._ _1956 3 D 9812 Sale 97%
911 9514
4
10-year coil tr 5,1
10014 Sale 1004 1001 25
9718 1023 Illinois Steel deb 4)43
8
931
59
1942 N O 931 Sale 03
90 A N
5
RI-years f 5345
82 9414
9'714 10314 ,Ind Nat0 &0 59
1943 MN 1015 Sale 1015s 102
1936 NI N 8712 88 8712
8
873
4
328
6
1-year convertible 68_1925 F A 127, Sale 12712 130
26 100 106
10112 Be e 10112 102
2
23 1124 127 Indiana Steel let 56.
•m Wet Wke & Elea 5e____1934 A 0 9358 Sale 93
8418 94 Ingersoll-Rand let 5e
94
31
51935 J J 9834 ____ 100 Aug'24 -- 100 100
9 11
Am Writ Paper a f 7-6e_ _ _1939 J J 4512 4658 46
____ 9 Dec'24-...
57 Interboro Metrop coil 4 4e..195(1 4 0 11
46
8 36
Temp interchangeable ette dep
683 711
4
4
70 245
4358 4534 43
431* 57 Interboro Ran Trail 1st Se. 1966 1 J 6834 Sale 6812
5s
45
5
6834 7214
assoonda Copper 05
.1953 i• "A 101 Sale 10014 10114 672
6812 Sale 68
941e 100'i' Stamped
603 280
4
re
5618 754
.....
_. _
7558 161
9412 1033 I 10
5
_ _1938 F A 10312 Sale 103
1932 A 0 7412 Sale 735s
-year Se
104 721
Comp Amu, Antilla 7348-1939 J J 9234 Sale 9234
83121 94
NM
e
9212 Sale 9212
9314
935* 182
9 93 967 1 Ts
armour & Co let realest 43451939 J D 87 Sale 8618
N 66
S
4614 70
12
70 61 Jan'25
a
8312 877 lot Agile Corp let 20-yr 58._11993322
8714 189
Armour & Co of Del 534a_1943 J J 9178 Sale 9112
794 90
843* 9212 Inter Mercan Marines f 6s_ _1941 A 0 8914 Sale 8814
92 134
8914 154
83 88 4
associated 011 temp 63._ _1935 M
1
963 102 International Paper 55
4
10214 Sale 10214 10212 21
1947 3 J 8812 Sale 88
89 I 72
Atlantio Fruit 75 etre dep___1934 J D 18
8318 85
et
1947 J J
1614 40 li lat n ref 5s B
84 Mar'24
25 24 Jan'25
7318 9114
Works68 Olaf price)
.1947 J J 895 Sale
Stamped certita of deposit_
34 22 Jan'25 _ _
•
89 974
%Muth) Refg deb 5e
96%1 112
96 Sat
1878 993*
39
1
85%
4
9814 9834 9818
1937
99
23 96s 993 !Kansas City Pow & Lt 511._1952 M S 6674 sale 9914 " 389
ealtlw Loco Works let 56_1940 MN 10212 Sale 10212 10212
9918
103 Kansas Gas & Electric 69-1952 f41 8
10067 98
2
Comp Aim Bare 7245
„I A
102%1
19373 J 10334 Sale 10312 10334
2 100 10414 Kayser & Co7eF N 102%10211 102
5 974 1054
Barnedall Corp a f cony 8% A1931 .1 J 104 Sale 10338 10412 78
97 Sale 97
8614 10418
95% 104 Kelly-Springfield Tire 8a-1993421
97% 83
7% 1013 Keystone Telep Co let 156._ _ 1995 9
Bell Telephone of Pa 55...-A948 J
8212 Sale 8212
734 86
8
37
8212' 5
62
101 Sale 10034 101
Beth Steel let ext s f 55.......1926 J J 10014 Sale 10014 10012 17
AA 0
.1
1937 j 0 10034 __ 100% 10058' 1' 984 103
99 10112 Kluge Co El & P g 5a
let & ref 513 guar A
Purchase money fie
1161* ___ 116% 1165*, 1 1104 1164
947
8 18, 92% 9712
1942 M N 9478 Sale 9414
6934 76
10-yr m & Imp p t 5a_ _1936 J
7518
9138 Sale 91
1
9112 59, Qv: 913* Kings County El let g 411_1949 F A 75 ____ 75
5a_1995449i i
Stamped guarlaF A 754 Sale 75
Cone 30
7514 17, 7014 76
9514 312 9234 100
-year 65 Series A -.1948 F A 95 Sale 9414
8838 90
77% 103
883* Dec'24
Cone 30
8812 89, 84 92 Kings County Lighting
-year 6528 Series It 1953 F A 8712 Sale 873e
95 104
1954 J J 10334 Sale 10334 104 , 7
Booth Fisheries deb Si 68_1926 A 0 83
634e
721k 8334
841 831s
8414
9
10878 Sale 1085* 10878' 2 101% 105%
4
Brier Hill Steel 1st 530-.1992 A 0 ogis sale 9814
93 973 Kinney Co 724e
981: 47
58
93
1928 j D 90 Sale • 897s
950 ra S
90 I 36
Wway & 7th Ay let c s lie 19433 D 741/ Sale 733
75
21' 6012 74 Lackawanna Steel 53 A
4
9158 9834
s
60% 74 Lao Gaa Lot St L ref & ext5a 1934 A 0 983 9834 9814
987
7414 26
5
Certlf5 of dep etpd June'24 int
e
745 75 73
s
924 964
1953 F A 96 Sale , 9512
9614 89
Coll & ref 534seer C
87 94
Brooklyn City Rlt 58
4
7434
5
1041 J J 8711 907 743
91 954
9 33 J
5
4
10212 Lehigh C & Na,51 434e A 193 / j 9712 Sale 98
09
8
975*
8
Illklyn Edison Inc gen Si A..1949 J J 9912 Sale 993
9934 155
1933 J J 100 101 100
100
1, 91 101
• General 6e Series B
8 10211 10612 Lehigh Valley Coal tie
1930 .1 J 10412 Sale 10412 10434
874 89%
8938 Sept'24
5
_ 10512 Dec'24
109491
1:
General 75 Series C
1930 J J
32% 9312
55% 41
9
7
41
20
10758 Nov'24 _ _ _ _ 107 110% Lex Av & P F 1st gu g re_ _7 1 MS 41
General 75 Belies D
1940 .1 D
5: 1144 119
8
5
720 843 Liggett & Myers Tobse 76_1944 A 0 1175* Sale 117% 118
Blayn-Man R Ti Sec 68-1968 3 J .E1 Sale- 83 8
8514 1905
8 4
954 100
9834 Sale 98%
29
987
56
8334 7012
Bilyn Qu Co & Sub eon gtd 58'41 M N 68 Sale 67
71
59
2 11418 11814
1944 F O 11434 Sale 1143* 11434
951 A A
s
let 55
80 805 Lorillard Co (P) 78
90
1941 3 J 6814 75 8012 Oct'24
9618 9718 9618
95 99
97
52
78% 101
lhooklyn Rapid Trans g 55-.1945 A 0
58
Nov'24
92
57
884 934
96 June'24
Trust certificates
96 96 Louisville Gas & Electric 58-1952 M N 9178 Sale 9114
81 Dec'24
let refund cony gold 49_2002 3 J
64% 8283 Magma Cop 10-yr cony g 78_1932 J D 128 Sale 1277g 13212 207 10814 137
9714 10118
10012 67
C-yr 7% secured notes...1921 J J
97 2 10912 Manatl Sugar 7%a
10912 Sept'24 _ _
1 10018 Sale 100
56
TO
1990 A
6378 65
120 Nov'24
Certificates of deposit
9612 120 Manhat Ry(N Y)cone g 42_1942 A 0 628 Sale 62%
542
2013 J D 54% 551 54%
47
58
11718 Dec'24
Ctfe of deposit stamped_ 1
92% 1171s : 2d 4a
1942 NI N 98% 9812 98
eklyn Un El let g 4-be
981:
8334 11
9 944 100
80% 8512 Manila Electric 7e
1950 FA 8311 Sale 83
-..8512 Manila Eleo Ry & Lt if 58-1953 51 8 8458 8612 85 Jan'25 -- 824 88
Stamped guar 4-M
8334
5 81
1950 F A 8334 Sale 83
Sklyn Un Gas let cone g 59.1945 M' 10012 Sale 100
1940Q J 9838 Sale 9812
9652 10012 Market St Ry 78 Ser A
9914 38 97 101
10012 19
19 1 A A
'
149
1 1163 14
8 0
162
9 114 16312 Marland 011 e f 8a with waents 31 F O 135 140 140
1932 M 19 135 138 158
let Ilan & ref 6a Series A..1947 M N 108 Sale 10712 108
Without warrant attached__ A 0 10614 Sale 105
10614 27 100 101134
13 9912 10818
IS
128 137 1254 Dec'24
7245 Series B
117 186
114 163
166 163 Dec'24.
1929 M N _
Muff & Eiunq Iron f be
do without warrants
105% 1053* 10515 10535
9834 10658
924 Oct'24
8
90 4 9334
3
19823 D
Bash Terminal 1st 45
84
86% Maxwell Motor e f 7s
105 10514 105% Jan'25 -- 10112 11212
84 Jan'25:_
1952 A 0 85%
Consul 55
DA 10278 Bale 1024 .10314 11
9734 103
89
23
1955 J J 87% 88% 87
Banding 5e guar tax 431_1960 A 0 94 Sale 93%
0418 102
19952
54
%
101
94
4
133 97 4 atetr Ed ist*ret g 68 Ser B-1933 913F S 10018 10118 101
134 883 mei Power Ba
13 9
Mexican Petroleum. f 85...1936 MN -6.44
1073 Dec'24
8
10114 1084
Cal0& E Corp 55
9714 100 Midvale Steel &0cony a f 581936 M S
Sale 88
9958 24
883* 123
8514 9012
1937 MN 9938 Sale 9918
Oil Petroleum 634e (w 1)-1933 A0 1017 Sale 101
8
8
10358 40
1F
95 1017 Mllw Elea Ry & Lt cone g 5a 1926 3 A 10014 Sale 100
10012
4
96 1054
/
1
Camaguey Bug let e f g 79 1942 * 0 93
93
95% 955* 9512 Jan'25
9012 96
4
Refunding & Wen 4148_1931 1
11. 92% 973
9314 93
Canada SS Linea let coils f 7e'42 MN 98 Sale 9724
General 5a A
3
98
97
13 944 99 8
15
92 9814
195
0 97 Sale 967s
Canada Gen Elea Co 6e_...1042 FA 10712 1073 10712 10734
let 58 11
85 Sale 85
8512 33
804 88
4
8, 1025* 10734
Cent Diet Tel let 30-yr 58_1943 3D 10014 10012 10014 Jan'25 ____; 97% 101
1st & ref g 65 ger C
9912 41
954 100
1963 M D 9912 Sale 9914
951 I 8
'
Cent Foundry let a f 65.....1931 FA 9218 9514 9514
95
9614
5
9514
9
98
9
8912 9712 Milwaukee Gas Lt let 49_1927 M N 973 Sale34 9912 9
1
56
12
943 993
4
4
Cent Leather 20-year a 58..1925 *0 1004 Sale 100
10034 274 9212 1001e Montana Power let 5e A-1943 1 J
95 101
Central Steel 85
112
112
1 107% 11014 Montreal Tram 1st & ref be.1941 T J 9412 Sale 943e • 9412 46
1941 MN 11258
864 95
/
1
Oh 0 L& Coke let au a 5a_1937
9312 100 Morrie & Co late f 43411.-1939 3 J 7934 Sale 7938
9912 17
76
88
80
J 9818 100 994
71
Chicago Rye let 59
7412 7418
A O 774 _--- 7412 June'24
74 89 Mortgage Bond 45
84% 161
4
1927 FA 843 Sale 8318
Chile Copper fle Ser A
Se
51NA 0 96
498 99 112
92
9612
1932 AC 11012 Sale 110% 111
9712 96 Jan'25
Olncin Gas & Eleo let & ref 55'56 *0 9938
957
953* 10038 Mu Fuel Geelet cu g 511_11199943729
92
_ 99%
9814,
9414 97 957
8 10
1
6
997
5345 Ber B due Jan L...1961 *0 101 10134 101
101
8
96 10218 Mut Un gtd bonds eat 5%..1941 MN 9811 -___ 95% Aug'24
937s 9634
Colo F & I Co gen 1 5s
9111 91
9214
3
3 811s 93 4 Nassau Elec guar gold 4e
5334 63 1
7
1943 FA 91
13
1951 J J 607 62 62
63
8
001 Indus 1st & coil 5a au_ _1939 FA 81
75 8212 National Acme 734e
8118
811e 80
82 94
9
9312 Sale 930k
933
4 29
Columbia C & E 1st 5e
964 10112 Nat Enam & Stamm/ 1st 5519 9 .1 D
39
1927
921 3
3
J 1005g Sale 100% 101
_
961 9912
i
98 Dec'24
Stamped
9614 101 Nat Starch 20-year deb 5a-1938 j
1927 J J 10012 1003 10012 10118 14
9511 97
4
9718 100 96 Oct'24
19 0 J
4
91
Col & 9th Ay let ra g 88_,..1998 MS
914
15
6
9912 10212
7 National Tube 1e15*
91 14
,
8
1003* 10112 10034 10112
Columbus Gee let gold 58_1932 J
4
99 Newark Con Gas 511
983 991e 983 Dec'24
93% 100%
083
s
9814 997 9914 Dec'24
8
commercial Cable 1st g 49-.2397 ci
721s
7212
1001, 48
4
7218 76
70
7614 New England Tel & Tel 58_19 2 99 N 997 Sale 997
9714 101%
1 5 .1 17
Commonwealth Power 6e
87 983* N Y Alr Brake 1st cony Se. _1928 NI N 104 Sale 104
100
97
1947 MN 99% Sale 99
4
104
6 1011 104%
Computing-Tab-Eggs f 65_ _1941 .1 .1 102 103 1013
14
98 103 N Y Dock 50-yr let g 4e_
4 102
78
Ws
79
9
1951 F A 79 Sale 7834
Conn Ry &L let& ref g 41411951 J
8
8914 94 8818 Oct'24
8774 883 N Y Edison 1st & ref 0148 A _1941 A 0 11312 Sale 113
11312 31 109% 11414
Stamped guar 434e
89
1
89% 93 89
1951 J
82 8934 NY Gas El Lt & Pow g 5e_ _1948 J 0 10112 Sale 1013s 10112 17
9814 102%
Cone Coal of Md let & ref 55 1950 ID 87% Sale 863
8734 45 88 903
4
Purchase money it
4
J A 863 Sale 8614
F i
82% 85%
863
4 13
4
Cont Pap & Bag Mlle634e-1944 F A 8812 Sale 8812
89
12
88 94 N Y Munlc Ry let s9s9
r' 4
24
80% 81%
8634 867e 8112 Ap993
1 5e A 119646.
Con Coot Ch ler gu g 59._1936 3, 98 100 9812
992
4
9812
2
9138 100 N Y Q El L & P 1st g M_1930 F A 992 100
98 101
3
4
Consumers Power 1st 58-1952 MN 9212 Sale 913
8
93
128
87
921* N Y Rye 1st R E & ref 4m
33% 4612
487
1942 1 J 4812 50 4658
s 35
porn Prod Refg a f g Se_ _ _1931 MN
905 July'24 ____
8
905* 103
Certificates of deposit
49
493
4838 Sale 45
32
461s
1st 25-year e I 55
101
3 9514 10134
1939 ▪ N 101 Bale 101
30
-year ad) Ric Se
412
434 24
5 Sale
.__.
A CI
112 0
Crown Cork & Seal 6a
FA 7512 Bale 75
7512 10
1943
71
85
Certificates of depoelt _ _1_9__
412 5
1% 6
34
5 227
'442
onba Cane Sugar cony 75_1930
9458 142
9112 98 NY State Rye let eons 4348 1962 MN 6678 Sale 66
' 94 Sale 9312
3
69%
58
667
e 44
Cony deben stamped 834-1930
' 99 4 Sale 9938 1005g 81
3
5
96 10112 6345
87
3
85 96
907e 89
89
Cuban Am Sugar 1st colt 88_1931 MS 10814 Sale 108
10811 16 107 10812 N Y Steam 1st 25-yr lie Ser A 19 MN 99 Sale 98
9212 99
82
47
15
9
99
' 9714 Sale 97
3
Comb T & T let & gen 5a__ _1937
9714
9 9414 987 NY Telep lst & gene 1434e.1939 MN 9612 Sale 96
e
933e 974
9613 52
93
20
Den Gaa & EL let&refe I g 58'51 MN 9212 Sale 9212
30
-year debene f fle_ _ _Feb 1949 F A 108 Sale 108
8414 9311
1083* 44 105 109
1942 MS 7834 Sale 7678
79
28 87 82
714
Den' Corp(D
20-year refunding gold 611_190 A 0 10678 Sale 10612 108
88 10318 1074
11
s 101
Detroit Edison let coil tr 55_1933 J J 10012 101 1005
99 10118 Niagara Falls Power let 55..1932 1 3 10012 10158 10158 10214 19
99 105
31940 M S 1001e Sale 100
10078 21
let & ref 55 Series A
Ref & gen
96 101
A O 10434 Sale 10434 105
mN
5 102% 1064
31940 MS 107 Sale 10612 10712 18 104 10734 Mao Lock &0 Pow let 5a_a_1195342
let & ref tie Series 13
689
106 107 105
10512 11
9912 165
92 9034
United 1st cone g 434e_ _1932• 3 k91
Igng F A 105 ____ 10478 105
90 4
2
1
Series A
Pet
Refunding fie
84% 95
2
99 105
52 Nov'24 ---Distill Sec let 5e ctf dep_-1927 * 0
40 541g No Amer Edison 6s
99
1952 M S 99 Sale 98
40
91% 101
54 Nov'24
4
0 fa of deposit stamped _____
Secured e f g 8348 Ser B_1948 M S 10258 Sale 102
38 547
10234 59
96 103
87
37
Pack let 60_1942 MN 86 Sale 84
Dela (Jacob)
79 87 Nor Ohio Tree & Light 8e
8712 9312
93
1947 M S 93 Sale 921e
62
6812 6611
68
5
Dominion Iron & Steel 5e___1939 3, 68
58 85 Nor States Pow 25-yr 15e A 1941 A 0 943 Sale 9314
9438 57
s
894 943
4
9012 28 81
1942 3, 9012 Sale 8918
let & ref 25-yr 131 Ser B 1941 A 0 10512 Sale 10512 10512
9212
Donner Steel 75
1 101 105
9012 Jan'25 8912 9212 Narthweat'n Bell T let 75 A_1941 F A 10712 Sale 10712 10783 46 10712 110 4
du Pont(E I) Powder 4645_1936 3D 7 8914
,
duPont de Nemours& Co 7345'31 MN 1075g Sale 10758 10814 71 1067s 108 North W T lat Id g 4200(1_1934 J J 95 Sale 95
95
5
92 9612
..1949 3, 10512 Sale 10512 10612 41 10314 1063 Ohio Publle Service 730--A946 A 0 110 Sale 108
5
Duquesne Lt let & coil Si.
11014
7 1033 11484
4
1947 F A 1073e 110 1073s 108
Woolf trust 5We Series B_1999• 3 10412 Sale 10412 1047e 17 102 104341 75
10014 109
a Dne Jan. 6 Due Feb
•Due June. 6 Due July. k Due Aug. oDue Oct. p Due Nov. r Due Doe. 110PBou sale.
318
rtiew York Bond
THE CHRONICLE
Record-concluded-Page 5
[voL. 120.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "L't
Standard Oil Stocks Par Bid. Ask.ii
Railroad Equipments Per Cl. Basis
Anglo-American 011 new El .13
5.30 500
1814 AtlarAb Coast Line 61
Atlantic Refining
100 108 1063
5.05 4.85
Erabment6, 49
,
1
Preferred
100 11312 11422 Baltimore & 0010 61
.6.35 505
100 230 235 I
5.00 4.70
Equipment 43-45 & 5a_
ROD Borne Scrymeer Co
filch No. Low
554
A sk Low
6712' Buff Roch & Pitts equip de _ 5.10 4.85
9613 993 Buckeye Pipe Line Co__60 *67
Old Ben Coal is;66
1944 F A 9734 Sale 9712
s
38
98
0712 9012 9914
0.ttarto Power N k let 59-19431F A
993 Cheeebrough Mfg new.., 25 *5012 51 I Canadian Pacific Cie & 8a. 5.05 4.80
4
943
e
9912 19
Preferred
100 ill 115 Central RR of N Os
5.30 5.00
9912
1945'81 N
04Thrio Transmission 58
94
2
9714
9714
_ _ 9714
25 •28
2814 Chesapeake & Ohio (Ss
5.35 5.05
2,12 Steel Se
1941
93 10112 Continental 011 new
4
9912 16
9914 Sale 983
Crescent Pipe Line Co
8
50 •137 1412
5.15 4.85
Equipment tiA s
A
1st 25-yr s f g 7S28Ser /1_1947 F
95
84
20
93
9212 Sale 92
Cumberland Pipe Line 100 140 143
5.05 4.85
Equipment 58
!wale G & El ego ire? 58._1942 J .1 9414 Sale 9414
78
95
903 95
4
Eureka Pipe Line
l00 91
94 Chicago Burl & Quincy as_
5.30 5.00
9812 15
Pc Pow&Lt Ist&rel 20-yr Is '30 1 A
913 9912 Galena Signal 011 Co.
8
9812 Sale 0814
com _100 58
59 Chicago & Eastern III 6101_ 5.50 5.05
1
34^Ific Tel A Tel lst 6e
1937 J J
963 10012
8
12
993
4 36
9912 Sale 99
Preferred old
100 108 115 Chicago & North West Os
5.30 5.05
SI
1952 M N
8
9314 74
903 937
2
9212 Sale 9212
Preferred new
100 102 105
Equipment02a
5.10 4.85
Pan-Amer P & T 1st 10-yr 7111930 F A 10512 Sale 1043
10
9914 1054 Humble Oil & Ref
4 105
new__ 25 *4212 43 Chic RI & Pam 4545 & 51_.,. 5.15 4.00
Park-Lox (etre) 63
94 100
-Ss
1953 J
7
9612
9614 Sale 96
Illinois Pipe Line
100 141 144
Equipment Os
5.55 6.25
Pat & Passaic U & El cons 5e 1949 al S 9712 _
978 Dee'24
7
937 9912 Imperial 011
a
25 122 12212 Colorado & Southern 6:1
6.45 5.20
p Gus & G let coos g 68_1943 A 0 10712 10814 10814
4 10412 10812
10814
Indiana Pipe Line Co.._ 50 *7812 7912 Delaware & Hudson 8a
5.30 5.00
Refunding gold M.
8714 98
7
4
9512
1947 131
9518 Sale 943
8
5.35 5.05
uadelphla C 85 A
9938 1037 International Petroleum_(1) *2312 235 Erie 43.0 & 55
1944 F A 1037 Sale 10259 1037
a
8 31
8
Magnolia Petroleum_ _100 140 143
Equipment 8a
5.55 5.2
5Sig
98
90
69
95
1938 1.1 S 943 Sale 9414
8
NatIonal Transit Co12.60 *233 2412 Great Northern (ie
4
?Dila & Reading C & I ref 55.19731.3 J 10012 Sale 10012 101
5.35 5.05
22
91, 102
4
New York Transit Co.
...I00 71
75
5.05 4.80
Plerce-Arrow Se
Equipment is
0612 198
6818 100
1943I M
9512 Sale 95
Northern Pipe Line Co _100 83
85 Hocking Valley de
5.40 5.10
Pierce 011 s 18s.
8478 103
1931 J D 103 10312 103
Jan'25
Ohio 011 new
25 *6814 69
Pillsbury Fl Mille 20-yr 6e_ _1943 A 0 101 Sale 10014
Equipment is
5.05 4.30
14
947 100
9
102
Peon Ides Fuel Co
21 *3712 39 Illinois Central 434ti &
4.90 4 70
Pleasant Val Coal is; g eta 11128 J J
93 102
9712 Sale 97
97,2 20
Prairie Oil& Gas new
100 22612 22712
Equipment13s____L.....
Pocah Con Collieries 1st el 581957 J .1 9318 93 2 94
5.25 5.00
9012 95
Jan'25
,
Pipe Line new..-100 109 10912
Equipment 7e & Ohs_
Portland Gen Elec 1st 58......1935 J .
5.05 4.80
95
993 Prairie
8
8
8
1 9812 987 983 Jan'25
Solar Refining
100 211 215 Kanawha & Michigan
Portland Ry 1st & ref 55._ 1930 M N
5.50 5.15
96
86
4
93
9212 Sale 9212
Southern Pipe Line Co 100 95
98
Equipment 43.4s
Portland Ry Lt & P 1st ref 581942 F A
5.20, 5.00
853
4 10
803 90
s
4
843 Sale 843
4
South Penn 011
160 168 168 2 Kansas City Southern E34e
,
Ita B
5.35 5.05
893 97
4
9412 17
1947 M N 9412 Sale 9414
Southwest Pa Pipe Lines _100 80 8214 Louisville & Nashville Gs
is; 4c refund 734s Set A_ _1946 M N 10512 Sale 0512 106
5.30 5.00
3 103 107
eorto Rican Am rob 8e_ __ _1931 art N 106 __-- 06 Dec'24
Equipment6148
5.05 4.80
1041s 10612 Standard Oil (California) 25 6218 6212
Standard 011 (Indiana) 25 e6439 8412 Michigan Central 58 & Os_. 5.20 4.95
8S12 95
Pressed Steel Car 54
4
1933.3 .1 94 Sale 033
9414 13
25
397 Minn St PA6SM 434s&8
8
39*
5.30 6.00
Prod & Rots f ge(with waents)'31 J D 114 Sale 14
s
8 1093 11614 Standard 011(Kan)
11514
Standard 011(Kentucky) 25 *11912 12012
530 5.00
Equipment 84e & 7s__ .
Without warrants attached__ J D 11018 11012 10
8 10611 111
11012
Standard 011 (Nebraska) 100 248 252 Missouri Kansas & Texas Os 5.65 5.35
Pub Serv Corp of N J gen 50.1959 A 0 10412 1043 0412 10412
77 107
6
8
4
8
9614 9712 Standard ()Hof Now Jer_ 25 *413 413 Missouri Pacific 138 & 834s,. 5.65 5.25
973 Nov'24
8
Certificates of deposit
Preferred
100 118 11814 Mobile & Ohio 428 & 5s
5.00 4.75
Pub Ser./ Elec & Gas let 538s1959
98
99 12 28
9912
-6538 gice" 99
4
Pub Sen. El Pow .v Ltg 6s_ _1948 A 0 10412 Sale 04
96 1043 Standard 01101 New York 25 *4512 453 New York Central 434 e & Sc 5.00 4.75
33
105
4
Standard 011(0010)
100 251 257
Equipment fle
roma Alegre Sugar 7s.. _ _1937 J J 10312 Sale 0318
5.25 6.00
10334 64 102 122
Preferred
100 11714 11812
Equipuaent 7e
krendngton Arms 8e
5.05 4.80
8312 9512
25
91
1937 MN 91 Sale 89
100 2212 23 Norfolk & Western 4.4 _
4.85 4.40
flepub I & S 10-30-yr 5e 1_1940 A 0 9434 Sale 937
9634 Swan & Finch
92
s
943
4 11
Union Tank Car Co__ _100 119 125 Northern PaelfIc 75
5.10 4.85
9212 41
19533 J
8758 93
53.45
9212 927 9214
8
Preferred
106 115 116 Pacific Fruit Expreee 7e_ _
Itobbine & Myers s f 7e
19523 D 67
5.05 4.90
65
1
70
70
70
011e Vacuum 011 new
25 8112 813 Pennsylvania RR CCI155 /0, 5.10 4.75
91
4
00
Roch & Pitte the.. & Ir fl 94.1946 MN 907 _ 90 Aug'24
_
8
Washington 011
10 30
73
00
31 ,iPitts A Lake Erie OSis,
5.15 4.90
8312 11
4i1Bers-B Lwn Iron Co 7e __ A942 VA N 83 Sale 8218
Other 011 Stocks
' Equipment 65
5.60 5.20
8558 Jan'25
NS .1, itS Lt tit & Pr oe
,e
1937 MN 8512 86
704
P31, 312 Reading Co 44s &
.
1514 Atlantic Lobos 011
)
at L Rock Mt ds 58 atm'd_1955 J J 7714 78 2 79
4.75 4.50
Jan'25
74
,
60
Preferred
10 St Louis & San Francleco 85
7
5212 7812
et Louts Transit 5e ..
1924 A 0 7412 Sale 7414
5.15 4.90
7412
5
25 *67 6714 iSeaboard Air Line 512s & 68 6.60 5.25
St Faul City Cable 58
9112 9612 Gulf 011 new
1937 .1 J 95
9612 95 Dec'24
532, 412 ?Southern Pacific Co
4
at Paul Union Depot ta
J
412e__ 4.85 4.50
44
1003
3 102
1972
9512 1023 Mexican Eagle 011
*137 14
8
Equipment 7a
5.00 4.85
Sake Co 7s_ _
1942 RI S 106 16(c78 10614
4 102 10712 Mutual Oil
107
100 106 104 Southern Ry 434e & 5e
National Fuel Gas
933 501
4
. 509 4.80
Ban Antonio Pub Ser de__
J J 997 Sale 9912
997
2 14
8
10 *25
2514
Salt Creek Producers
Equipment(is
Sharon Steel Hoop 1st 8s ser A '41 ea t 106 10614 106
5.40 5 10
10614 23 100 106
5 *112 2
HaPulna Refining
Poled° A Ohlo Central as
5.35 5 10
10012 106
Shotfield Farms 6128
1942 A 0 1053 10614 1057 Jan'25
8
8
Union Pacific 7s
5.00 4.80
Sierra dr Han Fran Power 55_1949 F A
36
9012
91
903 91
8
8
837 92
Public titIllties
dim-lair Cone 00 1 e-vear 78_1937 RI S 9218 Sale 90
847 97
8
9214 235
Tobacco Stocks
Sat lien BAB Sec B
1938 .1 D 8612 Sale 8412
8212 90 4 Amer Gas & Mee new___ (Si *7212 74
8714 308
,
50 *46
Preferred
.
.
47 American Cigar common 100 575
77
10012 129
Sinclair Cruoe uli 5528
1925 A 0 10012 Sale 100
97 10114
MAN 96
97
Deb 135 2014
Preferred
100 95
97
ge
1926 F A 10118 Sale 100
557 10114
8
10114 197
Amer Light A Tree com_100 140 142
Amer Machine A Fdry 100 160
Sinclair Pli e Line Is
1942 A 0 84 Sale 83
41
84
813a 88
100 94
Preferred
95 British-Amer Tobac era_ El *2512
South Porto Rico Sugar 7s 1941 J
102 Sale 102
2
1023
4 13 1003 10412
8012 6112
Amer Power & Lt emu
El *2512 2612
Bearer
Saint) Bell Tel & Tel lets f 5e1941 .1 J
993
4 89
9912 Sale 9918
94 100
100 88
Preferred
90 Helms (Geo W) Co. corn 25 •75
80
rweet Bell 'f el Is;& ref 5s 1954 F A 9614 Sale 9614
9312 9714
9612 359
Deb 8s 2016
M&S 94
95
15
Preferred
100 113
7
Southern Colo Power 6s...._ _1947 J .1 95 Sale 93 8
17
95
94
85
Amer Public Mil com_ _100
85 Imperial Tob of0 B & Irani 203 2134
4
12018 301
Stand Gas & El deb g 6 Sis._1933 M S 114 Sale 113
9412 108
100 88
93 lot Cigar Machinery
7% prior pref
100 70
9912 100
dtandard MIllIng 1st Se
1930 M N 993 101
4
18
4
953 10012
pref
100
4% partici
_
75 Johnson Tin Foil & Met_100 70
8
Steel & Tube gun e I 7s Ser C 1951 J J 1053 Sale 105
106 4 31 103 107
,
Associated Gas & El pf .(I) - - - 51 MacAndrewo & Forbes_ _100 148 161
483
4
9412 98
4
9712 38
Sugar Estates (Oriente) 78 _1942 M S 9712 Sale 963
J&J 9812 100
Sec g 6128 1954
100 100 102
Preferred
98
1929 FA'l 98
9912 98
96 100
Superior 011 1st a f 7s
79 Mengel Co
100 29
31
3 92
9814
9818 9812 98
Syracuse Lighting 1st g Is. .11/31 J ID
9878 Blackstone Val04c k:nom 50 77
Carolina Pow & Lt com_100 320 325 Porto Rican-Amer Tob 100 50
60
1047 Nov'24
8
Pow Co coil tr f 58'54 J
8418 105
Light &
100 179 180 Universal Leaf Tob 00m_100 48
Cities Service Co com
9914 103
50
10239 1023
8
4
retail Coal Iron & RR gen 58 1551.3 .1 10239
Preferred
100 803 Ws
8
95
Preferred
100 93
2
101
-9712 103
Tennessee Cop let row;60..1925 5.1 N 101 103 - 01
Preferred B
10 *75
100 120 124
8 nti Young (J S) Co
112
100
Tennessee Else Power let 6s.1947J D 100 Sale 9912
9338 100
Preferred B B
100 7712 7812
2.
3
tred
100 100 105
4
1960 .1 J
51318 Sale .553
Third Ave let ref 48
567
s 72, 5012 (1132
8
8
364 5859CitiesServieeBankere'Ethares *177 183
4912 156
Ad) Inc Is tax-ex N Y___a1960 4 0 48 Sale 48
Colorado Power corn_. 100 34
3512 Rubber Stocks(Cleveland) prices)
0
943 Sale 943
927 99
4
Third Ave Ry 1st g 55
1937 J
4
943
4 28
Preferred
100 92
95 Am Tire & Rub corn
1043
8 24 102 10434
8
Tide Water ()II 10-yr 6;0_1931 F A 104 Sale 104
Com'w'th Pow Corp coin (I).110 117
Preferred
8 10912 26 106 110
1941 M S 10914 Sale 1087
Toledo Edison let 78
Preferred
100 go
82 Firestone Tire & Rub COM 10 *9718 99
10012
9812 101
4
Toledo Trac Lt & Pr 6% notes'25 F A 10012 Sale 10018
93
Consumers Power pref _ _100 90
6% preferred
8
97
100 98
97
Trenton G & El 1st g La.__ _1949 M 8 073 ____ 97 Sept'24
99
Elec Bond & Share pref _100 10212 10312
7% preferred
4
100 963 9712
Elec Ry Securities
(I) • , 15,2 General Tire & Ruh corn 50 232 237
14 2
9014
9014
Underged
90
1
8
Loudon 434s...1933 J J 897
90
Preferred
2
1948.3 J 8578 ____ 88, Dec'24
100 9812 101
Inco ne •
797 8812 Lehigh Power Seourittee_G) 111 113
s
9
96
8
8
02
983 MiesleelppiRly Pow corn 100 3712 39 Goodyear Tire & IC com_100 27
Union /41I2 dr Paper 1st Id-68.1942 M N 943 957 9512
8
28
Preferred
100 88 I 90 Goody'r TAR of Can p1,100 r93
8
993
4
997
s
onion Cleo Lt & Pr iota 58.1932 131 S 9934 102
94
9715 10012
First mtee 5s. 1961 J&J 963 973 India Tire & Ruh com 100
4
4
9838 22
9812 Sale 9812
1
92 100
1933 M N
Ref & ext 58
S F g deb 7s 1935...MAN 10212
Preferred
75
77 Dec'24
-70
77
Union Elev Ry (Chic) 513_1945 A 0 73
(I) 213 it8 Mason Tire & Rub com..) 551
4
993 _
4
_ 993 Nov'24
(0
10
:
951.2 10214 Nat Power & Lt com
Union 011 1st lien s f 58_ __ _1931 J J
98
Preferred.....(7) 95
Preferred
5
4
1023
4
991a 10312
4
100 12
30-yr 68 Set A
May 1942 F A 1023 Sale 1023
16
J&J 99 191
Income 7s 1972
Miller Rubber
10412 14 1023 1051a
4
8
Union Tank Car equip 7s,,..1930 F A 1043 Sale 104
100 109 110
115 Dec'24
Preferred
11112 1163 North States Pow com_100 10412
1941 J D
United Drug cony 88
100 104
8
100 95
Preferred
993
8 53
Mohawk Rubber
924 100
993 Sale 0812
8
United Fuel Gas lets I Bs._ .1936 .1 J
100 15
70
100r8 38
Preferred
91 100, Nor Texas Elec Co com_100 65
70
2
United Rys Inc Ee Pitts issue 1926 M N 100 Sale 100
Preferred
100 70
73 Selbeeling Tire & Rubber(I) 1712
10
100
91
100 10018 100
993
4
Stamped
96
Pacific Gas A El 1st pre/ 100 94
87
74
6118 77
96 100
United Rys St L let g 4s......1934 J J 74 Sale 73
(2) "16
19 Sw inelerred
Power Securities corn
Pr h ar tTire AR 00m10°
953
8 83
86
953 Sale 9214
8
93
1937 M N
°0
United SS Co 15-yr 65
0) *42
46
Second preferred
10438
9
Preferred
8
9814 1035
8
16"
United Stores Realty 20-yr 68 '42 AO 1043 Sale 10414
95
Coll trust 68 1049___J&D 90
861s 305
Sugar SteckS
4
'.
7812 877e
Rubber 1st A ref Is ser A 1947 .1 J 853 Sale 8512
S
76
79 Caracas Stizer
Incomes June 1949__F&A
*3
105
10618 45
991s 10612
10-yr 73-4% sec notes_ _ _1930 FA 105 Sale
Lt1(0) 54
56 Cent Aguirre Sugar cora_ 59 *75
Puget Sound Pow &
8 102
33
4
9934 102
77
2
0
U S Smelt Ref & NI cony 65_1926 J A 1013 Sale 1013
6% preferred
100 83
85 Fajardo Sugar
1043 188 102 10514
8
8
100 111 113
S Steel Corpfcoupon _ _ ..d1963 MN 1043 Sale 10418
100 d104 106 Federal Sugar Ref com....100 48
7% preferred
1037
8 103713
1 1013 10412
4
52
1 0
1 10-60-yr belregistered_d1963 MN
98
IRA ref 534810.19 __J&D 97
1
833
4 27
Preferred
80
871e
80
90
Utah Lt & Tree is;& ref 56_1914 AO "iais "8337 6314
Republic Sty & Light_ 100 57 60 Godchaux Sugar. 1170_1
923
4 53
4
873 94
s
1944 FA 913 Sale 9112
4
Utah Power & Lt it 5s
3?
100 72
74
Preferred
9918 Dec'24
Preferred
973 101
s
20
23
Utica Rice L & Pow 1st 51 is 1950 J J 9918
9814
7
99
018 9914 South Calif Edison oom_100 10314 10414 Holly Sugar Corp eOrn) *33
9
36
Utica Gas & Elec ref & ext Is 1957 1 .1 0814 99
100 115
8% preferred
53
Jan'25
J
50
60
51
Preferred
643
1953
4
90
95
Victor Fuel 1st f 55
7818 -253
7712 Sale 7618
r - Juncos Central Sugar_ _ _10
531a 8512 Standard GA E17% pr of 100 96
1947 J
100 75 125
0
Va-Caro Chem 1st 78
50 5012 5212 National Sugar
8% cuts pref
31
77
7618 Sale 75
527 73
8
93
Refining-100 91
Certificates of deposit
(I) 54
Power...
Tennessee Elec
57 New Niquero Sugar_ _100
48
74 Sale 71
75
5312 69
Certificates of deposit struPd
preferred
(I)
O 4634 Sale 4512 4712 70 2712 7314 SecondPower Corp_ _100 .72 75 Santa Ceelila Rug Corppf 100 88 92
2
5
734e with & without war_ _1937
38 Savannah Sugar cont.__(I) *60
37
46
4
4612
47
26
4712 W ta tern
63
Certifs of dep with warrants_ ._
1110 8612 8712
Preferred
913 Dec'24
4
88
92
Preferred
82
85
Vs Iron Coal & Coke 1st g 58 1949 MS 9118 93
30
94
y
94 Sale 9312
88
Sugar Estates Oriente p3100 295
9512
98
1934
0
Va Ry Pow let & ref 5e
Short Term Securities
3
9112
911., Sale 9112
8914 9738
West India Sus Fin coru_100 11
17
Vertientee Sugar let ref 78. _1942 J o
43
93
8
927 Sale 9014
87 10314 Anaconda Cop 131 in 8029..l&J 103'4 10334
Warner Sugar Rein Is; 78_ _1941 J
Anglo-Amer 01171is'25 A&O 1005 1007
8
8214 26
Sale 8014
8 Industrial&Miscellene•us
8214
7714 904
Warner Sugar Corp 1st 79.. _1939 y
9712 9812 American Hardware_
10012
Federal Sue Ref 13s'33_M&N
3
00
10012
99% 101
....1930 J
___100
Wash Wat Power s f
2
100
4
963 10012 Hocking Valley 58 1926 M&S 1003 101
8
Babcock & Wilcox
58_100 131 134
Weetches Lte g Is stmpd gtd 1950 J D 100 Sale 00
_ Bliss (E W) Co new
3
9512 19
8912 963 K 0 Term Ry 032e'31 J&J 10314
4
94
1
15
(I) .012 0212
West Penn Power Ser A 5s_ _1945 MS 0538 Sale 93 8
1926 10178 102 4
5128
9 101 10512
043
8 1043
8
,
8
Preferred
56
1958 3D 1043 105
50 •53
1st 40
-year Cs Series C..
8
1067
8 12 10414 1073 Lehigh Pow Sec (la '27_F&A 10118 10138 Borden Company corn ...(t) *138 140
1067 0612
4
let 78 Series D
1946 MS 10612
13
9312
94
8
863.4 9712 Sloss-Sheff S&I Cs '29 F&A 10114 1013.1
Preferred
let 58 Series E
1963 MS 933 94
100 104 107
s
10112 14
98 1021s U a Rubber 7358 1930-F&A 10512 10612 Celluloid Company
50
let &ee Series F
S
1953 A0 101 10178 007
100 45
156
99
96
Me
95
Preferred
Western Electric deb 5s
1944 AO 9812 Sale 9812
100 93
1001 1 18
967 101% Joint lick Land Bk Bonds
8
Chlirla Company com
J 100 Sale 00
1 14
16
Western Union coil tr cur 66_1938
(5) *4012 14112
3
923
8
923
8
Chic Jt Stk Land Lib 55_1951 10214 103
94
4
9038 9718
Preferred
Fund & real estate g 43-45-1950 MN 923
100
10212 10314 Hercules Powder
58 1952 opt 1932
8
04
06
-year 8128 g
100 101 107
15
1036 FA 11112 111311 11012 11138 91 1083 11214
77 1083 1093
58 1963 opt 1933
1023 0312
8
4
Preferred
4
Westinghouse E & 82 75_ ...1931 MN 108 Sale 10712 108
100
10412 0514 International Sliver pref 100 84 110
648 1951 opt 1931
51
823
8 55
797
s
712 8611
Wickwire Span Steel let 79_1935 .1 -I 81 Sale 7712
442 1952 opt 1932
10112 023 Lehigh Valley Coal Sales 60
10014, 28
95 100
8
willye-Overland
..1933 MS 10014 Sale 100
694s
034 Sale 9214
4146 1952 opt 1932.
9312 170
9934 003 Phelps Dodge Corp
80
9912
8
100 120
Wilson & Co 1st 25-yr 5 f 66.1941 A0
173
Ws 1983 opt 1933
64
1013 0212 Royal Baking Pow com_100 148 151
8
44
64 Sale 5912
93
-year cony s f Os
10
102S J
Pac Cone of Portland, Ore
481- 130
6112 112
Preferred
100 100 102
10-yr cony f 7Sis
D1931 F A 81 Sale 5712
36 1003 10214
J&J 102 103 Singer Manufacturing_ _ 100 196 198
4 102
5s 1954 op 1934
8
4
Winchester Arms 73-4s
1941 A 0, 1013 Sale 1013
94
s
9612 94
97
Yeung'n Sheet & T 20-yr 68_1943 J J1 963 Sale 9534
* Per share. I No par value. 0 BUIS
a Purchaner also pays accrued dividend.
New stock. / Flat price. t Last sale. a Nominal. s Es-dividend
V Us-right..
Ii Due Jan. 41 Due April. iDaI6 March. d Due May. a Due June. D Due
Ex-atock di• tdeno. s Sale price
r Canadian quotation.
Snly t Doe Aug. .Due Oat, pDus Dee. sOption sale.
BONDS.
STOCE EXCHANGE
Week ending Jan. 16.
11. I
%
t ,
...a, I
1
Price
Friday
Jan. 16.
Week's
Range or
Last Sale
Range
Year
1924.
BOSTON STOCK EXCHANGE-Stock Record
HMI AND LOW SALE PR10ES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 10
Mona,
Jan. 12
Tuesday.
Jan. 13
{Wednesday 7'8ursday.
Jan. 14 1 Jan. 15
Friday.
Jan. 16
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
319
:ago
5eaB p
eier
Range for Year 1924.
PER SHARE
Range for Previous
Year 1923.
Lowest
Lowest
Highest
Highest
Railroads.
164 16412 16312 16322 163 16314
164 164
273 Boston & Albany
a
4
100 1457 Mar 27 164 Dec 31 143 Apr 151 Jun.
16334 1633 1633 164
41
8 8212 88
Jan
100 7134 Aug 8 85 Dec 31
82
76 June 84
8312 82
8212 8512 3,052 Boston Elevated
8212 8112 8214 8112 827
95
95
96 *___ _ 95 *_
31 Do pre
9512 9512
9112 Aug 100 Mar
100 8714 Dec 23 9614May 10
95
92
95
11414 11414 114 11412
113 11312 113 11312 11418 1144 *11414
91 140 183 pref
100 107 Dec 18 11614 lan 24 11114 Aug 125 June
9912 9914 9914 100 100
4 99
9912 10112 9912 993
502 Do 2d pref
100 92 Sept 30 10114 Dec 31
95 Nov 106 Ma.
10012 10012
153 1612 1512 157
1738 173
4
8 165 • 17
8 1512 1512 15 4 16
905 Boston& Maine
100
812 Jan 2 2514 Nov 24
8
74 Dec 2011 Ma.
3
*
20 •____ 20 •____ 1912
8
59 Do pref
100 12 Jan 10 267 Nov 11
7 Dec 27 Fel,
---8
1). 2512 2512 253 2512 2512 2512 2514 257
8 25
568 Do Series A 1st pro!.....100 13 June 12 3714 Nov 24
2512 ---- ---121/ Oct 324 Ma'
36
3618 36
1512 Dec 48 Feb
36
36
36
100 1712 Jan 2 48 Nov 24
.36 ____
211 Do Series B let pref
36
3612 ---34
34 *____ 34
34
154 Der 42 Mal
34
100 16 Feb 27 41 Nov 26
•_ ___ 34
34
*31
100 Do Series C lst pref
51
51
51
dl
365 Do Series 0 1st pref. 100 23 Jan 3 62 Nov 20
51
F.*5012 ____ *5012 51
51
20 Dec 69 Pet
24 Boston dr Providence
170 170 *170
170
*16812 ____ *16812 100 143 Jan 4 172 Nov 17 135 July 16012 Jar
172 172
35
3412 3412 31
36
36 •____ 3512 34
3434 34
1,407 East Masa Street Ry Co......10)1 18 May 12 3812 Dec 22
18 Feb
35 Mar
35
70 .68
*68
•68
70 •__-- 69
73
68
Jar
60 Do 1s1 prof
100 5812 Jan 8 71 Dee 8
68
58 Dec 72
6712 .60
•6012 6112 6112 6212 *62
62 •61121 62
137 Do pref li
100 48 May 26 61 12 Nov 17
504 Dec 65 Mar
42 4212 42
4214 42 4214 42
4212 4114 42
4214 42
1.689 Do adjustment
100 28 May 21 /64 Dee 23
31 Dec 46 Mal
East Mass St By (tr ctfe)100 313 Apr 23 3912 Feb 11
4
45 Mai
31 Nov
____ *32
;5i- ::::
10,Maine Central
Jan
100 25 June 19 37,2 Apr 9
43
2212 Dec
8
3o5 3118 303 31
3138 1317
8
313 32
4
8 313 32
8
100 14 Jan 3 3314 Dec 18
297 304 2,448N It NB & Hartford
8
93 July
4
2212 la
75
75
75
*71
77
77 *376
77
332 Northern New Hampebire_100 62 Jan 14 81 Nov 10
62 Dec 84
77
77
Fl h
100 100
100 100
105 105
37 Norwich A Worcester pret100 80 Jan 2 108 Nov 10
101 101
Jan
75 Dee 100
983 9812 98
8
98
98 . - -6W2.99
9812 98
100 7212 Jan 4 98 Nov 19
272 Old Colony
98 12 98
98
6412 Oct 81 Fe,
---62
62
25 Rutland prof
100 34 Mar 3 64 Nov 10
2112 Aug 337 De,
8
;Hi: Ili---92
*9112 92 '391'2 92
15 Vermont & Massachusetts _100 70 Jan 22 9318 Nov 19
Jut
70 Nov 98
92
93
Miscellaneous
3
5
314 322 1,030 Amer Pneumatic Service
312 31
414 Dec 22
33
8 37
1 Nov 6
8
33
4
25
1 Sept
312 312 *312 3 4
3
312 Jan
.1312 19
1834 1834 *18
19
1812 1812 18
140 Do pref
50 12 Jan 3 2014 Dec 12
12 Dec 20
la,
18
IS
18
1337 13414 1333 13418 1333 134
8
1333 134
4
4
8
1333 1333 133 1333
8
4 2,397 Amer Telephone .8 Teleg 100 121 June 24 13412 Dec 18 119 June 1284 Dec
73
714 72
7112 77
72
74
77
No par 5712 Oct 28 83 Jai. 14
5,043 Amoskeag Mfg .
7212 75
6712 Oct 112
74
Jar
72
75
*75
*75 _
75
•75
No par 69 Oct 29 79 Aug 14
Do pre
Oct 88
76
Jan
17
76
72
15
15 .14
*14
*14
15
*14
83 Art Metal Construe,Ine_ _ _ 10 13 Aug 8 16 Feb 15
15
•14
15
143 Nov
4
14
1612 Mar
14
6 June 10 1014 Jan 8
8 Dec 204 Pot
...... Atlas Tack Corp
No Pa
,
*Hui- 0 107 107
jai- 16i12
Oct 108/8 Feb
7 Boston Cons Gas Co pref _ _100 100 Dec 22 108 July 1 104
Boston Mei Pet True_ _No par .05 Dec 29 .20 Jan 10 .05 Dec .30
Jac
203 21
8
*2012 21
12012 21
10 July 27 Mar
2012 203 *2012 21
iifi Connor (John T)
10 204 Dee 30 2818 Mar 5
4
203 /0 4 ...
4
32912
294 29
*28
2914 •2812 29
2412Ma) 22 35 Sept 26
29
2512 Dec 2614 Der
108 Dominion Stores. Ltd
29
•92
- *92 ____ *92
Preferred A
*92
_
*92
100 84 Jan 15 8812 Dec 11
312
3 _- *3
314 *3
3
3 Feb 26
2 Dec
*3
-.Ia
.
;
10
2 Sept 22
312 *3
105 East Boston Land
312
512 6
812 Feb 6
6
4 Oct 3
5 Dec 1418 Mar
53
4 53
4 *514 6
370 Eastern Manufacturing
53
4 53
4
53
4 53
4
53
4 53
4
50 50
50 • 50
50
50
50
25 38 Jan 3 5514Mar 8
31 Nov 12711 Mar
50
740 Eastern BS Lines, inc
50
51
50
50
36
36 +23412 36 *33412 36
3614 36 4
,
Oct 40
No par 3415 Jan 25 40 Feb 7
Oct
35
35
" 215 Preferred
35
90
.89
00
90
893 893 .88
4
85 Aug 88
4
215, let preferred
Cle2
100 8512 Jan 8 93 Mar 8
90
*88
90. -66- - - 9
6
200 202
200 201
200 202
Jan
8
2,003 Edison Electric Ilium
100 1634 Jan 2 20412 Dec 31 1523 Nov 172
200 202
200 200 2 200 201
,
*318 4
*318 4
5 Dec 13
*318 4
212 Jan 17
No par
112 Dee 107 Jan
5
*318 4
*314 4
30 Elder Corporation
312 37
8
*38
40 .38
40
Galveeton-liouston Elea_ _100 13 Jan 11 41 Dec
*38
39
5 July 2912 Feb
*38
39
39
*33
Gardner Motor
4Sept 10
612 Jan 8
5
No par
33
514 Dec 153 Mar
8
5
Georgia It) & Elec
100 1134 Mar 28 111312Sept 16 116
Oct 1164 Oct
79
79 *
5% non-cum pre!
.Y6100 79 Aug 18 80 Jan 3
78 Feb 8014 June
i6•14
143 •14
1434 *17
8
26 1218 Nov 18 167 Jan 7
1
143 Nov 24 Feb
4
150 Greenfield Tap .8 Die
143
4 14
1414 *1312 1414
*57
68
*57
58
No par 46 Mar 25 60 Dec 15
60 Dec 6318 Mar
150 Hood Rubber
577 577 *57
g
58
8
57
57
57
57
*53
533 *5224 53
Internet Cenient Corp_No pa
41 Apr 28 59 Nov 24
*5212 5312 *53
32 July 44 Mar
54 *35212 5312
•114 2
*114 2
International Products_No par .10 Feb 18
3 Dec 10 .10 Dec
*114 2
*114 2
•114 2
3 Mar
*10
12
1012 1012 10
1630 .25 Feb 14 14 Dec 10 .60 Dec
Do pref
150
10
*10
12
8 Mat
*10
12
Kidder, Peabody Acceptance
*8812 891 *8812 8912 8812 881
20 Corp Class A pref
100 80 Jan 3 8812 Dec 11
80 May 834 Feb
8812 81312 *8812 8912
83
8 83
4 Juno 12
*812 334
812 Dec 31
10
418 Dec
798 Libby, McNeill & Libby
9
9
812 Aug
8
834
814
83
4 9
•
20 70 Jan 9 71 Nov 19
_ 69
69 •z____ 69 *3_ _ _ _ 69 •____ 69
Lincoln Fire Insurance
12
9 Mar 21
12
13 Dec 27
25
12
1324
12
264 Loew's Theatres
13
13
814 June 11 -A13;
13
13
13
134 13
7012 72
871,
397 Maasschusette Gas Co/L...100 66 NOV 3 81 Feb 20
7012 71
7018 '71
7312 Dec 73 Jar,
7014 71
3693 70
4
70
70
100 62 June 26 70 Jan 31
64
651
200 Do pref
64
641
62 Dec
6312 64
6412
64
64
8412 65 2 64
,
168 1681 168 168
242 Mergenthaler Linotype__ _100 160 Apr 22 172 Dec 10 147 June 179
Jan
168 169
16712 16712 16712 1683 •167 169
4
12
612 Jan 2 173 Feb 21
8
14
1312 1312 1312 143
3 Dec
1312 1412 14
163
4 1512 1612 7,745 Mexican Investment,Inc_ 10
3814 381
38
18 Nov
38
3712 3712 38
39
530 Mississippi River Power __.100 19 Feb 18 3514 Dec 31
377 38
8
377 3812
8
2814 J:
4,S
8$,I
100 80 Jan 4 90 Sept 25
8712 871
28 Do stamped prof
'
1
90
00 .388
90
*88
90
90 ' 38
80
Jan 84Fb
2 Apr 24
10
6
61
53 Nov 7
8
612 63
4
614 63
3,511 National Leather__
11, Dec
614 612
614 612
4
112
112 112 *114
•112 2
50 Dec 16
512 Apr 8
1,100 New England 011 Corp tr ctfe.
*112 2
Oct
•1 12 2
2
*712 10
100
*7
6 Dec 29 3114 Mat 20
*7
8
9
7
7
80 Preferred (tr Ws)
Oct
*7
10
1212 Dec 16
10414 10412 10312 10412 10338 104
103 1033 102 103
4
Jan
10222 1023
.1 2,581 New Engle' d Telephone_100 98 Dee 16 11512 Jai. 31 110 Dec 122
*2614 27
14 Jan 16 2812 Dec 29
1
26
26
250 Orpheum CI,cult. Inc
•25 4 2612 *2512 2612 *2512 2612 253 253
3
168 July 214 AD/
4
4
4
79
79
694 Oct 30 87 Feb 14
80
8114 81
8014 80
996 Pacific Mills_
81,
8112 81
Jan
4 8012 81
84 Dec 190
10 1l3 Jan 5 17 July 22 21434 Des 18 Mat
1612 1612 *1614 1612 •1614 1612 *1614 1612 *31614 1612
4
10 Reece Button Hole
_
2187.lay 14
3 Jan 2
212 212 _
*212 23
4 *212 2 4 *212 23
10
3
42 Reece Folding Machine
2 Jan
4
4 *212 23
34 Mai
simms Magneto
.20
5 .10 Oct 27 .40 Feb 15 .10 Dec
.20
2 Feb
1 3
115 11512 11412 11522 1143 1153 10412 1050 115 11612 11513 116
100 100 June 11 118 Dec 29
4
8 11
954 Swift & Co
9812 June 101112 Jan
*4812 50
49
4912 4912 5014
50
21 3512June 3 52 Dec 18
706 Torrington
5012 50
50
393 Dec
4
1,6
812 •6
812 *6
Union I wist Drill _____ .
812 *722 812 *712 812
5 Dec 22 10 Feb 18
5
_
6 Dec 50 M ar
11
Mr
IL
.
4212 4318 42
4314 423 4314 _ 2,749 United Shoe Mach Corp
4314 423 4314 43
4
4314 43
25 34 311,11 3 433 Dee 12
4
4
3212 Nov
5.5Ia Mar
2612 263
4 27
27
2712 2712 274 273
8
4 2712 275
Do prel _____ -__
8 2712 23
_ 25 243 Feb 29 2814 Nov 111 245 June 284 Jan
801
8
2014 2012 203 2012 2012 21
s
z20
2012 2014 2012 5,984 Ventura Consol 011 Fields. 5
2012 21
1914 Oct 15 27 Jan 29
Jar.
1914 Aug 30
18
4
1812 183 19
18
183
1814
134 Apr 30 20 Nov 71
4 1818 1812 18
794 Wak:lort Sys,Inc. new eh No Par
15 Dec .2218 Mar
912 912
912 912
912 912
912
9
9
1012 Feb 1
210 Walth Watch Cl ii corn_No par
812 Jan 11
5 Feb
9 2 912
,
13 Mal
2212 23
2214 23
2218 2228 2212 23
23
23
Freferred trust ars_ _100 14 June 10 234 Feb 131
2314 2312
700
15 Dec 2911 Mat
2014 2014 2014 2012 2012 203
,
2014
4 2014 20 4 20
1,835 Walworth Manufacturing. 20 1512June 20 22 Feb 19
114 Jan
18 Dec
374 373
38
4 37
3778 377
8 3712 373
4 3712 38
3712 3iki 1,314 w arren Bros_
8
50 293 Jan 3 3934 Nov 182 2512 Jan
r
3
39414
375 38'- 3812 39
8
3912 3912
3312 3914 *39
40
4
308
50 343 Apr 25 41 Jan 251 304 Dec
Do 1st pref
Mar
'40
4012 *40
41
41
4012 403 403
*40
4
42
4
Do 2d pref
20
60 38 Mar 5 42 Jan 181 33 July
42 Mar
_
Ickwire Spencer Steel_ .. 3 .90 Aug 20
54 Jan 14
at
3 De, 12, P p
1
4112
Mining
*25 .60 •.25 .50 •.25 .50 •.25 .50 ..25 .50 •.25 .50
4d v entureConsolldated .15 Dec 18 .51 Dec 29 .10 Nos
•.20 .30 •.20 .30 •.20 .30 8.15 .25
*.15 .25 *.15 .20
Algomah kilning
25 .10 June 15 .25 Dec 26 .10 July .50 Mar
234 3 .0234 3
23
23
4 3
4 3
23
4 23
8 27s 1,065 Arcadian Consolidated
4 *23
5 June in
312 Dec 27 .70 July
25
414 Mar
8
4 1414 143
1412 1434 143 143
4 1418 1438 1418 1438
1418 1438 1,490 Arizona Commercial__ . 5
8 Jan 2 16 Dec 27
7 Dec
Ma,
3114 3078 313
3114 3112 31
33
4 3112 321222 31
3218 3212 12,683 Bingham Mines
8
10 14 June 13 313 Dec 31
144 Oct 19 Pet
183
8 18
1812 18
18
183
, 1734 18
188
8 18
175s 177
8 4,549 Calumet & Heels
133 M24) 15 1974 Jan 7
8
17
Oct 493s JFnb
ue r
.65 .65 •.60 .70 *.60 .70 •
.60 .6'
.65 .65
.50 .60
91
700 Carson 13111 Gold
.37 Nov 15
3 Feb 1
174 Dee
33
3218 327
323
4 31
, 32
323
32
3134 30321 31
4 31
3,834 Copper Range Co
25 `812.1une 6 334 Dec 27
2218 Oct 4163 Ms,
4
_
: ---- :
Davis
-Daly Copper
33 Jan 3
8
434 Jan 23
10
214 June
Feb
s
-;,ii
512 -- 2 *5,2 53
--5i4 -1 4
513534 -- 4
534
314 July 15
5
,2 53
4
410 East liutte Copper Mining_ 10
438 Nov 111, Mat
67 Dec 27
8
5
.60 .65
.65 .65
.65 .70
.60 .60
.60 .60
.65 .75 1,080 Franklin
25 .40 May 24
1 Jab 8 .30 May 100 Mar
2:
112
112 122 •114
112
112 •114
•114
•13
8 112 •114
112
100 Hancock Consolidated
Oct 27
2 Jan 28
1
Oct
4 Mat
25 .30
21
21
21
21
*20
8 21
*20
21
207
21
20
21
590 Hardy Coal Co....
1912 Dec 20 2812 Jan 7
244 Mar
23
s
218 218
231' 23 (
4 ,4
13
4 13
4 *2
*13
4 212
2
2
260 e ve a --------25 .30 May 10
23 Dec 31 .10 Sept
4
13312 134
133 134
13112 13312 13214 13214 132 133
134 135
274 Island Creek Ccal
1 9414 Apr 2 142 Nov 29
9312 Nov 185 4 A::
13 P°el.
1%14
97
97
9618 9618 97
97
97
97
97
•961s 97
97
70
Do pre!
1 90 June 4 1120 Sept II
9014 Nov
20
1938 2014 1912 197
8
193 193
8
4 19
1914
1,150 Isle Royal Copper
1912 2012 20
25 12 June 7 2212 Dec 27
Oct
4
16
331 Ma.
112 15
8 •112 17
.13
4 2
*15
8 2
.158 2
8 *112
17
8
140 Heir Lake
112 Mar 5
178 Dec
33. ler
5
218 Feb 13
112
.99
I
Ps
114
114
.99 .99 1,025 Neu eeuaw Copper
114
114 .1
1
114 Nov 11 .60 Sept
a
25 .50 Jan 7
24 Ma
31,
3
*3
3
318 *3
3
3
3
3
*3
318
140 Lake Copper Co
Om
25 .90 Apr 3
1
3 14 Dec 29
54 Ma
*25
8 3
23
4 23
4
212 238 *2s 3
212 33
4
*212 3
140 La Salle Copper
314 a4 •
3 Dec 29 .50 De,
. 25 .70 June 13
212 234
212 2 2
212 212
214
2'Ai 212
214 2,270 Mason Valley Mine
,
8
2 8 23
3
6
114 Oct 23
1. Not
1
23e Ma
23 Dec 27
4
11.2
114
114
114
Ds
Its
1 18
1,
4
114
290 Mass Consolidated
/V/ 12 •114
25 •50 Jan 8
60 De,
61 ka
7
.
134 A nit 20
8
212 27
2.,, 3
8
25
8 23
214 214
253 238 1,083 Mayflower-Old Colony
*23
4 3
Tel
25 80 Apr 9
112 Oct
5 July 21'
3812 395, 38
3912 41
40
3812 393
4 3812 39
375 3812 3,354 Mohawk
8
25 2312June 13 41 Dec 27
-7
Oct 11 Mar
2414 247
2438 25
8 2418 243
2412 25
8 237 2414 2,736 NewCornella Copper
8
2412 25
, 1612 Jan 2 253 Dec 29
144 Oct 24 Mal
8
.42 .42 +.39 .41
.39 .40
____
700 New Dominion Copper
.40 .40
.40 Dec 2
24 Aug
234 .-.4i 7i
I. Apt
35 *____ 30
30 *___ _ 30
-- 3
0
35
New River Company
i011 35 June 16 40 Mar 11
.15
4
,J
Apt
Apr
54 .53
571 *50
54
54 .353
54
58
58
170 Do pref _____ ___
.257t2 60
RIO 5712 Dec 31
75 Mar 1 1. 72 Noy, 44 Mat
*3638 6%638 617
614 612 *614 64 *614 6 8
5
420 Nipissing Mines__ _ .. _.
6 4 634
,
43 July
.
634 Dec 27,
5
54 Jan I,)
27
8 314
2% 3
214 27
3
31
,4
3
3
1,752 North Butte
I
4
23
2
__ .....
15
17 Oct 7
8
IV* .
)015 201
I'A. Nov,
114 *.99
114 •.99 114
100 011bway Mining ______ _ _ 25 .40 June 10
114 ' •.99 114 •99 114 *.99
14
1 Nov 3. 50 Nov ' Ma,
2 F
3
"
24
26
27
2512 26
26
25
251
24
27
25
1,505 Old Dominion Co__ _ .
25
25 15 Jar 30 2812 Dec 27' 134 Oat 824 Ma,
438 518 *47
45
8 43
8 *47
8 518 0
5
5
25 Park City kilning & Smeu - 5
8 518
.43
4 514
214 Aug
514 Feb 11
41, A01
311 Jul. 3
13
13
13
*1212 1312 13
1312 1312 133 133
4
4
630 Pd Crk Pocahontas Co_No par
1518./221y 231
1034301: II
1214 Dec
1214 13
161. AIL/
353 37
4
3418 353
4 3414 36
334 35
4,011 Quincy
3912 3612 38
______
Oct 60 Mat
25
35
14 June 10 343. Dee 27, 18
4512 4714 45
46
48
45
45
4412 4512 .1,105 St Mary's Mineral Land_ 26
46
Oct
27
4512 47
211 June 16 49 Dec 29
Mat
112 112
13 1 /,
8
7' 138 1 '„,f4
13
'. 112
114
13
8 3.755 Shannon
30 Dec nt kts
II.
1 12Sept 1.8
I.
10 .30 Apr 2
112 112
e:2- •„25 .75 •.25 .75 • 25 .
•.25 .75 •.28 18
21.5
,
5
480 South Lake
1
+.25 •
A25 .25 Jul' 19 .75 Dec 27 .10 June
214
2 8 21s *218 238
,
Superior
218 218 *2
31, Mc
Dee
1
314 Dec 26
22 .90 Jar, 15
0218 212
15
8
1% 1%
1%, 1,
154
,..f.
4
17
122
174
575 Supertor dc Bunton Cooper- 10 .25 Aug 19
174
138
57
8
/14 Dec29 .65 Dec
83 aF11...
47
8 514
43
8 5
4% .5
4% 518 27,146 Utah-Apex 511nIng
5
512
37 Dec31Oct
8
5
8June 26
A.
1.7
212 O
5%2 558
Utah Consolidated
Dec
1 .01 311.1I 3 ./1 Jul., .3 .01
.io .I() -.66 --.fo -70 -i
.
.70
Jo
.70 .86 7,290 Utah Metal & Tunnel. _ _._ 1 .14 June 18 .70 July 22 .28 Dee
-.so
1 3a P:1
118 •.85 118 •
114 ..85
.85
Us •.85
118
Victoria
1 Aug 18 .60 a WI
26 .15 Apr 24
33 F.
2
•.80 Ils •.85
.25 .25
.30 .40 •.30 .45
•.30 .50
25 .13 Feb 6 .71 July 22 .10 Dec
14 44
4
+.25 .
50 •.30 .50
.
118 ce inona t
W v an d o
It
25 10 Jul, 23 .15 July 26
• on
30 *.30 .50 •.29 .30 *.20 .30 e.20 .30 1 .20 .30
Dee
1
k,
-8181a8. 0 gia-clier ...to nito.. a Ex dividend s cgs 4400* dividend. . 1.111.4...,41 3,2.1
•Ridandasked Peale: no sales on thls clay. 8 as
'
L,
•0.- o• new basis.
[Po& 120.
THE CHRONICLE
320
Bates
'
,
fumy
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low, High. Shares.
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Jan. 10 to Jan. 16, both inclusive.
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
BondsAmer Tel & Tel cony 68'25
Atl Gulf& W I SS L 581959
Chic Jet Rys & U 8 Y 58'40
E Mass St RR ser A 410'48
1948
Series B 55
1929
68
1936
Hood Rubber 7s
K C din dr Springf.58_1925
K C Mom dr B Inc 5s...1934
KC Mem Ry & Bdg 581929
Kendall Mills 615s_:_ _1944
1929
Mass Gas 4158
1931
4158
Miss River Power 51..1951
New Entland Tel 5s.._1932
Swift & Co 55
1944
1938
Utility Coal 7s
Western Tel & Tel 5s_ _1932
6315
96%
75
95
9734
99%
98%
9911
127 127
64
63
9634 97
65
68
71
75
99% 99%
102% 103
99
99
9534 9534
9815 9834
97% 9714
9734 9734
95
95
96% 97%
9934 99%
98
98%
103 103
999-4 9934
Range for Year 1924.
Low.
$1,500 117
48,000 42
10,000 9234
31,000 58
43.200 59
5,000
7,000 9934
1,000 85
2,000 87
1,000 94
1,000 973-4
1,000 94%
5,000 91
28,000 92
8,000 97
18,000 9415
1,000
32,000 9534
High.
June 124
Jas 62%
Jan 98%
Sept 66%
Aug 75%
Dec
Dec
Nov
Nov
Nov
May 103
Jan 9834
June 9615
July 9815
Dec 973-4
Jan 99
Jan 9734
Jan 99%
Jan 10234
May 101
Nov
Nov
Oct
Oct
Dec
Dec
Sept
Oct
Nov
.1311Y
Jan 10031 Nov
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Jan. 10 to Jan. 16, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
100
Alabama Co
Armstrong-Cator 8%111.100
Arundel Sand St Gravel_100
Atlan Coast L (Conn)_ _100
50
Baltimore Trust Co
Baltimore Tube, pref__100
10
Central Fire
50
Century Trust
Ches & Pot Tel of Balt_100
50
Commerce Trust
*
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas,EL dr, Pow_ _*
100
634% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ _ _100
.
100
Preferred
100
Continental Trust
East Roll M111,8% pref.100
50
Fidelity & Deposit
Finance Co of America_ _25
25
Preferred
Finance de Guar, pref. _75
Houston Oil, pf tr ctfs_ _100
Manufacturers Finance _25
25
2d preferred
Maryland Casualty Co_ _25
Merch & Mln Tr Co_ _ _ 100
Monon Val Trac, pref _25
*
Mtge dr Accept Corp
Mt V-Wood Mills v t 1%100
100
Preferred v t r
New Amster'm Cas Co_100
Penne Water at Power_ 100
Roland Pk Home,lst 9[100
•
Silica Gel Corp, v t
United Ry & Electric--.50
U S Fidelity & Guar__ _ _50
Wash Bait & Annap. _ _50
50
Preferred
West Md DiarY,Ine. ef--5
0
78
94
160
167
6934
10734
11115
26
2594
2614
3215
106%
123%
70
101
114%
90
52
26%
55
23%
116
22%
65
44
18
1834
194%
77
77
50
50
98
92
160 160
167 169
69%
66
34
35
10734 108
111 111%
58
58
25
26
25
25%
26
2634
3334
32
106 107
109% 110
123 123%
72
70
101 103
205 205
113% 115
89% 90
52
52
26% 2631
18% 1815
96
96
56
55
2314 23%
84% 86
116 118
22%
21
1415 14%
14% 15
64% 65
44
43
128 12934
98% 99
14
18
18% 19%
184 198%
6
6
18% 19%
51% 51%
Bonds
98
96%
Ala Cons C dr I 5s__ _1923
Alabama Co gen 6s_ _ _1933 100% 100% 10054
99% 9994
Credit 68_1934
Commercial
100% 100%
Consolidated Gas .5s....1939
93
93
1954 93
General4155
9594 9534
Cons G,E L & P 4358_1935
105 105
1949 105
Series A 65
109 109
1957
Series D 614s
98% 98%
Davison Sul dr Phos 68.1927
9935 100
Elkhorn Coal Corp 60_1925
9415 95
Fair at Clarks Trae 58_1938 95
92% 93
Georgia & Ala cons 5s..1945
98
98
1945
Ga Sou At Fla 5s
97
97
Knoxville Traction 58_1938
Locke Insulator Corp 76'42 107% 107% 10734
76
76
Macon Dub & Say 58_1947
89
89
Monon Val Ti ac 58_1942
91% 91%
Norf& Ports Trac 58_ _1936
10034 100%
Penns Wat& Pow 5s_ _1940
100 100
Stand Gas dr Equip 6s_1929
9534 9834
410_1929
United E L de P
United Ry & Elec 49._1949 7031 70% 70%
5214
52
1949
Income 48
74
73
1936
Funding 58
9934 993-4
1927
68
1949 9635 9614 9634
Os
65
64
Wash Balt dr Annap 5s 1941
12
5
1,666
255
325
145
150
16
59
10
975
930
465
1,730
213
40
783
305
24
10
602
493
20
35
8
205
209
2
716
114
82
35
55
114
497
222
31
790
252
1.401
20
290
6
$7,000
3,000
3,000
1,000
1,000
8,000
1.000
2,500
1.000
8,000
4,000
7,000
1,000
1,000
13,000
1,000
1,000
1.000
6,000
1,000
7.000
26,000
15,000
17,000
2,000
27.000
2,000
Range for Year 1924.
Low.
High.
45
50
46
115
155
53
26
99
109%
52
22%
2315
24%
31%
100%
104%
115%
69%
102
179%
88
77
48%
18
18
86%
50
21%
75
102
17
11
7
45
38%
98%
98
12
15%
145
43-(
10%
4934
May
Dec
Jan
Jan
Apr
Jan
Jan
Mar
June
Nov
June
June
May
Nov
June
Mar
Jan
Apr
Sept
July
Jan
June
Jan
Jan
Jan
May
Feb
Sept
June
June
May
July
Sept
June
June
Jan
Nov
Nov
May
Apr
Nov
Oct
May
79
Dec
89
Mar
90
Dec
166
Dec
160
Jan
73% Feb
35
Oct
108
Dec
112
Feb
60
Nov
31% Feb
Dec
26
Dec
27
359.4 Dec
Dee
107
11034 Dec
124% Oct
81% Jan
104
may
203
Dec
115
Dec
90 June
Nov
50
27
Dec
23% Mar
9734 Dec
Dec
57
24% Dee
Dec
88
Dec
118
23% July
16% Sept
15
Dec
66% Dec
Dec
43
13534 Oct
100
Nov
30% Feb
20% Sept
185
Dec
734 June
Jan
28
5215 Oct
92
93
9934
98
88%
91
102%
107
97
9514
90
84
8814
94
100
55
76
88
9834
100
94
6834
49
7214
9531
95%
60
May
Jan
Dec
Mar
Jan
Jan
Jan
May
June
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Dec
Jan
Mar
Apr
Jan
May
Apr
Oct
9434
100
99%
100%
933.5
96
108
109%
99
100
95
941
4
9714
96
107%
7531
90
93
135%
100
98
7334
53
75
99%
Aug
Nov
Dec
Dec
Nov
Nov
Nov
Nov
Nov
Dec
July
Dec
Nov
Aug
Dec
Oct
Dec
July
Oct
Dec
Nov
Aug
Sept
Jan
Nov
99% Jan
6634 Dec
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Jan. 10 to Jan. 16, both
inclusive, compiled from official sales lists:
'
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Low. High. Shares.
Par.
Abbotts Al Dairy, pref_100
Alliance Insurance
10 42%
Amer Elec Pow, pref__100 973.4
American Gas of N J__100 13534
American Milling
10 1134
American Stores
• 45%
Bell Tel Co of Pa. pref_ _ -- -----Bellefonte Central
50
Brill (J G) Co
100
Preferred
100
Cambria Iron
50 40
Catawissa 1st preferred_50
East Shore G & E 8% pf _25
Elsenlohr (Otto)
100
Electric Storage Batt'y_100
Fire Association
50 245
General Asphalt
100
General Refractories
•
Giant Portland Cement_50 1734
la/Preferred
50 46
Insurance Co of N A
10 69
95
94
38% 43
99
97
135 14435
1034 II%
45% 46%
108% 109
4
4
10835 108%
99
99
39% 40
4315 4335
26
26
41%
41
68%
66
240 245
57% 59%
5811
57
1714 1731
49%
46
(173( 70
Range for Year 1924.
Low.
High.
Apr 92%
65 90
Jan 38%
776 32
246 7714 Mar 06
3,874 7715 Apr 141
8
Feb 12%
20
5,419 2635 Apr 4834
317 106% Oct 109
3 Sept
50
4
5 8514 Jan 123
10 93
Aug 99
220 28% Jan 41
30 42 May 43%
Mar 26
30 24
20 3015 July 6134
246 5034 July 65%
430
700 33
Apr 61%
300 32 June 5335
3 May 2234
5
Feb 53
750 23
748 48% Jan 69
Dec
Dec
June
Dec
Deo
Dec
Dec
Dec
Jan
Feb
Mar
July
Deo
Jan
Dec
Dec
Feb
Sept
Nov
Nov
Keystone Watch Case_ _100
Lake Superior Corp_ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Penn Cent Light dr Pow_ _.
Pennsylvania Salt Mfg_ _50
Pennsylvania RR
50
Pennsy Seaboard Steel_..*
Philadelphia Co (Pitts)
Preferred (5%)
50
Preferred (cumul 6%)60
Phila Electric of Pa
25
Preferred
25
Phila & Read Coal Sr Iron*
Phila Rapid Transit_ _ __50
Philadelphia Traction.._ _50
PhIla & Western
50
Preferred
50
Railways Co General_ _ AO
Reading Company
50
Warrants
id & 3d Sts Pass Ry... _50
Scott Paper Co, pref. _ _100
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas [met
50
Preferred
50
Warwick Iron & SteeL _ _10
West Jersey & Sea Shore_ 50
Westmoreland Coal
50
York Rys, pref
50
Bondskmer Gas Sr Elec 58_ _2007
Small
2007
Etec & Peoples tr Ws 4s'45
Keystone Tel 1st 5s1935
1.ake Superior Corp 6,1924
'-chigh C&N cons 415s 1954
,
*eoples Pass tr ctfs 48_1943
,
hila Co cons 55
1951
'hila Elec 1st s I 4s_.1966
lot 5s
1966
515s
1947
1953
5145
1941
65
lpanIsh-Amer Iron 68.1927
Mired Rys gold tr ctfs 48'49
/tilted Rys Invest 5s.1926
Vest N Y & Pa 1st 58_1937
tork rtys let 5s_ _ _ _ _ _ 1937
92%
4135
41
6215
17
4035
889-4
57%
56
65
5
9134
783-4
2314
61
8434
4834
3
65 •
535
97
80
2394
61
8534
4834
3
10
0,945
3,572
435
243
46
203
9,432
600
Range for Year 1924.
Low.
43
214
6494
3934
22
57
7834
4234
114
High.
Sept
June
Jan
Apr
June
Jan
Oct
Jan
Sept
5715
534
97
8431
30%
6034
89
49%
4
Deo
Nov
Deo
Dec
Nov
Dee
Feb
Deo
Jan
June
Jan 36
35
20 33
35
Jan 4635 Deo
46
286 42
4634
May 4035 Deo
41% 4315 19,026 29
Dec
40% 4214
681 29% Mar 40
49
430 37% Apr 5334 Deo
513-4
41
4294 9,723 30% June 40% Dec
Jan
120 5834 May 64
623.4 6234
Jan 2014 May
17
9
18
981
Deo
115 3134 Apr 36
36
36
4.3.1 June
1,200
635 Oct
634 7
Dec
z7734 80
275 5134 May 79
Aug
Mar 46
48
48
100 32
Jan
Jan 155
168 168
10 155
97
10 933.4 June 98% Aug
97
7-16 Aug 11-16 Feb
%
100
%
In I%
234 July
24
134 Jan
Jan
40% 4135 2,213 3714 June 43
Deo
200 200
85 186% Jan 201
8814 92
10,247 58% Jan 00% Dec
57
5735
190 5534 Jan 58 June
715 731
139
7% May
815 Oct
473 3434 July 42
may
3734 40
56
57
Dcc 6614 Feb
25 56
145 3334 Oct 36% Apr
36
3634
Mar 92
$7,000 84
July
Jan
4,900 85 June 88
Mar
29.300 61
Oct 66
Jan 853-4 JulY
8,000 75
18%
10.000 1314 Sept 1915 Feb
Oct
97%
18,000 9134 Feb 96
6835
15,000 67
Dec 72 June
9334 • 9335
16,000 8914 Feb 92
Oct
83
84
8,000 80
Oct 8594 Aug
101
10014
36.800 97
Feb 103% Aug
104
6,000 9914 Jan 104% Nov
105 105% 4,300 989-4 Jan 10534 Dee
106
106 10634 2.800 103% Jan 10734 Oct
101% 101%
1,000 100
Apr 102
June
Mar 73 June
6334 6334 3,000 54
100 100
100
16,000 93
Jan 1003-4 Deo
100
100 100
2,000 9791 Mar 9934 Sept
9234 9234 93
4.000 86
Jan
na re nee
6315
91%
88
6334
8294
92
88
64
8234
19
98
70
94
84
101%
104%
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Jan. 10 to Jan. 16, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low, High. Shares.
Amer Pub Serv pref__ _100
American Shipbullding_100
Preferred
100
Armour & Co (Del pref_100 9334
Armour & Co pref
100 8834
15
Armour Leather
Preferred
100
Balaban & Katz v t c_ _ _25 5115
Preferred
100
Beaver Bd v t c "B"
6
•
Pref certificates
100
Bendix Corp
10 34
Booth Fisheries corn
*
Borg & Beck
* 26
Bunte Bros
10
*
Cent III Pub Serv pref.
34
Chic C & C Ry pt 213 corn_•
5%
*
Preferred
Chicago Fuse Mfg Co.....* 32
Chic Rys part ctfs series _I
%
Part ctf series 4
Chicago Title dr Trust..
.100
•
Corn Chem of Tenn B_
Commonwealth Edison_100 1363-4
Consumers Co common_20
9%
*
Continental Motors
Crane Co common
25 08
Preferred
100
Cudahy Pack Co corn_ _100 9214
7
Dan Boone Woolen Mills 25
Decker (Alf) & Cohn Inc..
Preferred
100
100 8794
Deere & Co, pref
Diamond Match
100 118
* 3534
Eke Research Lab
5 27%
Evans & Co Inc cl A
Fair Corp(The) pref_ _ _100 107
* 15
Foote Bros G & M Co
Gill Mfg
Co. 28%
•
Gossard(H W)pref
Great Lakes D & D__ _ _100 102
Hart Sch & Marx com_ _100 120
Hibbard Spen13art & Co 25
10 1615
Hupp Motor
• 5314
Hurley Machine Co
Illinois Brick
100
Illinois Nor Util pref....100
Indep Pneumatic Tool...* 68
2%
25
Internat Lamp Corp_
Kellogg Switchboard_ _ _25
25 3834
Kraft Cheese
Kuppenh'r&Co(B)Ine,cm 5 27
8
Libby, McN & Lib new_10
Lyon & Healy Inc pref _100
McCord Rad Mfg Co "A"• 40
•
McQuay-Norris Mfg
Mid West Utilities corn_ _• 8434
Preferred
100 9214
Prior lien preferred_ _100 9955
Murray (J W) Mfg Co-_10
6
National Leather
10
North American Car Co •
• 37%
Midland Steel Prod
Northern States Pr Co_100
Omnibus pref"A" w 1__100 90
Vot trust etfs w I a_ _ __• 16
1
PhIlipsborn's Inc tr ea_ __I
Preferred
100 2834
10 23
Pick (Albert) & Co
Pines Winterfront "A"...._5 6914
Pub Serv of Nor IR cora_ _• 107%
100
Common
Preferred
100 9234
7% preferred
100
Quaker Oats Co
100
Preferred
100 10294
• NO par value.
9
034 9034
5915 60
87
87
9315 94
8834 89%
535
5
88
8894
51
5134
96
96
611 7
38
39
33% 36
634 614
26
2634
1134 12
85
8594
35
31
4
534
2934 214
615 634
%
14
370 370
4
4
136 139
14
34
93-4 1034
6834
67
115% 116
80% 92%
7
734
20
20
98
99
87
88
11736 118
3234 3614
2734 2934
10634 107
15
1534
4% 4%
2834 2915
99 106
11415 120
68
68%
1634 1734
53
5335
118 120
8714 8734
66
68
231 3
4414 4515
3634 40
27
2836
8
931
103 104
40
4035
16
16 9.4
86
89%
92
93
99
9935
1734 1715
6
634
2834 29
3714 40
107 107
90
9034
1531 17
% I
2
834 34
223-4 23
65
72
10734 109
10834 109
92
94
10534 10514
350 350
10294 193
Ill
110
40
920
2,005
699
40
1,020
82
850
225
7,410
25
625
265
199
3.600
2,700
1,395
50
222
15
100
988
50
13,225
506
170
8,545
575
30
70
100
113
5,040
3,625
150
1,015
100
1,050
2,995
200
30
12,990
1,800
133
31
380
1,075
414
2,115
300
13,250
41
1,230
430
870
703
805
50
10,490
200
3.430
50
542
4.850
23,750
350
3,290
10,520
89
610
140
25
50
285
Range for Year 1924.
Low.
85
4815
8531
83
69
2
47
38
8594
May
Oct
July
May
Apr
May
June
Apr
Apr
1% Feb
13
June
3014 Dee
4% Aug
22 June
9
Jan
85
Jan
H Dec
114 Aug
2634 Sept
5 June
;i Dec
340
Apr
3
Dec
1263.4 May
35 Oct
6
Apr
61
Nov
10714 Mar
55
Apr
5
Nov
17
Apr
86
May
61
May
115
July
3234 Dec
26% Dec
10031 Apr
1414 Dec
334 Oct
22. July
7934 Apr
110
Nov
6514 Jan
1034 June
48
Apr
78 May
84
Jae
69
Dec
1
Mar
37
Apr
24
Oct
25
Mar
4 June
06
July
30
Apr
11
June
43
Jan
8314 Mar
94
Jan
14
Oct
234 June
27
Oct
3234 Nov
Feb
99
8634 Dec
1434 Sept
35 Aug
15
Nov
17
July
1931 Apr
99 June
May
96
90
Dec
105
Aug
Apr
50
9934 May
High.
92
Nov
63
Jan
89
Feb
95
Deo
8934 Dec
715 Mar
86
Dec
51% Jan
100
Mar
7% Deo
40% Dec
Dec
39
7
Jan
31
Jan
15
Deo
92
Sept
7
Deo
494 Deo
3634 Oct
15
Feb
3i Deo
355
Nov
1434 Jan
137% Dec
4% Jan
834 Deo
93
Nov
11631 Nov
85
Deo
38
Jan
21
Aug
100
Deo
8834 Nov
12034 Jan
393.4 Nov
29
Dec
10634 Sept
16
Dec
Jan
18
Jan
30
Deo
95
Mar
126
Feb
70
Deo
18
67
Nov
Deo
124
87
Sept
8014 Jan
Jan
9
4715 Nov
40
Dec
3134 Deo
834 DM
Deo
105
4034 Dec
2014 Jan
Dee
92
9434 Sept
99% Sept
Nov
21
594 Nov
3315 Oct
Nov
35
Dec
106
July
92
1834 July
215 Deo
Jan
42
2434 Deo
Deo
65
Deo
112
Deo
112
9934 Jan
Deo
111
Deo
350
10334 Nov
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Low, High, Shares.
Stocks (Concluded) Par
Real Silk Hosiery Mills_ _10
10
Reo Motor
_25
Ryan Car Co (The)
Standard Gas & Nice Co._*
50
Preferred
-Warner Sp coin.•
Stewart
100
Swift & Co
15
Swift International
Thompson,J R,com _ _ _ _25
Union Carbide & Carbon_•
United Iron Works v t c_50
United Light & Power
Common "A" w I a _ _*
Common "B" w 1
Preferred "A" w i a_ _ _ _*
Preferred "B" w I a _ _ _ _*
United Pap Board com_100
20
S Gypsum
5
Unit Theatres Co
,
ULU Lt & Power "A"._ •
Vesta Battery Corp com'
•
Wahl Co
Wanner Malleable Castes•
Ward Montg & Co com_10
•
Class "A"
Wolff Mfg Corp
Certificates
Wolverine PortICement_10
•
Wrigley Jr com
Yellow Cab Mfg cl "It"_10
Yellow Cab Co Inc (Chic)•
Bonds
Armour Del 20-Yr g 5358'43
Chicago City Ry 5s_ _ _1927
Chic City & Con Rys 5s'27
Chicago Rys 55
1927
1927
5s, series "A"
1927
4s, series "B"
Commonw Edison 55_ _1943
Pittsburgh
and
6335
64
18
1835
32
32
43
43
5031
52
724
74
11631 114
3331
34
4535 45
6794 6735
334
49
5231
83
4336
1244
48
1731
17,4
22
52
118
1231
4714
404
52
Range for Year 1924.
Low.
92
8234
55
8436
65
414 40
10035
High.
Dec
66
5,550 283.4 July 61
June 1931
1831
1,180 15
33
1,869 304 Nov 35
46
3,675 3034 Jan 414
5231 2,287 464 May 51
7731 84,575 494 Aug 101
117
10,350 10031 May 11831
36
Jan 354
38,900 19
46
660 424 Apr 504
Apr 6775
69
12,500 55
431
5
3,600
131 Oct
Dec
Dec
Nov
Jan
Dec
Nov
Jan
Dec
Jan
May 56
May 55
Apr 85
Nov 48
July 2531
Apr 175
Nov 4831
Dec 2635
July 28
Dec 42
Oct 2531
May 4835
May 11931
Apr
931
84
Dec
Dec 1331
Oct 47
Nov 97
Oct 6435
Oct
Oct
Sept
Oct
Dec
Dec
Dec
Dec
Jan
Jan
Feb
Dec
Nov
Oct
Oct
Dec
Dec
Jan
Jan
Jun
92
Jan 84
Nov 57
Oct 86
De
67
Oct 45
Jan 1104
Jan
Dec
Dec
Dec
Dec
Jan
Nov
46
5031
1,605 2815
5035 60
1,570 31
83
8435
130 7535
1,730 4115
4354 45
21% 21%
70 16
121
12536 2,720 78
45
5131 12,200 344
25
25
100 25
1636 1711 2,620 15
17
1731
630 16
22
23
95 19
5061 5531 20,400 214
118 123
750 104
7
431
731
500
7
7
831
250
1294 1236 3,600 1231
4
3536
634 4816 6,52
40
41
32
4,00
5136 54
3,28
3835
8231
564
8435
I
924
83
5636
844
65
4131
10035
$2,000
13,00
37,00
10,00
3,00
11,000
7,000
St. Louis Stock
884
74
46
74
46
36
95
Jan
Exchanges. This
-
week's record on the Pittsburgh and St. Louis Stock Exchanges
will be found on page 302.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Jan. 10 to
Jan. 16, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices,
Par. Price. Low. High. Shares.
Week Ended Jan, 16,
Stocks-
32
THE CHRONICLE
JAN. 17 1925.]
Indus. & Miscellaneous.
Acme Coal Mining
10
135
Adirondack P&L, com_100 354
7% preferred
100
Allied Packers,com
•
Prior preferred
100 67
Amalgam Leather com_ _ ..*
10
Am Cotton Fabric pref _100
Amer Gas & Electric __(-)
Common (ex stock WO _• 7435
Preferred
50
Amer Hawaiian SS
10
Amer Lt & Trao. eom__100 141
Preferred
100
Amer Multigraph com_ _ _*
22
Amer Pow & Lt coin new.• 61
Preferred
100 88
American Stores new._ _ _• 44
Am Superpow Corp, Cl A_• 3431
Class B
• 34
American Thread pref _ _5
Apco Mfg class A w I _ _ _ _25 3535
Appalachian Pow.com_100 7831
Arizona Power, com_ _ -100
Armour & Co (Ill), pref.100
Assoc G & Eel A w I__ __• 26
Atlantic Frult & Bug _
•
Boissonnault(0) Co
•
27
4
Borden Co. common--100 1394
Preferred
100
Botany Cons Mills, CI A 50 4335
Briggs Mfg
* 384
BrIt-Am Tob ord bear__L1 26
Ordinary registered _ _ _LI
257
4
Brooklyn City RR
10
Brown & Will Tob Cl B._10
Brunsw-Balke-Collcon3100
Burroughs Add M pfd_100
Campbell Soup pref _ _ 100
Car Ltg & Power, com _25
Carolina Pr & Lt coin_ _100
Centrifugal Cast Iron Pipe* 23
(Margin-Sacks Inc w L___• 1734
Chatterton & Son
10 1334
Checker Cab Mfg.cl A ..• 2334
Chicago Nipple Mfg ell 1350
Class A
50
•
Childs Co new stock
Cltlee Service. com---100 179
Preferred
100 8036
Preferred 13
10
Stock scrip
Cash scrip
95
Bankers' shame
• 174
Cleve Automobile cons_ _ _.
Colombian Syndicate
75e
Cem'wealth Pow Corp.- _• 118
Preferred
100 81
Warrants
39
Cons Gas,E L& P Balt new 33
continental Baking,corn A• 1104
• 244
Common 1.1
8% preferred9335
Continental Tobacco._ _• 234
.
* 39
Cuba Company
Cuban Tobacco Co v t o___ __ ____
Curtiss Aero & M.new com• 1594
100 6235
Preferred
Davies(win) Co cla.ss A_ •
De Forest Radio Corp __ _• 27
Del Lack & West Coal_ _50
• 17
Doehler Die-Casting
DUbIller Condenaer & Rad• 6731
• 344
New
Dunhill International_ _ _ _ • 30
• 1535
Duplex Cond & Rad v t 0134
Dupont Motors, Inc....•
---r...
• 104
• No par value.
135
3531
100
9
61
10
9835
131
374
100
94
6735
1035
9835
200
800
10
500
2,500
500
200
7235 793.4
46
46
1235 1234
138 143
954
94
21
22
5916 644
8734 8831
44
44
354
34
34
3574
34 317g
2535
25
7735 83
18
18
89
88
26
264
90c
1
2
236
139 1424
106 106
4835 4835
38
39
26
2634
254 2631
935 94
10
10
4731 4931
103 103
1104 11036
131 294
320 32914
2234 25
164 1734
13
1365
23
244
14
164
324 3334
42
4234
17734 180
8034 8035
735
761
125 132
95
95
1714 1835
20
2035
750 85c
116 12411
81
82
39
44
3131 33
11035 11034
24
2635
9234 9435
2331 2631
3835 3931
8
8
15
1515
60
64
2636 30
264 2836
121 12331
17
194
6345 68
3431
32
30
31
154 164
11,800
200
100
1.825
100
200
31,100
3,730
200
3,300
6,400
1,500
1,800
5,170
300
80
500
2,900
19,800
720
10
2,600
17,300
4,900
3,900
800
300
3,000
10
100
1,900
30
7,900
500
875
3,000
400
3,600
700
1,760
1,600
600
$5,500
15,000
2,700
400
4,800
5,875
885
450
10,100
200
87,700
5,280
5,900
2,400
100
1.300
1,000
1.380
20,700
350
2,700
7.100
27,100
1,200
4,700
1.500
18000
1
17
ty,
21
Range for Year 1924.
Low.
60c
2235
96
131
144
6
95
High.
Nov
3
Feb 3831
July 100
Mar 11
June 61
Sept 164
Jan 10031
Jan
Dec
Sept
Dec
Dec
Jan
Dec
Apr 4634
Apr 154
Apr 14535
Apr 95
Oct 25
Oct 6931
Apr 92
Feb 4631
Oct3331
Oct36
Oct415
Dec
Sept
0o1
Dec
Mar
Dec
Aug
Dec
Dec
Dec
Jac
4134
,
8
117
84
194
374
84
32
2435
25
yis
65
1731
72
Oct
Dec
Apr
72c
Sept
1174
100
4634
3836
2034
2131
584
10
4831
98
10731
50c
335
1534
1634
10
14
1334
3335
32
132
6831
64
77
70
1334
1631
25o
56
74
20
3131
94
1635
8931
2066
32
4
435
304
11
21
88
16
1034
3231
23
11
990
12
Mar
Mar
Nov
Dec
Jan
Feb
Sept
Dec
Dec
July
Jan
July
Dec
Sept
Dec
July
Aug
Sept
Nov
May
June
Jan
Jan
Jan
May
May
June
May
Fels
Mar
Oct
Nov
Nov
Nov
Nov
MAN+
July
Nov
June
May
June
Nov
Apr
Sept
Jan
Dec
May
Dec
Dee
%Ake
93 Jun(
1914 Sept
8834 Dec
23.4 Fet
1334
106
49
397.4
2634
2635
144
1061
5031
104
11131
215
335
30
194
1335
40
2274
4015
4431
190
8274
73
4
129
96
19
2331
14
135
90
46
3934
118
2435
97
2636
4031
7
16
59
26
284
13136
223.
68
3374
3231
1234
34
RAIZ
Fat
May
Not
Dec
Dec
Dec
Jul,
Dec
Nos
NO)
Oct
Jar
Dec
Dec
De(
De(
Jar
Jar
June
De(
Not
Not
Not
Dec
De(
Not
Jac
Dec
Dec
Not
Dec
Ocl
Dec
Dec
Dec
Dec
Fel
Dec
De<
Dec
Dec
Dec
Dec
Ms
Deg
Dec
De
De
Jai
1...
Sales
Friday
Industrial and
Last Week's Range for
Week.
Miscellaneous Stocks
of Prices.
Sale
(Concluded).
Par, Price. Low. High. Shares.
Dun & Co, Inc, Class A _• 30
East Penn Elec Co conk_ _ _• 64
Elec Bond & Share.pref 100 10236
Elec Invest without warets 4231
Federated Metals Corp • 404
97
4
Film Inspection Machine_•
Fisher Body Corp new w 1.
Ford Motor Coot Can_100 500
Freed-Eisemann Radlo. 5 3015
Freshman (Chas) Co_ _• 244
Oared Corp
• 17
General Gas & Electric _ _ _*
Preferred A
•
Gillette Safety Razor
6234
Gleasonite Products Co_.1
Glen Alden Coal
• 119
Goodyear Tire & R.com100 2734
Grand(FW)5-10-25c Strs_• 60
Grennan Bakeries Ino. •
Grimes(D)Ra & Cam Rec* 1835
Happiness Candy St cl A.*
74
Hazeltine Corp
• 4331
Hercules Powder pref__100
Heyden Chemical
•
294
Imperial Tob of Gt Brit & I 214
Intercontinental Rubb_100
Internat Concrete Indust10 12
Inter Match non-vot pf wt. 4135
Internat Utilities, CI A_ _ _• 4635
Class B
• 14
Inter-Ocean Radio Corp..• 14
Jones(Jos W)Radio Mfg.*
835
Kehler Williams Stamp'g.* 2331
Keystone Solether
10 600
Landover Holding Corp A 1
Lehigh Power Securitiee_ _• 111
Lehigh Valley Coal Sales 50
Leh Vall Coal ctts new w I 454
Libby McNeil & Libby_ _10
Liberty Radio Ch Storea--•
834
Long-Bell Lum Corp A __ _• 524
Marconi Wirel Tell of Can.
McCrory Stores
•
Warrants
Mengel Co
100 30
Mesabi Iron Co
•
Middle West Utilities com• 8434
Prior lien stock
100
Preferred
100
Midvale Co
•
Motor Products Corp_
•
Murray Body Corp w I _.• 4465
Nat Distillers Producers..' 20
National Leather
10
6
Nat Power & Light, com_* 214
Preferred
• 97
National Tea
• 233
New Max & Arts Land__ _I
831
N Y Telep 635% pref.-100 110%
Nickel Plate corn, new,w L 8535
Preferred, new ,w 1
8634
New Corp when issued
(El Bond & Sh Hold Co) 744
No States Pr Corp com_100
Nor States Pr Del warrants
Omnibus Corp v t o
• 157-4
Series A preferred _100
Paige-Detroit Mot Car...10 1835
Pathe Exch Inc class A_ _ _• 4735
Pennsylvania Wat & Pr 100
Philadelphia Elec com_ _25
Pierce But & P Mfg 8% pf_ 91
Power Securities corn
•
Pro-phy-lue-tic Brush corn
Pyrene Manufacturing_ _10 11
Radio Corp of Amer.com_
Reid Ice Cream Corp corn • 3731
Preferred
Reo Motor Car
10 1894
Repetti, Inc
5 51c
Richmond Radia'r com_100
Rosenb'm Grain Corp pt 50
Rove Radio Corp tr Ms • 1231
Safety Car Heat & Ltg_100
Shattuck (Frang G)corn.*
Silica-Gel Corp corn v t 0-• 184
Sierra Pac Elec Co com_100
Singer Mfg
100
Sleeper Radio v t c
• 18
Sou Calif Edison cons_ _100
6% preferred
100 894
7% preferred
100
Southern Coal & Iron_ _5
60
S'eastern Pr & Lt com ___• 60
Southwest 13ell Tel pref_100 108
Stand Motor Constr.. _10
Stand Publishing Cl A _ _25 2631
Studebaker-Wulff Rub_ •
Stutz Motor Car
•
74
Swift & Co
100 115
Swift International
15 3331
Tenn Elec Power, com _• 56
Second preferred
•
Thermlodyne Radio
• 2135
Thompson(RE)Radio vto• 194
Tob Prod Export Corp •494
Todd Shipyards Corp_ _ _ _• 40
Tower Mfg Corp
5
Union Carbide & Carbon.• 6714
United G&E Pr corn__ ..1O 324
United Gas Improvem't_50
United Lt & Pow com. A •
United Profit Sharing_ ..1
7
United Shoe Mach com...25
U S Lt & Ht Corp.com__10
I
Preferred
10
Utah Pow & Light pref _100
Utilities Pr & Lt Cl A
25
Victor Talking Mach_ _100
Ward Corp.cons. Class B• 4335
Common Class A
•
7% preferred
100 95
Ware Radio Corp
• 3614
Wayne Coal
5
Western Pr Corp. oom_100 3636
Preferred
100 8836
WhiteRockM1nSp newvtc• 17
Wickwire-Spencer St com..5
5
Yellow Taxi Corp N Y_--• 1974
Rights.
Dubiller Cond & Radio_
Liggett & Myers Tob
Former Standard 011
Subsidiaries
Anglo-American 011__Ll
Borne-Scrymser Co_ _ _100
Buckeye Pipe Lbse
50
Cheeebrough Mfg new 25
Continental 011 vtcw I__ _
327
4
30
4
637 644
1024 10335
424 44%
37% 407
4
64 10%
6635 80
500 503
2935 3734
2235 2731
17%
16
80
80
106 106
624 6531
6 . 6
120 121%
29%
27
65
60
164 1731
1735 1936
74 735
414 45
106 106
231 2%
214 2135
6
6%
114 1234
4235
40
45% 46%
13
1534
1294 14
8
9
2335
23
50c 60c
9
9
111 116
86
84
4535 5031
8% 9
8
835
5231 53
10
10
95
95
55
55
30
30
431 435
844 90
99 100
944
92
26
31
109 110
4531
43
17
21
6
64
212 228
954 97
232 238
7% 94
nog 1114
8535 8835
8535 8731
23,400
600
890
5,200
3,900
15,600
6.800
80
12,600
25,100
2,300
40
100
16,600
100
1,800
33,600
600
2,500
9,970
6,000
16,900
30
1,800
900
400
1,500
19,400
800
2,300
1,800
7,600
3,300
1.400
100
4,800
800
43,800
700
20,200
1.400
100
100
200
20
3,200
4,850
50
120
1,500
50
9,100
5.900
1.200
2,210
40
190
38,700
400
5,100
2,700
6911 7565
104 los%
9
9
15% 17
90
90
18
19
4731 4934
130 130
434 43%
91
91
16
1635
43
44
11
1131
134 1331
374
35
9935 9965
18% 18%
51c 510
3431 36
4731 4855
1131 127,5
115 115
31% 324
15
19
1931 19%
1964 203
16
1831
10336 104
894 89%
89% 90
9c
6c
5665 6531
108 108
33-4 335
264 26%
3831 384
7
835
114 11635
3331 35%
51
5936
744
73
194 224
18
2035
4
44
7
40
41
20
22
6734 69%
32
36
92
92
49
4931
64 7
43
43
95c
136
1% 2%
95
95
25
254
1164 11635
43
4535
121 121%
9231 9535
3535 39
500 55e
3636 38
854 874
1735
17
434 534
21
19
96.500
3,400
200
1,200
100
8,400
900
80
100
50
200
600
1,100
300
11,000
200
3,100
100
300
300
3.600
10
4,500
5,000
300
230
11,100
360
20
50
28.000
3,500
20
1,100
4,700
200
4,820
620
14.100
2,300
700
35,500
15.800
600
500
4,300
2,600
1,600
100
1,30
2,10
20
1,60
50
10
900
40
4,900
200
2.700
6.400
300
2,900
430
900
17,600
1.600
14
74
184
674
28
18
233
6431
49
2731
32,400
2
700
835
Range for Year 1924
Low.
224
36
97
44
30
34
54
410
27
214
High.
Sept 28% ElePt
Sept
June 64
Jan 10336 Dec
Dec
Dec 48
Oct 384 Dee
Aug 1054 Aug
Dec 6031 Dec
Dec
June 526
Dec
Nov 33
Dec 234 Dec
59
Sept
1234 Jan
Ncet
2735 Dec
June
81
2215 Nov
4935
10
7631
835
35
15
Sept
May
Jan
Jan
Feb
Deo
4
13
103
1
15
2
8
37
4511
64
84
7
may
831
Feb 4831
Oct 107
331
June
Jan 2031
631
June
June 1331
Deo 384
Dec 48
Nov 164
Sept 184
Dec 1634
Dec
Deo
Nov
Nov
Dec
Dec
nee
Dec
Dec
Dec
Dec
Oct
50c
64
33
72
2661
4
535
52%
Dec
2
June 13
Jan 117
May 8931
Apr 48%
June
84
8
Dec
Dec 53
Judy
Feb
Dec
Feb
Dee
Dec
Dec
Dee
69
27
25
2
50
96
9034
18
3835
421.4
7%
234
833.4
94
151
335
109
70
82
Apr 106
Apr 67
Apr 3531
Mar
831
may 90
Sept 9831
Dec 9235
Jan 25%
Jan 109%
Dec 45%
Sent 16%
5,4
July
Mar 257
Dec 94
May 258
Jan 10
Mar 112%
Oct 89
Oct 8934
July
July
Apr
Sept
Dec
Nov
Dec
Mai
Dec
Dec
Dec
Nov
Dec
Dec
Sere
Apr
July
Dec
Dee
99
731
14,1
8835
124
334
128
35
8735
11
404
10
335
Nov 104
831
Oct
Aug 19
July • 93
May 18
Sept 494
Oct 134
July 3931
Nov 924
Oct 26
Aug 46
May 1335
Apr 13%
Feb
Dec
July
July
Feb
Dee
Oct
Aug
Oct
Nov
15%
500
124
46%
934
101
30%
11
1631
125
15
974
85
83
gto
38
10531
235
2535
374
44
100
1834
174
4974
12
7
24
3931
1831
58
184
774
30
54
3434
500
84e
June 18% Jam
14 Jan
Mar
Dec
May 29
Jan
Aug 50
174 Sept
July
Apr 11131 Dec
Dec 3431 Dec
Jan
Nov 35
Sept 2011 Sept
Nov
Jan 196
Dec
Dec 17
Sept 1044 Apr
Dee
Dec 91
Aug 91
Aug
may 200 Oct
Dec
Dec 65
Aug 10731 Deo
Jan
435 July
July 2734 Nov
Apr 3831 Apr
1031 Dec
Nov
Dec
June 118
Mar 3531 Nov
Dec
Jan 55
Dee
Jan 74
Nov 19% Dee
Dec
Oct 21
sent 634 Feb
Dec 6394 Feb
Sept 2814 Nov
Apr 67,1 Dec
June
Jan 41
Jan 884 Dec
Apr 5634 Oct
77 Feb
4
July
Apr 4435 Dec
14 Jan
Nov
g Jan
Deo
2531 Dec
144
5335
7931
1331
15o
26
80
9
334
16
27
Apr 4731
Jan 133
Jan 9731
June 3931
Oct 930
Mar 454
June 864
June 12
Oct
5
Nov 39%
131 Dec
18% 6,700 144
10 155
233
68% 1,110 51
500 47%
5034
2836 16.100
mpg
seat
Feb
Dec
Dec
Nov
Nov
Nov
Dec
Jan
Sete
Dec
Nov
Oct
Jan
2% Dee
June 1894 Dec
Mar
Jan 265
Sept 8536 Jan
May 5251 Mar
322
THE CHRONICLE
Friday
Sales
Former Standard 011
Last Week's Range for
Subsidiaries
Sale.
of Prices,
Week.
(Concluded)
Par. Price. Low. High. Shares.
Crescent Pipe Line
25
Cumberland Pipe Line_100
Eureka Pipe line
100
Galena-13131ml 011, corn, 100
Old preferred
100
New preferred
100
Humble Oil & Refining_25
Illinois Pipe Line
100
Imperial 011(Can) coup_25
Coupon new w 1
Indiana Pipe Line
ao
Magnolia Petroleum__ .100
National Transit_ _ __12.50
New York Transit
100
Northern Pipe Line_ -_100
Ohio 011
25
Penn Mex Fuel
25
Prairie 011 & Gas
100
New when issued
25
Prairie Mae Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line__ _100
South West Pa Pipe L__100
Standard 011(Indiana)_25
Standard Oil (Kansas)_25
Standard 011(Ky)
25
Standard 011 (Neb)_---100
Standard Oil of N Y
25
Stand 011 (Ohio) com100
Preferred
100
Swan & Finch
100
v sauum 011
25
Range for Year 1924.
Low.
14% 14
14% 1.300 1131 June
141
140 144
130 11031 Jan
92
96
270 74
Oct
57
5934 1,090 52
Sept
110 110
10 114
June
102 104%
70 10031 June
42% 42% 4.335 9,000 3434 Aug
141 150
141
510 120
Sept
122
120% 125
3,500 9834 Apr
31
30% 31% 5,300
78
80
800 86
Sept
14035 138 145% 1,130 122
Ji, Y
24% 23% 24% 1,700 2035 June
79
70
340 55
Aug
85
84% 86
230 72
Nov
6711 67% 71% 9.000 58 June
3835 38% 39% 2,900 27
July
227
222% 235
3,660 193
Oct
5831 58
59
12,500 5034 Nov
109
108 109% 2,850 100
Feb
214
210 218
320 175
July
7,140 117 June
16831 157 170
94
9731
610 80% Oct
82% 80
82%
110 68
Dec
64% 65% 654 05,200 54 31 July
3935 39
4031 9,100 3231 Aug
11935 119% 121% 4,800 101
May
250
250 255%
90 199
Jan
45% 4531 46% 27,700 37% May
348 360
290 275 Jung
118 118
60 115% De5
23
370 20
22% 22
Nov
8135 80% 8331 9,900 6831 Jan
High.
20
149
105
70
116
113
4331
161
119
Jan
July
Jai
July
Aug
Deo
Mar
is.
Jar
!b.
100
IA
162
2714 Feb
Jar
97
107% Jae
7931 Jet
Jan
43
Jan
289
5434 Dec
V.,
ill
Jan
230
Jan
171
Jan
100
Jan
89
8854 Jan
60% Jan
121% Nov
Nov
282
Jan
48
377% Nov
May
120
Jan
81
8331 Nov
Other 011 Stocks
Arkansas Nat Gas
10
Atlantic Lobos Oil corn... _•
Preferred
•
British-American OIL_ _25
Carib Syndicate
Creole Syndicate
6
Derby 011 & Refg cam_ -•
Preferred
Euclid Oil Co
Gibson 011 Corp
1
Gilliland 011 coin v t
Glenrock 011
10
Gulf Oil Corp of Pa
25
International Petroleum..
Kirby Petroleum
•
Lago Petroleum Corp_ _ _ _*
Latin-Amer 011
1
Lone Star Gas
25
Margay Oil Corp
•
Marland 011 of Mex
1
Mexican Investment
Mexican Panuco 011__ _10
Mexico 011 Corn
10
Mountain & Gulf 011
1
Mountain Producers._ 10
Mutual Oil vot trust cas.5
New Bradford 011
5
New England Fuel OIL._5
25
New York 011
Noble(C F) Oil& G com_l
Ohio Fuel Corp
Ohio Fuel 011
1
Peer 011 Corp
•
Pennok Oil Corp (new)._
Pennsylvania Beaver 011_1
25
Red Dank 011
Royal Can 011 Syndicate.
•
Salt Creek Consol OIL _ _10
Salt Creek Producers__ _10
Sapulpa Refining
5
Savoy Oil
5
Tidal Osage Oil n-vot stk_•
Voting stock
•
United Cent 011 Corti- •
Venezuelan Petroleum__
Western States Oil& Gas_l
WilooxOU&Oas
1
Woodley Petroleum Co._
011 & Gas
1
6%
3
3%
9%
5%
26
91e
I%
3%
67
2335
334
531
3c
500
19%
14
9
31%
12
131
1835
2735
731
731
2531
2
3%
5%
5%
3
7
:39
3%
9
5Y1
2531
870
131
331
200
68%
23%
2%
5%
2e
32%
50c
2%
15
6130
120
1%
19%
13%
4%
20%
9
11.0
31%
12
1%
18
90
21331
634
731
25%
2
1%
9
10
- 3
3%
14c
531
5%
8c
6% 5,600
4
Oct
3% 2,700
231 Dec
7%
700
July
5
39
100 32 June
3% 2,600
2% Oct
10% 21,200
2% Jan
200
231 June
26
200 1731 June
940
3,800 80e
Oct
1% 21,000
3%
400
I% Jan
200
3,000 15o
Oct
6831 7,900 5631 May
24% 58,600 1631 June
4% 25,600
1% Apr
6% 48,900
2% Jan
3c 46,600
lo Aug
32%
100 27
Mar
55c
300 50c
Oct
231 2,300
131 Dec
15
100
740
2,300 500 Sent
120
1,000
70 May
135 2,000 970 Dec
20% 11,000 16
Feb
14% 349,200
914 July
4%
2,700
3% Dec
21%
400 17
Oct
600
9%
831 Dec
110
5,000
8c Sept
31%
200 29% Oct
12
20 12
Nov
3,100 Mc Nov
135
1931 4,300 1231 Oct
120 19,000
90 Dec
32% 8.100
5% Jan
7% 17,700
2% Apr
7% 1,900
6
Dec
26
7,800 1934 Feb
2
100 82o
Jan
2
200
131 Oct
10
900
6
Dec
10%
500
8
Jan
3
400
2% Sept
331 8.100 . 234 Dec
14e
2,000
70 Dec
11,300
4% May
1,500
6
5
Nov
60
1,000
3o Dee
7
4%
11
3634
8%
10%
7%
3431
1313
Jan
Jan
Jan
Jan
Jan
Dec
Dec
Feb
Dec
5%
60c
67%
24%
7
831
131
32
1%
Feb
Jan
Nov
Nov
Dee
Dec
Feb
Dec
Apr
Jan
1%
30c
1%
20%
13%
831
44
14
180
3331
16
6
1831
820
68
8%
10%
2731
2%
3%
14
16%
4%
334
30c
s 35
13
140
Apr
Jan
Mar
Oct
Jan
Jan
July
Feb
Feb
Nov
Mar
Jan
Nov
Feb
Aug
Dec
Jan
Sept
Mar
Jan
Jan
Jan
Nov
Nov
Jan
Feb
May
Feb
Mining Stocks
Arizona Globe Conner__ 1
Sc
Calaveras Copper
1%
5
Calumet & Jerome Copp_l 22e
4%
()snarl° Copper
10
New
Clain° Extension
Comstock Tun & Drain 100 420
Consol Copper Mined_...1
Pis
Cortez Sliver
1
313i4
Cresson Cons Gold M&M.1
Crown Reserve
1
70
Diamond B1 Butte Reorgl
343
1
Emma Silver
15
Engineer Gold Mines. Ltd_
1 100
=rake Crostini
450
First Thought G M
80
Golden State Mining
40
Goldfield Consol Mines...1
Goldfield Deer/ Mines- -5
e
70
Goldfield Development_bc
1
Goldfield Florence
/5o
10c
Gold Zone Divide
10e 110
Hamill Divide
Hawthorne Mines, Inc_ _1
25c 1431
Hecht Mining
-5
Hollinger Consol GM
3%
1
Howe Sound Co
18e
Independence Lead
1
Jerome Verde Devel
52e
Jib Canso) Mining
13315
Eel CoPPer Co
1%
Herr Lake
5
20
Knox Divide
100
70
Lone Star Congo!
1
2%
Mason Valley Mines
5
McKinley-Darragh-Say_l
Mohawk
37
Mohican Copper
1
National Tin Corp...
70
.680
New Cornelia Copper Co.5 24
New Jersey Zino
100 192
NIpitaing Mines
8%
5
Ohio Copper
1
131
Parmac Porcupine Mlnes-1 45c
Plymouth Lead Mines. ..1 790
Portland Gold Mining_ _
460
Premier Gold Mining Ltd _1
2%
Ray Hercules, Inc
5 13c
Rescue Eula
Rochester Silver Corp_ _ _ _
130
San ToYMInIng
1
Shattuck
3431
80
Sc
1% 1%
22e 220
4
43.4
4%
4
44c 450
370 420
33i5 313is
10e 100
3% 314
500 500
70
Go
30
30
1431 1531
80 1213
420 480
8c
80
40
4a
lo
lc
50
80
90
70
Sc
60
100 Ilo
130 13e
13% 14%
14% 14%
331 335
11c 18c
1
98e
50c 81c
131 1 ou
1% 1%
20
20
80
40
2% 2%
16c 180
37
37
210 20
80
70
24%
24
189 195%
635 6%
Pis its
450 50c
740 79c
460 46c
25.4 2315
130 16c
220 280
130 130
20 130
32% 3434
25.000
300
1,000
18,800
2,400
3,000
29,000
12.600
2,000
3,400
1.400
20,000
8,000
700
13,400
9,000
5,000
6,000
1,000
48,000
4,000
31,000
14,000
1,000
9,400
100
20,700
01.400
1,500
71,100
38.900
200
1,000
11,000
8,800
6,000
100
1,000
5,000
300
630
1,400
18,100
11.300
50,300
100
5,600
6,000
2,000
2,000
13,000
3,400
30
Oct
1
Feb
7c
Feb
134 May
Jan
12c
Nov
3
38c Dec
4% Dec
35o Dec 400
15c
Aug 34e
1% Jan
431
10c June 700
3% Oct
431
44c Sept 750
40 Jan 220
le
Jan
2c
6
Mar 23%
443 June Its
40o Sept 70e
6c Dec 100
4c Feb
6e
be Dec
To
20 Aug 190
Sc Dec 42c
2c June 120
251
Apr 260
12c Nov R2c
834 Jan 1331
1134 Mar 1531
1% June
331
(le
Apr 180
760 July
2
150 Mar 950
1
Apr
131
131 Mar
231
lo May
30
la May
go
131 Jan
2%
13o
Jan 18o
8c
5o
15%
134%
531
85c
180
20e
43c
131
4o
20
Sc
20
Oct 48a
Aug 18i3
Jan 25%
May 194
Jan
631
Mar
June 670
Jan 800
Oct
530
Apr
2%
Dec 38a
Aug
2i3
Jan 120
Apr
5o
Dec
Dec
Nov
Mar
Jan
Jan
July
Dec
June
Jan
Dec
Aug
Jan
sent
Nov
Jan
Jan
Aug
Jan
Dec
Dec
Dec
Feb
Jan
JulY
Dee
Nov
Dec
Aug
Dec
Mar
Jan
Oct
July
Dec
Dee
Oct
Mar
Oct
July
Nov
Feb
Aug
Oct
Feb
[Vor, 120.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Mining (Concluded) Par. Pr-ice. Low. High. Shares.
Silver Dale Mining
South Amer Gold & Plat__1
Spearhead
1
Success Mining
1
Teck Hughes
1
Tonopah Belmont Dave'.1
Tonopah Divide
1
tonopah Extension
1
Tonopah MMus
1
Tri-Bullion S & D____10o
Trinity Copper
United Eastern Mining_ _1
tufted Verde Extension 50c
il 6 Continental Mines_ _ _5
Unity Gold Mines
5
Utah Apex
5
Walker Mining
1
Wenden Copper Mining...1
Western Utah
1
White Caps Mining__ __10c
Wllbert Mining
1
Yukon Gold Co
5
2c
334
8c
3l,
lle
28%
90
531
2%
30
2c
331
7c
lc
1315
55c
26e
3
131
lie
190
390
2834
8o
77c
5
335
231
170
3c
3c
40c
Range for Year 1924.
Low.
3c
331
9c
12c
131
59c
28o
33,5
High.
27,000
lc July
231 June
2,300
Jan
31,000
2c
50 Dec
12,000
lin May
17,600
Apr
800 40c
1.000 170 May
134 Jan
10.800
2,500
1% Jan
110
3,000
22c
5,000 25e May
390
Oct
1,000 350
June
29% 13,200 21
11c 16,000
90 Nov
770
Dee
100 560
5% 2,200
Apr
2
33.4
2
500
Apr
23-6 6,200
Apr
1
24c
8,000 150 Aug
3°
8,000
2c Mar
3c
3,000
lc June
40c
1,000 50c May
Jan
6c
534 Oct
10c June
510 Feb
134 Jan
75c Feb
40c Feb
334 Oct
231 July
160 Nov
80c
Jan
1 3-16Feb
3031 July
Jan
20e
24 Feb
3% Dec
4
Dec
231 Dec
Jan
50c
be Sept
6c Nov
Jan
80c
Bond.
tilled Pack cony deb Os 39 81
81
8131 22,000 48
Dee
May 85
Sc. series B
1939 94
88
54.000 67
Dec
May 94
Aluminum Coot Am 751933 10734 107% 94
107% 8,000 105% Mar 107% Aug
..aier & E deb M._ _2014 9635 9635 98%
15,000 9431 Oct 964 June
American Ice 7s
106
105% 107
7,000 9934 Oct 107% Aug
American Power & UhtOs old warr attach_ _2016 9435 9431 95
223,000 9331 Dec 95
Sent
timer Rolling Mill 65_1938
100% 100%
Amer Sumat Tob 7315 1925 9635 96% 9731 9,000 9831 Apr 10134 008
Feb
July 99
American Thread 65..1928 103% 103 10331 13,000 73
Anaconda Cop Min 85 1929 10334 10331 10301 9,000 10134 Jan 104% Nov
63,000 101
Feb 104 ' Aug
Anglo-Amer 011731s_ _1929
100% 100% 6,000 10031 Dec 105% June
Assoc'd Simmons Hardware
630
1933 83
83
83
14,000 7131 June 9331 Feb
Atlantic Fruit 85
22
22
22% 6,000 17
Mar
Dec 36
Atl G & W I SS L 55_ _1959 6331 6331 8431 149,000 42
Dec
Jan 62
Beaver Board Co 88_1933 93
90
93
43,000 70
Jan 8934 Deo
Belgo-Canadian Pap 85 '43
98
98
1,000 92
Feb 9734 Dec
Beth Steel equip 76-.1935 10331 10311 10431 33,000 10234
Feb 1044 Oct
Canadian Nat Rys 4315'54
9431 9431 4,000 93% Dee 96
Sept
7s
1935
10934 110
26,000 108% Jan 112
Sept
Central Leather68_ _1945 • 96% 9531 9731 543,000 95
Dec 95% Dec
Chic R I & Pac 530..1926
101 101
2,000 9731
Chic Un Station 55___1944 9831 9831 98% 25,000 9831 Nov 101% JulY
Dec 98% Nov
Childs Co (is
1929 109
109 110
73,000 102 June 110
Dec
Cities Sec" 75, Ser B_1968
151 15131
700 11831 Feb 145
Dec
75, Series C
Ill 112 110,000 89% Jan 112
1966 112
Nov
7s Series D
1966 99
98% 9934 74,000 89
Jan 101
Nov
75, Series E
109 109
1988
5,000 101
Apr
Dec
Cities Service Pr & Lt 6544 9431 9431 9431 52,000 94% Nov 110
94% Dee
Cons G.El.& P.Balt,89'49 10531 104% 10531 13,000 101 St Jan 10534 June
6315 Series D
109 10931 3,000 106% May 109% Nov
1951
Consol Textile 88
1941 90
8831 90
14,000 tin
eletit 97
Jan
Cuban Telephone 7315 1941
10631 10834
5,000 100
July 107% Oct
Cudahy Pk deb 530-.1937 91
9035 91
62,000 8134 May 9031 Dec
Deere & Co 7%5
104 104% 10,000 9934 May 105
1931
Nov
Det City Gas 135
1947 103
10254 103
14,000 9931 Jan 10331 June
Detroit Edison 13s. _ _ 1932
11331 114
14,000 102% Jan 11331 Doc
55
9735 9731 9731
1949
3,000 97
Dee 93
Nov
Dunlop Tat R of Am 76_ 1942 10335 101 10331 173,000 90
onn 100% D
Federal Sugar 85
96
1933 98
Nov 10131 A.9831 28.000 95
Fisher Body 88
101
1926
101
1,000 95
Nov 1013-4 Aug
85
102 102
1928
8,060 9711 Jan 102% Dec
101
Oak (Robert) Co 75_ 1937
10131 19,000 94% May 100% Snot
Galena-Signal 011 75_1930 105
10454 1053-4 8,000 104% Jan 108
Aug
General Asphalt Rs__ _1939
10011 100% 2,000 9931 Dec 10031 Dec
General Petroleum (le 1928 100% 100% 10035 7,000 9431 Jan i(Ii
Aug
Grand Trunk RY 6318-1936 10631 106.4 107
28.000 105% Dec 108% Aug
Gulf 011 of Pa 5s
9 41 99
,
1037
51,000 94
Jan 98% Nov
Serial 5315
1926,
10135 10135
1.000 100
Mar 10131 July
Hood Rubber 7s
19311 10231 102 10231 20,000 9931 May 102% Nov
Internat Match 6%s 1943
120 125 342,000 92% Jan 115% Dee
5
Italian Power 6315.... 1928
974 9735
1,000 9731 Feb 100
Sept
Kan City Term Ry 531s'26
102 102
6,000 10031 Jan 10231 Sept
Lehigh Pow Secur 65. 1927
101
10131 24,000 98
Jan 10134 Nov
1.1bby McNeill&Libby75'31
102 10231 8,000 94
Jitne 101% Nov
Liggett Winchester 75_1942 108% 108 10831 12,000 102% Jan
Manitoba Power 713._ _1941 9931 98% 99% 51,000 95% Jan 108% Nov
10031
Missouri Pac RR 55 _1927
loos-g 10034 r000 99% June 100% Sept
Aug
99% 13,000 92 June
Morris & Co 7%5
1930 99% 99
100% Feb
Nat Distillers Prod 75_1930
1013-4 10131
1,000 85 June 100% Nov
National Leather 85_1925 1013-4 10136 10131 18,000 92
'Apr 1024
New On Pub dery 65_1952 8731 8631 87% 63.000 8131 Jan 954 Nov
Jan
Nor States Pow 8315._1933 10734 107% 107% 13,0000 98
Jan 1013
oeo
gold netts_ _ _1933
101 102
6%"/
27,000 9831 May 100
Oct
Ohlo Power 55, Ser 13_ _1952 90
8931 8931 7,000 84% Jan 91% Sept
Park & Tliford fis
9731 9735
1936
1,000 84
Feb 97% Sept
Pennok 011 Corp 65_ _1927
97
97
13,000 95
Dec 96
Deo
Penn Pow & Light 6s _1952
9331 9331 13,000 87% Jan 94
June
Phila.Electric 5345_ _ _1947
104 104
3.000 98% Jan 10431 Dec
55
1960 99% 9931 9931 33,000 9931 Dec 9031 Dec
1953
534*
10434 10431
2,000 9831 Jan 104% Dec
Phillips Petrol 731s_ .. _1931
10331 104
9,000 100
Apr 104
Aug
Pub Serv El A; Go,.5 Yis.'04 9834 98
9831 229,000 9831 Dec 97
Nov
Public Service Corp 65 1944
9531 95% 9,000 94
Oct 97
July
Pure 011 Co 630
1933 100
983-4 100 143,000 9211 Jan 99
Dec
Shawaheen Mills 7s
1931 103% 10331 104
19,000 102
Jan
Mar
Sinclair Cons Oil 135 _.1927
102% 10831 915,000 9831 Dec 104% Noe
9931
Sloss-Shell St & I 68.1929 101% 10131 10136 2.000
97
Jan 102% JulY
Solvay & Cie
100% 101
1944 101
19,000 99
Sept
Apr 102
South Calif Edison :1-.1944 93
9235 93
7,000 89% Jan 93% Nov
Standard Gas & El 8%s'54 11335 113 12131 1072000 98
Aug 1084 Dec
Stand 011 of NY 830-1933
10731 10754 26.000 10514 Jan 10931 June
Sun 011 530
_1939
96% 97 141,000 95
Dec 96% Dec
Swift & Co 138--Oct 15 1932 9534 95
9531 141,000 8931 May 954 Aug
Tidal-Osage 011 75_ _1931
104 10454 4,000 101% Jan 104% Jill
Union El LetP of I115915934
9931 100
27,000 9431 Apr 100
Nov
United Oil Prod 8s...1031
33
35
4,000 23
Oct 7934 Feb
Un Rye of Havana 730.'36 110
108 110
7,000 10531 Jan 110 , Nov
Vacuum 011 78
1936 10831 108% 10731 55,000 108
Jan 108 June
Valvoline 0118s
1937
10431 10431
1,000
Webster Mills 830__ _1933 10335 102 103% 22,000 10131 Apr 10434 July
100% Jan 104% Sept
Foreign Government
and Munleipailties
Bogota (Colombia)8a_1945 9631 96
97 $65,000
Cuba (Rep of) 65w 1_1935 9831 98% 98%
20,000
French Nat Mall SS 75 1949 90
90
9035 43,000
Indus Mtge Bk of Finland
181 M coil s f 7s__ _ _1944
9331 9331 26,000
Krupp(Fried) Ltd 75 w u'29 99
99
99
7,000
Netherlands(Itingd)85B'72 10434 103 104% 71,000
Peru (Republic of) 85_1944
99 100
5,000
Russian Govt 6365_ _ _1919 1531
1431 17 101,000
8315 certificates_ __ _1919 14%
14
1831 196,000
531s
1921 14
14
1735 77,000
5315 certificates_ _1921
14
15% 44.000
Switzerland Govt 5lie 1929 101% 10031 102
66,000
Ext 5% notes
1926 101
10034 101% 48.000
Deo
98% Dec
99
91
Dec
914 Dec
9334 Nov
9834 Sent
89l'i Apr 104
9934 Oct 9934
9
Jan 21
10
Jan 2034
931 Jan 20%
935 Jan 21
9731 Apr 102
9731 Jan 101
Dee
Oct
Aug
Feb
Aug
Aug
Aug
Nov
• No par value. k Correction.
Listed onIthe Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. to When
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
323
inuestux.ent anti Sailroa.d. intelligence.
Latest Gross Earnings by Weeks.—In he table which
follows we sum up separately the earnings for the first week
of January. The table covers 11 roads and shows 2.56%
+zlecrease from the same week last year.
1925.
First Week of January.
Increase. Decrease.
1924.
$
101,766
Ann Arbor
270,486
Buffalo Rochester & Pittsburgh3.593,126
Canadian National
2,492.000
Canadian Pacific
1,535,919
Great Northern
286,333
Minneapolis & St Louis
314,463
Mobile & Ohio
1,626,883
-San Francisco
St Louis
492,995
St Louis Southwestern
3,397,742
Southern Railway
344,005
Western Maryland
82,538
425,583
494.000
51,813
47,443
17.021
215,551
62.858
189,481
16.295
623,113 1,002,121
R70.008
14,455,718 14,834,726
Total (11 roads)
NM rietermum (2.56%)
$
$
22,651
$
79,115
353.024
4,018,709
2.986.000
1,484,106
238.890
297,442
1,411,332
430,137
3,208.261
327,710
In the table which follows we also complete our summary
of the earnings for the fourth week of December.
Fourth Week of December.
1924.
1923.
Increase. Decrease.
$
$
$
$
(
)
33
0
Previously reported (13 roads)... 17,1111,A86 19,(?t111. 391,488 1,5012g
Georgia & Florida
970,829
28,800
941,829
Texas & Pacific
Total (15 roads)
Net decrease (5.70%)
19,030,914 20,177,845
391,488 1,538,419
1.146,931
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
Previous
Year.
Increase or
Decrease.
$
$
$
1st week October 116 roads)
20,743,925 22,525,076 —1.781.151 7.90
2d week October 16 roads)
20,567,810 22,435,931 —1,868,121 8.32
3d week October 16 roads)
23,294,670 21,936.283-1,358,387 6.19
4th week October 16 roads)
31,627,038 35,092.977 —3,465.938 10.95
1st week November 116 roads
21,523,466 22,971,811 —1,415,345 6.16
2d week November 16 roads
20,905,122 23,411,584-2,506,462 10.70
3d week November 16 roads
20,734,931 22,568,666 —1,833,735 8.84
4th week November 16 roads -... 24,470,236 27.366.760 —2,896,524 10.58
1st week December. 16 roads1
19.379,076 20.782.125-1,403.049 6.75
2d week December 16 roads
18,620,438 20,042,471 —1,422,033 7.09
3d week December 16 roads
18,038,076 19.648.054 —1,609.978 8.29
4th week December 15 roads
19,030.914 20.177.845 —1,146,931 5.70
1st week January (1 roads)
14,455,718 14,834,726 —379,008 2.56
4
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
including all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Gross Earnings.
.Month
1924.
Increase or
Decrease.
1923.
1924.
1923.
Increase or
Decrease.
Jan -- 467,887,013 501,497,837 —33,610,824 83,953,867 93,366,257 —9,412,390
Feb __ 477,809,944 445,870,232 +31,939,712 104.117,278 70,729,908 +33,387,370
Mar__ 504.016,114 534,644,454 —30,628,340 114,754,514 117,668,590 --2,914,076
-21,294,242
April_ 474,094,758 522,336,874 —48,242,116 101,680,719 122,974,961 -30,448,083
May _ 476,458,749 546,934,882 —70,476.133 96,048,087 126,496,150 June _ 464,759,956 540,202,295 —75,442,339 101,527,990 124,374,592 -22,846,802
-9.601,754
July-- 480.704,944 534,222,102 —53,517,158 112,626,696 122,228,450 Aug.. 507,406,011 563,358,029 —55,952,018 134,669,714 136,817.995 -2,148,281
Sent-- 539,853,860 544,970.083 —5,116,223 165,049,184 134,911,897 +30,137.287
Oct __ 571,405,130 586,540,887 —15,135,757 168,750,421 142,540,585 +26,209,836
Nov_ _ 504,589,062 530,724,567 —26,135,505 131,435,105 125,084,714 +6,350,391
Rote.—Percentage of Increase or decrease in net for above months has been
January, 10.08% decrease; February, 47.19% Increase: March, 2.47% decrease;
APrIl. 17.32% decrease; May,24.07% decrease; June. 18.37% decrease; July,7.86%
decrease: August. 1.57% decrease; September, 22.33% increase; October, 18.38%
incretse: November, 5.08% Increase. In January the length of road covered was
238,698 miles In 1924, against 235,886 miles in 1923; in February. 235,506 miles,
against 235,878 miles; in March, 235,715 miles, against 236,520 miles; In April,
235,963 miles, against 235,665 miles; in May,235,894 miles, against 234,452 miles;In
June, 236,001 miles, against 235,691 miles; In July, 235,145 miles, against 235,407
miles; in August, 235,172 miles, against 235,445 miles: in September, 235,178 miles,
against 235,640 miles; In October, 235,189 miles, against 235,625 miles; in November, 236,309 miles, against 238,122 miles.
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,
—GrossEarnings— —NetEarnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
dAmer Power & Lt Co_ _Nov 3,156,700 3,045,954 *1,433,402 *1,292,333
12 mos ended Nov 30- _35,412,873 33,334.348*14,797,932*13,656,180
Illinois Bell Tel Co
Nov 4,759,564 4,398.441 *905,116 *719,294
11 mos ended Nov 30-50,740,630 47.012,812 *8.608,865 *7,411,121
Southw Pr & Lt Co_ _ _Nov 1,118,137 1,050,126 *563,368 *531,526
12 mos ended Nov 30...._12,305,605 11,247,798 *5.800,693 *5,238,083
Western Union
Nov '24 9,186,000 9.128,000 *961,000 *1,041,000
11 mos ended Nov 30 '24 102.537,000 102565,000*11,987,000*12,546,000
* After taxes.
c Earnings from operation of properties of subsidiary companies and not
the earnings of the Southwestern Power & Light Co.
d Earnings from operation of the properties of subsidiary companies and
not the earnings of the American Power & Light Co.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
Appalachian Power Dec '24
'23
Co
12 mos ended Dec 31 '24
'23
Nov '24
Asheville Power
'23
& Light Co
12 mos ended Nov 30 '24
'23
Associated Gas & Nov '24
'23
Cos
Elec
'24
12 mos ended Nov 30 '23
329,422
293,189
3,661,349
3,434,228
88.199
79,701
1,080.181
984.711
594,162
306,791
5,002,251
3,247,806
*167,791
*162,715
*2.047,034
*1.680.923
*34.940
*36,470
*438,865
*379,660
205,931
120,735
1,836,475
1,159.108
83,219
84,572
106,651
56,064
890,038 1,156.996
656,109 1.004.814
5.937
29.003
5,232
31,238
368,980
69,885
62,654
317.006
128.873
77,058
49.069
71.666
968,896
867,779
537,163
621,945
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
50,258
Carolina PowerEILNov '24
296.578 *125,820
32,100
*79,885
& Light Co
232,388
'23
467.795
R12 mos ended Nov 30 '24 2.630.495 *1,381.985
333.781
'23 2.252.380 *996.988
383,340
Detroit Edison Co Dec '24"3,469,972 - 1.35.5,440
354,572
'23 *3,225,679 1,233,268
12 mos ended Dec 31 '24 *34,163,286 10,265,563 4,163,705
*31,724,185 9.359.726 4,212.175
'23
16,793
Fort Worth
258,840 *121.706
Nov '24
18,385
Power & Light Co
'23
271,440 *129,787
210,323
12 mos ended Nov 30 '24 4,085,325 *1,417,881
225.108
'23 2.985,878 *1,356,971
89.946
Havana Elec Ry, Nov '24 1.249,877 *645,883
92.700
Light & Power Co
'23 1,185,907 *671.413
999,081
11 mos ended Nov 30 '24 13,044,351 *6,594,740
'23 12,245,649 *6,648.470 1.025,082
105,531
Kansas Gas &
480.581 *223.048
Nov '24
91,881
Electric Co
504,995 *171.228
'23
12 mos ended Nov 30 '24 5,617,940 *2,022.180 1.122,498
966,233
'23 5,556,063 *1,823.223
41,430
155,926
Manila Electric
326,220
Dec '24
37.314
164.654
317.571
'23
468.593
12 mos ended Dec 31 '24 3,724.897 1,838,800
450,613
'23 3,571,861 1,751,352
59,660
Nebraska
356,832 *207,557
Nov '24
54.766
Power Co
344.233 *186.940
'23
670.832
12 mos ended Nov 30 '24 3.920,373 *1.933,722
655.374
'23 3,783.478 *1,729410
60,196
Pacific Power
270,475 *108,941
Nov '24
59,992
& Light Co
278,286 *136.792
'23
720,614
12.mos ended Nov 30 '24 3,198,143 *1,477.733
684,981
'23 3.107,874 *1,524,141
38.848
Portland Gas
332.561 *109,055
Nov '24
40.500
& Coke Co
*97,964
284,957
'23
465.763
12 mos ended Nov 30 '24 3,680,905 *1,351.945
446.047
23 3,402,441 *1,232,642
72,802
Texas Power
602,733 *279.985
Nov '24
59,926
& Light Co
560,787 *258,114
'23
815.838
12 mos ended Nov 30 '24 6,379,309 *2.827,113
703,779
'23 5,546,678 *2,259,267
West Penn
924.939 f517.861
Nov '24 2,163,386
894,233 f472,936
Company
'23 2,104,482
12 mos ended Nov 30 '24 25,362.123 10,403.936 f5,901,350
'23 24,165,650 9.749,495 f5,370,900
34.556
Yadkin River
*97,319
Nov '24
184,396
34,567
Power Co
*88.429
'23
171,575
414,538
12 mos ended Nov 30 '24 1,869.227 *1,022,618
400,355
'23 1,831.210 *976,191
York Utilities Co Nov '24
k4,102
P1,228
12,496
k4,277
--4.888
13,582 j*
'23
12 mos ended Nov 30 '24
k44,867
P8.809
164,203
545,750
'23
209,172 312,690
Balance,
Surplus.
75.562
47.785
914.190
663.207
972.100
878,696
6,101,858
5,147,551
104,913
111.402
1,207.358
1.131.863
555.937
578,713
5.595.659
5,623,388
117,517
79,347
899.682
856.990
114,496
127,340
1,370.207
1.300,739
147.897
132.174
1.262.890
1.074.076
48,745
76,800
757.119
839,160
70,207
57,464
886.182
786,595
207.183
198.188
2,011,275
1,555.488
407.078
421.296
4,502.586
4,378.565
62.763
53.862
608.080
575,836
—2,874
—9.165
—36,056
—33.060
f Includes preferred dividends of subsidiaries.
'Includes other income.
4
before taxes. k Includes taxes.
New York City Street Railways.
Net Corp.
Fixed
*Net
Gross
Revenue. Revenue. Charges. - Income.
$
149,334
Brooklyn City
37.958
187,292
Oct'24 1,016,657
158.106
53.339
211,445
'23 1,055,649
10 mos ended Oct 31 '24 9,903.063 1.946,694
403.276 1,543.418
523,543 1.914.498
'23 10,008.721 2.438,040
Brooklyn Heights
57,953 --50,351
Oct'24
1,560
7.602
68,185 —59,134
1,417
9,051
'23
10 mos ended Oct 31 '24
580.769 —525,563
55,206
39,426
692.038 —611,339
'23
71,341
70,699
Brooklyn-Queens
Oct'24
52.782 —22,801
222,463
29,981
—4,191
51,454
'23
223,484
47.263
10 mos ended Oct 31 '24 2,120.092
525.789 —91,395
434,394
75.226
511.741
'23 2.129,630
586,967
Coney Island &
27,818
Oct'24
27.206
235.994
55.024
Brooklyn
21,733
'23
235,529
26,648
47,281
10 mos ended Oct 31 '24 2,471.261
347.680
278,036
625,716
315.512
'23 2,470,082
589,542
275,030
Coney Island &
6,570
Oct'24
—161
13.547 --13.708
Graves,nd
6,958
--2,947
13,595 --16,542
'23
10 mos ended Oct 31 '24
135.909 --108,731
119,394
27,178
.
'23
124,379
44.042
135,703 --91,661
Nassau Electric
—4.137
Oct'24
511.986
88,409
92,546
31.268
'23
483,668
124,832
93,564
10 mos ended Oct 31 '24 4,914,240
912,781
923.727 —10,946
345,727
'23 4,631,022 1.280,476
934,749
South Brooklyn
—325
Oct'24
98.862
24,285
24.610
103.963
9.632
'23
36,677
27,045
10 mos ended Oct 31 '24 1,043,313
241,849
54.865
296,714
43,052
'23
955.524
357,488
314.436
Manhattan Bridge
390
Oct'24
297
22,996
687
3d Line
1,066
266
'23
24,305
1,332
10 mos ended Oct 31 '24
10.060
2.887
224,172
12,947
9.993
2.407
'23
230.636
12 400
1nterboro Rapid Transit System—
Subway Division Oct'24 3,425,181 1.587,866 11165.871
521.995
343.743
'23 3,318,917 1,473,079 1,059,336
10 mos ended Oct 31 '24 32,251.423 13.957.490 10,615,391 3.342.099
'23 30,530,811 12,021,759 10.400.445 1,551,314
Elevated Division Oct'24 1,697.109
691,467 —148.819
542,648
625,851 —61,076
564,775
'23 1,761.502
10 mos ended Oct 31 '24 16,017,733 4,502.604 6,830,249 -2,327.645
4.383.963 5,836,089 -1,452,126
'23 16,009,327
N Y Rapid Transit Oct'24 2.549,123
373:534
489,113
862.647
256.428
479.359
735,787
'23 2,292.510
10 mos ended Oct 31 '24 24,283,467 7,418.015 4,837,984 2,580,031
'23 21,466,667 6.518.236 5,013.668 1,504.568
Third Ave Ry .
225,465
16,331
241.796
Oct'24 1.261,476
224,668
25,217
249,885
'23 1.255,245
1,632
ended Oct 31 '24 12,273,521 2,242,615 2,244.247
191,682
'23 11,195,437 2,434,349 2,242.657
212,916 —36,816
New York Rail176.100
Oct '24
734,279
269.100 —188,848
80.252
ways (Receiver)
'23
818.888
876,986 2.523,886-1.746,900
10 mos ended Oct 31 '24 7,365,907
708,121 2,375.275-1,667,154
'23 7,614,865
Eighth Ave RR
1,937
1,263
3,200
99.342
Oct '24
—552
11.448 —12,000
103,415
'23
10 mos ended Oct 31 '24
—9.999
89,617 —99.616
978,090
110,522 —150,620
978.870 —41,098
'23
Ninth Avenue RR Oct '24
—4.699
3,735
—8.434
44,425
—6.858
1,604
—8.462
45.366
'23
10 mos ended Oct 31 '24
26,195 --91,824
396.244 —65.629
15,150 —114,340
419.766 --99,190
'23
N Y & Harlem
130,382
49,746
80.635
127.431
Oct '24
124.617
49,416
75,201
136,916
'23
513.365
10 mos ended Oct 31 '24 1,213,880 1.237.336
723.970
511.284
754.413
'23 1,227,527 1,265.697
Second Ave RR
8,308
17.529
--9,221
90.320
Oct'24
8,358
17,271
(Receiver)
--8,913
91,427
'23
10 mos ended Oct 31 '24
76,647
184,408 --107,761
917,710
55.525
166,678 --111,153
853,601
'23
N Y & Queens
6,998
25,875 --18.877
64,382
Oct '24
1,736
25.525 --23,789
55.296
't3
10 mos ended Oct 31 '24
90,161
267,296 --177,135
499,690
24,608
560,953
158.185 --133.58S
'23
Companies—
System
mos
324
THE CHRONICLE
[Vor.. 120.
Gross
*Net
Fixed
Net Corp
National Biscuit Company.
Revenue. Revenue. Charges.
Income.
$
$
$
$
(Annual Report-Year Ended Dec. 31 1924.)
Steinway By (Rec) Oct '24
62,941
5,277
1.309
3.968
Pres. Ray E. Tomlinson reports in substance:
'23
61.494
1,246
4.630
-3,384
10 mos ended Oct 31 '24
686,718
49,104
42.793
6.311
The only indebtedness is for
materials, supplies
'23
633,491
51,066
42,404
8.662 Items incurred so recently thatraw accounts could not and other incidents
the
be audited and paid
Long Island Elec
Oct '24
31,355
2,391
4,693
-2,302 before the close of the year.
'23
33.167
-3,917
The increase in the stocks and securities balance represents Common
3.800
-7,717
10 mos ended Oct 31 '24
339,266
1,491
40.963 -39,472 stock purchased and held for distribution to employees under plan an'23
334.714 -24,210
38.105 -62,315 nounced Oct. 15 1924. This plan enables employees to purchase Common
N Y & Long Island Oct '24
41,442
2,406
9,553
-7.147 stock, paying for it in installments (V. 119, p. 1964).
In 1921 the Federal Trade Commission started proceedings to com_pel
(Receivers)
'23
43,285 -27.973
8,387 -36,360
10 mos ended Oct 31 '24
380,841
47,139
67,676 -20,537 the company to alter its graded quantity discount plan, long in use. The
'23
415.133
201.643
87,725 -289,369 case was successfully contested by the company and on May 5 1924 the U. S.
Circuit
of Appeals in New
Ocean Electric
Oct '24
20,301
1,680
4,040
-2,360 plan "IsCourt all respects as to all York held that the company's discount
fair in
'23
19,835
-1,444
4.186
-5,630 p. 2313). The U. S. Supreme its competitors and customers." (V.118.
Court refused to disturb this conclusion
10 mos ended Oct 31 '24
299,315
108,615
57,813
55,522
V. 119. El. 1964).
'23
301.101
122.027
67,094
54,933
In Los Angeles, Calif., a piece of ground containing about 36,000 sq. feet)
Manhat & Queens Oct '24
34,901
2,717
10.147
-7,430 was purchased. Plans have been completed and the new bakery building
(Receivers)
'23
34,604
5,742
10,558
-4,816 will be started in Jan. 1925. Tho new
10 mos ended Oct 31 '24
326,099
57,952
92,229 -32,277 14 1924 and is now almost ready for the bakery in Chicago was started AprU
installation of ovens and machinery.
'23
331.732
81,027
105.826 -24,799 At Baltimore a 4
-story building was purchased. It adjoins the company's
Richmond Lt & RR Oct '24
65,190
7.038
10,282
-3,244 Baltimore bakery and will be utilized during the coming year as a part of
Co
'23
65,385
96
8,323
-8,227 the plan to double the capacity of this bakery. In Cleveland, Ohio, the
10 mos ended Oct 31 '24
679,335
69,440
95,429 -25,989 company purchased the property which it formerly occupied on leasehold.
'23
684,091 f491,567 f129,894 1360,773 and it is planned to use this building as a bread bakery exclusively as soon
•Includes other income.
as a separate biscuit bakery can be erected on land purchased for this purpose four years ago.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
FINANCIAL REPORTS.
1924.
1923.
1922.
1921.
profits
Net
Financial Reports.
-An index to annual reports of steam Preferred diva. (7%)_ -$12.881,530 $12,092,828 $11,024,980 85,677.461
1.736.315 1,736,315
1,736,315
1,736.315,
Common dividends
8,186.080 6.139 560 3,069,780 2,046.520,
railroads, street railway and miscellaneous companies which
Rate of Common divs_
(16%)
(12%)
(85i%)
(7%)
have been published during the preceding month will be given
Balance, surplus
$2,959,135 54.216,953 56,218.885 81,894,626
on the last Saturday of each month. This index will not
Previous surplus
include reports in the issue of the "Chronicle" in which it is Com.(stock) dividend_ 11,492,561 7,275,608 22.983.724 21.089,097
(75%)21,927,000
Companies-
published. The latest index will be found in the issue of
Dec. 27. The next will appear in that of Jan. 31.
Continental Motors Corporation.
(Annual Report
-Year Ended Oct. 31 1924.)
On subsequent pages will be found the remarks of President
R.W.Judson as well as the income account and balance sheet
for the year ended Oct. 31 1924. President Judson in his
remarks covers the history of the company since organization
in 1902, both physically and financially.
Profit & loss, surplus-$14.451.696 $11,492,561 $7,275,609 $22.983,724
BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets
Liabilities
Plant, real estate,
Preferred stock...24.804,500 24.804,500
machinery,&c.-71,292.044 68,399,760 Common stock_ _51,163,000 51,163.000.
U. S. securities. _13.300,764 13,300,764 Accounts Payable_ 501,383
699,255
Cash
1,241.355 3,277.344 Common dividend
Stocks & securities 1,338,413
562,011
Payable Jan. 15_ 1,534,890 1,534,890
Acc'ts receivable- 3,576,639 3,273,483
& carton facRaw math, suptory reserve_ _ __ 4,000.000 4,000,000 •
plies, &a
7,556,254 6,580,844 Tax reserve
1,850,000 1,700,000
Surplus
14,451,697 11,492,561
INCOME ACCOUNT FOR YEARS ENDED OCTOBER 31.
98,305,470 95,394,206 Total
Total
1922-23. • 1921-22.
1923-24.
98,305,470 95,394,206 •
1920-21.
Profits for year
$4.654,374 $3,886,196 $2,955,691
$801,875 -V. 119, p. 1964.
Interest
610.370
497.547
506,092
631,359
Premium on notes red
30,000
R. J. Reynolds Tobacco Co.
Depreciation
1,143,981
1,208.195
888,655
542,050
(Annual Report-Year Ended Dec. 31 1924.)
Federal tax reserve
367,500
243,000
91,000
INCOME ACCOUNT FOR CALENDAR YEARS.
Net earnings
$2.502,523 $1.937,453 $1,469,944 def$371.534
Previous surplus
1924.
1923.
1922.
87,617,248 56,106,926 54.779.066 56,345,309
1921.
523.777,717 $23,039,876 120,479.234 $16,258,323
Prof. stk. pur.for can'n_
Cr.2,964
Cr.3,751 * Net profit
Sundry items approp.
Provision for add'! Fed'!
to prior periods
117.415
taxes (prior years)
266,000
1,513.562
Undiv. profits prey. year 16,955.098 4.915,222 12,122.425 2.064,102
Property adjustment_
Cr.11,988
Total surplus
540.732.815 527.955,098 534.115.221 $18,322.425
Total surplus
810,002,356 $7,790.367 $6,251,974 $5,977,526
-Fret. divs.(7%) 1,400,000
1,400,000
Loss in inventory value_
1,400.000
$904,292 Deduct
1,400.000
Common diva._ _(12%)9,600,000(12)9600,000(12)7.800000(8)4.800.000
Prem,on pref. stk ret'd_
138,587
Preferred dividends(7%)
34,533
145,048
148,096 Stock div. in new Class B
(33 1-3)20.000,000
Com.paid on Common
Common dividends_(60c.)1.056,507
(1%)146,073
Total undiv. profits--$29,732.814 $16,955.098 $4,915.222 $12,122,425
Profit and loss,surplus $8.945.848 $7.617,248 $6,106,926 54.779,066
BALANCE SHEET OCTOBER 31.
* Net profits after deducting all charges and expenses of management
1924.
1923.
1924.
and after making provision for interest, taxes (incl. Fed. and State income
1923.
LiabilitiesAssets
taxes), depreciation, advertising, &c.).
$
$
Property account 215,689,991 16,472,482 Common stock_ _d17,308,450 17,308,450
Note.-Pederal income, excess profits and war profits taxes on earnings
Patents, goodwill,
634% bands
for all years up to Dec. 31 1924 have been paid or set aside in the above
7,500,000
trade name, dm_ 5,908,317 5,908.317 Purch.money obit
27,500
40,885 statement in maximum amounts and pending tax adjustments should
492,484
Investments
159,788 7% ser. gold notes
3,750.000 result in a substantial increase in the undivided profits account.
4,774,536 1,541,299 Notes payable ___
Cash
4,300,348
BALANCE SHEET DEC. 31.
131.338 Res. for conting_
Notes receivable__ 149,943
117,597
1923.
1924.
Accts.receivable__ b1,590,609 1,669.192 Accounts payable_ 622,783
1924.
693,793
1923.
Assets
15,863 Accr. pay-rolls,&c. 435,543
Marketable secure.
$
390,686
$
Pt. stk.U7ie47,T
Inventories
e5,637,214 8,471,730 Federal tax reserve 425,868
cum_20,000,000 20.000.000
529,622 Real est., bides,
machinery,&a-17.672,834 16,272,615 Common stock.. 10,000,000 10,000,000
Surplus
Prepaid int., taxes,
8,945,848 7,617,248
22,024,378 11,000,918 New Class
Cash
107.250
85,972
Accts.receivable_ _13,019,625 12,729,067
lass B om-70,000.000
stockC
37,126
Unam.disc.& exp. 874,914
Leaf tob.,supplies,
Accounts payable_ 4,063,011 70.000,000
Unabsorbed prep'n
2,954,729
mfd. prod., &c.85,726,035 85,573,052 Accrued interest,
234.225
62.012
cost
taxes, &c,
Inv. in non-com4,541,511 4,668,382
petitive cos_
4.147,850 2,311,702
tot
35,265.992 34,748,609 Total
Total
35,265,992 34,748 609
Resecon
& rvet d ncree 7,646,919 7,192,418
Other accts. and
eeP :
notes receivable. 1,483,528 2,278,944 Undiv. prof. (after
a After deducting $5,825,401 for depreciation and accruing renewals.
deduct'n of div.
b After deducting reserve for bad and doubtful balances. $155,506. c Val- Good-will. pat.,&c. 1,319,091 1,313,291
291,036 Payable Jan. 2).29,732,814 16,955,098
ued at cost or market, whichever is lower. d Represented by 1,760,845 Prepd.int.,ins.,&c. 590,913
shares of no par value.
145,984,256131,770,626 Total
Total
-Contingent liabilities in respect of customers' notes and trade
Note.
945,984,256131.770,626 •
-V. 120, p. 94.
acceptances discounted, $15,581.-V. 120. p. 90.
Manhattan Shirt Co., New York.
-Year Ended Nov. 30 1924.)
(Annual Report
comm..INCOME ct SURPLUS ACCT.FOR YEARS ENDING NOV.30.
1922-23.
1923-24.
1921-22.
1920-21.
5464.190 52.070.427 51,949,696 41.452,817
Net profits
deb.65.538 deb.69,975 deb.52,996 deb.97.823
Interest(net)
250,000
49.750
265.000
329,617
Federal taxes
106,565
106,533
107.026
112.000
Preferred divs. (7%)
(12%)847,801 (12)846,695 (9)502,567 (7)350.002
Common divs
$797,192 $1,022.107
def$605.432
$563,375
Balance, surplus
1,128,028 2,192,385 1,625,647
1,931.347
Previous surplus
Cr.6,127
Dr.8,448
Cr.3.709
Cr.3,363
Adjustments
Stock divs.(37 %)-..-2,090,173
Total P.& L.surplus_ $1,317,467 51,931,347 51.128,028 $2,192,385
Includes $6,948 received as dividends on investments.
CONSOLIDATED BALANCE SHEET NOV. 30.
1924.
1923.
1924.
Assets$
$
Preferred stock__ 1.600,000
Land.bidgs..mach..
&c., less deprec_ 1,412,117 1,487,554 Common stock__ 7,090,173
Notes.6, accts. pay.
Trade name, goodwill & patterns_ 5,000,000 5,000,000 & accrued accts. 1,966,292
115.426 Applied to retiring
Investments_ a ___ 102,318
Preferred stock_ 1,400,000
Cash
969,940
1,138,696
Reserve for Federal
Notes & accounts
receivable
1,424,451 2,273.410 and N. Y. State
49,750
Inventories
4,262,161 5,475,764 taxes
Deferred charges
89,051 Proflt and loss_ __ 1.317.467
83,939
Total
13,423,682 15,411,144
Total
1923.
$
1,600.000
7,090,173
3,139,623
1,400,000
250,000
1,931,348
13,423,682 15,411,144
a Includes Manhattan Shirt Co. Preferred and Common stock purchased
partly for retirement and partly for the accommodation of employees.
V. 118. p. 3194.
British-American Tobacco Company, Limited.
(Annual Report-Fiscal Year Ended Sept. 30 1924.)
The directors at London Dec. 18 report in substance:
The following interim dividends (free of British income tax) have been
paid on the ordinary shares, viz., 4% on Jan. 17 1924; 10d. per share on
March 31 1924; 10d. per share on June 30 1924; and 10d. per share on
Sept. 30 1924; and there is now an available balance of E5,521,255 made
o
gip prolloz r
etts fofi :
year, after deducting all charges and expenses
for management. etc.. and providing for income tax and
corporation profits tax are
£4,866,266
Preference dividend for year of 5%
225,000
Balance
£4,641,266
amount broughtforward per last balance sheet.
Add
£4,978,271;
less final dividend of 9% for the year ended Sept. 30 1923,
paid Jan. 17 1924, £1,446,426; and less amount appropriated
and applied in making payment in full for 75 ordinary shares
at El per share in accordance with extraordinary resolution
of May 10 1920 and distributed to the ordinary shareholders
at the rate of one share for every four shares held, £75.
Balance brought forward
3,531,771
Total available
L8.173,036
four interim dividends on ordinary shares
Deduct
2,651.781
Leaving available balance of
£5,521,255
out of which the directors recommend the distribution, on Jan. 19 next,
of a final dividend (free of British Income Tax) on the ordinary shares a
2 shillings per share amounting to £1,607,140, leaving £3,914.115 to be
carried forward.
The net profits above mentioned do not include the company's proportion
of the undivided profits of the associated companies which such companies
have not thought fit to declare as dividends.
The comparative income account was given in V. 120,
IL 90.
JAN. 17
1925.]
THE CHRONICLE
BALANCE SHEET SEPTEMBER 30.
1923.
1924.
1924.
1923.
4.88a8
--
484,046 Preferred stock_ _ _64,500,000 4,500,000
521,618 Ordinary stock_ _c16,071,402 16,071,327
Cred.& cred. bals_ 4,922,452 4,644,796
200,000 Res.for bldgs.,&c. 500,000
500,000
15,620,374 Prem,on ord. shs_ 462,433
444,967
Redemp.of coup's.
48,006
55,670
4,811,858 Special reserve__ 1,271,817 1,2.57,715
5,466,395 Profit and loss before deducting
1,094,710
final dividend__ 5,521,255 4,978,271
4.247,040
Tot.(each side) 33,305,030 32,446,042
aReal estate and buildings at cost, less provision for amortization of
leaseholds. b Preferred stock authorized and outstanding, £4,500,000 5%
Cumulative shares of El each c Ordinary stock represents 16,071,402
;
shares of £1 each. The total authorized issue is £18,000,000.
There are contingent liabilities (1) on shares not fully paid, £12.500;
(2) for premiums payable on redemption of shares in associated companies
allocated to employees; (3) in respect of guarantees given on behalf of
certain associated companies; and (4) to issue 505 Ordinary shares of El
each in accordance with the extraordinary resolution of May 10 1920,
to shareholders who have not lodged acceptances.
-V. 120, p. 90.
a Real est.& bldg. 488,449
Plant, mach., &c_ 497,432
Good will, trade
marks, &c
200,000
Inc.in assoc. cos_ _16,032,944
Loans, associated
companies, &c.._ 6,459.854
Materials & supp_ 6,148,602
Debtors & debit
bal..less reserves 651,963
2,825,785
Cash
325
pany, but the interest charge represents 43% of the total interest requirements on the funded debt.
The combined valuation of the Boston & Maine and leased roads as of
date of valuation Is $248,469,987. When allowance is made for additions
to the property since the valuation date, for increase in the value of materials and cash, and for certain minor parts of the system not covered
by the valuation, the total as of Dec. 31 becomes 5288,316,071. This is
comparable with a book investment figure of $262.315,354, and with a
total net capitalization outstanding in the hands of the public of $224,762.
During all the period of receivership. Government control, and since,
the property has been constantly improved. Expenditures have been made
at the rate of from $4,000,000 to $5,000,000 a year. Such earnings as have
been available have been put into property, but it has been necessary to
rely on the Government for funds for necessary improvements and for
refunding maturing indebtedness. Since 1916 it has been possible to sell
onlr olls
on e,islgerof bonds
e
the public.
by the Government, bear rates of 3% %.
4% and 43 %, and in one case 3% The average rate on all bond issues
)
i
other than Government loans is 4.5%. If this average were increased to
6%. the effect would be to increase the annual interest charges of the
Boston & Maine by over 51.300.000.
,
It is important that credit be restored not only in order that the necessary
funds may be available for improvements to the property, but that maturing
obligations may be funded at reasonable rates. During the next ten years
obligations to the total of $102,012,470 will mature, of which $43,685,479
are represented by Government loans.
It is expected that the operating results of 1924 will show a surplus after
Northern Securities Co., New York.
charges of about $1.500.000, which is better than any year since the war.
(Annual Report-Year Ended Dec. 31 1924.)
This surplus, however, means less than 3%% return on the property investment.
President E. T. Nichols Jan. 10 says:
If the cost of money to the Government is assumed to be 4X% it can be
During 1924 the company made no changes in its investments nor in computed that the difference of 1X % between this and a 6% rate on loans
their cost. Certain changes have been made in the company's holdings of of over $48,000,000 to the Boston & Maine, would, if compounded at 6%.
U. S. securities in which the company's income has been temporarily placed amount to over $11,500,000 in ten years. This amount represents the additional cost to the Boston St Maine over this period of a 6% rate as compared
pending its distribution in dividends.
During 1924 company received dividends aggregating 10% on its holding with a 434% rate.
He pointed out that since the Transportation Act was passed the B.& M.
of stock of Chicago Burlington & Quincy RR. and 4%% on its holcUngs of
stock of the Crow's Nest Pass Coal Co., which include an extra dividend had realized far less than a "fair" return on property investment. In 1921
paid by that company on Jan. 2 1924, and 2 regular quarterly dividends of nothing was earned on the property; in 1922 the rate of return was 2.72%:
I X% each. During the year the operations of the Coal company have In 1923. 1.21%; and in 1924 it will be about 3.50%•
been seriously interfered with by a strike of its operatives, following deWould Lop Off Additional Branches
mands for ti new wage scale agreement, following the termination of the old
agreement. The strike has been settled on a basis somewhat less than the
-S.
The company has filed application for authority with the I. C.Commis
demands made by the operatives. About the time that the strike was set- sion to abandon about 23 additional miles of tracks between Danvers and
tled dangerous fires developed in the company's workings, which fires have North Andover and from Peabody to Wakefield Center. In a statement
been extinguished and mining operations are now being resumed.
the company said:"These lines are among branches that have shown heavy
losses. It was decided to ask the Commission for authority on the lines
INCOME ACCOUNT FOR CALENDAR YEARS,
so that they could be considered at the same time as the Wakefield Junction
1924.
1923.
1921.
1922.
to Newburyport line, on which an application Is outstanding."
-V. 120. P.
Total receipts
x$363,806
$778,472 205. 83.
$405,345
$405,905
Taxes
21,725
22,060
17,736
16,477
Administration expenses
13.852
13,680
Canadian National Rys.-Definitive 452% Bonds.
13,838
13,727
Interest on loans,&c_ _ _
17.921
3,311
3,993
1,687
Definitive 30
-Year 4 % Gold bonds, due Sept. 15 1954, will be ready
Dividends
(10)395,380 (10)395.380 (14)553,532 (8)316.304 for delivery in exchange for Dillon. Read & Co. interim receipts at the
Prem, on cost of U. S.
Central Union Trust Co.. 80 Broadway, N. Y. City, on and after Jan. 19
ctfs. of indebtedness_
25 1925. (See offering in V. 119. p. 1171.)-V. 120, p. 205.
194
Balance, sur, or def., def$70,289 def$29.926 def$179,711
Carolina RR.
$412,634
-Final Valuation.
The I.
-S. C. Commission has placed a final valuation on the company's
x Total receipts In 1924 include dividends from C.B.& Q.RR..$230,630; property owned and used of $163,820, and
on properties used but
dividends from Crow's Nest Pass Coal Co., Ltd., $123,948; and interest, not owned, as of June 30 1914.-V. 113. P•56.400
1154.
$0.193.
Central Pacific Ry.-Tenders.BALANCE SHEET DEC. 31.
AssetsThe company will until Mar. 2 receive bids at its office, 165 Broadway.
1924,
1924.
Liabilities1923.
1923.
Cost of charter___ $85.048
$3,954,000 $3,954,000 N. Y. City, for the sale to it of First Refunding Mortgage bonds dated
$85,048 Capital stock
Cash
Aug. 1 1899, to an amount sufficient to exhaust 525,313.-V. 118, p. 310.
134,886
267.799 Divs. unclaimed &
C. B.& Q.stock 2.858,810 2,858,810
642
848
unpaid
Central RR. of New Jersey.
-Tentative Valuation.
-The
Crow's Nest Pass
Balance, surplus 3,040,909 3.111,197
Coal Co
3,741,166 3,741,166
I.
-S. C. Commission has placed a tentative valuation of
Fractional scrip_97
$103,473,706 on the total owned property of the system and
U.S.ctts. of indebt. 174,906
112,281
Suspense ace't,drc.
Total(each side) $6,995,757 $7,065,839 $125,111,211 on the total used property as of June 30 1918.
734
843
Note.-Tho company on Dec. 31 1924 owned of C. B. & Q. RR. stock
The tentative valuations include Central RR. of New Jersey, the Dover
23.063 shares of $100 each, shown in balance sheet as 52,858.810. Com- & Rockaway RR., the Easton & Western RR., the Hibernia Mine RR.,
pany also owned on Dec. 31 1924 of the Crow's Nest Pass Coal Co. stock the Lehigh Coal & Navigation Co. (Lehigh & Susquehanna RR.) the
27.552 shares of $100 each, carried in the balance sheet at 53.741,166.- Ogden Mine RR., the Tresckow RR. and the Wilkes-Barre & Scranton
V. 119, p. 2890.
Ry.-V. 119, p. 3006.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Inter-State Commerce Commission Forbids Special Supply of Coal Cars to
Mines Furnishing Rail Fuels.
-March 1 named as date when practice shall
cease, as it is claimed to be discriminatory. Under the Commission's rules
the various bituminous coal mines of the country are given a car rating based
upon their output. The Commission finds that the railroads have pursued
the practice of placing privately owned cars
-those owned by big coal-using
corporations-in excess of the allotment, while mines furnishing customers
not owning their own cars have lacked a full quota. "Sun" Jan. 12, p. 32.
Western Pacific RR. Agreement Grants Increases.
-24 cents per day
crease on passenger service, 36 cents to freight enginemen and 32 centsinto
hostlers. "Wall Street Journal" Jan. 10. P•
5
.
American Short Line Railroad Association Has Notified Inter-Stale Commerce Commission That It Will Oppose Van Sweringen Merger.
-"Wall Street
News." Jan. 14.n. 1.
Car Surplus.
-The number of surplus freight cars in good repair and
immediately available for service continues to increase, due to the seasonal
decline in freight traffic, according to reports filed by the carriers with the
Car Service Division of the American Railway Assolaction. These show
that on Dec. 31 surplus freight cars totaled 266,252, an increase of
cars compared with the number on Dec.22. Surplus coal cars in good35,454
rapair
on Dec. 31 totaled 108.189, an increase of 7,859 over the number reported
on Dec. 22, while surplus box cars in good repair totaled 117.434, an increase of 23,714 during the period. Reports shows 16.770 surplus stock
cars, an increase of 1,729 over the number reported on Dec. 22. while there
was an increase during the same period of 451 in
refrigerator cars which brought the total for that the number of surplus
class of equipment to
11,434.
Car Shortage.
-No car shortage is being reported.
Bellefonte Central RR.
-Dividend of 50 Cents.
-
The directors have declared a dividend of 1% (50
share) on the
capital stock, payable Feb. 15 to holders of record cents per A similar distribution was made on Feb. 15 1923; none since. Jan. 31. 469.
-V. 112, p.
Bonhomie & Hattiesburg Southern RR. Co.
-S. C. Commission has modified its order
The I.
p. 691) and has issued a certificate authorizing the of July 26 (V. 119.
company to acquire
and operate the Hattiesburg Branch of the Gulf Mobile & Northern RR,
extending from Beaumont, Perry County, to Hattiesburg, Forrest County.
MISS. provided, however, and the certificate is issued upon the express
condition, that the Bonhomie & Hattiesburg Southern RR. and the Gull
Mobile & Northern RR. shall enter into contracts with the
Central RR.granting the latter company trackage rights betweenMississippi
Beaumont
and Hattiesburg, Miss., and between Beaumont and Mobile, Ala., upon
just and reasonable terms, for a period not less than five years, and that
the through Natchez route be maintained. See also V. 119. P. 691.
Boston & Maine RR.
-President Hustis Arguesfor Reduction in Government Interest Rate on Loans.
-Addressing the
Senate committee which is considering the McLean bill for
reduction in the interest rate on Government loans, Presia
dent James H. Hustis, of the Boston & Maine RR., said in
part:
The importance of this bill to the Boston & Maine will be evident from the
statement that the Government now holds6% mortgage bonds of the company to the par value of $48.685,479, on which the annual interest charge is
$2,921.128. These loans represent 36% of the total funded debt of the corn-
Chesapeake & Ohio Ry.-Protective Committee Urges
Stockholders to Protest Merger Terms.
A stockholders' protective committee,of which Hobart S.Bird is counsels
and Albert I. Stiles Secretary, has sent out a communication advising the
Common and Preferred stockholders and holders of the 5% convertible
bonds of 1946 to withdraw their securities if they have deposited them with
the Van Sweringen committee. The circular says in part:
The movement leading to the organization of this committee was initiated
last October by a small group of stockholders. The Common stock had
advanced from a low of 67 in January to a high of 92=g in August, and
upon the announcement of the terms of the proposed merger in the new
ickel Plate, had declined rapidly to 81%. Although it was almost universally recognized by unprejudiced financial authorities that the terms
of the Van Sweringen proposal of Aug. 20 were obviously unfair to the
C. & 0., it had been repeatedly stated in apparently inspired and until
then never repudiated articles in the press, that the terms of the proposed
lease would be such as to allow no funds whatever for the payment of
dividends to dissenting minority stockholders. Nevertheless there was a
marked reluctance on the part of prominent leaders in the financial world
to associate themselves openly with any movement looking toward effective
opposition to these arbitrary and unjust proposals.
Our committee studied carefully the effects of the proposed merger
upon the five railroads concerned and collected data which we believe
sufficient to prove to the I.
-S. C. Commission, to the courts, or to Congress,
if necessary, that no terms yet offered to the C. & 0. give adequate protection to the vested rights of its security holders. We therefore retained
counsel and on Nov.3 1924 filed a preliminary protest with the Commission.
,
Apparently in reply to these moves the Van Sweringen Committee announced in the press that they did not intend to deal harshly with dissenting
minority stockholders and that the terms of the proposed lease would
be substantially modified. In the cases of the Pere Marquette and the
Erie, it has since been unofficially stated that those stockholders who
may be unwilling to accept the new Nickel Plate stock offered in exchange
for their present holdings will be offered special terms which are admitted
by their proponents to be even less attractive than those they have already
refused. These tactics, we believe, cannot be successfully practised in
the case of the C. & 0. on account of its superior operating and financial
conditions, which will be strengthened rather than weakened if it stays
out of the merger entirely. We therefore propose to fight any lease which
does not assure to dissenting security holders an adequate rate of return
on the real value of their investment or which does not make said return
an underlying obligation of the lessor company, taking precedence over
any and all payments on its own bonds and stocks.
We concede that the Van Sweringen Committee probably controls a
majority stock interest in the C. & 0. but we do not believe that such
control, if it exists, will enable them, under the law, to lease the property
to themselves or to any other company controlled by them at less than a
fair rental value. In view of the terms mentioned in apparently inspired
statements which have been appearing in the press, we do not believe
that when the proposed leases are made
they will be found reasonably
fair to the C. & 0.security holders. We do not feel justified in attempting
at this time to take any definite stand on this question; as soon as possible
after the official terms are published we will announce our position.
Large Holders Protest Against Unification Plan.
The dissatisfaction of some of the large Common stockholders against
the Van Sweringen unification plan is expressed in a circular sent out by
Bryan, Hemp & Co.. Richmond, Va. The circular, which compares the
C.& 0. with the Norfolk & Western,says:
It would be difficult to find two railroads in the United States whose
character and volume of traffic are so nearly identical as is the case with
C. & 0. and Norfolk & Western. The two roads run through the same
country, the O. & 0.'s western terminil being at Chicago and Toledo and
Louisi Ble, while the Norfolk & Western's western terminii are at Cincinnati
,
and Cleveland. The eastern terminus of each road is on Hampton Roads.
326
THE CHRONICLE
For the year 1923 C.& 0.freight density was 5,057,000 tons, the freight
rate per mile being 6.6 mills; while Norfolk & Western freight density was
4,986,000, on which they received an average rate per ton per mile of 7.3
mills. Norfolk & Western thus received a better rate than did the C.& 0.
C. & 0.'s freight revenue train load for 1923 was 1,181 tons, while Norfolk & Western was 1 085 tons. C.& 0.received a slightly better rate per
passenger mile than did the Norfolk & Western. Both roads are dependent
upon bituminous coal for the large part of their traffic. Nothing can be
said in criticism of the physical condition of either road.
For the year 1923 C. & 0. spent 40.7% of its gross earnings in maintenance accounts, and charged this to operating expenses; while Norfolk &
Western spent 39.3% of its gross in maintenance accounts, which they
charged to operating expenses.
The cost of conducting transportation on the C.& 0.for 1923 was 33.09%
of its operating revenue, while it cost Norfolk & Western 33.54% of its operating revenue.
For the 4 years ended Dec. 31 1924 (without allowing for any increase or
decrease in net for Nov. and Dec. 1924 for either road), C. & 0. earned
on its Common stock $44 63 per share, while Norfolk & Western earned in
the same period $44 86 per share on its Common stock. During these 4
years C. & 0. has paid to its stqckholders $12 per share on its Common
or an average of $3 per share per annum, while Norfolk & Western during
that period has paid to its Common stockholders $31 per share, or an average of $7 75 per share per annum.
Thus Norfolk & Western retained $13 86 per share of its Common stockholders' money during these 4 years for physical upkeep and other purposes,
while C. & 0. has withheld from their stockholders $32 63 of its surplus
earnings; and the C. & 0. directors are now asking the stockholders to be
content with $4 per share per annum in dividends, while for the year 1924
It is not unlikely that $16 per share will be earned on the Common stock.
For the year 1924 Norfolk & Western has paid to its Common stockholders
$8 per share, and their earnings will not exceed $12 per share on the Common
stock.
Is this proper treatment for the C. & 0. stockholders, especially in view
of the fact that the majority interests are now asking the minority stockholders to exchange their Common stock for the stock of another company
now in process of formation?
No matter from what angle a comparison is made. Chesapeake & Ohio
shows up equally as well or better than Norfolk & Western, except in its
dividend policy.
And after all these years of withholding surplus earnings for the purpose
of putting the road in first-class physical condition, the directors are now
asking the owners of this valuable property to give it up.
Nickel Plate's Counsel Has No Official Word of Efforts of
Minority to Get Better Terms-Calls Offer Eminently Fair.
Referring to the statement of Hobart S. Bird. counsel for the protective
committee, W.A.Colston, consel for the Nickel Plate, is quoted as follows:
"I have not had any word from Mr. Bird. I do not know him and I do
not know whom he represents or how much, if any, stock he represents.
Until these things are established there will, of course, be no additional
provisions made for Chesapeake & Ohio dissenting stock. If an adjustment
is made it will be based on the same ratio as was provided for in the original
offer for the exchange of securities.
"The Chesapeake & Ohio offer is eminently fair and it is difficult to see
how any one can offer any valid objection. No objection has been made
except in a few instances where stockholders have written in to express
themselves as dissatisfied."
-V. 120, p. 205, 83.
Chicago & North Western Ry.-Offers Exchange of Stock
to Minority Stockholders of Chicago St. Paul Minneapolis &
Omaha Ry.-It was officially announced Jan. 13 that the
directors at a meeting Jan. 13 authorized an offer to the
minority holders of stock of the Chicago St. Paul Minneapolis
& Omaha Ry. Co. for exchange of their stock for North
Western Common stock, on the following bases:
3 shares of North West. Com,stock for 2 shares Omaha Pref. stock: and
5 shares of North Western Corn, stock for 7 shares Omaha Corn. stock.
This offer will not become effeci lye unless accepted by the holders of
such amount of Omaha stock as shall be satisfactory to tne North Western
Company, and is not to remain open and in effect beyond May 31 1925:
but the North Western board reserves the right to declare the plan of such
exchange of stock effective by proper resolution at any time prior thereto.
The Central Union Trust Co. of New York will be the depositary, and the
holders of Omaha stock who wish to accept this offer must deposit their
stock with the depositary, together with proper power of attorney. The
depositary will issue to Omaha stockholders who shall deposit their stock
with it, its transferable receipts for the stock so deposited, and will hold
the certificates on deposit with it pending consummation of the proposed
exchange. All cost and expense will be borne by the North Western
Company. Application will be made to list the transferable receipts
on the New York Stock Exchange.
(The Chicago & Northwestern Ry. on Dec. 31 owned approximately
$5,380.000 of the $11.250,859 Pref. stock outstanding and $9,540,000 of
the $18,559,087 Common stock outstanding.1-V. 120, p. 205.
[VOL. 120.
Chicago St. Paul Minneapolis & Omaha Ry.-Minority
Stockholders Offered Exchange of Stock in Chicago & North
Western.
-See Chicago & North Western Ry. above.
V. 119, p. 2282.
Chicago & Western Indiana RR.
-New Financing.
-
The company has applied to the I.
-S. C. Commission for authority to
ncrease the interest on its 1st & Ref. Mtge. bonds from 5% to 5).%
to ISS1.10 $5,505,000 of additional mortgage 'ponds and to sell S16,092,000
of these bonds, the proceeds to be used in making additions and betterments. The company, it is stated, expects to sell the bonds to J. P.
Morgan & Co. at 93. The price, however, will depend on market conditions.
-V. 119, p. 2757.
Consolidated Railroads of Cuba.
-Earnings, &c.
-
See Cuba Co. under "Industrials" below.
-.-V. 119. p. 1171.
Delaware & Hudson Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $4,600,000
additional 1st & Ref. Mtge. 4% Gold bonds, due May 1 1943, making the
total amount applied for $38,801.000.-V. 120. p. 205. 83.
Denver & Rio Grande Western RR.
-Chairman.
Alvin W. Krech, Chairman of the Western Pacific RR. Corp. has been
elected Chairman of the Denver & Rio Grande Western RR. for 1925.
William H. Williams, Chairman of the Missouri Pacific RR., will be
elected Chairman of the Denver company for 1926. The Chairmanship
will alternate yearly. A managing committee consisting of a representative
of Western Pacific and a representive of Missouri Pacific, has been elected.
-V. 119, p. 2874.
Erie RR.
-Committee Adopts Lease.
-
Under the plan adopted the new "Nickel Plate" System will pay every
year to the Erie RR.on account of the stock outstanding and not exchanged
an amount equal to the amount that such stock would receive if exchanged.
The resolution passed by the special committee is a. follows:
"In the opinion of the special committee of the board of directors appointed at the meeting of the executive committee on Oct. 31, for the
purpose of considering various matters connected with the working out of
the so-called 'Van Sweringen' proposals and the terms and provisions of
the proposed lease, the draft of a propos3d lease as now submitted by
counsel, be submitted to the board of directors of the company for its
consideration and action at its meeting to be held on Jan. 23, and that
the secretary be directed to transmit a copy thereof to each director."
-V. 120, p. 206.
Great Northern Ry.-Equipment Trust Authorized.
-
The I.
-S. C. Commission on Jan. 8 authorized the company to assume
obligation and liability in respect of $4,250,000 4)4% Equip. Trust certificates, Series "D," to be issued by the First National Bank, New York,
under an agreement to be dated Jan. 1 1925 and sold at not less than 96%
and dividends in connection with the procurement of certain equipment.
No contracts have been made as to the sale of the certificates.
-V. 119.
p. 2874, 2407.
Houston & Texas Central RR.
-Resumes Dividends.
-
The directors have declared a dividend of 6% on the capital stock, of
which $3 is payable Jan. 10 to holders of record Jan. 1 and $3 payable
July 10 to holders of record July 10. The last dividend was paid In 1913
and amounted to $3 per share.
At a special meeting of the stockholders of the Houston & Texas Central,
minority interests, who recently came into possession of 24,000 shares
of the stock as result of 35 years' litigation (V. 120, p. 208) elected Henry
E. Farrell and Burke Baker of Texas as directors. the Southern Pacific
-V. 120, p. 200.
Co. re-electing the remaining seven members.
Interstate RR.
-Stock Authorized.
The I.
-S. C. Commission on Jan. 8 aulhorized the company to issue not
exceeding $173,500 capital stock (par S100), to ba sold at par. By an order
entered June 25 1921 the Commission authorized the company to issue not,
exceeding $3,000,000 capital stock for the purpose of purchasing propsrty
for. and the construction of, an extension of its railroad from Norton, Wise
County, Va., down the valley of the Guest River to a connection with the
Carolina Cllnchfield & Ohio Ry., a distance of approximately 25 miles.
The company represents that it has completed such extension and that the
cost was $3,173,516. instead of $3,000,000 as was originally estimated.
It now proposes to issue its capital stock to reimburse it for the excess expenditure.
-V.119, p. 455.
Keokuk & Des Moines Ry.-Time for Deposits.
Holders of the 5% First Mtge. Gold Bonds,due Oct. 1 1923, who have not
already deposited their bonds with the Farmers' Loan & Trust Co., depositary, and who desire to participate in the reorganization plan dated July 15
1924. must deposit their bonds with the depositary, No. 22 William St.
New York, on or before Feb. 25 1925. No deposits of bonds will be there:
-V. 119. p. 2526.
after accepted.
Chicago Milwaukee & St. Paul Ry.-Seeks to Avoid
Lake Tahoe R.& Transportation Co.
-Notes.
-The I.
-S. C. Commission on Jan. 8 authorized the company to issue
Receivership-Engineers to Inspect Property Preparatory to
providing
Refunding $47,000,000 Bonds.
-President H. E. Byram made $35,000 of one-day promissory notes for the purpose ofp. 1733. funds to
-V.119,
pay interest on bonds and for working capital.
public Jan. 15 plans for a complete inspection of the property
Mahoning Coal RR.
-Common Dividend of $12 50.
- independent railroad engineers. Through this step it is
The company has declared a dividend
share on
hoped to save the system from a receivership. Representa- stock, par $50. payable Feb. 2 to holdersof $12 50 aJan. 26. the Common
of record
Dividends of
tives of the road, in conjunction with Charles E. Mitchell, $10 a share were paid on the Common stock in Feb., May, Aug.. Nov.and
1924 of $50
paid
Pres. of the National City Bank, and Jerome J. Hanauer of Dec. 1924, a total foroutstanding a share. The same rate was Of in 1923.
The company has
$1,500,000 Common stock,
Kuhn, Loeb & Co., decided upon this action as the next New York Central RR. owns $894,650.-V. 119. p. 1844. . which the
practical step toward funding the $47,000,000 4% bonds due
Minneapolis 8e St. Louis RR.
-Listing.
The New 'York Stock Exchange has authorized the listing of Bankers
June 11925.
deposit representing $7,650,000
public the statement, Mr. Byram discussed Trust Co. certificates ofGold bonds, due June 1 1938, Iowa Central Ry.
In making
-Year
let Mtge. 5% 50
with coupons due
the crisis that faces the company. He said no readjustment June 1 1924, and subsequent coupons attached, deposited under the terms
receivership was possible on a property of a deposit agreement dated as of Dec. 111924.-V. 120, p. 206.
of capital without a
the size of the St. Paul, and saii it was either a case of the
Monongahela Ry.-Control of Scotts Run Ry. and Mononbonds being refunded or the property going into the hands of gahela & Ohio RR.
a receiver. He expressed the opinion that the funding opera-S. C. Commission on Jan. 6 (1) granted authority to the Scotts
The I.
Run Ry. to issue not exceeding $1,000,000 Common stock (par S100),
tion would be completed successfully. His official statement the stock to be used in payment for railroad
property acquired;(2) approved
follows:
and authorized the acquisition by the Monongahela Ry, of control of the
The final figures for 1924 of the company have not yet been obtained
and it probably will be a week or more before they will be secured. The
preliminary forecast indicates that while the company has done much
better during the latter part of the year it will not be able to earn its fixed
charges of $21,788,885 in their entirety. This is principally due to the
falling off of gross business in the early months of the year. which the
Increased net earnings for the later months have not fully overcome.
The road is in first-class condition and the management and employees
have with efficiency and loyalty cut down expenses during the year.
It was felt by the board of directors, after consultation with Kuhn,
Loeb & Co. and the National City Co., the bankers of the company, that
an independent study of the company's position and prospects should be
made so that any plan to be laid before the holders of the bonds which
mature June 1 may be considered by them upon information based on the
report of such study.
The firm of Co erdale & Colpitts has been selected and is beginning
to make this examination. A couple of months at least will be required
'
before this study is completed.
Scotts Run Ry. by purchase of its capital stock and lease of its properties:
and (3) approved and authorized the acquisition by the Monongahela Ry.
of control of the Monongahela & Ohio RR. by the purchase of its capital
stock.
-V. 118. p. 3078.
Monongahela & Ohio RR.
-Control.
•
New York Chicago & St. Louis RR.
-Short Lines
Oppose Merger-Protest Filed with I.-S. C. Commission.
See Monongahela Ry. below.
Apprehension as to the future of the smaller and weaker railroads of the
United States under the proposed consolidation of railroads under the
provisions of the Cummins bill was expressed Jan. 13 by representatives
of the American Short Line Railroads Association, appearing as witnesses
before the Senate Inter-State Commerce Committee.
Benjamin E. Cain. General Counsel of the Association, informed the
Committee that it had served notice on the I.-S. C. Commission that it
would oppose the Van Sweringen merger because of the refusal on the
part of the sponsors to take in certain connecting roads except on terms of
their actual valuation.
It was charged that the public interest goes further than the improving
of service and the physical status of the big roads
-the pioneer roads
going into thinly settled sections are entitled to consideration: the feeder
Ones should be encouraged. Mr. Cain contended that the Government
should be given authority to safeguard thern interests of these railroads.
See also Chesapeake & Ohio Ry. above.
-V. 119, p. 2875. 2758.
Mr. Byram was pleased with the showing made in the last
few months of 1924, but said it was impossible to repair
in a few months the damage caused by several months of
unfavorable conditions. With the present refunding out
of the way, he.said, the outlook would be much brighter,
for with the exception of the Government notes, which come
due in 1930, there were no other refunding operation facing
New York New Haven & Hartford RR.
-Information as
the company until 1932.-V. 120, p. 205.
to Reported Proposed Abandonments and Increase in Rates.
-In
JAN. 17 1925.]
THE CHRONICLE
view of the statements recently appearing in the press to the
effect that the New Haven proposes to abandon substantial
portions of its mileage and that all of the railroads in the
Eastern group are asking for an increase in class rates, that
company makes the following statement:
327
Scotts Run Ry.-Control, &c.
-
See Monongahela Ry. above.
-V. 117. p. 209.
Southern Pacific Co.
-Tenders.
-
The Farmers Loan & Trust Co., trustee
William St., N. Y. City.
will until Jan. 22 receive bids for the sale to it16 1st Mtge.4% Guaranteed
of
Gold bonds, due
Co., to an
company with respect to the abandonment of mile- amount sufficient July 1 1937. of the South Pacific Coast Ry. and int.
The policy of the
to exhaust $224,507, at prices not exceeding par
age and to future rate structures has been set forth repeatedly since 1921.
The Southern Pacific Co.
at its
The New Haven System occupies a remarkable position in serving almost 165 Broadway, N. Y. City, will until March 2 receive bids bonds office.
of the
for the sale to it of 1st Mtge.
exclusively a populous territory, rich in Industry and business. The aver- San Francisco Terminal
Co., to an amount sufficient to exhaust 85,026.
age population per mile of all roads in the United States is about 409; in -V. 120, p. 84, 207.
New Haven territory about 1,490 per mile. Relatively on this basis the
territory served by the New Haven is not over-equipped with railroad
Southern Pacific RR.
-Tenders.
mileage. As a matter of fact, careful study of the System, while disclosing
The
numerous stretches of line which are not self-supporting, indicates there are N. Y.company will until March 2 receive bids at its office at 165 Broadway,
City, for the sale to it of 1st Ref. Mtge. Gold bonds, dated Jan. 3
but few and short stretches of mileage which are not a public necessity, and 1905. to an amount
sufficient to exhaust $12.409.-V. 118. p. 432.
consequently cannot be considered for permanent abandonment.
Based on the taxable valuation for 1920, the total value of all property,
Winston-Salem Southbound Ry.-Final Valuation.
industrial business and agricultural, in the territory served almost excluThe I.
-S. C. Commission has placed a final valuation of 85,788,067 on
sively by the New Haven System approximates around
$6,000.000,000. Further, the Census reports for 1919$5,500,000,000 to the property of the company owned and used as of June 30 1915.-V.
indicate a gross 119, p. 1511.
value per annum of manufactured and agricultural products alone in this
territory of something over $3,500.000,000, whereas the total revenues of
the New Haven System for that year approximate but 3.2% of that total.
With adequate compensation from each class of service, together with
PUBLIC UTILITIES.
efficiency and economy of operation the additional net income required
Woburn (Mass.) Gas Light Co. Reduces Rate 10 Cents per 1,000 Feet,
is so small compared to the above stated total income from business and
industry that there is no reason to doubt that the return allowed by the Effective Feb. 1.
-"Boston News Bureau" Jan. 13, p. 6.
Transportation Act is possible without a restrictive rate basis for New
'Providence (R. I.) Gas Co. Announced SI. Gas Rate in New Schedule Filed
England, or any action which would handicap New England industry
the with Public Utilities Commission, to Be Effective on All Bills Rendered on and
interest of which it is the purpese of the company to foster and promote after March 2.
-"Wall Street News" Jan. 15, p. 4.
by every practicable means, consistent with maintaining and developing
Adirondack Power & Light Corp.
a sound and satisfactory system of transportation. Obviously, therefore,
-Acquisitions.
reasonable revenues must result from each general class of traffic.
The corporation has applied to
York P. S. Commission for perFor many years the class rates in the Eastern Group (the railroads east mission to acquire the Bolton (N.the New & Power Co. and the WarrensY.) Light
of the Mississippi and north of the Ohio and Potomac Rivers) have been burg Electric Light Works.
-V. 120, p. 207, 84.
not only out of line with the rates in the Southern and Western Groups, but
also internally inconsistent and out of line. A study looking to a readjustAmerican District Teleg. Co. (of N. J.).-2% Div.
ment was ordered by the Director-General during Federal control,
A quarterly dividend of 2% has been declared on the outstanding $9,had not been completed and put into effect when the railroads were but 965.351 capital stock, par $100. payable Jan. 29 to holders of record Jan. 15.
returned to private ownership. This study has been continued since Federal In April. July and October last
quarterly distributions of 1W; each were
control, and a hearing has been ordered by the I.
-S. C. Commission to made, making a total for 1924 (including div. payable Jan. 29) of 7 Si%•
determine whether and to what extent rates within the Eastern
Group This compares with a total of 7% paid in 1923 and 6% paid in 1922.should be readjusted.
V. 118, p. 1777.
upon the proceeding of investigation ordered by the I.
-S. C.
Commission, ommissioner Joseph B.Eastman,under
Commenting
American Telephone & Telegraph Co.
-Results for
issued a circular from which the following is quoted: date of Nov.28 1924,
-President H. B. Thayer, New York, Jan. 15, says:
"It will not be the primary purpose of the inquiry either to add to or 1924.
subtract from the aggregate revenues of the carriers, but rather to
The demand for
adopt 1924 with a result telephone service has continued throughout the year
a class-rate structure which will be as simple
that the greatest number of stations will be added to the
regard for the public interest, and free from as it can be made, with due system that have ever been added in any one year. with the exception of
will serve the purpose that class rates ought toundue prejudice, and which 1923. Until near the end of the year the volume of toll and local messages.
serve. This does not mean while
necessarily that proposed rates will be rejected upon the ground
showing an increase over 1923. reflected to some extent the rather
that they
increase or decrease aggregate revenues. Before
the proceeding is closed quiet business conditions. We feel that our associated companies are well
it will be the purpose of the Commission to determine revenue effect, as prepared to meet the demands that will be brought on them on account
nearly as may be, by some form of traffic test. In appraising revenue of the further increase of business activity expected in 1925.
Our final figures of earnings are not yet at hand, but will be set forth in
effect the intra-State rates will be taken into consideration, and evidence
in regard to such rates will be freely admitted at the hearings, although detail in our annual report which will be issued shortly.
Indications are that the financial results of nearly all of our associated
they are not directly in issue. It is hoped to have the co-operation of the
State Commission in tho inquiry."
companies will be satisfactory. There are a few cases where a fair return
From the foregoing it is apparent that the I.
is not being earned, pending rate adjustments which should be concluded
-S.
equalize inequalities and remove inconsistencies In C. Commission aims to early in 1925. The company will show for the year, as usual, a substatial
the present rates of the margin over
Eastern Group and that shippers will have full opportunity to present
dividend requirements.
-V. 120, p. 207.
to
the Commission cases where they believe that any proposed adjustment
Austin (Texas) Street Ry.-Tenders.-will create a restrictive rate basis for New England and handicap New
The Equitable Trust Co. will until Jan. 28 receive bids for the sale to it
England industry.
of 1st Mtge. 5% bonds, due 1936,
exhaust
an amount sufficient
Preiident Pearson Comments Upon New Haven's Showing.
- 819,982 at a price not exceeding 102;ito int.-V. 117, p. 438.to
and
President E. J. Pearson, commenting on the company's improved results
for the year 1924 and the prospects for 1925, points out that
Bell Telephone Co. of Canada.
-New Issue.
while operating
revenues in the 11 months ended Nov. 30 1924 dropped 86,837.627 below
The shareholders will vote Jan. 22 on authorizing the directors to: (a)
the 1923 period, operating expenses dropped 810,426.446, resulting
in an Create and issue bonds, debentures or debenture stock of the company of
increase in not revenue from railway operation of $3,588,818. President an aggregate principal amount of
$30,000.000: (b) secure bonds, debentures
Pearson is further quoted:
or debenture stock of the company by one or more deeds of trust creating
"Equipment rents
-net
-debit
--decreased $2,643,819. Conversion of such mortgages, charges or encumbrances upon the whole or any part of
"red net income" for 1923 to "black net income" for 1924 represents very the property of the company,
present and future, as may be described
closely the sum of the increase in net revenue from railway operations and therein.
the decrease in net debit for equipment rents.
Pres. W. E. Black stated the tentative
"During 1924 both of these items reflected customary and normal oper- will take the form of 825,000,000 30-yearplans are that the proposed issue
first mortgage bonds. Authoration. and consequently under a continuation of situations generally similar ization, he explained, is asked for
$30,000.000. but the balance will not
they should be expected to continue.
be issued at present, but will be issued when the directots see fit.
"Concerning reduction in revenues. $4,344,373 was in freight and 81.252.Part of the proceeds of the bond
213 in passenger receipts, of which $1,154,731 was in local passenger travel, retiring $16.750,000 of outstanding issue will be used for the purpose of
bonds, falling due April 1 1925 conwhich does not include commutation. Local passenger
travel is the class sisting of 811.250.000 5% gold bonds and $5,500,000 '7% gold bonds.
which has been affected largely by the privately owned
automobile and The larger issue was made in 1895 and the other in 1920. The balance
the highway bus.
remaining from the $25,000,000 will be devoted to the current year's
"The reduction in maintenance of equipment
-V. 119, p. 2758, 2067.
the 11
was S4.738,628, notwithstanding the fact that expenses in freight months financing.
repairs for
cars in
transportation use have been currently maintained. The
Bell Telephone Co. of Pa.
-Acquisition of Properties.
locomotives has been brought to a higher average-better condition of
The I.
-S. C. Commission on Dec. 22 authorized the acquisition by the
than for an
indefinite period of years. The passenger car program
up, as a result of which the condition of this class of is being speeded company of certain properties of the Lehigh Telephone Co. and the acquisiequipment is con- tion by the latter company of certain properties of the Bell company and
stantly improving.
the acquisition by the Bell company of control of the Lehigh Telephone Co..
• "Reduction in transportation expense for the
11 months
was $5,164,281, which includes a reduction of $2,669,317 ended Nov. 30 by purchase of capital stock.
which reflects more favorable prices and part a decrease inin fuel, part of
The report of the Commission says in part:
consumption."
-V. 120. p. 206, 84.
By a contract made June 25 1924 the Bell company agrees to sell to the
Lehigh company all of its properties in Carbon. Lehigh and Northampton
Norfolk & Western RR.
-Proposed Acquisition.
counties excepting its through Reading. Tamaqua and Wilkes-Barre toll
The company has applied to the I.
line, for $4,227,100. The
-S. C. Commission
purchase for $97.473 the railroad and bridge owned by for permission to subscriber stations, and properties consist of 13 exchanges, serving 30,861
about 200 pole miles of toll lines. An appraisal
Kermit-Warfield
Bridge Co.. which extends across the Tug Fork of Big
Sandy River. in by the appraisal engineer of the Bell company finds the reproduction cost
Mingo County, W. Va. Permission to lease the railroad
and bridge of new of the properties, less depreciation, to be 84,227.108. The net cost of
Buck Creek it. in Martin County, Ky., for 50 years from
Jan. 1 1925 consolidating the properties to be transferred by the Bell company to the
has also been requested.
-17. 120, p. 206.
Lehigh company Is estimated at $1,254.100, and the estimated value of
the property to be retired in the consolidation is $1,016,400.
Reading Company.
By the same agreement the Lehigh company is to sell to the Bell company
-Equipment Trust, Series "K".
-S. C. Commission on Jan. 9 authorized the company The I.
to assume all of its properties in Wayne, Lackawanna. Luzerne, Berks and Schuylkill
obligation and liability in respect of 88,000,000 4%
% Equip. Trust certifi- counties, with a toll line extending from the Lehigh County line through
cates, Series "K," to be issued by the Pennsylvania Co. for Ins. on
Lives Bucks and Montgomery counties for $1,830,900. The properties to be
& Granting Annuities under an agreement dated Mar. 1 1923. and sold at transferred by the Lehigh Company consist of 18 exchanges, serving 12,410
not less than par in connection with the procurement of certain equipment. subscriber stations, and approximately 150 pole miles of toll lines. The
-V. 119. P. 2643. 1734.
estimated reproduction cost new of the properties, less depreciation, is
$1,830,900. The net cost of consolidating the properties to be transferred
by the Lehigh company is estimated at $475.900, and the estimated value
Rio Grande Eastern Ry. Corp.
-Acquisition and Op- of the property to be retired
in the consolidation is $1.088,700.
eration of Line.
The Lehigh company was incorporated on Feb. 5 1924 in accordance
-S. C. Commission on Dec. 29 issued
The I.
with a
acquisition and operation by the company of a certificate authorizing the (V. 117,plan for the reorganization of the Consolidated Telephone Co.
line of
p. 1239). It proposes to Issue $2,750,000 Series A let Mtge• bonds
from a_point of connection with the main lineaof the railroad extending
for the sole purpose of retiring all of the
Atchison
Consolidated comSanta Fe Ry., about 4ti miles north of Algodones, southeasterly Topeka & pany and its underlying companies, securities of the
and $3,850.000 capital stock. The
distance of 12.6 miles, all in Sandoval County. New Mexico.to Hagan, bonds will be
a
guaranteed, principal and interest, by the Bell company.
The railroad to be acquired was constructed and is owned by the Rio The Bell company agrees
stock of the Lehigh
Grande Eastern RR. It was built to serve primarily the Hagan Coal company to the amount to accept at par Commonbetween the purchase
Mines, Inc., which owns in part and leases in part about 6,000 acres of prices of the properties of $2,396,200, the difference companies.
to be transferred by the two
coal lands at Hagan. It was not intended originally that the railroad
At the time of
company
should be operated in inter-State commerce and the Rio Grande Eastern if it so elects, todelivery of such shares. the Bell shares ofis given the right.
the Lehigh compurchase all other outstanding
HE. was incorp. as a common carrier in order that right of way might
pany at their par value.
acquired by condemnation proceedings, if necessary. Subsequently be of title to the respective The Bell company agrees that after the transfer
it
properties, it will subscribe for and purchase not to
apparent that the Hagan company would ship a part of its
became
15,000 additional shares of the capital stock of the Lehigh company
in inter-State commerce and that other industries would desire to product exceedwhen and as
use the at par
the properties within
railroad for the transportation of both inbound and outbound shipments ritory to be served funds are required to unify The proposed plan ofthe terfinancmoving in inter-State commerce. The Rio Grande Eastern RR. and the ing contemplates by the Lehigh company. control the
that the Bell company will
Lehigh company
Hagan company had issued their joint bonds, and in order to segregate the through ownership of all of its capital stock.
two companies and provide for the operation of the railroad
affairs of the
The proposed acquisitions will eliminate existing duplication and apparby an independent corporation the Rio Grande Eastern Ry. Corp. was ently should result in improved service at a lower cost. No change in exorganized in Now Mexico onAug.6 1924. The railroad has been completed isting rate schedules is in immediate contemplation.
-V.120, p. 84.
operation.
and is now ready for
h total cost to Dec. 1 1924 of constructing and equipping the railroad
Binghamton(N. Y.) Light Heat & Power Co.
-Merger.
$297.651. The testimony is that this amount, with the exception of
The New York P. S. Commission has approved the merger of the Owego
was
an item of $12.000 for ballast, has actually been expended. In payment (N. Y.) Light & Power Co. with the above company. The capital stock
railroad the Rio Grande Eastern Ry. Corp. proposes to give the had been acquired a few months
for the
ago.
The United States Trust Co. of New York, trustee, will until Jan. 30
Rio Grande Eastern RR. $80,000 in cash and $200,000 of 1st Mtge. 7%
bonds. An application for authority to issue the bonds and $100,000 of receive bids for the sale to it of 1st R.f. Mtge. 5% S. F. Gold bonds, due
stock has been filed with the Commission.
Capital
July 11942. to an amount sufficient to exhaust 8107,000.-V. 119, p.3008.
328
THE CHRONICLE
-Bonds Called.
Birmingham (Ala.) Water Works Co.
All of the outstanding 2d (now 1st) Mtge. 6% bonds, dated Feb. 2
for
1891, due Feb.1 1921 (but extended to Feb. 1 1926), have been called
Savings
payment Feb. 2 at par and int. at the Birmingham Trust &
-V. 119. p. 2067.
Co.. Birmingham. Ala.
-Halsey,
-Equipment Trusts Bold.
Brooklyn City RR.
Stuart & Co. Inc., have sold at prices ranging from 96.21
and div. to 100.46 and div., to yield from 43% to 532%,according to maturity, $3,750,000 Equip. Trust 5% Gold
certificates, Series "A," issued under Philadelphia plan.
[Vol.. 120.
The Coast Cities By. was organized early in 1924 to take over and operate
all the electric railway properties formerly operated by the Atlantic Coast
Electric By. All 'the bonds of that company (V. 118. p. 1909) and its
various underlying issues were retired and the power and light properties
were transferred to the Eastern New Jersey Power Co. and its traction
properties were conveyed to the Coast Cities Railway. Company operates
36 miles of track including belt line of about 6 miles in Asbury Park and a
line between Asbury Park and Pleasure Bay and North Long Branch.
15 miles; and Asbury Park to Manasquan. 14 miles.
-Div.Increased-Acquis'n.
Commonwealth Power Corp.
The directors have declared a dividend of $1 50 a share on the Common
stock, payable Feb. 2 to holders of record Jan. 16. This is an increase of
50c. a share over the dividend payment for the last quarter. Dividends
Dated Jan. 15 1925, due $375,000 each Jan. 15 1926 to 1935. Denom. were inaugurated on the Common stock on May 1 1924 at the latter rate.
New
President Hardy also announced that the company had recently pur$1,000 and $500 c*. Principal and dividends payable J. & J. in
York and at office of Halsey. Stuart & Co., Inc., in Chicago, without chased the stock of the Lansing Fuel & Gas Co., which manufactures and
distributes artificial gas to over 16.000 customers in Lansing and East Landeduction for Federal income taxes not in excess of 2%.
Jasuance.-Approved by the Transit Commission of New York.
sing, Mich. It is contemplated that this property will later be turned over
-Guaranteed unconditionally as to principal and dividends by to the Consumers' Power Co. (the Michigan subsidiary of the CommonGuaranty.
wealth Power Corp.) and operated in connection with 8 other gas plants iii
endorsement by Brooklyn City RR.
the cities of Flint. Bay City. Jackson. Saginaw, Kalamazoo. Manistee.
Data From Letter of H. Hobart Porter,President of the Company.
-V. 119.
Hastings and Pontiac, now owned by the Consumers Power Co.
Compang.-Incorp. in 1853. and from 1893 to 1919 its properties were p. 1629.
crated under lease by a subsidiary of the present Brooklyn-Manhattan
Transit Corp. Since Oct. 9 1919 the company has been independently
Consumers Power Co. (Michigan).
-Preferred Stock
i rew
miles oSroo ck or ii:tore than
i trald
l
i
awnz a aox r l Bor n
Company oce ragergei they 2l i g
York Offered.-Bonbright & Co., Inc. and Hodenpyl, Hardy ez
onre:
P
)
4
( eaof the entiir
'City.
Co., New York, are offering at 100 and dividend, $5,000,000
'
Company has outstanding in the hands of the public only $4,898,000 of
by
bonds, whereas the real estate alone owned by the company is assessed the 6.6% Cumul. Pref. (a. & d.) stock.
Redeemable, all or part, at 105 and dividends, on 60 days' notice. Divithe City of New York at over $7,300,000. The Valuation Bureau of
-J., or monthly. Transfer agents: Hodenpyl, Hardy &
Transit Commission valued the company's property and found its reproduc- dends payable Q.
Jackson,
tion cost new, based on 1921 prices, to be in excess of $40,000,000. which is Co., Inc., New York, and Consumers Power Co. Jackson Mich.: regisexclusive of equipment since acquired and the new equipment to be covered trars, The National City Bank, New York, and *Peoples National Bank,
58,000,000.
Jackson, Mich. Under the present Federal income tax law (Revenue Act
by these certificates, together costing approximately
Securily.-These certificates will be issued under an equipment trust of 1924), dividends on this stock are exempt from the normal tax and are
agreement and lease to the Brooklyn Trust Co.. trustee, whereby the entirely exempt from all Federal taxes when held by an individual whose net
trustee will hold the free and unencumbered title to new electric car equip- income, after all deductions, is 910,000 or less. Dividends when received
ment costing in excess of 55,000,000, or more than 1339' of the principal by corporations are entirely exempt from all Federal income taxes.
-Subject to authorization by the Michigan P. U. Commission.
Issuance.
amount of this issue. The equipment will be leased to the Brooklyn city
RR. at a rental sufficient in amount to provide for the annual installments
Data from Letter of President B. C. Cobb, Dated Jan. 8 1925.
of maturing principal and dividends on the certificates.
certificates is of the latest standard
Company.-Incorp. in 1910. Owns and operates extensive and modem
The equipment covered by these
type for economic operation of urban railway service. It will consist of systems of electric light and power and gas properties in Michigan. The
four-motor, front entrance, centre exit, double truck, territory served is one of the most important industrial sections of the
335 double-end,
steel frame cars with complete safety-type control. A number of cars of country and includes Grand Rapids, Flint, Saginaw, Bay CitY, Jackson,
this type were put in operation by the company recently and have given Kalamazoo, Battle Creek, Muskegon, and more than 160 other cities and
towns, having a total estimated population of 800.000. Company operates
the utmost satisfaction.
without competition in practically every community which it serves.
Earnings Years Ended June 30.
The hydro-electric stations of the company produce more than half of
1923.
1924.
in the
the electrical output of the system, the balance being
2,
;842
512.226,259 $12,197,194 $1119 8 702 company's steam plants. Over 84% of the net earningsgenerated
earnings
Gross
9.381.743 during the past year was derived from the electric light andof the company
9.706.803
9.360.641
Operating expenses and taxes
power business.
balance is derived principally from the gas business.
52,519.456 $2,836,553 52,466,959 The
Net earnings
installed
Electric Properties include 36 generating stations
701,431 capacity of 289,700 h. p., of which 116,900 it. p. is inwith a total plants.
581,338
517,736
°Interest and rentals
hydro-electric
The transmission system, by which most of the communities served are
51.765,528 interconnected. includes over 1,690 miles of lines, more than 84% of which
52,001,720 52,255.215
Balance
is oil private right-of-way. In addition, lines are being constructed to
* The maximum annual dividend requirements on these certificates will bring newly acquired properties into the system. There are 9.787 miles of
be 5187,500.
customers.
distribution lines, through which energy is furnished to
-Company has an uninterrupted dividend record since 1855 Included in the above total of generating capacity are 202,100 two units
Dividends.
the first
except for the period from Oct. 1919 to Sept. 1922. Cash dividends of 26,600 h. p. each, of the new Saginaw River steam station, which were
aggregating 10% were paid during the fiscal year ending June 30 1924 on placed in service during 1924. and a new 26,600 h. p. unit now being in512.000.000 capital stock then outstanding. The capital stock was in- stalled in the Elm Street station in Battle Creek.
creased to 516.000,000 by a stock dividend of 33 1-3% paid Sept. 30 1924.
Gas Properties consist of plants having a total daily manufacturing
which substantially offset the absence of dividends from 1919 to 1922. A capacity of 22,600.000 cu. ft., which is about evenly divided between coal
of 1% was paid and water gas sets. Gas is distributed from 24 storage-holders having a
quatterly dividend of 2% and an extra dividend of
-V. 120, p. 208.
Dec. 1 1924 upon the increased capital stock.
total capacity of 9,742.000 cu. ft. through 784 miles of main pipe to 76,030
consumers. The total capacity includes a modern by-product coal gas
-Tenders.- 13
Central Arkansas R.& Light Corp.
plant placed in operation in April 1924 on the Saginaw River between
The Irving Bank-Columbia Trust Co., trustee, 60 Broadway, N. Y. Saginaw and Bay City having an initial daily manufacturing capacity of
-Year 2,000,000 cu. ft., which is supplemented by a water gas set of 1,000.000
City, will until Jan. 22 receive bids for the sale to it of let Lien 15
5% Slnking Fund Gold bonds, due March 1 1928, to an amount sufficient Cu. ft. daily capacity.
Other Properties include four steam-heating plants serving Grand Rapids,
to exhaust 561,586.-V. 118. p. 201.
Pontiac and Battle Creek and a pumping station which supplies
-P4 Saginaw, Cadillac.
-Acquisition.
Central Hudson Gas & Electric Co.
Water to
The company has applied to the New York P.S.Commission for authority
Capitalization as of Nov. 30 1924 (Including This Stock).
to acquire the capital stock of the Stissing (N. Y.) Light & Power Co.
*Preferred stock, 65' Cumulative
$12.759.200
-v. 119. o. 2759.
15,613,900
*Preferred stock. 6.69' Cumulative
-Traction Plans.
Chicago Rapid Transit Plans.
*Preferred stock, 7% Cumulative
3,260,600
1,246,301 she.
In the form of an ordinance prepared by Corporation Counsel Busch, Common stock (without par value)
%
Mayor Dever's city traction plan was formally submitted to the Council Total bonds (all bearing 5% coupons except 58.500,000
bonds sold in April 1924)
$51,190,400
Committee on Local Transportation Jan. 5. It is expected that the plan
will be submitted to the voters Feb. 24.
* The Preferred stocks rank equally as to assets and priority of dividends.
Fare is provided in the ordinance as 7 cents. According to the financial
-Proceeds will reimburse the treasury for expenditures in conPurpose.
condition of the proposed unified traction system. this may be decreased or
increased. The acquisition of the existing surface lines is retained in the nection with extensive additions and improvements to its properties and the
new proposal as is the purchase of the elevated system. These would be recent retirement of two underlying bond issues aggregating $1,563,500,
acquired by condemnation is necessary. Provision is also made for the and will provide funds for further improvements and the acquisition of addiconstruction of a subway and operation of the various transit lines under a tional property. ,
Earnings Twelve Ifonths Ended November 30.
municipal railway board.
eerfe
The principal features of the ordinance include:
1923.
1924.
Acquisition of existing street and elevated railways by means of public Gross earnings
$16,660,989 518,306,483
utility certificates of indebtedness, principal and interest upon which is Operating expenses, incl. taxes and maintenance
9,636,900
8,961.743
payable solely out of the revenues of the lines.
Interest and other fixed charges
2.573.786
2,298,309
Immediate construction of a subway with the $40,000,000 in the muNet income applicable to divs.,replace'ts & depr. 55,400.937 56,095,797
nicipal traction fund, supplemented by special assessments.
Initial fare of 7 cents, with provision for sinking fund to pay off indebt- Annual requirements for divs. on 331,633,700 outstanding Prof. stock, including this issue
edness and a lower fare when earnings justify it.
2,024,311
-Practically all of the 510,613,900 6.6% Preferred
Customer Ownership.
No certificates bearing a higher interest than those issued at first to be
stock outstanding prior to the issuance of this offering of $5,000,900 has
marketed later, or used to redeem original certificates.
All income from properties to be deposited in a "municipal railway fund" been sold at par on the "customers' ownership plan" in the territory served.
The number of sales made was over 27,000 in average lots of approximately
and to be kept separate from all other funds.
Creation of a "barometer reserve," with provisions for adjustment of fare five shares, indicating the wide distribution of the stock among the comdownward ;i cent according to the ratio of indebtedness to income over pany's customers and employees.
-On the basis of' appraisals made by independent
Value of Properties.
each nine-month period.
engineers plus net construction expenditures since such appraisals, the reFares to be increased by request of the trustees on a Court order.
Changes in terms of the mortgage on the properties, as represented by production value of the combined properties is more than $100,000.000, or
the certificates, to be made by the municipal railway board, with the con- substantially in excess of the outstanding bonds and Preferred stocks.
-Company also owns water power sites and flowWater Power Resources.
sent of the City Council and the certificate holders' committee and the apage lands and rights aggregating about 60,000 acres and representing the
proval of the electorate.
Municipal railway board, to be appointed at time first certificates are major portion of lands necessary to the development of an additional hydroissued, to have full charge of operation of all properties then owned or electric generating capacity of 190.000 It. p. The sites for future developto be acquired by the city with the certificates, together with supervision ment are located principally on the Manistee and AuSable rivers.
-The Common stock is all owned by the Commonwealth
Management.
of construction plaid for with proceeds of the sale of certificates. Board to
have no control of subway construction financed by the city from funds Power Corp., which also controls public utility properties in Illinois.
-V. 119. p. 2645.
Indiana and Ohio.
on hand. but to take over supervision when subway is completed.
Subway not to be used by or in conjunction with any traction line not
Community Power & Light Co.-Pref. Stock Offered.
owned by the city except by consent embodied in an ordinance approved in
-V.119, p. 1952.
a referendum.
&
-Tenders.
Cincinnati Gas Transportation Co.
The Provident Savings Bank & Trust Co., trustee, Cincinnati, Ohio,
will until Jan. 20 receive bids for the sale to it of 5% bonds, dated July 1
1908, to an amount sufficient to exhaust $97,679.-V. 119. o. 2759.
-Earnings.
Cities Service Co.
12 Months Ended Nov. 30Gross earnings
Expenses
Interest & discount on debentures
Dividends. Preferred stock
1924.
1923.
$17,368,091 518,591,577
516,968
664,047
2,618,921
1.998.857
4,981,896
5,097,505
Net to Common stock and reserves
59.607,682 $8,473.792
Total surplus and reserves Nov. 30 1924, $46,629.639.-V. 120. p. 85.
-Equipment Trusts, &c.
Coast Cities Ry. (N. J.).
The New Jersey P. U. Commission has approved a car trust agreement
between the company, operating in Monmouth County, N. J., and the
J. G. Brill Co. of Philadelphia, for the purchase of 7 light double truck
safety cars. Under the agreement the company will issue 60 serial notes
totaling $77,634.69, of which $65.908.50 is the principal and $11,726.19
Interest.
Spencer Trask
Co., New York, and Whitaker & Co.,
St. Louis, are offering at 94 and div., to yield about 7.45%,
$1,000,000 7% Cum. 1st Prof. (a. & d.) stock, par $100.
Dividends payable Q.
-F. Red., all or part, on any div. date on 30
days' notice at 110 and divs. Transfer agent and registrar, Liberty
Central Trust Co., St. Louis.
Data from Letter of Pres. Wiley F. Cori, St. Louis, Jan. 14.
Compang.-Incorporated in Illinois in April 1922. Owns the entire
outstanding Common stocks, except directors' qualifying shares, and
all the outstanding bonds of the Public Service Co. of Mo., the Arkansas
Utilities Co., the Community Power & Light Co. of Texas and Kansas
Utilities Co. Through these subsidiaries, company serves 98 communities
located in four States-Missouri, Arkansas, Texas and Kansas. Company's
subsidiaries serve a population of approximately 200,000. Electric light
and power is furnished to 94 communities centred around and including
Cape Girardeau. Poplar Bluff, Charleston, Eldon and California in Missouri:
Helena and Paragould in Arkansas: Me:da and Marlin in Texas, and
Ft. Scott. Kan. Gas service is furnished to over 35.000 population. Including three of the communities above mentioned and Columbia, Mo.,
while ice service is furnished to over 71,000 population. Water service
is also furnished in three communities and steam heat in one. The power
plants have a total generating capacity of over 13,000 k. w.
JAN. 171925.]
THE CHRONICLE
Capitalization Outstanding Upon Completion of the Present Financing.
lit Mtge. Coll. Gold bonds, Series A.73s,1942 (closed)
$500.000
do
do
Series B 6 s, 1938 (closed)
925,000
do
Series 0 634s, 1933 (closed)
do
2,700,000
do
Series D 6%, due 1950
do
2,250,000
-Term notes
7 % and 7% Serial Short
545,000
7 Cumul. 1st Pref. stock (auth. $5,000,000)
1,730,900
8% Cumul. Partic. 2d Prof. stock (auth. $2,000,000)
500,000
Common stock (auth. $3.000,000)
1,595,000
Kansas Utilities Co.7% Cumul. Pref. stock
287.300
Purpose.—Proceeds from the sale of this $1,000,000 7% Cumul. 1st Prof.
stock, together with the proceeds from the sale of the 82.250,000 1st Mtge.
Coll. Sinking Fund Gold bonds, Series "D," and $500.000 8% Cumul.
Partic. 2d Pref. stock, will be used to finance the acquisition a a group
of valuable properties in southeast Missouri, formerly owned by the North
American Co., serving Cape Girardeau, Poplar Bluff, Sikeston and surrounding territory, and also to finance the construction of substantial
transmission line extensions in Kansas. Missouri and Arkansas.
Valuation of Properties.—The combined properties have a conservative
present value, after making liberal deductions for depreciation, of $10,444,728, a sum which, after deducting the par value of the total funded
debt outstanding upon compeltion of the present financing and the $287,300
subsidiary company PreL stock outstanding in the hands of the public,
is equal to approximately 14 times the $1,730,900 of 7% Cumul. 1st Prof.
stock.
Consolidated Earnings
-12 Months Ended Nov. 30 1924.
Gross earnings
$2,413,497
Oper. exp. & taxes, incl. maint. & Federal taxes
Ann. int. requirements of funded debt outstanding upon com- 1,466,028
pletion of present financing
448,500
Surplus available fir dividends and depreciation
$498,969
Ann. cliv. requirements of 22,018,200 7% Prof. stock (incl.
2287,300 Pref. stock of Kansas Utilities Co.)
141.274
Balance
$357.695
Value and Equity of 1st Pref. Stock.—The consolidated balance
Book
sheet, after giving effect to the issue of this 1st Pref. stock. $2.250,000
1st Mtge. Coll. Gold bonds, Series D, and $500.000 8% Cumul. Partic.
2d Pref, stock, shows net tangible assets edual to over $224 per share of
7% Cumul. 1st Pref. stock outstanding, including this issue, after deducting
the par value of the ottstanding subsidiary company Pref. stock.—V.
119, p. 2528, 1629.
Consolidated Gas Co. of N. Y.—Special Master's Final
Report to Court Sustains Company's Contentions Against $1
State Gas Law.—
Special Master James G. Graham has filed with the Federal Court his
final report and opinion in the suit of the company against the $1
gas
The final report sustains the principal contentions of tha company law.
and
recommends judgment enjoining the law. He finds an
8%
present value to be reasonably required and does not change return on the
the figures of
operating costs set out in the tentative report.
The report and opinion, which covers only the case
Gas Co. and not its subsidiary gas companies, will comeof the Consolidated
on
in the U. S. District Court in Feb. (See also V. 119, for confirmation
p.
Hearings before James G. Graham. special Master in the 2759, 2877.)
tuted by the company and its seven subsidiaries, to preventlitigation instithe $1 as law, have been discontinued. An agreement enforcement of
signed
9 by
the various counsel is to the effect that no more testimony willJan.taken
until the U. S. Supreme Court decides the appeal in the case of be New
the
York & Queens Gas Co., which the Master decided in favor of the company's contention that the dollar rate was confiscatory and therefore
unconstitutional.
The suspension of the hearings means that there will be no further
movement in the gas litigation so far as it relates to the gas companies serving Manhattan, the Bronx and part of Queens for many months, probably
not until late in the fall. There is also a possibility that
the litigation has
been definitely ended.
Part of the stipulation to suspend hearings contains
iam L. Ransom of counsel for Use Consolidated to the a statement by Willthe subject was studied the more it appeared that if effect that the more
the Master decided
rightly in this case a similar decision would result in the five pending cases.
Major John Holley Clark Jr., who became representative of the Attorney
General with the New Year, entered a statement to the effect that a cessation of the proceedings for the present appeared to be a common sense
disposition of the matter.—V. 120. p. 210.
329
A.L. Drum
D. F.
& Co.
Wilcox, Dec.31 1922,
Valuation
Decision
Normal
of U. S.
Reproduc- Less Items
Excluded
District
tion
Court
by Master
Cost
Land & right-of-way (excl. of water
rights)
$428.016 $1,107.024
Track
5,347.255
2.906.544
Bridges
856,231
478,258
Paving
725,632
1,412,005
Electrical distribution system
1,075,769
776,691
Rolling stock
2,365,644
4,445,233
Power station equipment
1.598.098
746,504
Substation equipment
184,015
256.138
Shop equipment,tools,etc
391.514
265,107
Buildings
1,520.361
2,510,803
Furniture and fixtures
82,584
174,716
$992,795.
5,121.715.
810.963
1,342,524
1,054,316
4,198.258
1,504,809
249.412
391.514
2.356,000
144.918
Total inventoried property
$10,479,356 $19,174.786 $18,167,224
General stores
507,599
507,599
Working capital
239.394
239,394
Cost of franchise
284,100
100,000
.
Engineering and superintendence_ --998,325
970,783
355,605
Admin..organization & legal expense..
953,010
839,760
818,569
Taxes
54,175
325,220
325.220
Interest
343,554
2,669,165
1,664,889
Total physical property
Accrued depreciation deducted
$12,051,259 $25,151,599 $22,814,869
2.436,915
2,250,000
4,836,031
Physical property less depreciation_ $7,215,228 $22,714.684 $20,564,869
Intangibles:
Cost of financing
1.301.455
Water rights
290,622
49.900
Going value
4.000,000
2,900,000
Total value for rate making
$7.215,228 228,306,761 $23,514.769
Value of right-of-way on streets under
perpetual casement
$2,000,000 $2,000,000
See also V 120, p. 86; V. 119. p. 2877, 2645.
Detroit Edison Co.—Earnings.---Income Accountfor 12 Months Ended Dec. 31 (Including All Constituent Cos.)
1922.
1913.
1924.
Operating revenues—electric
$31,707,79e. $29,430,015 $24,235.159
Non-oper.rev.(steam,gas & misc.)_ - 2.455.490
2.117,327
2,294.170
Teta revenue
$34,163,286 $31.724,185 $26,352,486
Oper.& maint.chges.,res'ves & taxes $23,897,724 $22,364.459 $19.182,941
Interest on funded & unfunded debt
3.556.381
3,866.916
3,794,841
Amortization of debt discount & exp_
328.743
320.259
343.864
Miscellaneous deductions
25.000
25,000
25,000
Net income
$6,101,858 $5.147,551 $3,259.422
—V. 119, p. 2760.
Eastern New Jersey Power Co.—Stockholders Accept
8% Pref. Stock to Replace the 7% Participating Pref. Stock.—
The stockholders on Jan. 15 approved an amendment to the certificate
of incorporation providing for the issuance by the company of 8% Cumul.
Prof. shares in exchange for the existing 7% Cumul. Participating Prof.
shares now outstanding.
This plan to change the existing 7% Participating Prof. stock for the 8%
Cumul. Prof. stock, entitled to an 8% dividend per annum and no more
was presented to the stockholders by the directors at the suggestion of
various stockholders and the directors believe that the proposed change
possesses mutual advantages, both for the stockholders and for the company.
No other change in the existing rights, privileges or restrictions upon the
Preferred stock is contemplated except to provide that additional shares
to be issued in series with varying rates of dividends.
The consent of over 80% of the outstanding Preferred stock to the
proposed change was received. The New Jersey P. U. Commission has
also approved the change.—V. 119, D. 2760.
Edison Electric Illuminating Co. of Boston.—Notes
Sold.—Lee, Higginson & Co.; Old Colony Trust Co.; F. S.
Cumberland County Power & Light Co.—Stock In- Moseley & Co.; Kidder, Peabody & Co.; Parkinson & Burr;
crease—Rights, &c.
Harris, Forbes & Co.; First National Corp. (of Boston);
The stockholders on Nov. 29 increased the authorized 6% Prof.
stock Blake Brothers & Co.; Bankers Trust Co., New York, and
by $500,000 which was offered in exchange at par for the
$500,000 4%% the Nationl City Co.
1st Mtge. Consol. Electric Light Co. of Maine Bonds, due Jan.
have sold at 99.31 and int. to yield
1 1925.
The common stockholders of record Nov.
were given the privilege about 43 %,3
A
-Year 432% Coupon Gold notes.
of subscribing at the rate of one share for 22 1924existing
ten of
Dated Jan. 15 1925; due Jan. 15 1928. Principal and int. (J. & J.)
par value common stock of the company, at $75 per share. holdings to no
This block of
approximately 2,726 shares so offered to the common stockholders for payable at Old Colony Trust Co., Boston. Coupon notes of $1,000 each.
No mortgage in
addition to the secured debt now outstanding will be put
subscription was that remaining from the new non
stock offered to the employees for subscription July par value common upon the company's existing property unless this note issue is equally
1 1924, at the same secured, or retirement thereof is provided for in such new mortgage. The
price. The money derived from this stock is to be devoted
to the payment
ofconstruction bills on the addition to the new steam station of the company. $1,315,000 real estate mortgage notes are the only present mortgage debt.
—V.119, p. 3009, 810.
Capitalization (After Completion of the Present Financing).
Notes
by mortgages on real estate
81,315,000
Denver Tramway Co.—Fares and Valuation.—The Den- 3-Yearsecured notes, due Jan. 15 1928 (this issue)
434%
30.000.000
Capital stock (after payment of installment due Feb. 2 1925)-46.714,100
ver "Rocky Mountain News" of Dec. 31 says:
Purpose.—Proceesis will pay off all existing coupon notes and other
Following the filing Dec. 30 of the final decree, putting
into effect the floating debt and leave about $4,000.000 for future extension of the property.
decision of Federal Circuit Judge Robert E. Lewis
Valuation.—Property and net current assets valued at approximately
tion Case, whereby the city is restrained from in the Tramway Valua- $105.000,000.
or more than 3 1-3 times amount of the above debt.
-cent fare
ordinance, the valuation of the company fixed atenforcing its 6
$23,514,769 and the old
Earnings—Years Ended
perpetual tramway franchises held binding, Mayor
Benjamin
went into conference with City Attorney Henry E. May to F. Stapleton
Gross
Over. Int.
Net
consider the
question as to whether the city will appeal from Judge Lewis'
Income.
Charges.
Earnings.
findings.
June 30 1915
Mr. May also filed exception to all the various sections
$371,475
$7.429,124 83.277,752
of the court's
findings which were handed down by Judge Lewis
1917
407.059
4.026.869
9,235.778
Dec. 13, made in a decision
1919
on exceptions of both the city and the tramway company to a report of
1.021.231
11,435,709
4,171.856
Special Master Henry A. Dobbs, appointed by the court to
1921
5,311.665
1,410,135
16,162.568
determine the tramway valuation question. Judge Lewis consider and Dec.31 1922
1.507.156
5,552,413
15,885,819
increased the
1923
valuation fixed by Dubbs between $2,000,000 and
1.305.224
6.520.908
17,877,962
$3,000,000.
1924 (December estimated)
1,180.000
7.670,000
19,500.000
No Change Mentioned.
Net income in fiscal year ended Dec. 31 1923 was over 4% times the
While no mention is made in the decree of any change
in the existing 31.411.000 annual interest requirement on the above debt. For the year
-cent fare, the company is given the right to charge fares
8
netting no more 1924 (December partly estimated) net income was nearly 5% times this int.
than 74% return on the $23,514,769 valuation.
Equity.—Company's $46,714,100 stock will have been issued for $75.According to Gerald Hughes, chief counsel for the
tramway, the net 610,778 cash, or about $162 per share. Present market value $200 per
earnings amount to about 81.100,000, whereas 74%
net
allow the company about $1,800,000. However, the judge's return would share, or $93,428,000. Dividends of 12% per annum have been paid on
decision does
not specify any change in fare, and attorneys say the fare cannot be changed the capital stock during last 14 years.
Company.—Serves population of more than 1,250,000 in Boston and
without taking up the question with Judge Lewis.
declared by attorneys that under the effect of the finding the tramway 41 surrounding cities and towns.—V. 120. IL 210
It is
.
company can continue operation of its system under the old perpetual
Electric Bond & Share Co.—Declares Dividends.—
franchises granted in 1885 and 1888, after the expiration of the 20
-year
The directors on Jan. 15 declared the usual quarterly dividends of 2%
grant In 1926.
The decree states that the provisions of the old and new franchises on the Common stock and of 134% on the Preferred stock. These are the
limiting farm to 5 cents are non-contractual in form and eMet. and are and first dividends declared since the General Electric Co. announced that it
were regulations in the exercise of pollee power by the city valid and legal wou.:(1..ogregate its holdings of the Electric Bond & Share Co. and form a
and enforceable only if they are nonconfiscatory and not in violation of new company, to be known as the Electric Bond & share Securities Corp.
the provisions of the Federal constitution guaranteering that the Tramway to The new company will receive the entire Common dividend. amounting
3500.000. and on its holdings of 300 shares of Preferred stock will receive
property shall not be taken without due process oflaw and that this property
$450. The $500,450 is equivalent to 2734 cents a share for the quarter on
is entitled to equal protection of the law.
the 1.802,870 shares of the Securities company stock outstanding, or about
A further ruling in the decree is that the 1919 ordinance limiting fares
to a maximum of 6 cents are confiscatory and illegal, void and in violation $1 10 a share a year. At the time the plan of segregation (V. no, p. 91)
was announced officials of the General Electric Co. said that the present
of the constitutional guaranties.
rate of dividend on the Electric Bond & Share stock will justify the new
The city is enjoined by the court not only against enforcing the 1919
ordinance, but also from interfering with the company in the collection of corporation in paying dividends of not less than $1 per share per annum.
—V. 120. p. 86.
such fares a,s will not bring in an annual net return in excess of 734% of
Electric Bond & Share Securities Corp.—New Co.—
the tramway property valuation fixed by the court.
See Electric Bond & Share Co. above and General Electric Co. in V. 120.
Comparative Valuations of Denver Tramway Co.
p.91.
The valuation as fixed by decision of U. S. District Court compared with
A. L. Drum & Co. valuation as of Dec. 31 1922, based on unit prices as
Electric Investors, Inc.—Initial Preferred Dividend.—
of Dec. 311922. after deducting items specifically excluded by master and
The directors have declared an initial quarterly dividend of
with D. F. Wilcox valuation based on normal reproduction cost for the share on the Pref. stock, no par value. payable Feb. 2 to holders$1 75 per
of record
city of Denver follows:
Jan. 15. See also V 119, p. 2760. 2286
330
THE CHRONICLE
-Fare Increased.
Empire State Railroad Corp.
The New York P. S. Commission has authorized an increase in fares
between Port Byron and Auburn, N. Y.,from 3 cents to 3.6 cents a mile,
effective Jan. 18.-V. 118. P. 1392.
-New Directors.Federal Telegraph Co. of Del.
Ellery W. Stone, President, and Rudolph Spreckels, a director of the
Federal Telegraph Co. of California, have been elected directors of the
Federal Telegraph Co. of Delaware, succeeding J. W. Ellwood and Hiram
Johnson Jr.
-V. 117, p. 2328.
Hartford & Springfield Mass.) St. Ry.-May Reorg.A recent dispatch from Hartford, Conn., states: "A basis for reorganization by the bondholders of the company is being laid in a petition to be
presented to the incoming General Assembly for the chartering of the Hartford & Springfield Transportation Co. The latter company, according to
its petition, wishes 'the right to acquire all or any parts of the rights, franchises and property of the Hartford & Springfield Street Ry., the Windsor
Locks Traction Co.. and the Rockville Broad. Brook & East Windsor Street
Ry., including the lines of street railway now owned and operated by these
companies, together with the right to operate buses in accordance with the
laws of the State of Connecticut.'"
The company has been in receivership since Sept. 30 1918, with Harrisoa
B. Freeman as receiver.
-V.119, p. 1952.
Indianapolis Traction Terminal Co.
-Tenders.
The Guarantee Trust & Safe Deposit Co.. trustee, Philadelphia, Pa..
until Jan. 13 received bids for the sale to it of 1st Mtge. Sinking Fund
30
-Year 5% Gold bonds, due 1933, to an amount sufficient to e;draust,
$60,000. at a price not exceeding 10234 and int.-V. 118, p. 84.
Vol,. 120
Replacement Value of the property, less depreciation, was appraised by
Stone & Webster, Inc., as of Aug. 311923, at $4,986,250, since which date
approximately $890.000 has been expended on extensions.
Capitalization upon Completion of the Present Financing.
First Mortgage 30
$3,000.000
-Year 534% bonds, Series "A"
7;4% Cumulative Preferred stock
500,000
Common stock (no par value)
30,000 shs.
Cash has been deposited with the trustee of this issue for the retirement
of $60,000 underlying bonds now outstanding.
Earnings Years Ended July 31.
1924.
1923.
1922.
1921.
Gross earnings
$359,086 $451,029 $551,817 $691,707
Operating expenses and raaint_
314,675
268.586
188,317
230.029
Net earnings
Interest on bonds (this issue)
$170,769 $221,000 8283,231
$377,032
165.000
Available for depreciation, income taxes and dividends
$212.032
Sinking Fund.
-Mortgage provides for payments to a sinking fund commencing Jan. 11926. equal to 1% per annum of bonds previously certified.
Bonds will be purchased by the trustee for the sinking fund at or below
the redemption price; if not so obtainable they will be drawn by lot. Bonds
acquired for the sinking fund will be canceled.
Purpose.
-To refund the present debt and to provide for extensions to
the property of the company.
---V. 120. p. 211.
Janesville (Wis.) Traction Co.
-Petition Dismissed.
Ruling that it could not authorize the abandonment of a railway franchise unless the consent of the City Council had first been given, the Wisconsin RR. Commission dismissed the petition of the company to discon-••••.•
tinue service on its Washington Street line. In its findings the Commission
Indianapolis Water Co.
-Granted Rate Increase.
said that it was apparent
furnish
The Indiana P. S. Commission on Dec. 30 overruled a petition of the service at a financial loss,that the applicant could not indefinitely
grant substantial concessions
company for authority to establish a schedule of water rates approximately in this form of relief from that the city must or that there must be a conpaving obligations
13% higher than the present schedule. Instead the Commission ordered sidbrable increase in patronage.("Electrical Ry. Journal.").-V.118,13.319t-:
the company to place in effect Jan. 1 1925 a schedule of rates which repro.
% more than the existing rates.
seats an increase of approximately
Kaministiquia Power Co., Ltd.
-Balance Sheet Oct. 31.The new rates authorized by the Commission are estimated to yield
Ass5s1923.
1924.
1923.
the company a return of 634% on a value of $19,230.000. This value is Property, plant, 1924.
Capital stock
82,497,000 82,497,000
made up of $19,000,000 found as the valuation of the company by Judge
franchises, Ac_ 34,757,439 $4,722,665 let M.5% bonds_ 1,845,000 1,864,000
Geiger In the Federal Court recently, and which finding the Treasury bonds_ __
Ferdinand A.
65,500
40,397
79,000 Accr.int.,wages,dre
38,314
Commission was bound to accept. and $230,000. the value of the estimated Invest. securities_
500,001 Dividend payable.
49,940
49,940
additions to the plant in 1925. on which the company is perrnitten to earn Accts.receivable_ _ 500,000
69,743
82,292 Accounts Payable_
5,688
6,249
a return in the new rates.
Unexpended bal__
7,546
12,638 Suspense account.
55,306
40,570
The company had sought to establish rates which would yield a return Cash
82,898
84,999 Conting. account_ 100,000
125,000
of 7% on the valuation of $19,000,000.-V. 120, p. 86.
Rest account
200,000
200,000
400,001)
Dept& renewal res 450,000
-Common Dividend No. 2.
Interstate Railways.
Tot.(each side)_35,483,125 $5,481,596 Surplus
'244,265
256,051
The directors have declared a dividend (No. 2) of 1% on the Common
The usual comparative income account was given in V. 119, p. 2878.
stock, par $100, payable Feb. 2 to holders of record Jan. 26. An initial
dividend of like amount was paid on the Common on Nov. 1 1924.Kansas City Railways.
-Validity of Notes Upheld.
V.119. p. 1624.
The Kansas City (Mo.) "Star" of Dec. 30 has the following: 'The
Iowa Southern Utilities Co. (Del.).
Stock uncertainty of a 5-year wait was cleared to-day for J. Ogden Armour, who
-Preferred
to the Kansas
-W. C. Langley & Co. New York, are offering at played "angel"taxes and bondCity Rys. in 1919 when the company needed
Offered.
money to pay
interest.
Mr. Armour's claim of 81,727,000 was declared valid by Judge Klm93M and dividend, to yield about 7.49%, $1,000,000 7%
brough Stone in a memorandum opinion read by the court relating to the
Cumulative Preferred (a. & d.) stock, par $100.
validity of that claim and one of banks that issued $8,000,000 gold notes
Redeemable, all or part, on any dividend date on 30 days' notice at 115 for the company.
-J. Transfer agent and registrar,
and dividends. Dividends payable Q.
Only part of Mr. Armour's clahn was secured by 1st mtge. bonds. These
American Exchange National Bank, New York. Under the present Federal bonds, the court held, could not be used to satisfthe claim since they had
Income tax law (Revenue Act of 1924) dividends on this stock are exempt not been placed in circulation on the market. The bonds were evidence
from the normal tax and are entirely exempt from all Federal income taxes of the debt owed Mr. Armour. Of the obligation $1.400.000 was in notes
when held by an individual whose net income, after all deductions, is $10,000 signed by the Chicago packer for the company. The entire claim will
or less. Dividends when received by corporations are entirely exempt from share in the proceeds from the property in the same class as holders of
all Federal income taxes.
first mortgage bonds.
The same ruling applied, the court said, to the holders of $8,000,000 in
Data from Letter of George M. Bechtel, President of the Company.
first
posted as
Company.
-Operates electric light and power properties serving directly gold notes for which $11,000,000 instand mortgage bonds was to
against the property
security. The 68,000,000 claim will
receive
and indirectly 95 communities in an extensive area in the southern part of
assets.
proportionate share in
the State of Iowa, including Burlington, Centerville. Leon, Mount Ayr, itsA claim of $300.000 by the disbursement of
Halsey, Stuart & Co. for money advanced as
Albia, Chariton, Osceola, Creston, Newton, Grinnell, Sigourney and interest by the bond agents was approved by the court to take its
place
Wapello. Company also operated an electric railway conducting a freight
to-day.
and passenger business between Centerville, Mystic and Albia, and the beside that of the other claims passed upon opinion that the first mortJudge Stone previously had announced his
street railway lines in Burlington and a small gas and steam heating business gage against the railways property was valid. See V. 119, p. 455,
2761.
In several communities. Property includes electric light and power stations with a present installed capacity of 12,875 k. w., current being also
Keystone Telephone Co.(Phila.).-New Directors.
purchased under favorable contracts; 511 miles of high tension transmission
S. Weiss have been
John
lines; 54 miles of elctric interurban and street railway lines. Company also Two of C. Chaffe, C. E.Platt and Irawhile the third is anelected directors.
additional memthese directors fill vacancies,
owns gas and steam heating properties in several communities.
members.
-V. 119, D. 2411.
Of the gross operating revenues over 76% is derived from the electric light ber, increasing the board to 15
and power business.
Knoxville Power & Light Co.-Pref. Stock Offered.-VV.
Capitalization Outstanding (upon Completion of Present Financing).
C. Langley & Co. and Old Colony Trust Co. Boston, are
Preferred stock, 7% cumulative (including this issue)
$1,900,000
Common stock (no par value)
10,000 shs. offering at 99 and div. to yield over 7% $500,000 Cumul.
First and Refunding Mortgage 6s, 1943
$1,659.300 Pref. (a. & d.) stock.
Divisional bonds (closed issues)
3,729,300
-F. Transfer agents, Registrar
Red. at $110 and diva. Divs. payable Q.
6% Gold Notes due March 1 1932
.
1,000,000 & Transfer Co., Jersey City N. J. and City National Bank, Knoxville,
There are also outstanding 6250,000 6% Debentures for the payment of Tenn. Registrars. Corporation Trust Co. Jersey City, N. J. and East
which funds have been deposited with the trustee.
Tennessee National Bank, Knoxville, Tenn. Under the present Federal
-Proceeds will be applied to the cost of additional properties.
Purpose.
income tax law (Revenue Act of 1924) dividends on this stock are exempt
Earnings Twelve Months EndedDec. 31 '23. July 31 '24. from the normal tax and are entirely exempt from all Federal income taxes
Gross income
$1.827.121 $1,868,715 when the stock is held by an individiaul whose net income is $10.000 or
Oper. exp., maint. and taxes (incl. Federal taxes)
1.128,076
1,142,743 less. Dividends when received by corporations are entirely exempt from
all Federal income taxes.
Net income
$725,972
$699,045
-Subject to authorization by the Tennessee RR. & P. TJ.
Issuance.
Annual interest charges on funded debt
377,985 Commission.
Data from Letter of E. W. Hill, Vice-President of Company.
Balance
$347.987
-Incorporated in Tennessee in August 1905 as Knoxville
Company.
Annual dividend requirements on Preferred stock
133.000
title having been assumed in 1922. Company
,
=c7iirtenanceimdDeprectSrio=i he compazp covenants in the First & Ry. & Light Co.,the presentand light
-r
electric power
business in Knoxville and Fountain
Refunding Mtge. to set aside and pay into a maintenance and improve- conducts the and surrounding territory. Company
also owns and operates
annually 17% of the gross earnings from railway properties and City, Tenn., railway lines in Knoxville and
ment fund"
two
all the street
7% of the gross earnings from other public utility properties, and that Business has shown consistent growth from year to adjacent communities.
year. The number of
before the payment of any dividends on the Common stock, it will set aside electric consumers on Nov. 30 1924 was 16,814 in
contrast with about
In a "depreciation fund" a sum amounting to 5% of its annual gross earnings. 8,500 on Dec. 311919. The output of kw. hours in the
12 months ended
-V. 119, p. 1849, 1402.
.....
Nov. 30 1924 was 57.535,500, against 30475,000 for the calendar year 1919.
used to reimburse the
-Bonds Sold.
- to Purpose.-Proceeds will becorporate purposes. company for additions
Jamaica (N.Y.) Water Supply Co.
its property and for other
Janney & Co., New York and Philadelphia, have sold at
Capitalization Outstanding (on Completion of Present Financing).
$3,000,000 First Preferred stock. 7% Cumulative
99M and interest, to yield over 5
--$1,500,000
2,200.000
-Year 5% Gold bonds. Dated Jan. 11925; due Common stock bonds due
Mtge. 30
Underlying 5%
April 1 1938 (mortgage closed)
780,000
Jan: 1 1955.
Knoxville Ry. & Lt. Co. Ref. & Ext 54, due June 1 1946
3,278,000
30 days' notice at 105 and interest on or before Jan. 1
Redeemable on
Comparative Statement of Earnings.
1951; thereafter at 104 and int. on or before Jan. 11952; thereafter at 103
Year Ended -Calendar yea
and int. on or before Jan. 1 1953; thereafter at 102 and int. on or before
Nov. 30 '24.
1922.
1923.
Jan. 1 1954; thereafter at 101 and int. until maturity. Denom. $1,000.
Gross earnings from operation
$2,334,150 $2,212,269 $2,015,092
$500 and $100 c*. Interest payable J. & J. without deduction of the normal Operating expenses and taxes
1,442,605
1,629,636
to 2%. Farmers' Loan & Trust Co., New York,
1,523,694
Federal income tax up
trustee. Company agrees to refund the present personal property tax paid
Net earnings from operation
$572,487
$704,514
$688,575
by residents of Penn., Conn.. Maryland and the District of Columbia, and
7.166
16,691
6,974
the Mass. income tax not exceeding 6% per annum on income derived from Other income
these bonds.
Total income
$579,653
$721,205
$695.549
Warren Leslie, Jamaica, N. Y., Jan. 9.
Data from Letter of President
Total int. charges, &c., deductions_ _
235.341
239,951
236,747
ncorp. In New York in 1887. Serves without competition
a population of approximately 225.000 in one of the most rapidly growing
Balance for Pref. diva., renewals,
sections of the New York metropolitan district. Both the population of
& replacements, and surplus_ _ - _ $481,254
$344,312
$458,802
the section and the number of cnosumers served have increased over 125%
The Preferred dividend requirements on the total amount of stock to be
during the past five years. Company supplies a portion of the fourth ward outstanding, including the present offering, amounts to $105,000.
of the Borough of Queens (Long Island) of the Greater City of New York,
Control and Supervision.
-Company is controlled through stock ownerpart of the municipalities of Hempstead and North Hempstead. and Floral ship by the National Power & Light Co. Operations are supervised by
Park, Nassau County, N. Y., which adjoin the territory served in the Electric Bond & Share Co.
-V. 118, p. 2572.
Borough of Queens.
Lansing Fuel & Gas Co.
The property includes 11 electric pumping stations, 3 steam pumping
-New Control.
See Commonwealth Power Corp. above.
plants, 3 stand pip,w, 250 miles of distribution mains and an office lauilding.
-V. 112. p. 1522.
Approximately 90% of the property is located within the limits of Greater
Laurentide Power Co., Ltd.
-Bond Issue.
New York City. The source of water supply is driven wells. The supply
An issue of $2,000,000 Gen. Mtge. Sink. Fund Gold bonds will be concan be readily increased as the company owns considerable adjacent property on which wells can be drilled as the demand increases. The quality sidered at a meeting of shareholders called for Jan. 23. The proceeds of this
of the water is excellent and is regularly analyzed by the Chemical Laborato- issue, it is understood, will be used in part to redeem the present outstandries of the Dpeartment of Water Supply, Gas and Electricity of the City ing $1,434,000 Gen. Mtge. 7% Sink. Fund Gold bonds, while the balance
will be used for plant extensions to be made later.
-V. 118. p. 1144.
of New York.
JAN. 17 1925.]
-Earnings
-Balance Sheet.
Laclede Gas Light Co.
Year Ended Oct. 31Gross earnings
Operating expenses
Taxes
Retirement expenses
Bond interest and miscellaneous deductions
$8,143,68 $8,022,536
3,498,349 3,221,520
876,205
801,782
649,851
536,282
1,603,719
1,584,729
Net profits
Previous surplus._
Surplus adjustments
Reserve for Common dividends
Preferred dividends
Common dividends
$1,721,915 $1,671,341
758.207
516,531
Cr.28,901 Dr.56.017
391,249
137,912
125.000
125,000
1,310,750
1.123,500
Profit and loss surplus
$546,531
8910,935
liatance Sheet.
Oct. 31 '24. 1)ec.31'23.
Oct. 31 '24. Dec.31'23.
Assets$
$
Liabilities$
$
Property
41,795.102 41,067,474 Preferred stock__ 2,500,000 2,500,000
'Material & FIUPPI_ - 1,001,977 1,179,266 Common stock__ _10,700,000 10,700,000
Accts.receivable.. 1,144,277 1,261,051 Funded debt
27,500,000 27,500,000
382,858
Cash
140,861 Notes, accts. paySpecial deposits _
65,357
able, &c
917,608 1,253,218
Prepaid exp., &c_ _ 180,345
Accr.accts, not due 1,077,879
883,935
Deferred charges__ 1,972,703 2,030,568 Res. corn.stk. div. 529,162
529,162
Surplus & reserves 3,317,970 2,312,905
Total
-p. 119,
46,542,619 45,679,220
331
THE CHRONICLE
Total
46,542,619 45,679,220
p. 2647.
Lehigh Power Securities Corp.
-Notes Called.
-
Of the outstanding $9,760,10010
-Year 6% Secured Gold notes,due Aug. 1
1927. $2.193.300, have been called for payment Feb. 1 at 101 and int. at
the Guaranty Trust Co., 140 Broadway, N. Y. City.
-V.119, p. 693.
re
a
=ed,consented at the r uest of the Board to a further extension of the
suspension for 3 months, enng Dec.31 1924, with the definite understanding that prior to that date and in ample time for the company to prepare
its 256,000 January bills to subscribers, a decision and an order would be
made. The Board of Commissioners, however, did not reach a decision
and issue an order until the last day of the extended period, namely. Dec.31.
An order was then issued adverse to the claims of the company and denied
it any relief whatever.
,
"We are confident that the public we serve does not want to force the
company into a position where it would be impossible to raise new capital
in sufficient amount to carry on the work of extending the telephone plant
and furnishing adequate telephone service."
The Commission found that the fair value of the New York Telephone
Co.'s property in northern New Jersey is $76,370,000, and that the company
is entitled to earn approximately 7 % thereon.
A claim originally made of a value of approximately $24,000,000 by the
Delaware & Atlantic Tel. & Tel. Co. was subsequently reduced to $21,400.000 following criticism by the Board's experts. This the D. dc A. Co.
claimed was the minimum that should be allowed. The latter amount,
however, is reduced by the Board to $18,459.000, and this is held to be the
fair value of the company's property. The Board finds that the return
to the company on the value determined by it is about 3%. This is regarded as less than a lawful return and.the Board holds that rates which
afford a fair return on the value of the company's property should not be
denied. In regard to what races should be charged by the D. & A. Co.,
the Board states it deems it inadvisable to determine that question at this
time and its determination will therefore be reserved for future consideration. This position permits the company to put into effect its proposed
rates.
-V. 119. p. 1744.
Niagara & Erie Power Co.
-Tenders.
-
The Guaranty Trust Co., 140 Broadway, New York City, will until
-Year gold bonds,
Feb. 4 receive bids for the sale to it of First Mtge.5% 30
due Jan. 1 1941, to an amount sufficient to exhaust $28,554 at a price
not exceeding 105 and interest.
-V. 118. p. 319.
-Customer-Ownership.
Northern Indiana Gas &Elec.Co.
It is announced that stockholders in the company now number nearly
10,000. The actual number of paid-up stockholders in the company at
See Bell Telephone Co. of Pa. above.
-V. 119, p. 333.
the close of business on Dec. 31 was 9,948. In addition, it was announced
monthly savings
Lower Austrian Hydro-Electric Power Co.
-Earnings. that 3,844 investors are buying the Preferred stock on the or prospective
plan, making a total of 13,792 persons who are either paid-up
The Nov. gross earnings of the company amounted to $50,300. according stockholders.
to a cable received by F. J. Lisman & Co. Gross earnings for the first 11
Sale of the company's 7% Preferred stock began late in the summer of
months of the year were $439.340.-V. 119. D. 3009.
1523. soon after management of the company was assumed by Samuel
Insult and associates. The first quarterly dividend on this stock was paid
Madison (Wis.) Rys.-Higher Fares Authorized.
on Oct. 13 1923
stockholders. One year later the fifth regular
The Wisconsin RR. Commission has authorized the company to put quarterly dividendto 394
to 8.677 stockholders. This
was
Into effect a new schedule of rates. Cash fare, 8 cents or 17 tickets for $1: represented an increase paid on Oct. 14 1924 months.
of 2,102% in twelve
fare for children under 12 years, 4 cents: tickets or tokens for high
cash
The number of stockholders Jan. 14 1925 represents an increase of
school students, 10 for 50 cents, and two children under 12 on one adult 2,425% in fifteen months. This is regarded by officials of the company
ticket or token.
-V. 118. p. 1268.
as an unusual record of a rapid increase in the number of stockholders and a
the success or the customer-employee ownership moveMexican Telephone & Telegraph Co.
-Government to demonstration ofp. 2878.
ment.
-V. 119,
Lehigh Telephone Co.
-Control, &c.
Relinquish Wire Contr71-Private Owners to Take from Government and Improve Lines.
-
See under "Current Events" of the Jan. 10 issue, page 143.-V. 118,
e. 1401.
Municipal Service Co., Phila.-Dividend Increased.
The directors have declared a quarterly dividend of .50c. a share on the
Common stock, no par value, payable Jan. 26 to holders of record Jan. 10.
The previous rate was 40c. quarterly. Total disbursements on the Common
stock during 1924 amounted to $2 per share (which includes an extra of
50 cents per share).
The directors also declared regular quarterly dividend of 13i% on the
Prof. stock, payable Feb. 2 to holders of record Jan. 15.-V. 119, p. 2287.
Muskogee Electric Traction Co.
-Tenders.
The Equitable Trust Co., 37 Wall St., N. Y. City, will until Feb. 31
receive bids for the sale to it of 1st Mtge. 5% 5. F. gold bonds. dated
May 1 1912, to an amount sufficient to exhaust $7,051 at a price not
exceeding 105 and interest.
-V. 118, P. 311.
-Time Extended.
Northern Ohio Electric Corp.
The time for deposit of stocks under the reorganization plan has been
extended to Jan. 26, the same date on which the subscription offers expire.
See plan in V. 120, p. 87.
Oklahoma Railway.
-Receivers Appointed.
Judge F. E. Kennamer in the U. S. District Court at Oklahoma on
Dec. 27 appointed George A. Renshaw and John W. Shartel (Pres. & Gen.
Mgr.) were appointed receivers, on the application of the bondholders.
V. 119, p. 1734, 1396.
Pacific Telephone & Telegraph Co.
-Tenders.
-
The Mercantile Trust Co., trustee, 464 California St.. San Francisco,
Calif., will until Feb. 20 receive bids for the sale to it of 1st Mtge. & Coll.
Trust 5% 30
-year sinking fund gold bonds, dated Jan. 2 1907. to an amount
sufficient to exhaust $323,690 at a price not exceeding 110 and interest.
-V. 120, p. 88.
Philadelphia Rapid Transit Co.
-To Create an Issue of
New Hampshire Elec. Rys.-Time for Deposits Extended. $3,000,000 Preferred Stock.
The stockholders will vote March 18 on approving an issue of $3.000.0
00
Checks in payment for Common and Prof. stock, which were deposited
under the offer of the Associated Gas & Electric Co., have been sent to Preferred stock. Present authorized capital consists of $30,000,000
depositing stockholders, who received $3 a share for the Common and $32
a share for the Preferred. More than 75% of the outstanding stock assented to the plan. The time for receiving deposits has been extended to
Feb. 5.-V. 119, p. 2878, 2762.
New York & North Shore Traction Co.
-City Purchase.
Final authority to purchase the equipment of the company for $17,650
has been granted by the Board of Estimate of New York City to William
Wirt Mills, Commissioner of Plant and Structures. Before the city can
go ahead with its plans to operate the line between Flushing and Whitestone certain private rights of way must be purchased. So far no action
has been taken on this matter. ("Electric Railway Journal.")
-V. 118.
p. 1520.
New York Railways
-To Declare Plan Operative.
-
The plan of capital readjustment brought out by the reorganization committee in May 1924 (V. 118, p. 2438) is expected to be declared operative
about Feb. 1. After a long series of negotiations between the majority
interests favoring the plan and dissenting groups, it is said that the points
of difference have virtually been ironed out, and that the reorganization
would go through with practically no changes.
It has been estimated that the earnings in the first year of operation
Under the reorganization plan will cover all fixed charges, including interest
on $19,435,472 of 6% bonds.
-V. 119, p. 1952. 1733.
New York Telephone Co.
-Phone R7te Increase in Northern New Jersey Refused-Sub. Co. Granted Increase.
The New Jersey P. U. Commission on Dec. 31 granted the Delaware &
Atlantic Telegraph & Telephone Co. a subsidiary operating in southern
New Jersey, an increase of approximately 15% in telephone rates, effective
Jan. 1 1925.
The Commission denied the application of the New York Telephone Co.
for an increase in service rates in northern New Jersey. In connection with
the latter order, President J. S. McCulloh said in part:
"In view of the evidence submitted to the Board, not only by witnesses
for the Telephone company but by the Board's own experts, it is impossible
to conceive how such an order can be justified. The company regards
this as unwarranted, unreasonable and confiscatory, and will contest it at
once, using all legal means at its disposal to secure action permitting it to
earn a just and reasonable return upon its property . The grounds upon
,
which rate relief has been denied, we believe, are fallacious and contrary to
the facts and to established law. In the meantime, and until other action
the Commission or by the Court, the order, of course, will be observed
by
and subscribers will be charged at the old rates. The evidence proving
the company's need for increased revenue was, in our opinion, conclusive.
Telephone rates now charged by the New York Telephone Co. in northern
New Jersey have been in effect without change since long before the war.
Every one knows how prices and costs have risen since then.
"Many months ago it became evident that the present rates were obsolete
and wholly insufficient to yield a fair return upon the value of the property
used in the public service, which the company is lawfully entitled to receive.
"While the telephone rates in New Jersey have remained stationary, all
costs of rendering the service have increased enormously since the war.
The Telephone company has had to meet the increased costs of materials
and labor to the same extent as every other industry, and has practiced all
reasonable and proper economies in the endeavor to avoid increases in rates.
It finally became apparent that if the service was to be protected and the
large amounts of new capital attracted which are necessary in order to carry
on extensions and to meet increasing demands for service, some increase in
rates must be made.
"On March 6 1924 the company filed with the Board of Public Utility
Commissioners of New Jersey schedules of higher rates, to be effective
April 1 1924. Those rates were suspended by the order of the Board for
six months. The legal period of suspension expired on Oct. 1 1924, but as
the Board had not then completed its inquiry and had called for additional
facts, the company, desiring to co-operate with it to the end that time for a
thorough consideration might be had and a just and reasonable decisicn
Common stock.
President Massey of the P.R.T. Co-operative Welfare Association, in
the company's publication, "Service Talks," dated Jan. 2, says: "The cooperative wage dividend fund trustees have purchased this year 41.500
shares of P.R.T. stock at a cost of approximately $35 per share, after
crediting dividends received thereon and paying 4 quarterly divder
11otlP.R
1
the10,02
Ng g ng1
the
.h:Ts
dividend
7aVing151.500 shares, which, add:
shares owned by the welfare association. gives P.R.T. employees ownership of more than one-fourth of the workshop where they earn their daily
bread. A co-operative wage dividend fund participation certificate,
similar to those issued for 1922 and 1923, will be given early in 1925 to
each P.R.T. employee, certifying the number of shares of P.R.T. stock
represented by his 1924 co-operative wage dividend and held in trust by
the co-operative wage dividend fund trustees, who will vote the total
amount of 151,500 shares at the stockholders'annual meeting next March.
President Farley. of the Co-operative Welfare Association Savings Fund.
says: "The P.R.T. Co-operative Welfare Association Saving Fund has
just passed the $2.200.000 mark-an increase of $200,000 for the yearend now has 9,639 depositors, the largest number in its history. This fund
is administered by employees elected as saving fund trustees, who follow
the practice of long-established saving funds. The total investments
classified to Nov. 30 follow:
Cost or
Par
Book Value.
Value.
$295,029 47
U. S. Govt. and Fed'l Land Bank securities_ _ _ _ $300,000
24.25000
Canadian bonds
25.000
245.660 00
Real estate mortgage bonds
252,000
477,912 50
Steam railroad bonds
490,000
Equipment trust certificates
388.144 51
392.000
122,481 25
Electric light and power bonds
130,000
623.825 00
Other public utility bonds •
634,000
Total investments
$2.223.000 $2,177,302 73
61,643 18
Cash on hand
$2,238,945 91
Total securities and cash
-V. 119, p. 3011.
-Listing, &c.
Pittsburgh Utilities Corp.
The New York Stock Exchange has authorized the listing of $2.000,000
7% Cum. Pref. stock (par $10), making the total amount applied for
$6,770,700, and $2,000.000 voting trust certificates for the 7% Cum. Pref.
stock to be added on official notice of issuance in exchange for an equal
par value of 7% Cum. Pref. stock, making the total amount of voting
trust certificates for said Pref. stock applied for $7,500,000.
General Balance Sheet Nov. 30 1924.
Liabilities.
Assets.
$3,850,000
Preferred stock
c1,200,000
Common stock
Collateral trust 55 assum. 12.000.000
Coups. due, not pres'nt'd
303.362
Accrued int. on bds. as'd
50,000
Cap. surp. (not earned)_ 7,550,000
Total (each side)
576.370
$25,529,732 Surplus (earned)
a 492,000 shares Philadelphia Co. Common stock, par $50 each.
b Proportion of Philadelphia Co Common stock dividend payable
Jan. 31 1925.
c 240,000 shares without par value, having an actual capital value pursuant to certificate of incorporation of $5 per share (authorized 500,000
shares).
-V. 119, p. 2879.
Securities owned
Cash
Special deposits
Accounts receivable
Dividends payable
a$24,600,000
287.625
312,431
1,676
b328,000
• Providence Gas Co.
-Rates Reduced.
The price of gas per thousand cubic feet was reduced 5 cents in a new set
of rates filed Jan. 13 with the Rhode Island P. U. Conunission. The new
rate is set at $1 per 1,000, instead of 51 05, and becomes effective on bills
rendered after Mar. 2. It will mean a saving of about $130,000 a year for
Rhode Island consumers.
-V.118, p. 2835.
332
THE CHRONICLE
Public Service Corp. of Long Island.
-Tenders.
-The Empire Trust Co.. trustee, will until Jan. 26 receive bids for the sale
to it of 1st Mtge.57 30
0 -Year Sinking Fund gold bonds,dated Jan. 1 1913,
to an amount sufficient to exhaust $11,193 at a price not exceeding 105
and Interest.
-V. 118, P. 3207.
Public Service Electric & Gas Co.-Pref. Stock Offered.
Drexel & Co., Philadelphia, and Bonbright & Co., Inc., New
York,are offering at 95 and div., to yield 6.32%,$15,000,000
6% Gamut. Pref..(a. & d.) stock, 1925, Series (par $100).
-M. Red. all or part on any div. date after three
Dividends payable Q.
years from the date of issue thereof, upon 30 days' notice at 110 and divs.
Transfer agents, J. P. Morgan & Co., New York; Drexel & Co., Philadelphia; office of company, Newark, N. J. Registrars, Guaranty Trust Co. of
New York; Fidelity Trust Co., Philadelphia; Fidelity Union Trust Co..
Newark, N. J. Dividends on this stock are exempt from the present
normal Federal income tax. As to this 1925 series, Public Service Corp.
of New Jersey agrees to refund the Penn. State tax not exceeding the rate
of 4 mills on the par value of shares held by residents of Penna., as provided
In the tax refund agreement.
.
Issuance.
-Subject to authorization by the Board of Public Utility Commissioners of the State of New Jersey.
Capitalization Outstanding After Giving Effect to This Financing.
Common stock,no par value
a$69,250,000
7 Cumul. Pref. stock, par $100
b20,000,000
6% Cumul.Pref.stock, 1925 Series, par $100 (this issue)
15,000,000
First & Refunding Mortgage Gold bonds
41.586,000
Divisional underlying bonds and miscellaneous obligations_ __ _ 21,113,793
Bonds and stocks of leased companies (in hands of public)
81,062.859
a Representing cash investment, 6.925,000 shares. All owned by Public
Service Corp. of New Jersey. b $19,736,800 pledged under perpetual interest bearing certificates of Public Service Corp. of New Jersey.
Data From Letter of.
Pres. Thos. N. McCarter, Newark, N. J., Jan. 12.
Company2
-In 'respect of gross eariangs and number of customers, company is believed to be the largest operating public utility company of its
kind in the world. It owns or controls electric and gas systems serving a
rapidly growing population in New Jersey estimated at over 2.600,000,
or over 80% of the population of the State. The territory served includes
the largest cities and more populous sections of the State and is noted for
its great industrial activity and growth. In it is located more than 90%
of the manufacturing of New Jersey, which is the sixth State in value of
manufactured products and the first in diversity of manufacture. The
territory extends nom the Hudson River opposite New York City, southwest across the State to the Delaware River opposite Philadelphia, and
includes Newark, Jersey City, Paterson, Trenton, Camden, Elizabeth,
Bayonne. Hoboken, Passaic. the Oranges, Perth Amboy, West Hoboken
and New Brunswick. All of the company's Common stock (except directors' shares) is owned by Public Service Corp. of New Jersey.
Company's electric system includes 14 generating stations with an aggregate rated capacity of over 550.000 horsepower, approximately 1,100 miles
of transmission lines and 27,000 miles of distribution wire, serving over
514,800 electric customers. Its gas system includes 10 generating plants
with an aggregate capacity of 77,700,000 cubic feet daily and armrest atmly
3.600 miles of mains, serving over 641.000 gas customers.
Valuation.
-The property of the company and its leased companies (not
including any of that leased from Public Service Electric Power Co. or the
electrical property leased from Public Service Ry.) was valued by Day &
Zimmermann, Inc., engineers, as of Jan. 1 1924, at over $245,000,000.
Expenditures for additions since that date. together with the proceeds of
this $15,000,000 of Preferred stock, aggregate approximately $28,000,000.
making a total of over 6273,000,000. Against this valuation, the total
funded indebtedness of the company plus the stocks and bonds (closed issues) of leased companies on which rentals must be paid to the public, aggregate $143,762,652, leaving an equity for the 835,000,000 outstanding
.Preferred stock of the company of over $129,000,000, or more than $365
per share.
-The proceeds will be used to reimburse the company for exPurpose.
penditures for additions and improvements made and to be made.
Earnings After Giving Effect to Recent Readjustment of Securities.
Years Ended Nov. 30.
1923.
1924.
Gross revenue
$57.211,119 $60,680.691
Operating expenses and taxes
34.478.939 36,257,321
Depreciation
4,730,150 5,162,023
Net earnings
Annual fixed charges and rentals
Miscellaneous interest, discount, &c_
$18.002.030 $19,261,347
7.961,519
623.300
Balance for dividends___
_
Annual div. requiremention------- stiick (incl.this issue)
810,676,528
2,300,000
$8,376,528
Of the net operating revenue for the year ended Nov. 30 192paproxi4,
mately 62% was derived from the electric business and 38% from the gas
business.
If the present structure of the company had been in effect during the five
years ended Nov. 30 1924, earnings would have been as follows:
Gross
Oper. Expenses
.
DepreNet
Cal. YearsRevenues.
and Taxes.
ciation.
Earnings.
1920
$46.165,550 $29,068,096
$3,025,912 $14,071,542
1921
49,522,728 30,864.247
3,698.261
14,960,220
1922
52,474,645 32.170,134
4,215.713
16,088,798
1923
57.649,018 34,439.471
4.866.913
18,342,633
1924 *
36.257,321
60,680,691
5,162.023
19,261,347
Average
$53,298,526 $32,559,854
84,193,764 $16.544,908
* Year ended Nov. 30.
Listing.-ApplicatIon will be made to list this Preferred stock on the New
-V. 120, p. 88.
York Stock Exchange.
Rutland Ry. Light & Power Co.
-Gas Rates Cut.
-
The company has voluntarily reduced the price of illuminating gas to its
consumers in Rutland. Vt., and adjacent territory, 10 cents per 1,000
cu. ft. This is the second reduction in a year, a similar cut having been
made on March 1 1924.-V. 118, p. 1666.
Santa Monica (Calif.) Bay Telephone Co.
-Bonds
Offered.
-M. H. Lewis & Co., San Francisco, and Citizens
National Co., Los Angeles, are offering at 100 and int.
3925,000 1st & Ref. Mtge. 6% gold bonds, Series 1924.
Dated Sept. 1 1924; due Sept. 1 1044. Principal and int. (M. & S.)
payable at Citizens Trust & Savings Bank, Los Angeles, trustee, or New
York Trust Co., New York, without deduction for the normal Federal
Income tax up to 2%. Denom. $1,000 and 5500 c*. Callable on any
Int. date up to and incl. Sept 1 1934, upon 30 days' notice at 105 and int•,
the callable price being reduced 3 of 1% for each year thereafter. Exempt
from California personal property taxes.
Issuance.
-Authorized by the California Railroad Commission.
Data from Letter of John G. Mott, President of the Company.
Company.
-Organized in 1924 and recently acquired the properties and
business of the Santa Monica Bay Home Telephone Co., which predecessor
company was organized over 20 years ago. The present company operates
In Santa Monica, Ocean Park, Venice, Brentwood, Sawtelle, Westwood,
Ocean Park Heights and Playa del Rey, Calif., and territory adjacent
thereto. Population of 100,000.
Purpose.
-Out of the proceeds of this bond issue the company will reimburse its treasury for capital expenditures and in addition set aside over
$334.000 to provide for part of the cost of betterments and extensions
which will be immediately installed and which will become revenue producing in the near future.
Authorized. Outstanding.
CapitalizationCommon stock
$1,000,000
$650,000
Preferred stock
1,000,000
125,000
First & Refunding Mortgage bonds
10,000,000
925,000
Underlying liens (closed)
500,000
142,000
Year1922
1923
1924 (Dec. est.)
[Vor,. 120.
Earnings for Calendar Years.
Net
Gross Over. Exp.,
Bond and
Earns. Maint.&Tax. Earns. Other Int.
$131,437
821,480
$85,152 $106,284
24,513
231,547
125,379
106,167
*62.275
302,917
172,364
130,553
Balance.
$84,804
100.866110,089
* Including interest on total new bond issue.
From the foregoing it will be seen that the company's earnings are over
2.76 times total interest requirements. It should be noted in the above
statement that actual present revenue figures have been used and all interest charges of the new bond issue have been included, and no consideration
has been given to the anticipated increase in revenue in 1925 due to the
installation of new plant and betterments through the expenditure of
$334,417 in 1925 from the proceeds of this new bond issue.
Security.
-Secured by a direct first mortgage (subject only to $142,000
underlying bonds) on all property owned. This property, consisting of real
estate and equipment, was appraised as of June 30 1924 as having a depreciated value of $1,415,000, to which figures should be added the sum of
$334.000, being the cost of betterments and extensions which the proceeds
of this bond issue will provide.
Sinking Fund.
-Company will provide a sinking fund for the purchase
and retirement of 2% of the bonds of this issue outstanding each year.
beginning Sept. 1 1927, the trust deed stipulating that 2% of the ten
outstanding issue shall be retired by the purchase of bonds in the open
market up to the then redemptional price.
Management.
-John G. Mott, Pres., Los Angeles; Willis G. Hunt, V.
-P.:
Dean Mason, Treas., Los Angeles; Richard II. Lacy, J. A. Jevne, Fred.
H. Leistikow, Charles G. Andrews.
Ownership.
-The Pacific Telephone & Telegraph Co. owns $239.000
bonds of this issue and also are substantial owners of Common stock in
the company.
-V. 110, p. 2763, 2531.
Southern & Atlantic Telegraph Co.
-Stock Offered.
Adams & Peck, New York. have acquired privately and are offering at
a price to yield about 6% 3,000 shares of 5% stock (par $25).
Dividends guaranteed by Western Union Tel. Co. Dividends payable
April Sr Oct. 1. Stock. $949,050, of which $390,975 owned by Western
Union Telegraph Co. The 5% dividend on the stock is a fixed charge of the
Western Union Telegraph Co.
Company owns 3.778 miles of telegraph wires running from Washington.
D. C. south and west through the States of Virginia, North Carolina.
South Carolina. Georgia, Alabama and Florida, and reaching such impor'
tant cities as Richmond, Charleston, Charlotte, Savannah, Atlanta,
Augusta, Montgomery, Jacksonville, Mobile, &c.
-V. 23, p. 623.
Southern Cities Utilities Co.-Earnin_gs for Year 1924.
The statement includes earnings of Southern Cities Utilities Co.,Southern
Cities Power Co., Public Light & Power Co., Columbia Water & Light Co..
Tennessee Water Co.. Mills & Lupton Supply Co., Utilities Engineering
Corp., West Virginia Utilities Co. and Wheeling Public Service Co.
Gross operating revenues and other income
$2,674.118
Operating expenses and taxes
1.729,859
Operating income
Deduct-Interest
Pref. stock dividends of subsidiaries
Preferred dividends, S. C. U. Co.(7%)
Common dividends S. 0. U. Co. 3%
$944,259
$461,120
58,476
155,008
54,006
Balance available for dpreciation, sinking funds, &c
8215,649
Note.
-Figures based on 11 months' actual earnings and estimated
income for the month of December.
Nathaniel F. Glidden of Glidden,. Morris & Co. has been elected a vicepresident and a director. His firm has been identified with the recent
-V. 119, p. 1518.
financing of the subsidiaries of this company.
-A. C. Allyn &
-Bonds Offered.
Southwest Power Co.
Co., Inc., Arthur Perry & Co. and West & Co. are offering
953/i and int., to yield over 6.40% $1,000,000 1st Mtge.
at
gold bonds, Series "B"6% Sinking Fund.
Dated Nov. 11924; due May 1 1944. Int. payable M. & N. Denom$1,000, $500 and $100. ($1,000 bonds registerable as to principal only).
Red., all or part, on any int. date on 30 days' notice at 105 and int. to and
incl. Nov. 1 1925, this piremium of 5% of the principal decreasing at the
rate of h% of the principal on each Nov. 2 thereafter. Principal payable
at New York or Chicago without deduction for normal Federal income tax
-mill tax, Maryland 4%-mill
not to exceed 2%. Penna.4-mill tax. Conn.4
tax. and Mass. 6% income tax refundable.
-Authorized by Arkansas Railroad Commission.
Issuance.
Data from Letter of Pres. Albert Emanuel, New York, Jan. 6.
Company.
-Owns and operates public utility properties serving directly
at retail, without competition, electric light and power to McAlester,
Alva and Hartshorne, Okla.; Fayetteville, Rogers, Eureka Springs and
Harrison, Ark., and to 18 other communities in these States. In addition,
company supplies electricity at wholesale to the Public Service Co. of
Oklahoma for distribution in Atoka, Coalgate, Lehigh and Phillips, Okla.
Through a subsidiary company furnishes street railway service in McAlester,
and interurban and. freight service to Krebs, Aldersen, Hartshorne and
Belleville, Okla. Territory served has a total population estimated
75,000. For recent acquisitions, see V. 120. p. 88.
-Secured by a direct first mortgage on all fixed property.
Security.
subject only to $150,000 divisional 6% bonds now outstanding on a part
of the property which is about to be acquired. Further secured by a
pledge with the trustee of all outstanding bonds and stock (less directors'
qualifying shares) of the Pittsburgh County Ry.
-The reproduction cost new, less accrued depreciation, of
Valuation.
the physical property to be owned by the company, including that of its
subsidiary, as determined by independent public utility engineers and
appraisers, is largely in excess of the total funded debt of the company to be
presently outstanding.
Consolidated Earnings of the Properties Now Owned by Company and Its
Subsidiary (Including Earnings of Properties about to be Acquired)
12 Months Ended Nov. 30 1924.
Gross earnings
$1.012,002
Oper. exp. (incl. curr. maint. St taxes other than Federal taxes)
585.964
Net earnings
$426,038
Annual interest requirements on total funded debt
205,500
Capitalization Outstanding (Upon Completion oLPresent Financing).
1st Mtge. Gold bonds, Series' '
A 6!%% Sinking Fund__ -$2,100,000
Series "B"6% S. F. (this issue)
do
do
1,000,000
Divisional 6% bonds
150,000
7% Cumul. Preferred stock
800,000
Common stock (no par value)
21,000 shs.
-Company covenants to provide an annual sinking fund
Sinking Fund.
for the Series "B' bonds beginning Nov. 1 1926 equivalent to 1% of the
principal amount of Series "B" bonds outstanding, to be used exclusively
for the purchase or redemption of bonds of this series.
-Properties are operated under the supervision of Albert
Management.
Emanuel Co., Inc., New York.
-V. 120, p. 88.
Staten Island Edison Corp.
-Interchange of Power
Planned.
Interchange of power and mutuality of ownership is proposed
this
corporation and the New York-New Jersey Super-Power Connectingby
Corp..
together with a plan to finance and build transmission lines to meet additional requirements, according to a statement by C. W. Gillespie, Asst.
Mgr. of the Staten Island corporation, after the Connecting Corporation
had applied to the New York P. S. Commission for permission to acauire
and hold 10.000 shares of Staten Island Edison Corp. stock. (New York
-V. 119, p. 2412.
•Times.")
Steubenville East Liverpool & Beaver Valley Trac. Co.
Interurban electric railways operated by the company and by the Pennsylvania-Ohio Power & Light
which cross State boundaries, were held.
Jan. 5. by the Supreme Court to be under the jurisdiction of the I.
Co.,
-S. O.
Commission and are subject to its control in rate-making. The decision
case brought by
ei eri me o
i
t op,tvGtav iiie lAiand others against the village
aoFquegbtfra
Justice Brandeis, delivering the opinion, said the Commission had power
to regulate generallY all interurban railways so far as they affect inter-State
JAN. 17 1925.]
THE CHRONICLE
333
Indian Orchard Co., Springfield, Mass-reduces wages from 4 to 10%•
N. Y. "Times" Jan. 13, r•. 11.
New Bedford Cotton Mfrs. Assn. votes to reduce wages 10%, effective
Jan. 19, affecting about 32,000 workers. N. Y."Times" Jan. 10, p. 22.
National Spun Silk Co. (New Bedford, Mass.) has posted notice that
there will be a 10% wage reduction next week. "Wall St. N." Jan. 17.
-Tenders.
Fall River Weavers Return to Work.
Suburban Electric Securities Co.
-300 who struck against Davis Mills'
The Boston Safe Deposit & Trust Co., Boston, Mass., trustee, will 10% wage cut returned to work when assured that cut did not affect them.
-Year 8% Coll. Trust bonds, New York "Times" Jan. 14, p. 25.
until Jan. 28 receive bids for the sale to it of 10
due Feb. 1 1931, to an amount sufficient to exhaust $44,029.-V. 118. 1).
(Chas. T.) Abeles & Co., Little Rock, Ark.
-Bonds
2961.
commerce, whether or not such railways are a part of a steam railroad
system or are engaged generally in the carrying of freight.
Justice McReynolds dissented, holding that Congress had not placed
-S. C. Commission and that the courts should
interurban lines under the I.
-V. 118. p. 2306.
not do so.
-Mark C. Steinberg & Co., St. Louis, are offering at
-New Vice-President.
Third Avenue Ry., N. Y. City.
- Offered.
prices ranging from 100 and int. to 103.51 and int.,,to yield
from 5.50% to 6%, according to maturity, $225,000 1st
-To Offer Preferred Stock.
Toledo Edison Co.
(Closed) Mtge. 7% Serial Real Estate gold bonds.
-
W. E. Thompson, superintendent of transportation, has been elected a
Vice-President.
-V. 119. p. 2288.
Thee company is offering to its customers and employees, through the
customer-ownership plan, additional 7% Preference stock. No specific
amount is mentioned, but it is expected that $4,000,000 will be sold locally.
The proceeds are to be used to pay for extensions and improvements in
1925.-V. 119, p. 2649.
Union Traction Co. of Indiana.
-Protective Committees.
Protective committees for the Union Traction of Indiana 59' Gen. Mtge.
bonds and Indianapolis Northern Traction Co.5% first mtge. bonds, which
defaulted the January coupons, have been organized as follows: •
Union Tractiou of Indiana 5% General Mortgage.
-Joseph Wayne Jr.,
Chairman, Wm. A. Law, Henry G. Brengle, Louis H. Parsons, Indianapolis; Fred Dickson, Indianapolis; and Jesse L. Vermillion, Anderson, Ind.
Depository, Guarantee Trust & Safe Deposit Co., Philadelphia. Herbert
W. Goodall, Secretary of the committee.
Indianapolis Northern Traction 5% First Mortgage.
-J. 0. Neff, Chairman Arthur V. Morton, Carl W.Fenninger, Philadelphia; T. J. Jeanneret,
Baltimore; S. C. Parry, Geoe C. Forrey. Indianapolis; Miles Altemose,
Sec. Depository, Fidelity Trust Co. of Philadelphia.
President Arthur W. Brady, who was appointed receiver Dec. 31, in a
statement to security holders, says:
"The receivership of the company is due to the inability of the company
to pay bonds, interest and other fixed charges falling due Jan. 1 1925.
amounting to more than 8300.000. This inability was brought about by
a large falling off in the earnings of the company during 1924. resulting in
a reduction of the gross revenue for the year of more than 8500,000. It
has been impossible to meet this decrease in receipts by corresponding
reductions in operating expenses, and the company, therefore, found itself
at the close of the year without the large sum of money necessary for the
payment of its bond interest and without the credit required for a loan of
that magnitude."
-V. 120, p. 89.
Dated Dec. 11924, due serially Dec. 1 1926-39. Denom. $1,000. $500.
Prin. and int. (J. & D.) payable at office of Mark C. Steinberg & Co..
St. Louts. Callable all or part in inverse numerical order on any int.
date on 30 days' notice at 105 and int. Int, payable without deduction
for normal Federal income tax up to, but not exceeding, 2% per annum.
Paul E. Peltason, St. Louis, trustee.
Company.
-Established in Little Rock in 1880 and incorp. in 1901. Is
one of the largest manufacturers of sash, doors and mill work in the Southwest; in addition, company is a jobber of plate glass, window glass, mirrors,
roofing and building papers.
Security.
-Secured by a first mortgage on land, buildings and chattel
property appraised at $629,959. The amount of the loan is 36% of the
sound appraisal values.
Earnings.
-Average annual net earnings applicable to interest for the
8
-year period 1916 through 1923, after taxes at 1924 rates, together with
present rentals on leased property, amount to over 3 times maximum
annual interest charges on this issue. The business has shown a profit in
42 of the 44 years it has been in existence.
Sinking Fund.
-Company is required to make monthly payments to
the trustee sufficient to take care of interest requirements, and the next
maturing principal.
Purpose.
-Proceeds are to be used to fund expenditures in connection
with the company's new plant and to provide for additional working capital
Adams Building, Port Arthur Tex.
-Bonds Offered.Mortgage & Securities Co., and `Whitney-Central Banks,
New Orleans, La., are offering at 100 and interest $400,000
First Mortgage 6% Serial gold bonds.
Dated Jan. 1 1925, due serially 1927-1935. Denom. $100, $500 and
$1.000 c*. Callable in part or as a whole before maturity in the order of
their maturity at 102 and int. on any int. date. Principal and interest
An extra dividend of 2% has been declared on the outstanding $4,000.000 (J. & J.) payable at Whitney-Central Trust & Savings Bank, New Orleans.
Capital stock, par $100,in addition to the usual quarterly dividend of 3%. trustee.
-V. 118, p. 678.
Security.
-Bonds will be secured by closed first mortgage on a lot of
ground measuring 150 ft. by 140 ft. located at the northwest corner of
United Light & Rys. (Del.).
-Initial Dividend.
Fifth and Austin streets, Port Arthur, Tex., togethcr with the 6
-story
The directors have declared a quarterly dividend of $1 63 per share on and office building to be erected. Bonds are additionally secured by first
the 634% Prior Preferred stock, Series of 1924, payable Feb. 2 to holders of closed mortgage on another lot of ground measuring 100 ft.front on Houston
record Jan. 15. See offering in V. 119, p. 2649, 3012.
Ave. by a depth of 140 ft. on Fifth St., together with a 2
-story fireproof,
concrete building now located on the lot. Property has an appraised value
Virginian Power Co.
-Tenders.
of $820,000.
The New York Trust Co.. 100 Broadway. New York City, will until
Earnings.
-Estimated income from property is about $93,469. Expenses
Feb. 17 receive bids for the sale to it of First & Collateral Trust Mtge. 5% will be approximately 126.880, leaving a net income of about 866.589
'Gold bonds, due Dec. 1 1942. to an amount sufficient to exhaust $75,040. available for interest and principal.
Monthly Sinking Fund.
at a price not exceeding 105 and interest.
-Borrower (John R. Adams & Co.,a partnership)
-V. 119. p. 1853. 1408.
agrees to pay monthly one-twelfth of the annual amount required to pay
Westchester Street RR. of White Plains, N. Y.
-Fares. interest, maturing bonds, insurance and taxes.
The New York P. S. Commission has issued an order granting to Leverett
Alabama Co.
-Initial Div. in Liquidation.
S. Miller, receiver of the company, permission to charge until June 1 1925
The directors have formally authorized the payment of $60 a share on the
the increased rate of fare granted last June for transportation of passengers upon the Tarrytown, Silver Lake Park, Scarsdale and Mamaroneck Common stock, in partial reduction or liquidation of the value of the stock.
It is stated that the directors will endeavor to make final liquidation of the
A,venue lines.
-V. 119. p. 581.
assets of the company as speedily as possible and, as cash
Western Union Telegraph Co., Inc.
-Earnings Report. distribute it from time to time to holders of the stock. is available, will
The assets of Alabama Co. are approxi-ately as follows: Cash in bank.
12 Months ended
x1924.
1922.
1923.
1921.
$1.250,743; special deposit made under contract of sale with'the Sloss
Dec. 31$
Gross revenues_ a
114,511,016 113.628.470 107,116,305 105,228,074 Sheffield Steel & Iron Co.. against land titles which may not be found marMaintenance b
19,129.057 18.215,273 17,135,382 17,627.789 ketable, claims pending, law and Federal taxes, $175,000; accounts receivaOther oper. expenses_ c _ 79,680.575 79,497,441 74.515.893 76,331.294 ble, $211,200; total, $1.936,943. Of accounts receivable, about $20,000 is
.
disputed and in litigation, about 125,000 is doubtful because of bankruptcy
Net earnings
15,701.384 15,915.756 15.465.030 11,268.991 or financial condition of debtors, and about $58,000 is due from a railroad
Deduct-Int. on bd.deb 2,317.324
2,306.850
2.306.850 1,635,183 in the hands of a receiver, the payment on which will probably be slow.
The directors estimate that $25,000 should be ample to provide for comApprop.for cable dev- 1.000.000
2,000,000 2.000.000
pensation claims and pending law suits. It is said that the stockholders
Net income
12,384.060 11,608,906 11.158.180
9.633.808 will probably realize about $80 a share when the final settlement is made.
a Including divs. & int. b Repairs & reserve for deprec. c Including V. 119, p. 2765.
rent of leased lines and taxes. x Month of December 1924 estimated.
Alaska Gold Mines Co.
V. 119, p. 2764.
-Stock Off List.
The New York Stock Exchange has stricken from the list the company's
capital stock.
-V. 113, p. 963.
United Electric Light Co. of Springfield, Mass.
-Div.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-On Jan. 13 McCahan and Pennsylvania reduced
price 10 pts. to 6.15c. and Federal 5 pts. to 6.10(06.15c.
Lead Price Continues to Advance.
-American Smelting & Refining Co.
advanced vice 25 pts. to 10.50c. per lb. This is the highest peace-time
price; is within lc.a record war-time high. i.e.,11c. per lb.; is advance of
)4
25ic. over low of last year; is over 20
. al:s ve average price of 30 yrs.
05
from 1894 to 1923. i.e., 4.93c. per lb.
Boston News Bureau" Jan. 15, p.1.
Price of Semi-Soft Collars Advanced.
-Leading Troy, N. Y., collar manufacturers announce new schedules following settlement of legal procedelngs
brought against Cluett Peabody and Earl & Wilson by Van Heusen interests, alleging patent infringements. Increases are from $2 60 to $2 75
and from $2 to $2 10 per dozen. "Wall Street News" Jan, 17.
Commercial Cable Co. Cuts Rate Betewen New York City and Great Britain to
-"Wall Street News" Jan. 14. p. 3.
7 Cents per Word.
Brass Price Advanced.
-American Brass Co. advanced price Mc. per lb.
on sheet brass, seamless tubes and sheet copper. "Boston News Bureau"
Jan. 14. P• 3.
Brockton, Mass., Shoe Workers' Wage Cut.
-State Board of Arbitration
and Conciliation hands down decision recommending 10% cut for.piece
workers in dressers' and packers' local. Affects about 300 workers.
Beaten News Bureau" Jan. 10. p. 16.
Wire Lathers' Foremen Strike for $75 per Week of 44 Hours.
-Equivalent
$12 75 over present wage, with double time for all overtime work. Seen
to
as menace to peace in trade. "New York Times" Jan. 12, p. 28.
Business of A. Portfolio 8,, Co. Turned Over to Six Employees on Retirement
-$7.000.000 concern under new management, brought about
of Founder.
by President, who admonishes successors "not to watch the clock." New
York "Times" Jan. 13,
U. S. Supreme Court Decision Forbids State to Force Motor Truck Concern
to Become "Common Carrier."
-Michigan P. U. Conlmission vs. Duke Cartage Co. is first case to be decided, though similar trials are pending. In
declaring invalid sections of the Michigan law of 1923. as applied to the
cartage company, which make common carriers of those engaged in motor
vehicle transportation for hire over public highways. the Court, affirming a
decision by a lower Court, held in effect that States cannot compel a private
carrier by motor vehicle to engage in public traffic for hire, Now York
"Times" Jan. 13. p. 5.
Waltham Watch Re Clock Co. Recovering from Strike.
-About 115 operatives
engaged during week, making total employed about 1,000, of whom 875
are at work at the benches producing movements. About 1,200 strikers
signed agreement to return to work, but co. is employing them only as
needed. .All are working under new wage scale announced last August,
which was cause of strike of 2,500. befits; 9.4% reduction from pervious
wage schedule. Boston "News Bureau Jan. 16. p. 1.
-United Textile Workers of America
New England Mill Wage Cuts.
oppose reduction of 10% in wages in Fall River, Mass. Four unions are
affiliated with U. T.'W. of A. Together with vote of Fall River Textile
.
Union (6 locals). 2 of which voted against cut, this makes total vote six
noosed to and Tour in favor of reduction. Boston News Bureau Jan. 12.
&Lyman Mills. Springfield, Mass., cuts wages of 1,200 employees 10%.
"Wall Street Journal" Jan. 14. p. 13.
West Boylston Mfg. Co. posted notices of 10% wage cut, affecting 2,000,
effective Jan. 19. N. _Y. 'Times" Jan. 16. . 31.
Taunton, Mass.• mill association votes 10 waegcut, effective Jan. 19.
affecting about 2,d00. Boston "FinancialNews" Jan. 14, p. 1.
American Hide & Leather Co.
-Company Ordered to
Present Recapitalization Plan Again to Stockholders.
Vice-Chancellor'Bentley of the New Jersey Chancery Court in the suit
of Clarence Venner to restrain consummation of the recapitalization plan
of the company, has handed down his decision which holds in the company's favor on substantially all legal points. The decision, however, holds
in addition that by reason of the alleged indirect interest of one of the
directors of the corporation in the syndicate formed for the purchase of
the 15,000 shares ofstock to be sold to the company that the recapitalization
plan must again be submitted to stockholders for approval will full knowledge of the participation of the said director in the syndicate.
E. R. Tinker, of Chase Securities Corp.. according to attorneys, is the
director mentioned as having indirectly participated in the syndicate to
purchase the stock.
Under the terms of the decision another stockholders' meeting will have
to be called to ratify the proposed plan again. The plan (V. 119. p. 1955)
was ratified Dec. 9, but suit filed by Clarence Vernier, a stockholder,
prevented its being put into effect.
-V. 119. p. 2765. 2534.
American Investment & Realty Co. (Calif.).
-Merger.
See Zellerbach Corp.in last week's "Chronicle." page 220. -y.116,1).2996
American Sugar Refining Co.
-Withdraws Offer,to Buy
National Sugar Refining Co. Owing to Federal Opposition.Negotiations which have been conducted between the company and the National Sugar Refining Co. of New Jersey
for a consolidation of the two properties are definitely off
due to unwillingness of the Department of Justice officials
to approve of the sale of the National to the American Sugar
Refining Co.
•
The following statement was issued by James H. Post,
President of National Sugar Refining Co.:
In view of the unwillingness of the Department of Justice to approve of
the sale of the assets of this company to the American Sugar Refining Co.,
,
I feel that all further steps in regard to this matter should cease.
The following statement was issued by Earl D. Babst,
President of the American Co.:
Referring to the offer of leading stockholders and directors to sell the
assets of the National Sugar Refining Co. to the American Sugar Refining
Co.. we are advised by our counsel that while they are confident of being
able to secure a modification from the court of the present decree forbidding
their purchase, nevertheless such proceedings could not be concluded within
a reasonable time without the approval of the Department of Justice.
The Attorney-General has announced his intention not to give such
approval. We, therefore, have notified the National company that we
are unable to carry out the proposed purchase. Furthermore, we are withdrawing our petition from further consideration at this time by the Department of Justice.
334
THE CHRONICLE
The negotiation was undertaken by the directors and officers of bah
companies as a constructive step in the sugar trade. However, without
full and prompt approval under the law the transaction would not by
-V. 120. p. 213.
attractive to the parties nor helpful to the trade.
-Earnings.
-American Vitrified Products Co.
Year ended Oct. 31Net sales
Cost of sales
General expenses
1924.
1923.
24,105,544 $3,896,116
3,400,351
3,348,770
219,478
207,433
Balance.
Miscellaneous income
$485,715
30,063
Totalincome
Miscellaneous expenses
Preferred dividends
Common dividends
$515,778
$399,385
65,292 . 51,932
108,006
112,381
105,000
70,000
Surplus
$237,480
The comparative balance sheet was given in V. 119, p. 3012.
$339,913
59,472
165,072
Argyle Investment Co. & E. Shukert, Kansas City,
-Commerce Trust Co., Kansas City,
Mo.-Bonds Offered.
Mo., is offering at par and int. $200,000 53/2% 1st Mtge.
bond issue (part leasehold).
Total loan, $600,000; to be issued at this time. $200,000; to be issued on
completion of building, $400,000. Denom. $500, $1,000. The issue
matures serially Dec. 1 1926 to Dec. 1 1934. '
Security.
-There is now located on the property a four-story and basement fireproof office building, steel frame. concrete floors, brick exterior
with foundation to carry six additional stories. The contract has been let
to the A. Bickel Contracting Co. to add six additional stories to the building
to be equipped for office purposes-largely for doctors.
In addition to the first mortgage on the Argyle Building, Mr. Shukert
has pledged his equity in the Shukert Building with a .ground frontage of
92 ft. on Grand Ave. improved by a six-story office building, subject to a
first mortgage to the New England. Mutual Life Insurance Co. of $400,000.
income.
-Based upon the present rentals, including the leases on the
ground floor and the office above, the estimated annual rental from the
property when the additional six stories are completed is $193,000. Expenses and taxes based upon the present expenses, $58,400, leaving a net
Income (estimated) of $134.600.
-Sale.
Atlas Steel Corp.
The secured and unsecured creditors of the company, represented by
Frank R. Collins, on Jan. 9 purchased from the receivers the properties of
the company for $250.000.-V. 119, p. 2290.
Autoline Oil Co. (Md.).-Li:ting.-The Baltimore Stock Exchange has authorized the listing of $518,500 8%
Preferred stock, par $10. See offering in V. 119, p. 1736.
Barnsdall Corp.
-Option on Potter Gas Stock.
-
[VOL. 120.
-Dated Jan. 1 1925; due Jan. 11945. Interest payable J. & J. in N. Y.
City without deduction of normal Federal income tax up to 2%. Penna.
and Conn. 4
-mills taxes, Maryland 434-mills tax, Dist. of Col. and Mich.
-mills taxes and Mass. 8% income tax refunded. Denom. 21,000, $500
5
and $100 c*. Red. all or part on 30 days' notice on any int. date at 105 and
int. until Jan. 1 1935, premiums decreasing thereafter 35% each year.
American Trust Co., N. Y. City, and E. E. Beeck, trustees.
Data From Letter of Pres. Abraham Bricken, New York, Jan. 12.
Security.
-Bonds will be secured by a closed first mortgage on the leasehold, covering approximately 19.000 sq. ft. of ground at the southwest
corner of Broadway and 38th St., N. Y. City, and covering a modern 23
story office and loft building to be erected thereon. The period of the lease
is 21 years from Dec. 1 1924. with the right to two renewals of 21 years each.
The land is free of all liens and no mortgage can be placed on either the land
or building ranking prior to or ratably with the rights under the lease.
Location.
-The site of this building at Broadway and 38th St. is approximately midway between the Pennsylvania RR. Station and Times Square,
which are two of the busiest points of the city. According to real estate
authorities, it is one of the most desirable locations in New York City.
Construction.
-The first 12 tiers of steel,8floors of fire arches, and 5floors
of brick are to be completed and paid for by the corporation before any of
the net proceeds of these bonds are used.
The net proceeds of the bonds will be deposited with the American Trust
Co., N. Y. City, and advanced from time to time against the cost of the
work on certificates of construction, to specified stages, as certified to by
Dwight P. Robinson & Co., Inc., which will supervise the construction.
The corporation is to furaisk a bond of a group of surety companies in
the sum of $2,000,000, guaranteeing the completion of the building, free
and clear of liens, under arrangements requiring that any moneys recovered
thereunder be applied to the completion of the building and (or) payments
under the ground lease.
Cost and Appraisals.
-The cost of the building as defined in the contract
with the trustees must be not less than $3,333,334; if such cost is less, the
amount of outstanding bonds is to be proportionately and immediately
reduced and such reduction credited to the sinking fund.
The value of the lessee's interest, upon completion of the building, has
been appraised as follows: Charles F. Noyes Co., $3,452,700; Pease & Elliman, Inc., $3.516,500.
Earnings.
-Rentals have been estimated by Pease & Elliman, Inc., and
Thoens & Fiaunlacher, Inc., and the averages are as follows:
Annual gross rentals
2788,858
Expenses (incl. vacancies, ground rent, taxes and operating)
347,345
Net annual income, estimated
$441,513
Sinking Fund.
-Monthly sinking fund payments beginning July 1 1926
are provided to retire the entire issue by maturity, $55,000 of bonds being
retired each 6 months thereafter except the last year, when the final 275,000
principal amount is to be retired.
Brotherhood of Locomotive Engineers Securities
Corp. of Pa.
-Stock Offered.
--The corporation is offering .
$3,000,000 Class "A" Prior Dividend stock (par $100). The
stock is being sold in units consisting of two shares Class"A"
Prior Dividend and one share of Class "B" Voting stock
at $200 per unit.
The company has given an option on its stock ownership in the Potter
Gas Co., which owns natural gas properties, to banking insterests who,
The company, controlled by the Brotherhood of Locomotive Engineers,
it is said, are planning a public utility development. If this sale is effected,
the corporation will receive in cash an amount sufficient to cut in half its has been organized in Delaware for the wholesale and retail distribution of
remaining bonded debt. The bonded debt as of Dec. 31 1924 stood at securities and to invest its funds in stock of banks and trust companies
organized by the Brotherhood of Locomotive Engineers in the States of
26.401,000.-V. 119, p.3013.
Pennsylvania, West Virginia, Maryland, Delaware and Virginia, or such
Beattie Sugar Co.
other territory as is served by the company. It is intended that this com-Balance Sheet Sept. 30.
-pany shall render service to the patrons of the Brotherhood banks in the
(Including Beattie Shipping Co.)
States of Pennsylvania, West Virginia, Maryland, Delaware and Virginia
Assets1924.
1923.
Liabilities1924.
1923.
and surrounding territory similar tn character to that rendered to the patProperties, plant,
Current liabilities_ $528,130 $745,643 rons of the Cleveland bank by the Brotherhood Investment Co.
RE.. dt equip_ -87,073,029 $6,407,500 Pur. mon. mtges__
32,000
The supervision and control of the company will be vested jointly with
244,184
Cash
740,512 Funded debt
2,900,000 3,000,000 the individual stockholders and the Brotherhood of Locomotive Engineers
Mete notes at int.
Accr'd liabilities
102,451 interests, who own a large block of the Class B stock.
receivable
116,539 Tlnel. wages, etc__
1,413
In order to provide for the extremely rapid growth which the Brotherhood
Sundry clebtorsjess
Preferred stock_ __ 769,100
687,100 of Locomotive Engineers institutions invariatily experience, this company
73,519
res. for bad d'ts.
Common stock
has a total authorized capital of 30,000 shares of Class A Prior Dividend
2,529
Deposits,less res._
365
Class "B"
2,500,000 2,500,000 stock (par $100) and 30.000 shares of Class B stock without par value.
14.720
20,350 Class"A"
Advs.to centers_ _
250
250 Upon the Class .A Prior Dividend stock will be paid as and when declared
Surplus
Sugar shipments in
2,488,300 1,889,745 non-cumulative dividends of 8% per annum prior to any dividend being
liquidation
334,137
10,633
paid to the Class B stockholders. Upon the Class A stock will also be paid
232,739
Mat'ls & supllies_
375,305
If, as and when declared by the board of directors. 80% of all dividends in
Aeets receivable
excess of 8% prior dividends, and the balance of 20% of any dividend de542,302
from Colones__ _ 597,497
clared in excess of such prior dividends will be ioaid to the Class B stockCultivations
holders. The voting privilege is vested in the Class B stock, except so far
415,823
Company cane_ 415,476
as changes in the rights and preferences of the Class A stock are concerned.
Investments
7,100
107,188
In the case of liquidation of the corporation, out of the assets of the com25,037
Deferred assets_ _ _
190,084
pany the Class A Prior Dividend stockholders shall receive $125 per share
Idle season en's_ 197,811
and dividends declared but not paid. Any excess assets will be divided
80% to the holders of the Class A Prior Dividend stock and 20% to the
Total
$9.217,780 $8,926,602
Total(each side)$9,217,780 $8,926,602 holders of the Class B voting stock.
-V. 120, p. 90.
-Warren S. Stone, Pres. and director H. P.
Officers and Directors.
Daugherty, Sec'y H. E. Fehr. Vice-Pres. Wm. B.
Boston Chamber of Commerce Realty Trust.
-Bonds Treas. Geo. T. Webb, Vice-Pres. T. J. Bissett, Prenter, Vice-Pres. &
Offered.
-An issue of $1,000,000 Chamber Investment Trust
63/2% Collateral Sinking Fund Debenture bonds, guaranteed
by the Boston Chamber of Commerce, is offered for subscription at par and int. Subscriptions will be received by
any Boston commercial bank or bond dealer or the Chamber
of Commerce, 80 Federal St. Boston, for transmission to
'
the Merchants' National Bank, registrar, 28 State St.,
Boston, who will confirm all sales.
Brunswick-Balke-Collender Co.
-Listing, &c.-
The N. Y. Stock Exchange has authorized the listing of 500,000 shares of
Common stock (without par value).
Income Statement Cal. Years 1921 to 1923 and 9 Mos. End. Sept. 30 1924'
9 Mos. End.
-Calendar Years
Sept. 30'24.
1923.
1922.
1921.
$15.698,111 228,295,386 $25.094.699 $24,400,243
x Sales
Cost of sales
9,463,930 17,766.784 15,379,916 17,226,938
Operating expenses
4,051.538 6,711,309
5,988,215
5,992,999
546,052
Depletion & depreciation
710,558
747,511
715,005
Dated Jan. 1 1925; due Jan. 1 1940. Authorized and outstanding,
Balance
21.636.591 13,106,735 $2,979.057
2465,301
$1,000,000. Denom. 21.000 and $500 c*. Interest payable J. & J. at
245,643
457,636
133,902
64.497
First National Bank, Boston. Redeemable, all or part at any time at 100 Other income from oper_
and interest. Merchants National Bank of Boston, registrar.
Total
21,882,234 $3,564,371 $3,112,958
-The Boston Chamber of Commerce unconditionally
Guaranty, &c.
$529,799
71.782
50,609
77,873 y1,666.370
guarantees the prompt payment of principal, interest and sinking fund of Other charges
these bonds.
Net
21.810,451 $3,513,761 $3,035.084df$1,136,571
The Boston Chamber of Commerce is the largest and most representative Profitsprofits of prop
on sales
241,329
54,824
325,766
body of business and professional men in New England. Membership at
present exceeds 8,000, with an annual income in excess of 2300,000.
Total
22,051,780 $3,568,586 $3.360,851 df$1,136,571
guaranty of these bonds constitutes its only obligation other than
The
Interest paid
354,514
592,685
1,166,120
745,603
that of a small real estate mortgage ($80,000), 4% certificates of member200,000
384,544
46,219
ship not owned ($130,000 par value) and usual current operating and rental Federal taxes
obligations. Annual interest charges on the bonds of this issue and other
profit
Net
$1.497.267 $2.591,357 $2,569.028loss$2302691
obligations will amount to $75,000.
8,777,032
7.384,146
238,744
-In addition, as direct security for these Previous surplus
7,566,257
Stock in New Building Pledged.
respect of con% bonds, there are pledged $1,000,000 7% Second Preferred shares of Credit in Cl."B"stk_ .
vers'n of
10.125,000
the Boston Chamber of Commerce Realty Trust, which owns the new 14story building in the heart of the downtown business district.
Total
210,274,298 $9,975,503 $10,135,285 $8,061,052
-The Boston Chamber of Commerce guarantees an annual
Sinking Fund.
sinking fund, commencing 1927, sufficient to retire at 100 and interest, the Deduct-Goodwill written off, &c
13,039
entire $1,000,000 issue before maturity.
urch_ _
150
-The new 14
16,629
-story Boston Proms. on stk. re
Boston Chamber of Commerce Realty Trust.
519,907
,
Chamber of Commerce Building at Federal, Franklin and Congress streets, Adj. of apprec. o prop_ Preferred dies. (7%)_ _ _
248,719
337,295
332,071
336,096
is owned by the Boston Chamber of Commerce Realty Trust, all of the
)
866
(130275,625(130157,500
Common stock of which is owned by the Boston Chamber of Commerce. Common dividends_ _ _ (7% 649,687(7%) ,250
The Realty Trust has the following capitalization at present outstanding:
Surplus
$8.855,985 28,777,032 $7,384,146 $7,566,257
First Mortgage loan, $4,000,000; outstanding
$3,750,000
Note.
-The dividend of 134% declared in 1921 applied to Class "A"stock
First Preferred stock, 7% cumulative (V. 114, p.2120)
2,500,000
1922
Second Preferred stock, 7% non-cumulative
*1,681,000 (29,000,000). $157,500. In134% dividends were declared as follows:
($3,375,000), 259,062; on new stock,
Common stock (no par value)
10,000 Was. On Class 'B' stock (old)
1347 412,375,000). $216,562.
x Less Federal excise taxes, returns and allowances. y Includes special
* $1,000,000 deposited as security for this issue of $1,000,000 63.6% depreciation of inventory
values, $1,355.293.
Collateral Sinking Fund Debenture bonds of the Chamber Investment
(Compare also V. 119, p. 2413.)-V. 120, p. 214, 90.
Trust. The First Preferred shares have been sold through bankers to the
public and 6,810 Second Preferred shares are owned by Individual members
Burnham-Stoepel Land Co.
-Nichol-Bonds Sold.
of the Chamber.
-V. 114, D. 2120.
Ford & Co., Inc., Detroit, have cold
and int. $500,Broadway & 38th Street Corp., New York.
-Bonds 000 1st Mtge. Serial 6% Gold bonds.at 100
Sold.
-Hayden, Stone & Co., William R. Compton Co. and
Dated Dec. 11924, maturing Dec. 1 1928-1939. Denom. $1,000, $500
Brooke, Stokes ik Co. have sold at 100 and int. $2,000,000 and COO c*. Redeemable, all or part, on 30 days' notice at 102 and int.
Interest payable J. & D.,without deduction for normal Federal income
1st (closed) Mtge. Leasehold 7% Sinking Fund Gold bonds.
tax up to 2%. Detroit Trust Co.. trustee.
JAN. 17 1925.]
THE CHRONICLE
335
Data from Letter of Pres. H. C. Laken, New York, Jan. 10.
These bonds are the direct obligation of the company and are secured
by a first mortgage on valuable down-town real estate in the city of Detroit
Company.
-Incorporated in 1900 in New Jersey. It will own over
located at the northwest corner of Jefferson Ave. and Beaubien St., being 91% of the Preferred stock and over 60% of the Common stock of Con106 ft. on Jefferson, 200 ft. on Beaubien and 135k ft. on Lamed, together solidated RRs. of Cuba, and thus control a railroad system aggregating
with the five-story fireproof building being constructed thereon, and a one- about 982 miles of line serving almost exclusively the eastern half of Cuba.
story brick factory building in Trenton, Mich. These properties have been The company also owns all the outstanding securities (debenture bonds,
Iggaised by the Detroit Trust Co. as follows: Land, $260,000; buildings, Preferred stock and Common stock) of Comapnia Cubana. which is one
of the several large Cuban sugar producing companies. In addition, the
company owns in fee about 100,000 acres of valuable lands of which about
-Sale.
Butterworth-Judson Corp.
one-half are leased at substantial rentals for sugar plantation purposes.
merchandise creditor's committee has been formed to protest against
A
Consolidated RRs. of Cuba.
-Incorporated in Cuba in July 1924. Owns
the forced sale of the company's property on Jan. 21 by order of the U. S. the entire outstanding Common stock of Cuba RR. and over 97% of the
- capital stock of Cuba Northern Rys.
District Court. The property will be sold by Joseph P. Day, auctioneer.
V. 120. p. 90.
Cuba RR.owns and operates about 769 miles of standard-gauge railroad,
the main line of which connects at Santa Clara with the United Rya. of
Canadian General Electric
• Ltd.
-Rights, &c.Havana and constitutes the easter nuortion of the through route between
Preference shareholders of record Jan. 15 may subscribe for 52,000 Havana and Santiago.
Co.,
Cuba Northern Rys. owns and operates about
additional Preference shares at par ($50) in the proportion of 3 shares of 213 miles ofstandard-gauge line serving a productive and rapidly developing
additional stock for each 7 shares of stock held at that date.
territory north of the territory of the Cuba RR. Most of the rolling
Common shareholders of record Jan. 15 may subscribe for 52,000 addi- equipment used by these companies
tional Common shares at par ($50)in the proportion of3shares of additional States and is of modern design. Both has been purchased in the United
companies have perpetual charters.
stock for each 8 shares of stock held at that date.
The Cuba
valuable deep-water
The additional shares will be issued as of April 1 1925 and dividends on properties at RR. owns veryNuevitas (owned by terminal and warehouse
Antilla and at
Ferrocarril de Camaguey
the additional Preference shares will accrue from that date.
as corthern
a )on the n
north .cocrt f x nt aed;
Lnttia ges at
e litio on the so , at
eC s vn i
ertth4ot=
eti
Payment for shares subscribed for must be made in full in Canadian funds
Cul
t
owns
att
or S
on or before Mar. 10 at the National Trust Co., Ltd., Toronto,or Montreal. Indu )
the north coast. At Antilla, Nuevitas and Puerto Tarafa the depth
Canada, or at the Canadian Bank of Commerce, 2 Lombard St., E.C. 3. on water permits
of
entrance of ocean-going vessels of such draft as to pracLondon, England.
tically eliminate lighterage at these ports.
Consolidated Balance Sheet.
Cornpania Cubana.-Compania Cubana was incorporated in 1918 in Cuba.
Oct. 31 '24 Dec. 31 '23
Oct. 31 '24 Dec. 31 '23 Owns two sugar estates known as Jobabo and Jatibonico, both located on
ss
the lines of the Cuba RR. and
combined capacity of over 800,000
Lands, bides., Ac_12,177,562 12,024,728 Common stock___ 8,842,250 12,800,000 bags of raw sugar per annum. having a Cubana owns in fee 184.653 acres
Compania
Machinery, tools__ 8,066,042 7,973,232 Preferred stock_ _ _ 5,957,750
of land, of which a substantial portion is first-class sugar cane land: and
Patterns, drawings 1,153,048 1,131,125 Debentures
5,000,000 5,000,000 controls through long-term leases and cane contracts an additional 44,661
patents, goodwill_
1
1 Mortgages
56,250 acres.
53,750
Inventories
8,329,731 7,148,391 Accounts payable_ 2,759,178 3,790,264
Large HUMS have been expended on these properties for permanent
receivable 3,778,448 4,488,524 Pref. dive. accrued
Acets
161,999 Improvements with the result that the mills now rank with the most
34,753
Mtges. receivable75,000
75,000 Deprec'n reserve__ 5,921.977 5,453,124 modernly equipped mills in Cuba. Company has an ample supply of
Investments
713,941
854,774 Plant reserve
3,000,000
sugar cane available at low average costs. Production has been as follows:
Cash
556,517
429,446 Special reserve_
951,909
1919. 090,426 bags: 1920, 465,535 bags; 1921, 490,603 bags; 1922, 625,996
Deferred charges
440,193
342,516 Deferred liabilities 397,787
374,332 bags: 1923, 718.197 bags: 1924. 808.089 bags.
Surplus
2,371,132 6,629,768
Capitalization of Cuba Co.Authorized.
Out
Common stock (no par value)
1,000,000 abs.
640,000 shs.
Total
33,290,487 34,285,737 Total
33,290,487 34,285,737 7% Cumul. Preferred stock
$8,000.000
$2,500,000
See also V. 120. p. 214.
6% Debenture Gold bonds, due 1955
4,000,000
4,000,000
10-Yr.Sec.6 Cony.S.F.bonds(thisissue) _10.000.000
%
10,000.000
Carnegie Steel Co.
-New Vice-Presidents.
-* Including 7,600
I. Lamont Hughes and A. N. Diehl have been named Vice-Presidents. shares of the original shares held in the treasury and exchangeable for
Common stock.
Mr. Hughes will be in charge of the Western district and Mr. Diehl of
Purpose.
-Proceeds will be used to reimburse the company's treasury
the Eastern District.
-V. 117, p. 1131.
for expenditures made, and to discharge obligations incurred by the company. in connection with the acquisition of a portion of the Preferred stock
Celluloid Co.
-New Director.
Consolidated RRs. of Cuba, and for other corporate purposes.
Walter C. Heath, President of Whitehead & Hoag Co., has been elected ofSects/qty.-Direct
obligation
a'director and a member of the executive and finance committees of the pledge with the trustee of of the company and specifically secured by
$20 000.000 6% Cumul. Preferred stock of
Celluloid Co., succeeding Stephen H. Olin.
-V. 119, p. 2650.
Consolidated RRs. of Cuba. The indenture will provide that the company
may from time to time, as bonds are converted, withdraw the pledged
Central Leather Co.
-Bond Issue Approved.
The stockholders on Jan. 12 authorized an issue of $15.000,000 20-year stock required to be delivered to holders of these bonds through exercise
of the conversion privilege.
6% 1st Lien S. F. Gold bonds due Jan. 11945. See offering in V. 119. P•
Consolidated Earnings of Company and Subs. as Now Constituted. '
2884.
[This statement takes in Compania Cubans on the basis of calendar years
Cerro de Pasco Copper Corp.
ending in each case six months later than the corresponding fiscal year of
-Production.
In December the corporation produced approximately 5,000,000 lbs. of Cuba Co. and the railroad companies.]
copper and 1,300,000 ozs, of silver with only one reverberatory furnace
Years Ended June 301923.
1924.*
1922.
in operation. The copper output in November totaled about 4,200,000 lbs. Gross revenues
$31,208,648 $36.678,313 $27,472,459
-V. 119, p. 583.
Operating expenses
20.673.396 25,561.050 21.312,811
Interest charges, taxes. &c
3.652.094
3.777,125
3,324.022
Cleveland-Cliffs Iron Co.
-Purchases Coal Dock.
Min. int. and Cuba RR. Pref. div-- _ 1,697,155
1,747.520
767,789
The company has purchased the coal dock at Escanaba owned by the
Chicago Milwaukee & St. Paul RR. It will be remodeled and placed in
Bal. applIc. to int. on these bonds_ $.5,060.970 15,606.749 $2,067,829
operation by spring. The dock has a capacity of 100,000 tons and will
The annual interest requirements on these bonds is $600,000.
permit the iron company to supply its mines with coal.
*Earnings of Compania Cubana partly estimated for the year 1924.
-V. 118. p. 2046.
Conversion Privileoe.-These bonds
convertible at any time prior to
Colonial Filling Stations, Inc.
-New Directors, &c.
- maturity into 6% Cumul. Preferred will be of Consolidated RRs. of Cuba
stock
E. N. Wrightington and A. M. Bruce have been elected directors, at the base price of *SO per share of Preferred stock if converted on or
succeeding E. Ray Speare and Wm. D. Stockbridge. Mr. Wrightington, before Jan. 1 1927: thereafter on or before Jan. 1 1929 at 182 50 per share:
who is Treasurer of the company, was also elected President to succeed thereafter on or before Jan. 1 1931 at 185 per share: thereafter on or before
Mr. Speare.-V. 118. p. 1778.
Jan. 1 1933 at $87 50 per share, and thereafter to maturity at $90 per
•
share. In the case of bonds called for redemption, the conversion privilege
Conley Tank Car Co.
-Certificates Called.
will expire 20 days prior to the date fixed for redemption. Accrued interest
All of the outstanding Equip. Trust Offs ,• Series "0," have been called on the bonds and current dividends
Preferred stock
for payment Feb. 1 at 102 and diva. at the Pennsylvania Co. for Insur- In cash at the time of conversion, on the accordance withwill be adjusted
all in
the provisions
ances. &c., trustee. Philadelphia. Pa.
-V. 120, p. 90.
of the indenture.
Capitalization of Consolidated Railroads of Cuba as of Dec. 15 1924.
Consumers Co., Chicago.
-Writes Off Lossesfrom Sale of
Authorized.
Outstanding.
Properties.
6% Cumul. Pref. stock (par $100)_ _ _ _140,000.000
$39.881.630
The company, in a recent letter to the Common stockholders, said in Common stock (no par) (v, t. etts.)_ - _
400,000 shs.
399,190.1 shs.
substance:
The 6%, Cumul. Preferred stock of Consolidated RRs. of Cuba is entitled
At a meeting held on Dec. 30 1924 the attention of the stockholders was to cumulative dividends at the rate of 6% per annum, payable
Q.4.
called to the fact that in order to provide a sum against which there is to be The initial quarterly dividend of 1%% was paid Jan. 2
charged certain losses arising from the sale of properties which were no longer dividends accrue from that date. The Preferred stock1925, and quarterly
is red., all or part.
needed by the company for use in connection with its business, additional upon 30 days' notice at
dividends.
depreciation of plant and equipment account, inventory adjustments, &c. Consolidated Earnings of 110 andRRs. of Cuba, Based on Earnings
Consol.
of Subsids.
the directors have deemed it advisable that the par value of Common stock
Years Ended June 301924.
1923.
1922.
should be reduced from $20 to $10, and that the authorized Common stock Operating revenues
$19.653.260 119.413.557 $16.413,369
should be decreased from $6,500,000 to $3.250,000, the decrease to be Operating exp., taxes & deprec
$12,249,324 $11,774,936 $11.220.189
accomplished by the surrendering by every holder of Common stock of his Income charges (net)
298,415
416.397
772,743
shares of the par value of $20 each, and the issuing to the Common stock- Int.. &c., chgs. prior to diva. on Pref.
holder of an equal number of shares of Common stock of the par value of
stock
2,449,622
2,440,110
2,374,156
$10 each in exchange therefor.
The decrease in capital stock and change in par value of the Common
Balance avail. for Pref. diva
$4.655,919 $4.782,114 12,046,281
stock has been adopted, and stockholders are requested to obtain certificates
The annual dividend requirements on 140.000.090 6% Cumul. Preferred
evidencing their ownership of the new shares of $10 par value,by delivering stock of
Consolidated RRs. of Cuba is $2,400,000.
the certificates for Common stock now held to either First Trust &Savings
Directors.
Bank, Chicago, Ill., or Bankers Trust Co., New York City,transfer V. Griffin,-Edward J. Berwind, Henry W. Bull, Hush C. Fox. William
Herbert (I. Lakin,'Howard Mansfield, Percy A. Rockefeller.
agents.
-V• 119, p• 215. 90.
Horatio S. Rubons, Jose M. Three. Richard B. Van Home, George H.
Walker. and William H. Woodin.-V. 120, p. 215.
Continental Can Co.
-Declares 5% Stock Dividend.
-The
directors have declared a 5% stock dividend and the regular
quarterly cash dividend of $1 per share on the Common stock,
no par value, both payable Feb. 16 to holders of record Feb.5.
A stock distribution of like amount was made on Feb. 15
1924.-V. 119, p. 3014.
Cooper Hewitt Electric Co., Hoboken, N. J.
-Stock.
-
The stockholders have voted to decrease the authorized 7% Preferred
stock from $2,000,000 to $1,022,400. par $100. by retiring 9,776 shares now
awned by the corporation. Of the 10,000 shares of Common stock, par
$100. authorized and outstanding, the General Electric Co. owns 9,992
sharea.-p.35, p. 163.
De Beers Consolidated Mines, Ltd.
-Dividend.
-
The company has declared a dividend of 95 cents a share on the Central
Union Trust Co.. certificates for "American shares," payable Feb. 2 to
holders of record Jan. 26.-V. 119, p. 2886.
De Forest Radio Co.
-New Directors.
-
Clifford Bucknam, of Pyrichon & Co., and P. Chauncey Anderson, of
Pendleton, Anderson, Iselin & Riggs, have been added to the board of
directors.
-V. 119, p. 2767.
(The) De Laval Separator Co.
-Tenders.
-
The New York Trust Co., trustee, will untll Jan. 22 receive bids for the
sale to it of 10
-Year 8% Sinking Fund Gold notes, due March 1 1931. to
an amount sufficient to exhaust $150,000 and at a price not exceeding 103%
and interest.
-V. 119, p. 698.
-Bonds Sold.
-W. A. Harriman & Co.,
Cuba Company.
Delmonte Building, St. Louis, Mo.-Bonds Offered.
Inc., and Blair & Co. Inc., have sold at 98 and int., to
-Year Secured 6% Convertible Wm. R. Compton Co. and American Trust Co., St. Louis,
yield 6.20%, $10,000,600 10
are offering at prices to yield from 554% to 6%,according to
Sinking Fund gold bonds.
Dated Jan. 1 1925: due Jan. 11935. Int. payable J. & J. at offices of maturity, $300,000 1st Mtge. 6% Serial Gold bonds.
W. A. Harriman & Co., Inc., and Blair & Co.. New York, without deduction for normal Federal income tax not exceeding 2%. Penna. 4-mill
tax Conn. personal property tax up to four mills per annum and Mass.
.
Income tax up to 6% per annum refundable. Denom. $1,000 and $500c5
Red. as a whole at any time, or in part for the sinking fund on any int.
date upon 60 days' notice at 1033i if red, on or before Jan. 1 1926, the
thereafter ;.6% for each year or part thereof elapsed
premium decreasing
Jan. 1 1930, the premium
to and incl. elapsed subsequent to Jan. 1decreasing it% for each year or
1930. Central Union Trust Co.
part thereof trustee.
of New York. -The indenture will provide a sinking
fund in the amount
Fund.
Sinking
0
$250. 00 Pa yable annually conunencing Oct. 1 1925 to be used for
ofS
purchase or redemption of these bonds.
-It is expected that application will be made to list these bonds
Listing.
Stock Exchange.
on the New York
Dated Dec. 15 1924, due Dec. 15 1925-1930. Denom. $1,000, $500,
$100. Prin. and int. (J. & D.) payable at American Trust Co., St. Louis,
trustee. Callable on any int, date on 30 days' notice. Exempt
from
normal Federal income tax up to 2%.
These bonds are the direct obligation of the Delmonte Investment Co.
and are secured by a first mortgage deed of trust on the land and building
located at 5630 Delmar Boulevard. The building, 6 stories in
height.
contains 83 modern apartments of the highest efficiency type and a motion
picture theatre, having a seating capacity of 2,460 persons. The property
is worth approximately 1600.000.
Dominion Stores, Ltd.
-Common Stock Increased, &c.
-
The stockholders on Jan. 6 increased the authorized Common
stock
from 25.000 shares of no par value (all outstanding) to 90,000 shares of
no par value.
336
THE CHRONICLE
The stockholders also approved the issuance to Common stockholders
of record Jan. 9 of 12,500 shares of Common stock at $20 per share on the
basis of one new share for each two shares held. Payment should be made
at the company's head office at Toronto. Canada, as follows: $5 per share
on Feb. 2, March 2. April I and May 1, respectively, or in advance, if
desired.
The 7% Cumul. Class "B" Preferred stockholders have been offered new
Common stock in exchange for their stock on the basis of five shares of
Common for each share of Class "B" Preferred stock owned.
The authorized capitalization on Jan. 9 1925 after the above changes
was: 90.000 shares of Common stock, no par value (48,000 shares to be
presently issued): $1.000,000 Class "A" Preference stock, par $100 ($593,900 outstanding): $250.000 Class "B" Preference stock, par $100 ($15,000
outstanding).
-V. 120. p. 91.
Dominion Bridge Co.
-Report.
Years Ended Oct. 31- 1923-24.
1922-23.
1921-22.
1920-21.
Total earnings
$398,206
$429,919
$623,737
$188.670
Depreciation
$139,229
$134,386
$134,306
$134,008
Doubtful accts. reserve_
95,608
Directors' fees
15.130
Res.for inv.loss. &c_
200,000
480.000
Dividends
(4%)260,000 (4)260,000 (4)260,000 (8)520,000
Balance
sur.$3,820 def$169,310 def$205.339 def$621.306
Profit and loss surplus... $3,233,924 $3,230.103 $3.466,500 $3,671.838
Balance Sheet October 31.
1924.
1923.
1924.
1923.
Asses$
Liabilities$
$
$
Plant, machinery,
Capital stock
6,500,000 6,500,000
equipment, &c_x4,656,502 4,698,530 Res. for deprec. &
Inv. In other cos__ 1,414,712 1,438,440
renewals
386,704
388,704
Cash
618,767 . 278,908 Res. accts. In erect 181,358
181,358
Victory bonds_ _ _ _ 256,995
256.996 Res. acct. ins, to
Depos. on tenders..
53,709
employees
62,279
16,288
35,338
Exp. on uncompl.
Bonds of National
contracts
71,011,071 1,105,466
Bridge Co., Ltd.
1,500
1,500
Accts. & bills rec.- 997,729
976,597 Dividend payable_
65,000
65,000
Inventories
2,007,914 2,253,964 Sundry accts. pay.
Suspended accts._ 127,662
85,400 (Incl. Fed. tax.). 741,240
775,627
Surplus
3,233,924 3,230,103
[VOL. 120.
Consolidated Balance Sheet.
Oct. 31 '24. Apr.30'24.
Oct. 31 '24. Apr. 30'24
Assets
$
Property acct.._x56,766,972 52,341,875 Corn. stock_ _ -.y37,211,325 37,211,325
Good-will
3,159,359 3,146,565 F.B.O.8% pfd.
Patents
113,442
8,019,000
121,775 stock
8,179.000
Inv. In MM. cos
F.B.O.com.stk_
91,066
91,505
& miscell. sec.. 1.088,699 1,074,039 6% serial notes. 17,500,000 17,500,000
Bk. Id. Pref.stk.
3,059
3.038 Accts. payable &
Inventories ___ _ 19,850,761 24,607,209
accrued items. 7,565,083 8,618,246
Accts. Sc notes
Accr. pref. dive.
receivable_ _ _ _ 13,701,692 10,723,787
of F. B.0.Co
54,193
U. S. & Canada
Prov. for Fed.&
Bonds
3,693,439 3,380,959
Can. taxes.....2,316,962 3,250,000
Cash
6,483,544 10,301.473 Reserves
1,747,329 1.621,005
Deferred charges 2,302,503 1,932,431 Surplus
32,712,705 31.157.877
Total
107.163,470 107.633,152
107,163,470 107,633,152
Total
x After deducting reserve for depreciation and amortization of$12,889,401
y Authorized and issued, 600.000 shares of no par value.
-V. 120, p. 91.
Foundation Co.
-Increase in Stock Proposed-To Retire
Preferred Stock-New Director.
The stockholders will shortly vote on increasing the authorized Common
stock from 75.000 shares of no par value to 100,000 shares of no par value.
All of the outstanding Cumul. Cony. Prof. stock has been called for
payment March 16 at 115 and diva. to March 15 at the Guaranty Trust
Co. 140 Broadway, N. Y. City.
R. J. Davidson Jr., of the Ramapo Ajax
'
a subsidiary of the
American Brake Shoe & Foundry Co., has Corp.elected a director.
been'
V.119,p. 3015.
General American Tank Car Corp.
-Orders.
-
The corporation has received an order for 100 insulated tank cars, having
an estimated aggregate value of more than $200,000, from the Phillips
Petroleum Co. It is stated that deliveries are to start about Feb. 1.
The company has also received an order from the Waite Phillips Oil Co.
for 150 non-insulated tank cars.
-V. 119. p. 1400.
General Asphalt Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $5,000,000
Total
11,145,064 11,158,579
Total
11,145,064 11,156.579
-Year Sinking Fund Convertible Gold bonds, due Oct. 1 1939.
15
x Real estate, plant. machinery and equipment,$6,218,308: less deprecia- 6%
Ccmcolidated Income Account 8 Months Ended Aug. 31 1924.
tion reserve. $1,561,805. y Expenditures on uncompleted contracts, less
amount reserved for contingencies, $2,268,136, less amounts received on Total income
$10,327,798
Total costs
account. $1.257,065.
8.505,509
-The Royal Trust Co. holds 835 fully paid non-assessable shares Depreciation of plants
Note.
201,803
of this company for the purpose of selling the same to the employees of Sundry branch expenses
7,184
the company. Any further profit over the purchase price resulting from
Profit from trading
the sale of such shares will inure to the benefit of the company.
-V. 118.
$1,613,300
Other income
p. 2047.
264,441)
Dubilier Condenser & Radio Corp.
Total income
-Stock Increase, dec.
$1.877,740
The stockholders on Jan. 12 increased the authorized no par value Interest, depreciation, taxes (est.), &c
953,318
Common stock from 160,000 shares to 500,000 shares. Upon the consummation of the subscription (see below) and retirement of the Preferred stock
Net profit
$924,422
holders will be given the privilege to exchange their Common stock on a Dividends paid
278,100
basis of two shares of the increased Common for one share now held. This
Balance
will bring the total outstanding Common stock to 300.000 shares, leaving
$646,322
200.000 unissued in the treasury. Following the exchange of shares on the
The consolldated balance sheet as of Aug. 311924, after giving effect to
two-for-one basis, application will be made to list the Common stock on the financing represented by $5.000.000 bond issue and the retirement on
the New York Stock Exchange.
Oct. 1 of6% debentures and on Dec. 1 1924 of 8% Cony. Gold bonds, was
The stockholders of record Jan. 2 were given the right to subscribe given in V. 119. p. 2652.
at $50 per share to one additional share of Common stock for each 10 shares
General Electric Co., Schenectady, N. Y.-Orders.held. Rights expired Jan. 15. This involved only 13,750 shares, the
proceeds of which will be used to retire the outstanding Preferred stock at
Period1924.
1923.
Change.
105 and dividends. The entire stock offered to stockholders for subscription 3 months ended Dec. 31
$80.009,978 $74,452.442
Inc. 7%
was underwritten.
12 months ended Dec. 31
283.107.647 304.199,746
-V. 119. p. 2886.
Dec. 7%
According to President Gerard Swope. 23,000 employees or 33% of al
Dunlop Rubber Co., Ltd. England.
-Cash Advances to employees of the company, own or have subscribed for G. Employees'
-E.
the American Company to Be Liquidated Through the Issuance Securities Corp. 6% bonds, having a value of nearly $15,000,000. The
total Investment has been made in less than two years. No employee
by That Company of 2d Preferred'Stock.Is permitted to purchase bonds for more than $500 in a year. The bonds
See Dunlop Tire & Rubber Co. of America below.
are purchased by the General Electric Co. from the Employees' Securities
-V.119, p. 3015.
Corp. and sold to employees in units of $10 for cash and on a monthly
Dunlop Tire & Rubber Corp. of America.
-Creates New payment plan.
-V. 120. p. 215. 91.
Issue of 2d Preferred Stock to Be Issued to the Dunlop Rubber
Co., Ltd. to Liyuidate Cash Advances Made and to Be Made.-
The stockholders have authorized a certificate creating 160,000 shares
of 8% Cumul. 1st Pref. stock (par $100) to be filed as required by the
conversion privileges of outstanding 1st Mtge. & Coll. Trust S. F. 7%
Cony. Gold bonds (V. 115 p. 2690).
The stockholders also approved an increase in the authorized capital
stock, by creating an issue of$6,000,000 Non-Cum.2d Pref.stock (par $100)
From the $6,000,000 2d Pref. stock authorized there will be issued from
time to time varying numbers of shares to the Dunlop Rubber Co., Ltd..
In liquidating of cash advances made and to be made by that company to
this corporation-one share of $100 par value for each $100 advanced.
The 200,000 shares of authorized Common stock of no par value (all
outstanding) remains unchanged. The Dunlop Rubber Co., Ltd., owns
97X% of this stock.
-V. 119, p. 2069.
Everlastik, Inc., Chelsea, Mass.
-Tenders.
-
The First National Bank of Boston, corporate trustee, until Jan. 16
received bids for the sale to it of 1st Mtge. 15
-year 7% S. F. gold bonds,
dated Nov. 1 1922, to an amount sufficient to exhaust $95,275.-V. 118.
p. 2185.
Fisk Rubber Co.
-Resumes Preferred Dividends.
-The
directors have declared a dividend of $1 per share on the
..lst Pref. stock (par $100), payable Feb. 2 to holders of record
Jan. 26. This is the first dividend to be paid on this stock
since May 1 1921, when a quarterly disbursement of $1 75
-V. 120, p. 80.
was made.
-31 25 Declared on New Corn. Stock.
Fisher Body Corp.
The directors have declared a quarterly dividend of $1 25 a share on the
new Common stock, par $25. payable Feb. 2 to holders of record Jan. 22.
This is equivalent to $5 a share quarterly on the old stock, on which $2 50
quarterly had been paid, and which is being exchanged on the basis of 4
shares of new for 1 share of old. It is necessary for the stockholders to
exchange their old Common stock for new Common stock before Jan. 22,
as no further dividends will be paid on the old Common stock.
President W.A. Fisher stated that no major capital expenditures are contemplated in the near future. See also V. 120, p. 91.
The New York Stock Exchange has authorized the listing of $60.000,000
Common stock (par $25) in official notice of the issue thereof in exchange
for outstanding certificates issued to represent shares of Common stock
without par value at the rate of 4 shares of Common stock of $25 par value
for 1 share originally issued as a share of Common stock without par value.
Consolidated Income Account 6 Months Ended Oct. 31 1924 (Incl. Sub. Cos.).
Net earnings and income from operations
a$6,098,625
Deduct-Interest charges
525.112
Provision for Federal taxes (U. S. and Canadian)
699.143
Net earnings
Balance at May 1 1924
$4.874.370
$31,157.877
Total
Deduct
-Dividends paid
$36,032,247
b3.320,027
Balance
Surplus arising from red. of Fisher Body Ohio Co. Prof. stock
$32.712,220
485
Balance as at Oct. 31 1924
$32.712,705
a After deducting all expenses of the business, including expenditures for
repairs and maintenance of properties, and an adequate allowance for
accruing renewals and depreciation. b Together with accrued dividend
on Preferred stock of Fisher Body Ohio Co.
-Sales of Cars to Users.
General Motors Corp.
-
The deliveries of General Motors cars by dealers to ultimate consumers
in December totaled 34,276* cars and trucks, compared with 35,709 in
Dec. 1923 and further with 33,095 in Nov. 1924. During the calendar year
1924 there were 656,678 General Motors cars and trucks delivered by
dealers to ultimate usser, compared with 731.281 in 1923. a decrease of 10%.
The following tabulation shows sales of General Motors cars by dealers
to ultimate consumers as well as sales by manufacturing divisions of General
Motors to their dealers:
-Dealer Sales to Users- -G. M. Sales to Dealers.
1924.
1923.
1922.
January
33,265
11,592
30.464
61.398
49,162
16,088
Fabruary
41,448
14.625
50.008
78,668
20,869
55,427
March
55,845 74,137
29.332 75,484
71.669
April
97,667
89,610
48.152
58.600
40; 74
4
75.822
may
89,317
84.686
52,409 45,965
46,736
75.393
June
75,952 46,960 32.984 69.708
66,146
48,541
July
60,275 63.209 31,716
40.563
33,772
51,634
August
54,871
55,832
43,452
48,614
42,6.40
65.999
September
48.568 60,111
35,584
51,955 69,081
35,443
October
46,003
58,173
51.377
49.552 86.936
40,815
November
33.095 47,009 36,870
23.631
50,232
66,256
December
*34,276
35,709
44,689 *20,048 61,468
46,871
Total
656,678 731,281 445,758 587.462 798,555 456,763
•These preliminary figures include Buick, Cadillac, Chevrolet, Oakland,
Oldsmobile passenger and commercial cars and GMC trucks sold in the
United States, Canada and overseas.
-V. 120, p. 215.
General Petroleum Corp.
-Notes Called.
-
Certain of the outstanding 10
-Year 7% S. F. Gold notes,
Feb. 15
1921, aggregating $500.000. have been called for payment dated at 105
15
and int. at the Bank of California, National Association, Feb.Francisco,
San
Callf.-V. 119. p. 1401.
Genesee Holding Co.
-Bonds Offered.-Fletcher American Co., Union Trust Co. and Nicol, Ford & Co., Detroit,
are offering at prices to yield from 53' to 63%, according
to maturity, $500,000 6%% (Closed) 1st Mtge. Sinking
Fund Gold bonds.
Dated Oct. 15 1924, due serially Oct. 15 1925 to 1936. Prin. and int.
(A. & 0.) payable at Union Trust Co., Detroit. Mich., trustee. Callable
at 103 on any int. date on 60 days' notice. Denom. $1,000. $500 and $100
c*. Company pays normal income tax up to 2%.
Security.
-Bonds are specifically secured by a closed first mortgage upon
the improved Detroit and Highland Park real estate and buildings appraised at $1,037,500.
Income.
-Based upon actual operations of these properties and after
making ample allowance for vacancies, operating expenses, insurance,
taxes, Stc., the annual net income is in excess of $90.000, which is over 2%
times the largest annual interest requirement and 1 2-3
amount necessary to meet the monthly sinking fund. times the largest
Sinking Fund.
-The mortgage provides that beginning Nov. 15 1924 the
borrowers will deposit monthly with the trustee 1-12 of the annual interest
and principal in each year except the last. Monthly deposits continue
throughout the last year at the same rate as in 1935.
Gillette Safety Razor Co.
-Quarterly Dividend of 623'
Cents and Extra of 123 Cents Declared on Present Capital Stock.
-The directors have declared an extra dividend of 12%
cents per share in addition to a regular quarterly dividend of
62% cents per share on the outstanding 2,000,000 shares of
JAN. 17 1925.]
THE CHRONICLE
capital stock, no par value, payable March 2 to holders of
record Feb. 2.
For record of dividends paid on the stock before the distribution on Dec. 1 1924 of 4.7 additional shares for each
share held, see our "Railway and Industrial Compendium"
of Nov. 29 1924, page 166.-V. 119, p. 3016.
-December Sales.
Ginter Co., Boston.
-1923.
-December
Increased 1924-12 Mos.-1923. Increase.
1924
$1.225.884 $1,086.838
-V. 120. p. 215.
8139.0461E12,499.382 $11,476.859 $1.022,523
Glidden Co., Cleveland, 0.
-Annual Report.
-
In the annual report for the year ended Oct. 31 1924 Pres. A. D. Joyce
says that after all charges, excepting reserve for Federal income taxes, the
company shows a substantial improvement in profit over the previous year.
It was necessary for the company to set up a reserve for income taxes against
the 1924 earnings, which was not necessary last year.
During the year a large amount representing accumulated Pref. dividends
was adjusted (V. 117, p. 2776; V. 118, p. 316, 2310). Bonded and deferred indebtedness has been liberally reduced.
Company has acquired the entire property, patents and rights of the
Euston Lead Co. of Scranton, Pa., producer of white lead under a patented.
quick and continuous process. An arrangement has also been completed,
through limited investment and without undue burden upon the working
capital of the company, whereby it has obtained control of important zinc
mines and smelters which will enable it to supply not only its own requirements of zinc oxide, but to serve the consuming trade as well.
The usual comparative income account was given in V. 120, p. 215.
Consolidated Balance Sheet Oct. 31 (Ind. Subsidiary Companies).
1924.
1923.
1924.
1923.
AssetsLiabilities8
$
Land, buildings,
7% prior pt.stock b7,105,120
equipment, &c_x7,703,715 7,705,250 7% cum. pt. stock
70,500 6,805,500
Good-will, tradeCommon stock___z1,614,775 1,614,775
marks, &c
y1,314,902 1,054,232 Minority int. (Gl.
Cash
351,270
417,274
Stores Co.) stk_
28,770
32,810
Notes & trade ac-1
lst M.8% s. f. bds. 2,867,500 3,101,500
cept. receivable)83,304,523
194,639 Euston Lead 1st 65 200,000
Accts. receivable.)
i2,787.597 Notes payable_ _ _ _ 1,650,000 1,789,000
.Miso, accts. rec
22,484
Accts. payable_ 793,293
617,067
Inventories
4,677,766 4,630,393 Mise.accts.pay.,&c. 110,617
88,876
Other assets
437,389
305,026 Accr'd local taxes.
Pref.stk.for retire.
420,419 interest, &c_
175.830
189.409
Deferred charges
376,731
358,162 Deterred hems,__ 250,096
380,096
Res.for Fed.tax,&o. 223,539
75,269
Res.for adj.pf.divs.
13,938
Total (each side)
.18,188,781 17,872,992 Surplus
3,084,803 3,178,689
337
Hart, Schaffner & Marx.
-To Reduce Preferred Stock.
The stockholders will vote Jan. 26 on reducing the authorized capital
stock to $15,000,000 (all one class). par $100. The entire outstanding
Preferred stock was retired on March 31 1924.-V. 118. p. 546, 558.
-Bonds Sold.Hayes-Ionia Co., Grand Rapids, Mich.
McLaughlin, MacAfee & Co. and First National Bank,
Pittsburgh, have sold at prices ranging from 983/ and int.,
to 100% and int., to yield from 53% to 6.70%, according
to maturity,$1,000,000 1st Mtge.6M% Serial Gold bonds.
Dated Jan. 1 1925; due $100,000 annually Jan. I 1926 to Jan. 1 1935 incl.
Interest payable J. & J. without deduction of normal Federal income tax
up to 2% at office of the trustee. Denom. $1,000 and $500 c*. Red.
Pennsylvania Co.for
on any int, date on 60 days' notice at 1023i and in
Ins. on Lives & Granting Annuities, Philadelphia, trustee, and Chas. R.
Dunn, Vice-Pres., Union Trust Co., Detroit, joint trustee. Pennsylvania
and Maryland State taxes to be refunded.
Data From Letter of Pres. H. Jay Hayes,Grand Rapids, Mich.. Jan. 2
Company.-Incorp. in Michigan in 1910. Engaged in the manufacture
of automobile bodies and sheet metal parts. Plants located in Grand Rapids and in Ionia, Mich. Company's business has steadily increased since
its incorporation. Present capacity is 400 closed bodies per day at Grand
Rapids plant and 150 closed and special bodies at Ionia plant. The Grand
Rapids plant has a floor space of 345,000 sq. ft. and the Ionia plant has
217,000 sq. ft. of floor space.
Purpose.-Funds derived from the sale of these bonds are to be used to
retire the unmatured portion of a note issue which was sold in 1919; to
purchase property heretofore leased; to enlarge and completely equip the
stamping department and for additional working capital.
Security.-Secured by a first closed mortgage on entire fixed assets now
or hereafter owned. Property as appraised has a replacement value of
$3,090,798 and a depreciated or sound value of $2,455,968.
Earnings
.-Net earnings applicable to interest, after deducting all ordinary expenses of the business. including expenditures for repairs and maintenance of the properties, have averaged annually for the past 6 years
(with earnings for 1924 partially estimated) approximately $400,000, or
6 times the interest charges on these bonds.
Balance Sheet Nov. 30 1924 (After New Financing).
AssetsLiabilities
$992,200
Plant and equipment
$33.090,798 Common stock
543.905
Cash
118,176 Preferred stock
1,000,000
Notes receivable
-i
93,041 1st Mtge. 6) s
180,000
Accounts receivable
460.615 Notes payable
364.059
Value life ins. policies__
29,300 Accounts payable
49,550
Inventories
pa ells, &c
1,158,044 Accr'd
Stocks in other cos
r
39,765 Reserves Tor depreciation- 634,830
11,415
Deferred charges
129,072 Other reserves
1,342,856
Patents & good-will
1 Surplus
x Includes: Land,31,332.283; bldgs., machinery, equip., &c., $7,769,940.
Total
$5,118,816
I
Total
$5,118,816
less allowance for depreciation. $1,398,508. y Good-will, trade-marks, reV.
organization and development expenses and unamortized portion of bond - 109, p. 1370.
discount, &c. z Common stock represented by 322,955 shares of no par val.
Hayes Wheel Co., Jackson, Mich.
-Bonds Called.
a Customers' notes and trade acceptances receivable, $167,990; customCertain of the outstanding 1st Mtge. Sinking Fund Gold bonds, Series
ers' accounts receivable, $3,214,924, less reserve for doubtful accounts,
"A" and Series "B." aggregating $108,800, have been called for payment
discounts, etc., $78,390. b Including $208,720 interim receipts and
scrip. Feb. 1 at 102M and int, at the office of Lee, Higginson & Co.,43 Exchange
Note.-This balance sheet is subject
found
Place, N. Y. City, or at its offices in Chicago,
and Boston, Mass.
upon determination of final liability forto any adjustment120, p.necessary Govt. taxes.
-V.
215.
V. 120. p. 92.
(B. F.) Goodrich Co.
-Resignation.-
H. K. Hammond, Vice-President in charge of production, has resigned.
-V. 119, p. 1288.
Goodyear Tire & Rubber Co. of Canada, Ltd.
-Accomplishments Since Reorganization in June 1921.-C. H.
Carlisle, Vice-Pres. & Gen. Mgr., in a circular letter to the
shareholders says:
Imperial Oil, Ltd.
-Par Value of Shares Changed.
The shareholders on Jan. 14 approved a by-law of the directors converting the existing shares of capital stock of the company, with a par
value of $25. both unissued and issued, into shares of no par value on the
basis of 4 shares of no par value for each share of $25 par value. The
number of shares were increased from 2,000,000 to 8.000.000.-V. 120. p.92.
Independent Oil & Gas Co.
-Earnings.
-
Quarters EndedDec. 31 '24. Sept. 30 '24. June 30 '24. Mar. 31 '24.
For economy and more efficient operation, we are moving our general
$648,163
$601.840 $1,063.080
$505,873
offices from Toronto to the New Toronto factory, located about 7 miles Gross earnings
268,036
224,446
310.945
196,259
west of Toronto. Therefore,after Feb. 1,our address will be New Toronto. Exp. tax dry holes, &c
Int. & discounts
672
5,431
Cr.3,865
1,947
Ont. Our warehouse and sales branch-also one executive office-will be
maintained in the Goodyear Building in Toronto.
$794,372
Net
$294,760
$307.667
Since the company's reorganization in June 1921 it has accomplished -V. inc. before res'ves $418,286
119, p. 2071.
thef
•
The prepayment of 3
-year 8% notes
189.920
$1,
Iron Products Corp.
-31.50 Common Dividend.
Payment of bank loans
675,388
The
Payment of rubber acceptances
312,778 stock, directors have declared a dividend of $1 50 a share on the Common
no par value, payable Jan. 31 to holders of record Jan. 22. A
Payment of prior preference dividends
465,723 similar amount was paid Dec.
1 last.
Payment in full of deferred prior preferred dividends
274.308
The directors,
Payment of preferred dividends
708.750 shareholders of it is said, will shortly consider the distribution to Common
the holdings
Payment of deferred preferred dividends
157,500 tion of Essex Foundry Co. of Essex Foundry Co. The present capitalizaSurplus has been increased
consists
1,738,461 Preferred shares. It is stated that inof 15,000 Common shares and 2,500
Reserve for plant and property
all probability Essex Foundry Co.will
1,184,997 be recapitalized
increased
Cash on hand increased
1.232,115 approximate one to facilitate the distribution, which if decided upon will
Increase in plant investment after deducting depreciation'
share of Essex new stock for each five shares of Iron ProdThe company has no indebtedness excepting
ucts now held.
-V. 119, p. 2769.
for current bills not M4 5
due
discount. It has no property investments
sales building in Regina. It will owe, when other than its plants and one
Insurance Co. of North America, Phila.-Extra Div.
declared, 3393.'750 of deferred
dividends on its Preferred stock. A
The company has declared the regular semi-annual dividend of 75 cents
lignidated during the current year. portion of these dividends will be and an extra of $1 per share, payable Jan. 26 to holders of record Jan. 21.
The production for the first quarter of this
An extra of like amount was paid a year ago.
-V.119, p. 2654.
than for any similar period since the inception fiscal year has been greater
of the
Toronto plant is running to a maximum production company. Our New
Jewel Tea Co., Inc.
of 24 hours
-Gross Sales.
the prospects are that it will continue to do so for at least a day and
the next six
Increase.
Calendar Years1924.
1923.
montbs.-V. 119, P. 2174.
Gross sales
$13.542,950 $12.468,761 $1.074,189
-V. 119. p. 3016.
Green Star Steamship Corp.
-Payments.The holders of 5
-Year 7% Marine
Jones Brothers Tea Co., Inc.
-Listing.
-notified that pursuant to order made Equip. Serial 1st Mtge. bonds are
and entered Dec. 30 by the U. S.
The New York Stock Exchange has authorized the listing on or after
District Court, there is distributable from
the
held by
Trust Co., 37 Wall St., New York, trustee,moneysholders the Equitable Jan. 14 1925 of stamped certificates for 100,000 shares of Common stock
to the
of bonds out- without par value, on official notice of issuance. In exchange, share for
standieg, the following:
share, for present outstanding Common stock, par $100.
(a) To the holder of each bond of $1,000
in principal
"C" with coupons due April 15 1921 thereto attached,amount of Series
Income
there is payable Sales------------ Account, Nine Months Ended Sept. 27 1924$180865
the sum of 363.0872.
____________________$18088,075
(b) To the holder of each bond of $1,000
Cost
sales:Wfateifaii and stip1311es, prizes, faitTiaolicer
other than Series "C" with coupons due in principal amounts of series
charges,$13,061,811;deprec'n of plant, mach'y,&c.,$29,465- 13,091.277
April 15
coupons thereto attached, there is payable the sum 1921 and subsequent
of $93.599.
All holders of bonds outstanding under the
14,994.799
Gross profit
_ _ mortgage are requested to
present at once their bonds with coupons due April
Store expenses, commissions on sales and other expenses, $4,coupons, if any, thereto attached, to the trustee 15 1921 and subsequent
454,016: depreciation of distributing equipment, $77,991:
in order that the same
4,734,426
may be stamped, and that the amounts distributable thereon may be
general expenses, 3202.418
(net)29,302
paid to the holders thereof.
Miscellaneous deductions from income
-V. 118. p. 2445.
81,277
Discount on notes payable and provision for Fed'l income taxes
(M. A.) Hanna Co. Cleveland.
133.787
Preferred dividends
-Acquisition.The company, it is reported, has acquired control of the Tod-Stambaugh
Co. of Cleveland, 0., which conducts a business in the mining of
$16.006
ore _Net profit_____________________________________________
and coal and in lake transportation. The Tod Stambaugh Co., itiron
is said.
Consolidated Balance Sheet.
will conduct its business as heretotore.-V. 119. p. 2294.
sSept. 17'24 Dec. 31'24
xSept.17 '24 Dec. 31 '23.
$
$
AssetsLiabilitiesHarbison-Walker Refractories Co.
$
-7'o Increase Cap- Plants, mach.,&c., 5
7% pref. stock... 3,760,000 3,760,000
-33 1-3% Stock Dividend Proposed-Extra Cash Dividend
ital
less depree'n___ 1,348,159 1,407,990 Common'stock_ __10,000,000 10,000,000
50,000
25,000
Goodwill & trade
Pref. stock of subs.
of 2% Declared.marks
10,665,512 10,668,012 Notes payable__ 1,375,000 1,400,000
The stockholders will vote April 20 on increasing the authorized Common
192,421
Inventories
Accounts payable_ 504,138
3,151,664 3.465,937
stock from 327,000,000 to $36.000,000, par $100. If the increase is ap15,562
18,409
730,356 Empl. depos. pay332,972
proved, it is proposed to pay a 33 1-3% ($9,000,000) stock dividend on Acela receivable
20,000
22,173
Adv.to agents_ _ _
18,957 Accr.Fed'I taxes-32,790
M y 19 to holders of record April 30.
206,817
300,037
60,492 Reserves
40,372
/1
1`111e directors have declared an extra dividend of 2% on the outstanding Misc. Investments,
502,081
521,675
699,754 Surplus
621,437
$27,000,000 Common stock, par $100, in addition to the regular quarterly Cash
9,517
7,702
dividend of 1%%. The extra dividend is payable Jan. 31 to holders of Emot. dep. fund__
80,000
80,000
record Jan. 22, and the regular dividend on Mar. 2 to holders of record Sinking fund
Deferred charges
99,087
152,603
Feb. 20.
Dividends on Common'10-'14. '15. '16. '17. '18. '19. '20.'21-'24.
16,433,213 17,240,102
Total
16,433,213 17,240,102 Total
---- 2% ylY. 2Ji 5J5 6 6 6 6 6 Yli.
Regular
Extra
4 18 6 6 50stk.
x Subject to adjustment at end of fiscal year.
119, p. 1961.
-V. 119. p. 3016.
-Acquisition by Subsid. Co.Hartman Corp., Chicago.
The Hartman Furniture & Carpet Co., a subsidiary, has acquired the
location and assets of the City Furniture Co.for $1,000,000.-V. 120,p.216.
-Bonds Offered.-Garard &
Kansas City Bolt & Nut Co.
Co., Chicago; Prescott, Wright, Snider Co., Kansas City,
338
THE CHRONICLE
Mo., and Bosworth, Chanute & Co., enver, Colo., are
offering at 100 and int., $700,000 ist Mtge. Refunding
(now direct First Mtge.) 63/2% gold. bonds, Series "A."
Dated Aug. 1 1924; due serially Aug. 1 1931-1939. Authorized, Series
"A. $1,500,000: total outstanding, including present offering, $1,250,000.
(See description and original offering in V. 119. p. 461.)
Data From Letter of Pres. W. L. Allen, Kansas City, Mo., Dec. H.
Company.
-Organized in 1888, the company's business has grown steadily
and consistently. The increasing demand in the company's territory for
more varied steel products resulted in the completion of open-hearth furnaces and steel mills early In 1922, and a rail bar mill early in 1924. The
products of the new mills, which include open hearth steel bars, rail steel
bars and merchant bar iron, are now sold under the name of Sheffield Steel
'Mills. The plant consists of 3 units, (1) Sheffield Steel Mills, (2) bar iron
and re-rolling mills, (3) bolt, nut and forging plant, with a combined annual
potential capacity of over 120,000 tons.
-To retire a prior mortgage (which has been called and paid),
Purpose.
to partially reimburse the company for capital expenditures already made
on plant and equipment, and for additional working capital.
Security.
-A first mortgage on the entire physical property now owned
and hereafter acquired. Additional bonds may be issued only under the
careful restrictions of the mortgage. Fixed assets, as appraised, exceed
82.700 and total net tangible assets exceed $3.400 for each 81.000 bond.
Earnings.
-For 12 years ending June 30 1923 the average annual earnings
were nearly 3 times the interest requirements of the present issue; for the
calendar year 1923 over 4 times, and for the 6 months ending June 30 1924
at the rate of approximately 43 times the present interest requirements of
this issue.
-V. 119, p. 481.
Keiner-Williams Stamping Co., New York.
-Stock Sold.
-Sutro Sr Kimbley, New York, and Strabo V. Claggett &
Co., Boston, have sold at $20 per share 20,000 shares no
par value capital stock. Authorized, 50,000 shares. This
does not represent new financing.
New York Trust Co., transfer agent: Bankers Trust Co., registrar. No
funded debt, no bank loans and no Preferred stock. Listed on New York
Curb.
-Company had gross sales in 1910, $197.488;' 1915, $340,163:
Sales.
1916, $687,324: 1917, 81.164.161; 1918 to 1923, annual average with consistently increasing trend in excess of $1,500,000. Fiscal year ended July
31 1924, $1,556,426.
Average net earnings for 6 years, after depreciation, interest and taxes,
$3 70 per share.
-Commenced business in 1907 with a paid in capital of $11.153,
Company.
and later it increased to $48,000 by cash subscriptions. To-day it is one of
the largest manufacturers in this country of dairy accessories, such as milk
cans, ice cream cans. moulds, brick tanks, shipping drums, supply cans and
milk separators. and is the largest manufacturer of soda water tanks. Plant
at Richmond Hill, N. Y., appraised at $547,718 net.
-Company has paid cash dividends of $473,595 to date.
Dividend Policy.
The net worth ot this time exceeds $1.000,000 and alrof this growth has been
from profits through operation and has not needed outside help. This present stock does not involve new financing by the company butts being bought
from individuals.
In addition to cash dividends paid, the company has in addition thereto
declared stock dividends so that a share of the par value of $100 in 1917 has
increased to $1,042 to date. The directors have declared a quarterly
dividend of 40c. a share (at the rate of 8% per annum) payable Jan. 30 to
holders of record Jan. 20 1925.
Lever Brothers Co.
-Balance Sheet Sept. 30.
-
[As filed with the Massachusetts Commissioner of Corporations.]
1923.
1924.
1923.
Assetss V
LiabilitiesReal est. & mach__ 7.364,250 5,873,880 Capital stock
9,400,000 9,400,000
Inventories
2,165,825 2,748,491 Bonds
524,500
561,500
Notes & accts. rec. 3,075,917 2,072,638 Notes
600,000
Cash
640,447
709,892 Accts. & notes Pay 1,134,743 1,029,836
Pat, rights, trade
Accrued charges _
410,289
mks. & g'dwill 1,000.000 1,000,000 Reserves
4,061
312,242
Investments
17,500
17,500 Surplus
3,430,363 2,255,177
Furn., Mt.& tools 1,111,741 1,398,171
Autos, trucks and
11,448
teams
23,885
Deferred charges
14,720
18,646
Tot.(each side)-15.401,848 13,660,863
-V. 118. p• 2188.
Liggett & Myers Tobacco Co.
-Rights.
-
The directors have resolved to issue $10,810,700 additional Common
stock B (par $25), which has been heretofore authorized by the stockholders.
This new stock will be issued as of March 16 and will be offered to all
holders of Common stock and Common stock "B" of record Feb. 16 for
subscription at par in the proportion of one share of such Common stock "B"
for each four $25 par value shares ofCommon stock and (or) Common stock
"B" held by them, to be paid for in cash on March 18 1925.
The proceeds of the sale of this stock will be used for the further development of the business of the company.
-V. 119, p. 948. 588.
Lincoln-Belmont Building, Chicago, Ill.
-Bonds Offered.
-S. W. Straus & Co., Inc. are offering at prices to
yield from 5.85% to 6.15%, according to maturity, $1,250,000 1st Mtge, 6% Serial Coupon bonds safeguarded under
the Straus plan. Maturities, 3 to 15 years.
The Lincoln-Belmont Building is to be erected on the south side of
Belmont Ave., near the intersection of Ashland and Lincoln Ayes, Chicago,
with a frontage of approximately 261 ft. on Belmont Ave. and a depth of
approximately 299 ft., extending through to Fletcher St. The building
to be erected on this site will be an extensive business structure with an
exterior of pressed brick trimmed with terra cotta. The structure will
contain a theatre of 3.300 seats, to be cmerated by a subsidiary of the wellknown and successful Lubliner & Trinz organization; 10 retail stores.
fronting on Belmont Ave., and 70 apartments on the uppper floors. There
will be 33 two-room apartments, 21 four-room apartments, 10 three-room
apartments, 4 one-room apartments and 2 five-room apartments, each
with bath.
It is estimated that the net annual earnings from the property, after
deducting for operating expenses, taxes. insurance and vacancies, will be
$188,700, or more than 2„li times the greatest annual interest charge.
-Sales for Quarter Ended Dec. 31.Loft, Inc.
1924-3 Mos.-1923. Increase. 1924-Cal Yrs.-1923.
$2_,452.847 $2,411,863
-V. 119. p. 1850.
*40.9841 87,712,218 37.405,212
Increase.
$307,006
-Report.
(H. R.) Mallinson & Co., Inc.
Years End. Oct. 31Operatig income
Other income
Total income
Int., tax., depr., &c__.....
Est. Federal taxes
1924.
1923.
loss$2.246 $1.558.595
38,233
89.851
1922.
$838.401
148,124
1921.
$459,441
51,855
$33,987 $1,646.446
195,442
183,897
185.000
$988,525
245.200
90.000
$511.298
172.939
32.500
x Net Income
loss$181,455 $1,277,549
$851.325
8305,857
x Before deductions for dividends on the 7% Pref. stock, which have been
regularly paid.
-V. 119, p. 2187.
[VOL. 120.
of second preferred, one share of common of the parent company and two
shares of the preferred of the trust.
-V. 119, p. 3017.
Marlin Rockwell Corp.
-25-Cent Common Dividend.
The directors have declared a 'quarterly dividend of 25 cents per share
on the Common stock, no par value, paz able Feb. 2 to holders of record
,
Jan. 20. On the old capital stock of no par value the company had paid
monthly dividends of $1 per share from Nov. 1918 to June 1919, incl.;
none since.
-V.119. p.2296.
Martin-Parry Corp., N. Y. City.
-To Increase Capital
Stock.
-The stockholders will vote Jan. 26 on increasing the
authorized capital stock from 100,000 shares of no par value
(all outstanding) to 200,000 shares of no par value. The
purpose of the proposed increase is to enable the directors
to procure additional working capital for the corporatoin from
time to time by the sale of additional shares of stock, which
it is expected will be offered to the stockholders for subscription. President F. M. Small says:
At
the time of organization in 1919 the company acquired plants at
York, Pa., and at Indianapolis, Ind. Since
rebuilt parts of both of these plants; it has that time it has enlarged and
built a plant at Lumberton,
Miss.. where it produces a large amount of its lumber requirements; it has
acquired the Oakes Co. of Indianapolis, which manufactures a large part of
stampings and miscellaneous metal parts used in its manufacture, and has
established 35 assembling and distributing plants giving us a general distribution throughout the entire United States.
This has been done out of earnings and borrowed capital, the company
not having increased its capital since its original
The company is constantly taking on new business, and itorganization. the direcseems wise to
tors to make provision at this time so that some of the former improvements in its development may be capitalized and that the stockholders may
have an opportunity of adding to the future capital of the company for its
further development.
-V.119, p. 2417.
Marysville Land Co.
-Reorganization Plan.
-
A plan of reorganization of the affah-s of the company has been prepared
for the consideration of bondholders. In the event this plan becomes effective, holders of the 734% bonds will receive: (a) Payment of all back
Interest in cash;(b) Payment of 30% of principal in cash: )c (the remaining
70% of principal in new 7% bonds, secured by a closed first mortgage on
the same properties that secured the old bond issue.
Bondholders who have got already received complete information, may
secure same by communicating with the bond house from whom they
purchased their bonds, or any of the following: Humboldt Bank, San
Francisco; W. H. Orrick, Attorney, San Francisco; M. H. Lewis & Co..
San Francisco and Los Angeles.
Maytag Co., Newton, Ia.-Pref. Stock Offered.-Hitcheock, Bard .6 Co. Chicago, are offering at 100 and int.
3re1. (a.& d.)stock of this company.
the 7% Cum.Prior 1
Dividends payable Q.
-J. Redeemable on 60 days' notice on or prior to
Oct. 1 1928 at t102 50 and dividends: after Oct. 1 1928 and prior to or on
April 1 1931 at $105 and dividends; after April 1 1931 and prior to or on
Oct. 1 1933 at $107 50 and dividends, and thereafter at $110 and dividends.
Company has no mortgage or bonded debt, and none may be created, other
than purchase money obligations, without the consent of two-thirdsof the
Prior Preferred stock outstanding. First Trust & Savings Bank, Chicago,
transfer agent; Continental & Commercial Trust & Savings Bank, Chicago,
registrar.
-Company agrees that, commencing sixty days after
Sinking Fund.
April 11926. and annually thereafter, $150,000 Prior Preferred stock shall
be retired out of surplus and net profits of the preceding year after payment
of Prior Preferred dividends, or an amount equal to 20% ofsuch net profits,
whichever is the larger.
Data from Letter of F. L. Maytag, Chairman, Newton, Iowa, Dec. 22.
History -Business, started in 1894, originally consisted of the manufacture of attachments for agricultural machines. In 1910 company began to
build washing machines. In 1921 the present all-metal aluminum tub
machine was perfected and the company reincorporated in Maine. Is
to-day by far the largest producer of washing machines in the United States,
and has a present output of 425 machines per day. which will be increased
early in February to 500 per day. Additions to plant and foundry now
being made will permit of greater production when required.
The principal business is the manufacture and sale of an all-metal electric
washing machine; a gasoline-driven machine is also manufactured for sale in
Communities where electric power is not available. Company sells its
product through dealers giving tho usual business credit, the dealer financing
himself through the various acceptance corporations. Selling branches and
agencies are located in the principal cities of the United States and Canada.
Capitalization.-Company has no mortgage or funded debt;its stock issues
consist of $1,500,000 7% Prior Preferred stock, all issued and outstanding;
$1,500.000 7% Preferred stock, of which $1,250,000 is outstanding; and
100.000 shares of Common stock, of which 80,000 shares are outstanding,
the balance being in the treasury of the company.
Sales.
-Net sales for 1923 showed an increase over 1922 of over 10070
and for 1924 show an increase over the year 1923 of over 67%.this record having been made during the period when business conditions generally were
somewhat unsatisfactory. For some time past our sales have been limited
only by the factory's capacity to produce.
CapitalizationAuthorized, Outstanding.
7% Cumulative Prior Preferred stock
,7
$1,500,000 $1,500,066
7, Cumulative Preferred stock
7;
1,500,000
1,250,000
Common stock (no 'liar value)
100,000 abs. 80,000 shs.
Condensed Statement of Net Income,
Calendar Years1922.
1923. 1924(11rnos.)
Net sales
32.847,079 85.500.357 88.437,277
Net income before providing for Federal income tax
304,198
2,800,089
1,189,807
Net income after providing for Federal
Income tax297,589 1.037,779
2,270,089
Faience Sheet Norember 30 1924.
[After giving effect to proposed changes in the capital structure.]
Assets
$1,434,848 7% Prior Preferred stock
Fixed assets
91,500,000
Patents and goodwill
231.901 7% Cumul. Preferred stock_
1,250,000
307,435 Common stock (80.000 shares
Cash
U. S. Government bonds
750
no par value)
494,414
Branch office working funds
8,280 Notes Payable (anticipated)_ _ 250,000
Notes. accep. & acels recelv 1,412.196 Accounts payable
232,885
Due from employees
8.488 Due to employees
15.897
Life Insurance policies
33,277 Res. for salesmen's commisfetuf 211,780
Inventories
872,846 Res.for State and local taxes
34,405
by. In & adv. to Maytag Co.,
Reserve for Federal tax
387,957
Ltd
138,021 Surplus
95,134
Prepaid insurance,&e
8,852
Total
-V. 120, p. 217.
$4,452,471
Total
$4,452,471
Merrimac Chemical Co.
-Acquisition.
The company has
acquired by purchase the Anderson Chemical Co.,
Inc.. with plant located at Wallington, N. J., and already has assumed
control of the management of the company.
-V.119, p. 2889.
Metropolitan Chain Stores, Inc.
-Initial Dividends.
The directors have declared initial dividends of $116 2-3 on the 7%
& 2d Prof. stocks, payable Feb. 1 to holders of record Jan. 17. The
The stockholders authorized an increase of 85,000.000 in the capital dividends are for the period beginning Dec. 1 and ending Feb. 1, the
stock, thus bringing the total authorized capitalization of the company end of the first dividend period as fixed by the charter. (See also plan
to $8.000,000, consisting of 83,000.000 of preferred. $3,000,000 of second in V. 119. p. 1514.)
preferred and $2,000,000 of common.
Sales for the Month and Twelve Months Ended Dec. 31.
A block of $1,250.000 of stock of both the Manufacturers Finance Co. 1924
-December--1923 Increase.11924-12 Mos.-1923
Increase.
and of the Manufacturers' Finance Trust of Chicago will be offered simul- $1.428.838
$1,407,032
8357.330
821,804187,879,028
$7,521,698
taneously by a banking group in the near future. The offering will consist
It is stated that there was one less store operating in December 1924
$500,000 preferred. $500.000 second preferred and $250.000 of common as compared with the same
of
month last year. During the greater part of
stock of the parent company and 8500,000 of Manufacturers' Finance 1924 there were 18 less stores
than in 1923.
Trust preferred beneficial interest shares. When the financing takes place
President V. M. Boyle states that since the reorganization in October,
it is planned to offer the shares in units of two shares of preferred, two shares the corporation had operated
strictly upon a discount basis and liquidated
Manufacturers Finance Co., Balt.-Capital Increase.
JAN. 17 1925.]
339
THE CHRONICLE
earnings for
obligations, and that
all of its bank loans and other fixed -V. 119, p. 2769. its
the period were entirely satisfactory.
-Par Value Changed, &c.
Missouri Portland Cement Co.
The stockholders on Jan.6 reduced the par value of the stock outstanding
from $100 to $25 per share and approved the issuance of 4 shares of $25
par stock in exchange for each share of $100 par stock held.
The stockholders also voted to increase the authorized capital stock from
$6,000,000 to $9,000,000. The $3,000,000 additional stock will be held
-V. 119, p. 1964.
in the treasury subject to the action of the directors.
-Organized.
Morkrum-Kleinschmidt Corp.
-Bonds Called.
Oval Wood Dish Co.
All of the outstanding 1st Mtge. 6% Serial Gold bonds, due Aug. 1
1925 and Aug. 1 1928, aggregating $26,600, have been called for payment
,
Feb. 1 at 101 1‘, and int. at the Michigan Trust Co., Grand Rapids, Mich.,
113, P• 737.
or the Illinois Merchants Trust Co., Chicago,
Pacific Coast Co.
A
-21 % First Pref. Dividend.
The directors have declared a dividend of 234% on the outstanding
$100, payable Feb. 1 to
$1,525,000 5% non-cumul. 1st Prof. stock, par
holders of record Jan. 26. A like amount was paid Oct. 1 1924. The
previous distribution on the 1st Prof. stock was 13(%, made on Aug. 1
1921.-V. 119, p. 1290.
Incorporated in Delaware Dec. 29 1924 for the purpose of manufacturing
-Change in Par Value and
Paige-Detroit Motor Car Co.
printing telegraph typewriters. Capital consists of $1,500,000 Pref. stock
and 10.000 shares of no par value Common stock. Co. of Chicago and the Increase in Common Stock Probable.
The company Is a consolldation of the Morkrum
The directors have recommended the changing of the present 600,000
Kleinschmidt Electric Co. of Long Island. The merging of the two companies, it is said, is the result of long patent litigation between the two shares of Common stock, par $10, to no par value stock and the issue of
200,000 shares additional no.par Common shares to be held in the treasury
companies.
-V. 119, p. 2418.
The officers of the new corporation are Sterling Morton, Pres., who has for the future.
been head of the Morkrum Company; Edward Kleinschmidt and Howard L.
-Obituary.
Pan-American Petroleum & Transport Co.
Krum, Vice-Presidents; Daniel Peterkin, Treas., Chicago, and William
-President, died at Los Angeles, Calif., on
Dr. Norman Bridge, Vice
Kleinschmidt. Sec.
Jan. 10.-V. 119. p. 3018.
-Stock Sold.
-H. D.
Music Master Corporation.
Williams & Co., New York, have sold at $20 per share,
150,000 shares Capital stock (without par value). The
stock, according to the bankers, is offered as a speculation.
Transfer agent Mechanics & Metals National Bank, New York. Registrar, Central Union Trust Co.. New York. No bonds or Preferred stock
authorized. Application will be made to list this stock on the New York
Curb Market.
Data from Letter of President W. L. Eckhardt, Philadelhpia, Jan. 14.
Company.-Organized in 1922 in Delaware. Company is to-day the
largest merchandising organization in the United States, distributing
exclusively radio products, consisting of radio receiving sets such as Super
Heterodyne, Radiola, Thermiodyne, Zenith and other well-known makes;
also loud speakers, tubes, parts and accessories. At inception the policy
of selling quality products at fair prices was adopted and the conspicuous
success of this corporation has been due largely to its continuation of this
policy. In furtherance of this policy the corporation has expended large
sums in national advertising and has planned to appropriate at least
$1,000.000 for this purpose in 1925.
In addition to its general distribution of high-grade radio products the
company manufactures the Music Master Radio Reproducer (loud speaker)
which is probably the best known reproducer on the market to-day.
The company owns a number of valuable patents. Moreover, applications are now pending covering essential radio parts. The company has
developed a number of new and important articles which will shortly be
introduced to the trade. A plant at Betzwood. near Philadelphia, has
recently been purchased. Main offices are located in Philadelphia with
branches in New York, Pittsburgh and Chicago.
Capital Stock -On completion of this financing the capital of the corporation will be represented by 450,000 shares of no par value stock out of an
authorized issue of 500,000 shares.
-Net earnings 9n the average invested capital for the years
Earnings.
1923 and 1924. according to reports by Price, Waterhouse & Co., were in
excess of 65% and 73%, respectively.
From sales in 1922 of $191.796 the corporation's activities have grown so
rapidly that the sales in 1924 aggregated $3,687.947 and it is expected that
the sales for 1925 will approximate $15,000.000.
From orders received for deliveries during 1925 and from a careful survey
of the requirements of distributors, it is conservatively estimated that the
net profits for 1925 will be in excess of $3,000,000 or $6 60 per share on
the outstanding stock.
Directors will be as follows: Matthew C. Brush (American International
Corp.), Samuel F. Pryor (Remington Arms Co.). E. R. Harriman, William
T. Smith, New York; J. W. Guibord (Merchants National Bank), PlattsH_
burgh, N. Y.; Morris Wolf (Wolf, Patterson, Block & Schorr). Philadelphia; erbert D. Williams (H. D. Williams & Co.,' New York; Jules E.
Mastbaum (Stanley Co. of America), Anthony G. Felix (Peoples Bank &
Trust Co.). J. H. Cross (J. H. Cross & Co.), Philadelphia; Leo Potter
(Thermiodyne Radio Corp.), Plattsburgh. N. Y.; H. Allan Miller (H. D.
Williams & Co.), New York; T. Harvey Ferris (Rome Wire Co.), Utica.
N. Y.; Harry A. Arthur (G. Amsinck & Co.), New York; J. Harker Chadwick (J. Harker Chadwick & Co.), Philadelphia; W.B. Woodbury (Rochester Telephone Corp.), New York;W.L. Eckhardt (President), Philadelphia.
-Annual Report.
Nashua Manufacturing Co.
-Tenders.
Penelec Coal Corp.
The National Bank of Commerce in New York, as trustee, will until
-Year 05% Striking
Jan. 26 receive bids for the sale to it of 1st Mtge. 20
Fund Gold bonds dated Feb. 1 1924. to an amount sufficient to absorb
$30,049, at prices not to exceed 110 and int.-V. 119. p. 206.
-Balance Sheet Aug. 31.
Parker-Young Co.
[As filed with the Massachusetts Commissioner of Corporations.]
1924.
1923.
Liabilities1924.
1923.
Assets13,217,453 $3,716,679 Preferred stook...14,500,000 $3,500.000
Fixed assets
193,750
1,580,853 1,702,904 Common stock..._ a290,625
Inventories
2,495,589 1,282,000
124,585 Funded debt
115,532
Cash
586,514 Acc'ts & notes pay. 489.616 1,662.698
Notes & acc'ts rec. 1,356.701
69.484
98,488
Securities
1,549,505 1,466,248 Reserves, &c
211,937
71,572 Acced acets,&c... 149,440
54,461
Adv.&
790,664
1,163,374
71,032 Surplus
Deferred charges__ 283,623
Total
$8.158,128 $7,739,537
Total
-V. 118. p. 561.
a 58,125 shares of no par value.
$8,159,128 $7,739,537
-Extra Dividend.
Pierce, Butler & Pierce Mfg. Corp.
The regular quarterly dividend of 1% and an extra dividend of 1% were
paid on the Common stock Jan. 15 to holders of record Jan. 5. Extras of
1% were also paid on the Common stock on Jan. 15, April 15 and Oct. 15
1924.-V. 119, P. 1517.
-Defers 1st Preferred Dividend.
(Thomas G.) Plant Co.
The directors on Jan. 16 voted to defer action on the quarterly dividend
of 1 %,, due on the 7% Cumul. 1st Preferred stock at tnis time.
Dividends at the rate of 7% per annum had been paid on this issue since
Oct. 31 1921.
This action, it is stated, was taken due to the fact that the company did
not earn the dividend during the past quarter and because of the conditions
-V. 119, p. 83.
n the boot and shoe industry.
-Exchange of Certificates.
Prairie Oil & Gas Co.
The company announces that the $100 par value certificates of stock
should be returned to it at Independence. Kan., not later than Feb. 2 in
exchange for the new $25 par value certificates. Books will be closed from
Feb. 2 to Feb. 29,ind., and new certificates will be issued during the month
of Feb. The date of the annual meeting has been changed to the second
-V. 119, p. 2890.
Tuesday in April.
-Shipments.
Prairie'Pipe Line Co.
-Month-1923. 1924-12 Mos.-1923.
1924
Period Ended Dec. 31Shipments of crude oil (bbls.) 3,857,753 4,162.760 42.655.145 49,659.058
Compare V. 119. p. 2890.
-Bonds Offered.Queen Dyeing Co., Providence R. I.
Clark Williams & Co. are offering ia 95 and int. $150,000
1st Mtge. 5% bonds. Guaranteed principal and interest by
United States Finishing Co.
The bonds are dated July 1 1909. due July 11934. Authorized $750,000;
retired in 1924. $119,000; outstanding, 8631,000. Interest payable J. & J.
at Rhode Island Hospital Trust Co., Providence, R. I., trustee. Red.
•
at 104 and int. •
-Is an important subsidiary of U. S. Finishing Co. It was
Company.
organized in 1895 and dyes, bleaches, prints, mercerizes and finishes cotton
piece goods. Properties located in Providence. R. I., are equipped with
Balance,sur. or def__df$1,044,006sr$1,312,938df$1,456.291 def$848,698 the most modern machinery with an annual capacity of 60,000.000 yards.
Company owns water rights assuring an ample supply of water for present
x After all charges, depreciation, taxes, sinking fund, &c.
and future requirements.
-Net earnings available for interest charges after depredation
Earnings.
Balance Shee October 31.
but before Federal income tax are reported by the company as follows:
1924.
1923.
1924.
1923.
1921. $310,472: 1922, $511.970; 1923. $516,178.
Assets$
5
$
$
Guarantor.
-The U. S. Finishing Co. owns all the 8750.000 Common
Plant account___:11,056.453 11,267,119 Common stock__ 6,200.000 5,000.000
principal and interest on these
Preferred
Homes Corp.stock
_ 4,720,200 4,899.000 stock of this company and guarantees the
bonds. It was organized in 1901 and operates plants in Providence and
& other invest'ts 516,965
523,802 Notes and accepstock_Pawtucket. R. I., Norwich and Sterling, Conn.. and Cedartown, Ga., for
tances payable__ 5,890,000 6,380,191
990.057
Cash
671,778
the bleaching, printing and finishing of cotton piece goods. In this parNotes and accounts
Accounts payable,
ticular branch of the industry it occupies a leading position.
receiv. (less res.) 2,840,179 4,318,493
reserve for Fed'l
•
Inventories
6,753,300 7,429,543
taxes, &o
713,974 1,355,096
-Gold Production (in Ounces).
Rand (Gold) Mines, Ltd.
Prepaid int. & ins. 266.499
260.389 Surplus
6,140,680 7,005,886
July.
June.
Aug.
Mae.
Sept.
Nov.
Oct.
Dee.
41,401
Prof. stk. in treas.
169,049
809.003
Total(each side)...23,664,854 24,640,173 825 273 802.313 827.583 799,422 809.571 829,437 773,053
Ind. Head Mill stk 1,200,000
-V. 119. p. 2891.
-V. 118, p. 1529.
x After deducting depreciation.
-2% on 2d Pref. Stock.
Remington Typewriter Co.
The directors have declared a dividend (No. 67) of $2 per share on the
National Cash Register Co.
-Outlook.
Prof. stock, payable Feb. 20 to holders of record Feb. 10. On Dec. 20
Vice-President Barringer is quoted in substance: "Our plans for 1925 con- 2d
template augmenting our selling and marketing forces to take care of in- last the company paid two quarterly dividends of $2 each per share on the
creased business. It is in the foreign field, however, we expect the greatest 2d Pref, stock, which reduced accumulations on that issue to $16 Per
-V. 119, p. 2298.
gains. In 1924 our foreign business was larger than since the war. The share.
most striking increase was in Germany, where, due to reparations settlement
-The Bankers
Republic Iron & Steel Co.
-Notes Sold.
and adoption of the Dawes plan and resumption of business relations with
that country, we did more than 300 times as much business as in 1923. The Trust Co., New York, have sold privately $4,000,000 5%
should bring still greater expansion in Germany, since we are
new year
Collateral Trust Serial Gold notes, due $1,333,000 Jan. 2
again extending credit to that country. Other countries that showed unusually heavy gains were Italy, Cuba, South Africa, Spain and Switzer- 1926, $1,333,000 Jan. 2 1927 and $1,334,000 Jan. 2 1928.land. During the year we organized a new company in Czechoslovakia, V. 119, p. 3019, 2771.
which shows great promise. Our business in that country was 5 times as
great as preceding year. Italy showed a corresponding gain.
Roane Iron Co.
-Tenders.
"The increase in our domestic business can bast be illustrated by compariThe First Trust & Savings Bank of Chattanooga, Tenn. will, until
son with 1914. In that year our foreign business was at its pre-war height. Jan. 31, receive bids for the sale to it of 1st Mtge. 7% Gold bonds, due
our sales in the United States and Canada in 1924 exceeded
Nevertheless,
Jan. 1 1943, to an amount sufficient to exhaust $20,000 at a price not
1914 business for the entire world by more than 50%."-V. 119. p.3017.
exceeding 102 and interest.
-V. 118. p. 212.
1922-23.
Years Ended Oct.31- 1923-24.
1921-22.
1920-21.
$16,111,926 $17,261.221 $8,205,290 812.670.706
Sales
x Net profits
10.13716,010
1,691,868loss1,113.361 loss318,512
378,930
Preferred dividends
327,996
344,686
342,930
Common dividends
187,500
r
National Dairy Products Corp.
-Acquisition.
St.
-Smaller Dividend.
Co., Ltd.
Lawrence Flour Mills
The corporation has acquired through its subsidiary, the Rieck-McThe directors have declared a quarterly dividend of 1% on the outstandJunkin Dairy Co., of Pittsburgh, the plants of Moore Bros. located at ing $1,200,000 Common stock, par $100, and the regular quarterly dividend
It is stated that the Rieck-McJunkin Dairy
011 City and Meadville, Pa. of these two
both payable Feb. 2 to holders of record
of 1,f%
plants from its own treasury. Jan. 20. on the Preferred stock. of 1 % were made on the Common stock
Co. financed the acquisition
Quarterly distributions
V.119.P.2295from May 1 1922 to Nov. 1 1924, in naive.
of the
An
National Sugar Refining Co.
-American Sugar Refining wheatannouncement says:"As a result of the partial failure a high Canadian
premium
crop the price of Canadian wheat has been at such
Withdraws Offer to Buy Company.
over American during the past few months that it has been impossible to
Co. American Sugar Refining Co. above.
-V. 120. p. 217.
get any profit out of flour exports. The directors have decided not to
See
encroach on the company's reserves to pay out in dividends and reduced the
-Off List.
-V. 119. p. 1852.
rate to 4%, which they believe can be maintained."
Ohio Body & Blower Co.
of the Committee on Stock List, approved by the
On recommendation Jan. 7 1925, the Capital stocx
-To Retire Preferred.
Committee
Sherwin-Williams Co., Cleveland.
of the company has
Governing
Boston Stock Exchange list. See reorganization
A dispatch from Cleveland states that the company will call for redempbeen stricken from the
tion on March 1 81.000.000 of 7% Preferred stock at 105 and dividends.
plan in V. 119. p• 2297.
After the redemption of this stock the company will have retired $2.234.500
-V. 119. p. 2074.
of an original issue of 815,000.000 Preferred.
Oneida (N. Y.) Community, Ltd.-Acquisition.company has acquired by purchase the business
jt is reported that the
Co. of Rochester, N. Y.
For other Investment News, see pages 343 and 341.
-V. 118. p. 561.
of the Van Bergh Silver Plate
340
THE CHRONICLE
[VOL. 120.
glevorts,uand vtPoicum.cuts.
CONTINENTAL MOTORS CORPORATION
STATEMENT OF FINANCIAL CONDITION OCTOBER 31 1924.
HISTORY.
NET WORTH 1906-1924
•
The Continental Motors Corporation is the outgrowth
J4414000
of a co-partnership organized in Chicago under the name
3.14:4044
Auto Car Equipment Company, in September 1902, and
•
Aroctuno
began business at 202 S. Clinton Street, Chicago.
.weect000
The first public display of a Continental motor was at
'34eoct000
the Chicago Automobile Show in January 1903. This
'Ametwoo
ritax4000
motor was a four-cylinder four-cycle engine—a decided
'
noctwoo
advance over the one and two-cylinder engines then in use.
Weat000
Demand for this type of motor immediately followed. This
1
=ammo
necessitated larger quarters, which were obtained in the
'
twooacoo
Lakeside Power Building, 166 West Lake Street, Chicago,
:gam...
.
where 9 900 square feet of space was occupied.
M004004.'
On April 20th 1904 the members of the co-partnership
organized the Auto Car Equipment Company, an Illinois
'20404
Corporation, which took over the business of the co-partfizoo•aao
r Alloawoo
nership. During 1904 the business increased rapidly and
,
'Zoc:o.oac
,
the product which had been known as Continental Motors
nicvacoo
'
from the beginning was gaining prestige. In order to more
te.00ctay
closely identify the manufacturer with the product, it was
t/4004000i
decided to change the name of the Company to Continental
f4004000
Motor Manufacturing Company. This was done in Febru'
l 4:404000
ary 1905.
1/404040
°
Greater production in 1905 made it necessary for the
'4004000
' oac4oao
officers of the Company to consider a new location. The
'gamma
City of Muskegon,Michigan,offered many advantages which
0 wawa
were well regarded, and early in 1906, the business was
0'404000
moved there from Chicago.
"ocog000
Each succeeding year there were an increasing number
Com000
of automobile and truck manufacturers using Continental
0„Imam°
motors. Each year the demand for motors taxed the '
zommo
capacity of a plant which was continually expanding in an
40
,
f40040
o
effort to provide facilities for greater production. Thus, as
A ft
4 "4 k 1 1
I
the industry grew, Continental kept pace with it.
In 1911 an even greater demand for motors made it neces11111111
i i i tii li ;ill
sary to establish a new plant in Detroit, the centre of the
automobile industry. A site was selected on East Jefferson
Included in this report is a balance sheet, certified by our
Avenue and a factory erected which enabled the Company
to double its production. In the spring of 1912, the Detroit auditors, showing the financial position of this Corporation
on October 31 1924.
Plant began operation.
Although general business conditions have not been as
By this time, Continental had grown to be the largest
exclusive gasoline motor manufacturer in the world, a repu- satisfactory during the past year as was expected, nevertheless your company was able to make a substantial gain in
tation which has since been maintained.
Since the erection of the first unit at Muskegon, the Com- earnings over the previous year.
The income account for the current fiscal year is shown
pany has added to its buildings and equipment until at the
present time it occupies a ground area in both plants of below:
Profits from operations for the year ending
75.49 acres.
Oct. 31 1924, before deducting interest
The officers of the Company are: President, R. W.Judson;
charges, premium on gold notes, depreciaVice-President, W.R. Angell; Vice-President, W. A. Fredertion, and provisions for Federal income
ick; Vice-President, Geo. W. Yeoman; Secretary, T. M.
taxes
Simpson; Treasurer, R. M. Sloane.
$4,654,374 78
Deduct—
CONTINENTAL MOTORS CORPORATION.
Interest charges
$610,370 04
NET EARNINGS AFTER PROVISION FOR FEDERAL INCOME Premium on gold notes purchased
AND EXCESS PROFIT TAX JUNE 30 1906 TO OCTOBER 31 1924.
and redeemed
30,000 00
i4xeipoo
Depreciation
1,143,981 98
1,784,352 02
Profits, before providing for Federal income
taxes
$2,870,022 76
..troaxo
I
isoaaxo
Itog000
•
a I
I
PRICE, WATERHOUSE & CO.
Dime Bank Building
Detroit
December 15 1924.
Certificate
We have examined the books and accounts of the Continental Motors Corporation for the year ending October 31
1924, and certify that the attached balance sheet is correctly
prepared therefrom.
We have satisfied ourselves that only expenditures on
actual additions and extensions have been charged to the
property account and that adequate provision has been
made for depreciation and accruing renewals.
The stocks of raw and worked materials, supplies and
finished products on hand at October 31 1924, as certified
by responsible officials, have been properly valued at cost
or market, whichever was lower, and we have satisfied ourselves that adequate provision has been made for bad and
doubtful notes and accounts receivable and for all ascertained
liabilities.
We have verified the cash and securities by actual count,
inspection or by other satisfactory evidence of ownership, and
WE CERTIFY that, in our opinion, the balance sheet is
properly drawn up and shows the true financial position of
the company at October 311924.
PRICE, WATERHOUSE & CO.,
Public Accountants.
JAN. 17 1925.]
341
THE eTTRONICLE
—
BALANCE SHEET OCTOBER 31 1924.
ASSETS.
Property Account:
Land, Buildings, Machinery and Equipment, at the cost to the
Company—less depreciation—
Land
Buildings
.Machinery.
Equipment
Special Tools, Dies and Patterns
$1,220,635 46
4,526,963 62
8,632,915 13
5,335,291 28
1,799,587 25
Together
Less—Reserve for Depreciation and Accruing Renewals
$21,515,392 74
5,825,401 49
$15,689,991 25
5,908,316 55
Patents, Goodwill, Trade-Name and all other intangible values
$21,598,307 80
Net Property Investment
Investments (At Cost or Market Value, whichever is lower) including Company's Securities and other Assets
492,484 52
represented by Ownership of Continental Investment Company
.
Current Assets:
Inventories of Raw and Worked Materials, Finished Parts and Supplies on hand, valued
$5,637,214 23
at cost or market, whichever is lower
149,942 60
Notes Receivable
Accounts Receivable—
$1,267,553 47
Trade
Accounts receivable in respect of uncompleted contracts (less reserve)_ 431,039 41
47,522 01
Sundry
$1,746,114 89
155,506 25
Together
Less—Reserve for Bad and Doubtful Accounts
1,590,608 64
4,774,536 72
Cash in banks and on hand
12,152,302 19
Deferred Charges to Future Operations: •
Unexpired Insurance, Prepaid Taxes, &c
Unabsorbed preparation cost
Unamortized discount and expense on First Mortgage Sinking Fund 6
Gold Bonds
$85,971 63
62,012 33
874,913 82
1,022,897 78
$35,265,992 29
LIABILITIES
Capital Stock:
Common—
Authorized-3,000,000 Shares of no par value
$17,308,450 00
Issued-1,760,845 Shares of no par value
Deferred Liabilities:
First Mortgage Sinking Fund 6
Gold Bonds, dated March 1 1924, due March 1 1939_ $7,500,000 00
27,500 00
Purchase Money Obligations
7,527,500 00
Current Liabilities:
Accounts Payable—
$491,575 55
Trade
131,207 39
Sundry Creditors
$622,782 94
435,542 57
Accrued Payrolls, Taxes, Interest, &c
425,868 17
Provision for Federal income and excess profits taxes
1,434,193 68
Surplus:
Balance at November 1 1923
$7,617,247 80
117,414 95
Deduct—Provision for additional Federal taxes payable for prior years
Balance at November 1 1923, as adjusted
$7,499,832 85
Add—Profits for the year ending October 31 1924, before providing for
Federal income tax
$2,870,022 76
Less—Provision for Federal income tax for current period
367,500 00
2,502,522 76
Together
Deduct—Dividends paid on common stock
Note—Contingent liability in respect of
customers' notes receivable discounted
$10,002,355 61
1,056,507 00
8,945,848 61
$15,580 90
$35,265,992 29
FINANCIAL HISTORY.
The capital of the Continental Motors Corporation is
represented by 1,760,845 shares of common stock without
nominal or par value. The funded debt of the Corporation
consists of $7,500,000 First Mortgage Sinking Fund 63%
Gold Bonds due March 1 1939. This comprises the financial
structure of the Corporation as it exists to-day.
The Continental Motors Corporation had its inception
in a co-partnership entered into in September 1902 by Mr.
R. W. Judson, now President of the Corporation, and
Mr. A. W. Tobin, with a capital of approximately two
thousand dollars.
On May 3 1904 the Autocar Equipment Company of
Illinois was organized with a capital of $6,000, which took
over the assets and business of the co-partnership. Later
in the year the capital of the Company was increased to
$25,000. The name of the Company was changed on
February 14 1905 to Continental Motor Manufacturing
Company and the capital stock was increased to $100,000.
Up to June 30 1906 a total of $47,100 of common stock
had been issued. On September 29 1906 the first stock
dividend was declared, increasing the outstanding capital
to $56,500.
August 22 1906 the corporation, having moved its plant
to Muskegon, Michigan, the Continental Motor Manufacturing.
.
Company of Michigan was organized to succeed
the Illinois Corporation, the stockholders exchanging their
stock share for share. The authorized capital of the.new
compan y was $125,000 of common stock, thus providing
..
for additional capital necessary for the growing business.
During the next few years there were several increases
in the capital stock of the Company, and several stock
dividends were declared.
Shortly after the organization of the Michigan company
the authorized capital was increased to $225,000, of which
$200,000 was common stock and $25,000 was 6% preferred
stock.
In September 1907 a 50% stock dividend was declared.
On August 2 1909 the authorized common stock was increased to $475,000, and immediately thereafter a 60%
.
stock dividend was declared.
In August 1910 a 100% stock dividend was declared.
On September 1 1911 the outstanding preferred stock
was retired.
On September 26 1912 the Charter was again amended,
authorizing a new issue of preferred stock of $900,000
342
THE CHRONICLE
and increasing the common stock to $1,500,000, giving a
total authorized capital of $2,400,000. On October 2 1912
the holders of the common stock received a 100% common
stock dividend and a 100% dividend in preferred stock.
At this time there were outstanding $940,000 of common
stock and $470,000 of preferred stock.
In October 1916 the authorized common stock was increased from $1,500,000 to $2,000,000 and a 100% stock
dividend declared.
On February 14 1916 the authorized common stock was
increased from $2,000,000 to $5,000,000, bringing the total
authorized capital up to $5,900,000. A 100% stock dividend was declared on the same date. AtOthis time the name
of the company was changed from Continental Motor
Manufacturing Company to the Continental Motors Co.
On April 1 1916 there were issued $1,000,000 of 5%
Coupon Gold Notes, $200,000 of these notes were to mature
respectively on April 1st 1917 and each succeeding year
up to 1921.
This brings the history of the Company down to the reorganization late in 1916, at which time there were outstanding $3,840,860 par value of common stock and $472,300
par value of preferred stock and $1,000,000 of Installment
Gold Notes.
The Continental Motors Corporation, organized under the
laws of the State of Virginia, received its charter January 2 1917. The authorized capital was $18,500,000, of
which $15,000,000 was common stock of a par value of $10
each and $3,500,000 was 7% preferred stock of a par value
of $100 each.' The entire amount of the preferred stock
and 1,452,258 shares of the common stock were issued at
this time. The stockholders of the Continental Motors
Company received for each share of common stock three
shares of the common stock of the Continental Motors
Corporation and five dollars in cash. From the sale of
the preferred stock and 300,000 shares of the common stock
[VOL. 120.
of the new Corporation additional working capital was
obtained in addition to retiring the preferred stock and the
Installment Gold Notes of the old company.
No further fiancing as necessary until 1920 when there
were issued as of April 1st of that year $5,000,000 of 7%
Serial Gold Notes, of which $500,000 were due April 1 1922,
$750,000 April 1 1923, $750,000 April 1 1924 and $3,000,000
on April 1 1925.
Those notes due in 1922, 1923 and 1924 were retired on
their respective due dates, and the remaining $3,000,000
were called and retired on June 4 1924.
On October 18 1922 the Charter of the Company was
amended, authorizing 3,000,000 shares common stock of
no par value and $2,275,300 of 7% preferred stock.
The 22,753 shares of preferred stock authorized were
those remaining out of the original issue of 35,000 shares
in 1917, the balance having been purchased and retired by
the company during that period. On January 15 1923 the
22,753 shares of preferred stock were retired, thus leaving
an authorized capital of 3,000,000 shares of common stock
only.
Of these 3,000,000 shares of no par stock, 1,760,845 shares
have been issued and are now outstanding.
On March 28 1924 the stockholders authorized a bond
issue of $10,000,000 of which $7,500,000 was to be issued
immediately for the purpose of retiring the[outstanding Gold
Notes, payment of bank indebtedness and to provide for
additional working capital. Accordingly, as of March 1
1924, bonds in the amount of $7,500,000 were issued and sold.
These bonds are secured by a First Mortgage on the fixed
assets of the Corporation, bear interest at 6j/%, and provide for a sinking fund which will retire prior to March 1
1939 $4,500,000 of the $7,500,000 of bonds now outstanding.
This brings us down to the close of our present fiscal
year, and we enter the future with the knowledge that our
financial structure is on a firm and sound basis.
DIVIDEND RECORD
Fiscal Period
Ending
June 30 1907
June 30 1908
June 30 1909
June 30 1910
June 30 1911
June 30 1912
June 30 1913
June 30 1914
June 30 1915
June 30 1916
Jan. 23 1917
Oct. 31 1917
Oct. 31 1918
Oct. 31 1919
Oct. 31 1920
Oct. 31 1921
Oct. 31 1922
Oct. 31 1923
Oct. 31 1924
TOTALS
%
3
6
6
6
6
1
3
6
6
6
3
53
7
7
7
7
7
1%
$450 CO
1,02000
1,191 50
1,200 00
1,200 00
3C0 00
14,100 00
28,389 80
28,338 00
28,338 00
14,16900
183,750 00
238,281 75
206,634 75
162,328 25
148,095 50
145,048 75
34,532 75
Conunon Stock
Cash Payments
Preferred Stock
Cash Payments
20
50
$9,400 00
39,900 00
26
68
35
$38,116 00
153,876 00
105,300 00
60
100
87,960 00
234,000 00
6
28,200 00
a200
940,000 00
23
219,719 00
b55
2,112,340 00
217,928 70
1,162,784 30
944,992 75
876,225 00
146,072 50
200
b200
2,877,400 00
7,681,720 00
8
6%
6
1
c60c
$1,237,368 05
Stock Dividends
Par Value.Distributed
1,056,507 00
$7,062,061 25
$11,870,380 00
a 100% dividend in common stock and 100% in preferred stock.
b Includes the exchange of 3 shares of common stock of new corporation and $5 In cash for 1 share common stock of old company.
Cash dividends at the annual rate of eighty cents per share.
THE ORGANIZATION.
This is the twenty-fifth anniversary of the Automotive
Industry. At the end of its first quarter century the industry occupies first place in manufactured products.
And almost simultaneously with the inception of the
Automotive Industry, the Continental Motors started its
record of service. This is the beginning of the twenty-third
year for this company, which, duting the past twenty-two
yess, has steadily improved its position of leadership in
its chosen field, the development and production of gasoline
motors for every purpose where dependable, flexible, economic power is required. One of the reasons for these years
of progress is organization.
The Continental organization responsible for Red Seal
Motors has grown up with the industry, and has helped
make automotive history.
The present organization has been taught, firmly believes
and has proven to its complete satisfaction the age-old
truth, that genuine success can be built only by specialization
and that specialization is doing one thing well.
This pioneer organization of motor specialists has back of
it, as a bulwark of strength, the experience gained during the
past twenty-two years; experience in having designed and
built many different models of motors, experience in having
produced more than two million gasoline engines.
So the Continental organization of to-day is a unique
group with a heritage of accomplishment and leadership from
the past, together with the tradition of an ideal, and a
world-wide reputation to protect in the future.
These things are visualized by the Red Seal Trademark,
the symbol of a master motor building organization.
THE PRODUCT.
Just as the organization has been perfected and the
manufacturing facilities developed, so has the product been
improved. The Continental motor of to-day is the composite result of twenty-two years of study, research and
development. It incorporates no novelties, involves no unproven principles, features no experimental ideas.
It is built around the universally recognized fact that the
best, the most reliable, the mostfuseful piece of mechanism
is that which is most simple and most economical in operation. Truly the product of our factories is and should be
the standard of motor excellence.
THE FUTURE.
The future of the Company is limited only by the world's
demand for power for every conceivable purpose where
portable,flexible, dependable, economic power is required.
With this outlook and this vast field to serve, it is evident
that the Company stands in an enviable position. The
automotive industry with its ever increasing production
provides a market for Continental products, second to none.
In foreign fields the situation is extremely bright for Continental. There is a growing sentiment over seas
-in Great
Britain especially-toward the British made car, and this
Company is particularly fortunate in this regard, because
of the inability of British manufacturers to produce motors
in sufficiently large numbers to take care of the demand of
the car manufacturers, whose business is rapidly expanding.
This holds true also of France, Germany and Italy.
Recent developments in the industrial and agricultural
field have shown the desire of the manufacturers to constantly
increase the efficiency of their product through the use
the gasoline motor. Steam power for portable ymts is
rapidly being replaced with internal combustion engines and
Continental Motors Corporation with its vast resources and
expert personnel is ready to take advantage of the situation.
Gasoline motors are now being used in road building machinery, portable air compressors, hoisting machinery, ex-
JAN. 17 1925.]
'IRE CHRONICLE
cavating shovels and dredges, railway equipment, mining
machinery and in the marine and motor bus fields.
Perhaps the greatest activity at the present time is in the
motor bus field. During 1924 there were upwards of 1,500
new motor bus lines established and more than $35,000,000
expended on equipment. Street car companies are augmenting their electric equipment with gasoline powered
buses, thus adding to the service they already give. Railroad companies are establishing bus lines for short hauls
and to act as feeders to the main lines.
With a complete line of specially designed bus motors for
every purpose, the bus manufacturers have in Continental
an assurance of a constant source of supply.
Closely following the activity of the bus industry is the
agricultural implement field, which is rapidly becoming
motorized. Farm implements such as reapers, headers,
binders, threshers, cultivators, &c., are being equipped with
gasoline motors in constantly increasing numbers and develop
a large and profitable additional field for Continental Motors
Corporation.
Thus the automobile engine, developed to its present efficiency through the demand for dependable, economical
power for automobiles, has found a well-deserved place in
other industries. The market for our product is expanding,
and this expansion is a guarantee of capacity utilization of
our present facilities.
R. W. ,TUDSON,
President.
Sears, Roebuck & Co., Chicago.
-New Store Proposed.
-
President C. M. Kittle is quoted as saying: "The company expects to
be doing business in Kansas City early next fall. We contemplate the
erection of a nine-story building to cost between $4,000,000 and 85,000.000.
and to provide us with approximately 1,500,000 sq. ft. of floor space.
It is our plan to turn over to this Kansas City house all the territory which
can best be served from there. We are already established at Chicago,
Philadelphia, Dallas and Seattle, so that when our new plant opens at
Kansas City we will be situated to serve all our customers throughout the
,
country to the best advantage.'-V. 120, p. 94.
Sinclair Consolidated Oil Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of $15,000,000
6% 1st Lien Collateral Gold Bonds, Series C. due Dec. 1 1927.
Consolidated Statement of Income for 6 Months Ended June 30 1924.
Gross earns. & miscell. income, excl. of inter-co. sales & charges
for transportation
$62,438,184
Purch., oper. & gen. exp., maint., insurance, taxes, &c
50,561,564
Interest and discount chargeable against income
2,823,515
Dividends
-Fret,, $763,870; Common, $4,486,380
5,250,249
Balance
$3,802,854
The consolidated balance sheet at Aug. 31 1924 (after applying proceeds
from issuance of the $15,000,000 3
-Year 6% 1st Lien Coll. Gold Bonds,
Series "C," dated Dec. 1 1924, and $6,000,000 National Steel Car Lines
Equip. Trust Gold Certificates. Series "E." dated Nov. 15 1924, was
given in V. 119, p. 2419.-V. 119. p. 2891.
343
mitments for parts and materials, to engage promptly in the manufacture
and marketing of radio sets in good quantities. About a year ago we completed the latest addition to our plant which added 25% to our manufacturing space. We therefore have large facilities and our employees have had
long experience in maldng and assembling delicate instruments. Our radio
experiments have been conducted for the past two years and our models
submitted to radio engineers of national repute have been approved by them.
Our distributing facilities are more than ample to market a very large
output and liberal orders are already on file. We are not going into this
industry on a temporary basis. We expect to make radios one of our principal lines and expect to make the first delivery about Feb. 15."-V. 119.
p. 2541.
Strawbridge & Clothier (Dry Goods), Phila.-Tenders.
The Girard Trust Co., trustee, Phila., Pa.. will until Jan. 31 receive bids
for the sale to it of 1st Mtge.6% 20
-Year Sink. Fund Gold bonds, due 1942,
to an amount sufficient to exhaust $82,512 at prices not exceeding 110 and
interest.
-V. 114. p. 1189.
Struthers'Furnace Co.
-Committee.
-Receiver Asked.
A request has been filed in the Common Pleas Court at Youngstown
Jan. 15 by the Guardian Savings & Trust Co., Cleveland,and L. S. Baldwin,
a stockholder, for the appointment of a receiver for the company.
The following have been requested by the holders of large amounts of
the $1,500,000 1st Mtge. Sinking Fund 8% Gold bonds, dated May 1 1922.
to act as a bondholders* protective committee. The company on Nov. 1
1924 defaulted in payment of interest due on the bonds on that date. It
is the unanimous opinion of the committee and all other interests with whom
they have conferred that the time has arrived when concerted and unanimous
action must be taken by the bondholders to protect their interests. A
circular issued by the committee says:
"It is imperative that the bondholders act in unison at once in order to
assure the conservation of the assets and to effect a reorganization, if one
can be made which is fair to all interests. The company has no working
capital. Practically all of its inventory is pledged but the creditor banks
have evinced a friendly attitude towards the company and towards the
committee and it is hoped that if the rising market continues a considerable
equity can be realized, thus making reorganization easier and preventing
the sale of the property through foreclosure or otherwise.
"The situation is critical, as conditions in the trade are different than
they were when these bonds were issued, because several of the big steel
companies have acquired additional furnace capacity which permits them
not only to fill their own requirements but to compete in the open market
with the merchant furnaces. The committee is assured that the plant is
in good condition and can be economically operated. and it is thought that
with competent management the plant has a chance of doing a profitable
business. •
Bondholders are urged to deposit their bonds with Guardian Savings &
Trust Co., Cleveland, Ohio, depositary, or with Peoples Savings & Trust
Co., Pittsburgh, Pa., or Continental & Commercial Trust St Savings Bank.
Chicago, sub-depositaries.
Bondholders' Protective Committee.
-E. G. Tillotson (Tillotson & Wolcott
Co.), Chairman; F. S. Borton (Dorton & Borton), Cleveland, 0.: J. H.
Hillman Jr. (Peoples Savings & Trust Co.), Pittsburgh, Pa.; W.B. Prickitt
(A. B. Leach & Co., Inc.), Chicago, Ill.; A. G. Welles (Welles, Deane &
Singer), Pittsburgh, Pa., with J. W. Reavis, Sec.. 1759 Union Trust
Building, Cleveland, 0.-v. 120, p. 219.
Symington Co.-Listino
The New York Stock Exchange has authorized the listing of 200,000 shares of Class A stock without par value and 300,000 shares of Common stock
without par value. Compare also V. 119, p. 2658, 2772; V. 120, p. 219.
-Bonds OfThane Lumber Co., Arkansas City, Ark.
fered.
-Wells-Dickey Co. St. Paul; Baker, Fentress & Co.,
Chicago; First National do., St. Louis, and Merchants Trust
& Savings Bank, St. Paul, are offering at prices to yield from
5.85% to 6
according to maturity, $650,000 1st Mtge.
63.'% Sinking Fund bonds.
Solar Refining Co.
-New Officers.
Dated Nov. 1 1924: due serially (M.& N.) May 1 1926 to Nov. 1 1938.
3. R. Cuthbert has been elected Assistant to the President, N. D. Keys Denom. $1,000. $500 and 8100 c*. Principal and interest (M• & N.)
as Vice-President & Treasurer, and Howard A. Graham, Secretary.
-V. payable at Continental & Commercial Trust & Savings Bank, Chicago.
119, p. 2420.
Callable on any interest date, all or part, on 30 days' notice. at 100 and
Interest, plus a premium of ;.4% for each year or part of year. the bond
(C. G.) Spring & Bumper Co. of Del.
-Earnings.
redeemed has to run to the date of its fixed maturity, which premium
The company has just completed audit for the first quarter of its fiscal shall, however, in no event exceed 2%%. Total authorized issue, $1,000,year, including the months of Sept., Oct. and Nov.
000: remaining $350,000 bonds may only be issued with approval of bankers
1922.
1924.
1923.
and u_scler strict provisions of the mortgage. Continental & Commercial
First quarter net sales
$410,000
$672,838
$777.625 Trust & Savings Bank, and Calvin Fentress, Chicago. Ill., trustees.
First quarter net earnings
20,000
16,123
34.733
Compang
engaged in the manufacture of hardwood lumber having a
Gain over previous year
19% loss 120% gain mill situated at Arkansas City, Ark., and owning over 42,000 acres of land
Proportion of 1st quer. earnings to
and upwards of 175,000,000 ft. timber tributary thereto. Company was
total year's earnings
6.5%
9.2%
started in 1914 with a paid-in capital of 815.000, which has been increased
It will be the policy of the company hereafter to publish statements of from time to time
and now stands at $490,000, with a surplus of $1.781 793
sales and earnings quarterly.
-V.119, p. 951.
accumulated out of earnings and appreciation in value of the company's
timber holdings.
Springfield (Mass.) Ice Co.
-Bonds Offered.
-C. D.
retirement of
Earnings.
for payment of interest
Parker & Co. Inc., Boston, are offering at 102M and int. debt, based-Income availablethe past seven years andand months, has
on operations for
ten
averaged $111,981 per annum. Present annual bond interest is $42,750.
$450,000 20
-fear 7% 1st Mtge. Sinking Fund Gold Coupon
Sinking Fund.
-A releasing payment of $6 per 1,000 feet musc, be made
bonds. A circular shows:
the corporate trustee monthly,for all mortgaged timber cut, except the first
Dated Dec. 1 1924; due Dec. 1 1944. Principal and int. (J. & D.) Pay- 6,000,000 ft. removed and $1 per 1,000 feet for other timber cut at the
able at Old Colony Trust Co., Boston, trustee. Denom. $1,000, $500 and company's plant. These releasing payments of $6 should operate to retire
$100 c*. Callable on 60 days' notice only for the sinking fund or as a whole the present issue of bonds with the cutting of approximately 60% only of
at 107% and int. on any int. date on or before Dec. 1 1934; and at 105 and the mortgaged-timber and should also steadily enhance the margin of seint, during the remaining 10 years. Corporation agrees to refund all income curity.
taxes assessed by Mass. (present rate 6%). New Hampshire and New
York upon the income received on these bonds not in excess of8% per year
(August) Thyssen Iron & Steel Works (August Thysof the interest received; to pay at the source the Federal normal income tax sen-Hutte
Gewerkschaft) and Affiliated Mining and
of 2% and to refund an additional amount of the Federal normal income
Sales Companies.
tax not in excess of 2%. Bowen Tufts, individual trustee.
-Bonds Listed on Boston Exchange.
Listing.-Appllcation will be made to list this issue on the Boston Stock
There have been placed on the Boston Stock Exchange list interim reExchs nge.
celpts for 612.000.000 5
-Year Singing Fund Gold Mortgage bonds, dated
Company.
-A Massachusetts corporation engaged in the business of har- Jan. 1 1925 and due Jan. 1 1930. Compare also V. 120. P. 219.
vesting and distributing ice at wholesale and retail. Business
United Paperboard Co.
in 1872. Company owns several valuable parcels of real estateestablished
-Semi-Annual Report.in SpringSix Months Ended- Nov. 29 '24. Nov. 24 '23. Nov. 25 '22. Nov. 26 '21.
field and vicinity, bordering on ponds, together with harvesting privileges,
def.$906
buildings, equipment and established ice business. It has recently acquired Gross earns.(incl.othInc) $358.868
$227,710
1487,517
29,707
39,351
66,719
several additional parcels of land together with the ice houses, equipment Taxes and insurance _
52,204
65.503
67,219
65,515
63,227
and profitable ice businesses connected therewith. l'he territory served Administration expenses
includes Springfield, West Springfield and Agawam, and through other
x Net earnings
$121.149 loss$96,116
$241.149
$357,571
dealers parts of Longmeadow and Ludlow. Total population of territory
x No deduction has been made for depreciation.
served estimated at 175.000.
Interest and Sinking Funds.
-The deed of trust provides for payment of
Note.
-The last dividends paid were: On Common stock, 2% Jan. 10
interest charges and sinking funds by the company to the corporate trustee 1921: on Preferred stock. 6% July 1924.
in monthly installments. Sinking fund Payments will be $11,250 annually,
Silence S'te^t Nov. 29 1924 and Nov. 24 1923.
beginning June 1 1925 to and including May 11930, and thereafter $22,500
1923.
1924.
1924.
1923.
annually until the maturity of the bonds.
Assets$
$
$
Liabilities$
Securttg.-Bonds are secured by a direct obligation of the company, Plant &
equipm•t_10,660.553 10,542,094 Preferred stock__ _81,326,000 1,326,300
which, alter giving effect to this financing, had net assets as of Oct. 1 1924
57,843
67,218 Common stock_ _a10,055,000 10,055,000
of $894,123, and by a first mortgage on the entire fixed assets, including Sundry securities_
Cash
148,371
231,754
451,271 Accounts payable_ 264,267
real estate, plants, machinery, equipment, tools, fixtures, water rights and Accts., arc., rec_
. 594.730
801,644 Contects for impts.
routes now and hereafter owned.
Mdse. & supplies_
282,983
61,038
dr replacements_
purpose.-Proceeds will be used to pay for the additional property, retire Deferred charges_ 1,104,831 1,027,223
. 24,476
9,432 Reserve for accr•d
all the note indebtedness of the company and furnish additional working Suspended assets_
130,633
86,992
7,120
4,796
taxes, &c
capital.
960,391
888,010
Surplus
-Net earnings after taxes and maintenance charges of the busiEarnings.
ness of the company and properties recently acquired are shown by the
Total
12,681,307 12,903,678
Total
12,681,307 12,903,678
statement of the auditors to be over 2 times the interest requirements.
a Trinsury stock represents 1,740 shares Pref. stock, $174,000 and
v.109,P. 1531.
19,450 shares Common stock, 81.945,000.-V. 119, p. 940.
Standard Motor Construction Co.
-23.% Dividend.
United States Dairy Products Corp.
-Bonds Sold.
The directors have declared a dividend of 2% ,payable Feb. 28 to hold.
.
ers of record Feb. 2. A similar payment was made Aug. 30 1924,-V. 118 Chandler & Co., Inc., Wa • en ' Tyson & Co. and Bown
& 0, Inc
1.,
p. 2836.
have sold at 97 and int. to yield over
Stewart-Warner Speedometer Corp.
-To Enter Radio 6.90%, $1,418,500 10
-Year Convertible 63% Sinking Fund
'
Field.
Gold notes, "Series B."
notice from Curtis B.
Wilbur, Secretary of the
The company has received
Navy, that the Navy Department has approved the licenses to be granted
by_ the
on the radio patents owned "We areGovernment.
It
now ins position to announce that
president C. B. Smith says:
completing our arrangements, including the making of cornwe are rapidly
Dated Dec. 1 1921: due Dec. 1 1934. Interest payable J. & D. at
American Trust Co.. New York. trustee, without deduction for the Federal
normal income tax up to 2%. Denom. $1,000 and $500 c*. Redeemable,
all or part or any interact date on 30 days' notice at 110 and interest up to
and including Nov. 30 1925. decreasing thereafter by 1% for each Year
344
THE CHRONICLE
of expired life of the notes. Penn. 4 mills tax. Mass. income tax on int.
not exceeding 6% per annum,and New York income tax on int. not exceeding 3% per annum refunded.
Listing.—Application will be made to list these notes on the Philadelphia
Stock Exchange.
Data from Letter of Vice Pres. Harry W. Scott, Phila., Jan. 10.
Oompany.—Incorp.in Dec. 1922 in Maryland. Is engaged, through subsidiary companies, in the distribution of milk and kindred dairy products.
These subsidiaries are now distributing over 100.000 quarts of milk daily.
representing the second largest distribution in the Philadelphia district.
Company has acquired the Colonial Ice Cream Co. of Philadelphia and
Burden Bros., Inc.(Burdan Ice Cream Co.), serving Reading, Harrisburg,
Pottstown, &c., in Pennsylvania, and Wilmington, Del. The joint sales
of these companies in 1923 were in excess of 15,000,000 quarts.
The company has two operating subsidiaries, namely, the Scott
-Powell
Dairies, Inc., and the Gloucester Sanitary Milk Co., representing the consolidation of six independent properties. These properties are soundly
established in their several districts, having been in business from various
dates starting with 1845. The territory served at retail includes Philadelphia and its suburbs and Camden, Woodbury, Gloucester, Collingswood.
Audubon, &c., in New Jersey. The wholesale trade includes practically all
the large hotels as well as many hospitals and restaurants in Philadelphia.
The operating companies also enjoy a substantial trade in salt butter,sweet
butter, condensed milk. &c.
Through stock ownership the corporation recently acquired control of the
Colonial Ice Cream Co. of Philadelphia and Burden Bros., Inc. (Burden
Ice Cream Co.) of Pottstown, Pa. The Colonial Ice Cream Co. has a manufacturing plant in Philadelphia with a daily capacity of 100,000 quarts of ice
cream. The company manufactures its own ice and has storage capacity
for 2,000 tons in reserve. The company sells throughout Philadelphia and
Camden and their suburbs. Wildwood and Cape May.
The Burdan Bros. Inc. (Burdan Ice Cream Co.) main plant is at Pottstown. and is of modern type with a capacity of 50,000 quarts per day.
The company distributes its product in Harrisburg. Reading, Lebanon.
Pottstown and Allentown, Pa. and Wilmington, Del.
The United States Dairy Products Corp., through its subsidiaries, is the
second largest distriubtor of milk and ice cream in this territory.
Capitalization—
Authorized. Outstanding:
10-Yr.634% S.F.Notes"Series A," due Jan 1 '33152,500,000f 3581,500
.
"Series B," due Dec. 1 1934
do
1 1,418.500
7% Cony. 1st Pref. Cum.stock (par $100)
10,000,000 2,507,400
8% Cony. 2d Pref. Cum.stock (par $100)
10,000,000
1,461.700
Common stock."Class A"and "B"(no par value) 200,000 shs 68.946 shs.
Security.—"Series B" notes are a direct obligation of the company and
rank pani passu with "Series A" notes, which constitute the only other
funded debt. Several mortgages, carrying low interest rates, existed on
the properties of the subsidiary companies when control was acquired: those
which have not matured still remain. The physical property of the company and its subsidiaries consists of the central pasteurizing and bottling
plant for milk and cream in Philadelphia. pasteurizing plant in Gloucester,
14 creameries, 2 condenseries, 2 country pasteurizing plants, 2 substations,
Ice cream plant in Philadelphia of 100,000 quarts daily capacity, ice cream
plant at Pottstown of 50,000 quarts daily capacity and 5 substations and
Ice plants. Collection and delivery equipment includes glass-lined tank
motorcars, automobile trucks,electrical trucks,and refrigerator motor cars,
as well as delivery wagons and horses. Total net tangible assets amount
to 55,040,639, or in excess of 214 times the face value of "Series A" and
"Series B" notes outstanding. Net current assets are in excess of net
current liabilities.
Sales and Earnings of the Corporation (as at Present Constituted),
Calendar Years
9 Months
1921.
1922.
1923.
Gross revenue
$7.180.919 $7.417,028 $9,660,544 $6.87 4 67
192.7
6.
Cost of sales and expenses 6,376,148 6,786,315 8.841,003 6,19-1,457
Net earnings
$804,771
$630,713
$682,310
$819,541
The average net earnings before depreciation and Federal taxes for the
three calendar years were $751,675, or over 5.7 times annual interest
requirements on the $2,000,000 "Series A" and "Series B" notes outstanding. Net earnings for the nine months ending Sept. 30 1924, on the same
basis, were 6.9 times such interest requirmeents. Under consolidated operation these earnings should be materially increased.
Conversion Privilege.—Notes may be converted into 7% First Preferred
stock or 8% Second Preferred stock, par for par, or into Class "A" or "B"
Common stock in the ratio of 15 shares of Common for each 51.000 par
value of notes. If converted into either Preferred stock, conversion may
later be made into either class of Common stock on the basis of 114 shares
of Common stock for each share of Preferred stock. Conversion privilege
may be exercised any time prior to maturity or redemption date.
Purpose.—Proceeds will be used to reimburse the corporation for the
acquisition of the entire Capital stock of Burdan Bros., Inc. (Burdan Ice
Cream Co.), and of Colonial Ice Cream Co., and for additional working
capital necessitated by the enlarged operations.—V. 120, p. 95.
U. S. Finishing Co.—Guaranty, &c.—
See Queen Dyeing
CO. above.—V. 118, p. 3210.
United States Rubber Co.—New Officer.—
P. V. Glynn has been elected an Assistant Secretary. He will continue
to act as Secretary to the Chairman of the Board.—V. 119, p. 2541.
United States Steel Corp.—Unfilled Orders.—
See under "Indications of Business Activity" on a preceding page.—
V. 120, p. 95.
United Verde Extension Mining Co.—Production (Lbs.).
December. November.
October.
September.
August.
3,687.440 3.136,660 3,539,538 5,268,896 4,011.746
--*F.1119, p. 2773.
July.
3,474,178
Wanner Malleable Castings Co.—Change in Capital
Structure of Company Approved.The stockholders have approved the plan to change the capital structure
of the company,as outlined in the "Chronicle" of Jan.3,P.96.—V.120,P.98.
Warren Bros. Co., Boston.—Tenders.-The State Street Trust Co., trustee, Boston. Man., will until Jan. 21
receive bids for the sale to it of 15 year 734% Cony. S. F. Gold Debenture
bonds, dated Jan. 2 1922, to an amount suffielent to exhaust $39,275 at
prices not exceeding 10714 and int.—V..120, p. 96.
West Kentucky Coal Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of $4,751,500
1st Mtge. 7% Sinking Fund Gold bonds, Series A.
Income Statement 9 Months Ended Sept. 30 1924.
Gross earnings,$4.759,025: operating expenses and taxes,$4,418.391: net income
$340,633
Other net income
325,044
Total
Interest charges
Appropriation for depreciation and depletion reserves
$665,679
215,543
258,471
Balance
Surplus, Jan, 1 1924
$191.664
437,764
Total
Deduct—Preferred stock dividends
$629,429
105.000
Surplus Sept. 30 1924
—V.119, p. 1967.
524,429
Western Electrical Instrument Corp.—Listing.—
The Boston Stock F,xchange has authorized the listing of 100,000 shares
of Class"A"stock and 100,000 shares of Common stock, without par value.
—V. 119, p. 2892; V. 120, p. 97.
Westinghouse Air Brake Co.—At Capacity.—
President A. L. Humphrey is quoted as follows:
"Our plants are operating at full .normal equipment capacity and are
nicely booked ahead. All possibility of a depression has passed and 1925
should at least equal 1923 as an equipment year. The report for 1924
will show net for stock equal to about $10 a share on the $39,358,864
[Vor... 120.
Capital stock as compared with $13 estimated on the basis of half
-yearly
results, and $13 a share actually shown in 1923.
"Our intention is to assure a permanent dividend rate rather than to
distribute what surplus funds we have in our treasury. A strong working
capital position is necessary to an equipment company because of the
seasonal nature of the business. It is, therefore, more to stockholders'
Interests that they receive a liberal return on their investment steadily
than that they be awarded a large distribution out of surplus funds which
might impair cash position and result in interrupted dividends during a
period of depression. The current rate will be maintained for this reason
despite acute fpeculative interest in a possible stock dividend nr a higher
dividend rate. —V. 119, p. 707. artakereg AA
neisavo UN .011 .s•
(Cora E.) Wheeler.—Guaranteed Notes Offered.
Becker recently offered at prices ranging from 99.20 and int.
to 100.75 and int. to yield from 4% to 55‘%, according to
maturity, $481,800 1st Mtge. 5% Sdrial gold notes. Guaranteed as to principal and int. by Central Coal & Coke Co.
Dated
Mar. 12 1924; due serially Mar. 12 1925-1928 incl. Int. payable
M. & S. in Chicago, New York and Portland, Ore. Denom. 51.000.
$500 and $300. Callable all or part on any int. date on 30 days' notice at
100 and int. plus % for each year or portion of year unelapsed to maturity.
United States National Bank. Portland, Ore., trustee.
Data from Letter of Charles S. Keith, Pres. Central Coal & Coke Co
Business and Property.—Cora E. Wheeler owns
timber properties in the "Fog Belt" on the Pacific and operates extensive
holdings of the Oregon American Lumber Co.(80%Coast, adjacent to the
of whose outstanding
capital stock Is owned by the Central Coal & Coke Co.). Timber owned
aggregates approximately 612,000,000 feet
is in large, compact stands
consisting principally of old growth yellow and considered by experts to be
fir,
some of the best on the Pacific Coast,
The Central Coal & Coke Co., with controlled and
owns and operates large timber and coal properties. subsidiary companies,
The business,
lished over 50 years ago, was incorp. in Missouri in 1893. Timberestabholdings total 72,490 acres of virgin timber lands in Oregon, Louisiana and Texas,
carrying over 3.000,000,000 ft. of merchantable timber, and lumber mills
in operation have a production capacity of over 300,000,000 ft. annually.
Its coal properties, located in Missouri, Kansas, Arkansas, Oklahoma and
Wyoming, cover 65,580 acres estimated to contain
unmined and recoverable coal, and coal mines owned260.000,000 tons of
and operated have
an annual capacity of approximately 4,000,000 tons of high-grade bituminous coal.
Purpose.—These First Mortgage notes are purchase money obligations
given in part payment of timber lands and timber purchased from the
Oregon-American Lumber Co. and covered by the First Mtge. securing
this issue.
Secttrity.—Notes are secured by a closed first mortgage on 1,080
of timber lands and merchantable timber, independently cruised at acres
over
132,000.000 feet. The property covered directly by the first mortgage securing these notes was recently purchased for $660,000.
Earnings.—Net operating earnings of the Central Coal & Coke Co. and
subsidiaries, not including Oregon-American Lumber Co.. available for
interest and Federal taxes, for the 7
-year period ended Dec. 31 1923, as
shown by the company's annual reports for 1917 to 1923, incl.. averaged
$1,033,515, against present maximum annual interest requirements of
approximately $400,000 on its bonded indebtedness.
(J. G.) White & Co., Inc.—Dividends.--
The company has declared a 6% cash dividend on the Common stock.
payable Feb. 1 to holders of record Jan. 20, and the regular quarterly
dividend of 134% on the Preferred stock, payable March 1 to holders.of
record Feb. 15.—V. 114. p. 1782.
Wickwire Spencer Steel Corp.—Meeting Postponed.—
The adjourned meeting of the stockholders called for Jan. 12 has been
adjourned to Feb. 9. The meeting is a continuance of that which voted to
carry through a plan of reorganization, the fulfillment of which is now in
process.—V. 120. p. 97•
CURRENT NOTICES.
—Bryan, Kemp & Co., members New York Stock Exchange, Richmond.
Va., have prepared an analysis of Chesapeake & Ohio showing by a comparison with Norfolk & Western that it would be difficult to find two railroads in the United States whose character and volume of traffic are so near
identical. Copies of this circular will be sent on request.
—Henry R. Monroe, Member of the New York Stock Exchange, and
formerly of H. Cassell & Co. and Ray H. Brantley, formerly with BramleY
& Smith, have formed a co-partnership under the firm name of Monroe
& Bramley, Members of the New York Stock Exchange, to deal in a general
stock and bond brokerage business at 52 Broadway.
—Frederick W. Lindemann and Henry Gully, formerly heading their
own investment firms, have formed a partnership under the firm name of
Lindemann & Gully with offices at 42 Broadway, New York, to deal in
Investment securities. Their telephone number is Hanover 6684.
—Adams & Peck, specialists in guaranteed railroad stocks, have prepared an analysis of the principles involved in the consolidation of
railway
lines, the methods employed in the past, and the lines likely to participate
In future mergers. Copies of this analysis will be sent free on request.
—Shirley R. Turner, formerly representative in Spokane, Wash., of
Peirce, Fair & CO., and Charles W.Adams have formed the firm of TurnerAdams Co. with offices in the Mohawk Building, Spokane, Wash., to do
a general investment stock and bond business.
—Parrish & Co. of New York and Philadelphia announce that Pere
Wilmer has become associated with the management of the bond department of their Philadelphia office.
- Brandenburg and M. L. Bregman have
formed a partnership to be
known as Brandenburg and Co., members of the New York Curb, with
office at 72 Trinity Place, New York. They will specialize in unlisted and
Curb securities.
—Boles & Westwood, members of Philadelphia Stock Exchange, announce the removal of their offices to larger quarters in the Packard Building, Philadelphia, Pa.
—The Equitable Trust Company of New York has been appointed
Registrar of the Subscription Warrants for Common Stock of the Western
Power Corporation.
—Ingalls & Snyder, Members of New York Stock Exchange, announce
that Randolph F. Debevoise is now associated with the firm as a member
of the Sales Department.
—Prince St Whitely have prepared for distribution a review of the Amercan Telephone & Telegraph Co., showing its present strong position.
The Bank of America has been appointed Registrar of the Preferred
and Common stock of the West Virginia Pulp and Paper
Company.
The Seaboard National Bank has been appointed Registrar of the
Class "A" capital stock of the Apco Manufacturing Company.
—The firm of J. S. Schwartz & Co. has been organized, with offices
at 29 Broadway, New York, to deal in general market bonds.
—Austin, Grant & Co. have prepared for distribution a list of municipal
bonds maturing from 1926 to 1964, to yield from 4.10
to 5%•
—Clark Waters has become associated with the sales department of
Gilbert Elton & Co., Members New York Stock Exchange.
—Bankers Trust Company have been appointed Registrar for the capital
stock of Keiner-Williams Stamping Company.
—F. J. Lisman & Co. announce the appointment of Ben W. Boas as
Director of Sales Personnel.
JAN. 17 1925.]
THE CHRONICLE
345
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
was up to 6d. The dollar rate was down to 8$320. Brazilian shippers showed more desire to sell. Santos offers
were said to include 3s-4s at 27.55c., 4s at 26.75 to 27.55c.,
5s at 26.05c. Tired bulls let go, on quite a large scale.
Final prices show a decline for the week of 125 to 128 points,
Friday Night, Jan. 16 1924.
COFFEE on the spot has been quiet and to a great extent on March and May.
19.10019.15ISeptember.17.304417.35
Spot (unofficial) 23}5c.I May
nominal, with futures rapidly declining. On the 14th inst. March----20.15@20.20 I July
18.23@nom.I December _16.8511416.90
SUGAR has been a little more active at times with Cuba
No. 7 Rio was quoted at 22% to 23e., and No. 4 Santos at
28 to 283'c. Fair to good Cucuta has been nominally prompt 2 25-320. c. & f., or 4.55c. duty paid. There was
January had sold at
a
for
28 to 283c.; Honda, 303/i to 31c. The total of Brazil in asreport that Cubac. &the first half of that 4,200 tons of
low as 2 13-16c.
f. Also it is said
sight for this country has latterly been 889,000 bags, against Porto Rico had sold for loading the first week of February at
980,023 a year ago. The stock in New York was 292,790 4.520. c.i.f. Recently it is said 40,000 tons Porto Rico sold
.
bags, against 429,693 a year ago. Nominal prices to-day for shipment over 30 clays, the price to be deteripmed on an
were 23 to 233c. for Rio No. 7 and 283. to 290. for Santos average of 10 days' spot quotations for Porto Rico. In the
Peru nearby
No. 4. They must be regarded as purely nominal in view United Kingdom 1,000 tons of centrifugal forafloat sold at
the first week
14s. 10d. c.i.f.; 500 tons of Cuba
of the day' events here and in Brazil. Later in the week of February at 13s. 6d. c.i.f.; San Domingo for Feb.
-March
Rio No. 7 was nominal at 23% to 234c., and Santos No. 4 offered at 13s. 6d. In London Czeoho granulated on the
at 28 to 28%c. Santos offers included 3s-4s at 27.15 to spot was 31s. per cwt. asked. Early European cables on
.at
27.50e. Santos 4s at 26.90 to 27.95c. Futures declined Wednesday reported the sale of a small parcel of Cubans
with liquidation heavy coincident with weaker cables from 13s. 6d. e.i.f. to the United Kingdom for February, with
United Kingdom.
offered
Brazil. On the 14th inst. there was a drop of 45 to 60 Cubansofferingsat 13s. 7%d. c.i.f. to the
Heavy
of Continental whites; 2,000 tons Czecho
points early in the day. Rio fell 850 to 1450 reis early and sold to Russia, no price being given, and a further interest
Santos 1550 to 2150 reis. Exchange on London was 1-32d. was shown. London also cabled that the market was dull
lower at 6d. The dollar rate advanced 100 reis, reaching and drooping; British refined was reduced 6d. for January
8$380. Recently there was a declaration of 1,250,000 bags and first half February delivery and 3d.for forward delivery.
offered at 18s. 6d. c.i.f. to the
for export. According to some reports this must be shipped American granulated was in the week prompt raws were
United Kingdom. -Later
by Jan. 23 to escape the increased export tax. Some have quiet with sales of 44,000 bags of Cuban at 2 25-32c. to Nevr
been apprehensive of a sharp break on this account. Ship- Orleans and Galveston refiners. Also 10,000 bags of prompt
pers have been quoting lower prices. On the 13th inst. Cuba to New York refiner were said to have sold at 23 c.
4
Santos in one case sold No.4 at 263'c., or 13'c. below some Europe was firm with Cuba afloat 14s. 6d. c.i.f. Prompt
other offers. Rio No. 7 sold here early on the 14th inst. at shipment was offered at 14s. 3d. to 14s. 9d. Offerings of
22c., a decline from Monday of fully 65 points. Later on Continental and American granulated were reported large
Rio was offered at 21.80c. and there were hints of even lower at 17s. 6d. for Continental and 18s. 6d. for American.
prices. Victoria 78-8s sold to New Orleans on the 13th India bought Mauritius whites at 17s. 73/2cl. c.i.f. and Javas
inst. at 22c., but they were offered to New York on Wednes- at 13s. 9d. The talk in some quarters is that the National's
day at the same price. There was again talk to the effect purchase of Porto Rico may total fully 50,000 tons for shipthat several women's clubs in Chicago have resolved to ment over an eight months' period at a price to be later dereduce their purchases of coffee. This and the impending termined. .Meanwhile export demand for refined sugar
big exports has caused a nervous feeling, and as already in- continues light. And refiners continue to meet competitive
timated, a good deal of liquidation. Selling came from both cuts, list prices not meaning much just now.
local and foreign houses. But ome took hold after a drop
The weight of production is beginning to be felt in Cuba,
of 100 points on the idea that a rally was due. Covering where receipts have doubled in the past week and, despite
became quite active, and caused a noticeable rally, on the a noteworthy increase in exports, the stoCk increased to
14th inst. It is a case of consigned coffee versus cost and double that of the previous week. Receipts at Cuban
freight offers. There is a fear that consigned coffee may ports for the week ended Jan. 13 were 113,702 tons, against
steal a march on competitors and by marking down prices 55,905 in the',previous week, 102,153 last year and 87,696
get possession of the market.
two years ago; exports, 68,466 tons, against 37,777 in, the
Early Monday cables from Rio reported a decline there of previous week, 53,175 last year and 60,933 two years ago;
500 to 950 reis from Saturday's closing quotations and a stock, 85,805 tons, against 40,569 in the previous week,
decline of 875, to 1$100 from Saturday's opening levels. 90,911 last year and 76,106 two years ago. Centrals
The world's visible supply of coffee on Jan. 1 was 5,387,620 grinding (early) totaled 145, against 122 in the previous
bags, showing a decrease during December of 273,409 bags, week, 147 last year and 108 two years ago. Havana cabled:
and compared with a total last year of 4,293,271. Santos "Weather favorable for harvesting." It is contended by
cabled: "Demand continues steady to better for all suitables some that unless bullish influences intervene raws will sell
and holders stubbornly bullish, especially for highest grades. at 23 c. or lower. With a Cuban crop of 4,700,000 tons,
4
Positively latest shipping day old dispatches Jan. 23. Ex- vary much of the domestic beet crop is still to be sold, and
change firm upward tendency, owing to good effect oi with a European production of 7,175,000 tons, according to
Federal Government economical measures and rumors of Licht's latest estimate, the price has much to face. It is
.
loan. Shipping very slowly, owing to insufficient laborers. recognized, however, that world consumption is increasing
There were rumors of possible strikes on Jan. 15." Later in fast, perhaps more so relatively in Europe than in the
the week prices advanced some 20 to 25 points with stronger United States, and that 1925 may turn out to be a high record
cables and some local and European buying. Rio advanced year in the matter of consumption. Producers are not
.
450 to 625 reis and Santos 175 to 675 reis. Rio exchange on unmindful of this. They may have to bow to the exiLondon was 1-64d. lower at 5 63-64d. The dollar rate fell gencies of the market for a time. They may be obliged to
40 reis to 8$340. It is still contended that present prices accept the distasteful-perhaps unprofitable-price for a
are the outcome of a consumption which has overlapped certain period, but as the burden of maximum stocks hghtens
production. Surplus stocks have therefore fallen off. The it may, it is argued, mean a very different state of th:ungs.
only remedy, it is added, is larger crops and larger reserve According to a cable received from the Sugar Club of Havana,
supplies. What are usually the more conservative estimates the yield of sugar from cane in Cuba is below that of a year
of the Brazilian crop have not appeared. The world to all ago. Yields for the second half of December for 34 mills
appearance, it is declared, needs two large Brazilian crops to averaged 9.17%;for 15 the yield was 9.21%, against 9.87%
restore supplies to the normal size. The visible supply of last year. This decrease is offset to some extent by the
Brazil coffee for the United States is 871,379 bags, of which large increase in cane supply. There are 150 centrals
434,300 bags are afloat. A year ago the total was 1,009,487 grinding in Cuba, against 147 for the same date last year.
bags. The receipts have recently been decreasing. Stocks As some view the situation, the supply of raw sugar is so
in Brazil are 1,744,000 at Santos against 708,000 a year large that current buying is making little impression on
ago and at Rio 459,000, against 334,000. Rio exchange on prices, except possibly to check a further decline.
London was 3 1-32d. Dollar exchange was 8$250, a deThe Louisiana "Planter" said: "Rain and warm weather
crease of 240 reis. There is still talk of "Stephanoderes" were the conditions prevailing throughout the entire Louispest, a sort of beetle, the increase of which appears to have iana sugar district last week. The continued rainy weather
spread rapidly. Brazilians are fighting it hard. The in- interrupted field operations for planting which should be
sect, it is said, destroys the fruit, but not the trees. To-day in full force now that the crop is over. An unusually large
prices broke some 40 to 50 points on heavy liquidation coin- acreage of cane has been reserved for seed. With the light
cident with weaker cables. Santos fell 325 to 525 reis. tonnage of cane per acre it is feared that the planting for the
Rio was unchanged to 100 lower. Rio exchange on London coming crop will be under that of last year. Seed cane is
COMMERCIAL EPITOME.
iThe introductory remarks formerly appearing here will now be
found in an earlier part of the paper 'immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."I
346
THE CHRONICLE
reported .n good condition and planters are anxious to
finish their planting as early as possible. Now that the
entire State has had sufficient rainfall a period of good
weather for field operations is desired in order to facilitate
work and bring conditions into good shape for the new crop.
Conditions are well advanced and prospects for the coming
crop are encouraging, particularly as a large quantity of the
seed reserved for planting has been carefully selected. This
should add materially to the vigor and growth of the cane
planted and produce good results." Lamborn & Co.
estimated the consumption at 5,417,000 long tons as compared with Willett & Gray's estimate of 4,854,060 tons.
To-day the tone was more cheerful. Europe and the Far
East were buying. About 10,000 tons of Cuba were sold
abroad for late January and early February shipment at
13s. 9d. c.i.f., United Kingdom. Cuba afloat sold at 14s.
6d. Japan bought 3,000 tons for February shipment at
2.65c. f.o.b. There was a rumor, here given for what it is
'
worth, that about 15,000 tons of Cuba were sold at 2.62 to
2.68c. f.o.b. to Europe, Asia and South America. It is
said that within a few days about 200,000 bags have been
quietly sold here at 23 c., though particulars are suppressed.
4
It is said there is a further demand for January and February
shipment with 2 13-16c. asked. About 15,000 bags of January Cuba sold late to-day, it is said, at 2 25-32c. Refined
was reported in better demand at 6.10 to 6.25c. The
number of mills grinding in Cuba was 156, against 147 last
year. Futures to-day well) 2 to 3 points higher at the end.
During the week there has been a net rise of 2 to 4 points.
Spot (unefficial)2.2532s.May
2
.78 - -1July
March.-
I September .._3.16
2.92@
3.06411_ _ I Deceinber_ - _
-
--LARD on the spot was firm early in the week with a fair
business. Hog supply statistics were bullish. Prime Western was 17.05 to 17.15c.; refined Continent, 17e.; South
America, 18c.; Brazil in kegs, 19c. Later prime Western was
16.65 to 16.75c. To-day prime Western was quoted at
16.50e. Refined was unchanged. Futures advanced early
with hogs higher, receipts smaller, grain up and shorts covering. Investment buying was a feature on the 13th inst. and
prices advanced 32 to 42 points. Expectations of bullish
Government hog figures helped the rise. Hedge selling by
packers and realizing brought about a reaction. The Government hog report showed a reduction of 11,000,000 to 12,000,000 head as compared with 65,000,000 a year ago. Later
in the week prices further declined on profit-taking and other
selling in anticipation of a big increase in warehouse stocks.
Also there was continued dulness in export business. Prices
fell 35 to 42 points. Futures on the 15th inst. advanced early
and reacted later, moving in a general way with the grain markets. At the same time the receipts of hogs were large.
Packers were selling. Longs were liquidating. The early
decline was on buying by commission houses. Shorts covered, alarmed by the strength of grain. Western hog receipts,
however,turned out to be 215,000, or 80,000 more than on
the same day last year. Chicago lard stocks are up to 38,294,000 lbs., an increase for the first half of January of 18,000,000 lbs. What is more striking is that a year ago Chicago's stock was only 9,591,000 lbs. Chicago deliveries on
January contract were 800,000 lbs. of lard, 100,000 lbs. of
ribs and 100,000 lbs. of bellies.
Washington wired Jan. 13 that a hog crop this year as small
as any in the last ten years and an acute shortage of hog
products in 1926 were indicated in a Dec. 1 survey as announced to-day by the Department of Agriculture. The
survey showed that sows farrowed last fall were 28.2%
fewer than in the fall of 1923, but the decrease in pigs was
only 22.2%. In the corn belt the decrease in sows farrowed
was 30.6% but in pig production it was only 23.4%. Decreases were smaller in other sections of the country. Despite the smaller crop the movement of hogs to market was
almost as large as during the previous year, the Department
said,and the December packing was the largest ever recorded.
To-day prices were lower. This was due to an increase in
Chicago stocks, large receipts ofhogs, lower prices for
hogs, dulness of the cash trade in products and finally
selling by packers. It is true that the rise in grain acted
in some sort as a brake on the decline. Yet, after all, it
amounted to some 15 to 20 points net. .For on upturns
selling increased. People took a bearish view of the situation. Lard suffers from the competition of cheap vegetable
oils. It is said that the large exports reported were mainly
on consignments. Western hog receipts for the day were
195,000, against 157,000 on the same !lay last year. For
the week there is a decline of 3 to 5 points on January and
May and a rise of 2 points on July.
DAILY CLOSING PRICES
Sat.
January delivery_ _cts_15.90
16.45
May delivery
July delivery
16.70
OF LARD FUTURES
Tues.
Wed.
Mon.
16.45
16.17
16.02
16.95
16.67
16.55
17.22
16.85
17.00
IN CHICAGO.
Thurs.
Fri.
15.97
15.77
16.50
16.32
16.77
16.62
PORK quiet; mess,$34 25 to $35;family,$33 to $35;short
clear, $38 to $42. Beef dull; mess, $17 to $18; packet, $17
to $18; family, $20 to $22; extra India mess, $33 to $35;
No. 1 canned corned beef, $2 75; No. 2, 6 lbs., $17 50;
pickled tongues, $55 to $65, nominal. Cut meats inactive;
pickled hams, 10 to 24 lbs., 163 to 213.j0.; pickled bellies,
%
6 to 12 lbs., 16 to 19c. Butter, creamery, lower grades to
high scoring, 33 to 4034o. Cheese, flats, 23 to 26e. Eggs,
fresh gathered, mediums to extras, 48 to 65c.
OILS.
-Linseed has been rather quiet but steady at $1 15
-or spot raw in carlots, cooperage basis, $1 16 for April and
[VOL. 120.
$1 17 for May-June. Paint and linoleum interests are said
to be fairly covered on conracts. • A better demand for
late spring delivery was reported,but actual business is very
small. In a word, business is largely on a hand-to-mouth
basis. Cocoanut oil, Ceylon, bbls., 1134; Cochin, 113 .
%
Corn,crude, tanks, mills, 1034 ®10%; 100-bbl.lots, 14.68c.;
Olive $1 20. Soya bean, crude, tanks, 12e. Lard, prime,
1834c.; extra strained, winter, New York, 18%c. Cod,
domestic, 60®62c. Newfoundland, 62@65c. Spirits of turpentine, 9134 to 9434°. Rosin, $8 25 to $10 50. Cottonseed oil sales to-day, including switches, 30,900 P. Crude
S.E. 93j nominal. Prices closed as follows:
Spot
11.00112.001March _ _ _11.05§11.08 I June
11.35111.50
January--_11.05 11.15 April
11.1711.30 July
11.52 11.53
February--11.00 11.20 May
11.2811.29 August----11.6011.65
PETROLEUM.
-Gasoline demand for export was more
active and prices are firmer at the Gulf. Navy in bulk at
the Gulf was held at 103 to 1034c. and 64 gravity 133. to
1334c. cargo lots. Cased gasoline was also in better demand
and prices were firm at $1 65 to $1 75 per case for Navy
and $3 a case for 64 gravity. The Gulf Refining Co. advanced the price 2c. a gallon throughout New York and
New England and 1c. in New Jersey. In the Carolinas the
price was marked up 134 to 2c. The export demand for
kerosene was also more spirited. There was a good contract and consignment movement in both gasoline and kerosene. Water white was held at 7c. at local refineries. Cased
prime white was quoted at $1 60 and water white at $1 70.
Bunker oil was in better demand and firm at $1 80 local
refineries. Early in the week gasoline was raised 2c. a gallon
in New York and New England by the Standard Oil Co. of
New York, bringing the tank wagon gas price to 17c. and
the price at filling stations to 20c. a gallon. The price was
raised lc. in Maryland by the Standard Oil Co. of New
Jersey. New York prices: Gasoline, cases cargo lots,
U. S. Navy specifications, 26.65c.; bulk, 12.50c.; export
naphtha in cargo lots, 14.75;62-63 degrees, 16c.; 66-68 degree,
17.50c.; kerosene in cargo lots, cases, 16.90c.; petroleum,
refined, tank wagon to store, 13c.; motor gasoline, garages
(steel barrels), 17c.
$3 00 Bradford
Pennsylvania
$3 10 Illinois
Si 87
Corning
1 50 Corsicana, lgt
- 1 25 Oric.hton
1 00
ashen
1 58 Plymouth
1 45 Lima
75
Somerset, light_ 1 70 Indiana
1 38 Merle
1 25
Wyoming
1 37 Calif., 35 & above- 1 40
1 20 Princeton
Smackover.25 deg. 0 95 Canadian
2 23 Gulf Coastal
1 50
Oklahoma. Kansas and Texas
Mid-Continent
Below 30 deg
Under 30 Magnolia
$075
$ 76
90
30-32.9
33 and above
1 25
33-35.9
110
Below 30 Moran
75 36 and above
1 25
33-35.9
1 10 Caddo
16 and above
Below 32 deg
1 25
1 00
32-34.9
115
38 and above
1 85
oo
RUBBER early in the week declined in sympathy with a
break in London. London on the 12th inst. declined %d.
on a slack demand and an increase in the stocks there for
the first time since last summer. The.
stock increased 436
tons to 29,639 tons for the week, against 29,203 in the
previous week,31,423 in the same week last month and 57,318
last year. Reportsfrom London stated that this increase
was due to heavy imports last week and was only temporary.
America, it was said, was still buying out of stock. Here
business was rather quiet. The Rubber Association of
America put the imports for 1924 at.
314,058 tons. Another
break of %d.in London on the 13th inst. caused lower prices
here. Heavy selling of January-March rubber in London
on that day put the price under 18d.. The expected support,
particularly from New York, at this level was not enough
to take care of the offerings. On the 14th inst., however,
London advanced when a report circulated on the previous
day that an Amsterdam house had failed was denied and
prices here followed. London reported a better American
inquiry. A large Akron tire maker was reported buying in
Singapore, but apparently this had little effect on prices
there on the 14th inst. as prices were unchanged to
lower. Smoked ribbed sheets, spot to April-June delivery,
36 Nc.; J Ily-December,.3654c. Lats in th9 week prices
declined in sympathy with lower London cables. Ribbed
smoked sheets and plantations first latex crepe spot to
April-June delivery, 35c.; July-September, 34%e. Business
5
was quiet.
HIDES have been firm and not freely offered. Receipts
have been small of common dry. Yet business has not been
active. On frigorifico,. following recent liberal purchases,
buyers have been holding aloof with prices up %c. within
a week. Coast Colombian advanced %c.; 300 Savanilla
sold, it was declared, at 2234°. City packer hides were firm,
with offerings small but demand slow. Country hides
were steady with the exception of heavy bulls, of which two
cars were reported sold at 9c. selected f.o.b. shipping points.
Orinoco were quoted at 2134 to 22c.; Bogota, 24 to 25c.;
Bolivian, 22c.; Peruvian, 21c.; Central American, 210.;
Laguayra, 21 to 2134c.; Ecuador, 17 to 240.; Savanilla,
generally 21 to 22c.; Puerto Cabello, 2034c.; San Domingoes,
18 to 190. At Chicago big packer hides werefirm, with sales
of some 15,000 January branded cows at 13%c. It was
taken to reflect an active and firm market for sole leather.
One packer sold a few thousand light native cows, includiag
St. Paul, at 153c., this description being practically free of
.
grubs. Everything was firm. Country hides were in brisk
demand and firm; several cars of buff weights sold at 13 to
133.e. delivered Chicago; some local stocks sold at 13340.,
'
JAN. 17 1925.]
THE CHRONICLE
free of grub. Country extreme weights were in sharp demand
at 1434c. for partly grubby 25 to 50 lb. weights, with 15e.
to 1534c. paid for 25 to 45 lb. Some reported sales at 153/20.
All-weight country hides were firm on the basis of 133/ic.
selected, delivered Chicago. Shins were firm. Packer
calfskins are sold out on the basis of 26c. with city collectors now demanding 2534c. for first salted Chicago city
skins or a half cent advance. Packer kidskins are well sold
ahead; some overweight natives were offered at 183/20., or
a quarter cent advance. Leather sold freely; union trim
packer cow backs brought 45e., a rise of le. Interior Colombian was quoted at 45e. Frigorifico hides later were
firmer. A sale was reported of 4,000 4rtiga frigorifico steers
at $52 50, or 22 11-16c. c. & f., and 1,000 Rosario frigorificotype steers at 18 7-16e. 0. & f.
OCEAN FREIGHTS have been in only fair demand at
best. Yet last week's business was double that of the previous week. There is an idea here that American rates will
have to be scaled down to the London and Continental level
on February business. Business became very dull with
rates more or less nominal.
Charters included crude oil from Tampico to Boston, 32c.; 5 or 6 months'
time charter West Indies, January delivery, 2,346-ton steamer, Si 42k;
three months' time charter in same trade, 1,631-ton steamer. $1 40 Jan.;
six months same trade, Jan. SI 60: one trip same trade, 51 40 Jan. Sugar
from Cuba to United Kingdom-Continent, 21s. 6d. Feb.; from Cuba to
United Kingdom-Continent, 21s; Marseilles option, 23s. Feb.
-March;
coal from Hampton Roads to Italy, g3 40 Feb.; flour from New York to
Black Sea,25c. Jan.;time charter 5 to 7 months,2,132
-ton steamer, Atlantic
trading, delivery east coast United Kingdom, re-delivery United KingdomContinent, 4s. 3d.: grain from Philadelphia to Genoa and (or) Naples,
16)4c., one port. 17c. two ports, 10% option; sulphur from Gulf to Cette,
Marseilles or La Nouvelle, 55 50 Jan.; lumber from Gulf to Plate, 140s.
Feb.: case oil from Gulf to Brasil, 22e. Jan.; sugar from Cuba to United
Kingdom-Continent, 22s. Feb. 1-10; from Cuba to United Kingdom, 24s.
Feb.: from Santo Domingo to United Kingdom, 24s. Jan.; coal from Hampton Roads to West Italy. 53 25; time charter, 3,167
-ton steamer, one trip
delivery New York middle Jan., re-delivery Australia 4s. 4
2,618
-ton
steamer United States to west coast South America. Jan., one round trip,
$1; 814-ton steamer one round trip. 51 75: flour cargo, New York to Black
Sea port of Batum, no rate reported; grain from Philadelphia to Genoa and
(or) Naples, 18c. one port, 19c. two forts, an advance of 134c.for spot over
the last preceding rate; lumber 1.350 standards from Gulf to Buenos Aires,
$13 Feb.; 750 standards from Gulf to Rotterdam on basis of 121s. 6d.,
two-thirds deck load. Jan.
-Feb.;flour from New York to Batum, 28c. Jan.:
sugar from Cuba to United Kingdom-Continent, 21s. 6d., less 3d. for
direct Feb. A German steamer was chartered for a 10,000 bale cotton
cargo from a Gulf port to Murmansk, Russia, Feb. sailing. More room for
Russia is under negotiation.
COAL has been in active demand for soft coal from the
West. Business is better, too, in bituminous along the
Eastern seaboard. Prices have been steady; not especially
firm. Industrial consumers in New England are not buying
freely. New York interests contend that New England will
soon re-enter the market as their stocks are rapidly being
reduced and the industrial operations are increasing. The
increase in the output of steel is another hopeful factor. At
Hampton Roads supplies have been decreasing. The
demand for prepared sizes of anthracite has been persistent,
chestnut leading and stove coming next. Steam coal has
been in fair demand.
TOBACCO has been quiet, as is apt to be the case at this
time of the year. Before long buyers will be in New York
to attend the Tobacco Exposition. Possibly that event may
have a more or less stimulating effect on trade. Such is the
belief in some quarters. If it does not come at once they
think it will later. Meanwhile prices are said to be steady,
.
especially as supplies on hand are in most cases far from
burdensome. Havana cabled: "Leaf tobacco exports
through this port increased during 1924 to 344,852 bales,
weighing.14,051,239 kilograms, against 322,646 bales in
1923. Cigars exported from Havana decreased from
92,266,864 in 1923 to 88,886,772 in 1924. Package cigarette
exports also declined, the figures being 2,253,083 packages
in 1923 and 1,391,983 packages in 1924. While in 1923
Havana exported 343,193 kilograms of cut tobacco, in 1924
the total was only 152,446 kilograms."
COPPER early in the week was firm at 1534e. delivered
Connectiput Valley. The strength of sterling exchange, the
advance in London and higher lead and zinc prices imparted
strength to the market. The Alabama Power Co. made inquiries for 4,000,000 lbs. of copper for delivery over the first
nine months of the year. The Public Service Co. was reported to be in the market for lead-covered cable,which will
need 1,000,000 lbs. of copper and 1,500,000 lbs. of lead.
Exports are up to normal during the past few months. Later
on some producers were quoting 153e. The American Brass
Co. advanced prices of its products %c., including bare copper wire. Copper of late has been rather quiet with 153-4c.
quoted by most producers.
TIN declined in sympathy with lower London prices.
Business was generally quiet, although the lower prices
brought out some buying. Straits 583/20. Of late tin has
declined with London. Some attribute the weakness recently to the nearness of the Chinese New Year, which falls
on Jan. 24. Usually there is heavy liquidation by Chinese
operators on the eve of the new year. Tin plate mills are
said to be operating at about 80%. Although tin plate consumption does not begin until around May or June, indicastandard
tions point to a good consumption. Spot standd in Loni
Futures were undon on the 15th inst. fell 5s. to £265 10s.
changed. Spot Straits fell 4s. to £268 14s. Eastern c.i.f.
London advanced 15s. to £275 15s.
LEAD was advanced $5 a ton on the 12th inst. to 1034e.
In the Middle West 103.c. was the minimum price. Lead
ore prices range from $145 to $150. London in the fore part
of the week was higher. Producers are more inclined ta sill
347
futures than for some time past. In the outside market
spot New York was quoted at 10.50 to 10.75c., and East
St. Louis 10.25 to 10.50c.
ZINC advanced to a new high price on the 12th inst.
Sales for export were made on that day at 7.90c. East St.
Louis. However, business has been quiet. London of
late was higher.
STEEL trade has hesitated somewhat. Buyers have
reduced their purchases. They are supposed to be pretty
well supplied in very many cases for the first quarter of the
year. Construction is expected to decrease, as labor and
material costs are very high. In 1923 and 1924 a good deal
of construction was done. Still the steel output increases;
hope is unabated. The U. S. Steel Corporation is working
at nearly 95%. Sheet mills run at 82 to 85%. Following
recent orders of 71,000 tons of rails and other equipment,
inquiries are under way for about 90,000 tons of rails and
nearly 10,000 cars of various kinds. While new business
is in the main very quiet in the East, it is fairly active at
Pittsburgh and the West. Specifications against old business
is, it is said, on quite a liberal scale both East and West.
Meanwhile steel bars, the standard steel commodity, are
slow of sale. That is conceded, but they are reported firm
at 2.10e. Pittsburgh. Galvanized sheets have been firm
at 4.75c. with an increase of small orders. Black sheets,
on the other hand, waver at around 3.60c. There are hints
of an easing of fully $2 per ton. Steel merchant pipe
is
about 15% higher than 30 days ago, discounts being less.
At Youngstown full finished sheet makers report a better
inquiry, an output of about 75%, and the price firm at
4.78e. for 22
-gauge auto body stock. General sheet specifications there are said to be large and output averaging 90%.
Iron bars in the East are $1 per ton higher than recently
at 2.28c. per lb. delivered Philadelphia. Iron and steel
scrap is from 50 to 75c. per ton‘higher in the Chicago district,
where heavy melting steel is said to be selling at $20 50 per
ton delivered, the highest price thus far.
PIG IRON has been in rather better demand. Pittsburgh
prices advanced 50c. Basic pig iron was $22 to $22 50
valley furnace; Bessemer, $23 to $23 50; gray forge iron,
$22 to $22 50; No.2foundry,$22 50 to $23; malleable,$22 50
to $23; all at valley furnaces. Chicago vim quieter, but firm
at $24 50. For the time being it has apparently shot its
bolt. In Cleveland the tone was better. At the South
trade is quiet. Birmingham was slow at $20 to $20 50 for
No. 2 foundry, the higher price for small lots. More
business is being done, it is said, in foreign pig iron, as domestic irons become rather difficult to buy for prompt
shipment. Indian iron is quoted at Boston at $25 50 dock,
duty paid, and Continental iron with silicon, 234 to 3%
was sold for the same price. The base grade of Indian iron,
or No. 2 plain, sells as low, it is stated, as $24 50 Boston
dock and duty paid.
WOOL has been in only fair demand at best and generally
quiet. The feeling is apparently less confident of an advance, whatever forehm makets may or may not do. The
woolen manufacturing industry is not in shape to encourage
higher prices for the raw material. It is true that now and
then a spinner in need of certain grades has to pay full prices,
but in the main trade is moderate and the tone unaggressive.
Knitters complain of trade even if some weavers are more
cheerful. South American advices report steadier prices
after the decline at the opening of the year. Everybody is
on the q:ui vive to see the result of the London sales, which
will begin on Jan. 20. Australian auction sales were resumed on the 12th inst. The feeling here is more conservative; woolen goods are the fly in the amber. Carpet wools
have been quiet and about steady; nothing more than that.
Buyers hold off for easier prices. If holders would yield
much more business could.be done. At the West prices are
firm but contracting is slow. Rising foreign exchange
hampers the importer. The rail and water shipments of
wool from Boston from Jan. 1 1925 to Jan. 8, inclusive, were
3,810,000 lbs., against 5,283,000 for the same period last
year. The receipts from Jan. 1 1925 to Jan. 8, inclusive,
were 6,270,000 lbs., against 4,424,100 lbs. for the same period
last year.
At Christchurch, N. Z., on Jan. 8 prices were firmer than
those quoted at Wellington on Dec. 16. Approximately
85% of the 25,000 bales offered, which were chiefly half-bred
and crossbred wools, was sold. Bradford took the most,
but considerable was taken by American and Continental
buyers. The clip is called a well-grown, bright and sound.
At Wanzanui, N. Z., on Jan. 10 20,400 bales were offered
and 19,000 sold. Selection of crossbreds good. Demand
good, but with prices averaging 734 to 10% below those at
the November auction. At Sydney on Jan. 12 there was a
good selection. Compared with December sales, superfine
merinos were 5 to 734% lower, other sorts remaining about
par. Germany and Japan bought the most freely. Yorkshire bought but little and American demand was small.
Seventies shafty combing wools were mostly withdrawn
at $1 69 clean basis in bond, Boston, and 64-70s at $1 64.
Shafty topmaking wools of the same grade were withdrawn,
mostly at $1 58 and 64s topmaking at $1 51. These prices
are all figured on 90 day drafts at 5347.
0
At Melbourne on Jan. 12, 6,200 bales were offered at the
resumption of wool sales there and 5,000 bales sold. American demand disappointing. Best wools were 7347 and
0
348
THE CHRONICLE
[Vol,. 120.
topmaking sorts 5% lower than at the last auction series in 056 bales. For the season to date aggregate exports have
December. About 75% of the offering of 6,000 bales to-day been 4,793,979 bales, against 3,616,096 bales in the same
was withdrawn. England and Japan were the principal period of the previous season.
Below are the exports for the week:
buyers. Good selection. On the basis of $4 80 for exchange,. 64s. bright shafty combing wools sold at someExported to
thing like, it is figured, $1 54, clean basis, Boston, while
Week Ended
good 64s.-70s. topmaking wools were costing $1 56 and
Jan. 18 1925. Great
GerJapan&
Exports from
- Britain. France. many.
Russia. China. Other. Total.
60s.-64s. topmaking $1 48 in bond. At Melbourne on Jan.
14 prices were steady at the opening basis of Monday, which Galveston
10,844 18,488 8,270
3,817 4,125 45,542
16,626 1,750
660 7,808
7,728 34,572
showed a slight decline. With the advance in exchange it Houston
New Orleans
18,589 4.035 3,353 5,731
5.000 6,163 40,871
meant no change in the clean landed cost Boston. The Mobile
4,958
5,958
14,777
slight decline in Australia may be at least partly due to the Savannah
100 14,877
Charleston
.216
875 1,091
rise in sterling.
Norfolk
1,935
3,485
1,550
At Wellington, N. Z., on Jan. 14, prices were firm and New York
5,371
201
350
-573 384 6,879
10
10
there was a slight upward tendency. At Liverpool on Philadelphia. _ _ 4.763
Los Angeles_
4,763
Dec. 12 East India.wool auctions reopened with prices all San Francisco...
4,328
4,328
Seattle
900
900
generally showing prices at par or advanced 5%,as compared with the last sales. At Liverpool on Jan. 14 the best
Total
75,863 24,487 14,044 13,889
14,618 19,375 162,276
Joria wools in the East India sales were withdrawn generally Total 1924
68,925 40,731 36,830 20,360
16,285 20,425 203,058
at bids of about 2d. under the high point of the last sales. Total 1923
24,015 15,50 23,231 14,204
7,472 17,016 101,498
Owners intimate they intend to hold for prices paid at the
From
Exported to
last sale. Some orders cabled from this side on the lower Aug.1 1924 to
basis were rejected. At Napier, N. Z., on Jan. 15, 25,000 Jan. 16 1925 Great
GerJapan&
bales were offered at the reopened sales and 23,500 bales Exportsfrom- Britain. France. many. Italy. Russia. China. Other. Total.
--r
sold; selection good and crossbreds wanted. The following Galveston___ 528,071 279,874 354.459 148,811 21, 193,493 250,230 1,775,938
prices on average to super-crossbreds paid: 50-56s, 30 to Houston_ _ 378,504 221,603 245,822 103,021 27,2r0 53,695 93,612 1,123,557
Texas City_ _
8,760
16,794
8,034
333/2cl-, against 30 to 333d. on Dec. 10 1924; 48-50s, 2534 New Orleans 300,796 52,826 124,457 92,394 15,143 80,672 66,024 732,312
24,823
to 29d., against 2634 to 31d. on Dec. 10; 46-48s, 22 to 26d., Mobile
42,786
500 15,748
15
700
Jacksonville_
549
609
80
against 23 to 27d. on Dec. 10; 44-46s, 203 to 25d., against Pensacola
5,949
80
6,829
800
200
22 to 263/2d. on Dec. 10; 40-44s, 21 to 24d. against 22 to Savannah_
130,546 6,351 126,768 2,530
9,200 8,943 282,338
Charleston
216 31,810
58,299
8,000 6,801 104,926
25%d. on Dec. 10, and 36-40s, 19M to i2%cl., against Wilmington_ 21,066
25,500 6,250
52,810
19% to 2334d. on Dec. 10.
Norfolk
57,292
49.741
300
400 107,733
COTTON
Friday Night, Jan. 16 1925.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached -231,584 bales, against 234,091 bales last week and
306,967 bales the previous week, making the total receipts
since Aug. 1 1924, .6,636,834 bales, against 5,110,587 bales
for the same period of 1923-24, showing an increase since
Aug. 1 1924 of 1,526,247 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
Galveston
13.744 18.431 27,256 19.968 8,386 7,899
Texas City
2,377 2,974
Houston
7,217
-„- 14,996 12,359 1.525
New Orleans
6,559 12,367 9,789 10,620 6.881 10,053
Mobile
718
87
893
102
210
248
Jacksonville
3o
Savannah
1,754 1,641 3.772 2,221 1,599 1,700
Charleston
651
967 1.259 1,076
826 1,080
Wilmington
1.231 1,986 1.859
973
756
423
Norfolk
890 1,258 1.755 1,121
711 1.5'78
New York
Boston_ ___ -- -733
--- - 1,620
iii
-____
iiii
Baltimore
--------------------250
Tra al., this week
2R950
AA 00A
47512
51 09.6
95,674
5,151
36,097
56.269
2,258
35
12.687
5,850
7,228
7,313
50
2.713
250
2.1 105 97 Sign 921 554
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.
1924-25.
Receipts to
Jan. 16.
1923-24.
Stock.
This Since Aug This Since Aug
Week. 1 1924. Week. 11923.
Galveston
Texas City
Houston
Port Arthur, &c_
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
1925.
1924.
95.674 2,906,397 60,589 2,390,254
23
5,151
46.060
18,606
36,097 1,143,023 38,810 863,429
677,897
36,914
287,369
263
56,269 1.388.760 40,765 882,547
441,683 229,772
2,258
108,295 1,725
38,124
8,393
10,109
35
2,347
7
1,670
12,687 463,012 13,020 280,060
539
---606
5,859 156,587
959 146,641
12,547
12,977
863
78,963
130
37,311
2,882
72,374
181
33.853
600 103,845
7,338 332,534
35,154
121.715
18,851
87,092
425
50
19,188
6,089 205,264
18,244
2,713
15,676 4,446
477
17.257
741
16,968
250
1,397
861
631
---4.105
0.21 RCM A ARA QQA 1AG AAR c iln KR7 1 AkA AOA
175,151
5,733
3,298
3,619
7,228
7.313
95,091
265.578
ORR AIR
In order that comparison may be made with other years,
.
we give below the totals at leading ports for six seasons:
Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
43.239
37,854
69,721
60,589
53,334
95.674
4,492
318
38,810
17,445
2.152
36,097
26,766
19.687
47,459
30,764
40,765
56,269
978
1,447
2,954
1,725
9.604
2,258
4,399
7,549
36,276
13,020
17,205
12,687
250
8,000
2,386
2,941
1,182
8,535
959
5,859
742
895
4,527
1,124
600
7,228
8,120
5,529
9,812
10,064
7,338
7,313
146
79
6.501
21.752
5,356
7,183
5,642
8.199
Galveston---Houston, &c_
New Orleans_
Mobile
Savannah...,..
Brunswick ..
Charleston..
Wilmington..
Norfolk
N'port N.
,&c.
All others,,
Tot. this week
Since Aug. I
231,584
169,448
92,238
103,607
125,041
216,881
BARR 534 5.110.587 4,273.449 3,713,560 3.806.8774,452,642
The exports for the week ending this evemng reach a total
of 162,276 bales, of which 75,863 were to Great Britain,
24,487 to France, 14,044 to Germany, 13,889 to Italy,
14,618 to Japan and China and 19,375 to other destinations.
In the corresponding week last year total exports were 203,-
New York_
Ilo4ton
Baltimore_
Philadelphia.
Los Angeles_
San Diego
San Fran_
Seattle
Total
131,015 30,317 80.673 28,737
3,337
329
27,821
15,947
50
114
400
78
38
14
1.301
583 42,777
2,390
314,02
138
50
845
42,575
18,547
97,748
70,831
50
13,303
600
97,748
70,716
115
5.8g1
1,692,804 592,331 1064843 381,808 63,643 528,310 470,240 4,793,070
Tot.1923-24. 1,338,333 511,187 681,897 315,310
50 398,278 373,041 3,816,098
Tot.1922-23. 976,911 468,634 559,802 294,954
290 312.725 413,356 3,028,472
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table exports of cotton to Canada, the reason being that virttm ly all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the 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 25,164 bales. In the corresponding month of the preceding season the exports
were 23,000 bales. For the five months ending Deo. 31 1924 there were 94,584
bales exported, as against 75,079 bales for the corresponding four months of 1923.
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 Coast- Britain. France. many. Conent. wise.
Jan. 16 at
Great
Galveston _ _ 32,750 16.000 24,875 60,000
New Orleans.. 16,180 4,162 12,088 15,595
1,000
Savannah
Charleston
3,500
400
Mobile
Norfolk --- 6.000 -1,666 - 5,000 -1,666
Other ports *
Total.
7,000 140,625
4,834 52,859
200 1.200
1,361 1,361
50 3,950
---500
18.500
Leaving
Stock.
537,272
388,824
77.763
35.950
8,697
121,715
265,804
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
Total 1923.- 26,150 4.157 15.242 40.993 10,313 96.785 854.320
* Estimated.
Speculation in cotton for future delivery has been quiet at
irregular prices. Cotton has still been overshadowed by
stocks and grain, as it has been for so many weeks past. The
crop movement has kept up to an unexpected level at the
interior towns, while interior shipments have at times fallen
noticeably behind receipts. That was not the case a year
ago. The persistence of a liberal crop movement confirms
many in the belief that the yield is fully 13,500,000 bales.
Not that this has been an active influence. Most people have
dismissed the crop as a market factor. They think the
question of the consumption is of far greater moment. And
a fear that the Census Bureau statement of the domestic
consumption in December might be comparatively unfavorable has had a certain if not very pronounced effect. Liverpool prices of late have been somewhat disappointing to
the believers in better prices, although Liverpool's hesitancy
has been partly due to the recent rise in sterling exchange.
Liverpool has been a seller here. Also, at times, Wall Street,
the West and the South. At times stocks and grain have
reacted, and on such days there has been more or less selling
by Wall Street and Chicago. At one time good rains fell in
the eastern belt. They had a certain effect, though attention
is mainly riveted upon Texas. Worth Street has been for the
most part quiet. Fall River was reported rather slow. Some
of the weavers struck there early in the week, though the
trouble was soon partly patched up. Spot markets have been
reported less active at the South. The shorter grades have
been dull. There is an idea in some quarters that the January spot commitments are not so large as those for December. But the dulness in speculation is also one of the most
detrimental features of the situation. It tends to keep the
price down. This fact is an ironical commentary on those
who deprecate speculation in cotton. If there were any such
activity in cotton as there is in stocks and grain there would
be a very different story to tell in regard to cotton prices
from week to week.
JAN. 17 1925.1
T1TE CHRONICLE
349
On the other hand, exports have made a good showing. close, with the mills and shorts buying. Nevertheless there
Longer staple cotton at the South has been in demand. The was a net decline for the day of some 10 to 15 points. This
spot basis has been firm. Whether the crop is 13,000,000 or was largely due to a decline in the stock market. It was ac13,500,000 bales, it is believed in many quarters that it will companied by selling by Wall Street, uptown and Chicago.
all be wanted. Also, instead of a crop of 6,500,000 to 6,600,- New Orleans and the South also sold, as well as local
000 bales in East India or some 200,000 to 300,000 bales more traders; also, it is intimated, Palm Beach operators. Specuthan last year, it is now contended that the increase over lation shows no signs of broadening. The eastern belt had
last year will be trifling, if indeed any at all. This is said 1 to 4% inches of rain. Liverpool cables were mixed. Spot
to be the result of excessive and damaging rains last fall. sales there fell to 4,000 bales. Manchester was quiet, and
In Bombay January cotton is said to be cornered and future yarns were reported easier. The big sik mills of Massachushipments have been cancelled. This would seem to indi- setts have begun to cut wages. There was strike talk in
cate that somebody has been buying East Indian cotton on a parts of New England, notably New Bedford. Spinners 'a
large scale or else selling it short on the idea that the crop takings, it is true, showed an increase, and according to New
was going to be very much larger than the last one, only to York Exchange figures, are some 990,000 bales ahead of a
find that such expectations were ill-founded. Also, Egyp- year ago. Spot markets, however, were quiet and slightly
tion cotton as a rule has latterly advanced. The cornering lower. And, as already intimated, the speculation was still
of the Egyptian cotton within the last few months is fa- sluggish. This is considered a serious drawback. Yet prices
miliar to everybody. And to all appearances there is still for the week show a decline of only 12 to 17 points. Spot cotan excellent demand for Egyptian cotton both in Alexandria ton ended at 24c., a loss since last Friday of 15 points.
The following averages of the differences between grades,
and Liverpool. Also, the British exports of goods in December and the year 1924 make an unexpectedly good showing. as figured from the Jan. 15 quotations of the ten markets,
Of cloth in December there were 410,000,000 yards, against designated by the Secretary of Agriculture, are the differences
323,000,000 in the same month of 1923, 361,000,000 in 1922 from middling established for deliveries in the New York
and 330,000,000 in 1921. The total for 1924, much to the market on Jan. 22 1925.
Middling fair
1.03 on *Middling "yellow" stained
2.90 off
surprise of everybody, rose to 4,440,000,000 yards, against so-let good middling
.79 on *Good middling "blue" stained_..1.33 off
4,141,000,000 in 1923, 4,183,000,00 in 1922, 2,903,000,000 in Good middling
.57 on *Strict middling "blue"stalned 1 78 off
middling
35 on *Middling "blue" stained
2 66 off
1921, and to go back 11 years, 7,075,558,400 in 1913. Also, Strict
Strict low middling
.63 oft Good middling spotted
16 on
the British exports of yarns make no bad exhibit, though it Low middling
1.47 off Strict middling spotted
18 on
2.63 off Middling spotted
was not so good as that of cloths. Yet in December the total *strict good ordinary
61 off
*Good ordinary
3 83 off *Strict low middling spotted_._.i.43 off
of yarn was 14,000,000 lbs., against 11,000,000 in 1923 and Strict good mid."yellow"tinged_0.04 off *Low middling spotted
2.50 off
12,000,000 in 1922. The total for 1924 was 163,000,000 lbs., Good middling "yellow" tinged__ .32 off Good mid. light yellow stained 96 off
off *Strict mid,light yellow stained.'.46
against 147,000,000 in 1923, 202,000,000 in 1922, 148,000,000 in Strict middling "yellow" tinged__ 1.78 off 'Middling light yellow stained_ -2.21 off
*Middling "yellow" tinged
off
13
1921 and, to go back that far, 210,175,500 in 1913. And lat- *Strict low mid."yellow" tinged.2 46 off Good middling "gray"
41 off
83 off
off
terly Worth Street has been more active. On Tuesday, in- 'Low middling "yellow" tinged..3.65 off *Strict middling "gray"
Good middling "yellow" stained_1.61
*Middling "gray"
1.38 off
deed, the sales of print cloths and sheetings there reached a *Strict mid."yellow"stained_ __ _2.11 oft •These grades are not deliverable.
noteworthy total. And mills have been calling steadily.
The official quotation for middling upland cotton in the
Texas has continued dry. The deficit in the rainfall in New York market each day for the past week has been:
October, November and December is said to have been nine
Jan. 10 to Jan. 16Sat. Mon. Tues. Wed. Thurs, Fri.
24.10 24.30 24.30 24.15 24.15 24.00
Inches. The ground is said to be hard, too, hard for plow- Middling upland
ing. Winter preparations for the next crop are reported to
NEW YORK QUOTATIONS FOR 32 YEARS.
be badly behindhand. The October delivery here has been 20 1925
24.00c. 1917
17.20c. 1909
9.70c. 1901
9.88c.
33.10c. 1916
1924
12.50c. 1908
12.25c. 1900
7.69c.
points over January and either equal to other points or com- 1923
27.60c. 1915
8.20c. 1907
10.80c. 1899
6.00c.
paratively little below them. This is supposed to reflect an 1922
18.05c. 1914
12.90c. 1906
12.10c. 1898
5.88c,
18.05c, 1913
13.00c. 1905
7.25c. 1897
idea that the next crop may get a late start, that the acreage 1921
7.25c.
39.25c. 1912
1920
9.60c. 1904
13.80c. 1896
8.19c,
in any case will be smaller and that it is highly problematical 1919
29.10c. 1911
14.80c. 1903
8.95c. 1895
5.75c,
31.80c. 1910
14.2011. 1402
8.25c, 1894
8.068,
ivhether a yield as large as that in the present season, say 1918
MARKET AND SALES AT NEW YORK.
13,500,000 bales, is likely to be raised. Whatever may be
the case, there are many at the South who are certainly
Spot
Futures
SALES.
skeptical as to the likelihood of another acreage of 40,000,Market
Market
000,or any such crop as 14,000,000 to 14,200,000 bales, includClosed
Closed
Spot. Ccmtet. Total.
ing linters, in the season of 1925-26. Meanwhile the trade Saturday___
Quiet. 5 pts.
Steady
.absorbs a good deal of cotton. It is pointed out that Houston Monday ___ Steady, 20 pts.dee__ Steady
adv_
9,900 9.900
has acquired an artificial harbor and is not only a port, but Tuesday --- Quiet, unchanged__ Steady
500
500
Wednesday_ Quiet. 15 pts. dec__ Steady
2,800 2,800
the second cotton port of the country; much of its arrivals Thursday _ _ Quiet, unchanged_ _ Very steady..
Steady, 15 pts. dec. Steady
are not for sale, but are for application on contracts for Friday
ocean freight. Memphis, it is added, is a great primary marTotal_
13.200 13.200
ket, but it is also a rebilling point, and more than 50% of its
FUTURES.
-The highest, lowest and closing prices at
eeceipts, as counted statistically, are never unloaded, but
pass promptly to New England, to Southern mills, or to the New York for the past week have been as follows:
ports with car seals intact. St. Louis is described by wellSaturday, Monday, Tuesday, Wednesday, Thursday, Friday,
informed people as a gateway, and most of its receipts are
Jan. 10
. Jan. 12.
Jan. 13.
Jan. 14.
Jan. 15.
Jan. 16.
never unloaded. Exclude these three towns and receipts
January
recently, it is recalled, have been very moderate. On ThursRange. 23.55-23.65 23.47-23.82 23.75-23.94 23.55-23.78 23.55-23.71 23.37-23.80
Closing _ 23.60-23.62 23.81-23.82 23.78day there was a small decline at one time, owing partly to a
23.6423.66-23.68 23.53decline in stocks and to some extent to some reaction in Feb.- -- - - - - - - - - - -Rangegrain. Also, there seemed to be a promise of rain in Texas.
Closing 23.7023.9123.89- - 23.75- 3.6323.74
2
Liverpool advices were colorless. Spot sales there fell off March-_ _
Range 23.77-23.91 23.73-24.10 23.90-24.23 23.80-24.00 23.76-23.93 2 3.57-24.07
15,000 bales. There was a disinclination to operate in the
Closing 23.87-23.88 24.05-24.08 24.00-24.02 23.85-23.88 23.85-23.89 2 3.72-23.73
English market, as there was in New York. But later on April
Range_ - - - - -- -- - - - offerings fell off and prices rallied and closed a trifle higher
Closing 24.03 -24.20 -24.15 -23.99 -24.00- 3.882
for the day. Spot markets in this country, if not every- MayRange- 24.10-24.23 24.05-24.42 24.19 24.55 24.10-24.27 24.07-24.23 2 3.90-24.38
where active by any means, were generally repotted firm.
Closing 24.19-24.21 24.36-24.37 24.30-24.31 24.13-24.14 24.17-24.20 2 4.05-24.06
Texas points said that the basis was higher. Interior
re- June
- - -- - -Range..- - - - -ceipts on that day were 30,650 bales, as against shipments of
Closing . 24.2924.4824.4124.24- - i 4.15 ---24.28
40,200. The other day shipments had been lagging behind
July
reRange . 24.25-24.44 24.26-24.64 24.49-24.80 24.30-24.51 24.38-24.44 i 4.12-24.57
ceipts. It is said that the hibernation of weevil was
Closing . 24.40-24.42 24.60-24.61 24.52large.
24.3524.40- 4.26 ---There was foreign buying of October and December. The August
Range
South feels the pinch of high prices for grain and has inClosing
24.2023.99- 3.85 ---24.1423.95creased the wheat acreage in the Southwest. The crop sent.- . 24.02Range-.
movement has been unexpectedly large during
- - -- - - -- - --- the week.
Closing.24.0724.2524.0424.07- 4.0024.22Manchester, Worth Street and Pall River have
failed to sup- October- _
Range- 23.78-23.90 23.75-24.17 23.95-24.25 23.80-24.04 23.80-23.94 3.65-24.07
ply anything very stimulating of late. Some take the ground
Closing.23.8724.06-24.10 24.0323.85-23.86 23.88-23.90 3.80-23.82
that the market is overbought and is being sustained by Nov.
leading bulls. Others call it an evened-up affair awaiting
Range.- - - - - - - -- - -- - Closing.23.80 -23.98-23.95-23.80 -23.8223.73 ---further developments.
Dec.
Range.-- - 23.72-23.91 23.93-24.06 23.75-23.75 23.70-23.7 23.60-23.88
To-day prices declined. Early in the day, however, there
Closing _23.74 -.2:102 ---- 92 R7 ---- 92 7A _-_- 92 75 --__ 23.67 ---was something of a rise, for the consumption in December
Range of future prices at New York for week ending
was 532.000 bales, or some 30,000 bales larger than expected,
and showed an increase of nearly 40,000 over November and Jan 16 1925 and since trading began on each option.
nearly 70,000 over December 1923. Forwardings from LiverRange for Week.
Range Since Beginning of Option.
pool to Manchester were still very large, i. e. 60,000 bales, or Option forabout 120,000 in two weeks. Fall River's sales of print Jan. 1925__ 23.37 Jan. 16 23.94 Jan. 13 21.20 Sept. 16 1924 28.98 July 28 1924
1925
22.69 Oct.
1924
cloths were up to 65,000, against not more than half that for Feb. 1925 23.57 Jan. 16 24.23 Jan. 13 21.50 Sept.25 1924 25.60 Aug. 20 1924
Mar.
16
29.06 July 28 1924
some weeks past. Mills and Liverpool bought. Though April 1925
24.02 Dec. 24 1924 24.18 Sept. 4 1924
May 1925..
some rain, it was followed by a cold wave, indeed June 1925_ 23.90 Jan. 16 24.55 Jan. 13 31.72 Sept. 16 1929 29.16 July 28 1924
Texas had
22.55 Sept. 11 1924 25.55 Oct. 2 1924
a "norther." Exports for the day approximately 51.000 July 1925._ 24.12 Jan. 16 24.80 Jan. 13 21.40 Sept. 16 1924 27.50 Aug. 6 1924
Aug. 1925
.22.45 Oct. 24 1924 25.00 Dec. 29 1924
bales. There were renewed reports that the East Indian Sept. 1925_
21.80 Oct. 15 1924 25.05 Dec. 29
crop was smaller than estimated in December. And even Oct. 1925._ 23.65 Jan. 16 24.25 Jan. 13 21.50 Nov. 1 1924 24.85 Dec. 29 1924
1924
Nov.
24.07 Dec. 16 1924 24.40 Dec. 27 1924
though prices declined later, there was a rally towards the Dec. 1925 23.60 Jan. 16 24.06
1925._
Jan. 13 23.36 Jan. 5 1925 24.30 Jan. 2 1925
350
THE CHRONICLE
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. 16Stock at Liverpool
Stock at London
Stock at Manchester
1925.
1924.
bales 723.000 706,000
2,000 ' 2,000
81,000
91,000
Total
sr Stock atGreat Britain
Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
1923.
1922.
843,000 1,010,000
6,000
1.000
69,000
80,000
806,000
2,000
211,000
185,000
8,000
80.000
59.000
5,000
2,000
Total Continental stocks
799,000
6,000
56,000
130,000
13,000
107.000
51,000
7,000
2,000
918.000 1,091,000
2,000
20.000
124,000 304.000
211,000 183,000
10,000
8,000
109.000 134,000
46,000
40,000
2,000
33,000
3,000
552,000
372,000
507,000
722.000
Total European stocks
1,358,000 1,171.000 1,425,000 1,813,000
India cotton afloat for
- 100,000 198,000 170,000
61,000
American cotton afloat Europe_- 650.000 498,000 347,000 354,000
for Europe
Egypt,Brazil,&c.,afloat forEurope 69,000 110,000 105,000 112,000
Stock in Alexandria. Egypt
263,000 267,000 331,000 333,000
Stock in Bombay. India
439.000 496,000 531,000 964,000
Stock in U. S. ports
1,654,420 933,415 951,105 1,221.420
Stock in U. S. Interior towns_ --1,441.041 996,356 1,255,828 1,505,078
U.S. exports to-day
22,119
Total visible supply
5,974,461 4,669,771 5,125,933 6.435,617
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales- 567,000 460,000 474,000 586.000
Manchester stock
53,000
73.000
49,000
62,000
Continental stock
509.000 284,000 460.000 615,000
American afloat for Europe
650,000 498,000 347,000 354,000
U. S. port stocks
1,654,420 933,415 951,105 1,221,420
U. S. interior stocks
1.441,041 996,356 1,265,828 1,505,078
U. S. exports to-day
22.119
Total American
4,874.461 3,244,771 3.646,933 4,415,617
East Indian, Brazil. &c.
Liverpool stock
156.000 246,000 369,000 . 24,000
4
London stock
2,000
2,000
6,000
1,000
Manchester stock
28,000
18,000
20,000
18,000
Continental stock
43,000
88,000
47,000 107,000
India afloat for Europe
100,000 198,000 170,000
61,000
Egypt, Brazil, Sic., afloat
69,000 110,000 105,000 112,000
Stock in Alexandria. Egypt
263,000 267,000 331,000 333,000
Stock In Bombay. India
439.000 496,000 531,000 964,000
Total East India, &c
1,100,000 1,425,000 1,579.000 2,020,000
Total American
4,874,461 3,244,771 3,546,933 4.415,617
Total visible supply
5.974.461 4,669,771
Middling uplands, Liverpool_ _ _ - 13.08d. 18.83d. 5.125,933 6,435,617
Middling uplands, New York.... 24.00c. 33.20c. 16.20d. 10.18d.
28.30c. 18.05c,
Egypt. good sakel, Liverpool_ _ - 31.00d. 23.60d. 19.75d. 21.25d,
Peruvian. rough good, Liverpool_ 20.788. 24.50d. 18.00d. 13.50d,
Broach fine, Liverpool
11.888. 16.906. 13.75d.
9.60d
Tinnevelly. good, Liverpool
12.40d. 18.05d. 15.15-i
10.60d.
Continental imports for past week have been 98,000 bales.
The above figures for 1924 show a decrease from last week
of 58,864 bales, a gain of 1,304,990 from 1923, an increase
of 848,528 bales from 1922, and a falling off of 461,156
bales from 1921.
[VOL. 120.
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
2,942
20.994
1,778
34,473
6,187 121,065
17,083 302,463
Jan. 16
Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
75,323 1,057,922
Deduct Shipments
Overland to N. Y., Boston,&c_ 3,013
53,702
Between interior towns
791
13,785
Inland, &c.,from South
28.287 297,100
Total to be deducted
32,091 364,587
Leaving total net overland•
43,232 693,335
•Including movement by rail to Canada.
-1923-24Since
Week. Aug. 1.
19,817 388,668
4,260 125,540
710
10,933
843
17,076
5,039 113,665
13,888 222,112
44,357
877,994
5,612
620
19,887
42,162
14,102
369,197
26,119
425,46/
18,238
452,533
The foregoing shows the week's net overland movement
this year has been 43,232 bales, against 18,238 bales for the
same week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 240,802 bales.
-1924-25-- -1923-24
In Sight and Spinners'
Since
Sinus
Takings.
Week.
Aug. 1. Week.
Aug. 1.
Receipts at ports to Jan. 16
231,584 6,636,834 169,448 5,110,587
Net overland to Jan. 16
43,232
693,335
452,533
Southern consumption to Jan. 16- 85,000 2,057,000 18,238
72,000 2,017,000
Total marketed
359,816 9,387,169 259.686 7,580,120
Interior stocks in excess
735.465
Excess of Southern mill takings*33,115 1.266,287 *47,618
over consumpt on to Jan. 1_
529,272
499,957
Came into sight during week--326,701
212,068
Total in sight Jan. 16
11,182,728
8.815,542
Nor,spinners'takings to Jan. 16-- 66,197 1,007,715
53,056 1,160,302
•Decrease.
MOVEMENT INTO SIGHT IN PREVIOUS YEARS.
WeekBales. I Since Aug. 1Bales.
1922-23
-Jan. 19
176,63611922-23
-Jan 19
8,499,802
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday Monday, Tuesday, Wed'day. Thursd'y. Friday.
Galveston
23.85
24.00
23.95
23.80
23.80
23.65
New Orleans__ _ 23.70
23.85
23.75
23.60
23.75
23.65
Mobile
23.60
23.75
23.75
23.60
23.60
23.50
Savannah
23.78
23.95
23.91
23.75
23.75
23.65
Norfolk
23.75
24.00
24.00
23.88
23.88
23.75
Baltimore
24.00
24.25
24.25
24.00
24.00
Augusta
23.63
23.81
23.81
23.63
23.69
23.56
Memphis
24.00
24.25
24.25
24.00
24.00
24.00
Houston
23.80
24.00
23.90
23.80
23.80
23.65
Little Rock
23.62
23.88
23.88
23.75
23.75
23.65
Dallas
23.15
23.35
23.30
23.15
23.15
23.00
Fort Worth..
23.35
23.35
23.15
23.15
23.00
Week ending
Jan. 16.
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
NEW ORLEANS CONTRACT MARKET.
-The
corresponding periods of the previous year-is set out in quotations for leading contracts in the New Orleans closing
cotton
detail below:
market for the past week have been as follows:
Movement to Jan. 16 1925.
Towns.
Receipts.
I Ship- Stocks
merits. Jan.
Week. Season. I Week. 16.
MS7 Pail
Co
Total. 40 town.ma
CYCWWNNNNN.4W.WM0cOMOO.OMOW.MiWNI 00 C.t..024VOM
,
,
..80 1,
,
00MI.0800t00.uoNMC.NMMONO MWMOD
,
M.C. OmEO,
m.. qmm.osp. mgclm ..c.commmovc.mn . . .W.M RW!..R
.
.
.
c-m .rm
00010;OiN.I.C.MMOS. P0.7;b0000;VVO;Q01.1t
,
,,
Ci.SMN!:[; .2
,
.
N
el. M . m ...0.. Na r.c.0
Cip t•
N
.-IN.-..-.0v4,/..p. N M ,
,
,
-.0b..0
...
..
M
- 0
.
.
Ala.,Birming'm 1,310 54,093 1,466 9,381
Eufaula
330 17,117
343 6,543
Montgomery.
677 72.777 1,785 21,021
Selma
198 60,651 1,586 19,226
Ark., Helena._
992 60,826 2,245 18,125
Little Rock._ 1,788 186,481 3,534 39,605
Pine Bluff
4,000 94,454 5,39938,485
____
3,843 ____ 2,590
Ga., Albany__ _
1,950 36,742 1,807 16,779
Athens
3,250 174,267 7,527 59,292
Atlanta
3,315 178.8851 5,293 68,106
Augusta
2,024 51,123 2,457 6,871
Columbus..
595 34,931 1,461 10,087
Macon
302 39,5841
233 14,908
Rome
500 93,000 1,000 25,000
La., ShrevePo
Miss.,Columbus
488 34,3011 1,753 8,495
673 108,3931 3,008 31,210
Clarksdale
388 131,6201 3,805 36,084
Greenwood...
475 14.894
305 35.000
Meridian
400 7,549
274 38,062i
Natchez
879 10,174
25 20,9911
Vicksburg _ _
.
26 32,744 1,073 8,020
Yazoo City_
Mo., St. Louis_ 37,769 455,453 37,733 4,077
N.C.,Gr'nsboro 1,458 40.782i 3,506 17,514
865
250
208
Raleigh
5,
7371
10,133 156,892 11,823 26,817
Okla., Altus
7,741 116,687 7,198 13,786
Chickasha
4,198 124,442 4,970 18,996
Oklahoma
S.C.,Greenvill 6,802 126,881 5,288 37,913
12,105 -- -- 6.107
Greenwood
____
Tenn.,Memp
41,944 874,783 51,780 116,313
372
734 ---_
4
Nashville__ Texas, Abilene_ 1,932 59,515 1,845 1,121
440 5,281
Brenham
385 17,854
Austin
765 29,486 1,133 1,776
Dallas
5,282 170,257 6,619 21,027
Houston_ _ 117,4523,895,940 105.210675.177
Paris
893 88,947 1,885 5,966
San Antonio_
615 2,162
271 69,7421
Fort Worth
2,83: 138.840j 2,299 15,326
movement to Jan. 18 1924.
Receipts.
Ship- Stocks
meats. I Jan.
Week. Season. Week. 18.
565
964 9,643
500
5001 2,700
25
2871 15,754
248
2171 7,051
207
4461 9,479
1,198
4.c281 37,597
4,000
4.3711 38,008
____
15 2,180
520
2,756 21,651
3,943
3,4141 39.286
2,368
3,892 46,672
1,561
2,139 17,101
732
602 8,851
553
350 7,895
1,000
4.0001 29,000
____
--.. 8,315
757
1,7741 32,958
717
1,1221 40.659
399
6131 7,844
233
337 7,660
158
209 8,447
77
327 10,623
20,021
19,817 8,507
1,719
2,253 23,347
62
100
.1
8,815
6,342 31,584
6,483
8,296 13,333
4,354
3,448 29,199
5,512
5,174 35,124
____
.-- _ 10,291
27,571
27,90: 118,580
___ _
880
1ii 1,iii
157
227 5,878
1:1
221 1,586
1,560
1,959 12,287
44,877
79,556290.926
316
753 1,875
500
500
800
2,910
2,444 5,741
552 259.919 1441041 143.221A.016.770 190.528996.368
Saturday,
Jan. 10.
January __
March____
May
July
October
December_
Tone
Spot
Options_
Monday,
Jan. 12.
Tuesday, Wednesday, Thursday, Friday,
Jan. 13.
Jan. 14.
Jan. 15.
Jan. 16.
23.7023.8623.8023.62-23.63 23.67-23.68 23.6023.84-23.86 24.04-24.06 23.94-23.98 23.78-23.80 23.82-23.88 23.74-23.75
24.11-24.14 24.31 24.33 24.21-24.22 24.08-24.08 24.13-24.14 23.98-24.00
24.27-24.28 24.47 -24.37 -24.2524.30-24.32 24.19 --23.54-23.55 23.78-23.82 23.74-23.77 23.58-23.60 23.80-23.61 23.48-23.50
23.31 bid 23.58 bid 23.52 bid 23.43 bid 23.45.23.46 23.33-23.35
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
gtworly
Ot.aely
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
there have been heavy rains in many localities, while temperatures have been somewhat higher than in the previous
week. The wet weather was generally unfavorable for field
work in the central and east Gulf sections of the cotton
belt, while on the other hand, the greater part of Texas was
too dry.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Delrio _ _
Palestine
San Antonio...
Taylor
New Orleans
Shreveport
Mobile, Ala
Selma
Savannah,Oa
Charleston. S.0
Rain. Rainfall.
2 days 1.95 in.
dry
2 days 0.09 In.
3 days 0.11 In.
_2 days 0.04 In.
1 day 0.02 In.
2 days 0.481n.
3 days 0.17 in.
2 days 0.08 in.
3 days 1.51 in,
-4 days 2.22 In.
4 days 1.77 in.
4 days 5.45 in.
3 days 1.04 in.
days 0.20 in.
Thermometer
high 61 low 39 mean 50
high 68 low 26 mean 45
high 80 low 40 mean 60
high 70 low 46 mean 54
high 56 low 24 mean 40
low 26
--- .high 56 low 26 mean 41
high 62 low 30 mean 46
low 28
- mean 57
high 54 low 25 mean 40
high 72 low 35 mean 56
high 65 low 25 mean 48
high 76 low 35 mean 56
high 66 low 35 mean 51
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Jan. 16 1925. Jan. 18 1924.
Feet.
Feet.
Above zero of gauge_
14.9
3.0
Above zero of gauge..
34.3
10.9
Above zero of gauge..
27.5
27.6
Above zero of gauge17.6
5.8
Above zero of gauge_
42.0
15.2
The above total shows that the interior stocks have decreased during the week 33,115 bales and are to-night
444,685 bales more than at the same period last year. The
RECEIPTS FROM THE PLANTATIONS.
-The folreceipts at all towns have been 120,024 bales more than the lowing table-indicates the actual movement each week from
same week last year.
the plantations. The figures do not include overland re-
JAN. 17
1925.]
THE CHRONICLE
351
ceipts nor Southern consumption; they are simply a stateMANCHESTER MARKET.
-Our report received by
ment of the weekly movement from the plantations of that cable to-night from Manchester states that the market in
part of the crop which finally reaches the market through both cloths and yarns is quiet. Merchants are buying
the outports.
very spa ingly. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
192-3
Receiptsfrom Plantation.
31-- 388.465 349,036 365,080 1,196.181 1.086,4951.356,653527,437375.529439.852
Nov.
7-- 383.258 235,636 294,2271.307,376 1,165.368 1,408.301 494.453 314,509346,876
14._ 373,602 307,46 251,578 1,411,260 1,179,333 1.461.019477,486 321.432304.298
21-- 432,208 224,528 217,983 1.486.392 1,244,773 1,484,662 487.588 289.968241,628
28._ 370,024 298.211 215,436 ,845,801 1.251.785 1.457,156 429,233 305.223242.942
Dec.
5.- 370.752 265,50958.801 1,588,95511.225,801 1.445.005409,106 239,525 146,650
12.. 333.821 264,183 138.941 1,566,764 1.178.745 1,426.33031 ,.630 217,127 120.266
19-- 330.647 214,353 136,866 1,553,379 1,132.917 1,384,130 323,262 168.5251 94,666
28.. 232,34 199.7651113,0351,577,9971.119.1131, ,872251,964185.9631120.777
391
Jan.
2.- 306.967 134.2241 94,390 1.514.450'1,067.013 1.366,894246.118 82,124 58,412
9._ 234.091 136.603123.952 1,474,156 1,043,974 1.300,285198.501 123,564 68.343
16_ 31,584 169.448. 92,238.1,441,041 996,356 1.265,828198,469121.830 57.781
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 7,891,255 bales;
in 1923 were 5,753,899 bales, and in 1922 were 5,088,497
bales. (2) That although the receipts at the outports the
past week were 231,584 bales, the actual movement from
plantations was 198,469 bales, stocks at interior towns
having decreased 33 115 bales during the week. Last year
receipts from the plantations for the week were 121,830
bales and for 1923 they were 57,781 bales.
WORLD SUPPLY AND TAKINGS OF COTTON..
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1924-25.
Week.
1923-24.
Season.
Week.
Season.
Visible supply Jan. 9
6.033.325
4.666,765
Visible supply Aug. 1
2,190.493
2,024,671
AMerlcan in sight to Jan. 16
326,701 11.182.728 212.068 8,815,542
Bombay receipts to Jan.
-- 127,000
906.000 175,000 1,200,000
Other India ship'ts to Jan. 15..
1,000
128,000
240,000
41,000
Alexandriareceipts to Jan. 14
29,000 1.150,800
18.000 1,035.400
Other supply to Jan. 14 * b
10.000
177.000
136,000
8.000
Total supply
6 527.026 15.735.021 5,120.833 13.451,613
Deduct
Visible supply Jan. 16
5.974.461 5.974.461 4,669,771 4.669,771
Total takings to Jan. 16a
552,565 9.760.560 451,062 8,781,842
Of which American
389,565 7.241,760 257,062 8,424,442
Of which other
163,000 2.518,800 194,000 2.357.400
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the tote estimated consumption by Southern mills,
2,057,000 bales in 1924-25 and 2,017,000 bales in 1923
-24-takings not
being available
-and the aggregate amounts taken by Northern and foreign
spinners, 7,793,56) bales in 1924-25 and 6,764.847 bales in 1923-24, of which
5,184.369 bales and 4,407,442 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1924-25.
January 15.
Receipts at
-
Week.
Bombay
1923-24.
Since
Aug. 1.
Week.
1922-23.
Since
Aug. 1.
Week.
Since
Aug. 1.
127,000 906,000 175,000 1,200,000 140,000 1.129,000
For the Week.
Exports.
Since August 1.
G'reat Conti- Japan&
Great
BrUain. neat, China. Total. Britain.
Bombay
1924-25__ -----1923-24__ -----1922-23_ _ ......
Other India
1924-25__
1923-24__ . :604
4
1922-23__ 5,000
6,000 52,000 58.0001
20,000 88,000 106,0001
39,000 92,000131,000
1,000
1,000
37,000,
41,0001
20,0001
25,0001
1924-25.
1924-25 1923-241921-23
Oat.
24-.339.292 277,177 297,539 1,057.209 1,060.002 1,280.881 498,150 390.987391.607
Conti
neat.
Japan &
China.
22,000 124,000 498,000
435,000
638,500
13,000 115,000
46,000 194,000
20,000 127,550
65,000 362,000
56,000 283,500
Total.
644,000
862,000
978,000
128,000
240,000
147,550
Total all
32s Cop
Twist.
Oct d.
24 235.4
31 24%
Nov.
7 23%
14 23%
21 23%
28 23%
Dec.
23
12 23
19 23
26 23
Jan.
2 23%
9 2334
18 22%
1923-24.
814 lbs. Skirt- Corn
ings, Cemmon Mid.
to Finest.
Upl's
d. s. d.
255.4 17 5
26% 17 5
28 17 4
26 17 3
25% 17 4
25% 17 4
32s Cop
Twist.
s. d. d. d.
018 1 13.45 24
(418 1 13.58 24%
018 0
017 7
018 0
018 0
13.2528
13.87 27
13.8327M
13.5929M
16 5 4417 1
16 5 017
16 4 016 7
16 5 4417 0
12.98 27%
13.11 28
13.28275.4
25 16 7 (417 1
25 16 7 017 1
244 16 5 an 0
13.57 27
13.03 26%
13.0826
244
244
244
244
13.24 27k
0660 GODO GO
(024-2&l923-241192223 1124-25 1923-24
VOQ 00Q0 0200 00
Stocks at Interior Tormu.
Receipis at Ports
Week
midi
81,1 lbs. Skirt- Corn
ings. Common
to Finest.
Uprs
s. d. d.
d. s. d.
24% 16 7 617 3 17.63
24% 16 5 4417 3 17.44
617 7
@18 0
018 0
021 0
19.02
19.80
20.14
21.37
2934 19 4 CS20 2
30 19 a @20 4
29 19 6 1g20 2
2834 19 7 020 3
19.42
19.48
19.68
20.62
28% 19 7 tg20 2
28 19 5 (420 0
27% 19 2 019 5
19.93
1933
18.83
27 17 0
27% 17 4
28% 17 4
3034 202
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 162 276 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
NEW YORK
-To Liverpool
-Jan. 9--Caronia, 995___Jan. 9Winlfredion, 4,376
5.371
To Geneva-Jan. 9
-Cabo Espartel. 200
200
To Copenhagen-Jan. 9-Naturas. 52
52
To Gothenburg-Jan. 9
50
-Stockholm, 50
To Oporto
-Jan.9
-Madonna, 200
200
To Bremen-Jan. 9
-George Washington, 201
201
To Yokohama
-Jan. 12
573
-Gothic Prince, V3
To Trieste-Jan, 14
150
-Lucia 150
To Rotterdam-Jan. 13-Westerdyke, 82
82
NEW ORLEANS
-To Liverpool-Jan. 7
-American Press. 7.682
_Jan. 9-Oranian, 8.907
16,589
To Rotterdam-Jan. 7
-Emergency Aid, 1.373
1.373
To Bremen-Jan. 7
-Emergency Aid. 3.353
3.353
To Havre
-Jan. 10--Coldbrook, 4,035
4,035
To Ghent
-Jan. 10-Coldbrook, 1,296---Jan. 14-Danier,
1.350
2,646
To Antwerp
-Jan.10-Coldbrook,250.._Jan. 14-Danier,150
400
To Porto Columbia-Jan. 10-Contago, 204___Jan. 14Abangarez, 150
364
To Vera Cruz
-Jan. 10-Manzanilla, 600
600
To Copenhagen-Jan. 8
-Louisiana, 50
50
To Gothenburg
-Jan. 8
-Louisiana, 315
315
To Genoa-Jan. 12--Quistconck, 5,731
5,731
To Oporto
-Jan. 15-Jomar. 425
425
To Japan-Jan. 14
-Seattle Maru, 5.000
5,000
GALVESTON-To Havre
-Jan.9
-De Is Salle, 4,022-- _Jan. 15
Utah. 8.170- _ _Jan. 15-Saguache,2,000- _Jan. 14-Penrith
18.486
To Kobe:
-.Ian. 9
-Steel Worker, 620
620
To Liverpool-Jan. 10
-Scientist, 9,017
9.017
To Manchester-Jan. 10
-Scientist, 1.827
1.827
To Bremen-Jan.9
-West Durfee, 8,070
8,070
To Hamburg-Jan.9
-West Durfee, 200
200
To Ghent'
-Jan. 14-Pemrith Castle, 3,525
3.525
To Antwerp
-Jan. 14-Penrith Castle. 600
600
To Japan-Jan. 14-M. S. Dollar, 1.647
1.647
To China-Jan. 14-M. S. Dollar. 1,550
1,550
HOUSTON-To Liverpool-Jan. 11-Teleefora de Larrinaga, 1,813
__. an. 15
-Steadfast, 12,174
13,987
To Manchester
-Jan. 11-Telesfora de Larrinaga, 2.454..
Jan. 15
-Steadfast, 185
2,639
To Havre
-Jan. 11-Penrith Castle, 1.750
1,750
To Ghent
-Jan. 11-Penrith Castle, 750
750
To Antwerp-Jan. 11-Penrith Castle, 350
350
To Hamburg-Jan. 11-August Leonhardt, 637
637
To Bremen-Jan. 11-August t.eonhardt. 23
23
To Venice
-Jan. 13
-Teresa, 2.304
2.304
To Trieste-Jan. 13
-Teresa, 400
400
To Barcelona-Jan. 14
-Mar Tirreno, 3,403-__Jan. 14
-Barcelona, 3.125
6.528
To Genoa-Jan. 13
-West Iris, 5,104
5,104
To Christiania-Jan. 11-Louisiana, 100
100
CHARLESTON-To Havre
-Jan. 15
-Rio Azul, 216
216
To Antwerp
-Jan. 15
-Rio Azui 441
441
To Ghent
-Jan. 15
-Rio Azui, 434
434
MOBILE
-To Liverpool
-Jan. 12
-Maiden Creek, 3,774
3,774
To Manchester
-Jan. 12
-Maiden Creek, 1.184
1,184
NORFOLK
-To Manchester-Jan. 12-Pipestone County, 435
435
To Liverpool
-Jan. 13
-West Celina, 1,500
1,500
To Bremen-Jan. 13-Duell. 1,550
1,550
PHILADELPHIA-To Hamburg-Jan. 2-Nevisian, 10
10
SAN FRANCISCO
-To Japan-Jan. 10
-President Cleveland,
1,226- __Jan. 14-Taiyo Maru, 2,602
3,828
To Chiaa-Jan. 14-Taiyo Maru. 500
600
SAN PEDRO-To Liverpool
-Jan. 10-Lochkatrine, 3,543.
---Jan.
15
-Director, 1,220
4.763
SAVANNAH
-To Manchester-Jan. 12
-Coldwater. 1.200---Jan.
15-Argalia, 6,596
7.796
To Copenhagen-Jan. 12
100
-Delaware, 100
To Liverpool
-Jan, 15-Argalia, 6,981
6,981
SEATTLE
-To Japan-Jan. 8
900
-Arizona Maru, 900
1924-25._
7,000
498,000 772,000
1923-24_ _ 4:000 57,000 52,000 59,0001 35,000 239,000 435,000 1,102,000
1922-23- _ 5.000 59,000 88.000147,000I111,000 556,000 638,500 1.125,550
92.000156,000
76,000 411,050
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
48,000 bales. Exports from all India ports record a decrease
of 88,000 bales during the week, and since Aug. 1 show a
162,276
decrease of 330,000 bales.
COTTON FREIGHTS.
-Current rates for cotton from
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We New York, as furnished by Lambert & Burrows, Inc., are
now receive a weekly cable of the movements of cotton at as follows, quota
quotations being in cents per pound:
Alexandria, Egypt. The following are the receipts and
High StandHigh Stand..
High Standshipments for the past week and for the corresponding week
Density. ord.
Density. ant
Denotes. srd.
Liverpool .30e. .45e. Stockholm .50e. .65e.
.50o.
Bombay
.65e.
of the previous two years.
Manchester.300. 460. Trieste .450. .600 Gothenburg
Antwerp .350.
50c. Flume
.45c.
.45O.
.600. Bremen
Ghent
Alexandria. Egypt.
.4114e. .5614c Lisbon
.500. .650.
Hamburg .38%0. .5314e1924-25.
1923-24.
1922-23.
Havre
.500.
Rotterdam 400.
Genoa
.400.
January 14.
Receipts (cantare)Thls week
Sine° Aug. 1
Exports (bales)
-
145.000
5,816,237
90,000
5,182,880
120,000
4,830,374
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
- 123,556
To Liverpool
---- 141.958
____ 142,055 15,750 127,937 4,500 136,260
To Manchester, &c
6.500 85,921
To Continent and India_ 5,000 213,372 10.000 208,363 13.500 158.535
America
11,000 77.944 6,500 68,205 2,250
To
139,237
,
r,,s,,Imcnorts
16.000 556.927 32 25(1 UR SRI on "IXII CI n ne0
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Jan. 14 wer
145030 cantars and the foreign shipments 16,000 bales.
Christiania .50c.
.50c.
55c.
Abe.
.600.
Oporto
Barcelona
Japan
Shanghai
.750.
Piraeus
900.
&denies
.300. .4140.
.62340 .7740.
.
.671.40. .821.40
.
.600.
.70e.
.75e.
.90c.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total Imports
Of which American
Amount afloat
Of which American
Dec. 26.
16,000
11.000
1.000
42,000
627,000
487,000
108,000
84,000
376 000
280 000
Jan. 2.
16,000
10,000
57.000
708,000
557,000
167,000
121.000
392 000
310 000
Jan. 9,
39,000
26,000
1.000
84,000
764.000
608,000
138.000
108,000
352 000
263 000
Jan. 16.
34,000
21,000
1.900
84,000
723,000
567,000
51.000
25.000
369.000
309,000
THE CHRONICLE
352
[Vox. 120.
The tone of the Liverpool market for spots and futures shrunk to 23c., against 29c. recently, and 27%c. on the 14th
each day of the past week and the daily closing prices of inst. The Canadian pool was said to be selling. It is true,
however, that Winnipeg May wound up at Sc. over Chicago
spot cotton have been as follows:
May. The trading in Chicago was on an enormous scale.
Friday.
Wednesday. Thursday.
Wednesday's transactions there were officially reported as
Saturday. Monday, Tuesday.
Spot.
no less than 62,876,000 bushels. At Kansas City No. 2 red
A fair
A fair
A fair
Market, I
'
sold at $2 04. Liverpool stocks are 2,632,000 bushels, against
Quiet.
business
business
Quiet.
business
Quiet.
12:15 I
doing.
doing.
doing,
P. M. 1
848,000 last year at this time, and the United Kingdom port
stocks are 17,280,000, against 8,480,000 a year ago. These
13.08
13.04
13.07
13.05
12.97
13.00
Mid IID1'ds
official figures explain the recent absence of active buying
4,000
6,000
6.000
5,000
7,000
4,000
Sales
by England. The passage figures to England last week, too,
Quiet
Q't but sty were 9,760,000, against 9,693,000 a year ago. Many ContiQuiet
Quiet
Steady
Futures.
Market I Quiet. 1 to 4 pts. 10 to 14pts. 3 to 5 pts. 7 to 10 Dts. 1 to 5 Pts•
nental countries have been buying cautiously, owing to the
decline.
decline.
advance,
decline,
decline,
opened 1
abundant supplies reported in the Southern Hemisphere.
2
Steady Quiet but Steady Barely sty
Quiet
Market (Quiet.
4:00
I pts. adv. to 5 to 11 pts. 17 to 2Opts. sty 3 to 84 to 6 pts. unch. to 9 General indications point to a continued general foreign deaflvanra
R nta rIpn
dPellno.
nt2 dec.
9 *A
I 2 nta
tianlIna
mand during the spring, although France is now taking less
Prices of futures at Liverpool for each day are given below: wheat than expected. Argentine and Indian offerings are
fairly liberal, says Broomhall, but Australian pressure is
less accentuated except for very forward shipment and the
Thurs.
Fri.
Wed.
Tues.
Mon.
Sat.
Jan. 10
port labor situation, as elsewhere intimated, is less favorto
1214 12.4 1214 4:00 121( 4:00 1214 4:00 12(( 4:00 1214 4:00
p. m.p. m.p. m.p. m.p. m.D. m.p. m.D. m.p. m.p. m p. m.p. m. able. Chicago stocks decreased 900,000 last week to 8,237,000
Jan. 16.
In store and 962,090 bushels afloat, against 16,685,000 in all
d. 4.
d.
d.
d. I d.
d.
S.
d.
S.
S.
last year. World's shipments of wheat were 13,645,000 bushJanuary...... ---- 12.81 12.77 12.71 12.84 12.9012.87 12.8312.7512.7912.78
els last week, against 10,105,000 last week, and 14,966,000
February
_ 12.8312.79 12.72 12.85 12.90 12.86 12.83 12.76 12.7912.78
12.8912.85 12.7812.9212.97 12.94 12.91 12.83 12.87 12.85
March
last year. North America shipped 7,032,000 bushels. The
12.91 12.88 12.81 12.95 13.00 12.97 12.94 12.86 12.89 12.87
April
amount on passage last week increased 2,000,000 bushels. At
12.9812.9512.87 13.01 13.07 13.03 13.0012.92 12.9512.93
May
12.9912.99 12.89 13.03 13.0913.0513.02 12.94 12.96 12.94
June
Chicago, Cutten, Riordan, Mincer, Blum, Hellman, Seevill
13.02 12.9912.94 13.07 13.1413.0913.0612.9813.00 12.97
July
and Buckley are said to be decidedly bullish. If that be so it
.
.
12.96 12.92
August....... ____ 12.94 12.93 12.89 12.99 13.06 .
12.91 13.0012.95 12.95 12.8512.89 12.84
September_ _ _ ---_ 12.89 12.8.5 12.81
.
cannot be deemed strange that an advancing market has met
....... _ --- 12.79 12.77 12 7312.83 12.9212.8912.8912.89 12.8312.78
October
with no opposition. Jesse Livermore is reported to have had
.
November-- _ ____ 12.7012.68 2.6542.7512.8412,8012.8013.70 12.7512.70
a sunstroke at Palm Beach early in the week. Winnipeg
____ 12.67 12.65 12.62 12.72 12.81 12.7712.77 12.67 12.72 12.67
December
wired: "The buying was hard to locate. Everybody but
mills and exporters appearing to be doing it. Men who have
BREADSTUFFS.
been in the grain trade for years say they have never seen
anything like present interest in wheat by outside public;
Friday Night, Jan.. 16 1925.
Flour advanced early in the week in response to a rise of most of the local professionals out of the market and looking
on, believing wheat at present levels to be on very dangerous
1 to 5Y4c. In wheat, which then touched $185 for May at ground." Bucharest cables say that the exportation of
-and $2 or more at other Western wheat has been prohibited by the Government from Jan. 15.
higher
Chicago-later
centres. But buyers at once withdrew, if it could be called The decree authorizes the requisitioning of internal supplies
withdrawing where they had been withdrawn for a long time for the army and civil needs at a price approximately $45 per
past from active buying when it could be avoided. What is metric ton (equal to about $122 a bushel). It is believed
that adequate supplies are available to
meant is they became more reserved than ever. Their pur- along until the next harvest. It is said carry the country
that the farmers are
as a rule were only such as had to be made to supply reluctant to sell wheat. Before the war old Rumania exchases
Immediate wants. Export trade,too, was light, as prices ran ported around 1,000,000 tons of wheat annually, equal to
up past buyers' limits. Italy and other parts of southern about 37,000,000 bushels. To-day prices were irregular, but
/
2
/
2
Europe were said to be in the market, but the sudden rise ended 11 to 11c. higher. Speculation was broad and active,
even if price movements were mercurial. A reaction at one
stopped business. It is said Russia needs considerable quantime led to larger export buying, which was a big compentities of flour to tide over until the next harvest. The Rhine- sation. Exporters in foreign markets took in all positions.
superior it is estimated, 1,200,000 bushels of hard winter durum, Duland, it is stated, prefers American flour owing to its
quality. The population of the Rhineland and Westphalia luth spring wheat and Manitoba. England was the largest
Is 12,000,000. Both in the Northwest and Southwest business buyer. Foreign news was the saving factor in the situation.
was generally reported as smaller. Here many buyers are England also reported a good demand for Argentine and
said to be supplied for January. Russia was said to be in- Australian wheat. Premiums braced up with the export dequiring for fair quantities, but in general American prices mand in this country. And Australian shipments were not
seem to be above exporters' limits, to go no further. Small as large as expected. The technical position was improved
Ohio millers were trying to buy flour in that State and also by early liquidation. The Southwest reported sales of cash
some Pennsylvania mills, whatever the explanation. Kan- wheat to Seattle and San Francisco. And they want more.
sas City on the 15th inst. ran prices up to the highest seen American markets took the lead. Winnipeg trailed in the
rear. At St. Louis No. 2 red sold at $2 10, a new high. The
since the war. Minneapolis, however, reported trade quiet.
Wheat advanced to a new high level, with the cash situa- Northwest reported an excellent flour trade. Kansas City
tion tight, $2 wheat a reality, European markets rising and expects a decrease in its stock this week of 1,000,000 bushels.
foreign acreage of winter wheat 13% less than was har- It looks as though there would be a large decrease in the
vested in 1924. Also, there were indications that Europe still visible supply on Monday. That a big speculation is still
needed American wheat, notwithstanding stories that 500,- going on is evident from the fact that the transactions at
000 bushels had been sold back to the United States. The the Board of Trade on Thursday were 64,266,000 bushels.
United States, it is said, is gradually cutting loose from Final prices show a net rise for the week of 2 to 52 Tur/
1c.
Europe; that the domestic conditions will usurp the first key was reported to have bought five cargoes of Indian, Armaking prices, though European buying may have gentine and Australian wheat. England asked to-night for
place in
some natural influence from time to time. "Two dollar" large offers of American wheat. The Continent reported a
wheat, and over, was reached at Chicago, Omaha, Kansas good demand from Argentina.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
City, St. Louis and many other points. That fact had no
Sat. Mon. Tues. Wed. Thurs. Fri.
small sentimental effect. More favorable crop advices from
cts_2057 213
4
neutralized by rumors of a dock No. 2 red
21451 21214 21214 21354
India were in a measure
centres of Australia. To be sure. DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
strike at the big shipping
Sat. Mon. Tues. Wed, Thurs. Fri.
there are large stocks in the United Kingdom. The Conti- May delivery in elevator
ete-18034 18454 186
185
18434 184
July dellvery in elevator
15434 156% 157
nent at times showed less interest. The actual wheat, how- September delivery In elevator
15734 158% 1595(
_.,,,14634 14734 14634 146% 147% 148%
ever, dominated the situation. There was a better milling
demand at Chicago, St. Louis and Kansas City. It was also DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
reported that a cargo of durum wheat now in winter storage May delivery in elevator
cts_189
10234 10416 1925 10216 1923i
4
186
at Duluth had been bought by milling interests at Minne- July delivery in elevator
18834 191% 1895( 189
189%
Indian corn advanced .in the train of wheat, though at
apolis and that the wheat would be unloaded and shipped by
1c.
2
rail. On the 15th inst. prices closed irregular, that is / first it must be confessed it was with no great enthusiasm.
,
lower to lc. higher in Chicago and 1 6 to %c. lower in Winni- For the receipts were quite large. Cash corn was rather
peg. Trade was active, but the tone was erratic. There was weak, especially the lower grades. Chicago reduced its bids
an early advance, quite a sharp one, in response to stronger to the country on the 12th inst. for 60
-day shipments 2 to 9c.
European cables than were due and further talk of a dock under May for No. 3 yellow and 13e. under May for No. 4
strike in Australia. Also, there were reports of heavy and yellow. Liverpool was then weak. Buenos Aires reacted
damaging rains in parts of Australia. Rumania reported a and reported rainy or unsettled weather, which will help
decrease of 1.000.000 acres in its winter wheat acreage. Ar- the growing crop. That depressed Liverpool prices. World's
gentine exports were smaller than expected. Italy took 500,- shipments were nearly 3,700,000 bushels and the amount on
000 bushels of durum wheat in this country. There were evi- passage reached 15,640,000. The American visible supply
dences of further Italian demand. Winnipeg was for a time increased last week 2,389,000, as against a decrease last year
firm, though later it weakened. Bulgaria was inquiring for of 368,000 bushels. The total, too, is now 20,962,000 bushels,
500,000 bushels of seed wheat. On the rise the price ran into against 9,335,000 a year ago. Corn transactions have been
very heavy realizing sales and recoiled 11 to Sc. from the on a big scale. On Wednesday the total at the Chicago Board
/
2
early high. May closed at the lowest price of the day. Many of Trade was officially stated at 31,462,000 bushels. In
were selling May against purchases of July. The difference other words, speculation 1s broadening. On the 15th inst.
NNNNMNNNNNNN
owecnmmcgON4Cmi
.nt,00moo.00t,qm
,
,
AIrif•
JAN. 171925.]
UTE .CHRONICLE
353
FLOUR.
the final net price changes, however, were small, despite the
Spring patents
$9 40 510 00 Rye flour. patents
37 75@58 50
widening out of speculative business. At one time that day, Clears,first spring
890 Seminola No.2,lb
8 60
however, prices were up 2 to 2%c. Commission houses are Soft winter straights._ 9 00
3 4541) 36
8
9 25 Oats oods
9 50
3 40© 350
putting their customers into corn as something as yet com- Hard winter straights.. 9 00 10 00 Corn flour Hard winter patents.... 9 50
Barley goods
paratively unexploited. .Professionals took hold. Shorts Hard winter clears
450
8 00
850 Nos.2.3 and 4
Fancy Minn.
ran to cover. The cash markets were firm. Cash business City mills patents_10 75 11 40 Fancy pearl, Nos.2,3
750
10 90
11 40
and 4
reached a fair total. Many expect a decrease in the receipts
GRAIN.
before long. Certainly country offerings were only moder- Wheat, New York:
Oats:
69
No. 2 white
ate. It is true that Iowa points were reported to be asking No.2 red f.o.b
21334
No. 1 Northern
684
198k
No. 3 white
for bids. On the whole the tone was more confident on the
No.2 hard winter. f.o.b.- 198% Rye, New York:
buying side. World's exports were 3,682,000 bushels last
161X
No. 2 f. o. b.
Barley, New York:
week, against 3,275,000 'in the previous week and 2,562,000 Corn: 2 mixed
No.
109 to 113
Malting
14614
No.2 yellow
last year. There was a decrease in the amount on passage
Chicago
90 to
14735
99
For other tables usually given here, see page 302.
last week of 275,000 bushels. To-day prices advanced 11
4c.
net. There was a big business. Many are trying corn as a purThe destination of these exports for the week and since
chase. The undertone was very firm. Bullish factors in- July 1 1923 is as below:
cluded stormy weather, small country offerings, moderate
Flour.
receipts and rather firmer cash markets. Also, the strength
Wheal.
Corn.
Exports for Week
of wheat naturally helped corn. There was a good deal of
and Since
Week
Since
Since
Week
Since
Wee*
realizing on the upturns, but the market took it very well
July 1 toJan. 10 July 1
Jan. 10
July 1
Jan. 10
July 1
1924.
1925.
1925.
1924.
1925.
1924.
Indeed. Some, it is true, are bearish, and at times to-day the
market was irrgular. But on the whole there was no great
Barrels. Barrels.
Bushels. Bushels. Bushels.
Bushels.
pressure to sell. Professional operators took hold freely. United Kingdom_ 96,774 2,691,144 1,048,382 70,644,517
Continent
138,174 5,218:063 3,252,211 127,957,098
70,961
Last prices show a rise for the week of 41/a to Sc.
So.&Cent. Amer_ 7.495
12.000
798,830
11.200 • 349.300
589.136
NEW YORK.
DAILY CLOSING PRICES OF CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts_1424 143X 1434 145
145
1464
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_128% 129% 130q 132
132
133
Ally delivery in elevator
1294 1303 1314 1324
September delivery in elevator_ __ _129% 130% 131% 132X 132% 1341
132X 1334
CHICAGO.
West Indies
45,430
Brit. No. Am.Col_
Other Countries_
1,065,332
708,810
21,000
3,900
Total 1924-25_ _ 287,873 9,652,074 4.315,793 200,100,397
,
rntki 1022-94
970 079 2 ARK 527 A 110 Ad1 14R 021 084
51,000 1,603,501
308.142 2.421.925
783,997
6.135
363,599
4,000
84,150
39.000
The world's shipment of wheat and corn, as furmshed by
Broomhall to the New York Produce Exchange, for the week
Oats advanced early in the week, but rather sluggishly. ending Friday, Jan. 9, and since July 1 1924 and 1923,
Speculation showed no snap. Even a sharp rise in grain did are shown in the following:
not inject real life into the oats trading. Profit taking
Wheat.
Corn.
reined in advances. Not a few longs disgusted with the slow
1923-24.
1924-25.
1923-24. I
1924-25.
gait of the market got out. Also, the American visible supply last week increased 601,000 bushels, against a decrease
Week
Since
Since
Since
Week
Since
Jan. 9.
July 1.
July 1.
Jan. 9.
July 1.
in the same week last year of 1,087,000 bushels. This raised
July 1.
the total to such formidable figures as 72,729,000 bushels,
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
against 19,534,000 a year ago. Oats wound up on the 15th North Amer_ 7,032,000276,583,000 246,954,000
701,000 3,456,000
16,000
3,048,000 28,986,000 978,000 15,006,000 14,804,000
Inst. unchanged to %c. higher. Only a moderate business Black Sea_ 2,461,000i 49,739.000 46,532,000 2,688,000127,754,000 69,286.000
Argentina_
was done. Oats were dominated by the movements of other Australia --- 3,552,0001 23,116,000 21,408,000
India
grain. They lack independence; they had no individual ini- Oth.Countra 600,001 24,080,000 12.416.000
1,584,000
639,000 14,755,000
tiative. But receipts on the whole were only moderate.
Total __ __ 13.645,000376,566,000357,880.000 3,682,000144.100,000102.301,000
Country offerings were not large; in fact, of only fair size.
The visible supply of grain, comprising the stocks in
Omaha sold oats to the Southwest. World's shipments were
277,000 bushels last week, against 982,000 in the previous granary at principal points of accumulation at lake and
week and 710,000 last year. The amount on passage de- seaboard ports Saturday, Jan. 10 1925, were as follows:
creased 760,000 bushels last week. To-day prices were irGRAIN STOCKS.
Wheal.
Corn.
regular, closing slightly lower to a shade higher. Nothing
Oats.
Barley.
Rye.
Iro1--4 Star----bush,
bush,
bush,
bush.
bush.
striking happened. The trading was on a moderate scale. New York
3,564,000
714,000
131,000
937,000 2,976,000
Oats did not act well. They cut loose from other markets. Boston '
7,000
26,000
501,000
Philadelphia
1,340,000
94,000
158,000
205,000
Liquidation was the cause. Later on, it is true, they became Baltimore
2,767,000
53,000
307,000
250,000 6,141,000
steadier as shorts covered and scattered interests bought to Newport News
116,000
New Orleans640,000
1,808,000
504,000
2,000
36,000
some extent. Also, oats finally responded, even though Galveston
1,386,000
98,000
feebly, to the upturn in other grain. Not enough, however, Buffalo
5,029,000 1,161,000 1,235,000
275,000
653,000
•
11,561,000
106,000 4,710,000 1,765,000
to really vindicate the bullish position at the moment. Cash Toledo afloat
605.000
1,503,000
289,000
378,000
2,000
78,000
oats, indeed, were comparatively week, with very little
"
1,244,000
540,000
de- Detroit afloat
250,000
mand. Though the country offerings were light,
20,000
270,000
16,000
receipts Chic go
8,237,000 9,560,000 19,734,000 2,421,000
353,000
were fair. Oats acted Jwater-logged and show little
afloat
962,000
1,151,000
change Milwaukee
for the week; they were lf to 1
339,000
167,000 2,622,000
i3
366,000
4c. lower than last Friday on Duluth
494,000
8.971.000
84,000 11,222,000 4,004,000
216,000
May and July and %c. higher on September. Surely
" afloat
1,009,000
not an Minneapolis
1,383,000
Impressive record for the week.
13,232,000
305,000 22,160,000 1,190.000 2,179,000
Sioux City
DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues. Wed. Thurs.
No. 2 white
cts_
DAILY CLOSING PRICES OF OATS
FUTURES IN
Sat. Mon. Tues. Wed. Thurs.
May delivery in elevator
eta. 62
62
62$ 61% 61 V4
July delivery in elevator
61
62% 62
610
61 X
September &livery in elevator_ 59
59
59
59
59
DAILY CLOSING PRICES OF OATS
FUTURES IN
Sat. Mon. Tues. Wed.Thurs.
May delivery in elevator _____ cts_ 69
69
6954 69
.
RR
July delivery in elevator
69.i 704 70
693j 69
70
70
NEW YORK.
Fri.
70 70 70 69Si
CHICAGO.
Fri.
61
614
5934
WINNIPEG.
Fri.
RP1.4
60%
St. Louis
Kansas City
Wichita
St.Joseph. Mo
Peoria
Indianapolis
Omaha
335,000
366.000
495,000
2,478,000 1,059,000
357,000
13,934,000 4,284,000 2,227,000
2,521.000
944,000
597,000
260,000
60,000
939,000
576,000
718,000
348,000
2,847,000 1,268,000 2.105,000
7,000
20,000
132,000
13,000
2,000
179,000
11,000
1,000
73,000
258.000
21,060
Total Jan. 10 1925____86.837.000 20,962,000 72,729,000 22,457,000 5,099,000
Total Jan. 3 1925____91,492,000 18,573,000 72,128,000 21,999,000 5,469,000
Total Jan. 12 1924____72,566,000 9,335.000 19,534,000 19,379,000 3,047,000
Note.
-Bonded grain not Included above: Oats, New York, 368,000 bushels
Boston, 314.000; Buffalo, 214,000; Buffalo afloat, 683,000; Duluth, 72.000:
total, 1,651,000 bushels, against 1,487,000 bushels in 1924. Barley, New York,
1,461,000 bushels: Boston, 159,000; Baltimore, 179,000; Buffalo, 694,000; Buffalo
afloat, 282,000; Duluth, 14,000; total, 2,789,000 bushels. against 268.000 bushels
in 1924. Wheat, New York, 2.508,000 bushels; Boston, 227,000; Philadelphia,
1,106,000; Baltimore.817,000; Buffalo, 3,242,000; Buffalo afloat, 8,800.000; Duluth.
354,000; Toledo, 166,000; Toledo afloat, 549,000; Erie afloat. 762,000; total, 18,531,000 bushels. against 30,603,000 bushels in 1924.
Canadian
Montreal
1,693,000
312,000 3,394,000
Ft. William & Pt. Arthux.19,296,000
7
"
8.918,000 1,327,000 2.02,.
16
5." 1
afloat
1,388,000
1,207,000
680,000
Other Canadian
8,664,000
320,000 1,671,000
3,835,000
Total Jan. 10 1925_ __ _31,041,000
312,000 16,827,000 1,812,000 6,056,000
Total Jan. 3 1925____31,448,000
333,000 16,682,000 1.739,000 5,952,000
Total Jan. 12 1924____50,934,000
23,000 9,853,000 1,881,000 1,873,000
Summary
American
86,837.000 20,962,000 72,729,000 22,457,000 5,099,000
Canadian
31,041,000
312,000 16,837,000 1,812,000 6,056,000
Total Jan. 10 1925-117,878,000 21,274,000 89,566,000 24,269,000 11,155,000
Total Jan. 3 1925_122,940,000 18,906,000 88,810,000 23,738,000
Total Jan. 12 1924-123.500,000 9,358,000 29,387,000 21,260,000 11,421.000
4,920,000
Rye advanced 1 to 3c. early in the week, with Germany
and
Norway buying. Russia will, it is believed,
prohibit exports
. of rye to Finland owing to crop failure. Also, shorts covered, and the rise in wheat helped rye. The
American
ible increased last week 458,000, against only 63.000 vislast
year. The total is now 22,457,000 bushels, against
19,379,000
a year ago. Rye on the 15th inst. reflected
the
action of other markets. Profit taking in the end irregular
it. The close was 1%c. lower to Y higher. dominated
4c.
Rye
closely after wheat. There was only a moderate trailed
That was enough, it is true, to cause some early demand.
advance.
But the disposition to realize profits
like genuine firmness. And in the end precluded anything
what with liquidation, dulness of export trade and the pressure on the
May
delivery, the general list gave way. To-day
prices joined
those for other grain in the upward movement. True, there
WEATHER BULLETIN FOR THE WEEK ENDING
was some irregularity. But on the whole the tone was
firm. JAN. 13.
-The general summary of the weather bulletin
Export sales were estimated at 300,000 to 400,000
bushels, issued by the Department
of Agriculture, indicating the
mostly to .eGrmany and Finland. Of barley Europe took
100,000 bushels. Final prices for rye showed a rise for the influence of the weather for the week ending Jan. 13,follows:
A disturbance that was central over Manitoba at the
beginning of the
week of
week moved eastward across the Canadian Provinces
1y4 to 3%c.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mott. Tues.
eta 156% 158% 1604 Wed. Thurs. Fri.
May delivery in elevator
159% 157% 158%
M
138
138
July deliveryelevator
140
139
139
1394
September delivery in elevator_ __ _127
1284 1254 125
1254
TN CHICAGO.
The following are closing quotations:
during the first two
days and was attended by rising temperatures from the
upper
Valley eastward, and by the 7th the weather was somewhat Mississippi
warmer than
normal generally east of the Great Plains. The 8th
brought considerably
higher temperatures to the Southeast and the following
two days were
unseasonably warm in that area, but cooler weather
of the week. Temperatures continued persistently prevailed at the close
low
Plateau districts, especially in the nipper Colorado Valley,in the Western
while the latter
part of the week was cooler in the Southwest. Colder
weather had over.
354
THE CHRONICLE
spread the Central-Northern States at the close of the week, with zero
extending southward to central Iowa, and at the same time a sharp drop
in temperature occurred in west Gulf districts with freezing southward to
south-central Texas.
Weekly mean temperatures were higher than normal from the Mississippi
Valley eastward, except in a few limited areas, and also in the extreme
northern Great Plains and far Northwest. The week was especially
warm in the Southeast where some stations reported an average temperature
of 9 to 12 deg. above normal. It was generally cold from the central
and southern Plains westward, especially in the southern Rocky Mountain
districts, where locally the weekly mean temperatures ranged from 10 to
18 deg. below normal. Freezing weather did not reach the south Atlantic
or Gulf coasts and east of the Mississippi sub-zero temperatures were
reported only in the extreme upper Great Lake region and the interior
of the Northeast. The lowest temperatte reported for the week was
20 deg. below zero at Devils Lake. No. Dak., on the 13th.
Fair weather was the rule during the first two days of the week, but by
the 8th. at which time relatively low pressure had developed over west
Gulf districts, it became unsettled and cloudy throughout the South and
East. Thereafter several sluggish depressions of moderate intensity were
charted over the Gulf and south Atlantic districts with relatively high
pressure to the northward. This distribution was attended by continuously cloudy and showery weather in the Gulf and south Atlantic areas
and by frequent light snows in the interior valleys and some middle Atlantic districts. Rainfall was heavy in the South Atlantic and east Gulf
States, especially in central and northern Georgia where locally more than
three inches fell during the 24 hours ending at8 a. m.of the 11th. Near the
close of the week a storm advanced inland over the north Pacific districts
and precipitation was again general in the far Northwest.
Moderate to heavy rains occurred from the eastern portions of Texas
and Arkansas eastward and also in parts of the middle Atlantic area.
Rainfall was rather heavy also along the north Pacific coast, but elsewhere
the amounts were light to moderate. Very few stations reported measurable
amounts of precipitation from the central and lower Great Plains westward to the Pacific Coast. At the close of the week practically all Central
and Northern States were still snow-covered with substantial depths
continuing in much of the middle Atlantic area.
While the temperature was mostly mild in the Southern States,conditions
were generally unfavorable for field work in central and east Gulf areas
because of frequent rainfall and resulting wet soil, while it was too dry in
Much of Texas. Hardy vegetation made fairly good progress in the Southeast and improvement is noted in some sections, especially in Florida,
though heavy rains did some damage locally. In east Gulf and south
Atlantic areas many streams were in flood stage and some damage was
reported to farm lands, as well as to roads and bridges.
Except in the immediate Ohio Valley and locally in the upper Mississippi
Valley,fields continued well covered with snow in the interior and Northern
States, which was beneficial in general, although a menacing ice sheet remained in some sections. Temperatures during recent weeks in the North
have been mainly favorable for the formation of ice on ponds and rivers
and the harvesting of a good crop of splendid quality has advanced rapidly.
In the Central-Northern States the warmer weather and light precipitation
gave better conditions for outside work, with marketing more active, and
some corn husking accomplished.
Conditions were also more favorable for stock interests in the Northwest,
where the warmer weather was a decided relief, but the continued cold in
central and southern Rocky Mountain districts and the Great Basin was
unfavorable, though losses have been small. Vegetation grew slowly in
the far Southwest because of the cold weather, but no material frost damage
was reported.
SMALL GRAINS.—A good snow cover continued during the week over
much the greater portion of the winter wheat belt, though the ground was
bare in the immediate Ohio Valley section where alternate thawing and
freezing were somewhat unfavorable. There was some complaint of wheat
tops browning in the bare sections, though no general reports of heaving.
The ice sheet continued In parts of Illinois and over about three-fourths
of Missouri where similar conditions have prevailed for several weeks,
and the wheat crop is undoubtedly in a precarious condition. Reports
from the ice-covered area in Illinois are optimistic generally, but are decidedly pessimistic in Missouri.
The snow cover was reduced somewhat in Kansas, but was still mainly
sufficient for protection, and wheat is apparently in excellent condition in
that State, while reports from Oklahoma are mostly satisfactory. Ample
snow cover remained in the Rocky Mountains and in most of the-Northwestern States, though late reports from the far Northwest indicate that
damage there to wheat from the December freeze was more extensive than
at first thought. Conditions were favorable for cereal crops in the middle
Atlantic area, and mainly so in the Southern States, though they made
poor to only fair progress in Texas.
[Vol. 120.
THE DRY GOODS TRADE.
Friday Night, Jan. 16 1925.
Prospects of a steady distribution throughout the markets
for textiles were unaltered by developments during the past
week. Increased buying operations were noticeable and
large number of buyers continued to arrive to inspect the
new lines. Agents representing some of the largest and
most influential manufacturers throughout the country
stated that while they did not expect any great increase in
retail distribution during the next three months, the small
stocks in retailers' hands assured a more active demand from
this source within the near future. Basing their assumptions on these facts, selling agents are predicting a better
business for the future. In the meantime, raw materials
for the most part are holding steady. Raw cotton in particular appears to be more stable and has encouraged buyers in that division to operate with less constraint. In the
floor covering division, business was said to be of satisfactory volume, with mill operations larger than at any time
during the current season. The price situation continues
firm and the Stephen Sanford'& Sons, Inc., announced that
effective Jan. 15 their prices would be advanced on an average of 5%. An item of news which attracted considerable
attention during the week was the report that prominent
silk interests of New York were discussing the advisability
of establishing a raw silk exchange here. Representatives
of the New York Cotton Exchange, with whom the discussions were being carried on, were credited with saying that
such an exchange would eventually make New York the
leading market place of the world for trading in raw silk.
It is believed that if the proposition is backed by the Silk
Association of America it will be adopted within a comparatively short period. It is claimed that silk interests of New
York have long desired to have a futures market, and in
view of the fact that raw silk is a kindred commodity to
raw cotton, a logical place to trade in it would be on the
New York Cotton Exchange.
DOMESTIC COTTON GOODS: A fair volume of small
lot business was transacted in domestic cottons during the
week. Buying was chiefly of a filling-in character and
neither wholesalers nor retailers were disposed to antici.pate commitments very far ahead. However, the steadiness
of prices, due to the firmer undertone of raw cotton markets, greatly encouraged merchants and buyers who had
heretofore been more or less affected by the irregular fluctuations in the speculative markets. While more buyers
are due to reach the market, those already here operated on
a satisfactory scale. A better demand was reported for
wash fabrics which sold on a much larger scale, especially
novelties or highly styled fabrics. Cotton duck mills were
said to be doing a better business with some sold two or
three months ahead. A gradual revival in demand was also
The Weather Bureau also furnishes the following resume noted for colored cottons, prints and hosiery. Agents handling sheets and pillow cases and other domestics claimed
of the conditions in the different States:
Virginia.—Richmond: Warm first of week, but much colder latter part: that sales to retailers have been quite good, following a
rains with freezing temperature latter part prevented farm work. more active consumer demand throughout the
frequent
country. In
Winter grains and pastures benefited by moisture; considerable snow in
Western counties. Preparation of tobacco for market progressed under regard to the recent opening of the leading lines of cotton
favorable conditions.
blankets, a price reduction ranging from 7 to 10% was the
/
1
2
North Carolina.—Raleigh: Much cloudiness; rain latter half of week,
heavy in central and eastern portions and eastern rivers flooding. Farm feature due to cheapness of raw material as compared with
work at standstill. Wheat, oats, rye and truck doing fairly well. Dirt a year ago. The new lines included a variety of new prodroads heavy.
South Carolina.—Columbia: Most of week cloudy and wet with generally ucts highly styled and newly constructed and made of finer
cold nights. Moderate floods in all streams. Wheat, oats and rye fair to fabrics than used heretofore. Many buyers have been atgood. Truck in coast districts doing well. Little outdoor work, except tracted, and manufacturers report that
business booked has
chores, some hog killing and fruit tree pruning.
Georgia.—Atlanta: Moderate temperatures prevailed but heavy rains been highly satisfactory. Print cloths were moderately aclatter half of week caused flood stages in all the rivers of central and southern tive, with light weights, 28-inch, 64 x
64's construction,
Georgia. with moderate damage to farm lands, roads and bridges. Some
tobacco plant beds prepared and seeded in southeast. Truck doing well quoted at 7%c. and 27-inch, 64 x 60's, at 6%c. Gray goods in
and planting potatoes, peas, lettuce, spinach, &c., under way in south.
the 39-inch, 68 x 72's construction, are quoted at 10%c. and
Florida.—Jacksonville: Mostly mild temperature beneficial, and locally
heavy rains in most sections stimulated germination and growth of truck, 39-inch, 80 x 80's, at 13%c.
oats, grass and citrus trees, including satsumas in west. Rain damaged
WOOLEN GOODS: Although the markets for woolens and
strawberries locally. Potato planting continues in north; much of crop up
in central division. Cane improved in Everglades where sirup and sugar worsteds continued firm, business transacted was of modermaking begins soon. Planting tobacco beds continued in north. Large ate proportions. Spring
topcoats were the exception, and
shipments of truck and citrus fruit. Peaches blooming and budding preorders were still received by manufacturers in large volume,
maturely.
Alabanta.—Montgomery: Mostly unseasonably warm; general, locally due to the depletion
of retailers' stocks. In regard to the
heavy, rains on three days caused moderate freshets in rivers In eastern portion. In coast region truck crops and vegetables made satisfactory growth fall openings which were deferred on account of the late
improved, while farm work progressed rapidly; truck plentiful showing of spring goods, It is now
and pastures
expected that the Ameriin southeast portion: little growing elsewhere and little farm work accomcan Woolen Co. will probably announce their new fall lines
plished and pastures continue poor.
Mississippi.—Vicksburg: Adequate sunshine on coast, but deficient for men the latter part of the
current month. Independents
elsewhere. Temperature somewhat excessive. Moderate to excessive
rains general Thursday and Friday; scattered thereafter. Little farm will in all probability do likewise. Factors anticipating the
work accomplished; fair progress features truck.
opening have been watching the foreign wool markets with
Louisiana.—New Orleans: Temperatures mostly moderate, but freezing
nearly to coast at close of week. Moderate to heavy rain 8th to 11th. considerable interest. Indications that prices were easing,
Grinding sugar cane mostly finished. Plowing land and planting cane particularly for the finer wools, were the
source of much
progressing, but interrupted by rains; sufficient seed cane in good condition. satisfaction to prospective
buyers. This favorable developPastures poor to fair. Truck doing fairly well.
Texas.—Houston:. Temperatures moderate until last day when frost ment, however, was offset to some extent
by the higher
nearly to coast; little or no precipitation in western half, moderate In east- sterling rates.
ern half. Progress and condition of pastures, winter wheat, oats and
truck poor to fair. Plowing made slow progress with soil too dry in central
FOREIGN DRY GOODS: Markets for linens presented a
and west. All farm work backward. Dirt roads heavy in east, fair in west.
Oklahoma.—Oklahoma City: No precipitation of consequence; moderately quiet appearance during the week and importers'generally
cold but thawing during day. Sleet and snow mostly melted, but ground were dissatisfied
with the character of business. Expresfrozen hard except in southeastern and extreme south-central portions.
Wheat generally fair to good condition, but no growth. Pastures short sions ofoptimism, nevertheless, were heard in every quarter
but livestock in fair condition.
in regard to the future, and it was claimed that if the exArkansas.—Little Rock: Temperature slightly above normal; sunshine
50% of possible; precipitation light. Favorable for winter grains. Little pected improvement in business materialized sufficiently,
plowing done. Work consists principally of hauling wood, logging, butch- the present elimination
of bargain prices would be
ering, spraying and pruning orchards. Dirt roads good condition for seanent. Handkerchiefs, which have heretofore been inpermason.
active
Tennessee.—Nashville: Mild and wet; tending to revive crops, but prog- demand, were reported to have been
checked by the high price
ress slow. Wheat and oats backward. Livestock fair to good. 'Very
of piece goods. Less inquiry was noted for household goods.
little outdoor work. Roads bad.
Kentucky.—Louisrille: Moderate temperature more favorable for stock Burlaps ruled weak. Further easinesss in primary markets
and handling tobacco. Wheat tops have sickly appearance: roots seem
fair condition; some freezing at night, but lifting effect slight. Pikes fair: prompted reselling. Light weights were quoted at 7.80 to
dirt roads bad.
7.90c. and heavies at 9.50 to 9.60c.
Jew. 17 1925.]
THE CHRONICLE
355
Kansas City, Mo.—New City Charter to be Voted On.—
The voters of this city will vote at a special election next
month, on a new city charter, providing for, among other
things, a city manager form of Government. The date
tentatively set for the election is Feb. 24. However, it is
NEWS ITEMS.
stated, that it is hardly probable that this date will be
Arkansas City, Kan.—City Manager Plan to be Sub- changed.
mitted to Voters.—A special election to vote on the city
Massachusetts (State of).—Legislature Convenes.—The
manager plan of government will be held in this city on
Feb. 10. The city is now under the commission form of General Court convened in regular annual session on Jan. 7.
The new Governor-elect, Alvan T. Fuller, on the same day
government.
delivered the customary executive message to the legisAttalla, Ala.—Voters Asked to Endorse Proposition Pro- lators. In his message he pledges his best efforts to conviding for Sale of City's Water Plant.—We take the following tinue economy program, seeks rigid and impartial prohifrom the Birmingham "Age-Herald" of Jan. 7 with regard bition enforcement and would arbitrate commercial disputes.
Biennial sessions of the General Court, a gasoline tax,
to this matter:
Attalla's municipally owned water works will be sold to some private compulsory automobile liability insurance and methods to
concern if the people endorse the proposition at an election to be held on check crime are also advocated in the executive message.
Monday, Feb. 16. The Council Monday night adopted an ordinance
authorizing the sale of the plant, but it is not stated who the buyer may be. The Governor sees "a Commonwealth without a debt" and
It is though likely the property will fall into the hands of the Alabama urges continued efforts to rid the State of all indebtedness.
Water Co., which is now operating it under a lease which has seven years
to run. It is said the $20.000 still owed on the plant draws interest at He says:
jtate an Tit P.evartutent
the rate of $1,000 per year and that the rental does not pay half that
amount. It Is figured when the outstanding bonds mature the city will
owe $30,000 and will have very little equity in the plant, as the lessor is
constantly adding improvements in which the city has no property right.
It is expected that much opposition will develop against an outright sale.
Delaware (State of).—Legislature Convenes.—The Delaware State Legislature convened in regular biennial session
.on Jan. 6.
Idaho(State of).—Legislature Convenes.—The Legislature
of Idaho on Jan. 5 convened in regular biennial session.
Governor Chas. C. Moore on Jan. 6 read his message to the
law-making body. The following were given by the Portland
"Oregonian" on Jan. 7 as the outstanding features of the
Governor's message:
No expansion of Governmental activities; no amendments to Federal or
State Constitution; legislation for protection of timber and watersheds;
relief to settlers on State land; adequate appropriations for Public Utilities
Commission; higher license fees for commercial motor stages and trucks;
building of all highways, including north and south, without additional
appropriations; new banking code; repeal of predatory animal bounty
laws; stiffer syndicalism laws; building of penitentiary dormitory for first
offenders; short session.
In the many and varied activities of the Commonwealth expending annually millions of dollars, new ventures and new theories should be most
carefully tested before they are adopted. Departments recommending
increases in appropriations should also furnish information as to where and
how the additional revenue is to be obtained. The mere asking for appropriations. without any thought as to how the money is to be secured, may
be a comfortable and less annoying way of running a department, but it
tends to extravagance, carelessness and loose management. It is true
that "general taxation" or "general revenue" may be suggested as a routine
answer to such a query, but it does not squarely meet the issue.
The goal to which we should direct our continued efforts is a Commonwealth without a debt. It should be done. It can be done. A step in
that direction has been accomplished by my predecessor in office. Just
bear in mind the millions of dollars which Massachusetts has paid out in
interest alone and your resolution to help in the great achievement of
ridding the Commonwealth of indebtedness will be greatly strengthened.
There may be times of great emergency; there may be occasion for necessarily large expenditures which will require temporary loans of short duration. These can be readily taken care of without starting again to_pile
up a large indebtedness.
In his message the Governor also spoke on municipal
extravagance and said that "the most effective way to stop
tremendous and alarming expenditures of money by municipal authorities is to arouse public opinion thoroughly."
He continued on the subject as follows:
When the citizens realize that municipal taxation is the great and rapidly
growing burden that bears the most heavily upon them and that it is increasing in an almost unbelievable way,they will act. But action must be
prompt and thorough. It is the most important problem to-day in municiThe State of Idaho generally is on the upgrade toward prosperity, but pal affairs.
The general laws relating to the incurrence of debt by municipalities
many good, hard-working citizens of the State still face privation and
the loss of their homes. I have had ample opportunity to view this situa- were not changed during the 1924 session of the General Court, but the
tion and the truth is evident that in many sections of the State the taxpayers special Acts authorizing indebtedness outside the debt limit were so drafted
need a few years to get back on their feet after the serious reverses following that an initial contribution had to be made from revenue before a loan
could be made; furthermore, the periods of such loans were shortened.
the deflation of the recent war.
I am not asking that you sacrifice educational institutions, highways, This policy should be continued, and I would recommend that even further
conservation of resources, the care of the unfortunates or the essentials restriction be placed upon borrowing under the general law.
Municipal governments should be on their guard lest their enthusiasm
of Governmental functions, for all these must be carried on. At this
time I am not in favor of further amendments to our national or State for public improvements carry them beyond their real needs or beyond
Constitutions, new bond issues, creation of new counties, new judicial their ability to pay. The urgent need of to-day is a reduction in the tax
districts, new bureaus of commissions, or any new institutions, confining load and a check on the increase of debt, since the ease with which tax
building to necessary additions, or completion or furnishing of those now exempt securities can be floated frequently results in a reckless expenditure.
In 1910 the net debt of our municipalities was $168,546,115. and on Jan. 1
under construction.
1924 $225,167,642. or an increase of $56,621,527. The annual interest
this increase
Convenes.—The General on the State tax.alone amounts to over $2,250,000, or almost one-fourth
Indiana (State of).—Legislature
of
Assembly of Indiana convened in regular biennial session on
The most effective check on the unlawful expenditure of public funds
the
Auditor's or Comptroller's
Jan. 8. Governor Emmet F. Branch, in his message, is in the has been given to the need office, yet atthat present time little
persons especially
of requiring
thought
delivered on the opening day, recommended that a law be trained for this work be selected or of protecting them in their position
or favor. So long as a municipassed under which all bonds would be taxable. He also when performing their duty without fearprocess of law (taxation) accumupality
recommended the strengthening of the State's Blue Sky Law lationsis vested with the power to take by every possible safeguard should
of the individual for public service,
and requested that the legislators take favorable action on be thrown around the expenditure of the money so taken to insure its use
good of all.
the four proposed amendments to the State Constitution for the present law specifying the purposes for which a municipality may
Our
passed by the 1923 Legislature. One of these amendments borrow contains general provisions which permit a very liberal construction
without raising
by
provides for the levy and collection of taxes on income. thethose seeking to make a showing of improvements made have to be paid
improvements inevitably
tax
In recommending that a law be passed placing a tax on all for out rate in a given year; such
of future tax levies.
A general classification of municipalities based upon the assessed valubonds the Governor says:
corresponding classification of the application of the borrowThere has grown up in this State an economical menace in the form of ation, with awould result in a more systematic financing of public improveng statutes,
non-taxable property. At the end of the fiscal year 1923 there were out- ments and materially shorten the period of loans issued. The revenue
standing $163,760,238 worth of these securities on which no tax is being received from the automobile tax, while amounting to what appears to
paid. I believe I am right in my assertion that that amount has increased
of the amount of
considerable to-day. Money and property which should be taxed are be an enormous figure, is, nevertheless, less than one-half
going into these securities. Is it not fair to conclude that for every $100.- the annual interest payments on municipal debt.
.000,000 you take off of the tax duplicate you have to increase a levy on a
$100,000,000 worth of tangible property? So much revenue must be
Minnesota (State of).—Legislature Convenes.—The legisraised to meet the demands of Government, so I recommend that a law
lature on Jan.6 convened in regular biennial session, Goverbe passed by which all bonds shall be taxable.
legislative
The following is an excerpt from Governor Moore's message regarding the situation confronting the State:
nor Theodore Christianson read this message to the
Outlining the needs of the State Banking Department, body and make a strong plea through for strict economy in
Governor Branch remarked as follows:
administration. The Governor declares himself against the
One of the most important things I believe is that banks in the hands
.of receiver should be under the Banking Department and administered creationlof,new State obligations and urged the legislators
by their representative which can be done at a very nominal expense. to passiantact to make all public bond issues void unless
In this connection 28 States in the Union have laws placing banks in
rereceivership under the Banking Department. In Colorado last year a there is ample provision for their retirement. State
number of banks failed and they were liquidated and assets so conserved organization, executive power to limit exenditures, and
managed so economically that the total cost was only about 4% of
and
lower taxes were also urged by the Governor.
the deposits.
la The force of the Banking Department should be increased if the proAlthough the Governor has requested that no new State
visions of the law are to be carried out, which is that all banks under this debt be
created, the State Rural Credits Bureau will ask,it
Department shall be examined twice a year. We have a force of nine
examiners and a Deputy Commissioner who has to act as an examiner is stated, the legislature for a further authotization of
most of the time and no assistant examiners. There are 863 banks at
$20,000,000 state highway bond
this writing. In Michigan they have 597 banks, 19 examiners, 12 assistant $40,000,0001in bonds. A
examiners, two deputies and assistants and ten clerks and stenographers. issue was originally proposed for legislative action,13ut whether
In Ohio they have 748 banks under charge of the Department with 15
consideration is uncertain,it is also
examiners, four deputies, one assistant, one attorney, eight clerks and it will now come up for
stenographers. Each of these States have, as you notice, fewer institu- stated.
tions under their supervision than we have.
In Pennsylvania they have 896 banks, which is 33 more than we have,
Missouri (State of).—General Assembly Convenes.—The
but they have 41 examiners, 12 assistants and in their office 23 clerks
and stenographers. I do not feel it necessary at all to have a force so General Assembly of Missouri convened in regular biennial
but I do believe that the office force should be increased session on Jan. 7. The session is scheduled to run 70 days,
large as these,
and that the law should provide for assistant examiners, who would be in
training to take the position if some examiner resigns. As conditions it is stated.
are now we have practically no trained men in view to fill any vacancy
and this is rather serious.
In Indiana we have no law regarding what constitutes an excess loan,
a rule of the Department governing. Twenty per cent of the capital
should constitute the limit unless secured by real estate mortgage or by
Government or municipal bonds.
The Governor says with regard to prohibition:
Prohibition is here to stay and the public might as well realize it. If
the laws on this subject or any other criminal act are not clear they should
be clarified by proper legislation that the Courts and the public may know
what they mean.
Montana (State of).—Legislature in Session.—On Jan. 5
the State Legislature convened in regular biennial session.
Governor John E. Erickson delivered his message to the
legislature on that day. Ratification of the Child Labor
amendment to the Federal Constitution, revision of the laws
regulating the appropriation and use of water for irrigating
and other useful purposes, and encouragement and assistance
356
THE CHRONICLE-
for those who are charged with the duty of enforcing the
prohibition laws of the State, were some of the recommendations made by the Governor in his message. The Governor also urged a reduction in the interest rate on the warrants
outstanding against the State, which are placed at $3,000,000. The State is now paying 6%. Governor Erickson
suggested 4% as a reasonable rate under present improved
financial conditions. The Assembly should investigate the
feasibility," he said, "of issuing Treasury notes, or other
State paper, at as low a rate of interest as possible and
borrow money thereon with which to call outstanding
warrants, so that the State may save probably 2% on this
$3,000,000 indebtedness, until the State is able to pay the
same. A reduction of 2% on the interest rate would amount
to a saving of $60,000 annually on this outstanding indebtedness." The Governor also suggested that the State Banking
Laws be revised. He invites a committee investigation of
legislation on bank deposit guarantees, but urges no immediate action. He also asks legislation that will more strictly
regulate the issuance of charters to banks.
The Assembly has already taken action on the Governor's
proposal to reduce the interest on the State's warrants from
6% to 4%. A bill carrying out his suggestion was introduced
on Jan. 9.
[VOL.
The bill also asked to have the ammdment to Article 9,of
the Constitution, under the provisions of which the issue wasSection 4, of
to be made,
declared illegal and void.
The defendants demurred to the bill, but the Dauphin
Court
dismissed the demurrer, sustaining the bill and enjoining theCounty bonds
issue of
because no Act of Assembly had been passed authorizing the borrowing
of money and specifying the purpose for which it was to be used, as required by the constitutional provision.
At the same time the Dauphin County Court found
Article 9, Section 4, to be an unimpeachable part ofthe amendment of
the
From this decision the respondents appealed to the SupremeConstitution.
Court.
New Legislation to Legalize Road Bonds to Be Asked.—The
"Pittsburgh Gazette" on. Jan. 6 said:
No time will be lost by the State administration in presenting new legislation providing for issuance of the $50,000,000 Of highway building bonds
authorized by the people in 1922, since the Supreme Court has
upheld
the Dauphin County Court in declaring the Act of
1923 unconstitutional.
As soon as objections were raised to
struck down
It did not comply with provisions of the Act justlaw requiring on the ground
the organic
specific statement of purpose of the bond issue, steps
legislation which will be offered as soon were taken to prepare remedial
likely immediate action vrill be sought in as bills may be presented. It is
committee
for the first series, amounting to $15,000,000. so bids may be asked
This was the amount
of the offering last summer, when large
financial interests refused to bid
because of the question as to constitutionality.
Pennsylvania (State of).—Legislature Convenes.—On
Jan. 6 the Legislature convened in regular biennial session.
After adopting a resolution fixing April 16 as the date of
final adjournment, and, among other things, receiving the
biennial message of Governor Clifford Pinchot, the General
Assembly recessed until Monday, Jan. 19.
of).—Legislature Convenes—Governor's
New Jersey (State
The Pittsburgh "Gazette-Times" of
Message.—The Legislature of New Jersey on Jan. 13 con- lowing as the outstanding points in the Jan. 7 gives the folGovernor's message:
vened in regular annual session. Governor George S. Silzer
The most remarkable financial achievement
of this administration is not
delivered his second annual message to the Legislature on the paying off of the $29,000,000 debt, but the reduction of definciencY
appropriations.
the same day. The Governor emphasized his recommenda- What this administration is trying to do is to replace the old order of push
new order of co-operation and advancement
tions of last year that some method should be provided for and pull by apolice
based on merit.
The State
shouldered the brunt of the work of enforcing the
lowering taxes. He suggested that laws be enacted enabling Eighteenth Amendment.
Legislation is necessary to check at its source in the
individual citizens to appeal to a State board from proposed
breweries and alcohol
distilleries
municipal expenses, in the issue of bonds, the making and death the flood of illegal drink which is daily bringing suffering, disease
upon the citizens of this commonwealth.
Dope, drink and social vice have been eliminated from
of local budgets or general routine expenditures. He also
the penitentiaries.
Because it has been politically more profitable to appropriate
advocated the continuation of the half-mill tax for institu- jobs than for the building of institutions,
money for
Pennsylvania is far below a proper
tion relief and suggested the strengthening of the laws standard in certain types of welfare work.
The giant power plan is the latest development of the
governing building and loan associations.
Roosevelt conservetiortma
.
In his budget message, also delivered on Jan. 13, Governor
administration attaches the greatest importance to the
selection
of judges.
Silzer, ecommended that $18,705,533 42 be appropriated
for operation of the State Government from July 1 next to
South Carolina (State of).—Legislature Convenes.—
June 30 1926, an increase over the current fiscal year of Federal Child Labor Amendment
Rejected.—On Jan. 13 the
$1,170,924.
State Legislature convened in a regular scheduled session.
The Assembly and Senate concurred in a resolution limiting Beginning with this
session the Legislature will hereafter
the introduction of bills to the time between now and Feb. 14. meet biennially in
The Legislature will go in session again on Monday next, held annually, butodd years. Heretofore the sessions wen)
under an amendment to the State Conhaving recessed until that date.
stitution adopted by the voters on Nov. 4 1924 a change was
New York City.—Intereat Rate Fixed at 4% on Recently made to biennial sessions.
On Jan. 14, with no dissenting vote and without debate,
Authorized Assessment Bond Issue.—The city Sinking Fund
Commission at a special meeting on Jan. 13 adopted a resolu- the South Carolina Senate rejected the proposed Child
tion fixing the interest rate at 4% on an issue of $10,000,000 Labor Amendment to the Federal Constitution. The
assessment bonds. The bonds were authorized by the Board House also rejected the amendment by unanimous vote.
of Estimate on Jan.8. The action taken by the Commission
Tennessee (State of).—Legislature Convenes.—The Legiswill permit, it is stated, the sale of the bonds whereby the lature convened in regular biennial session•on Jan. 5. Among
Comptroller will be enabled to pay the claims of 3,000 em- the measures introduced so far is a Senate
ployees under the highways department and certain contrac- viding for the rejection on the part of the resolution proTennessee Legistors for improvement work done to the streets, which have lature of the Federal Child Labor Amendment.
been held up since Dec. 20, because the $10,000,000 bond
issue had not been authorized.
Vermont (State of).—Legislature Convenes.—On Jan. 7
1925 Budget of $399,604,228 Signed by Comptroller Craig.— the Legislature convened in regular biennial session. In his
The "Journal of Commerce" of New York on Jan. 15 said: message to the Legislators, delivered on Jan. 8, Governor
The 1925 city budget, amounting to $399,604,228. was made final yes- Franklin S. Billings made a plea for economy in administraterday by the signing of the document by Comptroller Charles L. Craig. tion and for strict law enforcement. An
increase in the
The Comptroller had delayed his signature because of the legal fight he
had waged to incorporate certain mandatory items in the budget to the State gasoline tax to 2c. a gallon was also recommended
of $650,000. The courts directed the Board of Estimate and the by the Governor. The Governor suggested
amount
that a tax be
Board of Aldermen this week to add those items. Some of the obligations
thus added to the budget will not be paid until finally adjudicated by the placed on hydro-electric plants and other water power
appealed.
courts, as they have been
developments.
"I recommend," he said, "that the
North Dakota (State of).—Legislature Convenes.—The left undisturbed and the State impose local property tax be
a very small per cent
North Dakota General Assembly convened in regular bi- tax on the gross receipts of these
companies. If this mode
ennial session on Jan. 6.
of taxation should prove difficult on account of plants in
The Senate has adopted, it is reported, a resolution this State being 'hitched up' to plants
calling on the United States Supreme Court to render an then some other plan should be found." outside the State,
immediate decision in the North Dakota State grain grading
Wyoming (State of).—Legislature in Session—First
case, which was submitted to the Court about nine months
ago. It is stated that the constitutionality of the grain Woman Governor's Address.—The Legislature convened in
grading law, initiated at an election in November 1922, biennial session on Jan. 13. Elected to fill the vacancy'
was attacked by the Farmers' Grain Co. of Embden, in- caused by the death of her husband, Governor Mrs. Nellie
junction obtained and the case appealed to the U. S. Supreme T. Ross, the first woman Governor, addressed the Wyoming
Court by the State. A bill has been introduced in the Legislature on Jan. 15. In her message Mrs. Ross urged
Assembly, it is also reported, to increase the State gasoline equal tax and expressed hope that favorable action would
tax from 1 to 2 cents per gallon.
be taken by the Legislature on the Federal Child Labor
Amendment to the Federal Constitution.
-1923 Enabling Act UnconPennsylvania (State of).
stitutional—Dauphin County Court Sustained.—According to
the "Philadelphia Record" of Jan. 6, the Supreme Court,
BOND PROPOSALS AND NEGOTIATIONS
in an opinion by Chief Justice von Moschzisker, on Jan. 5 this week have been as
follows:
affirmed the Dauphin County Court in granting an injuncABERDEEN,
tion restraining the State Employees' Retirement Associa- Sealed bids will beMoore County, No. Caro.—BOND OFFERING.—
2 p. m.
tion from purchasing part of a $15,000,000 bond issue which Clerk, for $60,000 received until bonds toJan. 21 by H. A. Gunter, Town
street impt.
bear interest at a
not to
the Governor proposed to sell under the provisions of the exceed 6%. Date Oct. 1 1924. Denom. $1,000. Due Oct. 1ratefollows:
as
payable in Mew York
Act of June 6 1923 (see V. 119, p. 485 and 603). The $6,000, 1925 to 1934 incl. Prin. and int.(A. &
In gold. Coupon bonds with privilege of registration
as to principal only.
The bonds are to be prepared under the supervision of the U. S. Mtge. &
"Record" also said:
The suit was brought by Charles H. Hollinger, a taxpayer, and named Trust Co., N. Y. City, which will certify as to the genuineness of the
as respondents Clyde L. King and Charles A.Snyder et al., State Employees' signatures of the town officials signing same and the seal impressed thereon.
Retirement Board members, and Leon Henderson, State Employees' The approving opinions of Chester B. Masslich, N. Y. City, and J. L.
Morehead, Durham, No. Caro., will be furnished the purchaser. A
Retirement Board Secretary.
certified
In addition to asking for an injunction, the bill in equity asked to have payable check, upon an incorporated bank or trust company, for $1,200.
to the order of the Town Treasurer, is required.
the Act declared invalid as a violation of Article 9, Section 5, of the Constitution. which provides: "All laws authorizing the borrowing of money
BOND SALE NOT COMPLETED.—The sale of
street
shall specify the purpose for which the money Improvement bonds, awarded to W.L. Slayton & Co.$60,000 5M%
by and on behalf of the State
of Toledo on Dec. 10
is to be used, and the money so borrowed shall be used for the purpose (V. 119, p. 2008), was not completed because of a defect in publishing the
notice of bids.
specified and no other.'
JAN. 171925.]
THE CHRONICLE
ALLEGANY COUNTY (P.O. Cumberland), Md.-BOND OFFERING
POSTPONED.
-The offering of the 8500,000 4% %, coupon school bonds
which had been scheduled for Jan. 13-V. 119, p. 2918
-was postponed.
ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh
-M. M. Freeman & Co. of Philadelphia
-BOND SALE.
County, Pa.
have been awarded the $350,000 451% coupon school bonds offered on
Jan. 13 (V. 119, p. 2908) for $361.301 50, equal to 103.229, a basis of about
4.03%. Date Yob. 2 1925. Due yearly on Feb. 2 as follows: $32,000,
1930: $40,000, 1935: $50,000, 1940: $61,000, 1945: 875,000, 1950, and
$92,000, 1955. Other bidders were:
B(d.
Graham, Parsons & Co., Philadelphia
102.815
W.11. Hammen & Co., New York
103.027
Co., New York
Harris, Forbes &
102.389
Lewis & Snyder.Philadelphia
Premium $10,206 00
Lehigh Valley Trust Co., Allentown
103.211
Mellon National Bank,Pittsburgh
Premium $10,783 50
W. H. Newbold's Sons, Philadelphia
102.8611
E. B. Smith & Co., Philadelphia
102.89
ARKANSAS AND MISSOURI HIGHWAY DISTRICT (P. 0. Litt'
Rock), Pulaski County, Ark.
-BOND SALE.
-An issue of $450,000 5%
highway bonds was purchased by Stix & Co. of St. Louis. Date Jan. 1
1925. Denom. $1,000. Due Sept. 1 as follows: $12.000, 1925; $13.000,
1926 and 1927; $14,000. 1928 and 1929; $16,000, 1930 and 1931; $17,000.
1932: $16,000, 1933; $17,000, 1934; $18.000. 1935: $19,000, 1936: $20,000,
1937; $21,000, 1938 and 1939; $33.000, 1940: $38,000, 1941: $42.000.
1942; $46,000. 1943. and $44,000, 1944. Prin. and int.(M.& S.) payable
at Liberty Central Trust Co., St. Louis, Mo. Legality approved by
Rose, Hemingway, Cantrell & Loughborough of Little Rock.
Financial Statement.
Actual value of real property. estimated
Assessed value of real property in district for State and county UW.000.M
taxation
40,000.000
Total assessed benefits
1,869,051
Total bonded debt,including this issue
10170.000
Population, officially estimated, 117,000.
AUDUBON SCHOOL DISTRICT (P. 0. Audubon), Camden County, N.J.
-BOND OFFERING.
-Sealed proposals will be received by George
N. Hoffman. Clerk Board of Education, at the School Board Room, School
House No. 1. at Oak Street and Oakland Avenue, Audubon, until Feb. 6
at 8 p. m., for the purchase of each of the following issues of school bonds,
the amount of the issue stated in each case being the maximum amount of
bonds which may be issued,and the amount which is required to be obtained:
8460,000 454% school bonds of the denom. of $1,000 each, to be dated
March 1 1925, and $11,000 will mature March 1 1926 to 1955.
Inclusive, and $13,000, 1956 to 1965, inclusive.
40.000 4%% school bonds of the denom. of $1,000 each, to be dated
March 1 1925, and $2,000 will mature March 1 1926 to 1945.
Inclusive.
All of the bonds are in coupon form with the privilege of registration as to
principal and interest or as to principal only. Interest is payable semiannually March 1 and Sept. 1, and both principal and interest will be
payable at the Audubon National Bank, Audubon, in gold. Each issue of
bonds will, unless all bids are rejected, be sold to the bidder or bidders
complying with the terms of sale and offering to pay not lees than the sum
• anove stated for each issue and to take therefor the least amount of bonds
commencing with the first maturity, and stated in a multiple of $1.000
and if two or more bidders offer to take the same amount of such bonds,
then such bonds will be sold to the bidder or bidders offering to pay therefor
the highest additional price. In addition to the price bid. the purchaser
must pay accrued interest from the date of the bonds to the date of delivery.
Each bidder must dpeosit a certified check for 2% of the amount of the
bonds bid for, drawn upon an incorporated bank or trust company, to the
order of the Board of Education. Bonds will be delivered to the successful
bidder at the office of the District Clerk,in the Borough of Audubon, N.J.,
(or at such other place within the State of New Jersey as may be mutually
agreed upon), on the 1st day of March 1925, or as soon thereafter as they
may be prepared.
-BOND SALE.
-The followBENSON, Johnston County, No. Caro.
ing improvement bonds offered on Sept. 4 (V. 119, p. 970) were awarded
to the Citizens' Bank & Trust Co. of Benson as 6s at a premium of $600.
equal t638 .
o0 100 Nin 1.(, e o 5 %
a basis of .
:
1:?onds Du March 1 as follows: $5,004),
v e t9
1926 to 1935 incl., and 14:000, l936 to 1945 incl.
3
e
10,000 water and sewer bonds. Denom.$500. Due $500 Mar. 1 1926 to
1945, incl.
Date Sept. 1 1924.
-BOND OFFERING.
BENTON COUNTY (P. 0. Fowler), Ind.
Robert A. Swan, County Treasurer, until 2o. m. Jan. 26 will receive sealed
bids for $12,140 55' James B. Embleton et al. highway improvement coupon
bonds. Denom. $607. Date Jan. 15 1925. Prin. and semi-ann. int.
(M.& N. 15) payable at the office of the County Treasurer. Due $1,214
every six months from May 15 1926 to Nov. 15 1930 incl.
BIG PRAIRIE SPECIAL SCHOOL DISTRICT (P. 0. Big Prairie),
Holmes County, Ohio.
-Sealed proposals until
-BOND OFFERING.
1 p. m. Jan. 31 will be received by E. D. Alleman, Clerk, Board of Education, for $25,000 5% coupon school bonds. Denom. $2,000 and one for
$1.000. Date Feb. 1 1925. Int. semi-ann. Due yearly on Sept. 1 as
follows: $1,000, 1925. and $2,000, 1926 to 1937 incl. Certified check for
5% of the amount of bonds bid for, upon some solvent bank, payable to
the Board of Education, required.
BLANCHARD TOWNSHIP SCHOOL DISTRICT (P. 0. Blanches-We are
ter), Clinton County,Ohio.
-ADDITIONAL INFORMATION.
now in receipt of the following additional information in connection with the
$13,983 school bonds sold to the First National Bank of Blanchester for
$13,988, equal to 100.03, as was reported in our issue of Feb. 23 (page 932).
Date Dec. 31 1923. Due Aug. 1 1932. Legality approved by Shaffer &
Williams of Cincinnati. Net income basis, 5.99%.
-An isstieM
BLOOMFIELD, Stoddard County, Mo.-BOND SALE.
$54,000 5% coupon water works bonds was purchased by the Bloomfield
Bank and the Stoddard County Trust Co., both of Bloomfield. Date
Jan. 1 1925. Denom. $1,000. Int. payable (Jan. 1) at the office of
the City Treasurer at Bloomfield.
BOYNTON, Palm Beach County, Fla.
-BOND DESCRIPTION.The $100,000 (55', impt. bonds awarded to the Farmers Bank & Trust Co.
of West Palm Beach
-are described as follows: Date
-V. 120, p. 110
-year periods. Int.
Oct. 1 1924. Denom. $1,000. Due in 30 years in 5
payable semi-ann.
BREMEN SCHOOL DISTRICT (P. 0. Bremen), Fairfield County,
Ohio.
-In connection with the $160.-ADDITIONAL INFORMATION.
000 school bonds sold to Stranahan, Harris & Oasis of Toledo, as was reported in V. 119. p.3037, we are in receipt of the following: The bonds were
sold for $163,008, equal to 101.87. Denom. $1,000. Date Dec. 1 1924.
Int. M.& S.
-At
-BONDS VOTED.
BROWN COUNTY (P. 0. New Ulm), Minn.
an election held recently the voters authorized the issuance of $250.000 road
bonds by a vote of 3 to 2.
BUNKIE, Avoyelles Parish, La.
-BOND SALE.
-The $40,000 water
works bonds offered on Jan. 6-V. 119, p. 2909
-were awarded to L. E.
French & Co. of Alexandria as 514s at a premium of $453, equal to 101.13.
Dste Dec. 1 1924. Denom. $1,000. Due serially 1925 to 1939, incl.
Interest payable (J. & D.).
AUGUSTA, Butler County, Kan.
-BOND OFFERING.
-Until 7:30
P. m.,Jan. 19 sealed bids will be received by Paul Rossdoutscher, City
Clerk, for the following bonds aggregating $36,000.
$12.000 414% water works bonds. Date Feb. 1 1925. Due as follows:
$1.500, 1926. 1928, 1930, 1932. and 81.000, 1927, 1929,
1931 1933, 1934 and 1935.
'
24,000 4%% internal impt. bonds. Date Feb. 20 1925. Due 1 to 10
years. Denom. $500.
A certified check for 2% of bid is required.
r"' BALTIMORE COUNTY (P. 0. Towson), Md.-BOND SALE.
-Alex.
Brown & Sons of Baltimore were the successful bidders for the following
issues of 454% coupon bonds offered on Jan. 13-V. 119, p. 2787
-at 103.913, a basis a about 4.17%.
$500.000 ratio school bonds. Due on Feb. 1 as follows: $10,000, 1927
12,000, 1928; $14,000. 1929 816,000, 1930; $18,000. 1931
21,000. 1932: $24,000, 1933 $27.000, 1934; $30,000, 1935
$33,000. 1936; $36,000. 1937 839,000. 1938; $42,000. 1939
$45.000, 1940;$48.000. 1941;$51.000, 1942:$34.000. 1943.
750,000 public road and school bonds. Due on Feb. 1 as follows: $75,000,
1944: $130,000, 1945; $135,000, 1946: $140.000, 1947; $145,000.
1948, and 25,000. 1949.
Denom. $1,000.
ate Feb. 1 1925.
BATTLE CREEK, Calhoun County, Mich.
-BOND SALE.
-The Old
National Bank of Battle Creek purchased $40.000 paving and sewer bonds
for $40,264, equal to 100.66. Purchaser to pay for printing of bonds
and legal opinion.
BEAR LAKE COUNTY (P. 0. Paris), Idaho.
-BOND SALE.
-The
following bonds, aggregating $150,000, offered on Jan. 10 (V. 120, D. 110)
were awarded as follows:
$50,000 refunding bonds to the Palmer Bond & Mortgage Co. of Salt
Lake City as 5518 at 103.75-a basis of 4.87%. Due $5,000, 1935
to 1944, inclusive.
150.000 road bonds to the Edward L.Barton Co. of Salt Lake City as 534s
at 103.75-a basis of4.87%. Due $10,000, 1935 to 1944,inclusive.
Date Jan. 1 1925. Denom. $1,000. Interest payable J. & J.
BEAUFORT, Carteret County, No. Caro.
-BOND OFFERING.
M.A. Hill. Town Clerk, will receive sealed bids until 12 m. Feb. 7 for $75,000 6% street improvement bonds. Date Jan. 1 1925. Denom. $1,000:
Due Jan. 1 as follows: $3,500, 1926 to 1935 incl., and $4.000, 1936 to 1945
incl. Prin. and int. (J. & J.) payable in gold coin at the Hanover National
Bank, N. Y. City. Coupon bonds, registerable as to principal only or as
to prin. and int. A certified check to• the order of W. L. Stencil, Town
Treasurer, drawn upon an incorporated bank or trust company,is required.
• BELL-DIXON CONSOLIDATED SCHOOL DISTRICT, Decatur
-The Trust Co. of Georgia of Atlanta purCounty, Ga.-BOND SALE.
chased an issue of $8,000 6% school bonds during the latter part of 1924 at
Interest payable M. & S.
97.50.
BELMONT, Belmont County, Ohio.
-BOND OFFERING.
-W. M.
White. Village Clerk, will receive sealed bids until 12 m.Feb.6 for $6,867 94
.6% property owners' share Main St. 'rapt. bonds. Denom. $500 nad
$300, and one for $467 94. Date Dec. 1 1924. Int. A. & 0. Due
yearly on Oct. 1 as follows: $800, 1925 to 1932 incl., and $467 94, 1933.
Certified check for 10% of the amount of bonds bid for, payable to the
, Village Treasurer, required.
-BOND OFFERING.
BELPRE, Edwards County, Kan.
--Until 7:30
p. m. Jan. 20 sealed bids will be received by V. E. Mammel, City Clerk,
for $34,000 41.1% internal impt. bonds. Date Feb. 1 1925. Denom.
$2,000, 1929
$600. Due Feb. 1 as follows: 2% of bid is to 1945 incl. Int. payable
required. Said bonds will be
F. &$A. A certified check for
sold subject to their acceptance or rejection of same by&the State School
Commission o 1Kansas.
Fund
, I u age, ounty,
• E.- he White..
Phillips Co. of Davenport has purchased $14,400 5% water works bonds.
and $100. Date Dec. 1 1924. Prin. and semi-ann. int.
, Denoms. $1,000
(LIscop.) payable at the office of the Village Treasurer. Due yearly on
Legality
' Dec. 1 as follows: $2,400, 1935. and $3,000, 1936 to 1939 incl
approvedlby F. C. Duncan of Davenport.
357
-Sealed
BURLINGTON, Racine County, Wis.-BOND OFFERING.
bids will be received until 2 p. m. Jan. 30 by the City Clerk for $30,000
5% city hall bonds.
-A. T.
-BOND SALE.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
Bell & Co.of Toledo purchased the $302.736 504%% I. C. H.No.19 bonds
offered on Jan.9(V. 120, p. 110) at par and accrued interest plus a premium
of $862 84, equal to 100.28-a basis of about 4.44%. Date Feb. 1 1925.
Due yearly on Sept. 6 as follows: $36,736 50. 1926, and 538,000. 1927 to
1933. inclusive.
CALCASIEU PARISH SCHOOL DISTRICT NO. 21 (P. 0. Lake
-Sealed bids will be received until
-BOND OFFERING.
Charles), La.
11 a. m. Feb.3 by F. K. White, Secretary Parish School Board, for $75,000
school-building bonds to bear interest at a rate not to exceed 6%. Date
March 2 1925. Denom. $500. Due serially for 15 years. Interest payable M. & S. A certified check for 2% of bid, payable to F. K. White,
Treasurer, is required. Bids are conditioned on the approval of Wood &
Oakley, who will examine transcript and pass on legality of proceedings
held in connection with issue of bonds.
-BOND SALE.
-The
CAMBRIA COUNTY (P. 0. Ebensburg), Pa.
Mellon National Bank of Pittsburgh purchased the $500,000 4%% road
and bridge bonds offered on Jan. 9(V. 110, p.2788) for $511.212 50, equal
to 102.24. a ba.sis of about 4.04%. Date Jan. 151925. Due Jan. 15 1926
to 1948, inclusive. Other bidders were:
Premium.
Premium.
$7,118
$7,850 Lewis & Snyder
Graham, Parsons & Co
Freeman & Co
6,350 M. M.
7,445
Biddle & Henry_ .
10,030
6,600 Union Trust Co
Redmond & Co
7,065
W. H. Newbold's Son & Co-- 9,495 Harris, Forbes & Co
-TEMPORARY LOAN.
CAMBRIDGE, Middlesex County, Mass.
On Jan. 13 a temporary loan of $400,000, offered on that day, was sold to
the National Shawmut Bank of Boston on a 2.67% discount basis. Notes
will be dated Jan. 15 1925 and payable March 25 1925 at the National
Shawmut Bank of Boston. in Boston, or at Chase National Bank, New
York, at the option of the holder, and will be ready for delivery on or
about Jan. 14 1925. These notes will be certified as to the genuineness of
the signatures thereon by the National Shawmut Bank of Boston: The
bank will further certify that the validity of the notes has been approved
by Ropes, Gray, Boyden & Perkins, of Boston, Mass.
CARLSTADT SCHOOL DISTRICT (P. 0. Carlstadt), Bergen
-Philip Sheridan, District Clerk, will
County, N. J.
-BOND OFFERING.
receive sealed bids until 7:30 p. m. Jan. 28 for an issue of 5% coupon or
registered school bonds not to exceed $15,500, no more bonds to be awarded
than will produce a premium of $1,000 over $15,500. Denoms. $1,500 and
$1,000. Date Jan. 15 1925. Principal and semi-annual interest (J. & J.)
payable at the Carlstadt National Bank of Carlstadt. Due yearly on
Jan. 15 as follows: $1.000. 1926 to 1936, inclusive, and $1,500, 1937 to
1939. inclusive. The bonds will be prepared under the supervision of the
American Bank Note Co. of East Rutherford, which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon.
Certified check for 25' of the amount of bonds bid for, payable to the
Custodian of School Moneys, required.
-BOND OFFERING.
CASS COUNTY (P. 0. Logansport), Ind.
J. J. McCormick. County Treasurer, until 10 a. m. Feb. 14 will receive
sealed bids for $19,000 5.% James Winters road bonds. Denom. $475.
Date Feb. 15 1925. Int. semi-ann. Due $950 every six months from
May 15 1926 to Nov. 15 1935 incl.
CEDAR COUNTY SCHOOL DISTRICT NO. 101 (P. 0. Wynot),
Neb.-BOND SALE.
-The Omaha Trust Co. of Omaha purchased an
issue of $12,000 6% registered refunding bonds at par. Date Dec. 1 1920.
Due Dec. 1 1940, optional Dec. 1 1925. Interest payable (J. & 13.)•
Notice of the sale of the above bonds to an Omaha house was given in
V. 119, p. 2091.
CHAMPION TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
R. F. D. Warren, Route No. 3), Trumbull County, Ohio.
-BOND
SALE.-Stranahan. Harris & Oatis of Toledo have been awarded the $60.000 555% fireproof school building bonds, offered on Dec. 13-V. 119.
p. 2872
-for $63,648, equal to 106.08, a basis of about 4.90%. Date
Dec. 1 1924. Due every six months as follows: $1,000. April 1 1926 to
Oct. 1 1929, incl.: $2,000 April 1 and Oct. 1 1930: 82,000, April 1 1931 to
Oct. 1 1934, incl.; $2.000. April 1 and Oct. 1 1935; 32.000, April 1 1936
to Oct. 1 1939, incl.: $2,000, April 1 and Oct. 1 1940: $1.000, April 1 1941
to Oct. 1 1944. incl.; land Oct. 1, 1945:81,000. April 1 1946 to Oct. 1 1949,
incl., and $2,000. April 1 and Oct. 1. 1950. The above supersedes the report which appeared in V. 119. p. 3037.
CHALFANT (P. 0. East Pittsburgh), Allegheny County, Pa.
BOND SALE.
-The Mellon National Bank of Pittsburgh purchased the
358
THE CHRONICLE
[VOL. 120.
ri,000 4% borough bonds offered on Jan. 13-V. 119, p. 2910
0 43 %
,
6
-for
The bonds were reoffered and sold on Nov. 10 to Seasongood & Mayer
0,720 equal to 102.40. a basis of about 4.29%. Date Dec. 15 1924.
at 108.21, a
T!,00 bee.15 as follows: $5,000 1929,1934,1939,1944. 1949 and 1953. of Cincinnati 119. p. 2315.basis of about 4.68%. Notice of this sale apue on
peared in V.
CHENANGO COUNTY (P. 0. Norwich), N. Y.
-On
-BOND SALE.
CROWELL, Foard County, Texas,
-An election
Jan. 14 Sherwood & Merrifield, Inc., of New York purchased $200,000 will be held on Jan. 27 for the purpose -BOND ELECTION.
of voting on the question of issuing
highway improvement bonds as 4(s at 101.738, a basis of about 4.11%• $50,000
% sewer bonds. J. E. Kimsey, City Secretary.
Denom. $1.000. Date Feb. 1 1925. Int. F. & A. Due $20,000 Feb. 1
1941 to 1950 incl. Legality approved by Clay & Dillon of New York.
.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
Hayden, Miller & Co. of Cleveland purchased the following
-OTHER BIDDERS.
CHICAGO,111.
-Other bidders for the six issues of the five issues of 5% County Sewer District No. 1 assessment four issues or
bonds offered
4% bonds, aggregating $7,530.000, sold on Jan.6 to a syndicate headed by on Jan. 14-V. 120, p. 234
-at par and accrued interest, plus a premium
Harris, Forbes & Co. of New York at 97.81, a basis of about 4.29% (see of $11,375 50, equal to 104.04, a basis of
about 4.40%:
V. 120, p. 234). were as follows:
$77,000 Water Supply Impt. No.42 bonds. Denom. $1,000. Due $7,000•
Guaranty
of N.Y., Equitable Trust Co., Lee, Higginson & Co.,
Oct. 1 1926 to 1936. incl.
Eldr
e & Co., Ames, Emerich & Co., Marshall Field, (Bore
ore,
9,000 Water Supply Impt. No. 63 bonds. Denom. $1,000. Due
Ward
Co., tevenson, Perry, Stacy & Co., E. H. Rollins &
$1,000 Oct. 1 1926 to 1934, incl.
Sons, W. A.'Harriman & Co., Detroit Co., Northern Trust Co.,
188,000 Sewerage Impt. No. 38 bonds. Denom. $1,000. Due yearly on
Keane, Higbie & Co., Kean, Taylor & Co., First National Co. of
Oct. 1 as follows: $11,000 1926 to 1941, incl., and $12,000 1942.
Detroit, Old Colony Trust Co., Hannahs, Baffin & Lee, Folds,
7.500 Sewerage Impt. No. 25 bonds. Denom. $1,000 and $500. Due
Buck & Co., Frazier, Jelke & Co.. Blake Bros. & Co., J. A. De
yearly on Oct. 1 as follows: $1,000 1926 to 1930, incl.
Camp dc Co
97.6599
Date Feb. 1 1925.
Dillon, Read & Co. Redmond & Co., Lehman Bros., Kountze
Following is a list of the bids received:
Bros., Kissel, Kiruncutt & Co.. B. J. Van Ingen & Co., Curtis &
/mpt.25 /m t. 38 Impt.42 /mpt.63
Sanger, R. T. Pressprich & Co. Phelps. Fenn & Co., Blodgett &
Name and Address
$7,500 $188,000. $77,000. $9,000.
Co., Lage & Co., National Bank
of the Republic, Union Trust
*Hayden-Miller Co., Cleveland
$303 00 $7,597 00 $3,111 50 $364 00
Co. Chicago
97.549
*Detroit Trust Co., Detroit
286 00 7,162 00 2,932 00 342 00
William R. Compton Co., Bankers Trust Co,. Estabrook & Co.,
Tillotson & Wolcott Co., Cleveland
279 68 7,010 52 2,871
First National Bank of New York, Remick, Hodges & Co., R. L.
335
Second Ward Secur. Co., Milwaukee_ 119 00 7.821 00 2,225 33 217 61
Day & Co., Hayden, Stone & Co.. L. F. Rothschild & Co., Barr
00
Guardian Say.& Trust Co.,Cleveland 57 75 7,839 60 2,094 00
Brothers, Taylor, Ewart & Co.. Merrill. Oldham 8c Co
40 172 80
97.329
Provident Say. Bank 8c Tr. Co., Cin- 64 50 7.726
181 80
Stranahan. Harris & Ostia, Toledo.-- 284 00 6,790 80 2,171 40 324 00
00 2,736 00
CINCINNATI CITY SCHOOL DISTRICT (P. 0. Cincinnati), Herrick Company,
Cleveland
75 00 7,614 00 2.094 00 192 00
Hamilton County, Ohlo.-BOND SALE.
-The $1,100.000 4X% coupon R. M.Grant & Co., Chicago
7.74600 2,14600
school bonds offered on Jan. 12-V. 119. p. 3037
-were sold to Eldredge Milliken & York Co., Cleveland
71 00 7,475 00 1,843 00 182 00
& Co. and Ames, Emerich & Co. of New York at 101.96, a basis of about Stevenson,Perry & Stacey
Co., Chic- 261 00 6,225 00 2,508 00 297 00
4.30%. Date Dec. 1 1924. Due $50,000 yearly on Sept. 1 1926 to 1928 Otis & Co., Cleveland
57 00 7,107 00 1,864 00 163 00
hicl, and 1932 to 1950.incl.
A. T. Bell & Co., Toledo
256 00 6,149 00 2,478 00 294 00
Bids were as follows:
Seasongood & Mayer, Cincinnati
53 30 6.602 00 1,718 00 159 00
Eldredge & Co. and Ames, Emerich & Co
$1,121,593 00
Gran, Todd & Co., Hayden, Stone & Co. and Barr Bros.
•All or none of the four issues.
& Co. New York
1,118,555 00
National City Co., Harris, Forbes & Co., Curtis & Sanger
'
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.
and Hayden, Miller & Co
- 1,118.381 00 Wayne G. Lee, Director of Finance, until 12 m.Feb. 13, will receive bids
Stranahan, Harris & Oatis
1,118,260 00 for the following issues of
% coupon bonds:
Guarantee Co. of New York
$100,000 bridge impt. bonds. Due $4,000 Sept. 1
1,118,144 50
1926
inc.
Tillotson & Wolcott Co
100,000 storm water sewer bonds. Due $5,000 Sept. to 1950, to 1945.
1.117,87500
1 1926
A. B. Leach & Co., Northern Trust Co., A. G. Becker & kon.
incl.
Co. and Detroit Trust Co
300,000 sewage disposal plant Series "A" bonds. Due $12,000 Sept. 1
1,117,425 00
Fifth-Third-First National of New York
1926 to 1950, incl.
1,116,929 00
Wffliam R. Compton Co
1,115.708 00 Denom. $1,000. Date Feb. 1 1925. Prin. and semi-ann. int. (M. & SO,
Seasongood & Mayer, J. G. White & Co., Austin. Grant &
payable at the fiscal agency in New York. Legality approved by Squire,
Co. and B. J. Van
& Co
1,115.188 00 Sanders & Dempsey of Cleveland. Cert. check for 5% par value of bonds
N. S. Hill & Co
1.115,111 11 bid for, payable to the City Accountant, required.
Title Guarantee & Trust Co
DELTA, Fulton County, Ohio.
Herrick Co., W. A. Harriman & Co., Kean, Taylor & Co. 1,113,200 00
-BOND SALE.
-The *14.735 511%
and L. F. Rothschild & Co
1,112,529 00 coupon city-hall bonds offered on Oct. 6 (V. 119, p. 1312) were sold. Part
Lehman Brothers
k
1.112,210 00 of the issue was awarded to local banks and part to New York bankers.
Benbright & Co
Date Oct.61924. Due yearly on Sept. 1 as follows: $735,1925,and $1,000.
Well, Roth & Irving, Western Bank & Trust Co:and Asset, 1,111.671 00 1926 to 1939 incl.
Goetz & Moerlein Inc
$1,109,130 00
DELTA COUNTY SCHOOL DISTRICT NO, 25 (P. 0. Hotchkiss),
-BOND SALE.
-An issue of $100,000 4)4% school bonds was
CLARK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0, Hamers- Colo.
purchased by the International Trust Co. of Denver. Date Jan. 15 1925.
villa), Brown County, Ohio.
-BOND OFFERING.
-S. J. Jones, Clerk
Board of Education will receive sealed bids until 1 p. m. Jan. 17 for $2,000 Denom.$1,000. Due $5,000 1936 to 1955 incl. Prin. and int. (J. & J. 15)
5% school bonds. Denom. $500. Date Dec. 11024. Int. payable ann. payable at Kountze Brothers, N. Y. City.
on June 1. Due $500 yearly on Dec. 1 1925 to 1928 incl. Certified
DENT COUNTY
-The Federal
check for 10% of the amount bid upon, upon some solvent bank, payable Commerce Trust Co.(P. 0. Salem), Mo.-BOND SALE.
of St. Louis purchased an issue of $25,000 5% buildto the Board of Education, required.
ing bonds at par during 1924. Date July 1 1924. Due serially after 5
years. Legality approved by Charles & Rutherford of St. Louis.
CLUTIER, Tama County, Iowa,
-BOND ELECTION.
-On Jan. 26
an election will be held for the purpose of voting on the question of issuing
DETROIT, Mich.
-BOND OFFERING.
-Richard W. Readlicr eiri
$35.000 school building bonds.
Comptroller, will receive sealed bids until 11 a. m. Jan. 26 for $19,555,000
city bonds.
COAL GROVE, Lawrence County, Ohio.
-BOND OFFERING.Sealed proposals until 12 m. Jan. 22 will be received by R. A. Gregory,
DUCHESNE COUNTY (P„ 0. Duchesne), Utah.
-BOND SALE.
Village Clerk, for $8,350 6% High Street improvement special assessment The Palmer Bond & Mortgage Co. of Salt Lake City purchased an
issue of
bonds. Denom.$500 and one for $350. Date Jan. 15 1925. Int. M.& S. $62,000 road bonds.
Due yearly on Sept. 1 as follows: $850 1925, $1,000 1926. $500 1927.
DULUTH SCHOOL DISTRICT, St. Louis County, Minn.
$1,000 1928, $500 1920, $1.000 1930, $500 1931 and $1,000 1932 to 1934,
-BOND
-The $1,250,000 school bonds offered on Jan. 9 (V. 119. p. 2788)
incl. Certified check for $100, payable to the Village Treasurer,required.
SALE.
were awarded to a syndicate composed of the Illinois Merchants Trust Co.,
COALTON SCHOOL DISTRICT, Okmulgee County, Okla.
First Trust & Savings Bank, both of Chicago; First National Bank and
-BOND
SALE.
-The Brown-Crununer Co. of Wichita purchased during 1924 an Northern Trust Co., both of Duluth, as 4)4s and 4)4s. Date Sept. 11924.
issue of $360,000 school bonds at a premium of $8,100, equal to 102.25.
Denom. *1.000. The 4)4% bonds mature Sept. 1 as follows: $100,000
1927 to 1934, inclusive, and $450,000 4)1% bonds mature serially Sept. 1
COLEMAN, Coleman County, Tex.
-BONDS REGISTERED.
-On 1935 to 1939. Principal and interest(M.8c S.) payable in gold coin at the
Jan. 10 the State Comptroller of Texas registered $20,000 6% serial water- American Exchange National Bank, New York
City. Legality to be
works building and $105,000 improvement 6% bonds.
approved by Wood & Oakley, Chicago:
Financial Statement (as Officially Reported).
COLEMAN INDEPENDENT SCHOOL DISTRICT, Coleman CounActual valuation, 1924
ty, Tex.
-BOND SALE.
$257,721,098
-The Cotnmerce Trust Co. of Kansas City has
purchased an issue of $100.000 5% school bonds at par. Due serially Assessed valuation, 1924
129,557,160
Total bonded debt, including this issue
1925 to 1964.
2,525,000
Population (1920 Census), 98,917.
COLLEGE CORNER SCHOOL DISTRICT (P. 0. College Corner),
EAST BATON ROUGE PARISH (P. 0. Baton Rouge), La.
Butler Counr, Ohio.
-BOND OFFERING.
-S.'M. Gilmore, Clerk Bd.
-Sealed bids will be received until 12 m. Feb. 10 -BOND
of Education, will receive sealed bids until 1 p. m. Feb. 2 for $42,000 OFFERING.
by F. A.
5% school bonds. Denom. $500 and $400. Date Feb. 2 1925. Prin. Woods, Secretary, Police Jury, for the following 8% highway revenue cou'
and semi-ann. int.(M.& S.) payable at the office of the District Treasurer. pon bonds, aggregating $360,000:
Due every six months as follows: $800. Mar. 1 1926 to Sept. 11945. incl., $300,000 road and public highway bonds. Due Feb. 1 as follows: $38,000.
1926; *40.000, 1927: $113,000, 1928: $45,000, 1929; $48,000.
and $1,000, March 1 1946 to Sept. 15 1950, incl. Cert. check for $500,
1930: $51,000, 1931. and $35,000, 1932.
payable to the Clerk, required.
60,000 public highway bonds. Due Feb. 1 as fopows: $10,000,
1926 to
COLQUHOUN SCHOOL DISTRICT NO. 2, Renville County,
1930 incl.: $5,000, 1931 and 1932.
Date Feb. 1 1925. Denom. $1,000. Prin. and annual int. payable
No. Dak.-CERTIFICATES NOT SOLD.
-The um() certificates of
at
Indebtedness offered on Jan. 3-V. 120, p. 111-have not been sold. Due the office of the Parish Treasurer. Baton Rouge, or at the Bank of Baton
Rouge, Louisiana National Bank or the Union Bank & Trust
In 18 months.
Baton Rouge,at option of holder. A certified check for 1% of Co.. all of
bid, payable
COOK COUNTY COMMON SCHOOL DISTRICT NO. 69,
to the Parish Treasurer, of East Baton Rouge, is required.
-The State Comptroller of Texas registered $4,500
BONDS REGISTERED.
Texas
EATON, Preble County, Ohio.
6% serial school bonds, on Jan. 6.
-BOND SALE.
-The Eaton
Bank of Eaton on Jan. 2 purchased the $4,950 5% street-roller National
purchase
COSHOCTON COUNTY (P.O. Coshocton), Ohio.
-BOND SALE.
- bonds offered on that day (V. 119, ro. 2911)
On Dec. 15 the $43,750 5% coupon Sec. I. C. H. No. 339, Sec."0," impt. a basis of about 4.80 5% Denom. $450 and for $4.997 30, equal to 100.95,
$500. Date Jan. 2 1925. Due
-V. 119. p. 2555
bonds offered on that day
-were awarded as follows:
Oct. 1 1930.
$34,000 to the Herrick Co. of Cleveland for $34,930 33. equal to 102.73.
ELKO SCHOOL DISTRICT NO. 8, Barnwell
9.750 to the Bond Sinking Fund Trustee of Coshocton County, Ohio.
County, So. Caro.
Date Oct. 1 1924. Due yearly on Oct. 1 as follows: $9,7611, 1925; BOND SALE.
-The $12,000
% coupon school
(v. 119, p. 3038) were awarded to the Farmers bends offered on Jan. 2
$9,000, 1926 and 1927, and $8,000, 1928 and 1929.
& Merchants Bank of'
Williston. Date Jan. 11925. Due Jan. 11945.
COTTAGE GROVE, Lane County, Ore.
-BOND ,SALE.
-The LumEMERY COUNTY (P. 0. Emery),
bermens Trust Co. of Portland has purchased an issue of $16.736 18 impt.
Utah.-PRICEPAID.-The$35.000
Series "K" bonds at a premium of $729 70, equal to 104.36.
d% refunding bonds purchased by the Palmer Bond
&
Salt Lake City and James N. Wright & Co. of Denver Mortgage Co. of
(V. 119. ro• 3 )
-BIDS REJECETD.-All bids were purchased at 100.13-a basis of about
COTTONPORT, Avoyelles Parish, La.
038
4.99%. Date Jan. 1 1925.
received for the $30.000 6% water works bonds offered on Jan. 6-V. 119, Denom. $1,000. Due Jan. 1 1945.
Interest payable J. & J.
-were rejected. The bonds will be sold at a private sale.
P. 2672
EMPORIA, Lyon County, Kan.
-BOND OFFERING.
-Sealed bids
COVENTRY (P. 0. Greene), Chenango County, N. Y.
-BOND will be received until 7.30 P.
Jan.
BALE.
-On Jan. 14 the Chenango Valley Savings Bank of Binghamton *100,000 school bonds on any m.all of 26 by Nora Wood, City Clerk, for
or
the following propositions:
purchased $11,000 bridge bonds as 430 at 100.55, a basis of about 4.43% • 1. *100.000 ‘fli% payable serially 1
to 30 years.
Denom. $500. Date Feb. 1 1925. Prin. and send ann. Int. (F. & A.). 2. *100.000 30
-years, 4%%, payable serially after 20 years
laadr 3 at5the F
o o b
-one-tenth
t
k
leme 11e ue yearly on Feb. 1 as
46
.
l tionaI
a 45 ngana aie
each year.
$ 00 1926 t N
$100.000 30
to
-years, 43.5%, payable serially after 10
3.
years
-one-twentieth
each year.
COWLITZ COUNTY CONSOLIDATED DIKING IMPROVEMENT 4. *100.000 30
-years,
%, optional after 10
DISTRICT NO. I (P. 0. Kelso), Wash.
-BIDS REJECTED.
-All bids
-years, 434 %. payable serially years.
received for the $3,225,000 6% diking improvement bonds offered on Jan. 5. $100.000 20
after 10 years
-one-tenth
each year.
5- V. 119, p. 2788
-were rejected.
Bonds to be dated Feb. 1 1925. Bids to state
whether or not the purprinting the bonds,legal services and registration
CROOKSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Crooks- chaser will pay forfor
charges.
A certified check
2% of bid is required.
ville), Perry County, Ohio.
-BOND SALE NOT COMPLETED.
-The
sale of the $30.000 5H % school bonds to Braun, Bosworth & Co. of Toledo
ESSEX COUNTY (P. 0. Lawrence), Mass.
at 105.07, a basis of about 5.005%, reported in our issue of Aug. 2 (page
-TEMPORARY LOAN.
A temporary loan
604), was not completed. Attorneys, we are informed, would not approve Bank of Salem on of $200,000 has been sold to the Merchants National
a 2.885% discount basis plus a $1 76 premium. Due
the issue on account of the bonds not being voted at a regular election.
Nov. 10 1925.
JAN. 17
1925.]
359
THE CHRONICLE
EUCLID VILLAGE SCHOOL DISTRICT (P. 0. Euclid), Cuyahoga
-Until 5 p. in. (Central standard
-BOND OFFERING.
County, Ohio.
time) Jan. 30 sealed bids will be received by J. B. Clark, Clerk Board of
Education, at 1550 Chardon Road, Euclid, for $400.000 5% coupon school
building bonds. Denom. $1,000. Date Feb. 1 1925. Due 520,000
yearly on Oct. 1 1926 to 1945. incl. Certified check on some bank other
than bidder payable to the District Treasurer, for 10% of the amount
of bonds bid for, required.
-BOND SALE.
EUNICE,St. Landry Parish, La.
-The $25.000 waterworks and electric light bonds offered on Jan. 5 (V. 119, p. 2673). were
awarded to the Hanchett Bond Co. of Chicago as 6s, at a premium of $555,
equal to 102.22. Interest payable J. & J.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BIDS REJECTED.
-AU
bids received for the following
% road bonds offered on Jan. 5-V.
119, p. 2911-were rejected:
$93,135 94 Dranesville Magisterial District.
262.000 00 Falls Church Magisterial District.
Date March 15 1925.
FAIRMONT, Robeson County No, Caro.
-BOND OFFERING.Sealed bids will be received until 2, m. Feb. 2 by Geo. L. Grantham,
p.
Town Clerk, for $1R.000 6% water and light coupon bonds. Date Feb. 1
1925. Denom.$1.000. Due Feb. 1 as follows: $1,000. 1928 to 1945 incl.
Said bonds are registerable as to principal. Prin. and int. payable at the
U. S. Mtge. & Trust Co., N. Y. City. Legality approved by Storey,
Thorndike. Palmer & Dodge of Boston. A certified check for 2% Of bid
Is required.
FAIRMOUNT, Richland County, No. Dak.-BOND SALE.
-The
$15,000 6% water works bonds offered on Dec. 26-V. 119, p. 2911
were awarded to a Minneapolisfirm at a premium of$1,026,equal to 106.84.
FISHER COUNTY COMMON SCHOOL DISTRICT NO. 18 (P. 0.
Roby), Tex.
-BOND SALE.
-An Issue of $20,000 5% school bonds was
purchased on Jan. 10 by the State Board of Education of Texas.
FORT DODGE, Webster County, Iowa.
-BOND OFFERING.
C. W. Wakeman. City Clerk, will receive sealed bids until 10 a. m. Jan. 21
for $13.000 funding bonds.
FORT MEADE, Polk County, Fla.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p. m. Jan. 30 by E. L. Wade, Town Clerk, for
$25.000 6% special improvement bonds. Date Jan. 1 1925. Denom.
$1,000. Due Jan. 1 as follows: $2,500. 1926 to 1935 incl. Interest Pay
able J. dc J. A certified check for 2% of bid, payable to the order of the
Chairman of the Town Council. is required.
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-BOND OFFERING.
-Sealed bids until 1 p. m. Jan. 29 will be received by Frank Deutsch.
County Auditor, for $75,000 41%, bonds. Denom. $500. Date Dec. 20
1924. Int. J. & D. Due every six months beginning June 1 1926.
FREMONT, Dodge County, N6b.-BOND DESCRIPTION.
-The
8100.000 5% coupon sewer bonds purchased by the Northern Trust Co. of
Chicago
-1. 118, P. 2857
7
-are described as follows: Date Feb. 1 1924.
Denom.$1,411110. Due Feb. 1 1944. optional Feb. 11929. Interest payable
(F. & A.). The price paid 100.09, is equal to a basis of about 4.99%•
GAGE COUNTY SCHOOL DISTRICT NO. 74 (P. O. O'Dell),
Neb.-BOND SALE.
-An issue of $25,000 4 % school bonds was purchased recently by the Peters Trust Co. of Omaha.
GALION CITY SCHOOL DISTRICT (P. O. Galion), Crawford
County, Ohio.
-BOND SALE.
-The Guardian Savings & Trust Co. of
Cleveland has purchased the $250,000 41!,% school bonds offered on Jan. 7
-V. 120, p. 111-for $253,175, equal to 101.27, a basis of about 4.61%.
Date. Jan. 11925. Due every six months as follows: $5,000 April 1 1926
to Oct. 1 1934,incl.; $6,000 each April 1 and $5,000 each Oct. 1 from April 1
1935 to Oct. 1 1939. Ind.: $8,000 April 1 1940, and $6,000 each Oct. 1
and $5,000 each April 1 from Oct. 1 1940 to April 1 1949, incl.
GARFIELD HEIGHTS (P. 0. Cleveland), Ohio.
-BOND SALE.
-Of
the following issues of coupon special assessment bonds. aggregating $327.661 36, offered on Dec. 16 (V. 119, p. 2556), the Herrick Co. of Cleveland
purchased $324,661 36 for 5329.119 36, equal to 101.37:
$2.508 80 54% East 128th St. water-main bonds. Denom. $250 and
one for $258 80. Date Nov. 1 1924. Due yearly on Oct. 1 as
follows: $258 80. 1925, and $250. 1926 to 1934 incl.
'226,82743 5 V4
Pavino• Series No. 2 bonds. Denomination $1,000
and one for $627 13. Date Nov. 11924. Due yearly on Oct. 1
as follows: $24.627 43. 1925; $25.000. 1926 to 1928 incl.:
526.000, 1929: $25.000. 1930 to 1932 incl., and 826.000, 1933.
14,892 65 sq% Rockside Road sewer and water main bonds. Denom.
$1,000 and one for $892 65. Date July 11924. Due yearly on
Jan. 1 as follows: $2.892 65. 1926: $1 000. 1927 and 1928:
32,000. 1929:81,000. 1930 and 1931:$2,000, 1932; $1,000, 1933
and 1934. and $2,000. 1935.
84,951 00 51f% Willard Ave. sewer and water main bonds. Denoms.
$1.000 and one for $951. Date July 1 1924. Due yearly on
Jan. 1 as follows: $4.951, 1926; $3.000, 1927 and 1928: $4.000.
1929; 33.000. 1930 and 1931: 54.000. 1932: 53.000, 1933 and
1934. and $4.000, 1935.
17.061 48 544% Cranwood Drive pavement bonds. Denoms. $1,000
/
and one for $1,061 48. Date July 1 1924. Due yearly on Oct. 1
as follows: 81.061 48. 1925: $2,000, 1926 to 1933 incl.
31.620 00 5% Darlington Ave. sewer and water main bonds. Denoms.
$1,000 and one for $620. Date July 1 1924. Due yearly on
Jan. 1 as follows: 53.620, 1926, and 53,000. 1927 to 1935 incl.
•Blds for this issue were asked for either 51i% or 514% bonds.
GAVIN COUNTY (P. 0. Paula Valley), Okla.
-BONDS VOTED.
At an election held recently the voters authorized the issuance of $720,000
road bonds by a vote of 4,013 for and 2,900 against.
GEORGIA (State of).
-N. R. Ballard,
-WARRANT OFFERING.
State Superintendent of Schools, will receive sealed bids until 12 m. Feb. 3
(standard central time) for the purchase of not more than $3,000,000
school warrants. Said warrants are to be drawn at the end of each month
in such sums as needed. Due Feb. 1 1926 except those issued in Oct. &
Nov., these maturing on March 1 1926. Official notice of offering states.
Warrants were issued and sold as follows during 1924: February,$473.473
March, $502,179: April, $539.005: May. $510.920; June, $177,770; July
and August. 3135.370: October. $218.222; November and December,
5198.836. This should give an approximate idea of the time and amount
of warrants needed.
GLENMORA, Rapides Parish, La.
-BONDS NOT SOLD.
-The $12,500
water works system bonds offered on Jan. 6-V. 119, p. 2673
-were not
sold. The only bid was the Bank of Glenmora.
GOLDSBORO, Wayne County, No. Caro.
-BOND OFFERING.Sealed bids will be received until 7.30 p. m. Feb. 2 by J. G. Spence, City
Clerk, for $150.000 improvement bonds to bear interest at a rate not to
exceed 6%. Date Jan. 1 1025. Denim. $1,000. Coupon bonds (convertible into fully registered bonds). Due Jan. 1 as follows: $3.000
to 1940, incl., and 85.000 1941 to 1961, incl. Interest payable (J. &1926
J.),
In New York. Legality approved by Reed, Dougherty & Hoyt
of New
York. A certified check payable to the order of the city for 2% of bid
is required.
-On Feb.
GREENVILLE, Hunt County, Tex.
-BOND ELECTION.
10 an election will be held for the purpose of voting on the question of
Issuing $400,000 water reservoir bonds. Paul G. Thompson, Mayor.
-Florence
GULFPORT, Harrison County, Miss.
-BOND OFFERING.
Cassibry, City Clerk, will receive sealed bids until Jan. 22 for 825.000
refunding bonds to bear int. at a rate not to exceed 6%. Date March 1
1925. Denom. 51.000. Due $1,000 March 1 1926 to 1950 inclusive.
a certified check for $1,000 is required.
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND OFFERING.
Sealed bids will be received by Ethel Holycross, Clerk, Board of County
Commissioners. until 12 m. Feb. 4 for $58,200 5;4% I. C. H. No, 448.
Section "G," bonds. Denoms. $470. $1,000 and one for $440. Date
Jan. 1 1925. Prin.and semi-ann. int.(M.& S.) payable at the office of the
County Treasurer. Due yearly on Sept. 1 as follows: 56.440, 1925. and
36,470, 1926 to 1933 incl. Certified check for $500, payable to Dean C.
Jones. County Auditor, required.
BOND OFFERING.
-Until 12 m. Jan. 26 sealed bids will be received by
Ethel Holycross, Clerk Board of County Commissioners, for $37,000 51i%
I. C. H. No. 230 bonds. Denom. $1,000 and $100. Date Jan. 1 1924.
Prin. and semi-ann. int.(M.dc S.) payable at the County Treasurer's office.
Due yearly on Sept. 1 as follows: $4,100 1925 to 1932 incl., and $4,200 1933.
Certified check for $500, payable to Dean C. Jones, County Auditor, required.
HARRISBURG, Linn County, Ore.
-The *5.0005%
-BOND SALE.
street bonds offered on Jan. 5(V. 119, p. 2912) were awarded to the Ralph
Schneeloch Co. of Portland at 100.17, equal to a basis of 5.98% If called
at optional date and 5.99% if allowed to run full term of years. Date
Dec. 1 1924. Due Dec. 1 1944, optional Dec. 1 1934.
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Alle.
gheny County, Pa.
-Graham, Parsons & Co. and
-BOND SALE.
B own Bros. & Co. jointly purchased the following two issues of 41,i% coup= bonds offered on Jan.9--V. 119. p. 3038
-at 102.52, a basis of about
4.40%.
$480,000 school bonds. Due yeraly on Jan. 1 as follows: $80.000, 1930.
and $16.000, 1931 to 1955, inclusive.
91,000 school bonds. Due yearly on Jan. 1 as follows: $15,000. 1930:
$3,000. 1931 to 1954, inclusive, and $4,000, 1955.
Date Jan. 1 1925. Other bidders were as follows:
Rate Bid.
Rate Bid.
National City Co
101.679 Union Trust Co. of Pitts 102.4637
W.N.Newbold's Son & Co-102.253
burgh
Reilly. Brock & Co
101.765
102.0124 West & Co
Redmond & Co
102.455
Mellon National Bank
102.22
-The
HARRISON COUNTY (P. 0. Gulfport), Miss.
-BOND SALE.
$2,000.000 51(% sea wall bonds offered on Jan. 7 (V. 119, p. 2912) were
awarded to a syndicate composed of the Central State Bank, Memphis;
First National Bank, Gulfport: Whitney-Central Trust & Savings Bank,
New Orleans, and Bank of Commerce & Trust Co. of Memphis, at a premium of $25,875, equal to 101.29. Date Feb. 1 1925. Denom. $1,000.
Due serially 1926 to 1950. Int. payable F. 5c A.
HAYWARD UNION HIGH SCHOOL DISTRICT, Alameda County,
-BOND SALE.
Calif.
-The $280,000
% school bonds offered on Jan. 5
(V. 119. p. 3038) were awarded to the Bank of Italy of San Frnacisco at a
premium of $10,488, equal to 103.74, a basis of 4.51%. Date Jan. 11925.
Due Jan. 1 as follows: $3,000, 1931 to 1935 incl.; 55.000. 1936 to 1940 incl.;
$8,000, 1941 to 1945 incl.; $11,000, 1946 to 1950 incl.; 513.000. 1951 to
1955 incl.:$16,000, 1956 to 1960 incl. Following is a list of other bidders:
Mercantile Securities Co _$6,076 001 Harris Trust & Says. Bank45,309 00
Wm.Cavalier
00 Beller, Bruce & Co__ _ _ 8,411 00
E. H. Rollins &Sons _
5,970 001 R.if. Moulton & Co
2.94500
Dean-Witter & Co
6.028 40
HENDRY COUNTY (P. 0. La Belle), Fla.
-BOND SALE.
-The Atlantic National Bank of Jacksonville was awarded the following 6% improvement bonds offered on Dec. 29-V. 119. p. 2789
-at a premium of
$380. equal to 100.07-a basis of about 5.99%•
$430,000 highway bonds. Due Jan. 1 as follows: $8,000, 1930 to 1935
incl.: $10.000. 1936 and 1937; 312.000, 1938 and 1939: $14.000.
1940 and 1941; $16,000. 1942 and 1943; 818.000. 1944 and 1945;
820.000. 1946 and 1947: $22,000, 1948 and 1949; $24.000. 1950
and 1951; $26,000, 1952 and 1953. and 1129,000. 1954 and $955.
100.000 court house bonds. Due.Jan. 1 as follows: $2.000. 1930 and
1931; 53.000. 1932 and 1933: 84.000. 1934 to 1953. and $5,000.
1954 and 1955.
Date Jan, 1 1925.
HENNEPIN COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 143 (P. 0. Richfield), Minn.
-BOND OFFERING.
-Until 8 p. m.
Jan. 16 sealed bids will be received by J. A. Davis. Clerk of School Board,
for $119,000 school bonds to bear interest at a rate not to exceed 5%.
Date Jan. 11925. Denom. *1.000. Due Jan. 1 as follows: 55,000. 1930;
$6,000, 1931; $8,000. 1932; 59,000. 1933; 810.000, 1934: 511,000, 1935:
$12.000, 1936; $13,000, 1937: 814,000, 1938: 815,000, 1939, and $16,000.
1940. Legality approved by Lancaster, Simpson, Junell & Dorsey of
Minneapolis. A certified check for $10,000, payable to the District Treasurer, is required.
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO
109 (P. 0. Richfield), Minn.
-BOND SALE.
-The $256,000 refunding
bonds offered on Dec. 29(V. 119, p. 3038) were awarded to the Minneapolis Trust Co. of Minneapolis at a premium of 81,263, equal to 100.35.
Following is a list of other bidders:
Wells, Dickey Co., Minneapolis__ _ - - $890 00
Minnesota Loan & Trust Co., Minneapolis
1,125 00
Paine, Webber & Co
1,26000
Merchants Trust & Savings Bank
1. 15 00
1.2 3
11
Northwestern Trust Co., t. Paul
Drake-Jones Co., Minneapolis
1.127 00
Robinson, Jenkins & Taylor
Richfield National Bank
1,2 5 00
62
6
7
HIAWATHA, Brown County, Kan.
-BOND OFFERING.
-0. W.
Good, City Clerk, will receive sealed bids until 7.30 p. M. Jan. 26 for the
following 411% bonds aggregating $17,779.32:
$6,884 87 paving bonds. Due 1926 to 1930.
11,394 45 paving bonds. Due 1926 to 1935.
Denom. $500. Date Jan, 1 1925. A certified check for 2% of bid is
required.
------8.017
HIGHLAND PARK, Wayne County, Mich.
-Of the
-BOND SALE.
two issues of bonds, aggregating $600,000, offered on Jan. 5-V. 120. P.
112
-only $500,000 were sold. The bonds were awarded to the Highland
Park State Bank of Highland Park, which bid 100.0335, a basis of about
4.36%, for $117,000 bonds as 40.and $383,000 as 410. The bonds sold
were as follows:
$400,C00 ($500,000 offered) library bonds.
100,000 hospital bonds.
The following bids were received:
Highland Park State Bank bid premium 5167 50 (4.308% basis) for
5117.000 of 410 and $383,000 of 4 4s
.
Security Trust Co., Bank of Detroit and Harris, Small & Co. bid
premium of $201 (4.308% basis) for $140,000 of 41is and 5460.000 of430.
Detroit Trust Co. bid premium $132 (4.31% basis) for 5100.000 of 410
and $300,000 of 4qs.
Nirhittlesey, McLftn & Co., E. E. MacCrone & Co., Watling. Lerchen
& Co. and Halsey, Stuart & Co. bid premium $221 (4.40% basis) for
$225,000 of 410 and $375,000 of 430, and bid the same relative price for
GOUVERNEUR, St. Lawrence County N. Y.
,
-BIDS RETURNED $400,000 or more.
UNOPENED.
-All bids received for the $100,000 414% coupon lighting
National City Co. bid premium $174 (4.406% basis) for $225,000 of
Want bonds offered on Jan. 6-V. 119. p. 2911-were returned unopened. 410 and $375,000 of 410, and premium $116 (4.406% basis) for $150.000
A
Jepson, Village Clerk, says: "Bids returned unopened. Petition of 410 and $250,000 of 416s.
tiled to vote on rescinding resolution. Election Jan. 20. If resolution is
Benjamin Dansard & Co., R. M. Grant & Co., H. D. Fellows Co. and
not rescinded bids will be asked for at once."
Benjamin Dansard & Co., R. M. Grant & Co., H. D. Fellows Co. and
John Nuveen & Co. bid premium $1,076 (4.41% basis) for $100.000 hospital
GRAND BLANC SCHOOL DISTRICT (P.O. Grand Blanc), Genesee 410 and
premium $5.230(4.41% basis) for $500,000 library 410.
County, Mich.
-DESCRIPTION.
-The $35,000 school bonds sold as 5s
at par to the Fletcher-American Co. of Indianapolis (see V. 120. p. 112)
HILLSDALE IRRIGATION DISTRICT (P. 0. Hansen), Idaho.
are described as follows: Denom. $1,000. Date May 1 1924. Int. BOND SALE.
-Marshall Field, Glore, Ward & Co.. of Chicago, have
M.& N. Due 1928 to 1958, incl.
purchased an issue of 8230.000 6% irrigation bonds.
GREAT SCOTT, St. Louis County, Minn.
JACKSON COUNTY (P. 0. Jackson), Mich.
-BOND OFFERING.
-BOND SALE.
*wpm refunding bonds offered on Jan. 5--V. 120. p. 112-were -The Lyman A.
awarded
Vincent, County Clerk, will receive sealed bids until 2 p.
to the First National Bank of Buhl as 5s. Date Sept. 10 1924.
Jan. 21. for 5100,000 5% highway bonds. Denom. 91,000. Data Feb,.
360
TH H. CHRONICLE
1 1925. Int. semi-ann. Bids to be made to cover the expense of printing
and furnishing bonds and legal opinion. Cert. check for 2% of the bonds
bid for, required.
JACKSON COUNTY ROAD DISTRICT NO. 4 (P. 0. Pascagoula),
-BOND SALE.
Miss.
-The $40,000 road bonds offered on Jan. 6 (V. 119,
p. 3039) were awarded to the Pascagoula National Bank of Pascagoula at a
premiUm of $1,733, equal to 104.33. Following is a list of other bidders:
Premium.
W. L. Slayton & Co., New Orleans
$1,306 00
Sutherlin. Barry & Co., Inc., New Orleans
1,077 00
Interstate Trust & Banking Co., New Orleans
1,361 00
M. W. Elkins & Co., Little Rock
960 00
Bank of Commerce & Trust Co., Memphis
1,102 00
Central-State National Bank. Memphis
1,168 00
Caldwell & Co., New Orleans
123200
William R. Compton Co., St. Louis
1.68800
Burkholder Bond Co., St. Louis
788 00
Well, Roth & Irving. Cincinnati
684 00
David Robinson & Co., Toledo
700 00
JEFFERSON SCHOOL TOWNSHIP, Washington County, Ind.
-Sealed bids will be received ley William H. Sneed,
BOND OFFERING.
School Trustee, until 2 p. m. Jan. 31 for $8,000 5% school bonds. Denom.
Int. J. & J. Due $500 every six months from July 11928 to Jan. 1
$500.
1934 incl. The purchaser of bonds may furnish the form thereof if he desires.
JEWETT, Harrison County, Ohio.
-BOND SALE.
-W. L. Slayton
& Co. of Toledo purchased the $18,302 6% coupon street improvement
bonds offered on July 10 (V. 119. p. 226) at par and accrued interest.
Date June 15 1924. Int. payable annually (Sept.).
JIM WELLS COUNTY (p. 0. Alice), Tex.
-BOND SALE.
-The $72,000 534% special road bonds registered by the State Comptroller of Texas
,
-were purchased by Sutherlln, Barry & Co. of
on Jan. 2-V. 120, p. 235
New Orleans at 102.83. Due $3,000 1930 to 1953.
KANSAS CITY, Jackson County, Mo.-BOND SALE.
-The $5,200,000 04% coupon water works bonds offered on Jan. 8 (V. 120, p. 112)
were awarded to Stern Bros. & Co. of,Kansas City at a premium of $159.114 80. equal to 103.05, a basis of about 4.24%. Date July 1 1922. Due
July 1 1942. Legality approved by John C. Thomson, N. Y. City. Following is a list of the other bidders:
Equitable Trust Co., New York
1 35,346,484 80
Fidelity National Bank & Trust Co., Kansas City
Guaranty Trust Co.. New York
5.338,736 00
13
Commerce Trust Co., Kansas City
5,336,188 00
Wm.R. Compton Co., New York
5,335,737 00
Geo. B. Gibbons & Co., New York
5.330.000 00
York
J. E. Cooke, New
5.321,13800
Prescott. Wright, Snider Co
5,322,720 00
A. H. Gillis & Co., Kansas City, Kan
5.306.080 00
KEMMERER,Lincoln County, Wyo.-BONDS VOTED.
-At a special
election held on Dec. 31 the voters authorized the issuance of $130,000
school bonds.
KERR COUNTY ROAD DISTRICT NO. I Tex.
-BONDS REGIS-On Jan. 9 the State Comptroller of Texas registered $308,000
TERED.
534% serial bonds.
KEY RIDGE RURAL SCHOOL DISTRICT (P. 0. Key), Belmont
-BOND OFFERING.
County, Ohio.
-Sealed bids will be received by
M. L. Bailey, Clerk Board of Education, until 6 p. m. (central standard
time) Feb. 2 for $45,000 5% school bonds. Denom. 3500. Date Jan. 15
1925. Prin. and semi-ann. int. (M. & S. 15) payable at the Farmers &
Merchants National Bank of Bellair Due every six months as follows:
$1,000, March 15 1926 to March 1 1948 incl. Certified check for 3500,
payable to the Board of Education, required.
KINNEY, St. Lou.s County, Minn.
-BOND SALE.
-The First
National Bank of Buhl has purchased an issue of $40.000 refunding bonds.
KNOXVILLE, Knox County, Tenn.
-BOND SALE.
-An issue o
$163,000 43‘%, improvement bonds was purchased during 1924 by the
Sinking Fund Board at par. Date Mar. 1 1924. Due serially 1925 to
1944. Legality approved by Peck, Schaffer & Williams of Cincinnati.
KOSSUTH COUNTY DRAINAGE DISTRICT (P. 0. Algoma),
-BOND OFFERING.
Iowa.
-Sealed bids will be received until 2 p. m.
Jan. 21 by Blanche Cross, County Treasurer, for the following 5% drainage bonds aggregating:
$4.755 08 Drainage District No. 82 bonds.
1.806 00 Drainage District No. 166 bonds.
26.065 00 Sub-Drainage District No. 13 of District No. 6 bonds.
Date Feb. 11925. Interest (J. & D.) payable at the office of the County
Treasurer, Algoma. Iowa.
LAKE COUNTY (P. 0. Tiotonville), Tenn.
-BOND OFFERING.
Melvin Tipton, Chairman of the County Court, will receive sealed bids
until 2 p. m. Feb. 16 for $25,000 5% school bonds. Due Jan. 1 as follows:
$10,000. 1945, and 315,000, 1950. A certified check for $500 is required.
LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. Hartville), Stark
County, Ohio.
-BOND OFFERING -Sealed bids until 12 in. Jan. 24
will be received bv
Schumaker, Clerk Board of Education,for $195,000
5% schhol bonds. Denom. $1.000. Date March 1 1925. Prin. and
semi-ann. int. payable at the office of the District Treasurer. Due yearly
on March 1 as follows: $35,000. 1927. and $10,000. 1928 to 1946 incl.
Certified check for $2,000 on some solvent bank, payable to the Board of
Education, required.
LA RUE VILLAGE SCHOOL DISTRICT (P. 0. La Rue), Marion
County, Ohio.
-BOND SALE.
-Braun Bosworth & Co. of Toledo have
purchased the $75 0005% school bonds offered on Jan.5-V.119 p.2789
for 876,208, equal to 101.61. a basis of about 4.83%. Date Dec. 1 1924.
Due $3,000 Sept. 1 1926 to 1950 incl.
LEXINGTON, Davidson County, No. Caro.
-BOND SALE.
-The
3150.000 school building bonds offered on Jan. 7-V. 120. p. 113
-were
awarded to N.S. Hill & Co. as 5s at a premium 0(3816.50 equal to 100.54,
basis of 4.95%. Date Jan. 1 1925. Due Jan. 1 as follows: $5,000
a
1926 to 1955 incl.
LISMORE, Nobles County, Minn.
-BOND SALE.
-The $10,000
electric light bonds offered on Jan.5-V. 120, p. 113
-were awarded to the
Minnesota Electrical Distribution Co. of Minneapolis as .5s at a premium
of 3150, equal to 101.50. a basis of 4.88%. Date Dec. 1 1924. Coupon
bonds. Due Dec. 1 1944.
-BONDS REGISTERED.
LONE OAK,Hunt County, Tex.
-On Jan.7
the State Comptroller of Texas registered $49,500 6% serial water bonds.
-BOND OFFERING.
LOS ANGELES, Los Angeles County, Calif.
Sealed bids will be received until 10:30 a. in. Jan. 20 by Robert Dominguez,
City Clerk, for the following bonds bearing interest at a rate not exceecllng
454%:
$3.0oo.000 water works bonds. Date June 11924. Due June 1 as follows:
375,000, 1925 to 1964 incl. Prin. and int. payable at the City
Treasurer's office or at Kountze Bros., New York City, at
option of holder.
*3.500,000 electric plant bonds. Date Oct. 1 1924. Due Oct. 1 as follows:
$175,000 1945 to 1964 incl. Prin. and int. payable at the City
Treasurer's office or at Kountze Bros., N. Y. City, at option of
holder.
4,000.000 sewage disposal bonds. Date Feb. I 1925. Due Feb. 1 as
follows: $100,000, 1926 to 1965 incl. Prin. and int. payable at
the City Treasurer's office or at the Guaranty Trust Co., New
York City, at option of holder.
500,000 viaduct bonds. Date Feb. 1 1925. Due Feb. 1 as follows:
$14,000, 1926 to 1931, and $13,000, 1932 to 1963 incl. Prin.
and int. payable at the City Treasurer's office or at the Guaranty Trust Co., N. Y. City, at option of holder.
500.000 street construction bonds. Date Jan. 1 1925. Due Jan. 1 as
follows: $14,000, 1926 to 1931. and $13.000, 1932 to 1963
incl. Prin. and int. leayable at the City Treasurer's office or at
Kountze Bros., N. Y. City, at option of holder.
Denom. $1,000. Legality approved by John C. Thomson, N. Y. City.
* Part of a 37.000.000 issue. These bonds were originally offered for
sale on Jan. 13 (V. 120, p. 113), but the date of offering was changed as
given above. The original offering was for bonds aggregating 315.000,0001
but $33,500,000 are being withheld from the above sale.
[VOL. 126.
LUBBOCK, Lubbock County, Tex.-130ND OFFERING.
-Until
3:30 p. m. Feb. 10 sealed bids will be received by the Mayor for the following 5% bonds aggregating $225,000:
$125,000 street improvement bonds.
75.000 water works bonds.
25,000 sanitary sewer bonds.
A certified check for $10,000 is required.
LYNCH, Boyd County, Neb.-BOND SALE.
-An issue of $6,360 28
6% funding bonds was purchased during March 1924 by H. M. Holbert.
of Lynch,
at par. Date March 1 1924. Denom. $500, except 1 for
Due March 1 1944, optional March 1 1934. Interest payable
$360 28. Neb.'
(M. & S.).
LYNDHURST TOWNSHIP (P. 0. Lyndhurst), Bergen County,
N. J.
-BOND SALE.
-The $208,000
% coupon or registered town
hall bonds offered on Dec. 8-V. 119, p. 2557
-were purchased by H. L.
Allen & Co. and Hoffman, O'Brien & Co. of New York. Date Dec. 1
1924. Due yearly on Dec. 1 as follows: $(.,000, 1926 to 1951 incl. and
$6,000, 1952 to 1964 incl.
LYNDHURST TOWNSHIP SCHOOL DISTRICT (P. 0.Lyndhurst),
Bergen County, N. J.
-BOND OFFERING.
-Sealed bids until 8.30 p. m•
Feb. 3 will be received by Henry Denton, District Clerk, for the following
issues of 434% coupon or registered bonds:
$3395,000 school bonds. Date Jan. 1 1925. Due yearly on Jan. 1 as
follows: $7,000 1926, $8,000 1927 and $10,000 1928 to 1965. inci.
10,000 school bonds. Date July 1 1924. Due $1,000 July 1 1925 to
1934, inclusive.
Principal and semi-annual interest (J. & J.), payable at the Lyndhurst
Trust Co. of Lyndhurst. No more bonds to be awarded than will produce
a premium of $1,000 over each of the above issues. A certified check
upon an incorporated bank or trust company for 2% of amount of bonds
bid for, required. The bonds will be prepared under the supervision of the
U. S. Mtge. & Trust Co. of New York City, which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon
and the validity of the bonds will be approved by Hawkins, Delafield &
Longfellow, of New York City.
McCALL SCHOOL DISTRICT, Marlboro County, So. Caro.
BOND SALE.
-An issue of $90,000 534% school bonds was purchased by
Braun, Bosworth & Co. of Toledo at a premium of $3,900, equal to 104.33.
McCOOK, Redwillow County, Neb.-BOND SALE.
-The Omaha
Trust Co. of Omaha has purchased an issue of $35,000 454% school bonds
at a premium of $42, equal to 100.12.
MAMARONECK(TOWN)SEWER DISTRICT NO. 1(P. 0. Molnar*.
neck), Westchester County, N. Y.
-BOND SALE.
-Sherwood & Merrifield of New York on Jan. 14 purchased $100.000 4;1% sewer district bonds
at 100.34, a basis of about 4.21%. Eighty bonds will be of the denomination of $1,000 each and 40 will be of the denomination of $500 each. Bonds
will be dated Jan. 1 1925 and will mature $2,500 on Jan. 1 in each of the
years 1930 to 1969. inclusive. Both principal and semi-annual interest
(J. & J.) will be payable in lawful money of the United States of America
at the office of the United States Mortgage & Trust Co., New York CitY •
The bonds will be coupon bonds. with the privilege of registration as to both
principal and interest. The bonds will be prepared under the supervision
of the United States Mortgage & Trust Co., which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon.
The successful bidder will be furnished with the opinion of Hawkins, Delafield & Longfellow of New York City, that the bonds are binding and
legal obligations of the town, payable in the first instance from assessments
and not from a general town tax, which, however. may be levied if there is
a shortage in the primary fund.
Financial Statement.
Total assessed valuation of 1923 for taxes of 1924
329.341,805
Total bonded indebtedness, less sinking funds, &c., including
above bonds
772,000
Assessed valuation of 1923 for taxes of 1924 of Sewer District
No. 1 (approximate)
5,698 700
Total bonded indebtedness of Sewer District No. 1, including
above bonds
661,500
Population, town of Mamaroneck (1,924 estimated)
9,000
MANHEIM (P. 0. Dolgeville), Herkimer County, N. Y.
-BOND
SALE.
-On Jan. 6 the First National Bank of Dolgeville purchased $5.000
6% bridge construction bonds at 101.46, a basis of about 3.65%. Date
Jan. 1 1925. Due Mar. 1 1927.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
-P. L.
Kelly, City Auditor, will receive sealed bids until 1 p. in. Jan. 30 for
$14,000 5'$% fire alarm signal system bonds. Denom. $500. Date
Dec. 1 1924. Int. M. & S. Due $500 every six months from March 1
1926 to Sept. 1 1939 incl. Certified check for 2% of the amount of bonds
bid for, payable to the City Treasurer, required.
MANSURVA,Avoyelles Parish, La.
-BONDS VOTED -At an election
held on Dec. 30 the voters authorized the issuance of 365,000 improvement
bonds.
MAPLE HEIGHTS (P. 0. Bedford R. F. D.), Cuyahoga County,
-BOND SALE.
-W.L. Slayton & Co. of Toledo have been awarded
Ohio.
the following issues of 534% coupon bonds offered on Jan. 7-V. 119.
-at 102.36, a basis of about 5.04%.
p. 2790
$7,975 55 Waterbury Ave. water bonds. Denom. $500 and one for
$475 55. Date Dec. 15 1924. Due yearly on Oct. 1 as follows
$500, 1926: 31,000, 1927: 3500, 1928: 81.000, 1929; $500, 1930;
$1,000. 1931 and 1932; 3500. 1933 $1,000, 1934, and $975 55,
1935.
29.328 11 Waterbury Ave. pavement bonds. Denom. $500 and one for
$3328 11. Date Dec. 15 1924. Due yearly on Oct. 1 as follows
32,500, 1926: $3,000, 1927 to 1932, incl.: $2,500, 1933: $33,000,
1934. and $33.328 11.
5,640 80 Dalewood Ave. sewer bonds. Denom.$500 and one for $140 80.
Date Dec. 15 1924. Due yearly on Oct. 1 as follows: $500, 1927
to 1932, Incl.: $1,000. 1933: $500. 1934, and $64080. 1935.
10.000 00 Dunham Road extension sewer bonds. Denom. $500. Date
Jan. 1 1925. Due $1.000 yearly on Oct. 1 1926 to 1935, incl.
19.500 00 Anthony St. pavement bonds. Denom. $500. Date Jan. 1
1925. Due 32,000, 1926 to 1928, inci.,• 32,500, 1929.; $2,000,
1930 and 1931:$2,500, 1932;82,000, 1933; $2,500, 1934.
2,500 00 Charles Street sewer bonds. Denom. $250. Date Jan, 1 1925.
Due $250 yearly on Oct. 1 1926 to 1935, incl.
19,635 79 Broadway Sewer District No. 1 bonds, Series 3. Denom. $500
and one for $135 79. Date Dec. 15 1924. Due yearly on Oct. 1
as follows: $1,500, 1926; 32,000. 1927 to 1934, incl., and
82.135 79, 1935.
6,00000 street impt. bonds, Series 11. Denom. $500, Date Dec. 15
1924. Due yearly on Oct. 1 as follows: $500, 1926 and 1927:
31,000. 1928: $500, 1929 and 1930; 81.000, 1931: 8500, 1932 and
1933, and 31,000, 1934.
Prin. and semi-ann. int. (A. & 0.) payable at the Central Nat. Bank
Savings & Trust Co. of Cleveland. All of the above bonds are special
assessment bonds with the exception of the $6,000 issue.
MARENGO, Iowa County, lowa.-BOND ELECTION.
-An election
will be held on Jan. 20 for the purpose of voting on the proposition to issue
$150,000 high school building bonds.
MARICOPA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Phoenix),
-BOND DESCRIPTION.
Ariz.
-The $650,000 5% school bonds awarded
to a syndicate headed by the Harris Trust & Savings Bank, Chicago, and
including International Trust Co. and Jas. N. Wright & Co., of Denver,
and Palmer Bond & Mortgage Co. of Salt Lake City, at 103.51-a basis
of 4.73% (V. 120, p. 236) are described as follows: Date Jan. 5 1925.
Denom. $1,000. Due Jan. 5 1945. Interest payable J. & J. 5.
-Following is a list of bids received for the above
BIDS.
bonds'
Bosworth, Chanute & Co. Denver; Detroit Trust Co.. mentioned
Detroit;
Taylor, Ewart & Co.and First Trust & Savings Bank,Chicago__103.436
'
Newton & Co., Denver; Wm. R. Compton Co., St. Louis, and
Illinois Merchants Trust Co., Chicago
103.3027
R.E. Campbell & Co. and Well, Roth. Irving & Co., Cincinnalt_ A03.26
E. H. Rollins & Sons, Denver,and Halsey, Stuart & Co., Chicago_103.067
U. 8. National Co.. Denver; Eldredge & Co. and Fremont, Smith
& Camp Co., Seattle, and Anglo London Paris Co
102.8723
Rutter & Co. and Phoenix National Bank
102.77
Thornburgh, Blanchard & Wandersall
102.50
Stephens & Co.. Los Angeles: Antonides & Co., Denver, and
Burr & Co., Now York
101.86
.JAN, 17
1925.]
THE CHRONICLE
361
Oti & Co.. Cleveland; C. W. McNear & Co.. Chicago, and Sidlo,
principal only. Principal and interest (J. 8c J.) payable in gold in New
.
Simons,Day & Co., Denver
York City. The bonds will be prepared under the supervision of the
100.80
Sutherlin, Barry & Co., New Orleans
United States Mortgage & Trust Co., New York City, which will certify
101.61
Geo. W. Vallery & Co.. Denver; A. T. Bell & Co., Seasongood
as to the genuineness of the signatures of the officials and the seal impressed
thereon. Approving opinion of Chester B. Massllch will be furnished the
& Mayer and Braun, Bosworth & Co
101.60
Guaranty Co., New York
purchaser. A certified checkfor $3.000, payable to the order of the Bond
101.55
Austin, Grant & Co. and Title Guaranty Co. New York; BenCommission of Newberry and drawn upon an incoroprated bank or trust
well & Co., Denver, and Kalmon. Gates, White & Co
100.52
company is required. The bonds will be delivered at place of purchaser's
choice on or about Feb. 3.
-BOND OFFERING.
MARION, Perry County, Ala.
-The City will
sell at private sale at 8 p. m. Jan. 19 the folowing 6% bonds, aggregating
NEW BRUNSWICK, Middlesex County, N. J.
-BOND OFFERING.
$17.000. to the Merchants Securities Corp.:
-Until 10 a. m. Jan. 27 sealed bids will be received by Willia-n G. Howell.
revenues bonds.l$10,111111 water works bonds.
$7.000 deficiencies in
City Treasurer, for the following issues of 434% coupon or registered bonds:
Date July 1 1924. Due July 1 1954. Said bonds are to be sold at 163.000 general impt. bonds. Due yearly on Feb. 2 as follows: $10,000.
98c. and accrued int, for each $1 par value of bonds and $5.
1927 to 1932 incl.; $13,000, 1933, and $15,000. 1934 to 1939 incl.
57,000 water bonds. Due yearly on Feb. 2 as follows: $2,000, 1927
MARION COUNTY(P.O. Indianapolis), Ind.
-BOND OFFERING.
to 1954 incl.. and $1,000, 1955.
Sealed bids will be received.by J. L. Duvall, County Treasurer, until
Denom.
10 a. m. Feb. 4 for $196,000 414% John E. Webb et al. road impt. bonds payable $1,000. Date Feb. 2 1925. Prin. and semi-ann. int. (F. & A.)
at the City Treasurer's office. No more bonds to be awarded
Denom. $980. Date Jan. 1 1925. Int. M.& N. 15. Due $9.800 every
than will produce a premium of $1,000 over each of the above Issues. A
six months from May 15 1926 to Nov. 15 1935 incl.
certified check upon an incorporated bank or trust company
ofor 2% of
MATODOR INDEPENDENT SCHOOL DISTRICT, Motley County, amount of bonds bid for, payable to the City Treasurer, remllred. The
-The $70.000 high school bonds offered on Jan. 12 bonds will be prepared under the supervision of the U. S. Mtge. & Trust
-BOND SALE.
Texas.
-were awarded to Well, Roth & Irving Co. of Cincinnati Co of N. Y. City, which will certify
-V. 120, P. 230
genuineness of the signatures
as 514s at a premium of $1,285, equal to 101.83, a basis of 5.13%. Due of the officials and the seal Impressedas to the and the validity of the bonds
thereon
as follows: $500. 1925 to 1944 incl.; $2,500, 1945 to 1954 incl.. and $3,500. will be approved by Caldwell & Raymond of N. Y. City.
1955 to 1964 incl.
NEWCASTLE, Dixon County, Neb.-BOND SALE.
-The Peters
MATOAKA, Mercer County, W. Va.-BOND SALE.
-An issue of Trust Co. of Omaha
coupon water
$40,000 57 street impt. bonds was purchased by the State of West Virginia bonds. Date Jan, 1 has purchased an issue of $3,500 6%1945; optional
1925. Denom. $500. Due Jan. 1
at par during 1924. Due $1,600 1925 to 1949.
Jan. 11935.
MESA COUNTY SCHOOL DISTRICT NO.1(P.O.Grand Junction),
NEWPORT, Newport County, R. I.
-BOND SALE.
-The $50,000
-BOND SALE.-Subject to being voted at an 434% coupon "Broadway
-BOND ELECTION
Colo.
Bellevue Ave. Permanent Pavement,
election to be held on Feb. 3. $270,000 434% school bonds have been sold Series D" lammcis offered on and 8-V. 120. p. 236
-have been sold to
Jan.
to James N. Wright & Co. and International Trust Co., both of Denver, Eastman, Dillon & Co. of New York at 100.365. a basis of about 4.20%.
jointly.
Date Jan. 11925. Due yearly on Jan. 1 as follows: $3,000, 1926 to 1941
MILFORD, Clermont and Hamilton Counties, Ohio.
-BOND Inclusive, and 32,000, 1942.
-L. D. Wadsworth, Village Clerk, will receive sealed bids
OFFERING.
NEW MEXICO (State of).
-Byron 0.
-CERTIFICATE OFFERING.
until 12 m.Jan. 24 for $3,500 6% fire apparatus purchase bonds. Denom. Beall, Sedretary State Tax Commission,is offering
$3,000,000 short$500. Date Nov. 1 1924. Interest M. & N. 15. Due $500 yearly on term tax sale certificats available April and Sept. for salefor investment or
1 1925
Nov. 1 1926 to 1932, inclusive. Certified check for 5% of the amount of underwritings in blocks of $5,000. $10.000, 825,000 and up. The certifibonds bid for, payable to the Village Treasurer, required.
cates are offered to net 8% or better.
MILLERSPORT, Fairfield County, Ohio.
-BOND SALE.-Durfee,
NEW WASHINGTON
Niles & Co., of Toledo, purchased the $3,000 6% fire-protection bonds Washington), Crawford RURAL SCHOOL DISTRICT (P. 0. New
County, Ohio.
-BOND OFFERING.-Untll
offered on Jan. 10 (V. 119, p. 3039) at par and accrued interest Plus a 12 m. Feb. 2 sealed bids will be received
by Jeanie M. Kimberline, Clerk
premium of $12 80. equal to 100.426, a basis of about 5.86%. Date Board of Education, for
$75,000 5)4% school bonds. Denom. $500.
Dec. 30 1924. Due $500 Dec. 30 1925 to 1930, inclusive.
Date April 1 1925. Principal and semi-annual interest (A. & 0.) payable
Ryan, Sutherland &
f Toledo, submitted a bid of par and accrued at the office of the Clerk Board of Education. Due $1,500 April 1 1926 to
interest plus a premium
Co.,Of 10 cents.
Oct. 1 1950. inclusive. Purchaser to furnish printed bonds. Certified
MISSOURI (State of).
-BOND SALE.
-The American Trust Co. of check for $500, payable to the above Clerk, required.
St. Louis has purchased an issue of $300,000 building bonds.
NORTH DAKOTA (State of).
-NOTE SALE.
-R. M. Grant & Co.
of New York have purchased an issue of $1,000.000 4% soldiers' service
MOCKSVILLE, Davie County, No. Caro.
-BOND OFFERING.
Sealed bids will be received until 1 p. m. Jan. 20 by T. M. Hendrix, Town compensation tax anticipation notes. Date Oct. 1 1924. Denom. $1,000.
Clerk, for the following 6% public improvement bonds aggregating $25.000: Due Jan. 1 1925 to 1929. Principal and interest (J. & J.) payable in gold
$6,000 street impt. bonds. Due April 1 as flllows: $500, 192'7 to 1938 incl.; at the National City Bank, New York. or at the office of the State Treas12,000 funding bonds. Due April 1 as follows: $1,000. 1939 t9 1948 incl.; urer, at option of holder.
$1.500, 1949. and 8500, 1950.
NORTHFIELD, Rice County, Minn.
-BOND ELECTION.
-An elec7.000 water works extension bonds. Due April 1 as follows: $1,000, 1950. tion will be held on March 9 for the purpose of voting
on the question of
and $1,500. 1951 to 1954 incl.
issuing 36,500 fire equipment bonds.
Date Oct. 1 1924. Denom. $500. Prin. and int. (A. & 0.) payable
OAKLAND SCHOOL DISTRICTS, Alameda County, Calif.
in gold in New York City. Preparation and certification of bonds by U. S.
-BOND
-The following two issues of 5% school bonds offered on Jan. 5
Mtge. & Trust Co.. N. Y. City; legal opinion of Chester B. Masslich, SALE.
N. Y. City. A certified check upon an incorporated bank or trust com- (V. 119. p.3040) were both awarded to Pierce-Fair & Co., of Sall Francisco.
as follows:
pany, payable to the order of the Town Clerk, for $500 Is required.
$350,000 high school district bonds at a premium of $6,692, equal to
101.91-a basis of 4.90%. Date Jan. 1 1925. Due Jan. 1 as
MONOWI, Boyd County, Neb.-BOND DESCRIPTION.
-The $5,500
6% funding water system bonds purchased by R. A. Studley of Monowi
follows: $120.000. 1927 and 1928; and 8110,000. 1929.
at 102.76-V. 119. p. 1985
650.000 ;grammar school district bonds at a premium of 814.965. equal to
-are described as follows: Denom. $500.
Due 1944; optional 1929. Interest payable Jan. 1.
102.30-a basis of about 4.86%. Date Jan. 1 1925. Due
Jan. 1 as follows: $127,000, 1927 to 1931, inclusive, and $15,000.
MONTICITO UNION SCHOOL DISTRICT, Santa Barbara County,
1932.
Calif.
-BOND SALE.
-The 8100,000 534% school building bonds offered
Following is a list of bids received for both issues:
on Jan. 5-17. 120. p. 113
-were awarded to H. S. Boone & Co. and
[Oakland High School District Bonds.Oakland Grammar School Distria
Sehwabacher & Co.. both of San Francisco at a premium of $6,435, equal
to 106.43. a basis of 4.70%. Date Dec. 11924. Denom.$1,000. Coupon Harris Trust & Say. Bank_ _$4,661 00 R. H. Moulton & Co
$12,677r00
bonds. Due Dec. 1 as follows: $5,000, 1925 to 1944 incl. Interest R. H. Moulton & Co
6,511 00 Wm.Cavalier
14,513100
Freeman-Smith & CampCo. 4,57600 Bank of Italy & Co
payable J. & 13.
9.488 00
Wm. Cavalier dr Co
The following bids were received:
6,16000 Mercantile Securities Co
13.253 50
Schwabacher & Co. and H. S. Boone & Co
4,088 00 E. H. Rollins & Sons
$56:840351 Bank of Italy
9,538 00
Mercantile Securities Co
Heller, Bruce & Co. and Wells Fargo Bank
4,644 50 Blyth-Witter & Co
6,91700
Anglo Bank
3,71600 Dean-Witter & Co
5,710 E. H. Rollins & Sons
12,906147
E. H. Rollins & Sons
Blyth-Witter & Co
3,853 00 Harris Trust & Say. Bank.. 11,511100
4.747
Blyth, Witter & Co
5.487 55
4.516 Dean. Witter & Co
Wm. R. Sleets & Co
4,461
OBERLIN, Lorain County, Ohio,
-BOND OFFERING.
R. H. Moulton & Co
-Sealed bids
4,316 will be received by F. H. Foster, Village
First Security Co. and Security Co
Clerk, until 12 m. Feb. 7 for
4,229 $30.000 534% sewage-disposal works bonds.
California Securities Co
Denom. $600. Date Feb. 1
3.025 1925. Principal and semi-annual interest (F. & A.)
payable at the Oberlin
MORGANZA, Pointe Coupee Parish, La.
-BIDS REJF:CTED.-All Savings Bank of Oberlin. Due 81.200 Feb. 1
to
bids received for the $18,000 67 water works bonds offered on Jan. 7- Certified check for 2% of the amount of bonds1927 for,1951. inclusive.
bid
payable to the
V. 119 p.2913
-were rejected. The bonds will be sold at a privtae sale.
Village Treasurer, required.
'
MORVEN, Anson County, No. Caro.
-BOND OFFERING.
-Sealed
OGDEN, Weber County, Utah.
-BOND SALE.
-The Central Trust
bids will be received until 11 a. m. Jan. 22 by John A. Silas, Town Clerk, Co. of Salt Lake City
has purchsaed an issue of $100,000 434% refunding
for $30,000 electric light bonds to bear Interest at a rate not to exceed 6%. bonds. Date Feb. 1 1925. Due
serially 1940 to 1944.
' Date Jan. 11925. Denom. $1,000. Due Jan. 1 as follows: $1.000, 1926
OIL CITY, Venango County, Pa.
to 1955 Incl. Coupon bonds (convertible into fully registered bonds).
-BOND SALE.
-The following
Interest payable J. 8c J. Legality approved by Reed. Dougherty & Hoyt Issues of 434% coupon tax-free bond., offered on Jan. 12-V. 120. P.
of New York. A certified check for 2% of bid, payable to the order of 236-have been sold to the National City Co. of New York at par and
accrued interest, plus a premium of $7,934 65, equal to 104.28, a basis of
the Town. is required.
about 4.09%:
MUNCIE, Delaware County, Ind.
-BOND SALE.
-The Delaware
permanent improvement bonds. Due $25,000 Dec. 15 1929.
County National Bank of Muncie, we are informed, was awarded bonds $125,000 1934,
1939, 1944 and 1949.
issued for the construction of city buildings. The bonds are in denomi60,000 permanent improvement bonds. Due $15,000 Dec. 15 1930.
nations of 8500 and total $175.000. par value. rho accepted bid was
1935. 1940 and 1945.
$176,410. Other bids were: Merchants National Bank of Muncie,
Denom. $1.000. pate Dec. 15 1924.
$175,727 25; J. F. Wild & Co.of Indianapolis. $175.581 50: Fletcher AmeriOKLAHOMA (State of).
can National Bank of Indianapolis, $175.768 65; Harris Trust & Savings
-BOND SALE.-Brown-Cruramer Co. of
of Chicago, $175.019; Northern Trust Co. of Chicago, 8175.146 50: Wichita have purchased an issue of $400.000 school bonds during December
Co.
Illinois Merchants Trust Co. of Chicago. $176,001: Fletcher Savings & for a premium of 89.000. equal to 102.25.
Trust Co. of Indianapolis, $176.111 11: Continental & Commercial Savings
OLNAVILLE INDEPENDENT SCHOOL DISTRICT, Bell County,
sz Trust Co. of Chicago, $175,823; Meyer-Riser Bank of Indianapolis, Tex.
-BOND SALE.
-The State Board of Education of Texas purchased
8175.456; Indiana Trust Ca. of Indianapolis, $175.890.
on Jan. 10 an issue of $30.000 5% school bonds.
MUSKEGON, Muskegon County, Mich.
-BOND OFFERING.
-Until
OMAHA, Douglas County, Neb.-BOND OFFERING.
-Sealed bids
1: p. m. Jan. 20 sealed bids will be received by Mae A. Rochenbach.
30
will be received until 3 p. m. Jan. 19 by John Hopkins. Superintendent
Clerk Board of Education, for $250,000 434% school building bonds. Accounts and
Finance, Room 203, ctly Hall, for the following 414% bonds
Denom. $1,000. Date Feb. 151925. Int. F.& A. Due $25,000 Feb. 15
aggregating $742,000:
1926 to 1935 incl. Legality approved by Wood & Oakley of Chicago. $500,000 storm
sewer bonds. Date Jan, 15 1925. Due Jan. 15 as follows:
Certified check for $1.000 required.
5100,000, 1931. and 8200.000. 1939 and 1940.
NACOGDOCHES COUNTY COMMON SCHOOL DISTRICT
NO. 242,000 river drive bonds. Date Feb. 1 1925.
-BONDS REGISTERED.
Denom. 81.000. Principal and semi-annual interest payable in Omaha.
-The State Comptroller of Texas regis13, Tex.
A certified check on a national bank or trust company, payable to the
tered $5,000 534% 10-20 year school bonds on Jan. 10.
City of Omaha, for 2% of bid is required.
NASHWAUK, Itasca County, Minn.
-BOND ELECTION.
-An elecONEONTA, Madison County, N. Y.
tion will be hold on Jan. 28 for the purpose of voting on the question of
-BOND S4LE.-Geo. B. Gibbons
& Co.,Inc. of New York have purchassd the following two issues of 414%
Issuing $60,000 memorial structure bonds.
coupon bonds offered on Jan. 9-V. 120, p. 237
-at 100.175, a basis of
NEBRASKA CITY, Otoe County, Neb.-BOND DESCRIPTION.
- about 4.21%:
The $222,000 VI% refunding bonds purchased by the United States $3733747 sewer bonds. Due yearly on Nov. 1 as follows: $1.337 47
Trust Co. of Omaha at 100.18, a basis of 4.71%. and 4.74% if allowed
1905 and $4.000 1926 to 1934, incl.
4
-V.119,
of years
-are described as follows: Date 124.617 35 paving series
to run full termDue Feb. 1 9145: p. 3039
"A" bonds. Due yearly on Nov. 1 as follows:
optional Feb. 1 1930. Interest payable
Feb. 1 1925.
813.617 55 1925. 813,000 1926 to 1928 incl. and 812,000 1929
F'. St A. Coupon bonds are registered by the State.
to 1934 incl.
NELSONVILLE, Athens County, Ohio -BOND OFFERING -Until
Date Nov. 11924.
bids will be received by
ORANGE COUNTY (P. 0. Paoli), Ind.
12 m. Feb. 7 sealedMain St. impt. special W. L. Barber, City Auditor,
-BOND OFFERING.Sealed
assessment bonds. Denom. bids will be received by William B. Lashbrook, County
for $5,754 40 6%
Treasurer, until
P'eb. 1
$575 44. Date1935 incl. 1924. Int. payable annually. Due $57544 Feb. 18 for 535,000 5
coupon county bonds. Denom. $1,750. Date
Certified check for 4% of the amount of bonds Feb. 18 1925.
Feb. 1 1926 to
Due $17,500 May 15 and Nov. 15 1926,
bid for, Payable to the City Treasurer, required.
ORCHARD, Antelope County, Neb.-BOND SALE.
-The WhiteNEWBERRY, Newberry County, So. Caro.
-BOND OFFERING.- Phillips Co. of Davenport has purchased
an issue of 35,000 534% refunding
p. m. Jan. 20
Sealed bids will be received until 4 of Newberry, by T. Roy Summer, bonds. Date Dec. 1 1924. Denom. $1,000. Due 81,000, Dec. 1 1932
for $150,000 5% street to 1936 incl. Principal and interest (J.
qw & Treas. of Bond Commission
& D.) payable at the office of
- D
m 'roveme it bonds. Date Jan. 1 1925. Denom. $1,000. Due Jan. 1 as State Treasurer of Antelope County at Neligh. Legality approved the
by
000, 1926 to 1955, inclusive. Coupon bonds registerable as to F. C. Duncan of Davenport.
1
&lows: $5,
•
362
THE CHRONICLE
ORILLA SCHOOL DISTRICT, Santa Barbara County, Calif.
NO BIDS.
-No bids were received for the $6,000 534% school building
bonds offered on Jan. 5-V. 120, p. 113. Date Nov. 3 1924. Due 1925
to 1930.
-BOND OFFERING POSTPONED.
ORLANDO, Orange County, Fla.
-The offering of $100,000 534% coupon auditorium bonds on Jan. 14V. 119, p. 2096
-has been indefinitely postponed. Date Dec. 15 1924.
[VOL. 120.
RANKIN, AlleghanylCounty, Pa.
-BOND OFFERING.
-George J.
Miller, Borough Secretary, will receive sealed bids until 7:30 p. m. Feb. 9
for $175,000 434% coupon street improvement bonds. Denom. $1,000.
Date Dec. 1 1924. Interest semi-annual (J. & D.) Due yearly on Dec. 1
as follows: $3,000, 1925 and 1926; $1,000, 1927; $3,600, 1928; $2,000, 1929;
$1,000. 1930 and 1931: $2,000, 1932 to 1937, inclusive; $1,000, 1938 and
1939; 84.000, 1940: 88,000, 1941 and 1942; $9,000. 1943; $10,000, 1944:
$11,000. 1945 to 1953. inclusive, and $9,000, 1954. Certified check for
$1.000. Payable to the Borough Treasurer, required
PACIFIC COUNTY SCHOOL DISTRICT NO. 116 (P. 0. South
L.E.
-*
-Tiiia
-Elbert Pederson. County Treasurer, PIIRICHOIELD, Min:1;0,2o isa
Bend), Wash.
-BOND OFFERING.
Minneapolis Trust Co. of Minnbapolls_has purchsaed an issue of $20,000
will receive sealed bids until Jan. 31 for $115,000 school bonds.
schoolIbuilding bonds
-BOND SALE.
PAINESVILLE, Lake County, Ohio.
-On Jan. 12
RIO ARRIBO COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Tierra
-V.119, p.2914
- Amorilla), N.
the 8150,0005% water works bonds offered on that date
-An issue of $5,000 6% school bonds
were sold to Halsey, Stuart & Co. of Chicago for $155.745, equal to 103.83, was purchased Mex.-BOND SALE.
during 1924 by Dr. J. I. Durhain at 96.18. Date July 1
a basis of about 4.58%. Purchaser to furnish blank bonds. Date Oct. 1 1924,
1924. Due 53.000 every six months from Apr. 1 1926 to Oct. 1 1950. incl.
Following is a list of the bids received:
RITENOUR CONSOLIDATED
Premium. County, Mo.-BOND ELECTION. SCHOOL DISTRICT, St. Louis
-An
bond blanks and $5,745 00 for the purpose of voting on the questionelection will be held on Jan. 20
Halsey, Stuart & Co
of issuing $70.000 school buildStranahan, Harris & °ads
bond blanks and 5,015 00 ing bonds.
The National City Co., Harris, Forbes & Co. and Hayden, Miler & Uo
,
ROB?, Fisher County, Irexas:-:-BONDS VOTED-OFFRRING.The Herrick Co
4,981 00 At the election held on Dec. 31 the voters authorized the issuance of $40.000
W.L. Slayton & Co
4,95000
% water bonds by a vote of 59 "for" and 22 "against." Bids will be
Seasongood & Mayer
4,59200 received until Jan. 30 for these bonds.
Taylor, Ewalt & Co
4,33500
Assel, Goetz & Moerlein, Inc
ROCHESTER, N. Y.
4,205 00
-NOTE SALE.
-The National Bank of Rochester
A. T. Bell & Co
3.88600 purchased the following two issues of notes offered on Jan. 9-V. 120,
-at 2.67% interest:
Guardian Says. & Trust Co. and Tillotson & Wolcott Co
3,825 00 Eh 238
Otis & Co
3,63000 $550,000 general revenue notes, as per ordinance of the Common Council
Dec. 9 1924.
The Provident Savings Bank & Trust Co
3,525 00
600,000 school revenue notes, as per ordinance of the Common Council
The Title Guarantee & Trust Co
3,315 00
Dec. 9 1924.
N.S. Inn & Co
3,03300
Notes will be made payable five months from Jan. 14 1925 at the Central
Ryan, Sutherland & Co
2.785 00
Union Trust Co., N. Y• City, will be drawn with interest, and will be
-Until deliverable at the said trust company Jan. 14 1925.
-BOND' OFFERING.
PALATKA, Putnam County, Fla.
7:30 p. m. Jan. 27 sealed bids will be received by Chovrning Cauthong.
ROCKPORT, Atchison County, Mo.-BOND SALE.
-The WhiteCity Clerk, for $84,000 6% paving Series "A" bonds. Date Jan. 1 1925.
Davenport has purchased an issue of $6,000 514% water
Denom. 81.000. Due Jan. 1 as follows: $8.000, 1926 to 1931 incl. and Phillips Co. of Date
Jan. 1 1925. Denom. $500. Due $500 Dec. 1 1929
at
incl. Principal and interest (J. & J.) payable ' the works bonds.
89.000. 1932 to 1935
Equitable Trust Co., New York City. A certified check for $2,060 on to 1940 incl. Prin. and int. (J. & D.) payable at the office of the City
Treasurer
an incorporated bank or trust company chartered under the laws of the by F. C. or at the office of the above mentioned firm. Legality approved
Duncan, of Davenport.
State of Florida or a national bank, payable to the order of the City Clerk,
Is required.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
-BOND OFFERING.
-Sealed Sealed bids until 12 m. Feb. 10 will be received by Frank Mitchell, Village
PALMYRA, Burlington County, N. J.
proposals will be received by the Mayor and Council of the borough on Jan. Clerk, for $5,137 50 534% Fire Dept. bonds. Denom. $500 and one for
29 at 8 p. m.at their regular meeting place in the Firehouse, W.Broad St., 3137 50. Date Oct. 1 1924. Int. A. & O. Due yearly on Oct. 1 as folfor the purchase of the following issues of bonds, the amount of the issue in lows: $637 50 1926, $500 1927 to 1932 incl., $1.000 1933 and $500 1934.
each case being the authorized amount of bonds and the sum required to Certified check for 10% of the amount of bonds bid for, payable to the Village Treasurer, required.
be obtained at the sale ofsuch issue:
$20,000 storm sewer bonds, maturing $1,000 Jan. 1 1926 to 1945 incl.
ROCKY RIVER VILLAGE SCHOOL DISTRICT (P. 0. Rocky
120,000 sewer assessment bonds, maturing $20,000 Jan. 1 1926; 515,000
. River), Cuyahoga County, Ohio.
-BOND OFFERING.
-E. S. Sisson,
Jan. 1 1927; $10,000, Jan. 1 1928 to 1931 incl.; $8.000. Jan. 1 1931 Clerk Board of Education, until 12 m. Feb. 9, will receive sealed bids for
to 1934 incl.; 57,000. Jan. 1 1935 to 1937 incl.
$16.000 534% school bonds. Denom. $500. Date Dec. 15 1924. Prin.
The bonds will be dated Jan. 11925. will be of the denomination of $1,000 and semi-ann. int. (A. & 0.) payable at the office of the above Clerk.
each, will bear interest at the rate of 5%, payable semi-annually on the 1st Due as follows: $500 each six months from April 1 1926- to Oct. 1 1931
.
day of Jan. and July, and will be payable at the Palmyra National Bank in incl., and $500 yearly on Oct. 1 1932 to 1951 incl. Certified check for
Palmyra. The bonds will be in coupon form, with privilege of registration $500, payable to the Board of Education, required.
as to principal only or as to both prin. and int. No more bonds of each issue
will be sold than will produce a sum equal to the authorized amount of such
RUSKIN, Nuckolls County, Neb.-ELECTION DECLARED ILLEIssue and an additional sum of less than 31.000. Unless all bids are re- GAL.
-We are informed by C. O. Hull. City Clerk, that the election held
jected, each of said iSSUPS will be sold to the bidder or bidders compoying on Dec. 30 (see V. 120, p. 238), at which time $20,000 water bonds were
with the terms of sale and offering to pay not less than the sum required to favorably voted upon, has been declared illegal.
be obtained at the sale of such issue, and to take therefor the least amount
of bonds,commencing with the first maturity (stated in a multiple of$1,000)
RUSSELL, Greenup County, Ky.-BOND SALE.
-An issue of
and if two or more bidders offer to take the same amount of such bonds, $50,000 6% city building bonds was purchased on Dec. 16 by J. E. Lynd
then to the bidder or bidders offering to pay therefor the highest additional of Russell at a premium of $5,625. equal to 111.25.
price. In addition to the amount bid the purchaser must pay accrued inter-BOND OFFERING.
ST. CLAIR COUNTY (P.O.Port Huron), Mich.
est at the rate borne by the upends from the date of the bonds to the date of
payment of the purchase price. Any bidder may condition his bid on the -Until 1.30 p. m. Jan. 23, sealed bids will be received by P. E. Beard,
award to him of both issues, but in that case if there is a more favorable Chairman Bd. of County Commissioners, for 848.000 511% Road Assessbidder for any one of the issues for which he bids, his bid will be rejected. ment District No. 72 bonds. Date Nov. 1 1924. Prin. and semi-ann.
Bidders are required to enclose a certified check payable to the order of the int. (M. & N.) payable at the Hanover Nat. Bank of New York. Due
"Borough." for 2% of the amount of the bonds bid for, drawn upon an in- in 1926 to 1934, incl. Legality approved by Miller, Canfield, Paddock
corporated bank or trust company. No interest will be allowed upon the & Stone of Detroit.
amount of the check of a successful bidder, and such check will be retained
ST. LOUIS COUNTY (P. 0. Maplewood), Mo.-BOND SALE.
to be applied in part payment for the bonds. The borough will pay the cost Kaufman. Smith & Co. purchased during 1924 an issue of $6.000 6% sewer
of the printing of bonds and will furnish at its own cost to the successful bonds at a premium of $12, equal to 100.20.
1924. Due
bidder a legal opinion of Caldwell & Raymond,of New York City, as to the May 29 1929. Legality approved by Charles & Date May 29 St. Louis.
Rutherford of
validity of said bonds.
SACRAMENTO R.
PAULINA INDEPENDENT SCHOOL DISTRICT, O'Brien County, Sacramento), Calif. SAN JOAQUIN DRAINAGE DISTRICT (P. 0.
-BOND OFFERING.
-Sealed bids
lowa.-BONDS VOTED.
-At the election held on Dec. 27 the voters until 2 p. m. Jan. 27 by Charles G. &Anson, Treasurer will be received
of the State of
authorized the issuance of $130,000 school bonds.
California, for $7,133.000 534% ilsaisage bonds. Date July 1 1923.
Denom. 81,000. Due July 1 as ft.Dows: 8631.000, 1934; $723,000.
COUNTY (P. 0. Pawnee Citty), Neb.-BOND SALE.
PAWNEE
The United States Trust Co. of Omaha purchased during 1924 an issue of 1935 to 1942 incl., and $718,000. 1943.
$125,000 434% refunding bonds. Date Dec. 1 1924. Due Dec. 1925 to
SAGINAW, Saginaw County, Mich.
-BOND SALE.
-The City
1937. Interest payable (J. & D.).
Council authorized the acceptance of a bid of par and accrued interest plus
PEMISCOT COUNTY SCHOOL DISTRICT (P. 0. Caruthersville), a premium of $288, equal to 100.24, a basis of about 4.13%, for 434%
Mo.-BOND SALE.-Browne-Simrall & Co., of St. Louis, purchased an bonds, submitted by the Bank of Detroit and the Security Trust Co. of
Issue of $7,000 534% high school building bonds on July 22 at 101.50. Detroit for the purchase of the $120,000 general water bonds offered
Date July 1 1924. Denom. $500. Due July 1 1944. Coupon bonds. unsuccessfully on Dec. 3-V. 120. p. 114. Date Jan. 2 1925. Due
Interest payable J. & J.
83.000 Jan. 2 1926 to 1965 inclusive.
The above corrects the notice given in V. 119, p. 3040.
SALEM, Marion County, Ore.
-BOND OFFERING.
-M, Paulsen,
PIKE COUNTY (P. 0. Waverly), Ohio.
T. Bell City Recorder, will receive sealed bids until Jan. 19 for $30.923 746% street
& Co. of Toledo purchased the $19,950 5% bridge bonds offered on Jan. 10 improvement bonds. Interest payable J. & J. A certified check for 2%
-at a premium of 3417, equal to 102.09, a basis of about of bid is required.
-V. 120, p. 113
4.60%. Date Dec. 1 1924. Due $2,000 Dec. 1 1926 to 1934 inclusive,
SALEM, Richardson County, Mo.-BOND SALE.
-The First Naand 81,950. 1935.
tional Bank of Salem purchased an issue of $90.000
% water and sewer
PINAL COUNTY ELECTRICAL DISTRICT NO. 6 (P. 0. Casa bonds recently.
-BONDS AWARDED IN PART.
Grande), Ariz.
-The Jasper Stacy Co.
SALINAS, Monterey County, Calif.
-BIDS.
-The following bids
of San Francisco was awarded $53.000 of the $60,000 6% transmission line were received for the $40,000 5% municipal
improvement bonds awarded
bends offered on Jan. 12-V. 120, P• 113.
to Dean, Witter & Co. of San Francisco, as stated in V. 120, p. 238:
Premium.
PINELLAS COUNTY ROAD AND BRIDGE DISTRICT NO. 3
rem
•
-An issue of $630.000 6% road Dean, Witter & Co
-BOND SALE.
$1,160 00 E. H. Rollins & Sons
(P. 0. Clearwater), Fla.
$87300
1,06000 Blyth, Witter & Co
and bridge bonds was purchased by the Well Roth & Irving Co. of Cin- Peirce, Fair & Co
611 00
Monterey County Bank_ _ _
cinnati. Date Oct. 1 1924. Denom. $1,000. Due Oct. 1 1954. Prin. Wells Fargo Bank & Union
606 00
Trust Co
866 40 Wm.R. Staats & Co
451 00
Opal and interest (A. & 0.) payable at the Seaboard National Bank. New
Bank of Italy
788 00 Heller, Bruce & Co
York City. Legality approved by C. B. Masslich, New York.
388 00
Wm.Cavalier & Co
706 00
PLAUCHEVILLE SCHOOL DISTRICT NO. 3, Avoyelles Parish,
SALTCREEK RURAL SCHOOL DISTRICT (P. 0. Mt. Hope),
-Sealed bids will be received until 10 a. m.
La.
-BOND OFFERING.
County, Ohio.
-BOND OFFERING.
Feb. 3 by Foster Couvillion, President Avoyelles Parish School Board, for Holmes
-Sealed bids will be re$25,000 school bonds to bear interest at a rate not to exceed 6%. A cer- ceived by F. L. Yoder, Clerk Board of Education, until 9 a. m. Feb. 2
tified check for $750„ payable to the order of the President of Avoyelles for $9.000 534% school bonds. Denom. $500. Date March 1 1925.
Int. M. & N. 15. Due $1,000 March 15 1926 and $500 Sept. 15 1926 to
Parish School Board, is required.
March 15 1934 incl. Certified check upon some solvent
of
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 11 the amount bid upon, payable to the Board of Education, bank for 5%
required.
-Sealed bids will be received
-BOND OFFERING.
(P. 0. Bartow), Fla.
SANDUSKY, Erie County, Ohio.
until 1:30 p. m. Feb. 9 by J. D. Raulerson, Clerk..Board of County Com-BOND OFFERING.
-Until 12 M.
missioners, for $750,000 5%% road bonds. Date Oct. 1 1924. Denom. Feb. 5, sealed bids will be received by Joseph Loth, City Treasurer, for
$1,000. Due Oct. 1 as follows: $30.000, 1930 to 1954 incl. Prin. and int. $40,000 5% Columbus Ave. Grade Crossing bonds. Denom. $1,000.
(A. & 0.) payable at the American Exchange National Bank. N. Y. City. Date Dec. 1 1924. Prin. and semi-ann,int. payable at the City Treasurer's
.
or at Polk County National Bank, Bartow, Fla., at option of holder. A. office. Due yearly on Dec. 1 as follows:$1,000 1926 to 1945 incl. and $2,000
certified check upon an incorporated bank or trust company, payable to 1946 to 1955 incl. Cert, check for 10% of the amount of bonds bid for.
the order of the Chairman of the Board of County Commissioners of Polk payable to the City Treasurer, required.
County,for $4.000, is required.
SANTA PAULA SCHOOL DISTRICT, Ventura County, Calif.
-TEMPORARY LOAN.
- BOND SALE.
-The $225,000 5% school bonds offered on Jan. 12 (V. 120.
PORTLAND,Cumberland County, Maine.
On Jan. 15. a temporary loan of $200,000 was sold to the Old Colony Trust p. 238) were awarded to the Bank of Italy of San Francisco at a premium
Co. of Boston on a 3.07% discount basis plus a $1.75 premium. Date of $7.700. equal to 103.44, a basis of 4.73%. Date Jan. 1 1925. Due
Jan. 20 1925. Due Oct. 5 1925.
Jan. 1 as follows: $5,000, 1926 to 1949 incl.• $6,000, 1950 to 1961 incl.:
$7,000, 1962: 88,000. 1963;$9,000. 1964 and 1965.
'
-BOND ELECTION.
.
,
-An elecPRESTON, Jackson County Iowa.
tion will be held on Feb. 3 for the purpose of voting on the question of
SARPY COUNTY (P. 0. Papillion), Neb.-BOND OFFERING.Issuing $25,500 water-works system bonds.
Sealed bids will be received until 12 m. Feb. 9 for $57,000 5% Forest City
Richland Precincts road coupon bonds. Denom. $1,000 and $2,000•
PRINCE GEORGES COUNTY (P. 0. Marlboro), Md.-BOND SALE. and 1927
Due
-Robert Garrett & Sons of Baltimore have purchased the $335,000 5% Treasurer's to 1944. Prin, and semi-ann. int. payable at the County
office.
coupon school bonds offered on Jan. 13-V. 120. p. 114
-at 105.589, a
-On
basis of about 4.46%. Date Jan. 11925. Due yearly on Jan. 1 as follows:
SCHUYLER COUNTY (P. 0. Watkins), N. Y.
-BOND SALE.
810.000 1926 to 1930 incl., $11.000 1931 to 1945 incl. and $12.000 1946 to Jan. San issue of $66.000 improvement bonds was awarded to Sage, Wolcott
1955 incl.
& Steele, of Rochester.
-BOND SALE.
-A.
JAN. 17 1925.]
THE CHRONICLE
SCIOTO TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Piketon
Route 1), Pike County, Ohio.
-BOND OFFERING.
-Sealed proposals
until 12 m. (Central standard time) Jan. 30 will be receievd by Harry
Brown. Clerk Board of Education, for $50,000 5% school erection bonds.
Denom.$500. Date Jan. 15 1925. Prin. and semi-ann. int.(M.& S. 15)
,
payable at the office of the Clerk Board of Education. Duo every six
Months as follows: $1,000 on each March 15 and $1,500 each Sept. 15
from March 15 1926 to Sept. 15 1937 incl., and $1,000 March 15 1938
to Sept. 15 1947 incl. Certified check for $1,000, payable to the Board
of Education, required.
SCOTTSBLUFF SCHOOL DISTRICT (P. 0. Scottsbluff), Scottsbluff County, Iowa.
-BOND SALE.
-The $75,000 5% refunding coupon
bond, favorably voted upon on Nov. 4 (V. 119. p. 2792) were awarded to
the United States Bond Co. of Denver at a premium of $75, equal to
100.10. Date March 1 1925. Denom. $1,000. Date of maturity not yet
determined. Interest payable March and September.
SEA GIRT, Monmoulh County, N. J.
-BOND OFFERING.
-Sealed
bids will be received by C. A. Bond Jr., Borough Clerk, until 8 p.
Feb. 17 for the following issues of 4%% coupon or registered bonds: m.
$75,900 beach impt. and funding bonds. Denom. $1,000. Due $3,000
March 1 1926 to 1950. incl.
12.000 water tank bonds. Denom. $2,000. Due $2,000 March 1 1926
to 1931, incl.
Date March 1 1925. Prin. and semi-ann. int. (M. & S.) payable in
gold at the First Nat. Bank of Spring Lake. No more bonds to be awarded
than will,produce a premium of $1,000 over each of the above issues. Certified check for 2% of the amount of bonds bid for, payable to the borough,
required.
SHADYSIDE, Belmont County, Ohio.
-BOND OFFERING.
0. J. Saffell, Village Clerk, until 12 m. Feb. 5 will receive sealed bids for
$40,000 5% Columbus Ave. Grade Crossing bonds. Denom. $1,000.
Date Dec. 1 1924. Prin. and semi-ann. int. payable at the City Treasurer's
office. Due yearly on Dec. 1 as follows: $1.000
to 1945 incl.
$2,000 1946 to 1955 incl. Cert. check for 10% of1926amount bonds and
the
bid
for, payable to the City Treasurer, required.
SHENANDOAH, Schuylkill County, Pa.
-BOND OFFERING.
Sealed bids will be received by P. J. Brennan. Borough
8 p. m. Jan. 20 for $200.000 434 7, coupon or registered Secretary, until
bonds. Denom.
$1.000. Date Jan. 11925. Int. J. &
Due $40,000 on Jan. 1 in 1935.
1940, 1945. 1950 and 1955. Purchaser to furnish bonds at own expense.
,T.
Certified check for $5,000, payable to the borough, required.
SIBLEY COUNTY (P. 0. Gaylord), Minn.
-PURCHASER.
-We
reported in V. 118, p. 2480 that the Merchants Trust
& Savings Bank
and Wood. Magraw, Kerfoot & Co. of St. Paul jointly purchased $250,000
454% road bonds. We are now informed that although the contract was
made in the name of the above companies, the bonds were purchaesd for
the account of Wells4llekey Co. of Minneapolis
of these
companies were connected with the Wells-Dickey Co.and neither handling
in the actual
of the bonds.
SILVER LAKE, Summit County, Ohio.
-BOND SALE.
-The Dime
Savings Bank of Akron, has been awarded the $3.000 sq
%
works (Series 4) bonds offered on Jan. 5 -V. 119, p. 2792. coupon water
Date Dec. 1
1924. Due $300 Oct. 1 1926 to 1935 incl.
SMITH TOWNSHIP SCHOOL DISTRICT (P.O. Belmont
R. F. D.),
Belmont County, Ohio.
-BOND OFFERING.
-James T. Dysart, Clerk
Board of Education, until 12 m. Jan. 31
5% school bonds. Denom.$500. Date will receive sealed bids for $15,500
July 15 1925. Prin.
int. (M. & S.) payable at the office of the Clerk Board and semi-ann.
of Education.
Due every six months as follows: $1,000. March 15
Sept. 15
1926, and $500 March 15 1927 to Sept. 15 1935 incl. 1926 and check for
Certified
$500, payable to the Clerk Board of Education, required.
SNOHOMISH COUNTY (P. 0. Everett), Wash.
-BOND OFFERING.
-Sealed bids will be received until Jan. 26 by the County Treasurer for
$1.050,000.
SNYDER, Scurry County, Texas.
-BOND SALE.
-An issue of
$50,000 paving bonds was purchased recently by an Austin firm.
SOUTH BAY CITIES SANITATION DISTRICT, Los Angeles
County, Calif.
-BOND SALE.
-The $462,800 5% trunk line bonds
offered on Dec. 3-V. 119, p. 2560
-were awarded to the Hanchett Bond
Co. of Chicago. Date Oct. 1 1924. Due Oct. 1 1925 to Oct. 1 1964.
SOUTH CHARLESTON-MADISON VILLAGE SCHOOL DISTRICT
(P. 0. South Charleston), Clark County, Ohio.
-BOND SALE.Otis & Co. of Cleveland have been awarded the $170,000 5% school bonds
offered on Jan. 12 -V. 120. p. 238
-for $174,114, equal to 102.42. a
basis of about 4.77%. Date Dec. 1 1924. Due every six months
follows: $3,000 every March 1 and $4,000 every Sept. 1 from Marchas
1
1926 to Sept. 1 1945 incl. $3,000 March 1 1946 to Sept. 1 1950 incl.
Other bidders were:
Prem.
Prem.
The Herrick Co
$4,065 Well, Roth & Irving
$2,850
W.L. Slayton & Co
4.080 Stranahan, Harris & Oatis,Inc. 2.805
Braun, Bosworth & Co
4.016 A. T. Bell & Co
2.771
Seasongood & Mayer
3,912 Breed, Elliott & Harrison_ _ _ _ 2,703
Stevenson, Perry Stacy & Co..
Citizens Tr. & Say. Bank____ 1.551
Inc. .
2,595 Ryan, Sutherland & Co
1.258
First State Bank
1.7171
SOUTH PASADENA, Los Angeles County, Calif.
-BOND SALE.
The $50.000 5% park
on
to the Security Co. ofbonds offeredat Jan. 12(V. 120. p. 114) were awarded
Los Angeles
premium
$2,090, equal to 104.18,
a basis of 4.65%. Date Dec. 11922.a Due Dec.ofas
1
follows: $1,000, 1939:
$3,000. 1940 to 1954 incl., and $4,000, 1955.
SPARTANBURG COUNTY (P. 0. Spartanburg), ao. Caro.
BIDS REJECTED.
-All bids received for the $216,000 434% highway
bonds offered on Jan. 9-V. 119. p.
-were rejected. Date April 1
2915
1923. The Supervisor and Commissioners
, it is stated, have decided
not to offer any more bonds
a rate of interest to bring par for sale until a law has been passed allowing
for the bonds. 1
IME
SPRINGFIELD TOWNSHIP RURAL SCHOOL DISTRICT
(P. 0.
County Bldg., Soringfield), Clark
County,°Mo.-BOND OFFERING.
Alvie R. Smith, Clerk -Board of Education,
until 12 m. Jan. 19 will receive
bids for $32,000 5% school bonds.
Int. semi-ann. Due yearly on Sept.Denom. $1,000. Date Feb. 1 1925.
1 as
and $2,000. 1936. Certified check for 5%follows: $3,000, 1926 to 1935,
of amount bid for, upon some
solvent bank, payable to the Board
of Education, required.
STAMFORD, Fairfield County,
The City of Stamford awarded recently Conn.-TEMPORAR I" LOAN.temporary loans as follows:
$100,006 loan, maturing Oct. 6 1925 to
the Old Colony Trust Co. of
Boston, on a 3.40%
100,000 loan. maturing July discount basis plus a El 25 premium.
15 1925, to S. N. Bond & Co. of Boston.
on a 3.30% discount basis plus a premium
of $7.
STUART, Palm Beach County,
Fla.
-BOND SALE.
-The Farmers
Banle& Trust Co. of West Palm Beach has
purchased an issue of $100,000
Improvement bonds at a premium of $4,500, equal
to 104.50.
SUPERIOR, Nuckolls County,
Neb.-BOND
The $139,446 09 refunding paving bonds purchased byDESCRIPTION.
the United States
Trust Co. of Omaha at par
-V. 119, p. 2320
-are described as follows:
Date Nov. 1 1924. Due Nov. 1 1944, optional
Nov. 1 1927. Interest
at the rate of5% Payable A. & N.
363
Dist. No. Amount.
Purpose.
Date,
Due.
4158 $6,703 00 Paving
Dec. 1 1924
1936
5069
1,87630 Water mains
Dec. 1 1924
1931
5544
940 40 Street lights
Dec. 1 1924
1931
5545
1,55905 Street lights
Dee. 1 1924
1931
5546
1.12895 Street lights
Dec. 1 1924
1931
5547
2,146 70 Street lights
Dec. 1 1924
1931
5548
1,24745 Street lights
Dec. 1 1924
1931
426 51,336 93 Paving
1936
Dec. 5 1924
4154
1.73620 Paving
Dec. 12 1924
1936
1231
1,96550 Grading, sidewalks
Dec. 1 1924
1931
4156
1,439 30 Paving
1936
Dec. 1 1924
4147 23,560 50 Paving
Dec. 12 1924
1936
788
5,589 20 Grading
1931
Dec. 15 1924
1215
606 00 Grading
Dec. 15 1924
1931
4155
1,80095 Paving
Dec. 22 1924
1936
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller
of Texas registered the following bonds:
Amount.
Place,
Int, Rate. Due,
Date Reg.
$2,000 Taylor Co. C. S. D. No. 39
Serially
Jan. 6
5%
1.000 Jack and Clay Cos. C. S. F. No. 26-5% 5-20 years Jan. 6
1,200 Cass Co. C. S. D. No.6
5% 10-20 years Jan. 6
4,500 Cook Co. C. S. D. No.69
Serially
Jan. 6
67
2.700 Shelby Co. C. R. D. No. 24
Jan. 10
54
BONDS PURCHASED BY THE STATE BOARD OF EDCUATION.On Jan. 10 the State Board of Education purchased the following bonds.
aggregating $30,400:
Name
/at. Amount.
Cass CO. C. S. D. No. 5
57
$2,400
Cass Co. C. S. D. No,6
1,200
5e
Collin Co. C. S. D. No. 3
5(7
5.000
Howard Co. C. S. D. No. 11
5
2.400
Jack-Clay Corn. Co. Line S. D. No. 26
1.000
5(7
McCulloch Co. C. S. D. No. 2
4.000
5.9
0
Nacogdoches Co. 0. S. D. No. 63
1.300
6%
Reeves Co. C. S. D. No. 3, Issue 2
2
°4
4.000
Trinity Co.0. S. D. No.4
1,300
Upshur Co. C. S. D. No. 24
5W%
300
Wilbarger Co. C. S. D. No.48
6,000
6g
Jack Co. C. S. D. No. 42
1,500
54,•
THAYER SCHOOL DISTRICT, York County, Neb.-BOND SALE.
-An issue of $18.000 school bonds was purchased during 1924 by the First
Trust Co. of York.
THURSTON, Thurston County, Neb.-BOND SALE.
-An issue of
$5,000 5% coupon electric bonds was purchased by the State of Nebraska
at par. Date Jan. 1 1925. Due Jan. 1 1945. Interest payable J. & J.
TIBURON SCHOOL DISTRICT(P.O. San Rafael), Mann County,
Calif.
-BOND SALE.
-The $11,000 5% school bonds offered
(V. 119, p.3041) were awarded to the Anglo-London Paris Co. ofon Jan. 6
San Francisco at a premium of $16, equal to 100.14-a basis of 4.98%. Date
Jan. 11925. Due Jan. 1 as follows: $500, 1926 to 1943, and $1,000, 1944
and 1945.
TIFFIN, Seneca County, Ohio.
-BOND OFFERING.
-J. E.
berger, City Clerk, will receive sealed bids until 12 m. Jan. 28 Hershfollowing series of 5% coupon So. Washington St. Improvement for the
bends,
aggregating $39.100 10:
$24,909 67 Series No. 1 bonds. Denom. $500 and one for $409 67. Due
yearly on Sept. 1 as follows: $3,909 67 1926 and $3,500 1927
to 1932. inclusive.
14,190 43 Series No. 2 bonds. Denom. $500 and one for $690 43. Due
yearly on March 1 as follows: $2,190 43 1926 and $2,000 1927
to 1932, inclusive.
Date Feb. 1 1925. Interest M. & S. Certified check, payable to the
City Treasurer for 2% of the amount of bonds bid for, required.
TIPTON COUNTY (P. 0. Tipton), Ind.
-Follow-DESCRIPTION.
ing is a description of the $75.000 new county infirmary building bonds
sold to the Farmers' Loan & Trust Co.of Tipton, as was stated in V.120,
p. 238: Denom. $3.750. Date Dec. 15 1924. Int. M. & N. The
bonds were sold for $78,135, equal to 104.20.
TROY, Rensselaer County, N. Y.
-BOND SALE.-Blodget & Co. of
New York were the successful bidders for the $50,000 4321% Bureau of
Water and Dept. of Safety building bonds of 1925 offered on Jan. 15V. 120.p. 239
-at 101.29, a basis of about 4.01%. Date Feb. 1 1925. Due $2,51141 yearly on Feb. 1 1926 to 1945. incl.
TULSA, Tulsa County, Okla.
-BONDS DEFEATED.
-At an election
held on Jan. 6 the proposition to issue $650,000 water bonds was defeated
by a vote of 1.859 against and 976 for.
UNION SCHOOL TOWNSHIP (P. 0. West College Corner). Union
Co. Ind.
-BOND OFFERING.
-John E. Kauffman, Twp. Trustee will receive sealed bids until Feb. 7 for $442.000 4H% school bonds. Denom. $800
and one for $400. Date Jan. 2 1925. Prin. and semi-ann. int. (J. & J.)
payable at the Farmers State Bank of West College Corner.
six months as follows: 31.600. July 1 1926 to Jan. 1 1939 incl.Due every
and $400
July 1 1939. Certified check for $350 required.
' eailanas
VAN WERT, Van Wert County, Ohio.
-BOND OFFERING.
-Until
12 m.Jan. 22 sealed bids will be received by Stella Carey, City Auditor, for
$23.500 5% fire apparatus purchase bonds. Denom. $2,350. Date Jan. 1
1925. Interest semi-annual. Payable in five years from
check for 5% of the amount of bonds bid for, payable to thedate. Certified
City Treasurer.
required.
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. Jan. 20 by Amos Smith,
Treasurer, for $14,000 5% coupon Quincey Waggoner et al. roadCounty
bonds.
Denom. $700. Date Jan. 15 1925. Interest M. &
15. Due $700
every six months from May 15 1926 to Nov. 15 1935.N.
inclusive.
WALNUT CREEK RURAL SCHOOL DISTRICT (P. 0. Walnut
Creek), Holmes County, Ohio.
-BOND SALE.-Stranahan. Harris &
Oates, Inc.. of Toledo, have purchased the $65,000 5% school bonds
offered on Jan. 5 (V. 119, p. 2793) for $65,800, equal to 101.22, a basis of
about 4.88%. Date Jan. 15 1924. Due $1,300 every six months from
March 15 1926 to Sept. 15 1950, inclusive. Other bidders were:
Premium.
Otis & Co
Premiuns
$372 Cit)
.
$4403 00 Spitzer, Rorick & Co
Seasongood & Mayer
10 00
328 70 Weil, Roth & Irving
Ryan, Sutherland & Co
240 50
li1414
6
WARREN COUNTY(P.O.Glens Falls), N. Y.
-BOND OFFERINT.=
Bids will be received by Beecher W. Sprague, County Treasurer, at public
auction at 11 a. m. Jan. 17 for $50,000 5% highway series 1924 bonds.
Denom. $1,000. Date Feb. 1 1925. Prin. and semi-ann. Int. (F. & A.)
payable in Glens Falls. Due $5.000 Feb. 1 1927 to 1936 inc. Legality
approved by Clay & Dillon of New York. Bonds are to be sold on open
competitive bidding as required by law but written bids may be filed with
the County Treasurer. Cert, check for 5% of the par value of bonds bid
for, payable to the County Treasurer,required.
WASHING UN COUNTY(P.O. Washington),lowa.-BOND SALE.
-The White-Phillips Co. of Davenport has purchased an issue of $40.000
431%_ funding bonds. Date Jan. 11925. Denom. $1,000. Due Nov. 1
,
as follows: $5,000, 1927 to 1929: $6,000, 1930 to 1932. and $7,000. 1933.
Prin. and int.(M.& N.) payable at the office of the County Treasurer or
atathecutier o the alacye nahicagoompany. Legality approved bYaChalam n office a parker nf c med c
.
f
.
TAMPA, Hillsborough County, Fla.
-BOND OFFERING:M
.
7VMM
It. Duncan. City Clerk, will receive sealed bids until 12 m. Jan. 27 for
WATONWAN COUNTY (P. 0. 5t7James), Minn.
-BOND SALE.
$622.000 5% water-works extension bonds. Due Aug. 1
The $14,350 5% trunk highway reimbursement bonds offered on Dec.as
$26,000. 1949 to 1971, inclusive, and $24.000, 1972. Principal and follows: (V. 119.
17
interest
p. 2793)
(F. & A.) payable in gold in New York. The bonds will be prepared under of LewLsville.0 were awarded to the Farmers and Merchants State Bank
the supervision of the United States Mortgage & Trust Co., New York
City, which will certify as to the genuineness of the signatures of the town
WEBSTER COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Ked
officials and seal impressed thereon. The approving opinion of Chester B. Cloud), Neb.-BOND DESCRIPTION.
-The $60,000 5% school bonds
Masslich, New York City, will be furnished successful bidder.
awarded to the State of Nebraska at par (V. 119, p. 1315) are described as
follows: Date June 1 1924. Denom. $500 Coupon bonds.
TEAGUE CITY, Freestone County Texas.-BONDSXEGYSTEn
e 1944. optional June 1 1929. Interest pitiable June 1. TheDue June 1
sale of the
-The State Comptroller of Texas rmi;tered $25,000 04% serial school above bonds
appeared under the caption of Red Cloud School District,
bonds on Jan. 7.
Webster County, Neb.
TACOMA, Pierce County, Wash.
-BOND SALE.
-During the month Pa WELLESLEY,
Mass.
of December the city of Tacoma sold the following 6% bonds, aggregating temporary loan of Norfolk County, Nov. -TEMPORARY LOA1 "LI
$125.000 maturing
12 1925 has been awarded to
$103,636 43:
Estabrook & Co. of Boston on a 3.05% discount basis.
THE CHRONICLE
364
-The
WEST LAFAYETTE,Tippecanoe County,Ind.
-BOND SALE.
City Council has awarded $26,000 bonds to the Fletcher Trust & Savings
Bank of Indianapolis for $27.111 11, equal to 104.27.
WEST LOVELAND SPECIAL SCHOOL DISTRICT NO. 7 (P. 0.
Loveland), Hamilton County, Ohio.
-BOND SALE.
-The $50,000
53 % school bonds offered on Dec. 19 (V. 119, p. 2677) have been sold to
the Weil, Roth & Irving Co. of Cincinnati for $52,475, equal to 104.95.
a basis of about 4.98%. Due every six months as follows: $1,000. April 1
1925 to Oct. 1 1947 incl.; $1,500, April 1 1948; 11,000, Oct. 1 1948 and
$1.500. April 1 1949.
-On
WEWOICA, Seminole County, Okla.
-BOND ELECTION.
Jan. 21 an election will be held for the purpose of voting on the proposition
to issue $50,000 sewer bonds.
-The
-BOND SALE.
WICHITA FALLS, Wichita County, Texas.
following 5%% refunding bonds, aggregating 81,000,000. were purchased
by Kaufman, Smith & Co. of St. Louis and First National Co., jointly.
at par:
$187,000 Series A
$11,000 Series D
14,000 Series E
222,000 Series B
35,000 Series F
136.000 Series C
395,000 Series G
Dated May 11924.
WILBARGER COUNTY COMMON SCHOOL DISTRICT NO. 48
Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas registered $6,000 6% 10 -year school bonds on Jan. 8.
-20
WILLISTON SCHOOL DISTRICT NO. 29, Barnwell County,
So. Caro.
-BOND SALE.
-The $25.000 53 % coupon school Jonds offered
on Jan. 2 (V. 119, p. 3042) were awarded to the Farmers &Merchants
Bank of Williston. Date Jan. 1 1925. Due Jan. 1 1945.
-BOND SALE.
-On Jan. 13
WORCESTER, Worcester County, Mass.
the following issues of 4% coupon or registered bonds offered on that day
were sold to R. L. Day & Co. of Boston at 101.09, a basis of about 3.82%;
150,000 water supply, payable $3,000 Oct. 1925 to 1934, inclusive, and
$2,000 Oct. 1935 to 1944, inclusive.
100,000 Water supply (Asnebunaskit), payable $5,000 Oct. 1925 to 1944,
inclusive.
225,000 Trunk sewers. payable $23,000 Oct. 1925 to 1929, inclusive, and
$22,000 Oct. 1930 to 1934, inclusive.
Denom. $1,000. Bonds will be payable in gold at maturity. Both principal and semi-annual interest (A. & 0.) payable at the First National
Bank, Boston. Bonds will be certified by the Old Colony Trust Co., of
Boston, and the legal opinion of Storey, Thorndike, Palmer & Dodge furnished.
Debt Statement and Borrowing Capacity Jan. 9 1925(Ina This Issue).
Average valuation less abatements for 1922, 1923 and 1924_1269,695,290 00
Debt limit 2%% of the same
$6,742,382 25
113,221,400 00
Total bonded debt
Exempt
Abolition of grade crossings debt $200,000 00
650.000 00
City ball debt
250,000 00
Park debt
50,000 00
Public playground debt
.1,245,00000
Sewer debt
2,680,000 00
Water debt (funded)
3.019,400 00
Water debt (serial)
8,094.400 00
[VOL. 120.
and which places the city on a practicaly pay-as-you-go basis. This Act
became effective in 1915 and largely because of it, debt charges have been
reduced from 20% et total expenditures in 1915 to 12% of total expenditures in 1924.
-H. M.
WINDSOR, Bertie County, No. Caro.
-BOND OFFERING.
Bell, Town Clerk, will receive sealed bids until 2 p. m.Jan. 24 for $100,000
6% street and light coupon bonds. Date Jan. 1 1925. Denom. 11,000.
Due Jan. 1 as follows: $3,000, 1928 to 1937 incl., and $7,000, 1938 to
1947 incl. Said bonds are registerable as to prin. Prin. and int. payable
in gold at the U. S. Mtge. & Trust Co., N.Y. City. . Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston. A certified check for
2% of bid is required.
-F. S.
WOBURN, Middlesex County, Mas.-TEMPORARY LOAN.
Moseley & Co., of Boston, have purchased a 1100,000 temporary loan on a
3.03% discount basis. Due Dec. 15 1925.
WORTHINGTON, Greene County, Indk-BOND OFFERING.Sealed proposals will be received by A. N. ImhaVasen, Town Clerk, until
Feb. 2 for $4,9805% lighting system bonds. Denom. $830. Date
7
Feb. 2 1925. Int. payable ann. on July 1. Due $830 yearly on July 1
1926 to 1931 incl. Certified check for $100 required.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-BOND SALE
NOT CONSUMMATED.
-We are informed that the sale of the $472,450
5% bridge bonds to Ames. Emerich & Co. of Chicago and the Prescott.
Wright, Snider Co. of Kansas Cy
-V. 118, p 2481
-was never consummated, as the attorneys, Wood & Oakley of Chicago, refused to approve
the legality of the issue.
YONKERS, Westchester County, N. Y.
-The fol-BOND SALE.
lowing issues of 43(% bonds, offered on Jan. 14-V. 120, p. 239
-have
been awarded to A. M. Lamport & Co. of New York at 101.33. a basis of
about 4.12%;
11,000,000 school bonds, payable $26,000 Feb. 1 1927 to 1951 incl., and
125,000 Feb. 1 1952 to 1965 incl.
240,000 public building bonds, payable $6,000 Feb. 1 1926 to 1965 incl.
400,000 water bonds, payable 110,000 Feb. 1 1926 to 1965 incl.
306,000 refunding bonds, payable $16,000 Feb. 1 1926 to 1931 incl.,
and $15,000 Feb. I 1932 to 1945 incl.
Bonds will be dated Feb. 1 1925.
YORK SCHOOL DISTRICT (P. 0. York), York County, Neb.BONDS VOTED.
-The voters authorized the issuance of $220,000 school
bonds at the election held on Dec. 27 (V. 119, P. 2794).
YUMA COUNTY SCHOOL DISTRICT NO. 19 (P.O. Yuma), Ariz.
BOND SALE.
-The $10,000 6% school building bonds offered on Dec.31-were awarded to the Security Trust & Savings Bank of
V. 119. p. 2794
Los Angeles at a premium of 385, equal to 100.85, a basis of about 5.93%
Date Nov. 17 1924. Denom. $500. Due Nov. 17 1944. Interest semiann. (June 30 and Dee. 31).
p.m.
CANADA, its Provinces and Municipalities.
CASTOR SCHOOL DISTRICT, Alta.
-BOND SALE.
-The W.
Ross Alger Corp. of Edmonton has purchased /3,500 6%% heating plant
bonds. Date Jan. 1 1925. Due Jan. 1 1926 to 1945 inclusive.
-BOND SALE.
EDMONTON, Alta.
-Cochran, Hay & Co., Ltd., and
McDough, Somers & Co. were awarded $500,000 5%% bonds at 97.61
for bonds payable in Canada and New York. The majority of the bonds
$5.127,000 00
mature in 1964. The following bids were received:
Total sinking funds
$4,506,963 37
Cochran, Hay & Co., Ltd., 97.51, bonds payable Canada and New
Less
York; 97.27. bonds payable Canada only.
Abel. gr. Cr.fund_ 1167,544 83
Royal Financial Corp., 97.36, bonds payable Canada and New York;
City hall loan fund 650,000 00
97.11, bonds payable Canada only.
Park loan fund-- 177,707 69
McLeod, Young. Weir & Co., 96.80. bonds payable Canada only.
Pub. playg. L'n fd
47,768 68
-Bids will be reHALTON COUNTY, Ont.-BOND OFFERING.
Sewer loan fund-- 1.078,561 79
ceived by William Pouton, Clerk, until Jan.27 for $69,000 5% 20-yr. bonds.
Water loan fund-- 2,133,243 40
4,254,826 39
-Bids will be received by Lionel
LEVIS, Que.-BOND OFFERING.
252,123 98
Lemieux, City Clerk, until Jan. 20 for $46,200 bonds. Bids are asked for
4,874,876 23 either 5V or 5%% bonds. Int. A. & 0. Due yearly on April 1 as follows:
0
1100, 1932; $4,400, 1933; $4,600,
Borrowing capacity within debt limit
$1,867,506 23 $3,000, 1926; $500, 1927; 8200. 1930:
Population, 1920 Census, 179,754. Population July P1924(estimated by 1934; $4,900, 1935; $5,100, 1936; 15,400, 1937; $5,700, 1938; $6,000
1939, and 16,300. 1940.
Census Bureau), 195,405. Assessed valuation 1924, 1287,466,150.
-A. Deslauriers, City
Worcester, it is stated, is operatingiunder a debt restricting Act which
SHERBROOKE, Que.-BOND OFFERING.
prohibits borrowing for things 'of yearly recurrence and of short usefulness Clerk, will receive sealed bids until Jan.f19 for 1542,000 5%libonds.
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