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The
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Railway& industrial Compendium
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VOL. 122.
financial
rant&
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Railway Earnings Section
SATURDAY, JANUARY 2 1926
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The Financial Situation.
On the Stock Exchange the year 1925 maintained
its record for extraordinary buoyancy and activity
right up to the very end and the stock market may
be said to have closed on Thursday in a state of
glory. Further new high records in prices were
established all through the list, some for the year
and some for all time. As for some weeks past, the
railroad shares have been particularly prominent
in the forward movement, though the industrial
shares and the specialties have been by no means
laggards, as witness the further advance since a
week ago of 86 points in S. S. Kresge stock to 885.
This stock last April sold at 355.
The railroads as a class during the twelve months
enjoyed no such prodigious advances as did the rest
of the market, and yet the advances in them were by
no means inconsiderable. Take for illustration just
a few of the railroad shares which the present week
reached their peak figures for the year. There is
New York Central, which on Dec. 30 touched 1371/
2,
against 1131/
4 last June, or Atchison, which on Dec.
29 rose to 1401/
2, against 1161/
4 in January, or Southern Railway, whin on Dec. 29 recorded the highest
figure in its entire history at 1201/2, against 77% in
January. Nor can prospective consolidation be
claimed to have played any part in the great rise in
any of these three instances. Increased dividend
distributions and good earnings have been the dominating factors in the great rise in those cases. Rock
Island common also attained its peak figure at 587
/s
Dec. 31, against 401/
8 last March, and in that case
the possibility of consolidations among the roads in
the Southwest doubtless had much to do with the
advance. Among the minor railroad properties, that
NO. 3158.
important subsidiary of the New York Central,
Thronute
Translent display matter per agate line
Oentracgand Card rates
Bank and Quotation Section
Bankers' Convention Section
namely the Cleve. Cin. Chic. & St. Louis, or Big Four,
on Dec. 30 got up to 200, against 140 back last May.
In the railroad list, however, as in the general
market, there is danger that the speculation may be
overdone. We notice that Secretary Hoover in the
statement which he gave out this week, in response
to requests from the press, while freely expressing
the opinion that "all signs indicate that if we will
temper our optimism with a sprinkling of caution we
shall continue our high level of prosperity over
1926," nevertheless thought it incumbent upon him
to utter a word of warning by saying that "there are
some phases of the situation which require caution."
And among these phases he singles out particularly
real estate and stock speculation. Here is what he
had to say on that point:
"Continuation of real estate and stock specula
tion and its possible extension into commodities with
inevitable inflation; the over-extension of installment buying; the extortion by foreign Government
fosteredmonopolies dominating our raw material!
imports; the continued economic instability of certain foreign countries; the lag in recovery of certain major agricultural products; the instability of
the coal industry; the uncertainties of some important labor relationships—all these are matters
of
concern."
Plainly, neither the country at large nor
stock
speculators, nor real estate operators, can
afford to
disregard such a carefully and moderately
worded
warning against overdoing things as Mr.
Hoover
gives in the foregoing.
The status of the Briand Cabinet, as
well as that
of the Finance Minister, was
decidedly uncertain
early in the week, according to
Paris cable dispatches. On Dec. 26 the representative
of the New
York "Times" in the French capital
cabled that
"there is a tenseness in the political
atmosphere of
France this week-end which no recent
crisis has
produced. M. Briand's Government is
split within
itself, with the Premier and Finance
Minister on the
one side and the radical members
of the Cabinet on
the other. Outside the Govern
ment the cartel has
been more or less reframed on a
joint financial policy and is trying to impose its
policy on the Government. The Senate is with M.
Briand and M. Doumer, but its action can be at
best only tardy and
corrective. The Senators cannot
prevent events
which seem likely to be precipit
ated next week or at
the latest next month. In the
Chamber lobbies there
is a general whipping,up of party
spirit and of excitement which augurs ill for M.
Doumer and the
Government. And in the press there are
two cur-
TIIE CHRONICLE
rents of opinion, one anxiously appealing for support for the present Government and the other
vaguely advocating abandoning the present Parliamentary system and the creation of a committee of
public safety with dictatorial powers."
That the veteran statesman did not intend to give
up without a determined fight was indicated c:early
in Paris cable advices. On Dec. 27 the representative of the New York "Times" said that "Premier
Briand began his counter attack against the reorganized Left to-day in the press and in the lobbies
of the Chamber, still buzzing on Sunday with activity. Without ever showing himself, this old campaign manager got his agents to work everywhere
arguing, urging, pleading, against precipitation of
a crills just before the new year and the Parliamentary vacation. He has acted directly with regard to the Radical Ministers within his Cabinet
and there is a chance, if not more than a chance,
that they will submit on Tuesday to an arrangement which will not be all concession on the part
of the Finance Minister. M. Briand is concentrating on the imperious necessity of having the scale
of the budget settled before the Chamber is asked
to vote on Wednesday or Thursday appropriations
for January. If he can do that he thinks he will
manage to scramble everything else through in the
hectic last 48 hours of the year."
As the week progressed it became increasingly
apparent that the Ministerial situation was being
held together chiefly by the strong personality of
Premier Briand. In a special cable message from
Paris to the New York "Times" on the evening of
Dec. 28 it was stated that "Premier Briand came
out into the lobby of the Chamber this afternoon
and let it be known that rather than yield to the
Left cartel he was prepared to re-form his Ministry
and accept the collaboration of the whole Right
Centre." Continuing his account, the correspondent said: " am not going to be driven out like
that at my time of life,' he said when asked whether
he would resign if at to-morrow's Cabinet meeting
the six Radical Socialist members of the Cabinet
refused to support M. Doumer's financial proposals.
He is still hoping for an agreement and is still working for it. But if he cannot get it he will ask for
the resignations of the six Radical stalwarts rather
than for that of M. Doumer, and will remake his
Cabinet without them. This decision came at the
end of a long day of campaigning. For more than
an hour this morning the Premier had a lively discussion in his office in the Chamber with the cartel
members of his Cabinet, notably M. Painleve, former Premier, now Minister of War. It was not altogether a peaceful interview." The fighting Premier
was also quoted directly as follows with respect to
his own attitude: " shall make every effort for
conciliation,' he said. 'But if certain Ministers wish
to leave me I won't hinder them.' Will you leave
them?' one questioner asked.
abandon Ministers
I have chosen? Never! Why should I? If they
care to leave me that is another matter. In my career,' he added with his customary glint of humor,
have exhausted all possible means of abandoning
power. I haven't any left.'"
[Wu 122.
longer the Ministerial deadlock caused by the opposition of the Left Wing Ministers to the fiscal measures prepared by Finance Minister Doumer and now
before the Cabinet. The Premier notifed the four
members of the Cabinet who are blocking the approval of the Doumer measures that they either
could contribute to the unanimity of the Cabinet or
they could resign. As for himself, Briand declared
that he refused to step aside and he reiterated his
determination to stand behind his Minister of Finance." He stated also that "the recalcitrant members of the Cabinet are Camille Chautemps, Minister of the Interior; Edouard Daladier, Minister of
l'ublic instruction; Antoine Durafour, Minister of
Labor, and Rene Renoult, Minister of Justice. If
these Ministers resign when the Cabinet meets tomorrow, the Premier declares, be will promptly appoint their successors and that he will assume full
responsibility before the Chamber of Deputies." •
In commenting upon M. Briand's strategy, the
Paris representative of the New York "Times" said
in a subsequent dispatch that "he persuaded M.
Downer to alter the terms of his proposals so as
not too greatly to offend the electoral consciences
of his ,Radical colleagues. Be placated the litter
with a promise that he would incorporate in future
measures much of the plan which their party experts
had drawn up with so much advertisement of their
unity in the last ten days. But the strength of his
position lay in his knowledge and in the slow dawning on the Left leaders of the knowledge that he
could within the present Chamber summon to his
aid another majority than that of the cartel." Upon
leaving the Cabinet meeting the Premier was reported to have said: "'We have managed to get the
spirit of Locarno into the Cabinet,' declared the
Premier when, in excellent humor, he emerged from
the meeting. 'Everything has gone off in a spirit of
great cordiality. We are unanimous.'" The "Times"
correspondent observed that "the skill and work
that have been necessary to obtain that unanimity
can be measured only in terms of the activity of the
Radical and Socialist campaign the last week to
regain power. For five days their press had been
asserting that unanimity was impossible and their
spokesmen had been annoucing that the present
Government situation could not continue. But their
prophecies have proved false and their only comfort
is to declare that to-day's victory is only a respite
and that the real crisis will come after the New Year
vacation."
Finance Minister Doumer of France has been
busily engaged with the working out of a finance
plan. The matter was so urgent that the Cabinet
even met on Christmas morning. The Paris representative of the New York "Times" cabled that evening that "once more an open crisis in the discussion
of the financial situation has been postponed. The
Cabinet met this morning for three hours and discussed in detail Finance Minister Doumer's proposals for balancing the budget, but adjourned a
final decision until Tuesday morning." He claimed
that "about their deliberations the greatest secrecy
is being maintained, but the fact of the adjournment of the decision in itself is regarded as sufficient proof that an agreement was found difficult, if
The New York "Herald Tribune" representative not impossible."
The firm stand taken by Premier Briand in supreported the situation in part as follows: 'Premier
Briand announced to-day that he would tolerate no port of Finance Minister Doumer and his plan had
JAN. 2 1926.]
ilk
THE CHRONICLE
the desired effect. It brought the opposing members into line. According to an Associated Press
dispatch from Paris on Dec. 29, "the French Cabinet, meeting to-day, agreed to support the fiscal
measures of Finance Minister Downer. The Premier is said to have come to an understanding with
the Minister on enlargement of his majority in the
Chamber of Deputies by his threat to bring representatives of new groups into the Cabinet if the
Radicals stepped out. The Ministers unanimously
approved a scheme for balancing the budget and
stabilizing the franc and authorized the Finance
Minister to introduce the bills- in Parliament. It is
understood M. Doumer will submit his measures today and that The Chamber's Finance Committee will
discuss them during the new year's Parliamentary
recess."
The financial situation as presented to the Cabinet was outlined in part as follows: "The Finan
ce
Minister estimated the budget deficit at 8,800,000,000 francs ($352,000,000). He proposed to meet
this by increased income taxes, re-enforcement
of
the fiscal administration, a tax on Bourse operations, higher prices for tobacco (which is sold under
Government monopoly), a tax on exports, and 'an
extraordinary and temporary stamp tax on sales.'
Two billion five hundred million francs of new revenue ($100,000,000) will go to a sinking fund, 2,000,000,000 francs ($80,000,000) to reimburse the Bank
of France for advances to the State and the remainder to balance the budget. Provisional credits for
January, to carry on the country's business until
the 1926 budget is voted, amount to $3,751,000,0
00
francs ($150,040,000). Of this total, 3,117,000,00
0
francs is for the general budget, 514,000,000 for
the
budget annexes, and 120,000,000 to defray the costs
of French troops of occupation in foreign countr
ies.
If the January rate of expenditures were maintained throughout 1926, it would bring the total
expenditures for the year to 45,000,000,000 francs
($1,800,000,000)."
The Associated Press correspondent asserted that
"to-day's decision by the Cabinet brings an end to
the
sharp race of the last ten days between Premi
er
Briand and the leaders of the majority on
which he
had relied in the Chamber of Deputies.
The Premier, although distanced in the first stage
by the
hasty introduction of financial bills
prepared by
the coalition leaders as substitutes for
the Governmental measures, won the final lap by a
vigorous
and daring maneuver that took his advers
aries off
their feet."
Ism
President Coolidge, according to Washington
dispatches, gave consideration, even during the
Christmas holiday, to the personnel of the Ameri
can representation at the armament conference that
is to
be held under the direction of the
League of Nations. On Christmas eve the Washington
representative of the New York "Times" said that
"President Coolidge's plans for joining the League of
Nations in the effort to preserve peace, through
a conference for the reduction and limitation of armament, have progressed so far that already
he is
considering the personnel of the American
delegation to the armament conference proper,
the date
for which is to be set by the preliminary
meeting of
eighteen nations at Geneva in February."
He
added that "on the President's desk to-day
was a
3
list of prominent Americans from whom he will
make his selections of those who will take part in
the armament conference in behalf of the United
States. Among those on the list are Frank B. Kellogg, Secretary of State, who is certain to head the
American contingent; Elihu Root and Charles E.
Hughes, former Secretaries of State; Senator William E. Borah, Chairman of the Senate Committee
on Foreign Relations; Representative Stephen G.
Porter, Chairman of the House Committee on Foreign Affairs, and Senator Oscar W. Underwood, foruier Democratic leader of the Senate, who, like Mr.
flughes and Mr. Root, was a member of the American delegation in the Washington conference for the
limitation of armament held in 1921-22. In addition, the President has under consideration the
names of some Democratic members of the House of
Representatives, with a view to choosing one or two
of them." Continuing, he suggested that "it is evident from what became known to-day of the President's disposition that he intends to make the
American contingent in the League's conference
thoroughly representative of the highest standards
of ability and thought in this country. That the
American mission will be emphatically bipartisan is
indicated by consideration being given to the names
of Senator Underwood and Democratic members of
the House. The whole course of the President is
viewed as an earnest of his desire to make the
League's effort to maintain peace between nations
through armament limitation and reduction a practical success without regard to party lines or the
apparent opposition of a majority of his party'
s
leading men to the League and its purposes."
Two days later it was stated in another special
Washington dispatch to the New York "Times"
that
"President Coolidge's plan for sending to the armament conference of the League of Nations a commi
ssion composed of Americans of high charac
ter and
ability was emphasized further to-day when
it became known that Herbert Hoover, Secretary of Commerce, is on the tentative list from which the President expects to choose the personnel of the American
delegation." It was suggested that "Mr. Hoove
r's
varied experience in the World War and knowl
edge
of international economic and political condit
ions,
with which he has kept abreast since he becam
ea
member of the Cabinet, give him a foundation for
valuable service as one of the American emissaries,
certain, it is believed, to cause satisfaction to the
people of this country. In addition his name
is revered in many parts of Europe where his personality
is presented as a heroic figure." The
"Times" correspondent further stated that "another developmen
t
to-day was that President Coolidge told Repres
entative Martin B. Madden, Chairman of
the Committee on Appropriations, that he would
soon request
Congress to make an appropriation to cover the
expenses of the participation of American repres
entatives in the meeting of eighteen nations
at Geneva
in February to arrange for the Leagu
e's disarmament conference proper. On leaving the Execu
tive
Offices, Representative Madden said he had
told
the President that early in January, when Congr
ess
reconvened, he would offer a measure
to carry out
the President's wishes. Mr. Madden expres
sed the
belief that $75,000 would be sufficient to cover
the
expenses of the preliminary meeting. If American
representation in the preliminaries were confin
ed to
4
TH 14 CHRONICLE
an Ambassador or Minister now in Europe with
necessary technical advisers and secretarial assistants, the amount of the appropriation might not be
as large as $75,000, he thought."
According to a special Geneva dispatch to the
New York "Evening Post" last evening, "it is definitely assumed at the Secretariat of the League of
Nations that the United States will accept the invitation to join the preliminary committee to discuss
a disarmament conference. No official comment
will, of course, be made prior to the accomplished
fact, but conversation with officials in different departments and of various nationalities gives a distinct impression of this attitude. Neither the British, French nor Japanese are pleased with the prospect of American participation, while other nationalities are dubious and none are delighted. The reason is that there are indications the United States
will participate too thoroughly to suit some member
nations. Apparently it never occurred to any one
that President Coolidge might send Secretary of
State Kellogg, Elihu Root and Secretary of Commerce Hoover, and that probability is viewed with
apprehension. The rumors from America are taken
to mean the United States intends to prepare plans
for a disarmament conference along American lines.
States which have no objection to what they know
American ideas of disarmament to be foresee a
possible loss of some national prestige in the shadow
of the gigantic United States. Few intend to accept
American domination of the committee without a
struggle and indications are that more strife than
peace will result."
[VOL. 122.
with the outside world, but it will, it is expected,
demur at the choice of Geneva as the locale of the
conference because of the strained relations with
Switzerland since the murder of Vorowski at Lausanne and the acquittal of Conradi. The German
attitude is more disquieting to France, as it is the
announced intention of the German Government to
demand equality of disarmament, thus placing
France under the obligation to reduce her forces to
the scale of Germany's forces, as limited by the
Treaty of Versailles, exception, of course, being
made for the necessity to France of a colonial army.
Anything like such a wholesale reduction will be a
very difficult matter to get accepted in France immediately. The country is moving toward a reduction of military service, but, despite Locarno, is not
quite ready to be pushed into a reduction to the same
extent as Germany." Going still a step further, the
"Times" correspondent declared that "the point of
greatest interest to the French is, however, what
will be not only the attitude but the methods of the
United States at the preliminary meeting. Ambassador Berenger, when he arrives in Washington, may
certainly be counted on to make inquiries and reports. Meanwhile the French newspapers are speculating hard. Thus the 'Temps' to-night raises the
question: 'In what spirit may we expect the Americans to exercise their influence?'"
In addition to her other troubles, Europe has been
suffering from severe floods, which are said to have
caused great loss of property and life. This has
been especially true in the Central and Western sections. In an Associated Press dispatch from Paris
The French have been especially concerned over on Dec. 29 it was claimed that "already many lives
the attitude of several other nations toward the have been lost in Rumania and Hungary, while vast
proposed disarmament conference, according to sections of France, Belgium, Switzerland, Germany,
Paris cable advices. The New York "Times" repre- Austria and Czechoslovakia are inundated. The
sentative said on Dec. 28 that "American interest weather predictions point to continued warmth and
in the Geneva Disarmament Conference and the heavy rains." Continuing his account, the correattention which is being given to the choice of dele- spondent said in part: "The most alarming condigates are matters for official gratification in France. tions are reported from Central Europe. Torda
But even in official circles there is a disposition to (Thorenburg), Rumania, has been swept by a torinquire whether it would not be well, even before rent of overflowing waters that smashed houses by
the preliminary conference starts, to know in just the score. Direct reports from Torda report the loss
what spirit and with what attitude the various par- of hundreds of lives along the Rumanian frontier,
ticipating countries are going to attend. It has been with the waters sweeping bodies and debris through
a notable feature of many European conferences in the streets of that city. In the Bekes district of
recent years that they have always failed, as at Hungary more than 100,000 acres are covered with
Geneva, when there was no previous agreement and water, and the situation is growing worse. Between
understanding, and succeeded only when the ground Vesztoe and Okany the huge masonry dams are
had been, first of all, cleared by an exchange of cor- threatening to give way, and the whole population
respondence, as was the case at Locarno. In this has turned out in an effort to avert disaster. An
clearing of ground America has taken the initiative, ice jam has added to the seriousness of the situaand in various European capitals Ambassadors have tion in the Theiss River, near Tisza Dada, and sapbeen charged with the mission of seeking explana- pers have been hurried to the scene with dynamite
tion and understanding of important points in the to blast it away and thus allow the escape of the
questionnaire which is to be the basis of the work of water. The River Sajo likewise has overflowed its
the preparatory commission in elaborating the con- banks and is menacing the entire Borod district.
ference program." He further suggested that "this Throughout Belgium there are serious floods. The
discussion preliminary to the preliminary meeting is riverside quarters of many towns are submerged and
a matter which the French consider essentially wise, people are abandoning their houses. Navigation
if snags, crises, misunderstandings and failure are has been interrupted on the Meuse. The rise in the
to be avoided at the preliminary conference itself. waters of the Rhine and Moselle is becoming most
They are anxious to know before even this prelim- disquieting. The Rhine is already over its banks at
inary conference meets what may be expected to be Kreuznach and part of the town has been evacuated.
the attitude not only of Russia and Germany but of At Coblenz the Rhine is rising an inch an hour and
the United States. The Russian Government is un- the situation is considered threatening. The Moselle
derstood to be favorable to participation if the con- likewise is over its banks and menacing the railway
ference affords a chance to resume official relations lines. All the cities in the Rhine and Moselle val-
JAN. 2 1926.]
sok
THE CHRONICLE
leys are taking precautions against further floods
and are even preparing barracks for the reception of
flood victims. In Switzerland, Bavaria and Austria avalanches and floods have wrought much damage and are likely to cause much suffering. In
France the Seine is still rising and flooding wharves
and piers at Paris, but thus far has not caused much
damage. The Marne, Aisne and Oise are slowly
mounting and various towns and villages are partially flooded, while many houses have been abandoned at Louvois."
Sentiment in London has been more cheerful during the holiday season than in ten years, according
to London cable advices. Londoners are said to feel
that the year just closed witnessed many domestic
and international events of special importance and
significance. As to international relations, the
signing of the Treaty of Locarno, in which the British Government played a conspicuous part, is easily
given first place. The settlement of the Irish boundary dispute is accorded second place. In a special
London dispatch to the New York "Times" on Dec.
26 it was maintained that "in domestic affairs there
have been two outstanding successes." The correspondent said that"one is the Contributory Pensions
Act," while he maintained also that "another outstanding feature of the year in British home affairs
has been the subsidy to the coal industry, much derided at the beginning but now accepted by the huge
majority of opinion as a practical method of avoiding a disastrous industrial conflict." He added .that
"- the last few months has seen an astonishing change
in the respective attitudes of labor and capital.
Whereas six months ago both were preparing for
war to the death, now they are both seeking solutions which will enable them to live amicably and
with greater profit to both. There is a ‘Locarno'
spirit in British industry, just as in international
politics. Threats of a labor union war against the
community next spring or summer may be dismissed
as vaporings of misguided intelligences."
The more cheerful and hopeful sentiment appeared
to exist in financial circles also. In an Associated
Press dispatch from the Britfsh capital on Dec. 28
it was stated that "if the London Stock Exchange
cannot claim the most prosperous year in its history
—as Wall Street apparently can, according to dispatches received from New York—still there is no
grumbling to be heard in Capel Court, where the
Exchange is located, when the record of 1925 is
passed under review. The London Stock Exchange
undoubtedly has enjoyed an active and prosperous
year, although it is possible that the activity and
prosperity have tended to become exaggerated in the
public mind as a result of the extraordinary prominence which circumstances have given to one of its
minor sections, the rubber market. In rubber there
have been innumerable opportunities to obtain handsome profits from the rise of shares." It was added
that,"apart from rubber the year's features in Capel
Court has been the remarkable faithfulness with
which the London market has reflected broad economic tendencies of the world, as was shown by the
considerable appreciation of various Central European reconstruction loans as a result of the great
improvement in the international political situation." As to the future, the correspondent said that
"general trading prospects for the new year, in the
opinion of the best judges, are much brighter than a
re.
5
year ago, and most of the industrial reviews indicate that a big trade push is due in 1926, with this
expectation based on the outcome of the Locarno
Conference and the more settled conditions prevailing in Europe." In carrying the forecast further,
the London representative of the New York "Evening Post" said in a wireless message on Dec. 28
that "next year, in the opinion of leading British
merchants, will be one of the best in recent years in
Great Britain, possibly the best since the World
War. This prophecy is subscribed to by manufacturers, but with the proviso that capital and labor
must get together. To-day's newspapers feature
forecasts of important business men and they are all
tuneci to a hopeful note on the general theme 'Great
Britain has turned the corner.'"
According to a special dispatch to the New York
"Times" at about the same time,"the impression prevails that better days are coming for British trade.
This is especially true, according to the optimists,
in the shipbuilding trade, which has been going
through a period of extreme depression. Things
look better also on the railways now than they, did
some time back. Peace reigns between employers
and employees, following the recent wage award.
But the pessimists warn that the railway peace is
only a patched-up, temporary sort of thing. Ilow
ever, it is anyhow a peace, and the danger of a railway strike seems to have been averted."
No change has been noted in official bank rates at
leading European centres from 9% in Berlin; 7% in
Italy and Belgium;6% in Paris; 51/2% in Denmark;
5% in London, Madrid and Norway; 41/2% in Swe2% in Holland and Switzerland. In
den and 31/
London the open market discount rates remain firm,
/8@51/
8% last
with short bills at 5 1-16%, against 47
/8@4 15-16%, the
week, and three months' bills at 47
same as last week. Call money in London, however,
/
8%,
continues to decline and finished the week at 23
/
8% a week ago. At Paris
which compares with 35
the open market discount rate is still quoted at
45
/
8%,but at Switzerland there has been an advance
4%, against 21/8%,the previous quotation.
to 21/
The weekly statement of the Bank of England for
the closing week of 1925 (Dec. 30) reflected the
strain of preparations to meet the Jan. 1 disbursements, and was featured by another sharp reduction
in the proportion of reserve to liabilities which this
week dropped to 11.58%, as compared with 14.80%
a week ago and 15.81% the week of Dec. 16. In the
corresponding week of 1924 the ratio stood at 111/
2%
and a year earlier at 125
/
8%. Gold holdings declined £65,276. Reserve of gold and notes in the
banking department increased £933,000 as a result
of a reduction in note circulation of £998,000. The
deposit items showed important changes. Public deposits decreased £9,290,000 and other deposits increased £52,382,000. Loans on Government securities increased £18,665,000 and loans on other securities moved up £23,484,000. The Bank's holdings of
gold are down to £144,556,367, as against £128,560,002 last year (before the transfer to the Bank of
England of the £27,000,000 gold formerly held by
the Redemption Account of the Currency Note issue), and £128,058,002 in 1923. Reserve aggregates
£19,595,000, which compares with £20,014,087 in 1924
and £20,287,237 a year earlier. Loans total £103,280,000, as compared with £103,600,354 and £108,-
THE CHRONICLE
6
966,150 one and two years ago, respectively, while
note circulation is now £144,730,000, against £128,295,915 last year and £127,520,765 in 1923. The official discount rate of the Bank remains at 5%, unchanged. Clearings through the London banks for
the week totaled £526,505,000, as contrasted with
£839,849,000 a week ago and £581,694,000 last year.
We append comparisons of the different items of
the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1924.
1923.
1925.
Jan. 4.
Jan. 3.
Dec. 31.
Jan. 2.
Dec. 30.
Circulation
b144.730.000
Public depoMts
8,299.000
Other deposits
160,682,000
Govern% securities_ 64,088,000
Other securitlee
103.280,000
Reserve notes& coin 19,595.000
Coin and bullion __a144,556,367
Proportion of reserve
to liabilities
11.58%
5%
Bank mte
128,295.915
8,511.485
165,779.092
68,579,552
103.600.354
20.014,087
128,560,002
127.520,765
13,434,631
150,193,259
52,262,032
108,966.150
20,287,237
128,058,002
124,053,460
12,918.951
144,861.721
59,658,031
94.203,674
21,889.730
127,493,190
125,694,450
17,118.299
174,903.528
68,751.987
120,020,236
21.195.490
128,439,940
113.%
4%
1284%
4%
134%
3%
11%
5%
a Includes, beginning with April 29 1925. £27,00,000 gold coin and bullion previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27.0n0.000 of Bank
of England notes Issued in return for the same amount of gold coin and bullion
held up to that time In redemption account of.currency note issue.
The Bank of France this week reports an expansion in note circulation of 1,152,307,000 francs,
bringing the total up to the new high record of
51,085,133,250 francs. Last year at this time note
circulation stood at 40,885,178,535 francs and the
year before at 39,114,032,080 francs. The Government borrowed 1,300,000,000 francs more from the
Bank, raising the total of advances to the State to
35,900,000,000 francs. A further small gain occurred
in the gold item, namely 2,000 francs. Gold holdings
now aggregate 5,548,088,000 francs, as against
5,545,202,143 francs for the corresponding date
last year and 5,540,493,091 francs the year previous.
Of these amounts 1,864,320,907 francs were held
abroad in each of the years. During the week silver
gained 1,131,000 francs, bills discounted increased
490,707,000 francs, treasury deposits rose 915,000
francs, and general deposits were augmented by
78,924,000 flaws. On the other hand, advances
decreased 21,431,000 francs. Comparison of the
different items in this week's return with the figures
of last week and with corresponding dates in both
1924 and 1923 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Fresco.
2,000
In France
Inc.
Abroad
Unchanged
COMPARATIVE STATEMENT.
Status as of
Dec. 31 1925. Jan. 1 1925. Jan. 2 1924.
Francs.
Francs.
Francs.
3,683,767,093 3,680,881,236 3,676,172,183
1,864,320,907 1,864,320,907 1,84,320.907
Total
-2,000
Inc.
Silver
Inc.
1,131,000
Bills discounted
Inc. 490,707,000
Advances
Dec. 21,431,000
Note circulation...Inc 1152,307,000
915,000
Treasury deposits_Inc.
General deposits Inc. 78,924.000
5,548,088,000 5,545,202,143
305,960,283
321,207,317
3,202,738,412 5,914,070,299
2,517,507.397 2,938,601,030
51,085,133,250 40,885,178,535
12,214,546
1i.90z+.822
3,322,890,047 2,573,037,326
5,540,493,091
296.659,895
4,263,820,493
2,395,281,422
39,114.032,080
16,219,211
2,568,567.056
The weekly statement of the German Reichsbank,
issued under date of Dec. 23, revealed no very striking changes, notwithstanding the close approach of
the yearly oettlements, which, however, will doubtless be more strongly reflected in the final return for
the month. Note circulation expanded 57,110,000
marks, and other liabilities 26,562,000 marks.
"Other maturing obligations," however, were reduced 52,539,000 marks, thus largely offsetting the
increases noted. As to assets, the Bank reported a
gain in holdings of bills of exchange and checks of
55,359,000 marks, and in advances of 1,573,000
marks, while reserve in foreign currencies expanded
6,936,000 marks. Declines occurred of 3,436,000
[VoL. 122.
marks in silver and other coins, 1,824,000 marks in
notes on other banks and 29,067,000 marks in other
assets. Investments increased 1,298,000 marks.
There was another small addition to gold and bullion of 294,000 marks, which brought total gold
holdings up to 1,207,960,000 marks, as compared
with 717,646,000 marks last year and 467,031,000
marks a year earlier. Note circulation now outstanding has reached a total of 2,623,437,000 marks.
A loss in surplus reserve of more than $13,000,000,
accompanied by declines in both loans and deposits,
constituted the most noteworthy features of last
Saturday's statement of New York Clearing House
banks and trust companies. Detailed figures show
that loans were reduced 39.697,000, while net demand deposits fell $29,755,000, to $4,469,497,000,
which total is exclusive of $56,193,000 in Government deposits. Time deposits, on the other hand,
increased $7,934,000, to $574,961,000. Cash in own
vaults of members of the Federal Reserve Bank decreased $3,969,000, to $56,428,000. This, however,
is not counted as reserve. Other declines included
$196,000 in the reserves of State banks and trust
companies in own vaults and of $272,000 in reserves
kept by these institutions in other depositories.
Member banks drew down their reserves at the Reserve institution *16,533,000, a factor which was
largely responsible for the decline in surplus reserves, despite shrinkage of deposits. Total excess
reserves now are $25,351,150, which compares with
$38,728,810 a week ago. The figures here given for
surplus are based on legal reserve requirements of
13% against demand deposits for member banks of
the Federal Reserve System, but not including $56,428,000 held by these member institutions on Saturday last.
The Federal Reserve Board's statements for the
final week of 1925, which were issued at the close of
business on Thursday again revealed heavy shifting
of funds. In the New York report the most noteworthy features were continued expansion in rediscounting and a moderate addition to gold reserve.
For the System there was a large gain in gold and a
moderate curtailment in rediscounting operations,
while both statements indicated smaller open market dealings. In detail the figures show that gold
holdings for the group banks expanded $39,000,000.
Rediscounting of bills secured by Government obligations increased $24,500,000; although as "other"
bills were reduced $39,000,000, total bills .discounted
for the week fell $14,500,000. Holdings of bills
bought in the open market declined $7,100,000. Total bills and securities (earning assets) were reduced only $4,200,000, but deposits showed the large
expansion of $81,500,000. Federal Reserve notes in
actual circulation declined $60,600,000. The New
York institution added $3,800,000 to its gold holdings. Rediscounting of Government secured paper
increased $69,200,000. "Other" bills declined $2,400,000, with the net result for the week an increase in
total bills discounted of $66,800,000. Open market
purchases were smaller, declining $5,900,000. Total
bills and securities showed a gain of $53,100,000,
while deposits expanded $58,800,000. The amount of
Federal Reserve notes in actual circulation fell
$6,600,000. Large additions were made both locally
and nationally to member bank reserve accounts—
$65,600,000 and $89,200,000, respectively. The effect
JAN. 2 1926.1
THE CHRONICLE
of all these changes upon reserve ratios, was to
bring about an advance of 1.2%, to 67.3%, for the
System as a whole, but a drop of 2.3%, to 72.7%, at
New York.
The 6% call money market at this centre during
the four business days in which loans were made
was regarded as logical and taken as a matter of
course. The period covered the closing days of the
year and preparation for unusually large disbursements en Jan. I had to be Yn"". Both the invaat.
ment and speculative markets for securities were
active, the transactions in stocks on the New York
Stock Exchange alone running in excess of 2,000,000
shares daily. As general business continued on a
large scale there could have been no appreciable
falling off in the commercial demand for funds. It
was worthy of note that on Thursday, while call
money continued to rule at 6%, an easier tone was
discernible. This was taken as foreshadowing lower
rates next week, when the Jan. 1 interest and dividend money will begin to return to regular channels.
The Government was a factor in the local money
market early in the week, as on Tuezday it withdrew $10,881,200 from institutions in this Federal
Reserve district. The big mergers that are under
way and in contemplation apparently will tie up
large sums of money for a time when and if they
are put through. Comparatively little of a definite
character has been said about the flotation of large
foreign loans in the United States in the near future.
7"
SPOT DELIVERY.
90 Days.
60 Days.
Prime eligible bills
33(0334
33403334
OR DELIVERY WITHIN THIRTY DAYS.
Eligible
er banks
Ellgi
member banks
30 Days.
34334
3% bid
3% bid
here have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER
1925.
31
Paper Maturing—
After 90 After I
Days, bas
bus
Within 6 Wuhrs
Months. Atanals
'
Within
90 Dose.
IIDERAL ASSEAVE
SANK.
CrmErcsat &cured
Aerie 1 d• by U. S. Bankers• 2'rarie Aorieta.• A'Mal.
Lteestock Gonesnnet AesopA earsand
aM
Paper. Ohltea- lances. Conan Lisestect Liosstoel
n.e4.
How
Paper. Paper
3011t011
gen Vora
"blladel pbb.
3Ievelanct
%lammed
:Meats. _
It. Louie
41am:spoils
Kangas CO
Dallas
&ID Vesnetas.
4
3%
4
4
4
4
4
4
314
4
4
4
4
3%
4
4
934
4
a
a
4
9%
4
4
a
6
4
834
4
4
4
6
a
6
a
4
a
4
6
6
4
4
a
a
4
a
4
4
4
4
• 11101Uditla bantam' aeoeposnoes drawn for an agricultural moon and Neared
.././.././........"
/
V
rty warehouse reeeipts. 4se.
Notwithstanding the fact a at holiday dulness continued to prevail as a result of the combined Christmas and New Year festivities, sterling exchange
showed a moderate degree of activity with a fairly
large volume of business transacted, taking the week
as a whole. This,of course, was mainly due to the
evenirg up of balances for year-end settlements, and
Referring to mcney rates in detail, loans on call the undertone of the market was steady with quotawere negotiated throughout the entire week at a tions well maintained practically throughout. Deflat rate of 6%, this beirg the high, the low and the mand bills ruled a small fraction under 4 85 the
ruling figure on each of the four business days, from greater part of the time. At the opening, following
Monday up till Thursday (Friday was a legal holiday, the three-day holiday, bankers reported dealings in
being New Year's Day). Last week the range of spot sterling against futures for round amounts.
quotations was 53/2®6%. In time money also The latter part of the week, however, dulness once
firmness pervaded operations and 5% continued the more settled over the foreign exchange market;
trading rate on all maturities from sixty days to albeit values remained firm with no indications of
six months, the same as a week ago. Trading was recession. It was noted with some interest that
moderately active and transactions were recorded in wh n the demand increased to any appreciable expractically all periods, due to the desire of brokers to tent, offerings were withdrawn. Locally, dealers,
clear up their accounts before the New Year.
excepting for necessary routine transactions, took
Mercantile paper has not been changed from very little interest in the sterling market, and the
434®43/2% for four to six months' names of choice disposition seemed to be to await the turn of the year
character, with names not so well known still requiring for new developments. A lively interest is still
432%. New England mill paper and the shorter shown in the position of the Bank of England and
choice names continue to be dealt in at 434%. The close watch is being kept to see whether there will
market, however, was not active. Prominent factors be any further considerable outflow once the Jan.
1
in the trade report exceptionally light offerings of obligations have been disposed of. Aside from
the
the best names.
precarious condition of the French franc, the opinion
Banks' and bankers' acceptances were quiet and is almost unanimous that international trade relafeatureless. Offerings of prime names were light and tions are more encouraging than at any time since
the demand therefor correspondingly so. Country the close of the World War. Economic conditions
banks furnished the bulk of the limited business that in Great Britain are generally satisfactory
, steady
was transacted. No really important change is progress is being made toward the establishme
nt of
looked for until after the turn of the year. The industrial harmony and the financial situation is
undertone was steady and quotations unchanged. favorable; therefore, it seems fair to assume that the
For call loans against bankers' acceptances the posted future course of sterling will be upward
and that it
rate of the American Acceptance Council still remains will not be long before the English pound
once again
at 434%. The Acceptance Council makes the dis- crosses 4 86. The outlook for 1926,
so
far
as concount rate on prime bankers acceptances eligible for cerns sterling,
is regarded as favorable.
purchase by the Federal Reserve banks 3/%
3
bid
Referring to the day-to-day rates, sterling exchange
and 334% asked for bills running 30 days, 3
on Saturday last was firm and fractionally higher,
bid and 33
4% asked for 60 days, 34% bid and 3
asked for 90 days, 34% bid and 34% asked for 120 at 4$4 11-16@4 84 23-32 for demand, 4 85 1-16®
days, VA% bid and 33
4
4% asked for 150 days and 4 85 3-32 for cable transfers and 4 81 7-16®4 81 15-32
4% bid and 37
4% asked for 180 days. Open market for sixty days; trading, however, was extremely dull,
quotations are as follows:
because of the fact that so many ce anted Saturday
"111
8
THE CHRONICLE
[VoL. 122.
not prepared to enact the legislation needful for
complete and permanent financial rehabilitation.
Comparatively little comfort is derived by far-seeing
financiers from France's apparent prosperity industrially, since it is claimed that much of this is
the result of currency depreciation and inflation and
that with the institution of rigid deflationary measures
and consequent readjustment of prices to world
levels, much of this extraordinary activity will cease
and the country enter upon a period of reaction\
similar to that encountered by Germany and Austria, ----and even by Great Britain, some time ago.
The other major Continental exchanges close the
year in better position and with a more encouraging
outlook than probably at any preceding period since
the outbreak of the war. Antwerp francs and
Italian lire, though both artificially supported, are
showing signs of genuine stability, particularly the
former, which continue to rule at around 4.52.
Lire are still being held very close to 4.03, on light
trading. German and Austrian exchanges have not
been changed from the stationary levels so long
current. Latest German foreign trade figures are
regarded as favorable, indicating a substantial
reduction in the excess of imports over exports.
Whether this improvement can be maintained is
still uncertain. However,notwithstanding the necessity of borrowing abroad for the purpose of offsetting
the import balance and thus preserving the stability
of the mark, bankers believe that Germany is gradually emerging from the chaotic state that prevailed
so long. Greek exchange was steady but inactive.
Of the minor Continental currencies, the only
unfavorable element is Polish zlotys. Czechoslovakian, Rumanian and Finnish currencies are all
holding their own, but exchange on Poland continues
to move erratically with a tendency to plunge downward on each attempt to sell. This week the quotation was somewhat steadier, having remained at
In the Continental exchanges only minor changes 11.25, and then closed at 12.00. Recent advices
occurred (with the exception of francs) and trading from Poland intimate that the Polish Diet has at
was inclined to be colorless and of comparatively length voted a provisional budget that is expected
small proportions. French francs furnished most of to balance expenditures with revenues. At the close
the activity,and fluctuations in this currency,although of the week holiday conditions again re-asserted
at no time sensational, continue to attract attention, themselves and trading activities were reduced to a
to the exclusion of almost all other considerations. minimum.
The London check rate on Paris closed at 129.85,
The trend of quotations was upward this week,
franc values responding favorably to cable advices comparing with 131.85 a week ago. In New York
that an agreement had been arrived at with regard sight bills on the French centre finished at 3.74,
to France's financial program. The news was against 3.66; cable transfers at 3.73, against 3.67;
1
followed by an advance of 7 points to 3.693/2, while commercial sight bills at 3.73, against 3.65, and
gain
days
further
sixty
to
at
commercial
against
,
2
a
3.683/
was
there
week
3.603/
the
3.80.
later in
a
Lighter offerings helped the upward movement, as week earlier. Antwerp francs closed at 4.53 for
also did the buying that emanated from short checks and 4.54 for cable transfers, in comparison
2 and 4.533/2 the preceding week. Closing
covering and the evening up of balances in preparation with 4.523/
for the year-end settlements. Premier Briand's rates on German marks were 23.81 (one rate) for
unexpected success in bringing about acceptance by both checks and cable transfers, the same as last
his Cabinet of the Doumer taxation plans had a week. Austrain kronen also continue at the levels
%. Lire finished
temporarily enheartening influence on market senti- previously current, namely, 0.00141
ment, although it was recalled that the bill will the week at 4.03X for bankers' sight bills and at
undoubtedly meet with strong resistance in its 4.043 for cable remittances. This compares with
4 last week. Exchange on Czecho4 and 4.033
passage through the French Chamber and Senate. 4.023
confidence
closed
real
2.963
clovakia
at
entertained
no
therefore,
is,
There
% (unchanged); on Bucharest
herself
from
extricate
to
4, and on Finland at 2.53,
0.463
able
the
against
1,
0.463'.
be
will
at
France
that
is
she
which
2.523
zlotys finished at 12.00,
Polish
.
4
in
against
difficulties
flounderfinancial
of
morass
ago.
week
a
Greek drachmae closed at
11.25
struggle.
arduous
Bankers
and
against
prolonged
a
without
ing
in
politicians
for cable transfers,as
French
at
that
and
their
checks
for
1.283
opinion
the
of
still
1.289
are
efforts to escape burdening France with the necessary contrasted with 1.283/2 and 1.29 at the close of the
load of taxation are not yet fully alive to the dangers preceding week.
confronting the country financially and hence are
.01
as a holiday. On Monday quotations were well
maintained and demand advanced a small fraction
4,cable transfers to 4 85 1-16@
to 4 84 11-16@4 843
4 851A and sixty days to 4 81 7-16@4 814; trading
was slightly more active. Light offerings and increased buying power, incidental to year-end evening
up of balances, sent rates up another Mc. on Tuesday,
to 4 84 13-16@4 84% for demand, 4 85 3-16@4 8534.
% for sixty
for cable transfers and 4 81 9-16@4 813
but firm
quiet
was
market
the
Wednesday
days. On
27-32@
84
4
bills
demand
on
prices
of
range
the
with
4 84 15-16, on cable transfers 4 85 7-32@4 85 5-16
and sixty days 4 81 9-16@4 81 11-16. Pre-holiday
dulness pervaded Thursday's dealings and rates
which were practically nominal but a shade easier at
4
4 84 13-16@4 84% for demand, 4 85 3-16@4 853
% for sixty
for cable transfers and 4 81 9-16@4 813
days. Friday was a legal holiday (New Year's Day).
Closing quotations on Thursday were 4 81 9-16 for
sixty days, 4 84 13-16 for demand and 4 85 3-16 for
cable transfers. Commercial sight bills finished at
4 84 11-16, sixty days at 4 81 1-16, ninety days at
4 80 5-16, documents for payment (sixty days) at
4 81 5-16 and seven-day grain bills at 483 9-16. Cotton and grain for payment closed at 4 84 11-16.
No gold was engaged either for export or import
this week. The Bank of England exported various
small amounts in sovereigns to Uruguay, India, the
Straits Settlements and to Holland and sold £128,000
in gold bars.
According to a Central News dispatch from London on Dec. 30, "disappointment is expected in
financial circles here over the news that £500,000
out of £850,000 Cape gold arrived, was secured for
Dutch account. The greater part of a considerable
amount of gold received in Holland is not
reflected in the records of the Bank of the Netherlands."
4
10Ik
JAN. 2 1926.]
THE CHRONICLE
Movements in the former neutral exchanges were
somewhat iregular. Guilders and francs appreciated
on buying for balancing year-end accounts and
gains of 7 and 4 points, respectively, were scored.
The Scandinavian currencies, on the other hand,
were neglected and lost ground slightly, with the
exception of Swedish krona which closed a trifle
higher. In the late dealings Norwegian exchange
turned firm and advanced 7 points. Spanish pesetas
were irregular and finished at a small net loss.
Bankers' sight on Amsterdam closed at 40.23,
against 40.17; cable transfers at 40.25, against
40.19; commercial sight at 40.15, against 40.09, and
commercial sixty days at 37.79, against 39.73 a
week ago. Swiss francs finished at 19.53 for bankers' sight bills and at 19.34 for cable remittances, in
comparison with 19.313/
2 and 19.323/ the week
before. Copenhagen checks closed at 24.70 and
cable transfers at 24.74, against 24.77 and 24.81 last
week. Checks on Sweden finished at 26.80 and
cable transfers at 26.84, against 26.80 and 26.84,
while checks on Norway closed at 20.30 and cable
transfers at 20.34, against 20.28 and 20.32 the preceding week. Spanish pesetas finished at 14.113/
2
for, checks and at 14.133/ for cable transfers. A week
ago the close was 14.13 and 14.15.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 26 1925 TO DEC. 31 1925, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Dec. 26. Dec. 28. Dec. 29. Dec. 30. Dec. 31.
EUROPE3
Austria,sehtlling -----14075
Belgium, Rano
.0453
Bulgaria, lev
.007300
Cau'hosloyakta, krone .029618
Denmark. krone_ -_ .2481
England, pound sterling
4.8499
Finland, markka
.025205
France, franc
.0365
Germany. relchsmark .2380
Greece. drachma__
.012850
Holland, guilder
.4018
Hungary, krone
.000014
Italy, lira
.0404
Norway, krone
.2031
Poland,zloty
1081
Portugal, escudo
.0510
Rumania.leu
.004619
Spain, peseta
.1415
Sweden.krona
.2683
Switzerland, franc
.1931
Yugoslavia. dinar
.017722
ASIAChinaChefoo, tact
.7875
Hankow,tadl
.7781
Shanghai, tad
.7565
Tientsin, tadl
.7971
. Hong Kong, dollar- .5808
Mexican dollar.-- .5515
Tientsin or Pelyang
dollar
.5533
Yuan, dollar
.5667
India.rupee
.3661
Japan. yen
.4309
Ellngapore(S.S.), dollar .5675
NORTH AMER.Canada, dollar
998685
Cuba, peso
.999281
Mexico, peso
.488000
Newfoundland, dollar .996328
SOUTH AMER.Argentina. peso (gold) .9418
Brasil. milrels
.1421
Chile, peso (Paper)._ .1212
nrnallAw naan
1 MIK
$
.14073
.0453
.007294
.020615
.2479
$
.14065
.0453
.007288
.029618
.2473
9
.14054
.0453
.007268
.029613
.2470
3
.14066
.0453
.007286
.029614
.2473
$
.7858
.7756
.7535
.7958
.5773
.5483
.7863
.7763
.7550
.7958
.5789
.5490
.5583
.5717
.3664
.4326
.5663
.5504
.5633
.3665
.4341
.5663
.5504
.5633
.3664
.4343
.5663
.5504
.5638
.3665
.4317
.5663
.999089
.999281
.487667
.997063
.999156
.999406
.488500
.996938
.998885
.999281
.488167
.996313
.998823
.999281
.488167
.997000
.9417
.1426
.1208
1 nozn
.9400
.1430
.1203
1 091K
.9402
.1456
.1195
1 rurzt
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended December 31.
Banks'Interior movement
Out of
Banks.
$6.909,907
Oath or Loss
So Banks.
31.363,500 Gain $5.546.407
As the Sub-Treasury was taken over by the Fedttral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANN
AT CLEARING HOUSE.
Saturday.
Dec. 26.
Monday.
Dec. 28.
Tuesday, Wed needy. Thursday.
Dec. 29. Dec. 30. Dec. 31.
Friday,
Jan. 1.
Aggregate
for Week.
$
$
91,000.000 92,000 00 80.000,000 80,000.00 91,000.00 Holiday. Cr 440,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable In New York City are represented In
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 cheeks 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:
December 31 1925.
January 2 1923.
Banks ofTotal.
Gold.
Silver.
Total.
L
England __ 144,556,367
144,556,367 128,560,002
128,560,002
France a__ 147,350,694 12,848,000 160,198,694 147,235,281 12,209,000 159,444,281
Germany c 49,687.250 d994,600 50,681,850 25,057,300
994,600 26,051,900
Au.-Hun. b2.000,000
b2,000,00C b2,000,000
62,000,000
Spain
101,478,000 23,085,000 127,563,00C 101,405,000 26,214,000 127,619,000
Italy
35,648,000 3,411,000 39,059,000 35,582,000 3,374,000 1 8,956,000
Netherlds. 37,282,000 2,044,00 30,326,000 42,051,000 1,052,000 3,103,000
Nat. Bebe_ 10,954,000 3,649,000 14,603.000 10,819,000 2,767,000 1 3,586,000
SwItzerl'd _ 18,228,000 3,595,000 21,823,00 20,228,000 3,698,000 1 3,924,000
Sweden.
12,795,000 13,184,000
12.795,000
13,184,000
Denmark . 11,628010
874,000 12,502,000 11,639,000 1,280,000 12,919,000
8,180,000 8,180,000
Norway-- 8,180,000
8,180,000
.9401
.1481
.1197
1 /1,
,,1
As to South American exchange the recent firmness was replaced by a declining tendency and Argentine pesos finished at 41.35 and cable transfers at
41.40, as compared with 41.39 and 41.46 a week ago.
Brazilian milreis were also weaker for a time but
rallied again and closed at 14.58 for checks and at
14.63 for cable transfers, as compared with 14.37
and 14.40 the previous week. Chilean exchange
was quiet and easier, finishing at 11.98, against
12.11 last week. Exchange on Peru moved up to
3 97 against 3 92 last week.
Far Eastern exchange was as follows: Hong Kong,
58/
8@59, against 583/
8@593.; Shanghai,763.@78,
against 76Vi@78; Yokohama, 4332@43%, against
4314@,43; Manila at 50@503 (unchanged); Singa
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,546,407 net in cash as a result of the currency movements for the week ended Dec. 31.
Their receipts from the interior have aggregated
$6,909,907, while the shipments have reached $1,363,500, as per the following stable:
Gold.
HOLIDAY
.7867
.7775
.7544
.7963
.5790
.5492
port, 57@57%, against 57(4)57M; Bombay, 363@
37(unchanged); and Calcutta, 363@37(unchanged).
Jan. 1.
4.8505
4.8518
4.8521
4.8514
.025225 .025222 .025213 .025202
.0368
.0373
.0378
.0375
.2381
.2380
.2380
.2380
.012833 .012756 .012763 .012822
.4019
.4023
.40/3
.4024
.000014 .000014 .000014 .000014
0403
.0403
.0403
.0404
.2031
.2027
.2029
.2032
.1094
.1097
.1094
.1134
.0512
.0511
.0511
.0511
.004626 .004619 .004590 .004592
.1412
.1414
.1414
.1413
.2684
.2685
.2684
.2683
.1935
.1934
.1933
.1933
.017709 .017707 .017700 .017694
.7867
.7775
.7555
.7967
.5797
.5535
9
Total week 579,787,311 53,500,600633.287,911 545.938,583 51,688,600 597,527,183
Prey. week 580 462.007 51.432600433 89.5.207 544.008.188 51.525.600 595,623,788
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Dank of Germany
this year are exclusive of £10,710,750 held abroad. d As of Oct. 7 1924.
Peace of Mechanism Versus Peace of Will.
We have several times pointed out the complete
futility of trying to get rid of war by drawing up
international agreements not to go to war, and
threatening condign punishment for the nation that
breaks them, and have insisted that the only sure
preventive of war was the cultivation of a national
spirit in which fondness for war and a readiness to
engage in it played no part. Just as men and women
are not to be made honest or industrious by constitutions or statutes, so nations are not to be made
peaceable by formal undertakings, however solemn,
to "outlaw" war and put even the menace of force
under the ban. Unless there is among the nations a
"will to peace," wars will recur in the future for
precisely the same reasons that have caused them in
the past, namely the emergence of grievances which
are not permitted to yield to apology or compromise
or friendly offices, a spontaneous disposition to resort to arms without waiting upon the slower processes of inquiry or negotiation, and a popular notion
that war is glorious nothwithstanding that its end
may be national disaster and defeat.
An interesting confirmation of this view, arrived
at through a legal examination of the nature of the
differences that set nations at odds, is to be found in
10
THE CHRONICLE
a small but weighty volume by Dr. Thomas Willing
Balch, entitled "Legal and Political Questions Between Nations."* "In all plans and proposals for
world peace," Dr. Balch points out, "the absolutely
radical difference between legal and political questiOns should never be lost sight of, for that difference is the touchstone by which to decide how far
war may be avoided by a resort to international
courts." A legal question, as Dr. Balch defines it, is
one which can be settled by invoking the principles
and rules of jurisprudence, and in which the decision, whichever way it may go, does not affect "the
future political development and influence in the
world" of either party. Familiar illustrations of
legal questions are those in which the controversy
can be disposed of by the payment of a money compensation or by a readjustment of frontiers, or those
in which a discontinuance of objectionable conduct,
with or without the tender of formal apology, suffices to allay the irritation. To the political class,
on the other hand,"belong all the cases of difference
upon whose solution depends the future political
power and prestige in the world of one or more of the
contending nations," and to such cases, obviously,
the rules and methods of law cannot well be applied.
Whether or not international differences can be
settled without recourse to war depends, accordingly, upon the class into which the difference happens to fall. A legal issue, if it is not hopelessly
encumbered with political issues as well, is a proper
matter for submission to an international tribunal
for arbitration, and Dr. Balch calls attention to the
great work already accomplished by The Hague
Tribunal (not to be confused with the Permanent
Court of International Justice which the United
States is being urged to join), and he would apparently be glad if resort to it were more frequent. The
sole business of such a body, however, as he goes on
to show, is to hear evidence and render a decision
In accordance with the recognized principles and
rules of international law. It is not its business to
mediate between the parties, for mediation and arbitration are not at all the same thing. Arbitration is a legal method of achieving a settlement
where the contending parties have no common judge,
but where the point in controversy can nevertheless
be dealt with in a legal way. Mediation, on the
other hand, is the method of good offices, the proposal of mutual concessions, and it is this method
alone which is applicable to international controversies in which political claims, ambitions or prejudices are of the essence of the case. Any attempt to
apply to the one class of cases, the method which is
suited only to the other, or, what is worse, to mix the
two methods when the difference of circumstances
is clear, only confuses the primary international
situation and does nothing to promote peace as a
national habit of mind.
Only incidentally does Dr. Balch allude to the
League of Nations, but the bearing of his thesis upon
the recent action of the Council of the League and
the World Court in the Mosul case is both direct and
important. Under Article XIV of the Covenant, the
Permanent Court of International Justice which the
Council was directed to establish was to take cognizance of "all controversies of an international
character that the parties shall submit to it," no account being taken of whether arbitration or mediation was the proper method to adopt. When the
*Philadelphia: Allen, Lane tt Scott.
[VOL. 122.
Court was established, on the other hand, its jurisdiction appears to have been limited to cases suitable
for arbitration, as, for example, those involving the
interpretation of treaties, or the determination of
facts which, if found to exist, would constitute a
breach of some international obligation. The Court,
in other words, was to exercise judicial functions
only. The Mosul controversy, however, involved the
claim of Turkey to the continued possession of territory over which it was admitted that Turkey had
hitherto exercised sovereign rights. It was the
Turkish contention that the Council of the League,
if it were to act properly in the matter at all, should
act only as a mediator, exerting itself to bring about
an adjustment of a dispute in which the "future political influence and prestige" of Turkey were obviously at stake. It was as a mediator and not as an
arbitrator, the Turkish representative insisted, that
the intervention of the Council had been accepted
in the Lausanne Treaty. The World Court, however,
in replying to an inquiry from the Council, held that
the "decision to be taken" under the treaty "will be
binding on the parties" to the controversy,"and will
constitute a definite determination of the frontier
between Turkey and Irak." In other words, the
decision of the Court accorded to the Council the
right of arbitration, thereby empowering the Council to apply to what was clearly a political question
the principles and methods properly applicable to
legal controversies only. It is safe to say that the
decision which the Council has made, with the fear
of Great Britain before its eyes, will be repudiated
by Turkey whenever Turkey feels itself in a position
to do so, and upon the same grounds as those which
Dr. Balch has so clearly indicated.
The conclusion with which Dr. Balch ends his
legal study carries its own conviction. "The question of peace and war," he writes, "is largely a state
of mind. When nations are anxious to live in peace
and avoid war, they will resort, if they can, to judicial settlements. . . . When nations, however,
feel that they are aggressive rivals for the fruits of
the earth upon which the well being and comfort and
happiness of their individual citizens depend, then
nations will not submit their vital differences to
judicial settlements. . . . Nations, before they
will allow themselves to be emasculated and so weakened and destroyed through an adverse decision of
the International Court, whether it be called into
being for each occasion or whether it have a permanent and continuing status, will resort to the ordeal
of war." The avoidance of war, in short, depends
in the last analysis upon the existence of an effective good-will among the peoples and their Governments,a will to peace and not a will to war. If goodwill prevails, the peaceable adjustment of even serious disputes will always be possible; if it is wanting, a petty quarrel may start a world conflagration.
It is a striking commentary upon the acumen of
those who for years have been demanding a mechanism that should insure peace, that the first step of
the League of Nations in that direction should have
been the now discredited protocol, under which peace
was to be insured by a wholesale application of force,
and that its latest step should have sown the seeds
of future trouble by applying the methods of arbitration to a controversy which admitted only of
mediation. We cannot think that either example
constitutes a particularly strong argument in favor
of American entry into either the League or the
JAN. 21926.]
01.
THE CHRONICLE
World Court, even if all five of the reservations now
before the Senate regarding the Court are taken
into the account. They seem rather to constitute an
argument in favor of maintaining our national freedom of action, whi:e relying upon the principle and
practice of arbitration which the older Hague Tribunal has administered with success.
2
eralism so diffuse and irresponsible that the purpose and meaning of life are lost in the mere surface of things as they are. Specialization in lifework, be it professional or industrial, does not preclude a generous and broad knowledge of science,
letters and art. On the contrary, specialization in
the aesthetic life need not banish a knowledge of
the material side of living.
A Liberal Education.
There is reason to believe that the fault of AmeriIn his annual report, a valuable and comprehen- can
life as a whole is not that it is not catholic and
sive document in education, Dr. Nicholas Murray
broad in its attitude to that knowledge and wisdom
Butler of Columbia University stresses the need for
which make for the "higher life," but that it is caremore religious (non-sectarian) teaching in schools
less in the use and enjoyment of its present possesand colleges and pleads for a broad and liberal trainsion and past performance. Too often, when the
ing in our universities as opposed to a trend toward
school and college are finished, study and contemover-specialization. On the latter point he says:
plation of the past of the world of nature and man,
"The notion that intensive and very accurate knowlbut faintly glimped in these preparatory instituedge of a narrow field, and nothing more, can con- tions,
is forsaken and forgotten. Much of the dry-asstitute a liberally educated man, is a grotesque abdust special teaching of the school is repellant to the
surdity. The notion that an acquaintance with the
continued pursuit of knowledge. But education itsuperficial aspect of civilization will suffice, with self
is becoming liberalized and tends more and more
no knowledge of that history which isits third dimento individualism in study which leads directly to
sion, is equa.ly absurd. The plain fact is that early resear
ch. If science has supplanted dead languages
and intense specialization which has been widely in
the curriculum, this science is inclusive of all
urged for various insufficient and unconvincing rea- phase
s of man's history, social, economic, commersons, is at the bottom of the trouble. Specialization cial,
religious and cultural. Yet, so complex is the
is the parent of information and of a certain type of realit
y of civilization, so compelling the struggle for
skill, but it is the foe of knowledge and the mortal existe
nce, so engrossing the actual social and politenemy of wisdom. Not narrow men, however, keen, ical
life, that relief therefrom turns not to contembut broad men sharpened to a point, are the ideal plativ
e study, but to the feverish pursuit of pleasure.
product of a sound system of school and college edu- The
placidity of true joy is lost in the revelry of those
cation." A liberal education he defines as follows:
who, though they know it not, are trying to forget.
"A liberal education is one that is fit for a free man
Many work so hard they do not know how
to rest.
who is worthy of his freedom. Such an one must be
Many play so assiduously they have
no time for
intellectually, morally and economically free as well
serious thought. On the surface of society there is
as in enjoyment of that freedom which is strictly poa veneer of education and culture, but
it only conlitical. To this end he must have a grasp on the
ceals the texture of the commonplace underneath.
fundamental facts in the history of man and of naIt is said, sometimes, that everyone
is capable of
ture, and at least the beginnings of an understanding
writing well, yet the really great write
rs are not
of those great historic movements in the fields of
numerous. We live too intensely to under
stand life.
intelligence, of morals, of letters, of science, of the
life.
fine arts, and of social and political endeavor, which
When we consider the pulpit and press
as two
make up the warp and the woof of that finished
great instrumentalities for the conti
nuance of edufabric which we call civilization."
cation after the school and college and
through life,
There is an Eastern adage which says: "It is illit cannot be said that we are defici
ent in the means
luck to turn back, when the journey lies
forward." of a liberal education. But if
the former is someAccepting the definition of a liberal educa
tion as times dogmatic the latter
is
often
laid down by Dr. Butler, we may extend
discursive and
the applica- diffuse. Specialization in
the one may be said to
tion beyond schools, colleges and unive
rsities—for lead to overemphasis of the
religious life; and in the
education is life and the world is its univer
sity. The other to superficiality in
the study of the social and
.very intensity of our political, social, econo
mic and economic life. But in each
there is a power for good
commercial endeavor bids us pause in perio
ds of not easily estimated. None
would take away a sinfeverish activity to survey the forces that are in
us gle jot of joy from a human life,
but it is scarcely to
and about us. Revolt is not to be taken as
true lib- be denied that the seriou
sness of living is not widely
eralism. Nor can we take up the study of
a dead appreciated. Not that
there is not a remarkable
past simply as the relic of an outlived and
outworn renaissance at this very,
time in a sense of this trusage, and become conscious of the inwoven
elements teeship given to man.
Wealth and intellect are at
of our civilization. Change is not necessarily
prog- work as never before
to alleviate the ills mankind
ress. Freedom to think and to be and to do
does not suffers. This collective
view is not equaled by the
invite us to scorn the accomplishments of
more individual view. The few
primitive times. Any contemplative study of
contemplate the mass,
the and the mass fails to
contemplate the few. Many
history of science, letters and art will reveal
flashes would reform the whole
, few would reform the one.
of knowledge and wisdom we will never surpa
ss and Those who possess
an open mind and heart, a libcannot ever reasonably discard. This woven
fabric eral education, are
too often swept away on the tide
of civilization carries in it the intellect and
feeling of some temporary
"movement" and lose their steadof all the peoples of all the past. But if
school and fastness in emoti
onal excitements. And it is for
college tend to teaching by rote or to blind
accept- these reasons that the
school, college and university,
ance of the authoritative text on the
development however wisely they
lay the fouhdations, cannot
of man and the evolution of knowledge,
the life-ex- save society unless
with sober intent it strives to
tension of education into the world tends
to a lib- save itself. And,
therefore, those who, in actual
12
TNT: CHRONICLE
[vol.. 122.
as gainmust look material plane must include giving as well
life, claim to possess a liberal education
al
industri
ry
necessa
and
common
the
in
past and ing. And
upon all phases of life as revealed by the
is
there
man,
houses
and
clothes
feeds,
that
effort
exemplified in the present with tolerant kindness
that
love
of
form
ve
collecti
and
l
persona
a
seen
be
to
and generous interest.
in harmony with the divine and natural law. Thus
is
generalto
leads
,
pursued
rightly
zation,
Speciali
, efforts, legislative and political, to control, direct,
ization. And the reverse is equally true. Religion
and regulate and manage so prosaic a thing as "busimorals, ethics, science, letters, art, knowledge
ness" must be in fact a tyranny over the spiritual
information, work and worship and wisdom, indusof
of these can freedom of man. What is the root of the riddle
try and economics and politics—no one
domit
be
not
if
universe
the
in
man
of
the meaning
become a part of a liberal education unless it is fitover environment to the end of his more perinance
to
pertains
it
as
life
human
of
ted into the scheme
by this more abundant life? Is matter to
and
fect,
each and all. The pulpit as an exponent of religion
mind? Is thought or knowledge to
over
triumph
zing its
is broadening its activities and liberali
Do not all the experiences of
love?
over
ttiumph
creeds. There can be no doubt of this, for there
teach that the spiritual alone
world
real
the
in
life
sm
would otherwise be no conflict between moderni
is the everlasting? And may we not say, therefore,
and fundamentalism. The hoped-for result of this
that he has a liberal education who has learned to
generalization of activities is a new and divine spelook on all this historic evolution from ignorance
cialization in the spiritual. The press, while it may
and instinct to wisdom as the divine process of showbe justly said to be specializing in its appeal to the
ing man how to love his neighbor as himself?
mass, is undoubtedly elevating the nature of this
This free outlook upon free men is the liberalism
appeal and broadening its field, a generalization of
true democracy. As to learning and love—it is
of
tremendous potency to society and the State, and a
on the heights of power and success and warm
cold
liberalizing education to the individual. Coming
valleys of humility and contentment. Each
the
in
back, then, to the influence of school, college and
of his brother's freedom. To lock at
keeper
the
is
the
in
university as educational agencies, whether
modern life as a whole it would sometimes seem that
teaching of ethics, science, art, religion, or whatnot,
when we are not reveling in individual selfishness
they must specialize in the broader view of life and
we are rioting in collective tyranny. Governments
generalize in the means they use if they are to minand laws are an obsession. These do not in themister to society as a continuing force after their imselves educate us or free us or make us more kind one
mediate work is done. And is it not true that the
to another. In the school of life itself, as in the
fault of each of our institutions for good is that it is
school, we tax ourselves so heavily to maintain,
lesser
too much impressed by its own importance?
do
need the broad, liberalizing, catholic influence
we
To be intellectually, morally, economically and
unfettered by creed or convention. And
religion
a
of
in
politically free, it is of course necessary to trace
the more we specialize in this the more we will bethe history of man the growth of that which makes
come capable of seeing the purpose of life. The truth
him free. But escape from the tyranny of authority
will make us free. The tyranny of majorities, the
is pretty well established in the world. Literature,
oppression of opinion, the grasp of the material, the
sculpture, painting, applied science, education, soconstriction of ideas and ideals, will no longer concial, economic and political equality of opportunity,
the mind and heart of man in the coils of a selffine
are so prevalent everywhere in "civilization" that it
us society. The man which the study of manconscio
is a master task and a liberalizing equipment to try
is the servant who in service exemplireveals
kind
to study and understand things as they are. Evolufies the "increasing purpose" of the Infinite. The all.
tion may unfold tendencies, but involution must recomprehensive definition of a liberal education is
veal facts. Industry and education must touch
that it is the unfolding of the soul. Knowledge and
hands in leading the people "onward and upward."
wisdom, education, achievement and accomplishThe material and spiritual are inseparable in human
ment, business and society, all fail when they fall
life now, and always will be. Each is the helper of
of this, for it is the divine consummation.
short
the other. Fear that liberty will result in license is
no longer tenable. You cannot push science to the
A Plea for Pure Science.
farthest star without coming closer to God. You
to the American Society of MechanIn
an
address
cannot push religion into the material life without
in
New York City Dec. 1, Secretary
rs
ical
Enginee
"discovering the love of the human heart. The natHoover makes a strong plea
ce
Herbert
Commer
of
ural law precedes the legislative. A free man to be
for Greater Financial SupNeed
Vital
"The
upon
and
worthy of his freedom must not seek to confine
Research." Mr. Hoover is
Pure
for
Science
port
l
as
life,
materia
abridge freedom in others. In the
. As he has broadan
as
engineer
enowned
world-r
out
work
to
free
in the spiritual, each man must be
work
the
of his Departl
made
practica
and
ened
on
educati
liberal
A
way.
his own career in his own
d
y
with
is
occupie
variousl
public afment, which
is neither profound knowledge in one of the divisions
to make beneficial
king
is
he
underta
which
and
fairs,
in
ge
knowled
little
a
nor
,
of learning and thought
to business by inducing voluntary reforms in our
many, it is in the liberal attitude toward man and
es, he has no doubt experienced the truth of
industri
his works.
nt that applied science by reason of its
his
stateme
If, as Pope tells us, the chief study of mankind is
ation is constantly depleting the
remuner
greater
man, we must try to see man in his relation to the
He has no fault to find with
science.
pure
of
ranks
purpose of life, in relation to the "increasing purence research; he
and
applied-sci
al
industri
our
of
ge
pose" of life itself. To merely gain knowled
in
ng advance in
be
first
welcomi
it
should
thinks
or
sole
end.
past and present cannot be the rational
Of
this
he
.
research
says:
pure
"We have
science
the
is
but
half
heart
the
To educate the head and not
ed
our
develop
al
years
in
recent
industri
research
by
nied
be
must
accompa
problem. Freedom to think
in history. We
eled
unparall
hitherto
a
scale
upon
sm
Panthei
not
is
it
sense
this
freedom to love. In
be and to do in the have an increase in some ten years from 100 to over
to worship nature. Freedom to
JAN. 2 1926.]
THE CHRONICLE
500 laboratories engaged upon search for applications of known scientific fact and law. These results
have been magnificent. But all these applied science
laboratories are dependent upon the raw material
which flows from the laboratories and men engaged
in pure science." Continuing in this vein, he thus
explains what must be taken as the central thought
of his theme: "Not only is our nation to-day greatly
deficient in the number of men and equipment for
this patient groping for the sources of fundamental
truth and natural law, but the sudden growth of industrial labors tories has in itself endangered pure
science research by drafting the personnel of pure
enience into their ranks—depleting at the same time
not only our fundamental research staff, but also our
university faculties, and thus to some degree drying
the stream of creative men at the source. Thus applied science itself will dry up unless we maintain
the sources of pure science. This is no complaint
against our great industries and their fine vision of
the application of science. It simply means we must
strengthen the first line of our offensive. The day
is gone by when we can depend very much upon consequential discovery or invention being made by the
genius in the garret. A host of men, great equipment, long, patient scientific experiment to build up
the structure of knowledge, not stone by stone, but
grain by grain, is to-day the fundamental source of
- ,-"invention and discovery."
With reference to Mr. Hoover's official entrances,
we will not say interferences, into the conduct of
business, there are some who feel that he is somewhat
of a dreamer in the practical. Be this as it may, he
is not always practical in his idealism. And while
we hesitate to affirm it, there is a patent contradiclion in the foregoing statement which seems to prove
it. For there is a social and financial question involved in the attempt to put pure science in our universifies and research foundations on a plane with
our applied science in our industrial laboratories.
And it is the very money made, if we must use the
vulgar term,in the use of applied science in industry,
as in the case of Carnegie and Rockefeller Institutes,
that has supplied the endowments which support our
most notable researches in pure science. And on the
other hand, it is our industrial equipment and the
profits thereof which alone can support a "host of
men" engaged in research of any form. Professors
of "pure science" in our universities may receive
meagre, insufficient salaries, but the State cannot
enter into competition with public utility corporalions in order to hold them. Mr. Hoover estimates
that the amount expended in independent research
in pure science by foundations and our "Government
agencies" is one-twentieth (not more than $10,000,000 a year) of that expended by "professional
schools of our universities, in technical and agricultural colleges and experiment stations, in industrial
laboratories and in our Government bureaus" ($200,000,000 a year) upon applied science research. These
figures are mere estimates and are confusing. The
teaching of science and its accompanying research
in our universities and technical schools is not to be
'classed as applied science in the sense that the term
is used with reference to investigations in industrial
laboratories. It is more nearly pure science of a
secondary character. Nor is it the province of Government to explore the physical world for facts and
natural law as a pioneer discoverer. There is a call
for greater endowment, or current funds, kr the
13
Smithsonian Institution, but if pure science means
the sending of expeditions over the world to unearth
the remains of dead dynasties, to gather dinosaur
eggs, to break the seals upon ancient tombs, in order
to reveal the history and evolution of the race, or to
penetrate into the racial and topographical secrets
of remote peoples and unexplored territory, then, in
the present state of society, the appropriations
should come from outside taxation.
Why ask the people in a collective capacity to do
that which wealth is now doing so directly and efficiently? The place for pure science research is undoubtedly in foundations such as the Rockefeller,
Carnegie and Smithsonian. But these are all independent of organized Government and are subject to
the specific direction of the founders. Universities
do not apply science, they only echo the theories and
facts of asserted science. Technical schools discover
few hitherto unrevealed "natural laws." Agricultural schools and experiment stations to some extent
do discover new plants and processes, but it is of an
incidental nature. Governmental bureaus for re.
search of any kind are innovations and will always
be at thP whim and caprice of a political system.
Our thought is that the industrial laboratory where
it is indicated "applied science" is to be found is
likely to do more in the discovery of scientific fact
and natural law and in developing and crystallizing pure science by proceeding from the concrete to
the abstract than all the other instrumentalities
mentioned combined. An example occurs to us in
the invention of the aeroplane. There is dispute as
to whether the credit should go to Langley or the
Wrights. The former had all the data of pure science and an appropriation by Congress; the latter
had a small bicycle shop in Ohio, sand dunes in the
Carolinas, and very little money. Langley's machine
did fly, we think testimony shows. The Wright machine did fly and it carried the inventors with it.
Was one indebted to the other? Of what profit to
inquire since both were familiar with the law that
motion overcomes gravity. Rodin's "Thinker" when
he came to himself in his unconscious brooding and
knew himself as the possessor of thought, must have
looked backward as well as forward, and looking
backward must have found the man-child always
wondering how the birds could fly and he could not.
And from that day to this the thought of flying has
been in the consciousness of the race and the applied.
science invention had its origin in the remote desire
and experience of the past.
These great natural laws which environ us are
comprehensive, yet they are simple. Pure science
tries to find and explain cause; applied science harnesses cause to accomplishment. Fact leads to theory. The apple falls, steam lifts the lid of the kettle,
Newton and Watts are the thinkers who trace the
fact to the source in the universal law. Edison and
Steinmetz are the veritable wizards in the use of
electricity, yet beyond the manifestations and the
fact they do not know what it is. Burbank has accomplished more transformations in plants and
fruits than all the schools. It is the ever-recurring
phenomena, the repetition of fact, that reveals law in
the natural world. If the law is universal, the man!festations are infinite in variety. Attraction and
repulsion in the atomic world had its science and
vocabulary in the molecular theory of substances
before pure science attempted to divide the atom.
The revelation of a great new natural law is like the
14
THE CHRONICLE
birth of a new sun. Out of nebulous thought and
knowledge what we call genius perceives the universal truth. Physical and chemical laboratories
to-day are but extensions of these truths in their
application to the progress of the race. Sometimes
universities of the past have supported these studentsavants. It is true that in to-day they do not ask
exorbitant E alaries. But by this very fact it is disproven that "applied science itself will dry up unless
we maintain the sources of pure science." Pure
science is safe in the sublime urge of man to know,
to enjoy, to possess power. If there were nothing
left for it but the garret it would survive. And it
may be doubted that it can survive in a civilization
that patronizes it too freely. Applied science is
forever at work in the field of natural law, discovering new continents of truth and new resources to
bless mankind. Nor will it perish when the foundations and the universities and the Government bureaus are all decadent.
What is needed is not a monetary appraisement
of the relation of pure to applied science but a higher
spiritual evaluation for its own sake. Without the
aid of financial assistance a man has spent years
in the study of snow crystals, bringing photography
to bear to preserve their marvelous beauty. This
individualism in scientific pursuits has greater social value than endowments. Let the way always be
open for the man who would go from nature to nature's God. No possible objection can be made to
the work of applied science in an age of machinery.
It leads to, not away from, pure science. But to
stereotype and labor and endow pure science may
tend in time to destroy it. At best it must answer
to the criticism that it is obsessed of theory. Surgery is a much more exact science than medicine.
Neither the State nor the school should standardize
life or knowledge upon a theory, and any semblance
of this is to be avoided. If pure science of and for
itself, at this age of the world should make no more
advances, applied science wi:1 preserve all that now
exists and discover other underlying natural laws.
We need not fear for the continued life of either.
The great social need is not appropriations out of
treasury chests for either, but a more devout appreciation and a wiser use of the benefits of each.
It is not a matter of apology that the United
States has taken few of the Nobel prizes. The inventions of its creative minds are noted the world over.
The nation is young in years. It has been engaged
in subduing a continent and developing an active
industrial life of magnificent powers and benefits.
It has but reached its natural period of rest. It has
time now for investigation and research; and under
a political system guaranteeing freedom of initiative and endeavor and ownership of the rights of
property it will pursue them in accordance with the
spirit of the people. This form of support cannot
be endowed by benevolences. Patronage does not
foster independence. Pure science does not subsist
upon paid devotees. The very marvels of applied
science we find around us will induce a new reverence for pure science. Our industrial powers, grasping.the beneficences of natural laws are teaching the
"goodness of God." Theories of cause and law may
change, but the fact of the use of law in the machine
will remain, to preserve the law though it be poorly
perceived and the use though it be subject to improvement. Science, letters, art, should be free.
Art and letters have their rebirths. Science in dis-
I VOL. 122.
covery and application sometimes comes in floods.
In each of these we should pay the laborers well, but
they are no more entitled to be coddled by society or
the State than industrial workers, and, in fact, are
not.
The Summons of the New Year.
The new year always suggests new resolutions.
Because quick1S, forgotten they are treated lightly,
but they are reminder that each year has a new summons. It presents new opportunities and new tasks.
When reviewed, the years are found, like the centuries, to have distinctive features not recognized at
the time. The past year has been so crowded, events
have been so frequent and serious for the nations and
largely for individuals, life has become so complex,
so many of its pressing difficulties remain unsolved,
that there is little expectancy of anything new. The
prevalent disposition is just to wait; anxiety and unrest are less evident, but they are not dispelled; debate loses none of its heat in Congress, and there is
much after-dinner optimism. But the teaching of
the past is not regarded and there is no assured
wisdom.
Nevertheless the new year comes with a clear call.
It sounds a single dominant note. It is of good-will
for Good-Wiil! The world cries for peace. Yes! It
wants fellowship, it seeks human intercourse, friendliness, a common courtesy, kindness, thought for
others. Yes! It believes that "the greatest of these
is love." Yes! But still more than this: the practice, not the theory, a new social atmosphere, a spirit
and general temper in which life shall for all flow
easily and steadily in right channels, is the demand
of the hour.
It is time to cease discussing as to who is responsible for the war; time, not indeed to forget that
Germany was ruthless in her trampling upon Belgium, but to remember that other nations when at
war have not refrained from committing similar acts.
War has always been merciless; its purpose is destruction, it has always invoked fierce passions and
turned them loose; and the Turks, the chief and
latest sinners, have in all their history known little
else than war. It has been their constant baptism,
the only one, indeed, they have received even in their
contact with Christian nations. They have been
feared and hated from the first, and it is not to be
wondered at if they have made themselves hateful.
How,then,are we all to be freed from our hatreds?
We may hold our peace concerning flagrant wrongdoing that does not immediately concern us. We
may even bear with the Turk, hoping for better
things. We may join in alliances or even in treaties
which link us up with discredited Governments or
with peoples whose ways are repugnant in the interests of peace or for the sake of good-will. We hope
to do good; but men want respect. Even the lowest
and the most evil are human; they reject, if they do
not resent, condescension. They need to be assured
that the nation or the individual that approaches
with the offer of intercourse or to do them good, has
not some ulterior aim, is not moved by some selfish
motive. The obstacle to a really free intercourse, to
genuine and mutual good-will is deep and permanent.
The year that shall bring world peace must aim,
then, for understanding, a knowledge of others and
of oneself based on the foundations of character and
the law of God which shall be unmistakable, and
ok
JAN. 21926.]
THE CHRONICLE
15
unwearied. What, then, is this understanding and seen is the reaction
upon oneself. Whatever may be
how is it to be obtained?
the result to others, it enriches the heart of the giver.
It is primarily to recognize that we are not born The nation
that is consistently unselfish and genintelligent or even civilized. Our ancestors were erous,
as the individual who is honest and kind as
once barbarians; they have done great things for us; he is
helpful and considerate because it is right
we have entered into a rare and privileged inherit- and he
is guided by high motives, comes to be recance which we accept as our own, and of which we ognize
d as worthy of confidence. He has made himboast. We forget that in all true attainment and
self lovable, and he is loved. His circle of life may
possession every generation has to create its own
be small, but it widens as with the wings of peace.
position, to fashion its own true personality and
The third truth is simply this: that as Anglocharacter. Many a race and nation has stood preSaxons we have singular advantages, and therefore
eminent in its power and its vast superiority, only
have exceptional responsibility. To be vainglorious,
to decay, to go to pieces and disappear because of its
to live only for ourselves, to be watchful always for
inherent weakness or its failure to realize the conour advantage or opportunity would be shameful.
ditions of its own existence. .In one sense we all
It is the betrayal of a trust. This applies to every
have to begin anew; we have to be taught the simnation and every race or group that feels itself suplest truths. As a child must learn to walk, we have
perior because of its condition or its power or the
to lay hold for ourselves upon fundamental prinpeculiar gifts which elevate it above others. Here
ciples, the difference between right and wrong, our
is the law both of duty and of happiness; here is
relations to one another, the meaning and the oblithe measure of responsibility. To ignore it, to be
gations of duty, of obedience, of industry, of possesignorant of it is to fall out in the march of humanity,
sion, all that goes to the forming of character, the
is to defeat oneself.
uplift of the community and the establishment of the
This is the summons of the new year; to spread
State and the Kingdom of God on the earth. The
the understanding of this truth as the effective
Right Life, in short, we have to establish anew and
means of winning peace for the world. Here is the
for ourselves.
way to evince good-will for Good-Will among naThen we have to turn with this to others, aware
tions, as among men. The need was never so deeply
that they, one and all, have identically the same
felt and the desire for it was never so extensive.
task. If they seem far below or behind us, all the
The distant, the less privileged nations, as
more is it incumbent upon us, since.they did not have
China, Japan, Persia and India, are seen
so good a start or were not so well equipped as were
shifting their confidence from one great Western
we. Their difference of position does not prove difference of nature. If we are to take cognizance of State to another because of the difficulty of underthem at all, it must be to perceive their difficulties standing their attitude. They are striving for a
and limitations innumerable and not easily appre- larger knowledge among themselves; they are planthended, but however great, not the mark of any ing schools among their people. They see that they
inherent difference from ourselves. If we believe in have to create that public opinion on which the
a Heavenly Father they also are His children. stability of Government must depend. They have
When we know this we are ready for intercourse that never known control other than control by force, and
insures peace and establishes the possibility of help. that has definitely failed as a method of governThen we discover three things. The first is that ment. The world has outgrown it. They now see
however good our intentions may be we possess ten- themselves looked down upon because of their backdencies and passions which unless kept under con- wardness no less than because of their weakness.
Everything points to a new day. World peace is
stant and watchful control get the mastery over
us. not a dream, because men
are beginning to underWe resent injury; we reach quick decisions; we
are stand. The year now openin
g has the promise of
offended by wrongdoing that may not immedi
ately privilege and reward
in richest form for men of goodaffect us; we are uncharitable and, in thought
if not will. A new spirit
is abroad among the nations. It
in act, we revert to an attitude of intolerance
which dates from Locarn
o. It will be known as the gift
differs little from the evil we denounce. Great
con- of 1925. The task
of the new year is to see that it is
ventions are saying that peace for the world
must not lost in contro
versy over a host of minor interbegin in the hearts of the people. It is necess
ary to ests or destro
yed by a revival of hereditary antagongo further and say peace must appear in their
acts. isms and the now
discredited struggle for domination
We have to make our better impulses, like our
de- among the nation
s. The breath of a new spirit has
sires, real to ourselves by facing the difficulty
of swept around
the world. A new sense of man's diggiving them control of our daily lives. They
must nity with
a new aspiration, a new how and a new
create the attitude with which we approach
our
neighbors and our tasks, and must assure the steadi- purpose has been given to men, and it cannot fail of
its goal.
ness of our purpose and strife for better things
. In
short, we have to acquire and maintain in ourselves
Changes in Condition of Federal Reserve
the temper of good-will.
Banks During 1925.
The second fact is that nothing we can do for ourThe weekly return of the Federal Reserve banks,
selves is as effective and valuable as what we do for
issued Thursday night, contains a review of the
others. Even where it is "none of our business," or
operations of the Federal Reserve institutions for
where we incur risk or make trouble for ourselv
es, the calendar year 1925, and we print it in full below,
the law holds good. Counting the cost and
meeting as follows, as received by wire:
it, unselfishness even though unrecognized,
sacri- • During 1925 the principal changes in the condition of
fice even the greatest that finishes the work
that the Federal Reserve banks, as reflected in the statement
was given it to do and is buried in the tomb of appar- Just issued by the Federal Reserve Board, were an increase of $250,000,000 in holdings of bills and securities
ent defeat, is ordained as the supreme agency
and
for a decrease of $225,00
0,000 in cash reserves,
human uplift. The immediate benefit though
chiefly to
un- gold exports and to the continued increase in due
the
amount of
16
THE CHRONICLE
gold certificates in circulation. At the beginning of the
year there was a sharp falling off in holdings of bills and
securities accompanying the seasonal return flow of currency, bringing b:lls and securities down to $950,000,000 on
Jan. 21. In the following month bills and securities went
up to about $1,050,000,000, where they remained with some
fluctuations until the end of July. During the remainder of
the year increased demand for Federal Reserve bank credit,
principally to meet currency requirements, gradually
brought holdings of bills and securities up to $1,500,000,000
at the end of the year, as compared with $1,250,000,000 at
the end of 1924.
Holdings of discounted bills reached a low point of $200,000,000 in January, followed by a sharp increase to over
$400,000,000 the following month, and fluctuated around
this level until June. A practically steady increase since
then brought discount holdings up to $750,000,000 on Dec.
30. This increase In discounts was, however, partly offset
by the reduction in holdings of United States securities,
which declined $230,000,000 during the first half of the year,
to $310,000,000, and since then have been somewhat above
this level, amounting to $380.000,000 at the end of the year.
Open market acceptance holdings went down gradually from
$390,000,000 at the beginning of the year to a low point of
$200,000,000 in August, but increased purchases thereafter,
usual at that time of the year, brought them up to $360,000,000 on Dec. 30, or slightly under the amount held at the
end of last year.
Federal Reserve note circulation went down $180,000,000
in January to $1,680,000,000. The following month it increased to $1,730,000,000, but gradual reductions during the
[VoL. 122.
five months following brought it down to a low point of
$1,600,000,000 at the end of July. Between that time and
Dec. 23, the report date immediately preceding Christmas,
the circulation of Federal Reserve notes went up $300,000,000, declining the following week, however, to $1,835,000,000,
this amount representing a reduction of $30,000,000 from the
amount in circulation at the beginning of the year. Changes
in currency demand during the year are also partly reflected in the decline in cash reserves of the Federal Reserve banks.
During the early part of the year the decline in reserves
was due to the withdrawal of gold for export, but beginning
with June the payment of additional gold certificates into
circulation brought about a substantial reduction in the
cash reserves of the Federal Reserve banks, with the result
that the amount reported on Dec. 30, $2,820,000,000, is $225,000,000 less than the amount held at the beginning of the
year.
Member bank reserve balances, which reached a high
level of $2,260,000,000 in 1924, declined over $100,000,000
during the first three months of 1925 as a consequence of
the falling off in net demand deposits of member banks,
and averaged about $2,130,000,000 the next two months.
Since June, demand deposits of member banks have been
increasing and reserve balances have gone up as a consequence, reaching a high figure of $2,310,000,000 on Dec. 30.
The tabular statement in full, in comparison with
the preceding week and with the corresponding week
last year, will be found on subsequent pages,namely,
pages 69 and 70.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Jan. 1 1926.
Both wholesale and jobbing trade has of late slackened,
as usual at this time of the year, when inventories occupy
so much of the time of merchants. Yet there has been a
good business in heavy clothing at the West and It is plain
enough that stocks of goods in many directions had become
considerably reduced. That necessitated buying on a very
fair scale in various branches of business. The very cold
weather stimulated the demand for coal and coke. The output of the coal mines is now very heavy. There is a conference here between mine owners and miners looking to a
settlement of the anthracite strike. Hopes are entertained
that some arrangement may be made for resumption of work
at the mines. One point seems to be a stumbling block.
That is the question of arbitrating the new wage scale.
Public opinion in this country would welcome a speedy
settlement of the trouble. Steel mills have recently done
quite a good business, although there is not much demand
for forward delivery. There is a hopeful feeling in both the
iron and steel trade. During the year there has been a very
large business in steel with the railroads. The output of
steel ingots this year makes a new record. It outshines even
the total of the war year of 1917. During the past week
contracts for some 4,500 cars were given out and it is said
that orders for 20,000 more are in negotiation. Furniture
manufacturers are still doing a good business. Shoe factories are very busy, despite the style problem, which is
bothering them to a certain extent. There is an excellent
holiday business in jewelry. The cold weather has naturally
hampered building, but for all that it is on a larger scale
than usual for this time of the year. Detroit automobile
works are doing more business than ever wore at this time
of the year. Cotton has advanced during the week owing
to an excellent demand for January and March and a brisk
business in the better grades of cotton. It becomes more
and more clear that this is, comparatively speaking, a low
grade crop, and the strength of the near months emphasizes
this fact. There is talk about a possible reduction in the
acreage, though that is some time off. Exports make a
good exhibit. There was a report that Manchester might
Increase the short time hours in the yarn mills using American cotton, but this turned out to be unfounded, or at any
rate, premature. The cotton market here had become
oversold and within a brief period prices have risen 1 to
2 cents per pound. Sugar has been active at times at some
advance. Coffee has also risen, both here and in Brazil.
There have been rumors that Brazil had been able to secure
a loan in London of £10,000,000, supposedly for the purpose
of promoting valorization of the Brazilian crop, but the
story lacks confirmation. The consumption of both coffee
and sugar during the past year has been very large.
The grain markets have this week risen sharply. In a
single day wheat advanced 9% cents, owing to reports of a
shortage of the crop in Argentina and rumors that Washington might relax its opposition to special measures to
help the grain farmers, who are laboring under the disadvantage of very much lower prices than those current last
year. Corn prices are in the neighborhood of 45 cents a
bushel lower than a year ago, which, of course, is a serious
matter. Oats are nearly 20 cents lower than then, and rye
anywhere from 30 to 44 cents lower. Wheat prices are not
very far from where they were at this time last year. December wheat ended about 6 cents higher than then, while
May wheat was somewhat lower. The Government sticks
to its policy of non-interference so far as price fixing, a
guarantee or purchases by the Government are concerned,
while it is ready to hear suggestions along other lines than
these for the relief of the farmer. It cannot go into the
grain business and rightly refuses to do so. The Government is for the purpose of government, and not for buying
and selling merchandise. That would be paternalism in its
worst form. If the grain merchants can demand this kind
of thing, the merchants in any other trade can demand the
same thing. There would be no telling how far the thing
would go. There would be no limit to this trenching on the
rightful functions of government. President Coolidge's
refusal to go into anything of the kind is justified and the
great mass of the people will emphatically sustain him in
the stand he has taken. That may as well be understood by
all and sundry. The corn farmer has raised too much
corn and he suffers accordingly. He will have to reduce
the acreage. That is the only remedy in the long run. Cooperative marketing may remedy sone ef the evils. Wool
has been quiet and without particular change. Raw silk
has shown some upward tendency, both here and in Japan,
though the American demand at the moment is not active.
The cotton manufacturing business shows a tendency to improve and Worth Street on Wednesday is said to have sold
100,000 pieces of print cloths. Carolina and Georgia mills
now have full hydro-electric power and are working nights
in order to replenish stocks and cut down operating costs.
It is regrettable that so many Fall River mills have had to
pass their dividends in 1925, but the outlook is believed to
J.21926.1
THE CHRONICLE
17
be more hopeful for 1920. Conditions in the wool
en and ployees desire to go back
to work on the old basis. The
worsted goods industry leave much room for impr
ovement, management will
continue its experiments to determine
It is hoped that betterment will arrive in the year
about to whether the processe
s of manufacture can be improved.
open. Conditions of business in this country
are in general The weavers have
refused to work under a system in which
sound and the prospects for 1926 are cons
idered good, they were obli
ged to handle more looms than formerly.
Business in the early part of 1925 was disappoi
nting, espeSouth Atlantic mills now have full hydr
daily in iron and steel, where there was
o-electric power.
a sharp reduction Many of them
are working nights, both for the purpose of
In the output. Textile trade was hurt
by a cold, late spring, replenishing
stocks and of keeping down production costs
Woolen goods sales were curtailed.
.
The cotton manufactur- Tire mills
are reported to be more active than whe spri
lag business was slow. Business
n
ng
in general did not come dating on
tires
was in force and fabric commitments
up to the optimistic predictions of
were
December 1924. By placed agai
nst tire orders at this time.
early summer, however, prospect
s of good crops had more
Pari
s
cabl
es
that
or less beneficial effect. What is more
the Soviet commercial delegation had
, the prospect of a purchased 3,20
0 patented weaving looms from
sharp reduction in taxes hear
a French
tened the business world. concern
for $1,200,000. This equipment will
Politics and business in Europe on
be installed in
the whole showed a ten- new Russ
ian
mills. Textile plants in Roubaix and Tour
dency towards improvement. An
early fall quickened busi- coing,
France, will increase wages 5%, effe
ness in not a few branches, nota
ctive next Satbly in the clothing trades. urda
y.
Lond
on
cabled that Lancashire cotton cent
But the improvement was irre
res are
gular. Business fell off in pessimis
tic. German industrial crisis continue
the coal regions. With it all,
s, and failure
however, the freight car of Russ
ian grain exports is embarrassing Russ
loadings reached a level beyo
ian finances.
nd anything ever before known. The
Soviet Government is said to
So did the bank clearings. Rail
have used 80% of the
roads were favored by 100,000,000
marks credit recently obtained from
noteworthy increases in both gros
the Berlin
s and net earnings. Some Deutsche
Bank in the purchase of texti
of the big manufacturing comp
les, machinery and
anies had large earnings. chemical
s. London cables predict bett
Dividends were Increased and
er business for Great
even extra dividends were Britain
during the new year, and most
here and there declared. Ther
of the industrial
e is, in other words, for 1925 reviews
indicate that a big trade stimulus
a notworthy increase in bank
is likely.
clearings, railroad earnings,
In New England during the
merchandise exports and
four weeks ended Dec. 26,
imports, pig iron output, steel acco
rdin
g to preliminary reports by the depa
tonnage, consumption of cott
rtment stores
on, exports of cotton, a note- rece
ived by the Federal Reserve Ban
worthy decrease in failures, and
k of Boston, sales of
finally, at least a slight the aver
age store increased approxim
increase in the Dun price index
ately 5% over the
as compared with 1924. A corr
esponding period in December last
year ago people were too opti
year. Department
mistic. Mr. Hoover now stor
es made a high record with sale
warns people about repeating
s well distributed in New
this mistake. But we are a York
,
Broo
klyn and Newark. The holiday
year further along. Stocks have
trade, it is stated,
been depleted in many was 8%
larger than last year's. Chain stor
branches of trade following prolonge
es in Nevember
d hand-to-mouth buy- sold 11.7
% more•than in November last
lug. The world's buying power
year. November's
has increased. Many Euro- fact
ory wage payments in New York
peen nations are on the gold basi
State were the highs, including England. Un- est
on record for that month.
employment has decreased in Engl
and. It is Comparatively
On
Dec.
rare in this country. Cotton
26, 27 and 28 it was very cold
and grain farmers, it is true, wind
here, with a high
to make it worse. The temp
are receiving less for their
eratures were 17 to 27
crops than they did last year
, degrees on the 26th, 7 to 15
but in the case of cotton the
on the 27th and 13 to 34 on the
crop is some 2,000,000 bales
28th. The cold wave was brok
larger. And with disappoi
en here on the 28th. In the
nting grain crops in Argentin
a lake and mountain region
and Russia, the American
It was as low as 25 degrees belo
farmer may have a larger mar- zero
w
. A gale came from the
ket in Europe during the
Great Lakes eastward. The
coming year, with some advance cold
wave penetrated the Sout
In prices. It is notewort
h and its cotton belt. It was
hy that while the grain farmer
below freezing In Florida
wants Government help beca
and threatened the fruit crops.
use of a decline in prices, the
Jacksonville had a temperat
cotton farmer, with prices som
ure on the 28th inst. of 24 and
e 4/
1
2 cents lower than a year
Tallahassee of 20. It was belo
ago, is simply discussing
w freezing also in northern
the advisability of cutting the
Mexi
co,
acreage 25% next spring. Duri
and at Brownsville, Texa
s. It was zero and below
ng the past week stocks have in
parts of Georgia. On the
been in the main strong,
27th inst. it was 16 degrees
with new high prices, despite a
at
Abilene, Texas, 10 at Bost
money rate of late of 6%. The
on, zero at Chicago and Cinc
London stock market has nati
ln, 2 below at Milwaukee,
also been advancing and lowe
2 above at Kansas City
r rates for money are expected
and
Pittsburgh, 4 above at Clev
there early in 1926.
eland, 6 above at Portland
, me..
and 6 below at St. Paul.
New England print clot
Latt
h mills are said to be approach
erly the weather has
been
ing cold, but not so cold as
the new year with stocks clea
previously. To-day at 4 p.
ned up and with orders ahea
m. it was
d 30 degrees here; at 8 a. m.
for the next 30 to 60 days
it was 19. Yesterday at
. Production is heavy, but
con- it was 16 to 26 degr
Chicago
sumption is also believed to
ees; at Cincinnati 14 to 22,
be large. At Fall River,
at Cleveland
Mass.. 20, at Milwaukee 12
the Globe yarn mills will begi
to 22 and at St. Paul 6 to
n night work this week, owin
16. In France
g and Italy there have
to increased orders. At Fall
been heavy floods and
River it is stated 50%
great damage
of the to property as well
textile manufacturing comp
as loss of life.
anies passed their divi
dends In
1925. The Amoskeag mills
closed Dec. 31 until
Monday,
Jan. 4, except the rayon
Federal Reserve Board's
department, which will
Summary of Business
resume
work Jan. 2. At Hopedale,
Conditions in the United
Mass., the Draper Corp
States—Volume of,.Prod
oration,
said to be the largest manu
uction
of Basic Commoditi
facturer of textile mach
es
iner
in November About
y in
the world, announced that
in the fall of 1926 they
Same as Previous Mon
will put
into operation at Campton,
ths.
in the Beebe River sect
In
its summary of busi
ion of
New Hampshire, near Plymouth
ness
cond
itio
ns in the United
, a $500,000 bobbin
plant, States, made public Nov. 27, the Federal
which will give employment
Reserve Board
to hundreds of men.
stat
es
that "production of basi
At New
Market, N. H., the New Mark
c commodities in Nove
et Manufacturing Co.
mber
cont
inue
d
in
abou
Is
t
the same volume as
now
running at 90% of capacity, with
the month before,
and the general level
1,100 operatives turn
ing
of prices remained unch
out dress goods, linings and
anged." The
Jacquards. This rate of
opera- Board's review for the month continues:
tion will be maintained at leas
Activity of wholesale
t for the first three
and
retail trade was below the recor
months ber, but larger than
of 1926. This year the mill has
d level of Octoin November of last year.
run at about 75% of
capacity. At Exeter, the Exeter
mills will double the
Produchon.
capacity
of its bleachery and will insta
Output of basic indust
ries included in the Federal Reserve
ll a large number of
Board's Index
new of production was at about the same
looms. This plant, with the
rate in November as in
exception of the mont
to a smaller number
h of owing
of working days the index decli October, but
August, has been working at 100
1%.
ned by about
Incre
ases
% during the past year
red in average daily production
. At ingots, copper andoccur
of pig iron, steel
the Pittsfield, Mass., mill, wher
bituminous coal, and in the consu
e considerable improve- the produ
mption of cotton, while
ction of flour, sugar and
ments have been made recently
meat products declined.
production
, the plant has been
obile
operated large for in November was seasonally less than in October, butAutom
at 100% of capacity. At Bidd
conti
this time of the year. Empl
eford, Me., the plant
oyment and payrolls in manufnued
of the turing industries showe
Pepperell Manufacturing Co.,
acd small increases in Novem
idle during December
as compared with
owing October. Employment and workmen's earnings increber
to a dispute over the adoption
ased
in
indust
the
ries, while in food produ
of a multiple loom syst
cts and tobacco and in the cloth machinery
em there were seasonal
proposed by the management,
ing industry
declines. Building contracts award
will reopen on Jan. 4.
ed
were
Novem
ber
smaller in
The
than
plant employs approximately 3,60
in October, but were large when
compa
red with the volume
0 operatives. The com- for November of previous
years.
pany announced that it was felt
Final estimates
that the great body of
the Department of Agriculture in
em- the acreage of allbycrops
1925 indicate that
harvested was slight
ly larger than in 1924,
but
18
THE CHRONICLE
[vol.. 122.
turning out electrical machinery. Men in these two industries
realso earned more but those engaged in railroad repair work
busy.
ceived less after an active October. Ship yards were less emnew
In the heating apparatus shops the large number of
ployees served to pull down the average wage for November but
increased forces in the steel mills were accompanied by a small rise
In earnings. The latter applied to hardware and instruments and
appliances on a smaller scale. Men in the metal trades taken
for
together were paid an average of $32.30 as opposed to $18.00
women.
Textiles lagged behind metals in the gain in earnings as well
as in employment. Increased working time in the cotton mills,
which showed the best improvement of the month, affected the
women's pay even more than the men's. They received $16.45 in
November, an increase of $3.50 from the previous month. Men's
earnings advanced from $23.00 to $24.10. In the other textile
industries the gains for men were small and women averaged
less in wool and textile finishings.
Men in the furniture and piano factories were better off in
November. A much smaller increase was reported for women in
the piano industry.
Earnings in the chemical industries stayed about the same. The
average for men was $31.50 ,for women $16.85. The increase in
the paint factories merely followed the holiday reduction of
October.
Christmas and New Year business still accounted for part of
the higher earnings in the paper goods factories and in printing
but the general closing for Columbus Day in the New York City
Bank Credit.
shops was responsible for most of the three Collar Increase for
on
outstanding
credit
of
volume
the
cities
men and one dollar gain for the women in the latter.
At member banks in leading
com- the
Dec. 9 was near the high level reached early in November. Loans for
Seasonal Decreases in Shoes and Clothing
period,
mercial and agricultural purposes declined somewhat during the
The stoppage of work in the New York City shoe factories
and there was also a decrease in the banks' security holdings; continued
re- pending the signing of a wage agreement reduced employment for
growth of loans on securities, however, was sufficient to offset these
the first half of November and this had
ductions and the total of loans and investments remained practically un- the shoe industry during
its effect on earnings in cases where the employees worked only
changed.
part time also helped to reduce men's
Seasonal
repart of the week.
At the Reserve banks the seasonal demand for currency and credit
$25.80 and women's from $16.10 to
sulted in an increase of total bills and securities in December to the high- earnings from $30.75 to
est level in nearly four years. This increase in Reserve bank credit in use $12.85.
purDullness in the men's and women's clothing industries meant
has been in the form of discounts for member banks, as the volume of
the women's
lower earnings as well as reduced employment. In
chased bills held changed but little between the middle of November and
earnings averaged slightly less than
the middle of December, and holdings of United States securities also re- clothing shops this meant
October. Women received $25.20
mained constant, except for a temporary increase connected with Treasury $45.00, eight dollars less than in
before. Other sewing trades
financing on Dec. 15. Money in circulation increased by $71,000,000 be- instead of $26.90 as in the month
tween Nov. 1 and Dec. 1 and the continued demand for currency in De- stayed about the same.
women
The averages for food workers rose, particularly for the
cember was reflected at the Reserve banks both in increased Federal
as temporary help was released from the canneries.
Reserve note circulation and in a decline in cash reserves.
During the latter part of November and the early part of December open
Earnings by Districts
market rates on commercial paper and acceptances remained substantially
for factory
The only district which reported lower earnings
unchanged. Later in December increased demand for credit and currency,
in the
workers in November was Rochester. Seasonal reductions
largely seasonal in character, was reflected in firmer money conditions.
to $28.40.
down
the
averageshoe and clothing industries pulled
nt inBuffalo and Syracuse stayed about the same while employme
averaged $31.04. AutomoNovember Figures of Factory Earnings in New York State creased 2 per cent. Buffalo employees
slightly less
bile and chemical workers in this district received
Highest in Five Years.
, and electrical
in November but those employed in the machinery e industry in
According to James A. Hamilton, Industrial Commissioner plants earned more. The steadiness of the automobil The shoe inkept the average for this area at $29.90.
of the New York State Department of Labor, "the steady rise Syracuse
in New York City
dustry in Binghamton moves apart from that
has
workers
factory
reduction this month
in average earnings of New York State
and Rochester and instead of a seasonal
up earnings
brought
which
continued without interruption since the summer. For No- there was a slight increase in payroll
In spite of a reduction in the average
$24.05.
to
district
1920.
the
for
since
average
highest
the
vember they reached $28.65,
District also reported
pay of railroad repair workers the Capitol
This is a dollar more than both November, 1923 and 1924, an a small net gain in weekly earnings. Shops making machinery
busier but new employees in the
increase shared equally by men and women. Men averaged and electrical apparatus were
to send the wage for this intended
factories
collar
and
shirt
HamMr.
$32.45 this month, while women received $17.85."
All workers averaged $28.80. Utica's average of
down.
dustry
ilton's statement, made public Dec. 29, is based on reports $23.85 was higher than In October because of increased activity
leather plants. Earnings rose in New
from over 1,600 firms, employing 40% of the factory employees in furniture, textile and
holiday in October and partly as
both York City partly following the
of the State. The list of firms was drawn up to represent
of a speeding up In the metals. The average for Noresult
a
has
the industries and geographic districts of the state and it
vember was $30.55.
been kept as close to the original of 1914 as- was practicable.
the
In this review of factory conditions, Mr. Hamilton has
l
Survey of 1925 by F. 0. Wetmore, of First Nationa
following to say:
.
Chicago
of
Bank
The upward course of earnings has persisted through a period
nt passed
"Whatever the ultimate development in various fundaof rising employment. In November factory employme
the
March which until now was the maximum for this year. Asquite mental industries may be," says Frank 0. Wetmore, Chairnot
National Bank of
high point in factory operations in March is usually
industry man of the board of directors of the First
equalled in the fall, this may be taken to inlacate that
de- Chicago and the First Trust & Savings Bank, "the prossummer
the
following
phase
recovery
the
of
out
passed
has
.
with which we have been favored during the past
pression and into the second phase of business expansion
pay- perity
It is estimated that there were 1,349,000 employees on the This year promises to continue during the early months of the
November.
during
rers
rolls of New York State manufactu
It would be hazardous," says Mr. Wetmore,
much more interIs of course higher than a year ago but what ismaking the second coming year.
In
1923.
November
a more distant future because much
under
regards
7%
as
only
is
it
speak
esting
"to
comparison it must be kept in mind that by November 1923 losses always depends upon crop prospects and other factors condethe
to
way
the
in certain industries were already pointing
activity Which we cerning which it is impossible to know anything at this
cline which followed. The unusual industrial
spring.
attribute to that year was limited almost entirely to the
time."
one per cent under the
On the other hand, although November was factory operations was
These comments were contained in a survey of the year
average for the year, the general level of
that
our
conclusion
ns
strengthe
1925, issued by Mr. Wetmore under date of Dec. 31. One of
still high. This comparison then
expansion which is a direct response the dangers to which Mr. Wetmore directed attention was
\ industry is in the stage of
. One reservation must be made,
as to which he said:
to more active market conditions
use which has been that lurking in installment buying,
however. The policy of buying for immediate
The expansion in the installment business which has contributed so
large amount
characteristic of recent months has resulted in a
certain industries has reached a point where
the increase in future orders. This, of largely to the development of
of re-orders, along with
seems necessary. There is some danger that the future
warning
of
word
a
condition.
for the purpose of
course, is a temporary
for all factory employees was purchasing power of the country will be mortgaged
The change in the average wage
tended upward present enjoyment.
Earnings
November.
to
October
from
very slight
were in those industries affected by the
Mr. Wetmore also had the following to say in his statebut the largest increases
in employment were made
holiday trade. Even where reductions
ment:
because of reorders. The deworking time increased, probably
During the year 1925 nearly everything in this country has gone on in a
y all seasonal and were concencreases reported were practicall
smooth and satisfactory manner, so that there are comparatively few outtrades.
shoe
and
clothing
the
trated in
standing events on the financial horizon. Few if any of our industries have
been suffering; most have had a satisfactory year, even though in some
Gains in Metals Important for Women
by the November cues earnings may have been small in relation to the turnover.
most
benefited
class
a
as
who
Metal workers,
The year 1925 has continued the liquidation of economic and political
also averaged higher earnings. This was pargain in employment, women. In the brass and copper goods fac- conditions inaugurated last year. Most of the nations of Europe have now
the
of
true
ticularly
in- funded the war-time loans made to them by our Government, and If One
as much as $18.80 as working time
tories women received able to earn a little more In the shops of our largest debtors has not done so, it is to be hoped that the situation in
creased and they were
in about the same volume.
that the aggregate production of crops was
y larger than last year,
Yields of cotton, corn and tobacco were considerablhay
was smaller.
while the production of wheat, oats, potatoes and
Trade.
usual decline in
Sales in leading lines of wholesale trade showed the continued larger
November from the seasonally high levels in October, but
five years. Total
than in the corresponding month of any of the past
was smaller
volume of trade at department stores and mail order houses
business days in
of
number
than in October, owing largely to the smaller
store sales
November. Compared with earlier years, however, departmentorder houses
were the largest on record for November and sales at mail
Merchandise stocks
were the largest for that month in the past six years.
usual increase in
at department stores showed considerably more than theyear. Distribution
last
of
November
November and were 4% larger than in
high levels for
of commodities by railroads during November reached new commodities,
us
the month. Movements of merchandise and miscellaneoand forest prodcoal and coke were larger, while those of live stock, grain
preceding years.
ucts were somewhat smaller than in November of the two
Prices.
Stet'sWholesale prices, according to the index of the Bureau of Leber
live stock,
tics, remained the same in November as in October. Prices of
the
in
offset
meats and cotton goods declined, but these decreases were lumber and
general averages by advances in the prices of grains, fuel,
flour and
rubber. In the first three weeks of December prices of wheat, quotations
hardwood lumber were slightly higher than in November, while
on cattle, cotton, coke, copper and hides were lower.
os
30
JAN. 2 1926.]
TIIE CHRONICLE
France will soon be such as to enable her Government to stabilize conditions sufficiently to adjust her finances upon some satisfactory basis.
The outstanding event in international finance during the year was the
return of Great Britain and a number of other countries to the gold standard. There has been some question in various quarters as to whether it
would not have been advisable to delay taking this step, but it seems to us
that there could be no real progress toward a permanent solution of the
difficulties created by the war until people were assured of a sound and
stable currency. It is one of the blessings which the Federal Reserve
System has conferred upon us and upon the world at large, that through it
we are able to utilize our resources to aid in the accomplishment of this
must-to-be-desired goal. The Federal Reserve System continues more and
more to prove its great value to all classes of our population, and Congress
will act wisely if it makes provision at an early data for the renewal of
the charters of the Federal Reserve banks to the end that there may be no
uncertainty that these institutions will be continued indefinitely.
Not only in the field of international finance, but also in that of politics
attempts are being continued to erase completely the ravages caused by
the war. The Locamo Treaty marks one of the great milestones in human
progress, and it need hardly be said that it will prove of as much benefit
to business and industry as it will to all other fields of human activity.
May we not hope that since the last war, which, more than any before it,
shook civilization to its very foundations, this recent effort to bring peace
to a war-ridden world will not have been undertaken in vain?
During most of the year, money rates have been easy, but it is to be hoped
this will not lead people to forget the lessons so recently learned and that
It will not cause undue future commitments to be made. It is essential
for our future prosperity and that of the world generally that our money
rates should remain low in order that we may continue to aid in the
rehabilitation of the finances of many countries who are our best customers. In the last quarter, interest rates have had a tendency to go higher
owing to speculative demand. This increased speculation has brought about
a marked rise in the price of stocks and bonds. In many cases shares
have
advanced to a point where investors should use more than ordinary discrimination in their purchases.
Agricultural conditions, on the whole, continue to improve, and farmers
are rapidly recovering the ground lost in recent years. This improvement
has also been reflected in the situation of the smaller banks of the country.
To be sure, failures of small banks have been numerous, but on the whole
these have been due to the fact that it was no longer desirable to support
Institutions which had no prospect of again becoming solvent, rather than
because present conditions were unsound. The failures were largely
caused by errors committed in the past.
Generally speaking, banking has been profitable during the year, for
although interest rates have been low the volume of business has, in most
cases, been sufficient to offset this factor, and losses incurred by banks
due to failures of customers have been small.
Contrary to some predictions made early in the year, activity in the
automobile and building Industries has been practically as great
as ever.
This has been of utmost importance to the steel industry, and
the present
buying of rails and equipment by the railroads will, most likely,
furnish a
satisfactory volume of business for the steel companies in
1926, even if
during that year there should be a falling-off of orders from
the automobile and building industries.
S. W. Straus on Building Situation—Sees No Basis for
Panicky Utterances.
S. W. Straus of S. W. Straus & Co., answering on Dec. 21
the contentions of those who have taken occasion to warn
of the dangers confronting the building industry, declares
that New York "cannot be held back in her growth and
development as the "supreme city of the world," and that
"a few misguided pessimists cannot defeat the ends of rightful progress here." Mr. Straus challenges those who are
fearful of the situation "to show anywhere in New York City
to-day an abnormal and dangerous amount of vacancies."
An extended account of the mass meeting held in this
city
on Dec. 15, at which the dangers in the building industry
were discussed, appeared in our issue of a week ago,
page
3086. From Mr. Straus's statement we quote the
following:
A number of gentlemen
who stand very high in the building and financial
world have recently been telling the public
that building activities in
New York City are on the verge of collapse and that a
panic comparable
to that ef 1907 is impending.
One of these gentlemen stated that he had gone through
many crises in
his forty years' business experience, but that "the
present one seems to be
the worst."
Another of the gentlemen, in much the same disparaging
tone, predicted
that we are "about to enter a severe and slow panic."
Because of the great harm that may result from these and
similar statements made public in New York in the last few days, I
consider it my duty.
owing to the position I hold in the building industry,
not to allow these
dangerous utterances to go unchallenged.
I deny most emphatically the moral and ethical right of
these gentlemen
to jeopardize so ruthlessly the progress of New York and
a great and necessary industry such as building and construction. The
effects of the utterances of these gentlemen, by reason of their high and dignified
positions in
the financial world, are more to be feared by the community
in which we
live than the utterances of Bolshevists. I say Bolshevists
because the
statements referred to are fundamentally destructive and carry
possibilities
of grave disaster to the progress of our city and to the nation.
It so happened that I was in Chicago when their statements
were made
public, and I decided to wait until my return to New York yesterday
before
giving to the public such facts as I trust will create a better
understanding
of the present status of the building situation.
In the Midst of Prosperity.
The United States is at present in the midst of genuine
prosperity. The
wheels of industry and commerce are humming, employment
is general and
the prospects for a long period of good business are apparent
everywhere.
These facts are realized and understood by all students of
general conditions,
and the newspapers are filled with evidences of this happy state
of affairs.
The building industry is one of the strong and sustaining
elements of our
national prosperity. Last year the amount spent in buildings
was approximately $5,750,000,000. This year the amount will run considerably
in
excess of S6,000.000.000, and every present indication points
to the fact
that in 1926 our national building activities will approach the
$7,000,000,000
mark.
19
New York, as the nation's metropolis, is quite naturally and rightfully
participating in this great building program. For the current year the
amount of building in the five boroughs will be about $1,000,000.000 and
in the metropolitan district not far from 31,250.000.000.
Can any fair-minded person doubt what all this means to the prosperity
of our city and nation and to the happiness and welfare of our people?
Yet these gentlemen have by their recent utterances set at large forces
that work directly toward destroying this splendid upbullding. By creating
feelings of mistrust, suspicion and fear in the hearts of millions of people
regarding the soundness of the present building activities, they are definitely
and concretely attempting to tear down our national prosperity.
What are the forces underlying the present building activities in New
York and throughout the nation?
During the last five years New York has increased in population more
than 500.000. Next year there will be a gain in population in the five boroughs of at least 100,000 in addition to the growing transient population
which is rapidly increasing by reason of our improving facilities for travel.
There is to-day scarcely a room to be had In any hotel in this city. The
growth of the nation as a whole is not far from 2,000.000 a year.
But our present building movement is by no means dependent entirely
on population growth. First, there is the factor of obsolescence. We all
know that the standards of living are advancing rapidly in New York and
in every other great American city and for this reason buildings become
obsolete in 15, 25, 30 or perhaps 40 years. What do we see everywhere on
Manhattan Island to-day? We see workmen tearing down old structures
that have outlived their usefulness to make way for newer and more improved types.
Are we to'stop this progress in our city and our nation,let these old, wornout buildings stand with their inadequate incomes and accommodations or
shall we build finer, better and more profitable structures in their places?
Is the march of progress to halt in New York and the amount of wealth
and taxable property not to be added to?
There are also demands for more buildings because of changed conditions on the part of the people. The motion-picture theatre and the largo
type of garage may be mentioned to illustrate this tendency. They represent certain rightful demands by the people, and millions upon millions
of dollars in new buildings here and all over the country will be spent in
the next few years to meet this demand.
Another factor is the building up for our suburban communities. What
is going on to-day in Westchester County, on Long Island and in the New
Jersey suburbs? Millions upon millions of dollars are being spent on new
buildings because of improved transportation and generally better living.
conditions in the semi-rural communities, thus furnishing better ..a..i'more
ample homes for the people. Is there anything at hand to indicate that
this upbuilding will not continue?
We must take Into consideration also the great expansion of American
business, which moans new commercial and industrial buildings of all type,
Will New York Stop Growing?
Does any one think that America or New York. the imperial city of
America, is going to stop growing? Or does any one think our standards
of living will cease to advance?
If any one can believe these things, then he is truly a pessimist, and
is Justified in joining these gentlemen in their assumption that New York
Is going to the dogs and that now is the time "to sell America short."
It is to be remembered, likewise, that, notwithstanding all these mighty
forces, we are not in the midst of a building boom. We think to-day in
billions where a few years ago we thought in millions. Everything in
the business world is on a larger scale than it was a decade or even five
years ago. Since 1920 there has been a steady upward ter dency in building.
We move rapidly to-day, and it may be dificult for those whose minds
are still dwelling on the practices and events of the past, who are still
thinkingin terms of former generations and who move in keeping with the
standards of burled years, to keep up with the rapid sweep of progress
in New York and throughout America.
Let us remember also that the dollar does not go as far in construction
or anywhere else as it did ten years ago, and the billion dollars' worth of
new buildings in New York this year only sounds abnormal to those who
do their thinking in terms of bygone days.
The purchasing power of the dollar in buildings to-day is about 55%
of what it was in 1913, when our normal national building program was
about $3,000,000,000. This means that the present normal, on the valuta
of the 1913 dollar, is in excess of $3,000,000,000, to say nothing of our
increase in population during the last 12 years and the other factors I
have enumerated
Reference was made by some of the gentlemen to surveys recently
completed in New York showing great vacancies in apartment houses and
office buildings, which were pointed to as an indication of a pending smash
In rents. There are vacancies, of course. There is always a small normal spread between supply and demand. There are also vacancies caused
by the natural shifting of business from one locality to another. An
Instance of this is found in some sections of lower Manhattan. where, due
to the march of progress, many tenants moved out of some of the old
buildings that have not been amortized, thus causing the owners to feel a
natural resentment against the competition of new and finer structures.
But vacancies scattered hero and there are not a sufficient basis for
becoming panicky, stopping progrms in New York and causing unemployment. Let building activities stop, as these gentlemen would have us believe will soon be the case, and there will be plenty of vacancies—not the
vacancies of overbuilding but the vacancies Caused by unemployment and
depressed business generally.
But such vacancies, of any appreciable extent, as do exist in New York
to-day are only those that are,the results of obsolescence or this natural
shifting about, or where buildings have been unwisely planned.
I challenge these gentlemen or any of their co-alarmists to show anywhere in New York City to-day an abnormal and dangerous amount of
vacancies, excepting those that may come under the category I have just
given. It is easy to make statements about falling rents, but rents are no
more likely to fall than are wages or standards of living.
In this connection, I wish to allude to one of the typically unsound and
misleading statements made to the press by another gentleman in connection with this outcry, which if carried to its logical conclusion
would discredit all New York real estate. This statement was that _office buildings
In New York earn on an average less than 4% net per annum.
This statement is untrue with regard to new, improved, well-located office buildings
In New York or in any other great and growing American
city. There
may be isolated cases of old or inadequate buildings where
it is true, but in
these cases the values are too high and a revaluation should
be made.
If the statement made by this gentleman were true
in the sense he intended to convey, there would not have been a new
office building worthy
of the name erected in New York, Chicago, Philadelphia, Boston
or any
other great city in the United States in the last ten years, and
the gentleman who made this statement should have known
this to be true at the time
he made it. If he did not, he is out of place in the position he now
holds in
the financial world.
g
[voL. 122.
THE CHRONICLE
20
Thus in many ways have most unfortunate efforts been made to deceive
and misguide the public.
For a number of years various reactionaries have sought through the
same outcry of overproduction and falling prices to confuse the public and
spread calamity. It is fortunate for the progress of this great city, for the
property owners of New York,for the city's taxpayers and business men and
for the people generally that their activities in this respect have been without great result.
I insist that New York cannot be held back in her growth and development as the supreme city of the world. A few misguided pessimists cannot
defeat the ends of rightful progress here.
For all of these reasons I am sure the formation of a private committee
without official standing of any kind and brought into existence for no
apparent reason except to alarm the public, cannot fall to do great harm
in this community at this time when a spirit of absolute optimism only
should prevail. I have the highest regard for the personnel of the committee, but I challenge emphatically the judgment of those who caused its
appointment.
Ile This is not the time for malicious meddling with a great and necessary
industry which has for its object the building of homes and commercial
structures, and which affords employment directly and indirectly to a very
large percentage of our population.
Realtors to Discuss Financing of Building Projects at
Midwinter Meeting in New Orleans, Jan. 19-23.
The credit facilities of small cities, especially as to the
Issue of building bonds and the financing of construction
projects, has been chosen as a subject for discussion at the
divisional conferences of the Mortgage and Finance Division of the National Association of Real Estate Boards
during the coming meeting in New Orleans, Jan. 19-23. The
midwinter meeting is the annual business conference of the
national association. This discussion will form part of the
divisional program made out by the executive committee of
the Mortgage and Finance Division, which recently met at
national headquarters in Chicago to formulate plans for
the year's work of the division. The division, composed of
realtors specializing in the financing of real estate transactions, will devote three half-day sessions of the midwinter
meeting to the study of the particular problems of this
group. A debate on the advantages and disadvantages of
guaranteed mortgages has been arranged as part of this
program.
John L. Weaver of Washington, D. C., recently appointed
by Herbert Hoover, Secretary of Commerce, as representative of the national association on a special committee to
investigate mechanics' lien laws, will speak before the
members of the division on mechanics' lien laws. The committee on which Mr. Weaver is serving will act in an advisory capacity to the Department of Commerce in the
drafting of a standard State Mechanics' Lien Act. The
co-operative apartment as a financing problem will receive
special attention in one session. The questions attendant
upon financing over the first mortgage will be discussed in
the meeting given over to "Junior Financing." The most
urgent problems before the large majority of business men
who are engaged in the financing of real estate transactions
will be brought out in meetings opened to discussions on
"Plans for Business Building for 1920" and to the questions
of the members. A resolutions committee appointed to present matters for the national association's action within
the scope of the division at the coming midwinter meeting
is under the direction of J. C. Weedon, of Washington,
D. C. A committee to establish principles of business ethics
that will cover the activities of the division not now included in the national code has been appointed with B. F.
Saul of Washington, D. C., as Chairman.
Chain Store Sales in New York Federal Reserve District
Lower in November Than October.
With reference to chain store sales, the Jan. 1 Monthly
Review of Credit and Business Conditions by the Federal
Reserve Agent at New York, made public Dec. 29, says:
Following unusually heavy sales in October chain store business showed
smaller increases in November. The average increase in sales was 12%,
due largely to the opening of new stores. Sales per store averaged 7%
smaller than a year ago, whereas in October they were 4% larger.
Drug stores showed the largest gain over November of last year both in
total sales and sales per store, and sales of ten-cent stores also recorded
a substantial increase. In the cases of grocery, variety and candy stores,
actual sales, while larger than last year, failed to keep pace with the opening
of new stores, and in tobacco and shoe stores, eales fell below last year.
P. C. Change-Nov. 1925from Nov. 1924.
Type of Store.
No. of Stores.
Total Sales.
Sales pe- Ste C.
Drug
Grocery
Ten Cent
'Variety
Candy
Tobacco
Sim
+11.0
+23.1
+6.2
+16.1
+15.8
+14.0
+16.7
+17.3
+15.7
+10.7
+6.2
+3.5
-1.2
-6.1
+5.7
-6.0
+4.3
-8.5
-10.7
-133
-19.5
Total
+20.3
+11.7
-7.1
Wholesale Trade in New York Federal Reserve District
While Showing Decline During OctoberNovember, Larger Than Year Ago.
According to the Jan. 1 Monthly Review of Credit and
Business Conditions by the Federal Reserve Agent at New
York, "sales of nearly 200 wholesale dealers in this,district
showed a seasonal decline of about 24% from October to
November, but were slightly larger than a year ago." The
Bank goes on to say:
Machine tool sales exceeded those of any November since 1920, and sales
of silk goods and diamonds were the largest for the month since 1919. Substantial gains were reported also in jewelry, stationery, shoes and hardware
and smaller gains in paper and jobbers' cotton goods.
Due, however, to the failure of grocery sales to increase and to decreases
in sales of men's and women's clothing, drugs and commission house cotton
goods, the weighted index of trade in this district was only 1% above last
year.
Stocks of silk goods showed a further large increase notwithstanding the
heavy sales, and stocks of shoes and of jewelry and diamonds were also
larger than a year ago. Stocks of cotton goods and hardware, on the other
hand, continued relatively small and grocery stocks declined below last year*3
level.
Net Sales.
Percentage Change.
Commodity.
Stock at End of Month.
Percentage Change,
Nov. 1925 Noy. 1925 Noy. 1925 Nov. 1925
from
from
from
from
Oct. 1925. Nov. 1924 Oct. 1925. Nov. 1924.
Groceries
Men's clothing
Women's dresses
Women's coats and suits
Cotton-Jobbers
Cotton-Commission houses
Silk goods
Shoes
Drugs
Hardware
Machine tools
Stationery
Paper
Diamonds
Jewelry
-4.8
-44.6
-60.4
-62.4
-25.0
-114
-5.2
-18.0
-27.5
-12.8
-6.4
-8.1
-12.0
-16.6
+3.0
+0.3
-9.4
-23.2
-22.7
+2.8
-9.5
+32.2
+13.2
-3.4
+5.8
+33.1
+10.9
+3.6
+30.8
+13.7
+9.8
-5.9
-10.2
-9.5
*+18.7
-9 5
++46.7
+34.3
+0.1
-11.4
{ +4.7
+8.5
Weighted average
-24.2
-1-0.8
*Stock at first of month-quantity, not value.
Federal Reserve Bank of Boston on Business Situation
in New England Reserve District-Volume of Business during Year at "Good Average Level."
Frederic H. Curtiss, Chairman and Federal Reserve Agent
of the Federal Reserve Bank of Boston, in his summary of
the business situation in the New England District, has the
following to say in the Jan. 1 issue of the Bank's "Monthly
Review":
Good profits by manufacturers and merchants and unusually large earnings by workers have been made during the year 1925. The volume of production and trade has not been remarkably large at any time during the
year, but has been quite constant at a good average level. The maximum
variation between the rate of business activity during the quiet period
early last summer and the most active periods of the year. which occurred
in January and October, was far less than the maximum variation between
the most active and the most quiet periods of any recent year. It has
been a "year of prosperity" for an unusually large number of people. and
New England has received its share of the total. The net results of the
entire year, however, are somewhat more favorable than the results of the
last two months of the year.
Business was quite active in October, but in November and December
there was a noticeable recession. It seemed to affect the three basic industries of New England rather more than it did the same industries in
other parts of the country. The amount of cotton consumed by New
England mills in November was much less than in October, whereas the
mills of the cotton-growing States consumed the largest amount of cotton
of the current fall season or of the corresponding period in either of the
two previous years. For the fourth successive month New England woolen •
mills consumed less raw material than in the corresponding month of either
of the two previous years, and November consumption was also less than
that of October. The production of shoes during the last half of the year
is usually largest during October, but this year the New England shoe
factories were less active in October than in September. and in November
there was a marked decline in production, with the result that there was a
smaller output of shoes during the month than in either of the two previous
Novembers. The building industry continues, as for months past, to be
one of the most active industries in New England. Contracts awarded for
construction are sufficient to keep the building trades very active throughout
the winter, weather permitting. The metal trades report that their active
business is due not alone to the supplying of current needs, but that much
of their production is being used for plant expansion involving capital outlay.
One of the most noteworthy features of the past year has been the low
rate of labor turnover. Such a large volume of production as has been
made naturally calls for a large number of employees, yet employment
office records show that the demand for workers has not been large, nor
on the other hand, have many people been looking for work. The fact
seems to be that workers have been efficient, and have been well paid for
their production. Department store sales have reflected the higher pm'chasing power of consumers, sales of representative New England stores
for the first four weeks of December clearly indicating that Christmas trade
this year was the largest on record. In fact, during the 14 weeks immediately preceding Christmas, sales of the Boston department stores were
reported to have shown increases over the corresponding weeks of 1924 in
12 cases, and in only two weeks were sales below those of the corresponding
period a year earlier.
There has been little change in the banking situation during recent weeks,
although money rates have tended to strengthen.
Increase in Retail Trade in December as Compared
with High Mark of December Last Year.
"Preliminary reports from leading department stores in
New York, Brooklyn, and Newark on holiday trade from
•ollt
THE CHRONICLE
JAN. 2 1926.]
Dec. 1 to 24, inclusive, indicate a gain of 8% over December
1924, the previous high mark for department store business,"
says the Jan. 1 Monthly Review of Credit and Business Conditions by the Federal Reserve Agent at New York. The
Bank also has the following to say:
Total sales for the year appear to have shown an increase of 51
/
2% over last
/
2% in 1924 and 8% in 1923. The December
year compared wih gains of 41
increase is said to have been rather generally distributed throughout the
various departments.
In November, department store sales averaged 5% larger than a year
previous, following the unusually large increase of 15% in October. Apparel store sales, which in October were 20% ahead of that month in 1924,
showed an increase of 2% in November.
Net Sales
P. C. Change
November 1925
from
November 1924.
Stock on Hand
P. C. Change
Nov. 30 1925
from
Nov. 30 1924.
New York
Buffalo'
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
,o4
Mall order boo,
+4.6
+6.0
-1.7
+6.9
+1.4
-3.2
+2.3
-8.3
+2.5
+8.5
+2.7
+5.1
-1.7
+0.7
-13.3
+0.1
-1.0
+6.7
-4.0
+8.8
+4.9
+3.8
-1.4
+2.1
+10.0
Stocks of merchandise in November increased 4% over a year ago, a
slightly smaller increase than occurred in sales. Due apparently to the
high ratio of sales to stocks in recent months, outstanding orders of the
stores for merchandise showed a much smaller decline during the month
than is usual at that time of year.
Sales of musical instruments and radio sets in November continued to show
the largest gains over last year. Substantially larger sales were reported
also in furniture and home furnishings, and in articles more or less of luxury
character, such as toys and sporting goods, toilet articles and drugs, silks
and velvets, and silverware and jewelry. Business in most lines of apparel,
on the other hand, was rather quiet following unusually heavy sales in
October.
a
Net Sales
Stock on Hand
P. C. Change P. C. Change
November 1925 Nov. 30 1925
from
from
Vovember 1924 Nov. 30 1924.
Musical Instruments and radio
Toys and sporting goods
Furniture
Toilet articles and drugs
Linens and handkerchiefs
Silverware and Jewelry
Books and stationery
Luggage and other leather goods
Silks and velvets
Shoes
Home furnishings
Hosiery
Men's furnishings
Cotton goods
Women's and misses' ready-to-wear
Women's ready-to-wear accessories
Men's and boys' wear
Woolen goods
Miscellaneous
+54.0
+22.7
+16.4
+16.2
+14.5
+11.5
+11.0
+10.9
+10.9
+8.1
+7.2
+7.1
+6.4
+3.8
+1.8
-0.4
-18.5
4-5.1
-10.6
+83.9
+9.8
+4.9
-2.9
+1.4
+12.7
+4.3
-10.2
+1.8
-1.4
+12.5
+4.5
+12.7
-4.0
+0.5
+6.0
+11.6
-5.1
The average sales check in November was for $3 15, compared with $3 11
a year previous.
Increase in Department Store Sales in Boston Federal
Reserve District in December This Year
Compared with Last Year.
The Industrial Statistics Division of the Federal Reserve
Bank of Boston reports that there was a very favorable
volume of retail trade in New England during the four weeks
ending Dec. 26, according to preliminary reports by the
department stores received by the bank. Sales of the average store increased approximately 5% over the corresponding period in December last year. The following summary
of wholesale and retail sales is based on the final figures
for November and for the year to date:
SALES CONDITIONS.
Oonnecticut department stores
Maine department stores
Massachusetts department stores
Rhode Island department stores
Vermont department stores
Boston department stores
Boston women's apparel shops
New Haven department stores
Providence department stores
New England department stores
New England wholesale grocers
New England wholesale shoe concerns
/an. through
Nov., 1925.
Nov., 1925.
compared with
Jan. through
Nov., 1924.
Nov., 1924.
+5.1%
+3.9%
+2.0
+1.1
+2.2
+2.2
-1.0
+2.4
-11.4
-2.2
+2.3
+1.0
+21.5
+10.3
+6.3
+4.4
-0.2
+2.1
+1.6
-0.6
-1.5
+13.9
+10.5
The bank's statement, made public Dec. 31, continues:
During November New England department store sales were of
only fair
volume. It is probable that a considerable proportion of the
seasonable
demand for merchandise that accompanies colder weather was received in
October, resulting in a smaller volume of trade during November
than would
usually be expected during that month. According to local weather reports,
the average temperature during October was considerably colder than usual,
whereas during November the temperature was well above normal.
21
Although slightly less than during November last year, sales of the average New England wholesale grocer during November were relatively better
than during the average month of this year.
Practically all of the improvement in wholesale shoe sales during November was in the sale of rubber footwear. The volume of sales of leather
footwear declined in comparison with November a year ago.
Variations in New England credit conditions are outlined in the following table:
CREDIT CONDITIONS.
Percentage of Total Accounts Outstanding at the First of November
Collected During November.
1925.
1924.
60.0%
48.2%
Boston department stores
50.0
53.3
Boston women's apparel shops
66.0
56.8
New Haven department stores
65.2
56.0
Providence department stores
61.3
49.7
New England department stores
66.0
65.6
New England wholesale grocery concerns
New England wholesale shoe concerns
85.3
80.1
Favorable credit conditions, as far as the rate of collection of outstanding accounts is concerned, prevailed during November in the average department store, as well as in the average wholesale shoe and grocery concern.
The following table shows the condition of sales and stocks in some of
the leading departments of the New England department stores during the
first 11 months of this year, as compared with the corresponding months
in 1924:
SALES AND STOCKS BY DEPARTMENTS.
New England Department Stores, January Through November 1925, Compared With January Through November 1924.
Sales.
Stocks.
Silk and velvet dress goods
+13.5%
Woolen dress goods
-16.4
+1.7
Cotton dress goods
-9.8
-7.8
Silverware and jewelry
-0.2
-3.8
Men's clothing
-3.4
-2.1
Hen's furnishings
-5.1
+3.0
Boys' wear
+4.2
+2.8
Women's ready-to-wear
-7.5
-3.6
Misses' ready-to-wear
-1.6
+3.0
Juniors' and girls' ready-to-wear
+14.7
+4.2
Millinery
-0.4
-8.8
Women's and children's gloves
-7.0
-7.8
Corsets and brassieres
-1.0
-4.5
Women's and children's hosiery
+3.7
+1.6
Knit underwear, including glove silk
+3.7
+6.7
Silk and muslin underwear
-4.0
-0.7
Women's and children's shoes
+5.1
-12.1
Furniture
+5.0
-1.0
Sales conditions by departments were irregular during November. Men's
and women's ready-to-wear as a whole was reported to have had a smaller
volume of sales than during November of last year. Large increases
were
reported in sales in the following departments: Silk and velvet dress goods,
linens, neckwear, ribbons, leather goods, practically all types of house
furnishings, luggage and toys.
Business Conditions in Philadelphia Federal Reserve
District-Improvement In 1926 Over 1924.
"Developments during the last two months of 1925 have
given further evidence of the continued prosperity of business
in the Philadelphia Federal Reserve District," according
to Richard L. Austin, Chairman and Federal Reserve Agent
of the Federal Reserve Bank of Philadelphia, who in his
"Business Review" dated Jan. 1 says:
The turn for the better which occurred in mid-summer has tdnce been
followed by a steady improvement which, though partly seasonal in its
nature, has been manifested each month in a consistently larger volume of
production and distribution than in the corresponding months of
1924.
Factory employment in the States of the district remained virtually unchanged in December from the level of the two preceding months
but
continued, as it has each month since June, to be substantially larger than
in the corresponding month of last year. Wage payments to workers,
which is a still better measure of factory activity, also have been materially
larger during the last half of 1925 than in the year before. Distribution
and consumption of goods, as well as production, also continues in
large
volume. Freight car loadings in the Allegheny district declined seasonally
in Noverqber but continued well above last year's figures. Wholesale
dealers also reported seasonal slackening after the October peaks though
In all lines except groceries and dry goods, November liminess
was in much
timer volume than it was last year. Retail buying also continues
very
active with every evidence ofrecord Christmas buying. November
business
In reporting stores was nearly 3% ahead of last year,
and total sales for
11 months of 1925 was 2% above that of the same period in 1924. in spite
of the fact that the first six months of 1925 showed a decline.
In toe construction industry 1925 has proved to be a record year in the
Philadelphia district as it has elsewhere. In nearly every month the cost
of building for which permits were issued has been
much greater than in
the corresponding month of 1924, and the value of contract awards for
11 months was +15.0% greater than in the same period last year. November permits in 16 cities of the district were 51.2% greater
in value than in
1924. Building material manufacturers have naturally experienced
good
business although seasonal recessions occarred in November.
Among the manufacturing industries the iron and steel group has been
especially active, with foundries, railroads, machinery and tool manufacturers and other fabricators placing large orders, and to
an increasing
extent for future delivery. The continuance of the anthracite strike has
stimulated domestic demand for petroleum fuels and for soft coal, and
production of the latter is especially active.
Among the textile Industries silk manufacture has been very active but
business in cotton and wool goods has slowed down somewhat. Maker,
of floor coverings, underwear and hosiery also report
seasonal slackening
although in hosiery some silk and wool lines are quite
active.
Volume of Business in Kansas Federal Reserve District
During Eleven Months of 1925 Largest in Five
Years.
M. L. McClure, Federal Reserve Agent of the Federal
Reserve Bank of Kansas City, Mo., in his monthly review,
THE CHRONICLE
22
[VOL. 122.
11.
dated Jan. 1 reports that "during the 11 months of 1925,
for which complete statistical reports were available for
publication in the January monthly review, the volume of
business in the Tenth Federal Reserve District was larger
than in the like period in 1924, and in fact the largest for
any 11 months in five years." "Measured by payment by
checks drawn by customers against their bank accounts,
using as a sample the total of $14,339,810,000 reported by
Clearing houses in 28 cities, the volume of business in 11
months of 1925," says Mr. McClure, "was $1,460,937,000,
or 11.3% greater than in the 11 months of 1924." He adds:
The seasonal contraction in sales customary during November was
accentuated this year by unfavorable weather and in agricultural communities by delay in realizing returns from crops, with the decline still
further marked by comparison with the heavy October trade.
Except for two hardware and five grocery firms, individual dealers reported a smaller dollar volume of goods sold in November than during the
preceding month; by commodity groups, net decreases were more pronounced for groceries, hardware and dry goods, and with one exception for
drugs and shoes. than in any of the preceding years for which data are
available (1921-1924)•
Comparisons with sales a year ago indicate declines for half the dry goods
wholesalers and for the majority of grocery, hardware and shoe dealers; of
the drug group eight reported increases and three decreases.
Collections during November were heavier than sales for fifty-five dealers
of sixty-nine reporting both items. Accounts outstanding were thus
reduced, all five groups indicating declines from Oct. 31. For hardware
and drug firms, balances on the books Nov. 30 were above last year, with
the dry goods, grocery and shoe declines amounting to 2, 5 and 12%.
respectively. All the drug firms and more than half the hardware and
grocery dealers reported smaller amounts collected than in October; except
for shoes, however, gains were registered over a year ago.
As during 1923 and 1924. grocery dealers were the one group to make net
additions to stocks during November; twenty-seven firms averaged 6.2%
higher inventories at the end of the month than on Oct. 31. Declines for
the other groups ranged from 0.6% for eleven drug firms to 9.2% for ten
dry goods dealers. In comparison with last year, drug and hardware
stocks showed increases, due for the former to gains by all firms, but for
the latter to a few large increases.
Or. measured by clearings of checks through the Federal Reserve Bank
of Kansas City end branches at Omaha. Denser and Oklahoma City,
amounting to 89.996.745 000. the volume of business in 11 months of
1925 was 81.174,756,000 or 13.3% larger than in the 11 months of 1924.
Underlying conditions in agriculture, live stock, the mineral industries,
manufacture and trade, as the reports indicated, were much better at the
close of 1925 than at the close of 1924.
November reports covering industrial activity in this District reflected
declines from the year's peak levels in October in some lines, particularly
construction and allied material industries, due to the earlier appearance
of freezing weather, than is usual for the month. Industries less affected
by the winter conditions continued at full time capacity. Increases in
zinc and lead mining to highest levels were reported. Trade in most
lines fell below that of October, but when allowance is made for the fact
In its review of department store trade, the Bank says:
there were five Sundays, two holidays and only 23 business days in NovemOf eighty-seven department stores in this district only eight reported as
ber, against 27 business days in October, the November returns indicated
large a volume of business during November IA in the preceding month.
a very high daily average volume and compared favorably with those for
For the district the decrease of 12% compares with a gain of 14% in 1924
preceding high months of the year and with November 1924.
with a decline of less than 4% in 1923, the one other year (since the
The financial situation in this district in the final quarter of 1925 exhibited and
was established in 1919) in which the October volume has not been
no material change from the "easy money" conditions which prevailed index
maintained through the following month.
during the preceding first, second and third quarters of the year. The
The gain of 1.1% over a year ago is the smallest since February, and
constant inflow of money from marke.ings of farm products, live stock,
reflects individual increases at only one-third of the stores. Cumulative
mineral and manufactured products-sold at tigher prices than were paid
from the beginning of January, however, are within 7% of the twelve
in 1924-tended to further improve general economic conditions, and to sales
months' volume last year.
supply the banks of the district with an abundance of funds to most all
In proportion to average stocks during the month, November sales reprecredit requirements and provide a large amount of capital for reinvestment
30.3%, which for the first time in ten months is lower than the
sented
customers.
their
by banks for themselves and
corresponding 1024 ratio. Other inventory comparisons varied, thirty-The following table is supplied by Mr. McClure:
eight firms out of sixty-six reporting heavier stocks on band at the end of
HIGH POINTS IN THE STATISTICAL RECORD OF THE TENTH
the month than on Oct. 31, and twenty-five out of fifty heavier than ayes?
FEDERAL RESERVE DISTRICT.
ago; for the district, aggregate increases amounted to 3% in the former
(Returns for November and 11 months of 1925 compared with those for the comparison and 5.1% in the latter. Orders for new goods had declined by
corresponding month and 11 months in 1924.)
Nov. 30 to 8.6% of 1924 purchases,the lowest point since the end of June.
Aggregate collections for sixty-eight stores were nearly 9% in excess of
November.
October receipts, three-fourths of the group reporting increases; for fortybut represented
1924.
1925.
Change. eight firms the gains over a year ago amounted to 22%,
practically the same ratio as last year to accounts outstanding at the
$1,235,131,000 $1,194,239,000
3.4 beginning of the month. Half the stores had reduced their balances' by
Bank debits, 29 cities
8948.169,087
Clearings, Federal Reserve Bank
6921,601,513
2.9
increases, so that aggregate out5,336,621
5,704,700
Items handled, number
6.9 the end of November, and half reported
100
123 -18.7 standings remained about the same.
Commercial failures, district
81,082,957
81,153,488
Liabilities, amount
6.5
2,531 -13.2
2,197
Building permits. 18 cities, number
$6,597,377
Estimated value
$6,718,070 -1.8
West Coast Weekly Lumber Review.
2,658,000
15.6
3,072,000
Coal production.6 States, tons
20,607,000
3.1
19,984,000
Crude oil production, 5 States. barrels
mills reporting to West Coast Lumbermen's
Ninety-nine
1,706,761
2,165,665 -21.2
Flour production, barrels
Grain receipts, 5 markets:
Association for the week ending Dec. 19 manufactured
9,288,700
Wheat, bushels
12,536,250 -25.9
3,062.050
3,183,450 -3.8 95,783,994 feet of lumber, sold 98,012,629 feet and shipped
Corn, bushels
1,660,800
Oats, bushels
1,687.800 -1.6
above production.
88,715,397 feet. New business was 2
Live stock receipts, 6 markets:
565,661
581,093 -2.7 Shipments were 73'% below production.
Cattle
106,869
115,902 -7.8
Calves
646,502
861,393 -24.9
Hogs
Forty per cent of all now business taken during the week was for future
520,428
579,607 -10.2 water delivery. This amounted to 39,080,257 feet, of which 24,449.114
Sheep
11,432
Horses and mules
13.666 -16.3
feet was for domestic cargo delivery and 14,631,143 feet export. New
Purchases by packers,6 markets:
280,364
Cattle
270,118
3.8 business by rail amounted to 1,832 cars.
63,250
57,222
Calves
10.5
Forty per cent of the lumber shipments moved by water. This amounted
449,773
680,700 -33.9 to 35.753,025 feet, of which 20,319,929 feet moved coastwise and interHogs
217,827
195,367
11.5
Sheet)
coastal. and 15.433.096 feet export. Rail shipments totaled 1,633 cars.
Ore shipments,3States:
64,562
73,915
14.5
Local auto and team deliveries totaled 3,972,372 feet.
Zinc, tons
82,914,447
$4,302,082
Zinc, value
47.6
Unfilled domestic cargo orders totaled 109,091,115 feet. Unfilled ex10,094
13,710
35.8
Lead, tons
port orders 104,838.075 feet. Unfilled rail trade orders, 4,578 cars.
45 A
31.201.060
81.728.315
Lead, value
In the first fifty-one weeks of the year, production reported to West
Coast Lumbermen's Association has been 5,092,350,672 feet, new business
Eleven Months.
5.237,227,645 feet and shipments 5.239,778,808 feet
1925.
1924.
Change.
Weekly Lumber Movement Shows Seasonal Decreases.
The National Lumber Manufacturers' Association received telegraphic reports of the status of the lumber industry, for the week ended Dec. 19, from 365 of the larger
softwood and 112 of the chief hardwood mills of the country.
The 333 comparably reporting softwood mills showed seasonal
decreases in production, shipments and new business, as
186,037,400 -42.8
106,384,050
56,482,250 -28.6 compared with reports for the previous week, when, how40,314,450
23,724,200
32,175,100
35.6 ever, thirty-five more mills reported. In comparison with
5.518,143 -3.4 reports for the same period a year ago increases in all three
5,330,070
963,434
957,541
0.6
8,316,961
10,419,575 -20.2 items were noted. The hardwood reports showed that 112
7,643,740
7,151.827 -1.5
in all three factors.
116,628
3.5 2kerations had normal seasonal decreases
120,759
Reports of unfilled orders from the South Pine Asso2,725,781
2,829,627
3.8 igt
639,311
711,849
11.3 ciation were not received in time for publication. For the
6.074,846
7,906,174 -23.2
3,367,212 -0.5 99 West Coast mills the unfilled orders were 351,269,190
3,350,275
for 102 mills a week earlier.
746,942
672,271
11.1 feet, as against 339,857,327 feet
45.1
$28,013,993
$40,646,206
comparably reporting mills had ship333
the
Altogether
89,967
115,647
28.5
43.9 ments 94% and orders 97% of actual production. For
39.443.848
313.592.330
T.waii vnInA
both
lead the Southern Pine mills these percentages were, respectively,
years.
and
Zino
in
weeks
Note -Debits are for four weeks and 48
shipments are for four weeks and 48 weeks in both years.
98 and 91; and for the West Coast mills 93 and 102.
Of the reporting mills, the 329 with an established normal
Wholesale and Retail Trade in Federal Reserve District produetion for the week of 201,884,967 feet, gave actual
Of Chicago.
production 104%,shipments 100% and orders 103% thereof.
The Following table compares the national lumber movethe
in
District,
the
trade
wholesale
to
reference
With
reflected by the reporting mills of seven regional
mentras
its
in
January
Monthly
Chicago,
of
fre-deral Reserve Bank
asscciations for the three weeks indicated:
'Business Conditions Report, says:
Bank debits, 29 cities
Clearings, Federal Reserve Bank
Items handled, number
Commercial failures, district
Liabilities, amount
Building permits, 18 cities, number
Estimated value
Coal production.6 States, tons
Crude oil production,5 States, barrels
Flour production, barrels
Grain receipts, 5 markets:
Wheat, bushels
Corn, bushels
Oats, bushels
Live stock receipts, 6 markets:
Cattle
Calves
Hogs
Sheet)
Horses and mules
Purchases by Packers,6 markets:
Cattle
Calves
Hogs
Sheen
Ore shipments,3 States:
Zinc, tons
Zinc, value
Lead, tons
814,339,810.000 $12,878,873.000
11.3
13.3
$9.996,745,155 68,821,989,012
61,745,606
55,963.566
10.3
1.367 -16.7
1.138
$20,908,327 -28.5
314,940,633
32,115
33,296
3.7
$93,096,302
$114,428,665
22.9
26,675,000 -2.2
26,087,000
220,035,000
226,126,000
2.8
21,110,655 -6.8
19,677,332
JAN. 2 1926.]
TRE CHRONICLE
Past Week.
333
215,420.047
203,369,338
209.368.037
Corresponding
Week--1924.
339
180,541.713
186,619.706
201,759,738
Preceding Week
1925 (Revised).
368
228.866,442
239,315,245
247.884,691
11,710,206.752
24
11,699,465.367
11.961,891.152
11,587.869.812
23
made by Baltimore, Md., with 29.65%. Philadelphia, Pa.,
was third with 25.86%; Detroit, Mich., fourth with 23.96%;
Akron, Ohio, fifth with 23.62%, and Fort Worth, Texas,
The following revised figures compare the lumber move- sixth, with 23.54%. New York, with a gain of 17.33% added
ment of the seven associations for fifty-one weeks of 1925 nearly a million dollars to its November 1924 figures, while
with the same period of 1924:
Chicago was just shy of half a million increase. Tabulated
Production.
Shipments.
Orders.
figures follow:
1925
12,251,988,317
12,108,608.1
Mills
Production
Shipments
Orders (new business)
1924
The mills of the California White and Sugar Pine Mannsacturers' Association make weekly reports, but for a contiderable period they were not comparable to orders with
fhose of other mills. Consequently the former are not represented in any of the foregoing figures. Eight mills have
closed down; fifteen reported a cut of 12,061,000 feet, shipments 12,915,000 and orders 12,859,000. The reported cut
represents 44% of the total of the California Pine region.
The Southern Cypress Manufacturers' Association of New
Orleans (also omitted from above tables because only recently reporting) for the week ended Dee. 16 reported from
17 mills a production of 5,322,675 feet, shipments 6,460,000
and orders 7,220,000. In comparison with reports for the
previous week this association showed some increase in production and a decrease in shipments, while new business
was practically the same as that reported the week before.
Increase in Postal Receipts at Fifty Industrial Cities in
November as Compared With Year Ago.
Postal receipts for the fifty industrial cities throughout
the country for November 1925 showed an increase of 13.09%
over those for November 1924, according to figures made
public Dec. 7 by Postmaster-General New. The total receipts for November 1925 were $2,970,365 25, as against
$2,626,515 81 for the corresponding month of 1924, an increase of $343,748 44 for November 1925. But two cities in
the industrial list showed decreases in receipts-Albuquerque, N. M., and Portland, Me. Tampa, Fla., led the
list
of cities in the percentage of increase, amounting to 44.06%.
Madison, Wis., came next with an increase of 40.51%. Oakland, Calif., was third, with an increase of 28%, while South
Bend, Ind., stood fourth, showing an increase of
27.73%.
The summary follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIA
L OFFICES
FOR THE MONTH OF NOVEMBER 1925.
OfficesSpringfield. Ohio
Oklahoma, Okla
Albany, N. Y
Scranton. Pa
Harrisburg, Pa
San Antonio, Texas....
Spokane, Wash
Oakland, Calif
Birmingham, Ala
Topeka, Kan
Peoria, III
Norfolk, Va
Tampa, Fla
Ft. Wayne, Ind
Lincoln, Neb
Duluth. Minn
Little Rock, Ark
Sioux City, Iowa
Bridgeport, Conn
Portland, Me
St. Joseph, Mo
Springfield, Ill
Trenton, N. J
Wilmington, Del
Madison, Wis
South Bend, Ind
Charlotte, No. Caro
Savannah, Ga
Cedar Rapids, Iowa
Charleston. W. Va.__
Chattanooga, Tenn
Schenectady, N. Y
Lynn, Mass
Shreveport, La
Columbia. So. Caro
Fargo, No. flak
Sioux Falls, So, Dak_
Waterbury,Conn
Pueblo Colo
Manchester, N. H
Lexington, Ky
Phoenix. Ariz
Butte, Mont
Jackson, Miss
Boise, Idaho
Burlington, Vt
Cumberland, Md
Reno Nev
Albuquerque, N. Mex.
Cheyenne, Wyo
Nov. 1925. Nov. 1924.
$
216,141 00 173,156 71
123,768 11 109,137 98
111,451 35
99,700 78
87,748 20
81,974 37
116,456 35
97,192 19
87,482 33
81,350 85
79.865 89
77,630 33
142.552 10 111,369 25
119,587 65 104,628 36
87,893 64
86,001 55
71,393 66
63,766 61
69.287 45
65.564 54
88,359 00
61,334 10
86,666 55
76,542 81
64,373 43
62,833 02
64,083 89
63,679 87
66,512 58
66.238 38
64.121 73
60.352 91
69,392 10
60,106 51
61,060 24
62,640 90
56,954 66
51,303 16
43,564 89
42.504 20
59,286 61
50,775 38
53,085 03
44.709 62
66,305 62
47,189 36
63,84700
49.987 66
589,46 16
54.816 10
43,231 62
42,932 37
43,20893
40.669 98
40,872 36
38,068 91
65.396 95
52,820 63
46,606 55
39,513 30
36,959 47
30,757 27
38,565 82
36.037 47
31,618 01
29,310 87
34,719 68
28,390 35
34,662 54
29,567 10
34,934 02
32,668 60
25,485 66
25,467 65
25,906 08
23,020 08
28,409 69
24,918 39
26,817 36
24,287 22
19,643 20
17,838 56
27.133 17
22,20607
19,435 00
17,795 00
19,861 97
18,572 99
12,679 58
11,841 27
12,211 79
11,741 61
12,405 80
12,745 64
9,412 80
8,157 98
Increase.
$
42,984 29
14,630 13
11.750 57
6.77383
19.264 16
6,131 48
2,23556
31,182 85
14,959 29
1,892,09
7.62705
3,72291
27,024 90
10,123 74
1.54041
404 02
274 20
3,768 82
9,285 59
*1,58066
5,651 50
1.08069
8,511 23
8.37541
19,116 26
13,859 34
4,13006
20925
2,63805
2,803 45
12,576 32
7.093 25
6.202.20
1,62835
2,307 14
6,32931
5 095 44
2,26542
18 01
2,886 00
3,491 30
2,530 14
1,804 64
4.927 10
1.64000
1,288 98
838 31
470 18
*339 84
1,254 82
P. C. P. C. P, C.
1925 1924 1923
Over
Over
Over
1924. 1923. 1922.
24.82 27.62
13.41 *4.43
11.79
4.80
7.04 •16.64
19.82
4.92
7.54
6.63
2.88 *6.53
28.00 13.78
14.30 5.77
2.20 *1.54
11.96 *6.34
5.68
1.95
44.06
7.60
13.23 *6.75
2.45 *0.72
0.63 *5.13
0.41
1.14
6.24
3.32
15.45 *9.92
.2.52 13.57
11.01 *0.59
2.49 10.12
16.76
3.18
18.73
3.26
40.51
6.42
27.73 0.53
7.53 13.96
0.70 •748
6.50
0.27
7.36 *10.81
23.81 *16.41
17.95
6.00
20.16 *13.16
4.41
1.39
7.87 0.48
22.29 21.43
17.23
3.98
6.93 *3.40
0.07 05.83
12.54 *4.82
14.01 *2.20
10.42 14.10
10.11
9.62
22.19
2.02
9.22 *13.02
6.94
0.73
7.08 *8.12
4.00 17.68
*2.66
4.85
15.37 •18.80
0.37
13.60
4.07
27.96
30.39
7.40
9.68
7.59
20.09
•3.54
8.84
2.27
6.83
17.83
*4.80
10.07
6.96
10.77
7.95
3.33
*0.69
*1.34
4.03
0.26
11.86
12.11
7.34
18.20
9.47
4.23
12.40
17.09
7.14
15.92
6.92
12.85
19.89
10.37
9.02
3.20
10.45
9.38
2.39
15.30
41.16
4.36
12.27
*13.61
3.17
4.18
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF NOVEMBER, 1925.
Per Ct. Per Cf. Per CS.
1925 1924 1923
Nov. 1925.
Nov. 1924.
Increase.
over
over
Over
Offices
-1924.
1923. 1922.
New York. N. Y__ 6,426,180 81 5.477,157 64 949.023
17 17.33 41.911 10.28
Chicago, Ill
5,112,064 56 4,624,665 84 487,398 72 10.54
3.29
3.88
Philadelphia, Pa
1,755,096 56 1,394,443 58 360,652 98 25.86 *2.47
1.77
Boston, Mass
1,321,540 13 1,213,993 23 107.546 90
8.86
3.36
0.50
St. Louis, Mo
1,088,844 23 1,037,082 44
51,761 79
4.99
*1.61
6.37
Kansas City, Mo
927,693 08
797,826 49 129,886 59 16.28
4.34
1.07
Cleveland, Ohio
685,357 37
615,177 17
70,180 20 11.41
*.27
9.63
San Fran., Calif
659,523 75
591,034 75
68.489 00 11.59
2.02
1.03
Brooklyn, N.Y... 655,827 36
599,063 44
56,763 92
8.62
9.48 •1.81
Detroit, Mich _ _
805,857 88
650,114 55 155.743 33 23.96
3.14
10.75
Los Angeles, Calif. 650,074 10
609,120 53
40.953 57 6.72
1.24 22.75
Pittsburgh,Pa_
569.884 58
528,162 28
41.722 30
7.90 *4.37
8.05
Minneapolis. Minn. 543,065 73
516,940 53
26.125 20
5.05 *6.61 .4.99
Cincinnati, Ohio
610,689 41
538,648 06
72,041 35 13.37
6.32
9.33
Baltimore, Md.__
559,531 32
431,572 52 127,958 80 29.65 •3.19 6.92
Washington, D.C. 445,991 26
394,411 45
51,579 81 13.08
1.03 12.07
Buffalo, N. V.
409,354 46
382,861 75
26,492 71
6.92
.13 11.04
Milwaukee, Wis._
429,024 50
365,559 61
63,464 89 17.36 *5.40 13.39
St. Paul, Minn... 386,912 93
363,102 77
23,810 16
6.56
5.91 11.54
IndlanapolLs, Ind_
376.583 04
338.170 67
38,412 37 11.36
3.48 14.09
Atlanta, Ga
292,771 12
270,454 68
22,316 44
8.25 *1.27 10.19
Denver, Colo
275,839 34
255,592 18
20,247 16
7.92
2.86
5.08
Omaha, Nob
242,237 86
230,824 97
11,412 89
4.94 *3.55 2.04
Newark, N.J
312,464 80
275,012 09
37,452 51 13.62
.38 13.09
Dallas, Texas
323,721 53
277,622 82
46,098 71 16.60
.55 17.23
Seattle, Wash__
255,024 77
236,653 61
18,371 16
7.76
1.67
3.75
Des Moinee, Iowa_
252,817 08
244,618 53
8,198 55
3.35
6.76
1.80
Portland, Oregon_
229,885 12
223,19768
6,68744
3.00
11.14
1.74
New Orleans. La
227,903 01
217,797 83
10,105 18
4.64
1.11
6.41
Rochester. N. Y._
227,305 76
198,193 18
29.112 58 14.69 *7.89
5.87
Louisville, Ky.... 217,868 60
210,913 69
6,954 91
3.30
1.30 11.12
Columbus, Ohio_
209,084 85
199,570 22
9.514 63
4.77
3.07
5.80
Toledo, Ohio
181,095 09
169,856 41
11.238 68 6.62
1.02 12.29
Richmond, Va
165,899 69
155,655 44
10.244 25 6.58 *3.26 15.52
Providence, R.I
172,513 27
149,270 87
23,242 40 15.57
5.12
7.63
Memphis,Tenn_
174,444 81
148,476 87
25,967 94 17.49
7.01
2.90
Hartford, Conn
162,286 94
148,525 08
13,761 86
9.27 6.64 12.41
Nashville, Tenn
145,481 62
130,288 54
15.193 08 11.66 02.34 15.31
Dayton, Ohio
157,757 22
135,171 50
22,585 72 16.71
•.73 16.97
Ft. Worth, Texas_
124,284 89
104,389 16
19,915 73 19.08
6.10 *39.38
Syracuse, N. Y
140,959 07
114,097 28
26.861 79 23.54 *12.61 11.66
Houston,Texas... 143,852 38
122,606 56
21,245 82 17.33
7.67
4.27
New Haven, Conn. 134.917 58
121,277 08
13.640 52 11.25
2.74
.17
Or. Rapids. Mich_
126.247 74
108,448 61
17,799 13 16.41
1.80
6.30
Jersey City, N.J- 104,839 15
101,912 56
2,926 59
2.87 *10.16 12.76
Akron, Ohio
118,186 92
95,605 21
22,581 71 23.62
7.79
.97
S. L. City, Utah_
113,643 99
102,376 78
11,267 21 11.00 10.05 •1.02
Springfield, Mass_
105,502 05
97,071 34
8,430 71
8.68 *2.72
2.47
N.:arm...ter, Mass
99,676 58
87,597 54
12,079 04 13.79
4.98
.25
Jacksonville. Fla- 104,360 02
68.859 09
35.500 93 51.55 •4.45
6.83
Total
29,961,969 71 26.471,02668 3,490,943 03 13.19
•.23 6.93
• Decrease.
Aug. 1925 over Aug. 1924, 11.26%. Sept. 1925 over Sept. 1924, 10.25%. Oct.
1925 over Oct. 1024, 11.57%.
Agricultural Yield of 1925-The Season's Grain and
Other Farm Productions-Farm Prices.
The Crop Reporting Board of the United States Department of Agriculture made public on Dec. 22 its estimates of
the acreage production and value (based on prices paid to
farmers on Dec. 1) of the important farm crops of the
United States in 1924 and 1925, based on the reports and
data furnished by crop correspondents, field statisticians
and co-operating State Board (or Departments) of Agriculture and Extension Departments, and the figures are as
follows:
Production.
Crop.
Acreage.
Per
Acre.
Total.
Unit,
Farm
NUS
Dec. 1.6
Per
Unit.
Cents.
/1925 101,631,000 28.5 2,900,581,000 flu.
67.4
11924 101.076,000 22.9 2,312,745,000
"
98.2
Winter wheat
11925 31,269,000
12.7
398.486.000
"
147.9
k1924 35,489,000 16.6 589,632,000
"
131.6
Spring wheat
11925 20,931,000 12.9 .270,879,000
132.3
(1921 16,875,001 16.2 .272,995,000 "
"
126.2
All wheat
/1925 52,200,000 12.8
669,365,000
"
141.6
11924 52,364,000 16.5
812,627,000
"
129.9
Oats
/1921 45,160,000 33.3 1,501,900,000
"
38.1
11924 42,756,00(
35.6 1,522,665,001
"
47.8
Barley
11925
8,243,001 26.4
218,002,001
"
58.6
11924
6,858,000 26.0
178,322.000
"
73.9
Rye
11925
4,088,00e
11.9
48.696,000
"
78.1
11924
4,019,000 15.9
64.038,000
"
106.6
Buckwheat
/1920
776,001
18.9
14,647.000
"
89.2
1924
738,001
18.0
13,277,000
"
103.0
Flaxseed
19253,012,00(
7.3
22,007,001
"
226.5
1924
3,469,000
9.2
31,711,000
"
227.3
Rice
1925
904,001
37.6
33,959,000
"
152.5
1924
849,000 39.2
33,240,000
"
138.2
Grain sorghums ti
1923
4,120,000 17.2
71,050,000
"
75.7
1924
3,813,00(
21.1
80,443,000
"
85.2
Cotton
Total
1925 45,945.000 c162.3
2,970,365 25 2,628,616 81 343.748 44 13.09
15,603,001 Bales
e18.2
0.68
8.09
•Decrease.
1924 41,360,000 c157.4
d13.627,93C
"
e22.8
Cottonseed
r August 1926 over August 1024, 8.92%. September 1925
1925
6,928,001) Tons $27.64
over September 1924,
10.46%. October 1925 over October 1024, 6.59%.
1924
d6.051,001
"
$33.57
Hay, tame
1925 59,398,000
1.46
86,474.000
"
$13.99
1924 61,381.000
1.59
97,771,000
"
$13.76
/1025 14,733,000
Increase in Postal Receipts at Fifty Selected Cities Hay,wild
.89
13,041,006
$8.45
"
k1924
15,063,0011
.98
14,710,000
$7.82
"
in November as Compared With Year Ago.
All hay
/1925 74,131,000
1.34
99,515,000
"
$13.26
1924
76,514,006
1.47 112,796,000
"
$12.98
Florida again set the high mark for increases In postal Cloverseed
1925
789,00e
1.3
1,029,000 Bu.
$14.88
1924
809,000
receipts when figures made public Dec. 5 for November
1.1
927.000
"
$14.51
1925 Beans, dry-Edible b
1925
1,579,000 12.1
19,100,00
"
33 27
showed Jacksonville with a gain of 51.55% over its Novem1924
1,865,000
9.6
14,856,000
53.72
"
soya beans
1925 To be ref
ber 1924 receipts. None of the fifty cities reported a de1024 ported later
f
a Minor crop
crease and six of them recorded gains in excess of
mostly for Nov. 15. 0 Principal-producing States. C Pounds.
20%, d Census. e Perprices
pound. f Including that gathered from acreage used primarily
the average being 13.19%. The second largest gain was for hay or grazing. •Including durum (production 4 States
66,593,000 bu 1925
and 67,567,000 bu. 1924).
Corn
rittit'ZI
Production.-01115i
Acreage.
Crop.
Peanuts
Cowpeas
Velvet beans
Potatoes, white
Sweet Potatoes
Tobacco
Sugar cane(Ls.)
Cane sugar(La.)
Cane sirup
Sugar beets
Beet sugar
Sorghum sirup
982.000
11925
1,207,000
11924
1192: To be re11929 ported later
1192: To be re11924. ported later
3,113,000
11921
3,348,000
1929
778,000
1925
691,000
1929
1,747,000
1921
1.706.000
1924
1921
294,000
301,000
11924
221,006
1921
163,000
1929
122,006
11921
177,00(
11929
667,000
11921
817.000
11929
667,000
11921
817,000
11924
377,006
11921
385,006
11929
Per
Acre.
Total.
694,075,000
748,925,000
h
A
h
t
h
t
323,243,000
103.8
425,283,000
127.0
62,494,001
80.3
54,564,000
79.0
773 1,349,660,001
728 1,242,456,001
4,851,00(
16.5
2,288,001
7.6
196,000
.89
88.006
.54
19,39(
158.9
23,01E
130.0
6,932,000
10.39
7,075,006
8.66
895,00(
1.39
1,090,000
1.32
25,492,001
67.6
26,284,000
68.3
707
620
Maple sugar and sirup
11.82
1192: 815,313,006
(as sugar)
12.29
11924 815,407,000
289
m200,00(
1192:
Broomcorn 3
347
m451,00(
1924
20,351 1,404
1921
Hops 5
20,350 1,360
1929
1921
Apples, total
--11924
-___
J1921
commercial....
Apples,
--11924
____
J192:
Peaches
11924
---_
1921
Pears
1924
_--.
1921
Grapes
11924
---.
11921
States)
Oranges (2
---.
11924
11921
Cranberries 5
1 i o9:
27,946,000
35,302,001
28,901
78,201
28,573,001
27.670,006
164,616,001
171,250,001
31,909,006
28,063.001
46,565,006
54,119,001
19,820,006
18,868.006
1,967.161
1.763.741
34,500,001
32,200,00(
530.001
862 000
Farm
Price
Dec. 1 g
Per
Unit.
Unit.
Lbs.
"
Bu.
Cents.
3.6
4.6
Tons
Bu.
"
"
"
Lbs.
"
Tons
187.2
62.6
136.9
129.2
18.3
20.7
Gals,
"
TOM
99.1
103.3
"
Gals
"
-.94.8
94.4
Lbs.
"
Tons $140:17
$95.63
"
21.8
Lbs.
10.3
"
126.2
Bu.
118.1
"
$3.68
Bbl.S.
$3.68
"
139.8
Bu,
126.9
"
166.2
"
141.5
"
Tons $34.04
$41.52
"
$3.12
Boxes
$1.77
"
$9.88
Mts.
V1.86
"
gathered from acreage
g Minor crop prices mostly for Nov. 15. h Including that
States.
used primarily for hay or grazing. iBushels. jPrincipal-producing
Pounds.
m
tree.
Per
Trees tapped. 1
Unit.
Pares
Price is
Per
Unit.
Crates
"
Tone
"
"
"
Crates
"
"
"
"
"
Tons
"
flu.
"
Crates
"
Bu.
"
Tons
"
Bu.
"
Tons
"
Quarts
"
Tons
"
Cars
"
Dollars
1.74
1.8E
110.82
120.62
20.20
17.00
1.32
1.48
1.18
1.18
1.85
1.85
16.09
18.10
1.21
1.49
1.53
1.54
1.15
.94
68.04
64.67
1.41
.99
74.02
68.52
.17
.13
27.72
33.19
232.00
172.00
Production.
Commercial
Truck Crops.
Asparagus
Beans,snap
Cabbage
Cantaloupes
Cauliflower
Celery
Corn, sweet
Cucumbers
Lettuce
Onions
Peas, green
Potatoes, early o
Spinach
Strawberries
Tomatoes
Watermelons
Acreage.
$1925
11924
1925
1929
$1925
11929
$1925
1924
1925
1924
1925
1924
1925
11924
/1925
11924
1192!
11929
11925
11924
J1925
11924
11925
1924
1925
1924
1925
11924
1925
1929
1921
11924
Per
Acre.
114
56,380
129
48,300
1.4
94,1340
1.3
85,000
8.1
107,891
8.8
108.671
151
93,081
148
90,511
228
15,130
212
12,900
299
22,600
297
22,710
2.5
403.150
1.8
332,23(
87
135,876
62
121,300
187
86,400
191
63.550
302
56,950
296
60,260
0.9
256,101'
1.1
247,960
103
287,070
131
319,610
2.4
41,440
34,341
3.1
134,001 1,564
151,230 1,829
4.8
456,020
3.7
432,870
156,400 D325
168,151 D318
Total.
6.442,001
6,241,001
136,8E
113,564
869,201
961,701
14,013,00
13,432,006
3,452.001
2,735,00(
6,757,001
6,741,006
993,006
589,501
11,886,006
7.473,006
16,171,001
12,161,004
17,173,006
17,852,006
242,301
268,501
29,594,001
41,833,006
101,089
107,889
209,586,006
276,592,004
2,188,206
1,606,206
50,839
53.489
-----of
item
the
in
included
n Average price for season paid to grower o This item Is
qNot
'Potatoes, white," and appears only once In the "Total". p Number.
beans.
velvet
Including acreage for soya beans, cowpeas and
revised on
The figures here published for both 1924 and 1925 have been
The revised
the basis of the latest and fullest information now available.
published,
figures here shown, and not the unrevised figures previously
acreage and
should be compared to obtain the proper relation of the 1925
be made
will
revisions
Final
production to that of 1924 and earlier years.
1926, when final Census figures for 1924 are available.
Crop Reporting Board.
W. F. CALLANDER, Chairman,
S. A. JONES,
J. A. BECKER
Approved:
C. F. SARLE,
J. B. SHEPARD,
R. W. DUNLAP,
M. M. JUSTIN.
Acting Secretary. V. A. SANDERS
Total
[Vara. 122.
THE CHRONICLE
24
11925 3352,976,000
11024 e347.136.(10(
AO
Automobile buying during the past few months has been particularly
good, partly as a retralt of the greater values afforded by the new models.
and lower closed car prices, partly as a result of better agricultural purchasing power, and partly as a result of the increased general prosperity.
I expect the consumer demand for automobiles to continue large, while
general business remains active. The volume of retail automobile sales for
the first half of 1926 is expected to exceed that of the first half of 1925
by a fair margin.
Advance Report for November on Automobile Trade
in Philadelphia Federal Reserve District.
The following information comes from the Department of
Statistics and Research of the Federal Reserve Bank of
Philadelphia:
Reports from 15 automobile distributers in Philadelphia show that both
wholesale and retail sales of new cars and retail businesa in used cars were
considerably smaller in November than in October. This seasonal decline
was experienced in all price groups except the sales at wholesale of mediumpriced cars, which showed a substantial increase in both number and value.
Stocks of new cars held by distributers increased by about a third between
Oct. 31 and Nov. 30, and it is also significant that stocks of used cars again
showed an increase in November.
AUTOMOBILE TRADE PHILADELPHIA FEDERAL RESERVE DISTRICT.
10
Nor. 1925 Change From
Oct. 925.
15 Distributors.
Sales of new cars at wholesale
Cam selling under $1,000
Cars selling from $1,000 to $2,000
Cars selling over $2.000
Sales of new cars at retail
Cars selling under $1,000
Cars selling from $1,000 to $2,000
Cars selling over $2,000
Stocks of new cars
Cars selling under $1,000
Cars selling from $1,000 to $2,000
Cars selling over $2,000
Sales of used ears
Stocks of used cars
Retell sale. on (inferred novmnot
Nsussber.
Yalut.
-10.8%
-14.9%
+21.6%
-6.5%
-17.5%
-17.3%
-13.9%
-20.9%
+34.2%
+33.0%
+15.5%
+50.8%
-10.9%
+16.4%
-8.3%
-14.6%
+16.1%
-4.4%
-13.3%
+2.4%
-37.5%
-24.9%
+32.3%
+31.7%
+18.4%
+36.9%
-10.2%
+9.6%
+5.1%
Price Changes and New Models Announced by
Automobile Manufacturers.
The Studebaker Corporation is introducing a 20-passenger
parlor car de luxe bus listed at $5,575, according to reports
current this week. The Riekenbacker Motor Co. has advanced prices $225 to $300 on 6-cylinder models end $75 to
$300 on 8-cylinder models. Six-cylinder prices range from
$1,695 to $2,095, against $1,495 to $1,995, and 8-cylinder
from $2,095 to $2,495, against $1,995 ro $2,320. On the
other hand, the Auburn Automobile Co. of Detroit, Mich.
announced a price reduction ranging from $300 to $455 on
the 8-cylinder models'and a flat cut of $100 on all 6-cylinder
jobs excepting the touring car. Two new coupes have been
added to their lines,-a 6-cylinder coupe at $1,445 and an
8-cylinder coupe at $1,745. A new line of four-cylinder
models on 120-inch chassis has been added, priced at $1,145
for the touring and roadster, $1,175 for the coupe and $1,195
for the sedan.
Petroleum and Gasoline Prices Remain Unchanged.
There have been no changes in the prices of petroleum or
gasoline during the present week. Minor changes occurred
in the wholesale field when the price of fuel oil was advanced
34c. per gallon on Dec. 29 by Pennsylvania refineries and
that of gas oil was increased Mc. per gallon to 534c. on
Dec. 31 by the Standard Oil Co. of New Jersey.
Further Decline in Crude Oil Output.
A further decline of 14,000 barrels per day was reported
by the American Petroleum Institute in its week-to-week
record of crude oil production just issued. The Institute
estimates that the daily average gross crude oil production
in the United States for the week ended Dec. 26 was 2,002,150
barrels as compared with 2,016,150 barrels for the preceding
week. The daily average production east of California was
1,372,650 barrels, as compared with 1,383,150 barrels, a
decrease of 10,500 barrels. The following are estimates of
daily average gross production by districts for the week
Motors
General
the
of
Alfred P. Sloan, Jr., President
ended as indicated:
DAILY AVERAGE PRODUCTION.
Corporation, on Outlook for the First
Dec. 26 '25. Dec. 19 '25. Dec. 12 '25. Dec. 27 '24.
Half of 1926.
(ra fiarrels)463,500
465,400
461,050
494.250
Regarding the outlook for the first half of 1020, Alfred P. Oklahoma
102.850
103,750
102,600
Kansas _
81.950
following
the
issued
Motors,
General
of
Jr.,
President
Sloan
87,350
87,150
85.050
North Texas
92.950
70.600
69,600
70.450
East Central Texas
161.350
statement:
1926 will be a pe-
half of
There is ample reason to expect that the first
industry should share this
riod of general prosperity, and the automobile
away for one to judge
prosperity. The latter half of 1926 is still too far
I shall, therefore, limit
with much assurance what it may hold in store.
next six months.
the
to
outlook
the expression of my views regarding the
last summer will tend to
The momentum of the business recovery since
of 1926. Conditions are
keep business active during at least the first part
Employment is large, prices are
In a healthy state of balance at present
and efficiently operample
relatively stable, transportation facilities are
ated.
controlled, and credit conProduction and inventories, generally, are well
of
ditions sound. In the light of such a present situation, the expectation
active spring and early summer business seems to be justified.
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
80,200
39,550
45.650
194,600
88,150
103,000
77,250
16,200
5,000
4,750
629,500
79.300
39,450
44.950
196,050
90.250
103,500
79,400
16.050
5,350
4,550
633.000
79.050
40,600
44.900
200,950
91.300
104.000
80.600
16.300
5.300
5,300
633,000
54,150
57,000
49,350
106.050
78,700
108.000
61.950
6.200
1,200
550
609.500
2,002,150
2,016,150
2,028.050
1.963,150
•
JAN. 2 1926.]
THE CHRONICLE
The estimated daily average gross'production of the MidContinent field,, including Oklahoma, Kansas, North, East
Central, West Central and Southwest Texas, North Louisiana
and Arkansas, for the week ended Dec. 26 was 1,078,300
barrels, as compared with 1,084,050 barrels for the preceding
week, a decrease of 5,750 barrels. The Mid-Continent
production, excluding Smackover, Arkansas, heavy oil, was
915,300 barrels, as compared with 919,500 barrels, a decrease
of 4,200 barrels.
In Oklahoma production of South Braman is reported at
3,550 barrels against 4,200 barrels; Thomas, 15,600 barrels
against 15,850 barrels; Tonkawa, 41,750 barrels against
41,400 barrels; Garber, 35,950 barrels against 41,400 barrels;
Burbank, 46,350 barrels against 46,850 barrels; Davenport,
21,300 barrels against 21,600 barrels; Bristow-Slick, 31,450
barrels against 31,300 barrel; Cromwell, 21,000 barrels
against 20,900 barrels, and Papoose, 13,700 barrels, no
change.
The Mexia, pool, East Central Texas, is reported at 15,350
barrels against 15,700 barrels; Corsicana-Powell, 36,700
barrels against 36,950 barrels; Wortham, 14,150 barrels
against 14,450 barrels; Reagan County, West Central Texas,
34,300 barrels against 33,100 barrels; Haynesville, North
Louisiana, 11,400 barrels against 11,450 barrels; Cotton
Valley, 8,800 barrels against 8,700 barrels; and Smackover,
Arkansas, light, 20,300 barrels against 20,500 barrels; heavy,
163,000 barrels against 164,550 barrels. In the Gulf Coast
field Hull is reported at 15,300 barrels against 15,600 barrels;
West Columbia, 9,850 barrels against 10,050 barrels;Orange
County, 14,850 barrels against 16,500 barrels; South Liberty,
9,350 barrels against 9,650 barrels; and in the Southwest
Texas field, Luling is reported at 20,850 barrels against
21,500 barrels; Lytton Springs, 8,200 barrels against 8,600
barrels.
In Wyoming, Salt Creek is reported at 57,100 barrels
against 58,750 barrels.
In California, Santa Fe Springs is reported at 51,000
barrels against 51,500 barrels; Long Beach, 111,000 barrels
against 110,000 barrels; Huntington Beach, 45,500 barrels
against 45,000 barrels; Torrance, 32,000 barrels, no change;
Dominguez 24,500 barrels against 25,000 barrels; Rosecrans, 25,500 barrels against 25,000 barrels; Inglewood,
64,000 barrels against 66,500 barrels; and Midway-Sunset,
94,000 barrels against 95,000 barrels.
Petroleum Statistics, October 1925, as Prepared by
G. R. Hopkins, Petroleum Economist-Decline
in Product and in Stocks.
The production of crude petroleum in the United States,
as reported to the Bureau of Mines, Department of Commerce, for the month of October 1925, amounted to 04,273,000 barrels, a daily average of 2,073,000 barrels. This represented a decrease from September production of 84,000
barrels per day, or 4%. Decreased production in Oklahoma
-the influence of the Garber field not yet being felt-and
in California was responsible for most of the decreased
production. Production in the Rocky Mountain district continued to rise, though production in the Salt Creek field
dropped for the first time in four months. The Rocky Mountain district was the only district to show an increase in
production for October over September.
Crude oil stocks east of California amounted to 298,110,000 barrels on Oct. 31 1925, a decline during the month of
almost 3,000,000 barrels-the fifth successive month in
which there has been a decline in these stocks. With
the
exception of a 200,000-barrel decrease in tank-farm stocks,
this decline was due to a marked decrease in refinery stocks.
Pipe-line and tank-farm stocks remained steady in all districts east of the Rockies. In California stocks of light
crude amounted to 43,773,000 barrels, Oct. 31, an increase
during the month of 1,000,000 barrels. Stocks of heavy
crude and fuel oil in the State continued their rise,
the
total for October of 80,590,000 barrels being an increase of
over 1,500,000 barrels over stocks for September. The following particulars are also furnished:
Refined Products.
Runs to stills during the month of October 1925 amounted
to 64,129,000
barrels, of which 3,268,000 barrels was foreign crude petroleum
. This represents a small decrease in daily average crude runs from
September figures
but is an increase of 15% over October 1924.
Gasoline production for October amounted to 944,433,000
gallons, a daily
average of 80,466,000 gallons. This represents an increase
over the production of the previous month of 1% and over October
1924 of 24%. The
indicated domestic consumption during the month was
832,000,000 gallons.
This represents a decrease in daily average consumpti
on from September
of 5%, but is an increase over October 1924 of 11%.
In 1929 October
consumption exceeded that for September and
the reverse for this year was
no doubt due to the generally unfavorable weather
conditions. Exports
Increased only slightly and stocks were increased
15,000,000 gallons,
standing Oct. 31 1925 at 1,529,000,000 gallons.
This was the first increase
In gasoline stocks to be recorded since May. Assuming
that imports, ex-
25
ports and domestic demand will remain constant during November, these
stocks represent 53 days' supply as compared to 51 day's supply on hand
the previous month and 44 days' supply on hand Oct. 31 1929.
The production of kerosene for October showed an increase over September, yet consumption dropped from the high figures of the latter month.
Stocks were reduced 18,000,000 gallons, standing Oct. 81 at 335,000,000
gallons, the low point for the year. Production and stocks of lubricants
showed comparatively little change, a decrease in home consumption being
compensated by an increase in exports.
The refinery figures of this report were compiled from schedules of 320
refineries which operated during October at 81% of their recorded daily
crude oil capacity of 2,550,000 barrels. This compares with 323 refineries,
operating at 82% of 2,535,000 barrels' capacity in September.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALLONS).
September 1925.a
Total.
DallyAvge.
October 1925.
Total.
Jan.-0d.
1925.
Jan.-Oct.
1924.b
DailyAvge.
FieldAppalachian__ 2,312,000
77,067 2,344,000
75,613 22,876,000 22,829,000
Lima-Indiana _
179,000
5,967
173,000
5,581 1,812,000 1,970.000
011.-S. W. Ind_
721,000
24,033
731,000
23,581
7,127,000 7,411,000
Mid-Continent 35,494,000 1,183,141
34,901.000 1,125,836 354,073,000313,337,000
Gulf Coast. ___ 2.748,000
91,600 2,767,000
89.258 26,379,000 24,061,000
Rocky Mtn___ 3,191,011
106,366 3,342,000
107,806 29,302,000 37,789,000
California
20,063,000
668,75920,015,000 645,64E 191,802,000192,328,000
U.S.Total.. 54,708,000 2.158,93364,273,000
2,073,322 .33,371,00099,725.000
State-Arkansas
6,695,000
223,167 6,306,000 203,419 62,684,0• 1 39,397,000
California
20,063,000 668,759 20,015,000 645,648 191,802,00
0192.328,000
Colorado
136,000
4,533
143,000
4,613
841,000
324,000
Illinois- _
667.000
22,233 677.000
21,839 6,582.000 0.843,000
Indiana
68,000
2,267
66.000
701,001
2,129
805,000
Southwestern
54,000
1,800
54,000
1,742
545,001
588,000
Northeastern
14,00RI
467
12,000
387
156,000
237,000
Kansas
3,421,00
114,033 3,453,000
111,387 31.799,001 24,150,000
Kentucky
562,800
18,760
553,900
17,86
5,714,600 6.271,400
Louisiana
1,669,000
55,633 1,717.00
55,387 16,693,000 17,730.000
Gulf Coast
286,000
9,533 345,000
11,129 2,416,000 2,024.000
Rest of State 1,383,000
46,100 1,372,000
44,258 14,277,000 15,706.000
Montana
388.000
12,933
474,00
15,290
3,166,000 2,351.000
New Mexico
127,000
4,233
145,00
4,677
706.000
66.000
New York.
- . 143,000
4,767
149,001'
4,806 1,368,000 1.204.000
Dhio
611,000
20.367 617,001'
19,904 6,000,000 5,731.000
Cent. & East
446,000
14,867 456,00
14,710 4,344 000 3,998.000
Northwest'n.
165,000
5,500
161,00
8.194 1,656,000 1,733,000
Jklahoma
15.276,000 509,20814,879,00
479.965 147.584,000 143.007,000
OsageCounty 2,306.000
76,886 2,262,000
72,968 24,018,000 33,199.000
Rest of Ste 12.970,000
432,34212,617,00
406,99 123,568,000 109,808,000
Pennsylvania
673,000
22,433
679,001'
21,903 6.573,000 6,337,000
Tennessee
1,200
40
2,10(
6:
12,400
5,600
COM
11,181,0001 372,70011,313,
384,936 121,692.00i 113,114,000
Gulf Coast
2.462.000J
82,067 2,422,00
78,129 23,963,000 22,037,000
Rest of Stet 8,719,000 290,633 8,891,001
286,80 97,729,000 91,077.000
West Virginia.
488,0001
18,200
504,000
16,25
4,884,000 5,013.000
Wyoming
84,667 2,580.000
2,540,0001
83.226 24,589,000 35.038.000
Salt Creek.. 1,923,00
64,100 1,959,000
83,193 18,013.000 27.665.000
Rest of Ste
617,000
20,567
621,000
20,033 6,576,000 7,373,000
Classification
by Gravity:
(approx.)
Light crude.... 45,172,000 1,505,73345,398,000
1,464,452453.711,000 56.729,000
EiPnvy ortIrlo. _ 10 525 nn0 551 20018
875 ono ROR 871170 ItllA nn 119 00/1 MO
a Revised. b Final figures.
STOCKS OF CRUDE PETROLEUM HELD
IN THE UNITED STATES
(BARRELS).
..........
Sept. 30'25. Oct. 31 '25. oa.si14.•
At Refineries: Reported by location ofstorageEast Coast-Domestic
Foreign
Appalachian
Indiana, Illinois, &c
Oklahoma, Kansas, &c
Texas-Inland
Gulf Coast-Domestic
Foreign
Arkansas and inland Louisiana
Louisiana, Gulf Coast-Domestic
Foreign
Rocky Mountain
7,643,000
2,258.000
1,335,000
924,000
4,422,000
1,131,000
5,390,000
580,000
716.000
3,725.000
1,042,000
1,494.000
6,079,000
2,290,000
1,374,000
1,091,000
3,793,000
984,000
5.169,000
610,00(
715.000
3,384.001'
1,095,000
1,449,000
8,440,000
1.135.000
1,357.000
1,508.000
5,284,000
1,178,000
4,839,000
469.000
294,000
4,313,000
1.081,000
1,229,000
U. S. total east of California
30.660,000 28,033,000 31,127.000
Elsewhere than at Refineries: Reported by
Field
of OriginAppalachian:
N.Y.,Pa., W.Va.,eastern & central
OhioGross
7.141,000 7.124.000 7,197,000
Net
6,860.000 6,820,000 6,938,000
KentuckyGross
1,936,000 1.818,000 2,528.000
Net
1,827,000 1,711,000 2,400.000
Lima-IndianaGross
1,302,000 1,200,000 1,458.000
Net
1,100,000 1,058,000 1,253.000
Illinois-S. W. IndianaGross
11,090,000
11,047,000 11,762.000
Net
10,620,000 10.574,000 11,231,000
Mid-Continent:
Okla., Kan., central, north & west TexasGross
171,671,000 70,882.000 194,037,000
Net
159,346,000 59,108,000 182,862.000
Northern Louisiana and ArkansasGross
43,197,000 43.860.000 37,945.000
Net
41,024,000 41,517,000 35,808,000
Gulf CoastGross
20,631,000 20,393,000 21,624,000
Net
20,225,000 19,976,000 21,118,000
Rocky MountainGross
28,623,000 28,635,000 29,266,000
Net
28,580,000 28,605,000 29,242,000
U. B. total pipe-line and tank-farm stocks
east of CaliforniaGross
285,591.000 285.018,000 305,727.000
Net
269,582 269.369,000 290,849,000
Foreign crude petroleum on Atlantic coast._ _
143,000
47,000
128,000
Foreign crude petroleum on Gulf coast
596,000
661,000
461,000
Grand total refinery, pipe-line, and tankfarm stocks east of California. and stocks
of foreign crude held in the U. S. by importers elsewhere than at refineries
300,981,000 298,110,000 322.565.000
Classification by Gravity (Approx.)East of California, elsewhere than at refineries:
Light crude (24 deg. and above)
Heavy crude (below 24 deg.)-Domestic. 222,836,000 222,041,000
46,746.000 47,328.000
Foreign_ _ _ _
739,000
708,000
California (stocks as defined In July rePort)
Light
42,759,000 43,773,000
Heavy
78,905.000 80.596.000
a Final figures.
26
[VoL. 122.
THE CHRONICLE
% Change
% Change
from
November
from
November
Steel and Iron Markets Remain Practically Unchanged.
Year Ago.
1924.b
MonthAgo.
1925.0
industry
steel
the
with
Nineteen hundred twenty-five closes
o
6,850
0
tons
12.240
Capacity
-6.7
4,070
-2.0
5,775
tons
producing at a high rate, backed by a volume of orders Production
-16.3
3,122
-3.9
4,204
tons
Shipments
-25.5
$514,125
-15.4
$664,662
Value
exceeding those of a year ago observes the "Iron Age" in its
+7.1
2,388
+10.4
4.989
tons
Unfilled orderse
are
+12.8
Prospects
trade.
the
$3368,785
in
+12.5
11759.968
Value_e
weekly summary of conditions
stock:
Raw
-53.4
3,499
+10.3
2,338
tons
considered bright for a continued high pace of operations for
Pig iron
-27.6
11,970
-3.5
9,881
tons
-8.2
815
+48.5
2.089
tons
several months. And 1925 will beat the 1917 war record of Scrap
Coke
a Eleven plants. b Six plants. c Figures of one plant omitted.
ingot output of 43,619,000 tons by a few hundred thousand
Regarding iron foundry operations in the Philadelphia
tons, estimating December at as much as 5% under November, to allow for holiday suspension and the following cold Federal Reserve District for November, the bank says:
November iron casting production, shipments and unfilled orders genweather. No general shut-down over New Year's Day is erally
decreased below the October level, but were considerably above the
planned continues the "Age" review, adding:
volume for November 1924. Raw stocks of pig iron are somewhat larger
The buyer complacency over supplies has not changed. The relatively
few price changes in recent weeks point to a balance between consumption
fully
and production. Manufacturers are not committed so far ahead nor
enough to be freed from dependence upon new business, and there Is also
the continued good railroad service.
There is no sign that advances will be used to stimulate business. Seeing
that prices are fully $2 a ton lower than last January,the trade is not looking
last
for a repetition of the hesitation and price weakness which occurred
spring
Added evidence of the surprising vigor of the automobile industry, resultposting in upward revising of schedules of sheet mills and casting makers,
pones any concern over the extent of railroad and farmer buying. These
building
were counted on to fill any gaps left by reduced automobile and
construction demand, but at present are adding to the general total.
Three blast furnaces have gone in blast within the week, a McKinney
at Buffalo
Steel Co. stack at Cleveland, one of the Rogers-Brown Iron Co.
Tube Co.
and a Port Henry, N. Y., furnace. The Youngstown Sheet &
the
will blow in a Hubbard, Ohio,furnace this week,and an Ashland stack of
American Rolling Mill Co. goes in Jan. 1.
total
large
the
of
excess
Rails brought thus far for 1926 are estimated in
which
placed a year ago. Shipments are already being called for at Chicago,
may mean some good secondary orders in the spring.
than they were last month.
IRON FOUNDRY OPERATIONS THIRD FEDERAL RESERVE DISTRICT.
November
1925.
Capacity
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stock:
Pig iron
Scrap
Coke
No change has occurred this week in either of the
"Iron Age" composite prices. That for pig iron stands at
$21.54 for the fifth week; that for finished steel, at 2.4530.
per lb. for the fourth week. One year ago both were higher
by 3 or 4%. The usual composite table is omitted.
Unusual activity for the season, and bright prospects for
the future have brought to an auspicious close the greatest
tonnage year in steel history, according to the "Iron Trade
Review." December's high rate of operations insure the
establishment of a new high record for all time of steel
production of approximately 45,500,000 tons, exceeding the
previous peak in the war time year of 1917 by about 500,000
tons. Pig iron production, however, failed to keep pace,
and, with a total of about 36,500,000 tons, ranked below
1916, 1917, 1918, 1920 and 1923, continues this trade journal's review of trading conditions, adding further interesting
details as follows:
tons
tons
tons
tons
tons
tons
tons
tons
tons
tons
tons
% Change % Change
from
from
MonthAgo. Year Ago.
12,719
6,834
1,059
4,775
3.393
1,382
5,430
$832.428
4,267
$629,087
0
--6.5
--17.2
--3.8
---5.9
+1.8
--20.1
--21.5
--4.7
--9.3
0
+17.0
+21.6
+16.1
+16.8
+14.8
+24.7
+11.9
+30.5
+12.1
8,782
2.823
2.554
+12.5
-22.6
+20.4
-0.7
-7.9
+22.6
•
Advance Report for November on Electric Power in
Philadelphia Federal Reserve District.
November sales of electric current for lighting purposes
in the Philadelphia Federal Reserve District increased considerably over those for October and for November 1924. In
reporting this the Department of Statistics and Research of
the Federal Reserve Bank of Philadelphia says:
But consumption of electricity for power by industries, municipalities,
'treat cars and railroads dropped somewhat below October totals, though
it exceeded those for November 1924. Production of electricity by central
stations also declined, but there was a very large increase in the output of
hydro-electric power over that of last October and November 1924.
ELECTRIC POWER.
Change from Change froni
Oa. 1925.• Nov.'24.a
November 1925.
+8.4%
+5.1%
1,026,400k. w.
Rated generator capacity
+16.5%
-3.4%
305,252.500 k. w. h.
Generated output
+96.4% +115.1%
1,877,400k. w.Is.
Hydro-electric
+7.4%
-8.6%
249,307.100k. w. Is.
Steam
+86,5%
+27.1%
54,067.900 k. w. Is.
Purchased
-1.0%
+17.0%
261,492,100k. w. h.
Sales of electricity
+14.3%
+15.8%
59,611,200k. w. h.
Lighting
+9.7%
+6.8%
8,656,400 k. w. Is.
Municipal
+15.7%
+16.9%
Residential and commercial_.... 50,954,800k. w. 11.
Is.
+14.4%
w.
k.
-2.7%
177,027,600
Power
-4.1%
+6.6%
1,646,800 k. w. Is.
Municipal
+6.2%
-2.3%
42,429.300k. w. Is.
Shutdowns over the Christmas holidays are of about the normal extent
Street cars and railroads
because
day
Year's
+17.4%
h.
-2.9%
New
w.
through
run
132,951,600k.
will
works
steel
Industries
but most mills and
+45.4%
-16.9%
24,853.300k. w. Is.
other
sales
All
steel.
for
demands
heavy
of the
•Twelve systems. a Eleven systems.
Chicago this week has Jacked up operations another point to 88% of
has
ingot capacity. The high stage which general industrial activity
Preliminary
action.
in
now
capacity
furnace
reached is measured by blast
to a Coke Demand Rises as Weather Grows Colder-Prices
figures reveal that 229 furnaces now are in blast. This Is equivalent
registering
Increase-Bituminous Market Fairly Inactive.
shade under 60% of the total number of furnaces in the country,
Ayres theory which has
a normal condition of business according to the
colder weather of the past week caused a sharp adThe
gained for itself keen public Interest.
business for vance in the prices for furnace coke and a greatly increased
Mills are beginning the New Year comfortably filled with
in good volume.
a number of weeks ahead and new orders keep appearing
through the anthracite consuming territory,
market in sustained demand all
In fact, the Chicago district which has been the leading
measured declares the "Coal Trade Journal" this week. In spite of
tonnage
week
week-to-week booking reports that even Christmas
shipments. the short week due to the Christmas holidays, the New York
up to the pace of the past month and considerably exceeded
shows
Notwithstanding the good flow of business the situation over supplies
market was extremely active with quotations mounting
semi-finished material. From coke
no tightness, with the possible exception of
condition
keep
to
tends
daily. Low volatile mine-run was moving well with high
time to time gaps appear in mill schedules. This
appears volatile not so active. Low volatile prepared was not being
flexible and to preserve the conservative tone to the market which
and active with quoto be one of Its soundest features.
is further dis- pushed strongly but slack was scarce
Constantly growing strength in the semi-finished market
standard slabs for Northern tations up a little, adds the "Journal," giving further details
played this week by the sale of 15,000 tons of
week at $40, base.
of interest as'follows:
Ohio delivery at $38, mills. Smaller lots sold this
more in the future to
Heavy railroad buying, which is counted upon
Buying throughout New England was slack last week with no prospect
prospects.
present
by
indicated
111
dimensions,
large
of
market
keep the
of the activity increasing for the next week or so. This caused a further
roads.
award among Western
off in prices on tidewater bituminous at Boston. Prices were
fully 20.000 cars are reported In sight for early
for an inter- falling
Cable reports tell of the starting, in London, of negotiations
better maintained at Providence, however, on account of scanty arrivals.
steel
and
Iron
of
production
French
rails.
national association in steel
The lower temperature was expected to Increase domestic demand but at the
international improvements, and end of the week this had not materialized, although prices on West Virginia •
now Is proving insufficient, reflecting the
rising.
are
and Pennsylvania bituminous coals were stronger. There was an arrival
prices
of Scotch coke last week at Boston which was being offered for prompt
shipment.
Advance Report by Federal Reserve Bank of PhiladelSome of the Philadelphia retailers were reordering heavily of bituminous
coals and colie last week indicating that, in their opinion, some of this trade
phia on Steel and Iron Foundry Operations
had come to stay. Considerable contracting ahead on coke was being done.
During November.
The bituminous trade was looking forward to increased business next year.
Pool prices were firmer and In some instances on the rise. No interest to
The Department of Statistics and Research of the Fed- speak
of was being shown in the strike by the anthracite trade.
orthat
unfilled
The demand for domestic fuel at Baltimore was still sluggish and prices
eral Reserve Bank of Philadelphia reports
in the virtually unchanged last week. A very small shipment of export coal and
ders booked in November by identical steel foundries
one of coke were made from that port, being the first so far, In December.
production
But
greatly.
increased
District
a
Philadelphi
Retailers were purslifng the sale of anthracite substitutes and opinions were
Ocof
last
both
levels
the
varied as to whether or not customers would return to anthracite after the
below
decreased
shipments
and
strike is settled.
tober and November 1924. Stocks are considerably heavier
The usual end of the month weakness was shown at the Southern piers
The figures of and prices were slightly weaker than during the previous week. The
than they were a month ago and last year.
situation was unchanged and boats were scarce.
Dis- vessel
Production in the central Pennsylvania bituminous territory showed an
steel foundry operations in the Third Federal Reserve
Increase of 4.000,000 tons over the previous year. Prices were such that
trict follow:
• .1 ii3111
THE CHRONICLE
soft coal declined during the week ended Dec. 19.
From
incomplete reports of loadings by the principal coal carriers,
it is estimated
that the total output of the week was approximately
12.600,000 net tons.
Estimated United States Production of Bituminous Coal (Net
Tons) Including
Coal Coked.a
1925
1924
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.b
December 5
12.868.000 480.779.000
10.831.000 443.981.000
Daily average...-. 2,145.000
1,679.000
1.805.000
1,556,000
December 12.c
12,914.000 493.693.000
10.873.000 454.854.000
Daily average.,
2.152.000
1,689.000
1,812.000
1,561.000
December 19....d
12.600.000 506.293.000
10,814.000 465,668.000
Daily average_ _ 2.100.000
1,697.000
1.802.000
1.566.000
a Original estimates corrected for usual error, which in past
2%. b Minus two days' production first week in Januaryhas averaged
number of days in the two years. c Revised. d Subject to to equalize
revision.
Total output during the calendar year 1925 to Dec. 19
is 506 293.000
net tens. This is approximately 40,625,000 net tons,
or 8.7%, more
than that during the same period of 1924. Correspon
ding figures for
recent years are given below:
Years of Activity.
Years of Depression.
1918
566.349.000 net tons 1919
450.060,000 net tons
1920
549.187,000 net tons 1921
402.496,000 net tons
1923
548,825,000 net tons 1924
465.668.000 net tons
ANTHRACITE.
Based on incomplete reports received from the principal
carriers, the
output of anthracite for the week of Dec. 19 is estimated
at
tons, a decrease compared with the preceding week. Total 55.000 net
production
during the calendar year to date is now 62,064.000 tons,
about 29% less
than that during the corresponding period of 1924.
ESTIMATED MONTHLY PRODUCTION OF SOFT COAL BY STATES
(Net T0134.11
State.
September 1925.
Produciton.
Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky:
Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota.- _
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia_ _ _
Wyoming
Other States b_...
October 1925.
Daily
Average.
1,931,001
129,000
931,000
5,834,000
1,859,000
379,001
350,000
76,000
5,100
36,700
229,701
73,201
14,901
13.801
PTOduction.
2,051,000
149,000
1,145,000
7.272,000
2,182,000
490,000
422,000
Daily
Average.
76,000
5,500
42,400
269,300
80,800
18,101
15,000
November 1925.
Production.
Daily
Average.
1,976,000
83,400
152,000
6,400
1,092,000
49,300
6,911,000 291,600
2.076.000
87,600
477,000
20,100
419,000
17,700
3,808.000 149,900 3,925,001. 145,400 3,564.000 150,400
1,200,001
47,201 1,335,001
49,400 1,412,000 59,600
195,000
7,700
205,001
7,600
216.000
9,100
63.000
2,500
78,000
2,900
76,000
3,200
260,000
10,200
325,000
12,001
319,000
13.500
239,000
9,400
339,000
12,601
322,000
13.600
200,000
7,901
242,000
9,001
235.000
9.900
92,001.
3,601
152,000
5,604
152.000
6,400
2.869.001 113,001 3,297,001 122,101 3,160.000 133,300
217,000
8,601
257,000
9,501
271.000
11.400
10,817,004 425,90( 12,638,001 468,101 12,288,000 517,300
556,004.
21,901
571,000
21,201
550,000
23,200
81.000
3.200
82,000
3,000
78,000
3.300
489,001
19,301
524,000
19,404
458.000
19,300
1,129,000
44,400 1,160.000
43,000 1,092.000 48.100
209,000
8,200
261.000
9,700
264.000
11.100
12,295,000 484,101 13,227,000 489.900 12,458,000 523,600
676,001
26,600
865,001
32,001
754,000
31.800
9,000
401
9.000
300
8,000
300
'PM.,
all R17 non 1 542 rinn sa 202 000 1 07n non 50 75n non 2 142500
a Subject to revision. b Includes Georgia, California, Oregon and South Dakota.
Analysis of Imports and Exports of the United States
for November.
The Department of Commerce at Washington on Dec. 29
issued its analysis of the foreign trade of the United States
for the month of November and the 11 months ending
with November. This statement enables one to see how
much of the merchandise imports and exports for 1925 and
1924 consisted of crude materials, and how much of manufactures. and in what state, and how much of foodstuffs
and whether crude or partly or wholly manufactured. The
groups following is the report in full:
ANALYSIS OF IMPORTS AND EXPORTS FROM THE UNITED STATES
FOR THE MONTH OF NOVEMBER 1925.
(Values in $1.000.)
Month of November.
Groups.
1924.
1926.
Value, %
Value. %
11 Months Ending November.
1924.
Value.
1925.
%
Value.
%
8
8
8
35.8165,904 44.01,105,427 33.71,545,
508
12.9 46,588 12.4 384.8215 11.7 446.803
9.9 29,339 7.8 493,706 15.1 404,664
19.9 62.223 16.5 592,627 18.1 687.817
20.8 70.515 18.7 680.212 20.7 722.258
0.7 2,096 0.6 19,979 0.7 23.205
296,148100.0376,685100.03,276.771 100.0 3.830,2251
00.0
Importsi
Crude material
106,807
Foodstuffs, crude and
food animals
38.076
Manufactured foodstuffs 28,936
Semi- manufactures
58.917
Finished manufactures._ 61,464
Miscellaneous
1.948
I
Production of Bituminous Coal Declines-Anthracite
Output Nominal.
A decline.af about 314,000 net tons was reported
in the
output of bituminous coal for the week ended Dec. 19
by the
U. S. Bureau of Mines, but the fact that the returns
were
then incomplete may have some bearing on the final
figures.
Anthracite production reached 55,000 net tons; a
decrease
of 9,000 net tons under the preceding week. The
strike
stiil continues. Further details of the production of
these
twa fuels as reported by the Bureau of Mines, are as follows:
Production of
Production of Soft Coal During November.
The following table, presented by the U. S. Bureau of
Mines, shows the estimated production of soft coal by states
during the month of November, the apportionment being
based, as are other similar figures, on reports courteously
furnished by the American Railway Association.
The total output during the month of November amounted
to 50,780,000 net tons-2,423,000 tons less than in October.
The average daily 'rate of production in November, however,
was greater by about 172,000 tons or 8.8%, than in October.
The figures in the table show that every coal producing
state of importance maintained a higher rate of output in
November than in October. In the great Appalachian field
as a whole, this gain was approximately 8.2%; and in the
Eastern Interior region, consisting of Illinois, Indiana and
Western Kentucky, about 9%. The States west of the
Mississippi show increases ranging from 10 to 20%.
4%
Needless to say, the year just closing has brought to the trade its
share
of disappointments in the way of blasted hopes, due in many instances
to
expectations based upon the belief that the suspension of mining
in the
anthracite field would bring about a mad scramble for coal
of any kind
by panic-stricken consumers. The comparatively indifferent
attitude
of hard-coal consumers, a large proportion of whom laid in fuel
in advance
of the strike or cheerfully turned to substitutes when their customary
fuel
was unobtainable at normal prices, quite a contrast from
the distraught
atmosphere prevailing during previous upheavals. In addition
to the
satisfaction of successfully combating a vexing problem and avoiding
discomfort, many will enjoy a considerable saving on their fuel
bills. An
interesting chapter in the drama remains to be written, of
course, and
this has to do with whether a new agreement terminating
the strike if
and when arrived at can be formulated that will give sufficient
assurance
of uninterrupted operations to enable the producers to win back
the trade
they have lost.
A touch of cold weather beginning early last week served
to preserve a
semblance of firmness in the price situation, and a further drop
in temperature later brightened the outlook considerably. The softening
tendency
of almost record coal production also is feeling the
counteracting effect
of curtailed running time due to observance of the holidays.
Activity in anthracite substitutes seems to have taken a new
lease of
life since Governor Pinehot's efforts for peace showed
a likelihood of dragging
a while before getting anywhere. Coke demand and
prices continue their
recent upturn. It is too early as this is written to be able to
say whether
this week's conference of operators and union leaders presages
an early
resumption of work at the mines or just a renewal of the indoor hammer
throwing.
The "Coal Ago" index of spot prices of bituminous coal stood on
Dec. 28
at 178, the corresponding price being $2 16, compared with 179
and $2 17
on Dec. 21.
Dumpings of coal at Hampton Roads during the week ended
Dec. 24
totaled 446.093 net tons, as against 457,157 tons in the preceding
week.
The usual figures summarizing the output of beehive coke
were omitted from the Bureau's report.
I.
On the other hand, the "Coal Age" says that as might
have been expected, business during the last week has
been marked by the usual year-end tendency to mark time
while plans are in preparation for a fresh start, with the
possibility of facing new problems and conditions with the
dawning of a new year, and then adds:
27
Estimated United States Production of Anthracite (Net Tons).
19251924
Cal. Year
Cal. year
Week EndedWeek.
to Date.
Week.
to Date.n
December 5
62,000 61,945.000
1.814.000 84.172.000
December 12
64.000 62.009.000
1,772.000 85.944.000
December 19
b55.000 62.064.000
1.867.000
0
a Less two days in January to equalize the number of days 87.811.00
in the two
years. b Subject to revision.
tob)bio:o to
the non-union mines were able to show a small profit, especially during the
latter part of the year. but the demand for the prepared sizes did not come
up to the expectations of the operators. Slack, however, was in good demand with prices rising. There is still an overproduction which keeps
down the prices.
General demand in the Pittsburgh territory quieted down last week,
especially the industrial coal. Domestic demand kept up well and some
forward contracts were discussed. Production fell off and prices were
firm with that for slack stronger. There was a steady movement in byproduct coal with prices firm.
Connellsville coke production and prices rose again, particularly on the
furnace grade. Foundry coke showed practically no change.
Production was small in southern West Virginia last week and the market was unusually sluggish. Slack was scarce but not in any great demand.
Prepared was not in great call but this condition was expected to improve
shortly. The railroads bought little coal last week.
Cold weather brought more orders for high and low volatile coals to
southern West Virginia but these were not for large tonnages. Due to the
holidays smokeless production fell off greatly but most producers were
making no concessions in prices. Mine-run showed the greatest staiblity.
High volatile prepared was holding firmer in price than was the low volatile
though run-of-mine was a little weaker.
Industrial coal continued to move in moderate volume from the Upper
Potomac and western Maryland fields but shipments were necessarily under
those of the previous week due to the holidays, and the consequent
industrial shutdown. Dealers were wary about stocking up heavily
in prepared sizes. Prices remained at former levels.
Railroad shipments were being kept up from the Virginia field, otherwise
production and activity were lacking. Prices were still weak.
000000.
JAN. 2 1926.]
Total
Domestic Exports-.
Crude materials
196,372
Foodstuffs, crude and
food animals
58.940
Manufactured foodstuffs 54.461
Semi- manufactures
50.896
Finished manufactures 124.897
Miscellaneous
887
40.4172,534 39.21,158.007 28,51,261,459 28.9
12.1 19.485 4.4 353.071 8.7 296.707
8.8
11.2 46,972 10.7 519,205 12.8 521.080
10.4 50.035 11.4 556.867 13.7 606.053 12.0
13.9
25.7149.232 34.01,466,035 36.11,666,
798 38.2
0.2 1,191 0.3
5,878 0.2
7.284 0.2
Total domestic export.488,453 100.0439.449 100.0 4.059.083
100.0
4.359,351 100.0
Foreign exports
7,120
8,147
86.173it 82.023
Total
493,573
447.896
4,145,236
.441,404
The Country's Foreign •Trade in November-Imports
and Exports.
The Bureau of Statistics of the Department of Commer
ce
at Washington on Dec. 14 issued the statement of the foreign
trade of the United States for November and the 11 months
ending with November. The value of merchandise exported
in November 1925 was $448,000,000, as compared with
$493,572,921 in November 1924. The imports of merchandise are provisionally computed at $378,000,000 in
November 1925, as against $296,147,998 in November the
previous year, leaving a trade balance in favor of the United
States on the merchandise movement for month of November
1925 of $70,000,000. Last year in November the favorable trade balance on the merchandise movement was
$197,424,923. Imports for the 11 months of 1925 have
been $3,831,575,456, as against $3,276,770,520 for the corresponding 11 months of 1924. The merchandise exports
for the 11 months of 1925 have been $4,441,808,656,
against $4,145,235,452, giving a favorable trade balance of
$610,233,200 in 1925, against $868,464,932 in 1924. Gold
imports totaled $10,448,172 in November 1925, against
$19,862,384 in the corresponding month the previous year,
and for the 11 months they were $121,049,225, as against
$309,446,869. Gold exports in November 1925 were $24,11
354,696, against $6,689,182 in November 1924. For the
months of 1925 the exports of the metal foot up $256,666,688
Silver
against but $21,973,660 in the 11 months of 1924.
imports for the 11 months of 1925 have been $58,848,462,
$91,as against $68,081,010 in 1924, and silver exports
531,020, as against $98,611,403. Following is the complete official report:
UNITED STATES
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE
(Preliminary figures for 1925, corrected to Dec. 12 1925.)
MERCHANDISE.
11 Months End. Natasha.
November.
Exoess of imp_
,.....— ........
1925.
1924.
1925.
Lumen ta
Itcports
[Vol.. 122.
THE CIHRONICLE
28
1924.
Increase (+).
Decrease (—).
$
$
3
$
$
378.000.000 296,147.998 3,831,575,456 3.276.770.520 +554,804.938
448,000,000 493,572,921 4.441,808.656 4,146,235.452 +296,673,204
v0 nnn nnn
107 LOA 077
ato 97.1 2.110
1925.
1924.
II Alas. End. NevetaDvr.
1925.
1924.
Increase (+1
Decrease (—).
Gott.
'ports
:pert..
$
S
$
S
$
111,448.172 19,862,384 121,049,225 30',446,869 —188,397,644
24,354.896 6,689,182 258,866,685 Z1.973.660 +234,693,028
Sono of treste
sseess et espor •
12,906.624
Sitter.
,serts
*KU
Sews of Impel
Acannaafmearta
257.473,209
11,173,202
135,617.463
4,1149,035
8,110,998
6,481.416 58,848,462 68,081,011
9,411.406 91.631,020 98,611,403
018
2.010.090 22.682.158 30.530.393
4 eat
1925.
imports.
January..Febrbary - _
March -Mut
May
June
July
August-September_
October
November_
December.
1923.
1924.
$
$
346.165,289 295,506,212
333,457,369 332,323,121
385,378.817 320,482,113
346,090.956 324,290,988
327.518.721 302.987,791
325.215,735 274.000,688
325.648,257 278,593,546
340.085.626 254,542,143
349,953,680 287.144,334
374,061,206 310,751,608
378,000,000 296,147,99:
333,192.059
$
329,253,664
303,406,933
397.928.382
364,252,544
372,544.578
320,233,799
287,433,769
275,437.993
253,645,380
308,290,809
291,333,346
288,304,768
1913.
1922.
$
$
217,185.396 163,063,433
215,743.282 149,913,913
258.177,798 148.194,461
217,023,142 155,445.498
252,817,254 133.723,713
280,460,898 131,245,877
251,771,881 139,061.770
281.376.403 137.651,553
298.493,403 171.084,843
278,103.979 132,949,302
291,804,828 148,236,536
293,788,573 184,025,571
Ilmos.end.
November 3,831,575,456 2,869,870,914 2,904,137.042 2,251.049,455 1,327,385,071
12nute.end
3.609,982,579 3,792,065,983 3,112,746,833 1,792.596,480
Decemb'r
Exports.
January _-_ 446,443.088 395,172,187 335,416,506 278,884,469 227,032.930
February-. 370,678.434 385.781.772 306.957,419 250,619,841 193,996,942
March __-_ 453,652,842 339,755,230 341.376,664 329,979.817 187,426,711
398,254,688 346,935,702 325.492.175 318,469,578 199,813,438
April
370.945.110 335,088,701 316,359.470 307,588,828 194,607,422
May
323,347,775 306,989,008 319.956,953 335,118,750 163,404,916
June
339,660,368 278,649,055 302.186,027 301.157,335 160,990,778
July
August.-- 379.867,107 330.659.566 310,965.891 301,774.517 187,909.020
September_ 420.380.300 427,459,531 381,433,570 313,198,557 218,240,001
October .... 490.600,964 527,171,781 399,199.014 370,718,595 271,881,484
November. 448,000,000 493,572,921 401,483,872 379,999.622 245,539,042
446,748,393 428,665.519 344,327,580 233,195,623
December _
11 mos.end
November 4,441,808.658 3,124,490,750 2,940,144,675 2,736,731.892 1,733,422,158
12mos.end
4 590.983.845 4.167,493.080 3,831,777.469 2.484,018.293
Decemb'r
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Mita.
Gold.
Imports.
Jan ---Feb....
March__
April _..
May _._
June _—
July__
Aug.__
Sept ___
Oct --Nov__-_
Deo_
1925.
1924.
1923.
8
5.037,800
3.602.527
7,337.322
8,869.883
11.392,837
4,428,135
10.204.112
4,881,738
4.128,052
50,740.649
10,448,172
$
46,135,760
35,111,269
34.322,375
45.418.115
41.073,650
25,181,117
18,834,423
18,149,981
8.658,155
19,701,840
19.882.384
10,274,049
$
32,820.183
8,382,736
15,951.357
9,188.470
46.158.195
19,433,539
27,929,447
32,856,097
27,803.961
29,795,185
39.757.436
32,641,226
1925.
$
7.338,559
4,928.916
8,860,750
4.944,807
3,390.180
4,918,605
5,238,437
7.273.298
4,504,024
5,601.851
4,049,035
1924.
1923.
$
$
5.979.758 . 5,824,637
7,900.409 3,792,387
6,220,934 4,628.378
3.907.745 4,261,889
5,839,582 4,481,148
4.870,389 8,085,947
7,127,813 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
5,803,892 8.172,301
11 m'ths
end.Nov 121,049,225 269,882,845 220,521,985 58,848,462 55.771,022 64,082,745
12 mos.
75,944,902 74,453.580
319,720,91: 322.715.812
end.Dee
MR 434 032
GOLD AND SILVER.
November.
IMPORTS AND EXPORTS OF MERCHANDISE,BY MONTHS.
—9,232.548
—7,080.383
Exports.
280.723 8,472,198 11.384,79' 8,208,644
Jan ---- 73,525.943
505,135 1,399,086 6.832.647 8.876.713
Feb.... 50,599.708
817.374 10,392.100 7,916,717 5,355,278
058rch__ 25,104,416
655,285 9.322.618 7.801.689
1,590.537
ADJS.__ 21,603.945
824,444 6.535,761 9,686,517
693.290
May ___ 13.389.967
548,484 5,522,492 3,649,419
268.015
June... 6,712,480
522,826 8.349.304 1.190,362
327,178
July__ 4,416.452
Aug.—. 2.135,690 2,397,457 2,208.961 8,284,991 2,622,067
862.697 7,487,317 10,345,205
4.579.501
Sept — 6.784,201
OM —. 28,039.190 4,125,268 1,507.060 8.783.376 9.415,923
746,794 5,110,903 9,401,406
Nev.... 24,354,696 6,689,182
11.2711,600
711.529
39.674,653
Dee_
8,921.002
2,191,059
4,731,706
4.336,238
3,499,350
3,581.081
8.233.163
7.032,221
8.123,460
7,523,846
8.775.474
9.521,053
11 m'th
end.Nov 2511,666.658 11359.21. 25.578,034 91,531,1120 19.744,974 49,60,357
12 mos.
109.501,1135 79,468,759
61.648.318 28.643.417
Ind.
Current Events and Discussions
4410,
Banks.
The Wool( with the Federal R
time deals
this
banks
Reserve
Federal
The Mart of the
with the results for the year 1925 and we are accordingly
publishing it in our editorial columns—see pages 15 and 16.
The Weak with the Member Banks of the Federal
Resary* System.
The Federal Reserve Board's statement of condition of
719 reporting member banks in leading cities as of Dec. 23
shows *a increase during the week of $49,000,000 in loans
and discounts and a decline of $41,000,000 in investments.
These changes were accompanied by a reduction of $198,100,000 in net demand deposits and increases of $23,000,000
and $127,000,000, respectively, in time deposits and borrowings from the Federal Reserve banks. Member banks in
New York City reported an increase of $97,000,000 in loans
and discounts and a decline of $34,000,000 in investments,
together with increases of $16,000,000 in time deposits and
$79,000,000 in borrowings from the Federal Reserve Bank.
It should be noted that the figures for these member banks
are always a week behind those for the Reserve banks themselves.
Loans on U.S. Government securities increased $6,000,000,
of which $4,000,000 was reported by banks in the New York
district. Loans on corporate stocks and bonds went up
$90,000,000, the larger increase of $105,000,000 shown for
the New York district being partly offset by small reductions
in the Philadelphia, Cleveland and Kansas City districts.
All other loans and discounts declined at banks in all districts
except Cleveland, Richmond and Da las. The principa
reductions in this item were $13,000,000 in The Chicago district, $12,000,000 in the New York distr'ct, and $10,000,000
in the Kansas City district. Further comments regarding
the changes shown by these member banks are as follows:
Investments in U. S. Government securities were 363,90111,1100 less than
a week ago. Of this decrease, 340,000.000 was reported by banks In the
New York district and $9,000,000 and $8,000,000 by banks in the Cleveland and San Francisco distrIcte, respectively. Holdings of other bonds,
stocks and securities went up 321.000.000. of which sicssome was yeported by banks in the Chicago district.
Net demand deposits fell off 3198.000.000, reductions being reported for
all districts. The largest reductions by districts were as fellows: Chinese.
$49.000,000; San Francisco, $29.000,000, and Roston and Philadelphia,
827,000,000 each.
Time deposits went up 523,000.000, of which 317.000.1190 was at banks is
the New York district.
The principal changes in borrowings from the Federal Reserve banks include increases of $79,000.000 in the New York district, 323,900,000 is
the Boston district, and $9,000,000 and 58,000.000 in the Richmond and
Chicago districts, respectively, and a reduction of $10,111111.1100 in the Cleveand district.
On a subsequent' page—that is, on page 70—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
last year:
as compared with a week ago and with
Increase ( or Decrease (—)
During
Week.
Year.
+849,000,000 +81,095,000,000
Loans and discounts, total
+6,000,000
Secured by U.S. Govt. obligations.....
—22,000,000
+90,000,000
Secured by stocks and bonds
+961,000,000
—47,000.000
All other
+156,000,000
—41,000,000
—108.000,000
Investments, total
+4,000,000
U. S. bonds
—48,000,000
U. S. Treasury notes
—18,000,000
+47,000.000
U. S. Treasury certificates
Other bonds, stocks and securities.....+21,000.000
—27,000,000
Reserve balances with F. R. banks
+34,000,000
+27,000,000
Cash in vault
+19,000,000
—198,000.000
Net demand deposits
+404,000,000
+23.000,000
Time deposits
+88.000,000
Government deposits
+127,000,009
+322,000.000
Total accommodation at F. R. banks_ -
—4-108a:sal
-14:888.181
Jam. 2 1926.1
TIIE CHRONIC!,I.'
29
November price of tin was 143 Straits dollars per pictil of 133 1/8
Weekly Digest of Cables Received from Foreign Offices of pounds.
the Bureau of Foreign and Domestic Commerce.
Siam
The following summary is issued by the Department of Commerce at Washington under date of Dec. 26:
China
Business in North China is at a standstill owing to fighting between the rival factions along the line of the Pekin-Mnkden Railway midway between Peking and Tientsin. General conditions in
Shanghai are unstable on account of the political situation and
business transactions are limited •to immediate needs. Practically
all import markets are quiet, the only encouraging features being
continued good movement of lumber and some improvement in
the automotive market. The China produce market is slow with
meager arrivals from the interior and prices above buyer's ideas.
Rail, telegraph and telephone connections between Peking and
Tientsin have been cut off.
Japan
Japan's economic and trade situation improved markedly during
November. There was a large increase in industrial activity, particularly in cotton yarns, the production of which exceeded all
previous records. Foreign trade continued to show a large balance
in favor of exports. Retail buying increased owing to the approach
of the holiday season. The money market was easier with indications that the Bank of Japan will reduce its discount rate. Import business was quiet the outstanding developments being increased demand for construction materials and a more favorable
prospect for sales of electrical and other machinery. The iron and
steel tool markets were stagnant. Automobile sales have been
fair, although somewhat below the same period last year. Sales
of radio equipment are slackening owing to lack of broadcasting
Programs.
India
The Indian political situation has been extremely quiet during
the month just past. All public interest is centered in the Royal
Currency Commission sitting in Bombay. From evidence given so
far it is expected that the Commission will be unanimous in favor
of adopting a gold standard, but opinion is divided as to when
and how the change should be made. Evidence at Bombay is
nearly solid for a rupee ratio with relation to the pound sterling
of one shilling, four pence, but it appears practically sure that the
Commission will favor continuation of the present one shilling,
sixpence ratio. The labor situation is generally satisfactory, although mills are having some difficulty in retnanning the mills.
Approximately 100,000 are back at the looms, and mills are running at about 75 per cent normal. Cotton is weak in anticipation
of heavy arrivals.
Australia
Conditions are gradually becoming normal following settlement
of the shipping strike, many ships are moving with regularity,
while a few have had to undergo overhaul periods consequent upon
their weeks of arrival, before they will be ready for service. Financial conditions are generally easy and bank clearances are satisfactory. Wool auctions have closed for the holidays, not to reopen
until the new year. The next one will be held in Melbourne,
January 4. Wheat is quiet, with little business offering. Latest
prices average six shillings, one pence per bushel. Labor conditions are good. The Department Act has been held unconstitutional by the upper courts and strike leaders being held have been
released. October trade showed only a slight decline from the same
month of 1924 is spite of disorganization brought about by the
shipping strike.
Philippine Islands
Philippine retail trade is good, reflecting the approach of the
holiday season, bet wholesale trade is slow. All lines, however,
are anticipating improvement in 1920. Difficulties among merchants who everstecked &Wait a year ago are practically adjusted
and the stock sitaattea is normal. American bankers have offered
$18,000,0011 for the Insular government's interest in sugar centrals. NOVIIIIMbOell textile trade showed less improvement than
expected, dee largely to curtailment in native spending because
of damage to the rice crop. The automotive and tire trades, however, contiaaed earellent. • November sales of small cars were
record bres.kiag. Demand and prices of leading imported foodstuffs were generally good. Scarcity of hides continues to curtail
local sole leather production. November export prices are generally stream especially copra, which reached the highest price
level since 19fill. Demand for abaca fluctuated and continues
varied in lioeumber, though prices are well maintained. The rice
crop estimates kan been lowered from 1,000,000 tons by nearly
300,000 tom I preliminary estimate of the new sugar crop
places prodateMaa as 441,1411 metric tons.
Botch last Indies
November sales et goaeral merchandise in the Dutch East Indies
Improved slialtels over recent months, except for textiles. Signs
of improvement la all limes, however, have been evident in December. Rains, which started with the month, greatly relieved
the growing sr*" thus stimulating native business. Textile earnings the earlier part of the year were ample to offset current
losses, sad, as the year closes importers express confidence that
business la 1924 will he equally as satisfactory as in 1925 if net
better. Imports of automobiles continue the marked increase
over 1924, current sales exceeding all expectations. Improvement
in the automotive trade of the Outer Districts is especially
marked. The prosperity of these regions, resulting from high
rubber prices, is the greatest in history. Java producers in general regard the closing year as excellent. While there is the
possibility of crop shortages, owing to drought, the condition is
not believed te be serious.
British Malaya
High prices for Eritiah Malaya's produce of all kinds, and especially rubber, continue to favorably affect business throughout
the country. The outlook promises exceptionally prosperous conditions for the coming year. There is increasing speculation and
inflation of merchandise shares and realty values. Banks are
applying to the treasury for funds to finance the increased volume
of export business. Exchange is steady at $0.504 for the Straits
dollar. November export trade was the highest of the year and
imports were slightly under the October figure. The average
The country's mourning upon the recent death of the king of
Siam is causing depression in the retail trade. Importers and
merchants are experiencing considerable loss in seasonal trade,
especially piece goods which is just arriving. Siam's November
trade showed an increase in imports and decrease in exports. The
advance in imports was largely due to increased opium purchases
and the decline in exports to decreased shipment of rice to
Hongkong, owing to disturbed conditions in south China. Siam's
rice crop is reported somewhat affected by slight rainfall in late
October and November. Exchange quotations show no change
from the steady recent rates of $0.453 banks' buying rate and
$0.44 selling.
Hawaii
As December closes Hawaii finds itself in a prosperous condition despite adverse factors encountered during the year. While
sugar prices have not been favorable, the crop yield was excellent
and tended to partially equalize the situation. Some companies
have passed dividends, while with others they were reduced. Pineapple planters had an excellent year. The crop has been so closely
sold that little or no carry-over is anticipated. Coffee has also
been prosperous. Hawaiian investments abroad, particularly in
Malayan rubber plantations, are returning good dividends. Building and construction have been active and the new year outlook
is encouraging. Sugar mills are grinding the new crop and the
weather is especially favorable both to ripening and grinding.
Preparations are being made to entertain world cruise patrons
visiting the Islands during the coming year.
Belgium
The Belgian Minister of Finance is pursuing a policy of putting
Government finances in order at all costs. Rome doubt is evidenced by Belgians as to the advisability of this project, owing
to the heavy demands made on Belgian industry, but foreign interests operating in Belgium generally believe that the step will open
a period of prosperity unaffected by external influence which have
hitherto proved a dominating factor. The 1926 budget has been
revised by retransferring to the extraordinary budget the sum
of 200 million francs in reparation receipts which was originally
assigned to balance the ordinary budget; the deficit thus created is
met by administrative economies by an estimated higher yield of
existing taxes and by increases In tax rates to yield 115,000,000
francs. The industrial situation in general apears somewhat
stronger, owing to the slight improvement of the market for steel
products and the further progress of the glass industry. The
cotton textile industry has been assisted by satisfactory demand,
but French competition is preventing improvement in the linen
trades. A strike of coal miners appears to impend, although
the present situation of the industry is somewhat bettered by
the continued cold weather and reduced imports from England and
the Netherlands. The grain market was active in November, the
tobacco market showed a slight recovery, and petroleum demand
continued to improve. The demand for packing house products
decreased. The lumber market was active in November, with increased importation of American goods. Declared exports to the
United States were lower in November than in the previous month,
owing to reduced exportation of polished diamonds, steel products and creosote oil.
Austria
A review of American export business with Austria during the
year 1925, as compared with 1924, and of its proopects for the
immediate future, shows in general an encouraging condition, except for staple foodstuffs. Austrian imports of American goods
and prospects for the future are improved in the following lines:
cotton, copper, automobile tires, and other rubber goods, automobiles, industrial machinery and supplies, and household appliances.
On the other band, imports are reduced in lard and other fats,
flour, wheat, wool, and aluminum. A retroactive, substantial reduction of the Austrian tariff valuations on American automobiles has now been obtained, which assures a competitive status
to all American makes and is acceptable to the agents. Austrian
industrial conditions are generally sound and the government is
financially strong. In some seasonal and export industries, notably paper, textiles, electrical machinery and apparatus, and some
other branches of machinery, there is a satisfactory and sometimes full activity. On the other hand, there is a depression in
the domestic market in many lines, and serious unemployment:
the number of unemployed in all Austria is 179,000 as compared
with 154,000 a year ago. Nevertheless, the situation is regarded
as fundamentally better than it was at the end of 1924. Savings
deposits continue to increase. Money is tighter and stock quotations are at a low point for the year. Production of iron, steel,
paper, and chemical pulp is high, and railway freight trafile ia
October was 9% above September and 23% above October, 1924.
The Netherlands
The strong busineos situation of the Netherlands is evidenced
by the failure of the prolonged cabinet crisis to have an appreciable effect on industry and trade. An improved outlet in Germany
for Netherlands' products, especially agricultural, is expected to
result from the recently concluded treaty on a most-favored nation
basis. November government revenues were somewhat below the
October level but still above the estimated monthly average for the
year. Capital omiseions have declined somewhat but do not Indicate
a reduction in absorptive capacity. German industrial and municipal loans predominate and are generally well received. The
November investment market has been improved by the omission
of the usual issue of Treasury bills and the distribution of large
profits by colonial enterprises. The outlook for the coal industry
has been improved by the government's decision to reduce coal
freights. The shoe and leather industries have become stronger
and no early return of unsatisfactory conditions is expected.
Reduced exports of diamonds, antiques and creosote oil to the
United States In November made the total lower than In October,
but commodity exports to the United States for the whole Year
are expected to surpass •those for 1924, although gold shipments
In that year made the apparent trade total appear higher.
Sweden
Conditions at the close of 1925 revealed a considerable improvement. This is noticeable in the foreign trade returns, in Indus-
30
THE CHRONICLE
FoL. 122.
excess of savings
trial operations, In the money market, and on the stock exchange. their savings deposits profitably employed, the
Unemployment is at a very low figure for the season, so that the over current loans amounting on the first of November to $370,prospects for the coming year are bright. It is expected that 000,000.
amicable wage agreements in the most important lines will be
reached. Lumber sales for the entire year are officially estimated Foreign Nations in War Debt Pacts May Borrow in
at nearly 2,000,000,000 board feet representing an increase over
United States, According to Treasury Ruling.
1924 of 10%. Lumber prices, however, remain Cepressed. Outstanding notes have been reduced considerably, thus improving the
Powers which have negotiated funding settleForeign
gold cover percentage. The stock market is firm and large divithe
United States will be permitted to continue
in
ments
dend declarations are being announced.
their financing in this country regardless of what action
Congress may. take on the agreements, it was declared at
Closing of Paris Bourse on Saturdays.
the Treasury, on Dec. 21, according to an Associated Press
The closing of the Paris Bourse on Saturdays during De- dispatch from Washington, published in the New York
cember was called for under an ordinance issued by the Police "Journal of Commerce," which went on to say:
Prefect on Dec. 4. It was stated in a copyright message to
Officials see no reason for penalizing foreign nations or their citizens by
the New York "Times" from Paris, Dec. 4, that it was thought refusal of loans in this country after they have entered into an agreement
upon apparent good faith.
likely the rule would be extended to apply to the new year. here
This amplification of the Administration's policy with respect to foreign
The same advices stated:
loans was given in response to inquiries prompted by the slow progress being
The official reason for this measure is to give employes more
rest, allow the bookkeeping staffs to keep up with the heavy volume
of business which is described as three or four times normal trading. Many employes went on strike yesterday because of excessive work and, while the authorities were deliberating, work was
resumed but at a slower rate. Also it is thought Saturday closing
may be directed against speculative tactics. Some brokers are certain there is a connection between the new French rule and the
fact that the London Stock Exchange closes on Saturday.
Arbitrage operations or three-cornered dealings between Paris,
London and any other Continental market are a part of the
regular work here and when no business is done in London these
operations become impossible. On weekdays a certain degree of
blanketing excessive exchange rate movements is possible but,
when London is closed, the "blanket" disappears, allowing the
franc to take a heavy slump or occasionally to make a disconcerting rise. Business on MonCay is often impeded here and
in London by the positions taken in Paris and on the Continent
over the week-end and many of these positions—such as accumulated orders for the purchase of sterling—in the past have governed exchange movements the first few days of the week.
That is one reason why Paris officials wish to avoid a condition
which allows circumstances to develop beyond their control.
made toward ratfication of the funding agreements in Congress. The Congressional situation has led some observers to believe that rejection of several of the settlements was a possibility, but it may be said that the Treasury
is confident of ultimate ratification of all of them.
The Treasury recognizes that the foreign nations which have entered into
funding agreements have acted in good faith, and it feels that if Congress
refuses to accept the terms which the American Debt Commission thought
were proper there should be no action by the administrative authorities
solely on that account.
Most of the agreements have been ratified by the foreign Governments and
similar action by the American Congress is all that is needed to make them
operative. Secretary Mellon regards the early approval of the settlements
by the foreign Governments as evidence of the sincerity of their purpose to
carry them through.
Informal advices have been received from various quarters abroad indicating that large loans will be sought in the United States during the late
winter and early spring. Some of them will be in the form of refunding
operations for Govemment account, while a larger number will come front
industrial interests purposing to expand their facilities.
Mr. Mellon some time ago committed the Treasury to the view that loans
to the industrial interests should react to the benefit of the American Government and citizens, inasmuch as any increase in the productivity of foeeign industry would lead toward stabilization of world economic affairs.
In setting forth their views respecting foreign financing, Treasury officials
made no mention of the French situation.
Hints have been thrown out on several occasions of a tendency in some
quarters to relax the restrictions against foreign nations which have not
funded their debt, but those indications were not confirmed by any official
at the Treasury, who insisted that the Administration's policy remained unchanged with respect to the nations whose debts still are open accounts.
France Warns China Not to Tax Nationals—Note in Maintenance of So-Called Rights Is Sent Without
Consulting Other Powers.
The following copyright advices from Paris, Dec. 20, appeared in the New York "Times":
Law Providing for Return of Finland to Gold Basis
What is called a remarkable and important development in the
Effective Jan. 1.
taken
has
China
with
Japan
and
France
of
relations
individual
place in the last two days, says The Daily Telegraph's Peking
-General of Finland at 5 State Street, this
Consulate
The
correspondent, without the cooperation or a conference with the
city, announces under date of Dec. 26 the receipt of a cableDiplomatic Corps there.
A formal notice was served on Saturday by France upon the gram from Finland to the Finnish Legation at Washington,
Chinese Ministry of Foreign Affairs that France maintains her D. C., stating that the new law providing for return to gold
Tientsin treaty rights and refuses' to permit her nationals to be
standard takes effect Jan. 1 1926.
settlement or treaty port.
time in any
t has been known that France is dissatisfied with what she
regards as the acquiescence of the British and American delegates
in each successive Chinese claim, and the latter's tolerance of the
proposal by Judge C. T. Wang to include income taxation of foreigners, at a conference called for other purposes, seems to have
been to France the last straw.
The other development is Japan's action in intervening in
Manchuria. The importance of this step, says the correspondent,
is that Japan has adopted a policy which may ultimately involve
the presence of large reinforcements and the opinion will spread
that all the non-Asiatic powers in concert are of less weight than
is Japan.
Kingdom of Belgium Bonds Due 1941 Drawn for Redemption.
J. P. Morgan st Co. and the Guaranty Trust Co. of New
York issued a notice Dec. 30 to holders of Kingdom of
Belgium external loan twenty-year 8% sinking fund gold
bonds, due 1941, announcing that $514,000 face amount of
the bonds of this issue have been drawn by lot for redemption
at 1073/ on Feb. 1 next. Bonds so drawn will be redeemed
and paid on and after Feb. 1 at the offices of J. P. Morgan
Co. or of Guaranty Trust Co. of New York. Interest
&
Dominion
Unnecessary—
Called
Is
Reserve Bank for Canada
will cease on all drawn bonds after Feb. 1.
Financiers Contend That 12 Chartered Institutions
With Branches Meet All Demands—Gold
Bank in Danzig Reported as Facing Large Losses.
Movements Minimized
advices to the New York "Journal of Commerce"
Radio
The New York "Evening Post" of Dec. 26 contained the from Frankfort-on-the-Main are announced under date of
following special advices from Toronto:
Dec. 28 as follows:
in their denial of any
Canatian bank officials are most emphatic
need for a Federal reserve bank, as recently advocated In reports
from New York.
In the first place the Dominion, with its twelve chartered banks,
of branch-a
all with note-issuing power, and each with its hundreds
scattered throughout Canada and the West Indies, already possesses the unifying influence for lack of which the Reserve Bank
was called into existence in the United States.
SeconCly, Canada has always enjoyed an elasticity of banknote
and autoissue, which expands during the crop-moving season
matically contracts again in January and February. Moreover, the
than
banking accommodation in the Dominion is already greater
possessing a branch bank
that in the neighboring country, Canada
financial
similar
with
as compared
for every 2200 of her population, persons in the States. Furtherprivileges offered to every 3000
country that provides redisthis
in
Government
more, it is the
against approved secounting to the banks and makes advances
curities.
Reserve Bank
American
the
upon
As to Canada's Cependence
gold, bank men here assert that gold movefor the movement of
significance popularly applied to them.
ments do not bear the
shipments of the precious metal
Against the argument that these
exchange, they point out the heavy
may affect the value ofinour
the gold reserves of our Finance Departincreases already made
$132,051,659, being held on November
ment gold to the value of
Dominion note issue of $225,918,499.
80 against the
for reserve funds is concerned, the
Flnally, as far as the need
to use all their ingenuity to keep
Canadian banks at present have
The Girobank of Danzig is reported in difficulties, due In large measure to
Its having opened credits to a number of weak firms. Estimates of the
losses it is facing vary from 4.000.000 to 7.000.000 reichsmarks.
Hungarian Bank Gets Loan—Deal With Anglo-American Group for $5,000,000 Is Completed.
Copyright adviees to the New York "Times" from Buda•
pest Dec. 30 stated:
The Hungarian General Credit Bank has concluded negotiations for a loan
of nearly $5,000.000 from an Anglo-American group. The money is to be
used to increase the bank's capital.
The deal was made through the Mendelsohn banking house in Berlin,
which, with the Anglo-American group, now will be represented in the
local bank's board.
Mexican Senate Ratifies Lamont Agreement for
Funding of Debt.
The following Associated Press cablegrams were reported
from Mexico City, Dec. 29:
The Senate to-night unanimously ratified the agreement reached by
Secretary of the Treasury Pant with the group of international bankers,
headed by T. W. Lamont, concerning the payment of Mexico's external
debt. It also approved a bill giving to President Called extraordinary power
n financial matters.
JO!
JAN. 2
1926.]
THE CHRONICLE
31
periods. With the French share of all reparation payments fixed at 52%.
these bonds would mean a great deal to France.
Well-Informed French observers assert that the present healthy state of
the German railways would easily bear the burden of 3.000,000.000 5%
bonds.
Furthermore, it is emphasized here that the payment of 10.000.000.000
would help considerably to restore
The State of Sao Paulo has asked the Legislature to authorize a loan of francs to the Treasury at this time
.£10,000,000 to be used for protecting the price of coffee. Joao Faria, Public confidence.
Am inportant Franco-German economic conference *will be held in
who represents Sao Paulo in the Federal Congress, declared the loan probably
absorb deliveries of goods under
would be placed in London, due to the attitude taken by Secretary Hoover Paris next month to work out a plan to
other economic problems mutual
and the American Government against American loans sought by Brazil to the scheme of reparation payments and
to both countries. The representatives of the chief industries and Parsupport coffee prices.
Deputy Faria, who previously owned coffee plantations, explained the liaments of both France and Germany will attend.
The conference was decided upon this afternoon when delegates from
bill which was introduced yesterday in the Sao Paulo Legislature by the
the principal German industries visited the Chamber of Deputies and
leader of the Government majority.
"The State's attempts to prevent variations in the price of coffee will dis- had a long conference with members of the French lower house.
The conference is expected to facilitate a Franco-German commercial
courage attacks in Santos and the United States to force down prices," he
said. "The State will intervene through a reputable coffee house whenever agreement, negotiations for which were going on in Paris between represpeculators try to break a stable market. This coffee house would buy for sentatives of both nations.
the account of the Coffee Institute until prices returned to normal.
"Sao Paulo's defense scheme is based on a chain of storage warehouses
Selling Rail Shares Abroad—As Stock
ending the necessity for the coffee growers to sell the crop immediately Reich Bars
Carries Privilege of Naming Directors, Germany
after the harvest, which not only caused the fall of prices by overloading of
the market, but also resulted in a flood of coffee drafts on batiks, which
Fears Foreign Control—Action Blocks Loan
weakened the exchange for a period of about six months. Thus the annual
Here.
up and downward movement of the exchange proved disastrous to normal
business conditions."
Special correspondence to the New York "Times" from
Sao Paulo Seeking $50,000,000 Loan to Support Coffee.
Rio Janiero (Brazil) Associated Press advices Dec. 22
were reported under the above head In the New York "Journal of Commerce" as follows:
Reference to the fact that the United States Government Berlin, Dec. 23 (copyright), said:
The German Finance Ministry let it be known this evening that the
had indicated that it was not opposed to the use of Ameripreference shares or German railroad stock to the value of 2,000.000.000
can capital for loans to Brazil for uses other than further- gold marks, of which 500.000.000 marks are in the possession of the Reich
ing the progress of the coffee combination was made in and the balance in the hands of the railroad corporation, may not be sold
these columns Dec. 12, page 2819. Commenting on the outside Germany. The reason for this decision is the provision in the Dawes
plan assigning to every purchaser of preference stock to the value of 500.proposed loan, the New York "Evening Post" of Dec. 24 000,000 marks a seat on the railroad Board of Directors, which means that
said "the money probably will be raised in London, Amster- were all the shares marketed abroad four foreigners would replace four
dam and other Continental markets without the aid of New Germans in the directorate. To this foreign invasion the German Government is strongly opposed.
York bankers."
Both the Reich and the railroad company are willing to sell the shares In
Germany, but thus far no purchasers have been found. The attitude of
the Finance Ministry appears to nullify the prospects of floating a loan In
New York based, as reported here, on 500,000.000 marks' worth of the
railroad preference securities.
An official statement issued tonight disputes the figure of 10,000.000.000
Reparation Commission as the total German
The J. Henry Schroder Banking Corporation has received a cable from gold marks fixed by the
last, declaring that, "according to
London saying there is no truth in the report of a £10,000,000 735% San reparations payments up to Nov. 30
least
five
times that amount has been paid. WilhelmGenman
reckoning,
at
Paulo loan being floated there to be secured on coffee.
strasse points out that the Washington Insitute of Economics placed the
From the news slips of the "Wall Street News" of Dec. 31 total German deliveries up to the end of 1922 at more than 25.000.000.000
gold marks, an estimate approved by J. M. Keynes in October. 1923.
we take the following:
Sabotage of the Dawes plan on the part of creditor nations through their
In anticipation of a Brazilian loan yesterday's coffee market advanced.
sharply, the bulge carrying all active months into new high ground for the high tariff barriers against German exports is charged in a Berlin newspaper,
season and to a point which attracted realizing for over the holidays. which says that the loan for German industry, that according to its informaThere has recently been demand or contracts on an expectation of a good tion is being negotiated in America by Parker Gilbert. cannot insure the
business in coffee right after the turn of the year. a season when interior fulfillment of the reparations program unless foreign markets are opened to
roasters usually start to stock up. Some of the local brokers consider goods "made in Germany." The article declares:
"This index was a preliminary postulate for Dawes plans realization.
bullish factors have been fully discounted and suggest that further
How do the tariff policies of the nations to which Germany is ultimately
bulges should attract considerable realizing.
to pay 2,500,000.000 marks a year stand in relation to it?
"The answer is supplied by Dr. Fischer, Director of the Zeiss Optical
Works, an unquestioned authority not only in the optical trade but In
Polish Loan Deal Near Completion.
foreign commerce in general. Dr. Fischer records the fact. that England.
France, Japan, Poland, Czechoslovakia and Italy—that is to say, those
From the New York "Journal of Commerce" of Dec. 22 countries
which expect to benefit by reparations payments—have closed
frontiers almost hermetically against German merchandise.
their
accounts:
we take the following Associated Press
"He reckons the French protective duty at 20 to 30% ad valorem imports,
Cable advices received from Warsaw by the American-Polish Chamber of the Italian at 10 to 80%. the British at 33 1-3% directed especially against
products, the Polish at 30%, the Czechoslovak at between 20 and
German
Commerce yesterday stated that Minister of Finance Zdielhowski of Poland
and the Japanese up to 100%.
had signed a preliminary agreement: with the Bankers Trust Co. of New 75%
"The ground for tariff walls insurmountable for German industry is found
York in regard to the leasing of the Polish tobacco monopoly. It was in the expectation that foreign markets would he flooded with German
goods as a result of the Dawes plan, and this is the pivot for the practical
stated that definite agreements would follow shortly.
Dawes loans are senseless if the foreign
The Polish Diet recently empowered the Government to negotiate 8. for- application of the whole plan.
sabotage German export trade."
eign loan of $100,000,000 based on the Government monopolies. A large powers themselves
American tobacco company is reported to be making the loan through the
Bankers Trust Co., the American company selling its own bonds to the Fascist Union Law Passed by Chamber—Only Compublic to finance the loan. The tobacco monopolies are said to have an
munists Oppose First Act of Series Radically to
annual revenue of about $32,000,000.
Report of Brazilian Coffee Loan in London Denied.
The following is from the "Wall Street Journal" of
Dec. 29:
Change State Control—All People to Be
Grouped.
French Urge Issue of Reich Bonds Here—Would Get
Union Law we quote the following
Fascist
Regarding the
Big Cash Share for Reparations—Franco-German
from special advices to the New York "Times" from Rome,
Economic Conference—Visit to United States
Dec. 10 (copyright):
of S. Parker Gilbert and Montagu Norman.
After only two days of discussion the Chamber of Deputies to-day
From the New York "Times" we quote the following approved another of the so-called ultra-Fascist laws, intended to be the
Paris cablegram (copyright) Dec. 17:
foundation of the "co-operative principle," upon which, according to the
The very urgent need of large sums of money to meet the strain upon
the French Treasury is causing officials to exert every effort to induce
American and British financial interests to float the 3.000.000.000 gold
marks 5% German railway bonds set aside under the Dawes plan for
partial payment of reparations.
The sale of this amount at the present time would bring to the French
Treasury about 10,000,000.000 paper francs, and it is easy to understand
the keen interest with which the negotiations now said to be under way
in America are being watched by the French officials. The visits to New
York and Washington of Seymour Parker Gilbert, the American AgentGenTal for Reparations, and Montagu Norman. Governor of the Bank
of England. Is believed in official quarters in Parts to be largely for the
purpose of bringing these negotiations to a successful issue.
What opposition Mr. Gilbert had to the scheme—which was initiated
several weeks ago by France—is now said to have been overcome, and
another hopeful sign according to the French is that the American Treasury
seems favorably inclined. Dr. Schacht, Governor of the Reichsbank,
has given his approbation to the sa,e of the bonds as well.
The political aspect of the negotiations, which is especially interesting
to Germany. is the fact that France is thought to have indicated to Berlin
that she is willing to make an "arrangement" on the problem of occupation
of the Rhineland much more favorable to the German point of view if the
very material sum of 10.000,000.000 francs Is forthcoming from the sale
of the railway bonds. France has also asked Germany to forego her right
to the proceeds of the sale of the first 500.000,000 of bonds—a right stipulated in the Dawes plan.
S. It is assumed in French official quarters that if the sale of the 3,000.000.000 marks of bonds is a success other portions of the railway bonds, which
aggregate 11,000,000.000. will be placed on the market in succeeding
decisions of the last Fascist Grand Council, the future Italian Government.
as changed by Fascismo's revolutionary legislation, should be based.
This law grants juridical recognition to Fascist trade unions—known by
the medieval name of syndicates or corporations—conferring upon them
the exclusive right of speaking in the name of the workers' interests.
It provides that in each art, craft, trade or profession two syndicates or
corporations shall be established, one representing the interests of capital.
the other representing the interests of labor. These two syndicates or
corporations in each art, craft, trade or profession are to be juridically
recognized by the States as theonly organizations empowered to discuss
wage agreements and settle disputes arising between capital and labor.
It is, in other words, expedient to attain what the Fascists call trade
union unity and what the opposition calls trade union monopoly.
The chief interest in this law lies in the fact that it is but the first of a
long series of legislative measures which will be discussed by the Chamber
after the Christmas recess, aiming to destroy the Marxian theory of class
war and replacing it with the Fascist theory of class collaboration. It is
to be followed, in fact, by laws establishing compulsory arbitration in disputes between capital and labor, and appointing labor magistrates to settle
such disputes.
Still later it is proposed to change the constitution of the Senate. whose
members, Instead of being appointed by royal decree, will be elected by
syndicates or corporations. The intention is to make "organizations of
producers," as the Fascists call their syndicates or corporations, the controlling political factor in Italy.
At present any Italian citizen wilco has reached the age of twenty-one,even
If he cannot read or write, has the right to vote. In the future a citizen will
vote only if he can show, by belonging to a syndicate or corporation, that
he is a producer or holds a position of responsibility.
THE CHRONICLE
[VoL. 122.
"Liberty is no longer the chaste, severe maiden for whom generationslin
Changes Are Revolutionary.
the first half of the last century fought and died.
The principles underlying these changes are:
"For the intrepid, restless youth who are now in the dawn of a new
First, to facilitate dealing between capital and labor by bunching the history, other words exercise a greater fascination, namely, order, hierarchy
capitalists' and workers interests into a single organization for each art, and discipline.
"Fascismo is not afraid to declare itself illiberal or anti-liberal.
craft, trade or profession, which alone will be to speak in the name of the
"It has already passed and necessary will again pass, without the slightest
respective interests they represent.
Second. to outlaw strikes and labor disturbances by instituting compulsory hesitancy over the body, more or less decomposed, of the Goddess of
Liberty."
arbitration.
Third, to elevate the workers morally by throwing responsibility for a
It would seem, therefore, that the word liberty has been expunged from
greater share in running the nation upon them.
Fourth, to give the country a more businesslike Government by making the dictionaries of Italy. Dictator Mussolini has continued his warfare
the producers the pre-eminent political factor.
against liberty, and not long ago he delivered an address at Milan in which
The fourth of these points probably is the most important, as it involves
a complete departure from established parlimentary custom and will make he said:
necessary a complete alteration of the Chamber and the Senate. The
"Once an Italian, always an Italian to the seventh generation. No
advocates of this scheme point out that the present territorial representation Italian worthy of the name would bring up his children in foreign lands to
in Parliament neglects the interests of important classes of individuals whose forget his Fatherland. The State must dominate. The State must be a
interests are of the nation because their work creates the prosperity of the source of fear to those who would dare to disregard discipline. The State
whole nation.
must rule and enforce respect at home and abroad. The world might
grumble, but it respects the State it fears. Individuals may complain, but
They point out also that probably 90% of the laws passed by Parliament the
individual will respect the State if he knows that it can be harsh and
are purely technical, having nothing to do with politics and should be even violent."
discussed by technical men.
The Italian Parliament only recently enacted a law making Mussolini
Such vast revolutionary proposals necessarily encounter great difficulties
in practical application, also because the ancient deep-rooted principles of independent of Parliament and the king delegated to him unlimited power,
and
freedom of action by official decree. Mussolini therefore did not
to-day can not be banished from the minds of the workers by an Act of
Parliament. The dififculties In the way of the change is frankly recognized exaggerate when he said the State must dominate, for he is the State.
In the same address, at Milan, he told of negotiations with the Premier
by Signor Rocco, Minister of Justice, who is responsible for framing the
law and who spoke in its support in the Chamber today. As now framed, of France on the question of immigration of Italians to Prance. The failure
he admitted,it is largely in the nature of an experiment, and it will be neces- of these negotiations are explained by the dictator:
sary gradually to amend It as its faults are revealed in practice. The prin"I broke up the negotiations because I would not agree to Italians born in
ciples underlying the bill, however, he maintained, are fundamentally good France serving the French army."
and the Fascist Government intends to see it through
In the same address Dictator Mussolini reiterated his declaration that
Only the Communists Object.
In view of the great importance of law passed by the Chamber to-day it there was no such thing as liberty, for he said:
"There can be no such thing as liberty. It exists but in the imagination.
was noted that no Opposition Deputies, with the exception of the Communphilosophers who seek their impracticable philosophy in the skies, while
ists, were present. The Communists, instead of attempting serious criti- of
mine is drawn from very near the earth for those of the earth."
cism, limited themselves to repeating their slogans about "greedy capitalists," "downtrodden proletariat." &c.
Other declarations made by Mussolini which have been published broadAll other speeches were laudatory.
cast are:
Nor was it possible to gather from the newspapers what Opposition thinks
"A Government that must rule must not be bothered about the moralities
of the law, as the severe censorship of the Opposition press made even the of certain tactics. There are no laws as to how a State should apply its
few Opposition papers which sold in the streets extremely wary of expressing tactics for success."
any opinion at all.
Then to illustrate the nature of his tactics he said:
The impression created upon the public at large seemed to be distinctly
"Therefore. I dispersedthe old political parites and crucified the impotent
favorable. Not the least of the reasons is that what many call Italy's recent Aventine sterility.
disastrous experiences with the Parliamentary system make most people
Again he said:
inclined to welcome any change as a change for the better, they think.
"violence is moral, provided it is timely and surgical and chivalrous,
The first obstacle in the way of the smooth working of the law has already
but since the revolutionary party holds the power, violence must confine
sprung up in the reluctance of the capitalist interests to submit to compul- itself
to creating and maintaining a sympathetic atmosphere toward the
sory arbitration. Deputy Penn!, in the discussion on the law, and speaking use of this governmental violence."
in the name of the capitalist interests, in fact, protested strongly against
This means that those who run contrary to the established dictatorship
compulsory arbitration, which brought him into a violent verbal conflict
with Deputy Rossoni, Secretary of the Fascist corporations. It was the must expect violence and that the people generally must sympathize with
violence.
such
complaining
note
in
the
chorus
of
praise
raised
by
other
deputies.
only
Mussolini declares, however, that violence should be confined to the
Penni won his point, however. It was decided that the compulsory
arbitration will be applied at first only in agriculture,the appeal to the Labor State, for he said:
Magistrates in industrial disputes being left optional for the present.
"Private and individual ungoverned violence is anti-Fascist."
President Green of American Federation of Labor
Warns Unionists Against Policies of Premier
Mussolini of Italy and Fascist Movement.
Warning against the tactics and policy of Dictator Mussolini of Italy, and the Fascist movement as it affects America,
William Green, President of the American Federation of
Labor, urges trade unionists and the people generally at all
times to "be prepared to meet the propaganda of Fascism
with as strong opposition as they have made to Communism.
Neither has place in American life." The warning, issued
at the direction of the Federation's Executive Council states
that "like the Communists who seek to overthrow all Governments, Fascism is endeavoring to instill that blighting
philosophy among the people of every Nation. Fascism
and Communism," says President Green, "have the same
fangs and the same poison which it is intended to inject into
the political life of our Nation." Mr Green's warning,
issued under date of Dec.21,and made public Dec.23,follows:
Washington, D. C., Dec. 21 1925.
To All Organized Labor—
Greeting: The American Federation of Labor at its convention held in
Portland. Oct. 1-12, 1923, condemned in vigorous language the "menacing
influences and pernicious practices of both Soviet Russia and Fascist! Italy
within our lands." They were declared to be equally subject to condemnation. The policies of both are autocratic, inimical to the best interests
of trade unions and destructive of human liberty.
Owing to the efforts being made to organize the Fascisti in this country
the Executive Council of the Americ.in Federation of Labor decided at its
meeting Nov. 17-20 1925 that the President of the American Federation
of Labor should issue a warning not only to the wage earners but to the
people generally in America in regard to the Fascisti.
After the great war when Emperors and Kings were driven from power
and were forced to abdicate it gave great cheer to the millions who had
offered the supreme sacrifice to establish world democracy and preserve
liberty. It was not then believed that any nation would take a backward
step or yield to the forces of reaction, but that one and all would seek ways
and means through which the social and political interest of the people
would be materially advanced.
But a serious, threatening menace to liberty has arisen in Italy. It is a
power greater than that held by the rulers dethroned. It is a dictatorship
of an individual maintained by tyrannical force over a population of 40,000,000 People.
That the wage earners of the United States as well as people generally
may know the philosophy of Mussolini, the dictator of Italy, it is only
necessary to quote his analysis of Fascismo which was published in the
Fascist! review, Gererachl. April, 1923, in which he said:
"The great experience of after the war marked the defeat of liberalism.
it has been demonstrated to govern outside, above
Both in RI1SSIa and Italy
and against all liberal ideas. Neither communism nor Fascismo has anyliberty.
thing to do with
.and left with only its principles
any Government is deprived of force
the first group organized and determined to
t will be at the mercy of
verthrow it.
0
The brutality of the State under his dictatorship is evidenced by his
statement regarding the murder of Matteotti. He said:
"The kidnapping of Matteotti was intended as a joke. Matteotti lacked
a sense of humor, fought his jesters and was killed. The affair does not
deserve further brooding so far as the State is concerned."
After Mussolini first entered Rome with many thousands of the blackshifted Fascist! he forced the fall of the Government and his appointment
by the King as Premier.
He immediately began to oppose the established voluntary trade unions.
In Moscow, when genuine trade unionists rebelled against communism,
their leaders were stood against a wall and shot to death. Mussolini set
out to crush the existing bona fide trade unions of Italy. Labor papers were
suppressed, union halls raided, thousands sent to prisons and others disappeared. And now Mussolini points with pride to his victory in suppressing the workers' real trade union movement of that country.
Mussolini has organized what he terms Fascist "unions," which limit
the membership to 10% of the employees, of a district. These Fascist
"unions," however, are given jurisdiction over all wage earners in their
respective districts, but only members can take part and vote on matters
of any kind. The decisions of these Fascist "unions" bind all employees,
and Mussolini dictates the policies of the Fascist "unions."
His first action after being declared absolute dictator was to order Parliament to enact a compulsory arbitration law. Violators will be punished
by fine or imprisonment or both. Imprisonment to an Italian Is most
abhorrent, as he knows the horrible condition of the various Itallan prisons.
Therefore he will work for underpay and under any conditions rather than
go to prison.
Mussolini is above Parliament and the King has been made his vassal.
Parliament is a puppet and must do his bidding. The sword has taken the
place of reason in Italy.
But Mussolini has gone still further. He does not like criticism. He is
afraid of it. Parliament has just passed a law, at his dictation, which
penalizes any one who by word or act offends him. They may be imprisoned
from six to thirty months and fined from 500 to 3,000 lire.
Not satisfied with the powers of a dictator in Italy, he has extended the
tentacles of Fascismo into other countries. His dictum that "once an
Italian always an Italian to the seventh generation," prohibits Italian
immigrants to the United States becoming naturalized. They must remain
Italian citizens to Fascismo. If they enter any organization having for its
purpose opposition to Fascismo their property in Italy will be confiscated.
Organizations have been formed in this country to discourage the naturalizations of Italian immigrants. If they do not obey their families in Italy
are subject to persecution the same as if they were real enemies of Fascimso
and were plotting against the dictatorship of Mussolini.
Like the Communists who seek to overthrow all governments, Fascismo
is endeavoring to instill that blighting philosophy among the people of every
nation. Fascismo and communism have the same fangs aud the same
poison which it is intended to inject into the political life of our nation.
The Executive Council feels that the wage earners of America and the
people generally should be warned of the tactics and policy of Dictator
Mussolini and the Fascist movement as it affects America. The Executive
Council hopes that none of the Italian members of trade unions will submit
to the threats of the dictator. He and his Fascismo are as great a menace
to the peace of the world as is communism.
Trade unionists and the people generally aro urged at all times to be
prepared to meet the propaganda of Fascismo with as strong opposition as
they have made against communism. Neither have a place in American life.
By authority and direction of the Executive Council.
WILLIAM GREEN, President American Federation of Labor.
JAN. 2
1926.]
THE CHRONICLE
Green of American Federation of Labor
Opposes Sending of Labor Representatives to Soviet
Russia—Banquet Given by Bankers to Russian
President
Representatives.
1111W-----
as
•
33
Soviet organizations, Amtorg Trading Corporation, Textile Syndicate,
State Bank of Russia and the Central Co-operative Society."
Mr. Schley said last night the importance of the meeting had been
exaggerated and the only reason American newspaper representatives were
not allowed to attend was because it was not believed the affair was of
sufficient importance.
"It was just a business luncheon given to a couple of Russian organizations doing business in this country," he said. "It was not different from
other luncheons of the sort held every day of the week."
Indicating that the American Federation of Labor will
not recognize a committee of alleged labor representatives
which it is proposed to send to Soviet Russia, William
Green, President of the Federation, describes the proposal
as an attempt to "white-wash the Soviet Government." Statement of Note Issue Department of the State Bank
of the Union of Socialist Soviet Republics.
In declaring that "no loyal trade unionist will give his aid
The statement of the note issue department of the State
or support to this nefarious support," Mr. Green, whose
warning in the matter was issued at Washington Dec. 27, Bank of the U.S. S. R.(Union of Socialist Soviet Republics),
formerly State Bank of the R. S. F. S. R.,for Dec. 1 shows
said:
Information has reached me that central bodies and local trade unions the amount of bank notes transferred to the head office as
In various parts of the country have been asked to contribute to a fund to Ch. 78,650,000 as compared
with Ch. 76,570,000 on Nov. 1.
be used to send a committee of alleged labor representatives to Russia
for the same purpose that a committee of Communists from Great Britain The total amount of notes issued since the beginning of the
visited R1168111 and sought to make the world believe that the Soviet Govern- new financial year, namely, from Oct. 1 was Ch. 2,990,000.
ment was representative of the people.
In comparison with the amount of notes issued up to Oct. 1
The agitation for the creation of this committee Is being carried on by
the members of the Communist organization and those who are in sym- the increase during the latter two months is equal to 3.9%.
pathy with communism.
The rate of note issues, it is pointed out, is slowing down.
While this agitation is in progress representatives from the Russian
In the first half of November, for instance, the amount of
Government have banqueted with American bankers and are now sowing
bank notes transferred to the head office increased by 1.6%,
the seed of their pernicious doctrine in the capital of our nation.
The American Federation of Labor at its convention in Atlantic City while in the second half of November the increase was only
Oct. 5-16 1925, unanimously condemned in vigorous language the com1.1%. Tn.s is illustrated by a comparison with preceding
munistic philosophy and the whole dictatorship In Russia.
The plan of sending a committee to Russia is not in the interest of the months. The amount of notes issued for August and
wage earners of the United States or of the people generally. It is in the September increased 11.7%, whereas the
increase for
interest of the few Communists who are endeavoring to hold power in
Russia to strengthen that power and to extend its influence throughout the October and November was merely 3.9%. A certain increase
is noted in firm cover acting Ps security for note issues. The
other nations of the world.
Such a committee will not be representative of the labor movement and item foreign currency increased during
the last two weeks
will not be recognized by the American Federation of Labor. It will be
organized in the interest of the Communists and against the interest of the by 3.4% from Ch. 4,704,467 on Nov. 16 to Ch. 4,858,314
on Dec. 1. The total of first class cover on Dec. 1 amounted
American labor movement.
No loyal trade unionist will give his aid or support to this nefarious schema to Ch. 26,500,000 as against Ch.
26,340,000 on Nov. 1 and
Whenever applications are made to central bodies or local unions for
contributions I hope I will be informed. Under no circumstances should 16. Cover in the form of bills amounted to Ch. 52,400,000.
The Dec. 1 statement follows:
contributions be made to this unworthy cause.
Regarding the banquet given by bankers to representatives STATEMENT OF THE NOTE ISSUE DEPARTMENT OF THE
STATE BANK OF THE U. S. S. R., ON DEC. 1 1925.
of the Russian Government, to which Mr. Green refers,
Liabilities
Chervonetei.
we quote the following from the New York "World" of Bank notes transferred to State Bank
78,650,000
Balance to which notes may still be issued
350,000
Dec. 13:
American bankers and Russian industrial agents gathered at a banquet
at the Bankers' Club Thursday. Absolute secrecy, however, surrounded
the proceedings so far as American newspaper representatives were concerned, but the Russian semi-official news agency was able to obtain some
of the details, which were forwarded to Moscow and published there,
according to the Associated Press.
Though information was refused to the American representatives, as the
banquet was declared to be private, the Associated Press instructed its
Moscow bureau to send back to the United States the account of the dinner
as made public in Russia, and is thus able to present an outline of the
proceedings.
Reeve Schley Was Host.
"The most significant indication of the increasing Importance of Soviet.American trade," says the cabled account from Moscow, "was a banquet
to-day (Thursday) at which Reeve Schley, Vice-President of the Chase
National Bank, entertained officials of the Soviet trading organizations.
together with representatives of the most important American financial
and industrial concerns.
"Nominally the banquet celebrated the awarding of prizes to American
manufacturers whose automobiles successfully participated in the Soviet
road endurance tests last summer. Actually the real significance of to-day's
events greatly exceeded this incidental circumstance. The banquet was
the first outspoken recognition by American finance and industry of the
Importance of Soviet trade and the stability of the Soviet Government.
"The Chase National Bank, which showed the earliest initiative in financing the Soviet Textile Syndicate's purchases of American cotton and which
largely and profitably participated in these and other Soviet commerce in
the last two years, took this occasion to express confidence in Soviet trading
institutions and thus increase the confidence of American manufacturers,
in this way prompting increased trade with the Soviet Union.
Impressed by Soviet Order.
"Mr. Schley, who presided, spoke of the economic progress of the Soviet
Union in the last two years in overcoming the effects of war, blockade and
famine. He described a visit he made to the Soviet Union last summer,
when he was greatly impressed with the general order, and especially the
excellent condition of the railways.
"Charles M. Schwab, Chairman of the Board of Directors of the Bethlehem Steel Corporation, expressed satisfaction over the fact that Russia was
again trading with America. Mr. Schwab said the Bethlehem Steel Corporation had sold much steel to Russia before the war and hoped to sell
more in the future. American manufacturers, he declared, welcomed business with the Soviet tradlit organizations,and he expressed confidence that
the economic and commercial relations between the United States and
Russia would develop greatly, despite all obstacles.
"Paul Vert, President of the Amtorg Trading Corporation, the Soviet
purchasing agency at New York,spoke with reference to the recent development of Soviet-American commerce and described the future possibilities of
increased trade.
Prizes for Car Makers.
"Prizes were awarded to seven manufacturers whose automobiles, entered
through the Amtorg Trading Corporation, successfully participated in the
road tests.
"These speeches were listened to attentively by thirty-five guests, representing the highest circles of American finance and industry, including
William Ewing, member of J. P. Morgan & Co.; Charles H. Sabin, Chairman of the Guaranty Trust Company; Arthur Loasby. President of the
Equitable Trust Company; Clarence Dillon. member of Dillon, Read &
Co., Morgan's chief competitor in foreign investments; Charles M.Schwab,
Chairman of the Bethlehem Steel Corporation; Richard T. Harris, President of the New York Cotton Exchange, representatives of automobile
manufacturers and other important industries, such as the Remington
Typewriter Company and the Chicago Pneumatic Tool Company, and the
Total
79,000.000
Assets—
Gold in coin and bars: at the rate of R. 5 Hop. 59=1 zolotnik
fine gold
18,265,121
Platinum: at the rate of Ch. 2 R. 6 Kop.61 zolotnik fine
platinum
3,373,742
Foreign Currency:
At the rate of El sterling=R. 9 Hop. 40
} 4,8.58,314
.
At the rate of 1 dollar.=R. 1 Hop. 94
Drafts in foreign currencies: to a total sum of Ch. 200,537 at
valuation
180,483
Bills in chervonetzi: to a total sum of Ch.58,040,525 at valuation_ 52,236,473
Securities covering advances: to a total sum of Ch. 95,407 at
valuation
85.857
Total
79.000.000
Offering of $1,000,000 Bonds of National Bank
of Panama.
Morgan, Livermore Sr Co. offered on Dec. 30, at 1004
and accrued interest to yield approximately 6.47%, $1,000,000 guaranteed sinking fund 63/2% 20-year gold bonds
(Series "A") of the Banco Nacional de Panama (National
Bank of Panama). The placing of the issue is indicated in
the closing of the subscription books on the day of their
opening.
The bonds will be dated January 1 1926, and will become
due Jan. 1 ,1946. It is announced that the bonds will be
unconditionally guaranteed as to principal, interest and sinking fund by the Republic of Panama, which guarantee shall
be evidenced upon the bonds. The bonds will be in coupon
bearer form in denominations of $1,000 and $500 each. Principal and interest (Jan. 1 and July 1) will be payable at the
Trust Company of North America, Trustee, New York City,
in United States gold coin of or equal to the standard. of
weight and fineness existing Jan. 1 1926, without deduction
for any taxes, imposts, levies or duties of any nature now
or at any time hereafter imposed by the Republic of Panama,
or by any State, Province, Municipality, or other taxing
authority thereof or therein, and shall be payable in time
of war as well as in time of peace and whether the holder
be a citizen or a resident of a friendly or hostile State.
A summary of a letter from the Bank dated Dec. 29,•
signed by Enrique Geenzier, Consul General of the Republio
of Panama in New York, as the Bank's attorney-in-fact,
contains the following information:
The bonds will be a direct obligation of Banco Nacional de Panama secured by mortgages given for loans made by the bank in an aggregate
principal amount not less than 140% of the principal of these bonds. The
mortgagee are security for loans made by the bank for sums not exceeding
two-thirds of the value of the city property and one-half of the value of
rural property given as security, and at least seventy per cent (70%) of
the mortgages are on improved properties located in the cities of Panama
and Colon. The appraised improved value of the properties mortgaged
as security for the bank loans exceeds twice the amount of the total loans
THE CHRONICLE
34
No loan in excess of $75.000 has been made to any one individual, firm or
corporation.
The bonds are redeemable in whole at the option of the bank on any
Interest payment date after Jan. 11936, prior to maturity at 101 and accrued
Interest. The provision of a yearly sinking fund of $50.000, commencing
Jan. 11927, will retire the entire issue by maturity. Through the operation
of the sinking fund hereafter mentioned, the bonds are redeemable on any
Interest payment date as follows: On or after Jan. 1 1927, and on or
before Jan. 1 1931. at 1023; after Jan. 1 1931, and to and including Jan. 1
1936, at 102: and after Jan. 11936. at 101.
Banco Nacional de l'anama is organized under the laws of the Republic
of l'anama and its entire issued and outstanding stock is owned by the
Republic. Its capital and surplus, as of Oct. 15 1925, amounts to $1.237,774 71. Since 1920, it has assumed certain functions of the Treasury of
Panama, receiving taxes, Issuing checks, etc., and acting as administrator,
depository and distributor of the l'anama Government funds.
Article 1 of the treaty ratified Feb. 26 1901, between the United States
and the Republic el' Panama. provides that "the United States guarantees
and will maintain the indepence of Panama." In accordance with the
terms of Article XIV of thLs treaty, the United States paid $10.000.000
gold to the Republic. The Constitution of l'anama stipulates that $6,
000.000 of this payment shall permanently he kept Invested in interestbearing securities. An Act passed by the National Assembly of Panama
and signed by the President, provides that this "Constitutional Fund"
shall be invested in first mortgages on New York City real estate; and the
fund Is and has been so invested. William Nelson Cromwell, Esq., is
Fiscal Agent of the Republic in New York City, and Is duly empowered
to keep the Constitutional Fund thus invested. Under the terms of the
Treaty. the United States also is obligated to pay the Republic $250,000
gold per annum. These payments are made on Feb. 26 of each year.
The external funded debt of the Republic aggregates about $5.800,000.
The total fixed service on such external debt is now approximately $460.000
per annum; whereas net income from the Constitutional Fund for the
year 1924 plus the annual payment by the United States was approximately
$575.000.
The general balance shoot of the Banco Nacional de
Panama, as of Oct. 15 1925, is furnished as follows:
Assets.
Real estate
Furniture
Cash
Agencies
Loans—
Documents-Capital
Interest
$66.426 26
8,970 55
560.174 71
255,914 37
$1,741.079 66
7,265 37
1.748.345 03
Mortgages—
Capital
Interest
$1,456.628 19
98.292 48
1.554,92067
212,225 14
Drafts to collect
Profits and losses
General expenses
Interest and discounts
Total
2.509 64
204 29
•
$4,409,690 613
Liabilities.
Capital
Reserve fund
Government deposits
Local deposits
Undivided profits
Interest and discounts
Mortgage bonds (codulas)
Savings
Total
$750,000 00
487.774 71
632,011 68
2,091.538 75
121.096 85
9.121 69
6.100 00
312.046 98
$4,409,690 66
The bonds were offered if, when and as issued and received
and subject to the approval of counsel. Interim receipts
of Trust Company of North America, Now York City, will
be delivered against payment in New York funds for Bonds
allotted, which interim receipts will be exchangeable for
definitive Bonds when prepared.
First Annual Report of S. Parker Gilbert; Jr., on
Working of Dawes Plan—Share of United States
in Annuity.
Seymour Parker Gilbert Jr., Agent-General of Reparations Payments, in his first annual report to the Reparations Commission in Paris, discussing the working of the
Dawes plan, says:
in the broader field of the relations between Germany and former enemies, the plan has played its undoubted part in restoring confidence and
mutual good-will. While it is still too snow to draw conclusions about its
ultimate results, the plan has reduced the problem of reparations to a national basis and has provided for the determination of its possibilities by
the test of actual experience.
Presented to the Reparations Commission under date of
Nov. 30, the report was made public at Berlin Dec. 13. The
above extract from the report, says the Associated Press
cablegrams from Berlin, is the extent to which Mr. Gilbert
ventures to discuss the future of the experts' plan. These
advices also give the following regarding the report:
[VoL. 122.
and succeeding years of operation, when the annuities gradually reach a
standard year total of 2,500,000,000 marks.
"The road to Germany's recovery is not yet fully traveled," says Mr.
Gilbert, "and many difficulties remain to be overcome. But the present
progress should be viewed in relation to the general problem of European
reconstruction, as well as in terms of the rehabilitation of Germany."
With reference to his observation on German budgetary conditions, Mr.
Gilbert points out that Germany has succeeded in maintaining balanced
budget accounts for the financial year of 1924-25, even showing a considerable margin of receipts over expenditures. The condition of the budgets
of the federated States and communes, the Agent-General finds less
satisfactory. but admits difficulty in obtaining adequate information
respecting them.
In view of the intimate financial relations between the federated States
and the central Government a complete view of budgetary conditions, he
explains, is impossible unless the States report regularly their financial
condition, in order to permit a survey of their local revenues, as well as
the extent to which the central Government is affording them relief through
subsidiaries and permitting there to share in the Federal tax revenues.
"The first year," continues Mr. Gilbert, "realized two essentials--a balanced budget and stable currency, without which It was impossible to foresee the recovery of business and industry. The budget has been more than
balanced, so that the Government is confronted with the reverse problem
of wise management of public funds.
"Currency stability was fully maintained, according to external and In.
ternal standards, buyers and sellers doing business with the assurance
which stability implies. Alongside these achievements the output and
distribution of goods has considerably exceeded the experience of the last
few years and is beginning to resemble pre-war conditions.
"Business and industry are confronted with the double problem of replenishing working capital and remelding the organization to meet changing conditions. To some industries this meant a near crisis, which must be
regarded as an inevitable phase of the return to stable conditions."
Under the experts' plan the transfer committee has wide powers to deal
with the situation internally and externally, and the execution of its policies therefore is expected to have an important bearing on the course of
foreign trade.
From a copyright cablegram to the New York "Times"
Dec. 13 we quote the following:
Dealing with the distribution of the first annuity, Mr. Gilbert observed
that the bulk of the payments has been made in reichsmarks within Germany, chiefly for deliveries in kind. Discussing the share assigned to the
United States for "American claims on account of the American Army of
Occupation and awards of the Mixed Claims Commission," he states:
"The share of the United States in the first annuity amounted to about
15,328,000 gold marks. Up to this time no part of this share has been
utilized by the United States Government and it remains to the credit of the
United States on the hooka of the Agent-General."
Under the Spa convention percentage the lion's share of the year's receipts, 454,000,000 marks, went to France. Of this sum France gets 130,000,000, or about 30%, for her Rhine Army alone. The French balance
with the Agent-General amounts to 23,000,000 marks. Britain and Belgium devoted only about one-sixth of their respective shares to their occupational forces.
The report affirms that "it has been possible from the outset to administer the annuity in accordance with business principles" and adds that the
system of monthly adjustments will be continued as far as possible in the
second year, the Reich's installments totaling at least 90,000,000 marks.
The Agent-General prides himself that the administrative expenses of his
organization have been only 3,700,000 marks, or 4-10 of I% of the fund
administered.
No Cash Transfers Made.
Discussing the Transfer Committee, whose function it is to guard against
reparational deliveries harmfully affecting foreign exchange, Mr. Gilbert
observes that the committee authorized no cash transfers during the first
year. The payments either have taken the form of deliveries in kind or
cash supplied to the armies of occupation and other Allied bodies within
the Reich. The principal deliveries consisted of coal, coke and lignite. Deliveries of gold and certain foodstuffs have been barred absolutely.
Through the operation of their Reparations Recovery Acts, Great Britain
collected about 155,000,000 and France about 25,000,000 marks of their
respective annual shares, the report shows.
Mr. Gilbert devotes considerable attention to the flourishing condition of
the German railways organized as a private corporation, as the Dawes
plan stipulates. The company's profits for the eleven months ending Aug.
31 were 765,000,000 gold marks, of which 200,000,000 was turned in to
the Agent-General as interest on bonds and more than 200,000,000 more
was set aside for future service of these obligations. Thus, Mr.
Gilbert
affirms, the company will have no difficulty in meeting the charge of
845,000,000 marks imposed on it during the second year. lie adds that "it
is still too early to make definite plans" about the marketing of railway
bonds to the value of 11,000,000,000 marks issued to the Dawes trustee.
Stressing a surplus of nearly 900,000,000 gold marks recorded at the end
of the last fiscal year, Mr. Gilbert evinces complete satisfaction with the
German budget. He points out that the actual excess of revenues over the
budgetary estimate during 1924-1925 was more than 2,000,000,000 marks
and deduces that while the final estimates for the current year's budget have
not been submitted to the Reichstag "it seems reasonable to expect
the
final accounts to show the budget balanced by a safe margin."
The Government, however, he declares, must practice rigid economy
and
"accomplish further reform in the field of tazation." Certain
German
States and municipalities, he says, have found Themselves so unexpectedly
affluent that they have embarked on extravagant non-productive enterprises.
The Revalorization Process,
Dismissing Germany's present public debt as virtually non-existent as a
result of inflation, Mr. Gilbert says of the revalorization process that it is
contingent on the discharge of the Reich's reparations liabilities and cannot affect the Dawes program. The total sum ultimately due to the holders
of revalorized State bonds may reach 1,800,000,000 marks, he thinks.
Great weight is laid in the report on the stable character of the new
German reichsmark, as the present currency is officially called. There are
Ae the external loan of 800,000,000 marks granted to Germany abroad 5,083,000,000 of these marks in circulation, backed by a gold
reserve or its
was primarily intended to enable her to lay the foundation of her economic equivalent in foreign notes of 1,555,000,000. The gold
cover has steadily
recovery, the first year of the plan, in the opinion of the Agent-General, increased since the plan began to function.
has not been so much a test of Germany's capacity to pay as a trial of the
Turning to credit conditions in Germany, the Agent
ability of German economy to adjust itself to the return of stable condi- since the end of inflation the country has passed -General observes that
through three stages:
tions.
first, when any form of credit was obtainable only at prohibitive rates;
The second annuity year, which began Sept. 1 1925, provides for the second, when short-term credits of an emergency character were
available,
assessment of 1,220,000,000 marks and involves for the first time a poe- and, third, when strong industrial concerns have been able to
get some longsible charge on the German budget. The real test of Germany's capacity term loans, and the weak have succumbed altogether.
Thia transitional
to shoulder the burden imposed by the experts' plan will come in the third stage, he says, still prevails, and he adds:
API
If
If
THE CHRONICLE
JAN. 2 1926.]
"In so far as the business crisis is attributable to credit conditions, it
may be said that the situation which developed in the spring and to some
extent still remains was precipitated by dependence upon short-term credits
for capital purposes. Since the placing of the German external loan, which
yielded about 800,000,000 reichsmarks, long-term loans to rather more
than an equivalent amount have been made to German States, municipalities
and industry."
The comparative opulence of the German Government, Mr. Gilbert avers,
has produced a "public banking structure not only exceptionally complicated but more elaborate than the volume of business justifies."
"Instead of being borrowers," he says, "the Reich and its agencies are
very large lenders. An expert view of this credit policy is that it is manifestly important to bring the administration of public funds more under
control of the Reiehsbank as the central bank of Germany and guardian of
its credit and currency reserves."
Statement of Condition of Federal Land Banks at Close
of Business October 31 1925.
Incident to the recent offering of $35,000,000 43'%
Federal Land Bank bonds (referred to in these columns,
Dec. 19, page 2963), the following figures of condition of
the bank of date Oct. 31 1925 are made public:
Consolidated Statement of Condition of the Twelve Federal Land Banks at
Close of Business Oct. 31 1925 (From Official Reports of the Farm
Loan Board).
ASSETS.
Net mortgage loans
$995.206.701 09
Interest accrued but not yet due on mortgage loans
19,079.284 59
U. S. Government bonds and securities
25,380 770 23
Interest accrued but not yet duo on bonds and securities_
155.681 23
Other interest accrued but not yet due
34,437 47
Cash on hand and in banks
16.416,71558
Notes receivable, acceptances, &c
2,799.347 82
Accounts receivable
942.302 63
Installments matured (in process of collection)
979.811 .53
Banking houses
2.073.785 17
Furniture and fixtures
263.88(136
Sheriffs' certificates, judgments, &c. (subject to redemp.)
4,361,411 78
Real estate
Other assets
11,659 75
Total assets
$1,067,705.789 23
LIABILITIES.
Farm Loan bonds outstanding
$977,573,000 00
Interest accrued but not yet due on Farm Loan bonds___
17,809.620 38
U. S. Government deposits
Notes payable
281,200 00
Accounts payable
995.829 96
Other interest accrued but not yet due
13,129 11
Due borrowers on uncompleted loans
418.446 31
Amortization installments paid in advance
2,1:14,82243
Farm Loan bond coupons outstanding (not presented).—
1.464.33535
Dividends declared but unpaid
682,120 61
Other liabilities
1,644 09
Total liabilities
$1,001,374,148 24
Net Worth—
Capital stock—Held by:
United States Government
$1,331.930 00
National Farm Loan associations_ __ - 51.274.525 00
Borrowers through agents
482.445 00
Individual subscribers
1.585 00
Total capital stock
Reserve (legal)
Surplus, reserves. &c
Undivided profits
353.090.485 00
7,544.700 00
106,373 67
5.590,082 32
66,331,640 99
Total liabilities and net worth
$1,067,705,789 23
Statement of Lincoln Joint Stock Land Bank as of
November 30 1925.
As we indicated Dec. 19 (page 2964), an issue of $3,000,0 Farm Loan bonds figured in the week's offering.
000 47
The statement of condition of the bank, as of Nov. 30 1925,
follows:.
ASSETS.
Mortgage loans
U. S. Government bonds
Notes receivable and contracts
Accounts receivable
Deposits with banks
Accrued interest on loans and securities
Furniture and fixtures
Other assets
._$31.473.14000
1,246.187 51
45.587 66
105.268 34
1.608.121 67
530.550 10
6.094 92
387,590 02
$35.402,540 22
LIABILITIES.
Capital stock paid in
Surplus
Undivided profits
Farm Loan bonds outstanding
Payments on principal of loans
Advance payments on principal and interest
Reserved for unpaid bond coupons
Accrued interest on Farm Loan bonds
Accounts payable (due on incomplete loans)
$2,721.100 00
250,000 00
331,691 07
30,822,500 00
786,351 16
43,098 93
97,517 50
236,119 16
114.162 40
35
George Blumenthal Retires from Lazard Freres.
Among the interesting changes in the personnel of Wall
Street firms incident to the New Year, is the retirement from
the firm of Lazard Freres of George Blumenthal. Mr.
Blumenthal has been senior partner of that firm since 1904
and has been active in Wall Street banking for nearly 43
years. He is 67 years old. The following, regarding his
activities, comes to us:
Mr. Blumenthal was born in Frankfort on Main, Germany. He came
to this country at the age of 24 and entered the office of Speyer & Company
In 1883. There he remained until 1893 when he became a partner in
Lazard Freres, with which firm he has been associated ever since, with
the exception of the three years from 1901 to 1904 during which time hs
temporarily withdrew from business.
From the outset of his banking career Mr. Blumenthal specialized In
foreign exchange and has for many years been considered one of the world's
authorities on that subject. His firm, with its offices In New York, London
and Paris, has participated in some of the largest international exchange
operations of the past thirty years.
Mr. Blumenthal was one of the five men who were managers of the
syndicate which in 1896, pledged 350.000.000 with which to sell foreign
exchange in order to avoid further gold exports from the United States.
The other members of the syndicate were the late J. P. Morgan, Jacob 11.
Schiff of Kuhn Loeb & Co.. Walter Luttgen of August Belmont & Co.,
and Mr. Thierot of L. von Hoffman & Co. The operations of that syndicate stopped the outflow of gold from this country, stabilized financial
conditions, and the result was an early resumption of the importation of
gold into this country from Europe. Mr. Blumenthal is the only living
member of the Committee of Five syndicate managers.
During the panic conditions of 1907 Mr. Blumenthal was instrumental
In arranging for a large importation of gold into this country.
Mr. Blumenthal is a director and Chairman of the Finance Committee of
the Continental Insurance Company; he is also a director in the Delaware,
Lackawanna & Western Coal Company and in the American Light and
Traction Company.
Aside from business, Mr. Blumenthal's chief interests have been for
many years the Metropolitan MIMI= of Art and the Mount Sinai Hospital,
to both of which institutions he has been one of the leading contributors.
and has for many years served on their official governing boards. He is
Chairman of the Finance Committee of the Metropolitan Museum of Art.
It is understood that Mr. Blumenthal will make his major interest henceforth
the promotion of the welfare of these institutions. In addition to them he
Is Vice-President and trustee of the United Hospital Fund.
Upon his retirement from business Mr. Blumenthal will take a private
office at 49 Wall Street.
It is announced that Lester Perrin will become a partner
in Lazard Freres.
E. C. Delafield Impressed with Condition of Banks in
Florida—Realty Situation Showing Tendency
Toward Stabilization.
Edward C. Delafield, President of the Bank of America,
who has just returned from a trlp through Florida, was impressed with the excellent condition of the banks in that
State. Mr. Delafield says:
Florida bankers generally are carefully avoiding looking up the funds of
their institutions in real estate or in discounts which depend upon such
projects. As a consequence the banks are in an exceedingly liquid condition and their condition on the whole is excellent. Although their present
rate of growth is not as fast as heretofore they are still showing a rapid
growth.
Mr. Delafield noted a reaction throughout the State
against over-enthusiasm as to real estate values; although
transfers of property were continuing at a rapid rate, price
advances were less marked than heretofore, and sellers were
insisting upon a larger proportion of cash. The realty situation generally seemed to be showing a tendency toward
stabilization. The construction of office buildings and dwelling houses was still far behind the demand and the demand
for office space had caused a rise in price all out of proportion
to real values. It appeared that a year or more would be
required to correct the situation.
James Speyer on Important Problems Before Congress—
Income Tax and Transportation Legislation—Infringement of Private Property Rights Involved
in Compulsory Consolidations.
A statement in which he calls attention to two important
problems under consideration by Congress—namely, the
income tax and legislation affecting our transportation—has
been issued as follows by James Speyer of James Speyer &
Co., under date of Dec. 28:
Not for many years has the reassembling of Congress caused so little
apprehension to the business community as this year. The reasons are apparent. First, people have confidence in President Coolidge, Secretary
We also give herewith the loan statistics of the bank as of Mellon and his other advisers. Furthermore,
it is realized that with the
prevailing business activity, which affords opportunity for everyone to find
Sept. 30 1925:
Number of loans in force
3.009 employment at good wages, the professional "politician" does not see much
Acres of real estate security
866,849 chance of increasing his popularity and support by advocating radical or
Total amount loaned
$30,826,440 otherwise disturbing measures. Nevertheless, voters should watch both
Appraised value of land and buildings
879,750.608 houses of Congress, bemuse there are
important problems under consideraAverage amount loaned per acre
$35.57
Average appraised value per acre of land and buildings
892.00 tion, whose proper solution will help to continue and improve satisfactory
Percentage of loans to appraised value of land and buildings
38.65% economic and financial conditions in our country
Sale price of land loaned on as compared with appraised value
One of these is, the reform in our income taxation. The lower House of
Is shown by the following record as of Sept. 30 1925, of actual
Congress has by an overwhelming majority endorsed the compromise meassales of land by the owners, covering all such sales of land
ure framed by its committee. Like all compromises,it is notfree from fault;
on which the bank holds mortgage loans:
Acreage sold
123.253 but the men who did frame It deserve credit and the thanks of the nation,
Appraised value of land and buildings sold
$16.711,598 and it becomes the duty of every citizen to exercise his influence, so that this
Sale price of land and buildings gold
$16,767.854 law will be passed by the upper
House as soon as possible, and not be mutilAmount of loans on real estate sold
$7,126,083
Percentage of loans to sale price
42.5 ated, as was the case last year.
$35.402,540 22
36
THE CHRONICLE
Other important legislation soon to be taken up concerns our transportation system. This is the neither the time nor place to discuss this in detail.
A campaign of education has been carried on during the last few years, and
At is now generally realized that the correct solution of our transportation
problem will benefit every citizen in every part of our country. We want
the credit of our railroads not only maintained but strengthened, so that
they may be able to raise the large amounts of capital needed to keep step
with the growth of our population and our increasing commerce. We
want, furthermore, a national transportation system not hampered by
narrow or local prejudices or by State lines. It must be obvious that compulsory consolidation could not effectually accomplish this end; it would
involve serious infringement of private property rights, not in accordance
with the spirit of our Constitution. Our railroads have been built up
through Individual initiative and private capital. Every American who
loves his country and Its institutions should resist unnecessary Government
Interference in business and in private affairs of citizens, an abortive and
harmful attempt of which is furnished by the present prohibition law.
Progressive and far-seeing managers of public utility corporations have
shown the way to a larger distribution of their shares among their customers.
Not only should officers and directors entrusted with the management of
our railroad properties continue their campaign of education, but they might
try to bring about a larger distribution of ownership, not only among the
men they employ, but also among the shippers and people living along their
lines, away from "Wall Street." There is some money available everywhere nowadays for Investment in railroad securities.
It is not only for our own well-being that this transportation and other
Important problems should be solved and settledright,in a broad spirit, with
justice to all. There Is an added and world-wide reason why this should be
done. The "eyes of the world" are on the United States. We have become the great creditor nation. We have reached the last and final step of
modern economic development. It has been estimated that $10,000.000,000 have so far been invested by our people in foreign securities, of which
• perhaps $1.000,000.000 was invested in 1925. We have only begun to
export capital, a position which during the last fifty years or more was preeminently occupied by Great Britain. and it is a unique fact that we have
accumulated and begun to export surplus capital when the resources of our
country are not yet fully developed, and while there is still room in this
blessed land of ours for millions to come and work and live happily and in
comfort.
We have also been able to maintain a favorable foreign trade balance in
spite of the fact that some of the European countries still have depreciated
currencies and are still suffering seriously from the after-effects of the war,
and, one may add, of the peace treaties.
What we commonly call "prosperity" is, perhaps, largely due to the
unconscious realization by our people of this position of financial and
economic strength which we now occupy. We were bound to achieve this
anyway, but as a consequence of the war we have attained it ten or twenty
years sooner. Situated as we are, almost a whole continent as our heritage,
and accustomed to self-government, we may, barring entirely unforeseen
events, reasonably expect to maintain and strengthen this economic and
financial leadership. Looking ahead, we need not fear any serious troubles
except those which we may create for ourselves.
It is natural, therefore, that not only our foreign policy (which the majority of the American people believe should keep us free from any foreign
entanglements), but also the management of our internal affairs will be
watched by many,if not with jealous, at least with critical eyes. If we can
show the peoples of the world, and especially the new democracies, that In
our country men and women of different nationalities and creeds can live
• together peaceably, and that we are able to enact laws in a conservative and
progressive spirit, suitable to changing conditions, we will not only continue
to prosper ourselves, but we will also render a real service to xnarildnd.
It is a great privilege to be an American citizen and to live in the United
States, but this privilege, like all others, carries obligations. Everyone
should take an intelligent, active interest in the affairs of his city, State and
of the nation as a whole. If this is done, and if proper consideration is
shown for the legitimate aspirations of others, our country's peaceful evolution and progress would seem assured.
Selection and Duties of Federal Reserve Bank Directors.
A feature of the Monthly Reviews issued on January 1 by
the Federal Reserve Banks is the presentation of an article
dealing with the "Selection and Duties of Federal Reserve
Bank Directors." We quote the following from the Review
of the Federal Reserve Bank of New York.
The taking of office at the beginning of the New Year by a number of new
Federal Reserve Bank directors makes it appropriate to review the method
by which directors of the Reserve Banks are chosen, the type of men who
serve, and their powers and duties.
Method of Selection.
Each of the 12 Federal Reserve Banks has a board of nine directors which
is responsible, under the general supervision of the Federal Reserve Board
in Washington, for the policy and administration of the bank. Of the nine
directors, six are elected by the member banks and three are appointed by
the Federal Reserve Board. Of the six elected by member banks three may
be bankers, and the other three must be actively engaged in commerce.
agriculture, or industry in the district, and while serving as Reserve Bank
directors may not serve as directors or officers of any other bank. Of the
three directors appointed by the Federal Reserve Board, one acts as
chairman of the board, a man of banking experience, and devotes his entire
time to the Federal Reserve Bank, carrying In addition the title and duties
of Federal Reserve Agent. The other two appointed by the Federal Reserve
Board must have no other banking connection while serving as directors.
Hence they are usually business men.
Business Men in the Majority.
Thus, of the nine directors of each Reserve Bank. five are ordinarily
three
are active bankers (frequently with business interests
business men.
in addition), and one Is chairman and Federal Reserve Agent. Directors
hold office for three years and may be reappointed or reelected.
Of the present 108 directors of the 12 Reserve Banks, 12 are the chairmen
of the board and 36 are active bankers. The remaining 60, constituting
the majority, have the following occupations:
2 lawyers
19 manufacturers
2 railroads
14 merchants
1 cattleman
4 farmers
1 contractor
4 lumbermen
1 public utilities
2 insurance
1 mining
3 Investment bankers
1 'savings bank officer
• 3 retired business men
•2 publishers
In each of the 12 Federal Reserve districts it is men with this wide range
• of interests and familiar with conditions In the district who are responsible
for the management of the Reserve Bank.
[Vol,. 122.
Directors of New York Bank.
The directors of the Federal Reserve Bank of New York are the following:
Elected by member banks
Jackson E. Reynolds, New York City, President First National Bank.
Robert H. Treman, Ithaca, N. Y., President The Tompkins County
National Bank.
Delmer Runkle. lloosick Falls, N. Y., President Peoples National Bank.
Owen D. Young. New York City, Chairman General Electric Company.
Theodore F. Whitmarsh, New York City, President Francis H. Leggett &
Company.
Samuel W.Reyburn, New York City, President Lord & Taylor.
Appointed by Federal Reserve Board
Pierre Jay, New York City, Chairman.
W. L. Saunders, Plainfield, N. J., Deputy Chairman, Chairman IngersollRand Company.
Clarence M. Woolley, New York City, Chairman American Radiator Co.
Of these directors Mr. Reynolds, just elected by the member banks, Is
serving his first term. Mr. Young has been reelected after three years of
service, and Mr. Jay has been reappointed by the Federal Reserve Board
after 11 years of service.
In addition to the directors of the 12 Reserve Banks each of the 23
branches has a board of seven directors, residents of the branch territory,
of whom 4 are appointed by the Federal Reserve Bank of the district and
3 by the Federal Reserve Board. The directors of branches have a range of
occupations and interests similar to that indicated above for the directors
of the banks. Their jurisdiction in credit matters is limited to passing upon
loans to member banks in the territory served by the branch. In the New
York district there is only one branch, that at Buffalo. The following are
its directors:
Appointed by Federal Reserve Bank of New York
Harry T. Ramsdell, Chairman Mfrs. and Traders Trust Co., Buffalo.
Elliott C. McDougal, President Marine Trust Company, Buffalo.
Frank W.Crandall, President National Bank of Westfield, Westfield, N. Y.
Walter W. Schneckenburger, Managing Director.
Appointed by Federal Reserve Board
James H. McNulty, Chairman, President Pratt & Lambert, Inc., Buffalo,
N.Y.
Arthur Hough, President Wiard Plow Company. Batavia, N. y,
John A. liloepfer, President Liberty Bank of Buffalo.
Local and National Interest.
The Board of Directors of each Reserve Bank appoints its officers and is
responsible for its policy and management,subject to the general supervision
of the Federal Reserve Board. A certain co-ordination is necessary between
the 12 Reserve Banks in Important matters of policy. The law therefore
provides that decisions of any Reserve Bank as to changes in the discount
rate must be approved by the Federal Reserve Board. Transactions In
bankers acceptances and short Government securities in the open market
are co-ordinated through a committee of Reserve Bank officers appointed
by the Federal Reserve Board and acting under the approval and authority
of the directors of those Reserve Banks which may from time to time participate in such transactions.
Under the terms of the Federal Reserve Act and current procedure, the
management of the Federal Reserve System is co designed as to bring to
bear upon any important question of policy both local and national points
of view, together with the opinions of men of many different occupations
and interests.
Increase in Christmas Savings Deposits in Philadelphia
Federal Reserve District.
Figures of Christmas savings deposits in the Philadelphia
Federal Reserve District have been prepared as follows by
the Department of Statistics and Research of the Federal
Reserve Bank of Philadelphia:
Christmas savings deposits as reported by 1,033 banks (Including national banks, trust companies, State banks and savings banks) out of a
total of 1,267 banks in the Philadelphia Federal Reserve District, amounted
to $35,557,118 in December 1925. Reports of 1,020 banks, for which both
the 1924 and 1925 figures are available, show an increase from $31,480,000
in 1924 to $35,233,000 in 1925, or almost 12%. Figures submitted by 103
banks in Philadelphia indicate that 69 banks maintained clubs this year
and that deposits Increased from $7,100,000 in 1924 to $8,736,000 in 1925,
or 28%.
Seven hundred and seventy banks in the district gave complete figures on
number of depositors and amounts on deposit for both years. Totals for
these banks, by States, follow:
Number of Depositors1924.
1925.
Change.
Pennsylvania*
580.666
630,102
+8.5%
New Jersey*
106,072
111,144
+4.8%
Delaware
7,230
8,387
+16.0%
District totals
693,968
749,633
+8.0%
Amounts on DepositPennsylvania*
$25,677,022
$29,001,747
+12.9%
New Jersey*
5,058,727
6,320,838
+5.2%
Delaware
249,766
304,660
+22.0%
District totals
830,985,515
$34,627,245
+11.8%
•Includes that part of State located in Third Federal Reserve District.
The following table gives the percentages of change in total
Christmas
savings deposits for those counties from which ten or more banks
submitted
reports:
PennsylvaniaAdams
Bedford
Berks
Blair
Bradford
Bucks
Cambria
Carbon
Center
Chester
Clearfield
Columbia
Cumberland
Dauphin
Delaware
Franklin
Huntingdon
Lackawanna
Lancaster
Lebanon
Pennsylvania (Continued)+4.3% Lehigh
+29.3% Luzerne
t
+
27
1.
.. 7
,,,
16.4%
+10.2%
+10.4%
+2.9%
+17.6%
+14.7%
+4.5%
+5.4%
+2 1%
+7.8%
+15.2%
+11.4%
+6.6%
+9.1%
+8.6%
+3.8%
Montgomery
c°in
Northampton
Northumberland
Per*,
Philadelphia
Schuylkill
York
New JerseyAtlantic
Burlington
Camden
Gloucester
Mercer
DelawareKent
New Castle
Sussex
+14.8%
+8.5%
+6.6%
+14.6%
+10.5%
+3.7%
+6.5%
+23.0%
-1.2%
+11.1%
+14.7%
-1.2%
-0.7%
+23.5%
+7.9%
+49.0%
+7.7%
+24.4%
Increase in Postal Savings Deposits in November.
An increase of $313,000 in postal savings deposits in
November is reported by the Post Office Department--the
figures Nov.30 at $132,710,867 comparing with $132,397,887
on Oct. 31. The following is the statement for the month:
THE CHRONICLE
JAN. 2 1926.]
37
is furnishing market news services, and establishing commodity grades
and standards to facilitate trading. It is helping producers to correlate
their production plans, so that the hills and valleys of production can be
leveled out to some extent.
What the Government can do further to assist the co-operative movement depends upon the funds available for such work and the demands of
Inc.(+) the co-operative associations. The Department stands ready to extend its
Dec.(-). services to the full extent of its present facilities, and to recommend such
:
enlargements of its research work and services as shall appear advisable
careful survey
-8,987 after consultation with the co-operative organizations and a
-942 of their needs.
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE MONTH OF
NOVEMBER 1925, AS COMPARED WITH THE MONTH OF
OCTOBER 1925.
3132,397,867
Balance on deposit Oct. 31
313,000
Increase during November
Balance on deposit Nov. 30
Depositors' Inc (+)
Balances. Dec.
Post Office-
(-).
2132,710,867
Depositors'
Balances.
Post Office-
New York, N. Y_.36,891,470 -289,985 Bingham Canyon,
181.600
Utah
9,627,269 -197,531
Brooklyn, N.
6,358,834 -72,430 Oakland, Cant-- 181,201
Boston, Maas
5,187,041 -64,779 Mitchell, S. D___ 178,475
Chicago, Ill
172,123
Philadelphia. Pa- 3,026,106 -4,282 Phoenix, Ariz
2,817,648 -38,068 Missoula. Mont.__ 172,058
Seattle, Wash
171,650
Pittsburgh, Pa.... 1,920,864 -11,213 Flushing, N. Y_
Kansas City, Mo.. 1,813,176 +22,837 Louisville, Ky____ 171,424
1,402.593 -6,293 Birmingham, Ala__ 166,233
Portland, Ore
165.804
1,395,674 -6,101 Hurley, Wis
Tacoma, Wash
162,650
1,305.789 -1,434 Bayonne, N.
Detroit, Mich
161.610
St. Paul, Minn.- 1.209.426 +18,874 Dallas, Texas
159,470
1,146,508 -14,765 Sterling, Colo
Newark, N. J
+5,861 Cleburne, Texas... 159,042
1.013,394
Butte, Mont
978,981
+3.635 Norwood, Mass__ 158,605
St. Louis, Mo
958,085 +35,322 Christopher, Ill.- 158,495
Denver, Colo
-624 Anchorage, Alaska_ •157,504
Uniontown,Pa.... 878,496
Los Angeles. Calif_ 795,383 +12,995 San Antonio, Texas 154,185
654,186 +128,755 Baltimore, Md _ _ _ _ 151,960
Miami, Fla
Great Falls, Mont_ 613,930 -2,551 L.I. City, N.Y___ 151.737
146,569
+668 Lawton, Okla
San Francisco, Cal- 601,176
143,596
+3,283 Camden,N.J
Milwaukee. Wilt- 541,802
+9,738 Paterson, N. L.__ 143,703
Minneapolis. Minn. 497,001
143.028
Jersey City, N. J_- 496,070 -11,050 Boise, Idaho
141,448
Des Moines, Iowa- 487,337 +13,483 Helena, Mont
+1.365 Nampa, Idaho_ __ _ 141,176
Cincinnati, Ohio.. 473,810
140,749
Sioux Falls, S. D- 460,620 +81.559 Burley, Idaho
Columbus, Ohio-. 413,597 -1,944 Gallup, N. Mex- 139,048
138,245
Okla
Okmulgee,
+4,675
Ironwood, Mich.__ 404,993
404,361 -2,969 Jamaica, N. Y____ 133,712
Buffalo, N.Y
Pocatello,Idaho... 395,537 +17,258 Anacortea, Wash__ 133,476
Roundup, Mont.__ 389,648 +12,826 Wilmington, Del- 132,754
370,540 -2,320 Okla. City, Okla- 132,225
Providence, R. I
Washington, D. C. 360,516 -4,886 Spokane, Wash... 130,734
Sioux City, Iowa- 353,553 +29.911 Charleston, S. C.. 130,599
+3,298 New Orleans, La_. 128,920
324.832
Leadville, Colo
+3,177 Breckenridge, Tex_ 126,268
315,721
Havre, Mont
125,791
-960 Augusta, Ga
Cleveland, Ohio... 309,012
125,514
Dayton, Ohio
-4,025
306,095
KanCity,
Kansas
123,047
-302 Weiser, Idaho
McKem Rocks,Pa. 292,246
122,115
Aberdeen. Wash- 291.373 -4,874 Wichita, Kan
City.
Lake
Salt
-179
288.359
Bridgeport, Conn-120.958
Utah
284,860 -8,387
Astoria, Ore
282,803 -4,616 Pittsburg. Ran-- 119,351
Passaic, N. J
Cheyenne, Wyo.- 277.509 +11,0947 Henryetta, Okla-- 117,501
-247 San Diego, Calif.- 114.991
McKeesport, Pa_ 275,469
114,565
276.496 +25,827 Nokomis, Ill
Jacksonville. Fla
+8,051 Everett. Wash..- 113,937
Billings, Mont.... 267,765
113,061
Lewistown, Mont_ 265,209 +16,795 Benld, Ill
112,227
258,264 -1,164 Carnegie,Pa
Omaha, Neb
Red Lodge. Mont_ 257,975 +11.878 Albuquerque. N.M 112,056
-207 Springfield, Mo... 111,083
257,771
Lowell, Mass
+3.655 Woodlawn, Pa.... 110,184
254,886
Roslyn. Wash
+3,841 Elizabeth, N. J.-- 109,680
244,698
Miles City, Mont
Raymond, Wash- 109,505
-4,477
240,800
Texas
El Paso,
+2,591 Bessemer. Mich- 107.837
240,675
Casper. Wyo
107,352
238,922 -3,213 Akron, Ohio
Toledo, Ohio
Hartford, Coon... 216,354 -1,839 Hartshorne, Okla-. 107,308
-3 Monongahela.Pa.- 107,169
Pensacola, Fin.... 213,479
106,108
+2,695 Indianapolis. Ind
Fairbanks, Alaska_ *213,297
+4,585 Thief River Falls.
Sheridan, Wyo____ 210,536
106,015
Minn
208.925 -2,371
Pueblo, Colo
104,730
+3,312 St. Cloud, Minn
Mt. Pleasant, Pa__ 203,520
104,490
+1,027 Madrid, Iowa
Staten Island. N.Y 202,041
104,302
Bellingham, Wash_ 199,247 -2,261 Conneaut, Ohio
104,049
New Haven, Conn_ 198,781 -19125 Centralia, Wash
-111 Rochester, N.Y.__ 103.745
192,808
Altoona, Pa
102.146
Mont__
Anaconda,
-2,580
192,293
_
_
I_
It.
Pawtucket,
Atlantic City, N.J. 191,210 -18,560 Hoquiam, Wash... 101,777
-739 Tonopah, Nev____ 101,709
190,851
Mason City, Iowa_
+1,428 New Kensinaton,Pa 100.896
Memphis. Tenn.__ 186,854
100,615
185,360
+2,192 Ladd, III
Duluth, Minn
184,922 -1,218 Ft. Worth,Texas__ 100,311
Erie, Pa
183.706 +19,746 •October balance.
Tampa,Fla
+40.478
In urging readjustments in freight rates, Secretary Jar+2.402
-358
went on to say:
dine
-1.519
-60
High freight rates constitute one of the many causes that have contributed
-5.563 to the depression in farm prices, especially in areas distant from the
-1,825
freight rate structure needs
+3.635 market It is generally conceded that the entire
-6.404 overhauling. Freight rates the country over have grown up in a haphazard
+7.807 way and as a result of all sorts of local considerations. It is my opinion
+10,049 that a careful study should be made of the entire freight rate structure.
-2,292
+7,970 On the basis of such a study it should be possible to make rate adjustments
-2,952 Pat take into account the market value of farm products as reflected over
+4,333 a reasonable period of years and likewise the influence of freight rates on
+1,458
regions and of the country as a
-10.355 the economic development of different
-4,017 whole. I realize that adequate income to the carriers must be fully reck-2.094 oned with as a factor in rate making, because efficient and adequate rail-2.774 roads are indispensable to a profitable agriculture.
+565
There have been only minor changes in the freight rates on farm prod+1.385
+2,256 ucts in the last year. Our index showing changes in freight rates of 50
+25.325 representative agricultural commodities stood on Jan. 1 at 158.2, or 58%
+9.814
Since then there have been no changes great enough
+8.211 above the 1913 level.
-4,780 to affect the index.
-153
In relation to pre-war conditions, the prices of farm products are not
-2,388 yet on a par with freight rates. The level of farm commodity prices in
-620
average, whereas freight rates on
+1,847 September was 144% of the pre-war
+5,067 agricultural commodities were 158% of the pre-war average. Moreover,
-1,988 the prices of agricultural products fluctuate greatly from year to year,
-1,951 whereas freight rates are stable and are not frequently changed. The bur+5,873
heavily on agriculture
-1,165 den of the post-war increase in freight rates fell
+12,167 because the rates were increased just as agricultural prices started down+4.803 ward and remained high while agriculture was undergoing a very severe
+3,176
+3.971
-1,022
+6,287
+5,013
-1,767
+1,803
+9,186
+991
+2.523
+44,413
-5,208
+1,705
+1,000
-4.656
+4,025
+3,910
+1,255
+27,521
+13,092
+4,025
+659
-2.895
-3,995
+412
-2,144
+463
-2.268
+590
+104
depression. The ability of agriculture to pay transportation charges should
not be reckoned on the conditions of any given year, but on probable future
conditions, unless freight rates can be made more flexible, being raised
when prices are high and lowered when they decline, within reasonable
limits.
Reference is made by the Secretary to the fact that "the
cotton crop reports have recently been severely criticized,
some of these criticisms being directed against the frequency
of the reports, others against the accuracy of the reports,
while some have gone so far as to impugn the integrity of
the Department officials engaged in making the reports."
"There is, perhaps," he says, "some ground for criticizing
the frequency of these reports." The Secretary adds:
The law now requires the issuance of two reports a month from July to
December. The experience of the Department in handling the semi-monthly
reports during the past two years would suggest the desirability or reducing
the number of reports, especially in the early months.
and values, yarn strength and evenness, bleaching, finishing and merunderstanding of the nature of the early forecasts, which are often taken
to be estimates of final ginnings, when, in fact, they are merely interpretative indications of condition figures reported by correspondents at given
dates, and are, therefore, subject to change as prospects change throughout
the season. To avoid misunderstanding with respect to these early forecasts, it has been suggested that the cotton forecasts during July and
August be omitted, the Department simply reporting the acreage in cultiJardine
vation and the condition and progress of the ctop during these months, and
Annual Report of Secretary of Agriculture
that, beginning in September, forecasts be made which, instead of being
Government Control of Co-operative Movement
stated as a single definite figure as at present, be issued in the form of a
Not Desirable-Readjustment of Freight Rates
range forecast, which would indicate the probable upper and lower limits
within which the final ginnings were likely to fall. It is believed that if
Urged-Reduction of Cotton Crop Reports
these suggestions were carried out some of the present criticism might be
Desirable.
reports.. without diminishing in any way the value of the official cot
avoided
Expressing his belief that "we must have substantial readjustments in freight rates," Secretary of Agriculture
W. M. Jardine, in his annual report, made public Dec. 8,
suggests also, among other things, desirability of reducing
the number of cotton reports, especially in the early months.
He also has something to say on "the Government and Cooperation," declaring that "It seems obvious that Government supervision and control of the co-operative movement
are not desirable." In further indicating his views under
this head he says:
Co-operative associations are business concerns. Like other business
concerns they must eventually stand or fall by themselves. They cannot
fairly be asked to accept a degree of regulation and control from which
private distributing agencies are exempt. Removing responsibility for
their actions from the co-operative associations themselves to the Government might be fatal to their efficiency. It would certainly not encourage
men of executive ability to seek managerial positions in the movement.
Effort to regulate co-operation minutely by law or by administrative
edict would cripple the initiative of the co-operative associations and force
them into a rigid mold when their greatest need is flexibility. Excessive
regulation might smother the movement.
What the Department is already doing indicates the nature of the service it can give to co-operation. It is studying marketing problems and
making surveys indicating what are the prospects of various co-operative
projects. It is examining the causes of success and failure in co-operation,
and giving counsel to association boards of directors and managers. It is
helping by counsel and advice groups of farmers to develop effective organizations and to plan wise merchandising policies. It is popularizing
the use of uniform and up-to-date accounting systems and office records
among co-operative associations. It is analyzing marketing operations to
reveal their strong and weak spots and assisting associations in developing
their own methods of market analysis. It is aiding co-operatives to
extend their markets at home and abroad. It is acquainting American
co-operators with the experience of co-operators in other countries. It
The crop reports covering crops other than cotton are quite generally
accepted by producers and the trade as the best available and are seldom
subject to attack. The cotton reports, notwithstanding the frequent attacks
upon them, are generally accepted as more accurate than those issued by
private estimators, of which there are now more than a score.
In discussing cotton problems the report says:
The Department of Agriculture is giving close attention to the possible
competition which foreign cotton production may force upon our short
staples. It is particularly concerned with cotton breeding and testing, so
that a more general production of prolific cotton of high spinning quality
may be facilitated. Studies have been made of production costs in 15
counties typical of as many distinctive areas in the Cotton Belt Scientific
investigation has been made of the less obvious properties of cotton fibres
which contribute to their spinning value. The results of this work have
been made available to breeders of seed and to other cotton growers.
Spinning tests are being carried on to determine the relative waste content
and the strength and evenness of yarns from cottons of various varieties,
and from cottons of the same varieties grown under various conditions of
soil and climate. Tests of the same sort have been made of cottons of
different grades. These testa have demonstrated the relative superiority
of higher grades over lower grades, from the standpoint of waste percentages
and values, yarn strength and evenness, bleaching, finishing and risercerization properties, and efficiency of machine operation.
Concurrently the work of quality standardization has been carried forward. New agreements have been negotiated with foreign markets within
the year, which assure the use of the grade standards throughout the world,
thus solidifying their establishment and adding to their usefulness in our
own country. The staple standards have also been reviewed in the light
of past experience and certain slight modifications projected in the physical
representations, all of which are calculated to make them more workable
and dependable as measures of length. There are few problems of an
economic nature, either in cotton production or distribution, to which fixed
and accepted standards of quality are not fundamental.
The report also deals with rubber production in the United
States and says in part:
38
THE CFIRONTCI.E
On account of rapidly advancing prices there is an acute demand for
information regarding rubber production possibilities in the United States
and in tropical America. It is believed by many industrial and economic
writers that a serious shortage in the supplies of crude rubber is impending,
in addition to the dangers that have been recognized in being dependent
upon the East Indies for a product that within a few years has become
indispensable not only for industrial purposes but for military requirements.
About three times as much rubber is used in the United States as in all the
rest of the world. Rubber is now as essential to agricultural production
and marketing of crops as to the urban industries. The present development of our civilization could hardly be maintained without rubber.
Investigations of the problems of rubber production are being based on
a new principle or method of procedure. Attention is first given to the
cultural characters of the plants, so that intensive technological investigations of extraction and utilization methods may be directed to the species
that are most readily propagated and that afford the best assurance of production in large quantities. In this way the investigation of agricultural
possibilities will not be restricted to the species that have served as commercial sources of rubber, since the agricultural possibilities obviously do
not depend upon the abundance of a plant in the wild state or upon the exploitation of its natural products. Some of the most important crop plants
are not known in the wild state or exist only in limited numbers under
restricted conditions.
Several of the tropical rubber producing species thrive and appear well
adapted to conditions in southern Florida. Although the East Indian
plantation system of production apparently would not be feasible in Florida
on account of the high cost of labor, it is not impossible that other systems
and methods of production and extraction of the rubber may be developed
that could be established as regular agricultural industries. Popular interest in such possibilities of tropical development in southern Florida is
very acute among the thousands of new settlers who are now establishing
themselves in the more tropical districts. Although private co-operation
may contribute to earlier solutions of the experimental problems, commercial plantings of rubber cannot be considered advisable until practical
methods of handling the crop under the Florida conditions have been devised and demonstrated.
The following relative to Federal Aid roads is from the
report:
A greater mileage of Federal aid roads was completed during the fiscal
year 1925 than in any previous year. The aggregate length of the projects
completed was 11,329 miles, and the largest previous year's record was less
than 10,000 miles. This addition brings the mileage completed since 1917
up to a total of 46,486.
In addition to this completed mileage, which includes only the projects
that are entirely completed. there were under construction at the close of
the fiscal year other projects the aggregate length of which was 12,463
miles. A very considerable portion of this mileage is actually completed,
but will not be so reported until the projects in which it is included are
completed in their entirety.
The total cost of the projects completed during the year was approximately $243,000,000, of which approximately $111,000,000, or more than
45%, was paid by the Federal Government. The cost of the entire mileage
completed from 1917 to date has been more than $845,000,000, and the
Federal Government has paid of this total approximately $373,000,000.
This total Federal expenditure over the nine-year period has been large
enough to make the Federal participation effective without necessitating
extravagant expenditures of State funds to meet it. As the Federal excise
taxes on motor vehicles, tires and motor vehicle accessories have produced
since 1918 Federal revenues amounting to $800,000,000, it may be seen that
the Federal aid highway expenditures have been far more than paid by
owners of motor vehicles. The same motor vehicle owners contributed to
the State treasuries in license fees and gasoline taxes during the last fiscal
year more than sufficient funds to pay the States' share of the cost of the
Federal aid roads in all States with the exception of New Mexico.
In the roads completed during the year all approved types of construction are represented. Grose] roads, of which there were 4,203 miles, constituted the largest single class.
With regard to the year in agriculture, the report says:
Agricultural production this year has on the whole teen well balanced.
The successive surpluses of cattle, corn, hogs, wheat and various minor
crops which so depresed the markets during and following 1920 have been
largely worked off. Prices of farm products have in consequence risen to
higher leads. The tendency this season has been even toward expansion in
production among certain major enterprises like cotton, corn, spring wheat
and sheep. Indications are that the acreage of winter wheat recently sown
substantially exceeds that sown last fall. We have traveled around a fairly
complete cycle in agricultural production since 1920.
Measured in terms of income, the economic position of agriculture as a
whole promises to be at least equal to, if not slightly better than, that of
last year. Taking into account all farm production, the crop year 1924-25
represented an advance in total gross tricome from $11,300,000,000 to $10,100,000,000, or an increase of 7%. It is quite likely that the reduction in
the wheat crop this year may not be sufficiently compensated by higher
wheat prices. The smaller volume of live stock marketings, however, may
be more than offset by higher prima, even to the extent of covering the
reduction in the return from grain crops. For agriculture as a whole, at
best only a moderate increase in income may be expected for the crop year
1925-26 above the $12,100,000,000 gross income of the past season..
Farmers are receiving better prices for their products than at any time
In the past five years. The average of all farm prices for October was 143%
of the pre-war average as compared with 138% In October 1924. The real
significance et this improvement in prices is better indicated by the relation of this change in prices of farm products to the changes in the whole•
sale prices of non-agricultural products. The purchasing power of the prices
of farm products in terms of the prices of non-agricultural products has
risen from 66, the lowest point of the depression period, to 87 in October,
compared with the pre-war average of 100.
Bill Embodying Co-operative Marketing Plan of Secretary Jardine Introduced in Congress—McNaryHaugen and Other Bills.
On Dec. 21 a bill embodying the Co-operative Marketing
proposals of Secretary of Agriculture Jardine was introduced
in the Senate by Senator MeNary (Republican), of Oregon,
and in the House by Chairman Haugen of the Agriculture
Committee. The measure, it is stated, is the only farm bill
which has the indorsement of President Coolidge. As to
[VOL. 122.
other proposals in behalf of the former, we quote the following
Associated Press advices from Washington Dec. 21:
Senator McNary, however, also reintroduced the McNary-Haugen
Export Corporation bill, frowned upon last session by the President, and
Representative Dickinson, Republican, of Iowa, declared in the House
that farmers demanded some legislation aimed to regulate the sale of surplus
crops.
The co-operative bill, said the Iowa member, "Is a sugar pill that may
soothe for the moment and will do no harm, and if given a long time and
proper care may do some good."
Chairman Haugen also announced that other farm measures would be
considered by his committee, which he called to-day to meet on Jan. 11
to start hearings on the co-operative bill, "as well as others." He joined
In the opinion that more than one farm bill would be presented to the House
by the committee
Representatives Dickinson and Haugen both believed the co-operative
bill, which provides for a Division of Co-operative Marketing in the Department of Agriculture to collect information and assist the co-operative
organizations, would have little opposition. The bill has the signed indorsement of representatives of thirty-one co-operative organizations. Discussing the Jardine bill before the House and urging that it be considered
In a non-partisan spirit, Mr. Dickinson asked, "Why trifle with the farm
problem In this manner"?
"If this depression lasts even three years longer." he said, "it will not be
confined to the Mississippi Valley, but will be knocking at the door of every
Interest which has any business connection with the people of that country."
While he was not in favor of tariff revision as a remedy for the situation,
he declared that "unless the price disparity is corrected there can be but
little doubt that certain commodities now on the protected list may have
the rates reduced in order to relieve the purchaser to some degree of his
purchase handicaps."
In a statement issued under date of Dec. 22 with reagrd to
the bill which he favors, Secretary Jardine said:
Now that the plan to aid co-operative organizations has been placed
before Congress I feel that further and more definite attention can be
directed to the agricultural surplus problem.
During the past several weeks I have had under consideration with
co-operative marketing organizations, a plan for aiding and assisting
co-operative effort. A bill embodying this plan and carrying practically
the unanimous endorsement of the entire co-operative movement in this
country has been introduced in both branches of Congress. This plan,
as I have oftentimes stated, should stand upon its own merit and not be
confused or considered in connection with other agricultural measures.
Discussing agricultural surpluses in my annual report released on Dec. 7,
I laid down certain broad principles, which, in my opinion, constitute the
basis of any plan for the solution of this perplexing problem now facing
American agriculture. Dealing broadly with the subject 1 stated that it
"Is one of the major economic problems of the nation. It does seem essential
that this issue should receive broad recognition as a problem of national
Importance and, second, that public agencies should make every proper
effort to co-operate In sound workable programs looking to its solution."
I am opposed, as stated in my report, to any plan of Government price
fixing or the handling of farm products by Government agencies or officials.
On the other hand. I said that "farmers through their organizations have a
most powerful instrument to control the movement of surpluses into consumptive channels."
Again referring to my annual report, I stated that "the discussion o
the problem of surpluses is entering more and more upon common ground
and I look forward to an agreement upon the principles of a solution along
the broad lines hero suggested." I believe Cult, as things stand to-day,
the most effective machinery in sight exists in the co-operative marketing
movement. Any sound plan directed to the surplus question will be
practically certain, in my judgment, to recognize the co-operative movement and carry the approval of co-operative leaders.
A number of plans have been proposed which warrant thoughtful attendon. Former Governor Lowden of Illinois has referred to a plan
which, as I understand it. would have surpluses handled by co-operative
organizations assisted by a Federal Farm Board of parallel Importance
to the Federal Reserve Board, but in which there would be no governmental
price-fixing and no buying and selling of farm products under the control
of Government official, Secretary Hoover made an almost exactly
similar proposal two years ago with the idea of building up for agriculture
the same stability as in industry. C. R. Noyes of St. l'aul also has given a
great deal of thought to this question and has worked out the details of a
plan. Other proposals have been introduced in Congress and others are
In the course of preparation.
With the sincere feeling that a further crystallization of thought and
development of a common aim can and should be secured on this vital
problem, I have decided to call to Washington from time to time a number
of leaders who can make a contribution looking to the laying down of a
sound and effective plan. I have already issued an invitation to the
agricultural editors of the country to come to Washington to discuss the
surplus problem among other things in order that I might have the VItille
of their knowledge and experience as reflected In different sections. I
propose to call other leaders starting immediately.
Gov. Lowden of Illinois Proposes Creation of Federal
Farm Board Similar to Federal Reserve Board.
A farm relief measure proposed by Gov. Frank 0. Lowden
of Illinois calls for the creation of a Federal Farm Board,
which would utilize Government resources for the farmer,
similar to the functioning of the Federal Reserve Board for
the banks. A national inventory of farm products is also
proposed in the plan. The Associated Press advices from
Chicago Dec. 21 indicating Gov. Lowden's views, said:
Mr. Lowden thinks that the core of the farmers' problem is the disposal
of surplus crops.
"I think that just as Brazil has found a way by which its coffee surplus
Is no longer a menace, and England a method by which its rubber surplus
no longer paralyzes that industry, so we may find a means of taking from
the American farmer's back this old burden of his surplus," he said.
"I suggest a Federal Farm Board. Suppose that board found the producers of any farm commodity were sufficiently organized to be really representative of all the producers of that commodity. Suppose It should
authorize such producers to form a corporation to take care of the surplus, either
storing it to meet a possible future domestic need, or exporting it upon
the best terms available, the expenses and losses incurred to be borne proportionately by all the producers of that commodity.
"Such a board could function successfully only if It operated through
co-operative conunodity associations. It is vital to any plan that it should
JAN. 2 1926.]
THE CHRONICLE
be so framed that it strengthen and not weaken the cooperative movement,
for in that movement lies the best hope for the future of American agriculture.'
"I do not yield to the view that this Republic. through failure to reach
a sound agrarian policy, has begun to decay, and must go down as other
republics have gone down," said Mr. Lowden. "We are beginning to question the orthodox views of the so-called law of supply and demand. We
must listen to the newer economists, take the findings of scientists and use
them. It is significant that Eastern industrial leaders are now studying
the farm problem."
He said that he did not believe the farmers could ever go back to their
independence as units in civilization, or that they will be able to solve their
problem for themselves. Farming has become commercial and must be
handled on a broad commercial basis, along non-political lines, he asserted.
Administrations Farm Relief Measures to Include
Export Corporation.
In announcing on Dec. 26 that the Administration's farm
relief program will be broadened to include machinery for
handling surplus crops, the Associated Press dispatches of
that date from Washington said:
Tremendous pressure has been brought to bear recently on the Administration by the Congressional farm bloc and Western agricultural leaders
to create a Federal agricultural commission with powers to direct disposition of surplus farm crops in a way which would enable the producers to
get at least the cost of production.
Heretofore the White House has been silent on the subject, but to-day,
after the President had conferred with Secretary Jardine, which was the
culmination of a series of conferences between the two, it was disclosed
that the Administration was prepared to indorse legislation fostering the
sale of surplus crops in the export trade with a Government commission
as a directing agency.
39
taking exception to the views respecting agricultural relief
enunciated by President Coolidge in his statement before the
American Farm Bureau Federation at Chicago on Dec. 7, and
in his message to Congress last month. In noting the President's opposition to price fixing in behalf of the farmer, the
resolutions state, "if it is not unsound to fix prices on steel,
textiles and other similar commodities by protective legislation,
then why is it unsound to fix them for agriculture by the same
process?" The co-operative marketing measure proposed by
Secretary of Agriculture Jardine is also criticised; the resolutions note that the new measure is designed "to prove a
means of salvation to the farmer by supplying him with a
new and expert fund of information about the mysteries of
co-operative marketing," and says, "we desire to assure the
Secretary that it is not information we need, but a fair price."
The resolutions declare that "in the near future we will agree
upon a measure which will present the export corporation idea
in the simplest form compatible with effectiveness and which
will prove a stimulus to the great co-operative movement";
pending the submission to Congress of a bill providing for
the creation of such corporation, Congress is asked to withhold
action on the various agricultural measures before it. The
resolutions were adopted, following a two-day meeting, which,
according to the Des Moines "Register," was attended by
which
representatives of the twenty-three farm organizations
formed the federated committee of grain belt farm organizations here last May and the American Council of Agriculture,
formed a year ago in St. Paul to further the MeNary-Flaugen
bill in the last session of Congress. It is announced that a
joint legislative committee to draft the organization's export
corporation bill and further its passage in Washington was
According to advices, Dec. 27, to the New York "Journal
of Commerce" the help of banks and of private capital
would be sought for the operation of an export commission
which it is now proposed to form for the purpose of facilitating
the movement of surplus farm products to foreign markets.
named at the meeting RS follows:
This account also stated:
It is understood that President Coolidge is inclined to give his support
James Manaban, St. Paul, Equity Co-operative exchange; Milo
to measures for the organization of such a commission.
The proposed commission would operate as an agency of the Department
of Agriculture and would be endowed with broad powers to assist farmers
and their co-operative organizations to handle surplus crops so that farm
prices might not be forced to a point depriving the farmer of profit or
perhaps, entailing direct loss.
It was indicated yesterday that the Administration is prepared to support
such a program. President Coolidge, Secretary Jardine and Representative
Dickinson of Iowa,leader of the House Farm Bloc, conferred on the subject
yesterday.
This must not be taken to mean that the Administration has changed
its opinion with respect to farm relief so far as it relates to its opposition
to the Government engaging in private enterprise or in fixing prices.
A close study of the situation has been made and Administration leaders
have come to the conclusion that something must be done beyond the
passage of the Administration bill, which seeks to place the Government
squarely behind the co-operative movement and providing for the creation
of a division of co-operative marketing in the Department of Agriculture.
Co-operative Bill Not Sufficient.
It was forecast some days ago when Senator McNary accompanied the
co-operative marketing bill backed by the Administration with a bill of
his own providing for the formation of an export corporation to deal with
situations which the farmers want obviated, in presenting the matter to
the Senate, that the former would not be considered by the farm leaders
In Congress as sufficient. Senator McNary was one of the sponsors of
the McNary-IIaugen Bill of the last session, which planned to buy and
sell farm surpluses and to compensate the farmers for losses sustained
through the cutting of prices abroad to maintain fair profits at home.
Any plan to bring the Government into the agricultural business as a
partner of the farmers will be frowned upon. The seriousness of the farm
situation is realized, and the Administration leaders declare themselves
willing to do everything possible to provide a remedy, and they believe
that this can be accomplished by a co-operative movement Joined in by
the banking and agricultural interests, and backed by an information
service to be furnished by the Government, whereby the farm organizations
may at all times be apprised of the world situation, and be in position to
Interpret it for the benefit of their members.
A series of conferences with farm leaders and editors during January is
planned by Secretary Jardine. following which Congress will be apprised
of what is considered possible in the nature of a remedy for the troubles
agriculture is having with export situations.
As to the Administration's decision to agree to recognize
the need for an export corporation, Washington Associated
Press dispatches of Dec. 26 said:
The issue was brought to a head to-day a few hours before the departure
for Des Moines of the Iowa Congressional delegation, members of which
were invited to attend a meeting there of farmers and bankers to discuss
means of marketing the surplus corn crop.
Representative Dickinson, Republican, Iowa, talked with Secretary
Jardine just before he left and it is understood that the Agricultural Secretary, who had come direct from the White House, authorized the Iowa
Representative to tell the fanners of that State that the Administration
sympathized with their difficulties and was prepared to support some
measure for handling the surplus crops, provided it did not put the Government in a business and fix farm prices.
Corn Belt Farm Representatives at Des Moines Oppose
Views of President Coolidge and Secretary Jardine on
Agricultural Measures — Export Corporation
Favored—Principle of Protective Tariff
Invoked.
Declaring themselves "obliged to differ from the administration," representatives of grain belt farm organizations of the
Middle West adopted at Des Moines on Dec. 22 resolutions
Reno, Des Moines, Iowa Farmers Union; John Tremble, /Canine
Farmers Union; Ralph Snyder, Kansas Farm Bureau; H. G.
Keeney, Nebraska Farmers Union; Williqm ilirth. Missouri Farmers Association, for the corn belt committee. and George N. Peek,
William Settle, Indiana Farm Bureau; Frank D. Barton, Illinois
Agricultural Association, chairman; Charles E. Hearst, Iowa Farm
Bureau; Thomas E. Cashman, Minnesota, and Frank W. Murphy,
Minnesota.
The "Register," from which this is learned, give, as follows,
the text of the resolutions, in part, as adopted by the conference:
"The corn belt committee having been created for the express
purpose of determining the farmer's costs of production in the
various corn belt states, and these costs having been ascertained
with as much accuracy as the available c'ata made possible, we
desire to make the following suggestions to our participating
finance a
organizations—namely that immediate steps be taken to
permanent statistical department to be located in the city of Des
be
Moines, and that one or more men of the highest efficiency
placed in charge of such department. We make this recommendation because we consider it of overwhelming importance, not only
that the farmers of the corn belt should have reliable data as to
their general production costs from year to year, but also that
these facts should be impressed in a powerful way upon the general public. The railroads and all other great interests maintain
such statistical eepartments, and if agriculture expects to protect
its just rights It must pursue similar methods. And in order
that this vital matter can be placed in definite form we recommend
a
the immediate raising of a fund of $15.000 to finance such
department during the coming year and that an equitable assessment be made against the different farm organizations in the corn
belt states with this end in view.
corn
"We desire at this time to point out to the farmers of the
the
belt as well as to all farm organization leaders the menace of
of
up
clrect buying of livestock by the packers and the building
Kansas
independent stockyards of which the Mistletoe yards at
City constitute a shining example. In the final analysis all such
break
efforts have but one object—and that is to weaken and finally
only
down our great terminal livestock markets, which are the
a
preserving
means that livestock producers hive at this time of
comco-operative
competitive situation. We trust that our various
commission companies and farm organization leaders may makeevery
mon cause in these premises, and that it be impressed upon
livestock producer in a powerful way that every time he sells direct
to a packer or to an independent yam', that be is helping to destroy
and
such competition as exists in our great stockyard centers,
better
which should be preserved at all hazards until through
the
organization we can protect the livestock producer's right. In
a
meantime we ask that a special committee be appointed to make
these
in
careful study of possible effective action by Congress
premises.
the
"The corn belt committee and the executive committee of
American Council of Agriculture representing the farm organizafollowing
tions of the middle west and west join in making the
statement with reference to the national agriculture situation;
the St.
at
niac:e
and in this connection we repeat the declaration
is
Paul conference in 1924—namely that the agricultural question
fundamentally economical rather than political.
Hit Present Tariff Act
is
"We do not concede that the existing Fordney-McCumber act
of great benefit to agriculture as a whole. On the contrary, the
staggering burdens imposed upon the consumers of the country
through this act fall as heavily upon the farmer as upon any other
class—on the one hand the farmer pays his full share of the
heavy tariff tribute upon practically everything he buys, while on
the other hand the price of his great surplus commodities is fixed
in the world markets. The living standard of organized ineustry
40
THE CHRONICLE
and labor is the highest and most generous any nation has ever
known, while the living standard of the farmer is rapidly becoming
that of the world farmer. And therefore, what virtue has the
boasted home market? At this hour this home market is offering
the corn belt farmer 55 cents and 60 cents per bushel for his corn,
when it costs him more than twice this much to produce it. Also
we hope we will be pardoned for our skepticism when we refuse to
become elated over reference to certain articles that are on the
free list, such as farm machinery, binder twine, etc., in which lines
our American manufacturers dominate the world markets and
therefore control the domestic price.
"If the existing tariff is such a boon to agriculture then how can
the fact be explained that, although this tariff has been in operation for five years, agriculture is at this hour staggering on the
brink of complete collapse? With all due respect to the president
we desire to say that the farmers of this country know the source
of their difficulties—they know that on the one hand they are
carrying the heavy burdens of the protective system and sustaining the generous wage scales of organized labor, while on the
other hand they are meeting world competition which inc:ustry and
labor refuse to meet, and in these premises we demand of the
sixty-ninth congress that it enact legislation that will assure the
same degree of equality for agriculture that industry and labor
have so uncompromisingly demanded and received for themselves.
If it is not unsound to fix prices on steel, textiles and other similar
commodities by protective legislation, then why is It unsound to fix
them for agriculture by the same process? If it was not unsound
to vouchsafe the Adamson law to organized labor, then why be so
horrified at specific legislation for the nation's great basic industry? If it was wise on the part of congress to stabilize our banking system through the Federal Reserve act and our transportation
system through the Esch-Cummins act, then why not indulge the
same solicitude for the 40,000,000 people who live upon the farm
and whose purchasing power is so vital to our myriad mills and
factories?
[Vol.. 122.
Conference Held at Instance of Iowa Bankers' Association
Endorses Price Fixing in Behalf of Farmer and
Export Corporation—Views of Sen. Cummins.
At the instance of the Iowa Bankers' Association, measures
for the relief of the farmers of the corn belt vere considered
at a conference held at Des Moines on Dec. 29—the program
of relief legislation which was decided upon, according to Associated Press dispatches, being as follows:
The first of the suggestions adopted was an indorsement of a
farm products export corporation.
Second was a resolution asking for legislation to enable the
farmer to sell his products at a fair profit, that is, secure prices
for farm products cos.parable with the prices the farmer pays for
the things he buys which are tariff protected.
Third, an appeal for the removal of discriminatory legislation
against use of corn sugar in preserving.
Fourth, appointment of an advisory committee by Governor John
Hammill to call a corn belt conference of representatives from
eleven States within thirty days.
Fifth, organization of a Federal agricultural board to assist
agricultural areas in co-operative marketing of their products.
Sixth, send a copy of this program to President Coolidge,
Congressmen and Cabinet members.
The text of the export corporation resolution was as follows;
"In view of the post-war reversal of trade balance between the
United States and Europe, we favor some sort of export plan or
corporation applicable to all agricultural products which will
furnish effective basis for prosperity in Iowa and other States."
The dispatches state that the Farmers' Union, in the name
of a million corn belt farmers, wired the President that the
conference called by the bankers was not representative of
the agricultural interests of the State. The real issue, said
Must Choose COUr80
"Finally on this score we desire to say to Congress that the the Farmers' Union telegram, is the "cost of production" of
time has come when it must choose between one of two alternatives agricultural products, and they expressed resentment over the
—if industry insists that it cannot exist without the tariff, then "presumptuous interference on the part of non-agricultural
it must take agriculture in on the deal. And failing to do this, groups."
It should not blame the farmers of the United States if they invoke
Indicating that the conference was prompted by the acute
the principle that self-preservation is the first law and if thus
they should declare open war upon the protective system. And agricultural problem in Iowa—"a big surplus of corn and low
In saying this we will not forget the real friends of agriculture in prices for it"—the Associated Press advices already quoted
Congress In the days to come.
"In this connection we desire to remind the farmers of the South also had the following to say:
Many of the speakers strongly advocated price fixing, by an
that the time has come when corn, wheat, cotton, livestock and
tobacco should make common cause and when we should fight our export corporation or other governmental agency, especially former
Secretary
E. T. Meredith, of the Department of Agriculture. MX.
battles side by side. We do not ask for special privilege or subsidies—we ask only that Congress shall assure to the farmer a Meredith's relief plan would have the crop price on corn, wheat,
dollar of the same purchasing power as the dollar it has so freely sugar, cotton, wool and butter fixed in advance by a Federal
agricultural board, as the products of other industries are priced,
granted to industry and labor.
so the farmer might know in advance what he would receive for
his labor, just as the worker in other industry knows his wage.
Cite Farm Bankruptcies
Altogether there were twenty-one speakers, and these described
"And verily the man or set of men who deny this heartfelt plea a variety of solutions
for the guidance of the resolutions comof agriculture assume a frightful responsibility. Already hun- mittee.
dreds of thousands of farmers have been sold out by the sheriff,
The bankers were taken to task by Senator Brookhart. He
while many thousands of others will suffer a similar fate before blamed the bankers for the deflation of the farmer live years ago,
relief can possibly come. Already more than 2,000 rural banks deflation which, he said, took $37,000,000,000 off farm value and
have been forced to close their doors, while the shadow of insol- only $18,000,000,000 off other industrial valuations. He urged
vency is hovering over hundreds of other banks which only a little the conference to get behind the program adopted. by a group of
while ago were the pride of their communities. Therefore let those twenty-four farm organizations here last Monday and advocated
who by plausible pretext seek to minimize the wrongs of the legislation to remove the discrimination against agriculture in
farmers pause before it is too late—let them have a care lest their transportation and credit.
attitude not only assure the final and complete collapse of agricul"Every tariff protected industry benefits by Government price
ture but also a condition of affairs which in the not distant future fixing," said Senator Brookhart. "Why the bogey when price fixing
will bring distress to every great industrial center.
for farm products Is mentioned?
"Railroads benefited by price fixing both in their capitalization
Tired of Information
and their rates. The value of the railroads was fixed at $13,"In this connection and with a degree of amusement which shows 000,000,000, but Wall Street experts said you could buy all their
that, despite our tragic condition we still have a sense of humor securities for $12,000,000,000. Since the last election their securleft, we note that the new measure sponsored by Secretary Jardine ities have advance $3,000,000,000, but this prosperity hasn't hit the
is to prove a means of salvation to the farmer by supplying him farmer yet."
Senator Cummins indorsed "the principle which has come to be
with a new and expert fund of information about the mysteries of
co-operative marketing. And in these premises we desire to assure known as the McNary-Haugen bill."
"What the individual farmer cannot do to relieve his condition,
the secretary •that it is not information we need but a fair price.
As a matter of fact we never had so much information in our when it needs to be done, the Government must do," said Senator
life—it is about all we have left. But we wonder if when the Cummins, "whether it is price fixing or not. I do not think the
Fordney-McCumber act was under debate in Congress some one had export corporation 19 the beet plan, but I am willing to take that
moved to substitute a bureau of information, whether this would plan. I favor the appointment of a farm board, with power to
have been satisfactory to industrial New England? Also we fix and buy the surplus of any crop, and dispose of it at a price
wonder whether organized labor would have been content with to the reducer, equal to the foreign price plus the American duty."
mere information in lieu of the Adamson law?
"Speaking for the united farm organizations of the middle west
Corn Pool Formed by Iowa Growers.
and west which represent not less than 1,000,000 farmers we
hereby desire to say that in the near future we will agree upon a
The following is from the New York "Journal of Comwhich
will
present the export corporation idea in the
measure
simplest form compatible with effectiveness and which will prove a merce" of Dec. 26:
stimulus to the great co-operative movement; and having agreed
The,movement to form an Iowa corn growers' pool has already
upon the terms of this measure we will ask the farm organizations drawn support from 40,000 Iowa farmers. The New York
of the United States to join us in asking for its passage by the representative of a large Western grain house said that the unSixty-Ninth Congress. And until such time we ask our friends in doubted success which has attended the formation of the Nethe House and Senate to postpone consideration of the various braska corn pool, headquarters at Lincoln, was the stimulus which
agricultural measures which have been offered during recent days has united 40,000 Iowa producers in the Iowa pool, which has its
or which may be offered in the immediate future.
head office at Des Moines. He added there could be little doubt
that the corn pool movement will extend to Illinois, with pool
Praise Legislatures
headquarters also at the State capitol, and that the growers of
"This conference desires to take cognizance of the enheartening Ohio, Indiana and the other chief corn producing States would
legislatures
of
twelve Western states which have lent also fall in line at their capitols.
action of the
In the wheat export trade in the New York Produce Exchange
the strength of their Indorsement to the demand for a method of
making the tariff effective for agriculture. The conference extends it is said that in view of by no means abundant other forage
the appreciation of the 1,000,000 farmers for whom it is authorized crops and of short potato and other table food crops, the effect
of the formation of State corn pools, necessarily operating together
to speak.
"We commend the governor of South Dakota in calling a con- in marketing, on wheat prices gives special importance at this time
Governors,
which
has
Mid-West
resulted
in
the efforts to extend the Nebraska plan to the whole corn belt.
the
their
to
ference of
unqualified adherence to the proposition that the protective system While the export trade looks on corn prices as on "a strictly doshould be extended to include the crops of agriculture of which we mestic basis," with the American consumer the payer, it believes
produce a surplus if the protective tariff is to be retained for pool controlled corn prices would impart even more strength to
industry. The voice of these men is the voice of the great agricul- the American cash wheat market than it now has.
As it is understood, the Iowa corn pool promoters plan for a
tural region for which they speak. We consider that such a promembership of 140,000. They have been informed their object
nouncement cannot be ignored."
JAN. 2 1926.] ,
THE CHRONICLE
"to market orderly" is approved at Washington. Banking facilities on a scale commensurate with the pool's operations have been
tendered. A recognized individual authority in grain marketing
has been invited to act as the market adviser of the pool at Des
Moines in completing the organization of the pool and throughout
the marketing of the 1925 crop.
The arrangements for establishing a credit of $5,000,000 to
aid in the marketing of the Iowa corn crop, and the creation
in Iowa of two national agricultural credit associations, were
mentioned in our issues of Dec. 5 (page 2702) and Dec. 26
(page 3072).
National
Agricultural
Credit Corporations
Income Tax.
Subject
to
It was made known on Dec. 25 that under a ruling
by
Solicitor of Internal Revenue A. W. Gregg, national agricultural credit corporations are held subject to Federal income
tax. Associated Press advices from Washington indicating the
conclusions of the Solicitor General, said:
When the ruling became known today observers saw it as a
new element in the whole rural credit problem.
Mr. Gregg's ruling has not been made public by the Internal
Revenue Bureau, but it has been circulated within the bureau,
thus making it effective at once and entailing an immediate study
of a number of returns under the Revenue Act of 1924.
The ruling held that, if the agricultural credit corporations were
entitled to exemption at all, this must come under Section 231 of
the act, and then asserted:
"National agricultural credit corporations are not exempt from
income taxation under Section 231 of the Revenue Act of 1924."
Attention was called in the ruling to the fact that Section 231
specifically carried into the Revenue Act exemptions granted certain
forms of mutual and governmental agencies of finance. It was
suggested as sinificant that the provision which authorized the
formation of the national agricultural corporations failed to mention the exemption from taxation which bad been granted to Federal intermediate credit banks, Federal farm loan associations and
Federal farm loan banks as applicable to the newly authorized
agency.
"This distinction," the ruling explained, "with respect to the
Federal Intermediate credit banks, on the one hand, and national
agricultural credit corporations, on the other, would appear to be
due to the fact that the stock of the former organization is owned
wholly by the Government and controlled by the Federal Farm
Loan Board, whereas the latter organizations are privately owned
and controlled. Furthermore, the national agricultural credit corporations differ from national farm loan associations in that
stock ownership in the latter is limited to borrowers on farm land
mortgages.
"To summarize, It is apparent the intermediate credit banks are
Federal governmental agencies and the reason for their exemption
is obvious; that national farm loan associations operated substantially as mutual building and loan associations, which are
exempt under Section 231 (4), whereas the national agricultural
credit corporations are organized as ordinary corporations for
profit, having a capital stock represented by shares upon which it
may distribute profits in the form of dividends. It is accordingly
held that national agricultural credit corporations are not exempt
from income taxation under Section 231 of the Revenue Act of
1924."
41
from which reliable information:may be obtained, how much of
this present crob is below low middling, which is the lowest grade
that can be delivered on contract..
"I will also ask that the department, through its Crop Reporting
Board, ascertain as near as possible and inform the Senate, what,
in their opinion, is the percentage of low middling, that in the ordinary parlance of the trade is called spinnable, so that we can
publish figures which will tell all persons interested just what is
the extent of the commercial crop of spinnable cotton."
Senator Smith believes that the department will have no great
difficulty in securing this information, pointing out that in all probability 85% of the crop not consumed is already in the warehouses
and that insurance thereon is based on the grade of the cotton.
On Dec. 17 a series of bills was introduced by Senator
Heflin of Alabama (Democrat), the New York "Journal of
Commerce" indicating as follows their purport:
Four separate proposals dealing with the subject of cotton reporting were presented to the Senate today by Senator Heflin of
Alabama. One of these provides that beginning with the United
States cotton crop of 1926 it shall be the duty of the Cotton Crop
Reporting Board during that and each succeeC.Ing year to gather
information and make monthly estimates of the amount of cotton
that will be consumed In the various manufacturing establishments
and the number of bales of cotton that will be exported.
With a view to preventing duplication in reporting the number
of bales of cotton on hand at the manufacturing establishments,
Senator Heflin would provide that •the gin reporters, whose duty
It is to report these "on hand" stocks, shall ascertain whether the
bales reported are those of actual cotton stored on the grounds
or in the locality of the factory, or are bales bought but still
stored in the warehouses of another State or locality. It would
be made the duty of the gin reporter to report only the actual
number of bales stored in the warehouses and storage places of
the cotton factories in the county for which he reports.
A third bill provides that hereafter, before the Secretary of
Agriculture makes a report of the number of acres planted in
cotton he shall cause to be made a census of the actual number of acres planted In cotton in 1926.
The fourth measure seeks to provide a method for gathering and
transmitting reports of cotton ginned and other reports regarding
cotton. It provides that during the year 1926, and in each year
thereafter, all reports of the quantity of cotton ginned in the
United States shall be made In writing by the local gin reporters
and each and all such reports signed, sealed and mailed by the
local reporters to the Bureau of the Census. The other reports
provided for by the Act of July 22, 1921, shall be made and •
transmitted to the bureau in the same manner as the gin reports,
and the report on the quantity of linters shall be made and ribfished separately and apart from that of cotton.
It was announced on Dec. 17 that Senator Harris of Georgia
had introduced a bill to permit senators and members of Congress and a representative of the Secretary of Agriculture of
any State to be present while the Cotton Crop Reporting
Board is in session and preparing its report. The following,
regarding the views of Senators Heflin and Harris, was contained in special advices to the "Journal of Commerce" from
Washington. Dec. 10:
Asserting that he will seek a thorough investigation of the
Crop Reporting Board and the Ginning Reporting Board, Senator
Heflin of Alabama in the Senate today flayed both ef these Government agencies and declared that he could not understand some
of the crop estimates on cotton, adding that they looked very
suspicious to him. The Alabama Senator was takn to task for the
severity of his remarks by Senator Harris, of Georgia, who declared that the former was not offering anything constructive
when he sought, as he said, to bring about what would practically
be a prohibition against the issuance of cotton crop reports.
The Georgia Senator stated that he was not altogether satisfied
with some of the reports that have come from the Department of
Agriculture but Instead of desiring to prohibit them be wants
to improve them. "The difference between the Senator from
Alabama and myself is that I do not believe in tearing down
a house because there are some rotten timbers in it," he explained.
"I believe in taking out those timbers, perfecting the structure
and building a strong, good house. I do not believe in tearing
down the law and the cotton reports, but in improving them."
Gambling is caused by uncertainty, he said, indicating that
gambling would be fostered if the reports were prohibited. As
long as a cotton report is two weeks off, the speculators get their
private information and profit because they have more informstom than the farmer has, and for this reason, he asserted, hie
bill should be adopted. Under the terms of this legislation, ginning
and condition figures would be made public upon their receipt here
by the Department of Commerce and the Department of Agriculture, respectively.
"Two years ago the law was changed, providing for semimonthly reports," he told the Senate. "The Government's estimate was less than the amount of cotton produced. That should
have helped the cotton producers In the South, and it did help
them, and on one of the Government's estimates two years ago
cotton in the farmer's hands went up $100,000,000—but you did
not hear anybody say how much good the Government had done.
Whenever cotton goes down, however, the farmer is dissatisfied,
and as the farmer has a great many friends among us, and we
are naturally anxious to please him, we do not remind him of
the good these reports have done, and the millions the cotton
producers have made by these reports."
Senator Heflin contended that too much power bad been put
into the hands of this board. Senator Smoot, Republican, Utah,
stated that if the Southern Senators felt they wanted the reports
discontinued that could readily be accomplished.
Bills Introduced by Senator Heflin and Others to Amend
Law Governing Cotton Crop Reports.
Numerous measures proposing to amend the law governing
the issuance of cotton crop reports have been brought before
the new Congress. With the opening of the session on Dec. 7,
Representative Brand of Georgia introduced a bill to repeal
the law under which these reports are made. On that date
the New York "Journal of Commerce" announced the following from the Washington Bureau:
Representative Aswell, of Louisiana would substitute for the
present reports monthly condition reports covering the cotton
crop during the growing season, with one final report of facts
as to the size of the cotton crop issued on December 10. This bill
proposes the placing of three experienced cotton producers on the
Crop Reporting Board.
Representative Black of Texas also Introduced a bill to repeal
the law which requires two Government cotton crop estimates
each month during the marketing season and to provide that hereafter only one such Government crop report shall be issued a
month, beginning September 1 and continuing to January 1. Mr.
Black contends that the present method of two estimates a month
Is too frequent and makes for uncertainty and instability in the
market.
He also introduced a bill requiring the ginning reporter in each
country, when gathering ginning statistics after October 1 of
each year, to find out what part of the total ginnings are of
snapped cotton and bellies.
Mr. Black's bills will be referred to the Committee of Agriculture. where he will press them for consideration.
Regarding a resolution proposed by Senator Smith of South
Carolina, we quote from the same paper the following Washington advices of Dec. 16:
Information as to the actual amount of spinnable cotton in the
1925 crop is to be sought from the Crop Reporting Board. Department of Agriculture, under the provisions of a resolution to
be presented to the Senate tomorrow by Senator Smith of South Secretary
Jardine's Letter on Cotton Quality—No Official
Carolina.
Data Given—Refers to Private Estimates Averaging
"I am going to ask the Senate to adopt my resolution that we
3,500,000 Bales Untenderable.
may know just what sort of crop we have this year," said Senator
Smith. "My resolution will direct the Department of Agriculture,
The Wall Street Journal of Dec. 22 printed the following
through the Crop Reporting Board, to secure from any source from its Washington Bureau:
42
THE CHRONICLE
Pull text of the letter written by William M. Jardine, Secretary
of Agriculture, to Senator Smith, of South Carolina, on the amount
of cotton below middling grade in this year's crop, follows:
"Referring to your telephone request of the cotton division of
this department, it is understood that you desire some data on the
percentage of this year's cotton crop which is expected to fall
below the lowest grade and staple length deliverable on future
contracts and the approximate percentage of the total crop which
may be unspinnable.
"I regret that the Department of Agriculture is without definite
Information of these subjects.
Private Estimates
"A private statement that has come to us recently shows estimates of the untenderable cotton of this season's crop to range
from 2,500,000 bales to 4,500,000 bales, with the average of several estimates about 3,500,000 bales. This includes cotton that is
below the lowest tenderable grades and cotton that is less than %
of an Inch in length of staple. The department has estimated the
1925 cotton crop at 15,603,000 bales of 500 pounds, of which
the census reported there were ginned to December 1, 1925, 13,857,686 running bales. This leaves about 1,750,000 bales of cotton to be ginned before the final ginning report, on March 20, 1926.
Presumably, the cotton remaining yet to be ginned will be of the
lower grades and much of it untenderable. It is a safe assumption that no crop in recent years, barring possibly that of 1920,
bee contained so large a proportion of low-grade cotton of all
descriptions or such a proportion of the excessively low grades
In particular.
"With reference to the proportion of the crop which is 'unspinnable' cotton, it might be said that this term is often used
Inappropriately to mean cotton of very low grade. Practically all
cotton, even of the lowest grades, is spinnable and is eventually
used in the manufacture of coarse yarns and goo(. The °ejections to the use of extremely low grade cotton are its comparatively large waste content, Its iuferior finishing properties, reduced mill production and dissatisfaction created among mill
operatives, due to the greater amount of dust and fly and the
lower earnings of those employed on a piece-work basis.
[Vor.. 122.
curtain on the workings of the Internal Revenue Bureau on a large number of important tax cases.
Show Up Defects of Law.
Mr. Couzens, who largely directed the course of the investigation, and
who has for months been at war with Secretary Mellon, brought the inquiry
for the purpose of demonstrating that there were many weaknesses and
defects in the administrative features of the tax laws and that the administration of these laws by the Bureau of Internal Revenue was open to
sharp criticism.
It was charged at the time the inquiry opened that Senator Couzens was
really gunning for Secretary Mellon. Now that the evidence is made
public, it will be extensively used both in the House and Senate in an
effort to force changes in the administrative features of the tax laws.
Later Senator Couzens will file a report in which he will make recommendations. This report may or may not be joined in by others of the committee. Senator Couzens is expected to take a leading part in the tax
debate, especially with reference to administration and administrative features.
The charge made in general by the critics of the Bureau of Internal
Revenue and the Treasury Department is that the Government has lost vast
sums, running into the hundreds of millions, by rulings and decisions in
favor of great corporations and other large payers of taxes. It is charged
that great oil concerns have been especially favored in the matter of depletion and that repeal of the present oil depletion provisions of the law and
improvements in respect of administration would alone save the Government vast sums.
The New York "Times" under a Washington date Dec. 10
said:
The testimony was taken in secret during the last session, and between
the adjournment on March 4 and the reassembling of Congress. The record
is made up of nineteen volumes, fifteen of which already have been published. Four more remain.
On the 11th inst. the American Mining Congress in session at Washington adopted a resolution, says the "Times,"
in which it denounced the "secret proceedings" of the Senate
Committee and charged that the mining industry had been
subjected to unjust public attacks consequent upon disNo Reliable Data
taken at proceedings in which corpora"Surveys of the kind your inquiry suggests have been unc'er, closures of testimony
taken from time to time in the past, when specifically requested tions affected were not represented or afforded opportunity
by Congress. A good deal of difficulty has been experienced in to present facts.
securing dependable data, due to lack of uniform classification
In the testimony made pubic on Dec. 10, it Is charged (we
and the consequent uncertainty as to the comparability of reports. This obstacle has been largely removed by the cotton quote from the "Herald Tribune") that the Government
futures act and the cotton standards act, under which the official lost $4,590,385 in taxes from the Gulf Oil Co. for the years
standards have within the past two years become thoroughly
1919, when Andrew Mellon, now Secretary of
established. The department regards the regular compilation and from 1915 to
the Treasury, was its principal owner. The same paper, in
publication of data of this kind as highly desirable."
an item from its Washington Bureau Dec. 11 said:
Senator Smith is chairman of the special committee, composed
Inferences in testimony contained in the report that Secretary Mellon
belt,
cotton
the
in
state
each
from
of a Senator and Representative
influenced tax decisions in the Gulf Oil Co. case which resulted in the loss
legislation.
cotton
recommend
to
of more than $4,000,000 to the Government were denounced by David H.
The letter was written before the ginning figures for the period Blair, Commissioner of Internal Revenue, to-day.
DecemDecember 1 to December 13 were issued. Ginnings up to
Mr. Blair, in an official statement, declared that the Gulf Oil tax case
ber 13 were 14,826,452 running bales, which, deducted from 15,- was settled before Secretary Mellon assumed office and before he could
the
before
ginned
be
to
bales
877,000
have had any influence over the Bureau of Internal Revenue.
603,000 bales, leaves about
final ginning report, on March 20, 1926.
Denies Mellon Part in Gulf Ore Case.
"The Couzens Committee," said Commissioner Blair, "has filed with the
Senate a report of some of its hearings from which the newspapers have
taken a part. Specific and complete answers to the criticisms made by
representatives of the committee of the Bureau of Internal Revenue were
made at the committee hearings, and I assumed appear as parts of the testimony filed by the committee with the Senate. I do not desire now, therefore, to go again into the merits of the criticisms made by representatives
of the committee, Some of which are carried in the newspapers.
"Since, however, the inference may be drawn from statements made at
the hearings by representatives of the committee that Secretary Mellon
dent Harding on March 3 1923. The fact that he had retired influenced the decision of the Bureau in the Gulf case, I simply wish to
was indicated in a copyright message from Madrid Dec. 15 state that this case was settled before the present Administration came into
office and before Mr. 3 ellon became Secretary of the Treasury and before
to the New York "Times," which said:
he could have exercised any influence over the bureau."
In a special farewell audience with King Alfonso this morning, AmbassaAs to the alleged disclosures in the Gulf Oil Co., the
returndor Moore informed the King that he had resigned his post and was
"Herald Tribune" account of the 10th ult. said:
ing immediately to the United States.
The King was greatly moved by the news, as the relationship between
Engineers of the committee presented evidence that the company had
• the Ambassador and the royal family has been one of more than official paid $10,320,444 in taxes and then got a refund of *3,996,080, when, they
character.
allege, additional taxes of 2594,306 should have been paid.
"Besides being Ambassador, you have always been a friend," said the
From the same account we take the following:
King in saying good-bye. "Your kind sympathy and friendly manner have
obtained everything for your country. Moreover, you have always helped
Other Charges Made.
us and been a great friend."
Other charges were that division chiefs of the Internal Revenue Bureau
Then, before a large gathering awaiting a royal audience, King Alfonso
had defied Commissioner Blair in settlement of the Standard 011 Co. of
at the door of his reception room, gave the Ambassador a close brotherly California case, which involved
$3,378,000 in direct taxes and $25,000,000
hug, appearing much moved by the parting.
indirect taxes; that the Sinclair Oil Corporation had not yet settled its
in
An official statenTent Issued by the Government press last night eulogized
tax case for 1916, due to the granting of numerous delays, and that a tax
Mr. Moore's work in a manner never before done to any foreign diplomat.
on a $6,000,000 profit in the sale of Oklahoma oil lands in 1916 had been
The Ambassador leaves Madrid Dec. 20 for Paris, sailing on the "Berenlost by the statute of limitations due to Bureau inefficiency and delays.
garia" Dec. 30.
Gulf Case Conspicuous.
Mr. Hammond was born in Louisville, Ky., Oct. 13 1869. His father,
The Gulf Oil Co. case, both in the evidence presented to-day and in the
John Henry Hammond, was a general in the Union Army, serving on SherTreasurer
as
discussions which will be waged in Congress, stands out prominently beman's staff. He located in New York in 1907; later he served
of the New Jersey State Republican Committee, and in 1916 he was a cause of the relations of Secretary Mellon to this company.
The engineers who testified for the committee were A. H. Fay and L. H.
delegate to the Republican National Convention.
Parker. Mr. Fay some years ago was head of the Natural Resources Divi.
sion of the Bureau of Internal Revenue. L. 0. Manson was counsel for the
Losses to Government in Tax Refunds to Oil, Mining committee, and A. W. Gregg, then Solicitor of the Bureau, represented the
Bureau. Ernst & Ernst, of Cleveland, auditors, prepared the case for the
Companies, &c., Charged by Couzens Concompany.
gressional Committee.
The Gulf 011 Co. includes the various subsidiaries of the Gulf company,
Senator Couzens, of Michigan, laid before the United such as the Gypsy Oil Co., the Gulf Reduction Co. and the Gulf Refining
Co. The question involved in effect is the valuation put upon oil leases.
States Senate on Dec. 10 the report of tale Select Committee The property involved in this case amounts to 694,000,000, and it is
alleged
on Investigation of the Bureau of Internal Revenue, of that because of excessive depletion allowances the Government had been
in taxes. The tax case of the company
44,000,000
than
more
of
deprived
the
we
Regarding
investigation,
Chairman.
which he is
for the years subsequent to 1919 Is not taken up, as it is still in the hands
quote the following from the Washington advices to the New of the Bureau.
Claims Excessive Valuations.
York "Herald Tribune" Dec. 10:
The evidence contains, on page 2795, a statement by Mr. Fay to the
Senator Coueens presented four large volumes of evidence, which up until
to-day had been kept a secret, due to the law against making tax affairs Couzens Committee in which he alleges the Gulf Oil Co. or corporation
public. By filing the material with the Senate Senator Commis raised the should have paid the Government in excess of $4,000,000 more than it did.
Resignation of Alexander P. Moore as Ambassador to
Spain—Ogden H. Hammond Named as Successor.
Ogden H. Hammond was on Dec. 18 named by President
Coolidge as Ambassador to Spain, succeeding Alexander P.
Moore, resigned. The Senate confirmed the nomination on
Dec. 21. Mr. Moore had been appointed to the post by Presi-
JAN. 2 1926.]
TILE CHRONICLE
Mr. Fay holds that the company was allowed an excess valuation of approximately $50,000,000. Mr. Fay said: "As brought out in the hearings
Gypsy
on Feb. 27 1925, the Department set up valuations for lessors of
leases. While on a basis not entirely approved by the engineers of the
committee, they have been accepted as within the law and regulations for
the purpose of determining the value of the Gulf Oil Corporation's properties.
"A check of the discovery valuations allowed for the Gypsy and Mexican
companies shows that the valuations claimed and allowed were at least
for 116% in excess of what they should have been. This figure applied
to the total of $94,000,000 shows an excess valuation of approximately $50,000,000 was allowed on discovery alone. This $94,000,000 is being written
off the company's books through depletion at the rate of $10,000,000 to
$12,000,000 a year, and income to that extent will be tax free. Had the
case been placed on the same basis as other taxpayers' cases, the depletion
would be reduced to approximately $4,600,000 to $5,000,000 a year.
Detailed Figures Given.
"Since the Department allowed the Gulf Oil Corporation excessive valuation to the extent of at least 116%, the depletion allowances both for
March 1 valuation and discovery valuation are excessive for the years 1917,
1918 and 1919 to the extent of $13,677,454. The revision of the tax
payers' A-2 letter of Feb. 28 1921, as per exhibit 2, shows that the additional tax for 1917 based on the revised depletion is $519,184 32; for 1918,
$3,106,073 99, and for 1919, $965,127 80, or a total additional tax of
$4,590,385 61.
The taxpayer had paid for the year 1915 to 1919, inclusive, $10,320,444 36. Additional taxes prior to 1915 amounted to $31,277 52, making
the net over assessment $3,996,080 18, for which credit and refund claims
were allowed. While the principal owner was the Secretary of the Treasury, settlements were agreed to under Section 1,312, 1921 Act (Art. 1,141,
reg. 62), on Aug. 11 1923 by Acting Secretary of the Treasury Gilbert..
It therefore appears that a careful checking of the taxpayer's valuation
reports and placing them on the same basis as other taxpayers with reference to hazard factors, price of oil and discount rates, this taxpayer should
have paid over his original payments at least $594,305 43, instead of being
given a refund of $3,996,080 18, as shown above.
Undue Floats Alleged.
Fay first alleged that the case was handled with excessive speed and was
rushed through the Department with no adequate check and that the valuation reports were accepted as prepared by the taxpayers. It was testified
In earlier hearings that this was done at the request of Secretary Mellon because he desired the case closed before he became Secretary of the Treasury.
The case began on Jan. 22 1920 and on Dec. 13 1920 the work of the
case was concluded. Fay says "this valuation was recommended for acceptance of Dec. 13 1920, after a period of about twenty working days in
which to determine the correctness of the valuations of hundreds of leases
to the extent of more than $93,000,000. In the ordinary course of procedure in the valuations section, a proper check on the report of this magnitude would have taken from ten to twelve months, yet in this particular
case it was passed in less than twenty days."
Fay then adds that after the case was worked up in the field and sent to
Washington for review, "the case was closed within seven working days
when many other cases of this magnitude required one year to two years,
and even now some are still pending."
Referring to this, Gregg says that Fay was wrong in his criticism, because auditors of the Bureau worked right along while the case was being
worked up. He said the auditors worked with the company auditors so that
the company auditors would know just how the Bureau wanted the case
presented. Manson replied to Gregg that Fay and he contended the field
auditors' report was reviewed in Washington within six days.
With reference to the Bureau auditors working with the company auditors, Manson said the Bureau officials apparently got the idea of how the
taxpayer wanted to file his schedule.
Standard Oil Case.
The Standard Oil Co. of California case involves, according to evidence
of Mr. Manson, a refund for the year 1918 of $3,378,000. He said it
would establish a precedent that would result in loss by the Government of
about $25,000,000 in taxes. It is still an open case, the evidence says. It
was brought out that there was a wide difference of opinion in the Bureau
and that the oil section and head of the engineering division of the Bureau
insist the company is entitled to a refund of $3,378,000, while Commissioner
Blair is opposed to it and likewise the Solicitor. The disagreement among
Department officials is as to the right of the taxpayer to file amended
returns for 1918 and succeeding years, the basis for which is a change in
accounting methods whereby development expenses shall be charged to
expense instead of being capitalized as in former years.
The Sinclair Consolidated Oil Corporation case was presented on behalf
of the committee to show the delay of the Bureau in handling cases. The
Sinclair case is not closed as yet for the year 1916. For 1918, 1917 and
1918 an additional assessment of $5,000,000 made by the Bureau is now
protested by the taxpayer and no final action has been taken.
With regard to the disclosures in that part of the report
made public Dec. 11, the "Herald Tribune" had the following to say:
Yesterday's disclosures related to oil companies, while those made public
to-day relate to different lines of industry. One of the foremost cases
Illuminated to-day is that of the 'United Verde Extension Mining Co., a
e0PPer concern.
United Verde Saved $721,260.
According to the evidence, the company has been saved $721,260 82 in
taxes for the year 1917. The ore bodies of the company are in Arizona, but
the offices of the company are in New York. The evidence shows that at
one point in the hearing, L. C. Manson, counsel for the committee, declared he believed "that this is a clear case of fraud," referring to certain
' phases of the tax settlement.
Excessive depletion allowance is one of the criticisms of the handling of
the case to be found in the statements made to the committee by Mr.
Manson.
It appears in the evidence that the company was given a $40,000,000
value on ore deposits unknown March 1 1913, and for which only $525,000
was paid. The company made many efforts to prevent the changing of an
assessment which Mr. Manson says was tentative, and finally succeeded.
It further appears that Chief Engineer Greenidge, and Deputy Commissioner Bright, of the Bureau of Internal Revenue, ordered the case closed
despite the protests of subordinates. This was in 1923.
In opposing the efforts of the company to prevent additional assessment
et $721,280 82, John A. Grimes, Chief of the Metals Engineering Section
of the Bureau, recommended that the taxpayer's claim be disallowed and
the tax assessed "because of gross error in the tentative assessment as a
43
result of misrepresentation by the taxpayer, and that there was no evidence
that such assessment was final."
Manson's statement, is given out in the evidence made public, sharply
reflected on both Greenidge and Bright. Mr. Grimes put a memorandum
in thh records, in which he charged Greenidge and Bright "violated their
oath of office in recommending that this case be settled on the basis of the
original tax paid and further violated the trust which was conferred on them
by their superior officers."
The New York "Times" stated that in the volume of
printed testimony given out on the 11th ult. approximately
95 tax cases are discussed, the amounts involved ranging
from $25,000 to $721,260 82. The following is also from
the "Times":
The name of Canal Thompson, Assistant Secretary of the Interior in the
Taft Administration, was mentioned in the case of the Martin Iron & Steel
Co. of Ironton, Ohio. The question at issue here was over a blast furnace,
the company claiming refund for "obsolescence." The allowance of $178,719 in depreciation granted by the income tax unit on the scrapping of
the blast furnace was not permitted by law when it was authorized, according to counsel for the committee.
Criticisms were made in the unit's decisions in the cases of the Wither.
bee Sherman Co. of Port Henry, N. Y.; the J. I. Case Threshing Machine
Co. and Dill & Collins, a Philadelphia concern. According to Mr. Manson,
the action of the Government engineers in fixing a value of $4,892,003
on ore deposits of the Witherbee-Sherman Oa, while the review committee
later jumped it to $10,500,000, clearly illustrated the fallacy of the Government's valuation theory.
The formula of the unit in measuring amortization was attacked in the
claim of the Case Threshing Machine Co. The tax involved in this proceeding, according to Mr. Manson was $174,000. The deductions allowed,
He made a similar criticism of the de.
tie insisted, were not justified. '
predation allowance granted to Dill & Collins involving a tax of 285,000.
Stating that hearings in more than a dozen tax cases in
Which were involved millions of dollars were made public
by the Couzens Committee on Dec. 12, the dispatch from
Washington to the New York "Times" on that date added:
The Pressed Steel Car Co. of Pittsburgh, the Anaconda Copper Co., the
American Blower Co. of Detroit, the Phelps-Dodge Corporation, the Roessler
& Hasslacher Chemical Corporation and the Little Estates Corporation of
New York were the principal cases reviewed in these hearings, which were
held in March and May of last year.
J. Walter Drake, Assistant Secretary of Commerce and former Seeretary
of the Navy Denby were named in the hearings of the American Blower
Co. case as having communicated with the office of the Commissioner of
Internal Revenue in proceedings in which there was involved a penalty for'
alleged fraud against the company. I. M. Meekins, formerly General Counsel for the Alien Property Custodian, figures prominently in the Chemical'
Corporation case. Three gross errors were alleged in the Anaconda case,and it was claimed depletion allowances had been increased $10,000,000.
In the American Blower Co. case, George W. Box, chief auditor for the
committee, brought out the connection of Mr. Drake and Mr. Denby. An'
,
Internal Revenue agent had recommended additional taxes against the cons
pany for 1917, 1918, 1919 and 1920, amounting to more than 2367,000.
objected
to,
and
on which a penalty for frandl
The one item which the agent
was subsequently assessed, according to Mr. Box, "was the manner of best,
log inventory by the taxpayer."
The Solicitor of Internal Revenue, be continued, ruled that for 1918 "the
taxpayer in closing its books took an arbitrary reduction of 20% of the
amount of the raw material in its inventory, aggregating approximately
$102,080 61, and for the purpose of computing its taxable income the inventory was further reduced by the amount of $78,301 84. The agent called
attention to the fact that this entry did not appear on the books for the year
in question."
Declares Fraud Was Shown.
The Solicitor concluded that the details of the report by the agent
make
out
a
prima
facie case of fraud, and in the absence of evi"clearly
dence submitted by the taxpayer there is no alternative for this office
other than to recommend the assessment of the fraud penalties for the
taxable years 1918, 1919 and 1920." This was written March 25 1922 and
upheld Nov. 17 1922.
"On Nov. 24 1923," Mr. Box said, "Assistant Secretary of Commerce
J. Walter Drake addressed a letter to the Commissioner of Internal Revenue
in which he states that his friend, James Inglis, President of the American
Blower Co. of Detroit, has a tax matter up in the Department in which he
is greatly interested; that Mr. Inglis has given him some of the details and
that he has a good understanding of the case as covered in a letter from
the Internal Revenue Bureau dated Nov. 20 1928.
"He states that 'to my mind it is impossible that any tax return filed by
Mr. Inglis or his company could be fraudulent in so far as he is concerned.
I have known Mr. Inglis for many years and at one time was associated
with him in business.'
"Mr. Drake declared that Mr. Inglis was one of the outstanding
figure',
In the business community of Detroit.
"'It the penalty imposed upon this company,' be continued, 'is the result
of any charge or implication that he has a fraudulent intent or any knowledge of a dishonest return, I feel that by all means there should be a
thorough investigation of his claim by some prominent official of your
Department who would take into consideration the statements I have
Just
made and which can be materially substantiated without the least difficulty by inquiring as to the standing of Mr. Inglis and the reputation of his
company.'"
Mr. Box said the following lead pencil notation
appears on this letter: •
"Secretary Denby phoned Nov. 27."
Says Bookkeeper Was Blamed.
A hearing was held asid Mr. Box stated that the
taxpayers with greet
stress "laid the blame for the fraudulent features of the
1918 return upon
Mr. Williamson, former bookkeeper, and upon the
fact that Mr. Williamson had embezzled the 4311M of $68,000 from the
corporation."
"Mr. Inglis," said Mr. Box, "took personal
responsibility for the cut of
over $78,000 in the closing inventory for 1918."
He stated also, in referring to a memorandum on the hearing:
"It is plainly evident that this statement
(regarding Mr. Williamson)
was a mere camouflage and the taxpayer was
endeavoring to mitigate the,
fraud of its President, who admitted at the hearing
his personal responsibility for arbitrarily reducing the inventory $78,000
after his instrocti
to have it priced at values lower than either
the cost or market, as required by the regulations, and failing to snake
amended returns to correct
error after his accountants had advised him that his
former procedure in
handling the inventory was incorrect and not justified."
44
TIM CHRONICLE
•'A check was tendered by Mr. Inglis for $296,562 05 and accepted for the
additional taxes of 1917, 1918 and 1920, less an overpayment for 1919
and compromise of the ad Valorem fraud penalties for 1918.
' "The amount," said Mr. Box, "which the Government waived by allowing
interest at 5% instead of 6%, regardless of the fact that no fraud penalty
Was assessed, was $11,147 52."
This auditor also presented the case of the Roessler & Hasslecher Chemical Co. of New York. Complaint was made that the taxpayer was permitted to escape paying the just tax for 1917, 1918 and 1919, owing to the
Incorrect reversal of the "proper ruling" previously made for those years.
The taxpayer was found to be affiliated with the Niagara Electric Chemical Co. and the Perth Amboy Chemical Co. for the years in question. As
cerjain minority interests of these two concerns were owned by Germans,
the stock of these persons was taken over by the Alien Property Custodian.
Mr. Box said that "it appears that the general counsel for the Alien
Property Custodian was very active in the settling in this case," and that
before the matter of affiliation was decided upon he called on the Commissioner of Internal Revenue and was sent to Mr. Bird, Chief of the Consolidated Returns Subdivision, "with the request that the latter give Mr.
Meekins special consideration and discuss the status of the case of the taxpayer."
Anaconda Copper Company Case.
In the case of the Anaconda Copper Co. it was shown by, L. C. Manson,
counsel for the committee, that its original property had been acquired for
$30,000,000 of stock, and that an earned surplus was claimed, as of Jan. 1
1917. It was set up that the depletion which had accrued up to that time
amounted to approximately $35,000,000, and the company held that this
should not be deducted from invested capital, or from its surplus, for the
reason that its property had depreciated in value since the date of acquisition, so that the appreciation practically offset the depletion, leaving infested capital unaffected by depletion.
Mr. Manson asserted among other things that errors in the audit, !making a difference in tax of $2,500,000, were discovered before the statute of
limitations had run, but that it was never collected. This was for one year.
The statute has now run. He stated that the company carried into its
inventory its products on hand, the result being to throw into the income
for 1916 a large amount of money which would have been thrown into the
income for 1917 if those products had been carried at cost in the inventory.
Reference was made to a memorandum from J. G. Bright, Deputy Assistant Commissioner, in which he opposed reopening the Anaconda Copper Co.
case.
tvoL. 122.
the operators and miners. The renewal of the conferences
occurred at the Union League Club in New York,on Tuesday,
Dec.29,and followed the assent a week ago of John L. Lewis,
President of the United Mine Workers, to consider "any
other plan or plans by the parties to the conference" other
than the Pinchot plan, which Mr. Lewis had previously insisted be the basis of new conferences. Mr. Lewis' decision
to yield in the matter was made known to Mayor John
Durkan, of Scranton, Chairman of the Anthracite Committee of Mayors and Burgesses, and announcement to this
effect was made in our item of a week ago, page 3078. With
the receipt of these advises from President Lewis, Mayor
Durkan in a message, Dec. 24, to W. W. Inglis, Chairman
of the Operators' Negotiating Committee, said:
The door is open. Both sides can enter with complete understanding.
In order that there will not be the slightest hitch, our committee has suggested that the call for the conference will come in the regular manner from
Alvin Markle at a place and time suitable to both sides.
It was thereupon made known by Mr. Markle, Chairman
of the Operators' and Miners' Joint Committee, that the
wage negotiations would be renewed in New York on Dec.
29. With the coming together of the representatives of the
miners and operators on that date a plan for the settlement
of the controversy was presented by Mr. Markle; further
below, we give the text of the plan, the essential points of
which are thus summarized in the New York "Times":
An immediate resumption of coal mining, the 1925 wage scale to be
extended until Sept. 1 1926.
A ten-year agreement barring strikes and lockouts, with provision for
renewal for ten years upon its expiration.
Appointment of a fact-finding commission of nine—three miners, three
operators and three representatives of the public,to be selected by President
Coolidge; the public representatives to select a reputable firm of certified
public accountants to make an impartial investigation of operators' costs,
Indicating that more large losses of taxes due the Govern- profits
and ability to pay wages and to report promptly to the other memment are alleged in the evidence in another volume of the bers.
A
joint
meeting of the committee where miners and operators shall prereport of the Couzens committee, made public Dec. 14, the
sent all facts as well as to consider the accountants' report.
New York "Herald Tribune" reported as follows from WashCoolidge to Get Facts.
ington that day:
The public representatives then to meet separately, draw up a report
number
of
cases
are
presented, one relating to the Mellon National and submit their recommendations to President Coolidge
A
and the Joint
Bank, the Union Trust Co. and the Union Savings Bank. These are Pitts- Committee of Miners and Operators.
burgh companies, and Secretary Mellon is largely interested In them.
The whole committee of nine then to draw up an agreement on wages
Taxes for 1917 are in controversy.
and other working conditions; the public representatives to discuss quesThe question at issue was the affiliation or non-affiliation of these three tions but not to vote.
companies, and whether they should file a consolidated return. The Union
If the miners and operators are unable to reach an agreement in sixty
Trust Co. owned more than 99% of the stock of the Mellon National Bank
days, the public representatives shall be entitled to vote and a majority
and snore than 98% of the stock of the Union Savings Bank. It ia shown of the nine shall decide any disputed point.
that Secretary Mellon and members of the Mellon family held in 1917 more
Wage conferences for each year shall begin on the first Wednesday in
than 5,000 shares out of 15,000 issued and outstanding in that year.
June and the new contract shall go into effect on the first day of September.
The Bureau held the companies were not affiliated, although L. C. Man- If a delay occurs in reaching a decision, there shall be no lockouts or strikes
son, counsel for the committee, says that at least one other comparable and the decision, when rendered, shall be retroactive.
case had been ruled affiliated. Manson also charges there was no basis
Indications that the miners were opposed to the plan on
for this ruling and that as a result of it the Government lost $91,472 tax.
The ruling was made in August 1922, and an agreement was signed clos- the ground that it provided for the settlement of the differing the case. This prevents either the Government or the taxpayer reences by arbitration, were given in the following statement
opening it unless fraud is discovered.
The Robert Dollar Co. case is one wherein the company at first reported issued on Dec. 29 by James A. Gorman, Secretary of the
no income for 1918 on a certain contract under which it received income. conference:
They did report it in 1920. The Bureau refused to allow this and insisted
The various plans heretofore submitted were made part of the record.
on putting it in the 1918 return. The Dollar company then insisted on It was agreed that all plans could be brought before the conference. Among
getting it in as income of 1916. Auditors in the Bureau protested and the
plans offered were the following: Plan of Governor Pinchot; the
finally L. H. Lohman, Chief of the Consolidated Section, personally directed Legislators' plan; the Engineers' plan and the answer
of the miners thereto.
the handling of the case, saying he had had a conference with the taxpayers' The letters and correspondence of priests for and against arbitration were
representative in his office. It developed this representative was C. T.
made part of the record. Letters from the Panther Creek Business Men's
Haines, brother-in-law of Deputy Commissioner Bright. Lohman resigned Association and Scranton ministers also were entered
in the record.
about this time. It is brought out that putting it in as income in 1916,
Chairman Alvan Markle submitted a plan for the settlement of the
according to the committee engineer, saved the company about $500,000.
strike. The plan was discussed at length. The miners voiced opposition
In an unsettled case which involves the General Motors Co. and the to certain parts of the Markle plan, claiming it was arbitration. The
General Motors Corporation for 1917 there are involved additional taxes of Chairman said the plan did not amount to arbitration. There was
discusmore than $17,000,000.
sion of the Pinchot plant. The miners argued that the Pinchot plan
'Among other cases the evidence made public to-day includes a case of offered a constructive plan for settlement, while the operators
claimed
William Randolph Hearst. Mr. Hearst, as set forth by Mr. Manson, made that the Pinchot plan was destructive and unworkable.
a contract with certain newspapers which he controls that if they would
The miners stated that they were as much opposed to arbitration to-day
put in a rotagravure section and give him the proceeds of the advertising as they were four months ago and will continue in their opposition.
front the section, he would pay the cost of it. Mr. Manson says that by
The attitude of the operators was that an acceptable plan should provide
charging corporate losses against his individual income there resulted a for
a long-term agreement, provision for wage adjustments if economic
saving to Mr. Hearst of $187,682 and a big loss to the Government."
conditions require, and some means of avoiding deadlocks in case of disThe report further said: "As a matter of fact, that section was a losing agreements.
proposition to all newspapers. Here we have a shrewd, successful, far.
At Wednesday's sessions (Dec. 30) the stand taken by the
visioned newspaper man of vast experience entering into a contract which
miners against arbitration continued to block the efforts
in advance he must have known to be a losing venture.
"The inference is, simply: Why not experiment with his personal in- toward
a settlement, and again on Thursday (Dec. 31) that
come, on which the Government would get 56% (under the surtax rates)
and develop his newspaper enterprise? At best, this money was a loan, issue remained the one which the miners were unwilling to
accede to. Regarding Wednesday's conferences, two statean advance, a capital outlay."
Tax of nearly $35,000 is involved in the Charles Warren Fairbanks case. ments were issued; the following is the one
given out when
a
value
of
returned
$691,000
on
a
farm
in
Illinois.
The
estate
revenue
That
agent found a trust company had fixed a value of $950,400 on the farm for the afternoon recess was taken:
The anthracite committee met to-day at 1 o'clock and continued disloan purposes. He fixed a value of $960,285; the Bureau fixed a real value
of $907,000 and closed the case. Secretary Clifford, then Assistant Secre- cussion of the various plans submitted.
Chairman
Markle again urged adoption of the plan formulated by him,
to
Commissioner
wrote
Treasury,
Blair
that
the
Will
Hays
tary of
had
asked him to get the case reopened, and that he had also talked with the or a better plan if one could be devised to accomplish the same results.
The operators continued to urge that an arbitration clause be included
Secretary of the Treasury. The case was reopened and a board of arbitrators was named by Mr. Blair for this case and this case only. The value In any contract. Their position was that arbitration was the only way to
deadlocks.
prevent
$847,882.
was fixed at
The miners continued their strong opposition to arbitration.
In the case of the Kerr Navigation Co. of New York it is charged the
Operators and miners agreed that effort be continued to complete an
Government lost tax of about $480,000.
agreement at this conference.
The discussion took a wide range and continues at the present time.
Anthracite Coal Strike Situation—Resumption of ConWith the adjournment of the evening session at midnight,
ferences between Miners and Operators—Markle
a statement as follows was issued:
Plan of Settlement.
The night session of the conference continued the discussion of arbitraNegotiations toward a settlement of the anthracite coal tion,
the operators favoring and the miners opposing the proposition.
strike were resumed this week between representatives of There was also some discussion of the check-off.
4
TETE CHRONICLE
JAN. 2 1926.]
45
Both sides expressed the opinion that a contract can and should be
negotiated at this conference.
Alvan Markle was obliged to return to Hazleton this evening. He is
expected to rejoin the conference to-morrow. In his absence Secretary
James A. Gorman presides.
basic elements of an agreement which will be beneficial, just and fair to
every public and private interest. Very sincerely yours.
ALVAN MARKLE,
Chairman Joint Committee of Miners and Operators.
As to Thursday's conferences the New York "Evening
Post" of that day said in part:
The following is the basis of agreement to be arrived at by and between
Districts 1, 7 and 9, United Mine Workers of America, and the anthracite operators, covering wages and conditions of employment in the anthracite coal fields of Pennsylvania.
1. The terms and provisions of the award of the Anthracite Coal Strike
Commission and subsequent agreements made in modification thereof or
supplemental thereto, as well as the meetings and decisions of the Board
of Concilliation, are to be ratified, confirmed, approved and continued until
the first day of September, 1935, subject to renewal every ten years thereafter, except as hereinafter modified.
2. The contract and working conditions which were operative on Aug. 31
1925, are to be extended to and including Aug. 311926.
3. Immediately, or as soon as possible, a fact-finding committee, consisting of three miners (or representatives) and three operators (or representatives), shall be appointed by the respective parties.
4. (a) That the committee join in respectfully asking the President of the
United States to appoint three impartial citizens, preferably one a mining
engineer and geologist, familiar with mining conditions and coal production,
but not in any way associated with anthracite coal mining properties, one
an economist of established reputation, who has not been employed heretofore by either party, and one a Judge of the United States Federal Court.
These three men, appointed by the President, are to represent the public,
and they are to select a reputable firm of certified public accountants, with
authority to investigate and report promptly to the public representatives
on every phase of the industry. The three public representatives shall meet
with the committee, hear all arguments and facts as presented by both
parties, as well as to consider the report of the certified public accountants.
They, the public representatives, shall meet separately, prepare a report
and submit their recommendations to the President of the United States
and Joint Committee of Miners and Operators.
4.(b) The committee then shall meet as a whole to reach an agreement as
to wages and any change in the contract requested by either party, it being
understood that the public representatives may enter into all discussions
but shall not have a vote except in the following instance.
If, after the submission of the report of the public representatives named
by the President, the miners and operators shall fail to reach an agreement
upon any disputed point or points within sixty days after such submission.
then in such event the public representatives shall each be entitled to cast
a vote upon such disputed question or questions, with the representatives
of miners and operators, and a majority of the nine members shall decide
the same.
5. On the first Wednesday of June, 1926, and the first Wednesday of
June in each succeeding year, the joint committee of three representatives
of the anthracite miners, the three representatives of the anthracite operators and the three representatives appointed by the President to represent the public shall meet, at the request of either party, to adjust wages
and conditions for the year beginning on the following first day of September, as herein provided in Paragraphs 4A and 413.
6. The wage rates determined by the committee shall be for a period of
one year, beginning upon Sept. 1. and, if the committee is delayed in fixing
rates through causes unforeseen beyond their control, until after Sept. 1
in any year, there shall be no lockout or strike, and the decision when
rendered shall be retroactive as of Sept. 1 of such given year.
7. The Joint Committee shall elect a Chairman and Secretary with the
right to join in discussions, but without power to vote, and the Chairman
shall have power to convene said committee at his discretion.
8. Rules and regulations for the conduct of meetings, as well as place for
same, shall be agreed upon by the Joint Committee at the first meeting.
9. In case of death or disability or resignation of any appointee, the
vacancy thus caused shall be filled by the party which named the appointee
in the first instance.
10. The expenses of the committee shall be divided equally between the
miners and operators.
Two long conferences, lasting until early morning, have narrowed down
their argument to this one point, but on it they are deadlocked and the
strike will not end until it is disposed of.
The operators, reiterating their demand that the miners return to work
Immediately and leave the wage increase dispute to further arbitration,
insist that the union leaders must submit a substitute for the Markle plan
for arbitration which they have rejected.
Spokesmen for both sides admitted that all the controverted points have
been or can be easily settled with the exception of the wage arbitration issue.
"There's no other way out except immediate resumption of mining and
arbitration of wages," said the operators in effect.
"The wage question is going to be settled now or never," retort the
miners.
Hope for Settlement. '
"We will agree to arbitrating the operation of the contract, but will not
admit even the chance of a third party, however non-partisan, entering
the arbitration of the contract itself."
h Despite this deadlock, optimism for a settlement is prevalent.
IS The operators' publicity man expressed the possibility that to-night
might bring agreement, but the miners are less hopeful.
II"Any man in the board could write a satisfactory contract in twenty
minutes," they admit, "but there will be no contract written that leaves
the wage question up in the air."
Daniel Williams, Director of the Bureau of Industrial Relations of the
State of Pennsylvania, here as an observer at the conference, said he and
Richard H. Landburg, Pennsylvania Secretary of Labor, and Joseph J.
Walsh, Secretary of the Pennsylvania State Bureau of Mines, were expecting a speedy concord, but would not give the reasons for their optimism.
The delegates, weary after two days of negotiations lasting later than
1 a. m., said nothing, but referred to their last statement, issued early
this morning:
"It is the opinion of both sides that a contract can and should be negotiated
at this conference."
The reticence of the delegates caused myriad speculations about what
concessions had been or would be made by each side.
Owners to Open Books.
Whether all the other disputed points had been settled, leaving only the
arbitration question to be agreed upon, was a question which observers
admitted they could not answer. It was thought possible the check-off,
price regulation, strike prohibition and account inspection issues had been
shelved for later discussion.
It was agreed that the operators would consent to opening their accounts
for public inspection. They hinted on the opening day of the conference
that they would not contest a modified form of checking off union dues
and assessments from the miners' wages, but would insist upon wage
arbitration and absolutely would reject the requirement that they agree
not to raise the price of coal at the mines for five years.
Their argument on this last question undoubtedly will be that pricefixing is contrary to Federal and State laws.
The miners, on the other hand, may agree to the proposal to prohibit
strikes for a five-year period and, it is thought, will not insist on the price
regulations provision.
Also, they probably will not object to signing a long-term contract with
the operators if provision is made that wages may be changed by yearly
agreement. This leaves the arbitration question as the sole point of
deadlock.
The miners insist they will not leave the conference with the wage question
unsettled. The operators demand, with equal steadfastness, that the
men return to work immediately, at their former wage scale, and permit
their leaders to work out the pay problem with the operators and, possibly,
a non-partisan group named by President Coolidge.
Mr. Markle's plan was submitted as follows:
Prior to the opening of the conferences, advertisements appealing to the striking miners to return to work at the same
With the start of the conferences on Dec. 29. Mr. Markle wages paid under the contract expiring Aug. 31 1925 apsubmitted the following letter to the miners and operators.
peared as follows on Dec. 27, signed by the "Anthracite
Operators' Conference, William W. Inglis, Chairman, NeTo the Joint Committee of Miners and Operators. Gentlemen:
The closing days of the year 1925 are marked by an economic disruption gotiating Committee." The appeal read:
that threatens the life of the anthracite coal industry. In a suspension of
operations for three and one-half months, and still continuing, labor has
lost thus far more than $100,000,000 in wages; capital has forfeited not only
legitimate returns upon its investment, but many millions in maintenance
and fixed charges; in the various strikes since 1920 the appalling loss to
labor has been equal to more than one year's wages, and that to capital more
than one year's production, irreclaimably and irredeemably lost to both; the
most prosperous communities of the country, without exception, at the close
of last year, now feel the paralyzing influence of industrial and commercial
stagnation; actual want and privation menace the health and happiness of
countless households; and the unwilling, but now generally accepted,
substitution of other fuels for anthracite threatens the curtailment of production and the irretrievable loss of heretofore profitable markets.
Realizing the gravity of the situation and the disputes which created it, I
am prompted to submit a plan for its solution which, though not perfect in
detail, may be accepted as the basis for an agreement whereby the situation may be remedied and its recurrence in the future avoided through the
establishment of permanent peace in the anthracite coal fields, without
resort to lockouts or strikes.
You will observe that the plan contemplates the adoption of the principle
of collective bargaining, resting upon reason and not endurance,through the
appointment of three representatives from the miners and a like number
from the operators, who shall sit in consultation with the representatives
of the public interests, selected by the President of the United States; that
the public representatives shall not be empowered to vote until the joint
representatives of miners and operators have failed, through collective
bargining, to reach a definite conclusion. Surely such a tribunal, composed
of the chosen representatives of the miners, operators and the public
(whose interests are equal, If not paramount, to the others), may be confidently entrusted with the right and power of decision. I cannot conceive
that men charged with such grave responsibilities would be recreant or
oblivious to their obligations. The principle justifying such a reference is
in harmony with the principle pervading the foundation of our courts and
jury system,to which all other private and public rights and wrongs, including human life, liberty and property, are daily submitted and decided.
This plan, born of years of experience in the anthracite fields, in which
I have had close personal touch not only with the material but with every
human element involved, I submit, in the hope that you will find in it the
To Anthracite Mine Workers and Their Leaders!
The door is open.
You can go to work now at the wages fixed in the contract that expired
Aug. 311925.
We will pay these wages until September—eight months.
Acceptance of this proposal would in itself constitute a contract.
While wages are coming in and coal going out, we can arrange the terms
of a new contract.
The new contract—for a long term—must provide a way to bring out all
the facts, prevent suspension and adjust wages.
But that is something we can work out with the union.
The main thing is that you can go to work at once, sure of the old wages
for at least eight months.
You can't lose.
Think it over. Talk it over among yourselves, with your leaders. Ask
your friends if it is not a good proposition.
The appeal was dated Scranton, Pa., Dec. 26. A statement given out by the Anthracite Operators Conference at
the same time said:
Page advertisements will appear throughout the anthracite regions beginning Sunday, urging resumption of work pending negotiations. The
same message, in circular form, has been distributed by mail to the miners
direct, business men and residents of the region generally.
While this message was prepared and distributed prior to the call for
resumption of negotiations in New York on Tuesday, Dec. 29. it is believed
that the immediate resumption of work is still the main objective to be
sought. Long-drawn-out discussion will not produce any coal or relieve
the distress that is becoming widespread in the region. For this reason the
Operators will avail themselves of every opportunity to stress the importance of immediate opening of the mines.
A statement to the effect that "the men will not be
stampeded back to work," was made on Dec. 26 by Thomas
Kennedy, International Secretary-Treasurer of the United
Mine Workers, in reference to the operators' proposal that
the workers resume operations immediately. The request
46
THE CHRONICLE
[VoL. 122.
they rejected it. When the plan came to be examined in the light of the
operators' criticism of its details, the condemnation of the public press
grew exceedingly faint. The lesson for industry, and perhaps for Governors,
remains.
A real basis of a settlement, aside from the principles noted above, has
been well brought out in an announcement coming from a distinguished
group of engineers and economists who, after a study of the subject, have
The mine workers will not return to work until a contract is agreed to. declared that the great need is for "constructive consideration of the
The action of the operators in circulating the proposition at this time underlying economic and technical facts by which all questions of wages,
shows a lack of faith and is an attempt to prejudice the wage conference working conditions and earnings must, in the end, be determined."
to be held in New York next week.
This is a declaration to which the anthracite operators heartily subThe Associated Press advices from Hazleton reported scribe. It is the essence of their reply to Governor Pinchot, in which they
stated that there could be no settlement that was not based upon facts.
him as further stating:
of the mine owners that the men return to work at the old
wage scale and that this rate of pay continue until Sept. 1
1926, said Mr. Kennedy, was in the offer made by the
Luzerne County delegation of the Pennsylvania House of
Representatives two weeks ago. Mr. Kennedy added:
Asserting that the sentiments expressed by 16 non-English-speaking
priests of the upper coal fields did not represent the general views of the
anthracite region or the sentiments of the priests in the entire hard-coal
territory, Mr. Kennedy assailed the attitude of the clergymen who on
Wednesday urged miners and operators to resume negotiations at once,
that the miners return to work, and that points not agreed upon in the
wage negotiations be submitted to arbitration.
"I happen to know positively that they do not represent the pastors
of any of the churches in the lower regions and I do not think they represent the real sentiment of their own communities," said Mr. Kennedy
In a long statement.
"The pastors, in the four concluding paragraphs of their letter, again
refer to their intimate relation with at least 85% of the mine workers.
I would again point out that it is rather absurd for 16 representatives of
the non-English-speaking congregations to claim to represent 85% of the
miners of anthracite coal. There are several hundred pastors in the
anthracite coal fields who have not Joined in their movement, and it is
ridiculous to assume that several hundred clergymen only represent 15%
of the anthracite mine workers in a pastoral capacity, while 16 represent
over two-thirds.
"In the second paragraph of their letter they refer to the desire for
settlement. In this connection, of course, it is true that every normal
person desires settlement of this controversy, but it is equally true that
the mine workers desire a just settlement, an honorable settlement, a
settlement that will mean progress for the mine workers, and the overwhelming sentiment of the United Mine Workers is to fight until an honorable settlement is secured.
The disbanding of committee of Mayors and Burgesses
of the anthracite region was announced on Dec. 25 in the
following statement by the Chairman, Mayor Durkan:
With the issuing of the official call for a conference of operators and
miners in New York on Tuesday the duties of the Anthracite Executive
Committee ceases.
We wish to acknowledge the kind, courteous, helpful co-operation of
Governor Gifford Pinchot, Mayor W.W.Inglis, John L. Lewis and Thomas
Kennedy.
We also desire to express our appreciation of the splendid general newspaper support.
The third paragraph of the letter asks that all questions which cannot
be settled direct shall be referred to an impartial board of arbitration. This
is directly in accordance with the operators' viewpoint, and, of course,
would preclude the possibility of settlement of any questions, because the
operators would settle nothing and refer all matters to arbitration.
The letter refers to arbitration between nations in Europe, and they
wonder why we in the anthracite field cannot subscribe to the principles
of unrestricted arbitration.
The United States Government or its people have not as yet subscribed to
the principle of arbitration between nations. The people of the United
States swamped a Presidential candidate and party who stood for international arbitration. Our entry into the World Court, if it comes, will
contain reservations protecting the principles of our Government. One of
the greatest thinkers on the subject of arbitration has well said that arbitration is a denial of justice, and we of the anthracite field know this to be true.
Deposit of State Funds in Banks in Pennsylvania Coal
Fields to Replace Funds Withdrawn by Miners.
Under date of Nov. 24, Harrisburg Associated Press advices stated:
State funds are being deposited in banks of the Pennsylvania coal fields
to take the place of savings drawn out by the miners.
Samuel S. Lewis, State Treasurer, to-day said this is being done so far
as possible in both the anthracite region and in the bituminous section.
The Treasurer said approximately $5,000,000 had been deposited with
especial attention to coal producing counties.
"I have gathered data on the financial means of the Commonwealth," he
said, "and to my mind it is to the best interest of the whole State to
assist the banking institutions in the coal regions. The hard coal miners
are on a strike. Their savings have been exhausted and what deposits they
had have been withdrawn.
The deposits of the merchants also have fallen off, due to the strike and
depression in the bituminous field. The banks ought to have the use of as
much of the State's money as they are allowed to have by law.
"In the soft coal fields conditions have been bad for many months. The
gradual depletion has been added to by withdrawal of Christmas savings
banks."
Criticism by New York Trust Co. on Gov. Pinchot's
Plan for Settlement of Anthracite Strike.
"Governor Pinchot's plan for a settlement of the anthracite strike is probably the first time in history that an industry was asked to guarantee existing prices as maximum,
existing wages as a minimum; to accede that if profits permitted, prices might not be reduced, but wages must be
Increased, and also to put into the hands of a union the
power to dragoon every employee in the industry into the
signing of a so-called voluntary order on his wages," declares the December "Index," of the New York Trust Co.
The company says:
This plan, whatever its demerits, was labeled a peace plan, and for that
reason quite general condemnation was visited upon the operators when
Miners' Group Bolts Union—Soft Coal Workers Form
New Association—It's a Joke, Union Says.
The following Associated Press dispatch from Pittsburgh,
Dec. 24, appeared in the New York "Evening Post":
A new miners' organization, the Federated Miners' Association, has been
started here by employees of a number of bituminous mines in Western
Pennsylvania, operating under the 1917 wage scale.
The officers of the new organization declare its members disavow all
future allegiance to the United Mine Workers of America. P. T. Fagan,
President of District No. 5 of the United Mine Workers characterized the
new organization as a "huge joke that will have no effect upon the morale
of members of the United Mine Workers of America."
Major Inglis, of Anthracite Operators, Criticises
Governor Pinchot's Actions in Coal Strike—
Legislative Session and Mayors' Meeting
Viewed as Without Effect.
Major William W. Inglis, Chairman of the Operators'
Negotiating Committee, in a statement issued at Philadelphia on Dec. 18 answered criticisms of the coal operators
made by Governor Pinchot and said "neither the Governor's
plan nor the calling of an extra session, nor condemnation of
the course taken by the operators produces any coal." Major
Inglis declared that "the only practical effect of the Governor's course is to prolong the strike" and that "the simple
and effective way of ending the trouble would have been
for the Governor to advise the Mine Workers' leaders . .
that their best course was to let the men go to work at the
old wages, and leave disputed points to arbitration, if they
could not be settled in negotiation between the parties." We
give herewith Major Inglis's statement:
In his call for an extra session of the Legislature Governor Pinchot stated
that he invited the operators and miners to meet him in Harrisburg on
Nov. 28; that the miners courteously accepted and the operators refused.
He does not say that the operators just as courteously suggested a conference at an early data to consider and discuss with him any plan he had in
mind. He does not say that he completely ignored this request and proceeded with a public presentation of his proposal of settlement.
First—The Governor describes his proposal of Nov. 28 as a rough outline.
He uses this phrase three different times in the memorandum accompanying
his call for an extra session o fthe Legislature. As a matter of fact, his
proposal was couched in positive terms throughout and acceptance of it
would have committed the operators to (a) present wages as a minimum
for five years; (b) arbitration of wages upward and (c) the check-off.
Second—The Governor, describing his proposal as one that took a middle
ground, commends the miners for having accepted it while the operators
declined it. His plan resolved every question in the miners' favor without
investigation, while it attempted to override justice and economic law. The
miners' leaders were naturally agreeable to it if the Governor could secure
it for them. He assumes, as he has done in the past, that the office
of
Governor carries with it the right and privilege of summarily disposing
of
industrial disputes from the standpoint of political expediency.
Third—The Governor criticized the operators because they have
refused
to yield one jot or tittle of their original position. The truth is that
the
operators have made certain assertions of fact which they believe
to be true.
If the assertions of the operators are untrue and do not afford the basis
for
a sound and fair settlement, that would be brought out in the kind of impartial arbitration for which the operators have been contending from
the
start.
Fourth—The Governor says that, originally a strike by the miners, it
has
now become a strike of the operators against the public. This
statement
is entirely unwarranted in view of the fact that we have at all times
been,
and are now, willing that production should continue under present
wages
and other conditions until a satisfactory, permanent solution is reached.
Having failed to secure assent to his proposal by the operators, the
Governor next tried to secure its endorsement by the Chamber of
However, we are reliably informed that he failed because they Commerce.
considered it
unfair and unworkable. The Chamber of Commerce of the United
States
has pronounced the plan unacceptable and of no lasting benefit.
He now
makes regulation of the industry one of the matters to be considered
at a
special session of the Legislature; and he follows this threat with a
a conference of Mayors and Burgesses to enlist their support to his call for
proposal.
This conference was held, but little or no support for his plan was
forthcoming.
Neither the Governor's plan nor the calling of an exra session, nor
condemnation of the course taken by the operators produces any
coal.
operators have had a single aim throughout the entire controversy. The
That
was to bring about production, avoid suspensions in the future,
and, if
possible, reduce prices to the consumer. Any plan that does not
accomplish
permanent peace is valueless.
The only practical effect of the Governor's course is to prolong
the strike,
increase the public's inconvenience and add to the distress
suffered by the
mine workers and to the losses of the industry and to the whole
anthracite
region.
The simple and effective way of ending the trouble would have
been for
the Governor to advise the mine workers' leaders, whom he
has merely
buoyed up by false hopes, that their beet course was to let the
men go to
work at the old wages and leave disputed points to arbitration, if
they could
not be settled in negotiation between the parties.
JAN. 2 1926.]
THE CHRONICLE
J. B. Eastman Becomes Chairman of Inter-State
Commerce
Commission.
Joseph B. Eastman became chairman of the
Interstate Commerce Commission on Jan. 1, under the
rule of rotation, by
which the position is filled from among the
commission members. Mr. Eastman, formerly a member of the
Massachusetts
Public Service Commission, was appointed
to membership on
the commission by former President Wilson.
The appointment
of new members was referred to in these column
s last week,
page 3081.
47
of the Army of Occupation, these payments eventually being
applied toward liquidating a bond Issue of $290,000,000,
provided for under the plan, through which immediate payment of American claimants would be made. Secretary
Mellon's statement outlining the plan, was made public Dec.
11 as follows:
The Mixed Claims Commission is now passing upon claims
of American
citizens and the United States against Germany, and
its work is nearing
completion. The only provision for the payment
of claims allowed by the
Mixed Claims Commission is the provision in the Paris agreeme
nt for the
payment to the United States of a certain proportion
of the Dawes plan
annuities, which will amount to 46,000,000 gold marks
a year when the
Dawes plan is in full effect This annuity is
not sufficient to pay the
interest carried by the claims which probably will
The Gooding Bill and the Farmers.
be allowed by the Mixed
Claims Commission, and does not, therefore, adequate
In an editorial denouncing the Goodin
ly provide for
g long and short haul ment of the claims. If the United States takes no further action,paythe
rate bill which has just been again
American citizens will receive but a small
percentage of the value of their
introduced in Congress, the claims
against Germany.
"Railway Age" declares the proposed
legislation tends to PerDuring the war, the United States, through the Alien Property Custodia
petuate a condition which is helping
n,
necessitate the advance in seized property located in the United States belongin
g to non-resident
rates on farm products and other
alien
enemies. Under the Berlin Treaty this property may
commodities for which the
held as
be
security for the payment of the private America
western railways are asking.
n claims allowed by the
Mixed Claims Commission. As a matter of
broad national policy, it is
"There is nothing more amazing,"
believed the United States should recogniz
says
the
Railwa
y
Age,
e
the
property
rights of private
"than the kind of legislation regardi
ng freight rates proposed individuals, even though we were at war with their country, and not use
by members of Congress who seek
this
private
property
of
national to pay claims against their nation. If
perity of particular sections of thereby to promote the pros- this is the proper policy for the sUnited
States, the seized property or its
the country or classes of the substant
people. Representative Hoch of Kansas
ial equivalent, should be returned.
has been among the
most zealous of the public men who
When the United States entered the war it
also seized German ships inway legislation intended to help the have been promoting rail- terned in our harbors, and it took over and used radio stations and patents
the authors of the Hoch-Smith resolutfarmer. He was one of owned by Germans. Provision for compensation for such taking or use has
ion. He has now intro- not yet been made. The question of national policy
duced in the House the same bill
here involved is the
same as in the case of alien property.
the Senate by Senator Gooding of that has been introduced in
A plan of settlement which has the consent
Idaho
absolut
ely
to
prohibi
t
of a majority of the three
the railways from charging a lower
rate for a longer than for interests involved (American mixed claimants, German property
owners
a shorter haul to meet water
and German ship and radio station owners) means
competi
tion.
a fair adjustment and
"The Gooding bill, like the
Hoch-Smith resolution, directly the satisfaction of all parties concerned.
tends to increase freight rates
Giving consideration to these matters, the Treasury
on western farm products. The
has worked out, with
Hoch-Smith resolution tends
to do this because it contemplates the consent and aid of the people interested, a constructive and comprereadjusting rates more nearly in
hensive
plan for submission to Congress for such
accordance with the value of
action
as Congress may
commodities. If this principle were
deem desirable, to accomplish the following:
consistently applied there
would be large reductions in
1.
The
prompt
payment of private American claims.
the rates on forest and mineral
products and large advances in the
2. Return to the German and Austrian national
rates on manufactured articles
and farm products.
s of their property or
its substantial equivalent.
"Most of the advocacy of the Goodin
3.
Determin
g
ation
bill
is
of
based
the
upon
the
asamounts and payment of the claims of the
sumption that the railway manage
rs do not know their own busi- German owners of ships, radio stations and patents.
ness. The contention of railway
4. The imposition of no new burden on
managers is that they are now
the Treasury, and, consequently,
moving many freight cars empty
to the Pacific Coast to handle on the American taxpayer.
eastbound freight, and that if
5. The utilization of gold mark credits in
they were allowed to make rates
Germany, thus assuring that
which would enable them to
get more traffic to the coast In com- America will receive the benefits of the payments
under the Paris agreepetition with the steamship lines,
ment independent of exchange difficulties.
without
at
the
same
time
reducing their westbound rates to
The plan is substantially as follows:
intermediate points, they would be
able to increase their net
(1) The United States shall assign to
earnings. It cannot reasonably be
a trustee payments the United
assumed that they know so little
about their own business that States may receive under the Dawes plan on account of reparations and in
they would aeopt a policy that
payment of coats of the Army of Occupati
would
reduce
railway
net
earning
on against the delivery by the
s.
"Now, practically all of the farm product
s of the Pacific Coast, trustee of an issue of about $250,000,000 25-year 6% bonds. Principal and
of the inter-mountain territory and
interest
may
be
payable
either
of the rest of western territory
in dollars or marks, or partly in dollars and
are shipped eastward, and
by rail. It necessarily follows that if partly in marks, and either in the United States or Germany, all at the
the railways could increase their
net earnings by reducing their option from time to time of the United States. The bonds may be retimble
rates to the Pacific Coast they could make
lower rates than other- by lot at any time prior to maturity, at par if to be paid in dollars and at
wise would be necessary on all the
farm products of the west that a premium, after the first year, of %% per annum if to be paid in marks.
they transport to eastern markets.
By "marks" is understood the currency accepted
from Germany by the
"The correctness of this view is recogni
zed by many traffic experts Transfer Committee under the Dawes plan at the rate currently accepted.
who have studied the subject on behalf
Principa
l and interest of the bonds shall be guarante
western
of
produce
ed
rs.
In
a recent public statement R.
(2) The Alien Property Custodian shall purchaseby the United States.
.7. Knott, traffic manager of the
from funds in his
Western Pine Manufacturers Associa
possessio
n $50,000,000 of the bonds at par.
tion, gave the following facts:
'During the month of July, 1925, the
(3)
Interest
earned
on
cash
deposits
of
the
Alien
markets of the east 17,034 carloads of northwest shipped to the with the Treasurer of the United States prior to March Property Custodian
produce in box cars. How
4 1923 (aggregating,
did we get the cars to load
the 17,034 carloads shipped? There with later accumulations, about $31,000,000), and to which, under the law,
came west 6,525 loaded with freight
owners
property
of
the
in
hands
of
the
Alien Property Custodian, are not
and 11,876 came out absolutely empty. consumed here or exported, entitled, shall be used by the United States, together
with the $50,000,000
ing the 11,870 empty cars west? The Who pays the cost of bring- proceeds from the sale of the bonds, to pay on the
private claims allowed
entire amount was paid by
the producer who had to have the
cars or forego shipping his by the Mixed Claims Commission, which cash shall be used to pay all
produce, be it lumber, fruit, grain, wool,
claims of less than $10,000,•and the balance applied on
the larger claims
all producers are exactly in the same ore or anything else, as with a minimum cash payment of $10,000.
position. The prosperity
of the interior communities depends entirely
(4) The balance of the private American mixed claims
not paid in full
on the produce they in
may market and not upon the inbound
cash shall be paid in the bonds at par.
freight consumed. This
continual agitation concerning the Goodin
(5) The properties in the hands of the Alien Property
Custodian, ing bill has contributed
cluding the bonds and other securities in which his funds
towards the railroads requesting an increas
are then ined freight rate.'
vested, shall be delivered to their owners.
"All the producers of western territory
are in the same boat.
(6) The President shall appoint an arbiter to render an
Every pound of remunerative freight
award of fair
business to the Pacific and
reasonable compensation to Germans for the title to and (or)
Coast that the railways are losing because
use
of the present false ships,
radio stations and such patents and property as have been taken of
adjustment of freight rates in western
and
territory is making their used by
the United States; provided the total amount of such awards
net earnings smaller than they otherwise
shall
would be and thereby not in any
increasing the necessity for the general advanc
event exceed $100,000,000. Within the limitation above,
the
e in rates, including United
States shall pay the awards in the bonds at par.
those on farm products, for which the western
lines are now asking.
1. The plan will have the consent of three interests—the
"Passage of the Gooding bill would merely
America
n
make
matters
worse. claimants, German property owners
The reasonable and helpful way to deal with
and German ship owners.
the situation would
2. The American claimants will be paid—th
be to adopt legislation, as favored by the
small
e
claimants in cash
resolut
last convention of the National Association of ion adopted at the and the large claimants in cash and bonds which will have a substant
Railroad and Utility value.
ial
Commissioners, placing the intercostal
water lines operating
3. The alien property or its substant
through the Panama Canal under the jurisdiction
ial equivalent will be returned to
of the Interstate its owners and
the question of American national policy settled.
Commerce Commission as to rates, service, etc.,
to the same extent
4. Other German claims will be determin
as rail carriers."
ed and paid.
5. Since no cash is required from
the Treasury and the service of the
bonds is to come in the first instance
from German reparations, no new
burden is imposed on the Treasury
Secretary Mellon's Plan for Return of Alien
6. Payment of the 56,000,000 and the American taxpayer.
Property—
gold marks for the Army of Occupation
costs are preferred under the Paris
Bond Issue of $250,000,000 Proposed to Pay
possible to obtain dollars when desiredagreement and it probably would be
American Claimants.
by the United States. The 45,000,000 gold marks provided for
the
if the full payments in dollars mixed claimants have no preference, but
A plan for the return to the owners of seized
German and United
on this account are not received by
the
States, gold marks
Austrian property, and the payment of private
be available in Germany. The
Americans pay the bonds, principal orshould
interest, either in marks or dollars, option to
having claims against Germany has been drawn up by
will enable
Sec- the United States to utilize payments in the currency which
is available.
7. While the United States sacrifice
retary of the Treasury Mellon. It is proposed thereu
s payments which it would otherwis
nder receive to reimburs
e
e it for the army costs and
to designate a trustee to whom would be paid whatev
for Government claims aler lowed by the Mixed Claims Commission,
this
aacrifiee
amounts the United States may receive under the
is
made
in favor of
American claimants and represen
Dawes the
but simply the failure to receive ts, not new money from the Treasury,
plan on account of reparations, and in payment of the
reimbursements for money spent in
costs years.
past
48
THE CHRONICLE
for guarbe called upon to make good
8. If the United States should lute straight Government bonds at the
be refunded
could
bonds
the
issues.
anty,
ry is then paying on its other
current interest rate the Treasu
[VOL. 122.
ny is not called upon at
Therefore, under the Treasury program Germa
that portion of the annuiment
Govern
to
this
good
make
to
date
future
any
tion, which would be
ties representing the costs of the Army of Occupa Germany.
against
diverted to reimburse the American claimants
such requirement could be
In this connection, the point is made that no
by the Dawes plan,
made upon Germany because of the position taken United States Govwhich received at least the unofficial sanction of the not come forward
ny has
ernment. And, up to this time, at least, Germa
good the amount
with any voluntary offer that she will endeavor to make
to the American taxpayers in later years.
ed a belief that when
Another point made is that Germany has indicat es in satisfaction of
2% of the Dawes annuiti
/
the United States accepted 21
Germany, on the
ls
the claims of this Government and its nationa against had no further
basis of 30% and 70%, respectively, the United States
seized Germany property
right, legal or moral, longer to withhold the d
as security against the
which under the Treaty of Berlin has been retaine
payment of the claims by Germany.
t Germany, as
It is now estimated that the American claims agains
nt about $180,000,awarded by the Mixed Claims Commission, will represe
for the American Govern000 for the American nationals and $70,000,000
Press advices in the WashingIt was stated in Associated
"within a few hours after the
ton "Post" Dec. 11 that
made, Chairman Borah, of the
was
nt
nceme
annou
- Treasury
ttee, introduced a bill in
Commi
ions
Senate Foreign Relat
accomplish the same purpose, in so
the Senate which would
rty was concerned, but made no
prope
the
of
far as a return
s." It was added that the
claim
mention of the American
plan both carried protion
istra
Admin
the
and
Borah bill
on to German owners
nsati
compe
of
ing
vision for the grant
patents. The "Herand
ons
stati
for the use of ships, radio
Borah as saying:
or
Senat
d
quote
12
Dec.
of
ald Tribune"
scation it is not
confi
ve
invol
not
"If the proposed plan does
involve confiscation, then ment.
does
it
If
me.
be diverted to the individual
to
ble
tiona
objec
To carry out the Treasury plan, there would
shall oppose it." The "Tribune" American claimants, and in satisfaction of certain German claims against
it is objectionable and I
do not come under the Alien
the United States, such as seized ships, which
:account also said:
office, both the annuities representing payments to
ation of a part of the property and Property Custodian's
Senator Borah is opposed to confiscve of the established policy of this the United States Government on the cost of the Army of Occupation and
violati
be
would
this
view
2% of annuities allowed under the Dawes
/
the
takes
y, but the Government's share of the 21
uced a bill for return of all the propert
nts against Germany,
. Government. He has introd if the Administration plan is satisfactory.
plan for the satisfaction of American claima
bill
this
Is wining to abandon
to the plan of the
With opposition slowly developing
claimants for damcan
Ameri
the
Administration to satisfy
of American bonds before
Issue
the
by
any
Germ
st
again
ages
sal, indications to-night
Congress accepts the Mellon propo
be made in the scheme,
to
are that many changes will have
the New York "Times,"
to
12
Dec.
tch
dispa
gton
said a Wshin
ws:
follo
as
which we quote further
F. C.
Howard Sutherland Named to Succeed the late
n.
odia
Cust
rty
Prope
Alien
as
s
Hick
rd Sutherd
On Dec. 24 President Coolidge name Howa
West
Virginia,
from
or
Senat
s
State
land, formerly United
late Frederick
as Alien Property Custodian, succeeding the
co Theatre, in
C. Hicks, who died suddenly at the Belas
took the oath of
Washington on Dec. 14. Mr. Sutherland
t. The nomination
office immediately upon his appointmen
on after the Christrmati
confi
for
e
will be sent to the Senat
d two terms in the
mas holidays. The new custodian serve
the Senate, retirin
term
one
and
tives
senta
Repre
House of
was born at Kirkwood,
ing from the latter body in 1923. He
eded Thomas W.
Mo., and is sixty. Mr. Hicks, who succe
n, had served
natio
's
resig
latter
the
after
Miller as Custodian
New York from 1915
in the House of Representatives from
d States Minister on the
to 1923. Last year was special Unite
last Presidential camthe
In
Peru.
diplomatic mission to
rn headquarters of the
Easte
the
of
e
charg
in
was
he
paign
Mr. Hicks was born in
Republican National Committee.
Westbury, L. I., in 18'72.
Governthe proposal, by which the American
The opposition view is that
's policy
ts, is a reversal of the Administration
ss
.ment guaranteed the paymen
Congre
an finances. Many members of
against interfering in Europe
to hesitate to voice their stand
said
are
they
but
ly,
private
plan
oppose the
German vote in American politics.
because of the influence of the
a member of the Committee on ForRepresentative Connally of Texas,
the
upon the plan of Secretary Mellon for
eign Affairs, in a statement
the satisfactio no! American
and
ty
proper
alien
n
Germa
seized
return of
claims against Germany, said:
States and Germany it is provided
"Under the treaty between the United
for the
hold the seized German alien property
that the United States may
adjudicated by the German-American
satisfaction of American claims
• Claims Commission.
Doubts Plan's Economic Soundness,
all of such
Treasury whereby it is intended to return
the
of
"The plan
and to provide for the payment of
owners
n
Germa
to
ty
proper
..seized
e of bonds, which are to be guaranteed
American claimants by the issuanc to me to be sound economically.
not seem
by the United States, does
the United States under the Dawes plan
"The amounts to be received by
not be sufficient to pay the interest on
will
nts
claima
of
t
paymen
d in
for the
a sinking fund for their retirement In order C. P. White Heads Economics Branch Establishe
of
g
nothin
say
to
bonds,
tion
- such
s.
le, the United States must forego its expecta
of Mines, Secretary Hoover Announce
au
to make the plan workab ny of the expenses of the Army of Occupation,
Bure
ory Committee
of reimbursement by Germa
ed to pay.
Acting on the recommendation of the Advis
which, under treaties, Germany is obligat
sented by
is
n
n Government undertakes to reimburse
repre
iatio
Germa
Assoc
the
treaty
Coal
n
nal
Germa
Natio
the
"In
on which the
ng language:
Bureau,
the
of
tor
Direc
r,
Turne
the
of
- German citizens in the followi
her nationals in respect
J. G. Bradley, and Scott
"'Germany undertakes to compensate
nced "the establishment
annou
interest in allied or associated
or
tly
rights
recen
ty
er
proper
Hoov
their
of
on
tary
Secre
sale or retenti
mics Branch of the Bureau of Mines, and named
- States.'
rse her own citizens than she will of an Econo
"Germany will be snore apt to reimbu
teed by C. P. White, now Chief of the Coal Division of the Bureau
guaran
and
ts
paymen
ions
reparat
be to pay bonds issued against
,to take charge of this
of Foreign and Domestic Commerce
the United States Government.
be paid. It is the solemn duty
must
s
citizen
an
the
in
Americ
reorganization of the
step
of
first
claims
is the
"The
to see that they are paid. Alien work. This
of the Government of the United States
is Bureau of Mines, which, together with the Division of
ement
arrang
just
and
sound
some
until
property should not be released
the
claimants.
Mineral Statistics, was transferred last summer from
made for the zatisfaction of American
to divert payments due for the
ior to the Department of Commerce.
Inter
"If the United States Government is
the
of
nt
rtme
plainly
be
Depa
should
it
,
claims
an
of Americ
Army of Occupation to the payment
such claims out of the Treasury,
new branch will embrace the Division of Mineral
()provided. If the Government is to pay of the Treasury seems likely to This
plan
ferred from the Bureau of
The
tood.
be Statistics and there will be trans
It should be clearly unders
claims out of the Treasury, which will
to the new branch the
erce
tic
Comm
• postpone the payment of such
Domes
and
gn
Forei
payment of bonds.
required if default is made in the
the
leums, coal and other
by
petro
debts
war
on
u
of
t
Burea
that
of
paymen
major work
"The United States is demanding the
and equity require that Germany
Secretary Hoover's announcement said:
als."
Allies, and it would seem that fairness
miner
an claimants."
nment service as
make a similar payment to Americ
Mr. White, originally from Ohio, came into Gover
Supporters See Two Obligations.
Lake and Canadian distribution in charge of coal supplies for
of
er
Manag
the two major principles must
under the U. S. Fuel Administration during
Supporters of the proposal contend that ment—namely, the obligation these Northern communities
in charge of fueling
Govern
war and later as Assistant Federal Fuel Distributor
the
be accepted by the United States
the
once
at
policy to return
strike of 1922.
the
ing
onal
follow
traditi
its
est
by
y
Northw
countr
the
this
of
placed upon
covers years of operation of coal
the moral obligation of the United
His previous business career in industry
property of German nationals, and
Americans against Germany if that dock properties on the Great Lakes, of bituminous mines in Ohio and PennStates to pay the claims of individual
Vice-President and General Manager
full.
sylvania and in executive positions as
nation does not meet such claims in
by those who framed the Treasury of large corporations in the production, purchase, shipping, handling, and
These principles have been accepted
the
basis,
this
on
ing the organization administrative,financial and accountan Government, and,
plan as binding upon the Americ other proposal as yet put forward would sale of coal, includ n Involved.
therei
no
ms
that
proble
made
is
ing
ion
content
r
furthe
ve Dec. 1 If reorganization plans
cost to the American taxpayers.
The contemplated changes will be effecti
accomplish the task with as little
ntly there had been some misunder- can be completedby that date, or in any event not later than Jan. 1. The
Another point made was that appare
an
continue under the direction of
Americ
will
the
accomplished by using
scientific work of the Bureau of Mines
standing as to just what would be
ion with the return of German Mr. D. A. Lyon, who will act as heretofore in the position of Assistant
connect
in
plan
Dawes
the
under
annuities
work of the Bureau.
the American claimants.
Director in charge of the technologic
property and the payment of
45,000,000 gold marks set aside for AmeriThese annuities, which include
of
t
,000 gold marks annually toward the paymen
can claimants and 55,000
only
Comparison of World's Shipping.
Army of Occupation, it was stated, would not
the cost of the American
bond issue of $250,000,000, but also
ed
propos
the
on
t
interes
pay the
"Not all the increase in American foreign commerce is
to cancel the principal amount of the issue
,"
would provide sufficient funds
being carried in American ships," according to "The Index
in about 17% years.
any
comp
The
any.
Trust
Comp
York
Admit Diverting Occupation Bill.
published by The New
carrying out such a program there would be
It is admitted that in
nts a part of the money says:
claima
an
Americ
the
to
ry
Treasu
ies of the world have added
diverted from the
At a time when many of the larger countr
ise would get as Dawes annuity contributions
less than
which the Treasury otherw Army of Occupation costs. But with this to their marine tonnage, the United States tonnage is 579,487 tons
still largely
the
any It was twelve months ago. In the traffic of the seas„America is
toward the payment of
devise
to
lt
s
difficu
appear
it
that
tion
for carrying her cargoes.
admission comes the conten
were all dependent upon ships under alien flags
Dawes plan held that the annuities fixed
has been an increase in the world's
In the past twelve months there
other scheme, since the
United States Government and its
the
pay
to
of 866,236 tons and a decrease
y
world
in
the
capacit
steam and motor tonnage owned
that Germany had
. nationals.
JAN. 2 1926.]
THE CHRONICLE
in the selling tonnage of 248,385 tons, making a net gain of 617,851 tons.
Great Britain and Ireland have added 334,873 tons to their total,
Italy
196,449 tons and Norway 175,249.
All the principal countries, except Germany, show an increase in
the
tonnage now owned. Between 1914 and 1925 the world's total has increas
ed
by 16,271.000 tons, the total for 1925 being 58,785,000 as compar
ed with
42.514,000 in 1914. Of this total world increase the United
States supplied
exactly 60%.
COMPARISON OF WORLD'S SHIPPING
(IN GROSS TONS)
1925.
Difference.
1924.
British Empire
21,504,000 20,294,000 —1,210.000
United States
11,605,000
1,837,000 —9,768.000
Japan
3,741,000
1.642,000 —2,099.000
France
3,262,000
1,918,0
00 —1,344.000
Germany
2,993.000
5,098.000 —2,105.000
Italy
2,894,000
1,428,000 —1,466,000
Norway
2,555,000
1,923,000 — 632.000
Denmark
1,008.000
768,000 — 240,000
The record of progress in the American merchant
marine, however, is
by no means discreditable. Due to the great demand
s upon American
-commerce during the war, this country had by
far the largest increase in
-sea-going tonnage—over 91i million tons.
Dominick & Dominick See More Liberal Attitude
Toward Industry on Part of People and Government.
More liberal attitude towards industry on the part of the
American people and the Government is seen by Dominick &
Dominick in a study published Nov. 21. "The old hostility
towards big business is dying out," states the report. "Ther
e
Is a growing appreciation of the service which indust
ry
renders to national welfare."
Purchase by Armour & Co. of two million-dollar packing
plants in the Dakotas is given as an illustration of this development. A strong Socialist movement had driven capita
l
and big business out of those States, and the plants had remained idle for several years. "Purchase of the plants
represents the return of outside capital to the Dakotas,"
states Dominick & Dominick,"and is a demonstration
to the
world that these States are done with Socialism."
The
report points out that this popular good feeling towar
ds
industry is reflected in the recent decisions of Feder
al
authorities. It says:
In May the Federal Trade Commission
decided that it would not make
public a complaint against a corpora
tion until the charges were proven
to be justified. In June the Supreme
Court decided in the cement and
maple flooring cases that ordinary trade
association activities—the collection and dissemination of information,
etc —are not in themselves unlawful
restraints of trade. In September the
Secretary of Agriculture dismissed
the complaint against the Armour-Mo
rris merger because the effect of the
purchase of Morris & Co. by Armour & Co.
was neither price-fixing, monop-oly, nor restraint of trade. These events are
significant in their revelation
-of a more liberal Governmental policy towards
business. They do not mean
that unfair monopoly or price manipulation
will be tolerated in this country.
They mean simply that these conditions must
be proven—that no longer will
the mere existence of big business be a cause
for condemning it.
'Consumption of Natural Gas in United State
s in 1924
Highest on Record.
The consumption of natural gas in the Unite
d States in
1924 amounted to 1,141,482,000,000 cubic
ft., the highest
-on record, according to the Bureau of Mines
, Department of
Commerce. The figure represents an increa
se of 13% above
natural gas consumption in 1923 and is
almost double the
1914 consumption. The estimated value
of the natural gas
at the wells was $105,779,000, at points
$253,830,000. Production of natural gas of consumption
in the country in
1924 amounted to 1,141,521,000,000 cubic
ft., the slight
increase over consumption figures being
due to a small
'consumption in Canada and Mexico of
natural gas produced
in the United States. The Department
's advices under
.date of Dec. 14 also state:
Oklahoma. with a production of 214,452
,000.000 cubic feet, led all
the
states; California, with an output of
189,692.000.000 cubic feet, was
second; West Virginia, with 182,285,000.00
0 cubic feet, was third.
Other
large producing states were Louisiana, Texas,
Pennsylvania, Ohio, Wyoming. Arkansas, and Kansas, ranking in the
order named. California,
with
a consumption of 189,692,000.000 cubic feet
of natural gas, ranked
first
In this respect; Oklahoma, with a consum
ption of 183.451,000,000
cubic
feet, was second; and Louisiana, consum
ing 163,469,000,000 cubic
feet,
was third.
Increased production, as measured by deliveri
es to consumers,is recorde
for most of the States, and in California,
d
Louisiana, and Texas, gains
are
recorded ranging between 33 and 58 billion
cubic feet; but decreased output
of natural gas as contrasted with 1923 is recorde
d in West Virginia, Pennsylvania, Ohio, and Montana. West Virgini
a passed from first in rank
among the natural-gas producing States,
which rank it had held since
1909, to third place, and Pennsylvania receded
from fourth to sixth place.
These changes mark the passing
supremacy of the eastern States
in the
production of natural gas and a closer
approach in the rank of the
naturalgas producing States to those that produc
e
petrole
um,
and
emphas
ize
increasing use of casing-head gas—th
the
e gas obtained from oil wells.
The ratio of domestic (household) to
total consumption of natural
gas
continued to decrease and ln 1924
only 25% of the total quantity was
used
for domestic purposes as contrasted with
27.5% in 1923; with 33.4% in
1922, and with 37.5% in 1921. Neverth
eless, the quantity of natural
gas
utilized by domestic consumers in 1924
increased 6% and the number
of
domestic consumers in 1924 increased
209.000 to the record of 3,443,0
00.
The average valtfe of the natural gas consum
ed for domestic (househ
old)
purposes in 1924,ranged from 29.6 per thousa
nd cubic feet in West Virgini
a
49
to 91.2 cents in Missouri, and for all the States,
increased to the record
high of 54.0 cents, as contrasted with
51.4 cents in 1923 and with 38.2
cents in 1920. The average value of the natural
gas consumed for industrial
purposes in 1924 ranged from 2.6 cents in Colorad
o to 53.2 cents in Maryland
and for all the States averaged 11.6 per thousa
nd cubic feet.
The quantity of natural gas reported as treated for extract
ion of naturalgas gasoline in 1924 was 1,016,276,000,000 cubic feet. which
is equivalent
to 89% of the total consumption of natural
gas in the United States as
contrasted with 87% in 1923; 71.5% in
1922 and 62.2% in 1920.
In 1924 there was reported as consumed in
the production of carbon black
In the United States 156,514,000,00
0 cubic feet of natural gas which is
equivalent to 14% of the total consumption
of natural gas. This quantity
Is almost three times the quantit
y of natural gas consumed in the manufacture of carbon black in 1922.
American Bankers Association Report Recommends
More Drastic Punishment for Hold-Up Robbery
—Consideration of Installment Buying
—Rechartering of Reserve Banks.
More severe penalties for hold-up robberies, ranging from
fifty years to life imprisonment, were recommende
d at St.
Louis Dec. 10 by the Administrative Committee
of the American Bankers Association. This action was
taken following
the presentation of a report by James E. Baum,in charg
e of
the Protective Department of the Association,
pointing out
that although criminal operations of all kinds agains
t member
banks of the Association were growing less, the
safety of
the general public is menaced by the prevalence crime
of
s of
violence. Mr. Baum said: "Although the presen
t trend of
crime against member banks is generally favora
ble, I believe
the increasing menace threatening the lives and proper
ty of
bank customers presents a situation worthy
of serious consideration by the Administrative Committee.
•
Even the casual observe
r will agree that a single page of the daily
press
displays sufficient evidence of violent crimes
disrespect of law" as too common for the burglarto distinguish the term.
s and bandits of to-day.
Their disrespect oflaw is giving way to an open
defiance of law and disregard
of life and property, which gives the Americ
an Bankers Association the
opportunity of taking the lead for organized
business by urging more severe
penalties for first degree robbery
In its program of State Legislation recommended
for 1925 (Item 21) the
Committee on State Legislation has already defined
the
With Explosives, Electricity, Gas or Other Means" crime of "Burglary
and proposed a law
providing punishment therefor "by imprisonment
of not less than twentyfive nor more than forty years." Although the
enforcement of this law in
every State should act as a deterrent against burglary,
there is greater need
for severity of punishment to those convicted of robber
y commonly known
as "holdup." This modern adaptation of highwa
y robbery now outnumbers burglaries by three to one.
Through insurance, indemnity of financial loss or propert
y damage is
available to the burglar's victim, but there is no earthly
power to replace
the lives of those threatened or wantonly destroyed
by the holdup bandit
and his gun. No more appalling demonstration
of this menace is needed
than the killing without warning of two West End (Brook
lyn) bank messengers and the two messengers more recently killed
at the threshold of their
employer, a Buffalo bank.
Without drastic regulation of the manufacture and distrib
ution of firearms, I submit that we are facilitating murder but
,
until the Federal and
State Government act to keep these weapons out of
the hands of criminals,
I am sure the banking fraternity will at least awaken
the conscience of the
public, if not the crooks, by recommending the enactm
ent in every State of
a law Imposing very heavy penalties ranging
from fifty Years to Hin imprisonment for holdup robbery when the life of a person
is endangered.
The Administrative Committee referred these recom
mendations to the Association's Legislative Committee
with its
approval. The Committee also instructed the
Economic
Policy • Commission of the Association to invest
igate the
question of installment buying and its econo
mic effect.
It reiterated the stand of the Association in favor
of rechartering the Federal Reserve Banks by Congress
on a ninetynine year or perpetual basis separate from questi
ons of amending the Federal Reserve law.
•
Meeting in St. Louis of Committee
of Insurance
Trusts of Trust Co. Division of American
Bankers
•
Association.
The Committee on Insurance Trust
s of the Trust Co.
Division of American Bankers Association,
held a meeting
in St. Louis on Dec. 11, for the purpo
se of considering the
publication of a third bulletin on insurance
trust agreements.
The first bulletin published by the
Division contained information regarding advertising and the
second presented facts
regarding life insurance and its relati
on to estates and trusts.
The members of the Committee
are: Thomas C. Hennings,
Vice-President Mercantile Trust Co.,
St. Louis, Chairman;
C. R. Holden, Vice-President Union
Trust Co., Chicago;
Leslie G. McDouall, Assistant Trust
Officer Fidelity Union
Trust Co., Newark, N. J.; John
A. Reynolds, Assistant
Vice-President Union Trust Co.,
Detroit; A. C. Robinson,
President Peoples Savings & Trust Co.,
Pittsburgh.
A joint meeting between life insura
nce and trust company
men was held in Cincinnati Dec.
14, under the auspices of
the Cincinnati Association of Life
Underwriters. A. C.
Robinson, President Peoples Savings
& Trust Co., of Pittsburgh, and Leslie G. McDouall, Assist
ant Trust Officer
50
THE CHRONICLE
[VOL. 122.
are the largest in history and
one; real wages are at a high level; savings
y of production and
capital is therefore abundant; and the whole machiner y than ever before.
efficienc
of
degree
higher
a
at
g
operatin
is
ion
distribut
have averaged about 6%
While wholesale prices for the year as a whole
due to needed advance in
higher than for the previous year it is largely
prices of agricultural products.
require caution. ConThere are some phases of the situation which
its possible extension
tinuation of real estate and stock speculation and -extension of installinto commodities with inevitable inflation; the over
red monopolies
ment buying; the extortion by foreign Government-foste
d economic instability
dominating our raw material imports; the continue
major agriculcertain
of
of certain foreign countries; the lag in recovery
ty of the coal industry; the uncertainties of
instabili
the
Issued
;
products
ations
tural
Associ
ary
are matters of concern. But,,
Directory of Corporate Fiduci
some important labor relationships—all these
Bankers
a prosperous year over 1926.
by Trust Company Division of American
as said above, with caution we should continue
ago, still leaves
Agriculture, while it is better than it was two years
Association.
generally has not gained a
and
debt,
accumulated
much
with
farmers
the
been
has
problem of
A directory of corporate fiduciary associations
that makes for contentment because its basic economic
American stability
continued distortion in price
market is unsolved. Also, it suffers from
issued by the Trust Company Division of the
g foreign countries because
with the
hip of the Middle West to the competin
Bankers Association. This compilation is in line sections relations
costs to seaboard have had to be increased more than
ation
transport
our
enlarged program of imDivision's work of encouraging the formation of trust country those of its foreign competitors. The projected
ce in this matter.
the
provement in waterways is of great importan very large part in the high
and corporate fiduciary associations throughout
The construction industries have played a
h the office
for which constant help is being given throug resume of business activity of the past three years. The volume of construction haa
brief
a
s
present
ry
year with consequent great activity in
directo
been unprecedented during the past
of -the Division. The
ced by the the construction-material industries, iron, steel, lumber, cement, etc.
activities, published with the view, it is announ
demand has not increased
existing Contrary to normal expectations, this increased
in building costs due in a
Division, that it will be useful both to members of
prices, for there has been a slight reduction
trust
g
formin
g
building season. The inthe
platin
of
ing
contem
organizations and to those
large measure to the gradual lengthen
following creasing Federal, State and municipal public works programs for next
the
gives
tion
publica
The
.
groups
ny
compa
electrical and railway extension and
tions: year, together with the promise of large
for heavy construction. While
birdseye view by States of corporate fiduciary associa
Improvement, indicate a continuing demand
ion.
Associat
y in housing has been overcome,
Bankers
deficienc
the war
that
thought
be
Arizona: Trust Company Section, Arizona
might
It
for better housing and
Long Beach; Association of
high real wage in industry creates a demand
California: Trust Officers Association of
ed Trust Companies yet the
to suburbs, due to the motor,
Trust Officers of Los Angeles and Vicinity: Associat
this condition, combined with the migration remains general. We,could
Bankers
ia
Californ
ent
of Central California; Trust Company Section,
promises to continue as long as employm
ion activity to repeat itself, but
Association.
hardly exp?ct so exceptional a construct
Bankers
o
Colorad
Section,
Trust
Group;
event.
Officers
any
Colorado: Denver Trust
there will be a large volume in
are running at high levels of
Association.
The textile and shoe industries as a whole
of these industries to
Banks and Trust ComConnecticut: Connecticut Association of State
production, although the tendency in some branchesaffecting New England
Haven.
New
of
ion
is
West
Associat
the South and
in
rapidly
panies; Corporate Fiduciaries
more
develop
Atlanta Clearing House Association.
relationships. The automobile and
Georgia:Trust Department Committee,
pending readjustment of her economic
The coal industries
Chicago.
s will record an unprecedented output.
Illinois: Corporate Fiduciaries Association of
industrie
tire
olis.
e strike and the production
Indiana: Informal Organization in Indianap
show increased production despite the anthracit
ion.
Associat
Bankers
Kansas
Kansas: Trust Company Bureau.
minerals has increased.
ion standing committee. of all other
the best service in our history
Louisiana: New Orleans Clearing House Associat
In transportation, our railways are giving
te Commerce
Maine.
of
ion
Associat
ies
Fiduciar
te
ng in average earnings to near the Inter-Sta
Maine: Corpora
recoveri
are
and
e.
Baltimor
4%. There is some improvement
Maryland: Corporate Fiduciaries Association of
Commission standard of earnings of 53'
e
Corporat
ion;
has been
Associat
y
progress
Compan
and
Massachusetts: Massachusetts Trust
from the acute depression in the shipping world,
waterway improvement. The electrification
Fiduciaries Association of Boston.
internal
for
plans
in
made
•
ta.
toward central
Minnesota: Trust Officers' Association of Minneso
made further great strides during the year
of St. Louis; Corporate of the country has -connection. There has been some pyramiding of power
Missouri: Corporate Fiduciaries Association
on and inter
generati
Itself,
industry
Fiduciaries Association of Missouri.
much criticized within the electrical
use of
Association for National, holding companies,
of the Industry is marked by the extension of labor.
Montana: Separate sections in Montana Bankers
progress
solid
the
but
of goods and saving of
State and private banks and trust companies.
electricity with all its economies in production
ion.
has been a reduction in
Nebraska: Omaha Trust Officers' Associat
ore, taking the country as a whole, there
Furtherm
ion.
Associat
Bankers
the public is securing benefits
New Jersey: Fiduciary Section, Essex County
es rates for power and light, indicating that of electricity.
Compani
Trust
Buffalo
of
ion
Associat
y
s introduced in production
New York: Corporate Fiduciar
ion of New York City; from the economie
ally satisfactory. Both exand Banks; Corporate Fiduciaries Associat
Our foreign trade in 1925 has been exception
Bankers Association; Trust
g an increase
State
York
New
Section.
y
Compan
Trust
have risen materially, the former reflectin
imports
and
ports
York.
g the large demand for forCompanies Association of the State of New
agricultural exports and the latter reflectin
in
Ohio.
total around
will
of
and tropical foodstuffs. Exports
Ohio: Trust Companies Association
Committee on Trust eign raw materials
Imports will amount to
Oregon: Trust Companies' Association of Oregon;
00,000, or about 7% more than In 1924.
$4,900,0
mere than in 1924. Roughly,
Powers. Oregon Bankers Association.
about $4,200,000,000, or approximately 17%
ion of Scranton.
is attributable to
Pennsylvania: Corporate Fiduciaries Associat
of this increase in both exports and imports
one-half
ion.
Associat
Bankers
remainder to advance in prices. The
Texas: Trust Company Section, Texas
greater quantities exported, and the
ion.
Associat
Bankers
to be found
Utah
is.
of
course,
balance
of our favorable trade
Utah: Trust Company Section,
Trust Section, Washington major explanation
capital abroad; in essence
Washington: Seattle Association of Trust Men;
in the continued heavy investment of Americanbuy goods from us, or are
to
Bankers Association.
we are lending foreigners the wherewithal
n.
abroad. It is probable that the
Wisconsin: Associated Trust Companies of Wisconsi
sending goods to convey our investments
trust group final figures will show that this country has added to its foreign investThe compilation shows that there are no
dollars.
as, Dela- ments during the year by more than a billion
Arkans
a,
organizations in the following: Alabam
most remarkable thing about the foreign trade of the United States
The
ky,
Kentuc
level of prices, both exports
ware, District of Columbia, Florida, Idaho, Iowa,ire, New is that, after making allowance for the higher
with the
Hampsh
and imports are much greater than before the war, in contrast
Michigan, Mississippi, Nevada, New
foreign countries engaged in
ma, Rhode quantitative decrease in the trade of the other the
country
of
that
exports
ons,
Mexico, North Carolina. North Dakota, Oklaho
war. According to British calculati
see, Vermont, the
were in physical volume nearly 26% less in 1926 than before the war, and
Island, South Carolina, South Dakota, Tennes
ly
Germany's exports have fallen off still more. British imports are practical
Virginia, West Virginia, Wyoming.
at their pre-war level, and those of Germany materially below it.
comsavings,
by
increased
ized
In finance, the year has been character
of both
paratively easy money conditions, the issuance of a large volume
I926"
rise in the prices
for
cts
Prospe
omic
domestic and foreign securities, and by an extraordinary
Herbert Hoover on "Econ
Exof stocks, accompanied by marked speculation on the New York Stock
Warns Against Real Estate and Stock Specu
ad in real estate and
change. This fever of speculation is also widespre
Is
rity
Prospe
of
and
this
courage
wisdom,
with
Level
High
guided
if
lation
unless our financial policies are
g
to Continue.
speculation may yet reflect into the commodity markets, thereby reversin
gy plays a large
the cautious buying policies of recent years. Psycholo
temwill
we
if
that
e
indicat
can only land us on the
While stating that "all signs
part in business movements and over-optimism
we shall con- shores
of over-depression. Not since 1920 have we required a better inper our optimism with a sprinkling of caution
facilities than now if we
credit
of
ration
of
Secretary
formed or more capable administ
tinue our high level of prosperity over 1926,"
continue an uninterrupted high plane of prosperity. In any event
to
are
real
of
uation
"contin
a
Commerce Hoover warns against
there should be no abatement of caution in the placing of forward orders,
e extension into particularly in view of the great increase in sales of a great variety of
estate and stock speculation and its possibl
ary also merchandise on the installment basis.
commodities with inevitable inflation." The Secret
g
In the foreign field as a whole the situation is more promisin than at
ment buying"
after another abroad gains
cautions against "the over-extension of install
any other time in 12 years. Each year one nation
for 1926," issued in economic and fiscal stability, in production and in employment. War.
in a statement on the "Economic Prospects
31:
inheritedfamines have disappeared from the earth, standards of living are
as follows at the close of the year, viz. Dec.
re higher than at any time since the war. In fact, no one in 1919
in
motion
everywhe
forces
the
of
l
appraisa
an
Any business forecast must be simply
believed that so great a measure of recovery would be attained
have
would
if
we
that
indicate
signs
All
progress.
against
in European statesmanship.
at home and abroad, for and
we shall continue in Europe by 1925—a proof of a high quality
caution
of
ng
a
sprinkli
with
optimism
will temper our
The Locarno agreement promises much greater political stability, and paves
1926.
over
y
prosperit
of
with
level
ent
consequent improvement in
our high
for another stage of disarmam
d more goods in 1925 in the way
outlook. Of the disturbed areas, England and Germany have
The United States has produced and consume
economic
the
of
standard
Our
in its history.
proportion to population than ever before
recovered employment in full; France shows economic strength among
in our history and is of course the not
living has therefore been the highest ent, however, has been greater in her people, but popular resistance has so far made it impossible to stabilize
improvem
of civil war, but business,
highest in the world. This
the fiscal system; China continues in the throes
ral communities.
Russia makes progress as the Government slowly
s;
continue
ess,
the urban centres than in agricultu
neverthel
our outlook is our increased productrade
The dominant favorable factor in
abandons Socialism. The quantity of goods moving in international
continuing forces—such as the cumulation
s are
tivity, due to fundamental and
a whole has recovered to the pre-war level, although some countrie
as
waste.
of
ion
eliminat
and
skill
science,
now based.upon stabilized
of education, the advancement of
below, and fully 90% of international business is
stocks
the
that
are
te
horizon
immedia
the
Other favorable indications on
I currencies.
there is employment for practically every.
of commodities are moderate;
J., members of the
Fidelity Union Trust Co., Newark, N.
Trust Company
Committee on Insurance Trusts of the
on different
spoke
tion,
Associa
s
Banker
an
Americ
Division,
Service."
Trust
and
nce
Insura
Life
phases of "Co-ordinating
Company Division
Leroy A. Mershon, Secretary of the Trust
ortem Versus Postof the Association, spoke on "Pre-M
Mortem Service."
;IAN. 2 19261
THE CHRONICLE
On the whole, both our own country and the rest of the world face a
more favorable outlook at this turn of the year than for a long time past.
We, ourselves, however, need to be on our guard against reckless optimism.
What we need is an even keel in our financial controls, and our growing
national efficiency will continue us in increasing prosperity.
'National Industrial Conference Board Estimates Cost
of Supporting Those Dependent on Public
Funds at Over Five Billon Dollars
During Year.
Approximately every ten persons engaged or employed
in private enterprise in the United States are supporting,
on the average, one person depending for hit- or her living
on public funds, during the current year, according to a
study of public expenditures being made by the National
Industrial Conference Board, 247 Park Ave., New York.
The Board's survey, issued under date of Dec. 17, says:
This estimate includes public charges in almshouses, charitabl
e and
penal institutions and pensioners as well as public employee
s.
The number of persons in public service, including Federal,
State and
local Government employees. since 1923 has increased
again, after the
decline from the war-time peak, to a total of approximately
2,800,000,
the Board finds. This is an increase of about 60% over
the number of
public servants in 1913, the year before the war.
The direct cost of the service rendered by these public
employees and
officials for the current year is estimated by the Conferen
ce Board at
$4,300.000,000, representing an increase of about 23% over the cost
of the
1923 Tub& payroll.
Adding to this the cost of pensions, annuities and allowances
paid to
war veterans and superannuated employees, numberin
g approximately
*900.900 persons, and the cost of supporting about 500.000 puolic charges
In almshouses and in charitable, correctional and penal institutio
ns, the
Conference Board research staff estimates the total cost of those dependin
g
for their livelihood directly on public funds during the current
year at
about $5,140.000,000.
This sum, the Board points out, represents about 8.1%
of the total
national income c t 1924. 46.8% of the amount paid out in wages,
or 37%
of the amount paid out in wages and salaries combined
by all the manufacturing establishments in the country during the year
1923, the latest
for which such data are available.
The total public payroll, including the support of public charges,
if the
burden were distributed equally among persons
gainfully occupied but
not holding public jobs, would cost each person In
private employment,or
engaged in business or in a profession, about $125 annually
. The corresponding burden on each man, woman or child
in the United States
would amount to $46 per annum.
The total numoer of public servants in 1913 amounted
to 1.785,000.
In 1918, at the end of the war, those in public
service numbered 5,129,000
(including army and navy): in 1921, the number
had been reduced to
approximately 2.786,000, declining further to about 2.700,000 in 1923:
the estimated number for 1925 is 2,800.000
. There have been since 1923
Increases in the war branches of the Federal service,
postal department,
in the educational departments of State and local the
Governments, in municipal police and fire departments, and in general clerk
hire.
The number of persons in the Federal Executive civil service
(classified
and unclassified positions, but exclusive of legislativ
e, judicial, army,
navy, marine, coast guard and District of Columbia personnel
) was 564.718
on June 30 1925, as comnared with 554,986
June 30 1924, 648,531
on June 30 1923 and 917.760 at the time of the on
armistice.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
While the New York Stock Exchange will be open to-day
(Jan. 2), the New York Cotton Exchange will observe the
day as a holiday. In the case of the Stock Exchange,
which
closed last Saturday, following Christmas Day, no
request
was made by members for a suspension of busines
s to-day.
Reports, not yet officially confirmed, are to the effect
that
plans are under way for the consolidation of
severallarge
banking institutions in this city. While four
or five large
banks were originally mentioned as contemplating
eventual
consolidation, the Chase National Bank and the
Mechanics
& Metals National Bank in the latest reports
are
as figuring in a coming merger. The latest advicesspoken of
(on the eve of going to press) appeared in the as to this
New York
"Evening Post" of Dec.31 as follows:
51
& Foreign Securities Corporation with the title of chairman.
To accept this position Mr. Joy resigns from a -vice-presidency in the Bankers Trust Co. of New York where for
several years he has been in charge of the foreign department, including the London and Paris branches. A native
of Boston and a Harvard graduate, Mr. Joy devoted his
earlier business career to Stone & Webster, to the Boston
Traverler as treasurer, and to the Shawmut Bank from
which he resigned a vice-presidency to become a major of
infantry in the World War. During service in the Army of
Occupation he controlled the movement of funds and supervised the banks in the territory occupied by the U. S..
subsequently traveling through Middle Europe to make a
financial report on the American Relief Administrations
stations for Herbert Hoover.
The following appointments are announied by the American Exchange-Pacific National Bank of New York effective
January 1
George W. Giddings, Trust Officer.
Edgar B. Landis. Assistant Trust Officer.
William F. Doyle, Assistant Cashier.
At a special meeting of the stockholders on Dec. 29, a
plan was adopted providing for an increase in the capital
stock of the Equitable Trust Co. of New York from $23,000,
000 to $30,000,000 by offering $6,900,000 par value of new
stock, consisting of 00,000 shares of the par value of $100
each, for subscription by stockholders of record at the close
of business on Dec. 29 1925 at the price of $200 a share, in
the proportion of three-tenths of a share of such new stock
for each share of stock then held by such stockholders of
record, and by the sale at public auction to the highest
bidder of $100,000 par value of new stock, consisti of 1,000
ng
Shares of the par value of $100 each, at a price of not less
than $200 a share. The notice issued by the compan says:
y
The sale of $100,000 par value of the proposed
increase of stock at public
auction is deemed expedient in order to obviate
the serious inconvenience
and difficulty which would arise by reason of
the fractions, running into
seven decimals, into which it would otherwise be
necessary to divide the
new stock to enable all stockholders to exercise their
subscription rights.
The sale of the stock, which is to be sold at public auction,
will be held
on March 29 1926 at 12.30 p. m. at Exchange Sales
Room, 14-16 Vesey
Street, New York.
The subscription price of $200 for each share of the par
value of $100 must be paid in cash in full at the office of
the company, 37 Wall Street, New York City, at or before 12
o'clock noon on March 31 1926. The plans to increase the
capital were referred to in these columns Dec. 12, page 2836.
Harvey D. Gibson, President of the New York Trust Co.,
sailed on Dec. 27 on the steamer "Paris" for a comprehensive foreign trip, during which he will visit France, England, Germany, Austria, Belgium, Czechoslovakia, Holland
,
Hungary, Spain, Switzerland and the Scandinavian countries. George Murnane, Vice-President of the company,
has
preceded Mr. Gibson to Europe and will accompany
him on
ills visits to various foreign capitals. Before his
departure
Mr. Gibson said that in the past five years the
New York
Trust Co.'s foreign relations have become of increas
ing importance. He is going abroad to establish personal
contacts
with the company's principal correspondents and agents
in
various countries, and with Mr. Murnane obtain first-ha
nd
knowledge of general conditions.
Announcement has been made of the appointment of Biro
Fusi as President of the Banca Commerciale Italian
s Trust
The reported plan of the merger of the
Chase National Bank and the Co., and as chief executive of the New York agency (62-64
Mechanics and Metals National Bank, was
William Street) of the parent institution, the Bence
in
to-day. According to this report, the Chase circulation in Wall Street
ComNational Bank will declare merciale Itallan
a stock dividend of $5,000,000, bringing
a with head office in Milan, Italy, and over
its capitalization up from
$20,- 80 branches
000,000 to $25,000.000.
in that country. Mr. Fusi has been connected
An exchange of stock between the Chase
and Mechanics and Metals will with the institution for
twenty years both here, in England
be made on a share far share basis, it is
said. This statement could not be
and Italy and has been active in the manage
confirmed, although it is understood a meeting
of
ment of the
and Metals National Bank was held last night. directors of the Mechanics New York
interests since their organization in 1919. At an
extraordinary meeting of stockholders In October last
it was
Robert A. Lovett, son oL Judge Robert
became a member of the firm of Brown Brother S. Lovett, decided to increase the capital to Lire 700,000,000, which
s & Co. on brings the total capitalization of the institution well
Jan. 1. Mr. Lovett graduated from Yale
above
University in Lire 1,000,000,000. Dividends have been maintained during
1918, and did graduate work at Harvard after
returning the past five years at 12%.
from war service abroad.
His early banking training was
with the National Bank of Commerce in New
he was employed for two years. In 1923 he York, where
joined
of the firm of which he now beccmes a member the staff
recently returned from London, after spendin , and has
g six months
in the office of Brown, Shipley & Co.
The United States Mortgage & Trust Co. of New
York is
distributing its 1926 calendar, the sixteenth in a series
illuminated with historical paintings by E. Percy Moran.
This year's subject is entitled "Reading the Declara
tion of
Independence, New York City, July 9 1776."
Benjamin Joy will become associated with
Max Lederer, Vice-President of the Standard
Dillon,
Bank of
& Company (January 2,) taking active charge of the Read New
York, left this week for a winter cruise through BerU.S.
52
THE CHRONICLE
[Vol,. 122.
in our May 16 issue,
Indies. On his he was elected on May 15, as was noted
muds and the other islands of the West
new office page 2505.
return he will assume active charge of the bank's
Buffalo
.
in Yorkville
A special dispatch from Albany on Dec. 18 to the
DepartBanking
State
York
New
the
that
stated
ers of the "Courier"
At a special meeting on Dec. 28 the stockhold
the Fidelity Trust Co. of Buffalo to
to increase ment had authorized
proposal
the
ratified
York
New
of
Bank
State
in perpetuity beyond the term
existence
e
corporat
its
0. The plans extend
the capital stock from $3,500,000 to $5,000,00
e of organization. Continucertificat
original
pay- specified in its
provide for the declaration of a stock dividend of 25%,
said:
dispatch
the
ing,
offering of
its place
able Jan. 2, to holders of record Dec. 18, and the
company also is given permission to change the location of
Street.
share in the of The
business after Dec. 15 from 284 Main Street to 270 Main
new stock to holders of record Jan 2. at $100 a
rs & Traders
SubThe Fidelity Trust Co. recently merged with the Manufacture Trust Co.
ratio of one-seventh of a share for each share held.
Traders
Bank of Buffalo under the name of Manufacturers &
and
1
Feb.
by
payable
be
will
following
stock
scriptions to the new
merged concern is authorized to conduct branches at the
books The
points in the city of Buffalo:
the right to subscribe will expire Jan. 15. Transfer
near
The annual
Broadway and Mills Street, Grant and Boyd streets, Main Street,
will be closed from Dec. 18 1925 to Jan. 4 1926.
Fillmore Avenue and 284 Main Street.
on
the
d
continue
be
to
is
paid
dividend of 16% now being
The consolidation of the Fidelity Trust Co. and the Manupaid
new capital. 12% to 30%. Christmas bonuses will be
facturers & Traders National Bank was reported in these
.
to employees of the bank.
columns in our issue of Dec. 19.
The trustees of the Union Dime Savings Bank of New
York have decided to credit interest on deposits from the
first of every month, beginning Jan. 1 1926, instead of from
the first 'of each quarter, as heretofore, providing deposits
remain until the end of the current quarter. Three days'
grace will be allowed each month.
William C. Hackney, Presi-dent of the Johnstown Bank,
Johnstown, N. Y., died suddenly on Dec. 9, following an
hour's illness with acute indigestion. Mr. Hackney was
also a director of the Farmers & Mechanics' Bank of Fort
Plain, N. Y., and prominent in the glove manufacturing Industry as a member of the Streeter-Hackney Co. of Johnstown. He was 61 years of age.
Richard M. Hoe, trustee of the Bowery Savings Bank of
New York, died at his home on Dec. 22. Mr. Hoe had been a
John J. Kuethen, Cashier o-f the Wheatley Hills National
director of the New York Life Insurance Co. and of the Bank of Westbury, N. Y., has been elected Vice-President
t
was
Presiden
He
Home Life Insurance Co. of New York.
and Cashier. As Vice-President he fills the vacancy caused
and a director of Dows Estate, Inc., and a director of the by the death of the late John A. McKenna. Mr. Kuethen
Bond & Mortgage Guarantee Co.
has been Cashier of the bank since its opening in 1920. Plans
the erection of a new building by the bank have been
for
Charles J. Obermayer, President of the Greater New York
completed. Construction work will commence as soon as
Savings Bank in Brooklyn, died in his office at 110 East 42d
the weather permits.
in
Street, New York City, on Dec. 24. He founded the bank
Street,
First
and
Avenue
Seventh
on
.
store
little
a
1897 in
Gordon L. Willis, President of the Hampshire County
Brooklyn, and had served as its President since its estab- Trust Co., Northampton, Mass., announces the election by
lishment. He was also President of the Savings Bank the directors of the bank of Miss Ruth D. Stockwell as
Association of New York State. Mr. Obermayer was born Manager of the Service Department of the bank. The apIn this city 56 years ago and was a member of many clubs, pointment of Miss Stockwell as a bank officer makes her the
president of several companies and director in many others. first woman chosen as a bank officer in Hampshire County
In addition to his other interests, Mr. Obermayer took an and one of the few in Massachusetts.
active part in directing the affairs of the Narragansett Finishing Co., the Cranston Construction Corporation, and the
The Fidelity Trust Co. of Portland, Me., announces the
Finger Print Machine Corporation. He was also a director death of its President, Benjamin S. Robinson, on Dec. 19.
in the American Safe Deposit Co., the American Press Co.,
the New York Title & Mortgage Co., and the Mechanics
New Britain's (Conn.) new bank, formed under the name
Bank.
of the City National Bank, opened for business on Monday
•
of last week (Dec. 21). Its organization was referred to
The proposal to change the name of the East River SavIn these columns June 6, page 2899. The bank has an
ings Institution of this city to the East River Savings Bank
authorized capital of $200,000 and surplus of $50,000. The
has been approved by the State Banking Department. The
of the bank are Paul K. Rogers, President; Joseph
officers
bank is already operating under its new title.
F. Lamb, Vice-President, and Francis C. Kelly, Cashier.
directors:
According to the Brooklyn "Eagle," rumors in banking The following are the
Mortimer H. Camp, attorney-at-law.
circles of Brooklyn on Dec. 11, that a merger of the Nassau
Ernest W. Christ, Vice-President and Secretary the Stanley Works.
John S. Contaras, Contaras Brothers & Perakos.
National Bank and the FirstNational Bank of Brooklyn
Dr. George W. Dunn, surgeon.
was impending, were flatly denied by officers of the banks
John A. Erickson, President Erickson & Carlson Furniture Co.
adds:
"Eagle"
The
in question.
Joseph F. Lamb, Vice-President and Superintendent Landers, Frary k
William S. Irish, Vice-President and guiding influence in the affairs of Clark.
the First National Bank, stated in response to inqiries: "There is absoPeter J. Pajewski, Curran & Pajewski.
lutely nothing in the reports of a merger of the two banks."
Paul H. Rogers, Vice-President and Treasurer the Skinner Chuck Co.
that
denied
also
National,
the
Nassau
of
G. Forster Smith, President
Henry Schupack, real estate.
He
banks.
two
the
of
coalition
a
toward
done
been
had
anything definite
Reuben Cl. Twichell, Vice-President and Treasurer the Hart & Cooley Co.
added, however: "There has been talk of that kind going around for two
Arthur P. White, Credit Manager Russell & Erwin Division.
years. Every once in a while it bobs up. But there is nothing tangible
Elbridge H. Wightman, Vice-President and Secretary the North & Judd
thus far."
Manufacturing Co.
be
would
banks
the
two
of
merger
a
that
believe
Bankers of Brooklyn
The price at which the stock was placed on the market
a logical development, and would be of benefit to both and the community
was $135, and due to the heavy oversubscription, we learn
as well.
They point out that a large national bank, such as a merger of the two there is none offered at present.
Institutions would produce, would be of great benefit to Brooklyn. At the
present time there is no national bank with its home office in Brooklyn in a
Statement of condition at the close of business Dec. 1 1925
position to meet larger demands of the big industrial organizations. A
combination of the two banks would be a step in the direction of a large of the North End Bank & Trust Co. of *Bridgeport, Conn.,
Brooklyn bank.
was received recently. It shows total assets of $1,295,292;
The new Church Lane Savings Bank of Brooklyn opened
for business on Dec. 12 1925 at Church and Nostrand avenues. The charter for the new institution was granted early
t;
In the fall. The officers are Thomas F. Crean, Presiden
ile,
Vice-Pres
Mandevil
W.
Edgar
and
Spence
W.
George
dents; M. C. O'Brien, Treasurer; B. Parks Gooden, Secretary, and George R. Holahan Jr., Counsel.
Charles Elliott Blackford Jr. has tendered his resignation
ional Trust Co. of
as Vice-President of the Fidelity-Internat
d will give his
Blackfor
Mr.
31.
Dec.
effective
New York,
entire attention to his duties as President of the People's
Trust Sc Guaran'y Co, of Hackensack, N, J., to which office
deposits of $1,066,234; capital of $100,000 and surplus and
undivided profits of $116,077—a gain in surplus of over
$75,000 in 18 months. The bank, which was incorporated In
1819, has the following officers: William F. Severn, President; Homer C. Godfrey, Vice-President; John T. L. Hubbard, Secretary, and Charles E. Prior Jr., Treasurer.
On Dec. 23 the directors of the Federal Trust Co. of Newark, N. J., completed plans for the issuance of an additional
10,000 shares of stock, increasing the capital from $2,500,000
to $3,500,000. The new stock will be offered to present holders at $250 each on the basis of 40 for each 100 shares now
hem; *1,000,000 of the proceeds will be added to the capital
or
JAN. 2 1926.]
THE CHRONICLE
and $1,500,000 will go toward surplus, raising the latter to
$2,500,000. The undivided profits of the company are $500,000. The company was organized in 1901 with a capital
stock of $1,000,000 and a surplus of $500,000. In September
1924 the capital stock was raised to $2,500,000, the surplus
to $1,000,000 and the undivided profits to $500,000. Dates
of payment on the new stock are 40% Feb. 15, and the remainder April 1. The stockholders' meeting to ratify the
plans will be held Jan. 12 and rights will be issued to stockholders of record at close of business on Jan. 12 1926.
An application has been received by the Comptroller of
the Currency for authority to organize the Merchants National Bank of East Orange, N. J., with a capital stock of
$200,000. It is planned to sell the stock at $125 per $100
share. The surplus will be approximately $50,000.
The Peapack-Gladstone National Bank, of Peapack-Gladstone, N. J., has been converted to a trust company, under
the name of the Peapack-Gladstone Trust Co. The change
occurred Nov. 30 1925. The new institution has a capital
stock of $100,000 in 1,000 shares of $100, and a surplus
of
$20,000. The incorporators are Ellis Tiger, William
D.
Vanderbeek, Garnet F. Hill, Dalton C. Smith and Mahlon
Smalley of Gladstone; George R. Layton of Bedminster,
and
George C. Lindabery of Pottersville. Ellis Tiger is President; William D. Vanderbeek and George R. Layton
are
Vice-Presidents; S. J. Shoemaker, Secretary and Treasur
er;
A. M. Alpaugh, Assistant Secretary and Treasurer.
53
Our capital at the present time is $400,000, our surplus is $700,000 and
undivided profits $88,000. When the above contemplated change is effective our capital will reach $500,000, surplus $750,000 and undivided
profits $88,000, exclusive of this six months' earnings.
The ratification by the stockholders of the plans to increase the capital stock of the Market Street Title & Trust
Co. of Philadelphia is announced. In a letter to the stockholders, dated Dec. 17, Secretary W. S. Tash says:
At a special meeting of the stockholders of the Market Street Title
as
Trust Co., held Dec. 16 1925, the capital stock of the company was authorized to be increased from $500,000 to $1,000,000 and the board
of directors
were directed to offer the entire authorized increase
of capital stock for
subscription to the registered stockholders of record at the close
of business Dec. 30 1925, in an amount equal to the number of shares respective
ly
held by them at the time, as shown by the books of the company,
and at a
subscription price of $100 per share; $50 per share of which to
be credited
to capital account, and $50 per share to be credited to surplus.
Stockholders desiring to avail themselves of this right to subscribe
must
exercise the same on or before Feb. 1 1926, paying in full
or the sum of
$20 per share, at the time of subscription, and agree to pay
thereafter the
sum of $20 per share per month on the first day of each
and every month
following until the entire sum of $100 per share shall be paid.
Stockholders not availing themselves of this right to subscribe
for the
new shares on or before Feb. 1 1926 at $100 per share
will lose their right
to subscribe.
The subscribers to the new stock shall have the right
to anticipate any
and all installments and will participate pro rata in
dividends from the
date of payment of such installment or installments if
paid on an installment date, or if paid between installment dates, then
from the next following installment date.
The proposed plans were mentioned in our issue of Nov.
7,
page 2235.
Regarding plans to increase the capital of the Chelton
Trust Co. of Philadelphia from $300,000 to $400,00
0, we
have received the following advices under date of Dec.
16
Colonel Wilmer A. Cadmus assumed the active Presidency from the Treasurer of the company, G. W.
Cliffe:
of the National Banleof America, of Paterson, having
Replying to the enclosed inquiry, I would advise you that our
stockholdbeen ers authorized an increase
of our capital stock from $200,000 to $400,000
elected at a meeting of the board of directors the night
be- on Jan. 26 1920. In October 1922 we issued $100,000. We are
now issufore, after the acceptance of the resignation
of President ing the balance of $100,000, increasing our capital stock to $400,000. The
stock is being issued on the basis of one share for each three
William E. Walter. Colonel Cadmus has been First
shares
now
Vice- held, and at the rate of $125 per share,
$100 being added to capital and
President of the bank since its organization. He assume $25
to surplus account
d
his new duties immediately. Mr. Walter retired
because of
Ill-health and plans to leave the city for a
Referring further to the affairs of the failed Producers
much-needed
&
rest. Mr. Walter, with President Cadmus, was
among the Consumers' Bank of Philadelphia (thelabor bank which failed
organizers of the bank.
on May 4 with liabilities of nearly $2,500,000), Albert M.
Greenfield, the receiver for the institution, announced on
The directors of First National Bank of Rockaw
ay, N. J. Dec. 11 that he would shortly ask the Court of Common
have declared a semi-annual dividend of 3%
and an extra Pleas for an order to liquidate the institution's assets and
dividend of 2%, payable Dec. 311925. $50,000
has been to relieve him of the receivership. This decision means,
added to the surplus, making a capital of
$100,000 and said the Philadelphia "Ledger" of Dec. 12, that the depositsurplus of $100,000.
ors will receive about 55 cents on the dollar in settlement of
their claims and that the stockholders will receive nothing,
The stockholders of the Morristown Trust Co. of
Morris- but the latter will not be assessed, as is usually the case in
town, N. J., will vote on Jan. 12 1926 on the recomme
ndation the straightening out of the affairs of a bankrupt corporaof the directors to increase the capital stock
from $600,000 tion. Continuing, the "Ledger" said, in part:
to $800,000. It is proposed to declare
Determination to liquidate the bank's assets comes as a
a stock dividend of
result
failure of enough depositors to give their assent to the Greenfiel of the
331.3%, the dividend being paid through the
d plan of
transfer of rehabilitation.
$200,000 from undivided profits to capital
account. The
Mr. Greenfield stipulated that persons whose deposits aggregate
d
$1,000,directors have granted a bonus of 20% to all
employees and 000 or more would have to give their assent to the plan before it could be
put into effect. In addition to that, Mr. Greenfield and
has declared a regular quarterly dividen
several associates
d of 2%% and an offered to put
in cash in the new hank so that it would have sufextra dividend of 2/
1
2%. The company has transferred ficient capital $300,000
to operate.
$100,000 from undivided profits to surplus
The time set for the acceptance of the plan expired Nov.
.
10, but at the
Henry Reeves of Pitman, N. J., has resigne
d as President
of the Pitman Trust Co. He will be succeed
ed by Clinton M.
Kandle. Mr. Reeves was one of the organiz
ers of the institution, which was established in 1921.
He had served as
President since its organization.
A new bank for Hartford, Conn.—the
West Hartford
Bank & Trust Co.—was granted a charter
by the Connecticut State Banking Commission on Dec. 17,
according to the
Hartford "Courier" of Dec. 18. The new
institution will
begin business with a capital of $100,000
and surplus of
equal amount, it is said.
The directors of the Columbia Avenue Trust
Co. of Philadelphia, have taken action toward increasing
the capital
stock of their institution from $400,000 to
$500,000. The
new stock will be offered to the present shareho
lders on the
basis of one share for each four shares now
held at $150
per share, of which $100 will go to capital account
and $50
to surplus. We learn that the stockholders are
not called
upon to sanction the issue at this time, since they
authorized
an increase in the capital from $250,000 to $500,00
0 at a
stockholders' meeting a good many years ago.
Subscriptions
to the new stock are payable in full between Jan.
15 and
Feb. 15 1926, inclusive. In a letter to stockholders,
William
A. Carlile, President of the company, says:
request of the Central Labor Union's Executive Board,
members of which
were among the principal depositors of the bank, Mr.
Greenfield granted
an extension of 30 days.
At the expiration of the first time limit assents
representing assets of
$635,000 had been obtained.
Considerable objection to the Greenfield plan of rehabilita
tion had been
forthcoming. A faction of the depositors and
stockholders belonging
chiefly to trade unions of Philadelphia engaged
Sidney E. Smith, attorney,
to represent them in opposing the plan and to present
a plan of rehabilita.
tion which, while a modification of the Greenfiel
d proposal, "would give
some consideration to the stockholders" under
the new reorganization. It
was pointed out that the stockholders had
certain rights, inasmuch, it vras
alleged, that there was misrepresentation when
they
The Central Labor Union, through its Secretary bought stock.
, J. M. Richie, informed
Mr. Greenfield yesterday that despite
the 30-day extension it had been
unable to gain the consent necessary to the
plan.
In that time, however,
It had obtained assents from depositors
representing an additional $100,000.
In his reply to the Central Labor Union
Committe
e, Mr. Greenfield said
that when he undertook to rehabilitate
he
than $1,000,000 would be a handicap to realized "that a capital of less
start with, and for that reason
he stipulated that it should not be carried
into effect unless depositors
whose deposits aggregated $1,000,000 gave
their assent
"To the actual fund at the bank," he
said, "represented by this $1,000,000 of deposits, obviously worth
considerably
estate are only sufficient, in my judgment less because the assets in the
, to constitute 55 cents on the
dollar of deposits, I offered, together
with some of my friends, to add
$300,000 in cash so that the proposed
bank would have sufficient capital
to operate profitably and thus insure
success in obtaining 100 cents on the
dollar for depositors joining in."
The receiver said that for reasons
best known to themselves some of the
interests within the ranks of labor itself
have presented opposition to the
plan. With labor thus divided over
the question whether it shall again
sponsor a banking institution, I have determine
d that the wisest course to
pursue would be to liquidate and to commence
payment of
An investigation is now being conducted by Assistant dividends."
District Attorney
Schofield to ascertain whether•criminal negligenc
e was displayed by officials of the bank in conducting the
Wain Of the institution.
54
THE CHRONICLE
appeared
Our last reference to the affairs of this bank
2367.
page
14,
Nov.
of
cle"
in the "Chroni
been apThomas W. Smith and Austin W. Davis have
l
Bank of
Nationa
First
ofthe
s
pointed Assistant Cashier
the
Philadelphia, effective Jan. 1 1926. Mr. Smith entered
conand
1900
in
lphia
Philade
of
Bank
l
Merchants Nationa
merger of
tinued with the First National Bank after the
l Bank
Nationa
First
the
and
Bank
l
Nationa
nts
the Mercha
DeCredit
the
of
r
Manage
been
July 1910. Mr. Smith has
l Bank of
partment. Mr. Davis entered the First Nationa
CollecPhiladelphia in 1900. He has been Manager of the
nt of
tion Department of the bank. He is a former Preside
,
of
Banking
e
Institut
an
Americ
,
Chapter
lphia
the Philade
ve
ComExecuti
the
of
member
a
and is at the present time
mittee of the Pennsylvania Bankers Association.
nt
Joseph D. Yerkes on Dec. 3 was elected an Assista
Washof
Bank
l
Nationa
an
Americ
Federal
Cashier of the
4. Mr.
ington, according to the Washington "Post" of Dec.
service
the
entered
ton,
Washing
of
a
native
is
who
Yerkes,
of the Federal American National Bank in 1915 and with
has
the exception of eighteen months' World War service,
a
ng
as
Beginni
employ.
bank's
the
in
been continuously
ents to
runner, he worked up through the various departm
nt in anathe position of special assistant to the Preside
analysis and
lytical work, dealing principally with account
he has now
unprofitable business—the position from which
an InstiAmeric
the
of
e
graduat
a
is
been promoted. He
of the
tute of Banking and is now Second Vice-President
is
said,
it
winner,
been
twice
has
He
.
Chapter
Washington
Bankof the annual essay contest conducted by the District
ers Association.
early
A new financial institution will open in Baltimore
The
in January under the title of the American Trust Co.
and
re
Baltimo
at
s
quarter
occupy
will
new bank, which
surCommerce streets, will be capitalized at $500,000, with
plus of $100,000. Stock in the new enterprise (the par value
of which is $50 a share) is being disposed of at $60 a share,
$50 to be applied to capital and $10 to surplus.
The board of directors of the Pennsylvania Trust Co. of
2% out of
1
Pittsburgh on Dec. 10 declared a dividend of 2/
earnings, payable Jan. 2 1926, to stockholders of record at
the close of business Dec. 31.
[VoL. 122.
The
had deposits of $1,030,216. It was organized in 1906.
retiring officers, according to the "Enquirer" are: Charles
since
H. Dater, who had been President of the institution
Secretary,
1912; Vice-President and Treasurer. A. L. Sadler;
H. M.Freeman and Cashier, Alfred Brown.
The Citizens National Bank & Trust Co. of Lebanon, Ohio,
consoliand the Lebanon National Bank & Trust Co. have
the
dated under the Act of Nov. 7 1918, under the charter of
Lebanon National Bank & Trust Co., and under the title
"The Lebanon-Citizens National Bank & Trust Co.," with
e
a capital of $275,000. The consolidation became effectiv
ed
undivid
and
surplus
reports
ion
institut
The
1925.
14
Dec.
nt;
profits of $325,000. The officers are C. C. Euless, Preside
,
Charles S. Irwin, Vice-President; L. S. Shawhan, Cashier
.
Cashier
nt
Assista
er,
Waggon
J.
and Charles
siHugh H. Saxon of Augusta, Ga., was elected Vice-Pre
Bank
&
Savings
Trust
cial
Commer
&
ntal
Contine
the
dent of
29.
s
of Chicago at' a special meeting of the director Dee.
of
is
one
Saxon
Mr.
at
once.
duties
new
his
s
assume
He
held
the prominent young bankers of the South and has
many positions of responsibility and confidence in the
American Bankers Association. He has been First VicePresident of the Georg'a Railroad Bank and Vice-President
of the Georgia Railroad & Banking Co.
Stockholders of the Wayne County & Home Savings Bank
their
of Detroit, of which Julius H. Haass is President, at
annual meeting on Jan. 12 will be asked to approve a
recommendation of the directors to increase the authorized
capital stock of the bank from 40,000•to 50,000 shares of the
par value of $100 per share, according to the Detroit "Free
Press" of Dec. 21. Continuing the "Free Press" said:
directors the stockholders, proUnder the plan recommended by the
offered the right of subscribing for
viding they accept the proposal, will be
shares of the present stock standing
one share of the new stock for every four
in their names, at a price of $200 a share.
will be apportioned $1.000,The proceeds from the sale of the new stock,
and surplus. With the completion
000 each between the bank's capital stock
effective May 15 1925. the
of this operation, which it Is proposed to make
Savings bank will show capital
statement of the Wayne County and Home
and undivided profits in excess
stock of $5,000,000, surplus of $9,000.000
of $1.000.000.
and Home Savings bank on
The stockholders of the Wayne County
extra Christmas dividend of 2%.
December 15 received checks covering an
bank's regular monthly payment of
This distribution is in addition to the
20% the dividends received by its
1 % to its stockholders and increases to
stockholders during the current year.
ers in connection with the
stockhold
the
The substantial value accruing to
case it is approved, is indicated in
right of subscription to the new stock, In
recorded on the Detroit Stock
the fact that, although no sales have been
last week has ranged from moo
Exchange recently, the bid price within the
at which it is proposed to offer
to $475 a share, as against the price of $200
the new stock.
The directors of the Colonial Trust Co. of Pittsburgh recently announced the election, effective Jan. 1 1926, of Kenng
neth Buffington as an additional Trust Officer, accordi
has
ton
Buffing
Mr.
9.
Dec.
of
Following a custom of several years, on Dec. 24 the Northe"
"Gazett
rgh
to the Pittsbu
as
underis
it
1917,
ern Bank Note Co. of Chicago, distributed its Christm
been practicing law in Pittsburgh since
service with the organization.
made
of
was
length
the
office
on
nal
based
additio
the
bonus
of
n
creatio
The
stood.
necessary by the steady increase in the value and number
According to the "Chicago Journal of Commerce" of Dec.
of the trust estates under control of the trust department
old stockholders of the National Bank of the Republic of
11,
of the company.
city will receive on Dec. 24 another 5% dividend dethat
The directors of the Farmers Deposit National Bank of rived from the liquidation of assets not included in the
ion
Pittsburgh recently increased the surplus of the institut
merger of the National Bank of the Republic and the NaThe
e."
"Gazett
rgh
Pittsbu
the
to
ng
by $1,000,000, accordi
tional City Bank of Chicago, which was effected on Dec.
addition, it is said, is made from accumulated earnings and 22 1924.
paid-in
brings the surplus account up to $4,000,000. With a
capital of $6,000,000, the increase provides the bank with a
The Kansas City "Star" of Dec. 2 stated that Beth M. Meproftotal working capital of $10,000,000, besides undivided
servey, former President of the defunct First National Bank
its and reserves of about another $1,000,000. The directors of Excelsior Springs, Mo., had on that day been arraigned
also awarded the usual Christmas bonus to the employees.
before Judge Merrill E. Otis in the Federal Court on an
ent containing 35 counts charging misappropriation
indictm
James I. Stephenson, a Vice-President of the Guarantee of the bank's funds, and after pleading "not guilty" was rethat
Trust Co. of Cincinnati, shot himself at his home in
in $20,000 ball. His brother, Webb Meservey, also a
but leased
act,
his
for
d
be
assigne
could
cause
No
11.
city on Dec.
President of the same bank, it was stated, was arformer
officials of the Guarantee Trust Co. stated that he had been raigned at the same time on an indictment containing one
Mr.
complaining of ill health for several weeks previously.
and was released in $5,000 bail. Continuing, the
in count
Stephenson was a native of Cincinnati and well-known
said:
"Star"
of
The charges against Beth Meservey have been consolidated in the present
business circles. At one time he was one of the owners
two indictment returned by the last Grand Jury, and he will be prosecuted on
the Cincinnati Iron & Steel Co., but sold his interest
all thirty-five counts at once.
years ago. He was 50 years of age.
As reported in the "Chronicle" of Jan. 31 last, page 546,
Excelsior Springs was closed on
Controlling interest in the Stock Yards Bank & Trust Co. the First National Bank of
of its Cashier, E. B. Brasher.
&
suicide
Fourth
the
the
by
ed
ng
22
followi
purchas
y
Jan.
recentl
was
of Cincinnati
Dec. 24 the early on the preceding day. Later advices (Jan. 25) stated
Central Trust C3. of that city and effective
ng to that a shortage of $50,000 had been discovered in the bank's
institution became a branch of the latter bank, accordi
22. This makes, it is funds and Beth M. Meservey, the closed bank's President,
the Cincinnati "Enquirer" of Dec.
Central Trust Co. had been at rested and subsequently liberated under a bond
said, the fifth branch for the Fourth &
capitalized at of $20,000.
was
ood,
is
underst
it
The acquired bank,
of $197,970 and
profits
ed
undivid
and
surplus
with
$100,000
V
JAN. 2 1926.]
THE CHRONICLE
Stockholders of the Harris Trust
& Savings Bank of Chicago at their forthcoming annual
meeting on Jan. 13 will
be asked to vote on a propositio
n to increase the capital
stock of the institution from $3,00
0,000 to $4,000,000, according to a press dispatch from that
city printed in the "Wall
Street Journal" of Dec .10.
The dispatch went on to say
that it is expected that the new
stock will be paid for out
of undivided profits and distr
ibuted as a stock dividend.
It was further stated that
the directors bad declared the
usual quarterly dividend of
4%, payable Jan. 2 to stockholders of record Dec. 18.
Failure of the Farmers
& Merchants National Bank of
Cannon Falls, Minn., on
Dec. 10, was reported in the following press dispatch from
that place, printed in the St.
Paul "Pioneer Press" of
Dec. 11:
The Farmers & Merchants Nation
al Bank here was closed to-day (Dec.
10) on order of Federal authori
ties. No reason was given for the action.
M. N. Cergen was President;
F. W. Thayer, Vice-President, and M. E.
Holmes, Cashier, of the institu
tion, which was capitalized at $30,000,
with approximate aggregate
deposits of $170,000.
The following Assuciated Press
dispatch from Helena,
Mont. on Dec. 29 print
ed in the New York "Times" of
the
same date, reports the
failure of four small Montana banks:
Four banks, two of them
national Institutions, have closed their doors In
Montana in the past 24
hours.
The State bank examiner's
office announced today that the institutions
were the State Bank of Nashu
a. the First National Bank of Malta, the
Valley County State Bank
of Hinsdale. and the Glasgow National Bank.
The banks had a total
capital stock of $185.000.
55
acting Vice-President and Charles E. McPherson, Vice-Presi
dent and Cashier.
The employees of tbe Hibernia Bank & Trust Co.
of New
Orleans received their Christmas salary-dividend
checks
following the meeting of the board of directors Dec.
22, when
this bonus, as well as the regular quarterly divid
end to
stockholders was authorized.
Each year the Hibernia
Bank gives its employees a bonus based upon
the amount of
salary and the number of years each
has been in the employ
of the Hibernia Bank.
The Los Angeles "Times" of Dec.
19 stated that a plan to
reduce the par value of the capit
al stock of the Bancitaly
Corporation (of San Francisco and
Los Angeles) and to increase the present number of shares would
be submitted at
the annual meeting of the stockholde
rs on Jan. 12, according
to an announcement made by the board
of directors in San
Francisco. The stockholders,
it was said. would receive
formal notice of the proposal withi
n a few days. According
to the plan, the "Times" went
on to say, the capital stock
of the corporation will be split up.
making the par value $25
instead of $100, and the outstandin
g capitalization will be
increased, fourfold, inasmuch as
each stockholder will be
given four shares for every one now
held. In order to bring
about the proposed plan, it will
be necessary for the stockholders to adopt a new and revis
ed set of by-laws, and to
take such action and proceeding
s as may be proper in carrying into effect the proposed plan.
R. J. Wilson, the
former Cashier of the First National
Bank of Adrian, Mo.,
The directors of the Commercial Natio
whose arrest on April 10 1923, the
nal Trust & Savings
Bank of Los Angeles on Dec. 16 elect
day previous to the closi
ed T. C. Deane and
ng of the bank, and subsequent
C. H. Vanderlip, Vice-Presidents of
release in $5,000 bail Nv a
tile institution. Mr.
s noted in these columns In
the
Deane, according to the Los Angeles
"Chronicle" of April 28 1923)
"Times" of Dec. 17,
, was sentenced at Kansas City
on Dec. 14 to serve
has heretofore been Assistant Manager
one year and one day in the Feder
of the Fourth and
al Sprin
Prison at Leavenworth,
g streets agency and has been with
Kan., according to an Associated
the institution
Press dispatch from
thirteen years, while Mr. Vanderlip has
Kansas City appearing in the St. Louis
been Manager of the
Hollywood branch of the bank since its
"Globe-Democrat" of
inception two years
Dec. 15. Continuing, the dispatch
said:
ago, formerly having been an Assistant
National Bank ExWilson was convicted recentl
y of making false entries in the bank's aminer.
books. In passing senten
ce Federal Judge Albert R. Reeves said
Wilson's
offense was not so reprehe
nsible as many bank defalcations, since
Holders of beneficial certificates, representi
his false
entries covered up shortages
ng stock in the
another had profited by and that he
had been First National Bank of Los Angeles, Pacif
forced into his irregularities
ic-Southwest Trust
. Ile was allowed until Jan. 14
to
the prison in order that
report
at & Savings Bank
he might take care of business affairs
and First Securities Co., were advised on
.
The Liberty Bank &
Trust Co. of Savannah, Ga.,
on Jan. 1
will open a trust and
bond department with William
H. Sexton, heretofore Mana
ger of the Investment Comp
any, Savannah, in charge.
The new department will be conducted
in the present build
ing of the trust company at Bull and
Congress Streets, until the hank
moves into its new building
later in January, where offices
will be provided for it. The
growth of the trust business
of the bank and the demand
for a department of inves
tment securities have made it
desirable to establish this
department to handle both trust
estates and bonds
Dec. 18 that, through action of the Boards of Directors
of
these institutions, there is a 10% increase in the quarterly
dividend, payable Jan. 2 1926, which is declared at $5.50
,
instead of the previous quarterly rate of $5 which has prevailed in the past three years. It was announced that,
under
a continuation of conditions similar to those now prevailing
,
this new quarterly rate will be maintained, thus givin
g
stockholders an annual return of $22 per share
instead of
$20. Announcement was also made that office
rs and
employes of the three institutions, numbering more
than
2,000 would receive a Christmas bonus of one-half of
one
month's salary, as authorized by the Boards of Direc
tors.
This extra compensation will be received by all office
rs and
employes up to a certain grade who have been with
the
nstitutions for a full year. Those whose service
is less than
a year will receive a proportionate amount. •
The Standard Bank of Canada announces the decla
ration
. Mr. Sexton is regarded
as well qualified
for the position, havin
g had experience of
this type for a
number of years. He
was for some time
with the bond department of the Citiz
ens & Southern Bank
, as Secretary to
the Vice-President, and
later became the
Secretary-Treasurer of the Cit:zens
& Southern Co. He
resigned this position to enter Independen
tly into the
investment securities by the bank
business, establishing the
of a dividend for the current quart
er ending
investment company
of which he Jan. 31 1926 of 3%,
has been Manager.
being at the rate of 12% per annum upon
the paid-up capital stock of the
bank, and which is to be
An application
payable on and after Feb. 1 1926
to organize the Amer
to shareholders of record as
ican
National Bank of Jan. 14
of Bradenton, Fla.,
1926. The annual general meeti
made by Harold P.
ng of the shareMunck, has been holders
approved by the Compt
will be held at the head office
roller of the Curre
of the bank in Toncy. The bank ronto on
will have a capital
Feb.
24.
of $150,000; a surplus
of $37,500 will be
created through the
sale of stock at $125
Cable
advic
per
es
from London received in local banking cir$100 share.
The institution will
begin business about
Feb. 1. R. J. cles were made public Dec. 15 as follows:
Faust Jr. is Presi
dent, and II. P. Munck
An arrangement has been arrived at
is Vice-President.
between the Anglo-Austrian Bank,
Ltd., London, and the Banos Halo Britan
nica
at Genoa, Rome, Naples and Venice, Italy, of Milan, having branches also
The Home Natio
whereby the Banca Halo Britannal Bank of Cleburne,
Texas, failed to nica will shortly open a branch at Trieste, Italy,
open on Dec. 19,
and take over as from
Jan. 1 1926 the business now carried
according to an Associated
on
by the branches of the AngloPress dispatch Austri
from that place,
an Bank, Ltd., in Italy.
printed in the Dallas "New
s" of the followThe Trieste, Italy, branch of the
ing day. A notic
Anglo-Austrian Bank, Ltd., London
e posted on the doors read:
, is
of long standing, having been establi
shed as far back as 1887. The
By order of the board
uninof directors, this bank has been
terrupted continuity of the banking
service
hands of the National
placed in the connec
s hitherto rendered by it to the
Bank Examiner.
tions and associated banks of the
Anglo-Austrian. Bank,
The failed bank was
don, in central Europe and elsewh
capitalized at $100,000, and
ere is assured by the above-Ltd.. /OW
accord- arrangement
mentioned
ing to its last
official statement, the dispa
The Banca Italo Britannica, an
tch said, had
assets of $288,021 and
Italian joint stock company,
authorized capital of 100,000,000
individual deposits aggre
has an
gating $100,Italian lire. Of this capital
380. It was furth
60,000,000
Italian lire have been
er stated that the instit
ution, which was British Italian Bankin issued and fully paid and are largely held by the
founded in 1904, had
g Corporation, London.
been reorganized about a
Representation of the parties
year ago, at
concerned on the respective
which time no Presi
boards is contempla
dent was named. Alta
ted in the near future.
Souther was
56
THE CHRONICLE
[VOL. 122.
public securities
South Amen. municipal and British foreign and colonial
deposits are
Norman C. Stenning, President of the AngloTotal
7,242.
$28,40
at
an
Canadi
than
ng
other
reporti
,
abroad
are interest
'can Trust Co., who has just returned from
80,137
$443,3
which
(of
77,536
$641,6
as
America, says, in part: given
year. Net
last
on conditions in England and South
28,770
$461,2
no means good, shows considerable bearing deposits) as against
The situation in England, while by
to some extent, but it profits for the twelve months under review, after deducting
dropped
have
figures
yment
Unemplo
Improvement.
has always been a problem in
s of management, accrued interest on deposits,
'must be remembered that unemployment
from the hard times which charge
England. England is obviously still suffering
shouldered making full provision for all bad and doubtful debts and
ilities
responsib
the
of
result
direct
she has gone through as the
that a pessimistic feeling over- rebate of interest on unmatured bills, amounted to $4,081,during and after the war, one result being
a much less pessimistic
however,
is,
There
country.
whole
the
shadows
added to $1,143,807, the balance to credit of
amongst business people, and 628, which
feeling not only amongst politicians, but also
other
in
brought forward from the preceding fiscal
loss
situation
the
and
profit
ebb,
low
a
at
is
although the shipbuilding industry
ns are not as
conditio
that
sign
One
bad.
total available for distribution $5,225,435.
means
no
the
by
year, made
business centres is
number of holiday-makers to be
the following appropriations were made:
bad as would appear was the enormous
sum
this
of
Out
Notautumn.
and
the summer
'found at all holiday centres throughout
the
of
four quarterly dividends at the rate of
part
any
cover
to
to
,000
travelers
take
$3,056
withstanding the number of buses which
decrease.
no
show
figures
traffic
8,000) together with a bonus of 2%
r
($2,56
12% per annum
country, the railway passenge
no doubt is the effect
rred to officers' pension fund;
One of the greatest drawbacks to British trade
transfe
00
$100,0
00);
($488,0
has
which
years,
recent
caused by the policy of the trades unions during
es account and $420,000
premis
working
The
bank
to
ency.
added
incompet
00
on
$400,0
resulted in effect of placing a premium
disa
in
placed
be
to
himself
taxes, including war tax
ment
allow
to
Govern
reserved for Dominion
man, however, is too well educated
no doubt he will soon
e of $1,249,435 to
balanc
a
advantageous position for any length of time, and
leaving
tion,
circula
note
bank
etc.,
on
hours,
as to working
awaken to the fact that too many restrictions
profit and loss
year's
t
curren
the
the
,where
to
d
countries
with
forwar
be carried
result in increased costs and inability to compete
is evidenced by the treatment account. The bank's paid-up capital is now $24,400,000 and
'cost of living is lower. That he is doing so
conferences. It is intert—an increase in each account
accorded to Communists at several recent Labor
world's trade to-day its reserve fund a like amoun
esting to note that Great Britain's proportion of the
the reserve fund, the report
in
e
a
large
in
increas
due
is
this
of $4,000,000. The
is 19%, against 113% in 1913, although no doubt
trade.
adding $4,000,000, representing
by
about
t
brough
was
Measure to the falling off in Germany's oversea
tells,
promising as they
With regard to South America, conditions look as
stock issued to Union Bank of
e harvests for grain and premium on new capital
have done at any time. The continued favorabl
had a beneficial Canada shareholders, to that account. The Royal Bank
corn, and the good prices obtainable, have naturally
over a long period.
a it is understood, now has 905 branches, of which
effect on Argentina, and exchange has improved steadily
orily and has, in of Canad
The meat and hide business has recovered very satisfact
hout Canada. A foot-note to the
has recovered to some extent. 779 are distributed throug
fact, enjoyed a record year, while wool also
the country is, of report states that the Royal Bank of Canada (France) has
its
exports,
for
ruling
ns
conditio
e
favorabl
such
With
ent within the
t
course, able to buy in the foreign markets and developm
been incorporated under the laws of France to conduc the
capital
entire
the
as
country is progressing accordingly.
that
and
Paris
business of the bank in
The Anglo-South American Trust Co., 49 Broadway, New stock of the Royal Bank of Canada (France) is owned by
Ltd.i,
Bank,
an
Americ
South
ies of the
York, is agent for the Anglothe Royal Bank of Canada, the assets and liabilit
London, which controls the British Bank of South America former are included in the general statement. Sir Herbert S.
In
General
and the Commercial Bank of Spanish America, Ltd.
Holt is President of the institution and C. E. Neill,
addition to the New York office, the Anglo-South American Manager.
Bank has 61 branches throughout South America, Spain,
France and England. Many of the South American
COURSE OF BANK CLEARINGS.
branches have been established over 36 years.
gs for the present week will apparently show a
clearin
Bank
compared with a year ago. Preliminary
The 51st annual statement of the Banque Canadienne moderate decrease as
advices from
dation
figures compiled by us, based upon telegraphic
Nationale (the institution resulting from the consoli
and
the week
for
elaga
that
e
d'Hoch
indicat
y,
Banque
the
countr
banks,
an
the
of the two Canadi
the chief cities of
. The
all the
for
ges
exchan
bank
2)
Jan.
day,
(Satur
the Banque Nationale) makes an excellent exhibit
ending to-day
report which covers the fiscal year ended Nov. 30 1925, cities of the United States from which it is possible to obtain
es of
in the corshows net earnings, after the deduction of expens
weekly returns will aggregate 5.2% less than
management, interest accrued on deposits, rebate of interest
876,at
$9,417,
stands
total
The
bad and responding week last year.
on discounts, and making full provision for all
in
1924.
week
same
the
for
11
a
,177,4
r
with
$9,939
t
togethe
amoun
864, against
doubtful debts, of $822,027. This
t
decrease for the five days of 12.1%,
balance to credit of profit and loss of $247,992 brough At this centre there is a
having come later in the week.
,019
Day
$1,070
made
Year's
year,
fiscal
ing
New
due to
forward from the preced
for the week is as follows:
ry
was
summa
Our comparative
available for distribution. This, the report shows,
divily
quarter
four
pay
to
00
$550,0
:
Per
allocated as follows
Clearings--Relurns by Telegraph.
Cent.
1925.
to take
1926.
Week Ended January 2.
dends; $30,000 contributed to pension fund; $100,000
e
$4,029,000,000 $4,585,404,817 —12.1
care of Dominion Government taxes and $125,000 to provid New York
—5.2
485.976,538
460,564.464
Quebec under Chicago
399.000,000 —12.1
414,000,000
for payment to the Provincial Treasurer of
hia
Philadelp
—7.7
00
to
00
19
326,000,0
301,000,0
$265,0
of
Boston
Statute 14, Geo. V, Ch. 3, leaving a balance
—3.8
99,334.952
95,591,841
Kansas City
and
profit
year's
—20.0
00
fiscal
00
t
135,900.0
curren
108.800,0
the
to
d
St. Louis
be carried forwar
+6.4
121,900,000
129,668,000
$131,Francisco
at
shown
Ban
are
es
+4.8
98,900,000
103,194,000
loss account. The bank's total resourc
Los Angeles
—9.8
59
95
127,956,9
115,289,7
note
Pittsburgh
122,033,501 —11.9
483,689 of which $63,631,327 are liquid assets. A foot
107.503,579
Detroit
ies of the Cleveland
56,246,209 +37.3
77,217,543
to the report states that the assets and liabilit
+4.0
86,000,000
89,161,713
being Baltimore
9 —24.0
55,346.44
6
42,080,58
Orleans
Banque Canadienne Nationale (France), the same
New
the Banque
—9.4
$6.073,071,521 $6,699,999,425
considered a branch operating as a subsidiary of
Thirteen cities, five days
+3.5
1.151,589,789
1,191,825,860
Canadienne Nationale, are included in the balance sheet. Other cities, five days
as $105,995,201
—7.5
ent
$7,264,897,387 $7,851,589,194
statem
the
days
in
five
given
cities,
are
all
s
Total
deposit
Total
+3.1
2.087,588,217
2,152.979,477
a rest fund of All cities, one day
and the paid in capital as $5,500,000 with
—5.2
7,411
6,864
$9.939,17
$9,417,87
week
Monfor
in
cities
is
tion
all
Total
like amount. The head office of the institu
y Leman,
Complete and exact details for the week covered by the
treal. J. A. Vaillancourt is President and Beaudr
foregoing will appear in our issue of next week. We cannot
General Manager.
ch as the week ends to-day
of Canada (head furnish them to-day, inasmu
That the operations of the Royal Bank
the Saturday figures will not be available
and
day),
(Satur
1925
30
Nov.
ending
office Montreal) during the fiscal year
in the above the last day
the annual report of until noonato-day. Accordingly,
were highly successful is evidenced by
to
be estimated.
had
cases
all
in
has
appears elsewhere in our of the week
ent, however, which we
the institution (the 56th) which
d
statem
detaile
te
elabora
the
In
are
ent
s of the statem
pages today. Outstanding feature
we are able to give final and complete
total assets of the institu- present further below,
an increase of $205,000,000 in the
previous week—the week ended Dec. 26. For
the
for
results
in
year
one
any
for
gain
tion—said to be by far the largest
an increase of 7.7%, the 1925 aggregate of
increase in deposits of more that week there is
the bank's history—and an
$8,341,830,831 and the 1924 aggregate
being
gs
increase of $205,000,000 in total the clearin
than $180,000,000. Of the
e of New York City the increase
Outsid
12.
,190,5
$7,747
y
imatel
)
approx
78,778
resources (which now stand at $788,4
ges at this centre recording a gain
exchan
bank
the
9.2%,
is
tion of the Union
$105,000,000 is attributed to the acquisi
We group the cities now according to the
6.5%.
only
of
a.
Americ
l
South
Centra
of
ts in which they are located, and from
Bank of Canada and the Bank
report as $398,103,935, or Federal Reserve distric
Boston Reserve District there is an
Liquid assets are shown in the
the
in
that
s
ies to the public, while cash and this it appear
in the New York Reserve District
7.1%,
56% of the bank's liabilit
of
ement
improv
the
of
28%
or
as $198,103,935,
and in the Philadelphia Reserve
cash balances are given
Dominion and Pro- (including this city) of 7.0%,
institution's liabilities to the public.
and Reserve District has a
Clevel
The
at $82,245,403 and Canadian District of 2.5%.
vincial securities held stand
JAN. 21926.]
THE CHRONICLE
gain of 11.3% and the Atlanta Reserve District (chiefl
y by
reason of the increase at Miami) of 20.0%, but the Richm
ond
Reserve District shows a loss or 13.0%. In the
Chicago
Reserve District the totals are larger by 8.4%, in
the St.
Louis Reserve District by 3.7% and in the Minnea
polis
Reserve District by 8.2%. The Kansas City
Reserve
District has an increase of 14.8% and the San
Francisco
Reserve District of 21.2%, but the Dallas Reserv
e District
shows a decrease of 2.3%.
In the following we furnish a summary by Federal
Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Inc.or
Week Ended Dec. 26 1925,
1925.
1924.
Dec.
1923.
1922.
Federal R
Districts.
3
$
*7c
$
$
1s6 Boston
12 cities 407,017,703 380,049,549 +7.1 368,266,050
371,986,127
2nd New York
11 " 4,764,230,290 4,452,634,749 +7.0 3,912,316,970 4,193,550,6
8rd Philadelphia
10 "
505,588,778 493,122,512 +2.5 472,893,675 492,014,0620
4th Cleveland
8 "
359,544,836 323,120,740 +11.3 315,413,835 310,990,4810
6th Richmond
6 "
145,387,782 167,259,267 -13.0 163,543,006 153,411,57
6th Atlanta
13 229,896,391 191,733,643 +20.0 176,440,968 162,773,0932
7th Chicago
20 "
816,906,36
4 753,648,750 +8.4 738,660,608 766,423,73
8th St. Louis
8 "
207,061,829 199,548,851 +3.7 188,941,074 65,025,7990
9th Minneapolis
7 "
122,660,27
4
113,400,162 +8.2 99,456,826 114,230,44
10th Kansas City
12 "
240,582,639 209,554,481 +14.8 206,354,104 219,536,7377
11th Dallas
5 "
76,470,503 78,278,938 -2.3 61,206,133 61,008,193
12th San Franelsco
17 "
456,483,442 384,838,870 +21.2 391,315,535 351,091,394
Grand total
129 cities 8,341,830,031 7,747,190,512 +7.7 7,092,808,782 7,249,040,2
Outside New York City
3,697,279,049 3,388,460,972 +9.2 3,179,997,025 3,169,237,553
80
Canada
20 Aitia. 1.r. flu WI 1.Int Mt 4-1F 7 711R174 All
977 soc, LIR
We now add our detailed statement, showing
last week's
figures for each city separately, for the four
years:
Week Ended December 26.
Clearings at1925.
1924.
Inc.or
Dec.
1923.
1922.
57
Week Ended December 26.
Clearings at1925.
1924.
Inc.or
Dec.
1923.
1922.
Seventh Feder al Reserve D istrict-Chl
agoMich.-Adrian __
191,743
174,087 +10.1
'162,361
153,366
Ann Arbor_ __
736,745
703,802 +4.7
644.970
693.482
Detroit
149,042,043 104,087,797 +43.2 111.209.720 111.976.
930
Grand Rapids_
7,433,178
6.405.955 +16.2
5.530,222
5,157.793
Lansing
2,407,975
2,580,289 -6.7
2.074,044
1.480.80
3
Ind.-Ft. Wayne
2,945,859
3,370.439 -12.6
2,059,126
2,066,132
Indianapolis- _
19,033.000
14.215,000 +33.9
17.223.000
16,203,000
South Bend...
2,575.000
2,318,000 +11.1
1.640,200
2,084,600
Terre Haute__ 5,362,563
5.434,753 -1.3
4.729,680
Wis.-Milwaukee
33,148,833
30,585,011 +8.4
29,443,414
28,634,558
Iowa-Ced.Rap_
2,025,446
2,063,785 -1.9
2,575,030
1,803,047
Des Moines_ _ _
8,604,609
8,567,943 +0.4
8,938,997
8.702.437
Sioux City..
6,067,306
5,946,005 +0.2
5,008,269
4.542.505
Waterloo
928.534
1,263,909 -26.5
1.174,759
*900,1)00
Ill -Bloomington
1,606,366
1,232,362 +303
*1,000,000
1,258,394
Chicago
.564,114,032 554,862,246 +1.7 534,501,
572,470,
589
661
Danville
a
a
a
a
a
- Decatur
1.207.470
1,249,587 -3.4
899,650
864.889
Peoria
4,424,247
4,130,413 +7.0
3,691,236
3,816,247
Rockford
2,746,698
2,389,455 +14.9
2.027.774
1,710.118
Springfield _ _
2,294,717
2,067,932 +11.0
2,126.567
1,904.768
Total(20 cities) 816.906,364 753,648,750
Eighth Federa I Reserve Dis trict-St.Lo +8.4 736,660,608 766.423,730
uisInd.-Evansville,
4,317.511
4,760,155
4.282.787
4.738,471
Mo.-St. Louis_ _ 131,9000)0 126.838,188
+4.0 123,406,743
Ky.-Louisville
29,522,434
27,952,167 +5.6
27,305.7
27,305,767
67
Ownesboro _ _
415,690
511,647
-18.8
459,145
552,529
Tenn.-Memphis
24,245,078
24,891,243 -2.6
21.315,760
20,765,203
Ark.-LittleRock
15,019,041
13.159,669 +14.1
10.682.788
10,396,904
Ill.-Jacksonville
412,301
318.387 +30.4
344,690
366,925
Quincy
1,226,774
1.117.395 +9.8
1,143,394
*900,000
Total(8 cities) _ 207.061,829 199.548,851
+3.7 188,941,074
65,025.799
Ninth Federal Reserve Dis trict-Minn eapolls
Minn.-Duluth._ 410,105,589
6,709,072 +50.6
5.780,405
5,126.445
Minneapolis.-78,284.182
72,503,000 +5.6
57,641,168 69,430,418
St. Paul
28,070,038
27,901,944 +0.6
29.968,961
32,888,668
No. Dak.-Fargo
1,467,839
1,625,167 -9.7
1,470,668
1,798,258
S. D.-Aberdeen
1,287,982
1,359,129 -5.5
1.075,522
1,116.930
Mont.-Billings _
470.393
507,331 -7.3
475,071
560.697
Helena
2,970,251
2,794,579 -7.3
3,045,031
3.309.031
Total(7 cities). 122,660.274 113,400,162 +8.2
99.456,826 114,230,447
Tenth Federal Reserve Dis trict-K a ns as
City
Neb.-Fremont_ _
d251,403
298,838 -15.9
278,979
333,408
Hastings
467,371
368,364 +25.5
411.949
405,762
Lincoln
3,727,571
3.369.848 +10.6
3,054.56
7
3.380.543
Omaha
35,571,854
30,414,027 +16.9
32,213,307
36.557.685
Kan.-Topeka _
d4,068,577
2,676,869 +52.0
3,528.018
2,826,093
Wichita
7.677.496
6,641.000 +15.6
6,699,000
8,411,000
Mo.-KansasCity 129,602,975 112.393,520 +15.3
114.615,423 126.500,230
St.Joseph
d7,724,288
6,142,746 +25.7
6.232,895
Okla.-Muskogee
a
a
a
a
a
Oklahoma City d31,959,336
27,967,280 +14.2
20,240,3
82
20,989,201
Tulsa
a
•
a
a
a
Colo.-Col.Svgs.
1.057,583
828.738 +27.6
881,649
939,250
Denver
17,503,791
17,635,568 -0.8
17,568,905
18,536,937
Pueblo
e975,394
817,683 +19.3
629,030
656,648
Total(12 cities) 240.582,639 209,554,481 +14.8 206,354,
104 219,536,737
Eleventh Fade ral Reserve District-Da Ilaa.Texas-Austin...
1.572,829
1,315,650 +19.5
1.525.000
1,275,926
Dallas
46,335,282
51,877,230 -10.7
34,507,000
37.627,303
Fort Worth...
13,622,595
10,344,611 +31.7
11,595,280
10,772,8
71
Galveston
10,558,600
10,477.346 +0.8
9.374.930
7,622,516
Houston
a
a
a
a
La.-Shreveport.
4,381,197
4,264,101
4,203.923
3,707,577
$
$
$
%
$
First Federal Reserve
Dist rict-Bosto nVtaine-Bangor_
563,642
516,188 +9.2
1,541,628
1,405,032
Portland
2,313,100
2,477.14
-6.6
5
2,062,48
2
*2,300,000
N1858.-Boston _ _ 359,000,000 340,000.
000 +5.6 328,000,000 330,000,000
Fall River_ _ _.
1.961,762
2,009,509 -2.4
1,852,877
1,832,483
Holyokea
a
a
a
a
Lowell
927,661
939,070 -1.3
1,362,000
1,139,433
Lynna
a
a
a
a
New Bedford
965,547
1,393,15
-30.7
1
1,120,484
1,298,419
Springfield_
4,406,247
3,859,286 +14.1
3,981,979
4,368,357
Worcester
3,453,726
3,018.000 +14.4
2,591,000
2.873,000
Conn.-Hartford.
15,976,607
10,457,415 +52.7
9,382,320
9,857,779
New Haven__ _
5,557,340
5,123,803 +8.5
5,227,616
5,003,179
8.1.-Providence
11,159.300
9,720,200 +14.8
10,537,600
11,292,8
00
N.U.-Manches'r
732.771
535,782 +36.8
606,064
615,645
Total(12 cities) 407,017,703 380,049,
549 +7.1 368,266,050 371,986,127
Second Feder al Reserve D strict-New
YorkN. Y.-Albany _ 4,369,204
4,149,247 +5.3
6,656,286
4,297,806
Binghamton_ _.
946,700
863.800
+9.5
731,900
693,100
Buffalo
e56,545,210
35,683,444 +58.4
35.517,802
37,706,4
56
Elmira
786,735
849,313 -7.4
567,904
470,318
Jamestown..
1,355,865
1,254,57
8
+8.1
1,051,33
914.569
New York
Total(5 cities).
76,470,503
4,644.551,782 4,360.729,540 +6.5 3,812,811,7537
78.278 938 -2.3 61.206,133
61,006,193
4,079,802,673
Rochester
Twelfth Feder al Reserve D 'strict- San Franci sco--10,285,693
9,405,563 +9.3
8,450,194
8,649,811 Wash -Seattle..
Syracuse
37,026,0
44
29.993,196 +23.7
4.168,521
33,562,939
3,654.71
4 +14.0
29,955,516
4,169,934
3,447,83
Conn.-Stamford
0
Spokane
10,120,000
e4,323,536
8.620,000 +17.4
3,029,138 +42.7
9,403.000
*9,500.000
2,496,722
2,517,673
N. 1.-Montelair
Tacoma
a
472,274
a
a
525,177 -10.1
a
a
311,415
381.619
Northern N.J.
Yakima
1,259,93
1.129,44
6
36,424,770
+11.5
7
32.490,235 +12.2
1.053,980
39.551,723
1.128.250
41,668.765 Ore -Portland..
36.134,641
29,343,189 +23.1
31.195,5
79
26,607,2
53
Total(11 cities) 4,764,230,2904.452,634.7
-S. L. City
17,351.007
15,836,872 +9.6
14,527.598
49 +7.0 3,912,316,970 4,180,550,620 Utah
14,823.000
Nev.-Reno
a
a
a
a
a
Third Federal Reserve Dist rict-Ph
Arizona-Phoenbt
a
a
ilad el phi a•
a
Pa.-Altoona..._
Callf.-Fresno_
3,364,016
1,430,245
2.797,532 +20.2
1,232,642 +16.0
3.887.482
1,196,381
4,288,862
1,050,768
Bethlehem_.
Long Beach
6.340.913
*3,800,000
5,419,194 +17.0
*3.300o
00
6,851.55
+15.1
9
5,398,23
3
7
.
115
.157
Cheater
3.859.830
Los Angeles... 144.992.000 119.888,000 +20.9
1,224.675
975,834 +25.5
125.781.000 106,550,000
1,118,689
1,706.072
Lancaster
Oakland
18,569,245
2,195,510
13,550.051 +37.0
1,857,609 +18.2
12,798,1
2,456,671
34
11,008,0
00
2,540,62
Philadelphia
8
Pasadena
478,000,000 466,000,000 +2.6 449,000,000
4.879,682
4,335,25 +12.5
4.484,780
3,548.712
468,000.000
Reading
Sacramento _
3.271,246
d8,393.286
6,195,90 +35.5
2,787,993 +17.3
6,451,631
2,756,017
5,188,193
Scranton
2,585,797
San Diego
4,944,715
4.639,028
5,797,004 -14.7
3.183.94 +45.7
3.093,55
4,737,35
0
*2,800,0
5
4,774,94
00
5
Wi1kee-Barre..
San Francisco. 165,001,000 137.600,000 +19.9
e3,759,343
3,764,029 -0.1
131,600,000 125,700,000
3,176,332
York
2,554,921
SanJose
1.589,516
2,308,83
1.462,614 +8.6
1,863.810 +23.9
1,871.19
1,275,69
2
4
1,863.14
N.J.-Trenton.
1.045,55
6
2
Santa
5,373,528
Barbara_
1,457,55
5.944.787 -9.6
904,739 +80.7
767,051
4,061,379
Del.-W=114'n
760,125
3,89e,557
Santa Monica_
a
a
1.687,65
1,503,445 +12.2
a
a
1.788,060
a
Stockton
2.958.600
2.674,300 +10.6
2.198,000
1.972,100
Total(10 cities) 505,588,778 493,122,
512 +2.5 472,893,675
492,014.060
Total(17cities) 466,483,442 384,838,870 +21.2
391,315,
Fourth Feder at Reserve D strict-C
535
351.091.
394
Grand total (129
lev eland Ohio-Akron.-- _
e6,260,000
cities)
6,767,000 -7.5
8,341,830,831 7,747.190.512 +7.7 7,092,808,782 7,249.040,253
5,188,000
Canton
4,568.00
0
7,856.071
4,200,197 +87.0
3,975,037
Cincinnati __ _. 64,704,228
3,641,856 Outside N.Y
59,539,196 +8.7
3,697,279,049 3,386,460.972 +9.2 3,179,997,029 3369,237,1580
57.789,241
Cleveland
59,202.898
93,448,370
89,156,039 +4.8
87,631,6
Columbus
8'
88,002,883
13,592,500
11,301,800 +20.3
12,041,904
Dayton
13,113,600
Week Ended December 24.
a
•
a
a
Lima
Clearings ata
a
a
a
a
Mansfield
a
1,798,711
1,502,705 +19.6
Inc.or
1,552,451
Springfield
1,526,248
1925.
a
1924.
a
Dec.
a
1923.
a
1922.
Toledo
a
a
a
a
a
Canada
Youngstown __
a
$
5,846,641
4,505,02
$
6
+29.8
%
4,232.951
$
Pa.-Erie
Montreal
$
3,475,41
9
94.129,7
a
98
a
110,553,
968 -14.9
a
a
81,800,559
80.217.741
Toronto
Pittsburgh ____ 166,040,315 146,148,777
a
105,702,108
88,043,079 +20.0
+13.6 143,002,551 137,464,
84.527,126
88,522,653
777 Winnipeg
77,909,974
52,638,7
37
+48.0
50,774,441
44,436,710
Total(8 cities). 359,544,836 323,120.
Vancouver
17,620,700
13,931,197 +26.5
740 +11.3 315,413,830 310,990.
13,941,037
11,801,702
481 Ottawa
7,666,254
6,088,390 +25.9
6,103.240
6,291.475
Quebec
Fifth Federal Reserve Dist rict-Ri
5,834,543
ches ond4,704,08
6 +24.0
4,644,82
Halifax
7
5,234,986
W.Va.-Huntl'n
1,689,172
3,268,460
1,502,832 +12.4
2.409,592 +35.6
1,812,787
2,297,496
2,514.323
a.-Norfolk ___
1,787,257 Hamilton
5,447,82
d9,717,052
7
8,029,60
4,336,08
9
+21.0
7
+25.6
7,980,978
5,167,368
5,267,871
7,301,015 Calgary
Richmond ____
10,131.9
44,005,000
53,774,000 -18.2
41
6,367.244 +59.1
48,530,000
7,113,346
4,855,175
46.176,167 St. John
B.C.-Charleston e$3.000,000
2,851,446
*3.100,000 -3.2
1,967,969 +44.9
2,904,811
2,398,657
2,816.662
2,819,629 Victoria
Md.-Baltimore. 68,634,358
2,186,93
80,683,666 -18.2
2
1,520,44
4 +43.8
84.133,430
1,950,070
1,875,111
78,014.724 London
D.C.-Washing'n
3,196,830
18,342,200
20.169,160 -9.0
3,160,024 +1.2
18,181,000
2,705,719
2.874.107
12.312,781 Edmonton
5,984,904
4.093,817 +46.2
4,215,348
Regina
3,906,823
Total(6 cities) _ 145,387,782 167,259,
6,277,10
4
3,312,295 +89.5
267 -13.0 183,543,006 153,411,573 Brandon
3,921,869
3,704,712
713,008
595,155 +19.8
593,691
Sixth Federal Reserve Die trict-A
Lethbridge
609,802
927,483
tian ta533,498 +73.8
510,537
Saskatoon
524,208
Tenn.-Chatt'ga. d8,676,018
2,447,79
9
6,776,194 +28.0
1,585,888 +54.3
5,626,112
2,065.902
5,262,057 Moose Jaw
Knoxville
*1.500,000
*3,000,000
1,484.79
*2,700,0
3
+11.1
00
1,168,66
7
2,499,01
+27.0
2
1,421,04
7
2,713,039 Brantford
Nashville
1.286,607
1.386,67
14.602.353
0
17,289,4
-15.6
96
793,783 +74.6
15,792,594
993,985
16.663,697 Fort William_ _ _ _
1,021,994
Georgia-Atlanta
1,131,802
59,919,633
58,042,359 +3.2
1,186,710 -4.6
50.533,757
1,366,229
46,756,735 New Westminster
882,124
Augusta
645,853
1,711,467
1,721,007 -0.6
431.450 +49.7
1,684,000
494,265
1,707,046 Medicine Hat.-Macon
475,030
397,967
1,726,881
1,502.152 +15.0
271,931 +46.3
1,307,239
Peterbor
422,239
1,300.23
Savannah
ough....
346.074
5
a
930,333
a
a
730,671 +27.3
a
Sherbrooke
805,322
a
Fla.-Jack'nville. 36,599,798 *14,000,
754,973
831.565
000 +261.4
698,010 +19.1
12,326,450
690,484
10,548,744 Kitchener
Miami
729,524
1,031,967
18,331.978
5,738,660 +219.4
828,481 +24.6
Windsor
882,420
Ala.-Birming'm. 26,412,772
965,858
3,550,278
26,260,9
2,484,26
17
+0.6
7
25.587,9
+42.9
43
2,638,945
24,184,249 Prince Albert
2,469,527
Moblle
471,157
1,420.765
*2,000,000 -29.0
298,324 +57.9
1,785,711
387,271
1,726,704 Moncton
340,171
Miss.-Jackson
1,071,112
1,480,000
1,104,690 +34.0
815,698 +31.3
826,321
742,634
872.598
659,797 Kingston
Vicksburg
803,664
336,636
378,168
753,571
-11.0
+6.6
331,405
798,237
601.825
278,968
La.-NewOrlea
55,678,090
54,220,000 +2.7
58,140,422
Total(29cities) 366.034.272 316.301.
50,971,821
033 +is 2 258 274 214 977 700 428
Total(13cities) 229,896.391 191,733.643
a No longer report clearings. b Do
+20.0 176 440,966 162.773,092
not respond to requests for figures. c Week
ended Dec. 23. d Week ended Dec. 24.
e Week ended Dec. 25, * Estimated.
THE CHRONICLE
58
[VOL. 122.
condition of the national banks under the Comptroller's
Condition of National Banks Sept. 28.-The statement ofFor purposes of comparison, like details for previous calls
ized
below.
summar
is
and
issued
been
has
192.5
28
call of Sept.
back to and including June 30 1924 are included.AL BANKS IN THE UNITED STATES ON•JUNE 30, OCT. 10, DEC. 31 1924 AND
OF NATION
ABSTRACT OF REPORTS OF CONDITION
ds of Dollars).
APRIL 6, JUNE 30 AND SEPT. 28 1925 (in Thousan
Figures are given in thousands of dollars.
ResourcesLoans and discounts (including rediscounts)_a
Overdrafts
Customers' liability account of acceptances
United States Government securities owned
Other bonds, stocks, securities, atc
June 30'24. Oct. 10 '24 Dec. 31 '24. April 6 '25 June 30'25. Sept.28'25.
8.085 banks. 8.074bankx 8,049 banks. 8.016 banks 8,072 banks. 8,085 banks.
8
$
8
$
$
S
6 12,674,067 13,134.461
11,978.728 12.210.148 12.319.680 12.468.83
14.900
9.352
11.410
9.862
12.242
10,1175
201.083
176.583
240.962
244.728
145.666
135.800
2,512.025
2.536,767
2.614.185
2.481,778 2.579.190 2.586.697
2.660.550 2.897,040 3.075.999 3.139.255 3.193.677 3.242,620
Total investments
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due frorn national banks
s
Amount due from other banks, bankers and trust companie
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Other assets
Total
9
17,267,021 17,844,286 18,236,90r 18,474,64* 18,590,440 19,105,08
593.176
585.267
564.103
.551.371
541.852
532.728
114,677
111.191
112.481
108.966
107.459
104.630
1,394.386 1.273,274 1,326.864 1.324.326
1,198.670 1,303.631
456.666
466.787
411.539
486.933
427.894
397.340
362,341
361.671
359.605
409.566
360.101
345.219
1.120.925
1,099.763 1,412.807 1.349.859 1,192.049 1,096.768
393.869
403.366
395.655
431.043
439.356
345.026
733.816
988.294
665.288
996.615
575.360
925.568
67.708
58.326
80.727
85.225
53.871
75.925
54.094
69.517
54.541
70.635
52.898
69.687
33.038
32,876
33.120
36.310
36.726
37.129
219.346
238,993
226.386
223.466
166.826
167.280
3
7
22,565,919 23.323.061 24,381.281 23.832.463 24,350,86 24,569.52
1.361.444 1,369,435 1,375.009
Liabilities-1,332.527 1.334.836
1,334.011
1,125,495
Clapital stock paid in
1.080.578 1,074.268 1.088.880 1,106.544 1,118.928
481,711
543,564
490.457
442.484
Surplus fund
556.792
501.656
69,792
60.078
60.224
60.784
Undivided profits, less expenses and taxes paid
648.494
649.221
649.447
accrued
&c..
714.844
Reserved for taxes. Interest,
723.530
729.686
30.740
31.820
29.323
33.188
National bank notes outstanding
27.342
26.445
1.028,16$ 1,068,420
Due to Federal Reserve banks
1.035.000 1.338.309 1.239.923 1.147.628
1.839.935 1,827.492 1,766,708
2.029.671
Amount due to national hanks
1,933.857
1,759.55
s
224.089
251.505
197.608
184.363
Amount due to other banks, bankers and trust companie
147.404
226.714
336,167
214.594
204.447
415.260
Oertified checks outstanding
217.231
323.621
10,430.254 10.427.544
Cashiers' checks outstanding
9.593.250 9.795.580 10.363.250 9.923,243
5,924.658
5.994.374
5,785.211
5.581.2K
Demand deposits
5,259.933 5.460.677
108.1011
175,097
255.652
153.266
Time deposits (including postal savings)
188.398
123.318
7 19,909,669 19,930,062
United States deposits
18,347,837 19,108,79r 20,000,208 19,382.94
24,479
21.684
21.747
28.936
Total deposits
28.729
32.542
3.978
3.530
3.821
3.405
United States Government securities borrowed borrowed
3,581
2.565
4.057
3.413
States)
Bonds and securities (other than United Governm
securities sold
other
or
ent
States
Agreements to repurchase United
316,627
ing borrowed money other than
245,107
219.198
202.304
123,611
Bills payable (including all obligations represent
143,847
rediscounts)
foreign
245.537
233.874
226.597
g acceptances of other banks and
196.396
Notes and bills rediscounted (includinwith
170.419
196.778
9,065
12,127
indorsement)
6.537
6.124
6.135
bills of exchange or drafts sold
9.456
ing
outstand
checks
thosi
Letters of credit and travelers'
less
exchange
191,873
dollar
164,569
furnish
232.761
235.232
140.574
Acceptances executed for customers and to
131.411
28,542
28.773
29.502
26.584
purchased or discounted
18.435
17.381
52,228
49,471
41.237
40.290
35.661'
Acceptances executed by other banks
38.171
Liabilities other than those stated above
3 24,350,863 24.569,527
22.565.919 23.323.061 24.381.281 23,832,46
Total
19,600
18.857
19,246
19.368
19,678
Details of Cash In Vault19.253
52,904
35,886
41,787
Gold win
36,988
37.484
7
8
56
es
certificat
Gall
381
11 1
18
gold and gold certificates
Cleating house certificates based on other
27
36,999
specie and lawful money
7.919
35.334
40,12:1
35,293
Clearing house certificates based on
7.254 1
29,640
dollars
Standard silver
28.277
28.666
Subsidiary silver and minor coin
26,662
305,742
25.501
271.203
308.238
Silver certificates
267,761
23.879
67.609
Legal tender notes
68.152
128.484
National bank notes
134.121
Federal Reserve and Federal Reserve Bank notes
9,001.022 9,433.675 9,594,679
Details of Demand Deposits8.636.595 8,998.738 9.508.771
235.471
239.978
252.144
263.1:132
Individual subject to check
240.176
248.293
475,835
580.416
days
30
543.752
than
less
In
due
431.822
Certificates
442.375
548.074
21.176
19.956
19.426
28.069
State and municipal
22.16r
1
20.2.1:
3.650
34.228
4.256
37.553
Deposits subject to less than 30 days' notice
2.650
34.335
96,733
122.001
102.643
93.263
Dividends unpaid
89.47:
105.71(
Other demand deposits
,89) 1,277,699 1,281.839
Details of Time Deposits1.161.704 1,212.08', 1.221.302 1 ,274
114,398
112.710
114.399
88.454
90.937
Certificates due on or about 30 days
1e0.708
68.542
67.648
70.285
68.067
State and municipal
71.517
65,06i
4,529,595
4,466.601
4.325.63:1
Postal savings
3,932,457 4.086.143 4,203.464
Other time deposits
13.04%
12.84%
12.66%
13.84%
13.03%,
Percentages of Reserve-12.07%
9.941,
10.22%
9.95%
10.53%
Central Reserve cities
10.18%
9.88.55%
11.29%
11.37%
11.12%
12.02%
Other Reserve cities
11.48%
10.9012
7.58%
7.43%
7.45%
7.04%
Ail Reserve cities
7.51%,
7.%
9.501.,
0.65%
9.44%
10.07-7,
9.72%
Country banks
938'S
Total United States
credit.
a
. ellSIThrierS iial,,iii,v oinder lpliers
1
1
011101111Y
NGE.
THE WEEK ON THE NEW YORK STOCK EXCHA
New
the
on
trading
Railroad stocks again dominated the
shares,
oil
though
week,
present
the
ge
Exchan
York Stock
ed marked
industrial issues and numerous specialties display
y folMonda
on
strong
opened
market
The
ement.
improv
s of
advance
and
oliday,
as-h
Christm
lowing the three days
the more
from one to ten points were r( corded by many of
nts
important issues. Unusually favorable earnings stateme
railthe
for
ion
inspirat
ed
furnish
for the month of November
leadership
road list which moved briskly forward under the
place
highest
the
g
reachin
137,
crossed
of Atchison, which
nearly 3
in its history. Southern Pacific made a gain of
upward 2
points to 104 and San Francisco common surged
d mer *er
propose
the
of
cement
points to 1003.. The announ
Co. of California
Oil
d
Standar
the
with
Co.
Oil
Pacific
the
of
g
stimulated trading in the oil group, Pacific Oil boundin
organizaupward to 783., the highest price touched since the
were also registered
tion of the company. Substantial gains
um, Prairie Oil &
Petrole
nia
Califor
by General Petroleum,
States Steel was
United
Oil.
n
Housto
and
Oil
Gulf
Gas,
1373
to
up
sold
A at its high
and
n
forenoo
the
strongest in
were in the foreground,
for the day. Motor shares also
closing
Hudson, General Motors, Chrysler and Mack Trucks
outstanding feature
the day with substantial gains. The
the strength of the railroad
of the market on Tuesday was
group with a new top at
the
leading
stooks, Atchison again
with a new high for all time
RR.
n
Souther
by
d
followe
140
the railroad group included
at 1203/2. Other strong stocks in
New York Central, Rock Island, Pennsylvania and Illinois
Central. Marland Oil was the feature of the oil group and
shot upward more than two points to 60. Texas Company
was another strong stock and moved forward to 55. Substantial advances were scored by General Cigar, Continental
Can and American Smelting. In the final hour the trend
of prices turned downward and numerous stocks receded a
point or more from their early highs. On Wednesday the
oil stocks were again prominent in the early trading, MidContinent crossing 37 again and Pacific Oil was up two
points at its peak for the day. Specialties also were in
strong demand at advancing prices, the outstanding movement in this group being the spectacular advance of S. S.
Kresge 86 points to a new high record at 885. Railroad
shares were steadily bought at improving prices, New York
Central shooting upward 3 points to 1373/2 and touching the
highest level since 1909. Rock Island advanced two points
and substantial gains were recorded by Baltimore & Ohio,
Reading, and M. K. & T. preferred. The trend of prices
was again upward on Thursday, railroad, steel, oil, sugar
and motor stocks moving briskly forward to new high levels.
Speculative activity continued to centre around the railroad
stocks, the most conspicuous feature of the group being
Delaware & Hudson, which advanced 63 points to 1CO, its
peak for the year. Oil shares continued to improve and
motor stocks were bid up sharply all around, the strong
stocks including Willys-Overland, Chrysler, old and new,
Dodge A, White, Packard, Hudson, General Motors and
Mack Trucks. The final tone was good.
JAN. 2 1q26.]
THE CHRONICLE
59
COMPARATIVE FIGURES OF COND
ITION OF CANADIAN BANKS.
In the following we compare the condition of
the Canadian banks for a series of month
s past:
ASSETS.
Nay 30 1925. June 30 1925 lane 30 1924
'urrent gold and subsidiary coin—
In Canada
Elsewhere
S
44.830,379
11,740,144
'Total
17lomlnlon notes—
In Canada
Elsewhere
Total
rotes of other banks
!tilted States & other foreign currencies
'becks on other banka
oana to other banks In Canada,secured,
Including bills rediscounted
leposits made with and balances
due
from other banks in Canada
lue from banks and banking correspondents In the United Kingdom_
lite from banks and banking correspondents elsewhere than in Canada
and the United Kingdom
)ominion Government and Provinci
al
Government securities
ianadlan municipal securities, and
British foreign and colonial public securi
ties other than Canadian
tallway & other bonds, debens.& stocks
:all and short (not exceeding 30
loans In Canada on stocks, d bentdays)
bonds and other securities of a u res
dent marketable value to cover sufft
:all and short (not exceeding
30 days)
loans elsewhere than in Canada
on
stocks, debentures, bonds and
other
securities of a sufficient marketab
le
value to cover
)ther current loans and el isc'ts In Canada
)ther current loans and discounts
where than In Canada after makingelse
full
provision for bad and doubtful debts._
mans to the Government of Canada.
...
.oans to provincial governments
.oans to cities, towns, municipalities
and
school districts
)verdue debts
ion-current loans eat, loss provided
teal estate other than bank premisefor
s._
dortgages on real estate sold by
lank premises at not more than the bank
cost, less
amounts (If any) written off
dabilltles of customers under letters
of
Credit as per contra
Deposit with the Minister of Finance
for
the security of note circulation
Deposit in the central gold reserves
lhares of and loans to controlled
comples
)ther assets not Included under the
foregoing heads
$
44.473,85"
13,074,599
$
44,027.771
14.781.021
luly 31 1925 luly 31 1924
3
43.385,801
15,149.097
$
44,401,412
13.028.384
A up. 31 1925
$
43.359,091
13.556.551
lug. 30 1924
Sept. 301925. Sept. 301924.
$
44.098.121
14.192,64:
$
43.013,856
13.911.000
$
44,650.056
14,610.722
56.579.526
57,548.461
58,808.796
58,534,907
.57,429,800
56,915.651
132,456,01E
23.202
135,424,768
15,342
58,290.772
56.924,858
129,342,891
20,601
59,260,782
136,954.678
8,651
134,202.609
15.941
134.911,581
14,151
132,479,228
16,062,614
26.303,900
86,253,630
135.003.97:
12.011
123,328.503
15,657
135,440.112
16,492,732
27,646.701
112,924,542
143,493.658
19,822
129,363.498
19,021,209
25,023.752
123,936,921
136.963,331
12,693.240
26,281.317
102.464,831
134,218.550
12.602.532
25,931.057
96,761,612
134,925,741
17,684,203
26.880.447
94,716,214
135.015,989
15.656.570
26,477.160
33,633,622
123,344.163
14,670.426
25.075.737
163,180,541
143.513.482
14.833.980
25.299,042
97,413,422
4.039.485
4,530,245
3.569,540
4,536,910
4,080,002
4.610.993
6.523,643
4,514,340
8,659,394
5,506.062
7.034,251
3,988,830
8,267,291
6,027,123
8,302,391
6,958,824
8,330,792
7,621,745
55,097.959
65,072,526
71,604,371
53,469,989
64,022,113
56,540.466
358,433,267
360,590,645
71.321.500
54,477,669
317,254,987
80.969.611
364,661,692
318,770,716
365,820.226
323,850,042
367,947.381
366,839,283
156,716 769
59,449,368
153,439,750
60,117,363
142,122,555
50,572,867
151,146.691
59,725,479
136,870.880
51,483,252
146,023,334
59,190,974
136.910.848
50,843,151,
140.217.663
55,699,536
140.171.231
55,409.495
111,579,359
114,467,296
102,335,491
107.713.405
100,175,306
111,262,938
103,076.794
119,730,033
105,464.807
.
209.792.377
909.091,414
218.996.539
895,592,277
176,825,772 I 222.646.775
986,366,366 I 881,253,805
166,372,727
973.413,989
226,778.811
878,935.921
174,449.564
963,347,501.
250,825.205
903,717,736
148.925.920
956.744.582
220,423.303
211.848.315
181.475.100
220,890.707
18,401.648
11,704.749
185.180.963
75.495.313
78.107.924
I
219.018.009
186,629.115
180.071.304
224.364,128
13.277.877 1
12,621,978
5,501.462
14.953.53
7.140.628
79.708.323
19.682.949
8,564,443
85.743.102
70.221.834
65,108.21
67.971.543
87.174.440
87.390.153
11,235.521
7.907.421
3,588.379
11.049.73
8,742.33
4,675,754
11.317.531
7.927.43:
3.559.455
10,826.591
8.819.607
4,637.728
11,342.453
8,083,877
3,555.324
11.574,645
8,626,464
4.192.634
11,234.287
8.710.554
4,403,952
73,008,867
73.044.268
72,197.410
73,240.744
72,362,010
731288.43
57,334,259
72,474.6031
59.832,384
50.808.080
73.388.692
72,456,367
61,516,801
56,222,342
60,133,52.
57,311.521
62,458.232
59,012.855
6.242,384
58,302.533
6,664,110
5,792.78:
57,860.33.
5.556.75
6.233,295
59.052,533
6,669.765
5.798.696
60.760.331
5,883,454
6,239.410
48,752,533
6.670.555
6.235.845
55,302,533
5.744.006
6,284.271
55,902,533
5,707.946
3.540.297
3.489.471
11,128.574
7.730.467
3,595,176
6,181.922
62,252,533
6.258,219
11.252.508
8,651.372
4,542,495
5.870.779
56,060.332
5.628,470
3.670.353
3.728.901
3,837,924
8,777.92
3,852.018
3,462,551
3.793.487
2.728,282.467 2.757.787.342 2,712,180,679 2.718,234
1,279 1.636,854,820 2.725.418,508
l.647,628.431 2,836,701.398 2.6.0.578.550
162,045,843 163,146,330 171,396,223 157,710,
610 155,361,441
164.253.845 166.210.782 170,080.
038 163,413,279
38,350.149
30.762,487
55,929,221
39,527.007
48,204.310
27.013.281
16,600,000
19.800.001
56,536.561
19,200.001
40.882.718
29,250,00
50.047.036
(1
19,700,0
00
20,200.0
26.413,440
01
27.641.453
22.700.001
33,326,311
11.200.000
19.400,000
25,050,862
32.904.382
18,930.771
24,298.177
39,870.537
21.181.078
472,724.316 495.488.771 529,111,173 480,817,
918 489,549.347 494,561.03
485.438.557 589.946,101 497,385.831
1.259,879.335 1,253.703.216 1.189,018.091 1.255.00
5.214 1.189.156.166 1.261.371.487
372.300,618 376,382,649 340.770.351
1.178.860.058 1,268.554.097 1,177.428,453
354,269,365 320,516,731 354,131.
734 328,048,565 350,231,
587 355,744,981
Total assets
LIABILITIES.
iota In circulation
3alance duo to Dominion Govt.
after deduct.advances for credits.
lists, &c
kdvances under the Financepay
Act
Ialances due to provincial governm
Deposits by the public, payable ents
on demand in Canada
Deposits by the public, payable
after
notice or on a fixed day In Canada_
_
Deposits elsewhere than In Canada....
,oans from other banks In Canada.
secured, Including bills rediscounted.
Deposits made by and balances due
to
other banks in Canada
9,036.165
11.786.821
13.712,216
Due to banks & banking correspo
9,392,435
10,455,215
10,711,545
ndents
13.592,490
In the United Kingdom
14.458.066
10,448,981
9,858,679
10,251,651
8,222,463
Due to banks & banking correspo
9,595,740
5,049,021
6,854,091
ndents
5,473.232
3,324,441
elsewhere than In Canada and
5,809,093
the
United Kingdom
34,897.150
40.126,201
29,611.244
Sills payable
39.925.414
33.841.311
34,749.3
21
10,062,4
30.866,8
10.586,5
31
2:
09
8.721.407
',etters of credit outstanding
33.192.978
10,881,41:35,599.965
9,567,761
10.548,484,
57.334,251
59.832.384
9,525,81.1
50.808.086
kcceptances under letters of credit
9.774,164
61.516.801
9.394,456
56,222.342
60,133.52,
57,311.521
:debilities not Incl. under foregoin
62,456.232
59.012.6
55
heads
g
1,531.65(
1
1.473.501
1,786,292
Dividends declared and unpaid
1.634.18
3
1.793.08
7
2.681.645
1.312.011
701,75:
1.248.374
810,291
Rest or reserve fund
1.319.711
1,461.661
1,455.913
1.239,391
122,161.
2.088,61
700
1
122,191.
2.403.35
701
1
124,875.00e
3apItal paid up
701.723
122,101,700 124.875,001
823.976
122,191,70(
120,164.660 120,164,661
124.875.0(8
121,902.560 120,164.661. 121.903.
124,441,790 122,875.
561
120,164,661
121.909.160 116,164.660 121.909.000
Total liabilities
560
1 716.072,100 2.744,040,169 2.697,207,997
2,703.113.108 3.620,435.143 2,709,82
0.183 2.629,998,991 2.818,051.713
—
F.:spite! authorized
2,670,599,562
162.175.
001)
162.175,
001
Dapital subscribed
170.175,001
162.175.0011 170.175,0
—
170.171.000 152,175.0011 170.175.
kggregate amount of loans to directors 120.295,800 120,295.801 122,072,301 120.295.801 122,072, 0(1 167.175.001
000
300
120,295,801 122,072,301
and firms of which they are partners
116,295,806 122,072,300
.
and loans for which they are guarantors
11,467,292
11,319,951
14,676,703
kverage amount of current gold and
12.760.463
13,587.213
11.796,103
13,214.719
&diary coin held during the month_sub
11.318.407
12,355,073
57,936,322
57.956.820
60,479.277
kverage amount of Dominion notes _ _.
58.239,270
61,238.463
held
57,663.521
62,003,471
during the month
56,282.279
62,444,044
129,183,
666
126,794,
013
3reatest amount of notes of the bank
119.982,798 129,849,567 131,397,
740 129.748.837 131,546.
in
circulation at any time ditrIner month_
689 122.089,506 132,638,222
764.912.475 166.398 1.54
173.148.873 169.692,947 175
422.424
167.276,155 168 150 157 173 471
•Of this deposit $9.502.533 Is in gold
nan inn atm eta
coin, the balance Is In Dominion
notes.
Note.—Owing to the omission of the cents In
the official reports, the footings in
the above do not exactly agree
with the total given.
TRANSACTIONS AT THE NEW YORK STOCK
DALLY TRANSACTIONS AT
EXCHANGE,
THE BOSTON. PHILAD
DAILY. WEEKLY AND YEARLY.
ELPHIA AND
BALTIMORE EXCHANGES.
Stocks,
Number of
Shares.
Week Ended Jan. 1.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
2.152,760
2,039,950
1,961,520
2,078,500
Total
Sales at
New York Stock
Exchange.
Stocks—No, of shares_
Bonds.
Government bonds__ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
8,232,730
Railroad,
Ac.
Bonds.
State.
Municipal &
Foreign Bonds
EXTRA HOLIDAY
$6,928,000
$2,315,000
8,221,000
3.185,000
9,387.000
2,363,500
8,645,000
1,464,000
HOLI DAY
$33,181,000
Week Abided Jan. 1.
$9,327,500
Week Ended
Jan. 1 1926.
United
States
Bonds.
—
$2.235,000
1,777.250
2.883.000
2.029,000
$8,924,250
Jan. 1 o Jan. 1.
1925.
1924.
8,232,730
8,397.604
447,398.703
281.678,046
$8.924,250 $12,779,000
9,327,500 15.126.000
33,181.000 37,893.100
$355.659,610
697,023,500
2,890.975,875
$898.412,915
583,488.500
2,322,652,400
1925.
1924.
351,432.750 365.798.100 $3,943,658,985
$3.804.553,815
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Boston.
Shares
.35,037
.47,627
*41,907
26,064
Philadelphia.
Baltimore.
Bond Sales. Shares. BondSale
s. Shares. BondSalsi.
$44,000
31,750
62.500
22,000
HOLI DAY
94,822
828,500
66.062
26,200
42.695
28,400
37,635
19,000
HOLIDAY
a3.780
a3.922
a2.171
a3,200
$39.800
48,000
9,000
4,000
Total
150,635 3160,250 231,214
$102,100
13,073 $100,800
Prey. week revised
135.944 8101.950 100.678
$176.100
12.6811 8131.500
• In addition, sales of
rights were: Monday, 12,061
15,331.
Tuesday, 10,222 Wednesday,
a In addition, sales of
7,068; Thursday, 1,614. rights were: Monday, 5,765: Tuesday, 7,701; Wednesday.
NEW YORK CURB MARKET.
Trading on the Curb Exchange in
the closing sessions of
the year was active and prices
generally were strong. Profittaking at times caused consid
erable irregularity but despite
60
THE CHRONICLE
[vol.. 122.
per eh. Shares. Stocks.
Shares. Mocks.
52 Biarritz Co., Inc., pref
1 lot
o3t.
11
33
300 Butte & London Copper Devel.$1 lot 10 Biarritz Co., Inc., tom
lot
Dar $5
50 Harris dr 131rdseye, Inc., pref-$5 lot
par
Devel.,
a
$5
6,000 Eastern Canane
Prof
e
Inc,
Birdsey
&
Harris
$1 lot 50
$1
50 Harris & Birdseye, Inc., corn , lot
400 Butte & London Copper Devel..
no poorer
$1 lot
Par $5
Harris dc Birdseye, Inc., com.,$5 lot
80 Consol.Copper mines, par 35.8175 lot 50
tom.,$1
panic.
Inc..
Co..
100 Castle Kid
Huck Axle Corp., Cl. A.
277
5
lot
prof.. no par
no par
$1 lot
250 Benmo 011, par $10
278 Huck Axle Corp., Cl. A, corn.. lot
100 Buffalo & Susquehanna RR., lot
par
no
$1
Pref., Par $50
111 Huck Axle Corp., el. A, corn..
$20,000 promissory notes of Henry
no par
J. Reilly. due Nov. 1 1925, to lot 139 Huck Axle Corp.. Cl. A, COM.
°lot.
Nov. 1 1928, without recourse--$40 lot
no par
$10
Inc
Sailer,
&
100 Fay, Keser
$n"
corn.
all.
B,
Corp.,
Axle
Huck
200
200 Castle Kid Co., Inc., partic. 9
no parlot
pref., no par
8% del$2
Corp.
Axle
Huck
$25,000
part's.
100 Castle Kid Co., Inc.,
mend note, Sept. 14 1923
12
prof., no par
$10 lot
Huck Axle Corp. 8% de500 Federal Adding Machine Corp., lot $50,000
7435 10t
mand note, Oct.2 1923
$5
Pref., par $10
Co.,
Supply
&
Wire
100 United
250 Federal Adding Machine Corp.,$5 lot
101
pref
corn., par $10
,000
3ar
5 300 Alaska Gold Mines Co.,513
lot
35 Automatic Typewriter & Service$5 lot
000
$1
$10
Co., Inc., corn., no par
5 Amer. Prospecting Club
50 Automatic Typewriter es Service55 lot 5 It Is The Law Corp
$5
$3101
Co.. Inc., 7% pref.
42 Petroleum Band Products Corp.,
Stroke
Golf
$10,700 Brooks'
$1101.
par
no
cl.
B,
lot
8
Counter Co..Inc., past due notes.$
Min.
u& Ely Consol. M.
151,630 4,800 Boston
2,508 Eastern Steel,corn
$550 lot.
Co., par
I lot
804 Eastern Steel, let prof
par
Co.
Min.
Gold
o
Colowy
10,000
$13 lot
lot
10 Tyson Co., Inc., pref
Si
lot
10 Tyson Co., Inc.. corn., no par.-37
110
i ex Consol Min., par 250.10
or $R
,000
$7 lot 22p
1 Pacific City. pref
Co.,
Min.
Canyon
Copper
$11 lot 29,734
50 Ardsley Hall Co., pref
$1,500 lot
0 lot
2,400 Amer. Krupp System Diesel
YORK CURB
$88 lot 37,381 Alta Mines Corp. par $1-$10
DAILY TRANSACTIONS AT THE NEW
te.
Engine, corn
Syndica
Oil
Nation
0 lot 72,087 Osage
36 So.Caro. Lt.,Pr.& Rya.,com.$8
$1
par
Inc.,
Value)
(Par
Co.,
BONDS
Paper
ot
$3110
00
.
..1
STOCKS (No. Shares).
200 Ftiordon Pulp &
$9 100 Hodgman Rubber Co., pref-S
lot
Ltd., corn
lot 100 Conant, Patrick & Co.,com-..82
Mining. Domestic. Por'n (loot. 25 Overman Tire, corn
OE.
g Mills.
Knittin
Fain
0
Week Ended Jan. 1. Ind.dtil(a.
$123.00
6%
$33,800 General 011 Gas Corp.
Inc.,6% debenture A
OLIDA
demand note, endorsed by Securi- $65 $112,000 Fain Knitting Mills, $250
$69,000
Saturday
67,326 $1,257,000
Investing Fund, Inc., dated
1 lot.
291,940
ties
374,065
Inc., 5% deb. B
139,000
lot
Monday
85,000 1,375,000
280,131
Dec.22 1925
503,913
$114,000 Fain Knitting Mills,I
208,000
Tuesday
101,790 1.379,000
201,600
$7,009 07 General Oil Gas Corp.,
547,560
0
deb
6%
Inc.,
74,000
Wednesday
00
184,900 1,146,0
286,052
demand note, without interest
449,330
3,014 Fain Knitting Mills, Inc.,
Thursday
OLIDA
endorsed by Securities Investing
prior pref
Friday
101.
"
Fund, Inc
100 Fain Knitting Mills,Inc.,cora.,
00
$490,0
439.016 $5,157.000
$33,600 General 011 Gas Corp. 6%
1.874.868 1.059.723
no par
Total
Seby
d
101.
endorse
S1
note,
Corp.,
demand
2,50paOr 1rkansas St Osage 011
$25 lot.
curities Investing Fund. Inc.. $65
51
lot
1925
22
Dec.
Metals
E.
&
dated
Mines
CABL
mo
R
408 San Geroni
ENGLISH FINANCIAL MARKETS-PE
87,009 07 General 011 Gas Corp.,,
com
without interest
$105
ties, &c., at London, demand note,Securit
133 San Geronimo Mines & Metals
Investing
ies
The daily closing quotations for securi
by
d
Metalsi lot
endorse
week:
past
the
pref
ws
follo
as
been
Fund, Inc
Mines&
mo
Geronl
San
as reported by cable, have Mon., Tues., Wed., Thurs., Fri.,
$500
$33,600 General Oil Gas Corp.,
Sal.,
cony. 88, 1933
London.
31. Jan. 1.
0% demand note, endorsed by $65 3.800 National Co., no par
Dee. 26. Dee. 28. Dec. 29. Dec. 30. Dec.
Week ending Jan. 131 11-16
3134
Investing Fund., Inc.,
9-16
ies
31
Securit
11-16
31
11-16
31
d
r00 Towne Securities Corti f
-1
i::a
orob
79
lot 10no
d.
Silver, per oz
$2450.
dated Dec. 22 1925
84.1154 84.113484s. lid. 84.1054 845.11
Gold. Per fine ounce
55 1-16
lot
5454
5454
07 General 011 Gas Corp.,
$7,009
54%
Securities Corn.,cow.,
Towne
cents
per
234
831
HOLI.
Consols,
10054
without interest
10034
note,
10034
demand
10034
DAY
ng
British, 5 per cents
Investi
95
ies
9434
Securit
by
d
94%
endorse
9434
250 Chicago Rye. Co. ser. 3 Part$
British, 4% per cents_______
49.90
49.35
28 lot
11.
47.60
Fund, Inc
46.75
ctfs
French Rentes(in Paris)_ _fr_
55.65
55.50
52.25
$33,600 General Oil Gas Corp.,6%
52.15
4.667 Dos Cabezas Mines, Itd.$2 lot
French War Loan (in Paris) fr
by
Securid
endorse
demand note,
been:
has
day
$5
same
par
the
on
$65
p10 tat
ties Investing Fund, Inc., dated lot 930 Sweetwater Min. Co. of Del.
The price of silver in New York
Dee.22 1925
2nd pref
Silver in N. Y., per oz. (vie.): 6834
6834
6834
6854
6834
$7,009 07 General 011 Gas Corp.,,
1,362,495, dated
No.
Patent
S.
U.
Foreign
demand note, without interest
Dec. 14, 1920, relating to transendorsed by Securities Investing
mission band linings
Fund, Inc
S. Patent No. 1,357303, dated
U.
2.000 Oatman Apex Min., par 10c_
Oct. 28 1920, relating to transpargl
Min.,
Ariz.
of
500 Silver King
band lingina
mission
Mines,
Caledonia
01. dated
3,000 East
U. S. Patent No. 1,405,6to
trans-($75Io9.
Kellogg, Idaho, par 25c
information regarding
1922, relating
7
Feb.
n,
Kingma
National Banks.-The following the
Gllt Edge Mines,
2,000
linings
the
band
r
of
rolle
mission
Compt
of
office
the
No.
from
100
is
par
Patent
Ariz.,
banks
Canada
of
national
Dominion
2,000 Oldtralls Mining, Oatman,
200,154, dated May 8 1920.
Currency, Treasury Department:
band
10c
par
ssion
Ariz.,
transmi
to
relating
RECEIVED.
500 Arizona Ray Copper, temp. $11
APPLICATIONS TO ORGANIZE
Capital.
linings
lot
Ws., par 100
$25.000
Dominion of Canada Patent No.
Creek, Fla
Arch
of
1,000 Barnett 011 & Gas Co., Inc.,
Bank
al
Nation
•
230,462, dated April 17 1923
Fla.
The First
Creek,
Arch
y,
Lansle
J.
m
$1
par
Willia
Del.,
Correspondent,
The above (patents) are to be sold_
1,000,000
Gold Coin Mining Cos.,
In San Francisco, Calif
Two
1,000
subject to outstanding licenses
The National Bank of CantonL.
McNah, San Francisco, Calif.
$20101
Inc., Ariz., par Sc
Correspondent, J.
1,015 Osage Oil & Ref. Co
on Mining
0 2,000 Oatman Extensi100
Succeeds Bank of Canton, Ltd.
100,00
Lance Creek Royalties, par $1-$1 lot
200
par
Pa
Ariz..
on,
Inc..
Co.,
Kingst
Co.,
of
Rubber
&
Bank
Tire
al
l
Nation
Colonia
1,000
The First
Co.,
Kingston, Pa.
8100 10t
1.000 Oatman Crescent Mtn.,
Correspondent. Geo. M. Huey,
Par $10
Inc., Ant., par 10c
APPROVED.
200 Moline Plow Co., corn. tr. elf.,
APPLICATIONS TO ORGANIZE
Brunswick Land de Lumber
$5,600
$5 lot
50.000
no par
$200
of Tallulah, La
1st M 10-yr. 13s, due 1927
The Madison National Bank
ah, La.
lot 1.500 Mary Powell Steamboat Co_S37 lot
50,000 149 1-3 Brunswick Land & Lumber $75 $7,327.87 Claim against Rex ConCorrespondent. L. M. Spencer, Tallul
a, N.5
50 Tao Tea, pref
$26 lot
The National Bank of Mantu
sol Min. Co
Mantua, N. J.
lot
Correspondent, John H. Coombs,
500,000 13 Tao Tea, corn
s,Inc., com$2 lot 100 Consolidated
of New York
Product
Bank
Food
al
Cliwell
41
lot
Nation
par-S1
e
no
com.,
Y.
Melros
N.
Tube,
The
90 Porter Cord
Melrose Ave.,
2,556 Meridian Petroleum Corp._ _82 lot 10 Porter Cord Tube Co., pret...._.sio lot
Correspondent, Charles Levy,560
APPROVED.
1 Sterling Block Coal
$800
pref.
ERT
Corp.,
es
CONV
Securiti
TO
Towne
IONS
322
84
APPLICAT
C-4200,000 $200 Sterling Block Coal, 7% goldl lot
lot
196 Towne Securities Corp., coin.'
Nat'l Bank of Charleston, S.ston,
notes, due Jan. 1 1924
Dec. 15-The Norwood-Carolina
na Bank, Charle
Ames Shipbldg.& D.D.Co_
Conversion of The Norwood-Caroli
50 Industrial Ownership Corp., let lot 82
Co.,
ing
Purchas
Ore
n
147 Wester
$200
S. C.
preferred
11001)
par
CHARTER ISSUED.
lot
00 30 Industrial Ownership Corp.,
M. J. and M. & M. ConM
$30 lot 13,000 U°
al Bank of Albany, Ga-- $300,0
Nation
n
a
commo
Georgi
-New
3
li
Baldwin.
Dec. 22-1286
M.
25
W.
r,
pref
al,
Cashie
ds;
Chemic
Calco
Reynol
2,139
e1rs, Inc., prof _185 lot
S
President, G. E.
ary
Pla
p
elea
ted.
n
da
8°
to
S
250
8%1
Corp.,
50 Kendall Products
$2 250 Stonelea Players, Inc., corn I
CHANGE OF TITLE.
pref., par $10
ook, N. Y., to
4,208 Imperial Consol. Min. Co.,
Peoples National Bank of Lynbr
50 Kendall Products Corp., corn.,I lot
Dec. 21-11603-The s National Bank & Trust Co.of Lynbrook."
no par
"The People
Sition Tire & Rubber Co.,
Perfec
30par
75 Davis Machine Tool Co., Inc.,$1 lot
narra
eo
parita coml. mines.i=ma
mein
VOLUNTARY LIQUIDATION.
Iowa $100,000
par $10
lle,
Knoxvi
Bank,
al
1,540
Nation
1
Knoxville
150 Piping Rock Club Realty Co..$5 lot
Dec. 22-1871-The
ating Agents, J. J.
e
Effective Dec. 17 1925. Liquid
Theatr
100 New
ded by Knoxville
2 l Consol. Min., oar $11i
Imteria
par
$5 lot 600
Roberts. Knoxville, Iowa. Succee
50 Lido Corp
12849.
$3 lot 10,500 Waldorf Metals, Par 25e
National Bank & Trust Co., No.
1 Century Opera Co
$25 lot
Devel.Co.,corn
40
Gibson
A
5
pref.22
let
Corp.,
225 Advance Boller
20 Gibson Devel. Co., pref
Boiler Corp.,2nd pref)
1'4
the following, 317 AdvanceeBoiler
ties,
securi
3,600 Walter Motor Truck Co.,
lot
other
545
pref.
1st
ong
-Am
.
Corp.,
Sales
71 Advanc
Auction
sold at auction 62
were
nge,
Excha
e Boiler Corp., 2nd prefl
Advanc
Stock
Co.,
the
rd
511825
Copper
par
at
in
Seaboa
r
O
a
0
p
1,9
dealt
not actually
Denver & Rio Grande fly. Co.,
lot
.811 lot $100 Seaboard Copper Co.Is 19181
and Philadelphia on Wednesday of 180Prof
in New York, Boston
5 Atchison Coal Mining
Service Corp. of Amer..]
Silent
250
no
1
lot
Corp.,
par...8
Process
150 Actinic
this week:
no par
1,337 Rock Falls Box Board Co.,
r & Sons, New York:
Jefferies Lease!
By Adrian H. Mulle
8 per share. 10 Leases of the
Rock Falls, Ill., corn
Shares. Stocks.
dated )8401ot
Inc..
share.
per
Co.,
$
uting
Distrib
*
oot
00 l
Flint & Horner Co., 2nd pref.$1$5
66
title and int. of the
Shares. Stocks. c
right,
the
All
1925
Sept. 17
Cal.. Peoria & St. L. RR.
without
Daly,
in
$3,000
August
136,382.90 Atlanti Fruit & Sugar,50c.
of
estate
Co. of Amer., Del..1
Trexler
6,150
1
1939_
Dec.
434s.
ref.
plays
in
gen. &
$10 lot
core.. Par $5
recourse. in August Daly's
Consol. Gold
Par-$10 each
5250 $675 Chi.,Peoria & St. L.RR.gen
4,000 Golden Reward
$15 lot "A Night Off" and "Seven
$10
$500 lot 50 J. L. Mott Co., pref
& ref. 434 Dec. 1 1939, etfs. of
mining & Milling. parN.
lot
Twenty-Eight"
corn
50
Co.,
coma
Mott
Y.,
L.
265.
of
Ig400
Estate
pref__
deo
50 Van Dyck
666 2-3 Cray Mfg., cl. B,
50$. L. Mott., corn
Estate of N. Y., pref.'
;lot
$3385.87 Chic. Peoria & St. L. RE.'
166 2-3 Gray Mfg., corn
50 Van Dyck
Co.,)
13,836 National Gas, Elec. Lt. & 8400
lot
100.
hit. notes, dated Feb. 28 1913...
int.
$32,400 Gillette Rubber
625 Kentlatex 011
0
520,00
I
6s,
corn
f.
P.,
s.
1st
$1 lot
lot 55 Chi., Peoria & St. tc. RR. Co.,
Eau Claire, Wis., on
5 Mutual Tire & Rubber
) lot
National Gas., Elec. Lt.& P.,1
240
coupon
Ws
Tartrust
The
pref.,
1926
Road,
Jan.
105 Open
Co., pref.,1
pref
$5 lot
$139.75 Chic. Peoria & St. L. RR.
bell Co
e Co.,
290 Gillette Rubber
J
Si lot 200 Eastern States Packag
Co., trust certificate scrip
$2 lot
par $15
10 Roslyn Estates, Inc
Indies
$25
par
West
lot
United
$1
pref
000
,
$20 Chi.& East. 111. Ky.Co.scrip.
,
56 231-10.
$5 16 Jamaica Estates
50 Amer. Army & Navy Journal $1 lot
e CorP..
5 gen. mtge., May 1 1951 ....
ctf.
Machin
Adding
Corp., pref
Federal
100
lot
par
Inc., corn., no
Indies Corp.,
$1 lot
18 Wheeling & Lake Erie RR.Co..
pref.. par $10
190 United West
& Navy Journal,
Army
Amer.
50
Corp.,
par
e
bat pref
common, no
$5 lot
100 Federal Adding Machin
515
Inc., pref
$1 lot
s Trust
9 Wheeling & Lake Erie RR.Co..
corn., par $10
20 Manufacturer
r Corp., corn.,
pfd550.
Reindee
Corp..
Amer.
50
ions
p.,
Concess
Develo
prof
a
2nd
on
$3101
7,000 Eastern Canane
80 Criteri
par $10
g Mills, Inc.,
$1 10
stamped, Par $1
6.800 Fain Knittin
10e.
n
commo
many instances. Glen Alden
this good gains were made in168
and closed to-day at 167.
to
Coal jumped from 1533'
823' to 84% and rested
from
rose
Sales
Lehigh Valley Coal
traded in for the first
were
s
issue
new
Two
finally at 843's.
to 91%,and down
89%
from
up
ion
gerat
Refri
time-Electric
lidated LaunConso
883';
at
being
y
to-da
to 88%, the close
ed finally to 243.
react
but
268
to
ced
%
advan
dries from 253'
121 to 117, with the
Continental Baking Class A was off from Kardex Bureau was
Rand
118.
at
y
to-da
final transaction
413/i finally. Public
traded in up from 39% to 42 and at of the attention and
share
le
derab
a
consi
for
utilities came in
corn. advanced 'from
were strong. Amer. Pow. & Light
Amer. Superpower
683.
y
at
to-da
d
65 to 683' and close
ends the week at
and
to
353/i
from
323'
Class B improved
first from 1843/i
at
ed
reced
ties
Securi
r
3
35%. Lehigh Powe
r & Light rose
Powe
nal
Natio
190.
to
ered
to 179, but recov
Power Corp.
353/8.
y
at
to-da
d
close
and
from 29% to 36%
points to 793.. Oil shares
of N. Y. common gained two was
confined to a few issues.
were generally firm but activity
%
and reacted to 255
26
to
24%
from
Continental Oil rose
to 585', closing
finally. Prairie Oil & Gas sold up from 553/
improved from 69
to-day at 58. Standard Oil (Indidana)
rd again, resting
upwa
move
and
%
to 70%, reacted to 693
to 893,the close
finally at 703/s. Gulf Oil was off from 983.j
to-day being at 91%.
MARKET.
Zommercial nd B tcellaneonsBaur
JAN. 2 1926.]
THE CHRONICLE
61
Shares. Stocks.
8 per oh. Shares. Stocks.
150 Atlas Produce Corp., com..--5275
$ Per sh. Shares.
$ per sh. Shares. Stocks. '
2.500 Frank & Dugan, Inc., com4 lot 50 Princeton Inn Co
$1,200 lot 5 VermonStocks.
t Milling Products Corp..
883 Colloidal Products Inc., class
150 Frank & Dugan, Inc., pref.
$10
10 Stollwerek Chocolate, 25 pref-S5 lot
preferred
A,
no
par
82 Seaboard Finance & Invest. Col
$1 8 2-3 Plymouth Gas Light
lot
I
1
15
Vermon
1,951
t
Milling
Colloidal Products Inc., cl. B
Products Corp., lot 2 Habirshaw Elec. Cable,
651 General Syndicate, Inc
pref
$1 lot
COMMOD
3755 Rollie Co., Inc., pref
goo pyrograph Advertising Sign
$5 lot 10 Brown
55 Hodgman Rubber, corn
lot
$I
3735
Kolite
Explora
Co.,
Inc.,
tion
corn., no par
Corp. of U. S
1,000 Batopllas Mining, Par $20-$5 lot
14 United Chemical &Co
400 Degnon Realty Term.& Imp
Industrial
100 Hump Hair Pin Mfg., pref
.8200 lot
100 Walter M. Lowney
Corp., Pre!
6
50
Bethle
hem
Constr.
Co..
pref.
Hump
250
Hair Pin Mfg., corn
174 Fracto, Inc.. COM., par $5
6 United
$9200 10 Bethlehem Constr. Co.,corn.__($26
)$2
& Ind. Corp., corn.
250 Ample:Engineering Corp.. c1.1
..
lot 71 WesterChem,
58 Fracto, Inc., pref
lot 62 Suncrest Lumber Co., v.
lot
n Wyoming Oil, corn.,
t.c74 Commonwealth Finance Corp.,
class
A,
352
Passeng
par
er
$5
Lorry
Co.. 11% pref.
1,330 Amplex Engineering Corp.,1
Pref
20 Tiphany Phonetic Corp.,
Slit
Par $50
el. A
$3
lot
1
Common
wealth
Finance Corp.. lot
100 Tiphany Phonetic Corp., corn,,
259 Passenger Lorry Co.. common,
1,065 Massey Concrete Product/
corn
par $10
Par$50lot
Corp
10 Frank C.Pearce Co.. prof
12,500 Highland Boy 011
75
62 Passenger Lorryto.,°U.of dep..
$500 I. S. C. Corp. 6% first gold I
&
Gas,
$2
United
20
Marble. pref
Par lc
510•
no par
deb
dayS3 lot 10 Haytia
$105 United Marble, pref. scrip__[lot
82,500
n
Passeng
Amer.
er Lorry Co. 60
Corp., ctf. dep, $100 $200 United Marble
5100.000 Frank & Dugan, Inc., 5-1
, deb.68
founders stock
6% demand note, due Nov.1'23 $35 lot
yr. 6% deb
lot
600 N.Y.Ky.011 & Gas, par 55.310 lot,
20 Haytian Amer. Corp., ctf.
120 Blue Ribbon Pictures Inc., pref.
$18.789.44 Ample: Engineeringl
dep.,
10
118 Internat. Nitrogen, prof
pre!
120 Blue Ribbon Pictures Inc..
Corp. notes, dated May 15 1923
tr.
263 Internat. Nitrogen, corn
5 Haytian Amer. Corp., at.
} lot
Ott., no par
to Dec. 1 1925
dep..
10
15 Batavia Rubber, pref
COM
11.6022
$1 lot.
Salama
nca Sugar Co., pret_
100 Plrlka Chocolate Co., Inc..
25 Southernfleld Petroleum, prof.,
39 Mexican Northern Mining &82 lot 1 El Dorado Refining, corn
corn., DO par
par 52
1 Consumers Cooperative
$134 lot.
Ry. Co , no par
100 Pirika Chocolate Co., Inc.,$2 lot
3 Commonw. Finance Corp., corn-1 $1
$66,250 participation in the Harker$17 lot 20 Amer. Trona Corp., pref
8% Pref
31-100 Corn, Fin. Corp., corn. scrip" lot
5180 lot
20 Amer. Trona Corp., corn
Syndicate
100 Amer. 011 Engineering Corp.
4,600 Mass. Cons. Min., par $25_250.
5104,198 70 participation in the$10 lot $1,000 Connecticut Brass & Mfg.
corn. stk. subscription receipt,
Corp.,
MinesSyndicatelot
2-yr.6% ctf dep
56 paid, par $10
Bonds.
Percent.
$4,000 Gulf Fla. & Ala. By,, re12 Indep. Chem.Co. pref. tr. Ws_ $1 lot 1,440 Amer. Hominy Co., common
$5°
51.000 Consolidated Rendering Co.,
no par
organization synd. Mgrs. reept
12 Indep. Chemi al Co.. Inc.,.
$10
lot
let
5s, July 1941
lot
$5
2
Boston Investment Co
$700 capital stk of Mines Synd
89 148
corn. tr. MM., no par
510
lot
50
500,00
0 marks German currency_5234 lot
$2,000 capital stk. of Harker Synd.$
12 Indep. Chemical Co.. pref.
tr.
By Wise, Hobbs & Arnold, Boston:
41,666 California Consol. Min. Co.,10 lot
etre
Par 51
Shares. Stocks.
12 Indep. Chemical Co., corn. tr. $5 lot
per oh. Shares. Stocks.
9,375 Mineral Point Min. Co.
$ per M.
MU. no par
1
,25lot 675 Canadian Connecticut Cotton
11.500 Charnot Mines & Leasing
par $1
Mills, corn., Class A,par $10____
12 Indep. Chemical Co., corn. tr.
lot
155
Co., par 51
12,500 Virginia Min. Co., Ltd.
150
New
4fifs
Eng.
Southe
rn Mills, pref_ 20
S
.15
100 Salmon Gold Min.Co.,par $5 $10108
par S1
12 Indep. Chemical Co., commo $6 lot
Co., par
$30 lot 40 Hamilton Mfg. Co
455-454 100 Tennessee Coal& Lumber
n
38.600 Monita Gold Min.
20 Saco-Lowell Shops, 1st pref._ _
tr. ctfs., no par
co
3235
$10
51
5
Naumke
96 Indep. Chemical Co.. Preferred
ag Steam Cotton Co.186,ex-div 97Dar
Co., par
$15 lot
Rivett Lathe & Grinder Corp..
5,000 Great Bonanza Min.
50 Cornell Mills
Ir. etre
9435-9
5
COM
$3 lot
10e
96 Indep. Chem. Co., common
34
55 lot 291 Hamilton Mfg. Co
434 67 Rlvett Lathe & Grinder
tr.
500 Shashta Zinc & Copper
200 U.S. Worsted CorP., lst pref.. 33
Corp.,
ctfs., no par
let pref
par
24 Nashua Mfg. Co., coin
1,000 Macedon Creamery
80
C
o
.
,
D
O
250.
60
24 Fllvett Lathe & Grinder Corp.,
Corp.,
100 Federal Add. Machine Corp.,1
50 Nashua Mfg. Co., corn
preferred, par $10
60
2d pref
$5 lot
preferred, par $10
2.500 Macedon Creamery
a
455 lot 20 Am.Webbing Mfg.Export Corp.51 lot 50 U-Can Safety Hair
Corp.,
150 Federal Add. Machine Corp.,
Cutter Corp.,
14 Edison Elec. LI.Co.of Brockton.
common, par $5
Par
$10
commo
n,
par
$10
Par
$25
$1 lot
5,000 Texas Gulf 011 Syndica
555-535
,ex-dlv
4,530
Daviste
Daly
1,142
Shaahta Zinc & Copper Co..
Copper Co.
25 Amer. Mfg. Co.. com_12035,ex-div.
benif. int. ctf., par
$4 80 paid account of liquids$55 lot
no par
100 Columbia Grapho$10
10e. 5 Montpelier & Barre L.& P.,coin. 58
p. Mfg. Co.
dation, par $10
50 KleinschmIdt Electric Co., Inc.,
8 American Glue Co.. corn
preferred
100
4834
Contine
lot
$6
ntal Candy Corp...
tr. recpt. for common stock
15 Empire State Realty Co
$7 lot 5 Greenfield Tap & Die Corp., pref.
200 Cascade Silver Mines & Mills
615 Century 011 & Gas Co., par $11
to National Gram-O-Phone Corp.{$15
91, ex-d1v.
par $1
lot 600 Seminole Mining Co
300 Superior 011 & Gas Co., corn.,
1 CommonwIth Hot.
Constr. Corp.
1,000
Nationa
l Zinc & Lead Co.
22 Union Dye & Chemical Corp.,1511
par $1
2,000 Household Util. Bureau,Ine.$61
$1 lot
of Boston, par $1
lot
stock tr. ctf., par $10
295,518 Southport Mining
lot 100 Boston Caddo 011 Co.. par $10_51 lot 132 Cartus Cons.
Co..
Mining Co.,
$4,000 Union Dye & Chem. Corp.,
150 Root & Van Dervoot Corp.,
par $1
negotia
ble certif. of deposit
$10 lot
5-yr. adj mtge., 6s Dec. 1920,
Class A
25 Deep Bea Fisheries, Inc., corn.
lot 300 Trinity Copper Co., Par ..... $1,000
coupons attached
15 Graton & Knight Mfg. Co., pref.53
v. t c
31
100
Frankli
n
81
Mining
lot $50,000 General Mines Corp. of
, capital$5..
$2,
50 N.Y.Harbor Dry Dock Co.,com57 lot
lot
125 Ansonia Clock Co
500,000: 59 paid in), par 525
$40 lot
Bolivia coll. tr. 7s, Jan. 1934,1
200 Waring Hat Co.. corn
300 Ansonia Clock Co
25e. 200 Franklin Mining (capital $5,$40 lot
with coupon number four and 1
76 Narragansett Elec. Lt., par 550_ 7631
1,840 Qua Paw Mining Corp__ _3325
000,000
: 519 20 paid in) par
lot
following at'ached
150 Simms Magneto Co., pref
15 Lafayette Building Co., pref.
$5 lot 500 Franklin Mining (capita $25
_45 lot $16,117 50 coupons number 1
$5,57 East Coast Fisheries Co.,
de-1$1000 5 Manning's, Inc., par $10
$2 lot
000,000; 89 pald in). par l.
pref.
$25_
tached from bonds of General{
25 De Witt Mfg. Co., pref
ctf, of dep
lot
$1
lot
1,000
American 011 Co. of New
$1 lot
Mines Corp. of Bolivia. coll. tr.
10 Nor. Boxton Ltg. Prop., corn
180 D. D. & R. Knight, Inc.,
England, par $I
9534
5 Maas. Bonding & Insur. Co
7% gold bonds.dated July1,1921,1
500 Columbia Grapho. Mfg. pref 13.4
270
200 Portland Gold Min.Co..par51
Co.
due Jan. 1 1934
12 Eastern States Refrig. Co., pref.41
common
15 Daytona Crate Co., corn
$3 lot 21,355 General Mines Corp. ofl
15100
192 American Oil Royalties Corp..- 1lot $6.400
10 Caddo 011 Co..common
Daytona Crate Co.lit 8s,'241 lot
Bolivia, par $25
25 Pacific Development Corp
1,497 Helena Light & Ry.Co.,corn $4 lot
2,750 Carlisle Mth. Co.. Dar 5511 Lafayette Motors Co., corn...( 51 lot 1,000
ctf. of deo
Ma1 estic Copper Mining &
1
Bonds.
169 Helena Light & By. Co., pref.,
Per cent. 44 Lafayette Motors Corp.,2d pt.{$1.25
Smelting Co., par $5
$6,600 Amer. Rubber & Tire Co..
60 Lincoln Motor Corp.. Class A.{
ctf. of dep
lot 50 Mass. Belting Co., pref
1
Akron, Ohio. 1st M. 6s_ __ _82,600 lot 75 Nor.Boston Ltg.Prop.,
414 Matanzas-American Sugar
com9534-9534 25 Mass. Belting Co., common
Co.,
$30,000 Imbrie Securities Co., Ltd..
20 Sullivan Machinery Co
7% preferred
4834 $10,000 Majestic CoPPer Min. $10 lot
1
5-year deb. 45, 13
1,147 Matanzas-American
$305 lot 5 Mass. Bonding & Insur. Co--270-27034
Smelting Co. 7s, 1914, APrill
Sugar
5526,27
Imbrie
0
144
Securities Co..
All Enamel Co
Co.. common
$1
lot
1908 coupons and subsequent
1
Ltd.,5-year deb.4s, B
160 Cambao Cocoanut Co.8%
51,000 lot 510 Pachic Development Corp...(
coupons attached
pref.
$2,000 Roslyn Estates Inc.6% reg.
50Joy
400 Orr Fruit & SS. Co., Inc.,
Mfg.
Co.,
pref
131 lot $10,000 So. Utah Mines & Smelt.'
com.510 lot
bonds, due Sept. 1917
12,000 Trident 011 Co$1
$6 lot 50 Joy Mfg. Co., common
Co.65, 1935, Jan. 1911 couponsl
70 Spencer Fork Coal Co
69,025 Armstrong 011 Co., Par 10 $13,964.28 Metropolis Land Co. of
510 lot
and subsequent coup. attached'
Metropolis, Nev.. 7% demand
250 Murphy Coal Co
15,000 Volcano Mines Co., par $1-{ lot
5200
lot
$1,200
Nevada Douglas COWL
51notes,
dated Sept. 15 1918, to
300 U-Can Safety Hair Cutter
100 National Drug, commo
Copper Co. 1st 6s, April 1925:1
$5 lot
Nov. 4 1920
100 National Drug, preferrn
Corp., par $10
$15 lot
1
Oct. 1921 coupons and subseed
20
lot
$2,000
Amer.
&
British
All right, title and interest of Imbrte
4,100 South Utah Mines & Smelt- I
Secur.
quent coupons attached
6% 5-year gold note. due Sept.
ers. par $5
Securities Co., Ltd., in and to
182.50
15 1923lot 3,100 Nixon Nevada Cons.
open accounts due the firm of ImMine
No.
/
Rights.
lot
$5.000
$perrfght.
Lackaw
anna Coal & Lumber$5
brie & Co.. aggregating
Co., par $1
122 Eastern Texas Electric Co..-- 9
about
Co. cons. 50-year 6s, due
$425,000
17 units First Peoples Trust
Bonds.
7534
$250 lot
April 1 1961
Per Cott.
400 La Due Mining Co..
0 lot 13,523 St. Louis Coke & Iron Co.
Par 510_51 lot $5,000 Bet. Bay City & West.
$5,000 Note of E.B. Taylor, dated Ilia
10 Service Operating Corp.,
pref. certifs. of deposit
ARM.
$1,600
May 20 1924
pref $1 lot
ctf. of dep. 1st 20-yr. s. f. 53_5100 lot 25,097 St. Louis
10 Service Operation Corp.,
lot
Coke & Iron Co.,
common
lot 52,000 Greenfield & Turners Falls53
52,500 New Theatre Income bonds_55 lot
Par $10
common certifs. of deposit__
El lot $2,000 Wabash Pittsbu
St. RY.let & cons.Sc. June'23_6% flat
5 International Sales Co
rgh Terminal
4,000
Imperia
l
Slivers
$1.000 Bijou Irrigation District cer$1 lot
By. 1st 4s, ctfs. of dep
4,000 Pinto Valley Co.,
$450 lot 1,000 Seven Metals
tificate of deposit
1E12 lot
25 Stonelea Players Inc.,par EL.__ 13e. $20,000 Durham Coal & I. 55.81,500 lot 300 Trinity Copper, p
61 flat
par 55
red32 lot $163,000 Ray Hercules
25 Stonelea Players Inc., prefer
1st
55,
ctfs.
ed_52 lot
of deposit
By
Barne
s
550 Stonelea Players Inc..preferr
Sr
Lofla
Phila
nd,
delph
$150 lot
ia:
commo
n.$5
lot
80-100t
hs Ray Hercules 1st 55,
100 Stonelea Players Inc. pref
Shares. Stocks.
$ per oh, Shares. Stocks.
$5 lot
ctfs. of deposit
50 Vegetable 011 Corp., preferr
4 Phila. Bourse. corn., par 550-- 1934
$ per all.
570
$45.500 Vermont & Quebec Power$1 lot 20 Kensin
25 Vegetable Oil Corp., commoned-1
gton Nat. Bank. par 550-1863E 126 Peerless Oil & Gas Co
52 lot
__
f
lot
Corp. 8% bonds, ctf, of dep .8500
27 Indian Ridge Coal Co
145 Agar-Lae, Inc., common
10
Lukens
Golf
lot
850 lot
Cypress Co
$150 lot $660,000 Radiant Heat
$10
lot
Tunnel
200
600 MacKinnie 011 & Drilling Co.,
Flag
Corp. of Am.
Mining Co.,N.M.,
20 Elgin Motor Car Corp., par $10_51 lot
10
-year
deb.85, April 1 1934-53,000 lot 20 Elgin Motors,
par 15
Par $1
520 lot
Inc.. of Indianapo$2,000 Lucey Mfg. Corp. 10-year
5 Phila. counts Fair Assoc
5 units Lane 011 Synd., $500 each_ 1$30
lis, no par
$55 lot
$1 lot 40 Hamilton 011' &
s. 1. cony.85, Ser. A,ctf. of dep_55
512 Nat. Drug Stores Corp., pref.{ lot
50 Premier Appliance, Inc., par 51_31
Gan Co., pref.. 2
0
lot
585
$2,000IllinoisCoalCorp.gen.mtge. I
887 Nat. Drug Stores Corp., com.
50 Frishmuth Bros. & Co., pref. lot 240 Hamilton 011 & Gas Co., com.,
lot
notes,6% series, due July 1 '28_
no
no par
par
common, par $25
1
$15 lot 100 St. Martins Homes
$4,000 Ill. Coal Corp. gen. mtge.
1,000 Hadley Gold Min. Co., Ltd.,
10 Alphonso MM.& Mill., par 520_51
Co., pref.,
notes, 6% series, due July 1 '27
lot
par 850
par $10
100 Sequoyah Oil & Ref., Par $1__$1
$205
1
$105 lot $4,000 Ill. Coal Corp.
lot
45 Eden Washer Corp., common{
40
Central Sugar Corp., Pref.,
gen. mtge.
lot 2 Zee-Zee Tire & Rubber, par 510._51 lot
notes,6% series, due July 1 '28_
no par
certificate of deposit
8 Corn Exchange Nat. Bank
$20 lot
55 lot $5,000 III. Coal Corp. gen,
581
45 Eden Washer corp., preferr
13 United N.J. RR.& Canal Cos__2
4 Broad St. Nat. Bank
0334
ed.
notes,2d 7% ser., due Julymtge.
255
3 Hare & Chase, Inc., pref
5 Richmond Trust Co
1 '301
93
150 Hare & Chase, Inc., pref
3 Kensington Trust Co., Par $50-.2100
By R. L. Day & Co., Boston:
9234
76
100
Hare
&
Chase, Inc.. pref
25 Commonwealth Title Ins. &
92
Shares. Stocks.
100 Hare & Chase, Inc., pref
Trust Co
$ per oh, Shares. Stocks.
9135
449
5 First National Bank__ _ _3323.4 ex.-div
90 Hare & Chase, Inc., pref
$ per oh. 30 Continental Equitab
91
le Title &
3 National Shawmut 33k....24034 ex.-div . 10 Amer. Discount Corp., Pref.-150
98 Hare & Chase, Inc.,corn., no par 27
Trust
Co.,
.
5
par
Amer.
$50
Discou
221
nt Corp.. part. pre:
2 Webster & Atlas Nat, Bk
2 Hare & Chase, Inc., corn., no par- 2634
6'flogs Trust Co., par 550
2223.1 500 Appleton Rubber
140
23 Saco Lowell Shops,corn
Co.,corn.85,000 lot 12 Fairhill Trust
143 Hare & Chase, Inc.. common.
534 10 Boston Storage Warehouse
Co.. par $50
88
12 Saco Lowell Shops, 2d pref
Co_ _132
no par
4
Pennsyl
163.4
vania
30
25
Northe
Co.
for
rn Texas Electric, pref._ 5835
Ins. on
75 Connecticut Mills, 25 prof
rights.
Lives,
25
&e
39 Northern Texas
$ per right.
899
15 Pepperell Mfg.Co
Manayunk Nat.Bank
10 Colonial Trust Co., Par $50
13435-1345E 200 Beacon ChocolaElectric, coin_ 40
166
te, 1st pref.,
70 Great Falls Mfg. Co
15 Colonial Trust Co., Par $50..._1603( 35 Manayunk Nat, Bank
19-1934
par 510
171
I60
70 Lawrence Mfg. Co., Par $80-- 39
25 Chelten Trust Co
5 lot 60 Public Bank &
12 units First Peoples Trust_
6054
4 Bates Mfg.Co
75 ex.-cliv. 5 Manheim Trust Trust, par 550.575 lot 3 1-3 Chelten Trust Co
10055
37
Turner
s
8034
Co..
Falls
Dar
550._
Pr.& Electric-170-17334 30 Oxford
182 885E-100 United States Worsted
Bonds.
Bank & Trust, par 550..165
5-100 State Theatre Co.,
Per cent.
Corp., corn
803E
pref
$14,00
0
85% 5 Glenside Trust Co., par $50
Union Trac. of Ind. gen.
1.672 Canadian-Connecticut Cotton 634 20 U. S. Envelope, pref
58
ext. 68, July 1932 et!. dep
10734 85 Pa. Warehousing & Safe
4 State Theatre Co., pref
10
Dep__100
Mills, Ltd., corn. B. par $10
$1,000 Union Tract. of Ind, gen.
87
10 Nevada Consol.
13.4 25 Newport Co., prior corn
Co__ _13
220 Otis Co
ext. 6s. July 1932, ctf. dep
50
50 Horn & Hardart Conner
45
10
Hought
Co.
on
Co.
of
N.
Y.,
Elec., 6% pref.,
30 U. S. Worsted Corp., let pref._ 2934
$1,100 Benevolent Protective Order 754
no par
par $25
60
40 Saco Lowell Shops, corn
of Elks, gen. mtge. 135. 1942
1854 7 Counties Gas & Eke. Co.
53.4-555 200 New England Guaranty
80
8%
pt.
Samose
68
t Cotton Co
10
8,000 roubles Russian Govt. InCorP.,I
51 Autocar Co., common
35
pref
25
10 Fitchburg Yarn Co
ternal 53480! 1916, due 1926..421 lot
1825
25 Geneva Cutlery Corp..
$155 lot 100 New England Guaran
prof. -525 lot
ty Corp.,1 lot
300 Old Colony Woolen Mills Co.,
COM
By A. J. Wright & Co., Buffa
corn., par $10
55 lot 10 Hood Rubber, Pre!
lo:
500 Connecticut Mills. 25 pref
25
60 Rivett Lathe At Grinder, pref 10434 Shares. Stocks.
per sh. Shares. Stocks.
Peppere
ll
Mfg,Co
85
5434 Acadia Sugar Ref. Co.,Ltd_$_.
per;sh.
13435-13434 10 Riven Lathe & Grinder, corn
500. 1,265 Beaver Board Co., Cl, B....
10 Boston & Worcester St. Ry.Co.,
Buff.,
5
Niagar
a
& East. Power__ 84
20 O'Bannon Corp.. pref
preferred
2Pratt & Lambert
$75
5 Niagara Share Corp.
lot
$6
52
14
Montag
ue
Co.,
par
17
$10
600 Consol. Amer. Oil Co
12 Boston & Me. RR., pref., cl. E. 36
lot
6 Buff., Niagara & East. Pow. pref.
$2 lot
16 Colonial Lumber, pref
8 Paramount Kitchener Theatr 2434 12 MeKone Tire & Rubber Co., pref$1 lot
8 Colonial Lumber, corn
es
50
Strati
011
Ltd
$1.1ot
258.
For.. 122.
THE CHRONICLE
62
o
by A. J. Wright & Co., Buffalsh.
Sold last week (Dec. 23) *h.!
$ per
Shares. Stocks.
14 Per
Mares. Stouts.
265
2 Syracuse Lighting
114
55 Packard Electric
4
Board
Beaver
10
pfd
Pow.
2434
East.
&
6 Buff.. Niagara
Buffalo. V. t. 0. 26
10 Internat. Ry. of
1444
10 Niagara Share Corp
33
Pow
East.
8 Buff Niagara &
Name of Company
When
Per
Cent. Payable.
Books 00$116.
Days Indust's.
100 Bancroft Jones pfd. with bonus lot
$1.50
of 50 shares. common
3 Tucker Rubber Co.. pref. with lot
$280
common
shares,
10
bonus of
$1 lot
100 Packard Elec., preferred
300 Chicago. So. Bend & North. Mt
$5
d
Ind. Ry., preferre
Mineeilisneoua (Catinucied)
31. 'Holders of rec..Jan. 11
Pan-Amer. West.Petrol.. Cl. A & B(qu.) "50c. Jan.
Pelz-Greenstein Co., Inc.
1 Holders of rec. Dec. 29
Feb.
stock)
1100
Common (In common
15
144 Mar. 1 Holders of rec Feb. 12
Pittsburgh Steel, pref. (guar.)
'Holders of rec. Jan.
1)
Jan.
'50c.
011
Plymouth
15
Mar.
rec.
of
I
'Holders
April
•134
..
Reynolds Spring. pref. A & B (guar.).
Dee. 31 Holders of rec. Dec. 25
$2
Sandusky Cement (guar.)
Dec. 3. Holders of rec. Dec. 25
$3
Baltimore:
Extra
Dec. 3. Holders of rec. Dec. 25
By Weilepp-Bruton &$Co.,
$4
$ Per sh.
Special (payable In bonds)
per sh. Shares. Stocks.
Holders of rec. Dec. 29
Ian.
134
corn..
011,
pref.
(guar.)
Steel,
Counties
Shares. Stocks.
Scullin
25 Kentucky
Train ConJan. 21 Holders of rec. Jan. 9
$1 lot Smith (Howard)Paper Mills, pref.(cm) 2
240 Amer. Automatic
par $5
a
$1.75 Jan. 1 Holders of rec. Dec. 19
trol Corp.. pref
50 Kentucky Counties 011, corn.,$1 lot Thayer-Foss Co., pref (guar.)(guar.)...
Corp.,
134 Jan. 1 Holders of rec. Dec. 23
821 Amer. Foreign Trade
United Securities, Ltd., pref.
par $5
$S lot
•134 Jan. 1: 'Holders of rec. Jan. 1
10234 U. S. Radiator, corn. (guar.)
common
pref
par $10- 1514 3 Maryland Creamery.
Ian. 11 'Holders of rec. Jan. 1
*3
__156
_
common
y.
(extra)
Creamer
Common
40 Bait. County Bank.
d
$9 lot 3 Marylan
•134 Ian. It *Holders of rec. Jan. 1
d (guar.)
15 Blograph Co.. common
orn, Inc.. stock trust
Preferre
Philipsb
100
B
Class
Amer.,
$10.50 lot U.S. Smelt. Ref. & Mm.. com.(guar.). 8744c Jan, 1. Holders of rec. Jan. 7
100 Finance Co. of
certificate
58
8734c Jan. 11 Holders of rec. Jan. 7
lot
common. par 325
Preferred (guar.)
450 Philipsborn Inc.,corn.. par 31_310
pref..
7%
Amer..
75c. fan. 1/ Holders of rec. Dec. 31
of
15
Co.
100 Finance
U. S. Can, corn. (guar.)
600 Seaboard Maur. Co.. Par $10__ 21234
21
134 Jan. 1. Holders of rec. Dec. 31
Bank
(guar.)
par $25
d
National
Preferre
Ian. 11 Holders of rec. Jan. 5
Par 525-31 lot 1 Towson
$35c.
Co..
Ref.
lot
ma
$1...31
Indlaho
par
-Apex Mining (guar.)
4.0
Copper Co.,
Mtn.
Red
Utah
500
50%
of
Jan. : Holders of rec. Dec. 24
$1
Balt..
10 Industrial Corp.
400 United Royalties Co.. par $I__ 3 Ms. Van Dorn Iron Works, common
20
coca ea • f I a 'no 9 (Traders of ree Tan 156
(in
en".
,
er
common
Hclibron
Paid. par 550
Gas,
&
&
Weber
420 Verland Oil
,
pref
011.
Counties
lot
y
81
200 Kentuck
par $1
$5 lot
us weeks
Per cent.
par $5
Bonds.
Below we give the dividends announced in eprevio
Oil, Pref.,
100 Kentucky Counties
includ dividends an$2.50 lot 32.00(1 Bitter Root Val. Irrigation lot
not yet paid. This list does not n
and
par 35
See. A. 1919. Mts. of int...31
65,
1st
1134
4 Lyric Co.. par $25
this week, these being given i the preceding table.
nounced
DIVIDENDS.
d in two separate tables. In the
groupe
are
Dividends
the dividends announced the curall
er
togeth
first we bring
with a second table, in which
follow
we
Then
rent week.
announced, but which have
usly
previo
nds
divide
we show the
not yet been paid.
are:
The dividends announced this week
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inctuttre.
Railroads (Steam).
Jan. 1 Dec. 22 to Dec. 31
,Indituaap..com.(gu.) 2
Belt HR.& Stk.Yds
134 Jan. 1 Dec. 22 to Dec. 31
Preferred (guar.)
11 Holders of rec. Dec. 31a
Jan.
4
pref
Boston RR. Holding Co..
If( Jan. 2 Holders of reo. Dec. 15a
(quar.)..
Boston, Revere Beach & Lynn
Dec. 31 Holders of rec. Dec. 31a
3
RY
Centralof Georgia
Jan. 15 Holders of rec. Jan. 50
2
Central RR.of N.J.(extra)(quar.)
$1.56 Jan. 20 *Holders of rec. Jan. 9
Delaware Lack.& Western
Jan. 21. "Holders of rec. Jan. 9
*31
Extra
rec. Feb. 1
4,234 Feb. 11 'Holders of
pref
Hudson & Manhattan,
Dec. 31 Holders of rec. Dec. 22a
4
Lehigh & Hudson River
'Holders of rec. Jan. 30
ii
Feb.
(guar.)
Norfolk & Western. adl. Pref.
Jec. 31 Holders of rec. Dec. 28a
3
Pennsylvania Co
234 Jan. 10 Jan. 1 to Jan. 11
Philadelphia & Trenton (quar.)
Ian. 2(. Holders of rec. Jan. 9a
2
Louis
Pitts. Cincinnati Chic. & St.
23-4 Jan. 1 Dec. 22 to Jan. I
Rome & Clinton
s.
Utilitie
Public
Dec. 31. 'Holders of rec. Dec. 28
*2
Boston Consol. Gas., corn
*334 Feb. 1 'Holders of rec. Jan. 15
Preferred
fan. 15 Holders of rec. Dec. 31
13-4
(au)
pref.
Canada Northern Power. Ltd.,
(quar.).... •31.7t Feb. 1 'Holders of rec. Jan. 15
Central Power & Light, pref.
Ian. 15 Holders of rec. Dec. 31
134
(au.)
pf.
Bait..
of
Tel.
Ches.& Potomac
Feb. 1 Holders of rec. Jan. 15
3
Edison Elec. Ill., BostonA(guar.)
8744( Jan. It Holders of rec. Jan. 9
(guar.)
class
,
Utilities
Internat.
$1.75 Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
154 Ian. 15 Holders of rec. Dec. 31
pref. (guar.).Ottawa-Montreal Power,
Ian. 11 *Holders of rec. Dec. 29
_
5
_
•
(guar.).
Ferry
Camden
Philadel phia &
Ian. 11 *Holders of rec. Dec. 29
*10
Dec. 31
Extra
(guar.).- - •144 Jan. If Holders of rec.
Power Corp. of Canada. prefpref.
Jan. 11 'Holders of rec. Dec. 31
•134
(guar.)
El..
of rec. Dec. 31
Ban Diego Cons. Gas &
it
'Holders
Jan.
*2
Southern N. E. Telep. (guar.) (guar.) *2
Jan. 21 'Holders of rec. Dee. 31
Southern Wisc. Elec. Co., corn.
Ian. 21 'Holders of rec. Dec. 31
.4
Common (extra)
•1n
Jan. 21 'Holders of rec. Dec. 31
Preferred (guar.)
Ian. I Dee. 20 to Dec. 31
$6
Philo
Ry.,
Pass.
Thirteenth & 15th Sta.
1 'Holders of rec. Feb. 20
Mar.
$3.50
United Utilities. prof
"75c. Jan. It 'Holders of rec. Jan. 6
York Railways. corn. (guar.)
Miscellaneous.
Jan. 21 Holders of rec. Jan. 10
$1
Abitibi Power & Paper,common (guar.). •50c. Jan. 11 *Holders of rec. Dec. 31
31
Alliance Credit(guar.)
•25c. Jan. 15, Holders of rec. Dec. 31
Extra
134 Ian. 15 *Holders of rec. Dec. 15
.
Preferred (quar.)
rec. Jan.
of
Holders
1
Feb.
31
Allied Chemical & Dye, corn.(guar.)Feb. 1 Holders of rec. Jan. 17
(quar.). 2
. Amalgamated Sugar, let pref.
Feb. 1 *Holders of rec. Jan. 11
*31
American Coal (guar.)
Feb. 1 Holders of rec Jan 11
63c
___
Associated Dry Goods, corn.(guar.)
144 Mar. 1 Holders of rec. Feb. 13
First preferred (guar.)
Mar. 1 Holders of rec. Feb. 13
134
Second preferred (guar.)
134 Jan. 1 Holderd of rec. Dec. 15
Barker Bros., let pref. (guar.)
Jan. 1 Holders of rec. Dec. 15
134
(guar.)
Second preferred
.1744 Jan. 15 'Holders of rec. Jan. 12
Big Lake 011
Feb. 1 Holders of rec. Jan. 21
2
Blair-Knox Co., corn
144 Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
Ian, 25 Holders of rec. Jan. 9
75c.
Briggs Manufacturing (guar.)
Ian. 15 *Holders of rec. Jan. 8
*1
Canadian Canners, pref
Jan. 15 Holders of rec. Dec. 31
I%
Canadian Explosives, pref. (guar.)
32c, Jan. ii Holders of rec. Dec. 31
Canadian Industrial Alcohol (guar.)... 2
2 Holders of rec. Dec. 19
Jan.
Yards
Cleveland Union Stock
Jan. 18 Holders of rec. Dec. 30
$2
Corona Typewriter, corn.(extra)
Jan. 15 Holders of rec. Dec. 31
$3
Davis Coal & Coke
•$1.25 Jan. 15 *Holders of rec. Dec. 31
Del. Lack.& West. Coal (guar.)
•32.50 Jan. 15 *Holders of rec. Dec. 31
Special
Jan. 15 *Holders of rec. Dec. 31
•1
Detroit Motor Bus (guar.)
Jan. 15 *Holders of rec. Dec. 31
*2
Extra
Jan. 15 Holders of rec. Dec. 31
2
Monograph Products Corp.(guar.)
Tan. 1 'Holders of rec. Dec. 21
•2
Dow Drug, corn. (guar.)
/20 Jan. 1 *Holders of rec. Dec. 21
•
Common (payable in common stock).. •134 Jan. 1 *Holders of rec. Dec. 21
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 28
Elyria Iron & Steel, pref.(guar.)
500. Tan. 2 Holders of rec. Feb. 15
Estey-Weite Corp., class A (guar.)
Mar. 1 Holders of rec. Feb. 15
2
_
A
stock)_
Class A (Payable In class
Mar, 1 Holders of rec. Feb. 15
-. 2
Class B (payable in class A stock)-Jan. 18 Holders of rec. Jan. 4
160.
Corp
Secur.
Fifth Avenue Bus
lan. 2 Holders of rec. Dec. 28
134
Frontenac Breweries. pref. (guar.)
Tan. 8 Jan. 5 to Jan. 9
533
Garland S. S., pref.(accum. div.) .(gu.) 134 Tan. 2 Dec. 21 to Jan. 3
Callf.,pf
Goodyear Tire & Rubb.of
15 Holders of rec. Feb. 6
Feb.
2
-Great Lakes Dredge & Dock (guar.).
Feb. 15 Holders of rec. Feb. 13
2
Extra
2 Holders of rec. Dec. 24
Jan.
344
(guar.)
Holmes(D. H.) Co., Ltd.
134 Feb. I Jan. 10 to Feb. 1
Hood Rubber. pref.(guar.)
15 Holders of rec. Jan. 22
Feb.
31
Indiana Pipe Line (guar.)
13.4 Jan. 2 Holders of rec. Dec. 19
India Tire & Rubber (guar.)
Tan. 2 Holders of rec. Dec. 19
1
Extra
Feb. 1 Holders of rec. Jan. 25
134
Industrial Finance Corp., pref.(quar.)134 Feb. 1 Holders of rec. Jan. 25
Debenture stock (guar.)
0400. Tan. 30 Holders of rec. Jan. 20
Kerner Williams Stamp.(guar.) (gear.). 2
Jan. 2 Holders of rec. Dec. 24
Kelley Island Lima & Transport
Tan. 2 Holders of rec. Dec. 24
2
Extra
Jan. 2 Holders of rec. Dec. 24
134
of rec. Jan. 5
McCaskey Register, let pref. (gliar.)
par.cOm.(qu)(No.1) •50c. Tan. 25 Holders of rec. Dec. 28
Miller Rubb.,new,no
Dec. 30 *Holders
*50c.
Mystic.Steamship (quar.)
1 *Holders of rec. Jan. 21
Feb.
*2
National Carbon, pref.(quar.)
Dec. 30 *Holders of rec. Dec. 28
*5
Coke
New England Coal &Transpor
Dec. 30 *Holders of rec. Dec. 28
tation(qu) *3
dr
Fuel
England
New
Jan. 15 Holders of roe. Dec. 31
31
31
Ohio Brass, Class B (guar.)
134 Jan. 15 Holders of rec. Dec.
Preferred (guar.)
Name of Company.
Railroads (Steam).
Akron Canton & Youngstown
Alabama Great Southern. preferredAlbany & Susquehanna
When
Per
Cent. Payable
Books Closed
Days Inelastic
lan. 1 Holders of rec. Dec. 15a
Feb. II Holders of rec. Jan. 15
Ian. 1 Holders of rec. Dec. 154
Jan. 9 Holders of roe. Dec. 226
Jan. 2 Holders of reo. Dee. 2Ia
Western
&
y
Alleghen
Holders of rec. Dee. 3Ia
'eb.
A tchison Topeka & Santa Fe. pre:
Holders of rec, Dec. I6a
Ian. 1
4 Bantle Coast Line RR., corn
an. 1
Holders of rec. Dec. 166
Common (extra)
Mar.
Holders or reo. Jan. 166
Baltimore & Ohio,common (guar.).Holders of rec. Jan. 186
%far.
Preferred (guar.)
of reo. Dec. 15a
an,
Holders
(quar.).
k,
Bangor & Aroostoo common
Holders of rec. Dec. 156
Ian.
Preferred (guar.)
an. I Holders of rec. Dec. 156
(guar.)
Beech Creek
Jan. I Holders of rec. Dee. 19
Boston & Providence (guar.)
Feb. 1 Holders of rec. Deo. 3Ia
Canada Southern
Ian. 11 Holders of rec. Dee. 316
(guar.).
corn.
Ohio.
&
Carolina Clinch.
Jan. 10 Holders of rec. Dee. 81
Stamped offs.(guar.)
Ian. i Holders of rec. Dec. 4a
Chesapeake & Ohm. common
Ian. I Holders of rec. Dee. 40
Preferred
Ian. 11 Holders of rec. Dec. 28
Chicago I ndianap & Loulsv.,common_
Ian. 11 Holders of rec. Dec. 26
Preferred
Ian. 20 Holders of rec. Jan. 130
Cincinnati Northern
134 Ian. 21 Holders of rec. Dec. 310
_
Cleve. Ono.Chic.& St. L..corn.(qu.)
1(4 Ian. 211 Holders of rec. Dec. 31a
Preferred (guar.)
IS, ian. 2 Holders of rec. Dec. 15a
Consolidated lilts. of Cuba. Prof.(go.).
Feb. 1 Holders of rec. Jan. I5a
3
preferred
,
Cuba Railroad
/an. 15 Holders of reo. Jan. 8a
3
Detroit River Tunnel
$1.61 Ian. I Holders or rec. Dee. 200
Elmira & williannsport. Prof
15 Jan. 1 to Jan. 14
Jan.
234
(guar.)
Georgia RR.& Banking
2(. Feb. I Holders of rec. Dec. 1446
Comm Northern. preferred
% Ian. 1 Holders of rec. Dec. 15a
(In
adj.)
pref.
.
Northern
&
Mobile
Gulf
5i3t4 Ian. t Holders of ree. Dec. 15a
Preferred (sect., serum, dividend)
23.4 Jan. 10 Holders of rec. Jan. la
Houston & Texas Central
an. 2 Dec 12 to Jan. 4
4
linen
leaaeo
Illinois Central.
134 ion. 4 Holders of rec. Dec. 24a
Joliet & Chicago (guar.)
Ian. It Holders of rec. Dec. 310
I
..
Kansas City Southern.'pref.(guar.).
fan. 2 Holders of rec. Deo. 76
Lackawanna HR. of N. J.(guer.)
Ian. 2 Holders 01 rec. Dec. 19a
amo
Lehigh Valley, Common (guar.)
$1.21 Ian. 2 Holders of rec. Dec. 19a
Preferred (guar.)
an. 15 Dec. 19 to Jan. 17
. $1
Little schuylkIll Nay.. RR. & Coal...
Felt II) Holders of rec. Jan. 15a
3
Louisville & Nashville
Feb. 1 Holders of rec. Jan. 250
$12.6'
common
.,
Mahnning CoaIRR
$1 28 Ian. 2 Holders oi rec. Dec. 234
Preferred
___ 5734 Jan. 15 Holders of rec. Jan. 2
Maine Central, pref. (acct. accum.)_
Ian. 2 Holders of rec. Dec. Ma
27c
d
Manhattan ley (modifie guar.)
f, Ian. 2 Holders or rec. Dec. 280
Nom-assem Mg (guar.)
Ian, 29 Holders of rec. Dee, 31a
10
Michigan Central
an 29 Holders of rec. Dec. 3Ia
oa
Extra
134 Feb. 1 Holders of rec. Jan. 15a
Missouri-Kansas-Texas, pref. A (quar.)to Jan. 1
an. 2 Dec 2
preferred
ham.
Mobile & Birming
2 12 t Ian. 2 Holders of rec. Dee. lia
Morris & Fame
234 o an. 1 Dec. 16 to Jan. 1
(guar.)
Northern
New London
eb. 1 Jan. 1 to Jan. 27
134
New York Central RR.(Uuar.)
2 11..1,1,, of rec. Nov.16a
III.
I•
N Y. Chic.& St L., C0111 & pref (qu.) $1.21 an. 2 Holders of rec. Dec. 15a
pref
&
corn.
Harlem.
New York &
2 Holders of rec. Dec. 126
an.
II..
N. Y. Lackawanna & West. (guar.)
,an. 15 Holders of rec. Dec. Ella
$2
Northern Central
I Holders of rec. Dec. 31s
'eb.
ha
Northern Pacific (guar.)
4
an. 11 Dec. 25 to Jan. 11
Northern Securities
Dec. 25 to Jan. 11
11
an.
2
Extra
2
an. 2 Holders of rec. Dec. 126
Norwich et Worcester. pref. (guar.)____
134 .an. 1 Holders of rec. Dec. 120
Old Colony (guar.)
.an. 2 Holders of rec. Dec. 156
1
Pere Marquette, common (guar.)
1% Feb. I Holders of rec. Jan. 150
Prior preference (guar.)
Feb. 1 Holden; of rec. Jan. 15a
1(4
(guar.)
d
Preferre
134 Jan. 2 Holders of rec. Dec. 106
Pitts. Ft. Wayne & Chic.. corn.(quar.)
134 Ian. 5 Holders of rec. Dec. 100
Preferred (guar.)
32.51, Feb. 1 Holders of roe. Jan. 116
Pittsburgh & Lake Erie
$1.51 Ian. 2 Holders of rec. Dec. 1541
Pittab. McKeesport & Youghiogheny
Feb. 11 Holders of rec. Jan. 140
$1
...
(guar.).
common
y,
Compan
Reading
50e. Ian. 14 Holders of rec. Dec. 284
Second preferred (guar.)
a4
Jan. 2 Dec. 16 to Jan. 1
Rensselaer & Saratoga
154 Bin, 2 Holders of rec. Dec. 15a
St. Louis-San Francisco By.,corn.(go.)
144 Feb. 1 Holders of reo. Jan. 15a
Preferred (guar.)
134 May I Holders of roe. Apr. 106
Preferred (guar.)
134 tug. 2 Holders of rec. July 154
Preferred (guar.)
44 Nov. 1 Holders of rec. Oct. 154
Preferred (guar.)
114 Ian. 2 Holders of rec. Nov.270
Southern Pacific Company (gear.)
Feb. I Holders of rec. Jan. 9
154
Southern Railway, common (quar.)
13-4 Ian. 15 Holders of rec. Jan. 2
Preferred (guar.)
1
Ian. 2 Holders of roe. Doe. 266
Sussex RR
13
Jan. 15 Holders of reo. Dee, 310
Troy Union RR.(annual)
Jan. 2 Holders of rec. Dee. la
234
(guar.)
corn.
Union Pacific,
244 Ian. 2 Holders of rec. Dec. 1544
valley RR.(New York)
14x Jan. 7 Holders of rec. Dec. 286
Western Pacific RR.Corp., pref.(guar.>
4
334
431
2
3
24,
3%
I
tx
I
7.50
134
50e.
21.4
%
The.
134
2
33-4
254
2
Public Utilities.
134 Jan. 1
Alabama Power. preferred (gaar.)
154 Jan. 14
All-America Cables (guar.)
$1.75 Jan. 1
Amer.BrownBoveriElec.CorP-Cof.(N0.1) 154 Feb. 16
(guar.).
preferred
Power.
Amer. Electric
American kc Foreign Poweran. 2
Allot. Mts. for corn. 414 pref. stock,.. 4334c.J
$1.75 Jan. 2
Preferred (guar.)
2
Jan. 13
American Gas (guar.)
25e. Jan. 2
American Gas.& Elec., common (guar.). (w) Jan. 2
common (payable in new non par corn.) 31.50 Feb. 1
(guar.)
d
Preferre
134 Ian. 2
American Power & Light. pref. (quar.)Jan. 2
Amer. Public Service. preferred (guar.). 134
134 Jan. 2
(qua
pref.
prior
Utilities.
Amer. Public
134
Jan. 2
Participating preferred (guar.)
$1.50 Jan. I
Amer.Superpower Corp.. let Mel (qu )
Ian. lb
23-,
(guar.).
h
Telegrap
Amer. Telephone &
$1.75 Ian, 2
Arkansas Central Power Co.. pref. (go.) 14 Jan. 2
((IMO
pref.
Light,
&
Asheville Power
11 62340 Jan. 2
Assoc. Inter. Elec. Corp.. Cl. A (No.
Holders of rec. Dee. 19
Holders of rec. Dec. 31a
Holders of rec. Dec. 210
Holders of rec. Feb. 6a
Holders of rec. Dec. 16a
Holders of rec. Dec. 15a
Holders of rec. Dec. 310
Holders of rec. Dec. 10
Holders of rec. Dec. 10
Holders of rec. Jan. 11
Holders of rec. Dee. 17
Holders of rec. Dec. 156
Holders of rec. Dec. 156
Holders of rec. Dec. 16a
Holders of rec. Dec. 15
Holders of rec. Dec. 196
Holders of rec. Dec. 21
Holders of rec. Dec. 14
Holders of rec. Dec. 31
JAN. 2 1926.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Associated Gas de ElectricClass A stock (payable in Class A stk.) (k) Feb. 1 Holders of rec. Jan. 11
Original series preferred (guar.)
013714c Jan. 2 Holders of rec. Dec. 10
$7 dividend series (guar.)
k$1.75 Jan. 2 Holders of rec. Dec. 10
Preferred (extra)
1214e. Jan. 2 Holders of reo. Dec. 10s
Bangor Hydro-Electric. Pref. (quar.) . 194 Jan. 2 Holders of rec. Dec. 10
Bell Telephone of Canada (guar.)
Jan. 15 Holders Of recd. Dec. 23
2
Bell Telep. of Penn., pref. (guar.)
134 Jan. 15 Holders of rec. Dec. 19a
Binghamton L., H. ar P., 7% pref.(qu) 144 Jan. 2 Holders of rec. Dec. 15
Six per cent preferred (guar.)
114 Jan. 2 Holders of rec. Dec. 15
Birmingham Elec. Co., pref.(quar.)___
144 Jan. 2 Holders of rec. Dec. 15
Boston Elevated,common (guar.)
114 Jan. 2 Holders of rec. Dec. 18
First preferred
4
Jan. 2 Holders of rec. Dec. 13
Preferred (guar.)
314 Jan. 2 Holders of rec. Dec. 18
Brazilian Trac., Lt & Pow., pref.(au.). 114 Jan. 1 Holders of rec. Dec. 15a
Brooklyn-Manhattan Tran., corn.(qu.)- $1
Jan. 20 Holders of rec. Jan. 5a
Cora.(forperiodJune'23 to Sept.30'25) $2
Jan. 20 Holders of rec. Jan. 5a
Preferred (guar.)
21.50 Jan. 15 Holders of roe. Jan. 2a
Preferred (guar.)
$1.50 Apr. 15 Holders of reo. Apr. la
Brooklyn Union Gas (guar.)
Jan. 2 Holders of rec. Dec. 120
51
Extra
Jan. 11 Holders of rec Dec. 210
7
Canadian General Elec., pref. (quar.).... 144 Jan. 1 Holders of reo. Del. 15
Capital Tract., Washington, D. C.(qu.) 144 Jan. 1 Holders of rec. Dec. 14
Carolina Power & Light, pref.(guar.).- _
144 Jan. 2 Holders of roe. Dec. 14
Central III. Light,6% preferred (guar.). 146 Jan. 1 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
144 Jan. 1 Holders of rec. Dee. 15
Central Illinois Public Serv., pret.(qu.)_ $1.50 Jan. 15 Holders of rec. Dec. 31
Central Power, preferred (guar.)
144 Jan. 14 Holders of reo. Dec. 31
Chic. North Shure de MIlw., pref (guar.) 134 San. I Holders of rec. Dec 150
Prior lien stock (guar.)
144 Jan. 1 Holders of rec. Dee. 15a
Chicago Rapid Transit, prior pt.(m'thlY) 65e. Jan. 1 Holders of rec. Dec. 15a
Prior preferred (monthly)
650. Feb. 1 Holders of reo. Jan. 19a
Prior preferred (monthly)
65c. Mar. I Holders of reo. Feb. 16a
Cincinnati Gas & Electric (guar.)
134 Jan. 2 Dec. 21 to
Jan. 1
Cm.Newp.& Coy. Lt.& Tr., corn.(qu.) 114 Jan. 1 Jan. 1 to Jan. 15
Preferred (guar.)
134 Jan. 1 Jan. 1 to Jan. 15
Cincinnati Street fly.(guar.)
• 862-3c Jan. 2 "Holders of rec. Dec. 16
Cincinnati & Sub. Bell Telep. (quar.)-- $1
Jan. 2 Dec. 21 to Dec. 31
Citizens Pass. fly.. Phlia. (quar.)
$3.50 Jan.
Dec. 20 to Jan. 1
Cleveland Elec. Ilium. (guar.)
215 Jan. I Holders of rec. Dec. 31
Cleveland Rys. (guar.)
144 Jan. ' Holders of rec. Dec. 12
Columbus Elec. & Power, common (qu.) 214 Jan.
Holders of rec. Dec. 14a
Second preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14a
Columbia Ry., Gas &Elec., pref.(guar.) •114 Jan. 2 *Holders of rec. Dec. 15
Columbus By.,Pow.& Light, new,corn. $3
Jan. 2 Holders of rec. Dec. 15
Series B preferred (guar.)
$1.62 Feb. 1 Holders of rec. Jan. 15
Common'th Pow. Corp., new,corn.(qu.) 40c. Feb. 1 Holders of rec. Jan. 14
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 14
Consol Gam, El. L.& Pr, Bali,,corn.(qu.) 6214c Ian. 2 ,Holders of reo. Dec. 15a
Preferred. Series A (guar.)
2
Jan
2 Holders of rec. Dec. 15a
Preferred. Series B (quar.)
144 Jan
2 Holders of rec. Dec. 15a
Preferred. Series C (guar.)
144 Jan
2 Holders of rec. Dec. 15a
Consol Gas. New York. pref. (guar.)
134 Feb. 1 Holders of reo. Deo. 15a
Consumers Power.6% Pref.(quar.)___. lifi Jan. 2 Holders of roe. Dec. 16
6.6% preferred (guar.)
1.65 Jan. 2 Holders of rec. Dec. 15
7% preferred (quar.)
134 Jan. 2 Holders of rec. Dec. lb
6% preferred (monthly)
500. Jan. 2 Holders of rec. Dee. 15
6.6% preferred (monthly)
55e. Ian
2 Holders of rec. Dec. 15
• {Continental Gas & Elec., corn. ((War.) $1.10 Jan.
Holders of rec. Dec. 120
Prior preference 7% Muer.)
144 Jan.
Holders of reo. Dec. 120
Prior preference 6% (guar.)
114 Jan.
Holders of rec. Dec. 120
Participating prererred (quar.)
144 Jan.
Holders of roe. Dec. 12a
Participating p-eferred (extra)
14 Jan.
Holders of rec. Dec. 12a
Denver Tramway,Preferred (No. 2).__ $1.25 Jan.
Holders of rec. Dec. 150
Detroit Edison (guar.)
2
Jan. 15 Holders of rec. Dec. 21a
Dominion Power & Transmission, pref
134 Jan. 15 Dec. 24 to Dee. 31
Duluth-Superior Traction, pref.(guar.). 41
Jan. 2 Holders of roe. Dec. 150
East Day Water, Class A, pref.(guar.). _
114 Jan. 15 Holders of rec. Dec. 31
Class 13 preferred (guar.)
114 Jan. 15 Holders of rec. Dec. 31
Eastern Kansas Power Co., pref.(guar.) 144 Jan. 2 Holders of rec. Dec. 21
Eastern N. J. Power Co., pref.(guar.). $2
Jan. 1 Holders of rec. Dec. 20
Eastern New York Utilities, pref.(guar.) 114 Jan. 2 Holders of rec. Dec. 150
Eastern Texas Elec. Co., corn. (guar.)._ $1.25 Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 16a
Electric Bond & Share. pref.(quar.)_._. 114 Feb. 1 Holders of rec. Jan. 15
Electric Bond &Share Securities(guar.). 250. Jan. 15 Holders of rec. Dec. 21
Electric Investors. Inc.. common_ _ .
(y) Jan. 2 Holders of rec. Dec. 15
Elec. Light & Power Co. of Abington
& Rockland (guar.)
50c. Jan. 2 Holders of rec. Deo. his
Extra
500. Jan. 2 Holders of rec. Dec. 110
Electric Power & Light, pref. (guar.)
21.75 Jan. 2 Holders of rec. Dec. 150
El Paso Electric Co. of Del., pt. A (qtr.) $1.75 Jan. 15 Holders of rec. Jan. 4a
Preference 13 (guar.)
41 50 Jan. 15 Holders of rec. Jan. 40
El Paso Elec. Co. of TexasPreferred Class A (guar.)
Jan. 2 Holders of rec. Dec. 15
$2
Preferred. Class B (guard
$1.75 Jan. 2 Holders of roe. Dec. 15
Engineers Public Service, pref. (guar.)._ 41.75 Jan. 2 Holders of reo. Dec. 1
Federal Light & Traction, corn. (guar.). e35e. Jan. 2 Holders of rec. Dec. Ha
Florida Public Service. pref. (guar.). Jan. 2 'Holders of rec. Dec. 15
Fosiday(W.13.)Co..corn.&spec.(m'thly) 1 1-3 Jan, 10 Holders of rec. Dec. 31
Founders stock (monthly)
1 1-3 Jan. 10 Holders of rec. Dec. 31
Preferred (monthly)
2-3 Jan. 10 Holders of rec. Dec.
Franktord & Southwark Pass. fly.(go.). , $4.50 Jan. 1 Dec. 2 to Jan. 31
General Gas & Elec., corn,, Cl. A (guar.) 3734c. Jan. 2 Holders of rec. Dec. 1
31
$8 Preferred. Class A (guar.)
Jan. 2 Holders of rec. Dec. 31
22
$7 Preferred. Class A (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 31
Preferred. Class B (guar.)
$1.75 Jan, 2 Holders of rec. Dec. 31
Georgia Light. Pow.& Rys., pref.(qu.)_
114 Jan. 2 Holders of rec. Dec. 21
Georgia fly. & Power 8% Pref.(guar.)._
2
Ian. 1 Holders of rec. Dec. 100
Seven per cent preferred (guar.)
14( Jan. 1 Holders of reo. Dec. 100
Germantown Passenger fly. (guar.).- _ $1.31 Jan. 5 Dec. 17 to Jan.
4
Gold & Stock Telegraph (guar.)
114 Jan. 2 Holders of rec. Dee. 31a
Haverhill Gas Light (guar.)
570. Jan. 2 Holders of rec. Dec. 140
Illinois Power.6% preferred (guar.)._
134 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec.
Illinois Power & Light 7% pref. (guar.). 144 Jan. 2 Holders of rec. Dec. 15
Dec. 10
Six per cent preferred (guar.)
114 Jan. 2 Holders Of rec. Dec. 10
1111nois Public Service. pref.(guar.)
.21.50 Ian. 15 'Holders of rec. Dec. 31
Illinois Traction, preferred (guar.)
115 Jun. 2 Holders of rec. Doe. 19
Internat. Public Serv.,corn.(monthly)
5-6 Jan. 10 Holders of rec. Dec. 31
Preferred (monthly)
7-12 Jan. 10 Holders of rec. Dec. 31
Internat. Telephone & Telegraph (qu.)-114 Jan. 15 Holders of rec. Dec. 26a
Interstate Power, preferred (guar.)
144 Jan. 1 Holders of reo. Dec. 5
•1
Iowa Power & Light. 7% pref.(quar.)
Ian
2 "Holders of roe. Dec. 19
Jamaica Public Service. pref. (quar.)
$1.75 Jan. 2 Holders of rec. Dec. 12
Jersey Central Pow. & Lt., prof. (qu.)-134 Jan. 1 Holders ot rec. Dee. 17
Kansas City l'ower & Lt.. 181 pfd A (qui $1.75 Ian. 1 Holders of rec Dec.
15a
Kansas Electric Power. pref. (guar.)
191 Jan. 2 Holders of rec. Dec. 21
Kansas Gas & Elec.. pref. (guar.)
144 Jan. 2 Holders of rec. Dec. 16
Kentucky Securities Corp., corn.
114 Jan. 2 Holders ot rec. Dec. 13a
Preferred (guar.)
114 Jan. 15 Holders of rec. Dec. lEta
Laurentide Power (guar.)
114 Jan. 15 Holders of rec.
Long Island Lighting, common (extra). 50e. Jan. 2 Holders of rec. Dee. 31
Dec. 23
Preferred (guar.)
194 Jan. 2 Holders of rec. Dec. 21
Mackay Companies, corn.(guar.)
1K Jan, 2 Holders of rec. Dec. Fia
Preferred (guar.)
Jan. 2 Holders of rec.
1
Marconi Wireless Tel. of London, pref.._ 5314 Jan. 1 "Holders of rec. Dec. 5a
Dec. 24
Mass. Lighting Cos.,6% pref. (quar.)_ _
114 Jan. 15 Holders of reo. Dec. 26
Eight per cent preferred (guar.)
Jan. 15 Holders of rec. Dec. 26
2
Memphis Power & Light, pref.(quar.)
144 man. 2 Holders of
Metropolitan Edison. Sec. B, pref.(qu.) $1.75 Jun. 2 Holders of rec. Dec. 19
rec. Dee. 21
Series C preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 21
Mexican Utilities
$3.50 Jan. 15 Holders of rec. Dec. 31
Middle West Utilities. pref. (guar.)
144 Jan. 15 Holders of rec. Dec. 31a
Midland Utilities, pref.. CI. A (guar.)._
154 Jan. 6 Holders of rec. Dec. 22
Prior lien stock (guar.)
194 Jan. 6 Holders of rec. Dec. 22
Minnesota Elec. Distrib., corn.(m'thly). 1
Jan. 10 Holders of rec. Dec. 31
Preferred A (monthly)
2-3 Jan. 10 Holders of rec. Dec. 31
Preferred 11 (monthly)
Jan. 10 Holders of reo. Dec. 31
1
Preferred C (monthly)
7-12 Jan. 10 Holders of rec. Dec. 31
Minnesota Power & Lt., pref. Omani-. 144 Jan. 2 Holders of rec. Dee.
15
Name of Company.
63
Per
When
Cent. Payable.
Books Closed
Days laclustos.
Public Utilities (Continued).
Mississippi River Power, pref. (guar.).114 Jan. 2 Holders of rec. Dec. 15
Missouri Power & Light. 7% Pref. (on.). •144 Jan. 2 *Holders of rec. Dec. 19
Mohawk Valley CO. (guar.)
30c. Jan. 2 Holders of rec. Dee. 180
Extra
20c. Jan. 2 Holders of rec. Dee. 13a
Monon W.Penn. P. EL. 7% pf (qu.).- 4344e Jan. 1 Holders of rec. Dec. 15
Montana Power, common (guar.)
Jan. 2 Holders of rec. Dec. Ila
Preferred (guar.)
144 Jan. 2 Holders of rec. Dec. Ila
Montreal Telegraph (guar.)
Jan. 15 Holders of reo. Dec. 31
2
Mountain States Power, pref.(guar.)._
144 Jan. 20 Holders of rec. Dec. 31
Municipal Gas Co. of Texas. pref. PM/- $1.75 Jan. 1 Holders of
rec. Dec. 15
Narragansett Elec. Mg.(guar.)
Jan. 2 Holders of rec. Dec. 120
$I
National Electric Power. prof. (guar.)._
144 Jan. 2 Holders of rec. Dec. 21
Nat. Power & Light, pref. (guar.)
21.75 Jan. 2 Holders of rec. Dee. 15
National Public Service Corp.Pref., Series A,and panic. pref.(ou.). $1.75 Jan. 1 Holders of rec. Dec.
17
Nevada-Calif. Elec. Corp.. pref.(quar.). 144 Feb. 1 Holders of
reo. Dec. 30
New England Investment & Secur., prof.. 22
Jan. 2 Holders of rec. Dec.210
New Jersey Power & Light. pref. (guar.) 154 Jan. 2 Holders of
New Orleans Public Service, pref.(guar.) 1.44 Jan. 2 Holders of rec. Dec. 16
rec. Dec. 21
Newport News & Hampton fly., Gas &
Electric Co., common (guar.)
114 Jan
1 Holders of rec. Dee. 154
Preferred (guar.)
144 Jan. 1 Holders of rec. Dec. 154
N.Y. Central Elec. Corp., pref.(qua?.). 144 Jan. 2 Holders of
rec. Dec. 21
New York Steam, Prof. (guar.)
144 Jan. 1 Holders of rec. Dec. 15a
New York Telephone. pref.(guar.)
144 Jan. 15 Holders of rec. Dec. 19
Niagara Falls Power,.pref.(guar.)
4334c.Jan. 15 Holders of rec. Dec. 310
Niagara Lockport & Ont. Pr.,corn.(00.) 500 Jan. 1 Holders of
rec. Dec. 15
Preferred (guar.)
144 Jan. 1 Holders of rec. Dec. 15
North American Co., corn. (guar.)
1214 Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 54
North Amer Light & Pow..7% Pt.(go.). 144 Jan. 2 Holders of
rec. Dec. 19
North Pennsylvania Power, preferred_ _ _ .3
Jan. 2 *Holders of rec. Dec. 15
North West Utilities, prior lien pt.
. $1.75 Jan. 2 Holders of rec. Doe. 150
Northern Ohio Tr.& Lt., 7% Pref.(qu.) 144 Jan. 2 Holders
of rec. Dec. 15
Six per cent preferred (quar.)
114 Jan. 2 Holders of rec. Dec. 15
Northern States Power,corn., Cl. A (go.) 2
Feb. 1 Holders of reo. Dec. 31
Common. Class B (guar.)
20e. Feb. 1 Holders of rec. Dee. 31
Preferred (guar.)
144 Jan. 20 Holden of rec. Dec. 31
Northwestern Telegraph
$1.50 Jan. 2 Dec. 16 to Jan. 1
Ohio Bell Telephone, preferred (quar.)_ _
134 Jan. 2 Holders of rec. Dec. 21
Ohio Edison Co.. 6% pref. (guar.)
114 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (guar.)
1.65 Mar. 1 Holders of rec. Feb. 15
7% preferred (guar.)
194 Mar. I Holders of rec. Feb. 15
6.6% preferred (monthly)
550 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
55c Feb. 1 Holders of rec. Jan. 15
6.6% preferred (monthly)
55e Mar. 1 Holders of rec. Jan. 15
Ohio River Edison Co. .preferred (guar.) 144 Jan. 1 Holders
Ottawa Light, Heat& Pow., prof.(guar.) 134 Jan. 1 Holders of rec. Dec. 15
of rec. Dec. 150
Ottawa Traction (guar.)
1
Jan. 2 Holders of rec. Dec. 17
Bonus
1
Jan. 2 Holders of rec. Dec. 17
Pacific Gas & Electric, common (guar.). 2
Jan. 15 Holders of rec. Dec. 3Ia
Pacific Toler). & Tereg., pref.(guar) _
114 Jan 15 Holders
Panama Power &Light Corp., pref.(go.) 144 Jan. 2 Holders of rec. Dec. 31.0
of rec. Dec. 11
Parr Shoals Power, pref. (guar.)
h14 Jan. 2 'Holders
rec Dec. 15
Penn-Central Light & Pow., pref. (qu.)_ $1.25 Jan. 2 Holders of
of me Dec. 150
Peausylivania.Ohlo P.& I..5% pf.
.(qu.) 2
Feb. 1 Holders of rec. Jan. 25
7% Preferred (guar.)
144 Feb. I Holders of rec. Jan. 25
Pennsylvania Power & Light. pref. (qtr.) 144 Jan. 2 Holders of
rec. Dec. 15
Pennsylvania Water & Power (guar.)... 2
Jan. 2 Holders of rec. Dec. 188
Peoples Gas Light & Coke (guar.)
2
Jan. 15 Holders of rec. Jan. 4a
Peoples Light & Power, corn.(monthly). 1 1-3 Jan. 10 Holders of
rec. Dee. 31
Preferred (monthly)
7-12 Jan. 10 Holders of rec. Dec. 31
Philadelphia City Passenger fly
23.50 Jan. 10 Dec. 29 to Jan. 9
Philadelphia Rapid Transit (quar.)-21
Feb. 1 Holders of rec. Jan. 15a
Phila. & Western fly.. pref. (guar.).- 62140 Jan. 15 Holders of
rec. Dec. 3I0
Portland Elec. Power. 1st pref.(guar.).144 Jan. 2 Holders of rec. Dec 14
Porto Rico Rys., Ltd., pref. (quar.)._.._
154 Jan. 2 Holders of rec. Dec. 15
Power Corp.of N.Y.,common (quar.)__ 25e. Jan. 2 Holders of reo. Dec. 150
Preferred (guar.)
134 Jan. 2 Holders of rec. Dee. lba
Providence Gas (guar.)
$1
Jan. 1 Holders of rec. Dec. 150
Public Service Electric Pow., pref.(qu.)
144 Feb. 1 Holders of rec. Jan. 150
Quebec Power, common (guar.)
134 Jan. 15 Holders of rec. Dee. 31
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 31
Puget Sound Pow.& Lt., corn.(quar.).
Jan. 15 Holders of rec. Dec. 170
1
Prior preference (guar.)
134 Jan. IF, Holders of rec. Dec. 17a
Preferred Plum.)
154 Jan. U Holders of rec. Dec. 170
Reading Traction
78e. lan. 1 Dec. 16 to Jan. 1
Ridge Ave. Pass. hi., Phila. (quar.)... 53
Jan. 2 Dee. 16 to
3
St. Cloud Public Service, let pref. (qu.). 1.44 Jan. 2 Holders of rec. Jan.
Dec. 31
Savannah Elec.& Pow.. deb.See. A (qu.) 2
Jan. 2 Holders of rec. Dec. 140
Sayre Electric Co.. 7% pref.(guar.).-- •144 Jan. 2 *Holders of rec. Dec.
15
Second & 3d Sts. Pass. fly., Phila. (qu.) $3
Jan. 1 Dec. 2 to Jan. 1
Shawhilgan Water & Power (quar.)__
2
Jan. 11 Holders of reo. Dec. 24
South Pittsburgh Water,7% prof.(guar) 144 Jan. U. Holders of rec. Jan.
2
Southern Canada Power, pref. (guar.)._
114 Jan. lf Holders of rec Dec. 240
South'n Gas & Pow.Corp.. 7% Pf.(gut. 144 Jan. 1 Holders of rec. Dec.
27
Southern Indiana Gas & El.6% pt.(qu.) 114 Jan. 2 Holders of rec.
Dec. 24
6% preferred (semi-annual)
3
Jan. 2 Holders of rec. Dec. 24
7% preferred (quar.)
144 Jan. 2 Holders of roe. Dec. 24
Southwestern Bell Tel., pref. (guar.)._
154 Jan. 1 Holders of rec. Dec. 19
Southwestern Lt.& Pow., pref.(guar.)_ _ $1.50 Jan.
Holders of rec. Dec. 28
Southwest Gas & Elec.. pref. (quar.)... •131 Jan. 1 'Holders of
rec. Dec. 1.5
Southwest Securities Co..common (qu.). 531.54 Jan.
'Holders of rec. Dec. 15
Springfield (Mo.)R.& Light, pt.(qu.). 194 Jan. 1. Holders of
rec. Dec. 15
Springfield (Mass.) Street Rye., pref.- - 2
Jan. 1 Holders
Standard Gas & Elec., common (guar.)_ 75c. Jan. 25 Holders of rec. Dec. 19
Of rec. Dec. 310
Seven per cent prior pref.(guar.)
144 Jan. 25 Holders of rec. Dec. 31
Six per cent non-cum.stock (quar.)--114 Jan. 15 Holders of rec. Dec. 31
Tacoma-Palmyra Ferry Co
3
Jan.'15
Of reo. Jan. 1
Tennessee Elec. Pow.,6% lot pref.(gu.) 114 Jan. 1 Holders
Holders of reo. Dee. 15
7% first preferred (guar.)
144 Jan. 1 Holders of rec. Dec. 15
7.2% first preferred (guar.)
$1.50 Jan. 1 Holders of reo. Dee. 15
6% first preferred (monthly)
500. Jan. 1 Holders of rec. Dec. 15
7.2% first preferred (monthly)
600. Jan. 1 Holder's of rec. Oct. 15
6% 1st preferre I(guar.)
$1.50 Apr. 1 Holders of rec. Mar.15
7% 1st preferred (guar.)
21.75 Apr. 1 Holders of rec. Mar.15
7.2% 1st preferred (guar.)
$1.80 Apr. 1 Holders of rec. Mar. 15
6% 1st preferred (monthly)
50c. Feb. 1 Holeers of rec. Jan. 15
6% let preferred (monthly)
50c. Mar. 1 FIo'ders of rec. Feb. 15
6% 1st preferred (monthly)
50c., Apr. 1 Holders of rec. Mar. 15
7.2% 1st preferred (monthly)
6 re. Feb. I Polders of rec. Jan. 15
7.244 1st preferred (monthly)
/c. Mar. 1 Holders of rec. Feb. 1.5
7.2% 1st preferred (monthly)
60c. Apr. 1 Holders of rec. Mar. 15
Texas Electric fly., first pref.(quar.).-_
144 Jan. I Holders of rec. Dec. 17
Second preferred (guar.)
141 Feb. 1 Holders of rec. Jan. 15
Toledo Edison Co., prior pref.(guar.)
2
Jan. 2 Holders of rec. Dec. 15
TO-City Re & Light. corn. (gear.)
234 Ian. 1 Hoid"..s Al ree Dee on
'Fri-State Utilities, common (monthly)
14 Jan. 10 Holders of rec. Dec. 31
Preferred (monthly)
7-12
10 Holders of rec. Dec. 31
Trinidad Electric Co., Ltd. (quart.... 111 Jan,
Jan. 10 Jan. 1 to Jan. 10
Union Passenger fly.. Philadelphia
554.75 Jan. 1 Holders of rec. Dec. I56
Union Traction (Philadelphia)
$1.50 Jan. 1 Holders of ree. Dec. 9
United Gas & Elec. Corp., pref.(guar.)134 Jan. 1 Holders of rec. Deo. 16
United Gas & Elec. Co., 5% prof
254 Jan, 15 Holders of rec. Dec. 31
United Gas Improvement (guar.)
$1
IS Holders of rec. Dec. 310
Un.Lt.&Pow.Corp..Cl.A & B,com.(qu ) 60c. Jan.
Feb. 1 Holders of rec. Jan. 156
Preferred, Class A (guar.)
$1.62 Jan. 2 Holders of roc. Dec. 156
Preferred, Class II (guar.)
$1
2 Holders of rec. Dec. 150
Utah Gas 02 Coke. pt.& par-tic. pt.(qu.). $1.75 Jan.
Jan. 2 Holders of rec. Dee. 15
Utah Power & Light, prof. (guar.)
144
2 Holders of rec. Dec. 10
Utilities Pow.& Lt. Corp., el. A (qu.)_ _ u50c Jan.
Jan. 1 Holders of rec. Dec. 50
Class B
Or Jan. 1 Holders of rec. Dec. 5
Preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 5
Virginia R.& Power, pref. (quar.)_
114 Jan. 20 Holders of rec. Dec. 3Ia
Washington Water Pow., Spokane (qu.) 2
15 Holders of rec. Dec. 24a
Western Power Corp.. preferred (Qua?.). 144 Jan. 15
Holders of rec. Dec. 31
Western States Gas ar Elec.. pref.(qu.). 19.4 Jan.
Jan. 15 Holders of rec. Dec. 31
Western Union Telegraph (guar.)
2
Jan. 15 Holders of rec. Dec. 230
West Kootenay Pow.& Light, pret.(gu.) 134 Jan. 2 Holders
West Penn Power Co.,7% pref.(guar.). 154 Feb. 1 Holders of roc. Dec. 23
of reo. Jan. 155
Six per cent nreferred (guar.)(No 11
I i4 Feb. 1 Holders of roe. Jan. 15
[Vol.. 122.
THE CHRONICLE
Narna of Company.
When
Per
Cent. Payable
Public Utilities (Concluded).
.45
West Philadelphia Passenger Bs
2
Williamson Elec. Co.. pref. (nUor )-- 154
Winnipeg Electric Co., pref. (quar.)__ _ _
Winston-Salem Gas Co., pref (guar.)._ •154
154
(guar.)
pref.
Power.
River
Yadkin
Ranks.
3
America. Bank of (guar.)
4
Amer. Exeh.-fac. Nat. (guar.)
2
Amer. Exchange Securities, Cl. A (qu.)_
50c.
Class It(No. I)
2
Broadway Central (guar.)
14
Capitol National (guar.)
4
Chase National (guar.)
31
Chase Securities (guar.)
4
CO.(qu.)
Tr.
.Bk.&
Nat
Chath &Phenix
155
Chelsea Exchange (guar.)
4
Chemical National (bl-monthly)
3
Coal & Iron National (guar.)
3
Colonial (quar.)
Commerce (National Bank of) (guar.)- - 4
5
Commonwealth
5
Coney Island, Bank of
3
Europe. Bank of (gnat.)
4
Extra
6
Fifth Avenue (guar.)
20
First National (guar.)
3
First National, Brooklyn (guar.)
2
Extra
5
First Security Co.(guar.)
3
Greenwich (guar.)
2
Extra
6
Hanover National (guar.)
3
Extra
3
Lebanon National
4
Manhattan Co.. Bank of the (quar.)_
3
Mechanics (Brooklyn) (guar.)
2
Extra
5
Mechanics & Metals Nat. (guar.)
2
Municipal (Brooklyn) (guar.)
2
Extra
3
Mutual (guar.)
5
Extra
Nassau National. Brooklyn (guar.)._ 3
3
Extra
4
National City (guar.)
4
National City Co.(guar.)
6
Park. National(guar.)
.255
Peoples National (guar.)
*5
Extra
4
Public National (guar.)
4
Seaboard National (guar.)
2
Standard(guar.)
2
Extra
Standard National Corp.,cons.(guar.)._ 50o.
$2
Common (extra)
14
Preferred ((Buar.)
4
State (guar.)
125
Stock dividend
214
United States. Bank of (altar.)
Trust Companies.
b
Bankers (guar.)
5
Bank of New York & Tr. Co.(guar.)
2
Extra
6
Brooklyn (guar.)
$
Extra
7
Central Cathie (gum.)
5
Matra
214
Fallon (guar.)
Irving Bank-Columbia Trust (guar.)._ _ 314
4
Manufacturers (lunt.)
1
Extra
Mutual Trust Ca., Westchester Co.(tin.) 3
1
Extra
5
New Yerk (guar.)
4
(guar.)
Title Guarantee & Trust
4
Extra
4
Matra
United States Mortgage & Trust (guar.) 4
1234
United nate'(guar.)
Pine Insurance.
Coatimental Ylre
Fidelity
Roods of Amalie (guar.)
Books Closet!
Days Inclusive.
Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 16
Jan. 2 *Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec 14
Jan. 2 Dec. 22 to Jan. 12
Jan. 2 Holders of rec. Dec. 240
Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 24
Jan. 2 Dec. 1(1 to Jan. 1
Jan, 2 Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec 14a
Jan_ 2 Holders of rec. Dec 140
Jan. 2 Dec. 16 to Jan. 1
Jan. 2 Holders of rec. Dec. 180
Jan, 2 Holders of rec. Dec. 244
Jan, 2 Holders of rec. Dee. 90
Jan. 15 Holders of rec. Jan. to
Jan. 2 Holders of rec. Dee. the
Jan. 15 Holders of rec. Dec. 3la
Jan. 2 Holders of rec. Dec. 31s
Jan. 2 Holders of rec. Dec. 10
2 Holders of rec. Dec. 10
Jan
Jan, 2 Holders of rec. DM 31
Jan. 2 Holders of rec. Dec. 3I0
Jan. 2 Holders of rec. Dec. 18
Jan, 2 Holders of rec. Dec. 18
Jan, 2 Holders of rec. Dec. 310
Jan. 2 Holders of rec. Dec. 21
Jan. 2 Holders of rec. Dec. 21
Jan. 2 Dec. 23 to Jan. 1
Jan. 2 Dec. 23 to Jan. 1
Jan, 2 Holders of rem Dec. 2,
Jan, 2 Holders of rec. Dec. 18a
Jan. 2 Holders of rec. Dec. lg
Jan. 2 Holders of rec. Dec. 1
Jan, 2 Holders of rec. Dec. 194
Jan, 1 Holders of rec. Dec. 200
Jan. 1 Holders of rec. Dec. 200
Jan. 2 Holders of rec. Dec. 24
Jan. 2 Holders of rec. Dec 24
Jan, 2 Holders of reo. Dee. 29
Jan. 2 Holders of rec. Dec. 29
Jan. 2 Holders of roe. Dec. 18a
Jan. 2 Holders of rec. Dee. 18
Jan, 2 Holders of rec. Dec. 18,
Jan. 2 *Holders of rec. Dec. 22
Jan. 2 *Holders of rec. Dec.22
Jan. 2 Holders of rec. Dec. 2'
Jan. 2 Holders of rec. Dec. 2
Jan. 2 Holders of rem Dec. 26
Jan. 2 Holders of rec. Dec. 26
Jan, 2 Holders of rec. Dec. 26
Jan, 2 Holders of rec. Dec. 26
Jan, 2 Holders of rec. Dec. 28
Jan. 2 Dec. 19 to Jan. 3
Jan. 2 Dec. 19 to Jan. 3
Jan. 2 Holders of rec. Dec. 210
Jan. 2
Jan. 2
Jan. 2
Jan. 1
Jan. 1
Jan. 2
Jan, 2
Jan, 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Mar.31
Jan. 2
Jan. 2
Holders of rec. Dec. 14
Holders of rec. Dec. 180
Holders of rec. Dec. 18x
'folders of rec Dec. 26
Holders of rec. Dec. 26
Holders of rec. Dec. 220
Holders of rec. Dec. 226
Holders of rec. Dec. 21
Holders of rec. Dec. 18.
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 19
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Mar.20
Holders of rec. Dec. 26
Holders of yea. Dec. 21.
Jan. 11 Holders of roe. Dm. 30s
33
Jan. 11 Holders of rec. Dee 306
83
$1.50 Jan. 2 Holders of rec. Dec 16a
Mloselaserass.
144 Jan. 2 Holders of rec. Dec. 20
Abitibi Power as Paper. pref. (guar.).-50c. Jan. 1 Holders of rec. Dec. les
Acme Stool Goods (guar.)
2 Holders of rec. Dec. 15.
750 Jan
Advance Rumely Co.. pref.(quar.).
5
Aeolian. Weber Piano & Planola. p.(gn.) 144 Jan. 15 Holders of rec. Jan. 15.
2 Holders of rec. Dec.
Jan.
714c.
Ahamada Lead Co.(guar.)
1714c Ian. 2 Holders of rec. Dec. 15.
Bxtra
Jan. 15 Holders of rec. Dec. 3I0
$1
Al, Rodectless, Ise. (gum.)
Jan, 27 Holders of rec. Jan. 15
2
Anima)* Realty (Mar.)
e20 Jan. 15 Holders of rec. Dec. 21.
Stott dividend
2 Holders of rec. Dec. 15.
Jan.
144
(qn.)__
pf.
MUM Chemical & Dye Corp.,
114 Jan. 15 Holders of rec. Dee. 24.
AHM-Cleatheare Mfg., pref. (guar.)
1 Holders of rec. Dee. 200
Jan,
134
(guar.)
pref.
Ins.,
Mfrs.,
Aluiskiance
Dee. 31
Ansertean Art Works, corn. & pref.(qu.) 114 Jan. 15 Holders of rec.
IS.
Aramaean Bank Note, new, corn.(qu.).. 40c. Jan. 2 Holders of rec. Dec. 15.
Dec.
rec.
of
Holders
2
Jan.
75e.
Preferred (guar.)
Jan. 30 Holders of rev. Jan. 9.
1
Anteriess Beet Sugar. elm.(gum.)
I14 Jan, 2 Holders of rec. Dee. 120
Preferred (guar.)
144 Jan. 1 Holders of roc. Doe. 20
Amer. Bead & mtge., pee. (guar.)._
114 Feb. 15 Holders of rec. Jan. 305
American Can, common (guar.)
Feb. 15 Holders of rec. Jan. aos
3
Common (extra)
To be r stifled at meeting Feb 9
Common Mayable In common atock)_ 550
14( Jan. 2 Holders of rem Dec. 16a
American Can. pref.((Mr.)
Dec. 150
Amer. Car & Foundry. COMO=(gam.). $1.50 Jan. 1 Holders of rec.
134 Jan. 1 Holders of rec. Dec. 11.
Preferred (guar.)
Doe 15a
rec.
of
Holders
1
Jan.
114
(guar.)
pref.
Chicle.
American
114 Jan. I Holders of rec. Dec. 15.
Prior preferred (guar.)
144 Jan, 2 Holders of rec. Dec. 15.
American Cigar, preferred ((Mar.)
Jan. 2 Holders of roe. Dec. 15
1
Amor. Cyanamid, common (guar.)
14 Jan. 2 Holders of rec. Dec. 15
Common (extra)
Jan. 2 Holders of rec. Dec. 154
114
preferred (guar.)
51.50 Jan. 2 Holders of rec. Dec. 10
American Express ((Plan)
Jan. 25 Holders of rec. Jan. 80
2
American Ice. common (gnarl
Jan. 25 Holders of rec. Jan. 8a
2
Common (extra)
Jan. 25 Holders of rec. Jan. 8a
I
Preferred (guar.)
Feb. 15 /Holders of rec. Feb. la
250.
)_
(qu
corn.
Eng.,
Fire
Amer.-La France
2 !Holders of rec. Dec. 150
Jan.
14(
Preferred (guar.)
Jan. 20 Holders of rec. Jan. 90
f25
common...
Machinery.
Laundry
Amer.
2 Holden; of rec. Dee. 200
Jan.
IR
American Linseed, pref.(guar.)
154 Apr.1 Holders rec Mar. 19'26s
Preferred (altar.)
Holders of rec. Dec 15
2
Jan,
2
(guar.)
common
Piano,
American
154 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
•14, Jan. 1 *Holders of rec. Dec. 15
(quar.)_
preferred
Mill,
Rolling
Amer.
75e. Jan. 2 Holders of rec. Dec. 100
American Safety Razor (guar.)
Jan. 2 Holders of rec. Dec. 150
51
Amer. Sales Book,common (guar.)
155 Jan, 2 Holders of ree. Dec. 210
(guar.)
American Screw
Jan. 2 Holders of rec. Dec. 210
1
Extra
155 Jan. 15 Holders of rec. Dec. 31a
__
Amer. Seeding Machine, pref. (guar.)
Feb. 1 Jan. 16 to Feb. 1
2
(quar.)_
Amer. Shipbuilding, common
1% Feb. I Jan. 16 to Feb. 1
Preferred (guar.)
2 Holders of rec. Dec. ha
Jan,
3
(quar.)
common
American Snuff,
134 Jan. 2 Holders of rec. Dec. Ito
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 2a
75c.
(guar.)...
corn.
Foundries,
Amer. Steel
134 Jan. 2 Holders of rea. Dec. la
American Sugar Refining, common
1R Jan. 2 Holders of ree. Dee. la
Preferred (guar.)
Name of Company.
When
Per
Calif. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
50c. Apr. 1 Mar. 17 to Apr. 1
American Stores corp.(guar.)
50c. July 1 June 16 to July 1
Quarterly
500. Oct. 1 Sept. 16 to Oct. 1
Quarterly
114 Jan. 2 Holders of rec. Dec. 10.
American Tobacco. pref. (guar.)
Jan. 15 Holders of rec. Jan. 5.
2
Amer. Type Founders, common (quar.)
11( Jan. 15 Holders of rec. Jan. 54
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 15a
31
corn.
Products.
(quar.)Vitrified
Amer.
11( Jan, I Holders of rec. Dec. 214
American Wholesale Corp.. pref.(qu.)
Amer. Window Glass Mach., corn. (qu.) 114 Jan 2 Holders of rec. Dec. 16
1)4 Jan, 2 Holders of rec. Dec. 16
Preferred (guar )
1)4 Jan. 15 Dec. 16 to Dec. 22
Amer. Woolen, preferred (quar.)
75, Feb. 23 Holders of rec. Jan. 16a
Anaconda Copper Mining (guar.)
3611c Jan, 4 Holders of cold). No. 31
Anglo-Amer. Oil (Interim)
Archer-Daniels-Midland Co.. pref. (qu.) 154 Feb. 1 Jan. 21 to Jan. 31
Jan. 2 Holders of rec. Dec.d23
2
Mills
(guar.)
Arlington
50c Jan. 2 Holders of rec. Dec. 10a
Armour a: Co.(Del.), cl. A corn. (guar.)
14 Jan, 2 Holders of rec. Dec. 10.
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 100
Armour & Cu. (Ill.). pref. (guar.)
155 Jan. 2 Dec. 18 to Jan. 2
Armstrong Cork, common (quar.)
Jan, 15 Dec 18 to Jan. 2
5
Common (extra)
14 Jan. 2 Dee 18 to Jan. 2
l'referred (guar.)
7.50. Jan. 2 Holders of rec. Dec. 21.
Artlooru Corporation, corn.(quar)
40c. Jan, 2 Holders of rec. Dee. 22
Art Metal Construction (quar.)
300. Jan, 2 1-Laders of rec. Dec. 24
Arundel Corporation (guar.)
60e. Jan. 2 Holders of rec. Dec. 24
Extra
Jan. 15 Holders of rec. Dec. 31
(qu.)_
1
pf.
&
Asbestos Corporation. corn.
500. Jan. 25 Holders of rec Dec. 310
Associated Oil (guar.)
1)4
Feb. 1 Holders of rec. Jan. 20.
preferred
(guar.)
Powder.
Atlas
75c. Jan. 2 Iloiders of rec. Dec. 21
Auburn Automobile. common (quar.)
1R Jun. 2 Holders of rec. Dec. 15
Ault & Wiborg Co., preferred (guar.)._ _
IR Feb. 1 Holders of rec. Jan. 15.
Austin, Nichols & Co., pref. (quar.)__ _ _
14( Jan. 1 Holders of roe. Dec 20
ilabcock & Wilcox Co.(guar.)
1l( Apr. 1 Holders of rec. Mar.20
Quarterly
Jan, 2 Holders of rec. De.21
500.
Baer. Sternberg & Cohen, common
154 Jan. 2 Holders of rec. Dec. 21
First preferred
Jan, 2 Holders of rec. Dec. 21
2
preferred
Second
Holders of rec. Dec. 200
25c. Jan.
Balaban & Katz, corn.(monthly)
Holders of rec. Jan. 20.
25e Feb.
Monthly_
Mar.
Holders
of rec. Feb. 204
25e.
Monthly
Holders of rec. Mar. 204
25e, Apr.
Monthly
Holders of rec. Dee. 20
Jan.
3
Preferred (guar.)
Holders of rec. Dec. aa
Baldwin Locomotive Wks.. corn. & pref. 355 Jan.
Barnhart Bros. & SpindlerHolders of rec. Jan. 25a
Feb.
13(
_
_
_
(quar.)_
preferred
second
First and
Holders of rec. Dec. 311
14( Jan.
Barnet Leather, preferred (guar.)
500 Jan. ' Holders of rec. Dee. 15a
tiainsdall Corp.. class A & ii
Holders of rec. Dec. 31.
Jan. 1
1
Bayuk Cigars, first preferred (quar.)
Holders of rec. Dec. 314
14( Jan. 1
Convertible second preferred (atior.)
Holders of rec. Dec. 314
1
Jan.
2
(guar.)
preferred
second
8%
Dec. 20 to Jan. 1
51 25 Jan.
Beatrice Creamery,common (quar.)
Dec. 20 to Jan. 1
151 Jan
Preferred (guar.)
Holders of roe. Dec. 26a
600. Jan. 1
Beech-Nut Packing. corn. (guar.)
Holders of rec. Dec. 31s
14 Jan. I
Preferred class B (guar.)
Holders of rec. Dec. 21.
750. Jas.
Belding Brothers (guar.)
Holders of rec. Dee. 31
155 Jan. 1
Belgo-Canadian Paper, corn. (guar.)
1)4 Jan. 2 Holders of rec. Dec. 12
Preferred (quar.)
of rec. Dec. 11.
Holders
2
Jan.
50e.
(guar.)
A
class
Corp..
Bendix
50c. Jan 2 Holders of rec. Dec. 21
Berry Motor(quar)
Bessemer Limestone & Cem., corn.(qu.) 14 Jan. I Holders of rec. Dec. 20.
Jan. 1 Holders of rec. Dec. 204
4
Common (extra)
14 Jan. I Holders of rec. Dee. 20.
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 1.
Bethlehem Steel, 7% pref. (guar.)
Jan. 2 Holders of roe. Dec. la
2
-.
Eight per cent preferred (quar.)
25e. Jan. 15 Holders of rec. Dee. 31
Big Store Realty Corp
Jan.
15 Holders of rec. Dec. 31
25c.
Extra
Bitss(E. W.) Company,common (guar.) •25e. Jan. 2 Holders of rec. Dec. 22
•15c. Jan. 2 Ithlders of rec. Dec. 22
First preferred (quar.)
Jan. 2 Holders of re*. Dec. 22
*31
Second preferred (guar.)
250 Jan. 2 Holders of roe. Dee. 164
Bohn Aluminum & Brass, COM
Jan. 2 Holders of rec. Dee. 16.
2
l'referred
an. 2 *Holders of rec. Dec. 22
.51
Borden (Richard) Mfg. (guar.)
50o Jan. 1 Holders of rec. Dec. 194
Borg & Beck Co.(guar.)
Jan.
1 Holders of rec. Doe. 19
250
Extra
fielders of rec. Dec. 12
144
Bowman Biltmore Hotela, 1st Pref. Pin.) .5,
Holders of reo. Dec. 12
Second preferred
The. Jan, 2 Dec. 20 to Jam. 3
Boyd-Welsh Shoe (guar.)
Bridgeport Machine, preferred (guar.). _ 51.75 Jan. 1 Holders of rec. Jan. I
Jan. 2 Dec. 20 to Dee. al
Ill
British-American Oil (guar.)
British-Amer. Tobacco. ordinary (final) _ (0b) Jan. 19
St a
°(Iil
lleleb
(bb) Jan. 19
Ordinary (interim)
. 144 Jan. 1 Molder, of rec. Des. 19
nson Tob.,coat.(guar.)
mtitar4
Brown Zillia
11( Jan. 1 Holders of roc. Dee. 19
Preferred
62140.Jan. 2 Holders of rec. Doc. 22
Bruce(E. L.) Co., common (guar.)
lit Jan. 2 Holders of rec. Dec. 22
Preferred (guar.)
Brunawick-Balke-Collender Ce.. pf.(on.) 11( Jan. 2 Holders of rec. Dec. 211
60c. Jan. 2 Holders of rec. Dec. 19
Buckeye Incubator (quit.)
IR Jan, 2 Holders of rec. Dec. 19
Bucyrus Company,corn.(guar.)
2
Jan. 2 Holders of rec. Gm 19
Common (extra)
14( Jan. 2 Holders of rec. Dee. 11
Preferred (guar.)
134 Jan. 2 Fielders of rec. Des. 21.
Burns Bros.. preferred (guar.)
•14( Jan. 15 Holders of rec. Dec. Ela
Bush Teraina!,7% Pref.((Man)
$
Jan. 16 Holden of rec. D.$1.
6% ;referred
Bush Terminal MM.Co., Pref.(ow.) 134 Jan. I Holders of roe. Doe. 1711
Jan. lba
14( Feb. 1; Holders M
Byers (A. M.)& Co.. pref.(guar.)
Jan. 8' Holders of rec. Dee. 15
California Guaranty Corp., Class A (qu ) 2
Canada Bread. Ltd., 1st pref.(guar.). _ _ •114 Jan. 2 *Holders of rec. Dec. 16
•13( Jan. 2 .1:folders of rec. Dec. 15
Preferred B (guar.)
14 Jan. 16 Holders of roe. Dec. 31
Canada Cement. Ltd. Ord. (guar.)
Canada Dry Ginger Ale. corn. (guar.)... 25c. Jan. 15 Holders of rec. Jan. 2
25c. Jan. 15 Holders of rec. Jan. 2
Common (extra)
Jan. 15 Holders of reo. Dee. 31
4
Canada Iron Foundries, prof
Jan. I Holders of rec. Dec. 22
2
Canada Salt (guar.)
1)4 Jan. 11 Holders of rec. Dec. 26
Canadian Car & Foundry, pref.(quar.)_
Jan. 2 Holders of rec. Dee. 15
Canadian Connecticut Cottons. Pt. (ilti.) 1
Jan. 4 Holders of rec. Dec. 24
Canadian Cottons. Ltd., corn (quar.).. 2
114 Jan. 4 Holders of rec. Dec. 24
l'referred (guar.)
Canadian Locomotive. Pref. (quiz,)..,. 114 Jan. 1 Holders of rec. Dec. MI
Case (J. I.) Thresh. Mach.. pref.(qu.)... 14( Apr. 1 Holders of rec. Mar. 15
Jan. 12 *Holders of rec. Dec. 2841
Preferred (acct, accumulated diva.)_.. •117
Central Aguirre Sturm, corn.(quar.)_. $1.50 Jan. 2 Holders of MO. Hem 22
51
Jan. 10 Holders of rec. Dec. 24
Central Steel Co.. common (guar.)
Jan. 2 Holders of rec. Dec. 16
2
Preferred (guar.)
Jan. 1 Holders of rec. Dee. 150
Certain-teed Products Corp., corn. (qu ) 51
Jan. 1 Holders of roc. Dee. lba
_
_
(guar.)._
144
preferred
second
First and
The. Jan. 2 Holders of roc. Dec. 21.
Chandler Motor Car (guar.)
6214c Jan. 1 Holder, of rec. Dee, 16.
Chicago Fuse Mfg.(guar.)
Ch.Jct. Rye.& Un.8th. Yds..com.(qu.) 211 Jan. 1 Holders of rec. Dec. 15
155 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
14( Jan. I holders of roe. Dec. 224
Chicago MIII de Lumber. pref. (guar.)._ _
114 Jan.d26 Holders of rec. Jan. 15
Chicago Pneumatic Tool (guar.)
33 1-3c Jan. 2 Holders of rec. Dee. 10.
Chicago Yellow Cab (monthly)
33 1-3c Feb. 1 Holders of roe. Jan, 20a
Monthly
33 1-3c Mar. I Holders of rec. Feb. 200
Monthly
2 Holders of rec. Dec. 15a
$2 Jan
Chrysler Corp., pref. (guar.)
Cities ServiceR Jan. 1 Holders of rec. Dec. 15
Common (monthly)
•R Feb. 1 •Holders of rec. Jan. 15
Common (monthly)
ni Jan. 1 Holders of rec. Dec. 15
Common (payable in common stock)_ _
of55 Feb. 1 *Holden of rec. Jan. 15
Common (payable in common stock)
55 Jan. 1 Holders of rec. Dee. 15
Preferred and preferred B (monthly).Preferred and preferred 11 (monthly)- - •R Feb. 1 *Holders of rec. Jan. 15
Jan. 4 Holders of rec. Ilec. 21
10
corn.
Co.,
(guar.)
City Investing
Feb. 1 Holders of rec. Jan. 11
/50
Common (in common stock)
14 Jan. 4 Holders of rec. Dec. 21
Preferred (guar.)
623.4c. Jan. 2 Holders of rec. Dec. 15
Cleveland Builders Supply & BrickCluett, Peabody & Co. .Inc., pref. (qu.) 154 Jan. 2 Holders of rec. Dec. 21
70c, Jan. 1 Holders of rec. Jan. 5
Cohn-Hall-Marx Co.. corn.(guar.)
70e. Apr.. 5 Holders of rec. Apr. 5
Common (guar.)
70c. July 5 Holders of rec. July 5
Common (guar.)
o45c. Jan. 1 Holders of rec. Dec. 154
(Interim).
Commercial Inv. Trust, corn.
114 Tan. I Holders of rec. Dee. 156
First preferred (guar.)
JAN. 2 1926.]
Name of Cosopanl.
UTE CHRONICLE
Per
When
Cent. Payable.
Books Cloud.
Days Inclusive.
Miscellaneous (Contestied).
Commercial Solvents Corp., Cl. A (gu.)_ 81
Jan. 1 Holders of rec. Dec. 18a
First preferred (guar.)
2
Jan. 1 Holders of rec. Doc. 18a
Consol. Mining & Smelting of Canada_ _ 75o. Jan. 15 Holders of rec. Dec. 31a
Bonus
$5
Jan. 15 Holders of rem Dec 310
Consolidated Royalty 011 (guar.)
25c. Jan. 25 Holders of rec. Jan. 15
Continental Baking Corp.. Cl. A,cam_ $2
Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
$2
Jan. 2 Holders of rec. Dec. 160
Continental Can, preferred (guar.)
1X Jan. 1 Holders of rec. Dec. 190
Continental Motors Corp.(guar.)
20c. Jan. 30 Holders of rec. Jan. 16a
Cornell Mills (guar.)
•1
Jan. 2 *Holders of rec. Dec. 16
Corn Products Refining, COM. (guar.)_ '50c. Jan. 20 'Holders of rec. Jan. 4
Preferred (guar.)
•1'- Jan. 15 'Holders of rec. Jan. 4
Corona Typewriter, common (guar.)
50c. Jun. 2 Holders of rec. Dec. 12.
Common (extra)
50e. Jan. 2 Holders of rec. Dec. 12a
First preferred (guar.)
Jun. 2 Holders of rec. Dec. 120
2
Second preferred (guar.)
13 Jan. 2 Holders of rec. Dec. 12a
Creamery Package Mfg.,common (gu.)_ 50c. Jan. 1
Jan. 1 to Jan. 20
Preferred (guar.)
135 Jan. 10 Jan. 1 to Jan. 20
Crex Carpet (guar.)
$1
Jan. 15 Holders of rec. Dec. 310
Crown Finance Corp., common
'$3.75Jan. 4 'Holders of rec. Dec. 15
Preferred
551.7. Jan. 4 "Holders of rec. Dec. 15
Crucible Steel, common (guar.)
134 Jan. 31 Holders of rec. Jan 150
Cuba Company, preferred
$3.5 Feb. I Holders of rec. Jan. 150
Cuban-American Sugar, common (guar.) 50c. Jan. 2 Holders of rec. Nov. 240
Preferred (guar.)
134 Jan. 2 Holders of rec. Nov.240
Cudahy Packing, common (guar.)
134 Jan. 15 Holders of rec. Jan. 5a
Dalton Adding Machine, corn (guar.)_ _
135 Jan. 1 Dec. 22 to Dec. 31
Preferred (guar.)
134 Jan. 1 Dec. 22 to Dec. 31
Detroit & Cleveland Navigation
200. Jan. 2 Holders of rec. Dec. 15
Detroit Forging, common (guar.)
40c. Jan. 1 Dec. 21 to Dec. 31
Devoe & Reynolds,Inc.,corn. A &B(qu.) 60e. Jan. 2 Holders of rec. Dec. 210
First and second pref.(guar.)
134 Jan. 2 Dec. 22 to Jan. 1
Dodge Bros., pref. (guar.)
135 Jan. 15 Holders of rec. Jan. 1
Dome Mines. Ltd. (guar.)
50c. Jan. 20 Ilolders of rec. Dec. 31a
Dominion Glass, corn.& pref.(guar.)
13( Jan. 2 Holders of rec. Dec. 15
Dominion Stores, Ltd., pref. A
Jan. 1 Holders of rec. Dec. Hi
4
Dominion Textile, Ltd., corn.(guar.).__ $1.25 Jan. 2 Holders of roc. Dec. 15
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 31
Draper Corporation (guar.)
Jan. 1 Holders of rec. Dec. 5
2
Extra
Jan. 1 Holders of rec. Dee. 5
2
Dunham(James H.)& Co.,corn.(go.)
135 tan. 2 Holders of rec. Dec. 190
First preferred (guar.)
135 fan. 2 Holders of rec. Dec. 19a
Second preferred (guar.)
134 Ian. 2 Holders of rec. Dec. 190
duPont(E. I.) de N.& Co., corn.(extra) 6
fan. 8 Holders of rec. Dec. la
Debenture stock (guar.)
134 Ian. 25 Holders of rec. Jan. 9a
duPont de Hem. Powder, corn. (guar.)_ •135 .eeb
1 'Holders of rec. Jan. 20
Preferred (guar.)
•''4 'eb. 1 "Holders of rec. Jan. 20
Eastern Rolling Mill, new (No. 1)
3734, fan. 1 Dec. 16 to Dec. 30
New stock (extra)
50o. Ian. 1 Dec. 16 to Dec. 30
Preferred (guar.)
fan. 1 Dec. 16 to Dec. 30
2
Eastern Steamship Lines, let pref.(au.)134 Jan. 1 Holders of rec. Dec. 260
Preferred (no par) (guar.)
871'. cJan. 15 Holders of rec. Jan. 8s
Eastman Kodak,common (guar.)
$1.2
an. 2 Holders of rec. Nov.30
Common (extra)
750. ,.u. 2 Holders of rec. Nov.300
Preferred (guar.)
135 Jan. 2 Holders of rec. Nov.300
Eaton Axle & Spring (guar.)
'50c. Feb. 1 'Holders of rec. Jan. 15
Edmunds & Jotted Corp., corn.(quar.)_ 750. Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
IX Jan. 1 Dec. 21 to Dec. 31
Edwards(Wm.)Co., preferred (guar.)
135 Jan. 2 Holders of roe. Dee. 19
Eisenlohr (Otto) & Bros., Inc.. pl. (au.) 134 Jan. 1 Holders of rec. Dec. 210
Eisenstadt Mfg., pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 23
Electric Auto-Lite Co.(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 150
Extra
500. Jan. 2 Holders of rec. Dee. 15a
Electric Controller & mfg., com.
_ $1.25 Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 19
Elm. Storage Battery, corn. & pf.(1131.) $1.25 Jan. 2 Holders of rec. Dec. 180
Common and preferred (extra)
$1
Jan. 2 Holders of rem Dec. 180
ESeOtrio Vacuum Cleaner. Pref.(guar.).. 134 Jan. 2 Dec. 26 to Jan. 1
Elgin National Watch (guar.)
6235e Feb. 1 Holders of too. Jan. 150
Extra
"36.25 Jan. 20 *Holders of rec. Jan. 4
Elliott-Fisher Co., coma.& corn. B (mt.). $1
Jan. 2 Holders of roe. Dec. le
Common and common B (extra)
Jan. 2 Holders of rec. Dec. 15
$3
Preferred (guar.)
134 Jan. 2 Holders of res. Dec. 15
Hinerson Elec. di Mfg., pref.(guar.).- -134 Jan. I Holders of rec. Dec. 20O
Endicott-Johnson Corp., tom.(guar.).- $1.25 Jan. I Holders of rec. Dec. leo
Preferred (guar.1
114 Jan. 1 Holders of rec. Dec. 184
Equitable Office Bldg. Corp.. corn (gm) $1.25 Jan. 1 Holders of rec. Dec. 17
Preferred (goer.)
$1 75 Jan. 1 Holders of rec Dec. 17
Euclid Oil (mentally)
135 Jan. 25 Holders of rec. Jan. 10
Montbly
134 Feb. 25 Holders of rec. Feb. 10
Monthly
134 afar. 25 Holders of res. Mar. 10
Evans(F. S.) & C..,•at (gear.)- - *50o. Jan. 2 *Holders fo res. Dee. 22
Clue A & B (extra)
*25e. Jan. 2'Holders of rec. Des. 22
Fair. The,common (monthly)
20c. Jan. 1 Holders of rec. Dec. 204
Common (raontitly)
20c. Feb. 1 Holders of rec. Jan. 20
Famous Players-Lasky Corp.,corn.(go.) $2
Feb. I Holders of rec. Jan. 15a
Famous Players-Lasky. pref. (guar.)
Jan. 2 Holders of tee. Dec. 15e
2
Faultless Rubber Ce.(guar.)
50c. Jan. 2 Holders of rec. Dec. 15
Federal Finance Corp.. Class A (Ne. 1). 76c. Feb. 1 Holders of rec. Jan. 16
Class B (Ne. 1)
25e. Feb. I Holders of rec. Jan. 15
Federal Motor Truck (guar.)
*30e. Jan. 2 "Holders of rec. Dec. 19
Federal Terra Gotta, common
2
Jan. 16 Holders of rec. Jan. 5
Common(special)
2
Jan. 15 Holders of rec. Jan. 5
Faye(John C.) at Aimee., Inc., corn.(au.) 1
Jan. 5 Helder, of tee. Dec. 15
Preferred (guar.)
2
Jan. 5 Holders of rec. Dec. 15
Fifth Avenue Btu Securities (guar.).
16e. Jan. 18 Holders of rec. Jan. • 44
Finance Co.of Amer.(Bait.), coat.(gu.) 8235e Jan. 15 Holders of rec. Jan.
6
Common (extra)
$1
Jan. 16 Holders of rec. Jan. 5
7% preferred (guar.)
4334c. Jan. 1
Holders of rec. Jan. 5
Finance & Trading Corp., coca
11.75 Jan.
Holders of rec. dDee 18.
Firestone-Apatey Rubber, preferred__
335 Jan.
Holders of rec. Des. 28
Firestone Tire & Rubber, corn.(guar.)._ $1.50 Jan. 2 Holders of res. Jan.
104
Coramon(special)
$1
Jan.
Holders of tee Dee. 21
Ste per cent pref.(guar.)
134 Jan. 1
Holders of rec. Jan. 1
Seven per cent preferred (guar.)
134 Feb. 1
Holders of res. Feb. I
First National Pictures, pref. (guar.)___
2
Jan.
Holders of rec. Dec. 154
Fleischmann Ce..corn.(guar.)
Si
Jan. 2 Holders of roe. Dee. 154
Preferred (guar.)
•134 Jan. 1 Holders of rec. Dec. 15
Flint Mills (guar.)
135 Jan. 1 Holders of
Dec. 154
Foot Bro4.0ear & Machine, eore•(Quar.) 250 Jan. 2 Dec. 21 rec.
to Jaa. 1
Preferred (guar.)
13( Jan. 2 Dec. 21 to Jan. 1
rotten Company,common
250. Jan. 2 Holders of rec. Nov.204
Class A stock (No.1)
40c. Jan. 2 Holders of rec. Nov.804
Formica Insulation (gear.)
•25c. Jan. 1 "Holders of rec. Deo. 15
Foster(W. C.) Ca., common (guar.)
75c. Jan. 1 Holders of tee. Dec. 20
Preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 20
Preferred (extra)
3734c Jan. 1 Holders of rec. Dec. 20
Fox Film Class A &B(guar.)
$1
Jan. 15 Holders of rec. Dec. 314
Francisco Sugar (guar.)
*51.50 Jan. 2 *Holders of rec. Dee 2
Fraser Companies. Ltd.. pref. (guar.)-134 Jan. 2 Holders of tee. Dec. 24
Gabriel Snubber Mfg.(guar.)
6235c Jan. 1 Holders of rec. Dec. 154
Extra
6234C Jan. 1 Holders of rec. Dec. 150
G.na Amer. Tank Car Corp., corn. (gu.) $1.50 Jan
1 Holders of rec. Dec. 150
Preferred (guar.)
13( Jan. 1 Holders of rec. Dec. 15.
General Baking, Class A (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 21
General Cigar Co.Inc., deb. pref.(gu.)_
114 Jan. 2 Holders of rec. Dec. 234
General Electric(guar.)
Jan. 15 Holders of rec. Dec. 3a
2
Special stock (guar.)
15c. Jan. 15 Holders of rec. Dec. 30
General Fireproofing, corn. (guar.)
•30c. Jan. 1 'Holders of rec. Dec. 19
Common (extra)
*70c. Jan. 1 'Holders of rec. Dec. 19
General Motors, common (extra)
Jan. 7 Holders of rec. Nov.23a
$5
Six per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 40
Seven Per cent preferred (guar.)
135 Feb. 1 Holders of rec. Jan. 40
Debenture stock (guar.)
134 Feb. 1 Holders of rec. Jan. 40
General By. Signal, corn. (go.)
Jan. 2 Holders of rec. Dec. 10a
Si
Common (extra)
250 Jan. 2 Holders of rec. Dec. 10a
Preferred (guar.)
135 Jan. 2 Holders of rec. Dec. 10a
General RPfraCtOriel (guar.)
"50c. Jan. 15 'Holders of rec. Jan. 7
General Tire & Rubber, Prof. (guar.)_ _
134 Jan. 2 Holders of rec. Dec. 19
Glidden Company, common (guar.)._
50c. Jan. 2 Holders of rec. Dec. 22a
Preferred (ouar.)
1
Jan. ' Holders of rec. Dec. 22a
65
Per
When
Cent. Payable
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Conttnned).
Gibson Art, common (guar.)
55c Jan. 1 Dec. 20 to Jan. 1
Common (extra)
10c. Jan. 1 Dec. 20 to Jan. 1
Preferred (guar.)
134 Jan. 1 Dec. 20 to Jan. 1
Gilchrist Company (guar.)
710. Jan. 31 Holders of rec. Jan. 15
Goodrich (1S F.) Co.. pref. (quer
154 Jan. 2 Holders of tee. Dec. 150
Goodyear Tire & Rubber, Prof.(guar.)_.
134 Jan. 1 Holders of rec. Dec. la
Prior preference (guar.)
Jan. 1 Holders of rce. Dec. 15a
2
Goodyear Tire &Rub.of Can., pf.(go.)_
134 Jan, 2 Holders of rec. Dec. 14
gossard (H.\V.) Co., corn. (monthly)._ 33 1-3c Jan. 2 Holders of rec. Dec. 214
Common (monthly)
33 1-3e Feb. 1 Holders of rec. Jan. 214
Common (monthly)
33 I-3c Mar. I Holders of rec. Feb. 188
Gothant Silk Hosiery, corn.(No 1)...... 112-3.' Jan. 2 Holders of rec. Dee. 154
First and second pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 150
Goulds ai Pr. Co.,common (guar.)
135 Jan. 2 Holders of rec. Dec. 19
Common (extra)
2
Jan. 2 Holders of rec. Dec. 19
Preferred (goar.)
134 Jan. 2 Holders of rec. Dec. 19
Grant(W. T.) Co.. 8% pref. (guar.)._ - 2
Jan. 1 Holders of rec. Dec. 19
Great Lakes Steamship (guar.)
•$1 .50 Jan. 2 'Holders of rec. Dec. lb
Great Lakes Towing, preferred (goat.)...
134 Jan. 2 Holders of rec. Dee. 15
Great Lakes Transit (guar.)
134 Jan. 1 Holders of rec. Dec. 26
Great Western Sugar, corn.(guar.)
$2
Jan. 2 Holders of rec. Dec. lea
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 160
Greenfield Tap & Die.6% pref. (guar.). 135 Jan. 2 Holders of
rec. Dec. 164
Eight per cent preferred (guar.)
2
Jan, 2 Holders of rec. Dec. lEal
Grennan Bakeries,common (guar.)
25c. Jan. 1 Holders of tee. Dec. 154
• Preferred (guar.)
135 Jan. 1 Holders of rec. Dec. 150
Guantanamo Sugar, prof.(guar.)
2
Ian. 2 Holders of rec. Dec. 150
Gulf 011 Corp.(guar.)
3735c Jan. 1 Dec. 20 to Deb. 23
Gulf States Steel, corn. (guar.)
134 Jan. 2 Holders of ree. Dec. 154
Ist pref (guar.)
Jan. 8 Holders of tee. Dec. lba
Hamilton-Brown Shoe (monthly)
25c. Jan. 2 Holders of rec. Dec. 23
Extra
50c. Jan. 2 Holders of rec. Dec. 23
Hammermill Paper. pref.(guar.)
134 Jan. 1 Holders of tee. Dee. 205
Hanes(P. H.) Knitting, pref. (guar.)___
134 Jan. 1 Holders of tee. Dec. 19
Happiness Candy Stores, Inc
25c. Jan. 15 Holders of rec. Dec. 30
Harbauer Company (guar.)
45e. Jan. 2 Holders of rec. Dee. 19
Extra
45c. Jan. 2 Holders of rec Dee. 19
Harbison-Walker Refrac., prof. (guar.). 134 Jan, 21
Holders of rec. Jan. lla
Hatfield- Reliance Coal,corn
40e. Feb. I Holders of rec. Jan. 204
Preferred (guar.)
$2
Jan. 1 Holders of rec. Dec. 204
Harris Automatic Press (guar.)
75c, Jan. 2
'feline(George W.) Co.,corn.(guar.)--- 710. Jan. 2 Holders of rec. Dec. 19
Holders of rec. Dec. 140
Common (extra)
$3.75 Jan. 2 Holders of rec. Dec. 145
Preferred (guar.)
134 Jan. 2 Holders of rec. Dee. les
Hibbard. Spencer, Bartlett Co
310 Jan. 29 Holders of rec. Jan. 22
Hibernia Securities, pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 260
H111, Joiner & Co., common
$1
Jan. 1 Holders of rec. Dec. 31
Preferred
314 Jan. I Holders of rec. Dee. 31
11111crest Collieries, common (guar.)___. 135 Jan. 15
Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 15
of tee. Dec. 31
Hollingshead (R. M.)Co., tom.(No. 1). 25c. Jan. 2 Holders
Holders of rec. Dec. 150
Preferred (guar.)
Jan. 2 Holden of rec. Dec. 155
134
Holt. Renfrew Co.. pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 29
Household Products (extra)
60c. Jan. 2 Holders of ree. Dec. 154
Hovey (F. C.) Co., pref. (guar.)
Jan, 2 Dee. 23 to Dec. 50
Howe Sound Co.(guar.)
60c. Jan. 15 Holders of res. Jan. 54
Hudson Motor Car (guar.)
75e. Jan. 2 Holders of rec. Dec. 154
Humble Oil & Refit.(goon)
300. Jan, 1 Dee. 18 to Dec. 31
Hurley Machine (guar.)
Si
Jan. 9 Holden of rec. Dec. 31
Hussmann (Harry L.) Heft., corn.(go.). 6234•. Jan.. 2
Holden of rec. Dec. 19
Common (extra)
6235e. Jan
2 Holders of rec. Dee. 19
Huttlg Sash & Door,common (quit,)... 3734c Jan. 2
Holders of res. Dec 19
Preferred (guar.)
114 Jan. 2 Holders of rec. Dee. 19
Hydraulic Press Brick, pref.(guar.).- 135 Jan. 2
Holders of rec. Dec. 36
Ideal Cement, common (guar.)
51
Jan. 2 Holders of res. Dec. 15
Preferred (guar.)
Jan, 2 Holders of res. Dee. his
Illinois Brick (guar.)
.2.4 Jan. 15 "Holders of res. Jan. 6
Quarterly
*2.4 Apr. 15 'Holders of res. Apr. i
Quarterly
02.4 July 15 *Holders of re*. Ade 5
Quarterly
.2.4 Oct. 15 *Holders if reg. Ost. 5
Independent 011 & Gas(guar.)
25c. Jan, 11 Holders of tee. Des. 964
Independent Pneumatic Tool (guar.),
Si Jan. 2 Holders ef Tee. Dee. 215
Indian alotocycle, pref.(guar.)
134 Jan. 2 Holders if res. Des. 21
industrial Acceptance Corp.. corn (go.) 31
Jan. 2 Holders of rem. Des. 31
First preferred (guar.)
$1.75 Jas. 2 Holders of res. Dee. 21
Second preferred (guar.)
$2
Jan. 2 Holders at res. Des. 21
Second preferred (extra)
$1
Jan. 2 Holders if res. Die. 21
Ingersoll-Rand Co., preferred
3
Jan. 2 Holders of res. Dee ICI
Inland Steel, preferred (guar.)
13I Jan. 1 Holders of roe. Dee. 155
Inspiration Congo'. Copper (guar.)
50e. JAR. 4 Hollers et res. Dee. 175
Interlake Steamship (guar.)
61.25 Jas. 2 Holders of rem. Dee. 19
Extra
SI
Jan. 3 Holder..! reg. Dee.. 19
Internat. Acceptance Bank,corn.(guar.)'Si
Jan. 2 *Holders ef res. Des. 15
International Business Machine (guar./ _ 32
Jan. 10 Holders if res. Dee. 22.
Internat. Buttonhole Sew. Mack. (g11.)- 150. Jan. 2 Holders
of re*. Dee. lb
Internat. Harvester, common (guar.).__ $1.25 Jan. 15 Holders.!
res. Dee. 284
International Match, partie. pref.(gu.). 80e. Jan. LI Holders
of roe. Des. 244
Internat. Paper,6% pref.(guar.)
134 Jan. 15 Hollers of roe. Jan. 20
7% preferred (guar.)
135 Jan. 15 Holders
Internat. Projector Corp., corn. (guar.). 25c. Jan. 1 Holders of roe. Jan. Is
et roe. Dee. 21
Preferred (guar.)
$1.75Jan. 1 Holders ef rec. Dee. 21
International Salt(mum)
135 Jan. 3 Holders
International Shoe, common (guar.).- 51.50 Jan. 1 Holders ef roe. Dee. lba
ef rem. Dee 164
Common (guar.)
51.60 Apr. 1 Holders of res. MM.lia
Common (guar.)
51.60 July 1 Holders ef res. June Ho
Common (guar.)
31.50 Oct. 1 Holders of ref,. June 154
Preferred (monthly)
54 Jan. 2 Holders sires. Dec. 15
International Silver, pref. (guar.)
134 Jan. 1 Holders of rec. Dec. 154
Intertype Corporation. bat pref (guar./- 2
Jan. 2 Holders of re*. Des. lb
Second preferred
3
Jan. 2 Holden ef rd. Dec. lb
Ipewich Mills. 7% Prat
13-5 Feb. 1 Holders.! ree. Jan. 21
Island Creek Coal, corn. (guar.)
55 Jan. 1 Holders of res. Des. 164
Preferred (guar.)
$1.50 Jan. 1 Holders of rec. Des. lii
Jewel Tea. pref. (guar.)
134 Jan. 2 Holders
Preferred (acct, accumulated dim).- 5235 Jan, 2 Holders ef reg. Dee. 19z
of rec. Dee. 194
Johns-Manville, Inc. (guar.)
75c. Jan, 2 Holders ef re*. Des 214
Johnston (It. F.)Paint Co.. pref.(guar.) 2
Jan. I Holders of red. Des. 154
Jones & Laughlin Steel. pref. (guar.)_
13( Jan. 1 Holders of ree. Dee. 164
Kaufmann Dept. Stores, corn. (guar.). •62
Jan. 28 *Holders of res. Jan. 16
Preferred (guar.)
134 Jan.
Kayser (Julius) & Co., corn. (guar.) -- 710. Feb. 2 Holders of rec. Dee. 21
1 Holders of rec. Jan. 200
Preferred (guar.)
52
Jan.
Kelsey Wheel, Inc., common (atiar.)--- 51.60 Jan. 2 Holden of rec. Des. lie
2 Holders of tee. Des. 211
Heivinator Corporation (extra)
60c. Jan. 6 Holders of rec. Dec. 114
Kennecott Copper Corp.(guar.)
51
Jan, 2 Holders of rec. Dec. 48
King Phillip Mills (guar.)
135 Jas. 2 Heiden of rec. Dee. 215
Kinney (GI. R.) Co., Inc., corn.(guar.). 31
Jan. 1 Holders
Kirschbaum (A. B.) CO., pref.(goal.).. 155 Jan. 2 Holders of rec. Des. Iii
of req. Dee. 21
Kraft Cheese, corn.(guar.)
373.5e Jan. 2 Holders •f rec. Dee. 180
Common (payable is common stock)_ _ 1135 Jan.
2 Holders of rec. Dec. Its
Kresge Dept Storm pref.(guar.)
2
Jan. 2 Holders of rec. Dec. I5a
Erect (S. H.) Co., pref.(goat)
134 Jan. 2 Holders of rec. Dec. 19
Kroger Grocery & Baking, new pref.
.(gu.) •114 Jan. 1 'Holders of rec. Dee. 150
First preferred (guar.)
•135 Jan. 1 'Holders of tee. Dec. 150
KupPenheimer (B.) it Co., common_ __ _ 31
Jan. 2 Holders of rec. Dec. 240
Laclede Steel (guar.)
Jan. 2 Holders of rec. Dec 23
La Salle Extension Univ., corn. (guar.). 2
135 Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
11( Jan. 2 Holders of rec. Dec. 21
Laurentide Co. (guar.)
135 Jan. 2 • Holders of rec. Dec. 170
Lawyers' Title dr Guaranty
235
Jan. 2 Holders of rec Dec. 19
Lehigh Valley Coal Sales (guar.)
$2 Jan. 2 Holders of rec. Dec. 100
Libby, McNeil & Libby, Dr.(No. 1).
'335 Jan. 2 *Holders of rec. Dec. 15
Libbey-Owens Sheet Glass, corn. (au.)-- 50c Jan. 15 Holders
of rec. Jan. 50
Common (extra)
11 Jan. 15
Common (payable in common stock) _ 120 Jan. 15 Holders of rec. Jan. 55
Holders
of rec. Jan. 50
Preferred (guar.)
.14i
1
1 'Holders of rec. Jan. 5a
Liggett & Myers Tobacco. pref. (guar.)Jan.
Holders of rec. Dec. 15a
Lion 011 Refining (guar.)
50e. Jan.
Holders of rec. Dec. 31
Loew's(Marcus) Theatres(Toronto).pref 334 Jan. 27
15 Holders of rec. Dec. 31
Loew's London Theatres(Canada). pref
Jan. 1S Holders of ree. Dee. 31
33.4
Long Island Safe Deposit
Jan. 1 Holders of rec. Dec. 24
4
)..
134
154
134
[VOL. 122.
THE CHRONICLE
66
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
114 Jan. 1 Holders of rec. Dec. 180
Loose-Wiles Biscuit, 1st Pref. (quar.)
114 Feb. 1 Holders of rec. Jan. 18a
Second preferred (quar.)
2/4 Jan. 2 Holders of rec. Dee. 17
Lord & Taylor, corn. (guar.)
Feb. 1 Holders of rec. Jan. 18a
2
Second preferred (guar.)
75e. Jan. 2 Holders of rec. Dec. 15a
Lorillard (P.) Co.,common (quar.)
$1.75 Jan. 2 Holders of rec Dec. lba
Preferred (quar.)
50e. Jan. 2 Holders of rec. Dee. 210
Ludlum Steel (guar.)
Feb. 1 Holders of rec. Dec. 31
3
Macfadden Publications, Inc
51acAndrews & Forbes, corn. (guar.)... 24 Jan. 15 Holders of rec. Dec. 310
Jan. 15 Holders of rec. Dec. 310
5
Common (extra)
14 Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
154 Feb. I Holders of rec. Jan. 160
Macy (R. H.)& Co., pref. (quar.)
750. Jan. 15 Holders of rec. Dec. 314
Magma Copper Co.(quar.)
MaHinson(H.R.)& Co.. Inc.. pref (qu) 114 Jan. 2 Holders of rec. Dec. 210
114 Jan. 2 Holders of rec. Dec. 15a
Manati Sugar. pref. (quar.)
Manhattan Electrical Supply (quar.)_ _ $1.124 Jan. 2 Holders of rec. Dec. 210
114 Jan. 2 Holders of rec. Dec 170
Manhattan Shirt. pref.(guar.)
Manning, Maxwell & Moore,Inc.(guar.) 1M Jan. 4 Holders of rec. Dec. 31
d154 Jan. 18 Holders of rec. Jan. 3
Maple Leaf Milling, pref. (guar.)
Holders of rec. Dec. 28a
Marlin-Rockwell Corp., corn.(2 mos.d1v) 320. Jan.
114 Jan. 4 Holders of rec. Dec. 28a
Preferred (quar.)
$1 Jan. 2 Holders of rec Dec. 180
Mathieu:in Alkali Works, corn
11E Jan. 2 Holders of rec Dec. 18n
Preferred (guar.)
May Department Stores. pref. (quar.).. 114 Jan. 2 Holders of rec. Dec. 15a
Jan. 2 *Holders of rev Dec 21
McCord Radiator & Mfg., Class A (qua _
Feb. 1 'Holders of rec. Jan. 204
McCrory Stores, preferred (quar.)
May 1 *Holders of rec. Apr. 20a
Preferred (guar.)
Aug. 1 Holders of rec. July 204
Preferred (guar.)
114 Nov. 1 Holders of rec. Oct. 200
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 22
2
Medart (Fred) Mfg. pref. (guar.)
Merchants & Mfrs. Securities (guar.)... •21g Jan. 1 *Holders of rec. Dec. 15
Jan. 1 'Holders of rec. Dec. IS
•el
Stock dividend
Jan. 2 Holders of rec. Dec. 17
1
Merck & Co., pref.(quar.)
Jan. 1 Dec. 16 to Dec. 31
Metropolitan Paving Brick, pref. (qua _
Jan. 20 Holders of rec. Dec. 310
Mexican Petroleum, common (quara__. $3
Jan, 20 Holders of rec. Dec. 310
$2
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 180
$1
Midland Steel Products, corn
1 Holders of rec. Dec. 18a
47c. Jan
Common (extra)
Jan. 1 Holders of rec. Dec. 18a
$2
Preferred •(guar.)
Jan. 1 Holders of rec. Dec. 18a
$1
Preferred (extra)
14 Jan. : Holders of rec. Dee. 19
Mill Factors Corp.(guar.)
Jan. : Holders of rec Dec. 19
Extra
Mining Corp. of Canada((interim) . 12 Qc Jan. 3( Jan. 18 to Jan. 29
Holders of rec. Dec. 20
Missouri-ills. Stores, common (guar.). 20e. Jan.
1M Jan. I Dec. 22 to Jan. 1
Mohawk Rubber, preferred (guar.)._
£1.75 Jan. 1 Holders of rec. 1)ec. 2I0
Montgomery Ward & Co.. Class A (qu
$1.75 Jan. I Holders of rec. Dec. 210
Preferred (fluor.)
$1.25 Jan. I Holders of roe. Doe. 180
Morgan Lithograph. corn. (guar.)
114 Jan, I Holders of rec. Dec. 18a
pref.
cent
per
(quar.)
Seven
15e. Jan. 2 Holders of roe. Doe. 7a
Morristown Securities. coin. (guar.).-Illa Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
Jan. 16 Holders of rec. Jan. 2
Motion Picture Capital Corp., VI.(qu.). 2
ot Meter Co., Inc., class A (quer.). 00c. Ian. I Holders of rec. Dec. 15a
20. Jan. 11 Holders of rec. Jan. 2a
Mountain & Gulf 011 (guar.)
lc. Jan, It Holders of rec. Jan. 2a
Extra
Mountain Producers Corp.(guar.).- 20e. Jan. 1 Holders of rec. Dec. 150
400. Jan. 1 Holders of rec. Dec. 15a
Extr
Murray Body CorporationCommon (payableln common stock). /1 M Jan. 1 Holders of rec. Dec. 160
Jan. 2 Holders of rec. Dec. 19
Murray-Ohio Mfg., preferred (guar.)._ 2
114 Jan. 2 Holders of rec. Dec. 23
Nashua Manufacturing, pref. Mara- _
Ian, 15 Holders of rec. Dec. 310
750
National Biscuit. common (Qua:.)
$1 Jan. 1 Holders of roe Nov. 30
National Isreweries, corn. (quar.)
1 Holders of rec. Nov. 30
1"4 Jan
Preferred (goat.)
Jan. lb Holders of rec. Jan. 8a
National Cloak & Suit, corn.(guar.).--- $1
National Dairy Products, corn.(guar.). 750. Jan. 2 Holders of tee. Dee. 2Ia
ec Jan. 2 Holders of rec. Dec. 21
Preferred (No. I)
15 Jan. 15 Holders of roe. Dec. 31
National Fireproofing, pref. (guar.).
$1.50 Jan. 15 Holders of rec. Dec. 31
National Fuel Gas(quar.)
Jan. 15 Holders of rec. Dee. 31
$2
Extra
Nat. Grocers Co., Ltd., 1st pref.(No. 1) (aa) Jan. 2 Dec. 15 to Jan. 1
Holders of rec. Dec. 24
Jan.
2
National Licorice,coin
Jan. 8 Holders of roe. Dec. 24
5
Com n ion (extra)
Jan. 15 Holders of rec. Dec. 310
National Paper & Tyne. Pref.(quar.) . 2
Jan. 2 Holders of rec. Dec. 15
2
NationalRefining. pref. (guar./
IUD.
2 Holders of rec. Dec. 180
National Surety (guar.)
IS' Jan. 2 Holders of rec. Dee. 7
National Sugar Refining (quar.)
Jan. 1 Holders of rec. Dee. 144
$3
National Tea, old common
Jan. 2 Holders of rec. Dec. 24
3
Naumkeag Steam Cotton (quar.)
304. Jan. 1 Holders of rec. Dec. 21
Nelson (Herman) Corporation
1215c Jan. 15 Holders of rec. Jan. 26
New Bradford oil (quar)
Jan. 1 Holders of rec. Dec. 15
New England Equity Corp., pref.(quar.) 2
25c. Jan. 2 Holders of rec. Dec. 24
New England Fuel 011 (guar.)
80c. Jan. 15 Holders of rec Dec. 31
Newniont Mining Corp
Jan. 4 Holders of rec. Dee. 20
$I
New York Air Brake. Class A (guar.).
Apr. 1 Holders of rec. Mar. 10a
$1
Class A (guar.)
500. Feb. 1 Holders of rec. Jan. 60
Common (guar.)
New York Canners84 Feb. 1 Holders of rec. Jan. 22
First preferred
Feb. 1 Holders of rec. Jan 22
4
Second preferred
24 Jan. 15 Holders of rec. Jan. ba
New York Dock. preferred
Jan. 2 Holders of rec. Dec. 260
8
New York State Realty & Terminal_
Jan. 2 Holders of rec. Dec. 19
4
New York Title & Mtge.(guar.)
Jan. 2 Holders of rec. Dec. 19
1
Extra
Jan. 15 Holders of rec. Dec. 18
75c.
(guar.)
Transit
York
New
500. Jan. 15 Holders of rec. Jan. 20
New York Transportation (guar.)
154 Jan. 2 Holders of rec. Dec. 21
Nichols Copper Co., preferred (mar.)
•15c. Jan. 20 *Holders of rec. Dec. 31
Niplesing Mines Corp.(Qum.)
an. 1 Holders of rec. Dec. 12
Niger Corporation. Class B (quar.)- -- 50v.
Class B (payable In class B stock).... (r) Jan. 15 Holders of rec. Jan. 5
1 Holders of rec. Doe. 12
an.
75c.
Class A (guar.)
North American Car class A (quar.)__ _ _ 824c. Jan. I Holders of rec. Dec. 234
Jan.
1 Holders of rec. Deo. 8
3
Line
Northern Pipe
North American Provision, pref.(qua- •11i Jan. 1 *Holders of rec. Dec. 10
Norwalk Tire & Rubber, corn.(gear.).. 40c. Jan. I Holders of rec. Doe. 105
18f Jan. 1 Holders of rec. Dec 100
Preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 21
Ogilvie Flour MUla (guar.)
Jan. 16 Holders of rec. Dec. 310
600.
Ohio Fuel Corp.(Minn)
Jan. 2 *Holders of rec. Dec. 19
'2
Ohio Leather, 1st preferred (guar.)
Jan. 2 Holders of rec Dec. lba
50c.
1)
(No.
common
Supply,
Well
011
Jan. 20 Holders of roe. Dec. 280
50c.
Oklahoma National Gas(guar.)
Jan. 2 Holders of rec. Dec. 190
$2
Omnibus Corp., pref. (guar.)
Jan. 2 Holders of rec. Dec. 151
2
(quar.)
pref.
Circuit,
Orpheum
$1.50 Jan. 15 Holders of rec. Dec. 310
Otis Elevator, common (guar.)
154 Jan. 15 Holders of rec. Dec. 310
Preferred (goar.)
Overman Cushion Tire,corn. A & B (qu.) 154 Jan. 1 Dee. 19 to Jan. 1
$1.75 Jan, 1 Dec. 19 to Jan. 1
Preferred (guar.)
75c. Jan. 1 Holders of rec. Dec. 184
Owens Bottle, common (guar.)
Jan. 1 Holders of rec. Dec. 18a
$1
Common (extra)
Jan. 1 Holders of rec. Dec. I80
Common (payable in common stock)._ 15
Apr. I Holders of rec. Mar. 180
750.
(extra)
Common
11( Jan. 1 Holders of rec. Dec. 184
Preferred (quar.)
Apr. I Holders of coo. Mar.lea
114
(quar.)
Preferred
$1.60 Jan. 20 Holders of rec. Dec. 150
Pacific 011
500. Jan. 30 Holders of rec. Jan 150
Packard Motor Car, common (gar.)
palge-Detrolt Motor, common (guar.)-- 45e. Jan. 2 Holders of rec. Dec. 150
114 Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
California_ _
254 Jan. 1 Holders of rec. Dec. 200
Pan AMeriCtill Petroleum of California. _
Apr. 1 Holders of rec. Dee. 20s
254
Pan American Petroleum of Transport&
Pan American Petroleumcommon
20 Holders of rec. Dec. 316
Jan.
$1.50
(guar.)
B
Class
Common and
•15c. Jan. 2 Holders of rec. Dec lba
Park Utah Cons. Mining
Jan. 2 Holders of roe. Dec. 190
680.
preferred
(monthly)
Coal,
Peabody
Jan. 1 Holders of rec. Dec. 15
2
Pedigo-Weber Shoe(guar.)
Jan. 2 Holders of rec. Dec. 24
$1
Extra
Jan. 1 Holders of rec. Dee. 29
$3.50
pref
Inc.,
Pelz-Greenstein Co.,
114 Jan. 1 Holders of rec. Doe. 190
Penick & Ford,Ltd., pref.(qua:.)
Jan. 1 Holders of rec. Dec. 190
dividends)._
1154
accum.
(acc't
Preferred
Feb. 15 Holders of rec. Feb. 5
2
PedM8112, Limited, common (quar.)
14 Feb. 1 Holders of roe. Jan. 21
(guar.)
Preferred
1 Holders of rec. Dec. 31a
.25Jsn.
SI
..
(qrsr.)
Mfo
Penn sylvania Salt
Name of Company.
Per
When
Cent. Payable.
Boob Closed
Days Inclusive.
Miscellaneous (Continued).
715c. Jan. 1 Holders of roe. Dec. 11
Pet Milk. corn. (quar.)
114 Jan. 1 Holders of rec. Dec. 11
Preferred (gear.)
Pettibone, Mulliken, 1st & 2d pf. (siu.) 154 Jan. 2 Holders of rec. Dec. 224
Jan. 2 Holders of rec. Dec. 250
1
Phelps Dodge Corp.(guar.)
Philadelphia Insulated Wire
Feb. 1 Holders of rec. Jan. 15a
$2
1/3 Feb. 1 Holders of rec. Jan. 20a
Phillips-Jones Corp., pref. (goar.)
75c. Jan. 4 Holders of rec. Dec. 210
Phillips Petroleum (quar.)
111 Jan. 2 Dec. 23 to Jan. 1
Pick (Albert) & Co., pref.(qua:.)
Jan. 2 Holders of rec. Dec. 16
Pie Bakeries of Amer.,Inc., Cl. A (qu.). 81
114 Jan. 2 Holders of rec. Dee. 16
7% preferred (quar.)
Pittsburgh Coal, preferred (guar.)
154 Jan. 25 Holders of rec. Jan. 80
$1
Jan. 2 Holders of rec. Dec. 28o
Pittsburgh Steel. common (quar.)
Jan. 2 Holders of rec. Dec. 31
Pittsburgh Transformer, common MILL.
Jan. 2 Holders of rec. Dec. 31
•2
Preferred (gum.)
"14 Jan. 20 'Holders of rec. Jan. 2
Plymouth Cordage (mar.)
Jan. 30 Holders of rec. Dec. 310
2
Prairie Pipe Line (guar.)
Pratt & Lambert, Inc.. common (guar.). 576e. Jan. 2'Holders of rec. Dec. 15a
34 Jan, 2 Holders of roe. Dec. 15
Price Brothers & Co., Ltd., corn.(qua ....
114 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 240
2
Procter & Gamble,8% pref. Mara
*50c. Jan. 15 'Holders of rec. Dec. 31
Pro-phy-lac-tic Brush (quar.)
114 Jan. 1 Holders of rec. Dec. 28
Providence Ice Co., first pref.(quar.)._
14 Jan. 2 Holders of rec. Doe. 15
Provincial Paper Mills, com.(quar.)_ _
Jan. 2 Holders of reo. Dec. 15
1
Common(special)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
114
Jan. 1 Holders of rec. Dec. 10
(guar.)
Prof.
654%
Pure Oil,
154 Jan. 1 Holders of rec. Dec. 10
Six per cent preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 10a
Eight per cent preferred (guar.)
760. Jan. 16 Holders of rec. Dec. 310
Quaker Oats, common (Guar.)
154 Feb. 27 Holders of rec. Feb. la
Preferred (guar.)
114 Jan. 1 Holders of rec. Dec. la
Radio Corporation, Prof.(quar.)
Rand-Kardex Bureau, corn.(No. 1)____ 4.6 Jan. 11 'Holders of rec. Dec. 21
41.75 Jan. 2 'Holders of rec. Dec. 31
Preferred (guar.)
$1
Jan. 2 Dec. 20 to Jan. 1
Real Silk Hosiery, common (qua:.)
114 Jan. 2 Dec. 20 to Jan. 1
Preferred (guar.)
3
Jan. 15 Holders of rec. Jan. 5
Realty Associates, first preferred
35c. Jan. 2 Holders of rec. Dec. 15
Reece Button Hole Mach.(quar.)
2 Holders of rec. Dec. 15
5e. Jan
Recce Folding Machine (guar.)
Reid Ice Cream Corp., corn. (guar.)..._ 75e. Jan. 2 Holders of rec. Dee 214
11E Jan. 2 Holders of rec. Dec. 18a
Reliance Manufacturing, pref. (guar.)._
114 Jan. 2 Holders of rec. Dec. 210
Remington Arms Co.. pref., Set. A (qua
114 Jan. 15 Holders of rec. Jan. 4
Remington-Noiseless Typew.. pref.(qua
Remington Typewriter, 1st prof. (guar.) 114 Jun. 1 Dec. 18 to Jan. 1
114 Jan. I Dec. 16 to Jan. 1
First preferred, Series A (guar.)
2
Jan. 1 Dec. 16 to Jan. 1
Second preferred (guar.)
20c. Jan, 2 Holders of rec. Dec lba
Reo Motor Car (guar.)
30e. Jan. 2 Holders of rec. Dec. lba
Extra
I M Jan. 2 Holders of rec. Dec. lba
Republic Iron & Steel, pref. (gear.)....
114 Jan. 2 Holders of rec. Dec. 15a
Reynolds Spring. pref. A & B (gust.)...
Jan. I Holders of roe. Dec. 18a
ReYnolds(R.J.)To b.,com.&com.B(qI.) $I
114 Jan. I Holders of rec. Dec. 180
Preferred (guar.)
Rice-Stlx Dry Goods, common (guar.)._ 3714c Feb, 1 Holders of rec. Jan. 15
114 Jan. 2 Holders of rec. Dec. 25
First and second preferred (gust.)
Richardson & Boynton Co., part. pf.(qu) 750. Jan. 2 Holders of rec. Dec. 15
Jan. I Holders of rec. Dee. 15
•114
(guar.)
preferred
Co.,
Richardson
81.60 Jan. 2 Holders of rec. Dec. 28
Richman Brothers (guar.)
134 Jan. 15 Holders of roe. Dec. 310
Richmond Radiator, pref. (guar.)
75c Jan. 15 Holders of rec. Dec. 31a
New pref. (extra)
154 Jan. 15 Holders of rec. Jan. ba
River Raisin Paper Co. (attar.)
31
Jan. 17 Holders of rec. Jan. 10
common
Typewriter,
Royal
34 Jan. 17 Holders of rec. Jan. 10
Preferred
$1
Jan. 15 Holders of roe Dec 31a
Safety Cable Co.(NO. 1)
50o. Mar. 20 Mar. 10 to Mar.21
St. Joseph Lead Co. (qua:.)
Mar. 20 Mar 10 to Mar.21
25
Extra
50e. June 21 June 10 to June 21
Quarterly
25c. June 21 June 10 to June 21
Extra
50c. Sept.20 Sept. 10 to Sept.20
Quarterly
250. Sept.20 Sept. 10 to 8060:20,
Extra
50c. Dee. 20 Dec. 10 to Doe. 20
Quarterly
25e. Dec. 20 Dec. 10 to Dec. 20
Extra
St. Louis Amusement Co., cl. A (qu.)--$ 1.124 Jan. 2 Dec. 20 to -Jan. 1
Jan. 1 *Holders Of rec. Dec. 28
St. Louis Nat. Stock Yards(man).- _ .2
Dec. 31 Holders of rec. Dec. 180
St. L. Rocky Mt.& Pao. Co., corn.(qu) 1
1g Del. 31 Holders of rec. Dec. 184
Preferred (guar.)
St. Regis Paper Co.. common (gust.)... 50c. Jan 2 Holders of rec. Dec. 15a
$1.76 Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
15e. Jan. 2 Holders of rec. Dec. 150
Salt Creek Consol. OIL (quar.)
Jan. 1 'Holders of rec. Dec. 18
Santa Cruz Portland Cement (guar.). _ 41
Savage Arms Corp., first pref. (quar.)_. 114 Ian. 2 Holders of rec. Dec. 15a
114 Feb. 15 Holders of rec. Feb. la
Second preferred (guar.)
111 Jan. 1 Holders of rec. Dec. 21a
Sayers & Scoville. common (guar.)
334 Jan. 1 Holders of rec. Dec. 210
Common (extra)
154 Jan. 1 Holders of rec. Dec. 21a
Preferred (quar.)
Jan, 1 Holders of rec. Dec. 16
Schulte Retail Stores Corp.. pref. (guar.) 2
Scruggs-Vandervoort-Barney Dry Goods
3
Jan. 2 Holders of rec. Dec. 21
First preferred
314 Jan. 2 Holders of rec. Dec. 21
Second preferred
2
Jan. 1 Holders of rec. Dee. 20
Seaboard 011, preferred (guar.)
(dd) Jan. 20 Holders of rec. Dec. 31
Seagrave Corp. (guar.)
Securities Investment, common (guar.). 824c. Jan. 2 Holders of rec. Dec. 21
2
Jan. 2 Holders of rec. Dee. 21
Preferred (guar.)
Seeurities Management Corp.,Cl. A(qu. •14 Ian. 15 *Holders of rec. Jan. 2
Sefton Manufacturing, pref. (guar.) - - •114' Jan. 2 *Holders of rec. Dec. 22
Sharon Steel Hoop. preferred (quar.)... '2
Jan. 2 *Holders of rec. Dee. 24
50c. fan. 11 Holders of rec. Dec. 210
Shattuck (Frank G.) Co.(guar.)
33 1-3c Jan. 2 Holders of rec. Dec. 21
Sheffield Steel
30c. Jan. 2 Holders of rec. Dec. 21
Sieloff Packing (guar.)
15c. Jan. 2 Holders of rec. Deo. 21
Extra
Silver King Coalition Mining (guar.)._ 250. Jan. 2 Holders Of rec. Dec. 15
Slmbroco Stone Co.. preferred
Jan. 1 Holders of rec. Dec. 15
2
50c. Jan. 2 Holders of rec. Dec. 150
Simmons Co.. coin.(guar.)
25e. Jan. 16 Holders of rec. Doe. 2I0
Common (extra)
60e. Jan. 2 Holders of rec. Deo. lba
Simms Petroleum
Sloss-Sheffield Steel & Iron. pref. (go.). lu Jan. 2 Holders of reo. Dec. 210
South Porto Rico Sugar, corn. (quar.).. 114 Jan. 2 Holders of rec. Dec. 10a
2
Ian. 2 Holders of reo. fled. 10a
Preferred (quar.)
75c. Mar.15 Holders of rec. Mar. 10
Southern Acid & Sulphur, common
Jan. 2 Holders of rec. Dec. 24o
$2
Southern Baking. preferred (guar.)
Jan. 31 "Holders of rec. Jan. 15
Southern Dairies. Incr., Cl.A(qu.)(No.1) 41
Spanish Rio.Pulp&Pap.,cont.& pt.(qu.) 154 Jan. 15 Holders of rec. Dec. 31
2
Jan. 2 Holders of rec. Dec. 240
Spicer Manufacturing, pre(. (guar.)._
Stahl(H. A.) Properties Co.,corn.(111.). 52.50 Jan. 2 Dec. 23 to Jan. 1
154 Jan, 2 Dec. 23 to Jan. 1
Preferred (quar.)
Standard Commeriel Tobacco. com.(qua 25e. Jan. 2 Holders of rec. Dec. 23
314 Jan. 2 fielders of rec. Dec. 23
Preferred
8
Jan. 2 Dec. 25 to Jan. 12
Standard Coupler. pref.(annual)
45e.
Jan. 1 *Holders of rec. Dec. 20
Products
(qua:.)
Drug
Standard
$2.50 Jan. 1 Holders of rec. Nov.27
Standard 011 (Ohio), corn.(guar )
Standard Plate Glass. prior pref. (guar.) 114 Jan. 1 Holders of rec. Dec. 210
24 Jan. 1 Holders of ree. Doe. 15
Standard Screw, common (altar.)
3
Jan. I Holders of rec. Dee. 15
Preferred
31.50 Jan. 1 Holders of roe. Dec. 17
Stanley Co. of America (guar.)
Jan. 2 Holders of roe. Dec. 190
State Theatre Co.. Boston. pref.(guar.) $2
114 Feb. 1 Holders of rec. Jan. 8
Steel Co. of Canada,common (guar.)
114 Feb. 1 Holders of rec. Jan. El
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 15a
$1
Sterling Products, Inc.. (guar.)
Jan. 2 'Holders of rec. Dee. 21a
Stern Bros.. corn., Class A (guar.)
*33.75 Jan. 15 *Holders of rec. Jan. 1
Stetson (John B.) Co.,common
*4
Jan. 15 'Holders of rec. Jan. 1
Preferred
Jan. 1
5
Stevenson, Brien & Co.,Inc., corn
Jan. 1
Preferred (quar.)(No.3)
75o. Jan. 2 Holders of roe Dec. 15
Stone(H.0.)& Co..common((Mara
Jan. 2 Holders of rec. Dec. 15
Common (Payable in common stock)... /10
114 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
$1.50 Ian. 2 Holders of rec. Dec. lla
Stromberg Carburetor (quar.)
Jan. 16 Jan. 1 to Jan. 13
$I
Sullivan Machinery (guar.)
51.50 Jan. 15 Holders of rec. Jan. 5
Superheater Co. (qua:.)
33
Jan. 6 Holders of rev. Dec. 26
Extra
58
Jan. 2 Holders of roe. Dec. 29
Swan & Finch 011 Corp., preferred
Jan. 1 Dec. 11 to Jan. 7
2
Swift & CO (qua:.)
110c. Feb.d 15 Holders of rec. Jan. IS
S will Internacional
In
JAN. 2 1926.]
Name of Compassy.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusiee.
Weekly Returns of New York City Clearing
67
House
Banks and Trust Companies.
Miscellaneous (Continued).
Symington Co., class A (mar.)
50c. Jan. 2 Holders of rec. Dec. 15a
The following shows the condition of the New York City
Syracuse Wash. Mach..com.,A &B(qu)•75c. Jan. 2 *Holders of rec. Dec. 18
Common A & B (extra)
41
Jan. 2 *Holders of rec. Dec. 18
Clearing House members for the week ending Dec. 26. The
Common A & B (in stock)
*2
Jan. 2 *Holders of rec. Dec. 18
Teck-Hughes Gold Mines, Ltd
Sc. Feb. 1 Jan. 16 to Jan. 31
figures for the separate banks are the averages of the daily
Telautograpb Co.. Pref.(Qum.)
14 Jan. 11 Holders of rec. Dee. 31.
Textile Banking Corp.(quar.)
2
Jan. 2 Holders of rec. Dec. 240 results. In the case of the grand totals, we also show the
Thompson (J. Ft.) Co., corn.(monthly)- 30c. Jan. 2 Holders of rec. Dee. 230
Common (monthly)
30c. Feb. 1 Holders of recs. Jan. 234 actual figures of condition at the end of the week.
Common (monthly)
30e. Mar. 1 Holders of rec. Feb. 230
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Thompson(R. E.) Mfg., 1st pref.(qu.). $2 Jan. 15 Holders of rec. Dec. 31
First pref.(for quer. ended Sept.30)- 82 Jan. 15 Holders of rec. Dec. 31
(Staled in thousands of dollars)-that U. three (000) ciphers omitted
Tintic Standard Mining, extra
*30c. Jan. 2 'Holders of rec. Dec. 16
Tobacco Products Corp.. corn (qua,.).. (z) Jan. 15 Holders of rec. Dee. 31
Torrington Company,common (quar.)
New
3
Jan. 2 Holders of rec. Dec. 18
Common (extra)
Reser,
CapffatlPrOfltS. Loans,
5
Jan. 2 Holders of rec. Dee. 18
Tower Manufacturing, common ((Man). 250. Jan. 1 Holders of rec. Dec 15
Week Endin
Discount, Cash
with
Net
Time Bank
Transue & Williams Steel Forg.
Dec. 26 1925. Nat'l, Sept.28 Invest:
Legal Demand
50c. Jan. 10 Holders of rec. Dec. 310
in
De- Circa.
Trumbull-Cliffs Furnace. prof. (qUar.)
State, Nov.14 ments, Pettit. Depott- Deposits. Posits. la1;4 Jan, 2 Holders of rec. Dec. 19
Tuckett Tobacco, common (quar.)
(000 emitted.) ,.Co' Nov.14 d8c.
tortes.
1
Jan. 15 Holders of roe. Dee. 31
ties.
Preferred (quar.)
Jan. 15 Holders of res. Dec. 31
Tulin Cup Corp., common (quar.)
Members of F d. Res. Bank. Average. Average Averag Average. Averag Arti
3740 Jan. 2 Holders of rec. Dec. 21
Preferred (quar.)
Bank of N.Y.
Jan. 2 Holders of rec. Dec. 21
Ulen & Co., preferred
Trust Co_ _ _ 4,000 12.80
75.309
766 7.662
Jan. 1 Holders of rec. Dec. 21
4
57.514 8.046
Underwood Computing Mach., pf.(an.) 14 Jan. 1 Holders of rec. Dee. 19
Bk of Manhat'n 10,000 14,732 180.88
3.934 17.975 130,828 24,629
Underwood Typewriter,corn.
75e Jan. 1 Holders of rec. Dec. la Mech & Met Na 10.000 15,749 184,034 4,446 23.172
172,435 11.030 54
Preferred (quar.)
14 Jan. 1 Holders of re& Dec. la Bank of America 6,500 5.223 83.262 2.254 12.069
90.099 4,364 ---i
Union Carbide & Carbon (quar.)
$1.25 Jan. 1 Holders of roe. Dec. 90 National City. 50,000 62,403 592,304 5,452 66.236 *632,438 65,361 851
Union Metal(guar.)
Chemical Nat. 4,500 17,597 127,687 1.626 15,551
500. Jan. 2 Holders of rec. Dec. 19
4.297 347
115.730
Extra
Am Ex-Pac Na
7,500 12,625 152.223 3.065 18,133
250. Jan. 2 Holders of rec. Dec. 19
139,950 11.020 4.947
United Alloy Steel Corp
50a. Jan. 9 Holders of rec. Dec. 266 Nat 13k of Corn. 25.000 40,021 384,39
1.48 40.465 306,10 14,322
United Drug, corn. (quar.)
14 Mar.
Holders of rec. Feb. 164 Chat Ph NB& 13,500 13,236 229.448 3,526 26.141
174,77 43,811 5.559
First preferred (guar.)
Feb.
Holders of roe. Jan. 150 Hanover Nat.. 5.000 25,443 123.312
876 14,441
108,64
United Dyewood. pref. (guar.)
Jan. 1 Holders of rec. Dec. 150 Corn Exchange_ 10.000 14.558 200,523 8,765 25.459
177,41 31.168
United Equities Corp. (special)
National Park_ 10,000 24,375 180,259 1,088 17,827 134.62
Jan. 1 Holders of rec. Jan. 2
$1
9,936 3.481
United Fruit (quar.)
East River Nat. 2.500 2,375 42,260 1,016 4.631
234 Jan. 2 Holders of rec. Dec. 5
32.07 11,991
995
Milted Profit Sharing Corp.
First National. 10,000 71.199 324,85
717 29,125 218,830 22,966 4,951
No par common (quar.)
17,500 13,732 286.945 4.351 36.551
Holders of rec. Dec. 106 Irving Bk-Col
30o. Jan.
274,66 26.263
Common, 81 par (quar.)
250
928
6,141
15e. Jan. 2 Holders of rec. Dec. loa Bowery Nati Bk
140
510
3,41
2.084
United Ice Service. pref. A (quer.)
8,239
$1.75 Jan. 2 Holders of rec. Dec. 246 Continental__ _ 1,000 1,161
173
871
6,50
426
United Shoe Machinery, corn. (quar.)
Chase National. 20.000 26,894 388,142 5.130 47,757 *372.29 18,0
624c Jan. 5 Holders of rec. Dec. 15
986
Preferred (quar.)
500
Fifth
Dec.
15
2,905 28,003 1,111 3.277
374c Jan. 5 Holders of roe.
Avenue__
24,97
United Verde Extension Mining (quar.)- 750. Feb. 1 Holders of rec. Jan. 54 Commonwealth.
600 1,089
14,161
546 1,305
8.71
477U. S. Distributing, preferred
18,948
334 Jan. 1 Holders of rec. Dec. 154 Garfield Nat'l.. 1.000 1.766
53
2,892
19,33
249
U. B. Industrial Alcohol, pref. (quar.)14 Jan. 15 Holders of rec. Dec. 30a Seaboard Nat'l_ 5.000 8,758 117,422 1,48 15,456
117,66
3,156
U.S.Rayon Corp., pref.(quar.)
1,500 1,531
Jan. 2 Holders of rec. Dec. 30
Coal & Iron Na
19.188
58
2,351
16,13
1.898 411
U.S. Tobacco, common (quar.)
75e. Jan. 2 Holders of rec. Dec 146 Bankers Trust_ 20,000 30,391 335,288 1.29 36.288 *294,19 47.436 ---Preferred (quar.)
Jan. 2 Holders of rec. Dee. 144 US Mtge & Tr_ 3,000 4,750 61.892 1,06
7,36
65.00
5.45
Universal Leaftobacco, pref.(guar.).- 2
Jan. 2 Holders of rec Dec. 21
Guaranty True 25.000 21,538 421,438 1,85 47,046
405.19 50.162
Universal Pictures, let pref. (quar.)___. $2
Jan. 2 Dec. 27 to Jan. 3
Fidelity-Inter
2.000 2,209 22.764
773 2,469
19,13
1,780 ---Universal Pipe & Radiator. pref. (quer.) 14 Feb. 1 Holders of roe. Jan. 156 New York Trust 10,000 20.018 173,383
719 19,77
147,78 20,119 -Upson Company, preferred (quar.)
14 Jan. •1 Holders of rec. Deo. 15
Farmers L & Tr 10,000 18,520 147,337
795 14.57 •110.246 22,682 Van Dorn Iron Works. Pref.(Quan) -- 14 Jan. 2 Holders of rec. Dec. 22
Equitable Trust 23,000 12,852 275,041 1,936 32.22 *299,72 39,216
Virginia Iron. Coal & Coke, pref
234 Jan. 2 Holders of rec. Deo. 154
Vulcan Detinning, pref.(quar.)
14 Jan. 20 Holders of rec. Jan. 9a Total of averages 308,850 501,3995 185 095 62.107589,595 c4,339,911 506.560 23.421
Pref. (acct. accumulated dividends)._ 52
Jan. 20 Holders of rec. Jan. 96
Preferred A (quar.)
14 Jan. 20 Holders of rec. Jan. 90 Totals, actual condition Dee. 265.182,064 56.428 05.623c4,348,334 504,66625,380
Wabasso Cotton, Ltd. (quar.)
$1
Jan. 2 Holders of rec. Dec. 15
Totals. aaual condition Dec. 196.191.805 60.397622.156 c4,377,644 496.816 23,434
Waldorf System, corn. (quiz.)
3134e Jan. 2 Holders of rec. Dec. 20a Totals, actual condition Dec. 125.139,136 53,134 594,818 c4,353,671 494.224 23.514
First and second pref (quer.)
200. Jan. 2 Holders of rec. Dec. 20
State Banks Not Me mbers of Fecil Res've Bank.
Ward Baking Corp.. Pref.(:Man)
14 Jan. 2 Holders of rec. Dec. 15
Greenwich Bank 1.000 2,594
23,495 2,297 2.1771
23,094 1,7801 -Warren Bros., common (guar.)
$1 Jan. 2 Holders of rec. Dec. 196 State Bank..__. 3,500 5.867 109,109 4.934 2,563
41.092 64,675 ---First preferred (quar.)
1
75e. Jan. 2 Holders or rec. Dec. 196
Second preferred (guar.)
8734c Jan. 2 Holders of rec. Deo. 190 Total of 0067003 4,500 8,842 132,604 7,231 4,740;
64,186 66.455 ---West Coast 011 (quar.)
$1.50 Jan. 5 Holders of rec. Doe. 24a
West Point Manufacturing (roar.)
2
Jan. 2 Holders of rec. Dec. 17
Totals. actual condition Dec.26 133,408 7.080 4,576
64,61 66,487
Westchester Title & Trust
Jan. 7 Holders of rec. Dec. 31
5
Totals, actual condition Dee 19 132,591 7.260 4,673
63.993 66,391
Extra
5
Jan. 7 Holders of roe. Dec. 31
Totals, actual co ndition Deo. 12 130,861 6,881 4.588
62,469 66.246
Western Grocer, prof
334 Jan. 1 Dec. 20 to Jan. 1 1926
Trust Companies Not Menthe roof Fed 1 Res ye Ban
Westinghouse Air Brake (quit%)
$1.50 Jan. 30 Holders of rec. Dec. 31a Title Guar & Tr 10,000 17,233 64,126 1,480 4,458
39,421 2,970
Extra
$1
Jan. 30 Holders of rec. Dec. 316 Lawyers Trust. 3,000 3,204
21,655
961 1.551
846
16,955
Westinghouse Elec.& Mfg • corn.(quar.) 81
Jan. 30 Holders of rec. Dec. 316
Preferred (quar.)
$1
Jan. 15 Holders of rec. Dec. 31a Total of averages 13,000 20,437 85.781 2.441
56.376
Westmoreland Coal
$1.50 Jan. 2 Dec. 25 to Jan. 3
Weston Electrical Instrument(quar.)
50e Jan. 2 Holders of rec. Dec. lea Totals, actual condition Dec.26 85,787 2,341 6,267
56,553 3,81
Wheeler Condenser & Eng., pref.(quar.) $2
Jan. 2 Holders of rec. Dec. 13
Totals, actual condition Dec. 19 86,560 2,359 6,442
57,615 3,82
White Eagle Oil& Refining (guar.)
50c. Jan. 20 Holders of rec. Dec. 314 Totals, actual condition Dec. 12 85.842 2,355 6,622
58.276 2.872
Whitman(Wm.)Co.. pref.(quar.)
Jan. 1 Holders of rec. Dec. 17
Will & Reimer Candle. Inc.. pref. (qu.) 2
Jan. 1 Holders of roe. Dec. 15
Gr'd aggr..seer. 326,350530,2995.403,480 71.779000,8441 4.460.473 576,831 23,421
Willys-Overland Co.. preferred (quar.).. 14 Jan. 2 Holders of rec. Deo. 204 Comparison
vitt h prey. week
+31,976 +5,041 +7281 -26.596 +132
-4
Preferred (acct,accumulated dive.)
1294 Jan. 2 Holders of rec.Dec eel9a
Winnsboro Mills, common (quar.)
2
Jan. 2 Holders of rec. Dec. 23
Gr'd
aggr..
ea'
ond'n Dec. 26 5.401.259 65,849016.466' 4,469,497574,961 23.380
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 23
Comparison with prey. week.. -9,697-4,165-16,805! -29,755 +7,934 -54
Woods Manufacturing, pref.(quar.)-*194 Jan. 2 *Holders of rec. Dec. 26
Wright-Hargreaves Mines, Ltd
24 Jan. 1 Holders of rec. Dec. 15
Gr'd
aericond'n Dec. 195.410.956 70.014633,271; 4,499,252567,027 3,434
Extra
74 Jan. 1 Holders of rec. Dec. 15
Gr'd age,.,
cond'n Dec. 125.355.829 62.370606.028 4,474,426 563,342 23.514
Wrigley (Wm.) Jr. & Co.(monthly)._ 250. Jan. 2 Holders of rec. Dec. 190 Gr'd
act*/ cond'n Dec. 55,356,119 58.547693,391 4,469,156 563,59 3.609
Extra
50e. Jan. 2 Holders of rec. Dee. 190 Gr'd agrr..
Nov.28.5,362,959 60,781 597,385 4,439,947 575,652 3.413
Monthly
25e. Feb. 1 Holders of roe. Jan. 200 Gr'd age,.... arlennd.R
aceloond'n Nov.21 5,361.933 57.867617,271 4.497.884564,62 23,507
Monthly
25e. Mar. 1 Holders of rec. Feb. 200 Gr'd aggr.. aa' cond'n Nov.14
5,357,100 55,944650.065 4,501,102 559.7 23,602
Monthly
250. Apr. 1 Holders of ree. Mar.206
Worthington Pump & Mach., pt. A (qu.) 14 Jan. 2 Holders of rec. Dec. 21a
Note.-U. S. deposits deducted from net demand deposits In the general totals
Preferred B (quer.)
14 Jan. 2 Holders of rec. Dee. 2I6
above were as follows: Average total Dec. 19, 855.593,000. Actual totals Doe. 26,
Wurlitzer (Rudolph) Co ,7% pt. (qu.). 114 Jan. 1 Holders of rec. Doe.
19
856,193,000; Dec. 19, $55,592,000: Dec. 12. $8,507,000; Dec. 5, 88,508.000; Nov. 28,
Yale & Towne Manufacturing (quar.)
SI
Jan. 2
of rec. Dec. 100 $10,004,000.
Yates Amer. Machine Co., prior pt.(qu.) 8240 Jan. 1 Holders
Bills Payable, rediscount& acceptances and other liabilities, average
Dee.
20
to
Jan.
1
for week Dec. 26, 8723,057,000; Dec. 19, $693,748,000; Dec. 12, 8705,207.000:
Yellow Cab Co.of Newark,coin.(qu.)
25c. Jan
Holders of rec. Dec. 15
Yellow Truck & Coach, class B (an.)...
18c Jan. 2 Holders of rec. Dee. 154 Dec. 5, 2680.798,000; Nov. 28, 1677,750,000. Actual totals Dec. 26. 8734.018.000;
Preferred (quar.)
14 Jan. 2 Holders of roe. Dec. 156 Dec. 19, 8741,048,000; Dec. 12. $731,247,000; Dec. 5, 5695.372,000; Nov. 28,
Young (J. B.) Co., common (quar.)
234 Jan.
Holders of rec. Doe. 18a 8706.367.000„
Preferred (quar.)
•Includes deposits in foreign branches not included in total footings as follows:
14 Jan.
Holders of rec. Dec. 180
Zenith Radio (annual)
6
Jan.
Holders of rec. Dec. la National City Bank, $150,636,000; Chase National Bank, 811,078,000; Bankers
Extra
4
Jan. 2 Holders of roe. Dec. la Trust Co., $28.358,000; Guaranty Trust Co., $64,651,000; Farmers' Loan & Trust
Co., 85.735,000; Equitable Trust Co.. $66.077.000. Balances carried In banks in
•From unofficial sources. 1 The New 'York Stock Exchange has
that Mock foreign countries as reserve for such deposits were: National City Bank,810.664,0001
VW not be quoted ex-dividend on thla date and not until furtherruled
notice. 6 The Chase National Bank, $1,616,000; Bankers Trust Co., $5.312,000: Guaranty Trust
New York Curb Market Association has ruled that stock will not be quoted ex Co.. $5,776,000; Farmers'
Loan & Trust Co., 85,735.000; Equitable Trust Co..
dividend on this date and not until further notice.
$7,574,000.
Annual dividend for 1925 all payable in equal quarterly Installments on April 1
c Deposits in foreign branches not included.
July 1, Oct. 1 1925 and Jan. 11920. have been declared as follows: On the common
The reserve position of the different groups of institutions
Hoek $4 40, quarterly installments $1 10, prior preference,7%,quarterly Installments
%,participating preferred,7% regular, quarterly installment 134%,participating on the basis of
both the averages for the week and the actual
Preferred, 2% extra, quarterly installment 31%. preferred, 6%, quarterly installcondition at the end of the week is shown in the following
ment, 94%.
a Transfer books not cloaed for this dividend. d Correction. e Payable in stock. two tables:
fPayable in common stock. g Payable in scrip. h On account or accumulated STATEMENT
OF RESERVE POSITION OF CLEARING HOUSE Benno
dividends. m Payable in preferred stock. n Payable in Canadian funds.
AND TRUST COMPANIES.
On Class A stock dividend is 2 % of one share of Class A stock. In lieu of
cash dividends holders may take on the preferred stock 3.75% of a share of Class A
stock for each share of original aeries pref. and .06 of a share of Class A stock for
Averages.
each share of 37 dividend series stock.
Reserve
Cash
1 Subject to authorization at stockholders' meetings on Dec. 28.
Reserve
Total
in
Reserve
Surplus
o For period from Nov. 15 to Dec. 15 1925. due to change in dividends from
Required.
in Vault. Depositaries Reserve.
Itausis.
Q.-F. 15 to Q.-J. 1.
Sublect to deduction to provide for Federal taxes assessed against the railroad.
Members Feder;
589.595,000 589,595,000 579.385.230 10,209,770
Reserve Bank....
r Dividend is 134 share of B stock for each 100 shares held.
State
banks*
7,231.000 4.740,000 11,971,000 11.553,480
417,520
a Payable either In cash or Class A stock at the rate of one-fortieth of a share.
Trust companies'
2,441,000 6,009,000 8,450,000 8.456,400
6.400
•Payable 200.1n cash and 150. per share (1-100 of a share) In common stock.
to One-fiftieth of a share of new non-par common.
Total Dec. 20___. 9.672,000 600,344.000 610,016.000 599.395,110 10,620,890
Total Dec. 19.... 9,363.000 599,616,000 608,979,000 602,454,640 6.524.360
It Dividend Is one-tenth of a share of common stock for each share held.
Total Dec. 12.... 9,276,000 596,851.000 606,127,000 599,465.030 6,661.970
e Dividend is one-fifth of a share of founders shares of the Happiness Candy Stores.
Total Dec. 5
9,240,000 598,684,000 607,924,000 601,301,720 6,622.280
as Four months dividend to Dec. 31 1925.
• Not members of Federal Reserve Bank.
bit Final dividend is 2s. 3d. and interim is 10d., free of tax. Transfers received In
Landon In order up to Jan.4 will be In time for payment of dividends to transferees.
b This Is the reserve required on the net demand deposits In the case of State banks
ea Initial dividend on prof. at rate of 7% per annum for month of December 1924. and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
cash
or
In
80o.
24%
In
stock
at
stockholder.
option
of
dit
Dec. 26. 315,196,800: Dec. 19. 814,810,670; Dec. 12, 214,924.250; Dec. 5, $15.ett N. Y. Stock:Mu:flange rules that 'took will sell ex-dividend on Dec. 24.
003,810; Nov. 28, $15.052.110. •
194
194
194
194
134
134
194
• 13.4
(VoL. 122.
THE CH.RONIOL/1
Actual Figures.
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Total
Rama.
BurpJul
Reserve,
Reserve
Required.
BOSTON CLEARING ROGER MEMBERS.
blemb*rs Federal
Reserve Bank_
Eltate banks*
Trust companies...-
605.623,000 605.623,000 580,423,100 25.199,900
26,200
7.080.000 4,576,000 11,656.000 11.629.800
125.050
2,341.000 6.267,000 8,608,000 8,482,950
Dec. 26
Dec. 19
Dec. 12....
Dec. 5....
9,421.000 616,466.000 625,887.000 600,535,850 25.351.150
9,617.000 633,271.000 642.888.000 604.159,190 38.728.810
9,236,000 606.028.000 615,264.000 600.791,570 14,472,430
9,219,000 593.391,000 602.610,000 600,114,630 2,495.370
Total
Total
Total
Total
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies. but In the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Dec. 26, 815,139,680; Dec. 19. 214,904,480; Dec. 12. 814.826,720; Dec. 5, 214,847,930; Nov. 28, 215,199,770.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust corn
panics 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 Barging Department.)
Differences from
Previous Week.
Dec 26.
Loans and investments
21,179,987,100 Ine.212,025.300
Gold
160,800
5,067.800 Inc.
Currency notes
28,845.500 Inc. 1,606.200
Deposits with Federal ReserverBank of New York
92,647,900 Dec. 6,047.300
Total deposits
1 221,876,400 Deo. 10,361,100
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchange & U. S. deposits..1.159,450.800 Inc. 7.626.600
Reserve on deposits
167,687,500 Dec. 11,516,200
Percentage of reserve, 20.1%.
RESERVE.
Stele Rank,
-Trust ConsPastesCash in vault.
238.209,800 16.96%
388,351,400 14.56%
DeposItsin banksand trust cos_ __ 11.230,300
4.92%
4.98%
29,896.000
Total
$49,440,100 21.94%
5118,247,400 19.48%
•Includes deposits with the Federal Iteierve Bank of New York. which for the
State banks and trust companies combined on Dec. 26 was 562,647.600.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedAug. 29
Sept. 5
Sept. 12
Sept. 19
Sept.28
Oct. 3
Ost, 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov.28
Dee. 11
Dec. 12
Dee. 19
Dec. 26
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults,
Reserve in
Depositaries.
5
6,341,502100
6,354.728.100
6,345.880.200
6,361,302,700
6.403.318.900
6.480.941.200
6,465,023,700
6,463,163.200
6.481,864.200
6,502,188.400
6,556,239.300
6,531.007.500
6,520,077,500
6.522,283,800
6.504.882.200
6,498,683.600
6.539,445.800
6.583.447.000
2
5.443,132.500
5,466.107.300
5.419.137.800
5,465,413.400
5.404,398.300
5,496,730,100
5,491.705,400
5,550,463,600
5,576,689.600
5,629.110.200
5,696,831,900
6,682.852.100
5,665,239,800
5,625,087.400
5,615,024.000
5,602,113.700
5.638.893.200
5.619.923.800
$
80.340.400
81,151 400
94.211.400
83.247.000
82.955.500
82,079.500
84,916,400
84.365.300
83,765,400
83.583.400
86.517.800
88,814,300
84,741.300
88,401.000
88,462,1100
91,125,200
98,881.300
105.692.300
$
715.040,400
711.813.900
718.328.800
731.651.200
703.335.900
717.035,400
710.263,500
727,858,400
733.612,200
735.006.800
745.155.200
743.772.000
746,115,600
734,901,500
738,833.300
732,709.200
746 673 40C
734.118,200
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
SATURN OF NON-$55fBEE INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Rated in thousands of dollars-that is. three ciphers (000 omitted.)
CLEARING
RON -NI EN'B ER11
Capital
Week Ending
Dec 25 1925.
Members of
red'I Ree've Bank
Grace Nat Bank...
Total
Stare Banks.
Net Members of th
Federal Reserve Rant
Bank of Wash. IIts.
Colonial Bank
Total
Trust Company
Net Member 01 the
Federal Reserve dank
Mech Tr, Bayonne.
Total
Loans,
Digcounts,
InvestNet
Profits. meats.
dtc.
Cash
In
Vault.
Reserve
Net
with
Na
Legal Demand Time
Deposi- Deposits. Deposits.
tOries.
Average decrepit Average Average Average.
s
$
s
s
8
4,087
51
1,01.
6,216
12,54
8
1,000
8
1.795
1,000
1.798
12054'
51
1,01,
6,216
4,087
20
1. I.
004
2,787
8,574
30,711
796
3,231
385
1,509
8,081
26,500
2,527
4,354
.1
3,392
39,27
4,027'
1,874
32,581
6,881
.11
546
II
9,365
324
14
2,952
5.892
9,365
32
14:
2.952
5,892
Grand aggregate-.
Comparison with
2.'. ai
eek
61.18
--735
4,40
-7
3,037 a41,7481
--102 --1,36 w
16,860
-I-6
Ged aggr., Dec. 1
Gr'd emu.. Dec. 12
2,900
2,. ti
2,t i i
2'
5 736
5.73
5,736
5.61R
61,923
63,653
62,652
02.308
4,480
j
4,662
4,80
4_662
3,187 e42,72:
3,139 243,109
3,262 a44,189
16,854
16,885
17.018
17 005
cied aggr.. Dee.
Grid ago.. Nov. 28
Boston Clearing House Weekly Returris;-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
3.117 244.543
a United States deposits deducted. $50,000
Bills payable, redlseonnts, acceptances and other liabilities. $2,855.000.
ExCeflil reserve. 562,170 increase.
Dee. 30
1925.
Changes from
sessious week.
Dee. 16
1936.
Dee. 23
1925.
2
1
it
2
Capital
66,800,000 Unchanged
66.800.000 66.800,000
Surplus and profits
91,304,009
Unchanged
91,304,000 91,304,000
Loans, discits & investments. 1024692000 Inc. 2,892,000 1021800000 1016862000
Individual deposits,incl. U.S. 678,703,000 Dec. 7,380,000 686,083.000 700,133,000
Due to banks
130,317,000 Inc.
74,000 130.243,000 134,937.000
Timedeposits
217.437,000 Dec. 1,929,000 219,366.000 219,703.000
United States deposits
23,066,000 Dec.
341,000 23,407,000 8,630.000
Exchanges for Clearing House 25,585.000 Dec. 2,097,000 27.682,000 33,113.000
Due from other banks
79,677,000 Dec. 6,533,000 86,210,000 88.822,000
Reserve in Fed. Res. Bank-. 79,365,000 Dec.
391,000 79.756,000 81,262,000
Cash In bank and F. R. Bank 15,236,000 Int. 1.361,000 13,875,000 12,210,000
Reserve excess in bank and
Federal Reserve Bank
*224,000 Dec.
114.000
298.000
457.000
•Figures for non-members of Federal Rsserve System not insluded.
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Dec. 26, 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 Deennber 96 1925 !
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & investmits
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits(not incl.)_
We've with legal dePosles
Reserve with F. R.Bank._
Cash in vault •
Total reserve & cash held..
Reserve required
Excess res. & rash in vault
Members0/
Trust
F.R Amiens Companies'
242.025,0
128.684.0
840.033,0
33,366,0
114.424,0
143,599.0
586.380,0
116,346.0
846,325,0
25,000,0
17,182,0
49,848,0
818.0
15,0
943.0
30,589,0
1,956.0
33,488,0
2.967,0,
1
64,658,0
13,742,0
1,605.0
78,400,0
4.572,0
4,701,0
6
14,712,0 def.129,0
1923
Total.
I
847.025,0
145,866,0
889.881,0
34,184.0
114,439,0
144,542,0
616.969.0
118,302,0
879,813.0
17.287.01
2,967,0
64 658 0
15.347.0
82.972,01
68,389.0
14,583,0
Dec 19
1925
Dm. 12
1925
$47.025,0
145.866,0
894,638,0
39.734,0
125.797,0
144.474,0
650.731.0
115,017,0
910.222.0
16,897.0
7,1158,0
64.021,0
15.688,0
247,025,0
145,866,0
882,996.0
43,718,0
113.577,0
142,848,0
646.415,0
114,680.0
903,843,0
3,609,0
4,524,0
68,311,0
14,621.0
87.450.0
71.319,0
.87,036
70,965,0
15,558,0 16,491.0
•Cash in vault not coun ed as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dee. 30 1925 in
comparison with the previous week and the corresponding
date last year.
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S Treasury_
Dee. 33 1923. Dee, 23 1925. Dec.31 1924.
4
329.996.000 329.996.000 384,307,000
13,750.000
9,528.000
11,557,000
Gold held exclusively eget. F.R.notes. 343,746,000
Gold settlement fund with F. R. Board_ 260.549.000
Gold and gold certificates held by bank
338.443,000
339,524,000
276,419,000
322,976,000
395,864,000
286.475,000
277,263,000
Total gold reserves
Reserves other than gold
942.738,000
26,075.000
938.019,000
22.223.000
959,602,000
21,868,000
Total reserves
968.813.000
Non-reserve cash
17.395.000
Bills discountedSecured by U. S. Govt. obligations... 254,469.000
Other bills discounted
40,506.000
961,142,004)
15,586,000
981,470,000
18,517,000
185.265,000
42,921,000
68,745,000
12,577,000
294,975.000
37,090.000
228,186.000
42.958.000
81,322,000
101,823,000
1,869,000
47,483,000
11,582,000
8.739.000
44,363,000
15,515.000
12,440,000
120,495,1110
36.963,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government necurities..
Foreign loans on gold
60,934.000
2,187.000
68,617.000
2,241.000
169,898,000
1,746,000
Total bills and securities (See Note)._ 395.186,006
342,002.000
354,789,000
Due from foreign banks (See Note)._
Uncollected items
Bank premises
All other resources
642.000
171.089,000
17,285,000
3,445,000
468,000
156,377,000
16.243.000
8,189,000
Total resources
642.000
163.427.000
17,294,000
3.573.000
1566,330.000 1.511,191,000 1,536,053,000
LiabilitiesFedi Reserve notes In actual circulation_ 384.682,000
Deposits-Member bank, reserve suet- 932,274.000
Government
2,226,000
Foreign bank (See Note)
4.807.000
Other deposits
9.135,000
391,203,000
886,607.000
12,185.000
2,737,00(1
8,142,000
387.353,000
883,861,000
16,904,000
17,425,000
10,770,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
889.671,000
134,636.000
32,192.000
58,749.000
4140.000
928,960,000
129,055,000
30,167,000
58,749,000
1,769,000
948,442.000
137,509,000
32,207,000
58.749,000
4,741.000
Totalliabilltlee
1 568,330,000 1,511,191,000 1,536,053,000
Ratio of total reserves to deposit and
Fed'I Ree've note liabilities combined.
721%
75.0%
74.6%
Contingent liability on bills purchased
for foreign correspondents
20,879,000
16.005,000
12,421,000
NOTE.-BegInnIng with the statement of Oct. 7 two new Items were added in
order to show separately the amount of balances held abroad and amounts due
to
foreign correspondents. In addition, the caption, "All other earning assets."
made up of Federal intermediate credit bank debentures, has been changednow
to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate deseription of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Aet, which are the only Items Included
therein
JAN. 2 1926.]
THE CHRONICLE
69
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Dec. 31,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 systems
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Amounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 28, being the first item in our department of "Current Events and DiSCU8S1.0188.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 30 1925.
Dec. 30 1925. Dec. 23 1925 Dec. 16 1925. Dec. 9 1925. Dec. 2 1925 Nov. 25 1925. Nov. 18 1925 Nov. 10 1925 Doc. 31 1924.
8
$
RESOURCES.
$
$
8
3
8
0
$
Gold with Federal Reserve agents
1,356,607,000 1.327.438.000 1.394,759,000 1.307,572,000 1.343,424,000 1,355,463,000 1,355,579.000 1.356,016,000 1,71)2,316.000
Gold redemption fund with U. S. Treas.
50,004,000
54,162.000
62,443,001
41.245,000
57,705,000
50,732.000
54.570,000
49.343,000
52,699,000
Gold held exclusively &gra.F. R.notes 1,409,306,000 1,376,781,000 1,449,329.000 1.365,2773100 1,397,586,000 1,405,467,000 1.418.022,000 1,406.748,000 1,743,551.000
Gold settlement fund with F. R. Board
701.455,000 729.256,000 664,899,000 753.172,000 729.002.000 724,029,000 724,982.000 737.838,001 679,464.000
Gold and gold certificates held by banks. 593,520,000 559,259.000 587,358.000 603.838.000 616.023.000 616,397.000 639.245.000 634.530.000 513,510,000
Total gold reserves
Reserves other than gold
2,704,281,000 2.665.296.000 2.701.586.000 2.722.285.000 2.742.611.000 2,745,893.000 2.782,249,0002.779,116.001' 2,936,533.086
91.983,000 108,353.000 107.616.000 114,938.000 114,642.000 122,836,000 111,386,000 110.521,000
117,852.000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2.822,133,000 2,757,279,000 2,809,944,000 2,829,901,000 2,857,549,000 2,880.535,000 2,905,085,000 2,890.502,000 3,047,054,000
45,268,000
43,948,000
49,546.000
47,167,000
44.389.000
45.663,000
42,567,000
42,783,000
62,053,000
Total bills discounted
Bills bought In open
market
n. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities_
Other securities (8ee note)
Foreign loans on gold
466,014,000
283,658,000
441,479.000
322,644,000
343,121,000
275,946.000
378.272,000
301.102,000
314.582.000
329,293,000
348,326.000
278,338.000
280,534.000
285,832.000
276,229.000
288.431.000
186,840,000
127,208,000
749,672.000
362.818,000
764.123,000
369,951,000
619,087.000
352,692,000
679.374,000
369,550,000
643,875,000
357,723.000
624,714,000
359,458.000
566,366,000
354,930.000
564,660.000
352,687,000
387.101.000
57,032.000
243.122.000
33,254,000
75,265,000
349.354,000
115,541,000
333,279.000
3,150,000
5,701,000
334.008.000
3,720.000
4.799.000
540,160,000
2,050,000
6,000.000
.58,854,000
192,077.000
126.101,000
65.839,000
190.037.000
103,631.000
73,451.000
153,740.000
171,280,000
56.276.000
268.030,000
29,517,000
56,269,000
254.858,000
28,302,000
56,285,000 - 56,352,000
244.439,000 244.272.000
31.575,000
32,655.000
377,032.000
3.205.000
8.100.000
359.507,000
3,205.000
8,300.000
398.471,000
3.195.000
8.798.000
351.873,000
3395.000
8.300.000
339,429,000
3,150,000
8,300.000
332.299.000
3.150,000
6,500,000
314,128,00111
Total bills and securities (See No(s)Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
1.500.827.000 1.505,086.000 1.382.223.000 1,412,292,000 1,352.477.000 1,326.121.000 1,263.476,000 1,259,874.000 1,249,438.000
658.000
771,000
671.000
710.000
861,000
640.000
641,000
642.000
642.000
717.599,000 788,088.000 952,147.000 692.811.000 742,551,000 686,348,000 816,673.000 702,177.000 656,179,006
61.817.000
61.809.000
62,021,000
61,552.000
61.807.000
61,629.000
61.632,000
61,632,000
57,598.000
18,166,000
18,454,000
19.362,000
18,108.000
17,632,000
18,006,000
18.085,000
18,272,000
223185,0011
Total resources
LIABILITIES.
F. R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (See Note)
Other deposits
5,183,158,000 5,151,513,000 5,269.926.000 5,081,168.000 1,078,803,000 4,997,881,000 5,115,368,000 1,980.081,00C 5,096,380,000
Total depoelta
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,357,141.000 2.275.615.000 2,300,505.000 2.314,530.000 2.312,999,000 2.290,784.000 2.321.899.000 2.288.743,000 2,310.668,000
635,681,000 625,263.000 827.072,000 628.937.000 670.132,000 622.853.000 733.512,000 628,462,000 584,716,000
117,042.000 116,978.000 118,964,000 116,863.000 116,871,000 116,844.000 116,813,000 116.659.00( 112.038,000
217.837.000 217,837.000 217.837.000 217,837.000 217,837,000 217,837,000 217.837,000 217,837.001 317,837,000
17,257.000
18,053,000
17.105.000
9,859,000
18,253.000
19.374.000
19,318,000
20,157,00
20.147,000
1,835,01':,000 1.895,663,000 1,788.230,000 1,785,627,000 1,742,706,000 1,731,510,000 1.708.050.000 1,711,275,000 1,862,062,000
2,308,614.000 2.219.373.000 2.284.797.000 2.248.338,000 2.235.787.000 2.219.813,000 2.260.822,000 2,232.173,000 2.220.436.000
36,853.000
44,136,000
24,975,000
22.294.001
35.840.000
5,954.000
51.197,010
29,120,000
15.067.000
11.988.001
12.999.000
12.937,000
13,002.000
11,884.000
8.398.000
18,734.000
12,014.000
7,956,000
23,103.001.
21,181.000
22,288,00)
20,074.000
20.420,000
20,301,0111
21,356,000
19.166,000
21.446.000
Total liabilities
5,183,158,00) 5,151,513,000 5,269.926,000 5.061.168,000 5,078,803,000 4.997,881.000 5.115,368,000 1.980.081,000 5,096,380.000
Ratio of gold reserves to deposit and
F. R. note liabilities combined64.4%
69.0%
69.4%
68.2%
67.6%
70.4%
68.7%
66.3%
63.9%
Ratio of total reserves to deposit and
1". R. note liabilities combined
72.1%
72.8%
69.4%
71.1%
73.0%
70.5%
68.7%
66.1%
67.3%
Contingent liability on bills purchased
for foreign correspondents
36,848.000
39,959.000
40,101.000
37,063.000
58,739,000
65,049,000
45.402,000
50.967,000
42.433,000
_..=.
Distribution by Maturities$
S
0
8
8
0
8
$
0
1-15 day bills bought in open market.. 123,664.000 111,320.000 100,223,000 113.683,000 107,875,000 104,633,000 101.396,000 105,640.11
117.576.006
1-15 days bills discounted
616,325.000 613.605,000 433.252.000 549,433.000 510,719,000 494,404.000 438,585.000 439,780.000 241.413.000
1-15 days U. B. certif. of indebtedness
6,453,000
1,105.000
4,878.000
92,730.000
3.723.000
240,006
4.691,000
904,000
6,526.000
1-15 days municipal warrants
10,000
16-30 days bills bought in open market
77.801.000
86,234.000
70,333.000
65,345.000
61,183.000
64.550.000
64,868.000
75.1923100
60.529.000
16-30 days bills discounted
40.829,000
35,816,000
36.883.000
39,643.000
38.278.000
40,275,000
35.177.000
35,232.000
18.335,000
16-30 days U. S. certif. of Indebtedness
2,346,000
2.424,000
517,000
16-30 days municipal warrants
55.000
45,000
81-60 days bills bought in open market
85.094.000
93.019.000
99,096,000 108,277.000 111.115,000 107,422.000 105,985.000
98.609,001
111.099,000
81-60 days bills discounted
61,162,000
53,152,000
56,761,000
55,854,000
49,247,000
52,726.000
49,636,000
56.540,018.
26.413,060
81-60 days U. S. certif. of indebtedness.
1,380,000
31-60 days municipal warrants
45.000
45.000
61-90 days bills bought In open market.
64,571,000
67.643,000
67.039.000
68.430.000
60,8.54,000
66,519.000
63.917.000
71,671,000
71.576.000
61-90 days bills discounted
37,755,000
35,871,000
33.428.000
28,518,000
31,162,000
31,818,000
25.107,000
23.663.000
17,343,000
61-90 days U. S. certif. of lndebtednees
13,012,000
61-00 days municipal warrants
Over 90 days bills bought In open market
11,688,000
15.996.000
18,141,000
11.735.000
16.638,000
14,560.000
16,212,000
16.238.001)
11,657,000
Over 90 days bilis discounted
10,951,000
10.772.000
9,619,000
10.422,000
9,854,000
10,209,000
9,937.000
9.445.000
10,43431011
Over 90 days certif. of indebtedness_ .._ _ 124,996,000 102.727,000
25,428,000
23,611.000
25,431,000
78.550.000
22,991.000
24,004.000 102.289.000
Over 90 days municipal warrants
F. R. notes received from Comptroller__ 2,980.473.000 2.972.910.000 2.945.883.000 2.930.395.000 1.922.388.000 2,912,652,000 2,923,655.000 2.932.570,001 3,181.478,080
V. B. notes held by F. It. Agent
777,093,000 773.143.000 831,719.000 843.748.000 869.531,000 874,732,000 896.802,000 905.682,00( 936.517.006
Issued to Federal Reserve Banks
2.203,380.000 2.109.767,000 2,114,164,000 2.086,647.000 2.052,837,000 2.037,920,000 2,026,853,000 1.028,888,000 2.244.961.000
ra
How SecuredBy gold and gold certificated
302,231,000 302.016,000 303,851,000 304,501,000 304,901.000 305,300.000 305,301.000 303.330.11
279,494,000
Giold redemption fund
112,443,000 101,359,000 108301,000 108,645.000 102.328,000 106,481,000 111.014,000 101.276.000 114,918.000
Giold fund-Federal Reserve Board
941,933,000 024.033,000 982,807,000 891,426,000 935.695,000 943.642,000 939,264,000 951,410.001 1,307,894.000
By eligible paper
1,060,708,000 1,072,785,000 919,180,000 999.029,000 949,410,000 930.553,000 878.126,000 863,613,006 668,793,000
Total
2,417.315.000 1.400.223,000 2.31.3,93909(1 2.306.601.0M ..20.1 sla ono i.266 016.00(1 2.333 70c one ,010 Aoq 00( 2 371 599.0111
NO rel.-doe,au.ug with the statement of Oat. 7 two new Items were added in order to show separately the amount of
balances held abroad and autounte 4100
to forego ()corespondents. In 'vljitiori. the caption. "All other earning assets." now made up of Federal
Intermediate Credit Bank debentures, has been changed la "Other leourIttes." aal the captian, -Fatal earning asset," to "Tatai bills and 3031nOttei:* The latter
term has been adopted as a more accurate deeenpUon of the
total of the disooun1a, aceeptanee3 and eeeillitIes acquired under the provisions of Sections 13 and 14 of the Federal Reserve
Act, which are the only Items 'winded
therein.
STATIEMIENT Ole RESOURCES kNO LI kRILIT ILES OF EACH OF THE 12 F6DER AL RESERVE B ANDES AT CLOSE OF BUSINESS
DEC. 30 1925.
Two ciphers (00) omitted.
',oral Rau
,
imjek 0
Boston.
RESOURCKS.
i
Gold with Federal Reserve Agenta 79,435,0
Gold red'n fund with U.S.Troia. 5.470,0
Gold held excl. agst.R.F. motel, 84,905,0
2oldilettle'tfund with F.R.Board 37,791,0
Gold and gold certificates
42.908,0
Total gold reserves
Reserves other than gold
165.604.0
19,569,0
Total reserves
185.113.0
Ron-reserve cull
5,942,0
BIlis discounted:
See. by U.S. Govt. obligations 24,326,0
Other bills discounted
31,269,0
Total bills dleeounted
55,595.0
Ma bought In open market
81,381,0
IL S. Government securities:
Bonds
553.0
Treasury notes
23127.0
Certificates Of Indebtednees, 10.240,0
Total U.S. Govt. siesuritleo_ - -
12,820.0
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St, Louis, Minneay Kan. City Dallas. UN Free
Taal.
$
0
$
0
$
$
S
$
0
0
8
0
329,996,0 134,718,0 192,811,0 68,869,0 87,365,0 114,683,0 15,825,0 57,420,0 55.007,0 23,287,0
197.391.0 1,356.607,0
13.750,0 6,970,0
905,0 2,192,0 5.333,0 5,777,0
948,0 2.077,0 3,013,0 2,374,0 3,890,0
52.699,0
343.746,0 141,688,0 193.716.0 70,861.0 92,698.0 120,480.0 16.773,0 59,497.0 58,020,0 25.661,0
260,549.0 52,136,0 55.966,0 21,917,0 24,263,0 115,096,0 25,305,0 18,889,0 32,418.0 14,959,0 201.181.0 1.409.306,0
42.168.0 701.455,0
338,443,0 18.748,0 47,012,0 7,011,0 2.962,0 69,140,0
10.809.0 6.3200 3.903.0 11 324 0 34 940 0 593,520,0
942 738 0 212.572 0 296 694.0 99 789 0 119 923 0 304.698,0 52.8870 84.706,0 94 341 0 51 944.0
278 387 0 2.704 281.0
26.075,0 4,726,0 8,469,0 6,288,0 6.848,0 16.795,0 10.368.0 2,147.0
4,278,0 5,526.0 6,763.0 117,852,0
968,813,0 217,298.0 305,163,0 106.077.0 126,771.0 321,491,0 63,255.0 86,853.0
57,470,0 285,150.0 2,824.133,0
17.395,0
1.527,0 4.331,0 5,048,0 4,171,0 9,533.0 3,353,0 1,45331 98,619.0
2,829.0 2.704,0 3,767,0
62,063,0
254.469,0 37.386,0 33,556.0 16,893,0 4,754.0 70,763.0 8,733.0
769,0 4,042.0 1.724,0 8,594.0 466,014,0
40,506.0 20,726,0 35,384,0 32.624,0 24.372.0 49,014.0 11.583,0 2,776,0 11,897,0 2,137.0
21,370.0 283.658.0
294,975,0 58,112,0 68,940,0 49,517,0 29,126,0 119,777,0 20,321.0 3.545,0
3.861,0
29,964,0
15,939,0
749,672,0
37,090,0 15,345,0 4,999,0 2,716,0 76,042,0 27,420,0 22,186,0 18,863,0 16,816,0 28,617.0
31,440,0 362,818.0
604,0 8303,0 1,240,0 1,079,0 20,190,0 1,746,0
. 1.869,0
58.854,0
7,665,0 8,387,0 6,050.0
468.0.
47,483,0 4.016,0 19,615,0 3,511.0 9,773,0 19.430,0 14.716.0 7,094,0 18,415,0 17.236,0
28,761.0 192,077.0
11.582,0 19.443.0 8,691,0 4.193,0 7,005,0 13,745.0 7,885,0 4,319,0 10,645,0 7,644,0 20,709.0 126.101,0
60.934.0 24,063.0 38,409.0
8,944.0 17.857.0 53.365.0 24,347.0 19,078.0 37.447.0 31.830,0 49.938.0
377.032.0
[Vol,. 122.
THE CHRONICLE
70
SHBOORCES (Concluded)
Two Ciphers (00) omitted.
Boston.
New York.
S
$
Other securities
Foreign loans an gold
150.395.0
68,784.0
4,190,0
71,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. SanFran.
5
3,050,0
753,0
2,187.0
599,0
Total bills and securities
Due from foreign banks
Unoollected items
Bank Premises
MI other resources
Phila.
i
i
$
867,0
429,0
332,0
5
$
1.118,0
373,0
$
55,0
267,0
$
100.0
324.0
$
$
284.0
567.0
Total.
8
3,205.0
8,100,0
395,188.0 101,323.0 111,215.0 61.606,0 123.360,0 201.680.0 67.227,0 41.708,0 70,626,0 64,592.0 111,909.0 1.500,827.0
642,0
642,0
163,427,0 65,736.0 68,263,0 70,238,0 38,125,0 83,939,0 35,802,0 13,839,0 44,241.0 26,743.0 40,462.0 717,599,0
17,294,0 1,385.0 7,681,0 2,446,0 2,791,0 8.099,0 4,602.0 3,070,0 4,883.0 1,825,0 3,356,0
61,632,0
134,0 1,038.0
341.0 2,601,0
3,573,0
382.0 2,732,0 2,046,0
614,0 1.190,0 3,550,0
18,272,0
414.555,0 1,566,330.0 387,403,0 497,691,0 245,797,0 295,950.0 628,788,0 174.580,0 149.524,0 221.812,0 154.534,0 448,194,0 5,183,158,0
Total resource.
LIABILITIRS.
175,990,0 384,882.0 156,439,0 234.403,0 93,482,0 169,982,0 179.712,0 40,302,0 70,067,0 74,155.0 47.462,0 208,334,0 1,835,010.0
CR.noteeln actual circulation
Det)oelta:
Member bank-reserve amt.- 144,070,0 932,274,0 135.545,0 165.200,0 68.385,0 82,476,0 324.211.0 81.166,0 54.213.0 99,028,0 63,354,0 165,692,0 2,308,614.0
577,0 1,312,0 1,067,0 1,083,0 1,514,0 1,730,0
Government
1,058,0
2,226,0 1,258,0 1,161,0 1,283.0
798,0
15,067,0
454,0
326.0
395.0
Foreign:bank
731.0
4,807,0
523.0
346,0
918,0 1.056,0
405,0 1,362,0
691,0
12.014,0
278,0
285,0 1,133,0
236,0
9,135,0
506,0 1.574,0
93,0
891.0 1,327.0
59.0 5,929,0
21,446.0
Other depoidts
Total deposits
Deferred availability Items
Capital paid in
Surplus
MI other liabilities
•
146.095,0
66,054.0
8,611,0
16,382,0
1,423.0
948,442,0
137.509,0
32,207,0
58,749,0
4,741,0
138,227,0
60,121,0
11,623.0
20,059,0
934.0
168,991,0 70,469,0 83,772,0 327.041,0 84,259.0 55,891.0 94,839,0 65,273.0 174,042,0 2.357.141,0
56,590,0 63.033,0 28,956.0 71,333,0 34,066,0 11,738,0 38,914,0 28.727,0 40,642,0 635,681,0
13,176.0 5.985.0 4,657,0 15,731,0 5,127,0 3.183.0 4,237,0 4,267,0 8,238,0 117,042,0
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
855,0 1,150,0
2,069,0 1,127,0 1,633,0 2,545,0
890,0 1,213.0 1,867,0
20,447,0
Total liabilities
414,555,0 1,566,330.0 387,403,0 497,691,0 245,797,0 295,950,0 628,788,0 174,580,0 149,524,0 221,812,0 154,534,0 448,194,0 5,183,158,0
Memoranda
58.4
Swerve ratio (per cent)
64.7
63.4
50.8
69.0
51.0
57.5
72.7
73.7
75.6
50.0
74.6
67.3
Oontingent liability on bills purOwed for foreign correspond'ts 4,521,0
20,879,0 5.882.0 6.537,0 3,238,0 2,505,0 8,431,0 2.810,0 1,587,0 2,444,0 2,138,0 4,277,0
65,049,0
V. R. notes on hand (notes reed
from F. It. Agent leas notes in
eireulation)
35.282.0 130.420.0 38.906.0 28.640.0 16,636.0 22.433.0 20,561,0 6,283,0 3.499,0 10,838,0 7,311,0 47,581.0 368.370.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 30 1925.
/WNW 114180700 Agent at-
'Boston
New York
Ma.
Cleveland Richmond
Atlanta
Chicago
3*. Loots
Minn. San. CUP
Dallas
San Fr. . Total
(Two Ciphers (00) Omitted.)
5
P.R. notes reed from Comptrol'r 257,122,0
45,850,0
P.R.notes held by F.R. Agent_
S
$
$
$
$
5
$
$
I
$
$
$
747,662,0 224,345,0 300,863,0 113.407,0 232,435,0 432.730,0 69,165,0 88,941,0 121,523,0 66,285,0 305,995,0 2,980,473,0
232,560,0 29,000,0 37,820,0 23,289.0 40.020,0 232,457,0 22,580,0 15,375.0 36.530,0 11,512,0 50.100,0 777,093.0
F.R.notes leaned to F.R. bank 221,272,0
Collateral held as security for
P.R. notes Mimed to F.R. Bk..
Gold and gold certificates__ 35,300,0
Gold redemption fund
19.135,0
Gold fund-F.R.Board
25,000,0
Eligible paper
136,976,0
515,102.0 195.345,0 283,043.0 110,118,0 192,415,0 200,273.0 46,585,0 73.566,0 84,939,0 54.773,0 255,895,0 2,203.380.0
Totaloollateral
216.411.0
14,926,0
9,945,0 13.052,0
186,698,0 2,000,0 8,780,0 21.160,0 10,370,0
302,231,0
27,298,0 12,329,0 14,031.0 3,009,0 6,095,0 4,038,0 1,680,0 2,388,0 4,647,0 3,381.0 14.452,0 112,443,0
116,000,0 120.389,0 170,000.0 44,500,0 70,900,0 110,645,0 4,200,0 42,000,0 50,360,0 5,000,0 182,939,0 941,933,0
298,535,0 60,675.0 73.725,0 47,849,0 105,136,0 146,926,0 42.477,0 21,948,0 32,697,0 32,464,0 61,300,0 1,060,708,0
628.431.0 195.393.0 266.536.0 116.818.8 192.501.0 261.609.0 58.302.0 79.368.0 87.704.0 55.751.0 258.691.0 2.417.315.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
she liabilities of the 719 member banks from which weekly returns are obtained.
those for the Reserve banks themselves.
These figures are always a week behind
Definitions of the different items in the statement were given in the statement
of Dee. 12 1917, published in the"Chronicle"of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 28.
1. Data for all reporting member banks in each Federal Reserve District at close of business Dec. 23 1925. Three cipher. (000) omitted.
Federal Reserve
puma.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
seemed by U.S. Gov't obligatiom
Secured by stocks and bonds____.
An other loans and discounts
41
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minnsap. Tan. Cite Dallas. San Fran.
24
67
49
$
6,302
145,102
379,980
$
5
8,417
24,629
92,982 852,508
428,419 1,219,331
$
10,706
208,925
302,510
$
2,399
71,046
175.222
$
4.089
108,937
320,385
$
3.327
78.061
240.200
531,384
529,818 2,096,468
622.141
248,667
433,411
321,588 1,197,340 14,117,607
12,957
23,399
10,703
6,849
6.038
110,139
7,071
26.616
12,477
18,519
8,976
42,657
8,983
50,999
16.457
14,247
3,898
77,799
75
72
$
$
11,287
61,252
343,325 2,533,811
656,399 2,583.615
$
12,080
395,448
358.717
$
21,570
498,799
760.487
766,245 1,280.856
9,488
48,902
18.128
7,255
10.534
252.445
32,930
163,394
34,867
25,979
27,325
348,959
346,752
633,454
Tots loans and investments.- 1,364,597 7,313,100 1,112,997 1.914,310
&nerve balancee with F. R.Bank_
79,159 124,662
94,457 776,426
37,980
27,099 114,213
22,921
Cash in vault
885,731 5,747,872 755,442 989,309
Net demand deposits
396,915 1,184,040 205,580 740,194
Time deposits
72,790
23,742
26,759
Government deposits
23,603
nub pay'le & rediac. with F R.13k.:
10,440 158,226
Secured by U.S.Gov't obligations
17,250
31,291
Another
26.216
33,178
9,268
36,590
Bankers'balances of reporting member banks in F.R. Bank cities:
42,988
119,444 1,023,624 170,534
Due to banks
rum from banks
35.719
96.392
65.790
23.348
Total Investments
33
54
Total loans and discounts
1,011,011 5.178.678
Investments:
-war bonds
U.S. pro
9,660
40,477
85.467 598,959
U. S Liberty bonds
18,782 205,849
U.S. Treasury bonds
4,536 153,054
0.5. Treasury notes
22,059
41,636
U.S. Treasury certificates
Other bonds. stocks and securities 213,082 1,094,447
353,586 2,134.422
Total.
100
101
25,564
29.585
8,058
1,762
4,077
61,164
36
14,881
16.799
5,967
2,048
7,352
52,972
19,008
180,012
53,184
60,640
15,765
431,932
130,210
100,019
760,541
170,085
116,316
172,383
661,594
39,629
16,854
372,873
199,751
7,529
629,837 2,857,009
40,088 237,732
12,822
60.:267
359,201 1,732,184
217,439 1,029,055
12,901
21,375
692,226
50,295
10,250
427,264
204,614
7,303
364,983
26,216
6,587
230,789
109,211
6,078
605,794
53.338
15.642
482.893
140,902
2,426
67
719
$
5
8,182
174.240
273,100 5,602,044
916,058 8,341,323
17,905
18,634
6,573
5,843
6,289
23,717
25,229
224,153
145,550 1,388,316
52,206
443,251
23,335
324,067
26,106
180.055
202,556 2,911,869
78.961
474,982 5,471,711
400,549 1,672,322
30,302 110,599
11,618
24,545
280,259 799,680
95.642 784,728
9,819
32,990
13,077
20,602
6,529
18,879
47,631
30,687
4,407
12,326
875
1,265
4,552
4,967
2,934
5,700
35,628
18.583
22,987
14.434
351,538
157.295
85,142
32.295
56.866
22.211
106.638
82.280
37,281
25724
27,163
22,602
19,589.318
1.662,903
380,898
13,063,497
5,308,071
257,315
324,375
222.280
102,914 2,155,564
A3 12t
eagles
3. Data of reporting member banks in New York City. Chicago, and for whole counts-5.
All Reporting Member Banks.
Reporting Member Banks in N. Y. Cite
Reporting MOW*? Banks fa
csuage.
Dec. 23 1925. Dec. 16 1925. Dec. 24 1924. Dec. 23 1925. Dec. 16 1925. Dec. 24 1924. Dec. 23 1925. Dec. 16 1925. Dec. 24 1924.
61
719
721
738
61
67
Number of reporting banks
$
$
$
$
$
$
Leans and discounts. gross:
58,342,000
51,699,000
73,363,000
196,273,000
174,240,000
168.415.000
Secured by U.S. Govt. obligations
Secured by stocks and bonds_ __. 5,602.044.000 5,511,818.000 4.641,014,000 2,274,383.000 2,168,111,000 1.970,909.000
8.341,323.000 8,388,733.000 8,185,530,000 2,263,912,000 2,277,536,000 2,305,487,000
All ether loans and discounts
46
5
16,893.000
645,488,000
682,507,000
46
$
18,598,000
639,590,000
886,393,000
46
$
24,688,000
509,117,000
712,462.000
14,117,607.000 14.068,966.000 13,022.817.000 4,594.637,000 4.497.346,000 4,349,759,000 1.344.868,000 1.344,581,000 1,246,265,000
Total loans and discounts
Investments:
29,791,000
29,784,000
42,001,000
261,492,000
223,449.000
3,364,000
-war bonds
224,153,000
2,850,000
D.S. pro
4 088 000
1,388,316,000 1,387,155,000 1.411.033.000 507,866,000 506.310,000 553.768,000 106,924.000 105,544,000
82:510.000
U. S. Liberty bonds
'
443,251,000
18,340,000
441,394,000
369,737,000 189,889.000 192,159,000 161,312,000
16,256.000
D. El. Treasury bonds
23,261 000
47,244,000
324,067.000
523.188.000 146,526,000 185,424.000 212,548,000
371,858,000
49,309,000
77,67400
V.5.Treasury notes
39,334,000
197,447,000
38,119,000
57.781,000
180.055,000
133,390,000
3.095.000
4,671,000
12,941.000
u. S. Treasury certificates
Other bonds.stocks and securities. 2,911,869,000 2.891,090,000 2,878.369.000 795,174.000 790,707,000 859,839,000 198,692,000 192.012,000 211.206,000
Total investments
Total loans and invegtments_.
Ee.ervebalaflcea with F.R. banks_
Cash In vault
Net demand deposits
Time depots
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. B. Govt. obligations
An other
........-”........asenefrnrrill. R ht.
5.471,711,000 5,512,393,000 5,578,107,000 1,708,560,000 1,742,503,000 1.887,249,000
19,589,318.000 19.581.359.000
1,662,903,000 1,690,215,000
326,694,000
360,898,000
13,063,497,000 13,261,037.000
5.308,071,000 5,284.037,000
257,315.000
257,581,000
375,659,000
370,642,000
411,680,000
18.600,924.000 6,303.197,000 6,239,849,000 6,237.008,000 1,720,527.000 1,715,223,000 1,657,945,000
1.700,338,000 720,835.000 703,507,000 769,414,000 159.767,000 179,184,000 169.161,000
93,465,000
85.868,000
29,197,000
333,491,000
78,697,000
26,366.000
34,202,000
13,044,529.000 5,188,575,000 5,189,044,000 5,345,202.000 1,154,458,000 1,174,229,000 1.163,120,000
4,814,435,000 797,432,000 781,093,000 804,230.000 507,213,000 603,519,000 449,412.000
63.401,000
28,457,000
15.427.000
189,195,000
63,401,000
15,427,000
17.069,000
324,375,000
222.280,000
246,938,000
172,566,000
155,364,000
68.893,000
121,765,000
27.328.000
41.965.000
27,869,000
68,690,000
20.826.000
24.154,000
19,812,000
24.485.000
17,864,000
4,055,000
617,000
MA RAR OM
410 Au nnn
224 957 0011
1411.0113.000
119.854 000
80.318.000
43.088.000
42240 nnn
A 5290011
JAN. 2 19261
THE CHRONICLE
iSankers' Oazetk
Wall Street, Thursday Night, Dec. 31 1925.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 72.
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 Dec. 31.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Year 1925.
Lowest. I Highest.
Par.Shares $ per share.
per share. '5 per share.$ per share.
RailroadsBuff Koch & Pitts pfd100
13 95% Dec 28 954 Dee 28 ; 86
Apr100
July
Buff & Susquehanna_100 800 70 Dec 28 70 Dec 28' 70
Dec 105
Jan
Preferred v t c___ _100 700 54 Dec 30 54 Dec 31/ 50
Novi 54
Dec
Chic Mtlw & StP aft° 100 4,700 934 Dec 29 10 Dec 31 7
Sept' 15
Sept
Pref ctfs
100 2,500 1834 Dec 29 19 Dec 28 1234 Oct 22
Nov
C St PM & One ctfs_100
400 55 Dec28 57 Dec 30 1 45
Aug. 57
Dec
Preferred ctfs
1
3001193.4 Dec 30120 Dec 29 I 92
July 120
Dec
Cleve & Pittsburgh_150
13 6934 Dec 29 6934 Dec 29 6934 Septj 7134 Apr
Duluth SB & AtL _100 1,200 5 Dec 28 53.4 Dec 29! 234
ApIl 534 Dec
Preferred
100 300 734 Dec 29 8 Dec 30 334 APrI 834 Dec
Erie etre
1
100 3734 Dec 31 3734 Dec 311 2534 July 3734 Nov
111 Cent Leased Line R
•
Sec, series A
1000
100 74 Dec 29 74 Dec 29 6834 AugI 7434 Dec
Iowa Central
'I,
1
23.4 Dec 28 2% Dec 2
134 Jan) 334 Mar
M St P &SS M leased
Line ctfs
100
100 6234 Dec 29 6234 Dee 29 5734 June 63
Feb
Nat Rys Mex 1st pref100
400 634 Dec 30 7 Dec 30 334 Apr 834 Nov
New On Tex & Mex_l
Dec 301313.4 Dec 31 11334 Feb 134% Dee
200 131
N Y & Harlem
491 198 Dec 31 200 Dec 31 160
5
Jan 200
Dec
NY Railway part ctfs_ _
177292 Dec 28300 Dec 28 262
Aug
Aug 310
Frei etfs
5 Dec 29 7 Dec 31 5
5,97
Dec 12 June
NY State Rallways_100
900 21 Dec 29 2634 Ded 31 21
Dec 36
July
Pere Marq pr pf ctfs_100
100 86 Dec 29 86 Dec 29 8034 Oct87
Dec
Reading rights
20,80 1934 Dec 28 2134 Dec 2: 1634 Aug 2434 • Jan
STOCKS.
Week Ended Dec. 31.
71
Safes
for
Week
Range for Week.
LOWtti.
Highest,
MOW Year 1925.
Loosest.
Highest.
Indus.& Mis.(Con.) Par.Shares $ per share- $ per sham
I Per sSars•S sir
Ry Steel Spring, pref _100
20011834 Dec 2811834 Dec 2E 11434 Mar 122 °Safe'
Dee
Safety Cable
• 1,900 48 Dec 31 5034 Dec 2.5 48
De 5034 Dec
Seneca Copper
Nov
• 2,500 934 Dec 31 934 Dec 2E
Nov 11
9
Sherwin-Williams, pf.100
19010434 Dec 2010434 Dec 29 10234 Sep 1063.4 Apr
Shubert Theatre Corp-. 2,200 5134 Dec 30 5334 Dee 31 5134 De 5534 Dee
So Porto Rico Sug,pf.100
10011234 Dec 29 11234 Dec 211 9934 3.11334 Dec
Stand Gas& Elec. p1-50
500 5434 Dec 31 55 Dec 29 5034 M
5634 NOV
Sun 011
* 5,600 40 Del 28 42 Dec 30 3834 No 4334 Nov
The Fair
* 4,700 3234 Dec 30 343.4 Dee 30 3234 Sept 3934 Aug
Tidewater 011, pref_.100 1,500 99 Dee 28 100 Dec 30 99
Oct
Nov 161
Tobacco Products rights- 77,300 234 Dec 28 234 Dec 29 13.4 Dec 234 Deo
Unit Cig Stores, pref-100
200 116 Dec 28 115 Dec 2S 115
Dee 13331 Dee
Rights
19,300 163.4 Dec 28 1734 Dec 25 1534 Dec 1831 Deo
United Paper'd Co_100
100 32 Dec 28 33 Dec 2. 1834 Apr 3334 Deo
Universal Pict 1st p1-100
100 95 Dec 30 95 Dec 30 9434 De 10334 Oct
Unto Plpe&Radiator R 12,700
34 Dec 28
54 Dec 2
34 De
134 Dec
US Realty&Impt, new-* 1,500 67 Dec 29 70 Dec 28 67
Dec 7034 Des
TJ S Tobacco
• 100 56 Dec 28 58 Dec 25 5134 M
5934 Nov
Preferred
100
100 114 Dec 31 114 Dec 31 10534 Ap 114
Sent
Virginia-Carolina, new.* 4,100 1934 Dec 28 197.4 Dec 3# 1774 D
2174 Dee
Preferred new 7%.100 1,200 9434 Dec 29 9534 Dec 31 9234 No 9534 Dee
Ctfa
800 134 Dec 28 134 Dec 2:
*
5
34 D
Jul,'
Preferred ctfs
100 1,400 831 Dec 30 934 Dec 3#
Nov
20
4
M
Bells
* 500
34 Dec 28 13.4 Dec 28
% M.
23.4 Nov
6% Pr. new
100 8,60# 5934 Dec 29 6374 Dec 31 4834 D. 6334 Dec
Vulcan Detinning p1.100
10010334 Dec 2810334 Dec 2: 80
AP 10334 Dec
Walworth Co
* 2,411 2134 Dec 30 23 Dec 2' 2134 Dec 2434 Dee
Wilson AC Co ctts
25
700 434 Dec 28 534 Dec 23
434 Sept 6
Sent
Preferred ctfs
100
200 18 Dec 29 18 Dec 23 17
Mar
Sept 42
Yellow Truck &Coach 1015,000 2934 Dec 31 3231 Dee 28 2274 Oc 4034 Oct
Preferred
100
100 94 Dec 30 94 Dec 31 90
Oct
Oct 100
*No par value.
Foreign Exchange.-Sterling exchange was moderately
active, trading being stimulated by demands inoidental to
year-end evening-up of balances, and rates were steady.
To-day's (Friday's) actual rates for sterling exchange were 4 81 9-160
48134 for sixty days 484 13-166104 84% for cheques and 4 85 3-16 ®
48534 for cables. Commercial on banks, sight 484 11-16 ®4 84%. sixty
days 481 1-16 ®4 81% , ninety days.480 5-16584 8034, and documents
for payment (sixty days),4 81 5-1604 8134;cotton for payment 4 84 11-16
@48431. and grain for payment 484 11-16©4 84%.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.660
3.7034 for long and 3.7074583.7434 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.7734039.79 for long and 40.13%040.15 for short.
Exchange at Paris on London, 129.85 francs; week's range, 128.05 francs
high and 133.05 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days. Cheques.
Cables.
High for the week
4 81 11-16 484 15-16 485 5-16
Low for the week
4 81 7-16
4 84 11-16 4 85 1-16
Paris Bankers' FrancsHigh for the week
3.7434
3.80
3.81
Low for the week
3.5631
3.62%
3.63%
Germany Bankers' MarksHigh for the week
23.81
23.81
Low for the week
23.8034
23.8034
Amsterdam Bankers' GuildersHigh for the week
39.81
40.25
40.27
Low for the week
39.74
40.18
40.20
Domestic Exchange.-Chicago, par. St. Louis, 15@25c. per $1.000
discount. Boston, par. San Francisco, par. Montreal, 51 25 per 51.000
discount. Cincinnati, par.
Industrial & Misc.Amer Bank Note new_l
900 3934 Dec 29 41
Dec 28 3934 Dec 4434 Dec
Am Brown BoveriEl w 1* 20,000 4734 Dec 29 4934 Dec 29 4734 Dec 5374 Oct
Preferred
200 97 Dec 29 97 Dec 29 90% Nov 98
10
Dec
American Can w 1_ _ _2584 400 48 Dec 28 4934 Dec 31 4731 Dec
4934 Dec
Am Chicle prior pfd Ws*
100 90 Dec 31 90 Dec 31 90
July 90
July
American Metal pref.100
300 116 Dec 31 11674 Dec 28 11
Mar119
Nov
American Republica..' 900 7134 Dec 30 74 Dec 28 48
Jan 79% Dec
American Snuff
100
300 14034 Dec 2814134 Dec 29 3834 Apr154
Nov
Am Writ Pap Df ctfs_100
34 Dec 28
34 Dec 28
34 Dec 4
900
Jan
Armour of III, cl B.__ _2524,500 16 Dee 28 1634 Dec 28 16
Dec 20% Oct
Preferred100 400 90 Dec 31 9034 Dec 29 90
Dec 9334 Nov
Arnold Constable ate_ _• 500 1334 Dec 31 1434 Dec 31 10
Sept 1634 Nov
Art Metal Construen-10
100 1934 Dec 31 1934 Dec 31 15
Jan 20% Nov
Atlas Powder
*
200 57 Dec 29 57 Dec 29 45 June1 65
Dec
Auto Sales
50
100 431 Dec 30 434 Dee 30 3
Nov 6
Dec
Preferred
100 2134 Dec 28 2134 Dec 2S 12
25%
Dec
Novi
Bayuk Bros 1st pref_100
100 100 Dec 30 100 Dec 30 9334 Oct100
Dec
Booth Fisheries 1st 01100
100 453.4 Dec 28 4534 Dec 28 25 June 52
Oct
British Empire Stee1.100
200 2 Dec 31 234. Dec 29 1% May 5
Oct
1st preferred
100 27 Dec 30 27 Dec 30 22 June 36
100
Oct
2d pref
100 400 834 Dec 31 934 Dec 28 6% July 14
Oct
Bklyn Union Gas rights_ 12,760 6 Dec 28 634 Dec 29 6
Dec 934 Sept
Brown Shoe w 1
1,800 46 Dec 31 4634 Dec 31 46
Dec 4634 Dec
Burns Bros prof
100
300 98 Dee 29 9831 Dec 31 91% July 99
Oct
Byers & Co(AM)
• 300 3334 Dec 28 3534 Dec 29 23
Oct 44% Oct
Preferred
100
200 9934 Dec 29 9931 Dee 31 95% Oct 100
Oct
United States Liberty Loan Bonds and Treasury
Oert-Teed Prod 1st P1100
100 10234 Dee 30 10234 Dec 39 8934 Jan 110
Christie-Brown & Co...' 7,300 6234 Dec 30 6434 Dec 28 62% Dec 6434 Sept
Dec Certificates on the New York Stock Exchange.-Below
Chrysler Corp new____•107500 4834 Dec 28 52 Dec 31 4834 Dec 52
Dec
of the transactions in Liberty Loan
Commercial Credit_
• 6,200 45 Dec 30 48 Dec 28 3834 Sept 5534 Dec we furnish a daily record
Preferred
25
900 26 Dec 30 27 Dee 30 2534 Sept 2735 Oct bonds and Treasury certificates on the New York Stock
Frei B
25
200 2734 Dec 31 2734 Dec 31 26% Sept 27% Dec Exchange. The transactions in registered bonds are given
Corn Investment Trust_• 400 72 Dec 31 75 Dec 28 50
Jan 84% Nov
RIghts
103 234 Dec 31 234 Dec 31 234 Dec 3
Dec in a footnote at the end of the tabulation.
Cuba Co
•10,900 443( Dec 29 49% Dec 31 4431 Dec 54% Oct
_Cushman's Sens
• 200 99 Dee 3 99% Dec 28 62
Mar 104
Oct Daily Record of U. S. Bond Prices. Dec. 26 Dec. 28 Dec. 29 Dec. 30 Dec. 31 Jan. 1
Deere & Co pref
100
200 10734 Dec 2E10734 Dec 28 8231 Jan 110
Nov
---Devoe & Reynolds A...• 14,301 8434 Dec 30 9034 Dec 31 53
Oct mg Dec First Liberty Loan
1 High
9951n 9911st 9915as 99141
Durham Hosiery
51 1,900 14 Dec 30 14 Dec 30 '8
091,„ een„ gal% qqii„
Jan 23
Nov
Low.
1932-47.
bonds
of
34
%
.3
Emerson-Brant pref.101
200 22 Dec 30 22 Dec 30 8 May 26% Aug
(Close
0911n 99,48 99no 99"as
(First 314s)
Eureka Vacuum Clean.. 5,300 5034 Dec 2: 54 Dec 30 4834 Nov 57% Dec
Total sales In $1.000 units..
221
168
85
226
Fed Light & Tree pt,.100
100 89 Dec 31 89 Dec 31 8234 Sept 89
Dec
Converted 4% bonds of (High
First Nat Stores
3.300 3834 Dec.31 40 Dec 31' 3834 Dec 40
Dec
1932-47 (First 4s).--3Low•
Fleischmann Co, new....46,400 55 Dec 30 57% Dec 30 525i Dec 5734 Dec
(Close
Foundation Foreign Rts.13.600 2834 Dec 20 33% Dec 28 15
Dec
Nov 85
TOW sales in $1,000 units_
Fox Film
• 5,800 83 Dec 28 8334 Dec 28 683i Sept 43% Nov
Converted 434% bonds (High
101.2% 1012in 101"n 101"a
Franklin-Simon Pref-100
500 105 Deo 30 106 Dec 31 101% Mar 106
Aug
of 1932-47 (First 454,33 Low.
101% 101ust 101"as 101"s
Gen Cigar Deb Pr (7)100
100 115% Dec 28 116 Dec 31 104
July
Dec
(Close
101•Iii 101ilis 101•481 1018%
Gen Gas & Electric A _ 11,00( 58% Dec 31 6134 Dec 28, 5834 Dec 116
6134 Dec
Total
$1,000
sales
units_
in
5
42
18
7
Pr (7) A
• 800 99 Dec 36 100 Dec 28 99
Dec 100
Dec
Second Converted 434% f Illib
------------Pr(8) A
*
100 110 Dec 28 110 Dec 28;110
Dec 110
Dec
bonds of 1932-47 (First( Low
---- -----Gotham Silk Hosiery... 2,700 39 Dec 30 40 Dec 28 39
Dee 42
Dec
Second 494*
(Close
----------Preferred
100 1,400 101 34 Dec 201023.4 Dec 31 99 34 Der 102% Dec
Total sates In 81.000 units..
----------_
Gould Coupler A
* 3,300 18% Dec 30 20 Dec 31 1834 Der 23
Sept
Converted
bonds
434%
1High
Guantanamo Sugar._ _• 2,600 5 Dec 28 5 Dec 28 3% Sept
June
4%
634
bonds
of 1927-423Low.
GuifStatesSteel lstpf 100
100 107 Dec 3 107 Dec 30 101% May 10734 Nov
(Second 4s)
(Close HOLI____
____
____
____ HO LI
Hanna 1st pref C I A _100
200 51 Dec 30 54 Dec 31 4234 July 89
Feb
Total sales in $1,000 units_ DAY_
_
_
_ DAY
Indepcnd Oil & Gas Rts. 10,801 1-16 Dec 30
% Dec 30, 1-16 Dec
34 Dec Second Liberty Loan
(High
lob;
in
100",, 100",, 10-oiis
Ingersoll Rand, new_ _.• 1,100 99 34 Dec 3010634 Dec 28 77
Nov 10734 Dec
of 1027-42 (Second (Low.
1000Iss 10017st 100#41 100"a
Internat Match Pr.....35 3,400 56% Dec 31 6034 Dec 28 5634 Dec
Dec
6034
43(s)
(Close
10001st 1000#st 1003%, 100%
Iron Products
100 50 Dec 2: 50 Dec 28 50
10
D 105
Feb
Total sates in $1.000 unite...
480
514
222
745
Jones & L Steel pref 100
110 113% Dec 2911334 Dec 31 111% Feb 116
Aug Third Liberty Loan
(High
100nis 100%1 1001•11 1001•11
Kansas & Gulf
% Dec 31
10 1,300
34 Dec 28
% May 134 June
434% bonds 011928....3 Low.
1001iss 100•511 100"st 100"a
Lehn & Fink
•13,600 37% Dec 28 4134 Dec 31 3754 Dec 4434 Oct
(Third 4 Sin).... __ _lClose
10011:1 10011,1 10011,1 10021,
Loose-Wiles, 2d prof.100
200 139 Dec 29 134 Dec 28 104
Feb 148
Dec
Toted sales in $1,000 units.
698
493
264
Mackay Cos, pref....100
254
Dec 29 7234 Dee 31 66
500 71
Mar 7834 Feb Fourth Liberty Loan
(High
102.00 10111si 102.00 1023,1
Mtmati Sugar
100
400 38 Dec 29 42 Dec 31 34
Oct 55
July
4 X % bonds of 1933-38-3Low101.01, 101"as 101". 101"n
Manhattan Beach_ _100
100 234 Dec 28 234 Dec 28 2% Aug 234 Dec
(Close
(Fourth 444s)
101"a 10131n 1013% 101"ri
May Dept Stores, p1.100
300 123 Dec 29124 Dec 31 116% Mar 124
June
Total sates in $1,000 units...
259
415
299
Maytag Co
59
* 1,900 2134 Dec 30 2234 Dec 31 2134 Nov 2634 Oct
!High
10612ii 106Plit 1061% 108148
Mid-Cont Petrol, p1.100
100 94 Dec 31 94 Dec 31 83% Ap 9434 Oct Treasury
444s, 1947-52
(Low.
106•st
Montana Power, pre1.100
10642
106fsi
10541
100 1113.4 Dec 2911134 Dec 29 109
M 117 June
(Claw
106ras 1013"ss 106,
Motion Picture Corp
n 106",
• 5,800 1934 Dec 29 20% Dec 28 19% Dec 2034 Dec
Total sates in $1.000 units..
24
12
20
Murray Body
1
*10,900 1134 Dec 29 14 Dec 28 534 D
4234 Mar
12110
102isis 102"si 1021% 102"is
National Tea Co
28250
* 2,600216% Dec
Dec 30 201
Dec 50
Dec
is.
1944-1954
3
Low
.
102110 1022%, 1021% 102•Iii
N N&H Ry,G&E,pf _100
100 105 Dec 28105 Dec 28 8234 Jan 111
July
[Clow
102isii 1021%, 102", 102"ss
NY Steam. 1st met...*
Dec 2S 01
300 191
Dec 214 97
Jan 102 June
'Mini anla• da al 0011 aan•
a
•L.
'.ISO
.
^
Nor Amer Edison, pref.' 400 9434 Dec 30 9534 Dec 30 94% Dec 963.4 Dec
Norwalk Tire & Rubb _10 7,000 1234 Dec 30 13% Dec 29 1234 Sept 1834 Aug
Note.
-The
above
table
coupon
includes
only
sales
of
011 Well Supply
3334
343(
Dec
Dec
31
25
900
28 33% Dec 38
Nov
Preferred
100
100 105 Dec 30 105 Dec 30 10334 Nov105
Nov bonds. Transactions in registered bonds were:
Onyx Hosiery, Pref 109
400 9534 Dec 30 9634 Dec 28 7834 Mar 97
2 tat 33413
Nov
99"as to 9911121 3d 4%s
1001122 to 100",,
Otis Elevator, pref_100
300 10434 Dec 30 (133 Dec 28 101
Feb 112
1st 494,
July
106
1011181
to 1019,1 46 4th 43(11
1012% to:101wn
Outlet Co
• 600 5034 Dec 30 50% Dec 28 493( Nov 57
Nov 66 2d 434t3
14n to 1009ii
Preferred
100
200 1003 Der 29 04 % Dec 29 98
Nov 1007.4 Dec
Pacific Mall
300 12% Dec 29 12% Dec 29 5% Apr 1234 Oct
New York City Banks and Trust Companies and
Pan-Am West Petr B • 7.600 44 Dec 31 48% Dec 28 3734 Oct 4931 Dee
New York City Realty and Surety Co's. (See page 87.
Panhandle P & It, pf.100
52%
Dec
29
29 37
300 52 Dec
Oct 60% Feb
* 2,700 7434 Dec 30 77% Dec 28 70
Paths Exchange A
Nov 9034 Oct
Penick & Ford, prof..100
100 100 Dec 30 100 Dec 30 100
Dec 10534 May Quotations
for U. S. Trees Ctfs. of Indebtedness, &c.
Philadelphia Co, Pref _50
300 48 Dec 29 48 Dec 29 4534 Jan 49
July
Phoenix Hosiery
5 1,500 35 Dec 28 3534 Dec 29 18
Apr 42% July
Int.
/at.
Preferred
100
200 99 Dec 30 99 Dec 30 84
Apr 99
Dec
Maturity.
Rate.
Bid. Asked.
Maturity.
Rase
Bid. Asked
100 87 Dee 28 87 Dec 28 79
Pitts Term Coal,Pref.100
July 88% Nov
300 15 Dec 29 1534 Dec 31 12% Nov 15% July
Pitts Util Pow ctfs, new.
Sr. 15 1926... 434% 100814 100%
June
15
1926_
_
_
344%
992sii
300 32% Dec 29 3334 Dec 30 27
Prod As Ref Corp, pref-50
Sept 47% Feb
91.15 1926_ 414% 100,112 100'ts Dec. 151927... 434% 10034
200 9734 Dec 30 98 Dec28 9234 May10034 Dec
PS Elea & Gas. Pref-100
ne 15 1926...
3% 99itss 9914
Mar. 15 1927.-- 44% 101'io
p1.1
107
Pow,
28
El
Dec
106107
Dec
Ser.
,
28
1
Pub
0034 Jan 108
Oct
SC. 151926... 34% 99"ss 100
72
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PACES.
Poe galas during the week of stocks usually Inactive. see preceding page.
RPM AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
geseriap,
Dec. 26.
Monday.
Dec. 28.
per share $ per share
Tuesday. ' Wednesday. Thursday.
Dec. 31.
Dec. 30.
Dec. 29.
Per share
per share
Friday,
Jan. 1.
per share $ per share Shares.
*45
48
*45
48
*45
48
.45
48
*6613 70
*6612 68114 *6612 6878 *6612 67
13U14 13758 13612 140,2 13812 1398 138 138%
97
297
*97
9714 9714 9712 9738 98
914 1138
9% 1014
938 10
912 1034
260 26212 257 25312 25812 260
263 265
9212 9318 9234 9418 9318 9438 9334 9418
*67% 68
6714 6734 6734 6734 *6714 68
45
4512 46
45,8 4434 4514
46.2 45
9932
*98
9938 *97
98
9958 *98
98
60%
58% 58% 59
58
59
578 .59
8238 8314 8212 8212 *8212 8312 38072 80%
83
*78
79
79
80
80
*79
83
148 148
14838 14834 14838 1488 14714 14714
*296 305 *296 305
300 30612 *300 317
127 1288 12612 12734 12612 127
12718 128
128 128 *125 128 *125 127
127 127
81
78 778
772 78
8
78 8
1334 134
14
1312 137g
1438 1333 14
194 200 *190 200
189 189 *186 195
*3412 36
*3412 3712 3434 35
*35
37
4838 4833
48
49
4812 49
4949
1114 1138 1118 11%
1134 12
1114 12
28% 2712 28
2734 2912 2814 294 27
912
1012
918 972
10
934
934 9%
1834 1914 1812 19
1812 1918 1838 1914
8112 8212 8034 8178
805
, 8212 8138 83
118 11814 11814 120
•l1712 118 *11712 118
5834 578 58%
66
5738 56
5734 56
9912 9912 9934 997
9834 9834 9834 99
*8533 8612 4,86
8634 8738 87% 874
87
56
56
5618 57
57
5412 5512 56
11814 120
119 12018 119 119
117 119
64
*6334 6412 6412 6538 *64
6412 64
6624 6634 *65
*65
67
67
63
.65
59
*58
*58
62
64
•59
63% .58
148
154
149 15012 15012 15112 15112
14812
14372 14412 144 14534 1441 14513 145 14612
46
467
45
46
46
*44
4614 '45
3838 3734 39
38
38% 3734 3838 38
4412 45
4434 45
4414 45% 4412 455
42
4238 4112 4212 42
4134 4214 42
7734 7914 78% 7S78 7818 7858 7814 7833
, 26
255g 28,8
25
,
8 2612 2512 2578 255
3434 34,
4 3418 3478, 3414 3434 3412 3412
10012 101
100% 100781 10034 101
101 101
•230 250 *230 250 *230 250 *230 250
36
3512 3612 3512 3638 3538 3534 36
72
72 .70
4,71
*71
72
*7118 72
Stock
12312 125% 123 12514 12314 1243s 12312 12334
Stock
12434 12434 *123 125 .122 124
12314 124
iv. *04
*2918 3012 Exchange
31
3114 31% '303* 311
le:change
31
*6314
31k4i, use *63 _ _ _ _ *6314 75
2914 3138 28% 29% 2812 2918' 2838 -361-3 Closed;
dialed;
4813 48
4838 4932 4814 4918 48
48,4
z6278 6278 New Years
63
*62
6212 6212 63% 63
Extra
861 85% 86 I 85,4 85,4
8512 8633 85
Day
14212 14212
14213 14434 14213 143
145 145
HolIcley
98
*88
*88
98
98
4,88
*88
95
4144
4054 4134
4012 41*
41
42
42
•712 772
8
8
*7
8
7
7
301 *2634 3013
4'25
30
*25
30 .25
43
43
427a 43
4312 43% 4214 43
*1514 18
*1512 18
15
15
*15
18
318
318
3
3
3
312
314 3%
50%
4914 4914 51
.50
49
49
49
*73
76
*74
80
79
7313 7312 *70
4112
41
41% 40% 4112 4038 4134 41
88% 888 9214 9134 9212
8732 87% 88
38% 3912
3918 40
36
40
3938 40
88% 8978 88
8914 8712 8813 8734 8812
23
, 3
3
3
234 234 *234 2%
131% 13278 13212 13434 13438 13712 213414 13512
179% 1798
17912 17912 178 178
180 180
98
*97
9734 *9634 9734 96% 98 '97
447 4512 4434 4514
45% 45% 4434 46
28
2838 27% 2834 275* 2838 *2818 2812
3618 3618
*3612 38
36
*36% 40
36
14712 14812 148 14812
14834 14934 148 149
86
86
87
*80
*80
87
*80
86
7612
76
76% 7814 77% 777
76% 77
54% 55
5412 55
55
54
51% 54
17
20% 2012 17
20
*20
2034 20
85% 8514 *8334 84% 84% 8434
84
85
90
8812 89% *87
*8712 89
*87
89
80
7914 79% *78
79
79
*79
80
118% 11812 119 11934 118 118
*116 120
89% 8813 89,8
88
8872 8734 89,4 88
*40
4038
40
40
.3978 4012 *39% 40
*4012 4073
40% 4078 *4012 41
141
41
6178
57
5714 5612 57
.5614 5912 57
9912 100% 9938 101
9918 10012 9912 101
8734
*87
8734 *87
*86
88
•86
88
67%
64% 6512 6312 64% 6412 64% 64
7611
7612 76
7634 *76
75
•75
77
.5078 5018 50%
5112 50
5013 5112 50
47% 47% 4734 47%
48
47% 4713 48
10312 10418
10214 10419 10313 10412 10314 104
119% 119% 11914 12012 119% 119% 119 11934
92% 92% *9112 9213
92% 92% 92% 93
57%
57% 6812 57
56% 57% 5712 59
1318
1318 13
1312 13
13% 13% •13
*78
7812
77% 78
78
7772 78% 78
150 15134 150 151% 14934 150%
149% 151
75
7512 75
75
7514 7532 7533 75
*2312 25
26
*22
2312 2312 *2313 26
81
7812 8112 78% 7818
*69
7818 79
•125 200 •125 200 *125 200 *125 200
4312 44
4313 444 43% 44% 4314 44
7312
72% 7312 73
7212 73
7214 73
63
*57
63
58 .57
58
63
•58
1614 1612 16
16% 1618 16% 16% 16%
2312 2312 2318 23,2 23% 24
24
24
3838 3878 3812 3918 38% 3912 38% 39%
79%
7934 7934 7912 7934 *79
.7812 80
31% 3034 32
2914 2912 28% 2914 29
4912 4834 49% 4912 51
49
49
49
7614
75
7412 76
•13034 135 *131 135
107 107
109 109
1812 1812 1712 1812
58
58
60
*57
87
878 9%
912
112% 11314 11012 11212
1038 1078
10% 11
75
131
108
*17
5712
8%
110
1014
7512 7312 74
131 *129 135
108 .107 108
19
171 1712
5713 *5713 59
9
9
918
11033 310934 110,8
1012 103* 1012
Bid and salted prices. a Ex-dividend. 8 Ex-rigbts•
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Lowest
per share
Par
Railroads.
100
Ann Arbor
100
Do prof
52,200 Atch Topeka de Santa Fe_ _100
100
Do pref
600
21,900 Atlanta I31rm & Atlantic.. 100
100
1.600 Atlantic Coast Line RR
100
37,200 Baltimore & Ohio
100
Do prof
500
50
2,700 Bangor & Aroostook
100
Do prof
300
25,200 Bklyn Manta'Tr•t a--NO par
No oar
Do Mei v t is
700
12 Buffalo Rochester & Pitts_100
100
2,300 Canadian Pacific
1,300 Central RR of New J6113.37_100
100
11,000 Chesapeake & Ohio
100
Do prof
300
100
1,700 Chicago & Alton
100
Do pref._
3,700
100
500 0 C C & St Louis
100
500 Chic & East-Ill RR
100
Do prof
900
5.500 Chicago Great Western__ _100
100
Do pref
17,200
100
19,600 Chicago Milw & St Paul
100
Do pref
15.200
41,900 Chicago & North Western_100
100
Do pref
800
91.400 Chicago Rock Isl & Paciflo_100
100
Do 7% preferred
900
100
1.800
Do 6% Preferred
1,800 Chic St Paul Minn & Om 100
100
Do prof '
2,100
100
600 Colorado & Southern
100
Do lst• prof
100
100
Do 26 pref
100
10,800 Delaware & Hudson
14,300 Delaware Lack & Western_ 50
700 Denver Rio Or & West pref 100
100
17,500 Erie
100
Do let pref
26,200
100
Do 2d prof
6,900
100
20,700 Great Northern prof
Iron Oro Properties-No Par
15,400
100
2,500 Gulf Mob & Nor
100
,..,
Havana Elea Ry, Lt & P100
100
4,200 Hudson & Manhattan
Do prof
100
100
16,000 Illinois Central
Do prof
100
500
1,200 Int Rys of Cent America_ _100
100
Do prof
6,000 Interboro Rap Tran v t 8_100
100
9,300 Kama City Southern
100
Do prof
600
50
4,100, Lehigh Valley
100
2,600, Louisville & Nashville
Manhattan Elevated guar 100
100
Do modified guar
1,600
100
200 Market Street RI
Do prof
100
100
Do prior pref
1,500
100
Do 2d prat
100
100
2,000 Minneap & St L
1,000 Minn St Paul & S S Marte_100
100
Do prof
100
21.500 Mo-Kan-Texas RR_ __No par
100
Do prof_
18,300
100
14,100 Missouri Pacific
100
Do prof
18,500
800 Nat Rya of Mex 26 pre!._100
100
128,200 New York Central
100
700 NYC&StLCo
100
Do pref
200
100
24,800 N Y N H & Hartford
100
6,500 N Y Ontario & Weetern
100
300 Norfolk Southern
100
6,600 Norfolk & Western
Do pref
100
200
100
31.900 Northern Pacific
50
43,400 Pennsylvania
100
900 Peoria dr Eastern
100
2,200 Pere Marquette
Do prior prof
100
300
Do pref
100
600
100
600 Pittsburgh & Weet Va
50
15,400 Reading
Do 1st pref
ao
200
Do 26 pref
ao
300
100
2.200 Rutland RR prof
20,800 81 Louts-San Francisco_ __A00
100
Do prof A
3,100
8,300 St Louis Southwestern_ __ _100
100
Do prof
200
100
14,300 Seaboard Air Line
100
Do prof
700
100
66,300 Southern Pacific Co
100
24,100 Southern Railway
Do prof
100
800
100
29,800 Texas & Pacific
100
1,300 Third Avenue
900 Twin City Rapid Tranalt 100
100
21.300 Union Pacific
100
Do pref
700
100
100 United Railways Invest
Do prof
100
800
Virginia Railway & Power_100
100
35.000 Wabash
100
Do pref A
17,100
100
Do prof B
100
100
7.300 Western Maryland
100
Do 26 pre!
1,600
100
7.600 Western Pacific new
100
Do prof new
600
21,100 Wheeling A Lake Erie Ry_ _100
100
Do prat
6,600
3,800
100
700
1,110
200
3,000
2,500
5,800
PER SHARE
Range for Year 1925.
Os basis of 100-share lots.
22 Feb 17
40 Mar 24
11614 Jan 18
9212 Feb 17
3 Jan 14
14714 Jan 16
71 Mar 30
6278 Apr 21
3514 Mar 23
89 June 22
354 Jan 5
7272 Jan 2
48 Apr 2
2354 Mar 30
265 Mar 30
894 Mar 30
10514 Apr 14
34 Apr 24
512 Apr 23
140 May 20
294 Mar 30
40 Mar 30
9 Jan 2
1914 Mar 3(t
314 Apr 20
7 Apr 20
47 Apr 14
1014 Apr 14
401s Mar 30
92 Jan 2
82 Mar 30
3312 Apr 22
7314 Apr 21
444 Jan 6
80 Mar 28
54 Jan 21
13313 Mar 30
125 Mar 30
344 Oct 9
284May 15
35 June 22
34 June 29
60 Apr 24
25 Dec 5
23 Mar 30
894 Mar 30
112 May 16
2114 Mar 18
6412 Feb 18
111 Mar 31
11212 Apr 23
18 Jan 8
594 Jan 2
1312 Mar 23
284 Mar 30
57 Jan 15
69 Mar 30
106 Jan 16
64 May 20
3212 Mar 23
6 Nov 18
20 Jan 13
42% Nov 24
15 Dec 8
214 Oct 281
3052 Apr 4
40 Mar 30
2814 Jan 2
7414 Jan 2
304 Jan 5
71 Mar 30
D2June 24
11314June 10
118 June 24
8812 Jan 6
28 Mar 24
2012 Apr 4
214 Apr 22
12312 Mar 30
7512 Jan 8
5814 Apr 25
4212 Apr 9
1344 Apr 30
6114June 24
78 July 29
684 Apr 16
63 Mar 19
894 Mar 30
354 Mar 18
3614 Mar 18
42 Apr 24
574 Jan 16
76 Jan 20
4.3114June 11
701sJune 25
204 Jan 16
35 Mar 30
96 Oct 7
774 Jan 2
83 Jan 2
434 Jan 27
74 Apr 17
58 Jan 22
13314 Apr 24
72 Jan 30
18 Aug 31
484 Mar 23
6414 Jan 14
1912 Mar 30
554 Jan 20
agls Jan 21
11 Mar 24
16 Mar 27
1914July 31
72 July 27
104 Mar 31
22 Apr 2
Highest
I; per Share
48 Dec 4
67 Dec 24
14012 Dec 29
98 Dec 30
1134 Dec 24
268 Dec 24
9413 Dec 16
67% Nov 14
5613 Nov 2
100 Oct 26
64 Nov 30
8334 De322
9212MaY 2
1524 Jan 8
321 Jan 3
13012 Dec 16
130 Dec 16
104 Fcb 9
1912 Feb 21
200 Der 30
3814 Aug 26
5714 Jan 2
15 Feb 7
824 Feb 6
164 Jan 7
2812 J
80% Dec 24
120 Dec 31
58% 322 31
100 Dec 7
8912 Mar 8
594 Jan 13
120% Dec 29
7012Sept 1
664 Dec 29
824 Aug 27
155 Apr 6
14714June 8
60 Jan 12
3938 Dec 16
4678 Jan 2
4324 Jais 5
8238 Dec 16
40% Jan 19
363pSept 8
10914Sept
246 Sep. 10
384 Aug 26
72 July 10
12512 Dee 16
12514 Dec 16
334 Sept 11
6612July 14
3413 Feb 9
51 Dec 16
6314 Dec 29
8812 Dee 17
148 Dec 11
11912Se96 14
5114 Feb 9
12 Sept 21
46% Sept 21
6514SePt 21
354 Sept 21
4 Mar 6
57 Nov 19
8614 Nov 19
4512Seid 8
9213 Dec 31
4114 Dec 8
6112 Dec 5
314 Dec16
13712 Dec 30
183 Dec 16
98% Nov 20
47 Doc 16
344 Aug 13
45 Sept 29
151 Dec 16
81 Dec 31
7814 Dec 29
55% Dec 1
214 Dec 1
8513 Dec 1
894 Dec 3
7058 Dec 3
123 Dec 1.•
9114June
41 June
4431aune
6278 Jan
10214 Aug 2
92',July2
(1914 Dec 1
7834 Dec
54% Nov 1
6111 Aug 2
10834 Jan
12012 Dec 2
95ljSepl 1
59 Dec 2
1514Sept
7814 Dec 2
16314 Jan 1
774July 31
3312Mas 18
83% Dec 14
150 Nos 4
474 Aug 26
73% Dec 17
6012 Aug 22
184 Aug 25
2814 Jan 9
3912 Dec 30
81 Dec 7
32 Dec 15
534 Des I
Industrial & Miscellaneous
Abitibi Power & Paper_Ne per 82 Jan 6 7614 Dec 29
All American Cables100 119 Jan 5 1334 Oct 28
100 90 Apr 16 11714 Oct 9
Adams Express
100 13 Apr 11 20 Oct 23
Advance RumelY
100 47 Feb 18 6214 Oct 23
Do pref
712 Oct 13 1233Mav 27
1
Ahumada Lead
Air Reduction. Ino___No par 864 Jan 30 11738 Doe I
032 Doc 2 1572.11111.10
Max Rubber. Ina_ __Ns par
PER SHARI
Range for Puri:
Year 1924.
Lowest
Higbec.
pee share
Per that
12 Apr 2272 De,
25 Mar 4614 Dee
9714 Jan 12014 Del
864 Jan 98% Dee
5 Dec
Its Feb
112
Jan 1524 Dec
5214 Apr 8414 Dec
5614 Apr 664 Dec
3934 Dee 4414 Dec
86
Jan 95 Nov
134 Jan 4174 Dee
4814 Jan 75% Dee
60 May 6834 Dee
14214 Mar 15012 Nov
199 Mar 295 Dec
874 Feb 9814 Dec
994 Jan 1094 July
34 Apr 1013 Dec
812 May 197s Dee
100 Apr 15014 Nos
21 May 38 Dec
37 May 624 Dee
4 Apr 114 Nov
1012 June 314 Noy
107* Oct 184 Nov
184 Oct 8218 Nov
494 Jan 7514 Dee
100
Jan 1144 Dee
2113 Feb 50 Nos
764 Feb 974 Deo
6518 Jan 874 Nn1
29
Jan 5713 Dm
6814 Apr 94 Dee
20
Jan 49 Nov
50
Jan 654 Des
65 Jan 39 Nov
10413 Mar 13938 Deo
110/4 Fob 1494 Dee
42 Dec434 Dee
204 Jan 8538 Aug
2818 Feb 4914 Dee
2514 Jan 4614 Dee
534 Mar 75 Dec
26 May 394 Nov
1114 Apr 2912 Dee
Jan 99 Dec
60
2914 Dee
201s Nov 574 Oct 0472 Dec
1004 Mar 11778 Des
104 Mar 1174 Dee
114 July 1812 Nov
644 May 63 Nov
1214 Jan 3914 July
1714 Mar also Ds.
5114 Mar 594 Dec
88912 Apr 95 DOE
8714 Jan 109 Dec
42 Jan 85 Dec
3012 Jan 5171 July
654 Mar 1312 Jan
20 sot 42 Doc
61 Nov
7112 Jet
14 Mar 80
Jan
14 Jan
4
Jan
2814 Mar 5312 Des
50 Juan 75 Dee
1012 May 344 Doe
2914 Feb 754, DØ4
914 Jan 34.14 Nov
29
Jan 74 Dot
3 Dee
11
/
4 Aar
994 Feb 11914 Doe
7212 Feb 128 Del
83 May 937k Boot
1412 Jan 334 Deo
18 May 2814 Nov
124 Apr 29 Nov
10213 Jan 18314 Dee
72% Feb 804 JUDI
On MAY 73 Dee
424 Jan 60 Dee
934 Mar 2214 Nov
40t1 Mar 73 De*
7114 Apr 854 Aug
BO
Jan 77 Aug
88
Jae 7514 Des
61% MAY 794 Des
84
Oct 5613 Jan
Jan
53314 Jan 66
32
Jan 66 Nov
1912 Apr 65 Dee
4214 Jan 8212 DOS
Jan Borg Dee
33
674 Jan 74 Nov
814 Jan 2413 DO4
1414 Jan 454 Dee
854 Mar 10513 Not
384 Jan 7934 Deo
0634 Jan 85 Dee
19
Jan 4818 Deo
84 Mar 184 July
894 Ott 66
Jan
12818 Mar 15118 Dee
70 Mar 7613 Aug
718 14pr 41 Del
264 4pr 6472 De*
36 Feb 7234 July
1034 Jan 2434 Dee
84
Jan 6034 Deo
224 Jan 421e Dee
84 June 1814 Dee
1814 May 2014 Dee
714 Jan
1414 Jan
1733 Dat
3212 Dee
61 Dod 84 Dos
9812May 1224 Des
7312 yea iale Del
6 June 164 Don
2814 June 54 Deo
(17% Jan 93 DOt
ifs May 144 Deo
New York Stock Record-Continued-Page z
73
Poe an163 during the week of stocks usually inacti.e. eee second page preceding.
111011 ANL LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday .
Dec. 26.
Honday
Dec. 28.
Tuesday.
Dec. 29.
Wednesday. Thursday,
Dec. 30.
Dec. 31.
Friday.
Jan. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe for Year 1025.
I On bast, of 100-share lots
PER SHARE
Rasps for Prestos,
Year 1924.
Lowest
Iltgbes1
Lowest
11105est
per share $ per share $ per share $ per share $ per share S Per share Shares. Indus. & Miscell.
(Con.)
Par
Per
Mare
per share $ per chars
$
per ski,
158
134
158
11
/
4 *15s
178 "158
178
300 Alaska Juneau Gold Min__ 10
1
Jan 6
212 Oct 26
113 M.
73 Jan
114 11513 11214 11438 11213 113
113 114
18,400 Allied Chemical & Dye_No Par 80 Mar 30 1164 Dec 14
65 Mar 87!
1 D
.11914 120
120 12014 120 12014 120 120
800
Do prof
100 117 Jan 9 13114 Nov 21 110
934 9312 92
AV 11832 De
9314 9114 9112 9112 93
4,700 Allis-Chalmers Mfg
7113
100
Jan 5 9714 Dec 14
4152 May 73/
1
4 DC,
.105 108
108 108
108 109
109 109
500
Do pref
100 10314 Jan 3 109 Dec 15
90 Apr 10473 De.
2633 26/
1
4 2638 26/
1
4 2634 2634 2638 261
3,900 Amer Agrlcultural Chem 100 134 Mar 19 2978 Oct 13
713 Apr 174 July
8014 80,4 79
79
7934 794 7934 79/
1
4
1,100
Do prof
100 3613 Mar 23 8212 Dec 1
1834 Apr 4958 Jar
32
32/
1
4 32
/
4 32
3214 311
*33
34
2,100 American Beet Sugar
100 2958 Oct 27 43 Jan 7
36 Mar 4912 Fel
.71
7934 *7114 7914 *7114 7834 *7114 7834
Do pref
100 78 Dec 22 87732une
6813 Oct 83 Der
3114 3158 31
3134 304 31
3034 3234
9,200 Amer Bosch Magneto_ _No par 2618 Mar 24 5412 Jan 19
3
2214 Ain 3873 JAI,
152 15314 150 150
150 151
150 150/
1,600 Am Brake Shoe & F_ _ _ _No par 9014 Mar 30 156 Dee 15
1
4
78
.110 11412 •114 11417 .114 11412 1144 1144
AP* 102 Dec
100
Do pref
100 10712 Jan 12 1141
/
4 Dec 17 10414 July 110 Met
28811 29217 28834 294
28914 29214 29012 2973s
97,900 American Can
100 15813 Jan 16 29738 Dec 31
0572 Apr 16313 Dee
.121 12134 12134 12134 12178 12178 1214 1211
400
Do
prof
115
100
Jan 29 12178Sept 14
Oct
Jan 119
110 11034 10912 11014 10834 110
109 10934
3,500 American Car& FoundryNopar 9713 Apr 27 11534Sept 17 109
.12212 126
1227s 12278 124 124 •122 126
110
Do pref
100 12034 Apr 2 128 July 28
24
-Apr 12.5 JUly
2414 2418 2414 2414 2414 2418 2414
1,400 Amerlean Chain,class A_ _ _ 25 2213 Oct 3 27 Feb 14
214 Mar 25 Rapt
48
49
4718 48
4614 47/
4714
1
4 47
3,800 American Chicle
No par 37 Jan 27 62 Apr 18
1
4 Dee
144 Apr 40/
•46
48
45
46
4414 4612 46
464
3,100
Do certificatee
No par 37 Jan 7 5812 Apr 18
23 Sept 39 Dee
438 412
438 412
414 412
414 414
2,400 _ner Druggists Syndicate.. 10
644 Jar.22
414 Dec 30
34 June
•137 138
7 Oc
136 13617 135 139
136 136
1,600 American Express
100 125 Apr 27 166
Apr 1644 Dee
41
88
4113 4018 4112 40
404 4014 421,
18,900 Amer & For'n Pow new _No par 2714 Apr 7 513 Jan 2
8Sept 3
9158 9178 9153 915s 9134 92
9134 9134
900
Do
pref
No par 87 Jan 6 94 Feb 19
*128 140
---Do 25% paid
1144 Apr 7 142 Soot 23
Ws;
1252 1258 13
)5;,
1438 137g 1414 -13%8 If 6,200 American Hide & Leather_100
812 Mar 31
141
/
4 Dec 29
60
714 Apr 1432 Des
6013 6014 6212 6012 6134 alit 6114
3,800
Do pref
100
5812Sept 2 7574 Jan 14
5013 Jan
Do.
79383625: F
134 135
134 134
133 133,4 13212 134
2.700 American Ice
100
83
Mar
14 139 Dec 16
72 Aug
.8213 8314 8314 8314 *8213 84 • .82/
1
4 83,4
200
Do pref
100 7412Mar 17 88 July 9
7313
414 4212 4113 43
Nov
4212
411
/
4
42/
1
4 4458
21,500 Amer International Corp_ _100 3218 Mar 30 461
/
4 Nov 13
NO,
1514 1514 154 15/
1732 Mar
1
4 1518 1512 1538 1534
4,100 American La France F E
10 1114 Jan 2 20 Nov 14
10 May 1214 Jail
52
52
52/
1
4 5414 52,8 52/
1
4 *5214 53
1,400 American Linseed
100 20 Mar 25 594 Nov 5
Dee
102538434
184
.85
May
97 .85
88
864 87
86
87
300
Do pref
100 53 Jan 2 89 Oct 2
Apr
30
11813 119
3¼
11814 11914 1174 11834 118 11834
5,900 American Locom new__No par 10413 Jan 5 1444 Mar
6
Dee
Apr
704
11834 1184 •11813 119
11812 11812 •11814 11978
200
Do pref
100 115 Aug 14 124 Feb 16 11614 AP
Sept
.53
5338 5314 5358 534 5378 53/
1
4 5413
4,800 American Metals
No par 4534 Mar 30 574 Oct 26
54 Dee
115 11534 114 114
3834 Jun
11412 115
11418 115
os 89/
1,700 American Radiator
1
4 Jan 3 12212 Nov 4
Apr
9414
.7612 80 .7613 80
•7613 80
*7612 80
Amer Railway Express_ _100 276 Sept 15 84
Jan 13
774 Nov
57
5878 54
57
54,3 66
56
55
14.600 American Safety Razor_ _ _100 367s Jan
7634 Nov 14
18
0
10
572 AP 1
0
5
336.8
14
% 71r
5/
13
10
1
4 5/
11;41
1
4
513
54 552
513 5/
7.600 Amer Ship & Comm __No par
1
4
518 Dec 30 1412 Feb 28
1012 Oct
13784 13913 13834 13934 13884 14172 141 14412
61,600 Amer Smelting de Refining_100 9038Mar 3 1444
Dec 31
574 Jail
11313 11378 .113 114 *11314 114 •113 114
200
Do pref
100 1054 Jan
11514 Oct 9
96
47
Ja 1074 Dee
471
4658 4714 4513 47
4612
x46
10,400 Amer Steel Foundries. _No par 3758June 1
4712 Dec 28
•11213 114 .11213 11234 *11212 113
11212 11212
100
DO pre!
100
108
Jan
11312
Oct
14
10114 Apr 1094 No,
75
7574 74
7538 7414 75
74/
1
4 7512
5,000 American Sugar Refining_ _100 474 Jan 1
/
4 Dec 7
771
36
Oct 6134 Pet
101 101 .10118 1021. 101 10114 103 10314
1,100
Do pref
100 914 Jan 1 10414 Nov 17
Oct 997s Fel
77
11
11
1012 1058 1012 1012 1012 11
1.500 Amer Sumatra Tobacco_ _ _100
6
May
6
2413 Feb 14
632 Jul
: Jac
281
.85 110 .84 110
•88 110 .88 106
Do prof
100 28 Apr27 1201.2 Oct 15
Jan
2212 Sep
69
3934 31)84 .39
4012 •39
4012 *39
100 Amer Telegraph dr Cable _100 3734June
40,3
47 Feb 25
: Jar
3814 Dec 431
14214 142/
1
4 14253 142/
1
4 142/
1
4 14258
1
4 14234 142/
6,700 Amer Telep & Teleg
100
13058 Jan
145 Dec 7 12112 Jun 1344 Des
11414 11514 1144 115
11414 11514 114,4 11514
American
2,200
Tobacco
50 85 Feb 1
12112 Oct 22 1364 Mar 16972 No,
1064 10638 10614 106,4 107 107
10618 1061
1,100
Do pref
100 10412 Jan
110 Nov
11314 11373 11338 11438 11314 1131
AD 1054 Jul,
/
4 11334 113/
2,300
1
4
DO common Claes 13._ 50 8413 Feb 17 11312 Oct 12 101
1354 Mar 16832 No
*117 119
119 119 *119 121
,
119 119
200 American Type Founders _l00 103 Apr 22 13536 Nov 29
4 106 Sep 115 SesP 1
6934 71
69
691
/
4 6914 701
6978 713
8,300 Am Wat Wks & El
20
343
2
Jan
1
7614 Dec 14
40 Fe
E
144 Da4
.101 104
1021
!1021 102 102 *10114 1021
Do
300
1st
Pref (7%)
100 9714 Aug
103 Feb 18
Stock Z. 40/
894 Mar 101 Des
1
4 4113 4012 4158 4014 42,3 40/
1
4 4214
11,700 American Woolen
100 3434May
6454 Jan 6
r twn•
5114 Sept 784 Jar
.8714 88
8714 87/
1
4 87
Stock
8718 *8714 88
900
Do Prof
100 6912May
Exchange
9613 Jan 20
Oct 1024 Jan
90
133 134
.112 134
11
111
134
Amer
134
Writing Paper Prof _100
900
112 Dec 1
712 Jan 8
19.tili
14 Apr
7 July
Ti
812 853
812 858
818 812 *814
Amer
Exchange
1,2110
Zinc.
Lead
&
Smelt
25
May
7
12
1211
Jan 9
Closed;
7 Mar 1214 Des
384 38/
1
4 34
3418 3712 37/
371
1
4 37
900
Do prof
25 2473May 1 444 Dec 4
24
2 Des
June
367
10)- -1
4914 508 4934 5014 4912 5013 4938 501
20,900 Anaconda Copper Mining _b0 3514 Apr 21
Closed;
5314 Nov 6
• Extra a
284 may 4314 Des
4118 4113 4134 42
42
4613 44
46
6,300 Archer, Danqs alidrd_No pa
26 Jan 7 4612 Dec 30
)4'
284 Dec 29 Des
*103 105 .103 105
10434 105 •103 105 New Year
Prof
300
Do
100 9012 Jan 5 105
Holiday
90 Dec 914 Dal
97
9718 9714 9714 97
1.400 Armour & Co (Del) Pref _ _100 9018 Mar 31 100 Oct 16
974 97
97,8
8314 Jane 9482 Des
2378 2418 2334 24
2334 24
2334 24
9,000 Armour of Illinois Class A _ 25 20 Mar 19 2712 Oct 8
Day
Oct 5
.13
14
1312 1312 14
1414 •14
141
400 Arnold Constle&Covto No pa
8 Jan 5 1732 Oct 30
Jan
Oct 16
6
60
60
5912 5913 58/
1
4 59
58
58
600 Artloom
NO par 39 June 19 6034 Dec 24
•110
•110 _ -- •110
.110
_
Preferred
10 10112 Aug 20 110 Dec 22
55
56
5334 55
5212 5334 53 -54-1;
13,900 Associated Dry Goods__100 4612 Aug 17 614 Nov
21
•100 102
10112 102 •10112 10212 '10112 103
Do 13t pref
300
100 94 Jan 7 102 Oct 281
83's May 94 No,
10714 10758 107 107 .107 10713 "107 108
Do 241 pref
200
100 101 Jan 2 10814 Feb 7
Jan 10234 Du
89
4313 4434 44/
441
1
4 441
/
4
7455
4714
8
4653
/
4
71.600 Associated 011
25 32 Mar 30 4714 Dec 30
2713 July 344 Feb
6412 6434 6112 634 6034 63
6214 63,4
6,200 Atl Gulf & W I SS Line_ __ _100 20 Jan
77 Sept 29
1034 Mar 23 Des
544 5412 54
54
53
5431
53
53/
1.000
1
4
Do prof
100 31 Jan
60 Sept 23
1212 Jan 3112 Dee
10934 11013 10934 110
10933 1095t 10834 10914
3,600 Atlantic Refining
100 9513 Jan 2 11713 Feb 5
784 July 1401s Jar
011612 11812.116 118 0116 117 '116 117
Do pref
100 113 Sept 18 11734June 8 108
Oct 118 Pet
16/
1
4 16/
1
4 16
16
16
161
/
4 16/
1
4 17
3,000 Atlas Tack
No par
918 Feb 10 21 Dec 4
5 June
Ws Jan
.26
28
2712 28
27/
1
4 27/
1
4 2733 2733
600 Austin,Nichols& Covtc No par
22 July 6 3212 Jan 12
1812 Mar 384 Des
.93
94 .92
94
94 .92
.112
94
Do pref
100 8738 Jan 27 95 Aug 15
34
12
Nov
78
4
34
Apr
91
4
4
2,100 Auto Knitter Hosiery _ _No par
34
34
12 Dec 28
4141day
14 Nov
13018 13134 12918 13012 129 1303, 1291
84 Jar
/
4 1303x
16,200 Baldwin Locomotive Wke..100 107 Mar 30 146 Feb 14
26 1044 May 13432 Dee
.110 113 •11012 113 •11058 113
111 III
100
Do pref
100 107 Aug 7 11632 Jan 31 11012 June 11712 NO;
30
32
3012 32
3114 32
311
/
4 3313
85,600 Barnsdall Corp, Class A
25 1834 Aug 12 3312 Dec 28
14 Feb 2312 Dot
2712 281
/
4 2614 27
26/
1
4 28
2717 30
10,500
Do Cla.ss B
26 16 Aug 18 30 , Dec 31
10
4984 4934 50
Jan
1712 Dm
50 .4634 53 .4634 53
200 Barnet Leather
No par 35 Jan 5 7313 Oct 8
2312 Nov
*39
38 Des
40
40
40
40/
1
4 4312 4312 4612
5,400 Bayuk Cigars. Inc
No
par
Sept
3814
29
5314 Feb 14
394 May 69
6818 69/
1
4 6738 60,2 6714 6814 67/
Jar
1
4 6858
6.200 Beech Nut Packing
20 60 Mar 23 7734 Aug 26
384 40/
4434 Apr 72/
1
4 3834 40
1
4 Des
3914 4014 394 3934
17,400 Belding Bros
No pa
37 Sep, 4 411
/
4 Dec 17
_
_
48
4914 474 4814 4718 48
4734 4814
16.000 Bethlehem Steel Corp
100 37 June 5 5313 Jan 13
11513 11534 1l512 11578 11513 11512 .115 116
3734 Oat 6212 Feb
700
Co cum cony 8% pref_ _100 109 Mar 18 11012 Feb 8 10114
10053 10112 10012 1014 10014 10114 10014 10014
Apr
1164
Feb
Do pre! 7%
2,200
100 9314June 1 102 Jan 31
8912 June 97 Feb
.558 612 •54 614
614 64
534 64
900 Booth Fisheries
No pa
418May 4
872 Oct 6
.41
43
34 June
4178 411
41
/
4 41
43
71s Jas
43
300 Botany Cons Mills Class A.50 404 Aug 26 46 July 21
33
3312 3234 33/
1
4 3314 33/
1
4 3334 353
22.300 Briggs Manufacturing _ _No pa
27 Oct 24 4412May 25
13578 13612 135 135
134 13434 •134 135
2,000 Brooklyn Edison, Inc
100 120/
1
4 Jan 2 15613 Nov 6 107'* June 12414 Del
744 7638 7334 7458 734 7534 7618 77
18,300 Bklyn Uhlon Gas
No pa
7318 Dec 30 10014 Nov 5
13613 13617 136 136 •132 135
564 Apr 824 Dee
135 136
600 Brown Shoe Inc
10
6412 Mar 31 157 Nov 2
•100 110 .100 110 •100 110 •100 110
39 May 7812 Des
Do pref
10
96 Mar 25 109 Oct 9
2713 2814 2753 28
June 9984 Des
84
27,4 274 •2733 271
2,900 BrunswIck-Balke-Coler No pa
24 June 25 491
/
4 Jan 21
132 136
13213 13534 132 132
-_
132 132
2,400 Burns Brothers
No pa
9213 Feb 11 136 Dee 28
3814 39
95
3712 3873; 3734 38
Dec 11213in;
3734 373
2,700
Do new Claw B corn No pa
17 Mar 31 39 Dec 28
.9013 911
/
4 90
1918 Feb 29 Nov
904 8912 8912 894 91
1,500 Burroughs Adelg Mach_No pa
65 Jan 3
234 2358 2212 23
6234 Nov 574 03/
2034 22
2034 21
1.800 Bush Terminal new _ _No par 1453June 4 103 Sept 4
26 Dec 14
89,4 8974 .884 8913 89
89 .864 891
300
Debenture
100 80 May 14 89/
1
4J une 20
513 512
534 6
ON
54
553 553
1,000 Butte Copper & Zino
6
414 Mar 31
914 131
834 Jan 2
.2214 23
332 June
22
23
2212 2212 2112 22
1,500 Butterlck Co
100 17 May 13 284 Jan
1538 1513 15
17
Apr 2532 Del
15/
1
4 1413 1412 1414 15
2,500 Butte & Superior MMIng_ _10
61261aY 5 2414 Jan 9
14 May 254 Del
/
1
4
4
*4
N
33
4
*4
112
1.000 Caddo Cent OP & Ref _No par
14 Dec 21
129 12912 140 130
332 Jan 12
1 Nov
129 12913 12812 1281
64 Jan
1.200 California Packing
No par 10012 Jan 27 1384 Nov 13
3233 3414 33/
Apr 10614 Dee
BO
/
4 3314 33/
1
4 341
1
4 3312 3414
151,800 California Petroleum
25 2374 Jan
3432 Dec 20
2
2
1912 July 2914 Feb
2
2
2
2
2
2
2,700 Callahan Zino-Lead
10
14 Oct 1
4/
1
4 Feb 19
Es Jar
24 May
sTrs 5933 5912 611, 6018 6078 60
607
9,700 Calumet Arizona Mining_ 10 45 Apr 22
6118 Dec 29
14/
1
4 141
/
4 1334 14
414 Mar 5834 Deo
1358 144 • 131
/
4 137
2.100 Calumet & Ilecia
1214May
25
26
6612 0584 66
18/
05
1
41 J na 5
134 May 194 Des
65/
1
1
4 6512 66
4 65/
1,900 Case Tlirmh Machine_ _ _ _100 24 Mar 18 6812
Dec 21
s99
99 .97
14 Mar 36 Dm
97 .9512 99
9834 97
200
Do pre!
100 60 Mar 11 10713 Dec 19
1813 19
1813 1938 1853 1914 1853 19
Jan
4114 May 77
10,500 Central Leather
100
1434 Mar 28 234 Oct 13
634 65/
1
4 65
94 Mar 211
/
4 Des
67
6553 6712 6638 671
20.100
Do prof
100 494 Mar 24
33
33
2914 Mar 584 Dee
3218 32/
1
4 3253 324 3212 321
800 Century Ribbon Mills_ _No par 31184Sept2 71 Oct 13
.9313 9514 9434 9414 9134 9434 .02
474 Mar 11
2534 Apr 3514 Nov
943
200
Do prof
100 94 Dec 2
63
91
631
Jan 9512 .1n1.1
/
4 6214 63
6134 6213 6134 (1233
9,100 Cerro de Pasco Copper_No par 434 Mar 24 984 Jan 14
644 Nov 14
48
49
47
4034 Mar RN Des
4434 47
4712 4634 471
10,600 Certain-Teed Products_No par 4054 Mal 24
474 4834 4713 4814 474 4773 4734 481
2474 June 4412 Des
15,400 Chandler Motor Car _ __No par 2712 Aug 20 583*Sept 8
52
oat, Jilt
116 117
2674 Nov
11412 116
114 11712 118 121
4,400 Chicago Pneumatic Tool_ _100 8014 Mar 19 128 Oct 23
•____ 49
Dec 2
7974 May 10073 Do,
.
•__
48
4813 481
100 Chic Yellow Cab tem ctf No par 4412July 7
65 Jan 8
6354 66/
39 May 614 API
1
4 6614 671
66
! 64
647
64
9,200 Childs Co
No par 49/
1
4 NIar 31 744 Oct 26
33/
1
4 34,8 334 3334 3338 34
3414 3538
17.500 Chile Copper
25
3012
Mar
30
37/
1914 1914
1
4 Jan 2 -2-5is Ws: -18-35 -Hei
1914 101
20
194 1912 •19
300 ChM° Copper
45 19 Apr 23 284 Feb ; /
195 20213 195 200
Mar 29 Dc196 200
201 2071
38,220 Chrysler Corp
No par 108's July 14 253 Nov 2
106 106
10514 106
10612 10612 10634 107
1,100
Do preferred
No
par
10018July
24 1111
68
/
4 Nov 7
68
•6714 68
68
6814 6714 68
700 Cluett.Peabody St Co
100 584 Mar 17 7134 Jan 12
16113 1514 15118 15334 15333 155
Oct 7512 Jar
65
153 15353
6,300 Coca Cola Co
No par 80 Jan 6 17734 Nov 9
37
371
/
4 36
Apr 831s Dee
61
37
36
3612 3612 36/
1
4
6,500 Colorado Fuel & Iron
100 3214 Apr 21 484 Jan 13
59
5913 54
Feb
247
2
59
544 Aug
58
58
5414 59
2,800 Columbian Carbon•t o No par 45 Mar 24
6234 Dec 17
83/
1
394 Sept 551
4 8313 8314 83/
/
4 Jan
1
4 8318 8334 8333 83/
1
4
9,000 Col Gas & Elea
No par 4534 Jan 21 86 Oct 21
3. Mari •g Doe
• Bid and asked prices, no sales on this day. a Ex-rights. 8 Ex-dIvIdend.
74
New York Stock Record-Continued-----Page 3
third page preceding.
Doe sales during the week of stocks usually inactive, see
PER SHARE
PER SHARE
Range for Previous
Range for Year 1926.
STOCKS
Sates
5SPIE AND LOW BALI PRICIS-PER ,Y.51 ARE, NOT PER CENT.
Year 1924.
On bast, of 100-23070 tote.
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Tuesday. [Wednesday., Thursday,
Merida,.
Lowest I FROM
Saturday.
Hiollest
Lowest
Week.
1.
Jan.
31.
Dec.
1
30.
Dec.
Dec. 29.
Dec. 28.
Dec. 2(1.
per skarn
Shares. Indus. & Miscen (Con.) Par 3 Per share $ per *Aare 5 Per s5are
Des
$ per share $ per share $ per share $ per share 3 per share $ per share
GOO Col GM & Elec pref__ . _100 10414 Jan 5 11412 Dec 31 10314 Dec 105
11253 11314 11432 11438 •112 11412 11418 11412
Des
1314
29
Jan
4312
Jan
180
25
May
par
No
80
A
Solvents
700 Commercial
118 120 *122 126
125 12814 •120 125
33 Jan 12912 Dee
No par 76 May 26 189 Jan 29
"B"
Do
2,2001
120
1184
11812
116
12012 12012 11712 11912
4 Fe,
1
323s May 66/
15% Nov 27 4312 Jan 2
21,000 Congoleum Co new_ __ _No par
1712 17%
178 1812 171 18
1778
17
4 Dee
1
734 May 14/
'May 19 17 Feb 10
200 Conley Tin FollstampedNo par
78
78
78
*34
34
34
72
*34
1132 Mar 30 Nal
2612 Jan 2 6334 Dec 28
_
_
Cigar
_
Consolidated
Dar
_No
12,200
6034 6314
6318 6014 61
6112 6334 60
Jan
84
Dec
Apr
2
10
Jan
5912
96
4
793
1110
prof
Do
96
*94
96
*94
98
*94
96
*94
4 Deo
1
3/
4 Jan
1
/
938 Feb 19
4 Jan 7
1
3/
7,000 Consolidated DIstrIb'rs No par
4
4
4 4
1
3/
332 334
334 334
4 Dee
1
Jan 79/
4
1
/
60
97
9
Dee
30
Mar
par
No
744
(NY)
Gas
Consolidated
18,200
9514 943* 95
94
9514 9334 9412 94
Jan
8
4 Apr
1
514 Jan 7
2/
2%June 9
9,700 Consolidated Textile_ __No par
2% 27
3
23
27
27
278 3
4313 Apr 8932 Der
32,300 Continental Can, Inc_No par 6012 MM.29 9312 Dee 29
9134 92
9134 9312 9112 93
93
91
18
Apr 1094 Deo
Dec
8918
140
5
Jan
103
25
Insurance
Continental
1,400
136 13634 x133 133 '133 135
136 137
878 pet
8 Apr
4 Jan 2 1612 Ot:i 17
1
8/
19,300 Cont'l Motors tern etfe_No par
1138 1 178
1112 11%
1153 1178 1112 12
4 Dec 31
1
4May 29 42/
1
3111 Jan 4334 Nov
67,300 Corn Products Refit] w I_ _25 32/
4038 42%
3934 4114 4018 4118 4018, 41
4 Atte
1233
Apr
July
11518
3
127
7
Jan
11812
100
Do prof
.123 124 .123 124 *122 124 .122 124
No par 43 Aug 21 6012 Dec 29
4,000 Coty, Die
5814 58% 5812 6012 5912 6038 5912 5978
IS- May "76 Deo
4
1
/
84
7
Nov
30
Mar
6413
_100
America_
of
Steel
Crucible
7912
2,800
7912 7931 7912
7914 80
8014 81
86 May 98 Dee
100 92 May 8 102 Dec 14
Do prer
200
*99 100
*99 100
100 100
100 100
1012 Oct 18 Feb
734 Oct 23 14% Feb 9
No par
4,600 Cuba Cane Sugar
4
9,
812 9
9
4
1
878 8/
878 878
4 Feb
1
5332 Apr 71/
4 Oct 23 8232 Feb 28
/
371
100
prer
Do
15,800
43
4312
4 4118 43%
/
411
4134 42
41
4 Feb
1
2814 Nov 38/
_10 20 Oct 28 3312 Mar 3
8,500 Cuban-American Sugar
2234 23
2238 2312 2314 24
2234 23
96
Jan 100/
4 Nov
1
100 9378 Noy 11 101 Mar 13
Do pref
500
98
98
98
*97
98
9734 9734 08
64 Feb 27
4 June
/
41
812 Feb
Oct 1
par
212
Sug_No
Dominican
Cuban
7,800
314
3
278 3
2% 3
3,4
3
38
52
Dec
Feb
444
22
Jan
Dec
16
6
100
Do pref
1,300
174
1638 1638 1614 1612 1618 104 17
100 9312 Dec 30 107 Oct 3
800 Cudahy Packing
95
96
.96
98
9614 9312 9514 95
Nov
Jan
2
451s
74125
May
59
16
Nov
44
par
No
1'ruiL
Cuyamel
3,300
*4614 46/
4
1
4 451.2 47
/
4612 4634 4612 481
4 Jan 9
1
6 Nov 3214 M.
7/
34 Dec 15
2,600 Daniel Boone Woolen Mills_25
78
34
78
34
75
34
34
34
3812 NO, 894 Jan
4934 Jan 23
4
1
/
27
30
Apr
par
o_No
t
v
Chemical
Davison
11,500
40
4112
40%
4114 42% 4118 4212 4038
1814
2214 Des
1,500 De Beers Cone Mines_No par 2014 Mar 18 29 Dec 29 10114 Jan
2834
*28
29
29
29
2812 2812 29
Jan 115/
4 Dee
1
100 110 Jan 5 15912Sept 29
8,600 Detroit Edison
135% 13614 13538 13734
13518 138
13512 137
Nov 4
4
483
9
4June
/
211
par
No
_
_
A.
Class
Bros
Dodge
161,500
46
4234 45
43% 44% 4412 4514 45
17
Oct
9112
7
734May
par
__No
certifs..
Preferred
6,300
8812 8714 8712
88
8734 88
8714 88
No par 1234 Apr 14 1818 Nov 20 -113-4 Nov 205* Jan
700 Dome Mlnee, Ltd
1714 .17
17,4 •1638 1634
1678 17
17
4 June 18 Deo
1
9/
14 Feb 16 2312 Aug 4
No par
300 Douglas Pectin
1934 1978 .1912 20
*1934 20 .19% 20
300 Duquesne Light 1s5 Prof.. _100 105 Jan 7 11314 Dec 24 1004 Mar 10814 Sept
11212 11212 •11278 11312
11212 113
.11212 113
4Jul7 18 118 Jan 19 1041a Apr 11472 Nov
1043
Kodak
Par
Co....NO
Eastman
2,400
11118
111 11114 110 110% 11018 11012 11018
834 Sept 2412 Jan
No Par 1012 Feb 13 3012 Dec 4
7,800 Eaton Axle & Sprit,
2914
2812 2712 2878 2712 27% 28
28
12,500 E10u1'ofltdeNe..._PO..lOO 1344 Jan 5 27114 Nov 12 112 May 14.2 Dia
224 23014 230 233
22912 23214 227 232
85
Apr 90 Dail
10412 Nov 13
23
Jan
94
100
6%
pre:
Do
1,300
10134 10134 10134 10134
101 101
10114 102
1738 Apr 25 404 July 18
_ No par
67,3001 Elea Pow & Lt etfs
2912 2918 32,4
2912 3038 2834 2912 29
100 Mar 18 110 June 18
Pd.
Pr
40%
1,1001
106
10618
106
106
10612 10714 10672 106%
10012 Mar 28 11034June 24
Prof full paid..
.106 109 .105 109 .104 108 *10412 110
4 Dee 9
/
4 Aug 28 941
1
89/
Do pref ells__ ..
1,800
0134 92
9114 92
9134 9134
92% 93
May 66 )5We
4 Mar 30 80 Dec 5
/
7,700 Elea Storage Battery -No par 601
7312 7318 73,2
7411 734 7334 73
73
4 June
1
/
312 July
4 July 31
/
51
1
18May
1
100
Co.
ca
Emerson-13rantlnght
1,100
314
314
318 *3
312 31,
3
334
74
17
May
743,Sept
733e Dee
2
Apr
4
833
50
2,300 Endloott-Johnson Corp__
6818 6812 6812 68% 6838 6812 6812 6838
Jan
100 111 May 28 11834 Oct 9 10512 June 115
pref
Do
200
117
.11212
117
.11214
11214
.11114 11112 11112
18 Dec 2412 14124
4 Jan 3
1
500 Exchange Buffet Corp_No par 1312July 23 19/
17
17
16
1618 1618 16
•16
17
2 Dec
134 Aug 5
412 Jai
214 Mar 27
25
100 Fairbanks Co
4 312 .2% 312
1
312
234 234 *2/
'3
2512 May 34 Deo
4 Oct 28
1
No par 3214 Jan 2 54/
1,800 Fairbanks Morse
5114 51% 5112
5034 5178 5118 5178 51
Jan 981s Dee
81
7,900 Famous Players-Lasky-NO Par 904 Feb 17 11434July 27
4 10614 10634 10838
1
106% 106% 10578 10612 105/
8778 Jan 1084 De,
100 10372 Feb 17 120 July 27
Do pref (8%)
400
117 117
11714 11712 117 117 *116 117
_
Full paid receipts_ _..No par 102 Aug 31 11112Sept 17
15 26 Oct 2 3714 Dec 14
15,100 Federal Light ec 'Frac
341. 355*
-31/5-78
-3413 3.5
54 Apr -14-84 )5ii
Mar 13 9512 Dec 31
1514
SmeWg_100
&
Mining
Federal
3,200
93
9512
92
94
95
9114 95
91
4112 Jan 6414 Dee
100 4912 Mar 11 0178 Dec 28
Do pref..
Stock
4,400
9812 9934
9812 9914 9838 99
9932 997
Stock
140 Des
100 Fidel Filen Fire Ins of NY._25 14712 Jan 8 179 Dee 18 118 Mar
178 178 *174 177 *177 17912
*174 178
4 Jan
1
13/
94 Jan
8
13
Jan
1714July
12
par
ctts_No
tern
Bus
Ave
Fifth
Exchange
1512
4
1
Exchange .1438 1512 *1434 1512 *1414 1512 .14/
7
Nov
125
17
Feb
6014
25
13,800 Fisher Body Corp
9812 9718 96% 9812
9614 9871
99
98
4 June -ilia Ise;
1
5/
4 Oct 2
1
1012 Mar 24 28/
par
No
Fisk
Rubber
62,000
Closed;
4
223
4
223
22
2414
2214
24
2314
2318
Closed;
3812 July 86 Dee
100 7512 Jan 16 11612 Nov 18
Do 1s1 pref
3,700
11412 11434
11412 115
11234 11312 114 115
4414 Jan 9014 Nov
75 Mar 19 17112 Dec 21
No par
Fleiscbman Co
New Years
• ___ 168
Extra
4 Dee
1
8812 Jan 94/
90 Jan 6 18.334 Nov 17
par
No
Co
Foundation
28,900
15784
158
15514
155
1-3i.4 11913-8
155 12 16014
712 Sept 1318 Jan
4 Oct 13
/
8 Mar 18 241
No par
Day
10,700 Freeport Texas Co
Holiday
1934 2014 1912 204 1938 1978 1972 21
4 Nov 20
1
...No par 28% Aug 25 39/
15,000 Gabriel Snubber A ._
-3614 39,4
3514 36
354 36
3518 38
7
4 Oct
1
3/
Jan
413 Jan 2 1614 Mar 2
No par
2,700 Gardner Motor
8% 9%
8381
8
8%
.8
814 838
354 May 63 Dee
100 4412 Aug 4 60 Oct 27
9,300 Gen Amer Tank Car
.54 I .5434 55
52
5312 5214 53
53
Feb
994
92
Dee
Nov
104
23
18
Feb
9334
100
Do pref
.101 103 *101 103 .101 10212,•101 102,2
4 Apr 6348 net
/
311
100 4212 Mar 30 70 Dec 11
17,600 General Asphalt
67%
6018 663* 67%1 66
6611 6814 66
714 Apr 100 Dee
100 861161ar 17 109 Dec 11
Do pref__
1,300
10514 10512 *10512 10734 105 10512 10.5 105
Jan 160 Sept
93
No par 121 Mar 7 264 Dec 2
General Baking
100 8412May 4 11514 Dec 30 , 8214 Apr 9832 Dee
10,000 General Cigar Inc
11412 1-111-4 11412 115
10913 114
11312
Jan 322 Des
19312
24
Aug
33714
17
Feb
22714
100
16,000 General Electric
32518 32912 324 32814 32514 32812
327 333
1012 Apr 1112 July
4July 10
/
4 Oct 15 111
1
10 10/
Do special
6,200
11 12 11 12
11 18 11 14
1118 1114 1118 1114
Oct
8678 Dee
4
553
7
Nov
4
1493
5
Jan
4
1
/
64
Corp--No
General
Par
Motors
1
65,704
11514 11614 11612 117 2
11534 11734 11514 117
Ws July 1034 Do's
100 102 Jan 5 115 Dec 16
De 7% pre(
700
115 115
114% 114% 11412 11412 11434 115
Aug 13 5434Sept 21
4318
par
No
.
.
A
Adv
Outdoor
Gen
3.400
534
5312 53% 5.318 5338 53
5334 54
Trust certificates_ _ _ _No par 2618 Aug 13 3453 Dec 21
12,100
3114 32/
4 3038 3112 3014 3134
1
3214 33
38¼ June Ili- etas
187,900 General Petroleum _ _ _ _ _ 25 42 Jan 16 5918 Dec 31
54% .55% 5518 56,2 5534 57%' 573 59%
Railway Signal new- No 68 Nov 24 8034 Oct 29
Gen
15,600
7812
7253 7534 75
7178 7178 7253 73
Nov
105%
19
July
10
140'3
100
Do preferred
.103 106,2 •103 10612 *103 10514 *103 10534
31 June 55
Jan
300 General Refractories_ _.No par 42 Oct 7 5812 Jan 14
50
50
52
.50
51
50
5012 .50
474 June 6478 Des
No par 47 Mar 18 83 Dec 2
17.600 Gimbel Bro8
7514 7714
775
76
7534 745 77
75
Jan 107 Sepl
99
100 10214 Mar 14 11412 Nov 30
Do pref
.108 112 •108 112 .108 112 '108 112
4 Nov
/
21 Dec 271
2234 Feb 13 53 Dec 30
15,900 Ginter Co temp ate._No par
23912 40
53
50
4712 4834 • 484 50
8 June 15 Nor
No par
4 Mar 19, 2612 Dec 11
/
121
6,100 Glidden Co_
23,2 23%
24
2414 2353 2414 2312 24
284 Apr .13/
4 Nov
1
No par 37 Mar 3 51 Oct 9
e
t
v
Corp
Dust
Gold
5,900
46,
46
4712
4
4538
45% 46% 4518 46
17 June 38 Des
9,400 Goodrich Co (B F). _ --No par 3814 Jan 5 7434 Nov 8
4
1
6132 6134 62/
6172 62,4 8112 6218 61
14
Nov
92
92
102
3
Jan
7014
Deo
100
May
pre
Do
400
9734
97
9734 9734 9734 97341 "96
97
Jan 90/
4 Oct 30
1
39
4 Des
1
110 Goodyear T & Rub pi v t e_101.1 864 Jan 6 114/
10412 10412 10412 10412 10338 10412'2103% 10378
Jan
Dee
4
/
8814
1081
27
Apr
109
7
100
pref
Dec
prior
103
Do
20f1
106
4
10612 10612 *10512 10612 106 106 *1053
2112 Dec
124 API
2,800 Granby Cons Min Sm & Pr.100 13 Mar 30 2178 Dee 7
2012 204 205* 2053 2018 204
20.8 21
834 Oct 9672 Des
1,900 Great Western Sugar tern Mt 26 91 Jan 18 l 1318June 19
9432 95
9512 9412 95
9534 9534 95
May
10
:Des
217
2
last
_100
1914
19
Mar
1134
Copper
Cananea
Greene
1,700
1212 1218 1238
12
1212 1278 1212 127
62 May 8914 Feb
100 674 Mar 24 9534 Nov 5
6,200 Gulf States Steel
9334 9214 9414 9112 9278 9212 933
93
Sept
4 Fee
/
31
441
7
par
Jan
.No
3712
24
Apr
Corporation.
4
1
/
25
Hartman
2,700
3414
34
3418
34
348 3418 3412 34%
3214 May 5272 Feb
3,000 Hayes WheelNo par 30 Mar 14 4912 Nov 2
44
4434
4438 45 I 4334 4412 4334 437
4814 Dec 511
4 Des
/
Hoe(R) A Co tern ctffs.No par 27 Dec 5 4878 Jan 9
3,300
3012
4
303
303
30
4
3114
3012
313*
29
35 July 564 Jae
100 43 Jan 2 60 Jan 12
100 Homestake Mining
48
•47
48
48
48
.4612 49 i .47
4 Apr 38 Nov
/
311
1,300 Househ Prod,Inc.tern et(No par 344 Jan 5 474 Nov 23
46
46
4638 4534 4618 4534 48
•46
61
Apr 821s Fei)
10,400 Houston 011 of Tea tern ctfs _ 10(1 59 Apr 22 85 Jan 29
7412 71 18 7312 7218 73
7014 72% 72
1612June II 3112 Nov 4
No pa.2,200 Howe Sound
27% 27% 27%
2634 2734 2634 2712 27
106,300 Hudson Motor Car_ _ No par 33% Jan 5 13912 Nov 2 .201i May 36 -Des
10918 11138 111 1135*
10912 114 I 10914 112
Ills May 18
Jaz
13,500 Hupp Motor CM'Corp ,,. 10 1414 Mar 18 31 Nov 5
26% 2712
2634 2714! 2834 2718 2612 27
634 Sept 1814 Dee
22,900 Independent Oil& Ga.s_No par 134 Jan 5 4134June 17
4
1
x3312 333*. 3312 3412 3312 3414 3212 33/
1618 June 2514 Feb
No par
13 Mar 24 24 Attu 28
Motocycle
Indian
2,900
19
191a
183*
2
,
1912
19
1914 1912 19
51t Jan 2 144 Dec 4
4 Apr
1
3/
74 Juns
10
3,400 'Indian Refining.....
1212 1238
1212 13
1253 127
1253 13
6 Sept 4 1232 Dec 4
10
Cert tile:ace
2,000
1134 1134 1134 1134
12
12141 12
11
-311-2 61-14, -ifi/
par
Feb
ISO
2
1
_No
4May
4 Nov
1
383
Steel.
Inland
3,800
43
43
43
4312 4:3
4312 4312 43
100 10412 Apr 13 112 Sept 28 10114 Jan 1071
4 Dee
/
Do prof
•112 113 .112 113 "112 113 .112 113
224 Feb 33/
4 Des
1
Inspiration Cone CoDDer_ 20 2214 Apr 22 3234 Jan 12
6,200
2414
8
243
254
24
2412
1
2418
24 4 24%
3 June
718 Jan 7 2118 Nov 5
No par
4 Jan
1
9/
2,500 Internal A gricul
1953 1978
1912 2018 195* 197
21
•20
83
Apr 118/
4 Des
1
1,300 lot Bueluese Machines_No par 110 Mar 30 17614 Nov 13
14412 145
145 145
14414 146
146 148
4 Apr 594 Nov
/
401
52 Jan 5 8112Sept 30
1,600 International Cement_ ,No par
6814 6614
4 68
1
6614 8714 65/
4 68
1
67/
6912
4
21
Dec
Jan
22
311
Mar
39
par
.No
Engine.
De•
Combos
Inter
74,900
6212
8112 6314 6134
4 64
/
4 6512 611
1
63/
78
Jan 1104 Des
10,600 International Harvester...100 9612 Mar 25 138141-het 18
4 12738 12912 12834 12974
1
2130 13212 12912 130/
100 114 Mar 3 121 Nov 10 108 Feb 11512 Nov
Do prof
200
117
117
11914
11914
11912
•118
11912
.1171 1
4 Feb 5
1
634 Jan
71sJune 25 14/
1562 Dee
1,100 Int Mercantile Marine _ _ 100
•1014 1034 103* 1012 1012 1012 1038 1012
264 Mar
4 Feb 6
1
100 27 Aug 15 52/
4 Dee
1
47/
Do pref
10,200
4112 4238
4212 4014 41
4112 4253 41
it's May 2718 De•
18 4812 Nov 20
Mar
2414
(The)_25
Nickel
3
International
7
7
31,700
3
44
45
44
4431 4512 433* 4434 43
7514 May 95 Nov
100 94 Jan 6 02 Nov 19
Do pref
200
_ •118
- _ *100
102 102
3
3411 Apr 80 Des
100 4814 Mar 19 78 Oct
11,700 International Paper
634
62
6214 6414 6178 -6.414
6314 6418,.1048318 Mar 741
100 71 Mar 9 88 Dec 11
Do stamped pref
4 Oen
/
89
*86
89
89 , .86
*85
88
•85
9938 Oct 21
100 86 July 31
Do prof (7)
600
4 9834 *9612 9812
1
9812 9812 98/
9714 98
Feb 2 19934Ju1y 27
73
ffi
108
par
Apr
_No
Shoe....
International
100
8
4
17512
172
4
1723
.177 188 1'17434 17_7_1d175
100 1141 2Sept 19 121 June 3 11514 May 11914 Dos
Do pref
66 Feb 94 Des
16,500 Internal Telep & Teleg_..100 874 Apr 3 144 Aug 14
12058 12214 120- 121
118'i 12012 12012 1
2412 Dec 324 Mar
par
18 July 8 2938 0,1 21
Corp
No
Intertype
800
1
27.2 2832 2832 283s' 2811 28 4 2814 2814
1618 ADC 2314 Jan
100 iolOuly 25 2632 Dec 14
700 Yewel Tea, Inc
4
1
24/
2434 25 I 2412 24121 24,4 245* •24
78 Mar 106 Dee
1024 Jan 19 11512 Dec 21
pref
100
Do
•116
120
119
1+115
120
'116 120 1 *116
3
Feb
2E4
30
1434 Sept 2712 Jan
Dec
4
/
111
_1001
Tea,
etpd.
Bros
Inc,
Jones
5,300
14% 14% 143* 14341 1134 1458 1314 1538
21 34 May
No pal 3532 Aug 10 85 Nov 2
5232 Dec
7,900 Jordan Motor Car
4614 4612 4914
47
46
4712 47
46
14
Dec
4218
17
Mar
1814 Aug 31(38 Jae
1834
part
.No
_
_
o_
t
v
Kayser
Co
(J)
1,300
40
1
3812
40 2 393 40
40
40
40
1,171.
De 1st prof ___.. _No par, 133 Mar 30 10.31. Dee 28
200
.*10312 104 ' 1031., 1031. *1011. 104
1031.1031
4 Par value cnanged from 8100 40 $W and priced on that basis ocutuatua Juno S. 1 Ex-rights
•1118 ,00 ',sited prices. no Wes On tali day. z Ex-dividend.
Ex-1. oteIgn rights.
W.;
New York Stock Record-Continued--Page 4
75
For sales during tho week of stock@ usually Inactive, see fourth page preceding.
EIIIH AND LOW BALI PRICES-PLR 811A1111, NOT PER CENT.
Saturday.
Dec. 26.
Monday 1 Tuesday.
Wednesday Thursday.
Dec. 28.
Dec. 29. I Dec. 30. 1 Dec. 31.
Frtdate.
Jan. 1.
Bales
for
ghe
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
•
..• -..
-......Ranoe for Year 1925.
Os toasts of 100-share tots.
Lomat
1
Highest
Rance for Praetor:
Year 1924.
bosom
1
ifillhon
$ per share 4 per share I $ per share I $ per share I $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share I $ per are $ per skarell per saes.
18
1838 1712 178 17
7,600 Kelly-Springfield Tire
17121718 184
25 1214 Mar 24 21,
Jaz
2July 3
9,
4 June' 35
*70
72
71
100
71
*6912 72
Do 8% pref
.6938 72
100 41 Mar 25 74 July 3
33 June' 88
Jat
.69
72 .69
Do 6% Orel
72
.6814 72
.6814 72
100 43 Mar 25 72 July 3
40 June 7812 Jag
121 12134 117 117
700 Kelsey Wheel, Inc
11914 11914 11914 1194
100 87 Aug 4 124 Dec 11
76 Mayl 104 DV
26,500 Kennecott Cornier
5614 57
54% 5558 5414 5514 513 5512
No par 4612 Mar 30 5914 Nov 6 •34l Jan' 574 Del
2
218
17
17
178
9,300 Keystone Tire & Rubb_No par
2
2
2
134Sept 9
44 if.!
312July 16
113 Oct;
.8114 87
.8214 84
100 Kinney Co
*82
86
8712
80
No par 74 Mar 25 100 Oct 15
524 Marl 884 13e,
769 775
795 799
2,900 Kresge (SO) Co
801 885
885 885
100 855 Apr 28 885 Dec 30 2874 3a01 47514 Del
29
2,200 Kresge Dept Stores_ _ _ _No par 2812 Dec 22 4544 Jan 7
2912 2914 2912 2812 29
2812 2812
424 Novi 6272 Junt
159 15912 .157 160
1584 15314 *157 160
500 Laclede Gas L (St Louisl_100 11014 Jan 5 178 Mar 31
Jan, 113 Nor
79
1318 1318 13
1312 1272 1278 13
2,400 Lee Rubber & Tire_ __No par 11% Feb 20 19 Oct 1
13
8 May 17'e Jar
861s 864 8534 854 84
4,100 Liggett &Myers Tobnew
86
86
87
25 57 Mar 25 92 Dec 4
60 Mar 684 Dal
100
124 124
Do pre
*12234 12312 *12234 12312 *12212 124
100 1164 Jan 18 121 Dec 31 11472 July 121 Juno
857 86
14,000
Do "B" new
8534 8612 84
86% 861s 8714
25 5512 Mar 27 89% Dec 4
487 Mar 6812 De,
900 Lima Loa Wke
6834 693
6912 6834 69
No par 60 June 23 7453 Jan 14
694 63% *69
58 June 71 De,
8,800 Loew's Incorporated _No par 22 Feb 17 4434 Nov 7
3714 38
374 3734 3612 3753 374 3812
151s June 25 Be.
71g
5,600 Lott Incorporated
74 714
71
714
7
No par
753
718
6 Jan 28
914 Apr 6
824 Jilt
512 Apr
49
49
•4814 49 .4814 49
100 Lone Bell Lumber A_ No par 4514 Mar 20 53 Sept 19
•4814 49
139 14334 130 138 *133 137
1,700 Loose-Wiles Biscuit
137 139
100 77 Feb 17 14334 Des 28
50 Mar 84 Nor
3514 36
15,500 Lorillard
3514 35731 3518 3512 354 3534
251 3014 Jan 24 39
,
4Sept 25
Ms Bet 4.014 Jail
*113 117 .112 117 *11212 116 .113 117
Do ore'
100' 10818 Feb 271 116 Aug 213 112 Nov 117 Fe1
1912
1914 20
19
2014 1834 1912 19
55.400 Louisiana Oil temp ctfii_No par 1353 Aug 261 234 Feb 3
23
Louisville
2318 23
2,200
G & El A _ _ _ _No par 23 Dec 17 264 July 23
2318 23
2318 23
2318
54141 5214 5334
8,100 Ludlum Steel
5418 5514 52
5414 52
No par 3124 Feb 17 60 Dec 15
17
Oct 8E14 Be
*130 138 *132 13634 136 136
400 Mackay Companlea
137 138
100 114 Mar 20 141 Sept 23 107
Jan 119 ALI
218 224
218 22034 217 219'z147 151 34
20,200 Mack Trucks, Inc
No par 117 Jan 16 242 Nov 2
7584 Apr 11872 De
•110 111
Do lot pre!
110 110 *110 111 *10934 1105*
100
100 104 Jan 27 113 Aug 17
954 Jan 1074 De,
*104 105
104 104% 10312 1041s 10434 1044
700
Do 213 pre(
100 99 Jan 2 101353 Aug 7
87 Apr 10114 Be
104 10578 *104 10412 104 10414 10312 10334
900 Macy (It H)& Co. Ino_No par 6912 Jan 3 112 Oct 15
59 May 7113 De
43
434 4353 4334 4314 434 x423 43
2,900 Magma Copper
No par 34 Mar 31 46 Nov 6
2618 June 4553 Be
2212 23
8 22% 23
22% 2234 22,
3,700 Mallinson (II R) & Co_No par 2114 Dec 1 3712 Jan 23
25
18 Mar 4112 De
557 557
5434 5553 .55
4,800 Manh Elea Supp tem ate No par 32 Mar 21 59 Mar 10
56
5534 5678 .
8314 Mar 694 Rill
3214 3234 3214 3253 3212 3212 3214 33
1,900 Manhattan Shirt
25 2014 Mar 18 347 Nov 12
2613 Des 44
Jai
34
*33
34
*32
35
33
36
34
300 Manila Electrlc Corp.. No par 2814 Mar 5 4912 Apr 24
284 Dec 3112 Be
14,800 Maracaibo 011 Expl___No par 20,12Sept 29 3512 Jan 31
254 26
254 2714 2611 26% 2638 26%
2453 Oct 8713 Jal
595
171,200 Mariam] 011
584 5918 59
6012 5878 5934 59
No par 3253 Mar 30 6012 Dec 29 I 29 May 62 Fel
228
2812 28
1,300 Marlin-Rockwell
2814 28
28 .2753 28
No par 1018 Mar 13 3272 Oat 30 I
8
Jan 17,
4 Mai
4,350 Martin-Parry Corp._ _ _No par
2012 2012 1912 2014 1914 1912 19
19 Dec 31 3718 Jan 7
1912
311s Nov 8742 Jai
103 10612 1054 10714
18,400 Mathieson Alkali W ks tem ctf50 51 Jan 0 10714 Dec 31
104 10412 10134 103
292s May 5824 De,
137 1383* 136 13812 13734 13734 13614 13612
8,000 May Department Stores___50 101 Mar 23 13912 Dec 16
824 Apr 118 De,
11312 11812 117 118
600 McCrory Stores Class D No par1 79 Mar 17 13944 Oct 18
120 120
1155* 117
85
Oct 10864 Jul]
1,100 McIntyre Porcupine Mines_ _5 16 Jan 2 2254 Oct 28
22,
3 22% 223* 2212 2212 2212 .22% 22,
4
14% De, 1814 Jai
400 Metro-Goldwyn PlaUTell 01_27 18 Jan 3 2412 Nov 16 I 1/5 Sept 19 De o
2238 2212 *22
224 2212 2212 •22
2212
15,000 Mexican Seaboard OIL..No
11
11
1014 107
_No par
9 Dec 8 2212 Jan 6 I 1418 Jan 254 sap,
1153
914 94 10
5
1232 1278 1214 121:, 12
3 May 12 2424 Jan 13 I 20 May 25 sr
17,200 Main, Copper
1288 1214 1212
71,600 Mid-Continent Petro_ _No par 2534 Aug 19 38 Nov 14
354 3612 3618 3718 3614 3738 308 373*
_
_
__
. _.
114
118
1
118
14
1
17,700 Middle States' Oil Corp__ _ _ 10
118
1
314June
%I Apr 16
_-1 -Aug
-es iar
300 Midland Stool Prod prat-100 96 Jan 2 147 Aug 30
127 128 •125 129
•128 131 *127 131
9112 June 98 Nor
13,250 Montana Power
7612 7734 7714 8053
100 84 Apr 17 9914 Aug 6j1 6124 June 744 De
7778 78% 76% 78
36,300 Montg Ward & Co III oorP...10 41 Mar 30 8414 Dec 1611 2134 May 48Is Doi
, 7934 801 2
8014 8134 7914 8012 7918 803
3,800 Moon Motors
3418 8112 3414 3572
No par 2224 Mar 19 42 Nov 211 1712 Oct 274 Fel
3512 3534 3414 35
5,000 Mather Lode Coalitiou_No par
713
7
94 Jan 211
718
6 May 4
7
714
7
71s
7
6 May
94 Ho
44
11,500 Motor-Meter A
404 43
4014 4014 4018 4014 40
No par 40 NOV 10 4475 Oct 8 ...3,200 Motor Wheel
3014 3012
30
No par
30
3014 2934 30
18 Apr 9 35 June 29 I
304
1,100 Mullins Body Corp _ _ Wo par
17
17
1812 165
.1634 17
13 Aug 26 214 Feb 20
1634 1712
.
9 Mar 1814 -De
Stock
*38
Stock
40
No par 304 Apr 23 39 Dec 29
38
200 Munsingwear CO
39
•3714 39 .3714 40
294 July 394 Jai
I Iler+n;,-4 .460 463
46412 46412 .460 462
463 463
200 Nash Motors Co
.
No par 19312 Jan 5 488 Oct 5 I 9612 Apr 204 Des
'Exchange .10618 10614 *10618 10614 *10618 106,4 10618 10618 Exchange
Do pref
100
,
4 Jan 21 107 July 15 I 9814 July 104% NM
100 103
1r....4.04,...08
1018 107
111g 1212 1134 1252
8,800 National Acme stamped _ _ _ _10
1034 1118
a% Oct 101a Ja!
414 Mar 24 1253 Dee 31 I
Closed;
55,200 National Biscuit
73% 75
Closed;
7312 7412 7353 7734 27612 79
25 65 Apr 29 79 Dec 31 I 504 Mar 774 Sep
126 126 *124 127
Do pre?
12712 12712 *12414 129
100 12312 Mar 11 12812May QI 12012 Jan 12614 De,
400
Extra
577 5812 515* 5814 494 5158 5112 52% New Years 14.500 National Cloak & Suit_._100 4912 Dec 30 84% 0,1.16 I 44 June 70% De
Do pref
2,600
9212 9212 8734 9112 89
92
100 8784 Dec 29 104 Jan 29 I 9112 Mar 10072 De,
89
9214
Holiday
30,100 Nat Dairy Prod tern otfsNo par 42 Jan 2 8178 Nov 5 I 8012 Apr 444 Be
76
Day
76% 76
76,
8 76,8 8014 7914 8014
2,500 Nat Department Storm No par 8812 Jan 2 45 May 12 I 8614 Oct43
415* 42
4112 4134 414 4124
413* 42
Jai
I Do pre!
98
98
*97
98
*97
98
*97
*97
100 96 Apr 15 102 Jan 2
92% June 101 De
8,300, Nat Distill Products__ _No par 29% Dec 23 431g Oct 26
295 3014j 3018 31
303* 3118
303* 31
2,sooi NatDistil Prod pf tem oti No par 5213 Jan 8 81 Oct 2
*72
73
73
6512 6712 6834 7378 72
8013 Aug 54- -Be
391
39
7.800 Nat Enam & Stamping
100 25 Apr 30 4153 Dec 29
3958 4112 4012 4158 384 40
18% Sept 6472 Jai
Do pref
89
*87
.87
100 75 June 22 894 Jan 12
89
200
91
89 .89
89
87 Sept 89
Jul
*165 16612 165 165
400 National Lead
1664 16614 166 168
100 13812 Apr 27 17414Nov 7 12312 Apr 1694 A111
Do prof
100
100 11412Sept 2 119 Sept 181 111l: may 118 Bap
116 116 *116 11612 *116 11612 *116 11612
5612
2,100 National Supply
5614 5634 564 5612 56
5412 55
50 5418 Dec 24 71 Jan 29
544 Oct 724 Fel
13
3,000 Nevada Consul Copper_ _ 5 1124 Apr 27 16% Jan 7
1313 13
1318 1318 12,
4 133* 13
1178 Jan 184 De
37
374
3534 3634 3512 3534 35
5,6001 NY Air Brake tern ctfe_N-o par 3112 Oct 17 564 Jan 8
37
3618 AprI 57 De
56
100
5553 553*
Do Class A
*55
No par 50 Sept 18 67 Jan 7
*55
•55
56
56
4.74 Jan1 57 De
80g
32,600 NY Canners temp ctfs_No par 3184 Mar 80 8112 Dec 16
8078 784 7912 7718 784 79
79
82
une 87 De
2,900 New York Dock
38
38
3514 35'2
3812 37
36
100 18 Mar 24 4514 Nov 13
36
19
Jan 3718 Ma:
Do pref
400
73
*73
75
73
76
73
100 5218 Jan 14 76 Dec 11
73
*73
414 Feb 5514 Ma:
2S4
2812 2814 *28
2814 .28
300 Niagara Falls Power pt new _25 275* Oct 8 29 Jan 12
•2812
27 June 29 Sep
624 64g
44,300 North American Co
6314 -64
10 41.13 Jan 6 75 Oct 27
6253 6384 6112 63
32 Jan 45 Be
49
4912 494 4913 4914 49,
Do pref
1,200
8 492 4913
50 4653 Jan 2 5012Sept 12
4372 Jan 5014 Rd'
•16
1612 1612 1612 1612 1612 .16
1653
300 Nunnally Co (T'he)_ _ No par
8 Jan 16 1812 Nov 18
7 Apr
913 De
•10
1013 .10
1018 10
100 Ontario Silver Min new No par
1018 •10
10
54 Jan 22 11 Oct 30
44 Mar
Ps Oe
*35
3612 35
373
3735 *35
353* *35
No par 18,
300 Onyx Hosiery
8 Jan 6 39 Dec 7
18 May 30
Ja.
487 494 49
49
4934 •49
49
404
1,800 Oppenbeirn,Collins&CoNo par 4118Scpt 24 53 Dec 1
2912 •29
291
.29
2918 291
2912 .29
Orpheum
Circuit, Inc
500
1 2584 Jan 16 32s July 30 -18 -Feb 29 -De
12914 12912 130 131
12812 1290
12914 130
2,500 Otis Elevator (4)
60 874 Feb 27 14012 Aug 21
885g June 92 Be
114 1212 1134 12
1134 117
1134 12
NO par
3,0001 Otis Steel
8 Mar 18 1514 Aug 28
614 Nov 1172 Ja
90
90
90
0018 .90
100
9012 90
90
6914
mar
Pre(
18
Do
9712
Aug 28
6001
44
Oct 7444 Ma
64
64
6414 64
634 6378 .6353 64
800 Owens Bottle
25 42,
4 Mar 17 698* Nov 13
394 May £714 Ja
130 130% 12934 13012 212934 12984
12934 130
1,300 Pacific Gas & Electric
100 10213 Jan 5 13718 Nov 4
904 Jan 108 Be
784 754 7784 7412 7718 75
74
363,8001 Pacific 011
7612
No par 515* Aug 18 7813 Dec 28
45 Apr 5814 Fe
3914 4012 403 407s 4012 4078 4034 42
97 May 164 De
23.8001 Packard Motor Car
10 15 Jan 16 4812 Nov 12
2578 2512 25%
254 2613 2553 25% 25
12.100 Paige lict Motor Car_.No par 174May 8 32 Oct 24
7
84
7612 771s 76
75
76
7714 27534 76
6,100 Pan-Amer Potr & Trans_ _ _ 60 5912Sept 3 8372M:r 3
444
.
Feb ea .
De
78
x7714 777
79
77% 79
7813 793
Do Class B
67,700
50 6018 Aug 27 8412Mar 3
414 Feb 64% Di
514 512
514
5
5
54
5
53
4,400 Panhandle Prod & Ref _No par
214 Aug 28
614 Dec 4
113 Sept
Vs la
2634 2678 2634 27,8 27
2614 27
27
1,500 Park dr Tilford tern ctfs_No par 25 sent 2e 354 Jan 10
24 Sept 8514 De
1814 1734 177
18
17
1712 1718 1834
3,400 Penick & Ford
No par 17 Dec 30 28 Apr14_•1518 1634 163* 1634 154 1614 15 85
1.500 Penn Coal & Coke
50 1284 Apr 29 26% Jan 2
184 'Nov 11018 Its
2
214
2
218
214
2
2
218
32,300 Penn-Seaboard St'l vto No par
1 Aug 12
3 Jan 9
414 Ja
l's Oct
11812 119
11888 11812 11878 11872 11873 11878
9001 People's0 L & C (Chic)
100 112 Jan 16 123 Oct le
924 Apr 1194 Be
657 6718 6618 6718 66
66% 62
634
16,000 Philadelphia Co (Pittsb)
50
5112
Mar
Dec
8
18
427
6714
4
ang
De
May
4313 4614 4434 4653 4453 457
4514 46,4
51,000 Phila & Read C & 1 ___Na par 3734May 6 5212 Jan 9
344 Max 6414 Be
*46
48
4612 .44
4312 4312 54513 4612
100
Certificates of Int___No par 38 July 11 5012 Jan 23
85
Jul
Mar
8222
54
5312 5312 5414 5434 59
64
59
1,000 Phillips-Jones Corp _ No par 81 Nov 16 9018 Jan 12
64 May 88 Jul
1913 19.3 1953 193* •1938 1934
20
20
500 Phillip Morris & Co, Ltd _ _1
12,
11 July 2324 la
4 Mar 19 2514Sept 1
444 4514 4553 4658 46
4612 46,8 467s
82,000 Phillipe Petroleum
No par 364 Mar 30 6718June 12
284 Oct 4212 Al!
1
35 4 3653 354 3534 314 35% 35
36,3
12,200 Pierce-Arrow Mot Car_No par 1074 Mar 30 4734 Oct 29
81s May 16 Be
9253 9414 9313 9384 93
933
924 94
3,400
Do pre?
1001 43 Mar 24 100 Nov 4
1818 May 54 De
---- ---- ---- ---- ---- ---- -_-- -___
Do prior pre!
Na par 85 Mar 18 102 Sept 14
5912 June 95 De
14
138
114
112
138
114
114
112
9,900 Pierce 011 Corporation
41 jus
25
112 Apr
114 Nov 12
313 Feb 5
2414 2474 2418 2412 24
2414 2518 2512
2,000
Do met
20 Mar 36
is
100 204 Dec 1.1 40 Feb 26
7
453 5
4,
8 478
4% 4
478 513
41 Oct
28,000 Pie coPetram tem ctfs_No par
44
611
4 Be
Feb
Dec
6
11
84
4312 4112 43
40
40
41
4012 41
3,100 Pittsburgh Coal of Pa
100 3714May 2 544 Jan 13
4774 Dec e3h Ms
•83
86 .83
86 .83
86
*83
86
Do prof
9474 Aug 100 At
100 80 May 4 99 Jan 5
9713 9712 9712 9712 *97
9812 .97
9812
500 Pittsburgh Steel pref
96
Jan 103 Au
100 94 Mar 26 10213 Jan 8
58
58
57
58
5614 56,
4 5512 59,4
1,500 Pitte Term Cos 'l
6872 Dec 63% De
100 30 Apr 27 6384 Jan 17
1513 1512 1553, 1513 1513 1513 1512 1512
97 Jan 1672 De
1,300 Pittsburgh Utlittles prat_ _ __10 12% Mar 24 1774June 25
•15
1512
1512 •15
1514 *15
1512 015
100
Do pre! certificates___10 1224 Mar 20 16 June 26
1118 Feb
1612 De
103 10778 10514 10712
10718 115
11378 121
77,800 Post'm Cer Co Inc new_No par 645* Nov 18 121 Dec 28
£812 Apr 10312 Be
6818 694 6612 68
6613 67
6812 6834
5,400 Pressed Steel Car
39 Aug 62 la
100 45 June 25 7014 Dec 22
.90
904 90
9013 9014 9012 90,2 904
1,050
Do Pre
67 Aug 90 Fe
100 7612July 9 924 Jan 3
14
1412 1453 15
1434 1718 1634 1713
23,100 Producers & Refiner!Corp_ 50 1212 Aug 26 32,
2224 Apr 4.312 Jr
2 Feb 3
7914 8012 793* 7978 794 7978 794 8053
7.600 PubServCoria of NJ newNo par 625* Mar 30 87% Aug 6
39 Mar 70 De
10518 1054 •10334 105 90434 105 .103,
4 105
100
9612 Mar 1014 De
Do 7% prof
100 99 Jan 7 106 Nov 18
•115 11778 .115 1168 .115 1164 .115 116
Do 8% pre?
994 Apr 115 De
100 10853 Apr 1 119 Oct 14
167 16953 165 167
1654 16878 16612 167,4
6,700 Pullman Company
100 129 Mar 30 17312Sept 17 11313 APr 151% De
3812 385* 374 3712 3712 3838 3812 3812
371 Dec 87% Ms
4.900 Punta Alegre Sugar
50 33 July 23 474 Jan 7
2912 3014 30
3034 303* 30% 30,
8 31,s
81,300 Pure Oil (The)
20 June 3014 De
25 2512 Aug 13 3324 Feb 6
8 •106 107
1063* 106,
10684 10634 .10634 107
200
Do 8% pre(
92
100 10213 Jan 5 10812Sept 9
Jan 1054 De
4412
433* 4434 415* 4312 4214 4312 43
52.700 Radio Corp of Amer_ _No par 3914 Nov 21 7774 Jan 2
257
, Oct 667k De
AS% 4e5. •4Al. Aft
48
4810 .48
46
1 Ann
Tln Two/a
cn I K. 1-1.... an
Ns
w.t. A
AV. llAt•
An
vs..
•Bid and asked prices, no slow on this day. g Ex-divIdend. a Ex new rights a No par. a Ex-rights. 4 Trading an New York Stock exchange
suspended
DeelitWe Of Mall amount of stock outstanding.
r
iN
New York Stock Record-Continued-Page 5
70
For sales during the week of stocks usually Inactive, see fifth page preceding.
NIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
annixing.
Dee. 26.
Aforutay.
Dec. 28.
Tuesday,
Dec. 29.
Wednesday, Thursday.
Dec. 30.
Dec. 31.
Friday.
Jan. I.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rISK .Y11AKIC
PAK ZH ARO
Range for Year 1925.
On basis of 1.00-share tots
Range for Previous
Pear 1924.
Lowest
Highest
Larsen
Higheal
$ per soar. 8 per share $ per share $ Per share $ Per share $ per share Shares. Indus. & Miscell. (Con.) Far $ Per share
$ per share 3 per share $ per ewe
174 174 .173 194
174 176
4,200 Railway Steel Spring
17434 17434
100 12212 Feb 17 182 Nov 12 106
Jan 1374 Dee
*3334 3412 .3334 3412 .338 3411 3334 3334
200 Rand Mines, Ltd
No par 3334 Nov 23 3912 Aug 5
30
Jan 3312 Nov
124 1232 1173 1218 1134 12
12
1218
10,300 Ray Consolidated Copper_ 10 1132 Apr 22 178 Feb 9
9 Mar 174 Dee
*5512 58
5711 58
400 Reid Ice Cream
No par 43 Oct I
*5512 5812 5512 58
6014 Dee14-1712 /712 17
1712 17
17
1,200 Reis (Robt) & CO
No par
17
17
10 May 16 2814 July9
11
Oct -1-64 Jan
11412 117
112 11434 11212 11534 113 114
3,900 Remington Typewriter_ _100 464 Jan 27 11734 Dec 10
3214 Jan 5418 Dee
*10712 110 .108 110 .103 110 *108 11(1
Do let prof
100 100 Jan 2 10912 Oct 23
904 July 9934 Dee
.106% 109 .10612 109 .10612 109 .10612 108
Do 2d prof
100 103 Sept 29 11312 Apr 29
9011 May 110 Dee
1414 1534 15
15% 1513 1512 14% 1512
9,100 Replogle Steel
No par
1253June 12 2314 Jan 13
714 June 2314 Nov
60
6112 5918 61
13.500 Republic Iron & Steel
.59
100 4213 Apr 30 6434 Jan 3
5934 5918 6012
42 June 6.334 Dee
•9412 95
933
9212 94
4
94
9312
pref
1,200
9233
Do
100 8414July 7 95 Jan 13
82 June 95 Mar
91g
918 914
9
9
918 914
914
7,100 Reynolds Spring
No par
8 July 2
15 Jan 5
973 May 2234 Jaa
9352 94
93
933 935
94
10,100 Reynolds(R J) Tob Class B 25 724 Mar 24 95% Nov 23
9434 95
6134 Mar 793 Dee
100 11973 Jan A 122 Apr 20 11514 Mar 121 Jtmli
Do 7% pref
-ii" -ii- 05612 -9-i1-2 ;56i, 14-1; 961i
200 Rossla Insurance Co
ioi'z -25 85 June 25 9712 Feb 20
88 Mar 96 Sept
5452 5513 5513 5533 553 555* 5534 56
10,900 Royal Dutch Co(NY shares) _
4814 Mar 24 5738 Jan 31
4032 Sept 5912 Feb
457 46
48
4634 4534 46
3,700 St Joseph Lead
10 3534July 1
4534 457
521215,1ay 25
22
Jan 4574 Dee
4,300 Savage Arms Corporation _100 4812July 15 10833 Mar 3
90% 9114 8912 914 88
8818 91
89
3234 Jan 8872 Dee
12912 13112 12912 13053 12914 13014 12912 130
3,100 Schulte Retail Storea_.No par 10134Sept 3 13173 Dec 7
9634 AM 12914 Aug
•113 1131* •113 116 *113 114 *11314 114
Do pref
10( 110 Jan 6 118 Aug 21 105 May 11234 Des
1378 13% 1334 1334 1373 1378 z1314 1313
1314 Nov 27 1634June 22
1,100 Seagrave Corp
No pot
232 23312 231 232
100 14712 Mar 30 23612 Dec 24
8,100 Sears, Roebuck & Co
230% 232
234 23633
if334 May fai -Deo
77 Jan 3
Shattuck Arizona Copper__ 10
514 Apr 22
4 Apr
8 July
-ii)T4 -if- -1iO3.3 -713-4 -891.3 /61-3 -6814 .6.8.1-4
No par 4018 Mar 30 92. Aug 6
1,300 Shattuck (F G)
.4718 4712 4713 4712 48
Transport
Shell
& Trading_ £2 3912Sept 23 49 Dec 23 -3-3 - -iii;
1,100
49
4833 4833
-5s-ii
2618 2612 2678 2713 27 2712 2734 2813
88,800 Shell Union Oil
No pa, 21% Aug 12 2812 Dec 31
1534 July 2212 Dee
Do pref
300
105 105 .104 105 *104 105
100 9912 Jan 2 1064 N or 5
104 104
9112 Jan 994 Dee
2314 2413 24
146,500 Simms Petroleum
10 17%Sept 3 2634 Jan 12
24% 2434 2612 2614 2812
1032 Jan 24 Dee
6,700 Simmons Co
No par 3114 Mar 17 5453 Nov 2
5334 54
535* 5418 5312 54
5334 5414
22 Apr 87 Deli
148,000 Sinclair Cons 011 Corp_No par
17 Jan 6 2473 Feb 2
22
2313 2234 2314 2234 234 2278 2378
15 July 2712 Jan
Do pref
600
*80
100 7834 Jan 2 944 Feb 3
9112 9012 92
9112 *91
9112 *91
75 Oct 90 Jan
54.100 Skelly 011 Co
25 2134 Mar 30 3212 Nov 141 174 July 29 Feb
3034 3133 3114 3134 31
3218 32
3212
Sloss
-Sheffield
2,000
137 138
Steel & Iron 100 8014 Mar 30 14312 Dec R
13514 136
134 13614 13233 134
52 May 847s Deg
7,300 South Porto Rico Sugar
100 62 Jan 6 10918 Dec 31
993 10018 99 102
10012 10514 10473 1094
58
Ost 9572 Mae
No par
1318 Dec 16 24 May s
800 Spear & Co
•1412 1514 1414 1514 1434 1434 15
15
2
-100 784 Dec 16 92 May 19
Do pref
700
8112 8112 8112
*81
8014 8014 8012 81
12,800 Spicer Mfg Co
No par
1512 Feb 17 3672SePt 23
2618 267
2633 2513 254 26
26
2734
-733 June -20 - bee
Do pre
100 92 Apr 1 108 July 10
*100 103 .100 10234 *100 103 .100 103
78 July 9814 Dee
6.800 Standard Gas & El Co_No par 4014 Jan 2 61 Oct 16
5613 5673 5612 57
564 564 25534 56%
3112 May 4174 Dee
100 82 May ID 88 Dec 28
7,200 Standard Milling
88
88
87
87
87
8712 864 87
3912May 7334 Dee
Do pref
300
864 80% .
100 81 Jan 20 8634 Dec 30
87
8612 8612 *86
70 July 85 Mal
85
87
147,100 Standard Oil of California_ 25 5113 Aug 13 6714 Feb 2
623 6114 623* 6114 6214
6014 6334 61
554 Apr 6812 Jan
118,100 Standard 011 of New Jersey 25 3832 Mar 30 4712 Feb 3
4412 45
4512 4513 4512 4512 46%
45
83 May 4214 Jan
Do pref non-voting
_100 11614July 7 119 Feb 24 11534 Mar 1191s Aug
2,200
117 117
1167 117
117 117
11634 117
16 Jan 16
3,000 Stand Plate Glass CoNo par
6
614
65* 7
614 64
1313 Oct 3514 JUIN
55* Aug 31
7
7
'
600 Sterling Products
.81
82
No par 6214 Mar 25 82 Dee 31
80
82
82
8)38 801 81
5512 Apr 654 No,
28,500 Stewart-Warn Sp Corp No par 55 Mar 18 9612 Dec 18
8914 93
8812 8913 8934 917
89
91
4812 July 10078 yam
1,400 Stromberg Carburetor_No par 61 Mar 18 8953 ()et 27
•76
78
7412 7512 7412 7434 743 7434
5412 May 8474 Jan
31,400 Studeb'rCorp(The)newNo par 4114 Jan 28 6858 Nov 2
5614 56s 5612 5784
5634 573
5633 567
3013 May 4614 Dee
1)0 pre(
•120 12314 .120 124 .120 124
123 123
200
100 112 Mar 13 125 Sept 29 10973 Nov 115
Jan
3.600 Submarine Boat
No par
3
3
3 • Oct 15 12 Mar 6
38* 31J
312 338
314 312
6 Nov
123$ Dee
Superior
011
274 234
10,800
No par
3
234 314
33*
313
2 Dec 22
3
64 Feb 9
28 Jan
812 Aug
•24
28
•24
Superior Steel
28
*24 28 .24 28
418 Jan 10
100 20 May 1
23 July 85 Deg
57 Mar 19 1512 Oct 26
•1134 13
.1314 1412
14
900 Sweets Co of America
13
50
1414 14
3 Jae
134 Sept
1214 1212 1173 1214 12
1214 13's
1214
6.700 Symington temp Ws...No par 104 Jan IS 2078 Sept 18
Steck
Stock
20
Class A temp ctts___ _No par
2014 2014 2014 195 1978 197 2014
1,800
1934 Dec 30 2618Sept 18
1312 13% .1314 14
14
14
14
14
11
1,100 Telautograph Corp__ __No par
Aug 14
Nov
1614
7
-6.14 June -113
;-be;
75 Apr I
Udall/10
1434 137 1418 13% 1414 1414 141 Exchange
9,400 Tenn Copp & C
14
16 Dec 7
No par
6% Mar
934 Jan
533
5338 544 5414 55
93.500 Texas Company (The).._ _ 25 42% Jan 5 55 Dec 29
3734 June 4534 Jan
5414 54
5455
Cooed;
11814
Closed;
1183
11714
11714
3 l217s
11814
20,100 Texas Gulf Sulphur
1173* 11734
1(1 9712 Feb 17 12178 Dec 31
5714 API' 110 Dee
1512 l0's 157 163
1618 1634 1612 1712
51,200 Texas Pacific Coal & Oil
10 1078 Aug 27 231 Feb 6
8
Oct 1514
100 30i,sem 28 3672 Dec 1 11614 Oct 151 Feb
Extra
3412 3538 3538 3633 35% 36% 3512 357g New Years 22,100 Tidewater 011
Feb
5418 5412 5312 54
5312 543
5314 54
6,500 Timken Roller Bearing_No par 3734 Mar IS 598* Oct so
3113
May
41
Jan
aniklay
13,500 Tobacco Products Corp.-100 70 Jan 2 10134 Nov 20
Day
97
08
9713 9812 9714 9778 29612 9714
52 Apr 78114 Dee
108 109
107 10834 108% 108% 10812 108'2
1,700
Do Class A
100 9373 Jan 2 1103* Nov 27
884 Mar 934 Oct
43
44 414
4
44 44
414
4
81,000 Transcl'i Oil tem ctf newNo par
572May 9
31264pt 26
334 AM614 Jai
•
*26
.2519 27
26
27 :2618 26's
26
300 Transue & Williams 511 No par 2412Sept 2' 35 Jan 10
2813 Oct 3512 Jan
5314 547
5434 548
66
561
5434 543
4,300 Underwood Typewriter
25 3812 Mar 26 6514 Nov 2
3612 Sept 43 Jan
64
66
11,600 Union Bag & Paper Corp....100 36 Apr I
6434 651
6714 6773 6512 68
86 Oct 23
3312 Sept 6458 Feb
3912 42
4033 407
3634 411
407 4112
109,400 Union Oil, California
25 33 Oct 19 438* Feb 5
35 Nov 39 Nov
95
9531 094
04
95
.92
94
04
400 Union Tank Car
100 94 Dec 30 134 June 19
94
Jan 18278 Sept
*1154 11578 *11515 115% .115 115%.
Do pref
115 116
100 1 134June 17 1174May 6 10614 Feb 116% July
2778 2838
28
28
29
3,500 United Alloy Steel
2814 294 28
No par 24 May 15 3673 Mar 4
20
Oct 37 Feb
9313
92
9434 9214 9414 924 93
29,100 United agar Stores
9234
25 6014 Jan 6 11512 Nov 9
4212June 6414 Nov
15333 15714 154 1554 152 153% 152 15617
12,500 United Drug
100 11078 Feb 4 16212 Oct 31
71 May 12112 Dee
*554 66
50 52 Jan 16 5818 Nov 5
Do 1st pref
200
558 555 .5512 56
558 553
4618 May 53
238 238 *234 238 .235 238
100 20473 Mar 31 245 Sent 30 182 Jan 2244 Dee
237 238
300 United Fruit
Aug
26
285* 2712 2918 2634 2813 27
39.300 Universal Pipe & Rad__No par 26 Dee 28 5078 Feb 11
28's
18 July 48 Deg
7
100 65 July 10 94 Feb Ii
Do pref
2,600
74
78*4
75
78
7532 7614 78
77
4712 Oct 79 Dee
5,600 US Cast Iron Pipe & Fdy_100 13114 Apr 22 250 Feb 11
205 205
210 211
210 213
20412 207
64 Feb 16934 Dee
100 91 July 11 113 Aug 21
Do pref
900
10012 10013 10014 101
10014 10014
100 100
8178 Jan 10414 Oct
5512 5613 5512 5653 5472 56
7.000 U 9DistribCorp tem ett No par 304 Feb 17 634 Dec 11
553 6614
2112 MAY 43 Dee
100 130 Mar 9 250 Deg 11
Do pref
noo 250 .200 240 *2003 240 *200 240
92 July 168 Dee
17SHoff
Corp
v
10,200
t
Mad)
e
No
45
par
4514 4412 45
23 Jan 3 494 Oct 17
44
45
4434 467
164 Mar 2438 Oct
17,600 US Industrial Alcohol_ __ _100 704 Dec 7 98 Oct 24
7212 735* 7212 7414 734 7434 744 75
614 May 8714 Des
Do pref
100
100 102 Dec 8 115 June 22
105 105 *101 12 105
90312 105 *103 105
98 Jan 10634 Dee
1,900 U S Realty & Improv't
100 11412 Mar 30 13412 Noy 2
167 16832
17212 17212 170 170 .168 170
90 June 1434 Deg
59,800 United States Rubber
81
100 3312 Mar 30 9714 Nov 13
79
3112 834 77% 8214 7712 79
221814ay 427s Jan
Do 1st pref
900
100 9234 Mar 30 10872 Nov 14
10714 10732 107 10714 10612 107 010712 108
464 May 957s Dee
11,000 US Smelting, Ref & Min
4918 494 493* 50
50 30 Feb 17 51 Dec 20
4914 51
4814 49
184 Mar 4172 Deg
Do pref
300
4914 4914 .4914 493 *4938 493 .4953 49%
60 44 Apr 16 4914 Dee 23
374 Mar 467s Dee
169,100 United States Steel Corp.-100 11232Mar 30 18914 Nov 7
18513 1373* 1347A 13612 13438 135% 13412 1364
9414 June 121 Dee
Do pref
3,000
100 12312May 7 138 Nov 6 1181s Feb
120 12613 12618 12614 1264 12614 126 126'o
123 July
100 Utah Copper
10 82 Mar 19 111 Nov 18
98
98
.98 103 .98 103
.97 103
64
Jan 83114 Dec
3512
6.400 Utilities Pow & Lt A__No par 30 Aug 27 38 Aug 6
345* 3438 3334 3414 3312 3414 34
3,000 Vanadium Corp
No par 25118May 4 3414July 9
3134 3134 31
313* 3114 3212 314 32
1-9-13 June III-li 14
650 Van Raalte
No par 1514 Aug 20 2672 Nov 7
*1812 20
21
20
21
2012 2034 20
1534 Oct 3314 Jan
Do lot pref
100 80 Apr 1 80 Nov 16
100
*7018 7513 *7012 7518 '7018 751
72
72
53 Sept 80 Jan
112
112
800 Virginia-Caro Chem_ __No par
134
112 *112
134
1128ept 23
112
154
834Juiy 9
%June 103$ Jan
Do pref
100
11
11
812 Jan 5 2312July 8
.8
.8
*8
11
11
.8
212 June 3434 Jan
.78
1
Do "13"
300
No par
1
1
*1
78 Aug 28
114
78
1
44July 9
82 June
7 Jae
5,800 Vivrxdou (V) new
No par
27
264 27i
28
714 Jan 13 28% Dec 21
271 2734 2678 27
434 July 154 Jan
1,400 Waldorf System
No par 144 Aug 10 197 Jan 3
1712 1712 1712 1734 *1212 123
175 18
14 Apr 20 Nov
400 Ward Baking Class A_ _No par 116 Apr 30 198 Dec 10
*19014 194
19018 1904 195 195
100 190
841
Class B
35,700
No par 3714 Mar 30 9512 Oct 8 8034 8134 8034 813s 805 8112 82
---- -Preferred (100)
110 110
No par 944 Feb 11 112 Dec 9
*10812 110 90812 110 .10812 110
200
1712 1712 *1713 175
2,000 Warner Bros Pictures A... 10 1714 Dec 22 2273 Oct 16
1734 188
1714 18
100 Warren Bros
No par 43 June 24 5012JulY 6
47
48 .46
47 .47
4778 47
*47
37,200 Weber dr liellbr, new_c No par 51 Apr 17 10012 Dec18_ _ _ --- -9612 10018 8912 9712 8012 8934 7512 801
---Western Elec 7% pref____100 110 Aug 15 11712June 25 111-52 -Air fif
2,800 Western 'Union Telegraph_100 11614 Jan 2 14473Sept 18 105 May 1183
iiMs iii- iiLia 1-3114 13558 136
4 Deg
12412 125
8,200 Weetinghouse Air Brake_ - _ 50 97 Apr 9 144 Aug 17
1244 12478 12412 12712 z122 12434
84
Jan 111 Dee
743*
12,100 Westinghouse Elec 1, mfg_ 50 6614 Mar 28 84 Jan 3
745s 754 z74
7412 747
7413 75
5512 May 75 May
1758 18
1712 165* 1712 1714 17%
3,800 Wen Elec Instrument
17
914 Apr 1 204 Aug 17
Class A
300
2734 2734
*2814 2812 284 2814 *2734 28
1953 Mar 31 287 Dee 10
_ _ _
---- ---300 West Penn Co
122 122 .122 124 .123 124
1224 124
No par 9714Sept 8 145 May 21
-4-7-13 Jan Ill- 11e;
951s 954 *9514 9612
96
100
*94
Do 7% pf tern ctf new.100 94 Apr 3 100 July 22
9612 .94
11712 Arp 97 Dee
5,000 White Eagle 011
2812 2818 2812 22734 2812
No par 2512 Aug 28 3134 Feb 2
2734 2818 28
234 May 2934 Feb
36,800 White Motor
8214 853* 8314 84% 824 8373 825 84
50 5712 Mar 30 10413 Aug 18
5012 Apr 7218 Dee
343* 368
34
35
35
3,600 White RR, M & El otts_No par 3312 Dec 1 495 Aug 7
35
354 357
2% 27s
234 313
234 3
3,100 Wickwire Spencer Steel at__
313 318
2 Dec 3
53*May 15
297
3 294 3134
185,900 Willys-Overland (The)
2633 2834 27% 283* 27%
5
912 Jan 26 3472 Nov 4
-Si My lit; -iiji
93
Do pref
94
11,000
9312 947
9118 947
100 724 Jan 28 12373 Dec 7
9434 9718
6112 May 88 Jan
41 Dec 31
5
5
5
500 Wilson & Co.Inc
5
43* 453
474 5
No par
138* Mar 7
44 May 28
yen
20
20
*18
183* 181* •18
Do pref
19
100
•18
100 17 Sept 2 60 Mar 7
11 Aug 7212 Jan
24,300 Woolworth Co(F W)
205 20934 20712 21112 211 21314
210 212
25 11214 Jan 28 220 Oct 29
7212 Apr 12634 Dee
4214
418
44
43
43
4,000
Worthington
P dr M
100 3514 Aug 12 7934 Jan 2
14
4234 4412 4212
2314 June 81 Deo
7812 7812 .764 78
200
Do pref A
100 76 Nov 5 88 Jan 9
*7814 7912 .7714 79
68 July 8912 DM
64
6012 6012 *61
Do pref B
300
6012 62
100 58 Aug 19 7634 Feb 11
64
*62
5812 Jan 7534 Dell
28
28
28
27
1.200 Wright Aeronautical__ _No par 16 Mar 30 3232July 1
2812 274 28
28
9's May 232/1 Dee
300 Wrigley(Wm Jr)
5414 5414 *5414 5412
55
No par 4512 Mar 30 5714 Oct 27
5512 5512 55
35 Apr 4634 Dee
62
62
83 Yale & Towne
*6112 65
56112 65
25 82 Sept 23 7014July 29
*6112 65
Yellow Cab Mfg tom °Hs_ 10 3312 Feb 18 4834 Oct 1
-31 Nov IA;iIii
;
4,500 Youngstown Sheet dr T No par 63 Mar 27 9212 Nov 7
-gii4 Ii1IP - 1.4 ii- -A it iiiii -8.51.7 I11-5
5934 Oot 72 Dee
a
Jet
-rights • New stock on the bags of 1 new share for 3 old shares.
•MO and milted prim, no sales on Me day p En-dividend.
-ii-
iia- 1361-4
-Li,-
A
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jew. 1 1909 the asellange waned of t11011so hoods legg easate4 en gime are no
-^
BONDS
T STOCK EXCHANGE
Week Ended Jan. 1.
Price
Thursday
Dec. 31.
Wears
Range or
Last Sale
i
av%
R7nge
Ye It
1925.
77
"ars4 tatereet"-eueg for Wow and stsfautimi &ode
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Jan. 1.
11
.
24.
t
Pried
Thursday
Dec. 31.
Week's
Retitle or
Last Sale
la*I•
Twit
1926.
U. S. Government.
Bid
Ask'Losa
gligh No. Lem
MO%
-BM
Ask Low
Hiels N. 'Lose
High
First Liberty LoanNetherlands 64 (flat prices)_ _1972 m
10654 10712 10712 1074 10 10284 109's
3 % of 1932- 1947
y Di 9913.1 Sale I 9911.1 9911:2; 800 9917.3 0118.,
SO-year external 65 (fiat) 1954 A 0 10414 Sale 104
10412 61 1001s 104%
Cony 4% of 1932-47
3 D 100 1001..1100
100
1
02"ss Panama (Rep) 8445 tr rect1-1953 y
1 100
:Sale 10012 10012
5
9818104
Cony 413% of 1932-47
D 1001
J D 10131.2 Sale 10173.310139.3 72 10114.03331 Peru (Rep of) ext1 8,3
1944 A 0 102% Sale 10213
10254 19
977a 10.14
2d cony 434% of 1932-47
1001%. 103
J D 101 103 11011183Dec25 Poland (Rep of) g (ia
1940 A 0 684 Sale I ma
11
Second Liberty LoanMil 79
681
.
1
Ext'l f g Ele Interim recta.,1930
8834 Sale 87%
86
88% 115
48 of 1927-1942
96
MN 100 1008.1 1001.1 Dec'25 __-- 998111 011143 Porto Alegre (City of) 88-1961 J
9914 9278
5
100
94 100
Cony 434% of 1937-1942
D 99
m y41 100141 Sale 100114110011w 1971 1001..3 01111. Queensland
(State) ext•f 71i 1941 A 0 1113 Sale 11114
11138 22 109 11214
Third Liberty Loac25-year 138
I
1947 p A 106 106% 107
8 10113 107%
434% of 1928
107
M S 10018.3 Sale 10023.310013.3 1909 10033.1 02.n Rio Grande do Sul Si
9813 99
1946
3
Fourth Melly 143AL9838
99
94 100
Rio de Janeiro 25-yr s f 85_1948 A 0 98 Sale 962k
20
4Si% of 1933-1948
98
93 99
AG
A 0 101138, Sale I 10171.310242 1 1570 1011.4403"so
25-yr exti 88
1947 AO 973s Sale 974
Treasury 444e
6
9734
92
9914
1947-1952 A 011061... Sale 10614, 1061..1 70 10411n 08...2 Rotterdam (City)
external 651964 MN 10414 Sale 10414
Treasury 413
1 100 107%
1044
1944-1954
10277.. Sale •10239.110213.1 87 10014,04"n El Salvador (Rep) &
1054 10613 10534
1948 J
Stets and City Securities. 7 D
2 103 108
106
Sao
Paulo
(City)
I
I
8.
1952
101 10113 101
NY City-44s Corp atock_1960
9 97 102
101
10014
3
100331
99% 10112 San Paulo (State) ext if 88_1936 MN 1021
B
:Sale 102% 10313 13 100 104%
4418 Corporate stock
3J
10013 Dec'25'_-_ 1004 103%
1984 M
External s f 8a Int recte_1950
434 a Corporate stook
.▪ 1 10238 Sale 1024
4
991s 103
10234
1966 A0
- 10238 Apr'25'____ 1014 102% Seine (France) ext 78
1942 3J 8612 Sale 8513
4348 Corporate stock
824 92%
8838 62
1972 A0 -- - - --- 10038 Dec'25 __ -- 1004 10314 Serbs. Croate & Slovenes
88_1962 MN 92 Sale 911
4I6s Corporate stock
: 9178 38
84
92
104%
1971
10434 25 10434 10812 SOIssol2B (City)&
D
82
1936
444 a Corporate atock July 1967•
83
82
83
2 82 88
MN
5 10433 10778 Sweden 20-year (la
1044
J i 10434 Sale 10434
1939• D 105 Sale 1044
444e Corporate stock
12 103 106
105
10478 Dec'25
10412 108
1965'J D
External loan 5(45
444s Corporate stock
81
MN 10113 Sale 10113 102
984 10314
1963 M
-105 Nov'25
10473 10834 Swiss Confeder'n 20-yr Sf8.1954
11634 Sale 11634
1940
4% Corporate stock
11714 14 118 1174
9714
1959 RI N
1
974 10014 Switzerland Govt ext 5349_ _1946 J
°7'l
10314
4% Corporate stock
Sale
103
AO
32
9813
10313
104%
1958 M N
974 Dec'25 ---9714 10014 Tokyo City 58 loan of 1912.1952
4% Corporate stock
MS 66% 6733 67 Dec'25
64% 68%
1967 FA N
9714 1004 TrondhJem (City) eat' 6448_1944•
9914 Sale 984 100
4% Corporatestock
ji
97
9
101%
___
9613
1958
9612
M
100
96121
N
Uruguay (Republic) ext
4% Corporate Mock
110 11012 1091
: 110
13 10614 112
1955 m N
Oct'25
96
96
9834 Zurich (City of) f Si 85_1946 P A 108
1945 A0
Sale 108
% Corporate stock ____1957 MN
3 10712 11113
1081
104% 10788
Railroad.
Corporate stock_ .1957 MN
10414 107% Ala Gt Sou lit eons A
3 % Corporate itk_May1954 MN
6.1943 JO 10158 102 102
Oct'25
100% 102
87%
87381
i
6
875
907
8
Ala
Mid
1st
guar
gold &L....1928 MN 100% Sale 1004
344% Corporate stk _Noy 1954
1003
1 100% 101%
88
Oct'25
N
8714 91
Alb & Susi cony 3345
New York State Canal 1m-481961
1946 * 0 8378 8413 8378 Dec'25
8114 85
101 11
▪ J 101 Sale 101
10018 10318 Alleg & West let g 48 gu
83
48 Canal
84
84
1998 A0
81% 114
Oct'25
101% Mar'25 ---- 1014 1014 Alleg Val gen guar
1942 .1
g 48
9253 9312 92%
434i Canal impt
1942 M
90
8
9414
-_-l09g Aug'25
9238
10978 11414 Ann Arbor
1964
let g 4e___July 1995
757 Sale 754
48 Highway impt reglater'41958
14
8314 77
78
102% July'25
_ 102% 103
Atch Top & S Fe-Gong 48_1995 Q
Highway Improv't 414s1963
A0 8978 Sale 8914
88
897
21
921
s
10813 Oct'25
1081
114
:
Registered
_
Virginia 2-14
8812
*0
84
4
881
901s
7812 7612
7612 Feb'25
1991
J ____
Adoustinent geld 4a_July 1995 Nov -7
.
38- Sale 8514
Foreign Geserneuent.
3113 SO
86
4
Stamped
8514 854 854
July 1991
Argentine (Nat Govt of. a _1927 P A 10218 Sale 10134
N
SS% 86
1
854
10238 34 101% 10314
Registered
81%
, 79% ig
8 fis of June1925 temp_1959 3D 9638 Sale 9578
M
82 Nov'25
95% 9713
9683 33
Cony gold 41 1909
Ertl s f 6s of Oct'25 temp-1l(59 A0 9611 Sale 9578
1955 3D 8418 --__ 854
. 9154 8954
8534
1
9512 9714
9614 122
Cony
48 1905
Sinking fund 6s Ser•
_ 86 Dec'25
1955 3D
8111 86
97
75
1957 M S 9612 Sale 9613
95
974
Cony g ts Issue of 1910
8322 8334
- - 8322 Nov'25
1960 3D 8512External 6s series 13_ _ Dec 1958
81
Ws
9434 97
9618 72
13 9638 Sale 957
East Okla Div 1st g 63_1925 PA
9834
Argentine'Demur,5s_t_1946 MB
_ 9918
98 100
99%
4
87 Sale 8633
87
39
811: 89
Rocky Mtn Div let 4e
Australia 30-yr Si.._ _July 151955 J J 9638 Sale 9618
8512 Nov'25
1965 3.1 8612 -87
834 87%
9618 9958
964 219
Trans-Con Short L 1st 49_1958
88
Austrian (Govt) sf78
8812
88 Dec'25 „....
86
89
9312 101%
1943 3D 100% Sale 10012
10034 36
Cal-Arts let & ref 4349"A"1982 M
9413 ____ 9413 Dec'25
Belgium 25-yr ext if 7448 4.1945 3D 110 Sale 109
92
0324
110
40 107 11014 At! Knoxv & Cin Div
90 Sale 8954
4a
20-r eat if &
1965 MN
8714 92%
90
6
6 106% 1094 Atl Knoxv & Nor
1941 P A 10712 Sale 10712 1077s
let
g
10213
5a
25-year ext 644s
1946 J
_ 103 Dec'25
10214 103
93 Sale 92
115
1949 M
93
9034 90
Atl & Charl A List A 4348...1944 J
Mal s I Si inter rote
9634 183-4 964 Dec'25
96
8614 Sale 85%
9814
19563
8614 72
83% 884
tat 30-year 58 Series B___ _1944 J
103
Extl a f 7e Int ctfs
103
103
3 10112 Ii34
92
1955 J D 95 Sale 94
94
95
9813 Atlantic City 1st cons
8512 8512
4e..._1951 J J 841
Bergen (Norway)•f &
--- 8512 July'25
1 10814 11514 All Coast Line let
1945 MN 11314 11334 11312 11312
con 46_61952 56 F 92 2-931
26-year sinking fund 66_1949 AO 9814 9834 9812
: 924
89
94%
9234
9512 9973
8
3
984
19-year secured 7s
Berlin (Germany) 6448
1930 MN 10634 Sale 105%
87
9914
10834 11 1054 108
8712 73
1950 A 0 8712 Sale 87
General unified 4148
Berne ICity of) if 88_.
3D 9338 9538 954 Dec'25
1964
90%
96
1 107 11113
108
1945 MN 108 10818 108
L & N con gold 4e____Oct 1952 MN
943 Sale 94%
Bogota (City) ext'l e
8614 9714
4
97% 21
9712
94
I 88-1945 AO 97'2 Sale 97
98
Atl & Dany lat g 4a
773 78
Bolivia ,Reput lit of) 8s___
1948 J J
773
753
4
3
su
78
6
_ 1947 MN 9612 Sale 96
9684 73
92% 994
2d 48
1945 7 .1 6808 6834 6444
Bordeaux (City of) 16-yr 65.1934 MN 8234 Sale 82
6113 79%
6444
41
83
80 894 Atl
ad 1st g guar 4.,..1949 AC 7534 77
Brasil 8,external 88
7678
75
SI
767
95 103
1
26
102
1941 3D 102 Sale 10112
A & N W 1st gu g
7 Dec'25
9934 101
.1
78 (Central Ry)
.1941
99
98%
10014
33
90
1952 J D 90 Sale 1 8912
8014 91
Balt & Ohio let g
_July 1945 * 0 8914 Sale 89%
744e (coffee eecur) I (flat)_1952 A0 10713 Sale 10714
go'
8134 924
25
4 10312 10812
10712
Registered
8734 88% 87 Dec'25 ____• 851s 904
Buenos Alree (City) mil 64481955 J J 98 Sale 1 9738
July1948 Q
9512 10084
9812 30
10-year cony 4448
Canada (Dominion of) g 6s.._1926 AO
941 111
1933 MS 94 Sale 934
8914 95
100 Sale 100
3 100 10234
100,8
Refund & gen 58 Series A_1995 J O
938 Sale 9312
Si
8814 94
9334 78
1931 AO 102 Sale 10134 10218 11 10133 10313
let
g
56
Int
etfs
10-year 544s
1945 AU 104 Sale 1025s 104
100
104
51
1929 F A 102 Sale ,10178
10214 42 10113 10384
10-year fie
Si
1929 J J 1031s Sale 1027e
1031
41 11.11% 105
1952 MN 102% Sale 10234
32 10214 1044
103
Ref & gen 04 ser C temp199
Carlsbad (City) 1 sie
5 JO 10413 Sale 10418
100% 10414
1043
1954 J J 103 10312 10318 Dec'25
54
96 104
11
LE&W
Va Bye ref 45_1941 MN
9012 Sale 8914
Chile (Republic) esti 51 8L..1941 FA 10812 Sale 10734
901
87-is 9012
69
10834 15 10614 110
Southw Div 1st 5a
9814 Sale
1950 J J
Ex:srual 5-year. 113e
9554 99%
3 100 10312
9814 151
1926IA 0 10218 Sale 100
10238
Tel A Cln Div 1st ref 45 A.I959 -I 1 75 Sale 975
20-year mil 7a
7414
ells 80
75
98% 103
30
1942 MN 10012 Sale 100
100% 26
Battle
Cr & Stur 1st
3 6214 6233 May'25
25-year sf 88
90% 62%
1949 M N 10814 Sale 108
8 10614 11014 Beech Creek let go gu 3a._1989 JO 603
1081
9218 9412 0412 Dec'25
g 4a
Chile Mtge Bk 13441. June 30 I9571J
1936
924 94%
95 Sale 9413
66
95
93% 9634
Registered
J O 93
95
Chinese (Ilukuang Ry)6,--19511J D 4534 Sale 4414
9034 Nov'25'
9013 914
804 6112 Beech Cr Ext
20
46
152 g 344s____1951 AO 77% - _ _ 7714 Dec'25
Christhnia (Oslo) 5 f ft
77
1945'A 0 11013 Sale 11033 1101
4 10934 112
814
Big Sandy lit 48
30-year tiCs
1944 J O 8934 - - 8984
85
3954
2
1954M S 9938 100
9934
8934
951: 10112 B & N Y Air Line
100
1
lat
74 -7412
30-year s f 68
1955 P A
74 Dec'25
67
71
3
1455 M N 99 Sale 9834
993
967s 10014 Bruns & W lit go gold43
9253
94
M__
J
J
_1935
Colombla (Republic)840-.14127 A 0 100 Sale 100
924
93
Dec'25 _
94
7
9914 10114 Buffalo R 3. P gen
10033
gold fie_ _1937 M
10113 -- 102 Dec'25
Copenhagen 23-jeers I 5)45.1944.1 J 9834 Sale 9814
99
1g
10314
_
9884 21
9414 100
Consol 4148
8712 Sale 87
N
Cordoba (Proy) Amen 78_ _1942 J J
1957
$ees eats
8714 40
961
:Sale 96
961
9513 98%
Registered
MN
Cuba Si of 1904_
_ 8238 May'25 _ _
82
0334
9938 100
194451
954 10312 Burl CR & Nor 1st 5s
994
9933
External be of 1914 truz A_ 19491 F A 9712 984 9714
1934 A0 10073 161-14 10078
9911151
1007
8
934 100
2
1
9783
Canada Sou cons go A 55_1962 A0
Fuernal Mae 434e
_ _ 102
10212
1949'F A 8834 89% 89 Dec'25
8 10012 108%
84
984 Canadian Nat
444s_Sept
9314 944
15 1959 M S 10233- 9313
5348...194311
9212 908
931
961: 1034
10034 Sale 10034
28
I
101
5-year gold 4.439Feb 15 193e
P A
Czechoslovak (Repab of) 8e..19511A 0 10118 Sale 10013
9811 Sale 9812
9814 99
9834
39
9814 102
3
Canadian North deb of 781_194( J D 115 Sale 115
Rink Med 88 ear B 1st offs. It15214 0 10073 Sale 10012 10114
115
9734 101%
17 1144 11714
13
101
20
-year
if
deb
Extl
634.
' s f 74is ser A
1946 .7 1 11738 Sale 1174
1174 12 116 illy
1945 A 0 957s Sale 957
9573 97
964 184
10-yr gold 434.,. _ _Feb 151931 FA
Danish Con Monica> ge "A"_1946 F A 110 Sale 110
9653 Sale 96%
9014 9611
9611
6 10813 11213 Canadian Pac
3
11014
Ry 4% deb Clock J J
801
:Sale 80
7'9
1946 F A 110 Sale .110
81
8018 ISO
16 10814 112
11014
Carb
& Shaw let gold M
Denmark external sills
MB
1932
934
1945 A 0
Oct'25
109% Oct'25
133
11:11
109 111
Caro Cent lit con g 43
20-year Cl
8113 81
- -4 824 Dec'25
1935 3D 92478
1942
99% 105
102
.34 Sale 1023
8314
10333 25
Caro Clinch &0 1st 8-yr 5s_I938 J D 102 10213 102
Dominican Rep Con Adm if 51'58 F A 10112 10144 102144
100
Dee'24
_
101
162%
Nov'25
1034
1st & con g fis ser A
Custom Adminietr 5448_1943 M S 9314 Sale 9314
1052 JO 107% Sale 107%
107111 33 10874 19111i
9
9378
92
96
Cart dr Ad 1st gu g
Dutch East Indies ext 68
1981 J O 8518 8814 85% Dec'25
1947 J J 10414 Sale 1038
34
WI
9884 10412 Cent Branch U P 4e
10412 40
40-year Cs
let g 4e
1948 3D
__ 80 Dec'25
1962 611 8 10413 Sale 1037
74% 30
16
10412 Cent New Eng
10412
987
4
30-year ext 544s
.1053M 13 10214 Sale '10138
68
79-6813
1961 .1
68
69% 7014
68
934 10314 Central Ohio let go 48
4
10214 39
80-Year ext 554a
Reorg 444s
1930 MS
__ 9778 Oct'25
1953 M
10214 Sale
9714 09
92% 103
10214 49
Central of Ga tot gold 58_3/1945 FA 103
French Repub 26-yr ext 88 .1945 M N, 10034 Sale '10138
9755104
10124 104
10234 Dec'25
10018
10114 286
98% 106
Consol geld 58
20-yr external loan 740_1941 ID 9734 Sale 9714
1945 MN 10213 Sale 10212
9938103'.
102121
93
1
9812
1011
:
193
Registered
External 78 of 1924
M
9712 ____ 10014 Oct'25
1949 JO 88% Sale 8612
8812 625
98 MO%
88
93%
10-year secur Be
Finnish Mun L'n 633s A
June 1929 J D 10334 Sale 103
1954 A0 9012 Sale 90
10538 24 101% 104%
86% 9213
9012
Ref
5
&
gen
5448
External 6348 Series B
ger
1959
B
A 0 10214
1954 A0 9012 Sale 8934
99 103
85% 9212
9012 13
Chatt Div put money g 41_1951 312 8552 Sale 1024' 10214 66
Finland (Rep) ext 64
.1945 Al
84
87
00:
8712 8812 88
8552 Dec'25
8314 894
_
8814
Mac & Nor Dtv let g 158__1946
External s f 78
994 ____ 100 Dec'25
1950 M
9534 Sale 9534
981a 100
24
98
934
9814
mobile
Division
German external lea n 7s... _ _ _1949 A0 10134 Sale 101
5.1
1946 JJ
___
101
10012
515
Nov'25
101
101%
918
4
1021
:
Cent RR & B of
German Cent Aerie Bk 75.__1950 MS 9414 Sale 9334
1019814 981
96
: 9838
99
, 6
988
94% 405
934 9714 Central of NJ Ga coil g 58_1937
Gt Brit & Irel (UK of) 530_1937 P A 10412 Sale 10412
gen gold 58_1987 J J 109 Sale 10834
81 104 107%
109
105
3 107 110
Registered
10-year cony 534,
61987 Q
1084
1929 F A 117% Sale 1174
69 11513 119
109
106
Dec'25
109
_
117%
_
_
Cent Pao let ref go g 4e____1949 FA 89%
Greater Prague 7141
1952 MN 9372 Sale 9334
Sale 8952
seas 90
90
89
132
9414 26
9514
Mtge guar gold 3445._ 51929 J D
Greek Govt 7s
1964 MN 8578 Sale 854
961s 9714
1
86
83 8812
Through St L lit go 4a__1954 AO 9634 9714 9684 Dec'25
Haiti (Republic) 68
874
1952 A0 9534 Sale 9534
88
8811 89%
18
874
Dec'25
914 97
96
Guaranteed g 5e
Hungary (Killed of) If 7748.1944 FA 9678 Sale 96
FA
geli pg.
1960
98 Bale 9718
98
9678 26
482
87
9813 Charleston & Savannah
Ind Bank of Japan 6% notes 1927 FA 9978 Sale 9934
7e 1936 J J 117
11213
____
119
11212
Feb'25
117%
100
100
9813
Chez & Ohio fund de lmpt 58_1929 J J 101
Italy (Killed of) ext'l 7s_ _ _l951 J O 9412 Sale 9438
98%
Sale 10078
102
101
17
94% 94%
94% 626
let C012Sol gold &
Japanese Govt E loan M__1931 3.1 8338 Sale 83%
N 1028 10234 102%
101 108%
1939
39
10213
83
3
3
81
4
844
Registered
30-year f 644a
1939 MN 10118 ____ 10118 Nov'25
1954 P A 9212 Sale 9214
100% 10314
921
99
90
95
General gold 4444
Oriental Development 61.1953 MS 85 Sale 85
MS
1992
87% 93
9234 Sale 925s
93
17
8514 20
8312 8734
Registered
Lyons (City of) 16-year 6s_.1934 MN 83 Sale 8214
B 8714 ____ 9014 July'25 ____
1992
seas soh
32
83
8034 8934
20-year convertible 4441 1930 P A
Marseilles (City of) 15-yr 68_1934 MN 8234 Sale 8214
9454 951,
9814 sate 9772
9814 49
35
83
80
8934
30
-year
Mexican Irrigation 4148
eon,
A
'toured
0 141 Sale 13913 14284 117 Iola. 14514
5e
1946
1943 MN 301
: 317 29 Nov*2
18
3013
Registered
Assenting If 434.1
AO
129 Dec'25
1034 1294
1943
5
3012
301
16% 31%
Craig Valley 1st g 5a
-6812
Mexico (I) S) eat! 58 of'99 E 1945
9822 Dec'25
9713 9934
1940 J
45
70
3912 Oct'2
38
451:
Potts Creek Branch lit 4,A946 .1 J 80 -Assenting 58 or 1899
82% 85
Oct'25
83- 83
1945
42
42% 42 Dec'2
31
44
& A Div let con g 4s...1989 J J 854 ---- 8534 Dec'25
Assenting Si large_
811s 8634
40%
Dec'2
351s 4435
2d coneol gold 411
Assenting 58 etaall
79
33
1989 J J
_ 8012 Nov'25
May'2
3712
35
3713
Springs
Warm
Gold deb 48 of 1904
V lat g 58..1941 MS 824915%
Oct'25
9612
106
983
4
1954 J O 2612 Sale 26
9834
55
Oct'2
1913
26
Chic & Alton RR ref g 35_1949 AO 6414 6514 65
Assenting 45 of 1904
56
,34
65
10
674
2712 Sale 254
3
271
1812 28
Certlf dep stmpd Apr 1925 int
Assenting 45 of 1904 small
5611 62%
_ 62% Nov'25
2314 Aug'2
20
2412
Ctf dep stpd Oct 1925 Int__ _
Meenting 48 of 1910
50
54
65
61% Dec'25
62
_
-30 4 32 25% Oct'2
2014 2614
Railway first lien 3 yle._1950 JJ 52% Sale 512
Aseenting 48 of 1910 large
4414 584
5212 79
31 Sale 3034
84
31
22
3313
Ctrs dep Jan '233ssub coup-Amsenting 4m 01 1910 man..
45
5113 5012 Dec'25
51
5534
28 Sale 2634
85
28
198
3
29
Chic Burl & Q-Ill Div 360_1949 JJ 834 84
Treas Cs of '31 anent(large)'83 JJ 4513 4812 45%
8114 86%
8334
8334
1
29
46
33
4614
Illinois Divtelon 48
Small
8813 944
1949 J J 9138 9232 9134
9134
2
453
4
Sale
45
Dec'25
3414
46
Nebraska
Montevideo 79
Extension 49_1927 MN 9913 Sale 9914
9813 100
9978 20
19523 D 96 Sale 96
9812 17
88
9713
Registered
MN
Norway 20 year eat! 6a
9834 Sept'25
0834 9914
1943 F A 10034 Sale 100%
10114 37
9713 102
General 49
20-year external 64
88% 9214
1958 MS 90's 9112 9034
8
91
1944 F A 10012 Sale 10014
40
101%
974
lit & ref 58
10134
PA 10338 Sale 103
80-year aid I%
1971
10013
1033
8
1952 A 0 10114 Sale 101
17
10383
26
10112
9713 102
Chic, City & Conn Rys 58_1927 AO 5013 51
40-year f 544etenin_
51
4512 63
5113 12
10aa J D 9518 Sale 9434
9514 35
94
974
56=11. a Due Jan. IDseinjy. hDueAug.
Due Nov. s 00009 sale.
New York Bond Record —I.;ontinued—Page 2
78
7.1_1
BONDS.
I. Y STOCK EXCHANGE
Week Ended Jan. 1.
3.5
hp
Price
ThUreday
Dec. 31.
Week's
Range Of
Las) Sale
Range
Year
1925.
BONDS.
N Y STOCK EXCHANGE
Week Ended Jan. 1.
t
Price
Thursday
2,ce. 31,
Week's
Range or
Law SaZa
g'13
Range
Year
1925.
High
High No. Low
Ask .C.Ote
— Bid
High
High No. tow
Ask Low
Bid
8414
84
8 88
33
842 8844:88
j 853
1 1024 10114 Erie A Pitts go g 334s B.-__1940
10513
10512
Chicago & East III let 68_1934 AO 10512 Sale
4
1
84% 84/
Aug'25
121
C
8
,
79
Series
7234
76
7518
Sale
CI& E EIRE (aete co) gen be_1951 MN 7518 10214 10112 Dec'25
Nov'25
10012
8
1s
99
4003
10018
j
____
j
ext
4
1
/
g 59_194
0
9111,103
1033
Fla Cent & Pen let
1982 MN 1013a
1
9614 10012
ChM & Erie let gold be
be
143
gold
Consol
5504
6812
644
63%
Sale
6412
9672
92
Chicago Great West let 4s 1959 MS
5
31
4 19
9:
4
9'18
9318
95
072 95
j 95
05
10014 11212 Florida East Cone let 430_1959 j D
11114 Dec'25
11114
4
1
97/
79
ChM Ind & Loulsv—Ref Se...1947 j
93
9718 Sale 97
1974m
1st & ref es Series A
9912 10012
9958 Oct'25
1947• J 100
Refunding gold ba
102% 197
178 Nov'25
'
A 19341,21 N
Series
7s
Nor
&
West
4
Fla
853
4
873
Dec'25
4
/
871
8312
1947 j
73
Refunding 4s Scrim C
9
59
5912
Sale
59
N
lee
Ha
4
1952
Johns
Glov
&
87
8
027
Fonda
92% Dec'25
1966 MN 9111
General ba A
4
8214 9012
j 9018 Sale 9014 Dec'25
101 104
Fort St U 14 Co 1st g 430..1941
10358 Sale 10318 Dec'25
May 1968 J
10458 105
General 6e B
____ 10434 Dec'25
7718 8018 Ft W & Den C 1st g 534s-1961 j D
7912 Dec'25
e24 98
Ind & Louisville let gu 48_1956 ii
4
053
96
Dec'25
9612
let
Gr
j
45
g
1928 j
9113 87 Dec'25
854 8818 Ft Worth & RIO
4
5
,
2
Ciale Ind & Sou 643-year 4s__1956 ii -iiis
1 3
:
1084 10914
934 9414 Frern Elk dr Mo Val let 8a._1933 A 0 107 _ _ 10714 No
9414 Nov'25
101
10038
6
4
1197g
,
ChM LB & East let 434s-1969 J D 9212
100
....,10012
5812
9
10
5a_1
3
4312
let
1
&SAM&P
25
j
N
II
0
50%
let gu 4a_-_1949 ii 5218Sale 5034
100 112
-00 10018 Dec'25
17918 101
o M & Puget 8d
494 5413
104
2d extens be guar
51
52 Sale 51
901g 95
Certificates of deposit
9314 -- 9414 Dec'25
5a
let
Heed
&
1933
82
A
Hoes
57
Gal,
7014
0
82
Salo
4
1
/
80
2 10014 10512
CH M & St P gen g 488er A_e1989 ii 82
7
46
195
2
6214 704 Geneses River let f be
70
70
7012 70
General gold 3He Ser B__e1989
-958 96 19
3 Dec'25
06
4
1
93 102/
771s 9258 Ga & Ala Ry let cone 5a_ __o1945 j
9014
J 9014 Sale 90
1
Gee 4 Hs Series C_May 1989
10014
10018
10014
99 10014
j
j
g
gu
1929
1st
be
Nor
&
50
Caro
434
55%
Oa
53
Gee St ref Series A 4 See_ _02014 AO 53 Sale 5114
65 6
644 OS
67 Dec'25
47
5514 Georgia Midland lot 3a
51%
5312 Bale 5178
-Certifleatee of deposit
9212
9811
-- 934 Oct'25
s 9614
j
A 0
m
1j
48
193
gu g 434H
29
4418 5858 GI R& ext
52
52 Sale 50%
Gen ref cony See B be _a2014 F11512 19 11418 117
4612 5478 Grand Trunk of Can deb 713_1940 A 0 11518 Sale 1154
51% 49
51
511.
Certificates of depeelt
10878 Sale 108%
107
9 10118 108/
4
1
52
9818 1051.,
15-year 165
10414
1044
Sale
10412
J
•
1934
let sec Se
11053 84 10812 111
44 6012 Great Nor gen 75 Series A....1936 j j 1104 Sale 11014
5214 72
1932 J D 53 Sale 5118
Debenture 4348
110
109
110
Dec'25
RegLstered
J
46/
4 5412
1
51
5134 73
5134 53
Certificates of deposit
9418
7
89
784
let & ref 43e0 Series A___1981 j j 94 Sale 94
46
5214 102
1925 in 5134 Sale 5114
Debenture 48
94
10
4's 64
9934 104
4 5478
1
47/
General 5345 Series B_ _1952 J J 103 Sale 10278
51% 140
5178 Sale 51
Certificates of deposit
Sale
8
8
97
975
975
92
86
074
1973 j j
5614
44
61
General be Series C
52
1934 ii 5234 Sale 5112
lib-year debenture 48
81
81
Dec'25
72
4634 54/
4 Green Bay & West deb ctfe "A"-- Feb 7912 85
1
51,2 15
5134
5114
Certificates of deposit
Sale
8
17112
175
19
10
124
1814
"B"
ctfs
100
Feb
944
Debentures
Ohio & Me Ely Div ba_ _1926 J J 9912 9934 9912 Dec'25
881
_ 87 Aug'25
86
884
4 10118 Greenbrier Ry let gu 4s__1940 M N
/
981
Dec'25
10014
8
997
8
993
FA
A886-1926
48_
Oble & N'weet Ext
8 10-i14 10314 Dec'25
Me 10314
9812 9934 Gulf Mob & Nor 1st 5345 _ _1950 A 0 102549912 Dec'25
1886-1926 FA 9938 100
Registered
981g 10412
7318 77
Gulf & I let ref & t g 5s__b1052 J J 10412 Sale 10412 10412 10
7534
1987 MN 7458 7558 7412
General gold 334e
11
80
8514
109, „T
M 14
72
4
7212 Harlem R & Pt Ches let 4t..1954
74
7212 July'25
73
Q
Registered
-9124 -6518812 9214
4 8
34
14
94
9
: 62
85171
8112 8612 Hocking Val let cones 430_1999 J
4 65
1
85/
N 8534 Salo 8518
1987
General 413
8614 9012 9012 May'25
9012
88
4
/
7
851
82
Registered
853
853
Sale
8
4
4
853
MN
1987
40
Stamped
9918 1011
4
/
1937
J 10114 10178 10114 Dec'25
12 10034 105
H & T C Ist g Int guar
104
1987 MN 104 Sale 104
General 53 stamped
101
9612
Nov'25
95
9612
99
let
Term
59_1937
J
4
1
/
J
106
&
Belt
10312
Houston
1879-1929 AO 10414 10412 10414 Nov'25
Oinking fund 65
10018 Oct'25
V958 10014
wi N
E & W Tex Mt g 59_ 1033 M
103 104
Houaton
Dec'25
4
1033
____
4
1033
A0
Registered
9978 100
100 foi 100 Sept'25
4 10134
1
98/
6
let guar 55 red
1013a
1879-1929 AO 10078 10112 10114
Slaking fund 5a
9218 9612
2
9512
9512
9912 10012 Housatonic Ry cons g 5s_
1937 Si N
1879-1929 AO 10014 ____ 1004 Dec'25
Registered
9278 68
8618 94
1957 F A 9212 Sale 9238
6
A
103
9914
Serfee
5s
&
Llud
Manhat
10014
10014
Sale
10014
MN
1933
linking fund deb be
9114 June'25
9114 9114
9912 101
F A
Registered
10014 Dec'25
M N 10014
Registered
6714 7734
753
64
Adjustment Income 5a____1957 A 0 7.4 Sale 75
10738 38 105 11218
1930 J D 107 10714 107's
10-year secured 713g
9214
1
9214
9012 94
J
11212
48_
1
.
j
1
1
5
5
gold
9
0
107
1
let
2
Central
Illinois
8
1117
8
1113
Sale
8
1117
S
I5-year secured 630 g_ A936
9012 933e
9114-91- 9318 July'25
8714
9112 102
Registered
9912 20
987
let & ref g Se__ _____ May 2037 J D 9912 Bale 85
81
81%
81 Nov'25
1951 .1 3 8214 84
6
824 86
gold 33-4*
let
85
Sale
85
ii
431988
gen
P—Railtray
bloR I &
4
1
797 8312 8234 Jan'25
9012 83/
.1 J
8114 8314
Registered
83 Nov'25
• J 8314
Registered
841
81
4
/
8
Dec'25
835
4
8214
823
834 8978
304
Extended let gold 3e4s___1951 A 0
88
1034 * 0 88 Sale 8714
Refunding gold 431
62 62
62 Feb'25
71
83
1951 M 8 66
8818
sterling
Is
gold
let
Nov'25
8614
_
0
*
Registered
SC's 89
8818 Dec'25
8812
4
873
A
1014
gold
103%
trust
48_1952
Collateral
10312
Nov'25
____
Chic 8t L & NO gold 5.8____1951 J D
4 8814
1
85/
8712 8634 Nov'25
A 0 83
101 14 10214
Rmistered
10214 June'25
J D
Registered
874 92/
4
1
1
9012
9012
N 0012 92
78 7938
1955
let refunding te
78 Sept'25
1951 • D
Gold 334e
8412
78%
8112
Dec'25
82
8112
87
J
1952
4
1
83/
Purchased lines 3)49
8358 Dec'25
Memphis Div let g 48.... _1951 J D 8558 87
8418
79
79
8212 8414 July'25
J J
101 103/8
Registered
Nov'25
10114
101
____
AO
1932
ba
g
eons
St LA P
8534
83
14
8514
2 10238 10812
Collateral truet gold 48_1953 M N 8514 Sale 8478
104
eble St P M & 0 cons 6a_ _ _1930 J D 104 Salo 104 4 Oct'25
844
81
4 Dec'25
1
__ 83/
924 9334
M N
Registered
9334 9412 935
Cons Se reduced to 3 34e._1930 J
10514 Dec'25
1024 10818
106
8210512
10514
M
1955
N
9212
26
be
Refunding
9814
Sale
987
s
987
MS
1930
Debenture 55
10234 23 10178 10331
954 994
1934 .1 J 10234 Sale 10214
15-year secured bees
983s Dec'25
9814 99
Stamped
10918 113
112 11212 11134 Dec'25
904
75
14
15-year secured 630 g- —1936 J
87
87
Cale T HA So East let ba. _1960 J o 87 Sale 81
884 9134
9012
2
Sale 9012
9013
8412
D
J
65
1950
7
Cairo
Bridge
Sale
48
14
81
81
gold
MS
Dec 1 1960
Inc gu 913
70
74
74
Dec'25
7312
j
95
9412
9114
14
Lltchfleld DM let gold 38.1951 J
9433
Oble Un Stan let gu 4149 A.1963• J 9412 Sale 1023
774 9214
10312
J .1 3034 8134 8112 Dec'25
100
1953
&
DM
Term
7
Louise
8
Sale
g334,
8
1025
1027
J
•
8
1963
let be Series B
7018
74
Oct'25
D
3
4
5
7
7313
_
7312
101
A
F
9714
gold
let
38_1951
Div
18
Omaha
10018
10012
1944 J o 10018 Sale
Guaranteed g 65
711
4 77
/
74
11814 11813
0511 i
J J
8t Louis Div & Term 38_ 100
11713
1963 .1 .1 11712 Sale 11712
8.314
1st flees &glee C
79
1 8134 Dec'25
1 -82
81,
106
.1
105
334s
Gold
105
105
____
105
M
Q
ChM & West Ind gen g 89_0932
79% 82%
80 Nov'25
791e
7612 8312
Springfield DM 1st g 3348_1951 J J
8158 42
8118 Sale 81
1952 J
Congo! 50-year 40
88
88
4
1
97 100/
1951 F A 8614 -i6 8814 Oct'25
Western Linea let g 4a
10012
16
10014
Sale
10012
MS
1962
A
ner
54e
let ref
87
84
014 102
1951 F A ---- 8912 84 Aug'25
Registered
102 Dec'25
Moe Okla & Gulf cons be_ _1952 81 N 10238
9312 9612 III Central & Chic St LAN 0—
_
96 Dec'25
Oln H & D 2d gold 434s__1937 ▪ .1 9512 98
9614 1004
46
10014 Salo 997
94
J
2
,
411
1985
_
58
A
ref
let
Series
1
Joint
931g
9313
9414
931g
Q
4a___Aug1938
8814 884
01 St L & C let g
A ug
95
:
4
881
109215
•
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9214 Dec'25
9214
etig1938 Q
Registered
8714 92
8718 894 Ind III & lowa 1st g 4a
19504 J 8958_ 8938 Dec'25
1
88
88
4 90
1
1942 MN 87/
99 101
Lan Leb & Nor gu 413g
10038 g .le 10038
1004
J
J
99
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4
1
/
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be
gen
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Linton
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997
Dec'25
10014
____
J
▪
1928
Chi S & Cl cons let g 5s
10034
9914
'25
4
0
10038
1v
No
2
12
31
9
9
10
813
4
ref
&
854
&ries
Gen
be
____ 8458 Dec'25
Cleve Cln Cb & St L gen 4a_1093 JD 8458
10 10() 10512
9878 Int & Ort Nor 1st 68 Ser A _1
96
J 104 Sale
4 j
2 .1
65
95
19
1931 • J 9712 ____ 9834 Dec'25
20-year deb 4348
86
79
Sale
72%
67
1054
Aprl
98
1952
A
6s,
Series
Adjustment
10114
Nov'25
____
102
1993 in
General ba Series B
87
78
1 Dec'25
3
2:
74
Aprl
Stamped
10312 19 10218 10418
1929 .1 .1 10312 Sale 103
Ref & leapt 8s Series A
7612 8011
79
1034 10734 tat Rye Cent Amer let rei _1972 M N 79 Sale 78
Dec'25
8
1035
____
8
1047
J
J
1941
ele Series C
65
57
64
Sale
63
63
15
9412
D
10014
J
gold
1st
be____1038
Central
24
Iowa
10014
1961 4, 100 Sale 9914
5e Serie, D
-- 6014
67
6014
624
601
1
8812 91
Certificates of deposit
9034 Dec'25
4 9058
'
1939
Cairo Div let gold 45
1914 264
204
4-4
80
8212
1961 M 8 1914
Refunding gold 4e
8134 Dec'25
Cln W & M Div let g 414._1991 J , 8134 82
8912
D
•
1
5
,
1913887
2
'
9
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1
ec
90
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8814
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85
J
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Clear
46_1959
&
James Frank
St L Div let coil tr g g 48-1990 MN 824 8314 8318 Dec'25
100 Nov'24
8018 83
R 1st gu g es____1938 J J 1034
Ka A &
8018 July'25
MN
Registered
84
-i6
83
8212
Dec'25
0
A
1990
-_-_-_-_
8834
&
8912
Kan
M
let
45
e
gu
89 Nov'25
Spr & Col Div let g 4e____1940 MS
ow. 10054
1003,
874 8812
19274 J 10034 Sale 10034
1
2d 20-year 15e
_ _ 8812 July'25
W W Val Div Isle 4s__1940 J J 8718
10214 103/
10234 Sale 1024
4
1
N
108
M
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8
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1928
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M
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Dec'25
108
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CCC&I gen cons g 15e__1934
8658 8012
10018 10212 KC Ft El dc Silty ref g 4s 1938 A 0 8912 Sale 89
8912 20
Dec'25
Clay Lor & W con let g 5e__1933 AO 10138 102 10112
___ 9934
98 10014
4
9534 984 KC&MR&Blatgube 1929 A 0 995
99,
1
Dec'25
4
953
MN
9614
9713
1935
CI & Mar 1st fru g 434e
7018 75
74
9814 10014 Kansas City Sou let gold 38_1950 A 0 74 8-75
74
25
9858 Dec'25
Cleve & Mahon Vail g 58_1938 i2
8814 9334
9952
99
Apr 19504 J 9334 Salo 93
Ref & impt
9334 51
99 May'25
J J
CI& P gen gu 4 Ha Ser A_1942 MN 834
4 8778
1
83/
8334 8618 Kansas City Term let 4s___1960 J J 854 Sale 8514
8512 48
_
8512
Sept'25
1948
Series C 3He
84
8712
8534 ____
8334 8514 Kentucky Central gold 48_1987 J
1
4 Nov'25
1
1950 FA 8314 157 83/
Series D 334e
8712 89
Kentucky & Ind Term 4145,191,1 .1 J
95% 100
nNov'250862154
9712 19
774 ---- 8614108071
7 9712
0
A
9712
97
4349_1961
gu
1st
Cleve Shor Line
DA% 1074 Knoxville & Ohio let g 8e___1925 J J
4
1
100 100/
June'25
4
107
3
1063
A
107
0
Sale
Cleve Union Term 6348....-1972
.1 inoi2 1-61-14 10034 Dec'25
994 102
9934 1014
Lake Erie & West let g 5e....1937
81
1973 A 0 101 Sale 10012 101
let e I 55 Ser 13
834 8811
2d gold be
1941 J J 984, loo
984 9813
9734 Dec'25
Nov'25
4
873
D
1
8612
4
1
/
87
1945
Coal River Ry let gu 45_
783j 15
78
9678 99
81
Lake Shore gold 330
1997 .1 D 7814 Salo
1
99
Colorado & South lot g 48_1929 F A 99 Sale7 99
7614 7914
7638 79 77
904 9612
1997 J D
4 D• ec'
Registered
5131
_
25
9512
98
9512 95
Refunding & exten 434e_A935 M N 85
S 9858 Sale 9814
N
87
4s
gold
M
Debenture
m
9712
8612
928
8
985
994
32
4
1
/
Dec'25
87
0
A
1948
Col & H V let ext g 4e
97i
944
9614 9718
8414 8414
11931
25-year gold 45
1955 F A 8678 -8812 8414 Ape25
Col& Tel let ext 48
8158 8158
Registered
98
913 D• ec 25! 957s 96
Jan'25
81%
0
7713
A
8213
45_1943
let
Riv
oonn & Palleum
A inais104 10234 10234
F N
1M
954
193
8312 8914 Leh Val Harbor Term be_...1
1 10014 10314
24
89
8812
Cuba 1111 let 50-year 58 g..._1952 J .1 89 Sale 10514
Leh Val N Y let gu g 4349_1940 J J 983,
4 98
1
95/
10512 11 1024 106
1936 J D 105 10578
let ref 734e
954
93
9312
31% D• e9
96
80
1910 J
Registered
3 4• 2
c't;5
_
10
4
9214
923
Sale
9214
1
J
Cuba Northern Ry let 613_1968
79
96
9834 Lehigh Val (Pa) cone g 49_2003 M N 8234 Sale 825,
8234 10
8434
__ 9811 Nov'25
Day & Mich 1st cone 4348_1931 J 3 9778
M
N
78
7814 Sale 7814
Registered
8812 9212
81
7814 10
91
8
907
91
_9012
N
M
413.-1943
ref
&
Del& Hudson let
813
93
4345
112
4
5
88
cons
2
'
c
10114
D
General
0212
351
112
0
8
A
1093
11134 Sale
80-year cony6e1935
N 10114 Sale 1°02111:
MN
Lehigh Vat ER gen 5e Seriee_2
003 M
2003
984 102
101 104
e
lO 138• -5
4
MN
4
1033
1033
Sale
4
1033
1937
5345
15-year
10118 10214
10212 Dec'25
gu g 58..1941 A 0 10214
107 110
Leh V Term Ry
Dec'25
109
10978
109
D
1930 J
10-year secured 75
84/
4 89
1
9312 9514 Leh & NY 1st guar gold 4E1_1045 M S 8734 8-9- 88 Dec'25
9372
__ 9378
9312
13 RR & Bdge let gu 40 g1936 F A
8534 Lax & East 1st 50-yr 5a gu 1965 A 0 10512 Sale 10512 10513
82
1 10311 107
12
8558 32
3
M N 8112 87
Den & R 0—lot cons g 4s....1936 J J 854 &Cie 8514
854
4a
87,
1952
Miami
9014
85
Little
8
857
8712
8314
10
894
8912 8918
1936 J J 89
_
10912
Conseil gold 4345
10778 10914
Long Dock consol g 6s
99
95
Nov'25
9838 68
1928 J D 98% Sale 98
Improvement gold 6a
.41 100:4 g;1e
A 0
1Q
35
93
610
994 10214
Long Isld 1st con gold be_h
70
55
77
3
653
654
Sale
6512
9534
944 Sale 9418
Den& R G West gen 5s_Aug 1955 MN
94
9418
let consol gold 45
391e 5178
2
46
4712 46
1935 11 J 45
D 90 Sale
881e 9112
1938
Dee M & Ft D let gu 4a
General gold 4s
45
50
Temporary ate of deposit, 4118 4712 45 Dec'25
19
1932 J D 9314 _
00 A u
03
9:
45
9312
Gold
00
'
10
:
2
9314
934
89%
I
---Feb'25
9312
1949 M 8 84 -85
Unified gold 4s
8214 85
8413 Nov'25 ---Doe Plaines Val let 434s_.1947 ifi.N 9338 95
7014 75
_
7114 7012 Dec'25
9712 98
Debenture gold be
Det & Mack—let lien g 443._1995 J D 70
9712
6712
65
9512 9812
9712
7
7112 65 Dec'25 ____
1995 1 D 65
8
955
59
9612
deb
m
20
8718 98
98
Geld to
p
-year
91
06
8
9.17
5
5
943s
1961 M N 944 9438 94
74 NI NIB 8512 Sale 94
'
339
994
119
8512
Guar refunding gold 48_1
82
8512
Dot Riv Tun 4345
102 104
_
_
__
Oct'25
103
J
J
_1941
103
Nor Sh 13 let con g gu es.o1932 Q J 9914 10058
Dul Missabe & Nor gen Lis_
984
10012
10034
5
____
Dec'25
8
1025
- -78
101% 102
1937 A 0 102M
10012
58_1927
g
&
100
1st
Ark
Louisiana
9918
Dul & Iron Range let 5s
90
102
81
2
8518 Dec'25
86
1937 J J 85
874
83
EMI Sou Shore & Atl g 5a
90% Lou & Jeff Bdge Co gu g 4e__1945 M S 8714 Sale
88
5
904 Dec'25
N 10258 104
0890691;7:o
03
D:
East Ry Minn Nor Div let 45_'48 A 0 9012 _e_ _ 9938 Dec'25
e08
l
•
7
1024 1054
4)721
'
984 10212 Louisville & Nashville 58_1937
1938 M B ____ ____
934
9534
4s
91%
gold
9312
Sale
Unified
Zest Tenn reorg lien g 5e
10111
32
9912
9312
1004 Dec'25
j 10034 101 10034
N
I N
M
1 M
°
40
93
0
Collateral trust gold 56_1:9
East T Vu at (la Div g be_1930 J J 10038 ____ 10214 Dec'25
101
10018 103
2 10012 103
1956 M N 10214__
Sale
105
10514
56
Cone let gold Ile
105
79
10-year
secured
101
10512
8
1023
10812
- 14 10173 Dec'25
Elgin Jollet & East let g 5a 1941 M N 10134 16
let refund 5348 Series A 2003 A 0 107 10712 107
9938 103
10734
8 10414 10878
1965 A 0 10258 103 103 Dec'25
10478 Sale 1044
El Peso & SW 1st 5a
1st & ref 58 Series 13
104% 10 101% 107
10 107 10034
108
108
97
Sale
C
A
92
9534
3
96
Erie let consol gold 75 ext _1930 M S 108 Sale 7414
°°
003
ref
8
2
Series
&
0
let
434e
755
4
693
96
23
7434 25
1996 J J 7434 Sale
_ 01 Dec'25
lot cons g 4, prior
104 107
930 .J1 4
10
J 105
N 0& M 1st gold 65
4 73
1
87/
7112 Dec'25
1906 J J 7178 74
10312 1-66- 10312 Oct'2e _
Reglatered
2d
65
gold
106
10312
68
4
/
611
154
68
1996 J J 68 Salo 67
lot conaol gen lien g 45
Paducah & Mem Div 4a1946 F A 901
4 911
/
86
4 9112
/
9112
58
9112
6718
5
1896 J J ---- ----6412 Nov'25
Refclatereci_
4
/
61
St Louis DM 2d gold &LAM M S 651
864
954 99
6534
1
6534
1951 F A --------957 Dec'25 ____ 1 824 69
Penn colt trust gold 4a
_
4
1
100
/
M
g
97
1st
100
4345.1945
L&N&Nf&
96
4
,
Oct'25
6914 68 1
4
/
1953 A 0 69 Salo 681
50-year cony 4a Bar A
J 851
1952
-- _ 8512
8118 8812
L & N South joint M 4s
6912
854
1
6912 33 1 60
1953 A 0 69 Sale 8834
do Series B
N 993851
4
99
Sale
Lea
4345-1932
&
984
4
,
gold
Cin
84
Louis,
2
993
7
4
994
6911
I
59
4
1
/
83
1953 A 0 8358 Sale 83
Oen. cony. 4s Series D
1934 J J 1011
4 103 102 July'25
/
99 103
Mahon Coal 1111 lot 55
1955 1 1 10312 10412 104% Dec'25 ___ I 10112 10614
Erte & Jamey lets f Os
U Due Jan
Due Feb
• Due June. • Due Mar.
Due July. a Due Sept. o Due Oct.
V Due Dec. a Option sale.
New York Bond Record-Continued-Page 3
N.Y.fil'OCK EXCHANGE
Week Ended Jan. 1.
...a.
Pelts
Thursday
Dee. 31.
m eet%
Range or
Usi Sale
Iq,
E
I
R rue
Ye r
19.5.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 1.
79
rao.
Thursday
Dec. di.
W ree's
Rano sr
Lag Sale
Mnge
yea
1925.
Bid
Ask Low
High1 No 1,011'
Moe
Bid
Ask lore
No Law
HUM
Manila RR (South Lines) 4e 1939 MN 59
6412 63
63
1
6912 6413 Nonf A West gas gold 641____1931 M N 10614 ____ 1064 Dec'25
106 11/84
1 rt ee
60 8 64 Nov'25 ---1959 M N 64
631a 671.
Improvement A ext 644_1934 F A
1584 Apr'25
10,81
8
1118%
Manitoba Colonisation Be.. _..1934 J D 9918 Sale 994
95si
2
97% 101.12
New (titer let gold
1932 A 0 1054
__ 10044 Sept'25
106 108
Mao GBANW let 330_1941
811% 84
J 81% ____ 81 Nov'25 --- N & W Ity lett COM g 0_1996 A 0 91 Sale 914
88 92%
91 1 25
Michigan Central be
1008
9934 102
1931 M
- 10037 Dec'25
Registered
1996
871z,
Oct'25
A
8692
0
Registered
994
10014 Dec'25 -- 100% 1004
M
Div'l let lieu &gen g 0 11444 .1 J 91 Eia:16 1 91
1
8814 92
91 1
9214 Dec'25 _
9014 9214
1940 1 J 9218
10-year cone 6e
1929 M S 1488 Sole 14818
14913 14 MP,15119
IL & 8 let gold 8491
7818 ____ 7718 Ape24 -1951 M
Pooah C AC Joint 4e_...1941 J 0 9112 9174 9112 Dec'25
904 9314
let gold 3Mo
1952 VA N 8114 Sale 8114
8114
1 -79% "ii - Nor Cent gen & ref 54 A
1974 1111 S 152 10248 1014 Nov'25 --- 100%108
20-year debenture 4.
0312 98
974
1
1929 A 0 9712 98
98
North Ohio lot guar g Os. _194b A 0 874 81 , St's
88
13
5694
MldofNJletextSe
914 924 Nov'25 ---1941 A 0 90
88
9312 Nor Pacific prior lien 4e
1997 Q J 85 Sale 1 80
1411
87
130% 13
MIlw L 8 & West Imp g ba 1924 F A 100% 101 10014
,
994 1001
1004
1
1997 0 1 8i'2 _.__ 8 isa Dec'25 -821
. 85%
bill& Nor let tat 4 Me(blue)1934 J D 9312 ____ 94%
034 9411
94%
2
GeL
l eat
era
i
r
lie
tered
red
ngold
39
521E.
62
,
61%
*2047
62
Q
18
F
591
4 624
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9313
9312 25
83 931
:
59
____
1 5712 Sopt'25
574 ea
Mn Spar & NW led gu 49.. 194"
8818 8912 8812 Dec'25 -86 89%
Ref A impt 430 set A__2047
42947
8112
F
.1 8713 Sale ; 87%
2 88 874
MOW & Plate L lit gu 839e_1941 J J 8218 87
8188 Dec'25
8015 81%
Registered
8314 Fob'25
J J
mine•Elt Louie 19t 7s..
85% 819/4
1927 1 D 9912 10512 103 NJv'25
9434. Ina
Ref A imps B.sea B
Salo 108 10815 48 10442 10819
2047 J J
19t ooneol gold Si
63 Sale 63
5144 6414
1934 M
6414 11
Registered
I 3 --------15634 May'25'
um 1037e
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5614 Nov'25 -M N
5614 60
Ref & leapt be der 0
.8 ie99
2047 J J
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9418 994
1914 26
22
Ref
&
7
lima
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94% 9917
17
15
15
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1
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08
04
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F 19
!!
.
5 1 99
C1 1
94
814
37
4 Mar
11
19
'
99
214
4 -1_14
1st guar g 7a
100 102 102 Sept-25
lows
102
let
conaol
gold
45
8478 -854 8473
84%
M St P & EISM con 9491 -044i
1
•ii4
15/
1
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88
Sale
43
8788
88
90
19
I 131
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6
93
3
6'
31
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98
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13
94
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103 1084
104 Sale 10314
29 10214 1004 North Wisconsin let 641
104
..
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1930 1 C
t:1g
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ref 6e Series A
102 Sale 101
9844 103
102
3
Og A L Chian let gu 4e 1- 1948 J J 724 -7.f.4 7314
7314
2
25-year 534e
7114 754
894
8912
2 884 914 Ohio River RR let g5a
8912 95
84
44
41„
1938 1 D .10178 Sale 101% 1014
984 10188
let Chicago Term a 4e___ 1:9
5
9212 Dec'24 MN 9211
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100
gold be
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93
A
0
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___
101
100
6188M &A let g istragu_
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9973 Dec'25
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1927 .1 J 10518 Sale 10012 10578 15 lows 1111 3*
Moiseeelpyi Central lit be_ 1941 1
934 Dec'25
91
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oon
g
4e
19461 D 9.118 ____ 914
5578 90%
9515
Mo Han & Tex-let gold delgo,) I D 844 Bale 844
4
182
85
804 854 Ore Short Line-let cons g 5ei_'4 1 J 104/4 Sale
Mo-K-T RR-Pr 1Se Ser
1044 1044
3 100% 107
9714 47
964 Sale 96%
86
9714
A_1967
Guar con9 be
194 J .1 104% 15512 1054
10514
60-7ear0 Series 11
1 10214 107
1902 1 .1 80Iz Bale 80
801
20
.
7114
804
Guar
refund 4e
11)291 0 974 Bile 961
10-year(4 Serial C____
974 4
28
96% 97%
9
103 10314 1021* 10314 21
19 10414 Oregon-Wash let A ref 4e
1961 1 J 81 113 ale10 e 1 8312
Cum adjust be Bee A Jan 1937
81
gl
85
93 1156
7634 93
Pacific Coast Co let g be--1946 1 D 924 9412 9/
1967 A 0 9214 Sale 8978
Misourl Pacific (rem-it
97
Dec'25
82
Par
RR
of Mo let ext g 41_....1938 F A 92.8 ____ 92 Dae'25
90
984
lat & refunding 41 SeeCO)
90
30
83 9014
2d extended gold be
A...1965 r A 894 Sale 8914
1
193a
J
10013
____
10J44
eg4
lit A refunding de Per D_
100%
Dec'25
1024 Sale 10114 102(4 76
99 19314 Paducali A ills lets!410_1955 1
1941'
P
A
1. 958 97
9588
let A refuou lie Bee E Int. 190 N
Nov'25
9419
96
1011
Sale
1017
4
993*
102
5
126
102
Patio-Lynne-Med RR 6e
N
1954. F A 7d.a 8110 76
General 4s
77
50 1 7014 814
66 Sale 6588
6614 127
6213 67
S f ext
1971 91
external 75
195* M S 83 Bile 8214
MO 1911. 3d?. eat at
8414 66
9014 89
8718 Dec'25 -845k 89% Pm-la-Orleans RR if 79
1931 M N 8714 88
1954 M 11 81 Sale 814
Mob•112r prior lien4%..,..
85
8090
21
99
9813 ---0.91'25
99 1034 Paulleut By 7.
a Lis _194/
1942 NI 8 10014 101 13 101114
97 10111
101
Mortgage gold 4e
6
80
82 82 Nov'25
76
91
Pennsylvan
1941
ia
RR-c
one
91% 11412
14. 1943 M N 9412 --- 94%
Mobile & Oblo new gold
945*
8
1017a -- 10212 Dec'25
10134104'.
Cooled gold 4s
6s.._1927
194e MN 9188 91114 9113
let extended geld
911
3 86% 90
101% ---- 1013e
I 1013* HA
48 etam5ed
1013,
May 1 1941, MN
51927 Q
915* 94
9114
General gold 4e. .61
9114
994 93
1
90 Dec'25 -81
8914
90%
Cowed 4)4e
1960 F A
984 99
9873
97% 100
Montgomery Div let g bia_1193t
0814 51
98 10112 984 Nov'25
964 101
94 .
General 414$
1965 1 D 944 Sale 9414
St Joule DI,(is
941
46
914 95
100 10012 1004 Dec'25 -General
1927
196s J 0 10214 Sale 1025*
blob•Mar 10 gu g ea
14942 1032
103
"
80
27
4
86%
1811122
8712
8512
Nov'25
1991
M
stored 7s
1930 A 0 108 Sale 108• 10818 53 1074 110 6
Mont C let gui Os
109 112 109% Oct'25
109 118
15-year secured 113411
.193' 2
1936 F A 1114 Silo 11138
let guar gold Se
112
24 M", 112
10112 103 102 Nov'25
101 10311
Regletered
.193'
"
F A 10914
61 &
199% 10919
__ 1091, June'2
let 29
795* Dec'25 -7614 82
290. J D
40-year gold l'A
1964 M N 98%
Naobv Chatt & St L lit
97
984 175
9e4
101% Sale 10114
10111 17 1001a 102 Pa Co--Ou 3195 ooll tr A reg 1937 M $ 86% Sale 984
55_1921 A
__ 8613 Oct'25
847a 87
Nela&Sletgugee
193: F A 10112 103 10413 Dee'23
997a 102
Guar
334a
eon
trust Ser 13_1941 F A
8234 831 844 Dec'25
Nat Ry of Met pr 1404392
8214
8714
Sept'24
30
Guar 33Se trust etfe 0_ -1942 I D 8114 ____
-_
"
July 1914 coupon on -191e
82 Dec'25
es
8314
19 Apr'25
ii- "ii" Guar 339e trust
- .
etfe D__1044 I D 8114 ____ 82 Dec'25
Assent, I red June coup
11114 324
17
1754 17
1814 2134
17% 40
OUlif 16-25-year gold 4a 1931 A 0
ot
8614 864 9514
94,, 964
Guar 79-year f 44
95141
1
8712 July'24
Guar 4a See E
1952 it N 88
87
Gen 'if 4a assenting red .-197'
86 Dec'251 ____
8444 WI
1974 21% 20
2912
2 'ill""ii • Peoria & East lit con 50-1940 A 0 7912 8113
8111
Nat RR Max prior ilen 410.192e
7712
Dec'25
6224
3812 July'24
Income 4a
1990 Apr
3718 Sale 354
July 1914 eoupon on.
37141 51
a a .1‘ 374
1 J
24 Sept'25 -- 14- .24
4 Pro& Pekin On let5104 _
1974
6 0 904 1034 100
99 102
Ailment with July '24 coup or
105
3434 Pere Marquette let See A 55 1956 I
-5:
4 1i- 34% Dec'25
24
4
1 10114 Sale 161
971, 11/1 12
eoneo 4.
10113 65
28
Apr'25 1st 40 Ser B
195
1956 I 1 853, ____ 8588
go
8.554
wise
Assent with Apr 1924 commit
0
118.
4 -20
PhDs Halt A W let g4.
1514 15-'s 1574 Dec'25 -194.3 M14 9212 93 92% Dee15
New hugest° tuue be
9231 944
104f
94 101%
94% 96
94 Dec'25
Gen Si Sees. 13
A
1974
F
10618
10613
Comma 414
10614
104
14
6
2
_
14
108
8
18
4
81 Sale 81
7914 9144 Philippine By let 30-yr•f 4e 1937
_.
81
2
1946
1
2
42
Bile 42
asss
40
NJJunrRRgo&let41lUNP A 8414 Sale 844
834 86
Pine Creek regstd 65
8414
6
1932 2 D 108 108 10512 Mar t.3 _ _ __ 1051, lObla
,N 0&NEistref&Imp439
86
9212 FCC A St I. gu 434s A
9212 924 9212 Dec'25
.
1940 A 0 9513 9514 9612 Doi-25 _
New Orleans Term let 45. 58496
99%
844 8414 8318
804 84%
8418
Series
16
_1957
B
434e
guar
0
1942
A
9914 Silo 96% D .9'25
N 0Texas & Mei let 64
98
994
100 1014
Get 190
Series C 4%. guar
° 962 97 100 Sept'25
1942 MN 9318 ___ 9 13
Non-cum Income 41 Oct_1110
1
9212 96.
92% 984
97 Sale 964
(17
Bales I/ 0 guar
11
A
1945 M N
9314
1st be Seriee
e2.8 Dic'25
1954 A0 964 Sale 9574
89% 95
9011 978.
96% 30
Sage. E 34a guar gold_ __1949 F A
92
05
lit 53es Serial A
91.3
Nov'25
90
A
4'
94
98
1021
107%
Sale
101%
4
1027
Series
1146.
4 17
F 45 guar gold
1953' D 9214 ____ 9214 D 19'25
N & C Bdge gen gu 4
9134 934
93Is 1)4,4
93% 961 9414 Dec'25
Serie.0 48 111111.2
1
1957 M N 9214
N YBAMB letcon Me94( .
_ 93 Aug'25
994 944
9913 Oct'25
904 100
109
984_193/
Berke 11 4e
N V Cent RR cony deb
HMO F A
9214
931
4
Sept'25
91
94
106
10712
1174
10712
Sale
ele__193/ 173 N
10712
tiertee l cone guar 4445._1963 F A 9514
5
96
012 96%
9514 Dec'25
1442122411412
N 105 116 107 Sept'25
106 1164
Beriee J 411e
1964 M N 95
____ 95 Dec'25
94 96
Mewl 4e Series t
824
854
854
8714
86
85%
General
F
A
5
M be Series A _1970 2 17 99%
Ref & Impt 4349"A gels 101
Sale 994
0 9272 Sale 9278
99%
934 25 ' 884 9378
4
loll
Gen °Age ba series B
1975 *0 9918 9914 994
Ref A Inns 6e 8enee t....„20O
99141 38
974 en
99 103% Pitto A L Erie 2d g Se
10143 Sale 10112 10174 89
*1928 A 0 ____ 101 101
9.71 101
Realeteted
101
9913 lulls Pets Mel( A Y let Cu
10074 Aug'25
1
66.--1932 1 1 10534 ____ 1C13 Aug'25
N f Central A Hudson River100 101
Pitts Sh & LE let g be
1949 A 0 10018 -.._ 10014
Mortgage 319s
up 1024
75
Oct'25
77% 78
78
791a
78
let consol gold be
1991943 J J
987
8
___
1
10018
1
771
74
Oct'25
100
____
1s 101
7814
77
767
Nov'25
4
z
Pitt,, Va & Char lot 441
_1,97
1144:4 M N 887
1954 itN
Debenture gold 4
9114 May'25
9213 911
914 9114
9412 Sale 9418
9412 17
tette Y A Ash let eons 5 1927 MN 10C14
____ 10014
it N 92%
H.egiotered
9214 9312
100 101
10114
931
:Nov'25
2
let gen 4.series A
1948 1 11 9634 93
110-year debenture es
9114
87 91%
5
0115
9174 9214 9213 Dec'25 Gulf 92.
1949
8
lot gen be eerie. B
1962 F A 1023, ____ 1023s
Reglotered
93
1025* 13 100 10:12
93
93 Feb'25 -- -_
Providence Secur deb 4e
1957 91 IN
Lake shore coil gold 3349_1910
6314
---612
2
744
6:14
Sale
834 6111
76
7813
7614
Providence
7614
6
44
Tarm lot te
RegisteredI -A
1956 61 l' 83 ____ 834 Dec'25
A
74
81% 8441
79
7434 76
75 Dec'25
190
Reading Co gee gold 4e
1997 .1 2 9518 95
Much Cent coil gold 834..- 199e F A
96 Dec'25 ____ . 934 0012
76 80
79 Sale 7878 Dec'25 -Registered
1 J _4 _ -9-S_ 9 78 Mty'25
Regthered
94% 9514
754 79
_ _:
__
1110
"7718 79% 79
79
1
Jersey Central coll g le__1981 A
N Y
5E1
14 93 Dec'25
13t L lit g 4e
91
88
0312 Sale 0312
1937 A
9a
ea
95 1
6
Gen A ref 434. Sec A
1897 2 2 9414 Sile 9414
Registered
1937 A 0 91% _
92%
96
89
921 Dec'25
9412
924
14
_
Riebni A Deny deb 5estpd 1927 A 0 991
25-year debenture 45
4 13014 10018 Dec'25
99% 101
95
1931 M N
927a 9613 Rich & Meek let 141
9514 95
9514
5
MN 7314 79
20 6e 841102 A B 0
1948
75 Dec'25
74
794
1931 111 N 1024 Sale 10288
10214 40 1024 1003 ltlehm Term By lat gu ba_
Ref Me Series A
_19133 I J 10012 1021 10012 1004
99% lo9
9375 994 Rio Grande June
9814 Sale 9812
1974 A
99 , 81
6
NY Connect let in 4141 A.1910 F °
90 934 F1Jo Grande Sou let gu 59_1939 2 0 9118 ____ 95% Dec'25
924 96%
93
A 93 Sale 9274
57
let
gold 411._11440 2 1
24.1' & Erie let eat g 4a___ 1947 MN 88% - - - 894 Ocr'25
5
7
512 Dec'25
6
89 894
7
Guaranteed
•
30 est gold 4345
1940 2 .
1
4
____ 6 May'25
94 Nov'25 954
6
93% 954 Rlo Graude West lit gold
6
1930• 0 100 - - -- 100
4th eat gold be
44_1939 2 2 87 Bile 8478
99 10113
624
894
87
100
7
i
Mtge
A
roll
trust
1926
ext gold 45
D 9734
974 Sept'25
71
754
743k
974 9713 RI Ark A Louis let4. A._..11141) A 0 74% Silo 7418
It
N Y & Green L gu g 5a
449-1934 Sp
83% Sale 8874
94
1946 FA N 924
90
85
Oct'25
90
8988 11
94
Rut-Canada let gu g 4,9
2000
NY & Harlem g 314a
1949 J J
N 79
7514 757 7514 Doe'25:--81
79 Nov'25
731
4
77
710
11
80
Rutland
let
cons 4344
NY Lack & W lit A rel be_1973
MJ
I
2 85
871 87 Dec'25
80 July'24
8614 89
N
---- -- - St Jos
Idl let g 4s..1947 2 2 7812 5110
lit & ref 4 Ma
-451-8 166- 9914
7812
1973 M
7512 83
7812
9914 1' 99's 11/024- St LawrA &Grand
i
Adir lit g lie
NYLE&W let 7.ext1930 M N 10514 107 107 Dec'25
19962, 2 954
104512 107%
95.
91%
Sept'25
954
24
gold Se
Dock & impt 191
1990 A 0 131 .
10-3-1 101
UV% 104114 St L A Cairo
10014 Dec'25
1943
101 102%
Oct'25 guar
t
48
N Y & Jersey let be
1952 F A 100% Sale 10079 101
1931
2 2 9514 963* 9514 Dec'25
991 101
94
964
6
St
L
Ir
M
A
Seen
eon g 54_1931 A. 0 11)914 1001 10033
NY & Long Branch gen g4. 1941 M
914 914
9074 92
911z June 25 --9914 101
100781
9
Unified A ref gold 414
24 YNH & Hart n-e deb 411947N 8 654 ---- 714
1929 s 2 9574 Sale 9612
95%1 59
6012 7113
9144 9614
7114
1
Registered
J 1
Registered
91
150
93
60 June'25 -61
60
Sept'25:__
91% 93
__
Riv A 0 Div 1st I441
Non-conv deben 3Ms__1947.
1933 MN -8113dile 8812
664 631: St L M Bridge
62
65
6312 Dec'25
es% 90
A11
8922 77
Tar
mi
g
5a..._1930
Non-cony deben 3 Me_
#
9914
1954
844 62 St LA San Fran (reorg
62
'-' 62 Sale 597
905 1004
6
co) 191980 i J. 77's Bale 7712 Dec'25 ____
Non-cony deben 4.
1934
60
69 Sale 6778
69
71
7778 225
11
0912
78
Prior Hee Fier B be
NOD-0001 deben 46
1950 2 2 938 Sole 93%
1956 1141 N 684 Sale 6814
66
68% 34
8514 94
94
70
113
Prior lien Per 06*
0'n, debenture 8 Me_ _ _1956
1928
2 2 103 Sale 1025
63 6134
"6114 611 61% Dec'25
101%
1934
103
59
I
Prior
lien
bies Ser D
19421
. i. 9973 Sale 99%
Cone debenture 6s
8614 9814
1948
98 Sale 975*
98
931.10088
9973 82
27
Cum menet SeeA 65____/11955 A .6
Registeren
' 924 Sale
J J
9214
92 Nov'25
8312 94
8494 944
93% 107
Income Series *6.
Cot.ate 1 trust fis
51960 Oct
1949 A 0 964 Sale 964
874 Sale 8638
9014 109
9678 39
7614 97%
875* 323
EitLoule&
'-Fran Ry gen 6s'31 2 2 1047
Debenture 44
3
1054
105
8314 62
1987 111 N 62 Sale 6112
62
21
General -.old 68
19311 .2 1005* 10078 1003* Dec'251____ 10334 1063
Done Ry non-conv 45....._195
65
Dec'25
"
100 101
8588 --_ 6318
64
4
9
60 10 L. Peo & N W let gu 6e
1948 J__ ..J 102 10213 102 Dec'25
Non-conv deben 45
68 66
66 Dec'25_
19511"
1004 1064
St Louis Sou let gu 145
1931
Non-cony ueben 444
0
_
1 2 934 ____ 944 Dec'25
61
_
92% 9414
19136
Oct'25
57% 64
"
St
LB
W
lit
g
As
bond
ette
1989
N Y & Northern let g be
27 Is.
844 84
1927 A 0 100f4 :___ 10074 Aug'25
78 844
_ _ 100 1004
84It 36
2d g4.income bond etie_91989 2 ,..2 841a
N YO&W ref let g 4e_June 1992 M
7414 75
74 Dec'25
6813 6878 6878
69
7314 78
65
16
7012
Consol gold 45
1982
2
General 4a
12
1965
911
4 Sale 9014
D 6313 6478 6478
624 694
6478
92
8bse
92
2
64
terminal
let
&
unifying
04_1952 s 4 8912 Sale 891a
Registered
J D
66
65 Apr'25 -_
81% 904
65
90
St Paul & E C 813 L lit 4349.1941 F •
19
N Y Pro,& Boston0
. 863* Sale 8634
1942 A 0 8518 ____ 864 Feb'25
864 864 St Paul E Or Trunk 444._ 1947 2 .
8634 11
80 87%
N Y & Putnam let con In 49.'93 A
90
90
82% 87% St Paul Minn A Manama 49..1933
Oct'25
84% 8512 834 Nov'25
90 914
NYARB let gold fle
2 ° 9575 9674 9518
1927 M
994 100%
994 100
998
995*
9518
1
87ss 91!0s
5
J D
Registered
N Y Busq & W let ref 55
9214 July'25
1937
66
6101 6
77% 80
77 Dec'25
78
7
924 941s
lit 0011301 g 471
1933
96 gold 434e
2
D
1937 P A 63
63 Dec'25
10014 1094
J J Dili. 1-gc, 108% Dec'25
General gold 5.
1940 F A 63% 6412 6412 Dec'25
106
69% 66
Oct'25
100
(leae
ise1;dred
to gold 4341_1933 2 2 "iiiredgu
Terminal let gold 55
1943 N N 97
166 99% Dec'25 ____ 1054
98
99
93 Sept'25
9519 1004
97
1933 2 2
Y W4hes& B let Ser I 4349_48
_
2 6912 Sale 6878
694 76
97as 98
5974 701
.
Mont extlet 9014 41
J D -ears -sig- 974 Apr'25 __
1937 I
Nord Ry exti a f 6 Me
1959 A u 79 Sale 78
a Dec'25 ____
79
87% 954
78
8614
24
Registered
Norfolk Sou let & ref A 5s..1961 F A
9014 Sept'25 _ _
7714 7812 7713
7814 16
90 9213
70% 84
Pacific eat guar hi__ _1940 2 2 -1-3a7.
Norfolk A gee 14. aeon 49.
14.4 .11
2 -8932 8878 Deo'25 ....._8 us
gg
894
964 Nov'25 __
91111 08
94.
St Pam Helen Depot M._ 1972 2 J 10113
1021 10112 10111
100 102%
aDte Jan. Due Jul,. p 1,oe Nov. I 00iluu
'I
ht&
ti
r
E!
q 9134 10034
--
New York Bond Record-Continued-Page 4
80
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan 1.
1Zos
FrWs
Thursday
Dec. 31.
Week's
Range Or
Last Sale
CS.
ro
g7nge
Year
1925.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 1.
t
Pries
Thursday
Dec. 31.
Week's
Range or
Lail Sail
Range
Year
1925.
Hill
Low High NO, Low
Ask
BO
High No Low
Mph
Ask Low
Bid
91
86
45
91
81
8434 21
8318
8514 Armour& Co let real eat 43.481939
1947 JJ D 9012 Sale 904
3 8312 84
'
S A & A Pass let gu g 48__1943
95
91
151
9434
94
Sale
8
943
Armour & Co of Del 54s__ _1943 j
98% 102
Santa Fe Free & Phen 5s1942 MS 99 10012 10012 Dec'25
13 101% 10313
103
4
1023
103
1028
Dec'25
Associated
notes
gold
s
m
1935
111
111
1074
____
8
0116%
1095
___1934
6s_
g
Ist
West
A0
es, Ha &
4 98/
1
97/
4
1
9838 May'25
Atlanta Gas L let .58
10134 Dec'25
10114 102
1934 AO 10114 let g ba
26
17
21 11 Dec'25
1934 j D 154 20
8734 9034 Atlantic Fruit 75 ctfs dep
Scioto V & NE let gu g 4a 1989 MN 8734 88-3-4 8958 Dec'25
22
397 1712 Nov'25
1513
1412
of
ctfa
_
Stamped
Dec'25
80
deposit
7934
74
8112
4
783
1950 AO
Seaboard Air Line g 45
4 10013
/
971
36
997
997 Sale 9912
1
79
1937
8212 Atlantic Bele deb be
74
1950 AO 7834 7958 79
0091 45 stamped
4
1
4 105/
1
99/
8712 167
Baldw Loco Works let 58-1940 M N 10534 Sale 10512 10534 16
88
73
Oct 1949 P A 87 Sale 86
Adiustrnent be
107
103
10514
10418
10418
10418
72
5
50
(Coup
Baragua
4
713
Sale
594
A3)
7134
7
0
3
6
9
19
7312
4e-1
7
1959 AO
Refunding 48
106
102
163
1 j j 10514 10512 10518
95
38
194
10534
843s 964 Barnsdall Corp a f cony 8% A1
5
let & cone 6a Series A1946 M S 95 Sale 9438
101
101 Sale 111o58
30 10014 103
2
89
8378 8978 Bell Telephone of Pa Ss
8914 89
Atl & Illrm 30-yr let g 48_41933 MS 89
Sale 1004 101,34 88 100 10114
9984 10118
Ist & ref 55 Ser C
100 Dec'25
100-AG 100%
1926
Seaboard & Roan let 6s
1
99%10014
7
99% 19114
99 Dec'25
1926 j j
10218 10418 Beth Steel let ext a t 68
1936• A 10234 10412 10418 July'25
II & N Ala cons gu g bs
958
0314 9834
3
96
1942 m N 953* 96
1st & ref be guar A
10278 109
1963 AO 10512 10714 10412 Oct'25
Gen cone guar 60-yr 5e
94
90
5
30-yr p m & Imp a 58_.1936 j j 925* 9312 93
8812
84
87,4
4 Sale 8618
/
So Pao Col 48 (Cent Poe 001)11949 3D 871
9312 9712
2
17
312 8
95
9
85
81
COW 30-year Cs Series A 1948 F A 9514 Sale 954
85 Sept'25
Registered.
J D
8913
85
87
Sale
4
873
-year
30
Cons
B
98
Series
9612
A
-145
F
1953
96%
Sale
9718
8
97,
534e
June 1929 MS
20-year cony 48
9512 9412
921g 96
78 21
94
94
8712
9912 10312 Bing & Bing 1188 83.45
2
10014
1950 m
4 100
1
1934• r) 9934 100/
.year cony 5e
704 93
9812 101
89 Dec'25
Booth Fisheries deb a f 65...1926 A 0 7818 90
1944 MN 10014 ---- 10012 Dec'25
10-year g 5s
8613
94
947
9412
Sale
95
12
22
Cons
88%
4s
6
84
Mille
1934 A 0
Botany
8612
San Fran Term' 1st 413_1950 AO 8612 Sale 8614
97 103
3
10138
1942 A 0 10114 102 10114
84 July'25
83 8514 Brier 11111 Steel let 548
Registered
AO
79
Sale
68
7513
18
7512
744
D
j
_1943
58_
g
c
1st
Av
7th
&
Aug'25
B'way
104
1024
104
10234
1927 MN
So Pac of Cal-Go g be
4 78
1
67/
____ 7534 7634 Dec'25
Ctrs of dep strripd June '25 lot
94% 941e
-- 944 Jan'25
1937 3' 944
So Pac Coast let gu g 4s
900s k965a
934 Sal6 9314
9314 --1.2
1941
Brooklyn City RR 53
9014 55
8714 92
1955
So Pac RR let ref 48
'3 9014 Sale 8934
103
9918
103
4
1023
Sal6
52
103
j
j
9
0
4
3
9
0
1
A
55
gen
Inc
Edison
Bklyn
10412
10014
106
10412
104
Sale
104
1994 J J
Southern-let cone g 5e
104 106 10458 105
12 10338 106
General (35 Serles B
10212 Dec'25
99 10212
JO
Registered
9234
8214
9212
92
Sale
272
4
923
j
_19(38
82
Os__
Sec
Tr
R
82
Bklyn-Man
73%
252
81%
Sale
8
81-7
Develop & gen 4e Ser A__1956 AO
6114 71
6334 6314
633
10812 19 103 10812 Bklyn Qu Co & Sub con gtd 5s'41 MN Cl
1956 AO 10814 Sale 108
Develop & gen 68
7318 81
79 Dec'25
19413 .2 7712 79
let Eis
112% 31 10634 113
134 Sale 112
12
1966 AO 10
Develop & gen 63'4e
92
92
92 June'25
9912 10212 Brooklyn RTr let cony 845.29023
10112 Dec'25
Mem Div let g 434e-5s_1996 33
13612 Nov'25 ---- 13612 13613
1921
3-yr 7% secured notee
8514 8838
88%
88%
1951 ii 88%
Bt Louis Div let g 45
____
_
1234 May'25 _- 121 12314
Ctts of deposit stamped
82% 8834
8738 11
_ 87
Mob & Ohio coil tr g 4s
1938
s 8812
8113 90
8812 -8876
89
1950
Bklyn Un El 1st g 4-56
10138
2 10012 103
1929 MN 10138 10178 10138
So Car & Ga let ext 548
8113 8104
11
89
Stamped guar 4-55
8712
1950 F A 89 Sale 8812
80
80 Nov'25
j 8014 84
Spokane Internet let g 56_ _1955
102
10214
____
9918
8
1
1027
10214
5a
g
Cons
1st
Gas
Un
4
3
9
1
Bklyn
9814
2
8
A,
5
2
967
9514
N
MN
96%
Sale
L
St
of
let 9 4;46.1939 AO 96%
Term Assn
155 190
11810511 Nov'25
10-yr cony deb 7a
10112 15
99 10112
1944 F A 101 18 10112 10118
let eons gold be
ii5r8
4 10714 110%
11034
7 m3
let lien & ref tis Series A 193
1942
8512 62
804 86
Gen refund s f g 4s
1953 j j 8458 8512 8412
13
9118 94
92
92
1
Buff & Snag Iron s f ba
to 91
98 Dec'25
1
9814 99
1943
Tax & N 0 con gold be
91
84
8718 Nov'25
195
2 33
955
Bush Terminal 15115
99% 103
A 0 884 90
10212 103
2000 J D 103
Texas & Pac let gold 56
98 10014
864 9213
915* Sale 915*
0134
Cense! be
4 Dec'25
/
991
La Div B L let g be
1931 1 J 9934
95
99%
4
963
93%
95
10
95
ex
tax
guar
be
Building
10014
Dec'25
1960
97
A
0
Tel Pac-Mo Poe Ter 5%8_1984 M S 9918 9934 9914
98 10113
23
994 10112 Cal GA E Corp unit& ref 56_1937 M N 10034 101 10034 101
5
10012
Tol & Ohio Cent let gu 58_1935 J J 10018 10112 100%
4 10412
1
1933 A 0 104 Sale 10358
8 100/
104
9912 10014 Cal Petroleum s f g SO
997 Nov'25
Western Div let 21 be
1935 A 0 10018 101
5
t2
91
9012
954
87
Sale
9114
Sug
1st if g 7s_ _1942 A 0
99
99
96% 9934 Camaguey
1935 J D 0758 99
General gold 55
964 102
1
102
35
Canada SS Lines 1st coil 51 75 '42 M N 10034 102 102
5
:25
12
Na
374 m
30
28
35.... 0
Toledo Peoria & West 4s_ 1917 J J 30
102N
looy
991j
4
10134
4
1013
102
4
1013
Tel
Diet
1st
1943
Cent
5e
99%
30-yr
D
J
Tol St L & W pr lien g 3481925 J J
4 100
1
92/
8218 8734 Cent Foundry lets t 88
1931 F A 9712 973 9934 Dec'25
87,4
50-year gold 48
1950 A 0 -8714 Sale 87,4
97N 10112
100% Sale 10018
10034 57
9738 Dec'25
9614 97% Cent Leather let lien s f 68_1945 g
1931 3 J 9732 98
ToIWV&Ogu 448A
118
110
1143
118
4
1153
4
96
Steel
Dec'25
Central
f
s
98
g
1st
4
9
1
_1
_
_
9658
89_
1
7
2
A
N
MN
Dec'25
9658 9713
73
19333 J
Series B 41.2s
4
/
9814 1011
10134 Dec'25
.1
Ch G L & Coke 1st gu g 58_1937
89% 90
1942 M $ 9014 ____ 90 Nov'25
Series C 4s
88
7313
80
7834
7818
8712
Sale
783
8612
be
1st
Rys
Chicago
84
Dec'25
.
861
D
1
451946
g
Tor Ham & Buff let
674 924 Chile Copper 6s Ser A
10812 69 105 11113
1932 A 0 10812 Sale 10678
7714 Dec'25 _ _ _ _
1928 J D 7534 76
Meter de Del let cons g 5e
4 1024
/
981
62
20
102
Cincin Gas & Elec 1st & ref U'
7 A 0 102 Salo 102
58
196
43
40
11
1952 A 0 43 Sale 41
let refunding g 48
10 10013 105
105
10434 Sale 104
548 Ser 13 due Jan 1
9084 9413
9212 26
1947 J J 9212 Sale 9214
Union Pacific let g 45
82
80
71334 __
Clearfield 13It Coal let 4s
82 Nov'25 _ _
1940 3J
90 Dec'25
8918 93
J J
Registered
4 93
1
87/
984 9978 Colo F &I Co gen e 58
2
90
90
91
1943 F A 90
9058 88
10-year cony 48
1927 J 1 9912 Sale 994
80
1
861,
90
8312
84
85
84
Col
bs
coil
&
835*
let
F
jj
77
Indus
24
2
93
99
1
1
gu
J3
A
8614 14
e2008 M 8 86 Sale 86
lit de refunding 45
5 100 10214
C 10012 1005* 10038
10034
olumbia G & E let be
5 10378 10712
106
52008 M 8 106 107 106
let lien & ref 5s
10113
100
2
8
1003
104%
Sale
8
1005
10212
Stamped
10318
103
Sale
17
1005*
103
perm
J
secured 68_1928 J
10-year
914 14
10
Oct'25
Col es 9th Av let gu g 5a
1993 M S
9214 93
2
9212
934 9213
1944 M 8 92
II N J RR & Can gen 4s
98/
4 9974
1
9984 1011a Columbus Gas 1st gold 5e
mai & Nor gold 5.5
4 9914 Dec'25 _ _
/
991
1932 3 J 99
19283 J 100 10012 100 Dec'25
774
7112
1
74
74
l
75
74
Cable
Commercial
43_2397
g
let
J
@
Sept'25
9318
93%
93%
1933 J J
110 extended 48
98 10134
5
100
1934 M N 100 10018 100
_
8814 Nov'25
89
86% 8814 Commercial Credit f 6s
88
1955 F A 94Vandalla cons g 45 Ser A
117% 10312
9
103
1947 PA N 103 Sale 10234
8658 87% Commonwealth Power 68
87%
1957 M N 8738 ___- 8738
Consol 4e Series B
10114 108
20
Computing-Tab-Reo e f 65_1941 J J 104% ____ 106 Dec'25
20
_
20 Sept'25
_
1934 J J
Vera Crum & P let gu 446
904 9218
Conn Ry & L 1st & ref g 44e 1951 jJ 9112 92
9114 Dec'25
2334 26
_
-2 7-g 25 Dec'25
1934 _
Aseenting let 448
8813 93
10014
99%
5
9112
1951
9111
92
9112
guar
J
J
Stamped
434s
100
100
1928 M S 9934
Verdi V I & W let g be
784 90
8112 16
9934 1004 Cons Coal of Md 1st & ref 54_1950 3 D 8114 Sale 81
Virginia Mid Series E 5e__1926 M 8 9034 10018 100 Dec'25
9912 101
Consol Gas(N Y) deb 514s 1945 F
1044 Sale 104
i0414 421 1014 105
____ 100 Dec'25
1931 J J 100
5s Series F
10018
105
1024
9
104
Coned
4
1033
10414
100
Ltg
104
&
Pr
614s
1st
_
Dec'25
1943
8
M
1936 M N 100% ____ 100%
General 58
9212
78
9313 102
2
79
Coot Pap & Bag Mills 64e_ _1944 F A
7914 784
_ _ 9834 Dec'25
Va & Southw'n let gu 58_2003 1 J
927
10078
8
5s1936
of
Gas
Nov'25
Consumers
gu
1004
Chic
1004
J
4
10038
933
8414
9014
9114
8
003
98120
A
9014
1958
ba
-year
50
let cons
95
9034
7
too
1014
97%
Consumers
9712
5s
1st
Sale
33
Power
1952 M N 97
10114 85
Virginian let 58 Series A__1961 M N 10112 Sale 100
1931 M N
1 905 JuIy'24
5 10014 1024 Corn Prod Refg f g be
1939 M N 10214 Sale 10214 10214
Wabash let gold 55
2 ideT - 1025*
18t 25-year f be
1934 M N 101 Sale
9413 99'8
8
994
9834 9934 99
1939 F A
20 gold be
90
74
Crown Cork & Seal 1st s I 6s_1943 F A 83 Sale 8214
9413 99
8314 16
9812 39
1975M S 9812 Sale 98
Ref a f 54e ser A
95% 9634
4
1935 .1 J 9614 Sale 96
9614
934 93% Cuba Co cony 516s
_ 9384 Feb'25
Debenture 13 Os regIstered_1939 M S
771j
98
92
83%
Sale
5
92%
Sugar
4
Cane
933
1930
Cuba
93%
7s
cony
J
J
1954 J J 8238 I3" 8134 Nov'25
let lien 50-Yr g term 4s
96 102%
9912 10118
9734 45
Cony deben stamped 8(44_1930 J J 0713 Sale 97
__ 10012 Nov'25
1941 J J 101
Det & Ch ext lert g 5s
107%
110
88
81%
13
Am
Cuban
4
1073
con
Sale
let
8
1083
Sugar
ES
NI
10838
88_1931
Dec'25
8
823
1512
83
J
1
Dee Moinee Div let g 4a 1939
92
7734 Cuban Dom Sug 1st 7348_1944 M N 924 Sale 9213
9884
74
93,4
1941 A 0 7718 ____ 77 Dec'25
Om Div 1st g 34e
97 10113
Cumb T & T let & gen 6e
8413 89
6
10018
1937 J J 997 1004 100
1941 M 8 8514 ____ 8612 Nov'25
Tol & Ch Div g 4/1
93
9912
0
A
'40
Cuyamel
ctfs
94
lot
6s
Sale
1st
4
Fruit
93
77
77
95
Oct'25
_ 77
Warren lit ref gu g 3345_,, 2000 F A
8218 8314
8112 8678 Deny City Tramw 1st con 55 1933 A 0
8218 Aug'25
- - 8312 Dec'25
12 8312
75121948 Q M 81
Wash Cent let gold 4e
9918 97
"935
EL
&
Gas
Den
efg
854
811s
let&ref
1
N
M
'51
4
be
933
4
933
Dec'25
941s
8
835
84
A
8312
F
1945
1st
gu 31415
Wash Term
9234 96
Stamped
M N
8338 0658
9312 944 937
3
9418
8338 Dec'25
1946 F A 9034
let 40-year guar 4s
9634 9713 Dery Corp (I) G) 1st a I 78_ _1942 M S 86 Sale 8512
75
8613
25
86
4
9634
W Min W & N W let gu 58.1930 F A 9858 Sale 9618
4 102/
1
99/
coil
let
J
Edison
J
Detroit
4
1
66_1933
tr
69
6318
101
8
1017
8
1007
Dec'25
8812 21
1952 A 0 6734 Sale 6738
West Maryland let g 48
9854 loll:
9911 1021
4
/
1st & ref 58 Series A_July 1940 M 8 10218 Sale 10218
8
10218
2
100%
19373 J 101
10038
Weal N Y & Pa 1st it be
4
/
9753 1011
Gen & ref 55 Series A
14)49 A 0 10038 101 10012
4
7912 83,
7
101
1
83%
1943 A 0 8318 -85
8338
Gen gold 48
45
45
0 3M
let & ref 6s Series 13__July 1
,45
195
1074 10712 10712 10712
1 10613 10813
____ 45 Feb'25
Income it be
Apr 1 1943 Nov 40
Gen & ref 5s ser B
9034 10014
9014 97%
to 10018 ____ 9978
5
9978
9778 57
Western Pac let Ser A 6a1946 M S 9034 Sale 957e
9334
86
89% 9012 8934
1 mpg 10612 Del United 1st cone g 43.48..1932 .1
90
3
1946 M 8 10234 Sale 10234 10234
let gold Os Series B
8114 8614 Dodge Bros deb 65
94 100
9638 Sale 9512
6
84
9658 585
2361 1 J 84 Sale 84
West Shore let 48 guar
Dold (Jacob) Pack let 68_19
7312 8814
79% 84
1 MN 7312 Sale 7312
42
94
4
75
83 Dec'25
2361 J 3 83/
4 84
1
Registered
100 101% Dominion Iron & Steel 58_1939 J J 6112 6134 6112
68ss
60
1926 A 0 10038 101 10018 Dec'25
6214 12
Wheeling & L E let g U
9834 101
Donner Steel 1st ref 75
8814 97
1942 J J 9412 Sale 9414
1
10018
9512 48
Wheeling Div let gold 68.19283 J 100 10014 10018
4
993
Ws
7
I)
(E
Pont
95
4
/
901
du
Powder
D
J
41'4e_1936
Dec'25
A
F
95
9812
____
1930
gold
9812
inapt
Nov'25
53
Ext'n &
81
Duquesne Lt let & cell 65
68
4 10738
1
1949 J J 1057 Sale 10514
0 104/
106
Refunding 434s Series, A 1966 M S 8138 Sale 81 Dec'25
82
1st coil trusts 48 Series B_1949
72
10478 10514 10412
13
82
13 104 108
105
1949 M S • 8134 85
815*
RR let consol 4m
61% 6718 East Cuba Sug 15-yr sfg 71.48'37 M S 1043 Sale 10414
6418 D'25
10434 27 100 106%
19423 D 101ZDec'25
65
Wilk & Eaat tat gu g 58
10158 1034 Ed El III Bkn let con g 45
89
9514
1939 J
9312 9312
___ 103 Nov'25
2
93
9334
1938 J D 64
WIll & 8 1' 1st gold 65
82% 874 Ed Elec III 1st cons g
9913 103
_1995 J J 10212 ____ 102 Nov'25
864 Dec'25
1980 3 .1 86
87
Winston-Salem El B let 48
7714 8112 Else Pow Corp(Germany)6;48.60 m
8512 8812
8012 22
831z Sale 8512
86% 12
Me Cent 50-yr let gen 4s,,,,1949 .1 J 8812 Sale 8018
4 Elkhorn Coal 6% notes
/
80% 871
97 10014
100 Nov'25
1
864
_
Sup & Dul div & term let 413'36 M N 8718 8712 864
7534 821a Empire Gas & Fuel 734s.1937
N 10234 Sale 1024
M D
9714 105
9 3
125
1027e 49
1943 J .1 80
____ 821a Dec'25
Wor & Con East let 4 34s
Egult Gas Light 1st con 5s 1932 111
9913 10012
9912 100 100 Dec'25
INDUSTRIALS
874 Federal Light & Tr let 5a
85
1942 M
88
9613
924 Sale 924
85
85 ____ 85
Adams Express coil tr g 4a 1948 M
924
6
9413 10314
let lien 69 stamped
9614 103
101 18 Sale 10118
7
10118
10234 103 1025s 103
Ajax Rubber 1st 15-yr s f 80_1936 .1
8
67
312
30-year deb (is Ser B
9113 9423
2 JM D 93
44
195
93
9312 93
1
1925 M
418 412 4 Dec'25
Alaska Gold M deb fls A
678 Federated Metals s 75
4
0512 107
9512
97
97
1626 M
418 438 4 Dec'25
12
Cony deb 6e Series B
90% 91% Fisk Rubber 1st f 88
11378 Sale 11312 1137s
9118
1955 M
6
8 108 116
9018 017 91%
Alpine-Montan Steel 78
Ft Smith Lt & Tr let g 55_1
9814 104
3M D 78
1 51
6
439
903
119
7614 8214
104
7812 7812 Dec'25
16
1928 A
_
10234 103 10334
AM Agile Chem let be
9484 10434 Frameric Ind & Dev 20-yr 73.4842 J
9538
8872 13
86
8814 Sale 8738
104
77
1941 F
104 Sale 10234
list ref s 1 7 he g
Francisco Sugar 1st 51 7 As .1942 M N 1014 108 10418
9712 102
99
99 Sale 98
19
10418
1 1034 1067s
Amer Beet Sug cone deb 65_1935 F
96% 994 Gas & El of Berg Co cone 6s1949 J D ,997 __ 100 Nov'25 _
9818 100
9812 Sale 9818
9812 25
American Chain deb 5 1 65.._1933 A
914 9712 Gen Asphalt cony 65
10414 ____ 104 Nov'25
1931 M
9714 Sale 97
101 104/
9714 16
4
1
Am Cot Oil debenture 5e
A D
9J
8 105% 1084 General Baking let 25-yr 6a_11938
1047 Nov'25
19363 J 10558 10638 1055* 10534
10413 105%
Am Dock & Impt gu 6s
138
113
1942 F A "iiE3 16- 88
Gen Electric deb a 3(4s
8
1333
1930
8
1333
10
8
83
.July
1367
88
15
1
125
Amer Ice deb 7*.
9013
A
F
1952
A
10112
Ser
98
Gen Refr lat f g 6s
101 10312 104
2
1939 ;Co 10012 10114 10012 10012
10412 17 100 10413
am Mach & Feb' e f 136
German Gen Elec 7s_Jan 15 1945 .1
9113 100
95
9514 947
4
98
9514 28
92
961
4
/
Am Republic Corp deb Oa_ A937 A 0 98 Sale 98
9513 99% Goodrich Co 6 4a
1947 J
10414 Sale 104
83
997
10412 17 100N 10634
Lin Bm & R lat 30-yr ba serA 1947 A 0 9938 Sale 9914
1213
1947 A 0 10818 Sale 10712 10818 13 103% 10811 Goodyear Tire & Rub let 8 1941 M N 121 12118 121
42 119 12134
let M fle series B
994 10414
10-year 1 deb g 88
61931 F A 110 Sale 1097
1038e 23
110
45 10818 111
Amer Sugar Ref 15-yr 6s_ _ _1937 J J 10314 Sale 103
961s 97% Gould Coupler 1st 5 1 6s_ _ _ _1940 F A 91
9912 95
9112 91
9112
9714 103
2
Am Telep dr Teleg coil tr 48.1929 J J 974 Sale 96%
8978 9714 Granby Cons M S & Peon 8a A'28 P4 N 100 101 14 100 Dec'25
2
1936 M 8 915 9212 9134
9134
9315 101
Convertible 45
Stamped
9433 116
100 102 100 Dec'25 _
1
1933 IN S 9734 9812 9734
9734
931s 10071
20-year cony 4345
A 96% 9712 9612
F N
2M
28
193
1013e 80 100 10214 Gray & Davis 1st cony s f 75_1
1946 3 D 101 Sale 100%
9712
9712
92
2
80-year coll tr bs
944 9818 Ot Cone El Power(Japan)76.1944 F A 91 Sale 91
0112 62
9734 191
1960 3 J 9734 Sale 97%
8714 92
35-yr a t deb ba
Great Falls Power isle I 58..1940 M N 10134 10212 10334 Dec'25
1943 M N 10358 Sale 10338
10334 73 101 105
99% 1034
10-year a f 545
9213 98
Ilackensack Water 1st 4s A952 3 J 861
4 87
/
0634 62
8738 Nov'25
83% 87%
AM WM Wks & Elec 5s-1934 A 0 96 Sale 96
6313 Hartford St Ry 1st 45
44
48% 97
4812 4912 474
82% 854
8384 ---- 8512 Aug'25
Am Writ Paper 8 f 7-65
6384 Havana El Ry L & P gen 55 A19
54 M S 93 Sale 925*
'39
43
9312 26
49
19
8513 95%
- j j 49 Sale 48
91132
1e
Temp Interchangeable etre d
1952 F A 93
991a 102
Iavana Else consol g 58
4
/
9313 9514
9514
1015* 207
9238 97,4
Anaconda Cop MM let 6s..1053 1-1. 10112 Sale 1011
N
M
8
1057
994
1st
Choc
1942
lerehey
6s
g
I
s
1938 F A 10478 Sale 10438 10518 143
1044 Oct'25
103 105
15-year cony deb 78
94 10012
let M dr coil 554s Int ctf _1940 J J 9912 Sale 9912
9712 201
9934 58
98 100
Andes Cop Min deb 7560% pd '43 J J 97 Sale 9612
Hoe(R)& Co let 8145 temp_1934 A 0 99 Sale 98
9712 101
9838 80
94 10414
23
99
Anglo-Chilean Nitrate 7s._ _1945 M N 98 Sale 975*
944 Holland-Amer Line fis (flat).1947 MN 8518 8512 8518
86
86
86 Sale 88
7
8518
9014
79
2
Antilla (Comp Josue) 74a _1939
7g
91
N
M
1940
Hudson
5a
g
1st
Gas
Co
9514
8
1003
8
M
58_1964
7
1003
93
____
9418
8
7
93
9414
8
9818 10078
Dec'25
Ter
es
Bridge
Mem
Ark &
oOptlonu,Ie.
d Due May e Due June 4DueMay. k Due Auguet.
-._
New York Bond
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Jan. I.
Price
Thursday
Dec. 31.
Week's
Range or
Last Sale
04 3,4
81
Record--continued-Page 5
Range
Yo.r
1925.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. I.
20
t
Price
Thursday
Dec. 31.
Week's
Range or
Lass Sale
S;
418
BO
High
Ask Low
Nigh No Low
Bid
Ask Low
11159 No,
991
/
4 10212 Pillsbury Fl Mills 20-yr (3a....1943 A 0 10134 10212 10212 Dec'25 ---Humble CH& Refining 5%11-1932 .1 .1 10172 Sale 10112 1017* 33
41
97 10178 Pleasant Val Coal let get56_1928 J J 9734 9812 9734 Nov'25 _ Wino% Bell Telepthone be---1956 3D 10034 Sale 10034 1003
7
92% 9654 Pocah Con Collieries 1st, f 561957 J 3 90
947k
Illinois Steel deb 434a
1940 * 0 9413 9514 9434
1
9114 90
90
9012 9114 9012 Dec'25
87% 94
Ind Nat Gas & Oil 53
1936 MN
Port Arthur Can .5 Dk 68 A.1953 F A 10212 Sale 10212
9
10212
5 101 10416
10218
Indiana Steel let be
1952 MN 10218 10314 1021a
1st M 6s Series B
19531F A 1013* ____ 10138 Dec'25 ___
9914 9984 Portland Elec Pow 1st es BA947 M N 100 Sale 99
Ingersoll-Rand let be ____1935 .1 .1 9934 ---- 9934 Oct'25
41
100
11
11 Dec'2
10
Interbero Metrop con 430_ _1956 * 0 ___
Portland Gen Elec let 513_1935 J J 9914 100
99
4
9914
412 Aug'25 _-412 712 Portland fly let & ref 5s
Guaranty Tr Co ces dep _____
923* Dec'25 ____
1930 MN 923* 95
1012 Mar'2
1012 1012 Portland fly Lt.5 P let ref 501942 FA 893* Sale 883
Ctf dep[And amid 16% sub893* 11
Sale
6712
Interboro Rap Tran let 55_1966
6538
59% 7434
1st I & ref Gs ger 13
673 -15.
4
99
99
11347 MN 99 100
260
6572 Sale 6312
59
7313
66
Stamped
151 .5 refund 71-45 Ser A 1946 MN 106 107 106
5
106
74
70
6134 8112 Porto Rican Am Tab 8a
10-year 6e
1932 AO 70 Sale 6612
1931 MN 10534 106 106 Dec'25
10-year cony 7% notes.._ _1932 MS 8812 Sale 87
883
85
70
95
Pressed Steel Car 55
4
1933 J J 9434 Sale 9412
943
8814 89
1
89
91
89
67
lot Agric Corp let 20-yr 58...1932 MN
Prod & Ref s I 88(wIth waents).31 ID 11012 ____ 11034 111
3
8214
61
Stamped extended to 1942._ _ _ MN
6
8212 8234 8214
8212
Without warrants attached... J D 1103% 11234 11012
2
11012
Inter tfercan Marines f 58_.1941 AO 8618 Sale 85%
82% 9112 Pub Serv Corp of NJ gen 513_1959 AO 10434 105 105 Dec'25
86'2 40
International Paper 58
79
977
8712 9834
1947 J 2 95 Sale 9714
Secured g 6e
1944 FA 100% Sale 100
100,4 51
9514
45
Ref e f 65 Ser A
9434 99
Pub Serv Elec & Gila let 5301959 AO 103% 104 10334 104
1955 MS 9712 Sale 9434
5
Int Telco & Teleg cony 5Sis 1945 M S 10938 Sale 10812 110
707 10112 110
1st & ref 534s
1964 AO 10334 Sale 10334 104
28
Jurgens Works On (flat price) _1947 2 2 103 Sale 10212 103
26
88 10712 Pub Sony El Pow .5 Ltg 6a1948 * 0 10612 1061 10812
16
107
Kansas City Pow & Lt 58
1005
95% 102
30
Punta Alegre Sugar 7a
1952 M S 10038 Sale 100%
13
106
1937 23 106 Sale 105
9814 10312 Remington Arms 65
Karam Ga: & Electric 68....1952 MS 102 Sale. 10134 102
12
54l 85
5578 85
1937
8512
5
Kayser & Co 75
8 10112 10812. Repub J&S 10-30-yr See f 1940 * 0 9812 Sale 98
1942 FA 107 108 10712 107'2
99
36
10414 25
Kelly-Springfield Tire 88
90 109
Ref & gen 5135 ser A
1932 MN 10378 Sale 10314
92% Sale 9234
1953 J
9234 19
Keystone Tele!) Co let 5a
82
Dec'25
0013
____
9212
9114
Rima
Steel let 78
1936 2
1955 P A 9018 Sale 9018
6
9018
Kings County El & P g 5e_1937 AO.1 102 ____ 10234 Dec'25
99 103
Robbins & Myers a f 78
62
62
3
1952 ID 6114 62
Purchase money 6e
11412 120% Rochester Gas & El 75 ser B_1946 MS 11212 ____ 11214
____ 12034 Dec'25 - 1997 AO 120
3
11214
Kings County El let g 4e
75
7718
77
78
Dec'25
7972
Gen Mtge 53413 series C._.1948 MS 10502 ____ 10512 Dec'25 --__
1949 P A
Stamped guar 4e
74
4
7718 7812 7814
80
7814
1949 FA
Rogers-Brown Iron Co 76
7218 Sale 72
1942 MN
14
73
Kluge County Lighting 58_1954 3 .1 9878 9978 98% Dec'25
89 10114 St Joe fly Lt [It & Pr 5a_
9114 91
1937 MN 90
1
91
103% 10812 St Joseph Stk Yds 1st 430_1930
6141
1954 J J 10718 ____ 10778 Dee'25 96
____ 96 Nov'25
Kinney Co 73411
1 104% 109
107
Ott Rock Mt & P ba stmpd_1955 J J 78
1936 JO 107 10713 107
79% 7814 Dec'25
Lackawanna Steel 5s A
89% 951 1 St Louie Transit 53
9514
4
____
1950 MS 95 Sale 95
1929 A0 7012 ____ 7112 Oct'25
Lac(last of St 1., rcf..text 58_1934 * 0 101 Sale 101
9814 10178 St Paul City Cable 5s
101
4
9514 100 I 95
1937 J J
Oct'25
Coll & ref 514s Series C .1953 P A 10278 Sale 1023
9514 103
103
42
Saxon Pub Wks(Germany) 75'45 FA
9218 Sale ' 92
9234 45
Lehigh C & Nay 81 414e A 1954 .1
10014
953
4
Dec'25....
98
99 i
Saks Co 78
107 1071 109 Dec'25
1942 M
Lehigh Valley Coal lot g 58_1933 J
99% 101% San Antonio Pub Ser 6s
10012
10012 Sale 10012
1
1952 J 2 10112 sate 10112 10134
Lex Ave & P F let gu g 5a_ _1993 MS _ _ __ 40 I 4114 Dec'25
39% 44% Sharon Steel Hoop let 88 ser A '41 MS 1067s 10712 107 Dec'25 ____
_
Liggett & Myera Tobacco 7a_1944 AO 11818 120 111814
2 116 120% Sheffield Farms 6346
11814
1942 AO 10612 Sale 10612
1
108,2
Registered
AO 11614 ____ 11612 Oct'25 13 115 11714 Sierra & San Fran Power 58_1949 FA 9114 9134 9112
9
9113
Cc
1
97/
1
4 1021
: Sinclair Cons 011 15-year 78_1937 MS 933* Sale 93%
10114
1951 pa 10112 Sale ,101
94
52
Registered
9778 98
Oct'25
1st In cell tr Os C with ware 1927 J O 11134 Salo 108%
F A 0818 __ __I 98
11134 927
Lorillard Co (P) 78
11414 117%
let lien 614e Ser B
1944 AO 115 1163 11612 Dec'25
1938 3D 8718 Sale , 87
8714 27
11312 115% Sinclair Crude 011 3-yr Os A 1928 P A 10012 Sale 10014
Registered
__ 11534 Oct'25
AO 114
10013 84
58
: 3-yr 6% notes B Feb 15_1926 P A
9434 981
98'! 29
10014
1951 P A 9812 Sale 9712
10012 17
Registered
961
/
4
9614
9614
Oct'25
Sinclair
86%
94'4
Pipe
Sale
Line
AO
883
5/3
4
F A
1942
87
2
90% 9918 Skelly 011614% notes
Louisville Gaa & Electric /56_1952 MN 98% Sale 9734
0812
129
1927 AO 12812 Sale 12414
313
Louis, fly let con 5s
8912 93,2 Smith (A 0) Corp 151 6145_1933 MN 101 10134 101
9434 8912 Dec'25
101
1930 22 89
186
Lower Atietrian Hydro-Elec CoSouth Porto Rico Sugar 713_1941 J
1063* 10718 106
3
10634
la f 6343
8612 Sale 8614
851a 87
8612 24
South Bell Tel & Tel 1st of 561941 J J 10114 10138 10114
1944 P A
5
10114
97 102
Menet! Sugar 7345
14
101
Sweet Bell Tel let & ref 58 1954 P A 10012 Sale 10038
1942 AO 101 Sale 1004
10012 136
5912
5712 64
Manhat fly (N Y) cons ft 45_1990 AO 5912 60
60
19
2
Southern Colo Power (is__ _ _1947 J J 0712 97
98
98
20
26 4e
51
5614 Spring Vol Water g 5s
53% 53 Dec'25
2013 3D 51
1948 MN 9812 9914 9972 Dec'25
Manila Electric 78
9714 103
5
102
9814 Sale 98
Standard Milling let bs
1942 MN 102 Sale 102
10038 16
1930 MN
Manila Elec fly & Lt f 5a_.1953 MS 8912 9012 89 Nov'25
85
92
_
Steel & Tube gen at 75 Ser C 1951 ji
10778 108 1071
108
6
9712 10214 Sugar Estates (Oriente) 78_1942 If S 89% 9014 893* Dec'25
9812 Sale 9814
Market St fly 78 Series A. 1940 Q
98% 14
_
Metr Ed lot ,t ref g 13s Ser B_1952 P A 105 Sale 104% 105
6 10112 101314 Superior 011 let a f 75
93
1929 FA-I 93 Sale 93
2
9113 9712 Syracuse LIghting 1st g 58 1951 3D 10013 ____ 1003*
let & ref be Series C
3
9718
9712
97%
1953 .1 J
1
10015
100 104
Metropolitan Power 8a
Tenn Coal Iron & RR gen 50.1951 J J 10238 10312 10238 Dec'25
1953 J D 103 104 10212 Dec'25
Mt West Side El (Chic)
687s 80
7112 7214 7214 Dec'25 -Tennessee Elec. Power let 68.1947 3D 10278 Sale 1023*
1027s
11
48_1938 FA
9514 102
Mid-Cont Petr let 633e._ _1940 MS 101 18 Sale 101
10112 52
Third Ave let ref 413
'
3 56 Sale 5538
56
1960
12
8718 9314
Midvale Steel &0cony a bs 1938 MS 93 Sale 92
9314 80
AdJ Inc 58 tax-ex N Y
4134 47
01960 AO 413 Sale 4034
10112
Milw Elec Ry & Lt cone g 58.1926 P A
99%
9978 10012 99%
1
9978
Third Ave fly 1st g 58
1937 J J 9378 943 9334 Dec'25 69
9478 9734 Toledo Edison let 75
Refunding & eaten 43313_1931 ▪ J
-- 0712
9734 15
109
1941 MS 10812 10918 10812
38
9812
94 100
General be A
9
Toledo Tr L & P513% notes 1930 J J 98 Sale 98
5
93
1951 J O 9812 Sale 981,
let ba B
8478 92% Trenton 0.5 El let g 5s
9014 89%
9014 21
1961 ID 90
1949 MS 99% 10312 99% Nov'25
let & ref g Os Series C___ A953 MS 10013 101 10038
14, 98% 104
Trumbull Steel del, 6s
101
97 Sept'25
1940 P A
Milwaukee Gas Lt let 4s__ _1927 MN 988 99% 987g
96%
993
4
6
Twenty-third St fly ref 58_1962
'
3 60 Sale 60
99,8
4
60
Montana Power let 58 A. 1943 J J 9978 Sale 9878
9712 10034 Underged of London 4346 1933 J J 9238 ____ 923* Oct'25
100,4 67
Montreal Tram let & ref 50_1941 J J
99
963 Sale 9634
2' 94
967s
Income (is
Oct'25
J 913s ____ 92
1948
Morris & Co let e f 4)0
78% 87
8512 50
Union Bag & Paper 1st M88.1942 MN 10478 105 104%
12
.▪ 1 85 Sale 85
105
1939
Mortgage-Bond Co 45 Ser 2_1966 AO
77
7718 Union Elm 1,t& Pr let 158.1932 MS 10034 101 10078 Dec'25
7718 Nov'25
_
10-25-year 58 Series 3
95% 9712
9638 967 96%
11
9615
Ref & ext be
1932 J
10012 11
1933 MN 10018 10012 100%
Murray Body let 6%s
7778 10012
40
87
let 1 53413 series A
1934 J D 8514 Sale 8412
20
1954 J J 10012 Sale 10012 101
Mn Fuel Gas let cu g &L.-1947 MN
95% 10134 Union Elev fly (Chic) 513_1945 AO 78
98 ---- 10134
10134
1
7914 78 Dec'25 _ _
Mut Un gtd bonds ext 4% 1941 MN 10058 ---- 102 Nov'25
99 102
I
Union 011 1st lien a I 5e
10038
3
1931• J 1003* Sale 19038
Raman Elec guar gold 413__ _1951
5712 64
.•1 58
7
5812
58'x 58
30-Yr 86 Ser A
10418
1
May 1942 FA 104 Sale 10418
Nat Enam & Stampg let 116_1929
9778 103
D 102 105 103
5
103
1st liens f Is Ser C
12
1935 FA
National Acme 734s
80
D 984 Sale 9818
99,4 Union Tank Car eouip 7e___1930 P A
9878 19
1931
99
_4 8_a_9_3_ 1 10
1(8 A• ug
9
'
5
2
3
5
4
Nat Starch 20-year deb 56 1930 J J 9834 100
98 100
9978
1
997
United Drug 20-yr(is _Oct 15 1944 AG 10312 104 104
104
7
National Tube let ba
United Fuel Gas let a I 6s_...1938 J J 102 Sale 10112 102
1952 MN 10178 10234 102 Dec'25 -- 10012 103
8
Newark Consol Gas 58
9812 101
United Rya Inv 5a Pitts Issue 1920 MN
1948 J O 10034 10112 10038 Dec'25 -2
New England Tel & Tel 56_ _1952 J
9912 102
10078 10138 101
Dec'25
Stamped
.1!.. 99
_993_4 8..9
9%
34 D• ec
9
_
'
'
9275
N Y Air Brake let cony 0/1_1928 MN 10214 10212 10212 19211
1 10111 10414 United Rys St L let g 4a____1934 iJ 74 Sale 7212
74
6
New On Pub Serv 1st 5s A._1952 AO 9012 Sale 9014
89/
1
4 92
9114 21
United SS Co 15-yr (is
8
9412 94
9412
1937 01 N 94
let & ref Is aer 13
88%
92%
J
I)
9012
9018
Sale
22
90%
1955
United Stores Realty 20-yr 6a '42 A 0 103 10312 10334 Dec'25
N Y Dock 50-year 1st g 48_ _1951 P A 81
77% 8234 U S Rubber 1st & ref 59 ser A 1947
81
83
92
149
2 9134 Sale 9114
NY Edison let & ref 634e A_1941 AO 11514 Sale 115
18 112 11512
8134 6,5
19-yr 734% sec notes
11514
107
1930 F A. 107 Sale 10814
22
let lien & ref Cs B
102
993
8
1944 AO 1013* Sale 1013*
102
38
S Smelt Ref &
cony
100
Sale
18
100
100
65_1920
F
A
NY Gas El Lt & Pow g 58_ _1948 J O 104 Sale 104
10418
6 100% 10412
S Steel Corp(coupon_ .41903 MN 10538 Sale 10538
106
161
Purchase money g 40
88
9034
89
/
4
89'2 891
1949 P A
5
8914
8110-60-yr 5siregistered _Q1963 MN
_
10434 Nov'25
N Y L E&West C drRR 5%81942 MN
9712 10212 10012 Apr'25 -- 10013 10012 Utah Lt & Trae 1st & ref 5a 1944 A 0 87 Sale I 87
877
10
N Y El L & P 1st g 5e
9912 101
10012
4
1930 P A 10012 Sale 10012
!Rah Power & Lt lot 55
1944 F A 9514 Sale 95%
9512 29
N Y Rye let It E & ref 45._ _1942 .1
45
4312 4212 47
5412
Oct'25
Utica Flee L
P let
100
6358
8 106
_.1950 3
1 14 1023
14 Dec'25
Certificates of deposit
2232 54
46 Sale 46
1
46
Utica Gas & Flee ref & ext Se1957 3
100 10012 100 Dec'25
30-year ad) Inc 58_ __ _Jan 1942 AO
3% 6
212 414 338 Nov'25
Victor Fuel late 156
3
no
Oct'25
5314 6212 58
3
Certificates of deposit
212 5
3
534 Va-Caro Chem let 78
318 Dec'25
1947 2 D 1053s ____ 105 Dec'25
N Y Rys Corp Inc 6a_ _ __Jan 1965
20% 32%
23 Sale 207
2314 211
Certificates of deposit
Dec 25 _-_Y & Rich Gas let 65
-1,-4 101 Sale 101
9912 102%
1951
1
101
Certificates of deposit atmpd ---- 1053* ---- 10234 Oct'25 _-_.
NY State Rya let cons 4346_1962 MN
56
5614 Sale 56
681
/
4
5684 41
Stpd as to payt 40% of prin
let con 634s series 13
7814 90%
7814 Dec'25 1962 MN
1st 7s
1947 ---- 105% Sale 104% 1055
13
N Y Steam let 25-yr (is Ser A 1947 MN 10214 10212 1023*
97
/
1
4
104
10234
Ctf of deposit
10514
10512 77
NY Telep let & gene f 4345.1939 MN
95
9712 975 973
99
973* 12
Ctf of deposit stpd
Salee
1I-18
1
1n3,84
30-year deben a 16s_ __Feb 1949 FA 110 Sale 1110
1
4 11034
11014 38 107/
734e with & without war_ _1937 J D 0934
29
20-year refunding gold 614_1941 AO 10712 Sale 11073* 10734 95 1061/ 108/
1
4
Certlfs of dep without wary ---- 102 Sale 981$
112
102
Niagara Falls Power let 55..1932
'
3 10112 10138 101
9914 103
10111
4
Certifs
olden
with warranta
9312 Oct'25
Ref .5 gen (is
Jan 1932 AO 10514 10578 10534 10534
5 103 106% Va Iron Coal.5 Coke lot g be 1949 M
9llg 03
1
91%
Niag Lock Es 0 pr 1st 53 A.1955 AO 99
911
/
4
9712 100
99141 99
99% 37
Va Ry Pow 1st & ref
1943J 3 98
981
/
4 98
9814 18
No Amer Cement 3Ieb 634s A 1940 MS 9914 Sale 99
9712 10212 Vertlentea Sugar 1st 5s
9914 IS
ref 78_1942 J O 903 Sale 90
20
9114
Nor Amer Edison Os
M
102 Sale 10112 10214 20
9672 103
1952
Warner Sugar Refln let 78_1941 • D 94 Sale 93%
94
8
Secured a f g 8348 Ber 13._1948 MS 1037s 10412 104
10413 18 10034 106
Warner Sugar Corp 1st 7e
1939 32 81 Sale 757
81
53
Nor Ohio Trac & Light 85 1947 MS 9212 Sale 9212
91
923
97
4
Wash Wat Power s I 5e___ _1939
101
18
Dec'25
1013
4
1027
8
Nor States Pow 25-yr bri A....1941 * 0 9878 Sale 9734
93 99% Westchee I-tg g Es attend
98
45
3D
gtd
1950
1023
103 1023
1
10234
Begletered
*0
9314 9314 West Ky Coal 1st 7s
9314 Jan'25 -1944 MN 10034 101
7
let & ref 25-yr Os Sec B._ _1941 * 0 1053* 107 10538
1002a
106
10 103 10714 West Penn Power Ser A ba 1946 MS 9978 ____ 1004
9978
997
1
North W T let fd g 43-4a gtd_1934
.1 96i., 9738 9638 Dec'25
94% 98
_
let 7s Series D
MS
1946
100 10614 106
10638 23
Ohio Public Service 7348 A 1948 AG 11214 Sale 11218
7 108 11234
11212
let Es Series E
1963 MS 997 Sale 997
10014 31
let & ref is series B
1947 FA 1103* 11112 1103s
11038 16 107% 11112
Temporary bs Series E 1983 MS 99 8 ---- 98% Sept'25
Ohio River Edison let 6s___1948 J J 1013* 102 10112
9812 104
10138
6
let 555s Series F
1953 AO 10478 10534 10478
7
1061
/
4
Old Ben Coal let 68
96
1944 F A
96% 9714 963
99
97
2
West Va C & C 1st 6s
J J
ale 8
7
Ontario Power N F let 5a
98 100% Western Electric deb 543_ __ 195(1 A0 83
1943 P A 100 Sale 9912 10012 .19
_1944
100% Sale 1001a
1
4 85
100/
Ontario Transmiarelon 5a__ _1945 MN
97
993k ____ 9938 Dec'25
9934 Western Union coil tr cur 56_1938 J J 10214 Sale 102
3
102%
0112 Steel 88
95% 106
1941 P A 1047 10512 1047s
1
1047s
Fund & real estate g 4348_1950 MN 9612 Sale 9612
9612 11
let 25-yr f g 7316 Ser 13._1947 P A 1003* 10034 10012
89% 10112
10034 17
15-year (134a g
1936 P A 11112 Sale 111
9
112
Pacific 0& El gen & ref be 1942 J
977
9734 Sale 9718
93/
1
4 99
46
Westinghouse E& M 7s__1931 MN 106 Sale 1053*
10638 105
Pao Pow & Lt lat&ref 20-yr ba'30 FA 100 Sale 9934
98 100
3
100
Wickwire Open Steel 1st 7e 1935 32 71
737 7312
1
7312
Pacific Tel & Tel 1st ba
99% 102
1937 J J 10118 10134 101 14
10112 16
Certificates of deposit
75% Oct'25
90
70
Ref M be series A
987g
MN
921a
Sale
99
1952
9914 44
10012
Certificates
MN
of
1
1
deposit
stamped
Sale
7313
73
2
73
,
2
Pan-Amer P & T let 10-yr 7e 1930 P A 10512 10614 1053* 106
15 104% 107
Wickwire Sp Steel Co 7s Jan 1935 M N 64 Sale 6338
0478 11
Cony e f 6e
1934 MN 1118 Sale 11078
272 103 118% Willys-Overland e IC 34/3_._A933 1%1 S 10214 10238 10214
112
4
102%
Part-Lex et leasehold 630..1953 J J
88 99
89
8812 88
38
Wilson & Co let 25-yr a f 68_1941 * 0 99 Sale 9834
99,2 19
Pat&Pase4lCG&ElconeCe 1949 M
96 10014
913* ____ 100 Dec'25
Registered
93 Feb'25
_
poop Gas & C let cons a 6e..1943 A0 11012 111 11012
107
11012
1
19-year cone a f (is
11014
1928 JO -Li" -7173 7436 Dec'25
Refunding gold be
1947 MS 9914 Sale 99
94%
9938 29
Certificates of deposit
14
71
7018 Sale 69
Philadelphia Co coil tr Os A.1944 P A 104 Sale 10312 10418 29 101% 100
5912 6912 Dec'25
105
10-yr cony 51 7345
p1931 PA 53
15-year cony deb 534a
1938 M S 9878 Sale 9812
99
93% 100
24
Certificates
1
33
of
Sale
deposit
69
4
60%
60%
Phila & Reading C & I ref 66_1973 .1 J 10014 Sale 9934 10014 23
119 1021, Winchester Arnie 734s
2
10134 102 101%
10134
1941
Pierce-Arrow Mot Car deb 861943 M 8 108 10818 108
90 10813 Young'n Sheet & T 20-In 68_1943
10812 20
10112 Sale 10110
10134 35
Pierce Oil if Pa__ _ _I)ec 16 1931 J D 10412 106 10812 Dec'25
102% 10812
a Due Jan. d Due April. 20 Due Dec. a Option male
97
R7nge
Year
1925.
High
Low
99331023*
97
9814
88 94%
9912 102%
10014 102
9612 10014
983* 1007e
9212 91312
8414 92
94 10034
104% 108
101 108
9214 97
104 11514
109% 11312
10.338 10514
95 101
98% 10514
99% 105
10212 1117%
10234 10713
92
85
9312 99
8918 95
88/
1
4 9072
5712 7313
110 11234
102% 10512
60
8312
85% 93
9512 98
773* 87
7112 85/
1
4
97
95
9012 9414
104 109%
9911 104
105/
1
4 10712
1043 10734
00
9534
88 9512
10338 120
82% 9041
99/
1
4 101
991: 10114
82
88
106/
1
4 129
101 10213
102 10634
99 1021
/
4
961
/
4 1011s
9314 99/
1
4
9112 99/
1
4
96% 101
105 10814
8712 9712
90
99
9712 1013*
10012 103
13914 104,
4
51
581a
3414 5014
9312 96
10818 110
9755 1001s
98 100
97
9714
60
70
89
95
861.92
9412 105
.102
998
9814 101
100 104
75
80
94/
1
4 1013*
,10518
1020
9412 96
101 10514
10014 10433
08 103
99 10012
994 10018
13712 7414
91
95%
102/
1
4 105
85
92%
10412 108
100 102
1
4
10414 108/
103/
1
4 1061
/
4
83/
1
4 9112
9813
91
100% 10214
9814 103
53
58
73 105
7112 105%
68 102%
9812 105%
98 10512
941
:104%
43 100
421s 102
41
95/
1
4
90
98
93% 99
86
9412
89/
1
4 9912
7518 87%
991
/
4 10134
98 10234
10012 10234
9334 10014
10414 107%
93% 10034
9612 9914
10013 106%
8234 96
98 1011
/
4
99/
1
4 1021:
92% 97%
10911 11214
105% 10814
70
91
7518 88
70
81
6212 78
9912 1027s
91% 100
93
93
55
76/
1
4
53
75
5316 77
5938 7414
10014 10214
95.: 103
BOSTON STOCK EXCHANGE-Stock Record s..BNO•r:f7ago
82
NIGH AND LOW MLR PRICES-PER SHARE. NOT PER CENT.
Saturday.
Dee. 26.
Monday. , ?wieldy. ,WwIneeday,,, Thursday.
Dec. 30. I Dec. 31.
Dec. 28. ' Dec. 29.
Priam.
Jan. I.
Bales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
135 Boston & Albany
100
158 159 1 15912 160 1 160 160
8112 81
81
4475Boston Elevated
82
8112 80 81-1100
82
.2101 102 •r____ 10112 100 100 1 ____
30 Do prof
_
100
12312 12312 121 122
118 11812, 117 1-1-9 100
1451 Do 1st pref
11212 11212 ---- ---112 I 112141
100
4801 Do 2d prof
:
4512 4612 4512 46
4512
4512 4512 45
810 Boston & Maine
100
46
46
4512 4512
46 •__ __
100
200 Do prof
6112 60
62
63 I 61
527 Do Series A let pref.....100
8014 -6- -6-686 .8512 ____
8512 8512
86
*8512 89
100
180 Do Series B let pret
7814 7812 *7712 79
7712 7712
*7712 79
Do Belles C let prel
100
181
115 115
115 115 .110 11212 11212 114
100
95 Do Series 0 I st pret
.2175 ____ .x175
_ 177 177 I
10 Banton & Providence
100
5712 59
*57
-L7i2 .6659 •____ 59
553 East Mass Street Ry Co_100
6912 *____ 694 6912 70
•70
7212 69
180 Do 1s1 prof
100
133
68
68
67
66
66 I 66 68515 Do pret 13
100
49
50
49
49
4812 4834 4832 49
1,615 Do ad1ustment
100
5312 5312 54
51
55
.52
55
54
1St Maine Central
100
4514 4558 4573 457g 4134 451sI 4518 4538
YNfi&NFIewarnti
1,044
ernN
100
*388
89
____ ____ *38612 89
North
___-_ _ _
a
ormdpshire_100
°z122
°1122
____ __ _ _
Norwich & Woroeeter met-100
110 110 *210912110 I 110 111 I ____ ____
100
310 Old Colony
100
500 Rutland pref
1001Vermont & Massachusetta_100
*iiio- 166;
1 •iiii; 1661-4 *Hui 1-661-4 io6i4 1661;
Miscellaneous
1
414
4
5,615 Amer Pneumatic Servioe__25
414 5 1
378 414
484 5
2312 2334 2334 2334 2378 24315 Do prof
50
14218 14212 14258 143 1 14214 14278 iiiis 1:1-238
839 Amer Telephone & Teleg_100
6912 6918 72 1 71
69
70 1 69
72
No par
1,610 Amoskesit Mfg
76 I 7512 7534 ---- --75
76 1 76
No par
203 Do pref
.31712 ____ .21712 ____ *21712
art Metal Construe, Inc.. 10
64
65
64
65 1 6314 64 1 -63F2 -li'
390 Atlas Plywood t o
3-1-2
*1612 1714 17
17
164 164 1634 174
No par
425 Atlas Tank Corp
9812 99
9812 99
99
99 1 ____ _ __ _
195 Blgelow-IlartfCarpet_.No par
.107 ____ •10712 ____ 107 10712
76 Boston Cons Gas Co pref.
4114 4114 4114 4112 41 12 43 1 --.j4
44 ig10
1,444 Connor (John T)
6812 06512 67 .6512 67
*65
65
65
10 Dominion Stores. Ltd.-No Mr
__ __ Irx96
_ _.*396
*396
_
Do Prof A
100
4East
*3
4 1 *3
31
Boston Land
314 *3
10
--- - -- - 312 312
.312 412 *312 412
500 Eastern Manufacturing.- 5
312 313
88 i 8412 8412 84
86
86
25
1,315 Eastern SA Lines, Inc
8412 8534
44
41 1 *4312 41 1 45
45
4478 45
135 Do prof.
No par
*.r97 100 •x97 100 .x97 100
let Preferred
100
209 20912 209 2094 209 209
209- 21-011-2
315 Edison Electric Ilium
100
3
2 I
10
3
2
234 234
*---745 Elder Mfg Co(• s ei
312
22
22
*23
24 1 .22
8 Galveston-Houston Elee -.100
2212 ____ ____
(Murcia Fly & Elm
100
, Do 5% non-corn prof..300
403
-40- li" 40
40
8
,
1,082 011ehrlst Co
No par
40* -40- -461110 .11314 11212 11512 11278 11412 11214 114
8,478 Dinette Safety Rasor_No par
1212 1112 1112 ---- ____
1212 1212 *12
25
233 Greenfield Tap & Die
69
68
134
6718 69 I 68
134
69
780 Hostel Rubber
No poi
•367
88 036612 6712 *36512 6612' ____ ____
_ Internet Cement Corp_Plo par
-.05 .15
.20 .20 ____ ____
.05 .10
892 International Producte..No par
.10 .25
.25 .25i
.40 .40
.30 .30
518 Do prof..
100
Kidd r. Peabody Acceptance
9514 9514' 09514 ..--..1 954 9514
4101 Corp Class A pref.
100
Stock
818 814
81s 814 .814 834
814 814
161 lAbby, McNeill & Libby
Stock
10
•____ 70 •_ ___ 70 ....._ _ 70
11.1neoln Fire Insuranoe__ 20
12
12 •12
Exchange
i- Ii- Exchange
124 124 -i,
400'Imew's Theatres
25
84
84
8212 8312 83
83
834 84
502 Massaohusette Gas Coe
100
66
67
Closed;
66
67
66
66
66
66
3511 Do prof
Closed;
100
193 194 •x19312194
19412 19112 019312 195
100
160 Morgenthaler Unotype
Extra
9
912
760 Mexican Investment, Ins_ 10
New Years
IMiselssippl River Power__.100
Holiday
-iii- 9,5 *y95 16- ---- --- :::: ::::
Day
100
301 Do stamped prof
34 414
34 4
314 4
314 37s
1.832I National Leather
10
.25 .25 •.15
1,135 New Eng. Oil Ref Co. tr Mfg_
12
*7
10
•10
714 8
10
10
226 Do pref ttr etts)____ _800
*212 5
5
5
24 5
96 New Eng South M ills_ N. par
30
2314 2314 2312 2312 *24
14)81
45 Preferred
11412 115
115 116
11614 11634 11612 117
3,7641 New England Telephone-100
30 .x29
329
30 *329
30
Orpheum Omit. Inc.... 1
52
53
51
52
51
5134 -52- -E33-4
1,75I.Pacinc MUIR
100
•64 - -- - 64
64 .64
43 Ploot (Thom 0), 1st pref..101
1512 1512 *31512 16
1512 1512
10
50!Reece Hutton Hole
*3138_ *3138
_
_
134
I Reece Folding Machine__ 10
lia- 113" 1131a 1-1312
- 113 11314 11258 113 125 Swift & Co
100
67
67
67
6712 67
6812
_
205 Torrington
'26
*412 512
434 5
216 Union Twist Drill
.412 51
5
--48528 4812 --481
48
, 48
4814 48
2,007,1:Jolted Shoe Mach Corp
25
4834
2812 2812 2812 2812 2812 2812
28
28
4001 Do pref
25
1Ventura Conso1011 Fields_ 5
1 Certificates of deposit
1711712 17-52 177 -17-7713
2
420 WaldortSysine,new sb No Par
8
1734 Ifs;
33
33
34
33
33
33
34
33
765. Width Watch Cl B oom_No par
564 57
931 Do pref trust Ws
55
100
57
*55
57
56
56
102 10112 105 105
105 105
73 Do prior prof
100
2212 23
1,265 Walworth Manufacturing. 20
22
2212 2112 2214 -21- 21-7S
47
599 Warren Bros.
4714 4612 4714 4614 4718 47
47
50
44 *34312 44
43
43 043
30 Do let prof
60
4313 4314
50
46
48
48
46
251 Do 2d Prof
48
46
Wining
250,Adventure Consolidated-- 26
.05 .15
.05 .05
.15 .15 •.10 .25
lAlgomah Mining
•.05 .20 .1..05 .25 ..05 .20 *AO .20
26
7301Arcadian Consolidated
.55
.60 .62 •.70 .90
55
.61 .62
25
8101arlsona Commercial
6
1212 1214 1212 1214 1218 1212 1212 1234
54
308:Bingham Mines
63
54
53
5312
10
*35412 5.513 54
3,398 Calutnet & Heels
1312 14
1314 144
1318 1412 1314 14
25
2,810Carson HIll Gold
.40 .47
.39 .41
.45 .45
.30 .42
1
2,786 Copper (Lange Co
1812 1814 1812 1814 1814
• 1814 1812 18
25
1Davle-Daly Copper
1
.00
215 East Butte Copper Mining_ 10
*334 4
314 314 *314 4
314 378
.50 .80
690:Franklin
.50 .50
.50 .90
25
.50 .55
620;Hancock Conaolklated
.1..80
112
.80 .80
25
.80 .80
.80 .80
610,Hardy Coal Co
1
21
2112 21
2114 2112 2078 21 18 21
0112 2
'Helvetia
*112 2
.112 2
*PI 2
28
1
152 154
353-bland Creek Coal
155 159
156 15778 156 15778
*29812 100
9912 9912 10012
99
1
9912 *x99
1241 Do prof
7101,1* Royal Copper
25
•12
12
1214 1114 1214 1158 12
1212
'Kerr Lake
5
5101Keweenaw Copper
25
- -:ii
.50 .55
-17.-7-5 -I- --.-5-5 --iii --.-50
1,995Lake Copper Co
118
1
1
1
1
118
1
2
1
01 18
118
114
112
8251 1.a Salle Copper
112 0118
2
112 112
220 Mason Valley Mine
134
1114 •178 218
2
las
2
184
780 Mass Coneolldated
.50 .55
.50 .50
2
.50 .50
.50 .50
114
1118 0114
114
2,923 Mayflower-01d Colony
114
114
114
2
112
2
3214 3212 324 3218 3212 3212 3214 3234
515 Mohawk
19
1912 19
1912 1912 1934 1912 1934
1,960 New Cornelia Copper
New Dominion Copper
•.05 .30 •M5 .30 •.05 .30 ____ _ _ _
New River Company
25
25
100
*25
50
25
151
51
50 Do pref
58
54 •_ _ _ _ 52
100
.z51
6
605 Niplesing Mines
618 06
8
614
612 618 35;fe 614
4,265 North Butte
312
15
3
214 318
212 214
212 278
Ojibwa) Mining
1
'.60 1
25
•.60 .61
0.60
•.60 1
17
25
1712 1814 1718 17
955 Old Dominion Co
1714 1714 17
1418 1412 1312 1414 1358 1412
1,100 Pd Crk Pocahontas Co_No par
1414 1514
21
25
2112 2112
985 Quincy
21
2112 21
22
21
3513
45 St Mary's Mineral Land_- 25
3514 3514 354 3512 03412 3512 *35
845 Shannon
.55 .60 •.55 .75
10
.55 .55
.60 .60
1
70 Superior & Boston 001)Per- 10
.75 .75 •.75
1
1
•.75
•.75
5
10,588 Utah-Apex Mining
678 7
81114 61111
13% 71/1
814 7
1.879 Utah Metal & Tunnel
.64 .65
.60 .65
1
1..65 .70
.67 .75 '
25
200 Victoria
.35 .35 0.40 .50 •.40 .50
*.30 .40
.17 .17
360 Winona
25
.10 .10 •.17 .23 +.17 .23
Wrandot
.50 'a.2.5 .40
25
.50 'a _ _ _ _ .50 +tr.__
•Bid and itasd Peke& no salsa on Ma day,
Ex-rights. 8 Ex-clly. and rights
a Ex-dly
Range for Year 1925.
PER simile
Remo for Preettn.
Year 1924.
Lowest
Highest
LOWlat
156 Feb 18
7514 Mar 17
92 Jan 16
109 Mar 31
94 Mar 20
10 Apr 17
1134 Apr 24
17 Apr 27
29 Apr 27
25 Apr 25
3512 Apr 25
167 Feb 26
26 Sept 4
60 July 31
51 Aug 26
35 Sent 3
23 May 27
28 Mar 30
70 Feb 16
no Jan 13
96 Jan 2
4514May 1
87 Feb 24
16414 Jan 7
88 Jan 2
10414 Dee 17
131) Dee 16
116 Dee 17
4912 Doe 17
46 Dee 23
65 Dee 17
8712 Dec 17
7912 Dec 15
116 Dee 4
180 May 28
6212 Nov 12
73 Dee 14
70 Dee 18
53 Dee 28
59 Dee 15
464 Dee 16
90 Dee 4
125 0(.1 22
113 Oct 00
6312 Jan 2
101 Dec 10
3457a mar
7134 Aug
8714 Deo
107 Dee
92 Bent
812 Jan
12
Jan
13 June
1712 Jan
10
Feb
23
Jan
43
Jan
18 May
584 Jan
48 May
28 May
25 June
14
Jan
62 Jan
80 Jan
7218 Jan
34 Mar
70
Jan
212 Mar 25
1812 Mar 25
13018 Jan 2
6112M
6
7014M aY 11
14 Jan le
4612 Aue 25
912 Aug 21
9712 Nov 27
1113 Jan 17
20 Jan 26
2814 Jan 30
99 June 12
112 Apr 30
3 Job,
42 Mar 9
34 Jan 15
89 Jan 3
200 Jan 5
2 Dec30
17 Isv. 6
11514 Feb 27
784 Apr 15
3
5214
Aj
2 .ain
g 22
9
1 No•
414 Dee
12 Jan 2014 Des
121 June 13412
6718 Oct 83 Hetay Jab
Oct 79 AM
69
13 Aug 16 Feb
11 May 12
52 May 6
gm, Jan 5
.05 Dee 28
.10 Dee 28
5 Dec 30
2412 1)00 3
145 Dee 9
87 Aug 8
8814 Aug 20
in Aug 20
6712 Dee 5
21 Dec 4
10912 Oet 8
10614 Aug 31
45 The'31
74 Oct 29
100 Dee 5
648ept 23
814 Jan 24
8978 Dee 18
4614 0e1 31
100 July 20
213 May 21
Mg Out 9
38 Jan 7
125 Dec 19
8414 Scut 8
14
15
312
'De
lve 29
1
1512Junc 1
72 Oct 2
80 Oct 1
2 Jan 8
1012 Jan 9
324 Jan 6
614 Apr 16
6814 Nov 4
1114 Aug 11
68 Feb 3
6312 Jan 9
167. Jan 7
7145ent 21
28 Jan 2
871,Jim 10
354 Dec 29
.10 Dec 30
534 , ,0 7
278 Dec 31
20 Dee 24
99 Ain 21
2112 0^1 22
50 Dec 21
32 Aug 3
164 Aug 12
114 Nov 12
10914 Apr 22
4512 Apr 13
3 Oct 23
4014July 29
2812 Jan 13
1912 Jan 3
19% Nov 5
1412 Aug 4
6 Jan 15
1714 Jan 8
68 Jan 6
1614June 2
37 Jan 2
37112 Jan 10
4,014 Jan 17
9512 Nov 25
80
Jan 8812 Des
94 Jan 7
4 June
812 Des
7014 Mar 2
70
Jan 71 NO,
137s Jan 5
9 Mar 13 Dot
66 Nov
85 Doe 21
81 Fib
62 June 70
70 Oel 5
Jaz
197 Oct (4 150
Apr 172 DA!
164 Jan 15
64 Jan 17118 Feb
121 Oct 27
19 Feb 151314 Del
9614 Nov 4
80
Jan 90 Sept
634 Jan 13
2 Apr
512 Nov
2 June 22 .50 Dee
511 Apt
12 Sept 8
6 Dec 314 Mar
11 Feb 91
S May 1514 Mar
55 Jau 14
40 July 7112 May
98 Dec 11.512 Jan
12212 No, 20
32114./111Y 30
14
Jan 2812 Dee
8112 Jan 13
6912 Oct87 FM
75 Oct 16
65 Sept7414 Mat
18 Apr 3
1114 Jna 17 July
214 Jan 8
21a May
3 Jan
120 PPP 6 100 June 118 Dec
7318 Dec6
8512 Jun
52 Des
712 Jan 23
6 Dec 10 Feb
50 Nov 4
84
Jan 4314 Dec
29 Oct 22
2412 Feb 2814 Non
26 Nov 18 .i
19
i
;
14
1.1
0
;
.6 _i
26
7
. Jan
2612 Nov 16
1944 Jan 3
34 Dee 28
611 Jan
104 Feb
57 Dec 24
14 June 2319 Feb
105 Dec 29
6212 Dec 78 Feb
2714.itily 291
1512 June 22 Feb
5012July 7
991s Jan 3914 No
4312J1l1 1
8424 Apr 41
Is.
48 Dec 17
38 Mar
iii
.0.5 Dec 30
.0.3
.10 Mar 3
.50 Dee 18
912 Mar 28
2814 July 1
1218.1uue 8
.20 May 5
18 Dec 22
.02 July 0
3 June 8
40 Jan 7
.60 June 13
1612 July 0
1 Dec 9
Mar 28
9414May 27
978 Apr 22
00 Aug 19
50 June 29
1 Apr 11
1 Dec 23
,95 Sept 12
.40 May 14
.60 Nov 30
2512June 9
18 Mar 30
.10 July 2
25 Apr 2
40 June 30
413July 3
.89 June 5
.15 Nov 24
1614 Dec 30
1012June 18
19 Apr 22
2818 Apr 21
.50 May 1
.70 May 13
372 Jan 2
.40 July 7
.22 Nov 24
.10 Dec 28
.05 Apr 14
.26 Jan 26
.25 Jan 2
3 Jan 10
163s Feb 6
6014 Oct 24
187s Jan 2
.90 Aug 4
33 Jan 19
.78 Feb 6
el, Jan 2
118 Jan 24
114 Feb 6
23 Jan 24
VI Feb 5
16512 Dec
oec 37
1
100
2018 Jan 7
Pt,. Feb 4
112June 19
3 Jan 2
114 Jan 10
214 Jan 13
114 Jan 2
3 Jan 2
Cl Jan 13
28 Jan 2
.83 Feb 18
31 Aug 28
65 Aug 31
614 Jan 10
318 Nov 16
114 Jan 10
27 Jan 10
1878 Sept 21
3912 Jan 10
48 Jan 12
112 Jan 9
2 Jan 5
8114 Jan 23
.98 Jan 29
114 Jan 31
.48 Jan 7
.21 Feb 11
o Kg-stock dly. a Amassment paid
0 June
1740421
164 nt.•
85 De,
9614 NW'
11614 Jac
10114 Dee
2514 No,
2878 Nov
3714 Nov
48 NO,
41 Ne•
62 Nos
172 Nov
8812 Dee
71 Dec
614 Nov
4614 Dec
3712 Apr
3314 Des
81 Nor
108 Moe
98 Net
64 Noi
9312 Nes
1014 Jai
108-
100 flea
July
2012 Dee 281s Ma1
3418 may 35 Sept
84
Jan 8812 De0
2 Sept
8 Feb
3 Oct
8
1t Feb
Mt
38 J
5514 M*1
3418 JAB 40 Fab
8511 Jan 93 Mai
16312 Jan 20412 DO
218 Jan
5 DAD
18
Jan 41 Dm
11314 Mar 11612 Setn
79 Aug 80
Jan
Ali
1214
46
41
.10
.26
Oct
Nov
Mar
Apr
Feb
Feb
.18 Dec
.10 June
6 June
8
Jan
14 June
131s May
.37 Nov
1812 June
.30 Dee
314 July
.40 May
.30
Oct
194 Dec
.30 Mai
90
414 JA
unpe
r
SSli
1578
60
59
8
14
Oct
Jan
Dec
Nov
Des
De*
.52
4
.98
318
16
Des
s
Det
DM
Dee
Di.
8
19
is
B Fab
31111a Des
.70 Mai
578 Do,
1
Jan
Jab
21
8
24
13 Da
j
J
142
00
se
No
to
ic
12 June 2281142
112 Mar
218 DM
.50
J
No,
.90 Apr
Do.
.70 June
114 Oct
324:
.50 Jan
114 Atle
80 Apr
2312 June di j
et:
1618 Jan 25/
1
2 Del
.40 Dec
35 June 40
2s4 M
A tti
5712 Dee 75 Mar
514 Jan
Des
Ds Oct
6%
84 Julylyi
.40 June
1 Not
18
Jan 2818 MS.
10/4 July 1512 JulY
14 June 3414 DM
26 June
.30 Apr
112 Sept
.25 Aug 41
m:
9
2/
4 D
172 June
37s Dee
.14 June .70
1 1111
,0
;
.18 Apr
.13 Feb .71 July,
.10 Julyl .25 Jul,
Prim on new basis
JAN. 2 10261
THE CITRONTCLE
Quotations of Sundry Securities
All bond prices are "and interest" escent where marked "f."
Standard 011 SS
0 Ma
Ask.
starmeasi
Baas
Anglo-Aloe, Oil VOL atk 54 •192 20 Atlantic COOK
Line 6.
5.20 5.00
Bonus mock
1 *1738 18
Equipment 6%s
6.00, 4.85
atlantic Refining..
81.
0
16
1
109
Baltimore & Ohio es
100
5.3li 5 In
Preferred
117
Equipment 434a & be_ _ 5.00 4.80
Berne Scrynmer Co__ _. _100 225 235 Buff Rocb & Pitts
equip 6s. b 25 5.00
Buckeye Pipe Line Co
50 .56
57 Canadian Pacific 4346 & CI. 5.00 4.75
Chesebrough Mfg new
25 *68
69 Central RR of N .1 8s
5.20 5.00
Preferred
100
Chesapeake & Ohio es
5.30 5.10
Continental Oil new
10 "25% 2534
Equipment 614e
5.111
4.85
Rights
*85c. 85c.
Equipment 56
6.00 4.80
Crescent Pipe Line Co__ 50 •15
1512 Chicago Burl & Quincy 15.1._ 5.25 5.00
Cumberland Pipe Line__100 136 138
Chicago & Eastern Ill 53411- 550 5.15
Eureka Pipe line Co _ _ __100 .62
6312
Galena Stens'011 oom__ _100 *204 2934 Ch5cago & North Wen 64.... 5.35 5.10
Equipment 634a
5.10 4.85
Preferred old
100 9212 9612 Chic R I & Pac 494.&
5 00 4.75
51Preferred new.
._ _. ._-100
90
Equipments.
545 5 15
Humble Oil & Ref new.. 25 88
7312, Colorado & Southern Ca
'
93
5.50 5.20
Illinois Pipe Line
100 13512 13612 Delaware& Hudson Co
6.20 5.00
Imperial 011
14
2 135 Erie 4345 & 513
.1373
1 '1341,
25
00
5.25
when lamed
38
Equipment 6a
5.50 5.25
Indiana Pipe Line Co_ __ 50
*5812 5912 Great Northern Oe
5.35 5.30
Internattonal Petroleum (2) .3412
3438
EquIpment Si
495 4.80
Magnolia Petroleum_ _ _100
Hocking Valley 64
4.95 4.80
National Tranait Co_ _12.50 •- --1734 1814
Equipment S.
5.35 5 10
New York Transit Co_ __100 49
50
1111nols
4.85
Central
4.70
4148
&
5.
Northern PUN. Line Co__100
74
72
Equipment69
6.21 5.00
Oble011new
25 66
6612
Equipment 7. & 6 34e....
5.00 4 80
Penn Mee Fuel Co
26 .21
2212 Kanawha & Michigan Os
5.40 5.15
Prairie Oil & Gas new... 25
5714 58
Equipment 4 Ms
5.20 5.00
Prairie Pipe LIDO new
100 12634 127 Kansas City Southern 5540. 5.35 5.00
Solar Refining
100 205 208 Louisville & Nashville
5.20 5.00
Southern Pipe Line Co._100
6112 6512
Equipment 694.
5.00 4.80
South Penn 011
100 184 185 Michigan Central
5.18
4.78
&
Si
fis_
_
Southwest Pa Pipe LInce 100 *52
53 Minn St P&SEIM 454a & Sc 3.39 5.00
Standard 011 (California) 25
RI%
Equipment 634s & 70_
5.35 5.05
Standard 011 (Indiana)._ 25 '6134
Standard 011 (Kanses)_. 26 "7018 7014 Misaouri Kansas & Texas C. 5 65 5.25
*3513 3534 Missouri Pacific fls &
5.50 5.25
Standard Oil (Kanto Ikvi
25 •133 134 Mobile & Ohio 4t.46 &634.
5.05 4.80
Si..
fltandard Oil (Nebraal a) lian 241 12 244
New York Central 4146 & be 4.85 4 70
Stani,03 Oil of New Jet_ 75
*4578 46
Equipment 5s
5.20 5.00
Pro -red
110
Equipment 71
5.05 4.30
Stand .r.0 o N w)ork 16 1163 117
46 Norfolk & Western 4%L..:
4 60
atessaard Oil (...)h.o‘-.IL) *457 362
Northern Pacific 7s
5 10 40(8
357
Prtferreo
. AA) 118 119 Pacific Fruit Express 7...
- 5.05 4.85
Oran & Finch
21
100
23 Pennsylvania RR et.) be & 6r b.20 4 75
Union Tank Car Co
100 02
94 Pitts & Lake Erie OWL-5.10 4.90
Preferred
10') 115 116
Equipment 138
5.45 5.20
Vacuum Oil new
. 26 *108% 109 Reading Co 434s& be
4.85 4.80
Wmthington 011
10 *45
St Louis & San Franciseo 56
500 4.85
Other 011 Stecks
Seaboard Air Line 534e & Ce
5.50 5.25
atlantic Lobos Oil
(9) •1 78 2 Southern Pacific Co 434
4 FM 4.71)
Preferred
50 '334 4
Equipment?,
500 4.80
Onlf Oil new
..
.0114
26
02 Southern Ry 454s & 6s8.05 4 FM
Mountain Producers__ 10
.2532 2538
Equipment 66
5.30 5.05
Vatican Eagle 00
6 .412 512 Toledo & Ohio Central
5.50 5.10
Rational Fuel Gas
100 130 132 Union Pacific 7s
5.00 4.80
Salt Creek Cone 011
10 .911 938
Balt Creek Predncers_ 10
3411 3412
Tebaece Stock.
American Clem common 100 110 113
Public UtslIties
Preferree.
97
100 95
Amer Gae & Elan new
--AD *7812 80
Amer Machine & Fdry._10. 185 195
6% Ore! new
(I)
.91
92
British-Am
er
•27
Tobac
28
on.
11
Deb 64 2014
MAN
95
Bearer
23
gi .27
Miler LIM & Trae oorn.100 •97
238 242 Imperial Tob of GB & Irere
25
26
Preferred
100
115
117
Int
Clear Machinery_ _._1041 85
&mar Power & Lt oommon.. 6814
Joluuson
Tin Foil & Met. 10) 60
6.94
75
Preferred
100 95 97 MacAndrews & Forbes. _101 180 145
•
Deb Os 2016
M&B 9514 9614
Preferred
IOU 100 103
Amer Public Util corn._
-100 80
82 Mengel Co
45
10(3 42
7% prfor preferred_ _100
88
Porto Rican-Amer Tob..100 50
91
00
6% PertIc pre!
100 79
Universal Leaf Tob oom_100 64
81
67
Ageoelated Gas & El pli ()) •50
Preferred
07 101
51
104
Secured g 6149 1964 J&.11 100
102 Young 1.1 6) CO
101 123 126 ,
Blaekstone VaIG&E corn Mt
97
Preferred
100 104 110
Cities Service common...241 *95
Preferred
100 481
Rubber S
.
2 39
(Cleveland)
Preferred B
10 8334 8414 Firestone Tire & Rub eons 10
'
116 120
Preferred B-B
100 *73, 77s
6% preferred
100 99 100
Mho Banana Banters Edwin .77
7% preferred100 993.1 9912
79
Cront'w'itl) Pow Corp new(I)
General Tire& Rub corn. 60 103,4 395
•1918
Preferred
100 .39 -3-9-14
Preferred
Cleo Bond & Share prof.
87
8.8 Goodyear Tire & P. eoin 100 37
3713
830) Bond & 81. Sean 100 104
105 Gorely'r T & P of Can pf lon
94
Mee
Seotultlea
India Ire & Rub
100 151 158
Lehigh Power Securities.
Preferred
95 100
Igleglastupl RP, Pow corn 100 .185
187 Mason Tire & Rub oom.(t) *Ii2 214
Preferred
190
Preferred
Rio 10
15
IMO mho /Se 1961.--J&J 50 100
97 Miller Rubber can]. new 11
0 10
37
F a deb 7s 1938_ _MAN .95
)13 3"1
9938 9978
Preferred
101
Rat Power & Lt corn WI.. 102
Mohawk
Rubber
80
100 75
Preferred
(I) 3538 3534
Preferred
80
85
Income 70 1972
.140.1 901 103 Seiberling Tire & Rubber (I)
2814 39
Borth State. Pow oom_ _100
10312 10112
Preferred
97
100
93
Preferred
100 131 133 Swinehart Tire & B oom_100
--Nor Texas Elea Co oom_100 100
Preferred
101
_
Preferred
100 35
40
Pacific Gas & El let pref..100 55
60
Sugar 'tacks
Power Securities com
(t) 98
19) Caracas Sugar
212
50 •1
Second preferred
.11
14 Cent Aguirre Sugar coin_ 20 wits 7812
Coll trust 64 1949.__J(2)
&D
23 Fajardo Sugar
100 137 143
Incomes June 1949_.F&A .18
Federal
Sugar Ref corn..100 50
91
55
Puget Sound Pow & U. 100 .85
•78
Preferred
82
85
ti% Preferred
100 50
53 Godchaux Sugar. Inc -(0 *6
7% preferred
100
Preferred
86
100 32
37
1st & ref 5140 11149J&D 84
107 109 Holly Sugar Corp corn (23 *3)5
34
Republic fly & Light-100
Preferred
9912 10014
100 78
84
Preferred
100 73
Juncos Central Sugar.. 100 _ _
South Calif Edison oom_100
1)3
95 National Sugar Refining 100 110 112
8% preferred
127 128 'New Niquero Sugar_
100 -- - - 80
Standard G&EI 7% tr. 01 100
100 135
Santa Cecilia Bug Corp
Tenn Mee Power let ts
7% OR fcif Savannah Sugar oom__Pf100 •139 1413
Western Pow Corp p1..104)
Preferred
98
99
100 114 117
Weft Missouri Pr 7% Mr
96
99 Sugar Estates Orients p1 100 37
42
94
97
Short Term Securities
Industrial&Miseell
Anaconda Cop M le 64'29J&J
American Hardware
25 *95
97
OkinR 1 & Pee 681929 J&J
Babcock & Wilcox
100 145 147
federal Bug Ref Os'33.1"A&N 102% 103 Ben
9912
(E W) Go new
(I) .27
2f)
Hocking Valley bit 192600103 991s
Preferred
94
06
50 •53
57
Lehigh Pow Bee es '27_ Pa A
Borden
Ukisotiri Pacific 61 '27 J&J 100 1001s CelluloidCompany eons...(1) •100 102
Company
100 20
25
Moge-Sheff r3.k1 Oa '29.F&A 101 10138
Preferred
10018 10012
100 67
72
V714 (lent 61te Apr 1527
102 10-9, Childs Company pref APO 118 11912
Hercules
Powder
10013
100 135 140
10078
Milne 8511 Land Mb Bends
Preferred
100 112 115
ChM Jt Ott IA St 64_1961 1001
10112 International Silver pref 100 z104 110
Si 1962 opt 1932
Lehigh
Valley
Coal Sales 50 314
10014 10214
85
fo 1963 opt 1933
101 103 Phelps Dodge Corp
100 124 126
5345 1951 opt 1931
102 10412 Royal Baking Pow corn 100 195 200
4504 1952 opt 1932
Preferred
1001 10112
_Ann int 103
1114. 1052 opt 1932
091 10034 Singer Manufacturing.--100 378 383
414s 1964 opt 1934
lot)
434e 11)6300* 1983...- low 101
all. 1955 opt 1935
100 102
Pa'Coast of Portland. OreBs 'Sob ont load.. MAN 102 1033s
OS 1954 op 1:34 ..MAN 10118 102%
1
g)) *74'2
•.
4 • •••
I
•
•• •
k.•
rued dividends
New stook. f Flat price. A L.st sale. n 4omireal. x Fix-dividend
p Ex-rigbla
virs-atook dividend
s Bale unto. rOaasdlan quotation. •En-Interest.
6 ROAMa. a•
vav,
83
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dec. 26 to Dec. 31, both inclusiv (Friday
e
,
Jan. 1, being New Year's Day and a holiday
on the Exchange):
mars.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low, High. Week.
Bonds-
Amt.r - d & Tel 4s....192t)
_ _1929
9634
Ati C,& W I SS L 5,.1959 7394 964
7315 7334
Chic Jct Rys & 1.7 S Y 58'40
9834 9994
Current River 53
1927
9934 9934
E Mass St RR Ser 13 ,5s1948 68
66
68
Hood Rubber 7s
1937
10494 10434
K C Mem & 13dg 4s... _1934
9234 9234
Karstadt(Rud)7s_ ___1930
97
97
Masi Gas 51(s w l....1940
993-4 100
4349
1929 98
98
98
Mi9.9 River Power 5s_ _1951
9994 9935 9934
New England Tel 5s..1932 10035
10034 10034
P c Pocall Co 78 deb_ _1935 109
109 113
Swift & Co 55
1944
9944 100
Western Tel & Tel 59..1932 10094 100% 10034
..,... In,.
rn
an
Range Year 1925.
Low.
High.
54,000 9334 Jan 9734
5.000 63
Jan 7894
20,000 90
Feb 100
1.000 9944 Dec 10034
8,000 66
Dec 78
8.000 1013-4 Jan 106
1,000 91
Apr 9334
5,000 97
Oct 97
21,1)04' 9934 Dec 100
2,000 9734 Feb 9994
17,000 95% Jan 100
6,000 9915 Jan 10134
Aug 120
7,000 101
8,000 9734 Jan 10034
14,000 92% Jan 100%
n Ann
en
rs.s.
Sept
Sept
Sept
June
Mar
July
Aug
Oct
Dec
Dec
Juni
Aut
Sept
JuM
Juni
NO NZ
Nrgo
Pittsburgh Stock Exchange.-Record
of transactions at
Pittsburgh Stock Exchange Dec. 26 to
Dec. 31, both inclusive
(Friday, Jan. 1 being New Year's
Day and a holiday on the
Exchange), compiled from official sales
lists:
T.
' bales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low, High Shares.
Stocks-
Range Year 1925.
Low.
High.
Allegheny Trust Co_ _100
205 205
5 205
July 205
Jull
Am Vitrified Prof of
91
94
60 85
May 98
Seta
Am Wind Glass Mach_100 77
77
77
240 75
Nov 110
Mar
Arkansas Nat Gas. com.10
615
635 634
3.574
53-4 Apr
844 Feb
livers (A M) Co pref__100
03
99
15 93
July 9954 Oct
Carnegie Metals
10 1834
1834 Pi%
195 14
Nor
Aug
20
C denial Trucks
100
225 225
5 19))
Dec
Jan 240
Devonian 011
17
17
17
210 1434 Oct
Oct
18
Indep Brewing pref .....5')
6
6
100
4
Feb
8
Seel
Jones & Laitglillti pref _100
114 114
10
11114
Oct
Jan
116
Lone Star (1st.
25 51
4514 55
7.963 32
DM
Jan 55
Nat Fireproofing corn_ 5n •
1835 1844
100
Jan
1934 Dec
Preferred
50 394 3994 3934
315 3134 Jan 3914 Nor
Ohio Fuel Carp
25 3434
3434 36% 4.322 31
Apr 3734 Not
Oklahoma Natural Gas_.25 33
32% 33
87
26
Jan 34
Der
Pittsburgh Brew pref._51
13
13
13
10
6
May
15
Herd
Pittsburgh Coal. com __Ill°
4094 4094
20 3934 May 54
Jar
Pittab & Mt Shasta Cop_ .1
2c
4c 24,500
2c
Oct
9c Pet
Pittsburgh 011 & 0as.....5
594
554 594
225
5
Aug
834 Fe)
Pittsburgh Plate Gkuss_100
300 304
79 255
Del
Aug 308
Pitts Steel Fdy, corn
•
31
3134
45') 181.4 Sent 3134 Del
Pref•rred
100
77% 774
15 69 June 7754 D"
Solt Creek Can Oil
10
9
994
745
934
634 Oct
954 Not
Stand PI lte Glass nref _100 3034
3035 31
250 30
Pet
Aug 79
Wand Smolt Mfg Cons 25 11894 11834
11934
101 100
Jar
June
136
Tidal Osage 011
in
los 1014
Inn
83-4 Jan 134 Fe
U S Glass
25
19
1034
285 13
Apr 2034 Jar
West'hosse Air Brake_ _50
12594 127
75 97
Apr 1403-4 Aul
West Penn Rya pref _100
9034 9094
10 89
Fel
Apr 95
RightsLone Star Gas
63-4
5
5
131
Do
354 De?,
5
Bogds-
_
Inan
•No par value.
Note.-Sold last week and not reported: 86 Amer. Vitrified
Prod., pref. at 9334:
10 A. M. Byers Co.. pref. at 9834:2 Colonial Trust Co.
at 230:109 Devonian 011 at
16% 6;17: 15 Pitts. Steel Foundry, pref. at 7734; 1.5 West
Penn.
Rye.. pref. at 90)(3
2.588 Loan Star rights at 5.
Cincinnati
Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Dec. 26 to Dec.
31, both inclusive
(Friday, Jan. 1 being New Year's Day
and a holiday on the
Exchange), compiled from official sales
lists:
Stocks-
lburs.
Sales
Last Week's Ranee for
We
of Prices.
Week.
Par. Price. Low. High Shares
Am Laundry Mach com_22 11294
Amer Rolling Mill com_ _2: 5234
Preferrel
10( 109
Baldwin corn
10( 211
Buckeye Inc
10) :30
Carey (Philip) cowl_ _10( 177
Champ Fibre pre
10( 103
Churngold Corp
" (38
Cin Union Stock Yds_ _10( 155
City Ice & Fuel
' 25
Eagle-PlIcher Lead com_20 34
Formica IninlatIon
• 2534
French Bros-Bauer com • 1594
Gibson Art cum
• 3694
Globe Wernicke com__ _100 97
Gruen Watch corn
• 3734
Preferred
100 10194
Johnston Pain pref _ _ _ _10(
99
Kroger corn
10 12694
New preferred
101 11094
McLaren eo-n
' 20
Paragon Refining com_ _2r
734
Procter & Gamble com_ _2( 13934
Pure 011 8% nref
100 105
Putnam Candy corn
• 2294
13 S Playing Card
20 143
US Print & Litho com_l00 8135
Preferred
100 94
U S Shoe com
•
694
BanksFifth-Third-Ifnion units100 320
14045 143
52
5234
10834 109
211
211
2934 30
177 177
103 103
68
6894
155 155
25
2535
31
3535
2534 2534
1534 153t'
3694 3635
90
97
3634 3734
10494 10494
97
99
124 12634
11035 11034
20
2094
734 8
13744 140
106 10634
2214 2234
13935 143
8134 8194
92
94
63f 6%
320
Public UtilitiesCincinnati & Sub Tel_ _ _ 5f 8311
833-4
CM Gas & Elec
8094 89
10(
CM Gas Transportation10( 113
113
C N & C Lt & Trac corn 101 8335 8335
Preferred
101 67
67
Ohio Bell Tel prof
100 10934 10954
TractionsCln Street Ry
bf
339
32234
84
89%
113
8335
67
10994
3334 3434
Range Year 1925.
Low.
79:
72
Fa.
777 47
Jar
7( 10135 Yet1 198
Fel
21
30
No
4 135
Jar
1(
9934 Jat
4(
48
Jar
2. 129
Jar
201 25
De(
2,42, 31
Mai
201
1834 Mar
11
10
Mai
201' 35
Apr
2,821
8294 Boni
21 30
Yet
17 10035 Jar
104
Der
97
92F 7345 Mar
8' 11034 Jar
238 19
De
11r
534 Jan
749 112
Jar
If 107
Mar
7 22% Sept
71 10754 Ma,
IF 59
Fet
De,
11
92
90
545 Apr
21
275
High.
161
5734
1 1 1 34
220
6534
185
105
79
15234
10334
4094
32
16
30
DO
38
10494
103
14134
11335
2094
10
140
108
23
155
8214
10(4
1014
Nov
Jan
May
Jan
Nov
Nov
Apt
Sept
Nov
NON
Jar
Sell
Dec
Feb
Des
Nor
Die
Feb
Oct
Jull
Det
Jul)
Dei
Oci
Sets
Not
No)
Jar
Fel
Jar 32234 Not
48 7634 Sep' 94 JUDI
Jar 90
231' 82
Mai
31' 103
Jar 126 % Sep
Jar 84 Jun,
7" 75
Apt 67
21 60
De
m 106
Mat 110
Mal
200
3134 Aug
3934 Sep
Railroads(
.
..7 Cl A.9`P nraf
•NO par value.
1 NI
1 A I ...4
Int 4.4 10154
42 10114 May 105
Jul:
THE
84
[Vol.. 122.
CHRONICLE
Chicago Stock Exchange.-Record of transactions at
St. Louis Stock Exchange.-Record of transactions at
both inclusive
St. Louis Stock Exchange Dec. 26 to Dec. 31, both inclusive Chicago Stock Exchange Dec. 28 to Dec. 31,holiday
on the
(Friday, Jan. 1, being New Year's Day and a holiday on the (Friday, Jan. 1 being New Year's Day and a
Exchange), compiled from official sales lists:
Exchange), compiled from official sales lists:
Dec
Dec
Feb
June
Apr
250 June
834 Dec
84 Dec
Nov
May
Feb
June
Dec
Nov
Jan
Apr
Jan
Mar
Apr
June
Feb
Nov
Dec
Aug
Nov
Oct
Feb
Nov
Nov
Dec
Dec
June
Feb
Mar
May
Apr
Dec
Apr
Dec
Dec
Nov
Dec
Oct
Jan
Aug
Dec
Dec
Oct
Oct
Nov
Jan
Nov
Dec
Oct
Nov
Sept
Feb
Dec
July
July
Dec
Aug
Aug
Oct
ATP
Sept
Jan
Sept
Nov
Oct
Oct
Dec
Nov
51% Oct
Oct
68
Oct
65
1154 Dec
Dec
35
Dec
17
Dec
98
314 Nov
Oct
63
Feb
50
92 Sept
464 Dec
Dec
107
Oct
Nov
Sept
July
Tun
36
31
69
5034
27
102
3736
37
70
40
102%
8%
9734
110%
3355
107%
5435
16%
75
107
55
41%
315(
105
122%
96
40
56
May
Dec
7434 Dec
7355 Dec
flee
1 A9..4
•No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Dec. 26 to Dec. 31, both
Inclusive (Friday, Jan. 1, being New Year's Day and a
holiday on the Exchange), compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Year 1925.
Low.
High.
3750
101 101
5634 57
1014 101%
535 5%
86
84
110% 111%
135 135
53
53
39
38
1736 17%
2536 2536
1836 194
290 290
34
34
754 7534
624 63
654 635
2936 2936
334
3
106 114%
33
'32
234 234
8036 804
724 7236
' 54
5636
7334
73
4734 48
5455 58
5634
54
4236
41
51
50
122% 12235
50% 5136
57
5736
1236 1436
9934
99
165 165
2362 9-15
44 5
384
38
,20254 20255
118 12435
634 654
89% 8936
4
4
45
45
58
58
3636 374
50
134
42
200
6,003
90
185
95
90
1,700
75
175
45
50
50
1,166
312
55
3,000
22,366
894
100
5
131
7,569
191
120
103,430
22,968
200
35
20
3,234
406
1,855
46
15
15,525
1,340
657
20
31,964
200
125
10
382
7
200
92
37
91
535
4534
107%
95
48
38
17
25
954
227
1736
7554
4636
8
20
3
8036
21%
255
764
60
4236
70
373.4
3736
4636
41
46
10636
40
56
1036
96
165
34
1%
38
19954
7935
4
67
334
3135
4136
35
Jan
Jan
Oct
Dec
Jan
Apr
Mar
Nov
Mar
Nov
Feb
July
Jan
Jan
Dec
Feb
Jan
Apr
Aug
Mar
May
Dec
Feb
Jan
Apr
May
Apr
Apr
Dec
Dec
May
Nov
Jan
Nov
Oct
Jan
Dec
Jan
Mar
Dec
Jan
Mar
Apr
June
Nov
Jan
Aug
Oct
Oct
June
Apr
Mar
July
Dec
Nov
Jan
Jan
Mar
July
1936 Dec
Dec
300
Oct
42
7534 Dec
Jan
70
94 June
35 June
74 Feb
11430 Dec
Nov
37
234 Dec
80% Dec
Dec
73
5636 Dec
85% Jan
4950 Aug
Dec
53
5636 Dec
4236 Dec
5434 Nov
12436 Nov
5136 Dec
6336 Mar
18.4 Jan
1004 Oct
Dec
165
2 9-16 Dec
5% Nov
44 may
Oct
205
12455 Dec
634 Oct
Nov
103
7% Jan
Aug
48
Dec
60
Aug
33
Bonds3,dv Bag de Paper 7s..1943
timer Gas & Elea 5s_ _2007
Elea & Peopleatr ctts 48'40 5835
Keystone Teiep 1st 50_1935
Lehigh Vali annuity 6s___.
Peoples Pass tr ctfs 48_1943
Mills Co cons&coll tr 58 '51 9630
Stampd sk fd & red 1951
1960'
?Mkt Elec 56
1960 mg
lst 5s
1947
5148
1953
534s
1941 10654
t3s
Int. TA 1037
101 101
9234 93
5734 5834
9136 9136
12751 127%
64
64
9654 9634
9634
05
10136 10136
102 10334
10635 10654
107 107
:10654 108
' 9534 9534
5,000
1,500
25,000
5,000
1.000
2,000
2,000
2.000
14,000
18,600
11,000
5,000
7,000
2,000
100
87
57
8234
12355
5934
9355
9334
100
100
10354
10434
106
92
Oct
Apr
Jan
June
Jan
Nov
Jan
Jan
Aug
Aug
Jan
Feb
Jan
Jan
101%
94
65
9254
127%
70
084
98%
104
10454
107
10736
10836
Abbotts Al Dairy pref __IOC
lf.
Alliance Insurance
Amer Elea Pow Co pr._50
Amer Ship & Com Corp_ *
•
American Stores
Bell Tel of Pa pref
100
Brill(JO)Co
Ruff&Susq Corp pf vtc_100
50
Cambria Iron
•
Gongoleum Co Inc
East Shore G & E 8% pf _25
100
Eisenlohr (Otto)
50
Fire Association
Giant Portland Cement.50
•
Gimbel Bros, Inc
Insurance Co of N A__10
_50
Keystone Telephone_ __SO
50
Preferred
Lake Superior Corp_ AOC
5(
Lehigh Navigation
10
Lit Brothers
Manufactured Rubber_ _1(
50
Northern Central
Penn Cent L & P cum O..*
50
Pennsylvania RR
Pennsylvania Salt M fg _ _ 5(
Pa Co(Pitts)pf(cum 6%)50
25
Phila Electric of Pa
Full Paid Receipts
Receipts let Paid
•
Phil& Insulated Wire
50
Phila Gtr & Norris
.5C
_
Transit._
Rapid
Phil.
Philadelphia Traction...50
50
Phil& & Western
Scott Paper Co pref _._100
thirteenth&FifteenthSts 50
Tono-Belmont Devel_ __I
1
Ponopah Mining
50
Union Traction
100
United Co.of NJ
50
United Gas Impt
Victory Park Di Imp Co 10
Victor Talking Mach Co__
Warwick Iron & Steel. AO
West Jersey & Sea Shore _5C
50
'Westmoreland Coal
5C
vork jtallwayspref
•No par value.
57
854
11151
135
53
19
6236
6%
354
114%
3235
7234
5634
55%
5136
5734
1336
38
122
45
1014
60
10454
1136
SS%
112
145
53
40
43
27
95%
Dec
June
Mar
June
Dec
Jan
Sept
Sept
Sept
Sept
June
Oct
June
Dec
All Amer Radio, Class A-5 19
Amer Pub Serv, pref._100 964
Amer Pub UM Co, pref.100
American ShiPbuilding_100
Armour & Co (Del), 96_100 9636
Armour & Co, pref____100 9036
Common CIA v t c_..25 2336
Common Cl B v t o_..25 1655
4
15
Armour Leather
Auburn Auto Co, com 25 49
Balaban & Katz v t.3_25 7034
454
Beaver Board v t e B_ ___*
Preferred certificates-100 3834
Bendix Corp Class A-_ _ _10 32
• 2955
Borg & Beck
Cent SI Pub Serv, pref.._' 89
Cent Ind Power, pref__100 8955
•
Cent SW,7% pref
•
Prior lien preferred
1155
Warrants
Chic City dc Con ICY pt oh-•
530
•
Preferred
Chicago Fuse Mfg Co--• 33
Chic NB & MIlw, com_100
Prior lien preferred_ _100
100 80
Preferred
Chicago Rys part ctf See 1_
155
Part ctf Series 2
Chicago Title & Trtuit._100 550
Commonwealth Edlson.100
535
5
Consumers Co,new
100
Preferred
•
Continental Motors
25 58
Crane Co
Cudahy Packing Co--100 943-4
50
Cuneo Press "A"
30
D'aniel Boone Wool Mills 25
Decker (Alf) at Cohn,Inc-• 3851
100 12654
Diamond Match
Electric Research Lab__• 3234
Evans & Co,Inc, Class A-5
• 33
Fair Co(The)
100
Preferred
Foote Bros (I3 az M)Co--• 15
64
•
Godchaux Sugar
• 3854
Gossard Co (H W)
254
Rights
Great Lakes D & D__._100 158
Hibbard,Spencer Bartlet.25
10 2 55
Hupp Motor
• 51
Hurley Machine Co
25
Illinois Brick
Illinois Nor IRO, pref-100 91
Kellogg Switchboard- - _25 3434
Kentucky Hydro-El,if.100 93
25
Kraft Cheese Co
La Salle Ext Daly, Ill_ -10
855
Libby, McN & L, new--10
250
10
Lindsay Light
7
10
Preferred
• 18
McQuay-Norris Mfg
Maytag Co
Middle West Utilities_ _--• 115
100 9735
Preferred
Prior lien preferred_100 107
Midland Steel Products_ •
Midland Util prior lien-100 99
100
Preferred "A"
%organ Lithograph Co.-. 584
Vat Carbon, pref, new_11111
VatiElecPow"A" w• 25
Liao
Preferred
430
10
lational Leather
Vorth American Car CI A.•
Vor West USI pr In pf-100
)mnlbus. pref A, w I-100
Voting trust ctts w 1 a_.• 15
• 224
?ennsylv & Elec wi
10 21%
Pick (Albert) & Co
5 60
?Ines Winterfront A
Pub Serv of Nor Illinots • 131
Pub Serv of Nor Illinois.100
100
7% preferred
100 130
titiker Oats Co
100
Preferred
leal Silk Hosiery Mills_10 58
10 234
leo Motor
lellance Mfg Co,Pref._100
lyan Car Co (The)---25 16
Ham, Roebuck & Co_100
10 Colo Pow Cl"A"com.25
Hand Gas & Elec. pref....50
Itewart-Warner Speedom.• 92
100 11334
iwift & Co
15 21
Wilt International
25 464
Thompson (J R)
Onion Carbide & Carbon _• 7834
Jnited Biscuit, Class"A".• 5854
Salted Iron Works v t c_50
Jolted Light & PowerCommon CIA w I a_ _.• 127
•
Common Cl B w I a_
Preferred CIA w I a__• 9034
Preferred Cl B w I a--• 5034
4
Rights
Jolted Paper Board_ _100
140
20
GYPsum
JB
630
Jniv Theatres Cone Ci A-5
•
Testa Battery CorP
•
9%
Wahl Co
Ward (Montgom) & Co-10 8055
100
Preferred
• nog
Class A
Williams 011-0 Matic.com• 1634
•
Wolff Mfg Corp
Voting trust certificates•
8
Wolverine Portl Cement-10
• 5434
Wrigley Jr
_6 30%
(ate. Mach part pref_..•
fellow Cab Mfg, Cl B-10 304
100
Preferred
fellow Cab Co,Inc (Chic)• 4955
BondsMk City & Con Rye Sii'27
:1111cago Railways 513_1927
1927
5s, Series A
1927
4s, Series 13
:lommonw Edison 58...1943
detr W Side El Ist 49_1938
Pavilt & Co lat s f g 58-1944
•No par value.
2034 1.860
18
SO
9655 9634
100
80
79
115
73
73
295
9636 97
515
PO% 9036
1.245
2336 24
1635 1636 2.900
4
4
570
4734 49% 1,725
68
7036 2,550
300
435 454
810
30
35
3254 1,200
31
2934 2934 1,350
375
8854 90
20
8935 8955
665
894 90
185
9834 9855
680
11
1136
200
34
30
350
554
5
355
33
32
695
4834 50
20
9934 100
20
80
80
9
9
ao
1
134
380
50
530 550
670,
138 13934
2,300
534 6
80
8254 83
100
1136 12
185
59
58
ao
944 9454
50
47% 4734
700
31
54
600
3854
27
81
12655 128%
3136 3234 1,370
100
2850 2834
3451 1,370
33
30
105 105
143-1 1511 . 715
100
630 631
3836 3836 1,400
235 2% 2,810
700
153 163 •
150
75% 78
482
26% 2736
5454 1,835
51
3755 3854
330
305
91
90
844
35%
34
59
93
934
8834 904 1.900
910
1434 1434
84 8% 1,900
185
2
236
100
655 7
710
18
15
200
22
22
655
114 115
710
99
97
215
10655 107
50
4754 48
465
9954
99
30
97
96
57% 5854 1,125
50
13755 13735
695
2454 25
115
94
93
454 1,490
4
2834 29
135
91
126
9334
92
50
92
1434 154 1.390
710
2236 2355
2134 21%, 75
5834 62
7,765
131 132
192
130g 131
55
25
110 110
100
130 132
105 1054
50
57
5534 2,345
2254 2334 1,026
874 8754
50
425
16
16
100
232 232
340
25
25
54
10
54
8834 93
30.350
11334 11355
585
27.500
1950 21
1,870
4835 47
7735 78% 2.795
524 564 15,400
155 2
800
•
125 137
2,900
450
151 160
0036 93
840
51
50
550
2% 4
11,200
32
300
3234
140 158
1.595
630 6% 1,550
15
15
110
934 10
3,220
8134 2.325
80
85
1123-4 115
no 111
480
1636 17
3,140
120
8% 9
30
84 835
350
734 8
5436 554 2.135
2914 3034 14.350
2934 3234 2.690
9255 9254
33
484 494 6.620
50% 5154 $49,800
7754 '7734 4.000
5435 22,100
54
38
3834 25,000
10254 10254 1,000
724 7254 1,000
9934 9915 9934 6,000
5015
54
36
Range Year 1925.
Low,
High.
3650 Feb
9636 Dec
8535 May
85 Sept
Oct
99
Feb
94
Oct
29
Oct
21
July
6
5635 Nov
8335 July
Apr
7
40
July
3836 Sept
3230 Nov
9136 Mar
93 May
904 Nov
100 Sept
1434 Nov
154 Jan
935 Jan
3934 Apr
5254 Dec
100 filePt
Dec
83
10
Jan
Mar
2
Dec
550
141% June
64 Dee
89
Oct
16
Oct
70
Feb
1064 Oct
51
Oat
14 Sept
384 Dec
132
Oct
3734 Jan
31151 Oct
39
Oct
109% July
1634 Mar
1034 Oct
44% Deo
flea
3
195 Sept
7634 Oct
304 Nov
56
Jan
4154 Dec
92% Apr
48
Jan
Des
94
9934 Sept
22
Aug
935 Oct
234 Feb
Dec
7
1954 Sept
2634 Oct
125
July
Dec
99
108
Nov
57
Aug
101 June
97
Nov
50
Aug
13734 Dec
27
Oct
9636 June
6% Jan
29
Jan
95
Feb
9555 Feb
1736 Mar
24
Dec
2334 Oct
Jan
74
13230 Dec
Dec
131
Nov
111
Dec
137
106
July
754 Feb
4235 July
8754 Nov
254 June
232
Dec
28
Nov
Nov
56
9636 Dec
12034 Feb
36
Jan
5034 Oct
8030 Nov
5554 Dec
Jan
5
16654
180
99
5654
1054
' 3354
206
53
24
2354
8434
120
123
1754
10%
104
144
57
3130
4830
9834
5555
ggqvIgs!
Feb 230
Jan 159
Stocks-
Sales
Thurs
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
..t*'4F.'*>.
30 205
230 230
First National Bank _ _ _100 230
3 143
156 156
Nat Bank of Commerce 100
Street RailwaySc
183
20c -___
United Railways coin_.100
4
33
100
834
Preferred
430
122
836 836
Preferred ctf of dep-100
Miscellaneous599 28
---. 30%
• 30
Bauer Sternberg Co
10 21
31
Berry Motor
100 424
-___
iii
•
Best Clymer Co
240 38
414 42
• 42
Boyd-Welsh Shoe
fIC 26
26
Chicago Ry EuulP pref_25
65 100
100
100% ---EL Bruce pref
22%
500
34
33
34
25
com
G
Dry
Walker
Ely &
170 30
__-33
Fred Medan Mfg cora__•
20 4434
__-_
58
Hamilton-Brown Shoe__25
1,365 3155
34% 36
• 36
Huttlg S & D corn
6 100
__ - 102
100
Preferred
6
15
634 __Hydraul Press Belt corn 100
430 115
____ 178%
International Shoe com_ _• 174
17/ 106
100 1104 110 110%
Preferred
80 26
26
•
Ind Pkg com
10 102%
____
107
100
Preferred
JohansenShoe21 39
78.1 13%
___
ii
•
Mo-Ills Stores corn
251 41%
61% 62
Mo Portland Cement-25 62
41 88
-- -- ---National Candy com._ _100 90
20 35
--- • 38
Pedigo-Weber Shoe
60 3755
5734 _ 7 _ _
Polar Wave Ice & F
590 25%
Rice-Stlx Dry Gds com
25%-- 26
20 100
____
loi
Second preferred_._ _100
171 104
120 104
Scruggs-AT-B D G com._100
5 92
____
94
Second preferred__ _100
20 41
•
4655 ____
Securities Inv com
36
10
5231
52
52
•
"A"
Bros
Skouras
10 '51
___
51
Southern Acid & Sulph COTT
51 107%
112% 113%
Southw Bell Tel pref._ _100
600 33
344
3434 34
Stix Baer at Fuller
250 1630
16% ____
St Louis Car Co
11 97
100
Preferred
80 26
26
Sheffield Steel
10 50
iiii iii
SD Amus A
240 2634
34
3431
Wagner Electric corn_ _ _ _• 34
7 79
Preferred
100 824 81% 824
45
197 44
44
44
Won Waltke
40 105
107 107
100
Preferred
Mining200 20
30
30
10
Granite BI-Metallic
65 42
5336 5436
Cons Lead & Z
Bonds9 68%
73
73
A934
4s_
Ra1lways
United
9 684
7335 7355
4s ctfs of deposit_ _1939 7334 in9tz
I 1n91..
in9u
a.........._17," T1 el Is IORR
High.
. .
.a
tEttlit...taZt.ZaVg.ft4t: tgen52gggriartSeSronzt?.%VgaMftSraa.srAM. a=14=4:2g2.R.ZE=1;8 tg.ez.g.t18 &Vat'. ©a
X XX XXXXX X
X XXXXXXX
x =
XX
x xx
X x
xx xxx XX = XX XXX XXX
xx xxxx
x xx
xxxx xxxx
-.5,400WW>›suWZZWX4.4>Vg
,
t4.4,
.>>410
4%4%...4U..,
-.)...4 .4UX!;!U>r.,c;U4tiX44:
.'arcJWT>s›...4>X>osZ.-.XU,
-taJO>Xoos-,4>t,
,
t'ol:J
,zp.<gg5IgoaRlinaagPiggsign @.g.1.727;4.gug$'nt.v.,:zogg..5gNWPAI,,gagEVAlgogagng,gg4nnggPAM-4EInaggagc‹EnM4qaaTIIIATC4R7.MInggWP,vinv.7,42
Range Year 1925.
Low.
_
ggSgr,Vt
xx x
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Oct
Sent
June
Dec
July
Deo
Sept
Jan
Jan
Feb
Dec
July
Jan
Dec
Mar
Nov
Jan
Oct
Aug
June
Oct
Jan
Mar
63
8555 Feb
78% May'
5635 t Mar
10255 Dec
80 (Mar
10034 Nov
•
JAN. 2 1926.]
THE CHRONICLE
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Dec. 26 to Dec. 31, both inclusive
(Friday, Jan. 1, being New Year's Day and a holiday on
the Exchange), compiled from official sales lists:
Thurs
sates
Last Week's Range for
Sale
of Prices.
Week.
StocksPar. MM. 1.410. • High. Shares.
•
Arundel Corp, new stk__50 344 3334 3454
735
Atlan Coast L(Conn)._ _50
25
26534 26534
Baltimore Brick
100 11
104 11
60
Baltimore Trust Co_ _ _ _50 147
14655 147
45
Baltimore Tube
100 2234 2255 223.4
30
Benesch (I), corn
40
10
40
40
Preferred
•
25
27
27
20
Cent Teresa Bug pref.__ _10
.75 .75
370
Century Trust
50 155
153 155
11
Ches&Po Tel of Bait pf 100
112 112
6
Commercial Credit
• 4554 4515 4734
101
Preferred
25 2656 2556 2656
209
' Preferred B
25 27
27
27
731
Consol Gas E L & Pow_ • 44% 43% 4455 . 134
6% preferred
i()0
103 103
20
615% preferred
100
10834 10854
43
7% preferred
100 11054 11034 11054
20
8% preferred
100 124
12356 124
48
Consolidation Coal__ _ _100 49
49
5235 1,053
East Roll Mill, new Mk_ • 41
41
41
360
Fidelity & Deposit
50 120
120 120
162
Finance Co of America _25
56
56
60
Preferred
25
28
2856
78
Finance Service. Class A 10
2054 2056
80
Houston Oil pref tr ctfs.100
89
89
5
Manufacturers Finance_25 65
65
60
1,913
let preferred
25 22
21
2231
633
2d preferred
25 2355 23
24
121
Trust preferred
25
2235 2235
243
Manufacturers Finance Ms. .30
.30
14 22,113
Maryland Casualty Co_ _25 101
101 10114
59
Merch & Miners, new__ ....• 4434 44
45
942
Mortgage & Accept, com_s 24
2335 24
215
Preferred
50
4355 4356
5
Mt V-Woodb Mille v t r 100
16
16
79
New Amsterd'm Cas Co_10 6455 5434 553.4
288
Silica Gel Corp
• 19
20
1,645
18
Union Trust
50 226
226 226
5
United fly & Electric...50 1755 1755 1755
130
US Fidelity & Guar_ _ _ _50 218
216 218
45
Wash Bait & Annap_ _ _ _50 154 1554 1534
8
Preferred
50
2534 2554
10
Weet Md Dairy,Ine, corn_• 95
92
95
169
Preferred
50
5234 53
9
Bonds- •
Bernheimer-Leader 7s 1943 1004 10015 10055 3,000
Consol Gas gen 455s._ 1954 954 954 9535 2,000
Consol GEL&P6s. Ser A '49
106 106
8,000
Iron City Sand&Grav 68'30
98
98
1.000
Md Electric Ry 6555_ _1957
92
92
3,000
United fly & E 4s._ _ _1959
664 6634 20,000
Income 4s
1949
4834 484 2,000
Funding 58
193f
68
68
2.000
135. when issued
_ _194P
9135 9155 5.000
Wash Balt & Annaprts
_- 1941 73
73
73
9.000
'No par value.
Range Year 1925.
Low.
High.
204 Mar 3935 July
160
Jan 272
Dec
6
Jan 11
Dec
11114 Feb 150 Sept
18
Oct 32
Jan
384 Jan 40 May
25
July 2714 Aug
.75
July
2
Jan
106
Jan 155
Dec
11035 Jan 1144 June
2235 Mar .55
Dec
24
Apr 27
Nov
234 Sept 2734 Dec
32
Jan 4755 Aug
102
July 105
Oct
105
Apr 11056 Sept
109
Mar 114
Sept
122
Mar 12734 Mar
36 May 72
Jan
37
Nov 431.5 Dec
89
Jan 124
Nov
Apr 5934 Dec
50
Apr 2935 Dec
26
184 Jan 22
July
78
Apr 97
Jan
5054 July 73
Nov
21
June 25 June
22 June 26
Nov
21 June 2434 June
.30
Dec
2 Dec
8255 Apr 10255 Oct
44
Dec 47
Dec
1334 Jan 2435 June
43
Oct46
Oct
915 Apr 20
Nov
423.5 Jan 56
July
12 May 22
Jan
151
Mar 226
Dec
1554 Apr 21
Sept
179
Jan 218
Dec
534 Apr 1731 Sept
11 May 2554 Dec
Apr 96
44
Nov
51 June 55
Nov
9935
9235
1044
98
92
6634
48
6715
9155
58
Jan 10454 Sept
Jan 9535 Dec
Jan 10634 Sept
Dec 98
Dec
Dec 100
Mar
Dec 71 June
Nov 624 Jan
Nov 74
Nov
Dec 9654 Jan
Apr 77
Dec
New York Curb Market.-Official transactions in the
New York Curb Market from Dee. 26 to Dec. 31 (Friday,
Jan. 1, being New Year's Day and a holiday on the
Exchange).
Indus. & Miscellaneous.
Abraham ‘4 Straw;
•
Preferred
101
Ala Gt Southern.corn_ ..51
Preferred
50
Allied Packers common. •
Prior preferred
100
Alpha Portland Cement 101.
Aluminum Co com new_ •
American Arch Co
Amer Cyanamid,com__10(
American Gas& Elm)corn •
American Hawaiian SS__ If
Amer Lt & Traci corn- _ _100
Preferred
lot
Amer Pneum Berv, com_2/
Amer Pow & Lt cow new..
Preferred
101
Amer Rayon Products_ _ _ •
American Seating
100
Am Buperpow Corp CIA.'
Class B
•
Prior preferred
25
Amer Writ Paper corn._100
Assoc Gas & Eiec Class A _•
Atlantic Fruit & Sugar_ _ _•
Atlas Portl Cement new_ •
Babcock & Wilcox Co
Bliss (E W)& Co(tom._..•
Blumenthal (Sidney)& Co.
Blyn Shoes, Inc, corn_ _AO
Bohn Aluminum & Brass
Boissonnault(0) Co
•
Borden Co new
50
Bradley Fireproof Prod.__
Bridgeport Mach corn._ •
Brit-Amer Tob ord bear C1
Brooklyn City RR
IL
Brown Shoe Co w I
Browm At Will Tob CI B.10
Buff Niag & E Pow corn _ _•
Burdines Mc common w I.•
Can Dry Ginger Ale new_ _•
Car Ltit & Power coin_ 2:
Celluloid Co corn
100
Preferred
100
Central Steel cony
*
Centrifugal Pipe Corn---•
Checker Cab Mfg, CI A_ •
Chic Nipple Mfg Ci A _ _ _51
Class B
51
Cin Ind & West v t 0-100
20
Cities Service com
Preferred
101
Preferred B
10
Bankers shares
Cleveland Alit°mobile corn'
Cohn-Hall-Marz
Colombian Syndicate
Com'wealth Power Corp•
Common, new
100
Preferred
5354 53
5354
107
10614 107
994 10034
101 10154
335 434
3554 36
112 118
634 6415
126 126
148 148
80
78
80
11
11
114
238
235 257
115
115 115
435 414
6835 65
6855
95
9635
324 3254 3354
285 285
32
33
3555 324 3514
2534 2555 2515
60e
50o 50o
3334 2915 3334
880
796 88c
5254 5234
145
145 145
3054 244 3034
554
534 53-4
54 64
164 164
260 26c
9935 9954 105
70o
51c 700
13
13
1356
2634 274
755
74 74
46
46
1656 1634
354
3554 34
2155 2134
542
542
4354
2
2
1955 2014
68
68
7054 704
2614 26
2735
4354
2634
3854
84
2834
2•1
41
8754
esti
1114 4315
1154
43%
2654
13
3734
8334
714
19
284
33
234
600
1,000
200
30
300
200
ao
300
25
50
2.620
1.400
3,125
' 200
500
29,200
200
2.400
10
1.300
10,090
200
300
8,500
7,000
400
10
8,800
100
300
100
3.000
2.600
12,900
1.800
1.200
2,700
600
100
1.800
500
3,700
500
300
20
100
5.400
.600
400
400
2615
13
1001
383.4 6.600
84
1.200
714
300
19
100
3054 1.700
33
200
255 7,1500
384 41
13,400
87
873.4
200
al
AA Li
St9R
Range Year 1925.
Law.
=1.4 ,4,4r.4,-.4Xt›.W4TZuco:ju'E..tuXuoRtj>4.tX4Zm44m40.guoUXUt/TZoUt,
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Stocks-
to
O-IW
WW
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ow.www.v.tototootow&
Ia tooto.- toottowtoo.
ootowoo °coop!
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KXX 'XXXXA XX
XXX X XXXX *X' XXX
n A *XXX XXXX
XX X
X XX
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Week Ended Dec. 31.
High.
584
108
107
107
10
67
150
71
126
148
844
1834
288
Deo
Dec
Dec
Dec
Feb
Jan
Oct
Nov
Dec
Dec
May
Oct
Nov
11934 Nov
454 Dec
6815 Dee
98
Dec
517-4 June
329
Dec
4154 Oct
45
Oct
274 Sept
1
July
454 Aug
155 Mat
68
Oct
15954 Oct
35
Oct
534 Dec
834 Nov
19
Nov
355 Feb
105
Dec
700 Dec
14
Dec
2854 Apt
955 Feb
46
Dec
174 Oct
3535 Dec
2634 Dec
5155 July
54 May
2735 Sept
97
Jar
7.555 Nov
304 Not
2455 Jar
444 Dec
274 No'.
1774 Dec
43
Fet
8515 Dee
8
Aug
3134 Fet
32
Dec
3454 Sepi
234 No'.
4335 May
884 No'.
Ste
Mal
85
Thurs
Sales
Last Week's Range for
9071
8361 ANA"
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High Shares.
High.
Low.
Connor (John T) Co__ _ _10 45
4034 45
Bent 45
2,200 28
Dee
Consol Dairy Products....'
5
455 64 5.800
834 Nov
434 Dec
Cons Gas,E LAP Balt new* 4415 4355 4434
5.200 3154 Jan 47% Aug
Consol Laundries, w I
2435 2455 26% 20,000 2434 Dec 26% Dec
Consumers Co common_20
5;5 54
54 Dee
555 Dec
200
Continental Baking,comA* 118
117 121
Jan 144
July
1.900 108
Common B
• 30
28
42% Oct
214
43.700
304
Jan
8% preferred
100 9834 98% 994 1,500 9135 Jan 10634 Aug
Continental Tobacco _ -• 154 1515 1554 2,300
144 Oct 2634 Jan
Courtlauds, Ltd
3335 33%
Nov
100 334 Dec 41
Cuban Tobaccovtc
61
61
Nov
300 3514 Apr 75
Curtiss Aeropl & M,corn _* 214 214 62
221( 1,900 13
Feb 2635 Dec
Preferred
100
82
82
Mar 8855 Nov
100 55
Davies(Wm)Co, Class A •
3634
200 2514 July 3635 Oct
De Forest Radio Corp.--• 1054 104 3655
13
Feb
34
3.000
Dec
1054
Del Lack & West Coal_ _50
138 138'
150 12335 July 144
Aug
Denver Tram, new pref w I 3555 3554 374
Oct
500 3554 Dec 47
Devoe & Rayn CI B new.
8654
Dee
Oct 88
SOO 54
Doehler Die Casting.- -- • 1315 1335 88
Apr 204 Jan
1314
500 10
Dubiller Condenser & Rad* 114
655 1135 28,900
64 Dec 3534 Jan
Dunhill International_ _ _ _• 26
25% 2635
Jan
400 204 Sept 31
Duplex Cond & Radio v t 0.
33.4
1
14 1.100
Jan
1
Dec 17
Durant Motors, Inc
• 1254 1255 1354 9.300
Jan
9%
21
Aug
Due Co, Class A
• 15% 144 1535 1.406 1415 Dec 33
Feb
Class A vt.o
• 14
14
154 2,200 14
Dec 224 July
Eastern Steamship Lines-- 85
85
85
Dee
Oct
76
10
89
Eastern Texas Elec Co...' 90
85
9055
150 80
Oct 934 Dec
Edmunds & Jones, corn. _•
28
28
Feb
Dec 35
30 28
Eisenlohr(Otto)& Co-100 1955 1954 19%
1,400 1234 Aug 1934 Dec
Eitingon-Schild Co
37
37
3735
Dec 373.4 Dee
700 35
Electric Auto Lite Co_
•
72
Dee
800 6735 July 79
Elec Bond & Share.pref 100 105% 104% 7334
Sept 107 J1117
160 101
Elec Bond & Share Sec_ _ _• 7534 66 10534
75%
Feb
914
67,800
5535
AD
Elec Invest without war'ts' 724 67
724 15.400 40
Nov
Jan 73
Electric fly Secure, new..'
554 555
634 Dee
535 Dec
200
Electric Refrigeration w I._ 8814 88% 9154
70.200 88% Dec 9115 Dec
Emporium Corn w
• 39;( 3954 4014 2.100 38
Dee
Dec 41
Engineers Public Seri:com• 24
2334 2414 2,400 194 Sep
Aug
29
Preferred (50% Pald) • 9934 991( 99%
200 99 Sep 10054 imps
Estey-Welte Corp. CI A •
26% 26%
400 25
Nov
Nov 28
Fageol Motors Co. com_10 10
94 10% 5,600
eh Aug 1534 Sept
Fajardo Sugar
100
136
Dec
Feb 138
240 120
Federal Finance Corp cl A* 341‘ 3354 138
345(
400 3234 Nov 365( Oat
Class B
1615 1655
Dec 1955 Nov
300 16
Federal Motor Truck.._10
* 3614 355( 3715 1.300
30 Sept 47% Oct
• 18
Federated Metals
18
24
Dec 30 Sept
18
1.700
Film Inspection Mach __•
41i
454 454
44 June 1134 Jan
400
Firestone T & R.7% Pt.100
99
9934
Oct
90 96 June 100
Fisk Rubber 1st pref w 1_ _ _ 1094 109 10955
700 1034 Dec 10914 Dec
Ford Motor Co of Can-100 622
621
Oct
Mar 690
30 462
Forhan Co. class A w I_ _ _• 194 184 622
194 8,500 1755 Sent 2034 Nov
Foundation CoForeign shares Class A._ 554 55% 61% 24,600 5534
Dec 6254 Dec
Fox Theatres, CIA,corn.' 32
31% 32
24.800 20
Dee
Nov 32
Franklin CH H)Mfg,corn.8
324 34% 1,800 1615 Apr 4215 Jul).
Freed-Eisemann Radio. _•
735
7
814
64 Dec 3355 Jan
Freshman (Chas) Co
• 174 1655 17% 8.000
5.200
955 Mar 28
Jan
Garod Corporation
•
654
5
7
5,100 , 2
Apr 174 Jan
General Baking class A._ _
7755 75% 7834 8.500 6015 Oct 83% Dee
Class B
17% 164 17% 24,700 1515 Nov 204 Oct
General Fireproofing corn.' 4615 46
4655
Oct
200 34% Bent 52
Gen G&E of Del Cl B corn• 47
45
4854
700 45
Aug 6214 July
Gen'l Ice Cream Corp__ ..* 5655 56
59
2.700 34
July 59
Dee
Georgia LPow &Ry corn 100 63
5734 63
600 31% Jan 7754 July
Gillette Safety Razor...• 11134 110 11554 16,300
574 Jan iusm Dec •
Glen Alden Coal
• 107
15354 168
6.700 117
Feb 168
Dee •
Goodyear Tire & Itcom100 3734 3514 37% 11,300
2435 Jan 4914 001
Grand (F W)5-10-25c Bt.*
77
77
Oct
100 55 June go
Grennan Bakeries Inc_ _ _ _• 184 1854 19
200 1554 Mar 2134 MaY
Grimes ita dc Cam Roe...'
5
254 534 23,400
De(
2
AU
27
Habirshaw Elec Cable, new
1455 1455
100 1434 Dec 21 June
Happiness Candy St cl A.'
8
8
84 4,000
034 Jai
634 Jab
Founders shares
734
734 8
51( Feb
1,900
93( Aug
Havana Elec Util v t c._ _ _
4454 4434
100 42
Nov 45 Sept
Preferred
68% 6835
100 66
Oct 7034 SePt
Hazeltine Corporation.... 154 15;5 16
3,300 1454 June 6134 Jan
Hellman (Richard) Inc
Prof with warrants....' 3235 32% 32%
700 32
Sept 343( SePt
Hercules Powder, com_100
140 140
10 10815 Jan 140
Nov
•
Heyden Chemical
2
2
23( 1.000
Apr
155
34 Nov
Litres(Chas E)Co• 25% 25
Class A common
26
Nov 264 Nov
5.300 25
Hollander(Al & Son,corn
'
3455 3534 1,600 344 Nov 3855 Nov
Horn dt Hardart Co
• 58
58
60
1,400 46 May 6914 Nov
Industrial Rayon Corp CI A 19
1755 2034 15,701) 1754 Dec 26% Oct
Insur Co of Nor Amer_..10 62
62
62
100 5834 Oct 6434 Dec
intercontinental it.ubb_100 1654 15
54 Jan 20
1835 3.400
Dec
lot Concrete Ind Fre
_
8
8
855 1,000
7
Mar 1314 July
Internet Projector Corn. •
14% 14%
13
Dec 1455 Dee
100
Internet Utilities. Class A. 38
384
38
600 3215 Oct 40
Nov
Class B
855
7
9
12,400
655 May 17
Jan
Johns-Manville. Inc
• 15155 15115 155
225 14355 Nov 185
Aug
Jones(Jos W)Radio Mfg.'
1
1% 2,900
1
May
9
Jan
Kehler Williams Stam p'g _•
1755 18
200 1634 Nov 2335 Jan
Kelvitiator Corporation._• 87
87
8935 8,500 1855 Feb 894 Des
Kraft Cheese
25 88
88
9055
450 64 May 9955 Aug
Lake Torp Boat, 1st pi_ _10
355
35( 354
Oct
400
2
34 Dec
Land Co of Florida
39
34
41
5,600
Dec 94 Sept
34
Landay Bros, Inc. Cl A_ _• 34
34
3515
Dec 374 Nov
700 34
Landover Hold'g Corp CIA 1 2955 25
2915
900
835 Jan 32
Nov
Lehigh Coal & Nay
50 11455 109 115
1,300 90 May 115
Des
Lehigh Power Securities..• 191
179 191
5,900 82
Feb 197
Nov
Lehigh Valley Coal Sales.50 8454 8234 84%
78
May
600
Jan
87
Lehigh Vail Coal aft;new.. 45
4234 454 42,100 33
Ma
5035 Jan
Libby McNeill & Libby _10
85( 84
400
655 AD
915 Dee
Libby Owens SheetGlass.25 2134 2104 215
220 182 Jun 240
Nov
Liberty Radio Ch Stores •
25( 4
354
5.500
255 Dec 1034 Oct
Marconi Wirel Tel, Lonc1.1
555 555
5%
100
54
Dec
Jan
10
Marconi Wird Tel of Can.1
154 14
134
1
100
Aug
24 Oct
McCall Corporation
153
150 153
ao 138 No 153 Dec
McCord Had & Mfg v t c_• 2334 22% 2355
1.300 2154 Sep
25 Bent
McCrory Stores
•
108 108
Mar 12754 Oct
100 87
Mengel Co
100
4955 53
Jan 8934 July
1,150 30
Mesabi Iron Co
134 134 1,900
135 Dec
04 Jan
Metro 5& 50c Class B._ _ _•
254
254 254
24 Dee
Nov
100
3
Preferred
43
43%
43
Dee
50
Nov
5254
Metropolitan Chain Stores 4934 46
4955 1,100 4515 Dee 5035 Nov
Middle West Utiimies.com• 114
11355 115
500 3255 Feb 1244 Aug
Prior Benstock
100 10654 106% 1064
80 9834 Jan 10715 Aug
Preferred
100 59655 596% 9854
Jan 99 June
120 91
Midvale Co
•
244 2455
Oct 2854 Jan
18
100
Miller Rubber, corn, new.. 53634 35
37% 2,700 35
Oct
Dec 60
Preferred
100
100 10054
Dec 103
Nov
20 98
Mirror (The) 7% pref _ _100
103 103
Dec
Dec
102
100
104
Mohawk Valley Co new _ _• 38
35% 38% 2,800 31
Oct 454 July
Mu-Bad Radio Corp
•
235
231 2%
800
25' Dec
654 Oct
Music Master Corp
•
3
24 3% 17,404)
155
Der
2115 Jan
Nat Elect Power, Class.
11 • 2555 25
2555 1,200 25
Dec 3055 Dee
Nat Fireproofing. corn. 50
18
18
Dec
100 154 Dec 18
National Leather
10
4
4
354 Dec
835 Jan
100
Nat Pow & Lt corn new... 3535 29% 36%
218,800 28% Dec 3655 Nov
Preferred
•
102 103
Jan 105
130 95
Dec
Nat Pub Sere Cl A com._• 1023.4
2355 20% 23% 3,400 20% Dec 80
Aug
Mess B common
• 13% 13
134
13
Dec
900
June
20
Nat Sugar Refining _ _ _ _100 1104 110 1105(
50 1093-4 Dec 11034 Dec
Neptune Meter Class
_• 2455 24% 2555 1,000 2455 Dec 26% Nov
Nev-Calif flee, corn_ _100
2914 29%
29
300
Dec 58
Oct
New Haven Gas Light_..25
5734 574
200 56
Dec 5734 Dec
New Mex & Ariz Land...! 15
145( 154 5.000
615 Jan 19% Sept
N Y Mdse Inc
• 25
25
26
1,100 25
Nov 304 Aug
Teter) R
Tref -100 112
11034 112
375 11035 Jan 114
Feb
Stocks (Concluded)—
Thurs.
Law Week's Range Sales
for
Sale
Of Prices.
Price. Low. High. Week.
Nickel Plate corn new w L. 1134
94%
Preferred new w
87
NIzer Corp, Clam B
Northern obit, Power Co.' 16
Nor Ont Lt & Pr cum_ _100 4934
Nor States P Corp com-100 s132
104, s99
Preferred.
• 76
Ohio Brass, Class B
• 15
01111111)Us Corp • c
Series A preferred...10G
POnlia water a Power 1th 160
Philadelphia Elec cots. 25
Pillsbury Flour Mills
45
Fauna I. L jut. coot ....ft
Power Corp of N Y COM-.• 79
Power Securities, coin.... 12
Pratt & Lentliert. Ina....• 63
Procter & Gan ble corn_ .21 140
Puget Sound P&.I...00m.100 5134
Purity kialligarktflAnaa
42
Class B
38%
101.
Preferred
Pyrene Manufacturing_.10
By Steel-Spring,cow, new. 6034
Rand-hardex uu new I% ._
42
Rem Noisome Typew, A..• 494
10 234
lieu Motor Car.
Republic Motor Truck v t•
8
Richmond Radiator new.
16
Ila
Preferred new
Rickenbacker Motor
7%
Rova Radio Corp tr Mfg_ • s73o
Royal link Powd corn. _10c
•
eoni
Paper
St Regis
8234
Selberling Rubber, corn
Sem el Corporation A... • 29%
Sierra Pee Eke Co com_ IOC
Silica Gel Corp,corn•0e.' 1(134
Singer Maiiulacturing.. lie 3S0
.E1
Singer Mfg, Ltd
Sleeper ileum v Lu
Snits Via, ota tad
16
Sou Calif Edison rom..104 12734
7% prof. Series A___101, 1113(
Sou Cities 1.1111v to49
bout!, Ultima Clam A WI.
4834
Class B w I
2634
ereastein Pr & Li new w
414
Southern G & P Clams A • 254
Southwest Bell Tel, pf _IOC 112
1% ithitee,sal to.
fapar
Splltdorf Beth Elec Co.... 43%
Braun 11.0,0. , OIL,I
Stand Pow & Lt. Cl A.25 22
Preferred
944
Stabe ci•loblee 1.1 A a.
17%
Standard Tank Car. earn.' 144
Stand Textite Prod, pflilOt.
• 37g
Stutz Motor Car
104 113
Swift & Co
1
Swift 1,4 ,nuemni
2fHt
Tni.,pa KleetZle CO. .101 204%
Terre Haute I & E, pref.100 334
•
Tladr Lit Italy'to ttattto
234
Thompson (John HIItal Ei Radio vie
TholU pe
334
Timken-Detroit Axle...10
•
I !..rt)
Proel
Todd Shipyards Corp-- • 2934
6
loser hia nu Mel unite
Trana-Lux Day Pict Screen
• 124
Class A com
....
That.totti cal
934
Truscott Steel
Tubize Artlf 80k Class B. 229
Tung Sol Lamp
83.4
Class A. w I
2034
Union Carbide & Carbon.• 784
United Cigar Stores w L.. 94
United Elec Coal Cos•to.
United U & E mon now _.• 5734
Trust certificates
56
United (las lutprovenet_bo 122
United Lt & Pow awn A • 12734
United Profit Sharing_ ._)
United Shoe Mach,com_25
U S Dairy Products cl A-. 34
Class B
US Ligibt & Heat corn....10 2134
10
Preferred
514
U 8 Rubber Rec./aiming—.
U S Stores Corp Cl A---•
1334
Class B
• $9
Universal Pictures
Utilities Power a Lt B_ •
Utility Share Corp w I....
Option warrants
Valley Mould & Iron Corp' 15%
414
Viok Chemical Co
964
Victor Talking Machine101
Ware Radio Corp
14
Warner tiros Pict corn..' 1434
Wayne Coal
Western Auto Supply..... 27
WestPenn El et A w Ilne• 8834
Western Power pref.-10i
Wilson & Co (new) W 1— •• 1334
Class A
Preferred
7034
Woodward Iron, com_104
124
Yellow Taxi Corp, N Y..•
..
Rights
4
American States See
Borden Co
Eastern Texas Electric.
New Log TeleP & TON-- ......
112 11314 3.900
943( 944 1.100
90
87
18.900
1534 1634 13.800
494 1.600
48
13134 13334 5,500
150
:99 100%
300
76
76
1434 1534 2.000
1,200
92
92
210
160 103
55
574 3,100
600
4234 4634
190
15734 160
773( 7934 14,500
900
12
7
200
51% 53
90
137 140
100
514 5134
000
42
4234
2,200
3834 30
300
05
98%
500
1034 104
6054 . 300
60
8,000
394 42
500
4934 504
2254 234 4.100
64 93( 5.300
1,100
1714
18
100
3334 3334
4.500
R
714
e0c 80c 37,400
11)
200 200
82% 834 2.100
100
2334 2'44
2934 3034 10,300
500
26
26
1814 1014 2,100
30
380 382%
200
754 734
134 234 4,300
200
16
16
6.050
12414 120
250
111% 11134
500
4534 4n
1,600
40%
48
2614 27% 0.800
3934 434 105.300
1,400
2534 2531
140
112 113
100
274 274
4134 43% 2,900
800
234
100
22
22
300
4
/
943
87
900
174 194
1,300
1334 1534
400
2614
23
3414 3834 26,500
460
1124 114
19% 204 38.200
200
202 2°44
300
334
32
4.300
24 234
100
46
46
354 44 6,300
100
9% 94
534 2,500
454
200
2934 2934
100
8
8
Range Year 1925.
Lab.
82%
824
434
8%
4334
102%
41434
73
94
88
127
39
3134
142
33
7
40
109
47
35
34
93
934
55
38
37
1534
414
13%
35
74
510
180
3634
22
934
16
1034
1994
4
234
16
101
10434
37
30
19
2834
22%
110
27%
42
31•
19
87
174
81a
23
6
109
19%
283
13
2
44
334
334
334
23
5
litgh.
Aug 114% Dec
Mar 94% Dec
Dec
June 90
Oct
May 19
May
July 53
Nov
Jay 148
Feb 1013( July
Nov
Dec 80
Sep, 1734 Jan
Feb
Sept 96
Aug
Jae 187
Apr 5734 Nov
Sept
41334 Dec
(Iet
Aur 167
91% July
Jai
Dm
Jan
26
Oct
Feb fin
Mar 140
Dee
Oct 604 May
Al" 404 June
Apr 47 June
Oct
Mal 100
124 Mar
July
Dm 604 Dec •
De, 43
Dee
Ma. 5834 Oct
Nov
Mar 28
1454 Nov
Sep
214 Oct
Etely
Oct
42
Nos
if),•
1054 Nov
Dec 144 Jan
Nov
No 221
July
Ap, 95
JUDI
344 Oct
AP' 354 Oct
Ma) 30% Oct
Mai
Jan
21
Dee
Jae 410
Mar 10 June
liec 11114 Jan
liec 1734 Dee
Jar 141.
Seta
Mat 113% Sept
55
July
ue
Sep
Aim
56
See ' 3434 Atm
All,
4314 Dec
Deo
fien, 28
Nov
Dee 114
Nov
De • 32
Dec
Dec 43
6)4
May 2734 Feb
Dec 9434 Dec
s el,
De,
Jun.' 1834 Aug
De, 4114 JULY
Al" 3814 Dee
Feb
Ma, 1411
Dr. 14% J•In
DP. 205
Dee
Mar 404 Nov
Jai,
De,
XI)
No. 50
Nov
Jon
Dre
25
Jan
94 Dec
Ms•
fl 34 itine
Mar
Dec 42
Mar 2434 Jan
534
114 12s: 11,400
7,,
94 94 3,900
100 24%
2834 2834
80 163
22814 230
8
2,600
1914 2054 17,200 1934
65
7734 784 8,600
6,100 864
93
95
500 39
41
41
13.400 25
5734
53
700 37
55
5034
1174 1243
4 41.000 904
/
125 13114 48,600 4434
200 1334
134 13%
100 404
49
49
200 2534
34
32
200 15
17%
17
334
4,000
194 22
1%
1.100
6% 6
434
1514 1634 2.000
300 174
27% 2714
200 1354
1334 1334
300 24
30
39
400 16%
1654 164
9
300
104 1014
234
610
334
3
400 14
14% 154
300 40
41%
41
3.000 65
8734 97
1
1
4,300
134
500 1314
1434 1434
1.000 lie
lle 110
100 27
27
27
400 8434
8834 8834
10 8634
98
98
1,200 11
1334
13
300 2634
2314 29
400 118
7034 7134
824
30 70
78
9
12,100
1134 13
Sept
rice,
Oc•
Am
No
Dec
Ma
De,
Sept
Eel
Jay
Fel
Ma
De
Jul)
De
De,
Jute
Jar
Ann
An
Dec
Mai
De
De
DA
Sep'
De'
Ap
De
Jul
Dm
Dec
0,
Jai
All
At,
Jun
Ole
Sep
13
19%
29
270
1034
2134
RI
95
4734
5714
5(34
1244
167
1614
504
34
174
261,
1114
174
28
164
47
214
114
4
1634
4334
117
4034
10
55e
2834
89
99
1514
35
7514
87
22
24
314
934
4%
De,
De.
Del
Do
5%
434
934
4%
2%
334
934
43(
4% 40,700
434 9,400
100
9%
44 1,000
Former Standard OH
Subsidiaries.
4 3,000 174
/
193
1914 18
Analo-Amerlean (III...It
100 17%
19
19
19
Voting trust certificates_
18
194 2,600 17%
19%
Certificates ot Mimeo
130 205
234
220
_100
Co
Scrymser
Borne
550 5334
54 1 564 564 574
Buckeye Pipe Line
200 484
25
674 68
Chesebrough Mfg
44,700 21%
25% 244 26
Continental 011 y
500 10
15
25
15
Crescent Pipe line
60 132
137 1344
Cumberland Pipe Line.100
150 61
6334
63
Eureka Pipe Line
2934 2434 3134 3,550 2334
Galena-Signal Oil. corn.101
150 88
100 88
90
88
New preferred
20 95
06%
100 9034 95
Old Preferred
18,900 4234
Rumble tillet Refining_ .211 9334 9134 94
270 127
13534 130
100 136
Illinois Pipe Line
Imperial Oil (Can) 05W... 3734 363( 3334 11,300 274
700 574
68% 60%
50 59
Indiana Pipe Line
1,800 164
1734 18
National Transit. _12.50 18
200
4934
51
4934
100
60
Transit
New York
300 67%
73%
Northern Pipe Line_...l00 7394 72
[VoL. 122.
TTTF, CITTUINTTCLE
86
2634
Dec 19
No
1934
Apt 240
De
72
Ja
74
314
Fel
1734
My. 155
98
Dee 65
De
1,1714
Dee 114
JUI
95
Jai 15434
Mal
3934
De•
84
Dec 25%
79
Auy
Dr. 88
Friday
Sales
Last Week's Range for
Former Standard 011
Week.
Sale
of Prices.
Subsidiaries
Par. Price. Low. High. Shares.
(Concluded)
21. 664
Ohio oil
25 22
Penn Met Fuel
2.5 58
Prairie Oil& Gan
lOr 127
Prairie Pipe Line
100 207
Solar Refining
100 184
South Penn 011
4754
New w 1
100 65
Southern Pipe Line
South West Pa Tipel,..10C
Standard 011 (Indiana)__25 7034
Standard Oil (Kansas)_ _25 35%
1333,4
Standard 011(KY)
Standard 011(Neb)._ _10e
Standard Oil of N Y_—_25 4634
Standard 011 (0)corn_100 35834
100
Preferred
100
Swan & Finch
25 103%
Vacuum 011
8534 664
22
'22
5534 583(
125% 127
207 212
178 187
45
4735
65
63
52
53
70%
67
3434 3534
1324 134
243 247
4634 473(
358 360
10634 1074
224
21
10634 109
2.300
300
18,200
1.100
100
1,370
500
500
150
119,600
4,600
700
110
30.600
63
20
50
13,800
Range Year 1925.
Low.
Other 011 Stocks
534 634 1,600
Amer Contr 011 Fields-5
2%
734 3,300
7
734
Amer Montealb0 Co
100
3
34
10
334 34
Argo Oil Co
5
700
64 634
Arkansas Natural Gaa. _ Al
1,700
134
•
14 2%
Atlantic Lobos 011 corn.. •
1.200
4
2
3
4
Preferred
1
154
14 14 1,100
Cardinal Petroleum Corp..
7
34
104
1034 636.00
Carib Syndicate
100
8;4 84
8%
Consul Royalties new.... 1
33.100
15
134
15
Syndicate5
Creole
534 19.400
5
5
534
Crown Cent Petrol CorP.•
•
810 810
500 50c
Darby Petroleum
14
234
1,000
234 234
Derby Oil a Ref common *
10% 1034
500 1034
•
Preferred
14
3,200
134
I%
87e
011
Euclid
134
534
5% 534 158,800
1
Gibson ()II Corp ..
14
4 1,100
/
14
134 13
Gilliland 011, corn. vie- •
2,000 10c
12c
124)
12c
l0
Glenrock Oil
9134 894 984 35,800 634
2
Golf 011 Corp of Pa
334
800
334 334
Honolulu Cons Oil
int ernai Iona! Petroleum..• 3454 33% 354 61,000 2234
24 234 2,500
234
•
24
Kirby Pet roleitin
2334 84,500 17%
2334 21
Lugo Oil& Tr Corp el A44.3
103( 11% 100.100
• 1134
LIAO Pei relearn Corp
734
67,300
934 11
93(
Leonard OH Developeol_26
7.000
18
24
z2534
254
•
Lion Oil a Refining
14
14 1,000 75e
1
1 1,1ngeton Petroleum__ •
803 3234
45
51
25 Al
Lone Star Gas
800
134
334
3
1
Marland 011 of Mex
334
100
6
5
5
Mexican Eagle 011
bee
4
8.000
434
334
Ill
hlexletill Minuet, Oil.....
7e
70 100 17.003
10 100
Mexico (ill Corp
1.7C0
134
2134
1%
1
Moun tido & Gulf 011
5.100 1834
25% 2534 20
Mountain Producers
240 106
129 :131
• 2134
National Fuel Osit
2.500
New Bradford 011
83(
11% 1034 1134 1,800
New York Oil
44)
90 35.000
70
ec
Noble Oil & Gas com
300 31
36
37
Chlo Fuel Corporation. _25
150 28
3234 3234
Oklahoma Natural Can._25
234
234 254 3,700 SIlO
Peer Olt Curp
900 17
2234 23
•
Pennock 011 Corp
1.500 113
18% 194
26 1834
Red Bank 011
5,300
19
204
20%
•
Reiter Foster 011 Coen310 600 25,300 25.
iloyniCan 011 Syndicate.' 56c
334
64 1,000
634
Ryan Corea,' VetettleUtU__•
2,700
9
934
644
Salt Creek Cunard oti___In
8.800 24
Sail Creek Prodlacers__ _10 34% 34% 35
334
44
314 434 3,100
Sante Fe Oil& Ref v t a..
• 10
21,0
9
94 10
Tidal ()nage 011
4
434
434 13,500
13(
Venezuelan Petroleum- —
2834 264 274 2,100 224
Wilms Oil& Gas new
400
214
534 534
534
wood ley PeiroletIM CO- •
2,000
Sc
4a
441
Sc
1
"Y"011 & Gas
Dec
eh
Dec
No)
Mining Stocks
Dec
300
20
2e
2o
No, American Tin dc Tungsten.
2,000
7c
150 15c
140
Arizonn Globe Copper...I
Not
lie
1.000 10c
lle
I
Dee Butte & West Mining_
300
34
34 34
14
1
Sent Calaveras Copper
1,000 12e
120 120
Dee Calumet & Jerome Copper.
334
300
214
334
1
Mining
Dec ChiefConsul
641
0c
4.000
55
30
Dec Chino Extension
2
14 234 4,700
Consul Copper M Ines _.l
134
tea
181
18154
60 143
COUlt 34 & Smelt of Can..25
July
Se
6c
Sc
7,000
Nov Cortez Silver Mines Co...I
200
24 234
24
Dee Cresson Cons Gold M&M.1
134
234 2,100
134
134
Dee Crown King Com Mines-1
30
lc
1
30
6,000
be
Nov Divide Extension
800 85e
4,900 35c
Dolores Esperanza Corp._2
Oct
3434
34
200 34
Dee Eagle-Picher Lead Co
8.300 114
Engineer Gold Ddines.Ltd.5 1434 124 15
Now
Sc
Sc
Sc 50.000
Sc
Nov Eureka Croesus
70 10c 25,000
10o
Sc
vino Thought Gold Min...1
Oei
150 15e
1.000 10c
First National Copper....5
Nov
50
Se
7c 11.000
eurty-Nine Mining Co...
Der
2
134
4 294 4,700
/
13
Der ()olden Centre Mines
6e
7,000
Sc
4o
Nov Goldfield Con.aol Mines..5
1,000
100 1043
1
50
Goldfield Florence
Not
17c 18a
10.000
Sc
Hawthorne Mines, Inc
Oct
25( 18
1734 18
1,500 1214
Hecla Mining
Jan
700 124
Hollinger Congo] G M...5 174 1734 18
Fiera
83c 90c
600 50c
inn Jerome Verde Development 84e
134 11.16 7,700
134
1
194
Dec Kay Copper Co
A
134 6,900 88e
1
1
(Ake
Kerr
ISee
2%
400
2
14
Sept Mason Valley Mines
6o
Sc 10,000
60(
51)
National Tin Corp
Job
203 210
440 181
100
AD' NOW Jersey Zinc
4634 4734 2.4041 43
s Corn-10 z47
MitneIng
w 1,th
oit
tizin
hlow
An' s
z634
634 z634 8,100
44
Dec
14 910
134 61.500 39e
Nixon Nevada Copper-Jan
1534 134 1534 15,000 12st
'Melinda Mines Ltd
334
334 334
100
15
134
North Butte
67c
60() 7513
7.800 730
Dec Oulu Clattafr2 III
27o 29c
15.
Der Palmetto Porcupine Mln....1
100 1 c 10 000
40
Dec Plymouth Lead Mines
2
2't• 2sis 2.200
Prentice' Gold Min. Ltd..) ---234
Dm
21a 21e
1
1.000 20c
Rod Warrior Mining
40
1
4c
1.000
2o
San Toy Mining
44 534 7.600
434
24
South Amer Gold &
4e
40
4c
Sc 53.000
AD, Spearhead Gold MI151116 1
8c
60
2,000
Sc
Dec Standard Silver-Lead...
211,,
24 2,31, 4.500
1
114
rock Hughes
Dec
2% 234 3 NO 520
254
eonopah Belmont DeveLl
July
1
134
144
134 5.900
ronopah Extension
Jai,
134
434 4%
600
eimopah Mining
lost
No,
2734 28
1.800 204
Pet
Hefted Verde Extens...50e
20c 200
1.600 20c
Oct Unity Gold Mines
64 7
Utah Apex
444
Juts
500
7
114
1
194
Jar Walker Mining
1.000
14
354 34 4,300
Fe). %Vanden Copper Mining..
314
2
25.3 25c
1.000 240
Job
West End Consolidated. F
1,000
Sc
50
30
May West End Eaten mining-1
400 15
2034 20% 21
Yukon-Alaska trust ett
I ••••
51c 55c
800 30c
5
Jan
Yukon Gold
Dee
Bonds—
Jan
713% 78 $13,000 7334
Jar, Allied Pack deb 68......1939 78
89
89
9,000 84
1939 89
Jan
Cony deb 8s
Aluminum Co of Am 7e1933 10634 10634 10634 8.000 IOW
Feb
..
High.
604 Aug 7534 Feb
Dec 4454 Mar
19
4534 Oet 654 Jan
Jan 129% Nov
106
Jan
Jan 254
203
Jan
Jan 197
139
Dec 4754 Dee
45
Jan
Dec 103
VOT
51% No, 85
5934 Mat 703( Dee
keb
3034 Or' 48
11434 Mat 13734 Oct
Jan
Aur 270
231
4834 Feb
Atm
40
Jan
Jet 369
338
Mar
116
July 123
Jan
27
Aui
12
8034 Jan 10954 Dee
7% July
114 Jan
104 JON
84 Feb
434 May
124 May
54 net
1034 Dec
124 No.
Dec
15
1214 May
Apr
1
Feb
7
Feb
27
lists Dee
Dee
6
334 Mar
294 June
Mat 9834 Dee
De4
334 Dee
Ma, 354 Dec
514 Jan
Sep
Dec 2334 Dee
Jun, 11% Dee
No,
OM
13
OM
2534 Nov
Jae
134 Sept
61
Dee
BePI
Jar
434 Feb
Jan
Dee
5
Al"
534 Nov
Dec 37c Mar
July.
Mar
2
Jee
2634 Dec
Jan x134
Dee
11 14 Dee
Feb 1234 June
13c
Nov
Feb
Mar 37
Nov
Feb 3234 Dee
Ma)
24 Dec
ion 2834 OM
Mar 4414 June
Sept 3314 June
Apr
Dec
2
914 Mar
Jan
Oct
934' Nov
Jan 35
Des
Dot
434 Dec
Feb 154 Feb
44 Apr
Sep'
Sep, 31 14 June
Mao
Mar
7
Jan
9c
Dec
Sep,
Jr.'
Oct
Al,
Del
Dee
No,
Ma.
DOI
Jr.,
Dee
Jar
De.
Dec
Jai
.1a)
No,
2c Den
Dee
e'eb
Jan 311c
Mar 19c
Feb
434 Nov
Jan
213e Mar
Dec
Oct
Dee
4
l34June
Dec
Feb
4
July
Nov 1814 Dec
Feb
Dec 25e
Feb
4
Dec
24 Dec
Nov
Dec
8c Aug
114 Nov
Jan
Oct
Nov 38
Nov 109
July
Dec 23o Feb
Oct 58c .Jas
Jan
Oct 40c
Jan 42c July
7% July
Nov
8c Feb
Jan
June 14a Feb
Feb 25c Nov
Apr 13
Nov
Apr 18
Dec
Sept
Apr
2
214 July
Jan
134 Feb
May
234 Jan
Dec
18c Mar
Aug
May 21114 Nov
Oct 4734 Dee
634 Jan
May
Nov 14 Doe
DIN 1534 Dee
June
334 Noe
1 4 Jan
Aug
Feb 520
Jan
Nov 850 Mar
Jan
24 Sept
Feb 51c Aug
70 Feb
Jan
634 Nov
May
Feb 12c May
Dec 30c
Apr
2Ilis flee
Jan
Apr
234 flea
Vie Feb
Aug
Mar
6
Anil
Apr 2934 Jan
Dec 95e June
84.4 Jan
Jan
334 Feb
Nov
Apr
5
Jan
Apr Sao July
Jan
Nov 170
Oct
Jun 22
Oct
Sept 74e
Sept 814 Feb
Feb
Mar 01
Aug 1074 Juno
JAN. 2 1926.]
Taws
Safes
Lost Week's Range for
Sale
of Prices.
Week.
Ponds (Congasled) Per. Prfre. Low. High Shares
THE CHRONICLE
Range Year 1925.
Foreign Government
and Municipalities
(Coseituuto-
87
Weir.
Last
ROW Bake
lkde.
Priam.
fir
Price. Low. MAL Week.
littflre Year 1025.
Law.
RNA.
11106.
Medellin (Comm) gs_ .194,
Amer G & E deb 138___2u1.1 97% 974 OS 131.000
98
98
3.000 0744 Jul. 9334 Dec
95
Jan
99%
July
Netheeds (KIngd) Si B 72
American Power & Witt107% 107,4 8.000 102% Mar 11934 LIII
Peru (Republic of) 13s_1931
e') old without warr_2016 98
100 100
95% 9654 146.000 9344 Jan 984 May
1.000 Os
Jai, 102
Oct
Ruaslan Gov,64s_ _1919
American Thread Os .1928
16
1654 11,000 11% Am: 17% Feb
103 103
5,000 10254 Jan 104
Feb
654.(sniff'
Amer W Wks & Fl 641-1975 94
1919
15% 16
94
Aug 17
60.000 11
94% 90.000 94
Feb
Dec 95
Nov
5344
certlfs
Anaconda Cop Min 69.1929 103
1921
1514
15% 16
102% 103
July 17)4 Feb
21.000 11
32,000 102% Jan 104
May
534. oertlfs
Anglian Nat Coro 68...1940
1921
1584
14% 1514 23,000 1014 May
Dee
17
Santare(Argentins)7A 191. 93% 93
Without warrants
100 100% 3,000
9354 19.000 92". Sep
9684 July
Assoc Gas h Eke 68. _1955 94% 9454 94% 51,000 9514 Nov 10074 MAY Snare Basin Con Co 78.103f
94
95
2,000
93%
De
,
97
92
Sept
Aug
June
96
Switzerland Govt 5431921 101% 101% 10134 15,000 101
Mooed Simmons Hardware
Nov 104
J u17
Honer Anstria (Prov) 7..4,
8
1933 954 9554 9515 94,000 81
90
90% 13,000 90
Oct
Frt 96
Dee 01
Nov
Atlantic Fruit Ss
19
1654 19% 77.000 1654 Dec 27
• No par value. 1 Correction.
Mar
Listed on the Stock Exchange this week, when
AtiU.&WIl8L5l..195U 7355 7354 7334 46.000
62
Jan 7844 Sept additional transactions wi 1 be found. ft New stock.
Beaver Board Cogs-1933
*Option sale. w Wban
93
9354 10.000 8784 Sep
9614 Oct lowed. r Ex-dividend. p Es-rights.
Bell Telep of Can 68_1955 9934 9951
s 17.1-Moek dividend.
14,000 9754 Au. 100 June
Beth Steel equip 78-1935 103% 10334 9934 13,000 101
Me 107% Oct
Boston & Maine RR 6C1 93Z1 953.4 9554 10358 15,000
9534
5.214 Ma
Oct
96
Brunner Turb k Eq 7343'55
New York City Realty and Surety Companies.
96
96
5,000 9514 Dec 9654 Dec
Canadian Nat Rys 73_1936 110
110 11034 14,000 1081( Jar 11254 Apr
All artery dollars per share.
Chic 511Iw h Ft P(new eo)1 On ace ount of a mo dificati MI
of
reorgar
nation plan
Ad)nuge SOW I -.20001
1114. Ask
fill c ontracts are null an rl
A .3
Ask
Rid
Chic RI et Pac 55.4s....1920 1004 100% 100%
Alliance
Wit) 180
Mtge Bond.. 145
5.000 10014 Oct 101% Aug Amer
150 Realty Assoc
Cities Service its. _ .196f 934
Surety 175 1'0 Nat Surety. 210
9234 933,4 192.000 90
(Bklyn)com 515 530
Sett
220
93% Dec Bond & M
Cities Serv 78. Ser C...1900 126
G.
:'04 310 N Y Title A
126 126
12,000 Ill
Jar 128
Feb Lawyera
1st pr-mt..
95
100
Cities Serv n.Sec D 1960 10114 101%
Mortgage. 14713 478
82.000 9854 Jar 1064 Feb Lawyera Mtge 229 232
2d pref _
90
95
Cities Sery Pr h Lt 68.1944 9436 9455 10111
Title
U S Casualty
9454 68,009 92
Fel
10
95% Oct h rhowent
Westchester
Cons G, EL & P.Ban.. v 12 318 T'071110(1).., 340
1-1411
TN. A Tr,
gs Series A
lo41
10534 106
.la'
1044
loft
June
7.000
5s. Series F
1965 100% 10054 100% 2.000 98
Aug
Jane
(New
rocs nsta
New York City Banks and Trust Companies.
95
III.
Sol,
a.Oi jone
Cuban Telep 754s_ __1941 1094 10914 9554 2,000
All prices dollars too' share.
Jan 112% Aug
1093-4 5,000 106
outtmy Fuca den e8,11
92% 92% 93% 25,000 tot% Ja
}..S
Banka-N.Y Ilfd. 4c8. I
6R
1946
Ranks.
PM. I .1
95
9535
90
I rust Cue. Bid. AO
10,000
9554
APr
Dec A merit%•_
Detroit City Gas en 1947 10584 10584
330 50 !Hamilton__ 280 225
ity 14 Mar Amer
10554 10.000 10214
New York.
De.rolt Edison deb 78_1928 134
Ex Par 42 477 ,flanoteer... _ 1105 1115 Ameriran
134 134
125
1
000
July
156%
_ __
___ Sept
Debenture 7s
Amer itnint0
1930 134
134 134
1 000 1214 Jan 158% Sept Broadway 1. 105 210 Harriman__ 480 4110 Bank of N I'
Eltingun-hchild Co 6a.1996
Cen
975
....
:Manhatt
331,
an*
984
208
& Trust Co 635 636
Dec Bronx Bore*.
Est RR of ranee 7. 1954 8254 8134 9835 6 000 9834 1Jee 99
1350
Meek dr Met. 460 465 Rankers Trust 6'0
824 93 000 7854 API
81.3.4 5 eb Bronx
(1.15
Euron'n Mfg h Inv 74.60 93
375 425 Mutuals____ 465
9254 93
_
No. 94
15.000 92
Nov BryantNat..
Federal Sugar as
Park• 210 230 Nat American I148 ... Bronx Co Tr, 240 270
1933 90% 90% 9134 10.000 90
De
entral Union 80 915
99
Mar
Gale (Ronert) Co 711.-1937
Butch h firm 1fie
170
National
1034 104
Cit3
093
99
3.000
10454
frO Empire
Aie
July
340 350
Galena Signal 01176._ 1930
102% 10215 2.000 10214 ne`' 10854 July CapItot Nat. 910 °Tn New Neth•_. 285 275 Equitable Tr 295 300
General lee Claim 6538'30 138
Cent Merean. 715 3^5 Park
515 510 Perm I. h Tr 582 567
Dec Chase
Joe
33.000 104
General Petroleum 61. 1928 101% 138 145
575
570
Penn
Exch
1014
_
_
124
100%
101% 5,000
Jan 11214 JeaY Chatb
154 Fidelity In
325 --.
let .56
Aug 15 19411 934
Phenix
165 Publice
q"1,.orris.
M
Tnr.
9384 37,000 93
_ _ Pul'on... _.. 350 -.
Nov
Dec 93
German Gen Eke 6)0.1940 9454 93
Nat Rk & Tr 3(3
94% 79.000 94
670 680 Guaranty Tr 372 175
Dec 9414 Dec Chelsea
Goodyear T & R 58.-1928 9954 94
Excb•
225
Seaboard
235
_ _ _ _ 70 650 Irving BankGrand Trunk Ry 6 aes.1143ti 107% 99% 994 34,000 944 Lim 994 Dee
165 175
July
Columbia
345 350
Great Cons Flee 648_1950 85% 10634 10744 17,000 105% . Jai 110
75
25
0 Seventhn
1ta d ard._. 525
85% 8584 44.000 85% No. 8654 July Coal h Iron. 241 3
___ Lawyera Tr_
Gulf 011 of Pa 53
Colonial
*.
1937 100
0
99% 100
16110
40,000 9814 Jar 1014 May Commerce._
Manufseturer
Serial 55.46
1927
t 3f10 RA5 Trades
101% 101% 2.000 10034 Del 10134
145
NA. Mutual(Weat
Jan ComMwealth•
Hamburg Elec co 73_1936 95
94% 95% 18.000 944 Dec 06
ol5 2.30
cheater)...
Nov Continental.. V310
211 2111
hood Rubber Ye
19:6
Unilt
t ed States* 200 296 N If Trust.
104% 105
3 000 102 Jun. 105% July Corn Eveh_ . 9F. 325 "
5'5 MI
Inland Steel deb 64a 1946
•nkn
irra. 725
580 585 waRrithoo
_ Title On h
Dec Cormon'
99
670 880
K111111111 Cit• Term 46.1900 98% 98% 98% 126.000 98% Der 86%
tan•
191
.
85
854 18.000 WI
Jul.
115 Mt* Is
41117 Fast River_
425 440
Reyst One Telep 584. 1955
854 86% 3 000 8515 Dee 91
UntlIwist',test 1860 1950
Aug Fifth Avenues If2 NI% Coney Island' 225
Krupp (Fried), Ltd. 751929
2500 Mrst
4I M,
90
Aug 99% Jan First
8.000 86
Westehea Tr 400 -Lehigh Power Beene 0a.1927 101% 90
30 23
A
Ni
n 7,
tEhtaun
,
97u
75
10134 10154 3.000 100% July 101% Mar
uikee
s1
•...... 3
70
25
5
Preetign.
Libby. McN & 1Jb 73_1931 105
Franklin
180
10484 105
Ja,
o5
14.000 102
nrooklyn Tr 685 660
Aug Garfield _
Liggett Winchester 71.1942
3
,
5
. „.4,5,4,....... 3
42
70
5 iii5 Kings Counts ”V‘14 2400
2.000 1075( Det 109
Dec Genre
Long Island Ltg Co 14.1945 1004 1074 108
270
100 100% 5.000 994 Aug 102
Midwood
July
. 2
,
Manitoba Power 74
0
Q,,.....n.hrem• 175
1941
103% 103% 2.000 98% Jan 10444 net Greenwirb•. I 140
”...-,n11
,
4_ .. 075 7/111
Nam Gas 544s
1940 99%
• tunes merited On are State banks.
Dec
, 100
Id St P & 55)4 fly 5s-1938 98% 99% 9944 152.000 98% De
(0
New
stock,
12.1 Es-dividend.
98
Ez.righte
qr1
98%
Dec
89,000
98
99%
Dee
Morris & Co 74s
1930
104% 105
31.000 9814 Jan 10111.0 Nov
Nat Dairy Prod 6a.._104(
99
99% 7.000 9854 Nov 9944 Dec
Nat Dist Prod 7a
1930 994 99
9954 6.000 99
Dec 104% Oct
NY Cble drbt L
99
CURRENT NOTICES.
99
Dee 99
5.000 99
Dec
Nor States Pow 64e..ilea:. 130
126% 130
«A
105%
Jan 141
Not
a
82.000
644s gold not
@FedFRASER