Full text of Commercial and Financial Chronicle : January 9, 1926, Vol. 122, No. 3159

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SATURDAY, JANUARY 9 1926

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The Tax Reduction Bill—Should Be
Throttled Unless Revised in the
Interest of Business.
The Senate Finance Committee.the present week
began consideration of the Tax Reduction bill as
passed by the House of Representatives on Dec. 19,
or "Revenue Act of 1926," as it is to be known when
definitely enacted into law. This bill contains a
number of commendable features, but it also contains some indefensible provisions and is seriously
defective in several important particulars. In truth
it is a curious mixture of good and bad, with at least
two of the provisions so essentially bad that unless
the measure can be changed in those respects it were
better to let the bill stay altogether off the statute
book.
The bill is virtually in the shape in which it was
reported by the Ways and Means Committee of that
body and President Coolidge in the reference.to it in
his annual message took occasion to speak with approval of the spirit displayed in framing it, saying:
"With commendable promptness the Ways and
Means Committee of the House has undertaken, in
advance of the meeting of Congress, to frame a revenue Act. As the bill has proceeded through the committee it has taken on a non-partisan character, and
both Republicans and Democrats have joined in a
measure which embodies many sound principles of
tax reform. . . .I approve the bill in principle."
Chairman Green of the House Committee in reporting the bill laid stress on the same point, commenting on it as follows: "The bill is a non-parti-




,• financial:
iirantrle
Bank and Quotation section
Bankers' Convention Section
NO. 3159.

san measure. On none of the votes taken in the
committee on the provisions of the bill did the committee divide on partisan lines. With the exception of the periods when the nation was at war it is
the first time a great revenue bill has been so
framed. In this respect the bill not only has a
unique distinction, but sets an excellent example
for future legislation. All the members agreed
that speedy action was imperative, and the committee unanimously voted that the bill be reported."
With deep regret we find ourselves obliged to take
sharp issue with the statement of Mr. Green that
the bill "sets an excellent example for future financial legislation." Quite the reverse is true, as will
appear as we proceed with our remarks. It is of
course praiseworthy that the members of the committee should not have allowed themselves to be
influenced in their course by partisan considerations and also that they should have endeavored to
expedite work on the measure. But bi-partisan
legislation is nearly always unfortunate, and the
experience in the present instance furnishes an
illustration of the truth of the statement. Where
the two political parties act in co-operation, vigilance is relaxed and neither serves as a check on the
other. The result is that provisioRs slip in which
neither party would be likely to sponsor if it had
to assume full and sole responsibility therefor. Precisely this is what happened in the case of the
present tax reduction measure, and consequently defects have crept in which operate to vitiate the merits of the whole bill. It is true that some of the controverted points were challenged on the passage of
the bill through the House and the course of the
committee with regard to them upheld, but at that
stage action was no longer free and untrammeled,
since the bill had been made a party measure, and
the party leaders were determined that the House
should pass it in essentially the form in which it
was reported by the committee—and nothing was
allowed to interfere with this determination under
the rigid rules of legislation adopted by the House.
The mischief had been done in committee and no
effective way was open to amend the bill in the
particulars in question. The alluring prospect was
held out that here was a proposition for reducing
taxes in amount of $325,000,000 and the warning
added that any attempt to change or alter any part
of the work of the committee would be certain to

126

THE CHRONICLE

jeopardize the whole scheme of tax reduction. The
public at large is still being beguiled in the same
way and every attempt is being made to focus attention simply on the total amount of the tax reduction
while diverting attention from the details as to how
the grand aggregate is to be made up.
It is in these details that there lie the vulnerable
features of the measure. For one thing the income
tax schedules are 60 framed that a highly important
portion of the great body of taxpayers will not share
in any degree in the $325,000,000 reduction which
the bill is supposed to provide for. The section of
the community discriminated against is the business
men of moderate means. As was pointed out in our
issue of Dec. 12, when the bill was still under consideration in the House of Representatives, absolutely no reduction is made in the surtax rates in
what are known as the lower brackets, while in the
higher brackets the rates in the existing law are cut
exactly in half. This result is reached by reducing
the maximum of the surtax rate from 40% to 20%
and making this maximum apply on amounts of net
income in excess of $100,000 instead of on amounts
of over $500,000 as now. Upon net income between
$10,000 and $14,000, the surtax rate is 1% just as
now; upon net income between $14,000 and $16,000
it is 2% just as now; upon net incomes between $16,000 and $18,000 it is 3% just as now; upon net incomes between $18,000 and $20,000 the rate is 4%
as now; upon net incomes between $20,000 and
$22,000 the rate remains unchanged at 5%; upon
amounts between $22,000 and $24,000 it remains
at 6%; upon amounts between $24,000 and $26,000
at 7%; upon amoutilts between $26,000 and $28,000
at 8%; between $28,000 and $30,000 at 9%; between
$30,000 and $34,000 at 10%; between $34,000 and
$36,000 at 11; between $36,000 and $38,000 at 12%;
between $38,000 and $42,000 at 13%, and between
$42,000 and $44,000 at 14%. It is only upon
amounts in excess of this latter figure that any reduction in the surtax rate occurs, the 14% rate
being continued up to amounts of $46,000. Above
$44,000 gradual reductions occur, but with the
maximum of 20% reached at $100,000, as already
stated, whereas the present maximum of 40% does
not apply until,amounts of net income in excess of
$500,000 are reached.
In other words, no relief from the present surtax
payments is to be afforded to any of the income running from $10,000 to $44,000 notwithstanding the
total taxes are to be cut in the prodigious sum of
$325,000,000. The statement seems almost incredible, but the facts are beyond dispute. It is true that
taxpayers with personal incomes running up to
$44,000 will benefit from the increase in the personal exemption from $1,000 to $1,500 granted in
the case of a single person and from $2,500 to $3,500
in the case of the head of a family or a married individual. But where we are dealing with surtax rates
up
running. to 14% in addition to normal personal
taxes running up to 5%, the gain from the raising
of the personal exemption is too trivial to deserve




(vol.. 122. •

consideration. The further argument that they will
also benefit from the reduction in the normal personal tax where the rates are to be lowered from 2%
to 112% on the first $4,000 of taxable income, from
/
4% to 3% on the next $4,000 and from 6% to 5% on
the remainder of the taxable income is not at all
permissible, since the great bulk of the income in
the case of incomes running from $10,000 to $44,000
represents the income of private corporations, and
the corporation tax is not to be reduced at all, even
though the normal personal tax is to be further reduced as it has been reduced several times before.
Legislators and others seem to forget entirely
that these surtax rates are in addition to very heavy
and very burdensome corporation taxes, State and
national. The Federal tax on corporations is 121 2%.
/
The State tax on corporations varies, of course, but
in New York State is 4 %, making with the Fed/
1
2
eral tax,17%. In addition, there is the Federal capital stock tax, which averages 2@3% more, making
a grand total of 19@20% upon corporate income by
nation and State. To clap on in addition a surtax
of 14% to 20% on amounts from $44,000 to $100,000 raises the grand total of the levy by State and
national Governments to 33%@40%. It is monstrous anyway that 14% of surtaxes should be imposed upon net incomes beginning with amounts as
low as $42,000 in addition to corporation taxes aggregating 19(g20%, as already shtnen. And this
over seven years after the conclusion of the armistice, in November 1918!
In view of all the circumstances of the case the
leaving of the surtax rates unchanged on amounts
running between $10,000 and $44,000 cannot be
denominated as anything else than an outrage. As
already stated, the bulk of the small private corporations throughout the length and breadth of the
land are represented within these classes and they
constitute the salt and the sinew of the business world.
Every Chamber of Commerce,every Board of Trade,
every Merchants' Association and every mercantile
body from one end of the country to the other ought
to rise in violent and vigorous protest against such
rank and inexcusable discrimination. Appeal ought
to be made to the President, who we all know wants
to do the right thing and is always ready to do it
without fear or favor, and to every member of both
houses of Congress not hide bound in his party affiliations,notto let such flagrant injustice be perpetrated.
And vigilance should not be relaxed until every possibility of being thwarted in the endeavor is removed.
It looks as if the Senate would amend the bill in the
particulars referred to. But new danger will have
to be confronted when conference committees of the
two houses take the matter up. Then those wlio
framed the House Bill and who are determined to
ride rough shod over all opposition will once more
seek to have the objectionable features incorporated.
The plausible but deceptive argument will be made
that to reduce the surtax rates in the lower brackets
will involve too large a reduction of income. No one
should allow himself to be fooled by any such talk.

JAN. 9 1926.)

THE CHRONICLE

127

We do not favor surtaxes of any kind and wish they with the size of the estate. The object of legislation
could be avoided. But if the rates on amounts above of this kind is not so much the obtaining of revenue,
$500,000 are to be cut in two, they ought to be simi- but to effect the distribution of wealth, and this has
larly halved on the amounts in the lower brackets. been the moving purpose in the retention of the estate
Of course this will involve a large reduction in income. tax in the new bill. At the same time the credit to
And Secretary Mellon's warning against making the be obtained for the State has been raised from 25%
reduction so heavy as to lead to a Treasury deficit to 80%, in part to placate those who contend that
should clearly be heeded. But that has nothing to estate taxes are solely the province of the State, and
do with the question of granting to the income tax- the Federal Government should not encroach upon
payers in the lower brackets the relief to which they them—if indeed the latter has any Constitutional
are so justly entitled and which every consideration of right whatever to impose such a tax. In the increase
public welfare demands that they should be granted. of State credit there is seen again the subtle hand of
To deny them this relief on the ground that the re- those who would bring about the scattering of large
duction involved, along with the other reductions fortunes and the equalization of wealth.
made by the bill, will be too large for financial safety
An estate tax is nothing less than a capital levy
is tantamount to saying that in the allotment of the made at the time of a person's death. The
$325,000,000 tax reduction, which all agree can be 80% credit to be allowed is an attempt to force all
made without jeopardy to Government finances, the States of the Union to levy a maximum estate
other classes of taxpayers are being given reductions tax of 16% (that is 80% of the 20% maximum to
that of right belong to those falling in the lower be fixed under the bill) or to be penalized with the
brackets.
loss of the amount if they fail to impose such a tax.
There is one other exceedingly vicious provision in When the 25% allowance was inserted in the • 1924
the House bill. And that relates to the Estate Taxes. law for the first time the great State of New York
The maximum of these Estate Taxes is to be reduced was quick to fall into the trap and last spring altered
from 40% to 20%, which is as it should be except and raised its inheritance taxes to get the full
that it does not go far enough. But in addition there benefit of the 25% provision. It is now hoped, eviis grafted on this part of the bill a provision of a most dently, that other States can be persuaded to take
reprehensible character—all the more reprehensible similar action and that they will be the more likely
because it is an attempt on the part of Congress to to do so since the amount of the credit has been made
do indirectly what every member of Congress in both so large and the whole 20% will in any event go to
Houses knows, or ought to know, is beyond the the Federal Government if the State fails to take the
authority of the Federal Legislative body to do di- 16% out of the 20% which is held out to it.
rectly. It is a step in the direction of socialization.
It is the most dangerous and the most insidious
It is an attempt to equalize the distribution of wealth attempt that has ever been made to invade the rights
and to bring about the leve!ing of large fortunes. We of the States. The Constitutional power of the Fedrefer to proviso (b) which reads: "The tax imposed eral Government to impose an estate or inheritance
by this Section shall be credited with the amount of tax is open to grave doubt. Of course in times of
any estate, inheritance, legacy or succession taxes war and the resulting stress the people acquiesce in
actually paid to any State or territory or the District many things that lie outside the strict Constitutional
of Columbia in respect of any property included in powers, but when such a bare-faced attempt is made
the gross estate. The credit allowed by this sub- as in this instance to encroach upon the reserved rights
division shall not exceed 80 per centum of the tax of the State the effort ought to be resisted to the
imposed by this Section." This is the saw as the utmost. No express grant of power to the Federal
provision in the existing law except that the credit Government to levy an inheritance or legacy or estate
allowed the States has been raised from 25% to 80%. tax exists in the Federal Constitution. Moreover
Through the change the dangerous nature of the pro- Article X of that instrument expressly declares that
vision is revealed with startling clearness. It is now "The powers not delegated to the United States by
stripped of all pretense and subterfuge.
the Constitution, nor prohibited by it to the States,
While the bill was under consideration by the House are reserved to the Statesrespectively or to the people."
Ways and Means Committee representatives of the Authority to levy taxes is, of course, conferred
and
different States appeared before the Committee to it is only in its guise as the exercise of
the taxing
argue that the Federal Estate Tax should be aban- power that even quasi legality for the estate tax
can
doned altogether and the levying of estate taxes left be claimed. But when Congress goes
so far as to
entirely to the different States, to the extent and in provide that a maximum
levy of 20% shall be made
the way each State might see fit. .The arguments and then also provides
that 80% of the 20% may be
along these lines were overwhelming and irresistible. turned back to the States,
it confesses that the purBut there are among the members of the House Com- pose of the provision is
not to obtain revenue but
mittee men who think, Chairman Green among the something entirely different,
which is that Congress
number, that Government should appropriate to its means to
coerce one and all the States to confiscate
own use part of the possessions left behind by de- a portion of the
possessions of deceased persons up to
ceased persons, the portion to be taken to increase a maximum of
16%. The clause is clearly unconsti-




THE CHRONICLE

128

[VoL. 122.

of money
tutional and would we think be so held by the U. S. probability of continuing ample supplies
at normal rates than the advance in the discount
Supreme Court.
rate of the Federal Reserve Bank or the snap-back
The proviso is primarily aimed at the action of of call loan rates, which after going over the yearFlorida which has incorporated amendments in its end at 6%, receded to 4% on Wednesday, with
Constitution prohibiting the imposition of either money at 3 % in the outside market. There is no
2
1
/
a State income tax or a State inheritance or legacy question that money rates are distinctly higher
tax. That State therefore, it is eontended by those than a year ago, but at that time we were just getwho want to level the possessions of men, is certain ting away from a period of subnormal ease.
The commodity markets are orderly, with prices
to become a haven and a refuge for wealthy people
very stable. Because of this, industry is not making
who desire to escape taxation both during their life- heavy demands upon the banks. Absence of specutime and after their death. But if a State is in need lation in commodities and quick deliveries by the
of outside capital for the development of its resources railroads are combining in relieving the money maror wants to add to its population and thinks it will kets of a demand that might easily cause higher
be helpful to that end to exempt income and estates rates. The open winter accompanied by absence
from taxation it is clearly within its rights to insert of railroad congestion and large use of automobiles,
is another factor. Collateral loans continue large
provisions in its organic law declaring adherence to
and tend to expand; for this reason any sudden exsuch a policy and Congress cannot say it nay. g Nor pansion in business, any tie-up of the railroads, or
is it within the power of Congress to penalize it by a marked increase in commodity prices, might bring
telling it that if the State will not take estate taxes about a hardening of money rates—provided Fedup to a maximum of 16% the central Government eral Reserve credit is not dealt out in the same
will itself take this 16% in addition to the paltry 4% lavish way as in the past.
maximum reserved for itself.f. Nor should a State
The principal interest of the week in new securibe held up to contumely and contempt for adopting
ties centred in the offering of 1,100,000 shares of
such a policy, nor denunciation heaped upon those "A" common stock of the National Cash Register
willing to enter a State which proclaims such a policy Co. at $50 per share by a Dillon, Read & Co. syndias a cardinal feature of its fiscal and economic ad- cate. This great industry, well known throughout
ministration. There is nothing wrong or illegitimate the world for many years, has heretofore been priin it or anything in conflict with the eternal principles vately owned. This financing places the majority
ownership with the public, but retains for former
of right and justice.
control of management, as 400,000 shares of
Under the provisions of the U. S. Constitution owners
"B" stock, except in case of default, elects a majorthe States are entirely free to act as they deem best ity of directors. An interesting fact is that 37 %
2
1
/
in matters of this kind. Alabama and Nevada have of the "B" stock is set aside for employees in lieu of
thought it for their best interests to adopt a similar profit-sharing heretofore in force. The company's
policy and the State of Oregon is taking steps in the present net assets aggregating $32,729,348 have been
same direction by submiting a Constitutional amend- built up from earnings from an original investment
ment eliminating the State income tax andithe in- of about $10,000 in 1882, except for $1,500,000 refrom sale of stock prior to 1900. These assets
heritance tax to be voted upon by the people at the ceived
are appraised at $50,000,000 present value. Earnnext general election. Congress in its present legis- ings in 1924 of $7,807,596 amounted to 23.85% on
lation should provide for the complete retirement of total net assets at book value and $520 per share on
the Federal Government from the 'field of estate the combined "A" and "B" stock. The "A" stock is
taxation in accordance with the suggestion of Secre- entitled to $3 per share on a preferred cumulative
tary Mellon. If the provision in the bill as it passed basis; after the same amount per share has been
the House is retained there is almost the certainty paid on the "B," both stocks are to share alike per
share. The "A" stock is, therefore, practically a
that the Supreme Court will declare it illegal anyway,
participating preferred stock. The issue was greatly
and it would be the height of folly to expressly invite over-subscribed and sold immediately at several
such a contingency.
points premium. At current price the earnings of

The Financial Situation.

$5 20 per share amount to approximately 10% on
the price.

The Federal Reserve Bank took belated action on
Thursday of this week and advanced its discount
rate after the close of business on all classes of bills
/
from 31 2% to 4%, effective yesterday. The stock
market, which previously had been strong, sharply
reacted yesterday morning, but rallied with great
vim in the afternoon. If the step is intended to affeet speculation, it comes too late.
Simultaneously the price level of investment
bonds has advanced to practically the highest point
reached during the past year. The "Wall Street
Journal" average of 40 bonds, which reached 93.24
on June 23 last, thereafter, declining to 91.47 on
Aug. 7, is now at approximately the point reached
in June. This is perhaps better evidence of the

Insolvencies in the United States during December were in some respects somewhat more favorable
than in earlier months of last year. There was a
reduction in the number as compared with December of the preceding year; also a considerable falling off in the amount of indebtedness involved.
There were in all 1,878 commercial defaults during
last month, with liabilities of $36,528,160. These
figures contrast with 1,672 similar defaults in November for $35,922,421, and 2,040 failures in December 1924 involving $45,279,281. Some increase in
the number of failures and in the amount of indebtedness involved is not unusual in the closing month
of the year and 1925 was no exception, although

•




JAN. 9 1926.]

THE CHRONICLE

there was less increase than in other years. Of the
defaults in December 490 were of manufacturing
concerns owing $12,931,276; 1,307 were trading defaults with $20,635,051 of indebtedness, and 81 were
failures of agents and brokers with $2,961,833 of
liabilities. In December 1921 the number of manufacturing defaults was 475 owing $15,752,584; 1,464
trading failures with liabilities of $27,141,448 and
101 insolvencies of agents and brokers owing $2,385,249. It will be seen that there was an increase in
the number of manufacturing failures last month,.
but a decrease in trading failures in comparison
with December 1924. But in both manufacturing
and trading failures last month, liabilities were considerably smaller than for the corresponding period
of December 1924. For the twelve months of 1925,
21,214 commercial failures are shown, involving
$443,744,272, against 20,615 in 1924, owing $543,225,449. Only in 1922 and in 1915 were the number
of failures larger than reported last year, while the
liabilities of 1925 were smaller than in any year
back to 1920. These figures are compiled from the
records of R. G. Dun & Co. and include only mercantile failures, banking defaults being considered separately.
In 1925 the suspension of 464 banks in the United
States was reported and the total liabilities are
given as $164,698,516. These figures make a very
favorable comparison with both preceding years. In
1924 the number was 613 and the indebtedness
$202,926,200. As in recent preceding years the
bulk of the banking defaults in 1925 were in the
eight States located west of the Mississippi and included Minnesota, Iowa, Missouri, the Dakotas, Nebraska and Kansas. Last year banking suspensions
in these eight States constituted more than 50% of
the total number of banking suspensions in the
United States. In the South last year, the number
constitutes nearly 30% more, so that in the sections
referred to over two-thirds of the banking suspensions in the United States in 1925 occurred. Practically all of these were small banks and many of
them State institutions.
A further optimistic note has been sounded in the
cable dispatches from European capitals since the
beginning of the New Year. In a special Paris cablegram to the New York "Times" on New Year's eve
it was asserted that "certainly 1925 goes out leaving
Europe and the world generally in better shape
than when it came in." In briefly referring to some
of the outstanding events, the correspondent also
said: "It was a year of important political developments and nearly all those developments were
good. Chief among the events of the year rank first
the Locarno treaties, second the growth in power
and prestige of the League of Nations and third the
progress toward a settlement of Europe's debts to
the United States. But over and above these a great
change has come about in Europe's political atmosphere, with a resumption of the status of political
equality among the Continental nations, which is to
say that Europe is no longer divided into conquerors and conquered. Germany in the new year takes
her place at the conference tables with the other
larger European nations after an absence of more
than ten years. Naturally enough, since time heals
all wounds, this reversion to normal conditions was
due to come, but the fact stands that it happened in
1925."




129

In emphasizing the importance that European
Ministers still attach to America's part in the affairs of their Governments and countries, the Paris
representative of the Associated Press said: "Aristide Briand, Premier of France, in an interview
given to the Associated Press to-day, expressed the
belief that France's financial difficulties will find
their chief alleviation in an equitable settlement of
France's war debt to the United States." The Premier was directly quoted in part as follows: "Anything which, generally speaking, would permit the
great American nation to make the weight of its
influence more strongly felt in the work of international concord and the re-establishment of normal conditions between peoples in their economic
life will be welcomed with great satisfaction by
French public opinion. The decision of the American Government to be represented in the disarmament conference, which is to be held at Geneva under the auspices of the League of Nations, constitutes in itself, in the eyes of the French people, one
of the most highly appreciated New Year's gifts in
international politics. I feel convinced that the
American people, deeply attached to the maintenance of the world's peace, have followed with interest the work of international co-operation in
Europe which has led up to the conclusion of the
Locarno agreement. A peace method has been inaugurated with power to decide the destinies of a
new Europe. Of this new Europe we have already
caught a glimpse—an association of free peoples
respecting each other and spontaneously collaborating in realizing the same ideals."
From Geneva came an Associated Press dispatch
under date of Dec. 31 stating that "Sir Eric Drummond, Secretary-General of the League of Nations,
in a New Year's statement given to the Associated
Press emphasized that 'too often it is forgotten, perhaps because of the very success which has been attained, that the League of Nations have existed for
only six years.'" Continuing he said: "In 1926
the League will be more able than in any past year
of its life to accomplish those ends for which it was
created—the promotion of international co-operation and the achievement of international peace and
security. Nineteen twenty-five was a memorable
year in its history. The League has grown stronger,
more effective and more conscious of its own power
for good than in any other period." The correspondent also said that,"looking forward to the new
year, Sir Eric said the prospects were bright. Alluding to the expected entrance of Germany into the
League and also to the absence of countries like the
United States, Russia and Mexice, he remarked that
as a result of the Locarno agreements the League
would have 'a new and very important member, thus
taking a great step toward that universality which
must be the aim of all those who support the
League's ideals. The League's program for 1926,
even as already sketched out, is of vital importance
to the world generally. Two great conferences are
being prepared. The first is for the reduction of
armaments, and if it is successful it will not only
thrust yet further into the background the menAce
of future war, but also will set free for social and
productive ends financial resources now earmarked
for non-productive purposes. The second is an economic conference at which it is hoped expression
will be given to a trend of world opinion which may

130

THE CHRONICLE

lead to general economic progress, both in production and distribution.' Sir Eric concluded: 'Furthermore, the League hopes to see develop in 1926,
and to aid in such development the processes of arbitration and conciliation, thus providing further
means for the amicable settlement of disputes between nations to their mutual benefit.'"

[voL. 122.

The Brussels representative of the New York
"Times" cabled, also on Jan. 2, that "the floods in
Belgium have reached a point worse than at any
time in the memory of living men, especially in the
Meuse Valley, where the river not only is overspreading its banks but is roaring along at a torrential pace, leaving thousands without food, drinking
water or supplies." In an Associated Press disThe British point of view toward the new year patch from the same centre it was claimed that
was given in part as follows in a special cable dis- "immense damage has been done by the floods
patch from London to the New York "Times" on throughout Flanders, the major portion of which
is
Jan.1: "Moderate hopefulness is the spirit in which submerged. At Dinant the famous Collegiate Church
Englishmen are facing the new year. With unem- is menaced, the waters already reaching
the altar.
ployment figures fallen on Dec. 21 to just over Burials are impossible, as the cemetery
is sub1,100,000, that is 25,000 less than the week before, merged. More than 300,000 working
people have
with comparative industrial peace and definite signs been thrown out of employment in the
region of
of some trades reviving, they begin to hope that the Malines because of the flooding of many
factories."
worst depression has passed and that industry has
From London came the following dispatch on
turned definitely in the right direction. They can Jan. 2: "Several days of incessant
rainfall in Engreckon on some clear cases of prosperity. The motor land and over the whole of Western Europe
have
trade is booming, the manufacture of artificial silk caused the worst floods experienced in
these secand wireless accessories and the growing of• beet tions in many years, due to the
overflowing of
sugar have appeared as welcome additions to Brit- rivers. The valley of the Thames, especially
around
ish industries. A remarkable increase in the de- Windsor, is inundated. The town of Northampt
on
mand for pig iron, the large orders placed by the is surrounded by water. The Prince of
Wales, the
railroads for new rolling stock and the slight re- Duke of York and Prince Henry, who went
hunting
vival of shipbuilding have offset to some extent the to-day near Stapleford, in Nottinghamshire,
continued hard times in the cotton districts and the compelled to plod for miles along flooded were
roads.
grave conditions in the steel towns. Trade unions, Worcestershire and Buckinghamshire report
)the
too, seem less belligerently inclined and the assent worst floods in years. Thousands of acres
around
of the railway unions to a reduction of pay for new Exeter are submerged. Many roads in South
Wales
employees after February is the first real victory are impassable. No let-up of the wet weather
is in
for the principle of settling industrial disputes by sight."
negotiation."
The cable advices two days later indicated little
or no improvement, but that in some respects in
The flood situation in many parts of Europe has certain countries conditions were still worse. For
continued serious. Cabling from Cologne on Jan. 2, instance, in an Associated Press cable message
from
a special correspondent of the New York "Times" Paris on Jan. 4 it was stated that "Transylvania,
said that "from its commanding position on the Eastern Hungary and Rumania present the most
Hohenzollern Bridge over the Rhine, the majestic critical situation in a Europe which is slowly emergequestrian statue of William II gazes down to-day ing from one of the worst floods in its history.
The
upon a scene reminiscent of old-fashioned woodcuts number of dead in these countries and the amount of
of the biblical deluge. Seemingly as far as the eye damage probably will not be known for perhaps
can reach, smiling Rhenish valleys have been trans- weeks, on account of the demoralization of comformed into a yellow sea, now kicked into white munications and the fact that vast areas are
likely
caps by a sudden gale, now moving murkily north- to remain under water for some time. But it
is cerward under a gray drizzle. The toll of lives taken tain that there will be a tremendous death Toll
and
by this disaster—unprecedented in the Rhineland's huge financial loss."
history—cannot be reckoned yet. With thousands
From London came word that, "after fifteen sucof homes deserted to the river's wrath, and thou- cessive days of rain, with the weather man foresands of families lacking domicile, save in hastily casting further downpours, the people in and
near
prepared refuge centres, no census of the victims the inundated areas of England are packing
their
has yet been possible. It is estimated, however, that belongings and preparing for hasty departures.
The
fully a score, mostly children, have been drowned, waters continue to rise in the low-lying
districts.
and hundred lie in municipal hospitals, badly in- The Thames went up again over the week-end
and
jured or stricken with pneumonia and other danger- now measures more than a mile and a half across
in
ous ills resulting from exposure. The damage to some places. The districts through which the
Rivproperty also cannot be fixed as yet, but it will ers Dee, Severn, Avon, Wye and Nen
flow are
surely run into scores of millions of marks. Col- flooded and many roads are impassable."
For several days it had been stated in Paris disogne tentatively places its loss at 10,000,000 marks,
and this, judging by what the writer has seen of the patches that the rising of the Seine River was
havoc wrought, is a highly conservative estimate."
greatly feared and apparently imminent. In an AsFrom Quedlinburg, Prussian Saxony, came an sociated Press cablegram from the French capital
Associated Press cable message dated Jan. 2 which on Jan. 7 it was stated that "a rapid rise of the
stated that "60,000 acres of the choicest of sugar River Seine last night and this morning brought its
beet land, from which pedigreed seeds are exported height at the Austerlitz Bridge, in the heart of the
to America, have been ruined by the overflow of the city, to within eight feet of the disastrous flood level
Bode River, due to incessant rains in the Harz Moun- of 1910, when the most destructive floods in the histains. The factories and shops here have been tory of Paris occurred. The river is within less than
six feet of the level of the 1924 overflow. It now is
closed, as the city is without electricity or gas."




JAN. 9 1926.]

THE CHRONICLE

expected the peak of the rise will be reached Saturday, when the flood waters of the upper valley arrive, but the authorities still express hope no serious
damage will be caused. The suburbs of Paris are
feeling the effects of the onrush of water. Hundreds
of families have abandoned their homes for higher
land. M. de Monzie, Minister of Works, has decided
to confer daily with all competent officials and discuss necessary measures." The cable advices from
Paris and London yesterday morning indicated that
both the Seine and Thames were still rising and
that the damage to property was increasing rapidly.
The latest information relative to the flood situation in France was given in an Associated Press dispatch from Paris last evening. It was stated that
"the River Seine continued to rise slowly but steadily to-day in spite of the cessation of rain and
colder weather. Several subway stations in the
centre of Paris were inundated and service was interrupted on two of the nine underground lines.
Hundreds of masons and workmen are busy plugging up sewer holes in riverside streets in anticipation of a further swelling of the river, which, it is
now announced,is expected to reach its peak on Sunday. A further rise of eleven inches will make it
necessary to close the Austerlitz and Quai d'Orsay
stations on the road to Orleans and Toulouse.
The Greek Government has been overthrown and
a dictatorship established. In a special cable dispatch from London to the New York "Times" on
Jan. 3 it was stated that "Premier Pangalos to-day
declared himself dictator of Greece. His announcement came as a bombshell to all those present at a
banquet given by the Democratic guard, according
to the Athens correspondent of the 'Daily Express.'
It was added that "Premier Pangalos afterwards
said to the correspondent: 'Parliamentary government is the cause of all our troubles. I am at the
end of my patience with the politicians who lose no
occasion to make trouble for the country. We have
a program which is purely national in character
and we intend to exert all our efforts to reconstruct
the national forces. Our fleet, in a few months, will
be mistress of the basin of the eastern Mediterranean. Our army will be one of the strongest in the
Balkans, and for a realization of this program we
shall rely solely on our armed forces." According
to the "Times" dispatch also, "the banquet ended
with great rejoicings. Premier Pangalos himself
opened the national dance in which the Ministers and officers from the Athens garrison took
part."
In his report of the event and the Premier's plans
as dictator, the Associated Press representative at
Athens said: "Premier Pangalos will take over
control of the entire Government immediately. After paying tribute during his speech at the banquet
in his honor to the conduct of the army in the grave
national crisis since 1919, Premier Pangalos declared that he was compelled for reasons that he
would make public to modify his attitude, and so
from to-morrow henceforth he would assume entire
responsibility for the government of the country and
rely solely upon the power of the army and the
national conscience in order to save Greece." The
correspondent also stated that "it is understood that
an official proclamation will be issued to-morrow.
Elections to the Senate have been indefinitely postponed, but quiet prevails everywhere. It is de-




131

dared that both the navy and the army are ready
stations on the road to Orleans and Toulouse."
The dictatorship in Greece was established on
Jan. 4. The Athens representative of the Chicago
"Tribune" cabled on that date that "General T. H.
Pangalos to-day solemnly declared the Greek Republican Constitution null and void." The dictator
was quoted as saying that "for six months I negotiated with the Venezilists and their enemies, trying to bring them together to work for their country.
They are interested only in petty personal advantages. The selfish parliamentarians requested me
to withdraw. I told them I would remain at my
post as long as I considered it necessary to the welfare of the country since the whole nation is tired
of worthless parliamentarians." The correspondent added that "it is believed that the arrival of numerous Italian Fascisti in Greece helped to induce
General Pangalos to proclaim a dictatorship. The
population accept it with the greatest calm, looking forward to his strong hand to cut down the
prices of necessities and basking in the optimistic
Lelief that once the dictator has re-established order
the foreign countries again will trust Greece and
advance credits." According to a London dispatch
also on Jan. 4, "the coup d'etat engineered by Premier Pangalos at Athens is interpreted in authoritative circles here as akin to that brought off two
years ago by General Primo de Rivera in Spain.
The inefficiency of the Greek civilian politicians
wearied the military party and it determined to replace thein by men of honest worth. Premier Pangalos, its leader, being a soldier, only knew of soleiers, and so he put soldiers in power. Premier
Pangalos himself is considered here a good type of
straightforward military man. He has done much
to reform the Greek army and improve its discipline, but he is not supposed to be expert in politics. There is no reason to believe that, in the unlikely case of the Greeks being called upon to support Great Britain as a mandatory act of the Leagne
of Nations, the advent of Premier Pangalos to dictatorial power will make a difference in the attitude
of the Greek Government."
It was made known through an Associated Press
dispatch from Athens on Jan. 4 that "Premier
Pangalos in a statement to the press that morning
explained his assumption of dictatorial powers, announced yesterday. He said the Government, convinced that there was no hope of reaching an understanding with the party leaders, owing to their
intransigeance, had decided to concentrate all the
power in its hands and assume responsibility for the
further development of the political situation. The
Premier said he must act in acco,rdance with the demands of that large majority on which the Government had relied and would continue to rely. Therefore, the Government, or, rather, he himself, considered it was no longer bound by any previous declaration or obligation. He was convinced that he enjoyed the full confidence of the Greek people and
that what he had done in the past constituted guaranty foi the future."
The "spirit of Locarno" does not seem to have been
in evidence in Greece, Bulgaria or Rumania. Not
only did Premier Pangalos seize control of the Greek
Government and establish a dictatorship on Jan. 4,
but Premien Tsarikoff tendered the resignation of

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THE CHRONICLE

his Cabinet to King Boris of Bulgaria on Jan. 3. It
was expected at that time that Andrey Liaptcheff,
former Minister of Finance, would form a new Ministry. It was stated in a subsequent dispatch that
"Andrew Liaptcheff, who has been requested by
King Boris to form a new Bulgarian Cabinet, is a
Macedonian. He is 59 years old and an eminent
economist and financier. In 1908 he was Finance
Minister in the Malinoff Cabinet, which proclaimed
the independence of Bulgaria." Word came from
Sofia Jan. 4 that "Andrey Liaptcheff presented the
new Cabinet to King Boris to-day. M. Liaptcheff is
assuming the Ministry of the Interior in addition to
the Prembiership. M. Bouroff is Minister of Foreign Affairs; Vladimir Maloff, Finances; M. Kouleff, Justice, and General Walkoff, War."
The London representative of the N. Y. "Herald
Tribune" cabled on the evening of Jan.3 that "it was
revealed from Budapest that in the arrest of three
Hungarian monarchists at Amsterdam on a charge
of forgery was frustrated by a coup d'etat set for
Christmas Day to put Archduke Albrecht on the
throne of Hungary. In a special Vienna dispatch
to the New York "Herald Tribune" on Jan. 4 it was
stated that "an extraordinary scandal, involving
some of the most prominent persons in Hungary,
has developed from the gigantic counterfeiting plot
revealed by the arrest of three Hungarians at The
Hague. According to advices from Budapest to-day,
thet Hungarian Government is trying vainly to hush
up the affair, which has taken on a political aspect
from the reports that a quantity of bogus 1,000-franc
notes was to be put into circulation to undermine
French currency. The counterfeiting materials
seized provided for the issue of 30,000,000,000 in
spurious francs. According to the latest reports
from Budapest, Prince Ludwig Windisch-Graetz
was arrested this morning charged with complicity
in the conspiracy and is now held by the police. The
Prince, who was a Cabinet Minister under Emperor
Charles and a strong legitimist, apparently has
joined the Hungarian Fascists led by the Archduke
Albrecht, who is a rival of Crown Prince Otto for
the throne." Commenting on the situation in Greece
the New York "Herald Tribune" correspondent
said that "dispatches from Athens indicated that
the revelation by the Pangalos Ministry of a plot to
overthrow the dictatorial regime created in Greece
on the Fascist model disclosed the Administration's
plan to declare war on Turkey at the first favorable
opportunity. The whole situation seriously threatens the peace of the Balkans."
The official status of Crown Prince Carol's renunciation of his right to the Rumanian throne and the
subsequent action taken was set forth as follows in
an Associated Press dispatch from Bucharest on
Jan. 4: "Crown Prince Carol is no longer heir to
the throne. In his stead is his four.year-old son,
Prince Michael, whose mother is Princess Helen of
Greece. King Ferdinand urged this action. Meanwhile a council has been created to take over the
Regency until Prince Michael is 18 years old, to act
in case of King Ferdinand's death. The National
Assembly passed a measure to-day recognizing
Prince Carol's renunciation and Prince Michael's
succession rights by a vote of 234 to 3. The Assembly also adopted a bill providing for the Regency.
Prince Carol also forfeits all his prerogatives as a
member of the royal family. Premier Bratiano de-




[VOL. 122.

dared before the Assembly that the Crown Prince's
action was due to private, not political causes, and
that the Government assumed full responsibility for
the bills just passed. The Assembly accepted King
Ferdinand's recommendation that a Regency, to rule
in the event of Ferdinand's death, should be composed of Prince Nicholas, the King's second son;
Monsignor Miron Cristea, as Patriarch of the Rumanian Orthodox Church, and Garfore Buzdugan,
as President of the Supreme Court of Justice. The
Foreign Office has officially denied the report current in Vienna and other European capitals that
Prince Carol was the head of a frustrated army plot
to seize the Government and proclaim a dictatorship. His renunciation of the succession, it is declared, arose through personal motives, and no conflict exists in any way between the crown and the
Government."
In an announcement said to have been made in
Bucharest on Jan. 5 and according to an Associated
Press dispatch, "King Ferdinand and Queen Marie,
as the parents of former Crown Prince Carol, will
pay all the debts he contracted prior to his renunciation of succession rights to the throne, but he will
have to find the money to foot his own bills hereafter. This was the substance of an announcement
made public to-day." According to an Associated
Press cable message from London on Jan. 5, "uncertainty still surrounds the exact present and future
status of Carol, former Crown Prince of Rumania.
He is to be known as plain Mr. Scarlat Mondstireanu, a name taken from one of his Rumanian
estates, according to the passport he received from
Bucharest. He is still staying at the Hotel de Ville
at Milan, Italy, and continues much in the company
of Magda Lupesco, reputedly the woman in the present marital difficulties which estranged the royal
suitor from his wife, the former Princess Helen of
Greece."
The political situation in Hungary growing out of
wholesale charges of forgery that involved prominent Government officials became more complicated
as the week advanced. The list of those arrested
was headed by Prince Ludwig Windisch-Graetz,
who, according to a special Budapest dispatch to
the New York "Times" on Jan. 5, "is said to have
made a complete confession, naming his accomplices." He added that "the dramatis personae of
the counterfeiting thriller now include: Arrested—
One Prince, the Chief of the State Police, two Government engineers of the Government Geographical
Institute, two Barons, one Colonel, one Captain, one
Lieutenant, four well-known club members, one retired banker, one merchant, one butler, one trunkmaker. Sought by the Police—One General, Chief
of a War Office bureau, one Count, one Deputy."
The correspondent added that "it is understood that
the conspiracy is likely to result in important
changes not only in the Hungarian Government, but
policy. There is good reason to believe that Premier Bethlen welcomes it as an opportunity to stamp
out Fascism and possibly to prevent the Regent,
Admiral Horthy, putting himself completely in the
saddle."
As the week progressed the whole situation apparently became still more complicated and was
likely to involve additional Government officials of
high standing. On Jan.7 a special representative of

JAN. 9 1926.]

THE CHRONICLE

the New York "Times" in Budapest cabled that "the
counterfeiting trail approached uncomfortably close
to Archduke Albert to-night when Laislaus Szoertsey, Vice-President of the Tesz, the powerful Central Federation of various Hungarian Fascist societies, was arrested, charged with endeavoring to distribute counterfeit notes in Milan. Albert was
elected President of the Tesz last November and his
acceptance of the post definitely opened the campaign to make him King." Further developments
and possibilities were outlined as follows: "It is
reported that the Cabinet Council is considering the
arrest of Richard Barta, private secretary of the
Regent, Admiral Horthy; Georg Pronay, a secretary in Premier Bethlen's office, and Baron Podmanichzky. The Council also is discussing whether
it is possible to arrest members of Parliament without waiting for the Legislature to raise immunity,
evidence in the false money plot having now involved
the Fascist Deputies Ulain and Eckhardt. As the
latter is related to Admiral Horthy, the feeling
grows that the position of the Regent is seriously endangered. Archduke Albert to-night broke silence
for the first time since the plot revelations started,
by denying through a Hungarian official agency
that he was connected with Prince Windisch-Graetz,
and saying he had not seen him in several years.
Subsequently it was announced that he had resigned
the presidency of the Fascist Federation. This is interpreted to mean an end of his bid for the throne.
From Madrid it is reported that former Empress
zita has received ossurances from all the Hapsburgs
—which would include Archduke Albert—that they
will support her eldest son, Otto."
According to an Associate Press cablegram from
Budapest, also on Jan. 7,"proof that a coup d'etat in
favor of Archduke Albrecht had been planned is declared to have been discovered by those investigating an alleged plot to restore the monarchy. Details
of the royalist movement, as learned through the
investigators, revealed that 100,000 men were available, made up of 37,000 regulars of the national
army, controlled by the Regent, Admiral Horthy;
25,000 police, gendarmes and customs officers, and
nearly 40,000 members of the Fascist organization.
Admiral Horthy is said to have been ready to step
down from the Regency to make way for Albrecht."

133

Parliament." He likewise pointed out that "Berenger as a member of the Caillaux mission is thoroughly familiar with the former negotiations and
also as rapporteur of the Senate Finance Committee for several years has intimate knowledge of
French finances and the ability of his country to
take on extra burdens. He goes, furthermore, backed
by the sincere desire of Premier Briand to effect a
settlement with Washington. M. Briand is actuated among other motives by his desire as Foreign
Minister to obtain for France greater freedom in
international matters than he feels she has with her
foreign debts unsettled."
In a special Washington dispatch to the New
York "Herald Tribune" on Dec. 31 it was stated that
"reopening of negotiations for a settlement of the
French debt is expected here soon after the arrival
in Washington of the new French Ambassador, Victor Henry Berenger. Members of the American
Debt Commission have been apprised that the new
Ambassador will reopen the debt question and will
seek to bring about a solution of it. It is learned
that he will be accompanied by some of the experts
who were here with the commission that accompanied Joseph Caillaux, former French Financial
Minister. This fact strongly supports the idea that
another effort is to be made to effect a settlement.
Nothing is known here as to the terms which France
will offer. It is assumed, however, a proposition
will be made which will be more favorable to the
United States than the Caillaux proposals, which
were turned down by the United States Commission.
On the other hand, by reason of the leniency shown
to Italy, there has been much French comment to
the effect France should be treated with equal leniency. Some of the prominent members of the
United States Debt Commission have said from the
time the Caillaux mission left Washington that
France would take up negotiations for paying the
debt in the near future. These predictions were
based on the state of the finances of the French Government and the decline of the franc." In a subsequent Paris cable message to the same paper it was
said that "M. Berenger made no statement to the
press before his departure, but he already has expressed hope and confidence that satisfactory terms
on the French debt may be reached soon after negotiations are renewed; with the temporary but unratified proposition brought back by the Caillaux
mission in October as the starting point. In fact,
the Ambassador has told his friends he hopes it may
be possible to sign an agreement on Washington's
Birthday as a symbol of the bond between the two
countries." The correspondent further said that
"what has added to French hopes of an early settlement is the report of Secretary Mellon to the Senate Finance Committee, which has met a favorable
reception from the French press. 'Le Temps' comments to-night that it finds no quarrel with the
American viewpoint of considering that each country has its own particular capacity to pay. It draws
the conclusion that France has every right to expect more favorable terms than those granted Great
Britain."

Fresh steps are to be taken soon by the French
Government to reach an agreement with the United
States relative to its war debt. On the evening of
Jan. 6 the Paris representative of the New York
"Times" cabled that "Senator Henry Berenger, the
new French Ambassador to Washington, left the
capital this afternoon for Havre, whence he will sail
this evening on the 'Paris'for the United States with
the express mission from his Government to arrange
the French debt to America." The correspondent
suggested that "recent statements by Secretary Mellon, counseling moderation in debt settlements increases the feeling in France that M. Berenger will
be successful. However, there is very little expectation that France's new Ambassador will make
any larger offer than that made by Finance Minister Caillaux and not accepte by the Amderican Debt
Funding Commission. And for what it is worth in
influence in the coming negotiations it should not be
The Italian Government is seeking to arrange a
forgotten that M. Caillaux's offer was severely criti- settlement of her war debt to Great Britain. Word
cized in France and at the time it was made many came from London on Jan. 2 that "Count Volpi, the
predicted that it would not be ratified by the French Italian Finance Minister; Signor Grandi, the Ital-




134

THE CHRONICLE

Ian Under-Secretary for Foreign Affairs, and other
experts, are expected here in the next few days, and
negotiations concerning the Italian debt with Winston Churchill, Chancellor of the Exchequer, will
begin on Wednesday or Thursday." In a special
wireless message from Rome to the New York "Evening Post" on Jan. 4 it was stated that "the Italian
Debt Funding Commission, under Finance Minister
Volpi, is scheduled to leave Jan. 6 to begin negotiations with Chancellor of the Exchequer Churchill
in London on Jan. 8." The correspondent added
that, "according to British calculations, the Italian
debt in December amounted to 15,300,000,000 gold
lire, of which 62.5% constitutes actual principal and
37.5% interest figured from 1915 to 1925, inclusive.
Eighty per cent of the debt wasincurred in the World
War and was used for the purchase of British products—coal, arms and machinery and the rent of
British velsels for transporting material to Italy.
Twenty per cent of the loan is grouped under postarmistic loans."
The London representative of "The Sun" cabled
on Jan. 7 that, "with the Italian Debt Funding
Commission expected in London next week and with
France almost simultaneously reopening the debt
discussions with Washington, the financial world
here is taking the greatest interest in the next phase
of the debt collecting activities of the two principal
creditor nations." He stated also that "for a fortnight past there has been a concerted press offensive
aimed to secure for Italy much better terms even
than the admittedly generous ones which she obtained at Washington. Chancellor Churchill and
British Treasury officials are not,.it is apparent,
being very much affected by this kite-flying or skirmishing to create atmosphere in Italy's favor. While
recognizing there is need for a spirit of generosity
toward Italy, that generosity from the present reading of the situation is one calculated to make America's low terms to Italy something to work upward
from rather than as a starting point for further scaling downward."
In an Associated Press cablegram from Rome on
Dec. 31 announcement was made that at a Cabinet
meeting that day "Count Volpi, Finance Minister,
gave the eabinet a resume of the country's financial
status. It was characterized, he said, by solid stability, based on confidence in the future. Since September the Government not only had managed to
surmount its financial obstacles, but had improved
conditions, thanks to which Italy could assume a
fitting place in the world through her internal and
foreign credits. The Cabinet approved Count Volpi's Anglo-Italian debt program and gave the debt
delegation necessary powers to conclude a funding
agreement."
Further evidence has come to hand of President
Coolidge's determination to have the United States
represented at the preliminary conference at Geneva
in February that is to prepare for a disarmament
conference later under the direction of the League of
Nations. On Jan. 4 the President asked Congress
to appropriate $50,000 to meet the expenses of the
delegation to the preliminary gathering. A Washington representative of the New York "Evening
Post" suggested that "as this is the first invitation
to a League of Nations conference political in its
nature which the 'United States has ever accepted,
great interest attached to the language the Presi-




[VoL. 122.

dent would use in communicating his intentions to
Congress." He added that "Mr. Coolidge takes the
responsibility of accepting the League's invitation
upon himself. He declares the great interest the
United States has in disarmament calls for this
country's presence at the Geneva preliminary meeting. He asks from Congress no direct approval of
the acceptance of the invitation, though an indirect
approval will be implied in the granting of the $50,000 appropriation." Special attention was called
in Washington dispatches to the fact that in asking
for the appropriation the President "sent a message
to Congress in which he signified this country's acceptance of the League of Nations' invitation to
participate in a preparatory conference on arms
limitation." It was added that "the President reemphasized this Government's policy in favor of
disarmament as a means of lessening wars and saving taxes, and in accordance with that policy the
United States, he said, should receive with sympathy
and support any measure having a tendency to bring
about these results." According to a special London cable dispatch to "The Sun" on Jan. 5, "President Coolidge's message to Congress, with his re
quest for funds to pay the expenses of the American
representatives at the impending preliminary Geneva conference is regarded as formal notification
of American participation." It was added that "the
United States Government's decision is of far-reaching importance." Word came from Washington the
very next day that "the House Foreign Affairs Committee to-day unanimously reported a resolution to
authorize the expenditure of $51,000 for American
participation in the preparatory disarmament conference at Geneva."
In discussing the situation, the head of the Washington Bureau of the New York "Times" stated in
a dispatch on Jan. 5 that, "in the assurance that
Congress will provide funds for American participation in the preparatory commission which is to
meet at Geneva next month under the auspices of the
League of Nations to arrange for the general disarmament conference, the Coolidge Administration
has already taken steps for the selection of the personnel of the American delegation.• Mr. Kellogg, the
Secretary of State, yesterday wrote formal letters
to Dwight F. Davis, Secretary of War, and Curtis
D. Wilbur, Secretary of the Navy, requesting them
to submit names of American army and navy officers now attached to Embassies or Legations in
Europe, who because of their ability and knowledge
would be competent expert advisers of the delegate
or delegates representing this Government."
The following excerpt from a long Paris dispatch
to the New York "Times" on Jan. 7 may be regarded
as specially significant if it correctly reflects French
opinion: "After it had been said so often by the
League of Nations leaders that the aid of America
was needed in the world movement for disarmament
and after the dispatch of such an urgent invitation
to Washington, it might have been expected that
the American purpose to co-operate would have been
received with some show of enthusiasm. Not so.
Especially in France it is impossible to find any
gratitude or any enthusiasm. Three days have
passed since President Coolidge indicated his intention to accept the Geneva invitation to participate
in the preliminary work for the conferen,ce on arms
limitation, and in those three days not one of the
102 daily newspapers of the French capital has ex-

JAN. 9 1926.]

THE CHRONICLE

135

pressed any joy that the United States with all its
Proceeding to give his view of the chief causes of
money and wisdom is expected to help solve this the advance in prices, the former
Chancellor said:
problem which the League has set up as its principal "The chief cause of the
increased price is the enortask. There are reasons for such apathy."
mous growth in the demand for rubber—particularly in the United States. The advent of the balWith respect to the charge in the United States loon tire has been an import
ant factor in this dethat the so-called Stevenson plan that was put into velopment. The demand
suddenly outran the supeffect by the British Government in November 1921 ply. To prove this it is only
necessary to look at
for restricting the production and export of crude what happened after the
restriction scheme was put
rubber has been the chief cause of the big advance in force. It began its
operation in November 1921
in the price of that commodity Sir Robert Horne and for two years thereaf
ter the average price was
gave the British view in a long wireless dispatch to over 30 cents in only the
second of three monthly
the New York "Times" under date of Jan. 2. By periods. So recently as
July 1924—a year and eight
way of introduction and explanation he said: "A months after the institution
of the Stevenson scheme
few weeks ago, while making a public address in the —the average price for
one quarter was actually
United States, I ventured to make the remark that less than 22 cents. It is,
therefore, obvious that the
it was more important than anything else in the restriction scheme was not
then acting in the direcworld that America and England should never mis- tion of raising prices
unduly. Similarly, if one
understand each other. It is only my profound be- looks at the prices which
are being fixed for supplies
lief in the truth of this observation which leads me after next February, when
there is to be a full reto say something upon the rubber controversy. When lease for export of the
whole standard production,
my friend, Mr. Nicholas Longworth, the distin- one finds that they vary
very little from the prices
guished Speaker of the House of Representatives, at which contracts were
being made before it was
and a man not unfriendly to Britain, is reported as announced that there was
to be a resumption of
having described England's action in connection 100% export. This means
that the demand is suffiwith the rubber industry as an 'international swin- cient to take up the full
supply, even at present
dle,' it is clear that there must be some deep miscon- prices. The truth is that the
old rule of supply and
ception which ought to be cleared—that is, if we demand applies to prices in
the rubber industry just
are to preserve the happy relations which are the as in every other."
foundation of international unity and co-operation.
I am, perhaps, in as good a position as any unoffiIt was made plain in an Associated Press dispatc
h
cial person to put forward a point of view, as I was from London on Jan. 3 that
the opposition to the
Chancellor of the Exchequer at the time when there high crude rubber prices was
not confined to the
was formulated the scheme of restricted export— •United States, but was quite
general in Europe.
commonly known as the Stevenson plan—which The correspondent said
that, "while the British
many people in America are condemning as a cause press is endeavoring to minimiz
e American critiof great injury to the United States."
cism of sky-high rubber prices brought about by the
Sir Robert Horne outlined the terms of the Stev- Stevenson plan regulating
the output of British
enson plan as follows: "The circumstances which plantations, and dispatches
from Washington corregave rise to the restriction of export were these: spondents printed in the
London newspapers are
There had been a great slump in the price of rubber attempting to show that it
is merely a trade row inin 1920, which was followed by a protracted depres- spired by the automobile
makers, it is evident that
sion. Enormous stocks of surplus rubber had accu- British officialdom is
becoming uneasy about the
mulated. The prices at which rubber was being sold bitter feeling, which is
not confined to the United
were, in many cases, not paying for the production. States, but is spreading
throughout Continental
The vast capital which had been put into the rubber Europe. Even British
automobile owners are beginindustry was in jeopardy, and ruin stared a great ning to register protest
s against higher tire prices,
many of the planters in the face. It was commonly and with the rapidly
increasing British automobile
anticipated that the majority of the rubber planta- industry the proble
m is becoming domestic."
tions would fall back into a condition of jungle and
Rather widely varying opinions have been exthat the work of many years in building up the in- pressed at the hearing
s in Washington before the
dustry would be wiped out. In these conditions a House Committee
on Inter-State and Foreign Comscheme was provided that the producers should only merce as to the
causes of the high prices for crude
export 60% of their standard production, but a scale rubber. A. L.
Vi]es, General Manager and Secrewas arranged whereby, if the price of rubber was tary of the
Rubber Association of America, urged
maintained above 30 cents for three consecutive co-operative
buying. On the other hand, F. A. Siebmonths, an extra 5% should automatically be al- erling, former
President of the Goodyear Tire &
lowed to be exported in the following quarter. Sim- Rubber
Co., was quoted as saying that "the British
ilarly, if the price was maintained at over 36 cents Govern
ment has got us right there—by the neck—
an increased export of 10% was to be permitted. in the grip
of their hands. This country should not
There was a similar diminishing scale under which permit
itself to remain in this position. We ought
exports should be reduced by 5% if the price were to have
Government support for a sound project in
reduced to under 24 cents." He declared that "far the
Philippines. It is idle talk for the British to
too much importance has been attributed to this criticize
us for not buying rubber away ahead. That
restriction scheme as affecting the price of rubber. is
nothing more nor less than gambling and is unIt has, I think, come to me that at the time it was sound. Sir
Robert Horne is talking childishly when
instituted it stopped a rot which would, in my view, he
attributes shortage in rubber to the introduction
have ended in disaster for the rubber trade. But it of the balloon
tire. We had an eight months' supis ridiculous to say that it alone is responsible for ply when this
was done; we now have one month's
the present high prices of the commodity."
supply. It is a sad day for America when any coun


THE CHRONICLE

136

[Vol.. 122.

try on earth can squeeze us like an orange over- occurred in the gold item the present week. Total
gold holdings, therefore, now aggregate 5,548,106,175
night."
francs, contrasting with 5,545,242,982 francs for
Official bank rates at leading European centres the corresponding date last year and with 5,540,continue to be quoted at 9% in Berlin; 7% in Italy 596,481 francs for the year before. Of these amounts
/
1
2
and Belgium; 6% in Paris; 5 % in Denmark; 5% 1,864,320,907 francs were held abroad in each of
/
1
2
in London, Madrid and Norway; 4 % in Sweden the years 1926, 1925 and 1924. A further expansion
.
and 3 % in Holland and Switzerland. Open mar- of 897,6291 000 francs in note circulation brings the
/
1
2
ket discount rates in London were practically un- total of notes in circulation up to a new high level
/
changed. Short bills closed at 4%@478%, against namely 51,982,762,250 francs. This compares with
/
478@5% last week; three months' bills, 478@ 40,830,818,335 francs for the corresponding date
/
4 15-16%, against 4 13-16@4%. Money on call at last year and with 39,172,767,370 francs the year
the British centre was decidedly easier, closing at previous. The French Government repaid 400,338%,compared with 5% a week ago. In Paris the 000,000 francs to the bank, reducing the total of
/
/
open market discount rate dropped to 412%,against advances to the State to 35,500,000,000 francs.
458% last week. In Switzerland the rate advanced During the week silver, bills discounted, Treasury
/
to 2/
58%,against 214% last week.
deposits and general deposits registered increases of
70,000 francs, 547,476,000 francs, 36,362,000 francs,
The Bank of England for the first time in several and 300,480,000 francs, respectively. On the other
weeks reported a gain in gold holdings in its state- hand,however,advances fell 24,831,000 francs. Comment for the week ending Jan. 6, the amount of the parisons of the different items in this week's return
gain being £116,828. Moreover, this was accom- with the figures of last week and with corresponding
panied by an increase in the reserve of gold and dates.in both 1925 and 1924 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
notes in the banking department of £1,441,000,
Changes
Status as o
for Week.
Jan. 7 1926.
Jan. 8 1925. Jan. 10 1924
brought about through contraction in note circulaGold Holdings—
Francs.
Francs.
Francs.
Francs,
tion of £1,324,000. Still another indication of the In France
Inc.
18,175 3,683,785,268 3,680,922,075 3,676,275,574
Abroad
Unchanged
1,864,320,907 1.864.320,907 1,864.320,907
return of funds into normal channels was found in
Inc.
18,175 5,548,106,175 5,545,242,982 5,540,596,481
the sharp rise in the proportion of reserve to liabili- Total
Silver
321,277,317
Ise.
70.000
303,728,750
296.733,520
ties, which advanced to 15.36%, against 11.58% last Bills discounted__ _Inc. 547,476.000 3,750,214,412 5,946.258,553 3,545,457,110
Advances
Dec. 24.831,000 2,492,676,397 3,074,934,765
week and 14.80% for the week of Dec. 23. At this Note circulation __Inc. 897,629,000 51,982.762,250 40.830.818,335 2,533.115,215
39.172,767,370
8% and in 1924 Treasury deposits_Ino. 36,362,000 47,265.822 15,423.290 16,915,414
time last year the ratio stood at 157
General deposits.. Inc. 300,480.000 3,623,370,047 2,239,116,792 2,255,673,229
/
at 1678%. Striking changes were shown in the deposit and loan items. Public deposits gained £6,340,The Imperial Bank of Germany's report for the
4)00, but "other" deposits declined £35,853,000, while final week of 1925 (issued under date of Dec. 31)
the Bank's temporary loans to the Government were reflected the enormous strain involved in meeting
reduced £17,725,000 and loans on other securities the year-end disbursements, and showed that
there
declined £15,819,000. Gold on hand aggregates had been an increase in note circulation of no
less
£144,673,195, which compares with £128,564,162 in than 337,006,000 marks, thus bringing up the
total
1925 (before the transfer to the Bank of England of outstanding to 2,960,443,000 marks. In other mathe £27,000,000 gold formerly held by the Redemp- turing obligations there was a decline of 15,501,000
tion Account of the Currency Note issue) and £125,- marks and in other liabilities of 112,238,000 marks.
058,044 a year earlier. Reserve totals £21,036,000, On the assets side, however, the Bank reported an
as against £18,925,510 last year and £21,531,829 in addition of 294,395,000 marks in bills of exchange
1924. Note circulation stands at £143,406,000, as and checks. Reserve in foreign currencies
expanded
contrasted with £127,562,850 and £126,276,215 one 723,000 marks and advances 40,000
marks. Deand two years ago, respectively, while loans are £87,- clines occurred of 1,458,000 marks in silver and
461,000, against £75,656,549 a year previous and other coins, of 6,000 marks in
deposits held abroad
£77,040,564 in 1924. Raising of the New York Re- and of 16,829,000 marks in notes
on other banks.
serve Bank rate revived talk of another advance in Other assets were reduced 71,229,000 marks, while
the Bank of England's discount rate; but no change investments expanded 3,511,000 marks. A
further
was made from the 5% level announced some time small increase in gold and bullion
holdings took
ago. Clearings through the London banks for the place, namely 114,000 marks, which carried
total
week were £968,775,000, which compares with £526,- gold holdings to 1,208,074,000 marks, as
against
505,000 last week and £868,675,000 a year ago. We 759,609,000 marks in December a year ago
and 467,append comparisons of the different items of the 030,000 marks in 1923. The figures here given
are
Bank of England return for a series of years:
in gold marks, each gold mark being the equivalent
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
of a trillion paper marks.
1923.
1922.
1924.
1925.
1926.
Jan.6.
b143,406.000
Circulation
14.639.000
Public deposits
124,829.000
Other deposits
GOVernM1 securities 48.363.000
Other securities.— 87.461,000
Reserve notes & coin 21,036,000
Coin and bullion- _a144,673,195
Proportion of reserve
15.36%
to liabilities
5%
Bank rate

Jan. 7.
127.562,850
12,911,680
117,170,390
51,664,552
75,656,549
18.925,510
128,564,162

Jan. 9.
120,276.215
11,772.876
116.161.716
47,312,032
77,040,564
21.531,829
128,058.044

Jan. 10.

122,454,770
13.574,230
122.736 910
65,671,582
65,172,755
23.481,447
127,486,217

Jan. 11.

123,626,990
15,602,120
129 888,571
55,003,686
85,162,490
23,275,743
128,452,733

Further additions to gold reserves and continued
diminution in rediscounting and open market opera.
tions were revealed by the weekly statements of the
Federal Reserve banks, issued on Thursday afternoon. The report for the System as a whole indi17.22%
16%
16%%
1544%
3%
4%
5% cated an increase in gold holdings of $39,700,000.
4%
April 29 1925. £27,000.000 gold coin and bullion Rediscounting of all classes of bills declined apa Includes, beginning with
which was
previously held as security for currency note issues and to return totransferred to the
gold standard.
British Government's decision
Bank of England on the statement for April 29 1925, Includes £27,000,000 of Bank proximately $156,200,000, so that total bills disb Beginning with the return for the same amount of gold coin and bullion held
counted were reduced to $593,467,000, as against
issued in
of England notes
account of currency note issue.
up to that time in redemption
$749,672,000 last week, but comparing with $264,408,000 a year ago. Holdings of bills bought in the
According to the weekly statement of the Bank
18,175 francs open market fell $18,100,000. A decrease of $182,.of France, a further small gain of



JAN. 9 1926.1

THE CHRONICLE

000,000 occurred in total bills and securities (earning assets), while deposits fell off $27,900,000 and
Federal Reserve notes in actual circulation were reduced $57,400,000. In member bank reserve accounts there was a shrinkage of $30,500,000. Very
similar conditions were noted in the statement of
the New York Bank, which reported an addition to
gold stocks of $38,100,000, while rediscounts of bills
secured by Government obligations dropped $96,500,000 and "other" bills $17,100,000; thus bringing
the total bills discounted down $113,600,000, to
$181,307,000, although this total is still well above
that of a year ago, when the amount was $53,357,000. Open market purchases decreased $9,900,000.
Total bills and securities were reduced $131,800,000
and deposits fell $62,200,000. The amount of Federal Reserve notes in circulation fell off $5,900,000,
while member bank reserve accounts showed a
shrinkage of $66,500,000. As a result of gains in
gold, accompanied by shrinkage in deposits, reserve
ratios were materially advanced. At New York
there was a rise of 7.4%, to 80.1%. For the combined System the gain was 2.09%, to 70.2%.
Striking changes were recorded in the statement
of New York Clearing House banks and trust companies that was issued last Saturday, Jan. 2, reflecting the strain of meeting the record-breaking
year-end settlements. Surplus was completely
wiped out and a deficit of nearly $12,000,000 recorded, while huge increases occurred in both loans
and deposits. In detail the loan item expanded
$213,204,000. Net demand deposits increased $193,168,000 and time deposits $12,104,000, bringing the
latter to $587,035,000 and the former to $4,662,665,000. The last-named total is exclusive of Government deposits to the amount of $50,160,000, a decline of $6,033,000. There was a falling off of
$6,819,000 in cash in own vaults of members of the
Federal Reserve Bank, thus reducing that total to
$49,609,000, although this is not counted as reserve.
Reserves of State banks and trust companies in
own vaults fell off $468,000, but reserves of these
institutions kept in other depositories increased
$1,263,000. A further contraction in the reserve
of member banks in the Federal Reserve institution
of $12,600,000, in combination with the enormous
additions to deposits was responsible for a loss in
surplus above legal requirements of $37,300,760,
which after eliminating last week's excess of $25,351,150, left a deficit in reserve of $11,949,610. It
should be noted that the above figures for surplus
are on the basis of legal reserve requirements of
13% against demand deposits for member banks of
the Federal Reserve System, but do not include $49,609,000 cash in vault held by these member institutions on Saturday last.

137

to 4%. The only quotation throughout the session
was 4%. It is too soon to predict what either the
money market or stock market will do as a result of
the increase in the bank rate. The action of the
latter yesterday led many observers to believe that
the advance had been pretty well discounted. This
can be more accurately determined a little later on.
If the higher rate tends to check undue speculation
in securities, agricultural commodities and real
estate its justification will be well established. The
business of the country appears to be going forward
without any material slackening in the aggregate.
In fact, a more active demand for funds from commercial sources is reported. More foreign financing
has been accomplished in the local market. The
arranging of the one-year revolving credit for $40,000,000 for the Danish Government is worthy of
special mention.
Dealing with specific rates for'money, call loans
this week covered a range of 4@,6%, which compares with a flat figure of 6% last week. On Monday
the high was 6% and the low 5%, with 6% for
renewals. Tuesday the tension began to relax and
call funds renewed at 5%, which was the high,
while the low was 4%. Increased ease developed
on Wednesday and the range was lowered to 4@432%
with 432% for renewals. On Thursday and Friday
4% was the only rate named, and renewal figure
on both days. In the outside market funds were
put out on call at 3%. For fixed date maturities
also the tendency was to lower quotations and the
close was at 4%@4 8 for all periods from sixty
%
days to six months, as compared with 5% a week
ago. Time money was in appreciably larger supply,
but trading was generally quiet and the demand light.
Commercial paper rates remain at 431,@432%
for four to six months' names of choice character,
unchanged. Names less well known still require
432%. New England mill paper and the shorter
choice names continue to pass at 4Y 0 A fairly
.
/7
active inquiry was reported, but as the supply of
prime names was restricted, trading was narrow.
Country banks were the principal buyers.
Banks' and bankers' acceptances responded to the
advance in the Federal Reserve Bank rate by a
rise of
of1% on all maturities. The market was
dull and featureless, with aggregate transactions
moderate. A factor in the dulness was the scarcity of
offerings. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council is now 332%, against 43/2% last week.
The Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 3%% bid and 33/2%
asked for bills running 30 days, 3%% bid and
3/% asked for 60 days, 378 bid and 33 % asked
%
4
for 90 days, 4% bid and 378 asked for 120 days,
%
4% bid and 4% asked for 150 days and WI%
8
%
bid and 438% asked for 180 days. Open market
quotations are as follows:

Following the unusually large disbursements on
Jan. 1, the local money market was decidedly easy.
Rates for call loans were even lower than had been
predicted. They were easily obtainable on the
SPOT DELIVERY.
Stock Exchange Thursday and Friday as low as
90 Days.
60 Days.
30 Dan.
Prime eligible bills
3%@3,-1
/
35i€03%
MGM
4%, while on the former day a 314% quotation was
FOR DELIVERY WITHIN THIRTY DAYS.
reported in the outside market. Time money was Eligible member banks
3% bid
Eligible non-member banks
3X bid
quoted at 478% up to six months. The call money
/
market did not appear to be affected yesterday, alAs we indicate in another part of our paper to-day,
though it was Friday, by the advance in the redis- the Federal Reserve Bank
of New York announced
count rate of the New York Federal Reserve Bank on Jan. 7 that, effective
Jan. 8, it had established
after the close of business the day before from 3I/ a rate of 4% for all rediscounts and advances. The
2




THE CHRONICLE

138

bank's rediscount rate had previously been 332%.
There have been no other changes this week in
Federal Reserve bank rates. The following is the
schedule 9Viates now in effect for the various classes
e different Reserve banks:
of pap
RATES OF FEDERAL RESERVE BANKS IN EFFECT
JANUARY 9 1925.
Paper Maturing—
After 90 After
but
Days. but
Within 9
Within
Months. Manta*

Within
90 Days.
ir1DEBAL RICSBRVB
BANK.
Com'rctat Secured
Ariel & by U. S. Bankers
Livestock Governm'i AccepPaper. OblIpa- tames.
Kona.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
IdinnesPoll•
Ramses City
Dallas
Ban Francisco

4
4

4
4
6

4

a
4

4
4

4
4

4
4

4
4
4

a
6
a
a
a

a
6
a
a
a

a

4
a
a
4
a

Trade Ayrietd.• Apricot
and
and
Acceplances Livestock Licence)
Paper
Paper.
4
4
4
4
4
4

6
4
6
a
a

4
4
1
4
6

4
6
4
6
a
a

4
4
4
4
4
•Including bankers' acceptance5 drawn for an agricultUral purpose and
toy warehouse reeeipts. &e.

[VOL. 122.

quotations at 4 84 23-32@4 84U for demand,
4 85 3-32@4 853/i for cable transfers and 4 8115-32
@4 81 for sixty days. Sterling moved within very
narrow limits on Tuesday, with. the trend easier;
demand sold at 4 84%@4 84 11-16, cable transfers
at 4 85@4 85 1-16 and sixty days at 4 81%@
4 81 7-16. Wednesday more active buying brought
about an advance to 4 84 13-16 for demand; the
low was 4 84/s, while cable transfers ranged be5
tween 4 85 and 4 85 3-16 and sixty days at 4 81%@
4 81 9-16. Dulness characterized dealings on Thursday but rates were a trifle higher at 4 84N©
4 84 27-32 for demand, 4 853'@4 85 7-32 for cable
transfers and 4 813/@,4 81 19-32 for sixty days.
2
On Friday the undertone was easier and demand sold
off to 4 84/@4 84%,cable transfers at 4 85@4 853/g
and sixty days at 4 81/@4 81
though on a
moderate volume of transactions. Closing quotations
we 4 811 for sixty days, 4 853/i for demand and
cable transfers. Commercial sight bills
ed at 4 84%, sixty days at 4 81, ninety days
at 4 803 1, documents for payment (sixty days) at
/
4 81 and seven-day grain bills at 4 833/ Cotton
2
.
and grain for payment finished at 4 84
As far as could be learned, no gold was engaged for
export or import this week. The outflow from the
Bank of England was appreciably smaller, aggregating approximately £44,000 in sovereigns, destined for Singapore and India and £13,000 bars
and sovereigns to Holland. The Bank bought
£156,000 in gold bars. It also earmarked £500,000
in sovereigns for account of the South African
Reserve Bank.

Sterling exchange was somewhat listless
though the market showed signs of a return to •ormal
conditions after nearly two weeks of holiday inactivity, trading attained only moderate proportions
and prices continued to range within narrow limits.
The undertone was usually firm and quotations
moved up fractionally with a net gain for the week
1
of about 4c.and the week's range 4 84%@4 84 27-32
for demand. It is worth noting that announcement
on Thursday afternoon of the hitherto greatly-feared
rise of M of 1% in the discount rate of the New York
Federal Reserve Bank caused hardly a ripple in
Movements in Continental exchange were not parexchange values. This is explained by the fact that
ticularly significant, though here also the tendency
both the holiday and year-end requirements have been
met and the market was able to meet the change was toward improvement and moderate gains were
with equanimity although it aroused expectations in scored in a number of the leading European currensome quarters of anothers advance in the Bank of cies. French francs led in the advance, and sold up
.74Y to 3.893/ Not a great deal of interest was
1
.
2
England's discount rate. Considerably less talk was from 3
heard of higher levels for sterling and doubt was evinced in the dealings and the firmness was chiefly
expressed in some quarters as to whether the im- a reflection of the better sentiment abroad that
provement customary at this season, due to lack of developed at the close of last week. That support
selling pressure from commercial sources, would was accorded the franc, was the general belief, while
make its appearance. However, it is conceded that there was an appreciable diminution in selling
much will depend in determining the probable course pressure. News of the departure of Senator Berenger
of sterling, not only upon the levels of money rates for the United States, again to attempt settlement of
here and in London, but upon the volume of foreign France's war debts to this country, had an encouragloans likely to be floated in that market. Bankers in ing influence and the result was to send prices to the
close touch with British affairs were confident that highest point of the week. Local brokers held off,
no further increase in the Bank of England's discount partly because of the erratic movements that followed
rate need be looked for. It is pointed out that the failure of the negotiations last fall and partly on
recent heavy withdrawals of gold were partly oc- account of fears of what the Bank of France statement
casioned by the seasonal movement of rubber and would show this week. The market for French
tobacco from Singapore and the Dutch East Indies exchange is likely to be a waiting one for the next few
and that these requirements have now been prac- weeks pending some intimation of what the forthtically completed; thus relieving a serious strain upon coming debt conferences will bring, and also news of
the Bank's resources. That sterling will be main- the ultimate fate of the new Briand tax measures with
tained at close to current levels, seems to be the the French Senate.
Italian and , Belgian exchanges moved within
general opinion. A factor that continues to lend
stability to the market is the understanding that the narrow limits, but were well maintained on light
$300,000,000 credit jointly extended by the Federal trading. Reichsmarks were unchanged and the same
Reserve Banks and the Morgan Syndicate to the is true of Austrian kronen. Greek drachmae responded to the new Dictatorship in Greece by an
Bank of England remains intact.
Referring to the more detailed quotations, sterling advance of about 6 points, to 1.34, although trading
exchange on Saturday last was a trifle firmer, and remained dull and nominal. It is claimed that the
demand ranged between 4 84 11-16 and 4 849.1, cable rate is being supported artificially, as official utterA
transfers at 4 85 1-16@4 851 and sixty days at ances of the new Dictator are not regarded as wholly
813; trading was dull and featureless. reassuring. Polish zloties maintained all of the gains
4 81 7-16@4
On Monday the market was quiet, but steady, with achieved last week and advanced to 12.50, but the




JAN. 91926.]

THE CHRONICLE

quotation was largely nominal and the volume of
businesstransacted small. The other minor exchanges
were neglected.
The London check rate on Paris finished at 126.02,
against 129.85 last week. In New York sight bills on
the French centre closed at 3.82, against 3.74; cable
transfers at 3.83, against 3.75; commercial sight bills
at 3.81, against 3.73, and commercial sixty days at
3.76,against 3.68 a week ago. Closing rates on
Antwerp francs were 4.53 for checks and 4.54 for
cable transfers, as contrasted with 4.53 and 4.54 a
week earlier. Reichsmarks finished at 23.81 (one
rate) for both checks and cable transfers, the same as
last week. Austrian kronen have not been changed
from 0.00143/ Italian lire closed at 4.03 for bankers'
g.
sight bills and at 4.04 for cable transfers. Last week
the close was 4.033 'and 4.043. Exchange on
Czechoslovakia finished at 2.96 8 (unchanged); Bucharest at 0.46, against 0.463.; and on Finland
at 2.52,against 2.53. Polish zloties closed at 12.50,
against 12.00 the previous week. Greek exchange
reacted and closed at 1.32%for checks and at 1.33%
for cable transfers, in comparison with 1.283 and
1.28% last week.
Irregular fluctuations marked the week's dealings
in the neutral exchanges formerly so-called. There
was apparently no definite trend, gains and losses
being about equally divided and trading was featureless and small in volume. Guilders opened firm, but
later receded 4 points to 40.19. Swiss francs ruled
steady at close to 19.32. In the Scandinavians small
losses were recorded, then recovered. Danish kronen
declined to 24.66, off 6 points, but later rallied to
24.84 on news that the $40,000,000 Danish credit
had been renewed for another year. Swedish krona
also lost ground slightly, while Norwegian krone
declined 4 points, mainly on a lack of demand,
but recovered the loss before the close. Spanish
pesetas were weak and dropped to 14.09, on unfavorable political developments, then rallied to
14.15.
Bankers' sight on Amsterdam finished at 40.19,
against 40.23; cable transfers at 40.21, against 40.25;
commercial sight at 40.11, against 40.15, and commercial sixty days at 39.75, against 39.79, a week ago.
Final quotations on Swiss francs were 19.32 for
bankers' sight bills and 19.33 for cable remittances, in
comparison with 19.33 and 19.34 last week. Copenhagen checks closed at 24.84 and cable transfers at
24.88, against 24.70 and 24.74. Checks on Sweden
finished at 26.75 and cable transfers at 26.79, against
26.80 and 26.84, while checks on Norway closed at
20.32 and cable transfers at 20.36, against 20.30 and
20.34 the previous week. Spanish pesetas finished at
14.15 for checks and at 14.17 for cable transfers, as
against 14.11 and 14.13.
With regard to South American exchange mixed
movements took place, even though trading was not
active. Argentine exchange ruled easier but rallied
and closed at 41.47 for checks and at 41.52 for
cable transfers. A week ago the level of quotations
was 41.35 and 41.30. Brazilian milreis, on the
other hand, profited by the completion of the loan
negotiations in London and the quotation ran up
to 14.84 for checks and to 14.89 for cable transfers,
then receded and closed at 14.53 and 14.58, which
compares with 14.58 and 14.63 last week. Chilean
exchange was easier, finishing at 11.92, against
11.98. Peruvian exchange was easier also on lower




139

cable rates from Lima and the close was 3 90,
against 3 97 a week ago.
In Far Eastern exchange the most active feature
was Japanese yen, which were in good demand and
ruled very firm. According to current information
here, financial and economic conditions in Japan are
improving and it is believed that the time is not far
distant when Japanese currency will be restored to
normal. The Chinese and Indian rates remained
close to the levels of last week. Hong Kong finished
/
at 58%@593', against 5818@59;Shanghai at 76%@
78, against 769.@78; Yokohama at 43%@43%,
against 433/@43%; Manila at 49%@503(, against
2
50@503; Singapore at 57@57. (unchanged); Bom3
A
bay at 36%@37 (unchanged), and Calcutta at
36%@37 (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY TINDER TARIFF ACT OF 1922,
JAN. 2 1926 TO JAN. 8 1926, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.

Country and MonetarVI

Jan. 2.

Jan. 4.

Jan, 5.

Jan.6.

Jan. 7.

Jan. 8.

EUROPE5
5
$
$
$
$
.ustria.schilling - .14061
.14051
.14053
.14049
.14049
.14050
Belgium, franc
.0453
.0453
.0453
.0453
.0453
.0453
sifts's, ley
.007288 .007279 .007288 .007275 .007288 .007291
)zeiihos1oyakia, krom .029615 .029615 .029617 .029613 .029616 .029617
ieninark. krone
2473
.2474
.2471
.2472
.2479
.2488
4nglancl. pound Sor4.8509
4.8509
4.8499
ting
4.8502
4.8510
4.8504
n'1nland, markka____ .025217 .025218 .025213 .025216 .025208 .025211
Franco,franc
.0376
.0381
.0379
.0382
.0385
.0384
lermany, reichsmark .2380
.2381
.2380
.2380
.2380
.2380
Ireece. drachma _
.013017 .013008 .013146 .013245 .013313 .013255
.4023
li gland. guilder _
.4024
.4022
.4020
.4020
.4020
Hungary, pengo•_ _ __ .1756
.1756
.1755
.1754
.1756
.1756
.0404
Me
.0404
.0404
.0404
.0404
.0404
NOrerliy, krone
.2034
.2035
.2032
.2029
.2032
.2036
Poland. zloty
.1175
1144
.1175
.1184
.1203
.1209
Portugal, escudo- _ .0511
.0511
.0511
.0511
.0512
.0511
aumania,leu
.004600 .004597 .004584 .004569 .004573 .004541
pain, peseta
.1412
.1412
.1411
.1413
.1412
.1414
iweden, krona
.2682
.2682
.2680
.2 80
.2680
.2679
4wItseriand, franc_ .1932
.1932
.1933
.1932
.1933
.1932
(ugoslavia, dinar-__ .017710 .017705 .017704 .017694 .017699 .017703
ASIA:bineChefoo, tadl
.7875
.7875
.7825
.7867
.7867
.7863
Hankow.tad
7783
.7769
.7728
.7769
.7766
.7763
Shanghai, mei- .7570
.7555
.7546
.7539
.7550
.7542
Tientsin, tael
.7979
.7975
.7925
.7983
.7967
.7958
Hong Kong, dollar. .5793
.5796
.5788
.5786
.5800
.5811
Mexican dollar.... .5478
.5481
.5475
.5455
.5463
.5469 .
Tientsin or Pelyang.
dollar
.5504
.5492
.5508
.5475
.5479
.5479
Yuan, dollar
. .5633
.5621
.5617
.5608
.5613
.5613
.ndia, rupee
.3665
.3666
.3666
.3666
.3665
.3665
Japan, yen
.4312
.4325
.4342
.4343
.4336
.4344
4logapore(S.8.), dollar .5663
.5663
.5667
.5663
.5663
.5663
NORTH AMER.Janada. dollar
.998781 .998625 .998047 .998545 .998214 .998076
Cuba, peso
.999313 .998906 .998906 .998781 .998781 .998594
Mexico. peeo
487000 .487167 .487500 .486350 .488333 .486333
Newfoundland, dollar .996219 .995688 .995344
.995875 .995813 .995594
SOUTH AMER.krgentimi, peso (gold) .9398
.9407
.9405
.9406
.9413
.9415
-Milli. cutlrels
1466
.1486
.1484
.1480
.1472
.1457
Zlille. peso (paper)._ .1201
.1199
.1195
.1195
.1191
.1195
Urniruay. Dego
I 0271
1 ne7a .nn
1 nnoo
t ...nnts
now>

.....

12,500 Hungarian kronel pengo.

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,591,537 net in cash as a result of the currency movements for the week ended Jan. 8.
Their receipts from the interior have aggregated
$6,478,037, while the shipments have reached $886,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY
NEW YORK BANKING
INSTITUTIONS.
Week Ended January 8.
Banks'Interior movement

Into
Banks.
56.478.0371

Out of
Banks.

Gatn or Loss
to Banks.

3886,500 Gain 55.591.532

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:

140

THE CHRONICLE

DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.

[VOL. 122.

old dilapidated tenements" that were in existence
when the law was passed, and which it was hoped
Aggregate
Saturday, Monday, Tuesday. Wednesd*y, Thursday. Friday,
the law would operate to abolish, are still occupied.
Jan. 8.
for Week.
Jan. 7.
Jan. 4.
Jan. 5.
Jan. 6.
Jan. 2.
"Children are still being brought up in dark, ill-ven139,000,000 149.000,00 99,000,000 108,000.00 102,000 00 90.000 000 Cr 687.000.000
tilated, overcrowded, unsafe tenement houses, and
Note.—The foregoing heavy credits reflect the huge mass cf checks which come
to the New York Reserve Bank from all parts of the country in the operation of these houses are to be found not only in New York
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 City but in all the cities, and even in the smaller
House institutions, as only the items payable in New York City are represented in communities of
the State." The construction of
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do bridges over the East River has not been followed
not pass through the Clearing House but are deposited with the Federal Reserve
by the expected distribution of population from
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bul- congested areas in Manhattan, and "experience has
lion in the principal European banks:
taught us that you cannot move people by law."
The reason for :these untoward conditions, Governor
January 8 1925.
January 7 1926.
Banks of
Smith declares, lies in the fact that "the construcSilver.
Total.
Gold.
Silver.
Total.
Gold.
tion of certain types of homes for wage-earners of
1
e
A
E
£
g
128,564,162
144,673,198128,564,162
England -- 144,673,195
France a— 147,351,411 12,840,000180,191,411 147,236,883 12,120,000159,356,883 moderate income is unprofitable. The building of
994,600 28,620,050
Germany c 49,693,250 d994,600 50,687,850 27,625,450
b2,000,000 homes has been looked upon .as an enterprise conb
b2,000,000 132,000,000
b
Aus.-Hun- b2,000,000
Spain
101,478,000 26,209,000127,687,000 101,408,000 26,079,000 127.487,000
35,665,000 3,394,555 39,059,000 35,582,000 3,374,000 38,956,000 ducted like any other business in which the element
Italy
Netheeds 36,915,000 1,997,000 38,912.000 42,048,000 1,043,000 43,091.000
Nat. Belg_ 10,954,000 3,649,111 14,603.000 10,889,000 2,770,000 13,659,000 of speculative profit has been operative."
One of
5witzerVd_ 18,682,000 3,574,I $ I 22,256,000 20,237,000 3,487.000 23,724,000
13,166,000 the obstacles to proper housing which the Governor
12,780,000 13,166,000
Sweden.._ _ 12,780,000
12,919,000
Denmark _ 11,628,000
874,000 12,502,001 11,639,000 1,280,000
8,180,000 8,180,000
8,180,000 specifies is the cost of borrowing money, while
Norway-- 8,180,000
anTotal week 579,999,856 53,531,600633,531,456 548,575,495 51,147,600599,723,093 other is "the slow and expensive process of
acquirPrey. week 579.787,311 53.500,600633,287,911 545,938,583 51.588,600.597.527,185
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 ing sufficient land to conduct a profitable building
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
operation on a large scale, and such building operayear are exclusive of £10.710,450 held abroad. d As of Oct. 7 1924.
tions cannot be profitable except on a large scale."
Governor Smith's Annual Message.
To meet this situation, Governor Smith proposes
The annual message which Governor Smith of two alternatives. The first is a provision by law
New York read to the Legislature on Wednesday "for the incorporation of limited dividend corporarivals the longest and most elaborate of Presiden- tions clothed with the power of condemnation, in
tial messages in its amplitude and range. The order that the corporation may be in a position to
printed text fills no less than seventeen columns of construct modern dwelling houses upon square
the New York "Times," and the reading occupied blocks at a time." The funds of such corporations
more than two hours. Few if any of our State Gov- are to be derived from the issuance by the municiernors have shown so detailed or comprehensive an palities of tax-exempt bonds, the proceeds to be
acquaintance with State affairs as Governor Smith loaned to the corporations "subject to the regulapossesses, and the message passes in review prac- tion of the sovereign power as to the character of
tically all of the matters in regard to which the pub- construction of buildings and amount to be charged
lic* would naturally expect to be informed or to for rent." The alternative proposal is the creation
which the attention of the Legislature needed par- of a State Housing Bank, similar to the Federal
ticularly to be directed. As usually happens with Land banks. Governor Smith admits that he is
such documents, there are recommendations which "not familiar with the operation of the Federal
will at once commend themselves as reasonable and Land banks," but he has been "given to understand
appropriate, others which repeat what has previ- that similar State banks could be organized to
ously been urged, and still others that are certain to finance construction of family dwellings much after
provoke dissent and personal or party controversy. the plan adopted by the Federal Government for
Taken as a whole, however, the message is not a par- the relief of farmers." In order that there may be
tisan statement, notwithstanding the positions no doubt regarding the constitutionality of either
which Governor Smith assumes regarding certain measure, a constitutional amendment embodying the
questions, such as the four-year term for Governor, requisite authority is recommended.
We hold no brief for speculators in real estate,
on which Republican and Democratic opinion has
been divided, and it is much to be hoped that what and we sincerely deplore the housing conditions
the Governor has to say, whether acceptable to the under which thousands of wage-earners and other
LE-gislature or not, will be dealt with by that body persons of moderate or small means live in New
with the same courteous frankness and explicitness York City and elsewhere in the State. The remedy
with which the condition of the State is reviewed which Governor Smith proposes, however, is objecand the political or other policies of the Governor tionable from every point of view. It is not the
business of the State, nor yet of the municipality,
are advocated.
We pass over for the present what Governor Smith to provide its people with what are regarded as
has to say about economy in expenditure, tax reduc- suitable dwellings, any more than it is the business
tion, the organization of the executive departments, of the Federal Government to see that people who
the development of State water powers, workmen's want anthracite coal shall get it at a reasonable
compensation and similar matters of general pub- price. Mat Governor Smith proposes is a step
lic interest, in order to call attention particularly which even a radical Socialist Government might
to a recommendation which seems to us open to well hesitate to take. Because the construction of
grave objection, and which it is much to be hoped dwellings on a large scale, either in localities now
that the Legislature, wholly regardless of party, occupied or in other localities reasonably accessible,
will leave without action. That is the recommenda- is not regarded as profitable by private investors
tion regarding State and municipal aid to housing. on account of the high cost of land or the condition
Twenty-five years after the passage of the Tenement of the loan market, the State or municipality is to
House law, Governor Smith points out, the "same step in and provide what is lacking. What private




JAN. 9 1926.]

THE CHRONICLE

capital will not undertake because sufficient profit
will not be forthcoming, the State or city is to do
,at public expense, theoretically at a small or nominal profit, but in practice almost certainly at a
loss. The community is to rush in where private
individuals or corporations fear to tread, making
good its loss in rentals by increased public taxation in perpetuity, in addition to charging upon the
public the whole of the original cost of the venture;
and this not because a great calamity has swept the
dwellings of wage-earners out of existence and shelter must be provided, but because, as a result of
clear economic forces, which are tb be left in full
operation, the supply of suitable dwellings is less
than it should be.
What are those economic forces? Why is such
building as Governor Smith speaks of unprofitable?
The two factors which the Governor adduces,
namely, the high cost of land and the high rate of
interest on mortgage loans, are important, but they
are far from being the whole story. No method has
yet been devised of preventing the increase of land
values, especially in areas where business encroaches
upon residental districts, or where the insistence of
people upon living as near as possible to their work
produces congestion of population, and condemnation proceedings will not make land any cheaper,
even though it deprives the owners of a part of the
competitive value of their property. The municipality will have to go on paying higher and higher
prices for its condemned land as population grows
and business expands, and there is no way by which
it can recoup itself save by exacting higher and
higher rents. To the natural high cost of land is to
be added, as at least equally important, the excessive cost of building, due primarily to the extraordinarily high wages demanded in the building trades
and in the various occupations which produce building materials. Until the present absurd cost of
building is reduced, rents will remain high, and the

oily way in which the municipality can reduce them
in dwellings which it itself constructs is to shift the
normal rental,in whole or in large part, to the whole
community, thereby requiring the whole people to
t•upport an enterprise only a small minority of the
people can by any possibility enjoy.
The large scale construction which Gover
nor
Smith proposes is to be financed either through taxexempt municipal bonds, or by means of a
State
Housing Bank with capital or other resour
ces presumably furnished by the State. The effect
of further large issues of tax-exempt bonds upon
the credit
of the municipalities is something to which
investors and taxpayers may well look forwa
rd with apprehension, and Governor Smith has
only been
"given to understand" that the propos
ed State bank
would work. In either case, however, it
is the people who will pay, however the transa
ction may be
camouflaged. The limits of credit are the limits
of
resources, and the resources of the people are
to be
commandeered in order to do what privat
e capital
is reluctant to do. It is the people who will
furnish
the capital of Governor Smith's State Housi
ng Bank
through increased taxation by the State; it
is the
people who will pay for wage-earners'
houses
through increased taxation of real property to
whose
maintenance the State lends no aid whatever.
All
this, moreover, is to be done without interf
ering
with any of the causes which have made
private
building unprofitable and raised rents to inordi
nate levels. The city will pay at least as much
as
private corporations for its dwellings, the overhe
ad
charges will be heavier because of the inferior character of city administration, and the choice
r the
locality the higher will be the rent. Such a
proposal solves no social problem and alleviates
no
distress. It only adds to the financial burdens
of
the taxpayer for the temporary benefit of a partic
ular class, thus constituting class legislation
of a
peculiarly expensive type.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITO
ME.
Friday Night, Jan. 8 1926.
Although there has been some natural decreas
e from the
large business of the holidays, there is no little
demand for
dress goods and othei merchandise to replenish
stocks, at
least for the time being. The steel output for
1925 eclipses
anything in the records of the steel business.
Retail trade
is being stimulated to some extent by clearan
ce sales.
There is a disposition almost everywhere to
look on the
bright side. Stocks of merchandise, after prolong
ed buying from hand to mouth, must be more or less deplete
d.
That stands to reason. In fact, there are categorical
statements that stocks of merchandise held by retailers
are
small. If that is so, the expectations of a larger demand
from that source would seem to be not ill-founded. Industry in some directions Is active. Speaking of steel, there is
a good demand reported from railroads and building interests. Pig iron trade is light for the time being, but a better
demand is expected later on. Wool business as a rule has
been quiet and prices are more or less depressed. Cotton,
on the other hand, has risen moderately under the spur of
a good demand for the actual staple at the South and also
for the near months here and in Liverpool. New England
textile reports are more cheerful. It Is noticed that a big
thread company at Hartford, Conn., is increasing its working time. Manchester reports a better business, both with
China and England, *Which is something new. There is
quite a good demand in Liverpool for the actual raw cotton,
and the reasonable inference is that Manchester is feeling
more hopeful. There is nothing more said about increasing




141

'

short time in Lancashire. It is true that in
Germany the
textile outlook has clouded over, and some
German mills
are asking a delay on deliveries of raw cotton.
In Spain,
too, there is some textile depression, thus
far unmitigated
by Government bounties. In Japan, on the
other hand, the
textile industry is more active, and it is believe
d that trade
in China will improve now that the
political situation there
is better. It is buying more freely in
Manchester. Coffee
has declined slightly, in spite of a report
that Brazil has
secured a loan of £10,000,000 in London
, supposedly for the
purpose of assisting valorization of coffee
in Brazil. Sugar
has declined somewhat, and this is
not surprising at the
threshold of a new season, with heavy
marketing ahead,
by Cuba and other producers.
Wheat has advanced somewhat, with
British and Argentine markets rising. It seems to be
reasonably clear that
the exportable surplus of Argentina
will not prove to be
much over 100,000,000 bushels, wherea
s last year that country exported 172,184,000 bushels,
the highest on record.
An incident of to-day was the
reported selling by prominent Palm Beach and Wall Street
interests co-incident
with the advance in the rediscount rate
to 4% here of considerable amounts of stocks, wheat and
cotton, all of which
were well taken by the several markets
interested. In New
York concentrated liquidation of some
100,000 bales of cotton, mostly for March delivery, was
taken with a readiness
and with such trifling fluctuations as
to have impressed
very many of the trade. Corn prices
show a rise for the
week of about 2% cents and one pleasing
incident was the
offer of the International Harvester
Co. to take No. 2

142

THE CHRONICLE

Chicago corn at $1 a bushel in payment for implements. It
has cheered the whole corn belt, especially as there are
Intimations that othet large companies will take similar
action. In the end the corn farmer, however, will have to
reduce his acreage if he is dissatisfied with prices. They
4
are still some 441 cents lower than a year ago. Automobile companies are cutting prices. The shoe manufacturing business may be stimulated by the big shoe trade exposition at St. Louis. Western railroads had a high record
traffic in 1925. And the car loadings still make a very
good exhibit. Taking car loadings and bank clearings,
they were the largest in 1925 of any in the history of this
country, and were illuminating as to the upward course of
trade. Manufacturing industries for the most part are
prosperous. The woolen and worsted mills, though they
are nat having a satisfactory trade, are helped by the lower
prices for wool which have prevailed for a year past.
Recently they have further declined. The silk industry is
still active, and the record for 1925 was never equaled. The
new rayon industry is going ahead by leaps and bounds.
Employment in this country is very general; unemployment
is the exception. Wages, needless to say, are good. The
buying power of the country, taken as a whole, is excellent,
though some complaints of low prices for their product are
naturally heard from the corn and cotton belts. The anthracite coal strike is still in progress. The discussion has
to all appearances reached a deadlock. It will be an excellent thing for all concerned if some settlement could be
reached which would obviate any dispute or strikes in this
branch of business for years to come. What the people
want is a square deal for all concerned, employers, employees and consumers. Employers naturally want to feel
that they can go ahem' with confidence that the wage scale
will be undisturbed and strikes avoided.
Failure records, it is gratifying to notice, make a very
favorable showing. Building in December 1925 made noticeable gains over December 1924. Lumber prices have shown
. some upward tendency from the fact that building is larger
than usual at this time of the year. There is a big business
doing in hardwoods. Rubber has declined here and in
London, with some falling off in the demand. There are
intimations from London that the Stevenson restriction
plan may be modified. It ought to be. The London "Westminster Gazette" rightly points out that measures of this
sort are bound to produce retaliation; in fact, they are a
kind of boomerang. It is all very well to relieve the rubber industry when it was suffering from over-production
and prices below the cost of output, but in adopting remedial measures the, pendulum swung to the opposite extreme
and the ire of the consumer has been aroused not merely
In this country, but everywhere.
Secretary Hoover told the House Inter-State and Foreign Commerce Committee that diplomatic remonstrances
having failed, the United States must "build up a resistance" against the price control by foreign Governments of
basic commodities like rubber, camphor, coffee, iodine,
nitrates, potash, mercury and sisal.
Dividends distributed by Fall River, Mass., textile mills
during the past year were the smallest in more than a
decade, averaging only 5.029%, compared with 0.454% in
1924 and 8.112c. in 1923. It is estimated that textile stocks
of Fall River 'corporation depreciated fully $9,000,000 dur•ing the past year. Dividends paid by New Bedford, Mass.,
cotton mills corporations during 1925 averaged $5 63, compared with $513 in 1924. During the year a number of
shares fell to the lowest level in years, despite the more
profitable average cloth business than in 1924. Boston
wired that for the first time in 65 years, the Androscoggin
mills have failed to declare a dividend.
' Boston yarn dealers, however, anticipate marked improvement in distribution in the near future. Cloth mills
have booked considerable business and their yarn spinning
facilities in some cases cannot take care of orders. Better
business for the New England cotton mills for 1926 is predicted by William B. MacColl, President of the National
Association of Cotton Manufacturers. He says the price
of raw cotton has adjusted itself on a basis which appears
fair to both grower and spinner.
At Newburyport, Mass., a 10% reduction in wages by the
of
Essex Cotton Mills, Inc„ resulted in a strike on Jan. 4
generally returned
all but the wetWers and twisters, who
manufactures auto tire fabrics,
'to work. The Plant, which
Manchester,
normally employ's• about 500 operatives. At




[VOL. 122.

N. H., the carding department of the large No. 9 mill of
the Amoskeag Manufacturing Co. is now running nights.
At Manchester, N. H., the height of the Merrimack River is
saving, it is said, the Amoskeag Manufacturing Co. 50%
of its coal and •oil bill. At Hartford, Conn., the American
Thread Co. will begin at once to operate on a 55
-hour weekly
schedule instead of the recent 48 hours. Charlotte, N. C.,
reports production generally full in that section, with the
exception of mills supplied with Southern Power Co. current, which are still Idle 24 hours per week. In Greenville,
S. C., section cotton mills are still forced to curtail one day
a week because of power shortage, recent rains not having
afforded complete relief to the power plants. Macon, Ga.,
reported that the low stage of the rivers near there and In
other parts of Georgia is causing some alarm among cotton
mill owners. But the Central Georgia Power Co., through
Its connections with Muscle Shoals and steam plants in
Alabama, has assured the mills that there is no danger of
power shortage.
Manchester, England seems to think Russian orders may
eventually bring about full-time operations by machinery
Manchester trade reports to-day were
manufacturers.
better as regards both cloths and yarns. Copenhagen
cabled that the textile dispute in Sweden has been settled
and that 30,000 locked-out workers will return at once.
Barcelona advices say Spanish mills are not being helped
by bounties and protection and that the textile industry is
In a state of partial paralysis, due to over-development.
Sears, Roebuck & Co.'s sales for December amounted to
$30,521,658, or 16.6% over December 1624. Sales for the
year amounted to $258,342,236, or 16.3% over 1924. Montgomery, Ward & Co.'s sales for December were $22,789,009,
or 13.1% over December 1924. Sales for the year were
$184,095,989, or 13.1% over 1924. F. W. Woolworth Co.'s
sales for December were $39,330,350, or 12.29% over December 1924. Sales for the year were $239,020,368, or
10.92% over 1924. S. S. Kresge Co.'s sales for December
were $17,983,855, or 23.24% over December 1924. Sales
for the year were $105,965,610, or 17.61% over 1924.
It was mild and rainy or foggy early in the week, with
railroad and ferry service delayed, but by the night of the
6th inst. It turned colder and clear. It was 38 to 50 degrees
here, 30 to 32 in Chicago, 32 to 38 in Cincinnati, 30 to 43 in
Kansas City, 22 to 28 at Minneapolis, 34 to 48 at Portland,
Me., 40 to 52 at Boston and 56 to 62 at New Orleans. Serious floods in France invaded Paris, and they have been a
national calamity in Belgium and Holland. Much damage
has been done by high water also in Germany and England.
To-day was raw and cold here and to-night the forecast is
for snow. It was 30 degrees at 3 p. in.
Domestic Business Conditions According to the
Government.
Further figures on November business reported to the
Department of Commerce (made public Jan. 2) continue to
show increases over a year ago in production, such as maple
flooring boxboard, steel furniture and foundry equipment,
but the output and shipments of North Carolina pine declined. Unfilled orders of steel furniture manufacturers,
both for the business group and for shelving, were considerably larger than at the end of November 1924, and unfilled orders for boxboard were also greater. Sales of tobacco at loose-leaf warehouses increased, as did the cost of
living index and the outstanding loans of land banks. Compared with October, increases occurred in sales and shipments of foundry equipment, sales of tobacco at loose-leaf
warehouses, the cost-of-living index and outstanding loans
of land banks. Declines were noted in the output of North
Carolina pine lumber, maple flooring and boxboard, and In
shipments of steel furniture. Unfilled orders for steel furniture and boxboard, however, were larger than at tbe end
of October.
In its statement released for publication to-day (Jan. 9)
on Domestic Business Conditions the Department said:
Early reports on business conditions to the Department of Commerce
covering the month of December, Indicate increases over November. In the
receipts of wool at Boston, consumption of tin, and visible supply of cotton,
while the wholesale' prices of plumbing fixtures declined. Trade and
financial Indicators increasing over the previous month,included mail-order
sales, and total ordinary receipts of the government while the number of
new incorporations, customs receipts and gross debt of the government
declined. Interest rates and government expenses were higher than in
November.
In comparison with December, 1924, increases occurred in the consumption of tin and visible supply of cotton, while receipts of wool at Boston and
wholesale prices of plumbing fixtures declined. The number of nev incor-

JAN. 9 1926.]

THE CHRONICLE

porations increased over the previous year, as did mail order sales, customs
and ordinary receipts of the government, while the gross debt declined.
Interest rates and ordinary government expenses were greater than a year
ago.

Survey of Current Business by United States Department of Commerce—Production in November
Compared with Same Month Last Year.
Comparing figures of production in November 1925 with
those for November 1924, the United States Department of
Commerce, Jan. 2, said:
Manufacturing Production.
The rate of manufacturing production in November maintained the high
level reached in October at 132% of the 1919 monthly average, according
to the index number of the Department of Commerce covering 64 commodi
ties, and was 16% higher than in November 1924. All industry groups
had larger production than in November 1924, except leather, which was
unchanged. The increases over a year ago were made as follows: Foodstuffs. 1%; textiles, 6%; iron and steel, 24%; other metals, 5%; lumber,
15%; paper and printing, 12%; chemicals and oils. 14%; stone and clay
products, 9%; tobacco, 9%. and miscellaneous, 32%, the latter due largely
to the high output of automobiles.
Output of Raw Materials.
A seasonal decline took place in raw material output, the combined index
showing a decrease of almost 7% from November 1924. Mineral production was 3% higher thn a year ago and .the output of forestry products
4% higher, while marketings of crops were 12% lower and animal products
4% lower.
Unfilled Orders.
The index of unfilled orders of iron and steel and building materials rose
during November to the highest point reached since the early part of 1925,
and on November 30 it stood 9% above the mark a year earlier. Both
the iron and steel group and the building group showed increases in unfilled
orders over October and over a year ago.
Stocks of Commodities.
Stocks of commodities held at the end of November showed little change
either from the previous month or a year ago. When adjusted for seasonal
conditions, an increase of 12% in raw foodstuffs was the only marked change
from stocks on Oct. 31, while, compared with Nov. 30 1924. decreases
occurred in both raw and manufactured foodstuffs, and increases in raw
materials and manufactured commodities other than foodstuffs.
The index numbers of the Department of Commerce are given below:
1924.

1925.
Sept.
Production
(Index numbers: 1919=100)
Raw materials—Total
Minerals
Animal products
Crops
Forestry
Manufacturing—Grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals
Stone and clay products
Tobacco
Automobiles*
Miscellaneous
Commodity Stocks.
(Index numbers: 1919=100)
(Unadjusted)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactured commodities
(Adjusted for seasonal element)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactured commodities

Oct.

Nov.

Oct.

150
125
105
191
129
122
122
106
97
118
183
158
89
106
174
148
123
163
118

156
132
115
196
135
132
137
112
108
130
193
166
96
118
188
164
132
260
148

145
124
120
172
120
132
127
101
107
131
160
152
81
114
191
140
116
225
132

179
135
112
246
123
116
121
112
III
105
163
144
96
113
16.5
143
123
176
121

Nov.

155
120
125
195
114
114
110
100
101
106
152
131
81
102
'166
128
106
139
100

142
120 .
201
77
171

145
134
202
72
172

142
145
168
93
157

144
154
180
83
158

149
160
.161
79
181

132
113
151
73
170

133
128
150
72
170

135
148
130
86
160

135
152
134
84
155

Unfilled Orders.
Total (based on 1920 as 100)
52
Iron and steel
38
tno
Building materials
• Included in miscellaneous group also.

53
43
94

58
47
101

43
34
81

53
42
99

140
133
159
87
171

143

Check payments through banks in this district as a whole were substantially below a year ago both in October and in November, but slightly
higher in the first two weeks of December than last year.
Unimportant changes were shown in banking conditions. Banks in the
larger cities had an increase in demand deposits due largely to the seasonal
building up of correspondent accounts by country banks. This Federal
Reserve Bank had a slight increase in loans, Interest rates charged their
customers by banks in the larger cities were slightly greater than a Year
ago, although unchanged from last month.
Prospective business activity, as reflected by building permits granted.
was greater in November than a year ago, both in valuation and in the
number of permits granted, and did not show the customary seasonal decline
in either number or valuation as compared with the preceding month.
On the other hand, building contracts awarded during the month decreased
both as compared with last year and with the preceding month.
Estimates based upon crop forecasts and the marketings of grain and
livestock in this district during the months of August, September, October
and November of this year and last, indicate that returns to farmers in the
district this year are smaller than they were in 1924.

Weekly Lumber Movement Shows Slight Decrease.
The National Lumber Manufacturers Association received
telegraphic reports of the status of the lumber industry, for
the- week ended Jan. 2, from .352 ,of the larger softwood
and 117 of the chief hardwood, mills of the country. The
329 comparably reporting softwood mills showed decreases
in production and shipments, and an increase in new business, when compared with reports from 315 mills for the
previous week. The hardwood operations reported considerable gain in all three factors.
-Reports from the Southern Pine Association on unfilled
orders were not received in time for publication. For the
103 West Coast mills the unfilled orders were 381,505,895
feet, as against 342,290,147 feet for 99 mills a week earlier.
Altogether the 329 comparably reporting mills had shipments 131% and orders 136% of actual production. For
the Southern Pine mills these percentages were, respectively, 106 and 104,and for the West Coast mills 153 and 157.
Of the reporting mills, the 307 with an established normal
production for the week of 195,068,790 feet, gave actual
production 56%, shipments 76% and orders 80% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the two weeks indicated:
Mills
Production
Shipments
Orders (new business)

Preceding Week
Past Week. 1925 (Revised).
315
329
135,459.960
117,979,552
159,061,752
154,796,614
148,889,501
159,946,093

The following revised figures show the lumber production,
shipments and new business of the seven associations for
fifty-three weeks grouped as 1925.*
Production.
Shipments.
Orders.
12,548,851,829 12,468,954.090 12,315,462,746
1925
* On account of the year not dividing into an exact number of weeks, a
53d week has to be disposed of sooner or later. Consequently, no comparisons are made this week "with the corresponding week a year ago.
'

The mills of the California White and Sugar Pine Manufacturers Association make weekly reports, but for a considerable period they were not comparable to orders with
those of other mills. Consequently, the termer are not
represented in any of the foregoing figures. Seventeen
mills have closed down; 23 reported a cut of 11,106,000 feet,
shipments 15,743,000 and orders 13,267,000. The reported
cut represents 74% of the total of the California Pine region.
Reports from the Southern Cypress Manufacturers Association of New Orleans (also omitted from above tables because
only recently reporting) were not received this week.

West Coast Lumbermen's Weekly Review.
Ninety-nine mills reporting to West Coast Lumbermen's
Agricultural and Business Conditions in Minneapolis Association for the week ending Dec. 26 manufactured
Federal Reserve District.
55,797,466 feet of lumber; sold 69,590,487 feet; and shipped
Summazzing agricultural and business conditions in the 74,544,970 feet. New business was 25% above production.
Minneapolis Federal Reserve District, the Monthly Review, Shipments were 34% above production.
Forty par cent of all new business taken during the week was for future
dated Dec. 29, of the Federal Reserve Bank of Minneapolis
water delivery. This amounted to 27,996,097 feet, of which 17,694,233
says:
feet was for domestic cargo deliyery; and 10,301,864 feet export. New

The outstanding events of a favorable character in business conditions
during November and the early part of December in this district are the
improvement in total check payments through banks in the eight wheat
belt cities (November, 4%, and the first two weeks in December, 12%).
the large marketings of livestock through South St. Paul at higher prices
and the increase in building permits at eighteen reporting cities of this
district, all as compared with a year ago.
There has been a continuation of the noteworthy decline in the marketings of the cash grains; and the median prices obtained for them have
averaged less during recent months, including November, than during the
same months of last year.
Merchandising during November at retail declined both as compared with
last year and with a month ago; and sales by wholesalers exhibited mixed
trends. Outstanding orders of retailers for merchandise at the end of
November were much lass than a year ago and than a month earlier.
Carloadings in November, after correction is made for the increase in
less-than-carload-lots, which represent a variable tonnage, and for iron
ore because of a later season on the lakes this year, increased less than 1%
over a year ago. Other indexes of the physical volume of business showed
mixed trends.




business by rail amounted to 1,278 cars.
Forty-eight per cent of the lumber shipments moved by water. This
amounted to 35,410,580 feet, of which 17,143,221 feet moved coastwise and
intercoastal, and 18,267,359 feet export. Rail shipments totaled 1,196 cars.
Local auto and team deliveries totaled 3,254,390 feet.
Unfilled domestic cargo orders totaled 110,448.059 feet. Unfilled export
orders 98,522.088 feet. Unfilled rail trade orders 4,444 cars.
In the first fifty-two weeks of the year, production reported to West
Coast Lumbermen's Association has been 5,148,148,138 feet, new business
5,306,818,132 feet; and shipments 5,314,323.778 feet.

Automobile Companies Announce New Models
and Prices.
Several new models have been introduced by automobile
manufacturers during the current week and price provisions
have also been an interesting factor in the industry. The
Chevrolet Motor Co., on Jan. 2, announced price reductions

144

THE CHRONICLE

[VOL. 122.

ranging from $15 to $50. The touring car and roadster were
Crude Oil Production Again Declines.
reduced from $525 to $510; coupe from $675 to $645; coach
The American Petroleum Institute estimates that the
from $695 to $645; sedan from $775 to $735; half-ton commercial truck, from $425 to $395. The one-ton utility ex- daily average gross crude oil production in the United
press chassis remained unchanged. New prices on Chandler States for the week ended Jan. 2 1926 was 1,972,550 barrels •
cars range from $1,545 to $1,995, showing advances of $50 as compared with 2,002,150 barrels for the preceding week,
to $100 over the former list, which ranged from $1,490 to a decrease of 29,600 barrels. The daily average production
$1,895. The Cleveland Automobile Co. has increased prices east of California was 1,343,050 barrels, as compared with
1,372,650 barrels, a decrease of 29,600 barrels. The follow$50 to $95. Model 31 coupe lists at $1,035 against $975,and
sedan at $1,090 against $995; model 43 coupe at $1,225 ing are estimates of daily average gross production by
against $1,175, and sport touring at $1,295 against $1,245. districts for the weeks indicated:
DAILY AVERAGE PRODUCTION.
On Jan. 4 the Flint Motor Co. announced a new Flint six
(In Barrels)Jan.2 1926. Dec.26 1925 Dec.19 1925 Jan.3 1925.
junior coach listing at $1,085. The Studebaker Corp. has Oklahoma
447,700
461,050
463,500
471.650
ansas
101.100
102,600
102,850
80,550
added a new "Big 6"sport roadster to its line, and,according North Texas
82,950
85,050
87,350
93,600
East Central Texas
64,800
to advices of Detroit officials, unfilled orders will absorb West Central Texas_ _ _
69,600
70,600
179,350
_
79,300
52,300
production of this model for several months. The new verti- Southwest Texas
40,300
39,550
39,450
54,500
North Louisiana
44,050
45,650
44,950
49.250
cal eight introduced by Stutz will sell at $2,995 for all Arkansas
188,700
194.600
196,050
110,150
Gulf Coast
86,650
88,150
models, according to reports from Indianapolis on Jan. 5. Eastern
90,250
80,800
102.000
103,000
103.500
106,500
78,600
Six body styles are offered in the line. A feature of the Wyoming
77,250
79,400
72.050
Montana
16,400
16,200
16.050
5,900
new car is the eight cylinder motor with nine bearings, horse- Colorado
6,050
5,000
5,350
1,150
New Mexico
4,600
4,750
4,550
500
power 92, Timken worm drive axle and Timken hydraulic California
629,500
629,500
633,000
607,000
brakes. It is built very close to the ground, the height of
Total
1,972,550 2.002.150 2.016.150
1.965,250
closed cars being 70 inches from the ground to the roof of
The estimated daily average gross production of the Midthe car. The wheel base is 131 inches.
The new Chrysler big six, according to reports, will come Continent field including Oklahoma, Kansas, North, East
in two wheel bases, 120 and 127 inches, and the line will Central, West Central and Southwest Texas, North Louisiana
include six body types, being roadster, phaeton, 5 and 7 and Arkansas for the week ended Jan. 2 was 1,048,750 bbls.,
- as compared with 1,078,300 bbls. for
the preceding week, a
passenger sedan,coupe, and a 7
-passenger berline, the engine decrease
of 29,550 bbls. The Mid-Continent production,
is similar to the engine of the original Chrysler, with six
cylinders of 33/i by 5 inches and 288 cubic inches displace- excluding Smackover, Arkansas, heavy oil was 890,750 bbls.,
ment. It produces 92 horsepower at 3,000 r.p.m. The as compared with 915,300 bbls., a decrease of 24,550 bbls.
In Oklahoma production of South Braman is reported at
long-awaited announcement by Dodge Bros. as to the reductions on their line was issued Jan. 7 with all price changes 4,000 bbls., against 3,550 bbls.; Thoinas 15,050 bbls.,
retroactive to Dec. 15. The reductions cover the entire against 15,600 bbls.; Tonkawa 40,850 bbls., against 41,750
list of Dodge Brothers' cars and range from $180 on the bbls.; Garber 32,100 bbls., against 35,950 bbls.; Burbank
special type A sedan to $75 on the chassis. The new and 44,950 bbls., against 46,350 bbls.; Davenport 19,800 bbls.,
against 21,300 bbls.; Bristow-Slick 31,500 bbls., against
old prices on the different types follow:
31,450 bbls.; Cromwell 20,500 bbls., against 21,000 bbls.,
ModelNew Price. Old Price'
and Papoose 12,950 bbls., against 13,700 bbls.
Touring car
5
$875
$77995
Roadster
The Mexia pool, East Central Texas, is reported at 14,150
855
Special type A sedan
1,075
1,255 bbls., against 15,350 bbls.; Corsicana-Powell 34,150
bbls.,
Type B sedan
895
1,045
against 36,700 bbls.; Wortham 12,850 bbls., against 14,150
Coupe
845
960
Panel commercial car
885
960 bbls.; Reagan County, West Central Texas, 33,800 bbls.,
Screen commercial car
810
885 against 34,300 bbls.; Haynesville, North Louisiana
11,400,
Chassis
655
730
bbls., no change; Cotton Valley 8,500 bbls., against 8,800
Robert C. Graham, Vice-President, said:
The reduction in the price of Dodge Bros. cars is made possible by a bbls., and Smackover, Arkansas, light, 19,550 bbls., against
810,000,000 investment in new building and equipment, which will greatly 20,300 bbls., heavy, 158,000 bbls., against 163,000 bbls.
Increase capacity for 1926. This expansion program has greatly improved In the
Gulf Coast field Hull is reported at 14,350 bbls.,
our already highly developed and economical system of progressive assembly
and reduced production costs. We believe in giving the owners of Dodge against 15,300 bbls.; West Columbia 8,950 bbls., against
Bros. cars the benefit of this reduction. These new prices apply to a product 9,850 bbls.; Orange County 14,750 bbls., against
14,850
that is far and away the finest Dodge Bros. have ever produced. There is no
bbls.; South Liberty 9,400 bbls., against 9,350 bbls., and in
change in the policy upon which Dodge Bros. established their leadership
the Southwest Texas field, Luling is reported at 21,300 bbls.,
that of constant improvement without yearly models.
Graham Bros., a division of Dodge Bros., Inc., announced against 20,850 bbls.; Lytton Springs 8,250 bbls., against
on Jan. 7 their third substantial price reduction in eight 8,200 bbls.
In Wyoming, Salt Creek is reported at 58,300 bbls.,
months. The new price of their 1-ton chassis is reduced
from $995 to $975; 13/2-ton chassis from $1,280 to $1,225 against 57,100 bbls.
In California, Santa Fe Springs is reported at 50,500 bbls.,
low chassis from $1,345 to $1,295. Even more substantial
reductions are made on various other types. Motor coaches, against 51,000 bbls.; Long Beath 111,000 bbls., no change;
of which Graham Bros. build a varied and attractive assort- Huntington Beach 46,000 bbls., against 45,500 bbls.;
Torrance 32,000 bbls., no change; Dominguez 24,500 bbls.,
ment of types, are reduced proportionately.
no change; Rosecrans 25,500 bbls., no change; Inglewood
62,000 bbls., against 64,000 bbls., and Midway Sunset
Gasoline and Crude Oil Prices Show Few Changes. 94,000 bbls., no change.
During the week just brought to a close the prices of crude
oil and gasoline remained practically unchanged, with the
exception in thelatter case. The Continental Oil Co.of Denver, Further Increase Reported in Steel Ingot Production
Approximate Increase of 20% Over Last Year.
on Jan. 4 increased its retail price of gasoline lo. a gallon
to 21c. The Texas Co. and other companies operating in
The American Iron & Steel Institute in its monthly report
the same sections also advanced their prices to correspond released yesterday (Jan. 8) reported a
further increase in
with the Continental's schedule.
steel output for December, bringing the production for that
In Lousiville, Ky., the Standard Oil Co. of Kentucky month up to the highest level since March last.
Steel ingot
advanced the price of kerosene lc. a gallon in Mississippi, production in December, compiled from
companies which
effective Jan. 4. On Dec. 21 kerosene was raised generally made 94.43% of the steel output in 1924, totaled
3,754,371
lc. in Kentucky, Georgia, Alabama and Florida. (See our tons, of which 569,304 tons were Bessemer, 3,169,224
tons
issue of Dec. 26 1925, page 3065.)
open-hearth and 15,843 tons all other grades. In the
first
The Standard Oil Co. of New Jersey on Jan. 7 advanced month of the year the highest peak in production was
reached
the price of bunker fuel oil 10c. a barrel. The new prices, during 1925, namely 3,964,704 tons, and the low
figure of
exclusive of lighterage charges, are $1 75 a barrel at New 2,915,611 tons in July, followed by a recovery to
3,754,371
York, Baltimore and Norfolk and $1 70 at Charleston. tons in December, as already mentioned.
Calculated proBunker "C" fuel oil has been advanced 10c. a barrel to duction for all companies was 3,975,824
tons in December,
$1 60-$1 65 at Gulf Coast ports. Cargo lots are now $1 55 which compares with 3,907,437 tons in
November,3,893,028
a barrel. Diesel oil has been advanced Y
2c., making the tons in October,3,492,904 tons in September and only 3,087,price Sc. a gallon.
590 tons in July. As indicated below, the total production
Late dispatches on Jan. 8 indicate that the Ohio Oil Co. for all companies reporting in 1925
was 41,725,761 tons, an
has reduced Sunburst,Mont.,crude oil 200.a barrel, to $1 15. increase of 6,969,730 tons or
approximately 20% over last




JAN. 9 1926.]

year. In the following we show the details of production
back to January 1924:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1924 TO
DECEMBER 1924.
Reported by companies which made 94.43% of the steel ingot production In
that year.

Months

Calculated
Monthly Monthly
All Production Production
OpenHearth. Bessemer. Other. Companies AU CoraReporting. panics.

135,182
153,050
161,796
128,787
97.779
82.627
72,223
98,188
108.755
115,756
124.846
137,279

Total__-. 28,811.331 5,836.194 108.506 34,756.031 36,811.157 312

117.934

1925.
January_ 3,262,748
February_ 2,931,964
March ___ 3,336,169
2,857.802
Alwil
May
2,754.130
June
2,538,988
2,444.969
July
August_ _ 2,696,667
September 2.737,251
October
3,076,995
November *3.091,361
December 3,169,229

3,446,143
3,612,631
3,971,849
3.161.525
2,492.643
1,950.352
1,772,954
2.410,365
2,669.762
2,950.929
2.946,899
3,369,984

Approximate
Daily ProNo
Work- ductiors AU
lag Companies.
Days. Gross Tons
27
25
26
26
27
25
26
26
26
27
25
26

2,766,534
2.902,641
3,249.783
2,575.788
2,060.896
1,637.660
1,525,912
2,042.820
2,252,976
2,505,403
2,479,147
2,811,771

667,032
695,905
706,801
573,381
425.099
310,070
241,880
361.781
409,922
438.468
459,349
646,506

WMC.
.
C-.20VON , 4 ,,
7
C.V:
, VNOCID,00p0

1924.
januat•y__
FebruaryMarch __
April
May
June
July
August.___
September
October _ _
November
December

145

THE CHRONICLE

3,649,913
3,826,246
4,206.699
3,348.466
2,640,034
2.065.676
1.877,759
2,552,891
2,827,625
3,125,418
3.121,149
3,669.251

27
24
26
26
26
26
26
26
26
27
25
26

155,502
156,510
161.482
137,082
133.010
123,348
118.753
131,609
134,342
144,186
*156,297
152,916

Total
34 597 255 A eon end lee ncn 41 79A 7111 44 105 077 511
•Revised.

142.1150

689,996
602,042
614,860
515,715
497.708
476,945
467.095
523.734
547,121
584,567
581,347
569.309

11,960 3,964,704 4,198,564
13,014 3,547,020 3,756.243
13,633 3.964,662 4,198,520
14,182 3,387,699 3,587,524
13,790 3.265.628 3,458.253
12,490 3,028,423 3.207,056
13.547 2,915.611 3.087,500
12.914 3.233.315 3.424.034
13,977 3,298,349 3,492,904
15,629 3,676,18f 3,893.028
17,085 *3,689,793 *3,807,437
15,843 3,754,371 3,975.824

Steel and Iron Operations Maintain High Rate Despite
Holidays.
Steel workers operation in the first week of 1926 is only
slightly less than the high pre-holiday rate, in spite of the
fact that new business is light and is not expected on any
considerable scale before the second half of the month,
according to the weekly statistics on the industry issued by
the "Iron Age." The Steel Corp.'s current rate is close to
87%. Youngstown companies are at 90%, while for Pittsburgh and adjoining districts the average is still 80%, continues the "Age," giving further details as follows:
The prevailing view is that the maintenance of production on the present
scale will meet all midwinter demands of consuming industries. December
specifications and new orders were in such volume as would cause a substantial increase in the Steel Corp's unfilled orders, as of Dec. 31, though
probably less than the 473.000
-ton gain of November.
Apart from any advancing tendency in billets, slabs and sheet bars, due
to the fact that some steel companies have little of their product to offer
In that form, the outlook is for stable prices for some weeks ahead.
We estimate the country's steel ingot output in 1925 at 44,000,000 tons,
and that of steel castings at 1,250,000 tons, making a total of 45,250,000
tons. The high record was 45,060,607 tons (43,619,200 tons of ingots and
1,441,407 tons of castings) in 1917.
Pig iron production in 1925 (estimating charcoal iron at 200,000 tons)
was about 36.750,000 tons. There were five greater years and the record
of 40.361,146 tons were made in 1923.
Additions to the country's steel making capacity in 1925 consisted of
10 furnaces capable of producing 585,000 tons a year. In the six previous
post-war years the average addition was 504,000 tons a year. Fourteen
open-hearth furnaces now under construction and likely to be finished in
1926 represent a capacity of 955,000 tons a year.
Only one new blast furnace was completed in the country in 1925. However, nine furnaces are now under construction, representing an annual
capacity of 1,875,000 tons. On the other hand, 24 blast furnaces, most of
them of smaller caliber, have been abandoned or scrapped in the past year.
Current railroad buying includes nearly 40,000 tons of plates, shapes and
bars for the Pennsylvania, 10,000 tons of rails for the Missouri-Kansas
Texas system and several orders covering 1,575 cars. Chicago mills count
on 75,000 tons of plates, shapes and bars for other car contracts looked
for in the coming week.
Seeing that the new railroad cars ordered in 1925 were only 77% of the
average for the past ten years, 1926 is looked forward to as a good year for
car builders. In rails and track assessories it is expected to yield the largest
tonnage in many years.
Expanding use of steel on the Pacific Coast was shown by lettings of
270,000 tons of structural steel last year against 170,000 tons in 1924; also
52,000 tons of concrete bars, or 5,000 tons more than in the preceding year.
Buying of cast iron pipe was 70,000 tons, or 50% more than the 47,000 tons
of 1924.
Pacific Coast importers continue active with concessions offered in pig
Iron in the effort to secure first quarter in pig iron in the effort to secure
first quarter contracts. A German company sold at much below American
prices 1,500 tons of seamless pipe for penstocks. An Oakland, Calif..
shipyard will build two ferries taking 2,400 tons of steel.
Pig iron imports into New England last year, estimated at 125,000 tons,
made a distinct cut into the normal business there and a further realinement
Is looked for this year when the Troy, N. Y., and Everett, Mass., blast
furnacea are put into blast. Total pig iron imports last year were about
420,000 tons.

The usual composite price table is as follows:
Jan. 5 1926, Finished Steel, 2.453c. per Pound.
tank(One
2.453c.
Based on prices of steel bars, beams, tankOne week ago
plain wire, open-hearth rails, One month ago
2,453c.
2,560c.
pipe and black sheets, constitut- One year ago
black
-year pre-war average_ _1,689c.
big 88% of the United States output__ 10
Jan. 5 1926, Pig Iron, $21.54 per Gross Ton.
$21.54
Basedion average of basic and foundry One week ago
21.54
irons, the basic being Valley quotatlon.l One month ago
One
average of
22.25
the foundry an Birmingham Chicago, 10 year ago
-year pre-war average__ 15.72
Philadelphia and




1925
1924--1923
Finished steel___High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.396c. Aug. 18
Pig iron
High $30.86 Mar. 20 $22.88 Feb. 26 $22.50 Jan. 13
Low 20.77
18.96 July 7
20
19.21
3

Nov.

Nov.

The opening week•of the new year finds the iron and steel
market slightly more active and works operations resuming
full swing after recent holiday interruptions. Specifications which were under check for inventory reasons are
recovering their former acvitity. Finished steel sales at
Chicago last week were the heaviest of any week in a year,
declares the "Iron Trade Review" in its market summary
this week, portions of which are repeated herewith:
Pig iron production rounded out 1925 with distinction, with a gain in
December of 4.4% over November. The daily average was 105,203
tons against 100,775 tons in November and the gross output was 3,261,290
tons, compared with 3.023.257 tons. Production in December registered
84.3% of the highest monthly mark in history
-May 1923. Complete
figures for December show 60.5% of the country's total number of blast
furnaces was in operation at the year's end. This was brought about
by a gain of 13 stacks, lifting the active list to 233.
A new inquiry for 2,000 cars from the Union Pacific, and awards of 800
cars by the Illinois Central and 500 cars by the Mobile & Ohio are the
important items in this week's railroad news.
Conflicting elements-present in the sheet bar market again have come
to the surface in the past week. A sale of 9,000 tons of open-hearth bars
for first quarter delivery was made to a northern Ohio consumer, whose
location is in the competitive Youngstown and Pittsburgh territory, at $38
Pittsburgh. Against this another transaction in which 3.000 tons of
Bessemer bars for a consumer just outside of Pittsburgh figured, was made
at $36 Pittsburgh, it is reported. As previously noted, slabs in round
tonnages have sold at $38 Cleveland, and this week a smaller lot to the
Chicago territory brought $40 Cleveland mill.
Structural activity is experiencing a slight let-up from the heavy awards
of November and December, but many projects are beginning to appear
for spring construction. Awards the past week involved a dozen or more
projects of 1,000 tons each or over.
The "Iron Trade Review's composite on 14 representative iron and
steel products this week is $39 26, as compared with $39 24 last week,
and $39 10 the previous week.

Pig

December Makes Decided
Gain.
With complete data received by the "Iron Age" from every
active blast furnace, the pig iron production of the country
for December made a decided gain over that for November.
The daily rate last month was 4,086 gross tons higher than
in November, an increase of about 4%. In November the
increase over October was 3%; in October it was 7.3%
over September.
The production of coke pig iron for the 31 days in December was 3,250,448 tons, or 104,853 tons per day, as compared with 3,023,006 tons, or 104,853 tons per day (revised)
for the 30 days in November. The December daily average
was close to that of April. In December 1924 the production
was 2,961,702 tons, according to statistics compiled by the
"Age," from which we take the following:
Iron Production During

There was a net gain of 14 furnaces in December, 15 having been blown
n and one shut down. The net gain in November was also 14. The
number active on Jan. 1 was 234 with an estimated daily capacity of
107,560 tons. This compares with an estimated capacity of 103,445 tons
per day for the 220 furnaces active on Dec. 1. Of the 15 furnaces blown in,
4 were Steel Corporation stacks, 5 were independent company furnaces
and 6 were merchant. The one furnace shut down belonged to An independent steel company.
The ferromanganese output in December of 26,072 tens was tbe largest
for the year as was also the spiegeleisen production of 7,756 tons.
The list of possible active coke furnaces in the United States is ikow 378,
the following having been dismantled or regarded as defunct: Burden
furnace in New York, Steubenville of the Steel Corp. at Steubenville, Ohio.
Niles furnace of the Steel Corp. in Ohio and the Hannah furnace of the
Republic Iron & Steel Co. at Youngstown.
The 1925 total for coke pig iron was 36,403,470 tons; the corresponding
total for 1924 was 31,108,302 tons and that for 1923 was 40,059.308 tons.
Last year's output was therefore slightly in excess of the average for 1923
and 1924.
Among the furnaces blown in during December were the following:
Two furnaces of the Lackawanna plant of the Bethlehem Steel Corp. and
one Susquehanna furnace of the Rogers
-Brown Iron Co. in the Buffalo
district, and No. 2 Northern furnace in New York; the Mary furnace of the
Thomas Iron Co. in the Lehigh Valley; the Robesonia furnace in the
Lebanon Valley; one Carrie and one Isabella furnace of the Carnegie Steel
Co. and the Clifton furnace in the Pittsburgh district; one Newcastle
furnace of the Carnegie Steel Co. in the Shenango Valley; one Ashland
furnace of the American Rolling Mill Co. in Kentucky; the Grace furnace
of the Youngstown Sheet & Tube Co. in the Mahoning Valley; one Otis
furnace and one River furnace in northern Ohio; one Gary furnace in the
Chicago district.
There was only one furnace blown out or banked during December: a
furnace at the Bethlehem plant of the Bethlehem Steel Corporation in the
Lehigh Valley.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS
Toted.
Steel Works. Merchant.•
1924
18,857
76,682
95,539
-December
-January
21.864
1925
86,856
108.720
February
90.707
24.084114,791
March
90,741
24,234
114.975
24,805
April
83.827
108.632
20,127
May
74,415
94,542
18.663
June
70,452
89,115
20,221
July
65,715
85.936
18,711
August
68,530
87,241
20,573
September
70,300
90,873
21.064
October
76,464
97.528
23,505
November
77,262
100,767
23,301
December
81,552
104,853
•Includes pig iron made for the market by steel companies.
.

146

THE CHRONICLE

[Vol,. 122.

PRODUCTION OF STEEL COMPANIES FOR OWN USE
-GROSS TONS. week. The cold weather,
however, increased the needs
Spiegeleisen and Ferromanganese.*
-Total Pig Iron- -1924- -1925- of domestic consumers and quotations on most coal and
1924.
1925. Fe.-Mn. Spiegel. Fe.-Mn. Spiegel. coke showed a marked firmness,
adds the review from which
January
2,274,005 2.692,537 20,735
7.948 23,578
5,418
February
2,410,658 2,539,785 22,405
9,870 18,184
4,910 we quote:
March
2,674,565 2.812,995 22,351 13,796 20.062
5,449
Outside of the keen interest being shown in the meeting of the anthracite
2,463.027 2.514,828 23,580
April
4.240 21,448
5,341 factors
in New York, the main interest of the market is still centered in
1,927.461 2,306,887 14,993
May
9,336 22.679
5,294
June
1,507,110 2,113,566 20,049
9,405 19,836
4.972 coke. Local buying stopped with the announcement of this conference but
dealers, stocks are so run down that they had to cover and consequently
13,258.826 14,980,598 124,113 54,595 125,787 31,384 they
Half year
were very much in the market for prompt shipments of coke and were
hot after car numbers. Both run-of
July
1,343.952 2,037,160 14,367 15.328 16,614
-oven and sized coke were in good
5,074
August
1,413,314 2,124,439 10,718
8,010 18.887
4,939 demand and prompt shipments of sized grades of furnace coke were rather
September
1,509,360 2,109,205 13,263
5,033 18,381
5,162 scarce. Low volatile mine-run was firm and
many producers were sold up.
October
1,8.58,802 2,370.382
7,780 10,047 21,421
5,071
November
1,896,886
317,888 13,448
8.835 25,490
6,375 The high volatile was up in price but the demand not as great Prepared
grades of bituminous were not very active but low volatile slack continued
December
2,377,141 2.228,120 21,220
5,284 26,072
7,756
to be in good demand.
Year
23,656,981 28,467,792 204,909 107,132 252,632 65,761
The general business situation in New England was easy last week and
•Includes output of merchant furnaces.
demand and prices fell in consequence. Even this drop in price failed to
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
arouse any buying interest. Quotations on tidewater bituminous
coals
were fairly well held at Boston but a drop was noted at Providence. Due
1923.
1924.
January
3,229,604
3,018,890
3,370,336 to the cold spell the retail demand at Boston was brisk: this, however,
had
February
2,994,187
3,074.757
3,214.143 not been reflected in the wholesale market
at the close of the week. Prices
March..
3,523,868
3,466,086
3,564,247
Aprll
3,549,736
3,233,428
3.258,958 on coke rose due to demand from sections outside of New England, where
May
3,887.694
2,615,110
2,930,807 sales were light.
June
3.676,445
2,026,221
2,673.457
A small volume of sales to industrial consumers was practically
the only
activity in the Philadelphia market during the past week. Buying was
Half year
20,841,534
17,435,492
19.011.948
limited on account of inventory taking, the holidays and the
probability
July
3,678,334
1,784.899
2,664,024 of the anthracite strike coming to a close shortly, Dealers were buying
August
3,449,493
1.887,145
2,704,478 in small lots only under the impression that
consumers will turn back to
September
3,125,512
2,053.264
2,726,198
October
3,149,158
2.477,127
3,023.370 anthracite as soon as production is resumed. The bituminous market
November
was slow with the exception of a good demand for Pocahontas coal.
2,894,295
2,509,673
3,023.006
Some
December
2,920,982
2,961,702
3,250,448 of the pool quotations stiffened while others slumped. Coke
showed considerable firmness in spite of the fact that consumers were confining
Year*
40.059,308
their
31,108,302
36,403,470
* These totals do not include charcoal pig iron. The 1924 production of this purchases to small lots.
Iron was 212.710 tone.
The cold spell of last week tightened up the Baltimore market on prepared
sizes of bituminous coal. Early in the week the demand was quite feverish
but supplies were adequate. The Baltimore household consumers are
Bituminous Production Declines Sharply During
taking kindly to the prepared bituminous and some are using the mine-run
Holiday Week-Anthracite and Coke Returns
satisfactorily. It was expected that this demand would last for some
time.
Industrial demand was also good but the good supplies of
Not Reported.
coal on hand
precluded any material rise in quotations. There was an absolute stoppage
The production of bituminous coal in the United States of all export and this condition was expected to continue for
some time to
during the week ended Dec. 26 amounted to 8,452,000 tons, come. Soft coals were being pushed hard by dealers in spite of the general
impression that the strike is about on its last legs.
or a decline of 4,237,000 net tons under that reported for
Dumpings at the southern loading piers were said to be large
the preceding week. The returns for anthracite were ,not pool I coal was available at prices under those prevailing a week orand good
two ago.
reported in this week's Bureau of Mines summary and the It was thought that the curtailed production of the past ten days would
strengthen
figures given for coke lag a week behind those for bituminous, materiallyweather andthe price situation.
Winter
the anthracite strike improved the central Pennsylas is evident in comparing the following tables:
vania bituminous coal market and prices were firmer during the past week.
It is estimated that production of bituminous coal during Christmas However, operators in that region do not expect any war time rush on
week amounted to 8,452,000 net tons, with a daily average-based on a account of the many other sources of bituminous coals.
-day week-of 1,690,000 tons. Loadings show that during the first three
End of the year shut downs and inventories curtailed the industrial
5
days of the week production was high, but that on the Saturday following demand in the Pittsburgh territory,although,on account ofthe cold weather,
the hollday, many mines did not resume work. Loadings on Saturday domestic grades of coal were in greater demand. Also, due to a fair demand
were equivalent to about one-fifth of those on a normal day..
and smaller production, slack stiffened. Mine-run fell off somewhat and
quite a number of distress loads were picked up at low prices. Railroad
Estimated United States Production of Bituminous Coal (Net Tons)a
demands were small but the cold weather had no effect on the general coal
Including Coal Coked.
movement, which was good. The Connellsville coke fields shut down over
1925-1924
the latter half of last week, curtailing production greatly, which, added to
Cal. Year
Cal. Year
Week.
to Date.
the demand,stiffened quotations somewhat on the furnace grade. Foundry
Week.
to Date. b
Dec. 12 c
12,908,000 493,687,000 10,873,000 454.854.000 coke was moderately active with
no change in quotations.
Daily average
2,151.000
1.689,000
1,812,000 1,561,000
The holiday layoff caused a sharp decrease in production in West Virginia
Dec. 19 c
12,689.000 506.375,000 10,814,000 465,668.000
Daily average
2.115,000
1.698.000
1,802,000
1,566.000 and the cold weather created an increase in demand, all of which caused
Dec. 26 d
8.452.000 514.827.0W
7,540,000
prices in general to rise. In the smokeless fields this was particularly true
Daily average1.508.000 473.208.000
1.565,000 of the egg size, which showed the most strength. All quotations
on prepared
a Original estimates corrected for usual error, which in past has averaged
Minus 2 days' production first week in January to equalize number smokeless were up and those on mine-run and slack were firm. The high
2%. b
volatile prepared grades also participated in the general rise In prices while
of days In the two years. c Revised. d Subject to revision.
The total output during the calendar year 1925 to Dec. 26 is 514,827,000 slack was unchanged. Mine-run remained the same as for the previous
net tons. This is approximately 41.619,000 tons, or 8.8% more than week as industrial consumption fell off.
In the Upper Potomac and western Maryland fields the holiday shutthat during the same period of 1924. Corresponding figures for recent
down was most welcome as demand had become sluggish. The cold
years are given below:
spell, however,caused the demand to spring up again, allowing many mines
Years of Activity.
Years of Depression.
1918
572.692.000 net tons 1919
458.815.000 net tons that had been closed to reopen. Prices showed no fluctuations over the
1920
559,095,000 net tons 1921
408.588,000 net tons previous week.
1923
555,769,000 net tons 1924
473,208,000 net tons
The Virginia field had a greater demand last week from southern markets
for domestic sizes of coal and,due to the through joint freight
ANTHRACITE.
rate, the same
The usual statistics regarding the production of anthracite held true for the North. Coke was In better demand.

are omitted from the U. S. Bureau of Mines report this week.
BEEHIVE COKE.
Production of beehive coke during the week ended Dec. 19, the latest
period for which a reasonably accurate estimate is available, amounted to
313,142 net tons. This is an increase of 22,843 tons. or 7.9% over that
of the preceding week and an increase of 44% over that of the corresponding
week in 1924.
Total production of beehive coke during 1925 to Dec. 19 is approximately
10,259,000 net tons
-almost a million tons greater than that produced
during the same period last year.
Estimated Production of Beehive Coke (Net Tons).
Week Ended1925
1924
Dec. 19 Dec. 12 Dec. 20
to
to
1925.6 1925.c 1924.
Date.
Date. a
Pennsylvania & Ohio
258,612 230.452 168.000 7,930,957 7,018.000
West Virginia
15,465 14.991 12.000
626,631 487,000
Ala., Ky., Tenn. & Oa_ - 21,375 26,004 21.000
909.936 909,000
9,202 9,852
9.000
Virginia
367,585 406,000
Colorado & New Mexico_ _ _ 5,010
5.171
4,000
235.164 252,000
Washington & Utah
3.478 3,829
4,000
188,722 203,000

Tradition as well as such seasonal influences as the Christmas holiday lull and pre-inventory hesitancy have affected
the coal market more or less during the last week, as in the
corresponding period of years past, declares "Coal Age"
in its review issued Jan. 7. These influences have been offset to a certain extent, however, by the anthracite suspension, but most of all by the appearance of real winter weather
over a broad expanse of territory-the first cold snap of any
consequence thus far this season, reaching sub-zero levels
in some localities. Domestic demand has picked up notably
in response to the mercury's dip and steam consumers in
many instances have discarded the waiting game and replenished waning stocks to be on the safe side, continues this
journal's weekly review of the status of the fuel markets,
adding:

United States total
313,142 290.299 218,000 10.258,995 9,275.000
Curtailment of production by reason of low running time
during the last
Daily average
52.000 48,000 36.000
34,000
31,000 two weeks has had a strengthening tendency, but the heavy volume of outa Adjusted to make comparable the number of days covered by the put in previous weeks since October gave ample assurance
that there would
two years. b Subject to revision. c Revised.
be no dearth of supplies. As a matter of fact "no bills" had become
uncomfortably plentiful in many sections, and the cleaning up of
tracks cluttered
with unordered coal was a job of no mean proportions.
Observance of Holidays Causes Decline in Production
The net result
has been a firmer tone in prices without any markedly buoyant characterand Demand for Coal-Prices Firm.
istics. As a rule, steadiness continues to be more
marked in Eastern
markets, the outstanding weak
Due to the holidays of last week, the output of the mines grades have slumped again, spot being New England, where steam
despite the help of seasonable weather.
was greatly lessened. At the same time the consumption As this is generally attributed to the belief that the end of the anthracite
of fuel by industrial concerns fell off, due to the holiday strike is near, there is a likelihood that consumers will soon begin to show
more interest if negotiations tend to be prolonged.
shut-downs and the taking of inventories, observes the
As prospects for general business are considered favorable, industrial
"Coal Trade Journal's" summary of market conditions this operations, car loadings andlpig iron production being at high levels, and




JAN. 9 1926.]

TILE CHRONICLE

plenty of cold weather is likely before the winter ends, the coal trade outlook is good.
Belief that the anthracite difficulty was about to be settled caused a
number of cancellations of orders for anthracite substitutes, but the appearance of cold weather and a realization that hard coal would not be flowing
freely for quite a while even if the strike was settled quickly—which is not
at all certain—brought a flood of renewals, and at advanced prices In many
instances. Coke continues to be most in demand as s substitute, and many

147

In the trade are of the belief that it will hold some of its new customers even
after the resumption of anthracite mining.
The "Coal Age" index of spot prices of bituminous coal stood on Jan. 4
at 181, the corresponding price being $2 19, compared with 178 and $2 16.
respectively, on Dec. 28.
Dumpings of coal at Hampton Roads during the week ended Dec. 31
underwent the usual holiday slump, the total being 355.126 net tons, compared with 446,093 tons in the preceding week.

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan.6, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows a decline of $182,400,000 in holdings of bills and securities and of $57,400,000
in Federal Reserve note circulation, together with increases
of $39,700,000 in gold reserves, $20,200,00ll in other cash
reserves, and $12,400,000 in non-reserve cash. Discount
holdings went down $156,200,000 during the week, acceptances purchased in open market $18,000,000, and U. S.
Government securities $7,600,000. During the two-week
period since Dec. 23, the report date immediately preceding
Christmas, Federal 'Reserve note circulation declined
$118,000,000, while cash reserves increased $124,800,000
and non-reserve cash $31,700,000.
Discounted bills held by the Federal Reserve Bank of
New York went down $113,700,000 during the week, while
Boston shows a decrease of $26,100,000, Richmond $13,100,000, Philadelphia $12,500,000 and Chicago $4,100,000.
Discount holdings of the Dallas bank increased $4,500,000,
of Atlanta $3,700,000, and of Minneapolis $2,400,000.
After noting these facts, the Federal Reserve Board proceeds
as follows:
The New York bank also reports a reduction of $10,000.000 in openmarket acceptance holdings, and Atlanta and Minneapolis show reductions
of $6.300,000 and $3.200,000, respectively, while the Federal Reserve
Bank of St. Louis reports an Increase of $3,700.000. All classes of Government security holdings declined during the week—Treasury notes by
$6,100.000. Treasury certificates by $1,000,000, and United States bonds
by $500,000.
All of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation than a week ago, the principal decreases being
Boston $12,600,000, Cleveland $10,600,000, Philadelphia $9.100,000, New
York $6,000,000, Richmond $5,500.000. and Atlanta $4,200.000.
After closing their books on Dec.31 and paying the accrued 6% dividend
the Reserve banks paid $59,300 to the Government as a franchise tax and
transferred $2.474,000 to surplus account.

The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 189 and 190.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Jan. 6 1926 follows:
Increase (-I-) or Decrease (—)
During
Year.
Week.
Total reserves
+$59,900,000 —$193,300,000
Gold reserves
+39.700.000
—206,900,000
Total bills and securities
—182,400,000
+208.400.000
Bills discounted, total
—156.200,000
+329.100,000
Secured by U.S. Govt. obligations_ ___-102,200.000
+217,200,000
Other bills discounted
—54.000,000
+111.900.000
Bills bought in open market
—18,000,000
+3.800,000
U. 8. Government securities, total
—7,600,000
—126,600.000
Bonds
—500.000
—17.100.000
Treasury notes
—6,100,000
—156,600,000
Certificates of indebtedness
—1,000,000
+47,100,000
Federal Reserve notes in circulation
—57,400.000
—27.800.000
Total deposits
—27,900,000
+12.700.000
Members' reserve deposits
—30,500,000
+30,400,000
Government deposits
+2.400,000
—8,500.000

increase during the year was principally in loans secured by
corporate stocks and bonds, which went up by $1,092,000,000
at all reporting banks and $457,000,000 at reporting banks
in New York City. These loans now constitute about 40.5%
of total loans as compared with 35.7% at the end of 1924.
Loans secured by U. S. Government obligations declined
$25,000,000, while "all other" loans increased by $100,000,000,and now constitute 58.3% of total loans and discounts as
compared with62.8% a year ago. Loans ofreporting member
banks in the New York Federal Reserve districts ircreased by
$421,000,000, and for all reporting banks in other districts by
$746,000,000. The largest relative increases in other districts
were: Chicago $168,000,000; San Francisco $145,000,000;
Cleveland $129,000,000; Philadelphia $93,000,000; Boston
$84,000,000; Atlanta $71,000,000; and Richmond $54,000,000.
Investments in United States securities reached the maximum for the year, $2,710,000,000, by the middle of January,
decreased gradually to a low point of $2,472,000,000 on
November 18, and stood at $2,516,000,000 at the end of the
year, a reduction of about $129,000,000 since December 31
1924. Holdings of corporate stocks and bonds, which
aggregated $2,886,000,000 at the end of 1924, increased to
the 1925 maximum of $2,967,000,000 on July 1, and stood
at $2,945,000,000 on December 30. Further comment
regarding the changes shown by these member banks is as
follows:
Total loans and investments showed but little change to the end of May
when they were $18,593.000,000 as compared with $18,599.000,000 at the
end of 1924. Between that time and the middle of September they increased
gradually to $19,048.000,000, and thereafter more rapidly to $19,697,000.
000 at the end of the year.
Net demand deposits went down from $13,254,000.000 on December 31
1924 to $12,588,000.000 on March 25, and then gradually increased, with
temporary fluctuations, to $13,261,000,000 at the end of the year. Time
deposits show a practically continuous increase from the December 31
total of $4.849.000.000 to the 1925 maximum of $5.360,000.000 on November 25, after which there was a slight decline to $5,348.000,000 on December
30. The principal changes in net demand deposits by Federal Reserve
districts during the year were decreases of $82.000.000 and $31,000,000
for the New York and Minneapolis districts, respectively, and an increase of $42,000,000 for the Atlanta district. All Federal Reserve districts
except St. Louis show increases in time deposits, of which the largest were
San Francisco $129,000,000; Chicago $99,000,000; Boston $78,000,000; and
Cleveland $63,000.000.
Borrowings of all reporting member banks at their Reserve banks after
the seasonal drop in January rose rather steadily throughout the year and
aggregated $555,000,000 at the end of 1925 as compared with $154,000.000
on December 31 1924. Increased borrowings are reported for all Federal
Reserve districts, the principal increases being as follows: New York
$203,000,000: Chicago $78,000,000; Boston and Cleveland $22.000.000 each:
Richmond $18,000,000; and Atlanta $17,000.000. The larger volume of
borrowings by member banks from the Federal Reserve banks in 1925 was
due chiefly to the withdrawal by the Federal Reserve banks of about
$190.000.000 of Federal Reserve bank credit through the liquidation of a
part of their holdings of U. S. securities and bankers' acceptances, and to
the export demand for about $150,000,000 of gold.

On a subsequent page—that is on page 190—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System.

Weekly Digest of Cables Received from Foreign Offices
of the Bureau of Foreign and Domestic Commerce.
Changes in Condition of the Member Banks of the
The following summary was issued by the United States
Federal Reserve System During the Year.
Department of Commerce under date of Jan. 2:
In this week's statement of the member banks,(which is
ARGENTINA.
always a week behind the returns of the Federal Reserve
Depression in the import trade continues, with heavy failures, especially
in textile manufacturing and import trades. Interior collections are inBanks themselves) the Federal Reserve Board points out
difficult.
the largest for any
that during the year 1925 member banks in leading cities creasingly the year. December automobile sales wereharvesting machinery
month of
In spite of crop losses, stocks of
increased their total loans and investments by $1,100,000,000 were practically all sold. Weather conditions are still favorable to cereal
to $19,700,000,000, a larger total than at any previous time. crops and live stock. Exports of wool and hides are more active. It is
the general
prosperous
There was little change for the.year in net demand deposits trade, with opinion that 1926 will be aGovernment year for the import
announces reduction
keen foreign rivalry. The
of these banks, while their time deposits increased by $500,- during the year of 261,000,000 paper pesos in the non•consolidated debt,
000,000. These changes are shown in a statement issued by and that revenues will exceed expenditures by 50,000,000 paper pesos. It
is also announced that application of Art. 19 of the Decree on packing and
the Federal Reserve Board based on weekly reports of con- labeling of foodstuffs has been postponed until March 30.
dition for 719 member banks in about 100 leading cities.
BRAZIL.
Loans of the reporting banks which stood at $13,068,000,The credit situation is unimproved and business is suffering severely.
The coffee market is very quiet. Production of local textile mills is
000 on December 31 1924, went up gradually to $13,598,000,greatly
import market is dead, but prospects are
The
000 at the middle of September and then more rapidly to a good forreduced. year. general is but little business in iron and steel, and
the new
There
new maximum of $14,235,000,000 on December 30. The this is going to Belgium and Germany. There is little import of electrical




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[VOL. 122.

THE CHRONICLE

goods, but sales from stock are slightly better, and several large installations are projected for 1926. The automobile market is very dull, but a
big movement is expected to begin in January. The tire market is better
than in November, but still subnormal. Textiles show a slight improvement in imported goods and in the yarn market. The paper situation is
unchanged. The Paulista Railroad has called for bids for 420 cars. The
Sao Paulo power situation has been normalized. The construction of a
great power station near Santos is progressing rapidly. There is active
agitation for a new rail connection between Sao Paulo and the coast.
The Santos port situation has again become serious. There is much discussion of the possibility of a Sao Paulo coffee loan in England.
CHILE.
While fundamental economic factors have continued favorable, the
closing of the Banco Espanol has been felt in most commercial lines.
This, with usual December credit stringency and the taking Of inventories
has slowed up importing and wholesaling. Production in the principal
industries shows little change. To relieve depression in the coal mining
industry, which is working on half time, a decree of Dec. 22 puts a duty
of 15 pesos per ton on coal (but not metallurgical coke). Contracts executed before Dec. 30 for delivery within four months are excepted. Sales
of textiles and hardware are very dull, the Spanish houses handling these
lines suffering from closing of the Spanish Bank and tightness of credit
elsewhere. Sales of automobiles, trucks, accessories and tires have been
very active, and those of agricultural implements good. The demand for
tractors and threshers is diminishing. A good demand continues for iron
and steel, particularly galvanized sheets and tubes, and baling wire. Bids
are to be opened March 17 by the State Railways for a large order of rails
and accessories. An era of greater tranquillity and progress is expected to
follow the inauguration of the new President on Dec. 23.

PORTO RICO.
Holiday trade in San Juan is reported as up to last year's, but slower
in the interior. Collections are satisfactory in San Juan, but not so good
elsewhere in the Island. However, late in January the sugar industry
should place considerable cash in circulation in rural districts, stimulating
retail trade and improving collections. Low sugar prices still exert a
depressing effect, and most lines, both wholesale and retail remain unsettled.
VENEZUELA.
During the month of December the dollar averaged par, much money
coming in from petroleum development Merchants report business as
good, coffee market is dull, only a few thousand bags of the new crop
having been shipped. Little cacao is on hand. The bulk of the crop will
arrive in February and March. Ciudad Bolivar reports balata crop as 370
tons or one-half of normal. Merchants there are endeavoring to increase
agriculture, especially cotton. Crops such as beans and corn have been
reduced by the past protracted dry season. Importations continue to be
active in all usual lines.
BOLIVIA.
Trade conditions in Bolivia during December were quite favorable, with
indications of a continued brisk import demand. Clothing and dry goods
merchants report increased sales, automotive products showed a stronger
demand, hardware and foodstuffs remained steady, construction materials
were very strong. There was a noticeable increase in the sale of American
agricultural machinery following the display at the Bolivian Centennial
Exposition. Year-end collections are poor.

SANTO DOMINGO.
In the northern provinces retail business continues good and merchants
expect a satisfactory holiday season. Little progress has been made on
public works on account of lack of funds and there is no immediate improvePERU.
After a slight improvement last month highly unfavorable economic ment in view. There is little private construction work. The volumes of
exports and imports are less than in previous months. In the Southern
conditions are again apparent. The general credit situation is still unsatisfactory, with foreign currency collections poor because of low exchange. provinces all sugar mills are grinding and a record crop is estimated. ShipThe Government sale of dollars on the local market has had slight effect ments of coffee and cacao are beginning to move, and there is a slight
on exchange, due to lack of cotton and sugar movement. Bank loans are increase in imports. New taxes imposed by the amendment to law 190 will
greatly restricted. However, crop prospects are good, with increased acre- probably result in decreased importations. Five thousand dollars worth
age in cotton, and larger orders are coming from the interior. While of shoes were returned to the United States and other orders are reported
trade in all import lines is limited, shipments from Great Britain and Ger- canceled. The retail price on all articles affected by this amendment is
many have been increasing. Large imports of cotton undershirts, formerly much higher. General business conditions are satisfactory and further
supplied by the United States, are now coming from Japan. There was Improvement is expected.
a normal Christmas sale of automobiles, but trucks are still dull. The
The Department's summary of foreign cablegrams,released
sale of motorcycles, mostly European, is increasing. The demand for
iron and steel, lumber, hardware and construction materials is holding up for publication to-day (Jan. 9), follows:
GREAT BRITAIN.
well. Unless climatic disturbances damage crops, as they did in 1925, this
year should be a good year in Peru, with increased crops, continued public
United States exports to Great Britain for first nine months of 1925 show
works and active private construction.
corresponding period of 1924. Restoration of sterling
increase of 6% over
to parity and improved selling and advertising methods aided increase.
URUGUAY.
Restrained confidence and cautious expectation characterize British
Business conditions remain unchanged and imports of American goods view of industrial and commercial situation in England. Cotton imports for
are increasing in volume and diversity, with continued favorable exchange. the first eleven months of 1925 increased in quantity and value. UnemployThe wool market has been slow, with receipts to date of about 26,000,000 ment for the week ended December 21, was 25.000 less than for the previous
kilos or about half the total clip. The cattle situation is excellent, with week and 67.000 less than a year ago. Exports for eleven months in most
large offerings suitable for export. Labor difficultjes are hampering one Industries, except coal, iron, steel and wool, show improvement, and Xmas
frigorifico, but are not regarded as serious or likely to become general.
retail sales were better this year. The serious situation in the coal industry
Is responsible for some pessimism and prospects for 1926 hinge on recomPARAGUAY.
mendations of the Royal Inquiry Commission which Is to report at the end
Agriculture, bank deposits and collections are recovering and the genof February. Action on the recommendations of the Commission is expected
eral situation is improving. For the nine months ended September imports
before May, when the coal subvention expires. Continued outflow of gold
were 10,300,000 and exports 10,538,000 gold pesos, as compared with 7,261,- threatens
a higher bank rate, although there is strong industrial opposition
000 for imports and 5,922,000 for exports during the like period of 1924.
to such action. New securities have been well subscribed in the stock market
and the general credit situation is strong.
COLOMBIA.
ITALY.
Bank deposits are increasing and loans decreasing. General construction
Satisfactory business conditions in Italy have become emphasized during
is active. An increased flow of American investment capital is apparent.
The political situation is quiet. Low water is seriously hindering traffic the past month through effective stabilization of the lira. The general
on the Magdalena.
public financial situation is sound. with Government revenues exceeding
expenditures and the available cash balance increasing, while the return to
MEXICO.
normal in private finances is indicated in the improvement shown by the
The business turnover in Mexico City for the month has been 75%
below that of December 1924. Equipment lines depending upon capital combined statement of the leadihg banks on October 31, the first to be
investments have suffered more than other lines as, due to pending adverse recorded since the beginning of the period of money stringency in the spring
legislation, little development work is being undertaken. Increased move- of 1925. Many proposals for American loans are pending, but Government
ments of agricultural implements and steel, and seasonal improvements in approval will be strictly limited to those for productive purposes. All
automobiles, shoes and novelties have been noted. Mining activity is re- industries maintain a steady degree of activity with the exception of iron
flected in good sales of machinery and supplies. Corn imports have been and steel, though French competition is becoming stronger. While a
heavy. Domestic production is restricting paper imports. November seasonal increase in unemployment has occurred it is still less important
than in previous years at this season. Prices in Italy have remained practipetroleum production showed a further decline.
cally unchanged since the end of October, increasing confidence in the
stability of the general situation. The cabinet has approved plans for
COSTA RICA.
Increasing bank deposits, and stores crowded with country people brought consolidation of a number of adjoining towns with the City of Genoa in
in by the growing motor bus service, indicate healthy Christmas sales. order to improve port, industrial and transportation facilities.
Wholesale stocks have been reduced by heavy sales and light imports.
SWEDEN.
Foreign trade of Sweden during November was featured by exceptionally
GUATEMALA.
high imports, reaching a total of 147,986,000 crowns, as against a total of
Retail business is brisk, but few wholesale orders are being placed. Im- 131,285,000 crowns during October. The November figure represents the
ports are heavy, especially in automotive lines. The coffee crop, which is highest total recorded in recent, years. Exports reached total of 127,411,000
late, is estimated at 80% normal. Most of the coffee shipped has gone crowns during November, a decline of about 10,000.000 crowns from the
to the United States. Prices have declined, and growers are holding for October figure. Lower export totals are, however, usual at this time of the
an improvement. Purchases are only for immediate delivery.
year. While October produced a favorable balance of 5,766,000 crowns,
November foreign trade resulted in an adverse balance of approximately
SALVADOR.
10,000,000 crowns.
December business conditions have been good. Imports have improved,
NORWAY.
and while the cotton goods market remains inactive its condition is sound,
Stagnation has become more apparent in the Norwegian industrial situaa fair sales volume is anticipated for the near future. Coffee harvest tion during the past month. This is reflected in diminishing exports and
and
is under way, with stocks being held for higher prices and buyers taking growing unemployment. The exchange has remained stable, however, while
only small lots while awaiting lower quotations. Cotton is being gath- prices continue to decline. The money market is featured by some stringered and small scale buying is under way.
ency as the policy of credit deflation continues. It is expected that some
improvement will occur in the industrial situation as soon as the anticipated
CUBA.
readjustment in wage scales is effected.
Reports from Havana indicate probability of early Congo animal action
DENMARK.
giving the President full power to make customs tariffs eur *tree years,
Important legislative measures have figured prominently in Danish
and those interested in that market should be prepared attempt possible developments during the past month. A bill was passed
to give relief to the
tariff changes.
depressed textile industry and new measures are now being considered to
HAITI.
assist other industries suffering from the prevailing depression. Parliament
With favorable prices, coffee is moving with unusual rapidity, Due to has futher authorized the expenditure of 11,000,000 crowns for unemploylow prices, the sugar industry is depressed, despite a large yield. Cotton ment relief. Finally, the Exchange bill was enacted, providing for a
promises a large yield, but with lower prices than last year. General minimum rate for the crown of 89% of Par. Unemployment is increasing
commercial activity is declining, and there is difficulty in disposing of over- rapidly and at the close of the year exceeded 70,000, as compared with
stock imports. Improper extension by American importers is considered one 31,000 the previous year. Shutdowns are threatened in various industries
cause of the situation, and another is the tendency of small agricultural as a result of the widespread industrial inactivity. There was
slight
producers to buy land and live stock instead of merchandise. Credits of tightening in he money market towards the close of the year. with a somebanks show no undue inflation. Activity in private construction has what heavier credit denumd. Price levels have reacted slightly and caused
local
a slight rise in the wholesale price index. Continued dullness in the frtight
fallen off. The Presidential campaign is a disturbing factor.




JAN. 9

1926.]

TIlE CHRONICLE

market has caused a rise in the amount of idle tonnage. Imports are now
Increasing.
AUSTRIA.
The improvement in Austrian foreign trade during the first half of 1925
continued through the third quarter of the year. Preliminary figures just
published show imports in the first nine months of 1925 valued at $286,000,000. a decrease of 16% as compared with the corresponding period of 1924.
Imports of all classes of goods were much less than in 1924, except livestock
and foodstuffs, which were greater. American participation in Austrian
Imports increased, and for the first half of the year the United States stood
in the third place; exports for the first nine months of 1925 reached a value
of $206.000.000, an increase of 8% over those of the corresponding period
of 1924. This increase was especially large in semi-naanufactured goods.
The "unfavorable" trade balance of Austria for the nine months was,
accordingly, $80,000,000, only 56% of the balance for the corresponding
period of 1924. This is very encouraging, especially in connection with the
abundant crops of 1925.
CZECHOSLOVAKIA.
The year 1925 was one of great economic progress in Czechoslovakia.
Principal industries of the country, excepting coal, are approaching pre-war
production, and the holiday business was the best since the war. In December there was a slight lessening of industrial activity for inventory taking
and because of difficulties in exporting, caused by the fluctuations of French
and Polish exchange. Money is easy, with industrial borrowing light.
The Government Banking Office report, as of December 23,shows balances
abroad and foreign currency holdings of $35.000,000, mostly proceeds of
the American loan, and total reserves covering 40% of the circulation and
deposits. Exports in November were valued at $54,000,000, or 12% above
October and 2% above November, 1924. Sugar and coal increased, while
iron products and textiles declined.
UNION OF SOUTH AFRICA.
Trade in the Union of South Africa was very good during the month of
December and a new record was made in the Christmas business. The
tonnage and output of gold from South Africa during 1925 probably exceeded
the 1924 volumes, but the dividends were considerably less, owing to the
loss of the premium. Production and prices of diamonds have advanced
considerably under the diamond control act. Bank loans, deposits and
clearances have increased and railway traffic is heavy. The employment
situation has improved. Building demand is steady. American trade
during 1925 made satisfactory gains. The general outlook for imports and
exports during 1926 is bright.
PHILIPPINE ISLANDS.
Philippine exports and imports in November showed increases over both
the previous month and November, 1924. Exports of 20,840.000
Pesos
brought the total export trade for the first eleven months of 1925 to 271,479,000 pesos. (1 peso equals 50c.). November imports amounted to 18,649,000 pesos, bringing the total eleven-month figure to 222,829.000.
Assuming that December trade is normal, the islands' total foreign trade
for the year just closed will probably exceed that of 1924 by 50,000,000
pesos, fairly evenly divided between export and import advances.

149

The "Wall Street News" of Jan. 6 in reporting the receipt
of advices by Lazard Freres here from their London house,
announcing the oversubscription of the bonds, said that
of the £5,000,000 issue, £4,000,000 was offered in London
and £500,000 each was issued in Switzerland and Holland.
$3,000,000 Is Loaned to Hungarian Bank.
The New York "Journal of Commerce" of Jan.7 contained
the following item:
The International Acceptance Bank, Hallgarten & Co. and a group of
European banks have loaned approximately $3,000,000 to the Hungarian
General Credit Bank. Public financing will be announced within a short
time, it is understood. This loan will be used to enable the institution to
expand to take care of the increased business. This institution is the largest
of its kind in Hungary, and is known as the Rotschild Bank.

Yesterday (Jan. 8)an announcement as follows was issued
in local banking circles:
International Acceptance Bank and Hallgarten & Co. have formed an
American group, wherein Lehman Brothers and Goldman, Sachs & Co. are
participating, which in association with British and Continental groups
have arranged to acquire a substantial stock interest in the Hungarian General Creditbaiak. Included in the European groups are Rothschild. Vienna,
and the Austrian Creditanstalt, Vienna, the Industrial Finance & Investment Corporation, London (in which corporation N.M.Rothschild & Sons,
S. Japhet & Co., Ltd., M. Samuel & Co., Ltd., the Prudential Assurance
Co., Ltd., the Barclays Bank, Ltd., London, and the American & Continental Corporation, New York, are prominent shareholders), Kleinwort
Sons & Co., London,the Banque de L'Union Parisienne, Schneider-Creuzot.
Paris, and Mendelssohn & Co.. Berlin,
The Hungarian General Creditbank is the leading and largest banking
institution of Hungary, with main office in Budapest and branches throughout Hungary, and the succession States of the former Austro-Hungarian
Empire. It was founded in 1867 and has paid dividends in every year since
that following its organization. It belonged to the Rothschild Consortiuni,
which embraced the most prominent firms and institutions in Europe, and
which was the largest group of this kind in the world.
It is now increasing its capital by one-third, in order to take care of the
expanding credit needs of Hungary. The shares acquired by the group
will be held for investment and it is expected that the Bank's shares wlll be
introduced in the London market.
After the increase in the capital stock the bank will have a combined capital and surplus equivalent to over $11,100,000.
The new affiliations are expected to be of advantage to the bank in fostering the international trade and industry of Hungary.

Hungarian Loan Floated in London.
A special cablegram from the London Bureau of the New
Renewal of $40,000,000 Credit to Denmark Exchange
York "Journal of Commerce" from London Jan. 5 stated:
, Stabilization Program.
The Hungarian land mortgage loan. £1,000,000 7 %,issued at 93, was
The 840,000,000 credit extended to Denmark a year ago publicly subscribed twenty-five times within a few minutes of the opening of
by the National City Bank of New York, has been renewed the lists. The response exceeded all expectations.
through the Bankers Trust Company and the Chase National
Bank of New York. From the New York "Times" of Industrial Progress in Austria as Result of Financial
yesterday (Jan. 8) we quote the following in the matter:
Stability.
The Bankers Trust Company and the Chase National Bank announced
Financial stability in Austria has resulted in marked inyesterday that they had arranged a credit of $40,000,000 for the National
Bank of Denmark to aid exchange stabilization. The credit is of the dustrial progress during 1925, according to a cablegram
revolving nature and is for one year, replacing a similar credit established just received by the New York representative of one of the
last January with the National City Bank. It is understood that the terms
leading banks in Vienna, the Oesterreichische Credit Anof the present credit are more favorable to Denmark than was the case last
year, reflecting an improvement of the country's credit standing abroad stalt fuer Handel und Gewerbe. The cablegram states:

corresponding with economic and exchange gains.
The National Bank of Denmark is co-operating with the Danish Government in a program of exchange stabilization and it is desired to maintain
sufficient balances abroad to take any action deemed necessary in the case
of special movements of currency values. On former occasions when Denmark has obtained credits here it was announced that they had not been
touched, having been arranged simply as "Insurance." The same situation
Is expected to prevail in connection with the present credit.
Danish exchange has been one of the pronouncedly strong points in the
European exchange situation in the last year, the value of the krone having
advanced from 17.66 cents on Jan. 2 1925, to a shade under 25 cents this
week. The government intends that over a stretch of the next few years,
or sooner, the krone will be returned to parity, which is 26.8 cents. The
advance in the exchange took place at a time when several European countries were struggling to keep their exchanges from deteriorating.

The condition of the Austrian National Bank illustrates better than anything else the great strides that have been made during the past year in
connection with the re-establishment of a sound currency system. Gold
exchange holdings and balances abroad have increased from 352,000,000
schillings to 510,000,000, while total cover for circulation has risen from
47 to 63%. The monetary situation has become decidedly easier as reflected in the repeated lowering of the bank rate from 13 to 9%. With
the introduction of the schilling this year, fluctuations of Austrian money
have definitely come to an end.

In making public the cablegram Jan. 1, the trust company
says:

The same improvement is noted in the Austrian trade balance. The
average monthly deficit which in 1924 aggregated 80,000,000 gold kronen
has been reduced to half that amount, and it is practically balanced by inReference to last year's credit was made in these columns visible exports, of which tourist expenditure is the principal item.
Growing confidence in the soundness of Austrian economic conditions is
Jan. 17 1925 (page 279) and Jan. 24, page 401.
Indicated by the fact that short-term credits are being offered in large
amounts. Long-term credit have also been given to the more important
Sao Paulo Coffee Bonds Oversubscribed in London. concerns in amounts of considerable size. Increased investment of foreign
capital in industrial plants is expected during the corning year, due to the
London Associated Press cablegrams Jan. 6 stated:
favorable balance sheets of most of the private corporations.
The £4,000,000 ($19.200,000) loan to the State of Sao Paulo (Brazil)
One policy of the Federal Government in using the proceeds from the
Coffee Institute was heavily over-subscribed to-day. The books were international loan for a huge electrification scheme for the State railways
open only five minutes.
has led to a development of the country's water power resources which will
Announcement that the bonds were being underwriten in in time make it independent of coal and thereby improve its balance of
•
London was made as follows in London Associated Press trade.
It is expected that the Locarno Conference will stimulate further the
advices Jan. 4:
commerce of Austria with Central Europe and the Near East.
Thirty-year bonds of the State of SRO Paulo Coffee Institute (Brazil) to
the amount of £4,000,000 ($19,200,000) are being underwritten here.
The bonds, bearing 73% interest, are soon to be offered at 94, repayable within thirty years by drawings at 102, with the option of redemp- Ratification of Italy's Debt Agreement With United
tion at 103 after ten years.
States by Italian Chamber of Deputies.
They have as security an equivalent amount of sterling bonds of the GovThe Italian Chamber of Deputies formally approved on
Sao Paulo State, as well as a first charge on the transport tax
ernment of
Dec. 18 the agreement providirg for the funding of Italy's
on coffee grown in the State.

Buenos Aires advices (Associated Press) Jan. 5 had the war debt to the United States. In stating that the agreement was approved by acclamation by the Chamber on
following to say regarding the loan:
A dispatch to La Nacion from Sao Paulo, Brazil, reports that a contract Dec. 17 the Associated Press advices from Rome that day
between the Coffee Institute of Sao Paulo and Lazard Freres
has been signed
said:
Co. of London for a loan of E10,000,000. The first issue will be L5.000,&
000, and the second issue is to be made within 130 days after the offering
of the first issue.




There was no sign of dissent. Even former Premier Giolitti, consisten
opponent of the Government, rose to signify his affirmative vote.

150

THE CHRONICLE

[VoL. 122.

of the Department of State. The committee is also keeping in close contact with the Department of State that it may keep fully informed of such
developments in the situation as the Department may from time to time
Formal approval was given by the Chamber of Deputies to-day to the make public.
bill ratifying the agreement for funding the war debt to the United States.
Holders of these bonds may deposit with this committee by sending the
signed by Count Yelp!, Minister of Finance, at Washington, Nov. 14. bonds to either depositary: The
National City Bank of New York, 55 Wall
The vote was 237 to 1. The voting was done by secret ballot.
St., New York City, N. Y.,or Old Colony Trust Co., 17 Court St., Boston,
The passage of the bill was considered certain, for the Chamber, at last
Mass. Dec. 1 1919 and subsequent coupons should be attached.
night's session, approved the Washington agreement by acclamation.
Note: The bonds mentioned in this circular are External Dollar bonds
The Senate ratified the agreement on Dec. 8.
which fell due Dec. 1 1921. This committee has no connection with any
Reference to the ratification of the agreement by the Russian Rouble issues.

On Dec. 18 the Associated Press reported the following
from Rome:

Italian Senate was made in our issue of Dec. 12, page 2818.
In referring to the action of the Chamber on Dec. 17 the Offering cf $14,472,000 Bonds of Province of Buenos
Aires—issue Sold—Books Closed.
New York "Times" advices from Rome (copyright) said:
The chief speaker was Count Volpi, the Finance Minister, who, having
Heavy over-subscription of the offering of $14,472,000
no criticisms to answer, limited himself to touching upon certain aspects of Province of Buenos Aires (Argentine Republic) external
the Washington agreement which had not been fully dealt with by previous
73/2% secured sinking fund gold bonds was reported on Jan.7
orators.
The agreement, he said, represented the best terms obtainable, and by the offering group headed by Blair & Company, Inc., and
although It constitutes a considerable burden for Italy's taxpayers, it must
the Chase Securities Corporation. The bonds were publicly
not be forgotten that the German reparations, if the Dawes plan worked
properly, should give the Italian Government considerable revenue which offered on the 7th inst. at 99 and interest to yield about
would be wholly applied to paying off debts.
7.60%, and the books were closed at 10 a. m. that day.
In addition, he said, 1.000.200.000 lire to be included in the next budget
An announcement relative to the offering says—
was to be set
the American and British
aside in the sinking fund to meet
debt payments.
Volpi Opposes Cancellations.
Since his return, said Count Volpi, he had heard talk in some quarters
that the debts should have been canceled, but he added:
"These critics forget that the American debt is a liability freely incurred
by the Italian nation. It is, in other words, a debt of honor which we
are bound to meet to the utmost limit of our capacity to pay."
The Count then pointed out that Italy's total foreign indebtedness at
the time the debts were contrac.ed represented only one-fourth part of the
sums spent by Italy during the war.
"Italy, therefore, out of its own resources, met the greater part of the
war expenses and a considerable portion of the expenses for post-war
reconstruction. Under these conditions, although the total of the principal
will be repaid. the American Government granted us considerable reductions in interest payments.
Referring to private loans being negotiated in America, Count Volpi said:
"The Government does not intend to contract any further debts on its
own account, and has no necessity to do so, but does not object to private
loans abroad provided that when greater guarantees are given that the
money goes into worthy hands and will be applied to productive and immediately renumerative enterprises.
"The Government, furthermore. Is opposed in principle to provinces,
municipalities or public bodies borrowing money abroad, but will examine
each application separately on its own merits."
Denies Secret Agreement Here.
Count Volpi ended:
"I do not know who started the rumor abroad that the Washington agreement contains secret clauses which have not been published. I take this
opportunity to declare most emphatically that no agreements have been
made beyond those now submitted to you for approval, which permit us
to march together in America, or alone if necessary to conquest in our
future life."
Count Volpi's speech was greeted with great applause. Then after a
short speech by the veteran statesman Giolitti, leader of the Opposition in
the Chamber against the Fascist Government, who declared that in a
question of such vital importance to the Italian nation he and his followers
were forgetting party, the Chamber approved the bill by acclamation.

On the basis of buying orders received in the half hour books were open,
allotments will be pared down to 20% of the amounts asked. Orders came
in from nearly every section of the United States, and from financial centers
In Canada and Europe.
Particular interest attached to this loan in view of reported plans of
American bankers this year to underwrite loans for other South American
provinces, cities and nations to an amount aggregating well over 11200.000.000. Banking and investment houses reported that the Province of
Buenos Aires offering was one of the most popular South American loans
in which they had participated. In addition to Blair & Company, Inc.
and the Chase Securities Corporation this group included the Illinois Merchants Trust Co.. Halsey, Stuart & Co., Inc., E. H. Rollins & Sons, Blyth,
Witter & Co., the Equitable Trust Co., New York; the Continental &
Commercial Trust & Savings Bank, Chicago, and the First Trust & Savings
Bank, of Chicago.

It is pointed out that this is the first Argentine financing
in the American market since last summer and the first
long-term issue of bonds for the Province of Buenos Aires
ever sold in the domestic market. The bonds will be dated
as of Nov. 1 1925 and will become due Nov. 1 1947. They
will not be redeemable prior to maturity except for the
sinking fund.
The total authorized issue is $14,472,000 United States
gold. Principal and semi-annual interest (May 1 and Nov.
1) are payable in United States gold coin of thepresentstand;
ard of weight and fineness in New York City at the principal
office either of the Chase National Bank of the City of
New York or of Blair & Co., Fiscal Agents of the issue,
without deduction for and free from any present or future
taxes of the Government of the Argentine nation or of any
taxing authority thereof or therein. The bonds are in
coupon form in denominations of $1,000, $500 and $100,
registerable as to principal only. The official announcement
Bankers Committee Asks Holders of Russian Govern- says:
Part of the authorized amount Is issuable upon exchange of outstanding
ment Bonds in Default to Extend Protective
pesos bonds, contemplated to be effected forthwith, but to the extent that
Expiring Jan. 26.
Agreement
such pesos bonds are not now exchanged, the amount of these Bonds to
will be
the balance being
The protective committee of bankers, headed by Charles be presently issued in one orproportionately reduced,vary as to maturity
more series, which may
reserved for issuance
E. Mitchell, President of the National City Bank of New t nd interest dates, upon exchange of the balance of such pesos bonds.
York, in a statement issued Jan. 6 to holders of Imperial
The Chase National Bank of New York is trustee. The
Russian Government five-year 5% dollar bonds dated bonds are to be issued to reimburse the Province for sums
Dec. 1 1916, and holders of certificates of deposit for the heretofore expended in the construction and acquisition of
same, announces that the deposit agreement expires on railway properties and to refund $.5,600,000 of its Treasury
Jan. 26 1926 and the committee asks in the interests of obligations issued in the United States of America for the
depositing bondholders that the agreement be extended same purpose.
for a further period of two years. The other members of
the committee are: Thomas Cochran of J. P. Morgan & Co.; Purchase of $2,000,000 Bond Issue of Province of Lower
Austria by Local Banking Syndicate—Public
Harold Stanley, President Guaranty Company of New York;
Offering Next Week.
Lloyd W.Smith of Harris, Forbes & Co.; Charles S. Sargent,
A banking syndicate headed by J. & W. Seligman & Co.
Jr., of Kidder, Peabody & Co.; Frederic W. Allen, of Lee,
Higginson & Co., and Albert H. 'Wiggin, President of Chase and F. J. Lisman & Co. has purchased $2,000,000 (closed
0
issue) secured sinking fund 73/7 gold bonds of the Province
National Bank of New York.
of Lower Austria, and public offering of the bonds will be
The committee says in its statement:
This committee serves the interests of depositors of these bonds without made next week at 98% and accrued interest to yield over
compensation, and the expenses to date are nominal. In the interests of 7.60%.
depositors we ask an extension of the agreement for a further period of
two years, and append hereto a form of extension agreement which we ask
the certificate holders to sign and return to the Secretary of the committee.
The privilege of depositing under the protective agreement is afforded
to holders of bonds who have not yet deposited, and we urge such holders
forthwith to deposit under the origin.' agreement, as the interests of all
can undoubtedly be best safeguarded by a single committee acting in their
behalf.
The committee has no report of progress to make at this time. The conditions prevailing in Russia and the status of the existing Government are
constantly commented upon in the public press. While no step has been
taken by the Soviet Government with respect to a settlement of the obligations of the Imperial Russian Government, as represented by the bonds of
this issue, it is obvious that the present Govertunen, will fail of any credit
status in this country until such time as satisfactory provision has in some
way been made on the old account. Your committee stands ready to defend
this position in the interest of depositing bondholders.
claims
Your committee is endeavoring to facilitate the presentation of the
State the bondsso deposited
of bondholders by listing with the Department of
regard has the approval
with it and the procedure of your committee in this




Secretary of Treasury Mellon on Foreign Debt Settlements—Italian and Belgian Agreements Held to
Be Just—Opposition in Senate to Italian
Agreement.
In a statement on the foreign debt agreements presented
to the Ways and Means Committee of the House on Jan. 4,
Secretary of the Treasury Mellon defended the refunding
agreement in the case of Belgium and Italy and stated that
"while some may believe our recommendations too lenient,
and others too harsh, I know it is the honest judgment of
the Commission that they are just settlements in the real
interests of our country." On Dec. 16, when Senator Smoot
(a member of the World War Foreign Debt Commission)

JAN. 9 1926.]

THE CHRONICLE

sought consideration by the Senate of the Italian debt agreement, and the settlements with Czechoslovakia, Esthonia,
Belgium, Rumania and Latvia, the Italian settlement was
the subject of a spirited attack by Senator Reed (Democrat) of Missouri and others. The Senate Finance Committee had previously (Dec. 15) ordered the six agreements
favorably reported. No action has yet been taken by the
Senate. The House Ways and Means Committee, which
*
has also had the agreements before it, called upon Secretary
Mellon on Dec. 19 to submit certain data relative to the settlements, the committee thereupon recessing until Jan. 4.
In supplying the committee with the required data, Secretary Mellon stated that "an insistence of a settlement of the
Italian-American debt on the British-American basis would
have been entirely futile. Italy could not have paid, and
such an insistence would receive nothing." "As we settled
with England on her capacity," he said, "so consistently we
must consider capacity in every other case." "Those who
insist upon impossible terms," said Secretary Mellon, "are
in the final analysis working for an entire repudiation of
the debts. The only other alternative which they might urge
is that the United States go to war to collect." He also
stated:
No better, example of the equitable principle of capacity to pay which
must apply to a debt settlement can be given than in the case of Italy.
Italy owes the United States over $2,000,000,000. It owes England about
25% more than this. Any payment to the United States must be contemporaneously met 'by proportionately greater payments to England. To pay
a dollar to the United States in debt settlement means that Italy must pay
$1 25 to England. . . .
Europe is our largest customer. Unless the finances of Europe can be
restored, her currency placed on a sound basis and her people able to earn
and to spend, this country will not be able to dispose of its surplus products
of food, materials and goods. .
.
The American Commission has not recommended settlements of the debts
to profit those who wish to loan money abroad. It is possible, since any
payment necessarily involves a strain on the debtor country, that the insistence on impossible terms which would justify a refusal of the debtor
to fund might be more acceptable to the international bankers. But the
settlements are made in the real interests of those American producers who
must have a foreign market able to pay. The American producer needs
these debt settlements. The entire foreign debt is not worth as much to
the American people in dollars and cents as a prosperous Europe as a customer.

The following is Secretary INIellon's statement:

Taking Into account the current interest rate when the settlement was
made, the British agreement does not represent payment in full. If we
figure the present value of the settlement at 41
4%, we canceled 20% of
the debt. The settlement was, however, entirely based on our estimation
of Great Britain's capacity to pay. It is a precede:rt, for the recognition
of the principle of capacity to pay, and is not a set formula to control
other cases of substantially less capacity.
It is the rule that a debtor cannot prefer one creditor over another. The
debtor must treat all creditors alike. On the other hand, the creditor has
the option of treating each of its debtors separately. It may insist on
payment,in full from one, give time to another and cancel the indebtedness
of a third, and no one of the three debtors has a right to complain of the
treatment accorded the other.
' Capacity to Pay.
There follows from the foregoing that England, which is also a creditor
of many nations which are debtors to us, has the right to insist that no
debtor of it pay us more in proportion than England receives. The debtor
nation may not discriminate between its two creditors. It has been frequently stated in Parliament that England has no just cause of complaint
if the United States settles with one of its debtors on terms easier than
those accorded England.
As a matter of fact, England itself in dealing with its European debtors
has made settlements more favorable to one than to another. I want to be
clear that the British-American settlement is one based on capacity to pay,
and not a fixed formula to which all others, irrespective of capacity, must
conform, and that a creditor is free to settle with its debtorA as it may
choose.
As other nations have approached the American Debt Commission for a
funding of their debts, it has been the position of the American Commission that since England represents the strongest of its debtors, America
would not ask heavier terms than those offered by England. The Commission would consider the British-American basis as prima facie a fair
basis of settlement
If such a settlement was beyond the capacity of the particular nation,
then the Commission would recognize this capacity by way of a reduction
in the interest rate, but in no event cancel any of the principal. As we
settled with England on her capacity, so consistently we must consider
capacity in every other case.
Generally speaking, our foreign indebtedness may be divided into two
general classes—advances to carry on the war and advances after the war
for relief and for the stabilization' of Europe. Among the nations in the
first class are included England, France, Italy, Belgium, Russia and Serbia,
although loans were made after the armistice. In the second class are the
countries on the Baltic Sea, Finland, Lithuania, Latvia and Hungary, the
Balkan countries of Czechoslovakia, Rumania and Greece.
The general plan applied to the settlement of the second class has been
the British-American basis, with easier treatments in the earlier years,
depending upon the particular circumstances of the nation involved. Hungary, Finland and Lithuania have settled on the straight British-American
basis. Poland, Latvia and Esthonia have been given the option to fund
75% of the payments which would have been due for principal and interest
for the first five years over the remaining 57 years of the agreement
Czechoslovakia for the first 18 years pays about three-quarters of what
it would have paid under the straight British-American basis and the balance is funded over the remaining years of the 62-year period. Rumania
pays a graduated scale to reach the British-American basis at the end of the
twelfth year and the balance is funded.
In every case the 'balance funded is at the interest rates of 3% and 31%.
/
2
The variations in the earlier years of these agreements have been occasioned
by the present fiscal situation of the nation involved and represent a determination of the capacity of payment for these earlier years. In each
case the American Debt Commission was of the opinion that over the whole
period, subject to the earlier modifications, the British American basis
was within the capacity of the particular nation.
The debt-funding agreements of the nations in this second class have
been approved by Congress in the cases of Finland, Lithuania, Poland and
Hungary. In the case of Latvia, Esthonia, Czechoslovakia and Rumania,
the debt-funding agreements are now pending. In the case of Austria,
Congress has voted a 20-year moratorium, recognizing Austria's present
want of capacity. Jugoslavia and Greece have not yet negotiated a settlement.
Coming now to the large debtors, no agreement has been reached with
France, but the Commission has negotiated funding agreements with Belgium and Italy.
Belgian. Agreement.

During the war the United States made loans to the Allies largely to
assist them in purchases of supplies in the United States. The original
loans bore interest at 31%, being the interest rate carried on the first
/
2
Liberty Loan issue. The rate was subsequently made 5%.
After the armistice the United States continued to make advances to the
Allies to complete their contracts in the United States and to purchase
food and surplus war supplies from the United States. Relief was also
extended to a number of the smaller nations, largely born of the war. At
the conclusion of the war period, the Treasury held the obligations of some
twenty nations, in general payable on demand with interest at 5% per
annum.
The world was in a state of financial disorder. No nation could have
paid its debt had we demanded it. Most could not even pay the interest
rate of 5% called for by their obligations. Only with time and more settled conditions did possibility of adjustment arise.
Recognizing the fact that our debtors could not pay on demand, Congress originally authorized debt funding on not longer than a 25-year
/
2
% interest. Subsequently, when it was ap.
basis and at not less than 41
parent that this basis of settlement was beyond the capacity of most of
the debtors, the American Debt Commission was given general authority to
recommend settlements to Congress. It is as the expert body created by
Congress that we have presented our recommendations in the six cases now
pending.
Since foreign debt settlements do not seem to be clearly understood, I
wish to mention some rather elemental facts. The obligations held by the
Treasury generally call for payment on demand, and such payment cannot
be made. We must find practical terms. Now, if we are owed $62 and
payment is made to-day, we receive the full value of our loan. If payment
is made at the rate of $1 a year for 62 years without interest, we would
be conceding a part of the debt.
What this concession amounts to can be variously estimated, depend/
2
ing on the rate of discount arbitrarily taken. If we use 41%, the present
value of a $1 annuity for 62 years is a little over $21; if we use 3%, its
present value is $28.
If, however, instead of $1 a year for 62 years without interest, we should
charge interest at the cost of money to us, we would get the full value
of the loan, since we could borrow the $62 to-day, pay interest on the borrowing, and repay the principal as annuities are received. From the United
States standpoint, therefore, the question of whether a particular settlement represents a reduction in the debt depends on whether the interest
charged over the entire period of the agreement is less than the average
cost to us of money during that period. The flexibility in debt settlement
is found in the interest rate to be charged.
•
The situation of each debtor nation is particular, that is, its capacity
to pay is not the same as the capacity of some other nation. It has been
felt by the Debt Commission, however, that repayment of principal is
essential in order that the debtor might feel that it had paid its debt in
full and that we might know that we had our capital returned to us.
The Commission felt, therefore, that no funding should be made which
did not repay the principal, and thus we have maintained the integrity of
international obligations. Adjustment to the capacity of each case is
made in the interest to be paid over the period of the agreement.
Arrangement 1Vith Great Britain.
Great Britain was the first nation to recognize the desirability of putting
its house in order. Great Britain owed some $4,600,000,000 of principal
and interest on its demand obligations. The American Debt Commission
recommended a settlement on the basis of principal payments over a 62year period, with interest at the rate of 3% per annum for the first ten
/
2
% thereafter. Congress has approved the settlement.
years and 31




151

In the Belgian agreement the indebtedness of Belgium has been separated between pre-armistice debt and the post-armistice debt; that is,
Indebtedness created before or after the 11th of November 1918. The postarmistice indebtedness has been settled on the British-American basis, with
the exception that during the first ten years interest rates are scaled up
on an arbitrary basis to reach 32 at the beginning of the eleventh year.
/
1
%
As to pre-armistice indebtedness, the principal is to be paid in substantially equal installments over the period of 62 years. Accrued and accruing interest is waived.
The circumstances which influenced the American Debt Commission in
recommending this concession on the pre-armistice debt were these:
• Almost all of Belgium was occupied by Germany since the early days of
the war. Germany had taken from Belgium and moved into Germany most
of the industrial machinery and equipment which it had found in Belgium. The value of the war damage done to Belgium was estimated at
roughly $1,000,000,000.
During the period of occupation Germany had caused to be printed and
circulated in Belgium paper money which the Belgian people, in the occupied territory, were forced to receive. At the conclusion of the war Belgium had to redeem this worthless currency, issuing its own money in
exchange therefor. The loss to Belgium on this account was about $1,200,000,000.
Belgium had received prior to the armistice about $1,300,000,000 in
advance from France, Great Britain and the United States, France advancing over $600,000,000, Great Britain more than $500,000,000 and the
United States less than $200,000,000.
At the time of the negotiations of the Versailles Treaty Belgium demanded that she be given a preferred claim on reparations to the extent
of her war damage, that Germany be compelled to redeem in gold the
worthless paper marks taken up by Belgium, and that the three principal
Allies forgive their pre-armistice loans, and Belgium stated that unless
such preferences were given she would rather withdraw from the peace
conferences.
In order to prevent a break in the negotiations representatives of the
United States, England and France proposed that Belgium be given a
prior charge on reparations of $500,000,000, that each representative rec.
ommend to his respective Government the adoption of an arrangement

152

THE CHRONICLE

under which the pre-armistice debt of Belgium would be assumed by Germany and Belgium released and that Belgium withdraw her other demands
for the remainder of the war damage and for reimbursement for the German currency. Accepting this compromise, Belgium continued in the conference.
Subsequently the United States, entirely within its rights, declined to
accept Germany as a substitute for Belgium on the pre-armistice debt
The argument of Belgium was that it had waived its demand for $2,200,000,000 of preferred reparations, relying on a promise which was unfulfilled, and that it was now too late to restore Belgium to the position it
had formerly occupied.
The American Commission felt that the equities were with Belgium.
We would not agree to substitute Germany as our debtor, although England
and France, with larger debts than ours, have done so. We did not think
It just, however, to ask Belgium to repay more than the principal of the
pre-armistice advances. Belgium continues solely liable to us.
Taking the Belgium settlement as a whole, both the pre-armistice and
post-armistice, the American Commission felt that the payments required
from Belgium substantially represent its capacity to pay.
Belgium is a small nation, densely populated, with few natural resources, and obliged to import a large proportion of its food supply. Its
foreign investments have been exhausted by the war, the balance of trade
has for a great many years been adverse, and Belgium will require in the
near future large borrowings abroad in order to stabilize its currency and
to reduce the inflation caused by the paper money issued by Germany
during the occupation.

[VOL. 122.

resents 11.7% of this sum, the Belgian settlement 7% and the Italian war
debts to the United States and England combined 19.8%.
Suppose that America had to assume a burden comparable to the burden
of war debts upon Italy based upon the above indices, the present value of
this burden would be over $15,000,000,000, or three-fourths of our present
public debt, and if we were to pay this war debt on the same scale as in
the Italian agreement, after five years we would be paying an annuity of
over $400,000,000, after 30 years of over a billion dollars and by the end
of the period of considerably over two billion a year.
Consideration must be given in these comparisons to the income and
standard of living in Italy, which are lower than in either England
or
Belgium, and very much lower than in the United States, and which,
therefore, would make the same burden relatively higher in Italy than
in other
countries.
In its negotiations for the funding of the debt the American
Debt Commission has been forced to consider these facts: No nation,
except by
the pressure of public opinion and the necessities of its own
credit, can
be compelled to pay a debt to another nation. An insistence on a
funding
agreement in excess of the capacity of the nation to pay
would justify it
in refusing to make any settlement.
None can do the impossible. If the debtor is to be able to
pay and if the
creditor is to receive anything, a settlement fair to both
countries is essential. It follows that those who insist upon impossible terms
are, in the
final analysis, working for an entire repudiation of the
debts. The only
other alternative which they might urge is that the United
States go to
war to collect.

Europe Largest Cuetomer.
Settlement With Italy.
Europe is our largest customer. Unless the finances of Europe
Another settlement now before Congress is that with Italy. To the
can be
restored, her currency placed on a sound basis, and her people
able to earn
original principal of the Italian debt of $1,648,000,000 was added interest
and to spend, this country will not be able to dispose of its
surplus prodat 4%% per annum to Dec. 15 1922, the date of the British settlement, ucts of food, materials
and goods. Our exports to Belgium last year were
and at 3% per annum to the data of the new settlement, making a total $114,000,000 and
imports $66,000,000. Our exports to Italy were
funded of $2,042,000,000. Repayment of the new principal is made
$185,to be
000,000 and imports $75,000,000.
on the same scale as on the British-American basis, with the exception
Of the total exports to the two countries 26% were foodstuffs
and 36%
that in the first five years there is a slight modification.
were cotton. Nearly two-thirds of the exports represent the
To meet Italy's capacity to pay, interest rates during the period of the
surplus prodfunding agreement after the first five years have been fixed during succes- ucts of the American farmer.
Germany began a re-establishment of sound currency in the
ten-year periods at / of 1%, % of 1%, 1 of 1%, % of 1%, 1%
1
2
latter
,fi
aive
of 1923. In that year it imported $149,000,000 of cotton from us. part
With
and 2% for the last seven years.
the Dawes plan and a proper financial system, exports of cotton
The interest rates recognize the quite material difference between Italy in 1924
to $223,000,000 and in the first ten months of 1925 to increased
$198,000,and other debtor countries with whom negotiations for settlement have been 000, or
made. Italy has no natural resources and no productive colonies. Its America at the rate of $231,000,000 a year. Here is the real interest of
in the stabilization of Europe, in which prompt debt
balance of trade has always been adverse; a large part of the country is
settlements
mountainous and it must import food for its rapidly increasing population. are an integral part.
The countries of Europe must be restored to their place in
Coal, iron, copper, cotton, oil and other raw materials have to be imIn this process of reconstruction certain essentials have to be civilization.
met:
ported. The standard of living and the taxable capacity of its people are
the budgets must be balanced. This is a domestic question for each First,
extremely low. The assets of Italy are but the labor of its people and its
nation
to solve. Second, payments coming due in the future must be
ascertained.
water power.
Inter-Allied debts constitute the principal item in this essential,
and
No better example of the equitable principle of capacity to pay which order that
their settlement be effective the terms must be definite in
must apply to a debt settlement can be given than in the case of Italy.
in
amount and time and within the capacity of the debtors. We have
owes the United States over $2,000,000,000. It owes England about
learned
Italy
the folly of imposing indefinite and impossible terms from the
experiment
25% more than this. Any payment to the United States must be con- with
Germany before the Dawes plan.
temporaneously met by proportionately greater payments to England. To
And, third, America, with its excess of capital seeking profitable
inpay a dollar to the United States in debt settlement means that Italy must vestment, must
aid by making private loans to Europe for productive purpay $1 25 to England.
poses. Only from these private loans during the past year have the
counThe settlement of the Italian-American debt on the British-American tries
abroad been able to pay for our wheat and cotton. It is these new
basis would have meant that Italy must pay at once $71,000,000 per year, loans which
make our exports possible.
and a similar settlement of the British-Italian debt would require the payThe American
ment of $89,000,000 per year, a total to be added to the tax burden of to profit those Commission has not recommended settlements of the debts
who wish to loan money abroad. It is possible, since any
the Italian people of $160,000,000.
payment necessarily involves a strain on the debtor country., that the
inThe present total of all Italian taxes is about $850,000,000. The pres- sistence
on impossible terms, which would justify a refusal of the
debtor
ent total of all American taxes is about $7,500,000,000. Adding $160,- to fund, might
be more acceptable to the international bankers. But the
000,000 to the Italian taxes would be the same as adding $1,400,000,000 settlements
are made in the real interests of those American producers who
to taxation in America. This would be a terrific burden to America, but must have a foreign market
able to pay.
we might stand it because our average income is high and the American
The American producer needs these debt settlements. The
*entire foreign
people would not be forced below the level of subsistence; that is, we debt is not worth
as much to the American people in dollars and cents as a
would still have enough to live on.
prosperous Europe as a customer.
Italian people, however, are now so heavily taxed in proportion to
The
The capacity of a nation to pay
to the national income that this additional tax would have forced them to mathematical determination. over a long period of time is not subject
It is and must be largely a matter of
below the level at which life can be supported. Such payments to-day are opinion, but we have
been fortunate in the constitution of the American
Impossible. We should have made a China of Italy.
Debt Commission to have a representation from the
Administration, from
You will appreciate what I mean by the present close approach of the Congress and from
private life, and from both political parties.
Italian to the level of subsistence when it is understood that the adoption
We have facilities to acquire information through the
State Department,
in the Italian income tax law of the same exemptions carried in our 1924 the Treasury and the Department
of Commerce. We bring a varied expelaw (not the increased exemptions under the proposed law) would reduce rience to the consideration of
the debt settlements and our recommendations
the Italian Government's revenue from income tax by 99%.
are unanimous. While some may believe our
recommendations too lenient
An insistence of a settlement of the Italian-American debt on the British. and others too harsh, I know
it is the honest judgment of the
American basis would have been entirely futile. Italy could not have paid, that they are just
Commission
settlements in the real interests of our
country. The
and such an insistence would have meant only that the United States would President has approved
each settlement.
receive nothing.
During the debate in the Senate on Dec. 16
The comparative burdens of the war debt settlements of England, Belon the foreign
gium and Italy are a fair test of the adequacy from an American standpoint debt settlements,
Senator Reed, who, as indicated above,
of the Italian settlement It must be remembered that Italy owes Great
was one of those who criticised the
Britain 25% more than it owes the United States, and any American setarrangements, had the
tlement will probably have to be followed by an English settlement on following to say in part:
substantially a proportionate basis.
Mr. President, what I am about to say touching
this settlement will, in
There are three principal factors in the finances of any country which view of the fact that the
information has not yet been obtained, be
only of
furnish indices by which a comparison of the weight of a new finance a general character; but I want
to call attention to a few facts
which I
burden can be measured. These are the total budget, representing what think the Senate ought to consider
and as to which I think the country
instrumentalities of Government collect from the people; the total ought to be advised. If
all
I begin back a
foreign trade, which has a bearing on the capacity to transfer payments making, if possible, a logical statement. little ways, it is for the sake of
abroad, and the total national income, which is the ultimate source of a
When we were in the war the European
countries came here and asked
country's capacity to pay.
for aid. We passed three bills authorizing the
If we apply these indices to the three settlements we obtain the follow- soever it could be borrowed; but, of course, it borrowing of money whereing comparison: The British-American settlement calls for an annual American people. We provided in those three would come chiefly from the
acts that loans could be made
average payment equivalent to 4.6% of the total British budget expendi- to various foreign countries for the
purpose of enabling them to
turee; the Belgian settlement 8.5% and the Italian settlement to America the war. Each of the acts contained
carry on
a clause that the money
should be
alone 5.17% and to America and Great Britain 11.47% of Italy's total paid to them upon their delivery to us of
their obligations conditioned
expenditures.
budget
as
to payment and as to interest, and as to all
The British settlement calls for an annual average charge corresponding were conditioned, the idea being that while other conditions as our bonds
we
to 1.9% of the total British foreign trade. This figure is .88% with from the American people the American people would borrow this money
would never be taxed a
Belgium. Italy's average payment to the United States is 2.87% of its single dollar for either interest or
principal, because the foreign
country
total foreign trade, and the combined payments to the United States and borrowing the money would be obligated to pay
us the same amount of in6.82% of its total foreign trade.
England
terest that we were paying for the money we had
borrowed to loan them,
Great Britain's average annuity represents .94 of its national income, and in the end would pay the principal
Belgium's .80%, Italy's to the United States alone, .97%, and to the tured, and thus we were simply loaning at the same time our bonds mato those
United States and Great Britain 2.17% of its total national income.
it was not, in fact, costing our people any money. countries our credit, and
If we averaged the three indices, the comparative Italian burden of war
That agreement the then Secretary of the
debts would be represented by 6.72, the British 2.4 and the Belgian by say this in harsh criticism, because we were Treasury violated. I do not
1.76. If instead of using the average annual annuity we should compare receiving their bonds he took from them an engaged in war. Instead of
obligation in writing condithe present value of the settlements with the sum of these three indices— tioned that they would give the bonds thereafter
and that in the meantime
the total budget, the total foreign trade and total national income for a they would pay 6% interest. So we borrowed
this money from our people
the countries—the burden of the British settlement rep- and told them they must pay until
year of each of
they were bled white; and they all
paid




JAN. 9 1926.]

THE CHRONICLE

153

and what she agreed to pay us? She is down in Africa trying to conquer
this money to our Government upon an implied contract between them and
a free people. Spain and France are united in destroying the liberties, in
the Government that they never would be taxed to pay either the interest
stealing—"stealing," I use the term in all its nastiness—the land, stealing
or the principal or any part of it.
That is the starting point. The war was fought out. I do not say the liberties of a people that were free people when the inhabitants of
stealing land
America won the war, but I do say that if America had not entered the France were wearing the skins of wild beasts. Down there
and expending millions and millions of dollars, and then saying that she
war it would not have been won by the parties who did win it. Then came
forward a propaganda by international bankers—and I have no enmity is so poor because she is spending her money to steal these lands and to
against bankers, but it came forward from the international bankers—that oppress these people, that she cannot pay us.
America should cancel the indebtedness of foreign countries to America. It
Before the debate ended Senators Johnson, Republican,
came from the house of Morgan. It came from all of these gentlemen who
California; Norris, Republican, Nebraska, and McKellar,
had themselves been making loans. The Morgan house had negotiated
some billions of dollars of European securities. Of course that house knew Democrat, Tennessee, joined in giving notice that there must
and all other international bankers and financiers knew that if the United be full and free discussion of the debt settlements. Senator
States would cancel the indebtedness due to the United States Government
their private loans would immediately be much nearer the point of pay- Reed urged that action be delayed because he had proposed
ment. It was this cry from these bankers and financiers who were engaged an investigation by the Senate Foreign Relations Commitin international speculation, who had loaned their money at immense dis- tee of the settlements and of loans obtained by debtor nacounts and at high rates of interest, which, in my opinion, first planted
in the brains of European statesmen the thought that all they had to do tions from American bankers.
was to stand out, and finally they could force the United States to cancel
the indebtedness they had solemnly obligated themselves to pay.
Mr. President, we are confronted by the situation to-day that a new League of Nations Registered 248 Treaties in 1926
Bringing Total to 1,043.
doctrine has been set up; the doctrine of "ability to pay." What is the
ability of a nation to pay? Who can look into the future and say that the
The following copyright message from Geneva, Jan. 3,
nation to pay is its final ability to pay? The fact is
present ability of a
that certain nations stand before us to-day, in substance and effect, re- appeared in the New York "Times:"
During 1925 a total of 248 treaties, ranking in importance from the
pudiating their debts.
I want to call the attention of the Senate and the country to one fact Locarno agreements to simple commercial accords. were registered by the
this attitude. Russia had been under a secretariat of the League of Nations. This brings the total number of
which they may contrast with
diabolic form of government for centuries. Her people had been oppressed international agreements deposited in the League archives to 1,042.
The treaties registered with the League are not only those concluded
to a point that is indescribable. Their laws were represented by a Cossack
on horseback, with a rifle thrown across his saddle bow, and a knout lashed between League members, but between member States and non-members.
people. About There are friendship treaties between Turkey and Austria, Denmark,
to his wrists to lay across the naked backs of an oppressed
ten men out of a hundred had been permitted to learn how to read and Sweden and Czechoslovakia, as well as between Persia and Afghanistan;
write. At last that ignorant and oppressed population arose and overthrew between Japan and Soviet Russia for settlement of legal, political, diploits rulers, overthrew that old Government entirely. Then they said, "We matic and business relations; between China and Soviet Russia concerning
will not pay the debts of the old Government that incurred those debts in general principles of settlement for all sorts of questions and the provisional
oppressing us." Because Russia said that, the world refused to do busi- regime of the Chinese Eastern Railways.
The year has seen concluded and deposited with the League a number of
ness with her; nations refused to receive her representatives; and this
country led in that movement. Russians came here with gold wanting to conciliation and arbitration conventions, and numerous agreements on
business relations, air traffic, maritime, navigation and frontier questions
buy American goods, and they were told that the gold would not be coined
at our Treasury. The great reason offered by our Secretary of State for and other matters of international interest.
ever refusing to recognize Russia was the fact that Russia had repudiated
her debts. That was the same reason that was offered by Great Britain Offering of $1,000,000 Bonds of New York Joint Stock
for a long time and also offered by other European countries for refusing
Land Bank.
recognition to Russia. I am not here at this present moment to criticize
our Secretary of State for taking that attitude; it may have been a wise
Clark Williams & Co. announced on Jan. 5 an offering of
attitude; I do not care to commit myself upon it at the present time.
$1,000,000 5% farm loan bonds of the New York Joint Stock
What is the spectacle presented in these countries coming here and saying, "We will not pay our indebtedness in full; we will not even sign our Land Bank of New York City at 103 and interest, to yield
promissory notes agreeing to pay you at some time in the future; we will 4.60% to the optional date and 5% thereafter. The bonds
not issue new notes in lieu a the old notes which you now hold in the form will bear date June 1 1925, and will become due June 1 1955.
of the agreement"—of which I have spoken—"and we will pay you or not
They are coupon bonds of $1,000 each fully registerable and
pay your as we please; but, if we pay you at all, we will pay you but a
small part of our debt." That is how it figures out; we need not deceive interchangeable. They will be redeemable atpar and interest
ourselves at all. Until the $10,000,000,000 we borrowed and loaned to
on June 1 1935 or any interest date thereafter. Principal and
Europe has been wiped out we must pay the interest at 434% up to date
—whether it ever can be reduced or not is a question for the future—and semi-annual interest (June 1 and December 1) will be payable
we must finally pay the principal. We cannot repudiate, though they at the Chase National Bank of the City of New York.
propose to repudiate by saying, "We will only pay a small part of the inThe following are the loan statistics of the New York Joint
debtedness," on the ground that presently, at this time, they are so situated that they say their Governments cannot raise more money. Then we Stock Land Bank as Dec. 24 1925:
are told that we must accede to that, because if we do not their currency Number of loans in force
1,343
will fall in value and their Governments will get into trouble.
Number of acres
164,824
Mr. President, so far as I am concerned, I am opposed to America under- Total amount of loans in force
87.731,700
taking to act as guardian ad litem for all the other nations of the world. Appraisal for loaning purposes
$21.595.935
I am opposed to America undertaking now, notwithstanding the fact that Average appraised value per farm
816.080
we expended first and last probably $50,000,000,000 in the World War, in Average loan per farm
$5,746
which we had only a small concern compared with other countries, to stand Average appraised value per acre
$131
and restore their lire and their Average amount loaned per acre
back of the finances of other countries
$46.90
francs to full value. We owe no such obligation to them and we ought Ratio of loans to appraised value
31.10%
not to undertake it.
of acres per farm
Average number
123
But it was the point of the Senator's (Mr. Smoot) argument that if we
We learn that the present issue is in addition to the
did not do this their money would still continue to tumble. I say let it
tumble until they learn that a nation cannot repudiate its honest debts $1,000,000 issue dated June 1 1925, offered in October and
and still have credit in the world. Let it fall. That is their business and referred to in these columns Oct. 17, page 1863.
not ours.
But let us see where we come out in this business. They say they must
now borrow more money, and they borrow that money and expect to pay Editors Representing Farm Papers to Confer with
It. They are paying 9 or 10, and I think, if the truth were found out, in
Secretary of Agriculture Jardine on Farm
some instances 15% discount on the original loan, and then they are payProblems Jan. 12—Other Conferences
ing 6 or 7% interest, and I am informed that as to one of the last loans
of a hundred million dollars made by Morgan & Co. to one foreign country
Scheduled.
Morgan & Co. not only took out their discount in advance, but then stipuSecretary of Agriculture Jardine has made an appointment
lated that $50,000,000 of the money should be paid to Morgan & Co. upon
an old loan. I may be incorrect in that statement, but I do not think I with the editors representing the Standard Farm Paper
am; that is my information; and that is the reason, or one of the reasons, group on Jan. 12 to confer with him on different farm probI want this resolution passed, in order that we may find out the facts.
Let us :ollow this matter a little further. The United States borrowed lems and the work of the Department of Agriculture. Special
some other money from the American people and loaned it to the farmers of emphasis will be given to the agricultural surplus question.
this country, and the farmers found themselves in a very bad situation The editors of this group have scheduled a special meeting
because of other conditions growing out of the war. They found their
markets largely destroyed; they found themselves in a pinch; they found at Washington on Jan. 11 and Secretary Jardine took this
they were unable to pay mortgages upon their farms; they found their opportunity of conferring with them. Steps are being taken
homesteads being sold. It was a lamentable condition and one that the to confer with
editors of other agricultural journals at a
Senate has spent many hours considering.
Why not give to our farmers the same consideration we are going to give later time. Among the standard farm paper group are:
to foreign countries? Why not borrow more money and then proceed to The Farmer, Minnesota; Wallace's Farmer, Iowa; The •
loan it to our farmers, and to stipulate in the loan "You shall pay
Nebraska Farmer, The Wisconsin Agriculturist, The Prairie
this if you are able to pay," and then construe the clause "if you are able
to pay" as meaning if you are able to pay out of your net income? We Farmer, Illinois; The Progressive Farmer, Alabama; The
do not do that way with our farmers. If one of them has borrowed from American Agriculturist, New York; The Pacific Rural Press,
one of the farm loan banks and he cannot pay the debt, his mortgage is
California; The Ohio Farmer, The Michigan Farmer,
foreclosed; we take his farm, we take his goods, his wares, and his chattels, because that is business; we take his capital; but when it comes to Hoard's Dairyman, Wisconsin; and The Breeder's Gazette,
the money which we loaned to Italy it is proposed to say that they shall Illinois. Secretary Jardine has also issued invitations to
pay according to the income of their Government. Well, their Government
Sam Thompson, Presiwould have more income if it laid more taxes in Italy. Oh, they cannot former Governor Lowden of Illinois;
do that, it is said, because the people will rebel or do something else. dent of the American Farm Bureau Federation, and Aaron
There is not one of them over there that is not living on a higher plane Sapiro, attorney for a number of co-operative marketing
than before the war and spending more money.
Washington on Jan. 14. This is in
Let us take France; that nation affords a good example. What is organizations, to visit
France doing to-day when she says she cannot pay us what she owes us line with a recent statement made by Secretary Jardine




154

THE CHRONICLE

that he would call a number of conferences of farm leaders
to advise with him on the agricultural surplus problem in
the hope that definite progress may be made in arriving at
a sound and practical solution. It is announced that other
conferences will be scheduled during January, and Secretary
Jardine plans to discuss this problem with other co-operative
leaders during the meeting of the fourth national co-operative
marketing conference held in Washington, Jan. 12 to 15.
Western Wheat Fails to Get Chicago Prices—Probe
Is Asked.
From the New York "Journal of Commerce" we take the
following from Washington, Dec. 28:
Investigation of reports that wheat growers in the Inland Empire region
of Oregon, Washington and Idaho are receiving market prices for their
product from 15 cents to 20 cents per bushel lower than those prevailing
on the Chicago market was asked of the Department of Justice, the Bureau of Markets of the Department of Agriculture and the Federal Trade
Commission to-day by Representative Summers of Washington, Republican. The latter announced that he had received letters from farmers in
his county declaring that the price of wheat for export at Portland and
Seattle had been on a parity with that at Chicago early in the fall, but
that it had begun to decline about six weeks ago and had gone considerably
below the Chicago level.
A similar investigation initiated by him in 1922 and undertaken by the
Department of Justice resulted in a rapid rise in wheat prices in the
Inland Empire section to a parity with those of Chicago, discounting freight
rates to the export markets, it was stated to-day.
The Congressman did not charge a conspiracy between exporters and
millers, but said he believed "an arrangement" between coast wheat buyers might be responsible for the decline. The Department of Justice will
probably look into the situation.

Agreement on Wool Standards Reached Between
American and British Interests.
On Dec. 25 Associated Press adviees from Washington
stated:
An agreement on international wool standards has been reached between
the authorities on British wool standards and American textile interests,
George T. Willingmyre, who has charge of wool marketing and standardization matters in the Department of Agriculture, reported to-day upon his
return to his office after conducting negotiations for three months in
Europe.
The conference in England was held with representatives of the Bradford Chamber of Commerce, which determines all British wool standards.
It resulted in the adoption of a duplicate set of standards, one to remain
in England and one in the United States.
Other negotiators representing American interests were 3farland C.
Hobbs, for the woolen industry, and Warren C. Emery, for the Department of Commerce. Mr. Willingmyre also attended the International
Conference on Wool at Berlin in November, which approved the colledion
of international statistics on the industry.

Sales of 1923 and 1924 Pooled Tobacco by Burley
Tobacco Growers Co-Operative Association.
Regarding a sale of 5,500,000 pounds of pooled tobacco by
the Burley Tobacco Growers' Co-operative Association, we
quote the following advices from Lexington, Ky., Dec. 7,
to the Louisville "Courier-Journal":
The Burley Tobacco Growers' Co-operative Association to-day sold to the
American Tobacco Co. approximately 5,500,000 pounds of pooled tobacco
of the 1923 and 1924 redried crops for a sum totaling about $1,250,000,
according to announcement to-night by James C. Stone, President, General
Manager and Sales Manager of the big tobacco farmers' organization.
The purchase by the American was the second large deal it has made
with the Burley poolers within a month, the company having taken a
purchase of between 10,000,000 and 11,000,000 pounds at a cost of $2,500,000 to $3,000,000, in November.
The American Tobacco Co. has not been a liberal purchaser of pooled
Burley heretofore and these two large sales within a month have given
great encouragement to the Burley association. Delivery already has
started on the last purchase, President Stone said, and the manufacturer's
representatives seem to be greatly pleased with the condition of the tobacco they have bought
Rumors of impending big sales of tobacco by the pool have been current
for some time, and it would be no surprise to the trade or to the public
if additional large sales of the pooled tobacco should be consummated
within the next few weeks, or even days, it is said.

[VOL. 122.

year was strongly upward, until, obligations of leading cities were selling
he
In June on the lowest yield basis we have seen since March. 1917. In the
succeeding months, however, prices declined with considerably more precipi'ation than they had previously-advanced and in October reached levels
below those which marked the beginning of the year.
The strength of the municipal market up to June was accounted for mainly
by the great amount of funds seeking Investment and the lack
of any
substant1-1 demand for capital for business purposes. The recession in
prices which took place after the middle of the year was explained to some
extent by the diversion of available funds to speculation in the stock market
and in real estate, but more particularly by the general belief that the
coming session of Congress would make material reductions in Federal
income and surtax rates. That anticipated tax reductions were the dominant
factor is evident from the fact that there was no decline in the general
bond
market comparable with that which,took place in the tax-exempt
section.
As a consequence of this decline in municipal prices during the
latter half
of the year, high grade state and city bonds sold and are still selling
at
levels which should make them decidedly attractive to investors
who are
able to benefit considerably under the rates proposed in the new
Federal
tax bill. Current price levels should also appeal to the insti.utions when
these again enter the market, since their purchases have always
been
determined by considerations of security rather than exemption
from
taxation.
The new Revenue Act, in which the maximum combined
surtax and
normal rates will apparently be fixed at or about 25%, promises a
great
degree of permanency than any of its predecessors. As pointed out
by the
President in his recent message to Congress, the reduction of cash balances,
receipts from the sale of surplus war materials, and excess receipts
from
taxes, will not henceforth figure in the finances of the Government.
The
new bill has been drafted with a view to providing revenue
sufficient for
actual governmental requirements, and it is not believed that these
requirements will be greatly reduced for some timo to come. It will
therefore be
possible for the investor to calculate the value of tax exemption
in his
Individual case with reasonable assurance that this valuation
will not be
disturbed immediately by further radical reductions in rates.
Although final figures are not yet available, it seems evident that
the
total flotations of municipal bonds during 1925 will be in the
neighorhood
of $1.300.000,000, falling somewhat short of the total for 1924.
which was
over $1,371,000.000. The volume of frrm loan issues will
approximate last
year's total of about 5179.000,000. This compares with over
$392,000,000
In 1923.
The demand for high grade joint stock land bank bonds has
throughout
the year tended to outstrip the supply, and there has been much to
indicate
the increasing favor with which these securities are regarded.
It was
possible during the year for some of the older and stronger banks to exercise
the redemption privilege as regards some of their outstanding issues
and to
refund these on a lower coupon basis. These operations, however,
were
not so extensive as they might have been had the market been more
favorable in the latter months of the year.
Whether or not the volume of municipal borrowing will show a marked
decline during the next few years it is of course impossible to say with
certainty. There are several elements which will act to retard a downward
movement. The dollar is still far below its pre-war value, and any increase
In its purchasing power will necessarily come slowly. Public expenditures
on the basis of present values will consequen.ly run into higher figures than
the cost of the same improvements ten years ago. The steady increase in
the populations of our cities has in many instances compelled city governments to make large additions to their school, sanitation, and general
facilities, and further additions may be expected so long as urban populations
increase at their present rate. The country is also engaged in a program
of
highwz..y construction which will no doubt be carried forward under favorable circumstances and will continue to take a large amount of capital
for
an indefinite time in the future.
On the other hand, loans for such purposes as soldiers' bonuses
and state
rural credit enterprises will henceforth be largely out of the
reckoning. It
is also evident that municipal imporvements which were
delayed by the
War have now been taken care of in most sections. There are
also signs of
an increasing tendency on the part of municipalities to think
twice before
voting a bond issue, indicating that where borrowing has been
indulged in
rather freely, the inevitable relationship between indebtedness
and tax
rates is teing impressed more deeply upon the public
consciousness.
These, briefly, are some of the arguments on both sides
of the question.
Where the human element enters Into the equation, any
attempt to predict
future developments is always of doubtful wisdom; with
this in mind, it
will perhaps be sufficient to note that the weight of
evidence at this time
points to some restriction in the volume of municipals
for the future, and
that this should prove a factor of some importance in
maintaining prices.

George F. Baker of First National Bank of New
York
• Reports Net Earnings of Bank in Past
Year Over
Twelve Million Dollars.
Net earnings of the First National Bank of New
York
during 1925 of over twelve million dollars, and of
four and
one-half million dollars in the case of the First
Security Co.,
are revealed in a report to the stockholders issued
under
further sale was reported by the same paper in a Lex- date of Dec. 31 by George F. Baker,
A
Chairman of the Board
ington dispatch of Dec. 10:
of the bank and of the subsidiary company. Out
of the
The Burley Tobacco Growers' Co-operative Association took another late year's earnings
of the bank, $4,500,000 was paid
step toward cleaning up the re-dried holdings of the pool to-day when it
in
sold 2,000,000 pounds of the 1923 and 1924 crops at association prices to dividends and $7,742,119 was applied to the surplus, while
P. Lorillard Tobacco Co. Both the officials of the association and the dividends of $3,500,000 were paid to
the
the stockholders of
manufacturing company were reported to be satisfied with the trade.
the First Security Co. The following statement by
Growers were greatly pleased when the announcement was made here
Mr.
to-day, as it was the third substantial sale reported within a month by the Baker indicates that the two mst.tutions have accumulated
association. Negotiations for the sale to other manufacturers of a surplus and undivided profit account
Burley
of 9,816,957.
substantial amounts of the association tobacco are known to have been pending and if these negotiations result in the sales generally expected they
will go far toward cleaning up the holdings of the association of the old
crops, it is said.
The Lorillard company has been a consistsent buyer from the association,
but this was its first purchase for some time.

To the stockholders, now some 1,400, the directors
feel it is quite proper
to make a fuller report than heretofore.
We have had another prosperous and satisfactory
year. The net earnings
of the bank were $12,242,119, and of the Security
Co. $4,137,450. a total
of $16.779,569, as compared with $16,064,403 last year.
At the June meeting the quarterly dividend was
increased to 25% Placing
It on a 100% basis. It is of interest that since its
organization in 1863.
with $200,000 capital, the present dividend brings the
total distribution
by the bank to 5105.810,000. and by the First
Security Co., since 1908, to
333,700,000, a combined total of $139,510,000. There
has also been
accumulated a surplus and undivided profits account of
$89.816,956.

Municipal Bond Financing During 1925.
In a statement under the above head, W. I. Sleep, VicePresident, Halsey, Stuart & Co., Inc., says:
The detailed statement of the bank and the company
The history of the municipal nlisket during 1925 may be divided roughly
into two parts. The general trend of prices during the first si.c months of the follow:




JAN. 91926.]

THE CHRONICLE

THE FIRST NATIONAL BANK OF THE CITY OF NEW YORK.
December 31 1925.
Resources—
Cash and due from banks
$72,652,153 64
U. S. securities
127.101,09458
Other bonds and securities
109,554.877 37
Loans and discounts
188,262.o19 14
Banking house
2.000,000 00
$499..b70.744 73

Liabilities—
Capital
Surplus
Undivided profits

$10,000.000 00
70.000,000 00
3.804,041 21
83.804,041 21
299,899.427 34
110.700,000 00
4.951,497 50
215.778 68

Deposits
Bills payable
Circulation
Other liabilities
Earnings and Dividends—
Earnings for the year
Dividends
Surplus

Resources—

1924.
$12.246,844 03
5.500.000 00

$499.570.744 73
1925.
$12,242,119 11
4,500,000 00

$6.74o.844 03
FIRST SECURITY COMPANY.
December 31 1925.

Cash
Syndicate and loans
Investments
Liabilities—
Capital
Undivided profits

$268953
6,927.753 59
50.504.032 27
$57,434,47b 39
$10,000,000 00
16,012.915 71

Reserved for taxes
Bills payable
Other liabilities
Earnings and Dividends—
Earnings for the year
Dividends
Surplus

$7,742,119 11

26.012.915 71
139.293 14
31.045,000 00
237,266 54

1924.
$3,817,559 48
2.000.000 00

$57,434.475 39
1925.
$4,537,450 69
3.500.000 00

41.817.55948

$1,037,450 69

H. F.

155

the commercial deposits stand at the highest average. Credit is abundant.
With a tendency toward steady volume of good business in 1926. banks and
other financial organizations will face better interest rates, and there will
apparently be a larger demand for credit by industry.
With plenty of buying power and ample credit facilities many industries
will be unusually busy. Although keen competition will be noticeable in
every line, the big volume of business will, undoubtedly, mean good profits
in most lines, especially during the first half of the year.
Other factors which will contribute very materially to business prosperity
for the coming year are the probable prompt enactment into law by Congress of President Coolidge's recommendation for a substantial tax reduction:
the brighter outlook in most of the European countries, evidenced by the
balancing of the budgets of many of those countries during the past year;
the hope for a substantial and permanent peace as a result of the Locarno
peace pact, participated in by the principal nations of Europe: the augmented buying power throughout the agricultural sections of the country,
brought about by large crops which have netted good prices: and, last but
not least, the conservative and careful course of business in the United
States during the year just closed which has placed our industries upon a
safe and firm foundation.
Another evidence of the substantial nature of business throughout the
country is the steady growth of trust companies, functioning not only as
commercial banks but in a fiduciary capacity for individuals and corporations. The banking resources of these institutions in the United States
during the last twelve months increased 13% and during the past five years
have grown 50%. The reports of 2,700 trust companies, at the end of
last June, showed total resources of more than $18.000,000,000 as against
$12,000,000,000 in 1921.
The increase in the volume of business done by trust companies in the
analysis and care of securities for profe.zsional and business men and corporations and in acting as trustee for bond issues and as registrar and transfer
agent of stock, indicates the substantial growth and stability of industry
and commerce, as well as the conservation of wealth.
Because of the varying conditions in the stock market and the intense
competition in industry, business men are coming more and more to see
the necessity of a continuous check-up on all their securities, and in this
they are steadily turning to the large trust companies for such a service.
This is only another indication of the fact that American business men are
fixing this era of good business and marked competition with foresight,
thoughtfulness and confidence.

Poor of Garfield National Bank Reports
Optimistic View of Leaders in Representative
Industries as to General Business in 1926.

President Hecht of Hibernia Bank & Trust Co. of
New Orleans on Favorable Financial Conditions
A report on conditions during 1925 and a forecast of
in South.
general business for 1926 has been issued as follows by
In the fifty-fifth annual report to the stockholders of the
Horace F. Poor, President of the Garfeld National Bank of Hibernia Bank & Trust Co. of New Orleans, R. S. Hech
New York:
President, states that "general Eusiness conditionsthrough1925 started with 'bright prospects which failed of realization in the out the land,
and especially in the South, have been good,
spring, but in the early summer the swing toward good times began in
earnest, and the fall and early winter have witnessed a broad wave of profits have been very satisfactory, and it has been many
prosperity.
years since the economic, industrial, and financial conditions
So great has become the momentum of this revival of trade that despite
of our section have been as thoroughly sound as they are at
the hesitancy of the early months the full year will see many previous
the present time." President Hecht also says in part:
records of prodUttion, transportation and consumption shattered.
Building contracts, manufactures of steel, cement and automobiles, deliveries of copper, zinc, tin and raw silk, check clearings, mail order and
chain store sales and railway car loadings, all have broken or promise to
break all former records, and all this without dulling the consumers' appetite, overloading the retailers' shelves, inflating the manufacturers' inventories, or creating a financial strain.
Many of our friends speak of 1925 as a satisfactory year, many speak of
it as their best year, and many confidently expect 1926 to be as good a
year, if not a better one.
They point out to us the following reasons for their optimism: Assurance
of reduction in taxes; improved European conditions; improvement in
labor conditions; increased purchasing power of railroads; expansion plans
of public utility companies; continuation of building program; increasing
volume of advertising; production in balance with consumption; small yearend inventories; increasing volume of advance orders; expansion in life
insurance—notably group savings and pension Insurance; the average customer is in a "buying mood."
On the other hand, the prudent business man looking far ahead can
discern several warning signs, which if completely ignored may develop into
positive danger marks.
Speculation—exemplified by the Florida land boom, and to some extent
by the building boom.
The enormous increase in the practice of mortgaging, future income
through installment buying, which has spread in recent years from longlived articles of usefulness, labor saving or production, to short-lived articles of luxury.
Installment buying has been used more and more to overcome present
sales resistance, regardless of the eventual economic effect, and has reached
such proportions as to be the subject of much thoughtful consideration.
The danger that the quiet light of conservatism may be obscured in the
white light of over-confidence.
One of our friends aptly puts it: "It is hard to believe that the time is
far distant when we shall run into excesses of some sort. We always have.
t is as if, we as a nation, can't take our prosperity or leave it alone I"
America, however, has not grown great by standing pat—adventure,
optimism, courage, have been dominant factors in achieving national
prosperity and world leadership, and what has been acComplished since 1776
is an earnest of what lies before us.

President House of Guardian Trust Co. of Cleveland
Looks for Continuance of Good Times.
Forecasting continuance of good times, J. A. House,
President of the Guardian Trust Company of Cleveland,
in a first of the year statement says:
To-day, we face 1926 with a belief that the first half of the new year
will witness a steady, substantial volume of business. We have just come
through a year of good stable business as evidenced by the record haulage
of raw and finished products by our railroads, and by the large total sales
of farm products, other commodities, and many luxuries. All indications
Presage a consistent demand for raw products and finished commodities
in almost every line during the first half of 1926. It is likely that a peak
will be reached some time after June, and this on the basis of past experience will normally be followed by a moderate recession.
On the basis of credit conditions, the country,as a whole,is in good condition. Savings deposits are the highest in the history of the country, and




The sound prosperity and increasing wealth of the South, together with
the ample supply of investment capital available throughout the year.
have made it possible for the Hibernia Securities Company to do the largest
and most profitable business in its history, both at the head office and at
its branches in New York. Atlanta and Dallas. In order still further to
develop the company's growing distribution of southern securities in the
middle western States, the directors have also authorized the establishment
of a branch office in Chicago, which will probably be opened early in the
New Year.
The Hibernia Mortgage Company, whose organization was announced
in our 1924 report, and which actually started business in January 1925,
has also had a most excellent year. It was able to secure a total of over
$1.250,000 high class first mortgage loans on residential and commercial
properties. These were deposited with the Hibernia Bank & Trust Coes trustee, and the first mortgage collateral trust notes which the Mortgage
Company issued against them proved very popular with our investors,
who made reservations for each one of the series in advance of their actual
issuance. We believe an increasingly useful and profitable field lies ahead
for this company's activities. and the service rendered seems to be highly
appreciated by our clients, and especially by the depositors in our savings
department.
Although there have been during the year but twenty sales recorded on
the local stock exchange, the number of our shareholders again shows an
increase. We have now 783 stockholders, of which 408 are men, 350
are
women, and 25 are corporations and trust estates. The largest holding
is 550 shares, the smallest 1 share, or an average of 26.8 shares . . .
The very large credits which this country has granted during the
year
to various foreign governments and corporations have been a very
helpful
factor in our international business relations, and have undoubtedly
helped
In maintaining our export trade at its present high level.
Speaking more particularly of conditions in the South. agricultural
results
have been quite satisfactory everywhere, except in the sugar
cane belt of
South Louisiana, where a plant disease and untimely weather
have greatly
injured the crop, with the result that the yield will be exceedingly
small
and the industry as a whole will suffer heavy losses.
The cotton crop, now estimated at 15.603,000 bales, will
be the third
largest ever produced. The price naturally declined somewhat as the
size of the crop became known, and unseasonable weather
at harvest time
resulted in considerable deterioration in quality of the last
part of the
crop. Nevertheless the net result will be quite satisfactory,
and the cash
equivalent of this large crop even at present reduced prices
will spell genuine
prosperity for the South.
The 1925 rice crop in the South will show approximately
the same yield
as the previous year, but the net amount realized will
not be sufficient to
permit many of the rice farmers to liquidate old debts still
hanging over
them from previous unprofitable years.
City real estate, as well as unimproved land values
throughout the South*
are showing a healthy increase, and the rapid development
of our section
In an industrial and financial way is undoubtedly
attracting nationwide
attention.
Outlook for 1926.
Looking ahead to 1926 we believe that there is every
reason to anticipate
a continuance of the present era of prosperity. All of the
fundamentals of
the financial and business situation appear to be sound,
and if we will
follow conservative policies and exercise the necessary restraint
to prevent
inflation and a repetition of the mistakes of five years ago, there is no
basic
reason why we should norcontinue to enjoy at least as good average
business
as we had in 1925. We could hardly wish for more.

156

THE CHRONICLE

Chairman Rawson of Union Trust Company of Chicago
on Business Outlook—Would Temper Optimism.
Nineteen twenty-five closes with trade and industry on a
plane of encouraging prosperity, and the new year opens
under highly favorable circumstances. Frederick H. Rawson, Chairman of the Board of the Union Trust Co. of Chicago, so summarized the business situation in a New Year's
Day interview to the press.
"At the outset of the new year, however, it is well to consider that too broad a note of optimism will tend to slow
down the practice of needed economy, to awaken mistaken
expectations for a larger share in the proclaimed prosperity,
and to encourage speculation and extravagance. I should
prefer to see optimism tempered by the realization that the
world has not yet firmly re-established those normal economic relationships which make for stability and permanence. Owner, manager and worker in American industry
would do well to recognize the necessity of setting up out
of the profits of this period the largest possible reserves
for use at some later date in equalizing the further trade
adjustments that are inevitable.
"Of the many contributing causes for my confidence in
the new year, I might mention these: First, our Government is in the hands of an efficient and economical administration which openly favors the broadest individual initiative consistent with the safety of the public interest. Second, there has been a very satisfactory improvement in the
agricultural situation in the presence of good crops and
the restoration of generally fair prices for farm products.
The relation of values between the prices received for farm
products and the prices paid for commodities necessary for
farm operation is a basic factor in prosperity and is one of
the most difficult to make stable. Many solutions have
been suggested for this problem, but most of them look to
khe fixation of prices by more or less arbitrary means, and
If adopted would surely lead to reactions that would undermine the very stability that is sought.
"For industry in 1926 my suggestion is: First, that a fair
and even balance should be maintained between production
and consumption so that there will be no pyramiding of
orders in order to secure goods on the one hand and the
overbidding for labor on the other; and second, not to put
wages in some lines or some localities on such high levels
that they cannot possibly be maintained and will thus lead
to unemployment, labor disputes, and disorganization. We
should be content with reasonable profits and a conservative
Increase in production and should see to it that we ourselves
as well as our neighbors are not the instigators of speculation. Let us not hope for so-called boom times but for
rational activity with longer and longer periods of stabilized
prices."
Frank H. Warder Named New York State Superintendent of Banks, Succeeding George V.
McLaughlin, Who Resigned to Become
Police Commissioner of New York.
On Jan. 1 Governor Smith of New York announced the
appointment of Frank H. Warder of New York City as
State Superintendent of Banks, succeeding George V.
McLaughlin, who resigned to become Police Commissioner
of New York City. Mr. Warder, who entered the State
Banking Department more than five years ago as a Fourth
Deputy, had for the past two years been Deputy in charge
of the New York office, with jurisdiction of banks, savings
banks, trust companies and investment companies, as well
as savings and loan associations. The Police Commissionership in the Walker administration was offered to Mr.
McLaughlin on Dec. 22 by Mayor-elect Walker, and Mr.
McLaughlin's acceptance of the post was made known on
Dec. 26. As Police Commissioner he succeeds Richard E.
Enright. Upon assuming the duties of his new post on
Dec. 31 Police Commissioner McLaughlin issued the following statement:

[VOL. 122.

friendly co-operation of the police force and the citizens in carrying out
this pledge.

Mayor-elect Walker was reported as stating on Dec. 23
that in the event that he was successful in his efforts to
induce Mr. McLaughlin to accept the office of Police Commissioner he would, after assuming office, urge that a higher
salary than that of $10,000 be paid the incumbent. The
New York "Times" quoted Mr. Walker as saying:
"It Is admittedly a hard job. If we can get the right kind of man to fill
It, I do not think there would be the slightest difficulty about an increase
In salary. I do not think anybody would have the nerve to raise a squawk
about that."

Federal Reserve Bank Increases Rediscount
Rate from 33/i to 4%.
Announcement that the Federal Reserve Bank of New
York had increased its rediscount rate on all classes and
maturities of paper from 33/i to 4% was made as follows by
Governor Benjamin Strong on Jan. 7
New

York

To All Member Banks in the Second Federal Reserve District;
You are advised that, effective from the opening of business on Friday,
Jan. 8 1928, until further notice and superseding all existing rates, this
bank has established a rate of 4% or all rediscounts and advances.

The rates of all of the Reserve banks are now uniform at
4%. While nothing more than the brief statement above
was issued by the New York Reserve Bank, it was announced in advices from Washington Jan. 7 published in the
"Wall Street News" of yesterday that the Federal Reserve
Board had also authorized the New York Reserve Bank to
increase by one-quarter of 1% all rates at which it purchases
acceptances in the open market.
From yesterday's issue of the New York "Journal of Commerce" we take the following from Washington, Jan. 7:
Increase in the rediscount rate of the Federal Reserve Bank of New York
to 4% on approval of the Federal Reserve Board this afternoon was generally
regarded here as of no immediate importance, due to the fact that the effect
of such an increase had been largely discounted in December, when it was
expected to follow the increase in the Bank of England rate to 5%.
Conditions which presaged this rate increase early last month, following
increases in the rates at Boston, Philadelphia, San Francisco and Cleveland
to the 4% level held by all the other Federal Reserve banks, it was said by
Treasury officials to-day, have not been materially altered since that time,
and here it is thought likely that to-day's action was planned a month ago
but postponed in order that the date of the increase would not approximate
the date of the Dec. 15 income tax payment.
It was pointed out that the general policy of the bank is to refrain from
making rate increases a week or two either way from the date of these payments in order that the interest rates of Treasury refinancing loans may not
be affected through a raise in current money rates.
The bank rate and general position of the Bank of England, it was said,
had nothing in particular to do with the New York increase at this time.
Although It was noted that Montague Norman, Governor of the Bank of
England, and Benjamin Strong, Governer of the Federal Reserve Board of
New York, were in conference with Secretary Mellon and members of the
Federal Reserve Board last week, it Was declared that the New York rediscount rate was not the subject of their interview.
Governor Crissinger of the Board declared this afternoon that he had not
been informed of the reasons on which the New York bank's board of directors had based their action. They simply "telephoned their request down
to us," he said, and approval was granted by the board within ten minutes
afterward. While inferring that the board had not given its assent without
due consideration in past weeks, he declared that it would be impossible for
him to make public the board's reasons for approving the change.

The 334% rate had been maintained by the New York
Federal Reserve Bank since Feb. 27 1925, when the rate
was increased from 3%. Details of this were given in our
issue of Feb. 28 1925, page 1037.
Visit to United States of Governor Norman—Extension
of Co-operation between Bank of England and

Bank in Matter of Credits
Looked for.
In reporting the conclusion of the mission to this country
of Montagu Norman, Governor of the Bank of England,
the New York "Journal of Commerce," of Jan. 5 published
the following Associated Press advices:
New York Reserve

Montage Norman, Governor of the Bank of England, who has been
making his annual visit to this country in the interest of closer co-operation
between the London bank and the Federal Reserve banks of this country,
has concluded his mission here and will sail for home within the next week.
While Governor Norman has persistently declined to be interviewed,
some of the subjects which he has discussed with Governor Benjamin Strong
of the New York Federal Reserve Bank and other financiers have reached
the ears of Wall Street through authoritative channels.
Foremost of these has been the question of extending further the policy
of co-operation between the central banks of the United States and EuroThe thought in my mind as I assume the office of Police Commissioner is pean countries, which was initiated by the Federal Reserve banks and the
to give the City of New York an efficient administration.
Bank of England. Their joint assistance In the financial and economic
The people of the city are entitled to adequate protection of their lives rehabilitation of Germany, Belgium, Poland and other nations is believed
and property, and to expect that the community In which they live will to have encouraged plans for carrying forward this policy through the carebe free from commercialized vice in so far as it is possible for a competent, ful use of credits or other means within their power.
intelligent and faithful force to accomplish that end.
In connection with the lifting of Great Britain's tacit and unofficial emAny changes in personnel that may be necessary will be determined in bargo on foreign loans several months ago, it is understood that considerathe light of these important objectives.
tion was given to the possibility that London might now be lending abroad
I firmly believe that the members of the police force are only too willing more than it could afford. The insatiable demands of the British Dominto give the best that is in them, provided,first, that they have the assurance ions for new financing has placed a considerable burden on sterling exchange,
that they will receive fair play, and, secondly, that no interference with although it is expected that this will be outweighed by the.stimulation of
them in the performance of their police duties will be tolerated.
England's foreign trade.
I pledge to the people of the City of New York and the members of the
Unofficially, Wall Street has learned that Great Britain has never drawn
firm adherence to these principles and ask for the upon the $300,000,000 in Federal Reserve and private banking credits
Police Department a




JAN. 9 1926.]

THE CHRONICLE

157

which were established last spring to assist in the restoration of the gold
Promised that if ready upon the conclusion of the Navy Appropriation
standard.
bill, which will come up in the House next week, the Speaker would arrange
Although the British Treasury was prepared for a great drain of gold when to have It taken up, Chairman McFadden, of the Committee, sought
to
a free market was restored, and fully expected that an abnormally high bank speed up consideration of the banking bill by his colleagues. Several of
rate would be necessary to protect itself, its fears were not realized. On the the members demurred against curtailing discussion, particularly
in view
other hand, bankers here have been informed that England actually suffered of the fact that some of their number are new appointees to
the Committee.
from imports of gold for the first few months after returning to the gold basis.
Hearings Not Necessary.
Its markets, as a result, were dislocated and for a time it was anxious to
It was not considered necessary to hold public hearings because of the
get rid of some of its holdings. More recently, however, some concern
fact that after the provisions of the measure had been considered at great
has been aroused by the heavy demands for gold from the Dutch East Indies, but this is considered a seasonal development which will soon correct length at the last session the bill was accepted by the House. Also the
Senate is to hold hearings. A committee from the association of State
itself.
Bank Supervisors had expressed a desire to be heard,
An item in our issue of Dec. 26 (page 3075) reported the Informal conference with Mr. McFadden and Treasury but following an
and Reserve Board
arrival here of Governor Norman and S.Parker Gilbert, Jr., officials last week, even this hearing is not believed necessary
The supervisors it was pointed out, were particularly interested in proGeneral for Reparation Payments under the Dawes
Agent
visions of the bill which gave certain authority to the Reserve Board, which
plan.
resulted in the issuance of Regulation H. At their suggestion a new section,
known as Section 10, was written into the bill, but later it developed that
this was unsatisfactory and they presented the draft of a substitute
Discussions Between Secretary Mellon, Gov. Norman sion. At a meeting of the committee to-day, all sides agreed that itproviswould
be better to drop the matter entirely, leaving the situation as it is. and
of Bank of England, S. Parker Gilbert, Jr. and
Mr. McFadden announced that the section would be deleted.
Gov.Strong of New York Federal Reserve Bank.
Changes Explained.
Discussions which took place on Dec. 31 at the Treasury
Deputy Comptroller of the Currency Charles W. Collins explained the
Department between Secretary Mellon, Montagu Norman, changes made by the McFadden bill in the
language of the measure passed
Governor of the Bank of England; S. Parker Gilbert, Jr., at the last session of Congress, declaring that for the most part these were
intended merely to clarify the sections. Some of the provisions were
Agent General of German Reparation Payments, and Ben- from their
taken
places
bill and given new locations
jamin Strong, Governor of the Federal Reserve Bank of now pending, forin the originalit was stated, of simplifying in the measure
the purpose,
matters. For
New York, were accepted pretty generally in official circles instance, the wording under Section 5136 was objected to as indicating a
as foreshadowing important international fiscal develop- new grant of power, whereas the national banks are already engaged in the
business of operating safe deposit vaults and in the investment security
ments, despite the fact that Treasury officials described the business and, it was declared, now have about $6,000.000,000 of securities
visits as courtesy calls, said special advices that day from on hand.
"The new phrasing would show they
Washington to the New York "Times," which went on to say: said Mr. Collins, "but the provisions are now engaged in such business,"
contemplate the regulation thereof.
In some well-informed quarters the belief was expressed that such ques"There is real need for regulation of the investment security business
tions as ways and means to aid the recovery of France under the Briand carried on by the
national banks. Now there is no limit at all on the
Ministry, which might involve the sale of part of the German railroad amount of securities
the banks can buy and there is no specific definition
bonds held by the Reparations Commission, and a readjustment of German as to the character of the
paper they can purchase. This puts a limit on
reparations, were uppermost in the minds of this powerful group offinancial the amount they
can purchase and defines the term 'investment security'
leaders.
in such way as to give the Government an opportunity to restrict the
While the United States Government is not directly involved in the inter- business to legitimate and
sound security."
national financial tangle, it is deeply interested, inasmuch as the Dawes
The witness explained that the law as it now stands does not grant sufficient
plan originated here and has received sympathetic backing and approval.
authority to the Comptroller's office to make strong regulations covering,
Mr. Norman, Mr. Gilbert and Mr. Strong talked with Secretary Mellon. this subject.
Under-Secretary Winston, Governor Crissinger of the Federal Reserve
Branch Banking Up.
Board, and other members of the Board, and it was reported that they
Members of the Committee evinced great interest in the provisions
would see President Coolidge and probably Secretaries Kellogg and Hoover.
dealing with the subject of branch banking, and it was explained by Mr.
In any event the simultaneous appearance in Washington of the Agent
General for Reparation Payments and the Governors of the Bank of England Collins that changes made therein were purey for the purpose of clarificaand the Federal Reserve Bank of New York was sufficiently unusual to tion and to meet changes made from the floor of the House during concause wide speculation as to what would be the outcome of the talks. Mr. sideration of the bill last session.
It was indicated that the so-called Hull amendments would be given
Gilbert and Mr. Norman, it was understood, expect to remain in Washingconsiderable attention by the Committee when the bill is taken up again on
ton for several days.
Monday. It was charged that these were written into the bill from the
Two Big Financial Problems.
floor without the Committee first having the opportunity they wanted
Two of the great problems facing the financial world to-day are the to
go into them.
discovery of ways to assist France in getting on her feet and the provision
Pointing out that the present law permits national banks to loan an
of insurance against an interruption in the continuance of the German
reparation payments, and there has been a strong feeling here that con- amount equal to one-third of their time deposits, which includes both
siderable headway will be made in France under the direction of Premier commercial and savings deposits, Mr.Collins said that the bill would confine
Briand, especially if developments to come outside of France add strength such loans to one-half the purely savings deposits, of which there is now
something like $5,000,000,000 in the national banks. The Federal Reserve
to his position.
Some have gone so far as to suggest that specific developments are in Board, he added, had defined "savings deposits" as being those subject to
sight, among them the sale of about $100,000,000 of the German Railroad withdrawal upon thirty days' notice and covered by pass books.
Efforts to continue consideration of the bill either this afternoon or tobonds now held by the Reparation Commission, the relinquishment of a
considerable part of the money thus obtained to France to assist in the morrow morning met with objection. although Mr. McFadden stated that
financial reorganization plans of that Government, and a readjustment of It was desirable to push it to completion in order to have it available for the
German reparation payments, which would make possible German repara- consideration of the House at the time set by the Speaker of the House.
Representative Stegall,' of Alabama, who is opposed to some of the
tions in kind in a volume even greater than provided under the Dawes plan.
While it has been stated that the Germans are opposed to the sale of the features of tin bill, said that even If passed by the House next week that
railway bonds held by the Reparation Commission, the interest on which action would not hurry up consideration in the Senate, while on the other
Is used for reparations, it is pointed out that if Germany expects to be hand,proper consideration should be given the bill paragraph by paragraph
relieved of heavy cash payments from other sources on reparation commit- for the benefit of the new members, it being possible to have the House take
ments falling due next year she must agree to the sale of the railway bonds It up later under special rule.
abroad. The objection by Germany is based on the fear that with the sale
The introduction of Representative McFadden's banking
of the bonds abroad a certain measure of the control of the railroads would
bill in the present Congress was noted in our issue of Dec. 12
pass into foreign hands.
However, a proposal to sell abroad $100,000,000 of the bonds, or about (page 2821).
500,000.000 in gold marks, would not in itself, it is stated, bring on such a
situation, as the railway bonds in the hands of the Reparation Commission
are valued at 11,000,000,000 gold marks, or nearly $3,000,000,000.
England Completes Reversion to Gold—Free Export of
Bulk of Proceeds to France.
The importance to France of the sale of a portion of the bonds is obvious,
as France is in the position of a preferred creditor, and would receive the
greater part of the proceeds of the sale in reparations, thus obtaining
additional money for the rehabilitation of her finances.
If such a transaction is to take place the interest of the United States is
equally obvious, as most of the bonds probably would be offered in this
country and in Great Britain.
The rumors heard here also are to the effect that the French Government
believes that it can carry out important internal fiscal reforms and reach
a funding agreement with the United States covering the war-time debt.
If there is promise of substantial aid from the outside.
Interest is added to the conferences now in progress by the fact that the
new French Ambassador, Henry Derringer, will arive here on Jan. 16 to
discuss debt funding.

Consideration of McFadden Banking Bill by House
Committee—Elimination of Section 10.
From Washington advices to the New York "Journal of
Commerce" it is learned that the move to get the McFadden
National Bank bill before the House of Representatives for
action at a very early date was halted on Jan.6 when members
of the House Banking and Currency Committee insisted that
the measure be taken up paragraph by paragraph. The item
continued:




Metal Allowed with Lapse of Prohibitory Act
Dec.31—New Parities in Hungary and Finland.
The "Wall Street Journal" printed the following in its
Jan. 2 issue under the above head:
Technically, England completed the reversion to a free gold market and

resumed a full gold standard at midnight, Thursday, with the lapsing of the
war act prohibiting the export of gold. Practically, that change
took
place April 28 with announcement by Chancellor Churchill that the act
would not be extended, that the Bank of England was immediately granted
license to export gold, that the bank was immediately obligated
to sell
gold bullion in amounts not less than 400 fine ounces, and that the
right
to present bullion at the mint for coinage, though restricted to the Bank
of
England, was again in force.
This event, however, has httle effect as far as the foreign exchange
market
is concerned, as shortly after Chancellor Churchill's
announcement sterling
advanced close to parity and for the most part since then
has remained
above the "gold point," that is, making gold exports
from here impractical.
The change, nevertheless, has considerable significance. The full meaning of the gold standard includes the right of any
person to export gold in
unlimited quantities. Until now that right has been limited, in England.
to the Bank of England, which was in realty a safeguard
in case unexpected
difficulties were encountered in the reversion'process.
Bank of England and Treasury notes still are convertible into gold coin
only at the option of the Bank, which provision remains in force until rescinded by proclamation. That restriction is of purely internal significance.
having no importance as regards international finance.
Hungary and Finland also instituted currency nieasures of importance
..
Jan. 1. Beginning that date. Hungary abolishes the paper krone and
introduces the pengo, with a par value of $.1749, or 12.500
Palter crow=

THE CHRONICLE

158

to the pengo. The change will take a year or more to complete, and so far
foreign exchange dealers here have not begun to quote the new unit.
Finland abolished the old parity of the finmark, $.193, as of Jan. 1, and
substitutes therefore a parity approximately equal to the present exchange
rate, $.02523.

Meeting in Chicago of. Shippers Regional Advisory
Boards.
For the purpose of discussing inter-related problems of
the shippers and the carriers as well as matters pertaining
to the organization, policy and conduct of the various Shippers' Regional Advisory Boards organized throughout the
United States, the first joint conference ever held of the
members of those boards took place at the Blackstone Hotel
in Chicago on Jan. 7 and 8. A number of subjects of general Interest came up for consideration at the meeting,
which was opened to the public. Among those attending
the meeting were the officers and members of the twelve
Shippers' Regional Advisory Boards that now cover the
entire United States; the members of the Contact committees appointed by the various carriers to co-operate with
the Boards; executives and officers of the various carriers
and the Car Service Division of the American Railway
Association, and representatives of tile various State Railroad Commissions. Among the matters taken up at the
meeting were reports presented by each Regional Advisory
Board relative to economic conditions in the various dis;
tricts and a survey of existing transportation conditions.
Plans were also discussed in respect to the submission of
uniform reports by the various Board, making it possible,
by placing these reports together, to obtain a composite
picture of general business conditions throughout the
United States, which will enable the railroads to anticipate
transportation demands.
The Car Service Division of the American Railway Association, In its announcement of the conference Dec. 30, said:
Twelve Shippers' Regional Advisory Boards have already been organized
throughout the country, the territory of each Board in a general way corresponding to that of the various Federal Reserve Boards, and these Shippers' Boards are functioning successfully. In fact, it has largely been due
to the active co-operation of the shippers through these Boards that the
railroads in 1925 handled without difficulty the greatest freight traffic on
record, measured by the number of ears loaded with revenue freight.
Despite the fact that the volume of freight traffic offered to the railroads this year exceeded all previous marks, there has been the best balanced traffic in the history of the railroads, and at all times there has been
more than 103,000 surplus freight cars in good repair and immediately
available for service when necessary. At the same time the motive power
situation on the railroads has been the most satisfactory in years, the
carriers having never had less than 4,200 serviceable locomotives in
storage.
Except for the situation in Florida, where a Florida Division of the
Southeastern Shippers' Regional Advisory Board has been organized with
a view to solving the transportation problems that exist there, no major
complaints as to the service the railroads have rendered in 1925 have been
made to the Inter-State Commerce Commission, all of these matters having
been solved satisfactorily at conferences between the various Boards and
representatives of the railroads. The functioning of these Boards has been
so satisfactory that the Inter-State Commerce 'Commission, the National
Association of State Public Utilities Commissioners, the Department of
Commerce, Department of Agriculture, Federal Reserve Board and the
national industrial, trade and farm organizations have endorsed them.

Senate Resolution Calling for Information Regarding
Number and Nature of Reports Required from
Railways by Inter-State Commerce
Commission.
A resolution calling upon the Inter-State Commerce
Commission to transmit to the Senate the number and

[VOL. 122.

nature of Aeports which the Commission requires from the
railways of the country was adopted by the Senate on
January 4. The resolution was submitted by Senator Reed
of Pennsylvania. As agreed to it reads as follows:
Resolved, That the Inter-State Commerce Commission be, and it is
hereby, requested and directed to transmit to the Senate at the earliest
possible moment:
1. A statement showing in detail the number and nature of the reports
which the Inter-State Commerce Commission now requires to be made by
the railways of the country.
2. A statement, in so far as the information is available, to the InterState Commerce Commission, showing the number and nature of reports
required by the various utilities commissions and public service commissions
of the separate States to be made by the railways of the country.
3. A statement showing, in so far as the information is available to the
Inter-State Commerce Commission, the expense to the railways of the
United States of preparing
a. Such reports to the Inter-State Commerce Commission: and
b. Such reports to the utilities and public service commissions of the
separate States.
4. A statement of the number and nature of the reports now being made
to the Inter-State Commerce Commission which can, in the judgment of the
commission, be dispensed with without detriment to the public interest.

At the request of Senator Norris, the following preamble
to the resolution was stricken out before the resolution as
above was agreed to:
Whereas, It has repeatedly been asserted by railroad executives that vast
numbers of unnecessary reports are being required of the railroads of the
Nation by the Inter-State Commerce Commission and by the utilities
commissions of the separate States, and that the cost of clerical service
and other expense in preparation of such reports constitutes an important
burden upon such railways; and
IVhereas, Such unnecessary expense must wholly be borne by the public
through the payment of increased freight rates and passenger fares: Thereore be it.

Expenditures of $1,200,000,000 Authorized by Class I
Railroads in 1925—Amount •Spent $775,000,000.
A statement regarding the amount actually spent or
authorized to be spent in 1925 by Class I railroads for Improvements, etc., was authorized as follows by the Association of Railway Executives at a meeting of the member
roads, held at the Blackstone Hotel in Chicago on Dec. 21:
In accordance with the policy of the steam carriers to provide adequate
transportation, Class I railroads during the year 1925 either actually spent
or authorized to be spent approximately $1,200,000,000 in capital expenditures for improvements to the transportation plant and for the expansion of
its capacity, including improvements in and additions to railway facilities,
locomotives and cars.
Of that amount, approximately $775,000,000 will have been actually
spent during the year. It is estimated that at least $425,000,000 of the
amount authorized during the year will be carried over into 1926. What
capital expenditures will be made during the coming year, however, cannot
at this time be reckoned, being for the most part dependent on general
business conditions and the outlook as to freight traffic during the year.
For the four years ending on Jan. 1 1926 the railroads will have spent
more than $3,138,000,000 for improvements to both their equipment and
plant facilities in order to handle without difficulty the enormous freight
traffic offered to them by the shippers of this country. Capital expenditures by years follows:
1922
1923
1924
1925

$429,272,836
1,069,149,426
874,743,228
775,000,000

Capital expenditures actually made by Class I railroads during the first
nine months in 1925 for equipment, roadway and structures amounted to
$529,145,000.
For new equipment, capital expenditures totaled $254,420,000 for the
nine-month period. Of that amount, expenditures for locomotives amounted
to $42,283,563, while $174,327,197 was expended for freight cars.
Class I railroads during the first nine months this year also expended
$274,725,000 for roadway and structures, which included $131,532,566 for
additional track, heavier rails and additional ballast. For shops and engine houses, including machinery and tools, expenditures during the ninemonth period amounted to $22,325,177.

PRICES IN 1925 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the lowest and highest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1925.
BONDS

August September October
.July
June
November December
May
April
March
January February
Low High Low High Low High Lou, High Low High Low High Low High Low High Low High Low High Low High Low High

101 101 1007 1011s
4
4
10114
Ala Gt Sou 1st cons 5s A_1943 101 101 1003 1003 101 101 101%1013 1015s 101%
8
Ala Midland 1st gu g 5s__1928 101 83% 101 101 ---- ____ 82% 83 83 84
82 8212 8212 8312
8218
Alb & Susq cony 3lis.___1946 --------8112 8112 8134 8134 --------834 8312
9u 4s _1998
Aliegh & West tat g
91 91 9114 9158 9112 92 921s 94 9312 9312
Alleg Valley gee 9u e 4s_ A942 64 65 65 6714 64 657 6314 6712 67 7212
s
Ann Arbor 1st 9 4s___July 1995




4
4
1003 1003
____ ____
84 8414
____ ____
9314 9418
71 75

4
1003 102 --------10114 10114 lolls 102
10034 10118 10118 10118 100i2 1001, _ _ _ _ __ _ _ 1005 100%
8
83 8314 8214 8214 8114 8214 823 82% 83% 8318
4
8314 8314 84 84 84 84 84 84
____ ____ 90 90% 903 9318 9212 93 92 931s
8
7278 77 73% 7484 73 4 7418 74 7614 752 77
5

10012 10034
8312 85
s
9214 927
7512 7614

THE CHRONICLE

JAN. 9 1926.]

1.59

-Continued. ,
1925
•
BONDS

November I`ecember
October
September
Auptzet
June
July
April
Marc!,
May
February
January
.ow High
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Him'. ow 11

3
8
3
8812 89 4 883 89 s 8818 891: 88 89 4 8918 89%
4
,
89 9114 903 92 2 90 9214 89 91
,
,
4
Atch Top & S F gen g 4s-_1995 88 4 893 88% 894 88% 90
88 8813
87%8 88 8714 8912
88 8812 84 87
8
8713 88 4 864 8734 86 4 893 90% 903
1995
4
,
,
Registered
8412 86
84 85
83 8418 83, 85
35i2 16- 84 84
82 84
2
4
,
Adjustment g 4s_ __July 1995 8112 824 824 8313 8212 83 4 82% 843 8418 84% -3
84 8414 82 82
794 8012
July 1995
Registered
3
3
2
8312 84% 8312 8412 837 8518 847 88
-66- Ii4 84 141- 82's 84l 82's 84
14
July 1995 823 83 4 -6
,
3 .2j4
'Kik; 82% 84 2
Stamped
80 82
82 82
Registered
664
- 34
82% 8418 837 1i8 8414 84,
78
3
8312 85
8
8
83 833 83 4 847 8412 85
1955 8133 8414 8213 8212 823 83
4
g 4s of 1909
Cony
%
2
4
5
4
1955 8113 8212 8214 83 823 831s 8318 837 8312 847 8412. 843 82% 8514 82% 8412 83 8418 8318 841s 84 854 844 86
Cony g 4s of 1905
83
8
827 81
81
8314 84 8312 8418
1960 8118 8118 83i2 9312
Cony g 48 of 1910
8
4
4
4
8 663
8
4
4
8
987 9914 -616z 16- 985,100 -651 - - -983 161 98 995 9814 9914 983 993 9812 993 9812 99, 99 994
East Okla div 1st g 4s 1928 98 99
8
8
8412 86
s
87 8714 8718 87% 83% 837 843 8412 843 8412 8318 83, 8512 8512
8
Rocky Mt div 1st 4s A_ _ 1965 --------84 8414
4
4
4
87 873 87 873 87'2 88
88 8814 8613 86% 873 89
164 88 884 8812 8834 8714 89
%
612 8714 871 Short Line 1st 4s gold....1958 86 8712 8
4
5
4
4
943 95
93% 94% 9212 953 923 92% 933 9414 933 9412 94 9412 9412 9412
4
4
923 95
92 94
9318 94
-Ariz tat & ref 4 As_ _1962 9214 94
Cal
Registered
4
624
3 61 8
89T490
4
-6634
64
s
-883 16- -6
6
2 - I93 895, 02 -6113 IA -664 - - -66 4 - -1- 8714 88'! -663 91
Atl Knox & Cin div g 4s 1955 :ga
10214 1025,
103 103
- --- 10214 10214 103 103 10212 10212 10241024
Atl Knox & No 1st g 5s_1946
-90 8 9733
8
3
4
963 96 4
,
,
9618 96 8 95% 98 4 963 97 4 974 9718 963 963
4
4
96 96
,
Atl & Char A List 4;15 A_1944 9614 9612 95 95
3
8
4
4
8
4
1st 30-year 55 Ser B_ _ _ _1944 102 10212 102 1023 10212 1023 102131023 103 103 4 10214 10314 10212 1027 101 12 102% 10212103 1024 10212 i6ii2103 1023 10313
8512 8512
8512 8512
Atl City 1st cons gu g 48_ _1951
4 611; 9133 9234
3914 9312 -664 92 -91- Ii4 931, 12- -663 s
1/2-12 911g 93 92 9412 9313 9412 925 94
Ati CoastL 1st cons4sJuly 1952 89 1033 89 4
1930 10613 10712 107 108 105341061; 106 108 107 10734 107 10712 107 108 1063 107% 1074 108 10613 10712 108 108 105%107
10-year secured 7s
92 943 9312 9412 9312 944 93% 96
9314 95
8
9314 9414 91% 92
934 94
8
913 93
92
91
8
General unified 4;18_1964 907 913 907 92
8
4
8
8
,
4
L & N collateral g 4sOct 1952 8618 8714 8814 8718 86% 8812 86% 88 8814 89 4 87% 897 85% 884 8514 863 8612 877 8713 8812 8818 894 89 9714
8
783 7912 78 7812 76% 7814
774 78 4 78 787 78 79
8
,
7812 7918 78 79
Atl & Danville 1st g 45_ _ _ _ 1948 768 7712 77 783 7718 783 7712 80
4
65 701 68 89 674 (3918 68 69 6714 68 6512 6612 641s 65% 6418 65 6112 8512 6112 694
1948 623 63 65 65
4
Second 4s
7713 7812
3
7612 77
78 4 80
s
763 7912 7614 78
3
78 767
,
Atl & Yadkin 1st gu g 444_1949 75 75
s
763 773 754 76 4 76% 7712 7612 80
4
_
-661 16 - 100 100
1004 10014
4
3
5
997 997g
4
98% 991 99 99
Auston & NW 1st g 5s_ _ _1941
8
9978 100 8 997 100 99% 99% 99% 100 99% 100
,
Bait & Ohio p1 g 35513----1925 99%100
99% 99%
Registered
4 93
993 9 4 --------Ws- 16- 5834 OOlg
-66is 9133 87 - 7- 87 89
s
873 8934
s
668
July 1948 853 873 863 8818 -kit 16- 884 90 -gOi
.1
4
4
1st g 4s
87 88 87 8711 87 87
8
87 8718 853 87
,
8518 8612 868 8612 864 865 8718 88 4 88 904
Registered
8
933 943k 92 93% 91% 93
4
92l 931 92 4 931 4 924 9414 9314 9414
3
1933 8913 9012 904 93 9112 923 914 9318 93 95
Convert 44s
8912 92
3
9014 91% 913 93
3
88 4 9114 90 917 89 4 921s 8913 91
3
s
4
9212 94
1995 85 4 893 8813 90 88 893 873 89
4
3
Ref & gen 55 Ser A
8
4
8
1st gold 5s lot cal
1948 100 101 10013 102 10012 1011 10012102% 10214 104 1027 10312 10018 1033 100 10112 101 102% 1003 10214 10115 102 101%104
8
8
1929 1023 10313 103 10312 10234 103% 102410314 1027 10414 103% 104 1023 10312 10212 10314 102121031s 10214 10314 10213 10334 102%10314
4
10 year 68
4
4
,
8
4
Ref and gen 68 Series C_ 1995 100 4 102 1014103 4 10118 103 1013 103 4 10212 1043 10214 104 1014103% 10112 1023 10112 102% 1015,102", 10214 104 1033 104%
,
3
4
4
993 993
4
3
993 99% 993 99%
4
Pitts Jct &M D pt 93145_1925 993 99
4
664
-661 - 1- -8614 881, -664 - 1- 8733 161;
4 614
8512 88%
PLE&W Va Sys ref g 4441941 8333 8518
fii -gilt, I* 8612 881 88 904
,
4
S W Div 1st g 3158
1925 993 10018 99%100 99%1001 100 100 4 994 10018 99% 99%
953g 97 -oafs - - -9613
4
-9613 98 973 955,
6733
4
98% 99% 973 99 -953
5s
1950
71
7114 7318 73 7412 734 75
727 7114 72
8
7512 784 744 76
7412 80
i61- 693
- 2 - 4 75
Tol& Cin Div 1st& reg 481959 6813 6934 -oaf: - %
a
77 77
8
624 623
---605g 605 61 61
BattleCreek&Sturgisgu344.1989
s
9314 93l -654
iiis
-65- 1i941. - 1141;
93l 93t,
1936 921g 9218 9312 9312 ---Beech Creek 1st gu 4s
9712 9712
2d guar gold 5s
1936 __
914 91'. 903490 4
9013 9012
3
.--Registered
1936
5
7718 775
8012 8012
64 81
.
-6
2
- 80 0 ---04 7714
Et tat 3s
1951 ........78'4
8614 181-4 8814 8434
86's
3,63
4
88 88 873 8814
-66r44
Big Sandy Ry 1st 4s
85 8834 85% 87
1944 85 85
3
70 4 75
3
70 4 73
72 75
3
70% 75
Boston&N Y Air Line Ist4s1955 67 68 6918 721a 68 71% 6913 73l8 7018 7212 6912 7212 674 69 4 -66is 71
9212 9212 924 9218
92 92
9312 9312
93 93 93% 94
Brunsw & W 1st gu g 48_.1938 --_---- -8102 101 102
3
66
1004101 -664 - ;1007
4
1003 10114
- -1161 4 102 10212 10013 10012
- Buff Roch & Pitts gen 544_1937 1024 1021- 10118 10218
- s
,
8
3
85% 8714 -66: 87 86 87% 864 87 4 85% 871s 8612 88
4
Consol 41.58
1957 8718 8812 8614 874 8412 87 804 843 85 884
10078 1007
8514 85 4 82 8212 82% 82%
s
,
Registered
A
0
I0 '8 10014 1004 100% 100- 11. -- 10034161- 100%100% 102 10318
,
Burl Ced Rap & Nor 1st 58_1934 WslOOt, 997 997 994100 2 100 10014 10018 10012
101%102% 10112 10212 1014103 102 102% 102410312 9814 98%
8
8
4
Canada Sou con gu 53_ _ _1962 1001210114 1007 10112 101 1013 10114 1027 102%1037
8
98% 983 98% 98% 924 9414
8
983 99
4
Canadian Nat Rys 435s
- 1930-4
-6658 133- -9314 9433 93% 9638 9318' 9312 934 9313 115 115%
Gold 43.s 1954
8
4
116 11118 116 1173 114141157 11518 116 11518 116 115 11512 1174 117%
8
Canadian No Deb s f 7s,..1940 115 116% 116 1175 116121164 1163 117 1164
8
117 1174
4
,
23
-year dabs f 63,11 g_1946 116 11713 11612 118 1174118% 118% 118 117%118% 118 118% 11612 117% 1163 118 117%118 4 11714 117% 96% 987 9615 96%
4
8 80 81
8
9814 9654 984 963
435s- __
___
8
797 803 80 81
79% 81
8
3
3.
3
79 79% 79 168 -794 E64 -66- lf- 797 661 79 81
Canadian Pac 4% deb stock 79 7912 80
80
9314 9312
5
i I219314 9314 93% 93%
Carb & Shaw 1st g
_1932 93 93
2
if
3
3
79 4 79% 81 If- 51l. 8114 79 82 -664 Ii1- -Ws - - 8,', 80 4 1014 102%
-78 7812 78 78
8
Caro Cent 1st cons g 4s _ __1949 81
8314 81
8 101 10218 Ill 10114
101
5
8
3
3
3
Caro Clinch & Ohio 1st 544_1938 100410133 10012 101 10012100 8 100 10112 100 4 10112 10114 101% 100 4 1017 100 4 101 10714 1013 10713 108 1,)738 10812 107%108
1073
4
5
8
8
4
851s 85%
3
1st & Con g 68 Series A_ 1952 105 8 10713 10613 1073 106 4107¼ 107 108 1073 10812 10714 108 1074 1077 1073 1077
3
7
4
843 843 8418 841g 7812 80
4
,
414 84 4
8
Cart & Ad 1st gu g 4s_ _ 1981 84 84 ---- -4
773 78
77 78, 78% 78 6612 68 5
4
%
3
Central Br Un Pac 1st g 48_1948 743 7513 7514 7812 76 7912 -i6- 7834 77 16- 78 783, s
8
1 4 653 6814 674 89
4
4
Central N E 1st guar 48_ _1961 641s 67 6513 69 65 673 65 684 65 704 6814 6914 65% 68% -644 183 -664 -1 53- 97% 97%
9814 98 4
99 99
,
99 99
9714 98 4 99 99
,
10234 102%
_
CO Reorgan 1st con g 43351930 9714 9714
14
10334 1033 1023 fiii 2 10214
4
8
3
1023 1023 10312 104
_
Cent of(.,a fly 1st 95s_Nov 1945 10133 101% 10218 1023
4
10314
1013 10318
8
8
4
-3Consol gold 5s
1945 9914 10012 993
3100% 100- 1664 io6F8161 4 101's 102 1013 10212 101410218 10014 101% 1661' 16112 101%102
98 9918 10012 10012 1004 10014
4
ini- 1611
1945
Registered
316i 4
-6d34 10233104 102 164% 16a8
4
8
10-yr 6% secured bonds_1929 103 104 1033 104 103 1043 10314 1033 10112 10418 10312 103% la" 1
10114 1021: 10114 10212
4
3
11
5 8 85%
Ref & gen 535s ser temp.'59 99 101 100 10212 10012 102 101 1017 10112103 1013 103 1014103 10112 103 10113 102 10114 101%
. 85 85
8512 8612 8512 8512 8512 8512
100 100
_ 84 84 84 8414
Chat Div pur mon g 4s1951
8
-6ifs 16 9912 997 100- nir
99%100
34
99 99
993 99%
554 66 4
Mac & Nor Div 1st g 53_ _1946 993 100
,
1
;
3
1007 1004 1001,166 10012 100 2 10012 101 101 101
98 98%
1946
Mob Div 1st g 5s
4
973 981: 97% 98 4
,
4
4
973 99 9734 981: 973 98
9714 98 96- 98 -6/
4
1081s 1n9i2
Cent RR &Bkgof Gaco g5s'37 95 96
,
95 4 9714 963 98
107 108% 108 110 10818 110 10814 10812 108 109
4
8
1987 10718 108 4 10718 108, 10714 109 1073 109 109 109% 10814 110 10814 10912
Cent of NJ gen g 52
,
: :
108 107 1061 1071 10714 107%
4
.
8
10641064 10614 106% 10841083 10714 10814 10812 10812 10712 1071 10834 1083 - _ - -- - 8718 88% 873 88 87% 891? 88% 90
Registered
8
4
i
4
3
4
,
g
Cent Pac 1st ref Cu g 4s.. _ _1949 873 8814 86% 8814 8714 89 4 873 894 88 4 90 883 893 87 8914 863 88
98 9818
4
961,4 963
Temporary guar 5s
4
8
66111 -66is 161- 9615 96% -66i2 163- -sid- 97 -6634 Ili, 86% 8713
:
4
96 96, 96 961 96- 16 -66- 06
4
4
Aug 1929 9512 953 953
,
Mtge gu g 3! s
4
8
3
,
4
87 893 873 88% 873 88 4 854 864 8612 8712 86 863 8612 8712 974 98
8
4
4
86% 863 853 863 853 87
8
Through St L 12t gu g 431954 861s 87
8
8
96% 9818 9812 9718 963 973
1960
Guaranteed gold 5s
- 1111 2
Charles & Say 1st it 78_ _ A936 117% 117 8
1
8 1664
3
9913100% 10012 10114 100%1004 1007 1013- 1025,103
.
2111 1064 102 too" 101
- 4
Ches,&0gen fd & Impt 544_1929 99%100% 100331001 OS's 10033 -66i81661- 1661
;
8
8
,
4
1939 10134 10312 102 102% 10112 10214 1013 10312 1013310314 10212 103 101 1033 1013 1017 101410218 1014 10312 102 1021?
1st cons gold 5s
101181011s
_ 1007 10114 10114 10214
1939
Registered
9214 6i3
2
8438 9012 90 92 s 91 93 "BF Ili -964 92 -61- 921. 907 92 9114 92%
5
1992 8743.s 7 8912 8812 903 8813 90
3
General gold 45s
4
12 9018 9018
8714 8912 9012 90
854 87,
'Registered
977 98l
4
44
98',, 97% 98 9718 977 9713 9818 129
,
,
97 98 8 97% 9813 97% 98 4 97
96149714 9612 97
1930 9434 9615 95% 97
Convertible 4;1s
1'514
8
43
Convertible secured 5s 1946 106 10914 102%10714 102 10714 101%1037 10312 108 105410814 10 410612 10534118's 11312 12212 11812 120 1183313214 129 129
11513 1154
1033 10614 10413 10412
4
Registered
12
8
2 4 9
199314 12 Z 9812 98
-684
8
9
5
983 98% 9833 99"
984 9814
Craig Valley 1st g 5s____1940 9712
_
8218 83
8312 85
83 -8214 8212
Potts Creek Br 1st 4s-_I946 8214 9934--_- 8214 83
4 8433
8514 854 8512 8112 823 8212 853 83 4 8518 843 - 4 8413 8534
4
4
85
7
83 843 844 8412 84's 84's 82 85
R & A Div 1st cons g 4s_ _1989 834 84
8
,
3
80 8 801
82 82
s 81% 82
8112 83 80
4
7912 80
79 823
R &A Div 2ndcomg4s__1989 80 80
8
953 95% 9714 9812 9812 9812
Warm Spring Val 1st g 5s 1941 977 977
66
- "
'4
4
-3 1)834 98
318 4 -64- 14 4 593 6718 O4s 65
8
4
63 6512 64 65% 643 6514 6313 643
Chic & Alt RR ref g 3s _ _ __1949 62 65 -i3Es 60 -65- 64
---6012 6012
Registered
61;
61 62 -615s - -3
fill; _
6i- -624
61 4
-61- 11 4 -ail:: 33
-66 4 IC -614
8
Ctrs of dep stpd Oct 24 int. 583 59, -614 - 3- ---00i4
AprIl 1925 Int
668
1 66 4
-66 4 - 3- -664 - 7- 59
Apr '24 int_
sptd ____________-at --- - -92- --- - ____
& 6014
6212
Ctfs of dep
50 61
1925
35
491. 53
58
.
49 501 474 5112 4812 4834 52
8
523 553 49 5312 4813 51
5112 55
s
Chic & Alt Ry 1st lien g 3,18'50 4414 49 49 5814 5214 57
50 52
4
:
4
47 5014 4712 4912 4712 471 46 503 48 49
50 553 50 54
5118 523 4818 52
:
5014 521
4
Ctfs dep coup_ _ _Jan 192300 45 48
8 4 83%
5
8318 84
823$ 8312 82 a 8318 9,
83 84
85 8612 8412 86% 84 86
,
Chic Burl 84 0111 Div 33.58..1949 8114 831 4 8113 8212 83% 85 4 8314 86
8218 824
84% 84%
1949
Registered
9213
4
91 913 91 9218 91
4
903 9012 91
913 93% 90% 123- 90
s
3
- 1(1 4 90% 93 9214 9418 9134 94
4
1949 8812 91
Illinois Division 4s
3
4
99 99% 9912 993 994100
4
3
987 99% 99% 993 9918 993 9918 99 4 9914 100
9914 100
9812 100
4
Nebraska Extension 4s_ _ _1927 99 9912 994100
98% 9915
Registered
"
90 913 9118 9214 -9014 Ill% 8813 90 4 884 9014 89% 90 -1;64 8912 88'z 597 -664 If
4
1958 894 893 88% 9014 89% 91
3
General 4s
8812 8812
4
893 8934
Registered
s
8
4
8
101%102 101%102 10012 101% 10114 10212 101%10314 1017 1623- 1017 102'; 1008 1027 1017 1021 _ 102 1023 3021s 1)1s
4
1971 100% 1024
1st & ref 5s Ser A
5214
fil
54
8
487 5111 1 51
46 50
46 5514 474 52
47% 49 454 4712 46 47
54 58% 544 63
Chicago City & Conn Ry 58-'27 55 58
4
s
1023 1023,-- 10512 105
3
,
Chic & E III 1st cons 968._1934 10514 1054 106 107 4 107 107 107 107 10718 10718 1063 107
74 76%
751; 74 75
75
731 76
8
1 743 734 72
723
741s 7612 744 76% 744 76%
7714 79% 75 78
8
Chic & E Iii(new co) gen 53.'51 743 78
9
3
:
4
4
1982 9913 100 100 1003 9912 9934 99%100 994 1003 101 10212 101 102 1001,101 1001:1011 1013 10218 101 101% 10 41021s
Chic & Erie 1st gold 5s
5
, (0% 65%
8
4
3
8
,
C!•-•.1.2Gt West 1st 50-yr 4s_ _1959 5934 63 6212 853 61 64 614 623 6214 68 2 6414 Ws 83 653 6212 65 62 4 641: 62 63-. 617 64 4 1111411114
1
111) 31101 11012 111
;
4
1947 10912 111 11013 11012 1093 111 10914 109, 110 112 112 11212 11114 11212
4
Chic Ind & Lou ref g 6s
9984 - 993 99%
8
1947 9912 993 100 100 100 10014 10018 1004 100 100 10012 10012 10014 10014 9984 4
Refunding gold 5s
8734 8734
87 87
87 87
8613 87
8812 87
1947 853 86 2
4
Refunding 4s Ser C
,
9038 9138 9034 911.: 9434 9278
911? 893.14 01
,
18r & general 5s Ser A 1966 8718 8812 87 88 2 88 904 8814 901s 90 9214 914 9212 91% 9212 91
, 104 10211
8
,
4
4
4
4
gen 6s Ser B_ May 1966 1013 103 4 102 103 102%10312 103 1033 1024 104 101 1037 1021t 103- 1013 1023 10112 102% 1123 1033, 1024103 2 7912 7912
,
1st &
8
787 79%
79 79% 79% 79% 79% 797 7912 8018
8
18
,
4
Ind & Louisv 1st gu 4s_1956 774 7833 773 78 4 773 7912 784 79
88 88
88 88
:
-86j2 -80, 853 87 8614 861 1 87 87
8
873 8818
,
Chic Ind & Lou 50-yr 4s_ _ _1956 864 86 8 861s 8712
9414 941,
3
93 4 9334 93 4 933
8
9334 93 4 -93E 1:N 94 94
4
3
_ _ 9312 933 ____
____
4
3
Chic L S & East 1st 415s _ _1969
-1
.
47% 533 46 49
46% 48, 47% 4912 4712 51.. 594 54-- -fi054
4
2
CM & Puget Sd 1st gen 48.1949 5333 5714 53% 5612 45143 58% 43% 4514 4312 52
52%
4
491 49-, 503 541.- 51
Certificates of deposit
797
, 8 8111 PO% 82
:
7812 801 7814 16- 783 80t, iiia 7933 79 80
7312 704 743 74 7618 77 79
4
7012
74
3
Chi Mil & St P gen g 4s May'89 7112 7912
641
:
70 701 6418 69
4
69 70 69 69 69 70
4
6318 65 624 653 653 6614 6618 67 68 70
Gen g 315s Ser B-__May 1989 6312 64
4
3
883 903. 894 901
881s 89
3
867 92% 873 901 873 88 2 87% 89
4
4
,
,
,
:
s
May 1989 8014 821 79 807 774 82 2 8213 84 841s 87
Gen 415s Ser C
4
853 853.
Registered
61i4,54
.
:
4
474 4912 48 501 4813 521 thi4
1
/
5012 5314 4312 53 445 464 45 53 48'4 54l 4714 id
54
Gen &RefSerA415s_Jan 2014 5012 , 3
47 474 49/8 4918 48 514, 5134 5514 517 53 4
Certificates of deposit
4818 521i 5218 5514 50% 54
47% 4912 4814 50
1
:
,
4
Gen retconySerB5s_Jan 2014 5.08 5814 -55 5833 441s 51 45 4612 45% 53 4 484 543 474 50
534
.
4
4612 4612 4814 491: 48 4914 513 547 51
deposit
Certificates of
5
8
00%10212 102 1133 102% 103" 103 104% 1033 10414 103%105 10418 1041- 1C418 1051 10414 10514
4
1934 99 10018 983 98% 9612 101
,1st sec gold 6s
5212 5111 :lain 514 .5375
48
'
4714 49 484 50
,
4
4
1932 553 6012 553 58 2 44 573 4414 4612 46 53 48 54 2 4713 50
,
4
Convertible 4 Six
594 84'1
4
49 4"' 44 Si
4
463 47
_ . _
Certificates of deposit




160

THE CHRONICLE

[VOL. 122.

1925—Continued.
BONDS

January February
March
April
June
May
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High

Chic MU & St P (Concluded)
1925 711 7812 6512 7434 463 6813 46 4812 4612 5312 4818 55
45
4
474 50
4714 4914 481s 50
4712 521: 513 55
4
5114 5313
Certificates of deposit _ — ____
_
__
_ _ __
, ____
_
_ ____
_ ____
_
47 477 48 4912 48 5112 5112 548 51
533
4
1434 51 - -- -g
4$
184--- 44 _- - 443 35614
5412
5384
--12 ____-- 48 __- 47 .- 4 47 4914 481 5014 4712 5214 511 55
46
443 52 12
4
5414
49
5112 535
Certificates of deposit
---------------------------------------------------------4614 463 4918 4914 48% 49
4
5114 543* 5114 538
Ch 8c Mo Riv Div 5s_ ____1926 951* 97
95 9612 94% 97
9612 99 973 9912 99 100
9914 997 9914 997o 9913 9912 9912 9934 9912 9911. 9912 99%
Ch & N W extens 42_1886-1926 9912 100% 99%100% 994 100
4
9813 993 99 9934 9914 99% 9914 99 4 991210018 100 10118 100 10013 10014 100% 9912 100
8
1886-1926 983 987 9913 9013 99% 9918 9812 9834 981* 99
Registered
4
4
*
981 981 --------------------------------9913 993 9912 993
4
4
4
General gold 35s
1987 734 7412 74% 747 7418 75
734 743 7312 77 743 7514 74 753 7313 7
4
4
8
38 7
7
334 44 73 4 7413 74 75%
3
Registered
72 7214 --------------------------------7213 7212.
_ _
_ _
_ _
_ _
General 444
1987 83 se 8412 86
12
852
2 83
1 g 12
2
ma 8512 Oils ii SS; ig 55; 1i12 Sir.' Sib, ' 2 18 2
' 8:41
1
Stamp n-Pay't Inc tax 1987 84 85 844 8412 83 85
82 8314 8212 85
84 85
853 8512 --------831 8512 8314 8312 834 8418 8412 853
4
4
1987 102410434 103 104 102 1043 10114 104 101%10412 10213105 10218 10414 10118 10 14 101
General 5s stamped
4
4
Sinking fund 6s 1879 _ _ _ _ 1929 10414 10414 104 10414 104 10412 10414 10412 10414 10412 10312 1061 104 104 --------104 105 102 10314 1003 105 103 104
8
104
Registered
104 104 ------------------------103 103 104 104 10313 10313 ----------------1033410334 10414 10414
-4 ------4
Sinking fund Si 1879__ _1929 10012 100 4 --------1001310013 1001410014 10018 01 10014 10012 --------1001 1111112 101114 10112 100 101 10334 1033 1038 103%
3
1001 1013 983 10112
4
4
Registered
•
10018 1
100 ---------------------------- ---- 9913 9912 ----- ----1004 10014
__
Sinking fund deb 5s _ _ _ 1933 10012 10112 10i 102 102 102 --------9914 100
.
9913100 100 10012 100 0014 99% 111012 993 1003
4
4
4
Registered
.
101 101 101 101 ----------------------------------------9913 9912 10014 10014 10014 10012 10014 1003
_ 10014 100 4
,
10-Yr secured 7s
1930 105 10g 4 1081210014 108 11212 i21 12
- 321
1 14
41 7
2
4 i
107 108 107
4 15 Yr secured 6%8
1936 111%11212 112 11212 11114 11212 107 1114 10813110i 11012111 11014 11112 11014 11012 110 1113 11012 10718 10i1. 10i 10614 los
1113 1103411134 1101 1117
4
4
4
$
tat and refg g 5s____May 2037 100 1015 1003 10114 993
4
4102
911 1007 927 9612 943 963 943 963 9414 96
8
8
4
4
4
96 9714 9613 9812 9734 10014 9818 9912
Chic RI & Pacific ger g 48_1988 83 837 8318 8414 827 843 83% 84
8
4
84 85
848 86
8314 8412 8214 83 8 8312 8584 8312 8413 8373 847 84%
7
85%
Registered
8218 8218 82 82
8
_--------82 8212 823 8314 823 823 8114 817 8112 8112 ---------------- 83 83
4
4
4
.
_
Refunding gold 4.
1934 .
8314 86
843 87 8642 84 8612 88
4
87%
897 87 884 86 871 8514 8714 8614 873
8
8
4 513 87
8614 8712 -863 - 4 88
Registered ---------------------------------------8634 8634 8818 8818 ------------------------------- 8
-83 83 8618 8614 ---- ---adc St L & NO c
s_ _ _ _
21
)4 1
312 1023 10214 10212 102% 1g 1 14
4
2
114 12 - -- — __ 10318 10312 10312 10313 _ _ _
,
Registered
Gold 334/1
1951 791* 794 ----------------------------------------7834 - 3- --------78 ii
......
_
- ili 4 ..
_
__
— --Memphis Div 1st g 4s__ _ _ 1951 8414 8414 054 057 03% 86
8
88.2 8513 -------- -------- 8512 8512 05 4 0514 ----------------8585 ,
8/- -riis 162
1Registered
_ . ____ ____ ____ ____ ____ ..... ____ ___ ____ ____ ____ ____ 8
Chic sr t& P cons g 5s_ _ _ _1932 --------1011110112 10118 10118 103 103 10118 10114 101 10112 101
-101 --------201 101 10114 10114 10114 10i313 -_-_-_- -- - - Registered
Ch St P & M & Om cons. 69-'30 045 10815 1047 166:1 101i4 166; 10.38 166 lais 1068 lais 164 - 165 4 iiiii- 1028410418 iiiiit 16i 2 Hi- 1641- 10512 1
4
8 - 1 .,
1
2 - - 18
- 7.
/
2
- 1- 4
6314 io5i ii;414
4
-- -Cons 62 reduced to 3%6_1930 ____
_ 9214 9212 9214 9212 9212 9212 ---------93 93 93 93 ----------------9384
9334
Debentures 55
1930 964 - -, 9814 9913 9814 99
9 8
0
96 10514 922 98
96 9712 95 964 94 96
953g 9614 9513 97
9612 -- 3 9712 - 4
97 8
987Stamped
__ 98 99
9814 994 98 9812 96 9612 97 97
9512 9614 96 96
9614 97
9612 97
9612 974 9734 9813
Chic. T H & S'east lit 5s...1960 7612 79
7612 78
75 7888 7613 8012 80 8618 8434 9918 87 90
843 8812 8613 877 85 88
4
8618 8818 87 884
Income guar 5s Dec I 1960 5612 60 5812 6C14 55 5912 58 6814 6614 774 743 8418 7912 84
4
79 824 81
83 803 83
8
8212
7812
81
Chic un Ste 1st guar 4%s A-'63 9134 92% 92's 93
92 924 92 93
9214 941* 93 9413 9114 9312 9213 93% 93 933 9314 93 4 9314 8314 94 95
4
3
9412
lit 5s Series B
1963 100 10212 10012 10134 100 10138 100410213 1011310234 102 10314 100 10312 10012 102% 10214 11818 10414
0974 1
118 4 11218 11258 100 3 1127g
02
3 0738 07 117
%
08
Series C
lit 6Sis
1963 11614 11712 11614 11718 11614 117 11614 11718 11614 118
117 1173 11712 11812 11718
4
1944
Guar g 5s
__ 9712 983 9714 98
4
9713 99 99 10014 9918 100
9818 1003g 9814 9934 99 9913 99%101
993 101 100 1003
4
4
Chic & WI gen g 66 Dec__ A932 --------------------- --__ 105 4 105 4 10512 10512 ----------------106 106
3
3
----------------1051410513 105 10514
5%18 w i
97 9733
1952 7612 7814 7816 ii773* - 12 iii4 1
Consol 50 yr 4s
i6
6 70 1312 5062 -8i12 iS3 - -1
2 8 -18 ii 16 75 16 7814 - 1- -iiis 114 -Hi 1 76 4
t -14
'Ls yr if 735s
1935 1023 104 1024102 4 1021310288 ,
4
8
-- -- - -- 1962 __
- _ 974 984 9712 9818 gii4 1st & ref 5545 ser A
Iii 98g 10 .8- 984100 Sig
-- 4
0
14
OS I88- Fria'
99344 97i lie
4
iiii2 9813100
564
3Chic 081 & G consol 55- _1952 944100 993 993 993 10014 100 10014 10018101 10012 10012 100131004 1003*1001* --------101 101 10012 10114 10012 166 4
_- 14
4
4
4
102
Cin Ham & Day 241 g 434i1937 9313 941 9334 93 8 9414 9412 9312 9312 9312 95
1
9512 9534 953 95 4 --------0513
4
3
96 9812 96 9612 96 9714
.
Gin I St L & c 1st 45 Aug 1936 -------- 9134 9134 91% 9113 --------93 93 933 933* 9314 9312 --------93 954 933 9334 933 934 93% 94
8
93
4
4
Aug 1936 --------9013 9012 9012 9012 91
Registered
91
92 92 -------- ------------ --------------------92 024 9214
93
14
4
4
Cln L & N 1st con gu g 4s...1942 8718 88 883 8912 8814 884 873 9912 99 99
894 8912 --------8713 8712 8713 874 873 873 873
4
4
4
4
_ _ 99% 998 993 99% 9 % 9 4 -,-- — - 99 10018 --------10013 10112 101410112 197 4 1913: 1971 873 88 88
Gin S & CI con 1st g 58—.1928 __
4
9
0
0 0 1 011 9108112 19008%190083144
9
8
:
%
1993 811.- - 818 83 813 8213 824 83 834 CCC&St L gen gas
8 8414
4
4
84% 841 85
8
813 85 2 82 8312 8314 843 8334 84
4
,
833 8412 8414 854
4
1931 96 973 9614 9712 97 98
20 Yr deb 4%s
4
971 98
973 987 98 984 973 9812 9712 9814 9733 9812
4
4
13
1993 99 1012 ----------------101 10112 ---- --- 1053 1053 1003 1003 1603 1003 98 10018 10012 10112 10114 10111
Gen 5s Series B
12
4
_
4
8
4
4
4
Ref & Imp 6s Series A-1929 103 1033 10314 104 10318 104 10318 1034 10318 104 1033 10418 10212 10334 102% 103 8 103
4
8
,
10312 103 10312 103410312 io5
4
Ref & imp 613 Series C-- -1941 1051210714 108 1073 1032 10414 1043 1048 10411 10412 10514 10514 1051
4
4
4
410613 1047 105 1061310613 106 106 10612 10612 10313106
Ref & imp 5s Series 12_1963 9412 96
95 963 9534 967 9614 9812 98 100 99% 997 9714 9913 9612 9814 96% 99
4
4
978 983 973 903 994 10014
4
4
Cairo Div 1st gold 4s_ _ _.1939 8914 897 893 90
4
90 903 91
8
91
90 908 90 4 91
3
90 907 8812 90 ____
___ 8018 90 --------90 9034
Cin W & M Div 1st g 48_1991 80 803 803 8114 8014 8112 8012 82
4
8012 8212 8114 8213 8012 8114 8033 80 4 805 4
3
803 821 814 8114
4 8212 8013 81
4
: 3
1
, 83
4
L. Div 1st colt trust a 4s'90 82 8314 814 8218 81% 82
St
8112 8412 8213 85
8334 8412 8314 8378 82 8312 82 84
821* 843 8312 84
8
Registered
Sp & Col Div isc g 4s_ _ _ _ 1940 88% - 2 - --- --- - iiiiz - 12 ggE8 --12 ---- ---- ggit Ili% --------863 --14 giis -- -18 --------89 - gi'
i8
8
9
4 87
87
81;
W W Val Div 1st g 4s.._ _ _ 1940 873 873 4
4
- -- --- 867 88 8814 8814
8
- 6i
1934 1073 1074 1054 10i 4 --------10734108. 10- 4 10i ------------ ---- 20612 107 4 ---- ---- 1071
Clev Col C & Ind 6s
4
- 3
7 ii5iis 1'67 2 log 1 - -3- -------1
8
Wcon 1st g 5s_ _1933 102 102 101131021* ____ ____ 1004 102 101 101 101120112
102410212 ----------------10113 10112 10018 10018 10112 10112
Clare & Mar 1st gu 43-45_ _ _1935 963* 9613 ----------------9613 964 97 97
9818 9818 ----------------------------------------953 953
4
__
4
1938 9884 983 9913 995 - _ __ _ _ _ 98% 9918
Cloy 8c Mahon Val g 55_
4
_
8
-- — -- -- 10014 10014 99 1008. _ . _ 99% 9
.
_
_
9% --------9813 981*
1948
Series C 3145
1950 ----------------84 - - -3 ---------------------------- ---- ------------------------8334
Series D
8 4
5_
. 4 __
.
--- _ 8 34
3
Clev Short Line 1st gu 4%81961 718 9712 918 974 9574 9814 9513 98% 9712 99 0
06 9718 96181 978 gjig Igi
8% 100 99 993 971* 9812 9718 98
4
g
4
Clev Un Term 1st s f 534s_ A972 1043 106 10
4
5 10
8% 104131053 10514 106 106 10712 10514 107 105 10613 1051310618 1054 10612 10518 1064 10514 107 1053 10714
4
1973 9912 10014 9934 101
g 5s Series B
1st if
09131013* 10018 1007 10088102 100 102 100 101
993 101 100% 1003 100 10012 100141003 1003 10112
4
4
4
8
Coal River Ry 1st gu 4s-1945 8314 834 834 864 85 85
8412 8412 8413 8712 87 8812 87 87
8412 8412 843 8512 843 86
4
4
4
843 873 4
_
4
C010 & Southern 1st g 45_ A929 967 9818 9714 98
9712 983 98 983 9812 98% 98 99
4
4
98 9813 98% 98% 98% 99
0818 9812 9818 9818 681' 19
8 .
Refunding & ext 4%8_1935 9088 93 9112 93 8 92% 934 923 95
7
4
94 951 953 9612 933 953 9312 944 9414 954 937 9514 9374 9512 947 96
8
4
4
4
Colo & Hock Val 1st ext g4s1948 ___ ____ 8618 8612 --------8613 863 863 863 863 863 --------------------------------863 864
4
4
4
4
4
4
87 87
1955
Colo & Tol 1st ext 45
.
_.
_ _
_ _
_
_ _
_ _ _
_ _ _ _
__ ____
_ ____
Conn & Pas Rive; 1st g 4s 1943 ii% 114 ____
Cuba RR 1st 50-year 54 g_ _1952 8312 8512 8514 - - - 87 - 4 8612 - - So 8712
87311; 871-2 - 12 gLis - - 12 iiii 177 8iis . 81
87
4
-8 .
8
1
Iii4 iiig ii Wig - -12
14
e8
k)
1st & refund 734a Ser A.1936 10212 106 103 1043 103 10418 103 104 10314 101% 103181044 104 105 104 10518 10312105 102%104141033 1051 i3ii8 - -14
4
4
104 '10512
Cuba North Rys 6s stmpd-1966 ,89 90
8912 9314 913 93
9214 9012 915 91 93 9114 93
4
91
92 93 92 9312 92 934 92 93
9214 9814
Day & Mich 1st con 4Sis_ _ _1931 96 9712 --------9614 96% 97 97
973 9712 973 973 977 977 973 98
4
4
4
4
973 98
4
984 9812 9814 983 ____ - 4
8
Delaware & Hudson 48_ _ _1943 8812 90
3
4
4
88 4 9014 89 90% 894 92 903 9212 90 4 913 897 9113 89 9012 90 913 895 907 8914 9013 9018 - 4
8
91
10-year convertible 5s- 1935 10114 10614 10518 107% 102 10638 101341083* 105%10712 108 10813 1043 10612 10414 108
14 10812 10512107 10514 109 107 .112
4
105
1937 101 102 * 102 103 10178 102% 101 102 1013 10218 101131021! 102 10318 1011*103 1011310212 102
8
15-year 514s
8
1930 10812 110 107 110 1081 1091 108 1081 108 1083 10812 1083 10812 10912 1084 1093 10814 109 10818 10312 103 104 10284 10314
10-year secured Is
4
4
4
1087 10818 109 10814 109
Del RivRR&Bgelst gu g 43.1936 ---- ---------------- ---- -------- 94 94 --------9413 9414 9514 954 --------94 9412 _ _ - _
_
.
-. 9312 937
Den & R Gist cons 114s...1936 82 84
-14 8333 . 14 8218 84
8238 4 83% 853 834
4
85
83 8434 83 837 834 8412 827 84
4
833 853 8434 853
4
4
4
1936 86 8713 873 8818 88 8912 857 864 863 88
Consol gold 414s
8
88 9014 8614 884 8618 88
4
8712 884 874 88
873 89
4
88 8933
Improvement gold 5s_ _ _1928 95 97
963 99
4
08 9813 9713 9812 9712 9813 9733 9814 9712 983 98 9814 99 988
9714 9812 9712 9834 98 99
4
4
1953 58 67
Farm L & Tr dap sects for 1st

fó

cleve L &
.,

flin,

Bankers Trust Co ctfs dep
AssnttoJunels'23agr't 5913 691,
Stamped
4
58 703 S61s 628
4
g
8
Am Ex N Bk ctfs_Feb 1922 607 607 603* 603
8
4
Deny & Rio Gr West 54_1955 573 6812 578 613 55 6
4
.11
4
- 14 Lila I912 5813 16 56 594 5- IN 64 14
ail - 7
6 50 164 0134 Weis tir.4 ii
3
45 50
Des NI & Ft D 1st gu g 4s__1935 394 4118 4013 43 8 4338 4618 45 47
50 517 4914 51
48 48
48 497 4618 49
46 4612 4412 47
____ ___
___ ____ _ _ _ 45% 458 464 50
Temporary certs of deposit
.
493 50
4
50 50
47 47 ---- - _ _. 4614 461 46 46
8
45 45
Des Plaines Val 1st gu 4%s.1947 9314 9314 ____- 12 ____
9312 93
__ -- --- -,-- -,,_-,
_
Det & Mack 1st lien g 4s_ _ _1995 73 73 --------73 -73 73 - 73 7314 - - -12 73 - 7
5
73
72 704 /014 7113 7113 nig - — _ _ _ _. _ .. _ ior .
_
2 1612
1995 --------6716712 65% 65% 65 65 --------65 65
Gold 4s
65 65 ----------------65 - 65 ____
_ . 65 35
s i7 9112 92 91 913* 91 92
8
4 112 93% 9414 93 9314 9133 9214 9133 92% 92 93 92
Det River Tunn 1st 4%s_ _ _1961
- 2 934 947
9i'
Dul Missabe & Nor gen 5s1941 --------102 102 102 102 104 104 --------10214 1023 __ - _
4
__ 103%1034 --------103 103
4
,
4
101 02 10112 10112 10112 101 4 10
Dul & Iron Range 1st 5s_ _1937 1001201 101 101% 1013 10212 101131013 101 8024 102 10212 101%192 03 103
,
8
- -1
24
8713 894 8333 89
So Shore & Ati g 5s-1937 8633 90
4
8512 83 88
1
8218 8318 833 8714 868 8914 81 864 81
8612 8714 85% 87
85 885
8
East Ry M No Div 1st g 4s_ _1948 88 89 ----------------9014 9014 901 907 ----------------90 90
4
8
90 90 90 90 -------- 90 9012
4
4
East Teen reorg lien g 5s- -1938 9914 991 99ag 994 9914 993 9814 10014 10012 10114 10018 1022 100%0212 — — 9812 10014 9914 10112 99% 10
993 190
8
___ 110810
East Tenn Va & Ga div 5s.1930 ---- - ----1001419014 100 101 ----------------100121001. ____
-04 9941004 10012 10114 100 101 10038 101
1956 1811 10012 101 10012 101
58 154 1007 014 1015 10252 10218 10212 10113102 10118 103 10114 1024 1013 10214 1013 10214
8
Cons 1st gold 55
4
4
4
Elgin Joliet & East 1st g 5s 1941 101 101 10114 1013$ 1014 102 1013 102% 101 102 -------------------------------- 1015 1024 101111018* 10112 102
4
8
9911 9934 994 9913 100 10013 10012 101 10214 1024 14124 100 11 101 102 101 10234 10214
SW 1st & ref 5s..1965 992 100
El Paso &
1023 103 103
4
,
4
Erie 1st cons ext at 7% to 1930 107 10713 10714 108 8 1081 10813 108 10813 10812 1088 108131008* 10712 1083 107 10814 108 108 108 10814 10713108 108 10814
4
8
220 14r eon & prior 4s- -- -1996 70 7112 703 724 701 7112 7014 717 703 7214 7133 734 70 7213 89 4 713* 703 744 723 7412 7414 7538 7414 7514
4
4
4
3
4
4
Registered
6734 677 ____
___ ____
. ____
. ____
_ ____
6912 70
70% 7014 --------7111 73
122 eengoi gen lien g 4s —1996 6314 6412 643 661s 6212 6512 6154 4
63 82 --- 6212 _- - 8 613 --- 62 .--- 6318 643 64 66 i2 67
644
637
4 6314
833
4
4
66% 68
6612 67 6214 621 1 ------------------------58 58 --------0718 67% --------6015 64
Registered
6412 6418 ___
1951 954 96
96 98
953 9618 953 953 953 954 9612 963 9533 965 9612 99
4
Perm coll trust g 4s
4
4
4
4
97 982
8
96%9718 96 967 965 668
8
-- .
8
7
657 69 8313 6713 8312 66
4
63 68
6518 6714 6418 663 63 65
6612 68
50-year cony g 4s Ser A_ _1953 64 66
663 68% 63 693 68 694
4
4
3
4
66 68
4
50 year cony g 4s Ser B _ _1953 6378 653 65 69 63 6818 60 6612 6513 67 6414 653 627 644 6213 68
67 684 68 6912 671 6914
1953 7318 7534 728 751 71 747 6913 724 71
4
7214 74 8 7312 79
Gen cony 49 Series D
73 70% 7113 6933 7112 70 75
,
773* 8312 82 84
4 2
4 0
4
Erie & Jersey 1st s f 66-- -1955 10113 1033 10 10413 1033 1 4,2 106 10614 10312 105 104 10514 103 10514 1023*104 10313 104% 10314 1043 103 1043 10414 104%
4
Erie
1940
Series C
. _ _ _ _ 99 8.
___ ___
.
1930 100 100 _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _
5 604 iO5 166 100 100 10012 16612 iii6i4 166 ioiiis 1664 __ _ _
- 14
Fla Cent & Pen ext g is
9812 998 98 99
1943 9813 99
7
99 - 4 9912 100 9512 0912 997 10014 99 994 99%100
993
8
Consol gold 55
99%100 100 1004 9912 - - 4
9
9
1943
Temporary 5s
92% 93
9222 9414 921- - , 9312 967 9413 9612 ii IA 92i2 i9514 987 953 5414 953 iii. - 5- 9414 i 04
9
2 93 8
2
8
3
4
6f 2
Fla East Coast 1st 4345-1959 9214 92%
9588 9814 -- - - - - -- -- -Temporary
94 8 95 8 93 95 934 953 943 9712 954 97
, ,
1974 933 95
4
9512 93% 963 0513 963 953 974 9512 9733
4
4
934 - -12 9314 96
4
4
1st & ref 55 Ser A
4
9514 9612 954 967 9512 96
-55 w I
, ,
,
1473 197 164% 17712 164 17
4
4
EliWestern & Nor 1st 78_1934 10278 11058 108 8 115 8 110 8 115 1103 11314 112%1191* 115 119 115 139 134 1
-8
4%5_1952 6412 6812 654 6718 67 73 67% 7112 6714 70
64% 6712 6418 6512 634 65% 601s 6312 59 6112
67 6814 6313 67
& Cloy
Ponds
.
,
5
8
,
F
St U D Co 1st g 414. -1941 ____ __ _ ____ ____ 89 8 89 8 891 89% 891 90 - - __ . _. ---- ____ 8'1 i 83 -- -- ---- - _ - ---- --- ---- 90 4 0052

Du.




- 1-0-

JAN. 9 1926.]

T-FrE CHRONICLE

161

1925—Continued.
BONDS

January
February
M arch
April
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

8
1043 1043
4
10438 104%
4
_ 10438 1043 1043 1043 104%10412 10434
8
8
8
Ft Worth &Den City 1st 6s 1961 1043 104%
9312 95
951 97 961 98 96 9614 97 97 95% 9614 95% 9538 9512105
9512 97
/
4
Ft W & Rio Cr 1st g 48_ _ _1928 9218 904 9414 95
95%
/
1
8
Frem Elk &Mo V 1st 6s_ _ _ _1933 108 108 10813 10812 10812 166 10812 1094 107%1085 10818 10812 108 108 10612 1075
8
107%107% 10714 10714
8
3
- 5g
8
Gal H&San AntM&P 1st 5s1931 100 100 8 100 1005 10014 10012 100 10012 100 10012 10014 100% 10014 101 10014 1003 100;166 100 10012 99%101 10038 1164
1931 100 1003 100 10014 99%10018 99%10018 100 100
9934 1005 160 10018 100 101
8
guar exten 55
8
2d
3
995810058 997 10012 10018 10014 10018 10012
93 94
92% 94
9253 94
92% 94
Galv Hous & Hend 1st 58_1933 9018 9212 91% 9314 9114 9418 9312 95
92% 95
9314 94
93 94
93% 9414
8
4
Genesee Riv RR 1st s f 68..1957 10014 10212 10214 1043 10314 104% 102%104 0314 104 1033 10512 10418 10514 103 10412 10218 10314 1023 103 1023 10312 103 10414
4
4
935 1023 933 9418 94 9612 95% 96
cons 5s_Oct 1945 93 95
8
95% 96
4
9414 96
4
94 95
Ga & Ala 1st
93% 94% 94 9514 95 9734 95% 9614
4
99 100
99%100
Ga Car & Nor 1st gu g 5s-1920 9918 9912 99% 993 9912 998, 9912 9912 99% 99% 99%100
99 100
99% 10018 995 997 997 10014
3
8
8
65 6534 66 L67 6612 66 2 68 68 68 68
8
/
1
Georgia Midland 1st 35_ _ _ 1946 644 6612 645 65 64% 6512 6434 66
,
66% 67
65% 67
_ 1941 9412 9412
9512 96
9414 953 94 9512 96 90
9614 9612 9212 9212 94% 94 8 -654 4
Cr R & I exist gu g
66,
16%117 116%117 1155 1163 114%1157 11514 1153 11518 116 11513 1-16- ii
-- 8
6
8
8
Grand Trunk of Can at 744_1940 11512 11612 I1018 11 7 11614 1165$ 1614 117
4
-W8 fir
4
8
8
4
4
7
8
15-yr deb g s f 6s guar_ _1936 106%107% 107%1077 10712 1073 1063 107 8 075 108% 1075 10814 107%10714 10612 10712 107 1073 106%10714 1063 10714 1067 107%
4
4
g
8
4
Grt Nor-Gen 7s Series A._1936 10918 1105 11018 111 10914 11034 109 1103 0812 110 10913 11014 10912 11012 1087
8110 10913 11058 110 11014 110 110 4 11014 1107
s
3
Registered
1940
109 109
110 110
4%s Ser A_1961 913 923 91% 9212 9112 92 4 91 92
9114 923 9214 93 8958 13 4 89 91
4
8
4
,
1st & refund
-18
905 9212 -1563. 9218 -9014 9234 93 9418
8
Registered
913 9134
4
Gen mtge
Ser B. _1952 10014 10134 1007 10212 10014 1015 10014 101 1005 10212 10114 103 joi- 16i4 9934 101-1-4 .
8
8
4
:16114 16i- jai- 1- ia" 102 10118 104
6i4
1973 9258 93% 9314 9514 93 94% 92 94
9218 953 945 96
8
4
Gen mtge 5s Ser C
2378 9534 93,8 9434 9378 9512 9418 9512 95 4 9612 9534 97%
,
SO
76 78
76 76
72 72
80
Green Bay & West deb ctfs A 76 76
79 79
7712 7712 77% 773
4
79% 81
13 165 1414 1812 15% 1718 15 8 1612 414 1518 14
1212 16
Debenture ea's B
14 114 14
8
153
4
1438 1418 1412 14 -f/12 17 19
,
Greenbrier Ry 1st gu g 4s_1940 86 86
4
86% 865 863 86% 8712 8712 8812 8812
8
87 87
temp__ _ _
10112 102% 10112 103 166E8 102 - 993 101% 10159 10222 102- 162 16ii8 fa; 10258
Gulf Mob & Nor 5
4
-4
,10314
66- 9818 99'2 9914 100 9912 102% 10118 102 10318 10358
102 10312 102 10212 10212 10414 104 10418
G & S Island ref 5s_ _ _Feb 1952 -On- 161- -9812 4
Harlem R & Pt Ches 1st 48_1954 80 813 81 82% 8112 8312 8212 8314 83 843 8418 8418 8314 84
4
837 84
s
8378 8412 84 8412 84% 85 4
,
4
Hock Val 1st cons g 4 Yis_ _1999 8913 9012 893 90% 90 9012 90 903 9012 9112 91 92
4
9012 92
88 2 9012 -89i- ,
4 664 89% 90% 9012 91 9078 9214
Registered
1999 _
897 9012
8
88 88
100 100 100 10014 100 10014 _ - -- 8
ioo- 10014 160- 1163- ino 1664 1014 101-3- 100 1611i
lieu & Tex C 1st g 5s lot gu 1937 9912 100 100 1007
8
- 4
4
97 98 4 97 9814 9712 99 973 99
9718 98
nous Belt & Tex 1st 5s_ _ I937 96 98
,
9618 9712 95 96%
96 9612 9613 9712
Hous E & W Tex 1st 5s_ _ _1933 99%100
100% 10014
10018 10018
1933 997 99%
_
8
1st gu g 5s redem
_ Hi( 100 100 100
Housatonic RR con g 5s_.1937 9218 9212
-OA 6f- 9412 9417
911-04f2 - 2 94 94
-O Itifi
s
Hudson & Manhmt Ser 5s.1957 8613 88
8
87 887 87% 91% 905 93% 9114 9212 893 92
s
87'i 89
8212 if 9012 93 -9114 9212
4
9214 93
Registered
9114 9114
Adjust income 5s_ _ _Feb 1957 673 73 s 72- 7312 7114 723 69 73% 74 7612 75% 773
4
- 8 745$ 76j 7534 76'2 74.-2 76
4
4
7
i651
74 7518
Registered
--_- -- 7514 75 4
,
91l 9214 92 92 9258 94 93% 93% __--4 -Illinois Central 1st g 4s__ _1951
933 94
-ilia lit;
Registered
1951
9012 9012
90 93%
.-1951 -818 III -Oti- 164 -83T8 - 4 83 83
6631st gold 3%s
4 -4
8418
-_-g312 8312 84 4 84 4 82 83
Registered
833 833
8012 8012
83 83
---Extended 1st g 33s
8312 84%
1951 81 81
82 8212
---- ---- -gift - - 4
1217
Registered
84 84
---1st gold 30 sterling
1951
62- 62
Collateral trust gold 4a_1952 -8618 171- 86% 87
87'1 89 -8658 88 -OA 87 8712 8758 88 -8758 89
2
/
4
664 871 87% 87 8714 -8738 8773 871 88's
Registered
855 855
8
8
863
4
66- -inT8 WI; 87'2 8983 -§irs 91 -iir 164 86% 8978 _S91. 9114
1935 88 8914 885 893 8914 9213 8912 92% 91'4 92 -6(14 1st refunding 4s
8
4
4
883
4
4
Purchased lines 3Ms
1952 78% 79
8214 8214 82 8314 8218 83 4 8112 82 .
,
80 80
,
8118 83 4 8214 83 8214 83 2 84 8412 83 8312 84 84
,
Registered
7912 7912 83 8312
8412 8412
79 79
8384 849 84 8512 843 855 844 - 4 8418 8512 -i5T8 6634
8
Coll tr 4s L NO & T___1953 83 843 -8312 85
2
8
544 84 164 84 8434 -84- Igi 8458 1754
-8
Registered
82 82
81 81
83% 8412
Refunding 5s
1955 1062 10412 10414 1043 10414 106 105 105% 10618 10612 10412 10612 10314 106% 102%1043 10418 1641- 164 1643- 10112 16E4 10434 10514
4
4
4
4
15-year secured 53.s _ _1934 102 103% 102 10314 102 10314 102 10314 10218 103 102 10314 102 1023 10178 103 102 103 102 103 102 10314 1021g 1033
4
8
8
15-year secured 634s..._ _1936 10913 Ill 1103 111% 1105 11112 1103411112 11114 1123 11114 11212 11114 113 11114 11214 11114 112 111 111% 11113 11218 11112 11213
8
8
4
Cairo Bridge gold 4s_ _ _1950
4
9012 91%
_ 8912 91
4
8814 8814
9012 9012
89 893 893 893 8914 9112 89% 89%
%
73 7314 7314 7312 7114 71%
73 73
Litchfield Div 1st g 3s1951
70 7012
7113 7112
4 • —4 74 74
6 -4
Louisv Div & Ter g 33s.1953
8
4
2783 783 80 80 807 -no" - 03- 8118 8214 8112 8112
4
8012 8012 812 812 80 8018 80 81
733 74
4
Omaha Div 1st g 38
1951
7214 72 4 73 73
7012 72
,
73 7314
74% 743 7212 - - -1- -7212 7418 74 /48
8
725 72% 77 77
8
738 74
4
St Louis Div &Term g 3s 1951 713 72
172 2
Gold 3(s
1951 79 82 -io- 80
4
4
793 8112 8112 812
80 8112 813 83% 823 83% 8312 8312 80% 80%
4
Springf Div 1st g 3Ms_ _1951
82% 82%
79% 80
80 80
Western Lines 1st g 4s 1951 -Oi- 87
88 88 -gii2 88 8618 88 86 8614 86 86
87
WI 86 8614
Registered
84 84 8413 8412
87 87
84 84
Ch St L & N 0 Jt 5s A__ _ _1963 9614 4 664 9914 100 -9913 166- -56 - -9873 9958 -On- 1664
4
4
67% 9714 99
973 993 99 10012 -OA 1664 -61 1;664
Ind Bloom & W 1st prof 48_1940
8814 8814
6116i- 8812 92 8714 88, 89 904 -8858 92 -O5- 89
Ind III 8c la 1st gold 4s_ _ _1950 8712 173 8812 8812 88% 90
8912 90,s 9012 - 2 -6E4 4
4
6113;
4
8
Ind Union Ron & ref 5s A_ _1965 100 101 100 101 100 100 10018 10018 10014 1007 10014 1003 1003 1003 99 993 99% 99% 9912 9912 9912 993 99% 100 8
4
4
4
4
3
10014 10014 993 993 9914 10012 9912 9912
Gen & ref g 5s Series B_ _1965 1003 1003 100 100
4
9912 9912
4
4
4
Internet & Cr Nor 1st 6s_ _1952 10012 10112 100 10312 103 10412 10313 104% 10314 1053 10318 10512 10212 10414 10114 10314 1024 10418 101 103 102%104% ion- 1/
1
8
667512 66 70% 7114 74% 71% 73% 72% 743 7338 79
mtge Os Series A..__1952 68 77
6953
Ad1
/ 74 7612 7212 75
1
4
725 78
8
4
7618 783 75 77
4
Stamped
727 73 71
8
67 67
75 76
7612 78
74 78
74 743
71
4
i6- 7712 79 77 78 77 7712 77 78% 7812 7912 7814 i6lot Rys of Cent Amer 1st 5s1972 7622 /i 762 - 1- 79 16- 78 79
80 2
14
4
Iowa Central 1st gold 5s.1938 57 5812 583 65 58 6212 59% 60% 6013 63 60 • 623 5853 5918 5734 60
57 584
57 59
/
1
5912 61
8
59% 5912
Certificates of deposit
•
6_ 57 5758 57138 "79%
_ 59% 60
/
1
593 603 6012 624
4
4
578 4 60
7
58 5S3
4
8
1st & ref 4s
1951 194 /6 2 -20 18
4
2014 2212 213 2318 1912 21% . 712 50 . 20 2112 -1984 -4
2 1914 1912 1914 21
L'8 28312
1-14 213 245 1938 21
t
90 90 88 8912 8512 8614 8612 86% 8612 883 8712 8712 8714 88%
James F & Clear 1st 4s_
1959 87 8' 87 88
4
88 88% 883 89
86% 88
4
18
8
4
8114 815 813 813 8134 8178 817 82
Kan & Mich 1st gu g 4s__ _1990 80 805 81 82 8114 84
81% 81% 817 8214 8213 83
4
8
8114 813
8
4
8
Second 20-year 5s
1927 9914 10012 100 10012 100 1003 10012 10012 10014 10012 10018 10018 10018 10018 100 100 100 i66- 100 10012 103 10014
8
1928 10213 10312 103 10312 103 10314 103 10312 10314 1035 10318 1033 103 10312 1833 1833 103 103% 102 102% 1021210314 1013 108
8
8
K C Ft S & M con g 6s
1 '8 03 3
02 2 0 4
% 6
8 °3
4
8
8
K C Ft S 8c 111 Ry ref g 4s 1936 80% 8314 8213 85 8214 84 4 83% 85% 85% 885 8713 877 843 87%
8714 8812 8814 89
:
853 88
4
,
8842 891
4
9 4 993
8
9812 9812 0912 10014 985 993 99% 9912
_ 9958 99% 99% 993
4
4
K C & SIR & B 1st gu g 5s_ 1929 98 983 983 9918 99 99
4
8
Kansas City Sou Ist g 3s_ _ 1950 7018 711 71
723 7418 7318 75
4
7
4
7114 72
72
4
8 7 z
0
71% 73
713 74
4
4
8
723 73% 8 112 82% 7114 723 72% 723 723 73% 9314 93:4
/
4
4
915$ 904 92
Ref & impt 5s.._April 1950 8812 91
9013 9234 9114 9212 89% 9212
8914 90 2 8814 89% 8814 01
9012 9178 915 9212
/
1
8
,
Kansas City Term 1st 4s_ _1960 84 85% 85 85% 83% 8512 8414 86% 8514 877 86 87
8
4
881884
8514 8612 8412 8
85 86
8
'
612 84 8512 84% 8514 843 86
4
Kentucky Central g 4s_ _ _ _1987
!
8518 858 8514 _843_!
863 8712 85% 8V 84% 843 84% 85
8
4
84 8512 8412 8512 853 87
84 85
8
Kentucky & Ind Ter 1st 4s.
_
8712 873
4
---- 9 89
Stamped
_
_
_
8613 87
---- ---4;s £, 100 frs
8914 8914
---1925 100%160% 1005 1005 100-8 1664 161 1664 ioo- 116- WI 1Knox & Ohio 1st g 6s
3 8 - 8
66Lake Erie & W 1st g 5s..._1937 993 997 99 993 993 100
10114 loin- 1664 loci- 1164 1ii(18 1664 1004 1654 10041- 3/
1
9934 100 10018 1004 100%1003 997 14
614
4
4
4
8
%
664
9518 9614 95 8 50512 9518 95, 95% 96% 963 97
1941
2d gold 5s
4
8
,
963 9812
4
96 963 95% 9512 2034 967 9614 97
4
8
1997 814 7814 7814 79
78% 79
Lake Sh & S g 311s
78% 8014 7912 81
793 80
4
79 797 78 785 78 4 783 8734 871
8
79 80
,
79 81
4 78 783
8
Registered
1997 76% 767 767 76%
8
8
78% 7914 7712 78
7712 773
4
77
4
7614 773 763 7812 77
4
Debenture gold 48
1928 97% 985 9713 98% -6§" 664 -9814 985- -9812 I83- 9812 983 983 98% 97% 98% 983 9914 98 9812 983 99 97114 9717
8
4
4
8
78 3 7 8
8
8
8
82
1931 95% 9612 9618 97% 953 97 9618 9712 963 97
4
25-year gold 48
965 9712 9613 97% 9418 97
8
3
96% 9712 96 9714 95% 98%
Registered
8
8
957 957
8618 8714
9
6 9
6
s
4
- g
Leh Val liar Term 1st 5s_ _1954 10034 1013 l0l3 10212 10184 10212 ioi- 10212 1024 1627 10213 103 itoO" 166- 10214 1621- 1513 1664 1025 1624 iog 1023 1023 103
4
.
8
4
4 .
4
965 96% 96 9714 967 98
8
8
9718 97% 96 97% 95% 98
Leh V (NY)1st gu g 4Iis_ _1940 9613 97
967 96% 96% 968
3
955 97
8
95% 96
4
93 93
Registered
9312 9512
80 8084 -no" 163- 7934 -61-3; -8012 82 8114 8212 -O2T8 843 -Oo- 81 -8013 Ii- -8034 8158 -8078 8259
4
Leh Val(Pa)gen con g 4s _ _2003 79 81
3
7813 7812
Registered
78% 78%
80 80
81
81
78 78 :
i7:
8 :
6
8 0
0
2003 88 8914 9% 9012 -i5i2 16- 8914 9012 On
Gen cons 43-i8
o13- 90% 93 91 9134 9014 91 -OOT4 164 -9018 91 9034 9112 9134 180 4
4
9212
4
4
8
8
Leh Val RR gen 55 Series _ _2003 98% 99% 9914 99% 993 1003 100 101 1003 1013 10012 10114 10014 10178 9918 10012 993 101
9934 102 10214 10232
4
997 101
3
00 2 02
1st gu g 58_1941 10118 10214 1013 10212 1013 1025 10134 102 1013 1023 1015 1023 102 102 101%102% 10212 10212
4
4
8
8
4
Leh Val Ter Ry
102%102%
4
4
843 85 85% 853 85 8712
8
,
Lehigh & N Y 1st gu g 4s. _1945 8512 87 8 89 89
4
85 85
85% 8614 87 87 108 10 32
8 8 82
1965 10312 105 104 1041s 10412 10614 10512 10612 1065 107
8
- 8
107" 106 10612 10384 1614 104 164-5- 10414 106 10434 105
Lox & East 1st gu 5s
,
8314 83 4
,
84 84
Little Miami gee 4s Ser A _ _1962
8413 84 2 84 84
84 84
85 87% 86 863 85 8612
8
,
8
_ 108 108
Long Dock cons gold 6s_ _ _1935 ion" 166- 1077 107%
1083 10914
4
993 993 1015 1015 10112 16i1- 10014 166 4 100l 10114 10013 1664 10014 1163; 10.14 166
4
4
8
8
8
Long's'lstconsg 5s_July 1931 1997 10012
14
1 - 18
9412 94,
94 94
2
_ 10014 10014
1st cons gold 4s____July 1931
9414 953
4
9413 95
1938
8914 16- 8912 9114 91 9112 8914 9114 -8Or8 165- 8912 9012 8914 lit; -OO- 91
General gold 4s
1618 -Oafs 1614
8
90 90
1932 -§44 - 64
6
_
93 93
Gold 4s
9312 9312
__-1949 84 8413 -8214 84 82% 8212 833 8419 84 85
4
Unified gold 4s
_
4
6‘
-1is 168 -gii 14 2 ____ _784 3 843
,
2
1934
9512 97% 9712 9712 804 963 9714 98
Debenture gold 5s
97 973 oi 98 -56i8
4
4
07 9714 9714 9814
4
9612 973 9714 98
1937 87% 88% 8813 89 89 9034 8718 90
89 92
893 91% 9012 92
4
89 90
20-year deb 5s
8814 92, 92 94% 92 94
4
93% 96
1949 82 823 82 83 8212 8338 8213 8318 8313 8514 84 8412 8312 8412 83 843 8414 8512 837 85
Guar ref gold 45
4
8
4
837 84% 83% 85
8
12
993 100% 9912 99% 98% 9912 99 100 9914 100
4
99 100
8
4
,
N Sh Br 1st cons gu 5s_Oct'32 100 100
98 99 4 99 99% 10012 1003 9912 1003 9914 100
%
9934 100 100 10034 993 1003 101 101 101 102
Louisiana & Ark 1st 5s_ _ _ _1927 99%100 100 10112 9912 10038 993 100
4
4
99% 10112 100 101 10018 101
4
84 85
Bridge gug4s_1945 83 8412 84 87
8514 87 86% 8714 85 86% 84 8512 85 86
85 85% 86 87%
85 85
Louis &Jeff
1937 103 104 1025 1033 10414 1051 105 1051 10434 1043 104 104 10312 1031z 10212 102%
85 85
8
4
4
4
102%103 103 103 103 103
Louis &Nashv gold 5s
1940 917 9318 9214 94
9334 95% 943 95% 95 9512 93% 943 9212 94
9314 95
8
4
0288 04 9234 9334 92% 93% 92% 94
4
Unified gold 4s
1931 10012 103 10114 10114 10114 102 101 101 101 10114
10038 10134 101 401 101 10112 101 1013
Coma Trust gold 5s
10034 101
4
1930 10612 10712 10534 107 10612 107 10612 107 106 10712 iO/ 16618 107 107% 10612 108 1055 10612 10614 10712 10614 16g 2 105 10614
- 18
10 Yr secured 7s
8
8
!
4
4
4
8
4
4
1st & ref 5 ; t4 Series A...1003 10414 1063 10512 10712 105% 107 1067 10818 10514 108 1067 10812 105 108% 105 1053 1047 107 10312 10612 106 1073 1063 1073
2003 10134 103 102 10318 102%103% 102%1053 104 105 102 10458 10118 104% 10114 10312 103 105 10112 10418 102%10412 10312 10712
4
1st & ref 58 Series B
8
94 9512 945 97
93 96% 927 945 94% 9512 9314 95 9314 95 4 94% 967
8
s
4
8
,
1st & ref 4'(s Series C.._2003 92 9314 923 93% 92% 9314 9318 95
_
10414 1047 10414 19414
10412 10412
6s _ _1930
8
107 107 107 107 104 10414 104 104
N 0& Mobile 1st g
1930
104 110312 10312
662d gold 68
11
9118 9118 in- - 8 -8958 91
91 -5- 7 III;
8
91
665Paducah &Meat Div 4s_ _1946 893 89% 8914 9018
6/16212 6212 -#if3 63 6112 - 2 62 65 -65r8 6458 63 64
6318 6612
61 64
64 6512 66 66
St Louis Div ad gold 35..1980 6212 63
96 9614 97 9714
- 8
6i34
9712 9712 9712 9712 983 100%
97 97
Mob &M 1st g 4%3_1945 97 97
L&N
83 8438 8218 8214 -8. 8 _1952
664
8
2 668 837 86 4 85% 8612 8312 85
8313 8412 831 84
8312 84% -8312 85 -5;1 ,
L & N-Sou Mon Joint 4s__ _1931 8112 82
4
4
4
8
4
99% 9918 9818 99, 9914 9938 9914 9914 98% 9814
9818 9918 985 983
9812 98% 983 983 99 993
4
Louis Cm n & Lox g 4("611_ _ _
884 8 1 2
8
99 10114 013 108114
101%1017 1017 103 103 103
8
_
Coal R R 1st 5a.. _ _ 1934
Mahon
/
1
661 62; 624 6318 62 62% 595 60
601 6 2
60 6012 59% 6134 5 '2 61
614
: 62
8
9
-noi2 - -iii4 114 -62ai8 145i
Manila It R Sou Lines 4a-1939
6312 6312 6512 6512
1959
64 64
6614 6714
1st 4s
9812 9812 99 9914 100%10018
8
99 100% 99 9915 9958100 $
Manito SW Colonlz g 5s__ .1.934 9714 100 - 9918 9912 98% 99
81
825 82%
8
568.1941 84 84
81
8
-018 163; 818 113---- -8
Man GB &NW tat au 3
61
1931 1007 1007 ioi- 1- 10038 1001$
8
$
jaii1 1614
993 993
4
4
---Central 58
Michigan
1931
16614 10014 10014
64E621- 64
6
Registered

ioaE,

hi




THE CHRONICLE

162

[VoL. 122.

1925—Continued.
•
BONDS

6
'

June
July
Apr.t
May
March
February
January
August September
October
November December
Lou, High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Michigan Central (Concluded)
8
9114 9114
1940
9112 9112 91% 915 91% 92
903 90% 903 90% 9214 991 9214 9214
4
48
Registered
90 90
-Si- Is- -8112 11-12 -33 ss 8538 86 8412 8514 85 85
%
1st g 3Sis...._1952
Jack L & S
-8312 8312
8114 83
9738 9734 9712 97% 9712 97% 97 97% 973 98
1929 5512 9738 97 9714 97 9712 97 98
4
20 Yr deb 45
9638 - 938
77 97 8
77
1i 978 9712 98
4
9112 88 88
92 92
917 92
8
91
91
Midland of NJ tat ext 548_ _ 1940 91% 9312 91
_69012 _99 11 9_0_ _9_238
991 7
i
9312 9312
.
_
4 -- 5
10038 1003 1651. 10 3 100 100 4 100 100
8
,
0
io5- 166M L S & West ext s f 58_ _ _ 1929 10014 10014
11 514 100;
)
- 1
-8812 - 2 8712 89% 8512 8512 8734 94 89% 8938
441Mil & Nor 1st ext4s(blue) 39
94 94
94% 9412
8
85 883 83 8512 86 877 8718 8918 9018 9014 -8912 - - - -55- -8
(brown)._ 1934 88'8 9112 885 89
4
96
Cons ext 4
965;
90% 9118 9214 9312
4
4
8
4
8
4
883. 8914 873 81.3 88 883 8814 88, 86 877 8618 87
88 89
88 88 87% 8712 8714 873 88 8812
Mil Spar & N W 1st gu 4s.. _1947 88 89
4
80% 80% 8112 811Milw & St L 1st gu 352s_ _ 1941
81
81% 81%
8
9918 101
99%100 101- 1013 1013810135 10218 10218 302 102, .02 102
8
8
Minn & St L 1st gold 75....1927 98% 99, 101 101
10234103
81102 103
1.
6178 62 60 60
1934 513 5 8 53% 59
,
59 5912 58 58
583 62% 59% 60% 59 8 62
4
4 57
1st cons gold 5s
1
57 57 -55.8 1414
5912 5912 59 59
__
5818 60
Temp ctfs of deposit
5612 504 MN
-534 1 4 20 2278 -224 237 -1914 23 20% 2178 20% 2212 2014 21 2014 5614 201-2 22
21 WI; -1
221-111st & refund gold 45_ _ _ 1949 -21- - - - 2 218 26
21
14% 16
1512 16% 153 17%
15% 16
4
4
Ref & ext 5s Series A__ 1962 16% 1714 18 2114 15 183 1312 1412 1312 18
15
1512 1412 1512
1927
10018 102
hit guar g 78,
4
4
86 8812 8412 863 -8412 8614 843 16% 85 Ig3- -131‘ 86
8
85 853 85E31 I41- 8714 877 8735 88
4
M St P& SLM 4s stpd___ _ 1938 8612 8718 8714 90
4
8
1938 9814 99
4
983 99% 98 1007 9478 9878 9518 96% 953 97 4 9612 97: 9512 96
4
,
95% 95 4 97%1003 98 9918 97 9912
8
1st cons Is
3
8
8
1931 102%104 10334 1045 103 10434 1027 1043 103 1033 10214 10314 10212 104 10212 1033 10212 103 10212 10312 103 103 3 1023 104
4
8
4
10 Yr colt tr g 6Sig
4
4
,
1996 100 103 101 1023 100 10012 100 10018 100 10012 10018 10012 993 100
99 9912 983 100
8
8
4
tat & ref 6s Series A
102 102 10012 101 101 .102
1949 843 88
88 9012 85 881,, 833 847 8412 8612 8314 85 84 85 8314 84% 8812 8512 8412 8818 8 38 91 142 89 90
4
/,s
4
25 Yr g 5,
8
,9814 9963 8
5312 :
stpd___.1926 9912 993 9912 9958 99% 9934 99%100
4
Mg 10018 9914 99% 99% 993 993 993 993 993 993 100
4
4
MS SM & Ati 4s
4
4
4
4
9934 993 9978 997
g
4
933 933 93 9314 93 9318
8
8
7
7
7
4
93 93
92% 9212 923 92 8 92 8 92 8 94
Mississippi Central 1st 511_.1949 91
93 93%
8
7
4
4
3
4
Mo,Kan & Tex 1st g 4s___.1990 803 823 8112 82 4 8014 82 , 803 83 83 8512 84 8512 823 83 8 -8214 84 8312 8412 314 8414 83 4 84 2 8414 85
3
,
-Texas RR—
Missouri-Kansas
..1962 86 -907 90 92
8
9312 9512 94 9534 937 95 4 9214 9514 95 96% 95% 9614
90 94
90 92
8
Prior Lien Is Series A.
,
9614 9714
8
7412 75% 73 76
1962 7114 75
78 7914 78 797 78 79 4 78% 80
773 80
4
73 78
3
40 Yr 4s Series B
%
78% 80as 78 80
78% 803
4
1932 0112 1023 102%104 102%103% 10318 10414 10312 104 10214 1037 103% 1033 1023 103% 10218 10318 10218 10312 1023 104 102 10314
8
4
4
4
10 Yr 6s Series C
4
81.2 87
82 847 84% 87 4 84% 863 85 9134 89 9278 887 90% 88 893 8814 90% 8914 93
8
8412 88
4
4
3
— Cum adjust Is Series A 1967 763 89
8
4
-Missouri Pacific R R Co
3
4
863 893 87% 8912 88 8914 883 903
8
4
8
1st & refund Is Series A_1965 83 873 863 8812 85 88 8 8514 8718 8718 903 8838 903 8612 8912 8638 89
4
4
4
4
3
8
4
1st & refund 58 Series C.1926 00 1007 10014 101 10014 101 10018 10012 10018 100 8 100 1003 100 10018
8
8
4
4
1613- 1551.4 1- -1- 101111031,, 10113 16411st & refund 6s Series D_1949 99 101 1001210218 10014 10112 993 101 1003 10214 1007 102 100 1013 i545- 101
4
01 2
4
1955
100%102 10018 10114 9958 101 1003 10112 10014 101 1003 101% 10118102
8
• 62
4
2
1975 ( .is Wiz; -Sirs 161- -6212 66 -55/ - 45; 64's 67 6414 67 64% 66 4 64 65 6412 6514 64 6514 64% 66
3 63
,
General 48
65 6612
_-_8518 853 813% 86% 85% 87
8
4
Mo Pacific 3d 7s ext at 4', -1938 843 84% 87 89% 87 8714
-- 8614 -8-8-84 8714
- 65- 166- - - — _ 10318 10318
1
_-__
99 99
Mobile & Birm pr lien g 58_1945
__
_-__ _ _ _ _ _
_
76 76
' Small
1945 -7618 - 8 76 WII- 78 7812 78's 7818 -i5j 163; 803 91
8018 8018
8
8
/614
Mortgage gold 4s
- -- - 793882
iO
Small
2
- 8
- 2
4
8103 108'S 11)0 102/4 1031- 1023 103 2 1023g 10359 105- 10314
Mobile & Ohio 1st g 6s_ —1927 1023 10312 1027
,
f6i1- 103- 1641; 103 1-641 1027 103',, 10135 16234
-4
8
102 10318 10112 103;
8
8
1st extension g 68_ _July 1927 10212 10212 102 103 1025 1025 10212 104 10212 10212 103 103 102 102
1013g 1013
8
1938 8112 87%
90 9018 90 90 8 2 90
90 90
8818 8818 90 90
General gold 4s
90 90 90 90 81 89
,
89 90
Montgomery Div 1st g 5s.1947 9778 98 -584 8 465; 9618 99 9878 993s 9959 9934 100 101 99% 10038 9834 99 9812 99 9812 98% 9834 100
100 100 100 100,2 100 10012 150i2 100
99%10014 10014 10014 95 1001
8
St Louis Division 5s_ _ _1927 100 10014 100 1003 100 10012
,
- 12
843 85
4
Mohawh & Mal 1st gu g4s.1991
85 2 8512 8513 8512
,
1937
11134 11012 110%113 109- 110 no 116- 10912 11212
1103 110%
4
Mont Cent 1st gu 665
1937 10118 103 102 102 15134 1613; 1512.
1021 16414 10214 10214 10312 10312 10112 10112 101 101
4
4
1st guar gold 5s
ioi- 1644
763 8112 7734 7812 .78 793 80 82 80 8112 8012 8112
Morris & Essex 1st gu 3)55.2000 7634 78
8
4
77 2 777 77% 7912 79% 795 777g 78'2
,
8
8
8
4
8
4
Nash Chat & St 1.1st 5s_ _ _1928 10018 1013 10114 10112 10114 1015 10114 102 1013 102 101 1013 10114 1015 1003510112 101 10112 101 102 101 102 10114 1013
4
4
10 11018 101%102
Fla&Sheff 1st go g 581937
99% 99%
100%1007 101 101
8
Nash
101 101 10118 101%
National Ry of Mexico—
Prior lien 50-yr a I 43.8_1957
19
19
July 1914 coupon on - - - _
-ioi 16- 15 -111- 1412 1734 1638 18'2 1412 17 -11 -434 1314 li18 -1514 1714 16l 1934 1718 164 -1678 1834
s
Assenting at red June coo
2
July 1957 1914 11 4
-3Assenting 5 1
15 - 1314 1314 -11 -- .1- - 14- -163If1- -19- 1i- -So- - 4
2
4
16 4
Gen s f 4s assent redeemable 1618 1918 177 -ii7; 15 114 1412 17 -1614 1734 14
3413,
Nat RR Mex pr lion g 4568_1926
24
2412
July 1914 coupon on
-2412 -161- 24 28% -2712 33 30 - -55" 343;
41-12
29 10- -55- - 4 2613
Assenting with July'24 coup 30% 3212
411951
First cons gold 4s
13% 15
4
14
15
8
1412 17% 16 4 163 153 163
153 13% 1314 113 15
4
163 1514 18
183 15
4
4
Assent with Apr 1924 cour 173 20
,
4
4
4
4
94% 94% 94% 943 943 95 94 94
96 96
9512 9512
4
New England RR cons 55_1945
94 1013
8
1945
4
_ 81 813
793 81
4
Cons 45
81
81
1986
8313 84
86 86
NJ June R gu 1st 4s
8418 841,
6i6i19-12 -85- --41; -55- 16- 8978 9078 -5ii2 - -9014 9214 -S514 - -554 - -654 if - 9034 92 9112 9212
- 4 33
.
66N 0& N East ref 41is A_ _ _1952 86 87
82% 84% 8318 8414 82% 84 8112 82% 82 8238 8112 8131 81% 8412 83 843
New Orleans Term 1st 4s. _1953 8014 83 8214 84 8014 83% 81 84
,,
8
4
8
NO Tex &Mex 1st 64 Ser A_1925 101%101% 10012 1013 10012 101 100%100% 10018 101, 10014 1003 10014 10014 100 10014 100 100
4
4
4
667:, -564 97
8
Non-Corn inc.58 Ser A_ _1935 92% 9414 93% 943 94 963 94 967 9614 9814 9612 97% 96 9714 9518 963 95% 973 -952 9738 -55- 4
1954 9012 91, 9114 92% 913 923 9212 9514 95% 973 9612 973 94 97
94% 95% 9412 96, 953 Ms
933 9512 9412 97
g
4
4
4
4
First 53 Series B
4
8
4
9914 10114 1007 10112 10114 102 10114 102 - 101 14 1023
8
s
,
1954 98 99 2 9914 003 993
810012 997 1007 1003 10212 10012 10214 1001g 102
4
First 53-55 Series A
4
4
4
8
4
4
_ 10014 1003 1003 10318 10012 10218 9912 1013 0914 1013 1003 10112
Temporary
48
- 5943 94%
8
9418 94%
3
9434 -64-3-4
-- 9318 93 8 ---3
-- 93 4 93 4 9418 041,
3
Npt & Cin B gen gu g 4348_1945
934 100
4
99% 09%
9914 9914 99% 9938 993 993
4
4
Y&Bklyn&M B cons g 581935 9978 100
N
8
1663; 10812 1093 10812 109 - 10812 1087 108 10878 107 168 , 1554 1-6i58
4
-1f
NY Cent RR cons deb 68_1935 11114 11712 11211 117 4 107 11612 106 10912 106%1093
8
11514 11612 11314 11612 10712 11518 106 10812
- 10814 10814
.
Registered
84 - - -iii 162 -8314 16- -LA, - 2
1998 823 85 83% 8412 8314 8412 83 8 8614 8518 87 85% 8714 84'2 87 -8218
1414 ;
3
4
Consol 4s Series A
461903 9178 9112 923 0114 93 91% 93% 92% 9312
8
913 93 4 92 93%
4
4
,
8
s Series A2013 887 9118 9014 91, 90% 9114 9012 92
4
Ref & Impt
8102 101%10214 101 10214 4564 fliff, 99%10112 100% 101% 101 10112 101 101, 101 1g 102
,
4
Ref & lmpt 58 Series C2013 99 10012 100 101 2 10018 1013 1003
2
1003 100%
4
9912 9934
10014 10014 10118 10118
Registered
, 78 2
75 78
77 7918 7812 7912 773 79% 76% 7918 7714 78% 77 2 " -1- 7614 778 7714 78
8
763 78
4
,
NYC &HRgmtge 3i58-1997 75 78
78
77 77
7612 77
781g 7812 7814 781: 76
1997 7412 74% 7512 76
77 77
76 77% 74 78
Registered
%
76 771,
4
9478 953 9212 9514 9312 9518 93 4 9412 93% 9413 9312 9414 933 94%
9414 96
,
1934 9314 94% 94 953 93 4 96
4
3
Debenture gold 4s
4
9214
923 923
4
923 923
4
4
9212 9312
---- -.4
Registered
9214
41-12 91 91
9114 9218 9J8 9159 9212 9212 -9113 8
30-year deb 45 of 1912-1942 9114 923 -9114 Via; 91 92
-95‘ 163; 9012 92
93 93
Registered
4
79 7 4
4 0
743 7512 7. - - 1- -iLi2 77 -762 7812 77l 777 -7612 7713 76 7612 76l3 77.l 753 77
4
4
757 701i
Lake Shore coil g 334s__1998 743 76
7528 76
_ 7412 745,
1998
8
74 743 753 75% 75% 7614 76% 79
-75 7714
4
Registered
74% 75
7813 753 7631 763 7712 76 77, 76 78
8
8
-- 763 7818 78 78% 7,7 6
-- -3- 76 77% - - 7 4
8
4
Mich Cent colt g 335s...1995 75 76
783 80
8
7612 7612
1998 ---- -75% •75 8
,
Registered
79 79
92% id
7
- 92- 941. -9314
8
4
N Y Chic & St L 1st g 45
-1937 91 9212 92 9414 9112 9214 92 94% 923 9438 92 8 933 92% 94
804 9314 95
-931
89 89
Registered
9213
4
953
2
IS-1- -35414 - 4 -934 9413 94 9434 93 - 3 -9441 -461- 9218 9512
2
-4
94 943 -55E3 - 2 9428 143- -5412 1617
6614725-year debenture 4s_ ..1931 92 8 96
2 947
8
8
4
7
2d &'mot 6s A B & C_ _1931 10212 10314 1023 103% 10234 10412 103 103 8 10318 10312 10318 1035 102591031,, 10212 10318 10212 10318 11)212 1031„ 10218 103 102% 103 4
,
4
9612 9814 96 973 95% 9712 9612 983 9612 6712 97% 9812 9778 9978
95% 98
A_I974 93 8 95
7
8
9412 9618 943 9512 95 96
Refunding 5)55 Series
4
9218 93% 9118 9212 9014 91
93
9214 93
91% 9214 91% 9212 91% 93
NY Conn 1st go 4iS s A--_1953 90 9118 9118 9212 9112 9212 91
9218 93
89 89
1947
89 89
89 89
8912 8912
Erie latest g 48
N Y&
---9513 9510
641
_ -5373 - 2
1923
3d ext gold 4355
-fp-- Ift
---1002810038
1930
0
99 9914
165- 1- 4
10 % 10112
4th est gold 58
661io5- 1661928
671;
9712 9712 -57i2 5th ext gold 48
93 9334 9312 9312 0212 931; -8314 94
90 94
91
1947 92 9238 92% 9212 92% 9212 91
N Y Greenw L gu g 5s
783 783 80 80
4
2000 7814 7814 75% 7812
4
NY Harlem g 33s
rriE8 79
NY Lack & West
10012 10012
10012 100%
4
1st 8c ref guar 4355 Ser 11_1973 10014 1003 1001210012
99% 10012
10512 106
HA- 166- 10712 107'z
Erie & West ext 78'30 10712 10712 -NY Lake
107 107
10013 1661;
1943 993 993 993 993 99 99%
4
4
%
4
4
Dock & impt ext 58
1003 100 4
4
3
663; iigirs 1161; 998 1001z
4 -i2
1
31932 993 100 99%100 100 100% -99 8 113 4 -551 fo-o - 19918 14
100 810038 loofa 13
N Y & Jersey 1st 5s
6614 10014 101
48.1941
9112 9112
-NY & Long Branch gen
N Y New Haven & Hartford—
4
4
8
67 67
67 67 6518 6612 6612 6612 643 647 643 65% 6012 6518 66% 6718 6712 68
6434 68
65
Non-cony debentures 48_1947 61
6812 7112
_
60 60
Registered
66; -6012
661-6i112 - 2 -56- - 4 0(12 6112
1947 55% 5618 60% 6018 -5812 66 +513i2 581- -S5i2 61 - S5i2 591,
-Non-cony deb 3355
-5634 - 441;
57 57% 6512 5S
56 5712 5514 5512 5412 57
1954 55 8 567 56 60
56 59
55 5812 56 60
3
8
334s
5658 5759 5714 62
Non-cony deb
6012 63 62 6334 62 6312 63 6612 67 6912
7x
1955 60 63
6212 6318 63 65 6212 64% 62 62
6212 65 63 65
Non-cony deb 48
63 8 01% 633 62 63 63 66
7
4
623 6334 6138 6212 61
5
1956 56 6312 6212 65 8 62 6518 6112 6312 63 64
4
Non-cony deb 48
65 70
56 5618 56 57% 56% 5712 5512 57
,
8
,
8
Convertible deb 334s.__ _1956 56 5734 55 8 5912 5512 58% 65 8 667 53 6712 56 58
55% 5814 60 617
90 91% 90 94
4
34
1948 87 9014 88 92
9114 9431 9414 97
877 9112 8614 88% 873 9212 9114 9212 90 92
8
Convertible deb 68
96 981,
8834 883
4
88 90
88 88
,
90 90 • 88 8814 8513 8712 86 4 8818 8814 90
8312 84
Registered
92 94
94 90 95 9612 86 9512 963 93 96
91 9312 90% 96
1940
4
--97
Collateral trust 6/4
94%100 -0514 9714
5588 1- 4 -9921—_
605661;
7sEuropean loan dollars_1925 97 100
75 European loan francs_1925 96 99% 9814 10018 99%10018
573 61 - + 18 -663; 591. 601:. 5934
4
.7 5- 2
66- -5 54 - 61-155% 6012 64 6018 -SA - 2 -LS- 11 4 57 3
1611957 53 4 57
3
6
4
Debenture 45
61-- 5(134 - 1;
59
63 4 6312 63 63 59 6014 58 59 5912 5912 59 61 61 ,
61
(3318 66
Cons Ry non-con deb 48 1954 55 55 62 64 6318 64
6114 59 62
59 6014
623 63
4
6314 6314 63 63
- - 62 6312 64 64
61
61
6018 62
6212 66
Non-cony deb 48 J &J 1955
58 59
4
4
5712 631. 623 623 61 61
631s 6318
62 64
1956
581 i 62
Non-cony deb 45
8
4
4
10012 10012 66- --- 1003 100% 100% 1003 10034 1003
NY & Northern 1st g Is. _1927 ioo- 17012
6712 7014 6884 70
68 70
12
5584 - -8i3- -6712 14- 674 09
6 4
NY Ont & West 1st g 98 J 1992 67 6812 65 6934 66 69 6578 6714 67 662 67% 70
4 64 65 6314 6412 62% 65% 64 64
3
1955 6318'68% 65 6912 63% 65 63 63 8 6312
6212 6312 63 647 64% 65
8
General 45
_
65 65
Registered
---NY Prov & Boston gen 45_1942 86% 8618 8612 8612
8714 8814 8735 -664
2
,
1-45i4
-5: 54 - 4
- 4433
NY & Putnam isle go g 4s '98 8214 82 4 83 83 83 85 -gift; I51- -gi6
1003
81003g 100 10014 Hi( 1- 6- 100- 166 100 100
995 100% 9028 100
8
-- 100 100
NY & Rockaway B 1st g 58.1927
69% 7114 69% 7312 713 72
7114 74
4
8
0 75 -6911 703
73% 76
723 75
4
8
4
743 77
73% 75
West 1st ref 555'37 667 74
NY Susq &
-5918 5918 61 61
1937 6112 62 68 68 6412 6412
6112 63
63 63
Second gold 4358
-55- 12 60 • 60 61% 64 60 6112 01 63'2 63 63% 63 6412
-5;
60 65% 60 61
63 66
1990 601g 64
General gold 5s
97 97
97 97
95 . 95
9312 9312
93 93
Terminal 1st gold Is. _ _ _ 1943 94 94
66 693 66 69 67! 6884 6712 6914 6712 69
8
6817 0734 -693,
7014 -6211 69 6314 66
g
4
N Y•Westches & Boa 1st 4145'46 597 623 61
4
81 18 82% 813 823 8214 855 Ft 1
82 83
843.4
4
8
- 821; 7'1 821,
4
4
rects_ 1950 813 841, 803 8234 8014 821* 79% 82
Nord Rys s f 614 int




100591-6612

JAN. 9 1926.]

163

THE CHRONICLE
1925—Continued.

BONDS

February
April
January
May
June
March
July
August September
Orb ber
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

713 73% 7134 73
4
8
5
7412 6912 803 84 80 813 7914 81
Norfolk South 1st & ref 5s A '61 703 72
7912 804 78% 7912 7712 787 7712 78%
713 74
4
4
8
943 9618
4
96 96
97 97 967 98 97 97
Norfolk & South 1st g 5s__1941 954 96
963 97
8
4
9714 9714 9612 9612
4
8
10712 10712
Norfolk & Western gen g 6s '31 1065 10718 1063 107 10738 1073 ioi- 108
8
107 107 106 10812 1963 1084 106 107 10612 1- 616 2
8
65.1934
Improvement text g
66_ 1084108%
lois- 1167- 1067 1
-2
New River 1st gold 6s_ _ _ _1932
1674 10/ 1574 1671- 10634 10684
- 14
4
Norf&W Ry 1st cons g 481996 88 897 8812 8912 stun 9114 89 913 -9118 0212 i4 923 893 9114 88 9014 893 9012 -55i2 89 -554
4
4
4
-854 118
1996 86 86
Registered
8712 89
89 89
1944 8814 90 4 -554 lib; 554 161- -554 92
5538 5114 8812 9112 -554 Ills -554 - -1- 8714 8714 -5(12 - - -55i4
90 92
2
Div 1st & gen 948
,
111 2 9014 9078
61
1929 128 13312 127 131 12758 134 12512 13212 129 132 12814 130 128%132 1313 13912 1311
Yr cony 6s
10
/
414012 13714 141 138 1484 1464 15112
4
Pocahontas C & C Joint 48'41 91 93
8
9112 91% 915 92
9112 9314 914 91% 9114 92
9012 913 9018 9112 9014 904 90% 911 914 9112
9014 92
4
/
4
_ 102 1023 10178 102 102 10214 102 103 10218 1027 1023 103 1003 10112 10112 102 1015 10212 10212 1023
North Cent gen & ref 5s A _1979
4
8
8
4
8
4
Ohio 1st gu 9 58_1945 87 8712 8714 8758 87 8 94
Northern
86 87 86% 8712 8914 8978 8814 8914 8714 89
3
87 89
s
8712 87% -574 1618712 89
Northern Pac prior lien 48_1997 8414 8514 84 8612 84 85 4 83% 843 8414 8614 8514 87 83% 8612 83 85
3
4
833 85
4
8418 84% 837 86
8512 87
8
Registered
8314 844
8
83 4 83 4 823 8314 834 8412 845 8478 834 843 824 8218 83 83% 8314 83%
4
3
4
3
84% 855
8
8
Gen lien ry & lin 38 Jan 2047 6012 613 -isof 62 6012 613 60 61
604 617 615 6218 60 .62
8
2
4
6012 5914 601, 60 603 604 61
614 6114 6212
4
Registered
4
593 593 60 .60
4
5.08 593 594 593 60 60
4
5712 5712
4
Ref & impt4Y Series A_2047
es
8
8
8618 8712 857 87 85 8614 833 863 8618 87 -551.
84 8514 4
144 15 4
2.
-85i2 - 2
6/11
2
Registered
853 853
4
4
Ref & impt 6s Series B_ _2047
- 2
107 10812 107 1651- 1155;16/2 1055* 10784 i05416/1- I5512 1073
-- 8
- 1- 2
1554 1111- 1551416i- 10612 1081, 1574 1- 2
2
611Registered
105 1067
8
Ref & impt 5s Series C__2047
-964 977 -574 977 -554 If 95% 9712 9634 97, -554 97
9614
4
-554 - -554 16- -551-4 IF! -574 - -1i
55
4
Ref & impt 5s Series D_ _2047 952 974 963 97% 97 98 96 9714 9514 9712 9614 97
9512 97
94% 96
9512 97
4
9512 963 964 973 9714 9914
8
4
8412 8412 8412 8514
St Paul & Duluth 1st 48_1966
8
— _ 843 84% 85 85 8514 854
84% 84%
- -North Pac Terminal 1st 68_1933 10914 14661i
16912106 10912 109% 1094 109% 1093 1093 1054 1061- 1093 1093 10912 10912
8
4
4
12
8
4
10912 110
Northern Ry of Calif gu 58_1936
10514 16614
- _ 102 102- io54 10314
North Wisconsin 1st 6s _ _ _1930
10412 10912 10334 1611s
4
Ogdon&LakoCh 1st gu 9481948 7112 72
74-12
4
7412 758 -ilia 73 -75- - - 4 -727 733 7212 Vi1- -7233 7312
7214 73% 7212 75 -7:14 75
4
713 723 72 72
4
Ohio River RR ut g 5s _ _ —1936 9814 9814 99 99
_ 100 10099% 99% 98% 983 10138 10138
10018 10014
4
111_ 101 10112
General gold 5s
1937 99 99
99 99
984 987 98% 9918 987 987
8
100 100 99 99
ioo100 100
s
s
Oregon & Coat 1st gu g 5s_1927 100410112 1554 1018 10012 101 10012 1013 101 1013 ioi- 1614 1005 101% 10012 101 15034 15134 10012 1 -11- 10018 101 10012 101
8
8
s
- 7
- 8
0
Oregon RR & Nay con 94s-1946 8814 89 884 89 884 89% 887 8938 89 9012 9014 90% 89 9012 89 8912 8914 893 85% 897 89% 9012 9014 9012
8
8
4
8
Oregon Sh Line 1st con 9551946 1035 10518 10414 105 1043 10512 1043 1064 106 107 105 10612 104 10418 103%1043 1003 1033 102%10314 104 10418 104 104%
4
4
4
s
4
Guaranteed con 5s
1941 103%105% 1044 105 1043 105 105 106 106 107 10514 10614 1043 10612 10214 104 10314 1033 10314 10512 10541054 10412 10514
8
4
4
4
4
Guar refunding gold 45_1929 96% 97
8
4
4
963 977 96% 9718 963 974 97 973 97 973 974 9734 96% 973 973 97% 964 974 97 97% 96% 974
4
8
Oregon-Wash 1st ref 48 _ _ _1961 8134 8217 813 83 81% 83 82 83% 83 85 83% 8412 81 84 81% 83% 82, 83% 824 83% 82% 83% 83% 84
8
4
9114 92
'Deltic Coast Co 1st g 58_1946 82 90 854 94
8
8
9118 92
9112 91% 9112 93
911 91% 915 915 91% 92
/
4
905 93
8
905 94
8
9412 97
92 92 90% 9112 90 90
/
4
PacifieRR of Mo Is text48_1936 9018 985
91 9214 914 91% 913 92
911 92
90% 90% 91 91
4
92 92
8
9912 9912 99%100 9812 9812 99 9912 9912 991
2nd extended gold 5s_ _ _1936 9814 98%
/
1
4
993 99% 9912 100
5
/
4
4
993 1004
Paducah & Ill 1st s f 41 8_1955 9412 9412
4
554 - - -3;
9512 9512 943 95
4
4
95
14 2
2 - 1- 95 1614 9512 953 96 96
7612 79 -754
Paris-Lyons-Med RR 6s_ —1951 79 80% 763 z5
7512 783 76 80
-754
73 773 7014 77 74 7914 75 7912 754 77
/
1
4
4
4
4
Sink fd esti 7s Inter rects1958 8612 89 8514 873 83 8618 8014 8512 8312 873 85% 87% 8414 86, 8414 86 2 85% 89
8512 8814 83 85% 824 8514
,
4
4
8
8
Paris-Orleans RR s f 7s_ 1954 87 90 85 87
4
8
83 8614 80 84% 82% 875 8418 8512 84 857 83% 853 8514 8814 8412 87% 83 8514 8212 85
8
8
9814 100 9914 100 100 10118 1003 101 1003 101 10038 101 1003 10112 1003 101
Paulista Ry 1st & ref 7s_ _1942 97 100 9712 9912 97 99 98 99
4
4
4
95 9514
9212 95 943 9512
Penn RR consol gold 48_ _1943 95 95
4
9314 94%
9218 9218 923 94
91% 92
913 96 -564 114 -55i8 9184 903 9112 1
9212 O112 9214
Consol gold 4s
4
1946 90% 915 8618 91, 913 93 92 9314 9212 944 9214 93
4
2
8
91 91
4
Stamped dollar bordi_1948 9012 9112 9112 913 93 93
9214 923 924 92% 9214 923 9218 9212
917 9212 9112 92
3
4
4
9912 100
9914 99% 99 100
9812 99
4
Consol4lisissueof 1915-1960 984 100
97'2 9884 98l 9914 973 984 98 99
983 99% 99 99% 994 100
4
8
8
8
93% 94%
General Cis Series A- 1965 93 95 9314 9412 94 95 9214 9412 93 94 93 935 9218 93% 914 92% 9212 935 9212 9312 927 94
8
4
,
4
8
General 55 Series B__ - -1961 10118 103 10214 1033 1021210312 10112 10312 10112 1027 10114 1023 100 102 4 993 10114 10114 10212 1014 1017 10114 102 2 10178 1034
,
4
4
4
4
3
10-year secured 78
4
8
4
1931 108 109 10812 110 1083 10912 1077 10914 107%1083 1074 1084 10712 10812 108 10834 108 1083 1073 1083 108 1083 108 10812
4
4
4
3
15-year secured 6hs.—1936 1093 11012 11018 III 1103 11112 1103 110% 11014 110 4 110 1103 10941103 110 111 11014 1113 11034 11112 11034 11112 111 112
8
8
4
10912 10912
Registered
-51 - 2 -574 161- 9814 Vise
5734
97% 9812 -574 Ills -974 - - - -574
98!40-year 5s temp
1964 977 183 973 984 974 98 9714 97% 9714 98
2
4
4
Pennsylvania County—
847 84% 8612 87
8
8614 8614
Guar 31 cell tr roil ctfs1937
,Xs
84 8414 8284 165- -5Z4 Ii12
-8314 8314 83 83
2
2
Guar 33s coil tr ctfs 11_1941 83 8312 -55- 161- -55- lifs -154 834 8312 8312 81 84
82 82
83 83
83% 833 82 82
4
,5strctisSerC_1942
8215 8218
Guar g 31
---18 8218 813 82
81% 82
82 82
4
Guar 31istr ctis Sor D_1994 ____ -- 82 1i4 8212 82 2 8214 824 8214 8214 8214 82% 81's 8184
1,
957 9614 96 9614
8
9514 95% 953 96
8
4
4
Guar gold 15-25 year 48_1931 9414 95 95 953 9434 95% 954 95% 954 953 9514 953 9514 9612 95 96
8
8514 8512 84% 8612
8514 8512
4
4
8
40 yr gu tr cas 4s Ser E-1952 85 8512 854 85% 85% 86 8 8514 864 8514 8514 8558 855 853 853
,
7912
g
8
773 798 784 794 78l8 ---- 783 803 80 8012
4
7914 823 7914 80
4
7712 79% 79 81
Peoria & East 1st cons 48-1940 78 79 7815 79 78 79
3412 373
4
/
1
3318 367 334 347 3314 3512 33% 3412 32% 3614 3438 36
8
8
3158 32 4 32 36
Income 4s
1990 35 3612 3418 363 32 35
3
8
993 102 100 101 100 100%
4
4
993 1003 993 10012 99 993 99 100
4
4
4
8
Peoria & Pekin Un 1st 5Xs1974
100 1003 99 9914 995 101
8
8
/
1
98410018 99410012 997 10112
9715 987 984100
8
4
9912 100% 9912 1003 98 100
/
1
4
Pere Marq 1st 5s Sec A.__.1956 -674 1 2 iii2 9958 98 9912 9812 100
6184 853
4
4
8412 85 83% 8414 80 82 813 8312 813 8314 83 84
8
1956 812 838 813 8318
8212 85 83% 85
1st 4s Series B
4
92% 92%
.
Philo Balt &Washita 948_1943
927 1172 934 944 9312 94 9312 9358 9312 9312 9313 931 9212 9312 92% 93
)
8
4
4
8
General 58 Series B
1974 104- 165 - 1044 16614 104 1053 1055 10612 10612 108 1067 106% 10512 10612 105 10612 10518 10512 1051810612 1055 1-661- 106 1063
4
414 43 41% 4212 41% 42% 4 1 14 42%
42
40 4312 40 41% 41 43% 42 4312 4112 4318 41
Philipp Ry 1st 30-yr s f 48_1937 414 43
_ _1932
10512 10512
Pine Creek cog quar 6s_
---9614
-954 - 6)6 2
2 - 651; -9614
-554
i
964 9812 964 9918 -51 1i- -57- 164 -55- 167- -s iT4 PCC &StLgu 94158 SerA1940 96 9612
/
4
8
8
,
963 963 9814 99 8 96 961 964 96%
8
4
4
964 9614 963 963 96% 96% 96% 967 964 9718 96 96
Con 41.'s Series B guar I942 96 96
,
924 9212
94 94
953 95 8
8
3
9514 963
4
96 9612
/
1
4
Con 41 Series C guar_ _1942 ____
-is
-5i4 92 92 924
Coo 4. series D guar..1945 '893 8934 91 If 91 9114
5
,
,
934 9314 93 4 93 2 935 94
94 94 -55- 16 O's 91 18
-954
9114 9114
Con 335sSeriesEguar 9_1949 9012 91
,
- 934 9314
..-- 91% 913
9312 9312
4 021s 92'g
934 9314
.i953
Con 4s Series F guar 9.
---.
66611-554 6614 93 4 93, -144 - 2 -45- ,
4
661
1957
-564 - 2
Con 48 Series G guar
394 94 -554 Ii4
-5ti- 92 92 9338 94 94
Con 4s Series II guar_ 1960 914 911. 91 91
9434 - 4
561111- -55- - .,
2
6f3-_
5
3_ 95 9518 95% 9618 9514 953 9514 96% 963 96% -554 Ii4
s
-Con 4142 Series 1 guar._1963
94 95
614 95 95 953 9538
8
-9412 9412 95% 96
9412 945
_
8
Con 41-i Series J guar_ _1964
98%10012 99 99% 99 100
4
98 100% -554 116- 994100' 9812 993 964 994 97 9914 9814 100
/
1
4
1970 99%101
Gen 5 Series A
4
4
99 99% 99 993 984 99% 97% 99 9714 98% 98 99% 9814 99% 984 993 99 99%
Gen 5 Series B temp_ _ —1975
100%100% 101 101
-997 101
8
10014 101
Pitts & Lake Erie 2d 5sJan 1928
106- 166PittsbicK&You gh lst gu 6s1932 _
- 4
8
112
1614 I614 10218 lO2ls ioi4 16612 1005 102 RIO- 166- ioo- 1661- _- 1.564 1668;
Pitts Shen & L E 1st g 53_1946 101 16-.--- 10018 1001s
10014 10014
1943 101 101
---First consol gold 5s
---9114 9114
---Pitts Va & Char 1st gu 4s 1943 ........
IO0l 1008 10014 101
- 4
1927 100 100 ioo- 166- 1054 1661.
Pitts Y & Ash 1st con 5s
91 91%
664
-554 8912 89%
-51 87
1st gen 45 Series A
ioi- 101 10241023s
6
r96! 15512 166- H1641614 10012 101 10014 161- 10114 1- 4 ioi41)
6i12 1014102 100 1- 1611.1st gen 5s Series B
s
59% 69, 603 60%
545 54% 55% 60
s
4
57 57
Providence Securities deb 95'57 5312 5414 54 54
5312 5512 57 5912
831s 834
8138 81%
Providence Terminal 1st 4s56
66- 95 9612
66"
Reading Co gen gold 48_ _.1997 9412 151"
663- - -554 - 8 -55- 1168- -944 1641 95 96 944 95 9212 - -554 9384 941 95 -55- 561;
4
4
1997
Registered
8
94 9514 947 94%
/
1
4
4
4
4
01 94 s9212 93 -554 -618- -91- Via- 911 94 -564 9284 64 1161894 9112 88 89
Jersey Central Coll g 46_1951 89 95
88 893 89 94
4
1997 93 94 924 9412 93 9412 923 943 94 96 93% 9512 93 9412 93 94
93% 95
4
8
93 9412 935 9412 933 95
&ref 4 1is
Gen
4
4
10018 10014
9934 100 10014 10014 1003 100 2
10014 10 14 1003 10012 10012 101
8
0
10014 10014
8
Richm & Danv deb 58 stpd.1927
,
74 75
74 74
7412 7412 - 79 7938 7913 7912
Richm & Mecklenburg 1st 4848 7412 74% 75 7514
10014 10012
8
100%100% 1001s10012 loofa 101 1003 100% 101 10112 ino- fOti 995 1014 993 100
Richmond Term Ry 1st 58_1952
4
8
8
412 95 95%
9318 9318 94 9414 9413 - 2
141Rio Grande June 1st gu g 58'39 924 9414 94% 963 9415 95 93% 95 9414 9518 9414 95 94 96
5
512
518
5
7
7
5
Rio Grande Sou 1st 9 4s_ _ _1940 5
Guaranteed -----------------------6
6
-1 54 - 1- -554 16 80's 8714
164 — 161- -5:54
12
3
6/4
554 2
Rio Grande Western 1st g 4s'39 :i4 87 -0'2 Ili- 8215 8614 -544 1512 8512 8912 -554 16712
73 7312 73 735 73 75
7314 75
733 7414 74 74%
8
73 74
4
743 751 733 75% 71 73% 72% 74
/
1
4
8
/
4
5
1st con & Coll tr 4s bcr A 190, 714 74
86% 8812 864 88 8 86 8734 8714 895 8812 8912 8712 8812 8512 8814 87 8812 87% 8814 8712 90
88 893
/
1
4
3
s
8
Rock IsArk &Louis 1st 4%8'34 85 86
7314 74 2 75 77
_ 74 74
_
75% 751
4
%
8
_ 753 757
Rutland-Canada 1st gu 948'49 --__
75 4 7512
,
,
-854 8612 -5512 163- 847 8812 8618 88 2 865 89
.
853 874
8
87 87
8
2 8
8
8612 8818 863 874
Rutland 1st cons g 41,s_ _1941 8514 8514
,
ii 7512 77 76 7734 7713 8112 784 8112 7714 8214 7734 83 8012 81% 784 8014 -77r2
77 794
/
1
4
8
St Jos & Grand 1st 1st g 48.194', 7512 757 762 94 9518
951 953 954 9518 91% 9512 95 95
4
4
St Lawr & Adir 1st g 54_ _ _199(
10212 10212
1996 101- 101
-_-1
10212 10212 115. - 101
2s Gold 63
66.66194% 95
- 12 95 95% 95 95
613
668- 9
9514 953 554 16- -584 - 3
4
4
St Louis & Cairo gu g 4s_ _1931 94 943 -5:14 - 2 -. 94 1)5 -1 44 941, -544 - 2
St Louis Iron Mtn 84 South—
8
8
8
3
99%100% 99% 10012 100 10017 100 8 100 4
2
,
3
Gen con ry &Id grant 58.1931 9914 10014 99% 1005 100 10012 997 10012 9978 1007 10014 1007 9934 1007 99%101
94 947 9412 96
8
9518 9614 955 9612 9412 96
94 95% 9514 957 9518 953 953 96
8
4
1929 9134 937 933 95
951 96
/
4
8
4
8
Unit & ref gold 4s
8
015 915 93 93
8
Registered
1
87's 897, -554 16- 87 16- 86 Ii5- -8612 8814 09121008714 88' 87 16- -554 - 8
81152
River & Gulf Div 1st g 48.1933 837 854 8412 879 86 8712 8612 88
.
i
4
3
,
100 -10914 993 99 4
St L Met Rage Ter gu g 5s 19st 99%10012 9912 1001- 10014 10014 1004100 4 100 10014 10012 10012 100 100 100 10018
St Louis-San Fran(Reorg Co.)
753 7714 75 7712 764 777 75 767 763 773b 76% 777
2
764 78
/
1
4
8
8
s
8
8
727 7212 745 733 7512 7414 7612 764 78
8
Prior lien 4s Series A_ _ _ _ 1950 71
7412 7412
Registered
661; -65- 1178 -55- 161- -564 ii1- -9012 9112 -554 - 6- 9l7 04
2
. 4 1024103 2
6
863 897 874 8912 8818 91 -564 161- -564 8
8
Prior lien 5s Series B_ _ _1950 8514 87
/
1
410334 10214 102%
8
10258 103 1023 10314 102%103
4
Prior lien 6s Series C_ _ _ _1.928 10178 103 10214 1034 10212 10314 102%1035 102%10318 10234 10314 102
983 100
4
98%100
Series D_ _1942 935 9514 95 98 9712 08 9712 9934 9814 100% 994 1004 99 101) 9814 100
9918 100
98%100
Prior lien
8
8
4
4
/
4
8
9312 90% 925 911 93%
Cum ad)68 Series A_July '55 8434 891. 86 8912 86 8918 8614 8912 8918 923 894 92, 9012 937 9112 937 92 9414 91
8
4
4
,
4
Income 68 Series A_July 1960 7614 79% 7914 823 78% 8214 783 8414 844 883 87 • 897 87% 95 2 934 97% 954 97% 8718 904 8512 8818 8534 8712
1033 1033 1041
4
4
/
410412
4
10434 105 1043 1057 1053 10534
4
8
4
10413 10412 1043 1055
s
/
1
St Louis & San Fr Ey go 918'31 10512 1054
664 100410058 101 101 6114 11614 100 10158 10038 10013
3
4
4
,
3
1931 10034 101 2001,101" ion's 11634 100Is 1001 1003 100 4 100 4 1003 1001 1General gold 5s
10018 101 100%101 10012 102
41023 102 1023 10312 10412 10212 103
4
4
St L Peo & NW 1st gu 55 _1941 10212 103 10212 10312 1023
-554 -6672
93% 93%
83 8312 944 9414
St Look,south 1st gu g 95_1931 9232 93 03% 93%
133
8
7
805 82 -ilia - 4 -8212 83 -55- -6:112 78 83 -524 83 -514 165- 83 8312 833 8912
4
2
8
St Louis Southw 1st g 9s .198' 80 807 8012 8178 -564 81
8
7418 74, 7314 7314 73% 75% 734 73% 73 73
78 78
74% 78
4
73% 74
72% 723 72% 74
73% 74
2d gold 4s Inc bond Nov 1989 74 74
8
4
4
87% 8912 89 90% 8912 903 885 903 8812 90% 90 90% 8912 903 90 91
90 92
8
4
873 8912 87 90
1932 853 88
8
Consol gold 4s
8512 89
8
863 8814 874 89
4
843 87% 87 90 8814 893 8712 89
844 86
4
87% 90, 894 904
1952 81% 8412 8312 85
4
1st Term & unit 58
4
,
823 8412 833 873 85% 873 84 8658 834 85 4 8414 8514 8
4
4
8212 86
3
4
,
414 86% 84% 86 4 8514 86 4
St Paul &KC St L 1st41.8_1941 80 824 8312 85
903 903 9115 9118
4
4
9112 9112
90 9118
823 843
4
8
Trunk 4 148'47
St Paul E Grand
9412 951 95 9514
,
12
95'- 96 9618 -9614 16
9418 9412 95 16- -8733 96
St PaulMinn &Mancons96'33 9414 05 9414 94% O4
9412 9412 94 94 9214 9214
Registered
197
s
4
2
i574 116- i574 1661- 1088sl083;
2
:
93? 10814 108
/%1084 1081 1071. 1091. 1081. 16314 1084 1084 108323 1083 107 1081:
1st Cons gold 6s
2
2
- - 1053 1053
106 106
1937
Registered




81-1-2

164

THE CHRONICLE

[VOL. 122.

1925—Continued.
11!ONDS

January February
March
April
May
June
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low -

St Paul M & M (concluded)
9912 9912 9812 10014 100 10014 98% 9914 98% 98% 983 100
9814 983 954100
4
6$ reduced to gold 434s__1933 9814 99
4
983 993 99% 993
8
984 99
4
4
1933
97% 97% 98 98
Registered
9712 9712
93 9512 -65r4 94 -iiEs
93 93 *92% 93
Montana ext 1st gold 48_1937
-65i894 -9214 94
9214 9284 023 93 -654 Ili
s
Registered
9212 9212
90 90
651. 1614
4
-56E4 88 8912
6639
Pacific Ext sterl gu 4s__ _1940
88 - 1- /0 4
33163 003 10112 ioi" 10134 101 101% ioiiz 162 4 1614 1664 161" 111 1664 1611- 10034 102 10114 102 10114 102 10112 102
8
St Paul Union Depot 1st 58_13
,
81
2
83 84% 83% 8414 83 84
824 854 84 8514 83 85 8212 84
San Ant & Aran rIst gu 481943 81 84
8258 83% 83% 85
8312 8412 83 84
003 101
4
102 102 10055 1003 993 993
S Fe Pres & Phen 1st 5s_ _ _1942-_
4
4
985 98% 10012 10012
8
111 111
Say Fla & West 1st g 6s_ _1934 10712 10712
109% 10918
,
109',16618
10912 10912 10913111
1934
1st g Ss
ioi 166
10214 1611_ 10134 1013 10184 1013
4
4
- 3- 89 I9 4 -56 .
864
Selo Vail & NE 1st gu g4s_1989 89 90
8
. 66- 897 903
4
-34
1 1114 4
164 -8518814 90
8314 88 4 883 89%
4
,
7612 7812 77 78
Seaboard Air Line g 4s_ _ _ _1950 74 7918 80 80
78% 8112 7814 7814 7714 78
7912 81
774 80 80 80
78 8 79
,
79 80
1950 74 80
Stamped
763 7712 77% 82% 78 7912 7734 79
78 79 764 78
4
7712 79
7818 79% 77 4 78
7814 79
,
7812 80
Oct 1949 744 79 74% 78 4 73 77
Adjustment Ss
74 80
79 83% 80 82
,
80% 863 80% 8714 8418 8612 83 801, 85 4 88
4
,
86 87 4
,
3
Refunding g 4s
1959 5912 6514 644 6612 643 68
66 70 69% 7312 7114 72
4
4
71
72
7014 7912 7012 72
7012 713 71
;
73
713 7212
4
8
9234 953 9312 95
883 93
4
1st & cons 6s Series A I945 84% 917 9012 9212 8812 91
4
93 953 9334 95
94 95
8
1411 95
943 965 9414 96
4
8
Atlan-Birm Div 4s_ _May 1933 837 8612 854 87 864 8818 86% 87% 8712 893 894 897 8812 893 88 88% 88 884 877 88 2 88 883 8838 89
e
8
4
4
8
,
4
Seaboard & Roanoke 1st 581926 993 10014 10012 1003 100 101 10018 101 10012 101 101 10118 10018 1001 10014 10014 10014 10014 100 1007 100 100 100 10814
4
4
,
2
1936 1024 1021s
166_ 10312 1033
South & Nor Ala gu 5s
10418 10418
4
_
1963 103 10414
1951. 1651- 1611
Gen cons gu 50 yr 5s
2 10618 109 16i 16712 103% 105
4
4 - 8
1 4 10414 1641; 165E4 cal;
-W
.
Southern Pacific Co
863 847 86
4
coll__Aug 1949 84 86
:
85% 87
8
843
4
857 874 8612 881 8514 8712 843 86
8
48 g Cent Pac
85 863. 8514 8614 85 86
8
853 8714
4
Registered
81 81
83 85
Convertible 4s
June 1929 9612 97 -664, If]; -9684 If% -65i49714 -6577 9739 -9714 98
067 977 -6135 8 574 97 9712 97 973 -9714 9712 -65i4 971
8
1939 993 101
9934 10218 1004 102 1003 100% 1003 10312 10018 1004 10018 101 10014 101
8
4
Convertible Ss
4
9912 1003 997 1003 1001; 101 100 10014
4
8
4
1944
100 1003 10012 101 100 10012 99% 10018 9812 98% 9812 10018 100 100 100.2 10012 10012 100
20 yr 125s
4
12
1950 8414 8614 8514 86 8513 86 8618 874 864 88
San Fran Term 1st 4s
864 88 s 8412 8612 84 8514 85 8512 85 86
3
8518 8614 853 8612
4
1950
83 854 8312 8312 Registered
83 84
_
- 83 83
_
10218 104
_-----So Pac of Calif 1st cons Ss.1937 103 103 103 10314
South Pac Coast gu 4s_ _ 1937 943 9412
61 4
66- -65- - -3- -8712 - 7- 8714 - 1- -554 . 116- -5612 91 -66 92 -91- South Pac RR 1st ref gu 481955 8818 8011
664
668
664
-551. 16
2
-14
Southern Ry 1st cons 5s _ _1994 10014 10114 1003 102 1003 102 101 10318 102 1032 1023 1037 102% 10418 102 10314 102410312 03i818 104% i7i4 1041; 103%10412
4
8
4
8
4
i .6 1 033 1
i;
3 6
Register..
4
1994 99 9914
99% 99%
1005 10114
8
_ 10114 10114 10012 10214 10212 10212 10212 10212
743 773 754 7812 754 80
4
4
Devel & gen 48 Series A..1956 731 763 76's 78
7912 8012 7712 80 4 Tilt - 14 78 7914
76
4
,
SO
82
1956 103 10514 1043 10612 104 106 1037 106 10512 107 1053 107 105 1063 10518 10612 105 10612 10514 106 105 8 107 s 107%108
4
8
Dove! & gen 6s
4
78 79
8
' 873 89334
4 7 4
12
Dove!& gen 6%s Series A1956 1863 10612 108%110 107%110 108 1103 1094111% 10912 11114 10912 III 10812 111 1093 11117 11014 11114 11012 1114 11114 113
8
4
4
10018 1001a 100 10018 102 1023 10118 10212 10118 10178 10014 10012 100% 10114 101 101
Memphis Div 1st g 5a_ _1996 9912 100
8
10112 10112
4
St Louis Div 1st g 48_1951 854 86 -5512 168 853 871: 8514 864 8618 8612 8612 813% 8618 8712 8618 861: 8618 8714
38712 88%
8312 85
s
Mobile & Ohio coil tr 48_1938 8239 8312 0312 85 833 85
8512 863
8
84% 88% 8612 87% 8418 8718 837 85
8
86% 873
8
8
8855813 87148_
So Caro & Ga 1st exit 5%8_1929 10012 102 10112 1017 101 10114 10112 102 10212 103 10212 103 10112 103 10114 10112
- — _ _.
181374 1013 2 10114 10112
0 8s 888714
6
4
8514 8712 85 85
834 8414 83% 8612 85 86
Spokane Internat 1st g 5s_1955 8312 86
84% 84%
78
_8138 532 88 88
_ _ _ .1
86 86
Staten Island Ry 1st 4%8_1943
_
10112 10Superior S L 1st 5s_ _ _June 1930___
2
- -1TemAssnofStLIstg4As_1939 9514 ---- -OEis 07 - -65" 1 2 -65E4 -6 1- -67" 664 068 664
6619614 , V63 6512 - 2
7/2
6-10084 - 3- -654 - 8
957
8
66 4
667;
1944 100 1003 10014 101 10014 101 1004101 101 10114 99 10114 10118 10118 10012 10012
First cons g 5s
5
20013 10112
1953 8212 8312 8314 8414 8212 84
4
4
824 8312 833 854 843 8514 83 4 84
Gen ref $ f gold 4s
61558 ° 12
3
8
6
803 8118 817 8412 i83i2 1 438 837 85
4
$
8412 86
1943
_ 9614 9614
963 97
9812 99,
98 98
4
Texas & NO cons g 5s
98 98
8
- 2
8
Texas & Pacific 1st g 4s_ 2000 66i4 161- 16(14 f6i-- 100 101% 10014 1013 102 1025 102 16612 10012 102 16614 1611- 10139 10234 102 166- 10212 103 - 10212 103
Second gold income 5s2000
92 92
-3664
66 2
'Louis Div B List g 5s__ A93I 65i4 - 1- -66i4 Wiz -65i4 - 1- -65- 99 -66- WI; -64 19 4 -661-4 - -3- -66 - 3- 664 -66E4 1661- -6634 1(16- 9914 10014
. 66, 6- 4
4
.
66 4
97% 98
99% 9912 97 97
2
Ter Pac-Mo Pac Term 5148 1964 9812 987 9812 10014 9818 9978 0814 9914 99 994 9912 100
99 99 4
,
993 10012 993 10014 100 100 10014 10014 100 10113 10014 10012 1004 10014 10014 10014 101 13 1011 99 9934 10018 100%
4
08 4 09,
4
Toledo & Ohio Cent 1st 9581932 0014 101
%
100 100
9912 9912 -6i2 »6
99% 100 100 10014 la 100
Western Div 1st g 5s _ A935 99% 997r
;
---: 7
1935 963 9811
97 974 98 08
983 983 -655 - 3- 064 97
4
9812 993 9812 99
4
8
General gold 5s
4 664
4
964 97% 971 16"
28 28
32 35
30 3112 29 31
-56- 16 30 30
2812 29
Toledo Peoria&West 1st 481917
8
4
4
4
Tol St L&West pr lien 3181925 6512 667- -6614 9924 99% 993 993 9934 997 994
1950 824 84
8212 84 83% 843 8412 86
4
85% 8612 8614 87
66- -11E1 86 -8614 873 -8614
847 16 2 -8514 4
Fifty year gold 4s
4
1-—
96% 963
ToIWVa&Ohio 1st gu435sA1931
97% 975
---4
5
97% 9712
07 I/1- ,96% 96%
9712 9712
.
7 97 ---2
1st guar 41is Series B..1933 5
90 90
1st gpar 49 Series C_ _ _1942 8911 8911
-- -66- 16584 663 -ii" - 1 86 8712 8614 8612
4
-554 - 166 2
66,
Ham & Buff 1st 45. .1946 8514 8612 8484 16- 85 IE:3 -gill 161612
For
1797 82
8
71
77
78 83 8 6714 7812 704 7712
4
19
-12 843 843 8 % 87
7
4 4
Ulster & Dela 1st con g 58_1928 92 924 897 9012 89 92 8915 92
8
53% 55
8
51% 5212 513 56
5034 52
5312 65 52 53 4912 5012 455 49 43 4512 40 43
First refunding geld 48_1952 55 62
5011 55
gu 481947 903 921: 9111 92% 9238 9312 925 9412 935 9412 923 9414 91 9318 9118 9214 913 92% 91
UnionPacRR&Iand
4
923 9114 9214 9134 9212
4
4
8
8
4
9112 8914 89%
9112 9112 91
91% 93
91 91
Registered
8918 91
89% 89 8 903 903 90 91
4
,
4
8
1927 9814 9939 66 - 54 983 9914 99 995 -991. 9912 9914 99% 0812 99% 983 09 2 -66i4 164 9918 993 99 903 99 91) 8
8
66
8
8
4
4
20-Near cony 4s
,
5
Registered
98 98
June 2008 8414 86 -551. 8612 853 8714 -55 4 16- -574 162 87 1612 741 ii2 -551. 3 81- 8413 87" 85 873 116T8
/
4
First ref 4s
s
-5Liz 11664
8
4
8
4
& ref5s___ _June 2008 1044 10514 1043 10512 105 106, 106 107 1063 10718 1063 10712 1063 107 1037s 104 104 10518 10412 10517 104%1061i 105 10618
4
1st ilen
4
4
1928 10334 104% 1033 104% 10312 10418 103%10418 103%10418 10312 104 103% 104 10314 10414 1023 10412 10212 10312 1027 10318 1023 10318
8
4
4
10 Yrs secured 6s
9212 9212
9214 93
93 93 924 93
U NJ RR & Can Co gen 48_1944 924 9912 9214 92%
814
loofa 166 10014 10014 10018 10014 993 100 -654 66 4 166 1664 156 166- 100 100
- 14
Utah & Northern gold 58_1926 10118 10118
1933
93% 93%
1st extended 48
-57E4 6614
-5714 I71- -8724 8714
.
4
4 8 4
6
8 4
6
Vandalla consol g 4s A__ _ -1955 564 " - 551 -- 58712 87% 878 ifs;
—
---1957
-6Es 8639
Consol 4s Series B
20 16---- ....
Vera Cruz &P 1st gu g 4%ss'34
-2334 66- 2518 -2 - -25" IS"
1934 2412 241
6
---- ---Assenting 1st g 4%s
100 100
11614
993 993 101) 100
4
4
165 166
;
1
Verdigris V al Ind & W 1st 58'21 9939100
8- 2
993 994 99%100
4
4
4
110014 1004 165i4 116 10014 10012 1651. 1664 16F2 1661- i6T 1661- 100" 166
10011 14
Virginia Midland 5s Ser E.1926
16614 16612
1931 9912 9912 --- -100 100
100 100 10014 101
521 Series F
10014 1003 16638 166 4 100%100%
8
51936 100 100 1001210012 10011 166- 16614 1664 10014 10212
1General 5s
313
4
2 983 98%
4
,
4
99 9914 99 4 993 100 101 100 102 1511 1614 i61 1614
Vs & Southwest 1st gu 58_2003 9312 98
158 8 6 1- 881
86
92 89 92 -89-5 - 9 4 " 4 16- -565 - 7- 883 90%
4 664
89 933 914 9318 91
4
1958 8414 89
8818 91
4
89 90 87 89
First cons 50 yr Ss
4
4
8
9938 100% 993 10114
4
8
4
96 983 9712 1003 997 10112 994 1003 9712 10012 973 987 9814 993 99 100
Virginian Ry 1st es Ser A-1962 95 9511 9512 97
4
4
1003 10212 10112 102 101 10214 1007 1013 10114 10218 10112102 10134 10234
8
8
8
4
1939 10014 10118 1003 10114 10012 10118 10012 101 101 1017
8
Wabash 1st gold 58
8
4
1939 944 9512 95 9612 954 964 95 9614 9612 98 4 97% 99% 953 99 954. 963 96 9718 9639 9811 97% 99
,
9812 9912
Second gold 5s
953 9712 9612 975 9612 978 9712 99
4
8
1975
95 4 9618 9412 9618 954 97 4 9618 9734 95% 99
3
974 9834
3
Ref s f
s Ser A
1939__
"654 164
7Deb B 6s registered
1i3756E4 - -180 - - 2 "55- 164 81 82 82's El's
61 4
4
1st lien 50 yr gold term 4s_'54 7712 ---- 7712 783 79 80
773
4
3 - 4
— -- 10114 10112 101 101 100 4 1663- 101 161"
Detroit & Ch Es 1st g 58_1941 9912 10012 10012 10012 100 100 100 1007
0012 100 2
8
,
85 86
:3314 8312
4 2
Des Moines Div 1st g 4s 1939 813 8 4 8234 8434 82% 854 8334 85
7538 . 1- 757 77
76% 7612 7612 773 761, 763
8
4
743 76
4
V6 2
753 7612 753 763 753 77
4
4
Omaha Div 1st g 3%s_ _ 1941 74 75
4
4
4
8412 8512 844 8512 85 85
63 8714 8712 89
4
854 86
8612 874 8512 8512 8612 8612
Tol & Chic Div 1st g 4s_ _1941 ____
10134 10134
Waco & N W Div 1st 68_ _ 1930 ____
77 77
_
Warren R R1st ref gu 3%8.2000
8
-65- 1W74
815 113 8112 8134 8112
4
-1948 -gill) 841- --- —
8
Wash Cent Ry 1st 94s
-2
312
-3664 8114 81 4 81% 8312
8112 8112 55- IA
Wash 'Term 1st gu 3)48_ _1945 8178 8212 8118 811- -8114 8112 8139 ii -55- 61 83% 8312
1-2
89% 893
8
1945
90 90
83 83
893 893
8
8
---- 82% 82%
1st 40 Nr guar 4s
164 9612 97
79712 9712
1
983
Weatherrhl W & N W 1st 5s_'30 -- - 8 -15 8 - 4 9612 06%
9612 9612 __-- —.- 966 96 4
65-4
8
3
0:4 4
4
4
West Maryland 1st g 4s_ _1952 6318 653 65 6714 6314 654 ars - 3- -554 6712 -554 1634 64% 6714 6478 67 66 67 654 663 6618 6712 67 69
4
8
West N Y & Pa 1st g Ss_ _ I937 100 10011 100 10012 100 10012 993 10012 983 10012 100 10012 10012 10112 10012 10034 10014 100% 10014 101 10014 10038 10012 101
817 82
8
4
1943 8112 8218 81
80 814 7912 813 80 8014 8012 83 81 8114 8114 82 813 82
81
4
General goldl 4s
813 8212 824 833
4
4
45 45
_
April 1943
Income g 58
6E4 -6512 141- -65"
4
$
"
6614 -65 16- -6E2 934 95
04 957 -6514 6 .34
14 654 Western Pacific 1st 55A.1946 9014 92 4 914 94
6
2 95l8 -9214 14
,
1946 10014 10112 10114 10312 102410418 10214 103 102118 104 103 10312 10218 103 1024 103 10212 1023 102 10312 102410312 1004 10612
4
1st 6s Series B
8
8
3
815 83% 8214 83 823 83% 83% 8614
8
2361 813 83
814 8318 8114 83 8214 8312 82 8614 823 85 4 817 8412 81% 84
4
4
West shore 1st 45 guar
8
8112 823 824 82 4 82% 8312 82% 833
8
2361 793 81
3
803 8118 80 8114 81% 8212 8214 84 8118 827 804 82
8
8012 81
4
Registered
4
woociin g & I.E 1st g 58_ _ _1926 10034 10113 100 4 1007 10012 1013 10012 1004 1003 1003 100 10115 100%10118 1006 10114 100% 10114 10018 101 100 10018 10018 10018
8
4
4
8
3
8
983 983
10014 10014 99%10012 10018 10012
4
9912 100
4
101 101
8
Wheeling Div 1st g 5s__ _1928 993 101
9815 99
99 99
1930
9934 9934
— .- 9812 9811
Erten & Impt gold 5s
4
77 - 7
6" 76 2 7714 7612 81
, 7
4
,
14
I966 68 70 -6912 - 3 68 70 -figs 16 -561 7473 .7 52 778 -75- 81
Refunding 4)is Ser A
7834 80 2 793 81
714
4
,
7412 7812 7615 77% 763 78% 77 7714 76% 773 77 8 8014 7012 8012 8014 82
4
73 4 74
,
7312 7412 73 74
,
Wheel & L ERR lsr con g 45'49 72 74
4
8
65 663 66 663 63 65 61114 6414 634 63% 63 63% 6314 64
634 65 63% 66
64 654
Wilkes-B & East 1st flu g 581942 6314
_
10314 10314
101%1024 103 103
23
"
Wilmar & Sioux Falls 1st 5s '38 --------10211 1 114
Ii1- 8414 84 4 845 845 -8
2
18
821
2
2
8312 847 8412 854 -54E4 66 4 141. I41,
Winston-Salem S B 1st 48_ _1960 8312 8418 828 8712 8212 - 4
-1
8 .
47 16 4
5
774 8038 79 80
7818 80
7914 80 80 81
,
7812 16 784 87 4 7914 81
12
80% 81
Wisconsin Cent 1st gen g 48'49 7939 8012 80 81
80 81
85 8684 854 863 8534 87
4
4
8618 863 00% 8714
4
Sup & Dul Div & Ter 1st 43'36 8514 8714 8211 87 8414 86% 8418 8512 85 85 8914 863 84 86
4
4
4
4
76 76% 813 813 753 753
765 76%
8
1943
14C
8218 82 8
,
Wor & Con East Ry 4)(

-57

1

-60is -6678

INDUSTRIALS
85 85
Adams Express coil tr g 48-1948 85 8712 85 85
1936 9412 96% 96 9934 97 993
4
Ajax Rubber 1st 8s
412 614
312 4
5
Alaska Gold M deb 68 A 1925 5
4
5
-year conv 65 Series 5_1926 5 5
10
Alpine Montan Steel 7s
. 3- 9973 161-4 Am Agric Chem 1st cony 531928 -911. 166- -6614 116 4
9612 10012
1941 943 10012 100 101
4
1st ref sink fund 75s
American Beet Sugar cony 6s_ _
4 4
654 18 -671 I93- -65i4 16.Chain 10-yr s f deb 681933 Amer
12
Amer Cotton 011 deb Ss _ _1931 9118 9312 93 93 93 94
108 108 10612 10812
Amer Dock & Imptextd 68_1936
1939
American Ice 78
91;j2 9812 100
994
Amer Mach & Fdy s f g 681939 98 100
4
965 923 9512
8
8
Amer Repub Corp s f deb 681937 9112 967 9512 973 9614 9714
4
Amer Smeltg & Ref58 Ser A1947 9512 97 9612
1947 1035s 10618 105%1084 10614 10712
, 1st 9 68 Series B




85 8514 85 8514 85 85
85 86
85 87
85 8518 85 86
85 85
85 85
8
983 10212 101 1027 1007 10212 983 100% 9918 10112 10114 1023 102 10314 10114 103
4
4
g
98 99
4
4
415
44 415 4% 4% 44 418 4
5
418 4
412
7
519 6 8 5
4
414 44 418
45
8 4% 415 418 4
4
418 4
6 8 64
7
91
9112 91
8
9112 91
9178 905 9134
- 4
4
4
16614 fo"iii 16- 166- 161 1654- 10238 10284 10212 1023 1023 103 1023 103 1024 103 1023 104
4
4
99%10312 102 10312 10212 103 10234 104 10312 1043 10312 104 10312 104 10312 104
974100
4
9912 1014 100 101
973 100 4 10018 102 10018 102
4
,
9712 10014 973 100
98 99
4
4
98 983 98 983 98 8 9914 9814 99
4
98 99
963 98 974 99 98 99
4
98 983
4
,
93% 95 9514 96% 953 96
9.4 9512 9414 9414 97 974 9612 9712 97 9712
8
93 94
8
4
4
4
1063 1063 1067 107 1073 1073 10614 10614 1053 106 10614 10614 10614 10614 10614 10614 1055 1053
4
8
4
4
11514 123 117 122 113 121 120 131 129 138
4
2
99 9914 983 9912 9912 10012 10012 10112 10012 10012 10012 101
98 98% 901. 664 99 99
9718 9712 97 9712 97 100
964 9712 96 97
96 973 97 98
4
9312 97
98 99%
9712 9912 98 99
98 9912 9714 9812 97% 99 973 98% 98 98% 9814 99%
9612 98
4
4
10612 10712 10612 1084 10714 108 1073 1083 1074 108 104 107% 106 107 105 107 1063 10818
8
3

JAN. 9 1926.]

THE CHRONICLE

165

1925—Continued.
January
February
March
April
may
June
July
August September
Oaober
November December
BONDS
Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High
Amer Sugar Refg 15-yr 68_1937 9912 102 1007 103 10112 10414 10158 1033 10112 1037 102 1024 10214 1033 102 103 10112 103
8
4
8
1014 102 1015 1027 102 10312
8
Amer Tel & Tel coil tr 45_1929 9618 967 961 97
8
9612 97
965 973 97 977 .
8
g
9714 977 967 977 963 9712 9718 9734 97 9712 9714 9734 967 977
8
4
3
1936 8978 91
Convertible 4s
9058 9114 9058 9218 9088 91
905 914 9134 924 92 9412 95 9714 94 96 9014 93 903 9238 913 0214
8
8
4
3 9512 9488100
20-year convertible 43is-1933 11012 115 11112 114
9688 9612 95
9614 97
9612 9612 9612 97
9718 98 9712 98
973 99
4
973 98
4
30-year coil trust 5s__ —1946 1004 10112 100 1003 10014 10114 10014 102 1007 10214 10112 102% 10118 102 1014 102 1003 102
4
8
4
10012 101 100%101% 10034 1014
1960 95 953 95 9618 9412 9512 9488 9614 9518 977 9738 98
35-yr s f deb 5s w i
8
953
4
8
9614 97
9688 975 9788 977
8
20 year sink fund 53s_ _1943 101 10212 10112 10212 10114 10212 1017 103 10218 1043 103 105 1023 9818 9588 967 9614 97
8
8
4 1033
7-year converible 68_1925 1253 13012 125 12914 12518 127 12612 130 130 132 13112 13612 131 135 4 10218 1034 10214 1034 10212 103 10234 105 10388104
4
Amer Type Founders 6s temp-- --- - - - -- -___ ___
_ _ loll., i
10141(iOii4 1- 3 4
0 -1Am water Wks&Eieccoll 581934 9212 95
4
8
9418 9634 95 953 943 96
95 98
9512 9788 9588 9618 9518 9612 9514 97
9512 - - 9514 9634 96
9658
97
4
Am Writing Papers 878 68.1939 4514 48 4888 55
8
45 505 44 543 50% 61
5713 6312 553 61
4
51
5612 5134 5688 51
57
49 513 14718 494
4
Temp interchang ctfs of dep 4318 4688 46 5034 4312 47
43 5514 504 6112 567 633 55 61
8
4
5112 5618 52 564 50 554 494 523 48 49
4
Anaconda Copper Min 68_1953 99% 10114 10038 101
994 1013 9914 10012 993 101.4 100%1003 10014 102 100 101 10014 10112 100 101 10034 1013 10114
4
4
4
1939 10212 104 10212 104
15-year cony deb 75
9934 103 100 101 100 102 101 102 10114 10214 10112 1023 1013 1033 102 10412 10312 1057 104 10188
4
8
4
8
10518
AndesCopper Min deb78 w 11943 100 1O018 983 10018 95 9914 94 96
4
94 98
95 977 95 4 99
3
9788 9888 9714 9912 98% 993 97 10012 95 9778
4
Anglo-Chilean Cons Nitrate 7s _
_
_ 10012 101
991410088 9712 9912
Antilla(Comp AzticHst731131939 9112 9314 9112 9338 9314 9417 92 934 9112 ---- 91; 92
4
- 92
91
9112 9012 9114 90 91
-34 8612 90
8614 873 86 88
4
Ark&Mem Ry Bdge&Ter 581964 --------9184 92
91 9214 91 9118 9112 9318 9312 9514 9314 9412 9134 93
913 93 9214 9312 93 9414 9318 9414
4
Armour&Co 1strealest 4 Ms1939 85 871- 8718 88% 863 90
4
88 8973 8914 90
8618 88
8912 91
8818 8918 8812 8914 8812 G012 89 91
90 91
Armour & Co Deb 1st 53's 1943 9112 923 9288 94
7 9412 9312 943 925 94
;
8
92 0318 91 925 92 94
93
8
923 9312 9218
4
4
4
Associated Oil 6% g notes_1935 1013 1024 102 103 10214 10318 10214 103 1023 103 10214 10312 10214 10314 10212 103 10212 103 10134 9312 9318 943 94 95
4
4
102% 10134 103 10212 103
Atlanta Gas Lt 1st 5s
1947 973 9734 ____
4
984 ---___ ____
__ ---- ---- 98%
____ ____ ____ ____ ____
_ ____ ____ ____
_
_ __
1934 20 24
Atl Fruit 78 ctf of dep
18 20
23 -4 93
26 ---- -___ 1912 1912 193 1-- ----------------1912 19 8 --------17
4
Ii
-5
2312 1112
Certif of deposit stamped_ _ _ 22 22 --------------------------------1512 1512 ---------------- -------- -------_
1788 1712 _
Atlantic Refining deb 58_1937 973 99
4
9812 9912 983 995 983 9912 9918 99% 9914 100
8
8
4
993 10014 9210 9912 997 9914 9 7 9912
4
8
8
55;4 16C;
Bald Loco Wks lit s f 58_ _19411 102 103 10214 103 10218 1034 10288105 103 103 102%1034 102%1033 10218 10312 993 10312 1027 10314 103 100
4
4
10312 10314 10534
Baraqua(CompAzucar)7Ms1927 103 104 103 10312 10314 10412 104 10612 10418106 4 105 4 10612 1043 107 ____
,
,
4
__ 10518 10512 104 106 103 105 1044 10418
Barnsdall Corp cony 85_ _1931 10212 105 10412 105 10458 105 104410514 105 10518 10518 10514 1054 106 10518 10512 105 10512 102 10512 105 1057 105 1053
Belding-Hemingway conv 6s_
-- --- 100 1001s
Bell Tel of Pa 1st 5s H.
1948 100;2 10114 100410114 10014 10112 101 102 1014103 102 103 10214 103 1007 10212 10014 10212 10014 10112 10012 10134 1003310114
8
Series C 5s ___ _ __ __
____
____ ___
__
_ ____
__ ____ „ ____
_ . ____
___ 10018 10114 100
4
Beth Steel 1st eat s 15s. _ _1926 10014 10114 io()% 101 10014 101 10014 10012 100(4100181004 10012 1004 101 1004 1004 100 1004 100 101 10014 101 10012 1003
____- _-___- ---- 10014 997 10014 997 100%
8
8
Ist & refund 5s gu SerA_1942 9312 957 9518 963 96 97
94 953 94 96
95 97
4
8
4
943 953 943 98
4
4
9514 983 9612 9812 95 9612 9514 96
4
4
20-yr prior Imps f 5s_ _1931. 9014 92% 913 9218 90 924 9014 9112 904 93 9212 935 92 94
3
4
927 924 9314 9212 934 9288 94
91
927 94
Cons 30-years 1 6s SerA_1948 93 4 96
3
9312 9512 93 4 954 9312 9412 9314 9434 9312 97
3
3
9518 97 2 944 965 93 4 95
8
,
9334 9512 943 9614 95 96
8
Cons 30-years f 53s B_ _1953 8517 8812 8712 8912 85 8814 85 8612 85 8812 86 8814 853 88
4
8518 874 853 8618 8512 8812 8718 8812 86 873
4
4
Bing & Bing 633s temp
,
4
953 953 9433 9518 945 953 9212 9512 934 95
4
8
944 9512 9334 9412 94 9512
Booth Fishers deb 6s
1926 827 8414 828 85 827 8314 7018 78
73 7788 75 78
8
8
79 81
804 8018 84 87
90 93
8934 8934 88 91
Botany Cons Mills s f 63is
__
__
_
-- 95 9612 9434 96
9412 954 94 95
94 9514
94 95
Brier Hill Steel 1st 5 1,s_ _ _1942 97 9934 98 100
9812 993 9888 9914 983 10114 99%10 7 99%1004 9934 10014 9912 102 101 103 101 10112 101 10112
8
4
- 8
0
Broad 8c7th Ay Ist cons 5s. 1943 7212 7514 74 7514 68 7412 68 7112 7178 75
743 79
4
754 78
7412 7712
70 744 72 78
7518 77
7533 77
Ctfs of dep stpd Dec '24 int 73 7518 7214 7518 72 734 6734 7012 717 743 743 78
8
4
4
7512 76 4 _
,
Juno 1925 interest
-- ---- ---- - - ----- ---- - - ---- - -- ---4
4
-- 713 734 73 753 75 76
r -- —
74 7418 7412 774
Brooklyn City RR Isigs i54I 90% - - -9212 923 92 -93 93 - -58 93 93% 9518 -- 8 95% -93
93
- -4
963
96% 93 96
9112 9238 913 93
4
9112 94
4
93'4 931
Bklyn Edison Inc gen 5s A_I949 9914 9914 994 100
993 10014 100 10113 1007 103 1018810218 101 10218 10012 102 10114 10212 10118 102 1015 10214 1017g 103
4
8
8
General 6s Series II
1930 10414 104% 10412 105 1043
5105 104 10512 105 1053 105 10514 1033 104% 1048810518 10412 106 10414 10512 10488105 10418105
s
4
Bkly-Mh. R T Sec 6s
190 8214 88
844 865 8614 893 894 92
4
8
8612 883 8312 87
4
8918 913 893 9018 8933 9014 89 907 897 913 9014 923
4
8
8
3
4
4
Bklyn-Q. Co & Sub gtd 58_1941 6612 71
68 70
6312 704 617 64 62 65
8
65 66
6514 6512 64 644 7318 7318 634 65 6334 65
614 657
1st 5s stamped
1941 SO 80
80 80 ------------------------8012 804 8017 81 ----------------7684 763 764 78
78 79
4
3-year secured notes 7s1921
Stamped
_Hi 121 H5411314 _ __ _____
f -___
.. ___ _,__
___ _ ___ ____ ____ ____ ____ ____
nstyn Un El 1st g 4.5s_ _- -1950 83 83 4 833 843 82 8412 8112 8318 83 8712 g7 -8912 _,__4
4
3
84873 90
4
14 85% 843 4 89
88 89
883 8914 8812 89
8
Stamped guarantcod___ _1950 83 837 8334 85 815 844 8112 8418 8388 8718 873 887 8512 893 8414 8612 85 8912
8
8
8
4
8812 8917 8812 89
8812 89
Bklyn Un Gas Co 1st g 5s-1945 99 1013 99%101
9912 1007 10018 101 1008810112 10112 102 99%1013 99%10012 10012 10112 1008810188 1003 10118 1007 10214
8
8
'4
4
4
10-year cony deb 7s
1932 158 16334 --------155 155 --------172 172 --------176 176 ------------------------18513 190 ---- 1st lien & ref 68 A
1947 10714 10814 108 11012 10988110 109% 1105 110 11014 110 11012 108 109 1075 10 1075 109 1081410 1083 10912 1094
8
8
8
4
1-104
310-year cony deb 7s
--------160 160
1929 161 161
Buffalo & Susi' gen 5 f 5s_1932 _,_ rr _
02 --------9112 - i _,_
-1s
s 33 _,..,_ , _ 5iTs I2 62 8
,.
9 12
_ _ -,— r
55;s 1;1 ii Vi
Bush Terminal 1st 4s
- -14 863 873 91 91
8
86 8912 86% 8714 89;2 VO
4
86 85% 8714 86 87
1952 84 gif, - - 8714 - -3- 8718 8714 - -- 61
88 4
- Consol 5s
89 9112 90 913 9014 92
1955 8618 89 8612 8914 87 8858 863s 88
4
90 914 90 92
9012 92
9158 -92-12
91
92
Building 5/1 gu tax ex .1960 935 9588 9433 953 95 993 953 9714 96 99 9618 9712 9512 967 943 963 9512 96
8
4
4
4
8
4
96 9838 9714 98
4
95 98
Col C&E Corp un if &ref581937 994 998 98 100
9988101 10012 10114 10018 10112 9914 101
8
4
987 993
99 100 100 1003 100 10088 10014 10012 1003 101
8
8
California Petroleum 6%s_ 1933 1003 103 102 10312 1023 10312 10218 10314 103 10412 10314 10412 103 1033 10314 10412 10314 10414 10314 10412 10333 104 10312 104
4
4
4
Camaguey Sugar 8 1 7s__ _1942 93 93 93 94
9112 9212 9112 92 90 9114 90 91
93 954 9212 93
89 924 8812 9012 87 8812 88 9114
Canada Steamship Lines7s_'42 063 9914 9812 994 9812 9914 9712 983 98 983 9812 100 9912 10014 993 10014 100 100
4
4
4
4
993 101 100 10012 100 102
4
Canadian Gen'l Electric 6s'42 10712 1073 10712 1077 1073 107, ---, - - - - -, --- ---- - - ---- --- ---- --- ---- - - ---- - - ---- - _ ---- - —
4
8
s
2
Central D Lit Tel 1st 30 yr. 5s '43 1004 100% 100%10012 100%1003 1003
4
4101 1003
-14
410214 102 4102 10
10212 1011 10212 10014 1014 10014 101 101 10138 10118 102
, 2 -14
- - -38
Central Foundry st s f 68,1931 9.314 9 4 95 97 ----------------94 95
9412 9514 937 95
.33
923 923 943 997
4
4
4
9712 1
9712 993 100
4
Central Leather 20 yr g 5s_1925 10018 10012 100 1004 9912 100 --------------------------------------------------------100 10112 100 100
3
4
Registered
9914 994 9914 99,41st Is f 6s
1945 ----------------9733 9812 98 10012 997 10112 100%1014 9934 101 100 1007 100 1007 100% 10112
s
Central Steel 1st sink fd 88.1941 111 114 111%13 111 113 110 111 110 8 112, 112 114 1134 116 11314 11534 11312 115 113 11434 iii fig 11414118
8
,
Chic Gas L & C 1st gu g 53_1937 9814 9912 9814 9933 993 991 993 10018 100 8 101, 1004 101 101 101 100 10012 100 101 1003 10118 10118 10112 10114 101%
8
4
,
8
4
Chicago Rye 1st 5s
7558 8134 7612 798 7614 7712 757 7718 7312 76
88
1927 8233 8514 825 8688 81
8
7433 78
77 8212 7612 793 7818 8033
Chile Copper cony 68 ser A.1932 109 11112 10778 1113 105 1083 105 10612 10518108 106 10812 1063 1083 1068810912 107 1097 10734 10912 1084 11038 1067 10878
8
4
4
4
Cinc Gas & El 1st & ref 58_1956 99%10078 9812 100
99 100
9912 10114 10012 1013 10018 102 1003 1013 10112 102 102 102 10112 10218 1013 10214 102 10214
4
4
4
40 Yr prior lien 5 36s B Jan '61 10012 102 101 102 102 10233 103 1032 1034 105 1043 105 10414 1044 103 104 10318 10418 103 104 103410418 10333105
,
s
8
Clearfield Bit Coal lst 48_1940 80 80 _
_
_ - - - - - - - - _ _ - -- - 82 82
Colo Fuel &Iron gen sf 2.8_1943 91
9214 ii "oi 66 Iti Siis 6i SSTs "oi Oa 91 iiii - -12 56 - 3- OO - 12
61
61 4
66is Sii - 12 so 90
61
554 .. i
i
Colo Indus 1st coll tr 55 gu.1934 80 8214 8134 8314 82 83 8112 82 8012 8212 813 84 8212 8312 83 8618 85 8612 84 85 83 8512 82
4
8433
Registered
82 82
Columbia Gas & El 1st 55..1927 10012 1014 10012 101 10( 161 10s12 fOi 10084 101 10012 igi 10614 161 ion 1162 10014 161 100T4 161 10014 161 inOis 101
112
-12
24
- Stamped
100 10118 10012 101 10012 101 10014 101 1003 1014 10012 101% 10014 1003 100 10012 10014 1003 10018 101 10014 101 10088 10078
4
4
4
Col & 9th Av 1st gu g 5s___1993 914 12 _
_ _
_ _
1212 14
13 1314 134 1318 ----------------10 10
Columbus Gas 1st g 5s__--1932 9814 9812 6812 - - -18 618 - - 156i8 19 8 9914 9912 9933 9933 9914 9912
. 691.
0
.. 0
1
4
4
34 9912 993 993 - 4 9914 - - 72
4
99399 8
Commercial Cable 1st g 48_2397 7218 7212 734 7312 713 73
8
72 76
7312 7712 76 7612 73 76
3
7112 713 7314 7412 713 734 72s 7318 7234 74
4
Commercial Credits f68_11934 99 994 99 9914 9812 9913 98 994 9834 100 100 10114 10012 10034 100
10033 100 10014 100 10014 100 10018 100 1004
Gom'wealth Power 25 yr 68.1947 975 100
8
9914 101 100 101 10014 10118 10012 10218 1013
s10318 1013 103 1013310212 10134 10234 10214 103 10212
8
computing-Tab-Rec s f 68_1941 10114 103 103 1044 1018810388 10112 10234 1013 103 103 104 103 104 103 10418 10318 104 10233104 104 10314 10212 10312
4
10412 104 106
Conn Ii)'& Lt 1st n4345_1951 ---- — 904 9018 9012 904 ---- _
____ - - 921a 9218 92 92 --------------------------------91
9114
1951 89 Stamped guar 4 32s
92
905 9212 908 9133 9033 - -- 91 - - 4 915 93
8
903
4
8
913
9012 924 8912 91
90 902 8912 897 8812 90
8
90 9112
8
8278 .88
Como! Coal Md 40 yr 58_1950 8612 881 87 90
84
814 83
8133 8412 81
7914 813 7812 84
4
813 8388 8133 83
4
8112 83
801 8234
consol Gas(NY)deb 5-s1945 --------10114 103 10114 1013 10112 103 10288105 10312 10412 103 10414 103 1033 1034 104
4
4
10318 104 103 10414 10318 10414
Cons pr St Lc 1st ref 6 s A.1943 10040112 101 103 1007 103 10012 103h 10212 105 1033 10413 1033 1043 103%1043 10334
8
4
4
8
4
10412 10312 10412 103 104 10314 10414
Cont paper & Bag Mills 630'44 874 89 873 88% 8712 9212 883 903 8712 8834 8834 8935 8412 8712 8012 8414 7912 8112 8114 82
4
4
79 81
78
8
Consum Gas Chic 1st go g 58'36 9812 9812 927 9812 987 9912 994 9912 99 8 1007 997 10018 100 10038 100 100 100 1003 1003 10012 1003 10038 ____ 7912
8
8
8
3
4
4
8
__
4
93 9588 9312 9518 9414 96 9512 100 9612 100 953
Consumers P 1st liens 5s._1952 903 93
95 963 96 973 96 9712 9612 987 974 4
4
4
98
Corn Prod Ref 1st 25 yrs 158-'34 1003 10112 10012 10114 1003 10114 102 1023 --------1007 101
4
4
8
3
101 100 10114 10014 1003 10012 10118 101 10114 101 10114
4
747 7534 74 80
Crown Cork & Seal 1st s f 68'42 75 77
7712 78
78 77 76 7818 78 90
84 8812 8414 85
8033 8514 83 8412 824 84
cub.cane sugar cony 7
8 1930 9333 96
934 9712 9612 98
95% 9714 95 9614 9514 9714 95 9733 94 96
924 9412 9212 9438 9212 94
8
9333 937
Con y deb stamped 8% _ _1930 9914 101 100 102 100 10288 9988101
9912 101 10012 102 100 101
984 101
97 9912 96 98
9718 9914 97 987
8
Cuba Company cony 68
Cuban-Amer Sug 1st Coll 88.'31 i5i5 10812 10712 108% 108 1083 1073 110 10712108 10712 108 1073 108 10712 108 10758
8
4
4
8
10814 1073 108 1073 10812 1073 1083
4
4
4
8
Cuban Dom Sug 1st 7338_1944 963 9712 9788 9812 9713 983 963 98 8 97 9712 9714 98 953 98
4
4
,
4
954 97
9618 9788 9212 97
92 94
92 9314
8
Cumb T & T 1st & gen 55-1937 97 974 9712 987 9814 9914 9914 9912 9912 10112 100 1101
971 9812 98 993 9933100
993 100
4
9935 100
4
993 100'8
4
1940 ---- ---- _----- ---- -- 99 99
Cuyamel Fruit 1st 68
99 9912 9712 9914 963 973 96 9714 95 964 943 95
4
4
8
94 9512 93 95
Denver City Tramway 1st 5s-'33 ---- - - ___- - - ----- ---- - - 834 8314.
8218 8218 -Denver Gas & El 5/1
97 01i4 7 00 554 - 3- 93 9412 OA ig
004
siii3 957- 6514 44 6irs 94
8
-14
Stamped ----------------------------------------------------------9313 934 93
1951 9211 93.12 9
3 9114 9 :. 9212 -91-9478
3 9 14
:
1
_
9314 928 9412 94 96
9333 95
9312 9418
S.• Deny(DG)Corp ___ 7s
1942 75 79
7712 82
77 7812
i 76
76 773 7614 78
4
79 82 82 85
833 847 8312 845 833 86
8
s
8
4
8312 8612
Detroit Edison Co 1st 5s_1933 100 102 10018 10214 9934 101% 10012 10218 101 102 10112 102
8
102
Da & ref 511 Series A Juy 1940 99%10114 9912 101% 99 2 1004 997 1013 1007 10214 10112 10214 101 1023 10112 10214 10114 102% 1003310214 1007 10218 10014 10118
,
8
8
102
10134 10214 1024 10212 9912 10212 993 10212 102 1023
4
4
1949 ----------------972s 984 975s 9914 983 10014 9912 1013 9814 9934 9818 9912 99
Gen &ref 5s ser A
4
4
100
9912
i
1
10714 108 10712 10812 1073 10818 10733108 1073 108 1073 107% 107 108 107 10038 99'1 10012 100 10114
1st & ref 6s Series B.July 1940 10 8
4
8
8
108 10714 10818 1074 108
.
1955
58
- - - ---- --- ---- - - —_- _ — 9934 100
997 10014
91 9144 .877s 9334 9012 913 903g 91
Detroit Unit 1st cons g 434s'32 9012 92
s
8918 903 86 91 8812 9014 8712 - - 861 4
2
894
88
87 89
883 90
8
Dodge Bros deb 65 int rcts_1941 ------------------------0413 9912 9413 9812 96 983 963 9912 94 983 943 9788 954100
4
8
4
9514 975 95 965
4
8
8
4
8614 8814 813 8
8534 87
8614 87
Dold (Jacob) Pack 1st 68 _1942 82 87
8412 86
84 85
80 8412 81 84
79 82 80 82
7311 81
Dominion Iron & Steel 55-1939 65 684 66 683 5712 6612 50 5613 504 53
8
514 54
5012 5412 58 65
56 63 6012 64
6312 65
6112 64
1942 883 915 903 9112 893 9114 8934 91
Steel 20 yr 78
4
8
4
Donner
4
89 901 89 91
914 94
s
92 937 9212 97
93 95
9213 95
94 9512
8
8
8
Du Pont(El)Powder 4 Hs_1936 9012 9012 914 92 93 9338 943 943 943 913 --------95 95 ----------------95 95
8
95 95
8
Dupont de Nem & Co 735s.1931 10714 10812 1063 108 10714 108 10712 1084 10712 108 106%10812 106 10612 1057 106% ---- ---- ---- ---- ---- ---- ---8
-10718 1074 -- -Registered
- ---- --- ---- --_ ____ ____ ____ ____ ____ ___ ___ ____ ____ _____ _--4
Duquesne Lt Ist&coll tr A.1949 10501064 10512 10612 105 107 105121063 10512 1073 105 10012 10558 1063 10514 1063 10518 1064 105 1063 ió410
4
--8
s
12 10518 106
1st con tr 53is Ser B.—1949 104 106 10412 10514 104%1053 10484 1053 10514 106 10514 106 1043 10534 10434 10514 1047 1057s
4
4
8
8
1047 1053 105 10512 10412 106
8
8
2
Eastern Cuba Sugar 7S4n- -1937 104 1057 10414 1067i 10413 1067 10412 105 4 103 1044 1033 105% 10334 1053 10312 105 1033 1043 100 104 102 10512 1044 1054
3
4
4
4
93
903 9134 9114 92
4
913 94
4
911s 923 93 9514 89 94
E Ill Bin 1st con g4s1939 91
4
Ed
92 94
92 9212 92 933 92 93
8
914 938k
9912 9912 1003 103 103 103
4
8
4
Ed E III NY 1st con g 59_1995 10112 10112 10114 10114 1023 1021 - _
9912 102
_ 874 88
ii.i ii3 8714 8814 8712 8814 8714 88 ----------------10134 103
4
El Pow Corp(Germ'y)6)is.1950 ___ ___ _
864 88 8614 884 87 88
8813 lila
8714 88
Coalconv 6% notes'25 100 100 593. 161:1 99 10012 983 99 -------- 97 97 9818 99 987 99
4
‘Elkhorn
8
9912 99 4 100 10014 100 100
3
4
Empire G& F tat & ref 73iii1937 9714 1013 100 103 101 10312 10012 104 103180412 104 105 10313 105 10313 10478 1033 1043s 1027 104 10218 104 1017 103
8
8
4
Equitable Gas 1st con 5.-1932 100 10014 --------991 99
4 993 993 993 10012 ------------------------100 100 ____ ___ 9912 9912 100 100
4
4
4
925 9413 91 9374
8
94 943 9234 9514
8
Federal L & Tr. 1st 5 1 55_1942 88 9412 90 924 90 9414 93 96
12
913 93
4
92 934 914 9612 913 93
4
1942 9614 102 100 10112 10018 10112 10033102 10014103 10112 10288 102 103 10032 1024 10014 1014 1004 1014 10012 109 10032 10134
lot lien.165 stpd
1953 116 136 129 138
--- ---. ---- -Conv deb 7s
- _ _ _ _ ____ _ _ _ _ ___ _.. .... _.... .... 9312 9412 93 9433 914
Os series n __________________ ____ ____
9338 9112 9112 9214 923 9214 94
8
913 93
4
o107 Cash Salo.




166

[VOL. 122.

THE CHRONICLE
1925—Continued.

BONDS

Jonuary
February
March
April
June
May
July
August September
November December
October
Low H Joh Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
Low 11L21

997 103 100 101 100 10012 9912 100
8
4
Federated metals cony 75_ _1939 104 10612 10314 107 101 107 102 10312 1013 103
98 9912 954 99
99 100
1941 108 11012 1093
,
8
4111¼ 11012 11218 109 11134 1104 11312 1123 115 113 4 115 113 115 111% 11414 112 115 113 11414 11312.11414
Fisk Rubber 1st a f Lis
78% 79
8
7714 79
78 79
80 82 4 79
783 7812 783 81
8
ph. 7614 7812 78 78, 78 7812
Ft Smith Lt & Traction 58....'36 7612 7814 774 78
3
8912 94
93 9412 9118 93% 9212 95
8
9312 9538
4
8914 913 9118 937 923 94
4
Frameric Ind&Div 20-yr 73,s'4. 9214 95
86 !ilia
9212 94. 89 8 93
,
4
4
8
Francisco Sugar 20 yr 78_1942 1043 106 104 106 1034 10512 105 10612 105 1067 10512 10612 1043 106 10414 10612 104 106 104 105 14,414 105 10418 105
Gas & Elec(bergen Co)as _ 194', 9818 9818 9812 9812
4_3 1.31
987 9J14
8
8
Gen Asphalt cony s f 68_ _1939 101 1017 102 1021! 11212 103 10214 166- 10212 103 10212 103 - inii2 104 ina% 10334 10312 1044 654 14- 0/
1
—
..318 194
4
4
8
Gen Baking 1st 25 yr 65_ _1936 104%105 105 1053 10512 10.558 10518 10518 105% 105% 10412 1043 10412 1047 104% 10514
8
1044 105'2. 1144 1047
83 83 4 8312 84
84 85 86 86
84 84
84 84
3
864 87 87 8712 88 90, 87 80
General Elec deb g 3.1.s_ _1942 83 84
7 88
1952 1011210514 10112 103 10234 104 10312 1057 105 1053 1053 107 10614 107% 10714 1073
8
4
8
Debenture 58
8
2
8
8
Gen Refractories 1st 65._ _1951 11014 101% 101 1013 100 10212 100 10012 100 1017 101 1017 10014 102 10014 101 101 161-1- jai- 101 151- 16174 101 1611:
2
8
3
3
8
7
,
8
German General Elec 7s wi1945 93 8 9418 93 4 £37 93 4 93% 9314 937 9312 934 934 943 02 93 2 93 9312 934 94% 94 96
'
4
9514 96 "- 943 9614
8
Goodrich(B F)Co Ist 6128_1947 10038 10212 10214 104 10314 10412 103%1063 10434 106 105 106 10314 1057 10314 10618 10418 105 1043 10512 104% 106% 104 1044
4
8
4
Goodyear Tire&Rub s f 85_1941 119 120 1194 1204 119% 12018 120 1203 120 121 12014 121 1204 12112 1204 1211 1 12012 12118 120 121 120%121 12012 1213
4
4
8
4
8
.4
10 year deb s f 8s_ May 1931 1183 10912 10812 1093 10812 10938 10812 10914 1083 1093 10012 110 1093 11012 110 110/2 1104 Ill 110 1107 110 111 10912 110 2
,
,
- --- 93 95 92% 9412 9318 94 2 90,2 03
Gould Coupler 1st s f 6s
,
9012 92
1.104 1664
loll 166Granby Con M. S & P 1st 651921 934 05
_ 101 101 100 100 101 101 100 100
9812 9812
9314 96
9318 94
— - 100 100% loofa 1664
Stamped
100 100% 10012 10012 9912 100 100 100%
_
_
Cony debenture 7s..........
_ .
„.. 102 103
1925 -6&- ;
964 .66i8 166- 99 10014 WI 1664 -6012 1-00.1
Cony deben 13s
.
93 943 93% 93 4 934 933 93 933 923 93 4 62- 93 55- 661-. -65- 95 94 - -6611,
4
3
4
4
4
,
Gray & Davis 1st cony 78_1932 92 95
664
06 -67-C,
4
4
,
Gt Cons El Pow (Japan) 781944 893 91 2 90 90% 90 9112 8714 9018 8814 91, 90 9112 8912 92 8912 90% 894 91
%
8 4 901
93
9014 92
994 10112 10018 100 4 10012 1007 10114 10212 10214 10V, 10112 102 1013810138 1013 10184 10218 1023 10114103 1013 1033
8
1
Great Falls Power 1st s f 581940 11018 101
4
8
4
4
9111
4
86 86% 863 87 857 86
8414 844 85 86
8
s
Hackensack Water 1st 4s_1952 835 85 - 86% 87
8
873 873
8
1930 823 823
_ 843 8512
8
Street Ry 48
8
8
Hartford
9414 9312 941:
8
8
8614 8718 86 8714 863 93 914 953 92 Havana El Ry Lt & P 5s_ _1954 8512. 8618 86 87
12 94
9238 93 -9238 93 -5i4 - 616 2
923 953 951.2 96 4 943 97
8
92 4 03 4 93 93
4
8
934 96
3
97 97 97% 9714 9434 95
,
3
,
Havana Elec Ry cony g 5s_ 1952 9212 03 2 93% 94
943 954
4
8
8
s
4
8
4
Hirshey Chocolate 1st s f681942 1037 1043 1037 10414 1037 105 103 104 10312 104 1035 1043 1044 10434 10418 10412 104 10414 103% 10418
4
- - . 98 983 98 9812 98 99
5;28 w i ____
9814 100 -651.9 166- -6612 664
- 8
4
1704 1023 1033 103 104 102%103 2 10212 10414 10118 103
-14
Hoe (R)& Co 1st 63s A...A934 190% 16i4 10114 102 ailiz 16614 10138 10238 101¼ 102's
,
94 10112
8414 87 4 81% 84% 8114 86
4
8314 88% 86 893 863 887 88 8912 88 9014 8712 88% 8412 86
,
s
4
Holland Amer L 6s ((flat)_1947 79 85
8518 8814
4
10018 100% 1003 100% 1003 1004 1003 1003
s
4
4
Hudson County Gas 1st 5111949 9818 98% 98% 9912 983 9912 9918 993 99%10014 10018 1003 10018 1007
8
3
/
1
8
8
51-is__ _ _1932 9912 101 10012 101 10012 101 1004 102 10112 10214 101%10212 10114 1021 1 10012 10112 101 101% 100% 101% 101 1017 101 1017g
Humble Oil & Ref
8
8
4
8
4
Ill Bell Tel 1st & ref 58 A._1936 97 97% 9712 9814 973 993 9912 10012 99%101% 10012 1017 100 10112 110 100% 100 10012 993 1003 997 101 1003 101
8
8
6
3
, 93 4 95 93 4 943 9312 9412 943 9514 9412 9512
933 95
4
3
3
4
9418 943 93% 943 943 96% 9418 96
4
Illinois Steel Deben 4348-1940 92 4 93% 9314 95
4
4
2
9012 9012 9012 92, 9138 92
91 91
9112 91,2
9112 94
9012 9012
4
Ind Nat Gas & Oil ref 5s_.1936 8712 91
9012 91
1952 1013 10212 10114 10212 10112 10211 10134 103 102%103% 103 10418 1014 104, 101- 1614 102- 1027 102 1033 10214 b037 1013 103
8
8
s
Indiana Steel 1st 5s
4
4
Ingersoll Rand 1st 5s_Dec 1935 9914 9914
998 993 99 993
4
4
4
%
11 -10" -16- -ii- 11 -li
11
Inter-Metrop colt 412s_ __ _1956 11
---11( 11
41.,
7l - 71. 41
- - Trust Co ctfs of deposit_ _ _
_
1012 101
16% stamped
67's 69's
-664 - 64 -6784 'his; -66;8 f6- 664 881
664
6612 6433 4
6
4
Interboro R T 1st & ref 58_1966 68 70 683 743 '5938 72 62 8
6 6-8
4
6712 6914 683 7312 59 7112 6114 64% 64 67% 6614 6978 67 6 's66i8 - 84 6612 687 6714 69% 6512 683 6312 6714
Stamped
9 -6 18 13 ,1 -4
4
1932 72 763 76 8112 61% 77 0 64% 69
70 7314 6814 73
s
s
66 701, 697 7314 7013 7212 673 7112 6912 73
4
,
10-year 6% notes
6612 70%
1932 9212 933 9212 95 8518 94
8
85 881 873 894 893 9214 887 9112 880 90 4 80 9134 89 9112 89 9112 87 00
4
:
4
4
4
10-year 7% notes
,
77 8312 82 2 8818 88 91
7614 783 7412 75
4
4
,
71
743 74 74
4
68 71
IntAgriCorp 1st coil tr 514_1932 693 7218 6938 73 67 70
88 89 4
,
713 68 70
8
67 73
6212 66% 6212 673 67 69 69 72
73 8114 803 8114 80% 8212
4
Stamped extended to _ _1942 61
4
83 86 83 853 843 87
4
8
4
8
s
Int Merc Marine lsts f 65_1941 88 9114 8914 9112 88 897 8814 89 883 893 843 8712
4
84% 87 4
,
8703% 876131'2 1013 10333% 10212 1053 10518 109% 106 1081, 1063,110
8
8625 4 8740'
:
2
4
Internat Tel & Tel 538
9118 95
4
-1 I3 - -- - 91 I21- 8912 9138 0014 92
- 4 9 7g
)
3
664 8838 19 -f15 4
-15 - 4
Int. Paper cony 58 Ser A._1947 -8734 161i 8811 9038 8712 934 95 .- 93% 9812
1955
95 9614 95% 0612 95% 9812 973 99
96 98
9714 98
9718 98
Ref 624 Series A
8
9434 99
-9314 9534 -9314 97 0612 9912 9914 10038 974 10012 9934 107,2 954 10034 9614 9934 99 100 99% 103
8
Jurgers Works 65 (fI at) _ _1947 88 907 9112
8
4
8
/ 9834 9978 983 102
1
4
9638 1004 97% 99
4
Kansas City Pow & Lt 58_1952 9.5% 9712 9612 973 97 983 9712 983 9838 1007 014 101
9912 10014 993 100%
4
4
8
4
4
Kansas Gas & El 1st a f 68_1952 9814 1003 100 101% 993 10114 1001210112 100 10312 102 10312 10118 103 10112 1023 101 10318 101 10214 101 14 102% 10112 1023
4
4
8
8
Kayser Julius & Co 7s_ _ _1942 10112 103 10238 10314 102%103% 102%10314 10212 104 1033 10414 1033 10412 104 10412 1034 10414 1044 1077 10714 10812 10712 10818
99 1021 10114 109 10414 10612 10314 10512 10318 10414
:
/ 9714 1003 90 9812 9412 99
1
4
4
9812 101 1003 103 10112 103
4
Kelly Springfield Tire 88_1931 97 98
4
90% 914 9012 9212 87 90, 9114 9'I 4
1st 5s1935 82 8212 834 84 2 8414 8512 85 87
86 8712 88 9214 9112 924 914 92
Keystone Telephone
2
,
103 103 1023 1023 1023 1023
99 103
8
4
/
4
4
Kings Co E L& Power g 58_1937 10012 101 10138 1013 101 10112 101 1011 1013 102 102 103 102 102
4
4
4
1997 1143 118 1144 117 11434 11512 116 11712 11714 11912 119 1204 11812 11914 11812 11914 11/ 111 4 119 11912 11938120 12012 1203
8
- - 33T2
Purchase money 68
4
4
7614 7812 7512 7512 77
7612 79
8
7512 78
78 7814 7812 7812 7812 797 7612 78
s
Kings Co Elevated 1st g 4s_1949 75 753 77 777 76 77
77
1949 747 76
7613 783 76% 794 Mg 7918 76% 77
8
7818 80
8
76 77
7614 7714 7518 76% 7512 783 74 77
Stamped guar
4
7612 7814
98% 9914 98% 9914 98 9912
4
9914 99 991 973 99
,
Light's 1st ref 58_1954 89 89 4 9012 93 9318 94
9412 101% 97 977 9818
8
Kings Co
98, 9834
2
%
1954 103%1043 105 1053 10512 105% 105%10618 10614 10614 1063 108 10718 10812 107 107% 10518 10518 105 107 107 107 10718 107%
8
4
4
1st 6;211
8
8
8
4
Kinney(GK)Co cony 7.1281936 1077 108% 107 108 10614 107 10612 10718 1067 1073o 10712 1073 104381077 10614 108% 10812 109 10614 109 107 10812 107 108
LackawSteellstcons5sSerA1950 89% 9112 91 9314 9318 943 9212 933 925s 933 934 94
91% 9434 91 944 02 9418 92 94
93 94
4
93 95%
4
4
8
8
Laclede Gas Ltpr&extIst5s1934 9814 99 9812 9912 9812 99% 9912 10018 997 1017 100 10114 100 101 10012 10118 100 1014 99% 10112 9934 10014 1004 101
4
993 10112 99 1003 913 1003 99% 10012 100 10114 1007 103
4
4
8
8
4
Coll & ref 514s Series C_1953 9514 9614 9618 98% 98 99% 983 10012 10014 102 1003 102
g
4
9612 9812 953 9531 964 99/
,1
4
9914 100
98 98
Lehigh Coal & Nay 412s..1954 93 4 9714 10014 10014 97% 98
3
9712 9712 9914 100
2
4
Lehigh Valley Coal 58_ _ _ _1933 100 101 10012 101 100 101 1003 101 10012 101 101 10112 10012 10114 993 9912 100 10014 loofa 1611- 166i8161- 100 10012
3 4312 444
43 43 43 8 43
43 43
g 5s_1993 41 41
3
40 4114 3912 414
4114 4114
Lox Av&Pav F'y 1st go
8
8
8
Liggett & Meyers Tob Is._1944 11712118 1173 11812 116 120 119 120 11812 119% 1187 1203 119 12014 11718120 110" 120 - 11634 118!, iii 119 - 11718 11914
_ 115 11612
11714 1173
_
1173 1173
8
4
4
Registered
9. 11 1664 166- 162- 1004 1017- 99 10031 16614 16212 100 10112 Hie)" 1611; 166 1614
.
- 8
1951 973 99 984 100
9914 100 4 100 1664 9 4 - 34
,
5s
98 98
8
_ 97% 977
Registered
s
2
1944 11414 115 4 1144 11518 115 1173, 115- 116 115 11- - 11812 116- 1151211612 11512 116 115 1161- 114% 1167 11414 116 iiLiz 1164
6
- 15
3
Lorillard (P) Co 7s
4
11312 11312 115 115 1153 11.534
115 115
Registered
--- _4
96 97
96% 9812 97l 98
943 97
98
1951 96 97
8 4 67- 9612 9712 9514 967 957 973 5612 "977- -66 - 3 9512 8
973 9812
8
4
55
9614 9614
Registered
9i
-6478 - -662 -6618 -911312 9719 61Ts - - - 9614 9714 96 97 -564 9693%
923 937 9318 94
4
8
8
664
914 97'2 Louis Gas &El tat & ref 58.1952 905 93
1930
91
91
9114 9114 6312 9312
92 92
93 93
Louisville Ry 5s
- 8912 8912
Lower Austrian Hydro-Elec Co
8515 8512 8518 85 4 8518 8518 8518 8614 85% 8514 85% 86
8512 86
85% 86
1944 8514 8512 85 864 85 4 86
,
3
86 87
1st s f 632s
%
__
4
Magma Copper Cony 78__ _ _1932 12114 1327 122 12712 114 1273 113 12012 11418 12612
2
9912 1005 100 101 10038 102 -5512 161" 9938 icio-7- -5/ 1664 9714 - 1- 9834 102
,
994 10112 99 100
68 2
Manila Sugar bats 1 7;28..1942 99 10012 100 102
4
4
3
5818 6212 5712 60% 60 6214 6112 6312 6112 63 6112 6338 603 6154 5912 603 59 4 6012 59 4 6012
s
ManhRy(N Y)Con g 4s..1990 62 637 6212 64
,
3
8
54 54
527 54
54 55 537 553g 53 4 5614
51
4
2013 543 543 54% 56
5212 5314 5212 53
5512 5118 53
2d 48
8 .
4
4
983 10012 9918 100 99% 102: 10912 1023 10112 1023 100 1024 10012 102 165i 16212 101 10212 10112 103 10134 10214
4
Manila Electric 1st ref 78_ 1942 9714 100
881g 90
88 90 89 9014 883 8912 89 89
813 9114 90 91
4
4
4
Lt 1st Is._ _1953 85 85 2 8512 863 86 8814 86% 92
,
Manila El Ry &
5
9814 993 984 9918 9812 10214 99 109% 98 99
4
4
8
9712 99
97 997 983 100
4
Market St Ry 1st 78_ _April 1940 9812 993 98 9914 9814 100
8 99%
- _
Marland Oil 8s with war._1931 130 140 126 135 125 12712
—_8
105 10612 1053 106 10518 106
Without warrants
___.
...10 Yr 73s with war. Apr.'31 130 130 125 125
105 105%
Without war
___.
1934 105 105 4
,
Maxwell lave Cony Is
- 2
4
- 4
-4
- 4
- 4
Metropolitan Edison 1st 6B '52 10212 103 2 10112 1664 10212 16j1- i66;1611- 104 105 105iz1661- 105E8%661- 10314 1661- 1028410- 15538 166" 10313 10412 10338 1045
,
4
,
1953 9112 931a 93 95% 924 934 92% 96 8 933 97 6414 6612 9414 9512 9438 953 94% 9512 95 96
9538 963 9534 9712
1st & ref 5s Series C
4
4
4
s
Metropolitan Pow 1st65 A.1953 1003 101, 1003 1013 10112 103 10214 104 1023 10312 10318 104 10214 10314 100 10212 101 10212 103 104 102 10314 102 105
8
687 7412
8
-_
74 74
7112 74
71 71
71
5 48
'
7112 73
71
754 80
0
72% 73
7214 7214
Met West Side Elec(Chic)4193 7014 7014 72 72
9714 99
98 99 97% 10012 9953 10118 1003 102 100%102
953 98% 9718 99
8
4
_ 953 97%
4
Mid Coat Pete 6s
9012 917 90 92
8
91
9114 9212 913 93 4
39214 01's 92
s
014
4
8 6
Midvale St Ord cony at 5s-1936 -ail .-- 89% 9114 904 91 -501 164 9012 9314 914 93
,
8
1921 100 101 10018 10114 10018 1011s 1003 10112 100 10112 100 100% 10014 10038 100 10038 997 100 100 10014 100 100
8
99%100
Milw El Ry & Lt cons 5s
4
4
8
4
963 9614 96% 97%
8
3
Refunding & ext 4;is.._1931 95 9512 951s 95 4 9518 9512 95 9512 9512 964 963 963 96 963 953 9612 94% 9612 96% 97
9712 98% 973 99
8
4
4
98 9812 9712 6812 9814 983
1951 95744 9812 963 98 4 94 98 9612 9734 97%100 983 100 977 99
4
,
4
General & ref 5s A
4
883 9014 883 90
1961 847 86
4
8512 8914 86 88 4 86 8814 8814 92% 9118 924 88 913 88 90 891g 90
4
,
8
893 9012
1st & ref 55 Series B
4
4
,
4
,
4
1st & ref g 6s Series C_ _1953 99 995 99 2 1003 983 100 8 98% 101 100 104 10014 1024 9914 10114 99 1003 993 10014 100 102 1004 1013 10012 101,
4
4
4
4
s
99 9914 9838 9914 983 9918 99 993 987 993 98% 99% 9812 993 983 9914 9878 9914
4
4
4
Milwaukee Gas Lt 1st 4s_ ...1927 9614 9812 9812 9914 98% 99
8
8
993 100% 9944 10012 99 10014 987 993 9914 997 9912 10012 100 10004 99% 10012
4
4
4
Montana Pow 1st & ref 55 A '43 9758 9912 983 9912 99 99% 9712 100
4
.1
4
,
,
4
8
4
8
4
14
8
Mont.Tram 1st & ref A 5s_ _1.941 94 943 943 963 95% 96: 95% 9618 96 4 98% 973 9812 96 973 96 97 2 97 073 067 973 955 9718 9634 99
s
8415 8512 84 8518 8434 8512
8
4 47
81
843 8314 843 8212 83 823 8 8 83 4 84% 823 833 8212 8312 82 87
3
4
Morris & Co 1st s f 412s_ _ _1939 7812 81
_77 7718
Mortgage Bond Co48 Ser 2.1966
66166 4
96 9618 96 - -1- -f)(i- 96 -131i1r4 971. 96l4 97l 66
1932 -6LE8 96 -9638
-5614 - 4 -56T4973 -9614 '97
564 664
10-20 yr 55 series B
8
97% 983 9712 9812 88 9712 77% 82
4
4
1934 97 9812 973 983 98 9812 9712 9812 963 9814 9814 10012 98 994 97% 99
4
Murray Body 1st 6;28
9712 9712 9812 98 2 9812 9812 9812 9812 9838 98%
8
,
8
8
8
99 1013
8
4
Mutual Fuel Gas tat gu 58_1947 9512 957 953 9612 953 9612 95% 957 963 97
993 9934 101 101 -- 4
1941
- 99 99
99 99 -56
- Mutual Union Tel 5s
132 -581.
-6812 61 -58 4 - 2 5938 102 58 60 4
2
59 6112 6112 64 601s 6615712 60
4
,
60'4
6138
,
Nassau Elec guar gold 45_ _1951 -. 63 603 62 4 59 62
Nat Enam & stp 1st 20 yr 5s'29
9912 993
4
4
993 993 994 9912
4
-i - 97% 99
f
144 "ii 96 9434 96 6 99 103 103
11419 91, -65- - 2 65T8 4
80 8512 81 89
89 93 84 89
1931 112.8
97% 9914
Nat'l Acme 1st 7;is
9812 9818 955 983
5
4
National Dairy Products 65............
-55- 16- -65- "iii z 664
66- 98% 9878 9978 100
4
4
National Starch 20 yr deb Is'30 98 9912 993 993
4 10112 103 i5iTz 103 101 10214 1003 102 10034 1013 101/8 102 1(3138103 102 103
4
62 2
1952 1003 10112 101 10112 i664 1614 jai- 1- -14
National Tube 1st 55
983 983 00% 10612 19038 100%
4
4
9812 99
161_ 1003,100-5,
99 100 99% 10014 10012101 100% 101
1948 99 9914 99 99
Newark Con Gas 55
4
,
4
3
100% 101%
,
New England T & T 30 yr 58'52 99%100% 99 4 100% 994100 s 993 10018 100 102 10014 101 2 10034 10112 9912 10112 10014 101 100 1003 ioorz
90 91% 89% 9112 9012 91,
901s 9012 90 92
-- -- - - - -4
New Orl P S 1st & ref 5s Ser A__ ____ _ _
89 9012 887 92% 8912 91% 90 9012
5
2 4 90
Series B _
5/3
03 10312 103 10312 10314 104 4 102 10212
10414 104 161 103 104 1011110119 1.55- 1034 103 103
,
N YAlr 13rake 1st cony 68_ _1928 104- 104 104 104 10480 81
7912 82
79 7912 79 81
4
80 813 8012 8114 783 81
4
81
8212
78 8012 78 7912 79% 81
4
N Y Dock 50 yr gold 9s_ _ _ _ 1951 773 80
8
11512 114 11512 114%115 113 1143 13%115 114% ll514 11418 115 11412 11512
4
8
4
4
s
N Y Edison 1st & ref 6;28_1941 1123 1147 11412 115 112 1143 1123 1143 114
00 101% 103 101 101 102 10112 102
4
3
8
8
100 10018 100 10018 993 10012 100 8 1017 101 102 100 101% 993 101
1st lien & ref Is Ser B._ _1944
8
10314 10312 033 103% 1033 104 1033 1033 10312 1044
5
8
4
8
NY Gas El Lt lit & Pow 58.1948 10012 10233 1003 102 10112 10212 10218 102% 10212 10412 10312 104 10318 104
883 89%
4
4
,
8
8
8
8614 8738 874 88% 88 897 89% 903 883 89% 88 4 887 884 89 88% 8912 883 90
4
Purch money coil tr g 48_1949 86 87% 86 87
10012 1004
NYLE&WCoal&RR
6
61"
661061ilia" 1664 9912100 ion- 1- 4 100 1.
612 -6
-564 - 64
4
1930 993 100
& P 58_ 5,48'42-_- -0 10 1S 100 166 10018 10012 16641-- 2
_ _
N Y Queens E L
49 4918 49 49
48% 51 -51.1 52
49 49
4 5412 4812 52 48 54
8
New York Rys tat & ref 45.1942 45 5012 493
61
:4
51
14 41 461 48 4918 49 504 - — - - 48 48
45% 52
/
1
4
4812 50 49 52% 50 53 49,: 55
42% 50 4 4934 54
,
Co.ctf of Deposit
Trust
512 4% 53
418 ^3
412 6
4% 5
_- Vs 612 X% 512
4% 5
4
Adjustment inc 55 Jan. 1942 41s 53
412 34 418 3g 3%
5% 412 5% 518 518 5
4% 4111 4
.5
4% 4
43
4 4
8 53
4 4
3 8 512 47
7
Trust Co certif of deposit._
4
2812 32% 2012 3138 277 3012 2514 2814 253 29% 263 2812 23% 2812 21
8
2414
1965
N Y Ky. Corp in 6s Jan.
664 -95f2 . 34 9912 100 994 102 100 10212 9978 10078 100 102 100 10012 10012 101 10034 101
14
-991 - -3- 9912 2 69 4
-1
NY & Rich Gas 1st 68 A_ - _1952 -99 2 100-




wei,

-6-6.
7-

JAN. 91926.]

16V

TUE CHRONICLE
1925—Continued.

BONDS

November December
October
August September
July
June
May
March
April
January
February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

581 6012 56 58
4
/
1
4
3 5912 62 60 62
8
8
N Y State Rys 1st cons 4%s '62 66 6814 to 667 64 6618 64 657 6514 68 6412 6712 61 6618 58 62 4
Registered --------------- 2
6
-88% " 7- -iii 19 4 28 234 -iiii 16 -85" i00i8 "81" 164 -iiiz 8 1- -ii" i8612 - ii,i 1E" -66" ii- -iii" "8"3 - -7814 IC
33
968
"
1st con 6%s ser i104 10214 10311 10112103 10218 103 10214 103 10214 103 10214 1034
8
New York Steam 1st 6s_ _1.947 9711 9912 981210012 9938101 10012 1017 10012 10312 1028
/
4
8
4
4
4
977 99 97 983 9614 973 97 98 97 9712 971 975 97% 973
3
9614 97 4 9714 98
N Y Tel 1st & gen s f 4%s_-1939 9512 9612 95 96% 958 97
4
4
4
4
1949 1077 10812 10812 109 108% 110 1091g 1097 109%110 110 11034 108%11012 10814 1093 10718 11012 1093 11012 10912 1103 1093 11014
8
30 yr debenture 65
4
8
refunding 6s gold_ _1941 10614 107% 10838 10734 10614 10712 1063 108 10712 10834 107%10812 10612 10818 106%107 10634 1077 106%10712 1063 10712 1067 1077
4
20 yr
102
4
Niagara Falls Power 1st 58_1932 1,0014 10214 100%101% 101 1013 10012 10112 10038 10112 10114 103 99% 102 10012 10112 10118 103 101 103 101 103 101 106
Refunding & gen 6s Jan.'32 r033 105 10412 10512 104 10512 104%10534 10512 106 10514 10612 10514 10614 104 106 105 106 10512 10612 10512106% 103
4
. . 110
109%
1_ .. _ _ _ _ -6.
6
.
Niag Lock & Oat Pow 1st Is '54 10412 106 10512 106% 1097 110 1093 110 -,,.. 71
8
4
3
in6E8f6i...; 98'1 9912 -ii‘ It/ -98 4 IiIi
4
9812 100 973 9912
1955
9812 9834 981
lst&ref5sserAWi
8
8
8
8
8
8
8
Refunding 6s Series A__ _1958 iiiiig 16Sii il:61. iiii 8 joii8 fici" 1097 1097 1097 1097 1097 1103 1097 110
12
---- ---- ---- ---: -6/13 illifi "iiii" 1664
North American Cement6
-66121 7 ;;.;, ,; i;j ,r
-668
s
;
;,;;,; ,r
ii,; 1e2 - -...2 l,.1 8 -....-4 f-1 4 -"T8 IiCA ilia;101 8 101121027 10312104¼
-. -14 ,w A- -7 -15 i1 - -1L:i il3-4
ri'
-7
8
eil2 ...e..- - -1ll1; IlIf 2 eJes1e1 2 .e..8111.
North Amer Edison Co 6s A '52 -96s 167-8
4
4
1948 10034 1023 102 10434 10214 104 103 10414 104 10518 1043 106 10334105 1028 104 103 10412 103 104% 1033 1043 10112 103
Sees I g 6%s Series B
4
8
4
8 9314 8
94% 9612 943 9814 93 9512 91 947 94 947 933 953 9712 9414
4
INTor Ohio Tr & L gen fc ref 68'47 9218 93 9212 9614 95 97 9512 96% 9512 97
957 97% 96% 9738
96 97
4
983 9918 9712 983 96 9834 95 97
4
North States Power 5sA__:.1.941 93 943 9414 9612 9512 9812 95 97
4
Registered
93 9314 „„.
14
•,.
S
.
-3
4
1
14
1941 103%1051 10312 1051 104 10714 iO3- aii- 10 1 Iiii - iiiii4 160 2 ioii4 16E3- io5i816S18 jai" 166;i64" 16 - i6iigiiiiil iiiii4 flier
1st & ref 6s series B
; /- 1
4
3 . .4
4 4
Northw Bell Tel 1st ser A 78.'41 1073 107% ____ -8
1 1
12 8 1
6 8
66 8
.Li2 " 1 -ii3" 1- ::::: ::- ;6618 112
"
1 iiii -iO3i8 WI; -6
Northwest Tel 1st 4%s_ .1934 9438 95
66 2
cli
95 95 -9E- - - -ii "ii- -66 "iii- -iiiii - 1- -6 1 4
Ohio Pub Ser 1st & ref 7%s1946 108 1105 10914 11214 110 1121 11014 11112 11118 1123 11012111 110 112 111'8112 110'i112 111 111121113411214
/
4
8
4
11112 109 110 110 111 109 11114 1083 11014 109 110 110 11112 1103 111%
let & ref 7s Series B__ _ _1947 1073811014 10712 110 1073 11014 1073 109 10818
4
4
4
4
4
s
Ohio River Edison 1st 6s_ A948 9812 10118 10014 103: 997 10212 101 10212 10112104 10318 1037 101121033 100 10214 1013 104 101 10214 102 1023 10112 102%
8
8
9812 9714 965 9714 9718 973 965 9712
4
8
4
97 973 964 98 96 98 98 97
1944 97% 9818 973 99
963 98
4
Old Ben Coal 1st 6s
4
9714 99
9938 10012
8
3
9912100 4 991 10034 987 10012 99 10014 9812 997 9918 10018 9912 100
Ontario Power N F 1st 58_1943 9834 9958 98 993 99 993 987 100
4
8
4
4
Oct Transmission 1st 5s_ _1945 97 9714 9712 9918 983 987 9918 99% 9958 9954 9912 9934 993 993 - --- --- 9918 9918 9914 9918 99 9934 9938 9934
8
4
4
4
Steel 1st 20-year 8s_ _1941 983 100 983 10912 9554 991s 9614 9912 98 102 1013 103 103 105 104 106 105 106 10412 1053 104 106 104 105
Otis
4
4
4
4
8
1st 25-year at 73s Ser B_1947 9112 9314 938 9514 893 94143 90 93 927 9812 9612 9834 9818 101 100 10112 10014 10114 100 101 100 1003 10014 1003
8
963* 98 9718 9812
95% 98
943 9614 9614 9718 9614 98
8
Pac Gas & El gen & ref 59_1942 93 95
/
1
4
94% 9618 943 958 948 9714 968 9812 9718 99
8
4
9934100
4
3 9812 99
9914 100 987 9912 983 9912 99 9912 99 993 9914 100
Pac Pow & Lt 1st & ref 53_1930 98 99
8
9834 9914 98% 9934 99 100
4
8
4
Pacific Tel & Tel 1st 5s_ _ _1937 9014 100 9914 10018 99%10014 9934 10034 100 4 102 10112 10178 993 10112 1001210112 10034 10112 101 1013 10114 1013 10114 10112
3
981k 9912
98%10012 9612 983 96 98 97 9814 97 98% 97 8 99
4
30-year Is Series A
9614 99
1952 9212 9314 93% 9434 94 9512 9518 97
8
Pan Am Pet &T 1st lien 73_1930 10412 10512. 105 106 105 1061 105 105 10514 10612 106 107 105 10818 105 1065 105% 10512 10514 10612 10514 10612 105 106
12
4
4
Cony sinking fund 6 _ _1934 103 10934 1043 11514 109 1185 10712 1133 109 1163 11012 116 107 112 10414 108 105 10738 105 10914 1073 110 1093 113
4
4
8
4
93 94
/ 92% 949214 9412 8812 93
1
4
91
97 923 95
4
Park-Lexing leasehold 6.4s1953 9514 9612 9514 96
95 9814 9412 9512 9412 99
9514 97
Paterson & Passaic G&E 581949 9712 9712 9834 985,, 96 99
99 9918 9912 100% 10014 100% ----------------99 99 ---- 11_ _9914 9914 100 100
4
__ 10914 1094 1093 0% 110 11018 11018 11012
Peoples'Gas & Coke 1st 65_1943 107 10814 10714 1073 10714 1081 10814 108% 107 110 110 11012 , 113 r
4
4
Refunding gold 5.
4
1947 945 9512 953* 97
9512 963 9612 9914 9834 99
4
8
8
9512 96
- - 7
97 100 9795 - 98 983 97 9814 9734 993 9812 997
8
Phil Company 1st & ref 63_1949 101341037
8
4
8103 105 1041810484 1043 1047 10434105 10418 105 104 105 10314 105 1033810414 1031j104 103121043 103 10415
9712 9812 978 983 982 Oh
4
15-yr cony deb 53s
963 9814 9734 99
4
1938 9334 9514 9412 9614 9512 97
97 100 99 100 98 100
9514 97
99 4 10118
1
8
99 10012 99341005 9912 1005 9934101
8
Phila & Read C & 1 ref 58.1973 10018 10134 99 4 10114 997 10112 100 10034 100 10218 10018 10114 99% 101
3
8
Pierce Arrow deb 8s
4
4
1943 9414 96% 94 963 90 96
93 9814 967 104 1023 10512 1023 1044 10414 108 10512 107 106 107 10614 108 10614 10811
8
4
4
Pierce 011 Corp s f 8s
1931 10258 104 103 105 10312 104 10312 10514 10612 107 10634 107 10614 107 106 10818 10314 1053 10314 105 104 10414 104 10811
PillaburyFlourMills 20-yr6s1943 9958102 101 1013 10078 10112 100%102 1013410238 10112 10238 101 10212 100 10212 10118 102 101 102 10012 102 101%10212
4
4
4
9778 977 ----------------977 977 973 973 973 973
4
Pleasant Valley Coal 1st 5s1928 97 9712--------978 9814 9712 975 9712 98
i
4
8
8
8912 8934 9114 9114 90 9211
/
1
4
88 90
PocahontasConColl Istsf5s195 9318 94
924 9314 9212 9314 9212 931 92 94% 90 91
938 94
s
4
Pt Arthur Canal & Dock 621953 9912 10014 9934101
9978 10012 1003410112 9934 10184 101 1023 10018 102 101 10214 101 102 1007 102 101 10117 10112 10212
1-1011210 %
6s Series B
8
101 101 10112 102 10014 10112 101 101 _ __ ____ 1007 1013 --------1011110118
4
-- Portland Elec Pow 1st 6s B1947
4
4
9914 100
99 100
983 997 9814 10018 983 993 15§ig 100 99 100
4
8
96'2 9734 97 100
Portland Gen Elec 1st 5s__1935 -584 ------ 9934 9i834 9834 9934 9938 1008 9914 10018 99 9934 99 100 9914 9912 9914 100 9914 1007 99 997
g
9438 943 943 98
9418 94
9238 9234
Portland Ry 1st & ref 5s_ _1930 9212 95 9312 96
4
4
4
9434 957 943 95
95 96
043 9612 9414 9512 943 96
4
8838 89%
8
Portland Ry L &P cony 5s_1992 8414 85 4 843 90
9012 92 8818, 91
874 89
8714 887 8718 8814 883 89
3
8
86 9014 8612 888 8918 92
.‘1st lien & ref 6s Series B_ I.947 94 98
9834 9914 9834 9914 9834 9918 9834 100 99 997
9712 9912 9612, 9912 9618 9712 9634 991 9918 10034 99 100
1St & ref 755s Series A_ _1946 10518 106 1057 10612 10512 107 10512 106 106 107 106 10612 10612 107 1065 1074 10612 108 104%106% 10512 10618 106 10612
8
/
1
,
8
Porto Rico Amer Tob 8s__ A931
4
Dm 102% 101 101 102 10212 101 101 101 102 103 105 10512 10512 1053 106
106 106 1031210312
9412 95
9413 951
_Pressed Steel Car 10-yr 5s_1933 93 4 9412 9438 96 9514 97 -- IC 9414 9514 93 9412 024 933 93 9514 94 95
9438 95
/
1
4
6i
4
3
8
Prod&Ref 8s with warrants1931 114 11514 114 11414 112 112 ____
_ 112 113 1133 115 112 1133 ____
4
_ 11018 11018 1095 109% 109 109 109 111
4
4
4
/
1
4
Without warrants
4
4 08
--110 11012 110 111 110 111 110 11012 11018 111 11012 1113 110 113% 1103 11 7 110 11014 1093811014 1093 110 1093 110
4
P S Corp of NJ gen 50-yr 5659 10412 10458 10412 1047 10438 1044 10412 105 1043410434 1043 1047 103%105% 1048 105 1043 1043 10414 105 1043 105 1043 105
4
4
4
4
8
8
1 9912100¼
9912 100
9914 99
/
1
4
9814 100
Secured gold 6s
4
1944 95 953 9514 98 95% 9712 958 98 9712 997 98 993 981,, 9912 9718 99
7
Public Ser E & Gas 1st 51491959 98 8 995 99 10218 9912 10218 997 10212 102 1047 104 105 1023 105% 10212 10318 103 104 10212 10312 10314 103 8 10312 104
4
8
8
8
7
1st ref 534/4
8
4
1969
995 101 1003 1043 104 105 10234 10412 10214 105 103 104 10258101¼ 10314 1037 10312 104
8
4
Pub Ser Elec Lt a f g 6s_ _ _1948 1
8
8
4
4
4
8
8
8
.9212 16E - iO4" 1047
;104" 1664 104181055 10414 1067 106 10714 105 1063 1053 107 10514 1063 1057 1063 1053 10612 108 107
Punta Alegre Su 1st con 7s1937 10234 106 10414 10712 10458 107 10412 1057 10434 10614 105%10712 104 10612 104 106 105 106 103 105 10312 107 105 107
8
4
8612 90
86 87% 85 8712
Remington Anna 1st s f 6s_ 1937 8814 92 89 9112 88 9012 8812 89
87 90
88 883 88 894 88 893 89 90
4
9512 9712 9512 97
8
9512 97
9614 99
Republic Iron & Steels f 531940 9312 953 9414 953 94 9514 9412 9512 943 9612 943 98
4
4
95 9618 945 97
4
4
!
95
Ref & gen 5%s A
91
4
9114 93
9212 9314 92 9318 9114 92
8914 911 F918 93 93
923 9412
1953 913 927 917 94
4
937 903 92
8
4
4
8
9012 9018 907
8
Rime Steel 1st s t 7s
89 893 8818 89
1955 --__ --__ 887 8918 887 90
4
8858 841 8814 8812 8814 8812 8814 90 90
8
*
88'8 89
3712 63
60 61
58 65
60 62
6312 72 6212 70
58 58
8
Robbins &Myers 1st at 7s_1942 67 731 70 7012 67 68 65 667 6414 66
:
8
4
Roch Gen & El 7s Ser B 1946 --- -___ ---- ---- 110 110 110 11012 10114 11114 1107 11114 11034 11114 1103 11114 111 112 111 112 III 11212 11218 11234
8
4
8
4
Gen m 53s Ser C
8
1948
---- --__ 10312 10312 104 10414 104 105 1045 10514 104 10414 10312 1043 1023 10414 1027 104 1033 10412 10434 10512
_
Roch & Pitts C&I pm 50_1946
9138913*
7
4
70
63 6512 isii4 16.
-7
9
7118 79
85 70
4
Rogers-Brown Iron 7s._.1942 82% 8312 83 8312 733 82 ---------- 1i 63 g 763 6114 68 66" 9114 913; 91 • 92
9112 9112 92
4
91
93
91
91
91
St Joseph Ry L H &P 1st 531937 8518 85% 8512 867 88 9112 8912 91
8
9134 913 91 92
7 957 96 96
8
953 953 96 98
4
4
St Joseph Stk Yds 1st 4 Hs_1930
9512 9512 9518 9534 - - -- -- - - 95% 957 95
711 -ii- I:n-2 -7913 - -14 80% 8112 8012 82 82 853 79 87
4
7712 785 7814 79
8
79
79
81 St L Rky Mt& Pac 5s stam_1955 -iii, 7
7718 7914 :7818 - 1.
5
4
8612 8612 --------7113 711
:____ ____ ____ -St Louis Tren gu imp la..1924 74 7412 783 8112 _
4
_ ____
.
-7itil95 95 95 95
St Paul City Ry Cable 5s_ _ 1937 95 95 --------95 96 -61 "91- -eV 16 8 -61 - 4 -6i" if- 95 95
4
4
g
.
Saks & Co 7s
1942 106 10718 104 107% 10518 107 105%1063 1057 107 1063 107% 107 109 106 107 106 10612 106 107 ini" fai- 166 10i8
3g
8
8
4
San Antonio Pub Ser 6s...1952 9912 1003 10118 1011 101 10112 101341013 1013 10212 10134 104 10114 104 10114 104 1013 102 10114 1021: 1315 1013 101% 1015g
3
/
4
Saxon Pub Wks (Germ) 7s '45
_92 9214 92 9214 92 9214 92 9214 92 9312 0114 9212 9012 921: 9112 9212 92 9414 9234 941: 92 9314
8
Sharon Steel Hoop 1st 88_1941 iiiii foi - 1063 10712 10634 10712 10612 107 10612 10712 10614 107 106 107 106 10712 106 10612 106 10712 107 10738 1067 10712
s
Shetf Farms 1st Sr ref 6%3_1992 105 10612 105 10638 10538 106 106 107 10614 1073 1063 107'4 106841073,, 1067 10712 106%10714 106 10712 1043 107 106 107
4
4
8
4
4
4
8
90 93
/
1
4
9014 91 1: 911 913 9114 9212
Sierra & San Fran Pow 1st 55'49 90 9218 903 921 91
4
4
:
913 91 913 92 9534 93 953 907 9312 90 92
4
93 943 9112 93
4
9112 925 913 93 9218 943 92 9412
8
4
Sinclair Cons Oil 1st lien 7s '37 88 9518 913 9512 91% 937 9118 9314 9114 94% 9212 95
4
4
1st Lien 6s C with war_ _1927 10614 11812 10912 120 10558 1157 1043 1093 10614 113% 10912 11814 10818 1143 1043 109 105 10814 1043 1071
4
8
4
4
4
:1033 10312 104 11134
4
1938 825 908 8814 903 87 89
3
tat Lien coil 6%s B
8
4
8512 8812 853 88 8 87 90
4
88 8914 87 8814 863 875 8612 8712 8612 873 8812 8712
4
8
4
Sinclair Crude 011 Pur 5%s_'25 991,1001, 10012 10012 100 10018 1928 9914 9912 997 101
6% Notes Series A
.
:
99 4 10018 99% 1004 10E04 166f* int 14W' WW1,101" 166" 106ii ion" 166 2 106" 166 8 160T111668 IOOl4lOOls
3
- 3- 1
1
- 76% Notes Series B Feb 15 '26 9912 10114 9912 101
99%10018 997 10012 10018 1003 10012100,, 10018 1007 100 1003* 10014 10012 10018 10012 10014 1005 10014 100%
4
8
8
Sinclair Pipe Line 23-yr 56_1942 82 8412 843 8614 8412 8514 8412 8512 8412 88
8
863 873 86 8738 843 873 8414 8514 8458 8512 8412 88
4
4
4
4
8638 87
/
1
4
1927 1067 116 1125 1203 10734 1183 10712 111 108 117 1141212012 11018 11712 1067 1113 10812 11234 112 118 11412 127% 123 129
8
8
4
Skelly Oil 6% notes
4
8
8
Smith (A 0)Corp 61is
10112 10212 101 10214
8
So Porto Rico Sugar s f 78_1941 102 10234 102 10212 10212 104 - 10312 1051- 16:1" 105 1047 108 16,- 105;104581047 i&Us 116" 1053* 106 1053 1061. 10534 1063
- 4
1i2
-3
8
8
4
993 100
8
9934 100
/
41013
South Bell T & T lat s f 58_1941 99 100
9934 10114 100%10214 1001 4 100 10178 10138 102 10112 102 101%10134 10138 10134 101 10112
South w Bell TeLlst & ref 5s'54 9618 9712 963 983 0712 9914 9812 100% 99% 10112 100 10112 995 10034 99%10014 100 10114 9934 10014 99%100% 100%1003
4
4
8
4
Southern Col Polver 1st g 6s'47 9314 953 957 9714 95 961: 95 9534 95% 9914 9712 99% 98 99
4
9814 983 98 99
98 993 98 9912 9634 98 8
3
4
4
Spring Valley Water g 5s_ _1948 973 978 9412 9612 965 97
9812 9812
8
97% 9712
9712 9712 9812 9812 9814 983
4
_ 997 99 4
8
1
Stand Gas & E cony deb 6%11'33 10612 12018 110 11612 11212 12412 11212 11714 1141. 13512 12014 13012
2 -Standard Milling 1st 5s_ _ _1930 9912 1004 99 4 10018 093 100
3
9934 100 100 10012 10012101 - -994 110% -9034 100 -66i 1661; -9684 997,
993 100
4
4
8
166
- 18
Steel & Tube gen s f 7s ser C'51 105 10714 106%10714 10634 1071
:1073 108 107%1077 10712 108 10712 108 107 108 1053 10717 10714 10818 1073 108 1073 1084
8
8
8
4
4
/
1
Sugar Estates Oriente 7s_ A942 9614 9712 964 9712 9512 97
98 963 96 96
4
95 96
9412 95
92 9412 9112 9212 89 91
8818 9014
8712 90
Superior Oil 1st aIls
1929 98 9812 08 9
98 99
97 97
96 97% 95 96
92 93 90 90
0
94% 9712 9412 97 4 93 94
,
Syracuse Light Co 1st g 5s_1951 9712 08% 98 9814 9814 9914 9912 99% 100 10014 10018 1003 997 10012 9914 100
4
8
9914 100% 10018 1015 9'02 100 100 1005
8
8
Tenn Coal I & RR gen 5s_ _1951 102%102% 10012 102 10114 10214 102%1023 101% 1013
8
4
101 1g 10112
103 103 1013 1023 10218 103 1023 1023
4
8
8
8
100 100 10114 10112 1661. 166 10018 100% -45i4 9934 9934 9934
Tenn Copper 1st cony 6s_ _1925 101 102 100%101
8
18
8
Tenn Elec P 1st & ref 6s
1947 9914 101 100 1017 10034 foils 100 10112 1003 104 4 102 104 10218 103 102 103 102 1023 102 103 i
4
,
8
74
105 102 0 '
54
1960 5434 567 55 5812 52 553 51
4
5314 57
Third Ave 1st ref 4s
8
55% 58 2 56 57
5414 5912 55 57
,
5512 5612 5514 57
56
57
Adjustment income 5s_ _1960 46 501, 4014 5014 40 4414 3414 3912 37 3912 3912 43% 39 43
38 41
3812 4212 37% 403 3814 417 4012 4738
4
8
99% 9458 93% 93% 93% 94
Third Ave R R 1st gold 5s_1937 943 95
94% 96
4
94 95
9412 ow,
93% 95 94% 95
9312 912 9342 933
Tide Water 011 10 yr g 6%8.1931 1023 104% 103 104 10314 104 103 1033 103 1033 10214 10334 1013
4
4
4
4103 .1)I12
14
8
Toledo Edison lat g 7s
1941 10812 10912 109 110 1095 110 109 1093 1091 111) 10914 110 1083 10914 1083 1093 10812 1693 1683 164 8 lePi1. 119 4 1085* 109
4
8
8
8
i
3
2
1.
4
notes.'25 10014 10034 10012100% 10014 10012 10014 100% 10018 1003 10018 1003* 9834 100
Toledo Tree L & P
8
9814 99
98 10018 97% 9814 975 9514 98 983
4
8
987 987
8
8
Trenton Gas & Elec 1st Is..1949 ----___ 98 98
_ 100 100
988 983
4
9912 9912
Trumbull Steel 6s
9758 973 9712 973 97 9712
4
4
61 61
23d St By imp & ref 5s_ _ _ _1962 66 70 6512 66
62 6712 615 6258
8
811* 61 14 -60" 16- -66- 'WI;
Undergr'd of London 4%8_1933 89 9014 9018 9018
1612
92's 9212
-0012 94 94
923 95
8
861g 8812
89 89
Income 6s
1948
9112 92
9412 961, 943 97 -66i8 WIZ 4
9514 97
66" Ii3 -6618 9784 61
4
Union Bag & Pap 1st 6s_ _ _1942 9412 97
-661 I73- 9612 104
'3
4
02 105
033410.5
8
Union El I.& P 1st g 58-- —1932 9934 10012 997 10018 997 10112 100% 100% 10014 10112 101 10112 100%102 101 101% 10112 102 1005 1017 100%10114 1007g 1113
s
8
8
4
4
Refunding Is
1933 9814 9912 983 9914 99 9912 9914 9958 993 101 10014 100 4 993 10012 99% 14/3 9912 100
4
3
4
991,300
4
9q34 100 100 100%
4
4
1st g 5%s ser A
1959 10118 10112 100 10112 1003 102% 1003 104 10112 102% 101%10214 100 101% 1003 101 10014 10112 0012 1023 10014 1013
8
4
4
4
75 763 7714 7714 763 763 7612 7612 763 77
4
4
Union Elev By Chic 1st 58_1945
4
7634 763
4
763 763 78 80
4
4
7912 78 79
79
4
4
1931
993 10014 100 10014 100 10012 100 10012 993 10012 9934 100
Union Oil Col lst I 5s
993 101
4
9478 1003 100581007 100 1007
8
4
s
8
4
8
1942 1
.524 16312 10212 103 103 10412 1033 10412 1035 1045 10414 1043 104 10518 ioiia 14 10313 104 103 101 102%1037 103% 104 4
4
18
30 Yr 6s ser A May
,
g
First lien at Series C_ _1935
_
94% 953 95 96
8
4
- 1Union Tank Car equip 7s_1930 10512 lO47 iala 16E 4 10412 105 10412 105 10418 1043 104 10418 10238 104l Ha" 101
s
1944 10014 101 101 104 101 10218 102 103 10234 104 10234 104 103 1045
8,104 10412
United Drug g 6s
- -12
-3103 164
4
9934 10114 10078 10234 101 10234 '100 103 101 163 4 10212 103 10335 10414 10112 10212
United Fuel Gas 1st s f 6s_1936 98 9934 100 10012 100 10018 993 101
103 102
102 103
8
9934 100
993 100
4
1926 100 10018 100 1001 99 1003 993 100
:
8
9914 993 9914 997 99 99% 9912 100
4
8
Un Rys Inv 53 Pitts iss993 100
8
995 99%
8
4
993 100 995 100
4
8
Stamped
997 10018 9914 100 99% 993 993 100
8
8
995 998 9914 99% 9938100
9934 100
99% 99%
99 8 100
,
8
70 7212 893 70% 69 70 695 7214 70 71
4
683 7014 6712 711: 7214 71
United Rys St L 1st g 4s-1934 73 74% 7212 73
4
7218 74
94'. 9415 95 9412 95
92 9514 9214 9414
4
94 943 94 95
United Steamship 15-yr 6s-1937 91 953* 923 95
4
9312 943 933 941 94 9412
8
4
93103 9418 1037
8
4
United Stores Realty 6s_ _1942 1027 10434 10212 10312 10318 1043 103 105 103l 10' 8 1041 4 10314 1041: 103 104 10312 1043 103 10414 10318 1033 10212 10312
:
8
:
8
8
8812 9012 8912 9012 90 9238 9014 0
US Rubber 1st ref 5s Ser A1947 85 8614 855 87% 85 861 8518 865 86 89% 8812 895 8812 901: 88 89
1930 10412 1071
4
8
/
1
8
8
:1053 107 1043 108% 10412 106 10512 1067 1084 107 10612 108 1063 107 106 197% 108%10712 107 10712 10614 107Es
10-year 71is
8
8
4
4
g
*102 100341013 1003 1013 1007 10112 1007 10114 4905 10118 1003g 10114 10012 101 10012 10114 100%101 1001g 1005 100 10012
4
Smelt Ref & 51 cony 6s_1925 1012
8
US




-ai-

168

THE CHRONICLE

[VOL. 122.

1925—Concluded.
January
February
March
Aprti
June
May
.1
July
August September
November December
BONDS
Low High Low High Low High Low High Low High Low High Low High Low High Low High Oaober
Low High Low High Low High
u s steel Gory 8 f g 5s_Apr 1963 10414 10512 105 108 105 106 105 1055 10514 10812 1054 106
8
1053 10608 105 1063 10518 10634 105 10534 105 10512 105 10614
g
4
1034105 10514 10512 10412 10412 1043 10434 105 10512 1045 1054 105 105 105 105 10614
Registered
4
8
1064 --------10411 104% ---- --8434 87
Utah Lt & Trac 1st & ref 531944 8318 85 8512 88
8318 87
863 9112 90 9114 86 9012 853 8712
4
8
88
88
9312 957 923 95
k
4
95 9812 96% 983 9418 98% 94 9512 8718 8814 87 055 8714 8812 87 Utah Power & Lt 1st 5s_ __I944 91 92% 9212 95
s
9414 9514 9414
2 0412 9512 947 0512
8
Utica Eicc L & p 1st s f 58 91950 ____ -- ,..,... _ -- ___- _ _ _.. --,- ,.,- ---— 10044 1003 1013 102 10138 1013 ____
4
4
Utica G & El ref & ext 5s-1957 9814 99 983 9
8 --------99 310008 10018 1013 10014 102 100 103 10034 102 10034 102 10034 _ _ 10214 10214
9 084 -1
4
10212 100 101
- 1953 53 53 ----------------5508 5508-----Victor Fuel lot s f 5s
--58 58 ____ . _ ____
1947 73 84
8294 8812 U
Va-Car Chem 1st 78
873 8514 93
4
91 9812 9512 9812 97 - 3- 9718 10214 99 102
994
993 10434 103 10414 104 105
4
Certificates of deposit
7112 80
82 86 81 87 84 92 89% 9612 95 98
97 9912 9712 101
3 104 10318 10518 10408 1043
99 102
99
4
Certificates of dep stamped_ 68 7734 78 8208 80 84
8113 8812 854 92
9014 9612 93 98 93 97 9914 1003 9712
4
1023 ---- -- ---- --4
Stpd as to pay 40% 1st 781947 --------------------------------------------------------9812 101% 99 102 995
8 10412 103 11144 104 10508
Certificates of
_ ___- ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ __-- ____ ____ 98 10112 99
Certificates of deposit stpd ------------------------------------------------ -------- 9413 9912 9914 101% 1004 104% 103 10412 104 1054
deposit_10118 9978 10312 --------1040810408
734swith&withoutwar'ts1937 44 49
49% 3 4978 4612 62 61 7018 654
69 87 8214 75 8312 75% 89
12
831y 96
923 99
4
9413 100
Registered
79 79 ____
__
9_
_02__.
43 4818 47 47
Ctfs dem without warrants
4212 4312 47 58 61 60 65% 6912 68 8114 75 81
7613 88
8412 - 3- 89 106
994
0 ___1_21
41 4612 45 45
Ctfs dep with warrants
46 46 --------6212 6512 6718 6712 7712 8014 754 81
7508 88% 85 9512 ___
_ . ____
4
4
Va Iron Coal&Coke Ist g 531949 913 913 --------9112 93 903 95
4
91
90 92
91
9018 92
9012 9114 914 914 9114 9108 914 014 9114 98
Virginia Ry & Pow 1st 53_1934 9314 9414 94 9518 94 96
95 97Ig 967g 983 95 99
8
97 9812 053 0714 9618 97
2
9614 9734 9714 9812 977 9812
Vertientes Sugar 1st a 1 73-1942 9112 9212 9113 9414 93 9412 92 4 9312 9113 93 91 92
3
90 9112 90 92
8634 90 87 9012 86 8914 8712 924
Warner Sugar Ref 1st 73_1941 89% 9534 95 9912 9014 974 913 9418 94 9714 9334 96
4
934 9512 92 9312 91 9212 903 92
4
92 97
9318 9512
Warner Sugar Coro 1st 78-1939 7712 843 822 8712 78 84
78 8112 79 8312 8134 83
4
8018 813 804 8208 81
4
82
757 81
Wash wet Pow 1st 30-yr 531939 100 10012 99 4 993 993 1001 --- -- 100%101 100 101 3 1000810008 10014 10012 10111 10112 ____ _ _ 78 7914 7518 87
3
4
4
2—
12
,
10012 10012 1010810134
Westchester Light gold 53_1950 9912 102
9912 100 98 10014 9978 100% 1010810112 10114 101% 101 10118 10012 101 101
-3
4
1944 10012 10112 101 102 101%10212 0214 1023 10112 1023 102 10214 102 10212 10112 10218 19418 10108 100%101 8 10114 101% 10112 1023
West Ky Coal 1st Is
4
4
9934
198 199 01, 102 101 101% 101 10112 10012 10111
1 02
WestPenn Pow 1st 5sSer A1946 93 4 9618 953 9612 9614 9712 9612 98% 98 9914 9812 997 99 100
3
8
984 1130
987 10014 9912 10024
1958 10408 1058 105 4 106 10514 106% 10534 10714 1057 1063 ------------------------103 103
,
1st 40-yr 68 Ser C
8
4
_ __
_
1946 10534 108% 106%10712 107 107% 06%10714 1054 107 4 105%07 10512 107
1st 30-yr Is See D
,
1
0414 10618 1053 1063 1064 f07 ilia- 167
4
- -12
1963 934 9514 947 9614 9694 97
1st 5s Series E
963 983 974 9912 98 9914 97 99 95 994 984 9914 98 984 98%100 108 10_612
4
4
99410014
Temporary
984 99 9708 9914 9618 98% 98 99 9814 98
, --_2
---- --1953 10034 102 10112 102 102 103 10218 10312 10312 1044 10414 1043 10414 1043 10012 1053
1st g 54s Series F
4
4
4 102 104
1950 ------------------------91 9555 903 9208 90 9208 88 9114 854 9108 884 9112 103 103% 10313 164 - 10414 10614
West Va C & C 1st 68
4
854 88 853 8712 82 4 88
3
58
--------- ------------ 9412 t
___
___
9814 99 98% 9912 98 9918 9914 1005 190 1005s 99114 1007 994 19014 iiiis 161 iolif4 10178
Western Electric deb
i
e
8
a
9934 10012 10014 102 101 102 100 4 1017 1000810108 10038 10112 10008 10108 ii561. fiiiiis iiiis foiiti loo 1005
West Un Coll tr cur 5s_--- 1938 9918 10014 100 102
3
1000810208 1014 102 1003 10212
4
Fund & real est 434s 8_1950 9208 9414 9278 9414 927 95
9408 98
9408 9612 95 9618 9514 97
96 964 9612
4
1936 11014 11112 1101211112 1094 110% 110 1113 11012 112 110%1113 11012 11214 11012 112 110 973 97 9712 9714 9712 9612 9712
15-year 6s g
4
4
11112 110 11112 111 111% 110% 112
Westinghouse E & M 78-1931 107410814 1071 10814 107%1077 107
8
12108 10814 1075 10658 10712 10641075 1055 1063 106 10778 106 10708 10544
8
8
8
10634 1050810608
Wickwire-Spencer 1st 76_1935 76 91
83 87 85 88
8212 86
79 8518 81 84
7614 83 80 83
79 81
76 7712 70 77
7318 82
Temporary ctfs ___________ .
-- _ _ _ _ _
_ 81 81 ---------------- -- -- ----78 8018 75 78
Certificates of deposit
li 84 -8
iii2 918 Si 91 ii "lilt 79 8112
o34,3 8313
Stamped
8018 8014 76 8018 774 80
78 79
_ _ ____ -_ -_ ____ _ _ ____ _ _ _ _ ____ ____ _ _ __ ____ ____ ____ 75 864 --------7312 Vile
___ ____
_ ____
Wickwire Spen St Co 78 Jan 35 ____
4
mays-Over nd 1st634sf91933 993 100% 993 10012 991110008990810012 10018 102 101410212 10112 10212 10114 102 10112 1023 _______ 70 763 6212 66
44 la
4 102 102% 10214 log% 10214 toss
Temporary
1941 9108 94 934 947 94 96
Wilson & Co 1st s 16s
4
8
95 9812 9714 993 987 9908 96 10
6 iiiii4 - 14 iii2 -9
6 15 1 ii
4 iii- -6/3- 1iki - fliii4 Hifi
Registered
93 03
1928 55 69 65 6812 64 I47- airg - 6
10-year cony s f 6s
1
8
ii 67174 - - 7634 - .-14 66 7--12 664 /2
73
73s76 iiis - 8 ii -71 8 ori - _ _ _
-771
Certificates of deposit-- - 53 654 --------69 73 89 75
4
693 73 68 7214 703 734 6818 7012 681y 71
4
677 71
8
694 75
69 7114
31 5318 6612 6513 68 6718 77
10-year cony 51 734s__ _6
68 7612 6814 7234 6658 7118 70 7218 684 693 68 7014 6674 7114 6912 73
4
/
6912 71
' Certificates of deposit__ 593 62 66 67 6712 73 6818 7418 694 713 683 72
8
4
7014 7208 873 7012 6712 7018 87 707 60 74,4 8914 73%
4
Winchester Rep Arms 73.81941 1013 102 1013 102 1013 1024 10118 102 1013 102 10112 10214 10112 102 10118 10214 10113 102 1013 102
4
4
4
4
4
1013 10214 1013 102
4
4
Youngstown Sh & Tube 631943 9514 9734 97 9912 98 984 98 983 984 9912 9912 1003 99 mint 9 0110013 oost 10113 10014 1011. tot
s
8
,
101 101 1017
8

COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1925.
BONDS

January February
March
April
July
June
May
August
September
October
November Dee.ianber
Low High Low High Low High Low High Low High Low High Dow High Low High Low High Low High Low
High Low High
1960 100081003 101 10114 101 1013 101 1013 10118 10112 101 1013 1005 101 10014 10012 10018 10008 99% 100
4
8
8
8
8
100 10012 100%10012
---1964 10114 1012 102i8 162 162 1E3 16214 102s- i654 16113 10308 103¼ iiiiiit 11:C37' ----------------10012 101 - lows ---- --- -18
8
8
s
101 ioo;iool;
1966 10114 101 4 ----------------1020810208 ____
,
___ ___ ____ ______ ____
_ ____ ___ ___
___ ____ ____
1972 - --- --- - 102 102 10212 10212 10212 10212 103 10314 _ _ _ _ _ _ . _ _
. _
--5
_ 102% f02 8 102 10214 100 4 10014 --------10008 1
.
, 694
1971 ____ . _ 1084106% __-- ____ _-__ ___- 10814 10814 ____ _ _ _ 10812 10
-812 ----------------10614 106 2
4104%
8
-18
1967 1057 106 107 107 _ _ _
' --1_. _ _
_
11077 1077 ----------------------------------------10413 10412 1043
8
8
1965 --------10812 10612 1864 10 -3 1063 10 -3- 10714 1077 108 108 --------10614 108 --------1044 1047 10413 10413 10408105
8
4 - 4
8
4 -- 4
6
8
104% 10478
8
1963 1053 1053 10534 10612 106%1063 1063 107 107 10758 107%1077 107 108 10508 1055 104% 1083 --------105 105
8
4
4
8
8
4

New York City 4 Ms
Registered
4Xs corporate stock
4q s corporate stock
4 34 s corporate stock
4 34s corporate stock
4 34s corporate stock
4 34s corporate stock
4 348 corporate stock
434s registered
4%
Nov 1936 _ .
_ _
_ __
_
_
_
.
.
571- 4 9/14
4% corporate stock
1959 Oi -g ii- ii1- -iiiii - - --------9984 --1 66'4 foils i66 1---14 661 4
9134
9.
9
00
4 6i5; 6734 6814 97172 Wig oil's Ili 9714 9i714
9814 9814
Registered
4% corporate stock
1958 983 98% ----------------------------------------99081834
8
l 4
ii 998 --------993 ii 7 997 1 14 100 10014 i i -- -14 --------9734 iii4 174 4
8
i4 9
8
3
IN 5'74
1957 98 9812 99 99
4% corporate stock
994 9912 9912 1
--------100 10018 --------100 100
a12 --------9784 9734 9714 Ift4
98
4% corporate stock reg_ _ -1956 984 9818 --------983 983 ----------------9908100 ____ _--- ---- ____ — _ ____ 963 963 9612
4
4
4
4
91312 9612 9613
Registered
1955 9884 9814
4% corporate stock
Registered
9iis --- _ _ _ _
.
9
8
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 66i 1- 6 _ _ _ _ — —
.
.
s6
43s corporate stk _--Nov 1957 --------1060810684 107 107 ____ _ __ 1065 10714 1071/ 10714 107 10i8 10514 10
8
1
514 --------104081947- 1041310413
-- 5
- 8
434% corporate stk_-May 1957 10518 105 4 10594 10634 10612 10634 10612 10612 1071g 10713 ---- ---- 1074 10708 10518 10718 412 105 1047 10514 10414 1044 10408105
3
8
10408105
Registered
105 105 105 105
334%434% corporate stock..1067 1057 1057 107 107
s
corporate stk_May 1959 8912 8912 ------------------------9012 -- -s 6658 on 8913 90 _____ 875 875 8813 8812 881y
_
9058
8
8812 gi8708 - 97
4
334% corporate stk._Nov 1954 --------90 90 ----------------91
91 --------9008 90% __.- --__ 87% 88
8714 88
334%
New York State Canal 48...1962
- 101 101
Canal 48
1961 ._ _ __ — _ _ _ _ _ _ io2i4 193 iiiii8 10i8 --------10312 163 1033 193 --------102 10 _ _
- 5- -14
- 12
4 - 4
-2 --------1000810008 101 101
Canal 48
Registered
Canal 4348
1964 -- ---- 1123 1123 11234 11284 ____ __-_ iiii4 111 ---- ---4
4
14
Faits 1097- ---- -___ ____ ____ ____ __ ____
- 3
Highway Inuit 48
1958 ------------------------------------------------1027
Highway Impt 4348
1963 _______112 4
113 --------114 114 __ __ _--- ---- iiiii2f6ii --3
g 124 ---.------ ------- ...Virginia debt 2-38

COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1925.
1925.
STOCKS

January February
April
March
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
Par $ per share S per share i per share S per share S per share $ per share S per share S per Share $ Per
share
Alabama & Vicksburg
100 ------------------------------------------------10434105 ---------------- $ per share $ per share $ per shore
103 103 10512110 11018 1104
Allegheny & Western
100 _
---- 165 Iiii- -___
100 2212 2712 22 2413 22 25
Ann Arbor
2214 347 29 3012 29 33
224 25
32 44
36 41
39 4194 40 ---14 42- 4
4
2
8
Preferred
100 43 48 4213 4712 40 48
8
44 45 4 503 6012 5213 54
3
5213 58 55 593 55 58
4
85 67
Atch Topeka & Santa Fe_100 11614 123 11614 12514 117 1277 1173 122 117081213 11612 12034 1177 1211j 120 123 121 124% 56 5618 5512 65
g
4
4
12018 12413 1203 12612 12312 14013
4
Preferred
100 927 9518 924 95 944 9555 9414 96
9412 9710 954 97
8
9408 96
954 967 95 964 944 953 943 967 9514 98
8
4
4
8
Atlanta Birm & Atlantic__ _100 3
414 314 48
3 4 712 4
3
63
8 48
53
4 4
5
414 64 5
712 53
714 508
4 512 714 64 11%
Atlantic Coast Line
100 14714 152 14818 157 149 168 1497 15712 15712 165 1563 1643 160 171 1714191 180 4 20114 19134 6,
4
4
220 215 235 233 268
100 7714 8212 76 82
Baltimore & Ohio
71 8414 73 77
4
75 7912 753 81
7518 7812 76 8214 774 837 80 8712 835 9355 90t2 9413
8
8
Preferred
100 65 6612 65 657 63 654 627 6418 6314 65 838 643 65 6612 6518 6614 6518 663
8
4
8
8 6514 664 655 673 664 6708
/
1
8
4
50 3912 424 394 41
Bangor & Aroostook
3514 3912 364 4113 39 4113 38 397 3755 4155 4055 453 4214 4714 4512 55
4
473 5612 443 50
4
Preferred
100 94 9413 90 90
94 94
91 9113 89 9114 894 92
91 91
9212 937 93 8 96 95 100
7
9714 9914 98 994
50 --------------------------------2012 2912 ------------------------383_
Beech Creek
3 3 --------------------- .
84
_
Bklyn-Manhat tr ctfs _no par 3518 4012 8755 45
3518 437g 37% 4208 4014 4755 4818 55
5055 5534 5034 5512 531s 59
S518 80
554 64
573 63 8
4
7
no par 7278 757 7514 805 76 8112 7514 773 78 80
8
Prof trust ctfs
8
793 8112 79 82
4
7812 805 797 814 78 81
8
8
8012 83%
80 813
8
Buffalo Roch & Pittsb____100 683 77
4
57 6712 53 54
7812 923 7412 80
48 85
754 84
79 86 80 874 78 8014 78 82
79 83
100 92 92 --------89 8912 86 93 9314 99
Preferred
93 951 96 100 98 100 983 994 95 95 95
4
3
90 96
88 903 85 873 85 873 ------------------------76 86 --------7454 9514 9514 95
Buffalo & Susquehanna-100 8412 105
4
4
4
7712 70 70
100 --------521, 524 _-- — ____
Preferred
___ 515 51% --------5014 52 ------------------------ 50 50
8
52 54
100 14734 152% 14618 1517 13612 148% 139 144% 141 14614 13714 4514 14018 14412 14114 464 1407 1517
Canadian Pacific
4
g 14708 15038 14712 15038 1447 1483
8
4
100 56 5712 5712 58 5714 5712 5712 5712 5714 59 58 58
Canada Southern
57 5734 57% 573 ---- --_ 5714 573 5'7 5'7 ___- --4
4
Carolina Clinchf & Ohio 100 ------------------------7513 7713 774 7812
_
_
_
Central RR of New Jersey_100
3265 290 zao 306 iii icii iii iiii iie ig iii iii 286 iiii 666 36E 666 30618
100 95 983 92 9714 8914 9712 904 93 9212 994 92 99 93 95 4 94 4 1067 1023 111% 1053
Chesapeake & Ohio
4
7
,
8
8
3
4
8 1164 1304
100 ---------------------------------------------------- ----93l2 10512 10414 10914 1075 10914 10612 1207
.., Certificates
12614
100 1064 10812 10712 109 1064 10844 1054 10618 1073 1114 108 109 108 109 s 110 11212 111%11513 114 108 10818 1164 11414
2'Preferred
4
3
11538 114 121 118 130
Preferred certiflcates...._100
1141211412 __94 8
100 7
43 812 5
Chicago & Alton
10% 684 97
5
3
9
43 63
4
8 04 514 4% 5
64 5
614 5
8
7 3 -- 3
, 84
,8
100 1318 163 15
1913 113 18
Preferred
4
518 15
73
4 97
3 7% 914 8
12 818 1312 11
9
1212 918 124 1018 133 13
4
1412
in.......
ton
9
9
519 51,
AU 87. 7
7




_

JAN. 9 1926.]

THE CHRONICLE
1925—Continued.

January February
March
Apr11
May
June
July
August September
Oaober
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
Par $ per share 8 per share $ per share $ per share $ per share $ per share $ per share $ per share per
$
share $ per share $ per share $ per share
100 32 3512 32 3512 293 3618 30 3212 31
Chicago & Eastern III
3434 3314 3438 3313 3712 353 3814 36 3712 3318 35
4
4
3334 36
34 3712
g
100 4913 5714 493 547 40 52
Preferred
4
425 457 45 50
44 4814 4313 50
4512 5114 45 48
43 4712 4314 47
44 523
4
I00 9 10% 97 15
Chicago Great Western_
918 144 94 1138 1014 1414 1012 1284 11
8
/
1
128 1112 1312 913 123 10 1114 97 117 1018 13
4
8
100 253 293 263 323 1914 3114 21
Preferred
4
s
2434 2214 293 223 278 23% 263 2312 283 2338 263 223 2513 223 253 24 31
4
8
8
4
4
8
4
4
100 1314 168o 111 1412 5 133
/
4
Chic Milw & St Paul
314 6
1018 '712 914 '73
412 10% 8
95
4 88 8
7
714 9
8 11
918 10%
100 _
Certificates
_ _ ..„._ _
__ - -„___- ---- -,_ _._
-__
7
74 7
3
818 713 11
914 1038
100 2214 2812 1928 243
Preferred
4 53 -- -34 7
- -38 518 15% 13 9
. 4 22
17
1418 -163
61 1434 173 14
8
1828 17 2212 1812 2038
100 -------------------------------------------------------------14
Preferred certificates
1514 1378 1512 1612 22
18% 20
100
38, 88 14
'
Chic & North Western
6
8 78n2 66186514 - -3- 65 7012 6613 7138 6734 74 7014 83
61: 4
1
Preferred
100 11114 118 11434 116 11014 117 10134 11014 10414 10712 10312 1093 1083 111 1094 11113 111
4
4
115 11312 11612 11712 1181,- 11112120
100 4438 4918 44 53 4018 8414 41 46
Chien RI &Pacific
4318 483 4113 463 4318 483 45 513 4533 51
4
4
4
/
1
4
4
4418 4834 4414 4938 46 587
g
100 92 95
9414 9914 9214 99 9314 957 95 987 9314 99
7% preferred
9234 963 951 9714
/
4
4
96 977 96 99
8
9614 100
100 83 8714 833 8812 82 8912 83 864 86 883 83 8812 8218 8512 8414 863 9614 99
6% preferred
4
4
4 84 87
8318 8578 84 87
/
1
4
85 88
Chic St P Minn & Omaha 100 52 59
/ 4912 53 40 50
1
4
34 41
/
1
4
40 47
3318 40
45 45
45 4612 --------44 47 47 51
49 57
Certificates_
__ __-- ____ ___ ____ ____ ____ ____ ____ ___
_ 45 45
44
48 57
Preferred
100 94 108 100 10514 86 1021 7314 861 80 84
-79 95 93 95
95
/ 941 9413 94 - 4 9913105 101 12018
1
4
/
4
61i1------------------------ -------- ----------------92 92 ____ 99
Preferred certificates
_
_
9518 9518 ----------------11912120
100 148 16112 163 16412 160 160 146 155 140 146 14418 151 150 150 145 1C CC & St Louis
621
-- 15034 162 165 168 190 190 189 200
Preferred
100 _
-115 115 118 120
Cleveland 8c Pittsburgh
-50 --------7028 - - 3 --------70 7114 ib -- --------7014 V03- --------6913 6912 --------6934 W3 6974 Iiiii
7 ;
6
7614
4
4
Special Odd Lot
_
_ _ _
_ _
_ 39% 3938
150 iif8 " . io 12" ilia "iii
Colorado & Southern
iii
. 5412 6512 5012 Wit, 8i5 lifh 8
8
16 Lii. I884 6413 VCI12 _ ilO ------------ 4
100 61 63 64 64 60 637 01 6214 61 6234 62 6412 6212 6412 6213 637
1st preferred
8
8 6318 6428 64 647 63 65
663 663
4
4
2d preferred
100 56 568 56 58
56 57 57 593 59 60 6012 6012 --------60 621 61
4
2 6213 62 ---- ----60 60
13
100 89 89
Cuba RR preferred
-------------- --------84 86
86 87 -------------------------------.,_
__
___
Hudson
Delaware &
100 13612 14212 139 14513 13312145 13528155 14714 15278 145 150 141 153 14434 15
4
14214 149 14018 14512 139% f4912 1 44i2 1ii
Delaware Lack & Western..
.50 138 14428 13514 14112 125 140 129 133 131 147 140 1473 137 144 137 145 138 14214
4
135 143 136 14214 137 .14612
Denver Rio Gr & West prof_
42 60 443 5012 3613 4612 3613 41
4
38 41
37 4012 25 40
383 46
4
41 48
3438 43 8 4014 457 437 4714
3
3
Detroit & Mackinac
__ ____
__ ____
Preferred
72727070
-6060
Duluth S S & Atlantic
100 313 4
4
53 /
4
s
318 - ,
3" a 23 1
4
2% 312 24 - -6- 53 - -18 51 13 3
38
8 4
4
1
313 51 - 3
2 54 312 513
Preferred
8 67
100 67
5
3
612 3 4 5
13 5
8 5
/ 512 413 54 5
1
4
64 4
/ 5
1
4
63
4 6
6
53
8 53
538 6
/ 513 818
1
4
Erie
100 307 333 3118 34
3
4
2713 334 2712 30
263 3028 27 2913 27 293 28 3412 30 3314 31 37
4
8
3338 3812 37 393
8
Certificates
100 ------------------------------------------------2514 2812 2713 3312 3114 3212 307 36
3
3418 3712 3613 3713
1st preferred
100 42% 4
2
34 7 334 35 312 353 39
8
3
14
8
3714 4338 3812 4218 3914 4314 40 44
4213 4538
First preferred certifs..
100 ------------------------------------------------363 373 3714 4214 --------3914 4228 4028
8
4
__
_
4212 4214 4214
2d preferred
100 40 433 3918 4238 3514 42
35 3714 37 38% 34 37
4
35 3712 36 407 3714 39
8
3714 4128 38 4113 4034 423
4
2nd preferred certif8
100 _
_
_ ___- -___ ____ _--- - - ---- ---- _
- _
—__ _--_ 4073 4078 4012 4012 41 4.41
& Pittsburgh
Erie
50 &lig - 1 6ii, "61 ----------------62 'ifi --------6218 "fii18 i63
14
668
------------ ---- 60i(137
4
P
60 _
Great Northern prat
100 6818 7128 664 7128 603g 71 60 637 6128 683 6514 7 13 6628 698 6828 7614 7012"7518 7112
4
14
3 7314 7828 783 - 3
3 8i2 g
Iron Ore Properties_no par 3538 4028 35% 3938 3228 3828 2728 3338 2814 3012 2714 2828 273 30
263 2918 27 3228 3014 333 26 3228 25 2714
4
/
1
4
4
4
Green Bay & Western
100
Gulf Mobile & North ctts100 51 - 12 ii --1 ii -7 21
5713 11
--14 571-2 16 58 ig ii 1618 5658 35i4 3138
2ii iii2 "2718 2714 34
27;
12
g
147 55 lad
Preferred
9212 9734 9513 97
g
100 91 10112 92 977 8913 96 90 94
98 9714 94 10418 100 10914 100
Havana Elec Ry Lt & Pr_ 100 --------------------------------112 156 14014 18612 173 19412 184 234 219 246 235 10513 102 10434 10013 10813
240 232 237 237 237
____ __ ----------------------------------115 117 ____ ____ ____
Preferred
__ 115 116 ____
_
___ 112 11213
Flocking Valley
100 --------------------------------127 138 138 138 --------13613137 --------134 134 ___
-__ i55 1
131Hudson & Manhattan
00 2414 2678 23% 2613 213 2712 2514 303 2973 3212 30 33 3
4
4
2 333 32 38% 334 363 35
4
4
7% 334 36% 3313 3613
Preferred
100 643 6512 6412 663 6413 6512 65 67 67 70
70 713 70 72 67 694 68 72
s
4
4
/
1
4
69 71
6818 70
6813 71
Illinois Central
4
100 1133 110% 11334 117% 111 11814 11112 114 11112 114% 112%113 4 11312 115 2 11412 117% 11414 1173 1147 11834 114%11912 11718 12512
3
,
4
8
Preferred
100 11612119 114 118 114 1173 11212 113 113 115 1144116 110 11812 116 11812 114 117 115 11814 11614 119
4
117
/
1
41251
Leased Line stock
100 ------------------------7214 75
743 7614 77 77 --------7611 7612 ----------------76 763 78 78 4
4
4
RR Sec stock cas
100 7038 713 71 7112 717 73
7114 74
4
4
7112 723 713 723 70 72
4
4
81 6
83 71
4
69 71
/
1
4
6911 70
694 7414
Rights
-------------------------------------------138_
128 114 11114 1% 134
138 173
Interborough Rapid Tran-100 2938 3314 2814 3412 1313 3014 1538 21
19 2334 23 2912 26 293 233 2914 243 303 2212 313 2513 333
4
4
3
8
4
8
8
8 273 313
/
1
let RYs 01 Cent America-100 18
2244 2614 283 3214 2818 29
198 1814 1913 1814 1914 1818 254 2112 25
2978 3318 3018 3113 28 3012 367 3138
4
/
1
4
8
g
Preferred
100 5913 62 60 6118 60 613 597 65 --------64 65
4
64 6612 6314 64 64 6514 64 65 --------6313
/
1
4
6312
Iowa Central
100 114 13
3 2
2
212 -------------------------------------------------2
23
3 312 _ __ ' __
2
278
Kansas City Southern
100 33 393 33 4 4013 283 40
8
30 5512 327 3512 30 33%
3
8
3.
13
8
3
3 312 37
23
8 813 '483 45 4 51
3
4
Preferred
100 57 583 5714 5938 574 5938 5713 5914 5713 593 583 591 58 587 5813 6114 5938 62
/
1
4
4
8
59 6012 58 6212 811 6314
/
4
Lehigh Valley
50 7438 8228 754 783 69 783 7012 7912 77 807 78% 8328 768 813 75 83
4
o
4
4
7618 8112 767 8118 7813 8514 82% 8812
8
4
Louisville & Nashville
100 106 1127 106 112 107 11714 10714 111% 110 11238 110 1123 11018 116 11414 1207 114 12014 11612 133 127 137 13413148
8
8
damning Coal RR
50 _
__
__
___ ____ ____ ___- ____ ____ ___ ____ __ ... ____ ____ ____ ____ ___ _ _ ___ 800 800 -------- 805 805
danhattan Ry guar
100 85 100 - -90- 94 65 90 68 80 64 7013 70 80
80 993 95 101 101 11912 8312 90
4
8014 88
84 90
Mod Guar
100 463 491 4712 5114 324 50
37 4018 38 4312 4214 463 42% 4714 41 457 4312 4928 4238 46
4
/
4
4
8
41 48
40 4518
darket Street Ry
100 9 1013 8
9 10
/ 73 10
1
4
3
4
714 812 7 2 10
8
9
913 812 938 8 12
818 10
6
8% 7
912
Preferred
100 20 20
254 28
28 313 32 34
4
27 28
33 34 ____
__ 28 30
3012 46 14 25 32
2412 2614 26 35
Prior preferred
100 48 52
47 51
4314 47
44 52 49 56
4812 57
50 - 8 47 5012 46 6514 4513 5512 4214 47
557/
1
4
4214 4734
2d preferred
100 20 2212____ _ _ _ _ 16
2411 23 25
1734 18
20 24
2112 231 1814 20
2214 3514 16 2214 16
1612 15 20 4
,
Kichigan Central
100 --------510 510
_-_ -__. 510 510 --------535 535 520 520 --------600 600 603 650 660 750
dinneapolis & St Louis......100 212 314 312 312 23
8 4
23
8 312 23
212 3
8 33
8 212 3
214 34 212 33
21
33
8 238 4
3
238 13
Vann St P & S S Marie..__ 100 47 5614 4814 493 33 3313 3038 35
4
31
3912 36 39
3314 35
8
33 413 40 4312 3912 487 4414 57
8
4712 51
Preferred
100 70 71
68 6812 40 45
4812 4934 4713 59
45 47
55 584 55 6834 66 73 65 7712 76 8614 7312 80
/
1
Leased Line
100 60l 608k 62 63 62 62
608
8
5713 58
59 6012 58 59
593 6118 60 6112 60 60
3
/
4
6112 62 611 6212 6113 6212
gissouri Kan & Texas__no par 2814 3533 3414 381s 2914 4014 30 3514 338 367 31
8
3518 32 4012 3728 4514 403 4512 397 433 373 4314 4014 4312
8
4
4
Preferred
100 7414 86
81% 873 75 8512 76 8138 8134 8413 8012 8314 8114 903 8712 9131 Ws 887 83 87
4
8238 8614 8414 9212
8
4
giSSOUri Pacific
100 3038 3812 37 41
34 3712 3114 3513 324 3512 34 403 35 3938 34 367 33 384 36 413
3118 403 317 36
4
3
4
4
Preferred
100 7212 823 7638 8314 71 8314 7314 7912 77 8212 7518 81
767 8118 7938 8812 82 87
8
8038 843 80 8614 843 9112
4
4
dorris &Essex
50 7714 78
78 783 7812 781 7818 79
8
793 80
4
783 8014 80 8034 7912 7934 80 80
4
793 80
3
___
798 7938 ____
Vashv Chatt & St Louis__ _100 144 145 --------144 155 143 144
44 145 148 148 14712 149 145 155 150 175 160 173 160 17214 170 192
47
Vat Rys of Mexico 1st pref-100 5
538 514 5 4 412 47
4
6
318 5% 5
,
414 43
4 814 53 613 5 8 712
3
4 4 4 512 43
4
7
100 2
2d preferred
23
4 2
23
4 2
2% 112 18 113 212 17
3 234 17
/
4
212 11 3
24 13
s 218 2
23
3 27
3 23s 314
gow Orleans Texas &Mex_100 1143 116% 11314 11512 11334 1203 119 122 1201112338 120 122 1203 12113 1183 12113 11834 12112 121
3
8
4
8
4
122 1213 1287 1303 13413
4
8
100 11712 12434 11938 12414 114 12334 1137 11714 1158 1183 11314 1177 115 11918 11614 123% 11814 12414
Vow York Central
4
4
8
g y Chicago & St Louis__..100 124 130 127 13714 120 135 123 1293 123 12612 118 12514 122 126 123 133 128 13878 1202812814 124 13034 127 13713
4
135 152 14514 177 172 183
Certificates
8
100------------------------------------------------894 8914 913 9138 9014 9138 137 137
54 156
Preferred
• 100 8812 9172 883 92 89 9214 8918 904 901 9 7 . 91 917
4
1
921
7 96
9213 9512 93 9514 95 987
/
1
4
8 9812
-- ___
Preferred certificates
100 ----------- ------------------------- ---- -------- ----- ___ ------91 91 --------911 93 8 967 _
_ _
9314 9314
50 160 '173 170 1
------------ ---- 165 75 --------------------------------1741317412 60 160 165 200
V Y & Harlem
100 100 10034 101 101 101 101 101 101 10114 104 10212 103 10218 1012 1013
V Y Lack & Western
83 10012 113 ----------------10214 10214
100 29 32
/
1
4
3018 3614 28 363 29 3238 303 35
V 1( N II & Hartford
4
31 343 3118 354 3313 3934 351,3 383 3513 4014 374 413 4012 47
3
4
100 2318 271 214 353 203 260 2038 333 21
8
SI Y Ontario & Western_
263 2218 2112 227 27
8
2512 343
4
4
no par --------------------- ---- -------- 278 294 283 289 275 283 262 283 4 27 3012 2512 2812 25 283 2714 303
_
V Y Rys part ctfs
_
270 290 287 310 295 307 290 301
Prof trust
certifs12 1013 1118 8% 97
818 938 814 10
63 10
8
5
7
14
1.00 ---------------------------------914i13 3914 41
____
V Y State Railways
33 36
33 36
30 3014 28 304 25 2912 24 24
21
2614
100
Preferred
58 58l
100 223 2612 22 267 22 - 4
Vorfoik Southern
2
6 5iis - 3CI34 26 3/ ii13 3712 313. - 3
4 4- - 3812 42
58 ig
40 4414 59 lorfg 56 16%
100 1263813238 125281313 12312 134% 1253813338 129 1333 12512 13013 12712 1'1234 131%140% 1311 4
Vorfolk & Western
8
/
414112 13614 14214 1383814914 144 151
100 7513 7713 76 7712 7713 78
Preferred
7612 79
77 773 761 78
4
/
4
/ 7838 SO
1
4
79 79
8014 81
80 81
83 86
80 82
50 77 77 .--_ ____
_
Vorthern Central
78% 7812 78 804 8014 8014
/
1
4
801 78 78
/
4
78 78 --------79
4
674 100 68 71
ifi2 588 - -- 5814 63 60 66 62 6812 6438 6712 6618 7138 67 723 6813 723 70 793 -------Vorthern Pacific
7 718
4
8
8
75
721s 784
/
1
100 25 2912 28 2 31
33 38
,
26 27
Pacific Coast
23 247 25 25
8
233 233 20 25
4
4
2312 233 24 30
4
283 30
4
2812 4012
100 64 69 ------------------------6538 6528 61. 67 --------70 70 ___
lac preferred
_ _ 7012 7013 --------70 73
preferred
100 347 4114 41 44
44 50% 44 44
2d
4812 4812 424 43
41
4112 43 43
41 "4f 42 50
4714 49
48 54
Pennsylvania
50 48 48% 47 4812 443 4714 4212 4512 4314 4414 4334 48
4
4538 474 4512 4838 47 4938 477 508 4918 52
515a 558
100 18 207 18
193 1612 1914 1334 1614 143 184 18
4
8
4
Peoria & Eastern
19
/
1
1613 1812 163 20
8
1812 19
184 1913 173 1912 17 2138
4
100 67 703 6838 72
6234 7114 64 6612 6312 661 613 631 6212 6612 653 74 6813 7314 71
s
Pere Marquette
4
80
77 833 803 8512
4
4
Certificates
100 -------------------------------------------------6018 63 4 68 7314
_
3
71 77
7813 82
8213 8212
100 80 84 817 84
79 83 7812 80 79 81
Prior preferred
7
81
78 81
80 8318 823 8412 83 84
4
/
1
4
84 86
844 89%
Prior preferred certifs.
---------------------------------------------------------82 82 -___
/
1
4
. 80 82 8213 83
86 87
100 7218 753 72 747 70 747 6812 70 69 72 70 7013 70
8
4
Preferred
ii14 73 7514 75 7718 76
218 '70 7413 7312 7938
preferred certifIcates....100
4
147 7512 7734 773
4
STOCKS

100 ----------------1401414014 ------------------------ 134 134 155 13412
_
-100 139 4018 14014 140% --------13934 1393 1401:142 148 142 140 1413 13913 140
4
3
4
14113 143 -------- 143 iii 14214 14214
100 683 73% 671a 7228 63 707 63 4 703 6612 73 69 727 6918 7112 697 77
3
8
4
8
7013
3
50 7434 8214 7414 80 6934 7914 71 7918 773 90 83 4 9114 8412 8812 843 8928 8314 838 8012 9512 92 12012 11114 123
4
3
Reeding Co
4
8814 8338 88
837 9118 8618 901
357 37
37 397 3734 4012 3814 41
8
50 3714 3934 3614 3712
387 40
4
3914 4014 3918 4014 3913 40
lat preferred
39 4014 3934 40
50 403 4334 3912 418 361 40
38 413 4038 4414 391 44% 39 4234 40 4112 308 413
4
/
4
8
/
4
2d preferred
4
8 3928 4012 3974 40
/ 40 41
1
4
2378 1712 221 17% 1912 17
/ 198 1714 19
1
4
2218 2414 2114
1713 187 1638 193 17% 20
8
8
Rights
1714 1812 17
1918 1814 2114
100 118 118 --------120
Rensselaer & Saratoga
____ ____ __100 58 627 53 5714 47 4938 45 -- -18 443 6 - 551' 18 Li W23- 55i4 8 ii Eii8 - -1
4
6
8
RR preferred
- 2 -34
Rutland
-4
5612 53 57
501 5512 53 617
/
4
7312
4
3
4
4
St Louis-San Francisco__ _ _100 5712 623 6212 723 62 73% 623 7412 8113 8418 7814 84 8113 933 89 10214 96 10178 9512 9812 93 99% 9613 1018
4
100 78 797 79 8312 79 84
8512 8212 85 83 9214 88 91
7914 8112
/
1
4
Preferred
8913 9114 8612 89
87 89
853 88
4
8 4713 46 4913 4738 63
4
4
100 4714 523 47 53% 4412 5334 4412 47 8 453 50
Southwestern
3
4
43
5338 5913 5214 57
St Louis
513 567 58% 69
4
/
1
4
100 7013 7112 7012 73 7013 753 70 7114 705 725s 7018 713 703 713 7012 757 72 , 771, 72% 761
/
1
4
4
s
4
4
Preferred
4
3
4 7212 7418 7412 784
8
100 2038 223 2112 253 2118 2514 2118 2714 2614 3534 2914 343 30 357 34 4828 42 48
4
4
Seaboard Air Line
5
443 52 4 475
8
3
,
100 3738 4113 381 43% 35 43 36 45
4312 48 40 444 4114 453 4318 511 45 4912 4612 5114 454 5414 50 54 8
4
Preferred
/
4
473 50
3
51
4
100 102 1083 10214 10712 98% 1053 10013 10514 1003 1033 973 101
9818 997 971y 1015 97 993 96 9912 9712 103
8
4
8
4
Southern Pacific
8
9938 10413
4
8138 913 83 9312 903 97
100 7038 853 8412 92
9234 993a 96% 10238 983810778 10213 10813 10514 1153 11012 11614 115
Railway
4
4
Southern
8
120 2
,
100 33 8614 8434 923 83 90 8312 8713 857 873 843 89 85 9213 89 4 94
4
4
3
Preferred
903 95
3
9038 9233 897 92% 91
3
931
4
100 43 47
4
14
443 5818 463 583 48 54% 5118 5514 4614 53 47 504 47 5714 50 5512 477 5214 483 544 5212 59 4
4
/
1
4
Foxes & Pacific
8
/
1
712 1014 9 10% 1012 14
14
/
4
100 111 1434 11% 1438 9
124 1518 1212 134 1213 1538 12
/
1
1414
Ehird AV01111.3
13 14
4
4
4
4
,60
58 6512 613 663 593 661, 60 647 6314 70 630
6112 7034 6014 6014 58 6118 5914 704 1214 1412 73078
/
1
4
rWill City Rapid Transit_100
6812 74
100 94 9412 --------514 971 95 95 100 100 ._ _ _,' __ 100 10012 100 10012 9913 9913 9814 9812 9914 100 101 101
/
1
4
Preferred
8
100 1473815314 14814 15213 1353 150 13314 142 13534 141% 13334 159 13814 1413 14014 1437 1383 143 138 143 1403 1487 145
4
3
4
7 1513
4
Union Pacific
4
7334 757 7314 75
100 72 75 743 76
8
73 4 75
3
74 7514 7518 7714 76 7714 74% 7614 7438 7538 7412 757 74% 75%
Preferred
Mash Ft W & Ghicago
Preferred

Pitts & West Virginia




170

THE CHRONICLE

[VOL. 122.

1925—Continued.
STOCKS

February
March
Apoll
June
January
May
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Par 3 per share $ per share S per share $ per share $ per share 3 Per share $ Per share $ per spare $ per share $ per share $ per share $ per share
.
1814 2212 2012 29
27
3312 28 3112 26 3034 18 283 19 26
4
4
2214 27
19 2114 2012 23
United Rya Investment_ ___100 19 263 204 24
100 53 8 61
5314 573 48% 5434 52 71
4
3
Preferred
65 7814 70 8314 75 83 683 7912 6014 74
4
873 7112 69 72
4
72 83%
Vicksburg Shreve & Pac__
-1008888
---------------- 89 89
--------------------------------------------------92
Ire erred
.
__
100 84 8 8912 66 84% 74 8612 75 1025 100 1193 117 123 119 1203 12012 13518 123 1323 12312 132 135 150 150 150
4
4
8
Virginia Ry & Power
,
4
100
Preferred
100 2054 23
3
Wabash
8
4 2918 293 163 56 1/34 ieg -45l8 57 - .- 571 4214 56E8 2214 255 192 2812 20 223 21 293 253 8 -4
1
4438
4
4234 4
100 553 8012 59 658 593 67
Preferred A
4
4
4
813 643 824 684 65 6734 67 7034 6912 7312 69% 723 6838 7214 683 7214 7014 73 4
8
4
7
100 3812 4414 42 4512 42 46
54
413 4212 43 497 47 4912 51
8
Preferred B
54 6012 58 58
5214 5512 54 56
58 58
Maryland
100 1412 173 1414 1714 11
13
1612 1414 1838 1514 173 1438 167 147 17
8
Western
4
153 1138 1338 1214 153 1214 14
4
153 18
8
8
20 2438 22 2512 213 243 2014 2314 2118 24
100 22% 2814 2114 2518 16
18 2214 1718 20
2d preferred
18
4
23 2512
4
22 8 17
100 3218 391 3312 39
4
4
3514 4112 4012 443 37 433 3313 3712
3718 55
Western Pacific
100 8412 94 89 947 87 100 8712 923 9038 93 4 893 92 867 898 -,-, - -- .-- 4
8
Preferred
3
8
8
.
_
100 -----------------------------------------------1984 2218 193 New
4
4 33
2814 133 29 4 Wig 3014 - - 3- 344 8
3
3 4
3912
100------------------------------------------------72 743 733 773 743 773 78 7818 7814 798 79 81
4
Preferred new
4
4
8
4
no par 110 119 1123 120 105 120 10912 11618 1214 45 120 141 11914 12812 1083 121
West Penn Co
9714 1173 107 114 109 115 115 126
4
4
8
no par
Certificates
_ __ _
- rnr _-_- - -,,, --- -,z- --- ----. _ _ 107 107 110 110 11812 125%
.
.
8
100 947 964 9512 97
99 0814 100 9712 9613 95 9 14 97% 4
7% preferred
9812 9614 100 96 973 98 97
953 9812 94 4
9518 97
4
100
'Preferred certificates
4
---- ____ 973 973 98 9712 9612 973
_4
4
Wheeling & Lake Erie
100 1434 1614 1314 18
11
133 127 - 12 1454 4714 1614 2 -5- -ii- - -1- 19 217 1812 2114 2078 3058 2814 32
8
103 15
4
-1 8
8 13
22 2
411 45
100 2713 3138 2638 30
Preferred
2712 3114 3012 4734
4214 45
22 2438 24 33
22 4 29
,
42 4478 4312 52
4812 538
INDUSTRIAL AND MISCELLANEOUS.
Abitibi Power & Paper_ no par Cl 67. 63 6312 65 67
6412 7514 6813 748 6434 6938 65 8858 6312 68 6712 7314 66 72
623 66
4
70 76 4
,
100 91 10314 95 102
91
94
92 94
9114 10112 98 11734 10312 1103 1043 1103
4
Adams Express
901 973 92 95
94 2 10114 90 93
,
4
4
4
14% 16
1812 1314 1618 1318 17
13
1512 15
Advance Rumely
100 14
1412 165 14 20
1514 1312 1512 1312 17
8
18
4
1974 1714 193
5212 62
preferred
100 49 51
56 5812 54 5914 55 624 553 8112 57 60 4
523 5912 52 56
4
47 507 4812 5412 4912 53
8
8
3
- 1 ------------------------934 12
157 1014 1112 10 1118 10 1134 718 103
8
Ahumada Lead
1238 13
10
4 8 8 10
5
838 912
no par 884 9113 863 11112 0538 109 97 10514 10018 10612 10014 10618 10014 10858 10218 114 10312 1123 106 11178 10718 116 10912 117%
Air Reduction
4
4
wiz 1213 938 1112
50 11
8
1314 107 138 127 147 1014 1214 12 1512 10% 1312 1014 1238 1012 13
1112 1312 10
14
Ajax Rubber
4
4
Rights
Alaska Gold Mines
214 i% - -14
4
2
i
1 8 ii2 -5114
Alaska Juneau Gold Min_ _ _10 1
ii8 1 4 ' 4 - 18 i% 13 i58 118 i% --12 5 114 i58 1
1 11 i
iis - -18
2
2
4
100 119 12212 120 125 120 1247 122 128 129 133 133 133 13112 13112 125%128 126 132 1293 13334 128 131 130 131
8
Ail America Cables
4
100 ---- ------------------------------------140
Alliance Realty
8434 9518 8912 9378 8914 13258 90's 1047 9i1 1164 91512 113814 i045 11584 i16
7
214
78 9
- 8
Allied Chemical & Dye—no par 8138 858
Preferred
100 117- 11818 1173 120 11712 11914 118 11912 11814 120 11914 120 11913 120 119%120 11912 12012 11912 12014 12014 12114 1193 12114
4
100 7112 8234 72 8014 731 784 7512 81
81
8912 8412 91
4
76 8412 79 8513 813 85
Allis Chalmers Mfg
86% 95 8654 93
8814 9714
100 10314 107 10412 107 104 1064 103 2 10614 10512 10712 1064 108 105 10714 1063 10714 10578 10812 106 1083 107 1083 108 109
Preferred
4
4
,
4
Amer Agricultural Chem
100 1358 183 1814 217 1318 2014 1438 2138 1818 213 173 2012 185 23 4 21
4
4
4
4
237 203 233 217 297 24 283 263 2918
8
8
3
8
8
8
4918 55% 3812 53% 383 511 50 58
100 4014 54
Preferred
4
4814 5658 527 683 61
6838 6314 693 6912 793 7112 788 78 8212
4
4
4
American Bank Note
50 161 179 182 206 180 184 175 175 170 178 175 180 175 185 --------168 168 180 200 131 195 188 210
10
New
-39I
4433
50 5318 5418 5412 56
Preferred
5414 5414 55 55
,56i4 5818 5734 5814 58 58 56 58 --------56 - - &Sit i6
id
56 56
100 397 43 39 417 383 4112 39 42
8
American Beet Sugar
4
39 4212 37 415 363 3812 3412 3712 2938 367 3114 3512 317 348
3812 41
8
4
4
8
100 8014 8712 81 85
Preferred
8
4
803 823 82 8412 8412 877 86 877 86 87 --------82 8212 82 82
4
8312 86
78 83
Amer Bosch Magneto____no par 33 5418 3612 4212 2618 403 2712 3312 29 36
4
3114 37% 29 36
29 8 33 8 293 41
,
7
35 3838 2618 358 30 4 3412
4
Rights
7
8 2
__ ____
_
38 114
Amer Brake Sh & Fdry_ _no par 9612 102 97 108
9014 10314 -921-8 104 10212 169 - 106- 10i - 1
- .6e2 10012 161 101 - iiI 122 1117 135 133 15358 157- Ili
8
-14
Preferred
100 10712 110 108 11812 11014 11014 10934 110 11012 11314 112 11314 1097 110 11012 11012 11112 11412 111 112 111 11314 113%1145g
8
_ _
_ _ ___ ____ ____ 50 537 4914
,
wino par ____ _ _. __ __ __
-Amer Brown Boveri El
4
5112 478 5088
__,. _.... 7,77 _____ 7. __
__ ___
_
100 _
__
__ ___ _ 9018 97, 97 98
Preferred
.
.10 ii814 2
.
07 2
100 1534 169 163 1773 15814 185 1.
50 232 256 4 239 263 24514 2973
-American Can
- 3
12 59% 178 8 172 104 18114 200 192 21278 2
-3
%
4
8
When
4984
Issued473
100 115 11614 116 11918 117 11934 117% 11812 11814 12 12 11914 12112 11812 120 1194 12112 1183 1217 11812 1203 i167 12 -18 12011 12178
Preferred
-0
4
8
8 -0
4
_
_
.
_
_
_
_ _
_
Foundry 100 192 207 19712 211 194 23214 19614 204 198 19613
American Car &
100 12112 124 123 12512 123 12412 12034 12434 124 12512 iii fill, i5is iii 1ies 121 iiii4 12
Preferred
. -i iii 12 - iii iiti 13218 riti
- - 12
6
------------------------9713 100
4
New
99 11112 9912 106 10014 105 10012 1073 10412 1153 10612 111 108 113 10713 11212
4
25 22 4 2618 24 27
2318 23 4 2234 24
2318 24
2278 25
American Chain
3
3
4
2254 2314 223 248 227 24
2212 2514 244 254 24 248
4
4
no par 37 413 3812 4512 4214 58
483 547 4334 4834 42 524 4614 50
4
American Chicle
56
49 557 51
4
53 62
4814 557 4614 5712
8
100 94 94
943 06
4
Preferred
98 100 104 10714 105 109 107 107
96 97
5812 4813 5312 50 54
no par 37 3914 38 4212 4012 543 51
4312 4712 43 - 5 45
,Certificates
4788 53
4
50 8
100 94 94
Preferred certifs
944 944 95 9618 97 97 107 107
90 90 --------85 96 877 8912 88 88
Prior preferred
------------------------------------------------897892
8
Prior preferred certificates_ ------------------------------------------------90
__ __
_
___ ___ ____ ____ ____ 1-32 18
11
Rights---25 ----------------------------------------40 ;i
American Coal Co
5
8 64 5 8 6
8 65
8 52
5.
63
8 43 514 - 418 513 4% , 514 414 45
4 518 5% 53
4
3
Amer Druggist Syndicate_ _ _10 513 8 4 53
4 63
4 517 63
8
4
8
4
100 14814 166 14812 16312 13 '15814 125 144 133 1423 13018 13914 13112 1413 133 14414 134 14313 1347 14313 13512 14:312 135 1404
American Express
8
5
383 448 3914 46
4
33 8 383 325 47
7
8
3834 5138 4112 487 3812 453 3918 463
Amer & Foreign Pow----713 Par 32 3912 29 3614 2818 3238 2714 35
8
4
8934 9318 9014 9138 9018 9134 903 9214 91 93
no par 87 9112 9014 94
8
87% 9314 88 903 88 91
4
Preferred
915 933 9114 93 8
8
8
8
Am & For Pow ctfs 25% pd_..- 121 12718 120 126 116 123 1143 120 12112 12814 123 125 132 13314 130 134 133 142 133 135 12913 13214 135 135
Certificates full paid
125 128
1014 1138 9
1014 912 12
13 8 10 1118 9 4 1114 1014 1 3 i658 11 i338 - 3
5
9F8 American Hide & Leather-100 113 14
-38
3
11E8 -1118 812 -12
4
118
6038 7334 65 71
100 683 757 67 7238 59 7418 6112 6718 6614 74
6114 6518 5812 84 818 677 615 6712 60 83%
8
Preferred
4
8
8
4
100 85 9318 8618 913 83 8812 8912 10113 10034 1103 10534 115 10913 12212 11514 124 11812 123 112 12234 120 1313 129 139
American Ice
4
4
82 84
79 84
100 77 8014 77 7818 7412 7678 76 82
8212 86 8214 848 82 8418 82 8412 82 843 822 85
Preferred
4
4
4
3214 378 3312 363 333 377 3213 381 3414 4088 3418 4018 3818 42
American Intranet CorpCorp_ _100 33 368 343 41
4
39 4314 393 4678 41
4458
4
1233 14
4
1214 1334 1212 143 13
-1134 1234 11% 1212 113 131 1218 1314 1238 13
Amer-La Franco Fire Eng_ -10 1114 14
4
1412 133 20
1478 18
8
97 100
9712 9712 ---- __
97 97
4
9512 967 . ___ -- _ 953 97
8
Preferred
96 98
100 97 97
9612 983 9712 973 98 9912
4
4
100 2514 29
3572512 2938 20 - , 215 28'4 2718 30% 2514 2838 2734 3012 28 - 8 32 4414 4312 52
American Linseed
27 3
8
8
4534 5914 47 573
731 72 8112 79 8514 8454 89
8
4
100 53 6212 60 681, 56 83
4
73 59 7014 693 7158 683 725 71
Preferred
84 89
8514 89
4
100 10413 1211 115 1373 119 1447 119 1253 1177 12512 11112 124 112 1183 10914 11634 11434 12518 11312 12314 117 1263 1163 1257
4
8
American Locomotive
4
4
4
no par 11981 12118 1207 124 11812 123 1183 119 120 122 120 123 11912 121 115 119 118 12012 11814 120 11878 121 11812 120
4
Preferred
4
4614 487 4812 51
no oar 4158 533 4818 524 453 503 453 473 4614 49
493 54
4
4
4912 5214 493 5738 5112 5688 5214 55
4
3
American Metal
4
__ _ 11318 114 115 11512 11458 115 114 116 115 118 118 119 116 1183
100 115 11612 11418 115 111 1143 113 11314 ___
4
Preferred
4
93 96 ____
4
Piano preferred_ _100 94 95
12 93 93 92 948 9114 9373 92 92
American
_
9312 93
_ 90 91
4
93%1004 9612 993
4
8
4
25 8978 105
-1i
96 10112 928 9812 92 963 92 9812 94 973 963 11312 104 1 - 14 jOgi 11' 110 121 114 12214 114 117%
American Radiator
-,.
1
.
------ --Preferred
100 12614 12714 128 128 --------13014 13014 --------130 130 --------------------- -_ 125 12614 _ - -- -i14 8014 7812 79
76
4
712 77
73 813 773 78
4
71. ii 4 2
l2
8012 82
8012 78 81% 7813 " 4
American Rys Express
100 7812 84
793no par 48 8614 58 6312 55 59 49 49 --------59 76
62 6914 58 625 553 61 14 58 613 61
8
4
American Repubiies
4
65 798
66
Amer Rolling Mill preferred-- 11612108
563
468 595 2 0
12
American Safr-ty Raxor____100 367 3912 37 41 43 194 52 5712 5112 5614 47 588
89 63 74
65 763 54 70%
4
8
853 554 814 612 714 64 7 4 53
4 85 1178 8
Amer Ship &Commerce no Par 11 14 1274 1118 1414 1012 1414 1014 117
3
4 83
4 64 77
8 54 812
4
Amer Smelting & Refining-I00 9512 10178 9212 10658 903310338 91 9614 9238 10234 100 10653 102381083 103 11212 106 11438 109 11812 11712 125% 11912 144 2
,
8
100 10512 1103 108 11038 107 109 10614 10818 1063 110 10818 111 10912 11118 109 112 11114 11434 112 11514 11158 11434 11214 11418
Preferred
8
100 144 14634 145 8 15018 141 1477 13814 143% 14018 143 142 144 14212 144 145 14514 14214 14778 1433 14812 148 154 1397 151,
8
Snuff
,
American
4
4
4
7 9912 100 100 10012 10012 102 --------9913100 100 100 10014 10012
100
9812 99
Preferred
---.
. 101 102
_
4
464 5418 473 543 4714 5014 473 50
.
4
4
-Amer Steel Foundries_ _33 1-3 413 49
110 111 110 111 11038 11118 Iles 112 iii 112- iii 11118 lies fii12 1i2i4 1 1130 18 110 10
4
Preferred
4
1
9 1101 10812 1108 1103 112
-1i
375 40
8
373 405 38 4018 3918 44
4
40
no par -------- ----- ---- - - 39_
8
_
New
40 4438 4138 4414 4212 4712
_
4
8
4
6012 6912 93 683 6012 7114 60% 6812 6114 66% 63 68% 643 69% 65 7012 6314 693 6614 75
i75 68
8
American Sugar Refining8
73 77 8
,
9712 100
983 96 98
4
4
100 9114 99
983 100
8
98 10112 97 10038 9512 997 9614
Preferred
9712 1041.1 100
9713 993 9712 99
4
10
1514 6
814 1178 9 11% 914 1134 1018 1818 93 1218 1014 3034
811 10
4
Amer Sumatra Tobacco_ _ _ _100 1014 127 1012 2413 1158 1812 7
8
133
:
29 864 80 851 77 83 8 76 793 8512 97. 115 1204 105 105 105 108
7
100 38 388 3712 5618 362 44
4
28 52
Preferred
3734 40
393 40
4
40 4012 40 413 41
41 417 39 42
4014 42
Amer Telegraph 8r Cable. 100 4014 453 44 47
4
4
4118 4114 4434 3914 41
8
Amer Telephone & Tele0 _ _100 1305313618 132% 1345 132 136 1327 1387 13
8 8 13912 13918 14414 13678 14118 13714 1403 13873 142% 13818 1427 14012 14218 141 145
8
8
9034 9678 9234 968 9538 9913 9634 9914 9813 1187 11314 12118 113 1203 1141g 116 4
8
50 8538 8938 85 911 86 887 8712 93
American Tobacco new
,
4
9312 961 9458 987 987 987 977 11712 11154 11918 11134 11912
96
8
• 50 845 8814 8412 947 8558 8814 87 9218 91
8
4
4
B new
11214 115
8
10C 11418 105 10434 106 10412 10558 105 10678 105181067 10614 108 10612 108 106 107 106 1077 10614 108 10718 110 106 1093
Preferred new
8
4
4
American Type FoundenL _100 10614 11214 1033 108 104 107 103 108 106 11018 110 124 117 122 115 11738 114 12014 118 134 125 1353 119 127
8
' 100 108 8 110 106 108 108 108 --------10513 10612 10718 10818 109 110 10713 10712 10812 111 ___ . _ 109 110 107 108
Preferred
,
6114 6812 5914 6618 5414 627 4933 - 3 4914 8814 657 784
3 4912 8412 6153 68
4
Amer Water Works & El C
36 49 4412 53
8
453 397 345 39
8
0-20 3
5i8
8
9714 99 984 101 100 102 10033 10112 100 1023
99 10112 9814 100
100 100 102 10018 103 10112 103 100 1013 100 103
4
1st preferred (7i)
4
8
Participating Pref (6%)-10 9512 9812 98 10218 10014 103 101 10378 10134 106 106 10814 1063 11014 10514 1053
0
_
1 2 96% 97
----------------99 100
98 98 100 foo __
9814 96'4 9614 9614
Ame:ican Whole.,aio pref. _100 96 97
. _ 159 1- -- -- r 064
4
100 4918 64% 4818 531 363 514 355 4212 343 4012 3484-3858 364 4112 3853 42
385 423 3813 52
8
8
4
:
4
American Woolen
4558 5014 4018 17 4
,
7712 8353 8314 898 87 8978 84 9412 90 9312 87 92
8
4
100 8518 9618 8614 93
Preferred
7833 904 77 824 6912 803 767 80
212 353 2
24 2
3
8 712 458 512 37
American Writing Paper pf_100 43
8 412 212 412 312 514 314 4
218 2
3
8
2 17
8 1,
13
4 2,
118 2
—
__ ____
__ ____
1
218 218 ____
_
100 312 4 .___
17
Certificates
2
153 1
12 1
17
1
1
918 .7
814 7 _87
4 75
11
83
714 912 714 _- 8 7 _8 4 712 853 712 1014 838 1012 84 11
7
Amer Kin c.Lead & Smelting_25 10% 121: 9 --2734 3312 2714 32
2518 307 2714 31
8
4
3118 357 253 3112 25 287 247 29
39
25 31
8
8
Preferred
3012 373 343 3918 37 447
4
4
4354 40 46
8
50 43% 48
41 4612 353 4314 3514 3914 357 4014 364 4018 3812 4318 41
4
Anaconda Copper
425 493 4712 5314 473 51
4
4
4
49 4578 40 4438 405 46,2
8
Archer Daniels Midland_no par 26 2878 2712 3514 29 3518 3014 3312 32 3414 3212 3453 3213 383 3618 3718 3714 43
4
96 9812 96 973 97 98
98 100 100 105 104 104 10378 105
94 9814 95 96
700 9012 95
96 9712 9612 98
Preferred
9273 98
5 98
9613 9814 9514 97
9014 94
10 91 9312 9114 97
9514 9712 957 100
9018 94 9014 91
8
95
Armour preferred
9712 08
2212 244 22 234 2212 2514 237 2712 243 26
20 2218 2034 24
233 25 2
4
4
Armour of Illinois Class A_ _25 _ _ _ ____ ____ ____ 20 2212 2018 21
,
4
25
16
1812
8
4
,
---- 18 2 203 165 20
. Class B
100
Preferred
8
-- 91, 9112 9118 9314 90 03
3
8
4 83 1012 834 1134 958 1218 9 4 15
8
812 914 814 103
no par 8 1212 9 1114 85 11
8
8
1353 175 123 173 125 16
4
8
Arnold Constable
. _ ____ ____ _
.___ ____ ____
.
____ ____ ____ ____27 30
- New
11
113 10
8
8
141. 1214 16
1278 16% 12 157
Certificates
44% 4218 4518 4318 483 45 50
41
39 41
n par ____ ____ ____ ____ ____ ____ ____ __ _ _o 3914 44
4
4712 4978 50 603
4
Artioom
10114 10314 1017 1024 1013 10314 10112 103 4 10212 105 -------- 106 107 107 119
4
4
,
100
Preferred
4
1518 -------- 1512 1512 1538 1534 ______ 153 1714 1612 1712 1
4
1512 15
1512 15
10 15
18 14 2018 183 20
18
Metal Construction
Art
10
-- - - ---- ---- ---- - --- ---Assets Realization




111S;

-47.- -ia2

JAN. 9 1926.]

171

THE CHRONICLE
1925—Continued.

November December
August September Dabber
July
June
May
April
March
January February
High Low Illph
Low High Low High Low High Low High Low High Low High Low High Low High Low High Law Mph Low
501re $ Fer share $ Per share
Par $ per share $ per share $ per share S per share $ per share $ Per ahare $ Per share 5 per share IS per share $ Per 8
100 128 157 15.514 19212 173 19034 175 192 18414 214
Associated Dry Goods
3
98 96 100 09 102 98 4 10114 9912102
5
98 -512 9512 4
100 94 9,512 9514 9912 99 99% 97 983 96 9912 9814 100
1st preferred
108 105 10714
4
4
100 101 105 1043 10814 102 104 104 106 105 1063 107 107 106 107 105 107 10412 10618 106 1063 10718
4
preferred
2d
4 5613 6118 50 58
3
4
4
-527 533 9812 5412 50 553 4612 53 4918 524 51/2 603 3512 02 4113 4714
_
no par ------------------------------New
3
35 4 3834
35 37
3518 39
25 33 394 35% 3912 32 37-78 323 3 4 35 4014 3712 4112 3718 41
4 63
Associated 011 new
8
4814 597 547 77 6118 7514 5112 66 5714 6614
8
3514 4414 424 484 45 543 4612 56
WI S S Lines.10020 253 24 354 293 41
4
4
Atlantic G &
8
54 60 54 58% 517 MN 53 57
a
100 31 38
4
36% 444 38 473 38 4612 4383 47 458 5134 49 5334 50 55
Preferred
Rights-:
6
OS 10434 991210414 la 11 12 106 1101
9614 112
. 98 116 10012 107 10412 111 108 11612 110 34 116
s
9
10o 95'21167 1077 11712
Atlantic Refining
4
3 115 11618
4
4
4
100 11312 1143 11342114)2 11412 1154 1133 115 11514 11614 117 11734 117 1173 1143 116 113 116 116 1174 11814 117
Preferred
4
5612 65
3
50 523g 53 4 58
50 51
4912 5112 50 51
4613 49 45 50
no par 51
52 50 5212 4812 50 47 48
Atlas Powder
9318 94
9312 9312 0012 0112 94 94
__ 9314 9314 921 94 --------02 92
92 92
9211 9213 ---100 92 94
Preferred
3
8
1412 1218 143 14 4 1678 15 21
4
114 934 123 12
4
103 1234 1014 11%10
no par 912 103
4 912 1212 1014 13
4 912 93
Atlas Tack Corp
4
234 273 2334 2514 22 2532 2434 293 26 29 26 3214 29 32 25 3112
8
Nichols & Co......no pal 2712 3211 25 2 Ms 233 293 234 27
4
,
Austin.
12
3
9114 92 89 95 92 4 04 934 94 924 9412 92 93
4
100 877 90 89 91
8712 8218 8714 873 898 92 90 91
Preferred
8
12 14
4 214 112 214 114 112
112 14 11
14 '
3
212 212 238 414 2
8 234 212 314 212 3
17
no nor
Auto Knit Hosiery
1
5 8 414 8
4 -------------------------------- 3
414 -------- 4
44 41, 418 44 4
50
4 12 414
Auto Sales
20 2514
12 16
15
14
14
1512 512 ----------------15 15
14
50 1518 16
4
15 1612 1434 143 13 15
Preferred
8
1
8
8
4
100 12814 1377, 1264 146 107 1443 1083 1173 10934 1207 109 120 11214 11734 110%1187 1164 12514 117 12.514 1211 13238 125 4 1324
8
4
Baldwin Locomotive
115 10912 111 109 112 11013 11412 109 11114 107 108 10912 11212 112 1147 114 11514 11012 1154
100 115 1163 11314 11612 110
Preferred
4414 5512
37 44 46 731a 44 50
3
40 44 4 38 38
no par 35 371L 36 45
Barnet Leather
394 49% 3512 354.--------35 44
7w
96 99 --------100 10212 103 107 101 101 ---- - r-,
- 04 8 98
100 93 96 - Preferred
-,- - ------ -.- ---12
4
4
1873 217 2034 2634 223 2512 25 13
4
2534 183 22
2518
2414 21 --- 2234 Ms 21
2114 30
Barnsdall Corp Class A
25 2112 26
28 4
25 -- -3- 21 3
23 4 30
4
7
1712 23 s 221 25
1718 1413 18
16
4
25 1712 214 20 23
1614 1812 164 20. 1812 203 17 20
Class B
17 23
Rights
16 3814 4612
6 iiii II% 38i4 4 5ii4 '4
4
6 air! li 554 - 4
iiis - 8
393 42
no par 4514 4811 4634 5314 408 Bayuk Bros
4 iiils 39 43
9512 964 95 95 --------98 96 954 96 9312 0814 98 98 100 100
100 07 98
Preferred
97 9814 -------- 95 95
3
3 687s 743 68 8 7218 674 74 67 75 8
7
4
4
20 66, 741 5313 717 60 691 62 67% 651g 72 67 704 674 693 6818 77
Beech Nut Packing
2
:
3
4
4
,
1147 115 1143 11434 11434 1143 11312113 2 -,-- _-_-- -,,- .. _s
100
Preferred B
38 41 3
--1
38
-------- ------------ --- - --------------------------------3714 394 37 40% 3712 3912 37 no par
Belding Brothers
12
8
474 4018 4234 3934 4334 3934 494 454 507 4652 60
4 14
4
IOU l4 532
4 4718 38 4314
it
Bethlehem Steel Corp
:s
99 1014
3
9313 9712 943 9712 95 8 97 9414 100 994 102
4
94 9512 9434 9512 934 95
7% preferred
100 9513 102
4
99 1013 948 100
12
11012 112 110 112 11212 113 1121211518 114 11512 11412115 1144115 115 116
IOU 110141161g 113 4 11612 109 114 1097 11118
8% preferred
8
3
.
Blumenthal preferred
100
s
4
8 54
7
3
1 0614
/
-1. 4
Al
4 i3
no par 5
7
514 64 43 518 414 532 418 - 4 4 4 -- -1 --;li -- 8 --;iis .- 2 --514 -- -18 --ii -I- -- 5 -1- .-ii -VIBooth Fisheries
3
45 52 4912 50 4512 4512
25 25
27 37
3612 43 4012 46
1st preferred
100 28 347 30 30
29 29 --------29 29
,
43
2
40% 4414 4113 43 421 454 42 4512 41
50__ _ _ __ 4414 46
Botany Cons Mills A
3
2
4
3
4 3
2 23
4 14 214 5
13
2 2 184 17
-3
British Empire Steel
34 114 214 14 214 2
43% 3
5
38 3
100 3
3012 3234 224 30
22 2314 24 3034 --------2713 36
1st preferred
31 ----------------25 25
100 30 334 3283 333 31
4
8 104
10 13
4
4 74 10
8
67 813 93 14
4
1
/ 63
84 6
4 7
100 84 1114 10
2d preferred
114 94 104 713 914 712 73
413613 134 13812 13612 13912 136 147 14014 146 1334 15612 13312138'.
1
/
Brooklyn Edison Inc
100 12034133 125111301* 1233413114 12718130N 12813 14034 132
Rights
4
85 897 8412 9134 88 8 983 9212 10014 734 961
4
8
3
4
1 672 87 91
/9
8
82 913 -66 -Gas__ __no par 7714 838 7513 821 77% 82 7812 84
Brooklyn Union
2
8
,
r-,,- - - -, , _- - ,, ,- rrr- ,- - rrz- _,-_-- 7 2 912 6
Rights
.
,- - - Brown Shoe Inc
100 70 784 69 7478 6413 7314 6413 78% 74 100 88 1061. 904 151 108 12414 128 14812 158 153 130 157 123 13612
___ 46 4614
___ _,__
_ ____
__
__
_ __ _
__
_
__
When Issued ___
--- -- --- ---_ _ _ „
- ---- __—_-4
Preferred
100 98%1003 99121003 96 1004 97 100 100• 1024 ioi 16614 105 166 10 1671 10714 ithi 10812109 108 10812 -,-- _-_4
4
3 35 39
3
1
54
2712 Ws 27 8312 29 33 4 31
7
. 3612 444 404 4213 3814 43
Briggs Mfg
no par 37 4018 36 3934 33 4 3812 364 38
1
7 24 2883 2612 3212 2713 3034 30 374 31 3818 28 3412 2718 32%
8
Brunswick-Balke-Coll_ _no par 47 493 40 48
34 4214 324 397 27% 33
144
5
3
4
7
3
834 5 8 9 2 618 10 2 94 1718 11
334 414 54 412 434 4
Brunswick Term &Ry Sec- -100 4
412 44 534 33
412 3
4 117 136
7
Burns Bros
4
4
100 9412 10338 9212 10014 9334100
95 1023 993 10912 9812 109 102 10512 99 105 103 12034 116 123 * 116121213 97 98 4
,
948 9813 9113 94 93 93 93 96 94 99 96 9812
3
4
Preferred
100 934 9612 95 97
9514 963 9534 9718 95 4 96
Prior preferred
• 100 113 117 11412 117 ------------------------------------114 114
34-34 ii ii
2
14
8 8
6 2214 2612 25 -..3 We 3654 8012 i4 36
12
4
s 2
New Class B
no par 20 2318 1814 2238
8
Burroughs Add Machlne_no par 65 8112 7512 8112 7814 8214 78 2 813 7812 8114 774 7912 794 9512 93 967 92 103 9214 97.2 9113 9512 8912 944
4
,
_-77 M 7
r
f
r 7 77 7
rr - 7 7 7
r - 7 7 L'7
- ---- ---- - 7..7
100 --------86 00 90 973 9812 110 104 11812 ---,
4
Bush Terminal Co
6
2
1
164 15 4 17 - 18
4
4
New
no par --------------------------------15 1812 1434 1912 174 183 1718 1818 17 183 1618 - 86 89%
85 87
4
841 87 85 87
88
8
Debenture
100 --------------------------------80 8518 83 897 8613 8814 8413 102
9814 103
9912 101
--------99 101
,
98 984 98 997 10014
Bush Term Bldg. prof
106 0612 98 97 98 --------97 99 101 101
: 54 7%
4 71
3
7 8 63
1
4 57
3
3
54 5 4 54 63. 5 4 683 5 4 63
512 6
6
Butte Copper & Zinc
4 618 812 414 712 5
83
5 7
19 2414 2214 25
,
21 2 274
18 204 1914 2112 187s 1912 19 22
Butterick
100 2113 28 4 21
3
2313 18 2212 173 1814 17 21
8
8
4
l27p 113 163 137 1713
11
3
Butte & Superior Mining. 10 181s 244 18 22% 15 1 20% 10
4 612 124 9 134 108 1212 1014 1174 10 8 13
163
,
Byers(A M) & Co
no par
Preferred
4 le
,
'II
8
5
1
2
4
3
Caddo Central Oil& Ref_no par
a 1
ie
la
8
23
---------------------------------------------------------952134
4
California Packing
no par 10012 10614 101% 110 10112 1061 1031s 106 104 11714 111 118 11312 1171 112%13212 1184 13134 2212 1311. 125 13612 12718 135
3
8
8 314 284 307 27 3034 2714 2914 2513 2812 2514 2814 28 304 284 32 4 3012 3438
7 27
100 23 8 29
California Petroleum
274 32
257 30
7
___
3
4
1
25 100 1071s 104 10814 10714 11312 10814 11618 110%123 119 4 122% 119 4 1193 ---- ---- ---- ---- ---- -___ ---- --__ ____ _
Preferred
Rights
irli
4 i
4
1 3
/ -3ii2 14 2
1
4
234 314 24 318
Callahan Zinc-Lead
10 35
3
34 4 4 3
45
50 5518 5112 597 5412 6118
49 52
3
47 5134 4783 508 4712 52 8 49 52
Calumet 82 Arizona Mfg
547 4612 547 45 50
51
to 54 58
4
3
1383 143
8
4
s
1214 133 125 1418 1314 154 1414 157 144 1538 13 4 1518 123 16
3
Calumet & Hecla
25 1713 1834 1512 1714 14 15 4 12% 14
4
1
/
43 49 43 4734 44 62 55 6714 63 6813
334 3412 30 48
284 354
2712 30
Case Threshing Machine_100 29 307 2714 30
24 30
96 10014 97 107 2
92 100
,
85 89 85 94
7514 86
Preferred
4
100 62 6712 6212 65 60 653 64 7213 70 8014 75 80
2
4
3
8
4
1714 16 204 161 1938 174 2014 174 1914 173 20 4 1813 2334 183 21% 181 204
Central Leather
100 184 20/4 1814 213 141 1953 15
4
4
62 708 63 67 2
,
,
5783 63 5912 65 2 59 6418 5914 644 61 71
7
494 6114 52 581g 52 64
Preferred
8
1.00 55 583 553 66
3118 34 2
,
3
4
3312 303 35 4 3314 3934 32 36
4
36 3912 35 373 3114 3614 31
39 4712 39 43
Century Ribbon Mills_ __no par 3112 42
37 40
94 9434
9712 9712 95 9514 9413 9412 95 97
96 96 --------943 96
Preferred
100 9513 983 -___ - 95% 97
4
8
55 51% 6351 581s 6488 5912 637
8
4
543
51 - 4
Corrode Pasco Copper-no Par 5212 5512 504 - 8 434 5214
4314 47 451g 514 484 53 --- 513 543 51
541
493 534 4512
8
4
4
403 483 4134 453 42 51% 4614 5114 484 5434 5234 55% 5212 583 493 56% 101 4 10512 10214 5313
Certain-Teed Products._no par 4112 4614 4134 48
10 %
8
4
947 95 98 9512 97
98 103 10734110 1017 10314
1st preferred
100 8912 904 9012 9312 93 9513 93 8 9514 94
,
9914 994 103
2d preferred
100 82 85 804 8212 82 8534 82 8251 82 88 86 90 88 90 91
4912 44 4 50
39 3 52
4
4
1
/
8
8
no par 2814 367 293 35
3
Chandler Motor Car
31 347 3334 3751 34 371.8 341 393 3034 3612 2712 3212 297 3912 35 4 - 8 118 12714 1141 128
4
s
4
87 9214 90 10418 10014 12214 111 120 1083 1188
3
Chicago•Pneumatic Tool- __/00 8512 9834 85 9314 8014 8914 82 4 8812 844 96
50 521 48 50
4612 52
4811 48
49 4912 47 4814 46 50 4412 5034 46 47
no par 51
48 52
50 52
Chicago Yellow Cab
55
3
4
4
543 52 593 5418 598 5412 60% 5512 6934 6618 747 664 73 58 684
4
no par ----------------497 567 5014 531 51
Childs Co
33 8 351
8
3
3312 358 3418 37
s
3334 3512 3318 36
4
8
307 323 32 3514 327 343 334 35
25 3518 37
Chile Copper
3453 37% 3012 38
8
2014
3
5 2413 2712 2412 28 3 20 2514 19 2112 19 2234 2018 211, 2112 2412 2212 2434 2112 23 2012 2312 20 243 19 4 6412
Chino Copper
____ 623
.... ___
____
Christie-Brown
.Chrysler Corporation_no par ____ ____ ____ ____ _ ___ . _ ._ _ ____ ____ ____ ____ _ __ ____ 1084 120 11413 14912 133121947 181 241 78 1674253 183 2254
4512 52
no par _
New
1iliiii2111 2 io5i2 11172 10514 109
- -1__ ____ _ __ __.: - _ _ _ -_-_-_-_ - -_-_-_ lours 16412 iiiii4 160 4
_ _ _ _ __
no par ._ __ __
Preferred
3
3
60 65 60 6118 61 65 4 6114 7134 6612 70 4 6714 70
61
63 59% 5812 - 6
68
65 63 6 18 6014 .
100 6013 - 3- 6212 Cluett Peabody & Co
71 4
4
3
Preferred
100 10312 10414 1053 108 105 4 1053 107 107 --------106 10714 105%107 10612 1064 1064 109 109 109 105 109 104 3 104
8
4
4
s
no Par 80 913 8712 9214 8712 917 913 103% 103 1618 1133 1224 11712 13712 13412 146 135 145 14134 170 14012177 1447 155
Coca Cola
99 100 100%1004 10014 100 4 -----------------------_:__
99 10112 9912 101 101 10112 100 101
,
99 99
100 99 99
Preferred
8 42
3512 39%
8
4
8
3412 413 36 434 40 4514 39 4314 3612 417 3813 42% 34
47% 3212 463 32 4 36
,
'100 424 4814 41
Colorado Fuel & Iron
-,-,- --__ 110%11018 106 106 106 106 - --- _ _ ._
100 _
Preferred
844
4
1
14
7612 - / 7734 914 6914 7534 704 784 7513 86
6
4
54 5812 5913 6934 62 663 6314 - 524 59
4
Columbia Gas & Elec____no par 953 497 453 59
4
4
4
100 10414 107 105 2 1063 10512 10612 10413 1068 105 10912 109 109% 10918 11018 109 110 1093 113 1109*11318 1103 11278 112 7 11413
,
Preferred
4
4
4
4912 45 4712 46 473 46 53 51 553 551 623
45 473 46 50 4634 5038 473,
4
no par 4812 5134 47 50
Columbia Carbon
38% 494 414 4612 4312 554
3812 40
no par ____
Commercial Credit
25 _
Preferred
4
,
- - — 26 4 2612 2613 2712 264 2712 2714 271
-B
..-_25 -zz - 60 - -.-_.--: - - -:-.: - _- - -1z- _-,:- -- -_, -- --- - - - -- -ol 7973
11i 6034 6412 00 55 5034 07
7513 8412 72
03 56 8 3 U12 59 67
6214 13034 78 734 79
Commercial Invest tr____no par 50 100 103 1064 104 105 102 103 ______ 10234 103% ------------------------204 105 10612 107 100 1074 -------Preferred
24 3
Rights
-85 9934 8814 103 -----1 1064 93 12712 110 132 118 1363
2
4
80 101
814 141
Commercial Solvents A.-tiO Par 10912 190 15112 181 12514 161
81 14313 76
4
1001 85 99 88 103
84% 944 93 1033 88 12212 10812 12912 116 134
no par 107'z189 150'181 125 163
B
61,
4
--- ---- --- ___. -__ ____ ___ ____ ___ ____
Rights
165 20
84 25i2 WI 25 iii4 ii - 8 231s 2512 20 244 2112 N12 157 24
3
3
4
1
/
8
3
no par 30 4 4312 28 128 34i2 1114 ii -265
Congoleum Co
8 1
11
4 3
4
23
4 23 17
3
153
12 34
27
% 1
14
no par 14
4
%
4
2
7
s
7
4 1
4
3
4
Conley Tin Foil
4
3912 352 30,, 384 434 38 4034 394 5012 4912 634
36
4
no Dar 264 32
287 323 2612 3012 2712 2912 27 4418 3634 44
Consolidated Cigar
8
8
8
823 88
8
7
8512 897 8312 86 8312 877 85 884 86 89 87 804 8.83 9012 91
100 794 87 8 87 897 83 88
96
Preferred
no par 34 84 64 94 4 4 918 4 3 6% 4
5
2 312 48 38 614 4
57
41g 6
,
,
4 514 414 512 312 412
41
Consol Distributors
8
s
no par 75% 78
743 788 744 7712 754 797 787 8912 86 894 86% 928g 87% 91
8
863 9412 894 954 9034 951; 913 97
s
Consolidated Gas
2 272 414 272 3 4 27
45
1
3
8 3
3
12 2
8 3
3
34 27
8
7
12 27 44 312 418 2 4 33
8 35
* 2 3 3 8 27
Consolidated Textile_ __ _n0 par 44 54 4
,
•
4
8
100 6634 697s 62 6812 6012 66% 614 647 6414 6712 635 68 117 117 11634 118 118 118 1167 11713 11712 11712 1163 1171
2
Continental Can
_ 1154 11514 674 80
7234 7912 7012 7818 743s 8414 7812 8513 8112 93,
no par --------114 1161 11414 11612 114 114 _._ _
2
Preferred
4
8
4
8
25 103 12
012 10984 117 10 111% 1063 1113 109 117l2 112 11714 112 11583 113 1157 11213 1137 112 13414 12318 134 125 140
Continental Insurance
4
5
3
8
4
1
/
4 94 9
83
1112 1012 1512 107 13% 1114 13
9 10
7
8 9 114 101* 11
03
3
8 83
,
4 9% 8 2 9 4 87
no Par 81 1 103
Continental Motors
100 11812 121 120 123 1214 1234 12012 123 121 12214 122 1251s 12314 127 122 125 120 12414 1193 122 12218 123 12112 12312
4
Corn Prod Ref* pref
25 3838 4112 3818 415s 3713 4034 353 3951 3234 374 3234 367 331 3712 324 3714 3514 3712 35% 39
8
4
1
/
8
8
381 4014 383 42
New
_ ___ ____ ____ ____ ____ --- ____
1 264 3514 27 2838...._____ ____• __ ____ _ _ _. .
no par 263 35
3018 35
Cosden & Co
____ -__ __-- ___ .--- 100 83 878* 885 903 88's 8688
*
s
Preferred
no par --------------------------------------------------------48 49% 40 555163'! 504 5/14 . 66- - .1,- iiiii;
Coty, Inc
44 51
48 48
40 46
1
45 4 5212 48 50
36 41
48 523 50 57
3
59 4 6418
100 43 443 43 . 43
4
55 60
Crex Carpet
4
.
4
8
713 7714 7214 774 754 84% 7914 8383
Steel of America 100 7253 793 6814 7812 6412 79% 643 694 6512 7238 6412 693 678 7514 70 75
Crucible
3
09%102
100 93 96
94 9518 9312 96 9213 93 92 9512 93 9512 93 4 96 9512 9612 9612 10012 99 1001s 99 100
Preferred
2
-_ 4951 5434 4618 533 441 1 494
Cuba Company
97
- 14
1 - -1 i 2 if
/ 12
4
1
/ 124 - 18 10 13 g 163 - - -3- 114 12 4 16
no par iii4 1112 iii4 14
4
8 12 4
:
81 1014
,
4
1
/ -34
/
6F4 f052 78
4 ON 87
Cuba Cane Sugar
5
8
2
458
48% 42 48
3
3718 43 8 417 4634 41
100 561 604 563 62118 5614 62 47 594 477 5312 495 544 463 5314 41
4
Preferred
1 26 293 22 273 2212 247 20 2312 223 274 224 25%
29 3312 28 3014 27 3012 2814 30
10 2912 3112 3012 33
8
8
s
8
American Sugar
Cuban
964 98
96 9714 9512 96
100 98 993 991210014 9614 101 --------951 9714 97 97 9513 97
95 9612 934 97
4
Preferred
312
8 6
438 34 41
4
54 632 5
: 3,2 37
614 43
518 48 5
7
212 312 2 11 34 27
314 4
Cuban Dominican Sugar_no par 53
8
2518 27
16
8
7
197 22
23 28
1812
4
1712 21
100 3934 4413 40 4312 37 438 375 393 36 3612 30 33 8 234 30
Preferred
9312 996
9818 102
3
9814 107
100
974 9814 96 10414 99 4 10614 95 10014 9,514 104
Cudahy Packing
STOCKS




--

58

78

58

58

ii4 14 i I.; i.4 "2-4

- —a10 icii-

507, 47

172

THE CHRONICLE

[VOL. 122.

1925—Continued.

STOCKS

March
February
April
June
January
May
July
August September
October
November December
Low High Low High Low Nigh Low Nigh Low High Low High Low High Low High Low High Low High Low High Low High

Par $ per share $ per share $ per share $ per share I per Share I per share I per share $ per share $ per share $ per share I per share $ per share
87 72 7712 7314 76
Cushman's Sons
no par 65 73 68 6913 62 67 63 66 644 78
71
7512 9014 8213 104
90 10158 971 10012
100 ----------------103 103 --------101 101 ----------------------------------------1031310312 10412 10412
Preferred
521 59
% t3
Cuyamel Fruit
4
4
I2
no Par 515514 50 5512 513 5512
s
4
5
, 44 4834 45% 49%
2
-5
11
lOi 1i
Rights
212 i
i12 i
2
Daniel Boone Wool Mills_ __25 412 7 4 24 614 234 414 1% 3
i
7
lig - 1
4 1 18
14 i
-214 I
112
114 i
no par 4234 4934 4158 48 4 303* 4658 277 3613 2814 423 3318 38 34% 40
Davison Chemical
8
7 3614 468 38 4314 3814 4318 3614 427 3612 43
3
4
7
8
8
8
8
8
8
2078 2212 21
De Beers Consol Mines_no par 23 2418 2158 215 2014 223 203 205 2112 21% 203 21
251 241 2514 25 2612 263 2714 2618 29
4
100 8214 8812 88 92 9012 914 9114 97
Deere & Co preferred
4
9614 963 9612 9812 9612 107 104 10518 104 10614 10512108 108 110 11363 107
4
14
100 110 115 114 1157 1133 119 114 116% 118 1258 122 12413 12312 134% 1283 132 129 4 15912 140 1548 13378 1474 13412 14314
4
Detroit Edison
4
3
4
Rights
---- ---- 2 4 618 4
5
53 -- — - ---- -,
4 —
Devoe & Reynolds 1st prof 100 97% 9718 99 100 99 100 ---_ -_-_ 9918 10012 --------------------------------101 1013 1114% 11412 106 10734
- 4
no par
Class A
100 --------116 11
Diamond Match
.
-1
no par ____ ____ ____ ____ ____ ____ 9712103.2 96%100% ---- ---- ---- --- ---Dodge Bros pref w i
_____
__ —__
no par --------------------------------24 26
Class A
4
213 24% 231 31
241 -2814 24% 304 297 4
4
4 8 38 483 3912 46
no par ____
Prof temp ctfs
_ ____
__ __,_
___ _ rr._.
78 83% 8 4 8413 803 83
_ 73 79
12
4
4
4 33 89 847 9113 8434 89% 8513 88 2
°
,
no par 1412 -- -12 15 16 4 13% 16
Dome Mines
13 8 15
7
14 15 8 14
16
7
12% --144 1312 15
,
16
148 1538 141 1812 1513 1814 16 4 17%
3
151s 1414 3514 15 17
no par 15
Douglas Pectin
10
167 14
8
1912 18 204 181 2112 21
2312 21
227 19 3112 183 2112 1958 2058
2
8
Duquesne Light 1st pref._ _100 105 107 10512 10718 106 10718 10612 10712 10712110 11014 Hi7 H0411158 10912 111 11012 113 111 112 109411218 110 11314
o
50 8
9 --------8
Durham Hosiery
8 ----------------9
9 --------11
15
15 4 16
3
17 20
19 23
14 2112
Preferred
100 ----------------------------------------43 4514 II II
12
50 50
45 46 57 57 65 6518 --f r
-_.100 11018 118 112 11578 10818 1133
Eastman Kodak
4
4 11012 108411
1047 1087 10 4 1083 10512 108 10518 1151 10778 11314 10934 1147 1094 11112
4
8 43
4
-100 _
Preferred
__ _-__ . __ 112 115 1153
4115 4 115121153
3
4
14 2014 1658 1012 1334 1258 16
14% 16
Eaton Axle & Spring__-_no par 1258 16
194 17 2013 -iii4 25% 23 2
6% 2414 28
2434 287 2518 3012
Rights
18
12
Eldu Pont de Nem & Co_ _100 1344 146 143 150 8 137 154 13918 148 4 P.43 16 5 163 182 2 177 1913 138%20112 146 195 18512 219 2155 i7114 ii5 iiiii
3
3 . 4 -- 8
1
9
,
4
-4
6% preferred
94 91 95 97 96 9713 95 97 9614 9713 97 10114 100 102 100 10112 1007s1021* 101 103 10114 10412 100 102
Rights
14 1-64 1-18
--- --- 1-64
Electric Pr & Lt cas____no par ------------------------1758 234 -217 4 1i -31% -- -14 -3-- -4- 1- -3-1- - 7 -2-: - -14 -30 2578 27 337 2814 3214
3 - -5
7
68 -0 4 31- -8 34 4
____ ____ ____ ____ 100 102 100 1013 10134 1087 105 110 107 110 10454 10914 104 108 4 1053 1074
40% paid w i
8
4
3
4
8
8
____ ____ ____ ____ 1004100 4 100 2 1013 103 1095 105 4 11034 108 11012 107 11058105 109 10512 1074 10414 1075 1055 109
.
Full paid w I _ _ ___
3
3
8
,
4
10512 10814 107 109
Preferred certificates___ 4
-- - ---- ---- ---- 90 94 903 92 897 93 897 93 9114 9258 914 9213 9114 943
8
Electric Storage Battery___100 6213 70 4 6218 667 603 68 6112 6453 623 6612 62 66
8
4
623 6512 63 67% 63 4 7113 66% 7112 70 77
8
1
4
13
7
3
7214 80
50 10 1012 714 7 4 8 2 9
Elk Horn Coal Corp
1114 1112 1118 13
,
,
8
13 9
8
12 15
8
12 10 10
12
147 1314 141 1112 1112
Preferred
50 2012 2012 --------19 19 --------16 20 ------------------------13 2412 2114 2114 2114
2114 ---- - 134 212 114 2
Emerson, Brantlugham----10
2
214
112 112 14 5 8 2 4 5
118
213 14
0 2
3
3
3
4
ila
3
453 3
414 3
10
8
8
Preferred
100 1113 15
83 21
11
12
1113 1312 9 1114 8
17% 263 18 2414 15 4 2212 18% 2312 22 2658
4
3
Endicott-Johnson
50 88 72 67 71
7
3
,
64 693 63 4 66 8 66 7118 65 6912 88 72 66 70 6718 747 68 717 68 713 6818 711
4
4
4
Preferred
100 11212 114 114121163 113 113 11213 114 111 114 1123 114 114 11518 116 116 11514 11712 11814 118 4 115
4
4
3
11818 11112 114
Essex Cotton Mills 1st pref_100 ------------------------97 9712 97 97
97 97 --------98 9612 9612 964 96 96
__ ____ ___ ____
Eureka Vacuum Cleaner_no par ____
_ ____
__ ____ ____ ____ ---- ---- ---- ---- ---- ---- ---- 5118 5514 481 11 .5014 1713
Exchange Buffet
no par 1858 -- 3 1812 19
16
197
18
1512 173 163 1812 1614 1612 1313 1612 1514 15 8 1518 1712 16
4
8
5
173 17 17
4
16
1714
25 212 3 ____ ____
Fairbanks Co
214 114 ____ _ . 312 412 312 412 3% 314 3
43 --__ 4
234 4
314 314 234
357 3313 -353- 3413 38% 3514 3 -12 3412 38
4972 43 4712 44 - 8 45 545 4614 517 4814 314
Fairbanks, Morse & Co- -710 Par 3214
6
3618 4012 38
4
471
8
4
527
100 ----------------------------------------10612 10612 10612 10912 10812 1093 10912 110 10914 110 1093
Preferred
4
108
Famous Piayers-Lasky_no par 9314 10058 9014 10318 915 10312 93 9958 98 0813 9914 10714 10012 1143 1033 110 1043 11212 10612 11314 103 4 1104 105 1087
8
4
4
4
1005
8
111
100 10514 110 10378109 10512 109 10458 107 10734 1121i 110 11758 11513 120 114 118 11412 1187 113 11712 11234 11512 115 118
Preferred
8
----------------------------------------413 558 47
Rights
83* --- - - - ___ _ ____ —__ ____ _-_- _-__
_
_
_
_
_ _
_
_ ___ ____ 103 109 102 107 102 11112 --- ---_ ____ ____
Full paid receipts____
- Federal Light & Tree---;10
155 1415 i55is 14 14 i55 fici iie 161
--iit; li;ll2 11i .
.
-1
_
_ ..
_
100 85 85 85 86 80 87
Preferred
1614 /5i4 1 12 ai Iii 8212 1;112 iii 8313tiii li 1514 87 87 857 86
8512 8
/
2
. 19
7 263 32
_
15 New
___
_ 30 3314 30 36
3014 33
4
2614 2914 26 30 4 264 30
3
3014 3714
Federal Mining &Smelting_100 20 3 25 2014 23 4 15i4 - , 15 4 16
3
3
8
3
- 15 4 17
4
20 2
16
3
184 174 174 167 19
18 2312 203 60
4
40 86
74 9512
100 8014 644 684 63 4 4914 581 5118 5414 523 567 53 52
Preferred
3
54 58 4 5514 617 563 647 6114 92
3
8
4
8
14
997
78 933
25 14712 16614 152 158 15314 159 152 164 181 175 16413 16912 16112 1673 165 1663 1623 1653 162 177 168 175 8 9012
Fidelity Phenix Fire Ins
4
4
4
1693 179
4
8 14
no par 12 13
Fifth Avenue Bus
123 14
4
1678 18
17
13 143 133 15
1412 1558 15
4
4
1518 15
1514 1434 18
1434 154 1514 1512
First Nat Pictures 1st Pre1-100 ------------ ----------------------------100 1013 101 101 101 10258 101%103 10412 110 108 1087
4
4First National Stores
no par 239
Fisher Body Corp
28
---- - - -no par 63 es% iiii iitila ii li 55 76 Oils0- 2 951± 12h5 8714
New
7713 If 79l 1961
12
8113
Ii• ii Vi Hot, 121 93 102%
100 1043 106 106 106 10418 1063 10512 109 107 107 1065 11114 1103 111 III 111 109 4 111 4 -7-Fisher Body Ohio prof
4
4
4
8
3
,
25 11
Fisk Rubber
138* 118* 13
8
53 1012 123 11
12 16 2078 20 243 195 2358 21
7
4
7514 13 2 17
2758 254 - 4 21% - 4 -21 1434
2832837 8412 78 84
100 7512 8512 79
1st preferred
4
803 8712 8512 9814 95 10518 1003 10714 105 108 102 1127 10612 1143 10612 11612 1084115
4
4
100 _
2nd preferred
__,_ ____ __ -Fleischmann Co
no par 8138 864 78 8312 75 7913 -- i 13414 -113. 87 8212 85
84 19
-12 1514 10 3 10513 1233 lii llii 1954141 iii 111
H
7 -- 4
i
12
4
8
- 14
-12
tio par
New
no par 11 11;8 '
Foundation Co
4
3
14 1991210
4
-94 973 10814 107 11112 110 1163 llil:1224 120 1343 12312 140 4 13141413 1351 17 13 1'551- 1833 13584 177
,
4
3 -1
2 4
Rights
Foundation Foreign
-15 437 2814 4323
_ ___ _
no pa; _
_. _. _ __ _ _ _ _ _ _ _ 135i2 -. _
Fox Film A
_
.. _ _ _ _ . ___ _ _ _ _ _
____
__ _ _ _ _
7
i 55 1312 7814 84
795 85
8
100 iO4i4 104 4 102121044 1013 - -14 102 2103% 103 4104 10314 10
Franklin Simon pref
- -3.
518
6 1044 106 10314 10512 106 106 104 106
- - 105 105 10414 10
4102
-14
,
,
no par 97 1134 98 113
Freeport Texas Co
7
4 8 1214 9% 117 103 1812 1414 187 13 173 143 177 15
4
4
4
8
17 4 1614 247 174 23
3
194
4
Gabriel Snubber A
no par --------------------------------------------------------287 34% 3112 3014 34 38% 35% 39% 343 213
_
4 3914
no par 414 83
Gardner Motor
4 514 113 1114 7% 37
8 73
4
784 238 8 97 77 1114 914 12% 93 107
4
2
1014 612 93
443 483 4514 4814 443 477 45 477 4412 473 46 5912 55 60 8 7
4
4
General Amer Tank Car_no par 51 584 4913 5412 45 51
4
4
50 587 5118 58
7% preferred
100 971 99
9334 98 96 983 9634 984 98 98
9812 1023 10214 1027 9934 10212 10114 102% 10212 104 1003
4
4
8
965* 97
4 10314
General Asphalt
100 561 63 4 5314 6114 42 3 58
3
4
,
4
45 5212 493 5813 511 557 5113 553* 52 573 503 565 533 603 55 6158 5813 70
4
8
4
4
Preferred
9312 100
100 951.100
8612 98
93 9612 94 97
90 9118 907 97
9318 97
8
95 rot
9812 101
983
100 109
no nor 140 14734 130 141 121 130 128121391: 127 143 13314 14912 143 1628 160 178 171 2243 220 247 235 410114 264 264
General Baking
i
4
250
Preferred
no par 119 119_ ____ . 119 1204 1193 1193 - - _
_
_
---- —
__ _4
4
_ 119 120 118 12212 125 140 ----General Cigar Inc
100 943 9812 94 2101 9312101 884 933 84% 907 85 113 88 9134 8814 91
-4
8
4
4
, % 14
89 987 9434 109 100 10714 102 11514
Preferred
100 105 108 1083 110 110 11114
4
__
-- 107 109 110 110 --------1071210784
__ 108 108 107 109
Deb pref(7%)
100 107 109 10912 109% 10914 10914 106131061: i(35 106 105 105 104 105 —__
_ 10512 10812 106 11012 10812 10612 110 116
_—_-General Electric
100 30212320 22714 249 2 24414 277 257 27514 267 28712 281 296% 28414 29614 295 11714 297 330 293 32014 301
,
4
336 3023 333
Special
10 11
8
1114 1114 1112 1114 113 11% 117 1114 1112 11
1114 1114 1114 11
1114 11
4
1158 107 1114 107 1114 10% 1114
8
8
General Gas Del A
Pref A
(8)_
110 110
Gen motors Gore newno par 6453 7558 73 79 651 - 8 -6912 - 14 7/ 78
8 757
76
754 1514 84 8913 -85- 9458 -57411134 65411014 106" 11814 1103*12114
100 93 941 90 91
Preferred
9014 92
90 93 958 954 98 98 ___
9814 98 4
,
6% debenture stock
8112 9134 92 914 9814 9612 9612 9612 - -- 98 9818 -- __ __ __ 99 99 9913 100 9212 94
i612
9114 9112 8812 91 91
9913
9918 9912
9858 99
100 102 1085 1073 1087 103 1084 103 4 10
Preferred 7% new
4
4
4
3
7 10612 10714 107 11358112 1133 112 11314 112 11418 112 11412 11258 114% 11334 115
3
Gen Outdoor Adv, CI A_no par --------------------------------------------------------451 50
463 543 518
4
4
53 4 51 14
3
____ _ _ ____ ___ ____ _ _ ____ ____ ____ ____ ___ ____ 2614 294 283 33 29 5414 5118 307 2818 645*
no par -___ _
Trust certificates
4
3438
8
32
28
25 42 eft, 4712 58
General Petroleum
4
2
4
53
-18 483 5713 4814 5 -13 50% 543 61 59 52 5713 42 527 423 4914 4512 497 474 5112 494 5914
8
4
8
_ ____ ____
General Railway Signal_ _ _ _100 ____ ____ ____ ____
__ ____ ____ 144 1787 1661±220 219 366 3131i 367 31512 30214
8
no par
New
__
_ ____ __ 62 9312 9013 9912 987 101 161 1021014103
____ ____
100 _
Preferred
_ _
8
4
104410578 103 10412
Rights
General Refract. Iles-- - -no Par 53 5812 5213 55 4712 54 43 46
43 4812 45 51
443 4512 45 46
4
43 45
no par 513 57 48 53 47 51
Gimbel Bros
4812 5012 49 547 537 62 54 563 5318 58
12
4
4
55 6418
100 103 10514 103 1034 10214 103 10314 1048 10314 104 103 105 103 4 105 1043 107 105 10614
Preferred
,
,
4
Ginter Co
8
no par 22 4 2512 22 4 253 244 288 2714 30 8 285g 407 34 383 377 435* 417 4912 44 47
8
7
8
3
4
,
s
184 22
no par 13 1514 1418 174 1212 1612 1358 203 20 8 233
2012 2254 2012 24% 2014 2412
Glidden &Co
s
3
,
Rights _-_ __ _____________-__ .._ - 371j 44
42 37% 407 3814 '4212 384 40
4113 46
Gold Dust ctfs
42
no Par 40 -- -33 375 4112 37
3
41ig 47i8
Goodrich (B F)
5038 5438 525* 59
5212 5834 53% 6712
4
no Par 363 454 42 4914 457 553 5018 5512 5118 55
4
Preferred
100 92 96
95 98
943 96
95 99
4
3
9712 997 9758 9912 9712 994 98 4 100 4 9814 10018
4
,
14 103 1044 10312 1054 10414 1063 1045 106 10638 108 105 10754
8
4
Goodyear Tire Prior Prat
-100 10314 107 1054 107 1011007
Preferred
100 8614 933* 89 987 88410114 917 974 957 1017 99 10514 10153 1053 103 10612 10314 1067
4
3
8
s
9
8

42 45
44 5012
44 45
6214 70 663 773 7014 83
4
8
10514 10614 10312 11412 110 11212
4359 484 4412 4912 3913 53
22 263 2214 257 23 2612
4
4
- - ---- —__
iiT4 51 4414 4814 --- —__
45 48%
6518 733 6318 7434 6018 6712
4
99 101 100 102
9612 100
105 10712 1063 10812 106 109
4
106 11459 10712 1134 103 107%

100
Preferred
_995910212
Gould Coupler A
2214 1i 2i.ig 12 s 11 I17 18% 203
-7-4
4
Granby Cons M S & P
100 11 214 i133 20% 13 193 131 15 4 131 16
8
7 153 1414 167 1513 193 1818 193 1734 2034 18 213 mg 217
8
,
4
8
13
3
4
8
47
no par 414 7I
512
Gray & Davis
25 91 94 92 98% 11 - . 14 15; 118 1 1i I0 3- 1511i3 11118 9512 1017 954 1(12
-8
- . 97 1144 1,- i8 I62 4 15 Iiiii 9413 "oils
.
Great Western Sugar
1
1
- 62
7- 7
1 - -3100 110 1117 109 11114 108 1114 107 109 109 11058112 1154 111121144 1107 111 111 113% 110 114 11014 11418 11314 11512
Preferred
8
4
1914 1534 19
100 17
2
i
1259 147 123 1412 1218 1412 1218 167 13 17
7
4
118 1614 117 13
54 124 13 8 123 14
Greene Cananea Gopper
4
4
12
133
4
no par 55
512 4% 5
Guantanamo Sugar
4
8 518 512 478 53
3
812 514 57
8 4 8 514 5
43
4 37
8 43
8 4
54 5
512 5
514
100 80 80
Preferred
100 84 9114 154 ---- iii 114 i3 Wi 55 "i ii --1 iii4 "
947
8
iii
852
Gulf States Steel Co
811 so ii ii iii 751s i& iii '- 1383* 9434
i
'"
9134
_ _ 105 105 10334 1033 10513 106
100 105 10518 ------ - 10414 10412 105 105 10114 103 105 106 __ _ _
1st preferred
4
100 87 88
4213 51 4412 45 4413 48 6012 6312 10612 1074 107 107
51 63 51 60
Hanna 1st preferred
8758 89 8413 8918 58 69
61
6312 51
5978
100 311 3712 303 33 3 274 3159 253 29
2754 314 2612 294 27 30
Hartman Corp
12
4
275 3012 272 3058 284 3418 3212 3712 3312 3614
4
3
no par 367 4314 353 39
4
30 3714 3112 3612 3438 4012 353 39
8
38 4334 39 4412 373 4212 40 487 43 494 4358 4612
4
Hayes Wheel
100 100 10218 102 1048 102 10318 103 1033 1035 10514 102 1043* 103 10312 103 103 10218 1024 1023 10318 104 106 105 106
4
8
Preferred
8
25 7634 7734 74 7718 89 7312 69 69 66 72 68 70
68% 7014 68 72
71
Helme (G W)
7434 7212 7518 7113 7733 881z 77
100
Preferred
_ 1141211412 1143
4115
4118 45 483* 443 4714 38% 15
12
45 - Hoe(R)&Co Class A.--.no Par 47 487 47 4812 46 48
45 4812 4813 4714 464 4714 45 47
4
27 -3
14
7
100 43 50
4313 45 4378 45 4312 4412 44 4512 437 4412 43 45
8
Homestake Mining
443 46
4
4512 50
48 50
48 497 47 4812
4
Household Froducts____no par 341 3758 35% 36 4 35 3614 3012 3614 3514 364 353 3812 3712 4358 395* 4212 4012 418 41
423 4214 4718 45 47
4
100 7712 85
5912 71
6512 7612 6012 69 624 6918 66 7414 69 737g 69 7412
66 79
77 8413 605 817 59 65
4
Houston 011 of Texas
4
no par ____ ____ ____ __ _--- -___ ____ ____
1612 193 173 217 2118 23 4 223 247 234 31
7
4
4
4
Howe Sound
4
245 3114 243 29
8
4
_ ____ ____ ____ _ _ _ _ ____ ____
___ 3 3 7 3 37 318 4
8
8
Rights __ _ ___ __ ------------- - - __ ___ _ __ -1 413 4
no par 33 4 3613 3
3
4
4
8
4 0 4412 43 5418 504 593 57 653 62 6612 60 6512 6114 Hudson Motor Car
98
90 117
88 13913 963 11414
4
.10 1518 1914 1413 1659 1414 1812 1512 173 16
4
1914 17 2018 18
197 1722 183 1713 2618 223 25
8
4
Hupp Motor Car
251 2814
8
24 31




JAN. 9 19261

173

THE CHRONICLE
1925—Continued.

November December
October
August SeMember
July
June
May
April
March
January February
High Low High Low High
Low High Low High Dow High Low High bow High Low High bow High Low High bow High Low
per share $ per share $ Per Share
Par $ per share 5 Per share $ Per Share $ per share S per share $ per share $ per share $ Per share 0 Per Share $
114
no par
1
Hydraulic Steel
2 412
i13 412 .1i 5
-s
12 i
i8 7
4
72
i
7
- -14 i1 8 --- i. — 4 i. 1- i2 ii 143 -----------------4
7
100 6
3
7 8 74 - -12 7i4
Preferred
4
3
4 2712 44 33 8 28 343 3012 3412
4
3 3312
4012
4
Independent Oil & Gas-no Par 1312 234 2314 203 2012 3312 2118 2814 25 3234 304 4134 3014 112 --------------------------------4 %
4
7
14 114
Rights
8
g 185 21
8
s
s
20 24
8
1812 1614 207 18 24
153 164 13 15 4 13 1712 1513 1918 16
no par 1614 20
4
3
Indian Moto Cycle
9314 99 95 4 954 --,., - ,,
_
_
.
.
.
100------------------------83 89 --------87 87 ----------------------- 74 912 87
Preferred
8 9 2 94 144
7
,
8
8 914 73 514 74 9 2
3
818 74 84 7 4 1014 73
7
10 512 724 7 2 103
7
7
s 5 4 91s 6 8
Indian Refining
8 952 9 124
4 87
912 712 93
8 6
4 75
10 -----------------------------------------------------97
Certificates
97 100 110
91
82 90
77 83
3 85
2 92 89 89
100 80 95 91 9218 77 85 --------77 81
Preferred
4
220 230 219 244 243 285 265 284 2743 305 3001:310
100 240 249 232 240 21912 225 22712236 218 238
Ingersoll Rand
871210712
____ ____ ____ ____ ____ ____ -- --._ 77 100
. ___. ____ ____
no par .
New
- - - --- 105
100 ------------------------------------- - -------- 44 - 42 435 -4112 45 2 4214 4512 43 4414
Preferred
3
8
41
4
3 3 43
4112 39
no par 4534 49 8 4
2
7
Inland Steel
50 403 4614 39 4212 3834
10911110's 108 112 10612 112 107 112 110 112
3
100 107 110 107 10812 1071:108 10412 105 4 10714 109 107 107 107 108
Preferred
4
8
25 2714 2518 294 263 284 254 287 2614 2814 26 2914 2314 27
2212 27
5
Inspiration Cons Copper_ _ _ _20 2818 3234 2612 3034 22 2 2814 2214 24
8
,
8
2
13 1738 133 155 123 1714 1553 204 184 24 8 1912 23
,
3
8
Int Agricultural Corp_ no par 74 125 114 1311 712 1114 9 4 124 104 123 1052 1412 6
85 85
4
80 843 85 85
50 5212 -------- - 0 62 --------68 68
40 50
100 5212 524 --------46 46
Prior preferred
2014 12912 12512 1474 138 15014 150 176 16118 17614 14214 174
1191225
4
4
425 110 1203 112 1224 1184 1283
Int Business Machines--no Dar 112 11912 1123
114 134
4
13
1'
- --- ___ ____ ___ ____ ____ ___
Rights
"7114
7f: ii
i9 4
ills ii - -3- 874 -/-12 itir4 8 - 77
8
8
4
4
52
55 5778 53 573 5412 623 617 6614 615 68 8 a3. (42 iLia -1 1
International Cement —no par 52 57
. 33
7
8 38 - 8 27
4
23
Rights
__ ___ __ ____ ___ __-- ---- ___. ____ ____
--- ____ 105 icii iEPi iiii 154 1012 102's 1047 1O3' 105
Preferred
8
8
434 483 4212 4914 4814 647 6118 6912
8
4578 435 51
3812 3514 4132 398 451i 41
4
323
lot Combustion Engne par 3134 3714 -3312 1258 35 44
8
122 11414 1277 1191213814 1243 1324 120 13212 123 133 2
4
7
International Harvester_100 10518 1104 102 1087 9618 1073 10112 11014 106 11414 10518 11014 107
4
2
2 118 11912 11814 120 119 12058 119 121 11918121
8
4
Preferred
100 11412 115 11412 11514 114 1143 114 1151/ 11512 1177 117 118 11741203
k
507
55638
3
Int Match pref
8
914 115
1034 84 li
11 Ws - 4
12 73. 1
5
.8 83
3
1214 14 14 77- - 4 7 8 1
2
4
8
100 1212 1378 1112 1478 105 123 103 1178 84 lot Mercantile Marine
2
34 407 364 46
8
29 353 3118 38
4
40 4414 353 4412 294 3612 30 3334 27 32
48
Preferred
3
7
100 4314 4814 42 8 52 4 394
8
8
3012 353 3212 344 3212 3914 375 4812 4258 4838
8
8
25 2514 285 2578 2812 2414 2712 2612 3034 275 3058 2812 3114 2912 32
International Nickel
4102
8
973 994 99 101 1007 102 11303
4
8 984 100
100 94 9778 97 9911 9714 98 9712 984 96 9714 964 9912 984 995
Preferred
5
8
55 635 5612 67 8
4
8
8
4
553 734 635 745 6214 6812 62 7012 633 7214 6012 76
14 484 56
5352 5812 4814 56
International Paper
100 5418 62
4
8
79 827 823 87 85 8612 88 88
4
8
7512 72 7412 745 8212 7818 8034 7614 793 7612 77
Preferred stamped
100 73 7434 73 764 71
Preferred
100 _
ii Id
dile ea l994 ii Id
di ie
86 894 90 884 9612 88 90
Preferred (71
6111 67
First paid
Rights
,
7
- _-_iCi ---- - -- , , ,- 73 2 87 2 ii -8.1
7
71 _ - --- — -- - - ii - .1 ia 71
72 74 67 78
International Salt
100 77 77
171 191 16514 180
4
no par 115 11712 108 118 115 118 117 125 1294 148 141 151 155 1993 165 185 186 195 185 18812
International Shoe
.r
.. . ..
8
4
4
12012 121 121 1153 1175 11614 1163 11412 117 116 116
- - 119 11912 119
Preferred
100 11912 1194 11912 1204 8 12758 125 144 113 131 116 12112 1091212012 111 12312
7
89 111 109 2 11934 1145
12 9038
8
___- -5
lot Telep & Teleg
100 90 9614 92 9734 875 93 8 87
_-4 -3
- - ---- -_-_-- -r,- - - 44 7 4 6'4 63
278 ___ - --- -,-2
41s 2
8
Rights
4 47
23
2012 2938 25 4 1814 264 - 3
3
12
8
207 21 2114 22
25 4
1312 18 22
2514 2112 2112 3 22 24
23 25
2
Intertype Corp
no par 2478 2612 247 26
Invincible Oil Corp
no par 1513 2238
__ id "id
ii ----____
75 _- 55 78
-- --,-.
___. - rr
ii 'di---io 165
Iron Products Corp
no par 82 99
193
4
4
0
2 8
3
18
12 183,- 4
19 2
1818 - 3 184 203- 17 -- 4 1612 1914 163 193 1634 - - 52 1712 - - 7 17 - 8 19 26 8
8
Jewel Tea. Inc
no par 1812 2012 1834 217 1818 21
110 109 114 115 11512
109 113 108
4
3
Preferred
100 10212 1044 103 110 105 4 110 107 1073 10814 10812 105 10512 105 10514 1514 1914 157 112 107 20
19
16
4
113 16 2
8 174 1612
8
,
3
13 4 1973 174 207
17
14
3
,
Jones Bros Tea
8
100 1818 207 18 217 16 2 18 4 1618 19
14
8
4
Jones & Laughlin St pref —100 112 113 1117 11314 1137g 115 113 11334 113 114 114 11418 11412 115 11514 116 1133 1154 1141:116 115 11512 113 11412
8
8
435 65
2
353 4412 394 464 414 63
43
44 514
12
3
Jordan Motor Car
no par 42 5214 434 58 8 4318 5912 45 5214 45 4912 39 4512 3812
8
3
1094 1057 1074 10612 10712 10714 109
Kan City Lt& Pr 1st pf no par 6-) 10012 9912 101 10012 10114 9914 9914 9912 10212 1024 10514 104 4 10818 106'2 108 10613
8
7
2
3
12
12
12
8
3
12
8
2
8
3
12
8
5
12
14 112
2
3
14
12
2
3
52
12
Kansas & Gulf
12 1
152 114
10
3612 424
30 3634 3413 383 3518 38
3258 2814 32
3
4
3
4
100 22 273 2212 2512 18 4 233 1912 2613 2434 2912 26 3418 301
Kayser & Co
98 102 101 40312
90 99 94 10014 93 4 9412 9314 9813 95 9814 97 102
8612 8612 83 8978 85 85
1st preferred
100 8912 90
154 1913 1618 184 153 1912 16
4
19
1914
8
174 1618 1912 1714 1938 177 2158 15
25 145 174 1458 1714 1214 1734 14
Kelly-Springfield Tire
8
59 8612 66 71
60 62
58 64
8
535 60
4
3
43 517 48 5118 52 5734 5834 66 653 72
..6% preferred
100 51 5212 50 53
6312 69 65 713
64 66
74
61 65
8
.
- 8% preferred
4
413 4812 41 487 43 5118 46 5812 58 69 6412 93 56 68 92 114 104 1144 10514 11434 10514 124 4
100 44 51
87 984
4
95 10412 90 963 90
92 97 88 9714 8812 96
Kelsey Wheel Inc
100 9212 101
.„ __,_
_..r .. 112 112
, .„___
2-_-_
100 107'109'4 _.,,, _____ 110 110 109 109 ..,.„ _ _ 110 112 -,-- ,..- ..„... 5612 5214 - 8 ...., Preferred
5
55 8 5914 5312 17
563 5314 56
, 54350 8 - 4 534 4
5112
8
Ken necott Copper
6514 4612 543 4612 494 4713 - - 473 52
514 4
,
130 Pa 53 8 673
8 2
8 25
8 17
212 17
8 24
8 134 23
3
2 2 4 238 312 24 25
23
212 214 3
215
8 34 218 3
Keystone Tire & Rubber.- --10 14 218 17
81 89
92
81
75 82
76 7912 75 100
4
7412 873 794 85 8114 87
75 80
3
75 78 4 74 81
Kinney(G RI
no par 78 87
8
__- ____ 95 100 97 98 97 97 97 98 100410018 100 101 100 105 1007 1007s 10012 10012
8
100 977 99 100 100
Preferred
42984 490 49014590 563 599 570 800 699 4 750 700 885
3
100 461 510 492 50114 506 532 355 397 375 39014 388 420
Kresge(5 5)Co
4
4
114 115 115 115 115 116 1133 1133 113 11444
_ 11014 11014 11314 11314 11312 115 11312 11312 ---100
Preferred
. .
2812 33
2
3 387
2
8
357 393 35 2 --- 34 36's 33 3714 33 384 3214 35
32 3513 34 39
39
31)3
Kresge Dept Stores
3
1
211 Pa 3112 45 4 3112 41
95 9512 947 947
8
2
974 974 _--- ---- 93 97
8
897 93 93 974 94 97
8
897 91
100 88 93 90 92 93 93
Preferred
10
Kress Co
124 iii
100
Preferred
8
8
8
8
4
3
___ 23 4 233 247 247 267 267 27 30
4 2514 ___
-_
2613 2612 264 2612 25 25--_5
27 27
Kuppenheimer Co
9912 100
99 99
_
981 __ __
99 9814 9814 98'4 3
3
4
4
993 993 100 100 98 4 98 4 10012 10012 99 -100
B preferred
-- 4
150 166 155 1673 155 1733- 162 173 161 16812 15612180
4
100 11014 139 129 2148 4 1433 178 148 177 157 171 150 172
3
Laclede Gas(St Louis)
7
-- 85 85
85 85 --_
_
121 ____ -__
81
100
Preferred
8
135 1713 12 8 - 13
7 14
1413 174 144 1613 153 19
2 18
7 1472 13 1734 16 -43
114144 12 1 2 12 8 Lee Rubber & Tire
no par 1214 1312 1158 15
4
i-ii-Ii-- 3014 4412 373 4418 374 4112
--- - _ - f_
. _
_
no par _
Lehn & Fink
i13 6414 6712 6414 701s 6613 70
d4
iie id " ie iii
ii 6i '-oil: i o-- 121 12234 121 Ciii 11912 12114 120 122 12058123 122 124
_ii-iVi 6i4 i
.
Lima LOCI2021TO WOrkln pr iiia Vis iiii
121
8
Liggett & Myers Tob pref-100 11612 11814 117 11812 118 120 1165 11814 1174 121 118 120
8
8
5
4
14
25 84 6778 5912 711/ 57 6114 58 607 59 63 6114 68 6512 673 6518 6712 65 8 787 74 774 757 894 84 92
New
75 883 8314 897
4
s
8
,
7
12
7
59 8 58 62 8 80 8 647 63 6714 654 6714 6514 7711 72 77
2
25 62 8 677 58 704 5512 613 574
B new
7
2
,7,7'
' Z: -.7..7'..7.'
.77
''
...
.7,-.
..,.- -.2,,
7
Rights
4 914 812 8 8
714 812 73
40
:u
4
2
,
.2
'
607
-577
22 8 2614 244 IA1 2814 12 4 22012 ;172 2814 i1 2 61 - 2 66 iSi, i4 2 iii ow% 143- oo
no par 2214 25
22 24
Inc
8
77
713 812 7
9
74 7
8 7
,
74 818 7 8 77
13 8
712 61g 918 712 812 7
6
8
678 8
Loft Inc
no par 6
4758 503 48 517
474 51
8
4614 53
3
4
Long Bell Lumber A
no par 4834 Si
63
2
474 497 454 484 4 2 5212 4818 50 47 4914 4613 493 47 48
87 93
4
87'z126 110 140 118 14334
3
100 7714 8418 77 863 80 9718 8134 85 4 84 9312 88 9412 89 943 82 94
Loose-Wiles Biscuit
4
_ 10714 110 ____ ____ _______ ____ 109 109 109 110 112 112
100 10512 106 10414 108 1064 109 105 105 _ __
1st preferred
_ 120 12514 1294 145 130 148
_
__ 108 11014
3 0
100 10478 10478 104 110 110 111 109 109 109 411 - Ill 11114
2d preferred
-8
____-8
3
8
100 109 112 1084 11014 109 11012 1097 110 2 1085 11012 11014 114 110 115 113 116 iii 11(i 114 1145 115 115 113 11514
Lorillard (P) prat
3518 377
8
4
4
8
4
8
3418 357 335 3512 333 3514 34 393 35 383 3613 38
25 3014 374 333 35 2 333 3614 34 344 3414 36
New
8
,
4
8
164 183 165 204
8
8
8
4
8
8
4
Louisiana 011
no par 1634 2214 183 23 4 145 22
4
4
1514 173 1612 1912 174 204 154 185 135 163 133 157 143 18
8
3
8
3
. 2514 263 2414 253 2312 2412 2312 2412 233 2418 23 23 4
8
8
__
Louisv Gas & El A ctfs_ _no par
3
8
8
4
4
612 3314 363 333 3614 325 3814 35 474 457 5412 50 2 60
.
344 3934 334 1
no par 32 4012 313 3914 35 55
3
32 4 40
Ludlum Steel
4
8
4
4
4
8
8278 8514 833 9313 8713 89 90 987 9014 933 91 9412 92 1393 11418 126 1155 12212
McCrory Stores class B no Dar 90 9412 85 9178 79 88
8
r- __ 1087 109 108'2108', -- -__ 108'1109 . _
100 105 105 1023 105 104 105 106 107 10612 10612 105 108---Preferred
4
2112 /212
4
1812 193 i87 1912 1914 227 2018 22
2
4
19
4
4
163 1778 174 173 1718 -1634 17
McIntyre Porcupine Mines —5 16
1652 184 1878 18
17
100 115 117 115 11712 114 • 114 116 117 118 12312 121 12934 12534 12712 1271:130 129 141 134 1364 13214 13214 134 138
Mackay Co.
8
4
3
5
8
8
8
100 673 684 67 683 66 69 6714 67 8 673 683 67 3 6812 677 68 4 684 7914 6814 7714 7118 713 70 7114 71 725
Preferred
7
4
4
4
4
8
no par 117 1393 131 1483 12114 14314 1284152, 144121855 172 1823 177 20418 18112238 197h222014 2043 238 20912242 147 224
4
Mack Trucks Inc
4
4
8
11111 10924 111 111 113 1081211212 110 111 11014 1117 110 1104
100 104 1064 105 1094 109 10834 1074 10812 10813 10911 10511
tat preferred
12
---116 130 131 137 138 136 ---- ---- ---- ---- ---- ---- ---- ---- ---24 Installment paid
5
8
100 99 10012 10012104 1021410378 101 102 1011210414 103 105 1041210612 105121065 10334 10618 104 105 8 105 10618 10312 106
2d preferred
Rights
232 No 216 201 222 iio lid':
no par199
First paid
- - ---- ---_ ---- --__ .--- ---- ---- -12
2
4
1
3
8518 944 86 4 93 9012 1073 100 112 101 108 1015 107
73 11
-14 754 78 s 78 89 854 91
Macy (R H) Co Inc
3
no Par 6912 8412 7213 78
3
100 11434 1164 115 1157g 11514 11618 116 11614 115 115 11614 11614 ____ ____ 117 118 11614 117 116 11714 116 116 4 11618 118
Preferred
4218 44
8
39 4218 393 4212 4114 434 4014 4412 41 447 4214 40
no par 40 4414 3818 424 34 41
8
Magma Copper
8
36 397 3813 43
8
h8
Rights
4
ifi:2 -2314 16 -iiT4 /43- -iii1 /58
His 2£112 24 -Hi: 2938 247 Ili- -i&- WI/
9
2
Mallinson (H R)& Co---no Par 3114 3712 27 32
7914 82
_ 83 88
_ 8214 8714 86 gg _
82 8314 81
100 8314 86
8212 82 92
Preferred
90 9012 90 9112 ____
38 42
411 3712 40
100 50 6112 50 5312 50 52
34- -44 47
50 51
4
483 51
E
46 524 49 543 5014 8
Manati Sugar
8
100 797 80
7934 82
80 82
80 80
Preferred
8
797 82 8214 8214 79 80 793 801
4
214 214
_ _ _ ___
_
100 _
218 21
Manhattan Beach
--- - - ---- - -- ---- -8
,
424 4632 32 59
5114 li2 ii 5255 511 587
51
87
,3
4
553 51 11 8 5012 1418 507 - 4 4914 5112 5012 57
2 527Manhattan Elec Supply_no par 43 8 54
8
8
301g 347 32 34
25 254 3034 2518 2718 204 273 2113 263 23 277 2514 28
g
4
26 2952 25 4 277 2712 3114 28 32
Manhattan Shirt
8
,
___ 11614 11614 11614 11614
100 _
105 105 —__ . .
____
__ ____-- Ill 111 ____
Preferred
. __
3154 38
494 39 3112 48 4014 4712 37 4312 3812 - 4 -38- 414 -374 1214 3612 38
29 2912 2812 33
no par 29 30
441Manila Elec Corp
14
224 2612 244 27
4
8
4
8
8
3
8
8
3
no par 277 3512 2714 3518 25 4 323 2514 274 26 28 8 2534 297 25 273 203 2512 2038 237 203 25
Maracaibo 011 Rzplor
12
4
no par 384 4614 407 464 3252 444 3418 3834 37 4414 413 2512 427 473 403 46
8
2
403 4518 45 564 5252 584 56 60
4
8
Marland Oil
2
8
1
g
4
no par 103 123 103 117 10 2 13
263 327 2915 313 27 2912
114 12.2 1113 24 _ _ 17_ 233 224 244 22 283 227 30
8
2
4
8
4
Marlin Rockwell
4
4
_ _
_ _
112
118 112 1
_
Rights---------------- _ _
4
27
8
4
2
,
.1 lila 2658 IA 27Iel ii2 iii ii1 -iiis 163 194 23 20 2184 io 227 -iOjs 23i4 .. HO'. I ;
31
-. - 14 5iia ii
no ---- a
Martin Parr; eOlp
2
7 - -.
14
8
7
Li
Rights
8
8
2 717s 81 74 69 7418 76 8412 78 8i3 78 7934 76 8512 8212 8812 80 907 87 1074
4
Mathieson Alkali Works ----50 51 573 5412 7354
Preferred
184 6
--- ____ ____ __-- ---- ---- ---..
114 2i
,_.,- ---- ---- ____ ____
Rights
__ __-- ---- ---- ---- ---- ----1
4
s
Maxwell Motors Class A_tto par 747 813 77 8612 82 jails in 1 -1. iiiir4 117 116781211* _ __
8
4
---- ---- ---- ---- ---- ---8
no par 334 38
3414 473 467 5914 551E 897 834 89 105 12713 _-__ ---..- :::- ----.. :::: -Class B
___.
7712 8514 8358113': 10434 128 115- 1181- 116- 1 - 3
----111 2
- 2
B ctfs
. 10712 11612 113 11912 10814 1194 11913
- - --- - _ _ ._
120,_no par _
A ctfs
4
- -14
.
12
100 16511 11114 10234 111912 i01 11614 162 167 1033 12834 111 1161 113 121 1141212114 118 125 122121301s 1264 138 135 1 1112
May Dept Stores
--- 123 123 121 123 12314 12314 123 124
100 123 12314 ..... ___. 11612 118 120 123 12212 123 12212124 123 124 -Preferred
2
217 23
s
2
,_ 2314 267 217 25
-_- :-.„, ___
-_-_„ -.,_,., ---- ---- "_-_-- ,-,- _-,-,
no Par -,-- , Maytag Company
.8
147.2 96.8 9812 102 102 106 jai iiii4 iie 1153- 116- 11614 - -. _-_, ,r, _- - -,..,..7 =-12
4
"
Metropolitan Edison prof no par 08 007 9912 1004 mu lull
s 2
:
24f _3
_!1_?4 -:4 . . -_ _111
2012 !_2_ i 12
8
3
7
4
Metro-Goldwyn Pictures pf_27 18 19 2 187 2214 1874 2072 19 2072 20 2112 20., 2078 20 2034 20 213 20 4 214 .
100 _
225 225 250 250
Mexican Petroleum
*
9 115
123
8
"il Ii 1034 135 1058 13 4 1078 127
s
1914 i378 177- 14 Ii" "iii 'W "1213
2
8
1658 123 8
4
2
Mexican Seaboard 011—no Par 15 221 143 174 1112
8
7
8 9 2 914
7
8 8 8 94 87
5
3
5 2214 243 21 2312 1014 2118 9 1114 8 1011 8 2 913 834 1158 9 4 105
4
Miami Copper
3414 374
4
____ 26% 297 222 .322 3118 3618 3014 34
_._
4
2912 3572 313 38
_
8
4
257 3112 2614 30
-Continental Petroi_so par ____ ____
Mid
94,c 6414
8
9218 91 9414 927 94
8
9014 94
8314 85 85 91
—
92 924 91 925 90
100 _
Preferred
CI
'a
L71
STOCKS




.
-ia- -i63- -ia;

s
-Hi

17,4

TRE CHRONICLE

[Vol.. 122.

1925—Con tin ued.
January
February
March
April
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ per share $ per share $ per share 2 per share
5 per share $ per share $ per share 5 per share $ per share
lb 118 11,, 114 134 1
Middle States 011
12
% 1
% 1
7
8 314 2
212 134 2
13
8 134
1
114
1
1%
113 114
Certificates
10 _
Midland Steel Products pfd 106 96 104 100 10212
1f-512 Ho 16112 1003 fiti iii nit; Hi 136 125l 14713213 143 i521. lif He 116 4 Hi
0
4
4
311i
14
Midvale Steel & Ordnance50 2938 3018 29 29 _ _
. ____ _ _ ___
_ ____ .. _ _
_ _
_
Montana Power
100 68 72
6714 7034 641 - - % 64 6714 6712 - 14 7714 8412 794 81
4 7
6
-87
- 853 99'
8
4 146
663
Preferred
100 10912111 111 111 109 109 10914 11014 11214 113 11212117 ____ - _ 114 1113 - - 14 791 - 14 -5212 - 5
__
4 11218 111 11211 --------110 115 1111811612
Montgomery Ward & Co_no par 4612 5534 404 5211 41 5014 44 4912 4838 6414 507 5413 5414 3
73 66 7214 65 7218 6614 763 7313 8213 7711 8
4
no par 23 2512 2318 27
Moon Motor Car
414
223 2678 2434 2713 247 2834 2611 3414 30 35
4
29 33 3 311 39% 3512 4111 3112 42
1
33 4 3834
3
Mother Lode Coalition_ _no par 814 9% 73 812 87 8
4
6% 718 6
'73
8
8 83 '71/ 87
4
4
4 8% 712 8 4 7% 8
,
7
'7% 718 814 7
7%
llle,tion Picture Corp..fl0 par
_ ___ _ _ 19% 2012
130 pa, ------------------------ ------------------------------- - 4113 12 4 .4014
Motor-Meter Class A
_
3
4314 4012 flo p., -------------------------18
4478 40 42 40 44
- 14
Motor Wheel
9 4 ias 2633 2314 35
934 3312 28 3214 2912 34
3118 3411 273 35
2934 313
4
Mullins Body
7
14 2112 18 Ili
17
19
1613 20
1574 18
1478 1712 13
15
15 1814 15q 18
14 2112 16 197
Preferred
8
100 87 87 8214 8214 8218 8214 82 82 8318 8318 -- -_ - -- ____ _ __ 8114 8114
•
80% 8018 ___
-- - 85% 8912
no par 33 34
Munsingwear
32 3313 31 33
30% 3113 31
32
3112 32
33 3
5
3158 35
341. -3414 3234 3238 32- 35
3312 3912
411 42
no 4,ar ____
Murray BedY car.
3514 4212 323 3713 35 40
3414 3612 307 3434 3018 31
4
8
3014 353 2714 313 1314 283
4
4
1
4 514 19 2
no par 19312290 245 273 25214298 2921236813 355 430 410 448 410 445 381 435
Nash Motors Co
4003
8475 458 488 431 47413 44 446512
03
Preferred
100 10334 19513 105 108 106 1138 10414 106 105 1051,, 105 1053 104%107
4
1043 1058 1051 106 105 10813 10514 10511 106 10614
4
National Acme
50 6% 77
411 7
414 53
4 4
6
43 612 5 8 8
7
718 107
8 713 913 7
914 734 1012 9 103
8 934 1211
Nat Bank of Commerce____100 ------------------------------------------369 369
25
NatIonai Biscuit
12 7
7c12 ii371
42 12 6512 7312 7518 -7919 6713 755.
4
f9
100 126 12612 12414 1283 12312 125 124 . 126 125 12812 1243 1243 125 126 12414 128 8 75 -fit, ilia If aii, '13 "64 - Preferred
4
4
4
12412 127 126 128 128 1277 128 12713
8
National Cloak & Suit
100 66 78 673 7412 6512 70 6614 71
4
8914 7512 89 75
68 7334 68 74
6713 7512 71 847 69 777 4912 75
Preferred
108 99 104 103 10312 1001210112 101 101 1011 102 _
_ - _ 10112 102 101 102 10011 102% 997 10212 10012
8
102
87 4 1002
5
National Dairy Products_no par 42 4811 4412 4814 44.2 4712 45 5414 61 587 53t2 5738 5.312 3712 56 6713 633
3
8 6814
79
8
100 381 42 40 423 41 43 4118 42
National Dept Stores
4
41 45
42 437 4118 4434 4014 42 4012 4412 6312 4312 7434 817 74 8014
4012
42 44% 41
4334
100 100 102 99 100
Preferred
97 10012 96 9814 983 9712 9714 99
4
9612100
97 98
97 98
913 9714 96 9813 97 98
Rights1 14
8
19
3
Nat Distilling Products_no par __
__ ____ _ 30 3514 3234 3714 3211 3714 3314 37
3218 38
3234 367 '3512 43% 30 3914 295gig - 7
8
13 i
no par 6212 1212 5913 -- 14 82 8
Preferred
68
4
.
8 60 673 64 8934 6513 138
65 70 63 6918 64 75
73% 81
711 7611 85 741
Nat Enameling & Stamping 100 33 36% 331 369 3012 38
3314 313 39
25 3114 25 4 3014 25% 313 28
3
4
4
35 373 34 384 33 377 35 4134
4
8924 85 873 83 84 80 81
Preferred
100 8114
79 80 75 80
8
7914 87 863 8712 871 8814 87
4
87 89
National Lead
100 156 1667 15512 16412 14013 16234 13813 14814 13914 15712 14412 1523 146 15314 151 16434 152 1663 158 8818 87 88
8
4
'
Preferred
100 116 11714 11734117l 116 118 116 1171 116 118 11612 117 117 118 117 11834 10934 117 4 116 17212 16214 1743 162%169
118 11614 118 116 118 8
3
National Supply
50 613 71
4
65 70 62 6814 813 6518 6214 843 813 64
4
8
4
5834 623 5634 593 5518 58
4
4
5558 59
7 543 5712
8
Preferred
100 10434107 107 10814 1097 1097 105 110 ---- ---- 108% 1087g 109 109 10714 10714 10713110 108%108% 66 57
s
3
1081310812 ---- ---National Surety
--__ __...
National Tea Co
no par
Nevada Cons Copper
5 i 71'i4 16
'
4 i418 15.18 13% 15
121 137 13
112 - 1 117 1313 117 13
4 13 8
8
14
1213 131 1234 1514 1318 15
. 1212 1378
Newport N & H Ry C & EI-100 5418 5412 52 53 53 631 5912 6314 63 6512 60 10712 95 110 .... -___ 70" 90 ----___ 75 100
95 109
0
Preferred
100 8214 8214 ---- .. -_-- 8712 93 90 95
92 1 92
90 108 10712111 --------90 91
90 0514
8
New York Air Brake _no par 50 6612 4912 53 4312 5112 43 464 423 4714 4312 4614 43% 627 45% 5312 3414 5034 3114 357 903 91 101 109
4
8
g 3414
8
no par 5413 67 55 553 51 5513 52 5334 5212 533* 5112 53 5214 55% 5414 5613 SO 57 517 53% 5314 403 35 38
Class A
4
55% 5614
no par 33 35% 32 4 33 4 318 3414 32 393 35 48
New York Canners
3
4219 47% 42 4914 4814 5414 447 5714 6612 7314 66% 56
3
4
741 6614 8112
100
1st preferred
95 95 9518 96% 9913 110 99 99 ____ ___ ___
__ 951 97 98 100 108 110 112
11214
Rights
100 258 3078 2634 2912 18 2714 2212 3118 241 19 iiii - 8 ii - -. 2712 48 55 3334 51
New York Dock
8
2172
3
55514 "a;
Preferred
100 52% 5612 5612 583 551 59
4
5714 67 63 68
6612 7214 654 7014 6512 70 88 68 6512 6913 6713 7514
73 76
17 2812 21
New York Shipbuilding-80 Par 20 20
2434
2112 2518 25 28
2114 2513 26 5213 5212 6212 63 87
707 75
New York Steam 1st pref_ 100 97 100
99 100
99 9813 10118 1003 102 10011 10012 --------100 1003* 99%10118 0913 100 i64- Rill;
97 2 993 9813 ,
4
4
no par 45% 45% 57 68
Niagara Falls Power
56 57 ____
__ 563 69 88 68
4
69% 77 67 67 __ _..
25 28 29
Preferred
2812 2834 281 283 2814 -4
2812 2818 2812 28 2834 277 2814 28 2813 28 1814 2734 -- 14 277 - 14
1
8
2
8 21 274 1i1 4
4
3Rights
_-_Niagara Lock p &OntPr pf_100 --------107 10712 107 107 --------107 107 iiii 107 ----.--.-.----- 158 iiii --------108 108
- - - -12
_
10 4118 44 42 488 44 49 4412 464 45% 503 4814 493 48 603 56 60 8 56% 593 5814
North American
8
4
4
3
7
k
4
75
2
Preferred
50 4634 471 468 4814 473 49 48 4834 484 50 49% 5018 483 4934 49% 50 4934 5012 48 5018 83 73 6ii 6f112
4
4
483 49 8 49 50
8
7
North Amer Edison pref.tlO Par
-------------------------------------------------------- l714 1814 1312 1714 12% 1711 13% 177 941 9613
Norwalk Tire &Rubber
-9 1213 1434
Preferred
------------------------ -------------------------------- 85 85 8114 85
8384 83 4 --------79 79
3
97 1( 18
no par 8 1018 10
Nunnaliy Co
Ili
912 9 913 9 10
9
10
013 1014 1114 17
15 1714 157 18% 18
1712
25.
011 Well Supply
100.
Preferred
_ ____ 1037 105 105 105
8
512 714 534 53
100 513 8
Ontario Silver Mining
812 51
614 713 614 718 7
4 51
613
714 712 834 738 11
1013
11 912 10
no par 1838 2112 20 22 20 23 21 23 25 8 2518 2513 2513 243 291g 30 34
Onyx Hosiery Inc
4
,
33 38
3414 37
12 3413 378 341 39
100 79 82
Prelerred
791 811 7814 783 798 81
80 83 8278 857 84 86 83 9311 88 931 9314 97
4
80 88
8
9314 97
Opoenheim Collins &Co no par ----------------------------------------4534 4813 432 46
8
4113 4418 41% 4414 42 483
4
1
14 277
8
Orpheum Circuit Inc
i
213
4 2 14
s 2844 14 265* 2734 27 3278 2818 3212 2934 3114 3018 3113 46 517,, 4812 538
2934 307 28% 29
8
100 98 9914 981g 10014 10014 101
993 993 9912 100 10012 10038 100 102 10212 104 101 107 105 105 102
Preferred
4
102 102 102
100 8912 9212 8758 91% 9113 10412 99 1181 112.2116 1121211834 11618 135 1263 14012 12614 138
Otis Elevator
4
137% 12512136
100 10314 10312 101 103 104 104 10334 104 1041210512 107 107 108%112 --------108 10914 12612 108 10612 10613 1263413434
Preferred
108
04 106
nova? 913 118 958 117
Otis Steel
8
1014 9 107
8 97 1434 1213 1418 13 1413 1234 1514 1214 14
8
1118 1312 111* 13 8 1134
5
100 6012 6812 56 664 50% 5812 5314 6012 5514 749 6814 748* 73 88 80 9712 8212 95 8013 877 8112 8814 877 1314
Preferred
4
4
8 94
no par
Outlet Company
4914 57
4914 5284
100.
Preferred
_ _ ____ ____ ____ ____ ____ ____ ____ -___ ____ __-_ 98 100 99181007
4
_25 4512 5074 443 47 4 4234 4731 4414 4
8
Owens Bottle
4713 -4i- - -13 483 5114 50' 587 53% 5613 55 4 61% 5818 621 6114 693 61% 6874
51
4
3
4
8
'
100 ----------------11114 11114 11014 11014 11078 11112 113 113 112 113 1121311213
Preferred
. _ 112%11413 115 115
13 11434
100 1021210412 10313 10812 104 10713 10414 106 10514 111% 11018 11814 11118 11814 11113 117 110 12i 11813 13234 12514 13718 12814 13512
Pacific Gas & Electric
____- 12
97
5 9
9 101
PacificMall SS
9
ON 512 97
934 11
9 4 103 103* 103 103 108 1058 103 121 1213 1212 1213 1212 1212
3
8
8
8
s
100 ------------------------69
Pacific Mills
no par 53 4 6514 5912 65
Pacific Oil
2
5214 1335 548 5831 561 663i 581-2 - -1-7- 5- f8 684 8153 Wi 45234 8
8
6 8 3
6614 55 - 18 5474 68 55 g - - 12
- -7177
1 7
8
Pacific Teleph & Telma_ _ __100 94 11213 100 109 100 100 100 100 --__ ---- -___ - _ _ 11012 1105 --------113 118
2
100 92% 95 9513 963 96 96 ----------------9614 91 9812 9812 100 100 -- — ---- -- -- — __ 101 103
1Preferred
4
14
163 1631I
Rights
10 15
1614 15
197 1713 19% 1518 - ; 2012 111 27 g
Packard Motor Car Co
12
233
3212 521 -ilia; 5258 I8 4 561 - 12 35 iti aii 4812 5713 -8
-8. 2 41
s
4
i
10t 10214 105% 1051 10818 107 109 109 1093 1093 11218 11018 110% 1105 11034 1105 11118 _ - - -.. ___- _
Preferred
4
4
8
8
___ _
_
_0
Paige Detroit Motor Car11 par ____ ____ -___ ____ --- - --- 177 1818 173* 23% 19% 2314 19 2314 193 22 ;/ 2718 24 -1
8
4
.9
4
32
243 - -12 2412 -.4
4 31
2.
9
Trans_50 84 711s 88 7934 7114 83% 7112 78% 73% 81
Pan American Pet &
75 81
674 7838 6952 71
5912 6718 82 7113
1
50 63 8 713 69 8034 72 8414 713 7914 732 8212 7618 82 68% 78 60% 7111 6018 6714 8112 73 7014 7434 7213 77 4
3
4
Class B
4
7118 75/2 737 7938
8
Rights
--------------------------------------------------------18 212 1-64
11 -- Pan-Amer West P BnO par
3714 47
4011 447 421g 4984
Panhandle Prod & Ri;i__no par a
- 3 3
-3
4 41 - -3
- 1- 3534
8 4
2 53 i
313 412 314 - 3
3 .1 214 3% 214 212 238 4
234 418 314 6 4
,
100 43 5014 55 8012 50 6014 --------45 50
Preferred
52 513
50 5013 40 49
38 40
37 40
38 41
38 55
112 13
4 13
8 17
8 18 111 1% 13
Parish & Bingham stpd_no par
8 134 17
8 113 13
8 134 19 __
_ _
138 134
17
18
17
17
2 17
2
28% 3312 2712 31
•
no par 32% 351 30 33
Park & Tilford
2812 338 283 33% 2814 3113 27 - - 8 25 2734 253 307 2618 2912 2634 2
4
4
303
8
4
293*
___ __
PatheExchange A ___________ ___ ___ ____
___
_._ _ _.,,.. ____ __ — ---- ---- __-_ -___ __- 79 85
7613 9034 70 88
7413 7912
no par ------------ -------------243 -_
2
8
211g 26
Penick & Ford
_
2112 243 2134 25% 1914 223 197 23
8
1
8
18 217 1.14 201
100 --------------------------------1051210512 ---------------- ------------------------ ---- -- 17 20
Preferred
_
.
.
100 100
50 191 263 1831 201 1512 181 12% 45 13% 167 14
Penn Coal & Coko
s
8
s%13% 1434 1278 44 147 21 1414 20
20
143 163
4
4
no par ----- --- - ----- ---- -------- 10411 10514 --------108 108 109 110 11014 11014 --- - - -- - -- - - _ 17 ' _
Penn Edison prof
_- _ — ---_ __—
Steel___ _no par
1.4 3
Penn-Seaboard
214 234 114 214 13* 112 1% 2
114 1% 114 134 1
23
8 113 2
-138 - ,
24
8 27
8
134 21; 17
100 105 10514 ----------------105 105 105 105
Penney(J C)Co prof
;
-1
People's Can Lt & Coke_100 112 11513 11312121 114 1714 113 117.3 114 117 115-4 112 4 113 11712 1143 1i7 iii fiti iii iii iiii8 121"
-4
iiii2f10 4
-1
.
Rights
1% 2
114 112 - -- - -- ---- -- ---- -- —
---- --- 50 53% 5713 5212 557 5113 557 517 555 543 697 55 8134 58 61
Philadelphia Co
8
8
4
s
873 683 6613 - 8 57 4
4
5975972 E81. 64 4 593 67 4
2 1
4
,
SO 4512 47
4534 4612 4658 4713 46 46% 4614. 47 4 4713 48
Preferred
0
483* 4? _ _481_2. .
4_9_ 48_13 _4_9_ _478_ .
49_ 37 4 49 _471_3 1_81_
473 37
8
SO
Preferred S%
_ __ _
.
2 42% 3734 427 38% 42 38% 4114 38 4234 3914 44
Phila &Read Coal &Iron no par 48 5213 4814 5113 38 48 8 3i1. 12
7
38 407 3814 4212
_ 46 8
-3
483 ---------------- 41
no par 5012 5012 4838
Certificates
4113 39 3914 38 4034 41% 4118 4014 423 3812 40
4
39 4159 4114 43 2
,
no par 75 9018 65 7212 65% 70 60 63 6014 60% 55 5712 52 65
Phillips Jones Corp
54 623 51
4
53
5113 52
51
55
5214 60
Preferred
100 88 953 --__
4
8
8214 87 8312 84
8514 8514 8114 843 82 90 88 8978 85 85 -------- 84 84
_
85 87
10 13 4 1614 1314 1_53 123 15
4
4
8
Phillip Morris & Co
8
173* 1538 1713 153 237 2018 25
4
1358 1578 14
2113 2514 1934 25
1959 233 191 2112
4
no par 3811 46
403 4
4 634 363 447 3612 407 3914 433 411 47% 423 4614 3759 4311 387 4014 3813 443 4013 4611 4314 467
8
Phillips Petroleum
4
8
4
8
8
4
Rights
5 21
23 20 2014 20 20
18 28
2513 273 2813 4214 34 372 31% 3i
18
4
18
Phoenix Hosiery
14
558 - 714 34 3712 35 3559
3 iPreferred
100 85 85 85 85 85 88 84 84 8612 89 89 91 921
____ 93 97
97 97
_,. ..,.
97 98
913 99
117 137 107 1338 1113 1738 1378 2234 2014 347 2814 3614 2713 40 8 378 4438 4014 4734 3114 47%
4
8
Pierce Arrow Motor Car_no par 1212 15
3
3359 39%
100 46 5113 4513 5134 43 5014 44 603 5134 75
73 8414 7413 89 85 94
6814 86
Preferred
4
8814 982 86 100
88 943k
no par 87 90 86 92 85 9012 90 99
preferred
93 1193 11712 173 150 17913 150 200 200 210
4
Prior
.
__
__ _
214 112 2
25 I% 212 212 312 2
213 18
28 13
4 214 1% 212 17
112 17
Pierce Oil Corp
112 17
8 i
-1ki
lia 1
14
4
30 3614 3118 3513 313 3714 33 3814 31
3514 30 32
Preferred
100 2512 3534 3314 40
2513 28
2614 277 22 25
8
2014 2512
no par 53 7
7
4
7
8% 8
611 7 8 7
7 4 6% 7
3
74 6
3
714 5
Pierce Petroleum
618 5
554 4% 534 434 514 412 614
p1224burgh Coal Co.(of Pa)_100 488 5412 605 5314 44 5234 39 48
8
3714 45 43 4712 4
5 4712 4214 4412 42 4413 40 4712 4013 44% 3814 4312
100 971 99 9712 983 90 97
Preferred
85 8614 85% 8713 8512 89
8
,
833 8
4 8
80 88 83 3 8612 8512 87
83 873 83 8314
4
8
100 101 10212 1001 1007 94 9912 9673
95 98 94 100 97% 98% 067 99 --------95 9913 973
Pittsburgh Steel pref
4
41013 9712 9712
4
4
mob Term Coal receipts-100 68 63 4 54 60 40 58
3
30 43 4 3512 401 3513 3713 35% 38
3
3518 4714 4313 54
47 807 5313 6334 0412 61
4
100 857 88
8
7
8712 8712 83 86
813 82 8312 80 81
79 84
4
Preferred
8
81
837 8512 847 861 865 8713 8712 8814 87 8712
8
8
8
10 14
1513 133 14% 127 133 13 141 133 163 14
*
9
177 1413 163 1414 1514 14 1513 133 1434 1414 1513 143 1834
8
4
3
Pitts 011 Utilities pref
4
4
4
1338 1418 1234 1312 13
10 14 15
1312 18
14
Preferred
1334 16
14
14 1514 1313 15
1434 1512 13
1412 1512
14
18
new
- - ---- 14
1512 13 14
143 14
13 13% 1312 1312 123 1313 15
4
certifasP
1513
4
_ 80 62
50 50 ____
Porto Rican-Amer Tobacc0.100 53 53 -------- 4014 50 --------4138 53 5014 51
56 56 --------503 62%
4
no par 94110331 93% 10734 9313 107 102141188 114 118 11212 1187 163 1277 11518 143 1271214114 12912139 128% 138
-8
4
8
Postum Cereal
New6434
100 Ili 1 -1i iiii2 116 iiiis 113 iiiis 11112 ____
-12
-5i
-- _-__ __ ____ . _ _--- --- ---- — __ . . _
8% preferred
5614 6612 6212 6814 5212 57% 52% - 100 6112 69
45 - 53 50 . - 497 6814 5414 587 55 5
6
5312
4
-8
.
Pressed Steel Car
51 iisi i i iii 7
4
100 87 9213 85 90 83 893 83 8319 8114 85 77 81 7613 79 7812 79, 70 82 78 82 8012 - f 81 2 - co4
4
Preferred
8312
9134
50 2734 3214 2713 3234 22 30
2212 248 2312 2818 25 283 1714 2512 1212 17
133 157 1414 1712 1274 1712 138 1734
4
4
Producers & Ref Cory
8
5 45 4513 4412 4518 4318 45
SO 4312 4714 4214 47
44 45 34 443 33 347 27 31
4
8
Preferred
29 31
31
3158 3158 3312
STOCKS




i-ii

-7684 1&i. -761, - 14
8

iii iii, -fit,
.

96

JAN. 9 1926.]'

THE CHRONICLE

175

1925—Contin ued.

. STOCKS

January
February
March
April
May
June
Oaober
November December
July
August &Plember
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lour High

Par $ per share $ per share $ per share $ per share 5 per share 5 per share $ per share $ per share $ per share 5 Per share $ Per share 8 per share
8
*110 1103 11412 113 11438 11212 1151 11438 1147 114 116 116 119 117 11818 116121184
Pub Serv Corp NJ pref----100 110 11212 111 112 10934 112 1085
no par 8712 72 68 72 62% 72 4 6412 67 4 6712 74 673 728 6814 787 7512 877 683 8212 7814 8312 78 4 8212 79 82
3
4
4
12
3
3
New
18
4
4
997 10118 100%1013 993 10212 10012 102 10214 10412 103 10512 10414 105 10318 106 10314 10512
8
99 102
100 99 102 10112 102
7% preferred
Rights
New rights
, ,
,
r - , - _.— - -- _ _ —
— - -112
1 - - I% -- - 2 11
4
1- is
-I
4 Rights
0
-9612105 8 10412 108 105 1612 97121004
-- 3
Pub Sets Elec & Pow pref—100 10012 10012 --------104 10412 104 1041 104 10412 10412 105 104 104 105 105
8
____
_ _ 93% 95
93 938 9212 943 94 9512 9312 954 95 9712 98 973 96% 9738 9712 994 105 107
4
Pub Sets Elec & Gas pref__100 ____
- -8
- _-4
Pullman Co
100 14112 1513 13518 1443 129 14312 12934 138 131 14418 13512 142 137 14112 135 1441 13914 17312 158 1664 15418 16312 15514 17014
8
4
8
2
50 3912 4714 41 458 405 453 4112 4514 383 427 39 4284 33 4012 3312 357 33 3653 33 357 3514 393 3718 40 2
4
*
4
Punta Alegre Sugar
3
/ / 273 297 2518 2812 2533 2753 25$8 2853 2682 2878 2653 314
1
1
4
25 2914 3278 297 333 2512 32
4
8
4
'
25 2 273 264 2953 284 31
3
4
Pure Oil
8
100 10212 10618 105 10614 103 106 103 1053 10312 107 106 107 10578 108 10618 107 1065310812 107 108 1087 10712 10612 10713
4
8% preferred
5k 64
6213 5113 59
394 5512 4038 48
52 67 8 5284
7
4
4
5234 6053 503 5712 618 59
Radio Corp of America—n0 Par 62 778 5714 6714 4853 6534 49
48 50
4512 4953 46 47
Preferred
50 4934 52
45 46 i
4
493 5218 5014 5114 50 603 4853 6014 49 5118 49 50
4
5114 54
100 133 1413 12212 13634 123 13814 123 127 123 13038 123 12834 123 1273 124 13012 12812173 187 17934 188 182 168 180 1
4
4
Railway Steel Spring
17121197 11714 11912 119 121 11812 122
8
Preferred
100 117 11912 118 120 11414 116 11634 11834 11612 118 11714 11912 118 11914 119 121
36% 394 3514 3612 3512 374 3353 3412 3353 3412
3
33 8 3534 343 3514
7
Rand Mines
• -- 3512 3712 37 3814 3614 37 38 38
2
4
4
137 1514 13 143 127 1412 1212 143 11% 12 2
8
7
2
7
2
153
8
Ray Consolidated Copper---10 1453 167 143 17% 12% -- 8 113 1314 1112 13 2 113 1314 12% 16
4
no par
Reid Ice Cream
94 9534 95 97
95 95
Preferred
97 9812
92%100
__ _
__
100
____
_
__
____
2% 4
_
2
7
Rights.
34
17 21%
4
22
253
4
4 2578
2338 2814 213 - - 18 - __- 18 _-- 173 21
no par 11
Reis(Robert)& Co
11
11 - __ __ _ ___ ___ 10 2212 1914 26
11
81 81 --------82 82
88 90
4
1st preferred
100
8
68 7018 --------63 85 801 904 92 943 89 91
70 70
4
3
100 463 5312 463 63 613 723 654 72
9012 11112 973 109 4 10314 1173
Remington Typewriter
4
6153 74 6414 763 7318 8553 78 844 7712 96
4
4
4
4
lot preferred
100 100 100 100 100 1003 1003 105 105 10114 103 104 104 103 103 _ _ _ _ _ _ _ 103 105 10312 10912 104410553 105 4107 4
3
3
4
4
1st pref Series S
100 100 100 10214 10214 10314 10314 --------103 103 _--- ___
4
iii3 111;2 iai gni Hifi- 1iii
i4 - 1-- 34 ---- -- -8
2d preferred
100 109 109 11014 112 108 111 110 13 108 111% 107 109 '104 10 - - --------103
12
1412 1712 133 1612
Replogle Steel
2
no par 1814 2314 16 2112 1314 1912 13% 16
134 1614 128 1434 13 1612 14 '578 14 1734 1412 17
8
Republic Iron & Steel
4
4
3
100 5718 6453 493 6018 4518 563 424 4753 4253 48 43 4612 44 4 493 471 507 4718 5453 483 563 5218 587 5612 6158
8
4
4
4
Preferred
9253 9412 9253 95
90 9112 9012 9214 92 95
100 93 95 9018 9453 88 92 86 88
4
86 88 8612 873 8414 90
9 1034
Reynolds Spring Co
no par 153 18
1
2
884 914 8 4 1212 9% 1112 912 12
7
123 1512 13 1633 12 144 97 12 8 8 10
8
15 17
Reynolds Tobacco A
25
-,
Class B
3
3
54
25 727 7612 7318 78 8 7214 7658 751 I514 iiis - 1 75j2 If iiit Iiis go; I43i iiia I31, 89 9412 92 95 4 92 4 95%
4
3
7% preferred
8
8
___ 1203 1207
3
3
8
100 1197 12012 12012 12114 120 12012 12014 122 121 1213 120 4 1213 1201 12112 120 4 1214 120412153
2
88 95 8
—_Rossia Insurance
8912 8912 88 8912 U 89 88 89
92 87 90
25 92 93
9253 9712 96 9712 91
9612 92 95 8
Rights
3
43
r --,- -„.-8 312 414 - -,,
,
412 412 44 5
-- -, - - , r , -,
Royal Dutch Coot NY
r.-34 534 68
5214 -,4 5178
4
51% 573 544 5714 4814 55 4 4814 5114 4914 523 5053 5418 5012 5538 483 --- 4853 5114 4913 - - 5118 54
8
3
43 45 4 4353 474 43 474
3
4014 4333 3
2 54
St Joseph Lead
10 4212 4618 393 4414 4214 5112 4412 473 47 524 36 51, 3 3 42
853 45
4
4
Safety Cable------- ---- -- ---- ---- ---- ---- --- ---- ---- ---- 48 6012
Savage Arms Corp
2
4
2
M 10714 65 1083 6212 7258 554 687 54 638 4812 5938 5712 6712 63 693 65 7258 67 7614 783 9153
100 83 91
8
4
4
2
4
2
4
Schulte Retail Stores_ _ _no par 11214 11612 110 1167 109 11278 10812 112 108 11412 1083 1113 1073 11314 10212 10914 1013 1087 1035311913 115141303* 1233 1347
Preferred
4
2
4
100 110 1123 1121 115 1121 115 110 114 110 1117 110121113 113 11312 1117 118 1133 11414 13 11453 113 116 11434 116
-------- ---- -------- ---- -------- ----------------58
Rights
_- .,,,
3
8
3 -,
4
7
2
Seagrove Corp
,
-4
.
14 4
2
4
no par --------------------------------1418 14% 1 12 63 137 1612 14 1553 1414 15 8 13 3 154 1314 - 1 134 1.‘418
7
Sears Roebuck & Co
100 148 172 15112 1647 14712 1634 1501365 16212 17414 16514 173 168 197 188 216 19914223 8 20612226 2121323312 222 23658
8
Seneca Copper Corpno par
12 13*
New
nopar
6
7
- -14
i3
14 6
6
Shattuck Arizona CopPer---10 ail - 7
Ut1 -6
4 vs 7
Lia -AI 5i2 - -13 us Y
Y84 iia - 3
1 i
64 5 4 i8 6
612 612
623 7434 747 92 673 8012 64 77
4
Shattuck (F G)
4
no par— .._ ----- 4012 4312 4118 5412 4912 65 60 71
_
6114 703 6814 23%
4
- 4014 424 4318 4584 453* 49
4
4
ShellTransport&Trading_.42 41
014 41% 397 4014 393 4214 4112 4334 4014 413 3912 41
453 43 4512 4018 4314 4
4
21.3 247 22 2278 2238 2478 24 2512 2434 2812
•
8
23 25
Shell Union 011
8
8
no par 2212 277 243 388 22 4 2612 234 247 .233 2514 2312 26
3
4
8
Preferred
8
2
2
4
100 99410112 993 10112 10012 10112 10014 10112 10038 10134 1013 103 1023810512 10 10312 10314 1053 102l 105 103 10614 104 105
8
4
Sherwin-Williams pref
100 ---_ ____ ____ _ _ 1061210612 106 1083 ____ __ 10412 10512 106121064 1051210512 10234 1023 --- ---- ---- ---- 10412106
Shubert Theatre Corp...no par _ _ . _
____ ___ 5113 5558
_. -- - - -- --Simms Petroleum
-151 "2if -i6F /3 2 -iii - -3- i513 12 8 21 243 2238 2 12
- 4
2
2234 24% -'31 '2614 '
2
-74 i1 8
233
4
4
8 2
6
10 207 - - % 2014 - - 1912 24% 21% 24
8
4412 4953 474 53% 50 5412 517 543* 51
Simmons Co
35 4414 4014 48
8
444 46
no par 3233 3812 344 3812 3114 3434 33 36
5414
Preferred
100 10018 10014 101 102 103 103 102%103 10214 103 103 103 10114 10253 10212 10212 1034 105 10584 106 105831053* 1053*1064
8
5 1914 22
8
Sinclair Cons Oil Corp_no par 17 2414 2012 24% 18 20
2018 237
8
1814 20 4 188 22 204 248 205 2314 1812 2114 18 1953 18 20
3
90 94 93 9418 89 92
8712 8812 88 4 9112 8712 9012 8914 92
Preferred
3
8212 91
100 783 93 89 944 8312 8912 85 89
4
Skelly Oil Co
263 293 27 3212 304 3218
4
4
2318 283 263* 293 247 2818 2214 2584 23 27
4
4
4
10 2418 2914 2712 3012 213 2912 223 26
8114 8912 8212 8714 86 10712 96 1043 9512 1023 100 11714 10583140 13112 14312
Sloss-Sheffield Steel & Ir_100 82 877 86 97
4
4
804 94 81 85
8
Preferred
3
100 95 9653 9612 9853 943* 943* 9214 9212 92 4 9414 92 9312 95 10534 978 98 97 988 98 998 9972 1027 103 104
2
713 8912 81
4
70 7524 7012 75
South Porto Rico Sugar
88
67 73
7912 8014 79 4 9214 89 1091
100 62 69 65 72 65 73 66 71
3
Preferred
4
100 9934 10112 101%10212 105 108 103 103 --------10613107 1024 10212 104 11014 108 108 105 107 104 107 10612 1131
Spalding Bros Ist pref
98 98
_ 97 97
8
__ 99121007 101 101 10053101
100 ----------------9914 9914 9912 9912 95 99_
8
Spear & Co
1412 15
231
_ ____ 2112 24
no pa ___________ ____ ___._
151 158 15 16
2012 - _- 1812 1912 1412 19 ____-131$ 15 4
1
Preferred
7918 87
89 9184 88 91
9112 92
100
80 8214 804 8212 81 83
7814 818
Spicer NIfg Co
2
8
294 3312 28 367 30 3412 254 33
4
no par 1758 197 1512 184 154 1918 1512 193 1812 233 194 22% 22 32
8
2412 27
8
Preferred
92 974 9438 106 10214 106 104%108 10412 106 103 10614 10213 10314 103 10512 10214 103
94 9512 9212 96
100 94 96
4034 4378 4234 473 43 463 46 547 484 5318 51
57% 523 593 51% 59
4
Standard Gas & Eiec- —no par 4014 46
5614 61
4
4
4
553 61
4
553 58 4
4
3
Preferred
4
50
4
53 537 5012 534 51 5212 51 8 5412 52 6312 523 5414 54 5518 53 5414 534 553 554 5618 537 55
8
8
Rights
8
078 -74 7612 70 75 66 70 55 Yi io
Standard Milling
62 67 66% - 7412 68 70
100 683 7112 6618 73 4 67
3
77 4 '75 88
-34
Prefenred
83 83 813 853 8112 86
8514 883 85 86
4
8
84 8412 86
82
100 81
4
83 8318 81
83 84
85 4 853 85 86%
,
4
Standard Oil of California.. 25 613* 663 613 6714 5658 6412 573 603 5818 60 5712 617 568 5914 5112 6712 52 542 5212 578 547 583 5414 633
8
4
2
8
4
4
2
2
Standard Oil of New Jersey_25 4014 47
4
4
38% 401 393 423 403 4814 427 4633
4
4
8
40 4253 41 443 4214 4618 4212 443 388 43
43 4712 383* 45
Preferred
119 11638 11812 11614 117% 116%118 1163 11714 1163 117% 1167 118 11653118
4
4
8
100 1163 1183 1167 119 1167 117% 117 118 11612
8
4
2
71
Standard Plate Glass_no par 1418 16
8
2 64 1114 53 812 53* 9
s
1414 11
73
8
137 108 137 1053 1218 10 123
10
84 6
3
Preferred
_ ____
__ ____
4
69 69 ----------------55 554
100 ------------------------70 70
Sterling Products
2
6614 63 69 673 7514 7014 72 ____-no par 6212 65 63 64% 6214 64 6212 637
6812 7212 72 784 7312 4
63
612--7834 -iii -- 8
2
_
_ _
_
_
_ _
Stern Bros preferred
_1 _
7
100 113 113 ------------------------115 1157 _
Stewart Warner Corp_
71
7 1(62 66 - 12 a V1 4 6ii4 V9 8 il / 713 66 8 7
1
4
4
par 704 778
i
7 64
8
a8
8:ifs i6 -.8i3 76- -7-3s (3
414iti
4
Stromberg Carburetor—n0Par 6514 793 66 7212 61 71 62 68 647 75 643 734 65. 7112 6712 7212 69 7512 7114 89% 743 873 73 80
4
4
8
4
4
Studebaker Corp pref
4
100 114 11434 114 114 112 113 112 114 114 11514 116 1183 118 1184 118 118 118 125 120 120 121 122 123 123
12
New
no par 4114 4634 4212 4618 4153 4614 425* 464 444 49 441 4853 4612 50
4458 4812 4518 5953 5613 68 5412 8853 5514 584
*
Submarine Boat Corp_ _ _no par 93 11
812 10
84 93
8% 9
812 10
84 1014 918 12
514 3
4 4 1018 37
3
312
4
418 -3
3
Sun 011
no par
-38'8 437 301
Superior 011
no par ii8 14 i
ei,
- 12 i
6
35
1
12 ii4 1
13 23
4 3
2
3%
Superior Steel
100 35 4138 31
234 31
2518 2612 ..— _
20 2712 23 26
2318 24
34
2314 24
2112 31
283 283 2412 25
4
4
7
Sweets Co of America
50 9 113
4 714 6
614 814 63
74 714 4 912 10
84 73 133 11
5
9 4 618 7
3
4
4
1512 144 1512 12
15
14
1614 1812 143 163 15
1638 19
Symington Co temp ctfs_no par 1012 1614 137 1634 15
4
19
4
8
15 2072 152 197 1318 1714 117 1453
165* 1414 16
4
Class A
no par 213 2312 213 23 204 23 21
4
8
20 4 213* 20 2112 21
3
22% 2112 2214 21 22
2618 2118 2338 204 2218 1934 21
Telautograph Corp_ _ _no par 1178 1412 13 15
113 1312 113 138 1212 1314 117 1318 117 123* 11
4
4
8
1214 1158 154 1312 1614 134 1478
123 11.
8
Tenn Copper & Chemical no par 83 9 4 812 984 7 4 834 738 938 918 1134 10 117 1034 1214 103 1114 10
8
2
3
3
1138 107 1412 125* 1414 13 16
2
s
43 4514 44 49 4778 543* 50 63 4614 512 463 4914 4734 5212 503 543k 5153 55
Texas Co
25 423 487 4612 49 4312 48
4
4
8
4
Texas Gulf Sulphur
10 10112 10914 9712 lO7lz 98 1133 10034 11118 10514 112 1033 114 1071211414 10812 115 107 112 109 119 11134 12112 11341217.
4
4
Texas Pacific Coal & Oil_ ._ _10 1112 1734 173 238 12 22
2
147 13 17
127 157 1418 163 1412 1712 13 157 107 1384 107 123 12
8
2
k
2
8
8
4
147 17%
Texas Pacific Land Trust_ _100 300 310 305 305 --- __ 255 295 • 294 301 298 301 298 359 320 340 350 425 390 432 420 510 475 657
The Fair Co
3314 394 3314 3513 32 34 8
____
_
_
100
___ ___ -_-- 3214 35
7
7
1011 130 1483 143 152 122 1497 12512 1343 13114 147 141 141 136 14218 ____ ___ _.__ ____
4
Tidewater Oil
4
New
no par -------------------- ----------------------------33 3614 3012 3314 3014 333 3012 36
4
32 363 34 367
8
8
__ ____ ____ __
_
Rights
.
_ ____ _ ____ . __-- - - -_—_ 100 100 100 100 100 101
_ -__- _ _ ____
Preferred
100 ____
99 101
99 10014
Timken Roller Bearing_no par 3818 "if 3514 iiia 373 ii 3812 4212 404
4
40 42
- - 41 - - 14 4114- 4414 4112 463 441 5938 5212 588 5234 5618
4
6
4
Tobacco Products Corp.... 100 70 7712 7253 8018 725 8012 723 7814 75 82 758 83% 8014 9412 864 933 8912 933 87 • 100
4
9114 1013 9312 9912
4
4
Class A
100 934 988 95 9812 9612 9918 9714 9912 974 9933 993310234 101 10453 1013 106 103 10412 103 1083 103121103* 10414 10914
4
4
Rights
15
2s
1
Transcontinental Oil _ __ _no par 38 512 43
47
37
8 58 44 518 418 48 37
8 514 4
34 4
34 412
5
34 414 3 s 514 4
5
434
Transue & Williams St'l no par 31
35
2514 2618 26 28
2512 28
2714 31
26 2612 2412 27
2512 2618 254 26
25 2612 263 27
4
25 4 2618
3
Underwood Typewriter
4.514 51
/
4
25 391 42 39 41
/
1
381 407 384 411 3912 46 4218 453 4318 53
/
4
/
4
4
4418 52 483* 65
52 6514 52% 5853
Prcferred
4120 -------------------------118 12114 121 121__ 100 ----------------115 115 ----------------1192
Union Bag & Paper
100 39 354 38 44
364 4412 36 453 42 604 4514 5818
4 48
4
63
5812 747 67 86
4 78
723 844 6,- - 12
4
Union 011
nopar .21
.30 25
1
3
3
8
12
3
2
7
8
3
8
12
/
1
4
3
4
8
12
% 11s _
_ _
_ Union Oil of California_no par 3714 423 393 433 3614 424 384 384 3618 393 37 4014 3634 383 3318 374 55; '812 55 5
4
8
8
2
4
3112 348 1(f 8 -5518 42
1
7Union Tank Car
100 118131273* 11912 1284 121 127 12112 127 123 12818 124 134 125 13312 1193 127 118 126 12212 12834 124 134 94 1297
4
8
Preferred
100 114 11618 1133 1153 11412 11512 116 11612 115 117% 11314 11612 h18131163. 11612 11638 11518 116 1147115 114 115 1143 1154
8
4
4
United Alloy Steel
100 2312 347 28 32
2412 2612 24 31
28 32
24 27
2414 367 2412 27
8
2612 313 27 32
4
2818 3114 2734 304
United Cigar Stores
25 6014 66
78 9612 7818 848 801s 8612 804109 102 11512 8538 11134
8
613 793 64 8114 647 8918 66 7234 68 96
4
4
Preferred
100 118 11914 117 117 117 117 117 117 --------116 116 11718 11718 119 119 ____ ____ 1191211912 1174120 115 13314
Rights
1514 1814
100 11314 1203 1108119'; 1121±12034 11512123 118341275* 12012 127 127. 1314 1265s 13312 12512 13414 128 16212 144 16214 1493 157 4
United Drug
/
1
4
4
4
1
preferred
50 52 5412 52 5212 5212 53 624 54
1st
54 5514 543 56
/
1
4
543 55
4
543 55 543 5512 5414 56
4
4
553 5818 5512 56
100 _
United Dyewood
12
12 20
_ _
15
15 --------1884 1812 16
12
1812 20 20
10
15 15
9 12
13
Preferred
100 _
-667 67
8
60 60
60 60
-United Fruit
100 207 231 21212 221 20478216'; 205 21712 210 2163 210 22014 215 234 220 22812 223 246 22712 245 220 235 226 2414
4
United Paperboard Co
100 23 23 2012 2012 --------1814 19
1858 213* 1912 2012 1918 1912 183 18% 2014. 2714 26
8
3012 2512 294 2814 33
12
__
Rights___________
18
12
18 ---- ---- ---- ---- ---- ---- ---- ---_ ---- --__-Universal Pict. tat pref____100
3g -3214 4214 -34- - - 31
7
Universal Pipe &Rad Co_no par 3712 4712 394 518 3214 46t4 r31a li .2i3. 194 3212 38
- 8
285 3712 263 3712 26 31
41.
37
4
100 7314 80 783 94
Preferred
7314 8918 6612 7912 683 8112 73 80
4
4
65 8053 7312 82 75 90
76 84
7318 8518 74 79
12
Rights
Is us
iron Pipe & Fdy— 100 160 185 177 250 152 2443 13114 17512 143 16812 155 170 139 165 - 14e 18118 1804 1773 162- 221 176 2274 190 213
4
u S Cast
4
100 10312 11014 109 1124 10212 108 10012 104 1013 104 98 101
Preferred
91 10312 9312 113 100 10612 9612 104 100121034 100 102
4
3414 325 361_ 323 37
4
4
3
U S Distributing Corp_no par 3414 3934 304 383 303 353* 307 347 31
554 50 4 634
3112 3412 312 35 324 443 41
2
3
4
100 14812 154 140 140 130 130 132 132 130 13014 140 146 _
Preferred
_ 13" 13
144 17518 178 210' 250 250
100 _
2 4
44 44 414 43
4
4
4
4
4
___ 4
_. 4
/
1
33* 414 44 414 418 - -1;, _ _ _
4 ._ -- _
US Express
Hofftnan Machinery_no par 23 2512 -24
243 3014 2814 36
25 23 25
4
...mil_ 3584 303 3818 4212 70 42 4014 34
1.1 S
494 4353 48
44 4653




- 1-1- 6

i -e ii4 -4-1: ii4 -e 5% -A3 i7. -i78

is%

176

THE CHRONICLE

Fox.. 122.

1925—Concluded.
STOCKS

June
February
March
April
January
May
July
August September
October
November December
Low High Low High Low High Loss High Low High Loin High Low High Low High Low High Lose High Low High Low High

Par $ per share $ per share $ per share $ per share $ per share $ per share $ Per share $ per share $ per share $ per share $ per share $ per share
8
100 79 88
773 8513 76 86
s
4
8014 8612 86 945 844 9112 853 913 837 917 8514 9312 893 98
8
4
US Industrial Alcohol
77 963 7014 7934
s
8
100 105 106 10512 10512 10512 1063 106 107 10714 111 113 115 111 111 10714 10978 110 1127 112 11314 110 11414 102 111
4
Preferred
4
4
4
4
US Realty & Improrement_100 120 129 12112 1318 11412129% 118 1394 1353 1473 12514 147 1283 1293 1354145 1377 144 14014 18312 149 18412 16012 17912
- ---- ---New-- - - ---- ---- ---- ---- ---- ---- ---- --__ ____ __ ___ ____ 67 7014
-i__
- .
__
4
166 liii4 1ii% 12i1 1/612 --------128 168 i56 14
Preferred
1
545
4
100 404 4412 394 4433 33 3 43% 357 417 4014 473 4533 - 8 $33 1512 55 - 3 8034 - 4 6474 8034 7814 9714 7612 9033
4
58- 4
3
U S Rubber
8,13100 9414 978 9434 973 9234 957 93 97
8
9518 1003 100 105 10114 1083 1023 105 10212 1057 10514 10833 10534 1087 106 1083
4
1st preferred
4
4
4
3313 3714 368 393 3712 4634 4213 4838 4312 4812 45 48
30 363 30 35% 33 377 3313 37
s
4
U S Smelt Ref & Min Co...50 34% 39
45 51
/
1
4
4412 4512 4538 4612 46 47
50 4514 4612 45 4612 4412 46
44 45
Preferred
4614 48 4634 49 4718 487 4712 4914
44 46
8
100 11934 129% 12218 12814 1123 1253 11241181s 1133 12014 1133 117 4 114412033 11712 1257 118 12533 12018 13014 1247 13914 128331373
8
8
s
8
,
s
US Steel
/
1
4
8
100 122%126% 12212 12418 12212 12378 12233 12412 12218 125 12341243 1237 12514 123%12512 124 125 12414 12612 124 139 12518 12614
4
Preferred
54 5612 54 641 --------55 5712 56 5712 5612 591 553 5714
no par 54 5512 5412 56
5113 5412 52 5212 524 54
US Tobacco
8
100 --------1087
Preferred
8110 107 11012 105%108 --------107 10814 108112 ____ _ 11214 114
13 114 11212 113 114 114
10 86 92 87 913 82 8812 83 8512
4
903 88 904 8812 97 9712 10618 96 100
4
Utah Copper
95 10112 101 111
98 103
4118 537 51 693 643 102 97 1577 ---- ---- --100 42 53
4
4
Utah Securities
-- ---- -__ -_-_•_•_ _____—
8 38
3614 313 303 - - 3112 6412 3033 3512 3314 37
8 3412
Utilities Pow & Light A-no par ------------------------------------------------3232 8
Vanadium Corp
no par 2714 313 2618 30 8 26 3014 2618 2714 2533 3014 27 2918 283 343 284 337 283 3112 283 334 30 338 3013 33
4
4
,
8
4
4
197 213 1514 20
4
no par 20 2112 --------1713 1712 --------163 243 20 23
4
Van Raalte
174 1712 17 2414 2012 267 20 23
8
100 6412 6518 6412 6412 --------60 60% 61 73 --------6712 71
6514 654 --------67 72
1st preferred
72 72
738 80
4
4 3 .358 412 33 8 4 218 414 113 3
4
Va-Carolina Chemical
4
2 8 218 5
7
3
100 214 37
5
8 2 8 34 24
1% 24 134 238 112 215
s
New193321 177217
23 4 g
2
2
4 2
Certificates
114 2 8 1
27i
6
i
ii2 112 ii4 1 --------112 - 8 /3 16 17
-4
3
7
8 218
185 1118 1733 1318 2312 9 8 1414 914 1332 1012 14
8
12 133 107 1438 10% 212 104 2033 15
Preferred
100 8
3
4
12 1433 9 12
4
4
Preferred certificates
9 13
8 123 1033 14
4
107s 18 ----------------18 18
133 20
83 1812
4
.
100 _
6% preferred w 1
- ---- 5614 5713 5733 634
7% preferred w 1
100.
9214 9314 93 9512
78 2
8
1
158 114 212 138 1% 112 - 218 17 4%
Vs los De
Class B
no par 1
1
134 14 ---134 14 178
7
8 114
-_ ---- •- -_
B certificates- ___ ------- ___ ---,
%
5 ----------------------------- --114 17
8
114 112 112 17
8 1
8 28
7
7
8 15
8
3
36 --------30 3318 31
361 37 -31
434 40 42
100 4014 -33
Va Iron Coal & Coke
37 37
3014 3914 4212 4512 4214 46
73 73 --------70 70 ____
75 75 ----------------73 73
Preferred
100 79 7912 77 77
77 77 - —
no par 714 111% 1014 1112 103 13
4
Vivaudou (V) Inc
1214 153 124 143 1314 163 1414 164 133
4
4
3
4 512 1333 1733 17 /258 2033 2333 2212 183
-4
_ -- — __ - ---- ---- -- — - --- ---_ 1-16 12
Rights _______________
1-32 4
7 ----------------6
6 --------7_
Vulcan Deiinning
150 ----------------8
1 isfa 114 _ _ ._
_ Ho 10312
- -14
1I
Preferred
100 ------------------------80 812 ----------------80
82 82 --------83 66 558 fig's 95
2 17
4
153
1534 1738 1618 123
4 74 143 1614 1412 157 15
Waldorf System
10 1713 197 164 19
163 1518 1618 1518 1634 1614 Hug
8
4
Walworth Co
no par
-i
-2 -6 115 12 -18 --- II- -i
no par __-- ____ 1151 12
Ward Baking Class A
5 19 2 1%5 fai2 8 3810
, 612 1 .9
0 iii
1
6 i -ii 16 15013 158 15512 11814 154 1i6 160 1ig 17
8 80
0 8
50 663 65 737 63 713 6333 7712
4
Class B
4
4
no par _—_ ____ 42 453 3714 44% 3714 4133 371 52
8
944 9812 9614 997 0614 10012 9914 10012 101 10612 105 10612 10514 1103 106 110 108 110 10733108 108 112 .
Preferred
100.
4
4
Warner Bros Pictures A
10 --------------------------------------------------------20 223 20 2234 1914 227 1918 21
2
g
1714 198
Warren Bros
no par ----------------------------------------43 4938 463 5012 46 5012 4614 494 4612 4812 434 47 4514 49
4
Preferred
50 _
_ __
Washburn Crosby pref
100 _
- iio- ficr Ho no58
Weber & Heilbroner__no par 1712 193 1814 1914 - 8
- -- - - - -- 5
5/ a - no par 5412 541 525 5714 51 14 4 51 - - a .1 ig 4
61
.
-38
New
61. 66 63'8 - 3- ii Ifs; 8711 - .
64 55‘ 18:4 6 2 8&12 75 3 10034
3- .
1 1212 13
318 314 34 4
1212 123 1212 1212 1234 14
1212 13
4
Wells Fargo Express
34 313 3
4 34 ----------------4
44
_
4
Western Elec 7% cum pfd_100 1133 115 115 11612 114411612 116 1167 114.2 117 117 11712 11418 11612 110 115 111 11114 ____
_
_ _
__ ____
West Penn Power pref
100 104 105 10414 105 106 1067 105 10512 1091211018 110 11014 10814 111 107 107 106 108 108 110 107 16812 10812 11:W1g
-. Western Union Telegraph_100 1161412433 11914 122% 1173312514 118 135 130 1347 128 1347 130 13712 12912 1333 12914 1447 134 1427 136 1417 1343 1407
s
8
8
s
4
4
g
Westinghouse Air Brake____50 105 11378 103 108
98 10612 97 10012 99 104 10012 109 s 10014 113 107 144 122 13514 122 13014 11314 1307 122 12712
3
50 713s 84
Western Elec & mfg CO
8
8
6933 741 6614 7414 6612 6914 67 s 745 704 73 4 70 741k 715 797 7212 7812 723 76
8
3
5
7238 77
72 g 7633
7
50 83 86
8618 861s 85 85
7913 83 81 83 83 83
85 86
1st preferred
85 8512 8612 8612 86 86
87 87 __
West Elec 1nstrument__no par 13 14
8
12
133
4 93 1218 914 115 1012 1314 10
123 10%j712 14 2012 163 1912 1514 1818 1512 20
4
8
iiis ici
4
no par 22 23
8
Class A
/
1
4
8
203 2212 198 213 2033 2214 2112 2418 2214 2438 23 263 233 2612 2514 2712 2614 2812 263 2812 275 287
4
4
4
3
is
as
_
is
Rights
38 _
WhiteEagle Oil &RetCono par 28 3113 284 3134 2533 2914 2534 28
8 6812
2512 2712 2512 2612 2512 2712 264 281 iii 4
2614 283 263 2918 27 29
4
59 631 611 7178 67 7518 7133 953 863 10412 8914 983 903 10214 78 102
50 71 76
617 637 5718 661
8
White Motor
4
4
4
7914 87
35 403 34 4013 3312 393
4
White Rock M S ctfs___no par ---------------- -------- -------- ---- ---4284 4514 3912 48% 4014 49% 36 42
4
Wickwire Spencer Steel
3
8
5
8
5
8
5
12
1
4
12
8
8
5
8
It
12
5
4
7
8
187 201
s
Preferred
100 25 32
Rights
Preferred rights
Certificates
no pa --------------------------------4
452 5i4 112 314 1 27s 18 218 18 212 314 2 - - 2
14 iiis _
7
14
3
3
'
124168 16
4
1Willys-Overland
1818 2834 26 337 25 3478 2513 313
8
2412 18 217 184 203 174 21
25 94. 107
4
13
s 9 11% 1118 13
8
Preferred
100 7214 80
9014 1237
733 827 81 8833 85 9414 90 111 101 107 100 105 102 110 10514 111 10712 11334 1123 120
4
8
g
513 614 533 612 512 614 512 6 . 54 514 54 54 47
3
3
Wilson & Co
4 533 1014 54 7
no par 6 4 8 4 718 814 71 133
512
412 512 43
4 53
8 44 514
Certificates
no par --------------------------------------------------------533 533 44 6
18
19
3 1912 21
1712 2112 1 833 2112
17 20
20 21
2014 23
Preferred
100 19 2512 21
18 3412 194 23
243 2214 60
4
183
4
1713 2038 18
___ 17 2233 18 20
2018 204 20 22 __ _
Certificates preferred_ _ _ _100 ----------------18 42 224 2612 18 20
4
4
4
25 11214 12578 113%19 113 11712 1163312234 1213 13412 132k 1512 15512 17112 16(534 169 165 1723 167 220 189 21434 198 214
Woolworth Co(FW)
7 4214 517 363 473 374 42 4 3933 433 354 427 3718 4514 4018 471 384 46
41 463
4
8
4
3
4
4
4
4
Worthington Pump &Mach 100 6214 793 6414 763 45 73
78 79
79 82
4
/
1
4
76 7812 77 7912
803 82 82 82
81 5618 79 84
86 87
7934 793 77 77
4
Preferred A
100 85 88
62 64
653 69 66 67 65 6712 58 64% 61 66 6212 64
4
4
6012 65
7
Preferred B
4
100 703 73 3 7112 763 7012 7412 65 71
g
2
8
3
2
16
1612 203 1878 283 2312 3012 2712 3238 2514 30 4 27 3014 2718 307 257 304 264 29
21
/
1
Wright Aero Corp
no par 1612 2338 1614 21
SI
5412 52 55 53 5714 554 5678 5414 5612
4
no par 4578 4912 48 524 4512 493 47 50 484 3212 50 5218 50 52
Wrigley Jr. Wm
643 70 62 66
4
4
62 69
rale at Towne
25 ------------------------------------------------672 7014 63 693 62 66
8 35 403 37 4833 42 477 40 458 405 473 44 2 483 ---8
3
4
3414 35
3413 38
,
3312 39
fellow Cab
10 3914 42
4
-- ---- --8
___- ____ ____ ____ ____ ____ ____ ___ 227 403 2618 -4
38
265 14
fellow Truck &Coach
10 832
-5
____ ____ ____ ____ __— ____ ____ ____ 90 100 91% 973 94 95
8
Preferred
100
7 7212 81
74% 8412 8018 9212 8418 8912
714 75
64 663 6612 75
4
6314 67 64 68
7112 7612 63 75
roungstown Sheet & Tube___ 70 76

ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Three New York Stock Exchange memberships were
reported posted for transfer this week, each for a consideration of $140,000. This is an unchanged price from the last
preceding sale. The membership of Williams Cochran was
sold to Howard 0. Babcock, that of R. H. Bissell to Murray
Klauber, that of Emil A. Tauchert to E. Palmer Burnham.
A fourth membership, that of William Mitchell, was transferred to Edward E. Bartlett, Jr.,for a nominal consideration.

private life. Mr. Bennett has been identified with the
bank for 46 years. He is also a trustee of the Dry Dock
Savings Bank and a director of the Consolidated Copper
Mines.
Julian W.Potter, President of the Coal and Iron National
W.
Bank of New York, said to be the youngest bank president
in New York, died on Jan. 1 1926. Mr. Potter came to New
York in 1920 from Bowling Green, Ky., where he was VicePresident of the American National Bank and at that time
he became Assistant Treasurer of the Guaranty Trust Company; on Feb. 1 1923 he was made President of the Coal and
Iron National Bank of New York, as was stated in the
Chronicle of Jan. 27 1923, page 377. Mr. Potter was a
director of the Potter-Matlock Trust Company, the General
Reinsurance Corporation, the College Heights Foundation,
Bowling Green, Ky., and the American Manufacturers Export Association. He graduated from the Kentucky Military
Institute and from the University of Virginia in 1910.

The board of directors of the Bankers Trust Co. of New
York this week elected R. G. Page a Vice-President. Mr.
Page was appointed Assistant Secretary of the Bankers Trust
Co. in 1916 and in 1920 he was appointed Secretary of the
company. The following appointments were also made:
H.B. Watt, who has been Assistant Secretary, was appointed
Secretary; H.E. Whitney, who has been Assistant Treasurer,
Colonel James L. Walsh, J. Howard Eager, R. H. Fullerton
and R. C. Hogan were appointed Assistant Vice-Presidents.
J. W. Bloodgood and Allen Ames were appointed Assistant
James S. Alexander Jr., Henry J. Carpenter and Frank
Treasurers.
Stemple have been appointed assistant cashiers of the Nap.
tional Bank of Commerce in New York, effective Jan. 1.
The Farmers' Loan & Trust Co. of this city is erecting
an imposing building at the corner of Fifth Ave. and 41st
The Trust Co. of New Jersey, maintaining four branches
St.—directly opposite the New York Public Library. The In Hudson County and a main office at Journal Square,
new structure, when completed, will be of great archi- Jersey City, the second largest trust company in New Jertectural beauty and will be equipped throughout with sey, in its semi-annual report shows deposits of $54,144,807,
ultra-modern conveniences. It will be known as the an increase in six months of $4,654,008, and the depositors
Farmers Loan & Trust Co. Building and is expected to be now number 71,948, to whom interest of $1,547,254 was paid
ready for occupancy by April 1 next.
for the year 1925. Total resources are $59,396,094 74; surplus is $1,750,000 and undivided profits $945,477 28.
First Vice-President of the Bank
Walter M. Bennett,
Continued on page 178
of America of New York, has resigned and will retire to




THE CHRONICLE

JAN. 9 1926.]

177

DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK
EXCHANGE IN 1925.
BONDS

January February
March
May
AprU
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Argentine (Govt) 5-yr 78-.1927 10134 10212 102 10314 10214 1027 10214 1027 10212 10258 10214 10314 1025 103 10214 103 10218 1023 102 10212 102 10214 10134 1021e
2
8
Argentine(Rep)hot 1909_1945 817 8412 84 843 83 84
2
4
8112 823 8212 8814 85 88
4
86 88
8612 88
86 88
874 89
864 87
86 87
k
4
4
2
4
2
Sink fund gold 62 Ser A_1957 95 9512 9515 967 96 9714 96 963 9612 9712 953 963 957 97
953 967 955 973 ---4
4
- ---- --- ---- ---96 9658 ------------------------96 -- 4 96 62 Series Awl
96397
9618 97
temp_1958 943 96
4
954 97
12 9612 9514 96
External 62. Ser B
9512 963
957 065 96 965 9512 964
4
8
4
95 963 9558 963 96 9612 96 97
8
4
Sinking fund 6.06 1925_1959 ------------------------------------------------9558 963 9514 9652 9552 967 957 97
4
2
953 9712 953 9 /
4
4 64
1959 ____
____
_. _ __-- --- - --62 w 1
- - -- --- ---964 9652 963 9652 954 9714 95 4 9612
- ---- 2
- - - -3
1943 9614 - __- 9412 98 100
-Austrian Govt•f 72
99
5812 -- - 983 - -- 9952 100
954 944 -97 4
1
9978
9318 -97
2 993
94 96
4
997 10112 100 10114 9912 1014
2
9912 995 99 9952 974 98
1955
Australia 55 w 1
9612 9714 963 971 964 97
14
Belgium 25-yr ext.f 7342 g 1945 10812 11014 107 110 107 1097 107 109 108 10912 108 1097 108 109 10814 1093 1085 1093 10834 110 10834 10912 109 110
2
2
2
2
4
20-year sinking fund 8sA941 10634 108 107 10958 10634 1073 1063 108 106581071 107 108 4 1068 108 1065 108 107 1073 10714 108 10714 108 10714 10778
4
4
,
8
4
25-year ext 6345 int ctf —1949 9258 9414 9312 9412 92 94
9214 933 9212 95
4
92 96
903 933 903 93
4
4
4
9152 93
9214 9414 92 9414 92 94
External s 865 int rects_1955 87 88
8412 873 8552 8814 854 87
8612 88
4
12
8358 867 83 86
2
8512 87
86 8714 8512 87
85 8613 85 86
13
1955
Ext 5 f 78
98 9858 977 9812 9534 9812 953 9712 96 97
8
954 963 94 96 4
4
8
Bergen (Norway) 8 f 85-1945 11014 112 11012 11114 10818 11334 11112 113 113 11358 11312 11514 11314 115 113 114 11314 11412 1134115 11314 114% 113 1131k
1949 9512 98
25-year s f 6s temp
963 9713 96 963 9614 9752 9712 9834 974 994 9712 99
4
4
975 971 9714 9814 9712 99
4
9714 9934 9712 994
Berlin (City) 63-45
__
_ __
88 8914 89 9014 89 90
87 88
12
•
1945 11012 11112
Berne (City of) f 135
1950- 109 111 108 109% 1084 109 4 10812 10912 109 10912 109 110 10712 1094 107 1083 108 1087 10712 10812 10752 108
3
4
3
Bogota (City of)----------------------------------------------95 95
9412 9612 94 9514 9412 96
964 98
9718 98
963 97
958 98
4
12
1947 9258 9312 9252 934 9212 9312 9212 918 9212 97
Bolivia (Repub of) 5 f 85
9418 953 95 9614 9513 97
4
9513 97
953 973 9652 9932 96 9712
4
4
Bordeaux (City of) 15-yr 62 1934 84 8534 84 8534 8214 847 80 8313 82 2 86
,
83 4 85 4 8314 8452 8312 853 853 8934 8412 8812 83 8514 82 8512
3
3
4
4
Brazil(US of) external 88_1941 96 9758 9658 98
9534 9714 95 9612 9512 99
97 9812 9758 9812 97 9812 9712 9812 98 102
9912 10312 100 103
Cent Ry 30-year gold 711-1952 82 843 8212 84
8212 84
82 8014 83
8112 83
82 8312 8014
4
8114 823 814 84
4
8358 893 8513 8812 86 91
4
Sk fd 73-4s (coltsec)flat) 1952 104 10634 10614 10714 106%10712 10312 105% 10512 1064 1057 1064 1064 1067 10614 108 10714 10812 104% 10512 105 10512 10512 10712
2
Bremen Is trust ctfs
_ ____ ____
.
____ ____ ____ ____ ____ 94% 95%
7
Buenos Aires ext 65-4s
1955 9512 9714 9612 9712 9614 974 95 9658 953 98
973 9812 98 99
4
12 974 9914 9712 983 9714 98
4
99 10058 975 109
2
Canada (Dominion of) 5s..1926 1005810214 1003 1023 10012 101 10012 1007 10052 1007 100% 10114 1005 101 10014 1003 10014 10012 10012 10214 100 1003
2
2
2
4
4
4
2 100
5s
1931 10112 10212 1017 10212 102 103 1017 10212 102 103 102 103 102 10312 1013 102% 10172 10318 102 10213 101% 10218 1011 100%
2
4
4 10218
10-year gold 5 M s
1929 102 1033 1023 1033 10214 103 10214 10314 10234 1033 10214 10314 10214 103 10214 103 10232 10318 102% 10234 1013 10234 10112 10214
2
2
4
4
4
30-year gold 5s
1952 10134 103 103 104 10234 104 10314 104 10312 105 103%10412 102 104 10153 1021 10212 10314 10212 10312 10278 10414 10284 104
4
Carlsbad (City) 8s lot ctf_1954 96 9814 97 9812 97 98
9612 9734 97 99
99 99 98 99
12
9814 100 10012 102 10112 10214 102 104 10212 10315
Chile Republic ext s f 85_ _1941 10614 10812 107 10812 10612 10812 1064 10814 10712 10914 10714 109 1077 1083 10813110 10812 1097 1085,3 10934 10812 110 10714 109
2
4
External 5-years 1 8s__ _ _1926 10212 10312 102 103 10212 103 10212 103 10212 10312 102 103 1023 10312 10212 10314 10212 10234 1017 10234 102% 10312 100 10278
8
8
103 101 102 10014 102 100 10112 10013 102 100 102 10012 102 100 10112
20-year external•f 7s_ 1942 9834 10114 10012 101
9914 10114 101
99 101
25-year ext s 1 88 gold _ _ _1946 107 1073 10714 10812 1064 10784 10614 10814 107 1094 1075 10914 10758 10812 10812 11014 10884 1097s 10912 11014 109 110 108 10912
4
12
s
--------------------------------------------------937 9452 94 9514
Chile Mortgage Bank 6358
8
4
9413 963 9512 9658 9412 96
Chinese, Hukuang Ry 5s_ _1951 413 443 4212 4412 423 45
41
4 8
3
43
43 4413 443 4:fil2
4034 414 41
2
4
4
4812 4534 5114 4712 5112 42 4 4758
3
Christiania (City) Oslo 82_1945 10934 11114 110 11114 10934 111 1093 11012 11012 1107 110 111 1093 1107 1097 1113 111 112 11014 111% 11018 111 11032 11034
4
3
4
2
5
30-years 1 62 int ctfs___ _1954 9512 98
4
98 9912 98 101 100l1011, 99 10012
7
974 98
974 98
98 99 2 9912 10014 9912 10112 9812 993 9714 99
62
1955 ____ ___ ____ __-- ---- ---- ---- -- -- -- - 98 4 10014 973 99
9712 9814 967 99
,
4
2
98 100
9812 995 9852 9934
8
Colombia (Rep) ext 6;0_1927 9914 100
9912 10012 9934 10012 99%10012 997 1003 993 10114 100 1007 100 10012 10015 10012 10018 10058 10018 1005 100 10038
4
-2
8
Copenhagen 25-yr 2 f 53-45_1944 9414 97 4 9658 974 9512 97
953459718 9718 100
98 9912 9752 993 9714 9858 9712 985 977 99
2
1
9814 994
9814 99
Cordoba
73---- ---- -_-- --__ —_ ____ _ -- 9713 9812 9612 98
-9512 97
Cuba (Rep of) 52 of 1904-1944 95 97
9912 10012 --------971 9912 9812 10212 100 100% 9913 10014 9914 9958
12
12
97 9712 97 99
97 98
9658 98
52 ext debt Ser A of 1914 _1949 ---- --- 9314 9514 95 95
96 981 97 100 99 9912 99 9914 9814 100
96 96
97 983 968 9714 97 984
4
434s external loan
88 8912 89% 903 91
1949 84 8
93
86 88
8612 84 86
915 93
8
937 9812 90 9058 88 90
4
8614 87 8 % 86
12
30-year 5 f 534s
1953 9612 983 973 9914 97 9914 9712 998 983 1001 10014 1013 1003 102 100 10112 100% 1013 1007 1023 102 10314 10015 10234
4
4
8
4
4
4
2
4
Czechoslovak (Rep of) 831_ _1951 9814 1004 98%10112 99 100
99 1001 9914 1004 99,2 101
9914 1003 993 10112 10013102 10012 10112 10012 1014
4
983 100
4
4
Sink fd 813 Ser B int ctf_ _1952 973 10012 9912 100% 987 100
98 4 1001 99 10012 99 10012 994 997 9912 10112 10014 101% 10012 10112 100121013*
,
4
99 100
3
nig96
9658 95s 97
Danish Cons Munic i f 88 A 1946 109%1104 10934 110% 109 11012 109 110 10912 110 10512 110 110 11212 iii5 11218 iii5 fiii2 iiiii2iiii3 tog% 111', 10812 11013
- -3
Series B sink fund 8s-- -1944 1098 1103 1093 11013 109 11058 10813 110 10914 111 109 11014 110 112 109 11113 10914 112 10914 111 1093 111 10814 11012
4
4
2
Denmark external sk fd 82_1945 109 111 11012 111 11014 111 11014 111 110 III 11014 111 1104 1104 11014 1103 1095,110', 1091 11015 ---- ___ ---4
4
30-year external gold 65_1942 9912 102 10012 103 1003*10112 1007 102 100%104 10212 10414 10214 105 102 10352 10212 10314 10212 103% 1034 104 1025, 103 s
2
---7
Dominican Repub sk fd 58_1958 10112 102 101 102 102 102 10212 1023 10212 1032 102 1023 10214 1027 --------10214 1023 1035 1035 10214 10335 10214 10214
,
8
2
2
8
8
Custom Administr 5 Ms_1942 92 9412 9312 943 9213 94
4
9312 96
9314 947 934 9412 9318 933 92 94
92 935 9314 951: 95 9512 943 96
4
8
52
Dutch East Ind 25-yr ext 651947 983 1007 100 103 993 1015 10 10112 10114 1034 10114 103 101%10252 102 103 10258103', 10212 10312 10252 104 10314 10411
4
3
4
8 0
40
-year extl sk fd g 65. _.1962 987 101 100 10211 998 10114 9913 1013 10114 1031 10114 103 1015 1023 102 1027 1025,10313 10212 10312 102%10372 10312 10412
,
4
s
2
4
30
-year extl gold 5345Mar1953 934 963 9512 9914 967 985s 984 9812 9814 1014 9912 101 10012 101 10014 101 10013102', 10112 10314 1015,1023* 1014 1024
4
30-year ext gold 53Ss-Nov '53 9258 9658 96 9914 961 9812 9713 983* 9814 1011 9912 10112 10015 10112 10058101 10058102', 10112 103 10112 10212 1011s 1024
,
4
French Repub 25-yr ext 86.1945 1024 1043 102 10414 99 10314 9834 102 100 4 10313 1001z 1033 10114 10212 102 106 10434 10512 10112 10512 101 103
8
3
8
4
99 103%
20
-year ext'l loan 73.4s- --1941 9812 10112 9812 10013 9412 9912 93 983 967 100
973 993 9814 997 993 10012 100 101
4
4
97%10012 967 987 96% 9914
2
4
2
2
External 72 of 1924 temp_1949 913* 927 883 911 86 90 86 897 88 921 89 917 8914 91
2
.
904 9214 913 937 894 93% 88 9038 8613 91
2
4
4
4
Finnish mun loan 63-4s A 1954 90 91
5
89 91
4
2
8912 91
87 903 8614 8712 855 9014 90 9212 8914 907 887 90
88% 90
904 91
8912 91
2
63-441 Ser B inter ctf•
1854 90 91
89 91
4
,
887 8913 883 90
8
893 91
4
904 91
9014 91
,
4
87 903 864 87 4 854 90 4 90 9212 8914 91
Finland (Rep of)exter 62-1945 8512 87 2 85 8614 84 8614 8314 8612 86 88
8414 8912 853 87
85 8713 8712 88% 8612 8812 8712 8812 8612 884
4
,
External s f 72
1950 ----------------94 9414 94 9412 94 9558 94 97 935 943 9314 94
12
4
4
9312 943 94 97
96 9814 9514 964
German ext loan Is int rcts1949 935 9512 9414 9514 9458 943 913 95
4
7
4
9612 9712 957 973* 963 993 9712 10212 1003 1023 100%1017
5
9338 9574 95 8 98
4
4
8
4
s
4
German Cent Bank 7s_
1950 ____ ___ ____ ____ _ _ _ _ _ _ ---- ---- - --- - -- - - - -- ---- ---- ---- ------- 934 95
93 4 95 5
3
3
933 9714 9412 97
4
Grt Brit & Ire'd Un King of
20-year gold bond 550-1937 104 5 1063 105 a 10612 105 10612 10618 1075, 10714 107 2 104 4 1074 104%1055 105 106 1043 106 104 10513 10412 10512 1044 105
7
3
7
4
8
52
4
7
Registered
---------------- 105 105 ------------------------104 104 --------1041410413 10334 10334 ____ ___ ---- --10
-year cony 53-4.
1929 116 11712 11534 11714 11512 11614 1153 11 7 117 18 4 11612 1173 116%1177 117 184 1174 11814 118 119 11734 11812 11758 1184
4
4
13
,
g
Registered
2
115131157 --------1171211712 -------- ----------------------------------------1171211712
Greater Prague 7548 1922-1952 90 923 9114 92 8 89 9113 89 91
8958 93
9213 95
7
4
3
2
212 9514 9214 931 93 9514 933 947 93 912 9312 944
Greek Govt 72 interim rcts.1964 88 8812 86 8814 84 873 83 85
8312 8658 833 88
4
4
85 87
85 8612 8514 877 8614 88
86 88
8
85 87
Haiti (Rep of) Cust a 1 6.-1952 914 94
92 9412 93 944 93 9414 9355 9512 95 9658 96 9612 96 97
96 97
955 963*
4
96 97
96 97
Hungary(King.) 71-42 rcts_1914 8914 9012 89 90
4
88 893 87 8812 87 9012 8912 943 913 94
4
913 94
4
93 957 95 9812 96 97
8
13 96 967
Indus BkofJapan 6% notes'27 9852 9912 9912 9912 994 995 99 9912 993 100
9952 100
8
2
998.100
5
9812 9913 99 997 9914 100
9958100
993 100
4
Italy(King.) serA 63-Ss...2925 99l 9958
---- Italy 72 w 1
51
-1i4 4 8
,
-7Japanese Gov't ster l'n 48_1931 82 83 8212 8314 81 8272 8114 83 8212 84 834 8412 8315 84
8312 84
83 837 8358 8372 83 8384
8
83 84
5
12
Ext s. 1. 634s
1954 9032 9152 91 92 90 917 9018 92
915 9414 933s 95
s
2
7 921/ 938s 9232 93
9214 9412 913 93
9214 92 2
917 93
7
Oriental Dev 6s
1953 84 867 843 8552 83 863 8412 8614 8412 8714 8512 8612 85 86
s
12
2
4
5
85 2 87
3
8 8418 8614 84 5 86
85 857 8514 87
2
Lyons (City of) 15-yr 68._ _1934 85 8612 8414 851 827 85
,
8358 853 83 4 845 833 85 4 853 893 84 8812 82 4 85% 8214 86
4
4
803 833 823 86
4
4
4
3
3
5
4
4
3
4
Marseilles (City) 15 yr 6s-1934 84 85% 84 8512 825 8472 80 8312 823 86
5
83 4 86
3
8358 85
8
4
838 858 853 893 8414 8812 82 8514 82 854
4
Mexican Irrig 43-4s
1943 21
24 ----------------197 2014 20 217 193 21
2
4
16
188 17
187 178 193s 17% 3012 2812 293 2
4
Asserting.. I. 43'4 s
Mexico (U S of) ext'l 52 of
1899
1945 4512 4512 45 45 ----------------38 38 ---- --_ _ 4014 404 45 45
39 4312 -------------12
..!
8
Assenting 5s of 1899
38 4014 36 39
1945 327 41
3412 385 361 3913 3312 28 3 31 131 32 394 365 4214 385 44
2
1 42 43
,
8
40 43
Assenting 511 large
2
3532 3912 40 4 38 448 405 42
3
4
04 42
Assenting 52 small
35 354 ------------------------3713 3713 ---- ---Gold debt 4s of 1904
21 25
1954 22 25
2114 2232 194 912 213 25-— --- -1934 lis _::" -_-_-: "ii" ii" -ie- -4
2
(i- -_-_-_- --__-- ------- -----1978 2413 21 24
1812 2214 19 2134 2112 227 -183 Assenting 42 of 1904
8
4 26
1812 2032 IC 2514 22 25
27
2112 273 2314 - - -244 18
4
Assenting 4s of 1904 large_ 2612 2612 --------------------------------1934 22
22
2352 ____ ____ ___. ____ ---- ---- ---- ---- ---- -Assenting 45 of 1904 small_ 24 24 ----------------20 2012 22 2412 ____
-- 1912 21
2314 233
---- --- ---- ---- ---- -Assenting 42 of 1910
24 24 ----------------2413 2412 2014 -- 12 ____ -0 __
23 24
2
2112 211 ____- - -2512 224 23
2614 ---- -2-- _- _Assenting 4s of 1910 large— 2218 303 263 2912 26 273 24 2
4
4
4
9
2512 2955 2212
-3
__ 2214 28
3
3 2552 2912 2512 3312 28--3214 30 2 -324
2013 2 84 23 2612 193 27 _
5
8
Assenting 4s of 1910 small_
213 287 2412 25% 22 25
8 244 ::_ 2
- 23 29
3 228 27
6
8
2433 29
464 4 4
2 113 2 14
058 25
41 413 39 403 38% 388 404 4212 4014 404 33- Tress 6s of'13 as (large) 10i3 364 43
37 3538 391 3834 4314 3972 46 43 4534 5
Small
36 43
39 4014 3914 3914 38 397 3852 42
2
3712 373 344 351 345 394 3814 43
4
43 4514
395 443 4114 46
4
Montevideo s f g 78
1952 88 904 90 93
90 9212 897 93
2
9152 94
94
Ms 9512 9658 95 963 9532 97
2
9512 9712 9552 9714 9555 965
Netherlands 8 t 62 flat
1922 104 10512 105 107 1023 10312 103 105 105 1063 106 10612 105%
4
12
2
lOS's 1077i 1091, 106 10612 1061, 10712 1063 10711 10715 108
4
30 yr ext s t 62 temp
1954 10013 103 1025,101 10212 1035 10284 103% 10314 10412 103141 0414 1024 10414 10234 1031 10318 10334 10314 10334
,
10314 104 10312 10
412
1940 11134 11312 1103 112 11014 11114 11014 11112 110%111% 11052 1114 11014 1111 110
Norway ext s f82
4
1101z 10934 11012 11012 11012 ----------1943 9712 10018 994 10014 9912 100
20 Yr extl s 16,
99 997 994 10112 10014 1014 100 101 100 1007 10014 101 30013101 101112 102 100% _ ,
2
111114
20 Yr ext'l s f 62 ctf
2
1944 9712 1003 993 100 99 100
4
984 998 99131013 10012 10138 100 1O04 100 1005 10014
2
2
101 100 1013 10012 Ica% 10014 101%
4
9914 997 991310112 10012 10112 10012 10113 1003,10112
1952 9712 100
30 Yr ext'l s f 62
994 10014 9914 100
10014 10112 100 1017 1008,102 1004 10112
2
53-4. w a----- - - ---- - -- - - -- -- - - -- ---- - -- - --- - --- 9
6% 9712 943 97
4
94 9512 95 96
954 965g 9514 9614 9414 94%
- .
2 -1 4
Panama (Rep)30
- -fr s t 5.Ks_'53 1007 10 -3- 10014 103 la 168 io64 102 10114 104
9913 10312 1003 103 101 1017 1013 10314 1023 10312 101 10312 983 101%
4
4
4
3
4
9918 10012 100 103 100 1003 10018 10034
Peru (Rep) ext 8s temp.---1944 9912 1023 100 1021, 98 1003 9778 100
,
8
1003 101 1003 10112 101 102 1011 103%
8
.4s - ---- -- - 73
--- -- -- -- -- - --- -_ _- - ---- -- -- - - - --- - - r -- - - -_ _ :
.. _
.
_ _
__ 973 984
4
1940 72 77
72 79 6813 - - -3 663 69
Rep of) 14 6s
Poland(
72 2
6634 - -118 6913 -- 2 6912 — 4 a62 - -14 a - - 4 6.1 77
07
702
8 60
6g3
2 if
iiii -4 7
012 67 6858
14
1950 --------95 9558 95 9512 95 96
Ext'l s 185
87 9512 89 903 87 2 9012 86 8814 873 8814
5
2
8714 9152 8812 9038 8612 89
94 964 9412 96
Porto Alegre(City of)88_ _1961 9412 9614 9412 9612 95 98
95 9612 9512 963 948 96
98 100
95 963 98 100
9812 100
4
Queens and state ext s Ifs 1941 109 110 110 1103 10914 112 109% 1103 11014 1121 1103 11212 11014 11218
4
4
4
4
1097 1117 111 11214 11178 11258 110 1123 110 1 112
8
8
,
4
1947 10112 1033 103 10412 103 10512 10312 1044 1034 105 104 10514 104 107 10412 106
25 Yr ext' 6s
105 4 10712
,
103
2
2
957 98
94 9614 95 9512 9613 9813 955 9612 95 4 9612 963 1043 1028 105 1047 102
Rio Grande Do Su ext' 83_1946 945 9714 96 97
3
4 98
96 9814 974 9938 9752 100
deJaneiro 25 yr s t 82_194t 94 9712 933 97
94
9612 93 95
94 96
Rio
9514 97
94 957 9312 95
8
93 9812 9514 98
5
9712 99
968 985
1947 93 9412 9312 96
923 9438 92 9414 9212 95
9414 96
25 Yr. ext' 5 1 tis
9312 9514 92 948 9214 958
965 99 4 9538 971
2
,
4
Rotterdam (City) ext 6s_ 1964 1003 102 10112 103 100 1023 10013 10214 1013 1023 1025 1041z 10212 104 10218 103 1023 1033 947 98
4
4
4
4
8 1027 1033 10358 10712 10312 1043
8
4
4
4
1948 103 10312 1034 105 10312 1044 1031,10414 1033 1044 104 10612 104 106
El Salvador (Rep) 8s
4
10412 10613 10512 10612 105 10612 105 10614 1053 108
97 9812 97 9914 9812 100
9812 100
9934 10012 991 100 100 102
San Paula (City) 5 1 88- _1952 9812 101
4
993 10114 100 102 101 102 101 102
4
1
San Paulo (State) ext 5 1- 2.1936 1003 103 101 10314 100 10112 100 10012 100 102 10114 104 10214 104 101 10313 103 104 103 104 103 1047 102 1034
8
1930 ------------------------9912 100
9912 1004 9912 10014 9912 10012 9912 10012 998
Ext'l s f tis
4
10112 993 10114 10012 102 10112 1034
8812 905 8614 89
8214 87
2
85 9012 8712 90
Seine Dept(France)20 yr 7,3.'42 894 91
8714 8812 877 90
85 8812
8
4
895 9212 8814 9112 863 89
5
86 883 8734 8912 8712 89
4
84 88
85 90
Serbs, Croats & Slovenes 8s '62 8512 8614 85 87
92
91
8712 8912 8812 8912 8772 91
904 92
4
8
84 8612 82 833 823 87
Solssons(City) 15 Yr g 68_ _1936 8312 853 843 85
8414 86
4
4
844 85
82 854
814 8512 86 88
83 86
8412 8612
8
8
4
4
Sweden (King) 20 Yr 6s- -- -1939 1033 1043 1033 1043 1034 104 103 1037 10314 104 103 3410514 104 1051, 104 10478 10414 10514 1043 1051 104 106 10414 105
,
8
Ext g 53-4s interim ctf_ —1954 9813 1005 9938 9972 99 9912 9918 993 90581013, 1004 10138 10014 101 10014 1024 10112 10314 10113103 10152 103 1013,102
8
Swiss Confed'tions 5 f is _ _ 1940 11514 117 1137 116 113 115 113 115 1137, 115 114 11512 11538 1163, 115 11612 1157 117 1164 11714 11655117 11658117
8
Switzerland (Gov't) ext 5 .411'44 0812 10212 1013,103 10114 102 10114 1024 10112 104% 10112 10312 1013 102% 10158103 1023 10312 1025,104 1023 103% 103 10412
4
4
4
Tokyo City Loan of 1912 5s_ _ 6618 6712 664 673 66 6712 6414 674 674 6814 68 6812 6714 683 6613 6734 663 6712 663 6712 663 67% 6612 67
8
4
984 005 9812 9912 9812 10014 99 10078 9912 101% 9912 10012 9912 10033 993 10012 100 4 10012 100 101
8
(City)ext6Yis-1944 97 99
983 100
4
Trondhlem
4
Uruguay (Rep) ext 84
194. 10614 108 107 109 1073 10812 108 11012 10812 110 109 110 1083 110 10878 110 107 1094 108 110 10812 112 1087 11012
4
8
1934 110 1114 110 11112 10812 110 10835110 10912 1097210914 11118 107 110%108 109 108 1083 10752 10812 1073 109 107 10813
Zurich (City of) 5 68*
12
4
12
4




_

iis

Ws;

THE CHRONICLE

118

(Vox.. 122.

COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1925.
(Compiled from sales made at the New York Stock Exchange.1
COUPON BONDS.
Liberty Loan.
lit 314s, lit 48,
1922-47. 1932-47.

•43s,
1932-47.

1011832
102
101"st
101"tt

101
101"ss
101
1011.33
1011fit
101"n
101
.101

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31
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101"ss
10111n

10111u
101"st
101"n
101,131

10027,2
101 ss
,
100"st
101
101
101 ss
,
100"ss
100,1ss

24 4s,
24 41(s,
1927-42. 1927-42.

Treasury
4s,
1944-54.

2s,
1930.

Panama
Canal
2s,
1938.

Panama
Can'S
as,
1981.

•
100"st
101"st
100"n
10110n

Opening
High
Low
Closing

Treasury
34 Ws. 4th 43(s,
4345,
1928.
1933-38. 1947-52.

1012131
1

1011412
102
101"n
101"ss

1010,2
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1002its
100 "ss
,

limitary

1st 4),(s,
1932-47.

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101,133

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100,832

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00 3,
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s1
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,
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101 32
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,
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102
1.02 ss
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10188,1

10218n
10383,
102"s,
1031s,

106"ss
107"ss
106",,
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104
102"n
1031st

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100
100"n

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101"ss
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100"ss

101,8n
101"32
101 n
,
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103
103"ss
102
102'n

107,8n
108"ss
106'n
106"st

104
104"n
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102"s:

gebrtiar7
1011832
101"ss
10118n
1012132

Opening
High
Low
01081Elg
March

101•
212
101,831
101 ss
,
1010
,,

OPenlng
High
Low
Closing
April
Opening
High
Low
Closing
May
Opening
High
Low
Closing
June
Opening
High
Low
Closing
July
opening
High
Low
Closing
August
Opening
High
Low
Closing
September
Opening
High
Low
Closing
October
Opening
High
Low
Closing
November
Opening
High
Low
Closing
December
Opening
High
LoW
Diming

102tin
1030,1
101"ss
101"n

10081n
1018n
100,8
0
10088,1
1002in
100"n
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100"n

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100",,
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1001
'n

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102",,
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0

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10018n
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10133
101"n

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101"st
101"n

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107'n
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106"31

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,

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,
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103

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,,

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,,
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"
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gg nu

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,

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102

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,
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999
.,

100
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100
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,
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101
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101 :s
,
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106
106"n

.

-- --

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----

_ _ __ _
it.-.---.--

1.95;4
1115 3•5
795%
-- ---- ---

---

103
103ln

.

-- ---- --.......

-- --s---

---

--

112"ss

, •First Liberty Loan second converted (under the terms of the fourth loan). t Registered bonds.

Department, was appointed an Asskstant Cashier. Mr.
Rapp has been connected with the New Netherland Bank
The Bankers' Forum, New York Chapter, American In- for the past ten years.
stitute of Banking Section of the American Bankers AssoRoy H. Griffin, who has had several years 'experience as
ciation, announces that the next regular meeting will be
an official of Buffalo and Chicago banks and as a national
held at the Building Trades Club (30 West 33d Street) on
bank examiner, has been appointed a Vice-President of the
Jan. 13. There will be an informal reception at 6.30 p. m.; Mechanics &
Metals National Bank.
dinner is scheduled for 7 o'clock and an address at 8.15
4
p. m., followed by discussion. The subject of the address is
The statement of the condition of the Chase National
"The Manufacture of Paper Money and Other Documents Bank of the City of New York as of Dec. 31 1925 shows total
Having an Actual or a Potential Money Value." The resources of $638,050,230, as compared with $555,465,879 at
speaker will be Louis L. Coudert, of the American Bank the time of the last published statement, Sept. 28 1925. The
Note Co.
company has deposits of $564,608,785, compared with $478,031,888 on Sept. 28 1925, and surplus and profits of $27,178,George B. Roberts, formerly connected with the Federal 043, compared with $26,895,768 on Sept. 28 1925.
Reserve Bank of New York and son of George E. Roberts,
has been appointed statistician of the National City Bank
Gordon H. Balch, who was formerly a Vice-President of
H.
of New York. Louis Naetzker has been appointed assistant the American International Corporation, has been elected a
cashier of the National City Bank of New York.
Vice-President of the Hanover National Bank of New York.
William J. Logan and Frank Woolley have been appointed
Laying claim to "the oldest account in the oldest savings Assistant Cashiers.
bank in the City of New York"
-likewise the State of New
York, Walter Trimble, President of the Bank for Savings,
The Guaranty Trust Company of New York announces the
at 280 Fourth Avenue, gives details of the account as fol- appointment of Ernest G. Humphreys and Daniel B. Grant,
lows, showing its growth through the accumulation of Joint Managers, in Landon, and John A. Griswold and H.
Michoud, Joint Managers in Paris.
Interest:
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Coreinued from page 176

ACCOUNT NO. 738.
-Awes: 18 1819
Deposits
August 26 1820

$10 00
5 00

The statement of condition of the Guaranty Trust Co. of
New York as of Dec. 31 1925, issued Jan. 4, shows undivided
Total
profits of $6,884,933 80, a gain of $346,255 since the last pub$15 00
Intereal credited to date
$2,377 45
lished statement, Nov. 14 1925, and a gain of $2,518,547
This account is still open.
since Dec. 31 1924. The company's deposits are $547,357,The bank directs "attention to this account not so much 752, an increase of $42,253,840 since
Nov. 14, and total reto emphasize the stability of the Bank for Savings as to sources amount to $679,607,926, a gain of $75,068,482 since
point out the power of your savings to earn money while the last published statement.
-and with absolute security, with absolute
you are saving
W. B. Couch, President of the Oswego County Savings
certainty."
Bank, Oswego, N. Y., died of a heart attack on Jan. 4 after
At a meeting of the directors of the New Netherland Bank a few hours' illness, at the age of 65. Mr. Couch entered the
a New 'York, William Rapp, Manager of the Investment employ of the Oswego County Savings Bank as a bookkeeper




JAN. 9 1926.]

THE CHRONICLE

179

over 40 years ago and worked his way up to the presidency Treasurer. Both Mr. Lauer and Mr. Homan have been
of the institution—the position he had held for the past with the company almost from the beginning.
eleven years.
The stockholders of the Liberty Title & Trust Company
of Philadelphia, voted on Dec. 22, to increase the capital
An application to organize the Long Island National Bank stock of the company from $500,000 to $700,000, as was
of New York at Astoria, Long Island City, with a capital of indicated in our issue of Nov. 7, page 2236. 4,000 shares
$200,000, was approved by the Comptroller of the Currency ($50 par value) will be offered to stockholders of record
on Dec. 11. The stock (par $100) is being placed at $130 Dec. 24, pro rata at $125 a share; of the $125 at which the
per share. The bank will have a surplus of $60,000. It stock will be placed, $75 will go to surplus. The enlarged
will begin business March 1 1926. The officers will be Er- capital will become effective Jan. 23d 1926. The dates of
nest Matthews, Chairman of the Board; William H. Sie- payments are Jan. 2 to Jan. 23 inclusive.
brecht, President, and S. C. E. Carpenter, Cashier.
According to a special dispa- tch from Washington, Pa., to
Lee, Higginson & Co. on Dec. 28 opened their new offices the New York "Times" on Dec. 29, Walter A. Cook, heretoat the corner of Federal, Franklin and Congress Streets, fore Assistant Treasurer of the Washington Trust Co. of
Boston—the headquarters of the organization—when a cor- that place, is a fugitive from justice somewhere in the
dial invitation was extended to the public to inspect the Middle West and is being sought by officers armed with
new building. A brief description of the handsome banking a warrant issued by the State Banking Department charging
him with a shortage amounting to $6,228 68.
rooms follows:
The main entrance to the new building is at 70 Federal Street, where
after ascending a few steps one enters the main banking room. This room
is 80 feet long, 70 feet in width and with a total height of 45 feet gives
the benefit of the full four stories of the building. Five great windows
flood the room with daylight from the Franklin Street side. Direct daylight is also provided from skylights in the roof through a large glazed
area in the ceiling. There is a balcony across the eastern side of the main
room directly opposite the large windows on the Franklin Street side.
There are no cages in this main room and as a result of the absence of the
customary metal grill work the spaciousness and beautiful proportions of
the room are given full effect. It is one of the largest banking rooms in
Boston and from an architectural standpoint one of the most distinguished
because of its proportions and the simplicity and dignity of its ornamentation. .The furnishings and fixtures further carry out this note of quiet
simplicity. On the Franklin Street side of this main room, on the right
as one enters from the main entrance on Federal Street, is located the
Bond Sales Department. The desks of the partners and conference rooms
are at the Congress Street end of the main room. On the eastern side of
the room, opposite the Bond Department, and to the left as one comes in
from the main entrance on Federal Street, is the Foreign Department. In
the balcony directly over the Foreign Department is the Cable Department
and other clerical services. On the floor below the main banking room is
the Stock Department, which is entered by descending a few steps from the
main entrance at 70 Federal Street and to which there is also an entrance
from the stairway in the centre of the main banking room. At the left of
the main entrance at 70 Federal Street, descending a few steps one enters
the modern vault of the Lee, Higginson Safe Deposit Co. The vault has two
entranced protected by massive double doors. The usual private boxes of various
sizes are provided and also large safes for business corporations and financial institutions. There are coupon rooms directly within the vault and
additional coupon rooms adjacent to the entrance of the vault. The coupon
room space is wainscoted in paneled wood, and the walls of the entrance
lobby and waiting room are of limestone. The cages of the cashier and
the other cages in which securities are handled are on the first floor of
the office building, which is connected with the main banking room by a
large passageway between the Foreign Department and the partners' offices
at the Congress Street end of the building. The cages are also reached by
direct entrance from 'he first floor of the office building from Congress
Street and through the main entrance to the office building at 50 Federal
Street. The Statistical Department occupies the entire third floor of the
office building. The various clerical departments have quarters on the
first and second floors of the office building and on the second, third and
fourth floor of the banking building. There are also comfortably fitted
rest rooms for both men and women employees.

Lee, IIigginson & Co. was founded in Boston in 1848
under the firm name of Lee & Higginson, since which time
it has been a member of the Boston Stock Exchange. The
business began in a very modest way and for some years
they had no clerk. In April 1853 the firm's title was
changed to Lee, Higginson & Co. It established its New
York office in 1905, but its membership in the New York
Stock Exchange dates back to 1888. In 1903 it joined the
Chicago Stock Exchange. The present members of the firm
in Boston are: James Jackson Storrow, George Cabot Lee,
N. Penrose Hallowell, Francis Lee Higginson, James Nowell,
Charles E. Cotting and Edward Holyoke Osgood. The partners in New York are: Frederic Winthrop Allen, Jerome
D. Greene, Donald Durant and Edward N. Jesup. The
partners in Chicago are: Charles H. Schweppe, Barrett
Wendell Jr. and William McCormick Blair. Sir W. Guy
Granet, of London, is also a partner. The company has an
important European business which is conducted through
the affiliated firm of Higginson & Co. of London, organized
In 1906. The resident members of the firm of Higginson &
co. are: Sir W. Guy Granet, G.B.E., Lieut.-Col. The Hon.
George Akers-Douglas, Robert Grant Jr., Charles L. Dalziel and T. H. McKittrick Jr. The organization has offices
and representatives in all important cities of the United
States and more than 3,000 correspondents throughout the
world.
Samuel C. Edinonds, who continues as Vice-President of
the Philadelphia Company for Guaranteeing Mortgages, of
Philadelphia, has relinquished his office as Secretary and
Treasurer of the Company. As Secretary he is succeeded
by William II. Lauer; Theodore G. Homan has become




The Baltimore "Sun" of Dec. 23 stated that the Century
Trust Co. of that city at the annual meeting of its directors
on Dec. 22 had voted to transfer $100,000 from undivided
profits account to surplus account and as a result of this
action the total surplus of the bank had been increased from
$500,000 to $600,000. The "Sun" in this regard further said:
In addition to the amount added to surplus, another $100,000 was placed
to undivided profits in the course of the year. This was after the deduction
of 12% paid out in annual dividends and liberal bonuses to all employees.
Douglas Thomas, President of the institution, which is the youngest trust
company in Baltimore, reported that other reserves created in the two-year
period of activities of the corporation would indicate an accumulation of
surplus and profits of about 28% of the original investment after dividends.
The Century Trust Co. has built up a deposit line in the neighborhood
of $6,000,000.

The Bankers Trust Co. of Detroit, Detroit, on Dec. 22
formally opened its handsome new building at Congress and
Shelby streets, that city. The company was organized in
1917, taking over the business of the Urban Realty Mortgage Co. The directors of the company on Deg., 16 declared
the regular quarterly dividend of 2% and an extra cash
dividend of 2%, both of which were payable Jan. 2 to stockholders of record Dec. 31. The officials of the institution
are as follows: Arthur Webster, Chairman of the Board;
Walter C. Brandon, President; Frank W. Hubbard, Edwin
Denby and Ralph Nixon, Vice-Presidents; Harry W. Hanson, Secretary-Treasurer, and B. E. Cole and Arthur A.
Prabel, Assistant Secretaries and Treasurers.
The following promotions took place recently in the personnel of the Detroit Trust Co. of Detroit: Charles E. Hilton, the Secretary of the company, was made a Vice-President in addition; F. J. McGavin, Julius H. Moeller and
Raymond H. Berry, heretofore Assistant Secretaries, were
elected Assistant Vice-Presidents; Nathan C. Mente and
Paul R. Barton were made Assistant Secretaries; Henry
Hart and Emmet P. Connelly appointed Assistant Managers
of the Bond Department; Ralph Kuehn placed in charge of
bond sales and Oscar L. Buhr elected Manager of the corporate bond sales division.
Ladimir J. Hajek, Assistant Vice-President of the Union
Trust Co., Cleveland, and Manager of its 105th-Pasadena
office, died on Dec. 31 after an illness of several months.
Mr. Hajek was 38 years of age. He came to the Woodland
Savings & Trust Co., Cleveland, as a bookkeeper 16 years
aog. After the Woodland Bank became a part of the Union
Trust Co. Mr. Hajek was chosen to head the Union Trust
office at East 105th and Pasadena Avenue.
•
"The Union Trust Co., Chic-ago, has just closed one of the
most satisfactory years in its history," Frederick H. Rawson, Chairman of the Board, announced this week. Mr.
Rawson remarked further that every department of the
bank had recorded a new high point of business and earnings during the year. The net earnings for the year 1925
were more than $850,000. On April 1 1925 the bank's capital stock was increased from $2,000,000 to $3,000,000, and
these earnings, it is stated, represent over 30% on the average capital for the year and more than 12% on the average combined surplus, capital and undivided profits.
The stockholders of the Un-ion Bank of Chicago approved
on Dec. 15 the plans to increase the capital from $500,000 to
$1,000,000. The new stock (par $100) will be offered at
$200 a share to present holders. An item regarding the
proposed issuance of the new capital appeared in these col-

180

THE CHRONICLE

umns Nov. 21, page 2486. The increased capital will become effective Feb. 2. The Union Securities Trust is a subsidiary organization owned by the stockholders of the
Union Bank of Chicago. A comparative statement is furnished as follows: Jan. 2 1926: Capital, $500,000; surplus,
$500,000; undivided profits, $39,000; Union Securities Trust
$75,000. Feb. 2 1926: Capital, $1,000,000; surplus, $875,000; undivided profits, $60,000 (approx.); Union Securities
Trust, $200,000.

[voL. 122.

respectively, of the American National Co., while the other
officials of the latter are: R. A. Shillinglaw, Vice-President and Manager; A. B. Stevenson, Assistant Manager,
and B. F. Madden, in charge of the Municipal Department.

At a meeting of the directors of the San Jacinto Trust
Co. of Houston, Texas, on Dec. 21, Ford Jennings, heretofore
Manager of the Bond Department, was elected an Assistant
Vice-President of the institution. Mr. Jennings only joined
the trust company on Dec. 1, it is said, having prior to that
The annual statement of the Chicago Title & Trust Co. time been employed by the Harris Trust & Savings Bank of
for the twelve months ended Dec. 31 1925 shows total assets Chicago, in whose service he had remained for three years.
at the close of business on that date of $33,311,547, of which
We learn in telegraphic advices Jan. 5 from the Citizens
the principal items (aside from cash on hand and in banks
National Bank of Los Angeles that the city's bank deposits
of $1,232,221) are: Loans on real estate security, $8,421,exceed a billion dollars for the first time—the Dec. 31 bank
994; collateral loans, $6,957,845; stocks, bonds, etc., $5,255,call revealing the amount at $1,034,000,000. This repre865; guarantee indemnity•securities, $4,497,285; title and
building and annex, $2,299,850; special reserve secu- sents an increase of $96,000,000 in a year, $191,000,000 in the
trust
last two years and $374,000,000 in the last three years. The
rities, $2,000,000, and abstract plant, $1,500,000. Net profNational Bank and Citizens Trust & Savings Bank
its for the period are given at $4,737,745, making with un- Citizens
deposits for the first time exceed one hundred million doldivided profits as of Jan. 1 1925 ($1,023,395) $5,761,140.
Out of this total dividends calling for $2,360,000 were paid lars, an increase during the year of $15,000,000; in the last
five years the deposits of the Citizens banks increased
and $3,000,000 transferred to surplus account (making the
same $10,000,000), leaving undivided profits as of Dec. 31 224%.
1925 of $401,140. The bank's capital is now $12,000,000.
A charter has been issued to the New First National
Harrison B. Riley is President.
Bank of Santa Paula, Cal., and the bank began business on
Dec. 8. Mention of the fact that an application had been
The directors of the Bryn Mawr State Bank of Chicago
made to the Comptroller of Currency to organize this new
have recommended that the capital be increased from $100,Institution with a capital of $200,000, surplus of $50,000,
000 to $200,000. The stockholders will act on the proposal
contingent fund of $50,000, was made in these columns Sept.
at their meeting Jan. 13. The new stock will be disposed
19, on page 2414. The institution is under the management
of at $120 per share per $100 share. With its enlarged
of M. L. Steckel, President; F. A. Foster, Vice-President,
capital the bank Will have a surplus of $30,000.
and W. R. Bell, Cashier.
The annual financial statement of the Canadian Bank of
Arthur H. Rand, President of the Minneapolis Gas Light
Co. on Dec. 31 was elected a director of the Northwestern Commerce (head office Toronto), which we publish elseNational Bank of that city, succeeding his cousin, the late where in our paper to-day, makes a very satisfactory exhibit. The report, which covers the fiscal year ended Nov.
Alonzo T. Rand.
30 1925, shows total assets of $525,312,445, as against total
Closing of the Bismarck State Bank, Bismarck, N. D., is assets of $510,073,530 at the close of the previous fiscal year,
reported in the following Associated Press dispatch from or an increase of more than $15,000,000. Liquid assets are
that place on Jan. 6:
given as $262,303,763, or 54% of the bank's liabilities to the
North Dakota's oldest bank, the Bismarck State Bank, was closed to-day public, while total deposits are shown at $419,857,428. Net
(Jan. 6) voluntarily, due to depleted reserve, the State Bank Examiner
announced. In its last statement the bank had deposits of $368,874. It profits for the period, after providing for all bad and doubtwas organized in the early eighties.
ful debts, amounted to $3,487,213, which when added to
$1,218,080, the balance to credit of profit and loss brought
The American Trust Co. and the American National Co. forward from the preceding year, made $4,705,294 available
(both affiliated institutions of the American National Bank for distribution. Out of this amount, the report shows, the
of Nashville) on Dec. 30 formally opened their new home following allocations were made: $2,400,000 to cover divi—the American Trust Building—just recently completed at dends; $200,000 to pay a bonus; $500,000 to take care of
the corner of Third Avenue and Union Street, that city. The Dominion and Provincial Government taxes; $30,000 to
building is a handsome 15-story structure of modern type, cover donations and subscriptions; $190,719 transferred to
the basement, first, second (or mezzanine floor) and third pension fund and $150,000 written off bank premises, leavfloors of which are occupied by the two banks, while the ing a balance of $1,234,574 to be carried forward to the
remaining floors, containing 169 separate offices, will be next year's profit and loss account. The institution has a
rented. The following excerpt from the Nashville "Ban- paid-up capital of $20,000,000 and a reserve account of like
ner" of Dec. 29 describes the new banking quarters in part: amount.
Coming from the basement to the first, or main, floor, we reach the
quarters of the two companies. As is the case with the lobby in the basement, the lobby of the main floor is finished entirely in Tennessee marble,
the floor in the lobby being of this same material. Columns and banking
screens also are of this same beautiful material. The fixtures and metal
work are of solid bronze to keep allied with the same massive and handsome
appointments that the entire building is filled with. At the front part of
the main floor are two large rooms.
The American Trust Co. is quartered on the north side of the main
floor, while the American National Co. occupies the south side. The large
room at the front of the north side is a special consultation room and is a
beautiful room with walnut paneling. The large room on the south side
can also be used for consultation if desired, but is now used as a private
office for the executive officer of the American National Co. In addition,
on the south side there are two smaller consultation rooms where patrons
can discuss affairs confidentially with employees and stock or bond specialists. An added feature for both north and south sides of the main floor is
the special flooring used for the benefit of the employees, being a special
composition which feels soft under foot and is a noise-deadener. In addition the roof of the main lobby and banking offices has been especially
constructed and treated to absorb sounds, thus insuring the absence of
distractive noises in the lobby and elsewhere.
Also on the south side there is a specially built elevator which comes
from the basement adjacent to the big vaults and which will be used for
the handling of currency and money between the two floors.

The American Trust Co. began business in March 1920
and is capitalized at $500,000, with surplus and undivided
profits of $316,214. Its officers are as follows: P. D. Houston, President; Paul M. Davis, E. R. Burr, E. E. Murray
and V. L. Witherspoon, Vice-Presidents; J. M. West, Secretary; Roy Harper Jr., Treasurer; K. H. Dodson, Assistant Treasurer, and Curren Vance, Trust Officer. Mr. Houston and Mr. Davis are also President and Vice-President,




E. J. Thompson, formerly an Assistant Cashier of the
failed Citizens' State Bank of Eagle Grove, Iowa, on Dec.
28 was sentenced to twenty years' imprisonment following
his plea of "guilty" to embezzlement of the bank's funds.
He recently admitted embezzling more than $250,000. An
Associated Press dispatch from Clarion, Iowa, on Dec. 28
printed in the St. Louis "Globe-Democrat" of Dec. 29, in this
regard said in part:
Thompson Was working on a salary of $126 a month. His defalcations
extended over a period of four years, during which time he accumulated
600 acres of land, a $10,000 home and two automobiles, as well as the
finest pure-bred cattle to stock his farm. He turned over the property to
the bank.

The 70th annual report of the Bank of Toronto recently
Issued is indicative of the success which has attended the
bank's operations during the fiscal year ended Nov. 30 1925.
The statement shows net profits for the period, after
making full provision for all bad and doubtful debts, etc.,
of $1,012,964 (as compared with $968,205 for the previous
fiscal year), which when added to $1,239,116, representing
balance to credit of profit and loss brought forward from
the previous fiscal year, made $2,252,080 available for distribution. After appropriating from this amount $600,000
to pay the usual quarterly dividends at the rate of 12% per
annum; $50,000 to cover tax on circulation; $80,000 reserved for accrued taxes; $50,000 contributed to officers'

JAN. 9 1926.]

181

THE CHRONICLE

pension fund; $150,000 written off bank premises and
$1,000,000 transferred to reserve account, a balance of $322,080 remained to be carried forward to the 1926 profit and
loss account. Total assets are shown in the statement at
$110,966,888 (comparing with total assets last year of
$103,508,897), of which $59,125,031 are liquid assets, or
equal to more than 59% of the bank's liabilities to the
public. Total deposits are given as $84,710,197. The paidup capital of the institution is $5,000,000 and its rest fund
(including the $1,000,000 recently transferred thereto)
$7,000,000.
The United States agency of the Bank of London & South
America, Ltd., reports that its two offices in London, at
present situated at 7 Princes Street and 25-31 Moorgate,
have moved to new premises at 0, 7 and 8 Tokenhouse Yard,
E. C., which will be the address of the head office of the
bank in London.
THE CURB MARKET.
The Curb Market started the new year with active trading
and a strong upward movement in prices. Thereafter,
while business continued good, price movements were irregular though the undertone wasfirm. Public utility issues were
conspicuous. Amer. Gas & Elec. com. rose from 80 to 843/s,
reacted to 833 and closed to-day at 845i. Amer. Power &
Light corn, sold up from 683 to 75 and at 743/ finally.
Elec. Bond & Share Securities advanced from 785i to 86,
sold back to 78 and moved upward again, resting finally at
81. Engineers Public Service com. improved from 24 to
297 and ends the week at 28. Lehigh Power Securities was
a strong feature and advanced from 19154 to 2273/2. Middle

West Utilities corn. gained over nine points to 124 and finished to-day at 123. Nat.Power & Light com. sold up from
5
34% to 373' and at 37 finally. Nor. Ont. Power & Light
3
com. advanced from 493 to 60 and reacted finally to 59%.
Power Corp. of N. Y. sold up from 79 to 86% and at 863
finally. Southeastern Power & Light corn. gained six points
to 463 and sold finally at 44. United Light & Power com.A
4
improved from 127 to 135 and closed to-day at 133%. Industrials in the main were firm. There were some weak
spots. Aluminum Co. corn. dropped from 633 to 60.
4
Canada Dry Ginger Ale lost over three points to 405i.
General Baking Class A moved up from 76% to 793/i and sold
finally at 783. In the oil division, South American oil
shares were active. Lago Oil & Transport advanced from
23% to 25 but reacted finally to 2354. Venezuelan Petroleum sold up from 454 to 63' and down to 5,closing to-day
at 5%. Among Standard Oils, Humble Oil & Refg. rose
from 92 to 9998,reacted to 943 and closed to-day at 953.
South Penn Oil old stock gained ten points to 197, reacted to
186 and sold finally at 188. The new stock advanced from
3
4754 to 50 and receded finally to 47%.
A complete record of Curb Market transactions for the
week will be found on page 205.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended Jan. 8.

Ind.dEMis.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

260,230
362,435
383,270
350,525
384,185
403,350

Oil.

BONDS (Par Value).

Mining.

134,440
293,945
347,650
258,610
239,516
168,000

2,143,995 1,442,161

68,230
128,740
86,050
37,250
60,360
106.500

Domestic. For'n Govt.
8885,000
1,261,000
1,225,000
1,237,000
1,104,000
1.197,000

$122,000
141,000
178.000
117,000
196,000
270,000

487,130 $6,909,000 $1.024,000

Course of Bank Clearings
Bank clearings for the present week will show a satisfactory
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the chief
cities of the country,indicate that for the week ending to-day
(Saturday, Jan. 9) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will aggregate 11.8% more than in the corresponding
week last year. The total stands at $12,268,833,108, against
$10,969,722,766 for the same week in 1924. At this centre
there is an increase for the five days of 9.0%. Our comparative summary for the week is as follows:
1926.

1925.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisto
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$5,894,000,000
667,573,919
577,000,000
565,000.000
129.953,342
178,300,000
182,380,000
160,716,000
169,738,984
149.970.653
117.878,068
119,628,696
63,596,475

85,407,201.164
618,793,800
515,000.000
428,000,000
123,537,762
144,500,000
151,900,000
129,764,000
145,954,062
08,628,403
102.402,226
93,481,567
81,602,716

+9.0
+7.9
+12.0
+32.0
+5.2
+23.4
+20.1
+23.8
+16.3
+16.6
+15.1
+27.9
-22.1

Total, 13 cities, 5 days
Other cities, 5 days

$8.975,736,137
1,248,291.453

$8,070,765,700
1,159,396,715

+11.1
+7.7

Total all cities, 5 days
AU cities, 1 day

810,224,027,590
2,044,805,518

89,230,162,415
1,739.560,351

+10.8
+17.5

812.268.833.108 $i0.969722706

-I-11 6

Clearings
-Returns by Telegraph.
Week Ended January 9.

Total all cities for week

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Jan. 2. For
that week there is a decrease of 0.3%, the 1925 aggregate Of
the clearings being $9,898,670,704 and the 1924 aggregate
$9,949,555,248. Outside of New York City there is an
increase however of 2.4%, the bank exchanges at this c9ntre
recording a loss of 2.0%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is a falling off of 5.1%, in the New York Reserve
District (including this city) of 1.9% and in the Cleveland
Reserve District of 1.9%. The Philadelphia Reserve District
has a gain of 2.9%, the Richmond Reserve District of 2.8%
and the Atlanta Reserve District (chiefly by reason of the
increase at Miami) of 20.3%. In the Chicago Reserve




District the totals are larger by 0.8%,and in the Minneapolis
Reserve District by 8.9% but in the St. Louis Reserve
District the totals are smaller by 11.7%. In the Kansas
City Reserve District there is an improvement of 4.5%,in the
Dallas Reserve District of 0.6% and in the San Francisco
Reserve District of 8.7%.
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
SUMMARY OF BANK CLEARINGS.

Week Ended Jan. 9 1926.

1926.

1925.

Federal Reserve Districts.
3
$
12 cities 487,404,705 513,514,368
let Boston
had New York
11 " 6,025,655,778 6,143,425,170
1rd Philadelphia
10 "
577,132,056 561,071,252
RR Cleveland
8 "
356,486,035 363,263,677
oh Richmond
8 "
206,546,449 200,837,281
Stb Atlanta
13 "
250,583,459 208,301,521
'lb Chicago
876,718,282 869,458,869
20 "
•th St. Louis
8 "
220,733,398 249,940,614
'b Minneapolis
7 "
125,629,303 115,365,097
oth Kansas City
12 "
229,475,357 219,491,006
,Ith Dallas
5 "
80,194,889 79,735,568
12th San Franciseo__17 "
462,111,003 425,150,838

Inc.or
Dec.

1924,

1923.

$
2
%
-5.1 489,155,480 464,427,472
-1.9 4,964,094,403 4,984,171,339
+2.9 571,378,770 542,389,887
-1.9 372.251,240 362,034,344
+2.8 194.560,231 182,905,700
+20.3 205,188,859 191,080,160
+0.8 837,817,240 987,107,210
-11.7 221,235,494
7,700,CM
+8.9 103,114,891 114,511,079
+4.5 217,693,883 216,670,642
+0.6 71,182,212 64,552,229
+8.7 455,220,991 403,343,245

Grand total
129 eltiee 9,898,670,704 9,949,555,248 -0.3 8,692,889,694 8,490,893,389
^intelde New York City
3,983,550,0463,925,525,607 +2.43,080,066,5063.519.880,247
Clanada

29 cities 302.566.224 317.200.054 -4.8 1313.706.480 nEs_nrivot

We also furnish to-day a summary by Federal Reserve
districts of the clearnings for the month of December. For
that month there is an increase for the whole country of 6.9%,
the 1925 aggregate of the clearings being $48,031,054,832,
and the 1924 aggregate $44,937,617,321. This total of
$48,031,054,832 for December 1925 not only establishes a
new high record for that month but also establishes a new
peak for monthly clearings for any month in any year
according to our records. Outside of New York City the
increase for the month is 9.10%, the bank exchanges at this
centre registering a gain of 5.2%. The Boston Reserve
District shows an improvement of 6.6%, the New York
Reserve District (including this city) of 5.4% and the
Philadelphia Reserve District of 6.2%. In the Cleveland
Reserve District the totals are larger by 7.7%, in the Richmond Reserve District by 8.0% and in the Atlanta Reserve
District by 24.0% the latter occasioned by the great expansion at Florida points. The Chicago Reserve District has a
gain of 8.3% and the St. Louis Reserve District of 2.4%,
but the Minneapolis Reserve District falls 1.8% behind. The
Kansas City Reserve District has an increase of 9.1%, the
Dallas Reserve District of 4.0% and the San Francisco
Reserve District of 17.5%.
In the following we furnish a summary by Federal Reserve
districts:

182

THE CHRONICLE
December
1925.

168.07 December
Dec.
1923.

December
1924.

Federal Reserve Dists.
let Boston_ _ _ _ 14 cities 2,384,210,269 2,235,734,484 +6.6 1,926,300,190
2nd New York_14 " 27,686,653,136 26,256,979,280 +5.4 20,119,962,329
•
2,946,627,960 2,772,276,461 +8.2 2,380,176,976
3rd Phlladelphlal4 •
1
1,873,468,972 1,739,562,568 +7.7 1,597,633,182
4th Cleveland _15 .
Richmond _10 ..
1,018,158,030
5th
943,318,166 +8.0
880,953,049
.
•
1,322,953,588 1,066,984,050 +24.0
6th Atlanta __ _ 18
956,383,181
•
4,467,226,434 4,125,519,522 +8.3 3,759,040,559
7th Chicago_ _29 •
8th St. Loul910
1,096,961,464 1,071,519,245 +2.4
979,329,232
.
•
688,376,921 -1.8
676,205,613
9th MinneaP00813
560,881,892
1,341,368,2E6 1,229,232,920 +9.1 1,110,415,356
10th KansasClty16
11th Dallas
614,281,225
12
609,560,565 +4.0
503,844,680
2,583,949,875 2,198,242,205 +17.5 2,120,026,391
12th Ban Fran--28

Total
193 cities 48,031,864,532 44,937,617,321 +6.9 36,894,947,017 35,109,561,122
Outekle New York City_ 21,071,768,956 19,311,673,720 +9.1 17,399,644,209 16,210,717,431
Canada

1,894,482,194

1,706,980,478 +11.0

1,574=4901

1,556,606,408

We append another table showing the clearings by Federal
Reserve districts for the twelve months back to 1922:
Twelve Months
1925.

Inc.or
Dec.

1924.

Federal Reserve Diets.
let Boston_ _ .14
.26,625,891,741 24,051,259,710
2nd New York.14 " 291,122,388,917 256,565,553,138
3rd Phlladelphial4
31,761,036,681 28,144,370,886
4th Cleveland .15
20,892,673,742 19,023,200,794
5th Richmond.10
10,9E0,309,435 9,940,690,246
6th Atlanta __.18
13,477,069,522 10,5E6,076,389
7th Chicago_ _ _29
51,302,734,279 46,989,493,112
8th St. Louls_10
11,722,481,014 11,041,317,386
9th Minneapolls13
7,154,681,377 6,666,3E2,662
10th KansasCity16
14,500,816,244 13,439,170,566
llth Dallas _ _12
6,571,295,884 5,891,593,056
12th San Fran_ _28
27,121,635,413 24,420,234,546

1923.

BANK CLEARINGS AT LEADING CITIES.
December
Jan. 1 to Dec. 31
1924. 1923, 1922, 1925.
1924. 1923. 1923.
$
$
$
$
$
$
$
25,626 19,495 18,899 283,619 249,888 213.998 217,900
2,881 2,808 2,561 35,392 81,654 31,113 28,038
1,988 1.703 1,555 22.482 21.323 19,310 18,453
2,533 2,182 2,171 29,079 25,845 2,4851 22,488
864
619
650 7,827 7,174
7,204 8,718
682
748
687 8,857 8,037 8,213 6,758
753
698
659 9.479 8.366 8.049 7.274
455
435
399 5,832 5,025 4,838 4,142
310
281
286 3.710 3,353 3,445 3,003
801
559
610 7,038 6,582 8,882 6,811
483
451
436 5,997 5,441
5,550 4,648
305
309
245 3,170 2,986 2,811
2,406
432
315
338 4.483 4,026
3.877 3.370
151
138
138 1,744 1,612
1,552 1.338
637
572
515 8.430 7.356 8,694 5.389
169
159
144 2,062 1,912
1,878
1,570
650
645
516 7,945 7,195 7,029 5,152
58
56
55
718
833
622
581
170
180
179 2,188 2,004 2,103 1,982
215
196
188 2,782 2.310 2,346 2,011
153
156
122 1,631
1,818 1,805 1,600
78
87
90
886
904
985 1,055
149
139
141
1.8138 1.611
1,656
1.4.64
276
251
230 2.839 2.853 2,808 2,804
146
125
118 1,233 1.114 1,140 1,009
174
173
147 2,205 2,039 1,949
1,858
59
50
47
763
567
854
490
87
85
77
672
898
805
785

December
1922.
1,771,285,434
19,419,855,286
2,361;733,3M
1,567,124,471
806,252,966
827,539,937
3,588,725,071
1,003,223,425
568,373,126
1,187,620,746
430,324,433
1,587,505,865

1922.

X
+6.1 21,926,025,872 18,802,252,335
+13.5 220,932,019,132 223,287,551,941
-16.7 27,021,900,335 24,466,873,994
+9.4 19,458,517,867 16,429,998,141
+10., 9,538,908,053 8,267,285,235
+27.3 9,787,208,455 8,144,101,462
+11.5 44,776,960,599 39,000,926,300
+6.2 10,990,451,162 9,981,200,867
+7.3 6,541,351,637 5,938,828,212
+7.9 13,570,859,977 13,082,337,037
+11.5 5,270,868,346 4,467,984,974
+11.1 23,637,299,966 19,637,971,457

(VOL. 122.

(000,0003
1925.
omitted.)
$
New York
26,959
Chicago
3,050
Boston
2,108
Philadelphia
2,692
St. Louis
897
Pittsburgh
821
San Francisco
909
Baltimore
539
Cincinnati
328
Henget; City
651
Cleveland
523
New Orleans
306
Minneapolis
424
Louisville
162
Detroit
750
Milwaukee
179
Los Angeles
750
Providence
68
Omaha
189
Buffalo
247
St. Paul
151
Indianapolis
100
Denver
156
Richmond
2138
Memphis
131
Seattle
205
Hartford
73
Salt Lake City98
Total

43,528 40.949 33.323 32.181 464,753 414,170 373,537 358,109

Other cities

4.503 3,908 3,572 2,929 47,310 41.599 39,915 33,399

Total all
48.031 44.938 38,895 35,110 512.063 455,759 413.452 391,508
Outside New York_21,072 19,312 17,400 16,211 228.444 205,891 199,456 173,808

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for December and the twelve months of 1925 and 1924 are
given below:

Total
118 cities 512,063,011,279 455,759,342,491 +12.3 413,452,431,399 391,507,311,965
Outside New York City_ 228,443,766,846 205,891,161,152 +10.9 199,466,248,672 173,606,925,839
Canada

16,741,243,264 18,977,924,003

Month of December.

The following compilation covers the clearings by months
since Jan. 1 in 1925 and 1924:
MONTHLY CLEARINGS.

1925.

1925.
1924.
1925.
1024.
%
%
Jan__ 46,191.398.727 38,472.182.972 +20.019,470,704,741 17,783,054,500 +9.5
37,484,578,458 33,702,215.835 +11.2 18,427,017,204 15,582,105,989 +5.4
Feb__- 42,018,207,716 36,675,610,441 +14.5 18,689,196,967 17.025,383,279 +9.8
March

2d CM- 126,590,068,200110,790,185,914 +14.355,874,905.46052,784,171,002 +10.2
8 mos_ 252.283,751,099219,640,195,182 +14.8110441824.372103174714.770+10.3
July.. 42,981.539,437 38,244.469.484 +12.419.689,789.33017,117,836.458+14.3
Aug __ 38,028,978,230 38.399,397,894 +4.517.810,459.86516,057,281,489 +10.9
Sept- _ 40,717.760.442 36,016,297.942 +13.018,943.321,963 18,725,647,206 +13.7
3d Q11- 121.728,278,109110.660.165.120 +10.0.56,339,571,158 49,900,7135,124 +13.0
'
9 mos..374,012,029,208330.390.360,282 +13.2806781395,530153075479,894 +11.2
Oct__ 47,225,425.548 40,632.581,387 +16.221.273,278,549 19,047,934.153 +11.9
Nov __ 42.794,501,693 39,888,803.501 +7.219.317.323.61017,456,073,376+10.6
Dec_ 48,031,054,832 44,937.617.321 +6.921.071,768,95619,311.673.720 +9.1
4th qu.138,050,982,071 125.458,982.209 +10.181.862,371.118 55,815,881,249 +10.5
Year__ 512.063.011,226455.759.342.491 +15.3228443766,646205891161.152+10.9

1924.

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1922
to 1925 is indicated in the following:
1925.
1924.
1923.
1923.
No. Shares. No, Shares. No. Shares, No. Shares.
41,570.843 28.857.388 19.914.827 16,472,877
32.794.455 20.721.582 22.979,487 16,175.095
38,294,393 18,315,911 25,964,865 22,820,173
112,659,392 85,894,859 68.858,982 55,487.645

let qu_ 125.693,682,89 108,850,009,248 +15.554.566,918.912 50,390,543,768 +8.3
.April _ 41476,138,42: 37,234.014,892 +11.418,627,253,82316,908,153,777 +10.2
May _ _ 41.878.356,182 37.484.014,224 +11.7 18.030,921,782 16.782.409.481 +7.6
June_ 43,235.573.5
36,072.156,798 +19.8 19,216,729,87516.113,607,744 +19.1

1925.

$285,402.800 $387,448,200 33,383,788,898 $2,804,352,615

Clearings Outside New York.

Month

1924.

Stock, number of shares. 43,284.506 43,101,381
454,404,803
181,223,361
Railroad & miscell. bonds $174,374,000 $233,322,400 $2,331,928,175 $2,345,321,300
U.S.Government bonds_ 37,568,100 74,062,300
390.929,780
878,930.815
foreign. &c., bonds 53.480,500 80,081,500
State,
680.932,760
582.100,500
Total bonds

Clearings. Total AU.

Twelve Months.

Description.

-1.4 17,,243,791 18,263,805,239

Month of January
February
March
Total first quarter
Month of April
May
June

24.844.207
38,847,760
30,750.761.

Total second quarter

18,118.828
13,813.967
17.003.141,

20.091.986
23,155,730
19.754,197

30.834.353
28.921.124
24,080,787

92.242 735

48,833.935

63,001.913

83,636.284

Month of July
August
September

32.812.918
33,047.248
37.109.231

24,318.182
21,809,031
18,184,185

12,551,851
13,144.641
14,642,288

15.118.088
17,882.553
21,712.040

Total third quarter

102,968,397

84,311.373

40,338.781

54,892,682

Month of October
November
December

54,091,704
49,176,979
43,264,504

18.332,992
41,1357.077
43,101,361

15 802.1400
22,588,598
25,523,869

25.782 047
19,407,087
19,886,214

Total year 1925

454,404.803 281.931,507 2311.115.042 248.652,519

The course of bank clearings at leading cities of the country
We now add our detailed statement showing the figures
for the month of December and since Jan. 1 in each of the for each city separately for December and
since Jan. 1 for
last four years is shown in the subjoined statement:
two years and for the week ending Jan. 2 for four years:

CLEARINGS FOR DECEMBER,SINCE JANUARY 1, AND FOR WEER'ENDING JAN.2 1926.
Month of December.

Twelve Months.

Ckarings al1925.

1924.

168.07
Dec.

1925.

1924.

Weak Ending January 2.
Inc.or
Dec.

1928.

1925.

$
$
$
$
%
%
$
$
First Federal Rest eve District- Boston
Maine-Bangor
3.188.408
3,027,901
38.033,886
40,138,437 -5.3
+4.6
514,497
738.871
Portland
16,012.997
15,088,380 +13.2
174.371,073
157,915.526 +10.4
2,989,054
4,728,408
-Boston
2,105,784,350 1,988,000,000 +6.0 22,481,915.310 21,323,000,000 +5.4 430,000,000 450,000,000
36889.
Fall River
11.134.046
121.230,152
107.787,753 +12.4
+3.1
10.700,891
2,210,356
2,133,598
Holyoke
4,089,139
4,028,986 +1.5
49,337,294
47,091.321 +4.8
aa
Lowell
6,205,300
5,574,380 -8.8
60,639.419
60,973,339 -0.6
1.196,719
1,168,107
Lynn
aa
a
•
•
a
a
7.035,460
New Bedford
7,938.779 -11.4
79,943,697
74.187.603
1,201,546
1.426,548
25,710,177
Springfield
24,721,635 +4.0
303,889,872
273,833,974 +11.0
4,952.973
8,182,063
Worcester
18.504,411
18,847,735 +11.1
194,635.139
183,377,338 +6.1
4,315,885
3,871,000
72,704.075
Oonn.-Hartford __
59,032,703 +21.5
853.780.569 +16.7
15,377,758
763,288.783
15,357,898
30,888.779
29,718,915 +3.9
New Haven
370,484,451
358,478,841
+3.3
6,253,092
7,122,965
13.340.500
Waterbury
10.868,500 +22.7
129,137.900
109.544,600 +17.9
65.583,000
-Providence.....
58.407.100 +12.2
717.578,500
13,323,400
821,855,500 +15.4
B. 1.
18.782,300
5,069,627
-Manchester._
N. 25.
4.004,600 +26.6
41,428,285
39,494,909 +4.9
5,069,827
4,004,600

-r7.7

Total(14 cities)..... 2,384.210.289 2.235.734,484

+6.6 25.525,891.741 24.051,259,710

Second Federal Re serve District -NewYork27.427.903
25,798,084
-Albany
N. Y.
4,781,359
4,581,900
BIllabalntOn
215,583.444
247,487,870
Buffalo
4,089.815
3,732.893
Elmira
13,585.750
5,815.112
Jamestown
26,959.285,876 5,625.943,601
New York
4.811,618
4,616.515
Niagara Falls
58.935,018
58,511,928
Rochester
24,961,988
22.191.708
Syracuse
14,678,783
17,121,978
-.
-StamfordConn.
4,515,753
3,806,407
-Montclair.N. J.
127.394.238
101,801.943
Newark
191,716.042
165,453,214
Northern N. J
7,657,930
6,465.968
Oranges
.......• ,,, A ...1.4....,
ov 5811 562 128 26 9A18 070 2}1(1

+8.3
332,232.588
295.976,337
+4.3
59,325.542
52,802,700
+14.8 2,781,646,612 2,310,148.597
+9.6
49,071,454
42.537,314
+12.6
77,417,846
83.048,688
+6.2 283,619,244,837 249,868.181,339
+4.2
54,933,844
51,402,38.5
+4.3
667,924,308
598.939,497
+12.5
301,581,843
261.865.876
+16.6
183,262396
161.713,196
+18.6
34,100.200
31,255,790
+25.1 1,129,083,897
988,488,297
+15.9 1,782,919,810 1,779,282,851
+18.9
69.760,864
80,134,293




+6.1
+12.2
+12.3
+20.4
+15.4
+22.8
+13.5
-6.9
+11.5
+15.2
+13.3
+9.1
+14.2
-0.9
+18.0

487,404,705

513,514,358

6,027.342
6,877,855
1,058.200
1.219.800
047,684.057
40.938.291
815.955
762.775
1,131,934
994.604
5.906,120,658 6,027.029,441
14.221,290
5,478,743
02.447,313
*400,000
38,872,286

Dec.
Dec.

1924.

%

$

$

-30.4
-36.8
-4.5
+3.4
a
+2.4
a
-15.8
-20.0
+11.8
+0.1
-12.2

901,891
8,842.084
429,000,000
2,918,985
a
1,205,491
a
1,279,890
6.242,893
3.771.000
18,677,620
8.254,628

1,018,075
3,648,827
408,000,000
2,188.106
a
1,268.413
a
1,348.215
6,590,149
4.793.363
15.486,313
5,588,012

-20.6
+28.13

15,061,000

*14,500,000

-5.1

489,155,480

484,427,472

-12.4
8,161,453
7.058.391
-13.4
1.436.800
1.456,700
+16.5
44,587,334
45,481,847
+7.0
827.873
685.308
+13.8
954,009
1,084.541
-2.0 4,842,723,188 4,871.013.142

16,145,704 -11.9
5.991,832 -8.7
2,528,193 -3.2
458,994 +13.8
40,477,878 -9.4

441.4 201.19221111,017 21%8.7%115.11182 1251 41211 8.1128.1188.778(1.143.4218 170

1923.

15.066,832
13,842,558
2,889,344
560,565
31,147,709

14,601.002
6,470.746
2.898,070
473,728
33,864.206

-1 05 055 .10A An 1 8 MU 171 220
,

183

THE CHRONICLE

JAN. 9 1926.]

CLEARINGS
-(Continued.)

1925.

1924.

Week Ending January 2.

Twelve Months.

Month of December.
Clearings at
Inc. or
Dec.

1925.

1924.

Inc. or
Dec.

$
%
5
$
%
s
Third Federal Res erve District-Phliadelph is
73.609.909 +6.4
6,928,434
6.342,757 +9.2
78,352,550
-Altoona
Pa.
199,810,058 +8.9
17.020,5 8
13,882,040 +22.6
217,585,765
Bethlehem
613,680.312 +16.3
6,457,867
5,633,822 +14.6
77.529.200
Chester
228,139.000 +11.2
23.1E8,042
20,682,103 +12.0
253,1381,837
Harrisburg
149,971,474 -22.8
10.990,764
11,297.579 -27
115,810,401
Lancaster
+7.1
30,335,7'18
2.519.321
2,466,220 +2.1
32.485,324
Lebanon
45.721,320 +205
4.278,379
4,441,266 -3.7
55,109.799
Norristown
2,692.000.000 2,533.000,000 +6.3 29,079,000.000 25,645,000,000 +13.3
Philadelphia
17,502,794
178,975.851 +10.3
15,810,309 +11.4
197.491.250
Reading
25,645.212
304,448,208 +4.7
29,117,257 -11.9
318,740,033
Scranton
199,583.437 +4.2
17.043,704
Wilkes-Barre
18,542,610 -9.1
208,029.953
+8.7
91.660,586
8,137,1 31
10,318,326 -21.1
York
99,618,300
+8.9
83,818,873
648.618,036
-Camden
706,645,894
73.157.823 +146
N.J.
30.116.381
281,813,967 +13.8
Trenton
27,584.339 +9.2
320,956.375
a
-Wilmington _
a
a
a
a
a
Del.
Total(14 cities)

- 2,945,627.950 2,772,276,451

Fourth Federal R serve District -Cleveland Ohio-Akron
25,111.000
38,052.000
23,369,651
Canton
20,884,929
Cincinnati
327.544,493
310,458,214
Cleveland
522.549,087
482,906,618
Columbus
73,574,300
62,203,800
Dayton
a
a
Hamilton
3,755,543
3,287,371
Lima
aa
Lorain
1,843,403
2,428.305
Mansfield
8.583,379
8.002,169
Springfield
a
a
Toledo
a
a
Youngstown
22.676,871
20,165,023
-Beaver County_
Pa.
3,277.433
3,348,253
Erie
a
a
Franklin
1,651,287
1,452.545
Greensburg
6,542.298
6,353.187
Pittsburgh
821.500,837
747,856,887
Ky.-Lexington
10,648,993
10,065,393
W. Va.-Wheeling__
20,840,398
21,087.844
Total(15 cities)...

1,873,468,972 1,739,552,568

1926.

1925.

Inc. or
Dec.

1924.

$

$

%

$

1923.

$

1,224.620
4,326,059
1,354,780

1,196.506
+2.3
+8.1
94,000,000
709.178 +91.0

1,310,347
4.559,122
1.524.502

1,289.038
4.042,883

1,345,419

2.787.109 -51.7

3,364.845

8,361,923

549,000,000
3,551.990
5,170.821
03,223.885
1.459,596

530,000,000 +3.6
3,767.194 --5.7
6,390,194 -19.1
4.210,816 -23.4
2,062.707 -29.3

538.000.000
4,329.613
6.778,471
4.471.142
1,831.171

513.000.000
3.669.286
6,608,397
3,474,375
1,647.840

6,474,886
a

5,947,548
a

+8.9
a

5,209,557
a

5,296.345
a

+6.2 31.761,036,681 28,144.370,886 -16.7

577,132,056

561,071,252

+2.9

671,378,770

542,389.887

399,027.000
240,417.716
3.353,396.387
5,441.304,185
729,097,000
a
42,123,639
a
22,357,078
94.969,676
a
a
230,550,078
38.948.907
a
16.788,458
64,900,200
8,036,969,344
93,140,286
219.210,840

-21.7
-2.0
+10.6
+10.2
+10.1
a
+8.3
a
+17.0
+8.8
a
a
+17.8
-1.6
a
+6.4
+23.8
+10.2
+6.2
_ +3.2

04,651.000
3.197.250
64,674,962
104,884.438
15,456.700
a

7,238.000 -35.8
4,231.107 -24.4
63,961,000 +1.1
107,042.246 -20
13,225,700 +16.9
a
a

6.594,000
4.641,102
63,463,052
116.587,054
14,547.800
a

6,2.53.000
5,333.324
67.776,867
108.721.000
14,690,500
a

158.302,827

161,994,195

-2.3

160,016,394

153.067.463

+7.7 20.822,673,742 19,023,200,794

+9.4

356,486,025

363.263,677

-1.9

372,251,240

362.034,344

3,031.916 -54.2

2,118.048

2,180,162

8.658.141
51,711,000

8,309.294
50,240,563

-34.0
+11.9
+5.5
+8.2
+16.4
a
+14.2
a
-24.1
+7.3
a
a
+12.4
-2.1
a
+13.7
+3.0
+9.8
+5.8
-1.2

Fifth Federal Res eve District- -Richmond-W. Va.-Huntington
8,344,784
9,790,154 -14.8
Va.-Newport News
a
a
a
Norfolk
45,211,525
48,886.359 -7.5
Richmond
266,141,000
276,210.000 -3.7
N.C.-Asheville
a
a
a
Raleigh
13,426,196
13,210,757 +1.6
Wilmington
•
a
a
a
-Charleston. •
S. 0.
10,543,670
10.925,028 -24.3
Columbia
•
6.371,115
9.169,267
30.5
Md.-Baltimore
538,792.159
454,947,713 +18.4
Frederick
•
2,155,858
2.176,294 -0.9
Wagerstown
3,446,834
3.274,363 +5.3
D. C.
-Washington_
123.724.889
111.728,231 +10.7

312,480,000
235,573,321
3,709,955,616
5,996,668,609
802,748.100
a
45,642,269
a
26,169.237
103,342,812
a
a
271.710.112
38,335.888
a
17,863,881
80,381.053
8,856,572.090
98.886.981
226,340,773

84,595,000
a
434,725.868
2,839,366,382
a
144,447,129
a
132,823,778
94,252,877
5,832,393,840
24,216,680
40,209,789
1.353,278,092

95,430,118
a
410.030,506
2,823,259.786
a
127,834,023
a
128,720.868
100,924.588
5,025,334.741
22,302,730
39.454,460
1,167,398,426

-11.4
a
+6.0
+0.2
a
+13.0
a
+3.2
-6.6
+16.0
+8.6
+19.
+15.9

a
1.691.72:
a
a
3.627.120
a

1,389,019
d6,456,409
54,885,000

a

a

a

1,487,482 +13.7
a
a
a
a
4,083.947 -11.2
a

7,149,694
54,417,000

a

-9.7
+0.8

a

1.787,380
a
a
4,614,458
a

1,722,251
a
a
4,469,939
a

01,733,000

2,463,000 -52.2

2,749,821

2,435.960

116,931,570

101,388,956 +15.3

107,736,148

97.839.372

25.151.451

22,386,715 +12.3

21,587.073

21,900,349

9.940,690.246 +10.4

206,546,449

200,837,281

+2.8

194.560.231

182.905,700

+13.7
+1.0
+10.9
+24.5
+11.3
+22.5
+18.1
a
+78.9
+402.2
+235.6
+0.4
+11.0
+5.2
+17.3
+17.8
+1.8
+8.1
+6.1

d4,756,974
3,134,715
22,036.541
78.265,299
2.116,058

4,976,820
2.649,631
18,775,374
52,347.721
1.606.151

-4.4
+18.3
+17.4
+49.5
+31.7

5,876,609
4,253,000
18.405,742
57,738.892
1.761.606

6.361.282
2.740,233
20.326.187
52,765.035
2.021.667

1,412,766
a
31.980.860
15,039.218

1,458,185 -3.1
a
a
15,753,847 +203.0
6.150.254 +144.5

1,484.492
a
12,957,909

1,784.599
a
11.447,779

24.587.882
2,307,349

25,424.026
2.197,907

-3.3
+5.0

25,965,748
2,533,870

32.061,789
2,403,595

2,300,000

1,244,000 +84.9

1.341.966

1.082,872

457,758
62,188,039

483,163 -5.3
75,235.442 -17.9

516.301
72,352,924

521,385
56.563.239

Total(18 cities).... 1,322,953.588 1,066,984,050 +24.0 13,477,069,522 10,586,076.389 +27.3

250,583,459

208,301,521

+20.3

205,188,859

191,080,160

158,488
1.217,655
138,585.180

199,933 -20.7
1,111.309
+9.6
139.155,001 -0.9

201.486
644,970
111.946,796

256,979
887,083
118.705.681

Total (10 eities).._

1,018,158,030

943,318,166

+8.0 10.980.309.436

Sixth Federal Res)rve District- Atlanta
Tenn.- Chattanooga
35.040.036
31,222,326 +12.2
Knoxville
13,417,678
12,987,086
+3.3
Nashville
99,185,063
93.761,472
+5.8
On.
-Atlanta
345.923,297
295.971.334 +16.9
Augusta
10.015.719
9,966,368 +0.5
Columbus
5,081.816
4,655.979 +9.1
Macon
9,041,560
8.166,984 +10.7
Savannah
a
a
a
Fla.
-Jacksonville _ .
171.467,850
82,341,744 +208.2
Miami
102.986,308
30,265.866 +240.2
Tampa
52,457,413
23,115.995 +226.9
Ala -Birmingham..
132,436,478 -1.1
.
129.933,401
Mobile
10.568,606
9,106,356 +16.0
Montgomery
8.885,947
8,296,802 +7.1
Miss.
-Hattiesburg
9,037,643
6.920.266 +30.6
Jackson
8,113.768
6,123.000 +32.5
Meridian
4.217.290
4,263,098 -1.1
Vicksburg
2,377.158 -29.2
1.683,773
La.
-New Orleans .
305.896,420
305,005,738 +3.0

Seventh Federal I ()serve Distric t-Chicago-997.707
1.080,290
Ann Arbor
5,055,137
4,114,294
Detroit
750.301.371
636,819,480
.
10,541,260
Flint
9,280,818
39.758,005
Grand Rapids_ _.
32,462,224
7,789,332
Jackson
6,507,300
Lansing
12,062,924
10,840,175
14.395,941
Ind.
-Fort Wayne
13,020,338
.
Gary
25,727.084
19.170,675
Indianapolis
99,779,385
•
77,692,000
South Bend
13.333,500
12,156,922
Terre Haute
23,967.331
27,121,502
.
Wls.-Madison
14,147.492
13,144,880
Milwaukee
178.708,548
168,683,29''
Oshkosh
4,011,885
3,589,111
.
Iowa-Cedar Rapids
11,006,526
10,610,809
Davenport
48.692,506
411,977,167
46.696,473
Des Moines
48,113,404
Iowa City
2,196.593
1,955,020
Mason City
(8)
2,494,000
Sioux City
30.154,403
30,143,445
Waterloo
5,003,564
6,844,251
7,269,6013
5,627,154
Bloomington
7,500,695
7,055,823
3.049,939,703 2,880,859.342
Chicago
a
Danville
a
6,024,093
Decatur
6,798,648
23,101,536
22,628,483
Peoria
Rockford
13,357,963
11,236,623
Springfield
12,291,273
11,404,647
Total(29 cities)

. 4,467,226.434 4,125,519,522

Eighth Federal R 5 serve District -St. Louis
_
11.803,834
21.119,534
•
886,771
749,408
New Albany
. 697,316,361
664,575,713
Mo.-St. Louis
a
Springfield
a
.
162,502,012
Ky.-Louisville
151,541,297
2,319,536
2,397,752
Owensboro
8,732,492
7,589,730
Paducah
131.175,920
146.420,830
Tenn.-MemPhis-- -.
73,259.143
69,815,209
-Little Rook .
Ark.
2,034,847
IL-Jacksonville1,067,504
6.920,538
6,242,268
QuineY
Total(10 &lea) . 1,096,951,454 1,071.519,245




-7.7
+22.9
+17.8
+13.6
+22.5
+19.7
+11.3
+10.6
+34.2
+28.4
+9.7
+13.2
+11.4
+5.9
+11.8
+3.7
+3.6
-3.0
-11.0

373,405,137
162,354.714
1.122.203,951
3,604.290,297
110.907,207
55,946.341
92.439.419
a
1,446,158.867
1,066,528,874
461.800.170
1,372,382,901
106.497.788
93.706.133
91.157,667
79,106,248
45,737,142
22,873,143
3,169,573,523

328.290.641
160,661,525
1.012,243.160
2,895.571,945
99,663,868
45,680.188
78,296,104
a
808,093.771
212,353.780
195,979.545
1.367.180,817
95,917,771
89,029,098
77,703,590
67,124,323
44,942.766
21.165,040
2,986,178,447

12.884,211
12,333,617 +4.5
52.723,702
45,246,243 +16.5
8,430.797.003 7,355.598,022 +14.9
125,846,805
120.053,976
+4.8
415.171,313
363,187.181 +14.3
110,245,863
87,684,083 +25.7
140.964,419
+9.7
128,430,042
147,658,263
127,312,901 +23.8
267,637,178
210,616,956 +27.1
904.278,000
984,874,000 -8.2
151.241,800
123,684,785 +22.3
304.297,487
285,451,373 +6.
162,735.232
133,704.284 +21.7
2,062,451,850 1,911,755,916
+7.9
44,312,208
38,657,285 +14.6
138,901,696
126,526,061
+9.8
610,259,307
550.774,269 +10.8
572,052,641
558,805,547 +2.4
22,075,364
24,709.215 -10.7
19,396,736
26.746,73 -27.5
367,858,973
333,556,857 +10.3
69,689,317
77,441,966 -10.0
79,004,498
63,886,388'
+23.7
86,680,608
75,860,204 +14.3
35,391,593,571 31,653,583,949 +11.8
a
a
a
77,593,249
71,550.841
+8.4
240,174,212
+1.1
237,563.061
148,670,755
129,299,719 +7.2
145,538,018
130,597,641 +11.4

+8.3 51,302,734,279 45,989,493,112 +11.5

+0.003
-26.9
+29.2
+6.3
+5.9
a
-11.4
+2.1
+18.9
+7.8

-44.1
+18.3
+4.9
a
+7.2
-3.3
+15.0
-10.4
+4.9
+90.6
+10.9

135,788,235
258.034,160
9,030,201
8.387,513
7,626,579,123 7,174.033,847
aa
1,743.589,890 1,611,927.608
21,826,590
22,650,180
110.568,863
119.906,430
1,232,818.801 1,114,087.697
735.856,786
640,360,864
22,330,884
17,303.432
84,091,671
74,625.655

-43.4
+7.7
+6.4
a
+8.2
-3.6
-7.8
+10.6
+14.9
+29.0
+12.7

+2.4 11,722,481,044 11,041,317,386

+6.2

6.989,536

6.955.01:

+0.5

6.729,176

6.157,293

2,401,424
3,316.688

2,041,001
2,468,80

+17.6
+34.3

2,693.978
3,752,212

1,889324
2.231.474

19.972,000
2,297,700
4,773,276

18,999,001
+5.1
2,305.562 -0.4
5,971,007 -20.1

22.279.000
1.486.582
6,071,845

21,363,000
1,903.200

33.814,401

33,660,082

+9.4
.

34.662,803

35,537.095

2,394,892

2,539.237

-5.7

2,598,085

2,765,487

9.225.565

10.064,441

-8.3

11,638,060

11,137,846

5.795,461
881,333

5,971.291 -3.0
1.285,226 -31.4

5,338,657
1,494,172

5.790.981
1.606,344

1,336,204
633.446.529
a
1,164,879
4,184,375
2,395.514
2
,367.182

1,618,787 +82.5
624,208,339 +1.5
a
a
1.466.176 -20.6
4,602,003 -9.1
,2,436,855 -1.7
2,399,800 -1.4

1,341,279
614,067,444
a
1,249,283
4,742,730
2.482.537
2,396,145

1,564,295
634,947.251
a
1.272.841
4,722,342
1.827.680
2.540.914

876.718,282

869,458,869

+0.8

837,817,240

857,107,210

4.967,813

-6.1

4.884,358

6,358,128

171.977,262 14.0
a
a
31.989.280 -8.1
608,885 +27.3

153,957,984
a
23,180,870
524.827

a
31,434,901
697.995

-8.9
-2.5
-5.5
-7.5

25,642.868
11.231.231
434.255
1,379.101

25,499.424
11,674.363
470,907
1,564,365

249.940.614 -11.7

221.235.494

77,700,082

4,662,656
147.900,000
a
30.041,985
442,965
23,211,826
12,969,949
391,346
1,107,671
220,733,398

25,475,831
13,309,790
414.253
1,197.500

THE CHRONICLE

184

[VoL. 122.

CLEARINGS
-(Concluded.
Mon

Twelve Months.

of December.

Week Ending January 2.

Clearings al
1925.

1924.

Inc. or
Dec.

$
Ninth Federal Res erve District -Minneapoll 551,024,584 -7.0
47.475.088
-Duluth
Minn.
424,150,623
431,557,392 -1.7
Minneapolis
1.990,913 +14.2
Rochester
2,273.683
151,088,957
153,102,358 -1.3
St. Paul
9,264,869 -9.1
8,425,608
No. Dak.-Fargo_ _ _ _
6.083,000
6.950,000 -12.5
Grand Forks
1.177,695 +5.6
1,243,245
Minot
7,245,506 -1.5
7.139.798
So. Dak.-Aberdeen.
4,287.472 +15.8
Sioux Falls
4,966,535
2.737,233
Mont.
-Billings
2,890,105
+5.6
3,805,380 +20.8
Great Falls
4,598,678
15,066,848 -0.7
Helena
14,963,733
1166,671 +543.9
Lewistown
1906,560
Total(13 cities) _ _

676,205.613

688,376,921

Total (16 citles)

1,341,368,286 1,229,232,920

1924.

1925.

1926.

d6,923,698
84,435,851

6,514,039
+6.3
73,733.922 +14.5

5,569,393
61,145,108

6,517,039
65,527,477

27,967,263
1,380.965

28.896,729 +6.3
1,608.950 -14.2

30.782.960
1,343,852

34,913,818
2,028,542

1,396,600

1,211,786 +15.2

1,243,752

1,261,678

7,154,681,377

6,666,382,662

22,396,587
32,596,380
254,049,952
2,188,210,683
213,127,476
a
a
184,941,687
401.638,512
89,178,302
7,036,471.383
392,705,388
a
14,727,154
a
1,443,875,836
436,148,418
63,681,225
1,667,800,725
59,266,536

3,082,081

2.849,939

+7.3

125,629,303

115,365,097

21,457,420
28,341,820
215,769,668
2,004,488,419
236,428,504
a
a
153,019,279
388,348.065
77,214,000
6,581,628,797
364,481,235
a
15,134,877
a
1.283,152,230
351,403,042
56,755.109
1,611.163,932
50,384,169

+4.4
+15.0
+17.7
+9.2
-9.1
a
a
+20.9
+3.4
+15.5
+6.9
+7.7
a
-2.7
a
+12.5
+24.1
+12.2
+3.5
+17.6

219,782
519,526
3,588,792
36,552,583

d3,007,645
6,310,292

a
d28,386.395
a
828,604
16,811.728
e869,844

+9.1 14,500,816,244 13,439,170,566

+7.9

229,475,357

+24.5
+1.6
+15.3
+0.1
+4.5
+9.2
+11.9
+2.5
+20.9
-21.4
+43.1
+11.5

1,114,632

84,597,962
71,556,763
2,213,634,863
252,557.446
623.989.586
476,068,314
1,578,359,500
26,180.365
35,208,514
163,964,289
119,265.646
246,209,808

+4.0

6,571,295,884

5,891,593,056 +11.5

Twelfth Federal R eserve Distric t
-San Franc ISCO--Wash.- Bellingham_ _
4,506,000
3,377.000 +33.4
Seattle
204,668,718
174,105,380 +17.5
Spokane
57.029.000
51,127,000 +11.5
a
a
Tacoma
a
7,431.218
Yakima
6,519,675 +13.9
6.139,892
Idaho-Boise
5,460,110 +12.4
2,199.690
Oregon-Eugene
1,958,733 +53.1
Portland
179.275.981
158.521,527 +13.1
IItah-Ogden
11,330,000
8,482,000 +33.6
97.777,947
87,117,653 +12.2
Salt Lake City
3,034.935
2,761,076
+9.9
Nev.-Reno
Arizona-Phoenix_
11,800,000 +12.9
13.329.000
Calif.
6.018.011
5.215,701 +15.4
-Bakersfield
17,642,213 +14.8
Berkeley
20,251,770
18,224,195 +37.6
Fresno
25,086,233
Long Beach
31,199,047 +6.8
33,318,942
Los Angeles
749,996.000
649,812,000 +15.4
3,638,223 +16.6
Modesto
4,243.428
Oakland
83,006,163 +22.0
101.302,980
25,269,030 +10.2
Pasadena
27,854,758
3,420,055 +31.1
Riverside
4,485.186
38,039,398 +9.7
Sacramento
41,735,043
San Diego
26,142,767
19,437,550 +34.5
San Francisco
909,212.963
752,900,000 +20.8
10.542,601 +21.8
San Jose
12.846.483
5,513,033 +39.0
Santa Barbara
7,666.194
8,669,056
Santa Monica
9,501,916
+9.6
Santa Rosa
2.443,920
2,160,780 +13.1
Stockton
15,120,900
12,323,000 +22.7

45,254,000
2,205,404,626
606,901,033
a
82,266,636
57,198.886
27,542,807
2,015.148,908
108.213,000
898,102.610
35,036,112
121,928.000
59,438,319
220,021,829
201,331,828
332,122,723
7,945,493,000
44,958,841
1,063,291,078
310,599.694
42,786,332
450,001,211
269,815,389
9,479,464,458
143,791,357
73,009.035
105,354,048
26,577,953
150,581,700

40,148,000
2,039,249.570
573,914,884
a
70,041,478
55.204,184
22,483,880
1,898.910.859
75,834,000
804,709,503
31,832.496
110,490,149
49,854,551
207.836,127
200,208,229
369.536,444
7,194.525,000
39,107,843
845,144,456
293.184,216
39,932,002
430,134,192
215,183.262
8,366.230,636
126,497,742
62,145,992
99,881,868
25.412,496
132,600,507

Total(28 cities)_

609,550,565

1923.

-1.3
+10.8
+11.0
+0.8
-9.3
+9.1
+10.4
+11.5
+12.2
+16.6
+16.9
+12.7
+443.9

549,732

-1.8

1924.

504,915,852
4,025.843,109
20,618,429
1,617,749,116
94,406,016
68,235,694
12.227,853
69,714,916
54,408,657
28,233,717
34,391,079
135.471.553
1166,671

105,349,233
72,708,101
2,556,829,919
252,882.072
652,152,962
519,951,000
1,765,968,080
26,832,869
42,558,699
128,903,194
170,705,772
276,453,983

634,281,225

Inc. or
Dec.

498,450,286
4,462,950,450
22,880,408
1.631,459,933
85,601,746
74,480,000
13,487,998
77.750,830
61.037,892
32,928,493
40,201,009
152,712,443
1739,889

+3.1
+9.5
+7.1
+11.0
+1.7
-4.8
+4.0
+20.2
+10.5
-35.3
+20.4
+9.9

Total(12 cities)

1925.

442,845

Tenth Federal Res erve District -Kansas Cit Y-Neb.-Fremont
1,712,219 -10.1
1,539.208
Hastings
2,428,427 +32.6
3,220.495
Lincoln
18.510,929 +14.0
21,105,208
Omaha
170,261,304 +10.9
188,848,380
Kan.
-Kansas City_ _
18,788,870
15,828,565 +18.7
a
Lawrence
a
a
a
Pittsburg
a
a
13,469,848 +22.7
Topeka
16,522.955
34,283,619 +4.0
Wichita
35,653.936
8,386,408
6,948,000 +20.7
Mo.-Joplin
601,328,649 +8.2
Kansas City
650.753,001
St. Joseph
34,354,722
33,407.457 +2.8
a
a
a
Okla.
-Lawton
1,355,542
1,486,423
McAlester
+9.6
a
a
Muskogee
a
141,309,196
152.947,673
+8.2
Oklahoma City_ _ _ _
41.048,371
30,122.035 +36.3
Tulsa
5,537,467
4,986,668 +11.0
Cob -Cob. Springs_
156,166.772
148,790,803 +4.9
Denver
5,008.397
4,489,659 +11.6
Pueblo

Eleventh Federal Reserve Distr ict--Dallas--Austin
8,137,996
Tex.
7,889,526
6.837,457
6,146,343
Beaumont
Dallas
245,922.065
229,634.945
27,199,414
El Paso
24,501,752
Fort Worth
67,823,608
66,662,865
Galveston
55,748,000
58,534,822
165.083.142
Houston
158.751.518
Port Arthur
2,509,911
2,087,154
Texarkana
4,120,329
3,729,148
Waco
10,292,723
15,894,587
15,853,519
Wichita Falls
13.165.194
24.753,061
-Shreveport
22,552,911
La.

Inc. or
Dec.

_ 2.583,949,875 2,198,242,205 +17.5 27,121,635,413 24,420,234,546

+12.7
+8.1
+5.7
a
+17.4
+3.6
+22.5
+6.1
+42.7
+11.6
+10.1
+10.3
+19.2
+5.9
+0.6
-10.1
+10.4
+15.0
+25.8
+5.9
+7.1
+4.6
+25.4
+13.3
+13.7
+17.5
+5.5
+4.6
+13.6
+11.1

125,817,820
d6,562,346

423,984

553,311

+8.1

2,605,842

3,709,214

+8.9

103,114,891

114,511,079

280,541 -21.7
491,690 +5.7
4,062,350 -11.7
36,612,995 --0.2

298,965
455,029
3,142,996
32.814,295

405,717
549,130
4,778,430
41,769,579

2.327,304 +29.2
6,137,197
+2.8

3,528,018
6,838,687

3,501,402
9,785,000

+6.5
+3.2

115,529,503
6,232.895

138,081,026

a
a
25,319,454 +12.1
a
a
650,324 +27.4
18,360,157 -8.4
827,212
+5.1

a
25,649,938
a
849,717
21,356,915
996,925

23,951,371
a
1,127,248
21,837,104
884,635

217,693,883

246,670,642

118,066,757
6,355.024

219,491,005

+4.5

1,534,106 -27.4

1,517.000

1,573.842

50,050,374

47,804,914

+4.7

41,151,370

35,575,714

13,286,220
10,955,642
a

12,114,583
+9.7
13,040,553 -16.0
a
a

12,823.360
9,374,930
a

11,616,949
9,646,648
a

4,788,019

5,241.410

-8.8

6,315,552

6,139,076

80,194,887

79.735,566

+0.6

"1,182,212

64,552,229

36,939,623
10,401,000
a
1,385.493

33,195,570 +11.3
10,038,000 +3.6
a
a
1,443,889 -3.1

39,125,811
10,118,000
a
1,412,291

32.853,144
11.953,000
a
1,528,216

31,275,585

31,982,116

-2.2

33,191.232

28,850,408

19,915,770
a
a

19,570,387

+1.8
a
a

18,330,226
a
a

15.782,438
a
a

3,013,357 +18.0
5,970,465 -5.4
129,290,000 +10.2

3.797.050
8,399,021
141,218,000

4,780,001
7.169,243
112,867,000

3,557,408
5,650,146
142,503,000

a

17,650,372
4,618,176

16,306,179
4,863,375

+8.2
-5.1

14,909,176
5,849.495

15,651,539
5,054,091

d5,955,585
4.598,326
170,000,000
2,636,820
1384,753
1,607.146

5,954,241
3.647,419
152,200,000
2,277,840
1,081.061
1,569,639

+0.02
+26.1
+11.7
+15.7
+9.6
+2.4

6,440,420
4,120,442
160.500.000
2.663,420
1,375.687
1,833,220

6,361.436
*4,000.000
150,200.000
2,966,450
1,102,980

2,231.800
462,111,003

2,747,300 -18.8
425,150,838

+8.7

1,847,500

2,223,300

455,220,991

403,343,245

Grand total(191 cities) 48,031,054,832 44.937,617,321

+6.9 512,063,011,279 455,759,342,491 +12.3 9,898,670,704 9,925,027,157

-0.3 8,685,584,751 8,484,414.543

Outside New York

+9.1 228,443,766,646 205,891,161,152 +10.9 3,992,550,046 3,897.997,716

+2.4 3,842,861,563 3,613,401,401

21,071,768,956 19,311,673,720

CANADIAN CLEARINGS FOR DECEMBER SINCE JANUARY 1, AND FOR WEEK ENDING DECEMBER 31.
Since January 1.

Month of December.

1Veek Ended December 31.

Clearings al-

$
5,353,492,462
5,255,433,826
2,682,695,199
803,051,359
332,140,501
291,276.519
148.486,237
255.781.872
343,415,332
133,734,811
108,146,581
140.878,932
220,329,384
179.302,867
29,796,999
27.718,555
83,355.958
58,471,697
46,050,667
48.122,905
30.816.500
16,463,668
40.621,725
41,432,014
48,875,860
164,187,439
16.572.705
41,537,923
35,733.539

.07-40

$
5,143,250,794
4,914,652,246
2,892,376,615
807,197,610
328,862,264
296.868,697
153,908,814
250,224,656
355,320.700
131,306,092
101,269,481
136,640,609
239,350.281
225,429,503
31,805,295
28,311,024
91,330,853
61,186,405
50,714.486
43,110.272
33,049,655
15,359,364
40,564,340
42.169,656
49.231,111
172,716,001
17.347,712
41.258,874
36,429,854

ols.P.KI.b2004 h20•0“.4CrICCO
,
1 0 4ONIM., 000A.:CAW.-.00VODW3.
1
05m
QN0,44COW.W.WWONA,
,
-WW14.4...0001001,
oNCOGniA.......N0CnNOOM ,
74.4000,4
-.0WCAN....01,
.-0- 0 0
abb s0V
,
40:ANNO 0710.
,
to
01.
..tiDN-44.-.WorP.W...0C7,0-4WoOppqrcp=o,
-aato-o0-o-atotototoaoato-oocoo.-.os-o
0-.o

%
+2.7
+13.7
+21.3
+8.8
+2.3
+2.8
+16.5
+8.1
+12.7
+11.9
+19.8
-4.0
+10.9
+33.9
-9.3
+32.2
+37.1
+11.7
+34.4
-10.9
+25.1
+17.6
+0.1
+2.8
+0.4
+14.6
+32.6
+17.9
+6.0

1925.

•

$
548,745,031
486,057,891
324,497.832
68.813,190
31,887.396
27,282.692
13,341.807
22.485.940
39.492.324
10.805.193
7.895,812
13,534,355
22.215,233
20.416,944
3,421.341
2.854.032
8,316,553
6,421,037
4,197.473
5,421.163
2,569,924
1,465.679
3.826,358
3,406.171
4,645,627
13.176,718
1,594.329
3.892,497
3.299,936

1924.

1924.

Cl

$
563,487,613
552.681,992
393,745.038
74.871.634
32,626,090
28.054.351
15,546.488
24,309.968
44.492.324
12.086.871
9,457,364
12.991.160
24.632.817
27.333,464
3,103,050
3,772,198
11,400.895
7.172.278
5,642.504
4.829,668
3.214.716
1.723.152
3,830.462
3,501,968
4,666.502
15.106.140
2,113.459
4.589,972
3,498.056

1925.

Inc. or
Dec.

0..000MMt-M.AMP0...W00000W,
ONgt .00!-N
,
OO
...TrMO....)NWO.ON0000,.t0-.NCOC
,
OMON
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.
.
46
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.0C-CDNMN001--WOON.voNM0000.00
N omo.moNto.....11e0NC.OVVNC-1-VNC-cOWNN.0,
.
0

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston

1924.

Inc. or
Dec.

+1 44+4- 11 -1- Lt++++t-1- 111+1++1++11
.o.p.0.0..0111o.qoo,o,onachocowoom..www....0.-Jcow

'
1925.

Inc. or
Dec.
%
-10.9
-14.9
+12.4
+18.1
-16.5
+5.3
-4.0
+5.8
+25.9
-4.2
+14.4
-19.2
+3.3
+15.1
-15.7
+84.9
+26.6
+1.3
+34.0
-0.2
+31.4
+0.5
-3.2
-5.0
+1 7
4
+11.
+24.3
+20.4
+20.4

1923.
$
109,400,714
97,905,256
49,649.602
15,513,067
5,869,174
6,232.601
2,743,648
5,301 237
7.786,069
2,530.430
1,768.909
3,244,260
8,319.664
4,239,692
569.495
603,942
2,032,881
1,446,763
1,143,123
1.226.531
569,427
315,740
744,872
1,055,490
908.783
3.678,606
395,511
806,441
704.552

1922.
$
114.458.853
107.198,244
52,577.898
13,226,484
5.985.163
5,492,321
3,020.820
5,081,397
6.424,545
2,557.046
2,019.264
3,611,141
4.397.878
4,404.129
680.279
821,625
2,000,000
1,581,934
1,162.458
852,147
465,538
333.915
687,011
895,265
985,483
3,191,224
338,418
826,184
687,039

317,200,054 -4.8 336,706,480 345.963,701
1.894,482.194 1,705.980,478 +11.0 16,741,243,264 16,977,924,066 -1.4 302,566,224
Total Canada
a No longer report clearings. b Do not respond to requests for figures. c Week ended Dec. 30. d Week ended Dec. 31. e Week ended Jan. 1. •Estimated.
banks closed in 1924 until Dec. 16. g No clearings ;only one bank open.
All




JAN. 9

185

THE CHRONICLE

1926.]

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
THE ENGLISH GOLD AND SILVER MARKETS.
Motor stocks continued to attract attention in the specuWe reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of lative activities on the New York stock market the present
week though considerable interest was also manifested in
Dec. 11 1925:
GOLD.
railroad shares, and specialties. The first day of the week
The Bank of England gold reserve against notes on the 9th inst. amounted
to £143,176.235 as compared with E143,868,640 on the previous Wednesday. the drift was strongly upward, followed on Tuesday and
About £800,000 gold was offered in the open market this week, and, the Wednesday by considerable irregularity. As the week adIndian demand being on a small scale, was mostly taken by Holland for
vanced the market again moved upward and new high levels
account of Java.
The following movements of gold to and from the Bank of England have were recorded by many of the more important issues. Under
been announced since our last issue:
the leadership of the motor stocks the market moved briskly
Dec. 10. Dec. 11. Dec. 12. Dec. 14. Dec. 15. Dec. 16.
forward in the two hour session on Saturday, the display of
£500,000
Received
£69.000
£192,000
Withdrawn-- £288,600 £156,000
activity and strength causing considerable surprise and comThe receipt of E500,000 on the 11th inst. was announced as sovereigns
existing
released on account of the South African Reserve Bank. The destinations ment because of the continued holiday conditions
of the £115,000 sovereigns withdrawn were given as follows: £60,000 to in many offices in the financial district. Throughout the day
Straits Settlements, £30,000 to Argentina and £25,000 to India. It is the tone of the market was unusually strong and the total
understood that the bulk of the bar gold withdrawals was again destined
for Holland on account of that country's colonies. During the week under transactions were well above the million mark. The adreview £205,000 on balance has been withdrawn from the Bank. The net vances in the motor group ranged from 5 to 8 points, Chrysefflux since the resumption of an effective gold standard is now £11,196,000. ler, old and new, being particularly prominent. Motor stocks
The United Kingdom imports and exports of gold during the week ending
again led the market on Monday closely followed by Oil
the 9th inst. were:
Exports
Importsshares and Steel issues and gains ranging from 2 to 6 points
£25,075
£30,632 Germany
British West Africa
791,570 were numerous throughout the general list. Trading was
British South At
--37,617 Netherlands
19,493
1,857 France
Other Countries
Switzerland
29,036 unusually active, the sales reaching nearly 2,300,000 shares,
20,380 the largest turnover since Nov. 18. General Motors was
Egypt
10,000
Argentina
72.995 particularly prominent and moved sharply forward 3 points,
British India
20,290
Other Countries
reaching the highest peak since November. Industrial isTotal
£988,839 sues under the leadership of United
Total
£70,106
States Steel moved
The following figures show the gold imports and exports to and from the
briskly forward, the latter moving up to 138% at its high for
United Kingdom during the month of November last:
Exports.
the day and substantial gains were scored by Gulf States
Imports.
Russia
£1.095,000
Netherlands
3,485,230 Steel, Bethlehem Steel, Republic Iron & Steel and Youngs72,258
Belgium
Steel and Tube. Price movements were somewhat
65,380 town
France
Switzerland
632.865 mixed on Tuesday, several leading issues falling off from
Spain and Canaries
6.810
56,430 1 to 6 points due to a large amount of profit taking, though
Egypt.
West Africa
575
98,298
31.345 they were also brisk upward movements in many of the
Java and other Dutch Possessions in the Indian Seas
China (including Hong Kong)
13,766 specialties and railroad shares. Copper stocks were moderUnited States of America
201
2,694,494
Central America and West Indies
ately strong, and Federal Mining and Smtlting bounding
3,150
Argentina, Uruguay and Paraguay
20,000
forward 10 points, though it reacted later in the day to 104%.
Other South American countries
350
Rhodesia
170,646
Railroad shares continued in strong demand, St. Paul comTransvaal
2,004.728
British India
273,086 mon moving ahead 3% points to 14 and the preferred advancStraits Settlements
297,891
Other countries
x892,153 ing 2 points to 22. Atchison was up two points at its high
133,792
St. Louis Southwestern, and Wabash preTotal
£3,506,165 £8,542,283 for the day and
x including about E730,000 to Canada, about £107,000 to Germany, ferred A were in active demand at ithproving prices. The
and about £40,000 to Ceylon.
market resumed its upward trend on Wednesday though the
SILVER.
During the week under review China has been a consistent seller and movement of prices was decidedly irregular. Trading was
prices have given way under pressure from this quarter. Buyers have not less active and both gains and losses were reported in numerbeen much in evidence and spot supplies in this market being more than
issues. Trading continued active on Thursday, stocks
adequate to meet demand, the prices for the two deliveries again became ous
level at 31 11-16d. on the 12th inst. when the quotation for cash fell 3-16d. of the specialty type moving to the front with gains of
and that for forward 34(1. At the present prices America has shown a dis- from 1 to 3 points. The outstanding feature of the day was
position to buy rather than sell, but little support has been received from the
the announcement, after the close of business, that the direcIndian bazaars.
The prices quoted to-day
-31 9-16d. for both cash and two months' tors of the Federal Reserve Bank had advanced the redisdelivery
-are the lowest for cash since June 9th last and for forward since count rate from 3% to 4%. The feature of the railroad
June 13th last.
United Kingdom imports and exports of silver during the week ending stocks was the strength of Wabash preferred A, which shot
3
upward to a new peak at 75% followed by Norfolk and
the 9th inst. were as follows:
ImportsExports
Western which also moved into new high ground. High
United States of America
£47,958 Hong Kong
£116,650 priced specialties were in strong demand at improving prices,
Other countries
29,168 British India
10,000
Other countries
4,284 General Electric making a net gain of 3 points, Allied Chemical moved forward 2 points, Remington Typewriter gained
Total
£77.126
Total
E130,934
nearly 3 points, and Woolworth 33% points. Hudson Motors
INDIAN CURRENCY RETURNS.
pushed upward 3 points to 1223% and General Motors scored
(In Ws of rupees.)
Nov. 22. Nov. 30. Dec. 7.
Notes in circulation
19067
18968
19124 a gain of nearly 2 points. On Friday the market sharply
Silver coin and bullion in India
8824
8725
8581 declined at the open, because of the advance in the discount
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
222 rate of Federal Reserve Bank,but recovered in the afternoon
.
Gold coin and bullion out of India
Industrial shares and motor stocks were the'center of interest
Securities (Indian Government)
5711
&Hi
&Hi Mack trucks led the upward swing in the motor group with
Securities (British Government)
2300
2300
2600
1 point advance to 154, and Pierce-Arrow common and preNo silver coinage was reported during the week ending 7th inst.
The stock in Shanghai on the 12th inst. consisted of about 51,200,000 ferred moved briskly forward to higher levels. American
ounces in sycee, 65,000,000 dollars and 1,540 silver bars as compared with Can pushed into new high ground on the current advance,
about 52,800,000 ounces In sycee. 65,000,000 dollars and 2.350 silver bars
selling 2 points up at its high for the day and General Electric
on the 5th inst.
Quotations during the week:
moved forward 5% points to 335. Allied Chemical reached
-Bar Silver, Per Oz. Std.Bar Gold,
2 Mos.
QuotationsCash.
Per Oz. Fine. its highest on record at 117%.
Dec. 10
11
12
14

32d.
3114d.
31 11-166.
31%cl.

31 15-16d.
31 13-16d.
31 11-16d.
31%d.

84s 11 lid•
84s 1134d.
848 113.4d
845 1134d.
84s 11d.
15.
16
31 9-16d.
31 9-1(3d.
.
84s 10%d.
Average
31.729d.
31.7506.
848 11.3d.
The silver quotations to-day for cash and two months' delivery respectively are 34(1. and 7-16d. below those fixed a week ago.

ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Jan. 2.
Sat.
Week Ended Jan. 8d 3134
Sliver, per og
84.11
Gold, per fine ounce
____
Consols, 234 per cents
British, 5 per cents
---British. 4% per cents _ - ___
,
French Rentea (In Parisj_ _ ____
French War Loan(InParis),fr. ___

Jan.4. Jan.5. Jan.6. Jan.7. Jan.8.
Mon. Tues. Wed.
Thurs. Frt.
31 13-16 3111-16 31 11-16 31 13-16 3111-16
84.11
84.1034 84.1034 84.1034 8 .1034
4
55%
55
55%
5534
5534
10034
10034 10034
10034
10034
94%
95
95
9434
95
51
49.50
50
50
49.34)
57
57.50
57.70 56.95
56.50

The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cub):
6834
Foreign




6834

6834

6834

6834

6834

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND 'YEARLY.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
-No,of shares_
Stocks
Bonds.
Government bonds_ _ _
State Sc foreign bonds_
Railroad & mine bonds
Total bonds

Stoats,
Number of
Shares.

Railroad,
&o.
Bonds.

1,022,503
2,234,186
1,971,970
1,638,260
1,744,261
2,234,500

$4,460,000
8,913,500
8,476,000
9,034,000
10,513,000
6.928.000

$955,000
2,013,500
1,989.000
2,106,000
2,i99,000
1.796,000

$904,450
1,702,500
1.032,000
1,508,750
883,250
1.372,000

10,845,680

Week Ended Jan. 1.

$448,324,500

$11,658,500

$7,402,950

Week Ended Jan. 8.
1925.
10,845,680

1924.

State,
Municipal &
Foreign Bonds.

United
States
Bonds.

Jan. 1 to Jan. 8.
1925.

1924.

11,233,239

10,845,680

13,274,739

$7,402,950 $16,891,950
11,658,500 14.304,000
48.324.500 60,331,000

$7,402,950
11,658,500
48,324.500

$19.253,950
17.215,000
68,774,000

$77,385,950 291,526,950

377,385,950

$105,242,950

AND
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.

Shares

Baltimore.

Philadelphia.

Berton.
Week Ended
Jae. 8 1925.

Bond Sales

Shares. Bond Sales. Shares. Bond Sala
1,092
3,847
3,542
3,666
2,936
3,600

$14,000
38.000
36.200
54,100
50,300
24,000

18,683

$216,600

13.377
238.166 1101.600
* In addition sales of rights were: Friday, 1,613.
320 Friday, 95.
a In addition sales of rights were: Thursday,

$100,800

13.611
35,773
29.507
28,872
25,074
16,725

$29,000
20.100
48.500
18,150
46,500
23,000

25,963
50,307
40,274
50,085
60,834
"29,401

$7,100
29.700
52,200
52,000
51,200
22,000

149,562

$185,250

256,854

$214,200

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
1....., ayesa1r ranrioad

1117 711

5157 750

CURRENT NOTICES.
-David D. Campbell. formerly with the bond department of the Equitable Trust Company, has Joined the organization of Vought & Company,
Inc., 120 Broadway. New York.
Fred Mason. Jr., has become associated with Campbell. Starring & Co.,
members New York Stock Exchange, Ill Broadway, Now York, in charge
of their investment department.
-The firm name of Starkey & Hubbs, Inc., dealers in municipal bonds.
309 Stark Street, Portland, Oregon. has been changed to Warren L. Starkey
& Co.

Zommercial andRliscellanconsBerns
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.

[VOL. 122.

THE CHRONICLE

186

Ins.
Bate.

Bid.

Asked.

100318
PASr. 15 1926__. 434% 10018
91.15 1928-_. 434% 104 li< 1001s
991,e 9984
3%
is ne 15 11026....
lx 10914 _ !UK <2, 000. 1011

Maturity.

Int.
Rase

Dbl.

Asked

June 15 1926.... 334% aqui, tla
,
Dec. 15 027._ 4 tt% 101 as 10114
Mar. 15 1927___ 434% lulPio

-Among .other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
$ per sh.
$ per oh. Shares. Stocks.
Shares. Stouts.

1,100 Rising Star 011 Co., par 51..156 lot 300 Chatterton & Sons, Lansing.
7
Mich.. corn.. par $10
1,100 Mohegan Oil Ce.. par $1....J
246 First National Bank of Mexico
51 Nicaragua Co
$100101
N. Y
1 Maritime Canal Co. of Ntc'a.
4 Standard Rope & Twine Co._ n101 lot 5 Mete° Realty Corp.---$5.000 Per ea.
3 Munich Co
250 Camaguey Co
500 Robert Emmet Copper Co ,

By R. L. Day & Co., Boston:
$ per sli.
$ per 55. Shares. Stocks.
Shares. stocks.
13 Massachusetts Ltg.Cos.,6% pt. 9514

33734
37 First National Bank
41
15 Everett Mills
3 Worcester Consol. Bt. RY.. 1st
3634
par $80
pref..
314
3 Central Vermont Ry. Co
25 Boston Revere Beach & LynnRR 7434
1 State Theatre Co.. torn ,par $10_ 8
8734
4 State Theatre Co., prat
1 Boston Athenaeum. par $300..... _850
268
20 Algonquin Printing (So
616
2 Hartford Fire Insurance Co
115
89 Boston Wharf Co
1034
511. D. Foss & Co., new pret
20 State Theatre Co.. corn., par $10 751

13 Massachusetts Ltg. Cos.. com-- 7234
11734
10 American Glue Co.. prof
145
5 Plymouth Cordage Co
150
10 Draper Corporation
534
7 special units First Peoples Trust
2 Montpelier .f< Barre Lt. & Pow.,
5914
corn
100.158 State Theater Co., pref.- 85%
2 Dennison Mfg. Co., 26 pref__101 & div
10334
3 Hood Rubber Co., pref
5 Washington Water Pow.Co.,com.133X
50 Hood Rubber Co., pref___10334 103X

By Wise, Hobbs & Arnold, Boston:
$ Per oh.
Shares. Stocks.
65
10 Brockton (Mass.) Trust Co
23934
82 National Shawmut Bank
240
17 National Shawmut Bank
77
5 Massachusetts Cotton Mills
71
2 Ipswich Mills, corn
7254
25 Massachusetts Ltg. Cos., nom
104
1618006 Rubber Co., pref
1034
2 C. C. Blake, Inc
10 Quincy Market Cold Storage &
11334
. Warehouse Co., corn
850 Adirondack Pow.& Light Corp.
10144-10134
7% pre!
16 Lowell Gas Light Co., Dar 825._ 59
5 North Boston Ltg. Prop.. pill_ __105
13614
40 U. S. Envelope Co.. corn
3534
5 Eastern Mfg. Co., pref
50 Fail River Elec. Lt. Co.. par 125 4434
15 Blackstone Val. Gas & Elec. Co.,
96
Com .. par 250
4634
15 American Glue Co.. corn

$ per oh.
Shares. Stoc).s.
13-100 State Theater Co.. pref____ 76
75
2 units First Peoples Trust
28 Brockton Gas Light Co. (new).
4014
Par 525
1,020 Silver Rock Cobalt Mines.
$2 lot
par $1
68 Blackstone Val. Gas& Elea. Co..
96
corn., par $50
150
15 Draper Corporation
usg
10 American Mfg. Co., corn
18 Narragansett Eleo. Lt., corn..
7834
par $50
5 North Boston Ltg. Prop., corn... 95
75
4 units First Peoples Trust
$ per right.
No. Rights.
145 Eastern Texas Electric Co..- 031
Per cent.
Bonds.
25,000 Georgia Southwestern& Gulf
2534, flat
RR. 5s, Jan. 1959

By Barnes & Lofland, Philadelphia:
$ per oh. Shares. Stocks.
Shares. stouts.
Co., par $50

100 Penna. Mutual Life Ins. Co..
4
par $10
15 Kensington Nat. Bank, par $50_19034
B Kensington Nat. Dank, par $50_189
362
1 Southwark National Bank
122
18 Mutual Trust Co., par $50
2 Penna. Co. for Ins. on Lives, &c.898
3 Penna. Co. for Ins. on Lives, &c_889
1 Second & Third Sta. Pass. Ry.-170
10 Mine Hill & Schuylkill Hay. RR. 52
24
6 Phila. Bourse. pref., par $25
86 Penna. Whse. dc Safe Dep. Co_ _100
Walls, Owen & Sternbach Co., pf_ 55
5
40
20 H. K. Mulford Co., par $50
500
25 Integrity Trust Co
Street National Bank__ -47011
7 Fourth
20 Nat. Bank of North PhiladelPhla200
31 Kensington Nat. Bank, par $50-18734
641
2 Fidelity Trust Co
635
13 Fidelity Trust Co
North America & Tr. Co-36034
2 Bank of
18 Bank of North America &Trust-360
550.......160
18 Colonial Trust Co., par
251
8 Aldine Trust Co
1515
Girard Trust Co
Title & Trust Co., per $50_ 60
5 Mfrs.

$ per oh.
140
10 Tioga Trust
5 Commonwealth Title Ins. & Tr_ 448
113
2 Belmont Trust Co., par $50
188
3 Republic Trust Co., par $50
5 Pilgrim Title &Trust Co . par $50 40
2 Metropolitan Trust Co., par 550.110
20 East Falls Bank & Trust Co..
100
Par $50
370
5 Bryn Mawr National Bank
9131
38 Hare & Chase, Inc., pref
50 Hare & Chase. Inc., corn., no par 27
25 Hare & Chase. Inc.,corn., no par 2634
50 Hare &Chase,Inc., corn., no par 2534
290 Hare & Chase,Ino..com.,no par 25
64
10 Chestnut Hill Trust Co
$ per right.
No. Rights.
20 Market Street Title & Trust Co-405
Percent.
Bonds.
$10,000 New Hope Brick Co.lst 6s.
5
1934
$200 Benevolent Protective Order
of Elks, Phlla. Lodge No. 2, 6s.
83
1942
$6,000 Commonwealth of Penna.
4345, Dec.1 1951
10754

By A. J. Wright & Co., Buffalo:

$ per oh.
Shares. steels.
1934
10 Niagara Share Corporation.... 3514
Board (Jos.. pre
5 Beaver
18c.
%
ibl
2.000 Cons&re Dome Lake... 55
2 Prate &




$ per sh.
Shares. Stocks.
6 Buff. Niag. & Eastern Pow.Co-.. 34
454
15 Duluth South Shore
1 Buff. Niag. dc Eastern Pow., pref. 2434
5 Municipal Bankers Corp.. Lt41_8300 lot

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$100,000
Dec. 31-The First National Bank of Burlingame, Calif
Correspondent, Roger H. Waite. 1106 Burlingame
Ave., Burlingame, Calif.
-The First National Bank of Verdugo City. Calif
Dec. 31
25.000
Correspondent. H. N. Fowler, Verougo City, Calif.
-The First National Bank of Algonac, Mich
Dec. 31
30.000
Correspondent, Henry H. Townsend, Algonac, Mich.
Dec. 31-The Woodlynne National Bank, Woodlynne, N. J_
25,000
Correspondent, J. H. Higgins, 154 Linden Ave.,
Woodlynne, N. J.
-The First National Bank in Torrington, Wyo
Dec. 31.
25,000
Correspondent, M. F. Dailey, Torrington, Wyo.
Jan. 2
-The Alexander National Bank, Alexander, No. Dak
25,000
Correspondent, J. A. Loken care of Robert Norheim,
Alexander, No. Dak.

Jan.

APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Hinckley. Minn
2
Correspondent, M.F. Skoglund, Brunswick, Minn.

825,000

CHARTERS ISSUED.
-The Farmers Nat'l Bank in Alexandria, Minn.. $100,000
-I2864
Dec. 28
President. J. J. Volker; Cashier, T. A. Aal.
-The Norwood-Carolina National Bank of
-12865
Dec. 29
Charleston, S. C
200.000
President, R. S. Small: Cashier, G. W. Walker.
Conversion of The Norwood-Carolina Bank of Charleston, S. C., with a branch in Greenville. S. C., and one
In Columbia. S. C.
-The New First Nat'l Bank in Farmland, Incl.
Dec. 31-12866
25.000
President. L. W. Greene; Cashier, Sherman Wright.
-The First National Bank of Anna, Texas_ _ _
Jan. 2
-12867
35.000
Conversion of The Collin County state Bank of Anna,
Tex. President, R. C. Moore; Cashier. H. G. Giles,
CHANGE OF TITLE,
-The Farmers National Bank of Rome. New
-2410
Dec. 30
York, to "The Farmers National Bank and Trust
Company of Rome."
-The Longview National Bank, Longview,
-12392
Jan. 2
Washington, to "The First National Bank of Longview."
VOLUNTARY LIQUIDATIONS.
-The Healdsburg Nat'l Bank,Healdsburg, Calif.
-10204
Dec. 28
Effective Nov. 30 1925. Liquidating Agent. E. 0.
Aldwell, San Fransicso, Calif. Absorbed by Liberty
Bank of San Francisco. Calif.
-The First Nat'l Bank of Sulphur Springs, Texas
-3466
Dec. 29
Effective Dec. 24 1925. Liquidating Agent, B. 0.
Cain, Sulphur Springs. Texas. Succeeded by First
National Bank in Sulphur Springs, Texas, No. 12845.
-The First National Bank of Shidler. Okla.._
-12165
Dec. 29
Effective Dec. 21 1925. Liquidating Agent, H. D.
Hinson, Shidler, Okla. Absorbed by The Shirtier
National Bank, Shiciler, Okla., No. 12177.
-The First National Bank of Farmland, Ind_ .._
Dec. 31-6504
Effective Dec. 31 1925. Liquidating Agent, G. W.
Turner. Farmland. Ind. Succeeded by New First
National Bank in Farmland. Ind., No. 12866.
Jan, 2
-The Mount Prospect National Bank, Mount
-10048
Prospect, Ill
Effective Jan. 2192(5. Liquidating Arent, Wm.Busse,
Jr., Mount Prospect. Ill. Succeeded by Mount Prospect State Bank, Mount Prospect, Ill.

150,000

100.000

25,009

40,000

25,000

CONSOLIDATIONS.
-The East River National Bank of the City of
Dec. 31-1105
New York, N. Y
$2.500.000
-Bowery National Bank of New York, N. Y
and
12837
250.000
Consolidated under the Act of Roy. 7 1918, under the
charter of The East River National Bank of the City
of New York, No. 1105. and under the title "Bowery
and East River National Bank of New York," with
capital stock of 33.000.000.
Dec. 31-1741-The First National Bank of San Francisco, Calif. 3,000.000
-The Crocker Nat'l Bank of San Francisco, Calif. 2,000,000
3555
and
Consolidated under the Act of Nov. 7 1918, under the
charter of The First National Bank of San Francisco,
No. 1741. and under the title "Crocker First National
Bank of San Francisco," with capital stock of$6.000,000.
-The First National Bank of Roanoke, Va
Dec. 31-2737
400,000
-The National Exchange Bank of Roanoke, Va. 500,000
4027
and
Consolidated under the Act of Nov.7 1918. under the
chtrter of The First National Bank of Roanoke, No.
2737.and under the title"The First National Exchange
Bank of Roanoke," with capital stock of $1.000,000.
Dec. 31-11126
-The Lodi National Bank, Lodi, Calif
200,000
and
-The Citizens National Bank of Lodi, Calif.., 200,000
12112
Consolidated under the Act of Nov. 7 1918. under the
charter and title of "The Lodi National Bank." No.
1,11226. with capital stock of $400.000.
Jan. 2
-The Farmers National Bank of Reading, Pa
-696
400.000
and
1875
-The Keystone National Bank of Reading. Pa
100.000
Consolidated under the Act of Nov. 7 1918. under the
charter and corporate title of "The Farmers National
Bank of Reading.- No. 696, with capital stock of
$500,010.
Jan. 2
-1896
-The Sycamore National Bank, Sycamore, Ill_
100.000
and
-The Citizens National Bank of Sycamore, III_
9572
75.000
Consolidated under the Act of Nov. 7 1918. under the
of The Sycamore National Bank, No. 1896,
charter
and under the title "The First National Bank of Sycamore." with capital stock of $175.000.

DIVIDENDS.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Wabash, pref. A (quar.)

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

$1.25 Feb. 25 Holders of reo. Jan. 23

Public Utilities.
American Light <4 Traction, corn.(quar.) 134 Feb. 1 Jan. 16 to Jan. 28
114 Feb. 1 Jan. 16 to Jan. 28
Preferred (quar.)
Amer. Water Works & Elec., corn. (qu.) 114 Feb. 15 Holders of rec. Feb. 1
x Feb. 15 Holders of rec. Feb. 1
Common (payable in common stock).
131 Feb. 15 Holders of rec. Feb. 1
First preferred (guar.)
Associated Gas & Elec., Class A (quar.). *621tc Feb. 1 *Holders of reo. Jan. 11
Boston Consolidated Gas, 534% pref... 21‘ Feb. 1 Holders of rec. Jan. 15
Broad River Power, preferred (quar.).-. 134 Feb. 1 Holders of rec. Jan. 15
Commonwealth-Edison Co. (quar.).... _ *2
Feb. 1 'Holders of rec. Jan. 15
3
Eastern Mass. Street By.. pref. B
Feb. 1 Holders of rec. Jan. 21
Feb. 15 Holders of rec. Jan. 30
First nref. and sinking fund stock__ _ 3
Empire Gas & Fuel,8% pref.(mthly.). •1
Feb. 1 *Holders of rec. Jan. 15
"75o. Feb. 1 *Holders of reo. Jan.15
Fall River Gas Works (guar.)
•25e. Feb. 1 *Holders of reo. Jan. 15
Extra
Feb. 1 *Holders of roe. Jan. 15
Fort Worth Power & Light, pref.(guar)
Illinois Northern Utilities. pref.(quar.) •1 X Feb.
'Holders of rec. Jan. 15
•25o. Feb.
Interstate Railways, corn. (quar.)
*Holders of reo. Jan. 18
•1x Feb.
,
Massarhtewtts Gas Cos., eon . (guar.)._
'Holden; of rec. Jan. 15

JAN. 9 1926.]
Name of Company.

THE CHRONTCLE
Per
When
Cent. Payable.

Public Utilities (Concluded).
Middle West Utilities, corn. (guar.)__
$1.21
Milwaukee Elec. Ry.& Lt., pref.(guar ) '13-4
Mountain States & Power. corn
$1
Nat. Elec. Power, Class A corn.(guar) 145c.
North Boston Ltg Prop., corn.(guar.). '31.11
Preferred (guar.)
"S1.5(
Philadelphia Company, corn. (guar.)._ _ SI
Philadelphia dr Gray's Ferry Pass. Ily. .52
Public Service Investment, corn. (guar.) 51.71
Preferred (guar.)
13-4
Public Serv. Co. of N. Ill., corn. (guar.) .52
Six per cent preferred (guar.)
'13.4
Seven per cent preferred (guar.)
.
134
South Pittsburgh Water, preferred
"5
West Penn Company. 7% pref. (guar.)
134
West Penn Electric Co.,7% pref.(guar.) I%
Winnipeg Electric Co., corn.(quar.)___. 1
York Railways. pref. (guar.)
"138
Banks.
Corn Exchange (guar.)
Harriman National
Extra

5
5
5

Books Closed
Days Inclusive.

Ian. 30 Holders of rec. Jan. 30
Feb. 1 'Holders of rec. Jan. 20
Feb. 1 Holders of rec. Dec. 31
Feb. 1 Holders of rec. Jan. 15
Ian. 15 *Holders of rec. Jan. 6
fan. if 'Holders of rec. Jan. 6
fan. 3C Holders of rec. Jan. 15
Tan. 7 *Jan. I to Jan. 7
Feb. 1 Holders of rec. Jan. I8a
Feb. 1 Holders of rec. Jan. I8a
Feb. I *Holders of rec. Jan. 15
Feb. 1 'Holders of rec. Jan. 15
Feb. 1 *Holders of rec. Jan. 15
Feb. lf 'Holders of rec. Feb. 5
Feb. IF Holders of rec. Feb. 1
Feb. 11 Holders of rec. Feb. 1
Feb. 11 Holders of rec. Jan. 31
Ian. 31 'Holders of rec. Jan. 21
Feb. 1 Holders of rec. Jan. 30
fan. C Holders of rec. Jan. 7
fan. 8 Holders of rec. Jan. 7

Miscellaneous.
Abraham dr Strang. Inc.. pref.(No. 1)
Feb. I Holders of rec. Jan. 15
nt
Allis-Chalmers Mfg., corn. (guar.)
'$1.50 Feb. 15 "Holders of rec. Jan. 24
American Cigar, tom. (guar.)
42
r'eb. 1 Holders of rec. Jan. 15
American Glue, pref. (guar.)
Feb. 1 'Holders of rec. Jan. 11
Amer.Smelting & Refining, corn.(guar.) '2
'1% Feb. 1 `Holders of rec. Jan. 15
Preferred (quar.)
•II4 Mar I 'Holders of rec. Feb. 5
Amer. Vitrified Products, corn.(quar.).. S1
Spr. 15 'Holders of rec. Apr. 5
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 1
Antillean Holding Co
.5
Ian. 14 'Holders of rec. Dec. 31
Arizona Commercial Mining
"Mc. tan. 21 'Holders of rec. Jan. 18
Atlantic Refining, pref. (guar.)
134 Feb. 1 Holders of rec Jan 15
Atlas Plywood
$I
Jan. If Holders of rec. Jan. 2
Baltimore Acceptance Corp., corn
25e, Jan.
Holders of rec. Dec. 19
Preferred (guar.)
1
Holders of rec. Dec. 19
Jan.
Belding Corticelli Ltd., COM
"3
Bigelow-Hartford Carpet corn. dr pf.(gu) '$1.51 Jan. I 'Holders of rec. Jan. 5
Feb.
'Holders of rec. Jan. 14
Borden Company,corn. (guar.)
'Si
Mar.
'Holders of rec. Feb. 16
Common (extra)
.25c. Mar.
*Holders of rec. Feb. 16
Brown Shoe, pref.(guar)
1% Feb.
Holders of rec. Jan. 20
Bunte Brothers, pref. (guar.)
3434
'Holders of rec. Jan. 25
Century Ribbon Mills, corn. (guar.).- . .50c. Feb.
Tan. 30 'Holders of rec. Jan. 20
Preferred (guar.)
•1,4
Mar.
'Holders of rec. Feb. 20
Cerro de Pasco Copper (guar.)
Feb.
Holders of rec. Jan. 14
Chic Milw. dr Franklin Coal, pref.(qu.) SI
SI .51 Feb.
Holders of rec. Jan. 15
Cluett. Peabody & Co.. Inc., corn. (qu.) $1.21 Feb.
Holders of rec. Jan. 21
Cohn-Hall-Marx Co., corn. (guar.).
- - 70e. fan. 1
Holders of rec. Jan. 5
Columbian Carbon (guar.)
Feb.
El
Holders of rec. Jan. 18
Congoleum-Nairn, Inc., pref. (guar.).1%
Holders of rec. Feb. 15
Credit Alliance Corp., Mull. & Class A.. 50c. Mar.
Tan. 1
Holders of rec. Dec. 31
Common and Class A (extra)
25c. Tan. it Holders of rec. Dec. 31
Preferred (guar.)
1% Ian. 11 Holders of rec. Dec. 31
Cuyamel Fruit (guar.)
51
Feb. 1 Holders of rec. Jan. 15
Exchange Buffet Corporation (guar)
373-4c Ian. 31 Holders of rec. Jan. 20a
Eureka Pipe Line (guar.)
1
Feb. 1 Holders of rec. Jan. 15
FaJardo Sugar (guar.)
2% Feb. I Holders of ree. Jan. 11
Federal Mining & Smelting, corn
10
Mar. If Holders of rec. Feb. 25
Preferred (account scrum. dividends). 16
Tan, 2' Holders of rec. Jan. 16
Preferred (account accum. dividends) 16
Feb. If Holders of rec. Feb. 6
Preferred (account accum. dividends).
5714 Mar. f' Holders of rec. Feb. 25
Preferred (guar.)
1% Mar. If Holders of rec. Feb. 25
Felln(John J.) & Co..Inc.,com.(annual) 10
fan. 15
Preferred (guar )
134 Ian. If
Fisher Body Corporation (guar.)
$1 .21 Feb. 1 Holders of rec. Jan. 21a
Fisk Rubber. first pref. (guar.)
14 Feb. 1 Holders of rec. Jan. 20
Foundation Co.(stock dividend)
40
Ian. 21 Holders of rec. Jan. 11
Franklin Mining
'the. Tan. 11 'TIolders of me. .1an. 9
Garland Steamship, pref.(accum.
diva.) .143 Jan. 8 *Holders of rec. Jan. 4
General Development Co.(guar.)
25c. Feb. 20 Holders of rec. Feb. 100
Gimbel Brothers met.(wise
Pet). 1 'Holders of rec. Jan. 15
Grocers Baking Co., Providence
5
Jan. 15 Jan. 1 to Jan. 19
Extra
1
Jan. 15 Jan. 1 to Jan. 19
Hercules Powder. pref. (guar.)
1% Feb. If 'Holders Of rec. Feb. 5
Holly Sugar, pref.(guar.)
134
Preferred (account accum. dividends) 51% Feb. 1 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15
Homestake Mining (monthly)
50c. Tan. 21 Holders of rec. Jan. 20
Extra
fan. 21 Holders of rec. Jan. 20
Horn dr Hardart Co., Phila. (quar.)_ _ SI
'250. Feb.
'Holders of rec. Jan. 8
Extra
•1214c Feb.
'Holders of rec. Jan. 8
Hupp Motor Car Corporation (guar.)... 25c.
Feb.
Holders of rec. July 15
International Nickel, pref. (quer.)
1
Feb.
Holders of rec Jan. 18
Kelsey Wheel Co., pref.(guar.)
1% Feb.
Holders of rec. Jan. 21
Landay Bros., Inc., Class A (No.
60c. Feb.
Holders of rec. Jan. 15a
Metropolitan Casualty, Inc
$2
Tan. 1
Holders of rec. Jan. 9
Miami Copper (guar.)
25c. Feb. If Holders of rec. Feb. la
Moon Motor Car (guar.)
The
Moore Drop Forging, Class A (guar.)... $1.50 Feb. 1 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15
Class B (No. 1)
54
Feb. I Holders of rec. Jan. 15
Mullins Body Corp., pref.(guar.)
Feb. 1 "Holders of rec. Jan. 16
Denartment Storm. let pref.(guar.) "2
Nat.
•1 2 Feb. 1 "Holders of rec. Jan. 15
4'
011 Well Supply, pref. (guar.)
•
133 Feb. 1 "Holders of rec. Jan. 20
Outlet Co., first pref. (guar.)
31.71 Feb. 1 Holders of rec. Jan. 20
Second Preferred (guar.)
'51.51 Feb. 1 'Holders of rec. Jan. 20
Pacific 011
443
Mar, 6 *Holders of rec. Jan. 28
Special (two-fifths share Ass'd 011 stk.)
Mar. 6 Holders of rec. Jan. 28
Penn Traffic Co
"7 Sic Feb. I 'Holders of rec. Jan. 15
Pick (Albert) & Co., COM.(guar.)
'40c. Feb. I 'Jan. 21 to Jan. 31
Pierce, Butler & Pierce Mfg., corn.(gu.) 2
Tan. 15 Holders of rec. Jan. 5
Common, par value $25 (guar.)
50c. Jan. If Holders of rec. Jan. 5
Pitteb. Term. Warehouse dr Transfer_ ... 'El
Ian. 12 'Holders of rec. Jan. 9
Postum Cereal (gear)
'.10 Feb. 1 'Holders of rec. Jan. 21
51
Pullman Company (guar.)
•2
Feb. 15 "Holders of rec. Jan. 30
Royal Dutch Co., New York shares
$1.339 Jan. 29 *Holders of rec. Jan. 15
Salt Creek Producers Assn.(guar.)
Feb. I Holders of rec. Jan 15
Extra
$1 421R Feb. I Holders of rec. Jan. 15
Sanford Mills (annual)
•
5
Jan. 8
Extra
•5
Jan. 8•
Savannah Sugar, corn. (gear.)
'$1.50 Feb. 1 'Holders of rec. Jan. 15
Preferred (guar.)
•138 Feb. 1 'Holders of rec. Jan. 15
Sears, Roebuck dr Co., corn.(guar.)_
"1%
Shell Transport & Trading, Amer.shares "963Ic Feb. I 'Holders of rec. Jan. 15
Jan. 22 *Holders of rec. Jan. 14
Silversmith Mines, Ltd
2c. Tan. 10 Holders of rec. Dec. 31
Simmons Co., pref.(guar.)
'1% Feb. 1 "Holders of rec. Jan. 15
Skelly 011 ((Mari
50c. Mar.If Holders of rec. Feb. 15
Smith (A.O.) Corp., corn. (guar.)
25e. Feb. It Holders of rec. Feb. 1
Common (extra)
25c. Feb. 15 Holders of rec. Feb. I
Preferred (guar.)
1% Feb. 15 Holders of rec. Feb. 1
Smith (L. C) & Bro. Typewriter-Common (No. 1)
•51
Jan. 8 *Holders of rec. Jan. 5
Spalding(A. G.)& Bros., corn.(guar.)_. 52
Jan. 15 Holders of rec. Jan. 7
First preferred (guar.)
1I$ Mar. 1 Holders of rec. Feb. 13
Second preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 13
ss
Texon 011 & Land Co
Feb. 1 'Holders of rec. Jan. 20
Union 011 of California (guar.)
*50c.
U.S. Fidelity & Guaranty, Balt.(guar.) $2.23 fan. 7 Holders of rec.
Jan. 5
U.S. Rubber, first Pref.(guar.)
2
Feb. 15 Holders of rec. Jan. 20a
Upson Company, corn. (extra)
'2
Ian. 15 'Holders of rec. Jan. 2
Vick Chemical Co. A & B (guar.)._
8714c Feb. I Holders of rec. Jan. 15
Wilcox (H. F.) 011,T Gee ((mar.)
,
*50c. Feb. 5 "Holders of ree. Jan. 15
•From unofficial sources. t The New York Stock Exchange has ruled that
will not be quoted ex-dividend on this date and not until further notice. stock
2 The
New York Curb Market Association has ruled that stock will not be
quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
fPayable in common stock. g Payable in scrip. It On account of
accumulated
dividends. to Payable in preferred stock. n Payable in Canadian funds.




187

Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 2. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of doUars-that Is. three (0001 Nottert omitted)
New
Capital Profits Loans,
Week Ending
Discount
Jan. 2 1926. Nat'l, Sept.2* InvestState, Nov.14 meats.
(000 *Tattled.) Tr.Cos. Nov.14
&c.
Members of Fed. Res. Bank.
Bank of N. Y.&
g
Trust CO.,.
4,000 12,807
Bk of Manhat'n 10,000 14,732
Mach& Met Nat 10,000 15.749
Bank of America 6.500 5.223
National City 50,001, 62,408
4.500 17.597
Cbem teal Nat
Am Ex-Pac Nat 7,501 12.625
Nat Bk of Cam. 25,001 40.021
Chat Ph NB&T 13,501 13.236
Hanover Nat.
5,001 25.443
Corn Exchange 10.001 14,558
National Park 10.001 24.375
East River Nat
2,501 2.375
First National 10.001 71.199
Irving Ilk Col T, 17.5(4) 13.732
Bowery Nall Bk
251
928
Continental.
1.000 1.181
Chase National 20,001 26.894
Fifth Avenue_
50( 2.905
Commonwealth
601
1.089
1.001 1.
Garfield Nat'l
768
Seaboard Nat'l
5.00( 8. 58
7
Coal & Iron Nat 1.500 1.
531
Bankers Trust 20.000 30.391
3.000 4,750
US Mtge & Tr
Guaranty Trust 25.000 21,538
Fidelity-InterT
2.000 2,201
New York Trust 10.000 20.01)
Farmers L & Tr 10.000 18,621
Equitable Trust 23.00) 12.85.

Cash
In
Vault

'User()
with
Legal
)epoSI
'Mies

Average 4wage Accra°,
$
76.477
67
8.931
161,695 4.062 18.73
188.506 3,94 23.293
82.833 2.004 12.381
6112,822 5,323 70.92
127,478 1.657 16.84
149.64
2.819 18.437
376.853 1.402 41.366
230,60
3,31 25.741
123.996
786 16,821
203,315 8,181 25,12
185.306 1.12 19.361
42.511 1,183 4,67
385,810
664 30,
292.013 3,5132 37.116
6,265
133
532
8.358
120
91
380,303 5.21 50,79
28.290
3.26s
97
14,531
1.296
56
18.753
52
3.22
119.138 1,354 15,1
20.333
297 2.283
340.071 1.10 37.331
62,423
986 7.354
432.290 1.541 47.357
22.57 • 544 2.61
123,3, i
691 19.51
146.42
616 14,91
215.08
1.921 31.722

Net
Rank
Demand
De- CircuDeposits. omits. IsSon.
Average

geerao

63.44
134.3
172,63
92.81
.661.09
119.11
137.983
309.336
175,51
111.741
175.17
146.07.
32.141
232.36
278.123
3.4
6.48
*375.23
24.966
8.65
19.311
114.10
16.650
*302.694
55.912
*414.23
19.68
145.855
•112.243
"298.917

8.25
24.794
11.139 547
4.415
64.197 -iio
4.555
348
10,966 4,947
16,562
43.351 5:922

Wye

31:4310,111 3:i5i
12.074
997
23.142 4.951
27,737
2.101
426
17.924
994
_4:784
39
3.127
45
1.912 412
44.192
5,752
62.43
1. 88
19.443
22.380,
39.428

Total of averages 308.85o 501.391 5.278,033 57.321 09.146 c4.432.281
508.841 23.450
Totals, actual to ndltion Jan. 25,393,586 49.609 393.023,c4.538.83
3 516.034123.458
Totals actual co ndition Dec. 2115.182,004 56.428 05.423
c4,348.334 504.656,23.380
Totals, actual c, ndit ion Dec. 195,191.805 6
0.397 122,1'S c4.377.644 496,816 23,434
State Banks Not Me
Bank.
Greenwich Bank 1,001"" of 2ed.17Res2e
2.5%
F .37
3
2. v18 2.281
23.
0161 1.796 -State Bank._.
3.500 5.867 109.576 .4,934 2.623
41.533 64 948 ---I '
Total of averages 4.500 8.642 132,953 7.152 4.904
64,549 66.744
Totals, acme/ e, giltion Jan. 2 132.631 6,747 5,158
64.250 67.199
Totals, actual e, idition Dec. 26 133.408 7.08
4,576
64,610 66,487
Totals, actual(4 (Mien Dec 19 132,591 7.26
4.673
63.993 66,391
Trust Compel es Not Members of Fed
,
Re" ye Ban k.
Title Guar & Ti 10.000 17.233
64,892 1,497 4.619
40.762 2,972
3,O4Wi 3.204
Lawyers Trust
22.298
950 1.650
17.774
859
Total of averages 13.0011 20.437
87.190 2.4471 6.269
58.536 3.831
Totals, actual on ditto! (an. 2 88.246 2.206 6.948
,
59.562 3.832
Totals, actual to ditior Dec. 26
85,787 2.341 6.267
56.553 3.818
Totals, actual en Milo,. Dec 19
86.560 2.359 6.442
57.615 3.82
Gr'd ear- aver. 326,351 130,299 5,498.176 66,920620.319
4.555.366 579.416 23,450
Comparison Wit h prey seek.. +94.696-4,8
59 +19975 +94,893 +2.585 +29
Gr'd aggr.. aro cond'n Jan. 25.614.463 58.562695.129
4.662.665 587,065 23,458
Comparison wit h prey week
213204-7,287-11,337 + 193,168 +121041 +78
Gr'd aggr.. (wetcond'n FDrc. 265.401,259 65.6491116,466
Gr'd aggr.. ern eond'n Dec. 19 5.410.95.; 70,014633,271 4.469.497 574.961 23.380
Gr'd aggr.. act':coed's Dec. 125.3.55 879 62,370606.028 4.499.257 567,02723.434
Gr'd agrr., act'!cond'n Dec. 55,356.119 56.5471,03.391 4.474,42115113.34223,514
Gr'd aggr.. act'? ennd'n Nov 2P5.362,9,59 119.781557.365 4.489.156563,595 23.809
Gr'd Sege . net,,,,urn Nov 215,361.033 57.8671117.271 4.439.947 575.652 23.413
4.4971914 5114 557 23.507
Note.
-U. S. deposits deducted from net demand deposits
above were as follows: Average total Jan. 2, $51,878,000. in the general totals
550,160.000: Dec.26,$56.193.000: Dec 19. 555.592,000; Dec. Actual totals Jan. 2,
12. 51.507.000: Dec.5.
$8,508,000. Bills payable, rediscounts, acceptances and
other ilabilltles, average
for week Jan. 2, $737,243,000; Dec. 26. $723,057.000;
Dec. 19, 8693.748.000; Dee.
12, $705.207.000: Dec. 5, 5680.798.000. Actual totals,
Jan. 2. 8738.014.000: Dec.
26. 3734,018,000: Dec. 19. $741,048,000; Dec. 12,
$731,247,000: Dec. 5. 5695.372,000.
• Includes deposits In foreign branches not Included
in total footings as followw
National City Bank, $150,627.000: Chase National Bank,
Trust Co.. 830.537,000: Guaranty Trust Co., $64,513.000: 810.902.000; Bankers
Farmers' Loan & Trust
Co., $5,664.000: Equitable Trust Co., 366,510,000.
Balances carried In banks In
foreign countries as reserve for such deposits were.
National City Bank 823.460.000:
Chase National Bank. $1,783,000; Bankers Trust
Co., 83,827.000: Farmers' Loan & Trust Co., Co . $2.069.000: Guaranty Trust
55.664,000; Equitable Trust Co.,
87 3
PDeroslia In foreign branches not included.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION
OF CLEARING BOMB BANKS
AND TRUST COMPANIES
Averages.
Cash
Reserve
In Vault
Members Federal
Reserve banks_
State banks*
Trust companies'
Total
Total
Total
Total

Jan. 2..
Dec. 26_ _
Dec. 19_ __
Dec. 12_ _ _

7.152,000
2,447,000

Reseree
In
Depositerim

Total
Reserve.

Reserve
Required

Surplus
Reserve.

609,146.000 609.146.000 591.461.760 17,684.240
4,904,000 12,056,000 11.618.820
437,180
6.269.000 8,716.000 8.780.400
64.400

9.599.000 620,319.000 629.918,000 611.860,980
9,672.000 600,344.000 610.016.000 599,395,110 18,057.020
9,363.000 599,616,000 608,979,000 602,454.640 10.620.890
9,276,000 596.851,000 606,127,000 599.465,030 6,524.360
6,661,970
•Not members of Federal Reserve Bank
I, This Is the reserve required on the net demand deposits In the case
and trust companies, but in the case of members of the Federal of State banks
Reserve Bank
Includes also amount in reserve required on net time deposits,
which
Jan. 2, 815,265,230: Dec. 26, 815,196,800; Dec. 19, $14,810.670: was as follows:
Dec. 12, 314,924,250; Dec. 5,315,003,810.

Actual Figures.
Reserve
Cash
in
Reserve
Si, Vau11. DeyOettarle.
Members Federal
Reserve banks_
State banks*
Trust companies._
Total
Total
Total
Total

Jan. 2
Dec. 28
Dec. 19._
Dec.

a
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

3
$
593,023.000 593,023,000 605.529.310 —12,506,310
340.000
8,747,000 5,158.000 11,905.000 11,565,000
216.700
2,206,000 8,948,000 9,154,000 8.937.300
8.953,000 605.129.000 814,082.000 826,031.610
9,421,000 616.468.000 825.887,000 600.535.850
9,617.000 633,271.000 642,888,000 604.159,190
9,236.000 606.028.000 615,264.000 600,791.570

—11.949,610
25.351.150
38.728.810
14.472.430

•Not members of Federal Reserve Bank.
•This Is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank ineludes also amount of reserve required on net time deposits, which was as follows:
.Jan. 2, $15,481,020; Dec. 26, 315,139,680; Dec. 19. 314,904,480; Dec. 12, 314,826,720; Dec. 5, 314,847,930.

Trust Companies Not in Clearing
Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
State Banks and
—The State
House.

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figwes Furnished by State Banking Department.)
Differencesfrom
Previous 1Veek.
Jan. 2.
$1,190,569,900 Inc.$10,602.800
investments
Loans and
494,400
4.573.400 Dec.
Gold
527,600
28,317.900 Dec.
Currency notes
100.164,400 Inc. 7,518.500
Deposits with Federal Reserve Bank of New York_
1,261.886,100 Inc. 39.989,700
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com.
panies in N. Y. City, exchange de U S. deposits- 1385.406,300 Inc. 25.955.500
177,510,800 Inc. 9,823.300
Reserve on deposits
Percentage of reserve. 20.3%.
RESERVE.
—Trust Companies
State Banks—
895.068,700 14.97%
$37,987,000 15.93%
Cash in vault*
33,237.800 5.23%
11,217,300
4.70%
Deposits in banks and trust cos
$128,306.500 20.20%
349,204,300 20.63%
Total
•Includes deposits with the Federal Reserve Bank of New York. which for the
combined on Jan. 2 Was 3100,164,400.
State banks and trust companies

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.
Loans and
Investments.
Week Ended—
Sept. 5
Sept. 12
Sept.19
Sept.26
0e8. 3
013. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov.14
Nov.21
Nov.28
Dee. 5
Dec. 12
Dee. 19
Dec. 26
Jan. 2

[Vox,. 122.

THE CHRONICLE

188

Demand
Deposits.

*Total Cash
in Vaults.

s

$

$

6,354.728.100
6.345.880.300
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
6,498.683,6J0
6.539,445.800
8,583,447,000
6,888,745.000

5.466.107,300
5.419.137,800
5,465,413,400
5.404,398.300
5.496.730,100
5,491,705,400
5,550,463,800
5,576,689,600
5.629.110.200
5.696.831.900
5,682,852,100
5,665,239.800
5,625.087,400
5.615,024,900
5.602.113,700
5,638.893.200
5.619,923.800
5.740,772.300

81,151.400
84,211.400
83,247,000
82.965.500
82,079,500
84,916,400
84,385,300
83.765,400
83,583.400
86,517.800
88,814,300
84,741,300
88,401,000
88.462.600
91.125,200
98.884.300
105.692,300
99.811,300

Reserve in
Depositaries.

$
711.813.900
718,328,800
731,651.200
703,335.900
717,035.400
716.263,500
727,858.400
733,612.200
735,006.800
745.155.200
743,772,000
746,115,600
734,901,500
738,833,300
732,709.200
746.673,400
734,118,200
764.938.500

11131TURN OF NON-NPEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
thousands of dollars—that (s, three ciphers f000] omitted.)
(Bested

Weok Ending
Jan. 2 1926.

Loans.
Discounts,
InvestNet
Profits. ments,
dec.

Members of
Fed'i Rears Bank.
Grace Nat Bank__.

1.798 1(12.6

Total
State Banks.
Not Members of the
federal Reserve Bank
Bank of Wash. Ilts_
Colonial Bank
Total
Trust Company
Not Member of the
Federal RE8Cree Bank.
Meeh Tr, Bayonne_

Reserve
Net
Net
with
Cash
Legal Demand Time
in
Yank. Dowel Deposits. Deposits.
tortes.

Average. Average Average Average Aterage.
1,000

6.397

4,080

44

1.000

6,397

4.080

1.798

12,65

604
2,787

8,629
30,300

824
3,280

38
1.5711

6,470
26,200

2,579
4,425

3.392

38,929

4,101

1,96

32,670

7,004

546

9,292

358

546

9,292

358_

5.736

60.876
—312

3,281

5,905

3.281

5,905

3,124 a42,348
+590
+87

16,989
+129

4,402
3.037 241,749
5,736 61.188
Gr'd aggr., Dec. 26
4,480
3,139 a43.109
5.736 61,923
Gr'd aggr..Dee. ill
4.662
3,262 a44,189
5.736 63.653
Ord Amu.. Dee. 12
4,805
3,187 a42,728
6,736 62.852
aggr.. Dec. 5
Gr'd
•United States deposits deducted, 350,000
and other Ilabluties, $2,501,000.
Bills payable, rediscounts, acceptances
Exams reserve, $109,310 Increase.

16,860
16,854
18,885
17,018

Total
2,900
Grand aggregate-- Comparison with pr ev. week




BOSTON CLEARING ROUSE MEMBERS.
Dec. 23
1925.

Dec. 30
1925.

Changes from
preeloas week.

Jan. 5
1926.

$
$
3
$
Capital
Unchanged 66,800,000 68.800,00
166,800.000
Surplus and profits
91.271,000 Dec.
33.000 91,304,004 91.304,00
Loans, disets & investments. 1032579000 Inc. 7,887.000 1024692000 102180000
Individual deposits,incl. U.S. 719.669.000 One. 40,968,000 678,703,000 686.083.0
0
Due to banks
151.362,000 One. 21.045.000 130,317,000 130.243.00
Time deposits
219,281.000 Inc. 1.844.000 217,437,000 219,366.00
United States deposits
21,553.000 Dec. 1.513.000 23,066,0061 23.407.00
Exchanges for Clearing House 52.781.000 Inc. 27.196,000 25.585,000 27,682.00
Due from other banks
99.409.000 Inc. 19,732.000 79,677,000 86,210,00
Reserve in Fed. Res. Bank_. 83.583.000 Inc. 4,218,000 79,365,000 79,756,00
Cash In bank and F. R. Bank 13,068,000 Dec. 2,168,000 15.236,000 13,875.00
Reserve excess in bank and
298.00
125.000
Federal Reserve Bank
1.540.000 Inc. 1.415.000

Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending Jan. 2, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended January 2 1926
Two Ciphers (00)
omitted.

Truss
Membersof
F.R.System Companies

Capital
Surplus and profits
Loans, disets & investnets
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.)._
Res've with legal deposles
Reserve with F.R. Bank
Cash in vault •
Total reserve & cash held_ _
Reserve required
Excess res. de cash in vault

342,025,0
129.429,0
840,388.0
53.376.0
130,362.0
147.855,0
628.864,0
117.207,0
891,926,0

35,000,0
17,182,0
48,189.0
1,023,0
20,0
941.0
29,870.0
2,044,0
32,855,0

3.859,0
66.202.0
1,672.0
12,440.0
5,531.0
78.642.0
66.921.0 . 4,567.0
964,0
11,721,0

1926
Toted.
347,025,0
146,611,0
888.557,0
54,399.0
130,382,0
148,798,0
658,734,0
119,251,0
924,781.0
16,167,0
3,859,0
66,202,0
14,112,0
84.173,0
71,488,0
12,685.0

Dec 28
1925.

Deg. 19
1926.

$47,025,0
145,866.0
889.881,0
34.184,0
114.439,0
144,542,0
616,969.0
118,302.0
879,813.0
17.287,0
2,967,0
64,658,0
15.347,0
82,972.0
68,389,0
14,583,0

347.025.0
145.866.0
894,838,0
39,734,0
125.797.0
144.474,0
650.731.0
115,017,0
910.222.0
/6.897.0
7.168.0
64,021.0
15,688,0
86.877,0
71,319,0
15,558.0

•Cash in vault not counted as reserve for Federal Reserve members.

Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 5 1926 in
comparison with the previous week and the corresponding
date last year:
11926. Dec. 30 1925. Jan. 7 1925.
Jan.6
Resources—
359.998,00b 329.998.000 424,263.000
Gold with Federal Reserve Agent
10,316,000
13.750,000
Gold redema. fund with U. S. Treasury. 12.700,000
Gold held exclusively agst. F.R.notes- 372.696.000
Gold settlement fund with F. R. Board. 251.508,000
356,623,000
Gold and gold certificates held by bank

343,748.000
280.549.000
338.443,000

434,579,000
262,372,000
289,645,000

980,825.000
32,372,000

942.738.000
26.075.000

986,596,000
24,635,000

Total gold reserves
Reserves other than gold

1.013,197,000
Total reserves
19,504,000
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations— 157.959,000
23.348,000
Other bills discounted

968,813.000 1,011.231,000
23,032,000
17,395.000

4,506
+104

1641

254.469.000
40.506.000

44,442,000
8,915,000

181,307,000
27,127,000

294.975,000
37.090,000

53,357,000
66,567,000

1,934.000
39,633.000
11,332.000

1,869.000
47,483.000
11,582.000

12,440,000
117,716,000
23,189,000

52,899.000
2,025.000

60,934,000
2,187.000

153,345,000
1,746,000

Total bills and securities (Bee Note)... 283,358.000

New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:

CLEARING
NON-MEMBERS

Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

395,188,000

275,015.000

Due from foreign banks (See Note).—
Uncollected items
Bank premises
All other resources

642.000
163.427.000
17,294,000
3.573,000

641,000
162.464,000
16,243.000
8,004,000

Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities-Foreign loans on gold

Total resources

642,000
186.533,000
16,652,000
4,000.000

1.503,886,000 1,586.330.000 1,496,630,000

Fed'l Reserve notes in actual circulation_ 378.721.000
Deposits—Member bank, reserve &col— 865,725.000
4.913,000
Government
1,798,000
Foreign bank (See Note)
13,860,000
Other deposits

384,682.000
932.274.000
2.226.000
4,807.000
9,135,000

374,478,000
878,284,000
9.069,000
18,589,000
12,362,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

948.442.000
137.509.000
32.207.000
58,749,000
4.741,000

918,304,000
113,094,000
30,167,000
58,749,000
1,838,000

Totalliabillties

886,298.000
144,617,000
32,395.000
59.964,000
1,893,000

1,503,886,000 1,566,330,000 1,496,630.000

Ratio of total reserves to deposit and
78,2 %
80.1%
72.7%
Fed'I Res've note llabWtles combined_
Contingent liability on bills purchased
13,042,800
22,328,000
20,879,000
for foreign correspondents
NOTE.—Beginning with the statement of Oot. 7 two new items were added in
order to show separately the amount Of balances held abroad and amounts duo to
foreign correspondents. In addition, the caption, "All other earning assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and Secu ri ties." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only Items Included
herein

JAN. 9 1926.]

THE CHRONTCLE

189

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 6, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 147, being the first item in our department of "Current Events and Discussions."
comniNED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 5 1926.
Jan. 6 1926. Dec. 30 1925. Dec. 23 1925. Dec. 16 1925. Dec. 9 1925. Dec. 2 1925. Nos. 25 1925. Nov. 18 1925 Jan.
7 1925.
RESOURCES.
s
s
$
$
s
$
5
$
$
Gold with Federal Reserve agents
1,424,473.000 1,356,607.000 1,327.438,000 1,394,759,000 1,307,572,000 1.343,424,000 1,355,463.000 1.355,579,000
1,729,267.000
Gold redemption fund with U.S. Tress_
58,526,000
52,699.000
49,343.000
54.570.000
57,705,000
54.162.000
50,004,000
45,854,000
62.443,000
Gold held exclusively agst. F.It. notes. 1,482,999.000 1,409.306,000 1,376,781.000 1,449,329.000 1,365.277,000 1,337.586.000 1.405.467,000
1.418,022,000 1,775,121,000
Gold settlement fund with F. R. Board. 638,643,000 701.455.000 729,256,000 664,899,000 753,172.000 729.002,000
Gold and gold certificates held by banks. 622,378.000 593,520.000 559,259,000 587,358,000 603.838.000 616.023.000 724,029,000 724,982.000 637,330,000
616.397.000 639.245.000 538,493,000
Total gold reserves
2,744.020.000 2,704,281.000 2,685.296,000 2,701,586,000 2,722,285.000 2.742,611,000 2,745,893,000 2.782.249,000 2,950,944,000
Reserves other than gold
138,046,000 117.852,000
91.983.000 108,358,000 107.616,000 114.938.000 114.642.000 122,836,000 124,397,000
Total reserves
2,882,066,000 2,822.133.000 2,757,279.000 2,809,944,000 2,829,901,000 2,857,549.000 2,860,535.000 2.905,035.000 3.075,341.000
Non-reserve cash
42,783.000
74,481,000
62,053,000
45.663,000
44,389.000
45,268,000
43.948,000
73,479,000
49.546,000
Bills discounted:
Secured by U.S. Govt. obligations.,. 363,832,000 466.014,000 441,479.000 343,121.000 378.272.000 314.582.000
346,328,000 280.534,000 146,698,000
Other bills discounted
229,635,000 283.658.000 322,644,000 275,946.000 301,102,000 329.293,000 278,388.0011 285.832,000 117,710,000
Total bills discounted
593.467,000 749.672,000 764,123,000 619,067,000 879,374,000 643.875.000 624,714,0011 566,366,000 264,408,000
Rills bought in open market
344,783,000 362,818,000 369.951,000 352.692.000 369,550,000 357,723.000 359,458.000 354,980.000 340,978,000
G. S. Government securities:
Bonds
58,391,000
58,854.000
65,839.000
73,451,000
56.278.000
56,269.000
56,285.000
56,352,000
75,505.000
Treasury notes
185,906,000 192.077,000 190,037.000 153,740.000 266,080,000 254,858.000 244,439,000 244,272,000 342,533,000
Certificates of Indebtedness
125,124,000 126,101,000 103,631,000 171,280.000
29,517,000
28,302,000
31.575.000
32,655,000
77,991,000
Total U. S. Government securities... 369,421.000 377.032.000 359.507,000 398,471,000 351.373,000 339.429.000
332,299.000 333,279,000 496,029,000
Other securities (See note)
3,205,000
3,205,000
3,205,000
3.195,000
3.195,000
3,150.000
3,150.000
3,150,000
2,550,000
Foreign loans on gold
7.502,000
8,100,000
8.300,000
8.798.000
8,300.000
8.300.000
6,500.000
5.701,000
6,000,000
Total bills and securities (see Not6)
1.318,378.000 1.500,827,000 1.505,086.000 1.382,223,000 1,412,292,000 1,352,477,000 1,326.121.000 1,263,476,000 1,109,965,000
Due from foreign banks (See Note)
642.000
642,000
710.000
642,000
861,000
771,000
658.000
671,000
641,000
Uncollected Items
787,184,000 717,599,000 766,088,000 952,147,000 692,811 ,000 742,551,000 688.348,000 816.673,000 702.909,000
Bank premises
59,239,000
61.632.000
61,629.000
61.607.000
61,552.000
62,021.000
61.817,000
61,300,000
57,595,00e
All other resources
18.272.00(5
17.632,000
16,860,000
18,008,000
19.362.000
18,166,000
18,454.000
18.108.000
23,408,000
Total resources
5,138,850,000 5,183,158,000 5,151,513,000 5,269.926,000 5,061,168,000 5,078,803.000 4,997.881,000 5,115,368,000 5,043,338,000
LIABILITIES.
V. R. notes in actual circulation
1,777,628,000 1,835,01C,000 1,895.683.000 1,788.230.000 1.765,627,000 1,742.708,000 1,731.510,000 1.708,050,000 1,805,383,000
Deposits—
Member banks—reserve account
2,278.123.000 2.308,614.000 2.219.373.000 2.264.797.000 2.248.386,000 2.235,787,000 2,219,813,000 2.260,822.000 2,247.745,000
Government
29,120.000
17,516,000
15,007.000
5.954.000
35.840,000
44,130,001)
36,853.000
24,975,000
26,040.000
Foreign bank (See Note)
12,014,000
8,097.000
7,956.000
8,394,000
11.884,000
13,002,000
12.937,000
12,999.00
19,899,000
Other deposits
25,482,000
21,446,000
19,166,000
21,356,000
20.420,000
20,074.000
21,181,000
23,103.000
22,849,000
Total deposits
2,329,218,000 2,357,141,000 2.275,615,000 2,300,505,000 2,314,530,000 2.312,999,000 2.290,784.000 2.321.899.000 2,316,533,000
Deferred availability Items
683,994,000 635.681.000 625,263,000 827,072.000 626,937.000 670,132,000 622,853,000 733,512.000 581,799,000
Capital paid in
117.287,000 117,042.000 116,978.000 116,964,000 116.863,000 116,871,000 116.844.000 116,813.000 112.228,000
Surplus
220,310,000 217.3:17,000 217,837.000 217.837.000 217.837,000 217.837,000 217,837,000 217.837.000 217,837,000
All other liabilities
10,413,000
20.147.000
20,157,00
19,318,000
19,374,000
18,258,000
18,053,000
17,257,000
9,550,000
Total liabilities
5,289,926,000 5,061,168.000 5.078,803.000 4.997,881.000 5,115.368.000 5,043,338,000
Ratio of gold reserves to deposit and 5,138,850,000 5,183,158,003 5,151.513.000
F. R. note liabilities combined
66.8%
64.4%
63.9%
66.3%
68.7%
67.6%
68.2%
69.0%
71,6%
Ratio of total reserves to deposit and
F. It. note liabilities combined
70.2%
67.3%
68.7%
69.4%
70.5%
66.1%
71.1%
72.1%
74,6%
Contingent liability on bills purchased
for foreign correspondents
79,063,000
65.049,000
58.739,000
50,967,000
40.101.000
39.959,000
45,402,000
36,343.000
44,720,000
Distribution by Maturities—
$
$
$
$
$
$
$
$
s
1-15 day bills bought in open market
118,339,000 123.664,000 111,
320,000 100. .
223 000 113,633,000 107,875,000 104.633,000 101.396,000
88.656,000
1-15 days bills discounted
463,256.000 616,325,000 613,605,000 483,252,000 549,433,000 510,719,000 494,404,000 438.585.000 185,841,000
1-15 days U. S. certif. of indebtedness.
397,000
1.105.000
92,730,000
904,000
6.528,000
4,691,000
3,723,000
4.878,000
1-15 days municipal warrants
55.000
10,000
16-30 days bills bought in open market.
64,797.000
77,801,000
70,338.000
64.550,000
61.183,000
86,234.000
65,345,000
84,868,0
76,288,000
18-30 days bills discounted
35,816,000
40,829,000
34,030,000
40.275,000
39,643,000
38,278,000
35,177.000
38.883.000
20.220,000
18-30 days U. S. certif. of IndAbtedness.
2.424.000
2,348.111
16-30 days municipal warrants
45,000
55.000
81-60 days bills bought in open market_
87,351,000
85,094.000
93,019,000
99.006,000 108,277.000 111,115,000 107,422,000 105,985.000 114.313,000
31-60 days bills discounted
52,215,000
53,152,000
61,162.000
49,247,000
49,636,000
52,726.000
58,761.000
55,854,000
29,211.000
31-60 days U. S. certif. of indebtedness.
days municipal warrants
81-60
45,000
45,000
61-90 days bills bought in open market_
62,753,000
67.039,000
64,571,000
67,643.000
68,480.000
60,854,000
63,917,000
66,519.000
51,830,000
61-90 days bills discounted
33.536,000
37,755,000
33,428,000
35,871,000
31,818,000
31,162,000
28,518,000
25,107.001
18,789,000
81-90 days U. S. certif. of indebtedness
2,772.000
61-90 days municipal warrants
Over 90 days bills bought in open market
11.735,000
10.943.000
11,688,000
15,996,000
14,560,000
16.636.000
18,141.000
16,212,111
9,891,000
Over 90 days bills discounted
10,430,000
10,951,000
10,772.000
10.422,000
10.209.000
9.619.000
9,854.000
2.937.0.'
10,347,000
Over 90 days certif. of Indebtedness..., 124,727,000 124.996,000 102.727.000
78,550.000
22.991,000
23,611,000
25,428,000
25,431.000
75,219.000
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper

2.969,043.000 2,930.473.000 2,972,910,000 2,945.883,000 2,930,395.000 2.922368.000 2,912,652,000 2,923,655,000 3365.660,000
797.325,000 777.093,000 773,143,000 831,719.000 843.748,000 869,531,000 874.732,000 896.802.000 963,658,000
2.171,718.000 2,203,380,000 2.199.767,000 2,114,164,000 2.086.647,000 2,052.837.000 2,037.920.000 2,026,853.000 2,202.002,000
302,431,000 302.231,000 302.046,000
104,883.000 112,443,000 101.359.000
1,017.159.000 941,933,000 924.033.000
892,390.000 1.060,708.000 1.072.785.000

303,851,000 304,501.000
108.101,000 108,845.000
932,807.000 894,426,000
919,180,000 999,029.000

304,901,000
102.328,000
935,695,000
949,410.000

305.300,000
106,481,000
943,682,000
930,553,000

305,301.000 280.494.000
111,014,000 117.533.000
939,264,000 1,331,240,000
878.126,000 584,219,000

Total
2.316.863.000 2,417.315.000 2.400.223.000 2,313.939,000 3,306,601,000 3.202.834 04)0 2,240 010.000 2.233.705.000 2,313,486.00(
NOTE.—Ileginning with the statement of Oct. 7 two new
to foreign correspondents. In addition, the caption,"All other Renal were added In order to show separately the amount of balances he d abroad and amounts dui
earning assets," now made
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." up of Federal Intermediate Credit Bank debentures, has been changed to
The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities
act:Mired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND
LI VIILITIES OF
Two ciphers (00) omitted.
Federal Reserve Bank of—

EACH OF THE 12 FEDERAL RESERVE nkNICS AT CLOSE OF BUSINESS JAN.5 1926.

Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago.
RESOURCES,
0
$
$
$
$
$
$
5old with Federal Reserve Agents 100,197,0 359,996,0 141,298,0
191,278,0 76,604,0 86,304,0 114,683,0
"Jold red'n fund with U.S.Treas. 8,931,0
12.700.0 8,653,0 3.532,0 2.042,0 5,412,0 4.985,0
Gold held excl. acst. R.F. notes 109,123,0 372,696.0
aOldeettle't fund with F.R.Board 27,717.0 251.506.0 149,956,0 194,810.0 78.646,0 91,716,0 119,668,0
43,553,0 46.238,0 19.873,0 29,871,0 111.470,0
3old and gold certificates
39,504,0 358,623,0 22,002,0 47,961.0 7.614,0 4,268,0 75,158,0
Total gold reserves
176,349.0 980.825.0 215.511,0 289.009,0 106,133,0 125,855.0 306.296,0
aeserves other than gold
22,529,0
32,372,0 3,917,0 10.557,0 7.397,0 7,943,0 20,406,0
Total reserves
198,878,0 1,013.197,0 291,428,0 299,566.0 113,530,0 133,798,0 326.702.0
Son-reserve cash
8,099,0
19,504,0 2,297.0 5,606,0 6,329,0 4,447,0 12,593.0
bills discounted:
See, by U. S. Govt. obligations 18.655,0 157.959,0 28.075,0
36,187,0 11.038,0 6.663,0 75,539,0
Other bills discounted
10,805.0
23,348,0 17,490,0 34,825.0 25,345,0 26,183,0 40,143,0
Total bills discounted
29,520.0 181,307,0 45,565.0 71,012,0 36,383.0 32,846,0 115,632.0
31118 bought in open market
82,038,0
27,127,0 15,771,0 5,210,0 2,598,0 69,770,0 26.672,0
3. 8. Government securities:
Bonds
553,0
1,034,0
604,0 8,103,0 1,240.0
521,0 20,190,0
Treasury notes
1,815,0
39,633,0 4,016,0 19,615,0 3,511,0 9,709,0 21,387,0
Certificates of Indebtedness_ 10,082,0
11.332,0 19,443,0 8,691,0 4,193,0 6,111,0 13,738,0
Total U.S.Govt. securities
12,450.0
62.899.0 24.063.0 36.409.0 8 044 n 10 441 II ca 4100




Si, Louis. Mtnneap Kan. City

DaRas. San Fran

Total.

$
$
$
$
$
$
10,034,0 58,092,0 53,848,0 20.023.0 206,216,0 1,424.473.0
1,256,0 2,292,0 2,404,0 2,556.0 3,758.0
58,526,0
16,290.0 61.284,0 56.25-.0 22.579.0 209.974,0 1.482,999.0
19,023,0 18.736,0 28,581,0 0,396,0 32,679,0 638,643,0
12,736,0 6,481.0 4,073,0 11,190.0 34,768,0 622,378.0
48,049,0 86,501.0 88,906.0 43,165.0 277,421,0 2,744,020,0
13.210.0 2,332,0 4.459,0 5,892.0 7,032,0 138,046,0
61.259.0 88,833.0 93.365,0 49,057,0 284.453,0 2,822,066.0
74,481,0
4,310,0 1,255,0 3,159,0 2,686,0 4,196,0
2,419,0 9.695.0
5,896.0 20,972,0

363,832.0
229,635.0

20,293.0 5,960.0 15.917,0 8,315,0 30,667,0
25,874,0 15,552,0 16,269,0 27,797.0 30,105,0

593,467.0
344,783.0

469.0
7,666.0 8.388,0 6,977,0
7,093,0 18,415.0 17,235.0 28,761,0
4.319.0 10,657,0 7,964,0 20,709,0

58,391.0
185,906,0
125.124,0

94 a47 n 10 070 0 37 460 0 32.176.0 49.939.0

380.421.,,

9,846,0
10,447,0

1,746,0
14,716.0
7.885,0

2,848,0 4.908,0
3,112,0 11.009.0

[VOL. 122.

THE CHTIONTCLE

190
ISEBOURCES (Concluded)
Two Ciphvre (00) omitted.

Boston.

New York.

Phila.

$

s

Other securities
Foreign loans on gold

2,025,0

555.0

Total bills and securities
Due from foreign bunks
Uncollected items
Bank premises
All other reeources

Atlanta Chicago. Si. Louis ifinneab Kan Ola Dallas. ran Fran
--$
$
8
s
$
$
S
55,0
100,0
308,0 1,035,0
398,0
345,0
525,0
248,0
263,0
300,0

Cleveland Mammy

s

$

3.050,0
697.0

803,0

Total
--

s

$

3,205,0
7,502,0

263,358.0 89.146,0 113,434.0 48.323,0 119,265,0 198.704,0 70,859,0 40.893.0 70.046.0 68.551.0 111,236,0 1,318,378.0
642.0
642.0
186.533.0 68.685.0 71.677.0 67,606.0 43,604.0 94.592,0 42.794,0 14,930,0 48.784.0 32,030,0 42,648.0 787.184,0
59,239,0
16.652.0 1.385.0 7,409.0 2.364.0 2,728,0 7,933.0 4,111.0 2.943.0 4.636,0 1,793,0 3.217,0
159,0 1,184.0
1.353.0 2,068,0
4.000.0
16,860,0
457,0
335.0 2,566.0
524.0
566,0 3,500,0

124.563.0
73,301.0
4,068.0
148.0

Total resource
409,057,0 1.503,886.0 381,100,0 498,876.0 238.609,0 305,195,0 642.592.0 183,668.0 151,420.0 220.514,0 154.683,0 449,250,0 5.138,850.0
LIABILITIES
li. R.notes In actual dreulatton. 163.403.0 378,721,0 147,322,0 223.792,0 87.997.0 165.830.0 177,383,0 39,160,0 69,415,0 72.209.0 46,599.0 205,797.0 1,777.628.0
Deposits:
Member bank-reserve acct. 147.716.0 865.725.0 138,492.0 173.130,0 70.355,0 86,904.0 332,531.0 86,423.0 54,978,0 91.329.0 61.130.0 139.410,0 2.278,123,0
Government
745.1
831.0 3,402.0
1,074,0
4,913,0
77,0 1.405.6
179.0 2,001.0
17.516.0
734,0
836.0
649.0
Foreign'hank
354.0 1,213,0
819.0
469.0
381.0
841.0
283,0
673.0
1.798.0
8.097.0
345,0
611.0
310.0
76.0 1,209,0
13,860,0
183,0
1.073.0
Other deposits
363,0 1.585.0
138.0
25.482,0
244,0 1.057.0
61.0 5.633,0
Total deposits
Deferred availability Itema
Capital paid In
.
Surplus
All other liabilities

149.601,0
69.944.0
8.611.0
17,020.0
478,0

886.296.0
144,617.0
32.395.0
59.964.0
1,893.0

139.875.0
61.587.0
11,623.0
20.464.0
229,0

177.535.0 71,752.0 88,165.0 338.355,0 88,624.0 56.910.0 93.567.0 62.150.0 176.348.) 2,329.218,0
60,519.0 60.267,0 37,393.0 78.678,0 40.562,0 13,507,0 41.026.0 33,659,0 42,235,0 681,991,0
13.176.0 5.994,0 4.694.0 15.738.0 5.127.0 3.187,0 4,236.0 4.268.0 8.238.0 117.287,0
22.894.0 11.919.0 8.700,0 30.613.0 9,570,0 7,501.0 8,979.0 7.615.0 15.071,0 220,310.0
680.0
413.0
960,0
1.825,0
625.0
900,0
10.413,0
497.0
392,0 1,521,0

Total liabilities
409,057.0 1.503,886.0 381,100.0 408,876,0 238,609.0 305,195,0 642,592.0 183,668,0 151,420,0 220,514.0 154,683.0 449,250,0 5,138,850,0
Memoranda
itePerve ratio (per cent)__.
80.1
71.1
76.4
52.7
63.5
74.6
63.3
47.9
70.3
70.2
53.3
45.1
74.4
Gentingent liability ou Me vu;
chased for foreign correspond')
5,939,0
22,328,0 7,424,0 8,362,0 4,142.0 3,126,0 10,706,0 3,360,0 2,501.0 3,048,0 2,735.0 5.392,0
79,063,0
V. R. notes on band (note!) seer
from?. R. Agent lens notes ir
nn Loin

I A c In" n

AT nnn n

00 na0 n

on nmst n

01 0711 n

FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAI RESFIt

Federal Reserve Agent at-

$
252,884,0
49,6011,0

1 SI4 i
1

In °on n

C Olt ft

40 ,
,
Von

0nA non n

AGENTS AT CI,OSR OF BUSINESS JAN. 5 1926

New York

F.R. notes issued to F.R. ban) 203,284,0
Donators] held as security fu
F.R. Dotes Issued to F R. kik
Gold and gold rertifIcatee.
35.300,1
Gold redemption fund .
_
14,897,0
50.1100,1
Gold fund-F.R.Board_
Eligible paper
111.558.0
Total collststal

A 12, n
i

PhUo. 69.tordars licamon. 4tianru
Catcago St. Louie Minn. Kan. Cu, Dallas
Total
34n Pr
_
t
t
t
t
t
t
$
t
$
$
1
$
750,274.0 221.926.0 294.530.0 131.343.0 231.373.0 430.220.0 68,974.0 89.413.0 120.364.0 65.722.0 308.020,0 2.969.043,0
226.360.0 27.600.0 51.770,0 23.293,0 43,673.0 230.757.0 23.080.0 16.453.0 37,930.0 13,312.0 53.500,0 797,325,0

Boston

(Two Ciphers (00) Ofnall8L)
P.R. notes reo'd from Comptroi
LE.notes held by F It. Agent

00 non n

523,914,0 194,326,0 246,760.0 108.053.0 187,700.0 199,463.0 45,894.0 72.960.0 82.434.0 52.410.0 254,520,0 2,171,718.0
186.698.0 2.000.0 8.780.0 21.160.0 10.370.0
9.845.0 13.052,0
15.226.0
302,431,0
27.298.0 9.909.0 12.498,0 3.944.0 8.931.0 4.034.0
939.0
1,910,0 3.488.0 2.797.0 14.151,0 . 104,883,0
146,000.0 129.389.0 170.000.0 51.530.0 67.000.0 110.645.0 4.200,0 44.000.0 50.360.0 2.000.0 192.065.0 1.017,159,0
173,337.0 53,454.0 75.327.0 37.719.0 102.532.0 142.197.0 46.148,0 21.185.0 32.145,1) 35,092,0 611,666.0 892.390,0

211.755.0

533.333.1 194.752.0 266.605.0 114.323.1) 184.866.0 259.880.0 61.182.0 80.177.0 85.993.0 511.1 15.0 286.882 0 2 316 863.0

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 resourreit,'
at- liabilities of the 719 member banks from which weekly returns are obtained. These figures are always a week behind
,bose for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
if Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
or the latest week appears in our Department of "Current Events and Discussions," on page 147.
I. Dare for

ell

reporting member hanks in each Federal Reserve District at close of business Dec. 30 MS

'edam Muerte Ifilar,c11.
..--Htlantrer of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligation,
Secured by stocks and bonds...
All other loans and discounts__

Three ciphers seem omitted

,..lsostoss. tacarn.r. Arrant. (llticavo M. GM, ifinneap Kan. Cis
Dallas
tan Pram
Total
---- • ----.
---- --- -------72
75
36
100
33
24
67
49
67
719
$
$
$
$
$
$
$
$
$
$
$
$
$
11.476
6.5'22
6.429
22.183
23.745
59.056
11.674
10.695
2.391
4.184
3.412
8.337
170.107
95.718 858.990 206.8)1
348.509 2.688.132 394.853 497.013 145.178
70.061 102.940
77.663 273.867 5,759,678
665.518 2.565.423 359.689 758.084 378.477 428.538 1,201,274 306.876 171.700 322.052 . 235.376 912.547 8.305.604
Total loans and discounts._ 1,025,503 5.312.611 766,216 1,277.280 530.177 530.735 2,083.919 524.412 244,158 429,176
316,451 1,194,751 14,235,389
toreetments:
U. B. pre-war bonds
14,731
25.55(1
19.008
39,766
12.957
9.488
9.660
32.546
7,096
8.983
17.239
25.186
222,210
30.534
U.S Liberty bonds
14,78! 176,358
84.442 600.199
23.162
49.1)24 149.938
27.395
53,217
19.141 139.628 1,367,827
U.S. Treasury boucle.
7.610
5.847
34.970
53.210
10,662
18.127
18.752 191.850
12,477
17.131
5.496
53.962
430.094
U.S. Treasury notes
2.048
1,761
4.386 152.041
24,857
72,822
7.331
6,915
18.659
13,428
5.430
23,791
333,499
6.653
12.439
3.802
20,504
U. S. Treasury certificates.8,817
22.169
41.110
6.035
6.927
4,276
3,853
26,253
162.838
53,875 436,924 111,321
62.865
Other bonds. stocks and securifle- 216,491 1,111.020 250.713 353,167
43.005
78,073
23.658 204.056 2,945,168
-97,943 770,761 171,082 115,559 175,108
Total Investments
354.235 2.135,986 343.500 617,647 132.122
74,817 472.876 5,461,636
rota loans and investments_
1.379.738 7.448.597 1.109.716 1.894,927 662,299 628.678 2,854,680 695,491 359.717 604,284 391,268
1.667.627 19,697,025
44,972 244.747
4(1,592
Seserve balances with F. R. Bank
96.872 840.114
47,771
82,055 109.719
26,059
56,640
30.849 113.545 1,733,935
12.811
25,251 101.214
16.730
Oasb In vault
37,440
56.790
20.690
9,726
6.442
14,825
11.388
24,724
338,031
Set demand deposits
911.320 5.874,892 773,484 983.870 377.400 358.878 1.748.473 431,178 230.281 433.953
394.731 1,195.253 206.179 742.91)0 202,044 223,817 1,021,275 206.497 108.713 141,394 281.326 805.615 13,260,670
Time deposits.
95.287 809.856 5,348,036
Government deposits _
11,298
21.709
6,892
22,677
28,523
63,858
21.174
6,254
3,176
2,098
8,556
29,431
225,646
sills Gayle & recline. with F R. Bk
8.911 229,885
12,398
7,259
secured by U.8. Gov't obligation,
18.760
60.783
14,460
3.129
175
2.617
1,444
371,252
11,431
24,187
16,101
31,178
20.038
30,547
All other
7.241
27,231
7,987
580
5,601
1,235
183,829
11,903
Rankers' balances of reporting mem
ber banks in F. R. Bank cities:
135.598 1.126.518 175.010
_. _..
23,601 381,306
35,636
... _ _
44,203
82,277
Due to banks..
56.540 101.651
36,806 112.058 2,311.20'
35.006 105.927
18,782
14.223 166.109
30,849
One from hank*
71.429
29,298
21.329
48.444
25 160
Cl ona
002 01
80810.

,, Ow For,

41

101

ratio
--

54

s. sate of reporting member banks in New York City. Chicago. and for whole country.

Xumber of reporting banks .-- Loans and discounts. gross:
Secured by U. S. Govt. obilgatiot
Secured by stocks and bonds..
All other loans and discounts.Total loans and discounts-Investments:
U. S. pre-war bonds
U. B. Liberty bonds
U. S. Treasury bonds
U. S. Treasury mace
13 Treasury certificates_ _
Other bonds,stocks and seouritlw

2

AU Reporsine diember &mho.
reporting Member Banta in N. F. City
demirging urimy,, goat iii Chicago
s
-------- --------Dec. 301925. Dec. 23 1925. Dec. 311924. Dec. 30 1925. Dec. 23 1925. Dec. 311024. Dec. 30 1925. Dec.
23 1925. Dec. 31 1924.
61
719
719
737
61
67
46
46
46
$
$
$
$
$
$
$
$
$
54.096,000
170.107.000
174,240 000
194.974.000
56.342,000
67,447.000
16,374,000
16.893.000
23,212,000
5,759.678.000 5.602.044.000 4.667.760,000 2.430.601.000 2.274,383,000 1,973.919.000 649.528,000 645.468.000
500,625,000
8.305.604.000 8,341.323.000 8,205,684,000 2.243.442.000 2.263,912,000 2,320.390.000 665.007,000 682.507,000 718,744,000
14.235,389.000 14,117,607,000 13.068.418,000 4.728,139,000 4.594.637,000 4,361,756,000 1 330,909.000
.
1,344,868.000 1,242,581.000
29.830,000
222.210.000
261,319.000
29.791.000
224.153.000
41.999,000
3,3134,000
3,364.000
4,088,000
1,367.827,000 1,388.316,000 1.387,507.000 508.343,000 507.866.000 541.957,000 103,913,000
106,924.000
81,575.000
430,094,000
443,251,000
361.515.000 176.488,000 189.869.000 159,918,000
16.315,090
22,642,000
16,340.000
333,499.000
501.588.000 144.023.000 146,526,000 191.923,000
324.067.000
59,473,000
83,449,000
47,244.000
38,808,000
133.296.000
39,334,000
63,611,000
162,838.000
180.055.000
1,252,000
10,559.000
3,095.000
2.945.168,000 2.911.869.000 2.885,541,000 798,845.000 795,174.000 871.135,000 206,068.000 198,692.000 203,985,000

5.461.636.000 5.471.711,000 5.530.856,000 1,696.337,000 1.708,560.000 1.870,543,000 390,385,000 375.659,000 406,298.000
19.697.025.000 19
.
Inveetments
.589 318.000 18.599.274.000 6,424,476.000 6.303,197,000 6,232,299.000 1 721.294.000 1,720,527,000 1,648.879,000
.
Total loans and
1.733.935.000 1.662.903.000 1.679.777.000 783,763,000 720.835.000 749.050,000 172,934,000 159.767.000 173.014,000
ftellaCVe balances with F. R. banks
360.898.000
338.031.000
323.849.000
82,425,000
93.465,000
77,754.000
2
6,392,000
Cub In vault
31.91'.000
29,197,000
13.260,670.000 13.063.497,000 13.254.328,000 5.309.917,000 5.188,575.000 5.401,345,000 1,168,335,000 1,154,458,000 1,180.418.000
Net demand deposits
5.348.036,000 5.308.071.000 4,848.846,000 809,564,000 797,432,000 817,004.000 50
Thu° deposits.
0.590,000 507.213.000 452,678,000
165.903.000
257,315,000
56.165.000
225,646.000
63,401,000
25,878,000
14,284.000
Government deposits
17,183,000
15,427,000
Mils payable and rediscounts wit)
Federal Reserve Banks:
324.375,000
114,059.000 194.337.000 121,765,000
29.540,000
371.252.000
35.295,000
Secured by U. B. Govt. obligation
925.000
24.154,000
40.426.000
222,280,000
23.675,000
27.328,000
1,435.000
183.829.000
...
19.584,000
Allother
150,000
19.812,000
Total Investments

Total nriernwrinve Ivnyn V Rntr•




RAS

ngi non

546.655.000

154.485.000

218.012.000

149.093.000

30.975.000

64.870 000

42 not, non

1 075 000

JAN. 9 1926.]

THE CHRONICLE

altiantters7

STOCKS.
Week Ended Dec. 31.

azettt.

Wall Street, Friday Night, Jan. 8 1925.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 185.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Jan. 8.

Sales
for
Week

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share. $ per share.
Railroads.
Per share $ per share.
Bruns Term&Ry Sec.10(
700 10% Jan 2 11% Jan 6 3
Feb 17% Nov
Chic Mu & St P ctfs_10( 18,300 10
Sept 15
Sept
Jan 2 14
Jan 8 7
Fret certificates_ _ _1(11. 18,20 19
Nov
Jan 2 2171 Jan 5 1271 Oct 22
Erie certificates
10(
300 3834 Jan 2 38% Jan 2 25% July 3734 Nov
III Cent Leased Line
RR Sec, Series A_1001
490 71% Jan 6 7274 Jan 7 683.4 Aug 7434 Dec
Minn St Paul & S S M
Leased line certifs_10(
300 6234 Jan 4 63
Jan 5 5734 June 63
Feb
Morris & Essex
5(
43 7944 Jan
7934 Jan 5 773.4 Jan 8034 July
Nash Chatt & St L_ _104
300 188
Jan 4 188
Apr 192
Dec
Jan 4 143
Nat Rye Mex, let pf _10( 3,300 634 Jan 5 854 Jan 7 334 Aprl 87( Nov
New 013 Tex & Mex_10(
10013034 Jan 713034 Jan 7 11341 Feb 13434 Dec
5(
N Y & Harlem
Dec
385200
Jan 4 200
Jan 4 160
Jan 200
NY Railways, part att.'
199 296
Jan 4 305
Jan 7 262
Aug 310
Aug
Preferred canna
1,100 671 Jan 5 774 Jan 4 5
Dec 12 June
N Y State Rallways_106
200 2631 Jan 2 28
Dec 36
Jan 7 21
July
Preferred
10(
Oct 5844 Aug
1001 5034 Jan 7 5034 Jan 7 51
Northern Central __St
8 7934 Jan
Jan 8034 July
7934 Jan 7 77
Pacific Coast
10( 5,600, 3134 Jan 4 48
Aug1 4054 Dec
Jan(
2d preferred
10(
Dec
0005034 Jan 6 5434 Jan 8 343-4 Jan, 54
Fitts Ft W de Ch, pf AO(
5714234 Jan 214334 Jan 7 139
Jan 144
Nov
Reading rights
7,800 20
Jan
2054 Jan 2 1654 Aug 2474 June
Twin City R T, pt._ _10(
100 101
Jan 5 101
Jan
Dec
9434 Jan 101
Industrial & Miscall.
1
Amer Bank Note, new.1( 6,000 39% Jan 4 43% Jan 8 3974 Dec 4434 Dec
Am Brown Boyer!El w 15 16,000 47% Jan 7 48% Jan 4 4774 Dec 5374 Oct
Preferred
100 1,000 97
Jan 4 97
Jan 4 9036 Nov 98
Dec
Amer Can w
2 31,100, 4871 Jan 5 49% Jan 2 4731 Dec 4934 Dec
Am-La Fr Fire Engine7% preferred
Jan 2 9031 Sept 100 June
10(
soa 9734 Jan 7100
Rights
7,700
31 Jan 4
71 Jan 2
Amer Metal pref._ _ _10(
400 11634 Jan 5 117
Jan 8 111
Mar 119
Nov
Amer Plano prat_ _10(
100
90
Oct 10034 Nov
Amer Republics
Jan 5 48
1,000 69. Jan 8 74
Jan 7934 Dec
American Snuff
Jan 4 13874 Apr 154
10(
300 142
Jan 4 145
Nov
Am Writ Paper pr ctf 101
34 Dec 4
Jan 4
100 1
Jan 4 1
Jan
Armour of Illinois Cl B25 14,800 1634 Jan 2 17
Jan 4 16
Dec 2034 Oct
Preferred
70(
300 9034 Jan 4 9051 Jan 8 90
Dec' 933.4 Nov
Arnold Constable ctfs__ 5 4,600 14
Jan 5 1534 Jan 6 10
Sept 1634 Nov
New
Dee 30
Jan 5 3154 Jan( 27
Dec
5 3,600, 25
Art Metal Construc_1(
200 1934 Jan 2 194 Jan 5 15
Jan 2054 Nov
Atlas Powder
45 June 65
Jan 6 59
Jan
•
100 59
Dec
Preferred
Jan
9044 Oct 94
Jan
100 94
Jan 8 94
10(
Auto Sales
Nov 6
Dec
1001 434 Jan 6 434 Jan ( 3
51
Preferred
Jan( 12
100 19
Jan 6 19
Nov 2544 Dec
51
Bayuk Bros, 1st pref _10C
Jan 4 9371 Oct100
100 100
Jan 4 100
Dec
Booth Fish, let pref _10C
Oct
800 4571 Jan 5 5154 Jan 7 25 Jun 52
Brit Emp Steel 2d pf_100
Jan( 651 Jul 14
Oct
300 831 Jan 6 9
Bklyn Un Gas rights_
Jan C 6
Dec 971 Sept
10,054 631 Jan 2 7
Brown Shoe w I
Dec 4671 Dec
8,400 464 Jan 2 4834 Jan 7 46
Burns Bros pref
Oct
Jan 7 9934 Jan 8 9134 July 99
10(
600 98
Byers & Co(AM)
Oc 4454 Oct
Jan 6 3534 Jan 7 23
5
300 35
Cert-Teed Prod 1st pf10(
Sept
90010234 Jan 210471 Jan 7 8971 Jan 110
2d prat
Sept
100 9034 Jan 7 9034 Jan 7 803.4 Feb 103
10(
Chandler Motor Ws_ _
4834 Jan 7
100 484 Jan
Christie
-Brown & Co_. 2,000 61
Jan 6 6334 Jan 4 6234 Dec 643.4 Dec
Chrysler Corp new _ _ _ _ 231900 52
Dec
Jan 2 5471 Jan 4 4871 Dec 52
Cluett Peabody pref _10(
Jan( 10371 Jan 109
Sept
100 104
Jan 6104
Commercial Credit_._.5 3,000 4634 Jan 2 4711 Jan 6 3831 Sept 554 Dec
2574 Sept 2734 Oct
Preferred
2' 200 2674 Jan 6 2634 Jan
Preferred B
2.
100 2734 Jan 2 2771 Jan 2 2641 Sept 2754 Dec
Corn Invest Trust
Jan 8441 Nov
Jan 8 7134 Jan 2 50
• 600 71
Rights
Dee
Jan 4 241 Jan 2 241 Dec 3
2,000 2
Crex Carpet
Jan 2 36
Mar 6471 Dec
63
200 6234 Jan
10C
Cuba Co
• 3,200 4734 Jan 7 4944 Jan 2 4434 D
5434 Oct
• 400 9641 Jan 5 9754 Jan 8 62
Cushman's Sons
Ma 104
Oct
Deere & Co pref
Jan 4 8234 Ja 110
Nov
Jan 8109
lOr
200 108
Devoe & Raynolds A_ 10,500 90
Oat 9034 Dec
Jan 2 9341 Jan 8 53
Eastman Kodak,pf_ _100
Oct 11521 Nov
10011534 Jan 811534 Jan 8 112
Emerson-Brant, pref_10 1,000 22
Jan 5 8 May 2634 Aug
Jan 4 23
Eureka Vacuum Clean_• 1,600 5234 Jan 2 5331 Jan
484 Nov 5734 Dec
Fairbanks, Morse, pf.i01
10010834 Jan 610834 Jan 6 10634 June 11054 Nov
Fed Light & Trac, pf_100
200 89
Jan 4 89
Jan 4 8254 Sept 89
Dec
First Nat Pic, let pf _100
900 102
Jan 7103
Jan 100
Oct
Jun( 110
First National Stores_.* 11,800 3934 Jan 2 4441 Jan 5 3871 Dee 40
Dec
Fox Film Class A
* 5,400 8234 Jan 8 85
Dec
Jan 2 6831 Sept 85
Gen Cigar, deb pf(7).100
500 116
Jan 4116
Jan 4 104
July 116
Dec
Preferred
100
200 110
Jan 110
Jan 105
Jan 111% Mar
Geneml Gas& Elea A_
Jan 41 59
8.000 58
Jan 2 5834 Dee 61% Dec
e
Preferred A (7)
700 984 Jan 61 9934 Jan 4 99
Dec 100
Dec
Preferred A (8)
200 110
Jan 4 110
Jan 4 110
Dec 110
Dec
Preferred B (7)
5
10096
Jan 41 96
Jan 4
Gotham Silk Hosiery_
4,700 39
Jan sI 4034 Jan 8 39
Dec 42
Dec
Preferred
10(‘ 1,600101% Jan 4110234 Jan 2 903.4 Der 10271 Dec
Gould Coupler A
5
800 1934 Jan 8 2034 Jan 4 1874 Der 23
Sept
Great West Sugar, pf.100
200 114
Jan 5111534 Jan 107
Apt 11511 Dec
Guantanamo Sugar__
1.200 534 Jan 51 534 Jan
3% Sept 611 June
Gulf States St'l, let pf10
100 107
Jan 5 107
Jan 5 101% Ma 1073.4 Nov
,
Helme(G W)
3001 6971 Jan 6 70
Jan 8 66
25
Ma 77% Jan
,
Indep Oil & Gas rights__ 37,700 1-32 Jan 5
71 Jan 2 1-16 Dec
34 Dec
Indian Refining, pref.100
100,104
Jan 7104
Jan 7 77
Mat 110
Dec
Ingersoll Rand, new _ 1,300103
Jan 4 104
Jan 5 77
Nov 10754 Dec
Internat Cement, pf_ 101' 400,1034 Jan 7104
Jan 7 102% Nov 107
Aug
Internat Match, pref.35 3,9001 564 Jan 8 5834 Jan 4 56% Der 6074 Dec
Jones& L Steel, pf._ _100
100,114
Jan 8114
Jan 8 111% Fe 116
Aug
Kansas dc Gulf
% Jan 2
51 Jan 8
10 1,1001
31 Ma' 156 June
K C P & L. let pref
•
Jan 4 09
400,10734 Jan 8108
Jar 10
9% Sept
Jan 7 88
KretereDentStores,pf.10(
50 513
Jan 7 03
Jsc 5734 June
Lehn & Fink
• 8,300 3914 Jan 8 414 Jan 2 37% Dee 443-4 Oct
Loose Wiles 2d pref._100
1001433.4 Jan 614334 Jan 6 104
Feb 148
Dec
Mackay Cos pref._ _100
100 7234 Jan 7 724 Jan 7 66
Mar 78% Feb
Macy Co pref
100
1001173.1 Jan 611731 Jan 6 11474 Jan 118
Aug
Manati Sugar
Jan 4 45
100 1,800 41
Jan 7 34
Oct 55
July
Preferred
Jan 8 79
100
200 80
Jan 8 80
July 82% June
May Dept Stores prel100 1,100 124
Jan 5 11641 Mar 124
Jan 5124
June
Maytag Co
Jan 2 21% Nov 26% Oct
• 2,300 2134 Jan 4 22
Mid-Cont Petrol pref 100
300 94
Jan 8 9434 Jan 5 833.1 Apr 94% Oct
Middle States 011 ctfs_ 10 1,9001
74 Jan 7 134 Jan 8 171 Feb 141 Feb
Montana Power pref _100
Mar 117
100111234 Jan 511234 Jan 5 109
June
Motion Picture Corp _•14,2
20
Jan 4 21
Jan 4 19% Dec 2041 Dec
Mullins Body pref___100
200 8934 Jan 8 90
Jan 8 804 Sept 894 Dec
Murray Body
.17,6001 104 Jan 2 1334 Jan 5 551 Dec 42% mar
Nat Cash Register A w 1511406001 51
Jan 5
Jan 8 54
National Surety
tool 200L215
Jan 621634 Jan 7 206
Jan 222
Oct
National Tea Co
Jan 4 201
*
800225
Jan 8 238
Dec250
Dec
Jan 7 52
Jan 4111
Feb 110
NptN&HRy,G&EilOOl 400109
July
Preferred
Jan 4 115
Jan 7 8234 Jan 111
1001 600108
July
Mar 112% Dec
NYCannersistpreflool 10011234 Jan 411234 Jan 4 95
North Amer Edison pfd si 400 9474 Jan 7 9531 Jan 2 9474 Dec 96% Dec
Norwalk T & Rubb--10 5,600 1234 Jan 4 1334 Jan 7 124 Sept 1844 Aug
251 9001 33
Jan 4 3334 Jan 5 3351 Dec 38
Oil Well Supply
Nov
Jan 4 9844 Jan 8 7
Onyx Hosiery pref_100 1.400 97
841 Mar 97
Nov
Jan 6 101
200 105
Jan 5106
Feb 112
Otis Elevator pref._100
July
• 700 50 Jan 7 51 Jan 49% Nov 57 Nov
Outlet co
10ol 30010034 Jan 410034 Jan 61 98
Nov 100% Dec
Preferred




1

191
Sales
for
Week.

Range for Week.
Lowest.

Range Year 1925.
Lowest. I Highest.

Highest.

Indus
.& MI. Won )Per qbn•IyC PRT share. $ ver share $ ovr share .0 Der shard
Pan-Am West Petrol B..• 36,1C0 4074 Jan 5 48
Jan 2 3771 Oc01 4974 Dee
Oct6074 Feb
Jan 2 5541 Jan 6 37
Panhandle? & It pref100
300 55
Dec
Jan 4 174 Jan! 2
Jan 4 2
Parish & Bingham stpd.*
100 2
Jan 7 70
Pathe Exchange A
* 15,300 76% Jan 4 83
Noel 9034 oet
Dec10534 May
Jan 6 100
Jan 6 100
Penick & Ford pref_ _100
100 100
Jan 10554 Jan
Jan 810534 Jan 6 105
Penney (J C) pref. _100
300 105
July
Jan 8 1574 Jan 49
Philadelphia Co pref__50 500 4771 Jan 4 48
Ap 424( July
Phoenix Hosiery
5 15,20at 3641 Jan 4 4454 Jan 7 18
Dec
A p 99
Jan E 84
Jan 5 99
Preferred
100
100 99
Jul 8844 Nov
Jan 6 79
Jan 6 88
Pitts Term Coal pref _100
200 88
Jan 5 4034 Ma 6274 Dec
Jan 5 60
Porto Rican Am Tob_100
100 60
Sep 4774 Feb
Prod & Ref Corp pref _50
300 3351 JanO 3434 Jan 8 27
P S Elec & Gas prat _100
700 9771 Jan 4 983-4 Jan 5 9241 Ma 10034 Dec
Oct
Jan 1 10034 Ja 108
Pub Serv Elea Pr pref100
60010654 Jan 8 107
Dec
100 11954 Jan 1194 Jan 7 11454 Ma 122
By Steel Spring pref _100
Nov
Jan 4l 9254 Nov 100
Jan 100
Reid Ice Cream pref _100
200 97
5 6,100 4871 Jan 2 4914 Jan 5 48
Ded 5041 Dec
Safety Cable
Nov(11
Nov
Seneca Copper
* 4,000 911 Jan 4 1034 Jan 4 9
Shubert Theatre
5 12,800 5344 Jan 2 5934 Jan 4 5141 De 5534 Dec
Jan 8 113
Jan 8 9934 Ja 113X Dec
So Porto Rico Sug pf _100
100 113
Jan
5041 Ma 5841 Nov
Stand Gas& El Pr_ _ _ .10
900 5434 Jan 5 55
Sun Oil
* 3,500 39% Jan 7 413-4 Jan 4 3834 Nov(4371 Nov
Dec
Apr 657
Jan 725.5
Jan 7640
Tex Pac Land Trust _100
10 640
i
Jan 8 33% Jan
3254 Sept 3974 Aug
The Fair
1,400 33
Oct
Nov 101
Tidewater Oil prat _ _100 1,300 9971 Jan 5 99% Jan 2 99
Jan 4
13.4 Decl 214 Dec
Tobacco Products rts-_ 64,000 234 Jan 2 3
Mar 121 44 Oct
Underw Typewr pt. 100
100 121% Jan r 1213-4 Jan 115
18% Jan F 1574 Dec 1854 Dec
United Cigar Stores rts_ _ 48,200 1651 Jan
1834 Apr 3374 Dec
United Paperb'd Co_100
100 3141 Jan 6 314 Jan
Jan r 9474 Dee 103% Oct
Jan 6 95
Universal Pict let pf _10C
100 95
Dec 7054 Dee
67
U S Realty & Improv't..* 14,000 68% Jan 6 71% Jan
Jars SI 51 14 mqr. 5954 Nov
Tr 5 Tabs5eo
.
700 5334 Jan 4 57
Virginia-Carolina new_* 25.400 19% Jan 2 22% Jan R 1734 Dec 2174 Deo
Deo
Pref new 7%
16o 3,100 9551 Jan 2 98% Jan 6 9254 Nov 9534 July
34 Dec 5
Cris
• 400 13-1 Jan 4 1% Jan 11
Nos
,
Mar 20
900 94 Jan 2 11% Jan 7 4
Prat etre
100
31 Mar 234 NoV
B cgs
1.200 134 Jan 4 1% Jan 4
Jan 4 4854 Dec 6374 Dee
6% pref w I
100 3,500 6334 Jan 2 69
Dee
Jan 6 30 June 46
Jan 6 42
100 42
Virginia Coal& Coke.100
34 Jan 7
3,800
Vivaudou rights
41 Jan 71
Dec
• 1,600 2134 Jan 5 23 Jan 4 2154 Dec 2434 Nov
Walworth Co
Jan 7 71)74 Mar 87
Jan 4 84
Westinghouse let pref_50
600 80
Oct 125% Dec
10012434 Jan 5 124 14 Jan 5,107
West Penn Co ctfs
*
700 8874 Jan 6 9641 Jan 81
West Penn El A Ws_ _.•
Jig)
Jan 111
Jan 71104
Jan 7 109
100 109
West Penn Pow pre? 100
Yellow Truck & Coach 10 27,800 3034 Jan 2 3254 Jan 4 22% Oct 40% Oct
Oct
05? 100
Preferred
100 1,500 93% Jan 2 95% Jan 8 90
5 No DM value.

Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4 8154@
for sixty days, 4 844@4 8134 for cheques and 4 8504 8534 for
4 81
cables. Commercial on banks, sight 4 841404 844. sixty days 4 8054
4 81, ninety days 4 801404 8011. and documents for payment (sixty days)
481 34@4 8134. Cotton for payment 4 841404 8154. and grain for payment 4 841404 8414 •
To-day's (Friday's) actual rates for Paris bankers francs were 3.760
3.7954 for long and 3.8034 03.84 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.75 for long and 40.11 for short.
Exchange at Paris on London 126.02 francs; week's range, 126.02 francs
high and 127.80 francs low.
The range for foreign exchange for the week follows:
Gables,
Sirly Datis. Cheques.
Sterling Aattal4 81 19-32 4 84 27-32 4 85 -28
High for the week
4 85
4 8454
4 8134
Low for the week
Paris Bankers' Francs
3.9014
3.84
3.8934
High for the week
3.7534
3.7434
3.6934
Low for the week
Germany Bankers' Marks
23.81
23.81
High for the week
23.8034 '
---- 23.8015
Low for the week
.
Amsterdam Bankers' Guilders-40.25
39.79
40.23
High for the week
40.2034
40.1814
39.7434
Low for the week
-Chicago, par. St. Louts, 15025c. per $1,0061
Domestic Exchange.
discount. Boston, par. San Francisco, par. Montreal, $1 8750 Per
$1.000 discount. Cincinnati, par.

)4

414

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Jan. 2. Jan. 4. Jan. 5. Jan. 6. Jan. 7, Jan. 8.
(High
First Liberty Loan
314% bonds of 1932-47_ _4Low
(Close
(First 356s)
Total sales in $1,000 units_ _ _
Converted 4% bonds of (High
1932-47 (First 430 ---4Low(Clot*
Total sales in 111,000 units..
Converted 471% bonds (High
of 1932-47 (First 4 310)4Low
(Close
Total sales in 61.000 units_
(High
Second Converted 4 X%
bonds of 1932-47 (First( Low
(Close
Second 454*
Total sates in 01,000 units_ _
Converted 454% bonds aligh
4% bonds of 1927-42--Stow(close
(Second 4s)
Total sales in $1,000 units_ _
Second Liberty Loan
(High
of 1927-42 (Second (Low.
[Clow,
471s)
Total tales in $1,000 units..
(High
Third Liberty Loan
434% bonds of 1928_ _ _ _1Low
tame
(Third 43.4 )
,
Total sales in $1,000 antes.
Fourth Liberty Loan
(High
471% bonds of 1933-38-4 tow.
(Fourth 434.)
Mime
Total sales In $1,000 units_.
fIllgb
Treasury
454s, 1947-52
(Low.

9910ss
955,1n
991032
11

992,n
9915ss
992132
118

99".1
99,0s2
9920n
61

991032
9951n
9950s2
247

992032
gat..
9920n
140

99“st
99 hs
,
99"n
159

101WsS
'
101;;;; 101;;;
101"ss 101242 101"ss 101"te 101un 101un
% 101"so 101248
10121n 1012,n 10125n 1011
133
52
28
8

10(4',,
100,031
447
100".,
100".
100".
29
102.00
1010
.
101".
207
106,03
10623,
(Clow 106,0
.
Total sales in 81,000 units. _
8
(High 102203
Is, 1944-1954
(Low
102".
1Close 102211
Total tales in 01.000 units_ _
80

10
0:06
100.00
1C0.00
uco;;;
100,5ss
1002032
258
1005031
100"12
100"82
538
102.00
101".,
101".,
735
108".,
1060
.2
106232
6
102"31
102,031
102".,
7

100".2
100".,
261
100".2
100"n
100",.
232
102.00
101"31
101"31
327
106,,ss
106,4.2
106,2n
1
103.00
102".
103.00
4

100
1,22
100.1.a
1802231
372
1002,31
10050n
100".,
149
102 31
,
1015,
.
1015,3
353
106,53
106,0.,
106,,
10251
.
1022h
1022h
15

---100"1;
100"n
100"ss
102
100"n
100"n
10025.1
120
102.00
10124
102.00
14
106,23
106,23

100"11
100"se
135
10020.1
10020.1
10020.1
292
102.00
10120ss
101"n
670
106un
wan.
106"n
66
24
24
---- 102"ss
ss
---- 102,,
102"n

Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 la 354s
991232 to 99152 3d 444s
tO 100"n
10",s.
45 1st 431,
101".2 to 1012232 22 4th 44(s
10120 to
.3
4 2d 4303
100"n to 100uss
New York City Banks and Trust Companies and
New York City Realty and Surety Co's. (See page 207.
Quotations for U. S. Treas. Ctfs. of Indebtedness.
(See page 186.)

192

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
Poe sales during the week of stocks usually inactive, see preceding page.

AND LOW BALI PRICES
-PER SHARE, NOT PER CENT.
Yalu/as,
Jan. 2.

Roaday.
Jan. 4.

Tuesday.
Jan. 5.

Wednesday
Jan.6.

$ per share $ per share S per share

per share

Thursday,
Jan. 7.

Friday,
Jan. 8.

Sales
for
the
Week.

per share $ per share Shares.

STOCKS
NEW YORK STOOK
EXCHANGE

PER SHARE
Range for Year 1925.
Os basis of 100-slare lots.
Lowest
Per •ka,

3
73
131
108
.1714
•57
9
109%
1012

BM and asked prices. s Ex-dividend




74
7312 7414
131 •13112 135
10812 10812
109
18
17h 1713
5812 •5712 58
9
8% 9
110
110 11014
11
103 107
4
2
e Es-rights

1,200
2727 73
2
100
131% 135
goo
107 10812
200
17
18
300
5714 5714
5,600
87
2 9
1083 109% 1,300
4
103 108 10,200
2
4

Hlyhaa.

Illeheat

Lowest

3 Per share

5 per share

•
Per ohm%

12 Apr
25 Mar
974 Jan
864 Jan
las Feb
112
Jan
524 Apr
5614 Apr
396 Dec
4
86
Jan
1312 Jan
488 Jan
4
40 May
1424 Mar
199 Mar
674 Feb
9911 Jan
314 Apr
84 May
100 Apr
21 May
37 May
4 Apr
1012 June
107 Oct
s
184 Oct
494 Jan
100 Jan
211s Feb
761 Feb
4
854 Jan
29
Jan
6814 Apr
20
Jan
50
Jan
45
Jan
10411 Mar
1104 Feb
42 Dec
20% Jan
284 Feb
254 Jan
53% Mar
26 May
114 Apr
50
Jan

224 Dee
4614 Dee
1204 Dee
984 Dee
5 Dee
15214 Dee
844 Dee
664 Dec
4414 Dee
95 Nov
417 Dee
1
754 Dee
684 Dee
15812 Nov
295 Dee
9814 Dee
1094 July
1018 Dec
1971 Dee
15014 Nov
38 Deo
624 Del
117 Not
s
314 Nott
184 260
7
324 No7
75 4 D77
3
1144 Des
50 Noe
974 Del
8711 Nov
574 Del
94 Dee
49 Nov
654 Dee
39 Nov
11194 Dee
14918 Del
4.311 Dee
354 Aug
4914 Dee
4814 Des
75 De*
3984 Nov
2912 Des
99 Dee

Railroads.
Par
48 .45
45
47 .45
48
45 .44
.45
47 .44
47
100 Ann Arbor
100 22 Feb 17 48 Dec 4
.6612 6812 *6612 6812 *6512 6812 .653 6812 6612 6612 .6534 6812
4
Do prof
100
100 40 Mar 24 67 Dec 24
13812 139
13734 1383 136 13772 35,700 Atoll Topeka & Santa Fe 100 11814 Jan 16 14012 Dec 29
2
136% 1381 13614 13714 1367 139
4
/
4
94% 94% *9412 9514 9
9412 95
95
9412 95
412 95
Do pref
95
2,200
100 9212 Feb 17 98 Dee 30
97 10
93
g 95g
9% 10
95* 10
Atlanta Birm & Atlantle
912 93
3 Jan 14 113 Dec 24
83 914 13,200
4
4
100
4
255 258
257 2593 255 256
260 26212 26012 26212 252 260
4
6,100 Atiantio Corot Line RR
100 147 4 Jan 16 288 Dec 24
1
7
931 93
93
/
4
9312 931 9312 923* 933 28.300 Baltimore & Ohio
93% 9
412 9314 94
100 71 Mar 30 9412 Dec 16
68
6772 88
678 673
6734 673
4
.6714
4 6712 68
Do prof
k
100 624 Apr 21 87 4 Nov 14
4 677 688 1,400
3
45
4512 45
45
45
45 .45
4512 45
45
45
4512 1,200 Bangor & Aroostook
50 35 Mar 23 5612 Nov 2
14
.99 101 .99
7199 100 .99 100 .99 100 .9912
Do pref
100 89 June 22 100 Oct 26
7
g 563 5712 57
4
25714 57
604 6114 5912 61
577
5612 57% 17,500 Bklyn Man!,Tr t0
• ---No par 354 Jan 5 64 Nov 30
83
823 823
4
4 81
8212 *81
83
83
81% 811* 814 82
1,400
No par 72 s Jan 2 838 De!22
Do Prof•t a
7
4
80
84 .83
.78
86
83
*83
84 .83
84
69 Buffalo Itocheett• & Pitte_100 48 Apr 2 928
84 .83
8May 2
14814 14832 146% 1477 14672 14712 14712 1483 147 14712 3,900 Canadian Pacific
148 148
2
100 13618 Mar 30 1524 Jan 81
2
298 302 .296 305 '297 30
304 304%.300 307
30
200 Central RR of New Jersey_100 285 Mar 30 321 Jan 3
3
1251* 126
1263 12812 125 4 128
2
125 12614 1253 1265 1233 1253 28,400 Chesapeake & Ohio
2
4
100 8914 Mar 30 13012 Dee 18
*
4
127 127
125 127 •124 126
•12512 128
Do pre
125 126
12312 125
1,500
100 10514 Apr 14 130 Dec 16
8
814
8
73
4 73
4
8
8 12
814
8
73
4 814
100
34 Apr 24 103* F.:b 9
81 5,100 Chicago & Alton
/
4
•1332 133,
14
143* 14
54 Apr 23 1912 Feb 21
14
14
14
•1312 14
Do prof
*1314 14
3,800
100
•190 200 .190 201 .190 201 •190 201 .190 201 •190 201
C C & St Louis
0
100 140 May 20 200 Dec 30
.3412 35 .341z 36 .3412 36 .3412 36 .3412 3612 .3412 36
Chic & Eaat.Ill RR
100 29$4 Mar 30 3814 AUg 25
.4812 50
493 49 4 4814 4812 .48
4
3
.50 .48
Do pref
477 48
2
50
600
100 40 Mar 30 5714 Jan 2
1112 1172 115 117
*
1112 113
/
4
4 1114 1114 1114 111 1112 114 3,000 Chicago Great We8tern100
9 Jan 2 15 Feb 7
271 27% 27
/
4
273 28
4
28
2714 2732 2714 274 264 27
Do Prof
8,800
100 191 Mar 30 325* Feb 6
4
1032 11
103 113
4
11
14
123 1412 13
2
137
2 13
314 Apr 20 164 Jan 7
1414 89,200 Chicago Milw & St Paul_100
1912 20
1914 2014 1938 22
20% 22
207 213* 2012 22
2
Do pref
10,100
100
7 Apr 20 284 J In 7
ggh 817
2 79% 8114 7812 80
7814 7914 79
7912 773 7012 26,400 Chicago & North Weetern_100 47 Apr 14 807 Dec 24
4
s
11912 11912 11812 11912 119 119
11812 119
11812 11812 1181 119
Do pref
1,300
100 1014 Apr 14 120 Dee 31
.
57% 58% 5634 583
4 56
5612 578k 5614 573 70,100 Chicago Rock Is! Oa Pacific. 100 404 Mar 30 587
5712 561g 57
4
s0ee 31
100 100
100 100
/
4
99
9912 991 9934 9934 997 .9912 997
Do 7% Preferred
1,500
100 92 Jan 2 100 Dec 7
87
873
2 8712 8712 871 873* 87
/
4
8712 874 8712 864 863
Do 6% preferred
4 2,400
100 82 Mar80 8912 Mar 8
58 .54
56 .5312 56 .54
.56
56 .54
Chic St Paul Minn A Om._100 334 Apr 22 5912 Jan 13
56 .54
56
•119 122 *11712 120 •115 117 •115 118 •115 118 *115 118
Do pref
100 7314 Apr 21 12012 Dee 29
*84
65 .6212 645* 62
6212 6212 6212 625* 62 * 63
63
1,100 Colorado & Southern
100 4414 Jan 6 70128ept 1
5
67 .65
67
.65
*66
67 .66
65% 66
67 .66
Do let pref
67
200
100 60 Mar 26 684 Dee 29
59 •138
59 •58
59 •57
*57
59 .57
59
Do 26 pre
*57
59
100 54 Jan 21 824 Aug 27
15712 158 4 15612 15812 157 16112 15912 165
3
180 165
100 13312Mar 30 155 Apr 6
162 1647 15,600 Delaware & Hudson
2
14412 1451 144 145
144 14512 145 14614 314434 1467 11,100 Delaware Lack & Western_ 60 125 Mar 30 1474June 8
146 146
,
4612 4612 46
461s 46
47
47
47
46
46
4614 46
1,800 Denver Rio Or & West pre 100 344 Oct 9 60 Jan 12
3872 305
8 3814 38 4 38% 39
39
40
8
3814 3853 38
100 264May 15 393 Dec 16
383 21,800 Erie
4
2
4558 444 4514 44% 4514 445 447
45% 45
45
Do let pref
4412 443 20,000
4
100 35 June 23 464 Jan 2
4212 43
42
42 2 43
7
4212 4214 423
4212 •4112 4214 4,800
Do 2d prof
2 42
100 34 June 29 434 Jan 6
3
77% 7812 771 78 * 76
7614 77
778 7612 77
7512 7674 24,000 Great Northern pref
8
100 60 Apr 24 823 Dec 18
2
2 257 26
2614 26% 2612 267
25% 2614 26
2612 2534 26
Iron Ore Propertlee-No par 25 Dec 5 40 2 Jan 19
5,000
3
,
3434 3434 34% 34% 345 34% 34% 35
348 3514 3412 35
3,100 Gulf Mob & Nor
100 23 Mar 80 384Sept 8
101 102
101 101
102
10112 10112 10114 10114 101 101
•10012
Do Prof
900
100 894 Mar 30 10914Sept5
•230 250 .230 280 .230 280 .230 250 .230 250 .230 250
Havana Elea Ry, Lt & P100 112 May 16 246 Sep:, 10
3614 351g 3612 35% 371 363 3712 353 36
.3512 36% 36
/
4
4
8,500 Hudson & Manhattan
100 214 Mar 18 383* Aug 26
72
7014 7014 721 7212 717 717 *713 7212 •713 7212
2
2
.70
Do prat
4
300
100 6412 Feb 18 72 July 10
4
12314 12334 123 12312 122 12234 122 1225* 12014 1213
12314 124
100 111 Mar 81 12512 Dec 16
4 6,000 Illinois Central
12312 12312 •123 124 .121 12312 121 121 •121 123 .120 123
Do prof
300
100 11212 Apr 23 12514 Dec 18
*304 3114 304 30% .29% 3114 .29
.2914 3012 .2913 31
31
100 hat Rye of Cent America-100 18 Jan 8 334Sept 11
1763
_ •63
*6314 - - Do pref
.63
-100 5912 Jan 2 6811July 14
32% 3114 325* 3012 305* 304 307
31
3 303 307
2
2 30
303 12 3:6456 Interboro Rap Tran•t e 100 1312 Mar 23 3412 Feb 9
4738 49
4
475* 48 2 473 48% 475k 4814 461 477 21,200 Kansas City Southern
47% 48
7
/
4
100 284 Mar 30 51 Dec 16
62
62
62
62
62
62 .6112 62
62
62
Do pref
62
700
62 2
3
100 57 Jan 15 6314 Dec 29
8512 84
2 85
8414 851g 8314 8412 3,800 Lehigh Valley
85% 857
8812 83% 84
50 69 Mar 30 8812 Dee 17
140 142
•142% 144
14012 140
13934 143
12 140 14012 13912 140
2,800 Louisville & Nashville
100 106 Jan 16 148 Dec 11
925* *88
88 .88
•88
95
88
98
1788
92
100 Manhattan Elevated guar_100 64 May 20 11911E40 14
1788
92
/ 4212 4212 4212 4272 41
1
4
7
421
4212 4312 423* 42 2 4112 43
Do modified guar
2,300
100 324 Mar 23 514 Feb 9
.714 812 *7
812 .7
Market Street Ry
812, •
.7
8
.7
812
100
6 Nov 18 12 Sept 21
.2612 3012 2514 2514 .2512 30
*2512 31
100
•25
Do pref
•25 31100 20 Jan 13 4614Sept 21
3053
.43
44 .43
44
900
4312 4312 4234 4412 43 43
Do prior pref
43 43
100 4214 Nov 24 8514Sept 21
18 .151 18 .1512 19
•1512 18
•1512 18 •16
•15
Do 2d pref
19
100 15 Dec 8 35145ept 21
33
314 33
8
38
314 314
314 314
314 33
3
/ 338
1
4
100
24 Oct 28
2 4,600 Mlnneap & St L
4 Mar 6
4912 50
493 493
.5014 52
4
497 4974 1,300 Minn St Paul & 85 Marle_100 804 Apr 4 57 Nov 19
4 4912 4912 4938 495
76 .71
76
•71
76 .72
.72
76
7312 7312 7312 7312
Do pref
200
100 40 Mar 30 8814 Nov 19
8
/
4
407 41
41
41
417
2 4053 4114 4012 4114 17,700 Mo-Kan-Texas RR____No par 284 Jan 2 45128ept 8
415* 411 42
9232 93% 93
95
93
933 94% 9312 94
2
9312 9212 933 16,600
Do prof
100 744 Jan 2 9212 Dec 31
393
3912 39
4 39
3812 39
38% 39% 38
3914 393
100 80 Jan 5 414 Dee 8
6e
383* 19,400 Missouri Pacific
Do pref
2
8712 8772 9,100
883 8812 881a 8914 877 883
2 87! 874 87% 88
100 71 Mar 30 914 Dec 5
3% 412
34 312
23
.23
4 38
4 3 1
33
4 4% 26,900 Nat Rya of Mei 20 pref--100
22 3
7
112June 24
314 Dec 16
4
13414 13538 13314 1343 1325* 13412 132 133% 13212 13332 1318 133
80,100 New York Central
100 11314June 10 13712 Dec 30
17912 18014 17812 178''178 180
•179 180 ,•179 181
1,000 N Y0& St L Co
100 118 June 24 183 Dec 16
179 180
97 I 975 9712 9734 973
4 975* 978
97
97
97
Do mei
97 971
900
100 884 Jan 6 98 8 Nov 20
/
4
7
448
9 443* 34,800 N Y N II & Hartford
445
44
43
3
100 28 Mar 24 47 Dec 16
44% 45 4 4412 45% 44
4438 44
28
273 28
277 2772 .2734 28
4
2812 2812 28
27 2714 1,800 N Y Ontario & Wester -_,.1O0 20as Apr 4 344 Aug 13
36
36
,
3612 361 3612 3612 .361 37
/
4
600 Norfolk Southern
3614 3614 "38
100 217 Apr 22 45 Sept 29
37
1
3
7
14814 148 2 1473* 148 4 14712 14914 149 150% 15012 1533 15238 1547 60,400 Norfolk & Western
4
100 1231sMar 30 151 Dec 16
84 .80
84 .80
90 •80
84
84
85
Do Prof.
85 85no 7512 Jan 8 86 Dee 31
300
.80
3 765* 747 753
7 7612 75
7512 75
75
755* 7412 7532 21.300 Northern Pacific
4 75
100 5814 Apr 25 784 Dec 29
5414 54% 541g 5412 5414 547
4
49,500 Pennsylvania
60 421g Apr 9 554 Dec 17
547 5
2 541g 55
2 513 543 55
7.800 Peoria & Eastern
.1812 2011 •1812 2012 .1812 2012 •1812 2012 2012 2138 2113 237
100 1314 Apr 30 214 Dec 15
84% 86
84
84
2
100 61a4June 24 8512 Dec 16
85% 85 4 4,700 Pere Marquette
8512 853
4 8534 8572 857 857
3
Do prior pref
90 .87
8912 •87
90 .87
.87
90 .87
100 78 July 29 893 Dec 30
89 •87
89
4
81
.7912 81
7912 80 .79
Do prof
'7912 80 4 *7912 803
*79
80
100 684 Apr 16 7938 Dec 30
1
4 1,200
116 116
11512 11534 114 115
1,800 Pittsburgh & West Va_....100 83 Mar 19 123 Dec 12
11412 11412 11414 115
11472 115
60 694 Mar 30 9114June 1
8712 88% 8714 8734 8732 88% 86 2 88
8834 89
8,000 Reading
7
8634 88
40% 40 2 40
Do lit Prof
40
41
40
40
3
'40
41
1740
41
500
•40
50 354 Mar 18 41 June 1
.4012 40 4 4012 41
•4012 41
.4012 41
60 3614 Mar 18 44Wune 1
3
.40
Do 2.11 pref
403
4 4012 4012 1,300
59
60 .54
*57
59
200 Rutland RR prof
100 42 Apr 24 62 1 Jan 9
62 .58
5614 57 .5514 60
*59
7
100 1003
3
3
2 9912 10014 98% 99% 99 100 2 9914 99 4 984 99 4 17,300 St Louis-San Francisco-J0° 574 Jan 16 1024 Aug 28
3
100 76 Jan 20 92'., July28
Do prof A
87 .8612 871z .8812 8712 .86
200
8712 .8512 87
8712 871z 87
/
4
67 4 - 71% 691 71% 6918 703
1
8 69 4 7014 68
50,500 St Louis Soutbweetern_100 43 4June 11 6914 Dec 14
8
3
70
6712 88
Do pre!
100 701sJune 25 783 Dec 5
76 '76
800
7612 76
76
7612 7612 7612 76
4
*7434 763 .75
4
80
51
49
100 204 Jan 16 544 Nov 14
/ 4972 49
1
4
497
3 494 50
4812 4914 10,900 Seaboard Air Line
50% 51
pref
100 85 Mar 30 514 Aug 27
Do
2,500
4 47
4714 464 464 *4614 47
4512 46
47% 4712 4712 473
10212 10314 10212 1024 1014 10212 1018 10212 34,600 Southern Pacific Co
100 96 Oct 7 1084 Jan 9
10334 10414 1031 1 104
4
/
1
4
118 11812 118 119 311612 11712 14,900 Southern Railway
3
100 774 Jan 2 12012 Dec 29
118% 1191z 118 119 4 11814 119
Do pref
92
9114 9154 •91l2 92
100 83 Jan 2 954Sept 19
9112 92
9114 911
3,200
9212 9212 92
577
8,900Texas & Pacific
100 4314 Jan 27 59 Dec 29
5712 584 571 584 56
4
56! 59
553 58
4
574 5
8
100
4
4 1312 1334 1,000 Third Avenue
738 Apr 17 15
4
4 133 134 134 138
6nSent 9
13 2 13 .13% 1411 133 133
7
%
78
800 Twin City Rapid Transit _100 58 Jan 22 7814 Dec 28
78
2
7812 78
*7812 7 % 783 78% 7814 78 "7814 79
9
100 1334 Apr 24 1534 Jan 10
4
148% 149% 14812 14914 1482 14914 149 1491, 14712 14912 11,300 Union Pacific
149 150
100 72 Jan 30 774July 81
Do pref
800
76
75 .75
743 75
4
*744 75
74 4 75
8
7514 7514 75
2
100 United Railways Inveet-100 18 A 118 31 3
24% 243 .2212 25 .23
25
172312 25 .20
.2412 25
25
34MaY 18
100 4812 Mar 23 837 Dec 14
Do pref
8112 80
.69
83
80 80
gar 8114 81
s
80
80
1,600
80
Virginia Railway & Power_100 641s Jan 14 150 Nov 4
17175 200 •125 200 .125 200 •125 200 .125 200 •125 200
42% 43 4 433 44% 44
100 1912 Mar 30 47 Aug 28
/
1
45% 44
3
4
453 75,100 Wabash
4
/
1
4
4312 444 434 44
Do pref A
100 554 Jan 20 737 Dec 17
4 73h 74% 74% 75
733
74% 753
y312 733
4 743 75 4 33,600
4
3
4 73
Do pref B
ego
62 .6114 64
60 .59
100 381s Jan 21 6011 Aug 22
6012 *61
60
60
60 2
7
.58
63
100 11 Mar 24 184 Aug 25
s 161g 1614 16 1614 1574 1614 1572 1612 9,400 Western Maryland
1618 1514 184 183
Do 20 pref
231 2312 2314 233
/
4
100 18 Mar 27 2614 Jan 9
2 23
233
2 2.100
2314 2314 23% 24 .2314 24
100 194July 31 3912 Dee 30
4 381z 383
ggh 3914 384 38% 3812 383
37% 10,900 Western Pacific new
/
1
4 3712 3812 37
Do Prof new
100 72 July 27 81 Dec 7
80
80
8012 79% 801 79
2,600
79
3
7912 793
/
4
4 79 4 79% 80
3012 303
2
4
3012 31% 30% 31% 303 31
4 29
3132 32
3012 15,000 Wheeling & Lake Erie Ry..,100 103 Mar 31 32 Dee 15
49% 50
100 22 Apr 2 537 Dec 1
Do prat
4
4712 4912 3,100
3
5014 501 1 49 4 5012 4912 493 .4912 50
2
/
4
7312
741 73
74
.7212 74
129 135
•129 135 •129 135
10712 10712
108 108
109
•108
.
1712 oh •171 1912 18
/
4
18
58
58
58
58
s5712 60
9
9
9
912
8% 9
11012 11012 110 11012
110 110
107 1114
2
3
1014 1014 10 2 11

PER SHAR:
Rowe for Pratt.,
Year 1924.

Industrial & Miscellaneous
Abitibi Power & Paper-N Par 62 Jan 6 7614 Dec 29
All American Cables
100 119 Jan 6 1334 Oct 28
Adams Express
100 90 Apr 16 1174 Oct 9
Advance RumelY
400 13 Apr 11 20 Oct 23
100 47 Feb 18 6214 Oct 23
Do pref
Abumada Lead
1
7% Oct 13 124May 27
Air Reduction, Ino____Ns par 865* Jan 30 1174 Dee 1
Ajax Rubber. Ine-__No par
93* Dec 2 15 sJune 19
7

204 Nov
574 Oct
10014 Mar
104 Mar
114 July
4414 May
124 Jan
1734 Mar
511 Mar
/
4
b391 Apr
874 Jan
42 Jan
8012 Jan
64 Mar
20 'set
41 Nov
14 Mar
las Jan
2814 Mar
50 June
104 May
294 Feb
911 Jan
4
29
Jan
lls July
994 Feb
7238 Feb
83 May
144 Jan
16 May
1212 Apr
10212 Jan
724 Feb
477 Mar
s
4214 Jan
94 Mar
4012 Mar
7112 Apr
Jan
60
88
Jan
517 May
s
34
Oct
03318 Jan
32
Jan
194 Apr
424 Jan
33
Jan
577 Jan
614 Jan
1414 Jan
8511 Mar
3812 Jan
664 Jan
19
Jan
81 Mar
4
3911 Oct
1264 Mar
70 Mar
74 149r
2612 1
.4pr
313 Feb
1034 Jan
34
Jan
2212 Jan
84 June
1514 May

2938 3)o,
6471 Dee
1174 Dee
117 Dee
1A
184 Nov
68 Nov
394 Jul/
414 Dec
5912 Dee
88 Des
109 Des
85 Doe
517 July
1
1312 Jan
62 Des
714 Jan
80
Jan
4
Jan
53 Dee
15
75 Des
844 Doi
754 Dee
3414 Nolf
74 Doe
8 Dee
1194 Del
128 Dee
934 Sept
3314 Dee
2814 Nov
29 Nov
18314 Dee
804 June
73 Des
50 Des
224 Nov
73 Des
8512 Aug
77 Aug
754 Des
794 Des
564 Jan
56
Jan
66 Nov
65 Des
824 Dee
554 Dee
74 Nov
241e Dee
4512 Dee
1084 Nov
794 Dee
85 Dee
484 Del
1811 July
66
Jan
1511 Dee
/
4
764 Aug
al Des
644 Des
72% July
2438 Dee
60 4 Dee
3
424 Des
161 Des
4
264 Dee

712 Jan
144 Jan

-1711 Dee
824 Dal

61 Dec 64 Des
Ms May 1224 Dee
7312 Jan 9313 Des
Nes Dee
e Julie
2814 June 54 Des
- 67 -Jan gi Dec
7/
1
4
44 May 144 maw

New York Stock Record-continued--Page z

193

Pos sales during the week of stocks usually Inactive. see second page preceding.
-PER SHARE, NOT PER CENT.
MOH AND LOW SALE PRICES
aalurdar
ID Jan. 2.

Monday.
Jan. 4.

Tuesday.
Jan. 5.

Wednesday. Thursday.
Jan. 7.
Jan. 6.

Friday.
Jan. 8.

Saler
Jot
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Ranee for Year 1925.
-skate lots
On Oasts of 100
Lowest

IMAM

PER SHARE
Rosa.for Protons
Pear 1924.
Lowest

•

litohees

$ Per skate $ per stare $ per awn
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
72 Jan
Ds Ma!
13
2 Oct 26
17
2,200
8 *134
g
4 17
4 184 *13
13
4 17
13
8 2
17
1
. 133 17
.
116% Dec 14
63 Mar 87 Do
4
1
/
8
112 1177 41,900
4
4
1123 1123 114
112
11212 114
114 11412 113 114
3
12114 Nov 21 110 Apr 1185 De*
1,000
120% 12014 120% 120% 120 120
120 12013 120 12016 *120 121
411 May 735 Dec
8
9714 Dec 14
4
/
4 9113 9314 9114 9212 18,400
923
9312 907 9214 91
9312 92
*93
,
4
1
/
90 Apr 104 De
109 Dec 15
1,000
110
109% 1097 110 110 *108 110 *106
10912 110
109 109
71 Apr 17% July
8
297 Oct 13
2934 334 41,900
284 30
7
27% 28
42 28
3 27% 27% 27
4
263 273
1834 Apr 4933 Jar
8212 Dec 1
8314 8814 19,900
*
8218 80
8 817 85
817
82% 81
8 8114
817
80
86 Mar 6912 Feb
43 Jan 7
3418 3412 3513 23314 3312 3,200
3314 3314 331 3312 34
34
*33
4
1
/
68 Oct 83 Dee
E7l8June 19
200
80
4 80
3
78 4 78% 783
3
78 4 *77
78% *77
4
783 *77
*77
7 Jac
1k
2214 Apr 88
54 Jan 3
24,300
3112 32
315 32
3134 32
33
34% 32
3212 3414 33
76 Apr 102 Dec
156 Dec 15
159 16412 16,700
15034 161
150 151
150 151
15012 151
*150 153
1148 Dec 17 10414 July 110 Ma!
100
*11212 115 *11212 116
*114 11412 *114 11412 115 115 *114__
8
957 Apr 16312 De!
8
2973 Dec 31
4
289 2913- 29114 2933 28912 2943 43,400
4
29412 2963 291 2954 28814 292
414ept 14 109 Jan 119 0e1
/
1211
800
8
8
4
8
•121 12112 121 12112 *12013 1207 *1211 1217g 1213 1217 1217 1217
1
115 419ept 17
110 1108 109 11012 13,800
3
110 1113 110 1107
3
109 1097 109% 111
4
128 July 28 1183 -Aar 125 Jai;
200
125 125
124 124
*122 126 *122 126 *122 126 *122 126
8
213 Mar 25 Bent
27 Feb 14
2,100
3
2433 247
247 247
3
4 24 4 247
24% 24% 2412 243
2412 25
4
143 Apr 40% Dee
69 Apr 18
8
4812 4.200
481
4813 49
481 *4812 49
51
48
48
47
47
23 Sept 39 Dee
5812 Apr 18
700
47
4612 4612 47 4714 46
48
*46
*4612 48
50
*47
Oct
7
813 June
633 Jan 22
414 Dec 30
4% 1,700 .ner Druggiste Syndicate_ 10
438 433 *41
414 412
414 43*
*414 413 *414 412
Apr 16433 Dec
88
100 125 Apr 27 166 Jan 2
2,500 American Express
1371 140
135 135
137 13712 136 136
*136 13812 136 136
8Sept 3 ---- -___ ____ ___
2716 Apr 7 513
413
8
4034 4114 407 41s 4112 42
4
403 413 12.700 Amer & For'n Pow new_No par
418 4233 41
No par 87 Jan 6 94 Feb 19
Do pref
2,100
9134 92
9112 9113 9134 92
9114 9112 9133 9133 9133 92
4 Dee
9212'Mar 1321 11433 Apr 7 142 Sept 23
Do 25% paid
300
12813 128%
__ *129 132 *126 130
131 131 *130 135 *____
74 Apr 1433 Dec
813 Mar 31 1433 Dec 29
8
3
8 151 1632 1533 15% 1538 1533 12,400 American Hide & Leather-100
1414 1414 14% 15 8 153 163
5012 Jan 72% Dec
7
100 5812Sept 2 75 8 Jan 14
Do pref
2,000
6214 62 62
83 6333 62
6214 6312 6333 64
62
*61
Fel
72 .V6g 96
100 83 Mar 18 139 Dec 16
3,700 American Ice
1
1337 135 213212 134
134 135
134 134
13412 135
134 135
7813 NOv 83 Fel
100 7412Mar 17 86 July 9
Do pre/
500
4
•83 834 8314 8314 8314 8314 *8312 843 *8312 8412 *813 83
8
6
173 Mar 353 Nov
6
Amer International Corp-100 3218 Mar 30 467 Nov 13
4
1
/ 45
44
4312 45
43
4
44
4333 444 423 444 18,200
434 441
10 May 1214 Jan
10 1114 Jan 2 20 Nov 14
1
1512 4,800 American La Franoe F E
3
1514 15 8 1514 157
s 1533 15% 15 j 1534 4151* 1533 15
*
1333May 288 Dee
100 20 Mar 25 5914 Nov 5
1,800 American Linseed
513* 52
8
*517 52
52
7
*51
8
52
5212 5213 523 52 8 52
Apr 53% Dee
30
53 Jan 2 89 Oct 2
100
Do pref
500
*8514 86
86
87
88
87
86
87
86
87
'883387
8
701 Apr 10934 Des
8Mar 6
4
11813 1183 118 1197 118 1193 11733 11814 11712 11812 115 11712 14,500 American Locom new__No par 104% Jan 5 1447 Feb 16 11614 Apr 1204 Beni
4
100 115 Aug 14 124
Do pref
700
s
119 1197
11812 119
119 119
119 119
119 119
*118 120
38% June 54 Di.
8
4
No par 453 Mar 30 573 Oct 26
5414 5514 543 56
5412 551 11,400 American Metals
5412 55
4
5312 548
55
•54
941 Apr 136 Dee
8
25 897 Jan 3 12212 Nov 4
1142* 11418 11412 114 11478 3,800 American Radiator
1
/
1154 1143 115
114
115
4
113 115
4
1
/
Oes
83
77% Nov
Railway Express_ _ _100 276 Sept 15 84 Jan 1
Amer
17764 80
*76% 80
*7612 80
*7612 80 •7612 80
*7612 80
57 Apr 101 Nov
4
100 36% Jan 2 764 Nov 14
11,600 American Safety Rasor
63
60
5614 5614 55% 5612 5614 5812 5812 5912 5912 597
1018 Oct 15% Het
513 Dec 30 1413 Feb 28
61, 6% 3.300 Anter Ship & Comm ...No par
412 5'I
8
6
1
6
6
64 63
612 634
3
5712 Jan 100% Dee
90%Mar 30 14412 Des 31
4
142 1443 140 14
3
312 133 1393 1371 14 3 1403 1448 14112 14414 67,400 Amer Smelting & Refining-100 10518 Jan 5 11514 Oct 9
04
4
1
/
Jan 107 Del
96
100
Do prof
800
8
1143 11412
114 114
113 113 *113 114 *113 114
•11314 114
Amer Steel Foundries_No par 8733June 11 4712 Dec 28 ---- ---- -- - - --454 9,900
8 4534 4618 45 4 4618 453 48
4513 463
3
8
45% 4512 45
100 8.083 Jan 7 1134 Oct 14 1011 AV 1094 NOV
4
prat
Do
1,000
113 113
113 113
•11212 113 *11213 113 *11212 113 *11212 113
4
/
Oct 611 Fel
86
755 777k 7614 7712 77
7612 78% 37,200 American Sugar Refining_100 475 Jan 16 7733 Dec 7
76
7814 7814 79
75
7
Oct 99 8 Pei
77
100 9114 Jan 16 10414 Nov 17
Do pref
4 2,600
8
103 103
103 103
10212 10212 102 1027 10212 1027 10212 1023
6118 July 2812 Jai
6 May 8 2412 Feb 14
s 8,200 Amer Sumatra Tobacco_100
8
123 127
13
*104 1114 11
11
11
11
11
11
11
Jaz
2212 Sept 69
100 28 Apr27 12018 Oct 15
Do pref
*88
•88 110
*88 120
*88 120
*88 110
*88 110
3814 Dec 434 Jan
Amer Telegraph & Cable_ _100 3714June 1 47 Feb 25
41
•39
7139 .41
*40
41
41
*39
41
•39
41
*39
100 1303* Jan 2 145 Dec 7 121% June 134% Des
8
1427 1431s 10.000 Amer Telep & Teleg
14212 142
4
1
/ 142 143
142$4 143
8
1425 143
4
1423 143
4
1
/
8
50 85 Feb 17 121% Oat 22 1363* Mar 1897 Nov
3
115 115 8 3,400 American Tobacco
5
114 8 1151 11414 115 8 115 11511 1143 11512 115 115
4
5
Apr 10612 July
100 1044 Jan 5 110 Nov 12 101
Do pref
1
/
s 1,300
•10618 107
10818 1061 •10613 10634 10614 107 •10614 10612 1064 1067
8
Do common Class B____50 8412 Feb 17 11912 Oct29 18514 Mar 1883 Nov
8
11414 11412 1137 11412 10,500
1144 1144 11312 1143 11418 1143 1144 114
4
4
1
/
200 American Type Founderg_100 103 Apr 22 135% Nov 4 106 SePt 115 Sept
11818119
3
.117 120 *118 4 120 *118 121 *118 120 *119 120
40 Feb 144 Des
20 843* Jan 13 7614 Dec 14
7138 17,500 Am Wat Wks & El
70
71
7214 73
3
71
7113 72 4 7033 72
707 74
3
8912 Mar 101 Deo
100 9714 Aug 6 103 Feb 18
Do let Prof(7%)
400
14
*101 104 *1013 104 *102 10612 10212 10211 *103 10612 103% 103%
4
4
5114 Sept787 Jai
4
100 3434May 6 641 Jan 6
8 6.100 American Woolen
4
1
/ 407
4
/
411 40
4112 421
4114 417
*4112 42
414 4114 41
100 6912May 6 964 Jan 20
90 Ot 103% Jan
Do Mel
500
8
883 583
4
1
/ 87
87
4
4
4
1
/ 893 89 4 •874 89
*873 89
8
4
*873 89
71 Jan 3
7 Jury
14 Apr
112 Dec 18
100 Amer Writing Paper prof...100
*134 2
*134 2
*13
*112 14
4 2
•13
4 13
13
4 2
7 Mar 1214 Des
25
7 May 12 1213 Jan 9
4
1
/ 1014 4,300 Amer Zinc, Lead & Smelt
9
9
9
5
*858 9
8 8 8 *814 9
85
*811 9
k
24 June 804 Des
8May 1 447 Dec 4
25 247
(
Do Ina
5,700
43
40
40
38 38
7
*3614 377
*3712 38
8
377 37 8 38
2818 May 41814 Dee
21,700 Anaconda Copper Mining_50 3514 Apr 21 5314 Nov 6
, 3
8 4933 6O's 491k 503
493 497
8 491 50 8 493 50% 4912 497
4
*
281k Dec 29 Des
4611
26 Jan
44
44
434 43131 4318 43'± 434 431 *4314 43'3 1,860 Archer, Danis MidTd_No par 90% Jan 7 105 Dee 30
4413 448
90 Deo 9112 Dee
Oct 18
5
100
Do pref
300
10412 105 *103 105 *103 105 *103 105 *104 105
•103 105
94% D1411
4
831 Jun
100 9018 Mar 31 100 Oct 8
Armour et Co (Del) Dref
1,100
074 074 971
97
07
9733 9714 971 *97
*97
9741 97
12
4-25 20 Mar 19 27 Oct 5
23% 24's 24
4
233 24
24241 2433 25
4 51 35,200 Armour of Illinois Class
243 2
% 251
24
Oct15 Jan
6
8 Jan 5 1754 Oct 30
1514 1514 1,200 Arnold Oonitle&Covta No par
15
15
8 15
*14% 15
147 147
1478 1513 15
. No pox 39 June 19 6634 Dec 24
400 Artloom
4
1
/ 59
67
*57
*574 581 *5712 58's 584 6814
59
4
*573 61
100 10112 Aug 20 110 Dec 22 ____ ____ ____ ____
Preferred
•110 113 *110 113 *110 113 *110 113 *110 113 *110 113
100 4612 AUg 17 61%Nov 2
4
5312 541 16,500 Associated Dry Goods
8 521g 53
5314 5111 537
517 52 8 52
63
7
53
8
13313 May 94 Not
100 94 Jan 7 102 Oct 28
Do 1st prof
300
102 102 *10113 103
10212 10212 102 102 *102 103
•10012 103
Jan 102114 Des
89
100 101 Jan 2 1084 Feb 7
Do 2d pref
100
1074 10712 .107 109 *107 108 *107 109 .107 108
17107 108
3
4
1
/
27 July 34 4 Feb
25 32 Mar 30 474 Dec 30
Associated Oil
53 4618 45
7
471 4912 103,700
45
46% 4612 45
3
44 4 458 46% 477
3
10 4 Mar 23 Deg
20 Jan 5 77 Sept 29
23,700 All Gulf & W 168 LIne____100
4
4
1
/ 64
4
674 643 66
4
1
/ 623 64
63
63
67
3
4
1
/ 68 8 66
66
1212 Jan 3111 Des
100 31 Jan 5 60 Sept 23
Do pref
5318 534 5333 538
5
8 33
54
537 55% *53
412 1,800
54
54%
1k
78 July 14014 Jan
100 951k Jan 2 117/3 Feb 5
108 109
108 10812 1071 1087 108 10814 10712 10812 3,500 Atlantic Reining
8
*10812 109
4-100e 8 108
Oct 118 Fel
100 113 Sept 18 1178
Do pref
*116 117 *118 117 *116 117 *116 117 *11612 117 *11612 1168
a June 1118 Jan
918 Feb 16 21 Dec 4
No par
600 Atlas Tack
17
*167
17
8
4 17
165 17
4
163 163
8
174 174 167 17
1813 Mar 3312 Des
22 July 6 321* Jan 12
k
4
2614 27
2614 257 2614 253 2612 2,900 Austin,NIchols&CovteNo pa
27
26
2712 27
*27
79 Apr 91 Noe
1
/
100 874 Jan 27 95 Aug 15
Do pref
100
94
*92
94
94
*92
94
93 93
•92
*92
94
•92
8% Jan
414May 14
I% Nov
12 Dec 28
8 1
•7
8 1
•7
8 1
*7
•11 1
700 Auto Knitter Hosiery_ _No par
1
1
4 14
3
13284 1344 13234 1344 13018 1334 78,600 Baldwin Locomotive Wks-100 107 Mar 30 146 Feb 24 106% May 134% Dee
3
4
130 1303 130 4 13612 1334 136
3
100 107 Aug 7 116 6 Jan 81 11012 June 11712 Nov
Do pref
600
8
112 112
111 111 7111 117
4
1123 113 711105 117
113
•1101,
14 Feb 23% Des
33
32
3184 3234 65,300 Barnsdall Corp, Class A- 25 183* Aug 12 3312 Dec 28
3234 32
8
3
32 4 323 33
8
323 3312 32
Jan 17% Des
10
25 16 Aug 18 30 Dec 31
Do Class B
8
29
8
28% 28
287 2912 283 2918 6.700
2912 2912 294 2918 28
2313 Nov 39 De.
No par 33 Jan 5 7318 Oct 8
Barnet Leather
100
54
*50
•5014 54
4
*473 55
*5014 54
5014 504
*46% 53
Jan
8912 May 59
No par 3814Sept 29 5314 Feb 14
46% 4412 45
45
4712 6,700 Bayuk Cigars, Inc
4712 48
463* 484 464 49% 46
443* Apr 722, De.
20 60 M*r23 7733 Aug 26
8 6713 6812 683 6833 68% 6812 6713 8712 3,100 Beech Nut Packing
8
8 684 687
684 687
No par 37 Sept
Belding Bros
387
8,400
8 38% 3914 39 3914 3812
393
4 39
393
394 3912 39
3733 Oct8218 Fell
100 37 June 5 534 Jan 13
4818 487
49
8
487 493
4 4955 5014 4812 491 61,300 Bethlehem Steel Corp
4814 4813 48
Co oum oonv 8% pref-100 109 Mar 18 11612 Feb 8 10114 Apr1104 Bet
300
_ _
____
115 115
4
115% 11512 *1143 116 *115 116
115 115
8912 June 97 Yet
100 9314June 1 102 Jan 31
10034 1003 1003 1003 1003 101 1013 10114 1018 2,400
8
De Prof 7%
8
3
4
8
4
10012 10012 *100
4
1
/
7 Jam
Ps June
7
8 8 Oct 6
44May 4
No par
812 74
613
612 *6
74 812
*644 612 •13
84 833 6,900 Booth Fisheries
700 Botany Cons Mill, Class A_50 4038 Aug 26 46 July21-42
.4012 41
41
41
4012 41
4118 4118 *41
44
.42
7 23314 3518 30,900 Briggs Manufacturing _No par 27 Oct 24 4412MaY 25 -- - ---- 374 3513 364 35
4
1
/ 35
3433 3533 35% 3712 36
71
,
100 1201 Jan 2 15612Nov 6 107 4 June 1244 17;
3,900 Brooklyn Edison. Inc
134 13512 13313 134
8
1337 13412 134 135
134 135
134% 135
*
665 Ayr 82 4 Do
4
NO par 7318 Dec 30 1004 Nov 5
77
7813 777 783
9,800 Bklyn UtJon Gas
8 77
78
7812 7712 78% 774 78
77
39 May 761s Do
100 64'2Mar31 157 Nov 2
141 14112 •142 145
14313 14312 1,100 Brown Shoe Inc
137 13812 140 141
137 137
4
1
/
84 JIM 69 Des
100 96 Mar 25 109 Oct 9
Do pre!
10912 10911 *109 110
200
110 *100 110 17106 10913 *105 109
*100
6*Jan21-2,900 Brunswick-Balke-Coll'r No par 24 June 25 493
2934 30% 2918 3034 *2912 3013 298 295
2918 298
284 29
.
- Dee 1124 Alm
95 No par 921k Feb 31 136 Dee 28
132 13211 13314 13314 13012 1325 129% 13018 2.100 Burns Brothers
8
132 133
132 132
4
1
/
19 Feb 29 Nov
3912 3912 38
Do newCiassBoomNopar 17 Mar 31 39 Dec 28
,
5 397
39
3813 40
39
3812 39
2,300
38
38
4
1
/
62 Nov 674 011
1792
93
9212 9212 93
700 Burroughs Arld'd Mach_No par 65 Jan 3 103 Sept 4
93
93
93
93
*goy 62
92
23
2214 2214 2212 2212 22
22% *22
1,000 Rush Terminal new _ ... No par 14%June 4 26 Dec 14
22
4 22
4
213 213
..
8.1une 20 ____ _
8
89 .877 8912 89
100 80 May 14 897
89 .884 8911
Debenture
300
*864 8912 8812 8812 89
94
4
1
/
8 Jan 2
4
1
/ --3 Jane
44 Mar 31
5
5% 533
4212 6
5% 578
8
533 57
555 57
5
3
1,300 Butte Copper & Zino
5
52
17 Apr 25% Des
22
100 17 May 13 2833 Jan 8
22
2212 *2212 243
4
4
800 Butterfat Co
223 23% *2213 23% 22
2312
•22
16 May 254 DO
1518 15
15
1538 1514 1513 15
612May 5 2414 Jan 9
8
4,100 Butte & Superior Mining_ _ _1
157
1
/
4
148 144 147 15
25 Jan 12
44 .1182
1 Nov
14 Dec 21
8
7 11,400 Caddo Cent Oil & Ref_ -No par
.2
12
8
3
12
8
3
12
4
12
*4
4
14
129% 13062 131 131
129% 13018 5,100 California Packing
80 Apr 10614 Dea
12912 131
No par 1004 J41127 13618 Nov 13
4
/
1311 133
12914 132
,
1
4
19 July 291 Fat
8
61,200 California Petroleum
25 237 Jan 2 348s Dec 29
32% 3312 3212 3312 325s 3312 3218 33
335, 3418 33% 34
4
1
/
2 18
2% 2% 4,600 Callahan Zino-Lead
24 MAI
2
8
114 Oct 10
Ve JR
24
2% 23
10
4 Feb 19
2
8 2
417
2
2
413* Mar 68 4 Del
3
4
1
/ 644 11,300 Calumet Arisona Mining
63
634 64
10 45 Apr 22 8118 Dec 29
6314 64
64
4 6214
62% 6212 83
61
8
1
13 8 MAY 194 Dal
8 1518 1512 154 1512 148 1514 5,800 Calumet & Hecht
5
25 1214May 26 18 8 Jna 5
3
8 144 14 4 144 153
3
143 143
14 Mar 35 Dell
6312 6312 2,400 Case Thresh Machine_ -100 24 Mar 18 6812 Dec 21
6512 6512 6212 6513 6312 433 6312 6418 641 85
Do ore
500
4
1
/ 9713 0718
974 97
98
414 May 77
Jai
*97
96
96
97
100 60 Mar 11 10713 Dec 19
*95
97
79
4
/
7
19
9 s Mar 211 Des
4
1912 10,500 Central Leather
100 143 Mar 28 2333 Oct 13
8 19% 2012 1933 2018 19% 20
1858 1833 18% 197
294 Mar 584 Dee
6814 85
67
Do pre!
23,900
67
100 4914 Mar 24 71 Oct 13
8
8
622 6612 868 8812 6712 6834 663 671
8
4
1
/
25 Apr 354 Nov
4Sept 2 471s Mar 11
2,400 Century Ribbon MIlls_No par 303
3134 32
324 31
32
3212 32% 327
32
32
33
*32
05
Jan 95% July
Do pre!
91
9312 •90
*90
95
4
*90
95
100 94 Dec 2 983 Jan 14
*90
94
*90
95
462
6214 16,100 Corrode niece Copper-No par 4318 Mar 24 843 Nov 14
403* Mar 5
11
/
4
/
2
84 Dec
8
634 617 624 611 624 61
8
617 6212 62
63
62
8
247 June 4418 Del
4Sept 8
8% 4813 48% 8,200 Certain-Teed Produots_No par 4034 Max 24 583
4814 4
8
4
1
/ 487 4912 484 49
4
1
/ 48
474 474 47
26% Nov 6612 Jar
4834 451/ 4713 4714 49
47
4
/
4
/
471 48
4 471 48 39,300 Chandler Motor Car___No par 2712 Aug 20 52 Oct 23
4
483
2
8
797 MAY 1007 Des
500 Chicago Pneumatic Tool_100 8014 Mar 19 128 Dec 2
117 117 *116 118 17116 118
118 118
119 120 91833 119
aa May 614 API
49 •_ _ __ 49 *--- 49
Chic YellowCabtemctfNopar 4412Ju1y 7 55 Jan 3
0 *- -- - 494 •_ _
51 .- - -- 5
6312 65
8
2,700 Childs Co
8
No par 497 Mar 31 747 Oct 26 - - - --- - ,-6512 64% 65
7
s 644 65 8 64
663
8 6514
657
a
8
8
8
1
26 3012 Mar 80 374 Jan 2 ibis ilas mos INN
4
348 354 3412 3014 3514 3638 3533 35 s 343 353 28,800 Chlle Copper
3434 35
,
1954 •19
19
2012
/... Mar 29 De
500 Chino Copper
21
5 19 Apr 23 Ws Feb 3
8
8 195 1958 •19
5
19 8 195
*3018 20
Chrysler Corp
No par 10814July 14 233 Nov 2 ---- ---- ---- ----- 42,300
21212 218
21014 21312 *- - - - - -- -21314 218
208 215
8
-No par 10018July 24 1114 Nov 7
Do preferred
900
1075 108 *107 I08
1
/
107 107
107 107
108 108
108
108
53 Oct - 1 sir
75168
1
/
500 °hunt.Peabody & Co
100 584 Mar 17 714 Jan 12 *6712 -6813 •674 6814 684 6812 *67
6833
*67 6812 674 6714 *153 155
Apr 6114 Del
61
152 1525
8
8 3,500 Coca CoM Co
1
15218 153$8 1537 154
No par 80 Jan a 177 4 Nov 9
4
4
1
/ 154 1553
4
1638 853
1
2
247 Feb 564 Alli
100 3214 Apr 21 4814 Jan 13
6
4
/
8 4,100 Colorado Fuel & Iron
37 371 363 365
4 37 37
1
/
364 363
38
36is 3618 37
1
39 4 Sept 55 8 Jam
3
8 5814 584 5.300 Columbian Carbon•t o No par 45 Mar 24 623 Dec 17
4
5914 •5812 593
58
4
3
3
6012 59 4 60 4 583 60
59
No perr 454 Jan 21 86 Oct 21
/t• Mar 411 Dee
4
863 8814 86% 8814 83.300 Col Gas & Elea
87
8 8318 8312 83% 8512 85
83% 838
s
.
• Bld and asked prices, no sales on Ibis day a




Indus. & Miscall. (Con.) Par
Alaska Juneau Gold Min__ 10
Ailed Chemical & Dye_No par
100
Do prat
100
Allis-Chalmers Mfg
100
Do pref
Amer Agricultural Chem-100
100
Do prat
100
American Beet Sugar
100
Do prat
Amer Bosch Magneto-No par
-No par
Am Brake Shoe & F..
100
Do pref
100
American Can
100
Do met
American Car& FoundryNopar
100
Do pref
25
American Chain. class A
No par
American Chicle
No par
Do certificates

I Pe share
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jan 5
103% Jan 3
1312 Mar 19
3612 Mar 23
5
295 Oct 27
78 Dec 22
261 Mar 24
*
9014 Mar 30
13
107 Jan 12
*
1581 Jan 16
116 Jan 29
9712 Apr 27
4
1203 Apr 2
2212 Oct 3
37 Jan 27
37 Jan 7

no

Ire;

New York Stock Record—Continued—Page 3

194

Foe sales during the week of stocks usually Inactive, see third page preceding.
BMW AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday.
Jan. 2.

Holiday.
Jan. 4.

Tuesday,
Jan. 5.

Weds's:day. Thursday,
Jan. 7. I
Jan. 6.

Sale,
for
the
Week.

F
ir::

STOCKS
NEW YORK STOCK
EXCHANGE

,'AIR SHARE
Sawsfor Year 1925.
Om basis of 100
-share logs.
Loves:

Hiollas1

PER SHARE
Swum for Previous
Year 1924.
Lowest

Myles!

per share $ per share 8 per share $ per share $ per share I $ per share Shares. Indus. & Miscall. (Coe.) Par
Per share
per share $ per sharei per saga
•114 11412 114 11412 .114 115
114 11412 11414 1143. 11412 11412 1.500 COI Ga8 & Mee pref
100 10414 Jan 5 11412 Dec 31 10314 Dec 05
*120% 12312 12412 12518 12814 133
•121 125
6,000 Commercial Solventa A No par 80 May 25 190 Jun29
130 13412 129 131
4314 Jan 13114 Des
11812 1213 1203 12214 127 12912 129 13112 126 126
•118 121
Do "B"
4
4
No par 76 May 25 189 Jan 29
4.500
Jan 1294 Da
33
18
173 1814 16% 177
18
8 16% 163
4
2 1618 187
4 1612 163 28.000 Congoleum Co new___ _No par 157 Nov 27 4314 Jan 2
8
323* May 664 Fell
•84
7
8
Conley Tin FoilstampedNo par
*3
4 1
*3
4
7
8
*3
4
1
*3
4
1
74 may 141,6 Dee
*3
3
4 1
12May 19 17 Feb 10
63
4 62
8 6312 643
4 6212 643
63% 6212 63,4 5912 623
633* 39,000 Consolidated cigar _ _Ns par 264 Jan 2 6334 Dec 28
Ilse Mar 30 Nos
•95
9512 *90
Do prof
95% 9514 9312 .90
9514 95
9514 *94
06
1,800
100 79% Jan 2 96 Dec 10
Jar
5914 Apr 84
53
414 412
418
*4
412
518 6
512 612
54 6
48,200 Consolidated Distrib'rs No par
34 Jan 7
944 Feb 19
Is Jan
344 Dee
9412 9478 945 97
04% 95
94% 95
8
96
963* 977
9712 75,200 Consolidated Gas(NY)No par 744 Mar 30 97 Dec 9
,
607 Jan 797 Der
*
2% 3
27
g 3
3
3
27
, 27
7
3
Consolidated Textile___No par
27
2
* 3
2,700
234June 9
514 Jan 7
Jas
8
25 Apr
4
91
9214 883* 9114 883* 9018 8814 893
9212 91
4 88
8914 31,200 Continental Can, Inc__No par 604 Mar 29 9312 Dec 29
4314 Apr 695 Dee
1
132 13218 1303 1313
•131 134
4
132 1373 137 1423
4'130 132
4
25 103 Jan 5 140 Dec 18
4 8,000 Continental Insurance
8914 Apr 10914 Dee
1178 12
1234 13
12% 127
8
123 13
4
8 125 127 34,600 Cont'l Motors tern atfs_No par
8
123 127
4
8
814 Jan 2 1312 n.t 17
8% Dee
8 Apr
4212 *41
42
417
8 403* 413
4 4053 4114 403* 4118 4018 407 31,400 Corn Producta Roth. w I.__ _25 3244May 29 423 Dec 31
3
3114 Jan 435 Nov
*123 125 *122 125 •122 125
12212 123 *12212 124
12312 12312
Do pref
400
100 11814 Jan 7 127 1.11v 3 11514 Apr 1234 Atilt
60
5912 60 4
*58
59
60
'581,60
3
*58% 59
No par 48 Aug 21 60 2 Dec 29
57% 58% 1,200 Cott,. Inc
,
80
8012 81 12 8018 813
80
, 8012 813
8112 80
8 81
81
8.100 Crucible Steel of America_ _100 6413 Mar 30 84% N., 7
48 May "fa Dee
99
99
99
99
*993 100 I 993 993
4
4
4 9912 100
Do pre
*9914 100
100 92 May 8 102 Dec 14
88 May 98 Dee
91 1018 10% 103
912 934
9
12 912
4 1014 1012 12,10 Cuba Cane Sugar
9% 93
4
500
714 Oct 23 14% Feb 9
No par
104 Oct 18 Feb
4314 437
8 43% 44% 434 443 1 44
Do prat
4
45% 46
33,900
45 4 453 463
3
100 3718 Oct 23 62% Feb 26
5354 Apr 71% Feb
2414 2412 24% 2514 25
253* 25
25
3
253 2614 2512 26
4
16,300 Cuban-American Sugar ____10 20 Oct 26 3311 Mar 3
2814 Nov 38% Feb
98
98
98
98
973 973 *98
4
4
9812 9812 9812 *973 997
Do pref
3
900
4
100 93% Nov 11 101 Mar 13
Jan 10014 Nov
96
314 33.
3% 314
314 33.
3 4 314
,
212 Oct I
314 33
8
3,8 3% 9.100 Cuban Dominican Sug_No par
6% Feb 27
84 Feb
44 June
1712 1712 1712 1712 17
17
1712 207
8 1912 2014 *17
Do prof
19
1,500
100 16 Dre 22 444 Jan 6
38 Dec 52 Bei
96
96
96
97
*95
96
93
95
93 I 93
95
03
600 Cudahy Packing
100 9312 Dec 30 107 Oct 3
46% 47
*4612 46% 46 463
8 4618 465
. 46% 48% 4712 4812 4.100 Cuyamel Fruit
No par 44 Nov la 59 May 25
741j Jul
Nov
7
8 1
.
1
3
4 1
1
1
1
I
1
1.100 Daniel Boone Woolen Mills_25
7% Jan 9
84 Dec 15
6 Nov 324 my
4112 4112 4312 4112 4318 413 4212 4 15* 4212I 40% 4112 12,200 Davison Chemical v t o_No par 27 8 Apr 30 4934 Jan 23
41
3
1
1
7
3814 Nov 6913 Jul
0274 29 *2712 29
*2712 29
*2812 29
*2712 29
29
29 1
100 De Beers Cons minea._No par 2014 Mar 18 20 Dec 29
1814 Jan 221 Dee
4
13514 13612 13513 13612 135 13512 13314 135
133 1343 13312 1341z, 5.800 Detroit Edison
100 110 Jan 5 15912Sept 29 10114 Jan 1161
4 D"
4512 4714 463 4714 4538 463
8
4 443 4512 45
4
4614 45
46 213.500 Dodge Bros Class A_ __No par 2154June 9 484 Nov 4
87
8
8813 875 88
8714 87% 8612 8714 8612 867
861/1 86% 11.700
Preferred certifs.__No par 7314May 7 9113 on 17
*
8 16% 16% •16
16% 167
163
4 16
18
16
16
16
No par 12% Apr 14 1818 Nov 20
1612' 4,500 Dome Mines, Ltd
- - - Nov /64 Jul
11%
•1912 20
1912 1912 197 197
8 1912 1912 *19
*
193
4
500 Douglas Pectin
No par 14 Feb 16 234 A ao 4
9% June 18 Des
•11211 11314 11212 11212 11212 11212 *11212 113
11212 11212 11212 11212
400 Duquesne Light lot Prat .100 105 Jan 7 11314 Dee 24 10014 Mar 10814 Savo
111 111
1103 112
111 1123 1105 111
4
3
*
11012 1114 1103 111
5.700 Eastman Kodak Co.._No par 10454July 18 118 Jan 19 10414 Apr MO Nov
4
29% 30
293 303
4
4 294 3012 2914 293* 29
291
2812 29
24,200 Eaton Axle & Span .....No Par 104 Feb 13 3012 Dec 4
8% Sept 244 Jae
235 2387 233 23714 2307 234
232 236
8
8
,
232 2343, 2275 23212 19.500 E I du Pont de Ne._ Oo100 1344 Jan 5 271 14 Nov 12 112 May 142 Dv
102 10218 l02s 103
1013 102
4
103 103
10318 10314 *101 14 10212 6.600
Do pref 6%
100 94 Jan 23 10412 Nov 13
86 Aar 96 De,
3153 32% 31, 3214 301 32
4
5 313 74,800 Elec Pow & 1.1 et%
31 13 323* 31 18 32
4
8
30
.No par 1784 Apr 25 40',July le
_
10614 1064 106% 10612 1065. 107
1063 10712 107 107 *10512 107
4
40% Pr Pd..
1.300
100 Mar 18 110 June la
-— _
*106 109 •106 109 *106 100 *106 109 *10512
Pref full paid
10013 Mar 28 1105
4June 24
---924 9214 9112 92
92
9214 917 9214 91% 92% 91, 92141 2.700
Do pref eta
897 Aug 23 9484 Dec 9
3
4
73% 7312 73
735r
,
73 3 7312 7312 743* 7453 75
7418 74% 7,800 Elea Storage Bata
Vo par 60% Mar 30 80 Dec 5
5014 May 66 115in
.3
312
33
314 31:
4 *3
33
4 33
800 Emerson-Brantinghf
518July 31
114May 1
3 2 312 •318 4
,
Co_100
8 June
4
34 July
4
. 6812 6912 6912 6912 *69
1
6811 6812 683 687
6912 6814 69
1,000: Endicott-Johnson Carp__ 50 6314 Apr 2 748
4Sept 17
% May 73% Des
•1124 117 •11214 116 *113 114 •114 115
114 114 •11214 11412
Do prof
100
100 111 May 28 118% Oct 9 10512 June 115
Jul
1612 1612 1612 161 •1612 17
:
*1612 17 •1612 17
*1612 17
200 Exchange Buffet Corp-No Par 1313J My 23 19% Jan 3
18 Dec 2414 taw
.22
4 312 •212 31; *27g 312 *212 312 *27
3 32
3
3
,
100 Fairbanka Co
444 Aug 5
25
24 Mar 27
2 Dec
44 Jul
511, 5112 525* 5112 5112 5112 52% 51% 55% 10,300 Fairbanks Morse
5118 5112 51
No par 3214 Jan 2 5488 oci 28
2514 May 34 Des
10778 10812 107% 1088, 1065 1073 10612 107
8
4
8
108 1097 10712 1097 18.100 Famous Players-Laelp_No Par 9014 Feb 17 11414 July 27
8
61
Jan 9814 Dee
1167 1167 *116 117
8
•116 117
2
117 117
11612 11714 11612 117
Do prat (a%)
2.300
100 1037 Feb 17 120 July 27
87 4 Jan 1084 Deo
8
Foil paid receipts...
par
_
-54.64 38 -5/ 16- 3614 3734 36 37 368 lif -51 381- 40,200 Federal Light .34 Trac..No 15 102 Aug 31 11112Seni 17
7
,
t
4
26 Oct 2 3714 Dec 14
10134 103
96 101
10214 1113
4
4 993 111
i0312 1053 102 103 11.500 Federal Mining & Smelt*g_100 154 Mar 13 9512 Dec 31
5% Apr 14% nil
993 10112 100 10172 99% 10238 10212 105
4
1038 105
10314 104
947 it••.• 28
8
Do pref
26,300
100 4913 Mar 11
4113 Jan &us Des
176 176
176 176
179 179
179 183
183 188
18912 192
2,500 Fidel ?hen Fire Ins of N Y__25 14714 Jan 6 179 Dec 18 118 Mar 14,0 Des
8
14% 147 .15
1614 .143 16 4 *15
4
1614 16
,
16
16
16
400 Fifth Ave Bus tern otIs_No par 12 Jan 8 'M./WY 13
9
14 Jan 1344 Jul
10318 1053 101% 10478 1013 1023 1013 103
9812 102
4
4
4
4
10012 10212 53.000 Fisher Body Corp
25 6014 Feb 17 125 Nov 7
_
24% 233 253
4
23
/
2412 2513 2412 25
24
245 247
2412 52.700 Fisk Rubber
4
No par 1014 Mar 24 283 Orl 2
514 June 18% 13e;
1143 115
4
11412 115
1145. 115
11412 115
115 115
114% 11412 2,900
Do 1s1 pref
100 7314 Jan 16 11612 Nov 18
8814 July 86 Der
55% 554 563
5514
,.
55% 563
8 5518 557
553
4 5312 55
14 54
51,600 Fleischman Co
No pa? 75 Mar 19 17112 Deo 21
441 Jan 9014 No,
4
15612 1577e 15514 157
157 158
1554 157% 157 158
15512 15712 20,500 Foundation Co
3614 Jan 94% Des
4
No par 90 Jan 6 1833 Nov 17
205 21% 21
8
215
, 2012 21
2012 203
4 2018 214 19% 203 19,000 Freeport Texas Co
8
No par
8 Mar 18 24% Oct 13
7 Sept 13% Jew
14
39% 39 2 4012 4014 4112 3912 4012 393 4012 395 40
,
39
4
32,300 Gabriel Snubber A__.No par 287 Aug 25 397 Nov 20
8
3
-918 934
912 934
014 9%
9
912
9
93
81
914 9'41 4.600 Gardner Motor
614 Jan 2 1614 Mar 2
No par
314 Oct
7 Jan
5218 55% 5312 54% 5314 5434' 535 54
5312 5353 53, 5418 5,700 Gen Amer Tank Car
8
awl May 68 Des
100 4412 Aug 4 60 Oct 27
*101 10214 *101 10212 •101 10212 *101 102 2 *101 14 10212 •1013 10212
,
Do pref
100 93% Feb 16 104 Nov 23
92 Feb 994 Dm
6718 673
4 6612 6912 6714 69
673 703
4
5 67% 72
4 6912 713
59,800 General Asphalt
100 424 Mar 30 70 Deo II
31% Apr 635 Da
4
*10512 10812 106 106
1063 107
4
110 11018 10712 112
109 110
Do pref
6,500
100 864 Mar 17 109 Dec 11
7114 Apr 100 Des
General Baking
No par 121 Mar 7 264 Dec 2
93
Jan 160 BMW
7
115 11512 115 fief
s
114 114 111.-ifHlo General Cigar Ina
100 8412May 4 11514 Dec 30
8214 Apr 98% Dee
32412 32912 327 331
326 328 I 32314 328
323 328
32712 33612 62,000 General Electric
100 22714 Feb 17 3374 Aug 24 1934 Jan 822 Da
11% 1114 1118 1114
11
1118 11
1114 11
1118 11
Do 'special
11 18 8.000
10 1078 Oct 15 1184July 10
1014 Apr 1113 July
118 12412 12478 1273 1238 1273 12312 1248 1243 12618 123 1254 287,800 General Motors Corp__No par 64% Jan 6 1493 Nov 7
4
8
4
55% Oct 66% Dee
115 4 11514 s114 114
,
1143 11434 4
4
'114 114% 11414 114 4 1143 115
,
4
Do 7% pref
1,400
100 102 Jan 5 115 Dec 16
9514 July 1034 Des
5312 5312 53
533
8 53% 5312 53 8 5314 53
535
5314 54
,
3,000 Gen Outdoor Adv A ...No par 454 Aug 13 548S,.l* 21
314 31,
2 3118 3158 31
3112 3112 33
318 323* 313* 3214 10,600
Trust certificates___ _No par 2618 Aug 13 343 Der 21
4
58% 59,
57
565* 57% 5612 577
2 5718 59
58
55
57 1136.200 General Petroleum
25 42 Jan 16 5918 Dec 31
June 45 Au,
78
783
4 7813 80
80
823
4 818 84
817 843* 80'8 8284 51,800 Gen Railway Signal new No 68 Nov 24 803 ut 1 29
g
4
*103 10534 *103 10514 *103 10512 •103 104 *103 104 *103 104
Do preferred
100 9012 July It) 1057 Nov 19
3
_
51
*49
40
50
49 •48
*48
49
*4712 48
48
48
200 General Refraotorfee___No par 42 Oct 7 5812 Jan 14
31 June 55
Jai
k 713 7212 23,000 Gimbel Bros
7614 77% 77
1
787
75
7712 74
75
72 * 737
8
No par 47 Mar 16 83 Dec 2
674 June 64% Dm
*108 112 *109 112 *108 112
10912 10912 1093 109% *109 11014
4
Do prat
200
100 10214 Mar 14 11412 Nov 30 , 99
1
Jan 107 Sol
, 41
41
40
4014 443
4 43
4412 4214 44
42
435
42
16,200 Ginter Co temp otfs___No par
2244 Feb13 53 Dec 30 1 21 Dec 27111 Nor
4 23% 24
23% 233
238 2412 23% 25
25
254 247 2512 53,400 Glidden Co
No per
1212 Mar 19 2612 Dec ii
8 Jane 15 Nov
463 47% 47
4
4712 4812 477
8 4714 473
464 483 15,400 Gold Dust Corp •t o No par 37 Mar 3 51 Oct 9
4 463* 473
4
2814 Apr 63 4 Nov
8
63
4
6212 63
65% 63% 65
633 64
634 64% 6212 6312 10,100 Goodrich Co (B F)
No par 36% Jan 5 7454 Nov 6
17 June 88 Des
*97
973 .96
97
9634 963 •97
9778 97
4
97
97
Do pre
9714
700
100 92 Jan 8 102 Nov 14
704 May 92 Dee
1043 10433 104 10412 104 10414 1033 1033 10353 1035 103', 104
3
4
4
8
2,200 Goodyear T & Rub pi•to-l00 8614 Jan 6 114% Oct 30
Jan 9054 Del
89
*105 4 10614 .1053 106
3
106 106 *1053 106 *10584 106
4
4
Do prior prof
1053 1053
4
4
100 103 Apr 27 109 Dec 7
200
8814 Jan 10814 Des
21
2112 2118 2138 213 225
203 21
2114 21
3
8
8 2112 223 15.100 Granby Cons Min Sm & Pr_100 13 Mar 80 21% Dec 7
8
4
1214 Apr 217 Dec
95% 964 98% 9612 97
95
97
9818 9712 983* 97
977
5,500 Great Western Sugar tern otf 25 91 Jan 16 11314.1 tine 19
8314 Oct pe% Des
1314 1312 121g 13
•12
13
1214 1212 •124 1314 *1214 134 1,100 Greene Cananea Copper- —100 115 Mar 19 1914 Jan 2
4
10 May 2184 DM
3 •9214 93
9312 9313 92
93
92 927
914 9212 9012 92
8,900 Gulf Staten Steel
160 674 Mar 24 9544 Nov 5
62 May 8914 Fel
34
345 35
8
345. 344 344 34% 343g 3414 35
3418 343
4 9,700 Hartman Corporation. No par 254 Apr 24 374 Jan 7
31 Sept 44% Fel
5 453
45
4 454 45 4 45
45 8 45
3
3
45 3 454 454 445 45
,
No par 30 Mar 14 494 Nov 2
3.400 Hayes Wheel
3214 May 52 4 Fel
8
301 3012 308 3134 3112 3234 325* 35
347 35
3314 34
3.700 Hoe(RI & Co tern ctfe_No par 27 Dec 5 48% Jan 9
4814 Dec 5174 Dee
4712 4712 *4712 48
48
48
48
48
4812 50
50
900 Homestake M.ning
50
100 43 Jan 2 60 Jan 12
35 July 5314 Jar
46% 46% 4618 4614 4613 46% 4612 4718 4714 4814 4712 4858 6,500 Elouseh'Prod,Inc.teinctf No par 344 Jan 5 474 Nov 23
315 Apr 38 Noy
3
*71
73
71
6912 6912 7018 71
71
71
71
70
703
4 2,100 Houston Oil of Tex tern ctfs _ 100 59 Apr 22 85 Jan 29
61
Apr 82 Feb
14
1 2814 28
2812 x2712 2753 2718 273
27
2712 5,700 Howe Sound
No par
4 273 27% 27
1614June 11 31 14 Nov 4
1125. 11812 119 12314 11734 122
11714 120
1185. 1228 118 1213 337.700 Hudson Motor Car_
4
No par 83% Jan 5 1394 Nov 2
201* May its Dee
4 277 2838 2634 283
2712 273
8 27
277
273* 27
283 2712 40.000 Hupp Motor Car Core--- 10 1414 Mar 18 31 Nov 5
4
nis May 18 Jaa
323 3314 3214 32
4
7
32 4 34
3
32
33
3212 33
313 32% 19.400 Independent 011 & Gas_No par 1312 Jan 5 4114June 17
4
5% Sept 161 Dee
4
*1812 20
19
1912 19
18
1812 19
19
193
3 1912 1912 3,400 Indian Motoayole
No par 13 Mar 24 24 Aug 28
151s June 2514 Feb
•12l2 12% 1212 123
4 1214 125
8 113 1218 11% 1214 113 123
4
4
34 Jan 2 144 Dec 4
8 4.500 Indian Refining
10
3% Apr
7 JUlls
1s
12
12
8
12
4 11
Certificates
11
11
125* 117 12
113* 113
113
4 3,800
10
6 Sept 4 12% Dec 4
43
4314 43
4212 43
43
433* 43
4212 4312 4212 43
8,500 Inland Steel
No Par 384May 1 50 Feb 2
311 May
*112 113 *112 113 *112 115 *112 113
113 113 *113 115
Do pre(
300
100 1044 Apr 13 112 Sept 28 10114 Jan 1417% Dee
2514 25 8 253
25 3 25% 2518 2558 25
3
,
4 2514 253* 5,900 Inspiration Cons Copper_ 20 2214 Apt 22 32% Jan 12
8 254 253
2214 Feb 33% Dee
1912 19% 20% 2012 217
1912 1912 19
8
20% 197 197
20
6,400 Internal Agricul
74 Jan 7 244 Nov 5
No Par
3 June
9ss Jul
4
4
141 143
14312 14312 141 14 14112 2,500 Int Busineee Machines.No par 110 Mar 30 17614 Nov 13
147% 14712 1453 1453 143 146
83 Apr 118% Dec
4 6614 668 6614 66% 6618 6618 3,900 International Cement. NO par 52 Jan 6 8114Sept 30
67% 67% 661g 6714 6614 663
405 Apr 5914 Ntri
4
6412 6218 6312 6214 6314 61
3 63
4 614 633
6118 623
627 115,200 Inter Combus Engine_ No par al% Jan 21 6914 Dec 4
8
22 Mar 39 Dec
4
3
4
1294 130% 129 1303 129 13234 1303 1323 1305 13238 12812 13114 44,000 International Harvester_ _100 9614 Mar 25 13814Sept 19
4
78
Jan 11014 Dm
11878 1187 119 119 *119% 11912
•118 11914 *118 11912 118 118
Do pref
400
100 114 Mar 3 121 Nov 10 108 Feb 1134 Now
4
1014 1014 1018 1018 1,100 lot Mercantile Marine
11
10% 103 *1012 1112 103 1114
2
714June 25 14% Feb 5
8
100
1554 Dm
6% Jan
4 41% 42 4 414 42% 4034 4214 20.200
Do pref
41% 4213 4112 4218 4052 423
,
100 27 Aug 15 52% Feb 5
264 Mar 47% Des
3
4
4
4
3
45
45 4 443 45 4 4518 4614 443 45 4 443 45 4 444 455 50.400 International Nickel (The)
3
8
,
-25 2414 Mar 18 4813 Nov 20
1114 May 2714 Dm
•98•100 103 .10178
Do pref
•101% -- *101
*98 ---100 94 Jan
02 Nov 19
7514 May 95 Nov
62
6212 613 82 8
7
634
4
62% 62% 6214 - 1- 6118 63
Wino International Paver
100 4814 Mar 19 76 Ort 3
344 Apr 60 Dm
88
86
*86
86
88
*86
89 •85
8712 *86
Do stamped pref
8712
100
*86
100 71 Mar 9 88 Dec 11
6213 Mar 74% Ott
Do pref (7)
4
9712 9812 974 9712 9712 9712 *9612 9714 9712 9712 973 973
900
4
100 86 July 31 9933 Oct 21
173 173
170 17012 •170 173 *170 173 *172 173 *171 173
400 International Shoe
No par 108 Feb 2 I993
4July 27
73 Ayr 119 No,
Do pref
100 11413Sept 19 121 June 3 MU May 1191s Dee
2
iiOrz 12114 118 116- 1171 11814 HO- 1211119 fif
121-7e 12.700 Internat Telep & Teleg
100 8714 Apr 3 144 Aug 14
60 Feb 94 Del
.26 2814 •26 28 26114 26% 28 2834 2814 29 •28 2914 2,700 Intertype Corp
No par 18 July 8 298 Oct 21
4
2414 Dec 3214 Mal
3
4 25 4 2818 2818 2953 277 28 * 2712 28
3
25
253
7
25
13,500 Jewel Tea, Ina
*24
100 1614J1,ly 25 268 Dec 14
3
1653 Apr 234 Jan
Do prof
•116 120 *115 120 *115 120 •115 120 *117 120 •117 120
100 10214 Jan 19 11512 Dec 21
78 Mar 106 Des
1538 1538 15
155
8 1518 1518 1518 1518 1512 1512 15% 15% 1,000 Jones Bros Tea,Inc, Med _ _100 1184 Dec 30 21% Feb 3
14% Scot 27 Jat
14
49
503 523
4
507 53
4 5314 5118 5012 511
5012 26,00 Jordan Motor Car
No par 35% Aug 10 65 Nov 2
4814 51
2154 May 5254 Dee
*3912 41
40% 4114 4012 4012 4018 4012 4053 4114 41
4414 5.800 Kayser (J) Co•t e____No par 18% Mar 17 424 Dec 14
1
1614 Aug 38 6 Jar
.1011, 1034 •1011, inm *102 um.
"It 1s5 oral
ar* an* RI ',I.- In 1031. n.,1st
•10112 101 *1011. 104 •10110 103
fie nat• Feb
•Bld anII a.oted prices, no sales on this day. S Ex-dividend. S Par value Ghanae4 from 110010 850 and prices on that basis beginning June 3. s Ex-rights
Ex-Foreign rights.




61.4

-

New York Stock Record-Continued-Page 4

195

Foy ogles during the week of stocks usually inactive. see fourth nage Preceding
-PER WAAL NOT PER CENT.
NMI AND LOW SALE PRICES
EaSurday
Jan. 2.

Monday.
Jan. 4.

reado,.
Jan. 5.

Wednesday
Jan. 6.

Thursday.
Jan. 7.

Friday.
Jan. 8.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PEA SHAER
Rangel°, Year 1925.
-share lots.
On haste Of 100
Loess!

I

Molest

PER SE An..
Eafpe for Printout
Year 1924.
Loom

H(elost

$ per share $ per share $ per share $ per share $ per share I $ per share Shares. Indus.& Miscall.(Con.) Par
per Mars $ per *bassi per skate
per sears
1818 19
1878 1914 1812 1918 1814 187
8 173 185* 16,200 Kelly-Springfield Tire
4
25 124 Mar 24 21% Jul, 3
9 4 June 35
1
Jai
8 185* 185
•71
74
72
72 .71
.683 72
4
73 .6914 73
Do 8% prof
400
7014
100 41 Mar 25 74 July 3
33 June 88
70
Jai
*683 72 .683 71
*7014 72
4
.6914 75
Do 6% wet
*683 71
4
4
100 43 Mar 25 72 July 3
•683 7112
40 June 784 Jag
1184 1184 117 117
119 119
•116 119
11712 119 .116 119
1,400 Kelsey Wheel,Inc
100 87 Aug 4 124 Dec 11
76 May 104 Des
8'
3 545 5612 56
5712 57
54% 553
577
8 .567 574 554 567 85,700 Kennecott Cower
No per 4612 Mar 80 591 Nov 6
8
844 Jan 5738 Des
218 24 .2
2
2 18
24
218 24
4Sept 9
218
2
34July 16
13
2
2 18 1,900 Keystone Tire & Rubb_No par
44 Jac
lii Oat
871 .82
.82
87 .82
87 .82
85
8218 8218 8218 8218
200 Kinney Co
5214 May 861 Dee
No par 74 Mar 25 100 Oct 15
4
843 850 840 8403 .825 840
850 850
4
1,200 Kresge(3 fi) Co
839 845
100 355 Apr 28 885 Dec 30 2874 Jan 47514 Des
840 840
8
2812 2812 9812 2312 2812 29
2812 287 .2812 29
2812
29
1.000 Kresge Dept Stores_ ___No per 2812 Dee 22 455* Jan 7
424 Nov On June
162 163 .160 163 1.160 163
*157 160
162 16312 1613€ 1613
Jan 113 Ntry
8 4,000 Laclede Gas L (St L01140_100 1104 Jan 5 178 Mar 31
79
13
4
13% 133 14
1312 14
•13
*1314 14
133
4 13
8 May 1712 Jan
1312 2.500 Lee Rubber & Tire_ ___No per 1152 Feb 20 19 Oct 1
.87
90
89 89
88% 89%, 8914 917
5.700 Liggett& Myers Tob new. 25 57 Mar 25 92 Dec 4
92
937
937
8 92
50 Mar 68 4 Deg
3
•123 125 .12212 124 .12212 124 1.12212 124
Do prof
300
122 12212 .122 124
2
100 11612 Jan 16 124 Dec 31 1147 July 121 Juno
.87
87% 8712 885* 87% 88141 883 913
Do "B" new
21,400
4878 Mar 6812 Der
8
93
8
25 554 Mar 27 897 Dec 4
933* 91
4 92
•69% 6912 683 694 6918 69573' 683 6918 6812 683
4
684 4,200 Lime Loo Wks
No per 60 June 23 743 Jan 14
4
56 June 71 Dee
4 68
3818 39% 3914 4014 39
397
30.700 Loaves Inoorporated
154 June 25 De
4
384 3918 3914 4012 3912 40
No par 22 Feb 17 443 Nov 7
,
714 712
714 738
712 712
.
712 7 4
3
612 Apr
834 Jac
6 Jan 28
738 712
No par
78 78 1,700 Lott Incorporated
9 Apr 6
/
1
4
*49
49
50
493
4 4938 495
8 49 49
800 Long Bell Lumber A- No Dar 4514 Mar 20 53 Scot 19
483 484 49
49
4
139% 1393 1393 14012 .130 13912 135 135 .133 139 .133 139
4
4
600 Loose-Wile)Biscuit
us
100 77 Feb 17 1433 Dec 28 16Mar 3514 35% 3534 3614 3612 38 1 3712 3814 3712 3814 37
33 Dec 401 July
/
1
4
25 304 Jan 24 393
4SePt 25
377 26,100 Lorillard
8
4
*113 116
113 113
1125 1125* *11212 1.1512 .113 115 •113 115
8
100 1084 Feb 27 116 Aug 26 112 Nov 117 Fit
Do Prat
200
1918 1912 185 195
8 1818 187
8 1818 183
3
18
18% 19,900 Louisiana 011 temp etts_No par 135 Aug 26 2338 Feb 3
4 183 187
8
227 2318 23
8
234 23
2338 2314 2312 2312 2312 2312 23% 4,700 Louisville G & El A....No Par 23 Dec 17 263
8Ju1y 23
•5312 5441 533 55
527 5412 54
17
Oct 584 No per 31% Feb 17 60 Dec 15
55
4
547 56
8
533 55% 13,000 Ludlum Steel
OW(
•136 138 .136 140 ;.136 140 *13614 140 *13512 140 •134 140
Mackay Companies
Jan 119 A111
100 114 Mar 20 141 Sept 23 107
153 158
156 159 1 152 15134 152 1545* 152 15414 15018 154
54.900 Mack Trucks, Ine
75% Apr 118 2 Des
No Par 117 Jan 16 242 Nov 2
7
*1093 1103 1093 1093 9094 110
4
8
4
4
Do 1st prat
100 104 Jan 27 113 Aug 17
954 Jan 1074 Dee
110 110
11014 11014 110 11014 1,400
10412 10412 1055* 1057 •105 106 *105 10534 .105 1053 •105 105%
99 Jan 2 10653 Aug 7
Do 2d Prof
400
87 Apr 10114 Dee
•103 105 *10312 1043 103 10312 104 104 .1024 1031 •10212 10312
4
800 Macy(R H)& Co,Ino_No par 6912 Jan 3 112 00115
59 May 7112 Dee
4218 423
8 424 4314. 4234 4312 43
431
No par 34 Mar 31 46 Nov 6
264 June 45 Dee
4318 5,600 Magma Copper
4314 43
43
52
2514 27
27
23 I 27
14,000 Mallinson (11 12) & Co_No par 2114 Dec 1 374 Jan 28
2318 263 27
8
18 Mar 414 Des
24% 26
25
261
*5612 57
56
5612 587 575* 573 57% 5812 62
10,700 Manb Elec Stipp tem ctfs No par 32 Mar 21 59 Mar 10
8
331 Mar 4934 July
6018 62
4
7 Nov 12
. 32
7
8 32
323 323
8
Manhattan Shirt
32
1,200
25 2014 Mar 16 34
31% 32
32
3134 321
*314 32
264 Dec 44
Jan
•
32
36 .33
100 Manila Electric Corp__No per 284 Mar 5 4911 Apr 24
36 .32
35
32 .32
28 4 Do 8112 Des
353
3
5 .32
4 32
267 26% 2612 27
8
3
2614 27
26% 284 21,000 Maracaibo 011 Expl___No Par 20 8Bapt 29 354 Jan 31
2714 283
245* Oat $74 Jan
4 2814 287
597
8 588 5113
59
8 573 59
No per 325 Mar 30 6012 Dec 20
8
4
575 5814 577 587
8
29 May 42 Feb
8
8 5714 5914 116.300' Marland 011
*2712 28
28
281
No per 103€ Mar 13 327 Oct 30
29
29
29
2
2912 4,1001 Marlin-Rockwell
2314 2812 28 281
8
Jan 17 4 Mu
1
194 1912 1914 1912' 193 20
4
20
204 1,100: Martin-Parry Corp___ _No par 19 Dec 31 374 Jan 7
*193 2012 20 20
4
314 Nov 374 Jai
10518 10618 1013 105 I 97 1017
4
14,100' Mathieson Alkali Wkstem ett50 61 Jan 6 10714 Dec 31
8 92
96
294 May 5811 Des
92 4 96
,
94
99
4
13712 13712 13414 1353 1333 13512 13318 134
4
4
131 12 1334 8.300 May Department Storel___50 101 Mar 23 13912 Dec 16
133 134
824 Apr115 Des
*11612 117
117 11714 117 118
1,800 McCrory Stores Class B No par 79 Mar 17 1393 Oct 16
4
117 1177 1154.117 .11512 117
8
86 Oct1063 July
4
224 22% 223 223
4
4 224 223
3
4
14% Dee 181 III
23
4 223 23
4
24% 234 24% 9,000 McIntyre Porcupine Mines..5 16 Jan 2 223 Oct 28
4
224 2212 227 *2212 223
•22
8
500 Metro-Cloldwyn Pickires 91_27 18 Jan 3 244 Nov 16
221
2214 224
4 224 2212 .22
15 Sept19 Drs
113 113
8
4 1112 1218 11 18 1112 104 111
9 Dec 8 2213 Jan 6
25.200 Mexican Seaboard 0
12
11--N01101
10
95* Ill
144 Jan 2538 Bern
12
1238 1218 1235 1214 1238 1218 123
If
1218 123* 9,800 Miami Copper
8 MEW 12 2434 Jan 18
8 1218 121
20 May 25 API
36% 37
3
26.200 Mid Continent Petro. _No Tar 25 4 Aug 19 38 Nov 14
3614 37
353 365
4
353 36
8
8 353 3618 357 361
4
114
Middle States 011 Corp... 10
114
1 14
% Apr 16
114
212 53,300
138
114 138
138
2
314June 6
112 2
1 Aug - Ili;
es
128 128
400 Midland Steel Prod pref_100 96 Jan 2 147 Aug 1
1277 1277 •125 128 .125 128 .125 129 .125 129
8
0112 June 98 Noe
7 4 80% 79
9
4,300 Montana Power
100 64 Apr 17 9914 Aag 8
80
793
785 7938 787 80
8
7814 793
79
8
614 Jun
74% Det
80% 82
8 79l 80
8 79
7878 795
795* 817
80
21% May 484 Des
81'8 7818 801 57.700 Monts Ward & Co Ill corp--10 41 Mar 30 8414 Dec 16
354 36
No oat 223
36
37
4Mar 19 42 Nov 2
4
3614 3714 3618 365* 364 3612 353 3614 17,100 Moon Motors
1712 Oct 2712 Fat
78 74
6 May 4
,
,
94 Jan 2
74
718 714
7
7,
4 714
6 May
74 714
94 Fe)
714 714 3.400 Mother Lode Coalition_No per
434 4412 4214 445
No par 40 Nov 10 447 Oct 8
17,200 Motor Meter A
8 423 4334 4258 4314 4212 43,
4
3
8 4213 43
3014 3112 3112 3212 315* 3238 315* 3214 32
No par 18 Apr 9 35 June 29
3212 15,100 Motor Wheel
328 32
17
17
No per 13 Aug 26 2113 Feb 20
17
17
167 18
8
17
1814 173 1712 2,400 Mullins Body Corp
9 Mar
185* 18
We;
38
38
No per 301s Apr 23 39 Dee 29
800 Munsingwear Co
3718 3712 .3614 38
39
3712 3712 *36
36
294 July 891 Jai
4
3813 .
4643 464% 4653 466 .460 462
4
900 Nash Motors CO
4
No par 19313 Jan 5 483 Oct 5
460 460
460 450
460 460
964 Apr 204 Des
•1064 107
Do prof
10618 10618 *106 107 .105 107 *10618 107 •10618 107
1.00
100 103% Jan 21 107 July 15
9814 July 104% Nov
1214 125
8 1214 1212 113 12% 12
4
414 Mar 24 1238 Dec 31
12
8
12
3 4 Oct 104 Jan
3
1212 117 124 5,700 National Acme stamped____10
7612 7814 764 773
7514 15.400 National Biscuit
7512 764 75
25 65 Apr 29 79 Dec 31
7512 754 7612 74
5O4 Mar 7746e91
•12514 - - - •125 128 I 12714 12712 .127
Do prof
200
100 12312 Mar 11 12812May 9 13013 Jan 1283 Des
•123 _ 1.127 131
4
53
57
56
57
55
8.700 National Cloak & 8UR
100 4912 Dec 30 847 OM 16
563
2
8 547 55
537
55
5512 251
44 June 707 pea
2
.89
93
9012 904 .903 92 I 9214 92 4 .92
Do prat
41212! 924 9212
100 873 Dec 29 104 Jan 29
600
4
4
9112 Mar 100 2 Del
,
7
79
80
783 7912 7814 80
4
7814 7914 7812 79 I 7818 78581 23.500 Nat Dairy Prod tern ottallo per 42 Jan 2 81% Nov 5
304 Apr 6414 Des
41% 4218 413 413
4
4 414 4138 415* 41% 415* 423 .4114 42 ' 3,400 Nat Department Storm NO Dar 8811 Jan 2 45 May 12
8
3614 Oct 413
Jai
.97
98 .97
Do prat
98 I .97
100 96 Apr 15 102 Jan 2
98 .97
98
98 .97
*97
98
9254 June 101 Dee
315 32
7
33
34
3134 325* 314 3138 32
2
32
31
3214 9,900 Nat Distill Products_ __No pat 295 Dec 23 4312 Oct 26
723 73
73
7318, 72
724 70
•70
73
70
8012 Aug -ill
68% 69,
4 1,100 Nat Distil Prod pf tern ott No par 524 Jan 8 SI Oct 2
30
39 I 39
405* 39
1,900 Nat Enam & Stamping---100 25 Apr 30 415* Dec 29
39 .38
39
38% 387
38
8 38
1813 Sept 647 Jaa
s
.88
90
89
893 •88
4
Do Prof
90 .88
500
*88
88
90
90
100 75 June 22 89% Jan 12
90 .
67 Sept 89 Jan
167 1673 1678 1713 1704 1743 170 173% 17114 173
4
4
4
14,400 National Lead
1694 17112
3
4
100 1384 Apr 27 174 4 Nov 7 1231 Apr 1694 Aog
2
11612 11612 .116 1163 *116 11714 .11612 1175* 11612 1161 •11612 11714
4
Do prof
300
100 11412Sept 2 119 Sept 13 11112 May 118 Sete
.554 57
5512 5614. 564 5612 5612 567
8 564 567
5612 5612 2,000 National Supply
50 548 Dec 24 71 Jan 29
5413 Oct 724 leg
1312 13', 1312! 1314 1374
13
1312 137
1314 13% 6,100 Nevada Consol Copper_ __ _ 5 114 Apr 27 1632 Jan 7
8 13% 137
117 Jan 1638 Del
3612 3612 365 37181 363 3718 23612 353
8
36% 371
3812 6,300 NY Air Brake tern ctfa_NO per 3112 Oct 17 6612 Jan 8
37
364 Apr 57 Des
564 5618 56
56
56
56
Do Class A
1,800
5514 553
per 50 Sept 18 67 Jan 7
561
5514 56
4 56
No
4714 Jan 67 DM
79
8014 7812 805* 7712 7838 7712 7912 7712 777
74% 7712 24,300 N Y Canners temp atfe_No par 31114 Mar 30 8112 Dec 16
32 one 37 Dee
•36
37
3618 3618 37
37
900 New York Dock
3614
363 363 .36
37
36
.,....-100 18 Mar 24 4514Nov 13
4
19
4
Jan 374 Ma7
.
73
78
73
77
.7112 7412 .711 7412 *7112 73 .
Do prof
7112 72
100 5218 Jan 14 76 Dec 11
411 Feb 55 4 31137
2
1
284 2812 2812 2812 .28
2812 .28
2812
283
8 2814 28 4 •28
600 Niagara Falls Power pf new_25 273* Oct 8 29 Jan 12
,
27 June 29 Sops
643 657
4
8 6138 653
a*, .-.14 6418 653
6312 6412 ...,.4 .4
40,000 North American Co
8 63% 65
10 414 Jan 6 75 Oct 27
22
Jan 48 Des
49
491
4918 497
8 4912 49% 50
50
Do prof
1,700
50 5014 50
50
50 4652 Jan 2 5012Sept 12
63 2 Jan 501 JU17
7
4
1618 1612 1618 167
8 167 167
8 167 17
8
17
171. 1714 17% 2,700 Nunnally Co (The)___ _No par
8 Jan 16 1812 Nov 18
7 Apr
94 Des
.10
1012 .10
1014 •10
1014 *10
1014 •10
100 Ontario Silver Min new No par
1014 10
54 Jan 22 11 Oct 30
10
434 Mar
92
3
•35
40 .364 40 .3612 40 I *3612 40 .
Onyx Hoeiery
3612 39 .
36
42
2
No par 183 Jan 6 39 Dec 7
18 May 30 Jaa
4912 4912 49 49
.48
49
4814 49
483 49 .
4
1,600 Oppenhelm Collins&CoNo par 4118Sept 24 53 Dec 1
4812 49
*29
2912 294 293
4 2938 2934 2912 2912 293 2934 2914 29% 2,000 Orpbeum Circuit, In0
4
1 25 4 Jan 16 327
3
18 Feb 29 Des
sJulY 30
4
1273 12734 128 128 1 128 1283 12712 12713 124 1263 1233 127
4
4
4
3.700 Otis Elevator (8)
60 873€ Feb 27 14012 Aug 21
683 June 92 Des
s
1178 1218 12
123
8 12
1214 1178 12
12
1218 11% 12
7,600 Otis Steel
NO per
84 Nov 117 Jaz
8 Mar 18 154 Aug 28
i
90% 91
9018 91
903 91
4
91
91
90
92
91
Do pref.
91
2,100
100 604 mar 18 9712 Aug 28
64
Oct 748s MU
63% 63% 634 64
633 65
4
613 6518 6514 65% 644 65
4
8,100 Owens Bottle
25 4238 Mar 17 603 Nov 13
394 May 474 Jai
8
1
*12918 1291 129 12912 •12812 12912 12812 1283 129 130
4
129 129
1,200 Pacific Gas4 Electric
100 1024 Jan 5 13712 Nov 4
9012 Jan 105 Dee
7515 753
4 744 764 7414 7512 7412 754 753 77% 774 783 239,000 Pacific 011
s
4
No par 51% Aug 18 7812 Dec 28
45 Apr 581 Fog
4
41% 42% 42% 43% 4214 4318 4112 4214 41% 42% 4112 42% 61,900 Packard Motor Car
10 15 Jan 16 4812 Nov 12
9 2 May 164 Det
7
26
2814 26% 2312 264 27% 2618 23
27
28
Paige Det Motor Car_ _No Par
2618 27
46.200
173
sMay 6 32 Oct 24
761
76
76
7514 7412 76
7412 734 73% 72
73
7312 9.100 Pan-Amer Petr & Trans
50 5912Sept 3 837 Mcr 8
2
Feb 611
77
7712 781
78% 75% 77% 7312 763
8 744 75% 73
Do Class B
% 75 4 146,500
,
50 6013 Aug 27 844 Mar 3
414 Feb 64% Des
5% 512
5% 53
5% 5%
514 53
4
5% 5% *54 5% 6.700 Panhandle Prod & Ref _No per
24 Aug 28
14 Sept
614 Dec 4
44 Jai
271
28
27
284 2712 2712 2612 2712 27
28
27
2712 3.100 Park & TElford tern etfe_No par 25 EP Pr 26 354 Jan 10
.
24 Sept 353 Des
4
18% 183 .1814 1812 *184 1812 18
1814 18
18
183 183
4
4 2,400 Penick & Ford
No par
17 Dec 30 28 Apr 14
_ •1412 16
.
1412 16
•15
•1412 15
18
15
15
100 Fenn Coal & Coke
•145 15
8
50 123 Apr 29 261€ Jan 2
4
1814 Nov -110-14 Jan
2
218 2 4
21
,
2
214
2
24 214
218
2
2 14 20.700 Penn-Seaboard WI vto No par
3 Jan 9
14 Oct
1 Aug 12
64 Jai
119 119 2117 11712 117 4 11712 117 1173 11714 118
,
117 11714 2,800 People's CL & C(Chic).--100 112 Jan 16 123 Oct 16
4
9238 Apr 1194 Des
68% 7014 69
697
8 677 68% 67% 67% 67% 68 4 67
8
,
683 12,800 PhIladelDhla Co (PItteb) 60 5112 Mar 18 674 Dec 8
8
427, May 574 Del
8 4412 454 4312 44% 4412 45% 44% 4512 44
4512 457
45
26,300 Phila & Read 0 & 1 ___No par 3744May 6 6213 Jan 9
344 Mar 544 Dee
46
.45
*45
46 .44
45 .44
*45
45
46
*44
45
Certificates of Int___No par 33 July 11 604 Jan 23
85 Mar 52% July
*53
59 .55
59
*5312 59 .5312 547 •5312 587 .5312 58%
8
8
Phillips-Jona@ Corp.__.No par 51 Nov 16 9012 Jan 12
44 May 88 July
8
*19% 20 •I93 20
4
194 1912 193 1934 .194 20
20
20
1,000 Phillip Morris & Co. Ltd.
-10 12114 Mar 19 2514Sept 1
11 July 2838 lei
4618 47
46% 47
45% 463
4 4512 45% 45% 46% 45
457 55,100 Phillips Petroleum
No par 3614 Mar 30 474J une 12
284 Oct 4211 Apr
37
8614 371
37% 355 37
8
8 35% 3818 36
35% 367
4014 103,000 Pierce-Arrow Mot Car_No per 105* Mar 30 47% Oct 29
64 May 16 Del
94
98
9714 983
8 95
97
96% 100
9714 103
9133 963
4
25.800
4
Do pret
184 May 64 Dee
100 43 Mar 24 100 Nov 4
Do prior pret
gins June 96 Des
No par 65 Mar 18 102 Sept 14
113 -- '
1
1Ps -12
13
8
112 4.900 Pierce 011 Corporation
1:4m4 o
14 Apr
34 Feb 6
Os Jai
25 37 Na
26
28
261
26
24
24
.234 25 .24
25 .234 25
Do prat
400
20 Mar 36
40 Feb 26
100 2014 Dee
Jan
5
5
514
54
5
,
518
5
5
5
5 8 54
,
518 13,100 Pie ce Petrol'm tem etfs_No par
43 Oct
s
63 Des
4
814 Feb 6
412 Decee 1
401
4018 4212 4118 4114 42 42
403 4012 40
8
4018 4014 8,100 Pittsburgh Coal of Pa
477s Dec 63% Mai
544 Jan 13
100
8312 831
•83
84
85
85
*8312 85
834 85
*8312 85 .
400
Do prof
1/472 Aug 100 Apt
100 80 May 4 99 Jan 6
9714 97% .9612 98 •963 9734 .9612 98
96
9612 97
96
800 Pittsburgh Steel prof
95
Jan 103 Au,
100 94 Mar 26 10212 Jan 8
60
554 554 .56
58
059
8
57
587
8 587 59
59
60
2,600 Pitto Term Co.;
634 Jan 17
63 2 Dec 635 Des
7
4
12% mar2
100 30Apr 2
157 16
8
16
15% 15%
16
16
16
16
97 Jan
16
164 16
2.150 Pittsburgh Ottiltlee pref____10
7
167, Dee
17 4June '26
151 •15
.
1512 1512 151 •15
O15
1512 .15
1512 .15
16
100
Do prof certificates_ ___10 125*Mar2O
114 Feb 1612 Dee
16 June 2
10612 108% 1083 11412 10912 1127 107 111
4
10814 11014 10618 10812 43,500 Post'm Cer Co Inc new_No pa
2812 Apr 1034 Dee
2
645 Nov 18 121 Dee 28
794 773 793
683 607
4
8 7014 7012 7012 7638 75
4 7612 77% 23.200 Pressed Steel Car
39 Aug 02
Jai)
100 45 June 25 7014 Dec 22
91
9214 93
9112 92
95
91
9312 9412 95
Do Dref
95
053
3,200
67 Aug 90 Feb
100 764July 9 924 Jan 3
17% 1614 1658 16
1712 16
12 1512 154 5.700 Producers & Refiners Corp. 60 1212 Aug 26 325 Feb 3
17
1612 16
16
2234 Apr 634 Jan
1
80
8058 794 8038 793 8014 79% 80% 21,200 PubServCorp of NJ newNO PIT 62% Mar 30 877 Aug 6
80% 80% 81
80
89 Mar 70 Dee
4
1033 10334 •10318 105 .104 105 *104 1043 104 104
4
•1033 105
4
Do 7% prof
4
500
964 Mar 1014 Dee
100 99 Jan 7 106 Nov 13
1157 1157 .115 116 .115 116
8
•115 116 .115 116 *115 116
Do 8% pref
100
9914 Apr 116 Des
100 108% Apr 1 119 Oct 14
8
16712 16814 168 169% 16714 16938 167 169
166% 1683 16518 167
14,000 Pullman Company
100 129 Mar 30 17312Sept 17 11313 Apr 161% Des
42
413 4212 4171 447
41 14 41
444 46 4 44% 4512 25.900 Punta Alegre Sugar
39
,
374 Dec 674 Mar
50 33 July 23 4714 Jan 7
304 31
30
3014 3018 3035 30
304 30% 3014 31
30% 42,700 Pure 011 (The)
4
25 254 Aug 13 333 Feb 4
29 June 301 Dee
4
107 107 *1063 1067 .10612 107 .10612 107
8
4
*10512 107 .10612 107
100
Do 8% prof
92
100 10213 Jan 5 1084 Rept 9
Jan 1054 Dei
4218 4314 4212 433
42
4 42% 4312 42% 433*
4314 43%
42% 21.900 Radio Corp of Amer.._No par 394 Nov 21 77 2 Jan 2
7
257 Oct Oa% Der
2
48
•15
inn))
46
451. 46
4578 46
46
46
46
no Prof _
46
*45
50 45 Dec 30 54 Feb 4
457 Oct 50 Der
4
•Bid and asked prices, no sales on this day. ,E -dividend S El new rights. a Ni par. s Si
-rights. *Trading on New York Stook exchange impinge.
News of small amount of stock outstanding.




Ws

Des

IS;

New York Stock Record-Continued-Page 5

196

For sal-8 during the w-ek of storks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
aasurdau.
Jan. 2.

Tuesday,
Jan. 5.

Monday.
Jan. 4.

Wednesday. Thursday,
Jan. 7.
Jan. 6.

Friday.
Jan. 8.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Shares. Indus. & Miscell. (Con.) Pa
,
10(1
400 Railway Steel Spring
No pa,
Rand Mines, Ltd
10,600 Ray Consolidated Copper_ IC
No par
2,200 Reid Ice Cream
No par
300 Reis (Robt) & Ca
34,500 Remington Typewriter_ _ _ _100
100
Do lot pref
200
100
Do 2d prof
2,100
No par
8,700 Replogle Steel
100
30,100 Republic Iron & Steel
Do pref
100
900
No par
7,900 Reynolds Spring
35,900 Reynolds(A J) Tab Class 13 25
___
100
Do 7% Wet
25
6
06 5218 Vila 93 934 800 Rossla Insurance Co
6-1
;55 - -12 55 16 51. - 1 5- 4
564 5614 5612 563 5718 18,400 Royal Dutch Co(NY shares).
563 563
8
4 56
564 5638 561 57
4
10
453
8 4518 454 4,400 St Joseph Lead
4 45
453 454 451% 453
4
/
1
/ 453 46
1
4
4
/ 45
1
4
45
8 903 9118 12,200 Savage Arms CorporatIon_100
4
/
4
8 925 911 9214 9112 9218 927
8
/
1
895 904 894 937
8
4
4
4
1313 13312 13112 1323 13012 1313 *13012 13114 1293 13412 12,490 Schulte Retail Stores -No par
4
131 132
100
1,800 Do pref
11412 116'g
11212 11212 113 113
/
4
8
11314 1133 •113 1161 113 • 113
No par
1,800Seagrave Corp
14
1378 14
/ 14
1
4
8
8
1314 1313 1312 1378 135 134 135 13
100
234 23712 16,50()Sears, Roebuck & Co
23812 2417 238 2393 23712 23814 23714 239
8
237 241
Shattuck Arizona Copper
10
No par
1,700Shattuck (F 0)
*6612 88
8812 664 68
70
68
69 694 •68
70
*69
500Shell Transport & Trading_ £2
4914
4
/
4
*4814 491
485 4858 *48
8
492 4814 4814 *473 491 *48
No par
8
4
/ 2712 277 61,9003hell Union 011
1
4
273 277
4
8 273 27
275 281s 2712 28
8
273 28
4
8
s 1,400 Do pref
100
8
8
s
*10212 105 *103 105 *103 1037 *103 1037 *103 1037 1037 1047
10
8 2612 273 88,4003imms Petroleum
8
8
267
8 2618 2712 265 275
283
8 26
8 26
2712 285
No par
/ 5414 533 5414 7,90031mmons Co
1
4
4
8 541 5438 53
/
4
/
4
/
1
5414 534 5412 541 543
54
4
/ 2212 22
1
4
/ 214 223 95,300Sinclair Cons Oil Corp_No par
1
4
2358 24
23
23
/ 2234 2314 2212 22
1
4
700 Do pref
100
9112 92
9112 9112
*9112 92
92
91
91
92
94
*92
25
8 3118 315 22,4003kelly 011 Co
8
8
8 3114 32
3118 314 313 315
3218 3212 314 323
4 2,500310ss-Sheffleld Steel dr Iron 100
8
1343 1343
4
134 13512 1353 136
134 13812 134 134
135 138
109 118
115 116
113 11712 14,800South Porto Rico Sugar_ _.100
1111 11478 112 113
/
4
10812 112
No par
1004pear & Co
_.
_ *15
___ *15
15
1115
_ _
15
___ *15
100
*81 8i
200 Do prof
82
81
8212 81 - _- *81
•15*8112 8212 8112 8112 .81
10,4003picer Mfg Co
No par
27
28
4
4 274 29
8
4 283 2912 2818 2914 273 283
277 283
8
Do pref
100
*96 103 *101 102 *1004 102 *10114 105 *101 102
*98 103
4
56
5814 5712 58
56
/ 571 18.600Standard Gas & El Co_No par
1
4
4
553 5614 558 564 5534 56
4
100
834 843
85
87
4 8314 8312 8234 8312 6,200Standard Milling
8112 84
843 85
8
100
86
*84
87
100 Do pref
87
86
*85
87
*83
*85
87
085
87
81,7004tandard 011 of California_ 25
/ 813
1
4
4 583 61
4
/ 6114 60
1
4
4
8012 6114 60
613 624 803 62
4
8 447 453
8
8 445 4518 4412 451s 74,300 Standard 011 of New Jersey 25
8
8 4514 4614 4518 455
454 463
100
/
4
Do pref non-voting
117 1171 2,500
117 11714 117 117
8
8
4
1163 1187 117 11714 1167 117
700 Stand Plate Glass Co_ _No par
7
7 18 *67
8 7
7
7
714
*7
714 *7
7
7
No par
7,000 Sterling Products
8412 8412 85
85
8812 87
88
834 8414 84
84
83
-Warn Sp Corp_No par
8
8
8 8818 897 23,300 Stewart
/ 9118 9278 8912 9134 885 9012 894 907
1
4
913 92
4
900 Stromberg Carburetor_No par
78
7714 7714 76
763
4
7714 7614 7812 *75
*7412 7812 76
8
8
8 575 587 78,300 Studeb'rCorp(The)newNo par
8
594 5818 59
/
1
/ 5812 5914 585 595
1
4
5758 58
/ 59
1
4
100
Do pref
4
4
4
4
*120 124 *120 1243 *120 124 *120 1243 *120 1243 *120 1243
No par
8 1,800 Submarine Boat
35* 312
34 3 2
,
314 33
4
34 312 *34 33
313 312
No par
312 414 22,700 Superior 011
314 314
312 33
4
312 418
34 334
318 3
/
1
4
Superior Steel
100
28
4253 28
4
*253 2714 *25
4
*2512 28
*25 4 28
3
28
.
024
50
1312 13
13
*13
1312
100 Sweets Coot America
*12
1412 *1212 14
1412 *13
•13
*1312 14
1312 1312 1,900 Symington temp ctfs__No par
1412 1312 1312 *1312 14
14
14
133
4
Class A temp etre_ __No par
2012 1,700
8 2014 2014 2014 2012 20
2012 2012 2012 2012 2014 205
200 Telautograph Corp____No par
4
1484 143 *133 1412 1334 1334 *133 1412 *134 1412
4
3
*1312 14
No par
8 9,400 Tenn Copp & C
4 143 145
8
4 1412 143
8 144 143
144 1412 141s 1412 1418 143
5411 547
8 5418 547
8 5338 5418 53
8
5312 53
534 525 5314 81,000 Texas Company (The)._ 25
10
12114 1233 121 12314 25,000 Texas Gulf Sulphur
4
12214 12312 12112 122
4
1213 12212 12212 124
10
/
1
8
183 1912 1818 184 85,800 Texas Pacific Coal & OIL
4
1758 1814 1812 1918 1818 1938 175 19
100
6,500 Tidewater 011
4 343 35
4
345 35
8
343 35
4
343 343
4
8
3558 357
o 345 357
8
e47 544 5412 5514 544 554 543 563
4
8 55
/ 563
1
4
8 545 5512 20,600 Timken Roller Bearing_No par
/
1
/
1
100
9914 9812 1004 983 9912 9914 10014 9914 10014 30,300 Tobacco Products Corp
4
4 97
9812 963
100
Do Class A
/ 3,900
1
4
8
4
8
8
*107 10812 107 10812 10814 1087 1083 1087 1084 1087 108 11)8
44 412
43
8 412
44 412 41,300 TranacTI011temetf newNo par
438 458
8
412 43
414 44
Transue & Williams St'l No par
ily 27
*2512 27
*2512 27
*2
*2512 27
*2512 27
*2512 27
4 8014 6214 24,600 Underwood Typewriter__ 25
4 625 633
8
5314 623
58 5812 5814 59
56
58
22,900 Union Bag de Paper Corp_ _100
685
8 6718 673
4 6514 67
7012 6812 7114 67
6612 67
66
25
4012 3812 401 39,500 Union 011, California
/
4
4 3912 4014 3958 4012 40
8 4012 413
414 417
100
938g 92
0213
92
*923 94
4
92
700 Union Tank Car
9212 *93
92
92
92
100
Do pref
200
1153 1153 115 115 *11312 115 *11312 115
8
8
0115 116 *115 116
No par
/ 2812 28
1
4
28
/ 2712 273g 4,100 United Alloy Steel
1
4
*2814 2812 2814 2812 2734 2814 27
25
9778 94
05
/ 94
1
4
954 9114 9413 83,700 United Cigar Stores
4
8 96
937 9414 943 965
4
100
15612 159
27,500 United Drug
4
4
15912 1643 15914 1613 158 1593 159 162
4
157 163
50
Do 1st pref
600
.56
5614 561 5613
/
4
45512 56
*5534 56
56
56
4
0553 56
100
2,300 United Fruit
236 23814 238 240
240 241 *236 239
239 240
*235 238
22,200 Universal Pipe dr Rad-No Par
8
275
8 263 27
273
4 27
283
4 28
275 2812 27
8
2714 28
100
Do prat
800
*7412 78
77
*75
78
78
773 7812 77
4
78
77
764
4,600 US Cast Iron Pipe & Fdy-100
20434 207
2083 209
4
204 209
4
2074 2078 207 2104 207 207
100
Do pref
4
8
8
*10014 101 *10014 10112 1003 1003 10012 1003 101 10112 101 10112 1,000
5312 541 15,800 US Distrib Corp tem etf No par
8 544 5618 5414 5614 5112 5.514 5412 55
5512 563
100
Do pref
*200 400 *200 250 *200 250 noo 250 *200 250 *200 250
7
49
4912 484 52 8 5018 533g 20,500 US Hoff MacbCorPv t c No Par
/
1
/ 4814 49
1
4
45
/ 464 4718 48
1
4
14 735* 754 735 743
7214 737 12,000 US Industrial Alcohol_ _100
8
7312 723 7312
4
8 72
8
75
74
100
Do prof
200
1023 1023 *103 105
8
8
*10112 105 *10112 102 *101 105 *10114 105
600 US Realty & Improv't _ _100
_ ..
- ---- -- ---- ---- - ---170 170 *-- 100
United States Rubber
8118 - -58 81
84
_.- 8 814 -83-14
8118 - -5 81,20
82 8
--825
8 804 8518
4
803 815
100
Do let pref
700
4
108 108
1074 1081s 108 108 *1073 10814 108 108
•107 108
50
6,500 US Smelting, Ref dr Min
8
/ z4758 4812 4712 48
1
4
4978 495 4958 4914 49
/ 49
1
4
493 49
4
50
Do pref
493% 4912 495
8 1,800
4
494 493
4 494 493 z4934
50
4 50
495 493
8
13512 13634 1363 13812 13618 138
8
,
136 13818 1364 138 8 13518 137 374,400 United States Steel Corp_100
100
Do pref
3,000
126 126
126 12614 128 126
8
1257 126
8
12512 12618 1255 126
I()
Utah Copper
*98 110
*98 100
*98 110 .98 110
.98 110 .98 110
344 3514 6,900 Utilities Pow & Lt A__No par
/
1
8 34533 3514 345* 35
4
8 343 3512 3412 353
34
/ 347
1
4
No par
7.400 Vanadium Corp
3212 3138 3212 311 32
8 3112 32
3118
/
4
/
4
3112 311 3114 323
No par
300 Van Raalte
*20
21
*20
21
*20
21
20
20
21
20
*1812 20
100
Do 1st pref
470' 7518 *70
8
751 *70
/
4
751s *70
7518 *70
751s *70
7518
400 Virginia-Caro Chem __No par
112
112 0
2
112
112 *17
14
8 2
112 112 01% 2
100
Do pref
*912 12
12
*8
12
*1031 113 *1012 11
4
*8
11
*8
No par
Do "B"
8 15
8
15
13
4
•1
114 *1
13
4 *114
18
4 *114
13
4 *114
No par
6,700 Vivadou (V) new
2612 255 26
8
2734 2718 2712 a26
8 27
264 264 274 277
No par
4
4 173 174 1712 1778 1714 1712 174 1712 1714 1714 2,800 Waldorf System
173
•175
8
300 Ward Baking Class A_ _No par
192 192 *192 195
195 195 *192 195's'192 194 *192 195
No par
Class B
8 81
8212 19,500
815
8 8114 823
4 81
8 sn 834 814 823
4
823 845
No par
Preferred (100)
200
1085 10918 010812 110 *10812 110 *10812 110 *10812 110
8
*10812 1104
/ 1712 18
1
4
173 1818 175 173
4
4 2,500 Warner Bros Pictures A.... 10
1712 17
8
4 174 173
18
18
No par
600 Warren Bros
*4614 4714 *4614 4714 4614 474 4714 4714
*46
47
.4612 48
5,300 Weber & Heilbr, new_e No par
•77
79
783 82
4
813 82
8
80 80
80
/ 8012 79
1
4
79
Western Elee 7% pref _. _ _100
13.13 1163- iiiii 136- 135i2 1-3612 13558 13678 13512 13638 3,800 Western Union telegraph_100
6
8
. $ per share
17412 17412
/
4
3
*331 3414
1218
12
*5512 58
17
17
116 12112
/
1
4
10814 10S14
108 110
1514 1512
4
593 60
4
9234 933
912 934
_
94495 _

5 per share E per share
1744 17414 174 174
4
4
*3318 333 *334 333
1214
1218 12
12
56
56
554 56
18
1718 1718 18
4
1183 1213
4
11812 122
10814 1084 *10712 10814
110 11012 11013 111
8 1518 1512
1512 157
60
6112 6012 613
8
91
91
94
94
104
10
9 8 10
5
_ 94_4 95 _ _ 943 984
,
_4

$ per share 3 per share $ per share
173 173 *17012 174 •170 17312
*333 31
8
*334 34
*3314 34
1218 1214
12
121 117 1218
/
4
s
5112 5414 55
544 544
/
1
/
1
53
13
*17
18
*17
.17
IS
/
1
4
11814 123
s
119 1217 122 125
*10712 10814 *10712 108 *106 10712
11014 11014 11014 11014 *10612 11014
8
1518 153
4 153 1558 1412 15
6212
834 61
5914 6314 62
4
/
1
4
*9312 94
9114 9114 933 93
4
1014
93 10
1014 104 10
9712 98
9712 98
9713 98

15814 f355i

4
12.300
1233 1247 123 1268 122 125
4
s
4
/
4
734 741 735 7514 73
8
26,700
/ 75
1
4
1758 17
17
2,400
1714 1714 17
2814 2812 2812 2812 1,400
28
28
800
124 124 .12312 124 •123 124
*95
9612 095
100
96
9612 9612
/ 2712 28
1
4
273 273
4
4 2,600
273 27
4
843 30,700
8
83
85
8412 8514 83
2,800
37
37
*363 37
4
*3612 37
314 318
31 314 5,400
/
4
314 33
8
31
32
313 32
s
311s 3218 273,200
933
4 8,000
933
11 93
9214 9312 93
500
458 44
45
8 45
8 *43
4 512
23
17
17
*17
19
100
*18
216 2197 21012 21712 74,600
s
2143 216
4
433
4 4212 4312 5,600
44
443
4 43
78
*7614 7812
300
*7814 78
77
64
•6212 64
*61
64 .81
400
3,300
273 28
4
274 2814 274 28
*5414 5514 *5412 58
*5414 56
64
*63
64
300
63
*8214 64
_ _ _ __.
i7"1i73
2
-2iii - -I -2
2 6V7
8 ii2 - - - -iii-1 16- -iii1 1;63; -iiiis - 2 17,200
Fec-rights
13s-dly1dend.
'Bid and allied Woes. no Wei on 31218 day s

1233 125
4
743
8
74
1712 174
28
28
•123 124
06
495
8
283
28
80 4
3
83
43512 363
4
2
/ 3
1
4
/
4
311 3212
/
1
8
935 944
4412 5
21
*18
3
213 4 219
44
44
78
*77
6012 8012
,
274 27 4
45412 5514
46112 66

8
1227 125
s
73
/ 743
1
4
8
/ 175
4
171
2714 28
124 124
*95
9612
2814
28
4
8518 883
8
3612 375
/ 31s
1
4
3
8
32 8 34
/
1
925 944
4
45
8 453
23
*18
21612 222
/
1
4
424 43
*7614 79
64
*60
2814
28
-,,- ---65
*62

123 125
7334 74
174 1714
28
28
12414 1244
9612
*94
273 273
4
4
8
8414 857
3714
37
314
3
3112 3314
923 9318
4
*44 514
20
*18
215 2185
8
434
43
78
78
60
60
274 28
*5414 56
644 8414




PER SHARE
Range for Year 1925.
-share Lots
On basis of 100

WegInghouse Air Brake__ 50
Westinghouse Elec & Mfg_ 50
West Elec Instrument
Class A
No par
Weet Penn Co
Do 7% pf tern etf new.100
White Eagle 011
NO par
White Motor
50
White ER, M & S ctts_No par
Wickwire Spencer Steel otf ___
Willys-Overiand (The)___. 5
100
Do pref
Wilson .4 Co.Inc
No par
100
Do Prof
Woolworth Co (F W)
25
100
Worthington P dr M
100
Do Prof A
100
Do pref B
Wright Aeronautical_No par
Wrigley(Wm Jr)
No par
25
Yale & Towne
10
Yellow Cab Mfg tern etre
Youngstown Sheet & 'I' No par

Highest

PER SHARE
Range far Previose
Year 1924.
Lowest

Highest

$ Per share $ per share $ per share
$ Per share
12212 Feb 17 182 Nov 12 100 Jan 13712 Dee
30 Jan 3312 Nov
3334 Nov 23 3912 Aug 6
9 Mar 1712 Dee
8
113 Apr 22 173 Feb 9
8
43 Oct 1 6014 Dee 14
18
9 Oct -- -12 Jan
10 May 16 2814July 9
3214 Jan 5412 Dee
4634 Jan 27 11734 Dee 10
100 Jan 2 10912 Oct 23
9014 July 9934 Dee
9012May 110 Dee
103 Sept 29 1134 Ara'29
1258June 12 2314 Jan 13
714 June 2314 Nov
8
42 June 635 Dee
4218 Apr 30 6438 Jan 3
82 June 95 Mar
8414July 7 95 Jan 13
8
8 July 2
18 Jan 5
9 8 May 223 Jan
7
8
4
615 Mar 793 Dee
8
7214 Mar 24 953 Nov 23
1194 Jan 8 122 Apr 29 11514 Mar 121 June
/
1
88 Mar 96 Sept
85 June 25 9712 Feb 20
404 Sept 5912 Feb
8
4814 Mar 24 573 Jan 31
/
1
Jan 454 Dee
4July 1 5212May 25
22
353
8
324 Jan 887 Dec
8
4812 July 15 1083 Mar 3
9834 Apr 1294 Aug
8
1013
4Sept 3 1347 Dec 7
4
110 Jan 6 118 Aug 21 105 May 1123 Des
4June 22
1314 Nov 27 183
14712 Mar 30 23612 Dec 24
- -4 may 155 783- - Dee
8 July
514 Apr 22
4 Apr
7 Jan 3
/
1
4
4018 Mar 30 92 Aug 6
42 Dec
3912Sept 23 49 Dec 28 13 Jan 153 July 2212 Dee
4
214 Aug 12 2812 Dec 31
9112 Jan 9912 Dee
9912 Jan 2 10614 Nov 5
1038 Jan 24 Dec
17345ept 3 2634 Jan 12
22 Apr 37 Dee
3114 Mar 17 5458 Nov 2
8
15 July 2718 Jan
17 Jan 6 247 Feb 2
Jan
75 Oct 90
783 Jan 2 9418 Feb 3
4
1718 July 29 Feb
213 Mar 30 3212 Nov 14
4
52 May 8478 Dee
8014 Mar 30 14312 Dee 8
8
58 Oat 957 Mai
62 Jan 6 10912 Dec 31
13 Dec 18 24 May 28
/
1
4
7814 Del 16 92 May 19
8
/38 June 10 Deo
1512 Feb 17 387 Sept 23
78 July 9814 Dec
92 Apr 1 108 July 10
314 May 4158 Dee
4014 Jan 2 81 Oct 16
3912 May 7334 Dee
62 May 19 88 Dec 28
70 July 85 Mat
81 Jan 20 884 Dec 30
5512 Apr 684 Jan
5112 Aug 13 6714 Feb 2
33 May 6214 Jan
3882 Mar 30 4712 Feb 3
4
11614July 7 119 Feb 24 1153 Mar 11918 Aug
1318 Oct 8518 June
558 Aug 31 16 Jan 18
5512 Apr 6512 Nov
6214 Mar 25 82 Dec 31
4812 July 10078 Jan
55 Mar 18 9612 Dec 18
8
61 Mar 18 895 Oct27
8
54'* May 847 Jan
8
80'* May 464 Dee
4114 Jan 28 885 Nov 2
112 Mar 13 125 Sept 29 10972 Nov 115 Jan
6 Nov 123 Dee
3 Oct 15 12 Mar 6
8
238 Jan
61 Feb 9
/
4
2 Dec 22
81s Aug
23 July 35 Dee
20 May 1 4182 Jan 10
14 Sept
3 Jail
5 2 Mar 19 154 Oct 26
7
8
1012 Jan 15 207 Sept 18
193 Dee 30 2818Sept 18
4
8 June - 1 Dec
14
11 Aug 14 1614 Nov 7
11 4
18 Dec 7
eh Mar
75 Apr 1
8
9 8 Jan
3
4234 Jan 5 55 Dee 29
3734 June 4538 Jan
/
4
9712 Feb 17 1211 Dee 31
574 Apr 110 Dee
104 Aug 27 234 Feb 6
8
Oct 154 Feb
367 Dec 1 11814 Oct 151 Fib
8
3014Sept 2
Jan
Sill May 41
4Mar 18 593 Oct 30
8
373
4Nov 20
52 Apr 7384 DM
70 Jan 2 1013
8
9312 Jan 2 1103 Nov 27
8314 Mar 9312 0431
57
8May 9
33 Apr
4
64 Jai
alaSePt 26
2412Sept 25 35 Jan 10
283 Oct3518 Jan
8
3618 Sept43 Jan
381s Mar 28 6514 Nov 2
86 Oct23
3312 Sept 6458 Feb
38 Apr 1
33 Oct 19 433 Feb 5
35 Nov 39 Nov
8
94
Jan 13278 Sept
94 Dec 30 134 June 19
11314June 17 11718May 6 10614 Feb 1163s July
20
Oct 37 Feb
24 May 15 364 Mar 4
/
1
4212 June 6414 Nov
6014 Jan 6 11512 Nov 9
71 May 12158 Dec
1107 Feb 4 16212 Oct 31
8
52 Jan 16 5818 Nov 5
484 May 53 Der
Jan 22412 Aul
2044 Mar 31 246 Sept 30 182
/
1
13 July 48 Dec
2
26 Dec 28 507 Feb 11
4712 Oct 79 Dec
65 July 10 94 Feb II
64 Feb 16958 Dec
13114 Apr 22 250 Feb 11
811 Jan 10414 Oei
/
4
91 July 11 113 Aug 21
2112May 42 Dec
3018 Feb 17 6314 Dec 11
130 Mar 9 250 Dec 11
98 July 168 Dec
1858 Mar 2438 ()es
23 Jan 3 494 On 17
7014 1)ec 7 98 Oct 24
6118 May 8714 Dee
102 Dec 8 115 June 22
98
Jan 10654 Dec
11412 Mar 30 18412 Nov 2
90 June 14312 Dec
3312Mar 30 9714 Nov 13
2212May 424 Jan
924 Mar 30 1087 Nov 14
4
6612 May 954 Dee
8
30 Feb 17 51 Dee 29
1812 Mar 414 Dec
44 Apr 16 494 Dee 23
374 Mar 467 Dee
8
11232 Mar 30 13914 Nov 7
9414 June 121 Dee
12218May 7 138 Nov 6 11838 Feb 123 July
82 Mar 19 111 Nov 18
64
Jan 884 Dee
30 Aug 27 38 Aug 6
253
8May 4 343
4July 9 -- -12 June 3312 Feb
19
1514 Aug 20 267 Nov 7
8
153 Oct 334 Jan
4
80 Apr 1 80 Nov 16
53 Sept 80
Jan
8 June 104 Jan
4
112Sept 23
4July 9
83
84 Jan 5 2312July 8
212 June 343 Jan
4
78 Aug 28
472July 9
38 June
7
Jan
74 Jan 13 283 Dec 21
8
43 July 1514 Jan
4
1412 Aug 10 1978 Jan 3
14 Apr 20 Nov
118 Apr 30 198 Dec 10
3714 Mar 30 954 Oct 3 9412 Feb 11 112 Dee 9
-- ---- ---- -- -.
1714 Dec 22 227 Oct 16
8
43 June 24 5012J1Ily 6
51 Apr 17 10012 Dec 18- -_ -_ - ---_- -___-110 Aug 15 11712June 25 11-15, -Apr 117 Jai
11614 Jan 2 I444Sept 18 105 May 1183 Dee
/
1
4
97 Apr 9 144 Aug 17
84
Jan 111 Dec
6614 Mar 28 84 Jan 3
554 May 75 May
914 Apr 1 2012 Aug 17
1958 Mar 31 287 Dee 10
8
9714Sept 8 145 May 21
4712 Jan 127 Dee
94 Apr 3 100 July 22
874 Arp 97 Dec
2512 Aug 28 3184 Feb 2
2318 May 29 8 Feb
3
5718 Mar 30 10412 Aug 18
6012 Apr 7212 Dec
334 Dec 1 493 Aug 7
8
03
2 Dec 3
8May 15
91 Jan 26 341 Nov 4 -87 May - ;-Jan
/
4
/
4
8
141
7214 Jan 28 123 Dec 7
/
1
4
Jan
6111 May 88
133 Mar 7
44 Dee 31
4
Jan
41 May 28
/
4
17 Sept 2 60 Mar 7
11 Aug 724 Jan
11214 Jan 28 220 0r129
8
7212 Apr 1263 Dec
3514 Aug 12 79 8 Jan 2
3
2314 June 81 Dee
78 Nov 5 88 Jan 9
88 July 894 Dee
58 Aug 19 763 Feb 11
4
584 Jan 704 Dec
16 Mar 30 323
8July I
8
oh May 233 Dee
4512 Mar 30 574 Oct 27
4
35 Apr 464 Dee
82 Sept 23 7014July 29
8
3312 Feb 18 488 Oct 1
92 Nov 855 Mar
4
63 Mar 27 924110c 7 5938 Oct 72 Dee

New st.oek on the bads oft new snare tor 3 old enured.

New York Stock Exchange—Bond Record Friday Weekly and Yearly

197

Jas. 1 1001) tap Excaaa08 method of rioting bonds iods ',hanged and Writes are now .'anct interest"—eseest for income and WasWed Coeds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 8.

)
3
a.

Price
Frtdag
Jan. h.

Week's
Range or
Last Sale

c:1Q

Range
Year
1925.

All Low
Bid
High No. Low
HIPS
U. S. Government.
First Liberty Loan
ID 998444 Sale 991844 998844 727 991144 011144
3)4% of 1932-1947
4
100
02"n
Cony 4% of 1932-47
3D 100 1011, 4 100 Dec'25
Cony 454% of 1932-47
in 1018144 Sale 1004410111w 334 101144 0344.
1011444000'25
10014w 103
2d cony 434% of 1932-47
in 101 103
Second Liberty Loan
1 99444 018444
100 I
40 of 1927-1942
MN 100 10044 100
Cony 44% of 1927-1942
MN 100844 Sale 10018441008844 1575 100142 011844
Third Liberty Loan
44
4)4% of 1928
MS 1008144 Sale 10081810081n 1360 1008, 02444
Fourth Liberty Loan
4)4% of 1933-1938
AO 101844 Sale 101888102144 2381 1011444 03"e
Treasury 414e
1947-1952 AO 1061444 Sale 106844 106144 169 104144 08,844
102344 Sale 1028844103
Treasury 45
123 1004444 04140
1944-1954 J
State and City Securities.
994 10112
10014 17
Y City-44s Corp stock_1960 MS
10014
101
44s Corporate stock
10 10018 1034
1964 MS
10012
8
gUs Corporate stock
10017
10012
1 10114 1023
1980 AO
414s Corporate stock
_ 10014 10314
1972 AO
1005 Dec'25
8
414e Corporate etock
1043 10812
4
1971 Jo
I043 Dec'25 _
4
1043 1074
8
44s Corporate stock _July 1067 J J
1043 Dec'25
4
.
5 1041, 108
434a Corporate stock
8 10518
1965 JD 15518 611 1i; 1043
4
2 10478 1083
434s Corporate stock
1963 M S
10412 10412
9718 10014
4% Corporate stock
1959 M N
9714 Dec'25
9714 100 4
,
9714 Dec'25
1958 M N
4% Corporate stock
4% Corporate stock
9714 10018
93 Dec'25
1957 M N
4% Corporate stock
96)4100
1958 M N
9812 Dec'25
96
934
96
Oct'25
4% Corporate stock
1955 51 N
4
Corporate stock
1043 1071
8
1045 Dec'25
8
1957 M N
10414 1074
105 Dec'25 _
45% Corporate stock_ _1957 MN
8838
884 30
3Si % Corporate stk _May1959 M N
874 904
314% Corporate stk _Nov 1954 MN
Oct'25
88
8714 91
4
101
Dec'25
New York State Canal Im-481901 J J
_ 1004 1031
4s Canal
10113 Mar'25 _
1014 10118
1942 J J
1094 Aug'25
8
434. Canal!met
1097 11414
1964i J
1024 July'25
1027 103
8
48 Highway Impt register'd 1958
_
Highway Improv't 4)0_1953 MS
10812 Oct'25
10812 114
_Virginia 2-38
7612 7813
7612 Feb'25 _1991 3 J
Foreign Government.
Argentine (Nat Govt of, 7. _1927 F A 1013 Salo 1013
4
102181 116 1014 10314
4
965 223
8
13 I 68 of June1925 temp _1959 J D 9612 Sale 96
954 9712
Extl s f 6s of Oct'25 temp 1059 A 0 9614 Sale 957
9517 9714
9614 235
3
Sinking fund fle Ser A
97
134
95
973
4
1957 M S 9658 Sale 9612
External 68 series B_ _Dec 1958 J D 9612 Salo 954
9484 97
9612 156
Argentine Treasury 5e_g
814 89
8717 66
8
1945 M S 8712 Salo 863
961s 993
8
Australia 30-yr 58_ __July 15 1955 J .1 967 Sale 9618
97
8
320
934 10112
Austrian (Govt).178 •
93
1943 i D 10034 Salo 10012 101
Belgium 25-yr eat e f 7144 2_1945 J D 110 Salo 10913 110
391 107 11014
8
8
20
-tearer 88
10712 16' 1963 1091
1941 F A 10714 Sale 1074
904 96
25
-year ext 614s
9378 133
8
4
1949 M S 935 Sale 923
8338 8814
Exti• f 66 Inter rota
863 250
4
4
1955J J 803 Sale 88
Extl s 78 int ctf8
9812
94
9618 234
4
1955 .1 I) 953 Sale 9514
8
Bergen (Norway), f 8s
114
13 1082 11514
4
1945 M N 1133 Salo 11314
954 997
8
25-year sinking fund 68_1949 A 0 9812 983 9812
4
9812
4
871, 120
Berlin (Germany) 6148
87
9014
1950 A 0 87 Sale 87
Berne (City of) e f 85
13 107 1114
108
1075 108 1075s
8
1945 M N
Bogota (City) ext'l f 88_1945 A 0 97 Sale 064
94
98
974 14
Bolivia (Republic of) 85
,
924 99 1;
97 I 115
1947 M N 9712 Sale 9017
Bordeaux (City of) 15-yr 613_1934 M N
80
893
4
8312 Sale 8212
8312 13
95 10312
Brazil U El, external 86
4
125
8
102
1941 J D 1313 Sale 1013
7, (Central Ry)
92
80 4 91
,
90
1952 J D 894 Sale 894
714e (coffee ocur) (1lat)_1952 A 0 10512 Sale 10512 10714 11 10313 10812
954 10034
Buenos Aires (City) ext16%81955 J 1 9712 Sale 9712
983
4 61
Canada (Dominion of) g 50_ _1926 A 0 1004 10014 100
4 100 1024
100
53
3
102
18 11113 111312
1931 A 0 10317 Salo 1013
4
4
-year 514e
10
1929 F A 10214 Sale 10112 10212 86 10112 1033
as
,
10317 93 11115 105
1952 M N 10312 Sale 1027
8
Carlsbad (City) 8 1 fis
96 104
1954 J J 10112 1023 103, Dec'25
4
8
Chile (Republic) extl s1 8a 1941 F A 10814 Salo 1073
1085
4
8 30 10614 110
External 5-year 0185
8
10238 12 100 10312
1926 A 0 10214 103 1025
983 103
4
20-year till 7,
101
43
1942 M N 101 Salo 10018
25-year 51 88
4 10814 11014
109
1946 M N 10818 10812 1084
Chile Mtge Ilk 6148 June 30'1957 J D 95 Sale 9414
937 9634
8
95
66
Chinese(Hukuang Ry)1:6
4014 5112
473
8 22
1951 .8 D 46 Sale 457
8
Chrlstlanla (Oslo) 81 88
4
11017 11 1093 112
1945 A 0 1104 Sale 11038
-year a I 88
30
9511 10112
1954 M S 9912 101
993
4 13
994
957 10014
7
30
-year 8 1 6e
1955 M N 9914 Salo 987
8
9914 17
9914 10114
Colombia (Republic)64s._ _1927 A 0 100 10014 100
6
10014
Copenhagen 25-year e f 510_1944 J J 987 Sale 984
9414 100
8
987
8 52
Cordoba (Prov) Argon 7s_ _1942 J
954 9812
954 Salo 957
967
8 13
9547 10212
Cuba 58 of 1904
1944 M S 10014 Sale 100
10012 20
External 544 of 1914 tier A_ 1949 F A
934 100
9812 Sale 984
9812
8
Fxternal loan 41.4s
084
1949 F A 897 Sale 883
84
8
1
894
4
9617 10314
5
1953.8 J 10218 Sale 1004
10218 173
Czechoslovak (Repub of) 8e_1951 A 0 10114 Sale 1004
9814 102
10112 34
973 1014
4
Sink fund 85 Ser B Int ctfe_1952 A 0 101 sale ,10078
10114 39
Ext.
!
_1945 A 0 9618 Sale I 957
7%5 ser A
957 97
8
8
9614 214
Danish Con Municip 88"A",1946 F A 1103 Salo 1104
4
11138 48 10817 11212
844
Series B
1948 F A 11013 Sale 110
112
32 10814 112
Denmark external.1 85
1945 A 0
_ 1097 Oct'25
8
109 111
9917 105
1942 J J 10314 Sale 1023
20-Year 65
4
1033
8 57
Dominican Rep Con Adm f 58'58 F A 10112 10212 10112
102
4
2 101 1033
Custom Administr 514s....1942 M S 9414 Sale 937
J2
96
9412 55
8
Dutch East Indies ext 68
984 10412
1947 J J 1045 Sale 10438
8
105
61
10458 Salo 10414
40-year 6s
1962 M
984 10412
105
81
-year ext 5140
102 10212 10218
1053 M
30
934 10314
10212 14
-rear ext 534e------1953 M N 102 10212 102
30
924 103
1023
4 28
French Repub 25-yr ext 88 1945 10 S 102 Salo 1003
983 106
8
4
10218 253
20-Yr external loan 7348_1941 J D 98 Salo 97
93 10112
9314 299
D 903 Sale 8814
External 78011924
8
1949
937
8
86
91
573
Finnish Mun L'n 610 A_1954 A 0 9012 Sale 90
853 9212
8
9012 96
External 617s Series B
1954 A 0 904 Sale 9014
8512 921z
9012 18
Finland (Rep) ext 68
4
1945 NI S 873 Sale 874
834 89 8
88
,
12
External f 79
1950 M 8 9512 Sale 9512
934 9814
96
23
German external loan 7s._ _1049 A 0 1015 Salo 10117 10214 587
8
9134 10212
German Cent Agric Ilk 78_ 1050,N1 S 9414 Sale 94
9313 9714
9412 237
8
8
Gt Brit & Irel (UK of) 5)0_1937 F A 1051 Salo 10412 1054 242 104 1077
4
10
-year cony 5)4.
1929 F A 1173 Salo 1173
4
1177
8 40 1164 119
7148
Greater Prague
944 Sale 937
1952 M N
89
9438 58
954
8
1964 10 N 8517 Sale 8512
Greek Govt 7e
83 8812
8618
19
Haiti (Republic) es
1952 AO 9612 Salo 953
9114 97
4
9012 44
87
9634 94
Hungary (Eingd of) 51 7348_1944 FA 06 Sale 90
9812
9812 100
4
100
31
Ind Bank of Japan 6% notes 1927 FA 100 Sale 993
943 947
3
9412 Sale 9412
9412 511
8
Italy (King() 01) ext'l 7s_ _ _ _1951 .1
Japanese Govt loan 4a
1931 '.3 85 Salo 835
81
8
8414
8514 117
1959 F A 93 Sale 923
8
93
90
95
482
30-year 616148
MS 853 Sale 85
Oriental Development 60_1953
4
834 873
857
8 19
4
-year fle_ _1934 M N 834 Sale 823
803 893
4
833
4 56
4
Lyons (City of) 15
4
Marseilles (City of) 15-yr 68_1934 Ni N 833 Salo 824
80
833
4 21
4
89 4
3
323 29 Nov'25
1943 NI N 31
8
16
Mexican Irrigation 414e
304
3418 50
AmentIng 114348
1943
164 317
8
38
45
- - - 453
7
6 32 8
453
Mexico (U 5) esti 55 of'99 1945 Q
8
5
4512
Assenting 58 of 1809
44
43
4112 Sale 41 12
63
1945
31
Aecenting 58 large
8
405s Dec'25
354 443
_
3712 May'25
35
Assent Ina 58 small
3712
Oct'25
1064 JO 2634 2714 26
1912 26
Gold deb 48 of 1904
2912 79
263 Sale 263
4
Assenting 48011904
184 28
4
Assenting 45 of 1004
2314 Aug'25
20
2412
JJ -50 4 - 8 255 Oct'25
8
204 2614
1 i1-5Assenting 48 of 1910
large
22
324 77
3312
304 Sale 303
Assenting 48 of 1010
4
2912 89
2712 Sale 27,
193 29
3
Assenting 4s of 1010 small__ _
2
47
15
4612
33
4614
Treas 68 of '31 assent(large) '33 JJ
47
455 Sale 454
8
47
3414 46
Small
964 38
1962 JD 963 Salo 96
8
88
9712
Montevideo 78
FA 1003 Sale 10014
101
19
-year esti 68_ __ _1943
974 102
4
Norway 20
1944 FA 1004 Salo 1003
1003 111
4
97131 1004
8
-year external S.
20
1017
8 52
8
1952 AO 1015 Sale 1004
974 112
-year esti 68
80
953 109
4
94
.
974
-Year or 51 48 temp. .1965i D 9512 Sale . 95
40
a Due Jag. A Thu4.11117. 1 Due Aug. •Due Nov. s Option gale.




BONDS.
N.Y.STOCK EXCHANGE
Week Ended Jan. 8.

3,3
It's
t

Netherlands 6s (flat priees)__1072 FA s
80
-year external 6s (flai)...1954 A 0
Panama (Rep) 514e tr recteir J ig
i A
Peru (Rep of) ext1 89
Poland (Rep of) g tle
1940 A 0
Ext'i a f g Ss interim rects_1950 4 .1
Porto Alegre (City of) 88
1981 3 D
Queensland (State) ext 6 f 7e 1941 A 0
25
-year 68
1947 F A
Rio Grande do Sul 88
1946 A 0
Rio de Janeiro 25-yr a f 88_1046 A 0
25-yr ext) 88
1947 A 0
Rotterdam (City) external 081964 At N
El Salvador (Rep) 88
1948 3 .1
Sao Paulo (City) 8 f 88
1952 54 N
San Paulo (State) eat s f 88 1938 j .7
External,f 88 Int recta_ 1950 .1 3
Seine (France) ext 78
1942 3 J
Serb., Croats & Slovenes 88_1962 M N
Solseons (City) 65
1936 M N
Sweden 20
-year 68
1939j D
External loan 514s
1954 MN
Swiss Confeder'n 20-yr a f 88 1940 J J
Switzerland Govt ext 514e_ _1948 A 0
Tokyo City 5s loan 01 1912.1952 M S
Trondhiem (City) esti 8148_1944 J .1
171116
11aY (Republic) ext 88_1946 F A
Zurich (City on a 1 8s
1945 A 0
Railroad.
Ala Gt Sou tat cone A 5s
1943 3 D
Ala Mid let guar gold 58_1928 M N
Alb & Sutra cony 314s
1946 A 0
Alleg & West let g 45 gu
1998 A 0
Alleg Val gen guar g 448
1942 M S
Ann Arbor tat g 4s_ _July 1995 Q J
Atch Top & S Fe—Gen g 48_1995 A 0
Regletenx1
A 0
Adjustment gold 4,.
.July 1905 Nov
Stamped
July 1995 M N
Registered
MN
Cony gold 48 1909
1955 J D
Cony 41 1905
1955 J D
Cony g 45 issue of 1910
1980 J D
East Okla Div 1st g 46_1928 M S
Rocky Mtn Div let 48
1965 J
Trans
-Con Short L let 48_1958 J J
Cal-Ariz 1st & ref 4%8"A"1962 ist 8
Atl Knoxv & Cin Div 48
1955 M N
Atl Knoxv & Nor 1st g 56
1948 J D
Atl & Chart A L 1st A 4%6_1944 J J
1st 30
-year 544 Series B
1944 J J
Atlantic City let cons 46
1951 J
All Corot Line 1st con 48_51952 M
10
-year secured 7e
1930 M N
General unlfled 4146
1964 .1 D
L dt N coil gold 4..... Oct 1952 MN
Atl & Dant lst g 4B
,
1948 J
2d4.
1948J
All & Yad let g guar 45
1949 A 0
A & N W lat gu R 56
19413
Balt & Ohio 1st g 443_ _ __July 1948 A 0
Registered
July1948 Q
10
-year cony 414e
1933M
Refund & gen Ss Series A_1995 J D
lat g 5a Int ct18
1948 A 0
10
-year thi
1929 J
Ref & gen Cs ser C temp .1995 J 0
P L E & W Va Sys ref 4a1941 SIN
South," Div lst 59
1950.3
Tol &CM Dtv 1st ref 45A.1959 J J
Battle Cr & Slur 1st gu 3, 1989 J D
Beech Creek let gu g 4a
1936 J 3
Registered _
3 0
Beech Cr Ext 1st g 31414
1951 A 0
Big Sandy 1st 48
1944.3 D
B & N Y Air Line let 48
1955 F A
Brune dr W 1st gu gold 48
1938 J .1
Buffalo R & P gen gold 58_1937 M S
Comm) 414,
1957 M N
Registered
M N
Burl C R & Nor let 59
1934 A 0
Canada Sou cone gu A 5s
1962 A 0
Canadian Nat 4i4e_Sept 15 1954 M S
5
-year gold 414s_ _Feb 15 1930 F A
Canadian North deb a 1 781._1940 .1 D
20
-year 51 deb 6348
19463 J
10-yr gold 41-4s__ __Feb 15 193517 A
Canadian Pac Ry 4% deb stock_ P J
Carb & Shaw tat gold 48
1032 M S
Caro Cent 1st con g 48
1938.3 D
Caro Clinch &0 1st 3-yr 58_1938 J D
1st & con g 68 ser A
1952J D
Cart & Ad 1st gu g 48
19813 D
Cent Branch U P 1st g 45.. _1948 J D
Cent New Eng lat gu 4s
1961 .1 J
Central Ohio Reorg 4348_..1930 M S
Central of Ga 1st gold 58_341945 F A
Consol gold 58
1945 NI N
Registered
NI N
10-year occur 613
June 1029.3 D
Ref & gen 510 ser 11
1959 A 0
Chart Div pur money g 46_1951 .1 D
Mac & Nor Div 1st g 58 1948 1 J
Mobile Division .5s
1948 1 J
Cent RR dr B of Ga coll 058.1037 M N
Central of NJ gen gold 5.8
1987 J .1
Registered
k1987 Q
Cent Par in ref Ril R 4s____1949 F A
Mtge guar gold 314e
k1929 J D
Through St L lot itu 4s___1954 A 0
Guaranteed g 5s
1960 F A
Charleston & Savannah 7s 1936 .1
Chest es Ohio fund re Inapt 18.1929.8
lot consul gold Se
1939 M N
Registered
1939 M N
General gold 4148
1992 M
Registered
1992 IN
20-year convertible 410_1930 F A
30-year cony secured 5e
1946 A 0
Registered
A 0
Craig Valley lot g 5s
1940 J J
Potts Creek Branch let 48_1946 J J
R & A Div let con g 48_1989 1 J
2d consol gold 4s
1989 J J
Warm Springs V let g Is. _1941 M S
Chic & Alton RR ref R 3...1949 A 0
Certif dep mood Apr 1925
.
---lotCf
P A Pd Oct 1923 int__ - -- Railway flrat Ilen 3%a_
1950 1 J
Ctfe dep Jan '23&sub coup-Chlc Burl & Q—III Div 3348_1949 ---Illinois DIvIgion 4,
1949 J
Nebraska Extentdon 48__.1927 MN
Registered
MN
General 48
1958 M
1st & ref 56
1971F A
Chic City & Conn Rye 5a
1927 A 0

Price
Friclag
Jan. 8.

Week's
Range or
Last Sale

Ask Low
Bid
10814 Sale 108
1044 Sale 1044
1003 Sale 10012
4
1023 Sale 10213
4
6812 684 67513
8812 Sale 8818
8
985 Sale 985
3
1117 Sale 11112
8
1044 Sale 1047
8
8
985 Sale 984
977 Sale 9714
8
93 Sale 97
104 10412 104
106 Sale 1053
4
1013 103 101
4
102.4 Sale 10214
3
103 Sale 10113
88 Sale 8512
911 Sale 91
.
83
8318 84
4
10514 Sale 1043
1014 Sale 10112
117 11714 1163
4
1033 Sale 103
4
6612 6712 67
997 Sale 994
8
110 111 110
1094 Sale 1094

Range
Year
1925,

Hiok No. Low
Zitell
16 102 1C9 4
/
1
4
10814
,
1047
8 58 10018 10412
10112 11
98 4 104
,
8
977 10318
1021 57
/
4
16
63
863 79
8
86
96
88 4 160
,
94 100
99
/ 20
1
4
19 109 11234
112
30 10112 10712
106
94 100
991 23
/
4
11
93
98
99
27
92
98
9914
2 100 10718
10414
5 103 108
106 4
,
97 102
10114 16
56 100 1047
103
8
10312 82
994 10318
45
88
8211 924
911 83
/
4
84
E2
8
82
88
83
105 4 18 103 108
,
94
9812 10314
102
36 113 11714
117
9812 1041
/
4
1033
4 91
6414 684
6712 15
9
97 1014
100
13 10614 112
111
110 4 28 10713 11117
,

Oct'25
1014 102 102
_
5
10112
1004
101
834 Dec'25
/
1
84
83 If 84
Oct'25 - 6
9213
92:4 Sale 9238
8
763
4 58
7633 Sale 757
8953 Sale 8912
9018 126
8914 24
8914
853 Sale 853
4
8
853
4 13
11
/
1
4
86
86 Sale 85
8214 8312 82 Nov'25
8418
_
4
_ _ 853 Dec'25
2
8517 Sale 8512
8512
2
833 857 8312
834
4
3
9914 9912 9914
9917
8
8817
1
8612 8814 8611
884 13
8813 Sale 88
14
95
947 Sale 947
8
8
903
8
9012
3
1097.
_ 103 Dec'25 4
964 iikt 963 Dec'25
/
1
1034 10312 103
10312 23
8412
_ _ 8512 July'25
925 Sale 9214
8
9234 35
10612 Sale 10613 107
39
944 9514 9414
5
9412
94 Sale 94
9412 51
78 Salo 78
78 14 46
685 Sale 6812
8
6834 19
753 77
4
767 Dec'25
8
933 101
4
994 Dec'25
90, Sale 803
4
4
9012 60
883
4 14
883 Sale 8812
4
9412 Sale 94
9458 201
95 Sale 9312
9538 171
10312 Sale 103
104
78
10318 Sale 1023
10314 146
4
10513 Sale 10412
8
1053 249
90 Sale 893
90
69
8
9838 Sale 98
9812 361
7514 59
75 Sale 743
4
6014 62
__
624 May'25
9312 9412 9412 Dec'25
__
9114 95
903 Nov'25
4
__
7812 7714 Dec'25 _ _
78
897
8
_ 893 Dec'25 _ _ _ _
4
74 - . 7412
7412
1
7412
023 94
4
924 Dec'25
10112
_ 102 Dec'25 _ _ _ _
88 Sale 8,12
8814 82
824 May'25
10014 10114 10078 Dec'25
10318 104 10212 Dec'25
9312 Sale 9312
9312
6
9812 Salo 984
9812 16
11514 Sale 1147
8
11514 10
1174 Sale 1174
1175
8 17
964 Salo 965
8
965
8
2
803 Sale 8018
4
155
81
934 Oct'25
8212 Sale 8112
821
102 10218 10212
10212 11
107 108 10723
/
1
4
10814 34
8512 8614 8518 Dec'25
79
80 80 Dec'25 _
684 Sale 68
975 ____ 977 Oct'
25 22
8
3
103 104 1023 Dec'25 -4
1027 Sale 10212 10314 17
8
9718 ____ 10014 Oct'25
10318 10314 10318
1031
9
10258 24
1025 Sale 1017
8
8
855 Dec'25 _
8
8559 87
994 ___ 100 Dec'25
101
____ 99 Dec'25
9812
983 9317 9312
8
5
109 Sale 1084
109 I 20
1084 109 109 Dec'25
_
894 33
894 Sale 894
963 974 963 Dec'25
4
_
4
__
8712 873 8718 Dec'25
4
8
984 332
9818 Sale 977
____ 11212 Feb 25
117
101
22
8
1004 Sale 1003
10254 48
8
1024 Sale 1023
_ 101 18 Nov'25
93
/ 16
1
4.
934 Sale 924
87 4 ____ 9018 July'25 _ _ _ _
,
984 100
984 Sale 98
14214 218
13914 Sale 138
129 Dec'25
9812 Dec'25
983 __
4
Oct'25
83 83
80
1
854
853 ____ 854
4
1
827
8
8
824 ____ 827
9612 ____ 984 Oct'25
66
8
6518 68 _ 65
624 Nov'25
64
6414
-6414 65
3
89
53
,
5212 Sale 52 4
5112 18
514 Sale 5114
13
84
84 Sale 834
9212 12
9214 Sale 914
11
100
9912
9917 101
I
983 Sept'25
4
911
. 24
9114 Sale 9053
1035
8 14
10314 Sale 10318
3
4
50 4
5018 50 8 503
3
3

1003 102
4
1001z 1015
8
8114 85
8112 84
90
944
0314 77
88
9211
84
901
/
4
8112 86
824 88
797 82
8
815 853
8
4
8117 86
81
844
98 100
8351 87%
86
89
92
954
874 923
4
10214 103
95
9814
10112 1034
854 as':
811
9412
1054 108
904 96
8514 9714
708 80
8
6112 7013
80
75
984 1004
853 924
4
851a 904
894 95
8534 94
100 104
10214 10414
1003 1043
4
4
834 9012
9534 994
5812 80
605 624
8
/
1
1121 944
/
4
9012 914
77
814
85
893
4
67
75
94
92
994 1024
804 8813
82
854
994 101
10012 1037
1
9212 964
/
1
981 99
/
4
11414 1178
4
116 1185
1
9618 907
8
79
81
93
93 8
7
78
8314
100 1023
4
1057 10812
8
84
854
744 80
4
544 701,
9714 99
1011 104
/
4
9914 10314
98 1004
8
10112 1043
99 103
84
884
9812 100
99 101
95
99
107 110
108 109
854 90
9512 9714
854 895
4
9612 9818
11212 1174
983 102
8
101 10313
1004 10214
877 93
8
81i7 9013
a
11484 13812
1014 14514
1033 12912
4
9712 993
4
821 85
/
4
8112 &53
4
79
133
954 98.4
593 674
4
563 624
4
50
82
4414 584
65
55 4
1
8 4 8612
0
8812 941
/
4
9812 100
1/864 994
8818 9214
10012 1033
8
4512 63

198
ISONBS.
I. Y. STOCK EXCHANGE
Week Ended Jan. 8.

New York Bond Record-Continued-Page 2
Prie4
Friday
Jan. 8.

Wears
Rowe or
Last 13als

Haab
Ask Low
DIA
Chicago & Eairt DI lit 8s-1934 A 0 10412 10612 10512 Dec'25
76
0&IC III RR (sew ee) gen 68-1951 M N 753 Sale 7514
8 101h
1982 MN 102 ____ 1011
Cane & Erie 1st gold 6e
8
647
Ohioan) Great West let 48-1969 M 5 644 Sale 644
100
8
Ohio Ind & Louise-Ref 61.1947.7 j 1113 ____ 100
1947.7 j 1004 ---- 99% Oct'25
Refunding gold 5e
80
4
Refunding ite Series O___.1947.7 j 823 ---- 79%
92
1966 M N 9112 ____ 92
General Be A
.
May 1966.7 J 103h 1047 10314 10312
General 6a B
7912 Dec'25
_
Ind & Louleville let gu 4e_1956 1 J
91
- .12 87 Dec'25
Oble Ind & Bou 50-year 48-1956 J .1
4
Chie L 8 & East let 4)0_1969 J D 923 ____ 9414 Nov'25
52 12
0 M & Puget 8d let gu 40
, J 5212 Sale 52
1---1949
5212.
5212 5314 5112
Certificatea of deposit
4
823
3
Citi M &En P gen g 48 Ber A_e1989 J .1 82 4 Sale 8214
,
70 z
General gold 31448er 8_41989 J .7 7014 Sale 7014
8
9018
Gen 4tis Berke 0__ -May 1989.7 J 903 Sale 903
5378
4
s
Gen & ref Series A 4 tiea2014 A 0 527 Sale 523
5314 Sale 5213
5312
Certificates of deposit
5314
Gen ref cony Bee B 5e_a2014 1? A 52% 5312 52
-3
5214 Sale 517 Dec'25
Certificatee of deposit_
let see681934.1-5 1048 Sale 044 105
5314
1932 J D 53 Sale 52
Debenture 5445
4
533
8
53 Sale 517
Certificates of deposit
5312
1925 i5 5314 Sale 5214
1Debenture 4e
53
4
4
523 Sale 513
Certificates of deposit____ .
8
533
4
1934 i-i 5314 Sale 523
-year debenture 4s
S8
53
5212 5314 53
Certificates of deposit
9912
Ohio & Mo Itiv Div fie___1926 J, 9812 Sale 9812
993)
8
8
ChM & N'weet Ext 43._18813-1926 F A 993 Sale 993
9912
9912
1886-1926 F A 994 100
Registered
7514
7518 74%
1987 MN 75
General gold 314e
7412 724 July'25
Registered
CI F 73
8
863
1987 M N 8614 Sale 857
General 45
86
1987 MN 86 Sale 8522
Stamped to
104
8
1987 M N 10418 1043 104
General le etamped
1879-1929 A 0 10412 Sale 10412 10413
linking fund 6e
4
Registered
A 0 1033 --__ 1033 Dec'25
_10118
101%
1879-1929 A 0 10118 _
Sinn= fund fa
1879-1929 A 0 10014 -- -- 1004 Dec'25
Registered
4
10014
1933 M N 10014 1003 10014
Oinking fund deb 68
_ 10014 Dec'25
Registered
M N 10014
10714
-year enured The
10
1930 J D 10718 1073 107
11212
1931 M 8 11212 Sale 11114
-year secured 6748 1
I5
8 100
May 2037.7 D 100 Sale 993
let & ref e 6e
85
Olde R I & P-Ratlwag gen 44198e .1 j 8518 8514 85
83 Nov'25
11 .1 8318 _
Regletered
88 14
1934 A 0 88 Sale 88
Refunding gold 4e
8614 Nov'25
A 0
Registered
10312 Nov'25
Cale En L & NO gold 54_-_1951 J D
10214 June'25
J D
RegIstei ed
78 Sept'25
1951 J D
Gold 814e
87
87
Memptne Div lit g 4e_ _. _1951 J 0 8614 87
10114 Nov'25
0 St LA P lei °ems g 6s_1932 A 0 1014
1044
-Ado 8t P M & 0 cone 68-1930 J D 10412 Sale 104
4
3
Cone 68 reduced to 310-1930 J D 93 4 9412 933 Oct'25
99
1930 lel 13 9814 Sale 9814
Debenture 138
9812 Sale 9812
99
Stamped
90
Obit T H & Bo East 1st 68._1960 J D 88% Sale 87
80%
4
813
Deo 1 1960 M 8 8018 81
Ina gu 5e
95
Ottle Cu Sten let gu 474s A.1063 J .1 945 Sale 9414
s
8
4
1963.7 J 1023 1027 10218 1027
let eis Series B
1944.7 D 10012 Sale 100
10012
Guaranteed g 58
lat 6 he Berke C
1963.3 J 11718 11814 11712 11712
Ohio & West Ind gen g 6ap1932 Q M 10514 Sale 10514
10514
8312
1962.7 l 8214 Sale 81
-year ea
Cionsol 66
s
101
1962M S 1007 Sale 10012
1st ref 5140 ger A
4
Oboe Okla & Gulf cone 581952 PA N 1023 ____ 10312 10312
96
96 Sale 96
Oto H & D 2d gold 4 As
1937 1 J
9318
s
0 I Bt L & C let g 4e-Aug1936 Q F 9318 9414 933
Aug1938 Q F 9214 ___. 9214 Dec'25
Registered
88 Dec'25
4
Oln Leb & Nor au 44 g
1942 MN 873 90
1004
1928 J J 10014 Sale 10018
Oln 8 & CI cona let g fie
85
Move Chi Cis & at L gen 46_1993 J 0 85 Sale 85
98
SO-year deb 43ea
1931 .1 .1 9718 Sale 9714
____ 10114 Nov'25
1993.7 D 102
General 64 Berles B
8
10312
Ref & !met lis Series A1929 3 1 1033 Sale 10318
106
____ 106
1941.7 J 104
64 Bedell0
10014
1961.7 J 100 Sale 100
61 aeries D
4
8
1939.7 J 903 ____ 903 Dec'25
Cairo Div 1st gold 48
82
4
Cln W & M Div let g 48_1991 J J 813 8212 82
834
IR L Div let ooll tr g g 48._1990 MN 8314 85 8212
8018 July'25
M N
Registered
Bor & Col Div lin g 4e____1940 M S 8714 ____ 89 Nov'25
4
4
4
873
W W Val Div let it 4e__1940.3 1 873 Sale 873
4
&
00 0 I gen Isom a ele____1934 l J 10718 1073 108 Dec'25
Olev Lor & W eon 1st it 68..1933 A 0 10112 102 10112 101%
3
4
993 95 4 Dec'25
1935 M N 96
CI& Mar 1st gu ii 434s
Cleve & Mahon Vall g 64-1938 J J
CI & P gen int 410 Ber A-1942 1 J 9918 ____ 99 May'25
1948 M N 81% --__ 8512 Sept'25
Series C 3ini
4
8
1950 F A 817 85 833 Nov'25
Berke D 814s
98
Cleve Elbor Line lit gu 4148_1961 A 0 9712 ____ 98
2
1972 A 0 106, Sale 10518 107
Cleve Union Term 614e
4 101
1973* 0 101 18 102 1003
let 8 f ris Ber Et
4
1945 J D 873 Sale 873
4
4
873
00151 River Ry 1st gu 4e
4
83
9 4
Colorado & South let g 48_1929 F A 983 Sale 9812
9612
Refunding & exten 4348-1935M N 96.2 Sale 9512
8718
2
1948 A 0 867 8812 874
Col & H V let en g 48
8414 Apr'25
1955 F A 887
8
Col & Tol let ext 48
81
Conn & Passum Rlv let 48_1943 A 0 8018 8212 81
90
-year 68 0.-1952 J J 8918 Sale 8884
Cuba RR let 50
1053
D 105 Sale 105
ref 734,
1936.7lit
3
4
923
Cuba Northern Ry let 68_1966 J 1 92 4 Sale 9214
Day & Mich lit cone 4348_1931 1 .1 977 ____ 9814 Nov'25
8
9114
Del & Hudson let & ref 4e___1943 MN 9114 Sale 903
11334
1935 A 0 113 Sale 112
110-year oonv 5e
1033
4
1937 MN 10314 Sale 103
-year 6140
16
1931)1 D 10818 Sale 10818 110
-year secured 78
10
8
937 Dec'25
ist gu Mi 0_11136 F A
D 1AR & Bdge
s
--lot cone g 45_11136 J .1 8614 Sale 853
864
Den & R 13
8912
s
1936 1 J 8912 897 89
Coneoi gold 4 tis
98 12
8
Improvement gold fie__ _ _1028 1 D 987 93% 98
7
684
Den& R0 Welt gen 5e.Aug 1955 MN 68 Sale 65
4
/
471 46 Dec'25
Dee M & Ft D lit gu 41.....1935 J J 44
45 Dec'25
47
42
.
Temporary ctfe of deposit _.. _ _
9312 Feb'25
Del Plalnee Val let 414e1947 MN 9318 95
70
7012 70
Del & Mack-let lien g 48_1995 J D 70
7112 65 Dec'25
1995 1 D 65
Gold 44
95
J4h
1961 hi N 943
4
RI, Tun 414e
Det
Oct'25
____ 103
Del Miseabe & Nor gen fie 1941 J J 103
4
1023
8
1937 A 0 10214 1023 102h
Del & Iron Range let 5a
Ati g 68_ _1037 j J 85 8512 8518 Dec'25
Dui Sou Shore &
9018 Dec'25
Man Ry Minn Nor Div let 4,8_'48 A 0 9018 ____ 99% Dec'25
Bast Tenn reorg lien g 5e_ _1938 M 8
10038 Dec'25
1930 J 1 i003
e
Zest T Va & Ga Div a fie
__ 10214
1956 M N 10214
1023)
coos let gold 6e
s
East let g 58_ .1941 M N 10134 10212 1017 Dec'25
Elgin Joliet &
8
4
10218
1965 A 0 1023 103 1023
ID Paso & 8 W 1st 58
108
108
Erle let coma! gold 7e ext_1930 M S 108 Sale
g
747 Sale 7412
7514
1996 1 J
lit COW g 42 prior
7112 Dec'25
s
717 73
1996 J J
Registered
6818
lien g 44.._ _A996 1 J 6814 Sale 6744
lit oonsol gen
6412 Nov'25
1996 J J
Registered.
7
108
108
Penn coil trust gold 44.., 1951 F A 96
6912
A 0 6912 Sale 69
-year eon? 4a Bet A_1963
60
6914
4
1953 A 0 683 6912 694
do &Nee B
85
8
8
D_1953 A 0 843 Sale 835
Gen. cone. 4s Berlee
2
1047
104
&no & Jersey 1st s f es.... 1051.7 J 10312 10412

Range
Year
1925.

BONDS.
N Y STOCK EXCHANGE
Week Ended Jan. 8.

Pries
Friday
Jan. 8.

Weak's
Rang. or
Last Bak

Range
Year
1926.

Mob
Mob No. Low
Bid
No. Low
Ask Lew
High
4
/
84 841
102% 1011 Erie & Pitts gu g 3348B--.1940
4
.11 83% 8812 84% Dec'25 -4
1
/
4
1
/ 81
84
193
8
4
1
/ 79
72
Series 0
4
1
/
.71 853 ____ 8422 Aug'25 -s
4
99 6 1003
11
4
1
/ Fla Cent & Pen let ext g 68_1939 1.7 10018 ____ 1003e Nov'25
994 103
11
9614 100
199
4
993 Dec'25
3
59 4 6812
Oonsol gold tie
1943'.7 993 100
4 17
9,53
3
963
92
1 10914 11212 Florida East Coast let 430_1959 ID 9512 957 953
s
3
93 973
98% 202
8
9912 10012
let & ref 5a Series A
1974 MS 983 Sale 9718
Ion 197
178 Nov'25
1
4
853 873 Fla West& Nor 7e Series A1934 M
4
73
16
59
60
5
618 Sale 593
8
87
927 Fonda John.& Glov
3
MN
8214 201a
14 101 104
9014 Dec'25 Fort En U D Co 1st g 4148-1941 1.7 9018
1054
771s 8012 Ft WA Den C bit g 5348_1961 J D 10518 ____ 103
7 imps 105
1
9612
921s 98
8532 8,84 Ft Worth & Rio Or 1st g 48 1928.7, 9618 9612 9612
.
1091
10012 10
934 9414 Frem Elk & Mo Vol let 66_1933 * 0 107 108 10014
9978 Ica
8
1
23
434 egia GH&EIA M&P let6e
1931 MN 1003 ____ 10012 10012
crobi 101
4
10012
10012 Sale 10018
23
494 5412
1931 .1
2d extent, 58 guar
904 95
4
13
7014 82
1933 * 0 9314 953 94,4 Dec'25 -Galv Hone & Rend 1st 5a
104% 63 1004 10512
18
1957 J J 10438 Sale 10414
6214 7012 Genesee River let s I 56
4
13
97
93 1023
97
96
27
77492's Ga & Ala By let cons 58_01945.7.3 96
99 10014
10015 Sole 10014
10014
4
323
431$ 554 Ga Caro & Nor let gu g 58 _1929 j
1
8
4 8
641 6
67
67
55
,
1946 AO 66, 69
55 4 Georgia Midland 1st 3e
47
9212 964
9534 20
4
953 Sale 953
4
252
4
1
/ 01 BA I ext let gu g 4tis1941 .1
4418 58
10 11412 117
11514
s
4612 544 Grand Trunk of Can deb 78_1940 * 0 1143 115 11434
_
3
4
1
/
10718 Sale 1067
1074 50 106 108 a
8
31
1936 MS
16
9612 10514
-year at6s
4
4
287
4
1103 261 10812 111
44 6012 Great Nor gen Te aeries A 1936
J 1103 Sale 1093
109 110
110 Dec'25
107
4614 5412
Registered
.1 J
944
89
9414 15
135
46
1st & ref 44s Series A1961 13 -5514 94l4 6314
7812
4
1
/
99 104
103
34
60
4
473 544
General 544s Series B____1952
1
/
3
' 103 Sale 1023
5
97 1
9812 Sale 9714
92
128
99
45
66;
C
1973 J
44
General 58 Series
81
72
81 Dec'25
14
4
463 544 Green Bay & West deb etfa "A-__ Feb 7812 85
1
/
124 19
1612 Salo 1614
17% 54
3
Debentures etre "B"
941s 100
Feb
8813
80
8
1
8818
2
1
/
984 10118 Greenbrier Ry let gu 4s____1940 MN 8814 ____ 883
4
90.3 1034
984 993 Gulf Mob & Nor 1st 534s _1950 * 0 10314 1037 10314 Dec'25
4
984 10412
18
105
6 7318 77 Gulf & S 1 1st ref & t g 56_61952 j 3 104 ____ 105
8514
85%
855s
2
_
80
72
7212 Harlem R & Pt Chea let 48...1954 MN
gips 9214
4
9214 32
8
11
814 864 Hocking Vol 1st cons g 414eA999• J -1513 Sale 913
9012
May'25
88
12
1999 J J
82 853
Registered
4
004 101
4
1
/
8
o
1937 J J 10114 1017 101 14 Dec'25
1 10054 105
H & T C 1st g int guar
99
95
9612
3
97
97 101
1 10312 1064 Houston Belt & Term let 64_1937
_ 10012 Oct'25 _
9981100'.
103 104
Houston E & W Tex let 154.1933 MN
1
/
7
99 s 100
4
/
1933 MN 9912 1004 100 Sept'25
lit guar 58 red
6
4
983 1011
924 9612
1
9512
9912 1004 Housatonic Ry cone g 58._ 1937 MN 9512 9712 9512
8612 94
931 1 173
8
5
9916 103
Hud & Manhat 58 Series A-1957 FA 923 Sale 9212
9114 9114
91 14 June'25
FA
9912 101
Registered
181
4
1
/
76
4
673 77
5 105 1124
Adjustment Income 5a-_-1957 A0 76 Sale 7514
904 94
24 107 11212 Illinois Central 1st gold 44..1951
3 915 ____ 9214 Dec'25
'
16012 93
4
1
/
s
933 July'25
102
44
1951
3
Registered
' 874 91
814
81
2
847
8314 Sale 8314
8314
3
1951 J
11
let geld 314e
8214 88
4
1
/
_
8012 83
4
823 Jan'25
3
'
8114 8314
Registered
81
4
1
/
84
4
823 8312 8214 Dec'25
8
Extended 1st gold 3144......1951 * 0
385
8314 897
71
Feb'25
66
62 62
62
1951 M
8818
83
lst gold 3s sterling
8613 89
14
88'8
8
10112 103%
Collateral treat gold 44.„1952 *0 883 Salo 8812
4
3
853 863
874 86h Nov'25
83
Registered
A0
10114 10214
2
874 923
6
91 14
794
let refunding 48
78
1955 MN 92 Sale 907
784 8412
3
81%
8
8
2
1952.3' 813 Sale 813
83% 87
Purchased line. 344e
79 844
8212 844 July'25
79
_ 101 103%
Registered
.1 .1
&544
83
8512 24
,
3 1023 1084
Collateral trust gold 40_1953 MN 8512 Sale 8514
81
8413
8214 ____ 83' Dee'23
Registered
_
9214 933
MN
4
3
8
I0534 75 102 2 10612
Refunding 58
20
1955 MN 1053 106 1053*
9212 10514
3
s
9 1017 103 4
8
9
8
1934 ii 1023 Sale 10212 103
15-year secured 5345
954 993
2 10912 113
904
66
75
-year secured 6%, g___1936 J J 11112 11212 11112 112
15
4
/
4
881 911
9
8
9J3
8
8
21
8412
Cairo Bridge gold 4s
19503 D 903 Sale 903
56
74
70
5
74
7418 Sale 74
914 95
Litchfield Dl, 1st gold 38_1951 1 J
21
774 8214
Louise Div & Term e 334s 19531 1 803 813 8112 Dec'25
17 100 10312
7011 74
Oct'25
8
733 7312 73
Omaha Div let gold 3s__ _1951 F A
23
9714 101
4
713 77
74 Dec'25
St Louis Div & Term g 36_1951 „I 1
16 1104 1184
4
833
79
4
813 Dec'25
82
81
Gold 334s
12 105 106
1951 J J
4
1
/
79h 82
83 N‘.v'25
7918
Springfield Div let 13348.1951 J J
67, 7612 8312
88
86
8614 Oct'25
8614 90
3
Western Lines let g 4a
78
97 100 4
1951 F A
87
84
9918 102
Registered
1951 F A ..--- 8912 84 Aug'25
612 Ill Central & Chic St L & N 0
9312 9
9614 150%
10038 103
s
Joint let ref 58 Serles A
1963 J D 100% Sale 997
911,11 114
5
8814 884
8814 Aug'25
95
904 9312 Ind Bloom & West 1st en ni 194(1 A 0 89
874 92
2
894
4
893
4
8718 894 Ind III & Iowa 1st g 4e
1950 J 1 893
99 101
8
1003
8
8
1(103
8
4
993 101 12 Ind Union Ry gen lis Ser A 1965 J J 1007
3
4
1
100h
9914 100 4
81114 8513
Gen & ref ria Serial B
19651 .1 1008 - -- - 100h
4
89 100 1054
104
Sale 1034
4
1
/ Int & OH Nor tat fisSer A 1952 J J 10312
98
96
11
79
06
216
73
3
Adjustment fls. Berke A1952 Aprl 724 Sale 72
98 105 8
78
67
_
7434 Dec'25
Stamped
Aprl
21 10218 1044
704 804
9
7812
4
103% 1073 Int Rya Cent Amer let 58___1972 M N 78 Sale 78
65
57
9
64
63
64
9418 10014 Iowa Central let Hold 15e____1938 .1 D 63
57
57 624
6014 Dec'25
Certificates of deposit.......... 9014 62
8812 91
1914 264
3
21
Refunding gold 48
I3 1914 2114 2038
8212
80
1
7
4
883
8514 90
8
5
814 85
James Frank & Clear 181 44.1959 .1 D 88% 8912 883
4
1003 ---- 100 Nov'25
8
1938 J 1
Ka A & G R 1st gu g 5a
8018 83
5 id" 84
83
__ 83
1990 A 0 8212
2d 20-yest u
4
863 8912 Kan&111 lar gu g 48
4
1
/
90'. 100
4
1003
1927.3 J 100% litZle 1003*
87% 8812
1
2
1023 1035
4 Dec'25
4
8
1928 MN 1023 1023 1023
10612 108
BC Ft 13 & M cons g 68
4
1
/ 8912
80
89s Ill
4
2 10018 10212 K C Ft 8 & M Ry ref g 48 1936 A 0 893 Sale 8918
98 10014
2
8
853
_ 85%
958 984 KC&MR&B letgu 58_1929 A 0 993
704 75
74 p 18
74
8984 10014 Kansas City Sou let gold 38_1950 A 0 7418 75
8814 93 4
3
944 105
Apr 1950.7 J 9414 Sale 933
Ref & Impt Is
9952
99
s
8
835 877
8 40
85 3
85% Sale 85
3
83 4 8612 Kansas City Term 1st 42_1960 J J
8712
84
8514 Dec'25
.1987.3 J 8512
3
83 4 8534 Kentucky Central gold 48.
874 89
& Ind Term 434e.11161 1 J
774 ---- 8712 Nov'25
Kentucky
4
1
/
95 100
2
4
1
/
100 100
100 June'25
4
/
16 1041 1074 Knoxville & Ohio let g 68_1925 J 1
4
4
1003
9918 10114
58
d & West let g 611. _1937 J J Ionia 104 1004
994 102
Lake
24
est& 954
4
_
9818 9812 973 Dec'25
1941 J J
8314 881s
Id gold
1
81
78
83
96
1997 J D 788 Sale 7834
964 99
7
Lake Shore gold 3148
7614 7914
77
6
77
8
1997 J D 763 79
5
90 a 9612
Registered
16
8
8 52
987
8
9711 991,
1928 M S 987 Sale 983
Debenture gold 44
1
8612 87
4
1
/
9614 Sale 964
941s 97
96% 22
1931 1111 N
844 8414
n egistered
25-year gold 48
5
957 96
96 Dec'25
4
/
811 8118
2
10314
1 10054 1034
W31 F A
834 8914 Leh Vol Harbor Term 158_1954 M N 103 104 10314
16
4
963 Dec'25 _
4
1
/ 98
95
4
A 963
Leh Vol N Y 1st gu g 430_1940
12 10111e 1136
93 954
9312 Dec'25
_
J
1
89
Registered
14
9312
9
84%
83 I
79
M N 82% Sale 82%
96
3
98 4 Lehigh Vol (Pa) eons g 461._
8
81
7814 803 7814 Dec'25
78
M N
Registered
36
8812 9212
93
924 Sale 92
88
9218, 3
General cons 440
550 10114 112
4
1
/
98 102
4
5
101 I
99
00
2 3M
Lehigh Val RR gen 5aBeries.2 3 M N 10118 101% 1003
16 101 104
10212 Dec'25
4
1014 1023
Leh V Term Ry let gu g 5e_1011 A 0 10214
27 107 110
89
843e 89
88 Dec'25
9312 9514 Leh & NY 1st guar gold 4s 1945 M S 88
4
106181
6 10312 107
82
32
3
85 4 Lox & Emit 1st 50-yr 5e gu-1965 A 0 105h 1063 10512
84h
8314 874
8418
85121
8
s
857 9014 little Miami 44
7
4
/
1071 10914
10914 Nov'25
3
5
9 5 M 19
19 2 A 0 10912
99
96
Long Dock consol g 6.
57
993 1024
4
1
/
1004 Dec'25
1
0 931 Q ..1
Long teld In con gold 58_51931 (.4 , 1034
70
66
010
9418
4
1
/
95
94
944 Dec'25 _
394 517
1st consol gold 411
8
8
9(1 Dhe'25
8812 91,
1938 J D 9018
50
General gold 48
45
1932 1 D 9314 -- 9312 Aug'25
894 9313
934 934
Gold 48
8214 85
1949 M B 8414 85
Unified gold 4a
4 13
843
7014 75
4
/
841
2
054 9814
8
1934 1 D 973 98
1
1
/
9741
4
1
/
97
Debenture gold 58
65
674
9612 97
96
874 96
9612 24
91
-year p m deb 5e
20
11
4
/
941
8
82 8512
9, Mel
19E M N 843 8512 8512 Dec'25
102 104
Guar refunding gold 48
4
988110084
Nor Sh B let con g gu 62_01932 Q J 993 10014 997 Dec'25
5 1004 103
094 102
5
iouiz
Louisiana & Ark 1st g 58_1927 M S 997 101 10012
90
81
8714
88
111 83
88
904 Lou & Jeff 13dge Co gu g 4e 1945 M 8 862 8712 861,
8
1024 1054
1937 M N 1025 104 103 Dec'25
9812 1021t Louisville & Nashville 5a
932 Sale 934
3
914 95 61
UnIfled gold 4s
8 57
937
9912 101 12
101
4
101
Collateral trust gold 516_1 9 9 .1 N 100h .._
19 10012 103
1931 M I
5 100% 103
106 Sale 10514
106
-year secured 78
101 102%
10
36, 105 10812
4
4
1
/
939
100 A N
107;
let refund 542 Series A2 3 M O 1073 Sale 107
1
99% 103
6' 10414 108 1
105 Sale 10412 105
44 1014 10712
4
let & ref Is Series B
9 107 10.13
97
92
2993 A
4
1
/ 7552
8
69
9612 22
let & ref 434s Series 0_2003 A 8 9612 Sale 963
106
8
104 107
104 Dec'25
19301 J 1047
N 0 & M let gold 68
4
673 73
1034 105 10312 Oct'25
1034 105
2d gold ths
193
4
/
611 88
53
914
88
4
Paducah & Mem Div 416_1946 F A 923 ____ 9112 Dec'25
674
58
664
61
68
4
653 Dec'25
St Louis Div 2d gold 38_1980 10 8 64
5
9512 99
4
1
/
96 100
97
L&N&M&Mletg414e.1945 M S 9812
Oct'25
39
8212 693
4
_ 8518
814 864
L & N South Joint M 48.._1952 J J 8412
8512 11
36
6912
60
984 9934
4
993 Dec'25
LOWRY Cin & Lea gold 410-1932 M N 9918 100
219
69% 84
99 103
2
.
23 10112 1 1161 Mahon Coal RR 1st Is. .. _1931 J J 1013 103 102 July'25

May. h Due July. n Due Sept. o Duo Oct. p Due Dec.
a Due Jan. b Due Feb. e Due June. e Dee




iE
NA.

a Option sale.

New York Bond Record-Continued--Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 8.

Pries
.4.11
6

Jan. 8.

Week's
Range or
Last Sale

Range
YEW'

1925.

MA
Ask Low
High No.
Manila 13.11(South Lines) 49 1989 M N 5914 64
63 Dec'25
let de
1959 ra N 63
64 Nov'25
65
Manitoba Colonization
J 13 9 % --- 99% Dec'25 _
9
mar, GB&NW
81 Nov'25 _
1/1
RE
Michigan Central 683341
11:10%
--1008 Dec'25
8
Registered
10014 Dec'25
M 8 9918
1940J.
9318
J 9 4 Sale 934
3
L & lat gold 81
/
4
s
1951 MS 7
9 Sale 79 . 79
lit gold 3)48
1952 MN 81
854 8114 Dec'25
20
-year debenture 48
1929 A 0 9712 9 4 98 Dec'25
71
Mbl of N J let est da
1940 A 0 90
911z 9211 Nov'25
Mnw L S & West imp g Se_ _1929 F A 1004 101 10018
10018
MU & Nor let ext 4518(blue)1934 J D 9312 -- 9412 Dec'25
Cons ext 414e (brown)_1934 .1 13 9311 9412 931
93
8
/
1
4
1
Mil Spar & NW let gu 4s... _1947 at 13 8818 8912 884 Dec'25
Milw & State L lit gu 3541_1941 J J 821s
81% Dec'25
Minn & St Louie let 78
1927 J D 993 10012 103 Nov'25
4
lit 0012801 gold 51
'1934 M N 6312 Sale 64
64
Temp etre of deposit
_
M N 60
2
60
6112 80
let & refunding gold 41_ _ _1949 M 5 214 Sale 21%
22
6
Ref & ext 50-yr 60 Ser A-1962
F 15
1714 15 Dec'25
let guar a 7s
1927 J D 100 102 102 Sept'25
MBIP&SSMoong4iiotgu'asJ J 88 Sale 87%
45
87%
let eons 55
98
1938 3 J 97
42
10
-year coil trust 8Hs
1931 M $ 104 Sale 10314
104
13
let & ref Si Series A
1946j j 9988 1018 103% 1031
8
1
28
-year 534e
1949 al 8 9014 Sale 898
9014 17
4
let Chicago Term if 45_1941 MM 9211
9212 Dec'24
MBSM&A latgesintgu 1926
J
997 Dec'25 _--s
Mleebterippi Central let 5e_ _ _1949 J J "ei"94
9318 Dec'25 -Mo Kan & Tex-let gold 45_1990
4
D 843 Sale 84%
84% 50
tylo-H-T RR-Pr 1 Si See 4.1982 J
98 Bale 98%
984 78
40
-year 48 Series B
1982 .1 J 804 Sale 8012
801
8 68
10
-year 68 Series C
1932.3J 10314 Sale 10314
10314 22
Cum adjunt Si See A Jan 1967 A 0, 9412 Sale
95 2266
928
4
Mbsouri Pacific (reorg Co)
let & refunding Si Ser A...1985 F A/ 90
894
8978 34
let & refunding Si See D 1949 F A 1023 Sale 1013
8 Bale
4 10212 107
let & retina Sc ser E int_1955 141 N 10214 Sale 1013
4 10212 137
General da
1976 /A 8 66 Bale 653
6614 353
4
Mo Pao 3t1 7e ext at 4%
1988 MN 873 88
87i8 Dec'25
8
Mob & Bir prior lien g
_1945 J
9812 9912 99 Sept'25
Mortgage gold 4s
82 82 Nov'25
1945 3 J 80
Mobile & Ohio new gold 6._..1927 3 D 10314 Sale 10212 Dec'25
lit extended gold 6s____11927 Q .1 10112 10212 10188 Dec'25
General gold 4.
1938 M 5 898 91
4
90 Dec'25
Montgomery Dl, let g 6e-1947 F A 994 100
98% Nov'25
St Louis Div 5s
1927 3 0 992 1001 10012 Dec'25
Mob & Mar let an a 4.
8512 Nov'25
1991 si s 8512 9
5
Mont C let gu g fla
19373 J 109 112 losn: Oct'25
let guar gold Se
19373 J 10114 103 102 Nov'25
MAR lit gu 349
200o J 0 791 Sale 79
8
/
1
4
793
2
1
Nulty Chan & St L let 68_ _1928 A 0 1003 1017 1003
4
4 101
12
NFla&Slistgug5a
/
4
1937 F A 10112 ---- 1011 Dec'25
Nat By of Max pr lien 4%s1957 3 .1 -------- 30 Sept'2
July 1914 coupon on
Apr'25
19
Assent e f red June coup on
Ei;i1; 18
19
62
Guar 70
-year. f 48
8712 July'24 _
1977 :CCI
(lee e 1 40 assenting red
21 Bale 2012
213
4
6
Nat RR Max prior lien 446_1928
3812 July'24 ____
July 1914 coupon on
J
• J
24 Sept'25
Aisent with July '24 ooup on
-3414 3412 334 3311 2
let cameo .45
-1951 1 13
28 Apr'25
Anent with Apr 1924 coupon
15% 16% 1584 Dec'25
New England cons 158
9414 96
1945
94 Dec'25
Oonsol 48
80% 83
1945
81
81
N J June RR guar 1st 4e__ _1986 P A 831s 86
8414 Dec'25
NO&NElstref &Imp 4548 A '52 ii 92%
923
4
93
19
New Orleans Term let 4e.._1953 ii 84 Bale 84
84
2
N 0Texas & Mel let de Oct 1925 JO 9612 967 100 Sept'25
2
Non-cum Income 60 Oct _ _1935 AO 9612 Sale 9/314
95% 39
let 5e Series B
1954 AO 9614 Sale 98
Ws 24
1st 5128 Series A
1954 AO 1027 Sale
8
102%
N & C Bdge gen gu 4%a__1945 3, 93% 9612 1624 Dec'25 69
948
4
...„
NYB&MB let con g 68.
..1935 £ 0 100
_--- 99% Oct'25
N Y Cent RR cony deb 65_1936 MN 108% Sale 107
108
8
Registered
MN 105 116 107 Sept'25
Como! 441 Beriee A
1998 P A 8612 Sale 95 4
881
3
86
Ref & Impt 410"A"
AO 9278 Sale 9214
2013
931
65
Ref & Impt Si Serlee 02013 £ 0 1G214 Sale 101%
102% 193
Regletered
£0
4
1002 Aug'25
Y Central & Hudson River
Mortgage 3)48
.• 11
7734 Sale 76%
1997
781
57
Registered
1997 .1 .1 7612 83
77%
771
5
Debenture gold 4e
N 94% Sale .944
1934
95
96
Registered
MN 92%
934 Nov'25
10
-year debenture de
1942.33 913 9212 9212 Dec'25
4
Registered
_
Lake Shore coil gold 814e-1998 PA 764 Sale 93 Feb'2
784
77
16
Registered
P A 7414 78
1998
75 Dec'25
MVO]Cent coil gold 81 _1998 P A 79
/
4e_
81
7913
7918
2
Registered
1998 P A
7712 80
79
N Y Chic & St L let g 48_ _I937 A0 9314 9312 9314 Dec'25
93%
o
Registered
1937 AO
924 Dec'25
215-year debenture 4.
1931 MN 9514 9512 9518
95% 15
28 68 Series A B
1931 MN 103 Bale 1023
4 103
62
Ref 5)48 Series A
1974 A
99 Sale 9812
99
157
N Y Connect let gu 4540 A_1953 P A 92
927 9284
931
2
55
NIT & Erie let ext g 40_ 1947,111 N 888
4 _ -- 8912 Oct'25
1111 ext gold 4148
1933,7
9514 ____ 94 Nov'25
A
4th eat gold Si
0
1930 A
100 Dec'25 _ _ _
6th ext gold 45
1928• D 9714 -- - 9712 Sept'25 _ _ _
N Y & Green L gu g 514
1946 MN 93
94
Oct'25
NY & Harlem g 354,i
2000 MN
79 Nov'25
NY Lack & W ist & ref 65_1973 MN
80 July'24
_
let & ref 450
MN 9988 116" 9914 Dec'25
1973
_
NYLE&W let 78 ext
1930 MS 106 107 107 Dec'25
Dock & Rapt be
1943 J J
1008 Dec'25 _ _ _
4
N Y & Jersey let ets
1982 P A i00i2 16614 1003
8
10012
3
NY & Long Branch gong 411941 MS 903 92
4
9112 June'25
NYNH& Hart n-e deb 16_1947 M
6912 ---- 7012
7012
2
Registered
MS 61
___
60 June'25
_
Non-cony deben 334s____1947 MS 62
65
6312 Dec'25 _ _ _
Non-cony deben 354s___1954 AO 62 Bale 618
4
62
9
Non-cony deben 4s
1965 ii 678 89% 888
4
4
89
7
Non-cony deben 4s
1968 MN 888 Sale 883 Dec'25
4
4
Cr ny debenture 810-1966 J J 82 Sale 618
4
63
12
Cony debenture 138
1948 J J 98 Sale 973
4
9814 153
Reentered
33
92 Nov'25
Collaterl trust fis
1940 AO 9712 973 9612
4
97
25
Debenture 48
1967 MN 62 Sale 62
62% 17
Cons Ry non-cony 48-19543, 62 Sale 65%
6512
5
Non-cony cabin 4s
'
3
1955
6512
887
8
2
Non-cony deben 45.......1956
6512
6512
2
& Northern let g 541
NY
1927 AO 10014
1004 Aug'25
N Y 0& W ref let g 45_Ju13e 1992 MS 88
69
877
2
69
11
General 48
1936 in 6312 65
647 Dec'25
8
_
Registered
in
65
Apr'25
_
N Y Prov & Boeton 4a
1942 AO 8512 -- 8812 Feb'25
N Y & Putnam let cos 49 45-'93 AO 848 854 838 Nov'25
4
4
NY&RB lat gold 68
S
1927
100
100
2
N Y suaq & W lot ref 5s----1937
' 781s Sale 77 Dec'25 13
3
25 gold 4%a
1937 P A 130
63 Dec'25
General gold 58
1940 FA 854 Sale 63
13514 14
Terminal let gold 6s
1943 MN 988 08
4
93 Sept'25
N Y W*chee & B 1st Ber I44
/
1
11246 ii 70% Sale 6988
7012 176
Nord Ry extl s f 61
/
4s
1950 AO 81 Sale 7812
81
21
Norfolk Sou let & ref A 68-1961 P A 7714 7812 781a
784 10
Norfolk & Sou let gold 58.,194l IN N 9712 98
9612 Nov'25
-

a Due Jan. h Due July, 9 Due Nov. 5 Option gale.




BONDS
N. Y.STOOK EXCHANGE
Week Ended Jan, 8.

5
a,

199
Pries
Friday
Jan. 8.

Weal's
Range or
Last Sale

el
iR

Range
Year
1925.

Lote
High
DU
Ask low
W4 1I No. Lee. High
5912 6419 Nonf & West gen gold 135.---1931 ▪ N 1064 ____ 10612 Dec'25 ____ 106 10818
5319 5719
Improvement & ext 66_1934 FA 1074 ____ 1084 Apr'25 ___ _ 108 1084
/
1
4
New River let gold
971 10612
4
4
AO 1063 ____ 10614 Sept.25
80
/ 84
1
4
NA W By let cons g 4s
914 41 106 1 8
1996 AG 91 Sale 90%
922
83 2
4
99 4 102
1
Registered
5
)
BO
86
91
1998 £ 0 95!: sae El: Oct'25 ____
1004 10011
Divl 1st lien &gen g 45-1944 J
15
UN 02
90 4 921
4
10
3
-year cony 68
/
1
4
155
48 12612 151
MS 15312 Sala 148
Poriah C
911
43_1941
4
9112
1 29
9
9112
9
904 934
793 88 Nor Cent gen& C JointA__ _ _1974 J S 10312 Bale 10212 Nov'25 ____ 100% 101
dr ref 6e
____
9612 98
North Ohio let guar g 52.__1945 AG 87
94
56
88
5
88
/ 89
1
4
954 Nor Pacific prior lien 4s
88
1997 Q J 8618 Sale 8618
83
864 42
37
9912 100
/
1
4
Re:petered_
1997 Q J 8512 -- -- 85% Dec'25
62888688
8612 9412
General lien gold 35
824 --U. 6 5
52047 Q F 6212 Sale 615.
8
4
3
83 9312
Registered
02047 Q F
86
/
1
4
89
Ref & impt 434e ear A-2047 3' 8714 Sal_ 4_2 86805734
87
6711 871
6_7
. 83 69 1
72 .3
1
801 814
/
1
4
Registered
8688
Fe
J
98 103
/
1
4
Ref dr Inapt ris ser B
10 18i
8 s
1087 "315 :1034
3, 1085. Ei,00 10814
61
/ 6414
1
4
Registered
1067 May'25
4
8
105 1007
6614 60
Ref & impt 5e ear C
22004477 3, 984 Bale 9812
9938 25
944 99
%
Ref & lmpt be ear D
99
2047 J J 9814 99
942 991
1
994 53
13 211
4
4Bt Paul & Duluth l 58 _1931 Q
lit_
994 Mar
'24
4004 102
194 26
let consol gold 48
845 Dec'25
8
1988 J D
al; 483
1
8412 90
Nor Pao Term Co let g 6e-1938 .1
10914 no
10938 ____ 111) Dec'25
1933
94 1007 No of Cal guar g Se
/
1
4
s
2 los lows
£ 0 10112 Sale 10112 101.1
10214 1043 North Wisconsin let 68„ 1930 J J 1024 • _ 1033 Apr'25
4
4
103,41041*
984 103
Og & L Cham let gu 48 g_ _1948 J J 727 7314
8 734 7314
7114 761
1
3
8314 9118 Ohlo River RR let g 68
1938 3D 101% 10212 102
102
4
9814 101s
General gold Si
8
4
1937 AO 901 1013 100 Dec'25
98 100
/
1
4
oil i6O1. Ore dt Cal lit guar g Ela
.
/ 101
1
4
1927 3' 101 10118 100
63 1004 1011
91
94
Ore RR & Nay con it 4s
8578 90 4
1
904
1946 J D 9012 91% 92%
1
8014 8512 Ore Short Lliae-lit cons g 58 13, 1047 10.312 1048
,
4 10472 12 1004 107
1_992
8
9
86
9714
Guar cone 5e
108 Sale 108
106
J
1 1024 10
7
7114 80 4
3
Guar refund 45.
3D 97 Sale 96%
9714 86
964 971
10113 10414 Oregon-Waah let & ref 43_1961 JI
837 Sale , 83%
2
844 93
81 88
76 4 93
3
Pacific Coast Co let g 58
82
97
93
1946 J D 92% Sale 1 9214
12
Pac RR of Mo let ext g 42_198 FA 9214 ____ 92 Dec'25
90
9841
83 901
4
2d extended gold 5.
94: 10134
4
1004
193
1091s
J 1004
2
99 10314 Paducah & Ills let If 4 me19553, 964 97
951 N3y'25
8
9412 96
99 102
12
Paris-Lyons-Med RR 6a
1968 P A 7712 Sale 76
/
1
4
7712 109
704 8113
82 67
11
8 I external 75
4
1958 MS 843 Bale 821
4
4014 8
844 82
9
844 89
/ Parte-Orleans RR s f 78
1
4
80
8
go
195 MS 847 Sale 84
99 10218 Pauliata By 7s
g7 10112
194' MS 101 10118 1004 10134 16
8.
3
76
91
Pennsylvania RR-oons g 4s 1948
9412 Sale 9412
917 9581
944
a
1
1011a 10414
Consol gold 48
194 MN 9112 Sale 9112
9114
864 90
3
1017 104
4
4e stamaed
9112 92
May 1 1948 MN
913
4
9114
904 93
1
81
904
Consol 434i
/
1
4
1960 FA 99 Sale 98%
995. 23
97 100
12
964 101
General 454e
1965 J D 95 Sale 9414
95
We 96
74
96 10012
General 51
9914 103fd
1968 3D 10312 Sale 1024 103% 63
844 8612
10-year secured 711
1930 AC 108.8 Sale 108
1081
, 84 10714 110
109 113
15
-year secured 61
/
4
e
1938 P A 11112 Sale 1111
8 112
. 1
65 1 19 4 110
101 10312
Registered
1 94 1094
0
P A 1094 _
10912 June'25
764 82
4
40
-year gold 5s
1984 MN 9918 Sale 984
97
994 458
98
1
1004 102
Pa Co--Ou 3Sis coil tr A reg 1937 MS 881
_ _ 8012 Oct'25
847 87
2
99 s 102
1
Guar 354. con true Ser 13_1941 PA 828 8312 8112 Dec'25
8va4 8412
Guar 354s trust etre
82
_
ID
834
82 Dec'25
'ill" "ii" Guar 34e trust etre (3_ _ _ _1942 J
13_
1944
813 ____ 82 Dec'25
4
811 We
/
4
13 4 213
1
4
Guar 15 -year gold 4:1_1931 AO 96', Sale 9614
-25
944 964
981
4 48
Guar 43 Ber
N 80's Si
as
5
"ii" ii" Peer% & East E eon e4e 1952 AO 908* 10)12 8614 82Is 24 8414 884
let
4
1940
774 821
794
Income 4e
1990 Ayr,
313 371
a- 241- Pee& Pekin Un let634a ._..1974 AO 39 811 2 1004 Dec'25_2_ 99 2 102 4
2
3
8
99% 10
20
24 843 Pere Marquette 1st Ser A 5a _1968 .1 1 1011 Sale 10118
8
974 1011
4
0
1011
4 49
1st 4a Ser B
go
4
1958 3, 853 Sale 851
85
/
1
4
8
854 28
-iii -26- Phlia Balt 24 W lat g 48
4
1943 MN 9212 934 924 Dec'25
921 ef
1
/
1
4
94 1013
s
Gen 5a Series B
P A 10612 Sale 1081a
1061/
2 104 108
79 4 811 Philippine By let 30-yr.f 4.1 9
3
4
4212 42
'
19
3 42
37
74
60
44 4
1
42
2
8312 86
Pine Creek regetd de
1284 1064
1932 3D ____ 101 10512 Mar'25
86
9212 P C C St L gu 454s A
&
96
1940 A0 97 Bale 97
99 1
7
97
13
8014 847
s
Berles B 434. guar
1942 A0
964
66
994
964
1
/
1
2
100 10114
Series C 4346 guar
1942 MN 954 __ 9212 Dec'25
924 9614
924 9814
Series D 4s guar
1946 MN 9214 ____ 92.8 Dec'25
89 4 0
6
0
904 9714
Series E 3:8e guar gold_ 1949 P A 9112 95
9094
911s Nov'25
_
98 1028
4
Serie, F 4. guar gold
1953 J 0 9214 _....93
93
913 9311
4
9314 948
4
Series 0 49 guar
1957 MN
93 Aug'25
904 11412
994 100
Series II 48
1980 P A 9212
933 Sept'25
4
91
9
4
106 1174
Serial I cons guar 4143_1963 P A 95% 9614 9514
9412 9
9514
611
106 1164
Series J 41a
/
4
N 96 Sale 98
1984
94
96
2
96
8212 8714
General M Si Series A
1970 J D 10018 Sale 100
100% 21, 964 11.11
881 937
0
s
Gen mtge be Series B
1975 AO 10018 Sale 9912 10012 418
9714 9974
99 10214 Pitts & L Erie 2d g 62
101 101
99% 101
al928 AO
Dec'25
9918 10112 Pitts McK AT let gu 8s__1932
1053 4
106 Aug'25
Loa 106
Pitta Sh & L E let g 68
sou 10214
1940 A0 10018
10014 Oct'25
76
791
4
let txmaol gold Si
98% ____ 10014 Oct'25
100% 101
1943
74
781 Pitts Va & Char let 45
4
1943 MN 88% _- _- 9114 May'25
911 911
/
4
9212 96
Pitts Y & Ash lit cons 64..-1927 MN 10014 101 10114 Dec'25 _- 100 4 101
92 95i
901 96ld
1 2
Let gen 4aarmlet A
t
918e Dec'25
1948 3D 90% 93
91 *,97
3
gen 5. series B
a
1962 P A 1027 Sale 10212 10274 21 100 10212
93 98
Providence Becur deb 45____1967
N 814 -- 603* Dr
-c'25
mos 603
s
7414 784 Providence Term 1st 40
7
1956 MS 83 2 _ -- 8318 Dec'25
818 834
1
74 79
Reading Co gen gold 4.
' 9518 98
3
924 961s
1997
9518
951s
1
76 80
Registered
J J
9412 9512
94% May'25
7514 79
Jereey Central coil g 41___1951 A0 90 Sale 90
88
sa
90
1
Gen & ref 4jia Ber A
9412
9414
924 Lai
9 4 43
48
91 924 Richm & Dans deb 58 nod_ _1997 33 1003 Sale 100
a9 95
,
19 7 AO
8
2
100
994 101
3
921 984 Rich & Meek let g 44
2
N 7314 79
1048
7912
75
74
1024 10418 Riebra Term By let gu 549._1952 J J 10012 1023 10012 Dec'25
8
Dec'25
99% 102
9388 991 Rio Grande June lit gu 68_1939
2
I) 9.54 961 96
924 9
96
1
6111
90
934 Rio Grande Sou let gold 41_1940• J
512 Dec'25
5
54 71
7
89
894
Guaranteed
J
54
1940
6 May'25
6
937 9512 Rio Grande West lit gold
1
82% 89%
48_1939 J J 87 Sale 867
a
22
87
99 10112
Mtge & coil trust 4s A
71
1949 A0 75 Sale 744
7104
747
s 88
974 974 RI Ark & Louie let
4348_1934 MS 8912 Sale 89
as oo
894 53
90
94
Rut
-Canada let an if Is
'
3 75% 757
1949
8 751
731 77
4
75% 23
767 80
2
Rutland 1st con g 414s
1941 J J 86
851 39
4
873 87
87
2
4
St Joe & Grand Is' let g 45_ _1947
' 7914 Sale 7814
3
764 83
784
1
Ws Kis St
-; Lawr & Adlr let g 5a
1998 J
95 Sept'25
1
/ 96 4
1
4
91
91
E4 10512 1074
2d gold ea
1996 A0 101 103% 101
1
101 1021
Oct'25
99881005. Elt L & Cairo guar g 4::
1931 3J 9512 96% 953
ga 9611
8
96
3
991 101
8
St L Ir M & 8 gen con g 58_ _1931 AO 10014 Sale 10014
4
991 101
1004
3
914 914
Unified & ref gold 48
1929 3' 963 Sale 954
8
911 964
4
9612 179
8012 7112
Registered
J J
93 fie92'22 _ _ _ 91
/ 93
1
4
60
60
Riv AG Div let g Is
1933 ▪ N 90 Sale 89
834 90
9012 378
55is 8312 St L M Bridge Ter gu g 5s
1930 AO 993 10114 994 Dec'25
994 100 1
1
4
1
544 62
St LA San Fran (reorg co)fa 19503' 78 Sale 77%
78
71
7814 313
60
6912
Prior lien Ser B Si
864 94
19603' 93% Sale 93
162
94
66
70
Prior lien Ber C 6s
J 1023 Sale 1024 103
4
71 1015.10388
63 818
Prior lien 534. Ber D
991 245
gas. ton
99% Sale 9914
928
1942
8814 9814
Cum adjust Eler A Ile..._ 1960 AO 9412 Sale 923
84 4 9434
1
4
944 456
:1965
83 94
12
Income Series A es
Oct. 8712 Sale 87
764 974
884 854
9014 100
StLoula A" .. Fran By gen fle '31
/
1
4
1
8
1047 1053 1047
3 103 105 2
8 1044
8
531 6212
4
General gold 59
8
/
1
1931 JJ 1003 10114 1004 10114 11 100 101
66
66
Bt L Peo & N W let in 5s
10014 1044
10214 10212 102 Dec'25
1948
68 66
St Louts Sou let gu g 48
921s 9414
9414 Dec'25
1931 MS 9312 571 64
1
St L S W let g 4e bond Otte_ _1989
78
8438
844 Sale 8418
8412
8
100 1001
4
2d 5 Is income bond ctfa_p1989 ii 7412 77% 75
734 78
75
3
65
7012
COneol gold 48
129
854 92
92
2
1932 3D 92 Sale 913
8218 894
let terminal & unIfyIng 58..1 952
814 9084
9018 38
90 Sale 8912
1 32
66
65
St Paul &K CER1L lat 410_1941 P A 86 Sale 88
80
87%
88% 42
884 8434 St Paul E Or Trunk 4488..._1947
'3 901s Sale 904
9019
90 9112
1
8214 87
/ St Paul 811noec Man con 48_1933 J D 95% 98
1
4
.er t
t
95% Dec'25
871 96
1
12
991 1001
8
8
3D
9214 July'25
921 944
4
867 77*it consol g 45
4
10614 10912
2
1933 3D 1075. 16/12 1083 Dec'25 _ _
5918 68
Registered
3,
Oct'25
108
_ 105 106
/
1
4
594 68
is reduced to gold 4346_19333' 99
954 10014
4
goi 993 Dec'25
93 97
Registered
9712 Apr'25
1933 J J
971 98
8
597 7014
1
Mont ext let gold dl
93 8
1
1937 J D 9312 95
95¼
8712 954
3
78
8588
Registered
3D
904 Sept'25
90
924
701 84
0
Pacific ext guar de_ ...19403,
887 Dec'25
88
8
89 0
3
94 4 98
3
St Paul Union Depot 5s____1972
10214 Sale 1017
8
10214
8 100 102Ia
--

New York Bond Record-Continued-Page 4

200
BONDS
24, Y.STOCK EXCHANGE
Week Ended Jan. 8.

13,
"

If

Pries
Friday
Jan. 8.

Week's
Range or
Last Bats

qtrige
Year
1925.

o

BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 8.

a.

Price
Friday
Jan, 8.

Week's
Rams or
Last Said

11

High No Low
AM Low High No.
H101
DM
Ask Low
130
114
91
8514 ermour & Co let real est 4301939 j D 903 Sale 9012
84 12 54
4
81
s
O a 4 A Pam let gu g 4s_.__1943 .1 .I 8412 Sale 84
162
9858 102
95
Armour & Coot Del 53441943 j j 945 Sale 944
8
8 int& Fe Free & Phen 55_1942 M S 9915 10012 10012 Doe'25
45
Associated 0118% gold notes 1935
1023 Bale 10212 103
4
Dee'25- 1074 111
9v Fla & West 1st g64__1934 A 0 10953 ---- 111
9912 ____ 983 May'25 ---Atlanta Gas L 181 58
4
8
1014 102
1934 A 0 1( 3 88% 1013 130'25
8 4
/8
let g 513
2
i
20
26
8818
8734 90 4 Atlantic Frult 74 ctfe dep
3
8818
1538 23
1934 j D
Moto V & NE let gu g 4e...198(1 MN
3
7912
3
2018
74
814
Stamped Mrs of deposit
1412 397 2014
8
1950 A 0 7912 Sale 79
Seaboard Air Line 846
39
8212 Atlantic Refg deb 58
80
10014 Sale 993
74
1950 A 0 80 Sale 79
10014 31
1937
4
Gold 44 stamped
73
88
Baldw Loco Works let 542.....1940 MN 10518 107 10534
8
4
877
8 86
Adjustment 55
1053
4
Oct 1949 F A 865 Sale 863
1
1054
2
4
4
7214 71
5912 734 Baragua(Coup As) 730___.1937 Je 10514 Sale 105
Refunding 41
1959 A 0 713 Sale 711
8414 985 Barnadall Corp 111 cony 8% A1931 J 5 10512 Bale 10514 107
9512 239
17
8
let & cone 84 Series A
1945 M S 9514 Sale 9412
62
1003 Sale 1005
4
8 101
83 44 897 Bell Telephone of Pa 54
7
s
1948
AU& Birm 30-yr let g 4a_d1933 M 8 89 Sale 8812
89
83
9984 1011s
let & ret 54 Ser C
1003
8
8
8
4
8 1003 232
1960A 0 1005 Sale 1005
Seaboard dr Roan let 58
1926 J J 10014 Sale 100
10218 10418 Beth Steel let ext 15.
4
8
1. 1 9814 9838 997 Dec'25 ____
1936 F A 1023 10415 10418 July'25
II k N Ala cons gu g be
let & ret 54 guar A
8
102 9618 Sale 954
7 109
9612 94
4 10612 94
Gen cons guar 50-yr 5..._1963 A 01 106 10714 1053
30-yr pm dr Imp if 54
5
8
8714 17
84
884
95 1 73
1936 J J 95 Sale 93
So Pao Col 44(Cent Pao col)k1949 J DI 865 Sale 863
9814 447
81
85
Cone 30
-year 64 Series A 1948 F A 9614 Sale 9518
Registered_
.1 D -- - 85 Sept'25
964 98
Cons 30
-year 5450Mo:3B 1953 F A 884 Sale 8712
8
9714 213
883
81 72
-year cony 44
El 97 Sale 967
90
June 1929 M
10012
9912 1034 Bing & Bing deb 0344
997 10014 100
8
6
94
947 944
8
1950
95
Cl-year cony Si
19345
7
Booth Fisherlee deb f 84_1926 A 0 89
2
1944 al NI 1005 Balt, 1004 Dec'25
8
90
90 90
9812 101
30
-year g 5s
8
8718 36
9474 19
84 881 Botany Cone Mills 8303„ 1934 A 0 947 Sale 9412
San Fran Term.' let 44-1960 A 01 874 8814 87
s
83 8514 Brier Hill Steel let 4530
84 July'25
102 1 28
Registered
1942 A 0 10112 102 101
A0
B'way & 7th Ay let e g 5a
7818 11
1021s 104
1943 J D 74 Sale 7312
So Pae of Cal-Gu g 54
1927 M N 1.55- -_-_-_-_ 104 Aug'25
941 944
8
Ctfe of Sep stmed June '25 Mt
7438 763 Dec'25 ---4
1937 .1 il 9418 ____ 9412 Jan'25 ___
So Pac Coast let gu g 40
933 934 9314
8
4
8714 92
934 15
Brooklyn City RR 542
me 5 j 903 Sale 90
8
9012 198
1941
So Pee RR let ref 43
10412 Bklyn Edison Me gen 54 A hog
10412 67
10378 Sale 103
10312 136
BA/thorn-1st cons g 5s
1994 J J 10414 Sale 104
99 10212
General (14 Series B
u41 10514 1043 1043 13
4
4
Registered
_
J D --------10211 Dec'25 ___ _
9212 100 7355 82 Bklyn-Man R Tr See 6s
93 1 308
93 Sale 9212
1988 J
Develop & gen 44 Set A1958 A 0 8114 sale 8112
1
787 7712
s
Develop & gen 0
774
1956 A 0 10814 Bale 10778 10812 83 103 10813 Bklyn Qu Co & Sub con gtd 54'41 MN 75
lit 5s
11278 49 10034 113
4
62 8
7
1941 5 j 823 Sale 821
4
4
Develop & 880 6344
1956 A (3 11214 Sale 112
994 10212 Brooklyn R Tr lit cony g 48-2002 J J
4
92 June'25 ---Mem Div let g 4344-58_1996 J J 1013 _--_ 10112 Dec'25
854 884
3-yr 7% secured notes
8
13812 Nov'25 ---8
1921 j
St Louis Div let 848
1951 5 J 881 ____ 883 Dec'25
Ctfe of deposit stamped.........
39
am 883
89
12314May'25 -4
-960
Mob & Ohlo eon tr g 4a
1938 M S --------8711
1004 103
Bklyn Un El let g 4-58
8812 gt;i2 8812
881s ia
So Car & Ga lit en 5345_1929 M N 10114 ___ 10135 Dec'25
80 874
Stamped guar 4-54
8214 88 Nov'25
8
19544 F A 8812 90
Spokane Internet let g 54_1955 J J 8114 8812
8813
g
9514 9814 Bklyn Un Gas 1st cons g 5a 1 9 6 M /e 10214 _ __ 10212 10231
8
987
8
4
3
9 rs x
4
3
Term Assn of St L lit g 4343_1939 A 0 967 9718 967
10112
5
99 10112
10-yr cony deb 7a
18512 Nov'25 - 1
lit cons gold 54
1944 F A 10112 Sale 1014
8024 80
let lien & ref (is Series A 19 7 5 D i0918 . _ 1103 Dec'25 ----.1
4
8512
4
Gen refund 4 f g 4s
4
92M N
4
3
19535 J 8514 8512 843
9614 99 Butt & Busq Iron et 54
92 9212 92 Dec'25 ---re: & N 0 eon gold 54
1943 5 J 9712 9914 98 Dec'25
997 103
5
Bush Terminal let 44
6
Team & Pao lit gold 532000 J D 1034 Sale 10313 10318
90 I 8812
884
5
1952 A 0 89
98 10014
03 , 19
Consol Se
100
100
1
8
915
La DIY B L let g 0
19315 J 100
1955 5 J 9214 93
4
Building ra gUar tax ex_ _mu A 0 9713 985 963
97 10014
Tex Pao-Mo Pao Ter 5944_1984 M S 9918 993 9914 Dec'25
8
4 100 1 26
TM & Ohio Cent let gu 0_1935 5 J 10012 10112 10012 Dec'25 ---6
9954 10112 Cal() E Corp unit& ref 54_1937 MN 1003 Sale 100 4 1001
4
3
4
997 Nov'25
8
1935 A 0 1004 101
4 10414 20
9913 10014 Cal Petroleum 5 f g 630
Western Div let g0
1933 A 0 10414 Sale 1033
9035 993 Camaguey Hug let e f g 74__ A942 A 0 9112 Sale 9012
975
5
975
8
1
4
9112 33
General gold 54
1935 5 D 974 98
35
35
33 Nov'25
10118
2
28
Canada SS Lines let colt f 7s '42 MN 10114 10112 10118
eoledo Peoria & West 0...A917 J J 30
9912 997 Cent Dist Tel let 30-yr 54
e
1
8
997 May'25
8
1013
4
4
4
Tel St L & W pr lien g 330 1925 J .1 875 90
1013 Sale 1013
1943 J
4
8
873
4
5
8218 873 Cent Foundry lste f 64
4
1950 A 0 873 Sale 875
4
-year gold 44
50
1931 F A 9713 993 993 Dec'25 ---4
964 974 Cent Leather 1st Ilen f 134 1941 .1 J 10014 Sale 1004
98
98
1
4 58
1003
Tol W V &0gu OM A
1931 5 J 98
985 974 Central Steel let get 8e__1941 MN 115 1153 118 Dec'25 ---_
8
8
Series B 4302
19335 J 9838 -- -- 9688 Dec'25
COG L & Coke lit gut 5a-1937 J J 1015 1017 1018 Dec'25 --__
4
89 5 90
5
Series C 443
1942 M S 9014 ____ 90 Nov'25
8
8
84
8712 Chicago Rye let 54
7958 94
8
ter Ham & Buff let g 44._,1946 J D 864 8712 8612 Dec'25
1927 F A 794 Sale 787
6714 9315 Chile Copper (is Sir A
76
2
5 10878 118
8
Water & Del let cone g be__.19285 D 7614 7812 76
1932 A 0 1075 Sale 1075
21
Cinein Gas & Elee let & ref 50'56 A 0 1023 ____ 103
103
47
4414
4414
3
40 82
4
let refunding g0
1952 A 0 43
004 9412
8
17
5344 Sir B due Jan 1
927
4 90
1947 .1 J 924 Sale 9218
8
Onion Pacific let g 44
1967 A 0 1037 Sale 10212 104
8918 93
Clearfield Bit Coal let 44_1940 J J 767 ____I 82 Nov'25 ---Dec'25 __
Registered
J J
8
6
994 994 Colo F & I CO gen f 54
91
994 133
_ ___ 91
19275 1 9958 Sale 9914
-year cony 44
40
1943 F A 91
9342 90
8
85
Col Indus 1st & coil 54 gu
8612 39
____ 8412
:st & refunding 4e
42008 M S 8814 Sale 88
l934 F A 85
10014 28
10012
2 10378 10712 Columbia G & E let 56
lit lien & ref ISe
42008 M 8 10812 107 10613
1927 J J 10012 Sale 10014
10034 29
0 1 1001
2
10314 27 19 :
-year perm secured 64_1928 .5 J 103 Sale 10214
1927 J J 10034 Sale .10014
10
93
Colteran
Oct'25 ---____ 9212 Dec'25
_ _I 10
__
let
.,' N 5 RR & Can gen 44
1944 M S 92
g 54
1993 M S
994 1014 Columbus Gee let gold 54
100
99 - 14 994 Dec'25 ---14
1926 5 J 100 101 100
1
'tab & Nor gold 5e
1932 J
9355 9338 Commercial Cable let g 46_2397 Q J 751 78 ; 75
3
2933 5 J 94
____ 935 Sept'25 ____
8
7614
4
let extended 45
gess 8814 Commercial Credit f 6s
99
8814 Nov'25
10018
eandella cone 32 48 Set A
1955 F A 88
1934 M N 100 10018 100
3
8658 87
54 Commonwealth Power 04_1947 M N 1023 Sale 1023
10
8
8
4
4
103
Consol 4s Series B
1957 M N 873 ____ 873 Dec'25 ,___
19
20
20
Sept'25
108 Sale 10572 108
Computing-Tab-Reo if 64-1941 J
v ersCrus & P let gu 430_1934 J J
92
5
Conn Ry & L lst & ref g 43441951 J .1
Assenting let 430
23
26
2.53
4
914 ___ 9112
23
54 213
1934
26
11
993810014
92
2
4
_ 100 Dec'25 _
92 Sale 192
Stamped guar 444
Verdi V I & W lit g 54
1951 J J
1928 M 8 991
8318 67
4
v kginia Mid Series E 5a
991 10 12 Cons Coal of Md let &ref 58_1950 J D 8318 Sale 814
4 0
1928 M S 993 10018 100 Dec'25
994 101
Consol Gas(NY)deb 530..1945 F A 10412 Sale 10414
10412 201
1931 5 J 100 ____ 100 Dec'25
56 Series F
10414 Sale 104
10414 15
____ 101
101
General 58
1 100 10212 Coated Pr & Ltg let 830_1943 M
1936 MN 101
934 102
Cent Pap & Bag Mills 0348_1944 F A
___ 7918 79 Dec'25
4
;a & Southw'n lit gu 54_2003 J 5 9812 ____ 987 Dec'25
844 93 4 Consumers Gas of Chic gu 541936 .1
3
45
8
100 3 1001 1003
4
8 10038
let cons 50
-year 54
1958 A 0 9012 9114 907
4
9 4
03
5
ge 10112 Consumers Power let 54
9814 __ , 9712 9838 101
4
1952 M N
eirgLulen lit 541 Series A
1011 159
8
1961 M N 10114 Sale 1003
4
1939 M N 10114 Bale 10114
5
1931 M N 10014 . - 1 905 July'24 ---Wabash let gold 64
10212 36 10014 1021 Corn Prod Refg et g 54
9412 997
s
let 25
-year sf58
- -4
1
4
1934 M N 1004 1011 10012 1004
99
69
1939 F A 983 Sale 9812
ad gold 54
Crown Cork & Seal 1st sfOe1943 F A 834 sale 823
2
834
9412 99
4
Het it 5345 ear A
1975 51 19 9812 Sale 9812
987 180
8
934 9372 Cuba Co cons s f (is
21
98
9512 Sale 195
Debenture B 64 reg:atered..1939 M el --------9383 Feb'25
7712 837 Cube Cane Sugar cony 7s-1 30 3 .1 94 Sale 9314
s
0418 78
3 3J 3
5
4
9
let lien 50-yr g term 0_1954 1 J 82 8 8312 811 Nov'25
9812 51
994 10112
Cony deben stamped 8;4.1930 SJ 9814 Sale 9718
101
1
Del & CO ext let g 54_
1941 5 J 101 Sale 101
10812 34
Cuban Am Sugar 1st coll 84_1931 IS B 10812 Sale 108
814 86
8414
3
Dee Moines Div let g 44-1939.5 5 8412 8513 8414
92 7
8 39
771 Cuban Dom Sue let 730_2944 M N 9214 Sale 92
4
74
Dec'25
Dm Div let g 3344
1941 A 0
Comb T & T let & gen 64___1937 J J 10012 Sale 10014 10012 32
8
8812 Nov'25
8412 89
1941 M S 855 87
roi & CO Div g 44
95
7
77
77
Cuyamel Fruit let 68 let Ws'40 A 0 94
944 94
Oct'25
Marren let ref in g 330-.2000 F A 7512 ____ 77
8118 887 Deny City Tramw 1st con 58 1933 A 0 ___
8
..... 824 Aug'25 ---1948 Q M 8112 8312 8312 Dec'25
Wash Cent let gold 44
9412 10
4.2 81 Term lot gu 3 pis
,3
194/51 F A 8358 84
8 9518 94
814 854 Den Gas& E L letderef erg 54'51 IS N 935 835 Dec'25
8
10
94
934
Stamped
M N 9312 94
-year guar 44
8238 90
.
let 40
4
8318 50
1945 F A 903 ____ 83
gesk 9712 Dery Corp ID
9
87
lst 5 f 78__1942 M S 86
867 883
8
4
8
8
8
re Min W & N W let gu 54-1930 F A 985 975 965 Dec'25
2
101
6314 69
8
Detroit Edison let coil tr 58.1933 J
1013 1017 101
8
4
Neat Maryland let g 44
1952 A 0 883 Sale 6712
6888 120
10218
5
let dc ref 58 Series A_July 1940 M
went NY & Pa let g 54
10218 Sale 10218
1937 J J 101
____ 1005 Dec'25
8
9888 101,
'
8 28
1007
794 833
4
Gen & ref 58 Series A
A90
O
1949 Ms 1004 Sale 10018
8
835
8
835
8
2
Gen gold 45
1943 A 0 835 84
4 12
1073
let & ref 134 Belies 11__July
10712 Sale 10714
45
45
Income g 55
Apr 1 1943 Nov 40
45 Feb'25
904 977
s
Gen dr ref0set 13
8
1955.2 D 10014 1003 997 July'25 -4
8
9612 47
Fiefdom Pao let Her A S....,1946 M I/ 984 Sale 957
4
904
1940 M S 1035 Sale 10314
8
10312
1st gold 85 Series B
8 1004 10012 Det United let eons g 4345_1932 .1 5 9018 9012 90
9714 1225
97 Sake 98
8114 8814 Dodge Bros deb 88
Nest Shore let 44 guar
2361 5 5 835 Sale 835
8
8
8412 32
79l 84
7312 29
0
N
Dold (Jacob) Pack 1st 84_19 2 M N 72 Sale 72
1941
4
Regletered
8334 83
2361 5 5 83
8314 12
617
8 11
8
614 817 6114
1939
45/heeling & L E let g 54
1926 A 0 100 101 10018 Dec'25 ____ 100 1014 Domlnion Iron & Steel 5a
9412 11
927
8
988,101
95
Donner Steel let ref 7e
1942 5 J 94
Wheeling Div let gold 54-1928 5 5 1005 ____ 10014
8
10014
1
984 993 du Pont(El) Powder 430._1936 J D 987 -- -- • 9914
2
9914
4
8
Eire &!met gold 58
1930 F A 9812 ____ 9812 Dec'25
10814 58
8
Duquesne Lt lit & coil 6s_ _1949 J J 108 Sale 1057
68
81
Refunding 434a Series A1968 M S 814 Sale 807
8
82
27
26
108
72
82
let coil trust 530 Serie./ B.1949 J J 106 Sale 105
RR lit consol 44
1949 M 8 813 8213 82 Dec'25 ___ _
4
8144 874 East Cuba Bug 15-yr f g 730'37 M S 1054 Sale 10412 10612 200
1942 5 D 8414 645 6414
8
047
Wilk & East Mt gu g 54
8
6
034
934 934 Dec'25 ---101:18111 Ed El III Bkn let con g 44._1939
77
J 93
Will & S F let gold 55
1038 5 13 10214 10274 103 Nov'25 _
cone
J
1021
___ 102 Nov'25 ____
821e 874 Ed Eleo III lit co g
Winston-Salem 8 B let 48
8678
1
1960 5 5 86
883 887
4
8
Eleo Pow Corp(Germany)63g a'50 51 El 86 287 1 854
8612 22
Cent 50-yr let gen 44_ 1949 .1 5 807 81
Nle
8012 28
2
804
100 Nov'25 ____
19263 D
/305a 874 Elkhorn Coal(3% notes
Sup & Dul div & term let 44'38 M N 8714 8712 874
8712
8
1023 152
4
4
753 8218 Empire Gas & Fuel 7344.....-1937 IS N i.15214 Sale 102
Nor dr Con East let 444.1943 1 5 8412 ____ 8218 Dec'25 ____
Eqult Gas Light 1st con 54 1932 IS S 9912_--- 100 Dec'25 ____
INDUSTRIALS
85
8712 Federal Light & Tr let 54_1942 PA 8 934 4 1 9314
&dame Express coil It g 44._1948 IN 13 85 Sale 85 Dec'25 ___
94
26
9412 10314
let lien Os stamped
1931 -_____ 1193
02
1
92
1 21
141
1942 M
014 1031
8
tjax Rubber let 15-yr a f 88_1936 5 13 1027 Sale 1022
103
8
4
34 87
8
30-year deb 65 Ser B
1954 .1
0
5 412 418
giaska Gold M deb Os A__1925 IS S
418
2
67 Federated Metals e t 75
4
17 97
4
1939 J D
97
Cony deb Os Series B
1826 IS 8
44 738 4 Dec'25
11334 Sale 11312 1134 15
905 917 Fisk Rubber 1st if 84
3
s
1941 M
tIpine-Montan Steel le__ _ _1955 151 8 9118 Sale 914
914 30
984 104
Ft Smith Lt & Tr let g As__ A938 51
78
79 I 7812 Dec'25 _
1928 A 0 1023 103 1023
gut Aerie Chem let S.
4
4 1023
4
5
904 1043 Framed° Ind & Dev 20-yr 730'42 J .1 907 Sale 8814
4
8
907
5 15
1941 F A 10412 Sale 1031
let ref a 1 73450
4 10412 259
9712 102
Francisco Sugar ist ef 730 .1042 M N 1.0414 10313 1047
6
8
105
9912 37
&Leer Beet Bug cony deb 0_1935 F A 9918 Sale 9812
9658 993 Gee & El of Berg Co cone g 541949 J D 100
4
____ 100 Nov'25 ____
twerlean Chain deb 5 I 68_1933 A 0 9858 Sale 9814
9878 47
10412 Sale 10413 10412 ; 1
9114 9712 Gen Asphalt cony 64
2
9712 97
97
tm Cot 011 debenture 54_1931 PA N 97
8
1 3 A 11
9
.1047b Nov'25 ____
1936 J J 1053 ____ 1053
4
4
1 1055 1084 General Baking let 25-yr 84-19 6 IS 13 ---4 1053
am Doel & Impt gu 64
Gen Electric deb 9334,
1942 F A 874 - - 12 88
81;
8814
3
134
13 11514 138
truer Ice deb 74 _July 15 1939 i-.15 11212 13412 133
8
98 10112 Gen Retr let f g Oa Sir A._ _1952 F A 10118 103 1025
10258
2
1939
10012 101 10012 Dec'25
am Mach & Fdy 4 1134
German Gen Elec 78-Jan 15 1945 J J 9514 Sale 95
914 100
9512 82
99
98
98
1
kur Republic Corp deb 64-1937 A 0 98
gels 997 Goodrich Co 630
8
1947S S 10412 Sale 104
10478 98
10014 185
ter 8/13 & R let 30-yr 54 eerA 1947 A 0 100 Pale 99
108 Sale 106
12134 73'
10818 43 10358 1084 Goodyear Tire & Rub letS 11941 M N 12114 Sale 12114
1st M (is series B
0018 10414
1103 Sale 1093
8
10-Year f debit 82
10414 77
4 11034 771
treer Sugar Ref 15-yr 84_1937 J J 10414 Sale 103
914 Bale 9112
964 977 Gould Coupler 1st f 84._. 911
5
1 1
4 1
5
8
974 174
9134
4
im Telep & Teleg coil It 44_1929 5 5 973 Sale 987
897 9714 Granby Cone MS& Peon 68 A'28 M N 1074 1093 101
4
8
11
1936 M 8 9134 9278 913 Dec'25 __4
101
Convertible 48
9414 116
Stamped
10014 10114 101% 196%
1933 All 8 9712 9812 9714
% 96
01
6
11
973
4
2
96% 97
-year cony 430
20
1
1
1946 5 13 10114 Sale 1007
8 10112 77 100 10214 Gray & Davis 1st cony a f 74. L
-year coil tr 54
30
944 9818 Gt COW El Power(Japan)74.1944 F A 9118 Sale 91
1980 J 5 98 Sale 974
9818 571
9112 118
55-yr. f deb 58
Great Falls Power let f 54-1940 M N 1013 Sale 1013
4
1943 M N 1033 Sale 10312 1037 256 101 105
4
8
4
1013
4
6
-years 1 5348
l0
0
Hackensack Water let 48_ _ _1952
934 98
8614 87 1 874 Nov'25 ____
4
963
8 70
Ma Wet Wks & Elec 54_ _ _1934 A J 9614 Bale 953
1939 J
487 50
8
4812
85,---1 8512 Aug'25 ____
44 634 Hartford St Ry 1st 4s
1930
4812
2
An Writ Paper 5 t 7-68
MS 9212 9312 9212
6384 Havana El Ay L & P gen 64,4'64
9212
1
43
485 50
8
4818
4812
6
Temp interchangeable ate del).
994 102
iavana Elec consol g 54-1952 F A 943 957 954 Dec'25 ____
i
-4
8
017 Sale 10114
8
1017 311
8
anaconda Cop min let 68. 1953 1 2i
993 1057 lershey Choc lets f g 64.-- _1942 M N
4
4
1938 F A 10518 Sale 1044
10512 198
1044 Oct'25 _
-year cony deb 75
15
9914 gale 994 100 I L5.
.
94 1004
let M & coll 53ge int ott 1940
5
9812 214
5
Andes Cop Mln deb 75 50% pd 43 1 5 9812 Sale 987
0748 101
Hoe(R)& Co let 83-4i temp.1914 A 0 99 Sale 984
9912 311
9914 -14
Anglo-Chllean Nitrate 7s_ 1945 M N 9912 Sale 984
944 Holland-Amer Line 84 (flat).1947 M N 854 8512 8518
7
86
105
2
8512
J 8712 88 105
WORM (Comp .00)730 1939
8
2
91
9514 Hudson Co Gee let i5.., .1940 M N 1003 ____ 1003
9411 9414
9414
3
8
1004
Ark & Mem Bridge & Ter 54_1984 IS 13 94

Irx 4

1001,

j--;

7

a Due May

e Due June




4 Due May. 1 Due August

• Option sale

Ranee
Year
1925.
Law
HMI
85
91
95
91
4
8
1015 1031
9 5 934
74
2
17
28
1512 29
9711 •10011
4
10 3
07 4
5
103
934
9
102 106
1004 103
100 10114
99 5 10114
7
934 98.4
96
90
9312 974
86
894
2313"
704 9
3
94 961
,
97 103
88 79
6744 73
4
9014 NA

9914 103

103 1 100
3
8214 9254
811 7
4 1
734 81
92 92
13612 13811
131 1231
4
8118 90
5
8118 80 4
9918 10114
155 190
4
1074 1105
91i 94
91
84
my 9212
935 99 4
e
1
98 10111
1004 10412
87
954
961 102
4
1004 1024
923 100
4
974 10112
110 118
984 10134
734 88
105 11115
9814 1021
4
1004 105
82
80

873893

80
884
100 10214
100 10114
9 4 14
1
1
9821 997
7112 7714
9 14 1 3::
7 131
8
1014 106
90% 924
8811 93
7812 90
10114 105
1001s 105
78
924
927 1007
5
4
903 100
4

i66" Nis:
90
74
9 3 96 4
54
5
92 98
10781 102 4
96
10
1
99 9 4
85
97 1014
9
3
1
9 4 92
83 8 %
2
92lj 97
92 4 98
3
75
7613
99% 10214
99 0%
975 1014
8
1065 10811
8
995 10014
4
wiz 9334
94 100
734 8814
60
13854
885 97
4
9014 95
104 8 10714
5
105 108
100 1087
1
89 9514
994 108
21512 gets
97 1004
974 105
9912 10012
88
9
512
9 108
94107
99511
8
/
1
4
108 116
784 33 4
5
86
0584
1034 1087
4
9814 100
101 1041
8
10418 1051
4
83 904
100 10412
92
967
1
1005 1085
8
4
119 1213
6
1084 111
9312 05
9 1 1001
21 9 72
0 1
:
8714 92
997 103 4
1
3
8854 875
11
823 8511
3
854 95 4
5
9314 97
14
103 105
98 100
94 10414
90
14
79
9815 1004

New York Bond Record-Continued-Page 5
BONDS.
lg. T.STOCK EXCHANGE
Week Ended Jan. 8.

1

Price
Friday
Jan. 8.

Week's
Range 0
?
Last Sale

•
13
3t341

R7isge
You*
1925.

High
Alt Low
Bid
EWA No.. ILate
Hum ble 0l1& Refining 534E1_1932
8
J 1023 Sale 1015
99'2 10212
8
10212 98
146, 97 1014
4
101
Illinois Bell Telephone 98---1956
D 1004 Sale 1003
8
4
Illinois Steel deb 494s
1940 A 0 965 Sale 943
96 91 124' 924 964
,
8712 94
Ind Nat Gas & Oil 58____._1936 pd N 9014 9114 9012 Dec'25
2 13 101 10418
8
.A952 MN 1025 10312
Indiana Steel 151 58
9914 0934
993
Ingersoll-Rand let be
4
_ 993 Oet'25
4
1935 J
11
Apr'25 ____
10
Interboro Metrop coil 414a_ _1958 A 0
II
412 Aug'25
Guaranty Tr Co ctfa dep
412 712
1012 Mar*25 ____
1012 104
,--Ctf dep stpd attetd 16% sub
miterboro Rap Trail let 58_1966
Sale 6718 694 175 593 7434
8
Stamped
59
6638 423
7312
6618 Sale 653
4
613 8112
4
10-year 6e
707
8 60
1932A 0 6914 Sale 69
85
95
8
10
-year cony
894 61
notea
8
1932 M S 897 Sale 887
67
91
8834 21
8812 Sale 8814
(Cl Agri° Corp let 20-yr be_ _1932 MN
Stamped extended to 1942_
61
8212 17
8212
N 8212 Sale 8218
108
lnter Mercan Marine a f
824 91 1 3
87
-1141;A 0 8918 Sale 86
International Paper ba
1997IJ j 943 Sale 9414
4
874 9812
9514 73
9712 Sale 97
943 99
4
Ref s f 611 Ser A
4 64
1955M
973
lot Telep & Teleg cony 5145 1945 M S 1093 Sale 10813
705 10113 110
4
110
Jurgens Works 6a Oar price)_1947 .1 J 10034 Sale 100
116
88 10712
101
954 102
Kansas City Pow & Lt be_ 1952 M S 1003 Sale 10014
8
10012 52
8 1023
Kamm Gas Jr Electric 6e1952 M S 10112 Sale 1013
984 10312
8 38
1 1014 10812
Kayser & Co 75
107
19421 F A 1074 10712 107
getly-Springfield Tire 8a_1932 M N 10414 Sale 1033
90 109
4 10412 49
Keystone Telep Co 1st 5a
82
924
1936 J .1 9012 ____ 9114 Dec'25 ____
1
Kings County El & P g 5s ..l937 A 0 102
99 103
102
102
Purchase money 65
4
4
1997 A 0 1203
4
- 1203 Dec'25 ____ 11412 1203
7714 - - -12 7714
Inge County El 1st g 4a
75
794
10
8
7714
0
1949 F A
Stamped guar 4s
74
775 784 7814 Dec'25
8
80
1949 F A
County Lighting be_ _1954
Kings
89 101,
9878 9912 9914
1
9914
J
4
1035a 10812
4
8141
8
1954) J 1073 108 1077 Dec'25
1 1045e 109
Kinney Co 730
8
107
_1936 J D 1065 107 107
Lackawanna Steel Is A
9712 23
1950 M 8 9712 Sale 9614
894 9514
Lac Gee L of St L.ref&ext be 1934 A 0
10034
4
9814 10158
10034
Coll & ref 534s Serlea C1953 F A 15318 Sale 1025
9514 103
8
1035 164
8
Lehigh C & Nay a f 434a A 1954 J
954 10014
98 Dec'25 ____
--_ 99
Lehigh Valley Coal let g 58_1933 J J 10018 101 10014
994 1014
101
9
Lex Ave & P F lst gu g 58_ _1993 M S
3918 444
4114 Dec'25 ____
Liggett & Myers Tobacco 7s_1944 A 0 118 Sale 118
1183
4 64 116 1204
Registered
A 0 11614 ____ 11612 Oct'25 ____ 115 1174
be
974 10211
4
10118 24
195111* 1008 Sale 1004
Registered
974 98
Oct'25
IF A 984 ____ 98
43,111ard Co (P1 721
11612 23 1144 1174
1944IA 0 116 Sale 116
Registered
1153 Oct'25
4
4
11312 1153
,A 0 114
55
23
8
944 984
99
1951,1 A 99 Sale 983
1
Registered
9614 Oct'25 --__
964 96,
4
F A 9414
Louisville Gaa & Electric ba_1952 MN 983 Sale 974
905 9918
981
8
59
8
8912 Dec'25 _-__
Ry 1st con be
8912 9313
19301J J
Lower Atietrian Hydro-Elec Co
let s I 614e
8518 87
873
4 36
194411 A 8712 ____ 8712
Maned Sugar 7141
97 102
55
101
8
194TA 0 10034 Sale 1003
Manhat Ry(N Y)cone g 46.1990 A 0 6112 Sale 5912
074 84
617 164
8
2(358
5614
51
5
525 54 I 53 4
8
3
201313 D
533
4
Manila Electric 78
9714 103
10212 11
..___1942 MN 10214 Sale 102
Manna Elec Ry & Lt s f ba_ _1953 MS 8912 92 I 8912
92
1
85
9912
Market St Ry 7s Series A _ _ _1940 1 4 2 9814 Sale 984
9712 10214
9858 48
.
Ittetr Ed 1st dr ref g 6s Ser B_1952 FA 105 Sale 10412 105
9 10112 10614
let & ref be Series C
914 97 2
,
4
J 9714 Sale 963
1953
975
8 23
Metropolitan Power 6e
4
1953 3D 1023 Sale 10212 10318 14 100 105
Met West Side El (Chic)45_1938• A
687 80
s
2
713 Sale I 7113
4
713
4
Mid-Coat Petr 1st 6 1-ie.__ _1940 MS 10138 Sale 10114
9514 102
10144 64
Midvale Steel &0cony rif Es 1936 M S 94 Sale 923
871s 93,
4
4
1)412 190
Elec Ry & Lt cons g 68_1928 FA
994 1014
994 100
997 Dec'25
8
Refunding & exten 4348. _1931
2
4
___ 98
6, 947 973
J
983
4
General be A
985 9914 984
8
983
4 28, 94 100
1951 JD 981st 53 B
847 927s
8
915 116
8
1961 • D 91 Sale 9012
let & ref g Cu Scrim C
983 104
4
4
1027
8 23
1953 M S 102 Sale 1003
Milwaukee Gal Lt let 48.. _1927• N 99
4
9958 ill 9614 993
9918 99
Montana Power 1st 69 A. _1943 J J 10014 Sale 997
9712 1003
4
8
10013 1101
Montreal Tram 181 & ref 58_1941 J J 963 Sale 963
99
8; 94
4
4
9718
Morris & Co 1st e f 43.25
7811 87
1939 J J 854 Sale 844
854 59
Mortgage-Bond Co 48 Ser 2_1966 AO
77
774
774 Nov'25
41 955 9712
10
-25-year be Series 3..._ _1932 J J 964 974 963
8
8
963
4
Murray Body let Iis
33
777 10012
8
1934 J O 85 Sale 84
85
Mu Fuel Gas 1st
g be_ 1947 M N 983 Sale 984
4
1
954 1013
4
9
84
Mut Un gtd bonds ext
MN 1014 103 1013
ii 99 102
1013
4
4
Nassau Elec guar gold 40_ _1951 J J 59
5712 64
5912 28
4 59
Rat Enam & Stamps let 58.1929 3D 102 105 103
974 103
103
2
National Acme 734a
85
80
9914
1931 J D 987 Sale 9813
8
99
Rat Starch 20-year deb Es_ _1930 J J 10014 ____ 994
98 100
I
993
4
Rational Tube let be
,
102
32 100 2 103
4
1952 MN 102 Sale ,1013
Newark Cousol Gas
984 101
8
1948 3D 1005 10112 1004 Dec'25
New England Tel & Tel 55._1952 J O 1014 10112 1007
9912 102
8
1014
7
Y Air Brake let cony 6E1_1928 M N 10214 107 1024
4
1 10112 104,
1023
8
New On l tub Serv 1st be A ._1952 AO 91
895 92
8
9138 903
4
9112, 20
let & ref 5s ser 1i
9012.
884 92%
D 9014 907 9012
1955
8
Y Dock 60-year 1st g 431951 FA 8112 Sale 8112
773 823
4
4
8112
9
NY Edlson Ist & ref 6345 4_1941 A0 1153 Sale 11514
4
11534! 55 112 11512
('then & ref bs
9952 102
1944 AO 1023 Sale 102
8
103 I 67
N Y Ciaa El Lt & Pow g be 1948 J O 104 Sale 104
10412 12 10012 10412
Purchase money g 48
1949 FA 894 Sale 8918
80
90 4
3
8912 27
N YL EdtWeat C&Illtb3.481942 MN
1004 10012
10212 10012 Apr'25
NY 0 El L
FA 10017 101 10014
8
994 101
10012
1
Y Rye let RE & ref 45___1942 J J 4412 5212 47
45
5412
Oct'25 - _
Certlfleates of deposit
4412 47
46 Dec'25 _ _
424 54
go-year aril Inc
1942 A o
5
358 6
3 4 414 3 8 Nov'25
,
__
Certificates of deposit
31,
5'
3
53
4
314 5
2
N Y Rya Corp Inc 68
2212 2312 2234
_Jan 1965 - 207 324
8
2358 194
Y & Rich Gas 1st 6s
1951 M N 102
9912 10212
____ 102
102 1
6
NY State Rya 1st cons 4146_1982 M N
5712 Sale 563
4
56
6814
5812 42
let con 614 a series B
196251 N 7814 783 7814
7814 9074
4
7814
2
NY Steam 1st 25-yr 6e Ser A 1947 M N 10214 10312 10214
974 104
10212 11
N Y Telep 1st & gen e f 448.193V M N
9712 Sale 973
95
8
975
99
8 82
110-year deben s f 6s._ _Feb 1940 F A 110 Sale 110
7 1074 1103
110
4
20-year refunding gold 68_1941 A 0 10818 Sale 10713 10814 58 1084 10812
Niagara Falls Power let 518_ _1912 J J 101 Sale 101
9914 103
19
101,
4
Ref & gen 6a
Jan 1932 A 0 10518 1054 105
1053
4 27 103 1064
Niag Lock & 0 pr 1st 5s A.1955 A 0 9914 9912 9914
9912 20
9712 100
No Amer Cement deb 6 lie A 19111111 S 993 Sale 99
8
9712 10212
9934 62
.._1952 M
Nor Amer Edison Os.
103 Sale 101,
4
964 10412
103
62
Secured !g 634s Ser B...1948 M S 1047 Sale 1037
8
4
8
1054 46 1003 1116
Ohio Tree & Light Os .A947 rd
Nor
9514 75
94 Sale 923
4
91
97
Nor States Pow 25-yr be A ._1941 A 0 98 Sale 973
4
93 9918
9814 32
Registered
A 0
9314 9314
93 4 Jan'25 _ _ ,
1st & ref 25-yr 63 Fier B__ _194! A 0 1055 106 1055
8
8
10614 47 103 10714
J 9612 9714 963 Dec'25 _
2
North W T let Id g 41'4s 104_1934
944 98
01310 Public Service 71.4e A 1948 A 0 11218 11318 11214
4 108 1123
11318
4
11)47 F A 1105 11112 III
8
let & ref 7s series B .
Ill
8
2 1073 1115
8
Ohio River Edison 1st 6a_ _ _1948 J J 10218 10213 102
9811 104
10213 27
1944 F A 963 97
Old Ben Coal 1st 6s
4
96
963
4
99
97,
4 10
Ontario Power N F 1st 55_ _.1943 F A 100 Sale 994
100
12
98 1004
9938 ____ 993 Dec'25 ____
Ontario Transmission 5e.... _1945 M N
8
97
993
4
1941 F A 106 Sale 10514
Otis Steel 88
955 106
106
8
29
4
4
int 23-yr f g 734a Ser B_ _1947 F A 1013 Sale 1003
29
102
894 10112
El gen & ref Es_ _1942 J J
Pacific &
98 Sale 9712
98
140
934 99
10
98 100
100
Pao Pow & Lt let&ref 20-yr 59'30 F A 98 Sale 994
1014 102 10114
Pacific Tel & Tel 1st 68
1937 J
1013
4 '26
994 102
994 Sale 987
1952 111N
8
Ref M bs series A
9914 58
924 10012
fan-Amer PAT 1st 10-yr 7s 1930 F A 1064 Sale 10614
1063
8 33 10412 107
1934 M N 11014 Sale 10913
Cony a 68
11258 364 103 1184
88
8712 8712
3
Park-Les at leanabold 614i.. 1953) J 80
88
99
100
1
96 1004
Pat& Pasealc & El cons be 1949M 8 100 ____ 100
_1943 A 0 11012 ____ 11012 Dec'25
peop Gas & C lat cons g
107 1103
4
.
1997 11 1 S 983 9914 99
4
Refunding gold 541
993
8 14
944 100
Philadelphia Co coil tr 6ti 4_1944 F A 1035 104 10312 1044 15 1014 105
8
994 Sale • 984
-year cony deb 5148-.1938 M
9914 64
15
934 100
J 100 10014 997
8
10012 34
£1,111 & Reading C & I ref 68_1973
99 1024
10814
3
Pierce-Arrow Mot Car deb 881943 NI f3 106 108 1084
90 10812
Pierce 011 if 85_ __Dec 15 1931 J D 103 106 1034 10414 11 10252 1084
a Due Jan. d Due April




p Due Dec. a Option eale

BONDS
t
N. Y. STOCK EXCHANGE I
Week Ended Jan. 8.
4a.
Pillsbury Fl Mllls 20-yr 60..1943 A 0
Pleasant Val Coal 1st go f 55.1928 J J
Focal) Con Collieries 1st af5e1957 J J
Port Arthur Can & Dk fia A_1945.3 F A
let M (Is Series 13
1953 F A
Portland Elec Pow lot Se B_I947 M N
Portland Gen Elec 1st 5e
1935 J J
Portland Ry let & ref E5
1930 St Po
Portland Ity Lt & P Int ref 581942 F A
1st 1 dr ref fis ser B
1947 M N
1st & refund 734e Ser A 1946 61 N
Porto Rican Am Tub 8e
1931 121 N
Pressed Steel Car 55
1933 J J
Prod & Ref at 82(with waente) 31
.
Without warrants
Pub Fiery Corp of NJ attached_. A 0
gen 55_1955
Secured g 6s
Pub Seri Elec & Gas 1st 5301 54 F 4
,
9949 A A
3
let & ref 5345
1964 A 0
Pub eery El Pow & 1.tg 6s....194 A 0
Punta Alegre Sugar 75
193; J J
Remington Arms 88
Repub I& S 10-30-yr 5e e I _ _19 1 M N
197 A O
3
4
Ref & gen 534s ser A.__ _195: 1 J
Rime Steel let 78
1951 1 D
F A
Ro
Robbins & Myers a 75
1952
Rochester Gas & El 7s ser B.1941
S
Gen Mtge 53-4s series C _1948 M S
Rogers
-Brown Iron Co 7e
1942 N N
St Joe Ry 1.t Eft & Pr ba
1937 MN
St Joseph Stk Yds 1st 4345_1931 1 3
St L Rock Mt & P 5settnpd _1955 J J
St Louis Transit 55
1929 13
40
St Paul City Cable
Saxon Pub Wks(Germany) 7e'47 F A
1935
Saks Co 75
San Antonio Pub Ser 6s
J
195'' i 8
42
Sharon Steel Hoop let 8s ser A '41
S
Sheffield Farms 634s
040 A 0
92
Sierra & San Fran Power 51_11
F A
Sinclair Cons 011 15-year 75_1937 M
lot In coil tr Os C with watt 1927 I D
let lien 634s Ser El
Sinclair Crude Oil 3-yi- 6s A 1 93E 3 D
112 F A
3-yr 6% notes 13 Feb 15„:1926 F A
Sinclair Pipe Line 55
Skelly 0116 34 7 notes
,,
Smith (A 0) Corp let 6 1, s11 9123:1M 00
: 111 9:4 72 AA N
South Porto Rico Sugar 7e..1941 J
South Bell Tel & Tel let s f 591941 J J
S'weet Bell Tel let & ref 542_ _1954 F A
Southern Colo Power 138_ .,1947 J
Spring Val Water g 5s
1948 M N
Standard 51111Ing let be
Steel & Tube gen a f 7s Ser C 1951 1J
191 M N
:9
Sugar Estates (Oriente) 78_1942 M S
Superior 011 let e f 75
Syracuse LightIng let g 52_ _ 1921 Ill
951 FA
TennCoallron&RRgen5s.195l J J
Tennessee Else Power let 68_ 1947 1 D
1 03 J
Third Ave 1st ref 4s
Ad) Inc be tax-ex N Y_ _51960 A (1
Third Ave Ry 1st g 98
Toledo Edison 1st 75
Toledo Tr L & P 512% notes 19411 3 S
M
11993 J 3
Trenton G & El lat g 5a__1949
S
Trumbull Steel deb (Is
Twenty-third St Ry ref 5s...19312 11 A
1 94() F J
T.Inclerged of London 434s..1933
Income 6s
1948
Union Bag & Paper let M 68_1942 M N
union Elec Lt & Pr 1st g U19 2 M S
9 3iviN
3
Ref & ext E.s
1st g 534s series A
1954• .1
Union Eiev Ry (Chic) 58......1945 A0
Union 011 1st lien S f be__ _ _1931 ▪ .1
30-yr fis Ser A
May 1942 FA
121 IS',, o f Os Ser C
111:15 J A
Union Tank Car eoulp
_1930 F A
United Drug 20-yr fis _ Oct 15 1944 A 0
7e.United Fuel Gas let if 6e. _ _1936 3J
United Rye Inv be Pitts Issue 1926 M N
Stamped
--- United Rya St L let g 4e____1934
J
United SS Co 15-yr 65
1937 M N
United Stores Realty 20-Yr 65 '42 A 0
U S Rubber 1st & ref 5a ser A 1947
J
10-yr 734% sec notes
S Smelt Ref &
cony 68.1028 F A
U B Steel Corp(coupon _ _ _01983 MN
a f 10-60-yr &el registered _d1963 MN
Utah Lt & Trac 1st & ref 58_ _1944 A 0
Utah Power & Lt 1st 5a
1944 F A
Utica Elec L & P let 55.... _19.5()
J
Utica Gaa & Elec ref & ext5e1957
Victor Fuel lets f be
1953
Va-Caro Chem let 78
1947
CertifIcatee of deposit
Certificates of deposit etmpd --Stpd as to payt 40% of win
let 78
Ctf of deposit
Ctf of deposit stpd _ 1947 ---_.
730 with & without war. 1937
Certifs of dep without wart
Certlfe of dep with warrants
Vs Iron Coal & Coke 1st g 58 1949 MS
Va Ry Pow 1st & ref ba
J J
Vertlentes Sugar 1st ref 7s...1943 J O
1942
Warner Sugar Refln let 714._1941 JD
Warner Sugar Corp let 713.._ _1939 J J
Wash Wat Power s I 58_... _1939 J J
Westebes Ltg g 55 et mod gtd 1950 JO
Weal Ky Coal let 78
SIN
West Penn P
Ser A 58 _194)I M
Ss. 1946
944
let 78 Series D
1946 M
1st be Series E
MS
Temporary be Series E1963 MS
96
13
1st 5543 Series F
1953 A0
West V.4 C & C 1st 6e
J J
Western Electric deb 58_ 2 50 AO
9
1944
Western Union coll tr cur 5,1_1938
Fund & real estate g 4345.1950 MN
15
-year (33.18 g
FA
Westinghouse E & M 7e_ __ _1936 MN
1931
Wickwire Seen Steel let 71_ _1935 J J
Certificates of deposit
Certificates of deposit stamped MN
Wickwire Sp Steel Co 78 Jan 1935 M N
Willys-Overland s f 6149_ _1933 St S
Wilson & Co lit 25-yr if 66_1941 AO
Registered
10-year cony a f Be
1928 3D
Certificates of deposit
10-yr cony Sf 734s
FA
Certificates of deposit 1'1931
Winchester Arms 7148
A 0
J3,
Young ° Sheet & T 20-yr 641941
.
943

201
Prix*
Friday
Jun. 8.

Week's
Range or
Lan Sale

•1
71

X +Up/
Year
1925

MO. No Low
High
995
10212 13
01024
97
964
984
1
__
Dec'25
88 943
1
Dec'25 -994 10234
Dec'25 -- -- 10014 102
10
100
864 1001a
Dec'25 -983 1004
2
1
9258
924 9612
8918 12
844 92
26
100
94 1003
4
8
1063
4
1 1045 108
1053
4 13 101 106
Dec.22 134
9715
8214 97
104 11514
Dec'25
1095 1134
8
3 Mae 10514
105
164
101
95 1003
4
16
104
984 10514
10414 27
995 105
8
4 57 10212 1074
1073
111818 67 1023 10712
4
8512
7
85
92
984 23
931s 99
36
94
894 95
904 11
884 904
3
62
5712 734
113
10 110 1123
4
Dec'25
1023 10512
4
1
72
8313
60
Dec'25
854 93
Nov'25
_
9512 96
1
78
771s 87
Oct'25
__
7112 804
Oct'25 -- - 95
97
9012 944
9313 164
10812 29 104 1094
9911 104
_1_1
Dec'25
8
1057
107 Sale 1067
107 i6 1043 1073
8
4
4
93 Sale 914
93 1 27
90
95 4
3
945 Sale 933
8
4
943 123
4
9512
88
110 Sale 10914
1134 897 1035 120
8
874 Sale 87
824 904
14
9
180
073412 12
Rio% sale 10014
9914 1.01
994 1014
1004 Sale 1004 10058 10
875 Sale 87
8
874 117
88
82
127 1607 129
125 Sale 124
129
s
1013 102 10114
8
1013
4
4 101 10212
107 107)4 107
1074 29 102 1063
4
1014 Sale 1014
1013
8 42
99 1024
10312 Sale 1003
4 87
8
1003
9618 10112
9712 9734 9712
'3818 21
934 997
2
9812 9914 997 Dec'25
8
9412 997
8
9814 Sale 974
965 101
8
983
8
9
10818 Sale 1073
4
1084 20 105 10814
8812 89
90 I
8912
2
8712 9712
9212 95
93 Dec'25
90
1004 ____ 10-112
10012
1
9712 1014
10234 ____ 10312 10312 20 10012 103
103 Sale 10258
10338 83
V914 1044
567 Sale 5512
8
57 I 82
51
1584
42 Sale 4112
4258 114
3414 604
934 943 937
4
8
94 i
2
9312 96
1094 Sale 1083
4
109141 47 10813 110
_16 974 10018
98
9812 98
99_18 10_31 07
. . 9913
!
98 100
973
4
97
61
62
60 8e 91.:8256541-DE 25 D 2
60
70
954 ____ 924 01.'25 -89
95
9218
92
Oct'25 -884 92
1047 Sale 1044
8
1047
8 28
9412 105
1005 1003 1004
8
4
101 I
6
1194 102
10014 10013 1004
1003
4 18
9814 101
10138 102 10012 1014 56 100 104
77
7914 78
78
1
75
80
101 10112 10012 101
7
944 101
1044
10418
10418 25 1023 1054
1
957 Sale 9512
8
954 56
9412 96
101 Aug'25
_ 101 105 4
,
104i3 Sale 1034
10412 27 10014 10458
10112 Sale 10112
10178 34
88 103
9934 Sale 993
4
993
4
2
99 1004
993 109
4
995 Dec'25
8
9914 1004
7414 75
743
4
75
26
6712 7414
9414 9412 9414
9412
4
91
993
1
103 Sale 103
104
20 1024 106
92 Sale 913
4
923 296
8
86
92%
10712 Sale ;1063
4
10712 80 10412 108
997 100 I 997
8
8
994
3 100 102
1065 Sale 10512 1064 221 10414 1064
8
1043 Nov'25 -. 1037 1064
4
8
8712 Sale 8718
8712 65
834 914
953 Sale 95
4
963
4 49
91
984
1003 Sale 4003
4
4
101
6 10054 10214
10018 10012 10018
4
984 103
10018
5314 627 58
8
Oct'25 -53
68
10714 1077 105 Dec'25
8
73 105
1043 Dec'25
4
714 1054
_
1023 Oct'25 -4
68 1023
4

Asa Low
Bid
8
102 1023 1013
4
,
974 9
812 98 2
90
903 90
4
1025 ____ 10212
8
8
_ _ 1015
1013
10(1 99
99 89914
993 100
8
8
8
925
023 95
4
4
883 Sale 883
9978 99
99
4
1003 Sale 1063
4
1053 10614 1053
4
4
14
9714 Sal) 1915g
11034
4 -- 4
1103 1123- 11012
1043 Sale 1043
4
4
10034 Sale 100
104 Sale 1037
8
10414 Sale 1034
4
1073 Sale 106
10714 Sale 106
8414 8518 851a
987 Sale 973
4
8
8
94 Sale 923
9018 Sale 904
62 Sale 6114
11212 Sale 11212
91,4 10513
105
,
1
71 4
7112 - 3 72
91
96
96774 7912 78
___ 7112
701
9514 100
295
93 Sale 924
10018 109 1074
113 107ic
107 Sale 11007138
0

10734 Sale 1054
108 I 30
10712 Sale 105
10934 232
10714 1073 1067
4
8
108121
9
10918 Sale 107
10918! 10
11012 Sale 1034
11012 206
_ 9312 Oct'25
9114 02
9114
9114
5
984 9814 974
9838 37
8
9012 907 91
91
3
96 Sale 95
10
96
8214 Sale 8112
83
58
_ _ 1013 Dec'25 - 4
10118102 103 1023
4
1023
4
3
:0 3 165 1090784 se1 l0353
10 :4s 0_ 1
0:8
_0
1_ 3
2_
72 0:
7
48.4
)ot 4.24
11
100 1003 100
100
4
106 Sale 106
10614
5
10013 14
100 10018 100
8312 11
827 8212
8
81
8 68
10014 Sale 1004
1003
10214 10
_ 102
9712
4
9612 -- - 8 9612
965
11112 12
11114 Sale 1111.3
10638 113
4
1053 Sale 10531
737 7312 Dec'25 -- -8
71
754 Oct'25
70
90
7312 Dec'25
_ _ _ _ 73
8
6612 15
6518 6618 637
10212 14
10214 Sale 10214
9934 117
993 Sale 987
8
8
93
eb.
25
11
72
71
704
53
64
72
675 7014 69
8
13
71
694
6914 75
694 Sale 69 69
72
4
1013
4
1013 102 101
9
102
1013 Sale 1014
4
105

984 10512
98 10512
imis 1044
43 100
424 102
I
9512
90
98
934 99
86
9412
897 9912
8
754 874
994 1014
98 1023
4
10012 1823
4
933 10014
4
10414 1074
934 1004
98 Z 151414
,
1002 10614
8234 96
98 1017
8
9918 10212
925 973
8
4
10912 11214
1054 10814
/
1
70
ill
7512 88
7312 81
6212 78
9912 1024
911, 100
93
93
65
7612
53
75
531a 77
59 5 7414
5
10014 1021.
95 4 102
,

BOSTON STOCK EXCHANGE-Stock Record

202

HIGH AND LOW BALE PRIM-PEA SHARE, NOT' PER CENT.
Saturday,
Jan 2.

Moeda,,
Jan. 4.

Wednesday., Thursday.
Jan. 7.
Jan. 6.

Tuesday.
Jan. 5.

Friday,
Jan. 8.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

&awe for Year 1925.

PER SHAdit
Rasps for Prestos+
Year 1924.

LOtD68I

Lowest

Highest

Highest

Railroads
100 156 Feb 18 1644 Jan 7 1457s Mar 184 Des
/
1
262 Boeton & Albany
16014 162
/
4
4
.159--,1 16014 162 1 1611 1613 162 162
775 Boetou Elevated
100 7514 Mar 17 86 Jan 2
-g6T2 161-2
711 Aug 85 Dec
/
4
8012 81
8112 803 81
4
8114 81
813
4 81
8114 100 92 Jan 16 10414 Dec 17
401 Do prof
8714 Dec 9614 Miss
99
99
99 99
100 100
•100 --__ *100 10112 100 100
100 109 Mar 31 130 Dec 16 107 Dec 1164 Jab
_ .12012 12312 121 122
120 120
27 Do 1s1 pref
_ •119
__ *120
*119
100 94 Mar 20 116 Dec 17
4
4
38 Do 2d pref
92 Sept 1011 Dee
12
112 111 •____ 112 *_ 111 11112 11112*____ 1118
100 10 Apr 17 4912 Dee 17
47
48
4734 4814 -471 --4 475g 3,799 Boston & Maine
463 463 ____ ____ 4614 48
4
4'
812 Jan 25 Nov
4
100 1112 Apr 24 46 Dec 23
12 Jan 287 riol
4
50 Do pref
•4512
12
8 63
6
i
13 June 3714 Nos
:
5912 - -1- 611 6112 .47l8 4714 E2 1; *615 - - -a- -- - 1,018 Do Series A let pref.._100 17 Apr 27 65 Dec 17
i9 21
___
8512 8512 88
88 1 87
90
88
88
335 Do Seriee B let prof _100 29 Apr 27 8712 Dec 17
1713 Jan 48 Nov
8512 8512
77
79
139 Do Serbs, C let pref_ 100 25 Apr 25 7911 Dec 15
*78
79
78
79
16 Feb 41 Nos
75' 77
75
78
7713 774 *841,290 Do Series D 1st pref
100 3513 Apr 25 116 Dec 4
110 11412 11412 11712 110 110
23 Jan 62 Nov
112 112
•108 ____ •108 110
96 Dec 24 99 Nov 25
Prior preferred
97 9712
231
98'!
100 167 Feb 26 180 May 28
9
7
23 Boston & Providence
*ii/ iiO" 1E 12 *3 84 97% 179 179
43
Jan 172 Nov
•Lii- --,.:-. *13/
59
18 May 8811 Dee
61
60 10
.12 --------2,018 East Mass Street Ry 00_ 100 26 Sept 4 6212 Nov 12
59 1912 581s - 7
511 5812 59
100 60 July 31 73 Dec 14
70
425 Do let pref
70
70
*70
7012 70
684 Jan 71 Dee
70
71
70
70 1 70 . 70
100 51 Aug 26 70 Dec 18
70
68
68
*68
70 -------110 Do prefB
48 May 6112 Nov
68 .68 _ __ *68
68
100 35 Sept 3 50 Dec 28
49
4712 4814
875 Do adjustment
49 1 48
/ 483 *48
1
4
4
483
4 48
28 May 4614 Dee
4812 4812 48
100 23 May 27 56 Dec 15
185 Maine Central
55
*54
5112 55
55
5218 5412 54
5412
55
25 June 3711 API
5413 55
100 28 Mar 30 463 Dec 16
4414 '
4
/ 4514 *44
1
4
04413 444 *444 444 _--- --__
/
1
/
1
/
1
420 NY N 11 At Hartford
14
Jan 83 4 Des
1
*45
4513 44
05 Northern New Harapshlre_100 70 Feb 16 90 Dec 4
88
8612 87 ! 87
87
62
90 •8612 90 ' 873 873
4
4 88
Jan 81 No1
'Norwich ck Woreester pref_100 100 Jan 18 125 Oct 22
______
____
'121
_._"121
____ *121
____ 121 121
80
*121 -.1
Jan 108 Nov
BM le6 Jan 2 113 Oct 80
81,014 Colony
7212 Jan 98 Not
_ 112 112 ,*110 112
111 111
111 112
11212 1 - -1-12 2
.11013
60100
4514May 1 6312 Jan 2
34 Mar 64 Nov
------------------------------------------------ Rutland pref
**00 3 101
160 2
:
123 Vermont & Massachueetts-100 87 Feb 24 101 Dec 10
4 10014 '100
....„.2 10,,12
70
o
Jan 934 Nos
Miscellaneous
213 Mar 25
5 Dec 30
4
/ 4
1
4
/ 2,768 Amer Pneumatic Serylee___25
1
4
1 Nov
43
4 43
4
4
/ 43
1
4
41
413 47
8
412 43
4
4
/ 5
1
4
44 Des
50 1612 Mar 25 2412 Dee 3
12 Jan 204 Del
.23
2312 2312 237
2 23
23
23
231 233 23
/
4
4
/ 233 233
1
4
4
4 1,120 Do pre!
/
1
981 Amer Telephone & Teleg_100 1304 Jan 2 145 Dec 9 121 June 13412 Dee
4
/
1
4
4
/
1
4
4
142 143
/
1
4
1424 1423 142 1423 z142 1423 1423 143
4
142 1433
/
1
4
4
5712 Oct 83
Jan
71
71
70
7012 6912 70
6912 70
6914 6912 69 6912 1,187 Amoskeag Mfg
No Par 6112May 6 87 Aug 8
No par 7014May 11 864 Aug 20
--------200 Do pre(
69
•75
76
76
76
75
75
Oct 79 Aug
•75
76
75
75
13 Aug 16 Feb
____ ____ ______ Art Metal Construe. Inc__ 10 14 Jan 16 16 Aug 20
•1712
4612 Aug 25 6712 Dec 5
220 Atlas Plywood t a
6313 03 3 48; .4- • 3 7
13 6
.
63;
67
'2 60- •zOil - -3 Tiz -6-3-*
912 Aug 211 21 Dec 4
No par
500 Atlas Tack Corp
6 June 1014 Jan
1718 1714 17
17
163 163
8
17
iiii2 ---1612
8 163 163
4
4 17
98
9812 98
98
9812 98
9814 98
98
9712 98
808 Bigelow-Hartf Carpet_ _No par 9712 Nov 27 10912 Oct 8
98
*
107_ •107 _ __ 107 10712 *10712 __ _ *10712 ------------20Boaton Cons Gas Co pref__100 103 Jan 171 10814 Aug 31 106- Dec ioF Li/
10 20 Jan 26 45 Dec 31
44 - / 4614 464 484 453 50 , 49 1
4
2014 Dec 284 Mee
50 I 49
2 2,351 Connor (John T)
4
491z 4812 487
244 May 35 Sept
100 Dominion Stores, Ltd_-No par 2814 Jan 30: 74 Oct 29
67 67
•6713 70 .67
6812 66
66
66
66
65
66
99 June 12! 100 Dec 5
100
84
*104 ____ *104 ____ 104 104 *104
•104 ------------51 Do ore! A
Jan 8813 Des
14 Apr 301
618Sept 23
10
2 Sept
*3
314 *3
--------150 East Boston Land
8 FM
34 *3
314
3
/ 31/4*314 4
1
4
3 July 29
!Eastern Manufacturing__ 5
63 Jan 24
4
4
Oct
812 Feb
413 *4
413
/
1
*3
/ 412 *34 412 .312 44 *313 412 *4
1
4
84
/ 86
1
4
25 42 Mar 91 897 Dec 13
8
38
844 8512 85
/
1
2,245 Eastern SS Lines. Inc
Jan 554 Mai
8512 84
85 1 85 85
82
84
No par 35 Jan 15 4614 Oct 31
344 Jan ki FM
44
44
44
44
2251 Do prat
4412 4412 45 45
+4414 45' 24412 447
2
100 89 Jan 3 100 July 20
.97
99
*97
99
____ ____
51 1st Preferred
*97
9912 *97
9913 99. 99
8512 Jan 93 Mi.
18 Aug 27, 2312Sept 23
2018 2018 203 2034 2038 22 1 21
4
2114' 21
21121 4,110 Economy Grocery Stores
2112 21
Edison Electric Blum
loo 200 Jan 6, 213 May 21 16313 Jan 2044 Ha.
739
•20912 21012 210 211
210 21012 2091s 210 1 20912 210
20912 21012
2 Dee 30
534 Oct 0
24 Jan
10
6 Des
*212 314 *211 314 *213 314 *213 314 *212 314
100 Elder Mix CO (V t CO
212 212
18
Jan 41 Des
•22
2212 *22
2212 .22
33 Galveston-Houston Elea -100 17 vet 61 38 Jan 7
2212 .22
224' 22
/
1
22 1
22_I 22
Georgia Ry & Elea 5% pref100 7813 Apr 15 8414 Sept 8
79 Aug 80
Jaz
No par 323 Aug 29, 43 July 1
4
;45" 16(2 "361- 16 z3912 4ola 40
2
4oi2 "iO" 16 "iii" "i61"2 _ 2,351 Gilchrtst Co
12
551 Oct 06 -iii
;
111 11212 11112 113
11138 1123 111 11212 111 112 1 10914 111
5,705 Gillette Safety Razor_No Par 574 Jan 2 11512 Dee 29
;
.1
4
121 Nov
4
25 11 May 12 1512Juue 1
157 Jar
1
*1112 1212 1113 int 1112 1112 *1112 124 *114 U4 --------65 Greenfield Tap es Die
46 Mar 60 Dec
No par 52 May 6 72 Oct 2
69
6812 683
4 68
770 Hood Rubber
.68
6812 68
68 I 6714 68 1 67
67 4
,
41
Apr 59 No
*66
70
67
67
*6614 6714 .6612 6712 6612 6612 --------35 lnternat Cement Corp_No par 5212 Jan 5 80 Oct 1
2 Jan 3 .10 Feb
3 Dec
.10 .10 •.10 .50 •.10 .50 *AO .25 •
29 International Products_No par .05 Dec 28
.10 .50 --- - ---100 .10 Dec 28 1012 Jan 9 .25 Feb 14 De.
•.25 .75 '
3.25
1
.55 .55 ..25 .75' •
.25 .75 --------100
KIdd r, Psa body Acceptance
Do "
ef
80
Jan 8812 De.
10 Corp Class A pref
•9514 __ •9514
__
9414 94141 *954 _....- *9514 - -1
100 8213 Jan 6 9512 Nov 25
/
1
9 Jan 7
/
1
4
813 De.
4 June
Libby, McNeill & Libby- 10
614 Apr 16
14
*814 83
4
814 814
814 8141 •812 8
812 ill ----------1489 Max
218 Wow's Theatres
/
1
4
18 Dec
111 111 113 113 *11
/
4
•1112 12
/
4
25 1114 Aug 11 13 Jan 5
41 1134 1134 1134 12
4
4
113
Fit
66 Nov 81
4
84
84
85
8514 1,036 Massachusetts Gas cos_Ioo 68 Feb 3 85 Dec 21
8412 28312 8412 84
85
8512 84
113 Do pref
62 June 70
Jar
100 6311 Jan 9 70 Oct 5
*66
68
66
66
6612 6612 663
66 66
65
4 6612 6612
155 Mergenthaler Linotype
*19012 195 .19312 194
100 167 Jan 7 197 Oct 14 150 Apr 172 13e,
194 194
19312 194
194 194 ! 19312 19312
714Sept 21
164 Jan 15
/
1
612 Jan 17 FM
/
1
4
•___ 10 .-___ 10
93 104 10
4
/
1
1012
914 10
/
1
4
012 10 1 1,710 Mexican Investment, Inc._ 10
19 Feb 3614 Des
60 Mississippi River Power_ 100 86 Jan 2 124 Oct 27
85
__
85
80
Jan 90 Sew
-S56- 1 6
1 -- -156- - - ;OK "66" 95
911 612 9512
81
Do stamped pref
100 8712 Jan 10 9614 Nov 4
9W
95
96- 829 National Leather
10
33 Dec 29
4
63 Jan 18
4
2 Apr
5 Nos
/
1
4
4
____ ____
/
4
3
/ 44
1
4
414 412
44 412
/
1
4
•3 2 41
7
,
620'Nelson (Herman) Corp
/
4
5 111 Dec 22 17 Dec 15
1612 1612 16
16
1614' 1614 1614 1614 1614 161s 161s 16
3 Juoc 22 .60 Dee
tBs Alp(
.20 .25 •.25 .30 '
.25 .25
.25 .25 --------1,248 New rug. Oil Het. co. Cr Otis .10 Dec 30
3.25 .30
53 •to 7 12 Sept 8
4
a Dec 3114 Mar
80 Do pre! (Cr Min
100
12
____ ____
.8
12
318
12
.8
12
1012 1012 .8
8 May 1514 Mar
27 Dec 31 11 Feb 9
8
-------------- New Eng South 61111s_ _No par
.1
5
.4
5
*4
5
*4
5 ! *4
5
Preferred
40 July 711 Max
/
4
100 20 Dec 24 55 Jan 14
27
27
*2212 30
*22
____ *26
__ .26 __ _ _I .26 ____
98 Dec 11512 Jas
117 11714 117 118
4
11612 1 1714 1163 11712 11512 11614 11512 116 . 3,127 New England Telephone-100 90 Apr 21 12212 Nov 20
-___ Orpheum Circuit, Ina
14
1 214 Oct 22 3234July 30
Jan 2812 Dec
*29
30
.29
31
29
31
29
31
*29
31
694 Oct 87 Feb
100 50 Dec 21 814 Jan 13
55 55
5312 55
53
5312 53
54
5012 53
____ ____ _ 1_____ Pacific Mills
65 Sept 7414 Mar
53 Plant(Thos 0), 1st pret„-190 32 Aug 3 75 Oct 16
64
64
64
111 Jan 17 AU)
/
4
10 1514 Aug 12 18 Apr 8
1512 154 1512 1512 *1514 1512 *1514 1512 *1512 ------------30 Reece Button Hole
:112
24 May
3
Jan
9.12
______ Reece Folding Machine
114 Nov 12
2 Jan 8
/
1
4
8
10
____
*13 ___
*112
_I .112 2
6 100 June 118 Dee
576 Swift es Co
100 10914 Apr 22 120 Feb
11212 113
11234 11313 11314 1 137 11312 1135 11312 114
11312 111-41
3512 June 52 Dec
/
1
4
25 45 Apr 13 7312 Dec 5
190 Torrington
6714 6714 69
70
70
70
70 .68
69
70
*6814 70
*vs 612 *612 _ _ _ _
712 Jan 28
5 Dec 10 Feb
1561Unlon Twist Drill
7
3 Oct 23
7
5
712 8
8 - _
-_
34
Jan 433 Des
4
4814 4814 4814 48
/ 48 483
1
4
4 4812 49
4818 481- -48- -- 2 4,1681:hilted Shoe Mach Corp- 25 4034July 29 50 Nov 4
- 2
48"1243 Feb 281 Noe
4
4
25 2613 Jan 18 29 Oct 22
263! Do pre!
28
28
28
28
28 8 283
,
2814 2814 *2814 2812 28
28
8
13 Apr 20 Nov
/
1
4
1712 18
1714 18
1714 17
1752 1712 1712 4,111 WaidorfSys,Inc,new eh No par 1413 Aug 4 1934 Jan 3
1752 17 s 17
7
64 Jan 1012 Pet
6 Jan 15 34 Dec 28
1651 Walth Watch Cl B com_No par
.
30
33
31
31
32
32
*30
33
•30
32
-___ ___14 June 234 FM
100 1714 Jan 8 57 Dec 24
--------232 Do prof trust etIs
*5512 57
5514 5612 56
567
s
5512 56
55
55
6212 Dec 73 Fat
100 65 Jan 6 105 Dec 29
105 108
55 Do prior pref
.
105
105 105
10518 10518 *105 ____
/
1
154 June 22 Met
217 - 7- 213 221s *2112 22
8 218
4
2172 2212 22
22
-22- -2
i- 1,180 Walworth Manufacturing- 20 164June 2 2714 July 29
29
/ Jan 39 Yv•••
1
4
/
1
4
60 37 Jan 2 504July 7
46
/ 47
1
4
4714 4612 47
738 Warren Bros
47
47
47
46% 47
4612 47
843* ADC 41
/ Jan 10 4312July 1
1
4
J,.87
Jan
ao
.43
4312 *42
4312 •42
4312 *42
43
5 Do 1st pref
*4014 4212 4114 4114
5
9 no 28 prof
60 4013 Jan 17 48 Dec 17
88 Mar 42
4714 *4414 4714 *4414 4714
46
46
46
46 .45
Will Sc Baumer Candle com___
11 Mar 27 211 Dec 31
/
4
17323 *17
850
173 1712 17
3
17% 171 171 171 171 17
17
/
4
/
4
/
4
/
4
Mining
Adventure Consolidated- 25 .05 Dec 30 .25 Jan 26 .16 Dec .31 Des
.05 .25 ..05 .25 +.05 .25 ..10 .25
•.10 .25 •
.05 .25 •
Algomah Mining
25 .10 Mar 3 .25 Jan 2 .10 June .25 Dec
.10 .25 +.10 .25 *.I0 .20
.05 .20 •
.05 .20 •
•.05 .20 •
3 Jan 10
5 June
26 .60 Dec 18
.90 .90 •.80 .90 '
34 Dee
3.75
1
200 Areadlan Consolidated
.70 .75
.65 .65
.70 .70
94 Mar 28 15 2 Feb 6
1
8 Jan 16 Des
12
12
/ 12
1
4
5
12 4 1238 1212 1212 1212
,
1234 123
41212
1212 3,886 Arizona Commercial
14 June 311e Des
10 2814JulY 1 6014 Oct24
55
5412 553
,
4 54 4 5512 *54
.55 .55
54
55
.53 .54 3,357 Bingham Mines
4June 8 187s Jan 2
2
25 123
181 May 197 Jas
/
4
s
14
1418 137 1412 1412 1512 15
1514 151s 1512 144 15
/
1
4,063 Calumet & Heels
1 .20 May 5 .90 Aug 4 .37 Nov
•.40 .50 •.40 .50 +AO .50 *.35 .50
Carson 1.1111 Gold
8 FM
.50
.50'.40 .55
25 18 Dec 22 83 Jan 10
1812 June 331. Dee
19 2 20
,
191g 20
187 20
2
1912 20
18
/ 19
1
4
183 1912 2,181 Copper Range Co
4
1 .02 July 6 .78 Feb 6 .30 Dec .70 Mal
Davls-Daly Copper
.05 •
.06
.01 .06 13.01 .06
64 Jan 2
312 312
3 June 5
34 July
•33
4 4
6 s Des
533
4 4
*33
4 4
200 East Butte Copper Mining_ 10
7
,
3 4 3 4 *3 4 4
,
,
25 .40 Jan 7
11 Jan 24 .40 May
/
4
1
Jac
.50 .75 •.50 .70 •.80 114
.50 .55
.51 .51 •
590 Franklin
.55 .55
4.80
Hancock Consolidated
25 .50 June 13
13 Feb 6 .80
4
OctOot
114 •.80 114
--s
2
J
114 •.80 114 •.80
114 •.80
1 1512July 6 23 Jan 24
21
2013 2014 20 8 20 8 40102 2113
21
8
194 Dec 2812 Jan
21
1
610 Hardy Coal Co
2114 21
21
,
,
1 Dec 9
313 Feb 5 .80 May
25
13
4 13
4 +112 1,
250 Helvetia
2 Dec
/
1
4
114 114 *114 2
4
14
, 1 4 .112 2
,
Coal
28 165 Dee 7
1 121 Mar
153 153
180 Island Creek
944 Apr 142 Nos
155 155
158 158 *155 15712 •155 15712 156 156
1 9414May 27 10012 Dec 31
/
4
90 June 100 Sept
9912 10012 1001 10012 100 10012 100 100
*993 1002 0 Do pref
4
67
18
100 101
25
Isle Royal Copper
9 Apr 22 2013 Jan 7
/
1
4
12
1212 1212 123
12 June 224 Dee
,
4
/
1
4 124 123 *113 1214
•113 1212 *11 4 12
4
4
14
/
1June 19 .60
25 .51) June 29
.50 .50
.50 .75
35 Keweenaw Copper
.50 .50 •
.50 .75
Jan
.50 .50 +.50 .75 •
114 Nov
114 *1
114 *1
25
1 April
3 Jan 2 .90 Apr
114 114 *1
114
100,Lake Copper Co
.1
11
/
4
114 •1
34 Des
25
1 Dec 23
2 Jan 10 .70 June
/
1
4
114 114 •112 112 .11 112 *113 113
118 112 •112 112
/
4
525 La Salle Copper
3 DM
2 Jan 13
/
1
4
•13
4 2
5 .95 Sept 12
2
2
.13
4 2
*11 218
/
4
2
2
500 Mason Valley Mine
114 Oct
•17
4 2
2 Dee
/
1
4
25 .40 May 14
114 Jan 2 .50
.60 .60 •
.50 .75 '
.50 .7560 Mass Consolidated
3.50 .75 •
0.50 .75
Jan
.50 .50 '
11 Aug
/
4
112 112
112 112
11
/
4
14 11 *114
3
/
4
112
515 Mayflower-Old Colony
25 .50 Nov 30
3 Jan 2
114
SO
•al1 112
/
4
Apr
5 July
3412 3312 343
4 3414 35
3414 3412 3312 3414
33
25 2512June 9 41 Jan 18
862 Mohawk
2312 June 61 Des
33
33
5 18 Mar 30 25 Jan 2
20
2014 2014 2012 2014 20
3
/ 20
1
4
/ 203 20
1
4
2014 3,615 New Cornelia Copper
1612 Jan 25 1 Dee
197 20
8
1
.10 .10 ---.10 July 2 .85 Feb 18 .40 Dec
300 New Dominion Copper
.30 ..05 .30 ..10 .30 *10 .30
234 Ape
25 .25 - - 25
25
25
100 25 Apr 2 31 Aug 28
5
0
New River Company
25
85 June 40 Mas
62 .z48
_ .250 -- •249
*50
55
50
100 40 June 30 65 Aug 31
100 Do pref
5712 Dec 75 Mar
ss__ - 51
4
/ 612
1
4
612 -- 2
61613 63
7
63 Jan 10
4
63
4 612 612
6
7
/ 1,755 NipissIng Mines
1
4
5
43
4July 3
818
5 4 Jan
3
63 Dm
4
312 3
/
1
4
33
8 3
15 .89 June 5
/ 4,135 North Butte
1
4
3 2 Nov 16
7
31 312
/
4
314 314
11 Oct
/
4
314 312
Ole July
314 314
1
.50 .60 •
•
.60 .80
114 Jan 10 .40 June
.60 1
113 011bviay Mining
25 .15 Nov 24
.50 .50 •.60
1
1 Nos
'
3.60
18
18
18
1814 1814 1714 1714 1712 18
18
451 Old Dominion Co
25 163 Dec 30 27 Jan 10
4
18
15
•17
Jan 284 Dee
1412 1412 1412
*14
1412 •14
1412 15
*1413 15
215 Pd Crk Pocahontas Co-No par 1012June 18 18 Sept 21
/
1
4
10 July 1512 July
/
1
4
143 15
4
2212 2114 2112 213 22
4
2014 2112 1,350 Quincy
2112 22 4 22
3
25 19 Apr22 394 Jan 10
4
14 June 8414 Dec
213 22
36
3512 3612 3512 35 4 36
35
36
35 4 1,099 St Mary's Mineral Land- 25 2813 Apr 21 48 Jan 12
35
,
,
26 June
af) pea
4
343 35
.9
/ 10
1
4
. 8 10
93
1 10
* 5 .
2
50 5 70 Seneca Mining
/ .912 10
1
4
9
/ 9
1
4
3
714 Nov 5 11 Nov 12
*93
8 94
.65 .65
.65 .75
.70 .80
.65 .70
,799 Shannon
10 .50 May 1
Ds Jan 9 .30 Apr
14 Sept
.58 .58
1
.95 .95 •
.75
.75 1
.75 114 •
150 Superior & Boston Copper.. 10 .70 May 13
.90 .90 •
2 Jan 5 .25 Aug
114
21$ Dee
•.75
61
4 67
s
612 63
4 7,090
/
1
4
6
67
s
3 2 Jan 2 8711 Jan 23
7
63
4 6
7Is 74
371 Dee
17 June
4
713 714
.65 .65
.50 .50
.70 .70 •
.65 .65
400 Mali Metal& Tunnel
.70 .70
1 .40 July 7 .98 Jan 29 .14 June .70 July
•.60 .65
.40 .50
.40 .50 *.40 .50 •
.40 .50 •
Victoria
25 .22 Nov 24
14 Jan 81 .15 Apr
.40 .50 •
1 Aug
•.40 .50 •
20 Winona
25 .10 Doe 28 .48 Jan 7 .18 Feb .71 July
.17 .17 0.17 .25 •.17 .25 *.17 .25 ..17 .23 •.20 .50
.50 •
.30 .50
.50
.50 •a-__
Wyandot
25 .05 Am 14 .21 Feb 11 .10 July .25 July
.50 a._
. .50 *a_ _ •Ble end asked prices. no Wee on Skb da7j •Ex-rkalta• D 11
:3-017. and rights, a Ex-dly a Ex-etoek My. a Amesemeat paid
Pries on new baits.




I

JAN. 9 1926.1

THE CHRONICLE

Quotations of Sundry Securities

203

Outside Stock Exchanges

All bond prices are "and Interest" except where marked
"f."
Standard Oil Stocks Par Bea. Ask. Railroad Equipm
ents Per Cl '
Baste
Anglo-Amer Gil vot stk__Xl .
1914 1912 Atlantic Coast Line ile
Boston Bond Record.
5.20( 5.00
-Transactions in bonds at Boston
Bonus stock
*17% 18
Equipment8)45
5.00i 4.85 Stock Exchange Jan.
•tiantIc Refining
100 108 1083 Baltimore & Ohio Os
2 to Jan. 8, both inclusive:
4,
5.30
Preferred
11613 1163
100
4
Equipment 414e & 5s....._ 5.00 4.80
I' +-way
aorne Serymser Co
100 227 235 I Buff Koch
25 6.00
Last Week's Range Sales
anekeye Pipe Line Co....-. 80 *553 sew Canadian & Pitts equip 6e- 5Range Year 1925.
4
Pacific 4545 & (16- 5 00 4.75
.
Sale
7
1liesebrough Mfg new... 25 •681 70 Central RR
of Prices.
for
of N J 138
Bonds6.20 5.00
Price. Low. High. Week.
Preferred
Low.
100
High.
Chesapeake & Ohio 65
5.30 5.10
continental 011 new
10 *2472 25
Equipment 6548
5.10 4.85 Atl G & W I SS L 5s_ A959 73
Rights
73
585c. 85c.
7334 89,500 63
Jan 7854 Sept
Equipment 58
5.00 4.80 Boston Elevated 4s_ _ _1935 90
_lescent Pipe Line Co__ 50 *1514 16
90
90
2,000 8834 Oct 100
Mar
5.25 5.00 Broad River Pow 6546.1934
Otimberland Pipe Line100 134 135 Chicago Burl & Quincy as
102 102
6,000
Chicago A Eastern III 53.45- 6 50 5.15 Chic Jct Ry&U S Y 68 1940
.
Eureka PItre Line Co_ __ _100 .61
99
99
99
7,000 96
62 Chicago & North West
Feb 100
Sept
5.10 Current River 56
136- 5 35
.
Galena Signal 011 com_....100 *28
1927 9934 9934 9934
1,000 9954 Nov 10054 June
29
Equipment 6548
5.10 4.90 East Mass Street RR Co
Preferred old
100 94
97 Chic R I & Pao 4%e 5s
5.00 4.76
Series A 434s
&
1948
Preferred new
64
6434 13,000 6134 Dec 72
92
100 90
Feb
Equipment Os
5.45 5.15
Series 13 58
(fumble 011 & Ref new
1948
67
70
25 •9512 96 Colorado &
12,750 66
Dec 78
Max
aline% Pipe Line
.
1937
10434 10434 4,000 10134 Jan 106
100 135 136 Delaware & Southern &L.-- 5 50 5.20 Hood Rubber 7s
July
6.20 5.00 Mass Gas 4348
Hudson Ile
qoperial 011
1929 9854 9854 9854 16,000 9734 Feb 9954 Dec
25 *13412 135 Erie 4 Ms & 58
5.25 5.00
5348
New when Issued
1946
9934 100
2 3714 37%
51,000 9934 Dec 100
Dec
Equipment Os
5.50 5.25 Miss River Power 5s__1951 100
'adieus Pipe Line Co___ 50 *58
13,000 9634 Jan 100 June
9954100
5812 Great Northern 6s
5.35 5.10 New England Tel 53-.1932 10054 10054
International Petroleum.(1) *33
10034 17,006 9934 Jan 10154 Aug
3 34
4
Equipment 55
4.95 4.80 P C Pocah Co 7s deb...1935
Magnolia Petroleum____100
110 110
1.000 101
Aug 120
Sept
Hocking Valley 6e
4.95 4.80 Swift & Co 5s
National Transit Co--12.50 ;11Z"
1944 100
10,000 973.4 Jan 10034 June
Equipment 65
5.35 5.10 Western Tel & Tel 58_1932 10034 9954 100
New York Transit Co___100 49
10(1 10034 12,000 9254 Jan 10034 June
50 Illinois Central 4345 & 5e
4.85 4.70 Wickwire Spencer 78_ ..1934 63
Northern Pipe Line Co_.100
62
63
72
6,000 59
71
Dec 7954 Mai
Equipment Os
5.20 5.00
Ohio Oil new
25 64% 6514
No par value.
Equipment 75 & 6548---4.80
Penn Me:Fuel Co
5 55
....„,
25 19
22 Kanawha & Michigan
6e
Prairie 011 & Gas new_ _ _ 25
07
." 5.15
Philadelphia Stock Exchange.
563 57
4
-Record of transactions
Equipment 4548
5.20 5.00
Prairie Pipe Line new
100 12612 12712 Kansas City Southern
Solar Refining
53.45- 5-35 5.00 at Philadelphia Stock Exchange, Jan. 2 to Jan. 8, both
100 204
Southern Pipe Line Co_ _100 63 207 Louisville & Nashville 68..._ 5.20 5.00 inclusive, compiled from officia
65
l sales lists:
Equipment 6 he
5.00 4.80
South Penn 011
4.75
Southwest Pa Pipe Linea loo 188 189 Michigan Central 53 & 68
.
Friday
100 55212 54 IlInnstP&5E5 Oils& Ni 5 15 5.00
Sales
5.30
m
Standard 011 (California) 25 • 5
Last Week's Range for
Range Year 1925.
4
Equipment 850 & 7e___ - 51_ 5.05
Standard 011 (Indiana)._ 25 59 8 593
_5
Sale
of Prices.
Week.
StocksStandard 011 (Kansas)._ 25 •681 6814 Missouri Kauai & Texas 66 5 00 5.25
.
Par. Price. Low. High Shares.
Low.
*343 35 4 Missouri Pacific 6a & 6345.
4
High.
,
Standard Oil (Kentucky) 25
- 5.60 5.25
4
5.05 4.80 Abbotts Al Dairy pref _100 10034
Standard Oil(Nebraska) 100 *1323 133 Mobile & Ohio 4345 & 5e
10054 101
244 248 New York Central
85 92
Jan 10154 Oct
4.70 Amer Elec Pow Co pref _100 10134
Standard 011 of New Jer_ 25
43.40 & 5e 4.85
10134 10154
43 91
*44% 45
Oct 10434 Apr
Equipment 6a
5.20 5.00 American Stores
Preferred
• 8534 8354 8734 11,177 4554 Jan
100 117
Equipment 7s
8854 J1113
5.05 4.80 Bell Tel of Pa pref
1
uandard Oil of New York 25 *461 11714
111
111 11134
87 10734 Apt 112
4614 Norfolk & Western 434s--..
Dec
4.80 4.60 Brill(J G)Co
Standard 011 (Ohio)._
.
100
136 136
40 95
_100 353 358 Northern Pacific 7s
Mar 145
Nov
5.10 4.90 Buff&Susq Corp pf v t c 100
Preferred
52
53
100 117 118 Pacific Fruit Express 76
110 48
Nov 53
Jan
5.0 4.85 Cambria Iron
Swan & Finch
50 39
3854 39
100
165 38
23 Pennsylvania RR eq 56 & es 6.2 4.75 Congoleum
Mar 40
Jan
Iinlon Tank Car Co__100 21
Co Inc
•
18
18
92
100 17
94 Pitts & Lake Erie 6 Hs
Nov 43
Mar
' 4.90 East Shore G & E 8% pf.25
Preferred
2534 2554
100 1131 115
60 25
Feb 27
July
Equipment Os
5.45 5.20 Eisenlohr (Otto)
acuum 011 new
1015 19
19
. 25 *10714 1073 Reading Co 4345 & 56
826
1934
954 July
4
1934 Dec
4.85 4.60 Elec Storage
Washington Oil
73
7335
335 6134 Apr 8054 Dec
10 *55
60 St Louie & San Francisco 56. 5.00 4.84 Fire AssociatBattery_ _100
Other Oil $
ion
50 300
300 300
19 227
Jan 300
Seaboard Air Line 554s & 6s. 5.50 5.25 Giant Portl Cement
Dec
atlantic Lobos 011
49
4934
235 46
(I) *2
214 Southern Pacific Co 43.4a.. 4.85 4.78 Insurance Co of N A_ pf _50
Jan 5934 Sept
Preferred
_ _ _10
50 •4
1,631 4634 Feb 70
413
Equipment75
Jan
5.00 4.80 Keystone Telephone__ _ _50 6434 6254 0434
..tulf Oil new
7
7
734
400
6
Jan
954 June
Aiountain Producers.-- 25 *9112 92 Southern Ry 434. & Si..... 5.05 4.80 Lake Superior Corp_ __.100
354
334 334 3,055
10 *25% 253
3
8
Aug
Equipment6s
73.4 Feb
5.3(1 5.05 Lehigh Navigation
klexican Eagle 011
50 11434 11054 11434 26,704 8054 Mar 11434
5•
Toledo & Ohio Central 61
Dec
5.50 5.10 Lit Brothers
National Fuel Gas
10 3234 323.4 3354 6,253 2154 May 37
100 14212 146 Union Pacific 7e
NON
Salt Creek Cons 011
5.00 4.80 Manufactured Rubber_ _10
434
231 534 3,910
10 *91a 914
234 Dec
234 De(
lait Creek Produce
North Pennsylvania_ _50
3314
rs__ 10 35
8154 8134
25 80
Dec 82
Tobacco Stocks
Jar
Penn Cent Lt & P cum pf _• 7334
7234 7354
924 60
American Cigar common 100 113 116
Jan 73
Del
Pennsylvania RR
Public Utilities
50
5434 5534 17,272 4234 Apr 5634 Diu
Preferred..
98
amer Gas& Elea new
100 95
Pennsylvania Salt Mfg_ _ 50 7154
7154 72
110 70
___(2) *8312 8412 Amer Machine & Fdry--100 185 195
May 8554 Jar
6% pref new
(t) *92 95 British-Amer Tobao ord. Eli •27 28 Phila Co (Pitts) pref (cum
Deb 66 2014
6%)
50
48
48
135 3754 Apr4954 Atte
MAN *973 983
4
4
Bearer
1 *27
28
amer Light & Tree
£1
Phila Electric of Pa
25 5754 5454 58
com_100 237 240 Imperial Tob of 0 B & herd 25
79,393 3734 Apr58
28
De(
Preferred
Full paid receipts
54
5734 9,450 4634 Dec 5834 Del
100 •115 117 Int Cigar Machinery_
90
&mar Power & Lt
100. 85
Rights
5734 5634 5634 1.613
7312 7412 Johnson Tin Foil & Met_1001 60
75
Phila Insulated Wire
comn.Prefd
•
50
941 96 MacAndrews & Forbes
50
101
85 46
May 5454 Noi
100 183 188
Deb 158 2016
Phila Rapid Transit_ ___50 5154 51
5134 1,588 40
97
Preferred
Jan 5134 Da
100 103
Amer Public Util coca_ M&S 96
Philadelphia Traction___50 5734 57
5734
__100 80
450 58
82 Mengel Co
Nov 6354 Mg
42
45
Phila & Western
7% Prior preferred _ _ _100 88
60 14
1334 1434
1,822 1034 Oct 1834 Jets
91 Porto Rican-Amer Tob 10
63
1000 60
A% part!! pref
00.
Preferred
so
3434 35
232 35
85 Universal Leaf Tob com_100 68
Oct 3534 Or
70
associated Gas & El pf 100 82
Scott Paper Co pref.---100 100
100 10054
(1) •50
28 96
51
Preferred
Jan 10034 Oc
100 97 100
Tono-Belmont Devel__ _1
Secured e 6348 1954 J&J 101 103
2 9-16 332 44,833
54 Jan
Young (.1 8) Co
2 9-16De
Blackstone Val(l&E corn
100 123 126
Tonopah Mining
1
4 15-16 534 18,065
50 *95
97
154 Mar
Preferred
634 Not
100 105 110
Service common_ _ _20 *381 383
Union Traction
50 3834 38
3834
1,202 38
8
Dec 44
Mal
Preferred
United Cos of N J
100
20254 20254
100 84
18 19934 Jan 205
8412 Rubber Stocks (Cleveland)
Oc
Preferred 13
United Gas Impt
50 12334 119 12454 19,089 7954 Mar 1
10 (..754 77 Firestone Tire & Rub com 10 * -___ 128
8
2454 De.
Preferred B-B
Victory Park Ld Imp Co_10
100
634 634
79
700
6% preferred
4
Apr
1334 Oc
100 100 101
OMNIService Bankers Shares *77
West Jersey & Sea Shore_50 46
45
*191
46
320 3134 Jan 48
7% preferred
100 994 100
Ars
Oom'w'Ith Pow Corp
Westmoreland Coal
50
5534 56
new(t) *41
42 General Tire & Rub cam_ 50 *375 390
30 413.4 Aug 60
Preferred
De
York Railways pref
50
3734 3734
8712
20 35
Preferred
Oct 38
100 105 108
glee Bond & Share pref 100 86
AtIl
_100 104 10512 Goodyear Tire & B.
Elea Bond & Sh &sour
oom_100 381s 3712
Bonds•80
81
Goody'r T & R of CAD pf 100
Elea Ry Securities
, 94
Adv Bag & Paper 713_ _1943
(2) 4.5
6 India Tire & Rub
1015410134 $1,000 100
Oct 10154 De
100 115 - 175
Lehigh Power Securitie
Amer Gas& Elec 5s._ -2007 9334 92
s-(I) •220 224
9334 4,200 87
Preferred
Apr 94
Mississippi Riv Pow cons
95 100
Jun
Elec at Peoples tr etre 48 45 5834 5834 59
100
40,100 57
Mason Tire A Rub com_(2) •11, 2
Jan 65
Prefer ed
Ma
Keystone Telep 1st 58_1935
100 • '95
91
97
9154 2,000 8254 June 9254 Jun
Preferred
15
First mtge 66 1961
LehighC&Navgen4348 '24
J&J 9012 10012 Miller Rubber
9834 9854 2,000 9534 Sept 101
cum. new 10°
F g deb 78 1935__M&N 102
39
Jun
S I?
Leh V Tran ref & imp 58'60
7334 7334 6,000 7334 Dec 8054
Preferred
Nat Power & Lt corn w
1013
4 Phila Co let 58 stpd sk fd
Me
37 17 4 Mohawk Rubber
113°0 1K1
Preferred
79
(I) *10112 10212
Preferred
& red
Income 78 1972
82
85 ,1 Phlla Elm 1st a f 46_ 1951 9654 9654 9634 5,000 9354 Jan 9854 Sep
J&J
.1966
8534 8534 1,000 83
Jan 8534 IrDe
North States Pow corn_ -100 10312 105 Selberling Tire & Rubber (5) 2812 293s
55
130 132
102 10234 5,000 100
1960
Preferred
Aug 104 Sep
Preferred
95
100
let 55
1966 1033.4 10254 10334 54,800 100
Nor Texas Eleo Co corn. 100 100 101 Swinehart Tire A R com_101 ---Aug 10454 See
1
90
40 45
5348
1947 10654 10654 1063.4
Preferred
8,000 10334 Jan 107 Jun
Preferred
100 - --- - 100
136
1941
10734 108
15,000 106
Pacific Gas & El let pref_100 0712
Jan 10834 Jun
United Rys geld tr ctf 46'49
9812
Sugar Hocks
5954 65
6.100 54
Power Securities com
Mar 73 Jun
wo.a llollsonve lvt Na 1027
(2) *10
13 Caracas Sugar
9541 95a1
1.000 92
Jan 95H De
Second preferred
so •1 212
()) *17
21 Cent Aguirre Sugar oom_ 20 79
Coll trust Os 1949___J&D *87
81
•No par value.
91 Fajardo Sugar
Incomes June 1949__F&A •78
142
100
81 Federal Sugar Ref com 100 139
ruget Bound Pow & Lt.-100 60
54
50
Baltimore Stock Exchange.
63
-Record of transactions at
Preferred
100
85
61 Preferred
%
100 84
86 Godchaux Sugar, Inc
(I)
9 Baltimore Stock Exchange Jan. 2 to Jan. 8, both in7% Preferred
100 107 109
Preferred
1st & ref 534s 1949 J&D 99
100 32
37
clusive, compiled from official sales lists:
100% Holly Sugar Corp oom (:) *36
38
public Ry &
6612 68%
Preferred
Preferred
100
84
Friday
Sales
100 95
97 Juncoe Central Sugar_..100 78
South Cain Edison com_100 138
Last Week's Range for
Range Year 1925.
13912 National Sugar RefinIng_100 11112 113
8% preferred
Sale
of Prices.
100 135
Week.
New Niquero Sugar-- 100
Standard G&EI 7% Pr Of 100
Stocks80
Par. Price. Low. High Shares.
Low.
High.
i2 3
Tenn Elea Power 1st id 7% 99 111:; Banta Cecilia Bug Corp pf100
Armstrong-Cator 8% pf100
•139 141
Western Pow Corp pf 100 99 100 Savannah Sugar corn..
53
53
2 52
Dec 100
99
Preferred
Sept
100 113 116
Amer Wholesale, pref.. 100 100
West Missouri Pr 7% pfr _- 97
100 100
2 8454 Sept 100
94
97 Sugar Estates Oriente pf-100 40
Sept
Arundel Corp, new stock.* 34
45
3334 3434 1,726 2034 Mar 3934 July
Atlan Coast L (Conn)__ _50
Short Term Securities
28254 26254
20 160
Industrial&Miscell__
Jan 272
Dec
Baltimore Trust Co
Anaconda Cop Min 611'29J&J 1027s
50 147
147 14734
62 11134 Feb 150
Sept
25 *98 100
Baltimore Tube
ObleIR I & Pao 55 1929 J&J 99% 10318 American Hardware
100
2234 2251
20 18
Oct 32
Jan
9912 Babcock & Wilcox
100 147 149
Beneath (I), corn
Federal Star Ref fis '33_111I&N 93
•
3954 40
96 Bliss(E W)Co new
80 3834 Jan 40
May
(2) •29
31
Hocking Valley 55 1926 MAO 100
Preferred
25
27
27
40 25
July 2754 Aug
(erred
50 *55
Central Fire Insurance_ AO 2634 2634
Lehigh Pow Sec Os '27_F&A 101 10014
10113 Borden Company com (f •100 102
211
2654
26
Dec 4134 Oct
Century Trust
Missouri Pacific 58 '27 J&J
50
15534 15554
5 106
Jan 155
Dec
100 20
25
Bloss-Sheff Sarl ge '29.1r&A 1001 100Is Celluloid Company
Ches& P Tel °Malt,pL100 112
1103.4 11234
1013
Preferred
83 11054 June 11454 June
100 67
72
Commerce Trust
WI. Cent 5126 Apr 15 IT -- 1001 1024
100 58
5731 58
30 5734 Mar 60
1009 Childs Company pref
3
Feb
100 118 11912 Commercial Credit
• 4734 4734 4734
19 2234 Mar 55
Hercules Powder
Dec
100 138 142
Preferred
Joint Stk Land Bk Rends
25 2634 26
2634
411 24
Apr 27
Nov
Preferre
100 112 115
Preferred B
Ohio Jt Stk Ld Bk 55-1951 1001 10112 Internat d
25
27
2754
200 2334 Sept 2734 Dec
ional Silver prof-100 104 110
Consol Gas, EL & Pow_ • 47
51 1952 opt 1932
45
10014 10214 Lehigh Valley Coal Sales 50 84
48
1,301 32
Jan 4734 Aug
85
6% preferred
58 1983 opt 1933
11)0
102 102
101 103 Phelps Dodge Corp
July 105
7 102
Oct
100 124 126
654% preferred
530 1961 opt 1931
100 10834 10854 10854
102 10412 Royal Baking Pow oom-100 205 210
Apr 11034 Sept
45 105
7% preferred
iMs 1962 opt 1932
100 11054 11054 11034
1001 10112
Sept
Mar 114
77 109
Preferred
100 101 103
8% preferred
4341 1952 opt 1932
100 12454 124 12454
Mar 1273.4 Mar
991 1003 Singer Manufacturing- -100 383 388
208 122
4
Consolidation Coal_ - -100
4545 1964 opt 1934
48
May 72
4954
100 101
Jan
224 36
Eastern Roll Mill, new atk• 41
1134s 1963 opt 1933
40
10038 102
41
546 37
Nov 4334 Dec
Equitable Trust Co
412s 1965 opt 1935
25
6234 6254
100 102
Jan 8534 Oct
100 52
Federal Finance Corn
Pao Coast of Portland. Ore
•
Nov
3034 3054
25 3034 Nov 31
Fidelity & Deposit
5. 1955 opt 1935-- M&N 10132 10338
50 120
120 122
Jan 124
Nov
129 89
Finance & Guaranty Co_25 2634 26
56 195400 1034___ M&N 101 18 1027
May 26
2634
Nov
811 18
*
Preferred
25
1854 19
68 18 May 1934 July
Finance Co of America A.
1134 1134
95
•Per share. f No par value. S Basis. 4 Purchaser also pays accrued
Series B
dividends.
•
1154 1154
100
!connect. f Flat price. k Last sale. n Nominal. s Ex-dividend
y Ex-rtig b Le. Finance Service, Class A.10 2054 2054 20%
25 1834 Jan 22
July
olga-stock dividend
- s Bale price
r Canadian quotation.
Ex-interest.




ono

0

Inn

11

To12

Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.

10OR

2055
174
218
20
1554
2535
95

101
101
1014 10134
10034 101
100 100
10155 10135
9554 9555
1004 1004
1044 1054
106 106
106
664 664
101 101
93
93
93
9835 9855
9134 92
964 9651
994 9951
9831 9831
6634 6655 67
4851 484 4834
6756 684
9755 9754
9135 914 92
973.4 984
7134 73
10144 1(11 ;4

High.

Low.

88g807.888gg8g888 toEitl.to=; WWNOWW.N.WW.W0
0WWWWWWWWN.-4.0.0WWW
-4WW00,

161

..

1634
81
56

Sates
Friday
Last West's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.

Range Tsar 1925.

8135
78
5035
21
22
21
824
44
1335
43
956
55
4255
764
12634
25
12
1551
179

Feb 9955 Oct
Jan
Apr 97
Nov
July 73
June 25 June
Nov
June 26
June 2455 June
Apr 10234 Oct
Dec
Dec 47
Jan 2455 June
Oct
Oct 46
Nov
Apr 20
Mar 8331 Nov
July
Jan 56
Jan 8154 June
Aug
Jan 185
Sept
Jan 34
Jan
May 22
Sept
Apr 21
Dec
Jan 218

555 Apr
May
11
Apr
44
June
51

0
§§ 000000000006000
88
00
8
§§§§
§

12/11 A. I.Volginn SA

65
224
24
23
10134
45
2351

9355 9355
89
89
6355 65
224 23
2355 24
23
22
10051 10151
4934 45
2334
23
44
43
1654 1655
81
80
56
55
7831 81%
161 162
34
34
2234
20
1755 1735
218 218
21
20
1555 1535
2555 2534
95
94
5334
53

.
..

Ca So & Fla, let pref _ _ _100
„Houston Oil pref tr ctts_100
Manufacturers Finance_25
25
First preferred
25
Second preferred
25
ITrust preferred
Maryland Casualty Co_ _25
___
Merch & Miners, new....•
Mortgage & Accept, com_•
50
Preferred
Mt V-Woodb Mills v t r.100
100
Preferred v t r
New Amsterdam Cu Co.10
50
Northern Central
Penna Water & Power _100
Roland Park Homeland. •
•
Silica Gel Corp
United Ry & Electric_ _ _50
IT S Fidelity & Guar_ _ _ _50
LT 8 Fidel & Guar rights_ _ _
Wash Bait & Annap— _ _50
50
Preferred
West Md Dairy, Inc, corn."
50
Preferred
Bonds—
Alabama Co gen 68.._1933
Balt Electric stpd 5s..1947
Bernheimer-Leader 7s _1943
Commercial Credit 68_1934
Consolidated Gas 5s..1939
41954
General 456s
Cons GEL&P ref 5s 1965
514% notes ser E_ _ _1952
6% notes series A.1949
Danville Trac & P 5s _1941
Davison Sul & Phos 68.1927
Fairm & Clarks Tr 58_1938
1931
Fairmont Coal 5s
Md Electric Ry 652s. _1957
Norf & Ports Trac 58..1936
North Bait Trac 58 _ _ .1942
United E L & P 4 4s_ _1929
United Ry & E 4s_ _ _ _1949
1949
Income 4s
1936
Funding 5s
1927
6% notes
1949
when Issued
68
Va Ry & Power 5s_ _ _ _1934
Wash Bait & Annap 5s '41

.

_

174
254
96
55

Sept
Dec
Nov
Nov

Jan
Mar
Jan
Apr
June
Jan
Aug
Jan
Jan
Aug
Dec
June
July
Dec
Jan
Jan
Jan
Dec
Nov
Nov
Oct
Dec
July
Apr
Nov

1024
10134
1044
101
10135
9554

Nov
Dec
Sept
June
June
Dec
July
Aug
Sept
Mar
Dec
July
Oct
Mar
June
July
May
June
Jan
Nov
Jan
Jan
July
Dec

9934
100
994
9855
99
924
99
102%
10434
65
9856
92
96
92
62
9934
984
6634
48
6751
9555
914
98
58
10034

wog

10555
1064
7135
101
954
9834
100
9755
100
99
71
624
74
9955
9634
98
77
102

May

25
Paragon Refining corn.
100
Preferred
Procter dr Gamble com_ _20
100
8% preferred
100
6% preferred
Pure 011 6% pref
100
8% preferred
100
100
Richardson corn
100
Preferred
100
Btandard Drug
100
Miacht pref
•
II S Can coin
100
Preferred
20
U S Playing Card
U S Print & Litho com _100
100
Preferred
•
U S Shoe com
100
Preferred
Vulcan Last pref
•
Whitaker Paper corn
100
Preferred
Wurlitzer 7% preferred 100
100
8% preferred

Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Jan. 2 to Jan. 8, both inclusive, compiled from official sales lists:

35
98
110
115
83.4
60
9934
20
240
18
11234

Oct
Sept
Feb
Jan
Feb
Nov
Oct
Nov
Dec
Oct
Oct
Mar
Oct
Dec
Dee
Nov
Nov
Dec
Feb
Dec
Dec
Dec
Nov
Feb
Jan
Jan
Jan

-.1

NNto

N-.W

§

Stocks—

Am Laundry Mach com_25
100
Preferred
Amer Rolling klill cm_ _25
100
Preferred
100
.
Baldwin new pref
Carey (Philip) pref._ _ _106
100
Champ Fibre pref
•
Churngold Corp
•
Ice & Fuel
City
Cooper Corp (new)_ _ _ _100
Eagle-PlIcher Lead corn.20
100
Fay & Egan pref
100
Fleischmann pref
•
Formica Insulation
-Bauer corn._•
French Bros
•
Grant Tire
•
Gibson Art corn
Globe Wernicke corn...100
100
Preferred
•
Gruen Watch corn
100
Preferred
Paint pref.._ _ _100
Johnston
20
Kodel Radio pref
10
Kroger corn
100
New preferred
•
—__-- -




14134 14534
12455 12955
5156 53
108% 109
10555 10556
111 111
103 103
68
67
2551 2555
106 106%
3434
34
65
65
115 115
2555 27
1555 16
2351 2755
3854 3651
9854 100
94
94
37
36
10434 105
99
99
99
2134 214 2134
134% 12734 135%
110% 111%
111

144
1244
5234
109
10554
III
103
67
254
10655
3455
65
115
27
16
2735
3634
100
94

90

911

205.4

2,299
10
3,079
93
5
10
17
130
358
28
3,886
3
18
516
452
325
252
242
250
25
5
17
25
2,645
269
110

Range Year 1925.
Low.
Feb
72
Jan
118
Jan
97
1064 Feb
10351 Jan
Jan
105
9954 June
484 Jan
Dec
25
9551 Apr
Mar
31
Aug
60
Feb
112
1851 Mar
Mar
10
2351 Jan
Apr
35
8256 Sept
Nov
96
Feb
30
100% Jan
Dec
97
204 Apr
7334 Mar
11034 Jan
Nov
90

High.
161
126
5734
11134
10931
113
105
79
10351
117
4014
95
115
32
16
2454
30
90
10254
38
105
103
2231
14134
11355
2034

Nov
Aug
Jan
May
June
Sept
Apr
Sept
Nov
Sept
Jan
Jan
Oct
Sept
Dee
Jan
Feb
Dec
May
Nov
Jan
Feb
Nov
Oct
July
Nov

July
July
Dec
Sept
Nov

158
108
23
100
7355
105
155
8234
105
1055

Jan
Nov
Nov
Jan
Oct
July
Nov
Nov
Apr
Feb

Jan 100
100
1635 Slay 5854

Jan
Oct

90
102
2234
100
51
100
10735
59
94
551

Feb
May
Nov
Jan
Jan
Apr
Mar
Feb
Oct
Apr

Nov
Nov

Feb 111
Feb 111

105
105

May
Mar 225
Jan 32256 Nov
Jan 32255 Nov

1 205
24 275
15 270

Tractions—
'2In Street RY
Milo Traction pref

920
50

Railroads—
.7olumbus & Xenia
Attu. Miami crimr

33
79

50
100

33
79

50

93

93

00

al

02

3334
79
93
02

I
1

931 Sept
3134 Aug - 3
Jan
Sept 40
85
9251 Nov
In n
09

93
ns

Jan
Jan

• No par value.

St. Louis Stock Exchange.—Record of transactions.at
St. Louis Stock Exchange Jan. 2 to Jan. 8, both inclusive, compiled from official sales lists:
Stocks—

zates
ertaay
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Sh2res.

Banks—
First National Bank_ _ _100
Nat Bank of Commerce.100
State National Bank_ _ _100

228
155
161

229
15655
161

Trust Company Stocks —
100
Mercantile Trust
Mississippi Valley Trust100 267

410
267

410
270

Street Railway Stocks —
914
United Railways, pref_ _100
Prof, certif of deposit.100
100
Common

clusive, compiled from official sales

JWCS
Friaay
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

212
325
328

High.

10
555 Jan
Apr 7851
56
Jan 190
112
Feb 170
156
10551 Sept 11234

June
51 764 Sept 94
May
Jan 90
294 82
Jan 12655 Sept
61 103
June
Jan 84
75
181
May
Mar 110
94 106

Miscellaneous Stocks—
Amer Investment "II" _ _ _ •
Baer,Sternb&Cohen,com.•
100
Brown Shoe,corn
1123.4
Cert-teed Prod, lst pref.100
3%
•
E L Bruce, corn
116
Elder Mfg, 1st prof..._100
55
Ely & Walker D G,com_25
52
1934
Fulton Iron Works,com__•
.39%
Hamilton-Brown Shoe. 25
3755
•
36
Hussman Refr, corn
34
•
3355
Huttls S & D. corn
834
100
53.4
Preferred
308
300
Hydr Press Brick, corn.l00
3134
100
36
Preferred
7756
•
Indep Packing, corn
754
934
International Shoe, com- •
9%
79
loo
Preferred
98
•
Johansen Shoe
136
•
Johnson-S & S Shoe
11834
2034
*
MeQuay-Norris
*
Mo-Ills Stores, com
1404 Aug Missouri Portl Cement_ _25
Feb
95
National Candy, com_100
•
Pedigo-Weber Shoe
Polar Wave I & F "A"___•
Bonds—
7555 July Rite-Silo D G. corn
•
75
'75
rodeo Brewing 6s_ _ _ _1955
100
First preferred
•
Sheffield Steel, corn
•No Par value.
Products corn. Sleloff Packing, corn
•
Note.—Sold last week and not reported: 81 American Vitrified
*
Bros "A"
at 94; 60 A. M.Byers Co., Prof.,
at13234@33: 10 American Vitrified Products pref. Pittsburgh at 140; 200 Federated Skouras & Sulphur. com_ 4
.
Sou Acid
Co.corn. at 5634:6 Bank of
at 9934: 15 Blaw-Knox
150 Pittsburgh Trust Co. Southwest Bell Tel, pref100
Metals at 2234; 42 Jones & Laughlin pref. at 114@11414;
100
St Louis Car, pref
_at 220.
Stlx-Baer Is Fuller, com__•
at Wagner Electric, corn_ — -*
Cincinnati Stock Exchange.—Record of transactionsin- Wagner Elec Corp, pref.100
both
Wm Waltke
• Cincinnati Stock Exchange Jan. 2 to Jan. 8,
100
Preferred
lists:
1714

212
321
328

1,529
15
5,492
17
88
340
7
78
2
100
2
65
82
15
292
19
689
10
10
49
28
1
1

Range Year 1925.
Lew.

Public Utilities2
- .incinnati & Sub Tel _50 8354 8355 84
8955
100 8955 89
in Gas& Elec
In Gas Transportation 100 11255 11255 113
8154 82
N & C Lt & Trac com 100 82
100 10955 10951 109%
Dhlo Bell Tel pref

to

OWOWN0.000W00000.-400000000WWWW

g*Xa4WgtraggggtgillarltIg2 4 tO
4

.4N
W. 1

High.

w
r

94
109
634

Range Year 1925.
Low.
1.W.0040mVapvw......0www00000m r.
.0000 4p.m.o .m.mmm w.co mro. mw

Am Vitrified Prod, com_50
100
Preferred
AmW1ndGlassMach,pf.100
Am Wind Glass Co, pf_100
Arkansas Nat Gas, com_10
Slaw, Knox Co
Byers(AM)Co, pref _ _100
10
Carnegie Metals
100
Colonial Trust Co
10
Devonian Oil
Duquesne Light, pref —100
Indep Brewing, com_ __ _50
Jones & Laughlin, pref-100
25
Lone Star Gas
Nat Fireproofing, com_50
50
Preferred
Ohio Fuel Corporation_ _25
Oklahoma Natural Gas_ _25
Pittsburgh ou & Gas_ — _5
Pittsburgh Plate Glass..100
Pittsb Steel Foundry, corn*
100
Preferred
10
Salt Creek Cons Oil
_100
Stand Plate Glass, pref.
100
Prior preferred
Stand Sault Mfg. com___25
25
U S Glass
Western Say & DOP Bk_ _50
West'house Air Brake_ _ _50
West Penn Rya. lard_ -100

32% 3355
9414
94
80
80
10634 109
614 7
54
54
9934 9934
1734 18
230 230
1634 17
112% 1123.4
24 24
114 114
5134 54
1734 18
3834 39
36
3635
3355 34
5% 6
300 300
36
32
75% 7555
934 9%
32
32
85
85
1184 1184
19
19
115 115
124 125
9051 904

Co

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

8% 94
65
65
139% 160
162 162
11151 1124
8555 90
10555 107
158 158
10651 106%
23
23
100 100
63
61
103 103
142 142
804 8155
94
94
751 855
5651 66 34
100 100
55
5434 55
100 1004
100
10735 1073.4 1074
10555 105% 10555

94
65
158
162
11234
90
10554
158
106%
23
100
61
103
142
8135
94
835
5611

Banks—
100 212
:3t1zens National
Fifth-Third-Union unIts100 325
100 328
First National

•No par value.

Stocks—

(VoL. 122.

THE CHRONICLE

204

Mining Stocks—
Consol Lead tic Zinc Co__20

14

102
3255
33
56
374
634
26.4

Jan 229
Jan 15634
Jan 161

40 410
7 267
•

Jan
Jan
Jan

Jan 410
Jan 270

78 228
203 155
20 161

Jan
Jan

310
200
350

9
935
200

Jan
Jan
Jan

9351 Jan
9561 Jan
Jan
20c

14
14
2934 2934
141 141
102% 105
5255
52
100 102
3251 3355
33
33
57
56
41
40
40
36
103 103
64 634
9755
97
264
26
170 174

100
10
55
60
50
77
547
60
140
65
2,260
32
100
430
165
580

14
2034
141
1023,4
52
100
3234
33
56
40
30
103
631
97
26
170

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1Jan
14
2934k Jan
Jan
141
Jan
105
5255 Jan
Jan
102
3335 Jan
Jan
33
Jan
57
Jan
41
Jan
90
Jan
103
64 Jan
9755 Jan
2e.% Jan
Jan
179
Jan
111
Jan
42
Jan
92
Jaw
18
1654 Jan
Jan
63
Jan
90
384 Jan
3754 Jan
2555 Jan
10856 Jan
2814 Jan
2134 Jan
Jan,
58
5134 Jan
Jan
113
Jan
97
3534 Jan
3454 Jan
Jay
85
444 Jan
Jan
106

4134 42
92
86
18
1734 18
1655 164
1655
63
62
63
90
90
3834
38
3756
3734 3756
2534 25% 2514
108 10834
2855 2655 2855
2155
21
21
58
52
58
51
5134
11234 12134 113
97
97
97
3455
3934 3551
3356 3355 3455
834 85
85
944
44
44
_ 106
51

Big •

955
9
9% 934
20c 20c

111 111

Street Railway Bonds —
E St L 8c Sub Co 5s_ _ _1932
United Railways 45_1934
4s, certlf of deposit_1934

Range Year 1925.
Low.

51

5314

111 111

120 414
72 86
150 1734
1,010 1655
234 62
10 90
355 28
552 3754
1,820 2551
49 108
890 2134
105 21
465 52
35 51
56 11214
5 97
1,529 34%
142 3314
155 8355
461 44
50 106
145

83% 84% $12,000
75
24.000
74
75
24,000

Jan

51

Jan

5334

8334
75
74

Jan
Jan
Jan

8434 Jan
Jan
75
Jan
75

• No par value

Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Jan. 2 to Jan. 8, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks—Par. Price. Low. High Shares.
All Amer Radio, CIA..._5
Amer Pub Serv, pref...100
Amer Pub UM, prof..-100
American shiptutucung_100
100
Preferred
Armour & Co (Del). pf _100
Armour & Co. pref._ _100
Common Cl A v t c___25
Common Cl ii v t c...25
15
Armour Leather
Auburn Auto Co.corn.. _25

96%
86
97
91
24%
16%
5014

18
1914
9634 96%
86
82
7414 75%
100 100
96% 9734
90% 91
24
25
16
16%
4
4
49% 54%

722
285
254
130
45
224
1.455
3,140
5,637
14
10,625

Range Year 1925.
Low.
18
89
75
49
85
90
84

June
May

Apr
Apr
June
Mar
Apr
log Mar
11% Apr
3% May
31% Aug

High.
36%
9834
854
85
104
99
94
29
21
6
5614

Fe
D
Ma
Sep
No
Oc
Fe
Oc
00
Jul
No

JAN. 9 19261

THE CHRONICLE
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-.=1.
O.404..tn,n.....mwM.4Nov4..0,10.
P
pre,co.0000 C00000.0.0O.O.00.CV.
,

. 4.
10
M.
.
4.
*4
.05. W.0.4
..00.1.0.1.0

ObbblmOn
041.0000
.00000

704
Balaban az Katz v t c_ _ _25 6931 69
100
100 100
Preferred
•
411 44
Beaver Board v t c 13_
36
38
Preferred certificatee_100 36
Bandit Corp Class A _ _ __10 2931 2831 3171
• 2931 29
2931
Borg & Beck
10
1611 1634
Bunts Bros
8734 90
Cent In Pub Serv, pref___• 90
8034
Cent Ind Power, pref__100 8931 89
* 90
8931 90
Cent SW 7% pref
11
104 1131
Is, Warrants
5
5
Chic City &Con RY.Prot*
•
32
3231
Chicago Fuse Mfg Co_
49
53
Chic N S & Milw,com.100 53
9934 100
Prior lien preferred_ _100
100
Preferred
80
8131
1
1
Chicago Rye part ctf Ser 2.
575 585
Chicago Title & Trust_ _100
Commonwealth Edison.100 142
140 142
54 64
5
64
Consumers Co,new
100 8734 8374 89
'*•• Preferred
• 1211 12
Continental Motors
134
25
59
60
Crane Co
100
11614 1174
i Preferred
50 4734 474 4734
Cuneo Press "A"
%
5i
Daniel Boone Wool Milla 25
28
29
Decker (Alf)& Cohn,Inc.* 29
100
103 103
Preferred
100 10711 10711 1074
Deere do Co, pref
100 129
Diamond Match
12534 129
23
23
Eddy Paper Corp (The)__• 23
• 30
2931 3214
Elec Research Lab
Evans &Co,Inc, Class A_ _5 274 2674 2734
Fair Co (The)- ........-.° 3311 333.4 3334
FitzSimons dr Cotnell 1/ock
20 27
27
27
& Dredge Co
154 154
Foote Bros(G & M)Co_ _• 1511
•
34 311
Gill Mfg Co
* 3811
38
Gossard Co (H W)
3815
24 234
Rights
234
164 171
Great Lakes D & D____100 168
Hammermill Paper Co_ _10 32
32
32
Hart,Schaffner & Marx.100 117
1144 1144
Hibbard, Spencer. Bartlett
76
25
76
& Co
10 27
Hupp. Motor
2634 284
* 4731 4734 51
Hurley Niachine Co
37
394
100 39
Illinois Brick
904 91
Illinois Nor Util, pref _ _100
Indep Pneumatic Tool___• 5934 58
5934
•
Jaeger Mach Co,com_
26
2634
35
37
Kellogg Switchboard_ _ _ _25 37
Ify Hy 'ro-Elec, pref..100 94
92
94
25 8715 8734 904
Kraft Cheese Co
Kuppenheimer & Co,Inc _5
294 294
144 1434 1434
La Salle Exten MAY, 11.10
Libby McN & L, new_ _10
831
831 834
A.
McCord Radiator Mfg- • 4134
41
42
• 224 224 224
Maytag Co
Middle West Utilities._ _ _• 124
11534 125
Preferred
100 98
974 99
Prior lien preferred...100 10734 10674 10734
Midland Steel Products__* 484 4711 484
95
994
Midland UM prior lien_100 99
Preferred "A"
100
96
96
Morgan Lithograph Co_ _• 58
5731 5811
Nat Elec Pow "A" w I_•
244 25
Preferred
iOo
9334 94
434
10
National Leather
44 44
North American Car Cl A.•
29
1031
Nor West URI pr In pref 100
93
95
Omnibus, pref A, w l_.100
93
93
15
Voting trust cti's w I a_• 15
1574
Orpheum Circuit, Inc._ _ _1
29
29
• 2254
Penn Gas Sr Elec w I
2211 2234
10
Pick (Albert) & Co
21.41 2211
50
5 54
Pines Winterfront A
5931
•
Pub Serv of Nor III
13011 1304
Pub fiery of Nor Iii. _ _100
130 131
Preferred
100 1013.4 1004 10114
7% preferred
100
112 112
Quaker Oats Co
100 132
132 132
Preferred
100
10534 1054
Real Silk Hosiery Mills _ _10 574 5734 5834
10
Reo Motor
2311 254
Stand Gas & Elec, prof. _ 50 55
55
55
Stewart
-Warner Speedom.• 894 8831 93
100 114
Swift & Co
113 114
Swift International
2011 224
15 21
25 464 464 47
Thompson(J R)
Union Carbide & Carbon _• 78
7734 7831
.• 5514 53
United Biscuit, Class"A"
5931
United Iron Works v t c_50
144
114
United Light & Power
CIA WI a_ _ _• 134
.
Common
125 134
Preferred CIA WI a_ _ _ _ • 894 89
91 Ti
Preferred CI Ts w I a_ __.• 504 50
5031
34
Rights
1
United Paper Board__ _100 314 314 324
20 146.4 138 149
U S Gypsum
Preferred
100
115 115
974 9714
175 Stores Corp, pref _ _100
6
64
6
Univ The,atres Colic, CI A.5
•21
18
21
Vesta Battery Corp
•
911
914 94
Wahl Co
7951 8131
Ward (Monts) & Co._ _ _10 80
115 115
Preferred
100 115
• 110
110 11031
Class A
•
911 • 84 1014
Wolff Mfg Corp
9
94
Voting trust certificates•
934
914
9
Wolverine Portl Cement _10
• 5454 5414 55
Wrigley Jr
Yates Mach, part pref _ _ _• 3131 304 3131
164 17
-Mat,com _• 17
Williams 011-0
Yellow Cab Alfg CI II__ _10 3111 304 3231
93
95
100
Preferred
Yellow Cab Co,Inc (Chic)• 484 4834 494
Bonds
Armour & CO or Delaware
9434 94%
-year gold 545_1943
20
90
90
Booth Firth s 1 deb 615 1926
7711 7731
°wens° City Ry 55_ _1927 7731
Chic City & Con Rye 58 27 504 5034 504
534 55
micas° Rys 5s. Ser A _1927 55
1927 3731
37
38
48, Series B
1024 1024
Commonw Edison 5s. _1943
9914 1004
Ftwitt dc Co 1st erg 55_1944
•No par value.

Range Since Jan. I.

.
1.1,..
..
... .
tawo
a
.
4. t..,.. lo .t.za4-4. 1'. 1.2bzw§
.
woo .t. V.S. to
Oct..-m
toC04.-4.MCp.Q.M4.0.0000 0-4...40wW.4. ..m
0. C000000000.000.000.0 00..0000000 COO
.
.
. .....
.
.
.
....
.
. .
W
.4.
.
4.Ma.00(0.4.0000 0
W.N. WO. 0.4tOCWOCC.. ..WwW.O.W.M.0 ..0 *0 .. 04y..1-5-0014 M.C.R
egcOWN
04 WO
5-040000..., CO.
-4W.004.0.000NO..0.4W...400004.4.WWl....W.W..0.4WWWWOMMOOW.4
.0 .04..0..0 ...WWWWW0 .4W/00000.00 4.00..4W0000W.

Sates
Frtdatt
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.

High.
834 JulY
JulY
106
Apr
7
40 JulyH
3831 Sept
324 Nov
Nov
20
914 Mar
93
May
9034 Nov
144 Nov
94 Jan
3931 Apr
524 Dec
SePt
100
Dec
83
Mar
2
Dec
550
14131 June
64 Dec
Oct
89
Oct
16
Feb
70
Feb
118
Oct
51
114 Sept
3834 Dec
102
Dec
1094 Mar
Oct
132
Jan
25
3714 Jan
3174 Oct
Oct
39
28
1631
7
4431
3
195
32
125

Dec
Mar
May
Dec
Dec
Sept
Aug
Jan

7611
30%
56
4114
9274
70
2634
48
94
994
31
22
94
43
264
125
99
108
57
101
97
59
27
9634
634
20
95
9514
1734
274
24
2334
74
13231
131
101
111
137
106
7514
4214
56
964
12031
36
5031
8031
554
5

Oct
Nov
Jan
Dec
Apr
Jan
Dec
Jan
Dec
Sept
Dec
Aug
Oct
Nov
Oct
July
Dec
Nov
Aug
June
Nov
Aug
Oct
June
Jan
Jan
Feb
Feb
Mar
Feb
Dec
Oct
Jan
Dec
Dec
Dec
Nov
Dec
July
Feb
July
Nov
Dec
Feb
Jan
Oct
Nov
Dec
Jan

1664
99
564
104
3311
206
118
974
53
24
2334
844
120
123
1051
104
1434
57
3131
1731
4831
9811
5511

Oct
June
Dec
July
Dec
Sept
Sept
Jan
Jan
Jan
Feb
Dec
July
Jan
Mar
Nov
Jan
Oct
Aug
Dec
June
Oct
Jan

9414 June
8434
63
7831
5614
1024
1003.4

Mar
Mar
May
Mar
Dec
Nov

-Official transactions in the
New York Curb Market.
w York Curb Market from Jan. 2 to Jan. 8. inclusive:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.

Week Ended Jan. 8.
Stocks-

Indus. & Miscellaneous.
•
Abraham & Straus
100 107
Preferred




10714 10714

Range Year 1925.
Low.

High.

cI 5854 Dec
900 1055.4 Dec1 108
Dec

205
Sates
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares,

Stocks (Concluded) Par Price. Low. High. Shares.
Acme Packing Co
10
50
So
1,000
Aero Suppl & Mfg el A.
19% 19%
100
1954
Ala(It Southern,com_ _60
9814 98%
150
50 994 934 9914
Preferred
220
Alpha Portland Cement 100 119
115 118
260
Aluminum Co corn new- •
60
6354
600
Preferred new
99% 9841 994
200
Amalgam Leather, corn •
14% 144
100
Preferred
74
74
100 74
100
Amer Cyanamid,com_ _100
144 144
10
Preferred
100
90
90
25
American Gas& Elec corn • 844 80
844 13,600
• 93
Preferred
924 93%
300
American Hawaiian SS_ _10
11
114
400
Am Laundry Mach'y, corn.
147 147
25
Amer Lt & Trac Corn.._100 245
232 245)4 2,020
Preferred
100 115
115 115
425
Amer Multigranh, corn_ •
2311 234
100
Amer Pneum Sery com_25
44
4% 4%
100
Amer Pow & Lt corn __--• 7414 6814 75% 67.900
100 954 9214 96
Preferred
495
Amer Rayon Product& _.• 35
32% 3514
4,000
Amer Road Machi nery _100
411 434
100
American Seating
275 285
100
20
Am Superpow Corp CIA.
•
334 354
1,700
C18,98
• 3511
3411 38
12.400
Prior preferred
25 254 254 25%
1.020
American Thread, pref _5
4
4
4
1,000
Amer Writ Paper corn.-100
50e 50e
500
Arizona Power, corn__ _100 28
28
29
200
Armour Leather, com_ 15
4
4
100
Assoc Gas & Elec Class A_• 34
33
35% 3,900
Atlantic Fruit & Sugar _ _ •
111 89e
14 20,960
Auburn Automobile. com25
5211 53
50
Babcock & Wilcox Co._100
145 145
10
Beaver Board Cos, pref.100
354 2511
100
Blackstone V GA com _ 50 100% 9734 10014
-F..
SOO
Bliss (E W)& Co com___• 30
3134
30
3,000
Blyn Shoes, Inc. corn _ _10
511
541 5%
300
Bohn Aluminum & Brass.•
17% 17%
100
Borden Co new
50 10034 994 101% 4,100
49
Bos& Me RR corn stpd.100
49
100
First pref A stamped A0O
59
59
10
First pref Class B s19.100
81
83
20
First prof Class C st p.100
73
85
7,200
Bradley Fireproof Prod__
74c
64e 85e 25.800
Bridgeport Mach corn
_• 13
124 13
2,800
Brit
-Amer Tob ord bear.E1
274 274
100
Brooklyn City RR
7% 8
10
8
3,100
16
Brown & Will Tob Cl 11_10 16
164
400
Buff Niag Sr E Pow corn..' 37
3514 38
5,800
Preferred
25 24% 2411 2414
200
Burdines Inc common
21% 21%
•
100
106 106
BurroughsAdd Mach,pf.100
70
• 4011 404 434 3,200
Can Dry Ginger Ale
1%
Car Ltz & Power corn__ .25
2
1,700
23
23
100 23
Celluloid Co corn
130
65
68
100 65
Preferred
220
624 68% 2,400
• 64
Central Steel corn
Centrifugal Pine Corn- _ -• 251( 25
26% 6,850
Chand Cleve M corn w I.. 2934 29% 2914
100
4814 1.200
48% 48
Preferred w
43%
43
.
Chic Nipple Mfg Cl A _50 43
700
50 26% 264 27
Class B
500
51% 52
Chic NS & M RR,com _100
300
13% 14
Cin Ind & Weat v t o_ _100
500
22
20
100
200
Preferred
38% 11,100
20 3834 38
Cities Service corn
83)1 84
100
500
Preferred
754
755
1,200
10
Preferred B
734
19% 194
300
Bankers shares
2,500
Cleveland Automobile corn• 284 284 30
3614 sog
400
Clinch( Coal Corp, com.100
• 334 3234 47%
809
Cohn-Hall-Marx
33 o
24 34 295,600
Colombian Syndics le
140 140
20
Commw'th Edison Co_ _100 140
Com'wealth Power Corp
40% 42% 42,200
• 41
Common, new
86%
100 86% 86
800
Preferred
74%
70
71
525
Warrants
4731 4614 49
600
Connor (John T) Co
434
511 4.600
54
Consol Dairy Products._ _•
44% 48% 20.000
Cons Gas,E LAP Bait new• 48
2414 25% 12,900
Consol Laundries, w I_ _ -• 24%
514 6
6
300
Consumers Co common_20
Continental Baking,comA• 115% 115% 120% 3,000
• 291( 28% 30
Common B
33,500
100 984 984 9934 2,200
8% preferred
Continental Tobacco. •
154 1614
800
3411 344
El
Courtlauds. Ltd
100
6114 614
25
Crane Co, corn
100
58
61
Cuban Tobacco v t e
500
•
Curtiss Aeropl AM,eom _• 2014
20)4 21% 1,000
94 94
911
Decker (A) & Cohn Inc___
100
De Forest Radio Corp
914 .10
•
2,200
34
34
Denver Tram, new pref w 1
100
91
Devoe & Rayn Cl B new.'
924
300
1584 159
Dixon (Jos) Crucible_ _ _100
20
Doehler Die Casting
•
1314 13%
100
Dubliler Condenser & Rad.
84 11
7,300
Dunhill International_ _ • 2611 25% 2614
_
300
Duplex Cond & Radio v t c•
1
14
300
Durant Motors, Inc
• 12% 12% 1311 7,200
•
Dos Co. Class A
1411 15%
400
•
Clam' A v t c
16
16
100
Eastern Rolling 1\1111s.com•
40
41
300
Eastern Steamship Lines__
83
85
40
Eastern Texas Elec CO.. _• -10134 86 107
1,950
Eisenlohr (Otto) &Bros 100 1954
19
19% 7,700
Eitingon-Bchild Co
•
37
3734
600
Electric Auto Lite Co_ _ _ _• 73% 724 744 6,500
Elea Bond & Share,pre:100 106
104% 106
510
Elec Bond & Share Sec_ It 81
78
86
95,300
Elec Investon;without war* 68% 66
74% 38,200
Electric Ry Secure, new_ •
414 511
900
Electric Refrigeration_ _ • 874 8614 8834 7,900
Emporium Corp w I
800
• 3911 3854 3954
Engineers Public eery corn• 28
2914 43,300
24
Preferred (full paid) _ _•
99 10014
500
Preferred (50% paid). _• 101
994 1014 2,800
Estey-Welte Corp, Cl A._• 28
28
24
1,500
Fageol Motors Co, com_10 10%
9% 1011 4.900
Fajardo Sugar
60
139 140
100
Fall River Gas Works _25
61
25
59
Federal Finance Corp el A• 33% 3334 3411
700
• 164
Class B
800
1514 1614
Federal Motor Truck.
1,200
..10 37% 36% 37)f
Film Inspection Mach._ ..•
711
514 7% 6.400
Fisk Rubber 1st pref...100 113
1,025
110 11414
Ford Motor Co of Can_100 620
130
620 621
Forhan Co. class A
6.600
184 20
•
Foundation Co
Foreign shares Class A.
36,400
43
40
55
Fox Theatres. CI A, corn_• 34
31% 3411 58,400
Franklin (11 H)Mfg.com • 31
400
31
32%
Preferred
50
100
8514 85%
Freed-Elsemann Radio _•
900
834
7
75'
• 22% 174 22% 13,800
Freshman (Chas) Co
•
Gamewell Co.corn
350
59
5934

Range Year 1925.
Low.

High.

Low.
2e July
18
SePt
814 Oct
Nov
80
Dec
108
53
Nov
984 Nov
84 Aug
42
Jan
105
Oct
Nov
84
684 Apr
8314 Apr
834 May
92% Apr
137
Jan
94
Jan
18% Mar
3% Dec
4811 Feb
8254 Oct
26% May
2
Feb
Oct
201
264 Mar
27% Mar
2434 Feb
3% Jan
50e Nov
1734 Jan
34 June
254 Mar
57e Nov
40
Sept
138
Aug
33
Oct
91)1 Oct
2214 Aug
344 Sept
14
Oct
6714 Mar
3414 Nov
50% Nov
734 Dec
Nov
64
20e Dec
434 Feb
2411 June
654 Dee
10
Jan
32% Dec
24% Dec
20
Nov
10411 Nov
334 Sept
1.4 Jan
18% June
65 June
51
July
10
Mar

High.
Jan
204 Sept
Dec
107
Dec
107
Oct
150
Nov
71
99% Dec
17% Oct
62
Oct
148
Dec
Nov
87
8411 May
934 Nov
18% Oct
141
Oct
288
Nov
11941 Nov
Jan
22
414 Dec
6834 Dec
Des
98
5114 June
8
Mar
329
Dec
414 Oct
45
Oct
2714 Sept
411 Feb
1
July
374 Oct
511 Feb
4514 Aug
114 Mar
53
Oct
15914 Oct
39
July
984 Nov
35
Oct
81( Nov
19
Nov
105
Dec
4814 Dec
64
Dec
75
Nov
70
Nov
70e Dec
14
Deo
28% Apr
94 Feb
174 Oct
354 Dec
24% Dec
2634 Dec
107
Oct
5114 July
84 May
2734 Sept
97
Jan
7514 Nov
3014 Nov

29
1114
484
914
21%
35
814
714
174
1911

Apr
June
Dec
Nov
Dec
Mar
Jan
Mar
Mar
Feb

4411
274
5214
1714
23
43
8514
8
3114
32

Dee
Nov
Dec
Dee
Dec
Feb
Dec
Aug
Feb
Dec

30% Sept 3414 Sept
50c
Jan
214 Nov
133
Jan 140
May
3011
79%
254
28
454
3134
2411
534
108
21%
914
144
3314

Sept 43%
Jan 8831
Feb 86
Sept 45
Dec
814
Jan 4714
Dec 2611
Dec
534
Jan 144
Jan 4214
Jan 10614
Oct 2614
Dec 41

3514 Apr
13
Feb

May
Nov
May
Des
Nov
Aug
Dec
Dec
July
Oct
Aug
Jan
Nov

75
Nov
2614 Dec

1014
354
54
143
10
654
2014
1
974
14H
14
37
75
80
1244
35
6734
101
5514
40
514
8814
38
1911
99%
99
26
64
120

Dec
Dec
Oct
June
Apr
Dec
Sept
Dec
Aug
Dec
Dec
Now
Oct
Oct
Aug
Dec
July
Sept
Apr
Jan
Dec
Dec
Dec
Sept
Oct
Sept
Nov
Aug
Feb

324
16
30
44
10314
462
1714

Nov 3634 Oet
Dee 1914 Nov
Sept 4714 Oct
June 114 Jan
Dec 1094 Dec
Mar 690
Oct
Sept 204 Nov

Ea%
26
164
78
64
914
Si

Dec
Nov
Apr
Apr
Dee
Mar
Sept

34
47
88
163
204(
354
31
17
21
33
2254
44
89
9314
191(
3714
79
107
914
73
514
914
41
29
10014
10011
28
1514
138

Feb
Oct
Dec
Nov
Jan
Jan
Jan
Jan
Jan
Feb
July
Dec
Dec
Dec
Dec
Dec
Dee
July
Feb
Nov
Dee
Dec
Des
Aug
Oct
Sept
Nov
Sept
Dee

6244 Dee
32
Doe
4214 July
94
Oct
3334 Jan
28
Jan
6134 Oct

206
Stocks (Continued)
-

THE CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

Range Year 1925.
Low.

High.

Stacks (Concluded)
-

[vol.. 122.
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.

Range Y ar 1925.
Low.

High.
•
Garod Corporation
6% 7
800
Apr 17% Jan
2
Sparks-Withington Co__ •
111% 112
70 27% Dec 32
Nov
General Baking class A__ _• 78% 76% 7934
5.800 60% Oct 83)4 Dec Splltdorf Beth Else Co_ --* 26
26
28%
1,200 42
Dec 43
• 17%
Class 13
Dee'
17
17% 26,400 15% Nov 204 Om
Mend rublisbing Cl A...25 42% 42% 4334
600 17% Dec 27% Feb
Gemmer Mfg class
36
36
36
100 37% OK 37% Oct Standard Tank Car. corn _• 1635
16)4 18
8.300
8% June 16% Aug
GeneraiN ireproonug coin.•
47
47
100 34% Sept 52
Got Stand Text Prod Di B._100
14% 14%
400 23
Dec 41% July
Gen G&E of Del CIBCOM •
47
49
800 45
Aug 6235 July Huts Motor Cur
• 27
27
27
75
Apr 3834 Dec
6
Cieti'l Ice Cream Corp_ _• 55
52% 55%
July 59
1,600 34
Dec Swift & Co
100 353-4 32% 3735 17,300 109
May 110
-0 73
Georgia L Pow At Ry coin 10
Feb
69% 73% 1,100 31% Jan 7734 July Swift International
15 114% 113 114%
720
Georgia Ry & Pow,con,100 160
150% 160
500 95
July 14435 Nov Tampa Eleetric Co..__100 20% 20% 22% 22,500 19% Der 35% Jan
283
Dec 295
Gilchrist Co
Dee
40
40
200 38% Oct 4135 Dec Terre Haute I & E, Pref.100 293
292 293
80 13
. 110
Mar 4034 Nov'
Gillette Safety Razor
10835 113% 14,000 57% Jan 115% Dec
Inermiodyne Radio
•
34% 35
300
2
Dec
• 160% 159% 166
Glen Alden Coal
Jan
25
Feb 168
4,400 117
Dec
Thompson (John R)__ _ _25
2%
2% 2% 2,500 44
Nov 50
Goodyear Tire & R.com100 37
Nov
36% 38% 6,400 24% Jan 49% Out Thompson(RE) Radio vtc. 46
4535 46%
1,000
33( Dec 25
Grand (1 W)5
,
Jan
-10-250 81
•-•
76
85
1,200 55 June 80
Oct TIntken-Detrolt Axle-10
5% 5% 1,500
5%
Grennan Bakeries Inc..._•
334 Jan
954 Dee
18
1835
400 1534 Mar 21% May Tob Prod Expert Corp_ •
934 10%
1.800
335 May , 9% June
Grimes lie & Cam Rec._ •
53( 7
Dec 27
2
19,600
Atis Todd Shipyards Corp__ _-•
4% 4%
4%
1,800 23
Happiness Candy St cl A
Dec 42
Mar
8%
8% 3.900
8
6% Jan
2% July Trans
-Lux Day Pict Screen
29
30
800
Founders shares
•
7%
7% 7% 2,700
53( Feb
•
9% Aug
Class A corn
Havana Elec URI v t
5% Sent 13
Dee
44
44%
44
Nov 45
400 42
Sept Trumbull Steel. coin_ __ _25 13% 12
13% 60,000
7% Sept 19% Feb
Havana Elec Util, pref .
68% 69
Oct 70% Sept Truscon Steel
300 66
10
9%
1,000 2434 Oct 29
•
Hazeltine Corporation_ _.•
Dec
16% 17
200 14% June 613( Jan Tubixe Artif Silk Class B.
29% 304
1,500 163
Hellman (Rich), Inc, corn.*
Aug 270
Nov
r
14% 14%
100 14% Aug 15% Nov
Tung Sol Lamp
8% 9% 4,300
834
Frei with warrants_
Nov 10% Dee
8
• 34% 33% 34% 2,900 32
Sept 3434 Sept
Class A
.
• 20
20
20% 6,800 19% Dec
•
Heyden Chemical
21% Nov
1% Apr
2%
2
1,400
3% Nov
Union Carbide & Carbon _• 78
77% 79
9,300 65
Hires(Chas E)Co
Mar 81
Nov
United Cigar Stores..
.25 93
98% 2,900 86% Dec 95
93
Class A common
• 25%
flea
2534 25% 4,700 25
Nov 26% Nov
United Else Coal Cos v t c* 39%
3934 39%
200 39
Hollander(A) At Son,corn.•
Sept 47% Sept
3434 Nov 38% Nov
35
36
600
United0& E corn new
• 6035 5634 6035 17.300 25
Hood Rubber Co, dbm
Feb 57)4 Dec
* 67
67
68%
200 61% Aug 7235 Oct
Trust certificates
5935 56% 5935
1,500 37
• 061
Horn & Herds.% Co
Jan 56X Dee
May 69% Nov
60
81
1.200 46
United Gas Improveml_50 12335 11835 125
29,000 9034 Feb 12434 Dec
Industrial Rayon Corp CIA
18%
18
19% 6,000 17% Dec 26% Oct United Lt de Pow coin A • 1333-4 12535 135
60,900 4435 Mar 167
Insur Co of Nor Amer___10
Oot
62% 63%
400 56% Oct 64% Deo United Profit Sharing_...l
1334
1334 14%
1,000 1335 Dec 1634 July
Intercoutluental Rubb_100 17%
Jan 20
15% 18
Deo United Shoe Mach,com_25
5
8,000
49
49
100 4055 July 50% Nov
lot Concrete Ind Ors 0_10
Mar 13% July
7
7
8
1,400
U S Dairy Products cl A-• 38%
3534 40
2,200 2534 Dec 34
Internet Projector Corp..
Dee
15%
Dec 14% Dec
13% 15%
4,600 13
Class B
• 22% 20% 22%
1,400 15 -Dec 1754 Dee
Internal Utilities, Class A•
Nov
37% 38%
900 3235 Oct 40
U S Light & Heat com_--10 22
22
21
2,300
•
Class 13
3% June 2614 Nov
7%
635 May 17
7% 9
Jan
Preferred
5,700
10
5%
2,200
Manville, Inc
Johns
• 155
1% Jan
Oct63.4
154 159
Aug
15%
225 143% Nov 185
U S Rubber Reclaiming_
14% 15%
1,300
Jones(Jos W)Radio Mfg.•
4% Aug 17% Dee
1
may
1% I%
Jan
9
U S Stores Corp CI A- --• 27
700
27
26
500 17% Apr 28
Kelvinatur Corporation • 88%
Nov
86% 87% 5,100 18% Feb 89% Dee
Claw B
13% 13% 13%
600 1335 Dec 16% Nov
Keystone Solether
10 42e
30c 45c
Oct
133 Feb
Second preferred 8%_ _ _ _
9.000 25e
60
59
300
25
Kraft Cheese
May 99% Aug
87% 88%
Utilities Power & Lt B...
400 64
17%
16
1,000 16% Dec 21% Nov
Kresge (S E3) new w
88
85
86% 4,000
Utility Share Corp w I.... 1194 10% 12
2,000
9
Krogir Grocery & Baking _
Dec 11% Dec
128 128
Nov 140
Sept
Option warrants
10 122
3% 14,600
334
Lake Torp Boat, lot p1._SO
2% Dec
Dee
4
Oct
2
2% 2%
3% Dec
Preferred (nen-voting) ______
600
16% 16%
600 16
Land Co of Florida
• 43% 40
Dec 16% Dec
Dec 94
Sept Valley Mould & Iron Corp*
47% 5.700 34
15% 1535
100 14
Landay Bros. Inc, CI
Sept 16% Nov
Dec 37% Nov
33% 36
Vick Chemical Co
45
1,800 34
41% 45
13,400 40
Landover Bolen(Corp C1A1
Dec 43% Nov
8% Jan 32
30
Nov
31%
Vivaudou Inc pref
600
8935 89% 89%
100
50
Lehigh Coal & Nay
110 114%
Dec Victor Talking Machine100
Ma: 115
600 90
91% 96% 3,600 65
Lehigh rower Securities.. 227%
Apr 117
Oct
Feu 197
Nov
Ware Radio Corp
•
1%
135 134
2,500
Valley Coal Sales.50 85% 190 227% 37.000 82
Lehigh
Dec 4034 Jaw
1
May 87
78
Jan
84% 86%
Warner Bros Pict com • 14
1,100
14
14% 4,100 1334 July
Lehigh Vail Coal Ws new._
19
Sept
44
Mar 50% Jan Warner-Quinlan Co, w I. _ _
43
453( 22,300 3:3
2534 25% 2635
2,900
Libby McNeill & Libby..10
6% Apr
935 Dec Wash Ry & Elec
8% 8%
100
225
225 225
150
Libby Owens SheetGlass.25 217
214 219
Nov
Western Auto Supply_
670 182 June 240
•
28
27
100
1,700 27
Preferred
Dec 28% Dee
115 115
West 1iId Ity, lot pref_ _100
10
79
79
•
Liberty Radio Ch
25 80
Dec 8235 Deo
255 Dee 10% Oct
3
3% 2,200
1(new)
West Penn El cl A w
88%
88
Corp_ _25
200 8
Lowell Elec Light Stores_4% Oct 89
Del
61
81
Western Power pref.._ _ _100 97% 97
25
98%
Marconi Wird Tel. Lond.£1
60 8634 Jan 99
Sept
555 Dec 10
Jan Wilson & Co (new) vi
535 6
600
13% 1,300 11
13% 13
McCord lead & Mfg v t c.
Aug 15% July
24% 23% 24% 2,500 21% Sept 25
Sept
•
Class A
30%
30
1,900 2635 Aug 35
Mengel Co
100
Apr
Jan 69% July
50% 52
Preferred
550 30
7134 73%
Mercantile Stores Co_ _100
1,400 88 June 753( Apr
Sept 160
Oct Wolverine Portland Cem't_
143 143
100 136
835 9%
•
Mesabi Iron Co
800
634 Nov 13% Sept
1% Dee
2
Jan
1% 2
Yellow Taxi Corp, N Y •
400
12%
12
Metros & 50c, pref. _ _ _100
9
700
Sept 22
Jan
Dec 5234 Nov Zellerbach Corporation.
45
49
75 43
Metropolitan Chain Stores
28% 28%
100 27
Dec 2734 Nov
800 4534 Dec 56% Nov
Middle West Utilitles,com• 46% 46% 49%
114% 124% 14,100 82% Feb 124% Aug
Rights
Prior lien stock
100 123
1063X 106%
American States Sec
90 98% Jan 10735 Aug
1% 4% 79,200
Preferred
100
2% Dec
5% Dee
91
Jan 99 June Borden Co
97
97%
334 4
Midland steel Products... 97
33-4
28,200
334 Dec
43d Des
Aug Eastern Texas Electric _ _
46% 48
500 45% Nov 58
13
Midvale Co
9
14%
800
9)4 Dec
934 Dee
Oct 28% Jan
23% 23% 24% , 300 18
Miller Rubber, corn
Oct
Dec 50
Former Standard 011
2,750 35
Preferred
100 38% 36% 40
98
Nov
Dec 103
100 101
Subsidiaries.
360
Mohawk Valley Co new..
•
Oct 4534 July Anglo-Am Oil non vot-£1 194 18% 19%
36% 37%
1,100 31
2,400 17% Dec 2634 Apr
Moore Drop Forging, Cl A•
70% Oct
Certilleates of deposit... 18% 18% 19%
66% 67
200 63% Mar
1,200 17% Nov
Municipal Service Corp_ _•
19)4 [Des
1235 July
Aug Borne Scryrnser Co_ --100
15
13
13
13
100
230 232
50 205
Music Master Corp
Apr 240
•
July
1% Dec 2134 Jan Buckeye Pipe Line
60 55% 55% 56%
234
200 5334 Dec 72
10.700
Nat Elea Power. Class
Jan
Dec 30% Dec Chesebrough Mfg
25% 24% 25%
25
69% 71
2,000 25
1,000 48% Jan
National Leather
Nov
10
74
334 Dee
6% Jan Continental 011 v t
4% 4%
25
25% 29% 30.400 21% Mar 313-4 Feb
200
•
Nat Pow & Lt corn
3455 37% 167,800 28% Dec 38% Nov Cumberland Pipe Line_100
37
1,500 132
13534 137
Mar 155
Preferred
July
Jan 105
Dec Eureka Pipe Line
100
101% 102%
63%
90 61
62
Dec 66
90 95
Nat Pub serv CI A corn..•• 102
Jen
Dec 30
Aug Galena-Signal 011, com_100 283( 28
22
24
29%
375 23% Dec 65
•
Class B common
Feb
3,000 20% Dee
20 June
100
New preferred
13% 13%
90
130 88
88
Dee 10734 J1219
Neptune Meter Class A _.•
400 13
2434 Dec 26% Nov
100
Old preferred
92% 96%
170 95
Dec 114
900
Nev-Calif Elec, corn_ _ _100 25% 24% 25%
May
Dec 58
29
Oct Humble Oil & Refining_ _25 95% 92% 99)4 46,700 42% Jan
30% 33
New Eng Telep & Teleg.100
Del
500 102
May 122
Nov Illinois Pipe Line
100 135
135 136
370 127
Jan 15434 Jan
New Mex & Ariz Laud_ _1 117% 116% 117%
150
.
63( Jan 19% Sept Imperial 011 (Can)
• 37% 37
38% 16,500 27% Mar 39% Dec
• 15% 15% 17
N Y Mdse Inc
5,200 25
Nov 303( Aug Indiana Pipe Line
50 58% 58
5934
800 57% Dec 84
N Y Telep 634' pre! 100 24% 24% 25
A,
200
Jan
Feb National Transit__ __12.50 18%
111% 111% 112
18%
18
700 16% Dec 25% Jan
425 11034 Jan 114
Nickel Plate con, new a._
100 49
New York Transit
112
112 113% 3,100 82% Aug 114% Dec
49
50
250 49% Aug 79
Preferred new w I
Jan
82% Mar 9434 Dee
Northern Pipe Line__- _100 71
94
72
71
94%
150 67% Dec 88
Niter Corp, CO1138 B
Feb
700
•
Dec Ohio 011
25 64% 64% 66% 3.100 60% Aug 75Si Feb
87% 8,700 43% June 90
Northern Ohio rower Co.• 86% 86
635 May 19
Oft Penn Mex Fuel
25 20
23
20
1,100 19
Dec 4434 Mar
Nor Ont Lt & Pr com..10i. 1834 15% 16% 12.400 43%
July 53
May Prairie Oil& Gas
25 56% 56% 58% 11.000 45% Oct 65
59% 49
62
Nor States P Corp corn.lob
12,900 102% Jan 146
Jan
100 127
125 127
1.850 106
Preferred_
Jan 129)d Nov
6,700 943( Feb 101% Nov Prairie Pipe Line
104, 132% 131 134
July Solar Refining
100 205
100 100%
205 212
100 203
Omnibus Corp v t
Jan 254 d Jan
•
100
934 Sept 17% Jan South Penn 011
100 188
15
187 195
2,130 139
Jan 197
15% 5,500
Series A preferred_ _ _100 15%
Jan
Sept 96
88
Feb
New w
47% 47% 50
94
94
6,400 45
Fender (D) Groc cl A w 1_ _ 94
Dec 47)1 Dec
100
Southern Pipe Line_...i00 6334 63% 66%
5035 50% 51
250 63
Dec 103
Class B w I
300
Jan,
..25 6835 67% 70% 66,900 59% Mar 7034 Dec
Standard 011(Indiana)
Penne Water & Power_ 1013 30% 30% 30%
800 127
Jan 187
Aug Standard 011 (Kansas)._25 35
160 161
36% 5,800 30% Oct 46
35
Philadelphia Elec corn.
.26 160
Feb
260 39
Apr 57% Nov Standard 011(Ky)
25
132)4 134% 1,700 114% Mar 13734 Oft
Pick (Albert)& Co,com_10 57% 54% 58
4.900 20
Nov 22% Oct Standard Oil (bleb). __100
246 250
22% 22%
60 231
Aug 270
Pitts & LE Rit.com.....b0
200 142
Jan
Aug 167
Oct Standard 01101 N Y.
...25 4634 46% 47
20.500 40
Power Corp of NY com_ • z16035 157% 162%
Aug 43% Feb
.
170
Jan 91% July Standard Oil(0)cOm__100 355
355 362
86% 52,600 33
180 338
Jan 369
Power Securities, corn.... 86% 79
Jan
Dec 26
7
Jan
100
PrNerred
10
40 116
117 117%
July 123
10
Second preferred
•
Mar
100
100
Swan & Finch
23
25
21
120 12
Aug 27
25
Pratt & Lambert.
_ .•
Jan
100 40
Feb 56
Oct Vacuum 011
25 107% 106% 10934 11,600 80% Jan 1011)4 Des
53
Procter & Gamble cm_ _20 53
53%
300 109
Mar 140
Dee
142% 163
157
Puget Sound P&L,com_100
640 47
Oct 60% May
Other 011 Stocks
Purity Bakeries Class A.25 62
51% 64
6.100 35
Apr 411% June Amer Contr 011 Fields. 5
6
6
1
634 2,000
73,4 July
Sept
Class B
• 41% 41% 42
800 34
Apr 47 June Amer Maracaibo Co
* 11
7
234 Jan 1134 Jan
113.4 45,400
Pyrene Manufacturing.
37% 39
.10 39
2,100
934 July 1234 Mar Arkansas Natural Gas.
.10
65i
6g 651
1,500
10% 10%
Apr
Rand-Kardex 13u new wi _ _
1,200 38
8% Yob
Dec
Dec43
Atlantic Lobos 011 com2
45% 42
2
400
1% Dec
47
Rem Noiseless Typew, A.
26,300 37
4)4 May
Mar 58% Oct
Preferred
4
4
2
600
Dec
Preferred Class A..._100 49% 49% 52% 4,900 96% Mar 120
1234 Mai
Sept Cardinal Petroleum Corp10
13-4
lg
110 110
3,800
1
Nov
Motor Car
10
Reo
25 15% Mar 28
5% Oct
Nov Carib Syndicate
14%
15 138,700
10
3% Mar 10)X Dee
25% 5.800
Republic Motor Truck v t c 24% 24
X Sept
9
8g 9
7% 10% 6,700 13% Sept 1435 Nov Consol Royalties neW____1
300
Richmond Radiator
. 9%
8% Der 12% Nov
21% Oct Creole Syndicate
5 14% 1434 15% 25,300
100 16
16
8% Jan
Preferred new
16%
400 35
15
Dec
Nov 42
Oct Crown Cent Petrol Corp.
5%
53( 5% 5,400
• 38
38
Rickenbacker Motor
38
5
Dee 123.4 May
100
7% Oct 1034 Nov Derby Oil& Refln, pref. *
2% 2%
93(
100 10% Dec 27
7% 9% 57,600
Roca Radio Corp tr ctfs_ _•
Feb
510 Dec 14% Jan Euclid 011
1% 2
61c 73c
14,300 87e
Royal Bak Powd corn..100 70c
Jan
2,000 180
11111 Dee
Nov 221
Nov Gibson 011 Corp
1
5g
203% 213
534 23.200
1% Jan
100 20
Royal Typewriter, com_ • 209
Dee
6
Feb 42
Oct Gilliland 011, corn, v t e_ •
134
49)4 49%
13.4
.
1.100
134 Nov
100 107% May 133
Safety Car Heat & Ltg_180 123
3% Mar
Dec Granada Oil Corp
10
48o 480
1.000 2Ic Mar 50c
123 125%
30 36% Apr 95
St Regis Paper coin
Jan
July Gulf 011 Corp of Pa
25 9134 90g 9334 14,400 63% Mar
8734 8,200 22
Selberling Rubber, com_.• 86% 83
98% Dee
June 34% Oct Honolulu Cons 011
1
35.4 3g
28% 28%
3% Dec
800
Servel Corporation A _ _ _ _•
400
334 Dee
9% Apr 35% Oct International Petroleum • 33%
30
3334 35% 29.600 22% Mar 35% Deo
30
29
Sharon Steel Hoop
12,600
Kirby Petroleum
•
2% 33X
24 Sept
2,700
26% 27%
5
0
500 16
Sierra Pac Elec Co com_10
534 Jan
May 30% Oct Lago 011 & Tr Corp cl A--- 23% 23
25
61,500
500 12% Mar 21
Silica Gel Corp. corn v t e.• 20% 20% 25%
Jan Lugo Petroleum Corp_ _ _ _• 11% 11% 12% 06.000 17% Dee 23% Dia
43-4 June 11% Dee
20
£1
22% 3,800
Singer Mfg, Ltd
4
Mar 10 June Leonard 011 Developnet-25 10
2% 1134 49,700
73i Nov 13
•
7% 8
Oet
Sleeper Radio v to
300
Dec 19% Jan Lion Oil& Refining
• 24% 2434 25g
2%
4.300 18
2% 2.100 16
2
Oct 25% Nov
Side Viscose, ord_(200 lire)
Dec 17% Dec Livingston Petroleum... •
134
.100 15% 15% 16
1,700 750 Jan
13,4
1% Sept
1,000 101% Jan 149
Sou Calif Edison corn.
Sept Lone Star Gas
25
52
54
128 140
400 32% Bent 51 4 Deo
7% pref. Series A-100 138
22,250 104% Mar 113)4 Sent Margay 011
Corporation_ •
194
13.4
111% 111%
500 500 Jan
155 Oct
200 88
6% pref, Series B__ _ _100
Jan 99% Dec Mexican Panuco Oil_ _10
4%
31‘ 434 20.900 585 Apr
,
98% 98%
5)4( Nov
100 37
Sou Cities Util v t q....100
Oct 55
July Mexico 011 Corp
10
10o 120 60.000
70 Dec 37o Mar
100
33% 33%
100 53% Sept 71% July Mountain & Gulf
Common
011
1
1g
1%
134
4.600
1
July
Mar
2
South Dairies Class A.._ _• z48
100 30
X4834 48%
Sept 56
Aug Mountain Producers..__25 253X
• 50A
25g 26
13,700 18% Jan 26)d Dee
48
Class B
5054 6,200 19
Sept 34% Aug National Fuel Gas
136% 145
Dee
310 106
Jan 134
Ereastern Pr & Lt. Corn.. 29% 26% 29% 12.200 28% Aug 43% Dee New Bradford
Oil
5
6%
6
6% 6,000
3% Jan
6,4 Dee
Southern & P Class A_.• 44
40% 46% 90,800 2234 Sept 28
Dee New York Oil
25 1214 1134 12%
1,200
834 Feb 1234 June
Southwest Bell Tel, p1_100 25% 25% 25%
1,000 112
Dec 114
Nov Noble 011 & Gas corn.-1
130 11.000
70
Nov lle Feb




so

S

4.

JAN. 9 1926.]

THE CHRONICLE

Friday
Sales
Last Week's Range for
Other Oil Stocks
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High Shares.
Ohio Fuel Corporation_ _25
Ohio Fuel 011
1
Peer 011 Corp
•
Pennock 011 Corp
•
Red Bank Oil
25
Reiter-Foster Oil Corp _•
Royal
-Can Oil Syndicate.*
Ryan Consol Petroleum •
Salt Creek Consol 011_ _10
Salt Creek Producers_
Sante Fe 011 & Ref v t c.10
Shreve El Dorado P & L _25
Tidal Osage Oil
Venezuelan Petroleum _ _ _ _
Wilcox 011 dr Gas new_ _ _•
Woodley Petroleum Co..'

24
204
19
9
333(
434
5
264
5%

36
35
231
2231
20
19
400
7
9
34%
4
11
10
434
26%
511

36
35
211
22%
2054
204
660
734
9%
36
431
11
10
631
27
6

Range Year 1925.
Low.

200 31
Mar
400 12
Jan
17,900 90c May
700 174 Jan
700 16
Mar
1,700
9
Sept
26.100 25e Dec
1.600
311 Jan
2,900
634 Oct
16.800 24
Jan
6,100
34 Dec
100 12
Oct
100
9
Feb
73,900
13( Sept
1,900 .2211 Sept
1,000
231 Mar

High.
37
20
234
28%
444
3334
2
94
04
35
4%
184
4
151
CH
1
31 1
7

Nov
Feb
Dee
Oct
June
June
Alw
Ma'
Nov
Dee
Der
July
Fel)
AM
June
Mat

Mining Stocks
Arizona Globe Copper-1 15c
13c 15c
5,000
Jan Mc Feb
7c
Beaver Consolidated
1
45c 48c
2,000 24c
Jan 45e Nov
Calaveras Copper
1
334 4
800
111 Jan
434 Nov
Chino Extension
1
4c
Sc
6,000
30 Dec
1% June
Consol Copper Mines_ _ _ 1
2
2
211 9,200
14 July
Feb
4
Cons M ds Smelt of Can_25
181 189
Nov 1814
80 143
Cortez Silver Mines Co_ _1
Dee
6e
7c
3,000
Sr Dec 25e Feb
Cresson Cons Gold M&M.1
215
211 24
Dec
000
2%
4
Feb
Crown King Cons Mines_l
131
1%
700
14 Nov
24 Dec
Dolores Esperanza Corp_ _2 84c
77c 84c
700 35e
Jan
114 Nov
Engineer Gold Mines,Ltd.5 15
13% 154 2,900 1131 Nov 109
Eureka Croesus
July
1
70
Sc
7c 26,000
Sc Dec 23c Feb
First Thought Gold Min_ _I
Sc
8c 10c 26,000
Oct 58e
3,3
Jan
Golden Centre Mines_ „..5
24 214 8,500
24
14 Nov
7% July
Golden State Mining
Sc
Sc
Oct 10c
1,000
2e
Jan
Goldfield Consol Mines..5
50
Sc
443
2.000
Jan
Goldfield Florence
8e Feb
91) 10e
1 100
5.000
543 June 14e Feb
Hawthorne Mines,
17c 20e 32,000
Inc--1 200
Sc Feb 25e Nov
Reels Mining
260 18
174 18
1.200 124 Apr
Nov
Hollinger Consol G M._6
17% 18% 3,500 12% Apr 18
Jerome Verde Development
18
Dee
910 99c
700 50c Sept
Apr
Kay Conner Co
2
5
131
134 1,3
, 16,400
131 Jan
Kerr Lake
234 July
5
1
1
100 88e May
114 Feb
Mason Valley Mines
5
14 2
131
1,200
14 Dec
National Tin Corp
231 Jan
7e
6.3
4,000
Sc Aug 18e Mar
70
New Cornelia Copper._ 50c
_ _5 204 1911 204
500 184 Mar 24% Jan
New Jersey Zinc
100 208
90 181
May 2144 Nov
Newmont Mining Corp_10 4934 207 210
4814 5034 3,900 43
Oct 474 Dee
Nipissing Mines
5
731
631 7% 20.900
454 May
Nixon Nevada Copper...I
64 Jan
131 11,• 41,800 39c Nov 14 Dee
Noranda Mines Ltd
1431 13% 1534 24,900 124 Dec
North Butte
1.534 Dee
15
3% 34
100
131 June
Ohio Copper
34 Nov
610 69e
4.500 73,) Aug
Parmac Porcupine Min_1 300
111 Jan
Plymouth Lead Mines__ ...... 250 32c 15,200 15c Feb 521) Jan
110 13e
5,000
4c Nov 85c Mar
Premier Gold Min, Ltd..'
234 24 2,400
234
2
Jan
Red Warrior Mining
234 Sept
1 220
200 22c
8,000 20c
Feb 51c Aug
San Toy Mining
40
4c
1
2,000
2c
Jan
Silver King Coalition
70 Feb
84 84
100
5
Jan 10
South Amer Gold & Plat _
Sept
434
_1
44 434
800
234 May
611 Nov
Spearhead Gold Mining_ _1
4.3
40
Sc 117,000
4c
Feb 120 May
Standard Silver-Lead...
120
.1 12c
70
8,000
6c Dec 30c
Took Hughes
Apr
3
1
231 3
6,200
134 Jan
21,11 Dec
Tonopah Belmont Davel_ 1
3
234 3% 13,100 52c
Apr
Tonopah Extension
24 Dee
111
1
Pis 18
, 1.900
131 Aug
311,1 Feb
Tonopah Mining
1
631
5
64 9,600
no Mar
6
Aug
Tri-Bullion S & D
10c
Sc
5c
4,000
3c Nov 13c
United Verde Extens....50c 274
Jan
2711 274 1,800 2011 Apr 294( Jan
US Continental Mines_
90
90
5
Pe
2.III
Sc Aug Mc Mar
Utah Apex
5 z631 2834 711
44 Jan
800
81( Jan
Wenden Copper Mining.
.1
335
3% 314 7.000
2
Jan
Apr
5
West End Consolidated .5
260 25c
1,000 24e Apr 56c
J1119
Ynkon-Alaska trust ctf_
2031 21
400 15
Jan 22
Oct
Yukon Gold
5
550 74c
3,500 30c Sept 74e
Oct
Bonds
Allied Pack deb 68..._ _1939
7634 774 52.000 7331 Sept 844 Feb
Cony deb 88
1939
89
88
84
Aluminum Coot Am 751933 106% 1064 106% 22,000 10611 Mar 9434 Feb
Aug 10714 June
7.000
Amer G & E deb (18_ _ _2014 99
99 190,000 95
98
Jan 9931
American Power & LightJuly
er§ old without warr _ 2016 97
97
96
Amer Rolling Mill 68._1938 10134 101 10131 195,000 9331 Jan 984 May
32,000 100
Jan 113% June
American Thread 68..1928
Feb
Amer W Wks & El 66.1975 944 103% 103% 5.000 10231 Jan 104
944 58,000 94
94
Dec 95
Nov
Anaconda Cop Min 65_1929
102% 103% 61,000 10211 Jan 104
May
Andlan Nat Corp 693_.1940 145
145 145
1,000 103
Apr 128
Dec
Without warrants
100
Assoc Gas & Elea 6s...1955 944 100 1004 9,000 9511 Nov 10031 May
9454 9531 91,000 92
Aug 96 June
Aesoc'd Simmons Hardware
1933
95
954 41.000 81
Feb 96
Nov
Atlantic Fruit 85
21% 20
2234 57.006 1654 Dec 27
Atl Li de W I SS L 58_1959 734 734 74
Mar
23,000 62
Jan 7834 Sept
Beaver Board Co 88.-1933 944 94
944 10,000
Bell Tele') of Can 5s.. _1955 99% 991( 994 104,000 8734 Sept 9634 Oct
9711 Aug 100 June
Beth Steel equip 78.._1935 104
1034 104
43,000 103
Mar 10734 Oct
Heston & Maine RR 681933 9514 9531 954
2,000 8214 Mar
Oct
Brunner Turb & Eci 745'55
95% 95% 10,000 9514 Dec 96
964 Dec
Canadian Nat Rye 7a_1935
110 11011 14,000
Chic NI Ilw & St P(new co)) on ace ount Os a mo disicatl 10831 Jan 11231 Apr
on of reorgan Hatton plan
Ad.) mtge 5s w
all c ontracts are null an d void.
_20001
Cities Service 138
1966 934 93
9314 151,000 90
Sept 931( Dec
Cities Sere 75. Sec C.1966 126
126 126
21,000 111
Feb
Cities Serv 7e, Ser D..1966 101% 101% 10194 75,000 9831 Jan 128
Jan 1011% Feb
Cities Sery 8s, Ser E_ _1966
1094 10935 2,000 111
Nov
Cities Sens Pr & Lt 68_1944 9414 9331 9431 101,0013 92
11231 Sept
Feb 954 Oct
Cons G. EL & P. BaItSs
A
1949 1064 10614 1064
1,000 10431 Jan 108 June
155, Series F
1965 1004 100 1004 17,000 98
Aug 10031 June
Consol Temile 8.9
1941
86
8654 3.000 80
Apr 05
Jan
Cuban Telep 734e....1941 109
109 10934
3,000 108
Jan 11214 Aug
(Maly Pack deb 54.1937 9231 9231 93
28,000 8031 Jail 95
Feb
68
1946
9414 95
22,000 90
AP
Detroit City Gas 6s 1947 1054 10431 10534 38,000 1024 Jan 9534 Dec
10614 Mar
Eitingon-Schild Co 65_1935
9835 9831 60,000 9814 Dee 99
Est RR of France 75_ 1954 83
8234 834 64,000 784 Apr 8814 Dec
Feb
Europ'n Mfg & Inv 73113'50 93% 9234 9315 33,000 92
Nov 94
Nov
Federal Sugar 68
1933
9031 9134 3.000 90
Dec 99
Mar
('.air (Robert) Co 78 1937
10334 10331 10.000 99
Apr 10414
Galena Signal 01178- 1930
102 1024 3.000 10231 Dec 10634 July
July
General ice Cream 634s'30
138 138
July 145
2.000 104
Dec
General Petroleum 68.1928 102
10134 1024 13,000 10034 Jan 1124 July
let be
Aug 15 1940 93% 934 9334 38.000 93
Dec 95
Nov
German Gen glee 6548.1940 9434 94
Dec 9414 Dee
944 58,000 94
Goodyear T & R 58.-1928 9931 9931 9934 15,000 9431 Dec
Grand Trunk Ity 648.1936 107% 10734 10734 12,000 10531 Jan 991( Dec
July
Great Cons Elec 6145 1950 85% 854 8514 69,000 85% Nov 110
864 July
Gulf Oil of Pa 55
1937
9954 1004 32,000 983-4 Jan 1013.4 May
Serial 534e
1927
10034 10034 2,000 10031 Oct 101% Jan
Hamburg Elec Co 73..1935 9431 94
9434 164,000 9411 Dec 96
Nov
Hood Rubber 75
1936 1044 1044 1044
1,000 102 June
Immo/ MCC, deb 5148.1945 9891 9834 9831 125,000 9831 Dec 105% July
99
Dec
Kansas City Term 45_1960 85
July 8634 July
85
8511 37,000 83
Krupp (Fried), Ltd, 781929 9034 9014 91
Aug 993( Jan
9,000 86
Lehigh Power Scour 65.1927
10134 10131 10,000 10034 July 1014 Mar
Libby. McN & Lib 78.1931 104% 10434 10434 14.000 102
Jan 105
Aug
Liggett Winchester 78_1942
1074 108
4,000 1074 Dec 109
Dec
Long Island Ltg Co 613_1945 100
100 10054 2.000 9911 Aug 102
July
Manitoba Power 78.. 1941
10314 103% 4.000 984 Jan 104% Oct
Mass Gas 534s
1940 1004 994 1004 381.000 9834 Dec 100
Dec
M St P& EIS M Ry 58_1938 984 98
984 167,000 98
Dec 994
Morris & Co 7 so__ _ _1930 104% 10434 10434 5,000 984 Jan 1054 Dec
Nov




2O'

Friday
Sales
Last Week's Range for
Sale
of Prices.
Wed.
Bonds (Concluded) Par. Price. Low. High. Shares.
Z Y Chic& StLRR 548'75
Nor States Pow 648_1933
648 gold notes
1933
Ohio Power 5s Ser B._1952
New
Pan Amer Petrol 6fl w 11940
Penn-Ohio Edison 6s-1950
Penn Pow dr Light 5s_.1952
58 Series D
1953
Philo, Electric 531
_ _1947
6s
1941
Phila Rapid Transit es 1962
Pure 011 Co 634.
1933
Rand-Kardex Bur 534s '31
Rhine-Main-Danube Corn
713 Series "A" .
Mb
Rhine-Westphal El P 78'50
Sande Falls Co 5s _1955
Schulte RE Co 6s _ _ _1935
65 without corn stockl935
Shawsheen Mills 75_ _ _1931
Siemens & Halske 78_ _1929
7s
1935
Solvay Ar Cle 6s
1934
Southeast P & L 68 .4_2025
With warrants
South Calif Edison 56_1944
Stand Oil of N Y 648_1933
Stutz Motor of Am 7115'37
Sun 011 5315
1939
.Oct 15 1932
Swift & Co 5.
Thyssen (Aug) Iste8 751930
Tidal-Osage 011 75.....1931
Toho El Pow (Japan) 76'55
Tokyo Mee Light els_ _1928
Trans-Continental Oil 78'30
Trumbull Steel 65..._1940
Tyrol Mid-El Pow 7145'55
United Rya of }fay 742'36
(7 S Rub Ser 6%a .....1926
Serial 64%notes _ _1927
Serial 64% notes _1928
Serial 634% notes„.1929
Serial 63-4% notes_ _1930
Serial 64% notes...1931
Serial 634% notes__1932
Serial 634% notes_ _1933
Serial 64% notes_ _1934
Serial 63-4% notes_ _1930
Serial 631% notes_ _1936
Serial 634% notes...1937
Serial 631% notes_.1938
Serial 611% notes_ _1939
Serial 64% notes. _1940
U 8 Smelt & Ref 514s-1935
Vacuum 011 7s _ _ _ _ _1936
Waiworth Co 6 413._ _ _1935
1945
Webster MIlls 6 48_1933

99
99
99
89.000
12831 1264 131
148.000
1034 103 103% 31.000
9414 944 94% 46.000
9431 9434 10.000
103
103 1043( 372,000
10234 98% 10531 198.000
98
98
4.000
98
98
98
23.000
106% 106%
1.000
106 1073( 2.000
98
97% 984 22.I I
10234 10231 10241 23.000
108
1074 11034 247,000
96
94
95
98
97
9491
10631
1214
9734
1064
114
98
97
9311
10414
904
9734
9734
96
9654
110

10231
10134
1014
1014
10134
1014

954
94
9414
9711

96
9411
95
9814

38.000
40.000
47.000
24.000

10 4 10 7 9; 0
8 4 86 4 206 S
6
3
2
0
2
3
3. 00
0
9614 97
49.000
944 58.000
94
1034 10631 450.000
115 1224 137.000
964 9731 34.000
10611 10711 55,000
114 120 131,000
9731 9834 64.000
9631 97 107.000
93
9311 30.000
10314 10434 15.000
8911 90, 20.000
(
97
9734 125.000
97
9711 40.000
96
96yi 98
964 78.. 0
3 00
7 000
110009
110010
6 000
0:000
34
34
10234 17231 60066
0
2
9,0 0
102 10211 18.000
10114 10131 13.000
101 1014( 2 . 0
!2
0
0
0
22107
0
2 000000
1013( 101%

5,000

10134 102
102
10134 102
10134 102
10134 10141
01
101
10131 102
10011 100 1014
1043.4 1044 10431
97
97
96
95% 97
100
994 100

5.000
18,000
11.000
8 000
3
:000
4.000
49.000
63.000
21,000
52.000
3.00

Range Year 1925.
Low.

High.

Dec 99
99
105% Jan 141
9931 Jan 10434
Jan 964
89

Dec
Nov
Nov
May

1004
963(
95
95
104
104
9631
973-4
1024

Dec
Dec
Apr
Apr
Jan
Aug
Aug
Jan
Dec

105
9814
98,
4
984
107
108
99
t02'4
10311

Dee
Dee
May
May
Aug
June
Mar
Nov
Dee

94
94
95
97
80
100
92%
904
100
9534
10011
92
106
924
954
94
90
103
87
961(
944
96
944
1073-4
1001(
10031
1001(
9934
9934
9794
92
9654
9631
96
954
95%
954
9514
984
9934
1044
96
94
9714

Dec
Nov
Dec
Dec
Dec
Apr
Oct
Aug
Jan
Oct
Oct
Jan
Aug
Dec
Jan
Jan
Aug
Jan
Aug
Dec
Sept
Nov
June
Ma
Nov
AP
Apr
Apr
Ap
Apr
Ma
Apr
May
Apr
Apt
May
Apr
May
May
Oct
Dec
Dec
Dec
Mar

964
95
9814
108
90
10.3
994
983,4
105
104
11434
974
108
123
9934
97
9914
104%
9114
9914
10334
97
97
112
10214
10214
103
102%
102)4
102
102
10134
101%
1024
102
102
1024
10231
102
104)4
1074
984
985(
1034

Nov
Nov
Nov
Nov
Nov
Jan
Feb
Fels
July
Dec
Dec
May
Feb
Dec
July
July
Feb
Jan
May
Sept
May
Nov
Oct
July
Mar

Des

Nov
Dee
Nov
Oat
Oct
Dee
Dee
Dec
Dec
Dee
Dee
Dee
Dee
Dee
Jail
Oct
Det
Jan

Foreign Government
and Municipalities.
Buenos Aires(Prov)7 s'47 9931 99% 9931 200.000
. ----------Cologne (City) 6345..1950 8531 8531 8541 73,000 9434 Dec 8814 00
Columbia (Rep of) Dept of
Nov
Antioquis 78
1945 904 90
90% 23,000 sam Dec 91
Danish Cons Muni()548 55
.
984 984 8,000 9854 Nov 9834 Dee
Sept
Denmark(Kg)5Hs _ A955 9834 9831 98% 153,000 984 Dec 100
6s
1970 10031 99% 100% 22,000 98
July 10014 NO*
Dec
French Govt 48 of 1917 _ _ ------ 1834 18% 13.000 14
Dee 14
Gratz (City) Austria 89'54 96
Dec 994 Sept
96
963.4 6,000 96
gi
Jan
French Nat Maq SR 701910 8111 7834 8131 34,000 77% Apr
Dec
Heidelberg(City)74,31950
984 9835
1.000 9834 Dec 99
Hungarian Cons Mon
Loan 711s
1945 88
87% 8831 99,000 8731 Dec 9034 Oct
Indust Mtge Bk of Finland
Int M coil s f 73 _ _1944 97
964 97
21,000 9214 May 9834 Nov
Medellin (Colom) 86_1948
9834 6,000 97% July 98% Dee
98
Nether'ds (Kingd) 88 B '72 108
108 108
4,000 1024 Mar 1194 Atli
Peru (Republic of) 88.1932
Oct
Jan 102
1004 10034
1.000 99
Russian Govt64s_ _ _1919
1734 Feb
4 Aug
1531 16% 15,000 11 1
6316 certifs
Feb
17
1919 1431
1434 1511 36,000 11
Aug
174 Feb
5145
1921
1534 15%
July
1,000 11
SantaFe(Argentina)7s 1942 9231 92% 9334 53.000 9234 Bent
9631 July
Switzerland Govt 511s 1929 1024 1014 10211 38.000 lot
July
Nov 104
Upper Altai rla (Prov) 78'45
Ocia
Dec 93
90
91
33.000 90
•No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock.
Option ante. it When
Issued. x Ex-dividend. It Ex-rights. a Ex-stock dividend.

New York City Realty and Surety Companies.
All prices dollars per share.
Rid. Ask.
Alliance RIty 180
Amer Surety. 176 180
Bond & M G. 310 315
Lawyers Mtge 237 242
Lawyers Title
& Guarantee y312 318

Mtge Bond..
Nat Surety__
N Y Title &
Mortgage..
U S Casualty.
741 Tltle Goo

Bid.
145
210
471
355
320

Bid.
Ask.
150 Realty Assoc.
(Bklyn)corn 510
220
1st pref._ _ _ 95
so
2d pref. _ _ _
475
Westchester
Title & Tr. 420
iio

Ask
525
100
95

New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Bid. Ask
Banks.
Bid., Ask.
America•_ . 335 340 Hamilton.... 200 225
_
Amer Ex Pao 477 483 Hanover._-x 1105 1115
Amer Unlon•_ 195 210 Harriman.... 485 500
Broadway Cen 275
Manhattan* _ 237 240
Bronx Dom*. 1350 1450 Mach & Met_ 457 462
Bronx Nat... 390
Mutual*
500 ...._
Bryant Park. 210 230 Nat American 180 Butch & Drov 168 175 National City 596 602
Capitol Nat.. 223 227 New Neth..... 265 275
Cent Mercan_ 315 335 Park
518 524
Chase
582 587 Penn Exch.- 124 134
Chath Phenix
Port Morris_ 200 . _
Nat13k &Tr 363 368 Public
675 685
Chelsea Rich' 220 225 Seaboard.- - - 0350 665
Chemical _ _ 710 720 Seventh
155 170
Coal & Iron.. 330 - Standard _ _ _ 525
___
.
Colonial. _ _ 550
£595 605
State.
Commerce
374 378 Trade.
145 155
Com'awealth•5310 320 United._ _ . 215 230
Continental_ 250
UnItedStates• 298 305
Corn Exch.._ 587 695 Wash'n Ilts•_ 700 725
Coamop'tan• 225
Brooklyn
East River_ 352 iili Coney Island' 210
_
Fifth Avenue.2400 2500 First
450
___
First
2930 2950 Mechanics'.- 325 .._
Franklin
__
160 170 Montauk•
(305
Garfield
365 35.5 Nassau
320 330
Grace
270
___
_ People's
510
Greenwich'.. 450 500 Queensbore* _ 175 ._.
• Banks marked (s, are State banks.
)
( New
(I) Ex-rights

Trust Cos. Ind. Ad
New York.
American....
Bank of N Y
& Trust C. 630 640
Bankers True! 612 615
Bronx Co Tr_ 250 300
Central Union 895 910
342 347
Empire
Equitable Tr_ 3277 283
Farm L & Tr. 563 668
Fidelity Inte 315 330
350 .Fulton
Guaranty Tr_ 378 382
Irving BankColumbia T 343 348
Lawyers Tr_ _ _ _ _
Manufacturer 513 Eli
Mutual(West
chester)___. 215
N Y Trust_ _ . 557 362
Title Gu tiC Tr 665 675
US Mtg & Tr 420 430
UnItedStatesx 1880
Westches Tr_ 400
Brooklyn.
Brooklyn Tr. 585 1195
Kings County 2209 2500
Midwood. _ _ 300 -People's
9770 780
stook.
(z) Ex-dividend.

ax road inteilickente.

Snithxnt an

208

-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of December. The table covers 13 roads and shows
10.86% increase over the same week last year:
Increase. Decrease.

1924.

Fourth Week of December.

1925.

Buffalo Rochester & Pittsburgh_
Canadian Pacific
Duluth South Shore & Atl
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
-San Francisco
St Louis
St Louis Southwestern
Southern Ry System
Texas & Pacific
Western Maryland

$
495.766
5,398 000
126.821
52,900
2,613,000
7,996
298,553
441,661
2,464,251
669.800
5.756,257
1,032,848
540,746

$
54,654
441,112
4,296,000 1,102,000
2.289
124,532
12.200
40.700
2,277.455 335,545
12,086
6,028
292,525
21,490
420,171
2,520,425
741.255
5.345,386 410,871
91,019
941,829
45,952
494,794

19,898,199 17,948,270 2,082,048
1.949.929

Total
Net increase (10.86%)

$

$

•
4,490
56,174
71.455

132,119

In the following we show the weekly earnings for a number
of weeks past:

2d week Nov. (16
3d week Nov.(16
4th week Nov.(16
1st week Dec. (16
2d week Dec. (16
3d week Dec. '14
4th week Dee.IK13

Increase or
Decrease.

Current
Year.

Week.
roads)____
roads)._
roads)- _ - _
roads)_ _ - _
roads)_ _ - _
roads) -_
roads)

Previous
Year.

$
22,230,760
22,569,751
27.051.922
21,257,393
21.115.174
20,566.400

$
21,098,641
20.837.118
24.351,216
19,782.037
18,890,134
17.502,316
17 048 270

%

$
+1.132,119 5.41
+1.732,633 8.32
4-2,700.706 11.12
+1,475.356 7.46
+2.225.010 11.78
+3,064,090 17.51
-4-1.040.929 11) 86

We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.

Gross Earnings.
Month
1925.

1924.

Increase or
Decrease.

1925.

1924.

Increase or
Decrease.

$
$
8
$
$
$
Jan.. 483,195,642 467.329,225 +15.866,417 101,022,458 83,680,754 +17.341,704
-_ 454,009,669 478,451.607 -24,441.938 99.460,389 104,441.895 -4,981,506
Feb
Afar__ 485,498,143 504.362.976 -18,864,833 109,230,086 114,677,751 -5,447,665
Apr_, 472.591.665 474,287,768 -1,606,103 102,861,475 97,471,685 +5,389.790
May _ 87.664.385 476,549,801 +11,114.584 112,859,524 96,054,494 +16.805,030
tune - 506.002,036 464,774,329 +41.227.707 130,837,324 101.487.318 +29.35•).006
hay__ 521.538.604 480,943.003 +40.595.601 139.606,752 111.786.887 +27,819,865
Aug__ 554,559.318 507.537,554 +47,021,764 166,558.666 134.737,211 +31,821,455
Rept.M4,443,591 540,063,587 +24.381,004 177,242,895 159,216,004 +18.026.801
Dct -- 590,161,046 571.576,038 +18.585,008 180,695,428 168,840,671 +12,054,757
-Percentage of increase or decrease In net for above months has been
Note.
January,20.73% Inc., February, 4.77% dec.. March,4.74% dec.. April. 5.53% Inc.,
17.49% Inc.; June. 18.91% Inc.: July, 24.88% Inc.: Aug.. 23.26% inc.; Sept..
May.
11.32% Inc.: Oct.. 7.14% Inc.
In Jan. the length of road covered was 236,149 miles In 1925, against 235,498
miles In 1924,in Feb.. 236,642 miles, against 236.031 miles, in March, 236,559 mike,
against 236.048 miles. In April. 236.664 miles, against 236.045 tam in May,236.663
cones, against 236,098 miles. In June, 236.779 miles, against 236.357 miles, In July,
236.762 miles, against 236.525 miles: in August. 236.750 miles. against 236.546 miles:
in September, 236,752 miles, against 236,587 miles: in October, 236,724 miles,
agaliast 236,564 miles
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Crossfrom Railway- -Nei from Railway- -Net after Taxes
1924.
1924.
1925.
1924.
1925.
1925.
$
American Ry Express Co
332,263
302,644
149.747
112,088
September _25.650,134 25,293,558
882,864
752,298
From Jan 1 209718,074 209987,518 2,496,269 2.355,027
Ann Arbor
98,497
71,443
108,496
127.675
602,577
502,921
November _
852,783
From Jan 1_ 5,357.081 5,053,948 1,332,344 1,113,562 1,097,293
Atchison Topeka & Santa Fe
November _18.798.931 17,435,455 8,306,784 6.661,193 6,504.091 4,869,198
From Jan 1-179965894 177699,698 56,417,158 47,933,367 41,763,816 33,293,739
Gulf Colorado & Santa Fe
November _ 2,820.418 3,621.473 1,137,018 1,656,117 1,041,840 1.560,764
From Jan 1.26,459,084 27,004,937 6,698,523 6,977,786 5.712,565 6,015,355
Panhandle dr Santa Fe
611.550
614,130
694,518
531,612
November - 1,236,396 1,201,554
From Jan 1_10,134,149 10,010,298 3,428.121 3,116.770 3,014.536 2,736,934
Atlanta Birmingham & Atlantic
29,362
42.288
48,049
60.771
493,172
403,004
November _
231,211
372.934
399,737
543,398
From Jan 1_ 4.914,181 4,376,106
Atlanta dr West Point
75,179
37,799
02,193
53,159
251,158
289,130
November _
417,869
726,933
558,081
552,637
From Jan I_ 2,912,516 2.649,520
Atlantic City
259,241
293.152 -20,623 -11,637 -52,873 -47,586
November
319,190
926.114
554,978
657.329
From Jan 1_ 4,782,152 4.474.475
& Ohio
Baltimore
B &0 Chicago Terminal
7.193 -46,256
-5,983
50.020
304,345
280.897
November _
69,782
113,563 -359,945
572,460
From Jan 1_ 3,329,480 3,274,572
Bellefonte Central
-365
-535
-1,401
6,947
6.805
-1.601
November 3,673
9,968
94,433
1,473
92,819
8.098
From Jan 1_
Belt Ry of Chicago
209,233
220,885
173,498
619,164
566,650
158,547
November _
From Jan 1_ 6,455,950 6.283.352 2.192,656 2.118.083 1,702,842 1,631,937
Bessemer de Lake Erie
35.507
364,983
3.004
805,976
287,880
November _ 1,100,319
From Jan 1.14,685,346 13,732,439 5,523,213 3,143,114 4,737,439 2,285,210
Bingham & Garfield
3,933
5,530
--6,879
--3,313
43,550
41,520
November _
77,714
18,200 -28,553
451.415
138.458
From Jan 1 - 556,666
Railways
Canadian National
Atlantic dr St Lawrence
9,593
27,759 -23,688
-8,937
214,161
166,592
November
From Jan 1- 2,158,886 2,139,176 -60.622 -338,267 -245,581 -521,816
Can G T June
Chic Det &
88,283
74,316
125,469
232,121
131,838
278,219
November _
From Jan 1_ 2,922,972 2,649,583 1,416,673 1,190,813 1.310.838 1.058.981
Detroit Grand Haven & Milwaukee
65,922
60,490
222,524
216,919
512,369
620,985
November _
From Jan I_ 6,514.247 5.957,973 2,171,169 1,394,707 2,121,560 1,333,984
Central New England
89,895
269,266
243,547
114.933
693,976
597,670
November _
From Jan 1. 0,805,606 7,437,048 1,779,474 2,129,606 1,500,793 1,846,601




-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1925.
1924.
1924.
1925.
1925.
$
$
$
Charleston & Western Carolina
,
92.103
88,994
109,794
116.576
355.321
313,679
November _
584,494
829,341
777,995
From Jan 1_ 3.757.459 3,537.001 1,057,782
Chicago Indianapolis dr Louisville
271,390
251.269
343,710
311,748
November 1,448,264 1,397,075
From Jan 1_16,140,164 15,638,462 4.417.131 4,235.681 3,601.852 3,376,182
Chicago Peoria & St Louis
-8.280
-3,399 -11,162
80,643
111,378
-8,777
November _
12,621
-881
31,062
55,698
966,491 1,191,738
From Jan 1_
Chicago Rock Island & Pacific
November _10,469,334 10,476,533 2,527,355 2,631,712 1,943,812 2,059.181
From Jan L113732781 113785.651 25,208,522 24,806,433 19.107,550 18,821.425
Chicago Rock Island & Gulf
252,983
171,080
269,085
210,570
599,423
658,206
November
From Jan 1_ 5,676,322 6,060,474 1,541,587 1,792,475 1,272.850 1,650,800
Cincinnati Indiana & Western
45.898
53,939
68,111
74,498
383,544
393,734
November
442,587
645,097
648,260
751,538
From Jan E 4,389,421 4,112,155
Columbus & Greensville28,403
51,784
29,914
53,289
168,523
161,481
November _
177,843
196,803
193,959
216,625
From Jan E 1,550,347 1,498,931
Delaware ev Hudson
552,297
655,407 --191,345
November _ 2,310,989 3,587,564 -79,045
From Jan L39,363.802 41,140,848 7,771,278 7,760,267 6,533,231 6,619,505
& Rio Grande
Denver
588,915
743,993
969,174
719.177
November _ 3,283,189 3,040,370
From Jan 1_30,708,809 30,279,664 7,861,563 4,617,491 5,876,391 2.846,214
Denver dc Salt Lake
104,599
132,436
113,604
141,436
409,006
450,960
November _
69.331
510,793
168,346
610,024
From Jan E 3,409,721 3,039,619
Detroit Terminal
26,722
12,222
42,267
59,338
174,758
223,935
November _
373,453
525,163
586.137
766,400
From Jan 1_ 2,340.605 2,131,768
Detroit Toledo dr Ironton
353,919
555,597
397,884
608,758
November _ 1,308,354 1,034,791
From Jan 1_12,677,744 11,071,704 5,037,524 4,177,508 4,503,842 3,793,895
Detroit de Toledo Shore Line
116,751
199,701
146,027
230,483
293,757
433,334
November _
From Jan 1_ 3,799,712 3,126,377 1,880.157 1,379,758 1,624,810 1,123.385
Duluth & Iron Range
6,302 -148,742 -32,875 -154,409
144,276
331,334
November _
526.776
From Jan 1_ 6,735,737 5,861,303 2,373,687 1,330,543 1,887,742
Duluth Missabe & Northern
411,292 -243,188
535,466 -224,995
234,226
November 1,191,276
From Jan 1_17,930,889 13,754,515 10,306,870 6,804.747 8,727.915 4,336,030
Duluth South Shore & Atlantic
29,870
94,110
61,870
122,110
414,546
464,265
November _
735,870
863,058
From Jan 1_ 5.418,578 5,523,207 1,177,192 1.082.982
Duluth Winnipeg & Pacific
10,972
34,175
19,203
43,507
171,673
190,619
November _
140,956
225.192
240,758
326,785
From Jan 1_ 2,044,871 1,985,828
Elgin Joliet & Eastern
464,047
516,199
541,097
677,862
November _ 2,029,064 1,713,715
From Jan 1_22,959,815 19,558,052 7,161,446 5,667,508 5.947,961 4,712,658
Georgia Railroad
88,677
76,186
95,593
83,231
516,748
522,693
November _
870,789
950,420
948,342
From Jan 1_ 5,543,448 5,504,638 1,035.125
Georgia & Florida
31.349
05,524
37,752
72,650
146,526
209,662
November
343,432
424,114
416,018
496,807
From Jan 1_ 1,712,597 1.631,689
Green Bay de Western
24,150
35,535
31,650
45,535
130,890
143,524
November _
224,434
303,000
306.969
303,794
From Jan 1_ 1,434,903 1.357,464
Gulf & Ship Island
62,428
45,634
88,155
83,303
292,157
334,567
November
660.501
549,346
944,533
878,230
From Jan 1_ 3,430,672 3,278,337
Hocking Valley
185,521
537,424
326.680
632,835
November _ 1,824,754 1,538.768
2,891,692
From Jan L18,040,886 16,231,117 4,879,252 4,005,918 3,792,592
Illinois Central System
Yazoo de Mississippi Valley
701.663
469,941
817,224
706,285
November _ 2,256,959 2,225,101
4,855.713 4,038,709
From Jan 1_22,225,815 20,014,639 6,369,739 5,309,211
Kansas City Mmdco & Orient
38,325
7,900
48,325
11,904
262,327
177,776
November
184,378
172,381
278,416
245,317
From Jan 1_ 2,283.704 2,139,788
Kansas City Mexico & Orient of Texas
78,716
34,927
85,715
41,935
307,685
260,982
November
339,347
511.892
401,302
589,309
From Jan!. 2.948.939 2,291,089
Kansas Oklahoma & Gulf
40,652
56,569
50,877
65,497
214,253
269,627
November _
115,291
114,365
227,333
207,094
From Jan 1_ 2,266,955 1,085,497
Lake Superior de Ishpeming
12,920
67,186
24,268
101,109
119.375
215,856
November _
354.894
709.618
496,037
918,206
From Jan!. 2,194,893 1,743,726
Lehigh & Hudson River
45,801
50,414
59,913
59,327
239,345
241,705
November
691,082
663,026
846.024
807,677
From Jan 1_ 2,847.023 2,895,558
Lehigh & New England
134,597
13,499
156,065
16,061
480,895
November - 306,672
1,106,850
From Jan I_ 5.048,689 5,004,743 1,329,401 1.311,779 1,141,887
Loa Angeles & Salt Lake
80.695
218,358
221,333
335,477
November 2,160.163 1,865,780
2,646,357
From Jan 1_22,394.652 22,454,683 4.612.599 4,081,554 3,141,646
Louisiana Railway & Navigation Co
11,212
37.158
33.224
57,253
380,923
349,256
November _
210.512
362.320
413,262
584,251
From Jan 1_ 3,503,085 3,794,478
Louisiana Ry & Nay Coot Texas
19,214
26,578
23,216
30,692
115,050
123.613
November _
137,146
162,366
181.169
206.435
From Jan 1_ 1,218,231 1,209,477
Louisville Henderson & St Louis
55,207
81,016
72.919
105,437
270,780
318,918
November
547.210
807.788
609,975
From Jan 1_ 3,483,715 3,138,297 1,095.519
Arkansas
Missouri & North
30,684
2,911
31,775
5,345
141,751
129,470
November
156,087
117.266
141,242
181.043
From Jan 1_ 1,420,511 1,446,136
Mobile & Ohio
295.661
310,451
401,257
416,868
November _ 1,651,361 1,609,112
From Jan 1_17,611,926 17,931,372 4,924.663 4,864,613 3,859,910 3,87E4380
Nevada Northern
3,415
18,521
27.757
40.809
01,552
80,085
November
401,081
297,351
502,458
997,616
414,851
955,286
From Jan I_
New Orleans Texas & Mexico
89,599
-2.894
13,665
108,583
326,033
302,306
November _
752,061
657,606
868,304
974,690
From Jan 1- 3,180,361 3,106,856
Beaumont Sour Lake & Western
72.822
69.873
61,300
272,825
80,582
254.847
November
874,462
989.161
783.596 .912,885
From Jan I_ 2,583,320 2,511,425
St Louis Brownsville & Mexico
96,526 a 124.894
129,144
159,399
547,343
551,698
November
From Jan 1_ 7,599,691 7,254,245 2,883,070 3,193,897 2,525,338 2,852,576
New York Central
Indiana Harbor Belt
1188.347
275,040
859.534
314,694
211,355
985,714
November
From Jan 1_10,335.663 9,951,236 3,413,389 2,442.082 2.945,153 2,146,250
Cincinnati Northern
98,608 3 t• 98.695
406,177
122,025
416,836
126,955
November _
From Jan 1_ 4,309,710 4,404,920 1,538,585 1,459,880 1,258,672 1,212,332
New York Connecting
152,130
187.130 1184.888
November. 280,296
260,454
From Jan 1- 2,528,969 2,769,136 1,603,56611,923,459 1,178,95611,490,609

v1[142,388

JAN. 91926.]

-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1924.
1925.
1925.
1924.
1925.
$
N Y Sun & Western
59,741
80.625 -42,378
405,945 -13,478
November _ 301.664
107.623
614,609
418,161
934,530
From Jan 1_ 4,585,137 4,393.092
Northwestern Pacific
37,053
58,903
474,346
83,166
99.941
November _ 519,978
From Jan 1.. 6,558,116 6,643,824 1,780,816 1,847,104 1,208,304 1,343.189
Pennsylvania System
Bait Ches & Atlantic
110,849 --10.701 --13,256 --10,722 --13,256
November - 102,934
13,436
62,713 ---19.413
From Jan 1- 1,396,733 1,410,676 _-17,088
Union
Peoria & Pekin
22,576 --13,4215
50,576
160,196
2,575
156,921
November _
154,450
194,755
300,450
404,755
From Jan 1_ 1,704.797 1,647,048
Perklomen48,720
58,980
111,856
52,915
134,326
62.128
_
November
407,582
522.069
457,649
578,912
From Jan 1_ 1,284,055 1,111,327
ShawmutPittsburgh &
9,257
37,396
109.069
21,234
126,402
37.522
November _
14,341
211,775
50,236
232,884
From Jan 1- 1,182,461 1,036,261
Port Reading
74,025
91,755
96.425
107,476
188,795
November _ 211,971
638,237
787,912 1,019,928
From Jan 1_ 2,323,816 1,933.239 1,193,088
Quincy Omaha & K C
77,381
78,885
-8,960 -10,201 -13,804 -18,862
November _
963.980 -72,920 -70,338 -123,917 -119,817
From Jan 1_ 926,423
Rutland
38,196
45.085
497,690
61,699
89.189
November _ 525,511
719,790
917,835 1,022,710
628,605
From Jan 1_ 5,931,903 6,002.528
St Louis-San Francisco
November _ 8,044,922 7,808,688 2,604,947 2,411,591 2,118,068 1,974,788
From Jan L82,184,588 78,325,883 25,262,826 23,175,076 20,719.944 18,970,394
St L-S Fran of Texas
87,801
61,848
November _ 201,671
235.707
64,182
89,888
451.208
522.242
475,125
549,546
From Jan 1_ 1,991.248 1,810,193
St Louis Southwestern
587,210
590,132
November _ 1,669.449 1,741.255
698,411
688,287
From Jan 1 A6,558,433 16.436.074 5,204,586 5,257,642 4,493,752 4,426,227
-W of Texas
St Louis S
75,802
64,031
November - 705,905
751,455
101,348
98,871
From Jan 1_ 7,131,873 7,288,674
249,042 --93,461 -34,598
211,785
San Ant Uvalde & Gulf
9,181
November - 103,590
12,088
13,481
14.385
105,895
268,594
253,978
From Jan 1_ 1,332,969 1,412,284
294,222
307,714
Southern Pacific Co
November -18,008,576 18.240,999 6.247,072 4,423,605 4.618,764 2,935.530
From Jan 1_193273148 189818,398 56,343,862 56,623,873 40,160,130 40,464,864
Atlantic S S Lines
72.446
November _ 1.884.446 1,107,431
138.647
97,032
154,997
294,436
From Jan L10,551,839 11,043,384
455.798 -66,571
95.814
Louis Western
102,206
November
77,642
363,889
376,827
150,191
119,389
754,690
671,351
From Jan 1_ 3.882,013 3,835,787
958,603 1,102,100
Morgans La & Texas
November _ 811,017
114,816
139.889
798,152
174.026
193.602
127,453
From Jan 1_ 7.641,501 7,614,908
177,879
677,507
737,552
Texas & New Orleans
November _ 871,898
43.956
66,533
760,216
76,222
98,606
From Jan 1_10,140,265 8,436,589 2,163,643 1,004,022 1,809,334
670,395
Southern Railway Co
November _12,699,103 12,078.287 4,075,489 3,890,519 3,220,767 3,128,851
From Jan 1-135725813 129855.890 40,640,152 35,496,871 32,041,483 28.459,309
Ala Great Southern
November _ 876,326
172,995
261,228
868.158
236,314
340,472
From Jan 1_ 9,490,735 9,210,440 2.947,803 2,374,091 2,322,996 1,875,568
Gin N 0 & T P
November _ 2,046,714 1,833,980
504.029
756,561
603,258
903,821
From Jan 1_21.339.445 20,115,936 7.960,031 6,049,012 6,762,657 5,168,537
Georgia So & Florida
November _ 640,022
466,713
154,362
176,974
206,441
173,042
From Jan 1_ 6,064,476 4,642,332 2,036,641 1,320,335 1,701.780 1,116.055
N Orleans & Northeast
November _ 546,187
480,081
94,209
223.208
160,619
140.917
From Jan 1. 5,517,324 5,185,573 2,097,941 1,590,414 1,308,849 1,162,054
North Alabama
November _ 132,848
119,640
47.929
54,250
49,975
59,168
From Jan 1_ 1,442,081 1,349,097
552,338
495,390
637,608
566,762
International
Spokane
107,698
November _
81,243
22,293
18,681
86,854
31,109
From Jan 1_ 1,151,611 1,016.717
248.417
377,897
319,095
189,214
Spokane Port & Seattle
November _ 747.782
802,381
339.365
369,113
295,891
303,589
From Jan 1_ 7,499,595 7,863,187 2,656,455 2,976,285 1,858,236 2,203.935
Island R T
Staten
November _ 240,987
220.708
2,931
-5,971 -11,089 -21,674
274,117
52,276
102,010 -122,799
From Jan 1_ 2,744,893 2,550,653
St L Merch Bdge Term
448.174
389,056
153.118
November
114,552
111,074
86,788
918,780
998,005
From Jan 1. 4.526,148 4,195,819 1,335.460
661,707
The Pullman Co
November _ 6,052,488 5,242,188
562,689
5,758
319,677 -178,742
From Jan 1_73,518,085 66,870,509 15,869,873 10,792,477 11,912,623 7,542,685
Ulster le Delaware
94,813
60.122
-8,322
November
12.712 -13.822
7,212
169,242
249.132
108,740
188,471
From Jan 1_ 1,267,586 1,415,873
Union Pacific
Oregon Short Line
November _ 3,621,001 2.931,912 1,394,535 1.021,759 1,168,001
961,688
From Jan 1_32,295,721 32,152,508 9,147,165 8,666,959 6,594,629 5.879,890
Ore-Wash 11y & Nay Co
_ 2,432,579 2.340,625
514,035
November
530.825
342,813
359.622
FromJanl-250,580,997 26.548,066 4,860,322 5,858,753 2.987,146 3,775,877
St Jos & Gd Island
279.683
354,939
142,960
November
58.629
130,843
35.316
608,809
847,122
713,523
416.407
From Jan 1- 3,168,346 3,038,332
Union RR (Penn)
792,962
224,832
62,531
177.602
November _ 876,870
52.531
843,521 2.117,429
849.857
From Jan 1-10,579.820 9,928,867 2,487,124
Utah
159,368
66,282
168,920
60,476
66,887
November _
61,148
540,085
390,099
459,197
321,267
From Jan 1_ 1,578,053 1,399,481
tricks Shreve & Pacific
375,191
79,032
84,838
58,479
53,253
November _ 400,200
987,007
847,930
695,201
596,394
From Jan 1_ 4,135,276 3,908.090
Virginian
676,239
672.473
563.052
552.117
November - 1,662,622 1,734.032
From Jan 1_17,336,402 17,533,148 6,507,940 6,305,900 5.304,276 5.045,859
Western Maryland
409,812
449,038
384,038
344,812
November _ 1,727,910 1,680,609
From Jan 1.18,101.756 17,534,251 5.523,140 4,538.747 4.818.140 3.683,747
Pacific
Western
310,679
355,353
405,363
290.110
November - 1,347,103 1,247,724
From Jan 1_14.356,258 13,333,440 3,877,450 2,743,940 2,991,405 1.921,669
Western Ry of Alabama
272.757
73,792
101,289
79.605
60.282
November _ 295,608
806,377
773.783
823,832
FYom.huil. 3,108,728 2,835,921 1,000,904

Nov '25
'24
From Jan 1 to Nov 30 '25
'24

Bellefonte Central




209

THE CHRONICLE

Interest & Balance,
Net
Gross
Surplus.
Taxes.
Earnings. Earnings.
$
$
$
$
-1,401
200
6,947
-1,601
-365
-536
6,805
170
2,200
3,673
94,433
1,473
9.968
1.870
92,819
8,098

Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.

-Gross Earnings- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

cAmer & Foreign Power Co
635,379 *315342 *273,730
Inc
Oct 776.515
12 mos ended Oct 31_ __ _ 8.584,258 6,212,503 *3305,049 *2.758,927
eBarcelona Traction, Light &
Power Co, Ltd
Nov 7,898,636 7,531,649 5,211.560 5,108,420
11 mos ended Nov 30_ _ _78,829,830 72,064,450 51.603,537 46.027,835
*151.053.
466,889 *158,202
Winnipeg Electric Co__ -Nov 482.929
11 mos ended Nov 30-_ - 4.838.174 4,787,043 *1,349,749 *1,215,327
c Earnings of cubsidiary companies only.
* After taxes.
pesetas.
e Given
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
Companies.
Amer Wat •VV, & Nov '25 3,601,473 1,984,693 f1,101,254
El Co,Inc, & sub cos '24 3,286,242 1,468,243 11,008.250
12 mos end Nov 30 '25 40,766,538 18,682328112.625.664
'24 38,071.266 16,536,2901'11.447,188
256,541
Atl Gulf & W I SS Oct '25 3,658,162 *626343
Lines & sub SS cos
'24
10 mos ended Oct 31 '25 26.722,021 5c3.999,856 2,046,977
'24 22.289,607 *c2,874302 1,994,003
664,173
709,438
Boston Elevated
Nov '25 *2.929.617
669,063
684,094
'24 *2,862.534
64,457
233.473
Nov '25
543,187
Federal Light &
60,932
199,647
Trac Co
500,703
'24
678,138
11 mos ended Nov 30'25 5,318,315 1,970,857
658,565
'24 5,106,259 1,934,150
16,950
*118,129
239.762
Fort Worth Power Nov '25
16.793
258,840 *121700
& Light Co
'24
204,254
12 mos ended Nov30'25 2,835,203 *1,386,817
210,323
'24 3,085,325 *1,417,681
116,313
*681306
Havana Elec Ry, Nov'25 • 1,346,280
17,287
Lt & Pow Co
'24 1.249,877 *645.883
11 mos ended Nov 30'25 13,935.713 *6,967,199 1,281,671
'24 13,044,351 *6,594.740 1,290,411
96.429
Kansas Gas & Elec Nov '25
385.360 *186.043
105,531
'24
*223.048
480.581
Co
12 mos ended Nov 30'25 5,381,522 *2.146305 1,162,816
'24 5,617,940 *2,022,180 1,122.498
69.183
Nebraska Pow Co Nov '25
376,125 *213,491
59,660
'24 356,832 *207.557
808,775
12 mos ended Nov 30'25 4.149,782 *2306.879
670,832
'24 3,920,373 *1,933,722
109,086
Nevada-Calif Elec Nov '25
308,516
*172.181
99,738
Corp and sub cos
287,872 *121,219
'24
12 mos ended Nov 30'25 4.851,659 *2,407.063 1.272.565
'24 4.486.487 *2.279,778 1,136.303
New England Co
121.383
Oct '25
262.185
690,639
114,590
Power System
634,969
'24
211.525
12 mos ended Oct 31 '25 8.023.574 2.927.461 1388,515
'24 6,964.871 2.342,937 1.302.302
Nov '25
110,370
244.911
669.376
115.167
'24
207.970
641.944
12 mos ended Nov 30'25 8,051,007 2,964.402 1.383.718
'24 6.968.738 2,352.397 1,312.220
20.596
Newp N & Tramp Nov '25
59,714
163.164
20,562
By, Gas & 1111.00
55,472
158.921
'24
248.861
12 mos ended Nov 30'25 2,062.045
704.375
253,297
'24 2.002,108
644,695
65.465
Pacific Pow & Lt
Nov '25 327.103 *157.985
60.196
Co
270,475 *108.941
'24
791.121
12 mos ended Nov 30'25 3,487,042 *1,538,276
720.614
'24 3.196.143 *1.477.733
50.669
Portland Gas &
Nov '25
349.508 *111,699
38.848
Coke Co
'24
*109,055
332,561
541,743
12 mos ended Nov 30'25 4.058.788 *1,462377
465,763
'24 3.680.905 *1.351.945
Texas Power &
183,267
Nov '25
658,703 *288374
Light Co
72,802
'24
602,733
*279,985
12 mos ended Nov 30'25 6,826.201 *3325331
971.360
815,838
'24 6.379,309 *2,827,113
West Penn Co
1541.149
Nov '25 2,301,112 1,046.499
924,939
'24 2.163,386
12 mos ended Nov 30'25 25,920,383 11,222,115 f6,213.112
'24 25.362.123 10.403.936 15.901.350
* Includes other income.
c After depreciation
f Includes preferred dividends of subsidiaries.

Balance..
Sur/lus.
583,439
459,993
6,056,964
5,089,103
270,102
218,967
1352.879
880,499
45,265
15,031
169,016.
138,715
1,292.719'
1,275.585101,179
104.913
1,184,563
1,207,358
564.993
828.6965.685,528'
5,304,329
89,614
117,517
983,389
899.687
144,308
147,897
1,398,104
1.262,890'
63.095
21,481
1,134,498.
1,143.475140.802
96,935.
1,538,946
1,040.635.
134.541
92.803
1,580.684
1.040.177
39,118
34,909
455.514
391,398
92,520
48.745
747.155
757,119
61,030
70.207
920.634
886,182
105.707
207,183
2,054,571
2,011,275
505.350
407,078
5,008.003
4.502.586

Month of November
--12Months Ended Nov.30
Surplus
Surplus
Gross.
Aft. Clips
Aft. Chgs.
Net.
Net.
Gross.
Baton Rouge Elec. Co
1925
199.222
74,776
270,181
27,234
788,879
21,009
1924
193,593
64,474
242,637
25,884
700,796
20,581
Black. Val. Gas & El. Co
1925
473,021
200,910
155,951 5,011,431 1,914,761 1,508.529
1924
428,490
176.202
139,178 4,587,637 1,519,146 1.089,334
Cape Breton El. Co., Ltd
1925
14.078
53,109
13,484
7,850
82,918
565,055
1924
65.257
56,779
133,632
12,456
6,867
672.497
Columbus El. & Power Co
1925
486,313
265,829
749,309
89,610
67,790 2.704,404
1924
793,775
209.963
89,253
67,126 2.299,798 1.082,426
Edison El. Illuminating Co. of Brockton
1925
605,809
153,916
62,748
81,512 1,661.904
597,528
1924
149,301
.545.930
549,440
68,303
68,431 1,566,725
The El. Lt.& Pr. Co. of Abington & Rockland
1925
48,234
97,608
102.773
9,190
9,070
526,023
1924
38,855
63.244
65,656
5,320
440,128
5,017
El Paso Elec. Co. (Del.)
1925
699,198
224,312
82,948
893,930
69,104 2.533,943
1924
641,626
210.708
855,734
77,404
59,342 2,429,771
Fall River Gas Works Co
1925
253,677
81.291
256,708
20,237
19,657 1,000,683
1924
244.689
87,371
245,790
26,994
26,902 1,006,941
Gal-Houston Electric Co
1925
385.254
330.322
83,365
28,194 3,928,754 1,007,928
1924
457,641
987.936
336,144
95.402
49.188 3,798,494
Haverhill Gas Lt. Co
132,341
1925
132,657
55,067
13,411
628,725
13,404
142,939
1924
144,663
614,627
56,230
16,119
16,113
Houghton Co. El. Lt. Co
100,070
146,453
1925
48,680
505,917
14,146
17,769
87,474
1924
136,587
45.928
.511,779
15,670
11,586
The Key West Electric Co
74.017
104,204
1925
263,774
25.322
9,539
6,941
64,813
94,833
1924
241,220
20.418
5.972
8,460
The Lowell El. Lt. Corp
564,127
560,816
1925
154,098
62,858 1,610.436
62,870
503,899
1924
525.706
148.539
62,493
62,457 1,531,179
Northern Texas El. Co
785,825
1925
440.367
205.049
67,251
38.967 2,484,133
9.50,429
1924
612,572
224,211
54.289 2,720,120
81,931
Puget Sound Pr.& Lt. Co
1925
235,454 12,825,107 4,782,755 2,646,019
1.139,010
412,795
1924
247.072 12,509,267 4,595,638 2,608,253
415,537
1,092,560

210

THE CHRONICLE

[VOL. 122.

12 Months tem. Nov. 30- approximately 37,000.000. The effect
of these expenditures, and of the
Sruplus
acquisition of the seven additional ;properties has been to increase our
Net.
oft. Chges. capacity to about 4% times the production
in 1923.
fixed assets (less accrued depreciation), of only slightlywith an increase of
in excess of 100%•
Savannah El.& Power Co
Formulating Plans to Increase Working Capital.-Whlle the efficiency of
1925
177,661
42,817 1,942,035
73,363
701.934
331.025 the estates and the large assured productive capacity should enable the
1924
166.495
67.691
36,340 1,908,239
720,968
347,757 company to take full advantage of the return to normal price conditions
In the industry whenever they occur, nevertheless the low prices which
Sierra Pac. Elec. Co
have prevailed during the past year and are still continuing, taken In con1925
94,722
37,930
34,476 1,141.723
465,232
408,220 nection with the
1924
100,500
41.499
35,464 1,080,174
460,842
388,134 the company's completion of the program above referred to. have depleted
working capital, and
Tampa Elec. Company
ing plans to remedy this condition. directors are now engaged in formulat1925
347,368
154.555
149,699 3,211,383 1,390,235 1,332,942
1924
217,277
95,246
90.768 2,315,553
980,799
925,178 BAGSPRODUCED IN COMPANY'S 12 ESTATES-YRS.END.SEPT.
30.
-Month of October
-12 Months Ending Oct. 31Cuba1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
Baton Rouge Elec. Co
Cupey
187,532 144,434 196,011 154,703 146,668
1925
75,329
23,949
17,681
778,577
268,831
198,794 Alto Cedro
249,327 222,708 234,939 244,575 164,000
1924
59,219
21,381
16,201
692,838
232,922
186,682 Altagracia
152,621
164,171 126,787 153,142 123,097
Eastern Tex. Elec. Co
America
202,182 191,613 171,621 250.267 108.228
1925
437.051
131,608
59,424 3,052,082
969.306
661,392 Palma
303.328 304,823 242.072 21164
264.663
2
1924
202,573
60,684
39,228 2,323,669
890,595
669,456 Battik,
136,316 106,360 104,831
132,892 105,499
Santa Ana
Jack. Tray. Co
125.150
91,591
59,527
88,668 107.428
San Domingo1925
129,665
51,991
35,469 1,264,181
422,230
287,313 Barshona
232,820 203,464 127,000 101.031
1924
95.836
26.190
16.016 1,075.112
305.473
180,458 Consuelo
410,982 307,444 175,419 185,395 187.781
San Isidro
123,478 109,224
86,455
91,776
75,763
Quisqueya
120.403 108,479
92.748
98.410 107.277
Las Pajas
70,274
48.252
48.350
43,158
FINANCIAL REPORTS.
40,853
Grand total
2,314,413 2,002,563 1,695.030 1,756.101 1,401,545
Year-

-Month of Nooemher
Surplus
Gross.
Net.
aft. Chges.

Gross.

Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the precedig month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan. 2. The next will appear in that of Jan. 30.
Continental Motors Corporation.
(Annual Report-Year Ended Oct. 31 1925.)
On subsequent pages will be found the remarks of President
R.W.Judson as well as the income account and balance sheet
for the year ended Oct. 31 1925.

CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED SEPT. 30.
1924-25.
1922-23.
1923-24.
$18,761,356 810,884,563 $8,662,993
1.183,977
86,923
330,910
447,965
44,015
78,256
306.582 • 205,411
95.058
Total
$20,699.880 $11,499,140 88.888,988
Expenses of producing,mfg.,&c
18,285,294
5,808,238
7,356,629
Provision for depreciation
1,463.511
972,115
970,258
Int. on 1st lien 7 s
700.835
Int. Sugar Est. o Oriente 7s
421.274
Int. Comp. Cent. America 6s
135.000
Int. on 7% Serial notes
60.667
Int. on 1st Mtge.8s of S. Ana Sug. Co
258.333
262,511
280,000
Int. on bills pay., current accts., &c
787,409
436,218
620,509
Disc. on Sug. Est. of Oriente 1st 7s- 34,011
Amortization of bond discount. &c
183,768
Div. on Sugar Estate of Or. Pref. stk319.980
Net profit for year
1°8331.950.202 82,271,744 81.409.905
Raw sugar produced
Molasses produced
Interest received
Profit on stores, cattle, &c

INCOME ACCOUNT FOR YEARS ENDED OCTOBER 31.
1924-25.
1923-24.
1922-23.
1921-22.
Profits for year
$4,766,071 $4,654,374 $3,886,196 $2,955,691
Interest
566,206
610.370
497.547
506.092
COMPARATIVE BALANCE SHEET SEPT. 30.
Premium on notes red's'.
30,000
Depreciation
1925.
1924.
1,007,242 . 1.143,081
1924.
1925.
1.208.195
888,655
AssetsFederal tax reserve
$
Liabtlities$
381.000
$
367,500
a
243,000
91.000 Capital assets_ a61.457,282 29,774,712
8% pref.stock_ __ _11,494,220 8.201,220
Animals, furniture,
Net earnings
Common stock -c25,390.858 17,974,713
$2,811,624 $2,502,523 $1,937.453 81,463.944
tools & equip._ _ 2,011,921 1,331,900 Sugar Est. of Or.,
Previous surplus
$8,945.848 $7.617,248 $6,106,926 $4.779,066
Cash
415,286
Pref. stk. pur. for canc'n
776,848
Inc.8% pfd.stk 3,900.000
Cr.2,964 Accounts reedy_
Prevision for addl Fedl
6810,584 1,279,235 Purch. money mtgs 513,229 1,513,237
Sugar and molasses
taxes(prior years)_
Real estate mtge.545,072
117,415
266,000
on hand__
3,661,148 1,130,024 let Hen 20-yr. 7345.14,859,500
Property adjustment_
Cr.I1.988
Mat.,supplies, &c. 4,000,077 2,093,748 7% serial notes
1,600.000
Adv. to colonos &
Total surplus
Bonds of sub. cos.11,150,000 3,500,000
$11,757.472 $10,002,356 $7,790.367 $6,251,974
contractors _ _ _ .e7,421,719 2,680,654 Dep.under melees.
Prem, on pref. stk. ret'd
138.587
Preferred dividends(7%)
contract
100,000
93,357
34,533
145.048 Planted & growing
cane
4.368,303 3,139,772 Other indebt. not
Common dividends__(80c)1,408.676(60c)1056507
Dep. with trustee_ 125,450
funded
859,122
Profit & loss, surplus310,348,796 $8.945,848 $7,617,248 86.106.926 Deferred charges_ _d5,556,111 1.213,370 Res. for contingen.
and income tax_ 228,235
100,000
BALANCE SHEET OCTOBER 31.
Loans see, by raw
1925.
1924.
sugar on hand 3,189,000 1.400,000
1924.
1925.
Assetsg
$
Liabilities-Loans sec. by crop
$
$
Property account 215,725,327 15,689,991 Common stock_ _d17,308,450 17,308,450
lien
7,900,000 3,560,000
Patents, goodwill,
634% bonds
Special loans
2,350,000
7,207,200 7,500,000
trade name, &c_ 5,908,317 5,908,317 Purch.money oblig
Other loans pay
298,508 1,282.164
22,500
27,500
Investments
424,454
492,484 Accounts payable. 1,824,219
Accounts payable_ 2,464,243 1,081,210
622,783
Cash
6,655,485 4,774,536 Accr. pay-rolls,&c. 643,388
15,252
43,935
Sal. & wages neer_
435,543
Notes receivable
55.871
149,943 Federal tax reserve 387,174
Interest accrued
204,960
818,205
425.888
Tot.(each side)_90,219,444 43,058,702 Surplus
Accts.receivable_ _b2,35.5,512 1,590,609 Surplus
3,487,030 3,580,874
10,348,796 8,945,848
Accr.int. rec
4,026
aProperties, including land, build ngs, machinery, railway and subseInventories
c5,596,948 5,637,214
quentimprovements(869,946.220,less reserve for depreciation,88.924,825).
Prepaid int., taxes,
361,021,375: payment on account of principal under lease and purchase
&c
79,474
85,972
land contract (balance payable in five installments beginning in 1928),
Unam.disc.& exp. 789,467
874,914
$435.907: total. $61.457.282. b After deducting reserve for bad and doubtUnabsorbed prep'n
ful accounts of 379.265. c Common stock represented by 1.628.911 shares
cost
146,846
62,012
of no par Value. d Operating and financial charges since completion of
1924-1925 crop. $2,072.402: prepaid insurance, taxes, &c., $679,440; bond
Total
37,741.727 35.285,992 Total
37,741.727 35,265,992 discount and merger expenses deferred, $2,427 .907; pastures, 3376.362.
a After deducting $5,908,317 for depreciation and accruing renewals. e After deducting reserve for bad and doubtful accounts of $2,109,528.b After deducting reserve for bad and doubtful balances. $49,914. c Val- V. 121, p. 1683.
ued at cost or market, whichever is lower. d Represented by 1,760,845
shares of no par value.
-V. 121. p. 2044.

GENERAL INVESTMENT NEWS

Cuban Dominican Sugar Company.
(Annual Report
-Year Ended Sept. 30 1925.)
STEAM RAILROADS.
Thomas A. Howell, Chairman, New York, Jan. 2, wrote
Baltimore & Ohio RR. Will Adjust Wage Schedule.
-Company has appropriated $300,000 a year for wage adjustments in Clerical departments.
in substance:
-New York

Production.
-Total production of 12 estates for the last crop was 2,314,413
bags, as compared to an estimate in the last annual report of 2,300,000
to 2,600.000 bags. The late fall and abnormal rains during the grinding
season prevented the cane from ripening, with the result that the average
yield of sugar per ton of cane ground was 10.76% as compared to an
average yield for four years of 11.31%. This difference in yield Is the
equivalent of 117.445 bags of sugar.
Price Received.
-The 2,314.413 bags of sugar produced during the 1924-25
crop were sold at an average realized price of 2.51c. f.o.b. shipping ports.
as compared with the average price for last year of 4.19c. The cost of
production, before charging depreciation, was 2.44c. per pound, as compared to 3.I2c. per pound for the previous crop. This reduction was due
to two causes: first, lower sugar prices resulted In relatively lower settlements with colonos; and second, a further decrease in the cost of manufacture due to increased volume and economies effected. As the company
anticipates a production, with normal yield and weather conditions, of
about 2.700.000 bags for the current crop, an increase of 385.587 bags over
last year, it is to be expected that the cost of production will be still further
reduced for similar reasons.
Retirement of Obligations.
-Through the operation of the sinking funds,
and payment of various purchase money maturities, there were retired
during the fiscal year. $1,823,716 of obligations of the company and of its
subsidiary corporations, consisting of $340.500 20
-Year Sinking Fund 735%
,
Gold bonds of the company, $150,000 1st Mtge. 7% Sinking Fund Gold
bonds of Sugar Estates of Oriente, Inc., $500,000 1st Mtge. 8% Sinking
Fund Gold bonds of the Santa Ana Sugar Co., 8150,000 Purchase Money
-Year Sinking Fund 6% bonds of Compania Central America, S.A., and
12
$683,216 of various purchase money obligations.
-Operations of the year resulted in a gross profit of $2,414,586.
Results.
as compared to $8,127,220 the previous year, and the net loss after payment of interest and depreciation amounted to 61,630.322, as compared
to a net profit in the previous year of $3,766,012. Had the yield been up
to the average, this net loss would have been about cut in half by the net
revenue from the additional sugar even at the low average price received
by the company for its sugar as above stated.
Expenditures.
-The completion of the expenditures for various improvements outstanding on Sept. 30 1924. and improvements authorized since
date in preparation for the 1925-26 crop, has resulted in an expenditure
that
of $2,687,843 during the fiscal year.
Company now owns and controls sufficient land not only to maintain
Indefinitely its present output, under normal conditions, but somewhat
to increase it by relatively minor capital expenditures. In the past four
fiscal years, expenditures for additions and betterments have amounted to




"Times" Jan. 8, p. 26.
Illinois Central RR. Increases Shopmen's Wages 1 Cent an Hour.
-New
York "Times" Jan. 8, p. 26.
Temporary Injunctions Granted New York Central and New Haven Roads
Against Enforcement of Law Requiring Electrical Operation of All Locomotives
Within City Limits on and After Jan. 1 1926.
-New York "Times" Dec. 31,
17.
P 1,
Plan to End Rail Strikes and Abolition of U. S. Railroad Labor Board Agreed
Upon by Representatives
-New York
"Times' Jan. 8, p. 1. of Brotherhoods and Railroad Companies.
Matters Covered in "Chronicle Jan. 2 I926.
-J. B. Eastman becomes
Chairman of Inter-State Commerce tlommission-p. 47.

Ann Arbor RR.
-Transfer of Stock.
-

The transfer of stock of this company will now be made at its office, 120
Broadway, N. Y. City.
-V. 121, p. 2398. 702.

Boston & Maine RR.
-President Tenders Resignation.
-

James H. Hustis tendered his resignation as President, in which capacity
he has served the company in the Past 11 years, and has requested the
board of directors not to consider his name for re-election at the forthcoming annual meeting. Mr.Hustis explained that he felt that the improved
operating and financial showing in 1925 made his retirement possible at this
time, lie said he would continue to serve until the meeting
next April. A committee of the board was appointed of stockholders
to name his
successor.
-V. 122. p. 92.

Chicago & North Western Railway.
-Bonds.
-

The I. S. C. Commission on Dec. 29 authorized the company to procure
the authentication and delivery to it of 52.375.000 Gen. Mtge. 5% gold
bonds of 1987, to be held by it until the further order of this commission.
The $2.100,000 Princeton & North Western Ry. 3)4s due
are
being paid off at office of Treasurer, Ill Broadway, N. Y.Jan. 1 1926
City.
-V. 121.
p. 2399, 2153.

Chicago Rock Island & Pacific Ry.-Rranch Line.
-

The I.
-S. C. Commission on Dec. 21 Issued a certificate authorizing the
company to abandon a branch line of railroad extending from Preemption
(11, station on the company's Milan to Sherrard line) to its terminus at
Cable, a distance of approximately 5.293 miles, all in Mercer County. BI•
V. 121. p. 1904. 1786.

Chicago Springfield & St. Louis RR.
-Acquisition.
-

See Jacksonville & Havana RR. below.
-V. 121. D• 2153.

JAN. 9 1926.]

TRE CHRONICLE

211

Nf Gainesville & Northwestern RR.
-Final Valuation.
- Pennsylvania RR. and the New York, New Haven & HartF The I.
7
-S. C. Commission has placed a final valuation
owned and used property of the company, as of June 30of $517,248 on the ford RR.
1916.-V. 118, P.
4
1267.
Denom. $1,000c5 and r* Interest payable
on any int. date on 90 days notice at 105 and F. &'A. Red. all or part
'
.
Garden City Western Ry. (Kan.).
int. Principal and interest
-Final Value.
payable in U. S. gold coin of or equal to
The I.
the present standard of weight and
-S. C. Commission has placed a final
valuation of $192.057 on the
property of the company, as of June 30
capital stock is owned by the Garden City 1916. All of the outstanding
Co.

Goldsboro (N. C.) Union Station Co.
-Final Value.

The I.
-S. C. Commission has placed a final valuation of
$147.895 on the
owned and used property of the company, as
of June 30 1914.-V. 117.
p.2432.

Houston & Texas Central RR.
-Minority Stockholders
Settle Controversy with Southern Pacific Co.
-See Southern
Pacific Co. below.
-V.120, p. 326, 206.
Jacksonville (Ill.) & Havana RR.-Aconisition.The I.
-S.

C. Commission on Dec. 21 issued a certificat
e authorizing the
acquisition and operation (a) by
CMS and Mason Counties, Ill.,the company of a line of railroad in Morgan,
Louis Railway Company of a and (b) by the Chicago. Springfield & St.
line
Macoupin and Jersey Counties. m. of railroad in Sangamon, Morgan,

The report of the Commission says in substan

ce:
The Jacksonville & Havana RR.
for a certificate that the present and on June 2 1925 filed an application
future public convenience and necessity
require the acquisition and operation
by it of a line of railroad, hereinafter
called the Jacksonville line,
direction to Jacksonville, aextending from Havana in a general southerly
distance of 41.8 miles, all in Morgan, Cass
and Mason Counties, Ill.
On June 27 1925 the Chicago Springfie
tion for a certificate that the present ld & St. Louis Ry.filed an applicanecessity require the acquisition and and future public convenience and
operation by it of a line of railroad
extending from Springfield in a
general southwesterly direction to Lock
Haven, a distance of 78.78 miles, all
in Sangamon. Morgan, Macoupin and
Jersey counties, Ill.
It appears that the Springfie
age agreement over the Altonld company intends to operate under a track&
Alton, a distance of 6.7 miles. Eastern RR. between Lock Haven and
desires to operate between thoseIf and when the Springfield Company
authority should be filed with us. points a proper application for such
Both lines are segments of the Chicago,
Peoria & St. Louis RR. The
Springfield line is a part of the main
line of
Jacksonville line is a branch of that railroad.the C.. P. & St. L., and the
The record indicates that no part
doned. It is now being operated by of the C., P. & St. L. has been abanbetween Grafton and East St. Louisa receiver, except that part of the line
which is being operated by the Alton
& Eastern RR.
On Nov. 20 1924 the C., P. &
foreclosure sale. The two parcels St. L. was sold in separate parcels at
comprising the Jacksonville line were
sold to individual purchasers
total of
comprising the Springfield linefor a also sold $275.000. The five parcels
were
to individual purchasers for
a total of $450,000. The record indicates that the sale
of
was confirmed by the court, but that the actual transfer these properties
of title has not
yet been made. The applicants propose
to acquire their lines from the
aforesaid individual purchasers. The stun
of $351.500 is to be paid for the
Jacksonville line, and $550.000 for the Springfie
ld line.
The Havana Company
poses to issue $625,000 in was incorp. in Illinois on April 13 1925. It prosecurities, as follows: $25,000 of Common stock,
$300.000 of Preferred stock, and $300.000
of first mortgage bonds. The
Springfield Company was incorp.
to issue 31,025.000 in securities,in Illinois on June 15 1925. It proposes
as follows:
$500.000 of Preferred stock, and $500.000 of $25,000 of Common stock.
is proposed to sell the Common and Preferred First Mortgage bonds. It
stock of each company at
par, and the First Mortgage bonds at not
state that the cost of selling the Preferred less than 85. The applicants
Incorporation and organization expenses, stock, together with the initial
will probably bring the net
return from such stock down to approxim
ately 85. It is testified, in effect.
that all the Common stock
been subscribed by the persons interested
in the proposed acquisition hasthe
two railroads; that the Preferred stock
is being offered for sale to of
individuals in the communities to be served;
that it is believed over $200,000 in subscriptions
will be received from the
communities along the Jacksonville line; and about $300,000
from the communities along the Springfield line: and that
stock and all of the First Mortgage bonds the remainder of the Preferred
will either be bought by the
persons interested in the proposed acquisiti
on of the two railroads. or
sold to others.
The Havana Company intends to apply the
net proceeds from the sale
of its securities as follows; acquisiti
$60,000; new equipment. $52,500; on of line, $351,500; rehabilitation,
material and supplies, $5,000; working second-hand equipment, $12.250:
capital. $50,000; total. $531,250.
The Springfield Company intends to
sale of its securities as follows: acquisiti apply the net proceeds from the
$90.000; new equipment, $130.000; on of line. $550,000: rehabilitation,
second-hand equipment, $31,250:
material and supplies. $10.000; working
No application for authority to issue capital. $60.000; total, $871,250.
any of the aforesaid securities has
been filed by either applicant.
Almost the entire Jacksonville line is single
track and laid with 60
-pound
rail. There is about 0.5 mile of double
single track and laid with 6e, 75, and 80 track. The Springfield line is
-pound
as of Oct. 1925 showed cost of reproduction rail. An appraisal made
new, less depreciation, of
$1.360.539 for the Jacksonville line and $2,445,05
8 for
Both lines are in fair condition, but require rehabilita the Springfield line.
tion. An expenditure
of 860,000 for that purpose is contemplated for
the Jacksonville line and
$90,000 for the Springfield line. Steam locomotives
will be used on both
lines for carload freight. and gasoline propelled
motor cars for passengers,
eTilire 9
v
g.
e
proposes to expend .52.500 for 2 new motor cars,
laneous second-hand equipment. The Springfieldand $12,250 for miscelexpend 8130,000 for 4 new motor cars and one new Company proposes to
trailer car. Miscellaneous second-hand equipment will cost an
additional 831,250.-V. 121.
p. 2153.

t'aitlers-tri,q-mom.r:,isgh&ntFreight cars
f

Keesville Ausable Chasm & Lake Champlain

RR.Final Valtaion.-S. C. Commission has placed a final valuation
The I.
of $113,619 on
the property of the company, as of June 30 1916.
Laurel Fork Ry. (Tenn.).
-Final

Valuation.
The I.
-S. C. Commission has placed a final
the owned and used properties of the company, as valuation of 3336,396 on
of June 30 1916.-V. 120.
p. 827.
Long Island RR.
-Terminal Rental.
-

The Transit Commission announced Dec. 30
application of the company and the Pennsylvaniathat it had approved an
Tunnel
for a continuance of the present agreement for the use of& Terminal RR.
and leading to, the Pennsylvania Station by the Long the facilities in,
Island RR. Co.
This will continue for another year from Jan. 1 1926, the
rental ($2,232.000). without increase. now paid by the Long same rate of
Island RR. to
the Pennsylvania Tunnel & Terminal RR., which is a subsidiar
y, like the
Long Island, of the Pennsylvania RE.
-V. 121, p. 3000. 2871.

National Rye. of Mexico.
-New Directors.
-

Thomas W. Lamont, Arturo N. Elias and Angel Lopez Negrete,
In the United States, and Bertram E. Holloway, Elias S. A. residents
Ezequiel Padilla, Manuel Gomez Morin, Victoria E. Gongora and de Lima,
Benjamin
Mendez, residents In Mexico. have been elected directors succeedin
Ruhlender, Genaro Fernandez McGregor, Alberto Mascarenas. g Henry
Enriquez, Eduardo N. Iturbide, Joaquin Pedrero Cordova, Ignacio C.
Pesquera, Aldolfo Prieto and Jose Vasconcelos.-V. 121. p. Roberto V.
2635. 2153.

New York Connecting RR.
-Guaranteed Bonds Sold.
J. P. Morgan & Co. and Kuhn, Loeb & Co. have sold at
99M and mt. $3,500,000 5% 1st Mtge. Gold bonds, Series
"B," due Aug. 1 1953. Guaranteed by endorsement as to
both principal and interest, jointly and severally, by the




fineness, and without deduction for any tax or
taxes
or the trustee may be required to pay or retain therefrowhich the company
m under any present
or future law of the United
tau) or of any State, county,States of America (except any Federal income
municipality or
Issuance, guaranty and sale subject to the other taxing authority therein.
approval of the 1.0--. C. Commission.
Listing.
-Application will be made to list bonds on N.Y.Stock
Exchange.
Company.
-Is the connecting link between the Pennsylv
ania and New
Haven Systems for the interchange of through
freight and passenger traffic.
It forms an all-rail route from Canadian
points to the South and West,
excepting that part of the route across New
York Bay. a distance of less
than 3.1i miles, between Ba.y Ridge,
in the southern part of Jersey City. Borough of Brooklyn and Greenville,
N. J.,
trains are floated in lieu of the former East over which the heavy freight
River float service of over 14
miles. The road is located entirely within
from a connection with the New Haven the City of New York,extending
System at Port Morris, Bronx,
to a connection with the Long Island RR.
at
from which point it has trackage rights for the Fresh Pond Jct., Queens,
Island RR. to Bay Ridge. Its connection freight traffic over the Long
with the New York Tunnel
Extension of the Pennsylvania System extends
from a point on the main
line above described at Sunnyside Jct. near
14th Ave. to Woodside Ave..
Queens, and through passenger trains
between Canadian points (like
Ottawa and Montreal) in the North to
England points (like Bar Harbor and Washington in the South, and New
Boston)
Fla., in the South, use this connection into and in the North to Miami.
Station, N. Y. City. The railroad has a total through the Pennsylvania
length of about 9 miles and
has 4 tracks from Port Morris to Sunnyside
line and the connecting line to the New Jct.,from which point the main
York Tunnel Extension of the
Pennsylvania System have two tracks.
The bridge over the East River, included in
bonds, is recorded as the longest railroad arch the security for this issue of
a span of 977h ft. and a clearance of 140 ft. bridge in the world, having
above water. The remainder
of the road is constructed either over or under
Purpose.
-The road is now electrified for all streets which it crosses.
purpose of the sale of the $3,500,000 bonds, passenger service, and the
which you have agreed to
purchase, is to provide funds for
service between Port Morris Jct. the electrification of the road for freight
and Fresh Pond Jct, in connection with
similar electrification now progressing on
Ridge; also to repay the capital charges the Long Island RR. to Bay
advanced
and the New Haven. respectively, for completing by the Pennsylvania
the construction of the
line during the war when it was inadvisable
to
sort in view of the Government's desire to obtaindo any financing of this
all possible subscriptions
to Liberty Loans.
Bond Issue.
-Bonds are part of an issue limited to
including the present issue, $27.500.000 will be $30.000.000, of which,
outstanding.
-V. 120.
p. 1878.

Northern Pacific Terminal Co. of Oregon

-Tenders.
The Farmers' Loan & Trust Co., trustee, 16-22 William .
St., N. Y. City,
will until Jan. 15 receive bids for the sale to it of 1st
Mtge. 6% Gold bonds.
due Jan. 1 1933, to an amount sufficient to exhaust
$95.817 at a price
not exceeding 110 and interest.
-V. 121, p. 195.
Pennsylvania Railroad.
-Stock Holding

s of
During December employees of the company purchased Employees.
through the two
employee organizations 1,093 additional shares of
Pennsylvania stock,
bringing their total holdings on Jan. 1 1926, to 88.885
with 68,438 on Jan. 1 1925, an increase of 20,447 shares. shares, compared
Total subscribers
on Jan. 1 1926 were 19,062 compared with 15,971 on Jan.
1 1925. an increase of 3,091.-V. 121. p. 3129.
Railroad Receiverships and Foreclosure
The "Railway Age" compilation shows that on Dec. 31Sales 1925.
1925
In the hands of receivers but 48 railroad properties operating there were
18,039 miles of line. The number of roads was 5 less than at a total of
the end of
1924 and, as in that year, the smallest number since
because one of the roads which went into the hands of1912. However,
receivers
1925 was the Chicago, Milwaukee & St. Paul with its 11.000 miles during
the mileage operated by receivers at the end of 1925 was 7,552 of line.
greater
than at the end of 1924, and the largest number of miles to be operated
by
receivers since 1918.
During the year only 5 companies went into the hands of receivers
.
Since 1876 there have been only 5 years in all in which such a small number
of properties was taken over by the courts. But again, because
one
the roads was the Chicago, Milwaukee & St. Paul, there have been of
but
two years since 1876 in which the mileage of roads going into the
hands
of receivers was greater than it was in 1925.
Receiverships Established in 1925 (Mileage Included 11,130 Miles).
Name of RoadMileage
California & Oregon Coast
15
Chicago, Milwaukee & St. Paul
11,007
Frankfort & Cincinnati
41
Nevada Copper Belt
41
Rio Grande Railway
During the year there were foreclosure sales of six roads as follows: 26
Foreclosure Sales in 1925 (Mileage Included 638 Miles).
Name of RoadMileage
Birmingham & Southeastern
48
Detroit, Bay City & Western
105
Manistee & North-Eastern
208
Muscatine, Burlington & Southern
'a 54
Muscle Shoals, Birmingham & Pensacola
/4 185
Potomac, Fredericksburg & Piedmont
le 38
-v. 120, p. 206.
San Antonio Uvalde & Gulf RR.
-Receiver

Dischar
The company was released from receivership by Judge Charles ged.
A.
ton of Waco in Federal Court, Dec. 31. A. R. Ponder was receiver Boynfor the
road since Jan. 15. 1917. Control of the company has
been
the New Orleans, Texas & Mexico By. See V. 121, p. 2400. acquirectiby
Southern Pacific CO.
- -Control of Houston & Texas
Central Settled-Southern Pacific Entirely Owns Importa
nt
Lines North and West of Houston.
-The following is from the
"Wall street Journal" of Jan. 5:
The purchase

by Southern Pacific Co. for approximately $5,000,00
0. or
$200 a share, of the 25,000 shares of Houston & Texas Central
RR. CO..
a Southern Pacific subsidiary, held by minority stockhold
ers, settles a
a 36
-year struggle for control of the road.
'
411
In 1889, Houston & Texas Central By. Co., was
Houston & Texas Central RR. Co. Several years reorganized into the
Southern Pacific Co. had acquired through one of before reorganization.
its subsidiary corporations a controlling interest and in the reorganization
of the railroad company. Before the reorganization acquired all the stock
ity stockholders attacked it and subsequently carriedwas completed, minorthe case four times to
the U. S. Supreme Court, Early suits attacked
the
ganization and attempted to set the foreclosu aside, validity of the reorre
In 1913, a suit begun in the New York District but were unsuccessful.
Court sought to obtain
In exchange for their old stock a pro rata
and the contention was upheld, decree share of stock in the new company,
stating that the Southern Pacific
Co. held a proportionate portion of the new company
stock
minority stockholders. Circuit Court of Appeals affirmed as trustee for
the decree but
Supreme Court modified it. ordering minority
holders to share in reorganization and additions and betterments expenses.
The District Court was
commissioned to determine cost of the stock
to minority holders and a
special master was appointed.
The special master found the Southern Pacific
Co. entitled to all reimbursement for which it contended but
the master's report, allowing only a the District Court refused to confirm
addition to reorganization expenses. A further appeal small amount inminority stockhold
ers
were ultimately upheld in a decision awas taken but
year ago. (V. 120. p. 207)•
Southern Pacific paid $26 a share on its stock in the reorganization.
Minority stockholders had to pay that amount in
reorganization charges but received about 8200 a addition to interest and
share
ment now reached. Houston & Texas Central comprises under the settlepart of Southern
Pacific's main lines northwest of Houston, to Austin, Waco, Fort
Worth.
Dallas and Shreveport.
-V.121. p. 1906.

THE CHRONICLE

212
-Securities.
Townsville RR.

The 1.-S. C. Commission on Dec. 23 authorized the company to issue
$.30000 1st Pref. stock and $22,500 of 1st Mtge. 6% bonds to be issued
to liquidate its indebedness to Townsville Township.

PUBLIC UTILITIES.
-Transfers Properties.
American Natural Gas Co.

IVoL. 122.

electric capacity and water storage facilities been available. Since early
Oct. rain-fall conditions have been normal.
Notwithstanding this extraordinary expense, and without any further
operating benefits from the Bartlett's Ferry plant in which $8,000,000 has
been invested, net earnings for the year ending Nov. 30 1925 were 21,286.093,or more than 1.7 times the annual interest on all funded debt, including
this issue of notes. With the operation of the Bartlett's Ferry development
beginning Feb. 11926, it is estimated that net earnings for that year will
be in excess of 23 times all such interest charges.
Grass earnings are derived 85% from electric light and power, 7% from
transportation, 7% from gas and 1% from miscellaneous departments.

The stockholders on Jan. 7 voted to transfer the company's natural gas
properties, said to be valued at 214.000,000, to its subsidiary, the Columbia
New Subs. Co. Formed.Natural Gas Co., which in turn will be merged with the Peoples Natural
• This company recently organized the South Georgia Power Co. to purchase
-V. 121. p. 2636.
.Gas Co.
the properties of the Gecrgia-Alabama Power Co. and its subsidiary, the
12 cities
-23% South Georgia Public Service Co. The new company servesAmericus.
American Water Works & Electric Co., Inc.
Cordele,
Georgia,
-The directors on and towns in southwestern Gaines. including Albany,the present plants,
Stock Dividend Payable on Common Shares.
The capacity of
Tifton, Pelham and Fort
both steam and hydro-electric generation, is approximately
Jan. 6 declared an extra dividend of 23/2% in Common stock which includeand the
served about 50,000.
14,750 h.
on the Common stock in addition to the regular quarterly -V. 121,p.. 2271. total population of the territory
p.

both payable Feb. 15 to holders
cash dividend of 1
of record Feb. 1. On Sept. 30 last, the company paid a 5%
-V. 121, p. 3129.
stock dividend on the junior issue.
-Budget for 1926.
Bell Telephone Co. of Pa.

The company, it is announced, proposes to spend $27,225.000 in Pennsylvania this year for expansion of plant, &c. Of this sum $9,080,000 is to
be set aside for new construction work in Philadelphia. It is estimated
-V.121, p.2873.
about 240,000 telephones will be installed during the year.

-Gas Output (Cu. Ft.).
Boston Consolidated Gas Co.
1925.
Jan_ _
874,283.000
Feb_ __ _ 740,853,000
March__ 792.473,000
April_. 748,801.000
May _ - 734.589,000
June_ -- 650,638.000
July...._ _ 608,830,000
-V.121. p. 1567.

1924.
859,697,000
802,134,000
809.221,000
730,589.000
740,055.000
676.068.000
600,214,000

Aug_ _ _ _
_
Oct.._ __
Nov__ _ _
Dec _ - _ _

1925.
609,821.000
697,756,000
778.787.000
770,257,000
864,982,000

1924.
608,054,000
724,311,000
794.184.000
763,614,000
857,705,000

Tota18.872,070,000 8,965,846,000

-Final Valuation.
Boston Terminai Co.

-S. C. Commission has placed a final valuation of $20,770,500 on
The I.
the owned and used properties of the company as of June 30 1915.-V. 93.
p. 1598.

-Par Value Reduced.
Brockton Gas Light Co.

The Massachusetts Department of Public Utilities recently authorized
the company to reduce the par value of its Capital stock from $100 a share
to 25. without increasing the total par of stock, which is $2.049,400. The
new shares were issued as of Jan. 1 1926 on the basis of 4 new for one old.
V. 121. p.2749.

Consolidated Gas, Electric Light & Power Co.

The company has applied to the Maryland P. S. Commission for authority
to acquire 10,000 shares of capital stock (par $100) of the Pennsylvania
-V. 122. p. 94.
Water & Power Co.

-Recapitalized.
Consolidated Water Co. of Utica, N. Y.

The stockholders on Dec. 31 authorized the conversion of the present 5%
Preferred and Common stock into Class "A" and Class "B" stock. without
par value. The stockholders will receive four shares of Class "A" stock
and one share of Class"B"stock for each share of5% Preferred and Common
unchanged.
stock now held by them. The 7% Preferred stock remains dividend of
The Class "A" stock is entitled to a cumulative preference
as a class, equally
$1 50 per share per annum, and is also entitled to share,
with the Class "B" stock in any dividends declared after the Class "B"
stock has received $2 per annum. The dividends on the 4 shares of Class
and
"A" stock received in exchange for each present share of 5% Preferredbeen
Common stock will thus be equal to the 6% dividends which have
last 6 years.
paid on the Common stock for the
President F. C. Hopkins announced that a plan has been devised under
which a limited number of Class "A" shares (not exceeding 10 shares to a
customer) would be offered to all customers of the company for subscription
at $25 per share.
The company has changed its authorized capital stock from $2.500,000
Non-Cum.
Common stock, 82.500,000 7% 1st Pref. stock and $1.000,000 and 36.000
5% Prof. stock, all par $100. to 140,000 shares of Class "A"Prof. stock,
1st
shares of Class "B" stock, no par value, and $2,500,000
-V. 121, P. 1788.
par i100.

Continental Gas & Electric Corp.-Consol. Earnings.

a1923.
a1924.
1925.
12 Months Ended Nov. 30-$22.400,341 $21,432,018 $20,836,728
Gross revenue
Operating exps., maint. and taxes_ _ _ 12,283,443 11,997,071 11,918,766
Total interest and dividend charges on
3,413,621
3,747,183
-To Issue Stock.
subs. cos. & other prior deductions_ 3,468,895
Cambridge (Mass.) Gas Light Co.
an application to the Int. on 1st Lien 5% bonds, 1927, and
The stockholders on December 10 authorized
422,232
522,375
526,577
1947
Ref. Mtge. 6% bonds.
Mass. Dept. of Public Utilities for approval of an increase in the capital
399,000
399,000
224,203
stock by the issue of 3,000 additional shares (being 4% of the existing Int. on Coll. Trust 7s, 1954
760,500
760,500
760,500
be used to Int. on Sec.6%% bonds, 1964
stock) for sale to employees or customers. The proceeds will
723,058
723,058
823,018
take up outstanding notes amounting to $140,000 and to defray cost of Dividend on Prior Pref. 7% stock_
134.379
134,379
353,144
Dividend on Panic. Prof. 6-8% stk
-V.120, p. 828.
additions.
Bal. avail, for deprec. and Com.
Canadian Western Natural Gas, Light, Heat & Power
53.960,561 $3,148,452 $3.065,172
stock dividend
-New Plant-Earnings.
Co., Ltd.
1923.
1924.
Outstanding Capitalization Nov. 30- 1925.
The new $250,000 scrubbing plant constructed in Turner Valley to 1st Lien S. F. 5% bonds, 1912
$3.978,100 $4,049,300 $4,138,000
5,276,000
5,461,200
the odor from the gas from Well No. 4, which was turned into the Ref. Mtge. 6% bonds, 1922
eliminate
5,461,200
5,700.000
distributing system of the company, has performed perfectly thus far, Coll. Trust 7% bonds, 1924
3,202,900
according to officials of this company, which is a subsidiary of International Secured 634% bonds, 1924
11,700,000 11,700.000
3,609,700
for new business in the City of Calgary Prior Preference 7% stock
Utilities Corp. The campaign
11,757,400 10,329,400
1,919.700
has resulted in a substantial increase in the number of gas customers. Participating Preferred 6-8% stock.._ 4,414,300
which at the present time totals 14,585 compared with 13,662 at the begin- Common stock (no par)
shs. 152,631 sh.
169,634
ning of Sept. 1925. The company reports gross revenue for the 10 months
a For comparlson.-V. 121, p. 2749.
ended Oct. 31 1925 of 2941,190 as compared with $761,593 in the same
-Definitive Bonds Ready.
Co.
1924, and net income available for property retirement reserves,.
period in
Copenhagen Telephone
to exchange
sinking funds and dividends of $486,206, as compared with $282.612.
The Guaranty Trust Co. of New York is now prepareddue April 15,
or an increase of 72%.-V. 121, p.3002.
External 6% Gold bonds,
-Year Sinking Fund
definitive 25
1950, for outstanding trust receipts. (For offering, see V. 120, p. 2145.)
-Listing.
Central States Electric Corp.
V. 121, p. 3130.
The Boston Stock Exchange has authorized the listing of 45,433 shares
-Sale.
Dayton, Covington & Piqua Traction Co.
(authorized 300,000 shares), without par value 7% Cumulative Preferred
public auction to the
Capital stock, with authority to add 30.000 additional shares on official
Thomas J. Brennan, special master, will sell at Court House, Dayton.
in full.
-V. 121. p. 3003, 2271.
an entirety at the door of the Old
highest bidder as
notice of issuance and payment
company. The
Montgomery County. 0.. on Feb. 13 the property of the
-Notes Offered. property will be sold free and clear of the liens and the mortgages given by
Columbus (Ga.) Electric & Power Co.
Trust CO., Trustee, dated April 1 1902, and
Colony
-Estabrook & Co., Stone & Webster, Inc. and Parkinson the company to Old by the company to International Trust Co., trustee
the mortgage given
& Barr are offering at 98.80 and int., to yield 5.45% $2,500,- (under which First National Bank Boston is now Trustee), dated Mar. 1
1904, and free and clear of taxes.
-Year 5% Gold notes.
000 3
-V. 114, p. 1178.
No bid of less than $125,000 will be accepted.
Dated Nov. 2 1925; due Nov. 1 1928. Interest payable M. & N. 1 in
Boston or New York. Denom. $1,000 c*. Callable as a whole on May 1
-Rates Cut.
Detroit City Gas Co.
at 1013; May 1 1927 at 101; Nov. 1 1927 at 100%
Board to
1926 and Nov. 1 1926
The company has been ordered by the Gas Rate Arbitration
and May 1 1928 at 100, plus int. in each case. Company agrees to pay remove the 10 cents monthly meter tax effective Dec. 31 1925. The
without deduction for any normal Federal income tax up to 2%.
$350,000 and
Interest
estimated saving to gas consumers, it is said, will be between
Capitalization Outstanding (Upon Completion of Present Financing.)
in 1926-V. 120. p. 3313.
a$10,368.800 $400.000
Bonds (including subsidiaries)
2,500.000
-To Increase Stock.
Detroit Edison Co.
Gold notes. 5% due 1928 (this issue)
capital
2.000,000
The stockholders will vote Feb. I (a) on increasing the authorized
Gold notes. 5% due 1927
4,500.000 stock from $85.000,000 to 5120.000.000. par $100.and (6)on authorizing the
Preferred stocks, 7% Cumulative (incl. new issue)
5,250,000 directors to issue and dispose of such increased stock from time to time.
Common stock (now paying 10% dividends)
a Includes $424,000 South Georgia Power Company non-interest bearing V. 121. p. 2037.
notes, due 1930 guaranteed by the Company.
-No Int.Dry Dock East Broadway & Battery RR.
-Company and its subsidiaries, do the entire electric lighting
Business.
.
The directors have adopted a resolution directing the officers net to make
and power.street railway,bus and gas businessin Columbus,Ga ,and vicinity.
Ref.
due Jan. 1 1926 on the
and street railway business in adjoining any payment on account of the interest on the Series "C" bondsGen. nonand electric lighting and power,
was
The interest
Lanette,
town of Phenix City; also wholesale power business in West Point,Newnan. Mtge. Series "C" bonds.
bear
cumulative to July 1 1925. On and after Jan. 1 1926 they are to comHogansville, Trimble, Grantvllle, Moreland and
LaGrange.
the fixed rate of 4% with an additional 2% if earned. The
'This is one of the more important cotton manufacturing centres of the interest at subsidiary of the Third Avenue By.
119. p, 73.
-V•
South. Through the recent acquisition of the properties of the Georgia- pany is a
Co.,
-Tenders.
Alabama Power Co. and its subsidiary, South Georgia Public Service
Edison Electric Co. of New Orleans.
to include substan(V.121, p. 1100) the territory served has been extended Georgia with a total
Trust Co., trustee. 50 State St., Boston, Mass., will until
The American
tially the entire southwestern quarter of the state of
Jan. 12 receive bids for the sale to it of First Mtge. 5% bonds due Jan. 2
population estimated at over 170.000.
steam 1929, to an amount sufficient to exhaust $21,852.-V. 120, p. 210.
Properties include hydro-electric developments of 44.300 h.p., and
be increased
-Receiverships, &c., in 1925.
Electric Railway Lines.
relay stations of 17,000 h.p. The hydro-electric capacity will development
Bartlett's Ferry
to 84,300 h.p.. upon the completion of the project formed by this new The "Electric Railway Journal' Jan. 2 reports in substance:
with an initial capacity of 40,000 h.p. The
operated
With the number of electric railways in receivership gradually decreasing
development is subject to the Federal Water Power Act and will be
Connections with
s and merging of properties not in receivership the favorunder a license issued by the Federal Power Commission. Alabama Power and reorganization
able outlook for the industry increases. There has been much activity
transmission lines of Georgia Railway & Power Co.,
the
the advantageous purchase along these lines during the past year. along with the trend toward co-ordinaCo. and Central Georgia Power Co. permit
miles of
tion and strengthening the existing roads. While the number ofthere are
and sale of surplus power.
the
now about 4,165 slightly more than last year,
-Proceeds from these notes. together with the proceeds from will track involved is involved. Four companies comprisin4 some 68 miles of
Purpose.
to be sold locally)
companies
sale of $3,071,300 Pref. stock (including $571,300 a subsidiary company fewer have gone through foreclosure proceedings and are now in the process
track
provide the funds necessary for the purchase, through
of the of reorganization, but the final steps have not been perfected. These aro
organized for the purpose, of the property, assets and franchises
Service Co.. (see therefore included in the table as still being in receivership.
Georgia-Alabama Power Co. and South Georgia Public Barlett's Ferry.
The most important reorganization the past year was that of the Denver
below) and for completion of the initial development at
Tramway with 226 miles of single track, which becomes the Denver TramEarnings 12 Months Ending Nov. 30 1925.
Combined
way Corp.
$3,248,474
Another important reorganization was that of the Chicago, Lake Shore
Gross earnings
2.230.154 & South Bend RR., a 71-mile interurban. A receiver for this road was
Operating expenses & taxes
appointed on Feb. 28, the foreclosure sale took place June 29, and by
$1.018,320 July 13 it had been reorganized as the Chicago, South Shore & South
Net earnings
x267,773 Bend RR. and the receiver discharged.
Income from other sources
Three small roads discontinued operation, receivers were discharged and
$1,286,093 the properties were dismantled. These were the Port Jervis Traction On.
Balance
incl. requirements for
with a mileage of 4.78; the Alamance By.. 8.40 miles, and the CharlestooAnnual int. on total funded debt issue of notes
750.450 Isle of Palms Traction Co., 9 miles, a total of 22 miles.
Bartlett's Ferry financing and this
The mileage of roads going into receivership in 1925 was greatly increased
Ferry development.
x Interest on funds advanced for Bartlett's
of a receiver for the Detroit United Ry., about 614
summer in the southern by the appointmentinvolved in this one. Operations of the property have
The unprecedented drought during the past
miles of track being
the use of steam and purchased power costing $700,000 been materially curtailed since the lines in Detroit were sold to the city
states necessitated
expenses, would
Thislentire amount, which has been charged to operating
additional hydro- some two years ago.
have,been saved had the Bartlett's Ferry Plant with its




JAN. 9 1926.]

213

THE CHRONICLE

Two other roads of more than 100 miles went into receivership during
the year. The Oklahoma Ry.. 138.4 miles, and the Indianapolis & Cincinnati Traction Co.. 101 miles.
Next to the Detroit United By. the largest properties remaining in
receivership at the close of last year are the United Rys. of St. Louis.
with a total of 460.93 miles, and the Kansas City Rya., with 314.88 miles.
Both of these companies are now in the process of reorganization.
Electric Railway Receiverships in 1925.
Miles
Miles
Worcester Street Ry_83.00 Detroit United Ry
Boston &
8.00 Wahpeton Breckenridge Street613.89
Laconia Street Ry
1.00
By
Cumberland & Westenport By 25.00
15.00
49.52 Tiffin & Fostoria Ry
Binghamton Railway
18.50
Helena Light & Railway
Frankford Tacony & Holmes96.71
16.18 Salt Lake & Utah RR
burg Street Ry
138.40
Oklahoma Ry
Chicago, Lake Shore & South
23.00
70.86 Tulsa Street Railway
Bend Ry
& Cincinnati
Indianapolis
101.00
Total for 1925 (14 cos.)---1.260.06
Traction Co
Record of Electric Railway Receiverships.
1916.1917.1918.1919.1920.1921.1922.1923.1924.1925.
14
15
21
29 48
19
19
12
12
14
No.of companies_
3591,1772,0183,781 1,065 986 695 334 1,0221 ,260
track
Miles
Record of Electric Railway Foreclosure Sale.
1916.1917.1918.1919.1921.1921.1922.1923.1924.1925.
14
13
19 26
23
29
13
13
13
15
No.ofcompanies_
430 745 524 2,675 259 778 324 927 869 569
Miles track
Receiverships Terminated and Foreclosure Sales During 1925.
'
Miles
(1) Receivers Discharged With or Without Foreclosure Sales or of Track
Involved.
Following Abandonment25.97
Interstate Consolidated Street Ry
44.09
Northern Massachusetts Street By
845..8071
New York Railways
Port Jervis Traction Co
18.00
Slate Belt Transit Co
16.18
Frankford, Tacony & Holmesburg Street By
3.90
Beech Grove Traction Co
70.86
cwoes°, Lake Shore & South Bend RR
23.21
Maumee Valley By
13.79
Ohio River Electric By. & Power Co
46.00
Cleveland, Alliance & Mahoning Valley RR
89.00
Toledo & Western RR
91.05
Columbus, Newark & Zanesville Traction Co
60.00
Jacksonville Traction Co
24.49
Pensacola Electric Co
5.00
Valdosta Street By
8.40
Alamance Railway
9.00
Charleston-Isle of Palms Traction Co
226.14
Denver Tramway Co
Total of receiverships terminated (19 companies)
(2) Foreclosures but Receivers Not Yet Discharged
Laconia Street By
North Branch Transit Co
Hocking-Sunday Creek Traction Co
Tiffin & Fostoria Ry
Total foreclosure sales without receivers' discharge (4 companies)(3) Foreclosures Without ecetvers ipsPhoenixville-Valley Forge & Stafford Electric By
Gainesville Ry
-V.120. D. 210.

International Utilities Corp.
-Sub. Co. Earnings.
The Canadian Utilities, Ltd., a subsidiary reports substantial increases
in the number of gas consumers in the City of Edmonton. Alberta. Canada.
On Nov. 30 1925 there were 6.217 customers connected to their lines as
compared with 4.772 on Nov. 30 1924, an increase of over 30%. For the 10
months ended Oct. 31 1925 the company reports gross revenue of $541.468
as compared with $387,409 in the same period of 1924, and net income available for property retirement reserves, sinking funds, and dividends, of
$82.137 as against a deficit of $8,008 in 1924.-V. 121, p. 3003.

864.87
8.00
30.00
14.99
15.00
67.99
5.50
10.00

Interstate Rys.-Obituary.President John A. Rigs died in Philadelphia on Jan. 2.-V. 121. p. 199.

-Bonds Called.
Jersey Central Traction Co.
Fifteen 1st Mtge. 30
-Year 5% Gold bonds, dated March 1 1917 (numbers
ranging between 31 and 769), have been called for payment March 1 at
10234 and int. at the Bank of North America & Trust Co., Phila., Pa.
V. 119. p. 2646.

Kansas City Rys.-Sale.-All property of the company was bid in at the foreclosure sale Jan. 4
by P.C.Groner,Chicago,acting for the reorganization committee. Groner,
the only bidder,offered 98.000,000 for the entire property, both the Missouri
and Kansas properties (see details of reorganization plan in V. 120. F•
2942).-V. 121, p. 3003, 2750.

Kentucky
Earnings.
-

Securities

Corp.
-Sub. Co. Directors-

At the annual stockholders meeting of subsidiaries of this corporation,
a subsidiary of the International Utilities Corp., the following directors for
the several companies were proposed and elected:
-F. W. Bacon. J. E. Bassett, P. M.
Kentucky Traction & Terminal Co.:
Chandler, I. N. Combs, G. W. Cook, A. N. Hancock, A. S. Hart, S. F.
Hoge, Howard A. Loeb, E. H. Wands, T. A. Scott, Wallace Muir, J. P.
Pope, John Skein, R. D. Williams. Mr. Scott, one of the newly elected
members of the board,fills the vacancy created by the death of Williams A.
McDowell.
Lexington Utilities Co.:-P M.Chandler, F. W.Bacon, Howard A. Loeb.
.
G. W.Cook, J. W.Stoll.
Lexington Ice Co.:
-F. W.Bacon, Howard A. Loeb, J. P. Pope.
The Kentucky Securities Corp. reports for the 10 months ended Oct. 31
1925, gross revenue of $1,591,549 as compared with $1,484,631 in the same
period of 1924. and net income available for depreciation and dividends, of
$382,311 as compared with $325,089 for the same period of 1924, or an
increase of 19.3%.-V. 121, p. 1902.

Key System Transit Co.
-Fare Increases.
The California RR. Commission has granted the company a temporary
increase in street railway fares from 6 to 7 cents in East Bay cities, Calif.:
from 18 to 21 cents for Transbay Ferry and electric service, and from 94 80
-V. 121, p. 2874.
to $5 20 for monthly commutation tickets.

Lake Erie Power & Light Co.
-Acquisitions.
See Lake Shore Electric By. below.

Lake Shore Electric Ry.-Proposed Sale.
The Lake Erie Power & Light Co. of Sandusky, 0., has applied to the
Ohio P. U. Commission for authority to purchase from the Lake Shore
Electric By.the light and power business of the latter company for $743,000.
The Lake Shore Electric Ry. joined in the petition to sell the properties.
The Lake Erie Power & Light Co. also applied for authority to acquire
the light and power business of the Sandusky Fremont & Southern By. for
$165.000. The latter company made application to sell same.
If the applications are granted, the Lake Erie Power & Light Co. proposes
to take over the properties Dec. 31.-V. 120. p. 2683.

-Equip. Trusts Offered.
-Halsey, Stuart
Gary Railways.
Marconi's Wireless Telegraph Co., Ltd., England.
Sz Co., Inc., are offering at prices ranging from 97.87 and int.
to 100 and int., to yield from 532% to 6%, according to Omits Dividend on Ordinary Shares.
Equip. Trust Gold certificates,
A dispatch from London states that the company has passed the interim
maturity, 8350,090 5
dividend on the Ordinary shares, owing to a strike of operators and to
Series "A," issued under the Phila. plan.
heavy expenditures in its capital program. The dividend on the Preference
Dated Dec. 11925; due serially Dec. 1 1926 to 1930. Denom. $1,000.
Dividends payable J. & D. in Chicago and New York, without deduction
for the Federal income taxes not in excess of 2%. Red. all or part upon
30 days' notice at 101 and div. plus an additional premium of % of 1% for
each full year of unexpired life ofthe respective certificates so to be redeemed.
Penn. 4 mills tax refundable.
The guarantee of these certificates by company has been authorized by
the Public Service Commission of Indiana.
The certificates will be issued by the trustee, and will represent about
80% of depreciated cost of 11 double truck passenger motor cars, 10 single
truck passenger motor cars, 5 center entrance passenger trailer cars, and
31 motor buses.
Company owns and operates the street railway system in Gary and
portions of the street railway system in East Chicago and Hammond.
Indiana, and the interurban electric railways connecting Gary with Valparaiso. Hobart, and intermediate communities in northwestern Indiana.
The company's motor coach lines render service in the above and adjacent
territory. Company is controlled by Midland Utilities Co.
-V.122. v. 94.

General Gas & Electric Corp. (of Del.).
-Stock Right
Suit.-Pres. W. S. Barstow has sent the following letter to
the holders of Common stock, Class A:
Bedell & Co., as the registered holder of 9.044 shares of the Common

stock. Class B. of the corporation, being substantially 1-20 of the entire
amount of Common stock, Class 13, outstanding, have brought an action
in which the right of the corporation to allow the holders of its Common
stock, Class A. to subscribe on Jan. 2. 1926, to additional shares of such
stock, at the price of $25 per share, to the extent of the dividends payable
to them, has been attacked.
In this action an order has been issued restraining the corporation from
delivering such Common stock, Class A, to the holders of the Common
stock, Class A. who have evidenced their desire to make such subscription,
and, therefore, a check at the rate of 3734c. per share, in payment of the
dividend payable Jan. 2 1926. on the stock registered in your name on
Dec. 15, 1925, is enclosed herewith.
The action will be brought on for trial in the near future (in the Court of
Chancery in New Castle County, Delaware) and, in the event of a determination in favor of the corporation, the rights of the stockholders to
make this subscription will be recognized.
On being advised of this action Pynchon & Co., heading a syndicate
composed of holders of more than 2-3 of the Common stock, Class B, of
the corporation, formally advised the corporation that, because of their
approval of this policy of the corporation in giving this right of subscription, they will offer to sell, at the price of $25 per share, to the stockholders
who would have received said shares under said subscription offer, such
number of shares from their own holdings of Common stock, Class A, as
would have been issued, under the aforesaid subscription offer, by the
corporation on Jan. 2 1926, on the condition that stockholders accepting
such offer will assign to the syndicate their subscription rights to a number
-V.122. p.94.
ofshares equal to the number of shares so purchased by them.

Georgetown (D. C.) Gas Light Co.
-Consolidation.
-

shares was declared. On Feb. 16 and Aug. 28 1925 distributions of 6%
7
each were made on the Ordinary charm-1 121, p. 1101.

Missouri Power & Light Co.
-Acquisition.
-The citizens of Clinton, Mo., recently voted in favor of a proposal to
sell the municipal electric plant to the above company.
-V.121, p.2403.

Montana Power Co.
-Tenders.
-The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Jan. 13 receive bids for the sale to it of 1st & Ref. Mtge.5% Sinking Fund
Gold bonds, Series "A," due July 1 1943, to an amount sufficient to exhaust
$267,054, at a price not excp.oding 105 and interest.
-V. 121. p. 2038.

Montpelier & Barre Light & Power Co.
-Initial Common Dividend of 50 Cents.
The directors have declared an initial quarterly dividend of 50 cents a
share on the outstanding $1,000,000 Common stock, par $100, payable
Feb. 1 to holders of record Jan. 20. The regular quarterly dividends of
134 % on the Prior Preference stock and 134% on the preferred stock have
also been declared, both payable Jan. 15 to holders of record Jan. 6.V. 121, p. 3004.

Mountain States Power Co.
-Common Dividend No. 3.
The directors have declared a dividend (No. 3) of $1 per share on the
Common stock, payable Feb. 1 to holders of record Dec. 31. Distributions
of like amount were made on Feb. 1 1924 and Feb.1 1925.-V. 122. p.94.

National Electric Power Co.
-Dividend on Class "A"
Corn. Stock Payable in Cash or (at Option of Holder) in Stock.
The directors on Jan. 4 declared a regular quarterly dividend of 45 centI
per share on the Class "A" Common stock, payable Feb. 1 to holders os
record Jan. 15. An initial dividend of like amount was paid on this issue
on Nov. 2 last.
The dividend just declared was also made payable at the option of the
stockholder in Class "A" Common stock at the rate of 1-50 of one share
for each share held. Stockholders may obtain payment in stock at the
rate above stated, at their election, and may purchase sufficient additional
scrip to complete a full share, or sell their scrip at the rate of $1 above or
below, respectively, the lest sale price of Class "A" Common stock on the
Chicago Stock Exchange Jan. 23 1926, upon request to the company.
care of Seaboard National Bank, 115 Broadway, N. Y. City.
-V. 121.
p. 3004.

New Brunswick Telephone Co., Ltd.
-Stock.
The New Brunswick Board of Public Utilities has granted the company
permission to issue $160,000 of new stock. Authority was sought by the
company to issue $500,000 originally.
-V. 119, p. 1964.

Northern Ohio Traction & Light Co.
-Bonds Offered.
The National City Co. are offering at 973. and int., to yield
over 6j%,$2,500,000 15-Year 63/2% Debentures.

Dated Jan. 1 1926;due Jan. 1 1941. Interest payable J.& J.at National
City Bank, New York, trustee, without deduction of the normal Federal
income tax up to 2%. Red. all or part on the first day of any month upon
30 days' notice at 10234 and int. prior to and incl. Jan. 1 1931; at 10134
and int. thereafter to and incl. Jan. 1 1936; at 10034 and int. thereafter
to and incl. July 1 1940,and at 100 and int. thereafter to maturity. Denom.
$500 and $1.000.c* Company will agree to reimburse to owners resident
in the respective States, upon proper application, the following taxes paid
with respect to the Debentures: the 4 mills tax in Penn, any securities taxes
Certain First Mtge. 7% Sinking Fund Gold bonds, Series "A," due in Maryland not exceeding in the aggregate, in any year, 45 cents on each
1944, aggregating $250,000, have been called for payment Feb. 1
value; and any personal property or exemption tax in Conn.
Aug. 1and interest at the office of Dillon. Read & Co., 28 Nassau St., N. Y. $100 of assessedin
not exceeding,
any year, 4-10% of the principal.
at par
Issuance.
-Subject to authorization by Ohio P. U. Commission.
city, or at the option of the holder, at the office of J. Henry Schroeder &
Company.
-Conducts a highly successful and growing electric light and
Co., 145 Leadenhall St., London, E. C. 3.-V. 121. p. 2750.
power business in Akron, Ohio, and surrounding territory, and owns and
-Stock Increase.
- operates a comprehensive city and interurban transportation system.
Huntington (L. I.) Water Works Co.
authorized capital stock from 2.400 shares
r The company has increased itsof which 2,400 shares are Class "A" and Company's business field embraces the important Cleveland-Akron-CantonMassillon industrial section of Ohio. The volume of electric light and
par value,
to 4,800 shares, no
power business of the company andithe net earnings derived from that
-V. 121. IL 2750.
2.400 shares are Class "B" stock.
-V.121, D. 1461.
see Washington Gas Light Co. below.

-Sale.
Georgia-Alabama Power Co.
-V. 121, p. 1100.
see Columbus Electric & Power Co. above.
Great Consolidated Electric Power Co., Ltd. (Daido
Denryoku Kabushiki Kaisha).-Bonds Called.




214

THE CHRONICLE

[VOL. 122.

department for the 12 months ended Nov. 30 1925 were over 8 times those
Capitalization.
Authorized. Outstanding.
for the calendar year 1914.
7% Prof. stock
$600.000
8475.000
Earnings.
-For the period of approximately 16 years ended Nov.30 1925 Common stock
900.000
500.000
the net earnings of the company averaged over 2.3 times total interest 1st Mtge. 5s, 1932
225.000
(closed)
charged to operation. The earnings of the company for the 12 months Gen.& Ref. 65
2,500.000
238,000
ended Nov. 30 1924 and 1925. compared with annual interest charges on -V. 115, p. 2913.
the debt to be outstanding upon completion of this financing, are as follows:
Pacific Gas & Electric Co.
12 Months Ended Nov. 30-Offers Preferred Stock.
1924.
1925.
The company has begun over-the-counter sales of $2,500,000 6% ProGross earnings
$9,966,290 $11,412,652 ferred stock
at
Oyer.ex., current maint.& taxes
7.819.522
8.462.108 San Francisco 97, to yield 6.18%. The company has offered the City of
a compromise in an effort to clear up rate litigation hanging
Net earnings
$2,146,768 $2,950,544 fire since 1915. The company would refund about $990,000 to consumers
and retain something less than $950.000 of a disputed $1.940.000. The
Annual interest charges on debt to be outstanding .
upon completion of this financing
•
$1,522.940 company offers to retain all collections in excess of rates fixed in 1913-14
Sinking Fund.
-Trust agreement will require company to deposit with order; to refund to consumers collections in excess of rates fixed in 1914-15
the trustee. in semi-annual installments, so long as any of these Debentures and 1915-16 plus 7% interest to March 2 1920; to retain excess gas collecshall remain outstanding, $50.000 in each of the first 4 years; $75,000 in tions for a period beginning June 30 1916 to Oct. 1917, when California
RR. Commission established an 85
-cent rate; and to pay the City $31.000
each of the next 4 years: $100.000 in each of the next 4 years. and
in each of the last 3 years Such moneys shall be applied to the 8125.000 for expenses of litigation at the same time waiving all costs recoverable
purchase
and retirement of these Debentures if obtainable at or below 100 and int., against the City. In addition, the company will pay salary of the City's
or, if not so obtainable, either to the purchase and retirement of debentures special counsel in 1921. The City Attorney has advised the City Super-V. 121, p. 3132.
at prices above 100 and bat., or, at the option of the company, to the pur- visors to accept the compromise.
chase of its mortgage bonds which shall be held by the trustee as additional
Pacific Telephone & Telegraph Co.
-Tenders.
security for these debentures, subject to appropriate provisions for the
The Mercantile Trust Co., trustee, 464 California St., San Fra ncisco.
release thereof upon the deposit of cash or the surrender of debentures for Calif., will until Feb.
19 receive bids for the sale to it of 1st Mtge. & Coll.
cancellation.
Trust 5% 30
-Year Sinking Fund Gold
Purpose.
-Proceeds will be applied toward the reduction of outstanding amount sufficient to exhaust $334,078 bonds, dated Jan. 2 1907. to an
at a price not exceeding 110 and
indebtedness and for other corporate purposes.
interest.
-V. 121. p. 2876.
Capitalization outstanding as of Nov. 30 1925 (adjusted to give effect
to present financing) are:
Pennsylvania Gas & Electric Co.
-Bonds Sold.
-A. C.
Common stock
810,000.000 Allyn & Co. and Frederick Peirce & Co. have sold at 95
Preferred stock.6
4.612.100 and int.. to
Preferred stock,7
yield about 63/2% $1,000000 15
-Year 6 0
a2.574.400
15
-Year 63.i% Debentures (this issue)
2.500,000 Sinking Fund G,Ad Debentures, Series "A."
2
-Year 6% notes, due Feb. 1 1927
1.000,000
Dated Dec. 1 1925; due Dec. 1 1940. Int. payable J. & D. Denom.
Gen.& ref. 68 due March 1 1947
b10.853,000 51.000, $500 and $100 c*. Red. all or part on any int. date on 30 days'
Gen. & ref. 6s due Sept. 1 1926
1,288.000 notice to and incl. June 1 1935. at 105 and int., this premium of 5% of the
Secured 6% bonds, due June 1 1926
1.856.000 principal decreasing at the rate of 1% of the principal on each Dec. 1 thereFirst Lien & Ref. Mtge. 5s due Aug. 1 1956
c4,466.000 after, and at 100 and int. on Dec. 1 1939, and thereafter to maturity.
Underlying Div. Mtge. bonds, three issues due Jan. 1 1933
a Including $138,600 subscribed on partial payment plan but 3.991,000 Principal and interest payable at Equitable Trust Co., New York, trustee.
not fully without deduction for normal Federal income tax not to exceed
paid and issued. b Does not include $2,663.000 bonds in the treasury of of
2%.
Penn. State 4 mill tax. Company Will refund, upon application,Free
any
the company. c Does not include $787,500 bonds in the treasury of the taxes
a.sse‘sed and paid upon the income derived from or on the ownership
company.
-V.121. p 979.
of these Debentures, under the laws of any State or possession of the United
Northern Ontario Light & Power Co., Ltd.
-Bonds States not in excess if 5 mills per annum to holders resident in such state
possession.
Offered.-Bonbright & Co., Inc. and W. C. Langley & Co. or Data from Letter of Pres. Grier Hersh, York, Pa.,
Dec. 30
are offering at 100 and int. $5,250,000 1st Mtge.6% Sinking
Company.
-Is the direct successor, through consolidation, of York Gas
Co., which was incorp. In 1849 in Penn. Company and its predecessor
Fund Gold bonds, Series of 1926.
Dated Jan. 1 1926; dne Jan. 1 1946. Principal and int. (J. & J.) payable have paid common stock dividends during each of the last 75 years. Company furnishes directly the entire gas service in York, Pa., and in the
n gold dollars of the United States of America at Bankers Trust Co., New adjoining
Boroughs of West York and North York and,through a subsidiary
York or in Canadian dollars at the office or agency of the company in electric light
Toronto, Ont.; or in pounds sterling, at $4.86 2-3 to the pound, at the Brunswick, and power, gas and street railway service in Moncton, New
and vicinity. Affiliated companies furnish natural gas at
office or agency of the company in London, Eng. Red. all or part on 30 wholesale
for distribution in Elmira and Corning, N. Y., and at retail in
days' notice at 105 during first 10 years: thereafter at Ji% less during 39 other communities
in northern Pennsylvania and southern New York.
each succeeding year, up to and incl. Jan. 1 1944: and thereafter at 100; The
territories so served have widely diversified industrial activities and
plus int. In each case. Denom. c* $1,000 and $500 and r* $1,000, $5,000
and $10,000. Company will pay interest without deduction for any taxes population estimated at over 185.000.
Earnings 12 Months Ended August 31 1925(Ma. Sub. Co.).
of the Dominion of Canada or any of its political divisions which the
company may be required or permitted to pay or retain. Toronto General Gross earnings (incl. non-operating revenues)
$1.087,820
Trusts Corp., trustee.
Operating exp.and taxes (incl, current mabat.& income taxes)..
726.169
Data From Letter of F. 0. Blackwell, Vice-Pres. of the Company.
Net earnings
$361,651
Company.-Incorp. In Feb., 1911 in the Province of Ontario. Owns and Proportion of net
income (49%) before depreciation and depleoperates the electric lighting systems in the towns of Cobalt, Halleybury.
tion applicable to securities of affiliated cos. owned by the co.
211,986
New Liskeard. Kirkland Lake, Timmins, South Porcupine and Englehart,
together with the local telephone systems in Timmins and South Porcupine. Total
$573.617
Company also supplies electric and compressed air power to all the operating
Annual Mt,requirements on total mortgage debt outstanding
149.648
silver mines in the Cobalt District, and electric power to the gold mines in
the Kirkland Lake and the silver mines in the South Lorrain districts. Balance for
A modern and efficient ground wood pulp mill of 40 tons daily capacity is Annual int,Interest on Debentures, depreciation and depletion- $423.969
requirements on $1,000,000 6% Debs (this issue).60,000
owned by the company, and approximately 50 square miles of timberland
Sinking Fund.
-Company covenants to pay to the trustee on Dec. 1
are owned by a subsidiary company.
1927, and on each Dec. 1 thereafter to maturity,
sum of $35,000, which
Purpose.
-Proceeds will provide funds for the redemption of the com- is to be used for the purchase of these Debenturesthethe market
in
at or below
pany's present issue of $5,006.500 1st Mtge. Sinking Fund 6% Gold bonds. the current redemption
price or for their retirement by lot at such price.
Seeurity.-Secured by a first mortgage on the real estate, plants, machinery, fixed equipment, franchises, and leaseholds of the company, now All Debentures so acquired for the sinking fund are to be cancelled.
Capitalization (Outstanding as of Dec. 15 1925)
.
or hereafter owned. Indenture will provide that additional bonds of this
or other series may be issued thereunder (a) for refunding bonds of another 15
-Year 6% Debentures, Series A (this issue)
$1.000,000
series, par for par, and (b) to not exceeding 75% of the cost or fair value, 1st Lien & Ref. Mtge Gold bonds
1,350.000
whichever is less, of permanent additions and improvements, provided that Underlying bond issues (closed)
1.369,500
net earnings are at least two times the annual interest charges on l bonds Capital stock of subsidiary and affiliated companies outstanding
with public
outstanding and about to be issued.
28,300
7% Cumulative Pref.stock
1,200,000
Earnings 12 Months Ended Nov. 30.
Common stock
'
700,000
1924.
1925.
-V.121. p. 1463.
Gross earnings from all sources
$1,296,733 $1,381,095
Operating expenses, maintenance and taxes
536.448
493,477
Peoples Gas Light & Coke Co., Chicago.
-Guaranty.
See Chicago By-Product Coke Co. under "Industrials" below.
Net earnings avail, for int., reserves, &c
-V.
$760,285
$887,618 121, p. 2274.
Annual interest charges on $5,250,000 1st Mtge.
6% bonds (this issue)
Philadelphia Co.
-New Directors.
315.000
Sinking Fund.
-Beginning Jan. 1 1927 semi-annual payments amounting
H. C. McEldowney and W.
to 23 % per annum of the total amount of this series, authenticated and succeeding George E. McCague L. Mellon have been elected directors.
and George S. Davison.
issued will be made to a sinking fund trustee either in cash or in bonds at
Mr. McEldovrney
par. '
The cancellation of bonds through the operation of this fund will Co. J. J. O'Brien has also boon elected a director of the Duquesne Light
has been elected a director of Pittsburgh Rys. Co..
result in the retirement of nearly one-half of this issue by maturity.
succeeding Mr. Davison. Both companies are subsidiaries of Philadelphia
CapitalizationAuthorized. Outstanding. Co.
-V. 121, p. 2274.
•
let Mtge.6% Sink. Fund Gold bonds (this issue) $15,000,000 $5,250,000
Preferred stock, 6% Cumul
Philadelphia Rapid Transit Co.
2,500.000
2,400,000
-Co-operative Benefits.
Common stock
President Sleek of the P. It. T. Co-operative Welfare Association in the
5,000,000
4,585.000
-V. 121, p. 2875. 2039.
company's publication "Service Talks," dated Dec. 29 1925, says: "The
co-operative wage fund trustees have purchased this year 45,000 shares of
Northern Virginia Power Co.
P. R. T. stock at a cost of approximately $38 per share, after crediting
-Bonds Called.
All of the outstanding Gen. Mtge. Gold bonds, dated April 1 1921, dividends received thereon and paying four quarterly dividends aggregating
have been called for payment April 1 1926 at 105 and int, at the Fidelity 12%. This brings the total P. R.'I'. stock in the possession of the co-operaTrust Co., trustee, Baltimore, Md.-V. 119. p. 2510.
tive wage fund to 196,500 shares which, added to the 10,000 shares owned
by the welfare association, gives P. It. T. employees ownership of more
Ontario Power Co. (Calif.).
-Bonds Offered.
-California than one-third of the workshop where they earn their daily bread. A
co-operative
fund participation certificate, similar to those issued
Securities Co., Los Angeles,recently offered at 101% and for 1922,1923wage1924, will be
and
early
int., to yield 5.90% $238,000 Gen. & Ref. Mtge. 6% Gold certifying the number of shares given R.T.in 1926 to each P.It. T.employee
of P.
stock represented by the amount
of his 1925 co-operative wage and held in trust by the co-operative wage
bonds, "Series of 1925."
fund trustees, who will vote the total amount of 196,500 shares at the stockDated July 11925: due July 11955. Principal and int. (J. & J.) payable holders
annual meeting next March."
at California Trust Co., Los Angeles, trustee. Denom.$1,000 and $500 c*.
President Green of the Co-operative Welfare Association Saving Fund.
Red. on any Int. date after 40 days' notice at 105 and int, until and incl.
P. It. T.
1936, the premium decreasing
% for each 2 year period thereafter. says: The 82,600,000co-operative welfare association saving fund has just
passed the
mark-an increase of 8400.000 for the year
-and now
Company agrees to interest without deduction for the normal Federal income has 10,334
depositors, the largest number in its history. This fund is
tax up to 2%.
administered by employee; elected as saving fund trustees, who follow the
Data From Letter of Glenn D. Smith, V-Pres. & Gen. Mgr. of the Co. practice of long-established saving funds.
The total investments classified.
Company.
-A California corporation organized in 1901 and has continu- to Nov. 30 1925, are as follows:
ously supplied electric light and power to the cities of Ontario and Upland
Cost or
and surrounding territory, which embraces about 150,000 acres of highly
Par Value, Book Value.
developed agricultural lands and orchards located in San Bernardino County U. S. Gov't and Federal Land Bank securities_ _-- 430,000
$426,009
about 35 miles east of Los Angeles.
Canadian bonds
24.25
25,000
Purpose.
-These bonds are a part of a total authorized issue of $2,500,000. Real estate mortgage bonds
333,085
339,000
and have been issued for the purpose of retiring existing corporate indebted- Steam railroad bonds
477,912
490,000
ness incurred for additions, extensions and betterments.
Equipment trust certificates
456,561
461,000
Security.
-A general mortgage on all of company's property, now or Electric light and power bonds
142.381
150,000
hereafter owned including valuable water rights and franchises having a Other public utility bonds
744.833
800,000
book value as of Sept. 30 1925, of $1.549,918, subject only to the lien of
8255.000 non-callable 1st (closed) Mtge. 5% bonds due Jan. 2 1932. for the
Total investments
$2.695,000 52.605.031
retirement of which a like amount of bonds of this issue has been deposited Cash on hand
32.699
with the trustee.
Income-According to audits for years 1923 and 1924 company has
Total securities and cash
82.637.730
realized earnings which are nearly 5 times the annual interest requirements
F. F. Sleek has been elected President of the saving fund for 1926.
of the total bonded debt which will be outstanding upon issuance of these and D. M. Wolf, Vice-President. The other trustees elected by the
bonds. Earnings for 1925 have been realized in substantially the same employees for 1926 are: W. J. Beadle, C. Curran, W.
0. Dunbar, G. A.
proportion.
Harvey, C. B. Houseman, W. K. Myers, W. R. Smith, G. H. Stier, R. P.
Special Trust Fund.
-Commencing Oct. 1 1926, company will annually Tyson and J. E. Wood.
-V. 121. p. 2876.
deposit with the trustee in a special trust fund an amount equal to 2% of
all its bonds then outstanding. The fund may be used to retire bonds of this
Pine Bluff Co.
-Tenders.
issue or to reimburse the company on account of expenditures for additions.
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will until
extensions and betterments.
Jan. 20 receive bids for the sale to it of First Mtge. 30
-Year Goldibonds.




JAN. 9 1926.]

THE CHRONICLE

due Jan. 1 1942. to an amount sufficient to absorb $30,024, at a price not
exceeding 105 and interest.
-V. 120, P. 2013.

Sandusky Fremont & Southern (Elec.) Ry.-Sale.See Lake Shore Electric Ry. above.
-V.83, p. 1099.

South Georgia Power Co.
-Organized.
-

See Columbus Electric & Power Co. above.

215

An initial dividend in liquidation at the rate of $35 a share on all the
Common stock of the company (now in liquidation)
been
directors and trustees in liquidation, payable on has afterdeclared by the
and
Jan. 6 1926 to
holders of record Jan. 5 upon presentation of the
to the Guaranty Trust Co.. 140 Broadway, N.Common stock certificates
Y. City.
-V. 122. P. 95.

Washington (D. C.) Gas Light Co.
-Consolidation.
-

It is understood that the Public
Columbia will soon recommend a Utilities Commission of the District of
consolidati
its annual report to
Southern Gas Co.
-Definitive Bonds Ready.
Congress of the Washington Gas Light Co. andon inGeorgetow Gas
the
n
Light
Definitive let (closed) Mtge.6 % Skg. Fd. Gold bonds, due 1935, are Co., both of Washingto
now available upon delivery of interim receipts at the Guaranty Trust Co. it would be necessary n, D.C. Before such consolidation could be effected
for Congress to give its
See offering in V. 121. p. 2753.
companies operate under Congressional charters.assent, inasmuch as both
-V. 120. p. 707.

Southwestern Light & Power Co.
-Bonds Offered.
Washington Water
-Offers to Extend Notes
Ames, Emerich & Co., Kelley, Drayton & Converse and New Financing ProbablePower Co.
in June.
Hambleton & Co. are offering at 100 and int. $1,000,000
Announcement has been made by the company that
for
1st Mtge. & Coll. Lien 6% Gold bonds, Series A. Dated of any of the holders of the 2-Year 6% Gold notes, due the convenience
Feb. 2 1926, it
will extend them at
interest
March 1 1925; due March 1 1937. (See description in.V. Feb. 2 1926,Junean 1926. rate of 5% per annum,from the due date.
to
2
at which time
the issuance of 5% general mortgage bonds. the company is contemplating
120, p. 1091.)
The notes must be presented

Data From Letter of Earl R. Ernsberger, Pres. of the Co inpany. for extension not later than Jan. 15.
All noteholders who do not wish to have their notes
extended for 4 months
Company.
-Supplies electric light and power either directly or
at this 5%
subsidiarie to 29 communities in Oklahoma and Texas by means through its p.2754. interest rate will be paid in full promptly at maturity.
-V.121.
of a central
station at Lawton. Okla., together with 310 miles of high tension transmission lines and a reserve station at Quanah, Texas. Company also owns
West Penn Electric Co.
-Initial Dividend.
artificial ice plants in 6 cities and distributes natural gas in Lawton. Temple
The directors have declared an initial quarterly
dividend of 13i% on
and Altus. Okla. Communities served have a total population estimated the 7% Cumul. Pref. stock,
payable Feb. 15 to holders of record Feb. 1.to be over 63.000.
V. 121, p. 3133. 3006.
Security.
-Secured by a first mortgage on all the electric and ice properties
owned or controlled by this company in Oklahoma and will be further
Wisconsin Public Service Corp.
-Bonds
-H. M.
collaterally secured by the pledge of all the bonds and stocks of the Quanah
Byllesby & Co. Inc. and Halsey, Stuart Sold.
Light & Ice Co.(Texas) and the Southwestern Gas & Fuel Co.
&
have sold at 99 and3rielding over 5.55% Co. Inc.
Earnings 12 Months Ended Nov. 30.
1st Lien & Ref. Mtge. 54% Gold bonds, Series$3,938,000
1924.
*1925.
"B."
Dated
Gross revenues
$648,264
$879.517 Stuart & Jan. 2 1925: due Jan. 11958. Interest payable J & J. 1 at Halsey.
Co.,
Operating expenses. maintenance & taxes
387,146
492.089 in Milwaukee Inc., New York and Chicago and at the office of the trustee
without deduction for normal Federal income tax
now or
hereafter lawfully
Net earnings available for bond interest
$387.429 31.000. 1500 and deductible at the source, not in excess of 2%. Denom.
Annual interest charges on 1st Mtge. & Coll. Lien $261,118
$100 c*. Red.
or part at
notice at following prices and int., all or before any time upon 60 days'
6% Gold bonds, Series A. this issue included
on
Dec. 31 1932. at 10634: on
$186,000 and after Jan. 1 1933
to and incl.
*Figures for the periods covered are based on actual earnings
accruing 105 less ji of 1% for each year orDec. 31 1942. at 105: and thereafter at
to the company from all properties including those recently acquired,
fraction thereof elapsed subsequent to
but Dec. 31 1942. to and incl. Dec. 31 1950:
only from the dates of such acquisitions.
on and after Jan. 1 1951 to and
Purpose.
-Proceeds will be used to reimburse the company for expendi- incl. Dec. 31 1952 at 10034; and on and after Jan. 1 1953 at 100. Company
agrees under the conditions set forth in the
tures for the acquisition of and improvements to properties and for
other burse the holders of the Series B bonds if supplemental mortgage to reimcorporate purposes.
requested
payment, for the Penn. and Conn, personal property within 60 days after
Capitalization Outstanding Upon Completion of Financing.
tax, not exceeding 4
mills per dollar
let Mtge..Sz Coll. Lien 6% Gold bds.,Series"A"(inci. this issue) $3.100.000 ing 6% of suchper annum,and for the Mass,income tax on int, not exceedinterest per annum.
$6 Cumulative Preferred stock
Issuance.
-Authorized by the'Wisconsin Railroad
x11,000 shs.
Common stock, Class A 6% Cumul. after Jan. 1 1928
Commission.
712,000 shs. Data From Letter of Halford Erickson,
Common stock, Class B (no par value)
President of the Company.
22,936 shs.
Company.-Incorp. in Wisconsin. Business of
x This amount includes Preferred stock used in exchange for outstandin
company and of its subsidig ary, Menominee & Marinette
debentures of one of the companies whose property has been
Light & Traction Co., is essentially the
acquired. supplying of electricity and
y Listed on the Boston Stock Exchange.
gas for domestic
-V.121, P. 2754, 1570. 1463.
56.416 customers. Total population served and commercial needs to
approximat
Staten Island (N. Y.) Edison Corp.-Pref. Stock Offered. including the cities of Green Bay, Oshkosh, Manitowoc ely 325.000.
, Sheboygan and
-Marshall Field, Glore, Ward & Co., Spencer, Trask & Marinette, Wis.. and Menominee, Mich.
Purpose.
be
Co. and Estabrook & Co., are offering at $943,c per share expenditur-Proceeds willand used, in part is. reimburse the company for
es for additions
extensions heretofore and now being made to
and div., to yield about 6.35% 35 000 shares $6 dividend the properties.
Capitalization Outstanding (Giving Effect to Present
Series 1st Pref. (a & d) stock, no par value.
Financing)
Pref. stock 7% Cumulative
Cumulative dividends payable Q-J. Red. as a whole but
33.572.700
not in part on Common stock
any div. date on 30 days' notice at $103 and diva. Pref.
2.650.000
as to $3100 of Underlying divisional bonds
assets and $6 cumulative dividends over the Convertible Pref.
stock. Dividends exempt from the present normal Federaland Common let Lien & Ref. Mtge. Gold bonds, Series A.6%.due Oct. 1 1952a3.097,500
6.792.000
income tax.
do Series B. 534%,due Jan. 11958. incl. this issue
Transfer agent: F. E. Taylor, 61 Broadway, N.
4.438,000
Y. City. Registrar:
National Bank of Commerce in New York.
a Not including 81.308.000 1st Mtge. & Ref. 5s of
Wisconsin Public
Service Co. pledged as additional security for the Wisconsin
Issuance.
-Authorized by the New York P. S. Commission.
Public S...rvice
Corp.'s 1st Lien & Ref. Mtge. Gold bonds, and also not
Data From Letter of J. I. Mange, Vice-Pres. of the Corporati
including $228,000
on.
1st & Ref. Mtge. 5% bonds of Green Bay Gas & Electric
Company.
-Furnishes without competition
Co. pledged as
to the entire Borough of Richmond (Staten electric light and power service additional security under the mortgage of Wisconsin Public Service Co.
Island). N. Y. City, serving
over 32.800 metered consumers. Also supplies power under
Earnings
-12 Months Ended Nov. 30 1925.
a favorable
contract to the Staten Island Rapid Transit Ry. (a
Gross earnings & other income
Baltimore & Ohio RR.)for the operation of its 44 miles ofsubsidiary of the Oper. exps., maint. & taxes (excl. depreciatio
13.972,228
track,
n)
fication of which was recently completed. Over 74% of the the electri2,320.871
total consolidated operating revenue and over 94% of the consolidated
Net earnings
net operating
income is derived from the sale of electric light and power.
Annual interest requirements on funded debt to be outstandin 11,651,357
The business
g
has shown a steady and rapid growth as evidenced
with the public upon completion of this financing
k.w.h. output of more than 430% over a period of 12 by the increase in
$806,835
years. Population
Security.
-Secured by a mortgage covering as a direct
estimated at 138.000.
lien all fixed
property now or hereafter owned. Mortgage
The properties consist of an electric power station
designed for an ulti- parts of the company's properties, and a direct is a first lien on important
mate capacity of 60.000 k.w. and having a present
lien, subject to outstanding
installed capacity of closed prior liens on the balance of the property, and is
35,500 k.w.. together with adequate transmission
further secured by
Subsidiary companies furnish street railway service and distributing lines. deposit with the trustee of 31,308.000 underlying bonds or over 29% of the
In the northern section total outstanding underlying bonds. Also as additional
of the Borough and operate a ferry system
security all of the
between the Borough and outstanding bonds and over 99% of the Capital stock
New Jersey.
of the Menominee &
Marinette Light & Traction Co. are deposited with the trustee.
Purpose.
-Proceeds will be used for additions and extensions to
Management.
the electric
-Properties are under the
plant and to reimburse the treasury for similar
expenditures, and for other Engineering & Management Corp. the entire management of Byllesby
corporate pruposes.
Capital stock of which iS
owned by Standard Gas & Electric Co.
Capitalization' -V. 121, p. 332,202.
Authorized. Outstanding.
Ref.& impt.mtge.bonds: 634% Series A,due '53}
Wisconsin Valley Power Co.
j33.734.700
do 6% Series B. due 1964
-Bonds Offered.
-First
a
1 1.584.500 Wisconsin Co., Milwauke
Underlying funded debt
e, are offering at 983/2, to yield
61,705.000
First Preferred stock (this issue)
60,000 shs. 35.000 shs. nearly 5.60% $600,000 1st Mtge. 53% Gold
Convertible Pref. stock (no par) $7 div. series
bonds, Series
10.000 shs. c6.130 shs. of 1925.
do $6.50 dividend series
10.000 she. c10.000 shs.
Common stock (no par value)
Dated Dec. 1 1925; due Dec. 1 1950. Interest
60,000 shs. c57.230 shs.
payable J. & D. at WisUnderlying stocks
consin Valley Trust Co., Wausau, trustee or
$5,550
First Wisconsin Trust Co.,
a Issuance of additional bonds restricted by provisions of
Milwaukee. Red.
b Includes 31.427.000 Richmond Light & Rtt. Collateral the mortgage. on or before Dec. 1all or part on any int, date upon 30 days' notice at 10
1930: thereafter at 103 to and incl. Dec. 1 1935: thereTrust Purchase
Money Mortgage 4% bonds. due 1952. in hands of
after at 102 to and incl. Dec. 1 1940; thereafter
at 101
a lien on the Staten Island Edison Corp.. but for the the public, which are 1948, and thereafter
payment of which the
at par. Denom. 81.000, $500 andto and incl. Dec. 1
Richmond Light & RR. Is liable. c Over 85% of the
$100
Interest
Convertible Pref. payable without deduction for the normal Federal income tax c*. in excess
stock and a large majority of the Common stock are owned by
not
of 2%.
Associated
Gas & Electric Co. and affiliated interests. Convertible
Data From Letter of Pres. C. C. Yawkey,
Preferred stock is
convertible into First Preferred stock under restrictions
Dec. 19.
outlined herein.
Company.-Incorp. in Wisconsin in Nov. 1925,
to acquire all of the assets
Consolidated Earnings of Corporation and Subsidiaries (All
Intercorporate formerly owned by the Antigo Electric Co. and the Rhinelander Light &
Items Eliminoted.)
Power Co., both of which companies have been
in successful operation for
more than 16 years. New company will
Years End. June 30
-12 Months Ended
supply electric light and power to
Antigo,
1923.
1924.
June 30 '25. Oct. 31 '25. serving Rhinelander. Grandon, Monico, Elcho and Pelican Lake. Wis.,
Gross revenues
a population of approximately 20.000.
12,387,617 12.645,336 12,851.513 $2,956,064
Oper. exps., maint., deWhen the acquisition of the properties of
the constituent companies is
preciation & all taxes_ 1.644,928
completed, the company
1.933.098
2.048,976
2,134.718 plant at Hat Rapids on will own: (1) a dam, flowage rights and power
the Wisconsin River
with an installed hydro-electric generator 8 miles south of Rhinelander
Net earnings
$742,689
1712.238
$802,537
capacity of 2.250 k.w, and a
$821.346 steam generating plant
Interest charges
x265.966 44.000 volt transmissionat Antigo with a capacity of 1.200 k.w. (2) a
line
Balance available for dividends on Preferred stock
and a 22.000 volt transmissioextending from Hat Rapids to Rhinelander
n line from Rhinelander through Monte° to
$555.380 Crandon and Elcho, a
Dividend requirements on 35,000 shs. of Pref. stk. (this issue).
distance of 30 miles, which it is contemplated will be
210,000 extended from Elcho to
Aptigo. The transmission lines of the Wisconsin
Balance
Valley Electric Co. connect with those of the Rhinelande utility
r
, at Hat
3345.380 Rapids and the former
x Excludes $190.751 interest charged to construction.
company is engaged in
mission line from Wausau to Antigo, 16 miles the construction of a transAsset Value.
-The sound value (after depreciation, of the
which is completed, which
the corporation and its subsidiaries, based on valuations as of properties of will further interconnect these two properties.ofThe constituent
companies
Dec.
plus net additions at cost to Oct. 31 1925. and net current assets 31 1922 have over 5.000 connected electric meters and furnish current for municincluding ipal lighting in all
the proceeds of the present financing, and after deducting all
the towns that are served.
liabilities and
minority, stock Interests amounted to over 312.600.000, or over
Issuance.
-A permit
$360 per 8300.000 of Common for the sale of this issue of $600,000 of bonds and
share of First Preferred stock.
stock and the consolidation of the Rhinelander and
Management.
Antler) utilities into
-Corporation is affiliated with the Associated
Gas & Railroad Commissio this company has been granted by the Wisconsin
Electric Co. and is under the supervision of the J. G. White
n
Management
corp.-V. 122. P. 95.
Capitalization (Upon Completion of the Present Financing.)
1st Mtge.5%%
Union Electric Light & Power Co. of St. Louis.- Common stock Gold bonds due Dec. 1 1950
1600.000
The Missouri P. S. Commission has authorized the company to
300.000
acquire
the hydro-electric power dam and plant at Keokuk, Iowa. from the
Earnings of Constituent Companies.
North
-\L.121. P. 3005.
American Co.
-Calendar Years.- 10 Mos.End,
1923.
1924.
Oct. 31 '25.
United Public Utilities Co.
-Initial Liquidating Dundend Gross earnings
$238.636
1259.526
$228,988
Oper.
s., maint. & taxes
151,496
169,509
of $35 Per Share Payable to Common Stockholders.142,319
Netesngs avail, for hit. charges
87.139
90.017
86,669




THE CHRONICLE

216

[Vou 122.

-Financial Plan.
Atlantic Sugar Refineries, Ltd.
Valuation -The U. G.I. Contracting Co. has recently made an appraisal
The stockholders will vote Feb. 5 on approving a financial plan which
of the property of the constituent companies and has fixed the reproduction
provides for the changing of the present Common stock in Common shares
cost new, less depreciation, at $1,267,952.
-Proceeds will be used to retire bonds of the Antigo Electric of no pat value, the retirement of the present 2d Mtge. bonds and the
Purpose.
Co. and the Rhinelander Light & Power Co. and for other corporate funding of creditors claims by the issuance of new 5% Gen. Mtge. bonds
at par. It is also proposed to raise $500.000 net working capital through
purposes.
-Company will be under the same control and the issuance of additional capital stock. This stock will be offered to
Control & Management.
•
management as the Wisconsin Valley Electric Co., the officers and directors present Preferred and Common shareholders.
of which are as follows: C. C. Yawkey, Pres.; B. F. Wilson, V.-Pres.;
A circular letter to the shareholders Jan. 2 says in subst.:
C. S. Gilbert, Tres.; Harold L. Geisse, Sec ; J. S. Alexander, D. C. Everest
and A. L. Kreutzer.
-Authorized capital consists of 30,000 7% Cumul.
Present Capital.
shares
Cony. Prof. shares and 35,000 Common shares (par $100). Of theseissued.
25,000 Prof. shares and 35.000 Common shares were originally
INDUSTRIAL AND MISCELLANEOUS.
Since the date of this issue 13,889 Pref. shares have been converted into
out-On Jan. 6 Arbuckle Bros. reduced prices 5 pts. to Common stock and on Dec. 31 1924 there were 11,111 Pref. shares have
Refined Sugar Prices.
shares
5.25c. per lb., prompt shipment, and on Jan. 7 a further 10 pts. to 5.15c. standing and 48.889 Common shares. Dividends on the Prof.
been paid to Sept. 30 1920.
-"Journal of Commerce." Jan. 7 1925.
lb.
per
-Bonded debt consists of an issue of 1st Mtge. 6%
Present Bonded Debt.
Silk Strike Called in Paterson (N. J.) Results in Walk-Out of Only 7 Warpers.
which
Expected strike of 1,200 broad silk weavers employed in small mills, who Serial bonds, of which $1,570.000 have been issued, but ofissue of$775,000,
2d Mtge.
have been retired, leaving $795.000 now outstanding. An
-hour week,fails as only 7 warpers from one mill walk out.
demanded 44
bonds amounting to 33,000.000 is also outstanding and is held by the
New York "Times" Jan. 4, p. 2, and Jan. 5,p. 5.
- banks as collateral security for advances to the company.
Strike at Biddeford Plant of Pepperell Mfg. Co. Over Multiple Loom System.
Other Debts -Accounts payable (deferred) with interest accrued to
Mill, closed since Dec. 1, reopened Jan. 4 when 75% of operatives return.
of $450.000.
Officials of company state experiments with multiple loom system will con- Dec.31 1924 amounted to $4,123,133,less payments on accountthis amount
bringing such item to $3,673,133. The accrued interest on
-"Boston News Bureau" Jan. 5.
tinue.
Mass., Against 10% Wage calculated to April 11928 and added to the principal brings the aggregate
Strike at Essex Cotton Mills, Neu;buryport,
represents the
Reduction.-500 operatives were employed-only twisters and weavers amount of such indebtedness to $3,926,739. This liability
balance of a liability incurred to various creditors from whom raw sugar
-New York "Times Jan. 5.
remain at work.
year 1920. Company was obliged to finance
-General Electric Co. purchases were made in the
Estimated Sale of Incandescent Lamps During 1925.
drop
review estimates 280,000,000 lamps such as are used for home, office and these purchases and as the result of an unanticipated and abnormal
assume
factory, were sold during 1925, an increase of 7%% over 1924 and 43.i times in the market values of raw sugar the company called upon to
the enormous loss of which the above amount forms a part. had under
-"Sun" Dec. 31, p. 12.
the volume of sales in 1908.
Funding of Indebtedness -For some time past directors have
Matters Covered in "Chronicle" Jan. 2 1926.-(a)8. W.Straus on building
-p. 19. (b) National consideration a plan looking to the funding of this indebtedness and as
situation; sees no basis for panicky utterances
-p. 41. (c) An- the result of continued negotiations they are now prepared to submit to
Agricultural Credit Corporations subject to income tax
will enable the comthracite strike situation; resumption of conferences between miners and the shareholders an arrangement which, if approved,the issue and delivery
-p. 44. (d) Deposit of State funds pany to satisfy the claims of the raw sugar creditors by
operators; Markle plan of settlement
mtge. Sinking
at par
in banks in Pennsylvania coal fields to replace funds withdrawn by miners to them of an equivalent amountApril 1of 15-Year 5% Gen.
1926, maturing April 1 1941. A
-p. 46. (e) Criticism by New York Trust Co. on Gov. Pinchot's plan Fund Gold bonds, to be dated the redemption of the bonds.
-p. 46. (f) Miners' group bolts union; sinking fund will be provided for
for settlement of anthracite strike
-p. 46.
soft coal workers form new association-it's a joke. union says
These proposed arrangements are contingent upon the
(g) Major Inglis, of anthracite operators, criticizes Gov. Pinchot's actions
anthracite strike; legislative session and Mayor's meeting viewed as following further conditions:
in
succeed the late F. C.
-p. 46. (h) Howard Sutherland to
without effect
(a) That the 1st Mtge.6% Serial Gold bonds. dated Sept. 1 1914, shalt
Hicks as Alien Property Custodian-p. 48.
bonds
be closed at the principal amount of $795,000, representing the issued
no further bonds be
-Initial Div. presently issued and outstanding and that consent of the holders of the
Abraham & Straus, Inc. B'klyn, N. Y.
with the written
dividend of 1%% on the under such mortgage except
The directors have declared an initial quarterly
proposed Gen. Mtge. bonds.
7% Cumul. Pref. stock, par $100, payable Feb. 1 to holders of record
(b) That the company shall effectively retire all of the outstanding issue
Jan. 15. See offering in V. 121, p. 2878.
1920.
of $3,000,000 2st Mtge. 6% bonds, dated Dec. 1 of
•
further capital stock,
(c) That the company shall, through the issue
-The provide at least $500,000 net working capital to be employed for the genera/
-Larger Common Dividend.
American Cigar Co.
of 2% on purposes of the company.
directors on Jan. 6 declared a quarterly dividend

the outstanding $15,000,000 Common stock, par $100,
In order to obtain subscriptions to the additional shares
payable Feb. 1 to holders of record Jan. 15. From May above referred to the directors are of opinion that it is
divi- necessary:
1922 to Nov. 1925, incl., the company paid quarterly
-V. 120, p. 2403.
dends of 13/2% on the junior issue.
(a) To convert all of the presently authorized capital stock, consisting
of Common shares (par CM, into Common shares without par value;
- such shares to be issued by the company as having a value of $25 per share
-Omits Dividend.
Androscoggin Mills, Lewiston, Me.

The directors have voted to omit the semi-annual dividend usually due
at this time. Six months ago a dividend of 2% was paid and a year ago
3%.-V. 121, p. 2879.

-Bonus Shares.
Anglo-American Oil Co., Ltd.

Secretary A. H. Hewett announces that the time for deposit of application
for the bonus shares has been extended a further 15 days from Dec. 31
1925.-V. 121. p. 2755.

-Stocks Sold.A. P. W. Paper Co. Albany, N. Y.
Taylor, Ewart & Co. and Kidder Peabody & Co. have sold
15,000 Shares 7% Cumulative Pref. stock (par $100) and
30,000 Shares Common stock (no par value) in blocks of
1 share of Pref. and 2 shares of Common at $154 per block.

Preferred stock shall have preference as to cumulative dive. at rate of
-M. Callable as a whole on any div.
$7 per share per annum payable Q.
date on 30 days' notice at $110 per share and divs. Dividends exempt
from present normal Federal income Tax. Transfer agent, Mechanics dr
Metals Nationak Bank. New York; Registrar, Kidder Peabody & Co., N.Y.
Authorized Outstanding.
Capitalization$4 .000,006 11,500.000
7% Cumulative Preferred stock (par 3100)
96,000 shs. 96,000 shs.
Common stock (no par value)
Data from Letter of Pres. Wm. A. Wheeler, Albany, N. Y.
-Organized In 1877 in New York. Is the largest manufacCompany.
turer of tissue paper in the United States. Products are nationally advertised and "A. P. W." Company's leading brands are. Onliwon,
A.P. W.Satin Tissue, Cross Cut, Fort Orange, Pure White and Bob White.
Main sales office located at Albany, N. Y. Branch offices in New York,
Boston, Chicago. San Francisco and various other large cities. Company
also does a substantial business in foreign countries. A. P. W. products
are sold to jobbers, department stores, hotels, schools, office buildings,
banks, hospitals, railroads and industrial corporations.
In 1923 the A. P. W. Pulp & Power Co., Ltd., was organized for the
purpose of securing to the A. P. W. Paper Co. an adequate and low cost
supply of ground wood pulp, of which large amounts are used by the company in the manufacture of tissue paper. The Canadian company manufactures only ground wood pulp and while it has not yet been placed in
full production, its annual productive capacity is approximately 24,000
tons. A substantial percentage of this output is used by the A. P. W.
Paper Co. and the balance is sold to other consumers.
The plants and warehouses located in Albany, N. Y. All of the outstanding capital stock, with the exception of directors' qualifying shares
of the A. P. W. Pulp & Power Co., Ltd., is owned by the A. P. W Paper
Co. The properties of the Canadian company are located at and near
Sheet Harbor, N. S. Property includes a newly completed mill, machine
and carpenter shop, administrative building and houses for employees.
-Proceeds will be used to retire the outstanding funded debt
Purpose.
and to furnish additional working capital.
-Comparative earnings of the company for the past five years,
Earnings.
after giving effect to the issuance of 41,500,000 7% Cumul. Pref. stock.
the retirement of present funded debt, the elimination of non-recurring
charges as estimated by the management, and the adjustment of Federal
income taxes to current rates are as follows:
Common
Pref.
Profit before Profit
Stock
Div.
Depr Int. Available
(S per
Times
& Federal for Pref. Requirement.
Earned Balance. share).
Divs.
Taxes.
2.32 8139.127 81 45
$329,002 $244.127 $105.060
1921
2 60
3.37
105,000
249.833
455,523 354,833
1922
240
320 231.166
105,000
336,166
434.189
1923
2 70
259,194
3.46
105,000
364,192
466,220
1924
3 73
357,902
105,000 4 40
462.902
1925 (Dec. est.).. 579,030
-It is the intention of the management to place the no par
Dividends.
date.
$2 per share
value common on an annual dividend basis ofWheeler. Jr.,at an early Gen.
Treas. and
-William A. Wheeler. Pres.: Seth
Officers.
Edward If. Burton, V.-Pres.; Thomas B. Wheeler, V.-Pres.; and
Mgr.;
John J. Jansen, Secy.

--Earnings.
Atlantic Gulf & West Indies S. S. Lines.Mos. Oct. 31-10
of Oct.PeriodOperating revenues
Net after depreciation
Gross income
Int.,rents & taxes
Net income
-V. 121, p. 2755.




-Month
1924.
1924.
1925.
1925.
$33,658,162 $2,433,662 $26,722,021 $22,289,607
2,560.467
392,446
3,730,072
498,968
2,874,502
414,287
3,999,856
526,643
1,994,003
2,046,977
195,320
256,541
$270,102

3218.967 $1,952,879

$880.499

and the same to be carried by it on its balance sheet at such price and
stockholders will
value; the share liability of the company to its Common share.
per
accordingly be reduced from $100 per share to $25 an amount of 30,000
increase the authorized capital stock by
(b) To
Common shares without par value, which Common shams may be issued
and sold by the directors at a price not greater than $25 per share. the
of
(c) That provision be made whereby the rights of the holdersthe conrespect to
presently issued and outstanding Preferred stock, with of
of
the par
version of such Preferred shares into Common shares conversion value be
shall
$100 each, be modified to the extent that such right of value instead of
exercised with respect to Common shares without par
shares of $100 each.
The new shares will be offered to shareholders of record itboth Preferred
and
and Corranon, in the proportion of one share to two offered is anticipated
will be anderthat arrangements will be made whereby all shares so of a commission of
written by a syndicate for a remuneration consisting
price of $25.
5% of the sale
Results of Operations for 11 Months From Jan. 1 to Nov. 30 1925.
$1,208.996
Profits before providing for undernoted charges
38.667
Bond interest
331,154
exchange and other interest
Bank interest,
325,762
Depreciation on plant and franchises
Net profit
-V. 120. p. 2947.

6513,412

-Shipments in 1925.
Baldwin Locomotive Works.
During 1925 the company shipped a total of 724 engines, divided as
follows:
Total.
Foreign.
Domestic.
592
234
358
Steam
129
32
97
Electric
8
2
1
Gasoline
received orders for 40 locomotives,
In the past few days the company
of which 25 were for the Baltimore & Ohio RR., and 15 for the Atchison
Topeka & Santa Fe Ry.
President S. M. Vauclain stated that the December month was bettor
an
than November. The plants last month were run at 30% capacity,the
he expects
increase of 5% over previous month. Mr. Vauclain said enters the new
plants to run at 75% capacity by July 1. The company
-V. 121, p. 3134, 2755.
year with over 37.000.000 of orders on its books.

-Sale of Canadian Property.
Bayless Pulp & Paper Co.

The sale of its Canadian properties of Austin. Pa., and Binghamton will
Meade Investment Co., of Dayton, 0. la
be consummated on Feb.
350
purchaser. Tract includes1. square miles of St. Anne River water shed,
and price is in excess of $2,000.000. A new paper mill will be erected at
Beaupre, near Quebec, and initial protection will be not less than 35.000
-V. 121, p. 2880.
tons daily. (Phila. News Bureau.)

-To Increase Common Stock-Rights
Beacon Oil Co.
To Pay 100% Stock Dividend. large refinery at Everett, Mass., is
a

This company, which operates
about to increase its authorized Common stock from 192.000 no par value
shares (all outstanding) to 1.000.000 shares. It is proposed to offer
160,000 additional shares of Common to Common stockholders at $25
a share. After subscription of the new stock, it is proposed to distribute
a 100% stock dividend (amounting to 352,000 shares) to the Common
stockholders.
The Massachusetts Gas Co. owns 44%% of the outstanding Common
stock.
There have been placed on the list of the Boston Stock Exchange temporary certificates for 192,000 shares of no par value Common stock of
the Beacon Oil Co.; with authority to. add 160,000 additional shares as
notice is had of the issuance and payment in full for the same; and with
same
further authority to add 352.000 additional shares, as theagent, may be,
Kidder,
issued as a stock dividend, share for share. Transfer
Co., Boston; registrar, National Shawmut Bank, Boston.
Peabody &
[See also Louisiana 011 Refining Co. below.I-V. 119, p. 3013.

-Larger Dividend.Belding-Corticelli Ltd.

The directors have declared a semi-annual dividend of 3% on the C0111111011
stock. payable Jan. 15 to holders of record Jan. 5. The previous half
yearly distribution was 2%.-V. 120, P. 586.

-H.0. Stone
-Bonds Offered.
Belleaire Hotel, Chicago.
& Co. and Lackner, Butz dr Co., Chicago, are offering
$725,000 1st Mtge. 63'% Serial Gold bonds at par and int.

JAN. 9 1926.]

THE CHRONICLE

Dated Oct. 15 1925: due serially (A. & 0.) Oct. 15 1927 to Oct. 15 1935.
Chicago Title & Trust Co., trustee. Denom. $1,000. $500 and $100.
Principal and Interest payable A. St 0. Callable at 102 and int. Federal
Income tax of 2% payable by the borrower.
-Consists of a direct closed first mortgage on land in fee and on
Security.
-room hotel and its furnishings and equipment.
-story fireproof 252
the 7
valuation $1,150,000. The Belleake is a fireproof building of reinTotal
forced concrete and hollow tile construction. On the first floor front one
finds 5 stores. The six floors above are divided into 252 rooms, 72 with
showers and 180 having complete bath eqffipment. The equipment of this
building comprises two electric elevators, one passenger and one combination freight and passenger, and a low-pressure vacuum vapor heating
system.
-The earnings of the 5 stores in this building are estimated at
Income.
at 212,000 per year. The gross annual income of the entire building is
estimated at $150.000. This will leave a net income of about $100,000
which is over twice the greatest annual interest charge on this bond issue.
Mortgagor & Managenzent.-The Belleaire is to be operated by Walter A.
Conran, the mortgagor under this bond issue. Mr. Conras is the owner
and manager of other valuable real estate, some of which is identical in
character with the Belleaire.

Benton-Franklin Inter-County Bridge Co.
-Bonds Of-Ralph Schneeloch
ortland, Ore. and Bakerfered.
Co.,Wa
Boyer National Bank, Walla lla, Wash., are offering at
100 and in $310,000 1st (C'osed) Mtge.•& Collaterally
Secured 6% Serial Gold bonds.
Dated Oct. 1 1925; due serially Oct. 1 1930-1945. Denom. $1.000.
Principal and int.(A. & 0.) payable at Baker-Boyer National Bank. Walla
Walla, Wash., trustee. Callable on any int, date on or after 2 years at
par and int. Convertible par for par into Wauna Toll Bridge Co. 1st
Mtge. 7% Gold bonds at any time within one year from completion of
Wauna Toll Bridge. Company agrees to pay normal Federal income tax
not in excess of 2%.
-A Washington corporation organized in 1922 to construct the
Company.
Inter-County Bridge across the Columbia River between the two towns of
Kennewick and Pasco, Wash. This bridge,costing approximately $490,000,
was opened to traffic in Oct. 1922. The construction was financed entirely
by the sale of common stock. The bridge is 3,060 feet long, of which 1,410
feet is of steel superstructure on conbrete piers. The Wauna Toll Bridge
Co. whose first mortgage 7% bonds are Pledged as collateral security for
this issue, is a Washington corporation, formed for the purpose of building
a steel bridge across the Columbia River from Cascade Locks, Ore., to a
point on the Washington side near Stevenson. The bridge alone will cost
approximately $500,000 exclusive of rights of way and franchises. This
bridge will connect the famous Columbia River Highway with the North
Bank Highway on the Washington side. Estimates based on the official
traffic census show that in 1924 more than 309,000 cars constituted the
travel at the point on the Columbia River Highway where this bridge is
to be constructed, while on the North Bank Highway, at Stevenson during
the same year, the travel was in excess of 189,000 cars.
Security.
-A closed first mortgage on the steel cantilever bridge over the
Columbia River between Kennewick and Pasco, owned by the BentonFranklin Inter-County Bridge Co., together with franchises. rights of way.
and real Property owned by the company adjacent to the bridge approaches.
This bridge forms the necessary link in the famous Inland Empire Highway
and Central Washington Highway, both of which are important Parts of
the State Highway System. In addition, these bonds will be collaterally
secured by the pledge of 2325,000 1st Mtge. 7% Gold bonds of like date
and maturity issued by the Wauna Toll Bridge Co., which bonds will constitute a first mortgage on the new "Bridge of the Gods" about to be constructed across the Columbia River. Through this pledge, these bonds
now offered to the public will be secured by a prior lien on bosh bridges
with an aggregate value of more than $1,000,000.
Earninos.-For the past three years (estimating the last 4 months of
1925).the average net earnings of the Benton-Franklin Inter-County Bridge
Co., after operating expenses and taxes, have been $40,375 per annum, or
2.11 times interest requirements on these bonds. The estimated net
income for the year 1925 is $44,985, to which should be added $22,750
interest which will be received from the pledged bonds of the Wauna Toll
Bridge Co., giving a total net income of $67,735. or more than 3.60 times
interest requirements,and 2.33 times average interest and principal requirements on this issue of bonds.
Conversion.
-Bonds of this issue may be converted par for par with
adjustment of interest into like maturities 1st Mtge. 7% Gold bonds of
the Wauna Toll Bridge Co. which are now pledged as collateral security
under this issue. This conversion may be made at any time within one
year after the completion of the Wauna Toll Bridge.
Capitalization Outstanding.
2310,000
First Mortgage6% Gold bonds(this issue)
Common stock (authorized $500.000)
489,500

-Readjustment Plan, &c.
(E. W.) Bliss Co.

217

Pres. George A. Brockway, in a recent letter to the bankers said: "In
my opinion additional working capital should be provided to take care of
the business already on the books and in sight. Corporation will close
the year with unfilled orders exceeding $600,000 and orders are being received at the rate of 25 per day. In addition to this sew capital the Common
stock will be increased, approximately $300,000. There has been a steady
growth in sales with increased profits and dividends have been paid on
the Preferred stock since the corporation was organized. The outlook for
1926 is bright and business should exceed the 50% increase which has
occurred in 1925. With this additional working capital the corporation
can be assured of greatly increased earnings."
Average earnings over 5 times interest requirements including this issue.
The Lockholders on Jan. 2 voted to change the Class "A" and "B"
stocks into one class, to be known as Common stock and then increased the
authorized Common stock (no par value) from 35.000 shares to 150,000
shares. Part of the additional stock will be distributed to Common stockholders as a 200% stock dividend. See also V. 122, p. 96.

-New Directors.
California Petroleum Corp.

H. G. Lapham of Boston and W. C. Hammon of San Francisco were
recently elected directors.
The employees' stock participation plan was adopted. This plan provides that employees who have been with the company 3 months or more
may purchase stock at a price fixed by the trustees, equal to 15% of their
annual salaries. For each dollar subscribed by the employee the company
will add 50 cents.
-V. 121, p. 3007.

-Stock, &c.
(J. B.) Campbell Mfg. Co., Sa7.:m, N. J.

W.E. Hutton & Co., Cincinnati, recommend the 8% Cumulative Prof.
stock for investment.
The company incorp. in New Jersey in March 1923 produces felt base
floor coverings, its plants being located at Salem, N. J., and Carthage, 0.
Operation of the Carthage plant (formerly the plant of the Standard Part
Co.) was commenced the latter part of July 1925.
The company had 5,000 shares of Common authorized and outstanding.
On Nov. 3, however, the stockholders approved an increase to 15,000
shares in the authorized amount and an additional 5.000 shares were offered
to the present Common stockholders (who, according to the articles of incorporation, have the prior right to take any additional issues of Common
stock) at $50 per share. These 5,000 shares offered to the stockholders
have all been subscribed for and are now in process of issuance. The
latter stock is being issued to provide additional working capital for the
company and the sale was handled by the company.
The company has no funded debt and including the above change in the
amount of Common stock the capitalization of the company stands as
follows:
Authorized. Outstanding.
*8% Cumulative Preferred stock ($100 par)
2500,000
$500,000
Common stock (no par)
15,000 shs. 10,000 shs.
*Subject to redemption at $110 per share.
The dividends on the Preferred are payable quarterly, March,June, Sept.
and Dec. 1st. No dividends have been paid on the Common stock.
The Preferred stock and Common shares are listed on the Cincinnati
Stock Exchange.
Directors are: Joseph C. Head, Chairman; J. B. Campbell, Pres.; Neil L.
Campbell, V.-Pres.; Kenneth Campbell, Treas.; J. M. Richardson; Arthur
T. V. Cavey; Carl Lehmann; and Charles D. Miller, Secy.
The management of this company is closely associated with the Richardson Co. from which the Campbell Company obtains a large part of its raw
materials.

Carborundum Co., Pittsburgh.
-Stock Dividend.
The stockholders on Dec. 14 increased the authorized capital stock from
$7,500,000 to $10,000,000, the additional stock to be distributed as a stock
dividend, payable out of accumulated surplus.
-V. 121, p. 2756.

Celotex Co., Chicago.
-Rights--Stock Increased, &c.
The Common stockholders of record Nov. 28 were recently given the
right to subscribe on or before Dec. 15 for additional Common stock (no
par value) at $90 per share on the basis of one new share for each 5 shares
held. The Preferred stockholders of record Nov. 28 were given the right
to subscribe on or before Dec. 15 for one unit consisting of 5 shares of Preferred stock and 1 share of Common stock at $525 per unit for each 15
shares of preferred stock held.
The stockholders recently voted to increase the authorized capital stock
from 30,000 shares of Pref., par $100, and 45,000 shares of Common, of
no par value, to 60,000 shares of Pref., par $100. and 60.000 shares of Common, of no par value. After issuance of the additional Common and
Preferred stock which was offered to stockholders of record Nov. 28, there
will be outstanding 40,000 shares of Preferred stock and 50.000 shares of
Common stock.
President B. G. Dahlberg, Nov. 18, said in substance: "The affairs of
the company are in excellent shape. All four units at the Marrero plant
are running in full operation,day and night, with orders ahead of production.
The directors on Nov. 17 determined it to be desirable and necessary to
install at the Marrero Mill two additional machines with the view of having
them ready for the fall of 1926. The proposed construction would cost
approximately 21,500,000 and to provide for this, together with additional
working capital, the plan favored by the board is to sell 11,000 shares
additional Preferred stock and 10.000 shares additional Common stock.
The increased capital would give us two additional machines bringing the
production up to well over 1,000,000 feet per day and should increase the
net earnings of the company by over $590,000 per year. While the authorized bond issue is 21.250,000. bonds have been taken up so that the present
outstanding is now 21,000,000. These bonds carry a conversion privilege
into Preferred stock at par to provide for which 10,000 shares of Preferred
stock are required to be held in the treasury for the purpose of taking up
these bonds and converting them into Preferred stock when and as offered.'
Earnings
earnings for the month of October were $81.597 available
for surplus after all expenses, including a right-off of $18,000 for the adjustment of inventories for the past year and $62,000 for advertising, had been
taken care of.
Balance Sheet as of Oct. 31 1925.
Liabilities.
Assets.
$2.935,000
Cash
$155.777 Preferred stock
Notes & accts. receivable_ 1,873,811 Common stock
x 716,687
Inventories
143,400 Notes payable
335,000
Prepaid expenses
364,171
146.290 Accounts payable
Plant & equipment
65.331
2,919.127 Accr. int: & taxes
Pat'ts rights, formulas, tr.
Bonded indebtedness
1,000.000
mks. & processes
253,763
275,000 Reserve for deprec
Deferred assets
156,547

Announcement was made yesterday of a readjustment plan which provides, among other things, for the change of the domicile of the corporation
from West Virginia to Delaware, and for the raising of additional capital.
The plan contemplates the exchange of existing preferred stock for an
equal amount of new preferred
Depositors of common stock will
receive new common at the ratestock. shares of new common for each 10
of 11
shares of old common and in addition will be permitted to purchase at $20
a share one share of new common stock for each 10 shares of old common
stock deposited. The Plan provides for $600,000 of new capital to enable
continuance of the policy of expansion inaugurated by the Directors within
the past few years.
The holders of stock are to deposit their stock certificates with the
Equitable Trust Co. before Jan. 25. 1926.
According to an announcement, the company has just rounded out a
very satisfactory year, following the depression that came with the post
war conditions. It is stated that the net profits for 1295 will exceed
$1,250,000 as against $357,000 the previous year, after two years when
there was a deficit.
The reorganization plan was made public by a committee headed by
Clinton D. Burdick, Acosta Nichols and G. Foster Smith. Sewell T.
Tyng is Secretary of the group.
One of the reasons for the reorganization plan is a decision of the company
to incorporate under the laws of the State of Delaware. The existing
company was organized in 1892 under West Virginia laws since which time
the laws of that state have been changed, and under the present laws the
estates of non-resident stockholders of companies may be taxed as high as
from 10% to 35%. The Delaware State Constitution prohibits the levy
of any kind of inheritance tax on non-resident stockholders.
Total
Total
25.669,952
25.669,952
The new company is authorized to imam, when the plan goes into effect,
-V. 121, p. 334.
the same number and classes of preferred shares as the present company,
x Equity after June 30, 1925 Preferred dividends.
only change being an increase of 100,000 shares of common stock.
the
-Listing.
Central Fire Insurance Co. of Baltimore.
Of this amount 30,000 shares will represent the stock award at the ratio
of 1 share for each 10 exchanged under the reorganization plan, and the
The Baltimore Stock Exchange has approved the listing of $500.000
present holders of common stock may purchase 30,000 shares of the new additional capital stock, par.$10. making the total amount listed 21,000,000.
Issue at $20 a share in the same ratio of one share for each ten shares ex- The stockholders of record on Oct. 29, were given the right to subscribe to
changed. A syndicate has been formed to take over all stock not taken
the new stock at $5 per share.
by stockholders, so that the receipt of the company of additional capital
Maryland for the purpose of
Company was
March 17
-V. 121. writing fire and incorp. insurance. 1865 in are: John P. Lauber, Pres.;
is assured. The stock was quoted yesterday at $30 per share.
Officers
inland
August Weber. Vice-Pros.; Charles H. Roloson, Jr., Sec'y.
p. 203
.
1924.
1923.
-Strickenfrom List.
Booth Fisheries Co.
Gross earnings
$629.175 $515.773
The company's stock was stricken from the list of the Boston Stock Net earnings
60,048
97,324
Exchange, the Boston transfer and registration offices being discontinued.
Balance Sheet as of Dec. 311924.
-V. 121, p.981.
Liabilities.
Assets,
-Declares Extra Div. on Common Stock.
Borden Co.
- Stock and bonds
$500.000
$2,100.864 Capital stock
proc.
42,272
The directors on Jan. 6 declared an extra dividend of 25c. Mtge.loans on real estate.. 390,729 Losses inreq byof adj_ Ground rents
law
899.456
17.316 Reserve
Real estate
16,752
100.000 Due for re-insurance
a share in addition to the regular quarterly dividend of $1 a Interest accrued
r
22.491 Res.for div. pay. Jan. 1'25
30.000
share on the Common stock, par $50, both payable March 1 Premiums due. etc
98,942 Reserve for taxes
15,000
Re-insur.recovle on losses
15.666 Surplus
1.364.3.55
to holders of record Feb. 16. See also V. 121, p. 3135.
Cash
121,827
Motor Truck Corp.-Pref. Stock

Sold.
Brockway
Total
22,867.835
$2.867,835
yracuse, N. Y., and Glidden, Total
E. G. Childs & Co.,
Inc.,N. Y., have sold at par $200,000
Chandler-Cleveland Motors Corp.
-Stock Offered.Morris & Co., Cortland,
Cumulative stock. Callable at $110 per share. Hornblower & Weeks have placed privately a block of $4
7% Prof. -J.
Dividends Q
Convertible Preference shares and contemplate a Dublin




218

THE CHRONICLE

offering of 70,000 shares additional within a few days.
V. 121, p. 3135.
Chicago By-Product Coke Co.
-Guaranteed Bonds Sold.
-Union Trust Co. of Pittsburgh, Guaranty Co. of
New York and Halsey, Stuart & Co. Inc. have sold at
9 % and int. to yie'd 5.30% $13,000,000 1st & Ref. Mtge.
4
5% Gold bonds Series "A". Guaranteed principal and int.
b_EPeoples Gas Light & Coke Co., Chicago.
Dated Jan. 2 1926: due Jan. Jan. 1 1976. Denom. c* of $1,000 and r*
$1,000 and multiples thereof. Int. payable J. & J. at Illinois Merchants
Trust Co., Chicago, trustee, The Union Trust Co., Pittsburgh, or Bankers
Trust Co., New York, without deduction for any Federal income tax not
exceeding 2%. Red. at any time, as a whole or in part, on 4 weeks' notice
at 105 and int. Penn. 4 mill tax, Conn. personal property tax not exceeding 4 mills per dollar per annum. and Mass, income tax on int, of the
bonds not exceeding 6% of such interest per annum refunded.
Il Data from Letter of H. B. Rust, President of the Company.
." Company.-Incorp. in Delaware, Jan. 27 1920. Owns and operates a
modern water gas plant and by-product coke plant located on a site of
approximately 170 acres in the City of Chicago. These combined plants,
which are among the largest and most efficient in the country, have a present
daily capacity of more than 55,000,000 cu. ft. of gas.
Under a contract executed in 1920. Peoples Gas Light & Coke Co.,
leased the water gas plant for a period of 25 years and by the terms of the
same contract, as amended and now operative, Peoples Gas Light & Coke
Co. is obligated for the same period to purchase all of the gas and a large
tonnage of coke produced by the by-product coke plant. The scale of
prices under this contract is arranged on a sliding scale designed to offset
fluctuations in the coal and labor markets.
Under a supplemental agreement to be executed simultaneously with
the mortgage, Peoples Gas Light & Coke Co. will further agree to acquire
by consolidation, merges, purchase or otherwise, the physical assets of the
Chicago By-Product Coke Co. on or before Jan. 1, 1946 and, subject to
approval of the Illinois Commerce Commission, make this mortgage a
lien on all of the properties then owned by Peoples Gas Light & Coke Co.
or thereafter acquired by it. The mortgage will provide that If Peoples
Gas Light & Coke Co. fails to acquire the Chicago By-Product Coke Co.
on or before Jan. 1 1946, the latter company will immediately call for
redemption all bonds issued and outstanding under the 1st & Ref. Mtge.
Purpose.
-Proceeds will be applied toward the redemption of the entire
outstanding funded debt (see below) and for other corporate purposes.
Earnings after Depreciation but before Federal Taxes and Int.-Calendar Yrs
1923.
1924.
1925.
$2.330,460
32,074.400
32.102,600
Security.
-These bonds will, upon payment of the existing bonds which
have been called for payment and redemption on or before Feb. 3 1926,
be secured by a first mortgage on all of the real estate, including all improvements now or hereafter erected thereon, and all rights and franchises
owned. These properties are valued by The Koppers Co. as conservatively
worth in excess of $25,000,000 at the present time.

181 Mtge. 7% Serial Gold Bonds Called for Redemption.
-

An of the outstanding 1st Mtge.7% Serial Gold bonds. Series"D"to"0"
hacl. (a total of 10.399 bonds), have been called for redemption Feb. 1
at 102 and int., at the Union Trust Co. of Pittsburgh, or at the Guaranty
Trust Co. of N. Y. The 867 outstanding Series "C" bonds. which mature
Feb. 1 1926, will be paid at maturity at par and int.-V. 120, p. 833.
Chicago Daily News, inc.-Debentures Sold.
--Kissel,

[Vor.. 122.

Chicago Daily News 27 years. In all other important respects the management of the paper remains unchanged.
Balance Sheet as at Sept. 30 1925.
(Giving effect as at that date to present financing and transactions in
connection therewith.'
Assets
Plant and property
a 31,232,541 Capital stock
b$10.000,000
c Circulation, good will, As10
-Year 6% Sinking Fund
sociatcd Press franchise &
Gold Debentures
8,000,000
reference library
12,000,000 Accounts payable
703,458
Marketable securities
198.532 Accrued taxes
188,399
Int. in affiliated company.-- 1,005,000 Special funds
269,189
dr reserves
Sundry investments
19,735 Deferred credits
7,665
Cash
956,034
Accts.& notes rec., less res
1,449,216
Print paper & supplies on
878,219
Miscellaneous
93,434
Deferred charges, incl. discount on debentures
1,336,001
Total (each side)
$19,168,712
a Central Union Building leaseho d at Market and
St's., aa
appraised, $406,462; barn, garage and auxiliary press Madison 222 So.
room at
Racine Ave. as appraised, $320,016; machinery and equipment, less depreciation. $506.063. b 7% Pref. stock represented
by 90.000 shares no par
value and 400,000 shares Common stock no
3 years the Chicago Daily News has spent anpar value. c During the Past
average of more than $1,000.000 Per year for circulation and advertising developments.

Childs Co.
-Sales for December.
-

Sales of meals, excluding all other income, for
December totaled
275,303, an increase of about 10.7% over December 1924. This $2.also
compares with 32.107,436 for November 1925.
The total number of meals served during December was
the number of stores operated 108.-V. 121. p. 3135. 2880. 4,602.839. and

Christie, Brown & Co., Ltd.
-Bonds Called.

The company, it is stated, has retired $200,000 of the $1,000,000 1st
Mtge. 10
-Year 6% bonds due 1935.-V. 122, p. 97.

(P. F.) Collier & Son Co.
-Capital Increased.
-

The company has increased its authorized Preferred stock
to $4,000,000, par $100. The 80,000 shares of Common from $2,500,000
stock of no par
value (a majority of which is owned by the Crowell Publishing
Co.) remain
unchanged. The additional stock is $1.500,000 Prior Preference, the
entire amount of which has been purchased by The Crowell Publishing Co.
-V. 111, p. 1755.

Commercial Credit Co. Balt.-To Increase Capital, &c.

The stockholders will vote Jan. 14 on increasing the authorized Common
stock (no par value) from 480.000 shares to 800,000 shares,
and
the authorized Preferred stock by $12.000.000 Cum. 634% on increasing
Pref. stock.
-See also V. 121, p.3007, 3136.
Par 3100.
The stockholders will also vote on approving a 20% stock dividend on
the Common stock, payable Jan. 18, to holders of record Jan. 10. The
stockholders will be given the right to subscribe on or before Feb. 2 for
additional Common stock.
-V. 121, p. 3007.

Commercial Investment Trust Corp.
-Temporary Stock.

Dillon, Read & eo,interim receipts for
% 1st Pref.stock(with Common
stock purchase warrants) are now exchangeable for temporary stock certificates (with Common stock purchase warrants) at the Central Union Trust
Co.. 80 Broadway, N. Y. City. Holders of interim receipts upon making
the exchange will receive an amount in cash equal to interest at the
634% per annum on the par value of the shares of stock represented rate of
by the
certificates delivered to them. (For offering, see V. 120, p. 2643.)-V.
122, P. 97
.

Kinnicutt & Co. and Halsey, Stuart & Co., Inc., have sold
at 98 and hit. to yield over 634%, $8,000,000 10
-Year 6%
Congoleum-Nairn, Inc.
-Omits Common Dividend.
-The
Sinking Fund Gold Debentures.
'
directors on Jan. 5 voted to suspend dividend payments on
Dated Jan. 2 1926: due Jan. 1 1936. Interest payable J. & J. at office
of Kissel, Kinnicutt & Co., New York, or Halsey. Stuart & Co., Inc., the Common stock, no par value. Quarterly dividends of
Chicago, without deduction for the Federal income taxes not in excess 50 cents per share were paid on this
issue on July 30 and
of 2%. Denom. $1,000, $500 and $100. Red, all or part at any time on
30 days' notice at 105 and int. up to and incl. Dec. 31 1926 and thereafter Oct. 30 last, compared with quarterly distributions of 75
at the call price diminished by 34 of 1% from the first day of January each cents per share made previously.
succeeding year. Penn. 4 mills and Maryland 434 mills taxes. Conn.
The usual quarterly dividend of 1% on the 1st Prof.
personal property taxes not exceeding 4 mills per $1 per annum,and Mass.
income tax on int, not exceeding 6% of such int, per annum refunded.
stock was declared, payable March 1 to holders of record
Stock Warrants.
-These debentures will carry warrants entitling the holder Feb. 15.-V. 121, p. 2756.
thereof to purchase Preferred stock of the company entitled to Cumulative
dividends at the rate of $7 per share per annum, on or before Jan. 1
Continental Baking' Corp.
-New Charge Filed-Reply
In the ratio of one share for each $100 of debentures at $100 per share1931
and by Company
Reveals Action in October by Federal Trade Board.
divs. in cash and (or) debentures at their principal amount and int.
The issuance by the Federal Trade

Data from Letter of President Waiter A. Strong.
-Company.-Incorp. in Illinois and will acquire The Chicago Daily News
now owned by the estate of the late Victor F. Lawson, and will acquire
all the property of The Chicago Daily News Co., except certain real estate
and investments, which have been separated from the newspaper property
and retained by the Lawson Estate. For the accomplishment of this purpose and for the effective control of all its rights, franchises and property,
the old company (whose entire capital stock will be held by the new company) will be continued or consolidated with the new company.
The first issue of The Chicago Daily News was published on Dec. 23 1875.
Victor F. Lawson and Melville E. Stone, the founders, were pioneers of
the modern school of clean, energetic, independent journalism, and were
successful from the start in building up the circulation and influence of their
newspaper to a point previously unheard of in America. Mr. Lawson
soon succeeded as sole owner and throughout his long life maintained the
leadership of The Chicago Daily News as a medium of true news and solid
values. During the 50 years of its history, The Chicago Daily News has
never had an unprofitable year.
The Chicago Daily News has thus built up a circulation which averages
over 400.000 copies sold per day, and dominates the Chicago field in reader
Interest. For the past 25 years The Chicago Daily News has always
carried a greater total volume of advertising than any other daily newspaper
In Chicago. In department store advertising it carries-according to the
records of an independent audit bureau maintained by all the Chicago
newspapers-more than double the advertising of its nearest daily competitor. In 1924 the paper carried approximately 30% more display advertising than its nearest daily morning competitor, and approximately 50%
more than its nearest daily evening competitor. In 1925 the advertising
volume has increased by more than 1.000.000 lines which constitutes the
high record for The Chicago Daily News.
Capitalization -Capital will consist of an authorized Issue of 150.000
shares of Pref. stock of which 60.000 shares will be presently Issued, 80,000
shares will be reserved for sale pursuant to stock purchase warrants issued
In connection with the Debentures and 10.000 shares will be available for
the future needs of the company; and an issue of 400.000 shares of Common
stock. Both the Preferred and Common stock will be without nominal
or par value but the combined Preferred and Common stock presently
Issued will have a net worth on the books of the company of $10.000,002.
which Is junior to the 38,000.000 Debentures.
Purpose.
-Proceeds of these Debentures will be used towards the
of The Chicago Daily News from the estate of Victor F. Lawson.purchase
-Company will deposit with Kissel, Kinnicutt & Co.,
Sinking Fund.
and Halsey. Stuart & Co., Inc., sinking fund agents. $250.000 on Dec. 31
1926 and Dec.31 1927 and annually thereafter a minimum amount of $250,000 payable semi-annually on June 30 and Dec. 31 and In addition annual
beginning March 31 1929 an amount equal to 25% of net earnings for the
previous year. The amounts so deposited will be used solely for retirement
of the Debentures either by purchase at not exceeding the prevailing call
price or. if not so obtainable, the balance will be used for the redemption
by lot of the Debentures at then the prevailing call price.
Earnings.
-Net profits, after depreciation but before Federal taxes,
from property to be acquired, have averaged annually for the 4 years and
9 months ended Sept. 30 1925 $1.497,625. The maximum annual interest
requirement on these Debentures will be $480,000.
Management & Control.
-The new ownership will preserve the traditions
and ideals of The Chicago Daily News. Walter A. Strong, Pres., who will
be pet:41,513er and the largest individual holder of Preferred and Common
stock and will hold absolute stock control of the company, has been with
The Chicago Daily News for 20 years and for the past 4 years, as Business
Manager. Charles H. Dennis, who will be the Editor, became a member
of the editorial staff in 1883 and has been Managing Editor since 1912
Hopewell L. Rogers, who will be V.-Pres. & Treas., has been with The




Commission of a new complaint
charging the corporation with violation of the Clayton act was
known
Jan. 4 with the filing of a denial by the concern's attorneys thatmade
its activities
had tended toward or resulted in the creation of a monopoly in the
baking
industry.
The Ward and General Baking companies, mentioned unofficially In
connection with the Continental in a huge baking merger, were not involved
in the lastest proceedings. The existence of such a project has been denied.
The new complaint against the Continental was filed Dec. 19. but
not made public by the Commission under its rule giving respondentsWU
an
opportunity to reply before disclosing proceedings against them. It was a
revision of one issued in October, covering subsequent transactions by which
more baking companies than named at that time were acquired
the
corporation,and cited it to appear on Feb. 8 for a hearing before theby
Commission.
The corporation's acquisitions, the complaint alleged, acted to lessen
competition, restrain commerce and create a bakery products monopoly.
The corporation's answer maintained that it "has no monopoly in any
product In which it deals, nor can any one obtain such a monopoly in any
community in the United States."
-V. 121, p. 2525, 2044.
Continental Steel & Wire Co.
-Merger Falls Through.
See Keystone Steel & Wire Co., below.
-V. 121, p. 2162.

Crane Co., Chicago.
-Stock Gift to Employees.
-

More than 3.800 employees who have served the company 10 years or
longer have been made stockholders under a Christmas gift announced by
Pres. R. T. Crane, Jr. One share of Common stock will be distributed
for every year of service. The distribution is from the personal holdings
of Mr. Crane and is not from the company.
-V. 121, p. 2525.

Credit Alliance Corp.
-Preferred Stock Sold.-Paino,
Webber 8s Co. have sold at 100 and div. $1,500,000 7%
Cum. Cony. Pref. (a. & d.) stock.
Preferred as to assets to the amount of $100 per share and My'. in the
event of voluntary or involuntary liquidation. Red. all or part at $110
and dirs. Dividends payable Q.
-J. Chatham Phenix National Bank
& Trust Co., New York, registrar.
Convertible prior to Dec. 15 1926 into Common Class "A" stock at rate
of one share of Pref. for one share of Class "A" Common stock. Thereafter, and prior to Dec. 15 1927 convertible at the rate of one share of Pref.
for two-thirds of a share of Class "A" Common stock; and thereafter, and
prior to Dec. 15 1928. convertible at the rate of one share of Prof. for onehalf share of Class "A" Common stock.-and thereafter convertible at one
share of Pref. for two-fifths share of Common prior to Jan. 1 1930.
Listing.
-Class"A"Common shares listed on the Boston Stock Exchange.
CapitalizationAuthorized. Outstand'g.
7% Cumulative Preferred stock
$4.000.000 33.000,000
Common Class "A" stock
50.000 shs. 8,758 shs.
Common stock
30,000 abs. 29,990 She.
Data from Letter of Clarence Y. Pants,President of the Corporation.
Company.-Incorp. in New York in 1922, succeeding the business established 4 years prior thereto. Company specializes In financing installment
purchases of standard income producing machinery and equipment used
in various industries and professions. It purchases the installment notes
arising from such sales when substantial initial payments have been made
on the machinery and equipment, and when the notes given for the unpaid
balances have been endorsed by the dealers or manufactureres or both,
and are further secured by mortgages or conditional sale agreements made
In connection with tie purchase of such machinery and equipment. Operations of the company are not limited to any one industry.

JAN. 9 1926.]

THE CHRONICLE

-Company has been continuously expanding its business and
Earnings.
its earnings and net profits have been constantly increasing. During the
last three years the earnings have been as follows:
1925(10 moS.)
1924.
Year1923.
Notes and obligations purchased_ _ _ $5,8.52.624 $2,556,964
$858.905
499,259
221,584
Gross profits
69.903
196,081
Expenses. including taxes and reserves
98.246
35.302
303,177
123,337
Net profits
34.600
Earnings in 1925, during which time the company had the use of only a
small part of the capital acquired by new financing, were at the rate of about
6 times Preferred stock dividends on the average amount of Preferred stock
outstanding in this period and more than $6 per annum on Common shares
outstanding Dec. 1 1925. Regular dividends of 50cents per share quarterly
on the Common stock were inaugurated by the directors in July 1925, and
in December and extra 25 cents dividend was declared on both classes of
Common shares. The fact that during 1925 the gross business of the company increased each month from $213.743 in January to about $1.200,000
In December, and was about 4 times the business of 1924, indicates that the
company's earnings in 1926 will be far in excess of the past year.
-V. 122,
P. 97.
Steam-Ship Co., Ltd.
Cunard
-Debenture Stock.
An issue of /4,000,000 5% Mtge. Debenture stock. 1941-1946, was offered
during December in London. Eng. at 98, payable 5% on application, 13%
by Dec. 29. 20% on Jan. 29,30% on March 12 and 30% on April 30. 1926.
Payment in full may' be made on allotment or on any installment date
thereafter under discount at 3% per annum. Holders of the 7% Mtge.
Debenture stock have the right to convert their holdings into stock of the
present issue. Applicationsfrom the holders of the Preference and Ordinary
stocks and shares of the company will receive preferential consideration.
The 5% Mtge. Debenture stocic will, after the repayment of the £4,000,000
7% Mtge. Debenture stock, be specifically secured under trust deed by first
mortgages upon the vessels, and by transfers of the ship mortgages, at present
forming the specific security for the 7% Debenture stock. Upon the final
redemption, in 1927, of the £260,000 23;% Government stock, the 5%
Mtge. Debenture stock now offered will become and thereafter remain a
first mortgage charge upon the specifically mortgaged assets and a floating
charge upon all other assets for the time being. The 5% Debenture stock
will be red. on Feb. 1 1946, at par, but the company reserves the right,
on giving 6 months' notice, to redeem the whole or any part of the debenture
stock at par at any time on or after Feb. 1 1941.-V. 121. p. 2408.

219'

fixed machinery and plant, and the shares, stock and debentures in subsidiary and ailed companies owned, and a second floating charge subject
to the E5,000,000 534% 1st Mtge. Debenture stock. u..n the remaining
assets and undertaking of the company including 1.500.011 7% Preference
shares of /1 each in No. 2 D. R. Cotton Mills, Ltd., and the whole of the
shares in the undermentioned companies which are being acquired by the
company for the sum of £2,500,000 payable in cash, which are not covered
by the specific charge. The following are the companies whose shares are
now being acquired: Charles Macintosh & Co., Ltd., Broadhurst & Co.,
Ltd., Campbell. Achnach & Co., Ltd., Casoid, Ltd.. Manchester Balata
Belting Co., Ltd., Macintosh Cable Co., Ltd. New Eccles Rubber Works,
Ltd.. New Liverpool Rubber Co., Ltd., Shrewsbury S. T. & Challiner
Tyre Co., Ltd., William Knott & Ion, Ltd.
-V. 121. p. 2644.
Eagle & Phenix Mills, Columbus, Ga.-Stock Sold.
Effective Jan. 1 1926 the capital stock was increased from $1,000,000
Common to $1,500,000 by the issuance of 5,000 shares (par $100) of 6%
Cumulative Preferred stock. The Pref. stock is preferred as to dividends
and as to assets, in event of its liquidation. Callable at 10214 and diva.
Entitled to all dividends, payable semi-annually, Jan. and July 1. The
stockholders of record Nov. 23 were entitled to subscribe at par for one
share of the Preferred stock for each 2 shares of their holdings. The
entire issue was oversubscribed.
The proceeds were used to pay off $500,000 5% bonds due Jan. 1 1926.
Electric Household Utilities Corp.
-Stock Exchange.
See Hurley Machine Co. below.
-V. 122, P. 98.
Elkhorn Piney Coal Mining Co.
-Bonds Called.
Certain First Mtge. Coll. 734% Sinking Fund Gold bonds dated Dec. 15
1921. aggregating $100,000. have been called for redemption Feb. 1 at 103
and interest at the Union Trust Co., 814 Euclid Ave., Cleveland, Ohio.
V. 120, p. 215.
Ely & Walker Dry Goods Co., St. Louis.
-Larger Div.
The directors have declared an extra dividend of 3% on the Common
stock. par $25, payable Jan. 15 to holders of record Jan. 4..
The directors also declared a regular quarterly dividend of 13‘ on the .
%
Common stock, payable March 1. This compares with dividends of 1%
each paid quarterly on this issue from June 1924 to Dec. 1925•incl.
Earnings for the year ended Nov. 30 1925, after reserve for Federal and.
other taxes, and payment of Preferred dividends,•were $1.651,000.-V. 121 •
p. 845.

-Preferred Stock Sold.-Hall' Curtis Publishing Co.
garten & Co., J. A. Sisto & Co., and Old Colony Trust Co.,
Essex Cotton Mills, Inc.
-Stricken from List.
The New York Stock Dxchange has stricken from its list the 1st Pref.
have sold a limited amount of $7 Cumul. Dividend Pref.
stock of the Essex Cotton Mills, Inc. See also V. 121, p.3010.
stock (without p ir value) at $112 per share, and dividend, to
European Shares, Inc.
yield 63%. These shares were privately purchased, and do
-Stock Sold.
-Hayden, Stone
not represent introduction of new money into the company. & Co. have sold at $50 per share 100,000 shares stock :
Dividends payable Q.
-J. Redeemable, all or part, on any dividend date no par value.
•
and

dividends. Free of Penna. State 4
-mill tax.
at $120
CapitalizationAuthorized. Outstanding.
$7 Cumul. Dividend Pref. stock (no par value)_ _900,000 shs. a900,000 shs.
Common stock (no par value)
900,000 shs. 900.000 shs.
a Of the 900,000 shares authorized, 700,000 shares are being distributed
to the Common stockholders of record Dec. 28 192.5. The remaining
200,000 shares, or so much thereof as may be required for the purpose,
are being offered in exchange for existing 7% Pref, stock of $100 par value,
prior to Feb. 1 1926, in the proportion of 11 shares of no par value Pref.
stock for 10 shares of the $100 par value Prof. stock.
Company -Owns and publishes the nationally known periodicals, "The
Saturday Evening Post, "The Ladies' Home Journal, and "The Country
Gentleman."
-Net earnings of the company have for many years shown a
Earnings.
steady increase. For the year ended Dec. 31 1924 such earnings, after
depreciation and all taxes, were $14,714,819, and for the year 1925 (December estimated) were approximately $16.000,000.
-Company has no funded or other debt except current monthly
Assets.
accounts, and among its current assets on June 30 1925 were about $20.000,000 in cash, U. S. Government bonds and other liquid securities. It
also owns valuable parcels of real estate, situated on Independence Square
-V. 121, p. 3008.
and elsewhere in the City of Philadelphia.
• Detroit North End Post Offices Corp.
-Bonds Offered:
-

Love, Van Riper & Bryan, Inc., and Lorenzo E. Anderson
& Co., St. Louis, are offering at 100 and in $340,000 1st
Mtge. 6% Sinking Fund Gold bonds.
Dated Nov.a 1925; due Nov. 1 1935. Principal and int. (M. & N.)

payable at Mississippi Valley Trust Co.. St. Louis. Denom. $1,000 and
Red. in part for sinking fund purposes upon 30 days' notice to and
cl. Nov. 1 1930 at 102 and int.; thereafter to and incl. May 1 1935 at
101 and int. Interest payable without deduction for any normal Federal
income tax, not in excess of 2%. Penn. and Conn. 4 mills tax. Maryland
4)4 mills tax, District of Columbia 5 mills tax. Kentucky 5 mills exemption
tax, the Virginia 5% mills tax,and Mass. income tax on int. not exceeding
% of such int, per annum refunded. Mississippi Valley Trust Co.
and John A. Love of St. Louis, trustees.
Property ct Location.
-The North End Post Office Station, completed
.1924. is located at the Southwest corner of Baltimore
and occupied in M,.
and Cass Ayes. Detroit. The building, consisting of 2 stories, is of modern
brick, reinforced concrete, fireproof construction throughout, with exterior
street walls of face brick, containing approximately 24.000 square feet of
rentable area. The emtiro first floor basement are under lease to the U. S.
Government for post office purposes at an annual rental of $20.000.
A new unit is to be erected on Alfred Street just off Woodward Avenue.
The improvements, consisting of a building with 2
-story front and 1-story
rear. will contain approximately 12,600 square feet of rentable area and
will be similar throughout to the North End Station in construction and
design. The entire property, with the exception of one office suite on the
second floor and one storeroom on the first floor, is under contract for lease
to the Government for post office purposes at an annual rental of $14,000.
-The provisions of the mortgage Provide that the entire
Sinking Fund.
annual rentals of $34,000 derived from the U. S. Government shall be paid
to the trustees. The sinking fund commences May 1 1926 and from a
minimum of $13,500 in the first year it increases progressively to about
$22,500 in the tenth year. As a result, the sinking fund, through purchase
in the open market or redemption, will reduce this issue at maturity to
approximately $168,000. an amount considerably less than the present
value of the land alone.
-In addition to the Government rentals of $34,009 specified
Earnings.
above, it is confidently anticipated, in view of present rentals obtaining,
that such space as will not be leased to the Post Office Department will
produce rentals of not less than $8,000 per annum, thus bringing the total
rentals on the two properties to a sum of not less than $42,000 per year.
Dominion Bridge Co.
-Report.
1923-24.
Years Ended Oct.31- 1924-25.
1922-23.
1921-22.
$398,206
$82,076
$429,919
Total earnings
$188,670
135,212
Depreciation
134.386
139,229
134.008
200,000
Res. for inv. loss, &c_
260,000
260,000
260.000
Dividends (4%)
260.000
def$313,136 sur$3,820 def$169,310 def$205,339
Balance
Profit and loss surplus-- $2,920,788 $3.233,924 $3,230,103 $3,466,500
-V. 120, p• 336.
Dominion Canners, Ltd.
-To Reduce Capitalization.
The shareholders on Dec. 29 passed a resolution authorizing the company
application for the reduction of the capital stock from $10.000.000
to make
being less than 1% of Dominion Canners stock now
to S50,000 there reduction of the authorized capital of
Dominion Canners
outstanding' The
eliminates confusion in the minds of the general public as to the relationship between Dominion Canners and Canadian Canners. From this time
forward Dominion Canners will appear only as an unimportant subsidiary
charter and intangible assets, such as good-will,
of Canadian Canners, the
-V. 121, p. 982.
trade marks, &C.. being assets of Canadian Canners.
-Debenture Issue.
Dunlop Rubber Co., Ltd.
-Year 2nd Mtge. Debentures was offered
An issue of £2.000.000 670 15
London. One-half of the issue will be reserved
for sali:fpgring December in shareholders. The Debentures will be a
second
speclilsatisfy applications from freehold and leasehold
to t mortgage upon the
lands and buildings,




Payments.
-Payments will be called for as follows: 40% on deliver",
subsequent calls to be made at intervals of not less than 3 months upon
30 days notice, and no single call to be made for more than 30% of the
price named below. Certificates for part paid stock of the company will be deliverable on or about Jan. 14 1926.
Of the stock to be initially issued. 20% is reserved for and will be takep.
by German Interests associated with the management of the company. •
Guaranty Trust Co.New York, and First National Bank. Boston,
transfer agents. American Exchange-Pacific National Bank, New York,
'
and Atlantic National Bank, Boston, registrars.
Company.-Incorp. in New York. Has been organized to acquire, sell
and underwrite securities, both foreign and 'domestic. It is contemplated
that the company will make substantial investments in the near future in
the securities of several leading German banking and industrial corporations.
Company is designed to afford its stockholders the means to participate in
a diversified investment and in underwritings which would not be available
to them as individual investors.
Management.
-Directors will include Charles Hayden, Richard F. Hoyt.
Royall Victor and John Foster Dulles.
The operations of the company will be supervised by an advisory committee, which has established connections with several of the leading
financial institutions of Germany.
Capitalization of the Company Will Be-as Follows:
Common shares (no par value), authorized
125,000 shs.
•
Unissued, subject to option*
25,000 sits.
Outstanding in hands of public
' 100.000 shs.
*Bankers associated with company have option at $55 per share to
Dec. 31 1927; thereafter to Dec. 31 1929 at $60 per share, and thereafter
to Dec. 31 1930 at $70 per share.
Management Contract.
-In order to minimize overhead expenses, the
advisory committee have consented to servo without compensation other
than 25% of the balance of net profits after deducting a cumulative charge
equiValent to $4 per share per annum on the outstanding fully paid stock.
(Until stock is fully paid, the allowance per share will be proportionately
reduced).
Outlook.
-During the past year distinct progress has been made toward
a restoration of sound economic conditions in Europe. This is particularly
true of Germany, where the successful operation of the Dawes plan indicates
a steady progress towards industrial prosperity. The transition from
inflation to a stabilized currency ineVitably involves, however, an acute
shortage of working capital with conseqnentiv high money rates and a
lack of funds to purchase securities. This condition in Germany has caused
the securities of many concerns of established reputation and earning power
to sell at very low prices and it is believed that unusual opportunities exist
for the purchase of these securities on a basis which should result in a
substantial profit as money conditions become easier and economic progress
is realized.
Listing.-ThLs stock has been listed on the Boston Stock Exchange.

Falcon Tin Plate Co.
-Interest Not Paid.
A dispatch from Youngstown. O., on Jan. 2 stated that interest due
Jan. 1 1926 on the 1st Mtge. 8% Sinking Fund Gold bonds, dated Jan. 1
1922, has not been paid. There is reported to be outstanding about
$625,000 of this issue. The company has 60 days' grace on bond interest
payments.
-V. 114, p.84.
Famous Players
-Lasky Corp.
-Famous Players, Uni-

versal Pictures and Metro-Goldwyn Companies in German Deal.

A dispatch from Berlin Dec. 30 says: The definitive
German film market among large German and Americanportioning of the
producing interests was completed Dec. 30, following conferences participated in by agents
of the Universum Film Aktiengesellschaft, better known as UFA Carl
Laemmle,Pres, of the Universal Pictures Co, and representatives of the
Famous Players
-Lasky and the Metro-Goldwyn companies. The contracts signed and ratified by the UFA stockholders open wide the doors of
UFA 130 picture theatres to American screen productions, meet the urgent
needs of the largest firm in German movies for fresh liquid capital, and Improve the prospects of releasing its films in the United States.
Acting in close combination, Famous Players and Metro-Goldwyn have
agreed to advance to UFA $4,000,000 in exchange for the distribution of
their pictures in its theatres, which,however,they mustshare with Universal
in return for that corporation's relinquishment of the contract entered into
with UFA several months ago by Max Schoch, Mr. Laemmie's Berlin
representative.
Laemmle withdraws the credit of 15,000.000 marks he was prepared to
grant the German company under his original agreement, and, moreover,
he is relieved of any obligation to place German films on the American
market. Since, on the other hand, he is enabled to supply a
percentage of the total number of American pictures UFA considerable
to
release in Germany, he appears to have emerged from the undertakesaddeal most
vantageously.
Famous Players and Metro-Goldwyn, of course, will provide the bulk
of the productions to be shown in UFA houses, which, incidentally, offer
by far the greatest exhibition facilities In this country. They also contract
to produce one or two BIZ features annually in collaboration with
and to release in their American theatres ten German productions a UFA
year
on condition that the German pictures are "suitable for American taste."
This arrangement averts the menace of insolvency confronting UFA
and is the outcome of many weeks of negotiations.

Offering of $10,000,000 Bonds of Subsidiary.
See Paramount Broadway Corp. below.
-V. 121. p. 3137. 2163.

THE CHRONICLE

220

(Vol.. 122.

^

-Merger.
Federal Compress & Warehouse Co.

It is announced that this company, recently organized, has acquired 40
compresses and will purchase others later. It is stated that 15 of the plants
are in Mississippi. 9 in Tennessee, including the Mempals Terminal Corp.;
10 in Arkansas, 3 in Louisiana, 1 in Oklahoma, 1 in Missouri and 1 in
Alabama. The companies and plants acquired are as follows: Grenada
Cnmpress Co.. anal plants at Sheffield, Ala., Anerdeen. Miss., Canton.
Miss., (irenada. Miss.. Holly Springs. Miss.. and West Poi it, Miss.;
Peoples Compress Co., Clark.sdale, Miss: Bolivar Compress Co.. Cleveland, Miss.; Como Cotton Compress Co., Como, Miss.; Coier th Compress Co. Corinth. Miss.; Leflore Compress & Storage Co., Greenwood,
Miss.; JaCkson Compress Co., Jackson, Miss.; Macon Compress Co..
Macon, Miss.: New Albany Compress Corp.. New Albany, Miss.: Rulevile Compress Co., Ruleville. Miss., and the warehouse et Drew, Miss.
Ashdown Compress & Warehouse Co., Ashdovm, Ark.: Blytheville
Compress & Warehouse Co., Blytheville, Ark.: Jefferson Compress Co..
Pine Bluff, Ark.: Crittenden Compress Co.. Earle, Ark.: Eudora Compress & Storage Co., Eudora, Ark.; Forrest City Compress Co.. Forrest
City, Ark.; Little Rock Compress Co.. Little Rock, Ark.; Columbia
Compress Co. Magnolia, Ark.; West Memphis Compress Co.. West
Memphis. Ark.; Haywood County Compress Co., droovnsville, Tenn.;
Shipper.; Ce impress Co.. Covingt me. Tess.; Shippers Compress Co.,
Dyersburg. Tenn.; Dyersburg Cotton Compress C ... Dyersburg, Tenn.;
Citizens Compress Co., Jackson. Tenn.; Memphis Terminal Corp.,
Memphis, Tenn.• Planters Compress Co.. Homer, La.: Monroe Compress & Warehe Use Co., Monroe, La.; Exp n't Compress & Warehouse
Co.. New Orleans. La.; Malden Compress Co., Malden. Mo., and Salisaw
Compress Co.. Salisaw, Okla.
Officers of the new concern are: R. L. Taylor, Pres. & Gen. Mgr.;
.1. T.Thomas, V.-Pree.; E.P.Peacock, V.-Pres.; John R. Flippin, V.-Pres.:
E. Rice. Sec.-Treas.; V. E. Lundy, Asst. See. & Treas.
Directorate includes: J. F. Hall, New Albany, Miss.* E. P. Peacock.
Clargsdale. Miss.; J. T.Thomas,Grenada, Miss.; Edgar tirown. Cleveland;
Miss; A. L. Pentecost, Ruleville, Miss.; B. B. Provine, Greenwood, Miss.'
John R. Flippin. L. K. Thompson, Paul Dillard. D. W. Brooks, Whitfield
King, Ernest Rice, R. L. Taylor, Memphis, Tenn.; 0..1. Nance, Jackson,
Tenn.; C. C.Kavanaugh. Little Rock, Ark.; Max Meyers, C. A. Cunnineham.dlytheville. Ark.; A. Bertig, Paragould. Ark.; J. W.Jones,Pine Bluff.
Ark.; Hunter Jones. Memphis, Tenn. See also V. 121, p. 1683. 3137.
-Declares a Dividend of
Federal Mining & Smelting Co.
193% on the 7% Cumul. Pref. Stock to Clean Up All Accumulations and Also a Dividend of 10% on the Common
-The directors on Jan. 6 declared dividends (paying
Stock.
the $19.25 per share dividend arrears) on the Preferred stock,
as follows:
$6 per share, payable Jan.26 to holders of record Jan. 16.
$6 per share, payable Feb. 16 to holders of record Feb. 6.
$7.25 per sh., plyable Mar.9 to holders of record Feb. 25.
The directors further declared the regular quarterly dividend of 1%%on the Pref. stock, payable March 15 to holders
of record Feo. 25.
The directors also declared a special dividend on the
Common stock of $10 per share, payable March 16 to holders
of record Feb. 25, from earnings prior to Jan. 1 1926 and
passed a resolution, announcing it to be the policy of the
company, until further action of the board, that, beginning
with Jan. 1 1926, approximately one-half of the current
earnings of the company, after all charges except depletion,
and after Preferred dividends, shall be paid out as dividends
on the Common stock. The last dividend on the Common
stock was 13.% ($1.50 per share) paid on Jan. 15 1909.
Excerpts from Statement of President F. H.Brownell in Regard to
Dividend Policy of Company.
The year 1925 was the most prosperous year in the history of the company.
For its entire life, the operating earnings, after all charges, excepting
depreciation and depletion, amount to a total, in round figures, of $29,300.000. and there has been returned to stockho'ders a total, in round figures,
of 218,890.000. Earnings and dividends paid in recent years are as follows:
x Nec Eatnings Deprecitaion y Net Earnings
Preferrea
Cal. Yrs.- from Operations. per Books. from Operatiens. Dirs. Paid.
1922
,)569,344
$983,064
$101,627
$881,437 (43( :
1923
1.397.936
149,203
1.248,733 (7')839.034
1924
2.006.670
z1,490,914
515,755 (7%)839,034
1925 (Dec.
3,780,000
eat.)....
340,000
3.440.000 (7%)839.034
x After deducting Federal taxes, but before depreciation and depletion.
y After all expenses, except depletion. No account has been taken of
capital gains or losses and other surplus adjustments. z Includes revision of
depreciation for entire period to Dec. 1924, in the amount of $1,144,710.
The outlook for the future Is promising, so far as can now be foreseen.
The ore reserves of the company already in sight are sufficient to continue
production at the present rate for several years. and the prospects for future
additional tonnage have materially improved during the year.
Dividends on the Preferred stock call for 3840,000 per annum. During
1925, approximately $3.440,000 was earned, after all charges except depletion. After deducting the current Preferred stock dividends of $840,000,
over 32.600,000 may be said to have been earned, for the year 1925, on the
Common, or over $51 per share on the Common stock now outstanding.
Back in 1906 or 1907, when dividends were being paid on the Common
stock,a question was raised as to whether, under the charter of the company,
dividends could be paid upon the Common until some provision was made
for the retirement of the Preferred stock. The management at that time
was advised by counsel that such dividends could properly be paid, and they
were paid so long as, in the opinion of the directors, the earnings justified
their payment.
It is understood that H.Content & Co.of N.Y. City, dispute the legality
of the payment of dividends on the Common stock, without first deducting
from earnings an allowance for depletion and establishing a reserve sufficient,
in the event of liquidation of the company, to pay off the Preferred stock at
par, and accrued and unpaid dividends, and that they propose to institute
a test suit in the Delaware courts to determine the correctness of their
position. The board welcomes such suit and desires that all doubt, if any
there be, on the subject be finally set at rest by a decision of the Court.
The individual members of the board are also officers and directors of the
American Smelting & Refining Co., which owns 30,052 shares of the outstanding 50,400 shares of the Common stock of this company. Obviously,
under such circumstances, the board wishes to avoid taking any step, the
legality of which can reasonably be questioned.
The company was organized in 1903. At that time, there were issued
105,000 shares of Preferred stock and 52,500 shares of Common stock. In
ultimate effect, the company acquired by the issuance of the above stock
four groups of operating properties: (1) The Tiger-Poorman; (2) The
Mace: (3) The Wardner, and (4) The Everett Smelter and Monte Cristo
Mines. In 1905, the company purchased the Morning Mine for $3.000,000
cash, and in order to provide the necessary funds, increased its capital stock
to $12,000,000 Preferred and 56.000 000 Common. In 1924, the company
purchased, through brokers on the New York Stock Exchange,9 600 shares
of its Common stock, at a price averaging $14.31 per share. Under the bylaws, when stock is purchased by the company,it cannot again be re-issued.
except under the same terms and conditions as govern the original issue of
capital stock. The effect of this transaction is that the outstanding Common stock is now reduced to 35,040.000. The outstanding Preferred stock
still remains 312.900,000.
Every one of the mines acquired when the company was organized, and
for which the above stated amount of stock was issued, has been exhausted
and operations abandoned (except for the minor and unimportant.operations of leasers) from 7 to 16 years ago. The Tiger-Poorman Mine became
exhausted and was closed down in 1909. The richest of all the mines acquired at the time of organization was the Standard-Mammoth. often called
the "Mace." Operation of this mine ceased in Dec.. 1917. There is still
a small production from leasers operating in the old workings in the upper
levels, but it is practically negligible and unimportant. The Last Chance.
known as the Wardner, or Empire State Mine, was closed down and
abandoned in 1918.




Developments during 1925,in the Morning Mine, have been satisfactory.
and additional properties have been brought into operation in the Tri-State
field. The company also has under development sweral promising
prospects.
A full discussion of the 070 reserves and prospects of the company was
given in the 1924 annual report and will be brought up to date in the annual
report to stockholders for 1925, which will be issued as soon as the statistics
are availab'e. probably in March, 1926.
The ability of the company to pay dividends on the Common stock is
dependent upon the prices of the metals
-lead, zinc and silver. The prices
of these meta's. especially lead and silver, averaged at high figures for 1925.
The final production statistics for 1925 are net yet avnilable. but in 1924 the
company produced approximately 1.700,000 ouoces of silver. 38 000 tons
of lead and 41.000 tons of zinc. A difference of 2c. per pound, or $40 per
ton. in the peice of lead, would mean a difference in profits. In round figures.
of $1,500 000. A difference of 2c. per pound, or $40 Per ton, In the price of
zinc would mean a difference in profits, in round figures. of $1. 600.000.
The price of lead. durine the past 3 months, ranged from 9,14 to 935 cents
per pound. A price of 7c. per pound for lead might molly again prevail,
depending entirely upon production.and consumption. The same may be.
said of zinc. Aside from all other uncertainties one should bear in mind this
Important factor in considering the ability of the company to pay dividends
on the Common stock in the future.

H. Content & Co. Sue to Restrain Payment of Common Dividends lentil Preferred Reserve is Acrumulrted.---

H. Content & Co. on Jan. 8 started suit in the Court of Chancery of
the State of Delaware asking for an injunction restraining the payment
of the Common dividend of $10 per share declared by the compary and
the institution of the policy of paying 50% of current earnings as dividends
on the Common stock as proposed (see above). H. Content & Co. also
asks the court to order the company to accumulate a reserve fund for the
protection of the Preferred holders.
H. Content & Co. state that while the suit is brought in its name and
In its behalf, they wish other holders of Preferred sha es 0 join them in
the complaint and else ask the cooperation of and suggestions from all
holders of Preferred shares.
-V. 121, p. 3010.

Finance Co. of America, Baltimore.
-Listing,
The Baltimore Stock Exchange has approved the listing of 50,000 shares
of Class "A" Common stock and 50,000 shares of Class "B"Common stock
of no par value.
The stockholders on Dec. 10 voted to amend the articles nf incorporation
of the company to provide for a reconstruction of its craglial, whereby the
total'amount of the capital stock shall be $250.000 of 7% Preferred stock.
par $25. and 100,000 shares of Common stock, of no I
value, of which
50,000 shares shall be Class "A" Common stock and b 1.000 shares shall
be Class"B"Common stock,instead of the prior classification. Toe holders
of both Class "A- and Class "B" Common stock, par $25. have been given
the right to exchange their holdings for the new Class "&" and Class "B"
Common stock, of no par value, on a basis of 5 shares of the new stock for
one share of the old Common stock, resPectivelv.
Dividends will be paid quarterly beginning Jan. 15 1926 at a regular
annual rate of 50 cents per share, plus extra of 20 cents.
1924.
1923.
Gross eaenings
$20879 085173
:
Net earnings
12
"109.430026
Balance Sheet as of Sept. 30 1925.
Assets
Liabilities
Furniture & fixtures
$17.177 Common stock
Repossessed cars
20.279 "referred stock
1352°°42,10000
Cash
525,947 Floating debt
Open accounts receivable_ 2.110,704 Reserves due customers
2 991)381
'518 3
Motor liens & sac.notes rec 1.807,405 Res. for Fed. inc. taxes_ ._
15,943
Investments_ _ _ _
- 241,372 Res. for unearned corn. etc 115,033
Sundry accts. receivable_ 52,313 Surplus
*431,614
Prepaid interest
42,116
Total
$4.517,312
Total
$4.817,312
x Represented lov 50.000 shares Class "A" and 51.011 shares Class "B"
.
Common stock and * after giving effect to the conversion of $452.400 8%.
Cony. Prof. outstanding Sept. 30 1925.-V. 121. p. 2833.

First National Pictures, Inc.
-Notes.
The Guaranty Trust Co. has been anpointed Trustee and Paying Agent
under an indenture dated Dec. 1 1925. securing 2760.090 of 6% Secured
Purchase Money Notes. due Aug. 1 1928.-V. 121. p.2015.

Foundation Co., New York.
-Declares Dividend Payable in Stock ef New Subsidiary.
-The • directors on Jan. 5
declared a dividend of 40%, payable in Foundation Co.
(Foreign) Series "A" stock on Jan. 25 to Common stockholders of record Jan. 11 (see V. 121, p. 2526).
The Guaranty Trust Co., 140 Broadway, N. Y. Olt
has been apprinted transfer agent for the Class "A" stock of the Foundation Co.
(Foreign), consisting of 160.000 shares.
-V. 122. p. 98.

General Cigar Co., Inc.
-To Change Par Value of and
In -ease Common Shares.
The Common stockholders will vote Feb.3(a)on changing the authorized
Common stock from 251,000 shares, par $100, to 500,000 share; of no par
value, and authorizing the issue of two share; of such stock of no par value
for each share of the existiog Common stock outstanding;(b) on authorizing
the directors to issue any of the shares of no par value, at any time unissued,
for such consideration as it may from time to time fix and determine:
(c) on providing that the Debenture Preferred stock may be converted into
shares of Common stock of no par value at the rate of two shares of Common
stock for each share of Debenture Preferred stock, the terms of such conversion in all other respects to be the same as now set forth in the certificates
of incorporation.
-V. 121, p. 2280.

General Electric Co.
-Supply Cos. Merge.
-

Dispatches from Cleveland, 0. state that the acquisition by the General
Electric Co. of 7 simply concerns of Ohio, Indiana and Michigan in a deal
involving several million dollars was announced on Jan. 3 by Louis Criesserd, former President of the Republic Electric Co. of Cleveland and Akron.
one of the companies involved. The concerns have been merged into the
Lake Slate General Electric Co. with headquarters at Columbus, 0.
Other involved are: the Crescent City Electric Co.. Evansville, Ind.;
the Indianapolis Electric Supply Co., Indianapolis; the A. T. Knowlson
Co., Detroit: the Erner & Hopkins Co.. Columbus; the Post Glover Electric
Co., Cincinnati; and the W. G. Nagel Electric Co., Toledo. The Glover
factory at Ludlow,0.,and the Navel manufacturing plant are not included.
W.G. Navel of Toledo was made Chairman of the board of the Lake States
Co. and M. A. Pixley of Columbus, President.

Output, Contract, etc.
The actual material output of the company for 1925 was _greater than
any previous year. according to the announcement by John Liston In his
review of the year's activities of the company. It is announced that this
does not mean a record year in total value of sales, although the year's
figures are slightly above those of 1924. but indicates the extent of price
reductions which have been put into effect since 1920. The volume of
production of all classes of apparatus was maintained at a fairly uniform
rate throughout the year.
Three turbine generators,totaling 130.000 kw.In capacity, are to be added
to the facilities of the Detroit Edison Co. Two of these machines, necessary
to care for the ever-increasing demands of Detroit for power, will be placed
in the Trenton Channel station and the other in the Marysville station.
The turbines for the Trenton Channel have capacities of 50,000 kw. each;
the Marysville unit is rated at 30,000 kw. All of the turbines are being
manufactured by the General Electric Co.
C. H. Lang, Asst. Mgr. of the publicity department of the General
Electric Co., on Jan. 1 became Comptroller of the budget for the company.
a new position. Mr. Lang will pass upon the annual expense budget
of the company, and will report direct to the Vice-Presidents in charge of
the several departments and to the Comptroller.
-V.121, P. 313 .
7

General Motors Corporation.
-Status,

President Alfred P. Sloan Jr., in a letter to the stockholders on Jan. 7,
said in substance:
"The regular dividend paid to 29.000 Common stockholders on Dec. 12
called for $7,741,931, and the extra, paid Jan. 7, for $25,806,432. making

JAN. 9 1926.]

THE CIIRONICLE

a total disbursement of $33,548.364. After beth paym)nts there remelt I
in excess cf $130.000.000 cash, and marketable securities. There is no
indebtedness of any character other than current acceunts.
"Dividends can only be paid out of earnings. either current or accrued.
Earnings ter the past year were not only satisfactary, but were the largest
in the history of the c trperation. These ear llgs resulted from a very
substantial iacreaso le the sales of Ge meal M tters products-Cadillac.
Buick, Chevrolet. Oakland and Oldsmobile ca.e, GMC trucks, Frigidaire.
the electric refrigerator, and various motor car access tries. This was
made possible by a recegaitien on the part of the bueleg pablie of the values
that General Mot rs is to-day offering-the greatest values in its history.
,
The strong financial pesitien of the c trporation and the present p mitten
of its varieus products are the results of five years of consistent and earnest
effort on the part rf its organization ti co-ordiaate the financial, manufacturing. engineeri tg, purchasing. research and sales activities of all its
various • tp'cad ins."
'
President Sloan also announced that F. C. Horner of his staff has been
appointed Assistant to Vice-President Alfred H. Swayne, Chairman of the
corporation's traffic ass eciatim. Mr. Horner will be in charge of the
developments cf the commercial motor vehicle field on steam and electric
railroads.
-V. 121. p. 3137.

General Outdoor Advertising Co., Inc.
-No Loans.
-

We have been Advised that bank loans now have been entirely
There is more than 13.000.000 cash on hand, and receivables to al Paid.
over
$5,000,000. The inventory item amounts to about 1800,000. Compare
V. 122. P. gr•

General Tire & Rubber Co.
-Earnings.
-

Years Ended Nov. 30-1925.
1924.
1923.
Sales
Net income (after Fed. tax. & chgs.).$18.700.000 113.152,000 $9,0130.000
1.843.299
1.4e5.810
1,200.000
P. & L.surplus
3,193,539
876.152
1.878,766
Comparative Balcnce Sheet Nov. 30.
1925.
1924.
1925.
1924.
Assets•
•
efizetettve
$
Rue ...tate, bldiga.,
Preferred stock
1 042,400 1,048.300
inachmere,&c.._ _x1,227,070 813,675 Common stock
2 008.550 1,995.400
Patents
1
1Accts. payable (In-1
Cash
eluding pay roll)..) 286,381 I 348.416
.439,099 478.025
Gov't securities
300,117 Excise tax accrued_ _1
1 16,600
Compensaen fund_
1,000 Notes payable
Notes dr accts.rec _ _3,952,700 2.445.154 Local & branch taxi 300.000
Accrued intereet__
reserve
8,025
. ly417.218f 62.000
Inventory
1,597,612 1,317,900 Compensation and)
Investments
9.405
9.505
burglary reserve_ .1
i 38.393
Prepaid exp.,&c
22.201
14,475 Surplus
3 193.539 1,878.766
Total (each side)_ _7,248,089 5,387 877
a Includes property and machinery. 11.095.330; branch real estate
178.093;furniture and fixtures, $53,647. y Including income tax for 1925.
President Wm. O'Neil in response to a requesa for a statement on business
prospects for the New Year, suld in part: "For the fit at 6 mint's, at least.
business is sure to be stronger than at any time since the bocm of a few
Years ago. Our own Lath in the future is peeved by the fact that we are
equipped and reedy to go
That
a practically 50% in ourafter $25,000,000 s he.3138. will mean a growth
business.-. 121, p.

Gilbert & Barker Mfg. Co., Boston.
-Stock to Em pl.-

It is reported that the company will shortly dist-ibute to its employees
stock certificates amounting to more than 11.203.000. as the result of a
profit-sharing plan. The stock distributed will be Common stock of the
Standard 011 Co.of New Jersey, which owns all of the outstanding Common
stock of Gilbert & Barker Co.
-V.116, p.82.

Gillette Safety Razor Co.
-Develops Surgeon's Knife.

An official s'element says: The company's experts have developed a
surgeon's knife With replaceable blades, which will shortly be offered to
the public.
The company has two buildings under construction. The new razor
handle building, the ground for which was broken on Nov. 18 1925, will be
9 stories high and will contain about 120,000 sq. ft. of floor area. In addition to the razor handle department, the carpet wire, textile edge and surgical knife departmems will also be housed in this building. On )Dec. 1 work
was started on Building "0," this addition being made necessary by the
tremendous increases in blade sales. Building "0" will be 8 stories high
and will add 127.000 sq. ft. to the plant. Both buildings are scheduled for
connection in the summer of 1926. At present night forces are required in
many of the blade departments to take care of sales requirements. Another
boiler house, to Provide power, heat and light for the augmented plant, and
recreation park for employees are also planned.
-V. 121, p. 1915.

Glidden Company.
-Annual Report.-

221

The building is to contain 36 apartments of 2 and 3 rooms each. 7 single
hotel rooms with baths, comprising 94 rentable rooms, and 4 sores fronting
on 8th Street.
Earninos.-The net annual earnings of this Property, after deducting
taxes. Insurance and operating cos s, and with due allowance for vacancies,
is estimated at 136.760. This sum is more than twice the greatest annual
Interest charge and is much more than ample to meet the monthly interest
and principal payments as they fall due.
B9rr-wars.--These bonds are the direct obligation of R. G. Obendorf and
J. G. Obendorf. who have been very successful in the erection and operation
of apartment houses in Los Angeles. Interested with the Obendorf Brothers
in this project are several Los Angeles and Chicago capitalists.

(P. H.) Hanes Knitting Co., of Winston-Salem, N. C.
-Complaint:The company is ordered by the Federal Trade Commission to discontinue

co-operating with dealers in the maintenance of a standard fixed price
schedule at which its products are to be resold. The cotnpany manufactures men's and boys' underwear, which it sells throughout the United
States to jobbers, department sores. chain sores, and •o a limited extent
to wholesale grocery houses. The company is one of the largest manufacturers of knit underwear in the world. The Commission found that the
company for the purpose of enabling itself and Is cute omers to increase
their profits on the sale of its Products. ado p ed a metchaneising system
which included the specifying of prices at which its prodt eta should be resold by its cur otners to -e all merchants. This system, the fineings state,
the company put into effect with the aid, support and co-operation of its
dealers.
It was found that the company in many instances upon investigations
instituted upon redone received from its dealers. refueeci further sales to
price cutters on its goods,and in all such cases reported back to theinformant
dealer the results of the investigation. The findings give in detail other
methods used by the company to enforce, in co-operation with others, its
standard resale price.
The findings further state that respondent had secured the co-operation
of dealers generally in maintaining their prices, with the effect that the
established prices generally prevail and dealers selling respondent's product
are prevented from selling them at such lower prices as might be deemed by
them to be warranted by their respective selling costs, and thus suppressing
and hindering competition in the marketing of respondent's products in
Inter-state commerce.
The Commission's order follows: It is ordered that the respondent.
P. H. Hanes Knitting 'Co. Its officers, agents, representatives, servants
and employees, cease and desist from: (1) Entering into contracts, agreements or understandings with dealers or any of them that respondent's
Products are to be resold by such dealers at prices specified or fixed by
respondent; (2) Procuring, either directly or indirec- ly. from its dealers,
agreements, promises, or assurances that the prices fixed by respondent
will be observed by such dealers; (3) Requesting i• a dealers to report
names of persons who do not maintain respondent's resale prices, or wto the
are
suspected of not maintaining same; (4) From cutting off or endeavoring to
cut off the sources of supply of a dealer not buying direct from respondent
on account of such dealer's failure to observe respondent's
suggested
resale prices.
-V. 121. p. 2758.

Hercules Motor Corp., Canton, 0.-10% Div.
-

The payment of a 10% dividend to Common stockholders as of Jan. 11
has been authorired by the dieecters. It was also announced that an addition to the plant at Canton,0. will he ereetel. H. H.Timken is Chairman
of the board and E. H. Langenbach is President.
-V. 117. p. 1021.

Holly Sugar Corp.
-14% Back Dividend.
-

A dividend of 1 ee% on the Preferred stock his been declared for
quarter ending Feb. 1 1926. and a cumulative deferred dividend of 3the
1 %
for the quarter ended May 11923: beth payable Feb. 1 to holders of record
Jan. 15. Like amounts were paid in the previous &MEN quarters.
-V.
121. p. 1681.

Homestake Mining Co.
-Extra Dividend of 31

The directors have deciaree an extra dividend of $1 _Joel shun in
to the regular monthly dividend of 50 emits per share, both pevahleaddition
Jan. 25
to holders of roc trd Jan. 20. The cenroanY paid a simile!'extra dividend on
Jan. 25 1925 and one on April 25 1924.-V. 120. p. 216.

Horn & Hardart Co. N. Y.-Flyty Dividend, &c.-

The directors have declared an extra dividend of 124 cents Per
'
In additi en to the regular quarterly dividend of 25 center per share,share
bath
parable Feb. 1 to helders of eecerd Jan. 8.
The stockholders on Jan. 2 increesee the autherized Preferred »Leek from
10.000 shares of 6% $100 nae value steck (all of which is nee held in the
,
company's treasury) to 100 noo shares of 7% Preferred of $100 par. The
company will offer at par 28 090 shares of the Preferred tet holders of its
no par Common stock holders of record Jan. 10 on the 'testa of one share of
Preferred for each 20 shares of Common held. In addition each share of
Preferred thus purchased will carry with it the right to purchase one share
of Common stock until Meech 1 1931 at prices ranging from $60 a share
in 1928 to $80 a share in 1931. Funds derived from the sale of the stack
will reimburse the treasury for expenditures made in the recent expansion of
its restaurants and equipment. See also V. 121. p. 3011.

-Year Ended Oct.31-10 Mos. End.
1925.
1924.
1923.
Oct. 31 '22.
Sales
123,769,396 $19,614,396 119.372.277 114.113.495
Cost of sales, exp., &c
20.419,319 17,595,032 17,276,192 13.042.765
Operating profit
$3,350.077 12.019,364 12.096.085 51.070,730
Interest, &c
564.605
Hudson's Bay Co.
• 533.900
626.182
695.017
-To Increase Ordinary Stock.
Depreciation
300.715
276.558
The directors have proposed an increase in the Ordinary stock
251.823
284.566
Federal tax
275,000
130.000
1.000.000 shares of £1 each to 2.000,000 shares. It is planned to from
Prior Preferred diva_
offer
500,396
500.000 of those shares to stockholders.
-V.121. p. 715.
Net profit
11.709.361 31.078,906 $1.116,502
Hudson Navigation Co.
$192.725
-Sale of Assess.
-V.121. p.3011.
Federal Judge John 0. Knox on Jan. 4 denied a motion by the company
to exclude from the sale of Its assets 11.600.000 in cash accumulated
(F. W.) Grand 5-10-25 Cent Stores Inc.-Sales.by the
receiver since 1921. He also denied a motion by the National Surety Co..
-1024.
-Dec.
192.3
Increased 1925-12 Mos.-1924.
'
Increase. a creditor, to met aside $630 000
11.757.749
$1,171,094
8586.655158.537.417 16.580.291 $1,957,126 subject to the two mortgages of the cash on the ground that it was not
moon its property. The company owes
Tho company's program calls for tho addition in 1926 of
and in 1927 for tell more stores. Leases have already beenfour now stores. about 8800.000 to its freneral creditors.
obtained for all
Before the hearing former Judge Nash Rockwood, who, with Boardman
of these new locations.
-V. 121, p. 2758. 2280.
Wright. represents the company, said in court that he hoped to submit
reorganization plan for his client next week. As matters now stand a
(W. T.) Grant Co. (Mass.).
-December Sales.
the
entire assets of the company will be sold at auction Jan. 21 by
--Dee.
--I924.
1925
Increased 1925-12 Moe.
Francis G.
-1924.
Increase.
master.
15.333.883 $1.630.390
$703,4981$30.162,624 $24,842,007 $5,320.61 7 Caffey. specialannounced
Judge Knox
that his denial of the company's motion was
-V. 121, p. 2884, 2411.
out prejudice against its renewal upon motion to confirm the sale, withwhich
of course
Great Atlantic & Pacific Tea Co., Inc.
-To Retire -V. 121,could net be made until after the property had been disposed of.
p. 3139.
Preferred Stock.
-

Hurley Machine Co.
The entire outstanding Preferred stock of this corporation has been called
-Stock Exchange.
for redemption on March 119211, at 115 and diva. Holders of the Preferred
The directors on Jan. 4 adopted a
stock are revered to deposit their certificates for their shame of Preferred change of the outstanding shares of no resolution providing for the expar capital stock
stock at the offices of the corporation, at 150 Bay St., Jersey City. N. J., of $10 par value on the basis of two new shaees for one for new shares
of old. After
on or prior to March 11026 on which date checks for $116.75 for each share the exchange there will be outstanding 361.012
par
of Preferred stock will be mailed to the Preferred stockholders who have so exchange is to be effective on and after Jan. 25, onshares,date $10. The
certificates
deposited their certificates. The transfer books for the outstanding Prof. of the Electric Household Utilities Corp. will be which
ready for distribution.
stock will be closed at the close of business on Feb. 20 1926, and will not be In connection with its plans for obtaining additional
reopened.
a meeting to be held later will consider the question capital, the board at
of issuing additional
In order that the Preferred stockholders may continue their interest in steck.-V. 122, p. 99.
the company, the privilege is offered to them to exchange their 7% Cumul.
Huyler's Inc. (Candy Manufacturers).
Preferred stock for 7% Cumul. Pref. stock of the Great Atlantic & Pacific
-Files Charter,
-V. 121, P. 3138.
The New Orleans "Times Picayune", Jan. 1,
Tea Co. of America.
says: Huvler's
ganized to take over the candy manufacturing and distributing Inc.. orbusiness of
Haddon Hall (Apartments) Los Angeles.
-Bonds the Huvlor family of New York, has filed its charter in New Orleans.
Capitalization consists of 75,000 shares of common stock, of which
-S. W. Straus & Co., Inc., are offering at prices to have been
Offered.
45.000
subscribed.
filing of the charter, certifiyield from 6.10% to 6.40%, according to maturity,$250,000 cates of participation in Coincident with thewhich took over the business,
the local syndicate,
went up to $120 on the New Orleans curb.
1st Mtge. 65't% Serial Coupon Gold bonds.
R. S. Hecht is
Dated Sept. 15 1925; maturities: 2 to 13 years. Denom. $1.000, 150(3 Pres.; Fred W. chairman of the board of the new company, Irvin Fuerst,
Vice-Free.; R. W. Wilmot, Secy.: and A. D.Geogand 11100 es. Interest coupons payable M.& S. Callable on any int, date hegan, Treas. Evans, officers,
These
together with Meyer kiseman and Hugh
at 103 and Int. during first 5 years and at 102 and int. thereafter; Bonds McCloskey of New Orleans,
and Percy H. Johnston and H. B. Baruch of
and coupons payable at officer of S. W.Straus & Co. Exemptfrom personal New York constitute the
board of directors.
-V. 121. p. 3139, 3011.
Property tax in California. Federal income tax 2%. paid by borrower.
Imperial Tobacco Co. of Canada, Ltd.
Security.
-This bond issue is secured by a direct closed first mortgage on
-Report.
the land in foe and on the building and its furnishings. The land fronts
Sept. 30 Years1924-25.
1923-24.
1922-23.
1921-22.
270 feet on the south side of West Eighth St. extending from Kenmore Ave. *Net profits
$3,312,729 $3,602,135 $3,271.421 $3.630.976
Fedora St., Los Angeles. on the west and with frontages of Pref. dividends (6%1.
on the east to
477,594
467.588
441,034
443.542
99.98 feet on each of these slreets. The plans and specifications for the Ordinary dividends(6%) 1,920,296
1.R97.756
1.800.561
1.882.130
building provide for an apartment house structure especially designed to
Balance. surplus.
$914,839 $1,263,344
$913,272 $1,305.304
meet a de nand for small suttee of the better type. The desWei calls for a Profit endless.
surplus $7.508.257 16.910.410 15.963.438 15,634.470
4-story and part basement, semi-fire-proof apartment and store building.
*After all expenses, charges and income tax.




•

222 •

THE 'CHRONICLE •

[Vol,: 122.

wire and nails. Plants have a capacity of about 450 tons of finished
steel products per day.
In October last the stockholders ratified a merger of this company with
the Keystone Steel & Wire Co., but the plan has fallen through.]
-Proceeds will be used to refund the present outstanding 8%
Purpose.
bonds and to reimburse the company for expenditures in connection with
plant improvements.
Net Earnings, Available for Interest and Federal Taxes.
After
Before
Deprec.
Deprec.
*288,622
8
0 0
52 1 2
845 . 98
for seven years ended May 31 1925
Average
360,465
Average for threeyears ended May 31 1925
622,824
For year ended Nov. 30 1925
78
annual net earnings available for
For the seven-year period average
interest, depreciation and Federal taxes were 746 times the maximum
annual interest requirements of 860,000 on this issue of *1,000.000 1st
Mtge. bonds, and after depreciation, net earnings were over 4.14 times
such interest. For year ended Nov. 30 1925 such interest was earned
-New Subs. Co.
Independent Oil & Gas Co.
ten times and seven times respectively.
The Independent Pipe Line Co. has been incorporated in Oklahoma with over
Balance Sheet Nov. 30 1925 (after Present Financing).
an authorized capital of $300,000 to handle the crude oil production of the
Liabilities.
-V.121, p. 3139.
Assets.
Independent Oil & Gas Co.
$83,640 Notes payable
6342726:090039
-Plan Approved.
Intercontinental Rubber Co.
2,100 Accounts payable
Liberty bonds
Cash
Sundry accruals
The stockholders on Jan. 5 approved the plan to dissolve the company (a Notes & accts. receivable,
2796:018229
694,755 Federal taxes
and authorized the distribution of the assets to the
less reserves
holding company)
v
10,000
1.732.672 Dividends payable
stockholders. The company owns all the stock of the Intercontinental In entories
12,241 1st Mtge. Serial 6s
Investments
Rubber Products Corp. See plan in V. 121, p. 3011.
rties
0
2 075
1.007:W9
&c., reserves
2,837.731 Operating,
-Holding Prope
2.000,000
6.774 Capital stock
• Intercontinental Rubber Products Corp.
Patents
1 ,524,524
93,900 Surplus
Deferred charges
Company to Disso!ve.p.3012.
-V.121.
85.463,813
Total
See Intercontinental Rubber Co.above.
85,463,813
Total
- -V. 121, p. 2166.
-Contracts.
International Standard Electric Corp.
This corporation, in association with its affiliated companies in Hungary,
(S. S.) Kresge Co.-Sales.coils,repeaters
1923.
has received orders for telephone cable,equipped with loadingefficiency, at a
1925.
1924.
Periodand accessory apparatus, to give the highest transmission form part of a Month of December
$17,983,555 $14,592,148 $13,070,059
contract price in excess of $2,250.000. This cable is to
105.965.610 90.096,248 81.843.233
months ended Dec. 31
of Twelve
telephone transmission system which will eventually connect the cities
-V. 121, p. 3139,2885.
Budapest and Vienna, as well as other main centers of the two countries.
through its
-December Sales.- •
The International corporation has also received an order for a similar
(S. H.) Kress & Co.
association with the Charleroi Cable Co.
Increase.
Belgian company in
1924.
1925.
PeriodThe value of the Beltelephone cable, together with accessory apparatus.leading out of Brussels Month of December
13,607,339 *7.302,027 $1,305,312
5,703,950
gian order is in excess of *2.750.000. This cable
45,963,182 40,259.232
ended Dec.31
cable net work which will eventually 12 monthsp. 2885, 2412.
will be the first section of a complete
-V. 121,
join all of the principal cities of Belgium.
-Initial Dividend-Sales.
The equipment for both of these orders is of International Standard
Landay Bros., Inc., N. Y.
Electric design and the aggregate value is in excess of *5.000.000.
The directors have declared an initial dividend of 60 cents per share
the
The International Standard Electric Corp. was formerly the International on the Class "A" Participating stock, payable Feb. 1 to holders of
International
Western Electric Corp., which was recently purchased by
record Jan. 15. This dividend covers the period from Nov. 18 1925.
-V. 121. p. 2048.
Telephone & Telegraph Corp.
when the stock was issued, to Feb. 1 at the annual rate of 83 a year. (See
- offering in V. 121. p. 2166.) Dec.31 amounted to *2.588.467 as compared
Co., New Brunswick, N. J.
Interwoven Stocking
Sales for the 6 months ended
with $1,360,526 for the corresponding period of 1924, an increase of 90%.
Complaint Dismissed.
the total
1925 exceeded by nearly
Trade Commission has dismissed its complaint against Sales for the last 6 months of ended June 30 1924.-V.$100,000
The Federal
121. p. 3139.
fiscal year
in
this company. The Commission found that the chargesthe the complaint sales for the entire
company was
were not supported by the evidence. In the complaint
(The) Lansing (Lansbro Bldg. Corp.), Chicago.
charged with co-operating with retail dealers in carrying out its merchandising system of maintaining certain specified uniform prices at which its Bonds Offered.-Leight, Holzer & Co., Chicago, are offering
-V.115, p. 2912.
shall be resold.
hosiery
at 100 and int. $650,000 1st Mtge. Serial 6 2% Coupon

Balance Sheet Sept. 30.
1924.
1925.
1924.
1925.
$
Assets2,090,408 Preference shares_ 8,030,000 8,030,000
Real est.& bldgs_ - 2,097,307
Plant, roach'y,&c. 2,472,558 2,405,884 Ordinary shares_ _32,276,600 31,699,300
5,653,800 8,231,100
Bonds
Good will, trade
marks & patents28,816,801 28,818,800 Sundry credit, &c_ 2,279,247 2,202,815
101,579
101,579
Sharesin assoc.cos. 6,245,344 6,245,352 Capital surplus_
2,105,635 1,978,153
525,250 Reserve funds_ _
Other investments 535,250
803,000
803,000
3,697,369 3,025,310 General reserve..
Cash
Profit and loss__ _ _ 7,508,257 8,910,410
Discount & expense
257,327
128,664
of bond lasue
Stock.4n trade and
9,520,945 10,014,738
leaf bonds
Sundry debtors,&c. 5,243,882 4,575,487 Total(each side)58,758,119 57,956.359
-V.120. p. 92.

-Production.
Island Creek Coal Co.

The company'in December produced approximately 458,000 tons of coal,
-V. 121, p. 2647.
compared with 532,000 tons in November.

Jewel/ Realty CO.,Kansas City, Mo.-Bonds Offered.
First National Co., St. Louis, are offering at prices to yield
from 5% to 6% according to maturity $350,000 1st Mtge.
Serial 6% Real Estate Gold bonds secured by first mortgage
on Robert E. Lee Hotel, Kansas City, Mo.

Gold bonds.

Dated Dec. 26 1925. due serially 1928 to 1935. Interest payable J. & D.
Security.-ThLs issue will be secured by a direct closed first mortgage on
-story and basement fireproof
land (54 x 150 ft.), owned in fee, and a 10
building to be erected at the southwest corner of Maple and Dearborn
derived
streets, Chicago. The mortgage is also a first lien on the earnings Present
from the building. Bond issue reduced in 10 years to 1106,000.
appraised value of security *1,054,000.
-story fireproof hotel building containing 162
The Lansing will be a 10
stores.
rooms with puliman kitchen, dressing room and bath each, and 6general
There will be a large and attractive lobby as well as the usual guests.
accommodations provided in high class hotels for the comfort of the
-Similar buildings in this district which we have financed
Earnings.
and which are in operation afford an excellent basis for estimating both
costs and earnings of The Lansing. Using the actual incomes
operating
bankers conservatively
received from these buildings as a standard, the This
figure is based on
estimate the gross annual income to be $171.500.
rental than is being received in buildings of like character.
a lower per room
expenses, taxes, and allowing for
After liberally deducting for operating that the net
annual income will be
vacancies that may occur, it is believed
requirement.
over 2% times the greatest maximum interestthe Lansbro Building Corp.
-Bonds are a direct obligation of
Borrower.
and will be personally guaranteed by its Secretary, Fred Brons, for the
full term of the loan. John Lansinger (Pres.) will also unconditionally
guarantee the bonds for a period of five years.

Dated Dec. 15 1925; due serially June 1927 to Dec. 1935. Int. payable
Co.,
J. & D. at First National Co., St. Louis, Mo. St. Louis Union Trust at
St. Louis, Mo., trustee. Callable on any int. date on 60 days' notice
of 1%,for each year prior to maturity.
of
par and int., plus a premium
Denom. $500 and $1,000.
which
-These bonds are a direct obligation of the company, on fee
Security.
owns the Robt. E. Lee Hotel and are secured by a first mortgage on the
and building.in Kansas City, as follows: The ground fronts 52 ft. inches
west side of Wyandotte St. and extends an even depth of 130 ft. 3
along the north side of. 13th St. to an alley. The improvements consist
-story reinforced concrete hotel building. The ground floor has 6
of a 9
conshops in addition to the hotel lobby and coffee shop. The basement The
plant and lockers.
tains 2 shops, storage, space trunk room, heating Valuation of ground and
guest rooms, each with tub bath.
hotel has 200
Improvements, $628,367.
-Rights-Earnings.
Lee Rubber & Tire Corp.
-The hotel, which is now in operation, has been leased
Rentals Income.
and the cigar and
The directors have voted to offer 85,163 shares of treasury_ stock at
to Percy Tyrell for a period of 20 years; two of the shops ranging from 2
of record Jan. 18. The entire
50 a share, pro rata, to stockholders
news stands are also leased to the same party for periods
that after 812
years to 20 years. The officers of the Jewell Realty Co. estimate revenue Issue has been underwritten by a banking syndicate.
Earnings for 1925, with December partly estimated, were $284,538 after
making the customary deductions for taxes,insurance, etc., the net interest
annual
taxes, interest and depreciation, equal to $1 32 a share on the outstanding
will exceed $43,000, which is more than twice the greatest
214.837 shares of capital stock, no par value, against net deficit of $234.473
charge on this loan.
-V. 121, p. 2412.
ion.- in the previous year.
-Resignat
(Jos. W.) Jones Radio Mfg. Co. Inc. and General Sales
-30c. Liquidating Div.
Livingston Petroleum Corp.
Col. Herbert S. Mapes. formerly Vice-President to supervise a new
The liquidating dividend of 30 cents per share declared last week is payManager of the company, has resigned from the post
-V. 119, p. 2186.
able to stockholders of record Jan. 11, through the Guaranty Trust Co.
the radio industry.
enterprise in
-V. 122. p. 100.
of New York, transfer agent of the stock.

-Sales, &c.
(George E.) Keith Co., Brockton, Mass.

Sales for Years Ended Oct. 31.
$20,303,242
824,700,000 1917
$19,000.000 1921
1925
15,707.046
33.000,000 1916
19,600,000 1920
1924
11,369.810
26,000,000 1915
21,700.000 1919
1923
24,021,860
20,850.000 1918
1922
1925 was $3,965,619, compared with $3,577,740 on
Surplus as of Oct. 31
dividends of 7%
that date in the previous year. During the year regular
and retired
were paid on the Preferred issues. The company purchased outstanding
during the year, bringing the
$650.000 of its 1st Pref. stock
Common.
capital to $5.000.000 1st Pref.;$1,514,200 2nd Pref.and $2,024,800
Common dividends are not made public. There are no bonds.
liabilities
Current assets Oct. 31 1925 stood at *9,930.873. with current
V. 120. p. 459.
of 81.285,465. Cash on Oct. 31 was 11,849,731.-

•
-Guarantees Bonds of New Sub. Company.
Loews, Inc.

-V. 121, p. 2514, 2529.
See Penn Federal Corp. below.

-To Create an Issue of
Louisiana Oil Refining Corp.
$4,000,000 Pref. Stock & Acquire Interest in Beacon Oil Co.

The stockholders will vote Jan. 18 on approving an issue of *4,000.000
of 6% Preferred stock, to be convertible into Common stock at $25 per
share three years after issuance. The company proposes to use a portion
of the funds obtained from the sale of this stock to retire the outstanding
$2.800.000 514% notes. thus relieving it of an obligation to pay for the
next four years an annual sum of $700,000; the balance of the funds are
to be used for general corporate purposes as they may develop.
The new issue of Preferred stock will be underwritten, but an opportunity
will be given to the stockholders in the near future to subscribe to their
-Proposed Merger with pro rata part.
Co.
Keystone Steel & Wire
This company is acquiring, through stock ownership), an interest in
Kokomo Steel & Wire Co. Falls Through.
the Beacon Oil Co. of Boston. This association will afford an outlet for
this company with the Kokomo Steel a surplus of crudes and petroleum products of the Louisiana 011 Refining Co.
The Proposed consolidation of
Continental Steel & Wire Co., has fallen
Pres. Richard B. Kahle says that the company now has sufficient cash
& Wire Co. under the name of plan were given in V. 121, p. 1469. 2165.
working capital for its daily operations. He further announces "for 1925.
through. Details of the merger
it has been necessary to make several adjustments and to take some losses
- on our books due to affairs of prior years and these old adjustments we
-Bonds Offered.
Kokomo (Ind.) Steel & Wire Co.
now all taken care of and we expect a net profit of $1.200.000
Peabody, Houghteling & Co., Inc., are offering at prices to believe areto Common stock after depreciation, depletion and all charges."
applicable
-V. 122, p. 100.
6%, according to maturity, $1,000,000 (See also Beacon Oil Co. above.)
yield from 5% to

1st Mtge. 6% Serial Gold bonds.

series. July 15 1926 to Jan. 15
Dated Jan. 15 1926,• due in semi-annual in reverse of their numerical
Red.
1941. Denom. 31.000 and $500c. int. date at 102 and int. Principal
after July 15 1926 on any
order at and
Peabody, Houghteling & Co., Chicago and
and int. (J. & J.) payable at for Federal income tax not in excess of 2%.
New York, without deduction
Co. and Augustus S. Peabody. Chicago, trustees.
Chicago Trust
Charles, Kokomo, Ind., Jan. 4.
Data from Letter of Pres. A. A.
the outgrowth
Companv.-Incorporated in Indiana in 1901. Company isknown as the
that preceded it. The first of these,
of two companies
organized in 1896, and the second, the
Kokomo Fence Machine Co., was
organized in 1899. Company manufactures
Kokomo Nall & Wire Co.. wasincluding ordinary farm fence, ornamental
products.
a full line of wire wire in all standard sizes, both plain and barb, and
fence, wire gates,
and staples. Output is distributed among hardware
a full line of wire nails Business is a complete self-contained manufacturing
dealers and jobbers. every process from the raw material to finished
controlling
operation,




-Stocks
Luce Furniture Shops, Grand Rapids, Mich.
-Early in December Howe Snow Sc Bertles, Inc.,
Offered.
and Fenton, Davis & Boyle offered 9,000 shares (par $100)
Cum. 7% Sinking Fund Pref. (a. & d.) stock and 4,500
shares (no par) Common stock.

-10 shares Pref.stock (par $100) 198 50 per share and div. to yield
Price.
7.10% with 5 shares no par value Common stock at $40 per share, to yield
10% at $4 per share annual dividends.
Exempt from personal tax in Michigan and normal Federal income tax.
Registrar: Grand Rapids Trust Co.
Preferred stock is preferred as to dividends over the no par value Common
in assets
stock, and in case of dissolution or redemption shall participate Common
at the ratio of at least $100 for the Pref. stock to each $1 for the
value of the Pref. stock.
or no par value stock, as a class, UP to the par
Preferred as to principal and dividends over any other class of stock here-

• JAN. 9

share.
, after authorized. Callable at par plus a premium of $7 50 Per
Dividends payable Q-F.
-It is expected that initial quarterly dividend of
Common Dividends.
stock Feb. 1 1926 and that annual dividends
$1 per share will be paid on thisper share.
will be paid at the rate of $4
Authorized. Outstand'g.
CapitalizationFirst Mortgage 65i% Gold bonds(V. 121. p. 2647) $3,000.000 $1,450,000
900,000
3.000.000
Cumulative 7% Preferred stock
33,250shs
50.000sha
Common stock (no par)
-A recent consolidation of Luce Furniture Co.. founded in
Company.
founded in
1879, and Furniture Shops of Grand Rapids, new basis 1905.
of officers' com-Net income after giving effect to
Earnings.
Federal
pensation for 1926, before depreciation, after bond interest and 31 1925
taxes (at current rates) for 4 years and 10 months ending Oct. or over
stock dividends averaged $326,568 per year
available for Preferred
will amount to
5 times requirements, and for the year 1925 it is expected
at least $345,000.
-A sinking fund is provided for the retirement of this
Sinking Fund.
Preferred stock amounting to 240,000 per annum, payable quarterly beginning March 1 1927.
-Proceeds of this issue will be used for consolidation purposes
Purpose.
other
and
and to provide funds for additions to factory 2647.equipment, and
corporate purposes. Compare also V. 121. P.

-Plans to Exchange Preferred.
McCord Mfg. Co.

-December Sales.
McCrory Stores Corp.

-1924. Increase. I 1925-12 Mos.-1924. Increase.
1925-Dec.
$5,336,663 $4,260,214 $1,076.4491$29,581.725 $25,122,531 $4,459,194
-Bonds Offered.
-Baker,
(W. D.) McRae Lumber Co.
Fentress & Co. are offering at prices to yield from 5% to
6.30% according to maturity $375,000 1st Mtge.6% Sinking
Fund Gold bonds.

Dated Nov. 16 1925; due serially (M. & N.) from May 1926 to Nov.
Principal and int. (M. & N.)
• 1930. Denom. $1.000. $500 and $100c*.
payable at Continental & Commercial Trust & Savings Bank, Chicago.
any int, date all or part on 30 days' notice, at 101 and int.
Callable on
Continental a: Commercial Trust & Savings Bank, Chicago, and Calvin
Fentress, Chicago,'trustees. Company agrees to pay interest without
• deduction for any United States income tax up to 2%;authorized $700,000.
-Is a co-partnership owning a modern sawmill recently comCompany.
•
pleted near Quincy, Fla., and approximately 73.000,000 feet of pine timber,
tributary thereto. Company's timber lands and manufacturing plant are
situated some 14 miles outside the City of Tallahassee and about midway
between Pensacola and Jacksonville on the main line of the Seaboard Air
Line RR.
securitib-Company's bonds are specifically secured by first-mortgage
on timber, plants and real estate, conservatively valued at $799.500.
Total assets back of those bonds are in excess of $951,000 or over $2,500
for each $1,000 bond.
-Based on availability of timber, operating conditions and
Operations.
on the present capacity of its plant, the company estimates that income
available for the payment of interest and retirement of its bonds should
average approximately $150,000 per annum. After deducting bond interest
of $22,500 this would leave $127,500 annually, available for the retirement
of principal.
-Proceeds from these bonds retire all company obligations,
Purpose.
except ordinary current accounts.
-Mortgage provides for payments to the trustees for all
Sinking Fund.
-6
timber removed and land sold, equivalent to approximately II times the
thereon.
amount loaned

-Sub. Co. Acquires Plant.
Mack Trucks, Inc.

The International Motor Co.. a subsidiary, has purchased the Niles
-Pond Co.'s plant at Plainfield, N. J., as part of its expansion
Bement
p. 100.
-V.122,
program.

-Watling, Lerchen &
-Bonds Offered.
Mahon Land Co.
Co., Detroit, are offering at par and int. $275,000 1st Mtge.
63% gold bonds, Series "A.'

aranty.-Guaranteed principal and interest by R.0. Mahon Company.
Dated Nov. 11925: due serially Nov. 1 1927-140. Free from State and
City taxes in Michigan. Interest payable M.& N. without deduction of
normal Federal income tax not in excess of 2%. Denom. 81,000, $500 and
$100c5. Red. all or part on any 'ht. date at 102% and int. Authorized
$500.000. Fidelity Trust Co., Detroit. trustee.
Company owns in fee approximately 534 acres of land on Mt. Elliott
Ave.. aetween Heintz and Newhall Ayes., Detroit. Company also owns
the nuildings and equipment located thereon. All of the stock of the company
a h°
it largest
tlliC
p
a
Its sales have grown from approximately ;20,000 in 1913 to nearly $1,000g ,
1925.
in
All of the property of the company has been leased to the R. C. Mahon
Co.for a period extending beyond the life of these bonds at a figure sufficient
to more than meet the interest and maturing principal requirements of the
Series "A" bonds issued.
Average net earnings for 3 years ended Dec. 31 1924 applicable to this
rental, amounted to $44,533, and for the current year, partially estimated,
will be $125.000.
Proceeds will be used for the erection and completion of the company's
new plant and to reimburse the R. C. Mahon Co. for capital advanced to
Mahon Land Co.

c.y-,itally
and °J.? )

YogA.,gwshifieeehtcomrgnh,,o•asinincArAiDec.

-Initial class "V
Moore Drop Forging Co.

The directors have declared an initial dividend of $4 per share on the
Class "B" stock, no par value, and the regular quarterly dividend of $1 50
per share on the Class "A" stock, both payable Feb. 1 to holders of record
Jan. 15.
Tenders for the sale of Class A shares at a price not exceeding $75 per
share and to an amount sufficient to exhaust S80.200 will be received on
or before Jan. 19 for payment Jan. 28 at the Bankers Trust Co.. 16 Wall
St., N. Y. City, and at the First National Bank of Boston. 67 Milk St..
Boston.
Earnings Years Ended Oct. 31.
1922.
1923.
1924.
1925.
Sales
$6,427,851 $6,362.682 $7,100,637 $4,404.362
619 176
1,447.725
1,106,480
1,039,544
Net earnings_ As of Oct. 31 1925 current assets totaled $1,997,729. current liabilities
of $410.023, leaving net working capital of $1.587.706.-V. 121. p. 1918.

The company recently sent to its Preferred stockholders a plan which.
if approved by the shareholders, will open the way for payment of accrued
dividends on the senior issue. As of Jan. 1 1926 accumulations on this
class totaled $35 a share.
Pref.
The company plans to issue 13,250 shares of new 7% cumulativestock,
Debenture
stock and a like amount of cumulative (no par value)to assets and diviwill have preference after the preferred stock, as
which
dends. Exchange of the present Preferred will be made on the basis of
now
one share of each of those classes of stock for every share of Preferred
held.
The new Preferred will be placed on a $7 annual dividend basis and
the Debenture stock on a $2 annual basis. Application will be made to
Exchange.
• list these stocks on the Chicago Stock plants and the company's desire to
The vrriteoffs necessary on obsolete
the collateral trust notes outstanding, are given as the reason for
retire
-V.116, p. 1058.
conservation of cash on hand.

a

223

THE CHRONICLE

1926.]

r

Mortgage & Acceptance Corp., Baltimore.:-Listting.-

The Baltimore Stock Exchange has authorized the listing 0( 12.000 additional shares of Common stock, no par value, and $1,000,000 additional
Preferred stock, par $50, making 49,974 shares of Common stock and
$2,500,000 Preferred stock now listed.
The above stock is part of the authorized issue of 50,000 shares ofCommon
stock and $5.000,000 of Preferred stock, and was subscribed for by the
stockholders of record as of Nov. 12 1925, who were entitled to subscribe
for one unit, each unit consisting of one share of Prof. stock and 3-5ths of
a share of Common stock for each two shares of Common stock held at
256.50 per unit. The Common stock has not yet been placed on a dividend
basis.
The officers of the company are: Nicholas S. Hall, Pres.; Guy S. Muse,
Raymond J. Boulay, Ernest N. Culver, Vice-Presidents; Samuel E. James,
J. E. Green, E. R. Carhart. Asst. Vice-Presidents; William M. Wetzel,
Treas.: J. B. Magruder, Secy.
Year Ending June 30
•
$10,668,242 $2,855,030
Gross receivables purchased
64,977
248,467
Net before taxes and reserves
23,828
79,472
Available for dividends after all reserves_ __ _ _ _
General Balance Sheet, Oct. 311925.
(After giving effect to certain financing accomplished Dec. 1 1925.)
•
Assets5766,407 1st Pref. stock
2,500,000
Cash
7,538,593 Common stockholders' equity
120,079
Notes receivable
152,984 Collat. trust notes payable__ 54,460,100
Repossessed automobiles
25,768 Notes payable (secured). __
52,585
Sundry debtors
132.255 Fed. Inc. tax (1925 balance)
10.731
Other assets
88,182 Accrued Int. on collat. tr. notes •• 37,500
Int. dr comm.on Coll.Tr.notes
Accum,dive. on 1st Pref. stk.
20,000
Unamortized discount and
70,335 Sundry creditors
39,110
comm. on gold notes
xl 6% Collat. trust notes__-__ 1,250,000
Furniture and equipment
Res. for Fed. inc. tax (for
• mos.ended Oct. 31 1925)_ •
15.731
Reserve for deferred lncorpe_ _ y253,689
Reserve for losses on repos- .
timed automobiles (est.) __
15,000
•

Total
58 774,526
48.774,528
Total
:Cost 527,420. y To provide for interest and collection expense. See
also V. 121, p.2648.
•

Mortgage Security Corp. of America, Norfolk, Va.-

The Baltimore Stock Exchange has authorized the listing of $702,500
7% Cumul, 2nd Prof. stock, par $100, and 74,020 shares of Common stock
of no par value, with further authority to add $797,500 additional 2nd
Prof. and 980 shares of Common stock, upon due notice from the company
that they have been sold and issued. The 2nd Pref. stock is redeemable
all or part after 3 years from date of issue, at 105 and diva. The Common
stock paid a dividend of $1 50 a share on Dec. 15 1925. The transfer office
for both classes of stock is the Union Trust Co.of Maryland, Baltimore,
121. p. 2761.

-Stock Sold. -Watson
Motion Picture Capital Corp.
& White, New York, have sold at $20 per share 30,000
additional shares Common stock (no par value).

Authorized: Outstanding.
Capitalization8% Cumul. Pref. stock (par $25) convertible
$625.000 • $613,400
share for share into common stock
200.000 abs. 171,774 she.
Common stock (no par value)
Corporation began business in Sept. 1923, with 11100,000 capital. During
its early history a few private investors furnished the corporation with
increasing amounts of capital as operations demonstrated its earning powers
and the soundness of its business. During the current year a public offering
was made of 70,000 shares of common stock. More recently the corporation, by exchange of stock, acquired the Cinema Finance Corp. of Los
Angeles. As of Nov. 30 1925, the combined companies had a 'working
capital and surplus of $2,353.307.
-At the beginning of the present calendar year
Earnings and Dividends.
the earnings applicable to dividends were at the rate of over $3.70 on
30.000 shares of Common stock then outstanding after allowing for the
full 8% on the outstanding Pref. stock. On account of the substantial
increase in the amount of Common stock outstanding following the recent
financing, the rate of earnings per share decreased as it required a period
of time to make the new capital fully operative. Earnings have, however,
steadily increased.
The combined earnings of the two companies for Nov., after estimated
taxes, were $41.087. Nov. earnings are at the rate of $20.05 per annum
on the Pref. stock and after preferred dividend equivalent to $3 12 per
annum on the 141,774 shares of Common stock issued and outstanding.
Dividends at the full rate of 8% on all outstanding Pref. stock have been
paid continuously to date. An initial dividend of 3714c. per share on the
Common stock was paid on June 15, 1925. A second dividend of 3734e.
per share was paid on Sept. 15 1925, and a third dividend of 3734c. Ow
share was paid on Dec. 15 1925.
-Common stock is listed on the New York Stock Exchange.
Listing.
(See also V. 121, p. 3140.)-V. 122, p. 101.

-Plan.
Mount Royal Hotel Co.

A notice to the holders of 8% Convertible Debentures of the Mount
Royal Hotel Co.. Ltd., and to the holders of 8% Convertible Debentures
of Mount Royal Hotel Co., Ltd., states that company offers to the Debenture holders the opportunity to participate in the following plan:
Provided the holders of Preference shares of The Mount Royal Hotel
Co. Ltd., and (or) Convertible Debentures of that comapny and (or)
-Sale.
Co., New York City.
Monter
Convertible Debentures of Mount Royal Hotel Co., Ltd. (the Dominion
The assets of this company, which operated a chain of 42 retail men's Corporation) holding not less than 75% of the combined par values of all
throughout the country on an installment such outstanding Preference shares and Convertible Debentures consent
and women's apparel stores Dec. 28 before Judge William Bondy in
the In writing to make the exchange mentioned and deliver that consent and
plan, were sold for 2656,000
States Court.
United
their certificates for their holdings to the Montreal Trust Co. on or before
The sale was conducted by Charles L. Livingston and Jacob Mayer, Jan. 25 1926, or such later date as the directors may determine:
receivers for the company. Liabilities aggregate about 52.250.000.-V.
Then for each such Preference share and for each $100 of such Convertible
121. p. 3013, 1354.
Debentures surrendered the holder will receive:
new
•
-33 1-3% Stock to(a) $60 in to beGeneral Mortgage bonds, the interest on these bonds up
Merchants Transfer & Storage Co.
maturing
guaranteed by the United Hotels Co. of America.
(b) $48 in new Income Sinking Fund bonds; and
Div., cfcc.
the
1-3%
(e) $2 in cash.
The directors on Dec. 31 declared a 33stock. stock dividend on impar $100. Payable
This offer is conditional upon the approval of new by-laws by the shareoutstanding $750.000 Common or General
-V. 120, 13• 3199.
mediately to stockholders of record Dec. 31. authorized Capital stock from holders of The Mount Royal Hotel Co.. Ltd.
The stockholders on Dec. 28 increased the of $5,000.000 of 7% Cumul.
National Cash Register Co. (Md.).-Stock Oversubto $10.000,000. Par $100. to consist General stock.
$1.000,000
Preferred stock and $5,000,000 of Common or
eous offering was made Jan. 5 throughout
be offered to the public an issue scribed.-Simaltan
It is announced that there will shortly stock.
the United States and Canada, and in England, Holland and
-V. 118. p. 559.
of from $500.000 to 51.000.000 Preferred

Switzerland, of 1,100,000 shares of Common "A" stock of
-German Contract.
Metro-Goldwyn Picture Corp.
the company. The issue was heavily oversubscribed. The
-December Sales.- shares are on a $3 annual dividend basis and were priced at
Montgomery Ward & Co., Chicago.
Increase.
1924.
1925.
$50 each. The underwriting group is headed by Dillon,
Period
$22.789.009 $20,145.196 $2,643.813
Month of December
184.095.989 162.715,494 21,380,495 Read & Co. This offering is the first major stock financing
Dec.
12 months to 2761.31
of the New Year and is the largest single stock offering in
2413.
--V. 121. p.
Wall Street's history, involving $55,000,000.
-Bonds Called.
Milwaukee Coke & Gas Co.
%, Coll. Sinking Fund
(5167.000) let Mtge. 714
The National Cash Register Co. is internationally known.
One hundred sixty-seven1921 have been called f w redemption Feb. 1 at
dated Feb. 1
It came under the control of the late John H. Patterson in
Gold bonds
-V. 120. p. 217.
at the Union Trust Co.. Cleveland.
-V. 122. p. un.
See Famous-I'layers-Lasky Corp. above.

103 and int.




224

TIIE CHRONICLE

1884 when he paid $6,000, then considered too high, for an
invention which today s regarded as a necessity. From this
start, Mr. Patterson developed the business to its present
great size and his work is being carried on by his .son,
Frederick B. Patterson, now President. Contrasted with
only one type of cash register, then clumsy, which the
company produced in 1884, it now turns out more than 500
types for use in nearly every kind of business. From total
sales of 1,050 cash registers in the year 1886, the company
increased until last year over 150,000 registers were sold.
At its start, the company had 6 employes and a single-room
for a factory; today it has over 12,000 employes and 23
buildings comprise its Dayton, 0., factory where 6,700
employes are on the company's payroll.
Control of the company, even after this financing, will
still be vested in hands of the men who have successfully
conducted the company's operations in the past.

['Ver.. 122.

National Cash Register Co. (Ohio).
-New Maryland
Company Formed to Acquire Entire Assets of Ohio Company.
-National Cash Register Co. (Maryland) was organized
in Maryland Jan. 2 1926 to acquire the entire business and
assets of National Cash Register Co. (Ohio), and will
conduct the business of manufacturing and selling cash registers and allied lines. For purposes of convenience the
corporate existence of tho Ohio company may be maintained.
The

Issue of 1.100.000 Common stock of the Maryland company One
above) together with 400.000 shares of Common B stock, are to be issued
in exchange for the entire Common stock of National Cash Register Co.
(Ohio), consisting of 90.000 shares (par $100). That company will have
received from stockholders as a capital contribution the funds required
for calling for redemption at $110 and div. the outstanding Preferred
stock, consisting of 96.60934 shares (par $100) each and will have taken
the necessary steps for calling such Preferred stock for redemption at 110
and div.
Company manufactures 502 types and sizes of cash registers and maintains
a comprehensive engineering and research department for the purpose of
developing new types of machines and kindred devices. It also manufactures credit files and a number of specialty machines. Principal plant
at Dayton. Ohio, consists of 23 buildings with a total
in excess
of 44 acres. The domestic and foreign organizationfloor space
include more than
10.000 people.
Company's German subsidiary. National Resdstrier Kassen Gesellschaft,
m.b.H., owns and operates a modern plant in Berlin with over 1,000
employees. Company's Canadian subsidiary, National Cash Register
Co. of Can.. Ltd.. operates an assembling plant at Toronto,
Sales
agencies are maintained in every State of the United States, Can. being
there
about 1.600 salesmen employed in the United States and Canada. Foreign
connections were established in many of the important counteies of the
world between 1900 and 1910. and these connections have since been
extended to include most of the civilized world. Compageoi eneelett
operations constituted in 1924 more than 20% of the total volume of business,
Production, Sales, &c., of Ohio Company for Calendar Y.ars.
,
Machines
&Gross
bNet
cDeprr- dFed.Inc.
elVet
Manufae.
Sales.
Earnines. elation.
Taxes.
F.:arnines.
1919 ---- 86.485 $29,527.116 $7,614,432 $529,1.59
9.
1920 __-_ 84 171 37,071.735 7,269.965 653,279 $985.659 $6.19 613
827 086 5,789.600
1921 -___ 77.040 29,652.122 4.854.473 790.076 508.010 3.556.348
1922 ...._ _101 910 31.725.183 6.606.686 921,199 710 686 4.974 801
1923 __ _132 663 40,046 599 8.462.196 983.037 914 270 6 539 889
1924 __121 861 42,408 599 8.554.599 1,083.231 951 546 6 0,34 822
1925 _l44000 45.079.679 10.046-415 1.123.449 1.115 371 7.807.596
a After deducting cancellations. The gross sa'es do not Include sales
made by foreign subsidiary companies and branches, but do
shipments made to them by the parent company. b Befoen include
depreciation,
Federal income taxes and emMoyees' profit-sharing Participation. c Provided by parent company. d Computed at 1234%. e After deductinjf
depreciation and Federal income taxes, but before deducting employees
profit-sharing participations.
Sales and earnings of the Central European countries prior to
have
not been included in the above amounts. The net earnings, 1924
as shown
above, do not Include earnings of foreign subsidiary companies. The net
earnings of foreign branches have been included in the income account
for the year 1924 and for the nine months ending Sept. fle 1925. The
parent company does not take up the earnings of the foreign subsidiary
companies on its books.
Income Account
-11 Months Ended Nov. 31) 1925.
(Excluding earnings of foreign subsidiary companies.]
Gross sales, $36,478,040; costs, expenses, dec., $30,845,634:
balance.
$5,612,406
Other income
466,676

Capitalization Authorized and to Be Presently Issued.
Common A stockro par value)
i
1.100,000 abs.
Common B stock no par value)
400,000 des.
Common A stock is entitled to preferential cumulative dividends of $3
per share per annum, payable Q-J, before any dividend on the Common B
stock. Subject to this prior right, Common B stock is entitled to noncumulative dividends of $3 per share in any year. Both classes of stock
perticipate equally share for share in additional dividends in any year.
Co union A and Common B stocks participate equally share for share in
distribution of assets in liquidation. Co emon A and Common 13 stocks
have equal votiug rights except that the Common B stock has the right to
elect a majority of the directors and the Common A stock the remainder.
unless at the time of election the company is in default with respect to two
quarterly dividends on the Common A stock, or with respect to earnings,
as provided In the charter, in each of which cases the Common A and
Common B stocks vote equally share for share in the election of directors.
Central Union Trust Co.. New York, transfer agent. National Park Bank.
New York. registrar.
Listed.
-Listed on New York Stock Exchange "when issued."
Data From Letter of Pres. Frederick B. Patterson, Jan. 4 1926.
Comp ne.-Orga deed in Maryland Jan. 2 10'16 nenulen tho entire assts
and business of the National Cash Register Co. (Ohio) established in 1882
and touay the largest manufacturer of cash registers in the weld. The
business has grown from an original investment of about $10,000 to its
present Rho through reinvestment of earnings, with the exception of approximately 31.500,0e enceived prior to 1900 from the s de of stock.
0
e are
advised by colusel that certain legal prove-dings. pe ding a id threatened,
against that Co.np., y will not emi iu sly affect the as eta o• business.
Sales agencies are •nai itaine Iii every stev of the United States, and
throughout on of th
Id. Sale; in the In t
States are conducted
through eons thin 30 o: he C3 npa .y's owl a emc: s in which are
employed n." 1.100 sales re nesintati es. eomign sale; are conducted
through the company's own branches, or through wie.11y-owned subsidiaries.
In
:New, 13eleium, Gerautny,Spain, Switzerland, Italy, Austria:.
Czechoslovakia, Australia, New Zealand, South Africa, Argentina, Cuba,
Porte Rico, Donleican Republic and Canada. and, 13 more than 40 other
countries, through indepenueet age.is. In 1924 total foreign business was
more than 25%.and for 1925 will be approximately 30%, of the total
volume of business.
The domestic and foreign organizations include more than 10,000 people.
Properties & Products.
-The company's principal plant. at Dayton, 0.,
consists of 23 buildiags, with a total floor space of over 44 acres, and is
considered a model I mustrial plant. In adeition to the present plant site
of about 47 acres, the company owns in foe an adjoi lig area of nearly 200
Total learns
$6,099.082
.
acres, pro- klieg ample roo.n for future expansion. The National Registrier
$121.134; Fed, tax reserve, $602,145; depreciation,
Kamen Gesellschaft m. b. 11. its German subsidiary, Owns and operates Interest,
31.029,828
. 1.753,107
a modern plant in Berlin. The National Cash Register Co.of Canada, Ltd., Preferred dividends. $672,182: Corn.
'
dividends,$468.750; total.. 1.144,932
its Canadian subsidiary, ow..a and operates an assembling plant at Toronto.
The manufacture of several hundred types and sizes of cash registers
Surplus
83.201.043
meets the varied demanas of practically all linos of business. The company -V. 122. p. 101.
maiLtal is a comprehensive engineering and research departmeat for the
purpose of de.elopiug new types of registers and kindred devices. It also
Nashua Manufacturing Co.
-Annual Report.
manufacturers creak files, and several types of specialty machines. The
Years Ended Oct. 31- 1924-25.
1923-24.
1921-22.
1944-21.
company has receetly introduced a combleatioe banking and bookkeeping Bales
516.062.855 $16.111.921 $17.26 I."11 $8.215.290
uuncnine 'glitch gives promise of becoming an briYe-taA and profitable line. it Net profits
loss154.R12 loss716 010
1/101 SeRloss1.113•361
Management et Contra
-The management will be in the hands of the Preferred dividends_
323,691
327.996
342,930
378.930
men who have successfully_coauucted the business. Fren crick 13. Patterson.
the sou of the late Job;H. Patterson, the founder of the business, will be
Balance. sue. or det_vdf$478.543df$1,044.006sr$1.312.938df$1,456,291
President, and will own a majority of the Common B stock.
xAfter all charges, depreciation. taxes, sinking fund. &c.
Earnings of National Cash Register Co. (Ohio). [adjusted to include the
y Federal taxes
earnings of foreign subsidiary con.panies as taken from the companies' recnvered, against ove-paid during the years 1916. 1918 and 1920 were
which have been set up reserves fir Peetsered stock
financial returns, shown both after deduction of employees, profit-sharing sinking fund, legal expenses. etc.
leaving a net recevemr of $107 383; and
participatin a and before deduction of employees' profit-sharing participaclaim is pending for a substantial further amount which may be recovered.
tions, 1,1 both cases after depreciation and all other charges and Federal The net reduction in surplus was $371,163.
income taxes at current rates.]
Balance Shet October 31.
After Deduct- Before DeductAter Deduct- Before Deduct1925.
1924.
Amy...lace Vag 'employees'
1924.
I .g S;mployees' leg Employees'
1925.
Assets
Profit-Sharing Profit-Sharing
P TX-Sharing Profit-Sharing Plant account_ _
x10.788,951 11.056,45r ,k)meron stock_ _ _ 6,200.400 6.200,000
Participations. Participations.
Participations. Participations. Homes Corp.stock
191e
'referred stock__ 4,720,200 4.720,200
84.640.414
ga,f 89,571
$6,149,613 1923
56,539.889
&other invest'is 507.445
514,9Sr Notes and accep1920
3,443,712
5,789,404 1924
5,063,547
6,534,822 Cash
990,05; tances payable__ 5,745.000 5.890.000
1921
2.680,872
3,556,348 1925.
5.942,304
7,807.596 Notes & Sects rec. 738,664
Accounts payable,
1922
3,181,421
4974,801
(less reserve)... 3,109,646 2,840,179
reserve for Fedi
*Including estimates of the management for 1925 as follows: Ohio Inventories
6.7119,393 8,753,300
taxes, he
1,064.678 •713,974
company for December; foreign subsidiaries and branches for the last three Prepaid int. & Ins. 254,P93
266.499 Surplus
5,709.610 6.140.680
moeths.
Pref. stk. In treas. 129,812
41.401
The employees' profit-sharing plan heretofore in effect, the basis and
Read snl" elt 1,200.000 1.200.000 Total (each side). _23,499,354 23,664,854
amount of which have variei from time to tune, has boon discontinued and
:After deducting depreciation.
-V. 120. p. 339.
Instead 150.000 fully-paid shares (3734%) of the Common 13 stock are
National Cloak & Suit Co.
being set aside for e eployees.
-Expansion.
Dividend Record.-Co-.pany has paid cash dividends on its outstanding
President Herbert C. Freeman says In suostance: "rhe company ConCommon stock for every year since 1891-a period of 35 years
-except templates adding a heavier line of merchandise to the steck it now carries,
1898; when a 200% stock dividend was paid.
which will call for a plant located on a railroad
readily
This issue.-Thmugh the issue of its stock the National Cash Register Remissible to a railroad, se that the stock may siding, or at least
be
Co. (Md.). will effect the acquisition of National Cash Register Co. (0.). ITIret•Vre we have dealt exclusively in textiles and conveniently handled.
wearieg apparel. We
Bo long as convenieut, the corporate existence of the old company may be Intend in the figure to sell also rugs, carpeta, wall miler. hous,furnishings
maintained.
and allied artHes. which will call for larger facilities than we have at
present."
-V. 121, p. 3140.
Pro Forma Balance Sheet as of Nov. 30 1025.
[Giving effect to the acquisition of the business and assets by the MaryNational Dairy Products Corp.
-Acquisition.
land company and to its capitalization.]
President Thomas II. McInnerney on Jan. 4 ann iimeed that the corporation has acquleed through a merger,. tem assets of the Breyer Ice Cream
AssetaLiabVUierProperty&equIp..lese depree.s$6,377,338 Capital stock and surplus_ .d$32,729,348 Corrpinies, which have extensive plants In Philadelphia and New York.
Henry W. Breyer will become a director of the National Dairy Producta
Invest, in foreign distill). cos.
Reserves for contingent losses
Corp.
-V. 122. p. 101.
& branches
on receivables, future collecb2.948,15e
eatentiegood will emeintangtion expenses & conting.... e3,474,199
National Ice & Cold Storage Co., Calif.
assets
1 Notes payable
500.000
-Tenders.
-The Union Trust Co., Ltd., trustee. Toronto, Canada, will until Feb.
Prepaid Insurance. &c
114,114 Accounts payable
1.797.697
730,782 Agents' bal. & tram. comm. 1,940,477 receive bids for the sale to it of 1st Mtge. 60 .50-Veer Gold bends. dated
Cash
e
Dec. 11912. to an amount sufficient to exhaust *46.687.-V. 120. P•
Installment accounts rec._ _ _ 21,514,701 Accr. taxes & dive. declared. 1.281,653
217
.
1,759,238 Customers' deposits
Other accounts rec
175.629
National Refrigerator Co.
c7.452,402
Inventories
-Stock.
The National Refrigerating Co.. oreanized in Maimachusette. has voted
Agents' balances& enIsc.acc'ts 1.002.271
to issue $999.700 canitel, making the total autherieed melte] of $1.000.000Total
141,899.003
Total
$41,899.013 outstanding. Of this $999,700, 5.500 shares will be issued to Winchester
Repeating Arms Co. for cash at nar ($100) payable in installments, and
a Pound values appraised by American Appraisal CO. at rot less than the balance 4.497 shares will be issued for assets
of National Automatic
$20,000,000: b represented by net tangible assets, as shown by the latest Bufriguj
Re res erator Co., Inc.. a Massachusetts corporation. (Boston News
financial returns, In excess of $7.250,000: c inventories at book values,
certified by company's officials to be at or below cost or market. whichever
'Is lower: d represented by 1,100.000 shares Common A stock (this issue),
Neptune Meter Co. & Subsidiaries.-Contrart-Earns.
and by 400,000 shares Conuron B stock, both of no par value: e there is a
Vice-President J. B. Kirkpatrick announces that the
contingent liability, under a patent suit tow under appeal, which the Ky.. has placed an initial order with the cempany fcity of Louisville.
mom meters.
coursel advises will not involve serious loss to the company.
company's
Further units are to be supplied as needed until Leuisville has been completely equipped with meters. The
Water Co.
information, taken from the official statement water to San Francisco, has renewed itsSpring Valley the Neptunefurnishing
Further
Meter Co.
cant-act with
the largest in the history of the company
made to the New York Stock Exchange, is given under asDecember earnings wereincrease, Mr. Kirkpatrick said, earnings for and
a result of this marked
the
the Ohio company below.
year 11125 will be over $4 a share on the outstanding 250.000 shares of




4

JAN. 9 1926.1

THE CHRONICLE

Common st ok. Orders on hand and inquiries received Indicate that 1926
,
business will exceed all previous years. he said.
--V. 121. P. 3140. 2762.

Niles-Bement
-Pond Co.
-Sells Plant.
See Mack Trucks. Inc.. above.
-V. 121. n. 2762.

Old Dominion Co.
-Discontinues Agencies in N. Y

The Boston F,xchange was recently advised that the company would
discontinue its transfer and registration agencies in New York as of Dec.
311925.
Copper Production (Lbs.)for 5 51mt.s Enlerl Dec. 31
December. November. October. September. Auoust.
Month of1925
2,434,000 1.916,000 2.195,000 2.252.000 2,068.000
2 376.000 2.244,000 2.404,000 1.943.000 1.872.000
1924
-v.121. p. 2887. 2414.

Onyx Hosiery, Inc.
-New Treasurer.
-

.1. T. Hammond, Jr., formerly Secretary of the Associated Dry Goods
Corp., succeeds Paul Guenther as Treasurer of the Onyx Hosiery, Inc.
(not as President as reported last week). Paul Guenther retains the office
of President -V. 122. v. 101.
°Mama heim. Collins & Co. Inc.-December Sales.1925-Bec.-1924.
Increase.I 1925-12 Mos.-192,4.
'
Increase.
$3,113.005 $2.818.105
$294.9001$10.138.862 $9,258,625
$880.237
--V. 121, p. 2887. 2281.

(The) Outlet Co., Providence, R. I.
-Dividend No. 2.
-

The direct rs have declared a quarterly dividend of 1 ae
on the Pref.
stock. payable Feb. 1 to holders of record Jan. 20. An initial dividend of
like amount was paid on this issue on Nov. 1 last.
-V. 121. p. 2168.

Ovington Bro's Co., N. Y. City.
-New Director.
-

John W. McGuire. of Throcicmorton & Co.. has been elected a director.
-V. 121. p. 3140.

Pacific Oil Co.
-Distribution to Stockholders of Associated
Oil Co. Stock and Cash-Details of Merger with Standard Oil
Co. of calif.
-Stockholders to Receive Stock in New Consolidated
Company Share for Share.-Hevry W. de Forest, Chairman
of the Executive Committee, gave the following statement
Jan. 7:
The directors on Jan.7 decided to distribute on March 6, to shareholders
of record Jan. 28,for each share of Pacific Oil Co.stock two-fifths of a share
of the capital stock of Associated Oil Co. and $3 in cash.
Adequate o rm.eatioe has ben mail te meet any unknown
determined liabilities, and as soon as these liabilities. If any, are or undetermined and settled any remaining assets will be distributed finally
to the
then shareholders of the Company.
The Company's holdings of the capital stock of the Associated Oil
Co.
have been since Dec. 31 1925 increased from 1.229.575 shares to
shares by exchange of certain of the Pacific Oil Co. properties 1.400.009
in the west
for stock of the Associated Oil Co.
Of the distribution being made part is out of
of the company and the balance is distribution the accumulated earnings
of
on shareholders will be advised of the exact division. capital assets. Later
As early as possible after the distribution on March 6, and
not later than March 15. the properties of this company other it is hoped
distributed on reserved as stated, will he transferred to a newthan those
and to that same company will be transferred all the assets of thecompany.
Standard
Oil Co. of California. This new company will exchange ter these
properties such number of shares of its capital stock as will equal the number of
outstanding shares of the said Companies. The Pacific Oil Co. will thus
receive 3.500,000 shares, and the Standard Oil Co. of California eneroximately 9.500.060 shares, of the new company's stock. Instead f
company the Standard Oil Co. of California may be utilizei in a new
event it will issue 3,500,000 shares of its !neck to the Pacific Oil Co. which
A special meetin of steckholders is called for Feb 25 1925. for the Purpose of taking requirite action unon these nmpositions: first, to reduce
the company's capital stock so that distribution of the Aesteelated 011 Co.
stock, and cash. mac b • -ad'; to authorise such dignibution: and finally
"
to act unen the proposition to consolidate the Pacific Oil to, with the
Standard 011 Co. of California threueh exchange of shares for properties
as stated. If approval of the stockholders to this program is given there
will be sent out b e re chewed mail on Meoch 6. 1921:
(1) A check for that part of the distribution payable in mate
(2, A stock certificate or certificates of the Associated
in the name of the stockholder of record: and if necessaryOil Co. reeletered
because holder's
are not in five share lots or multiples of five, in that event a transferable
scrip certificate registered in the name of the shareholder of record reprouniting a foaction of a share of stock of the Associated Oil Co.
This scrip certificate surrendered with other similar warrants properly
endorsed and representing in the aggregate one or more whole shares, at
the office of Bankers Trust Co., 14 Wall St.. New York. or at the office
of the Associated Oil Co.. San Francisco, Calif.. will entitle the owner to
a certificate of the Associated 011 Co.
number of whole
a scrip certificate for any fraction of for such in mews theoeef.shares, and
a share
The shares of the consolidated comnany when received will be distributed
to the shareholders of the Pacific Oil Co., share far share.

225

Buie/Inst.-The building, which is now in course of construction, will
be one of the most important in New York, and will be known as The
Paramount Building. It will be a high-grade. fireproof, office and theatre
building, the office portion of which will be 31 stories with a height etapproximatelv 417 ft. and with over 223.300 sq. ft of rentable floor space for stores
and offices suitable for high class business and professional purposes.
The theatre portion of the building will contain the most up-to-date motion
picture theatre in the country, with a seating capacity of approximately
3,700.
Security.
-The loan will be secured by a closed first mortgage on the
land and building owned in fee and by a pledge with the trustee of the
lessor's interest in the lease to Famous Players-Lasky Corp. The appraised
value of the land is $6,000,000 and of the completed and equipeed building
Is $10.700.000. making a total appraised value of $16.700,000. On this
basis the land and building, when completed, will have a valuation of
over 150% of the loan.
Cash equivalent to the principal amount of the loan is to be deposited with
United States Mortgage & Trust Co.,as depositary, and paid out from time
to time, to the extend of not exceeding 60% in any Cast) to reimburse the
mortgagor corporation in part for the cost of the land and the balance for
the construction of the building, on construction certificates showing
indebtedness incurred or advances made.
Guaranty of Completion.-Famous Players-Lasky Corp. will guaranty
completion of the building in accordance with plans and specifications
prepared by C. W. and George L. Rapp. architects, and approved by
Warren c 'IV atmero. Pil 1 sem ate a lc 1''ut Ca. will 143113 its policy
Insuring that the mortgage is a valid first lien on the propene.
Lease & Earnings.--Simultaneously with the execution of the mortgage
the entioe building will be leased to Famous Players-Laskv Corp. for a
period of 25 years from Jan. 1 1926 at a net annual rental equal to the largest.
amount required for Interest and sinking fund on the loan in any year,
which lease will be assigned to the trustee as further security for the certificate holders. Famous Players-Laeky Corp. will also assume the payment
under the lease of all taxes and all operating and maintenance expenses
of the building from the date of its completion.

Penn-Federal Corp., Pittsburgh.
-Guaranteed Bonds
Sold.
-Wells, Deane & Singer, Peoples Savings & Trust
Co., Glover & MacGregor and Gordon & Co., Pittsburgh,
have sold at Mi and int., to yield 6.03% S1,000,000
1st (closed) Mtge. Fee & Leasehold 6% Sinking Fund Gold
Bonds (with stock warrants) unconditionally guaranteed as
to principal, interest and sinking fund by endorsement by
Loew's, Inc.

Dated Jan. 1 1925: due Jan. 1 1946. Int. payable J. & J. at Peoples.
Savings & Trust Co. of Pittsburgh, trustee. Denom. $1.000 c5 Red.
.
in part for sinking fund purposes on any int, date upon 30 days' !I lice to.
but not incl. Jan. 1 1931 at 103 and int.: thereafter to but net incl. Jan. 1
1935 at 102 and int.: ehereaftee at 101 and int. Red. ass whole on any int.
date uon 30 days' notice at 101 and int. Int, payable without deduction
of any Federal income tax not in excess of 2%. Fres of the Penn.4 mill tax.
Company.-11aa been organized by Loew's. Inc.. for the puonose of minute-log the fee property, and 99 year leaseholds and erecting the building as
outlined below. Company will operate a moving pinure theatre in the
building and lease to tenants the stores and office soace. At the Present
time all store space available on Penn Avenue and Federal Bt.. where this
building will be located, is leased and in practically every Penance to National companies. OwnershIP of the corporagen will he vested in Loew's.
Inc.. throueh on-roon steck ownership. Thorough the parent company
the eornoostion will be a sured of high-grade productions and proven and
suecceee'l management.
Buildiv.-The property is situated at the southeast corner of Penn
Ave. a' d teeleal St Pittsburet. This corner is considered one of the
most tirsirahle locations in the Cit2.. There will be erected on this ground
a 3-at ry building of modern fireproof construction in which there will be
stores on PInn Ave. and Federal St.. offices and a modern motion picture
theatre having' a seating canecitv of approximately 3.500 People.
Security,
-These bonds will he secured by a first clevei mmteacte tenon
the land owned in fee, a 99-year leasehold and the building to be tweeted
thereon at a total cost of approximately $1,600.009. This will represent.
moon comnletion, an equitY for this issue of about 60%. Leew'e. Inc..
guaranty the completion of the building not later than July 1 1927, and
have obligated themselves to supply in cash all Junior money necessary to
complete the building and equipment.
Famines or Guarantor -Net earnincs of Loew's. Inc.. for the year ending
Aug. 31 1925. amounted to over e4.700,000, and for the past 4 years have
averaged over ss.non.00n. (See V. 121. p. 2514.%
It is conservatively estimated that earnings of the Penn-Federal Corp.
available for bend interest and smoking fund, after all charges, will be
approximately Ittoo.noo. or 6 times interest requirements and about 4 times
Interest and sinking fund requirements.
Warrants.-Eaeh $1.090 bond will bear a detachable waroent entitling
the holder to nurchese at any time until July 11979,5 shares of the common
stock of the Penn-Federal Corp. at $20 ner share. All of this stock will be
owned by Loew's. Inc.. except that reserved for the holders of option
warrants.
Sinking Fund.-Mertmee will nmvide for a sinking fund
monthly
Pacific & Standard Oil to Operate for Account of New Co.
- to the Venter) beginning July 11927. whieh will reduce this nevahle approxiissue to
Announcement was made Jan. 2 that the merger of the Pacifie 011 Co. mately $400.000 outstanding at
maturity.
and the Standard Oil Co. of California is now effective. Details of
the
merger have not been entirely completed, although the teems are known
(.1. C.1 Pe-r-ey Co.. Inc.-SP/eR.In a general way and the merved company will become the largest engaged
10.5-nec.-11114, In^-eese. I 1915-12 Mos.-1994. Tneeease,
In the ell industry in the West.
$19606 010 X9 070 443 Si 635 567 I $91.057.120 $74261343 *16.795.777
The following statement was made at the offices of the Pacific
Oil Co.,
The company's New York headquarters were moved on Jan. 4 from
New York. on behalf of Henry W. de Forest. Chairman of the Beard:
"Supplementing his previous statement of D91. 24 1925. Henry W. 370 Seventh Ave. to an 18-story building recently erected by the company
at 330 West 34th St.
-V, 121, P. 2763, 2284.
de Forest, Chairman of the Board of the Pacific
agreement has been comnleted in detail covering 011 Co.. announces that
the consolidation of the
Drug Stores, Inc.-g"e,
Pacific Oil Co.and Standard Oil Co. of California under the ,
'
Ilan heretofore
Calendar Yearsannounced. The necessary steps under the law will requioe 60 days or
1925.
11124.
Increase.
The effective date will te Jan. 1 1926, the two companies operatingmore. Sales
$5.213,453 $4.833.348
%
their
It is announced
properties for the account of the now company pending actual
corporate stores operated. that there was no increase during 1925 in the number of
consolidation.'-V. 122. p. 102.
Presideet M. O. Gibbs. in commenting on the company's situation.
Paramount Broadway Corp.
-Bonds Pf''cl.-Kuhn, stated: "Plans for expansion, long contemplated, will be put into effect
early in the year. Several new locations in Washington have
Loeb & Co., Hallgarten & Co. and Marshall Field, Glore, commencing and ore new store will
been secured
be opened about the middle of the
Ward & Co. have so ii at 9SW and int., to yield over and one other In February. Altogether it.is expected that 7 new month
stores
will
District of Columbia during the year. Future expan5%% $10,000,000 1st Mtge. 53'% 25
-Year Sinking Fund sion be Ape led In thethe Southeastern States during the
will be made is
year by opening of'
Gold loan.
new stores or acquiring existing chains. Plans for this purpose are already
Dated Jan. 1 1926: duo Jan. 1 1951. Denom. $1,000
made."
$5C07.* being J. Smith,
Interest payable J. & J. Red. all or part on any Int, date, and30
W.
formerly General Manager of
Reid
notice up to and incl. Jan. 11036 at 10 and int., thereafter upon anddays' In 13altinmee. has been elected Vice-Presidentthethe cbaln of drug stores
to
of
People's Drug Stores.
Jan. 1 19, at 102 and int.. thereafter up to and incl. Jan. 1 1945 atincl. Inc.
11
-V. 121, p. 2763.
101
and int. and thereafter at 100 and int. Both principal and
loan will be ra3able in U. S. gold coin, equal to the standard of int, of the
'
Phillips Petroleum Co.
-To Retire Debentures.
weight and
fineness existing on Jan. 1 1926, and without deduction for any tax, assessThe directors have called all the outstanding $3.20.1 000
714% Gold
ment or ether governmental charge (other than Federal income
taxes Debenture bonds for redemption at 104 and
exceeding in the aggregate 2% per annum) which the mortgagor corporation Holden ma" present bonds at the Chatham- tot. on or before April 1 1926.
Phenix National Bank &
or the trustee may be required or permitted to _twee thereon or to retain Ce.. New York. or the Central Trust Co. of Illineis. Chteeg anyTrust
time
a.
therefrom under any present or future law of the United States of
ear-re April 1 and receive 104 and int,
to date of presentation.
America.
-V. 121.
or of any State or other taxing authority therein. Penn. 4 mills tax and the p. 3016.
Mass. income tax rot exceeding 6% per annum refunded.
Sinking Fund.
-Annual sinking fund payable in semi-annual installments.
Pierce, Butler & Pierce Mfg. Corp.
-New Common
beginning Jan. 1 1929. sufficient to retire $250,000 principal amount
certificates nor annum at redemntion price, to be applied to purchase of Stock Put on $2 Annual Dividend Basis.
of
certificates if obtainable at or below redemption price then in force or. to
The directors have declared a quarterly dividend of
50c. Per share on
the extent not so obtainable, by call at such prices. the new Common stock, par $25,
Legal Inrestments.-These certificates, upon completion of the building, Common stock, par $100, which and a dividend of $2 a share on the old
has as vet not
legal for the investment of trust funds under the laws of the State dividends are peyable Jan. 15 to holders of record been exchanged. Both
will be
Jan. 5
of New York.
The stockholders recently
to
Listing -Anplication will be made in due course to list these certificates basis of four shares of new forvoted old exchange the Common shares on the
each
share and authorized the distribution
of a 59% 'stock diviiend on the Common shame. On Oct. 15 last,gto
on the Now York Stock Exchange.
arrtelly dividend of 2 Le% ($2.50 a share) was paid on the
Data from Letter of Adolph Zukor, President.
old Common
Paramount Broadway Corp.
-A wholly owned subsidiary of Famous V. 121. P. 2763. 2549.
Players-Lasky Corp.
Piggly Wiggly Corp.
-Suit Dropped.
Location.
-The propeety is situated in one of the recoenlred centers of
A suit instituted
New York City: it include.; the entire block front on the west Idle of Broad- holders against the by E. A. Guilfoyle In behalf of himself and other stockdirectors of the corporation seeking Judgment for about
way. between 43rd and 44th tits- fronting on Times Square and has an area 32.500.000 as a result
of the stock market transactions of Clarence Saunders
ofapproximately 41,575 sq. ft., with frontages of 200 ft. 10 inches on Broad- in 1922 and 1923
was dismissed in Chancery
way, 207 ft. on 93rd St. and 207 ft. on 44th St.
Jan. 4 on motions of attorneys for Gullfoele• Court at Memphis, Tenn..




THE CHRONICLE

226

A settlement between the corporation and Clarence Saunders was
• also announced. Saunders. former head of the' corporation, is to Pay
• the corporation $150,000 within two years. The corporation will waive
• all claims against Mr. Saunders and he in turn will drop litigation against
the corporation. The terms of the agreement call for a $25,000 payment
by Mr. Saunders within 90 days and other payments will be made at
stated intervals. In the settlement Saunders saves the difference between
$150,000 and the $201,000 allowed the corporation against Saunders in
-V.121. p. 210.
a recent Federal court ruling.

Inc.-New Stock Put on $5.50 Annual
Postum Cereal
Co.,
-The directors on Jan.5 declared a quarterly
Dividend Basis.
dividend of $1.10 per share on the outstanding 1,370,000
'shares of Capital stock, no par value, payable Feb. 1 to
holders of record Jan. 21. From Feb. 1 1924 to Nov. 1 1925
incl., the company paid quarterly dividends of $1 per share
on the 400,000 shares of Common stock (no par value)
outstanding before the issuance to stockholders last November of two new shares of no par value in exchange for each
share held and before the issuance last month of 570,000
shares of Postam stock in exchange for all the outstanding
-V. 122, p. 102.
Capital stock of the Jell-O Co., Inc.
-Shipments.
' Prairie Pipe Line Co.
1925-12 Mos.-1924.
.
-Month-1924.
Period Ended Dee 31- 1925
3,857.753 52,392,467 42,655,145
Ship'tiofcrude oil (bbls.) 4,182,026
-V. 121. p2888, 2649.

Corp.
-Dividend.•
. Rima Steel'Co. announce that the dividend of 5.000 kronen, recently
• •• F. J. Lismari &
payable at their
declared upon the stock of the Rims Steel Corp., will be
office. 20 Exchange Place. N. Y. City, upon presentation of dividend
• warrants.
-V.122. p. 102.

-Interim Dividend.
Royal ,Dutch (Petroleum) Co.

The company has declared a dividend of 10 guilders (Fl. 10) for each
100 guilders (F1.,100) par value of Ordinary stock, as an interim dividend
for 1925. equivalent to $1.339 on each "New York share." The dividend
on the "New York shares" is payable Jan. 29 to holders of record Jan. 15.
See also V. 1.21, p. 2764.

•

-Extra Dividend.
Salt Creek Producers' Association.
The directors have declared an extra dividend of $1.42% per share in
addition. to the regular quarterly dividend of 20 cents per share, both
payable Feb. Jib holders of record Jan. 15. Extra dividends of 42M cents
per share were paid on Aug. 1 and Nov. 1 last, an extra of 40 cents on May
landau extra of 30 cents per share on Feb. 2 1925.-V. 121. p. 1801.

-Extra Dividend:
Sanford (Me.) Mills.

An extra dividend of5% has been declared on the capital stock in addition
to the regular annual dividend of 5%,both payable Jan.8.-V. 120, p.462.
-Listing.
(G. A.) Schacht Motor Truck Co.
The Cincinnati Stock Exchange has authorized the listing of the Common
and Preferred stocks of this company. See also V. 121, p. 2888.

-Injunction Denied.
Shattuck-Denn Mining Corp.
The U.S. District Court at St. Paul has dissolved a restraining order and
denied the Injunction against consolidating the Shattuck-ArizonaCopper Co.
and the Denn-Arizona Copper Co. into the Shattuck-Denn Mining Corp.
A final liquidating dividend of one share of the Shattuck-Denn company
for one share of Shattuck-Arizona Copper Co. will now be paid by the
i
Shattuck-Arizona Company.
A motion for an injunction to prevent the consolidation was filed at
St. Paul in November last. Plaintiffs held 597 shares of Shattuck-Arizona
stock. The complaint recited that Shattuck-Arizona had assets of more
than $7,600,000 with current liabilities of less than $50,000 and that DennArizona assets were less than 25% of Shattuck-Arizona while Derm-Arizona
liabilities were $90,000. It was charged also that Denn-Arizona was insolvent and that the consolidation would be of benefit to Denn-Arizona only.
-V.121. p. 2416.

-Dividend.
Shell Transport & Trading Co., Ltd.
The Equitable Trust Co. of New York, as depositary of certain Ordinary
shares of the "Shell" Transport & Trading Co., Ltd. under an agreement
'
dated Aug. 28 1919, has received a dividend on the Ordinary shares held
sterling each. The equivalent
by it of 28. per Ordinary share, par
thereof distributable to holders of "American" shares under the terms of
the agreement is 963•6 cents on each "American" share. The dividend
will be distributed by the trust company on Jan.22 to the registered holders
of record Jan. 14.-V. 121, p. 2785.

-December Sales.
(Isaac) Silver & Bros. Co., Inc.
-1924. •
-Dec.
1925
$618.801
$731,080
-V. 121, p. 2785, 2286.

Increased 1925-12 Mos.-1924.
$112.2791$3,948,713
$3,188,388

Increase.
$760,325

-Extra Dividend of 25 Cents.
(A. O.) Smith Corp.

[VOL. 122.

United Paperboard Co.
-Semi-Annual Report.
Six Months Ended- Nov.28'25. Nov. 29'24. Nov.24'23. Nov.25'22.
Gross earns.(incl.oth.inc.) $525.949
$487,517
$227.719
$358,868
Taxes and insurance_ _ _ _
39.351
66.719
55,115
52,204
67,219
Administration expenses
63,227
63,695
65.515
Net earnings
$121,149
$357,571
x$407,139
$241,149
x No deduction has been made for depreciation and Federal taxes, which
will be deducted at end of fiscal year.
-V.121, P.973.

United States Dairy Products Corp.
-Preferred Stock
Sold.
-Chandler & Co., Inc., Wells, Deane & Singer,
Samuel McCreery & Co. and Stone, Seymour & Co., Inc.,
have sold at 97M and div., to yield about 7.18% $1,064,300
7% Convertible 1st Pref. (a. & d.) Cum. stock (carrying
50% stock purchase warrants).
Dividends are cumulative and payable Q. & M. Red. all or part on 60
days' notice at 112X and div. A sinking fund of 3% annually of the largest
amount at any time outstanding has been provided for the purchase and
retirement of this 1st Pref. stock at not exceeding the redemption price.
As provided in the Federal income tax law of 1924, dividends are exempt
from present normal Federal income tax. Transfer agents: ChathamPhenix National Bank & Trust Co., New York, and Girard Trust Co.,
Phila. Registrars: Empire Trust Co., New York, and Franklin Trust
Co.. Phila.
Convertible.
-First Preferred stock may be converted at the option of
the holder into either 8% convertible Second Preferred Cumulative stock,
share for share, or into either class of Common stock in the ratio of Ili sheits
of Common stock for 1 share of Preferred stock at any time prior to Dec. 1
1932.
Stock Purchase Warrants.
-This issue of First Pref. stock will carry stock
purchase warrants entitling the holder thereof to purchase Common stock
Clas.4 "B" for a period of 5 years from June 1926 at the following prices:
$15 per share during the first year, $20 per share during the second year,
$25 per share during the third year. $30 per share during the fourth year.
and $35 per share during the fifth year.
Listino.-Application will be made to list this First Preferred stock on the
Philadelphia Stock Exchange.
Data from Letter of V.-Pres. R. E. Powell, Jr., Phila., Dec. 15.
Company.
-Incorporated in Maryland in Dec., 1922 to acquire companies
engaged in the manufacture and sale of ice cream, the collection, pasteurization and sale of milk and cream, and the production and distribution of
other diary products. Has acquired and supervises the operation of the
following companies, whose businesses have been founded at various dates
starting with 1835: Colonial Ice Cream Co., Philadelphia; Burdan Bros.,
Inc., of Pottstown, Pa.; Scott
-Powell Dairies, Inc., Kelly-Lester Milk Co.,
Philadelphia: Gloucester (N. J.) Sanitary Milk Co. and Ideal Dairy Co. a
Woodbury. N. J. The Ideal Co. has been consolidated with Gloucester
Sanitary Milk Company.
Markle Dairies, just acquired, serves milk, cream, butter and other dairy
products in Ardmore. Pa., and surrounding territory.This property rid
be operated as a branch of the Scott-Powell Dairies; Inc. It is the present
intention to expand the capacity of the Ardmore plant to handle the present
requirements of this district, as well as future business.
There has just been acquired the Boos Dairies,one of the oldest companies
operating in Philadelphia, and whose operation will be consolidated with
the other milk subsidiaries. Corporation has secured options on two
other properties which will be acquired providing the audits and appraisals
now being made are in accord with the preliminary examination.
Corporation owns the entire capital stock of its subsidiaries excepting
a small amount of Preferred stocks of Scott-Powell Dairies, Inc., and
Kelly-Lester Milk Co. These subsidiaries have combined sales in excess
of 36.000,000 quarts of milk per annum and an ice cream manufacturing
capacity of 150,000 quarts per day. Sales of ice cream for the 9 months
ended Sept. 30 1925 were over 9,200,000 quarts.
CapitalizationAuthorized.
a 10
-Year Cony.6% Sink. F. Gold notes
$2,500,000 b$2,457.500
7% Cony. 1st Pref. Cum. stock (par.$100)
5,000,000
3,500,000
8% Cony. 2nd Pref. Cum. stock (par $100)
5.000 000
1.661,700
Common stock-Class"A"and"B"(no par value)c200.000shs
75.8278E1s
a Due 1933; Series "B" due 1934, and Series "C" due 1935. b $37,500
noted retired by sinking fund and $5.000 notes retired by conversion.
c 55,198 shares Class -13" Common stock reserved against outstanding
right to subscribe to such stock.
The directors have advised the amendment of the certificate of incorporation so as to change the Preferred stock from par value to no par value,
and to increase the authorized issues to 100.000 shares 1st Pref., 100.000
shares 2nd Pref.. 500,000 shares Class "A- and 1,000,000 shares Class
"B," and has called a meeting of the stockholders to pass upon such amendments. These amendments do not in any effect or change the dividends,
preferences and privileges of the Preferred stocks.
Earnings.
-Combined earnings of the corporations and partnerships
now comprising the U. S. Dairy Products Corp.. prior to their acquisition
(exclusive of departments, discontinued before their acquisition), and the
consolidated earnings, including the holding company since acquisition,
are as follows:
Calendar Years
•
9 Mos.End,
1922. •
1923.
1924.
Sent. 30.'25.
Gross rev.& other income $7,417,028 $10,080,434 $8,937,253 $7,069,120
Total deductions
6,786,314
9,230.793
8,178.621
6,247,506

An extra dividend of 25 cents per share has been declared on the Common
stock in addition to the regular quarterly dividends of 1%% on the Pref.
Net profit
$630,714
$849,641
$758,632
$821,614
and 25 cents per share on the Common stock, all payable Feb. 15 to holders Vendors refund of losses
of record Feb. 1. Like amounts were paid on Aug. 15 and Nov. 16 last.
during period of con-V.121, p.2417.
solidation of one com54,844
85,155
-Initial Div.
- pany
(L. C.) Smith & Bros. Typewriter, Inc.
The directors have declared an initial dividend of $1 a share on the out- Interest and expense on
standing 30,000 shares of Common stock, no par value, payable Jan. 8 to
funded debt
34,576 •
39,178
126,632
holders of record Jan. 5. See also V. 122, p. 103.
Net avail, for div., sink-Merger Effective.
Standard Oil Co. (Calif.).
ing fund, Federal taxes
-V. 122. p. 103.
See Pacific 011 Co. above.
& deprec. reserves_ _
$630,714
$815,065
$780,137
$774,298
Annual dividend requirements on $3,500,000 1st Pref. stock_ _
$245.000
-Tenders.
Sun Oil Company.
For the 9 months ended Sept. 30 1925
in
Lee, Higginson & Co.. 43 Exchange Place. N. Y. City, will until Jan. 20 excess of 3.1 times the annual dividend the net balance of earnings is1st
requirements on $3.500,000
-Year 5X% S. F. Gold Debentures, Pref. stock. These earnings do not include any
receive bids for the sale to It of 15
credit for the properties
dated Sept. 1 1924 to an amount sufficient to exhaust $133,500 at prices acquired or to be acquired.
not exceeding 102Ji and int.-V. 121, p. 3017.
[It is understood that the corporation has practically completed negotiations for the acquisition of the Woodlawn Farm Dairy Co. of Scranton, Pa,
-Annual Report.
' Swift & Co.
which serves Scranton, Wilkes-Barre and adjacent communities with milk
Oct. 31 '25. Nov. 1 '24. Nov.3'23. Nov. 4 '22. and other dairy products.I-V. 121, v. 3144.
$
$
Fiscal Years Ending875,000.000 775,000,000 750,000.000 650,000.000
• Business done
United States Hoffman Machinery Corp.
-Preferred
a15,379,152 14,125.988 13,184,611) 13,049,217
Net earnings
Cash dividends (8%)_ _ _ 12,000.000 12,000,000 12,000,000 12,000,000 Stock Called for Redemption.
All of the outstanding 7% Cumul. (Cony.) Pref. stock has been called
1,184,619
1,049.217 for redemption March 1 at 110 and diva. at the company's office, 105
2,125.988
3,379,152
Balance. surphis
Profit and loss,surplus_ _ 69,478.967 '66.099.815 63,973,827 62.789,208 Fourth Ave., N. Y. City.
Holders who desire to convert their Preferred stock into Common stock
-V.122, p. 103.
a After interest and depreciation.
on the basis
Preferred for 3 1-3 shares of Common may
-Earns.
- so upon five of one share ofnotice before the date fixed for redemption do
-Stock Div.
Truscon Steel Co., Youngstown.
days' written
at
The stockholders will vote Jan. 21 on increasing the authorized Common the Coal & Iron National Bank,transfer agent, N. Y. City. After March 1.
stock from $4,500.000 to $7,000,000, par $10, and also on approving the upon written notice to the transfer agent, the Preferred stockholders may
payment of a 6% stock dividend to Common stockholders of record Jan. 30. convert the stock on or before March 31.
As of Sept. 30 1925 there was outstanding $968,600 of preferred stock
It is announced that net earnings for the year ended Dec. 31 1925 will
be equivalent to between 35% and 38% on the Common stock of the and 190,250 shares of Common stock of no par value.
-V. 121. v. 2288.
combined Truscon companies, after depreciation, charges and Federal
Pref. stock.
-V. 121.
Universal Pictures Corp.
-German Contract.
taxes, and after dividend requirements of the 7%
See Famous Players-Lasky Corp. above.
p. 1581.
-V. 121, p. 2889. 722.

-Stock Put on 8% Annual
Union Oil Co. of California.
-The directors on Jan. 7 declared a quarDividend Basis.
terly dividend of 2% (50 cents per share) on the outstanding
$94,500,000 capital stock par $25, payable Feb. 10 to holders
of record Jan. 16. During 1925 the company paid four
quarterly dividends of 45 cents per share on the stock.

Treasurer R. J. Keovrn will receive bids until Jan. 31 for the sale to the
sinking fund, at or below a 5%% basis (the maximum price), excl. of int.
-Year 6% Gold bonds. Series "A," dated May 1 1922, to an
thereon. of 20
amount sufficient to exhaust $250,000.-V. 121, p. 1920.




Upson Co. Lockport, N. Y.-2% Extra Dividend.-

The directors Wave declared an extra dividend of 2% on the Class A and
Class B Common stocks, payable Jan. 15 to holders of record Jan. 2. See
also V.121, p. 2419.

-Plan Approved.
(V.) Vivaudou, Inc.
-

The stockholders on Jan. 5 approved the plan to (a) increase the authorized capital stock and (6) acquire the entire capital stock of the Alfred II.
Smith Co., as outlined in V. 122. p. 104 and V.121, p.3144.

Wauna Toll Bridge Co.
-Bonds, &c.
See Benton-Franklin Inter-County Bridge Co. above.

JAN.

9.1926.]

TTTP eFfRONTrT,F,

227.

—Coincident with the opening of their New York office In the Equitable
Building, Richardson, Hill & Co. of Boston. announce that Jesse B.
Hubbard has become resident partner. Jasper B. Cousems has also been
made a resident partner in Maine, where the firm has offices in Portland
and Bangor.
Wilson &'Co., Inc.—Extension of Time to File Claims.—
—Each & Company. Incorporated, will continue the investment banking '
By an order made on Dec. 30 1925, by the U. S. District Court for the
Southern District of New York (which order has been confirmed by the business formerly conducted by Bard. Each & Co. at 137 S. La Salle St..
U. S. District Court for the Northern District of Illinois) the time within Chicago. The policies of Each & Company, as well as its personnel, will be
which all creditors are required to file with the receivers at the office of their
solicitors, Cravath, Henderson & de Gersdorff, 52 William St.. N. Y. City, Identical with those of the old firm with the exception of the retirement of
written proofs of their claims and (or) demands has been extended to and Roy E. Bard.
including Feb;1 1926. except'that; until further notice, certain claims and
Wm T. Bacon formerly Vice-President and for. the,
p1S, jive years in
demands need not be proved including those in respect of the 1st Mtge. charge of the bond
department of the Northern Trust Company. Chicago.
-Year Sinking Fund 8% Gold bonds of the company.,
25
Obligations created or liabilities incurred by the receivers are not required and Jay N. Whipple, head of the buying department of the Chicago Trust
to be proved.—V. 121, p. 2890. 2767.
Company, have organized the new firm of Bacon-Whipple & Co., to transact a general investment security business at 103 So, La Salle Street, Chicago.

Vulcan Last Co., POrtsmouth,

The Cincinnati Stock Exchange has authorized the listing of $460,000
Common stock and $912,800 Preferred stock, par $100. See also V. 121.
p. 1925.

Winchester Repeating Arms Co.—Stock in New Co.—

See National Refrigerating Co. above.—V. 120, p. 3078.

Woo'son Spice Co., Toledo.—Extra Dividend.—

•

The company on Jan. 2 paid an extra dividend of $3 per share on the
Common stock in addition to the regular quarterly dividends of $2 per
share on the Common and $1 50 per share on the Preferred stock.—V. 89.
p. 477.

(F. W.) Woolworth Co.—Stock Sold.—Goldman, Sachs
Sr Co. and Lehman Bros. have placed privately for investment a block of 50,000 shares Common stock, which they
acquired from one of the heirs of F. W. Woolworth.
The sale involved more than 310,000.000 and is one of the largest pieces
of Conunon stock private banking the "Street" has seen. Disposition
was made to a number of individual investors by the banking houses who
had to reduce allotments materially due to large demand. The stock sold
represents part of the inheritance of Barbara Hutton from the estate of
her grandmother, who was the widow of the late Frank W. Woolworth.
Miss Hutton is still a minor and with her two aunts, daughters of Mr. and
Mrs. Woolworth, divided the estate in three equal parts.
The sale of the block of stock was approved by the Surrogate, and it is
believed there will be no further sale of the balance of the minor's holdings
for some time to come.
Miss Hutton inherited approximately 175,000 shares of Woolworth
Common stock. It is reliably reported that 30.000 shares were sold in
the opal market a little more than a year ago. With the present sale of
50,000 shares, about 46% of Miss Hutton's inheritance in Woolworth
Common has been sold. The other two heirs, Mrs. Donohue and Mrs.
McCann. are both directors of the F. W. Woolworth Co.
Sales for Month and 12 Months Ended Dec. 31.
Period—
1923.
1924.
- 1925.
Month of December
339,330.350 $35,025.455 $32.630,185
12 months sales
239,020.368 215.488.147 193,441.661
The old stores contributed $3,096,214, or 8.87% of the gain in December,
and $13,525.317, or 6.40% of the increase for the year. On Dec. 24 1925
sales amounted to $3.331,749, an increase of $328,930 over Dec. 24 1924.
—V.121. P. 3018, 2890.

Youngstown (Ohio) Sheet & Tube Co.—Officers.—

president James A. Campbell announced on Dec. 23 that he was relinquishing part of the active control of the concern.
Frank Purnell. Vice-President in charge of sales, was elected to a newly
created position of Assistant President. Walter E.Watson, General Sales
Manager, has been elected to succeed Mr. Purnell. It was also announced
that Mr. Campbell will be made Chairman of the Board and that the
presidency will be given to a younger man.—V. 121, P. 2535.

CURRENT NOTICES.
__more than $22.500,000 offerings in first mortgage real estate bonds
are announced by the American Bond & Mortgage Company whose New
York offices are at 345 Madison Avenue, in their forty-fifth semi-annual
announcement of investments. The bonds yield six to six and one-half
per cent. according to maturity. The largest offering is the $4.000.000 sixand one-half per cent, bonds of the Park Central Apartment Hotel under construction at 56th Street and Seventh Avenue, New York. The next largest
In New York is the $2,500,000 offering on Leverich Towers, the fifteen-story
hotel now being erected in Brooklyn Heights. Other bonds are offered
on properties located in downtown New York, Central Park West, Boston
Chicago, Detroit. Brookline (Mass.) and Palm Beach.
—Adams & Peck, specialists in guaranteed railway and merger stocks.
20 Exchange Place, New York City, 'are distributing a circular entitled.
"Railroad Mergers in the Making" which contains a brief consideration of
the economic principles governing mergers and combinations in the past
and the application of these principles to the present situation. Certain
conclusions logically follow indicating Investment opportunities which, in
the opinion of the firm, deserve particular attention on the part of immstors
at this time. A list of offerings on a separate sheet accompanies the circular.
—The investment bond firm of Magraw, Kerfoot & Co., St. Paul and
Minneapolis, dissolved on Jan. 1. Mr. Magraw has organized to operate
under the name of Elliott Magraw & Cot, with offices in the Pioneer Buildng, St. Paul, and the McKnight Building, Minneapolis, specializing in
municipal and Insured mortgage bonds. Herrick F. Kidder will be associated with Mr. Magraw in Minneapolis.
Paul F. Kerfoot will continue under the name of Paul F. Kerfoot & Co.,
with offices in St.Paul,and will deal in a general line of corporation bonds.
—A. A. Housman & Company and Gwathmey & Company, have consolidated under the firm name of A. A. Housman-Gwathmey & Company.
Edward A. Pierce IS the managing partner of A. A. Housman & Co., and
A. B. Gwathmey, Jr.. William Mitchell, E. E. Bartlett, Jr., and Edward
K. Cone, present members of the Gwathmey firm, will become general
partners in the consolidated company. Edwark K. Cone and E. E.
Bartlett, Jr., are formes Presidents of the New York Cotton Exchange..
--Guaranty Trust Company of New York has been appointed Transfer
Agent for the capital stock of the Northern Pennsylvania Power Company,
consisting of 50,000 shares $7 Cumulative Preferred stock without nominal
or par value, 50,000 shares $6 Cumulative Preferred stock without nominal
or par value, 2,500 shares 6% Cumulative Preferred stock of the par value
of s50 per share, and 100,000 shares of common stock without nominal or
par value.
--Charles H. Van Buren and Edwin D. Hubbard have formed a co-partnership under the firm name of C. H. Van Buren & Company to engage
after Jan. 1 in the investment bond and stock brokerage business with
offices at 68 Broad St. The new firm will hold membership in the New
York Stock Exchange, of which E. D. Hubbard has been a member since
Dec. 27 1923. C. H. Van Buren, head of the new firm, is also well known
district.
in the financial
Rhodes St Company, m6rnbers New York Stock Exchange, 27 William
St., New York, announce that Carl L. Eiermann has been admitted to
general partnership and that Alfred E. Breuning, formerly with Salomon
Bros. & Hutzler, is now associated with them as Manager of the bond
T. Hyder, formerly with Shields & Co., has been made
department' Carl
Manager of the retail department.




—Edwin I. Hilson and Harry H. Neuberger, member, New,York Stock,
Exchange, announce the formation of the firm of -Itrisbfi It
-Neuberger.
members New York Stock Exchange, 120 Broadway,.to,trapsact a general
commission and investment business.
—Wm.J. Minsch and John A. Walls have become partners in the New
York firm of Aldred & Co. Mr. Minsch will continue his aetife connection
with Minsch, Monnell & Co.. Inc. as will Mr. Walls retain his Vice-Presidency of the Pennsylvania Water & Power Co.
—Rhoades & Company announce that Alfred E. Breuning,formerly with
Salomon Bros. & Hutzler, is now associated with their firm as manager of
the bond department and that Carl T. Ryder, formerly with Shields &
Company, has likewise been made manager of their retail department.
—Daniel & Company, 1520 Locust St., Philadelphia, announce that
Edmund H. Rogers has been admitted to general partnership in their firm
and that a trading department had been established under the management
of Elton D. Grafly.
—Laird, Bissell & Meeds. Members New York Stock Exchange,announce
that James Currie, Jr., formerly with Messrs. Holt, Rose & Troster, has
been placed in charge of the unlisted securities department of their New
York office.
—W.K. Terry & Company, with offices in New York, Toled6; Chicago
and Detroit, announce that Stanley M. Waldron, formerly associated with
the Detroit Company, Inc. and Stacy & Braun will henceforth be in charge
of their New York office at 34 Pine Street.
. .
—Charels 0. Cornell, formerly Manager of the industrial' department
of Bankers Trust Company, announces the formation'of. Cornell, Linder
& Co.. Inc., with offices at 50 Broad St., New York, to conduct a business
as consultants and investors in industrial enterprises.,
—Blake Tyler, Jack Curran and Harry Anable have become asiociated
with the industrial stock department,of the Noble & Corwin organization
at 25 Broad St., New York, and Lathrop Vermilie, Richard M. Barnes
and Zack Dowling with their bank stock department. • '
—Charles D. Robbins & Co.. Members New York Stock,Exchange,
120 Broadway, New York. announce that Harold A. Throelpnorton has
been admitted to general partnership in their firm.
•
—Richard Arnold who has been associated with Henry, &
1930 So. Penn Square, Philadelphia, for many years, has been iilimitted to
general partnership in their firm.
•
—William T. Hocart, formerly with Coffin & Burr, int.,-,bas taken
charge of the sales department of the New York office of Caldwell & Co..
150 Broadway.'
—August Ulrich who has been associated with Ladenbtirg: .almann &
.7
.
Co. for the past seventeen years,has resigned to devote himself to his own
Interests.
—The Seaboard National Bank of the City of New York has been
appointed Registrar of the Class "A" stock of The Foundation Company
(Foreign).
—Outwater & Wells. 15 Exchange Place, Jersey City, announce the,
opening of an office at 113 Albany Street, New Brunswick, N. J. under
the management of Edwin F. Kezer.
—Edward G. Taylor and Cheyney S. Wilson, both preVinutly with
Seasongood & Mayer,announce the formation of Taylor, Wilsop.& Co. with
offices in the Union Trust Building, Cincinnati.
—F. M.Zeiler & Co. announce the retirement of P. M.2eilei trona their
irm. The business will be continued by the remgining partners from the
same address, 209 South La Salle St.. Chicago.
•
:—The New York Trust Company has been appointed. Registrar of
National Casket Company, Incorporated, preferred and comnion stocks,
both of no par value.
-- -Feuchtwanger & Company, members New Yorki Stock. Exchange.
,
25 Broad Street, New York, announce that Philip_Weisbium„has. become associated with them as a customer's man.
—Winfield Newton Burdick has become associated.ivith Myron S. Hail
& Co.. members New York Stock Exchange,as manager of the sales department.
—Victor G.'Paradise, who for the past six months has been associated •
with H. Frazier Jelke & Co., has been admitted'to general partnership in
that firm.
—Rufus Knapp,formerly with the Guaranty Company, has become associated with Parker, McElroy dr Co., members of the New York Stock
Stock Exchange, New York City.
—L. G. Weaver & Co., Chicago, announce that Frank Ford Adair, for
several years connected with the Northern Trust Company of Chicago.
has become associated with them.
.Folds, Buck & Co., Chicago, announce that Cecil Dixon, formerly
partner in Hathaway & Co., has become associated with them as VicePresident.
DeWolf & Company, Chicago,-annotince that Arthur.Meyer, formerly
with Peabody, Houghteling & Co., has become associated with them in
their Underwriting Department.
—Adler. Cowen & Company of New York City, members bf the New
York Stock Exchange, announce the retirement from their firm Of Arthur
K. Harris and the admission to general partnership of Joseph F. Park, Jr.
--Gorden Andrews has opened an office at 16 Exchange Place, New York,
to transact a general investment business in municipal, railroad and public
utility bonds.
J. F. B. Mitchell, formerly a partner in the firm of Redmond & Co., has become a general partner in the Stock Exchange firm of Wood, Low & Co.,
of New York.
—With the resignation of James Currie. Jr. announcement is made by
Holt, Rose & Troster of 2 Rector Street, New York, that H.D. Rocamora'
has become associated with them in their Trading Department.

228

THE CHRONICLE

[Vet. 122.

grwarts anti Rocuntents.
CONTINENTAL MOTORS CORPORATION
ANNUAL REPORT OF THE PRESIDENT TO THE STOCKHOLDERS FOR THE YEAR
ENDING OCTOBER 31 1925.
January 4 1926.

TRUCK MOTORS.
In the heavy duty truck field the demand for motors
Attached to this Report is a balance sheet, certified by has been well sustained and schedules are showing a healthy
our auditors, showing the financial position of this Corpora- increase.
tion on October 311925.
BUS MOTORS.
The inoome account for the fiscal year shows:
The increasing favor of this method of transportation has
Profits from operations for the
naturally been reflected in the demand for motors. Our volyear ending October 31 1925,
ume in this field doubled in the past year.
before deducting depreciation, interest charges, and
INDUSTRIAL MOTORS.
provisions for Federal income
Last year your Company announced its entry into the
$4,766,071.04
and tax
industrial field. The interest evidenced by quantity users of
Deduct:
motors, the possibilities of future volume business and the
$1,007,241.56
Depreciation
acquisition as customers of important manufacturers of indus566,205.64 1,573,447.20 trial equipment, has far
Interest
exceeded our expectatiors. This
Profits, before providing for
field alone has added more than fifty new customers and the
$3,192,623.84
Federal income tax
potential possibilities are most gratifying.
In submitting the annual report of the fiscal year ending
AVIATION MOTORS.
October 31 1925 your attention is invited to the continued,
The rapid progress of commercial aviation in Europe has
consistent improvement in earnings that has characterized
stimulated interest in America. The interest of this country
the progress of your Corporation.
Analysis' of the balance sheet and income account pre- in aviation is resulting advantageously for the Company. We
pared and certified by our auditors discloses:
have been importuned by leading builders of commercial
(1) Net earnings $2,811,623.84, an increase of $309,101.08 planes to bring out motors suitable for commercial aviation,
with the result that the corporation now feels impelled to
over 1924.
extend its activities into this field, which promises to be a very
(2) Inventories amounted to $5,596,948.37.
(3) The ratio of current assets to current liabilities stands profitable and desirable branch of our business.
at five to one.
SPECIAL MOTORS.
(4) Cash on hand $6,655,484.51.
A field of activity in which this Company has been mak(5) $292,800.00 principal amount of bonds were pur- ing
rapid strides is in the building of special motors for the
chased and retired.
exclusive use of some of the largest automobile manufacturers.
(6) $1,408,676.00 was disbursed in dividends.
This phase of our business is supplementing the business done
(7) No bank indebtedness.
with automobile makers using a stock design of motor. It is
Necessarily, however, these figures do not reflect the of great financial advantage to your Company in that the conintangible values which are contributing so largely to the tracts are largo and the business profitable. Some of the
success of Continental Motors Corporation. The close work- largest automobile manufacturers are fast realizing the ading arrangements with existing customers have been strength- vantage of an arrangement whereby this Company (specialened and long-time engagements have been made with now izing in motor design and manufacture, with its resources and
customers whose requirements are of substantial volume.
large volume production) produces a complete line of motors
For these new accounts the development of motors, suit- for them. Their investments, now represented by extensive
able for their requirements, has been extensively and inten- plant, machinery, patterns, dies, tools and motor inventory,
sively carried forward during the latter half of the past year, will thus be available to further extend and enlarge their disand the benefits resulting from the profitable production tributing and merchandising channels. This trend is rapidly
thereof are to be expected in 1926. This added volume developing and important announcements may soon be exassures capacity utilization of present manufacturing facil- pected.
ities.
This tendency toward an increasing demand for our
The activities of your Company in its several brunches product in the automobile field, the substantial developmay be briefly summarized as follows:
ment of the bus, truck and industrial requirements, and
the constantly broadening use of the gasoline engine, unPASSENGER CAR MOTORS.
questionably assures not only the permanency, but the future
The manufacture of engines for the light passenger car field
expansion of your Company's business.
continues in large volume. The popularity of the light weight
Respectfully submitted,
six and eight cylinder cars indicates further activity in this
R. W. JUDSON, President.
field.

To the Stockholders:

PRICE, WATERHOUSE & CO.
Dime Bank Building,
•
Detroit.
December 21, 1925.
Certificate.
We have examined the books and accounts of the Continental Motors Corporation and its suEsidiary company, the
Continental Investment Company, for the year ended October 31, 1925, and certify that the attached balance sheet is
correctly prepared therefrom.
We have satisfied ourselves that only expenditures on actual additions and extensions have been charged to the property
account and that adequate provision has been made for depreciation and accruing renewals.
The stocks of raw and worked materials, supplies and finished products on hand at October 31, 1925, as certified by
responsible officials, have been properly valued at cost or market, whichever was lower, and we have satisfied ourselves
that adequate provision has been made for bad and doubtful notes and accounts receivable and for all ascertained liabilities.
We have verified the cash and securities by actual count, inspection or by other satisfactory evidence of ownership, and
We Certify that, in our opinion, the balance sheet is properly drawn up and shows the financial position of the mini:bled
companies at October 31, 1925.
PRICE, WATERHOUSE & CO., Public Accountants.




JAN. 9 1926.]

THE CHRONICLE
•-

229

-•

•

•

CONTINENTAL MOTORS CORPORATION AND SUBSIDIARY COMPAN
Y
CONSOLIDATED BALANCE SHEET, OCTOBER 31, 1925.
ASSETS.

Current Assets:
Cash in Banks and on Hand
$6,655,484 51
Accrued Interest Receivable
4,026 04
Accounts Receivable—
Trade
$2,015,291 79
Accounts Receivable in respect of uncompleted contracts, less reserve_
328,376 90
Sundry
61,757 21
Together
$2,405,425 90
Less—Reserve for Bad and Doubtful Accounts
49,913 85
$2,355,512 05
Notes Receivable
55,871 16
Inventories of Raw and Worked Materials, Finished Parts and Supplies on hand,
valued
at cost or market, whichever is lower
5,696,948 37
$14,667,842 13
Inve.stments (At Coat or Market, whichever is lower):
Continental Motors Corporation Bonds held in Treasury
$184,279 07
Miscellaneous
240,175 40
424,454 47
Property Account:
Land, Buildings, Machinery and Equipment, at the cost to the Company, less
depreciation
J and
81,222,939 57
Buildirgs
4,555,506 20
Machinery
8,874,802 37
Equipment
5,441,205 06
Special Tools, Dies, Patterns, etc
2,317,583 48
Together
$22,412,036 68
Less—Reserve for Depreciation and Accruing Renewals
6,686,709 34
$15,725,327 34
5,908,316 55

Patents, Goodwill, Trade Name and all other intangible values
Deferred Charaes to Future Cperotions:
Unexpired Irsurarce, Prepaid Taxes, etc
trnabscrl•ed Preparation Cost
Ur:amortized discount and expense on First Mortgage Sinking Fund OM Gold Bonds_ _

21,633,643 89
879,473 82
146,846 50
789,466 66
1,015,786 98
837,741.727 47

Current Liebilities:
Accor nts Payable—
Trade
Sundry Creditors
Accrued Payrolls, Taxes, Interest, Etc
Provision for Federal Income Tax

LIABILITIES.
$1,594,276 40
229,942 93
$1,824,219 33
643,387 72
387,173 97

$2,854,781 02
Deferred Liabilities:
First Mortgage Sinkirg Fund 63% Gold Bonds, dated March 1, 1924, due March 1, 1939_
$7,207,200 00
Purchase Money Obligations
22,500 00
7,229,700 00
Capital Stock and Surplus:
Capital Stock—
Common (Authorized 3,000,000 Shares) 1,760,845 Shares of no par value
$17,308,450 00
Surplus—
Balance at November 1, 1924
$8,945,848 61
Add—Profits for the year ending October 31 1925,
before providing for Federal Income Tax
$3,192,623 84
Less—Provision for Federal Income Tax for the Current
year
381,000 00
2,811,623 84
Together
$11,757,472 45
Deduct—Dividends paid
1,408,676 00
10,348,796 45
27,657,246 45
$37,741,727 47
—Eastman. Dillon & Co. announce that Edwin M.
Herder and James
Morton have become associated with them in their
sales department.
—Wise, Hobbs & Arnold of Boston have admitted
—National Bank of Commerce in New York has been
Robert Chauncey
appointed dividend Seaver to partnership
.disbursing agent for stock of the Gotham
in their firm.
Silk Hosiery Company. Inc., a
—Berdell Brothers. New York, Boston & Philadelphia
Delaware corporatien.
. have established
a telegraphic connection with the Herrick Co.. Cleveland.
—Ilambleton & Co. have opened branch offices
in Chicago and San
—Vandersall & Company, announce that Guy D.
Francisco.
Carpenter, a member
—J. F. 'Frounstine & Co.. Members of the New York Stock Exchange, of the firm, will be in charge of their Chicago office.
E. Lowitz & Company, Chicago, announce
announce the removal of their offices to 71 Broadway, New York.
the opening of a Branch
Office at 3165 Lincoln Ave. under the management
of Leon M. Woolf.
—Thomas A Biddle & Co., Philadelphia. announce that Robert
S. Bright
—Ralph A. Bard & Company, Chicago. announco
tlati been admitted to partnership In their firm.
that Roy E. Bard
has acquired an intorest In the Company and has boel
elo"ted Vice-President.
Huttlinger has been appointed Manager of the bond
—Jackson Bros. & Company. Chicago, announce
department
that Charles L. Johnin the Philadelphia office of F. P. Ristine & Co.
ston, Jr., has become a General Partner to their
firm.
—National Bank of Commerce in New York has been appointed co-trans—Eastman, Dillon & Co. announce that
Clrantt D. Small has been
fer ttent of the capital stock of The Emporium Corporation.
appointed Manager of their Trading Department.
—Charles E. Doyle & Co. are distributing a descriptive circular on
—Fred H. Greenebaum, member of the New
Duke
York Stock Exchange, has
Power Capital stock.
opened offices at 49 Wall Street, Now York City.
—Irving Bank-Columbia 1"rust Company has been appointed Registrar
—John I. Sowdon and Joseph T. MeCaddon, Jr., have
been admitted
of the common capital stock of the Consolidated Laundries Corporation.
to partnership in the firm of It. G. Harper & Co..34 Pine
Street, New York.
—Stein. Aistrin & Company. Chicago, announce that Herbert J. Blum
—Robt. Glendinning & Co., Bankers, Philadelphia
, announce that
has retired as a partner.
Stanley A. Welsh has been admitted to partnership in
their firm.
—Louis Fetzer, formerly with Spencer Trask & Co., has become associ—George Dixon Walsh, formerly with Berdell Brothers,
has become
ated with Vitas & Hickey as manager of their public utility department.
associated with Greene, Cooke & Hardy in their public utility
department.
CURRENT NOTICES.




230
.

THE CITRONTCT,F,

L

.L. .
[Vo 122.

The Commercial Markets and the Crops
-GRAIN-PROVISIONS
-COFFEE
COTTON-SUGAR
-DRY GOODS-WOOL=ETC.
-METALS
PETROLEUM-RUBBER-HIDES
• •

•

COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found In an earlier part of this paper immediately following the
editorial matter in a department headed "INDICATIONS OF
.BUSINESS ACTIVITY."

and Porto Rican raw sugars were actually sold, however, to
/
New York and outport refiners at 23sc. c. & f., or 4.14 duty
paid. The imminence of liberal marketing of Cuban sugar
was one cause of the decline of 1-16 to Mc. The number of
mills grinding on the 5th inst. was 131, against 125 a year
ago. European markets were quiet. If it is true that European refiners have bought fully 200,000 tons of January
C"ubas and Santo Domingoes in London, the lull.is not surprising. Cuban raw sugars in the United Kingdom, us.
64., and Perus us. 3d., c. i. I% London terminal prices fell
234cl. to 3d. European cables on Jan. 5 reported Cuban
offering at us. 6d. c. i. f.; Penis at us. 3d. c. i. f., with a
-March shipment at us.
possible buying interest for Feb.
London closed dull 23d. to 3d. net lower. Some 10,000
bags of sugar valued at about $30,000 were destroyed by fire
on the 5th inst. in the hold of the steamer Kronburg, docked
at the piers of the Sugar Refinery Co. of Edgewater, N. J.
On the 6th inst. 20,000 bags of Cuba prompt loading sold
to an outport refiner at 2 11-32c. c. & f., and 3,000 tons of
Philippines, February-March shipment at 4.19e. delivered
equal to 2.42c. c. & f. Futures took selling well, despite
January notices and weaker prompt sugar. Havana cabled
on the 6th inst. that there are 121 sugar mills grinding at
present, compared with 127 at this time last year. Refined
was dull here at 5 to 5.50e. Lamborn estimated the consumption in the United States for 1925 at 5,836,000 long
tons, raw sugar value, against 5,417,000 in 1924, an increase of 7%. Refiners' meltings continue large for this
time of the year. It is pointed out that the world consumption increases normally 3 to 4% yearly, or 800,000 to 1,000,000 tons. The estimate for 1925-26 production is only 650,000 tons larger than 1924-25 and after the decrease noticeable
during the war the consumption is now mounting with the
normal increase in population and the rising power incident
to returning prosperity. The world's total cane and beet
crop is estimated at 24,242,250 tons, compared with this
year's final outturn of 23,589,560 tons. Low prices have
increased consumption and in 1926 it niay absorb most of
the world's production. That idea is being stressed:
Receipts at Cuban ports for the week were 43,815 tons,
against 49,639 tons in the previous week, 55,905 in the same
week last year and 56,531 two years ago; experts, 30,024.
against 11,972 in the previous week, 37,777 in the same week
last year and 36,760 two years ago; stock, 86,379, against
72,588 in the previous week, 40.569 last year and 41,933 tsto
years ago. Centrals grinding, 120, against 79 in the previous
week, 122 in the same week last year and 129 two years ago.
Havana cabled: "Weather favorable." Some argue that
with increasing Cuban production and an increasing tendency to sell some further declines are to be expected.
Thirty-four'January notices were issued in the morning of
the 5th. They caused liquidation of January. Willett &
Gray's weekly United States Ports figures showed heavy
receipts, big meltings and an increase in stocks. They put
the receipt's for the week at 85,724 tons, against 45,917 in
the previous week,. 53,711 in the same week last year and
13,247 two years ago; meltings, 70,000, against 50,000 in
the previous week, 38,000 in the same week last year and
14,000 two years ago; total stock, 76,392, against 60,668 in
the previous week,31,667 last year and 26,681 Wo years ago.
Rumors were afloat that in t e middle of the week noth
Cuba and Porto Rico were sold privately at 2 5-16o. basis.
On Thursday sales were made at 23/se. To-day prompt
,
Cuban raws were quiet at 2%c. with some obtainable, acto rumor, at 2 11-32e. Refined was out by one
cording
company to
-day to 5.15c. prompt or delayed shipment, at
which a fair business was done. Futures closed unchanged
to 3 points lowlr with sales estimated at 20,000 tons. Final
prices show a decline for the'week of 4 to 5 points, with
prompt raws 1-16e. lower than a week ago.

Friday Night, Jan. 8 1926.
COFFEE on the spot was in good demand; Rio 7s, 183
to 183/sc.; Santos 45,, 233 to 24c. Firm offers included
prompt shipment bourbon 2s and 3s at 23.40c.; 3s and 4s
at 23.70c.; 3s and 5s at 23 to 23.55c. Bourbon grinders 6s
at 223/sc.; 7s and 8s at 20U to 213/2e.; part bourbon 2s and
3s at 23c.; 3s at 235/c,; 3s and 4s at 23.80 to 24c.• 3s and
'
5s at 22.60 to 23.35e.; Santos peaberry 4s at 23 to 23.15c.;
55 and filet 223/sc.; Rio 7s at 185,4c. to 18.45c.; 7s and 8s
at 17.45c. Future shipment February bourbon 4s and 5s at
223/se. Maracaibo Trujillo was 24 to 25c.; fair to good
Cucuta 26 to 263c.; Medellin, 313/s to 32c.; Honda, 303/s
to 31c.; Robusta natural, 173/s to 203/se.; washed, 21 to
2134c. Later coffee was slow but steady with Santos 4s
quoted at 2334 to 24c. and •Rio 7si 18c. to 183/se. Very
few firm offers reached here from Rio, probably due to the
fact that shippers' ideas averaged at ove the New York price
for the spot article. Firm offers included: Prompt shipA
ment bourbon 2s and 3s at 233 e. to 24304 3s at 23.20 to
233.(e.; 3s and 4s at 23.20 to 23.70e.; 3s and 5s at 2234
to 23.55c.; 4s and 5s at 22.60c.; 7s at 220.; part bourbon
%
sc.; 3s and 5s at 22.60c. to 243 c.; 4s and
38 and 4s at 23 W
%
5s at 22.55 to 23c.; 5s and 8s at 223 c. Santos peaberry
3s and 5s at 223/s to 23.200.; 4s and 5s at 22.40c.; 4s and 6s
%
at 223e.; Rio 7s at 183ic.; Victoria 7s and 8s at 17.35e.
To-day coffee on the spot was dull and rather weak. Rio
%
/
7s. 171 c.; Santos, 4s; 233.1 to 233 c. Brazilian prices
were lower.
..Futures advanced on the 4th inst. 28 to 33 points net with
sales of 69,000 begs. The rise was due largely to a London
cable stating that the Sac Paulo Brazil Coffee Institute had
secured a 30 year loan of £4,000,000 or $19,200,000. That
money will be used in manipulating the price of coffee is of
course regarded here as a foregone conclusion. Duuring &
Zoon of Rotterdam make the world's visible supply of coffee
5,164,000 bags as of Jan. 1st showing an increase for the
month of December of 36,000 bags. Last year the visible
was 5,384,000 bags. .La,neuville of Havre makes the world's
visible 5,048,000 bags as of Jan. 1st against 5,017,000 on
Dec. 1st and 5,274,000 on Jan. 1 1925. Arrivals of coffee in
Europe during December 1925-26 were 840,000 bags, 192425, 958,000; 1923-24, 750,000 bags. Deliveries of all kinds
during Depeniber (United States and Europe) 2,798,000 bags
against 2,670.000 for 1924-25 and 2,326,000 for 1923-24.
Arrivals 1,797,000 against 1,790,000 and 2,054,000. Total
world deliveries, for six months, 1925-26, 10,850.000 bags,
1924-25, 11,314,000 bags and 1923-24, 10,975,000 bags.
The New York Coffee & Sugar Exchange makes the world's
visible supply 4,080,000 bags on Jan. 1st an increase for the
month of Dec. of 44,845 bags. The heaviest selling of futures
was by longs some of whom had bought at 150 points under
the present level. Selling was well taken.
Some point out that the plentiful rains which have fallen
.
in the coffee districts of Sao Paulo since the beginning of
November have, according to recent reports, scarcely improved the crop outlook for 1926-27 and Santos estimates
remain below 1C),000,000 bags, and most authorities talk
81000,000 to 9,000,000 bags. Rion expects a small yield
next year. Even as low as 2,500,000 bags are mentioned.
Rio and Santos terme markets are now quoting premiums
for forward deliveries. Purchases of future contracts were
made recently by Brazilian firms and some shippers have
tried to cancel c. & f. contracts closed a few weeks ago.
To-day futures'ended 10 pointslower to 1point higher with
sales of 75,000 bags. New York and foreign selling was an
outstanding featiire. • So were lower foreign markets. Spot (unofficial)c2 11-321May
2 53d .._ _ISepternber__ ...2.730 -- Some are more or less nervous about March deliveries. March
-1July
2.41a
2.63a _ -- iDocember - -2.80a -March 'earliet• ill the dak was 22 points lower, dropping for
TEA.-In London on January 5th sales aft'er two weeks
the time being below May but closed, 2 points over May.
vacation were resumed, Ceylon was rather weak. Some
Final prices show a decline,for the week of 15 to 23 points.
packages were offered and 25,000 sold at the following
I6.98a - _ --18eptember- 16.50a16.52 27,000
(unofficial)_ c_17% May
Soot
prices: Medium peko Is 73/2d to is 10d; fine pekoe Is 103/2d
_ 1July
16.87a - _ --IDecember _ _16.35a --17.00a
March
to 2s 44; medium orange pekoe is 8d to Is 10 Md;fine orange
SUGAR.--Prompt Cuban raws were firmer on the 4th pekoe Is lid to 2s 4301.
/
inst., with 27-16e. to 2Mc.asked,generally 2Mc.,and 4.27c.
LARD on the spot was steady with a good business. Prime
for prompt and January Porto Rico. Later they declined.
Refined was in fair demand for a time at 5.30c. for quick Western 15.40 to 15.500.; City lard, tubs 153/s to 16c.; comshipment. fit Cuba the weather was good and crop progress pound carlots in tierces 12M to 130.; refined pure lard to
'
favorable. Mills grinding early in the week numbered 114 Continent 163/sc.; South American 173.1; Brazil 183Le
against 121 last year. British trade was more active. Re- Today spot lard was in fair demand and steady. Prime
4
fined for January delivery advanced 3d. Cuban was nomi- Western 153 c.; Refined Continent 16).4c.; South American
nally us. 3d. to us. 64. Peru and others, us. Lower 173c. Futures on the 5th inst. were irregular advancing
prices for prompt raws came later. On the 5th inst. it was early and then reacting. The rise was on decreasing Chicago
rumored that 200,000 to 250,000 bags of Cuban and Porto stocks,large export clearances and a sharper decrease in the
Rican raw sugars had been sold to refiners, but it seemed to receipts of hogs than a year ago. Lower grain prices and
be an exaggeration. some 80,000 to 100,000 bags of Cuban profit taking caused the setback. .English cables were 3 to




JAN. 91926.]

THE CITRONTCLE

-March,86 to 87o.; April-June, 80 to
6d higher. Today futures were slightly lower. In general Jan., 88 to 890.; Feb.
/
prices for hog product were unsettled but they showed no big 81c.; July-Sept., 75 to 761 20. Ribbed Smoked sheets, spot,
fluctuations. There was no active trading on either side. 87 to 880.; Jan., 86 to 87c.•'Jan.-March, 84 to 85e.; April'
On advances, however, offerings increased. The technical June, 79 to 800.; July-Sept., 74 to 75c.. London was unposition was weaker. A good many shorts have liquidated. changed or %cl. to Md. lower, with New York selling.
Hogs were firm with the top $12.60 Final prices show a rise Singapore advanced Mtd. to Md. Harvey Firestone, the
tire manufacture, looks for lower prices sooner or later. He
for the week of 40 to 65 points.
• DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. thinks the advance has culminated: In London on Jan. -5
Fri. spot rubber fell to 43
Wed. Thurs.
Mon. Tues.
Sat.
3%d. and June to 38 Md. Rubber
January delivery-cts- ---- 14.72 14.70 14.95 15.00 14.97
shares in the stock market wore lower. The London
14.70 14.67 14.95 15.10 15.05
• March delivery
14.77 14.82 15.07 15.15 15.15
May delivery
"Times" takes Secretary Hoover to task for his intimations
July delivery
-- -- of profiteering by the British in the matter of rubber prices,
PORK advanced; mess, $35 50; family, $37 to $29; fat but rumors persist that the rise in rubber prices at least is
back pork, $34 50 to $36 50. Ribs steady; cash, 15.12c.; not whooly distasteful to the British Ministry. London
basis 40 to 60 lbs. average. Beef in some cases lower; cables that the Stevenson plan having fulfilled its purpose
, mess, $25- to $27; packet, $25 to $27; family, $27 to $29; may now be radically modified, according to tne Westminster
extra India mess, $45 to $47. No. 1 canned corned beef, "Gazette," which calls the whole restrictions project a
$3; No.2,$5'25;6lbs.,$18 50. Pickled tongues, $55 to $60 boomerang. New York fell 1 to 1 Mo. on Jan: 7 with trade
nominal. Cut meats steady. Pickled hams, 10 to 20 lbs., slow and London off % to Md. First latex crepe spot,
213(. to 233e. Pickled bellies, 6 to 12 lbs., 20 to 22c. 86 to 873/2e.; Jan. 86 to 87e.; Feb.
-March, 84 to 853/20.;
Butter lower to high scoring, 40 to 463/2e. In Chicago April-June, 79 to'
80Mo.; July-Sept., 74 to 75e. Ribbed
extra, 43e. Cheese, flats here average to fancy, 263/2 to smoked sheets, spot, 85 to 863/2c.; Jan., 85 to 86o.; Jan29c. Eggs, medium to extras, 36 to 443/2e.
1 0.;
/
March, 83 ,to 842 April-June, 78 to 793/2c.• July-Sept.,
-Linseed steady at 12.1 in earlots, cooperage 73 to 743/2c. In London on Jan.8 spot, 43 to 43341.; Jan.
OILS.
,
-March, 42 to 42Md.; April-June, 38 to
• basis. Paint makers are expected to enter the market soon 43 to 433/2d.; Jan.
3
4 to 343/2d.
for their • spring requirements. While there was SOIlle 383/2d.; July-Dec., 33
'improvement in the demand, it is largely of a hand-to-mouth
HIDES were quiet,
Antiquias,
.nature. in tanks 11.3e. was quoted. Later linseed Feb. 253/Ie.; Savannilla, 23e.with Orinoco, 2214ic.;quiet, with
carlots was 11.9e.; tanks, 11.1c. Cocoanut oil, Ceylon, native steers, 15c.; butt Packer hides were
brands, •14e.; Colorados, 13o.;
/
f. o. b. Coast; tanks, 103 0.; Manila tanks, Coast, spot, cows, native, 1230.; bulls, native, Ile. New York City
/
• 10%e. Corn, crude, tanks, plants, 9% to 93/2c. China calf skins were in somewhat better demand; 5-7s, $1 70;
• wood, N. Y. spot, bbls., 13 to 133/2e. OliVe, $1 22 to 7-9s, $2 40; 9-12a, $3 15. Antioquias sold at 25 Me. Coast
%
$1 25. Soya bean, Coast, 105 e. Edible corn, 100-bbl. hides are slow of sale but steady, and Savarmillas last sold
lots, 123/2c. Olive, $2 to $2 50. Lard, prime, 173/se.; at 2234e. and Santa Martas brought 230. The River Plate
extra strained, winter, N. Y., 14%c. Cod, domestic, market was higher. Some 5,000 Campana steers sold at
62 to 64e.; Newfoundland, 65 to 67c. Turpentine, S. 113/2 $41 75, or 1934e. e. & f. sight credit basis. Uruguayo steers
to $1 15. Rosin, $14 50 to $16 60. Cottonseed oil sales were firm at 20 3-16e. City packer hides were somewhat
to-day, including switches, 8,200 bbls. Crude S. E., 93/20. firmer later. There is an inquiry for branded steers. Last
Prices closed as follows:
11.10a11.25 trading was at 1334c. for Colorados and 1434c. for butt
10.87a10.891June
Spot
11.00aMarch
11.25a - --- -brands.
10.90a11.00 July
Jan
11..1101.17 April
11.30011.35
Feb
11.05a11.06 August
10.90a11.10 May
-Time and general charters were
OCEAN FREIGHTS.
PETROLEUM.
-Kerosene has been in disappointing de- in better demand. There was some inquiry for flour tonnage
mand and sightly easier. Water-white was offered locally for Russia.
at 834e. bulk Telinery, and there were indications that on a
,
CHARTERS included grain from Vancouver to United 7011 1-m1-Contifirm bid. 8e. could have been done. Export buyers' stocks nent,353.6d.;Portland or Puget Sound,37s.first half Jan.;from Vancouver
to United Kingdom-Continent, 35s. Jan.. 31.000 qrs. from ...moo.: range
are fairly large and they appear to have covered their imme- to United Kingdom. 3s. 1 M.;to Continent, 3s.: to Mediterranean, 3s. 6d.
diate needs. In the Gulf section water-white was held at Jan.; from New York to Rio-Bahia, 20s. Jan., with wheat; from South
Mediterranean, 453.
80. and prime white was obtainable at 7c. Cased kerosene Australia or Victoria to United Kingdom-Continent orKingdom-Continent,
-Jan.; from Cape Town-Durban range to United
Dec.
was in small demand.. Gasoline did not improve any. 36s. 3d. Jan. 20-Feb. 5; time charter. 6,350 tons, delivery Hampton Roads,
prompt
one round trip
U. S. motor oil, 1134 to 113/213. local refineries, and 1234e. in short period Pacific trade, 95c. Jan.; 1,333 tons, net,delivery,delivery.
eight or
1.000 tons net, prompt
.tank cars delivered to trade. In the Gulf 11c, was quoted nine months West Indies, $115: 1.068 tons net, prompt delivery, round
West Indies. 31 90;
oils
West Indies. El
.for U.S. motor,and 14c.for 64 gravity. Export demand was trip 9d. Feb.; linseed50; fromfrom Gulf to three ports French Atlantic,
Rosario to New York, $5 75; optiem Santa
oil
small. Burker oil has been quiet. A good movement on 28s.36 Feb.: sugar from Cuba,option Santo Domingo. to United KingdomFe,
contract was reported but very little new buying was done. Continent, 153. Jan.
Leading refiners quoted $1 65 at New York Harbor refiner-Bituminous has been firm with a better demand
COAL.
ies. Diesel oil.dtui at $1 993. refinery. Waxes were easier. as hope of an early settlement of the anthracite striae dis•Of late cylinder stocks have shown an upward tendency. appeared. Retail sales slackened for a time bemuse of the
Penn. 600 s. r. is now 263/2c. here. Gas oil remained dull. mildness of the weather. Prices did not change. Coke in
Kerosene was weak with water-white 834c., but it is hinted particular was steady. Foreign anthracite sold up to 327 50.
that this price would be cut to possibly around 8c. New Pennsylvania Navy standard bituminous was was quoted
York refined export prices: Gasoline, cases, cargo lots, U. S. at $2 75 to $3 f.o.b. mines; at piers, $5 60 to $5 85. The
motor specifications, deodorized, 27.15c.; bulk refinery, 12e.; industrial demand for Pennsylvania and West Virginia
,kerosene, cargo lots, cases, 17.90c.; gas oil, Bayonne, tank bituminous was larger. Washington will be asked to take
cars, 28 to 34 degrees, 534c.; 36 to 40 degrees, 5Me.;furnace measures to end the coal strike, which was still deadlocked.
oil, bulk refinery, nominal; petroleum, refined, tank wagons Later, Pennsylvania run of mine advanced at New York
to store, 15c.; kerosene, bulk, 45-46-150 W. W., delivered tidewater.
New York, tank cars, 93/2c.; motor gasoline, garages (steel
-Trade has not fully awakened from its yearTOBACCO.
bbls.), 17e.; up-State, 17c. Closing prices:
end lethargy. A moderate trade is under way and leaf
Elk Basin
Kansas and TexasOklahoma.
$1.90 tobacco in general is described as steady. Though the cigar
Big
$1.00 Cat Muddy
Under 28
1.76
1.59
Creek
32-32.9
1.62 trade in the
half of 1925 was disappointing it is now
above
2.0. Homer 35 and above
39 and
1.76 stated that infirst last half it was better. It is remarked that
the
1.15 Caddo 32 deg
Texas Co. 28-28.9
1.55 Below
33-33.9
1.66 importers' supplies of Sumatra and Java. tobacco are the
32-34.9
2.27
1.76 smallest known for many years past. The coming inscrip42 and above
38 and above
.98
Pennsylvania
$3.30 Eureka
$3.65 Buckeye
$3 30 tions may therefore conceivably be at high or prima especially
365 Illinois
1.95 Bradford
Corning
1.87 if buyers take hold with little regard to cost which however
2.10 Lima
1.98 Crichton
1.60 they are hardly likely to do. Wisconsin, binders here 20 to
Ca hell
1.78 Plymouth
1.40
Somerset, light- 2.35 Indiana
1.87 Mesta, 38 deg_ -- 1.96 to 22c.; Northern 38 to 50e.; Southern 25 to 35c. New York
1.75 Princeton
Creek
Rock
2.38 Gulf Coastal "A"_ 1.60
Smackover,27 deg. 1.30 Canadian
Wortham, 38 deg- 1.95 Wooster
2.00 State, seconds 35 to 50c.; Ohio Gebhardt B. 25 to 260.;
-Lower prices were quoted at one time here Little Dutch 25 to 28c.• Zimmer Spanish 28 to 320.; Havana
RUBBER.
1st Remedios $1 to $1.10;2nd Remedios 80 to 85c. Pennsylon the 5th inst. but rallied with London later. That market vania broadleaf filler 8 to 12e.; broadleaf B.20 to 24e.; Porto
ended on that day % to Yid. net lower, but earlier the de- Rico 40 to 90c.; Connecticut, top leaf 18 to 22c.• No. 1 sec.
cline was greater. The recovery there was due to trade 70 to 85c.; seed fillers 12e.; medium wrappers 70 to 80c.;
'
and American buying. Here the tone was wihtout any great dark 35 to 45c.;light 95c.; Havana seed 90 to $1. The world's
demand. Factory interests eyed the rise askance.
for
-March, 86 to 87c.; crop is somewhat smaller this year than the two years past.
'totes crepe spot Jan. was 88 to 89o.; Feb.
Department of
It is 38% larger however according to
April-June, 80 to 81c.; July-Sept., 75 to 763/2c. Ribbed Agriculture at Washington than the average for 5 years before
-March, 84 to
smoked sheets, spot, Jan., 86 to 87e. Jan.
the war. Nineteen countries make reports to this effect.
Me.; April-June, 79 to 800.; July-Sept., 74 to 75e. Brown, Last year they produced 74% of the world crop. India and
crepe, thin, clean, 833/2c.; spooky, 813/2c. Amber No. 2, China are not included. Europe shows a decline of 13%
84Mo. Caucho Ball, upper, 64e.; lower, 54e. Para-up- from last year. France lost 45%. Reports have not yet
river, fine, spot, 823/2 to 85e.; coarse, 60 to 62e. Centrals, been received from the Philippines, but the crop there was
Corinto, scrap, 60o.; Mexican scrap, 61e.; Guayule, Block said to be of poor grade.
Colombia,56c.;Panama,53c. London prices on the 5th inst.
3
COPPER showslittle change from last week. The feeling is
were as follows at the close: Spot,43% to 44d.; Jan., 433/2 to
-Mar., 4234 to 43d.; April-June, 3834 to 383/2d.; more pessimistic. Prices for exports declined slightly to 14 to
44d.; Jan.
domestic consumption, 1434e.
July-Dec., 3434 to 3534d.; Singapore on Jan. 5 fell 43/i to 14.05c. f.a.s. New York. For that one producer stated that
-March, 3834d.; was quoted. It was reported
,
6
4%d. on big selling; spot, Jan. 40%d.; Jan.
the week until Wednesday
April-June, 35%d. On tho 6th inst. prices were irregular business was fair during most offalling off in the demand.
no great demand. First latex crepe, spot, 89 to 90c.; when there was a considerable
with




232

THE CHRONICLE

[Vol.. 124.

Anaconda interests fabricated 25% of the world's refined pesos; fine crossbreds and medium yearlings,
output of copper last year which is a record. This represents pesos: coarse yearlings, 10 to 10.60 pesos; fine10.90 to 13
crossbreds,
790,000,000 lbs. or an increase of 162,300,000 lbs. over the medium from Corrientes, 18.60 pesos; fine crossbreds,
preceding year. The Great Falls plant will increase its out- medium,from Entie Rios, 14 to 16 pesos. In Buenos Ames,
put one-third and will be in operation at the increased rate on Jan. 1, coarse wool active. Offerings, 9,482,003 kilos.
of 15,000,000 lbs. a month in the last half of this year. At Fine crossbred, 12 to 14.50 poses; medium, 12.60 to 13.30
London on the 6th inst. prices declined 5s. to £59 10s. for pesos; coarse, 9.80 to 12.60 pesos; fine crossbreds and
standard spot ard £60 10s. for futures. Later trade was medium yearlings, 10.90 to 13 pesos; coarse yearlings 10 to
:
quiet at 14
To-day London was £59 10s. standard spot; 10.60 pesos; fine crossbreds, medium, from Corrientes,
futures,£60 12s. 6d.; electrolytic spot,£65 10s.; futures, £66. 18.60 pesos; fine crossbreds, medium, from Entre Rios,
TIN early in the week was quiet and lower in sympathy 14 to 16 pesos. In Buenos Aires, on Jan. 5, wool weaker;
with a decline in London. On the 6th inst. tho price de- no activity except in coarse wools. Offerings, 9,525,805
dined X°. per pound here; spot Straits, 63% to 6.3340.; kilos. Prices: Fine crossbreds, 11 to 14 pesos; medium,
January, 63 to 63%e. Spot standard in Lonion on the 11 to 12.50 pesos; coarse, 10 to 12.50 pesos; fine and medium
on the 6th inst. was unchanged at £288, but futures declined yearlings, 11 to 12.50 pesos; coarse yearlings, 8.59 to 10.70
12s.6d. to £280 15s.;spot Straits fell 5s. to £'288 15s. Later, pesos; fine crossbreds from Corrientes, 18 pesos; fine crosstin was more active here with prices %e. higher; spot Straits breds from Entre Rios, 17.80 pesos.
The Australian sales showed a firm tone on the resumption
sold at 63c.• February at 62%e. to 62%c. and March at
62%c. London fell to £2 15s. To-day London tin spot cf sales in Melbourne on the 4th inst. On that date at
was £285 is. 6d.; futures, £288 7s. 6d., showing somo Melbourne 95% of the 6,000 bales offered was sold. Demand
good except that from France which was slow. Compared
recovery.
with the close of
LEAD of late has been steady. Supplies are small and were 5% higher;Dec.sales, good to super merinos comebacks
consumption is large. The leading refiner quotes 9.25c. comebacks and average spinners' and topmaking merinos,
fine crossbreds par to 5% higher and medium
New York, but in the outside market the range is 9.37% to and course crossbreds
unchanged with few offered. At
9.50e. At Fast St. Louis 9.10 to 9.250. is quoted. Spot Christchurch,
lead in London on the 6th inst. declined 2s.6d.to £35 Os.3d., better; prices N.Z.on Jan. 7th sales were resumed. Demand
up
and futures fell is. 3d. to £35. Later there was a fair de- quoted at about id. Super American styled 56-58s were
$1.04, clean basis, landed, Boston in bond,
mand reported with the New York settling price 5 points off 50-56s about
98c. clean basis, bond, Boston. Australian
at 9.50c. East St. Louis was still 9.20c. London was fall- and South American
markets were still reported firm and at
ing later in the week. To-day spot there was £34 17s. 6d.; the Cape the
tone was stronger. Melbourne cabled that the
futures, £34 17s.6d.
exports from Australia for the period July 1st to November
ZINC has been generally quiet at 8.7te. East St. Louis. 30th were 1,112,000 bales and
There have been some inquiries, but they were chiefly for Zealand comparing with 713,000 75,000 bales from New
prompt and January. London on the 6th inst. fell 3s. 9d. tively in the same 5 months periodand 64,000 bales respecin
on the spot to £38 15s., and futures declined 2s. 6d. to of the East India sales on Jan. 19, 1924. At the opening
£37 17s. 6d. Later trade continued dull at 8.70 to 8.75c. bales of which 2,500 is Bussorah offerings will be 23,000
goat
prompt bid and asked. London to-day was £39 6s. 6d.; water shipments of wool from Boston hair. The rail and
from Jan. 1 1925 to
futures, £38 2s. 6d., showing an advance.
Dec. 31 1925, inclusive were 172,324,500 Ws. against 170,STEEL has been more or less irregular. The output in 993,000 for the same period last year. The receipts
from
1925 was the largest on record. Yet railroad buying in Jan. 1 1925 to Dec. 31 1925 inclusive were 306,941,100
lbs.
1925, large as it appeared at times, was not in the sum against 322,014,800 lbs. for the same period
last year.
total up to the normal level. Of late it is said an Ohio Prices of domestic:
Ohio and Pennsylvania fleeces: Helaine. unwashed. 52c.; 34-blood.
consumer has taken 9,000 tons of sheet bars at $38
Pittsburgh. Bessemer sheet bars are said to have sold in combing. 51 to 52c.; 4-blood combing, 53 to 54c.: fine unwashed, 48c.
Michigan and New York fleeces: Helaine unwashed. 50c.; 34-b1ood
one case at $36 and slabs at $38. It is said that $38 is nearer combing, 50 to 51c.; 4-blond combing, 53c.; 4-blood combing, 53c.:
the regular market quotation than anything below it. fine unwashed. 46 to 47c. Wisconsin. Missouri and averago Nec England.
34-blood. 48 to 49c.: 4
-blood. 49 to
q-blood.
Forging billets have,it is said,sold at $41, a recent rise of $1. Texas fine 12 months (selected). $1 25 to $1 28; fine 50c.. scoured basis.
8 months. $1 12 to
$1 16; California northern. $1 25; middle county, $1 10. southern. Si.
Wire rods are reported firm at $45. Re-rolling billets, Oregon,eastern No. 1 staple,$1 25 to
aid
according to some reports, have sold at as low as $35. $1 20 to El 25; eastern clothing 51$1 28;fine10. fine mvIIun C)mbing.
05 to Si
valley No.
Territory, Montana
Whether such terms would be granted in every case is combing. $115 to and similar fine staple choice. $1 25 to Si 31;1. 5110.
4-blood
combine.
another matter. Sheet mills have had to face not a little combing. 95 to 97c.:Sill: 34-blood $1 2$ to 5151 05 to Si 07: 4-blood
pulled. delaine,
28:
fine A supers,51 10 to $115; A supers. Si to Si 05. A. A., El 20 to $1 25;
competition from jobbers in the New York territory. Ex- 75 to 80c.; best
Mohair, best combing.
carding. 65 to 70e.
ports of steel in 1925 were not quite so large as those in
1924. The difference, however,is not striking enough t)
COTTON
call for comment. In 1925 about 4,900,000 tons went into
general building construction. Add railroad buildings and
Friday Night, Jan.8 1926.
THE MOVEMENT OF THE CROP,as indicated by our
bridges and the total would exceed 5,500,000 tons. On
the whole the showing for 1925 was not so bad but admittedly telegrams from the South to-night, is given below. For the
there was room for improvement and the feeling is that week ending this evening the total receipts have reached
there will be noticeable improvement in the year just begun. 161,454 bales, against 232,018 bales last week and 259,650
PIG IRON has been in fair demand from New England, bales the previous week, making the total receipts since
but in general trade has been quiet. The output in Decem- Aug. 1 1925, 6,733,736 bales, against 6,390 308 bales for
:
ber was the second largest in the hi..tory of the bu_iness. It the same period of 1924-25, showing an increase since
amounted to 3.250.448 tons against 3 023 006 in November. Aug. 1 1925 of 313,428 bales.
That is to say it was 104,853 tons daily, or about 4,100 tons
Receipts atSat.
Mon. Tues. Wel Thurs. Fri. Total.
larger than in November. The total for 1925 is put at
Galveston
11.805 18,142 12.057 9.3'7'7 8.288 59,669
36,750,000 tons, as against the nigh record of 40,361,146 tons Texas City
4.630 4.630
in 1923. • In four other years the output was larger than in Houston
12.004
-,„.
5 145
.
-583
- -. 18,149
New Orleans
4.242 7,333 12.841 9,998 10.237 5.233 49,884
1925. German iron is said to have been forced on the mar- Mobile
605 1.823
510 1.466
122 4,526
ket recently at as low as $20 50 at the dock, or some $2 Savannah
2.115 3.101 1.041
908 1.853 2,084 11,102
under the nominal price. Eastern Pennsylvania has been Charleston
303
82
956
281
170
941 2.733
Wilmington
1,194 1.191
121
142
quoted at $23 to $23 50, Buffalo at $21 to $22, Virginia at Norfolk
141
325 3,114
1.852
468 1.070
993
1.
$24 to $25, Chicago at $23 to $23 50, and the Valleys at New York
89
--------------964
875
Boston
489
$20 50 to $21. These are nominal prices in the absence of Baltimore
-.
Ai
758
- 816
---816
any business calculated to test the market very searchingly. Philadelphia- - - - ---_
100 ---IC
---116
The feeling is hopeful but just nbw there is the usual lull in Totals this week- 7.854
38.162 36.756 30.316 24.777 TIARA 161.454
trade that is apt to occur at the beginning of the year. Coke
The following tab e shows the week's total receipts, the
has been dull awaiting the outcome of the anthracite strike
conference. Furnace has been quoted at $5 25 to $5 75 total since Aug. 1 1925 and stocks to-night compared with
Connellsville, and foundry at $6. Beehive broken, $6 75 to last year.
$7 25. By-product nut sizes,
50 to $9.
1925-26.
1924-25.
Stock.
Receipts to
WOOL has been in only fair demand and actual sales
Jan.8.
This SinceAup This SinceAtto
have been rather small. Prices have been steady. MonteWeek. 11925. Week. 1 1924.
1926.
1925.
video reports a good business. Concordia is also reported
Galveston
59,669 2,326.561 96.269 2,810,723 676,342 648.593
active. In Bahia Blanca, France is said to be buying second Texas City
4,630
14,778 3.704
40.909
32,271
14.778
clips and Germany is taking merinos and fine crossbreds. Houston
18.149 1.187,593 38.778 1,106.926
Arthur.
Buenos Aires also reported active with England buying. Port Orleans &c 49,884 1,597,662
New
64,381 1,317.549 489,998 438,741
America lags. But of late Boston has had a rather better Gulfport
Moblle
4.526 175.762 3,427 106.037
demand. The Department of Agriculture it is stated is Pensacola
16,026
21,262
14,096
207
8,393
planning to have public hearings to consider the endorse- Jacksonville
15,201
28
959
2.312
531
Savannah
11,102 672,189 13,155 450,325
ment of standard of wool grades to be established for an Brunswick
81,957
89,175
400
539
130
international basis. Marked progress it is declared was Charleston
2.733 202.854 2,571 150.728
33.904
49.696
made toward the establishment of international standards Georgetown
Wilmington
3.114
93.425 2,134
29,026
87.863
41,831
of raw wool and tops at recent conferences in Europe between • Norfolk
4.993 359,384 6,112 258,265 151.448 118,877
N'port News,
the United States Committee and representatives of Great New York &c
964
34.619
77
19.138
95.446 206.296
Britain, Germany, Belgium, France and Italy.
Boston
10,633 2,809
758
538
12.963
2,346
Baltimore
25,948
816
439
In Buenos Aires on Dec. 31 wool active on coarse grades. Philadelphia
1.736
17.007
1,333
2.631
116
4.115
631
4,976
9,482,603 kilos. Fine crossbred, 12 to 14.50
Offerings,
Totals
161.454 6.733.736 234,091 6.390.308 1.639.162 1,613.169
pesos; medium, 12.60 to 13.30 pesos; coarse, 9.80 to 12.60




JAN. 91926.]

TTIE CHRONICLE

233

In order that comparison may be made with other years,
spot houses have been noticeable buyers of May. Reports
we give below the totals at lerirlInrr norts for six seasors:
that 75% or more of the stock here might be exported durReceipts at— 192526. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. ing the next 60 days to Japan have persisted and they
undoubtedly have had the effect of bolstering the near
Galveston_ -59.659
96.269
60.267
40,482
41.264
55.894 months if they needed
anything of that kind. As a matter
Houston. lec
18.14
38./78
8.346
29.580
320.
48
New Orleans
4'i.84
64,381
47,47C
29,92:21.30
43,801 of fact they d d not seem to. The rather tense situation in
Mobile
4.52
3.42
829
1.408
3.82:
1.647 the better grades has had
its logical reflection in the firmSavannah _ _ _
11,14
13.155
6.360
6.76(
12.89:
11,367
Brunswick
ness of January, March and May here. Some have been
70(
65(
Charleston _ _
2.137
2.571
2.41:
3.788
1.332
4,317 buying December at the discount
Wilmington
of 150 to 210 points below
3.11
2,131
1,497
638
1,22:
703
Norfolk
4.99
6.112
6.806
5.702
6.195 the nearer months. There was good foreign buying also of
6.507
N'port N.
.&c.
28 March. Moreover, October was wanted,
All others_ _ -7.23
to all appearances,
,
7.264
2,61.
4,95:
10,551
3.458
both for home and foreign account. But the near months
Total this wk
151.4:4 234.091 136.601 123.952
93.51: 124.468 have been the most conspicuous features.
Now and then
Since Ant.1_ _ 3.733.73 4.390.308 1.950.700 1.181.211 3.609.953 3.683,836 January has dropped to a premium of
only 5 to 6 points
The e Torts for the week ending this evening reach a total over March in contrast with 20 to 23 points recently. But
of 226 8Z bales, of which 73,337 were to Great Britain, It always rallied later. On Thursday it ended at 16 points
33,547 t) France, 40,880 to Germany 12,428 to Italy, over March. Trad ng in January cotton will end at noon
to Russia, 33,656 to Japan and China', and 32,987 on the 9th inst., in accordance with the new rule, which
'
to other desti ations. In the corresponding week last year fixes the 10th of the month as the last day for trading in
total exports were 179,597 bales. For the season to date the current month. It happens that the 10th this month
aggregate exports have been 4,717,691 bales, against 4,631,- comes on a Sunday. It is said that some of the larger buy508 bales in the same period of the previous season.
ers of March will require delivery of the cotton. It is still
said to be difficult to buy good white grades at the South.
Below are the exports for the week:
The crop of contract cotton this year is, of course, larger
Eziortea
Week Ended
than that of last year, but as an offset it is believed by
Jan. 8 1926. C's it
Ger. lapand
many that the consumption will take the difference or
Exports Irani— Sritain ?ratty nosy. Italy. Rustic China. Othr. Total.
more than the difference. Besides, the percentage of conGalveston
30,441 21.754 21.015 11.228
17.988 16,231 118.653 tract grades
is disappointing owing to untimely freezes
Houston
5,162
7,091 4,913 17.168
New Orleans_ _
23.739 10,541 9.755
7.410 51.447 and rains. Meanwhile New England reports business more
Mobile
2,060
3,975
286 8,321 active at firm pricas.
Savannah
Worth Street has been firm, with a
7.192
4,9
7,477 2,924 22,579
Charleston
1.560
1,560 better inquiry for forward delivery. North Carolina yarn
Norfolk
2,765
300 3,055 centres have been more or
less braced by higher prices for
New York
428 1.251
949 1,2
923 4.754
Loa Angeles
200
200 the actual cotton. The crop movement has latterly deSan Francisco__
1.100
1.100 creased noticeably. Contracts
have at times been scarce.
Total
73.337 33.517 40.880 12,428
33,656 32,987 226,835 There has been a certain amount of hedge selling, but it is
suggested that the time is not far off when covering of
Total 1925
71,790 13,938 36,350 6,909 10,348 35,240 5.022 179,597
Total 1924
35.138 4.251 22.805 4.512
25.413 10.628 102.744 hedges will be more to the fore. As for stocks of spot cotFrom
ton at the South, they are said to be either hedged or firmly
Expo/feu ft—
4548.1 1925
held. It is declared, moreover, that there is a big short
Jan. 81925. Great
GeeJapan&
Exportsfrom- Bit tn. Frame. many. Italy. Russia. China. Other.
spot interest in the higher grades. It is even said that
Total.
some shippers are sold ahead on white cotton until next
Galveston.-- 413.947 196.870 280,681 111,487 5.000 117,459 191.956 1.317,300
Houston
334,791 208,767 277,718 80,339 90.923 73.286 101,064 1,166.888 August. Some declare that it is unlikely that the carryNew Orleans. 288,785 124,425 166.443 105,911
179,234 114.279 979,080 over on July 31 this year will be burdensomel
y large. If
Mobile
64,209 6,480 24.885
1,500 4.030 101,604 the opinion
500
in some quarter is to be accepted, 20c. is cheap
Jacksonville.
8,348
4,400
1,924
14,870
Pensacola__
7,014
753 1.588
4.400
336
14.098 for cotton, considering the world's supply and the prosSavannah... 142,639 7.508 236,623 5,892
79,751 32,718 505,161 pective world's
consumption. ChiCago as well as other
Brunswick
400
400
Charleston._
46,852
63,844
21.400 9,394 141.490 parts of the West, the mills and New Orleans, as well as
Wilmington.
4.000
24,220 17,400
48.520 Liverpool, have been buy.ng from
2,900
time to time. One report
Norfolk
68.060
72.349
9,350 5,228 154,987
New York..
27,044 13,947 30,716 14,873
26,401 113.181 noticed with some interest was that the Indian crop is
200
Boston
1.372
147
2,852
4,371 both smaller than last year and deficient
in quality owing
Baltimore.
1,651
1,408
2,959
Philadelphia
187
600
152
919 to very heavy rains in November. In other words, it is
Los Angeles.
9,349 1,950 8,800
2,537
23,169 having somewhat the same experience as this
533
country had
Ban Diego.._
1,600
1.500
3.100
flanFmncisco
675
67,335
100
68.110 in the fall and early winter. Memphis reports say that
Seattle
56,420
56,720 reject:ons by the Eastern mills are the largest known for
300
Total
1,418,853 562,256 1192814 338.410 96,123 612.702 495,567 4,716,725 years past. Some mills, it appears, have rejected as much
as 50% of their receipts. There is an increased demand
Tot. 1924-25. 1,616.802 567.844 1050743 367,919 63.643 513,692 450,865 4.631,508
reported for the lower grades in Mississippi, for instance.
Tot. 1923-24. 1,267,408 470,453 545,567 294,950
50 381,903 352.616 3,413.040
NuTE.--ISSP0,11 0 lariww.- it has meter been our practice Lt. include in the In some parts of the South the higher grades are somewhat
above tables exports of cotton to Canada. the raison being that virtually all the less active under the competition
of Egyptian cotton, which
cotton de/mined to the Dominion comes Overland aud it is impossible to get returns
Concerning the sone from week to week, while reports front the customs districts recently declined very sharply. It is recalled that on Dec.
on the Canadian border are always very slow In coming to hand. In view, however, 17 Egyptian cotton for March
delivery in Liverpool ended
of the numerous Inquiries we are receiving regarding the matter, we will say that
for the month of November the exports to the Dominion the present season have at equal to about 64c. over March American, whereas on
been 33.277 hales. In the corresponding month of the preceding season the exports Nov. 1 the difference between the
two was 8Y4c. This rewere 29.903 bales. Fur the four months ended Nov. 30 1925, there were 81.822
duction in the difference between the two growths has
bake exported, as against 66.924 halm for the corresponding four months of
1924.
In addition to above exports, our telegrams to-night also stimulated the demand for Egyptian in this country. But
give us the following amounts of cotton on shipboard, not in general the call, as usual, is for American cotton of one
grade or another and the more desirable qualities are
cleared, at the ports named:
scarce and firmly held. Finally, although there has been
On Shipboard, Not Cleared for—
a good deal of covering recently, the remain:ng short
interest both for trade and speculative account is declared
Great
GetOther
8 at— Britain. France. many. Cont'nt. Coast- Total. Leaving to be still large.
Jan.
wise.
Stock.
On the other hand, there is no big bull speculation. The
Galveston
13,000 8.500 8.000 17,511
3.000 50,000 626,342
New Orleans
10.021
1.070 7.462 24.781
906 44.241 445.757 competition for public favor of grain and stocks,
Savannah
not to
3.000
---- 2.000
—.
200 5,200
83.975 mention real estate, is still
Charleston---felt. The talk of reducing the
- -----------1.585 1.585
48,111
Mobile
2.000
900
___1,000
acreage 25% has fallen flat. Nobody here gave it serious
50 3.950
17312
Norfolk
151.448 heed. An attempt to organize a
Other ports*
3,000 2,000 3,000 14.500
convention at Atlanta on
500 23.000 138.241
the 5th inst. for the purpose of declaring for such a reducTotal 1926
31,022 12,470 20,462 57,781
6,241 1279.76 1,511.186 tion fizzled
out. It was called "postponed." There was
Total 1925— 50,017 20,459 19,957 61,457 11.446 163.336
Total 1924.- 54.028 17.652 28.413 44.060 7.700 151.853 1.449.833 evidently opposition to it.
1151.088
It is now said that the conven•Estimated.
tion will meet in February and call upon the Government
Speculation in cotton for future delivery has been more to take measures
looking to price fixing and what not for
active without reaching the totals of former times. But the aid of the cotton
farmer. Anybody who has noted the
for one cause or another there has been rather more outside attitude of the Administration on
the question of fixing
interest manifested, partly in tile next crop deliveries. grain prices will not
find it difficult to predict the outcome
They were selling at big discounts. Also, the near months of any plan for Government
fixing of cotton prices. The
were more active, braced by the strong spot situation. The Government furnishes
the people
near months were also bought by hedgers transferring to not act as a general store for with government; it does
the
later deliveries. Liverpool's tone has been better. It seems commodities. As for the acreage, purchase and sale of
some Texas reports
to be more optimistic as to the outlook both as to its own that in parts of that State it would not be surprising to say
see
trade and Manchester's. Sold-out bulls have been buying an increase over that of last year
of 5%. The Texas area
there, as well as the trade, calling cotton, and the shorts. reported in October was 16,596,000 acres. Worth Street,
Recently the Continent has bought in Liverpool to some ex- though firm, has not been active. Neither, to all appeartent. The spot sales for some days in succession were ances, has Fall River. Manchester reported a better in8,000 bales a day, which was not so bad for this time of the quiry from India, but had to acknowledge from time to
year. Spot markets have been advancing. The demand for time that India's bids were too low. Manchester also adthe better grades has been an outstanding factor. It is mits that its trade with China is discouraging. American
said that Japan has during the past week bought some exports of raw cotton of late have been disappointing. At
10,000 bales from Southern co-operative associations at 20c. and above a rising market seems to meet with a check.
50 points "on" for middling 11,-inch, at shipside. Leading It is also said that tit 20c. and above it is reasonably certain




[Vor. 122.

THE CHRONICLE

234

that there would be.an increase in the acreage, though on a
. drop of-,2 or 3c. below that level there might be some decrease. New Orleans was selling on Thursday on the eve
of the holiday to-..clay, the 8th inst., the anniversary of the
Battle of New Orleans. Boston and New Orleans advices
say that germany is asking a deferment of the delivery of
raw cotton., According to some Bremen advices, the mills
want deliveries delayed for some months to come; in fact,
until next summer._ Bremen, as the "Chronicle" figures
show, has the largest stock for years past. The demand
there at the same time is unsatisfactory.
To-day prices were irregular, declining at one time under the weight of selling attributed to Palm Beach and
Wall Street i mostly.Palm Beach. It was said to have sold
50,000 to 60,006 bales, mostly March. It had surprisingly
little effect. Concentrated long selling was estimated at
100,000 bales% largely March. Yet that month ended about
10 points higher for the day. January moved up 27 points.
Most other months ended at a rise of 2 to 8 points. Spot
markets were somewhat higher, I. e. 5 to 10'points. Liver, pool cables were better than due, with sales of 8,000 bales
days in succession. Manchester reports
on the spot for,four .
were better,., both on yarns, and cloths. Tattersall is more
.e
. cheerful tinAh outlook. Worth Street was firm, but not
at all.„.actIve. There has been a decrease in the visible
supply of American cotton In the World. That is something
new.. The 4intstanding feature of the day was the firmness
of spot.cotton and near months at home and abroad. If
big speculators got out, big spot houses took the bulk of the
near. months' offerings, They had some help from shorts
here and .in Liverpool. Last prices show a rise for the
week of.6.to .36 points, the latter on January, while October ended 7 points lower than a week ago. Spot cotton
advanced. here 10 points to-day, touching 20.75c. for middling, which Is 5 points. higher than a week ago.
'1 he fcllowir g averages of the differences between grades,
as figured fora -the , Jan. 7 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences .from middling established for deliveries in the New
York market on Jan. 14.
1.51 or,
Middling fair
1.21 in
Strict good middling
93 on
Good middling
65 on
Strict middling
Baal
Middling
1 16 off
Strict low middling •
2.93 oft
Low moddling
4.03 off
"Strict good ordinary
6.00 oft
*Good ordinary
Strict good mid."yellow 'tinged 0.07 off
Good middling "yellow" tinged_ .50 off
Strict middling "yellow" tinged._ .94 off
2.05 off
*Middling "yellow" tinged
'Strict low mid."yellow" tinged .3.55 off
"Low middling "yellow" tinged_ _5.18 off
Good middling "yellow" stained _2.00 off
•Strietmiddi Mg"yellow"stalned.2 50 off

3 18 off
'Middling "yellow" stalird
'Good middling "blue" stained_ _2.04 on
Strict middling "blue" stained -2.70 off
8.55 off
'Middling "bole" stamed
.17 on
Good middling spotted
.10 off
"itrici middling spotted
90 off
vfiddling spotted
"Strict low middling spotted....2.29 off
3.99 off
'Low middling spotted
flood mid, light yellow stained_l 23 off
*Strict mid, light yellow stained_l 71 off
"Middling light yellow stained.. _2.53 off
.93 off
Good middling 'gray"
1 36 off
*Strict middling"gray"
2.06 off
'
•Middling"gray

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 8Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks

bales

1925.
764,000
2,000
78,000

1924.
691,000
1.000
83.000

1923.
858,000
5,000
74.000

345,000
226,000
5.000
85,000
38,000

844,000
2,000
223,000
210.000
10,000
82,000
99.000
5.000
2,000

775,000
3.000
60,000
153,000
14.000
106,000
49.000
2,000
7.000

937.000
2.000
127,000
220.000
10.000
113.000
55.000
2,000
3.000

699,000

633.000

394,000

532,000

1926.
907,000
93,000
1 000.000

Total European stocks
1,699,000 1.447.000 1.169,000 1.469.000
India cotton afloat for Europe-. "6,000
125.000
93.000 163.000
American cotton afloat for Europe 467,000 603,000 422.000 319.000
Egypt,Brazi1.3rc.,afloatforEurope 103.000 117.000
100,000
108,000
316,000 256,060 292,000 335,000
Stock in Alexandria, Egypt
688.000 400.000 457.000 599,000
Stock in Bombay, India
1,639,162 1,613,169 1.003,841
Stock in U. S. ports
995,446
Stock in U. S. interior towns__ - -2.023.364 1,474,156 1,043.974 1,300.285
•
300
U. S. exports to-day
7,950
7,031.826 6,033.325 4.666,765 5.242,731
Total visible supply •
Of the above, totals of American and other descriptions are as follows
American-bales.. 594.000 608,000 440.000 496,000
Liverpool stock
68,000
48.000
57,000
Manchester stock
48,000
664.000 591.000 315.000 490.000
Continental stock
467,000 603.000 422.000 1,319,000
American afloat for EUrene
1,639,162 1.613,169 1.003,841 995.446
U. S. port stocks
2,023.364 1.474,156 1.043,974 1,300.285
U.S. interior stocks
300
U. S. exports to-day
7,950
5,457,826 4,937.325 3.289.765 3,648,731
Total American
East Indian, Brazil. .tc..313.000' „muss 281,000 362.000
'
Liverpt ol stock
1.000
London stock
5.000
.,.30.000
25,000
26,000
26,000
Manchester sto k
33,000
42,000
79.000
Continental stock
42,000
96.000
93,000 163,000 125,000
India afloat for Europe
103.000 117.000 108,000 100.000
Egypt, Brazil, acc., afloat
316,000 256.000 292.000 335,000
Stock in Alexandria, Egypt
688.000 400.000 457,000 599,000
Stock in Bombay. India
Total East India, &c
Total American

1,574,000 1,096,000 1.377.000 1,594,000
5.457,826 4.937.325 3,289.765 3.648.731

7,031.826 6,033,325 4,666.765 5,242,731
Total visible supply
13.03d. 19.32d.
16.60d.
Middling uplands, Liverpool- - 10.54d.
20.75c.
24.15c.
34.35c,
27.45c.
Middling uplands, New York_
19.00d.
Egypt, good Sake!, Liverpool__ _ 19.408. 31.70d. 23.80d.
17.50-1.
Peruvian, rough good. Liverpool_ 23.00d. 20.75d. 24.008.
9,558
Broach, fine. Liverpool
. . 17.002. 13.00d.
' 12 00(1
12.558. 18.15d. 14.40d.
9.85d.
Tnnevelly, good, Liverpool

Continental imports for past week have been 125,000 bales.
The above figures for 1925 show a decrease from last week
*NM deliverable on future contracts.
of 24 482 bales, a gain of 998,501 over 1924, an increase
The official quotation for middling upland cotton in the of 2,365,C61 bales over 1923, and an increase of 1,789,095
bales over 1922.
New York market each day for the past week has been:

Jan. 2 to Jan,8Middling upland

Eat. Mon. Tues. Wed. Thurs. Fri.
hol. 20.85 20.40 20.55 20.65 20.75

-that is,
AT THE INTERIOR TOWNS the movement
and since Aug. 1, the shipments for
PUTURES.---LThe highest, lowest and closing prices at the receipts for the week0
stocks -night, and the same items for the
the week and the
New York for the oast week have been as follows:
corresponding periods of the previous year-is set out in
•. ,
Friday,
Thursday,
Saturday, 'Monday, Tuesday, Wednesday,
detail below:
Jan.4.

Jan.5.

Jan.6.

Jan.7.

Jan.8.

January
20.10-20.22 19.80-20.15 19.87-20.07 20.04-20.22 20.12-20.35
Range _.
20.23-20.22 19.87 -- 20.05-20.07 20.08-20.26-20.27
Closing _
February"----.
Range _ 2
20.13-19.79-19.99-20.00-20.13
Clo drig _
Srarch19.88-20.12 19.69-19.97 19.68-19.91 19.89-20.11' 19.80-20.08
Range:- '
20.03-20.01 19.71-19.79 19.93-19.92 19.92-19.9- 20.01-20.02
Closing _ .
ely71219.50-19.51
Range__
19.6819.70-19.42-19.55-19.50Closing.
Play-19.38-19.60
. 19.46-19.70 19.28-19.56 19.28-19.52 19.45-19.62
Range__
19.63-19.65 19.30-19.32 19.50-19.52 19.48-19.58Closing_
June
Range __ - '
19.38-19.08-19.25 -- 19.20-19.24 -Closing _
JulyRange.- HOLI- 19.04-19.22 18.82-19.06 18.83-19.0( 18.90-19.12 18.74-18.97
19.13-19.15 18.86-18.88 18.99-19.06 18.90-18.92 18.92-18.93
DAY
Closing.
August
Range__
._
18.85-18.60-18.69-18.60-18.62 --Closing
Sept.- -.
- _
-- ___ 18.50-18.56
Range.18.28-18.44-18.27-18.261843• Closing.
October
18.39-18.53 18.12-18.46 18.14-18.36 18.12-18.3f 18.02-18.23
Range__
18.42-18.43 18.17-18.19 18.29-18.3( 18.12-18.12 18.15Closing, •
Woe.
Range.18.11 -18.23-18.05 --- 18.0518.40Closing Dec.
18.37-18.50 18.01-18.32 18.03-18.11 17.98-'8.27 17.84-18.09
Range _ _
18.37-18.06-18.17- . 111- 17.95-17.96
C10510a -

Movement to Jan. 8 1926.
Towns.

Movement to Jan. 9 1925.

Ship- Stocks
Receipts.
Ship- Stocks
meats. Jan. --meats. Jan.
8.
Week. Season. Week.
Week. Season, Week.
9
Receipts.

1
-,,,..p.
co,
NJ , etpcOM0,.-.-4.-. ..ba.lat.r.v•• riawC,..s.b . ov..s.c,,,w
0
- 001;-.00)CaN 01
000.11.01.:.. (.03.,..4*,,
,,
00- ,C,C0.-.01. CMC*1041.200.1A40....-.03b0..
COQ ,
toc,...op ...ao.,..gc,..za,-,
.0
...110.0007002..C. ......3.4.2-0.0,4cAcioaisa..-4.
_W ,

Jan.2.

'




r:

S

79,643 1,000 11,664
1.000
52,783
995, 9,537
Ala.. Itirming'n
800 6,500
500 24,100
16,787
363 6.556
Eufaula
639 28,820
362 89,267
Montgomery
72,100 1,185 22,129
220j 82,173 1,151 24,127
60,453 2,222 20.614
Selma
1.250 78,808 1,135 35,035
59.834 3,197 19,378
Ark.. Helena
3.766 191.640 5,691 67,492
Little Rock
184493 8.777 41451
125.463 4,258 46,488
Pine Bluff_ _ _ 3,86'7 146,757 2.709 69,511
7 2,459
7,820
Ga., Albany,..
- --- 2,590
3.843
370 21,016
632 12,738
34,792 1,350 16,636
Athena
2,27 160,500 4,448 59.309
Atlanta
171,017 7,595 63,569
8,85 274,507 4,718114,217
Augusta
175,540 5.572 67,921
9681 60,624 2.136 10.68
Columbus
49,099 3,546 7,304
1,0811 56.454 1,109 26,408
Macon
34.336
508 10,953
1,8481 44,625 1,650 18.8441
Rome
39,282 1,617 14,839
8651 156,872
643 40.2421
92.500 3.000 25,500
La.. Shreveport
'1.8711 40,617 2,266 10,3181
Miss.Columbus
33,813
___ 9,700
174,704 5.479 73.324
2
Clarksdale__
105,720 5,164 33,545
8.0001 193,128 8,''' 73,6481
Greenwood
131.232 5,620 39,501
556 55,057 1,022 16.867
Meridian_ 34,695 1,110 15,064
428 50.606
751 14,326
Natchez
37,788
816 7,675
46,381 1,179 17, 831
681
Vicksburg_ .._
29,966 • 1,406 11.028
3
257 49,479 1.•1' 19,764
Yazoo City
32,718 1,161 9,067
Mo., St. Louis_ 22,286 442.034 22.662 16,242
417,684 32,460 4,041
N.C.,Greensb'ro 1,688 38.893 1,476 13.645
39;324
851 19.562
86 10,333
100
316
Raleigh
5,529
907
150
Okla. Altus__ 3,225 113,392 4,261 24,103
146,559 8,463 28,507
ChiCkasha___ 8,000 145.607 8,1 I 1 18,660
108,946 4.186 13,241
Oklahoma . 6.602 137,183 5,814 31,916
120.244 9,131 19.768
5.C.,Greenville 10,525 172,557 7.852 52,426
120,279 6,277 36,597
___
4 912
Greenwood__
--- '4.109
____ 6.107
12,105
832,839 51,597 126,149
Tenn../l.lemphls 55,2851,196,604 53,583278,334
2,644
187
21
586
368
68
Nashville- _
730
Range of future prices at New York for week ending
57.583 3,101 1,034
Tex.. Abilene__ 1,197 75,190 2,069 1.098
Jan.8 1926 and since trading began on eachroption.
4,841
80 4,378
107
Brenham____
200 5,356
17.289
46: 1,077
246 10,960
28,721 1,285 2,144
Austin
Range Since Beginning of Option.
• Range for Week.
23,482
8,129 130,669 4,0
164,995 5.099 22.384
Dallas
Option for3,778,488116.201662,935
IIouston _ .... 87.3603,874.002 83,536779.016
.
18.75 Oct. 31 1925 25.72 Mar. 3 1925
240 6,712
161 104,2371
88,054 3,858 6,758
Paris
Dec. 1925_
253 2,245
300 2,506
134 23.791J
59,471
San Antonio
Jan. 1926_ 19.80 Jan. 5 20.35 Jan. 8 18.11 Oct. 31 1925 25.45 Mar. 3 1925
19.68 Nov. 11 1925 24.70 July 30 1925
136.002 5,040 14,787
Fort Worth._ 1.047 70,238 2.477 11,618
Feb. 1926
1926- 19.68 Jan. 6 20.12 Jan. 4 18.34 Oct. 31 1925 25.40 Apr. 27 1925
Mar.
700 t17AIM
Apr. 1926- 19.50 Jan. 7 19.50 Jan. 7 19.50 Jan. 7 1926 19.89 Nov. 12 1925 Total An •mane 952 A7OR Al9 AAR 94A AM 9 09.595 .150 .n,,,11 on RAT
May 1926_, 19.28 Jan. 5 19.70 Jan. 5 18.50 Oct. 31 1926 25.63 July 27 1925
18.84 Pct. 31 1925 21.20 Sept. 12 1925
June 1926
The above total shows that the interior stocks have deJuly 1926_ 18.74 Jan. 8 19.22 Jan. 9 18.13 Oct. 31 1925 24.72 Aug. 17 1925
.
18 38 Dec. 211921 22.00 Oct. 8 1925 creased during the week 1,364 bales and are to-night
Aug. 1926
18.50 Jan. e 18.35 Dec. 7 1925 20.98 Oct. 14 1925 549,208 bales more than at the same period last year. The
Sept.19282_ 18.50 Jan. 6
Oct. 1926- 18.02 Jan. 8 18.53 Jan. 4 18.02 Jan. 8 1926 19.70 Nov. 6 1925 receipts at all towns have been 29,112 bales less than the
Nov. 1926
ncc Moo_ 17.84 Jan. 8 18.50 Jan. 4 17.84 Jan. 8 1926 18.30 Jan. 4 1926 same week lost year.

JAN. 9 1926.]

TELE CHRONICLE

235

WEATHER REPORTS BY TELEURAPH.-iteports
NEW YORKji QUOTATIONS:FOR 32Y•YEA It S.-01 _
The quotations for middling upland at New lurk on to us by telegraph this evening denote that the weather
has been more favorable for picking cotton in Arkansas
Jan. 8 for each of the past 32 years have been as follows:
S.IOC. and Arizona. Temperatures have been much lower during
33.05c. 1910
15.85c. 1902
0
9 75c. 1918
1926
10.25c. the week. According to reports, some cotton has been
18.55c. 1909
9.40c. 1901
24.05c. 1917
1925
7.56c.
12.60c. 1908
11.30c. 1900
35.70c. 1916
1924
5.940. damaged in the Imperial Valley of California.
10.85e. 1899
8.00c. 1907
26.50c. 1915
1923
18.75c.
17.10c.
39.25c.
31.60c.

1922
1921
1920
1919

12.30c.
13.10c.
9.60c.
15.00c.

1914
1913
1912
1911

11.75c.
7.30c.
13.40c.
8.90c.

1906
1905
1904
1903

1898
1897
1896
1895

5.94c.
7.19c.
8.31c.
5.69c.

,

MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during'the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed.

SALES.

Futures
Market
Closed.

Spot.

Saturday___
Holiday
Holiday
Monday _ _ _ Steady; 15 pts. adv., Barely steady
Quiet; 45 pts. dec._ _ _ Quiet
Tuesday
Wednesday. Steady; 15 pts. adv_ Very steady.._ _
Thursday _ _ Quiet; 10 pts. adv_ _ Steady
Friday
Steady; 10 pts. adv. Steady

Contet. Total.
73,000 73.000

73.000 73.000

Total_ -

Thermometer
Rain. Rainfall.
Galveston, Texas
5 days 2.81 in. high 59 low 42 mean 51
Abilene
2 days 0.30 in. high 68 low 26 mean 47
Brownsville
3 days 0.39 in. high 64 low 38 mean 51
Corpus Christi
3 days 0.18 in. high 64 low 36 mean 50
Dallas
2 days 0.78 in. high 70 low 30 mean 50
Del Riolow 30
1 day 0.30 in.
Palestine
1 day 0.54 in. high 60 low 32 mean 46
San Antonio
3 days 1.15 in. high 62 low 34 mean 48
Taylorlow 32
2 days 2.12 in.
New Orleans, La
mean 57
6 days 4.35 in.
Shreveport
3 days 0.84 In. high 59 low 36 mean 48
Mobile. Ala
6 days 3.97 in. high 70 low 36 mean 50
Savannah. Ga
5 days 1.23 in. high 75 low 31 mean 53
Charleston,S. C
?days1.14 in. high 69 low 31 mean 50
7 days 1.69 in. high 61 low 25 mean 47
Charlotte. N.0

The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_

Jan. 8 1926.
Feet.
3.0
5.7
8.9
9.6
8.7

Jan. 9 1925.
Feet.
2.1
9.4
12.5
5.4
14.4

OVERLAND MOVEMENT FOR THE WEEK AND
RECEIPTS FROM THE PLANTATIONS.
-The folSINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made lowing table indicates the actual movement each week from
up from telegraphic reports Friday night. The results for the plantations. The figures do not include overland rethe week and since Aug. 1 in the last two years are as follows: ceipts nor Southern consumption; they are simply a state-1924-25-- ment of the weekly movement from the plantations of that
-1925-26Since
Jan. 8
part of the crop which finally reaches the market through
Since
Week. Aug. 1.
ShippedWeek. Aug. I.
Via St. Louts
32.460 381.434 the outports.
22.662 439.627
Via
Via
Via
Via
Via

189.652
25.096
39.541
115.866
260.829

10.000
2.857
1.147
7.240
14.908

150.160
18.052
32.695
114.878
285.380

46.070 1,070,611

68.612

982.599

2.654
616
22.657

73.666
12,699
276.171

3.325
657
17.311

50.689
12.994
268.813

25.927

362.536

21.293

332.496

20.143

Mounds, &c
Rock Island
Louisville
Virginia points
other routes, &a

708.075

47.319

650,103

8.300
2.159
1.596
5.053
6.300

Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Total to be deducted
Leaving total net overland •

•Including movement by rail to Canada.

The foregoing shows the week's net overland movement
this year has been 23,143 bales, against 47,319 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago of
57,972 bales.
-1925-26
-1924-25
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug.!.
Aug. 1.
Week.
Receipts at ports to Jan.8
23.409 6.390.308
161.454 6.733.736
Net overland to Jan. 8
650.103
47.319
20.143
708.075
Southern consumption to Jan. 8...100.000 1.940.000 115,000 1.972.000
Total marketed
281,597 9.381.811 396.410 9.012.411
Interior stocks in excess
*1.364 1.867.914 *35,500 1.299.402
Excess of Southern mill takings
over consumption to Dec. 1_ _ _ _ -----353,760
569.098
Came into sight during week-__280.233
360.910
Total in sight Jan. 9
10.665.573
11.818.823
North. spinners' takings to Jan. 9- 46,592 1,124.044

46,221

1925-26.
Week.

Bales. I Since Aug. I227.07111923-24

Bales.
8.498,798

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.

Galveston
New Orleans
Mobile
Savannah
Charleston
Norfolk
Baltimore
Holiday
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth.._..

WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

Movement into sight in previous years:

eek Ended
Jan. 8.

The above statement shows: (1) That the total receipts
from the plantatiors since Aug. 1 1925 are 8,527,079 bales;
in 1924 were 7,692,786 bales, and in 1923 were 5,632,069
bales. (2) That although the receipts at the outports the
past week were 161,454 bales, the actual movement from
plantations was 160.00 bales, stocks at interior towns
having decreased 1,364 bales during the week. Last year
receipts from the plantations for the week were 35,500
bales and for 1923 they were 123,564 bales.

941,518

•Decrease.
Week-Jan. 11
1924

Receipts at Porta. .
Stocks at Interior Towns. RectiPtsfrem Plantations
Vest
'sago 1925. 1924. 1923. 1925.
1924.
1923. 1925 1924. 1923.
at.
9_ _ 367.670 320,898 273,052 1,137,61' 796,030 811.088547.51 513,193 413.218
IC.423.813 441,485287,213 1,267.36?. 898.351 948.192553.5811543.800 122.317
23 .'83 026 439,291. !.77.17 T 1.385.0451 057.20' 1,0410,902500,7 198350 190.987
30 176.061 388,48 349,036 1.518,099 1.198.181 I .0S6.495807.l1 527.437 375,529
rov.
6.. 437,549 1423,25.'• 235,831 1.568.003 1.307,37/ 1.185,388 489.453 494,457 314.509
13._ 343.371 373,802307,467 1.6441.1 71' 1,411,260 1.179.333421.546 477,484321.481
20.. 377 983 132,201' 124.521. I 677 442 1.484,391 1.244.773 409 247 037.58
,289.96E
27._ '11.384170,024 298.211 1.784,34. 1,545,601 1.251.785418.287 129.233405,221
lee.
4. 198.275370.752 265.509 1.836.52. 1.583,955 1,225.801448.455409,106239.521
II .130,550 133.821 264.18: 1.902.018 1.565.75- 1.178.745 396,043 315.630 217.121
18._ 151.485330.647 214.35: 1 924,1102 1.558,37'. 1.132.917 373 46 323.2412168.521
24.,224.398232.340 199,7872 000 037 1.577.997 1.119,113299 671 251,984 185,967
31.. 213.201,306.987 134.224 2,034.905 1.514,450 1.067,013247,971 248,11 82,124
an.
8.._ 61,454 234,091 138.803 2,023,3841,474,1581,043.974 160.090 198,591 123,584

20.65
20.30
19.65
20.03

20.35
19.82
19.35
19.70

20.55
20.07
19.50
19.86

20.55
20.07
19.63
19.92

20.60
Holiday
19.63
20.00

19.94
19.90
20.00
19.50
20.50
20.00
19.55
19.55

19.63
20.10
19.75
19.50
20.20
19.75
19.20
19.25

19.81
20.00
19.94
19.50
20.40
20.00
19.45
19.45

19.81
20.20
19.94
19.50
20.40
20.00
19.45
19.45

19.88
20.20
20.00
19.50
20.50
20.00
19.55
10.1515

1924-25.

Season.

Wok.

Season.

Visible supply Jan. 1
7.056,308
5.801.450
Visible supply Aug. 1
2,342.887
2.190.493
American in sight to Jan. 8___- 280.233 11.818.823 360.910 10,665.573
Bombay receipts to Jan. 7 •
149,000 1,047,000 155.000
779.000
Other India shipm•ts to Jan. 7.24.000
222.000
28,000
127.000
Alexandria rocelpts to Jaa. 6--52.000 1.034,200
34.000 1,121.800
Other supply to Jan. 6_b
*15,000
463.000 ,11.000
167.000
Total supply
Deduct
Visible supply Jan. 8

7.576,541 16,997,910 6.390,360 15.050.866
7,031.826 7,031,826 6,033.325 6,033,325

Total takings to Jan. 8-a
544,715 9.966.084 357.035 9.017.541
Of which American
456,715 7.473,884 229.035 6.661.741
Of which other
88.000 2.492.200 128.0(10 2.355.800
• Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the tota estimated consumption by Southern mills.
1.940.000 bales in 1925-26 and 1.972.000 bales in 1924-25
-takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners. 8,026.084 bales in 1925-26 and 7,045.541 bales in 1924-25, of which
5,533.884 bales and 4,689.741 bales American. b Estimated.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
NEW ORLEANS CONTRACT MARKET.
-The closing of the previous two years.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Alexandria, Egypt,
January 6.
Saturday,
Jan.2.
January - February March__
April
May

Monday,
Jan.4.

Tuesday, Wednesday
Jan.5.
Jan.6.

Thursday,
Jan.7
.

prickly,
Jan.8.

20.05-19.67-19.71 19.91-19.92 19.87-19.89

Receipts (cantors)
This week
Rini, Am, 1

19.51-19.53 19.20-19.22 19.39-19.40 19.37-19.39
19.10-19.13 18.80-18.81 18.99-19.00 18.97-18.98

18.61 %y
June---- HOLIDAY 18.72-18.73 18.4318.57-18.58 HOLIDAS
August September
17.91-17.93 17.70-17.71 17.80-17.81 17.84October....
November.
17.65-17.72 17.75-17.78 17.59-17.60
December_
Tone
Steady
Steady
Steady
Steady
SINI:,-.Steady
Steady
Steady
Steady




Exports (bales)-

1925-26.

1924-25.

1923-24.

260.000
A 170 040

170.000
5.678.036

165.000
5.089.901

Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.

99.680 7.000 123,737 6,000 142,032
To Liverpool
90.458 12.000 142.109 11.250 112,178
To Manchester, &c
To Continent and India_ 12,000 173 328 20.50(1 207,949 6,750 198.294
74.455 1.500 66.383 1.250 61.655
To America
n .... 1
,
..
1') rtrul AR7 091 .11 1-11111 Asri 17R 91591515 151A 1 An
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Jan.6 were
260,000 canters and the foreign shipments 12,000 bales.

236

THE CHRONICLE{

[VoL. 122.

We also add the figures for last week which we were obliged
to omit on account of non-receipt of our cablegram:

Bales.
NEW YORK
-To Liverpool-Dec.31-Dock,428
428
To Havre-Jan.4
.Jan.5
-Waukegan,504..
-De Grasse,750- 1.254
To Bremen-Jan. 4
-Berlin. 949
949
To Genoa-Jan.4
-Dante Alighleri. 1.000: Conte Rosso, 200- 1.200
Alexandria. Egypt,
To Barcelona-Jan. 4-P. de Satrustigui, 600___Jan. 6December 30.
1925.
1924-25.
1923-24.
e e , .
923
HOUSTON-To Barcelona-Jan.2-Aldecoa, 4.913
4.913
Receipts (cantars)To Japan-Jan. 2
-Victorious. 3.925; Laibu Maru, 958
4.883
283.000
This week
210,000
200.000
To China-Jan. 2
-Victorious. 2.208
2,208
Since Aug. 1
4.910.940
5.504.111
4.922.296
To Liverpool-Jan. 5
-West Celeron, 4.355
4,355
'To Manchester-Jan. 5
-West Celeron, 807
807
Since
Since
Since. NEW ORLEANS
-To Porto Columbia-Dec.30-Turrialba. 100100
Experts (bales)
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool-Dec. 31-Author, 11,908___Jan. 2
-Colorado
Springs. 6.544
18,452
Liverpool
6.000 99.60 5.500 116.62S 5.000 135.958
To
To Manchester-Dec. 31-Author, 2,077---Jan. 2
-Colorado
To Manchester. &c
11.000 90.458
130,116
100.937
Springs. 3,210
5,287
To Continent and India_ 5.000 161.328 7.000 187.506 7.5150 191.613
To Havre-Jan. 2-Coldbrook. 3.652_- _Jan. 5
-Bruxelles,
To America
16.030 74.455
900 73,057
60.455
6.891
10.543
To Antwerp-Jan. 2-Coldbrook. 250; Bruxelles, 850
1,100
Total exports
37,000 425.921 13,400 499.207 12.500 488.963
To Ghent
-Jan. 2-Coldbrook, 1.411
1.411
To Rotterdam-Jan. 1-Burgerdijk. 1.128_ - _Jan. 2
-Tripp,
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
007.. _Jan. 6-Binnendilk. 368
This statement shows that the receipts for the week ending Dec. 30 were
To Bremen-Dec. 31-Ansaldo Savoie. I, 4.530; West Lacook, 2,403
280.000 cantars and the foreign shipments 37.000 bales.
5,065
9.595
To Vera Cruz
-Jan.1-Fredness.500_ --Jan.2-Nlcarao,1.883 2,383
INDIA COTTON MOVEMENT FROM ALL PORTS.
To Hamburg-Dec. 31-West Tacook, 160
160
To Valparalso-Jan.5
The receipts of India cotton at Bombay and the shipments
-Santa Teals. 13
13
Liverpool-Dec.
from all India ports for the week and for the season from GALVESTON-To 6,594; Nortonlan,31-Scantic. 3.790:Telesfora
de Larrinaga.
11.214: 8.:mitic. 2.685
Aug. 1, as cabled, for three years, have been as follows:
To Manchester-Dec.31-Scantic,905;Telesfora de Larrinaga. 24,283
3,683; Nortonian. 1.570
6.158
To Havre
-Dec. 31-Michigan. 8.638: Connes Peak. 9,401;
1925-26.
1924-25.
1923-24.
Sldpton Castle, 3.711
21.750
Receip4 at
To Antwerp-Dec.31-Skipton Castle. 25: Connes Peak. 150..
175
Jan. 7.
Since
Since
Since
To Ghent
-Dec.31-Skipton Castle, 4,084: Connes Peak,856Week. Aug. 1. Week. Aug. 1. Week.i Aug. 1.
To Bremen-Dec. 31-Cody. 6.467: Kinderaik, 3.477: Saint 4.940
Dunstan .
_-_
,
.
go a,
21.015
Bombay
149.000 1.047.000 155,000 779,000 213,000 1,025,000
To Rotterdam-Dec.31-Cody, 461: Binnendijk, 2,895
.
To Genoa-Dec. 31-Mosella. 6.559
6.559
To Venice-Dec. 31-Clara Cam's, 4.311
For the Week.
4.311
Since August 1.
To Trieste-Dec.31-Clara Camus 358
Exports
358
To Barcelona-Dec. 31-0gontz. 1.550---Jan. 6-Aldecoa,
Cheat Conti Japan&
fromGreat
Conti- Japan &
6,210
Britain neat. China. Total. Britain.
7.760
neat.
China.
Total.
To Japan-Dec.31-Victorious,250: Maybashi Meru,8.420
Jan. 5-Laibu Meru, 417: Jan.5-Robert Dollar, 8,026_ __ _
Bombay
To China-Dec.31-Victorious, 175.--Jan.5-Robert Dollar. 17,113
-26__
32,000 83.000115.000 14,000 189,000 417.000 620,000
1925
875
1924-25_ _
33.000 68.000104,000 22,
118.000 446,000 586.000
1923-24_ _
42,000 59,000102.000 65,0
342.000 349,000 758,000 SAVANNAFI-To Liverpool-Dec.29-Shlckshinny, 12---Dec. 31
-Annavore,6.060
6.072
Other India
To Manchester-Dec.31-Annavore. 1.120
24.
1,120
1925-26-24,000 42,000 180.000
222,000
To Bremen-Dec.31-Neidenfels,4.870
27
4,870
1924-25_ _
28,000 13,00 114.000
127,000
To Hamburg
-Dec. 31-Neldentels, 116
116
37,000 42,000 157.000
Fif 1923-24__ 10,000 27
199.000
To Barcelona-Dec.3I-Mar Caribe, 2.924
2,924
To Japan-Jan. 2-Gato Maru, 3.752- _Jan. 6
-Belfast
Total all
Meru, 1,500
5,252
56,000 83.000 139.
513,000 369.000 417.
-28- _
1925
842.000
To China-Jan. 2
-Gate Meru, 2,125-- _Jan. 6
-Belfast
88,000132,000 35.0
1924-25._
60.0
232,000 448,
713,000
Meru,
2,225
59,000139.
69,
107.
499.000 349.000 955,000 NORFOLK 100
r 1923-24_ 11
-To Liverpool
-Jan. 5-Hoosac. 305
305
To Manchester-Jan. 6-Kerhonicson. 2.450
According to the foregoing, Bombay appears to show a
2,450
To Rotterdam-Jan, 8-Blydendijk, 300
300
decrease compared with last year in the week's receipts of MOBILE-To Liverpool-Dec. 31-Afound la. 1.860
,
1,860
To Manchester
-Dec. 31-Afoundria, 200
6,000 bales. Exports from all India ports record an increase
200
To Bremen-Dec. 31-Effingham, 3,975
3,975
of 7,000 bales during the week, and since Aug. 1, show an
To Rotterdam-Dec. 31-Effingham. 286
286
SAN FRANCISCO
-To Japan-Jan. 2
increase of 129,000 bales.
-President Adams. 500_ _ _
Jan. 6
-Siberia Maru, 300
800
To China
We also add the figures for last week which we were obliged
-Jan. 2
-President Adams. 300
300
SAN PEDRO-To Bremen-Jan. 2
-Kermit. 200
200
to omit on account of non-receipt of our cablegram:
CHARLESTON-To Liverpool-Jan. 1-ShIckshinny, 1.102
1,102
To Manchester
-Jan. 1-Shickshinny. 458
458
1924-25.
1925.
1023-24.
Total
Receipts at
226.835
Since
Since
Dec 31
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
LIVERPOOL.
-By cable from Liverpool we have the folBombay

119.000 898.000 127.000

Since August 1.

For the Week.
Exports
from
-

Great
Great Conti. Japan&
Britain neat. China. Total. Britain.

Bombay
2,00
1925
1924-25- _ 3,00
1923-24_ _ ----Other India
1925-26._ 1.000
1924-25_ _
1923-24_ _ 9:00
'Dotal all-1925
1924-25._
1923-24._

624,000 158,000 812,000

50,000
27.00 38,00
70,000 89.001
4,00
1,00
15,0

3.000 4.00 50,000 57,000
3,000 9,00 27,00 39,000
9.000 25.000 70,00 104.00

Conti- 1Japan &
neat.
China.

14,000 157,
19,000 85,00
64,000 300,001

334,
378,00
290,0

42,00C 158,00
12.000 87.00
32.000 130.000

Total,
505,000
482,000
854.000
198,000
99,000
162,000

334,111 703,000
378.00 581.000
290.000 816.000

58,00 313,00
31,000 172,00
96.00 430,00

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
8,000 bales. Exports from all India ports record an increase
of 18,000 bales during the week, and since Aug. 1, show an
increase of 122,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
--,ssi Lbs. Shirt Couon
fig Lb:. Shirt- Cotton
325 Cop WM Common Middrg 32s Cop ings, Common Middrg
Uprds Twist.
Twist.
to Finest.
to Finest.
lipids

30

191021 155
1814a2014 162
18 a191( 146
18 a1111S 148
171019 142

November
17 01814 141
8
173(61854 142
13
171018M 142
zo
17 a1834 142
27
Deoember161(a1834 14 2
4
181018 0 14 1
11
16 a17).9 140
18
16 01714 141
24
16 a171( 14 3
31
Janti6ry-------- 1RWalni 14 3

016 1
058
a152
0162
014 6

12.72
11.53
11.54
11.27
10.35

2410263( 176
24 426 180
231.(32554 175
2354a2539 176
241028M 175

018 6
90.84
a181
a181
3181

15.23
14.09
13.53
13.45
13.58

6145
.146
014 6
.146

10.49
10.58
10.80
10.74

231026
23)026
23102554
23102514

174
173
174
114

018 0
317 7
018 0
618 0

13.25
13.87
13.63
18.59

014 6
all 4
a14 4
614 5
a14 7

10.42
10.17
9.81
9.92
10.27

23 62454 16 5
23 a2434 16 5
23 62419 164
,
23 6249j 16 5
231025 16 7

017 1
a17 0
316 7
.170
617 1

12.98
13.11
13.28
13.24
13.57

Dec. 18. Dec. 24. Dec. 31.
32.000
22.000
23.000
16.000
20.000
14.000
3,000
1.000
1,000
56,000
75,000
76.000
722.000 785.000 854.000
427.000 479.000 547,000
92.000 120.000 138.000
60.000
97.000 110.000
419 nno 3"/ MCI 217,000
314.000 260,000 173,000

Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American

Jan. 8.
37.000
26,000
1,000
50,000

007,000

591,000
147.000
107.000
224,000
137,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
snot cotton have been as follows:
Spot.

Saturday.

Market, (
12:15 (
P. M. (

Futures.
Market 1
opened I
Market, I
4
{
P.M. I

Monday.
Quiet.

MId.Upi'ds
Sales

Tuesday. Wednesday Thursday.
Good
demand,

Good
demand,

Good
demand.

Good
demand.
10.54

10.39
HOLIDAY

Friday.

10.38

10.34

10.49

5,000

8,000

8,000

8,000

8,000
Steady, Quiet but Steady,
Steady, Very sty &
I to 7 pts steady,2 to 3 to 5 pts. ito 11 pts quiet, 5 pts.
advance, i pts. dec. decline, advance, advance to
6 pts. deo
Steady,
Steady, Steady,1 pi Steady.
Firm, 10
7 to 9 pts. 6 to 9 pts. advance tn I to 6 pts Pt,. adv. to
advance.
decliws. 5 nts. dee. advance. R nt. dee

Prices of futures at Liverpool for each day are given below:

1924.

1926.

October
2
9
16
23

lowing statement of the week's sales, stocks, &c., at that port:

Jan. 2
to
Jan. 8.

Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1214 4:00 1234 4:00 1234 4:00 1214 4:00 1214 4:00
p. m. p. m. p. m.p. m p. m. p. m. p. m. p. m p m.p. m. p. m. p. m.

d. d. d. d. d. d.
d. d. d. d. d. d.
January
10.0 10.1210.0; 10.03 9.9. 10 10.14 10.09 10.14 10.19
February
10.0 10.11 10.07 10.02 9.9: 10.02 10.1 10.08 10.13 10.17
March
10.1 10.1 10.12 10.07 10.30 10.0 10.1 10.13 10.16 10.19
April
10.10 10.13 10.11 10.05 10.01 10.0. 10.16 10.11 10.12 10.15
May
10.1110.14 10.11 10.07 10.03 10.0 10.1 10.12 10.12 10.13
June
HOLI- 10.0 10.1110.0710.03 9.9 10.0210.1210.0710.06 10.08
July
10.06 10.0: 10.0510.01 9.9 10.0010,0; 10.05 10.02 10.01
August
DAY
9.96 9,9: 9.96 9.92 9.8 9.89 9.96 9.99 9.90 0.88
September....
9.86 9.0 9.84 9.80 9.76 9.77 9.84 9.81 9.77 9.76
October
9.79 9.81 9. 9.73 9.6: 9.68 9.76 9.73 9.87 9.86
November
9.73 9.75 9.71 9.67 9.82 9.62 0.61 9.66 9.60 9.59
December
9 71 0.73 9.69 9.65 9.60 9.60 0.6 0.134 0.55 0.88

TOTAL VALUE OF IMPORTS AND EXPORTS OF
MERCHANDISE BY GRAND DIVISIONS
614 5
13.03
AND PRINCIPAL COUNTRIES,
-As shown on a previous page, the
The Bureau of Foreign and Domestic Commerce of the
SHIPPING NEWS.
exports of cotton from the United States the past week have Department of Commerce at Washington has issued its
reached 226,835 bales. The shipments in detail, as made report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
up from mail and telegraphic returns, are as follows:




10.54 231025

16 7 a17 1

THE CHRONICLE

237

Jan. 1 1925. London had a rumor that
November and the 11 months ending with November for and 44,800 on
flour. It was
1925. The following is the table com- Russia was bidding for North American bbls. of Canathe years 1924 and
reported here that Russia had bought 200,000
plete:
A Montreal
BY dian flour, but this could not be confirmed.
TOTAL VALUES OF IMPORTS AND EXPORTS OF MERCHANDISE.
mill, it was said, had sold it. The mill representatives
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
here seemed to know nothing of it. On the 4th inst. 9,115
11 Months Ended November.
Month of November.
sacks cleared from New York; also, 2,000, bbls. from BalImports from
timore. South America has bought, but not as much as
1925.
1924.
1925.
1924.
formerly.
Grand Divisions
2
1
/
Wheat advanced 4 to 4 c. on the 4th inst., with export
$97,911,297 $118,231,401 $985.433,251 11,122,388,994
Europe
902,115.684 demand rather good and the cables higher. Also, the in925,939.011
,
71,177.072 75,867,50,
North America
471.062,185
421,946,776
41,925,148 43.319.311
America
South
only
837,353,272 1,179.879.350 crease in the American visible supply last week was
79,074.695 126.736.591
Asia
72,654.135 538,000 bushels. Liverpool advanced 2
44,935,118
2
1
/ to 2%d., owing
4,722,468
1,904,264
Oceania
82,154,667
61,163,088
7.787.761
4,155,522
Africa
to Argentine rains and big and damaging floods in Europe.
6296,147,998 $376,665,051 63,276,770,521 13,830,255.015 Property and grain are said to have been destroyed. It
Total
Principal COU741liainto Europe
$63,905.985 may mean larger imports of foreign grain
$60,179,867
$4,565,775 $5,188,482
Belgium
Buenos Aires ad4,035.898 than have heretofore seemed likely.
5.748.618
358,553 6 293,361
Denmark
142,186349
133,199,721
13,728,582 14,492,171
France
rise was the
2
/
142.892,086 vanced 11 to 2%c. Another factor in the
126,464,742
11,908.938 15.728.271
Germany
25.668.754 small world's shipments of 7,960.000 bushels, against 11,25.361.974
1.218.827
1,251,59i
Greece
92,752.898
65.937.604
9.323,101
7.989.281
meant a decrease in
Italy
83,423.996 566,000 in the previous week. That
66.444,093
9,273,557
6,100,674
Netherlands
21.826.704 the quantity on passage of 2,170,000 bushels, leaving it only
19,196,736
2,636,057
1,648,031
Norway
11.784.233 28,750000, against 38,720,000 a year ago. Exporters took
6.667,316
1,314.052
759,448
Russia in Europe
29,676.406
25,842,672
3,574.137
2.425.909
Spain
37,518,734 600,000 bushels on the 4th, mostly Manitoba. Later in the
36,097.027
2,974,751
3,501,042
Swedan
36,384.645 day came a reaction under heavy realizing. Many have
32.087,618
4,550,031
3,502,131
Switzerland
375,563.315
327,127,726
42,341,771
35.674,621
United Kingdom
412.086.741 been disposed to sell on the advances after the recent big
362,578.367
35.059.001 43,233,442
Canada
39,490.833 rise, evidently fearing that it might not hold. On the 5th
34,992,151
2.541.847
2.267.038
Central America
164.788,622
152,357,492
15,366.611 12,824,034
Mexico
2
1
/
2
1
/ to 4c. in Chicago, 3 c. in Winni246,389,513 inst. prices declined 2
348,581,574
16.239,972 13,466,538
Cuba
7.154.960 peg, 3c. in Buenos Aires and 1
5,472,602
4 to Id. in Liverpool. Offer553,324 j 430,711
Dominican Republic
73.023.939
69.003,918
6,714,471
4.581.701
Argentina
199,541.178 ings of Argentine and Australian new wheat increased.
157.498.118
20,249,655 21,552,730
Brazil
83.934.568 The weather in Argentina was fine. A rumor that 200,000
91,519.895
5,696,882
9.290,673
Chile
55,779,820
536008.851
4,333,434
3,227,535
Colombia
7.667.312 bbls. of Canadian flour had been sold to Russia was not
5,621.509
487.031
585.161
Ecuador
15,038,308 confirmed. Support on the 5th inst. disappeared. Only
20.658.681
2,198.211
2,119.529
Peru
15,287.799
6,137,641
392,157
209.049
Uruguay
17.903,369 250,000 bushels were sold for export. The interior Cana15,509,101
1,796,812
1,494.381
Venezuela
131,187.944 dian crop movement, moreover, was large. The stock at
91.102.669
6,357,050 10,414,404
British India
269,211,522
135,880.273
13,764,777 34,785,612
Straits Settlements
nearly 1,000.000 bushels.
156,259,725 Liverpool in two weeks increased
107,032,698
12,064,040 13,057,282
China
16.979.725 The next day, the 6th inst., Chicago prices fell 1 to 1%c.
15,750,855
545,781
999,373
Hong Kong
84,642.829
50.593.582
and other selling, but later came a rally of
5,271,611 10,791,511
Dutch East Indies
344.937,285 on Wall Street
300.435,573
28.364,054 37,241,617
Japan
4c.
2
1
/
4
1
/ to 3 c. from the low, making a net rise of 1 to 17
104.301.511 2
91,769,544
8.811,732
6,147,611
Philippine Islands
51,374,504 Liverpool was somewhat higher than due, Argentine crop
29,776,202
3,877,758
1,257,118
Australia
19,135,504
12 945,168
515,722
347,368
New Zealand
8.228,599 estmlates were still bullish, the export surplus was stated
6,509,401
388,703
420,411
British South Africa
35,818,040 at only 9,000,000 bushels and Western cash markets were
23,900,339
4,529,573
1,970,568
Egypt
Exports to
reported active and firm on buying by large mills. That
Grand Divisions
3305,455,682 $237,643.711 $2,171,048,850 12,356,393.025 and Liverpool's firmness offset the smallness of the export
Europe
93.094,135 93,738,784 1,012,778,080 1,044,770,887 sales, which were only 200,000 bushels. Buenos Aires on
North America
359,061,016
285,406,240
27,086,983 34,990,842
South America
430.540,310 the 6th inst. was closed for a holiday. The contract stock
468.148,159
60,438.523 56,164.120
Asia
171,444,015
144,586,251
12.710,129 16,489,668
Oceania
79,194.794 at Chicago on Jan. 5 was 839,000 bushels, against 609,000
63,267,872
8,568,147
4,787,469
Africa
a week previous and 3,725,000 last year-considerable dif$447,595,277 $4,145,235,452 $4,441,404,047 ference. Some take the ground that some factor other than
Total
$493,572,921
A
Principal Countries$12,800,796 $9,277,474 $103,822,748 $108,730,806 estimates of yield is necessary to permanent strength. They
Belgium
50,235.917
4,568,133 lj 38,561,190
5,344.188
prices can be advanced in the face of
Denmark
252,081,929 are doubtful whether
253,802.188
36,765,203 29,560,272
France
434,359,487 large and increasing supplies, coupled with a poor demand.
39,119,959 1389,745,424
58,312.271
Germany
15,772,628 Prohibition of the export of wheat from Italy has been
645.176 41112.957,339
3,121,593
Greece
187,670,566
22,863.396 16,765.561 A 163,232.304
Italy
130,458.541 extended to six months from Jan. 1, according to advices to
9,615,835 1 136,478,455
19,382,414
Netherlands
25,044,440
1,604,364 a 20,479.875
3,183,030
Department of ComMerce from the Attache at Rome.
Norway
65.753,187 the
41,185,289
1,125,094
430,240
Russia in Europe
70,647,794 This prohibition, which originally was to have expired on
63.268,474
8,267.358
8,554,468
Spain
39.083,428 Dec. 31 1924, had been extended to Dec. 31 1925. The plan
4,151,434 41 38,252,044
3,687,130
Sweden
7,989,857
522,429 1' 8,204.687
753,730
Switzerland
917.676.310 to boost the price of farm products on the home market
866.150,091
125,834,994 107,246,841
United Kingdom
599.699,215 through control of the export surplus is impractical and
585,042,77.
53,110,027 53,650.373
Canada
65,809,939
59,843,211
5,368;039
5,744,418
Central America
131,993.400 uneconomic in important particulars and possibly would
122,901,761
12,165.774 11,063,527
Mexico
180,839,216 prove provocative of international difficulties, according
184,516,341
15,687,707 16,930,422
Cuba
16,140.758
1,619,883 16 14,316,09:
1,647,759
Dominican Republic
131,887,697 to Sir Josiah Stamp, of England, whom Lloyd George once
106,391,18:
10.108.498 13,230,067
Argentina
79,214,081 called "the world's greatest practical economist." Chicago
58,483,771
6,064,126
7,560,074
Brazil
34.888,802
28,572,864
2,664,477
2,695,018
Chile
that our wheat market is at such
36,844,708 commented: "The fact
25,070,251
3,972,412
2,757.428
Colombia
6,043,004 premiums over Winnipeg, Minneapolis and Kansas City has
5.137,923
544,477
531,761
Ecuador
20,512,829
21,821,051
1,880,819
1,762,098
Peru
considerable selling here and the feeling prevails
19,017.823 caused
16,970,847
1,634,315
1,142,132
Uruguay
22.052.578 In some quarters that until those markets show more inde16,008,871
2.706,011
1,430,920
Venezuela
34,309,096 pendent strength advances here will be hard to maintain."
31,177,167
3,901,342
2,202.446
British India
10,055,973
6,915,970
794,809
1,256,787
Straits Settlements
81,729.403 Deliveries on Dec. 31 in Chicago were only 1,571,000 bush102,234,273
6,394,676 11.164,236
China
12.782,961 els. To-day prices advanced 1
15,881,777
1,051,740
1,204,709
Kong
2
1
/ to 2 c. at Chicago and
2
1
/
Hong
17,303,777
13,487.481
2,129,513
916,976
Dutch East Indies
200,906.069 1% to 2c. at Winnipeg. Speculation broadened out. Fluc223,854,991
31,548,130 29,861,215
Japan
55,038,204 tuations were more or less erratic, but on the whole the
54,998,849
5,196,009
6,133,810
Islands
Philippine
10,237,694 12,742,327
115,615,700 . 134,740,508
Australia
34,505,122 undertone was firm. A Wall Street operator was supposed
27,134,397
3,580,395
2,322,600
New Zealand
41,301,721 to have sold out a good deal of wheat and cotton, if not
32,386,481
2,448,863
4,323,467
British South Africa
6.705.279
758.688
457,043
5.285,866
Egypt
stocks, with the bank rate of discount 4%. But in wheat,
as in cotton, the offerings were well taken. Interior receipts fell off. The milling demand at leading cash marBREAD- STUFFS
kets was good. Red wheat was especially firm. It was
Friday Night, Jan. 8 1926.
bringing 14c. over Chicago May and sold at $2 in St. Louis.
The developments as regards the course of trade in flour Export sales were nothing great, reaching 400,000 bushels
have become practically stereotyped. Changes in prices of Manitoba. But the indications pointed to only a modthere are, of course, from week to week. But trade keeps erate total on world shipments. There may be another dein the same narrow bounds, not merely from week to week, crease in the amount on passage. Argentina was up 2c.
but from month to month and it might almost be said from Beneficial snows have prevailed at the West in this counyear to year, if we consider the state of business in the try and July wheat at Chicago was inclined to lag behind
last two years or more. In that period the habit of buying other months. Final prices show a decline on May for the
from hand to mouth has seemingly become ingrained. Prices week of %c., while July was up lc.
at times are largely nominal. Export business to all outDAILY CLOSING PRICES OF WHEAT IN NEW YORK.
ward appearances is quiet, though now 'and then the big
Sat. Mon. Tues. Wed. Thurs. Fri.
204K 201
cts200% 196k 198(
the query whether a good business is not No. 2 red
exports suggest
IN CHICAGO.
being occasionally done with the stipulation by buyers that DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
176,‘
delivery
cts_
180 176% 178% 174
,
1
the fact shall not be divulged. However that may be, the Maydelivery in elevator
in elevator
153%
15634 154X 155X 152
usual report in regard to export is "very quiet; nothing July
September delivery in elevator---- 144% 14614
- -- new." During the past week business for home account has DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tun. Wed. Thurs. Fri.
been slow and for export seemingly no less so. Certainly May delivery in elevator
cts_
161%
165% 16214 163X 160
striking features have been lacking. When prices change July delivery in elevator
15734 159%
1633i 159)( 161
- 139
140%
It is naturally a mere echo of the wheat market. The New October delivery in elevator _______
1c.
/
Indian corn declined on the 5th inst. 12 net in symYork stock on Jan. 1 was as follows: Spring, 34,400 bbls.,
against 32,600 on Dec. 1 and 31,600 on Jan. 1 last year; pathy with the weakness that day in wheat. But the next
1c. Be/
winter, 13,700 bbls., against 12,200 on Dec. 1 and 13,200 last day, following wheat's advance, corn rose % to 12
year; total, 48,100 bbls. on Jan. 1, against 44,800 on Dec. 1 sides, the offerings were small. The receipts were also




238

THE CHRONICLE

[Vol,. 122.

small. The cash demand was fair. Shorts covered. There Receipts at- Flour.
Wheat.
Corn.
Barley.
Oats.
Rye.
was still talk of the possibility of Government aid to the
bbls.1961bs. bush. 110 lbs.bush. Sr. lbs. bush. 32 lbs. bush.48lbs.bush.h6lbs.
farmer in some shape or other, but it played no part in the Chicago
198.000
287.000 1.627.000
500,000
70,000
12.000
1,391.000
345,000
395.i i i
movement of prices. Exports for the week ending Jan. 2 Minneapolis.
143,000
114.000
Duluth
538.000
42.000
321.000
150.000
were given in Washington figures as 568,000 bushels. Opin- Milwaukee
38,000
80.000
154.000 106.0001
234.000
9.000
32,111
31.000
ions in corn were mixed, but with many traders feeling Toledo
113.000
1.000
I
Detroit
11.000
9,000
8.000
3,
20,000
if the Government is inclined to favor higher prices Indianapolis_
that
7.000
306.000
46.000
this commodity it is hazardous to sell it. Some feel St. Louis.--. 63.000 324,000
for
301.000
304.001
13,
38,000
13,000
290.000
89. I
6.
that until a better consumptive demand is in evidence that Peoria City.
Kansas
463.000
111,111
327,000
should be sold Gri strong spots. • At Chicago deliveries Omaha
corn
109,001
303,000
70,000
65.000
146.000
8.000
of corn on December contracts last Thursday were the St. Joseph.
Wichita
119.000
6,01i
57,000
largest In years for that month. They reached 8,564,000 Sioux City.
30,000
35,000
26,000
1.
--*bushels. The corn was mostly taken by large cash interests. Total wk. '26 335.000
3,448,000 3.891.000 2,080. ii
685.000 294.000
contract stock at Chicago was 3,803,000 bushels on Same wk. '25 404.000 4,084.000 5.143.000 4.245.000 609.000 415.000
The
Jan. 5, against 3,019.000 a week previous and 2,429,000 last Same wk. '24 290,000 3,058,000 5.158.000 2.503.000 379,000 284,000
year. Chicago wired that the International Harvester Co. Since Aug.1
I
1925
10,309.000 218.919.000_ 98.321.000 134,612,000 52,417,000 15,937.000
has authorized its dealers to accept any merchantable corn
_
_
.
_
luCa
. . .
•
.004.uuu 1O5.u55,0004'2.554.utlU
payment for farm implements on the basis of. $1 a bushel
In
9,4i79,000223,301,004) 122,275.000126.933.00024,364.000 17,655,000
1923
for No. 2 corn at Chicago. To-day prices closed 1% to 2c.
Total receipts of flour and grain at the seaboard ports for
higher on a larger business. It heartened holders to find
that the big Harvester company will allow $1 a bushel in the week ended Saturday, Jan. 2, follow:
payment for implements. Other large business concerns, Receipts al- Flour.
Wheat.
Corn.
Oals.
Barley.
Rye.
It is intimated, will take similar action, with a view of in
Bushels.
Bushels.
Bushels. Bushels.
fusing greater life and confidence into the corn belt. Coun- New York_.. Barrels. Bushels
155.000
94.000
try marketings may fall off. The farmer will have the Philadelphia_ 205.0001 1.281.0001 280.800 . 200. i 456 II 119.000
42.000
732.000
18,111
5.000
591,000
97.111
58,111
privilege of delivering in May, June or July. Receipts were Baltimore_ _. 18.000 457,000
2,000
New Orleans *
45.000
280.000
24,000
moderate, with a fair demand. Cash prices were stronger. Galveston.
14,000
36,000
Offerings from the belt east of Chicago fell off sharply. St. John, N.B
752.000
9,tsi
8 ,iti
25,000
70.000
1,000
14.00
That is the section which has been offering corn down. Boston
The tone was healthier all day. Last prices show a rise Total wk. '26 371.000 3,306.000 1,316,000 444.000 619,000 126.000
Since Jan.1'213 371,000 3.306,000 1,316,000
444.000 619.000
126,000
for the week of 2 to 2%c.
•
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
cts_ _--- 101% 9834 99
No. 2 yellow
97% 9834
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts88% 86% 8734 8634 88%
July delivery in elevator
8934 8834 8934 8834 90%
September delivery in elevator_

Week 1925_
I..

CI.,,.

,•;a

443,000

3,642.000

214.000

365.000

ddI nnn

2049 nnn

914000

Inc nnn

340.000 1.331.000
1 ,2 nnn
•

Idn non

•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, Jan. 2 1926, are shown in the annexed
statement:

Oats on the 5th Inst. declined / with other grain, but
1c.,
2
Flour.
Corn.
Wheat.
Exports from
Oats.
Barley.
RV&
the next day advanced % to Y
4c. It was, it will be seen, a
sluggish affair. It gave little heed to either declines or
Bushels. Bushels. Barrels. Bushel., Bushels, Bushels.
1,944.812 128.553
41,366
69.652
83,790 139,145
advances in other grain; it had not life enough. Deliveries New York
24,000
Boston
on Dec. 31 at Chicago were 4.556,000 bushels. They were Philadelphia
453.000 177,000
1,000 100,000
17,000
251.000 411,000
1.000
taken by elevator interests. The contract stock in Chicago Baltimore
53.000
New Orleans
14,000
125,000
12.000
was 4.325.000 bushels, against 4,198,000 a week St.John, N.B
on Jan. 5
752,000
36,000
9,000
87,000
previous and 4,824,000 last year. To-day prices advanced
Total week 1926._ 3,424,812 841.553
93,3 6 190.652
33.700 296.147
/ with some buying by commission houses. Shorts cov- Same week 1925
1c.,
2
65,000 262,654 271.807 288,473 844.835
3.353.831
ered to some extent. The rise in other grain was not withThe destinat on of these exports for the week and since
out some effect. And there was a lack of heavy offerings
from the country. Receipts made only a fair total. Cash July 1 1925 is as below:
markets were steady. But on the other hand the demand
Flour,
Wheat.
Corn.'
was only moderate. Speculation is largely dormant. For Exports for Week
Week
and Since
Since
Week
Since
Week
Since
the week there is an advance of just Y net, showing how
4c.
July 1 toJan. 2
Jan. 2
July 1
July 1
Jan. 2
July 1
little interest there is in this grain.
1926.
1926.
1925.
1925.
1926.
1925. DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
---- 54% 5434 5434 54
5434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. 1Ved. Thurs. Fri.
May delivery In elevator
cts_ --- 46% 4534 4531 4534 46
July delivery in elevator
4634 4634 4634 4534 4631
September delivery in elevator_ _
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_
51.% 5031 5034 5034 5034
July delivery in elevator
5234 5134 5134 5034 5134
October delivery in elevator

Barrel
, Barrels.
Bushels.
Bushels. Bushels.
United Kingdom. 62.055 1,956,588 1,808,656 r9,828,639 800,204
Continent
17.311 3,216.071 1,616,157 78,790,494 476,349
So.& Cent. Amer.
223.467
1,305.784
34.000
West Indies
491.529
14,000
133,925
31,000
Brit.No.Am.Cols
Other Countries
490:476
977,234
Total 1926
OW.1311095

93,366 6,378,131_ 3,424,812 141,036.076
0 IAA 901 2 251 1121 IOR 7511 AAR

9R9 ARA

Bushels.
1,033.204
1.636.336
1,256,000
995,900
2,355

841,853 4.923,791
AK non 1K.0 ens

The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange, for the week
Rye declined 1% to 1%c. at one time, but rallied 11 to ending Friday, Jan. 1 1926, and since July 1 1925 and
/
2
2c. with wheat later. Export sales on the 6th inst. were 1924, are shown in the following:
100,000 bushels. December deliveries on Dec. 31 in Chicago
lVheat.
Cern.
were 2,715,000 bushels. To-day prices advanced 1% to 1%c.
1925-26.
1924-25.
under the influence of a rising market for wheat. Offer1925-36.
1924-25
ings of rye, moreover, were only moderate. There was no
Week 1
Since
Since
Week
Since
Since
Jan. 1.
further export business reported. Speculation was small.
July 1.
July 1.
Jan. 1.
July 1.
July 1.
There was some scattered covering. Low foreign quotaBushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
tions are partly explained, according to private advices, by North Amer_ 6.397,000 212,602.000 269,651.000 1.510.
4.345,01
685.000
56,000 14,544.000 3,048.000
the quality of the grain. Final prices show a rise for the Black Sea- _ 851,000 30,909,000 47,278.000 901.000 13,614.000 14,028.000
Argentina_
2,420,000 86,312,000 125,066,000
week of 13 to 2c.
Australia _
656,000 17,680.000 19,564.000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
113% 112
113
11131 11234
11131 10934 11131 10834 11034

May delivery in elevator
as_
july delivery in elevator
September delivery in elevator_

Closing quotations were as follows:
FLOUR
Spring patents
9 25a 9 75 Rye flour, patents
$6 25a36 75
Clears, first spring
00a 8.50 Seminole No.3,lb
8
Soft winter straights
8 50a 8 75 Oats goods
i
2 Osc 80
Hard winter straights
9 25a 9 75 Corn flo r
u
2 45a 2 55
Hard winter patents
9 75010 25 Barley goods
8 000 850
Hard winter clears
Nos. 2,3 and 4
425
Fancy fear!. No. 2, 8
Fancy Minn. patents__ _1085411 50
and
1 15a11 65
City mills
725
GRAIN.
Oats, New York
Wheat. New York
1.9831 No. 2 white
No. 2 red. f.o.b
Nom.
No. 3 white
No. 1 Northern
No. 2 hard winter,f.o.b....1.98% Rye, New York
No. 2 f.o.b
Corn, New York
Barley. New York
No.2 mixed
Malting
9834
No.2 yellow (new)

54
53
11131
87

a

90

The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce .Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:




India
Oth.Countr'
Total

2,512.00

23,480,000

859,000 31,686,000
639.000
7,960,000278,247,000362,921,000 5,690.000 135,937,000140,418,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 2, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Afloat
Toledo
Afloat
Detroit
Chicago
Afloat
Milwaukee
Afloat
Duluth
Afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita

GRAIN STOCKS.
Wheat.
Corn.
Oats.
Barley.
Rye.
bush,
bush.
bush.
bush.
bush.
752,000
56,000
979,000
200,000
222,000
2.000
68,000
84,000
4,000
848,000
253.000
341.000
53,000
106,000
1.177.000 1,130.000
95,000
55,000
23,000
31.000
267.000
910.000
123,000
330.000
14,000
5,066,000
603.000 2,970,000
783.000
67.000
5,238.000
267,000
1,750000
661.000
1,221,000
160.000
576,000
3,000
3,000
968,000
586,000
185,000
50,000
175,000
30,000
3,627,000 8,980.000 9,523.000 3,328.000
659.000
93,000
684.000
423,000
769.000 1,729,000
190,000
116.000
205.000
7,151.000
627,000
8,595,000 4,467,000
150.000
63.000
9,246.000
114.000 20,405.000 3,268,000 4,094,000
8,000
177.000
50,000
103.000
630,000
1,453.000 1.410.000 1,012,000
59,000
24,000
5.701,000 1,804.000 5,737,000
87,000
119.000
2,717,000
69,000
221,000

THE CHRONICLE

JAN. 9 1926.]
Bt.Joseph,Mo
Peoria
Indianapolis
Omaha

Wheat.
bush,
1,711.000
3,000
388,000
1,420,000

Oats.
Corn.
bush,
bush,
61,000
171,000
74,000 1,437,000
694,000
472,000
751,000 4,485,000

Rye.
bush.
6,000

Barley
bush.
3.000

2.000
232,000

31.000

Total Jan. 2 1926-50,425,000 17.861,000 63,007,000 12,792.000 7,236,000
Total Dec. 26 1925_49,887,000 14,101,000 62,457,000 12.453,000 7.100.000
Total Jan. 3 1925-91.492,000 18,573,000 72,128,000 21,999,000 5.469.000
Note.—Bonded grain not included above: Oats, New York, 154,000 bushels:
Baltimore, 26,000: Buffalo. 155,000; Buffalo, afloat, 372,000; Duluth, 95.000;
total, 802,000 bushels, against 1,739,000 bushels in 1925. Barley, New York,
490,000 bushels; Boston, 283,000; Baltimore. 325.000; Buffalo, 2,131.000; Buffalo,
afloat. 527.000; Duluth, 124,000; total, 3,880,000 bushels, against 3,349,000 bushels
In 1925. Wheat, New York, 3.579,000 bushels; Boston, 240,000: Philadelphia,
801.000: Baltimore, 887.000; Buffalo, 7,421,000; Buffalo, afloat, 9.339.000; Duluth.
294.000; Toledo, 101,000: Chicago, 141,000; Erie, 638,000; Fairport, 955,000:
total, 24,396,000 bushels, against 18,934,000 bushels In 1925.
Canadian—
130,000
151,000
157,000 1,232,000
3,703.000
Montreal
5,050,000 1,589,000 3.905.000
Ft. William & Pt. Arthur_29.909,000
1.207.000
511,000
5.260,000
Afloat
49,000 1,768.000
2,951,000
12.808,000
Other Canadian
157,000 9.744,000 1,789.000 7.783.000
Total Jan. 2 1926-51,680.000
15.000 8,962.000 1,706,000 7,437.000
Total Dec. 26 1925____45,935,000
333,000 16,682,000 1.739,000 5,952,000
Total Jan. 3 1925___31,448,000
Summary—
50.425.000 17,861,000 63.007.000 12.792.000 7,236.000
American
157,000 9,744,000 1.789.000 7,783.000
Canadian
51.680.000
Total Jan. 2 1926_102.105,000 18.018.000 72.751.000 14,581.000 15,019.000
Total Dec. 26 1925.. 95.822.000 14.116.000 71.419.000 14.150,000 14.537.000
Total Jan. 3 1925-122,940,000 18.906.000 88,810,000 23.738.000 11.421.000

239

Ifentucky.—Louisville: Cold first half, but ended warm with thaw; light
showers and much fog. Tobacco stripping resumed. Wheat on heavy
soils shows some injury, but extent uncertain; generally good condition
where well drained.

THE DRY GOODS TRADE

Friday Night, Jan. 8 1926.
The first week of the new year was a rather quiet one in
the textile markets. Factors, however, expressed themselves as hopeful in regard to the future. It was pointed
out that the record holiday business just consummated had
succeeded in depleting stocks in retail and wholesale channels. Merchants were said to be poorly supplied with merchandise and the proof of this was found in the i Icreased
number of buyers in the markets. With such a large seasonal business behind them, retailers are expected to be
more liberal in regard to the placing of orders. This in
turn has given rise to the hope that all of the optimistic
year-end talk would serve to somewhat reduce the piecemeal buying. Thus far, however, retailers have shown
little or no inclination to deviate from their practice of
buying small lots for a quick turn-over. Complete statistics being compiled for 1925 demonstrate how useless and
futile were the fears that rayon would supplant or greatly
WEATHER BULLETIN FOR THE WEEK ENDED reduce the use of real silk. It has been an interesting fact
JAN. 5.—The general summary of the weather bulletin that while rapid strides have been made with rayon, it is
issued by the Department of Agriculture, indicating the in- still behind silk in actual consumption, a difference of approximately 5% still separating them. Records issued by
fluence of the weather for the week ended Jan. 5, follows:
The weather moderated during the first two days of the week, though the Silk Association of America show that over half a milit continued cold in the Northeast. It was generally above normal there- lion bales, or actually 501,343 bales, of raw silk were conafter, except in shifting localities In the South. A low pressure area moved
southeastward along the northern border of the country from December 31 sumed by mills during the past twelve months. This was
to January 2, and a second disturbance appeared In the extreme Southwest almost 40% above the total used during 1924. which was the
on the 1st and moved northeastward toward the Great Lakes.
The lowest temperature for the week was 618 degrees in New England, previous high record. While primarily, fashion has been
while a few scattered stations in the Northwest, and one point in the
responsible for the large activity in this industry. manuAppalachian region reported temperatures below zero. Florida. the east
also give credit to the comparative stability of
Gulf coast, and the Pacific coast had no freezing temperatures during the facturers
prices, which enabled them to proceed confidently with their
week.
Precipitation was light and scattered the first half of the week, the
allowed them to sell their goods cheaply as comgreatest amount being in the Gulf States and the Southwest. During the plans and
latter half precipitation was much more general and most sections recorded pared to other fabrics.
moderate to heavy rain on one or more days. Only a trace of precipitaDOMESTIC- COTTON—GOODS r As was generally extion occurred over the extreme northern Great Plains and the northern
Rocky Mountain districts. Elsewhere the rainfall for the week was gener- pected, markets for domestic cotton goods failed to develop
ally somewhat below normal, except in the South Atlantic and Gulf Statcs
where some stations reported plus departures of 2 inches Cr more. Except any great amount of activity during the week. Nevertheon the lower Pacific coast and the northern Rocky Mountain region, the less, as in other divisions of the textile markets, the future
amount of sunshine was generally low, three stations on the west Gulf coast
was viewed with comparative optimism. Prices have held
reporting no sunshine for the week.
Following last week's cold wave the temperature rose slowly during the steady, owing to an advance in raw cotton, and although
entire week east of the Rocky Mountains, and moderate weather prevailed quite a number of inquiries were reported, actual orders
over the western portions of the country. In general. conditions were
unfavorable for farm activities, and, except for some corn husking and
were still more or less restricted and of a filling-in characshredding in the Ohio Valley. little was done during the week east of the ter. Business was of such proportions and so widely disRocky Mountains. In the West conditions were more favorable; work was
uninterrupted in Idaho. and much grain was seeded In California. The tributed over a variety of goods that there was but little
damage to truck by last week's freeze was considerable, but citrus suffered doubt entertained concerning the depleted condition of disonly light to moderate harm.
SMALL GRAINS.—Fall-sown grains are generally dormant and, owing tributers' stocks. The much-heralded influx of buyers is
to sufficient snow cover, suffered but little from the freeze of last week. In not expected to develop until about the middle of the curMaryland exposed grain turned brown, and it is believed that unprotected
wheat in the Ohio Valley may have been injured somewhat. Snow cover Is rent month, while it is believed that retailers will not be
needed in some sections of the western Plateau and the extreme Northwest. actively interested in offerings until after their inventory
Much seeding was done during the week in California Oats were benefited
next month. About the only
by rains in Texas. and were slightly damaged bv the freeze of last week in taking, say the beginning of
Louisiana and Alabama. Some rice is still unharvested in Arkansas and development of note during the week was the almost general,
considerable unthreshed.
CORN AND COTTON.—Husking and shredding corn progressed in re-pricing of denims for January, February and March deOhio and Indiana and is about completed In Kansas, but this work was livery at lower levels. For some time past users of these
stopped on account of muddy fields in Missouri. There is still some cotton
desirous of getting their prices established
In the fields in Arkansas. Picking is slow in Arizona and delayed in the goods have been
Imperial Valley of California where some damage to cotton was reported. on a stable basis in order that they might lay the foundaThe Weather Bureau also furnishes the following resume tino for their future operating plans. The revised price
basis was said to have been low enough to inspire confiof the conditions in the different States:
North Carolina—Raleigh: Week opened very cold, but moderating latter dence and, as a result, denims for the first quarter were
part; rain at close helpful for water supply and stream flow for power. but reported to have sold quite well. A moderate quantity of
more rain is needed in west and central to thoroughly soak soil. Hardy
truck moderately damaged by recent freeze. Wheat and oats In apparently print cloths was purchased in small lots for use during the
fair condition.
Print cloths, 28-inch, 64 x 64's construcSouth Carolina.—Columbia: Hard freezes last week and first of this week next two months.
2c., and 27-inch, 64 x 609s, at 6c. Gray
seriously damaged cabbage, turnips, and onions in interior, but loss com- tion, are quoted at 6Y
paratively light on coast. Winter cereals apparently unhurt. Much goods in the 39-inch, 68 x 72's construction, are quoted at
Last of week more seasonable weather with good rains.
hog killing.
Georofa.—Atlanta: Cold at beginning of week, with heavy rains at close 101 4c., and 39-inch, SO x 80's, at 12c.
/
and little sunshine, unfavorable. No plowing or other outside work done.
WOOLEN GOODS: Markets for woolens and worsteds
Rivers rising considerably and normal water supplies being restored.
ruled quiet, but retained a firm undertone, inspired by the
Cereals not materially damaged by freeze.
norida.—Jacksonyllie: Frequent rains In west. occasional showers in lack of a depressing hold-over and the reopening of foreign
central, but mostly dry in south. Colder than usual fore part,followed by
rising temperature last days of week. Lowlands too cold and wet, except raw material markets at apparently firm levels. In view
in south and in Everglades where truck doing well and much being shipped. of the approaching opening of fall lines, the next series of
Much berry bloom killed by cold of previous week In north and west and
satsumas in west suffered. Oats fair, but growth slow. Citrus trees good. wool sales opening on Jan. 19 will be carefully watched.
Farm work backward.
Prices established at this auction will have an important
Alabama.—Montgomery: Temperature decidedly below first half and
decidedly above last two days; rainfall general ad mostly heavy last half. bearing upon cloths. In the domestic market the men's
Little farm work accomplished. Oats damaged by recent freezes: slight wear division has been marking time, but sentiment has
in south, but considerable or killed In most sections of west and north. been cheerful owing to the favorable outlook for the spring
Truck crops and vegetables in coast region survived freezes, but damaged
considerably or killed in most other sections: cabbage crop in coast region season. While a good portion of orders have been placed,
sustained only slight Injury. Freezes will probably cause some defoliation
it was estimated that less than one-half of the needs have
of satsuma orange trees.
Missission1.—Vicksburg: Generally cloudy throughout; daily heavy been actually covered. On the other hand, the women's
south, moderate to heavy in central Saturday to Monday
rains in extreme
has been dull and unsupported.
night, but light in extreme north on Sunday. Generally poor progress in wear division
FOREIGN DRY GOODS: For the most part, linen Marfarming activities and truck. Pastures making poor progress.
Lotitstana.—New Orleans: Cold weather, followed by heavy rainfall,
Holiday busistopped sugar cane grinding and other farm work. Dirt roads impassable kets remained steady throughout the week.
In many places and fields Inundated locally In south. Oats and most ness has Made large inroads into stocks, as was evidenced
hardy truck damaged very little; radishes killed by recent freeze. Consider- by the sparsely filled shelves. This was said to have been
able local damage to winter gardens in central portion.
Texas.—Houston: Cold and cloudy with general precipitation; light In particularly noticeable In the better quality damasks and
western half, moderate to heavy in eastern. and heavy fall of sleet and
various other items which have enjoyed an excellent disfreezing rain in lower coast section, which did considerable damage to
country. Apparcitrus trees and shrubs. Precipitation beneficial, except near coast where tribution throughout all sections of tile
and hardy truck by recent ently this recent spurt in business has been satisfactory
dry weathern needed. Damage to citrus fruits pastures
benefited by prifreezes small to moderate. Wheat, oats, and
expecting a subelpitation. Conditions fair to good for outdoor work. Trusk shipments enough to justify a number of factors in
stantial volume of orders for the January and February
delayed by wet weather.
gathered
• Oklahoma.—Oklahoma City: Crops beneficialand farm activities mostly sale events. In regard to the future, it was quite generally
for winter grains and put
suspended. Moderate, general rains
amid In good condition for plowing. Wheat dormant, but fair to good. agreed that this year would be one of improvement. This
„
Livestock good condition.
had just passed
Arkansas—Little Rock: Cold weather and frozen ground very unfavor- was based upon the fact that the industry
in fields and some rice unhar- through one of the worst years in its history and it seems
able for most kinds of work. Some cotton
vested; considerable rice unthreshed. Some plowing in south. Wheat, reasonable now to look for better times. Burlaps failed to
"te, and rye good. Some truck in south survived freeze.
Terme-Ism—Nashville: Dry, bright, and below freezing during most of develop any activity for the first week of the new year.
week,
the much followed by cloudiness and rain with temperatures from normal Light weights are quoted at 8.70 to 8.75c. and heavies at
to
above. Winter grains at standstill. Livestocklidoing well.
11.70 to 11.75c.
&AI
Roads in excellent condition.




240

THE CHRONICLE

[VoL. 122.

series of years. The 1925 figures are subject to revision
by later advices:

*tate anti (Situ pinattment

Month of

For the

Month of

For the

$116,579,429

$115,724,054

December.
Twelve Month.?
Twelve Months
December.
MUNICIPAL BOND SALES IN DECEMBER AND FOR 1925
3152,284,442 $1,388,688,650 1908
$28,050,299 $313.797.549
1924
93,682,986 1,398,953,158 1907
227.643.208
THE YEAR 1925.
13.718,505
.1923
113,645,909 1,063,119,822 1906
201,743,346
21.260.174
1922
66,149,400 1,100,717,312 1905
183,080,023
State and municipal bond emissions during December 1921
8,254,593
220,466,661 1,208,548,274 1904
250,754,946
9.935.785
aggregated $152,284,442
-the second highest figure for the 1920
55,476,631
683,188,255 1903
152,846,335
13,491,797
1919
62.082,923
691.518,914 1902
11.567,812
149,498,689
year. The top was reached in May, when a total of $190,- 1918
22,953.088
296,525,458 1901
15,456.958
131.549,300
32.559,197
451.278,762 1900
145.733,062
22,160.751
423,836 came upon the market. The amount placed in 1917
1916
35,779,384
457.140,955 1899
118,113,005
4,981,225
1915
December a year ago was $93,682,986.
34,913,362
498,557,993 1898
103,084,793
7.306,343
1914
29,211,479
474.074,395 1897
137,984,004
17,855,473
the year at an end the grand aggregate of bonds 1913
With
44.635,028
403,246.518 1896
106.496,060
10,664.287
1912
27,657,909
386.551.828 1895
114,021,633
8,545,804
disposed of during the twelve months of 1925, according 1911
36,028,842
396,859,646 1894
117,176,226
13,488.375
36.621,581
320.036,181 1893
to our provisional figures of to-day (which, however, 1910
77,421,273
17,306.564
1909
31,759,718
339,424,560 1892
3,297,249
83,823,515
are subject to revision by later returns), is found to be
The monthly output in each of the years 1925 and 1924
$1,388,688,650, makirg the fifth successive year during
is shown in the following table:
which the new financing on the part of the country's
1924."
1925.
1924.
1925.
municipalities called for over a thousand million dollars. In January-- 399,625.470 8135.311.122 July
$117.123.679 $143,535,464
February_
94,798.665
80.323,729 August _
82.905,297
108.220.267
1924 the grand total was $1,398,953,158, in 1923, $1,063,- March ___ 101,135,402 110.972.15f September 124.336.682 114,834,387'
133,288.881
93,592,093 October._
79,136,391
92.079.368
119,823; in 1922, $1,100,017,313, and in 1921, $1,208,548- April
May
117,445,017
190,423,836 November
65,040,352
74.765.203
242,451,538
140,329,381 December.
152,284,442
274. Large issues disposed of during December were as June
93,682.986
Total
follows:
$1,398,953,158 31,388,688.650
323.900.000 434% 20 -year (opt.) Philadelphia, Pa., bonds awarded
-50
to a syndicate headed by the National City Co. of New York. at 101.8195.
a basis of about 4.365% to optional date, and a basis of about 4.41% If
allowed to run full term of years.
820.125.000 State of North Carolina bonds (made up of four separate
Issues) bought by a syndicate headed by Lehman Bros. and the Chase
Securities Corporation, both of New York, at 100.0899 for 4s, a basis
of about 4.49"y.
814.825.000 Los Angeles, Calif.. bonds (consisting of eleven separate
Issues) purchased by a syndicate headed by the First National Bank of
New York at 100.011. a basis of about 4.62%, the syndicate taking $7,500,000 as 48s and $7.325.000 as 4 Si's.
$13.410.000 Detroit, Mich., bonds (representing five separate issues)
awarded to the Guaranty Co. of New York. of New York. and associatm
at a price equal to 100.002, a basis of about 4.38%, they taking $3,000.000
as 4s and the remainder as 4 SO.
$5.000.000 4Si% Philade'phia School District. Pa., bonds awarded to the
Girard National Bank of Philadelphia and as,ociates at 101.563, a basis of
about 4.38%.
7
$5.000.000 40 Chicago Sanitary District. Ill., bonds disposed of to a
syndicate of Chicago banks headed by the Harris Trust & Savings Bank
at 97.467. a basis of about 4.32%.
Seven issues of 434% Richmond, Va.. bonds. aggregating 34,300.000.
sold to E. II. Rollins & Sons and associates, at 102.209, a basis of about
4.37%.
Twenty issues of Boston, Mass., bonds, aggregating 33.925,000 (consisting of 32.475.000 4 Sis and 81,450.000 4s) awarded to the Old Colony
Trust Co. of Boston and associates at 100.221. a basis of about 4.12%.
Six issues of 4 Si% Newark, N. J.. bonds. aggregating 33.600.000. sold to
a local syndicate headed lax J. S. Rippel & Co.. at 100.01, a basis of about
4.245% for "all or none."
Fourteen Issues of Tonawanda. N. Y., bonds, aggregating 33.275,000.
bought by the Buffalo Trust Co. and Manufacturers & Traders Trust Co.,
both of Buffalo, at 100.01 for 5s, a basis of about 4.95570 •
82,175.000 5% Houston. Tex.. bonds purchased by Stifel, Nicolaus &
Co., Inc.. of St. Louis and associates.
Five issues of New Rochelle, N. Y., bonds. aggregating 32,170.000.
bought by Roosevelt & Son of New York at 100.452 for 431s, a basis of
about 4.22%.
32,500.000 4% Providence. R. I., bonds sold to Eldredge & Co. of
Boston and a slciates at 97.862 a basis of about 4.205%•
Three issues of Raleigh. N. d., bonds, aggregating 31.400.000. awarded
to the First National Bank of New York and associates at 101.29.a basis
of about 4.5907
Q.
81.000.000 Multnomah County (Ore.) School District No. 1 bonds disposed of to Halsey. Stuart & Co.. Inc., of Chicago and associates. as 4345
at 100.10. a basis of about 4.48%.
$1.000 000 434% San Antonio, Tex., various municipal improvement
bonds awarded to Austin. Grant & Co.. of New York, at 100.62.
$1.000 000 5Si 7. Hernando County. Fla.,road bonds purchased by Marx
& Co., of Birmingham. and Prudden & Co., of Toledo. ti

Average per month

The total of all municipal loans put out during the calendar
year 1925 was $2,569,135,277, including $1,388,688,650 of
new issues of long term bonds by the States, counties and
minor civil divisions of the United States, $856,985,322
temporary municipal loans negotiated, $263,746,305 obligations of Canada, its provinces and municipalities, $1,000,000
of the Government of the Philippine Islands, $4,075,000 of
the Government of Porto Rico and its municipalities,
$2,590,000 of the Territory of Hawaii, $1,000,000 of the City
of Honolulu, $50,000 of Cordova, Alaska, and $51,000,000
"general fund bonds" of New York City. In the following
table we furnish a comparison of all these forms of securities
put out in each of the last five years.
1925.

1924.

1923.

1922.

1921.

Permanent loan
5
$
$
$
$
(U. S.)
1388.688 6501398,953,1 1063,119,82 1100,717,313 1208,548,274
xTempor'y loans
856,985,322 902,032,475 712.366,991 453,431,823 730,595,914
(U. 8
.)
*Canadian loan,
(p7rmanent)
Placed in Can. 117.791,305 180.292.359 310.021,824 225,857.917 133.687.857
Placed in U.S. 145.955.000 149,014,765 50,249,67
73.289_000 75,982,000
Bds.U.S. Pose's
8.715,000
8,830,000
8.186,000 47.023:000 27,145,000
N. Y. C. peredor
& e. f. takings
None
NonNon
None 51,115,500
Gen. fund bonds
(N. Y. City)_. 51,000,1100 39,500,000 38.500.000 37.500.000 34.000,000
Total
,, 135 2772875 622 757 11$12.444 31 1037 R12 663996t o75 54n
R9
z Ineiudes $693 314,000 temporary securities Issued by New loft City in 1925,
$730 876,940 in 1924, 3491.692,8W in 1923. $329,474.28 in 1922 and $635,612,160
In 1921.
• 1925 includes a Dominion loan of $145.000,000: 1924 a Dominion loan of
$175.000,000: 1923 a Dominion loan of $200.000,000.

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
During December Honolulu (City and County), Hawaii,
month's bond sales in detail. It will be given later.
also placed $1,000,000 5% 20
-30-year (opt.) public improvement bonds. They were awarded to a syndicate headed by
Lee, Higginson & Co., of New York, at 107.19, a basic of
NEWS ITEMS
about 4.45% to optional date and a basis of about 4.56% if
Buenos Aires (Province of), Argentine Republic.
allowed to run full term of years.
$14,472,000 External Sinking Fund Bonds Floated in United
-On Thursday, Jan. 7, a syndicate headed by Blair
Temporary loans during December were negotiated in the States.
amount of $139,841,745, which includes $129,440,000 issued & Co., Inc., of New York, Illinois Merchants Trust Co.,
by New York City. New York City also issued during Chicago, and Halsey, Stuart & Co., Inc., of New York,
offered and quickly
December $21,800,000 3% general fund bonds for taking up on the issue at 10:30sold, subscription books having closed
a. m. on that date, $14,472,000 7
surplus revenues of the sinking fund.
22-year external secured sinking fund gold bonds of the
Canadian bond disposals during December totaled $22,- Province of Buenos Aires, at 99 and interest, to yield about
596,596. This includes a $21,000,000 432% issue sold by 7.60%. Dated Nov. 1 1925. Due Nov. 11947. Coupon
bonds, in denominations of $1,000, $500 and $100, registerthe Province of Ontario.
able as
:
Below we furnish a comparison of all various forms of payableto principal only Principal and interest (M. & N.)
in U. S. gold coin of the present standard of weight
obligations sold in December during the last five years:
and fineness in New York City at either the Chase National
Bank or Blair & Co., Inc., fiscal agents of the issue. A
cumulative sinking fund is provided for the retirement of the
1925.
1924.
1922.
1923.
1021
bonds, of which the offering circular says:
•
$
$
$
$
$
-

Perni.munloann(U.5.)152,284,442 93.682,9W 113,645,90
5Tem.mun.loane(U.S.) 139,841.745 131,768,791 95,632,746
Canadian loans(temp.)
None 5,000,00( 10,000,000
Canadian loans(perm.)
Placed in Canada_.., 12,096,591' 3,240,195 1,907,260
Placed In U.S
10,500,000
None
'None
Gen. fd. bds.(N.Y.C.) 21,800,000 39.500,000 4.250,000
N.Y. City pension and
sinking fund taking
Bde.of U.S.Possess'
975.001
1,000,000 1.100,000

66,149,400 220,466,661
36,558.900 50,574,400
119,000
None

26,408,284
None
3,500,001

4,285,634
2,700,000
2,000,000

13,286,001

51,115,500
2,123,000

Total

'137522.7: 274.291 072226 410.915146 021 5R4 ARA 266 105
•Includes $129,440,000 temporary securities Issued by New York City in December 1925, $121,050,000 in December 1924. $70,842,000 in December 1923, $29,050,000 in December 1922, and $43,400,000 in December 1921.

The number of municipalities emitting bonds and the
number of separate issues made during December 1925 were
276 and 393, respectively. This contrasts with 253 and 358
for November 1925 and with 456 and 632 for December 1924.
The following table shows the aggregate of permanent
issues for December, as well as the twelve months, for a




Sinking fund of 2% per annum of the principal amount
of the bonds
Issued. payable semi-annually In April 1 and Oct. 1 in
each year. The
sinking fund payments are to be used by the fiscal agents to
purchase bonds
of this issue at not exceeding 100 and accrued Interest.
If
obtainable at that price, the sums remaining in the handsbonds are no*
agents on Sept. 1 and March 1 next ensuing after any sinking of the fiscal
fund payment
date, shall be applied to the redemption by lot of bonds
of this issue at
100 and Interest on the next ensuing interest date.

Further information regarding the loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
New York (State of).
-Legislature Convenes-Governor's
Annual Message.
-On Jan. 6 the State Legislature convened
in regular annual session. Governor Smith on the same day
read his annual message to the lawmakers. The Governor
again recommended an amendment to the Labor Law to
reduce the hours of labor for women and minors in industrial
establishments from fifty-four to forty-eight hours a week.
He also•urged the continuation of the 25% reduction in the
personal income tax and a further reduction of the realty tax.

JAN. 9 1926.]

THE CHRONICLE

The legislators were likewise asked by the Governor to
adopt the plan for spending at once in actual construction
$10,000,000 of the public works bond issue authorized at the
last election. He again recommends adoption of constitutional amendments for an executive budget and increasing
the Governor's term of office from two to four years.
He also proposed that "the State should provide by law
for the incorporation of limited dividend corporations,
clothed with the power of condemnation, in order that the
corporation may be in a position to construct modern dwellings upon square blocks at a time." The provision would
include autholty to the respective municipalities to issue
tax-exempt bonds, the proceeds of which would be loaned to
these limited dividend corporations.
He again referred to his previous remarks on the water
power problem and urged the creation of a State water
power authority to take over and develop the power resources
which are now the State's property.
In referring to the State's financial condition, the Governor
pointed out that on July 1 1925 the bonded debt of the State
was $318,471,000 with $90,996,477.68 in various State funds
to meet such indebtedness, and that the cash balance on
July 1 1926 in the General Fund, as estimated by the
Comptroller, will amount to $66,493,805.53.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABERDEEN SCHOOL DISTRICT (P. 0. Montesano) Grays Harbor
County, Wash.
-BOND OFFERING.-Ethle Baker, County Treasurer,
will receive sealed bids until 11 a. m. Jan. 12 for $28,000. not exceeding 6%
school bonds. Date Feb. 1 1926. Denom. $100. A certified check for 5%
of bid is required.
ALABAMA (State of).
-William W. Brandon,
-BOND OFFERING.
Governor, will receive sealed bids until 12 m.Jan. 22 for $1.100,000 harbor
impt. third series bonds. Date Jan. 1 1926. Due $25,000 Jan. 1 1933 to
1976 incl.
AVON TOWNSHIP SCHOOL DISTRICT NO. 5, Oakland County,
Mich.
-BOND OFFERING.
-Sealed bids will be received until 8 p. In.
(eastern standard time) Jan. 14 at the banking office of the Rochester
Savings Bank, Rochester by H. A. George. Secretary Board of Education,
for $18,000 5% school bonds. Denom. $1,000. Dated Aug. I 1920. Prin.
and int. F. & A. payable at the Rochester Savings Bank. Rochester. Due
on Feb. 1 as follows: $1,000, 1926: $2.000, 1927 to 1930 incl.: and $3,000,
1933 to 1935 incl. A certified check for $500 payable to the Secretary Board
of Education, required. Legality of bonds to be made at the expense of
bidder.
Financial Statement.
Bonded debt (incl. this issue)
$113,000
Assessed value 1925
4,106,300
Population (est.). 4.000.
BAYONNF:, Hudson County, N. J.
-BOND SALE.
-On Jan. 5 three
issues of 41f% coupon or registered bonds aggregating $864,000 offered on
that date (v. 121. p. 3031) were awarded as follows:
To Geo. B. Gibbons & Co., Inc., and Eastman, Dillon & Co., both of
New York, jointly:
$475,000 (5479,000 offered) general impt. bonds for $479,120 equal to
100.86, a basis of about 4.42%. Due on Jan. I, as follows:
$15.000, 1927 to 1950, incl.; $19,000, 1951; $20,000, 1952 to
1955. Incl., and $16,000, 1956.
58,000 ($58.000 offered) water front impt. bonds, at a premium of
5110 20, equal to 100.19, a basis of about 4.47%. Due on Jan.
1. as follows: $4,000, 1927 and 1928, and $5,000, 1929 to 1966,
incl.
To a syndicate composed of Graham, Parsons & Co., Redwood & Co..
Remick, Hodges & Co. and B. J. Van Ingen & Co.. all of New York:_
$324.000 ($327,000 offered) school bonds, for $327,730 15, equal to 101.15,
a basis of about 4.41%. Due on Jan. 1, as follows: $7,000, 1927
to 1950. Incl.; $9,000. 1951; $10,000. 1952 to 1965, incl., and.
$7.000. 1966.
All bonds are dated Jan. 1 1926.
BEAVER DAM, Dodge County, Wis.-BOND OFFERING.
-William
A. Gorton, City Clerk. will receive sealed bids until 8'p. m. Jan. 18 for
$10,000 4%'% city bonds. Date Jan. 15 1926. Denom. $1,000 and $500.
Due $1,000 Jan. 15 1930 to 1934, inclusive, and $500 Jan. and July 15 1935
to July 15 1939. Principal and interest (J. & .J.) payable at the City
Treasurer's office. A certified check for $500, payable to the City Treasurer, is required.
BEDFORD VILLAGE SCHOOL DISTRICT (P. 0. Bedford), Cuyahoga County', Ohio.
-BOND SALE.
-On Jan. 4 the $336.100 5% coupon
grade school 'building bonds offered on that date (V. 121. p. 3156) were
awarded to A. E. Aub. & Co. of Cincinnati at a premium of $843, equal to
102.33. a basis of about 4.75%. Dated May 11925. Due $575, April 1
1926 and $925 each six months from Oct. 1 1926 to Oct. 1 1950 incl.
BENTON COUNTY (P. 0. Vinton), Iowa.
-BOND SALE.-Geo. M.
Bechtel & Co. of Davenport purchased on Dec. 1 an issue of $70,000 44%
refunding bonds at a premium of $8880 equal to 101.25.
BEXAR COUNTY (P. 0. San Antonio), Tex.
-BOND SALE.
-J. E.
Jarrett & Co. of San Antonio have purchased the following 4X% bonds
aggregating $2,050,000:
11.400.000 court house and jail bonds. Due April 10 as follows: $25.000.
1927 and 1928; $30.000, 1929 to 1939 incl.: $35.000. 1940 to
1949 incl.; 340.000. 1950 to 1959 incl. and 545.000. 1960 to
1965 incl.
600.090 bridge bonds. Due April 10 as follows: $10.000. 1927 to 1931
Incl.: 115.000. 1932 to 1061 Inel.: and 125 non. 1962 to 1965 incl
50.000 Juvenile home bonds. Due April 10 as follows: 31.000, 1927 to
1955 Incl.; $2.000. 1956 to 1964 Incl. and 13.000, 1965.
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWNSHIPS FRACTIONAL SCHOOL DISTRICT No.1(P.O. Birmingham),
Oakland County, Mich.
-BOND SALE.
-On Jan. 4 the $54,500 coupon
Hill School site addition bonds offered on that date (V. 121, p. 3031)
awarded to the Detroit Trust Co. of Detroit as4%s at a premium of were
$11.
equal to 100.02. a basis of about 4.495%. Date Dec.15 1925. Due $4,500
Dec. 15 1926; and 55.000 yearly from Dec. 15 1927 to 1936 incl.
BOWLING GREEN, Wood County, Ohio.
-BOND OFFERING.
Sealed bids will be received until 12 m. Jan. 12 by Geraldine Sweet Ross,
City Auditor, for the following six Issues of 5% coupon bonds aggregating
$62.200:
510,000 paving and sewer (City's portion) bonds. Denom. $1,000. Date
Dec. 1, 1925. Due $1,000 yearly from Sept. 1 1927 to 1936 incl.
5,200 Hixon St. impt. bonds. Denom. $500. Dated Dec. 1 1025.
Due $520 yearly from Sept. 1 1927 to 1936 incl.
7.350 Haskins St. impt. bonds. Denom. $735. Date Feb. 3, 1926.
Due $735 yearly from Sept. 1 1927 to 1936 incl.
18,300 South Summit St.Inlet. bonds. Denom. 31.000 except 1 for $300.
Date Dec. 11925. Due each six months as follows: $300. Mar.1:
and 51.000. Sept. 1 1927; and $1,000. Mar. 1 and Sept. 1 1928
to Mar. 1.1936 incl.
18.700 East Wooster St. impt. bonds. Denom. 51.000. except 1 for
$700. Dated Dec. 1 1925. Due each six months as follows: $700,
Mar. 1: and $1,000. Sept. 1. 1927: and $LOW Sept. 1 1927; and
$1.000. Mar. 1 and Sept. 1 1928 to Mar. 1 1936 incl.
2.650 East Wooster St. sanitary sewer bonds. Denom. $265. Date
Dec. 1 1925. Due $265 yearly from Sept. 1 1927 to 1936 incl.
Certified check for 5% oftheamount of bid, payable to the City Treasurer,
required.




241

BRADLEY BEACH, Monmouth County, N. J.
-BOND SALE.
-On
Dec. 22 the $200,000 5% pavilion and bathing casino impt. bonds offered
on that date (V. 121, p. 2902) were awarded to the First National Bank of
Bradley Beach at par. Date Nov. 1 1925. Due on Nov. 1, as follows:
$6.000, 1927 to 1931, incl.; 58,000, 1932, and 59,000, 1933 to 1950, lad.
-BOND SALE.
BRADENTON, Manatee County, Fla.
-The 557.000
% paving special assessment bonds offered on Dec. 22-V. 121. p. 2902
-were awarded to Wright, Warlow & Co. of Orlando. Date July 1 1925.
Due July 1 1935.
-BOND OFFERING.
BRIDGEPORT, Fairfield County, Conn.
Sealed bids will be received until 11 a. m. Jan. 18 by Walter W. Garrity,
City Auditor, for the following three issues of 4 X% coupon (with privilege
of registration) bonds, aggregating $1,080,000:
$500,000 school, Series E bonds. Due $16,000, 1927 to 1936 tad.; and
317,000, 1937 to 1956 incl.
400,000 Yellow Mill bridge, Series A bonds. Due $10,000 yearly irom
1927 to 1966 incl.
180,000 impt. bonds. Due $6.000 yearly from 1927 to 1956 incl.
Denom. $1,000. Dated Feb. 2 1926. Prin. and semi-annual interest
payable in gold coin of the United States of America of the present standard
of weight and fineness, at the City Treasurer's office. A certified check for
2% of the amount of bonds bid for, payable to the City Treasurer, required.
The bonds will be. prepared under the supervision of the First National
Bank of Boston, which will certify as to the genuineness of the signatures of
the officials and the seal impressed thereon. Legality approved by Ropes.
Gray, Boyden & Perkins of Boston. Bonds will be ready for delivery OR
or about Feb. 2 1926.
BUNG INDEPENDENT SCHOOL DISTRICT, Young County, Tex.
-BONDS REGISTERED.
-On Dec. 30 the State Comptroller of Texas
registered $40,000 5% school bonds. Due serially.
CANNON FALLS, Goodhue County, Minn.
-WARRANT SALE.
The $40.000 improvement warrants offered on Sept. 4-V. 121. p. 1125
were awarded to the Drake-Jones Co. of Minneapolis. Date Sept. 1 1925.
(Rate not stated.)
CANYON, Randall County, Texas.
-An elect-BOND ELECTION.
tion will be held on Jan 11 for the purpose of voting on the question of
issuing the following bonds aggregating $30,000:
512.000 water extension bonds.
9.000 refunding bonds.
9,000 paving bonds.
W. H. Goldsmith, Mayor.
CARRINGTON, Foster County, No. Dak.-BOND SALE.
-The
$10,000 554% water works improvement bonds offered on Aug. 21-V. 121,
p. 870
-were awarded to the Drake-Jones Co. of Minneapolis. Date
June 1 1924. Due June 1 1934.
CASS COUNTY(P. 0.Walker),Minn.
-BOND SALE.
-The $50,000
5ti% road bonds offered on Jan. 5-V. 121, p. 3156
-were awarded to the
Wells-Dicky Co. of Minneapolis at par. Date Jan. 2 1925. Due Aug.
11930.
CEDAR RAPIDS, Blackhawk County, Iowa.
-BOND SALE.
-The
5110.000 4%% liberty memorial bonds offered on Jan. 5-V. 122, p. 120
were awarded to the Cedar Rapids Clearing House Association at a premium
of 51.425. equal to 101.29, a basis of about 4.31%. Date Dec. 1 1925.
Due Nov. 1 as follows: 520,000, 1931 to 1933 incl.; and $25,000. 1934 and
1935.
Names of Other BiddersPremium.
Minton, Lampert Co., Chicago
$1,210
W. A. Harriman & Co., New York
675
White-Phillips Co., Davenport
200
John M.Ely & Co., Cedar Rapids
1.400
Bechtel & Co., Davenport
1,160
Wells Dickey Co., Minneapolis
995
Halsey, Stuart & Co., Chicago
176
Seipp, Prince' & Co.. Chicago
1.129
CHAGRIN FALLS, Cuyahoga County, °Mo.-BOND SALE.
-On
Dec. 26 the 58.850 5.%% coupon !mot. bonds offered on that date -V.
-were awarded to Geo. W. York & Co. at a premium of $176
121. p. 2902
equal to 101.98, a basis of about 4.95%. Date Dec. 26 1925. Due on
April 1, as follows: $1.850. 1927; $1,000, 1928, and $2,000, 1929 to 1931.
incl.
CHEEKTOWAGA, Erie County, N. Y.
-BOND OFFERING.
-John
0. Stiglmeier, Town Supervisor, will sell at public auction at 3 p. m.Jan. 14
the following three issues of coupon or registered bonds at the option
of the purchaser:
167,000 Harlem Ave. Highway impt. bonds. Denom. 51.000. except 1 for
$700. Dated Jan. I 1926. Due $6,700 yearly from July 1 1927
to 1936 Incl.
33.000 Walden Ave. Highway impt. bonds. Denom $1,000, except 1 for
$300. Dated Jan. 11926. Due $3,300 yearly from July 1 1926 to
1935 Ind.
199.750 Town House bonds. Denom. $1,000, except 1 for $750. Dated
July 11925. Due $11,750 yearly July 1 1928 to 1944 incl.
Prin. and semi-ann. int. (J. & J.) payable in New York exchange, at the
Broadway Branch of Liberty Bank, 'Buffalo. A certified check for 5% of
the amount of bid, payable to the Town Supervisor, required. Bidder to
name rate of interest.
CLALLAM COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Port Angeles), Wash.
-BOND OFFERING.
-R. E. Davis. County Treasurer,
will receive sealed bids until 10 a. m. Jan. 15 for $80.000 not exceeding 6%
high-school improvement bonds. Due In twenty equal annual payments
commencing second year after date.
CLARKE COUNTY (P. 0. Grove Hill), Ala.
-WARRANT SALE.
The 5104.000 6% warrants offered on Jan. 1-V. 121. p. 3156
-were
awarded to Rogers, Green & Jones of Laurel at par.
CLINTON TOWNSHIP SCHOOL DISTRICT NO.2 (P. 0. Clinton),
Lenawee County, Mich.
-BOND SALE.
-On Dec. 21 the $60,000 435%
school bonds offered on that date
-V. 121, p. 3031-were awarded to
W.L. Slayton & Co., of Toledo, at 100.40, a basis of about 4.45%. Date
Jan. 11926. Due 22.000 yearly from Jan. 1 1928 to 1957, incl.
COLOMA, Berrien County, Mich.
-BOND SALE.
-The Detroit
Trust Co. of Detroit was awarded the $22,000 5% waterworks bonds.
offered on Dec. 29-V. 121, p. 3156
-at a premium of $278, equal to
101.26. Dated Jan. 15 1926. In the above reference we reported the
amount of bonds to be sold as $22.600, which was incorrect.
COTTAGE GROVE, Lane County, Ore.
-BOND OFFERING.
Homer Galloway, City Recorder, will receive sealed bids until 7:30 P. m.
Jan. 4 for $67,243.48 67 coupon series "L" impt. bonds. Date Dec. 15
0
1925. Denom. $500. Due Dec. 15 1935. Prin. and int. (J. & D. 15)
payable in gold at the office of the City Treasurer. A certified check for
2% of bid, payable to the above named official, is required. Legality
approved by Teal, Winfree, Johnson & McCulloch of Portland.
DANIA, Broward County, Fla.
-BOND SALE.
-The following 6%
bonds aggregating $85,000, offered on Sept. 4-V. 121, p. 1125
-were
awarded to S'tranahan, Harris & Oatis, Inc.. of Toledo, at 103, a basis
of about 5.74%:
•
$25,000 town hall construction bonds. Due July 1 as follows: $1.000.
1935 to 1939 inch, and 52.000, 1940 to 1949 incl.
12.000 fire department equipment bonds. Due 51.000, July 1 1938 *
6
1949 Incl.
33,000 water works system bonds. Due July 1 as follows: $1,000 in
1939. $2,000 1940 to 1944 incl., $4,000 1945 to 1948 incl.. and
$6.000 in 1949.
15,000 electric light system construction bonds. Due $1,000 July 1 1935
to 1949 Incl.
Date July 1 1925.
DAVIDSON COUNTY (P. 0. Lexington), N. C.
-BOND SALE.
The $300,000 5% road and bridge bonds offered on Jan.4-V. 121, p.3032.
-were awarded to W. K. Terry & Co., of Toledo, at 100.35.
DELLWOOD (P.0. Stillwater) Washington County, Minn.
-BOND
SALE.
-The $25,000 paving bonds offered on Sept. 15-V. 121, p. 1256awarded to Kalman, Gates, White & Co. 01St. Paul. Date Sept. 15
25.
DELTA, Fulton County, Ohio.
-BOND SALE.
-On Dec. 7 the
$14.815.47 5% coupon (special assessment) Monroe St. impt. bonds offered
on that date (V. 121, p. 2664) were awarded to the First
-Citizens Oorpora-

;

242

THE CHRONICLE

tion of uolumbus.. Dated Sept. 1 1925. Due on Sept. 1 as follows: $1,315.47. 1927; and $1,500, 1928 to 1936 bacl.
-The above named company was also awarded an issue
BOND SALE.
of $11,476.77 Palmwood Ave. impt. bonds.
-BOND SALE.
-The $250,000
DENVER (City and County of), Colo.
54% coupon local impt. bonds offered on Dec. 3-V. 121, p. 2783-were
awarded to a syndicate composed of the International Trust Co., United
States National Co., and Bosworth Chanute & Co. all of Denver, jointly.
Denom. $1,000, $500 and $100. Due serially to 1938.
DUPO SCHOOL DISTRICT (P. 0. Dupo), St. Clair County, Ill,
-On Jan. 5 the $125,000 6% school bonds offered on that
BOND SALE.
date (V. 122. p. 120) were awarded to Ames, Emerich & Co. of Chicago
aka premium of $4,935 equal to 103.94. Due in,20 years.
EAST HAMPTON, Hampshire County, Mass.
-NOTE SALE.
-On
Jan.6 H. C. Giafton Co. of Boston purchased an issue of $30,000 notes at
3.92%. Due Nov. 26 1926.
EAST HARTFORD, Hartford County, Conn.
-BOND SALE.
H.L. Allen & Co. and Gibson & Leefe, both of New York and G. L. Austin
of Hartford, jointly, purchased an issue of $223,000 44% school bonds.
Denom. $1,000. Dated Jan. 1 1926. Prin. and semi-ann. int. (J. & J.)
payable at the East Hartford Trust Co., East Hartford. Due on Jan. 1 as
follows: $10.000, 1930 to 1944 incl.; $15,000. 1945 to 1948 incl. and
$13,000, 1949. Legality approved by John C. Thomson of New York.
Financial Statement.
Assessed valuation, 1925
$16,032,827
Net bonded debt
709,966
•
Population (1920 Census), 11.648.
EDWARDVILLE (P. 0. Kingston), Luzerne County, Pa.
-BOND
-On Dec. 28 the $45,000 5% coupon funding bonds offered on that
SALE.
date (V. 122, p. 1201 were awarded to the Kingston Bank & Trust Co. of
Kingston at par. Date Jan. 1 1926. Due $15,000 yearly from Jan. 1
1927 to 1929 incl.
ENGLEWOOD, Arapohoe County, Colo.
-BOND OFFERING.Lenora Fogle, City Clerk, will receive sealed bids until 8 p. m. Jan. 18 for
$5.500 6% grading and sidewalk bonds. Denom. $500.
FALLON COUNTY SCHOOL DISTRICT NO. 41 (P. 0. Baker),
Mont.
-BOND OFFERINO.-E. M. Northrup, Clerk Board of Trustees,
will receive sealed bids until 2 p. m. Jan. 23 for $2,500, not exceeding 6)4%
school bonds. Due in 10 years. A certified check for $250 payable to the
Clerk Board of Trustees is required.
prFAYETTE COUNTY (P. 0. Uniontown), Pa.
-BOND SALE.
-W.
H. Newbold's Son & Co.. of Philadelphia. has purchased an issue of $350.000
44% bridge bonds, at a premium of $181 65, equal to 100.51, a basis of
about 4.21%. Date Dec. 30 1925. Int. J. & D. 30. Due on Dec. 30.
as follows: $50.000. 1930; $100.000. 1935. 1940.and 1945. Legality approved
by Reed, Smith, Shaw & McClay of Pittsburgh.
Assessed valuation
5106.762.768
Net bonded debt
1.261,668
Ratio of net debt to assessed valuation less than 1.2%.
',Present population, 200.000.
In FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND SALE.
-On
Dec. 29 the $18,000 5% coupon New Albany Township road bonds offered
on that date
-V. 121. p. 3157
-were awarded to the Cities Securities Corp.
of Indianapolis at a premium of 555. equal to 103.08. a basis of about
4.41%. Due $900 each six months from May 27 1927 to Nov. 27 1936,
inclusive.
BOND SALE.
-on Nov. 2 the $6.631 85 5% coupon highway impt. in
Franklin Township bonds offered on that date
-V. 121. p. 1940
-were
awarded to the Mutual Trust & Deposit Co., of New Albany. at a premium
of $269 15. equal to 104.05. a basis of about 4.51%. Due $165 797-10 each
six months from May 15 1927 to Nov. 15 1946, inclusive.
FONDA, Pocahontas County, Iowa.
-BOND SALE.-Geo. M.
Bechtel & Co. of Davenport have purchased an issue of $6,500 refunding
bonds.
FORT PIERCE,St. Lucie County, Fla.
-BIDS REJECTED
-BONDS
TO BE SOLD PR!V.4 TEL Y.
-All bids received for the si,nos.00n n% city
bonds offered on Dec.2-V. 121, p. 2433
-were rejected. We are Informed
by Chas. B. Burry, City Clerk, that these bonds will be sold privately in
about 30 days.
GALVESTON, Galveston County, Tex.
-BOND SALE.
-A syndicate
composed of A.C. Allyn & Co., R. M.Grant & Co., Inc., Benjamin Dansard
& Co. Fred Emert & Co.. Otis & Co., Sutherlin, Barry &Co., Inc. and
the Title Guarantee & Trust Co., all of New York. have purchased an
issue of $2,000,000 5% grade raising bonds. Date Dec. 1 1925. Denom.
$1,000. Due Dec. 1 as follows: $75.000, 1926; $80,000, 1927: $90,000,
1928 and 1929; $95,000, 1930: $100.000, 1931: $110,000, 1932; $115,000,
1933 and 1934; $120,000, 1935: $130,000, 1936; $140,000, 1937; $145,000,
1938: and $85,000, 1939 to 1945 incl. Prin. and int. (J. & D.) payable
at the National City Bank, New York, or at the City Treasurer's office at
option of holder. Legality approved by John C. Thomson of New York.
Financial Statement.
Actual Valuation
$75,000,000
Assessed Valuation (1925)
56.271,000
Total Debt (including these bonds)
8,490,000
Less Water Works Bonds
$693.500
Less Sinking Fund
166,397
*Less Grade Raising and Sea Wall bonds
2,103,000 2,962,897
Net Debt
5,527.103
*The State of Texas by Legislative Act donated its ad valorem taxes in
Galveston County to be applied to the redemption of Grade Raising and
Sea Wall bonds and interest thereon which produces an amount sufficient
to pay interest and retire these bonds at maturity.
Population (1920 U. S. Census)
44.255
Population (present official estimate)
55,000
GENEVA, Ontario County, N. Y.
-BOND SALE.
-The Trustees of
the Police Pension Fund purchased an issue of $12,000 playground bonds.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids) Kent
County, Mich.
-BIDS REJECTED.
-All bids received for the $928.000
41 ^•' • •onon iimv-vnl bonds offered on Jan. 4(V. 121, p.3032) were rejected.
" -••HABER SHAM COUNTY (P. 0. Clarkesville), Ga.-BOND SALE.
la
Fr J. H. Reisman & Co., Inc., of Atlanta, have purchased an issue of
225.000 5% road bonds. Date Jan. 20 1926. Denom. $1,000. Due
9.000. 1931 to 1955 incl. Prin. and int. (J. & J.) payable at the National
Bank of Commerce. New York. Legality approved by Storey, Thorndike,
Palmer dc Dodge of Boston.
Financial Statement.
Actual values
$30,000,000
Assessed values, 1925
6,442,000
225.000
Total Bonded Debt (this issue only)
10.730
1920 Population
HARNETT COUNTY (P. 0. Lillington), No. Caro.
-BOND OFFER-Sealed bids will be received until 2 p. m. Jan. 20 by the Clerk of
ING.
Board of County Commissioners for $100,000 5% county bonds. Date
Jan. 1 1926. Due 55.000 Jan. 1 1936 to 1955. incl.
HARRISBURG, Linn County, Ore.
-BOND OFFERING.
-W. E.
Wadsworth. City Recorder, will receive sealed bids until 7:30 p. m. Jan. 15
for $5.500 6% main sewer bonds. Date Dec. 1 1925. Due Dec. 1 1945.
optional Dec. 1 1935. Prin. and semi-annual in payable at the fiscal
agency of the State In New York. A certified check for 5% of bid is required. Legality approved by Teal, Winfree, Johnson & McCulloch of
Portland.
HEBRON, Licking County, Ohlo.-BOND OFFERING.
-Sealed bids
will be received until 12 m. (central standard time) Jun. 16 by W. D.
Andrews, Village Clerk, for $2,000 5)4% fire department bonds. Denom.
$500. Date Dec. 20. 1925. Int. M. & S. Due $500 each six months
from March 1 1927 to Sept. 11928, incl. Cert. check for 5% of the amount
Treasurer,
of bonds bid for, payable to the Village from time required. Bonds to
of award.
be delivered and paid for within ten days
-BOND SALE.
-The
HELENA, Lewis & Clark County, Mont.
$125,000 refunding Series "L" bonds scheduled to be offered on Dec. 28-were awarded to the State of Montana as 44s on Dec. 7.
V. 121, p. 2186
Date Jan. 11926. Due $12.500 Jan. 1 1927 to 1936, incl.
-BONDS
HERMON (P. 0. Hermon), St. Lawrence County, N. Y.
--Sealed bids were received until 12 m. Jan. 7 by Millard L.
OFFERED.




[VOL. 122.

Knox, Town Clerk, for $12,000 5% town bonds. Date Feb. 11926. Int.
F. Sr A. Due $1,000 yearly from Feb. 1 1927 to 1938. inclusive.
HIDALGO COUNTY (P. 0. Edinburg), Texas.
-BONDS VOTED.
At an election held on Dec. 22 the voters authorized the issuance of 53.500.000 road bonds.
HIGH GROVE SCHOOL DISTRICT, Riverside County, Calif.
BOND SALE.
-The $20.000 5% school bonds offered on Dec. 28-V. 121,
-were awarded to Aronson & Co., of Los Angeles, at a premium of
p. 3032
$252. equal to 101.26, a basis of about 4.86%. Date Jan. 1 1926. Due
81,000 Jan. 1 1928 to 1947. incl. Other bidders were:
Premium.
William R. Staats Co
James H. Jordan
HILLSBOROUGH COUNTY(P.O. Tampa),Fla.-WARRANT SA9 E.
311 LN
-The $420,000 time warrants offered on July 31-V. 121. n• 616 were
awarded to the First National Bank of Tampa as 5jis at 100.11. The
warrants were offered as 6s.
HILLSBOROUGH COUNTY, TWENTY-SECOND STREET SPECIAL ROAD AND BRIDGE DISTRICT (P. 0. Tampa), Fla.
-BOND
OFFERING.
-W. A. Dickenson. Clerk Board of County Commissioners,
will receive sealed bids until 11 a. m. Jan. 29 for $75,000 6% coupon or
registered road and bridge bonds. Date Jan. 1 1926. Denom. 81,000.
Duo Jan. 1 OA follows: $1.000, 1929 to 1932 incl.; $2.000, 1933 to 1937 incl.;
53.000, 1938 to 1944 Incl. and 54.000, 1945 to 1954 incl. Prin. and int.
(J. & J.) payable in gold at the National City Bank. N. Y. C. The bonds
will be prepared under the supervision of the Citizens Bank SZ Trust Co. of
Tampa which will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon. Legality to be approved by Clay
& Dillon, N. Y. C. A certified check for $1,500 payable to the Clerk
Board of County Commissioners Is required.
HILLSIDE TOWNSHIP SCHOOL DISTRICT (P. 0. Hillside),
Union County, N. J.
-BOND OFFERING.
-Sealed bids will be received
until 8 p. m. Jan. 12 by A. G. Woodfield, District Clerk, for an issue of
45(% coupon (with privilege of registration as to principal only or as to
both principal and interest) school district bonds, not to exceed 527.200
no more bonds to be awarded than will produce a premium of $1,000 over
$27,200. Denom. $1,000, except one for $500. Dated Jan. 1 1926.
Prin. and semi-ann. int. (J. & J.) payable in gold coin of the United States
of America of or equal to the present standard of weight and fineness, at
the Hillside National Bank, Hillside. Due $1,000 yearly from Jan. 1 1928
to 1954, Incl., and $200 Jan. 1 1955. Cert. check on an incorporated bank
or trust company for 2% of the amount of bonds bid for, payable to the
Board of Education, required. Bonds are under the supervision of Whittemore & McLean of Elizabeth. and the legality of the issue has been certified
by the Attorney General of the State of New Jersey.
HUDSON, Columbia County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until Jan. 14 by F. A. Gaffney. City Clerk, for $7,500
5% coupon or registered street cleaning apparatus bonds. Denom. 51,500.
Date Feb. 1 1926. Prin. and semi-ann. Int. (F. & A.) payable at the City
Treasurer's office. Due 51.500 yearly from Aug. 1 1926 to 1930;inc.
Cert. check for 2% of bid payable to the City Treasurer,required. These
are the bonds originally offered on Nov. 27.-V. 121. p. 2549.
INDIANAPOLIS PARK DISTRICT (P. 0. Indianapolis) Marion
County, Ind.
-BOND SALE.
-On Jan. 2 the 829.090 44% coupon
"Park District bond of 1926." issue No. 1. offered on that date (V. 122,
p. 121) were awarded to the Fletcher Savings & Trust Co. of Indianapolis
at a premium of $311.60. equal to 101.07. a basis of about 4.40%. Dated
Jan, 2 1926. Due $1.000 yearly from Jan. 1 1928 to 1956 incl.
• INDIANAPOLIS SCHOOL DISTRICT (P 0. Indianapolis) Marion
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until
11 a. m.Jan. 22 by William H. Book. Business Director Board of Education,
for 81.200.0004% coupon Shortridge High School bonds. Denom. 51.000.
Prin. and semi-ann. int. (J. & J. 25) payable at the City Treasurer's office.
Due $48.000 yearly from Jan. 25 1931 to 1955 incl. A certified check on a
responsible bank or trust company for at least 3% of the amount of bonds
bid for, payable to the Board of School Commissioners required. These
bonds weee-eriri•allr •.ffered on Dec. eft.
-V. 111. p. 2549.
INGLEWOOD CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND SALE.
-The $100.000 5% school bonds offered on Dec. 28
-V. 121. p. 3158-were awarded to Aronson & Co. of Los Anreles. Date
Dec. 1 1925. Due $2.000. 1926 to 1945
and 50 000, 1916 to 1955
incl. Legality approved by O'Melveny, Milllkin, Tuller & Macneil of
Los Angeles.
Financial Statement.
Assessed valuation 1925
$11,280,150
Total bonded debt including this issue
552,000
Population estimated, 19,000.
JACKSON, Jackson County, Mich.
-BOND SAL.
-On Jan. 4 the
$72.000 (special assessment) paving bonds offered on that date were awarded
to a syndicate composed of the Detroit Trust Co., of Detroit; W. L. Slayton
& Co., and Stranahart, Harris & Oatis, Inc.. both of Toledo. as 44% at
a premium of $261, equal to 100.36. Denom. $1,000 and $500. Date
Dec. 15 1925. Due serially 1926 to 1934. Inclusive.
JEFFERSON CITY SCHOOL DISTRICT, Cole County, Mo.-BOND
OFFERINO.-W. T. Carrington. Secretary of Board of Education, will
receive sealed bids until 3 p. m. Jan. 19 for 5100.000 44% school bonds.
Date June 1 1926. Denom. $1.000. Due Feb. 1 as follows* $3,000,
1930 to 1933. incl.: $4.000. 1934: $6.000. 1935 to 1937, incl.•. $8.000, 1938;
89000. 1939 to 1941. Incl.; $10.000. 1942 and 19.13. and 511.000, 1944.
Prin. and int. (F. & A.) payable at the National Bank of Commerce of
St. Louis. A certified check for $3,000. payable to Emil Schott, Treasurer
of Board of Eeucation. is required.
KEMP, Kaufman County, Texas.
-BONDS REGISTERED.
-On Dec.
29 the State Comptroller of Texas registered the following 6% bonds
arrrevating 5115.000:
$85 ono water works bonds.
30 000 sewer bonds.
DINGsvl3LE,
K ue seriai
Kleberg County, Tex.
-BOND ELECTION.
-An
election will be held on Jan. 12 for the purpose of voting on the question of
issuing $125.000 5% street impt. bonds.
KNOXVILLE, Knox County, Tenn.
-BOND SALE.
-The 82.000.000
% coupon or registered water bonds offered on Jan. 5-V. 121. p. 3159
were awarded to a syndicate composed of Harris, Forbes & Co., E. H.
Rollins & Sons and Kean. Taylor & Co. all of New York. the Illinola
Merchants Trust Co. of Chicago and W. H. Newbold's Son & Co. of
Philadelphia at 98.486. Date Jan: 1 1926. Due serially Jan. 1 1928 Le
1963 incl.
Financial Statement (As Officially Reported.)
it al value of taxable property, estimated
5225.000.000
valuation for taxation. 1925
assessed
111,272.605
Total bonded debt. Including this issue
15,636,254
Less: Water debt
$4.467,000
Less: Sinking fund
500,071
Net bonded debt
s10.669.183
Population. 1920 Census, 77.818. Population, present estimate, 102.418.
LAKE COUNTY (P 0 T
), Fla.
-BOND SALE.
-The $40.
6% court house bonds offered on Aug. 26-V. 121. p. 873
-were award
to the Atlantic National Bank. of Jacksonville at 102.13, a basis of about
5.23%. Date July 1 1925. Due July 1 192e,
LARCHMONT, Westchester County, N. Y.
-BOND SALE.
-The
Larchmont National Bank & Trust Co. of Larehmont purchased the following two issues of 4.20% water and equipment bonds at 100.48:
$85.590 water bonds. Due 1926 to 1965 incl.
01.000 equipment bonds. Due 1926 to 1936 incl.
LA RUE SCHOOL DISTRICT (P.O. La Rue) Marion County, Ohio.
-BOND SALE.
-On Jan. 4 the $8.750 5% coupon funding bands offered
on that date (V. 122, p. 121) were awarded to the Herrick Co. of Cleveland
at a premium of $75.25, equal to 100.86, a basis of about 4.84%. Dated
Sept. 1 1925. Due $500 each six months from March 1 1927 to March 1
1935 incl. and $250 Sept. 1 1935.
LEVY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO.
-BOND SALE -The $60.000 6% road and
10 (P. 0. Bronson), Fla.
bridge bonds offered on Aug. 17-V. 121. p. 742
-were awarded to Spitzer.
Rorick & Co., of Toledo. Date July 1 1924.

1

JAN. 9 1926.]

THE CHRONICLE

243
• •• -

LOS ANGELES CITY SCHOOL DISTRICTS (P. 0. Los Angeles),
,
-BOND SALE.
-The following 5% bonds
Los Angeles County, Calif.
aggregating 34.000.000 offered on Jan. 4-V. 121, p. 3I59
-were awarded
to R. H. Moulton & Co.. of Los Angeles, at 103.67, a basis of about 4.69%.
$2.000,000 Los Angeles City School District bonds. Due Aug. 1 as follows:
175.000. 1926 and 1927, and $50.000, 1928 to 1954, inclusive.
2.000,000 Los Angeles City High School District bonds. Due Aug. 1 as
follows: $75.000. 1928 and 1927, and $50,000, 1928 to 1964,incl.
Date Aug. 1 1924.
LUBBOCK COUNTY (P. 0. Lubbock), Texas.
-BONDS REGIS.
TERED.-On Dec. 28 the State Comptroller of Texas registered $100,000
5% court house refunding bonds. Due serially.
MALDEN, Middlesex County, Mass.
-NOTE SALE.
-On Dec. 30 the
First National Bank of Malden purchased $500.000 notes on a 3.963%
discount basis. Date Jan 11926. Due June 29 1926.
MANATEE COUNTY SPECIAL TAX SCHOOL DISTRICT No. 1
(P.O. Bradenton), Fla.
-BOND SALE.
-The $260.000 535% school bonds
,
offered on Dec 10-V. 121. p. 2785
-were awarded to John Nuveen & Co.
of Chicago at a premium of $777 Nnal to 100.29, a basis of about 5.48%•
Date Oct. 15 1925. Due 110.000, Oct. 15 1928 to 1953 incl.
MARIN COUNTY (P. 0. San Rafael) Calif.-BOND SALE.
-The
1540.000 4% highway bonds offered on Jan. 5 (V. 121, p. 3159) were
awarded to the Wells Fargo Bank and Union Trust Co. of San Francisco
and associates at a premium of $4.455, equal to 100.82-a basis of about
4.39%. Date Dec. 11925. Due $60.000 Dec. 1 1930.to 1938, inclusive.
MARION AND DICKINSON COUNTIES JOINT RURAL HIGH
SCHOOL DISTRICT (P. 0. Marion),Kan.
-The Com-BOND SALE.
merce Trust Co. of Kansas City has purchased an issue of $45.000 4%%
school bonds at par.
MARSHFIELD SCHOOL DISTRICT NO. 1, Wood County, Wis.BOND SALE.
-The $225,000 454% coupon school bonds offered on Dec.
ao-v. 121. p. 2904-were awarded to .1. W. Dunevan, of Stevens Point,
at a premium of 89.001 75, equal to 104. a basis of about 4.18%. Date
Apr. 11926. Due April 1 as follows: 111.500, 1927: 112,000, 1928: $12.500,
1929 113.000. 1930: $13,500. 1931: $14.000, 1932: $14,500, 1933: $15,000,
1934 115.500. 1935; 116,030. 1936: $16,500, 1937; 817,000. 1938; $17,500.
1939 $18.000, 1940. and $18.500, 1941.
Other bidders were:
Premium.
American National Bank, Marshfield
Illinois Merchants Trust Co.. Chicgo
115:591857360
Wells-Dickey Co., Minneapolis
Second Ward Securities Co., Milwaukee
30
Geo. H. Burr & Co., Chicago
1.845
MIAMI BEACH, Dade County, Fla.
-C. W.
-BOND OFFERING.
Tornlison, City Clerk, will receive sealed bids until 5 p. m. Jan. 27 for the
following 5% coupon bonds, aggregating $829.000:
$240.000 improvement Series J hoods. Date Nov. 11925. Due $20.000
May 1 1927 to 1938, inclusive.
188,000 sewerage disposal bonds. Date Oct. 1 1925. Due Oct. 1 as
follows: $9.000. 1926 to 1932. inclusive; 114.000. 1933: 110.000,
1934 and 1935; 321.000. 1936; and 310.000. 1937 to 1943. incl.
134,000 sanitary sewer construction bonds. Date Oct. 1 1925. Due
Oct. 1, as follows: $6,000, 1926 to 1943. Inclusive, and 113.000.
1944 and 1945
.
66,000 storm sewer construction bonds. Date Oct. 1 1925. Due Oct. 1
as foliose: $6,000. 1926 and 1927. and 33.000. 1928 to 1945. Incl.
150,000 water-works system extension bonds. Date Oct. 1 1925. Due
Oct. 1 as follows: *7,000. 1926 to 1943, inclusive, and $12,000.
1944 and 1945.
16.000 street paving bonds. Date Oct. 1 1925. Due $1,000 Oct. 1
1923 to 1911. inclusive.
20,000 park bonds. Date Oct. 1 1925. Due $1,000 Oct. 1 1926 to
1945. inclusive.
15,000 wharf or dock construction bonds. Date Oct. 1 1925. Due
$1.000 Oct. 1 1926 to 1940, inclusive.
Denom. $1.000. Principal and semi-annual interest payable in gold in
New York. Legality approved by Caldwell & Raymond. of New York
City. The bonds will be prepared under the supervision of the United
States Mortgage & Trust Co., New York City. A certified check for
$16.580. payable to the City Clerk, is required.
MIAMI COUNTY (P. 0. Peru), Ind.
-BOND SALE.
-On Nov. 10
the t6.300
% coupon Forest P. Hostetler free gravel road No. Pin Harrison Township bonds offered on that date
-were awarded
-V. 121. p. 2070
to the Wabash Valley Trust Co.. of Peru, at a premium of *15 26. equal to
100.24, a basis of about 4.45%, Date Oct. 15 1925. Due $315 each six
months from May 15 1927 to Nov. 15 1936, inclusive.
MIDDLETOWN, Butler County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. (standard time) Jan. 28 by C: 11. Campbell, City Auditor, for $20.700 5)4% (special assessment) street impt.
bonds. Denom.$300 and $500. Dated Jan. 11926. Prin. and semi-ann.
Int.(M.& S.) payable at the National Park Bank, New York. Due $2.300
yearly from Sept. 1 1927 to 1935 incl. Cert. check on some solvent bank
for $500. payable to the City Treasurer, required. Bonds
supervision of Peck. Schaefer and Williams of Cincinnati.were under the
Purchaser to
pay the entire expense for the delivery of said bonds.
MINNEAPOLIS, Hennepin CountyMinn.-BOND OFFERING.Sealed bids will be received until Jan. 21' by (leo. M. Link, Secretary of
Board of Estimate and Taxation, for the following 5% bids, aggregating
$1,700.000:
$1,444,000 water works bonds. Due Jan. 1 as follows' 349.000. 1927
to 1930, incl.. and 348.000. 1931 to 1956. incl.
256.000 permanent impt. bonds. Due Jan. 1 as follows. $8.000, 1927
to 1940. Incl., and $9,000. 1941 to 1956. incl.
Date Jan. 1 1925. Denom. 31.000. Prin. and
payable
In gold at the City Treasurer's office or at the fiscalsemi-ann. int. State in
agency of the
New York. A certified check for 2% of bid, payable to C. A. Bleomquist,
Treasurer, is required. Legality approved by John C. Thomson of
City
New York City.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING -Sealed bids will be received until 10 a. m. Jan. 13--BOND OFFERby
Clerk of Board of County Commissioners, for the following F. A. Kilmer.
two issues of
s% coupon bonds, aggregating $75.500:
Northern Section Fairview Sanitary Sewer Dist. No. 1. Lateral
$33.500
Sanitary Sewer bonds. Denomd 31.0(10. except one for $500.
Due on Oct. 1 as follows: $1,500, 1927; 32.000. 1928
$3.000. 1932: $2,000. 1933 and 1934; 33.000. 1935:to 1931, incl.;
$2.000.
and 1937: 83,000, 1938: $2.000. 1939 and 1940. and ;3.000, 1936
1941.
Certified check for $3.000, payable to the County
Treasurer,
required.
42.000 Ft. McKinley Sanitary Sewer Dist., Main Sanitary Sewer bonds.
Denom. 81.000. Due on Oct. 1 as follows: $2,000, 1927
Incl. and 33.000, 1930 to 1941, incl. Certified check forto 1929.
$4,000,
payable to the County Treasurer,
Dated Jan. 1 1926. Prin. and semi-ann.required.& 0.)
int. (A.
County Treasurer's office. Legality approved by D. W.& payable at the
A. S. Iddings,
Dayton. and Peck, Shafer & Williams of Cincinnati.
MOON TOWNSHIP SCHOOL DISTRICT (P. 0. Corapolis R. F. D.
No. 3) Allegheny County, Pa.
-BOND SALE.
-On Jan. 5 the $55.000
% school bonds offered on that date (V. 121. p. 3033) were awarded to
Glover & MacGregor and George G. Applegate at a premium of $221,
equal to 100.40,a basis of about 4.47%. Dated Feb. 1 1926. Due on Feb.
1 as follows: 11.000, 1934 to 1936 Incl.;$2,000, 1937 to 1948 incl. and $4.000,
1949 to 1955 incl.
MORROW COUNTY (P. 0. Mount Gilead), Ohio.
-BOND SALE.
On Dec. 28 the following two issues of 5%% coupon Garverick Road bonds.
aggregating $14.899. offered on that date
-V. 121, p. 2904-were awarded
to R. E • Aub & Co. of Cincinnati at a premium of $516, equal to 103.46,
a basis of about 4.68%:
57.750 (township portion) impt. bonds. Due on Sept. 1 as follows: $5$0,
1926. and $800. 1927 to 1935, incl
7.149 (land-owners' portion) impt. bonds. Due on Sept. 1 as follows:
$390, 1926. and $750, 1927 to 1935, incl.
Dated Jan. 1 1928. Other bidders were:
Premium.
Premium.
Well, Roth & Irving Co_ __ -$467 00
The Provident Say. Bk. &
$396 97N. S. Hill & Co
Trust Co
409 19
Breed, Elliott & Harrison__ 245 84 The Peoples Say. Bk.& Co 470 oo
Par
lsarriaOatis,Inc. 427 15 Seasongood & Mayer
Stranahan,H




MOUNT LEBANON TOWNSHIP (P. 0. Pittsburgh), Allegheny
County, Pa.
-BOND SALE.
-On Jan. 3 the $125,000 coupon township
bonds offered on that date
-were awarded to the Mellon
-V. 121. p. 3033
National Bank of Pittsburgh as 434s at a premium of $1.806 28, equal to
101.44, a basis of about 4.39%. Dated July 1 1925. Due on July 1 as
follows: $20,000, 1930, 1935, 1940, 1945, 1950 And 325.000, 1955.
NATCHITOCHES PARISH DISTRICT No. A-1(P.O. Natchitoches)
La.
-BOND OFFERING,
-W,H. Airey President Police Jury, will receive
sealed bids until 11 a.m. Feb. 1 for $f50,000 5)i7 public impt. bonds.
0
Date Feb. 1 1926. Denom. $1,000. Due serially 1927 to 1946 incl. A
certified check for $5,000 payable to the District is required.
NEW CASTLE SCHOOL DISTRICT (P. 0. New Castle), Lawrence
County, Pa -BOND OFFERING.
-Sealed bids will be received until
8 p. m. Jan. 12 by H. M. Marquis. Secretary of Board of Directors, for
$100.000
% coupon school bonds. Denom. $1,000. Prin. and semiann. int. (J. & J.) payable at the office of the Treasurer of Board of School
Directors. Due 320.000 yearly from Jan. 1 1946 to 1950, incl. Certified
check for 1% of bid, payable to the Treasurer of Board of Directors, required. These are the bonds originally offered on Dec. 1. V. 121, p. 2666.
NEWTON COUNTY ROAD DISTRICT NO. 5 (P. 0. Newton), Tex.
-BOND ELECTION -An election will be held on Jan. 16 for the purpose
of voting on the question of issuing $50,000 534% road bonds. T. 0.
Miller, County Clerk.
NEW YORK CITY.
-TEMPORARY LOANS ISSUED DURING
DECEMBER.
-The City of New York issued short-term securities in the
aggregate of $129.440.000, all bearing 4% interest, consisting of special
revenue bonds and bills, tax notes and corporate stock notes during December as follows:
Special Revenue Bonds of 1925.
Rapid Transit.
Amount.
Maturity.
Issued.
$1,000
or before), Dec. 5 $1,000,000 Mar. 15 1926 Dec. 9
'(July 1 1926j
1,000,000 Mar. 19 1926 Dec. 9
9.000.000 May 14 1926 Dec. 14
300.000 Mar. 22 1926 Dec. 9
1.000.000 May 7 1926 May 18 3.150.000 Mar. 22 1926 Dec. 9
1,600,000 May 211928 Dec. 23 1,950.000 Mar. 22 1926 Dec. 9
500.000 Mar. 19 1926 Dec. 14
Revenue Bills of 1925.
1,500 000 Mar. 19 1926 Dec. 14
*2.000.000 Apr. 30 1926 Dec. 14
500.000 Mar. 19 1926 Dec. 14
4.500.000 May 7 1926 Dec. 18 1.600.000 Apr. 16 1926 Dec. 18
6.000.000 Apr. 30 1926 Dec. 23 3.550.000 Apr. 16 1926 Dec. 18
5.000.000 May 28 1926 Dec. 28 3,600.000 Apr. 16 1926 Dec. 18
7,500.000 Mar. 15 1926 Dec. 28
250.000 Apr. 23 1926 Dec. 23
Assessment Bonds, Sec. 181.
500.000 Apr. 23 1926 Dec. 23
15.000.000 IOn or afterl Dec. 11
Dock.
$600 000 Mar. 22 1926 Dec. 9
'(Jan. 2 19261
500.000 Mar. 19 1926 Dec. 14
Corporate Stock Notes of 1925.
950.000 Apr. 16 1926 Dec. 18
Various Municipal Purposes.
250.000 Apr. 23 1926 Dec. 23
$50.000 Mar. 8 1926 Dec. 9
School Construction.
7,400.000 Mar. 8 1926 Dec. 9 34.000.000 Mar. 15 1926 Dec. 9
2.350.000 Mar. 19 1926 Dec. 14 3.000.000 Mar. 12 1926 Dec. 9
3.550.000 Mar. 19 1926 Dec. 18 4.200.000 Mar. 8 1926 Dec. 9
3.000,000 Apr. 23 1926 Dec. 23 3.000.000 Mar. 19 1926 Dec. 14
1.450.000 Mar. 19 1926 Dec. 18
Water Supply.
3.350.000 Mar. 26 1926 Dec. 18
10.000.000 Mar. 15 1926 Dec. 9 2,000,000 Apr. 23 1926 Dec. 23
3.350.000 Mar. 8 1926 Dec. 9
Tax Notes of 1925.
1.500.000 Mar. 19 1926 Dec. 14
19.000 fOn or before' Dec. 5
1.650.000 Mar. 26 1926 Dec. 18
'(July 1 1926i
5,500.000 Apr. 9 1926 Dec. 18 2.730.000 May 21 1926 Dec. 14
300.000 Apr. 16 1926 Dec. 18 1.000.000 May 7 1926 Dec. 18
750.000 Apr. 23 1926 Dec. 23 2.000.000 May 28 1926 Dec. 23
-This city also issued on Dec. 4 $10.400.000
GENERAL FUND BONDS.
3% general fund bonds and on Dec. 22 $1.400,000 3% general fund bonds.
both issues maturing Nov. 1 1930.
-BOND SALE.
NILES, Trumbull County, Ohio.
-On Dec. 28 the
318.500 5 Si% Helen and Wilson Ayes. impt. assessment bonds offered on
that date (V. 121. p. 2904) were awarded to A. E. Aub & Co. of Cincinnati
at a premium of $563, equal to 103.04, a basis of about 4.34%. Dated
Oct. 1 1925. Due on Oct. 1 as follows: 52,000. 1926 to 1934 incl. and
$500, 1935.
-BOND SALE.
-On June
NOBLE COUNTY (P. 0. Caldwell), Ohio.
10 Breed, Elliott & Harrison of Cincinnati. purchased an issue of $14.000
6% coupon impt. bonds at 105.03, a basis of about 4.40%. Date June 1
1925. Due $2.000 yearly from June 1 1926 to 1932, inclusive.
-The First National
NORFOLK, Norfolk County, Va.-NOTE SALE.
Bank and F. S. Moseley & Co.. both of New York. jointly purchased an
revenue notes on a 4.33% basis. Date Jan. 6 1926.
ISSI.10 of $1,500,000
Due Dec. 10 1926. Legality approved by Reed, Dougherty & Hoyt of
Now York.
NORTHEAST TAMPA SPECIAL ROAD AND BRIDGE DISTRICT
(P. 0. Tampa), Hillsborough County, Fla.-BOWD OFFERING.
W. A. Dickenson. Clerk Board of County Commissioners, will receive
0
sealed bids until 11 a. m. Jan. 22 for $1,000,000 67 road and bridge coupon
bonds. Date July 1 1925. Denom. $1.000. Due July 1 as follows:
315.000 1928 to 1931, incl.; 320.000 1932 to 1934. incl.: $25,000 1935 and
1936. $30,000 1937 to 1939, incl.: 135.000 1940 to 1942, incl.; 340.000 1943
to 1945. incl.: $45.000 1946 to 1948, incl.: $50.000 1949 to 1951. incl.:
$55,000 1952 and 1953, and $60,000 1954 and 1955. Principal and interest
(J. & J.) payable in gold at the National City Bank, New York City.
Legality approved by Chester B. Masslich of New York. The bonde
will be prepared under the supervision of the Citizens Bank & Trust Co.
of Tampa. A certified check for $20,000, payable to the Clark Board of
County Commissioners, is required.
NORTH HEMPSTEAD UNION FREE SCHOOL.DISTRICT NO. 10
(P. 0. Mineola), Nassau County, N. Y.
-BOND SALE.
-On Jan. 7
the $103.000 4% coupon and registered school bonds offered on that
date (V. 121. p. 121), were awarded to Harris. Forbes & Co.. of New York,
-a basis of about 4.44%. Dated Jan. 1 1926. Due on Jan. 1
at I00.603
as follows: $6,000. 1931 to 1940, inclusive; $7,000, 1941 to 1945, inclusive,
and $8.000, 1946. Other bidders were:
Rate Bid.
Sherwood & Merrifield
100.55
Lamport & Co
100.09
Geo. B. Gibbons & Co., Inc
100.217
OAKLAND CITY SCHOOL DISTRICT, Alameda County, Calif.
-The 31.000,000 57
BOND SALE.
0.school bends offered on Dec. 14(V. 121,
p. 2905) were awarded to a syndicate composed of R. H. Moulton & Co.
of San Francisco, National City Co., New York; Harris Trust & Savings
Bank. Chicago; Mercantile Securities Co.of San Francisco. and the Citizens'
National Co. of Los Angeles at 106.46. Due serially 1940 to 1948 incl.
OAKLAND CITY HIGH SCHOOL DISTRICT, Alameda County,
Calif.
-BOND SALE.
-The $460,000 5% school bonds offered on Dec. 14
(V. 121. p. 2905) were awarded to a syndicate composed of the Illinois
Merchants Trust Co. of Chicago; Heller, Bruce & Co. of Los Angeles;
Wells. Fargo Bank & Union Trust Co., Schwabacher & Co., H. S. Boone
& Co., Wm.Cavalier & Co., all of San Francisco; Freeman, Smith & Camp
Co. of Los Angeles; American Securities Co. of San Francisco. and the
Municipal Securities Co. of Dallas, at 104.27. Due serially 1934 to 1938
inclusive.
OCALA, Marion County, Fla.
-BOND SALE.
-The 385.000 5%
hospital bonds offered on June 2-V. 121, p. 2720
-were awarded to
Vandersall & Co., of Toledo, at 103.57, a basis of about 4.72%• Date
May 1 1925. Due 31,000. 1928, and $2,000. 1927 to 1945, inclusive. _
OCEAN CITY, Cape May County, N. J.
-Sealed
-NOTE OFFERING.
bids will be received until 3 p. m. Jan. 18 by J. Reeves Hildreth. City Clerk,
for $64,000 5I4% promissory notes. Denom.$1 000 except 1 for 14,000.
Date Jan. 18 1926. Due Aug. 2 1926.
-The
OKEECHOBEE, Okeechobee County, Fla.
-WARRANT SALE.
150.0006% time warrants offered on Aug. 18-V.121. p.492
-were awarded
to the G. B. Sawyers Co., of Jacksonville. Date Aug. 1 1925. Due
$10.000 Aug. 1 1945 to 1949, inclusive.
Fw OKLAHOMA CITY,Oklahoma County, Okla.
-BOND OFFERING.
The City Clerk will receive sealed bids until Jan. 26 for $950,000 sewerage
disposal plant bonds.
--Paul Deis,
ONAKA, Faulk County, S. Dak.-BOND OFFERING.
Town Clerk, will receive sealed bids until 8:30 p. m. Jan. 14 fur 87.000.

244

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[VOL. 122.

not exceeding 7% electric light bonds. Date Jan. 1 1926. Due Jan. 1
RANDALL COUNTY (P. 0. Canyon), Texas.
-The
-BOND SALE.
1946. Int. payable semi-annually. A certified check for 5700, payable $330,000 5K% road bonds offered on May 11-V. 120. p. 2464
-were
to the Town Treasurer, is required.
awarded to the Branch-Middlekauff Co., of Wichita. at a premium of $130
equal to 100.43.
-BOND OFFERINO.-W. S. Harris,
OPELIKA, Lee County, Ala.
REIDSVILLE, Rockingham County, No. Caro.
City Clerk, will receive sealed bids until 8 p. m. Jan. 18 for $225,000 not
-BOND SALE.
exceeding 5% water works bonds. Due $7.500 Jan. 1 1927 to 1956, incl. The $150.000 city hall coupon bonds scheduled to be offered on Dec. 7-were awarded on Dec. 29 to Harris, Forbes & Co. of
A certified check for $5.000 is required. Legality approved by Storey, V. 121, p. 2786
New York and the Wachovia Bank & Trust Co. of Raleigh, jointly, as
Thorndike, Palmer & Dodge of Boston.
4Ks. at a premium of $178.50 equal to 100.119 a basis of about
-BOND SALE.
PAINESVILLE, Lake County, Ohio.
-On Nov. 6 Date Dec. 1 1925. Due Dec. 1 as follows: $3.000, 1928 to 1932 incl.;
the 214.995 58 5% (special assessment) sewer bonds offered on that date $4.000, 1933 to 1938 incl.; 56,000, 1939 to 1946 incl.; and $7,000, 1947
(V. 121, p. 2071), were awarded to the First Citizens' Corporation of Colum- to 1955 Incl.
bus at a premium of $199, equal to 101.32. a basis of about 4.75%. Dated
RHODE
-BOND SALE.
-On Jan. 5 the $500,000
Sept. 1 1925. Due on Oct. 1 as follows: $1.995 58, 1927: $2.000. 1928; 4% tax-freeISLAND (State of).
court
-house loan gold bonds offered on that date -V.121.
1.000. 1929; 22,000. 1930; 21,000, 1931; $2,000, 1932; $1.000.1933;52.000, 3034
-were awarded to the National Exchange Bank, of Providence, P.
at
1935 and 1936.
1.000.
101.26, a basis of about 3.95%. Dated Aug. 11925. Due Aug. 1 1975.
PALM RIVER SPECIAL ROAD AND BRIDGE DISTRICT, HillsRITTMAN, Wayne County, Ohio.
-BOND OFFERINO.-Sealed bids
-BOND OFFERING.
-W. A. Dickenson, Clerk Board of will be received until 12 m.
borough, Fla.
(Jan.
County Commissioners, will receive sealed bids until 11 a. m. Jan. 15 for for 33.631 25 57., coupon today impt. 9) by E. G. Newberry, Village Clerk,
park
Denom.
880.000 not exceeding 6% road and bridge bonds. Date Feb. 1 1926. $631 25. Date July 1 1925. Int A. bonds. Due on $500 except 1 for
& 0.
Oct. 1 as follows:
Denom. 51.000. Due Feb. 1, as follows: $1.000. 1929 to 1932, incl.; $631 25, 1926, and 5500,
to 1932, Incl. Cert. check for 5% of the
82.000. 1933 to 1937. incl.: $3.000, 1938 to 1943, incl.; $4.000. 1944 to amount of bid, payable to1927 Villago Treasurer,
the
required.
1950. Incl., and 25.000. 1951 to 1954, incl. Prin. and semi-annual int.
ROBBINSDALE INDEPENDENT SCHOOL DISTRICT NO. 24,
payable at the National City Bank. N. Y. City. A certified check for
$1.600 payable to the Clerk. Board of County Commissioners, is required. Hennepin County, Minn.
-BOND SALE.
-The 565.000 school bonds
Legality approve] by Chester R. Masslich of New York. The bonds will offered on Aug. 23(V. 121. p. 1010) were awarded to the Minneapolis Trust
be prepared under the supervision of the Citizens Bank & Trust Co. of Co. of Minneapolis. Date Aug. 1 1925. (Rate not stated.)
Tampa.
ROCHESTER, Olmstead County, Minn.
-BOND SALE.
-The
Financial Statement.
$75.000 4K% sewerage-disposal plant coupon bonds offered on Dec. 31Assessed valuation (1925)
3111.680 V. 121. p. 3034
-were
Actual valuation (estimated)
750.000 Rochester, at a premiumawarded to the Sinking Fund Commission, of
of
equal to 103.53, a basis of about
'Total debt (this issue only)
80.000 4.23%. Date Sept. 11924. $2.647 50, 1 as follows:
Due Dec.
$12,000, 1926; 54.000.
Estimated population (permanent residents only). 500.
1927 to 1935. Incl., and $3,000. 1936 to 1944. Inclusive.
Other bidders were:
PARROTT, Terrell County, Ga.-BOND SALE.
-J. H. Hilsman &
Inc. of Atlanta have purchased an issue of 213.500 6% water works
Co..
Premium.
bonds. Date Aug. 1 1925. Denom. $500. Due $500 Jan. 1 1927 to 1953 Wells-Dickey Co.. Minneapolis
$3,289
Incl. Prin. and annual int. (January 1) payable locally in New York Northwest Trust Co., St. Paul
506
Paine. Webber & Co., Minneapolis
Exchange. Legality approved by Storey, Thorndike, Palmer & Dodge
2.290
Lane. Piper & Jaffray. Inc.. Minneapolis
of Boston.
2.362
All bids include par and accrued interest
Financial Statement.
Actual values
$450,000
ROCHESTER. N. y.
-BOND SALE.
-On Jan. 7 the following eight
Assessed values, 1924
226.068 issues of 4K % coupon (with privilege of registration) bonds, aggregating
Total bonded debt (incl. this issue)
15.500 $5.650,000. offered on that date
-V. 122. p. I22-were awarded to a
Population (est.). 400.
syndicate composed of W. R. Compton & Co.; First National Rank: White,
PHILADELPHIA SCHOOL DISTRICT, Pa.
-PURCHASERS.
-We Weld & Co.; Redmond & Co.: Barr Bros. & Co.; Kissel. Kinnicutt & CO.;
Salomon Bros. & Hutzler; Clark Williams & Co.;
now learn that associated with Girard National Bank of Philadelphia In Phelps, Fenn &
the purchase of the $5,000.000
% tax free school bonds reported sold Eastman. Dillon & CO.: the Detroit Co.. Inc.. all of New York, and Sage,
to them on Dec. 3-V. 121, p. 2786
-were:. Lehman Bros., Equitable Trust Wolcott & Steele of Rochester for $5.709,834. equal to 101.059, a basis
Co.. Chase Securities Corp., Ames. Emerich & Co., Kountze Bros., Kean, of about 4.14%:
Taylor & Co., Guardian Detroit Co., and Remick, Hodges & Co.. all of 51,300.000 local impt. bonds. Due 565.000 yearly from 1927 to 1946 Incl.
1,900.000 transit subway construction bonds. Due $64,000 yearly from
New York; R. L. Day & Co., of Boston; Redmond & Co.. of New York;
1927 to 1936 incl. and 863,000. 1937 to 1956 incl.
Continental & Commercial Trust di Savings Bank. of Chicago; William
250.000 waterworks impt. bonds. Due 59.000 yearly 1927 to 1936 incl.
R. Compton Co., of New York; Stroud & Co.. of Philadelphia, Hallgarten
and $8.000, 1937 to 1956 incl.
& Co.. of New York; Old Colony Trust Co., of Boston, Northern Trust
200.000 municipal hospital bonds. Due 58.000 yearly from 1927 to
Co., of Chicago: Eastman, Dillon & Co. and Phelps, Fenn & Co., both of
1936 incl. and 56.000, 1937 to 1956 incl.
New York; Mississippi Valley Trust Co., of St. Louis; R. W. Pressprich
200,000 sewerage disposal bonds. Due 510.000 yearly from 1927 to
& Co. and Dominick & Dominick, both of New York; Federal Securities
1946 incl.
Corporation, of Chicago: and J. A. Sisto & Co., of New York.
500.000 school construction bonds. Due $18,000 yearly from 1927 to
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
1936 incl. and $16.000. 1937 to 1956 incl.
Clearwater), Fla.
-BOND SALE.
-The 5)4% bonds aggregating $2,086,- . 300,000 municipal land purchase bonds. Due $10.000 yearly from 1927
$90 offered on April 28-V. 120. p. 1793
-were awarded as follows:
to 1956 incl.
To Stern Bros.. of Kansas City:
1.000,000 municipal impt. bonds. Due $50,000 yearly from 1927 to 1946
8145 000 Special Tax School District No. 1 (Tarpon Springs) at.._105
Inclusive.
224.000 Special Tax School District No. 2 (Clearwater) at
107.02
Date Feb. 1 1926. Other bidders were:
To A. T. Bell & Co. and Braun Bosworth & Co.. both of Toledo. Jointly:
1,160.090 Spacial Tax School District No. 3 (St. Petersburg) at..107.08 Roosevelt & Co.; 0. B. Gibbons de Co.; Robert Winthrop & Amount Bid.
210.000 Special Tax School District No. 12 (Gulfport) at
104.87
CO.. and Blodget & Co. of N. Y. City
$5,701,810 50
165.000 Special Tax School District No. 7 (Lealman) at
103.67 Manufacturers & Traders Trust Co.of Buffalo: Harris, Forbes
To Breed, Elliott & Harrison. of Cincinnati:
& Co.: Bankers Trust Co.. National City Co.: L. F. Roths105.000 Special Tax School District No. 5 (Dunedin) at
101.74
child & Co.; Guardian Detroit Co.. and Hannahs. Bailin &
To Kalman, Gates. White & Co., of St. Paul:
Co. of N. Y. City
5,69,5,93450
75.000 Special Tax School District No. 8 (Largo) at
101.62 Guaranty Co. of New York, New York
5,688.894 60
To Parson Son & Co., of New York.
Financial Statement (as Officially Reported).
2.500 Special Tax School District No. 15 (Pinellas Park) at..-101
Assessed valuation 1925
5469.987.769 00
Date May 1 1925.
Total bonded debt, including this issue
*51,535,800 00
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. Less sink. funds (other than water sink. fund)21.677.478 91
Water debt
-BOND OFFERINO.-J. D. Raulerson, Clerk
19 (P. 0. Bartow), Fla.
11.519.000 00 13,196,476 91
Board of County Commissioners, will receive sealed bids until 1:30 P• m• Net debt
*38.339,323 09
• Included In these Items there are 511.588.500 local impt. bonds, which,
Feb. 2. for 5325.000 5% road bonds. Date July 1 1925. Denom.
51.000. Due $13 000 July 1 1930 to 1954. incl. Prin. and int. (J. & J.) although general obligations of the city, are payable from special assessments
payable In gold at the American Exchange National Bank. N. Y. City. against specific property.
Population. 1920 census, 295,750: 1925 estimated. 325.000.
or at the Snell National Bank, Winter Haven. A certified check for 56.500
payable to the Chairman Board of County Commissioners Is required.
ROCHESTER, N. Y.
-NOTE SALE.
-Salomon Bros. & Tlutzler of
Legality approved by Caldwell & Raymond of N. Y. City.
New York were awarded the following three issues of notes, aggregating
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT 31.350.000, offered on Jan. 6 (V. 122. p. 122) at 3.94% interest, plus a $21
NO. 15 (P. 0. Bartow), Fla.
-BOND OFFERING.
-Sealed bids will be
received until 1:30 p. m. Jan. 11 by J. D. Raulerson, Clerk Board of County $650,000 general revenue as per ordinance of the Common Council, Des.
10 1925.
Commissioners for $300.000 554% road bonds. Date Oct. 11925. Denom.
600,000 school revenue as per ordinance of the Common Council, Dec.
$1.000. Due Oct-1 as follows: $5,000. 1928 to 1937, Inclusive: $10.000,
10 1925.
1938 to 1942. Inclusive; 215,000, 1943 to 1954. Inclusive; and $20,000 in
100,000 general revenue, as per ordinance of the Common Council, Dee.
195.5. Principal and interest (A. & 0.) payable in gold at the American
22 1925.
Exchange National Bank, New York City, or at the Polk County National
General revenue (5650.000) and school revenue notes will be made PayBank. Bartow, at option of holder. Legality approved by Caldwell &
Raymond. New York City. A certified check for $6,000, payable to the able five months from Jan. 11 1926: and general revenue ($100,000) notes
will be made payable seven (7) months from Jan. 11 1926.
Chairman Board of County Commissioners, is required.
ROYAL OAK, Oakland County, Mich.
PORTLAND, Cumberland County, Me.
-LOAN OFFERINO.-John
-BOND OFFERING.
R. Gilmartin, City Treasurer, will receive bids until 12 m. Jan. 13 for the Sealed bids will he received until 7:30 p. m. Jan. 11 by R. Bruce Fleming,
purchase on a discount basis of a temporary loan of $300.000 in anticipa- City Clerk, for the following 12 Issues of special assessment bonds, aggretion of taxes for the year 1926. Notes therefor will be dated Jan. 18 1926 gating $255,300:
and payable Oct. 4 1926 at the First National Bank of Boston. The notes g$,700 Third St. pavement and curb bonds. Due 51.140 yearly from
Jan. 11927 to 1931 incl.
will be in denominations to suit purchaser._ and in submittirg bids the
denominations desired should be stated. The notes will be ready for
5,200 Harrison St. pavement and curb bonds. Due $1.040 yearly from
Jan. 1 1927 to 1931 incl.
delivery Jan. 18 at the First National Bank of Boston, and will be certified
as to genuineness and validity by that bank under advice of Ropes, Gray, 27,000 Woodcrest Ave. pavement and curb bonds. Due $5.400 yearly
from Jan. 1 1927 to 1931 incl.
Boyden & Perkins, and all legal papers incident to the loan will be filed
64,600 Northwood Blvd. pavement and curb bonds. Due $12,920 yearly
with the above bank, where they may be inspected at any time.
from Jan. 1 1927 to 1931 incl.
(P. 0. Kelso), Cowlitz County, Wash.
PORT OF KELSO
-BOND 22.000 Williams St. pavement and curb bonds. Due
$2,200 yearly from
DESCRIPTION.
-The 2180,000 coupon port bonds awarded to Peirce,
Jan. 1 1927 to 1936 incl.
Fair & Co., and the Lumbermen's Trust Co. both of Portland, Jointly, at 22,600 Curry Ave. pavement and curb bonds. Due
$4,520 yearly from
100.04-V. 121. p. 2786-a basis of about 4.995%, bear interest at the rate
'
Jan. 1 1927 to 1931 incl.
of 5% and are described as follows: Date Dec. 1 1925. Denom. $1,000. 31,300 Laurel St. pavement and curb bonds. Due 26.260 yearly from
Due Dec. 1 as follows: $6.000. 1927 to 1929. incl.; 87,000. 1930 and 1931;
Jan. 1 1927 to 1931 incl.
mow, 1932 to 1934, incl.; $9,000. 1935 and 1936: $10,000. 1937 to 1939. 14.600 Second Ave. pavement and curb bonds. Due 52,920 yearly from
Incl.: 812.000. 1940 to 1942, incl.; 513,000. 1943 and 1944, and 514.000,
Jan. 1 1927 to 1931 incl.
1945. Prin. and int. (J. & D.) payable at the fiscal agency in NewlYork 15,800 Pingree St. pavement and curb bonds. Due
$3,160 yearly from
City or at the Lumbermen's Trust Co., Portland. Legality approved by
Jan. 1 1927 to 1931 incl.
of Seattle.
Shorts & Denney
13.100 Longfellow St. _pavement and curb bonds. Due s2,620 yearly
Financial Statement.
from Jan. 1 1927 to 1931 incl.
Real valuation. estimated
$37,000.000 13,700 Irving St. pavement and curb bonds. Due $2,740 yearly from
Jan. 1 1927 to 1931 incl.
Assessed valuation
18,299,079
Bond indebtedness (this issue only)
180.000 19,700 Water Service Program No. 1 bonds. Due $3,940 yearly from
Jan. 119211 to 1931 incl.
Bonded debt less than 1% of assessed valuation.
Denom. $1,000 as far as possible. Date Jan. 1 1928. Prin. and semiPopulation estimated. 22.000.
ann. int. (J. &J.) payable at Royal Oak or
Certified
PORT OF PORTLAND (P. 0. Portland), Multnomah County, check for $2,500, payable to the city, required. Detroit banks.
-BOND OFFERINO.-J. P. Doyle, Assistant Secretary Board of
Ore.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 10, Oakland
sealed bids until 3:30 p. m.Jan. 29 for 8750,000 43 %
Directors, will receive
-BOND OFFERING.
-Sealed bids will be received until
port impt. Series "0" coupon or registered bonds. Date Jan. 1 1926. County, Mich.
Denom. 51.000. Due July 1 as follows; $47.000. 1927, and $37.000. 1928 8 p. m.Jan. 11 by D.J. Gunter, Secretary Board of Education, for $24.000
to 1946. Incl. Prin. and in (J. & J.) payable in gold in Portland and school bonds at not exceeding 5% interest. Date Jan. 1 1926. Prin.
N.Y.City. A certified check for 5% of bid payable to the Port Is required. and semi-ann. Int. (J. & J.) payable at any bank in Detroit mutually
agreeable. Due $2,000 yearly from Jan. I 1929 to 1940. Incl. Cert.
Legality approved by Storey. Thorndike, Palmer & Dodge of Boston.
check for $1,000 payable to the School District Treasurer required
PORT OF VANCOUVER (P.0. Vancouver), Clark County, Wash.
Financial Statement.
BOND OFFERINGc. C. A. Sperber, Secretary Board of Commissioners, Assessed valuation
$2,688,665
will receive sealed bids until 11 a. m. Jan. 15 for 575,000 not exceeding 6% Total debt, including this issue
172,000
development coupon bonds. Date Jan. 20 1926. Denom. 51.000,
Population (estimated), 1.700.
serially 1928 to 1946, inclusive. Principal and
$100. Due se
and
ST. PAUL, Ramsey County, Minn.
-BOND SALE.
Interest (J. & J.) payable at the County Treasurer's office or at the fiscal
-The $900,000
nent impt. revolving fund coupon or registered bonds offered on
agency of the State in New York. A certified check for 5% of bid is
We 1 16-V. 121, p. 2667
r.
C 1a
-were awarded to Barr Bros. & Co., of New
required.

I

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245

York and 0. W. McNear & Co., of Chicago jointly, taking $160,000 as
SOUTH BUFFALO TOWNSHIP (P. 0. Freeport), Armstrong
4s and $740,000 as 44s at a premium of $19 equal to 100.002, a basis of County, Pa.
-BOND SALE.
-The F ..port Bank & Trust Co. of Freeport
about 4.205%. Date Dec. 1 1925. Due Dec. 1 1945. The following and the Kittanning Safe Deposit & Title Guaranty Co. of Kittanning
jointly have purchased $20,000 434% coupon road bonds at par. Denom.
is a list of bids received:
$250. Date Nov. 11925. Int. M. & N. Due Nev. 1 1939.
Int.
BidderAmount. Rate. Prem.
SOUTH HAVEN, Van Buren County, Mich.
Barr Bros. & Co., New York
-An
13530,000 4%%
-BOND SALE.
$19
Issue of $25,000 5% coupon hospital bonds was purchased locally at par.
O. W.McNees & Co.,Chicago
370.000 4Si
Denom.$500 and $1,000. Jut. j. St J. Due serially to 1932.
Barr Bros. St Co. New York
C. W. McNear St' Co., Chicago
4,860
900,000 4%
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
-BOND
Kean, Taylor Sc Co., New York
-J. L. M. Williams, Clerk Board of County Commissioners.
Guardian Detroit Co., New York
3,681 OFFERING.
1 900,000 44%
will receive sealed bids until 11 a. m. Jan. 14 for $135,000
L. F. Rotschild & Co., New York
% coupon
highway bonds. Date Jan. 1 1926. Due Jan. 1 as follows: $4,000. 1927
Harris Trust & Savings Bank, Chicago
900.000
and
1929 to 1932
Harris Trust & Savings Bank, Chicago
750,000 r4i 25'
RR8 19371928; 55.000, $8.000. 1940 lad.; 16.000, 1933 to 1936 incl.: $7,000,
to 1939 incl.:
to 1942 incl.; 39.000, 1943 and 1944 Incl.;
150,000
The National City Co., New York,425,000 4%
99 and $10,000. 1945 and 1946. Prin. and int. (J. & J. payable at the
Hanover National Bank, N.Y.C. A certified check for 2% of bid payable
The Northern Trust Co., Minneapolis
475,000 4)4%
to the County Board is required. Legality approved by Storey, Thorndike,
The First Bank of St. Paul
105,000
Palmer, & Dodge of Boston.
795,000 14%
Halsey, Stuart & Co., New York
261
410,000 4
SPRINGFIELD, Lane County, Ore.
-BOND OFFERING.
-R. W.
Blair & Co., New York
490,000 4)4%
Smith, Town Recorder, will receive sealed bids until Jan. 22 for $13,481
Geo. 13. Gibbons St Co.,New York_._
430,000 4)4%
6% impt. bonds. Denom. $100. except 1 for $81. A certified check for
Eastman, Dillon & Co., New York
470,000 4%
3% of bid is required.
Northwestern Trust Co., St. Paul
Northwestern Trust Co., St. Paul
STARK COUNTY (P.
-BOND SALE.
-On Nov.
Eastman, Dillon & Co.. New York
1,325 6 the $31,500 road bonds0. Canton), Ohio.
900,000 431%
offered on that date
-V. 121, p. 2188
-were
Geo. B.Gew York
ibbons & Co., N
awarded to the
Bankers Trust Co.. New Yor436,000 4%%
k13 Due on Nov. 20Detroit Trust Co., of Detroit, as 58. Date Nov. 20 1925.
as follows: 14,000, 1927 to 1931, incl.; 53.000. 1932 to 1934.
Guaranty Co. N
New York
464,000 44
incl., and $2.500. 1935.
Minneapolis Trust Co., Minneapolis
Kissel, Kinnicut & Co., New York
STAUNTON, Macoupin County, 111.
-CERTIFICATE SALE.
Continental & Commercial Tr.& Say. Bk., Chic. 900,000 4)4% 25.065 Ramsey. Gordon & Co.,
of Detroit, purchased an issue of 1230.000 6%
White. Weld & Co., New York
coupon municipal water works certificates. Denom. 11.000 and $500.
Wm. R. Compton Co., New York
900,000 4Si%
889 Date Dec. 15 1925. Prin. and semi-ann. Int. (J. & D. 15) payable at the
Old Colony Trust Co., Boston
Chicago Title & Trust Co., Chicago. Due on Dec. 15 as foliws: 52,000.
Estabrook & Co., New York
90 1927; 53.500, 1928; 54.000. 1929; 55,000. 1930: $8,500, 1931: 13.000,
435,000 4%
1932;
The Minnesota Loan & Trust Co., Minneapolis
465,000 4)4%
59.000. 1933: 510.500. 1934; 511,500, 1935; 312.500. 1936: 113,000, 1937;
Eldredge & Co., New York
105.000 4
-513.500, 1938 and 1939: 514.500, 1940: $15.500. 1941; 516.000. 1942;
Wells-Dickey Co., Minneapolis
795,000 4 4 %
517.500, 1943. and 518.000. 1944 to 1948, incl. Legality approved by F.
The Merchants National Bank of St. Paul for 900,000 44%
2,440 William Kraft of Chicago.
F. B. Keech & Co., New York
The Merchants National Bank of St. Paul for 800,000 434%
SUMNER CONSOLIDATED SCHOOL DISTRICT (P. 0. Sumner),
10
F. B. Keech & Co., New York
Worth County, Ga.-BOND SALE.
100,000 4%
-The Robinson-Humphrey Co. of
Merchants Trust Co.. St. Paul
Atlanta has purchased an issue of $30.000 5% coupon school bonds. Date
The Detroit Co., Inc., Detroit
900.000 44% 24,280 Dec. 30 1925. Denom. 51.000. Due Dm. 30 as follows: 11.000. 1928
E. H. Rollins &Sons, New York
to 1935, incl., and 52.000. 1938 to 1945. incl. Prin. and int. (J. & D. 30)
W.A. Harriman & Co., Inc., New York
payable In N. Y. City. Legality approved by Storey. Thorndike, Palmer
Lehman Bros., New York
1,535 & Dodge of Boston.
900.000 44%
Lane, Piper & Jaffray, Inc., Minneapolis
Financial Statement.
Remick. Hodges & Co., New York
Assessed valuation
3611.896
R. L. Day & Co., Boston
Total indebtedness
495,000 44%
30,000
Phelps, Fenn & Co., New York
50
Population (estimated), 2,000.
405,000 4%
Kalman, Gates, White & Co. St. Paul
Howe, Scow & Battles, Inc., New York
SWANTON,Fulton County, Ohio.
-BOND OFFERING.
150
500,000 4%
'
-Sealed
will be received until 12 m. Feb. 1 by John R. Fels. Village Clerk, forbids
Bankers Trust & Savings Bank, Minneapolis
400.000 4Si %
the
Bankers Trust & Savings Bank, Minneapolis
261 following three issues of 5% (special assessment) bonds aggregating $15.660:
900,000 434%
Howe. Snow & Battles, Inc.. New York
$9,160 street impt. bonds. Denom. 5.500 except 1 for $160. Due on
Sept. 1 as follows: $500. 1927; $680. $928; and 31.000, 1939 to 1936
incl.
ST, PETERSBURG, Pinellas County Fla.-BOND OFFERING.2.700 street impt. bonds. Denom. $200 and $300. Due on Sept. 1 as
Sailed bids will be received until Jan. 25 by S. S. Martin, Director of
'
follows: $200. 1927 to 1929 incl.: and 3300. 1930 to 1936 incl.
Finsoce,for $3,319,00044 and 5% municipal 1mprovement bonds. Denom.
3,800 street inapt. bonds. Denom. $200 and $300. Due on Sept. 1 as
$1,000.
follows: $300, 1927 to 1932 incl.: and $500. 1933 to 1938 Incl.
SAN BRUNO PARK SCHOOL DISTRICT, San Mateo County,
Date Jan. 1 1926. Prin. and semi-ann. int.
Calif.
-BOND SALE.-Schwabacher & Co.. of San Francisco. were Farmers & Merchants Deposit Co.. Swanton. (M. & S.) payable at the
Cert. check for 10% of
awarded on Dec. 21 an Issue of $42.000 5% school bonds at a premium of the amount bid for, payable to the Village Treasurer. required.
7
r35. equal to 101.75. a basis of about 4.64%. Date Jan. 1 1926. Denom.
SWATARA CONSOLIDATED SCHOOL DISTRICT NO. 39, Aitken
1.000. Due $4.000, 1927 to 1934, incl., and $5,000. 1935 and 1936.
-BOND SALE.
-The 516.000 funding bonds offered on
in. and int. (J. & J.) paable at the County Treasurer's office. Legality County, Minn.
Sept. 11 (V. 121. p. 1377) were awarded to Drake-Jones Co.of Minneapolis.
approved by Goodfellow,'tells. Moore & Orrick, of San Francisco.
Date July 1 1925. Due July 1 1935. optional July 1 1930. (Rate not
Financial Statement.
stated.)
Bonded debt (Including this issue)
$61,000
TACOMA, Pierce County, Wash.
-BOND OFFERING.
-Sealed bids
Assessed valuation 19?5
1.187,565
will be received until 2 D. m. Jan. 20 by H. Roy. City Treasurer, for $1.Population (estimated). 4.000.
000 000 not exceeding 6% coupon water bonds. *Date Jan. 1 1926. Denom.
SAN FRANCISCO (City and County of). Calif.
-BOND OFFERING. 51.000. Due 1100.000 Jan. and July 1 1939 to 1943. Inclusive. Principal
-J. S. Dunnicran. Clerk, Board of Supervisors sill receive sealed bids until and semi-annual interest payable at the office of the City Treasurer or at the
3 p.m. Jan II for $1.000.000 5% Hetet' tietchy water bonds. Date Jan. fiscal agency of the State in New York. A certified check for 550,000 is
1 1925. Denom. $1,000. Due $25.000, 1930 to 1989 Incl. A certified required. Legality approved by John C. Thomson. New York.
check for 5% of bid playable to the above named clerk is required. Legality
TAMPA, Hillsborough County, Fla.
-BOND SALE.
approved by John G.thomson of N. Y. C.
-The following
bonds aggregating $1,840.000 bonds, offered on Jan. 4-V. 121. p. 3160
Financial Statement.
were awarded to a syndicate composed of Austin. Grant & Co., Geo. B.
The outstanding bonded debt of the City and County Is
Gibbons & Co., Inc.. Redmond & Co. and Eastman, Dillon & Co., all of
Water debt
$41 MO.000 New York. at 97.735:
Other debt
38.106.000 5890,000 5% permanent Improvement bonds. Due serially 1933 to 1974.
inclusive.
Total
179.106.000
800,000 44% permanent improvement bonds. Due serially 1928 to 1975.
The city has no floating Indebtedness nor debt created In anticipation of
Inclusive.
taxes.
150.000 44% park bonds. Due serially 1928 to 1940, Inclusive.
Of the foregoing a tax has been levied and in process of collection (approximately two-thirds collected) sufficient to redeem water bonds to the amount
TEANECK TOWNSHIP SCHOOL DISTRICT (P. 0. West Engleof 51,000.000 and other bonds to the amount of $1.646.600,
-BOND OFFERING.
wood) Bergen
-Sealed bids will be
which will received until 8 County, N. J. John H.
reduce the total debt by 12.646,600.
p. m. Jan. 12 by
Ranges, District Clerk, for the
The assessment roll for the current fiscal year is
following two Issues of 5% coupon (with privilege of registration as to
Non-operative property
3733.789.500 principal only or as to both principal and Interest) school district bonds:
Operative property
316.791.956 1105.000 school district bonds. Dated Dec. 30 1925. Due on Dec. 30 as
Total assessment
ss
follows: $4,000, 1926 to 1940 incl.; and 53.000, 1941 to 1955 incl.
$1.050.581,456
Property assessed at approximately 50% of Its value.
70.000 school district bonds. Dated Jan. I 1926. Due on Jan. 1 as
follows: 5.3.000, 1927 to 1936 incl.: and $4,000, 1937 to 1948 incl.
SAN JUAN (Municipality of), Porto Rico.--ROND SALE.
Denom. 51.000.
-The
D. 30)
$2.500.000 434% coupon public improvement bonds offered on Jan. 6- and (J. & J.) for thePrin. and semi-ann. Int. (J. & payable for the 3105.000
$70,000 school district bonds,
In lawful money
V. 121. p.
awarded to a syndicate composed of Harris, Forbes of the United States of America at the office of the West Englewood National
New York, Stranahan, Harris & Coatis, Inc.. of Toledo. Hayden, Bank, West Englewood. No more bonds
& Co. of
to
Miller & Co. of Cleveland and W.B. Newbold's Son & Co. of Philadelphia. a premium of $1,000 over each of the above be awarded than will produce
Issues.
at 100.934. a basis of about 4.44%. Date July 1 1925. Due July 1 as incorporated bank or trust company for 2% of theA certified check on an
amount of bonds bid
follows: 520.000 1933 to 1935. Incl.; 840.000 1936 to 1040, incl.:
160.000 for, payable to the Board of Education. required. Legality approved by
1941 to 1954. Inr1.• 180,000 1955 to 1958, incl.; $100.000 1959 to
1967, Hawkins, Delafield & Longfellow of New York.
incl.. and 1190,000 1968.
TEXAS (State of).
-BONDS REGISTERED.
-During the month of
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 5 December the State Comptroller of Texas registered the following bonds
(P.O.Sarasota), Fla.
-BOND OFFERING.
-T. W.Yarborough.Secretary aggregating Ili9.800
Board of Police Instruction, will receive sealed bids until Jan. 15 for
Flare.
$40.000 Amount
Int.Rate.
Due.
Dote Reg.
6% coupon school hoods. Date Dec. 15 1925. Denom. $500.
Due
Serially
534
Dec. 29
Dee. 15 an follows: $2 000 1928 to 1937. Inclusive, and 52.500 1938 to 52.800 Freestone Co. C. S. D. No.40
1.500 Haskell Co.0.S. D. No.20
Serially
5
Dec. 29
1945. Inclusive. Prircipal and semi-annual interest, payable in gold In
1.500 Haskell Co.C.S. D. No.28
5
Serially
Dec. 29
New York. A certified check for $1,000, payable to the above
1.500
5 -years Dec. 29
-20
54
official. Is required. These are the bonds offered on Dec.7-V. 121. named CAM Comanche Co.0.S. D. No. 43
Tarrant Co. C. S. D. No. 54
p.2667.
15-years Dec. 31
5%
SHELLSBURG CONSOLIDATED SCHOOL DISTRICT,
THORNBURG (P. 0. Pittsburgh), Allegheny County, Pa.
-BOND
Benton
County, lowa.-BOND OFFERING.
-On Dec. 14 the $10.000 4 Y4 %, borough bonds offered on that date
-Sealed bids will be received until SALE.
Jan. 14 by the Clerk Board of School Directors for $93.000 refunding bonds. (V. 121, p. 2667) were awarded to J. H. Holmes & Co. of Pittsburgh at a
;
Date Mar 1 1926. Due Mar.! 1946.
premium of 101.76, a basis of about 4.58%. Dated Oct. 1 1925. Due
Oct. 11940.
SHERMAN, Grayson County, Tex.
-BOND OFFERING.
-J. A. HenTIFTON, Tift
Ga.-BOND SALE.
derson, City Clerk, will receive sealed bids until 7.30 p. m. Jan. 11
-The 110.000 5% coupon
for park bond offeredCounty, 26-V. 121. p. 1709
-were awarded to J. H.
on Oct.
$100.000 4 Si% street inlet. bonds. Date Nov. 10.1925. Denom.
$I.000.
Due as follows: $2.000. 1935 to 1937 Incl.; $3,000, 1938 to 1955 incl.: and lilisman & Co., Inc. of Atlanta. Date Nov. 1 1925. Due $500, 1926 to
$4,000. 1956 to 1965 incl. Prin. and int. M. & N.) payable in gold at 1945 Incl. Legality approved by Story. Thorndlke, Palmer & Dodge of
the National Park Bank. N.Y.C. A certified check for 5% of bid payable Boston.
Financial Statement.
to the City is required.
Actual values
54.500.000
SILVERTON, Marion County, Ore.
3,344.443
-BOND OFFERING
.-W.Service, Assessed values, 1924
City Recorder, will received sealed bids until 6 p. m. Jan. 11 for 523.049 47 Total bonded debt (incl. this Issue)
142,000
improvement bonds. A certified check for 3% of bid is required.
Population (eat.). 3.500.
street
SKANEATELF.S UNION FREE SCHOOL DISTRICT NO. 10,
TIPTON, Tipton County, Ind.
-On Dec. 28, the
-BOND SALE.
Onondaga County, N. Y.
-BOND OFFERING.
-Sealed bids will be received 532.000 5% coupon refunding bonds offered, on that date (V. 121. p. 3035)
until 5 p. m. Jan. 11 by E. C. Miller, Clerk. Board of Education, for were awarded to the Citizens National Bank of Tipton. at a premium of
$115,000 434% coupon or registered bonds. Denom $1,000. Date Peb. $431. equal to 101.34, a basis of about 4.79%. Date Dec. 1 1925. Due
and 54.000, 1938 and 1937.
11928. Prin, and semi-ann. Int.(F. & A.) Payable at the Guaranty Trust on Dec. 1 as follows: $3,000, 1928 to 1935 in
Co.. New York. Due on Feb. 1, as follows: 11.000. 1927 to 1933 incl.;
-At an election
-BONDS VOTED.
TULIA, Swisher County, Texas.
52.000. 1934 to 1945 incl.: 13.000. 1948 to 1955 incl.; 14.000, 1956 to 1959 held on Dec. 29 the voters authorized the issuance of the following
bonds
. incl.; $5.000. 1960 to 1964 incl.: $6,000. 1965 and 17.000. 1966. Certified aggregating $103,600:
check on any bank or trust company, for $2,500 payable to the District $65.000 Foxing bonds.
Treasurer. required. Bonds to be ready for delivery on Feb. 15 1926.
38.500 funding bonds.

1




246

THE CHRONICLE

TURKEY CREEK SCHOOL DISTRICT (P. O.Tampa)Hillsborough
County, Fla.
-BOND OFFERING.
-The Secretary Board of Public
Instruction will receive sealed bids until Feb. 2 for $20,000 school bonds.
UNIVERSITY CITY SCHOOL DISTRICT,St. Louis County, Mo.BOND SALE.
-The $470.000 4)4% coupon school bonds offered on Dec.
29-V. 121, p. 3035
-were awarded to the Federal Commerce Trust Co.
of Kansas City and Stix & Co. of St. Louis. jointly, at 100.571. a basis of
about 4.45%. Date Jan. I 1926. Due $19.000, 1930; 520.000, 1931;
$21,000, 1932: $22,000, 1933 and 1934; 324.000. 1935: $25,000, 1936;
$26.000. 1937; $27,000. 1938: $28.000. 1939: 529.000. 1940; $31,000. 1941;
$32.000, 1942; $34.000. 1943; $35,000. 1944; $37,000. 1945; and $38,000,
()titer bidders were:
Rate Bid.
Smith, Moore & Co
100.48
Mississippi Valley Trust Co
100.52
Financial Statement.
Assessed valuation, 1925
523.008.000
Total bonded debt,including this issue
1.061.500
Sinking Fund
Net bonded debt
1.040.590
Population, 1920 U. S. Census, 6,792: present population, estimated,
30,000.
VERO BEACH, Saint Lucie County, Fla.
-BOND SALE.
-The
$54.000 6% street front. assessment bonds offered on Jan. 5-V. 122. p. 122
-were awarded to the Vero Beach Bank & Trust Co. of Vero Beach at a
premium of $200 equal to 100.37. a basis of about 5.93%. Date Dec. 1
1925. Due $6,000 Dec. 1 1927 to 1935 incl.
WENDELL, Wake County, No. Caro.
-BOND OFFERING.
-M. C.
Todd, Town Clerk, will receive sealed bids until 1 p.m. Jan. 13 for $70,000
6% street bonds. Date Jan. 1 1926. Denom. $1,000. Due Jan. 1 as
follows: $4.000. 1927 to 1931. Inclusive: 36.000. 1932 to 1936. inclusive. and
$5,000. 1937 to 1940. inclusive. Principal and semi-annual Interest payable
at the Hanover National Bank. New York City. Legality approved by
Storey. Thorndike, Palmer & .Dodge, of Boston. A certified. check for
2% of bid, payable to the Town, Is required.
WESTFIELD SCHOOL DISTRICT(P.O. Westfield), Union County,
-BOND SALE.
N. J.
-On Jan. 5 the issue of 4)4% coupon or registered
school bonds offered on that date (V. 122.p. 3161) were awarded to Harris.
Forbes &Co.of New York. paying $300.253.41 for $299000 bonds (5300.000
offered) equal to 100.41. a basis of about 4.48%. Date July 11925. Due
on July 1. as follows: 56.000, 1927 to 1931 Ind.: 38.000. 1932 to 1955
incl.; $7.000 1956 and 1957; $8,000 1958 to 1964 incl.; and 57,000. 1965.
WEST UNION, Fayette County, Iowa.
-BOND SALE.
-The 55,000
5% sewer bonds offered on Jan. 4-V. 121. p. 3161-were awarded to
Geo. M. Bechtel & Co. of Davenport at a premium of $197 50, equal to
103.95. Due serially Nov. 1 1926 to 1942, inclusive.
WHARTON, Wharton County, Tex.
-BOND ELECTION.
-An ele Mon will be he/d on Jan. 19 for the purpose of voting on the question of
issuing $85.000 paving bonds. John Blain. City Secretary.
WHITE HALL, Greene County, 111.
-BOND SALE.-Raerla Trust &
Savings Bank of Chicago purchased an Issue of $58,000 5% water bonds
at a premium of 53.033, equal to 105.22.
WORCESTER, Worcester County, Mass.
-FINANCIAL STATEMENT.
-We are now in receipt of the following financial statement of this
city:
Debt Statement and Borrowing Capacity Dec. 21 1925.
Average valuation less abatements for 1922, 1923 & 1924-$269,695.20000
Debt limit 2).5 % of the same
$6,742,382 25
Total bonded debt
$13,390,700 00
. Exempt
Abolition of grade crossings debt_ - 3200,000 00
Cityhall debt
6 0. 0 00
Par debt
250,000 00
Public playgrounds debt
50.000 00
Sewer debt
1.245.000 00
Water debt (funded)
2.489,000 00
Water debt (serial)
2.882,700 00
7,707.700 00
55.683.000 00
Total sinking funds
$4,418.906 97
LessAbol. gr. cr.fund_ _ _ $173.121 13
City hall loan fund_
600.000 00
Park loan fund
183.318 02
Pub. plaYier. In. fund
50,000 00
Sewer loan fund..._ 1.124.492 08
Water loan fund
2.022,799 69
54.153.730 92
5265.176 05
85.417.823 95
Borrowing capacity within debt limit
51.324.558 30
Population, 1920 census. 179,754. Population July 1 1925 (as estimated
by Census Bureau), 198.926. Assessed valuation 1925. 5305.952.000.
Net debt 1.79% of 1925 assessed valuation after deducting water debt
and sinkina funds from total bonded debt.

(VoL. 122.

WILLISTON, Levy County, Fla.
-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. Jan. 15 by A. M. Smith, Town Clerk, for the
fdlowing 6% bonds. aggregating $150.000:
$50,000 water works and electric light bonds. Due Dec. 1 as follows:
$2,000, 1928 to 1937 incl.: and 53.000. 1938 to 1947 incl.
65,000 sanitary sewer bonds. Due Dec. 1 as follows: 52,000. 1928 to
1932 incl.: $3,000, 1933 to 1937 Incl.: and $4,000, 1938 to 1947 incl.
35.000 funding bonds. Due Dec. 1 as follows: 51.000, 1928 to 1932 incl.;
and $2,000. 1933 to 1947 incl.
Date Dec. 1 1925. Denom. $1,000. Prin. and semi-annual int, payable
at the National Bank of Commerce, N. Y. C. A certified check for 2%
of bid, payable to the Town Council, is required.
WILSON COUNTY ROAD DISTRICT NO. 4 (P. 0. Floresville),
Texas.
-BOND ELECTION.
-An election will be held on Jan. 23 for the
purpose of voting on the question of issuing $140,000 5)4% road bonds.

CANADA, its Provinces and Municipalities.
ALBERTA (Province of).
-BOND OFFERING.-Sealod bids will be
received until 12 m. Jan. 14 by W. V. Newson, Provincial Treasurer, for
$1.200,000 4Si% Provincial bonds. Denom. 51.000. Date Jan. 15 1926.
Prin. and int. payable in Toronto. Montreal, Edmonton, New York an'd
London. Due in 20 years. Cert. check for 520.000 payable to the Provincial Treasurer, required. Bonds to be delivered and paid for at Toronto.
Interim bonds in denominations of 51.000 each will be ready
delivery
on Jan. 14. Legality approved by E. G. Long, of Toronto, for the purat
chaser's expense.
ARTHUR, Ont.-BONDS OFFERED.-Bids were received up to 7.30
p. m. Jan. 8 for the purchase of 510,450 5)i% 20
-installment bonds, guaranteed by the county of Wellington. D. T. Small, Clerk.
ASSINIBOIA, Sask.-BOND SALE.
-Regina Brokerage & Investment
Co., of Regina. purchased an issue of $35,000 6.14% 30
-year bonds.
BRANTFORD, Ont.-BOND SALE.
-On Dec. 16 the 8137.800 5%
25
-Installment (city's share) Provincial highway bonds offered on that date
(V. 121, p. 3035) were awarded to H. M. Barry & Co. of Toronto at 99.453
a basis of about 5.06%. Due $5,300 yearly from Dec. 15 1928 to 1953 incl.
CALGARY,Alta.
-BONDS DEFEATED.
-The ratepayers defeated the
522.000 bridge by-law.
ELFROS, Sask.-BOND SALE.
-May et James of Regina purchased
an issue of $7.500 6)4% 15
-year bonds.
MONTREAL, Que.-BOND OFFERING -Sealed bids will be received
until 12 m. Jan. Ii by P. Collins, City Treasurer, for the following two
Issues of 4)4% bonds, aggregating $7.000,000:
54.000.000 local Improvement bonds.
3.000.000 local improvement bonds.
Denom. 51.000. Dated Feb. 1 1926. interest F. & A. Due Feb. 1
1946. Alternate bids are rrquested:(1) On the basis of both principal and
Interest payable at the office of the City Treasurer In Montreal or at the
Agency of the Bank of Montreal, New York, U. S. A.. the amount tendered to be payable with accrued interest in New York funds against delivery of the bonds at the Agency of the Bank of Montreal in New York.
(2) On the basis of both principal and interest payable at the City Treasurer's office, City Hall, Montreal. The amount tendered to be payable in
Canadian funds against delivery of the bonds at the City Treasurer's Office,
City Hall, Montreal. Bids must be submitted for "all or none.' Certified
check on the Montreal office of a Canadian bank for 570.000, payable to
the City Treasurer. required. Legality approved by Charles Laurendeau.
OAK BAY DISTRICT, B. C.
-BOND ELECTION.
-At an election to
be held on Jan. 16 the ratepayers will be asked to vote on a $32,000 park
by-law.
ST. THERESE, Que.-BOND SALE.
-On Jan. 4 the 560.000 5%
-Year serial sewer bonds offered on that date
25
-V. 122. p. 123-were
awarded to Mead & Co., Ltd.. of Montreal at 97.83. Denom. $100, $500
and 51.000. Date Oct. 1 1925. Due serially 1926 to 1950. Incl.
SASKATCHEWAN SCHOOL DISTRICT, Sask.-BOND SALES.
The following is a list of the school district bonds, according to "Monetary
Times" of Toronto. dated Jan. 1, reported sold by the local Government
Board from Dec. 12 to 19: Pahonan. $1.500. 67. 10
-years to Regina Public/
School Sinking Fund: Brixton, 53,000.6 %, 15
-years to Regina Brokerage
& Investment Co.
BONDS A UTIIORIZED.-The following, according to the same paper,
Is a list of the school district bonds authorized by the Board during the
same period: Convent Creek. 53.300, not exceeding 7%, 15
-installments;
Antelope. 53,000, not exceeding 8%. 15
-years.
SILLERY, Que.-BOND SALE.
-On Dec. 15 the 546.500 5% 10
-year
serial bonds offered on that date (V. 121. p. 3035) were awarded to Bray.
Caron & Dube of Montreal at 96.21. Duel to 10 years.
VIDORA, Sask.-BONDS AUTRORIZED.-The Local Government
Board authorized $1,000 at not exceeding 7%. 10
-Installment bonds.
WALKERVILLE,Ont.-BONDS VOTED.
-The Council passed a $9,000
sewer bond by-law.
YORK TOWNSHIP, Ont.-BONDS VOTED.
-The Council passed
sewer bond by-laws totaling 5186,000.

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